Sow Good Inc

For the period ended Mar 31, 2024. Filed May 15, 2024.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Mar 31, 2024 · Filed May 15, 2024

SOWG$2.02-7.3%Stored close · as of Nov 10, 2026

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Contents

Item 1. Financial Statements (Unaudited)

Item 1. Finan cial Statements.

CONDENSED BALANCE SHEETS

	March 31,	December 31,
	2024	2023
ASSETS · (Unaudited)
Current assets:
Cash and cash equivalents	$6,815,355	$2,410,037
Accounts receivable, net	2,934,925	2,578,259
Inventory	5,138,229	4,123,246
Prepaid inventory	804,981	563,131
Prepaid expenses	512,155	563,164
Total current assets	16,205,645	10,237,837
Property and equipment:
Construction in progress	1,242,627	1,522,465
Property and equipment	7,197,592	6,287,422
Less accumulated depreciation	(1,134,597)	(967,602)
Total property and equipment, net	7,305,622	6,842,285
Security deposit	357,954	346,616
Right-of-use asset	3,999,151	4,061,820
Other assets	35,000	-
Total assets	$27,903,372	$21,488,558
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable	$894,011	$853,535
Accrued interest	1,006,937	860,693
Accrued expenses	1,032,746	648,947
Current portion of operating lease liabilities	638,630	550,941
Current maturities of notes payable, related parties, net of $345,424 and $431,854 of debt discounts at March 31, 2024 and December 31, 2023, respectively	2,629,576	2,543,146
Current maturities of notes payable, net of $57,479 and $86,062 of debt discounts as of March 31, 2024 and December 31, 2023, respectively	342,521	313,938
Total current liabilities	6,544,421	5,771,200
Operating lease liabilities	3,537,749	3,671,729
Notes payable, related parties, net of $1,305,962 and $1,448,858 of debt discounts as of March 31, 2024 and December 31, 2023, respectively	4,314,038	4,171,142
Notes payable, net of $123,639 and $135,962 of debt discounts as of March 31, 2024 and December 31, 2023, respectively	606,361	594,038
Total liabilities	15,002,569	14,208,109
Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.001 par value, 20,000,000 shares authorized, no shares issued and outstanding	-	-
Common stock, $0.001 par value, 500,000,000 shares authorized, 6,575,562 and 6,029,371 shares issued and outstanding as of March 31, 2024 and December 31, 2023	6,576	6,029
Additional paid-in capital	71,123,634	66,014,415
Accumulated deficit	(58,229,407)	(58,739,995)
Total stockholders' equity	12,900,803	7,280,449
Total liabilities and stockholders' equity	$27,903,372	$21,488,558

CONDENSED STATEMENTS OF OPERATIONS

	For the Three Months Ended
	March 31,
	2024	2023
Revenues	$11,406,320	$198,930
Cost of goods sold	6,776,882	84,003
Gross profit	4,629,438	114,927
Operating expenses:
General and administrative expenses:
Salaries and benefits	2,350,557	511,588
Professional services	467,826	46,206
Other general and administrative expenses	872,260	384,109
Total general and administrative expenses	3,690,643	941,903
Depreciation and amortization	9,538	76,218
Total operating expenses	3,700,181	1,018,121
Net operating income (loss)	929,257	(903,194)
Other expense:
Interest expense	(418,669)	(498,336)
Total other expense	(418,669)	(498,336)
Income (loss) before income tax	510,588	(1,401,530)
Provision (benefit) for income tax	-	-
Net income (loss)	$510,588	$(1,401,530)
Weighted average common shares outstanding - basic	6,071,769	4,847,384
Net income (loss) per common share - basic	$0.08	$(0.29)
Weighted average common shares outstanding - diluted	7,972,645	4,847,384
Net income (loss) per common share - diluted	$0.06	$(0.29)

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.