cbdMD meldt recordomzet Fiscaal 2020 eerste kwartaal van $ 10,14 miljoen


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CHARLOTTE, N.C.–()–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.

 

CONFERENCE CALL DETAILS

Thursday, February 13, 2020, 4:15 p.m. Eastern Time

Domestic:

1-844-602-0380

International:

1-862-298-0970

 

Replay dial in – Available through January 18, 2020

Domestic:

1-877-481-4010

International:

1-919-882-2331

Replay ID:

56986

Webcast Replay link – available through March 18, 2020:

https://www.investornetwork.com/event/presentation/56986

 

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.

   

cbdMD, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

DECEMBER 31, 2019 AND SEPTEMBER 30, 2019

 
   
 

(Unaudited)

     
 

December 31,

   

September 30,

 
 

2019

   

2019

 

Assets

       
         

Current assets:

       

Cash and cash equivalents

 

$

3,661,310

   

$

4,689,966

 

Accounts receivable

 

670,182

   

1,425,697

 

Accounts receivable other

 

160,137

   

160,137

 

Accounts receivable – discontinued operations

 

875,331

   

1,080,000

 

Marketable securities

 

136,527

   

198,538

 

Investment other securities

 

600,000

   

600,000

 

Deposits

 

28,365

   

6,850

 

Merchant reserve

 

412,979

   

519,569

 

Inventory

 

5,307,217

   

4,301,586

 

Inventory prepaid

 

1,141,211

   

903,458

 

Deferred issuance costs

 

16,828

   

93,954

 

Prepaid software

 

187,220

   

206,587

 

Prepaid equipment deposits

 

868,589

   

868,589

 

Prepaid expenses and other current assets

 

808,275

   

688,104

 

Total current assets

 

14,874,171

   

15,743,035

 
       

Other assets:

       

Property and equipment, net

 

2,157,980

   

1,715,557

 

Operating lease assets

 

7,704,109

   

 

Deposits for facilities

 

755,383

   

754,533

 

Intangible assets, net

 

21,635,000

   

21,635,000

 

Goodwill

 

54,669,997

   

54,669,997

 

Total other assets

 

86,922,469

   

78,775,087

 
       

Total assets

 

$

101,796,640

   

$

94,518,122

 

1 “>

2.240.300

     

cbdMD, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

DECEMBER 31, 2019 AND SEPTEMBER 30, 2019

(continued)

     
 

(Unaudited)

 
 

December 31,

 

September 30,

 

2019

 

2019

Liabilities and shareholders’ equity

   
     

Current liabilities:

   

Accounts payable

 

$

3,625,073

 

$

3,021,271

Accrued expenses

 

531,958

 

681,269

Operating leases – short term liabilities

 

1,044,611

 

Note payable

 

279,606

 

Customer deposit – related party

 

 

7,339

Total current liabilities

 

5,481,248

 

3,709,878

     

Long term liabilities:

   

Long term liabilities

 

 

363,960

Note payable

 

182,975

 

Operating leases – long term liabilities

 

6,906,193

 

Contingent liability

 

33,701,994

 

50,600,000

Deferred tax liability

 

 

Totaal langlopende schulden

40.791.162

53,204,260

Totaal passiva

46.272.410

56.914.138

cbdMD, Inc. eigen vermogen:

Preferente aandelen, geautoriseerde 50.000.000 aandelen, nominaal $ 0,001, respectievelijk 500.000 en 0 uitgegeven en uitstaande aandelen

500

Gewone aandelen, geautoriseerde 150.000.000 aandelen, nominale waarde $ 0,001,

Respectievelijk 27.720.356 en 27.720.356 uitgegeven en uitstaande aandelen

27.720

27.720

Extra in kapitaal betaald

102,256,769

97,186,524

Gecumuleerd tekort

(46.660.759

)

(59.610.260

)

Totaal eigen vermogen cbdMD, Inc.

55.524.230

37.603.984

Totaal passiva en eigen vermogen

$

101.796.640

$

94.518.122

cbdMD, INC.

VERKORTE GECONSOLIDEERDE STATUTEN

VOOR DE DRIE MAANDEN EINDIGEND OP 31 DECEMBER 2019 EN 2018

(Niet gecontroleerd)

Drie maanden

Drie maanden

Beëindigd

Beëindigd

31 december,

2019

31 december,

2018

verkoop

$

10.412.491

$

683.730

Verkoop gerelateerde partij

Totale bruto-omzet

10.412.491

683.730

Toeslagen

(264,255

)

(218.042

)

Netto-omzet

10.148.236

465.687

Netto verkoop gerelateerde partij

Totale netto-omzet

10.148.236

465.687

Kostprijs van de omzet

3.700.537

165.492

Brutowinst

6.447.699

300.196

Bedrijfskosten

12.560.297

1.391.812

Inkomsten ( Verlies) uit operaties

(6.112.598

)

(1.091.617

)

Gerealiseerde en ongerealiseerde winst (verlies) op verhandelbare effecten

(62.010

)

Daling van voorwaardelijke aansprakelijkheid

16,898,006

Rentebaten

7.267

37.686

Inkomen (verlies) vóór voorziening voor inkomstenbelastingen

10.730.665

(1.053.931

)

Voordeel voor inkomstenbelasting

2.240.300

133.000

Netto-inkomen (verlies) uit voortgezette activiteiten

12.970.965

(920.931

)

Nettoverlies uit beëindigde bedrijfsactiviteiten, na belastingen (noot 15)

(41,202

)

(1.268.111

)

Netto-inkomen (verlies)

12.929.763

(2.189.042

)

Nettoverlies toe te schrijven aan minderheidsbelangen uit beëindigde bedrijfsactiviteiten (noot 15)

(79.149

)

Gewenste dividenden

66.734

Netto-inkomen (verlies) toe te schrijven aan gewone aandeelhouders van cbdMD, Inc.

$

12.863.029

$

(2.109.893

)

Netto-inkomen (verlies) per aandeel:

Gewone winst per aandeel

$

0,46

$

(0,21

)

Verwaterde winst per aandeel

0,45

Gewogen gemiddeld aantal aandelen Basic:

27.720.356

10.052.960

Gewogen gemiddeld aantal aandelen Verwaterd:

28.553.856

10.052.960

cbdMD, INC.

VERKORTE GECONSOLIDEERDE STATEN VAN UITGEBREID INKOMEN (VERLIES)

VOOR DE DRIE MAANDEN EINDIGEND OP 31 DECEMBER 2019 EN 2018

(Niet gecontroleerd)

Drie maanden

Drie maanden

Beëindigd

Beëindigd

31 december,

2019

31 december,

2018

Netto inkomen (verlies)

$

12.929.763

$

(2.189.042

)

Overig totaal inkomen:

Voortgezette activiteiten – Netto niet-gerealiseerde winst (verlies) op verhandelbare effecten, na belasting

Uitgebreid inkomen (verlies)

12.929.763

(2.189.042

)

Totaalresultaat (verlies) toe te schrijven aan minderheidsbelang

(79.149

)

Gewenste dividenden

(66.734

)

Comprehensive Income (Loss) toerekenbaar aan gewone aandeelhouders cbdMD, Inc.

$

12.863.029

$

(2.109.893

)

cbdMD, INC.

VERKORT GECONSOLIDEERD KASSTROOMOVERZICHT

VOOR DE DRIE MAANDEN EINDIGEND OP 31 DECEMBER 2019 EN 2018

(niet geauditeerd)

Drie maanden beëindigd
31 december

Drie maanden beëindigd
31 december

2019

2018

Kasstromen uit operationele activiteiten:

netto inkomen (verlies)

$

12.929.763

$

(2.189.042

)

Aanpassingen om het netto-inkomen (verlies) met het net te verzoenen

contanten gebruikt door operationele activiteiten:

Op aandelen gebaseerde compensatie

542.574

143.673

Beperkte voorraadkosten

138.000

Bijzondere waardeverminderingen op activa in beëindigde bedrijfsactiviteiten

38,002

Afschrijvingen en amortisatie

113.252

64.414

Win bij afwikkeling van Note

(20.000

)

Toename / (afname) van voorwaardelijke verplichting

(16.898.006

)

Gerealiseerd en niet-gerealiseerd verlies van verhandelbare effecten

62.011

1.578.976

Niet-contante leasekosten

382.432

Niet-contante vergoeding ontvangen voor diensten

(407.500

)

Wijzigingen in operationele activa en passiva:

Debiteuren

755.515

(113.629

)

Debiteuren gerelateerde partij

204.902

Overige vorderingen

(8.865

)

Aantekening ontvangbaar

t d>

(6.000

)

Note vordering – verbonden partij

156,147

Deposito’s

(22.365

)

Handelsreserve

106.590

(25.090

)

Voorraad

(1.005.631

)

(13.833

)

Vooruitbetaalde inventaris

(237.753

)

Vooruitbetaalde kosten en andere vlottende activa

(100.803

)

184.300

Verhandelbare effecten

174.327

Schulden en overlopende rekeningen

454.490

(329.680

)

Operationele leaseverplichting

(318.758

)

Opmerking verschuldigd

268,115

(308.627

)

Latente omzet / klantdeposito’s

(7.339

)

(114.375

)

Cash verstrekt door beëindigde bedrijfsactiviteiten

166.667

Uitgestelde belastingverplichting

(2.240.300

)

(133.000

)

Cash gebruikt door operationele activiteiten

(4.873.544

)

(1.162.902

)

Kasstromen uit investeringsactiviteiten:

Netto contanten gebruikt voor fusie

(1.177.669

)

Aankoop van immateriële activa

(79.999

)

Aankoop van onroerend goed en apparatuur

(555.674

)

(9.925

)

Cash gebruikt door investeringsactiviteiten

(555.674

)

(1.267.593

)

Kasstromen uit financieringsactiviteiten:

Opbrengst van uitgifte van gewone aandelen

6.356.997

Opbrengst van uitgifte van preferente aandelen

4.421.928

Gewenste dividenduitkering

(66.734

)

Uitgestelde uitgiftekosten

45,368

(177.521

)

Cash verstrekt door financieringsactiviteiten

4.400.562

6.179.476

Netto toename (afname) in contanten

(1.028.656

)

3.748.981

Geldmiddelen en kasequivalenten, begin periode

4.689.966

4.282.553

Geldmiddelen en kasequivalenten, einde periode

$

3.661.310

$

8.031.534

cbdMD, INC.

VERKORT GECONSOLIDEERD KASSTROOMOVERZICHT

VOOR DE DRIE MAANDEN EINDIGEND OP 31 DECEMBER 2019 EN 2018

(niet gecontroleerd) (vervolg)

Aanvullende openbaarmaking van kasstroominformatie:

Drie maanden eindigden
31 december

Drie maanden beëindigd
31 december

2019

2018

Contante betalingen voor:

Rentekosten

$

8.221

$

203

Niet-contante financiële activiteiten:

Warrants uitgegeven aan secundaire verkoopagent

$

178.513

$

86.092

Voorraden ontvangen voor diensten van voorgaande periodes, gecorrigeerd voor andere te ontvangen rekeningen, afgeschreven vóór ontvangst

$

$

1.352.000

               

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