$TLCC
Twinlab Consolidated Holdings Inc

2020 Form 10-K Financial Statement

#000143774921009108 Filed on April 16, 2021

View on sec.gov

Income Statement

Concept 2020 2019 Q4 2019
Revenue $66.35M $15.90M $73.46M
YoY Change -9.68% -6.63% 0.23%
Cost Of Revenue $55.47M $14.05M $62.28M
YoY Change -10.93% -0.43% 3.44%
Gross Profit $10.88M $1.854M $11.19M
YoY Change -2.74% -36.57% -14.53%
Gross Profit Margin 16.4% 11.66% 15.23%
Selling, General & Admin $16.29M $7.200M $25.55M
YoY Change -36.24% 14.5% -5.66%
% of Gross Profit 149.71% 388.35% 228.39%
Research & Development $1.000K $35.00K
YoY Change -97.14% -91.97%
% of Gross Profit 0.01% 0.31%
Depreciation & Amortization $27.00K $383.0K $1.713M
YoY Change -98.42% -33.28% -33.48%
% of Gross Profit 0.25% 20.66% 15.32%
Operating Expenses $16.29M $7.200M $25.58M
YoY Change -36.33% 14.5% -5.53%
Operating Profit -$5.408M -$5.346M -$38.77M
YoY Change -86.05% 58.87% 177.11%
Interest Expense $8.954M $926.0K $9.876M
YoY Change -9.34% -36.79% 1.77%
% of Operating Profit
Other Income/Expense, Net -$8.943M $1.428M -$5.655M
YoY Change 58.14% 1969.57% -11.5%
Pretax Income -$14.35M -$27.88M -$44.42M
YoY Change -67.69% 2774.23% 117.97%
Income Tax $38.00K $99.00K $79.00K
% Of Pretax Income
Net Earnings -$14.39M -$27.96M -$44.50M
YoY Change -67.67% 2698.7% 118.05%
Net Earnings / Revenue -21.69% -175.82% -60.58%
Basic Earnings Per Share -$0.06 -$0.17
Diluted Earnings Per Share -$0.06 -$109.4K -$0.18
COMMON SHARES
Basic Shares Outstanding 257.3M shares 255.6M 255.6M
Diluted Shares Outstanding 259.1M shares 265.5M

Balance Sheet

Concept 2020 2019 Q4 2019
SHORT-TERM ASSETS
Cash & Short-Term Investments $424.0K $270.0K $270.0K
YoY Change 57.04% -95.66% -95.66%
Cash & Equivalents $270.0K
Short-Term Investments
Other Short-Term Assets $2.195M $3.119M $3.119M
YoY Change -29.62% -52.45% -52.45%
Inventory $6.301M $6.569M $6.569M
Prepaid Expenses $3.119M
Receivables $8.425M $6.342M $6.342M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $17.35M $16.30M $16.30M
YoY Change 6.41% -44.36% -44.36%
LONG-TERM ASSETS
Property, Plant & Equipment $4.775M $72.00K $72.00K
YoY Change 6531.94% -93.55% -93.55%
Goodwill $8.818M
YoY Change -50.45%
Intangibles $4.363M
YoY Change -79.52%
Long-Term Investments
YoY Change
Other Assets $760.0K $834.0K $834.0K
YoY Change -8.87% -51.51% -51.51%
Total Long-Term Assets $17.61M $14.09M $14.09M
YoY Change 24.98% -66.41% -66.41%
TOTAL ASSETS
Total Short-Term Assets $17.35M $16.30M $16.30M
Total Long-Term Assets $17.61M $14.09M $14.09M
Total Assets $34.95M $30.39M $30.39M
YoY Change 15.02% -57.35% -57.35%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.712M $6.313M $6.313M
YoY Change -25.36% -21.88% -21.88%
Accrued Expenses $26.54M $20.67M $20.67M
YoY Change 28.38% 30.64% 30.64%
Deferred Revenue $2.127M
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $96.85M $91.13M $91.13M
YoY Change 6.28% 29.19% 29.19%
Total Short-Term Liabilities $132.0M $118.1M $118.1M
YoY Change 11.75% 19.58% 19.58%
LONG-TERM LIABILITIES
Long-Term Debt $476.0K $0.00
YoY Change -100.0%
Other Long-Term Liabilities $4.592M $0.00 $0.00
YoY Change -100.0% -100.0%
Total Long-Term Liabilities $5.068M $0.00
YoY Change -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $132.0M $118.1M $118.1M
Total Long-Term Liabilities $5.068M $0.00
Total Liabilities $137.1M $118.1M $118.1M
YoY Change 16.04% 2.62% 2.62%
SHAREHOLDERS EQUITY
Retained Earnings -$318.9M
YoY Change 16.22%
Common Stock $390.0K
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $500.0K
YoY Change 0.0%
Treasury Stock Shares $134.8M
Shareholders Equity -$102.1M -$87.76M -$87.76M
YoY Change
Total Liabilities & Shareholders Equity $34.95M $30.39M $30.39M
YoY Change 15.02% -57.35% -57.35%

Cashflow Statement

Concept 2020 2019 Q4 2019
OPERATING ACTIVITIES
Net Income -$14.39M -$27.96M -$44.50M
YoY Change -67.67% 2698.7% 118.05%
Depreciation, Depletion And Amortization $27.00K $383.0K $1.713M
YoY Change -98.42% -33.28% -33.48%
Cash From Operating Activities -$5.070M -$689.0K -$8.411M
YoY Change -39.72% -41.21% 28.14%
INVESTING ACTIVITIES
Capital Expenditures $20.00K $0.00 $20.00K
YoY Change 0.0% -100.0% -64.29%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change -100.0% -100.0%
Cash From Investing Activities -$20.00K $0.00 -$20.00K
YoY Change 0.0% -100.0% -101.61%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $5.244M -1.126M 2.474M
YoY Change 111.96% -120.54% -75.75%
NET CHANGE
Cash From Operating Activities -$5.070M -689.0K -8.411M
Cash From Investing Activities -20.00K 0.000 -20.00K
Cash From Financing Activities $5.244M -1.126M 2.474M
Net Change In Cash 154.0K -1.815M -5.957M
YoY Change -102.59% -132.36% -222.14%
FREE CASH FLOW
Cash From Operating Activities -$5.070M -$689.0K -$8.411M
Capital Expenditures $20.00K $0.00 $20.00K
Free Cash Flow -$5.090M -$689.0K -$8.431M
YoY Change -39.63% -41.31% 27.36%

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<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt;"><div style="display: inline; font-style: italic;">Significant Concentration of Credit Risk</div></div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</div> <div style=" font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt;">The Company maintains its cash in bank deposit accounts which, at times, exceed federally insured limits. At <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2020, </div>the Company's cash did <div style="display: inline; font-style: italic; font: inherit;">not</div> exceed federally insured limits. To date, the Company has <div style="display: inline; font-style: italic; font: inherit;">not</div> experienced a loss or lack of access to its invested cash; however, <div style="display: inline; font-style: italic; font: inherit;">no</div> assurance can be provided that access to the Company's invested cash will <div style="display: inline; font-style: italic; font: inherit;">not</div> be impacted by adverse conditions in the financial markets.</div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</div> <div style=" font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt;">Sales to our top <div style="display: inline; font-style: italic; font: inherit;"><div style="display: inline; font-style: italic; font: inherit;">three</div></div> customers aggregated to approximately <div style="display: inline; font-style: italic; font: inherit;">25%</div> and <div style="display: inline; font-style: italic; font: inherit;">32%</div> of total consolidated sales in <div style="display: inline; font-style: italic; font: inherit;">2020</div> and <div style="display: inline; font-style: italic; font: inherit;">2019,</div> respectively. Sales to <div style="display: inline; font-style: italic; font: inherit;"><div style="display: inline; font-style: italic; font: inherit;">one</div></div> of those customers were approximately <div style="display: inline; font-style: italic; font: inherit;">10%</div> and <div style="display: inline; font-style: italic; font: inherit;">11%</div> of total sales in <div style="display: inline; font-style: italic; font: inherit;">2020</div> and <div style="display: inline; font-style: italic; font: inherit;">2019.</div> Accounts receivable from these customers were approximately <div style="display: inline; font-style: italic; font: inherit;">23%</div> and <div style="display: inline; font-style: italic; font: inherit;">33%</div> of total accounts receivable as of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2020 </div>and <div style="display: inline; font-style: italic; font: inherit;">2019,</div> respectively. An additional single customer represented <div style="display: inline; font-style: italic; font: inherit;">20%</div> and <div style="display: inline; font-style: italic; font: inherit;">38%</div> of total accounts receivable as of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2020 </div>and <div style="display: inline; font-style: italic; font: inherit;">2019,</div> respectively. Our <div style="display: inline; font-style: italic; font: inherit;"><div style="display: inline; font-style: italic; font: inherit;">two</div></div> major vendors accounted for <div style="display: inline; font-style: italic; font: inherit;">45%</div> and <div style="display: inline; font-style: italic; font: inherit;">28%</div> of purchases for the year ended <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2020 </div>and <div style="display: inline; font-style: italic; font: inherit;">2019,</div> respectively. A <div style="display: inline; font-style: italic; font: inherit;">third</div> vendor represents an additional <div style="display: inline; font-style: italic; font: inherit;">12%</div> and <div style="display: inline; font-style: italic; font: inherit;">10%</div> of purchases for the year ended <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2020 </div>and <div style="display: inline; font-style: italic; font: inherit;">2019,</div> respectively.</div></div></div></div></div></div>
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<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt;"><div style="display: inline; font-weight: bold;">Note <div style="display: inline; font-style: italic; font: inherit;">1</div> </div>&#x2013;<div style="display: inline; font-weight: bold;"> Nature of Business</div></div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</div> <div style=" font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt;"><div style="display: inline; font-style: italic;">Organization</div></div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</div> <div style=" font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt;">Twinlab Consolidated Holdings, Inc. (the &#x201c;Company&#x201d;, &#x201c;Twinlab,&#x201d; &#x201c;we,&#x201d; &#x201c;our&#x201d; and &#x201c;us&#x201d;) was incorporated on <div style="display: inline; font-style: italic; font: inherit;"> October 24, 2013 </div>under the laws of the State of Nevada as Mirror Me, Inc. On <div style="display: inline; font-style: italic; font: inherit;"> August 7, 2014, </div>we amended our articles of incorporation and changed our name to Twinlab Consolidated Holdings, Inc.</div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</div> <div style=" font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt;"><div style="display: inline; font-style: italic;">Nature of Operations</div></div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</div> <div style=" font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt;">We are an integrated marketer, distributor and retailer of branded nutritional supplements and other natural products sold to and through domestic health and natural food stores, mass market retailers, specialty stores retailers, on-line retailers and websites. Internationally, we market and distribute branded nutritional supplements and other natural products to and through health and natural product distributors and retailers.</div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</div> <div style=" font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt;">Our products include vitamins, minerals, specialty supplements and sports nutrition products sold under the Twinlab brand name, a market leader in the healthy aging and beauty from within categories sold under the Reserveage Nutrition and ResVitale&reg; brand names; diet and energy products sold under the Metabolife brand name; the Re-Body brand name; and a full line of herbal teas sold under the Alvita brand name. To accommodate consumer preferences, our products come in various formulations and delivery forms, including capsules, tablets, softgels, chewables, liquids, sprays and powders. These products are sold primarily through health and natural food stores and on-line retailers, supermarkets, and mass-market retailers.</div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</div> <div style=" font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt;">We also perform contract manufacturing services for private label products.&nbsp; Our contract manufacturing services business involves the manufacture of custom products to the specifications of a customer who requires finished product under the customer's own brand name.&nbsp; We do <div style="display: inline; font-style: italic; font: inherit;">not</div> market these private label products as our business is to sell the products to the customer, who then markets and sells the products to retailers or end consumers.</div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</div> <div style=" font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt;"><div style="display: inline; font-style: italic;">Going Concern</div></div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</div> <div style=" font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt;">The accompanying consolidated financial statements have been prepared on a going concern basis, which assumes continuity of operations and realization of assets and liabilities in the ordinary course of business. In most periods since our formation, we have generated losses from operations. At <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2020, </div>we had an accumulated deficit of <div style="display: inline; font-style: italic; font: inherit;">$333,262.</div> Historical losses are primarily attributable to lower than planned sales resulting from low fill rates on demand due to limitations of our working capital, delayed product introductions and postponed marketing activities, merger-related and other restructuring costs, and interest and refinancing charges associated with our debt refinancing, and impairment of our goodwill and intangible assets. Losses have been funded primarily through issuance of common stock and <div style="display: inline; font-style: italic; font: inherit;">third</div>-party or related party debt.</div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</div> <div style=" font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt;">Additionally, the Company is closely monitoring the impact of the COVID-<div style="display: inline; font-style: italic; font: inherit;">19</div> pandemic on all aspects of its business and geographies, including how it will impact its customers and business partners. While the Company did <div style="display: inline; font-style: italic; font: inherit;">not</div> incur significant disruptions during the year ended <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2020 </div>from the COVID-<div style="display: inline; font-style: italic; font: inherit;">19</div> pandemic, it is unable to predict the impact that the COVID-<div style="display: inline; font-style: italic; font: inherit;">19</div> pandemic will have on its financial condition, results of operations and cash flows due to numerous uncertainties.</div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</div> <div style=" font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt;">Because of our history of operating losses, increase in debt, we have a working capital deficiency of <div style="display: inline; font-style: italic; font: inherit;">$114,687</div> at <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2020.&nbsp; </div>We also have <div style="display: inline; font-style: italic; font: inherit;">$96,847</div> of debt, net of discount, which could be due within the next <div style="display: inline; font-style: italic; font: inherit;">12</div> months. These continuing conditions, among others, raise substantial doubt about our ability to continue as a going concern.</div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</div> <div style=" font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt;">Management has addressed operating issues through the following actions: focusing on growing the core business and brands; continuing emphasis on major customers and key products; reducing manufacturing and operating costs and continuing to negotiate lower prices from major suppliers. &nbsp;We believe that we will need additional capital to execute our business plan. 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CY2020 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
-3784000
CY2019 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
2730000
CY2020 us-gaap Repayments Of Debt
RepaymentsOfDebt
2310000
CY2019 us-gaap Repayments Of Debt
RepaymentsOfDebt
952000
CY2020 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1000
CY2019 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
35000
CY2020Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-333262000
CY2019Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-318873000
CY2020 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
66349000
CY2019 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
73460000
CY2020 us-gaap Revenue From Related Parties
RevenueFromRelatedParties
2565000
CY2019 us-gaap Revenue From Related Parties
RevenueFromRelatedParties
8900000
CY2020 us-gaap Revenues
Revenues
66349000
CY2019 us-gaap Revenues
Revenues
73460000
CY2020 us-gaap Selling Expense
SellingExpense
1688000
CY2019 us-gaap Selling Expense
SellingExpense
1326000
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
7194412
CY2020Q4 us-gaap Stockholders Equity
StockholdersEquity
-102149000
CY2019Q4 us-gaap Stockholders Equity
StockholdersEquity
-87760000
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
-43887000
CY2020 us-gaap Sublease Income
SubleaseIncome
756000
CY2020Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
134806051
CY2019Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
134806051
CY2020Q4 us-gaap Treasury Stock Value
TreasuryStockValue
500000
CY2019Q4 us-gaap Treasury Stock Value
TreasuryStockValue
500000
CY2020Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
0
CY2019Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
0
CY2020 us-gaap Use Of Estimates
UseOfEstimates
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt;"><div style="display: inline; font-style: italic;">Use of Estimates</div></div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</div> <div style=" font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt;">The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Actual results could differ from those estimates. Significant management estimates include those with respect to returns and allowances, allowance for doubtful accounts, reserves for inventory obsolescence, the recoverability of long-lived assets, intangibles and goodwill and the estimated value of warrants and derivative liabilities.</div></div></div></div></div></div>
CY2020 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
2857000
CY2019 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
13359000
CY2020 us-gaap Variable Lease Cost
VariableLeaseCost
352000
CY2020 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
259079879
CY2019 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
265493489
CY2020 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
257345636
CY2019 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
255643828

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