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
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November 01, 2024 08:00 ET (12:00 GMT)
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