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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
(MARK ONE)
For the quarter ended
For the transition period from to
Commission file number:
(Exact Name of Registrant as Specified in Its Charter)
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(State or other jurisdiction of incorporation or organization) |
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(I.R.S. Employer Identification No.) |
(Address of principal executive offices)
(
(Issuer’s telephone number)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
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Trading Symbol(s) |
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Name of each exchange on which registered |
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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.
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).
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 |
☐ |
☒ |
Smaller reporting company |
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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
As of November 7, 2023,
STRYVE FOODS, INC.
FORM 10-Q FOR THE QUARTER ENDED SEPTEMBER 30, 2023
TABLE OF CONTENTS
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Page |
1 |
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Item 1. Unaudited Condensed Consolidated Financial Statements |
1 |
1 |
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2 |
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Condensed Consolidated Statements of Changes in Stockholders’ Equity |
3 |
5 |
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6 |
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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations |
24 |
Item 3. Quantitative and Qualitative Disclosures About Market Risk |
36 |
37 |
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38 |
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38 |
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38 |
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Item 2. Unregistered Sales of Equity Securities and Use of Proceeds |
38 |
38 |
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38 |
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38 |
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39 |
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40 |
i
PART I - FINANCIAL INFORMATION
Item 1. Condensed Consolidated Financial Statements
STRYVE FOODS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
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September 30, |
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December 31, |
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2023 |
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2022 |
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ASSETS |
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(Unaudited) |
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CURRENT ASSETS |
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Cash and cash equivalents |
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$ |
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$ |
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Accounts receivable, net |
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Inventory, net |
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Prepaid expenses and other current assets |
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Total current assets |
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Property and equipment, net |
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Right of use asset, net |
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Goodwill |
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Intangible asset, net |
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TOTAL ASSETS |
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$ |
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$ |
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LIABILITIES AND STOCKHOLDERS' EQUITY |
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CURRENT LIABILITIES |
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Accounts payable |
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$ |
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$ |
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Accrued expenses |
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Current portion of lease liability |
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Line of credit, net of debt issuance costs |
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Promissory notes payable, net of debt discount and debt issuance costs |
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— |
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Promissory notes payable due to related parties, net of debt discount and debt issuance costs |
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— |
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Current portion of long-term debt and other short-term borrowings |
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Total current liabilities |
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Long-term debt, net of current portion, net of debt issuance costs |
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Lease liability, net of current portion |
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Financing obligation - related party operating lease |
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Deferred tax liability, net |
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Deferred stock compensation liability |
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Warrant liability |
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TOTAL LIABILITIES |
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STOCKHOLDERS' EQUITY |
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Preferred stock - $ |
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Class A common stock - $ |
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Class V common stock - $ |
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Additional paid-in-capital |
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Accumulated deficit |
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( |
) |
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( |
) |
TOTAL STOCKHOLDERS' EQUITY |
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TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
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$ |
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$ |
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The accompanying notes are an integral part of these condensed consolidated financial statements.
1
STRYVE FOODS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
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2023 |
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2022 |
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2023 |
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2022 |
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SALES, net |
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$ |
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$ |
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$ |
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$ |
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COST OF GOODS SOLD (exclusive of depreciation shown separately below) |
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GROSS PROFIT (LOSS) |
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( |
) |
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OPERATING EXPENSES |
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Selling expenses |
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Operations expense |
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Salaries and wages |
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Depreciation and amortization expense |
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Gain on disposal of fixed assets |
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( |
) |
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( |
) |
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( |
) |
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( |
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Total operating expenses |
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OPERATING LOSS |
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( |
) |
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( |
) |
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( |
) |
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( |
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OTHER (EXPENSE) INCOME |
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Interest expense |
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( |
) |
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( |
) |
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( |
) |
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( |
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Change in fair value of Private Warrants |
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Other income (expense) |
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( |
) |
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( |
) |
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( |
) |
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Total other (expense) income |
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( |
) |
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( |
) |
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( |
) |
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( |
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NET LOSS BEFORE INCOME TAXES |
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( |
) |
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( |
) |
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( |
) |
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( |
) |
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Income tax expense (benefit) |
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( |
) |
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NET LOSS |
|
$ |
( |
) |
|
$ |
( |
) |
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$ |
( |
) |
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$ |
( |
) |
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Loss per common share: |
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Basic and diluted |
|
$ |
( |
) |
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$ |
( |
) |
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$ |
( |
) |
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$ |
( |
) |
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Weighted average shares outstanding: |
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Basic and diluted |
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The accompanying notes are an integral part of these condensed consolidated financial statements.
2
STRYVE FOODS, INC.
THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2023
(Unaudited)
|
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|
Class A Common Stock |
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Class V Common Stock |
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Additional |
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Accumulated |
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Shares |
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Amount |
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Shares |
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Amount |
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Paid-in-Capital |
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Deficit |
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Total |
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|||||||
BALANCE, JANUARY 1, 2023 |
|
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$ |
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$ |
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$ |
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$ |
( |
) |
|
$ |
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||||||
Exchanged BV for Class A shares |
|
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( |
) |
|
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( |
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|
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— |
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— |
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— |
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Net loss |
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— |
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— |
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— |
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— |
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— |
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( |
) |
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( |
) |
BALANCE, MARCH 31, 2023 |
|
|
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|
$ |
|
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$ |
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$ |
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$ |
( |
) |
|
$ |
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||||||
Exchanged BV for Class A shares |
|
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— |
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( |
) |
|
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— |
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— |
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— |
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— |
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Issuance of Restricted Stock Awards |
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— |
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— |
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— |
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Issuance of Restricted Stock Units |
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— |
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— |
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— |
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— |
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Issuance of Warrants in connection with Debt Instrument |
|
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— |
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— |
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— |
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— |
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— |
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Net loss |
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— |
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— |
|
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— |
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|
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— |
|
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— |
|
|
|
( |
) |
|
|
( |
) |
BALANCE, JUNE 30, 2023 |
|
|
|
|
|
|
$ |
|
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|
$ |
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$ |
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$ |
( |
) |
|
$ |
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||||||
Issuance of Restricted Stock Awards |
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— |
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— |
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— |
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|
||||
Issuance of Restricted Stock Units |
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— |
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— |
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— |
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— |
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Payments in Lieu of Fractional Shares in connection with the Reverse Stock Split |
|
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— |
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— |
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— |
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— |
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( |
) |
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— |
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( |
) |
Issuance of Class A Shares in connection with At-The-Market Offerings, net |
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— |
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— |
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— |
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|
||||
Net loss |
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— |
|
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— |
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— |
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— |
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— |
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|
( |
) |
|
|
( |
) |
BALANCE, SEPTEMBER 30, 2023 |
|
|
|
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|
|
$ |
|
|
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|
|
$ |
|
|
$ |
|
|
$ |
( |
) |
|
$ |
|
||||||
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, 2022
(Unaudited)
|
|
|
|
Class A Common Stock |
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Class V Common Stock |
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|
Additional |
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Accumulated |
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|||||||||||||
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Shares |
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Amount |
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Shares |
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Amount |
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Paid-in-Capital |
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Deficit |
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Total |
|
|||||||
BALANCE, JANUARY 1, 2022 |
|
|
|
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|
$ |
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$ |
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$ |
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$ |
( |
) |
|
$ |
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||||||
PIPE Investment |
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— |
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— |
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— |
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Prefunded Warrants converted into Class A Common Stock |
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— |
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— |
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— |
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||||
Post closing adjustment of Business Combination Agreement |
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— |
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— |
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— |
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— |
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( |
) |
|
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— |
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( |
) |
Issuance of Restricted Stock Awards |
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— |
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— |
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— |
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||||
Net loss |
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— |
|
|
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— |
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|
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— |
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|
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— |
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|
|
— |
|
|
|
( |
) |
|
|
( |
) |
BALANCE, MARCH 31, 2022 |
|
|
|
|
|
|
$ |
|
|
|
|
|
$ |
|
|
$ |
|
|
$ |
( |
) |
|
$ |
|
||||||
Prefunded Warrant converted into Common Stock Class A |
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— |
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— |
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— |
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|
||||
Issuance of Restricted Stock Awards |
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— |
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— |
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— |
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|
||||
Issuance of Restricted Stock Units |
|
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|
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— |
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|
|
— |
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— |
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|
|
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— |
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|
|||
Net Loss |
|
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|
|
— |
|
|
|
— |
|
|
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— |
|
|
|
— |
|
|
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— |
|
|
|
( |
) |
|
|
( |
) |
BALANCE, JUNE 30, 2022 |
|
|
|
|
|
|
$ |
|
|
|
|
|
$ |
|
|
$ |
|
|
$ |
( |
) |
|
$ |
|
||||||
Prefunded Warrant converted into Common Stock Class A |
|
|
|
|
|
|
|
|
|
|
— |
|
|
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— |
|
|
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|
|
— |
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|
||||
Exchanged BV for Class A shares |
|
|
|
|
|
|
|
|
|
|
( |
) |
|
|
( |
) |
|
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— |
|
|
|
— |
|
|
|
— |
|
||
Net Loss |
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
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— |
|
|
|
— |
|
|
|
( |
) |
|
|
( |
) |
BALANCE, SEPTEMBER 30, 2022 |
|
|
|
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The accompanying notes are an integral part of these condensed consolidated financial statements.
4
STRYVE FOODS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
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Nine Months Ended September 30, |
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2023 |
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2022 |
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CASH FLOWS FROM OPERATING ACTIVITIES |
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