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wf

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

(MARK ONE)

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarter ended September 30, 2022

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from to

 

Commission file number: 001-38785

 

STRYVE FOODS, INC.

(Exact Name of Registrant as Specified in Its Charter)

 

Delaware

 

87-1760117

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification No.)

 

5801 Tennyson Parkway, Suite 275

Plano, TX 75024

(Address of principal executive offices)

 

(972) 987-5130

(Issuer’s telephone number)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading Symbol(s)

 

Name of each exchange on which registered

Class A common stock

 

SNAX

 

The NASDAQ Stock Market LLC

Warrants, each exercisable for one share of Class A common stock at an exercise price of $11.50 per share

 

SNAXW

 

The NASDAQ Stock Market LLC

 

Check whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

 

 

Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No

 

At November 14, 2022, 25,010,612 shares of the registrant’s Class A common stock, $0.0001 par value, and 7,093,711 shares of the registrant’s Class V common stock, $0.0001 par value, were issued and outstanding.

 


 

STRYVE FOODS, INC.

FORM 10-Q FOR THE QUARTER ENDED SEPTEMBER 30, 2022

TABLE OF CONTENTS

 

 

Page

Part I. Financial Information

1

Item 1. Unaudited Condensed Consolidated Financial Statements

1

Condensed Consolidated Balance Sheets

1

Condensed Consolidated Statements of Operations

2

Condensed Consolidated Statements of Changes in Stockholders’ Equity

3

Condensed Consolidated Statements of Cash Flows

5

Notes to Unaudited Condensed Consolidated Financial Statements

6

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

21

Item 3. Quantitative and Qualitative Disclosures Regarding Market Risk

35

Item 4. Controls and Procedures

36

Part II. Other Information

37

Item 1. Legal Proceedings

37

Item 1A. Risk Factors

37

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

37

Item 3. Defaults Upon Senior Securities

37

Item 4. Mine Safety Disclosures

37

Item 5. Other Information

37

Item 6. Exhibits

38

Part III. Signatures

39

 

i


 

PART I - FINANCIAL INFORMATION

Item 1. Condensed Consolidated Financial Statements

STRYVE FOODS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

 

 

 

September 30,

 

 

December 31,

 

 

 

2022

 

 

2021

 

ASSETS

 

(Unaudited)

 

 

 

 

CURRENT ASSETS

 

 

 

 

 

 

Cash and cash equivalent

 

$

4,354,624

 

 

$

2,217,191

 

Accounts receivable, net

 

 

2,142,934

 

 

 

2,900,281

 

Inventory, net

 

 

8,927,055

 

 

 

7,215,981

 

Prepaid media spend, net of reserve

 

 

 

 

 

450,000

 

Prepaid expenses and other current assets

 

 

2,528,134

 

 

 

2,255,539

 

Total current assets

 

 

17,952,747

 

 

 

15,038,992

 

 

 

 

 

 

 

 

Property and equipment, net

 

 

7,896,559

 

 

 

6,825,895

 

Right of use asset, net

 

 

618,136

 

 

 

767,382

 

Goodwill

 

 

8,450,000

 

 

 

8,450,000

 

Intangible asset, net

 

 

4,422,608

 

 

 

4,604,359

 

Prepaid media spend, net of reserve and net of current portion

 

 

 

 

 

1,084,548

 

Other assets

 

 

 

 

 

4,192

 

TOTAL ASSETS

 

$

39,340,050

 

 

$

36,775,368

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

CURRENT LIABILITIES

 

 

 

 

 

 

Accounts payable

 

 

2,543,373

 

 

$

3,097,516

 

Accrued expenses

 

 

2,635,204

 

 

 

1,634,978

 

Current portion of lease liability

 

 

215,127

 

 

 

168,482

 

Line of credit, net of debt issuance costs

 

 

123,191

 

 

 

3,500,000

 

Current portion of long-term debt

 

 

1,559,139

 

 

 

3,447,056

 

Total current liabilities

 

 

7,076,034

 

 

 

11,848,032

 

 

 

 

 

 

 

 

Long-term debt, net of current portion, net of debt issuance costs

 

 

3,470,968

 

 

 

119,542

 

Lease liability, net of current portion

 

 

436,351

 

 

 

598,900

 

Financing obligation - related party operating lease

 

 

7,500,000

 

 

 

7,500,000

 

Deferred tax liability, net

 

 

67,223

 

 

 

67,223

 

Deferred stock compensation liability

 

 

602,605

 

 

 

71,197

 

Warrant liability

 

 

28,421

 

 

 

128,375

 

TOTAL LIABILITIES

 

 

19,181,602

 

 

 

20,333,269

 

 

 

 

 

 

 

 

COMMITMENTS AND CONTINGENCIES

 

 

 

 

 

 

STOCKHOLDERS' EQUITY

 

 

 

 

 

 

Preferred stock - $0.0001 par value, 10,000,000 shares authorized, 0 shares issued and outstanding

 

 

 

 

 

 

Class A common stock - $0.0001 par value, 400,000,000 shares authorized, 22,964,806 and 8,633,755 shares issued and outstanding, respectively

 

 

2,296

 

 

 

863

 

Class V common stock - $0.0001 par value, 200,000,000 shares authorized, 7,488,343 and 11,502,355 shares issued and outstanding

 

 

749

 

 

 

1,150

 

Additional paid-in-capital

 

 

132,902,242

 

 

 

100,551,257

 

Accumulated deficit

 

 

(112,746,839

)

 

 

(84,111,171

)

TOTAL STOCKHOLDERS' EQUITY

 

 

20,158,448

 

 

 

16,442,099

 

 

 

 

 

 

 

 

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

 

$

39,340,050

 

 

$

36,775,368

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

1


 

STRYVE FOODS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

 

 

 

For The Three Months
Ended September 30,

 

 

For The Nine Months
Ended September 30,

 

 

 

 

 

 

 

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

SALES, net

 

$

6,170,468

 

 

$

9,061,770

 

 

$

24,537,180

 

 

$

23,247,568

 

 

 

 

 

 

 

 

 

 

 

 

 

 

COST OF GOODS SOLD (exclusive of depreciation shown separately below)

 

 

4,786,054

 

 

 

5,807,924

 

 

 

26,453,793

 

 

 

13,734,845

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GROSS (LOSS) MARGIN

 

 

1,384,414

 

 

 

3,253,846

 

 

 

(1,916,613

)

 

 

9,512,723

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OPERATING EXPENSES

 

 

 

 

 

 

 

 

 

 

 

 

Selling expenses

 

 

2,640,667

 

 

 

5,826,749

 

 

 

12,872,928

 

 

 

17,873,161

 

Operations expense

 

 

1,084,596

 

 

 

1,234,002

 

 

 

3,664,135

 

 

 

3,264,087

 

Salaries and wages

 

 

1,939,670

 

 

 

3,973,204

 

 

 

8,035,646

 

 

 

6,976,515

 

Depreciation and amortization expense

 

 

518,240

 

 

 

402,290

 

 

 

1,465,966

 

 

 

1,193,846

 

Gain on disposal of fixed assets

 

 

(50,280

)

 

 

(13,250

)

 

 

(74,292

)

 

 

(21,828

)

Total operating expenses

 

 

6,132,893

 

 

 

11,422,995

 

 

 

25,964,383

 

 

 

29,285,781

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OPERATING LOSS

 

 

(4,748,479

)

 

 

(8,169,149

)

 

 

(27,880,996

)

 

 

(19,773,058

)

 

 

 

 

 

 

 

 

 

 

 

 

 

OTHER (EXPENSE) INCOME

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

(189,794

)

 

 

(757,811

)

 

 

(558,825

)

 

 

(2,715,068

)

PPP loan forgiveness

 

 

 

 

 

 

 

 

 

 

 

1,669,552

 

Change in fair value of Private Warrants

 

 

14,644

 

 

 

213,300

 

 

 

99,954

 

 

 

213,300

 

Gain on debt extinguishment

 

 

 

 

 

 

 

 

 

 

 

545,200

 

Other (expense) income

 

 

(43,470

)

 

 

2,577

 

 

 

(258,853

)

 

 

27,124

 

Total other (expense) income

 

 

(218,620

)

 

 

(541,934

)

 

 

(717,724

)

 

 

(259,892

)

 

 

 

 

 

 

 

 

 

 

 

 

 

NET LOSS BEFORE INCOME TAXES

 

 

(4,967,099

)

 

 

(8,711,083

)

 

 

(28,598,720

)

 

 

(20,032,950

)

Income taxes

 

 

507

 

 

 

 

 

 

36,948

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NET LOSS

 

$

(4,967,606

)

 

$

(8,711,083

)

 

$

(28,635,668

)

 

$

(20,032,950

)

Loss per common share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted

 

$

(0.16

)

 

$

(0.48

)

 

$

(0.94

)

 

$

(1.56

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted

 

 

30,991,943

 

 

 

18,263,099

 

 

 

30,568,431

 

 

 

12,878,733

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

2


 

STRYVE FOODS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY

THREE AND NINE MONTHS ENDED, SEPTEMBER 30, 2022

(Unaudited)

 

 

 

 

 

 

 

 

 

Common Stock Class A

 

 

Common Stock Class B/V

 

 

Additional

 

 

Accumulated

 

 

 

 

 

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Paid-in-Capital

 

 

Deficit

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BALANCE, JANUARY 1, 2022

 

 

 

 

8,633,755

 

 

$

863

 

 

 

11,502,355

 

 

$

1,150

 

 

$

100,551,257

 

 

$

(84,111,171

)

 

$

16,442,099

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PIPE Investment

 

 

 

 

2,496,934

 

 

 

250

 

 

 

 

 

 

 

 

 

32,310,937

 

 

 

 

 

 

32,311,187

 

Prefunded Warrants converted into Common Stock Class A

 

 

 

 

1,443,557

 

 

 

144

 

 

 

 

 

 

 

 

 

(69

)

 

 

 

 

 

75

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Post closing adjustment of BCA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(238,089

)

 

 

 

 

 

(238,089

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of Restricted Stock Awards

 

 

 

 

108,500

 

 

 

11

 

 

 

 

 

 

 

 

 

36,698

 

 

 

 

 

 

36,709

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(7,313,742

)

 

 

(7,313,742

)

BALANCE, MARCH 31, 2022

 

 

 

 

12,682,746

 

 

 

1,268

 

 

 

11,502,355

 

 

 

1,150

 

 

 

132,660,734

 

 

 

(91,424,913

)

 

 

41,238,239

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Prefunded Warrant converted into Common Stock Class A

 

 

 

 

3,553,589

 

 

 

356

 

 

 

 

 

 

 

 

 

(96

)

 

 

 

 

 

260

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of Restricted Stock Awards

 

 

 

 

501,125

 

 

 

50

 

 

 

 

 

 

 

 

 

172,802

 

 

 

 

 

 

172,852

 

Issuance of Restricted Stock Units

 

 

 

 

13,334

 

 

 

1

 

 

 

 

 

 

 

 

 

68,802

 

 

 

 

 

 

68,803

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Loss

 

 

 

 

 

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

(16,354,319

)

 

 

(16,354,319

)

BALANCE, JUNE 30, 2022

 

 

 

 

16,750,794

 

 

 

1,675

 

 

 

11,502,355

 

 

 

1,150

 

 

 

132,902,242

 

 

 

(107,779,232

)

 

 

25,125,835

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Prefunded Warrant converted into Common Stock Class A

 

 

 

 

2,200,000

 

 

 

220

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

220

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exchanged BV for Class A shares

 

 

 

 

4,014,012

 

 

 

401

 

 

 

(4,014,012

)

 

 

(401

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Loss

 

 

 

 

 

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

(4,967,606

)

 

 

(4,967,606

)

BALANCE, SEPTEMBER 30, 2022

 

 

 

 

22,964,806

 

 

 

2,296

 

 

 

7,488,343

 

 

 

749

 

 

 

132,902,242

 

 

 

(112,746,839

)

 

 

20,158,448

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

3


 

STRYVE FOODS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY

THREE AND NINE MONTHS ENDED, SEPTEMBER 30, 2021

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Stock Class A

 

 

Common Stock Class B/V

 

 

Additional

 

 

Retained

 

 

 

 

 

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Paid-in-Capital

 

 

Earnings

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BALANCE, JANUARY 1, 2021