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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended March 31, 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 333-204857
AVENIR WELLNESS SOLUTIONS, INC. |
(Exact name of registrant as specified in its charter) |
Delaware | | 2834 | | 90-1504639 |
(State or other jurisdiction of incorporation or organization) | | (Primary Standard Industrial Classification Number) | | (IRS Employer Identification Number) |
5805 Sepulveda Blvd., Suite 801, Sherman Oaks, California 91411
(Address of principal executive offices)
_____________________________________________________________
(Former name, former address and former fiscal year, if changed since last report)
(424) 273-8675
(Issuer’s telephone number)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class: | | Trading symbol(s) | | Name of exchange on which traded |
Common stock, par value $0.001 | | CURR | | OTC Expert Market |
Securities registered pursuant to Section 12(g) of the Act: Common Stock, par value $0.001 per share.
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 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 the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):
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 ☒
On July 28, 2023, we had 71,704,091 shares of common stock, par value $0.001 per share (the “Common Stock”) issued and outstanding.
TABLE OF CONTENTS
Special Note Regarding Forward-Looking Statements
This Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2023 (this “Quarterly Report”) contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), that involve risks and uncertainties, including statements based on our current expectations, assumptions, estimates and projections about future events, our business, financial condition, results of operations and prospects, our industry and the regulatory environment in which we operate. Any statements contained herein that are not statements of historical facts may be deemed to be forward-looking statements. In some cases, you can identify forward-looking statements by terms such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “will,” “would” or the negative of those terms, or other comparable terms intended to identify statements about the future.
The forward-looking statements included herein speak only as of the date they are made and are based on current expectations of our management based on available information and involve a number of risks and uncertainties, all of which are difficult or impossible to predict accurately and many of which are beyond our control. As such, our actual results may differ significantly from those expressed in any forward-looking statements. Factors that may cause or contribute to such differences include, but are not limited to, those discussed in more detail in the sections titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” of this Quarterly Report. Readers should carefully review these risks, as well as the additional risks described in other documents we file from time to time with the Securities and Exchange Commission (“SEC”). In light of the significant risks and uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by us or any other person that such results, objectives and plans will be achieved, and we do not assume any responsibility for the accuracy or completeness of any of these forward-looking statements. Except as required by law, we undertake no obligation to revise the forward-looking statements contained herein to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. You should read this Quarterly Report and the documents we file with the SEC, with the understanding that our actual future results, levels of activity, performance and achievements may be materially different from what we expect. We qualify all of our forward-looking statements by these cautionary statements.
Unless otherwise indicated or the context requires otherwise, as used in this Quarterly Report, the words “we,” “us,” “our,” the “Company,” “our Company,” or “Avenir” refer to Avenir Wellness Solutions, Inc., a Delaware corporation, and our subsidiaries taken as a whole, unless otherwise noted.
Trademarks and Trade Names
This Quarterly Report includes our trademarks and trade names, which are our property and protected under applicable intellectual property laws. This Quarterly Report also includes trademarks and trade names that are the property of other organizations. Solely for convenience, trademarks and trade names referred to in this Quarterly Report may appear without the ® and ™ symbols, but those references are not intended to indicate that we will not assert, to the fullest extent under applicable law, our rights, or that the applicable owner will not assert its rights, to these trademarks and trade names. We do not intend our use or display of other companies’ trade names or trademarks to imply a relationship with, or endorsement or sponsorship of us by, any other companies.
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS.
AVENIR WELLNESS SOLUTIONS, INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(in thousands, except share amounts)
| | March 31, 2023 | | | December 31, 2022 | |
ASSETS | | (unaudited) | | | | |
Current assets: | | | | | | |
Cash | | $ | 1,440 | | | $ | 2,943 | |
Accounts receivable, net | | | 114 | | | | 232 | |
Inventory, net | | | 301 | | | | 145 | |
Prepaid expenses and other current assets | | | 212 | | | | 441 | |
Notes receivable - current | | | 2,000 | | | | 2,000 | |
Due from related party | | | 207 | | | | 167 | |
Total current assets | | | 4,274 | | | | 5,928 | |
| | | | | | | | |
Property and equipment, net | | | 3 | | | | 4 | |
Operating lease right-of-use assets, net | | | 134 | | | | 160 | |
Investments, net | | | 411 | | | | 411 | |
Patents and other intangibles, net | | | 339 | | | | 315 | |
Other assets | | | 36 | | | | 36 | |
| | | | | | | | |
Total assets | | $ | 5,197 | | | $ | 6,854 | |
| | | | | | | | |
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) | | | | | | | | |
Current liabilities: | | | | | | | | |
Accounts payable | | $ | 1,064 | | | $ | 1,065 | |
Accrued expenses | | | 1,447 | | | | 1,585 | |
Operating lease payable | | | 130 | | | | 124 | |
Loans payable | | | 98 | | | | 161 | |
Convertible promissory notes | | | 550 | | | | 550 | |
Fair value of convertible promissory notes | | | 7,708 | | | | 9,180 | |
Contract liabilities | | | 388 | | | | 388 | |
Contingent stock consideration | | | 904 | | | | 860 | |
Total current liabilities | | | 12,289 | | | | 13,913 | |
| | | | | | | | |
Operating lease payable | | | 11 | | | | 46 | |
| | | | | | | | |
Total liabilities | | | 12,300 | | | | 13,959 | |
| | | | | | | | |
Commitments and contingencies (see Note 20) | | | | | | | | |
| | | | | | | | |
Stockholders’ equity (deficit): | | | | | | | | |
Common stock: $0.001 par value; authorized 150,000,000 shares; 71,441,801 and 71,426,801 shares issued and outstanding as of March 31, 2023 and December 31, 2022, respectively | | | 71 | | | | 71 | |
Additional paid-in capital | | | 112,682 | | | | 112,471 | |
Common stock issuable | | | 308 | | | | 308 | |
Accumulated deficit | | | (120,164 | ) | | | (119,955 | ) |
Total stockholders’ equity (deficit) | | | (7,103 | ) | | | (7,105 | ) |
| | | | | | | | |
Total liabilities and stockholders’ equity (deficit) | | $ | 5,197 | | | $ | 6,854 | |
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
AVENIR WELLNESS SOLUTIONS, INC. AND SUBSIDIARIES
Unaudited Condensed Consolidated Statements of Operations
(in thousands, except share amounts)
| | For the Three Months Ended | |
| | March 31, 2023 | | | March 31, 2022 | |
Revenue: | | | | | | |
Product sales and shipping revenue, net of discounts, allowances and refunds | | $ | 1,238 | | | $ | 1,076 | |
| | | | | | | | |
Cost of goods sold: | | | | | | | | |
Cost of goods sold | | | 261 | | | | 337 | |
| | | | | | | | |
Gross profit | | | 977 | | | | 739 | |
| | | | | | | | |
Operating expenses: | | | | | | | | |
Selling, general and administrative expenses | | | 2,617 | | | | 2,727 | |
Change in fair value of contingent stock consideration | | | 44 | | | | (846 | ) |
Total operating expenses | | | 2,661 | | | | 1,881 | |
Net operating loss before other income (expense) | | | (1,684 | ) | | | (1,142 | ) |
| | | | | | | | |
Other income (expense): | | | | | | | | |
Interest income | | | 17 | | | | 2 | |
Gain from settlement | | | - | | | | 82 | |
Change in fair value of convertible promissory notes | | | 1,472 | | | | (280 | ) |
Interest expense | | | (14 | ) | | | (218 | ) |
Total other income (expense) | | | 1,475 | | | | (414 | ) |
| | | | | | | | |
Net loss before income taxes | | | (209 | ) | | | (1,556 | ) |
| | | | | | | | |
Provision for income taxes | | | - | | | | - | |
| | | | | | | | |
Loss from continuing operations | | | (209 | ) | | | (1,556 | ) |
| | | | | | | | |
Disposal group: | | | | | | | | |
Loss before provision for income taxes | | | - | | | | (3,595 | ) |
Provision for income taxes | | | - | | | | - | |
Loss from disposal group | | | - | | | | (3,595 | ) |
| | | | | | | | |
Net loss | | $ | (209 | ) | | $ | (5,151 | ) |
| | | | | | | | |
Basic and diluted loss per share | | | | | | | | |
Continuing operations | | $ | (0.00 | ) | | $ | (0.02 | ) |
Disposal group | | $ | - | | | $ | (0.05 | ) |
Net loss per share, basic and diluted | | $ | (0.00 | ) | | $ | (0.07 | ) |
| | | | | | | | |
Weighted average common shares outstanding: | | | | | | | | |
Basic and diluted | | | 71,431,468 | | | | 68,849,400 | |
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
AVENIR WELLNESS SOLUTIONS, INC. AND SUBSIDIARIES
Unaudited Condensed Consolidated Statements of Stockholders’ Equity (Deficit)
(in thousands, except share amounts)
| | Common Stock | | | Additional Paid-in | | | Common Stock | | | Accumulated | | | | |
| | Shares | | | Amount | | | Capital | | | Issuable | | | Deficit | | | Total | |
Balance, December 31, 2022 | | | 71,426,801 | | | $ | 71 | | | $ | 112,471 | | | $ | 308 | | | $ | (119,955 | ) | | $ | (7,105 | ) |
Issuance of common stock for professional services | | | 15,000 | | | | - | | | | 2 | | | | | | | | | | | | 2 | |
Fair value of stock options granted | | | | | | | | | | | 96 | | | | | | | | | | | | 96 | |
Fair value of restricted stock units granted | | | | | | | | | | | 113 | | | | | | | | | | | | 113 | |
Net loss | | | | | | | | | | | | | | | | | | | (209 | ) | | | (209 | ) |
Balance, March 31, 2023 | | | 71,441,801 | | | $ | 71 | | | $ | 112,682 | | | $ | 308 | | | $ | (120,164 | ) | | $ | (7,103 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Balance, December 31, 2021 | | | 68,201,900 | | | $ | 69 | | | $ | 110,146 | | | $ | 343 | | | $ | (94,446 | ) | | $ | 16,112 | |
Issuance of common stock for professional services | | | - | | | | - | | | | - | | | | 17 | | | | - | | | | 17 | |
Issuance of common stock from conversion of convertible promissory notes | | | 1,665,000 | | | | 2 | | | | 664 | | | | - | | | | - | | | | 666 | |
Fair value of stock options granted | | | - | | | | - | | | | 352 | | | | - | | | | - | | | | 352 | |
Fair value of restricted stock units granted | | | - | | | | - | | | | 103 | | | | - | | | | - | | | | 103 | |
Net loss | | | - | | | | - | | | | - | | | | - | | | | (5,151 | ) | | | (5,151 | ) |
Balance, March 31, 2022 | | | 69,866,900 | | | $ | 71 | | | $ | 111,265 | | | $ | 360 | | | $ | (99,597 | ) | | $ | 12,099 | |
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
AVENIR WELLNESS SOLUTIONS, INC. AND SUBSIDIARIES
Unaudited Condensed Consolidated Statements of Cash Flows
(in thousands)
| | For the Three Months Ended | |
| | March 31, 2023 | | | March 31, 2022 | |
| | | | | | |
Loss from continuing operations | | $ | (209 | ) | | $ | (1,556 | ) |
Loss from disposal group | | | - | | | | (3,595 | ) |
Net loss | | | (209 | ) | | | (5,151 | ) |
| | | | | | | | |
Adjustments to reconcile net loss to net cash used in operating activities: | | | | | | | | |
Stock-based compensation – services | | | 2 | | | | 17 | |
Gain from extinguishment of debt | | | - | | | | (82 | ) |
Change in fair value of contingent stock consideration | | | 44 | | | | (846 | ) |
Change in fair value of convertible promissory notes | | | (1,472 | ) | | | 280 | |
Depreciation and amortization | | | 12 | | | | 584 | |
Amortization of right of use asset | | | 26 | | | | 23 | |
Inventory reserve for obsolescence | | | 37 | | | | (12 | ) |
Fair value of vested stock options and restricted stock | | | 209 | | | | 455 | |
| | | | | | | | |
Changes in operating assets and liabilities: | | | | | | | | |
Accounts receivable | | | 118 | | | | (112 | ) |
Inventory | | | (193 | ) | | | (17 | ) |
Prepaid expenses and other current assets | | | 229 | | | | 175 | |
Due from related party | | | (40 | ) | | | - | |
Accounts payable | | | (1 | ) | | | 358 | |
Accrued expenses | | | (138 | ) | | | (678 | ) |
Operating lease payable | | | (29 | ) | | | (25 | ) |
Contract liabilities | | | - | | | | (15 | ) |
Assets and liabilities held for sale | | | - | | | | (138 | ) |
Cash (used in) operating activities | | | (1,405 | ) | | | (5,184 | ) |
| | | | | | | | |
Cash flows from investing activities: | | | | | | | | |
Purchase of intangible assets | | | (35 | ) | | | - | |
Cash provided by (used in) investing activities | | | (35 | ) | | | - | |
| | | | | | | | |
Cash flows from financing activities: | | | | | | | | |
Proceeds from notes payable | | | - | | | | 2,252 | |
Proceeds from notes payable – disposal group | | | - | | | | 3,350 | |
Proceeds from related party payable | | | - | | | | 190 | |
Repayment of loans payable | | | (63 | ) | | | (93 | ) |
Cash provided by (used in) financing activities | | | (63 | ) | | | 5,699 | |
| | | | | | | | |
Net increase (decrease) in cash and cash equivalents | | | (1,503 | ) | | | 515 | |
| | | | | | | | |
Cash and cash equivalents, beginning of year | | | 2,943 | | | | 16 | |
| | | | | | | | |
Cash and cash equivalents, end of period | | $ | 1,440 | | | $ | 531 | |
| | | | | | | | |
Supplemental cash flow information | | | | | | | | |
| | | | | | | | |
Cash paid for interest and income taxes: | | | | | | | | |
Interest | | $ | 3 | | | $ | 42 | |
Income taxes | | $ | - | | | $ | - | |
| | | | | | | | |
Non-cash investing and financing activities: | | | | | | | | |
Common stock issued for conversion of promissory notes and accrued interest | | $ | - | | | $ | 666 | |
Reclassification of accrued expense to related party payable | | $ | - | | | $ | 42 | |
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
AVENIR WELLNESS SOLUTIONS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
NOTE 1 – ORGANIZATION AND DESCRIPTION OF BUSINESS
Business Operations
Avenir Wellness Solutions, Inc. (“Avenir”) is a broad platform technology company focusing on the development of nutraceutical formulation and delivery technologies in novel dosage forms to improve efficacy and enhance wellness. Our mission is to improve lives by redefining how active ingredients are delivered and experienced. Our primary business model is to develop health, wellness and beauty products using our proprietary formulations and technology as well as incubate new technologies for commercial exploitation through product development of new products to be sold under existing or new proprietary brands and the licensing and/or sale of the rights to such technologies to third parties for their use. Development may include conducting clinical trials for substantiation of efficacy of our products.
Our wholly-owned subsidiary The Sera Labs, Inc. (“Sera Labs”) is engaged in the development, production and sale of the Company’s products and is a trusted leader in the health, wellness, and beauty sectors with innovative products containing cutting edge technology and superior ingredients. Sera Labs creates high quality products that use science-backed, proprietary oral and topical formulations. We focus on evidence-based wellness products that are differentiated by using proprietary and/or proven active ingredients that we formulate for greater stability, overall quality and increased bioavailability. Wellness and beauty products can be cosmetics, over-the-counter or dietary supplements which do not require approval from the U.S. Food and Drug Administration (“FDA”) but do require following all good manufacturing practices (GMPs). Thus, they are less costly and faster to launch in the marketplace than pharmaceutical products. More than 25 products are sold under the brand names Seratopical®, Seratopical Revolution® SeraLabs®, and Nutri-Strips™ at affordable prices, making them easily accessible on a global scale. Strategically positioned in the growth categories of beauty, health & wellness, and pet care, Sera Labs products are sold in major national drug, mass retailers, grocery chains and convenience stores. The Company also sells products under private label to major retailers and multi-level marketers, as well as direct-to-consumer (DTC), via online website orders, including opt-in subscriptions.
Recent Developments
On July 22, 2022, Avenir completed the sale of certain assets comprising the pharmaceutical segment of the Company pursuant to an Asset Purchase Agreement (the “APA”) with TF Tech Ventures, Inc. (the “Buyer”), under which the Buyer purchased certain assets (the “Asset Sale”), including certain pharmaceutical patents, trademarks and related machinery and equipment. The Company retained 15 other patents not included in the Asset Sale, which the Company expects to monetize through product development, licensing arrangements and/or the sale of such patents. See Note 6 – Discontinued Operations for additional information.
NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”). The summary of significant accounting policies presented below is designed to assist in understanding the Company’s financial statements. Such financial statements and accompanying notes are the representations of Company’s management, who is responsible for their integrity and objectivity.
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with GAAP for interim financial statements and with the instructions to Form 10-Q and Article 8 of Regulation S-X of the SEC. Accordingly, they do not contain all information and footnotes required by GAAP for annual financial statements. In the opinion of the Company’s management, the accompanying unaudited condensed consolidated financial statements contain all the adjustments necessary (consisting only of normal recurring accruals) to present the financial position of the Company as of March 31, 2023, and the results of operations and cash flows for the periods presented. The results of operations for the three months ended March 31, 2023 and 2022, are not necessarily indicative of the operating results for the full fiscal year or any future period, given the recent completion of the Asset Sale. These unaudited condensed consolidated financial statements should be read in conjunction with the financial statements and related notes thereto included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022 filed with the SEC on July 28, 2023 (our “2022 Annual Report”).
Principle of Consolidation
The unaudited condensed consolidated financial statements include the accounts of Avenir and its wholly-owned subsidiaries, collectively referred to as (“we”, “us”, “our” or the “Company”). All significant inter-company balances and transactions have been eliminated in consolidation. The development and production of the Company’s branded health, wellness, and beauty products in both the wellness industry represents the principal operations of the Company. Business acquisitions are included in the unaudited condensed consolidated financial statements from the date of the acquisition.
Going Concern and Management’s Liquidity Plans
In accordance with the Financial Accounting Standards Board’s (“FASB”) standard on going concern, Accounting Standard Update, or ASU No. 2014-15, the Company assesses going concern uncertainty in its condensed consolidated financial statements to determine if it has sufficient cash, cash equivalents and working capital on hand, including marketable equity securities, and any available borrowings on loans, to operate for a period of at least one year from the date the consolidated financial statements are issued, which is referred to as the “look-forward period” as defined by ASU No. 2014-15. As part of this assessment, based on conditions that are known and reasonably knowable to the Company, it will consider various scenarios, forecasts, projections, estimates and will make certain key assumptions, including the timing and nature of projected cash expenditures or programs, and its ability to delay or curtail expenditures or programs, if necessary, among other factors. Based on this assessment, as necessary or applicable, the Company makes certain assumptions around implementing curtailments or delays in the nature and timing of programs and expenditures to the extent the Company deems probable those implementations can be achieved and it has the proper authority to execute them within the look-forward period in accordance with ASU No. 2014-15.
The accompanying unaudited condensed consolidated financial statements have been prepared on the basis that the Company will continue as a going concern, which contemplates realization of assets and the satisfaction of liabilities in the normal course of business. Accordingly, the financial statements do not include any adjustments relating to the recoverability and classification of assets and liabilities that might be necessary if the Company is unable to continue as a going concern.
As of March 31, 2023, the Company had approximately $1.4 million of cash on hand, had an accumulated deficit of approximately $120.2 million and a working capital deficit of approximately $8.0 million. Our operating activities consume a portion of our cash resources. We anticipate that we will continue to incur operating losses and negative cash flows from operations as we execute our commercialization and development plans and strategic and business development initiatives.
In July 2022, Avenir completed the sale of certain pharmaceutical assets pursuant to the asset purchase agreement, see Note 6 – Discontinued Operations, for total consideration received at closing in the amount of $20.0 million, which consisted of (i) the cancellation of indebtedness owed by Avenir to the Buyer in the amount of $4.15 million, (ii) a $2.0 million one-year note payable in the form of a secured promissory note, and (iii) the remainder in cash. The completion of the Asset Sale has had a positive impact on the Company’s liquidity position. However, the Company may need to complete additional equity or debt financings to fully execute its business plans and strategies.
We have previously funded our operating losses primarily through the issuance of common stock and/or promissory notes and cash generated from our product sales. We anticipate that we will incur decreased operating losses and negative cash flows from operations as we execute on our commercialization and development plans and strategic and business development initiatives and with the elimination of overhead and operating expenses related to the Company’s pharmaceutical business segment that have been discontinued in connection with the Asset Sale. There can be no assurance however that the Company will be able to raise additional capital when needed, or at terms deemed acceptable, if at all.
Reclassifications
Certain reclassifications have been made to prior year’s consolidated financial statements to enhance comparability with the current year’s consolidated financial statements. These reclassifications had no effect on the previously reported net loss.
Use of Estimates
The preparation of the accompanying consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reported period. Management bases these estimates and assumptions upon historical experience, existing and known circumstances, authoritative accounting pronouncements, and other factors that management believes to be reasonable. In addition, the Company has considered the potential impact of certain macroeconomic factors, including inflation, rising interest rates, and recessionary pressures, on its business and operations. Although the full impact of these factors are unknown and cannot be reasonably estimated, the Company believes it has made appropriate accounting estimates and assumptions based on the facts and circumstances available as of the reporting date.
Significant areas requiring the use of management estimates include, but are not limited to, revenue recognition, the allowance for doubtful accounts, valuation of intangible assets and goodwill, depreciative and amortization useful lives, assumptions used to calculate the fair value of the contingent share consideration, stock based compensation, beneficial conversion features, warrant values, deferred taxes and the assumptions used to calculate derivative liabilities and fair values of the purchase price allocations and convertible promissory notes. Actual results could differ materially from such estimates under different assumptions or circumstances.
Cash and Cash Equivalents
The Company considers all highly liquid investments with maturities of three months or less at the time of purchase to be cash equivalents. As of March 31, 2023 and December 31, 2022, the Company had no cash equivalents. The Company maintains its cash and cash equivalents in banks insured by the Federal Deposit Insurance Corporation in accounts that at times may be in excess of the federally insured limit of $250,000 per bank. The Company minimizes this risk by placing its cash deposits with major financial institutions. As of March 31, 2023, the Company had $1.1 million in cash in excess of the federal insurance limit.
Investment in Associates
The Company follows Accounting Standards Codification (“ASC”) 325-20, “Cost Method Investments” (“ASC 325-20”), to account for its ownership interest in noncontrolled entities. Under ASC 325-20, equity securities that do not have readily determinable fair values (i.e., non-marketable equity securities) and are not required to be accounted for under the equity method are typically carried at cost (i.e., cost method investments). Investments of this nature are initially recorded at cost. Income is recorded for dividends received that are distributed from net accumulated earnings of the noncontrolled entity subsequent to the date of investment. Dividends received in excess of earnings subsequent to the date of investment are considered a return of investment and are recorded as reductions in the cost of the investment. Investments are written down only when there is clear evidence that a decline in value that is other than temporary has occurred.
Accounts Receivable
Accounts receivable are generally unsecured. The Company establishes an allowance for doubtful accounts receivable based on the age of outstanding invoices and management’s evaluation of collectability. Accounts are written off after all reasonable collection efforts have been exhausted and management concludes that likelihood of collection is remote. Any future recoveries are applied against the allowance for doubtful accounts.
Inventory
Inventory is stated at the lower of cost or net realizable value (“NRV”). NRV is the amount by which the estimated selling price of the product exceeds the sum of any additional costs expected to be incurred on the sale of such product in the ordinary course of business. The Company determines the cost of its inventory on a first-in, first-out basis. The Company performs an assessment of the recoverability of capitalized inventory during each reporting period. In order to state the inventory at the lower of cost or NRV, we maintain reserves against individual stocking units. Inventory reserves, once established, are not reversed until the related inventories have been sold or scrapped. If future demand or market conditions are less favorable than our projections, a write-down of inventory may be required, and would be reflected in the cost of product sold in the period the revision is made.
Goodwill and Intangible Assets
Goodwill represents the excess of the purchase price over the fair value of net identifiable assets and liabilities. Goodwill is not amortized but is tested for impairment at least annually, or if circumstances indicate its value may no longer be recoverable. Qualitative factors considered in this assessment include industry and market conditions, overall financial performance, and other relevant events and factors affecting the Company’s business. Based on the qualitative assessment, if it is determined that the fair value of goodwill is more likely than not to be less than its carrying amount, the fair value of a reporting unit will be calculated and compared with its carrying amount and an impairment charge will be recognized for the amount that the carrying value exceeds the fair value.
Business Combinations
The results of businesses acquired in a business combination are included in the unaudited condensed consolidated financial statements from the date of acquisition. Purchase accounting results in assets and liabilities of an acquired business being recorded at their estimated fair values on the acquisition date. Any excess consideration over the value of the assets acquired and liabilities assumed is recognized as goodwill.
Impairment of Long-Lived Assets
Long-lived assets include equipment and intangible assets other than those with indefinite lives. We assess the carrying value of our long-lived asset groups when indicators of impairment exist and recognize an impairment loss when the carrying amount of a long-lived asset is not recoverable when compared to undiscounted cash flows expected to result from the use and eventual disposition of the asset.
Indicators of impairment include significant underperformance relative to historical or projected future operating results, significant changes in our use of the assets or in our business strategy, loss of or changes in customer relationships and significant negative industry or economic trends. When indications of impairment arise for a particular asset or group of assets, we assess the future recoverability of the carrying value of the asset (or asset group) based on an undiscounted cash flow analysis. If carrying value exceeds projected, net, undiscounted cash flows, an additional analysis is performed to determine the fair value of the asset (or asset group), typically a discounted cashflow analysis, and an impairment charge is recorded for the excess of carrying value over fair value.
Contingent Consideration Liabilities
Certain of the Company’s business acquisitions involve the potential for future payment of consideration to former selling stockholders in amounts determined upon the attainment of revenue and gross margin milestones from product sales. The fair value of such liabilities is determined using unobservable inputs. These inputs include the estimated amount and timing of projected cash flows and the risk-adjusted discount rate used to present value the cash flows. These obligations are referred to as contingent consideration.
ASC 805, “Business Combinations,” requires that contingent consideration be estimated and recorded at fair value as of the acquisition date as part of the total consideration transferred. Contingent consideration is an obligation of the acquirer to transfer additional assets or equity interests to the selling stockholders in the future if certain future events occur or conditions are met, such as: (i) the attainment of product development milestones; and/or (ii) the achievement of components of earnings, such as “earn-out” provisions or percentage of future revenue.
The fair value of contingent consideration after the acquisition date is reassessed by the Company as changes in circumstances and conditions occur, with the subsequent change in fair value recorded in the consolidated statements of operations. Changes in key assumptions can materially affect the estimated fair value of contingent consideration liabilities and, accordingly, the resulting gain or loss is recorded in its unaudited condensed consolidated financial statements. See Note 18 – Business Combination for additional information.
Related Party
Parties are considered to be related to the Company if the parties, directly or indirectly, through one or more intermediaries, control, are controlled by, or are under common control with the Company. Related parties also include principal owners of the Company, its management, members of the immediate families of principal owners of the Company and its management and other parties with which the Company may deal if one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests.
Revenue Recognition
The Company recognizes revenue in accordance with ASC 606, “Revenue Recognition.” Revenue under Topic 606 are required to be recognized either at a “point in time” or “over time,” depending on the facts and circumstances of the arrangement, and are evaluated using a five-step model.
To achieve the core principle of Topic 606, we perform the following steps:
| · | identify the contract(s) with customer; |
| · | identify the performance obligations in the contract; |
| · | determine the transactions price; |
| · | allocate the transactions price to the performance obligations in the contract; and |
| · | recognize revenue when (or as) we satisfy a performance obligation. |
Under Topic 606, the Company recognizes revenue as, or when, we satisfy performance obligations under a contract. We account for a contract when the parties approved the contract and are committed to perform on it, the rights of each party and the payment terms are identified, the contract has commercial substance and it is probable that we will collect substantially all of the consideration. A performance obligation is a promise in a contract to transfer a distinct good or service, or a series of distinct goods or services, to a customer. The transaction price of a contract must be allocated to each performance obligation and recognized as the performance obligation is satisfied. In essence, we recognize revenue when or as control of the promised goods or services transfer to the customer.
Sera Labs Revenue
Sera Labs recognizes revenue as, or when, we satisfy performance obligations under a contract. We account for a contract when the parties approved the contract and are committed to perform on it, the rights of each party and the payment terms are identified, the contract has commercial substance and it is probable that we will collect substantially all of the consideration. A performance obligation is a promise in a contract to transfer a distinct good or service, or a series of distinct goods or services, to a customer. The transaction price of a contract must be allocated to each performance obligation and recognized as the performance obligation is satisfied. In essence, we recognize revenue when or as control of the promised goods or services transfer to the customer.
Revenue from eCommerce sales, including DTC sales, are recognized upon delivery of merchandise to the customer. We also elected to adopt the practical expedient related to shipping and handling fees which allows us to account for shipping and handling activities that occur after control of the related good transfers as fulfillment activities instead of assessing such activities as performance obligations. Therefore, shipping and handling activities are considered part of the Company’s obligation to transfer the products and therefore are recorded as direct selling expenses, as incurred. Shipping revenue is recorded upon delivery to the customer.
Practical Expedients and Exemptions
The Company has elected certain practical expedients and policy elections as permitted under ASC Topic 606 as follows:
| · | the Company adopted the practical expedient related to not adjusting the promised amount of consideration for the effects of a significant financing component if the period between transfer of product and customer payment is expected to be less than one year at the time of contract inception; |
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| · | the Company made the accounting policy election to exclude any sales and similar taxes from the transaction price; and |
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| · | the Company adopted the practical expedient not to disclose the value of unsatisfied performance obligations for contracts with an original expected length of one year or less. |
Sales Tax
The transaction price is the amount of consideration to which the Company expects to be entitled in exchange for transferring the promised goods or services to a customer, excluding sales taxes. The net amount of sales tax payable to the taxation authority is included in sales tax payable in the unaudited condensed consolidated balance sheets.
Sales Returns, Discounts and Warranties
Sales returns, discount and warranties are considered variable consideration under ASC 606. The Company reduces revenue for estimated future returns, discounts and warranties which may occur with distributors and retailers. When evaluating the adequacy of sales returns, discounts and warranties, the Company analyzes the following: historical credit allowances, current sell-through of inventory of the Company’s products, current trends in retail industry, changes in customer demand, acceptance of products, and other related factors.
Cost to Obtain a Contract
The Company pays sales commission to its employees and outside sales representatives for contracts that they obtain relating to the wholesale sales of our products. The Company applies the optional practical expedient to immediately expense costs to obtain a contract if the amortization period of the asset that would have been recognized is one year or less. As such, sales commissions are immediately recognized as an expense and included as part of sales and marketing expenses.
Contract Liabilities
Advance payments and billings in excess of revenue recognized represent contract liabilities and are recorded as deferred revenue when customers remit contractual cash payments in advance before satisfying performance obligations under contractual arrangements. Contract liabilities are derecognized when revenue is recognized, and the performance obligation is satisfied. Advance payments and billings in excess of revenue recognized are included in deferred revenue, which is classified as current or noncurrent based on the timing of when the Company expects to recognize revenue. At March 31, 2023 and December 31, 2022, we had contract liabilities of $388 thousand and $388 thousand, respectively.
Contract liabilities is made up of the following as of March 31, 2023 and December 31, 2022 (in thousands):
| | March 31, 2023 | | | December 31, 2022 | |
Customer deposits for commercial products | | $ | 388 | | | $ | 388 | |
The following table summarizes the changes in contract liabilities during the three months ended March 31, 2023 and year ended December 31, 2022 (in thousands):
Balance at December 31, 2021 | | $ | 293 | |
Additions | | | 26 | |
Customer deposits returned | | | (45 | ) |
Transfers to revenue | | | (84 | ) |
Contract liabilities held for sale but not assumed | | | 198 | |
Balance at December 31, 2022 | | $ | 388 | |
Additions | | | - | |
Customer deposits returned | | | - | |
Transfers to revenue | | | - | |
Balance at March 31, 2023 | | $ | 388 | |
Cost of Revenue
Cost of revenue primarily consists of costs for our products incurred to third-party manufacturers.
Advertising Expense
The Company expenses marketing, promotions and advertising costs as incurred. Such costs are included in selling, general and administrative expense in the accompanying unaudited condensed consolidated statements of operations. The Company recorded advertising costs of $780 thousand and $335 thousand for the three months ended March 31, 2023 and 2022, respectively.
Research and Development
Costs incurred in connection with the development of new products and processes are charged to research and development expenses as incurred. Historically, research and development expenses were generally incurred by the former pharmaceutical segment and are presented as part of the loss from disposal group in the unaudited condensed consolidated statements of operations. See Note 6 – Discontinued Operations for additional information.
Income Taxes
The Company utilizes FASB ASC 740, “Income Taxes,” which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are determined based on the difference between the tax basis of assets and liabilities and their financial reporting amounts based on enacted tax laws and statutory tax rates applicable to the periods in which the differences are expected to affect taxable income. A valuation allowance is recorded when it is “more likely-than-not” that a deferred tax asset will not be realized.
The Company generated a deferred tax asset through net operating loss carry-forward. However, a valuation allowance of 100% has been established due to the uncertainty of the Company’s realization of the net operating loss carry-forward prior to its expiration.
Stock-Based Compensation
Stock-based compensation is accounted for based on the requirements of the Share-Based Payment Topic of ASC 718, “Stock Compensation” (“ASC 718”) which requires recognition in the consolidated financial statements of the cost of employee and director services received in exchange for an award of equity instruments over the period the employee or director is required to perform the services in exchange for the award (presumptively, the vesting period). ASC 718 also requires measurement of the cost of employee and director services received in exchange for an award based on the grant-date fair value of the award.
Pursuant to ASC 2018-07 (Topic 718) for share-based payments to employees, consultants and other third-parties, compensation expense is determined at the “measurement date.” The expense is recognized over the vesting period of the award. Until the measurement date is reached, the total amount of compensation expense remains uncertain. The Company initially records compensation expense based on the fair value of the award at the grant date. For awards of restricted stock, the Company determines grant date fair value based on the closing price of the Company’s common stock on the grant date as reported on the over-the-counter market (the “OTC Market”). For awards of stock options, the Company uses the Black-Scholes option valuation model to estimate grant date fair value.
Compensation expense is recognized for the portion of the award that is ultimately expected to vest over the period during which the recipient renders the required services to the Company generally using the straight-line single option method. See Note 16 – Stock Incentive Plan for additional information.
Fair Value Measurements
The Company follows FASB ASC 820, “Fair Value Measurements and Disclosures” (“ASC 820”), for assets and liabilities measured at fair value on a recurring basis. ASC 820 establishes a common definition for fair value to be applied to existing generally accepted accounting principles that require the use of fair value measurements and establishes a framework for measuring fair value and expands disclosure about such fair value measurements. ASC 820 establishes a single authoritative definition of fair value, sets out a framework for measuring fair value and expands on required disclosures about fair value measurement. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. ASC 820 describes a fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value, which are the following:
| · | Level 1 – Quoted prices in active markets for identical assets and liabilities. |
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| · | Level 2 – Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted market prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. |
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| · | Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. |
When a part of the purchase consideration consists of shares of the Company common stock, the Company calculates the purchase price attributable to those shares, a Level 1 security, by determining the fair value of those shares quoted on the OTC Market as of the acquisition date. The Company recognizes estimated fair values of the tangible assets and identifiable intangible assets acquired, including in-process research and development, and liabilities assumed, including any contingent consideration, as of the acquisition date. Goodwill is recognized as any amount of the fair value of the tangible and identifiable intangible assets acquired and liabilities assumed in excess of the consideration transferred. ASC 805 precludes the recognition of an assembled workforce as an asset, effectively subsuming any assembled workforce value into goodwill.
In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible, and also considers counterparty credit risk in its assessment of fair value. At March 31, 2023 and December, 31, 2022, the Company had no financial assets or liabilities recorded at fair value on a recurring basis, except for the Series A and B Notes, for which we elected the fair value option, and the contingent stock consideration. These liabilities are measured at fair value using the period-end quoted market prices of the Company’s common stock as a Level 3 input. The Company also has certain derivative liabilities and contingent consideration liabilities which are carried at fair value based on Level 3 inputs.
The carrying amounts of cash equivalents, prepaid expenses and other current assets, accounts payable, accrued expenses and other current liabilities approximate fair values because of the short-term nature of these items.
The fair value of contingent stock consideration is evaluated each reporting period using projected financial information, discount rates, and key inputs. Projected contingent payment amounts are discounted back to the current period using a discount rate. Financial information is based on the Company’s most recent internal forecasts. Changes in projected financial information, the Company’s stock price, discount rate and time for settlement of milestones and earnouts may result in higher or lower fair value measurements. Increases (decreases) in any of those inputs in isolation may result in a significantly lower (higher) fair value measurement. For the period from the date of acquisition to March 31, 2023, the Company’s stock price, volatility percentage and the weighted average present value probability of each the various estimates of milestones, earn-out amounts and achievements being accomplished resulted in a decrease of the fair value of the contingent stock consideration. In determining the fair value, the Company evaluated each of the target threshold scenarios as to the potential earn-out payment at each level based on the estimated net sales and gross profit. If the expected gross profit considered in the scenario with the lowest gross profit is less than $6.0 million during the Clawback Period, the value of the stock earn-out payment would be $0. However, if the expected gross profit during the Clawback Period was at least $8.0 million (and the net sales target is achieved), the value of the stock earn-out payment would be approximately $1.1 million.
The Company has elected the fair value option to account for the Series A and B Notes that were issued on October 30, 2020 and records this at fair value with changes in fair value recorded in the condensed consolidated statements of operations. As a result of applying the fair value option, direct costs and fees related to the Series A and B Notes are recognized in earnings as incurred and not deferred. As of March 31, 2023, the Company has valued the Series A and B Notes giving consideration to the terms under the existing default.
The following table summarizes fair value measurements by level at March 31, 2023 for assets and liabilities measured at fair value on a recurring basis (in thousands):
| | Total | | | Level 1 | | | Level 2 | | | Level 3 | |
Fair value of contingent stock consideration | | $ | 904 | | | $ | - | | | $ | - | | | $ | 904 | |
Fair value of Series A Note | | $ | 4,379 | | | $ | - | | | $ | - | | | $ | 4,379 | |
Fair value of Series B Note | | $ | 3,329 | | | $ | - | | | $ | - | | | $ | 3,329 | |
The following table summarizes fair value measurements by level at December 31, 2022 for assets and liabilities measured at fair value on a recurring basis (in thousands):
| | Total | | | Level 1 | | | Level 2 | | | Level 3 | |
Fair value of contingent stock consideration | | $ | 860 | | | $ | - | | | $ | - | | | $ | 860 | |
Fair value of Series A Note | | $ | 5,221 | | | $ | - | | | $ | - | | | $ | 5,221 | |
Fair value of Series B Note | | $ | 3,959 | | | $ | - | | | $ | - | | | $ | 3,959 | |
The following table summarizes the changes in Level 3 financial instruments during the three months ended March 31, 2023 (in thousands):
Fair value of Series A and B Notes at December 31, 2022 | | $ | 9,180 | |
Change in fair value of Series A Note | | | (842 | ) |
Change in fair value of Series B Note | | | (630 | ) |
Fair value of Series A and B Notes at March 31, 2023 | | $ | 7,708 | |
Financial instruments measured at fair value are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Series A and B Notes are measured at fair value using the Monte Carlo simulation valuation methodology. A summary of the weighted average (in aggregate) significant unobservable inputs used in measuring the Series A and B Notes that are categorized within Level 3 of the fair value hierarchy is as follows:
Date of valuation | | March 31, 2023 | | | December 31, 2022 | |
Stock price | | $ | 0.25 | | | $ | 0.25 | |
Conversion price | | $ | 1.32 | | | $ | 1.32 | |
Term (in years) – Series A Note | | | 0.0 | | | | 0.0 | |
Term (in years) – Series B Note | | | 0.0 | | | | 0.0 | |
Volatility – Series A Note | | | 67 | % | | | 85 | % |
Volatility – Series B Note | | | 67 | % | | | 85 | % |
Risk-free interest rate – Series A Note | | | 4.82 | % | | | 4.6 | % |
Risk-free interest rate – Series B Note | | | 4.82 | % | | | 4.6 | % |
Interest rate | | | 18.0 | % | | | 18.0 | % |
Series A and B Notes
The Company elected the fair value option to record its Series A and B Notes, which were issued in October 2020. The fair value of the Series A and B Notes is classified within Level 3 of the fair value hierarchy because the fair values were estimated utilizing a Monte Carlo simulation model. Accordingly, the Series A and B Notes are marked-to-market at each reporting date with the change in fair value reported as a gain (loss) in the unaudited condensed consolidated statement of operations. All issuance costs related to the notes were expensed as incurred in the unaudited condensed consolidated statement of operations. See Note 14 – Convertible Promissory Notes and Fair Value of Convertible Promissory Notes for additional information.
Contingencies
We are exposed to claims and litigation arising in the ordinary course of business and use various methods to resolve these matters in a manner that we believe serves the best interest of our stockholders and other constituents. When a loss is probable, we record an accrual based on the reasonably estimable loss or range of loss. When no point of loss is more likely than another, we record the lowest amount in the estimated range of loss and, if material, disclose the estimated range of loss. We do not record liabilities for reasonably possible loss contingencies, but do disclose a range of reasonably possible losses if they are material and we are able to estimate such a range. If we cannot provide a range of reasonably possible losses, we explain the factors that prevent us from determining such a range. Historically, adjustments to our estimates have not been material. We believe the recorded reserves in our unaudited condensed consolidated financial statements are adequate in light of the probable and estimable liabilities. We do not believe that any of these identified claims or litigation will be material to our results of operations, cash flows, or financial condition. Gain contingencies are recorded when the ultimate resolution of the contingency is resolved.
Net Loss per Common Share
Basic net loss per common share is computed by dividing the net loss by the weighted average number of common shares outstanding during the period, excluding any unvested restricted stock awards. Diluted net loss per share is computed by dividing net loss by the weighted average common shares outstanding during the period plus dilutive securities or other contracts to issue common stock as if these securities were exercised or converted to common stock.
Diluted net loss per share includes the effect of common stock equivalents (stock options, unvested restricted stock, and warrants) when, under either the treasury or if-converted method, such inclusion in the computation would be dilutive. Net loss is adjusted for the dilutive effect of the change in fair value liability for price adjustable warrants, if applicable.
The following table sets forth the computation of basic and diluted net loss per share for the three months ended (in thousands, except per share data):
| | For the Three Months Ended | |
(Dollars in thousands) | | March 31, 2023 | | | March 31, 2022 | |
| | | | | | |
Loss from continuing operations | | $ | (209 | ) | | $ | (1,556 | ) |
Loss from disposal group | | | - | | | | (3,595 | ) |
Net loss | | $ | (209 | ) | | $ | (5,151 | ) |
Weighted average outstanding shares of common stock | | | 71,431,468 | | | | 68,849,400 | |
Common stock and common stock equivalents | | | 71,431,468 | | | | 68,848,400 | |
Basic and diluted loss per share: | | | | | | | | |
Continuing operations | | $ | (0.00 | ) | | $ | (0.02 | ) |
Disposal group | | $ | - | | | $ | (0.05 | ) |
The following number of shares have been excluded from diluted net income (loss) per share since such inclusion would be anti-dilutive:
| | Three months ended March 31, | |
| | 2023 | | | 2022 | |
| | | | | | |
Vested stock options from the Company’s 2017 Equity Incentive Plan | | | 1,206,173 | | | | 3,760,015 | |
Warrants | | | 312,500 | | | | 615,530 | |
Shares to be issued upon conversion of convertible payable | | | 416,667 | | | | 416,667 | |
| | | | | | | | |
Total | | | 1,935,340 | | | | 4,792,212 | |
In connection with the Sera Labs Merger, Sera Labs security holders are entitled to receive up to 5,988,024 shares of the Company’s common stock (the “Clawback Shares”) based on the achievement of certain sales and gross margin milestones. Due to the uncertainty of the number of Clawback Shares to be issued, these Clawback Shares were not included in the table above.
The Series A and B Notes (other than restricted amounts under a Series B Note) are convertible, at the option of the Investor, into shares of Common Stock at a conversion price of $1.32 per share. The conversion price is subject to full ratchet antidilution protection upon any transaction in which the Company is deemed to have granted, issued or sold, any shares of Common Stock. If the Company enters into any agreement to issue any variable rate securities, other than a bona fide at-the-market offering or equity line of credit, the Investor has the additional right to substitute such variable price (or formula) for the conversion price. If an Event of Default has occurred under the Convertible Notes, the Investor may elect to alternatively convert the Convertible Notes at the redemption premium described therein. Due to the uncertainty of the number of shares to be issued, the shares to be issued from the conversion of the Series A and B Notes were also not included in the table above.
Segment Reporting
The Company uses the “management approach” to identify its reportable segments. The management approach designates the internal organization used by management for making operating decisions and assessing performance as the basis for identifying the Company’s reportable segments. Using the management approach, the Company determined that it does not have reportable segments.
Recent Accounting Pronouncements Not Yet Adopted
The Company’s management reviewed all recently issued accounting standard updates (“ASU’s”) not yet adopted by the Company and does not believe the future adoptions of any such ASU’s may be expected to cause a material impact on the Company’s condensed consolidated financial condition or the results of its operations.
Accounting Standards Adopted in 2023
In September 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses, with additional updates and amendments being issued in 2018, 2019, 2020 and 2022 (collectively, “ASC 326”). The new standard updates the impairment model for financial assets measured at amortized cost, known as the Current Expected Credit Loss (“CECL”) model. For trade and other receivables, held-to-maturity debt securities, loans, and other instruments, entities are required to use a new forward-looking “expected loss” model that generally results in the earlier recognition of an allowance for credit losses. The Company adopted ASC 326 on January 1, 2023. The adoption of this standard did not have a material impact to the Company.
Correction of an Error
During the year ended December 31, 2022, the Company became aware of an error in the calculation of its weighted average common shares outstanding and resultant reported loss per share for the quarter ended March 31, 2022. The reported weighted average common shares outstanding and loss per share was 50,829,729 and ($0.10), respectively. The corrected weighted shares outstanding and loss per share was 68,849,400 and ($0.07), respectively. Based on an analysis of ASC 250 “Accounting Changes and Error Corrections” and Staff Accounting Bulletin 99 “Materiality,” the Company has determined that this error was immaterial to the previously issued unaudited consolidated financial statements for the quarter ended March 31, 2022.
NOTE 3 – ACCOUNTS RECEIVABLE
As of March 31, 2023 and December 31, 2022, accounts receivable consisted of the following (in thousands):
| | March 31, 2023 | | | December 31, 2022 | |
| | | | | | |
Customer billed | | $ | 114 | | | $ | 232 | |
Allowance for doubtful accounts | | | - | | | | - | |
Accounts receivable, net | | $ | 114 | | | $ | 232 | |
Customer billed accounts receivable represents amounts billed to clients that have yet to be collected.
Allowances for doubtful accounts have been determined through specific identification of amounts considered to be uncollectible and potential write-offs, plus a non-specific allowance for other amounts for which some potential loss has been determined to be probable based on current and past experiences.
NOTE 4 – PREPAID EXPENSES AND OTHER CURRENT ASSETS
As of March 31, 2023 and December 31, 2022, prepaid expenses and other current assets consisted of the following (in thousands):
| | March 31, 2023 | | | December 31, 2022 | |
| | | | | | |
Prepaid insurance | | $ | 148 | | | $ | 207 | |
Prepaid expenses | | | 24 | | | | 176 | |
Other current assets | | | 40 | | | | 58 | |
Prepaid expenses and other current assets | | $ | 212 | | | $ | 441 | |
NOTE 5 – INVENTORY
Inventory consists primarily of finished goods. The Company’s inventory is stated at the lower of cost (FIFO cost basis) or net realized value.
As of March 31, 2023 and December 31, 2022, the carrying value of inventory consisted of the following (in thousands):
| | March 31, 2023 | | | December 31, 2022 | |
Packaging components | | $ | 54 | | | $ | 88 | |
Finished Goods | | | 647 | | | | 420 | |
| | | 701 | | | | 508 | |
Reserve for obsolescence | | | (400 | ) | | | (363 | ) |
Inventory, net | | $ | 301 | | | $ | 145 | |
For the three months ended March 31, 2023 and 2022, inventory reserve adjustments amounted to $37 thousand and $0, respectively.
NOTE 6 – DISCONTINUED OPERATIONS
On July 22, 2022, Avenir completed the sale of certain assets comprising the pharmaceutical segment of the Company pursuant to an Asset Purchase Agreement (the “APA”) with TF Tech Ventures, Inc. (the “Buyer”), under which the Buyer purchased certain assets of the Company (the “Asset Sale”), including certain pharmaceutical patents, trademarks and related machinery and equipment. The total consideration received at closing in connection with the Asset Sale was $20.0 million, which consisted primarily of (i) the cancellation of indebtedness owed by the Company to the Buyer in an amount equal to $4.15 million, (ii) a $2.0 million one-year note payable in the form of a secured promissory note, and (iii) the remainder in cash.
The following table calculates the net cash received from the Asset Sale (in thousands):
Sales price | | $ | 20,000 | |
Forgiveness of Buyer advances | | | (4,150 | ) |
Holdback secured by promissory note | | | (2,000 | ) |
Obligations assumed by Buyer | | | (41 | ) |
Buyer expenses paid by seller | | | 82 | |
Net cash received | | $ | 13,891 | |
The following table calculates the loss incurred from the Asset Sale (in thousands):
Sales price for assets sold | | $ | 20,000 | |
Net book value of assets sold | | | 20,616 | |
Net book value of liabilities sold | | | (51 | ) |
Net book value of net assets sold | | | 20,565 | |
Loss on sale of net assets | | $ | (565 | ) |
As of June 30, 2022, the cost of assets and liabilities held for sale were $20.6 million and $4.0 million, respectively. Included in the liabilities held for sale were notes payable amounting to $3.4 million which form part of the $20.0 million consideration received from the Buyer. To write down the total net assets to fair value, an additional impairment loss of $2.0 million, including $100 thousand of estimated costs to sell, was charged to impairment of goodwill as of June 30, 2022 and included in the loss from disposal group.
The following table presents the financial results of the discontinued operations for the three months ended March 31, 2023 and 2022 which is presented as loss from disposal group on our unaudited condensed consolidated statements of operations (in thousands):
| | For the Three Months Ended | |
| | March 31, 2023 | | | March 31, 2022 | |
Revenue: | | | | | | |
Product sales, net of discounts and refunds | | $ | - | | | $ | 11 | |
Shipping revenue and other sales | | | - | | | | 16 | |
Total revenue | | | - | | | | 27 | |
| | | | | | | | |
Cost of goods sold: | | | | | | | | |
Cost of goods sold | | | - | | | | 16 | |
| | | | | | | | |
Gross profit | | | - | | | | 11 | |
| | | | | | | | |
Operating expenses: | | | | | | | | |
Research and development expenses | | | - | | | | 262 | |
Selling, general and administrative expenses | | | - | | | | 222 | |
Depreciation and amortization expense | | | - | | | | 394 | |
Impairment of goodwill | | | - | | | | 2,728 | |
Total operating expenses | | | - | | | | 3,606 | |
| | | | | | | | |
Net loss before income taxes | | | - | | | | (3,595 | ) |
| | | | | | | | |
Provision for income taxes | | | - | | | | - | |
| | | | | | | | |
Net loss | | $ | - | | | $ | (3,595 | ) |
NOTE 7 – PROPERTY AND EQUIPMENT
Property and equipment consisted of the following at March 31, 2023 and December 31, 2022 (in thousands):
| | March 31, 2023 | | | December 31, 2022 | |
| | | | | | |
Computer and other equipment | | $ | 8 | | | $ | 7 | |
Less accumulated depreciation | | | (5 | ) | | | (3 | ) |
Property and equipment, net | | $ | 3 | | | $ | 4 | |
For the three months ended March 31, 2023 and 2022, depreciation expense amounted to approximately $1 thousand and $1 thousand, respectively.
NOTE 8 – NOTE RECEIVABLE
In July 2022, the Company received a promissory note in the amount of $2.0 million in connection with the Asset Sale. The note bears interest at 2.37% per annum and is due on or before July 22, 2023. In the event of default, the interest rate on the note increases to 2.63% per annum. The note is subject to offset for any claims related to the Assets Sale and is secured by the assets underlying the Asset Sale. As of March 31, 2023, there have been no claims made against the note.
Notes receivable consists of the following at March 31, 2023 and December 31, 2022 (in thousands):
| | March 31, 2023 | | | December 31, 2022 | |
TF Tech Ventures, Inc. note receivable | | $ | 2,000 | | | $ | 2,000 | |
Less: Allowance for doubtful accounts | | | - | | | | - | |
Less: Current portion of notes receivable, net | | | (2,000 | ) | | | (2,000 | ) |
Notes receivable, net of current portion | | $ | - | | | $ | - | |
NOTE 9 – PATENTS AND OTHER INTANGIBLE ASSETS
Intangible Asset Summary
Patents and other intangible assets, net, consist of the following at March 31, 2023 and December 31, 2022 (in thousands):
| | March 31, 2023 | | | December 31, 2022 | |
Intangible assets subject to amortization: | | | | | | |
Patents | | $ | 316 | | | $ | 316 | |
Other Intangibles | | | 125 | | | | 90 | |
| | $ | 441 | | | $ | 406 | |
Accumulated amortization | | | (102 | ) | | | (91 | ) |
Patents and other intangibles, net | | $ | 339 | | | $ | 315 | |
As of June 30, 2022, the Company’s management determined that the customer relationships have no future value and recorded an impairment charge in the amount of $4.6 million as of that date, and that goodwill and trade name have no future value as of December 31, 2022 and recorded impairment charges in the amount of $4.7 million and $1.1 million, respectively, as of that date. There was no impairment loss for the three months ended March 31, 2023 and 2022, respectively.
Amortization expense was $11 thousand and $578 thousand for the three months ended March 31, 2023 and 2022, respectively.
The estimated aggregate future amortization expense is as follows (in thousands):
2023 (remaining) | | $ | 54 | |
2024 | | | 61 | |
2025 | | | 30 | |
2026 | | | 19 | |
2027 | | | 18 | |
2028 | | | 17 | |
Thereafter | | | 140 | |
Total Amortization | | $ | 339 | |
NOTE 10 – INVESTMENTS
From November 2019 to February 2020, the Company purchased Convertible Loans (“Loans”) from ReLeaf Europe B.V. (“ReLeaf”) in the amount of $509 thousand which bore interest at 6% per annum and became due and payable to the Company on the conversion date. In the event of conversion by the Company, the outstanding amount of the Loans and any unpaid accrued interest shall be converted into shares of ReLeaf (“Shares”) based on a price per share on a post money valuation of $10.9 million. During 2022, the Company agreed to convert the Loans and unpaid accrued interest of $56 thousand and receive the Shares as per the Loan terms and also made additional investments in ReLeaf in the aggregate amount of $54 thousand. As of March 31, 2023 and December 31, 2022, the Company recorded its investment in ReLeaf using the cost method of accounting and recorded a reserve on the investment. The issuance of such shares to the Company pursuant to the conversion is currently pending.
In May 2021, the Company purchased a convertible loan (the “May 2021 Loan”) with Biopharmaceutical Research Company (“BRC”) for a total amount of $200 thousand. The May 2021 Loan accrued interest at 6% per annum and became due and payable to the Company on the conversion date of July 5, 2022. Pursuant to the conversion by the Company, the outstanding amount of the May 2021 Loan plus unpaid accrued interest of $13 thousand in the aggregate amount of $213 thousand was converted into 11,026 shares of BRC preferred stock, or a 0.39% interest. The automatic conversion of the loan was triggered by the occurrence of a Qualified Financing, as defined in the loan agreement.
Investments, net, at cost, consisted of the following at March 31, 2023 and December 31, 2022 (in thousands):
| | March 31, 2023 | | | December 31, 2022 | |
| | | | | | |
Investment in ReLeaf Europe B.V. | | $ | 619 | | | $ | 619 | |
Less: Valuation reserve | | | (421 | ) | | | (421 | ) |
Investment in ReLeaf Europe B.V., net | | | 198 | | | | 198 | |
| | | | | | | | |
Investment in Biopharmaceutical Research Company | | | 213 | | | | 213 | |
Investments, net | | $ | 411 | | | $ | 411 | |
As of March 31, 2023 and December 31, 2022, the net investments are based on management’s best estimate of net realizable value, which includes a valuation reserve in the amount of $421 thousand and $421 thousand, respectively.
NOTE 11 – ACCRUED EXPENSES
Accrued expenses consisted of the following at March 31, 2023 and December 31, 2022 (in thousands):
| | March 31, 2023 | | | December 31, 2022 | |
| | | | | | |
Refunds and returns liability | | $ | 572 | | | $ | 551 | |
Accrued interest expense | | | 244 | | | | 233 | |
Accrued payroll | | | 90 | | | | 82 | |
Accrued vacation leave | | | 81 | | | | 64 | |
Accrued expenses | | | 124 | | | | 324 | |
Sales tax payable | | | 336 | | | | 331 | |
Accrued Expenses | | $ | 1,447 | | | $ | 1,585 | |
NOTE 12 – RELATED PARTY TRANSACTIONS
The Company and other related entities have had a commonality of ownership and/or management control, and as a result, the reported operating results and /or financial position of the Company could significantly differ from what would have been obtained if such entities were autonomous.
On April 1, 2022, the Company entered into a distribution services agreement with Advanced Legacy Technologies, LLC (“ALT”) which is beneficially owned by Nancy Duitch under which ALT will provide auxiliary services in connection with the distribution of certain of our products. Compensation for such services amounts to 5% of the net proceeds received from the sale of the products. Total compensation earned for the quarter ended March 31, 2023 and 2022 was $0 and $0, respectively. As of March 31, 2023, unpaid net proceeds due to the Company was approximately $207 thousand, including merchant account reserves in the amount of $157 thousand due from third-party merchant account processors.
On July 25, 2022, the Company entered into a consulting agreement with Rob Davidson under which Mr. Davidson will provide advisory services on matters including strategic, financial, fund raising, product development and technology in exchange for compensation in the amount of $12 thousand per month. The term of the agreement is through July 25, 2023 and requires Mr. Davidson provide approximately 20 to 25 hours of service per week. Total consulting expense incurred for the three months ended March 31, 2023 and 2022 was $36 thousand and $0, respectively.
As of March 31, 2023 and December 31, 2022, the Company had no accrued related party interest. Interest expense in regard to related party payables for the three months ended March 31, 2023 and 2022 was $0 and $55 thousand, respectively.
NOTE 13 – LOANS PAYABLE
Loans payable consists of the following at March 31, 2023 and December 31, 2022 (in thousands):
| | March 31, 2023 | | | December 31, 2022 | |
| | | | | | |
Loan due September 29, 2023, monthly payments including interest at 7.07% per annum; unsecured | | $ | 86 | | | $ | 136 | |
Loan due June 6, 2023, monthly payments including interest at 8.07% per annum; unsecured | | | 12 | | | | 25 | |
Current portion of loan payable | | | (98 | ) | | | (161 | ) |
Loan payable, less current portion | | $ | - | | | $ | - | |
Interest expense for the three months ended March 31, 2023 and 2022 was $3 thousand and $3 thousand, respectively.
NOTE 14 – CONVERTIBLE PROMISSORY NOTES AND FAIR VALUE OF CONVERTIBLE PROMISSORY NOTES
Convertible promissory notes consist of the following at March 31, 2023 and December 31, 2022 (in thousands):
| | March 31, 2023 | | | December 31, 2022 | |
Convertible promissory notes due January 31, 2019, interest payable at 8% per annum; unsecured; principal and accrued interest convertible into common stock at the lower of $1.32 per share or the price per share of the latest closing of a debt or equity offering by the Company greater than $3.0 million; accrued interest due January 31, 2019 and currently in default. The Company has offered to either repay the notes or convert them into shares of common stock of the Company. The beneficial owners of the notes have not yet communicated their intent to either receive payment or shares. | | $ | 550 | | | $ | 550 | |
Current portion of convertible promissory notes | | $ | 550 | | | $ | 550 | |
Interest expense for the three months ended March 31, 2023 and 2022 was $11 thousand and $11 thousand, respectively.
Fair value of Series A and B convertible promissory notes consists of the following at March 31, 2023 and December 31, 2022 (in thousands):
| | March 31, 2023 | | | December 31, 2022 | |
| | | | | | |
Series A subordinated convertible note at fair value | | $ | 4,379 | | | $ | 5,221 | |
Series B subordinated convertible note at fair value | | | 3,329 | | | | 3,959 | |
Carrying value of convertible promissory notes at fair value | | | 7,708 | | | | 9,180 | |
Less: current portion of convertible promissory notes at fair value | | | (7,708 | ) | | | (9,180 | ) |
Convertible promissory notes at fair value, less current portion | | $ | - | | | $ | - | |
In October 2020, the Company entered into a Securities Purchase Agreement (“Purchase Agreement”) with an institutional investor (the “Investor”) for the purchase of a series of two convertible notes with an aggregate principal amount of $11.5 million. Concurrently, the Company consummated the sale to the Investor of a Series A subordinated convertible note (the “Series A Note”) with an initial principal amount of $4.6 million and a Series B senior secured convertible note (the “Series B Note,” and together with the Series A Note, the “Convertible Notes” and, each a “Convertible Note”) with an initial principal amount of $6.9 million in a private placement.
The Series A Note was sold with an original issue discount of $0.6 million and the Series B Note was sold with an original issue discount of $0.9 million. The Investor paid for the Series A Note to be issued to the Investor by delivering $4.0 million in cash consideration and paid for the Series B Note to be issued to the Investor by delivering a secured promissory note (the “Investor Note”) with an initial principal amount of $6.0 million. The Company was to receive cash in respect of a Series B Note only upon cash repayment of the corresponding Investor Note. Until an Investor Note is repaid, the original issue discount and the rest of the principal under the corresponding Series B Note is considered to be “restricted.” Upon any repayment of the Investor Note, the principal of the corresponding Series B Note becomes “unrestricted” on dollar-for-dollar basis, along with a proportional amount of the original issue discount.
The Series A Note matured on October 30, 2022 and the Series B Note matured on October 30, 2021 (the “Maturity Date”), subject to extension in certain circumstances, including bankruptcy and outstanding events of default. As of March 31, 2023, the Series A and Series B Notes are in default. No action by the Investor has been pursued on either Convertible Note as of the date of this Quarterly Report.
On January 5, 2022, the Company entered into a Forbearance Agreement (the “Forbearance Agreement”) with the Investor pursuant to which the Investor has agreed not to exercise, with certain exclusions, any of its judicial or administrative enforcement actions to obtain cash or other assets (excluding Common Stock or other assets issuable upon conversion or exchange of the Series B Note in accordance with the terms thereof) from the Company on account of any payment obligations of the Company under the Series B Note or the Event of Default Redemption Notice that exist as of the date of the Forbearance Agreement or that may arise from the date of this Agreement through February 15, 2022.
On April 12, 2022, the Company filed a civil action in the California Superior Court against the Investor, alleging that the investor entered into the Purchase Agreement as an unregistered securities dealer and unlicensed finance lender in violation of California law. The Company’s complaint seeks rescission of the Purchase Agreement, damages, attorneys’ fees and other relief. The Investor responded to the complaint by filing a demurrer/motion to dismiss and on August 31, 2022, the Company and Investor entered into a stipulation to stay the litigation for 30 days and allow the parties to engage in further settlement discussions. The matter was unable to be resolved within the 30 days, and, pursuant to the Stipulation, the Company refiled its action in New York where a New York court will be required to apply California law to our causes of action for rescission and unfair competition. On November 18, 2022, the Company filed an amended complaint alleging six additional causes of action, including fraud, breach of contract and unfair competition. The Investor responded to the New York amended complaint by filing a motion to dismiss and on February 3, 2023, the Company filed its opposition response to the Investor’s motion to dismiss. As of the filing date of this Quarterly Annual Report, the Investor has not filed a response to our opposition to their motion to dismiss. Settlement discussions between the parties are ongoing.
Payment of Amounts Due under the Convertible Notes
On the Maturity Date, the Company shall pay to the Investor an amount in cash (other than restricted amounts under a Series B Note) presenting all outstanding principal, Make-Whole Amount (as defined in the Convertible Notes), if any, accrued and unpaid interest and accrued and unpaid Late Charges (as defined in the Convertible Notes) on such principal, except that the remaining restricted amount of $5.0 million under the Series B Note has been automatically satisfied on the Maturity Date (in lieu of a cash payment) by Maturity Netting (as defined in the Investor Note described below).
Interest
The Convertible Notes shall bear no interest unless there is an occurrence, and during the continuance, of an Event of Default (as defined in the Convertible Notes). During any such Event of Default, the Convertible Notes will accrue interest at the rate of 18% per annum. See “—Events of Default” below.
Conversion; Alternate Conversion upon Event of Default
Each Convertible Note (other than restricted amounts under a Series B Note) is convertible, at the option of the Investor, into shares of Common Stock at a conversion price of $1.32 per share. The conversion price is subject to full ratchet antidilution protection upon any transaction in which the Company is deemed to have granted, issued or sold, any shares of Common Stock. If the Company enters into any agreement to issue any variable rate securities, other than a bona fide at-the-market offering or equity line of credit, the Investor has the additional right to substitute such variable price (or formula) for the conversion price.
If an Event of Default has occurred under the Convertible Notes, the Investor may elect to alternatively convert the Convertible Notes at the redemption premium described therein.
Conversion Limitation
The Investor will not have the right to convert any portion of the Convertible Notes, to the extent that, after giving effect to such conversion, the Investor (and other certain related parties) would beneficially own in excess of 4.99% of the shares of Common Stock outstanding immediately after giving effect to such conversion. This limit may, from time to time, be increased, up to 9.99%, or decreased; provided that any such increase will not be effective until the 61st day after delivery of a notice to the Company of such increase.
Events of Default
The Convertible Notes include certain customary and other Events of Default. In connection with an Event of Default, the Investor may require the Company to redeem in cash any or all of the Convertible Notes. The redemption price will be at a premium to the amount due under the Convertible Notes as described therein.
Change of Control
In connection with a Change of Control (as defined in the Convertible Notes), the Investor may require the Company to redeem all or any portion of the Convertible Notes. The redemption price per share will be at a premium to the amount due under the Convertible Notes as described therein.
Covenants
The Company will be subject to certain customary affirmative and negative covenants including those regarding the payment of dividends, maintenance of its property, transactions with affiliates, and issue notes and certain securities.
Fair Value Option for the Series A and B Notes
The Company elected the fair value option under ASC 825, “Financial Instruments,” for both the Series A and B Notes, which have been accounted for as follows: (1) the portion of the change in the liabilities’ fair value that is attributable to a change in instrument-specific credit risk in other comprehensive income; (2) the remaining change in the liabilities’ fair value in net income; (3) the excess of the fair value over the proceeds is recognized as an expense; and (4) upfront costs and fees are recognized in earnings as incurred gains and losses.
The Company recorded a gain of $1.5 million and a loss of $280 thousand attributed to the aggregate change in fair value of the Series A and B Notes for the three months ended March 31, 2023 and 2022, respectively, and were recorded in the unaudited condensed consolidated statements of operations.
As of March 31, 2023, the Company has valued the Series A and B Notes giving consideration to the terms under an existing default. This was evaluated by the Company’s management and their third-party valuation firm. If the Company is required to settle the Series A and B Notes under those terms, the settlement would be either a cash payment of approximately $6.7 million or the issuance of 3,752,180 shares of the Company’s common stock plus a cash payment of approximately $6.2 million at the option of the Investor.
NOTE 15 – WARRANT AGREEMENTS
The Company’s warrant activity during the periods presented was as follows:
| | Warrants | | | Weighted Average Exercise Price | | | Weighted Average Contractual Remaining Life (years) | |
Outstanding, December 31, 2021 | | | 1,565,447 | | | $ | 2.18 | | | | 0.66 | |
Granted | | | - | | | | - | | | | - | |
Exercised | | | - | | | | - | | | | - | |
Forfeited/Expired | | | (1,252,947 | ) | | | 2.23 | | | | - | |
Outstanding, December 31, 2022 | | | 312,500 | | | $ | 2.00 | | | | 1.12 | |
Granted | | | - | | | | - | | | | - | |
Exercised | | | - | | | | - | | | | - | |
Forfeited/Expired | | | - | | | | - | | | | - | |
Outstanding, March 31, 2023 | | | 312,500 | | | $ | 2.00 | | | | 0.87 | |
Exercisable at March 31, 2023 | | | 312,500 | | | $ | 2.00 | | | | 0.87 | |
Warrant summary as of March 31, 2023:
Range of Exercise Price | | Number of Warrants | | | Weighted Average Remaining Contractual Life (years) | | | Weighted Average Exercise Price | | | Number of Warrants Exercisable | | | Weighted Average Exercise Price | |
$2.00–$2.00 | | | 312,500 | | | | 0.87 | | | $ | 2.00 | | | | 312,500 | | | $ | 2.00 | |
| | | 312,500 | | | | 0.87 | | | $ | 2.00 | | | | 312,500 | | | $ | 2.00 | |
Warrant summary as of December 31, 2022:
Range of Exercise Price | | Number of Warrants | | | Weighted Average Remaining Contractual Life (years) | | | Weighted Average Exercise Price | | | Number of Warrants Exercisable | | | Weighted Average Exercise Price | |
$2.00–$2.00 | | | 312,500 | | | | 1.12 | | | $ | 2.00 | | | | 312,500 | | | $ | 2.00 | |
| | | 312,500 | | | | 1.12 | | | $ | 2.00 | | | | 312,500 | | | $ | 2.00 | |
There were no warrants granted during the three months ended March 31, 2023 and 2022.
The aggregate intrinsic value of warrants outstanding and exercisable at March 31, 2023 was $0.
NOTE 16 – STOCK INCENTIVE PLAN
On December 29, 2017 (“Effective Date”), the Company adopted the CURE Pharmaceutical Holding Corp. 2017 Equity Incentive Plan (the “2017 Equity Plan” or the “Plan”), pursuant to which an aggregate of 5,000,000 shares of the common stock of the Company are available for grant. On November 28, 2020, the Company registered an additional 5,000,000 shares of common stock of the Company that are available to be granted.
The Board of Directors of the Company (the “Board”) has determined that it is in the best interests of the Company and its stockholders to provide additional incentives for certain employees, including executive officers, and non-employee members of the Board by granting to them awards with respect to the common stock of the Company pursuant to the Plan. The Plan seeks to achieve this purpose by providing awards in the form of options, stock appreciation rights, restricted stock awards, restricted stock units, cash-based awards and other stock-based Awards (“Awards”). The Plan will continue in effect until its termination by the Compensation Committee; provided, however, that all Awards must be granted, if at all, within ten (10) years from the Effective Date.
The Company did not issue Restricted Stock Units (“RSUs”), Nonstatutory Stock Options (“NSOs”) or any incentive stock options (“ISOs”) or restricted common stock (“RCS”) during the three months ended March 31, 2023 or during the three months ended March 31, 2022. Vesting periods for awarded RCS, ISOs and NSOs range from immediate to quarterly over a 4-year period. Vesting period for RSUs is the earlier of (i) the day prior to the next annual meeting of stockholders following the date of grant, and (ii) one (1) year from the Date of Grant. For ISOs and NSOs awarded, the term to exercise their ISO or NSO is 10 years.
During 2020, the Company issued 1,518,194 stock options to a consultant that contains performance-based vesting conditions where revenue milestones are to be met over a certain time period. Such stock option awards would be valued using a Monte Carlo simulation based on the probability of the performance condition being met and the underlying expense would be recognized as the associated vesting conditions are met. No stock options that contain performance-based vesting conditions vested during the three months ended March 31, 2023 and it is improbable that the performance-based conditions will be met.
Stock Options
The Company’s stock option activity during the periods presented was as follows:
| | Options | | | Weighted Average Exercise Price | | | Weighted Average Contractual Remaining Life (years) | |
Outstanding, December 31, 2021 | | | 7,230,068 | | | $ | 1.45 | | | | 8.27 | |
Granted | | | 315,000 | | | | 0.27 | | | | 9.69 | |
Exercised | | | - | | | | - | | | | - | |
Forfeited/Expired | | | (4,375,129 | ) | | | 1.54 | | | | - | |
Outstanding, December 31, 2022 | | | 3,169,939 | | | $ | 1.20 | | | | 8.05 | |
Granted | | | - | | | | - | | | | - | |
Exercised | | | - | | | | - | | | | - | |
Forfeited/Expired | | | - | | | | - | | | | - | |
Outstanding, March 31, 2023 | | | 3,169,939 | | | $ | 1.20 | | | | 7.80 | |
Exercisable at March 31, 2023 | | | 1,206,173 | | | $ | 1.37 | | | | 7.58 | |
Range of Exercise Price | | Number of Awards | | | Weighted Average Remaining Contractual Life (years) | | | Weighted Average Exercise Price | | | Number of Awards Exercisable | | | Weighted Average Exercise Price | |
$0.156 - $3.40 | | | 3,169,939 | | | | 7.80 | | | $ | 1.20 | | | | 1,206,173 | | | $ | 1.37 | |
| | | 3,169,939 | | | | 7.80 | | | $ | 1.20 | | | | 1,206,173 | | | $ | 1.37 | |
The aggregate intrinsic value of options outstanding and exercisable at March 31, 2023 was $0.
The aggregate grant date fair value of options granted during the three months ended March 31, 2023 and 2022 amounted to $0. Compensation expense related to stock options for the three months ended March 31, 2023 and 2022 was $95 thousand and $352 thousand, respectively.
As of March 31, 2023, the total unrecognized fair value compensation cost related to unvested stock options was $233 thousand, which is to be recognized over a remaining weighted average period of approximately 1.24 years.
Restricted Stock
Subject to the restrictions set with respect to the particular Award, a recipient of restricted stock generally shall have the rights and privileges of a stockholder, including the right to vote the restricted stock and the right to receive dividends; provided that, any cash dividends and stock dividends with respect to the restricted stock shall be withheld for the recipient’s account, and interest may be credited on the amount of the cash dividends withheld.
The Company’s restricted stock activity during the periods presented was as follows:
| | Restricted Stock Shares | | | Weighted Average Grant Date Fair Value | |
Non-vested, December 31, 2021 | | | - | | | $ | - | |
Granted | | | 971,664 | | | | 0.30 | |
Vested | | | (971,664 | ) | | | 0.30 | |
Forfeited/Expired | | | - | | | | - | |
Non-vested, December 31, 2022 | | | - | | | | - | |
Granted | | | - | | | | - | |
Vested | | | - | | | | - | |
Forfeited/Expired | | | - | | | | - | |
Non-vested, March 31, 2023 | | | - | | | $ | - | |
There was no compensation expense related to restricted shares for the three months ended March 31, 2023 and 2022.
Restricted Stock Units
The terms and conditions of a grant of RSUs shall be determined by the Board or a Board Committee. No shares of common stock shall be issued at the time a RSU is granted. A recipient of RSUs shall have no voting rights with respect to the RSUs. Upon the expiration of the restrictions applicable to a RSU, the Company will either issue to the recipient, without charge, one share of common stock per RSU or cash in an amount equal to the fair market value of one share of common stock.
The Company’s restricted stock unit activity during the periods presented was as follows:
| | Restricted Stock Units | | | Weighted Average Grant Date Fair Value | |
Outstanding, December 31, 2021 | | | 588,235 | | | $ | 0.70 | |
Granted | | | 1,351,688 | | | | 0.29 | |
Vested | | | (588,235 | ) | | | 0.70 | |
Forfeited/Expired | | | - | | | | - | |
Outstanding, December 31, 2022 | | | 1,351,688 | | | $ | 0.29 | |
Granted | | | - | | | | - | |
Vested | | | - | | | | - | |
Forfeited/Expired | | | - | | | | - | |
Outstanding, March 31, 2023 | | | 1,351,688 | | | $ | 0.29 | |
At March 31, 2023 and December 31, 2022, the Company had $131 thousand and $244 thousand, respectively, of total unrecognized compensation expense related to restricted stock units. As of March 31, 2023 and December 31, 2022, compensation will be recognized over a weighted-average period of approximately 0.34 years and 0.50 years, respectively.
Compensation expense related to restricted stock units for the three months ended March 31, 2023 and 2022 was $113 thousand and $102 thousand, respectively. All compensation expense related to restricted stock units were included in selling, general and administrative expenses.
NOTE 17 – STOCKHOLDERS’ EQUITY
Authorized Stock
The Company is authorized to issue 150,000,000 common shares with a par value of $0.001 per share.
As of March 31, 2023 and December 31, 2022, there were 71,441,801 and 71,426,801 shares of the Company’s common stock issued and outstanding, respectively.
Common Share Issuances
From January 1, 2022 to March 31, 2022, the Company issued an aggregate of 1,665,000 common stock shares including 1,192,369 shares at a price per share of $0.19, the Alternative Conversion Price (as defined in the Series B Note), in connection to the conversion of $0.2 million of the Series B Note and 472,631 shares at a price per share of $0.19, in connection to the make-whole-amounts totaling $0.2 million per the terms of the Series B Note.
From January 1, 2023 to March 31, 2023, the Company issued 15,000 common stock shares, at a price per share of $0.132 in connection to a consulting agreement. The total value of these issuances was $2 thousand.
Common Stock Issuable
In 2018, the Company entered into an amendment to extend the maturity date of a convertible promissory note. As compensation for extending the note, the Company is to issue 150,000 shares of its common stock at a price of $2.05 per share. As of the filing of this Quarterly Report, the Company has not yet issued these shares and has recorded common stock issuable of $308 thousand.
NOTE 18 – BUSINESS COMBINATION
Sera Labs Acquisition
In October 2020, the Company acquired all of the issued and outstanding stock of Sera Labs in exchange for consideration of, subject to customary adjustments, an aggregate of approximately (i) $1.0 million in cash and (ii) 5,014,868 shares of the Company’s common stock. Pursuant to the Sera Labs Merger Agreement, Sera Labs security holders are also entitled to receive up to an additional 5,988,024 shares of the Company’s common stock (the “Clawback Shares”) based on the achievement of certain sales and gross margin milestones. On August 11, 2022, the Board agreed to extend the period in which the Clawback Shares may be earned to December 31, 2024.
The acquisition was accounted for in accordance with ASC 805. The issuance of the Clawback Shares is subject to a variety of earn-out and milestone provisions thus they are considered contingent shares based on the achievement of certain sales and gross margin milestones.
The following table presents the change in fair value of contingent stock consideration for the three months ended March 31, 2023 (in thousands):
(Dollars in thousands) | | Fair Value of Contingent Stock Consideration | |
Fair value at December 31, 2022 | | $ | 860 | |
Change in fair value of contingent stock consideration | | | 44 | |
Fair value at March 31, 2023 | | $ | 904 | |
NOTE 19 – COMMITMENTS AND CONTINGENCIES
Litigation
From time to time, we may become involved in various lawsuits and legal proceedings that arise in the ordinary course of business. However, litigation is subject to inherent uncertainties, and an adverse result in these or other matters may arise from time to time that may harm our business.
On April 12, 2022, the Company filed a civil action in the California Superior Court against the Investor referenced in Note 14, alleging that the investor entered into the Purchase Agreement as an unregistered securities dealer and unlicensed finance lender in violation of California law. The Company’s complaint seeks rescission of the Purchase Agreement, damages, attorneys’ fees and other relief. The Investor responded to the complaint by filing a demurrer/motion to dismiss and on August 31, 2022, the Company and Investor entered into a stipulation to stay the litigation for 30 days and allow the parties to engage in further settlement discussions. The matter was unable to be resolved within the 30 days, and, pursuant to the Stipulation, the Company refiled its action in New York where a New York court will be required to apply California law to our causes of action for rescission and unfair competition. On November 18, 2022, the Company filed an amended complaint alleging six additional causes of action, including fraud, breach of contract and unfair competition. The Investor responded to the New York amended complaint by filing a motion to dismiss and on February 3, 2023, the Company filed its opposition response to the Investor’s motion to dismiss. As of the filing date of this Quarterly Annual Report, the Investor has not filed a response to our opposition to their motion to dismiss. Settlement discussions between the parties are ongoing.
Tax Filings
The Company tax filings are subject to audit by taxing authorities in jurisdictions where it conducts business. These audits may result in assessments of additional taxes that are subsequently resolved with the authorities or potentially through the courts. As of March 31, 2023, the Company is not subject to any such audits.
Employment Contracts
The Company has entered into employment agreements with two executive officers. Under the provisions of the contracts, the Company may be required to incur severance obligations for matters relating to changes in control, as defined, and certain terminations of executives. As of March 31, 2023, the Company had no such severance obligations, in accordance with the severance benefit provisions of the respective employment agreements.
Indemnification
In the normal course of business, the Company may provide indemnification of varying scope under the Company’s agreements with other companies or consultants, suppliers and others. Pursuant to these agreements, the Company will generally agree to indemnify, hold harmless, and reimburse the indemnified parties for losses and expenses suffered or incurred by the indemnified parties arising from claims of third parties in connection with the use of the Company’s products. Indemnification provisions could also cover third party infringement claims with respect to patent rights, copyrights, or other intellectual property pertaining to the Company’s products. The Company’s office lease also will generally contain indemnification obligations, including obligations for indemnification of the lessor for environmental law matters and injuries to persons or property of others, arising from the Company’s use or occupancy of the leased property. The term of these indemnification agreements will generally continue in effect after the termination or expiration of the particular services, lease, or license agreement to which they relate. Historically, the Company has not been subject to any claims or demands for indemnification. The Company also maintains various liability insurance policies that limit the Company’s financial exposure. As a result, the Company management believes that the fair value of these indemnification agreements is minimal. Accordingly, the Company has not recorded any liabilities for these agreements as of March 31, 2023 and December 31, 2022.
Operating leases
The Company currently maintains its corporate offices at 5805 Sepulveda Boulevard, Suite 801, Sherman Oaks, CA 91411. The lease agreement (the “Lease”), which expires on April 30, 2024, contains an option to extend the lease for an additional 36 months and the Company will reassess the lease term of the contract when it has determined it is reasonably certain to exercise the option. The Lease provides for the payment of base monthly rent in the amount of $10 thousand during the first 12 months of the term with annual increases, over the base monthly rent then in effect, of 3%.
Total rent expense was $34 thousand and $33 thousand for the three months ended March 31, 2023 and 2022, respectively.
The Company classified the Lease as an operating lease in accordance with ASC 842, “Lease Accounting,” and has recognized a right-of-use asset and a lease liability based on the present values of its lease payments over its respective lease term. The Company used the services of a valuation company to compute the incremental borrowing rate (“IBR”) which is necessary to determine the present value of its lease payments since a borrowing rate is not explicitly available in the lease agreement. The concluded IBR is 11.30%. Operating lease payments and lease expense are recognized on a straight-line basis over the lease term.
As of March 31, 2023, the current portion and long-term portion of operating lease liability is $130 thousand and $11 thousand, respectively.
The future payments due under the operating lease as of March 31, 2023 are as follows (in thousands):
Years | | | |
2023 (remaining) | | $ | 102 | |
2024 | | | 46 | |
Undiscounted cash flow | | | 148 | |
Effects of discounting | | | (7 | ) |
Lease liabilities recognized | | $ | 141 | |
Operating leases
The following table presents supplemental balance sheet information related to operating and financing leases as of March 31, 2023 and December 31, 2022 (in thousands, except lease term and discount rate):
| | March 31, 2023 | | | December 31, 2022 | |
Operating leases | | | | | | |
Right-of-use assets, net | | $ | 134 | | | $ | 160 | |
| | | | | | | | |
Right-of-use lease liabilities, current | | $ | 130 | | | $ | 124 | |
Right-of-use lease liabilities, noncurrent | | | 11 | | | | 46 | |
Total operating lease liabilities | | $ | 141 | | | $ | 170 | |
| | | | | | | | |
Weighted average remaining lease term | | | | | | | | |
Operating leases | | 1.03 years | | | 1.29 years | |
| | | | | | | | |
Weighted average discount rate | | | | | | | | |
Operating leases | | | 11.30 | % | | | 11.30 | % |
NOTE 20 – SUBSEQUENT EVENTS
The Company has evaluated subsequent events were evaluated through the filing date of this Quarterly Report, July 28, 2023, and there are no subsequent events that would have required adjustment or disclosure in the unaudited condensed consolidated financial statements.
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The following discussion and analysis should be read in conjunction with our unaudited condensed consolidated financial statements and notes thereto included in this Quarterly Report, as well as the audited consolidated financial statements and the notes thereto, and the discussion under “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Business” included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022, as filed with the SEC on July 28, 2023 (our “2022 Annual Report”).
Overview
Avenir Wellness Solutions, Inc. (“Avenir”) and its wholly-owned subsidiaries including The Sera Labs, Inc. (“Sera Labs”) (collectively the “Company,” “we,” “our,” “us,” or “Avenir”) is a broad platform technology company focusing on the development and manufacturing of nutraceutical formulation and delivery technologies in novel dosage forms to improve safety, efficacy and enhance wellness. Our mission is to improve lives by redefining how active ingredients are delivered and experienced. Our primary business model is to develop wellness products using our proprietary technology and may grant product rights to third parties responsible for marketing, sales and distribution, while retaining exclusive rights to produce and market, sell and distribute branded health, wellness, and beauty products through Sera Labs.
We focus on evidence-based wellness products that are differentiated by using proprietary and/or proven active ingredients that we formulate for greater stability, overall quality and increased bioavailability. Wellness and beauty products can be cosmetics, over-the-counter or dietary supplements which do not require U.S. Food and Drug Administration (“FDA”) approval but do require following all good manufacturing practices (“GMPs”). Thus, they are less costly and faster to launch in the marketplace than pharmaceutical products.
Key Factors Affecting our Performance
As a result of a number of factors, our historical results of operations may not be comparable to our results of operations in future periods, and our results of operations may not be directly comparable from period to period. Set forth below is a brief discussion of the key factors impacting our results of operations.
Known Trends and Uncertainties
Inflation
The U.S. economy is experiencing the highest rates of inflation since the 1980s. Historically, we have not experienced significant inflation risk in our business. However, our ability to raise our product prices depends on market conditions and there may be periods during which we are unable to fully recover increases in our costs. In addition, the global economy suffers from slowing growth and rising interest rates, and many economists believe that a global recession may begin in the near future. If the global economy slows, our business would likely be adversely affected.
Geopolitical Conditions
In February 2022, Russia initiated significant military action against Ukraine. In response, the U.S. and certain other countries imposed significant sanctions and export controls against Russia, Belarus and certain individuals and entities connected to Russian or Belarusian political, business, and financial organizations, and the U.S. and certain other countries could impose further sanctions, trade restrictions, and other retaliatory actions should the conflict continue or worsen. It is not possible to predict the broader consequences of the conflict, including related geopolitical tensions, and the measures and retaliatory actions taken by the U.S. and other countries in respect thereof as well as any counter measures or retaliatory actions by Russia or Belarus in response, including, for example, potential cyberattacks, is likely to cause regional instability, geopolitical shifts, and could materially adversely affect global trade, currency exchange rates, regional economies and the global economy. The situation remains uncertain, and while it is difficult to predict the impact of any of the foregoing, the conflict and actions taken in response to the conflict could increase our costs, reduce our sales and earnings, impair our ability to raise additional capital when needed on acceptable terms, if at all, or otherwise adversely affect our business, financial condition, and results of operations.
Supply Chain
Global business interruptions may adversely impact our third-party relationships whom we rely upon in our business as well as manufacturers, suppliers, and makers of raw materials. If any such parties are adversely impacted by supply chain restrictions, or if they cannot obtain the necessary supplies, or if such third parties need to prioritize other products or customers over us, we may experience delays or disruptions in our supply chain, which could have a material and adverse impact on our business.
Seasonality
Our business could be affected by seasonal variations. However, taken as a whole, seasonality does not have a material impact on our financial results.
RESULTS OF OPERATIONS
The following discussion for our results of operations does not include the loss from our discontinued operations which was $0 and $3.6 million for the three months ended March 31, 2023 and 2022, respectively. The significant component of the loss from discontinued operations was the charge to income for the impairment of goodwill amounting to $2.7 million for the three months ended March 31, 2022.
Comparison of the Three Months Ended March 31, 2023 and 2022
Revenue
Revenue for the three months ended March 31, 2023 was approximately $1.2 million as compared to approximately $1.1 million for the three months ended March 31, 2022. The increase in revenue was mainly due to the promotion of Sera Labs products resulting in an increase in unit sales of our product in our direct to consumer (“DTC”) channel of distribution when compared to the previous period. However, the increase was offset in part by a reduction in unit sales of our product in our wholesale sales channel due to inability to match the launch quantities in the first quarter of 2022.
Cost of Goods Sold
Cost of goods sold was $261 thousand, or 21.1% of net sales, in the three months ended March 31, 2023 compared to $337 thousand, or 31.3% of net sales, in the three months ended March 31, 2022. Cost of goods sold decreased by $76 thousand during the three months ended March 31, 2023 compared to the three months ended March 31, 2022 primarily due to the increase in DTC sales, with higher gross margins, versus wholesale sales, with lower gross margins.
Selling, General and Administrative Expenses
Our expenses for the three months ended March 31, 2023 are summarized as follows in comparison to our expenses for the three months ended March 31, 2022 (in thousands):
| | Three Months Ended | |
| | March 31, 2023 | | | March 31, 2022 | |
| | | | | | |
Marketing and advertising | | $ | 780 | | | $ | 335 | |
Salaries and wages | | | 498 | | | | 320 | |
Selling, general and administrative | | | 738 | | | | 1,296 | |
Professional services and investor relations | | | 390 | | | | 304 | |
Non-cash compensation | | | 211 | | | | 472 | |
Total selling, general and administrative expenses | | $ | 2,617 | | | $ | 2,727 | |
Marketing and Advertising
Marketing and advertising increased by $445 thousand for the three months ended March 31, 2023 as compared to the three months ended March 31, 2022. The increase is primarily due to the increased use of affiliates marketers to market and sell our products in the DTC channel of distribution.
Salaries and Wages
Salaries and wages increased by $178 thousand during the three months ended March 31, 2023 as compared to the three months ended March 31, 2022, respectively. This was primarily due to the increase in the number of employees during the 2023 period when compared to the same period in 2022.
Selling, General and Administrative
Selling, general and administrative decreased by $558 thousand for the three months ended March 31, 2023 as compared to the three months ended March 31, 2022. The decrease is due to a $571 thousand reduction in depreciation and amortization due to the non-compete agreements being fully amortized as of September 30, 2022, the write off of the customer relationships as of June 30, 2022, and the write off of trade name as of December 31, 2022, offset in part by an increase in merchant account fees due to the increase in DTC sales.
Professional Services and Investor Relations
Professional services and investor relations increased by $86 thousand for the three months ended March 31, 2023 as compared to the three months ended March 31, 2022. This was primarily due to us using a new investor relations firm to help increase our awareness with potential a new investor base.
Non-cash Compensation
Non-cash compensation decreased by $261 thousand for the three months ended March 31, 2023 as compared to the three months ended March 31, 2022. This was primarily due to us recording the fair value of a decreased number of vested stock options, restricted stock awards and restricted stock units issued from our 2017 Equity Plan during the three months ended March 31, 2023 as compared to the same period in 2022.
Change in Fair Value Contingent Stock Consideration
The change in fair value contingent stock consideration increased by $890 thousand for the three months ended March 31, 2023 as compared the three months ended March 31, 2022. The change in fair value of contingent stock consideration during the three months ended March 31, 2023 was based on the extension of the Sera Labs earnout period and a change in the probability percentages of achieving the milestones which was different compared to the probability percentages estimates used in the same period in 2022.
Impairment of Intangibles
No impairment losses were recognized for the three months ended March 31, 2023, and for the three months ended March 31, 2022, $2.7 million was charged to impairment of goodwill and included in the disposal group loss.
Other Income/(Expense)
| | For the Three Months Ended | |
| | March 31, 2023 | | | March 31, 2022 | |
(in thousands) | | | | | | |
Interest income | | $ | 17 | | | $ | 2 | |
Gain from settlement | | | - | | | | 82 | |
Change in fair value of convertible promissory notes | | | 1,472 | | | | (280 | ) |
Interest expense | | | (14 | ) | | | (218 | ) |
Total other income (expense), net | | $ | 1,475 | | | $ | (414 | ) |
Other income/(expense) increased by $1.9 million during the three months ended March 31, 2023 as compared to the three months ended March 31, 2022. This was primarily due to (i) an increase in the change in fair value of convertible promissory notes of $1.8 million during the three months ended March 31, 2023, (ii) increased interest income of $15 thousand due to the note receivable received in the Asset Sale in July 2022, (iii) a decrease in interest expense of $204 thousand due to lower amount of notes payable outstanding resulting from the repayment of notes payable in 2022, and (iv) the non-recurring gain settlement of $82 thousand in 2022.
LIQUIDITY AND CAPITAL RESOURCES; GOING CONCERN
We had net cash used by operating activities for the three-month period ended March 31, 2023 of $1.4 million, and as of March 31, 2023, we had a cash balance of $1.4 million and an accumulated deficit of $120.2 million. The accompanying consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. We believe our current cash balance coupled with anticipated cash flow from operating activities will not be sufficient to meet our working capital requirements for at least the next twelve months. We cannot give assurance that we can increase our cash balances or limit our cash consumption and thus maintain sufficient cash balances for our planned operations or future acquisitions. Future business demands may lead to cash utilization at levels greater than recently experienced. We may need to raise additional capital in the future. However, we cannot assure that we will be able to raise additional capital on acceptable terms, or at all. To date, we have funded our operations through cash generated from our product sales, issuance of common stock and promissory notes.
We plan to use our cash within the twelve months from March 31, 2023 and beyond for working capital and other general corporate purposes including the development and procurement of product and for marketing and promoting our products and brands in furtherance of our strategic plan.
As of March 31, 2023 and December 31, 2022
Working Capital Deficit (in thousands)
| | March 31, 2023 | | | December 31, 2022 | |
Current assets | | $ | 4,274 | | | $ | 5,928 | |
Current liabilities | | | (12,289 | ) | | | (13,913 | ) |
Working capital (deficiency) | | $ | (8,015 | ) | | $ | (7,985 | ) |
Working capital deficit as of March 31, 2023 was approximately $8.0 million, comparable to the working capital deficit as of December 31, 2022. As of March 31, 2023, current assets were approximately $4.3 million, comprised primarily of (i) cash of approximately $1.4 million, (ii) accounts receivable, net of $114 thousand, (iii) inventory, net of $301 thousand, (iv) prepaid expenses and other assets of $212 thousand and (v) current notes receivable of $2.0 million. As of December 31, 2022, current assets were approximately $5.9 million, comprised primarily of (i) cash of approximately $2.9 million, (ii) accounts receivable, net of $232 thousand, (iii) inventory, net of $145 thousand, (iv) prepaid expenses and other assets of $441 thousand and (v) current notes receivable of $2.0 million.
As of March 31, 2023, current liabilities were approximately $12.3 million, comprised primarily of (i) approximately $8.4 million in loans, convertible notes payable and fair value of convertible promissory notes (ii) $1.1 million in accounts payable; (iii) $1.4 million in accrued expenses, (iv) $130 thousand of operating lease payables, (v) contingent stock consideration of $904 thousand, and (vi) contract liabilities of approximately $388 thousand. Comparatively, as of December 31, 2022, current liabilities were approximately $13.9 million, comprised primarily of (i) approximately $9.9 million in loans, convertible notes payable and fair value of convertible promissory notes, (ii) $1.1 million in accounts payable; (iii) $388 thousand in contract liabilities, (iv) approximately $1.6 million in accrued expenses, (v) $124 thousand of operating lease payables, and (vi) contingent stock consideration of $860 thousand.
Net Cash(in thousands)
| | For the Three months Ended | |
| | March 31, 2023 | | | March 31, 2022 | |
Net cash used in operating activities | | $ | (1,405 | ) | | $ | (5,184 | ) |
Net cash provided by (used in) investing activities | | | (35 | ) | | | - | |
Net cash provided by (used in) financing activities | | | (63 | ) | | | 5,699 | |
Net increase (decrease) in cash | | $ | (1,503 | ) | | $ | 515 | |
Net cash used in Operating Activities
Net cash used in operating activities was approximately $1.4 million during the three months ended March 31, 2023. This was primarily due to the net loss from continuing operations of $209 thousand adjusted for the non-cash gain related to the decrease in fair value of convertible promissory notes of approximately $1.5 million, offset in part by the non-cash charges related to the fair value of vested stock options and restricted stock of $209 thousand.
Comparatively, net cash used in operating activities was approximately $5.2 million during the three months ended March 31, 2022. This was primarily due to the net loss from continuing operations of approximately $1.6 million and the loss from disposal group of approximately $3.6 million, which included the change in fair value of contingent share consideration of $846 thousand and the decrease in accrued expenses of $678 thousand, offset in part by non-cash charges for (i) the fair value of vested stock options and restricted stock of $455 thousand, and (ii) depreciation and amortization of $584 thousand.
Net cash provided by (used in) Investing Activities
Net cash used by investing activities of $35 thousand during the three months ended March 31, 2023 was due to the purchase of intangible assets. Comparatively, there was no cash provided by or used in investing activities during the three months ended March 31, 2022.
Net cash provided by (used in) Financing Activities
Net cash used in financing activities of $63 thousand during the three months ended March 31, 2023 was due to the repayment of notes payable of $63 thousand. Correspondingly, net cash provided by financing activities of approximately $5.7 million during the three months ended March 31, 2022 was primarily due to (i) proceeds from notes payable of $2.3 million, and (ii) proceeds from notes payable – disposal group in the amount of $3.4 million.
The total consideration received in connection with the Asset Sale on July 22, 2022 was $20.0 million, which consisted of (i) the cancellation of indebtedness owed by us to the Buyer in the amount of $4.15 million, (ii) a $2.0 million payable in the form of a secured promissory note due July 22, 2023 which bears interest at 2.37% per annum, and (iii) the remainder of $13.85 million in cash.. A portion of the net proceeds from the sale was used to pay down debt and related accrued interest ($5.6 million) and the balance is available for working capital and other general corporate purposes including the development and procurement of product and for marketing and promoting our products and brands in furtherance of our strategic plan.
In the event that such working capital is insufficient, we may need to raise additional operating capital in the remainder of calendar year 2023 in order to maintain our operations and to realize our strategic plan. Without additional sources of cash and/or the deferral, reduction, or elimination of significant planned expenditures, we may not have the cash resources to continue as a going concern thereafter.
CRITICAL ACCOUNTING POLICIES
The preparation of financial statements in conformity with GAAP requires estimates and assumptions that affect the reported amounts of assets and liabilities, revenue and expenses, and related disclosures of contingent assets and liabilities in the financial statements and accompanying notes. The SEC has defined a company’s critical accounting policies as the ones that are most important to the portrayal of the company’s financial condition and results of operations, and which require the company to make its most difficult and subjective judgments, often as a result of the need to make estimates of matters that are inherently uncertain. We also have other key accounting policies, which involve the use of estimates, judgments, and assumptions that are significant to understanding our results. Although we believe that our estimates, assumptions, and judgments are reasonable, they are based upon information presently available. Actual results may differ significantly from these estimates under different assumptions, judgments, or conditions.
Our 2022 Annual Report contains additional information regarding the critical accounting policies that affect our more significant estimates and judgments used in the preparation of our condensed consolidated financial statements included in this Quarterly Report. There have been no material changes to these policies reported in our 2022 Annual Report. Please refer to “Note 2 – Summary of Significant Accounting Policies” of the notes to condensed consolidated financial statements included in this Quarterly Report on Form 10-Q for information regarding recently adopted accounting standards.
OFF-BALANCE SHEET ARRANGEMENTS
As of the date of this Quarterly Report on Form 10-Q, we do not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenue or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to investors.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.
Information for this Item is not required as we are a “smaller reporting company” as defined in Rule 12b-2 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”).
ITEM 4. CONTROLS AND PROCEDURES
Evaluation of Disclosure Controls and Procedures
Disclosure controls and procedures (as defined in Rules 13a-15(f) and 15d-15(f)) of the Exchange Act are designed to ensure that: (1) information required to be disclosed in reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms; and (2) such information is accumulated and communicated to management, including the principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosures. There can be no assurance that our disclosure controls and procedures will detect or uncover all failures of persons within our Company and our consolidated subsidiaries to disclose material information otherwise required to be set forth in our periodic reports. There are inherent limitations to the effectiveness of any system of disclosure controls and procedures, including the possibility of human error and the circumvention or overriding of controls and procedures. Accordingly, even effective disclosure controls and procedures can only provide reasonable assurance of achieving their control objectives.
Our management, with the participation of our Principal Executive Officer and Principal Financial Officer, assessed the effectiveness of our internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) as of March 31, 2023, the end of the period covered by this Quarterly Report on Form 10-Q. Based on this assessment, management, including our Principal Executive Officer and Principal Financial Officer, concluded that as of March 31, 2023, we did not maintain effective internal controls over financial reporting as a result of the identified material weakness in our internal control over financial reporting described below. In making this assessment, management used the framework set forth in the report entitled Internal Control--Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”). The COSO framework summarizes each of the components of a company’s internal control system, including (i) the control environment, (ii) risk assessment, (iii) control activities, (iv) information and communication, and (v) monitoring.
Identified Material Weakness
A material weakness in our internal control over financial reporting is a control deficiency, or combination of control deficiencies, that results in more than a remote likelihood that a material misstatement or the financial statements will not be prevented or detected. Management identified the segregation of duties as a material weakness during its assessment of internal controls over financial reporting as of March 31, 2023. Management has been implementing and continues to implement measures designed to ensure that control deficiencies contributing to the material weaknesses are remediated, such that these controls are designed, implemented, and operating effectively. The remediation actions planned include:
| · | re-design of our accounting processes and control procedures; and |
| | |
| · | identify gaps in our skills base and the expertise of our staff required to meet the financial reporting requirements of a public company. |
During the fiscal year ended December 31, 2022, we continued to execute upon our planned remediation actions which are all intended to strengthen our overall control environment.
The following are the primary remediation efforts made by us:
| · | prepare accounting memos relating to the debt issuances made by us during 2022 and 2021 which include derivative and warrants; |
| | |
| · | review fair value of convertible promissory notes in relation to the Series A and B Notes; |
| | |
| · | review of impairment of long-lived assets including goodwill and intangibles; and |
| | |
| · | review periodic reports to ensure the appropriate disclosures are made within the SEC filed documents. |
Additionally, management has engaged a professional services firm with expertise in internal controls. In order to remediate the material weaknesses described above, management has initiated compensating controls in the near term and is enhancing and revising the design of existing controls and procedures to properly account for significant and unusual transactions. After several meetings between the consultants and key accounting personnel the following actions were completed:
| · | adoption of COSO; |
| | |
| · | SOX risk assessment memo; |
| | |
| · | entity level COSO mapping; and |
| | |
| · | SOX control narratives for financial reporting as well as other processes. |
While we believe these additions have addressed our lack of segregation of duties, due to the timing of the events, they were not able to mitigate the material weakness for the three-month period ended March 31, 2023. We are committed to maintaining a strong internal control environment and believe that these remediation efforts will represent significant improvements in our control environment. Our management will continue to monitor and evaluate the relevance of our risk-based approach and the effectiveness of our internal controls and procedures over financial reporting on an ongoing basis and is committed to taking further action and implementing additional enhancements or improvements, as necessary and as funds allow.
Changes in Internal Control Over Financial Reporting
There were no changes in our internal controls over financial reporting during the fiscal quarter ended March 31, 2023 that materially affected, or is reasonably likely to have a material effect, on our internal control over financial reporting.
PART II. OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
From time to time, we may be involved in litigation relating to claims arising out of our operations in the normal course of business. We currently are not a party to any legal proceedings, the adverse outcome of which, in management’s opinion, individually or in the aggregate, would have a material adverse effect on our results of operations, financial position or cash flows. Regardless of the outcome, any litigation could have an adverse impact on us due to defense and settlement costs, diversion of management resources and other factors.
The information contained in “Note 19 – Commitments and Contingencies” of the Notes to Condensed Consolidated Financial Statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q is incorporated by reference into this Item 1. Except as set forth therein, there have been no new material legal proceedings and no material developments in the legal proceedings reported in our 2022 Annual Report on Form 10-K.
ITEM 1A. RISK FACTORS
We operate in a rapidly changing environment that involves a number of risks that could materially affect our business, financial condition or future results, some of which are beyond our control. The occurrence of any of these risks could harm our business, financial condition, results of operations and/or growth prospects or cause our actual results to differ materially from those contained in forward-looking statements we have made in this report and those we may make from time to time. In evaluating the Company and its business, you should carefully consider the information included in this Quarterly Report on Form 10-Q and the factors discussed under Part I, Item 1A “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022 filed with the SEC on July 28, 2023, as well as in other documents we file with the SEC.
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
None.
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
None.
ITEM 4. MINE SAFETY DISCLOSURE
Not applicable.
ITEM 5. OTHER INFORMATION
Subsequent Events
On May 16, 2023, we were notified by the OTC Markets Group Inc. (the “OTC Markets Group”) that our common stock, par value $0.001 per share, would be moved from the OTC Market Group’s OTCQB market (the “OTCQB”) to the OTC Pink Market, effective May 17, 2023, because we did not timely file our Annual Report on Form 10-K for the fiscal year ended December 31, 2022 (the “Form 10-K”), failing to comply with our ongoing disclosure obligations outlined in Section 2.2(2) of the OTCQB Standards.
On July 10, 2023, we were notified by the OTC Markets Group that our common stock, par value $0.001 per share, would be moved from the OTC Pink Market to the OTC Expert Market, an illiquid market, and will remain there until the Form 10-K and our Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2023 (this “Form 10-Q”) are completed and we are reinstated to the OTC Pink Market. The Form 10-K was filed on July 28, 2023 and with the filing of this Form 10-Q we will immediately apply for reinstatement to the OTC Pink Market.
We intend to reapply to move our common stock back to the OTCQB after we have been reinstated to the OTC Pink Market.
ITEM 6. EXHIBITS
_____________
# The information in Exhibits 32.1 and 32.2 shall not be deemed “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act or the Exchange Act (including this Quarterly Report on Form 10-Q), unless the Registrant specifically incorporates the foregoing information into those documents by reference.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.
| AVENIR WELLNESS SOLUTIONS, INC. | |
| | | |
Dated: July 28, 2023 | By: | /s/ Nancy Duitch | |
| | Nancy Duitch | |
| | Chief Executive Officer | |
Dated: July 28, 2023 | By: | /s/ Joel Bennett | |
| | Joel Bennett | |
| | Chief Financial Officer | |
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Condensed Consolidated Balance Sheets - USD ($) $ in Thousands |
Mar. 31, 2023 |
Dec. 31, 2022 |
Current assets: |
|
|
Cash |
$ 1,440
|
$ 2,943
|
Accounts receivable, net |
114
|
232
|
Inventory, net |
301
|
145
|
Prepaid expenses and other current assets |
212
|
441
|
Notes receivable - current |
2,000
|
2,000
|
Due from related party |
207
|
167
|
Total current assets |
4,274
|
5,928
|
Property and equipment, net |
3
|
4
|
Operating lease right-of-use assets, net |
134
|
160
|
Investments, net |
411
|
411
|
Patents and other intangibles, net |
339
|
315
|
Other assets |
36
|
36
|
Total assets |
5,197
|
6,854
|
Current liabilities: |
|
|
Accounts payable |
1,064
|
1,065
|
Accrued expenses |
1,447
|
1,585
|
Operating lease payable |
130
|
124
|
Loans payable |
98
|
161
|
Convertible promissory notes |
550
|
550
|
Fair value of convertible promissory notes |
7,708
|
9,180
|
Contract liabilities |
388
|
388
|
Contingent stock consideration |
904
|
860
|
Total current liabilities |
12,289
|
13,913
|
Operating lease payable |
11
|
46
|
Total liabilities |
12,300
|
13,959
|
Stockholders' equity (deficit): |
|
|
Common stock: $0.001 par value; authorized 150,000,000 shares; 71,441,801 and 71,426,801 shares issued and outstanding as of March 31, 2023 and December 31, 2022, respectively |
71
|
71
|
Additional paid-in capital |
112,682
|
112,471
|
Common stock issuable |
308
|
308
|
Accumulated deficit |
(120,164)
|
(119,955)
|
Total stockholders' equity (deficit) |
(7,103)
|
(7,105)
|
Total liabilities and stockholders' equity (deficit) |
$ 5,197
|
$ 6,854
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v3.23.2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares
|
Mar. 31, 2023 |
Dec. 31, 2022 |
Condensed Consolidated Balance Sheets |
|
|
Common stock, shares par value |
$ 0.001
|
$ 0.001
|
Common stock, shares authorized |
150,000,000
|
150,000,000
|
Common stock, shares issued |
71,441,801
|
71,426,801
|
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71,441,801
|
71,426,801
|
X |
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v3.23.2
Unaudited Condensed Consolidated Statements of Operations - USD ($) $ in Thousands |
3 Months Ended |
Mar. 31, 2023 |
Mar. 31, 2022 |
Revenue: |
|
|
Product sales and shipping revenue, net of discounts, allowances and refunds |
$ 1,238
|
$ 1,076
|
Cost of goods sold |
261
|
337
|
Gross profit |
977
|
739
|
Operating expenses: |
|
|
Selling, general and administrative expenses |
2,617
|
2,727
|
Change in fair value of contingent stock consideration |
44
|
(846)
|
Total operating expenses |
2,661
|
1,881
|
Net operating loss before other income (expense) |
(1,684)
|
(1,142)
|
Interest income |
17
|
2
|
Gain from settlement |
0
|
82
|
Change in fair value of convertible promissory notes |
1,472
|
(280)
|
Interest expense |
(14)
|
(218)
|
Total other income (expense) |
1,475
|
(414)
|
Net loss before income taxes |
(209)
|
(1,556)
|
Provision for income taxes expense |
0
|
0
|
Loss from continuing operations |
(209)
|
(1,556)
|
Disposal group: |
|
|
Loss before provision for income taxes |
0
|
(3,595)
|
Other income (expense): |
|
|
Provision for income taxes |
0
|
0
|
Loss from disposal group |
0
|
(3,595)
|
Net loss |
$ (209)
|
$ (5,151)
|
Continuing operations |
$ (0.00)
|
$ (0.02)
|
Disposal group |
0
|
(0.05)
|
Net loss per share, basic and diluted |
$ (0.00)
|
$ (0.07)
|
Weighted average common shares outstanding: |
|
|
Basic and diluted |
71,431,468
|
68,849,400
|
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v3.23.2
Unaudited Consolidated Statements of Stockholders' Equity (deficit) - USD ($) $ in Thousands |
Total |
Common Stock |
Additional Paid-In Capital |
Common Stock Issuable |
Retained Earnings (Accumulated Deficit) |
Balance, shares at Dec. 31, 2021 |
|
68,201,900
|
|
|
|
Balance, amount at Dec. 31, 2021 |
$ 16,112
|
$ 69
|
$ 110,146
|
$ 343
|
$ (94,446)
|
Issuance of common stock for professional services,Amount |
17
|
$ 0
|
0
|
17
|
0
|
Issuance of common stock from conversion of convertible promissory notes, shares |
|
1,665,000
|
|
|
|
Issuance of common stock from conversion of convertible promissory notes, amount |
666
|
$ 2
|
664
|
0
|
0
|
Fair value of stock options granted |
352
|
0
|
352
|
0
|
0
|
Fair value of restricted stock units granted |
103
|
0
|
103
|
0
|
0
|
Net loss |
(5,151)
|
0
|
0
|
0
|
(5,151)
|
Balance, amount at Mar. 31, 2022 |
12,099
|
$ 71
|
111,265
|
360
|
(99,597)
|
Balance, shares at Mar. 31, 2022 |
|
69,866,900
|
|
|
|
Balance, shares at Dec. 31, 2022 |
|
71,426,801
|
|
|
|
Balance, amount at Dec. 31, 2022 |
(7,105)
|
$ 71
|
112,471
|
308
|
(119,955)
|
Issuance of common stock for professional services, shares |
|
15,000
|
|
|
|
Issuance of common stock for professional services,Amount |
2
|
$ 0
|
2
|
|
|
Fair value of stock options granted |
96
|
|
96
|
|
|
Fair value of restricted stock units granted |
113
|
|
113
|
|
|
Net loss |
(209)
|
|
|
|
(209)
|
Balance, amount at Mar. 31, 2023 |
$ (7,103)
|
$ 71
|
$ 112,682
|
$ 308
|
$ (120,164)
|
Balance, shares at Mar. 31, 2023 |
|
71,441,801
|
|
|
|
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v3.23.2
Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands |
3 Months Ended |
Mar. 31, 2023 |
Mar. 31, 2022 |
Unaudited Condensed Consolidated Statements of Cash Flows |
|
|
Loss from continuing operations |
$ (209)
|
$ (1,556)
|
Loss from disposal group |
0
|
(3,595)
|
Net loss |
(209)
|
(5,151)
|
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
Stock-based compensation - services |
2
|
17
|
Gain from extinguishment of debt |
0
|
(82)
|
Change in fair value of contingent stock consideration |
44
|
(846)
|
Change in fair value of convertible promissory notes |
(1,472)
|
280
|
Depreciation and amortization |
12
|
584
|
Amortization of right of use asset |
26
|
23
|
Inventory reserve for obsolescence |
37
|
(12)
|
Fair value of vested stock options and restricted stock |
209
|
455
|
Changes in operating assets and liabilities: |
|
|
Accounts receivable |
118
|
(112)
|
Inventory |
(193)
|
(17)
|
Prepaid expenses and other current assets |
229
|
175
|
Due from related party |
(40)
|
0
|
Accounts payable |
(1)
|
358
|
Accrued expenses |
(138)
|
(678)
|
Operating lease payable |
(29)
|
(25)
|
Contract liabilities |
0
|
(15)
|
Assets and liabilities held for sale |
0
|
(138)
|
Cash (used in) operating activities |
(1,405)
|
(5,184)
|
Cash flows from investing activities: |
|
|
Purchase of intangible assets |
(35)
|
|
Cash provided by (used in) investing activities |
(35)
|
0
|
Cash flows from financing activities: |
|
|
Proceeds from notes payable |
0
|
2,252
|
Proceeds from notes payable - disposal group |
0
|
3,350
|
Proceeds from related party payable |
0
|
190
|
Repayment of loans payable |
(63)
|
(93)
|
Cash provided by (used in) financing activities |
(63)
|
5,699
|
Net increase (decrease) in cash and cash equivalents |
(1,503)
|
515
|
Cash and cash equivalents, beginning of year |
2,943
|
16
|
Cash and cash equivalents, end of period |
1,440
|
531
|
Cash paid for interest and income taxes: |
|
|
Interest |
3
|
42
|
Income taxes |
0
|
0
|
Non-cash investing and financing activities: |
|
|
Common stock issued for conversion of promissory notes and accrued interest |
0
|
666
|
Reclassification of accrued expense to related party payable |
$ 0
|
$ 42
|
X |
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v3.23.2
ORGANIZATION AND DESCRIPTION OF BUSINESS
|
3 Months Ended |
Mar. 31, 2023 |
ORGANIZATION AND DESCRIPTION OF BUSINESS |
|
ORGANIZATION AND DESCRIPTION OF BUSINESS |
NOTE 1 – ORGANIZATION AND DESCRIPTION OF BUSINESS Business Operations Avenir Wellness Solutions, Inc. (“Avenir”) is a broad platform technology company focusing on the development of nutraceutical formulation and delivery technologies in novel dosage forms to improve efficacy and enhance wellness. Our mission is to improve lives by redefining how active ingredients are delivered and experienced. Our primary business model is to develop health, wellness and beauty products using our proprietary formulations and technology as well as incubate new technologies for commercial exploitation through product development of new products to be sold under existing or new proprietary brands and the licensing and/or sale of the rights to such technologies to third parties for their use. Development may include conducting clinical trials for substantiation of efficacy of our products. Our wholly-owned subsidiary The Sera Labs, Inc. (“Sera Labs”) is engaged in the development, production and sale of the Company’s products and is a trusted leader in the health, wellness, and beauty sectors with innovative products containing cutting edge technology and superior ingredients. Sera Labs creates high quality products that use science-backed, proprietary oral and topical formulations. We focus on evidence-based wellness products that are differentiated by using proprietary and/or proven active ingredients that we formulate for greater stability, overall quality and increased bioavailability. Wellness and beauty products can be cosmetics, over-the-counter or dietary supplements which do not require approval from the U.S. Food and Drug Administration (“FDA”) but do require following all good manufacturing practices (GMPs). Thus, they are less costly and faster to launch in the marketplace than pharmaceutical products. More than 25 products are sold under the brand names Seratopical®, Seratopical Revolution® SeraLabs®, and Nutri-Strips™ at affordable prices, making them easily accessible on a global scale. Strategically positioned in the growth categories of beauty, health & wellness, and pet care, Sera Labs products are sold in major national drug, mass retailers, grocery chains and convenience stores. The Company also sells products under private label to major retailers and multi-level marketers, as well as direct-to-consumer (DTC), via online website orders, including opt-in subscriptions. Recent Developments On July 22, 2022, Avenir completed the sale of certain assets comprising the pharmaceutical segment of the Company pursuant to an Asset Purchase Agreement (the “APA”) with TF Tech Ventures, Inc. (the “Buyer”), under which the Buyer purchased certain assets (the “Asset Sale”), including certain pharmaceutical patents, trademarks and related machinery and equipment. The Company retained 15 other patents not included in the Asset Sale, which the Company expects to monetize through product development, licensing arrangements and/or the sale of such patents. See Note 6 – Discontinued Operations for additional information.
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v3.23.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|
3 Months Ended |
Mar. 31, 2023 |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
|
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”). The summary of significant accounting policies presented below is designed to assist in understanding the Company’s financial statements. Such financial statements and accompanying notes are the representations of Company’s management, who is responsible for their integrity and objectivity. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with GAAP for interim financial statements and with the instructions to Form 10-Q and Article 8 of Regulation S-X of the SEC. Accordingly, they do not contain all information and footnotes required by GAAP for annual financial statements. In the opinion of the Company’s management, the accompanying unaudited condensed consolidated financial statements contain all the adjustments necessary (consisting only of normal recurring accruals) to present the financial position of the Company as of March 31, 2023, and the results of operations and cash flows for the periods presented. The results of operations for the three months ended March 31, 2023 and 2022, are not necessarily indicative of the operating results for the full fiscal year or any future period, given the recent completion of the Asset Sale. These unaudited condensed consolidated financial statements should be read in conjunction with the financial statements and related notes thereto included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022 filed with the SEC on July 28, 2023 (our “2022 Annual Report”). Principle of Consolidation The unaudited condensed consolidated financial statements include the accounts of Avenir and its wholly-owned subsidiaries, collectively referred to as (“we”, “us”, “our” or the “Company”). All significant inter-company balances and transactions have been eliminated in consolidation. The development and production of the Company’s branded health, wellness, and beauty products in both the wellness industry represents the principal operations of the Company. Business acquisitions are included in the unaudited condensed consolidated financial statements from the date of the acquisition. Going Concern and Management’s Liquidity Plans In accordance with the Financial Accounting Standards Board’s (“FASB”) standard on going concern, Accounting Standard Update, or ASU No. 2014-15, the Company assesses going concern uncertainty in its condensed consolidated financial statements to determine if it has sufficient cash, cash equivalents and working capital on hand, including marketable equity securities, and any available borrowings on loans, to operate for a period of at least one year from the date the consolidated financial statements are issued, which is referred to as the “look-forward period” as defined by ASU No. 2014-15. As part of this assessment, based on conditions that are known and reasonably knowable to the Company, it will consider various scenarios, forecasts, projections, estimates and will make certain key assumptions, including the timing and nature of projected cash expenditures or programs, and its ability to delay or curtail expenditures or programs, if necessary, among other factors. Based on this assessment, as necessary or applicable, the Company makes certain assumptions around implementing curtailments or delays in the nature and timing of programs and expenditures to the extent the Company deems probable those implementations can be achieved and it has the proper authority to execute them within the look-forward period in accordance with ASU No. 2014-15. The accompanying unaudited condensed consolidated financial statements have been prepared on the basis that the Company will continue as a going concern, which contemplates realization of assets and the satisfaction of liabilities in the normal course of business. Accordingly, the financial statements do not include any adjustments relating to the recoverability and classification of assets and liabilities that might be necessary if the Company is unable to continue as a going concern. As of March 31, 2023, the Company had approximately $1.4 million of cash on hand, had an accumulated deficit of approximately $120.2 million and a working capital deficit of approximately $8.0 million. Our operating activities consume a portion of our cash resources. We anticipate that we will continue to incur operating losses and negative cash flows from operations as we execute our commercialization and development plans and strategic and business development initiatives. In July 2022, Avenir completed the sale of certain pharmaceutical assets pursuant to the asset purchase agreement, see Note 6 – Discontinued Operations, for total consideration received at closing in the amount of $20.0 million, which consisted of (i) the cancellation of indebtedness owed by Avenir to the Buyer in the amount of $4.15 million, (ii) a $2.0 million one-year note payable in the form of a secured promissory note, and (iii) the remainder in cash. The completion of the Asset Sale has had a positive impact on the Company’s liquidity position. However, the Company may need to complete additional equity or debt financings to fully execute its business plans and strategies. We have previously funded our operating losses primarily through the issuance of common stock and/or promissory notes and cash generated from our product sales. We anticipate that we will incur decreased operating losses and negative cash flows from operations as we execute on our commercialization and development plans and strategic and business development initiatives and with the elimination of overhead and operating expenses related to the Company’s pharmaceutical business segment that have been discontinued in connection with the Asset Sale. There can be no assurance however that the Company will be able to raise additional capital when needed, or at terms deemed acceptable, if at all. Reclassifications Certain reclassifications have been made to prior year’s consolidated financial statements to enhance comparability with the current year’s consolidated financial statements. These reclassifications had no effect on the previously reported net loss. Use of Estimates The preparation of the accompanying consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reported period. Management bases these estimates and assumptions upon historical experience, existing and known circumstances, authoritative accounting pronouncements, and other factors that management believes to be reasonable. In addition, the Company has considered the potential impact of certain macroeconomic factors, including inflation, rising interest rates, and recessionary pressures, on its business and operations. Although the full impact of these factors are unknown and cannot be reasonably estimated, the Company believes it has made appropriate accounting estimates and assumptions based on the facts and circumstances available as of the reporting date. Significant areas requiring the use of management estimates include, but are not limited to, revenue recognition, the allowance for doubtful accounts, valuation of intangible assets and goodwill, depreciative and amortization useful lives, assumptions used to calculate the fair value of the contingent share consideration, stock based compensation, beneficial conversion features, warrant values, deferred taxes and the assumptions used to calculate derivative liabilities and fair values of the purchase price allocations and convertible promissory notes. Actual results could differ materially from such estimates under different assumptions or circumstances. Cash and Cash Equivalents The Company considers all highly liquid investments with maturities of three months or less at the time of purchase to be cash equivalents. As of March 31, 2023 and December 31, 2022, the Company had no cash equivalents. The Company maintains its cash and cash equivalents in banks insured by the Federal Deposit Insurance Corporation in accounts that at times may be in excess of the federally insured limit of $250,000 per bank. The Company minimizes this risk by placing its cash deposits with major financial institutions. As of March 31, 2023, the Company had $1.1 million in cash in excess of the federal insurance limit. Investment in Associates The Company follows Accounting Standards Codification (“ASC”) 325-20, “Cost Method Investments” (“ASC 325-20”), to account for its ownership interest in noncontrolled entities. Under ASC 325-20, equity securities that do not have readily determinable fair values (i.e., non-marketable equity securities) and are not required to be accounted for under the equity method are typically carried at cost (i.e., cost method investments). Investments of this nature are initially recorded at cost. Income is recorded for dividends received that are distributed from net accumulated earnings of the noncontrolled entity subsequent to the date of investment. Dividends received in excess of earnings subsequent to the date of investment are considered a return of investment and are recorded as reductions in the cost of the investment. Investments are written down only when there is clear evidence that a decline in value that is other than temporary has occurred. Accounts Receivable Accounts receivable are generally unsecured. The Company establishes an allowance for doubtful accounts receivable based on the age of outstanding invoices and management’s evaluation of collectability. Accounts are written off after all reasonable collection efforts have been exhausted and management concludes that likelihood of collection is remote. Any future recoveries are applied against the allowance for doubtful accounts. Inventory Inventory is stated at the lower of cost or net realizable value (“NRV”). NRV is the amount by which the estimated selling price of the product exceeds the sum of any additional costs expected to be incurred on the sale of such product in the ordinary course of business. The Company determines the cost of its inventory on a first-in, first-out basis. The Company performs an assessment of the recoverability of capitalized inventory during each reporting period. In order to state the inventory at the lower of cost or NRV, we maintain reserves against individual stocking units. Inventory reserves, once established, are not reversed until the related inventories have been sold or scrapped. If future demand or market conditions are less favorable than our projections, a write-down of inventory may be required, and would be reflected in the cost of product sold in the period the revision is made. Goodwill and Intangible Assets Goodwill represents the excess of the purchase price over the fair value of net identifiable assets and liabilities. Goodwill is not amortized but is tested for impairment at least annually, or if circumstances indicate its value may no longer be recoverable. Qualitative factors considered in this assessment include industry and market conditions, overall financial performance, and other relevant events and factors affecting the Company’s business. Based on the qualitative assessment, if it is determined that the fair value of goodwill is more likely than not to be less than its carrying amount, the fair value of a reporting unit will be calculated and compared with its carrying amount and an impairment charge will be recognized for the amount that the carrying value exceeds the fair value. Business Combinations The results of businesses acquired in a business combination are included in the unaudited condensed consolidated financial statements from the date of acquisition. Purchase accounting results in assets and liabilities of an acquired business being recorded at their estimated fair values on the acquisition date. Any excess consideration over the value of the assets acquired and liabilities assumed is recognized as goodwill. Impairment of Long-Lived Assets Long-lived assets include equipment and intangible assets other than those with indefinite lives. We assess the carrying value of our long-lived asset groups when indicators of impairment exist and recognize an impairment loss when the carrying amount of a long-lived asset is not recoverable when compared to undiscounted cash flows expected to result from the use and eventual disposition of the asset. Indicators of impairment include significant underperformance relative to historical or projected future operating results, significant changes in our use of the assets or in our business strategy, loss of or changes in customer relationships and significant negative industry or economic trends. When indications of impairment arise for a particular asset or group of assets, we assess the future recoverability of the carrying value of the asset (or asset group) based on an undiscounted cash flow analysis. If carrying value exceeds projected, net, undiscounted cash flows, an additional analysis is performed to determine the fair value of the asset (or asset group), typically a discounted cashflow analysis, and an impairment charge is recorded for the excess of carrying value over fair value. Contingent Consideration Liabilities Certain of the Company’s business acquisitions involve the potential for future payment of consideration to former selling stockholders in amounts determined upon the attainment of revenue and gross margin milestones from product sales. The fair value of such liabilities is determined using unobservable inputs. These inputs include the estimated amount and timing of projected cash flows and the risk-adjusted discount rate used to present value the cash flows. These obligations are referred to as contingent consideration. ASC 805, “Business Combinations,” requires that contingent consideration be estimated and recorded at fair value as of the acquisition date as part of the total consideration transferred. Contingent consideration is an obligation of the acquirer to transfer additional assets or equity interests to the selling stockholders in the future if certain future events occur or conditions are met, such as: (i) the attainment of product development milestones; and/or (ii) the achievement of components of earnings, such as “earn-out” provisions or percentage of future revenue. The fair value of contingent consideration after the acquisition date is reassessed by the Company as changes in circumstances and conditions occur, with the subsequent change in fair value recorded in the consolidated statements of operations. Changes in key assumptions can materially affect the estimated fair value of contingent consideration liabilities and, accordingly, the resulting gain or loss is recorded in its unaudited condensed consolidated financial statements. See Note 18 – Business Combination for additional information. Related Party Parties are considered to be related to the Company if the parties, directly or indirectly, through one or more intermediaries, control, are controlled by, or are under common control with the Company. Related parties also include principal owners of the Company, its management, members of the immediate families of principal owners of the Company and its management and other parties with which the Company may deal if one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests. Revenue Recognition The Company recognizes revenue in accordance with ASC 606, “Revenue Recognition.” Revenue under Topic 606 are required to be recognized either at a “point in time” or “over time,” depending on the facts and circumstances of the arrangement, and are evaluated using a five-step model. To achieve the core principle of Topic 606, we perform the following steps: | · | identify the contract(s) with customer; | | · | identify the performance obligations in the contract; | | · | determine the transactions price; | | · | allocate the transactions price to the performance obligations in the contract; and | | · | recognize revenue when (or as) we satisfy a performance obligation. |
Under Topic 606, the Company recognizes revenue as, or when, we satisfy performance obligations under a contract. We account for a contract when the parties approved the contract and are committed to perform on it, the rights of each party and the payment terms are identified, the contract has commercial substance and it is probable that we will collect substantially all of the consideration. A performance obligation is a promise in a contract to transfer a distinct good or service, or a series of distinct goods or services, to a customer. The transaction price of a contract must be allocated to each performance obligation and recognized as the performance obligation is satisfied. In essence, we recognize revenue when or as control of the promised goods or services transfer to the customer. Sera Labs Revenue Sera Labs recognizes revenue as, or when, we satisfy performance obligations under a contract. We account for a contract when the parties approved the contract and are committed to perform on it, the rights of each party and the payment terms are identified, the contract has commercial substance and it is probable that we will collect substantially all of the consideration. A performance obligation is a promise in a contract to transfer a distinct good or service, or a series of distinct goods or services, to a customer. The transaction price of a contract must be allocated to each performance obligation and recognized as the performance obligation is satisfied. In essence, we recognize revenue when or as control of the promised goods or services transfer to the customer. Revenue from eCommerce sales, including DTC sales, are recognized upon delivery of merchandise to the customer. We also elected to adopt the practical expedient related to shipping and handling fees which allows us to account for shipping and handling activities that occur after control of the related good transfers as fulfillment activities instead of assessing such activities as performance obligations. Therefore, shipping and handling activities are considered part of the Company’s obligation to transfer the products and therefore are recorded as direct selling expenses, as incurred. Shipping revenue is recorded upon delivery to the customer. Practical Expedients and Exemptions The Company has elected certain practical expedients and policy elections as permitted under ASC Topic 606 as follows: | · | the Company adopted the practical expedient related to not adjusting the promised amount of consideration for the effects of a significant financing component if the period between transfer of product and customer payment is expected to be less than one year at the time of contract inception; | | | | | · | the Company made the accounting policy election to exclude any sales and similar taxes from the transaction price; and | | | | | · | the Company adopted the practical expedient not to disclose the value of unsatisfied performance obligations for contracts with an original expected length of one year or less. |
Sales Tax The transaction price is the amount of consideration to which the Company expects to be entitled in exchange for transferring the promised goods or services to a customer, excluding sales taxes. The net amount of sales tax payable to the taxation authority is included in sales tax payable in the unaudited condensed consolidated balance sheets. Sales Returns, Discounts and Warranties Sales returns, discount and warranties are considered variable consideration under ASC 606. The Company reduces revenue for estimated future returns, discounts and warranties which may occur with distributors and retailers. When evaluating the adequacy of sales returns, discounts and warranties, the Company analyzes the following: historical credit allowances, current sell-through of inventory of the Company’s products, current trends in retail industry, changes in customer demand, acceptance of products, and other related factors. Cost to Obtain a Contract The Company pays sales commission to its employees and outside sales representatives for contracts that they obtain relating to the wholesale sales of our products. The Company applies the optional practical expedient to immediately expense costs to obtain a contract if the amortization period of the asset that would have been recognized is one year or less. As such, sales commissions are immediately recognized as an expense and included as part of sales and marketing expenses. Contract Liabilities Advance payments and billings in excess of revenue recognized represent contract liabilities and are recorded as deferred revenue when customers remit contractual cash payments in advance before satisfying performance obligations under contractual arrangements. Contract liabilities are derecognized when revenue is recognized, and the performance obligation is satisfied. Advance payments and billings in excess of revenue recognized are included in deferred revenue, which is classified as current or noncurrent based on the timing of when the Company expects to recognize revenue. At March 31, 2023 and December 31, 2022, we had contract liabilities of $388 thousand and $388 thousand, respectively. Contract liabilities is made up of the following as of March 31, 2023 and December 31, 2022 (in thousands): | | March 31, 2023 | | | December 31, 2022 | | Customer deposits for commercial products | | $ | 388 | | | $ | 388 | |
The following table summarizes the changes in contract liabilities during the three months ended March 31, 2023 and year ended December 31, 2022 (in thousands): Balance at December 31, 2021 | | $ | 293 | | Additions | | | 26 | | Customer deposits returned | | | (45 | ) | Transfers to revenue | | | (84 | ) | Contract liabilities held for sale but not assumed | | | 198 | | Balance at December 31, 2022 | | $ | 388 | | Additions | | | - | | Customer deposits returned | | | - | | Transfers to revenue | | | - | | Balance at March 31, 2023 | | $ | 388 | |
Cost of Revenue Cost of revenue primarily consists of costs for our products incurred to third-party manufacturers. Advertising Expense The Company expenses marketing, promotions and advertising costs as incurred. Such costs are included in selling, general and administrative expense in the accompanying unaudited condensed consolidated statements of operations. The Company recorded advertising costs of $780 thousand and $335 thousand for the three months ended March 31, 2023 and 2022, respectively. Research and Development Costs incurred in connection with the development of new products and processes are charged to research and development expenses as incurred. Historically, research and development expenses were generally incurred by the former pharmaceutical segment and are presented as part of the loss from disposal group in the unaudited condensed consolidated statements of operations. See Note 6 – Discontinued Operations for additional information. Income Taxes The Company utilizes FASB ASC 740, “Income Taxes,” which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are determined based on the difference between the tax basis of assets and liabilities and their financial reporting amounts based on enacted tax laws and statutory tax rates applicable to the periods in which the differences are expected to affect taxable income. A valuation allowance is recorded when it is “more likely-than-not” that a deferred tax asset will not be realized. The Company generated a deferred tax asset through net operating loss carry-forward. However, a valuation allowance of 100% has been established due to the uncertainty of the Company’s realization of the net operating loss carry-forward prior to its expiration. Stock-Based Compensation Stock-based compensation is accounted for based on the requirements of the Share-Based Payment Topic of ASC 718, “Stock Compensation” (“ASC 718”) which requires recognition in the consolidated financial statements of the cost of employee and director services received in exchange for an award of equity instruments over the period the employee or director is required to perform the services in exchange for the award (presumptively, the vesting period). ASC 718 also requires measurement of the cost of employee and director services received in exchange for an award based on the grant-date fair value of the award. Pursuant to ASC 2018-07 (Topic 718) for share-based payments to employees, consultants and other third-parties, compensation expense is determined at the “measurement date.” The expense is recognized over the vesting period of the award. Until the measurement date is reached, the total amount of compensation expense remains uncertain. The Company initially records compensation expense based on the fair value of the award at the grant date. For awards of restricted stock, the Company determines grant date fair value based on the closing price of the Company’s common stock on the grant date as reported on the over-the-counter market (the “OTC Market”). For awards of stock options, the Company uses the Black-Scholes option valuation model to estimate grant date fair value. Compensation expense is recognized for the portion of the award that is ultimately expected to vest over the period during which the recipient renders the required services to the Company generally using the straight-line single option method. See Note 16 – Stock Incentive Plan for additional information. Fair Value Measurements The Company follows FASB ASC 820, “Fair Value Measurements and Disclosures” (“ASC 820”), for assets and liabilities measured at fair value on a recurring basis. ASC 820 establishes a common definition for fair value to be applied to existing generally accepted accounting principles that require the use of fair value measurements and establishes a framework for measuring fair value and expands disclosure about such fair value measurements. ASC 820 establishes a single authoritative definition of fair value, sets out a framework for measuring fair value and expands on required disclosures about fair value measurement. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. ASC 820 describes a fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value, which are the following: | · | Level 1 – Quoted prices in active markets for identical assets and liabilities. | | | | | · | Level 2 – Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted market prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. | | | | | · | Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. |
When a part of the purchase consideration consists of shares of the Company common stock, the Company calculates the purchase price attributable to those shares, a Level 1 security, by determining the fair value of those shares quoted on the OTC Market as of the acquisition date. The Company recognizes estimated fair values of the tangible assets and identifiable intangible assets acquired, including in-process research and development, and liabilities assumed, including any contingent consideration, as of the acquisition date. Goodwill is recognized as any amount of the fair value of the tangible and identifiable intangible assets acquired and liabilities assumed in excess of the consideration transferred. ASC 805 precludes the recognition of an assembled workforce as an asset, effectively subsuming any assembled workforce value into goodwill. In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible, and also considers counterparty credit risk in its assessment of fair value. At March 31, 2023 and December, 31, 2022, the Company had no financial assets or liabilities recorded at fair value on a recurring basis, except for the Series A and B Notes, for which we elected the fair value option, and the contingent stock consideration. These liabilities are measured at fair value using the period-end quoted market prices of the Company’s common stock as a Level 3 input. The Company also has certain derivative liabilities and contingent consideration liabilities which are carried at fair value based on Level 3 inputs. The carrying amounts of cash equivalents, prepaid expenses and other current assets, accounts payable, accrued expenses and other current liabilities approximate fair values because of the short-term nature of these items. The fair value of contingent stock consideration is evaluated each reporting period using projected financial information, discount rates, and key inputs. Projected contingent payment amounts are discounted back to the current period using a discount rate. Financial information is based on the Company’s most recent internal forecasts. Changes in projected financial information, the Company’s stock price, discount rate and time for settlement of milestones and earnouts may result in higher or lower fair value measurements. Increases (decreases) in any of those inputs in isolation may result in a significantly lower (higher) fair value measurement. For the period from the date of acquisition to March 31, 2023, the Company’s stock price, volatility percentage and the weighted average present value probability of each the various estimates of milestones, earn-out amounts and achievements being accomplished resulted in a decrease of the fair value of the contingent stock consideration. In determining the fair value, the Company evaluated each of the target threshold scenarios as to the potential earn-out payment at each level based on the estimated net sales and gross profit. If the expected gross profit considered in the scenario with the lowest gross profit is less than $6.0 million during the Clawback Period, the value of the stock earn-out payment would be $0. However, if the expected gross profit during the Clawback Period was at least $8.0 million (and the net sales target is achieved), the value of the stock earn-out payment would be approximately $1.1 million. The Company has elected the fair value option to account for the Series A and B Notes that were issued on October 30, 2020 and records this at fair value with changes in fair value recorded in the condensed consolidated statements of operations. As a result of applying the fair value option, direct costs and fees related to the Series A and B Notes are recognized in earnings as incurred and not deferred. As of March 31, 2023, the Company has valued the Series A and B Notes giving consideration to the terms under the existing default. The following table summarizes fair value measurements by level at March 31, 2023 for assets and liabilities measured at fair value on a recurring basis (in thousands): | | Total | | | Level 1 | | | Level 2 | | | Level 3 | | Fair value of contingent stock consideration | | $ | 904 | | | $ | - | | | $ | - | | | $ | 904 | | Fair value of Series A Note | | $ | 4,379 | | | $ | - | | | $ | - | | | $ | 4,379 | | Fair value of Series B Note | | $ | 3,329 | | | $ | - | | | $ | - | | | $ | 3,329 | |
The following table summarizes fair value measurements by level at December 31, 2022 for assets and liabilities measured at fair value on a recurring basis (in thousands): | | Total | | | Level 1 | | | Level 2 | | | Level 3 | | Fair value of contingent stock consideration | | $ | 860 | | | $ | - | | | $ | - | | | $ | 860 | | Fair value of Series A Note | | $ | 5,221 | | | $ | - | | | $ | - | | | $ | 5,221 | | Fair value of Series B Note | | $ | 3,959 | | | $ | - | | | $ | - | | | $ | 3,959 | |
The following table summarizes the changes in Level 3 financial instruments during the three months ended March 31, 2023 (in thousands): Fair value of Series A and B Notes at December 31, 2022 | | $ | 9,180 | | Change in fair value of Series A Note | | | (842 | ) | Change in fair value of Series B Note | | | (630 | ) | Fair value of Series A and B Notes at March 31, 2023 | | $ | 7,708 | |
Financial instruments measured at fair value are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Series A and B Notes are measured at fair value using the Monte Carlo simulation valuation methodology. A summary of the weighted average (in aggregate) significant unobservable inputs used in measuring the Series A and B Notes that are categorized within Level 3 of the fair value hierarchy is as follows: Date of valuation | | March 31, 2023 | | | December 31, 2022 | | Stock price | | $ | 0.25 | | | $ | 0.25 | | Conversion price | | $ | 1.32 | | | $ | 1.32 | | Term (in years) – Series A Note | | | 0.0 | | | | 0.0 | | Term (in years) – Series B Note | | | 0.0 | | | | 0.0 | | Volatility – Series A Note | | | 67 | % | | | 85 | % | Volatility – Series B Note | | | 67 | % | | | 85 | % | Risk-free interest rate – Series A Note | | | 4.82 | % | | | 4.6 | % | Risk-free interest rate – Series B Note | | | 4.82 | % | | | 4.6 | % | Interest rate | | | 18.0 | % | | | 18.0 | % |
Series A and B Notes The Company elected the fair value option to record its Series A and B Notes, which were issued in October 2020. The fair value of the Series A and B Notes is classified within Level 3 of the fair value hierarchy because the fair values were estimated utilizing a Monte Carlo simulation model. Accordingly, the Series A and B Notes are marked-to-market at each reporting date with the change in fair value reported as a gain (loss) in the unaudited condensed consolidated statement of operations. All issuance costs related to the notes were expensed as incurred in the unaudited condensed consolidated statement of operations. See Note 14 – Convertible Promissory Notes and Fair Value of Convertible Promissory Notes for additional information. Contingencies We are exposed to claims and litigation arising in the ordinary course of business and use various methods to resolve these matters in a manner that we believe serves the best interest of our stockholders and other constituents. When a loss is probable, we record an accrual based on the reasonably estimable loss or range of loss. When no point of loss is more likely than another, we record the lowest amount in the estimated range of loss and, if material, disclose the estimated range of loss. We do not record liabilities for reasonably possible loss contingencies, but do disclose a range of reasonably possible losses if they are material and we are able to estimate such a range. If we cannot provide a range of reasonably possible losses, we explain the factors that prevent us from determining such a range. Historically, adjustments to our estimates have not been material. We believe the recorded reserves in our unaudited condensed consolidated financial statements are adequate in light of the probable and estimable liabilities. We do not believe that any of these identified claims or litigation will be material to our results of operations, cash flows, or financial condition. Gain contingencies are recorded when the ultimate resolution of the contingency is resolved. Net Loss per Common Share Basic net loss per common share is computed by dividing the net loss by the weighted average number of common shares outstanding during the period, excluding any unvested restricted stock awards. Diluted net loss per share is computed by dividing net loss by the weighted average common shares outstanding during the period plus dilutive securities or other contracts to issue common stock as if these securities were exercised or converted to common stock. Diluted net loss per share includes the effect of common stock equivalents (stock options, unvested restricted stock, and warrants) when, under either the treasury or if-converted method, such inclusion in the computation would be dilutive. Net loss is adjusted for the dilutive effect of the change in fair value liability for price adjustable warrants, if applicable. The following table sets forth the computation of basic and diluted net loss per share for the three months ended (in thousands, except per share data): | | For the Three Months Ended | | (Dollars in thousands) | | March 31, 2023 | | | March 31, 2022 | | | | | | | | | Loss from continuing operations | | $ | (209 | ) | | $ | (1,556 | ) | Loss from disposal group | | | - | | | | (3,595 | ) | Net loss | | $ | (209 | ) | | $ | (5,151 | ) | Weighted average outstanding shares of common stock | | | 71,431,468 | | | | 68,849,400 | | Common stock and common stock equivalents | | | 71,431,468 | | | | 68,848,400 | | Basic and diluted loss per share: | | | | | | | | | Continuing operations | | $ | (0.00 | ) | | $ | (0.02 | ) | Disposal group | | $ | - | | | $ | (0.05 | ) |
The following number of shares have been excluded from diluted net income (loss) per share since such inclusion would be anti-dilutive: | | Three months ended March 31, | | | | 2023 | | | 2022 | | | | | | | | | Vested stock options from the Company’s 2017 Equity Incentive Plan | | | 1,206,173 | | | | 3,760,015 | | Warrants | | | 312,500 | | | | 615,530 | | Shares to be issued upon conversion of convertible payable | | | 416,667 | | | | 416,667 | | | | | | | | | | | Total | | | 1,935,340 | | | | 4,792,212 | |
In connection with the Sera Labs Merger, Sera Labs security holders are entitled to receive up to 5,988,024 shares of the Company’s common stock (the “Clawback Shares”) based on the achievement of certain sales and gross margin milestones. Due to the uncertainty of the number of Clawback Shares to be issued, these Clawback Shares were not included in the table above. The Series A and B Notes (other than restricted amounts under a Series B Note) are convertible, at the option of the Investor, into shares of Common Stock at a conversion price of $1.32 per share. The conversion price is subject to full ratchet antidilution protection upon any transaction in which the Company is deemed to have granted, issued or sold, any shares of Common Stock. If the Company enters into any agreement to issue any variable rate securities, other than a bona fide at-the-market offering or equity line of credit, the Investor has the additional right to substitute such variable price (or formula) for the conversion price. If an Event of Default has occurred under the Convertible Notes, the Investor may elect to alternatively convert the Convertible Notes at the redemption premium described therein. Due to the uncertainty of the number of shares to be issued, the shares to be issued from the conversion of the Series A and B Notes were also not included in the table above. Segment Reporting The Company uses the “management approach” to identify its reportable segments. The management approach designates the internal organization used by management for making operating decisions and assessing performance as the basis for identifying the Company’s reportable segments. Using the management approach, the Company determined that it does not have reportable segments. Recent Accounting Pronouncements Not Yet Adopted The Company’s management reviewed all recently issued accounting standard updates (“ASU’s”) not yet adopted by the Company and does not believe the future adoptions of any such ASU’s may be expected to cause a material impact on the Company’s condensed consolidated financial condition or the results of its operations. Accounting Standards Adopted in 2023 In September 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses, with additional updates and amendments being issued in 2018, 2019, 2020 and 2022 (collectively, “ASC 326”). The new standard updates the impairment model for financial assets measured at amortized cost, known as the Current Expected Credit Loss (“CECL”) model. For trade and other receivables, held-to-maturity debt securities, loans, and other instruments, entities are required to use a new forward-looking “expected loss” model that generally results in the earlier recognition of an allowance for credit losses. The Company adopted ASC 326 on January 1, 2023. The adoption of this standard did not have a material impact to the Company. Correction of an Error During the year ended December 31, 2022, the Company became aware of an error in the calculation of its weighted average common shares outstanding and resultant reported loss per share for the quarter ended March 31, 2022. The reported weighted average common shares outstanding and loss per share was 50,829,729 and ($0.10), respectively. The corrected weighted shares outstanding and loss per share was 68,849,400 and ($0.07), respectively. Based on an analysis of ASC 250 “Accounting Changes and Error Corrections” and Staff Accounting Bulletin 99 “Materiality,” the Company has determined that this error was immaterial to the previously issued unaudited consolidated financial statements for the quarter ended March 31, 2022.
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v3.23.2
ACCOUNTS RECEIVABLE
|
3 Months Ended |
Mar. 31, 2023 |
ACCOUNTS RECEIVABLE |
|
ACCOUNTS RECEIVABLE |
NOTE 3 – ACCOUNTS RECEIVABLE As of March 31, 2023 and December 31, 2022, accounts receivable consisted of the following (in thousands): | | March 31, 2023 | | | December 31, 2022 | | | | | | | | | Customer billed | | $ | 114 | | | $ | 232 | | Allowance for doubtful accounts | | | - | | | | - | | Accounts receivable, net | | $ | 114 | | | $ | 232 | |
Customer billed accounts receivable represents amounts billed to clients that have yet to be collected. Allowances for doubtful accounts have been determined through specific identification of amounts considered to be uncollectible and potential write-offs, plus a non-specific allowance for other amounts for which some potential loss has been determined to be probable based on current and past experiences.
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- DefinitionThe entire disclosure for accounts receivable, contract receivable, receivable held-for-sale, and nontrade receivable.
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v3.23.2
PREPAID EXPENSES AND OTHER CURRENT ASSETS
|
3 Months Ended |
Mar. 31, 2023 |
PREPAID EXPENSES AND OTHER CURRENT ASSETS |
|
PREPAID EXPENSES AND OTHER CURRENT ASSETS |
NOTE 4 – PREPAID EXPENSES AND OTHER CURRENT ASSETS As of March 31, 2023 and December 31, 2022, prepaid expenses and other current assets consisted of the following (in thousands): | | March 31, 2023 | | | December 31, 2022 | | | | | | | | | Prepaid insurance | | $ | 148 | | | $ | 207 | | Prepaid expenses | | | 24 | | | | 176 | | Other current assets | | | 40 | | | | 58 | | Prepaid expenses and other current assets | | $ | 212 | | | $ | 441 | |
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v3.23.2
INVENTORY
|
3 Months Ended |
Mar. 31, 2023 |
INVENTORY |
|
INVENTORY |
NOTE 5 – INVENTORY Inventory consists primarily of finished goods. The Company’s inventory is stated at the lower of cost (FIFO cost basis) or net realized value. As of March 31, 2023 and December 31, 2022, the carrying value of inventory consisted of the following (in thousands): | | March 31, 2023 | | | December 31, 2022 | | Packaging components | | $ | 54 | | | $ | 88 | | Finished Goods | | | 647 | | | | 420 | | | | | 701 | | | | 508 | | Reserve for obsolescence | | | (400 | ) | | | (363 | ) | Inventory, net | | $ | 301 | | | $ | 145 | |
For the three months ended March 31, 2023 and 2022, inventory reserve adjustments amounted to $37 thousand and $0, respectively.
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- DefinitionThe entire disclosure for inventory. Includes, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the classes of inventory, and the nature of the cost elements included in inventory.
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v3.23.2
DISCONTINUED OPERATIONS
|
3 Months Ended |
Mar. 31, 2023 |
DISCONTINUED OPERATIONS |
|
DISCONTINUED OPERATIONS |
NOTE 6 – DISCONTINUED OPERATIONS On July 22, 2022, Avenir completed the sale of certain assets comprising the pharmaceutical segment of the Company pursuant to an Asset Purchase Agreement (the “APA”) with TF Tech Ventures, Inc. (the “Buyer”), under which the Buyer purchased certain assets of the Company (the “Asset Sale”), including certain pharmaceutical patents, trademarks and related machinery and equipment. The total consideration received at closing in connection with the Asset Sale was $20.0 million, which consisted primarily of (i) the cancellation of indebtedness owed by the Company to the Buyer in an amount equal to $4.15 million, (ii) a $2.0 million one-year note payable in the form of a secured promissory note, and (iii) the remainder in cash. The following table calculates the net cash received from the Asset Sale (in thousands): Sales price | | $ | 20,000 | | Forgiveness of Buyer advances | | | (4,150 | ) | Holdback secured by promissory note | | | (2,000 | ) | Obligations assumed by Buyer | | | (41 | ) | Buyer expenses paid by seller | | | 82 | | Net cash received | | $ | 13,891 | |
The following table calculates the loss incurred from the Asset Sale (in thousands): Sales price for assets sold | | $ | 20,000 | | Net book value of assets sold | | | 20,616 | | Net book value of liabilities sold | | | (51 | ) | Net book value of net assets sold | | | 20,565 | | Loss on sale of net assets | | $ | (565 | ) |
As of June 30, 2022, the cost of assets and liabilities held for sale were $20.6 million and $4.0 million, respectively. Included in the liabilities held for sale were notes payable amounting to $3.4 million which form part of the $20.0 million consideration received from the Buyer. To write down the total net assets to fair value, an additional impairment loss of $2.0 million, including $100 thousand of estimated costs to sell, was charged to impairment of goodwill as of June 30, 2022 and included in the loss from disposal group. The following table presents the financial results of the discontinued operations for the three months ended March 31, 2023 and 2022 which is presented as loss from disposal group on our unaudited condensed consolidated statements of operations (in thousands): | | For the Three Months Ended | | | | March 31, 2023 | | | March 31, 2022 | | Revenue: | | | | | | | Product sales, net of discounts and refunds | | $ | - | | | $ | 11 | | Shipping revenue and other sales | | | - | | | | 16 | | Total revenue | | | - | | | | 27 | | | | | | | | | | | Cost of goods sold: | | | | | | | | | Cost of goods sold | | | - | | | | 16 | | | | | | | | | | | Gross profit | | | - | | | | 11 | | | | | | | | | | | Operating expenses: | | | | | | | | | Research and development expenses | | | - | | | | 262 | | Selling, general and administrative expenses | | | - | | | | 222 | | Depreciation and amortization expense | | | - | | | | 394 | | Impairment of goodwill | | | - | | | | 2,728 | | Total operating expenses | | | - | | | | 3,606 | | | | | | | | | | | Net loss before income taxes | | | - | | | | (3,595 | ) | | | | | | | | | | Provision for income taxes | | | - | | | | - | | | | | | | | | | | Net loss | | $ | - | | | $ | (3,595 | ) |
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v3.23.2
PROPERTY AND EQUIPMENT
|
3 Months Ended |
Mar. 31, 2023 |
PROPERTY AND EQUIPMENT |
|
PROPERTY AND EQUIPMENT |
NOTE 7 – PROPERTY AND EQUIPMENT Property and equipment consisted of the following at March 31, 2023 and December 31, 2022 (in thousands): | | March 31, 2023 | | | December 31, 2022 | | | | | | | | | Computer and other equipment | | $ | 8 | | | $ | 7 | | Less accumulated depreciation | | | (5 | ) | | | (3 | ) | Property and equipment, net | | $ | 3 | | | $ | 4 | |
For the three months ended March 31, 2023 and 2022, depreciation expense amounted to approximately $1 thousand and $1 thousand, respectively.
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- DefinitionThe entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections.
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v3.23.2
NOTES RECEIVABLE
|
3 Months Ended |
Mar. 31, 2023 |
NOTES RECEIVABLE |
|
NOTES RECEIVABLE |
NOTE 8 – NOTE RECEIVABLE In July 2022, the Company received a promissory note in the amount of $2.0 million in connection with the Asset Sale. The note bears interest at 2.37% per annum and is due on or before July 22, 2023. In the event of default, the interest rate on the note increases to 2.63% per annum. The note is subject to offset for any claims related to the Assets Sale and is secured by the assets underlying the Asset Sale. As of March 31, 2023, there have been no claims made against the note. Notes receivable consists of the following at March 31, 2023 and December 31, 2022 (in thousands): | | March 31, 2023 | | | December 31, 2022 | | TF Tech Ventures, Inc. note receivable | | $ | 2,000 | | | $ | 2,000 | | Less: Allowance for doubtful accounts | | | - | | | | - | | Less: Current portion of notes receivable, net | | | (2,000 | ) | | | (2,000 | ) | Notes receivable, net of current portion | | $ | - | | | $ | - | |
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v3.23.2
PATENTS AND OTHER INTANGIBLE ASSETS
|
3 Months Ended |
Mar. 31, 2023 |
PATENTS AND OTHER INTANGIBLE ASSETS |
|
PATENTS AND OTHER INTANGIBLE ASSETS |
NOTE 9 – PATENTS AND OTHER INTANGIBLE ASSETS Intangible Asset Summary Patents and other intangible assets, net, consist of the following at March 31, 2023 and December 31, 2022 (in thousands): | | March 31, 2023 | | | December 31, 2022 | | Intangible assets subject to amortization: | | | | | | | Patents | | $ | 316 | | | $ | 316 | | Other Intangibles | | | 125 | | | | 90 | | | | $ | 441 | | | $ | 406 | | Accumulated amortization | | | (102 | ) | | | (91 | ) | Patents and other intangibles, net | | $ | 339 | | | $ | 315 | |
As of June 30, 2022, the Company’s management determined that the customer relationships have no future value and recorded an impairment charge in the amount of $4.6 million as of that date, and that goodwill and trade name have no future value as of December 31, 2022 and recorded impairment charges in the amount of $4.7 million and $1.1 million, respectively, as of that date. There was no impairment loss for the three months ended March 31, 2023 and 2022, respectively. Amortization expense was $11 thousand and $578 thousand for the three months ended March 31, 2023 and 2022, respectively. The estimated aggregate future amortization expense is as follows (in thousands): 2023 (remaining) | | $ | 54 | | 2024 | | | 61 | | 2025 | | | 30 | | 2026 | | | 19 | | 2027 | | | 18 | | 2028 | | | 17 | | Thereafter | | | 140 | | Total Amortization | | $ | 339 | |
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v3.23.2
INVESTMENT
|
3 Months Ended |
Mar. 31, 2023 |
INVESTMENT |
|
INVESTMENT |
NOTE 10 – INVESTMENTS From November 2019 to February 2020, the Company purchased Convertible Loans (“Loans”) from ReLeaf Europe B.V. (“ReLeaf”) in the amount of $509 thousand which bore interest at 6% per annum and became due and payable to the Company on the conversion date. In the event of conversion by the Company, the outstanding amount of the Loans and any unpaid accrued interest shall be converted into shares of ReLeaf (“Shares”) based on a price per share on a post money valuation of $10.9 million. During 2022, the Company agreed to convert the Loans and unpaid accrued interest of $56 thousand and receive the Shares as per the Loan terms and also made additional investments in ReLeaf in the aggregate amount of $54 thousand. As of March 31, 2023 and December 31, 2022, the Company recorded its investment in ReLeaf using the cost method of accounting and recorded a reserve on the investment. The issuance of such shares to the Company pursuant to the conversion is currently pending. In May 2021, the Company purchased a convertible loan (the “May 2021 Loan”) with Biopharmaceutical Research Company (“BRC”) for a total amount of $200 thousand. The May 2021 Loan accrued interest at 6% per annum and became due and payable to the Company on the conversion date of July 5, 2022. Pursuant to the conversion by the Company, the outstanding amount of the May 2021 Loan plus unpaid accrued interest of $13 thousand in the aggregate amount of $213 thousand was converted into 11,026 shares of BRC preferred stock, or a 0.39% interest. The automatic conversion of the loan was triggered by the occurrence of a Qualified Financing, as defined in the loan agreement. Investments, net, at cost, consisted of the following at March 31, 2023 and December 31, 2022 (in thousands): | | March 31, 2023 | | | December 31, 2022 | | | | | | | | | Investment in ReLeaf Europe B.V. | | $ | 619 | | | $ | 619 | | Less: Valuation reserve | | | (421 | ) | | | (421 | ) | Investment in ReLeaf Europe B.V., net | | | 198 | | | | 198 | | | | | | | | | | | Investment in Biopharmaceutical Research Company | | | 213 | | | | 213 | | Investments, net | | $ | 411 | | | $ | 411 | |
As of March 31, 2023 and December 31, 2022, the net investments are based on management’s best estimate of net realizable value, which includes a valuation reserve in the amount of $421 thousand and $421 thousand, respectively.
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v3.23.2
ACCRUED EXPENSES
|
3 Months Ended |
Mar. 31, 2023 |
ACCRUED EXPENSES |
|
ACCRUED EXPENSES |
NOTE 11 – ACCRUED EXPENSES Accrued expenses consisted of the following at March 31, 2023 and December 31, 2022 (in thousands): | | March 31, 2023 | | | December 31, 2022 | | | | | | | | | Refunds and returns liability | | $ | 572 | | | $ | 551 | | Accrued interest expense | | | 244 | | | | 233 | | Accrued payroll | | | 90 | | | | 82 | | Accrued vacation leave | | | 81 | | | | 64 | | Accrued expenses | | | 124 | | | | 324 | | Sales tax payable | | | 336 | | | | 331 | | Accrued Expenses | | $ | 1,447 | | | $ | 1,585 | |
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v3.23.2
RELATED PARTY TRANSACTIONS
|
3 Months Ended |
Mar. 31, 2023 |
RELATED PARTY TRANSACTIONS |
|
RELATED PARTY TRANSACTIONS |
NOTE 12 – RELATED PARTY TRANSACTIONS The Company and other related entities have had a commonality of ownership and/or management control, and as a result, the reported operating results and /or financial position of the Company could significantly differ from what would have been obtained if such entities were autonomous. On April 1, 2022, the Company entered into a distribution services agreement with Advanced Legacy Technologies, LLC (“ALT”) which is beneficially owned by Nancy Duitch under which ALT will provide auxiliary services in connection with the distribution of certain of our products. Compensation for such services amounts to 5% of the net proceeds received from the sale of the products. Total compensation earned for the quarter ended March 31, 2023 and 2022 was $0 and $0, respectively. As of March 31, 2023, unpaid net proceeds due to the Company was approximately $207 thousand, including merchant account reserves in the amount of $157 thousand due from third-party merchant account processors. On July 25, 2022, the Company entered into a consulting agreement with Rob Davidson under which Mr. Davidson will provide advisory services on matters including strategic, financial, fund raising, product development and technology in exchange for compensation in the amount of $12 thousand per month. The term of the agreement is through July 25, 2023 and requires Mr. Davidson provide approximately 20 to 25 hours of service per week. Total consulting expense incurred for the three months ended March 31, 2023 and 2022 was $36 thousand and $0, respectively. As of March 31, 2023 and December 31, 2022, the Company had no accrued related party interest. Interest expense in regard to related party payables for the three months ended March 31, 2023 and 2022 was $0 and $55 thousand, respectively.
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v3.23.2
LOANS PAYABLE
|
3 Months Ended |
Mar. 31, 2023 |
LOANS PAYABLE |
|
LOANS PAYABLE |
NOTE 13 – LOANS PAYABLE Loans payable consists of the following at March 31, 2023 and December 31, 2022 (in thousands): | | March 31, 2023 | | | December 31, 2022 | | | | | | | | | Loan due September 29, 2023, monthly payments including interest at 7.07% per annum; unsecured | | $ | 86 | | | $ | 136 | | Loan due June 6, 2023, monthly payments including interest at 8.07% per annum; unsecured | | | 12 | | | | 25 | | Current portion of loan payable | | | (98 | ) | | | (161 | ) | Loan payable, less current portion | | $ | - | | | $ | - | |
Interest expense for the three months ended March 31, 2023 and 2022 was $3 thousand and $3 thousand, respectively.
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- DefinitionThe entire disclosure of advances made and reported by Federal Home Loan Bank (FHLBank).
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v3.23.2
CONVERTIBLE PROMISSORY NOTES AND FAIR VALUE OF CONVERTIBLE PROMISSORY NOTES
|
3 Months Ended |
Mar. 31, 2023 |
CONVERTIBLE PROMISSORY NOTES AND FAIR VALUE OF CONVERTIBLE PROMISSORY NOTES |
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CONVERTIBLE PROMISSORY NOTES AND FAIR VALUE OF CONVERTIBLE PROMISSORY NOTES |
NOTE 14 – CONVERTIBLE PROMISSORY NOTES AND FAIR VALUE OF CONVERTIBLE PROMISSORY NOTES Convertible promissory notes consist of the following at March 31, 2023 and December 31, 2022 (in thousands): | | March 31, 2023 | | | December 31, 2022 | | Convertible promissory notes due January 31, 2019, interest payable at 8% per annum; unsecured; principal and accrued interest convertible into common stock at the lower of $1.32 per share or the price per share of the latest closing of a debt or equity offering by the Company greater than $3.0 million; accrued interest due January 31, 2019 and currently in default. The Company has offered to either repay the notes or convert them into shares of common stock of the Company. The beneficial owners of the notes have not yet communicated their intent to either receive payment or shares. | | $ | 550 | | | $ | 550 | | Current portion of convertible promissory notes | | $ | 550 | | | $ | 550 | |
Interest expense for the three months ended March 31, 2023 and 2022 was $11 thousand and $11 thousand, respectively. Fair value of Series A and B convertible promissory notes consists of the following at March 31, 2023 and December 31, 2022 (in thousands): | | March 31, 2023 | | | December 31, 2022 | | | | | | | | | Series A subordinated convertible note at fair value | | $ | 4,379 | | | $ | 5,221 | | Series B subordinated convertible note at fair value | | | 3,329 | | | | 3,959 | | Carrying value of convertible promissory notes at fair value | | | 7,708 | | | | 9,180 | | Less: current portion of convertible promissory notes at fair value | | | (7,708 | ) | | | (9,180 | ) | Convertible promissory notes at fair value, less current portion | | $ | - | | | $ | - | |
In October 2020, the Company entered into a Securities Purchase Agreement (“Purchase Agreement”) with an institutional investor (the “Investor”) for the purchase of a series of two convertible notes with an aggregate principal amount of $11.5 million. Concurrently, the Company consummated the sale to the Investor of a Series A subordinated convertible note (the “Series A Note”) with an initial principal amount of $4.6 million and a Series B senior secured convertible note (the “Series B Note,” and together with the Series A Note, the “Convertible Notes” and, each a “Convertible Note”) with an initial principal amount of $6.9 million in a private placement. The Series A Note was sold with an original issue discount of $0.6 million and the Series B Note was sold with an original issue discount of $0.9 million. The Investor paid for the Series A Note to be issued to the Investor by delivering $4.0 million in cash consideration and paid for the Series B Note to be issued to the Investor by delivering a secured promissory note (the “Investor Note”) with an initial principal amount of $6.0 million. The Company was to receive cash in respect of a Series B Note only upon cash repayment of the corresponding Investor Note. Until an Investor Note is repaid, the original issue discount and the rest of the principal under the corresponding Series B Note is considered to be “restricted.” Upon any repayment of the Investor Note, the principal of the corresponding Series B Note becomes “unrestricted” on dollar-for-dollar basis, along with a proportional amount of the original issue discount. The Series A Note matured on October 30, 2022 and the Series B Note matured on October 30, 2021 (the “Maturity Date”), subject to extension in certain circumstances, including bankruptcy and outstanding events of default. As of March 31, 2023, the Series A and Series B Notes are in default. No action by the Investor has been pursued on either Convertible Note as of the date of this Quarterly Report. On January 5, 2022, the Company entered into a Forbearance Agreement (the “Forbearance Agreement”) with the Investor pursuant to which the Investor has agreed not to exercise, with certain exclusions, any of its judicial or administrative enforcement actions to obtain cash or other assets (excluding Common Stock or other assets issuable upon conversion or exchange of the Series B Note in accordance with the terms thereof) from the Company on account of any payment obligations of the Company under the Series B Note or the Event of Default Redemption Notice that exist as of the date of the Forbearance Agreement or that may arise from the date of this Agreement through February 15, 2022. On April 12, 2022, the Company filed a civil action in the California Superior Court against the Investor, alleging that the investor entered into the Purchase Agreement as an unregistered securities dealer and unlicensed finance lender in violation of California law. The Company’s complaint seeks rescission of the Purchase Agreement, damages, attorneys’ fees and other relief. The Investor responded to the complaint by filing a demurrer/motion to dismiss and on August 31, 2022, the Company and Investor entered into a stipulation to stay the litigation for 30 days and allow the parties to engage in further settlement discussions. The matter was unable to be resolved within the 30 days, and, pursuant to the Stipulation, the Company refiled its action in New York where a New York court will be required to apply California law to our causes of action for rescission and unfair competition. On November 18, 2022, the Company filed an amended complaint alleging six additional causes of action, including fraud, breach of contract and unfair competition. The Investor responded to the New York amended complaint by filing a motion to dismiss and on February 3, 2023, the Company filed its opposition response to the Investor’s motion to dismiss. As of the filing date of this Quarterly Annual Report, the Investor has not filed a response to our opposition to their motion to dismiss. Settlement discussions between the parties are ongoing. Payment of Amounts Due under the Convertible Notes On the Maturity Date, the Company shall pay to the Investor an amount in cash (other than restricted amounts under a Series B Note) presenting all outstanding principal, Make-Whole Amount (as defined in the Convertible Notes), if any, accrued and unpaid interest and accrued and unpaid Late Charges (as defined in the Convertible Notes) on such principal, except that the remaining restricted amount of $5.0 million under the Series B Note has been automatically satisfied on the Maturity Date (in lieu of a cash payment) by Maturity Netting (as defined in the Investor Note described below). Interest The Convertible Notes shall bear no interest unless there is an occurrence, and during the continuance, of an Event of Default (as defined in the Convertible Notes). During any such Event of Default, the Convertible Notes will accrue interest at the rate of 18% per annum. See “—Events of Default” below. Conversion; Alternate Conversion upon Event of Default Each Convertible Note (other than restricted amounts under a Series B Note) is convertible, at the option of the Investor, into shares of Common Stock at a conversion price of $1.32 per share. The conversion price is subject to full ratchet antidilution protection upon any transaction in which the Company is deemed to have granted, issued or sold, any shares of Common Stock. If the Company enters into any agreement to issue any variable rate securities, other than a bona fide at-the-market offering or equity line of credit, the Investor has the additional right to substitute such variable price (or formula) for the conversion price. If an Event of Default has occurred under the Convertible Notes, the Investor may elect to alternatively convert the Convertible Notes at the redemption premium described therein. Conversion Limitation The Investor will not have the right to convert any portion of the Convertible Notes, to the extent that, after giving effect to such conversion, the Investor (and other certain related parties) would beneficially own in excess of 4.99% of the shares of Common Stock outstanding immediately after giving effect to such conversion. This limit may, from time to time, be increased, up to 9.99%, or decreased; provided that any such increase will not be effective until the 61st day after delivery of a notice to the Company of such increase. Events of Default The Convertible Notes include certain customary and other Events of Default. In connection with an Event of Default, the Investor may require the Company to redeem in cash any or all of the Convertible Notes. The redemption price will be at a premium to the amount due under the Convertible Notes as described therein. Change of Control In connection with a Change of Control (as defined in the Convertible Notes), the Investor may require the Company to redeem all or any portion of the Convertible Notes. The redemption price per share will be at a premium to the amount due under the Convertible Notes as described therein. Covenants The Company will be subject to certain customary affirmative and negative covenants including those regarding the payment of dividends, maintenance of its property, transactions with affiliates, and issue notes and certain securities. Fair Value Option for the Series A and B Notes The Company elected the fair value option under ASC 825, “Financial Instruments,” for both the Series A and B Notes, which have been accounted for as follows: (1) the portion of the change in the liabilities’ fair value that is attributable to a change in instrument-specific credit risk in other comprehensive income; (2) the remaining change in the liabilities’ fair value in net income; (3) the excess of the fair value over the proceeds is recognized as an expense; and (4) upfront costs and fees are recognized in earnings as incurred gains and losses. The Company recorded a gain of $1.5 million and a loss of $280 thousand attributed to the aggregate change in fair value of the Series A and B Notes for the three months ended March 31, 2023 and 2022, respectively, and were recorded in the unaudited condensed consolidated statements of operations. As of March 31, 2023, the Company has valued the Series A and B Notes giving consideration to the terms under an existing default. This was evaluated by the Company’s management and their third-party valuation firm. If the Company is required to settle the Series A and B Notes under those terms, the settlement would be either a cash payment of approximately $6.7 million or the issuance of 3,752,180 shares of the Company’s common stock plus a cash payment of approximately $6.2 million at the option of the Investor.
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v3.23.2
WARRANT AGREEMENTS
|
3 Months Ended |
Mar. 31, 2023 |
WARRANT AGREEMENTS |
|
WARRANT AGREEMENTS |
NOTE 15 – WARRANT AGREEMENTS The Company’s warrant activity during the periods presented was as follows: | | Warrants | | | Weighted Average Exercise Price | | | Weighted Average Contractual Remaining Life (years) | | Outstanding, December 31, 2021 | | | 1,565,447 | | | $ | 2.18 | | | | 0.66 | | Granted | | | - | | | | - | | | | - | | Exercised | | | - | | | | - | | | | - | | Forfeited/Expired | | | (1,252,947 | ) | | | 2.23 | | | | - | | Outstanding, December 31, 2022 | | | 312,500 | | | $ | 2.00 | | | | 1.12 | | Granted | | | - | | | | - | | | | - | | Exercised | | | - | | | | - | | | | - | | Forfeited/Expired | | | - | | | | - | | | | - | | Outstanding, March 31, 2023 | | | 312,500 | | | $ | 2.00 | | | | 0.87 | | Exercisable at March 31, 2023 | | | 312,500 | | | $ | 2.00 | | | | 0.87 | |
Warrant summary as of March 31, 2023: Range of Exercise Price | | Number of Warrants | | | Weighted Average Remaining Contractual Life (years) | | | Weighted Average Exercise Price | | | Number of Warrants Exercisable | | | Weighted Average Exercise Price | | $2.00–$2.00 | | | 312,500 | | | | 0.87 | | | $ | 2.00 | | | | 312,500 | | | $ | 2.00 | | | | | 312,500 | | | | 0.87 | | | $ | 2.00 | | | | 312,500 | | | $ | 2.00 | |
Warrant summary as of December 31, 2022: Range of Exercise Price | | Number of Warrants | | | Weighted Average Remaining Contractual Life (years) | | | Weighted Average Exercise Price | | | Number of Warrants Exercisable | | | Weighted Average Exercise Price | | $2.00–$2.00 | | | 312,500 | | | | 1.12 | | | $ | 2.00 | | | | 312,500 | | | $ | 2.00 | | | | | 312,500 | | | | 1.12 | | | $ | 2.00 | | | | 312,500 | | | $ | 2.00 | |
There were no warrants granted during the three months ended March 31, 2023 and 2022. The aggregate intrinsic value of warrants outstanding and exercisable at March 31, 2023 was $0.
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v3.23.2
STOCK INCENTIVE PLANS
|
3 Months Ended |
Mar. 31, 2023 |
STOCK INCENTIVE PLANS |
|
STOCK INCENTIVE PLANS |
NOTE 16 – STOCK INCENTIVE PLAN On December 29, 2017 (“Effective Date”), the Company adopted the CURE Pharmaceutical Holding Corp. 2017 Equity Incentive Plan (the “2017 Equity Plan” or the “Plan”), pursuant to which an aggregate of 5,000,000 shares of the common stock of the Company are available for grant. On November 28, 2020, the Company registered an additional 5,000,000 shares of common stock of the Company that are available to be granted. The Board of Directors of the Company (the “Board”) has determined that it is in the best interests of the Company and its stockholders to provide additional incentives for certain employees, including executive officers, and non-employee members of the Board by granting to them awards with respect to the common stock of the Company pursuant to the Plan. The Plan seeks to achieve this purpose by providing awards in the form of options, stock appreciation rights, restricted stock awards, restricted stock units, cash-based awards and other stock-based Awards (“Awards”). The Plan will continue in effect until its termination by the Compensation Committee; provided, however, that all Awards must be granted, if at all, within ten (10) years from the Effective Date. The Company did not issue Restricted Stock Units (“RSUs”), Nonstatutory Stock Options (“NSOs”) or any incentive stock options (“ISOs”) or restricted common stock (“RCS”) during the three months ended March 31, 2023 or during the three months ended March 31, 2022. Vesting periods for awarded RCS, ISOs and NSOs range from immediate to quarterly over a 4-year period. Vesting period for RSUs is the earlier of (i) the day prior to the next annual meeting of stockholders following the date of grant, and (ii) one (1) year from the Date of Grant. For ISOs and NSOs awarded, the term to exercise their ISO or NSO is 10 years. During 2020, the Company issued 1,518,194 stock options to a consultant that contains performance-based vesting conditions where revenue milestones are to be met over a certain time period. Such stock option awards would be valued using a Monte Carlo simulation based on the probability of the performance condition being met and the underlying expense would be recognized as the associated vesting conditions are met. No stock options that contain performance-based vesting conditions vested during the three months ended March 31, 2023 and it is improbable that the performance-based conditions will be met. Stock Options The Company’s stock option activity during the periods presented was as follows: | | Options | | | Weighted Average Exercise Price | | | Weighted Average Contractual Remaining Life (years) | | Outstanding, December 31, 2021 | | | 7,230,068 | | | $ | 1.45 | | | | 8.27 | | Granted | | | 315,000 | | | | 0.27 | | | | 9.69 | | Exercised | | | - | | | | - | | | | - | | Forfeited/Expired | | | (4,375,129 | ) | | | 1.54 | | | | - | | Outstanding, December 31, 2022 | | | 3,169,939 | | | $ | 1.20 | | | | 8.05 | | Granted | | | - | | | | - | | | | - | | Exercised | | | - | | | | - | | | | - | | Forfeited/Expired | | | - | | | | - | | | | - | | Outstanding, March 31, 2023 | | | 3,169,939 | | | $ | 1.20 | | | | 7.80 | | Exercisable at March 31, 2023 | | | 1,206,173 | | | $ | 1.37 | | | | 7.58 | |
Range of Exercise Price | | Number of Awards | | | Weighted Average Remaining Contractual Life (years) | | | Weighted Average Exercise Price | | | Number of Awards Exercisable | | | Weighted Average Exercise Price | | $0.156 - $3.40 | | | 3,169,939 | | | | 7.80 | | | $ | 1.20 | | | | 1,206,173 | | | $ | 1.37 | | | | | 3,169,939 | | | | 7.80 | | | $ | 1.20 | | | | 1,206,173 | | | $ | 1.37 | |
The aggregate intrinsic value of options outstanding and exercisable at March 31, 2023 was $0. The aggregate grant date fair value of options granted during the three months ended March 31, 2023 and 2022 amounted to $0. Compensation expense related to stock options for the three months ended March 31, 2023 and 2022 was $95 thousand and $352 thousand, respectively. As of March 31, 2023, the total unrecognized fair value compensation cost related to unvested stock options was $233 thousand, which is to be recognized over a remaining weighted average period of approximately 1.24 years. Restricted Stock Subject to the restrictions set with respect to the particular Award, a recipient of restricted stock generally shall have the rights and privileges of a stockholder, including the right to vote the restricted stock and the right to receive dividends; provided that, any cash dividends and stock dividends with respect to the restricted stock shall be withheld for the recipient’s account, and interest may be credited on the amount of the cash dividends withheld. The Company’s restricted stock activity during the periods presented was as follows: | | Restricted Stock Shares | | | Weighted Average Grant Date Fair Value | | Non-vested, December 31, 2021 | | | - | | | $ | - | | Granted | | | 971,664 | | | | 0.30 | | Vested | | | (971,664 | ) | | | 0.30 | | Forfeited/Expired | | | - | | | | - | | Non-vested, December 31, 2022 | | | - | | | | - | | Granted | | | - | | | | - | | Vested | | | - | | | | - | | Forfeited/Expired | | | - | | | | - | | Non-vested, March 31, 2023 | | | - | | | $ | - | |
There was no compensation expense related to restricted shares for the three months ended March 31, 2023 and 2022. Restricted Stock Units The terms and conditions of a grant of RSUs shall be determined by the Board or a Board Committee. No shares of common stock shall be issued at the time a RSU is granted. A recipient of RSUs shall have no voting rights with respect to the RSUs. Upon the expiration of the restrictions applicable to a RSU, the Company will either issue to the recipient, without charge, one share of common stock per RSU or cash in an amount equal to the fair market value of one share of common stock. The Company’s restricted stock unit activity during the periods presented was as follows: | | Restricted Stock Units | | | Weighted Average Grant Date Fair Value | | Outstanding, December 31, 2021 | | | 588,235 | | | $ | 0.70 | | Granted | | | 1,351,688 | | | | 0.29 | | Vested | | | (588,235 | ) | | | 0.70 | | Forfeited/Expired | | | - | | | | - | | Outstanding, December 31, 2022 | | | 1,351,688 | | | $ | 0.29 | | Granted | | | - | | | | - | | Vested | | | - | | | | - | | Forfeited/Expired | | | - | | | | - | | Outstanding, March 31, 2023 | | | 1,351,688 | | | $ | 0.29 | |
At March 31, 2023 and December 31, 2022, the Company had $131 thousand and $244 thousand, respectively, of total unrecognized compensation expense related to restricted stock units. As of March 31, 2023 and December 31, 2022, compensation will be recognized over a weighted-average period of approximately 0.34 years and 0.50 years, respectively. Compensation expense related to restricted stock units for the three months ended March 31, 2023 and 2022 was $113 thousand and $102 thousand, respectively. All compensation expense related to restricted stock units were included in selling, general and administrative expenses.
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v3.23.2
STOCKHOLDERS EQUITY
|
3 Months Ended |
Mar. 31, 2023 |
STOCKHOLDERS EQUITY |
|
STOCKHOLDERS' EQUITY |
NOTE 17 – STOCKHOLDERS’ EQUITY Authorized Stock The Company is authorized to issue 150,000,000 common shares with a par value of $0.001 per share. As of March 31, 2023 and December 31, 2022, there were 71,441,801 and 71,426,801 shares of the Company’s common stock issued and outstanding, respectively. Common Share Issuances From January 1, 2022 to March 31, 2022, the Company issued an aggregate of 1,665,000 common stock shares including 1,192,369 shares at a price per share of $0.19, the Alternative Conversion Price (as defined in the Series B Note), in connection to the conversion of $0.2 million of the Series B Note and 472,631 shares at a price per share of $0.19, in connection to the make-whole-amounts totaling $0.2 million per the terms of the Series B Note. From January 1, 2023 to March 31, 2023, the Company issued 15,000 common stock shares, at a price per share of $0.132 in connection to a consulting agreement. The total value of these issuances was $2 thousand. Common Stock Issuable In 2018, the Company entered into an amendment to extend the maturity date of a convertible promissory note. As compensation for extending the note, the Company is to issue 150,000 shares of its common stock at a price of $2.05 per share. As of the filing of this Quarterly Report, the Company has not yet issued these shares and has recorded common stock issuable of $308 thousand.
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v3.23.2
BUSINESS COMBINATION
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3 Months Ended |
Mar. 31, 2023 |
BUSINESS COMBINATION |
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BUSINESS COMBINATION |
NOTE 18 – BUSINESS COMBINATION Sera Labs Acquisition In October 2020, the Company acquired all of the issued and outstanding stock of Sera Labs in exchange for consideration of, subject to customary adjustments, an aggregate of approximately (i) $1.0 million in cash and (ii) 5,014,868 shares of the Company’s common stock. Pursuant to the Sera Labs Merger Agreement, Sera Labs security holders are also entitled to receive up to an additional 5,988,024 shares of the Company’s common stock (the “Clawback Shares”) based on the achievement of certain sales and gross margin milestones. On August 11, 2022, the Board agreed to extend the period in which the Clawback Shares may be earned to December 31, 2024. The acquisition was accounted for in accordance with ASC 805. The issuance of the Clawback Shares is subject to a variety of earn-out and milestone provisions thus they are considered contingent shares based on the achievement of certain sales and gross margin milestones. The following table presents the change in fair value of contingent stock consideration for the three months ended March 31, 2023 (in thousands): (Dollars in thousands) | | Fair Value of Contingent Stock Consideration | | Fair value at December 31, 2022 | | $ | 860 | | Change in fair value of contingent stock consideration | | | 44 | | Fair value at March 31, 2023 | | $ | 904 | |
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v3.23.2
COMMITMENTS AND CONTINGENCIES
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3 Months Ended |
Mar. 31, 2023 |
COMMITMENTS AND CONTINGENCIES |
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COMMITMENTS AND CONTINGENCIES |
NOTE 19 – COMMITMENTS AND CONTINGENCIES Litigation From time to time, we may become involved in various lawsuits and legal proceedings that arise in the ordinary course of business. However, litigation is subject to inherent uncertainties, and an adverse result in these or other matters may arise from time to time that may harm our business. On April 12, 2022, the Company filed a civil action in the California Superior Court against the Investor referenced in Note 14, alleging that the investor entered into the Purchase Agreement as an unregistered securities dealer and unlicensed finance lender in violation of California law. The Company’s complaint seeks rescission of the Purchase Agreement, damages, attorneys’ fees and other relief. The Investor responded to the complaint by filing a demurrer/motion to dismiss and on August 31, 2022, the Company and Investor entered into a stipulation to stay the litigation for 30 days and allow the parties to engage in further settlement discussions. The matter was unable to be resolved within the 30 days, and, pursuant to the Stipulation, the Company refiled its action in New York where a New York court will be required to apply California law to our causes of action for rescission and unfair competition. On November 18, 2022, the Company filed an amended complaint alleging six additional causes of action, including fraud, breach of contract and unfair competition. The Investor responded to the New York amended complaint by filing a motion to dismiss and on February 3, 2023, the Company filed its opposition response to the Investor’s motion to dismiss. As of the filing date of this Quarterly Annual Report, the Investor has not filed a response to our opposition to their motion to dismiss. Settlement discussions between the parties are ongoing. Tax Filings The Company tax filings are subject to audit by taxing authorities in jurisdictions where it conducts business. These audits may result in assessments of additional taxes that are subsequently resolved with the authorities or potentially through the courts. As of March 31, 2023, the Company is not subject to any such audits. Employment Contracts The Company has entered into employment agreements with two executive officers. Under the provisions of the contracts, the Company may be required to incur severance obligations for matters relating to changes in control, as defined, and certain terminations of executives. As of March 31, 2023, the Company had no such severance obligations, in accordance with the severance benefit provisions of the respective employment agreements. Indemnification In the normal course of business, the Company may provide indemnification of varying scope under the Company’s agreements with other companies or consultants, suppliers and others. Pursuant to these agreements, the Company will generally agree to indemnify, hold harmless, and reimburse the indemnified parties for losses and expenses suffered or incurred by the indemnified parties arising from claims of third parties in connection with the use of the Company’s products. Indemnification provisions could also cover third party infringement claims with respect to patent rights, copyrights, or other intellectual property pertaining to the Company’s products. The Company’s office lease also will generally contain indemnification obligations, including obligations for indemnification of the lessor for environmental law matters and injuries to persons or property of others, arising from the Company’s use or occupancy of the leased property. The term of these indemnification agreements will generally continue in effect after the termination or expiration of the particular services, lease, or license agreement to which they relate. Historically, the Company has not been subject to any claims or demands for indemnification. The Company also maintains various liability insurance policies that limit the Company’s financial exposure. As a result, the Company management believes that the fair value of these indemnification agreements is minimal. Accordingly, the Company has not recorded any liabilities for these agreements as of March 31, 2023 and December 31, 2022. Operating leases The Company currently maintains its corporate offices at 5805 Sepulveda Boulevard, Suite 801, Sherman Oaks, CA 91411. The lease agreement (the “Lease”), which expires on April 30, 2024, contains an option to extend the lease for an additional 36 months and the Company will reassess the lease term of the contract when it has determined it is reasonably certain to exercise the option. The Lease provides for the payment of base monthly rent in the amount of $10 thousand during the first 12 months of the term with annual increases, over the base monthly rent then in effect, of 3%. Total rent expense was $34 thousand and $33 thousand for the three months ended March 31, 2023 and 2022, respectively. The Company classified the Lease as an operating lease in accordance with ASC 842, “Lease Accounting,” and has recognized a right-of-use asset and a lease liability based on the present values of its lease payments over its respective lease term. The Company used the services of a valuation company to compute the incremental borrowing rate (“IBR”) which is necessary to determine the present value of its lease payments since a borrowing rate is not explicitly available in the lease agreement. The concluded IBR is 11.30%. Operating lease payments and lease expense are recognized on a straight-line basis over the lease term. As of March 31, 2023, the current portion and long-term portion of operating lease liability is $130 thousand and $11 thousand, respectively. The future payments due under the operating lease as of March 31, 2023 are as follows (in thousands): Years | | | | 2023 (remaining) | | $ | 102 | | 2024 | | | 46 | | Undiscounted cash flow | | | 148 | | Effects of discounting | | | (7 | ) | Lease liabilities recognized | | $ | 141 | |
Operating leases The following table presents supplemental balance sheet information related to operating and financing leases as of March 31, 2023 and December 31, 2022 (in thousands, except lease term and discount rate): | | March 31, 2023 | | | December 31, 2022 | | Operating leases | | | | | | | Right-of-use assets, net | | $ | 134 | | | $ | 160 | | | | | | | | | | | Right-of-use lease liabilities, current | | $ | 130 | | | $ | 124 | | Right-of-use lease liabilities, noncurrent | | | 11 | | | | 46 | | Total operating lease liabilities | | $ | 141 | | | $ | 170 | | | | | | | | | | | Weighted average remaining lease term | | | | | | | | | Operating leases | | 1.03 years | | | 1.29 years | | | | | | | | | | | Weighted average discount rate | | | | | | | | | Operating leases | | | 11.30 | % | | | 11.30 | % |
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- DefinitionThe entire disclosure for commitments and contingencies.
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v3.23.2
SUBSEQUENT EVENTS
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3 Months Ended |
Mar. 31, 2023 |
SUBSEQUENT EVENTS |
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SUBSEQUENT EVENTS |
NOTE 20 – SUBSEQUENT EVENTS The Company has evaluated subsequent events were evaluated through the filing date of this Quarterly Report, July 28, 2023, and there are no subsequent events that would have required adjustment or disclosure in the unaudited condensed consolidated financial statements.
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- DefinitionThe entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
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v3.23.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
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3 Months Ended |
Mar. 31, 2023 |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
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Basis of Presentation |
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”). The summary of significant accounting policies presented below is designed to assist in understanding the Company’s financial statements. Such financial statements and accompanying notes are the representations of Company’s management, who is responsible for their integrity and objectivity. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with GAAP for interim financial statements and with the instructions to Form 10-Q and Article 8 of Regulation S-X of the SEC. Accordingly, they do not contain all information and footnotes required by GAAP for annual financial statements. In the opinion of the Company’s management, the accompanying unaudited condensed consolidated financial statements contain all the adjustments necessary (consisting only of normal recurring accruals) to present the financial position of the Company as of March 31, 2023, and the results of operations and cash flows for the periods presented. The results of operations for the three months ended March 31, 2023 and 2022, are not necessarily indicative of the operating results for the full fiscal year or any future period, given the recent completion of the Asset Sale. These unaudited condensed consolidated financial statements should be read in conjunction with the financial statements and related notes thereto included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022 filed with the SEC on July 28, 2023 (our “2022 Annual Report”).
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Principles of Consolidation |
The unaudited condensed consolidated financial statements include the accounts of Avenir and its wholly-owned subsidiaries, collectively referred to as (“we”, “us”, “our” or the “Company”). All significant inter-company balances and transactions have been eliminated in consolidation. The development and production of the Company’s branded health, wellness, and beauty products in both the wellness industry represents the principal operations of the Company. Business acquisitions are included in the unaudited condensed consolidated financial statements from the date of the acquisition.
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Going Concern and Management's Liquidity Plans |
In accordance with the Financial Accounting Standards Board’s (“FASB”) standard on going concern, Accounting Standard Update, or ASU No. 2014-15, the Company assesses going concern uncertainty in its condensed consolidated financial statements to determine if it has sufficient cash, cash equivalents and working capital on hand, including marketable equity securities, and any available borrowings on loans, to operate for a period of at least one year from the date the consolidated financial statements are issued, which is referred to as the “look-forward period” as defined by ASU No. 2014-15. As part of this assessment, based on conditions that are known and reasonably knowable to the Company, it will consider various scenarios, forecasts, projections, estimates and will make certain key assumptions, including the timing and nature of projected cash expenditures or programs, and its ability to delay or curtail expenditures or programs, if necessary, among other factors. Based on this assessment, as necessary or applicable, the Company makes certain assumptions around implementing curtailments or delays in the nature and timing of programs and expenditures to the extent the Company deems probable those implementations can be achieved and it has the proper authority to execute them within the look-forward period in accordance with ASU No. 2014-15. The accompanying unaudited condensed consolidated financial statements have been prepared on the basis that the Company will continue as a going concern, which contemplates realization of assets and the satisfaction of liabilities in the normal course of business. Accordingly, the financial statements do not include any adjustments relating to the recoverability and classification of assets and liabilities that might be necessary if the Company is unable to continue as a going concern. As of March 31, 2023, the Company had approximately $1.4 million of cash on hand, had an accumulated deficit of approximately $120.2 million and a working capital deficit of approximately $8.0 million. Our operating activities consume a portion of our cash resources. We anticipate that we will continue to incur operating losses and negative cash flows from operations as we execute our commercialization and development plans and strategic and business development initiatives. In July 2022, Avenir completed the sale of certain pharmaceutical assets pursuant to the asset purchase agreement, see Note 6 – Discontinued Operations, for total consideration received at closing in the amount of $20.0 million, which consisted of (i) the cancellation of indebtedness owed by Avenir to the Buyer in the amount of $4.15 million, (ii) a $2.0 million one-year note payable in the form of a secured promissory note, and (iii) the remainder in cash. The completion of the Asset Sale has had a positive impact on the Company’s liquidity position. However, the Company may need to complete additional equity or debt financings to fully execute its business plans and strategies. We have previously funded our operating losses primarily through the issuance of common stock and/or promissory notes and cash generated from our product sales. We anticipate that we will incur decreased operating losses and negative cash flows from operations as we execute on our commercialization and development plans and strategic and business development initiatives and with the elimination of overhead and operating expenses related to the Company’s pharmaceutical business segment that have been discontinued in connection with the Asset Sale. There can be no assurance however that the Company will be able to raise additional capital when needed, or at terms deemed acceptable, if at all.
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Reclassifications |
Certain reclassifications have been made to prior year’s consolidated financial statements to enhance comparability with the current year’s consolidated financial statements. These reclassifications had no effect on the previously reported net loss.
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Use of Estimates |
The preparation of the accompanying consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reported period. Management bases these estimates and assumptions upon historical experience, existing and known circumstances, authoritative accounting pronouncements, and other factors that management believes to be reasonable. In addition, the Company has considered the potential impact of certain macroeconomic factors, including inflation, rising interest rates, and recessionary pressures, on its business and operations. Although the full impact of these factors are unknown and cannot be reasonably estimated, the Company believes it has made appropriate accounting estimates and assumptions based on the facts and circumstances available as of the reporting date. Significant areas requiring the use of management estimates include, but are not limited to, revenue recognition, the allowance for doubtful accounts, valuation of intangible assets and goodwill, depreciative and amortization useful lives, assumptions used to calculate the fair value of the contingent share consideration, stock based compensation, beneficial conversion features, warrant values, deferred taxes and the assumptions used to calculate derivative liabilities and fair values of the purchase price allocations and convertible promissory notes. Actual results could differ materially from such estimates under different assumptions or circumstances.
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Cash and Cash Equivalents |
The Company considers all highly liquid investments with maturities of three months or less at the time of purchase to be cash equivalents. As of March 31, 2023 and December 31, 2022, the Company had no cash equivalents. The Company maintains its cash and cash equivalents in banks insured by the Federal Deposit Insurance Corporation in accounts that at times may be in excess of the federally insured limit of $250,000 per bank. The Company minimizes this risk by placing its cash deposits with major financial institutions. As of March 31, 2023, the Company had $1.1 million in cash in excess of the federal insurance limit.
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Investment in Associates |
The Company follows Accounting Standards Codification (“ASC”) 325-20, “Cost Method Investments” (“ASC 325-20”), to account for its ownership interest in noncontrolled entities. Under ASC 325-20, equity securities that do not have readily determinable fair values (i.e., non-marketable equity securities) and are not required to be accounted for under the equity method are typically carried at cost (i.e., cost method investments). Investments of this nature are initially recorded at cost. Income is recorded for dividends received that are distributed from net accumulated earnings of the noncontrolled entity subsequent to the date of investment. Dividends received in excess of earnings subsequent to the date of investment are considered a return of investment and are recorded as reductions in the cost of the investment. Investments are written down only when there is clear evidence that a decline in value that is other than temporary has occurred.
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Accounts Receivable |
Accounts receivable are generally unsecured. The Company establishes an allowance for doubtful accounts receivable based on the age of outstanding invoices and management’s evaluation of collectability. Accounts are written off after all reasonable collection efforts have been exhausted and management concludes that likelihood of collection is remote. Any future recoveries are applied against the allowance for doubtful accounts.
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Inventory |
Inventory is stated at the lower of cost or net realizable value (“NRV”). NRV is the amount by which the estimated selling price of the product exceeds the sum of any additional costs expected to be incurred on the sale of such product in the ordinary course of business. The Company determines the cost of its inventory on a first-in, first-out basis. The Company performs an assessment of the recoverability of capitalized inventory during each reporting period. In order to state the inventory at the lower of cost or NRV, we maintain reserves against individual stocking units. Inventory reserves, once established, are not reversed until the related inventories have been sold or scrapped. If future demand or market conditions are less favorable than our projections, a write-down of inventory may be required, and would be reflected in the cost of product sold in the period the revision is made.
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Goodwill and intangible assets |
Goodwill represents the excess of the purchase price over the fair value of net identifiable assets and liabilities. Goodwill is not amortized but is tested for impairment at least annually, or if circumstances indicate its value may no longer be recoverable. Qualitative factors considered in this assessment include industry and market conditions, overall financial performance, and other relevant events and factors affecting the Company’s business. Based on the qualitative assessment, if it is determined that the fair value of goodwill is more likely than not to be less than its carrying amount, the fair value of a reporting unit will be calculated and compared with its carrying amount and an impairment charge will be recognized for the amount that the carrying value exceeds the fair value.
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Business combinations |
The results of businesses acquired in a business combination are included in the unaudited condensed consolidated financial statements from the date of acquisition. Purchase accounting results in assets and liabilities of an acquired business being recorded at their estimated fair values on the acquisition date. Any excess consideration over the value of the assets acquired and liabilities assumed is recognized as goodwill.
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Impairment of Long-Lived Assets |
Long-lived assets include equipment and intangible assets other than those with indefinite lives. We assess the carrying value of our long-lived asset groups when indicators of impairment exist and recognize an impairment loss when the carrying amount of a long-lived asset is not recoverable when compared to undiscounted cash flows expected to result from the use and eventual disposition of the asset. Indicators of impairment include significant underperformance relative to historical or projected future operating results, significant changes in our use of the assets or in our business strategy, loss of or changes in customer relationships and significant negative industry or economic trends. When indications of impairment arise for a particular asset or group of assets, we assess the future recoverability of the carrying value of the asset (or asset group) based on an undiscounted cash flow analysis. If carrying value exceeds projected, net, undiscounted cash flows, an additional analysis is performed to determine the fair value of the asset (or asset group), typically a discounted cashflow analysis, and an impairment charge is recorded for the excess of carrying value over fair value.
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Contingent consideration liabilities |
Certain of the Company’s business acquisitions involve the potential for future payment of consideration to former selling stockholders in amounts determined upon the attainment of revenue and gross margin milestones from product sales. The fair value of such liabilities is determined using unobservable inputs. These inputs include the estimated amount and timing of projected cash flows and the risk-adjusted discount rate used to present value the cash flows. These obligations are referred to as contingent consideration. ASC 805, “Business Combinations,” requires that contingent consideration be estimated and recorded at fair value as of the acquisition date as part of the total consideration transferred. Contingent consideration is an obligation of the acquirer to transfer additional assets or equity interests to the selling stockholders in the future if certain future events occur or conditions are met, such as: (i) the attainment of product development milestones; and/or (ii) the achievement of components of earnings, such as “earn-out” provisions or percentage of future revenue. The fair value of contingent consideration after the acquisition date is reassessed by the Company as changes in circumstances and conditions occur, with the subsequent change in fair value recorded in the consolidated statements of operations. Changes in key assumptions can materially affect the estimated fair value of contingent consideration liabilities and, accordingly, the resulting gain or loss is recorded in its unaudited condensed consolidated financial statements. See Note 18 – Business Combination for additional information.
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Related Party |
Parties are considered to be related to the Company if the parties, directly or indirectly, through one or more intermediaries, control, are controlled by, or are under common control with the Company. Related parties also include principal owners of the Company, its management, members of the immediate families of principal owners of the Company and its management and other parties with which the Company may deal if one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests.
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Revenue Recognition |
The Company recognizes revenue in accordance with ASC 606, “Revenue Recognition.” Revenue under Topic 606 are required to be recognized either at a “point in time” or “over time,” depending on the facts and circumstances of the arrangement, and are evaluated using a five-step model. To achieve the core principle of Topic 606, we perform the following steps: | · | identify the contract(s) with customer; | | · | identify the performance obligations in the contract; | | · | determine the transactions price; | | · | allocate the transactions price to the performance obligations in the contract; and | | · | recognize revenue when (or as) we satisfy a performance obligation. |
Under Topic 606, the Company recognizes revenue as, or when, we satisfy performance obligations under a contract. We account for a contract when the parties approved the contract and are committed to perform on it, the rights of each party and the payment terms are identified, the contract has commercial substance and it is probable that we will collect substantially all of the consideration. A performance obligation is a promise in a contract to transfer a distinct good or service, or a series of distinct goods or services, to a customer. The transaction price of a contract must be allocated to each performance obligation and recognized as the performance obligation is satisfied. In essence, we recognize revenue when or as control of the promised goods or services transfer to the customer.
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Sera Labs Revenue |
Sera Labs recognizes revenue as, or when, we satisfy performance obligations under a contract. We account for a contract when the parties approved the contract and are committed to perform on it, the rights of each party and the payment terms are identified, the contract has commercial substance and it is probable that we will collect substantially all of the consideration. A performance obligation is a promise in a contract to transfer a distinct good or service, or a series of distinct goods or services, to a customer. The transaction price of a contract must be allocated to each performance obligation and recognized as the performance obligation is satisfied. In essence, we recognize revenue when or as control of the promised goods or services transfer to the customer. Revenue from eCommerce sales, including DTC sales, are recognized upon delivery of merchandise to the customer. We also elected to adopt the practical expedient related to shipping and handling fees which allows us to account for shipping and handling activities that occur after control of the related good transfers as fulfillment activities instead of assessing such activities as performance obligations. Therefore, shipping and handling activities are considered part of the Company’s obligation to transfer the products and therefore are recorded as direct selling expenses, as incurred. Shipping revenue is recorded upon delivery to the customer.
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Practical Expedients and Exemptions |
The Company has elected certain practical expedients and policy elections as permitted under ASC Topic 606 as follows: | · | the Company adopted the practical expedient related to not adjusting the promised amount of consideration for the effects of a significant financing component if the period between transfer of product and customer payment is expected to be less than one year at the time of contract inception; | | | | | · | the Company made the accounting policy election to exclude any sales and similar taxes from the transaction price; and | | | | | · | the Company adopted the practical expedient not to disclose the value of unsatisfied performance obligations for contracts with an original expected length of one year or less. |
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Sales Tax |
The transaction price is the amount of consideration to which the Company expects to be entitled in exchange for transferring the promised goods or services to a customer, excluding sales taxes. The net amount of sales tax payable to the taxation authority is included in sales tax payable in the unaudited condensed consolidated balance sheets.
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Sales Returns, Discounts and Warranties |
Sales returns, discount and warranties are considered variable consideration under ASC 606. The Company reduces revenue for estimated future returns, discounts and warranties which may occur with distributors and retailers. When evaluating the adequacy of sales returns, discounts and warranties, the Company analyzes the following: historical credit allowances, current sell-through of inventory of the Company’s products, current trends in retail industry, changes in customer demand, acceptance of products, and other related factors.
|
Cost to Obtain a Contract |
The Company pays sales commission to its employees and outside sales representatives for contracts that they obtain relating to the wholesale sales of our products. The Company applies the optional practical expedient to immediately expense costs to obtain a contract if the amortization period of the asset that would have been recognized is one year or less. As such, sales commissions are immediately recognized as an expense and included as part of sales and marketing expenses.
|
Contract Liabilities |
Advance payments and billings in excess of revenue recognized represent contract liabilities and are recorded as deferred revenue when customers remit contractual cash payments in advance before satisfying performance obligations under contractual arrangements. Contract liabilities are derecognized when revenue is recognized, and the performance obligation is satisfied. Advance payments and billings in excess of revenue recognized are included in deferred revenue, which is classified as current or noncurrent based on the timing of when the Company expects to recognize revenue. At March 31, 2023 and December 31, 2022, we had contract liabilities of $388 thousand and $388 thousand, respectively. Contract liabilities is made up of the following as of March 31, 2023 and December 31, 2022 (in thousands): | | March 31, 2023 | | | December 31, 2022 | | Customer deposits for commercial products | | $ | 388 | | | $ | 388 | |
The following table summarizes the changes in contract liabilities during the three months ended March 31, 2023 and year ended December 31, 2022 (in thousands): Balance at December 31, 2021 | | $ | 293 | | Additions | | | 26 | | Customer deposits returned | | | (45 | ) | Transfers to revenue | | | (84 | ) | Contract liabilities held for sale but not assumed | | | 198 | | Balance at December 31, 2022 | | $ | 388 | | Additions | | | - | | Customer deposits returned | | | - | | Transfers to revenue | | | - | | Balance at March 31, 2023 | | $ | 388 | |
|
Cost of Revenues |
Cost of revenue primarily consists of costs for our products incurred to third-party manufacturers.
|
Advertising Expense |
The Company expenses marketing, promotions and advertising costs as incurred. Such costs are included in selling, general and administrative expense in the accompanying unaudited condensed consolidated statements of operations. The Company recorded advertising costs of $780 thousand and $335 thousand for the three months ended March 31, 2023 and 2022, respectively.
|
Research and Development |
Costs incurred in connection with the development of new products and processes are charged to research and development expenses as incurred. Historically, research and development expenses were generally incurred by the former pharmaceutical segment and are presented as part of the loss from disposal group in the unaudited condensed consolidated statements of operations. See Note 6 – Discontinued Operations for additional information.
|
Income Taxes |
The Company utilizes FASB ASC 740, “Income Taxes,” which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are determined based on the difference between the tax basis of assets and liabilities and their financial reporting amounts based on enacted tax laws and statutory tax rates applicable to the periods in which the differences are expected to affect taxable income. A valuation allowance is recorded when it is “more likely-than-not” that a deferred tax asset will not be realized. The Company generated a deferred tax asset through net operating loss carry-forward. However, a valuation allowance of 100% has been established due to the uncertainty of the Company’s realization of the net operating loss carry-forward prior to its expiration.
|
Stock-Based Compensation |
Stock-based compensation is accounted for based on the requirements of the Share-Based Payment Topic of ASC 718, “Stock Compensation” (“ASC 718”) which requires recognition in the consolidated financial statements of the cost of employee and director services received in exchange for an award of equity instruments over the period the employee or director is required to perform the services in exchange for the award (presumptively, the vesting period). ASC 718 also requires measurement of the cost of employee and director services received in exchange for an award based on the grant-date fair value of the award. Pursuant to ASC 2018-07 (Topic 718) for share-based payments to employees, consultants and other third-parties, compensation expense is determined at the “measurement date.” The expense is recognized over the vesting period of the award. Until the measurement date is reached, the total amount of compensation expense remains uncertain. The Company initially records compensation expense based on the fair value of the award at the grant date. For awards of restricted stock, the Company determines grant date fair value based on the closing price of the Company’s common stock on the grant date as reported on the over-the-counter market (the “OTC Market”). For awards of stock options, the Company uses the Black-Scholes option valuation model to estimate grant date fair value. Compensation expense is recognized for the portion of the award that is ultimately expected to vest over the period during which the recipient renders the required services to the Company generally using the straight-line single option method. See Note 16 – Stock Incentive Plan for additional information.
|
Fair Value Measurements |
The Company follows FASB ASC 820, “Fair Value Measurements and Disclosures” (“ASC 820”), for assets and liabilities measured at fair value on a recurring basis. ASC 820 establishes a common definition for fair value to be applied to existing generally accepted accounting principles that require the use of fair value measurements and establishes a framework for measuring fair value and expands disclosure about such fair value measurements. ASC 820 establishes a single authoritative definition of fair value, sets out a framework for measuring fair value and expands on required disclosures about fair value measurement. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. ASC 820 describes a fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value, which are the following: | · | Level 1 – Quoted prices in active markets for identical assets and liabilities. | | | | | · | Level 2 – Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted market prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. | | | | | · | Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. |
When a part of the purchase consideration consists of shares of the Company common stock, the Company calculates the purchase price attributable to those shares, a Level 1 security, by determining the fair value of those shares quoted on the OTC Market as of the acquisition date. The Company recognizes estimated fair values of the tangible assets and identifiable intangible assets acquired, including in-process research and development, and liabilities assumed, including any contingent consideration, as of the acquisition date. Goodwill is recognized as any amount of the fair value of the tangible and identifiable intangible assets acquired and liabilities assumed in excess of the consideration transferred. ASC 805 precludes the recognition of an assembled workforce as an asset, effectively subsuming any assembled workforce value into goodwill. In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible, and also considers counterparty credit risk in its assessment of fair value. At March 31, 2023 and December, 31, 2022, the Company had no financial assets or liabilities recorded at fair value on a recurring basis, except for the Series A and B Notes, for which we elected the fair value option, and the contingent stock consideration. These liabilities are measured at fair value using the period-end quoted market prices of the Company’s common stock as a Level 3 input. The Company also has certain derivative liabilities and contingent consideration liabilities which are carried at fair value based on Level 3 inputs. The carrying amounts of cash equivalents, prepaid expenses and other current assets, accounts payable, accrued expenses and other current liabilities approximate fair values because of the short-term nature of these items. The fair value of contingent stock consideration is evaluated each reporting period using projected financial information, discount rates, and key inputs. Projected contingent payment amounts are discounted back to the current period using a discount rate. Financial information is based on the Company’s most recent internal forecasts. Changes in projected financial information, the Company’s stock price, discount rate and time for settlement of milestones and earnouts may result in higher or lower fair value measurements. Increases (decreases) in any of those inputs in isolation may result in a significantly lower (higher) fair value measurement. For the period from the date of acquisition to March 31, 2023, the Company’s stock price, volatility percentage and the weighted average present value probability of each the various estimates of milestones, earn-out amounts and achievements being accomplished resulted in a decrease of the fair value of the contingent stock consideration. In determining the fair value, the Company evaluated each of the target threshold scenarios as to the potential earn-out payment at each level based on the estimated net sales and gross profit. If the expected gross profit considered in the scenario with the lowest gross profit is less than $6.0 million during the Clawback Period, the value of the stock earn-out payment would be $0. However, if the expected gross profit during the Clawback Period was at least $8.0 million (and the net sales target is achieved), the value of the stock earn-out payment would be approximately $1.1 million. The Company has elected the fair value option to account for the Series A and B Notes that were issued on October 30, 2020 and records this at fair value with changes in fair value recorded in the condensed consolidated statements of operations. As a result of applying the fair value option, direct costs and fees related to the Series A and B Notes are recognized in earnings as incurred and not deferred. As of March 31, 2023, the Company has valued the Series A and B Notes giving consideration to the terms under the existing default. The following table summarizes fair value measurements by level at March 31, 2023 for assets and liabilities measured at fair value on a recurring basis (in thousands): | | Total | | | Level 1 | | | Level 2 | | | Level 3 | | Fair value of contingent stock consideration | | $ | 904 | | | $ | - | | | $ | - | | | $ | 904 | | Fair value of Series A Note | | $ | 4,379 | | | $ | - | | | $ | - | | | $ | 4,379 | | Fair value of Series B Note | | $ | 3,329 | | | $ | - | | | $ | - | | | $ | 3,329 | |
The following table summarizes fair value measurements by level at December 31, 2022 for assets and liabilities measured at fair value on a recurring basis (in thousands): | | Total | | | Level 1 | | | Level 2 | | | Level 3 | | Fair value of contingent stock consideration | | $ | 860 | | | $ | - | | | $ | - | | | $ | 860 | | Fair value of Series A Note | | $ | 5,221 | | | $ | - | | | $ | - | | | $ | 5,221 | | Fair value of Series B Note | | $ | 3,959 | | | $ | - | | | $ | - | | | $ | 3,959 | |
The following table summarizes the changes in Level 3 financial instruments during the three months ended March 31, 2023 (in thousands): Fair value of Series A and B Notes at December 31, 2022 | | $ | 9,180 | | Change in fair value of Series A Note | | | (842 | ) | Change in fair value of Series B Note | | | (630 | ) | Fair value of Series A and B Notes at March 31, 2023 | | $ | 7,708 | |
Financial instruments measured at fair value are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Series A and B Notes are measured at fair value using the Monte Carlo simulation valuation methodology. A summary of the weighted average (in aggregate) significant unobservable inputs used in measuring the Series A and B Notes that are categorized within Level 3 of the fair value hierarchy is as follows: Date of valuation | | March 31, 2023 | | | December 31, 2022 | | Stock price | | $ | 0.25 | | | $ | 0.25 | | Conversion price | | $ | 1.32 | | | $ | 1.32 | | Term (in years) – Series A Note | | | 0.0 | | | | 0.0 | | Term (in years) – Series B Note | | | 0.0 | | | | 0.0 | | Volatility – Series A Note | | | 67 | % | | | 85 | % | Volatility – Series B Note | | | 67 | % | | | 85 | % | Risk-free interest rate – Series A Note | | | 4.82 | % | | | 4.6 | % | Risk-free interest rate – Series B Note | | | 4.82 | % | | | 4.6 | % | Interest rate | | | 18.0 | % | | | 18.0 | % |
|
Series A and B Notes |
The Company elected the fair value option to record its Series A and B Notes, which were issued in October 2020. The fair value of the Series A and B Notes is classified within Level 3 of the fair value hierarchy because the fair values were estimated utilizing a Monte Carlo simulation model. Accordingly, the Series A and B Notes are marked-to-market at each reporting date with the change in fair value reported as a gain (loss) in the unaudited condensed consolidated statement of operations. All issuance costs related to the notes were expensed as incurred in the unaudited condensed consolidated statement of operations. See Note 14 – Convertible Promissory Notes and Fair Value of Convertible Promissory Notes for additional information.
|
Contingencies |
We are exposed to claims and litigation arising in the ordinary course of business and use various methods to resolve these matters in a manner that we believe serves the best interest of our stockholders and other constituents. When a loss is probable, we record an accrual based on the reasonably estimable loss or range of loss. When no point of loss is more likely than another, we record the lowest amount in the estimated range of loss and, if material, disclose the estimated range of loss. We do not record liabilities for reasonably possible loss contingencies, but do disclose a range of reasonably possible losses if they are material and we are able to estimate such a range. If we cannot provide a range of reasonably possible losses, we explain the factors that prevent us from determining such a range. Historically, adjustments to our estimates have not been material. We believe the recorded reserves in our unaudited condensed consolidated financial statements are adequate in light of the probable and estimable liabilities. We do not believe that any of these identified claims or litigation will be material to our results of operations, cash flows, or financial condition. Gain contingencies are recorded when the ultimate resolution of the contingency is resolved.
|
Net Loss per Common Share |
Basic net loss per common share is computed by dividing the net loss by the weighted average number of common shares outstanding during the period, excluding any unvested restricted stock awards. Diluted net loss per share is computed by dividing net loss by the weighted average common shares outstanding during the period plus dilutive securities or other contracts to issue common stock as if these securities were exercised or converted to common stock. Diluted net loss per share includes the effect of common stock equivalents (stock options, unvested restricted stock, and warrants) when, under either the treasury or if-converted method, such inclusion in the computation would be dilutive. Net loss is adjusted for the dilutive effect of the change in fair value liability for price adjustable warrants, if applicable. The following table sets forth the computation of basic and diluted net loss per share for the three months ended (in thousands, except per share data): | | For the Three Months Ended | | (Dollars in thousands) | | March 31, 2023 | | | March 31, 2022 | | | | | | | | | Loss from continuing operations | | $ | (209 | ) | | $ | (1,556 | ) | Loss from disposal group | | | - | | | | (3,595 | ) | Net loss | | $ | (209 | ) | | $ | (5,151 | ) | Weighted average outstanding shares of common stock | | | 71,431,468 | | | | 68,849,400 | | Common stock and common stock equivalents | | | 71,431,468 | | | | 68,848,400 | | Basic and diluted loss per share: | | | | | | | | | Continuing operations | | $ | (0.00 | ) | | $ | (0.02 | ) | Disposal group | | $ | - | | | $ | (0.05 | ) |
The following number of shares have been excluded from diluted net income (loss) per share since such inclusion would be anti-dilutive: | | Three months ended March 31, | | | | 2023 | | | 2022 | | | | | | | | | Vested stock options from the Company’s 2017 Equity Incentive Plan | | | 1,206,173 | | | | 3,760,015 | | Warrants | | | 312,500 | | | | 615,530 | | Shares to be issued upon conversion of convertible payable | | | 416,667 | | | | 416,667 | | | | | | | | | | | Total | | | 1,935,340 | | | | 4,792,212 | |
In connection with the Sera Labs Merger, Sera Labs security holders are entitled to receive up to 5,988,024 shares of the Company’s common stock (the “Clawback Shares”) based on the achievement of certain sales and gross margin milestones. Due to the uncertainty of the number of Clawback Shares to be issued, these Clawback Shares were not included in the table above. The Series A and B Notes (other than restricted amounts under a Series B Note) are convertible, at the option of the Investor, into shares of Common Stock at a conversion price of $1.32 per share. The conversion price is subject to full ratchet antidilution protection upon any transaction in which the Company is deemed to have granted, issued or sold, any shares of Common Stock. If the Company enters into any agreement to issue any variable rate securities, other than a bona fide at-the-market offering or equity line of credit, the Investor has the additional right to substitute such variable price (or formula) for the conversion price. If an Event of Default has occurred under the Convertible Notes, the Investor may elect to alternatively convert the Convertible Notes at the redemption premium described therein. Due to the uncertainty of the number of shares to be issued, the shares to be issued from the conversion of the Series A and B Notes were also not included in the table above.
|
Segment Reporting |
The Company uses the “management approach” to identify its reportable segments. The management approach designates the internal organization used by management for making operating decisions and assessing performance as the basis for identifying the Company’s reportable segments. Using the management approach, the Company determined that it does not have reportable segments.
|
Recent Accounting Pronouncements Not Yet Adopted |
The Company’s management reviewed all recently issued accounting standard updates (“ASU’s”) not yet adopted by the Company and does not believe the future adoptions of any such ASU’s may be expected to cause a material impact on the Company’s condensed consolidated financial condition or the results of its operations.
|
Accounting standards adopted in 2023 |
In September 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses, with additional updates and amendments being issued in 2018, 2019, 2020 and 2022 (collectively, “ASC 326”). The new standard updates the impairment model for financial assets measured at amortized cost, known as the Current Expected Credit Loss (“CECL”) model. For trade and other receivables, held-to-maturity debt securities, loans, and other instruments, entities are required to use a new forward-looking “expected loss” model that generally results in the earlier recognition of an allowance for credit losses. The Company adopted ASC 326 on January 1, 2023. The adoption of this standard did not have a material impact to the Company.
|
Correction of an Error |
During the year ended December 31, 2022, the Company became aware of an error in the calculation of its weighted average common shares outstanding and resultant reported loss per share for the quarter ended March 31, 2022. The reported weighted average common shares outstanding and loss per share was 50,829,729 and ($0.10), respectively. The corrected weighted shares outstanding and loss per share was 68,849,400 and ($0.07), respectively. Based on an analysis of ASC 250 “Accounting Changes and Error Corrections” and Staff Accounting Bulletin 99 “Materiality,” the Company has determined that this error was immaterial to the previously issued unaudited consolidated financial statements for the quarter ended March 31, 2022.
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v3.23.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
|
3 Months Ended |
Mar. 31, 2023 |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
|
Schedule of contract liabilities |
| | March 31, 2023 | | | December 31, 2022 | | Customer deposits for commercial products | | $ | 388 | | | $ | 388 | |
|
Schedule of summarizes the changes in contract liabilities |
Balance at December 31, 2021 | | $ | 293 | | Additions | | | 26 | | Customer deposits returned | | | (45 | ) | Transfers to revenue | | | (84 | ) | Contract liabilities held for sale but not assumed | | | 198 | | Balance at December 31, 2022 | | $ | 388 | | Additions | | | - | | Customer deposits returned | | | - | | Transfers to revenue | | | - | | Balance at March 31, 2023 | | $ | 388 | |
|
Summary of fair value measurements of assets and liabilities2023 |
| | Total | | | Level 1 | | | Level 2 | | | Level 3 | | Fair value of contingent stock consideration | | $ | 904 | | | $ | - | | | $ | - | | | $ | 904 | | Fair value of Series A Note | | $ | 4,379 | | | $ | - | | | $ | - | | | $ | 4,379 | | Fair value of Series B Note | | $ | 3,329 | | | $ | - | | | $ | - | | | $ | 3,329 | |
|
Schedule of financial instruments |
Fair value of Series A and B Notes at December 31, 2022 | | $ | 9,180 | | Change in fair value of Series A Note | | | (842 | ) | Change in fair value of Series B Note | | | (630 | ) | Fair value of Series A and B Notes at March 31, 2023 | | $ | 7,708 | |
|
Schedule of fair value hierarchy |
Date of valuation | | March 31, 2023 | | | December 31, 2022 | | Stock price | | $ | 0.25 | | | $ | 0.25 | | Conversion price | | $ | 1.32 | | | $ | 1.32 | | Term (in years) – Series A Note | | | 0.0 | | | | 0.0 | | Term (in years) – Series B Note | | | 0.0 | | | | 0.0 | | Volatility – Series A Note | | | 67 | % | | | 85 | % | Volatility – Series B Note | | | 67 | % | | | 85 | % | Risk-free interest rate – Series A Note | | | 4.82 | % | | | 4.6 | % | Risk-free interest rate – Series B Note | | | 4.82 | % | | | 4.6 | % | Interest rate | | | 18.0 | % | | | 18.0 | % |
|
Schedule of basic and diluted loss per share |
| | For the Three Months Ended | | (Dollars in thousands) | | March 31, 2023 | | | March 31, 2022 | | | | | | | | | Loss from continuing operations | | $ | (209 | ) | | $ | (1,556 | ) | Loss from disposal group | | | - | | | | (3,595 | ) | Net loss | | $ | (209 | ) | | $ | (5,151 | ) | Weighted average outstanding shares of common stock | | | 71,431,468 | | | | 68,849,400 | | Common stock and common stock equivalents | | | 71,431,468 | | | | 68,848,400 | | Basic and diluted loss per share: | | | | | | | | | Continuing operations | | $ | (0.00 | ) | | $ | (0.02 | ) | Disposal group | | $ | - | | | $ | (0.05 | ) |
|
Schedule of Vested stock options from the Company's |
| | Three months ended March 31, | | | | 2023 | | | 2022 | | | | | | | | | Vested stock options from the Company’s 2017 Equity Incentive Plan | | | 1,206,173 | | | | 3,760,015 | | Warrants | | | 312,500 | | | | 615,530 | | Shares to be issued upon conversion of convertible payable | | | 416,667 | | | | 416,667 | | | | | | | | | | | Total | | | 1,935,340 | | | | 4,792,212 | |
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v3.23.2
INVENTORY (Tables)
|
3 Months Ended |
Mar. 31, 2023 |
INVENTORY |
|
Schedule of inventory |
| | March 31, 2023 | | | December 31, 2022 | | Packaging components | | $ | 54 | | | $ | 88 | | Finished Goods | | | 647 | | | | 420 | | | | | 701 | | | | 508 | | Reserve for obsolescence | | | (400 | ) | | | (363 | ) | Inventory, net | | $ | 301 | | | $ | 145 | |
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v3.23.2
DISCOUNTINUED OPERATIONS (Tables)
|
3 Months Ended |
Mar. 31, 2023 |
Unaudited Condensed Consolidated Statements of Operations |
|
Schedule of net cash received from the Asset Sale |
Sales price | | $ | 20,000 | | Forgiveness of Buyer advances | | | (4,150 | ) | Holdback secured by promissory note | | | (2,000 | ) | Obligations assumed by Buyer | | | (41 | ) | Buyer expenses paid by seller | | | 82 | | Net cash received | | $ | 13,891 | |
|
Schedule of net loss incurred from the Asset Sale |
Sales price for assets sold | | $ | 20,000 | | Net book value of assets sold | | | 20,616 | | Net book value of liabilities sold | | | (51 | ) | Net book value of net assets sold | | | 20,565 | | Loss on sale of net assets | | $ | (565 | ) |
|
Schedule of aggregate carrying amounts of assets and liabilities held for sale |
| | For the Three Months Ended | | | | March 31, 2023 | | | March 31, 2022 | | Revenue: | | | | | | | Product sales, net of discounts and refunds | | $ | - | | | $ | 11 | | Shipping revenue and other sales | | | - | | | | 16 | | Total revenue | | | - | | | | 27 | | | | | | | | | | | Cost of goods sold: | | | | | | | | | Cost of goods sold | | | - | | | | 16 | | | | | | | | | | | Gross profit | | | - | | | | 11 | | | | | | | | | | | Operating expenses: | | | | | | | | | Research and development expenses | | | - | | | | 262 | | Selling, general and administrative expenses | | | - | | | | 222 | | Depreciation and amortization expense | | | - | | | | 394 | | Impairment of goodwill | | | - | | | | 2,728 | | Total operating expenses | | | - | | | | 3,606 | | | | | | | | | | | Net loss before income taxes | | | - | | | | (3,595 | ) | | | | | | | | | | Provision for income taxes | | | - | | | | - | | | | | | | | | | | Net loss | | $ | - | | | $ | (3,595 | ) |
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- DefinitionTabular disclosure of public utility physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, balances by class of assets, depreciation expense and method used, including composite depreciation, and accumulated depreciation.
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v3.23.2
NOTES RECEIVABLE (Tables)
|
3 Months Ended |
Mar. 31, 2023 |
NOTES RECEIVABLE |
|
Schedule of note receivable |
| | March 31, 2023 | | | December 31, 2022 | | TF Tech Ventures, Inc. note receivable | | $ | 2,000 | | | $ | 2,000 | | Less: Allowance for doubtful accounts | | | - | | | | - | | Less: Current portion of notes receivable, net | | | (2,000 | ) | | | (2,000 | ) | Notes receivable, net of current portion | | $ | - | | | $ | - | |
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v3.23.2
INVESTMENT (Tables)
|
3 Months Ended |
Mar. 31, 2023 |
INVESTMENT |
|
Schedule of investment |
| | March 31, 2023 | | | December 31, 2022 | | | | | | | | | Investment in ReLeaf Europe B.V. | | $ | 619 | | | $ | 619 | | Less: Valuation reserve | | | (421 | ) | | | (421 | ) | Investment in ReLeaf Europe B.V., net | | | 198 | | | | 198 | | | | | | | | | | | Investment in Biopharmaceutical Research Company | | | 213 | | | | 213 | | Investments, net | | $ | 411 | | | $ | 411 | |
|
X |
- DefinitionTabular disclosure of investment.
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v3.23.2
ACCRUED EXPENSES (Tables)
|
3 Months Ended |
Mar. 31, 2023 |
ACCRUED EXPENSES |
|
Schedule of accrued expenses |
| | March 31, 2023 | | | December 31, 2022 | | | | | | | | | Refunds and returns liability | | $ | 572 | | | $ | 551 | | Accrued interest expense | | | 244 | | | | 233 | | Accrued payroll | | | 90 | | | | 82 | | Accrued vacation leave | | | 81 | | | | 64 | | Accrued expenses | | | 124 | | | | 324 | | Sales tax payable | | | 336 | | | | 331 | | Accrued Expenses | | $ | 1,447 | | | $ | 1,585 | |
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v3.23.2
LOANS PAYABLE (Tables)
|
3 Months Ended |
Mar. 31, 2023 |
LOANS PAYABLE |
|
Schedule of loan Payable |
| | March 31, 2023 | | | December 31, 2022 | | | | | | | | | Loan due September 29, 2023, monthly payments including interest at 7.07% per annum; unsecured | | $ | 86 | | | $ | 136 | | Loan due June 6, 2023, monthly payments including interest at 8.07% per annum; unsecured | | | 12 | | | | 25 | | Current portion of loan payable | | | (98 | ) | | | (161 | ) | Loan payable, less current portion | | $ | - | | | $ | - | |
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v3.23.2
CONVERTIBLE PROMISSORY NOTES AND FAIR VALUE OF CONVERTIBLE PROMISSORY NOTES (Tables)
|
3 Months Ended |
Mar. 31, 2023 |
CONVERTIBLE PROMISSORY NOTES AND FAIR VALUE OF CONVERTIBLE PROMISSORY NOTES |
|
Schedule of convertible promissory notes |
| | March 31, 2023 | | | December 31, 2022 | | Convertible promissory notes due January 31, 2019, interest payable at 8% per annum; unsecured; principal and accrued interest convertible into common stock at the lower of $1.32 per share or the price per share of the latest closing of a debt or equity offering by the Company greater than $3.0 million; accrued interest due January 31, 2019 and currently in default. The Company has offered to either repay the notes or convert them into shares of common stock of the Company. The beneficial owners of the notes have not yet communicated their intent to either receive payment or shares. | | $ | 550 | | | $ | 550 | | Current portion of convertible promissory notes | | $ | 550 | | | $ | 550 | |
|
Schedule of Fair value of convertible promissory notes |
| | March 31, 2023 | | | December 31, 2022 | | | | | | | | | Series A subordinated convertible note at fair value | | $ | 4,379 | | | $ | 5,221 | | Series B subordinated convertible note at fair value | | | 3,329 | | | | 3,959 | | Carrying value of convertible promissory notes at fair value | | | 7,708 | | | | 9,180 | | Less: current portion of convertible promissory notes at fair value | | | (7,708 | ) | | | (9,180 | ) | Convertible promissory notes at fair value, less current portion | | $ | - | | | $ | - | |
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v3.23.2
WARRANT AGREEMENTS (Tables)
|
3 Months Ended |
Mar. 31, 2023 |
WARRANT AGREEMENTS |
|
Schedule of Company's warrant activity |
| | Warrants | | | Weighted Average Exercise Price | | | Weighted Average Contractual Remaining Life (years) | | Outstanding, December 31, 2021 | | | 1,565,447 | | | $ | 2.18 | | | | 0.66 | | Granted | | | - | | | | - | | | | - | | Exercised | | | - | | | | - | | | | - | | Forfeited/Expired | | | (1,252,947 | ) | | | 2.23 | | | | - | | Outstanding, December 31, 2022 | | | 312,500 | | | $ | 2.00 | | | | 1.12 | | Granted | | | - | | | | - | | | | - | | Exercised | | | - | | | | - | | | | - | | Forfeited/Expired | | | - | | | | - | | | | - | | Outstanding, March 31, 2023 | | | 312,500 | | | $ | 2.00 | | | | 0.87 | | Exercisable at March 31, 2023 | | | 312,500 | | | $ | 2.00 | | | | 0.87 | |
|
Schedule of warrant summary |
Range of Exercise Price | | Number of Warrants | | | Weighted Average Remaining Contractual Life (years) | | | Weighted Average Exercise Price | | | Number of Warrants Exercisable | | | Weighted Average Exercise Price | | $2.00–$2.00 | | | 312,500 | | | | 0.87 | | | $ | 2.00 | | | | 312,500 | | | $ | 2.00 | | | | | 312,500 | | | | 0.87 | | | $ | 2.00 | | | | 312,500 | | | $ | 2.00 | |
Warrant summary as of December 31, 2022: Range of Exercise Price | | Number of Warrants | | | Weighted Average Remaining Contractual Life (years) | | | Weighted Average Exercise Price | | | Number of Warrants Exercisable | | | Weighted Average Exercise Price | | $2.00–$2.00 | | | 312,500 | | | | 1.12 | | | $ | 2.00 | | | | 312,500 | | | $ | 2.00 | | | | | 312,500 | | | | 1.12 | | | $ | 2.00 | | | | 312,500 | | | $ | 2.00 | |
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v3.23.2
STOCK INCENTIVE PLANS (Tables)
|
3 Months Ended |
Mar. 31, 2023 |
STOCK INCENTIVE PLANS |
|
Schedule of stock option activity |
| | Options | | | Weighted Average Exercise Price | | | Weighted Average Contractual Remaining Life (years) | | Outstanding, December 31, 2021 | | | 7,230,068 | | | $ | 1.45 | | | | 8.27 | | Granted | | | 315,000 | | | | 0.27 | | | | 9.69 | | Exercised | | | - | | | | - | | | | - | | Forfeited/Expired | | | (4,375,129 | ) | | | 1.54 | | | | - | | Outstanding, December 31, 2022 | | | 3,169,939 | | | $ | 1.20 | | | | 8.05 | | Granted | | | - | | | | - | | | | - | | Exercised | | | - | | | | - | | | | - | | Forfeited/Expired | | | - | | | | - | | | | - | | Outstanding, March 31, 2023 | | | 3,169,939 | | | $ | 1.20 | | | | 7.80 | | Exercisable at March 31, 2023 | | | 1,206,173 | | | $ | 1.37 | | | | 7.58 | |
Range of Exercise Price | | Number of Awards | | | Weighted Average Remaining Contractual Life (years) | | | Weighted Average Exercise Price | | | Number of Awards Exercisable | | | Weighted Average Exercise Price | | $0.156 - $3.40 | | | 3,169,939 | | | | 7.80 | | | $ | 1.20 | | | | 1,206,173 | | | $ | 1.37 | | | | | 3,169,939 | | | | 7.80 | | | $ | 1.20 | | | | 1,206,173 | | | $ | 1.37 | |
|
Schedule of restricted stock activity |
| | Restricted Stock Shares | | | Weighted Average Grant Date Fair Value | | Non-vested, December 31, 2021 | | | - | | | $ | - | | Granted | | | 971,664 | | | | 0.30 | | Vested | | | (971,664 | ) | | | 0.30 | | Forfeited/Expired | | | - | | | | - | | Non-vested, December 31, 2022 | | | - | | | | - | | Granted | | | - | | | | - | | Vested | | | - | | | | - | | Forfeited/Expired | | | - | | | | - | | Non-vested, March 31, 2023 | | | - | | | $ | - | |
|
Schedule of restricted stock unit |
| | Restricted Stock Units | | | Weighted Average Grant Date Fair Value | | Outstanding, December 31, 2021 | | | 588,235 | | | $ | 0.70 | | Granted | | | 1,351,688 | | | | 0.29 | | Vested | | | (588,235 | ) | | | 0.70 | | Forfeited/Expired | | | - | | | | - | | Outstanding, December 31, 2022 | | | 1,351,688 | | | $ | 0.29 | | Granted | | | - | | | | - | | Vested | | | - | | | | - | | Forfeited/Expired | | | - | | | | - | | Outstanding, March 31, 2023 | | | 1,351,688 | | | $ | 0.29 | |
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COMMITMENTS AND CONTINGENCIES (Tables)
|
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Mar. 31, 2023 |
COMMITMENTS AND CONTINGENCIES |
|
Schedule of future lease payments |
Years | | | | 2023 (remaining) | | $ | 102 | | 2024 | | | 46 | | Undiscounted cash flow | | | 148 | | Effects of discounting | | | (7 | ) | Lease liabilities recognized | | $ | 141 | |
|
Schedule of operating and financing leases |
| | March 31, 2023 | | | December 31, 2022 | | Operating leases | | | | | | | Right-of-use assets, net | | $ | 134 | | | $ | 160 | | | | | | | | | | | Right-of-use lease liabilities, current | | $ | 130 | | | $ | 124 | | Right-of-use lease liabilities, noncurrent | | | 11 | | | | 46 | | Total operating lease liabilities | | $ | 141 | | | $ | 170 | | | | | | | | | | | Weighted average remaining lease term | | | | | | | | | Operating leases | | 1.03 years | | | 1.29 years | | | | | | | | | | | Weighted average discount rate | | | | | | | | | Operating leases | | | 11.30 | % | | | 11.30 | % |
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v3.23.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 1) - USD ($)
|
3 Months Ended |
12 Months Ended |
Mar. 31, 2023 |
Dec. 31, 2022 |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
|
|
Contract liabilities beginning balance |
$ 388,000
|
$ 293,000
|
Additions |
0
|
26,000
|
Customer deposits returned |
0
|
(45,000)
|
Transfers to revenue |
0
|
(84,000)
|
Contract liabilities held for sale but not assumed |
0
|
198,000
|
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$ 388,000
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 2) - USD ($)
|
Mar. 31, 2023 |
Dec. 31, 2022 |
Fair value of contingent stock consideration |
$ 904,000
|
$ 860,000
|
Fair value of Series A Note |
4,379,000
|
5,221,000
|
Fair value of Series B Note |
3,329,000
|
3,959,000
|
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|
|
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0
|
0
|
Fair value of Series A Note |
0
|
0
|
Fair value of Series B Note |
0
|
0
|
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|
|
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0
|
0
|
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0
|
0
|
Fair value of Series B Note |
0
|
0
|
Fair Value, Inputs, Level 3 [Member] |
|
|
Fair value of contingent stock consideration |
904,000
|
860,000
|
Fair value of Series A Note |
4,379,000
|
5,221,000
|
Fair value of Series B Note |
$ 3,329,000
|
$ 3,959,000
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3 Months Ended |
Mar. 31, 2023 |
Mar. 31, 2022 |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
|
|
Loss from continuing operations |
$ (209)
|
$ (1,556)
|
Loss from disposal group |
0
|
(3,595)
|
Net income (loss) attributable to the Company |
$ (209)
|
$ (5,151)
|
Weighted average outstanding shares of common stock |
71,431,468
|
68,849,400
|
Common stock and common stock equivalents |
71,431,468
|
68,848,400
|
Income (loss) per share: |
|
|
Continuing operations |
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|
$ (0.02)
|
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 6) - shares
|
3 Months Ended |
Mar. 31, 2023 |
Mar. 31, 2022 |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
|
|
Vested stock options from the company's 2017 Equity Incentive plan |
1,206,173
|
3,760,015
|
Warrants |
312,500
|
615,530
|
Shares to be issued upon conversion of convertible notes |
416,667
|
416,667
|
Total |
1,935,340
|
4,792,212
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v3.23.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)
|
1 Months Ended |
3 Months Ended |
|
Jul. 22, 2022 |
Mar. 31, 2023 |
Mar. 31, 2022 |
Dec. 31, 2022 |
Clawback expected gross profit |
|
$ 8,000,000.0
|
|
|
Description related to correction about Weighted average common stock and earning per share |
|
The reported weighted average common shares outstanding and loss per share was 50,829,729 and ($0.10), respectively. The corrected weighted shares outstanding and loss per share was 68,849,400 and ($0.07), respectively
|
|
|
Accumulated deficit |
|
$ 120,200,000
|
|
|
Allowance for doubtful accounts |
|
0
|
|
|
Contract liabilities |
|
$ 388,000
|
|
$ 388,000
|
Maximum share receivale upon achievement of certain sales milestones |
|
5,988,024
|
|
|
Common Stock conversion price |
|
$ 1.32
|
|
|
Advertising costs |
|
$ 780,000
|
$ 335,000
|
|
Gain (loss) from change in fair value of Series A and B convertible notes |
|
$ 1,100,000.0
|
|
|
Valuation allowance percentage |
|
100.00%
|
|
|
Asset purchase agreement Description |
total consideration received at closing in the amount of $20.0 million, which consisted of (i) the cancellation of indebtedness owed by Avenir to the Buyer in the amount of $4.15 million, (ii) a $2.0 million one-year note payable in the form of a secured promissory note, and (iii) the remainder in cash. The completion of the Asset Sale has had a positive impact on the Company’s liquidity position
|
|
|
|
Working capital deficit |
|
$ 8,000,000.0
|
|
|
FDIC insured amount |
|
250,000
|
|
|
Excess in FDIC insured amount |
|
1,100,000
|
|
|
Gross profit |
|
977,000
|
$ 739,000
|
|
Gross profit |
|
|
|
|
Gross profit |
|
6,000,000
|
|
|
Cash [Member] |
|
|
|
|
Cash |
|
$ 1,400,000
|
|
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Mar. 31, 2022 |
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394,000
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0
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2,728,000
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0
|
3,606,000
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1 Months Ended |
6 Months Ended |
Jul. 22, 2022 |
Jun. 30, 2022 |
Total consideration paid, Asset Sale |
$ 20,000
|
|
Cancellation of indebtedness owed by the Company to Buyer in amount equal |
4,150
|
|
Cost of assets held for sale |
|
$ 20,600
|
Cost of liabilities held for sale |
|
4,000
|
Notes payable included in liabilities held for sale |
|
3,400
|
Consideration to be received from the Buyer |
|
20,000
|
Additional impairment loss |
|
2,000
|
Estimated costs to sell charged to goodwill |
|
$ 100
|
Secured Debt [Member] | One Year Note Payable [Member] |
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v3.23.2
NOTES RECEIVABLE (Details) - USD ($)
|
Mar. 31, 2023 |
Dec. 31, 2022 |
Less: Current portion of notes receivable |
$ 2,000,000
|
$ 2,000,000
|
Less: allowance for doubtful accounts |
0
|
0
|
Notes receivable, net of current portion |
0
|
0
|
Tf Tech Ventures Llc [Member] |
|
|
Note receivable, non-current portion |
$ 2,000,000
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$ 2,000,000
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v3.23.2
PATENTS AND OTHER INTANGIBLE ASSETS (Details Narrative) - USD ($)
|
3 Months Ended |
9 Months Ended |
12 Months Ended |
|
Mar. 31, 2023 |
Sep. 30, 2022 |
Mar. 31, 2022 |
Sep. 30, 2021 |
Sep. 30, 2021 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Jun. 30, 2022 |
PATENTS AND OTHER INTANGIBLE ASSETS |
|
|
|
|
|
|
|
|
Impairment loss |
$ 0
|
$ 0
|
$ 0
|
$ 0
|
$ 0
|
|
|
|
Impairment charge |
|
|
|
|
|
$ 4,700,000
|
$ 1,100,000
|
|
Goodwill and trade name |
|
|
|
|
|
|
|
$ 4,600,000
|
Amortization expense |
$ 11,000
|
|
$ 578,000
|
|
|
|
|
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INVESTMENT (Details) - USD ($)
|
Mar. 31, 2023 |
Dec. 31, 2022 |
Investment in Biopharmaceutical Research Company |
$ 213,000
|
$ 213,000
|
Investment, net |
411,000
|
411,000
|
Valuation reserve |
(421,000)
|
(421,000)
|
Investment Member |
|
|
Investment, net |
198,000
|
198,000
|
Investment in Releaf Europe BV |
619,000
|
619,000
|
Valuation reserve |
$ (421,000)
|
$ (421,000)
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INVESTMENT (Details Narrative) - USD ($)
|
1 Months Ended |
3 Months Ended |
4 Months Ended |
12 Months Ended |
May 31, 2021 |
Mar. 31, 2023 |
Feb. 28, 2020 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Valuation reserve |
|
$ 421,000
|
|
$ 421,000
|
|
Interest rate |
|
18.00%
|
|
18.00%
|
0.18%
|
Accrued interest |
|
$ 244,000
|
|
$ 233,000
|
|
Biopharmaceutical Research Company [Member] |
|
|
|
|
|
Interest rate |
6.00%
|
|
|
|
|
Aggreagate amount |
$ 213
|
|
|
|
|
Description of sonverted shares |
converted into 11,026 shares of BRC preferred stock, or a 0.39% interest
|
|
|
|
|
Unpaid accrued interest |
$ 13,000
|
|
|
|
|
convertible loan |
$ 200,000
|
|
|
|
|
ReLeaf Europe B.V |
|
|
|
|
|
Money valuation |
|
|
$ 10,900,000
|
|
|
Interest rate |
|
|
6.00%
|
|
|
Aggreagate amount |
|
|
|
54,000
|
|
convertible loan |
|
|
$ 509,000
|
|
|
Accrued interest |
|
|
|
$ 56,000
|
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v3.23.2
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)
|
1 Months Ended |
3 Months Ended |
12 Months Ended |
Jul. 25, 2022 |
Mar. 31, 2023 |
Mar. 31, 2022 |
Dec. 31, 2022 |
Interest Expenses |
|
$ 14,000
|
$ 218,000
|
|
April 1, 2022 [Member] | Advanced Legacy Technologies, LLC [Member] |
|
|
|
|
Total compensation earned |
|
$ 0
|
0
|
|
Interest rate |
|
5.00%
|
|
|
Merchant account reserves |
|
$ 157,000
|
|
|
Unpaid net proceeds due |
|
207,000
|
|
|
Rob Davidson [Member] |
|
|
|
|
Advisory Compensation |
$ 12,000
|
|
|
|
Description Of Service |
The term of the agreement is through July 25, 2023 and requires Mr. Davidson provide approximately 20 to 25 hours of service per week
|
|
|
|
Consulting Expenses |
|
36,000
|
$ 0
|
|
Dov Szapiro [Member] | Secured Notes [Member] |
|
|
|
|
Interest Expenses |
|
0
|
|
$ 55,000
|
Accrued Expenses |
|
$ 0
|
|
$ 0
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v3.23.2
LOAN PAYABLE (Details) - USD ($)
|
Mar. 31, 2023 |
Dec. 31, 2022 |
Current portion of loan payable |
$ (98,000)
|
$ (161,000)
|
Loan payable, less current portion |
0
|
0
|
Current portion of loan payable |
98,000
|
161,000
|
Loans Payable One [Member] |
|
|
Current portion of loan payable |
86,000
|
136,000
|
Loans Payable Two [Member] |
|
|
Current portion of loan payable |
$ 12,000
|
$ 25,000
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CONVERTIBLE PROMISSORY NOTES AND FAIR VALUE OF CONVERTIBLE PROMISSORY NOTES (Details 1) - USD ($)
|
Mar. 31, 2023 |
Dec. 31, 2022 |
CONVERTIBLE PROMISSORY NOTES AND FAIR VALUE OF CONVERTIBLE PROMISSORY NOTES |
|
|
Series A subordinated convertible note at fair value |
$ 4,379,000
|
$ 5,221,000
|
Series B subordinated convertible note at fair value |
3,329,000
|
3,959,000
|
Carrying value of convertible promissory notes at fair value |
7,708,000
|
9,180,000
|
Less: current portion of convertible promissory notes at fair value |
(7,708,000)
|
(9,180,000)
|
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|
$ 0
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v3.23.2
CONVERTIBLE PROMISSORY NOTES AND FAIR VALUE OF CONVERTIBLE PROMISSORY NOTES (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands |
1 Months Ended |
3 Months Ended |
12 Months Ended |
Oct. 30, 2020 |
Mar. 31, 2023 |
Mar. 31, 2022 |
Dec. 31, 2020 |
Remaining balance of investor note |
|
|
|
$ 5,000
|
Description Of Settlement |
|
If the Company is required to settle the Series A and B Notes under those terms, the settlement would be either a cash payment of approximately $6.7 million or the issuance of 3,752,180 shares of the Company’s common stock plus a cash payment of approximately $6.2 million at the option of the Investor
|
|
|
Interest rate |
|
18.00%
|
|
|
Interest expense |
|
$ 11
|
$ 11
|
|
Series A Note [Member] |
|
|
|
|
Gain (Loss) on issuance of Note |
|
1,500
|
|
|
Loss on fair value option |
|
$ 280
|
|
|
Series A Subordinated Convertible Note [Member] |
|
|
|
|
Cash consideration |
$ 4,000
|
|
|
|
Original issue discount |
600
|
|
|
|
Series B Senior Secured Convertible Note [Member] |
|
|
|
|
Original issue discount |
900
|
|
|
|
Initial principal amount |
6,000
|
|
|
|
Conversion price per share |
|
$ 1.32
|
|
|
Securities Purchase Agreement [Member] | Institutional Investor [Member] |
|
|
|
|
Initial principal amount of series A note |
4,600
|
|
|
|
Aggregate principal amount |
11,500
|
|
|
|
Initial principal amount series B note |
$ 6,900
|
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v3.23.2
WARRANT AGREEMENTS (Details) - Warrants [Member] - USD ($)
|
3 Months Ended |
12 Months Ended |
Mar. 31, 2023 |
Dec. 31, 2022 |
Warrants, beginning balance |
312,500
|
1,565,447
|
Warrants granted |
$ 0
|
$ 0
|
Exercised |
0
|
0
|
Forfeited/Expired |
0
|
(1,252,947)
|
Warrants, ending balance |
312,500
|
312,500
|
Exercisable at ending balance |
312,500
|
|
Weighted average exercise price beginning balance |
$ 2.00
|
$ 2.18
|
Weighted Average Exercise Price, Granted |
0
|
0
|
Weighted Average Exercise Price, Exercised |
0
|
0
|
Weighted Average Exercise Price, Forfeited/Expired |
0
|
2.23
|
Weighted Average Exercise Price, ending balance |
2.00
|
$ 2.00
|
Weighted Average Exercise Price, Exercisable |
$ 2.00
|
|
Weighted Average Contractual Remaining Life, beginning |
1 year 1 month 13 days
|
7 months 28 days
|
Weighted Average Contractual Remaining Life, Ending |
10 months 13 days
|
1 year 1 month 13 days
|
Weighted Average Contractual Remaining Life, Exercisable |
10 months 13 days
|
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v3.23.2
WARRANT AGREEMENTS (Details 1) - $ / shares
|
3 Months Ended |
12 Months Ended |
Mar. 31, 2023 |
Dec. 31, 2022 |
Weighted Average Remaining Contractual Life (years) |
10 months 13 days
|
1 year 1 month 13 days
|
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$ 2.00
|
$ 2.00
|
Weighted Average Exercise Price |
$ 2.00
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$ 2.00
|
Number of Warrants Exercisable |
312,500
|
312,500
|
Number of Warrants |
312,500
|
312,500
|
$2.00-$2.00 [Member] |
|
|
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10 months 13 days
|
1 year 1 month 13 days
|
Number of Warrants Exercisable, Weighted Average Exercise Price |
$ 2.00
|
$ 2.00
|
Weighted Average Exercise Price |
$ 2.00
|
$ 2.00
|
Number of Warrants Exercisable |
312,500
|
312,500
|
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STOCK INCENTIVE PLAN (Details) - $ / shares
|
3 Months Ended |
12 Months Ended |
Mar. 31, 2023 |
Dec. 31, 2022 |
Outstanding, beginning balance |
312,500
|
|
Outstanding, ending balance |
312,500
|
312,500
|
Exercisable |
312,500
|
312,500
|
Options [Member] |
|
|
Outstanding, beginning balance |
3,169,939
|
7,230,068
|
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0
|
315,000
|
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|
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|
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|
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|
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3,169,939
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Exercisable |
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|
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|
$ 1.45
|
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0
|
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|
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0
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|
1.54
|
Weighted Average Exercise Price, ending balance |
1.20
|
$ 1.20
|
Weighted Average Exercise Price, Exercisable |
$ 1.37
|
|
Weighted Average Contractual Remaining Life, beginning balance |
8 years 18 days
|
8 years 3 months 7 days
|
Weighted Average Contractual Remaining Life, Granted |
|
9 years 8 months 8 days
|
Weighted Average Contractual Remaining Life, ending balance |
7 years 9 months 18 days
|
8 years 18 days
|
Weighted Average Contractual Remaining Life, Exercisable |
7 years 6 months 29 days
|
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v3.23.2
STOCK INCENTIVE PLAN (Details 1)
|
3 Months Ended |
Mar. 31, 2023
$ / shares
shares
|
Stock Options [Member] |
|
Number of Awards | shares |
3,169,939
|
Weighted Average Remaining Contractual Life (years) |
7 years 9 months 18 days
|
Weighted Average Exercise Price | $ / shares |
$ 1.20
|
Number of Awards Exercisable | shares |
1,206,173
|
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$ 1.37
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$0.156 - $3.40 [Member] |
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3,169,939
|
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|
Number of Awards Exercisable | shares |
1,206,173
|
Weighted Average Exercise Price, Exercisable | $ / shares |
$ 1.37
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v3.23.2
STOCK INCENTIVE PLAN (Details 2) - Restricted Stock [Member] - $ / shares
|
3 Months Ended |
12 Months Ended |
Mar. 31, 2023 |
Dec. 31, 2022 |
Non-vested, beginning balance |
0
|
0
|
Non-vested, Granted |
0
|
971,664
|
Non-vested, Vested |
0
|
(971,664)
|
Non-vested, Forfeited/Expired |
0
|
0
|
Non-vested, ending balance |
0
|
0
|
Weighted Average Exercise Price, Non-vested, beginning balance |
$ 0
|
$ 0
|
Weighted Average Exercise Price, Granted |
0
|
0.30
|
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0
|
0.30
|
Weighted Average Exercise Price, Forfeited/Expired |
0
|
0
|
Weighted Average Exercise Price, Non-vested, ending balance |
$ 0
|
$ 0
|
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v3.23.2
STOCK INCENTIVE PLAN (Details 3) - Restricted Stock Units [Member] - $ / shares
|
3 Months Ended |
12 Months Ended |
Mar. 31, 2023 |
Dec. 31, 2022 |
Restricted Stock Units, Outstanding beginning balance |
1,351,688
|
588,235
|
Restricted Stock Units, Granted |
0
|
1,351,688
|
Restricted Stock Units, Vested |
0
|
(588,235)
|
Restricted Stock Units, Forfeited/Expired |
0
|
0
|
Restricted Stock Units, Outstanding ending balance |
1,351,688
|
1,351,688
|
Restricted Stock Units, Weighted Average Grant Date Fair Value Outstanding, ending balance |
$ 0.29
|
$ 0.70
|
Restricted Stock Units, Weighted Average Grant Date Fair Value Granted |
0
|
0.29
|
Restricted Stock Units, Weighted Average Grant Date Fair Value Vested |
0
|
0.70
|
Restricted Stock Units, Weighted Average Grant Date Fair Value Forfeited/Expired |
0
|
0
|
Restricted Stock Units, Weighted Average Grant Date Fair Value Outstanding |
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$ 0.29
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v3.23.2
STOCK INCENTIVE PLAN (Details Narrative) - USD ($)
|
1 Months Ended |
3 Months Ended |
12 Months Ended |
Nov. 28, 2020 |
Dec. 29, 2017 |
Mar. 31, 2023 |
Mar. 31, 2022 |
Dec. 31, 2022 |
Consultant [Member] |
|
|
|
|
|
Stock options issued, shares |
|
|
1,518,194
|
|
|
Stock Options [Member] |
|
|
|
|
|
Compensation expense related to stock options |
|
|
$ 95,000
|
$ 352,000
|
|
Fair value of options granted |
|
|
0
|
$ 0
|
|
Total unrecognized fair value compensation cost |
|
|
233,000
|
|
$ 244,000
|
Total unrecognized fair value compensation cost related to unvested stock options |
|
|
233,000
|
|
|
Aggregate intrinsic value of options outstanding |
|
|
$ 0
|
|
|
Weighted Average Remaining Contractual Life (years) |
|
|
1 year 2 months 26 days
|
|
|
Restricted Stock Units [Member] |
|
|
|
|
|
Compensation expense |
|
|
$ 113,000
|
|
102,000
|
Total unrecognized compensation expense |
|
|
$ 131,000
|
|
$ 244,000
|
Weighted Average Remaining Contractual Life (years) |
|
|
4 months 2 days
|
|
6 months
|
Equity Incentive Plan [Member] |
|
|
|
|
|
Common stock available for grant |
5,000,000
|
5,000,000
|
|
|
|
Equity incentive plan, description |
|
The Plan will continue in effect until its termination by the Compensation Committee; provided, however, that all Awards must be granted, if at all, within ten (10) years from the Effective Date
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v3.23.2
STOCKHOLDERS EQUITY (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended |
|
Mar. 31, 2023 |
Mar. 31, 2022 |
Dec. 31, 2022 |
Common stock issued during period, shares |
150,000
|
1,192,369,000
|
|
Aggregate common stock shares issued during period |
|
1,665,000
|
|
Common stock, shares authorized |
150,000,000
|
|
150,000,000
|
Common stock, shares par value |
$ 0.001
|
|
$ 0.001
|
Common stock, shares issued upon conversion |
71,441,801
|
|
71,426,801
|
Common stock, shares outstanding |
71,441,801
|
|
71,426,801
|
Common stock issued during period, price per share |
$ 2.05
|
$ 0.19
|
|
Common stock issued during period, amount |
$ 308
|
|
|
Debt instrument converted into common stock |
|
472,631
|
|
Conversion price description |
|
price per share of $0.19
|
|
Debt instrument converted amount, principal |
|
$ 200
|
|
Consulting Agreement [Member] |
|
|
|
Common stock, shares par value |
$ 0.132
|
|
|
Common stock shares issued |
15,000
|
|
|
Common stock shares issued, value |
$ 2
|
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Cure Pharmaceutical (PK) (USOTC:CURR)
過去 株価チャート
から 6 2024 まで 7 2024
Cure Pharmaceutical (PK) (USOTC:CURR)
過去 株価チャート
から 7 2023 まで 7 2024