Edible Garden AG Inc

For the period ended Sep 30, 2024. Filed Nov 13, 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.

Sep 30, 2024 · Filed Nov 13, 2024

EDBL$0.70+0.5%Stored close · as of Nov 6, 2026

See the whole filing, with its images and exhibits

Contents

Unaudited Condensed Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited, in thousands, except shares)

	September 30,	December 31,
	2024	2023
ASSETS
Current assets:
Cash	$2,214	$510
Accounts receivable, net	1,665	1,249
Inventory, net	1,437	678
Prepaid expenses and other current assets	78	210
Total current assets	5,394	2,647
Property, equipment and leasehold improvements, net	3,266	3,893
Finance lease right-of-use assets	125	-
Intangible assets, net	44	47
Other assets	34	69
TOTAL ASSETS	$8,863	$6,656
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
LIABILITIES:
Current liabilities:
Accounts payable and other accrued expenses	$3,487	$2,517
Current maturities of finance lease liabilities	40	-
Short-term debt, net of discounts	1,343	387
Total current liabilities	4,870	2,904
Long-term liabilities:
Long-term debt, net of discounts	649	4,040
Long-term finance lease liabilities	85	-
Total long-term liabilities	734	4,040
Total liabilities	5,604	6,944
COMMITMENTS AND CONTINGENCIES (Note 10)
STOCKHOLDERS' EQUITY (DEFICIT):
Common stock ($0.0001 par value, 100,000,000 shares authorized, 6,228,392 and 285,282 shares outstanding as of September 30, 2024 and December 31, 2023, respectively (1))	2	1
Series A Convertible Preferred stock ($0.0001 par value, 10,000,000 shares authorized; nil shares outstanding as of September 30, 2024 and December 31, 2023)	-	-
Additional paid-in capital	41,298	29,971
Obligation to issue shares	191	-
Accumulated deficit	(38,232)	(30,260)
Total stockholders' equity (deficit)	3,259	(288)
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)	$8,863	$6,656

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited, in thousands, except share and per-share information)

	Three Months Ended September 30,		Nine Months Ended September 30,
	2024	2023	2024	2023
Revenue	$2,584	$3,289	$9,985	$9,965
Cost of goods sold	1,885	3,277	7,696	9,425
Gross profit	699	12	2,289	540
Selling, general and administrative expenses	2,189	2,387	8,823	7,458
Loss from operations	(1,490)	(2,375)	(6,534)	(6,918)
Other income (expenses)
Interest expense, net	(409)	(57)	(944)	(334)
Gain (Loss) from extinguishment of debt	(164)	-	(498)	70
Employee retention credit	-	-	-	1,233
Other income / (loss)	-	1	4	1
Total other income (expenses)	(573)	(56)	(1,438)	970
NET LOSS	$(2,063)	$(2,431)	$(7,972)	$(5,948)
Less: Series A Preferred Dividend	-	-	-	(4)
NET LOSS ATTRIBUTABLE TO COMMON STOCK	$(2,063)	$(2,431)	$(7,972)	$(5,952)
Net Income / (Loss) per common share - basic and diluted (1)	$(0.65)	$(13.83)	$(4.73)	$(47.72)
Weighted-Average Number of Common Shares Outstanding Basic and Diluted (1)	3,160,392	175,762	1,686,432	124,733

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (DEFICIT)

FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2024 AND 2023

(in thousands, except for shares)(1)

Additional · Obligation
Common Stock · Paid-In · to Issue · Accumulated
Shares · Amount · Capital · Shares · Deficit · Total
Balance at June 30, 2024	3,160,392	$1	$36,679	$	-	$(36,169)	$511
Issuance of common stock and warrants in public offering, net of expenses	3,024,000	1	4,619		176	-	4,796
Exercises of common stock warrants	44,000	-	-		15	-	15
Net Income (Loss)	-	-	-		-	(2,063)	(2,063)
Balance at September 30, 2024	6,228,392	$2	$41,298		$191	$(38,232)	$3,259

Additional · Obligation
Common Stock · Paid-In · to Issue · Accumulated
Shares · Amount · Capital · Shares · Deficit · Total
Balance at June 30, 2023	141,354	$	-	$27,249	$	-	$(23,589)	$3,660
Issuance of common stock and warrants in public offering, net of expenses	142,536		1	2,720		-	-	2,721
Cashless exercise of common stock warrants	1,250		-	-		-	-	-
Net Income (Loss)	-		-	-		-	(2,431)	(2,431)
Balance at September 30, 2023	285,140		$1	$29,969	$	-	$(26,020)	$3,950

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (DEFICIT)

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2024 AND 2023

(in thousands, except for shares)(1)

Additional · Obligation
Common Stock · Paid-In · to Issue · Accumulated
Shares · Amount · Capital · Shares · Deficit · Total
Balance at December 31, 2023	285,282	$1	$29,971	$	-	$(30,260)	$(288)
Issuance of common stock and warrants in public offering, net of expenses	5,461,000	1	10,117		176	-	10,294
Exercises of common stock warrants	218,000	-	-		15	-	15
Sale of common stock pursuant to Equity Distribution Agreement, net of fees	181,710	-	1,147		-	-	1,147
Issuance of common stock as payment of severance	3,502	-	25		-	-	25
Issuance of common stock to employees and consultants	6,000	-	38		-	-	38
Issuance of common stock to round up shares due to stock split	72,898	-	-		-	-	-
Net Income (Loss)	-	-	-		-	(7,972)	(7,972)
Balance at September 30, 2024	6,228,392	$2	$41,298		$191	$(38,232)	$3,259

Additional · Obligation
Common Stock · Paid-In · to Issue · Accumulated
Shares · Amount · Capital · Shares · Deficit · Total
Balance at December 31, 2022	18,136	$	-	$17,892	$	-	$(20,072)	$(2,180)
Issuance of common stock and warrants in public offering, net of expenses	223,486		1	11,978		-	-	11,979
Cashless exercise of common stock warrants	43,052		-	-		-	-	-
Issuance of common stock for Directors' fees	349		-	73		-	-	73
Issuance of common stock to employees and consultants	117		-	30		-	-	30
Series A Preferred dividend	-		-	(4)		-	-	(4)
Net Income (Loss)	-		-	-		-	(5,948)	(5,948)
Balance at September 30, 2023	285,140		$1	$29,969	$	-	$(26,020)	$3,950

ContentsView on SEC.gov

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