2023 Q2 Form 10-K Financial Statement

#000168316823002404 Filed on April 14, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2022 Q4 2022
Revenue $1.315M $47.08K $428.1K
YoY Change 437.0% -21.83% 384.09%
Cost Of Revenue $2.696M $45.00K $308.3K
YoY Change 1690.02% -21.08% 279.16%
Gross Profit -$1.380M $2.080K $119.8K
YoY Change -1563.3% -35.2% 1580.77%
Gross Profit Margin -104.95% 4.42% 27.99%
Selling, General & Admin $1.086M $1.113M $10.73M
YoY Change -39.15% -15.53% 99.37%
% of Gross Profit 53500.96% 8954.75%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $79.20K $75.66K $299.6K
YoY Change 4.61% -3.65% 43.7%
% of Gross Profit 3637.5% 249.96%
Operating Expenses $1.093M $1.185M $11.01M
YoY Change -40.98% -15.13% 96.84%
Operating Profit -$2.473M -$1.183M -$10.89M
YoY Change 40.75% -15.08% 94.94%
Interest Expense $847.5K -$434.7K $1.278M
YoY Change 138.43% 29273.65% 898.18%
% of Operating Profit
Other Income/Expense, Net -$847.5K -$1.242M
YoY Change 138.43% -631.11%
Pretax Income -$3.321M -$6.815M -$12.13M
YoY Change 57.18% 132.88% 76.42%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$3.321M -$6.815M -$12.13M
YoY Change 57.18% 132.88% 76.42%
Net Earnings / Revenue -252.47% -14475.25% -2832.55%
Basic Earnings Per Share -$0.68 -$2.51
Diluted Earnings Per Share -$0.68 -$1.41 -$2.51
COMMON SHARES
Basic Shares Outstanding 4.847M shares 4.847M shares 4.835M shares
Diluted Shares Outstanding 4.854M shares 4.835M shares

Balance Sheet

Concept 2023 Q2 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $293.0K $276.5K $276.5K
YoY Change -89.37% -91.74% -91.74%
Cash & Equivalents $293.0K $276.5K $276.5K
Short-Term Investments
Other Short-Term Assets $119.8K $137.7K $137.7K
YoY Change 9.0% 69.86% 69.86%
Inventory $919.0K $1.973M $1.973M
Prepaid Expenses $119.8K $137.7K
Receivables $726.7K $191.0K $191.0K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $2.059M $2.578M $2.578M
YoY Change -58.05% -47.29% -47.29%
LONG-TERM ASSETS
Property, Plant & Equipment $5.242M $5.035M $6.297M
YoY Change 15.41% 87.78% 57.01%
Goodwill $0.00
YoY Change -100.0%
Intangibles
YoY Change
Long-Term Investments $58.77K $24.00K $24.00K
YoY Change 144.88% 140.0% 140.0%
Other Assets
YoY Change
Total Long-Term Assets $6.527M $6.321M $6.321M
YoY Change -40.98% -31.39% -31.39%
TOTAL ASSETS
Total Short-Term Assets $2.059M $2.578M $2.578M
Total Long-Term Assets $6.527M $6.321M $6.321M
Total Assets $8.586M $8.899M $8.899M
YoY Change -46.22% -36.9% -36.9%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $376.3K $452.6K $452.6K
YoY Change -64.0% 62.03% 62.03%
Accrued Expenses $657.4K $385.0K $437.6K
YoY Change 149.69% 395.21% 253.68%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $294.2K
YoY Change
Total Short-Term Liabilities $1.384M $890.2K $890.2K
YoY Change 1.92% 120.86% 120.86%
LONG-TERM LIABILITIES
Long-Term Debt $5.134M $3.896M $3.896M
YoY Change 79.93% 155.35% 155.35%
Other Long-Term Liabilities $1.273M $1.301M $1.301M
YoY Change -4.22% -3.88% -3.88%
Total Long-Term Liabilities $6.407M $5.198M $5.198M
YoY Change 53.19% 80.49% 80.49%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.384M $890.2K $890.2K
Total Long-Term Liabilities $6.407M $5.198M $5.198M
Total Liabilities $7.791M $6.088M $6.088M
YoY Change 40.63% 85.45% 85.45%
SHAREHOLDERS EQUITY
Retained Earnings -$60.40M -$55.68M
YoY Change 27.92% 27.84%
Common Stock $4.868K $4.847K
YoY Change 0.56% 0.79%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $794.8K $2.811M $2.811M
YoY Change
Total Liabilities & Shareholders Equity $8.586M $8.899M $8.899M
YoY Change -46.22% -36.9% -36.9%

Cashflow Statement

Concept 2023 Q2 2022 Q4 2022
OPERATING ACTIVITIES
Net Income -$3.321M -$6.815M -$12.13M
YoY Change 57.18% 132.88% 76.42%
Depreciation, Depletion And Amortization $79.20K $75.66K $299.6K
YoY Change 4.61% -3.65% 43.7%
Cash From Operating Activities -$1.455M -$997.6K -$5.147M
YoY Change 83.79% -19.99% -7.29%
INVESTING ACTIVITIES
Capital Expenditures $150.3K $350.8K $2.687M
YoY Change -107.64% -658.55% -351.71%
Acquisitions
YoY Change
Other Investing Activities $0.00 $63.96K
YoY Change -84.56%
Cash From Investing Activities -$150.3K -$350.8K -$2.623M
YoY Change -92.36% 458.54% 301.63%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.550M 250.0K $4.700M
YoY Change -58.11% -87.95% -38.46%
NET CHANGE
Cash From Operating Activities -1.455M -997.6K -$5.147M
Cash From Investing Activities -150.3K -350.8K -$2.623M
Cash From Financing Activities 1.550M 250.0K $4.700M
Net Change In Cash -55.41K -1.098M -$3.069M
YoY Change -105.88% -243.49% -314.17%
FREE CASH FLOW
Cash From Operating Activities -$1.455M -$997.6K -$5.147M
Capital Expenditures $150.3K $350.8K $2.687M
Free Cash Flow -$1.605M -$1.348M -$7.833M
YoY Change -236.64% 13.89% 74.7%

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ImpairmentOfIntangibleAssetsFinitelived
310173 usd
CY2021 us-gaap Impairment Of Intangible Assets Finitelived
ImpairmentOfIntangibleAssetsFinitelived
0 usd
CY2022 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
4887297 usd
CY2021 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
1524030 usd
CY2022 us-gaap Gain Loss On Sale Of Investments
GainLossOnSaleOfInvestments
-0 usd
CY2021 us-gaap Gain Loss On Sale Of Investments
GainLossOnSaleOfInvestments
133944 usd
CY2022 SOWG Gain On Early Extinguishment Of Debt
GainOnEarlyExtinguishmentOfDebt
-0 usd
CY2021 SOWG Gain On Early Extinguishment Of Debt
GainOnEarlyExtinguishmentOfDebt
113772 usd
CY2022 us-gaap Issuance Of Stock And Warrants For Services Or Claims
IssuanceOfStockAndWarrantsForServicesOrClaims
49998 usd
CY2021 us-gaap Issuance Of Stock And Warrants For Services Or Claims
IssuanceOfStockAndWarrantsForServicesOrClaims
814047 usd
CY2022 SOWG Common Stock Awarded To Advisors For Services
CommonStockAwardedToAdvisorsForServices
30000 usd
CY2021 SOWG Common Stock Awarded To Advisors For Services
CommonStockAwardedToAdvisorsForServices
20000 usd
CY2022 us-gaap Stock Option Plan Expense
StockOptionPlanExpense
782081 usd
CY2021 us-gaap Stock Option Plan Expense
StockOptionPlanExpense
543332 usd
CY2022 SOWG Amortization Of Stock Warrants Issued As Debt Discount
AmortizationOfStockWarrantsIssuedAsDebtDiscount
925839 usd
CY2021 SOWG Amortization Of Stock Warrants Issued As Debt Discount
AmortizationOfStockWarrantsIssuedAsDebtDiscount
0 usd
CY2022 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
183044 usd
CY2021 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
12382 usd
CY2022 us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
56635 usd
CY2021 us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
24630 usd
CY2022 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
520982 usd
CY2021 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
1310526 usd
CY2022 us-gaap Increase Decrease In Security Deposits
IncreaseDecreaseInSecurityDeposits
-14000 usd
CY2021 us-gaap Increase Decrease In Security Deposits
IncreaseDecreaseInSecurityDeposits
0 usd
CY2022 SOWG Increase Decrease In Rightof Use Asset
IncreaseDecreaseInRightofUseAsset
-67564 usd
CY2021 SOWG Increase Decrease In Rightof Use Asset
IncreaseDecreaseInRightofUseAsset
-65113 usd
CY2022 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
173269 usd
CY2021 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-45778 usd
CY2022 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
307278 usd
CY2021 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-179209 usd
CY2022 SOWG Increase Decrease In Lease Liabilities
IncreaseDecreaseInLeaseLiabilities
-45970 usd
CY2021 SOWG Increase Decrease In Lease Liabilities
IncreaseDecreaseInLeaseLiabilities
-39870 usd
CY2022 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-5146635 usd
CY2021 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-5551261 usd
CY2022 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
63957 usd
CY2021 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
0 usd
CY2022 us-gaap Proceeds From Sale Of Equity Method Investments
ProceedsFromSaleOfEquityMethodInvestments
0 usd
CY2021 us-gaap Proceeds From Sale Of Equity Method Investments
ProceedsFromSaleOfEquityMethodInvestments
414361 usd
CY2022 us-gaap Payments To Acquire Other Property Plant And Equipment
PaymentsToAcquireOtherPropertyPlantAndEquipment
193184 usd
CY2021 us-gaap Payments To Acquire Other Property Plant And Equipment
PaymentsToAcquireOtherPropertyPlantAndEquipment
982818 usd
CY2022 us-gaap Payments For Construction In Process
PaymentsForConstructionInProcess
2487673 usd
CY2021 us-gaap Payments For Construction In Process
PaymentsForConstructionInProcess
-0 usd
CY2022 us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
5929 usd
CY2021 us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
84594 usd
CY2022 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-2622829 usd
CY2021 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-653051 usd
CY2022 us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
4120000 usd
CY2021 us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
2075000 usd
CY2022 us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
580000 usd
CY2021 us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
0 usd
CY2022 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
0 usd
CY2021 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
5562511 usd
CY2022 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
4700000 usd
CY2021 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
7637511 usd
CY2022 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
-3069464 usd
CY2021 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
1433199 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
3345928 usd
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1912729 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
276464 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
3345928 usd
CY2022 us-gaap Interest Paid Net
InterestPaidNet
134444 usd
CY2021 us-gaap Interest Paid Net
InterestPaidNet
4895 usd
CY2022 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
0 usd
CY2021 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
0 usd
CY2022 SOWG Value Of Debt Discounts Attributable To Warrants
ValueOfDebtDiscountsAttributableToWarrants
3255468 usd
CY2021 SOWG Value Of Debt Discounts Attributable To Warrants
ValueOfDebtDiscountsAttributableToWarrants
699213 usd
CY2022 us-gaap Nature Of Operations
NatureOfOperations
<p id="xdx_80D_eus-gaap--NatureOfOperations_zQkbCMlW6Q5l" style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Note 1 – <span id="xdx_82E_z6nk4SjjsFYl">Organization and Nature of Business</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Effective January 21, 2021, we changed our name from Black Ridge Oil &amp; Gas, Inc. to Sow Good Inc. (“SOWG,” “Sow Good,” or the “Company”) to pursue the freeze-dried fruits and vegetables business as acquired with our October 1, 2020 acquisition of S-FDF, LLC. Our common stock is traded on the OTCQB under the trading symbol “SOWG”. <span style="color: black; background-color: white">At that time, o</span>ur common stock started to be quoted on the OTCQB under the trading symbol “SOWG”, from the former trading symbol “ANFC”. Prior to April 2, 2012, the Company name was Ante5, Inc., which became an independent company in April 2010. We became a publicly traded company when our shares began trading on July 1, 2010. From October 2010 through August 2019, we had been engaged in the business of acquiring oil and gas leases and participating in the drilling of wells in the Bakken and Three Forks trends in North Dakota and Montana and /or managing similar assets for third parties.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On September 26, 2017, the Company finalized an equity raise utilizing a rights offering and backstop agreement, raising net proceeds of $5,051,675 and issuing 1,439,400 shares. The proceeds were used to sponsor a special purpose acquisition company, discussed below, with the remainder for general corporate purposes.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On October 10, 2017, the Company’s sponsored special purpose acquisition company, Black Ridge Acquisition Corp. (“BRAC”), completed an IPO raising $138,000,000 of gross proceeds (including proceeds from the exercise of an over-allotment option by the underwriters on October 18, 2017). In addition, the Company purchased 445,000 BRAC units at $10.00 per unit in a private placement transaction for a total contribution of $4,450,000 in order to fulfill its obligations in sponsoring BRAC, a blank check company formed for the purpose of entering into a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization or other similar business combination with one or more businesses or entities. BRAC’s efforts to identify a prospective target business were not limited to a particular industry or geographic region. Following the IPO and over-allotment, BROG owned 22% of the outstanding common stock of BRAC and managed BRAC’s operations via a management services agreement. On December 19, 2018, BRAC entered into a business combination agreement, which subsequently closed on August 9, 2019.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">On October 1, 2020, the Company completed its acquisition of S-FDF, LLC pursuant to an Asset Purchase Agreement. In connection with the closing of the Asset Purchase Agreement, the Company acquired approximately $2.2 million in cash and certain assets and agreements related to the Seller’s freeze-dried fruits and vegetables business for human consumption and entered into certain employment and registration rights agreements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">On February 5, 2021, the Company raised over $<span id="xdx_900_eus-gaap--ProceedsFromIssuanceOrSaleOfEquity_dm_c20210204__20210205__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_zvV32tWmk5q2">2.5 million</span> of capital from the sale of <span id="xdx_90D_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20210204__20210205__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_z4FSMTp5qpf6">631,250</span> newly issued shares at a share price of $<span id="xdx_905_eus-gaap--SharePrice_iI_c20210205__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_zzzC9DWfFjFl" title="Share price">4.00</span> in a private placement. The proceeds were used to find capital expenditures and working capital investment.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">On May 5, 2021, the Company announced the launch of our direct-to-consumer freeze-dried consumer packaged goods (CPG) food brand, Sow Good. Sow Good launched with its first line of non-GMO products including 6 ready-to-make smoothies and 9 snacks.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">On July 7, 2021, the Company raised over $<span id="xdx_90B_eus-gaap--ProceedsFromIssuanceOrSaleOfEquity_dm_c20210706__20210707__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_zu7ZbkwPIq8b">3 million</span> of capital from the sale of <span id="xdx_900_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20210706__20210707__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_z5R3mpky0hLc">714,701</span> newly issued shares at a share price of $<span id="xdx_90D_eus-gaap--SharePrice_iI_c20210707__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_zrhuvN2256L">4.25</span> in a private placement. Investors in the private placement included Sow Good’s Chief Executive Officer, Executive Chairman, and Chief Financial Officer, in addition to other Sow Good board members and a small group of accredited investors. The proceeds are being used to invest in inventory ahead of pursuing larger business-to-business relationships, as well as funding incremental capital expenditures and general operating expenses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">On July 23, 2021, we launched six new gluten-free granola products under the Sow Good brand. Sow Good’s granola products are made with health-conscious ingredients such as freeze-dried fruit, almonds, hemp hearts, and coconut oil. Granola products are initially being sold direct-to-consumer and will later be targeted to the business-to-business segment.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">On December 31, 2021, we sold an aggregate $<span id="xdx_901_eus-gaap--ProceedsFromIssuanceOfDebt_pp0p0_c20211201__20211231__us-gaap--DebtInstrumentAxis__custom--PromissoryNotesAndWarrantsMember_zGTNqhav4Bri">2,075,000</span> of promissory notes and warrants to purchase an aggregate <span id="xdx_905_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_pp0p0_c20211231__us-gaap--DebtInstrumentAxis__custom--PromissoryNotesAndWarrantsMember_znvz3MTksSv9" title="Warrants issued">311,250</span> shares of common stock to related parties, representing 15,000 warrant shares per $100,000 of promissory notes. The warrants are exercisable at a price of $<span id="xdx_903_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20211231__us-gaap--DebtInstrumentAxis__custom--PromissoryNotesAndWarrantsMember_z4HSGNMUJC26">2.21</span> per share over a ten-year term. The proceeds will be used for working capital investment and to ramp up our freeze-dried consumer packaged goods business.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On April 8, 2022, we sold an aggregate $<span id="xdx_904_eus-gaap--ProceedsFromIssuanceOfDebt_pp0p0_c20220407__20220408__us-gaap--DebtInstrumentAxis__custom--PromissoryNotesAndWarrantsMember_zhkGFJO7Lw33">3,700,000</span> of promissory notes and warrants to purchase an aggregate <span id="xdx_90A_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_pp0p0_c20220408__us-gaap--DebtInstrumentAxis__custom--PromissoryNotesAndWarrantsMember_zRJYXurvpmdi">925,000</span> shares of common stock, including $3,120,000 and warrants to purchase an aggregate 780,000 shares of common stock, to related parties. The warrants are exercisable at a price of $<span id="xdx_90E_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20220408__us-gaap--DebtInstrumentAxis__custom--PromissoryNotesAndWarrantsMember_z09MD3aeS07c">2.35</span> per share over a ten-year term. These proceeds were used for working capital investment and to ramp up our freeze dried consumer packaged goods business.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">On August 23, 2022, we closed on an offering to sell up to $<span id="xdx_907_eus-gaap--ProceedsFromIssuanceOfDebt_pp0p0_c20220822__20220823__us-gaap--DebtInstrumentAxis__custom--PromissoryNotesAndWarrantsMember_ze2A0nj2Nsc1">2,500,000</span> of promissory notes and warrants to purchase an aggregate <span id="xdx_902_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_pp0p0_c20220823__us-gaap--DebtInstrumentAxis__custom--PromissoryNotesAndWarrantsMember_zWZyOd0zey9j" title="Warrants issued">625,000</span> shares of the Company’s common stock, exercisable over a ten-year period at a price of $<span id="xdx_903_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20220823__us-gaap--DebtInstrumentAxis__custom--PromissoryNotesAndWarrantsMember_z0X0uhN4zV16" title="Warrant exercisable price">2.60</span> per share, representing 25,000 warrant shares per $100,000 of Notes purchased. The notes mature on <span id="xdx_90E_eus-gaap--DebtInstrumentMaturityDate_pp0p0_dd_c20220822__20220823__us-gaap--DebtInstrumentAxis__custom--PromissoryNotesAndWarrantsMember_zncxgjJwLtRj">August 23, 2025</span>. Interest on the notes accrue at a rate of <span id="xdx_908_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pip0_dp_c20220823__us-gaap--DebtInstrumentAxis__custom--PromissoryNotesAndWarrantsMember_zYCOCJTcshC4">8</span>% per annum, payable on January 1, 2025. Loans may be advanced to the Company from time to time from August 23, 2023 to the Maturity Date. On December 21, 2022 and September 29, 2022, the Company received aggregate proceeds of $<span id="xdx_904_eus-gaap--ProceedsFromIssuanceOfDebt_pp0p0_c20221220__20221221__us-gaap--DebtInstrumentAxis__custom--PromissoryNotesAndWarrantsMember__srt--CounterpartyNameAxis__custom--OneDirectorMember_zYFNVeO5GTl6">250,000</span> and $<span id="xdx_90E_eus-gaap--ProceedsFromIssuanceOfDebt_pp0p0_c20220928__20220929__us-gaap--DebtInstrumentAxis__custom--PromissoryNotesAndWarrantsMember__srt--CounterpartyNameAxis__custom--OneDirectorMember_zEPZUZ9Q7pjg">750,000</span> from two of the Company’s Directors on the sale of these notes and warrants.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"> </p>
CY2022 us-gaap Debt And Equity Securities Unrealized Gain Loss
DebtAndEquitySecuritiesUnrealizedGainLoss
0 usd
CY2021 us-gaap Debt And Equity Securities Unrealized Gain Loss
DebtAndEquitySecuritiesUnrealizedGainLoss
0 usd
CY2022 us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_841_eus-gaap--UseOfEstimates_zrTn2pw3ELZ9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.15in; text-align: justify; text-indent: -0.15in"><span style="font-weight: normal"><span style="text-decoration: underline"><span id="xdx_86D_zBvFsIsVEHj6">Use of Estimates</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
CY2022Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0 usd
CY2021Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0 usd
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
1952868 usd
CY2022Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
598970 usd
CY2022Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
1353898 usd
CY2021Q4 us-gaap Cash Uninsured Amount
CashUninsuredAmount
2813000 usd
CY2022 us-gaap Depreciation
Depreciation
299553 usd
CY2021 us-gaap Depreciation
Depreciation
208448 usd
CY2022 us-gaap Impairment Of Intangible Assets Finitelived
ImpairmentOfIntangibleAssetsFinitelived
310173 usd
CY2021Q4 us-gaap Notes Payable Current
NotesPayableCurrent
0 usd
CY2022Q4 us-gaap Long Term Notes Payable
LongTermNotesPayable
393915 usd
CY2022Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
384241 usd
CY2021Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
273135 usd
CY2022Q4 SOWG Inventory Packaging Materials
InventoryPackagingMaterials
416663 usd
CY2021Q4 SOWG Inventory Packaging Materials
InventoryPackagingMaterials
95436 usd
CY2022Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
864460 usd
CY2021Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
613063 usd
CY2022Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
307515 usd
CY2021Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
470263 usd
CY2022Q4 us-gaap Inventory Net
InventoryNet
1972879 usd
CY2021Q4 us-gaap Inventory Net
InventoryNet
1451897 usd
CY2022 us-gaap Asset Impairment Charges
AssetImpairmentCharges
4887297 usd
CY2021 us-gaap Asset Impairment Charges
AssetImpairmentCharges
1524030 usd
CY2021Q4 us-gaap Long Term Notes Payable
LongTermNotesPayable
150000 usd
CY2022Q2 us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
444330 usd
CY2022 us-gaap Share Based Compensation
ShareBasedCompensation
862079 usd
CY2021 us-gaap Share Based Compensation
ShareBasedCompensation
1377379 usd
CY2022 SOWG Amortization Of Warrants
AmortizationOfWarrants
925839 usd
CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
276464 usd
CY2022Q4 SOWG Working Capital
WorkingCapital
1687880 usd
CY2022 us-gaap Lease Expiration Date1
LeaseExpirationDate1
2025-09-15
CY2022 SOWG Monthly Lease Payment
MonthlyLeasePayment
10036 usd
CY2022Q4 SOWG Prepaid Software Licenses
PrepaidSoftwareLicenses
36424 usd
CY2021Q4 SOWG Prepaid Software Licenses
PrepaidSoftwareLicenses
28314 usd
CY2022Q4 us-gaap Prepaid Insurance
PrepaidInsurance
16746 usd
CY2021Q4 us-gaap Prepaid Insurance
PrepaidInsurance
11179 usd
CY2022Q4 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
18707 usd
CY2021Q4 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
22728 usd
CY2022Q4 us-gaap Prepaid Rent
PrepaidRent
27043 usd
CY2021Q4 us-gaap Prepaid Rent
PrepaidRent
0 usd
CY2022Q4 SOWG Trade Show Advances
TradeShowAdvances
38772 usd
CY2021Q4 SOWG Trade Show Advances
TradeShowAdvances
18836 usd
CY2022Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
137692 usd
CY2021Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
81057 usd
CY2021Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Restructuring Charges
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsRestructuringCharges
28135 usd
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
5543252 usd
CY2021Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
2891352 usd
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
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