$SNAX
STRYVE FOODS, INC.

2022 Q1 Form 10-Q Financial Statement

#000095017022010086 Filed on May 16, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1
Revenue $7.421M $6.834M
YoY Change 8.58%
Cost Of Revenue $6.297M $4.157M
YoY Change 51.48%
Gross Profit $1.124M $2.678M
YoY Change -58.03%
Gross Profit Margin 15.15% 39.18%
Selling, General & Admin $6.612M $7.850M
YoY Change -15.77%
% of Gross Profit 588.29% 293.15%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $444.4K $394.8K
YoY Change 12.54%
% of Gross Profit 39.54% 14.75%
Operating Expenses $8.287M $9.311M
YoY Change -11.0% 6350.5%
Operating Profit -$7.163M -$6.633M
YoY Change 7.99%
Interest Expense $188.5K $810.1K
YoY Change -76.73% 69.64%
% of Operating Profit
Other Income/Expense, Net -$143.2K $871.7K
YoY Change -116.43%
Pretax Income -$7.306M -$5.761M
YoY Change 26.81% -1829.14%
Income Tax $7.786K
% Of Pretax Income
Net Earnings -$7.314M -$5.761M
YoY Change 26.95% 36.27%
Net Earnings / Revenue -98.56% -84.3%
Basic Earnings Per Share -$0.25
Diluted Earnings Per Share -$302.4K -$332.6K
COMMON SHARES
Basic Shares Outstanding 29.76M
Diluted Shares Outstanding 29.76M

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $12.63M $80.00K
YoY Change 15683.09% -49.46%
Cash & Equivalents $12.60M $1.881M
Short-Term Investments
Other Short-Term Assets $2.637M $40.00K
YoY Change 6491.73% -43.43%
Inventory $13.25M $4.250M
Prepaid Expenses
Receivables $3.603M $1.960M
Other Receivables $0.00 $0.00
Total Short-Term Assets $32.10M $120.0K
YoY Change 26650.0% -47.6%
LONG-TERM ASSETS
Property, Plant & Equipment $7.135M $6.640M
YoY Change 7.46%
Goodwill $8.450M
YoY Change
Intangibles $4.544M
YoY Change
Long-Term Investments $13.54M
YoY Change -87.76%
Other Assets $1.085M $570.0K
YoY Change 90.27%
Total Long-Term Assets $21.94M $13.54M
YoY Change 62.08% -87.76%
TOTAL ASSETS
Total Short-Term Assets $32.10M $120.0K
Total Long-Term Assets $21.94M $13.54M
Total Assets $54.04M $13.66M
YoY Change 295.64% -87.68%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.763M $1.510M
YoY Change 82.98% 8084.28%
Accrued Expenses $1.089M $2.440M
YoY Change -55.36%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $3.500M
YoY Change -100.0%
Long-Term Debt Due $139.5K $28.68M
YoY Change -99.51%
Total Short-Term Liabilities $4.100M $1.510M
YoY Change 171.52% 8084.28%
LONG-TERM LIABILITIES
Long-Term Debt $83.66K $6.130M
YoY Change -98.64%
Other Long-Term Liabilities $8.512M $770.0K
YoY Change 1005.44%
Total Long-Term Liabilities $83.66K $770.0K
YoY Change -89.13%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.100M $1.510M
Total Long-Term Liabilities $83.66K $770.0K
Total Liabilities $12.81M $2.280M
YoY Change 461.7% 12257.72%
SHAREHOLDERS EQUITY
Retained Earnings -$91.42M
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $41.24M -$15.20M
YoY Change
Total Liabilities & Shareholders Equity $54.04M $13.66M
YoY Change 295.64% -87.68%

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income -$7.314M -$5.761M
YoY Change 26.95% 36.27%
Depreciation, Depletion And Amortization $444.4K $394.8K
YoY Change 12.54%
Cash From Operating Activities -$14.10M -$8.301M
YoY Change 69.87% 4173.39%
INVESTING ACTIVITIES
Capital Expenditures -$693.3K $190.0K
YoY Change -464.91%
Acquisitions
YoY Change
Other Investing Activities $0.00 $70.00K
YoY Change -100.0%
Cash From Investing Activities -$693.3K -$126.7K
YoY Change 447.2%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 25.23M 9.716M
YoY Change 159.66%
NET CHANGE
Cash From Operating Activities -14.10M -8.301M
Cash From Investing Activities -693.3K -126.7K
Cash From Financing Activities 25.23M 9.716M
Net Change In Cash 10.41M 1.289M
YoY Change 707.57%
FREE CASH FLOW
Cash From Operating Activities -$14.10M -$8.301M
Capital Expenditures -$693.3K $190.0K
Free Cash Flow -$13.41M -$8.491M
YoY Change 57.9%

Facts In Submission

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CY2021Q1 us-gaap Interest Paid Net
InterestPaidNet
347120
CY2022Q1 snax Payments For Release Of Escrow Shares
PaymentsForReleaseOfEscrowShares
238000
CY2022Q1 snax Percentage Of Voting Control
PercentageOfVotingControl
1
CY2022Q1 snax Operating Income Loss Including Non Cash Charges
OperatingIncomeLossIncludingNonCashCharges
-7300000
CY2022Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-14100000
CY2022Q1 us-gaap Assets Current
AssetsCurrent
32100000
CY2022Q1 us-gaap Liabilities Current
LiabilitiesCurrent
4100000
CY2022Q1 snax Working Capitals
WorkingCapitals
28000000
CY2022Q1 us-gaap Sale Of Stock Consideration Received On Transaction
SaleOfStockConsiderationReceivedOnTransaction
32300000
CY2022Q1 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
6841000
CY2022Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
12600000
CY2022Q1 us-gaap Use Of Estimates
UseOfEstimates
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:10.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Use of Estimates</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="white-space:pre-wrap;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(255,255,255,1);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">The preparation of the condensed consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and the accompanying notes. Accounting estimates and assumptions discussed herein are those that management considers to be the most critical to an understanding of the condensed consolidated financial statements because they inherently involve significant judgements and uncertainties. Estimates are used for, but not limited to revenue recognition, allowance for doubtful accounts and customer allowances, useful lives for depreciation and amortization, standard costs of inventory, provisions for inventory obsolescence, impairments of goodwill and long-lived assets, warrant liabilities and valuation allowances for deferred tax assets. All of these estimates reflect management’s judgment about current economic and market conditions and their effects based on information available as of the date of these consolidated financial statements. If such conditions persist longer or deteriorate further than expected, it is reasonably possible that the judgements and estimates could change, which may result in future impairments of assets among other effects.</span></p>
CY2022Q1 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
1191552
CY2021Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
1236497
CY2022Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
55309
CY2021Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
85598
CY2022Q1 us-gaap Revenue Practical Expedient Incremental Cost Of Obtaining Contract
RevenuePracticalExpedientIncrementalCostOfObtainingContract
true
CY2022Q1 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
P1Y
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
7420554
CY2021Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
6834475
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
21291618
CY2022Q1 snax Percentage Of Savings Required To Be Paid To The Seller
PercentageOfSavingsRequiredToBePaidToTheSeller
0.85
CY2022Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2022Q1 snax Tax Receivable Agreement Liability
TaxReceivableAgreementLiability
0
CY2022Q1 us-gaap Inventory Raw Materials
InventoryRawMaterials
4883127
CY2021Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
2188284
CY2022Q1 us-gaap Inventory Work In Process
InventoryWorkInProcess
2596430
CY2021Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
2128894
CY2022Q1 us-gaap Inventory Finished Goods
InventoryFinishedGoods
5767135
CY2021Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
2898803
CY2022Q1 us-gaap Inventory Net
InventoryNet
13246692
CY2021Q4 us-gaap Inventory Net
InventoryNet
7215981
CY2022Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
4100000
CY2022Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P4Y
CY2022Q1 us-gaap Repayments Of Long Term Lines Of Credit
RepaymentsOfLongTermLinesOfCredit
3500000
CY2022Q1 snax Line Of Credit Terminated Month And Year
LineOfCreditTerminatedMonthAndYear
2022-01
CY2022Q1 snax Long Term Debt Gross
LongTermDebtGross
223195
CY2021Q4 snax Long Term Debt Gross
LongTermDebtGross
1566598
CY2021Q4 snax Short Term Debt Gross
ShortTermDebtGross
2000000
CY2021Q4 us-gaap Line Of Credit
LineOfCredit
3500000
CY2022Q1 snax Notes And Loans Payable And Line Of Credit
NotesAndLoansPayableAndLineOfCredit
223195
CY2021Q4 snax Notes And Loans Payable And Line Of Credit
NotesAndLoansPayableAndLineOfCredit
7066598
CY2022Q1 us-gaap Notes And Loans Payable Current
NotesAndLoansPayableCurrent
139534
CY2021Q4 us-gaap Notes And Loans Payable Current
NotesAndLoansPayableCurrent
3447056
CY2021Q4 us-gaap Lines Of Credit Current
LinesOfCreditCurrent
3500000
CY2022Q1 us-gaap Long Term Notes And Loans
LongTermNotesAndLoans
83661
CY2021Q4 us-gaap Long Term Notes And Loans
LongTermNotesAndLoans
119542
CY2022Q1 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
103627
CY2022Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
93980
CY2022Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
18255
CY2022Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
7333
CY2022Q1 us-gaap Long Term Debt
LongTermDebt
223195
CY2022Q1 snax Tax Receivable Agreement Liability
TaxReceivableAgreementLiability
0
CY2022Q1 snax Common And Preferred Stock Authorized
CommonAndPreferredStockAuthorized
610000000
CY2022Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000
CY2022Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2022Q1 us-gaap Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
10997500
CY2022Q1 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
11.50
CY2022Q1 us-gaap Warrants And Rights Outstanding Maturity Date
WarrantsAndRightsOutstandingMaturityDate
2026-07-20
CY2022Q1 snax Warrants Redemption Price Per Share
WarrantsRedemptionPricePerShare
0.01
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
1645526
CY2021Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
128375
CY2022Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Gain Loss Included In Earnings
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInEarnings
-45314
CY2022Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
83061
CY2022Q1 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
179993

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