Translating…
De Beste Kwaliteit CBD Olie?
Pour la meilleure qualité d’Huile de CBD Visitez
CHARLOTTE, N.C.–(BUSINESS WIRE)–cbdMD, Inc. (NYSE American: YCBD, YCBD PR A) (the “Company”), a leading cannabidiol (CBD) consumer brands company, reported today its first fiscal 2020 quarter ended December 31, 2019 results, the highlights of which were:
- The Company reported record net sales of $10,148,236, a year-over-year quarterly increase of approximately 285% (which is based upon the pre-acquisition and post-acquisition net sales of the brand which the Company acquired in late December 2018).
- The Company reported its net sales for the quarter were approximately 67% through its e-commerce channel and 33% through its retail brick and mortar channel.
- The Company reported its gross profit margin as a percent of net sales were 63.5% as compared to 64.4% in prior year same period and an improvement from our last quarter ending September 30, 2019, which was 56.7%.
- The Company reported a quarterly loss from operations of $6,112,598, of which approximately $965,000 was non-cash items. Total operating expenses related to marketing, advertising, sponsorship and affiliate commissions were approximately $5 million for the quarter, of which $1.2 million was an accelerated license fee for the Life Time Fitness Agreement.
- The Company reported a $16,898,006 decrease in the Company’s non-cash contingent liability and net income before provision for income tax of $10,730,665.
- The Company reported net income for the first quarter of fiscal 2020 of $12,863,029 or $0.45 cents per diluted share.
- The Company reported $3,661,210 in cash at December 31, 2019, which gave no effect to the subsequent follow-on firm commitment common stock offering which resulted in approximately $16.9 million of net proceeds on January 14, 2020.
“cbdMD is reporting another record quarter of revenue growth, we are fully financed and expect to achieve cash flow breakeven by the end of this fiscal year. In calendar 2019, our first full year of CBD sales, we generated over $33 million in total net sales, which was well ahead of our initial expectations of $20 million. We believe that we have built two of the leading CBD brands in America, cbdMD and Paw CBD. While our common share price has been negatively impacted by the current investor sentiment in the cannabis sector, we believe we are a bright spot in the overall industry,” said Martin Sumichrast, Chairman and co-CEO of the Company.
“We continue to drive online sales through the use of various digital marketing tactics, athlete and major league partnerships, and high traffic affiliate programs. Currently we have over 222,000 active e-commerce subscribers, an increase of over 10% since last quarter. On the brick and mortar side of our business, we are growing the amount of retail stores who currently carry our brands. Our retail reach is now over 5,300 retail doors, an increase of over 1,000 doors since last quarter and we have also increased our international presence and are now currently selling to wholesale customers in 16 international markets, up from 10 last quarter,” continued Mr. Sumichrast.
“During calendar 2019, we invested heavily in brand development and acquiring brand building assets as well as our physical infrastructure with full scale manufacturing, distribution and warehousing facilities. During calendar 2020, our focus is on deploying and activating these assets while containing our overall advertising and marketing costs. We continue to invest in R&D and testing to ensure the safety and quality of our products. Every batch of finished goods are tested with a full panel by an ISO certified testing laboratory to ensure the quality and purity, as well as to ensure we meet our label claims for potency, ” continued Mr. Sumichrast.
“Our brands have also received leading brand recognition in the CBD industry. In July, 2019, the Brightfield Group, one of the leading predictive analytics and market research firms for the legal CBD industry, named cbdMD a Top 10 domestic brand in two booming categories, Topicals and Skincare/Beauty. In November 2019, in a newly released survey conducted by Brightfield of more than 3,500 CBD users, cbdMD ranked the highest in terms of overall consumer satisfaction as well as the highest in unaided consumer awareness of any of the top 20 CBD brands. In the animal health side of our business, Paw CBD was recently ranked by the Brightfield Group as one of the top five brands in the animal CBD market. Most recently, we announced a plan to start a joint venture with holistic pet foods leader Halo, Purely for Pets® (“Halo®”), a premium, natural pet food brand with a rich 30-year operating history,” added Mr. Sumichrast.
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CONFERENCE CALL DETAILS |
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Thursday, February 13, 2020, 4:15 p.m. Eastern Time |
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Domestic: |
1-844-602-0380 |
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International: |
1-862-298-0970 |
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Replay dial in – Available through January 18, 2020 |
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Domestic: |
1-877-481-4010 |
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International: |
1-919-882-2331 |
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Replay ID: |
56986 |
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Webcast Replay link – available through March 18, 2020: |
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About cbdMD, Inc.
cbdMD, Inc. (NYSE American: YCBD and NYSE American: YCBD PR A) owns and operates the nationally recognized consumer cannabidiol (CBD) brand cdbMD, whose current products include CBD gummies, CBD tinctures, CBD topical, CBD bath bombs, CBD oils and CBD pet products. cbdMD, Inc. is a nationally recognized consumer cannabidiol (CBD) brand whose current products include CBD tinctures, CBD gummies, CBD topicals, CBD bath bombs, and CBD pet products. cbdMD is also the proud partner with the Big 3 Basketball League, Barstool Sports, Bellator MMA, (a subsidiary of Viacom: NASDAQ:VIA), Life Time Fitness and Nitro Circus. To learn more about cbdMD, Inc. and our comprehensive line of over 100 SKU’s of U.S. produced, THC-free CBD products, please visit: www.cbdmd.com or follow cbdMD on Instagram and Facebook or visit one of the over 4,000 retail outlets that carry cbdMD products.
Forward-Looking Statements
This press release contains certain forward-looking statements that are based upon current expectations and involve certain risks and uncertainties within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Such forward-looking statements can be identified by the use of words such as ”should,” ”may,” ”intends,” ”anticipates,” ”believes,” ”estimates,” ”projects,” ”forecasts,” ”expects,” ”plans,” and ”proposes.” These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties, and other factors, some of which are beyond our control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements, including, without limitation, statements made with respect to the expansion of the consumer market for CBD products and our ability to increase our market share, our limited operating history, our ability to expand our business and significantly increase our revenues, our ability to effectively leverage our brand partnerships and sponsorships, our ability to effectively compete in our market, our ability to achieve our net sales guidance, and our ability to report profitable operations in the future. You are urged to carefully review and consider any cautionary statements and other disclosures, including the statements made under the heading “Risk Factors” in cbdMD, Inc.’s Annual Report on Form 10-K for the fiscal year ended September 30, 2019 as filed with the Securities and Exchange Commission (the “SEC”) and our other filings with the SEC. All forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements, many of which are generally outside the control of cbdMD, Inc. and are difficult to predict. cbdMD, Inc. does not undertake any duty to update any forward-looking statements except as may be required by law. The information which appears on our websites and our social media platforms, including, but not limited to, Instagram and Facebook, is not part of this press release.
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cbdMD, INC. CONDENSED CONSOLIDATED BALANCE SHEETS DECEMBER 31, 2019 AND SEPTEMBER 30, 2019 |
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(Unaudited) |
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December 31, |
September 30, |
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2019 |
2019 |
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Assets |
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Current assets: |
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Cash and cash equivalents |
$ |
3,661,310 |
$ |
4,689,966 |
||||
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Accounts receivable |
670,182 |
1,425,697 |
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Accounts receivable other |
160,137 |
160,137 |
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Accounts receivable – discontinued operations |
875,331 |
1,080,000 |
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Marketable securities |
136,527 |
198,538 |
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Investment other securities |
600,000 |
600,000 |
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Deposits |
28,365 |
6,850 |
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Merchant reserve |
412,979 |
519,569 |
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Inventory |
5,307,217 |
4,301,586 |
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Inventory prepaid |
1,141,211 |
903,458 |
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Deferred issuance costs |
16,828 |
93,954 |
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Prepaid software |
187,220 |
206,587 |
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Prepaid equipment deposits |
868,589 |
868,589 |
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Prepaid expenses and other current assets |
808,275 |
688,104 |
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Total current assets |
14,874,171 |
15,743,035 |
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Other assets: |
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Property and equipment, net |
2,157,980 |
1,715,557 |
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Operating lease assets |
7,704,109 |
– |
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Deposits for facilities |
755,383 |
754,533 |
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Intangible assets, net |
21,635,000 |
21,635,000 |
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Goodwill |
54,669,997 |
54,669,997 |
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Total other assets |
86,922,469 |
78,775,087 |
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Total assets |
$ |
101,796,640 |
$ |
94,518,122 |
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cbdMD, INC. CONDENSED CONSOLIDATED BALANCE SHEETS DECEMBER 31, 2019 AND SEPTEMBER 30, 2019 (continued) |
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(Unaudited) |
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December 31, |
September 30, |
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2019 |
2019 |
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Liabilities and shareholders’ equity |
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Current liabilities: |
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Accounts payable |
$ |
3,625,073 |
$ |
3,021,271 |
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Accrued expenses |
531,958 |
681,269 |
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Operating leases – short term liabilities |
1,044,611 |
– |
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Note payable |
279,606 |
– |
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Customer deposit – related party |
– |
7,339 |
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Total current liabilities |
5,481,248 |
3,709,878 |
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Long term liabilities: |
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Long term liabilities |
– |
363,960 |
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Note payable |
182,975 |
– |
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Operating leases – long term liabilities |
6,906,193 |
– |
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Contingent liability |
33,701,994 |
50,600,000 |
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Deferred tax liability |
– |
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Totaal langlopende schulden |
40.791.162 |
53,204,260 |
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Totaal passiva |
46.272.410 |
56.914.138 |
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cbdMD, Inc. eigen vermogen: |
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Preferente aandelen, geautoriseerde 50.000.000 aandelen, nominaal $ 0,001, respectievelijk 500.000 en 0 uitgegeven en uitstaande aandelen |
500 |
– |
||||||
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Gewone aandelen, geautoriseerde 150.000.000 aandelen, nominale waarde $ 0,001, |
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Respectievelijk 27.720.356 en 27.720.356 uitgegeven en uitstaande aandelen |
27.720 |
27.720 |
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Extra in kapitaal betaald |
102,256,769 |
97,186,524 |
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Gecumuleerd tekort |
(46.660.759 |
) |
(59.610.260 |
) |
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Totaal eigen vermogen cbdMD, Inc. |
55.524.230 |
37.603.984 |
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Totaal passiva en eigen vermogen |
$ |
101.796.640 |
$ |
94.518.122 |
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cbdMD, INC. VERKORTE GECONSOLIDEERDE STATUTEN VOOR DE DRIE MAANDEN EINDIGEND OP 31 DECEMBER 2019 EN 2018 (Niet gecontroleerd) |
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Drie maanden |
Drie maanden |
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Beëindigd |
Beëindigd |
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31 december, 2019 |
31 december, 2018 |
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verkoop |
$ |
10.412.491 |
$ |
683.730 |
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Verkoop gerelateerde partij |
– |
– |
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Totale bruto-omzet |
10.412.491 |
683.730 |
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Toeslagen |
(264,255 |
) |
(218.042 |
) |
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Netto-omzet |
10.148.236 |
465.687 |
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Netto verkoop gerelateerde partij |
– |
– |
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Totale netto-omzet |
10.148.236 |
465.687 |
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Kostprijs van de omzet |
3.700.537 |
165.492 |
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Brutowinst |
6.447.699 |
300.196 |
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Bedrijfskosten |
12.560.297 |
1.391.812 |
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Inkomsten ( Verlies) uit operaties |
(6.112.598 |
) |
(1.091.617 |
) |
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Gerealiseerde en ongerealiseerde winst (verlies) op verhandelbare effecten |
(62.010 |
) |
– |
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Daling van voorwaardelijke aansprakelijkheid |
16,898,006 |
– |
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Rentebaten |
7.267 |
37.686 |
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Inkomen (verlies) vóór voorziening voor inkomstenbelastingen |
10.730.665 |
(1.053.931 |
) |
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Voordeel voor inkomstenbelasting |
2.240.300 |
133.000 |
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Netto-inkomen (verlies) uit voortgezette activiteiten |
12.970.965 |
(920.931 |
) |
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Nettoverlies uit beëindigde bedrijfsactiviteiten, na belastingen (noot 15) |
(41,202 |
) |
(1.268.111 |
) |
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Netto-inkomen (verlies) |
12.929.763 |
(2.189.042 |
) |
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Nettoverlies toe te schrijven aan minderheidsbelangen uit beëindigde bedrijfsactiviteiten (noot 15) |
– |
(79.149 |
) |
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Gewenste dividenden |
66.734 |
– |
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Netto-inkomen (verlies) toe te schrijven aan gewone aandeelhouders van cbdMD, Inc. |
$ |
12.863.029 |
$ |
(2.109.893 |
) |
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Netto-inkomen (verlies) per aandeel: |
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Gewone winst per aandeel |
$ |
0,46 |
$ |
(0,21 |
) |
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Verwaterde winst per aandeel |
0,45 |
– |
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Gewogen gemiddeld aantal aandelen Basic: |
27.720.356 |
10.052.960 |
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Gewogen gemiddeld aantal aandelen Verwaterd: |
28.553.856 |
10.052.960 |
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cbdMD, INC. VERKORTE GECONSOLIDEERDE STATEN VAN UITGEBREID INKOMEN (VERLIES) VOOR DE DRIE MAANDEN EINDIGEND OP 31 DECEMBER 2019 EN 2018 (Niet gecontroleerd) |
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Drie maanden |
Drie maanden |
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Beëindigd |
Beëindigd |
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31 december, 2019 |
31 december, 2018 |
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Netto inkomen (verlies) |
$ |
12.929.763 |
$ |
(2.189.042 |
) |
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Overig totaal inkomen: |
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Voortgezette activiteiten – Netto niet-gerealiseerde winst (verlies) op verhandelbare effecten, na belasting |
– |
– |
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Uitgebreid inkomen (verlies) |
12.929.763 |
(2.189.042 |
) |
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Totaalresultaat (verlies) toe te schrijven aan minderheidsbelang |
– |
(79.149 |
) |
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Gewenste dividenden |
(66.734 |
) |
– |
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Comprehensive Income (Loss) toerekenbaar aan gewone aandeelhouders cbdMD, Inc. |
$ |
12.863.029 |
$ |
(2.109.893 |
) |
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cbdMD, INC. VERKORT GECONSOLIDEERD KASSTROOMOVERZICHT VOOR DE DRIE MAANDEN EINDIGEND OP 31 DECEMBER 2019 EN 2018 (niet geauditeerd) |
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Drie maanden beëindigd |
Drie maanden beëindigd |
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2019 |
2018 |
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Kasstromen uit operationele activiteiten: |
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netto inkomen (verlies) |
$ |
12.929.763 |
$ |
(2.189.042 |
) |
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Aanpassingen om het netto-inkomen (verlies) met het net te verzoenen |
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contanten gebruikt door operationele activiteiten: |
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Op aandelen gebaseerde compensatie |
542.574 |
143.673 |
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Beperkte voorraadkosten |
138.000 |
– |
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Bijzondere waardeverminderingen op activa in beëindigde bedrijfsactiviteiten |
38,002 |
– |
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Afschrijvingen en amortisatie |
113.252 |
64.414 |
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Win bij afwikkeling van Note |
– |
(20.000 |
) |
|||||
|
Toename / (afname) van voorwaardelijke verplichting |
(16.898.006 |
) |
– |
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Gerealiseerd en niet-gerealiseerd verlies van verhandelbare effecten |
62.011 |
1.578.976 |
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Niet-contante leasekosten |
382.432 |
– |
||||||
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Niet-contante vergoeding ontvangen voor diensten |
– |
(407.500 |
) |
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Wijzigingen in operationele activa en passiva: |
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Debiteuren |
755.515 |
(113.629 |
) |
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Debiteuren gerelateerde partij |
– |
204.902 |
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Overige vorderingen |
– |
(8.865 |
) |
|||||
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Aantekening ontvangbaar |
– |
t d> |
(6.000 |
) |
||||
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Note vordering – verbonden partij |
– |
156,147 |
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Deposito’s |
(22.365 |
) |
– |
|||||
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Handelsreserve |
106.590 |
(25.090 |
) |
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Voorraad |
(1.005.631 |
) |
(13.833 |
) |
||||
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Vooruitbetaalde inventaris |
(237.753 |
) |
– |
|||||
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Vooruitbetaalde kosten en andere vlottende activa |
(100.803 |
) |
184.300 |
|||||
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Verhandelbare effecten |
– |
174.327 |
||||||
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Schulden en overlopende rekeningen |
454.490 |
(329.680 |
) |
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Operationele leaseverplichting |
(318.758 |
) |
– |
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Opmerking verschuldigd |
268,115 |
(308.627 |
) |
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Latente omzet / klantdeposito’s |
(7.339 |
) |
(114.375 |
) |
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Cash verstrekt door beëindigde bedrijfsactiviteiten |
166.667 |
– |
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Uitgestelde belastingverplichting |
(2.240.300 |
) |
(133.000 |
) |
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Cash gebruikt door operationele activiteiten |
(4.873.544 |
) |
(1.162.902 |
) |
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Kasstromen uit investeringsactiviteiten: |
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Netto contanten gebruikt voor fusie |
– |
(1.177.669 |
) |
|||||
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Aankoop van immateriële activa |
– |
(79.999 |
) |
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Aankoop van onroerend goed en apparatuur |
(555.674 |
) |
(9.925 |
) |
||||
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Cash gebruikt door investeringsactiviteiten |
(555.674 |
) |
(1.267.593 |
) |
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Kasstromen uit financieringsactiviteiten: |
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Opbrengst van uitgifte van gewone aandelen |
– |
6.356.997 |
||||||
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Opbrengst van uitgifte van preferente aandelen |
4.421.928 |
– |
||||||
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Gewenste dividenduitkering |
(66.734 |
) |
– |
|||||
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Uitgestelde uitgiftekosten |
45,368 |
(177.521 |
) |
|||||
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Cash verstrekt door financieringsactiviteiten |
4.400.562 |
6.179.476 |
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Netto toename (afname) in contanten |
(1.028.656 |
) |
3.748.981 |
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Geldmiddelen en kasequivalenten, begin periode |
4.689.966 |
4.282.553 |
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Geldmiddelen en kasequivalenten, einde periode |
$ |
3.661.310 |
$ |
8.031.534 |
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cbdMD, INC. VERKORT GECONSOLIDEERD KASSTROOMOVERZICHT VOOR DE DRIE MAANDEN EINDIGEND OP 31 DECEMBER 2019 EN 2018 (niet gecontroleerd) (vervolg) |
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Aanvullende openbaarmaking van kasstroominformatie: |
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Drie maanden eindigden |
Drie maanden beëindigd |
|||||
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2019 |
2018 |
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Contante betalingen voor: |
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Rentekosten |
$ |
8.221 |
$ |
203 |
||
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Niet-contante financiële activiteiten: |
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Warrants uitgegeven aan secundaire verkoopagent |
$ |
178.513 |
$ |
86.092 |
||
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Voorraden ontvangen voor diensten van voorgaande periodes, gecorrigeerd voor andere te ontvangen rekeningen, afgeschreven vóór ontvangst |
$ |
– |
$ |
1.352.000 |
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