LIFECORE BIOMEDICAL INC DE
For the period ended Aug 25, 2024. Filed Oct 4, 2024.
View on SEC.govAbout 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.
Aug 25, 2024 · Filed Oct 4, 2024
LFCR$6.37+0.2%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Table of Contents
FORM 10-Q
INDEX
| Page | |||
|---|---|---|---|
| Part I. | Financial Information | ||
| Item 1. | Financial Statements (Unaudited) | ||
| Condensed Consolidated Balance Sheets as of August 25, 2024 and May 26, 2024 | 1 | ||
| Condensed Consolidated Statements of Operations for the Three Months Ended August 25, 2024 and August 27, 2023 | 2 | ||
| Condensed Consolidated Statements of Changes in Convertible Preferred Stock and Shareholders’ Equity (Deficit) for the Three Months Ended August 25, 2024 and August 27, 2023 | 3 | ||
| Condensed Consolidated Statements of Cash Flows for the Three Months Ended August 25, 2024 and August 27, 2023 | 4 | ||
| Notes to the Condensed Consolidated Financial Statements | 5 | ||
| 1 | Organization, Basis of Presentation and Summary of Significant Accounting Policies | 5 | |
| 2 | Revenue | 7 | |
| 3 | Restructuring Costs | 7 | |
| 4 | Earnings Per Share | 8 | |
| 5 | Fair Value Measurements | 8 | |
| 6 | Contract Assets and Liabilities | 9 | |
| 7 | Accounts Receivable | 10 | |
| 8 | Inventories | 11 | |
| 9 | Property, Plant, and Equipment | 12 | |
| 10 | Debt | 13 | |
| 11 | Leases | 14 | |
| 12 | Stock-based Compensation | 15 | |
| 13 | Convertible Preferred Stock and Common Stock | 16 | |
| 14 | Income Taxes | 17 | |
| 15 | Commitments and Contingencies | 17 | |
| 16 | Discontinued Operations | 18 | |
| 17 | Subsequent Events | 18 | |
| Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 20 | |
| Item 3. | Quantitative and Qualitative Disclosures About Market Risk | 25 | |
| Item 4. | Controls and Procedures | 25 | |
| Part II. | Other Information | 27 | |
| Item 1. | Legal Proceedings | 27 | |
| Item 1A. | Risk Factors | 27 | |
| Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | 27 | |
| Item 3. | Defaults Upon Senior Securities | 27 | |
| Item 4. | Mine Safety Disclosures | 27 | |
| Item 5. | Other Information | 27 | |
| Item 6. | Exhibits | 28 | |
| Signatures | 29 | ||
i
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share and par values)
| August 25, 2024 | May 26, 2024 | |
|---|---|---|
| (unaudited) | ||
| ASSETS | ||
| Current Assets: | ||
| Cash | $5,520 | $8,462 |
| Accounts receivable, less allowance for credit losses | 17,674 | 20,343 |
| Accounts receivable, related party | 7,471 | 10,810 |
| Inventories, net | 41,642 | 39,979 |
| Prepaid expenses and other current assets | 1,876 | 1,439 |
| Total Current Assets | 74,183 | 81,033 |
| Property, plant, and equipment, net | 148,756 | 148,598 |
| Operating lease right-of-use assets | 2,373 | 2,442 |
| Goodwill | 13,881 | 13,881 |
| Intangible assets, net | 4,200 | 4,200 |
| Other long-term assets | 3,431 | 3,806 |
| Total Assets | $246,824 | $253,960 |
| LIABILITIES, CONVERTIBLE PREFERRED STOCK, AND SHAREHOLDERS’ EQUITY | ||
| Current Liabilities: | ||
| Accounts payable | $18,010 | $16,334 |
| Accrued compensation | 5,565 | 5,533 |
| Other accrued liabilities | 11,380 | 9,986 |
| Current portion of lease liabilities | 4,141 | 4,133 |
| Deferred revenues | 339 | 1,088 |
| Deferred revenues, related party | 315 | 1,025 |
| Current portion of long-term debt, net, related party | 773 | 773 |
| Total Current Liabilities | 40,523 | 38,872 |
| Long-term debt, less current portion, net, related party | 105,545 | 100,819 |
| Revolving credit facility | 21,605 | 19,691 |
| Debt derivative liability, related party | 24,500 | 25,400 |
| Long-term lease liabilities, less current portion | 4,800 | 4,944 |
| Deferred taxes, net | 443 | 543 |
| Deferred revenues, less current portion, related party | 4,791 | 4,703 |
| Other non-current liabilities | 5,114 | 5,086 |
| Total Liabilities | 207,321 | 200,058 |
| Convertible Preferred Stock, $0.001 par value; 2,000,000 shares authorized; 43,257 and 42,461 shares issued and outstanding at August 25, 2024 and May 26, 2024, respectively | 43,441 | 42,587 |
| Shareholders’ Equity: | ||
| Common Stock, $0.001 par value; 75,000,000 and 50,000,000 shares authorized; 30,898,255 and 30,562,961 shares issued and outstanding at August 25, 2024 and May 26, 2024, respectively | 31 | 30 |
| Additional paid-in capital | 178,784 | 177,808 |
| Accumulated deficit | (182,753) | (166,523) |
| Total Shareholders’ (Deficit) Equity | (3,938) | 11,315 |
| Total Liabilities, Convertible Preferred Stock, and Shareholders’ Equity | $246,824 | $253,960 |
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