Interest expense -
amortization of debt
discount 515,953 416,339 1,883,573 1,975,938
Interest expense, net 1,380,668 1,142,483 5,520,991 4,184,067
Other (income) expenses 8,301 56,098 (139,067) 1,552,154
------------ ----------- ------------ ------------
(Loss) income before
income taxes (10,043,305) (6,313,642) (26,701,675) 14,924,051
Provision for (benefit
from) income taxes 1,350,884 115,150 496,290 (763,639)
------------ ----------- ------------ ------------
(Loss) income before
equity in net earnings
of affiliates (11,394,189) (6,428,792) (27,197,965) 15,687,690
Equity in loss of equity
method investees, net
of tax 733,748 841,637 2,858,424 1,252,330
------------ ----------- ------------ ------------
Net (loss) income (12,127,937) (7,270,429) (30,056,389) 14,435,360
(Loss) income
attributable to
noncontrolling
interests (15,981) 41,924 (25,412) 25,282
------------ ----------- ------------ ------------
Net (loss) income
attributable to S&W Seed
Company $(12,111,956) $(7,312,353) $(30,030,977) $ 14,410,078
============ =========== ============ ============
Calculation of net
(loss) income per
share:
Net (loss) income
attributable to S&W Seed
Company $(12,111,956) $(7,312,353) $(30,030,977) $ 14,410,078
Dividends accrued for
participating
securities and
accretion (126,782) (120,070) (494,617) (469,329)
------------ ----------- ------------ ------------
Net (loss) income
attributable to common
shareholders $(12,238,738) $(7,432,423) $(30,525,594) $ 13,940,749
============ =========== ============ ============
Net (loss) income
attributable to S&W Seed
Company per common
share,
Basic $ (5.31) $ (3.23) $ (13.21) $ 6.40
Diluted $ (5.31) $ (3.22) $ (13.21) $ 6.38
Weighted average number
of common shares
outstanding,
Basic 2,281,258 2,261,486 2,273,112 2,250,146
Diluted 2,281,258 2,269,553 2,273,112 2,259,766
TABLE A1
S&W SEED COMPANY
ITEMIZED RECONCILIATION BETWEEN OPERATING EXPENSES AND NON-GAAP ADJUSTED
OPERATING EXPENSES
(UNAUDITED)
Three Months Ended Years Ended
June 30, June 30,
------------------------- ------------------------
2024 2023 2024 2023
------------ ----------- ----------- -----------
Operating expenses 10,034,041 7,241,527 33,498,006 32,481,603
Less:
Depreciation and
amortization (1,067,176) (1,071,265) (4,288,449) (4,768,809)
Non-recurring
transaction
costs (150,447) (274,434) (713,526) (1,240,274)
Gain (loss) on
disposal of
property, plant
and equipment 19,121 (11,423) 109,746 (44,335)
Impairment
charges (3,531,010) - (3,531,010) -
Non-GAAP adjusted
operating
expenses 5,304,529 5,884,405 25,074,767 26,428,185
=========== =========== =========== ===========
TABLE A2
S&W SEED COMPANY
ITEMIZED RECONCILIATION BETWEEN NET LOSS AND NON-GAAP ADJUSTED NET LOSS
(UNAUDITED)
Three Months Ended Years Ended
June 30, June 30,
--------------------------- ----------------------------
2024 2023 2024 2023
------------- ------------ ------------- -------------
Net (loss)
income
attributable
to S&W Seed
Company $(12,111,956) $(7,312,353) $(30,030,977) $ 14,410,078
Impairment
charges 3,531,010 -- 3,531,010 --
Interest
expense -
amortization
of debt
discount 515,953 416,339 1,883,573 1,975,938
Other finance
expenses -- -- -- 1,458,168
Gain on
disposal of
intangible
assets -- -- -- (1,796,252)
Non-recurring
transaction
costs 150,447 274,434 713,526 1,240,274
Dividends
accrued for
participating
securities and
accretion (126,782) (120,070) (494,617) (469,329)
Loss (gain) on
sale of
business
interest -- 156,404 -- (38,167,102)
Loss (gain) on
sale of equity
investment 534,189 -- 534,189 (32,030)
Equity in loss
of equity
method
investee
(Vision
Bioenergy),
net of tax 771,647 323,538 2,613,277 1,089,346
Non-GAAP
adjusted net
loss $ (6,735,492) $(6,261,708) $(21,250,019) $(20,290,909)
============ =========== ============ ============
Non-GAAP
adjusted net
loss
attributable
to S&W Seed
Company per
common share,
Basic $ (2.95) $ (2.77) $ (9.35) $ (9.02)
Diluted $ (2.95) $ (2.76) $ (9.35) $ (8.98)
Weighted
average number
of common
shares
outstanding,
Basic 2,281,258 2,261,486 2,273,112 2,250,146
Diluted 2,281,258 2,269,553 2,273,112 2,259,766
TABLE B
S&W SEED COMPANY
ITEMIZED RECONCILIATION BETWEEN NET LOSS AND NON-GAAP ADJUSTED EBITDA
(UNAUDITED)
Three Months Ended Years Ended
June 30, June 30,
-------------------------- ---------------------------
2024 2023 2024 2023
------------ ----------- ------------ ------------
Net (loss)
income
attributable to
S&W Seed
Company $(12,111,956) $(7,312,353) $(30,030,977) $ 14,410,078
Interest
expense, net 1,380,668 1,142,483 5,520,991 4,184,067
Interest expense
- amortization
of debt
discount 515,953 416,339 1,883,573 1,975,938
Other finance
expenses -- -- -- 1,458,168
Provision for
(benefit from)
income taxes 1,350,884 115,150 496,290 (763,639)
Depreciation and
amortization 1,067,176 1,071,265 4,288,449 4,768,809
Impairment
charges 3,531,010 -- 3,531,010 --
Non-recurring
transaction
costs 150,447 274,434 713,526 1,240,274
Non-cash
stock-based
compensation 253,708 549,522 1,232,938 1,932,415
Foreign currency
loss 50,165 162,189 1,213,732 859,696
Gain on disposal
of intangible
assets -- -- -- (1,796,252)
Loss (gain) on
sale of
business -- 156,404 -- (38,167,102)
Loss (gain) on
sale of equity
investments 534,189 -- 534,189 (32,030)
Equity in loss
of equity
method investee
(Vision
Bioenergy), net
of tax 771,647 765,808 2,613,277 1,089,346
Dividends
accrued for
participating
securities and
accretion (126,782) (120,070) (494,617) (469,329)
Non-GAAP
adjusted
EBITDA $ (2,632,891) $(2,778,829) $ (8,497,619) $ (9,309,561)
============ =========== ============ ============
S & W SEED COMPANY
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
As of As of
June 30, 2024 June 30, 2023
-------------- --------------
ASSETS
CURRENT ASSETS
Cash and cash equivalents $ 294,014 $ 3,398,793
Accounts receivable, net 20,865,224 24,622,727
Notes receivable, net -- 6,846,897
Inventories, net 38,107,103 45,098,268
Prepaid expenses and
other current assets 4,108,149 4,099,027
-------------- --------------
TOTAL CURRENT ASSETS 63,374,490 84,065,712
Property, plant and
equipment, net 9,667,273 10,082,168
Intellectual property, net 20,265,618 21,650,534
Other Intangibles, net 3,783,389 8,082,325
Right of use asset -
operating leases 2,248,818 2,983,303
Equity method investments 19,694,209 23,059,705
Other assets 1,691,744 2,066,081
-------------- --------------
TOTAL ASSETS $ 120,725,541 $ 151,989,828
============== ==============
LIABILITIES, MEZZANINE
EQUITY AND STOCKHOLDERS'
EQUITY
CURRENT LIABILITIES
(MORE TO FOLLOW) Dow Jones Newswires
November 01, 2024 08:00 ET (12:00 GMT)