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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, 2023

 

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.)

 

Post Office Box 864

Frisco, TX 75034

(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 1/15th of one share of Class A common stock at an exercise price of $172.50 per whole 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

 

As of November 7, 2023, 1,995,480 shares of the registrant’s Class A common stock, $0.0001 par value, and 404,276 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, 2023

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 Condensed Consolidated Financial Statements

6

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

Item 4. Controls and Procedures

37

Part II. Other Information

38

Item 1. Legal Proceedings

38

Item 1A. Risk Factors

38

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

38

Item 3. Defaults Upon Senior Securities

38

Item 4. Mine Safety Disclosures

38

Item 5. Other Information

38

Item 6. Exhibits

39

Part III. Signatures

40

i


 

PART I - FINANCIAL INFORMATION

Item 1. Condensed Consolidated Financial Statements

STRYVE FOODS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

 

 

 

September 30,

 

 

December 31,

 

 

 

2023

 

 

2022

 

ASSETS

 

(Unaudited)

 

 

 

 

CURRENT ASSETS

 

 

 

 

 

 

Cash and cash equivalents

 

$

226,475

 

 

$

623,163

 

Accounts receivable, net

 

 

3,045,723

 

 

 

2,488,693

 

Inventory, net

 

 

6,273,367

 

 

 

8,258,642

 

Prepaid expenses and other current assets

 

 

1,017,331

 

 

 

1,550,717

 

Total current assets

 

 

10,562,896

 

 

 

12,921,215

 

 

 

 

 

 

 

 

Property and equipment, net

 

 

7,491,276

 

 

 

8,816,573

 

Right of use asset, net

 

 

4,712,825

 

 

 

5,009,954

 

Goodwill

 

 

8,450,000

 

 

 

8,450,000

 

Intangible asset, net

 

 

4,180,273

 

 

 

4,362,024

 

TOTAL ASSETS

 

$

35,397,270

 

 

$

39,559,766

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

CURRENT LIABILITIES

 

 

 

 

 

 

Accounts payable

 

$

3,971,356

 

 

$

3,009,875

 

Accrued expenses

 

 

2,407,248

 

 

 

1,727,555

 

Current portion of lease liability

 

 

349,847

 

 

 

327,915

 

Line of credit, net of debt issuance costs

 

 

2,754,443

 

 

 

1,046,101

 

Promissory notes payable, net of debt discount and debt issuance costs

 

 

2,580,156

 

 

 

 

Promissory notes payable due to related parties, net of debt discount and debt issuance costs

 

 

1,014,836

 

 

 

 

Current portion of long-term debt and other short-term borrowings

 

 

736,242

 

 

 

969,421

 

Total current liabilities

 

 

13,814,128

 

 

 

7,080,867

 

 

 

 

 

 

 

 

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

 

 

3,519,933

 

 

 

3,696,578

 

Lease liability, net of current portion

 

 

4,467,894

 

 

 

4,734,128

 

Financing obligation - related party operating lease

 

 

7,500,000

 

 

 

7,500,000

 

Deferred tax liability, net

 

 

1,555

 

 

 

1,555

 

Deferred stock compensation liability

 

 

358,390

 

 

 

89,828

 

Warrant liability

 

 

790

 

 

 

20,625

 

TOTAL LIABILITIES

 

 

29,662,690

 

 

 

23,123,581

 

 

 

 

 

 

 

 

COMMITMENTS AND CONTINGENCIES (Note 12)

 

 

 

 

 

 

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, 1,968,482 and 1,714,973 shares issued and outstanding, respectively

 

 

196

 

 

 

172

 

Class V common stock - $0.0001 par value, 15,000,000 shares authorized, 405,313 and 419,941 shares issued and outstanding

 

 

41

 

 

 

42

 

Additional paid-in-capital

 

 

136,716,539

 

 

 

133,687,587

 

Accumulated deficit

 

 

(130,982,196

)

 

 

(117,251,616

)

TOTAL STOCKHOLDERS' EQUITY

 

 

5,734,580

 

 

 

16,436,185

 

 

 

 

 

 

 

 

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

 

$

35,397,270

 

 

$

39,559,766

 

 

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

1


 

STRYVE FOODS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

 

SALES, net

 

$

4,180,193

 

 

$

6,170,468

 

 

$

14,822,987

 

 

$

24,537,180

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

3,624,236

 

 

 

4,786,054

 

 

 

12,253,094

 

 

 

26,453,793

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GROSS PROFIT (LOSS)

 

 

555,957

 

 

 

1,384,414

 

 

 

2,569,893

 

 

 

(1,916,613

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OPERATING EXPENSES

 

 

 

 

 

 

 

 

 

 

 

 

 

Selling expenses

 

 

1,771,042

 

 

 

2,640,667

 

 

 

5,518,325

 

 

 

12,872,928

 

 

Operations expense

 

 

325,829

 

 

 

1,084,596

 

 

 

1,464,708

 

 

 

3,664,135

 

 

Salaries and wages

 

 

1,572,177

 

 

 

1,939,670

 

 

 

5,204,637

 

 

 

8,035,646

 

 

Depreciation and amortization expense

 

 

552,169

 

 

 

518,240

 

 

 

1,656,049

 

 

 

1,465,966

 

 

Gain on disposal of fixed assets

 

 

(11,000

)

 

 

(50,280

)

 

 

(9,705

)

 

 

(74,292

)

 

Total operating expenses

 

 

4,210,217

 

 

 

6,132,893

 

 

 

13,834,013

 

 

 

25,964,383

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OPERATING LOSS

 

 

(3,654,260

)

 

 

(4,748,479

)

 

 

(11,264,120

)

 

 

(27,880,996

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OTHER (EXPENSE) INCOME

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

(1,121,274

)

 

 

(189,794

)

 

 

(2,484,004

)

 

 

(558,825

)

 

Change in fair value of Private Warrants

 

 

1,185

 

 

 

14,644

 

 

 

19,835

 

 

 

99,954

 

 

Other income (expense)

 

 

2,423

 

 

 

(43,470

)

 

 

(4,533

)

 

 

(258,853

)

 

Total other (expense) income

 

 

(1,117,666

)

 

 

(218,620

)

 

 

(2,468,702

)

 

 

(717,724

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NET LOSS BEFORE INCOME TAXES

 

 

(4,771,926

)

 

 

(4,967,099

)

 

 

(13,732,822

)

 

 

(28,598,720

)

 

Income tax expense (benefit)

 

 

7,281

 

 

 

507

 

 

 

(2,242

)

 

 

36,948

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NET LOSS

 

$

(4,779,207

)

 

$

(4,967,606

)

 

$

(13,730,580

)

 

$

(28,635,668

)

 

Loss per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted

 

$

(2.14

)

 

$

(2.40

)

 

$

(6.41

)

 

$

(14.05

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted

 

 

2,237,211

 

 

 

2,066,130

 

 

 

2,143,336

 

 

 

2,037,895

 

 

 

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, 2023

(Unaudited)

 

 

 

 

 

Class A Common Stock

 

 

Class V Common Stock

 

 

Additional

 

 

Accumulated

 

 

 

 

 

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Paid-in-Capital

 

 

Deficit

 

 

Total

 

BALANCE, JANUARY 1, 2023

 

 

 

 

1,714,973

 

 

$

172

 

 

 

419,941

 

 

$

42

 

 

$

133,687,587

 

 

$

(117,251,616

)

 

$

16,436,185

 

Exchanged BV for Class A shares

 

 

 

 

10,241

 

 

 

1

 

 

 

(10,241

)

 

 

(1

)

 

 

 

 

 

 

 

 

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(4,642,556

)

 

 

(4,642,556

)

BALANCE, MARCH 31, 2023

 

 

 

 

1,725,214

 

 

$

173

 

 

 

409,700

 

 

$

41

 

 

$

133,687,587

 

 

$

(121,894,172

)

 

$

11,793,629

 

Exchanged BV for Class A shares

 

 

 

 

4,387

 

 

 

 

 

 

(4,387

)

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of Restricted Stock Awards

 

 

 

 

26,814

 

 

 

3

 

 

 

 

 

 

 

 

 

477,155

 

 

 

 

 

 

477,158

 

Issuance of Restricted Stock Units

 

 

 

 

1,173

 

 

 

 

 

 

 

 

 

 

 

 

62,752

 

 

 

 

 

 

62,752

 

Issuance of Warrants in connection with Debt Instrument

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,335,997

 

 

 

 

 

 

1,335,997

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(4,308,817

)

 

 

(4,308,817

)

BALANCE, JUNE 30, 2023

 

 

 

 

1,757,588

 

 

$

176

 

 

 

405,313

 

 

$

41

 

 

$

135,563,491

 

 

$

(126,202,989

)

 

$

9,360,719

 

Issuance of Restricted Stock Awards

 

 

 

 

14,329

 

 

 

1

 

 

 

 

 

 

 

 

 

117,797

 

 

 

 

 

 

117,798

 

Issuance of Restricted Stock Units

 

 

 

 

1,616

 

 

 

 

 

 

 

 

 

 

 

 

21,500

 

 

 

 

 

 

21,500

 

Payments in Lieu of Fractional Shares in connection with the Reverse Stock Split

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2,318

)

 

 

 

 

 

(2,318

)

Issuance of Class A Shares in connection with At-The-Market Offerings, net

 

 

 

 

194,949

 

 

 

19

 

 

 

 

 

 

 

 

 

1,016,069

 

 

 

 

 

 

1,016,088

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(4,779,207

)

 

 

(4,779,207

)

BALANCE, SEPTEMBER 30, 2023

 

 

 

 

1,968,482

 

 

$

196

 

 

 

405,313

 

 

$

41

 

 

$

136,716,539

 

 

$

(130,982,196

)

 

$

5,734,580

 

 

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

 

 

Class V Common Stock

 

 

Additional

 

 

Accumulated

 

 

 

 

 

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Paid-in-Capital

 

 

Deficit

 

 

Total

 

BALANCE, JANUARY 1, 2022

 

 

 

 

575,584

 

 

$

58

 

 

 

766,824

 

 

$

77

 

 

$

100,553,135

 

 

$

(84,111,171

)

 

$

16,442,099

 

PIPE Investment

 

 

 

 

166,462

 

 

 

17

 

 

 

 

 

 

 

 

 

32,311,170

 

 

 

 

 

 

32,311,187

 

Prefunded Warrants converted into Class A Common Stock

 

 

 

 

96,237

 

 

 

10

 

 

 

 

 

 

 

 

 

65

 

 

 

 

 

 

75

 

Post closing adjustment of Business Combination Agreement

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(238,089

)

 

 

 

 

 

(238,089

)

Issuance of Restricted Stock Awards

 

 

 

 

7,233

 

 

 

1

 

 

 

 

 

 

 

 

 

36,708

 

 

 

 

 

 

36,709

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(7,313,742

)

 

 

(7,313,742

)

BALANCE, MARCH 31, 2022

 

 

 

 

845,516

 

 

$

86

 

 

 

766,824

 

 

$

77

 

 

$

132,662,989

 

 

$

(91,424,913

)

 

$

41,238,239

 

Prefunded Warrant converted into Common Stock Class A

 

 

 

 

236,906

 

 

 

17

 

 

 

 

 

 

 

 

 

243

 

 

 

 

 

 

260

 

Issuance of Restricted Stock Awards

 

 

 

 

33,408

 

 

 

3

 

 

 

 

 

 

 

 

 

172,849

 

 

 

 

 

 

172,852

 

Issuance of Restricted Stock Units

 

 

 

 

889

 

 

 

 

 

 

 

 

 

 

 

 

68,803

 

 

 

 

 

 

68,803

 

Net Loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(16,354,319

)

 

 

(16,354,319

)

BALANCE, JUNE 30, 2022

 

 

 

 

1,116,719

 

 

$

106

 

 

 

766,824

 

 

$

77

 

 

$

132,904,884

 

 

$

(107,779,232

)

 

$

25,125,835

 

Prefunded Warrant converted into Common Stock Class A

 

 

 

 

146,667

 

 

 

15

 

 

 

 

 

 

 

 

 

205

 

 

 

 

 

 

220

 

Exchanged BV for Class A shares

 

 

 

 

267,601

 

 

 

27

 

 

 

(267,601

)

 

 

(27

)

 

 

 

 

 

 

 

 

 

Net Loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(4,967,606

)

 

 

(4,967,606

)

BALANCE, SEPTEMBER 30, 2022

 

 

 

 

1,530,987

 

 

 

148

 

 

 

499,223

 

 

 

50

 

 

 

132,905,089

 

 

 

(112,746,839

)

 

 

20,158,448

 

 

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

4


 

STRYVE FOODS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

 

 

 

 

 

 

 

 

 

Nine Months Ended September 30,

 

 

 

2023

 

 

2022

 

CASH FLOWS FROM OPERATING ACTIVITIES