BRC Inc
For the period ended Jun 30, 2024. Filed Aug 7, 2024.
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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.
Jun 30, 2024 · Filed Aug 7, 2024
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Accrued Liabilities
- Accrued Liabilities
Accrued liabilities consist of the following (dollars in thousands, unaudited):
| June 30, | December 31, | |
|---|---|---|
| 2024 | 2023 | |
| Deferred purchase incentive | $9,500 | $— |
| Accrued inventory purchases | 7,723 | 8,859 |
| Accrued compensation and benefits | 6,520 | 6,881 |
| Accrued marketing | 2,508 | 1,457 |
| Accrued professional fees | 2,043 | 2,240 |
| Accrued interest | 1,106 | 1,842 |
| Accrued sales and other taxes | 1,012 | 1,329 |
| Accrued freight | 872 | 4,616 |
| Credit card liabilities | 264 | 186 |
| Other accrued expenses | 5,524 | 7,501 |
| Total accrued liabilities | $37,072 | $34,911 |
Deferred purchase incentive
During the second quarter of 2024, we entered into an agreement with a co-manufacturing partner for the manufacture and distribution of rounds. As part of this agreement we received a purchase incentive of $9,500 to compensate for incremental transition costs. This purchase incentive will be recognized as a reduction of cost of sales based on units sold over five years. Recognition of this fee will commence once certain purchase order milestones have been met in accordance with the terms of the agreement.
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