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)
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.