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As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 2/18/20 Better Choice Co Inc. 8-K/A:9 12/18/19 4:880K Broadridge Fin’l So… Inc |
Document/Exhibit Description Pages Size 1: 8-K/A Amendment to Current Report HTML 19K 2: EX-99.1 Miscellaneous Exhibit HTML 132K 3: EX-99.2 Miscellaneous Exhibit HTML 128K 4: EX-99.3 Miscellaneous Exhibit HTML 135K
Historical
Better Choice
|
Historical Halo
|
Adjustments
|
Ref.
|
Combined Pro
Forma
|
||||||||||||||||
Assets
|
||||||||||||||||||||
Current Assets
|
||||||||||||||||||||
Cash and cash equivalents
|
$
|
2,776
|
$
|
1,611
|
$
|
(1,083
|
)
|
A, C, D
|
|
$
|
3,304
|
|||||||||
Restricted cash
|
6,225
|
-
|
(6,191
|
)
|
B |
34
|
||||||||||||||
Accounts receivable, net
|
269
|
4,640
|
-
|
4,909
|
||||||||||||||||
Inventories, net
|
2,358
|
3,433
|
-
|
5,791
|
||||||||||||||||
Prepaid expenses and other current assets
|
1,931
|
461
|
-
|
2,392
|
||||||||||||||||
Total Current Assets
|
13,559
|
10,145
|
(7,274
|
)
|
16,430
|
|||||||||||||||
Property and equipment, net
|
114
|
314
|
-
|
428
|
||||||||||||||||
Right-of-use asset, operating lease
|
879
|
-
|
-
|
879
|
||||||||||||||||
Intangible assets, net
|
926
|
-
|
21,200
|
C |
22,126
|
|||||||||||||||
Goodwill
|
-
|
4,731
|
5,550
|
C |
10,281
|
|||||||||||||||
Other assets
|
1,717
|
15
|
1,732
|
|||||||||||||||||
Total Assets
|
$
|
17,195
|
$
|
15,205
|
$
|
19,476
|
$
|
51,876
|
||||||||||||
Liabilities & Stockholders' Equity (Deficit)
|
||||||||||||||||||||
Current Liabilities
|
||||||||||||||||||||
Line of credit
|
$
|
6,191
|
$
|
-
|
$
|
(6,191
|
)
|
B |
$
|
-
|
||||||||||
Note payable, current portion
|
-
|
-
|
19,549
|
D |
19,549
|
|||||||||||||||
Accounts payable
|
1,972
|
1,900
|
-
|
3,872
|
||||||||||||||||
Due to related parties
|
34
|
-
|
-
|
34
|
||||||||||||||||
Accrued liabilities
|
3,874
|
692
|
-
|
4,566
|
||||||||||||||||
Accrued payroll liabilities
|
-
|
197
|
-
|
197
|
||||||||||||||||
Deferred revenue
|
238
|
-
|
-
|
238
|
||||||||||||||||
Operating lease liability, current portion
|
1,244
|
-
|
-
|
1,244
|
||||||||||||||||
Warrant derivative liability
|
293
|
-
|
-
|
293
|
||||||||||||||||
Total Current Liabilities
|
13,846
|
2,789
|
13,358
|
29,993
|
||||||||||||||||
Operating lease liability
|
619
|
-
|
-
|
619
|
||||||||||||||||
Related Party - L/T Liabilities
|
-
|
60
|
-
|
60
|
||||||||||||||||
Loan payable, net of issuance costs
|
-
|
4,044
|
10,956
|
A |
15,000
|
|||||||||||||||
Total Liabilities
|
14,465
|
6,893
|
24,314
|
45,672
|
||||||||||||||||
Redeemable Series E Convertible Preferred Stock, $0.001 par value, 2,900,000 shares authorized, 1,707,920 shares issued and outstanding at September 30, 2019
|
13,007
|
-
|
-
|
13,007
|
||||||||||||||||
Stockholders' Equity (Deficit)
|
||||||||||||||||||||
Common Stock, $0.001 par value, 88,000,000 shares authorized as of September 30, 2019, 45,427,659 shares issued and outstanding at September 30, 2019
|
45
|
-
|
2
|
A |
47
|
|||||||||||||||
Stock Warrants
|
-
|
-
|
5,497
|
A, D
|
|
5,497
|
||||||||||||||
Additional paid-in capital
|
176,757
|
64,544
|
(60,662
|
)
|
A, C, E
|
|
180,639
|
|||||||||||||
Accumulated deficit
|
(187,079
|
)
|
(56,232
|
)
|
50,325
|
C, E
|
|
(192,986
|
)
|
|||||||||||
Total Stockholders' Equity (Deficit)
|
(10,277
|
)
|
8,312
|
(4,838
|
)
|
(6,803
|
)
|
|||||||||||||
Total Liabilities, Redeemable Preferred Stock and Stockholders' Equity (Deficit)
|
$
|
17,195
|
$
|
15,205
|
$
|
19,476
|
$
|
51,876
|
Historical Better
Choice
|
Historical
Halo
|
Adjustments
|
Ref.
|
Combined Pro Forma
|
||||||||||||||||
Net sales
|
$
|
14,785
|
$
|
36,583
|
$
|
-
|
$
|
51,368
|
||||||||||||
Cost of goods sold
|
7,489
|
23,189
|
-
|
30,678
|
||||||||||||||||
Gross profit
|
7,296
|
13,394
|
-
|
20,690
|
||||||||||||||||
Operating expenses:
|
||||||||||||||||||||
General and administrative
|
5,655
|
9,934
|
1,998
|
F |
17,587
|
|||||||||||||||
Share-based compensation
|
831
|
-
|
319
|
G |
1,150
|
|||||||||||||||
Sales and marketing
|
4,981
|
7,898
|
-
|
12,879
|
||||||||||||||||
Customer service and warehousing
|
987
|
122
|
-
|
1,109
|
||||||||||||||||
Loss on disposal of equipment
|
-
|
32
|
-
|
32
|
||||||||||||||||
Total operating expenses
|
12,454
|
17,986
|
2,317
|
32,757
|
||||||||||||||||
Loss from operations
|
(5,158
|
)
|
(4,592
|
)
|
(2,317
|
)
|
(12,067
|
)
|
||||||||||||
Other (expense) income
|
||||||||||||||||||||
Interest expense
|
(868
|
)
|
(414
|
)
|
(10,008
|
)
|
H, I, J, K
|
|
(11,290
|
)
|
||||||||||
Total other (expense) income
|
(868
|
)
|
(414
|
)
|
(10,008
|
)
|
(11,290
|
)
|
||||||||||||
Net and comprehensive loss
|
$
|
(6,026
|
)
|
$
|
(5,006
|
)
|
$
|
(12,325
|
)
|
$
|
(23,357
|
)
|
||||||||
Earnings per share, basic and diluted
|
$
|
(0.52
|
)
|
$
|
(1.71
|
)
|
||||||||||||||
Weighted average shares, basic and diluted
|
11,524,076
|
13,658,466
|
Historical Better
Choice
|
Historical Halo
|
Adjustments
|
Ref.
|
Combined Pro
Forma
|
||||||||||||||||
Net sales
|
$
|
11,567
|
$
|
24,323
|
$
|
-
|
$
|
35,890
|
||||||||||||
Cost of goods sold
|
7,178
|
16,028
|
-
|
23,206
|
||||||||||||||||
Gross profit
|
4,389
|
8,295
|
-
|
12,684
|
||||||||||||||||
Operating expenses:
|
||||||||||||||||||||
General and administrative
|
12,031
|
6,974
|
1,498
|
F |
20,503
|
|||||||||||||||
Share-based compensation
|
6,708
|
-
|
239
|
G |
6,947
|
|||||||||||||||
Sales and marketing
|
8,453
|
1,857
|
-
|
10,310
|
||||||||||||||||
Customer service and warehousing
|
854
|
100
|
-
|
954
|
||||||||||||||||
Loss on disposal of equipment
|
-
|
64
|
-
|
64
|
||||||||||||||||
Total operating expenses
|
28,046
|
8,995
|
1,737
|
38,778
|
||||||||||||||||
Loss from operations
|
(23,657
|
)
|
(700
|
)
|
(1,737
|
)
|
(26,094
|
)
|
||||||||||||
Other (expense) income
|
||||||||||||||||||||
Interest expense
|
(165
|
)
|
(224
|
)
|
(3,097
|
)
|
J, K
|
|
(3,486
|
)
|
||||||||||
Loss on acquisitions
|
(147,376
|
)
|
-
|
-
|
(147,376
|
)
|
||||||||||||||
Change in fair value of warrant derivative liability
|
886
|
-
|
-
|
886
|
||||||||||||||||
Total other (expense) income
|
(146,655
|
)
|
(224
|
)
|
(3,097
|
)
|
(149,976
|
)
|
||||||||||||
Net and comprehensive loss
|
$
|
(170,312
|
)
|
$
|
(924
|
)
|
$
|
(4,834
|
)
|
$
|
(176,070
|
)
|
||||||||
Preferred dividends
|
70
|
-
|
-
|
70
|
||||||||||||||||
Net and comprehensive loss available to common stockholders
|
$
|
(170,382
|
)
|
$
|
(924
|
)
|
$
|
(4,834
|
)
|
$
|
(176,140
|
)
|
||||||||
Earnings per Share, Basic & Diluted
|
$
|
(5.95
|
)
|
|
|
$ |
(5.73
|
) |
||||||||||||
Weighted average shares, basic and diluted
|
28,624,230
|
30,758,620
|
o |
the issuance of 2,134,390 shares of Common Stock to the Sellers (the market price for the Common Stock as of the close of the market on December 19, 2019, the effective date of the Acquisition, equaled $1.82, resulting in a value of $3.9 million);
|
o |
the issuance by the Company of an aggregate principal amount of $15 million in subordinated convertible notes to the Sellers (the “Seller Notes”);
|
◾ |
Payoff of Halo debt - $4.3 million (only $4.1 was outstanding at September 30, 2019 offset by $0.1 deferred financing costs)
|
4. |
Costs of Halo Acquisition. Halo and the Company will each incur
one-time legal and transaction related expenses on the acquisition date. Therefore, these expenses are not included in the historical statements of operations and comprehensive loss and as such are not
reflected in the unaudited pro forma financial statements.
|
5. |
Subordinated Convertible Notes. In anticipation of the closing of the Acquisition, on November 6, 2019, the Company issued two-year subordinated convertible notes (the “Convertible Notes”) for
total proceeds of $2.75 million to existing shareholders. In connection with the Convertible Notes, the purchasers were also issued warrants (the “Warrants”) to purchase shares of Common Stock equal to 62.5 Warrants for each Note. Each
Warrant entitles the holder thereof to purchase one share of Common Stock of the Company for a period of 24 months from the date of the consummation of a future IPO at an exercise price equal to the greater of (i) $5.00 per share or (ii)
IPO Price (as defined therein) The Convertible Notes bear interest at 10.0% per annum from the date of issue, payable in kind. These Convertible Notes are not reflected in the unaudited pro forma financial statements.
|
This ‘8-K/A’ Filing | Date | Other Filings | ||
---|---|---|---|---|
6/30/23 | ||||
Filed on: | 2/18/20 | |||
12/20/19 | ||||
12/19/19 | ||||
For Period end: | 12/18/19 | 8-K | ||
11/6/19 | ||||
9/30/19 | 10-Q, NT 10-Q | |||
7/23/19 | 8-K, 8-K/A | |||
5/6/19 | 8-K, 8-K/A | |||
12/31/18 | 10-KT | |||
1/1/18 | ||||
List all Filings |