BRC Inc
For the period ended Sep 30, 2024. Filed Nov 4, 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.
Sep 30, 2024 · Filed Nov 4, 2024
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Accrued Liabilities
- Accrued Liabilities
Accrued liabilities consist of the following (dollars in thousands, unaudited):
| September 30, | December 31, | |
|---|---|---|
| 2024 | 2023 | |
| Accrued compensation and benefits | $9,113 | $6,881 |
| Accrued inventory purchases | 6,399 | 8,859 |
| Accrued marketing | 5,261 | 1,457 |
| Accrued professional fees | 2,884 | 2,240 |
| Deferred purchase incentive | 2,047 | — |
| Accrued freight | 1,589 | 4,616 |
| Accrued interest | 1,258 | 1,842 |
| Accrued sales and other taxes | 1,099 | 1,329 |
| Credit card liabilities | 867 | 186 |
| Other accrued expenses | 5,895 | 7,501 |
| Total accrued liabilities | $36,412 | $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. An amendment to this agreement was entered into during the third quarter of 2024 whereby an additional purchase incentive of $4,000 was received. This purchase incentive will be recognized as a reduction of cost of sales based on units sold over five years. Recognition of this fee commenced during the third quarter of 2024 based upon the terms of the related agreement (as amended). $2,047 of the deferred purchase incentive is classified as current at September 30, 2024 based upon the amount expected to be recognized in the next twelve months, while $10,737 is classified as long-term and is recorded in other non-current liabilities on our consolidated balance sheet at September 30, 2024.
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