TEMPE, Ariz., March 29, 2021 (GLOBE NEWSWIRE) -- VirTra, Inc . (NASDAQ: VTSI) (“VirTra”), a global provider of training simulators for the law enforcement, military, educational and commercial markets, reported results for the fourth quarter and full year ended December 31, 2020. The financial statements are available on VirTra’s website and here .
Fourth Quarter and Full Year 2020 and Recent Highlights:
- Appointed John Givens, a military simulation business development expert, to the Company’s board of directors
- Appointed Marsha J. Foxx as interim vice president chief accounting officer to replace outgoing CFO, Judy Henry; Foxx appointed vice president chief accounting officer in March 2021
- Net income increased to $1.6 million for the fourth quarter of 2020
- Adjusted EBITDA for the full year 2020 increased 161% year-over-year to $2.8 million
- Backlog increased to a record $14.6 million as of December 31, 2020
Fourth Quarter and Full Year 2020 Financial Highlights:
| All figures in millions, except per share data |
Q4 2020 |
Q4 2019 |
% ? |
|
FY 2020 |
FY 2019 |
% ? |
| Total Revenue |
$ |
6.6 |
|
$ |
5.9 |
|
11 |
% |
|
$ |
19.1 |
|
$ |
18.7 |
|
2 |
% |
|
|
|
|
|
|
|
|
| Gross Profit |
$ |
4.8 |
|
$ |
2.6 |
|
80 |
% |
|
$ |
11.9 |
|
$ |
9.7 |
|
23 |
% |
| Gross Margin |
|
72.5 |
% |
|
44.8 |
% |
62 |
% |
|
|
62.3 |
% |
|
51.9 |
% |
20 |
% |
|
|
|
|
|
|
|
|
| Net Income/Loss |
$ |
1.6 |
|
$ |
(0.1 |
) |
N/A |
|
|
$ |
1.5 |
|
$ |
(0.1 |
) |
N/A |
|
| Diluted EPS |
$ |
0.21 |
|
$ |
(0.01 |
) |
N/A |
|
|
$ |
0.19 |
|
$ |
(0.01 |
) |
N/A |
|
| Adjusted EBITDA |
$ |
2.18 |
|
$ |
0.73 |
|
199 |
% |
|
$ |
2.79 |
|
$ |
1.07 |
|
161 |
% |
|
|
|
|
|
|
|
|
Management Commentary
“In 2020, VirTra’s top notch staff adapted to the new pandemic restrictions and even generated what was, by many metrics, the most successful year in our company’s history,” said Bob Ferris, chairman and chief executive officer of VirTra. “In the fourth quarter, we grew revenues to $6.6 million while we held our costs in check, which allowed us to produce $1.6 million in net income and $2.2 million in adjusted EBITDA. Our determined staff’s ability to convert some of our large backlog into revenue before the year’s end caused our topline revenue to grow for the 15 th consecutive year in 2020 – a real accomplishment given the pandemic headwinds. Had it not been for a large one-time impairment on an investment directly impacted by COVID-19, the year 2020 would have been the most profitable year in VirTra’s history, and if we look at our cash flow, it was.
“The demand for VirTra’s products continues to increase as a larger number of police and military staff are seeking the best simulation training solutions. We have a long track record of innovation and of investing back into our business to ensure we provide the best simulation training possible for the greatest number, and those investments are well positioned to benefit both trainees and our shareholders in the future.
“Our confidence in the future is buoyed by our ability to generate higher revenues in 2020 and exit the year with increased backlog of $14.6 million. Our cash position has more than doubled from 2019, and we continue to carry no debt other than our PPP loan. While international sales were substantially impacted by COVID-19 travel restrictions in 2020, we compensated with our proven ability to effectively sell to domestic law enforcement and to expand further in the military market. An improving domestic and international market gives us reason to be optimistic about our prospects in 2021 and beyond.”
Fourth Quarter 2020 Financial Results
Total revenue increased 11% to $6.6 million from $5.9 million in the fourth quarter of 2019. The increase in total revenue was due to an improved ability to ship equipment to a larger number of customers.
Gross profit increased 80% to $4.8 million (72.5% of total revenue) from $2.6 million (44.8% of total revenue) in the fourth quarter of 2019. The increase in gross profit was primarily due to differences in the quantity and type of simulator systems, type of accessories and variety of services sold, combined with a decrease in cost of sales.
Operating expense was $3.4 million compared to $2.3 million in the fourth quarter of 2019. The increase in operating expense was mainly due to a one-time $434,000 impairment in the investment in That’s Eatertainment Corp. (“TEC”), which was recorded as an operating expense, as well as a $307,000 allowance for bad debt on accounts and notes receivable.
Income from operations was $1.3 million compared to $356,000 in the fourth quarter of 2019.
Net income totaled $1.6 million, or $0.21 per diluted share, compared to a net loss of $66,000, or $(0.01) per diluted share, in the fourth quarter of 2019.
Adjusted EBITDA was $2.2 million compared to $729,000 in the fourth quarter of 2019.
Full Year 2020 Financial Results
Total revenue increased 2% to $19.1 million from $18.7 million in 2019. The increase in total revenue was due to an increase in sales and subscription sales of simulators, accessories, curriculum and training, and recurring extended warranty revenue in 2020.
Gross profit increased 23% to $11.9 million (62.3% of total revenue) from $9.7 million (51.9% of total revenue) in 2019. The increase in gross profit was primarily due to sales volume, product mix and a decrease in costs partly related to less travel and fewer tradeshows due to COVID-19. Gross profit historically has remained fairly consistent annually as a percentage of total revenue.
Operating expense was $10.7 million compared to $9.5 million in 2019. The increase in net operating expense was primarily due to a one-time $840,000 impairment in the investment of TEC, which was recorded as an operating expense, as well as a $346,000 allowance for bad debt on accounts and notes receivable.
Income from operations was $1.2 million compared to $262,000 in 2019.
Net income totaled $1.5 million, or $0.19 per diluted share, compared to net loss of $75,000, or $(0.01) per diluted share in 2019.
Adjusted EBITDA was $2.8 million compared to adjusted EBITDA of $1.1 million in 2019.
At December 31, 2020, backlog totaled approximately $14.6 million, compared $14.4 million at September 30, 2019 and $9.6 million at December 31, 2019.
Accounts receivable and unbilled revenues totaled approximately $6.8 million as of December 31, 2020, compared to $5.9 million at December 31, 2019, an increase of $899,000. Cash and cash equivalents totaled $6.8 million at December 31, 2020 compared to cash and cash equivalents and certificates of deposit of $3.3 million at December 31, 2019, an increase of $3.5 million.
Conference Call
VirTra management will hold a conference call today (March 29, 2021) at 4:30 p.m. Eastern time (1:30 p.m. Pacific time) to discuss these results. VirTra’s chairman and CEO, Bob Ferris, and chief accounting officer, Marsha Foxx, will host the call, followed by a question and answer period.
U.S. dial-in number: 888-506-0062
International number: 973-528-0011
Conference code: 767811
Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact VirTra’s IR team at 949-574-3860.
The conference call will be broadcast live and available for replay here and via the investor relations section of the company’s website .
A replay of the conference call will be available after 7:30 p.m. Eastern time on the same day through April 29, 2021.
Toll-free replay number: 877-481-4010
International replay number: 919-882-2331
Replay ID: 40315
About VirTra
VirTra (NASDAQ: VTSI) is a global provider of judgmental use of force training simulators, firearms training simulators and driving simulators for the law enforcement, military, educational and commercial markets. The company’s patented technologies, software, and scenarios provide intense training for de-escalation, judgmental use-of-force, marksmanship and related training that mimics real-world situations. VirTra’s mission is to save and improve lives worldwide through practical and highly effective virtual reality and simulator technology. Learn more about the company at www.VirTra.com .
About the Presentation of Adjusted EBITDA
Adjusted earnings before interest, income taxes, depreciation and amortization and before other non-operating costs and income (“Adjusted EBITDA”) is a non-GAAP financial measure. Adjusted EBITDA also includes non-cash stock option expense and other than temporary impairment loss on investments. Other companies may calculate Adjusted EBITDA differently. VirTra calculates its Adjusted EBITDA to eliminate the impact of certain items it does not consider to be indicative of its performance and its ongoing operations. Adjusted EBITDA is presented herein because management believes the presentation of Adjusted EBITDA provides useful information to VirTra’s investors regarding VirTra’s financial condition and results of operations and because Adjusted EBITDA is frequently used by securities analysts, investors and other interested parties in the evaluation of companies in VirTra’s industry, several of which present a form of Adjusted EBITDA when reporting their results. Adjusted EBITDA has limitations as an analytical tool and should not be considered in isolation or as a substitute for analysis of VirTra’s results as reported under accounting principles generally accepted in the United States of America (“GAAP”). Adjusted EBITDA should not be considered as an alternative for net income, cash flows from operating activities and other consolidated income or cash flows statement data prepared in accordance with GAAP or as a measure of profitability or liquidity. A reconciliation of net income to Adjusted EBITDA is provided in the following tables:
|
|
|
For the Years Ended |
|
|
For the Quarters Ended |
|
|
|
December 31, |
|
December 31, |
|
|
December 31, |
|
December 31, |
|
|
|
|
2020 |
|
|
|
2019 |
|
|
|
|
2020 |
|
|
|
2019 |
|
|
|
|
|
|
|
|
|
|
|
|
| Net Income (Loss) |
|
$ |
1,478,403 |
|
|
$ |
(75,277 |
) |
|
|
$ |
1,600,989 |
|
|
$ |
(65,752 |
) |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
Provision (benefit) for income taxes |
|
|
(218,800 |
) |
|
|
446,725 |
|
|
|
|
(259,267 |
) |
|
|
423,186 |
|
|
Depreciation and amortization |
|
|
380,154 |
|
|
|
307,952 |
|
|
|
|
105,288 |
|
|
|
85,482 |
|
| EBITDA |
|
$ |
1,639,757 |
|
|
$ |
679,400 |
|
|
|
$ |
1,447,010 |
|
|
$ |
442,916 |
|
|
Impairment loss on That's Eatertainment, former related party |
|
|
840,000 |
|
|
|
280,000 |
|
|
|
|
434,000 |
|
|
|
280,000 |
|
|
Reserve for note receivable |
|
|
311,367 |
|
|
|
108,174 |
|
|
|
|
294,629 |
|
|
|
5,701 |
|
|
|
|
|
|
|
|
|
|
|
|
| Adjusted EBITDA |
|
$ |
2,791,124 |
|
|
$ |
1,067,574 |
|
|
|
$ |
2,175,639 |
|
|
$ |
728,617 |
|
|
|
|
|
|
|
|
|
|
|
|
Forward-Looking Statements
The information in this discussion contains forward-looking statements and information within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are subject to the “safe harbor” created by those sections. The words “anticipates,” “believes,” “estimates,” “expects,” “intends,” “may,” “plans,” “projects,” “will,” “should,” “could,” “predicts,” “potential,” “continue,” “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements and you should not place undue reliance on our forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements that we make. The forward-looking statements are applicable only as of the date on which they are made, and we do not assume any obligation to update any forward-looking statements. All forward-looking statements in this document are made based on our current expectations, forecasts, estimates and assumptions, and involve risks, uncertainties and other factors that could cause results or events to differ materially from those expressed in the forward-looking statements. In evaluating these statements, you should specifically consider various factors, uncertainties and risks that could affect our future results or operations. These factors, uncertainties and risks may cause our actual results to differ materially from any forward-looking statement set forth in the reports we file with or furnish to the Securities and Exchange Commission (the “SEC”). You should carefully consider these risk and uncertainties described and other information contained in the reports we file with or furnish to the SEC before making any investment decision with respect to our securities. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by this cautionary statement.
Investor Relations Contact:
Matt Glover or Charlie Schumacher
VTSI@gatewayir.com
949-574-3860
VirTra, Inc.
Condensed Balance Sheets
|
|
December 31, 2020 |
|
December 31, 2019 |
|
|
|
|
|
| ASSETS |
| Current assets: |
|
|
|
|
Cash and cash equivalents |
$ |
6,841,984 |
|
|
$ |
1,415,091 |
|
|
Certificates of deposit |
|
- |
|
|
|
1,915,000 |
|
|
Accounts receivable, net |
|
1,378,270 |
|
|
|
2,307,972 |
|
|
Interest receivable |
|
- |
|
|
|
7,340 |
|
|
Inventory, net |
|
3,515,997 |
|
|
|
1,949,414 |
|
|
Unbilled revenue |
|
5,408,598 |
|
|
|
3,579,942 |
|
|
Prepaid expenses and other current assets |
|
382,445 |
|
|
|
353,975 |
|
|
|
|
|
|
|
Total current assets |
|
17,527,294 |
|
|
|
11,528,734 |
|
|
|
|
|
|
| Long-term assets: |
|
|
|
|
Property and equipment, net |
|
1,381,744 |
|
|
|
1,028,198 |
|
|
Operating lease right-of-use asset, net |
|
1,094,527 |
|
|
|
1,390,873 |
|
|
Intangible assets, net |
|
271,048 |
|
|
|
217,930 |
|
|
That's Eatertainment note receivable, long term, net, related party |
|
- |
|
|
|
291,110 |
|
|
Security deposits, long-term |
|
86,500 |
|
|
|
19,712 |
|
|
Other assets, long-term |
|
500,114 |
|
|
|
351,236 |
|
|
Deferred tax asset, net |
|
1,892,000 |
|
|
|
1,792,000 |
|
|
Investment in That's Eatertainment, related party |
|
- |
|
|
|
840,000 |
|
|
|
|
|
|
|
Total long-term assets |
|
5,225,933 |
|
|
|
5,931,059 |
|
|
|
|
|
|
| Total assets |
$ |
22,753,227 |
|
|
$ |
17,459,793 |
|
|
|
|
|
|
| LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
| Current liabilities: |
|
|
|
|
Accounts payable |
$ |
345,573 |
|
|
$ |
621,127 |
|
|
Accrued compensation and related costs |
|
843,101 |
|
|
|
611,487 |
|
|
Accrued expenses and other current liabilities |
|
772,884 |
|
|
|
334,751 |
|
|
Note payable, current |
|
266,037 |
|
|
|
- |
|
|
Operating lease liability, short-term |
|
321,727 |
|
|
|
297,244 |
|
|
Deferred revenue, short-term |
|
4,708,575 |
|
|
|
2,490,845 |
|
|
|
|
|
|
|
Total current liabilities |
|
7,257,897 |
|
|
|
4,355,454 |
|
|
|
|
|
|
| Long-term liabilities: |
|
|
|
|
Deferred revenue, long-term |
|
1,920,346 |
|
|
|
1,748,257 |
|
|
Note payable, long-term |
|
1,063,243 |
|
|
|
- |
|
|
Operating lease liability, long-term |
|
853,155 |
|
|
|
1,174,882 |
|
|
|
|
|
|
|
Total long-term liabilities |
|
3,836,744 |
|
|
|
2,923,139 |
|
|
|
|
|
|
| Total liabilities |
|
11,094,641 |
|
|
|
7,278,593 |
|
|
|
|
|
|
| Commitments and contingencies (See Note 11) |
|
|
|
|
|
|
|
|
| Stockholders' equity: |
|
|
|
| Preferred stock $0.0001 par value; 2,500,000 authorized; no shares issued or outstanding |
|
- |
|
|
|
- |
|
| Common stock $0.0001 par value; 50,000,000 shares authorized; 7,775,030 shares issued and outstanding as of December 31, 2020 and 7,745,030 shares issued and outstanding as of December 31, 2019 |
|
778 |
|
|
|
775 |
|
| Class A common stock $0.0001 par value; 2,500,000 shares authorized; no shares issued or outstanding |
|
- |
|
|
|
- |
|
| Class B common stock $0.0001 par value; 7,500,000 shares authorized; no shares issued or outstanding |
|
- |
|
|
|
- |
|
| Additional paid-in capital |
|
13,893,660 |
|
|
|
13,894,680 |
|
| Accumulated deficit |
|
(2,235,852 |
) |
|
|
(3,714,255 |
) |
|
|
|
|
|
| Total stockholders' equity |
|
11,658,586 |
|
|
|
10,181,200 |
|
|
|
|
|
|
| Total liabilities and stockholders' equity |
$ |
22,753,227 |
|
|
$ |
17,459,793 |
|
|
|
|
|
|
VirTra, Inc.
Condensed Statements of Operations
(Unaudited)
|
|
For the 12 months ended |
|
For the 3 months ended |
|
|
December 31, 2020 |
|
December 31, 2019 |
|
December 31, 2020 |
|
December 31, 2019 |
| Revenues: |
|
|
|
|
|
|
|
|
Net sales |
$ |
19,038,074 |
|
|
$ |
18,558,741 |
|
|
$ |
6,565,968 |
|
|
$ |
5,861,931 |
|
|
That's Eatertainment royalties/licensing fees, related party |
|
45,247 |
|
|
|
130,625 |
|
|
|
- |
|
|
|
29,632 |
|
|
Other royalties/licensing fees |
|
4,310 |
|
|
|
22,557 |
|
|
|
- |
|
|
|
1,300 |
|
|
Total revenue |
|
19,087,631 |
|
|
|
18,711,923 |
|
|
|
6,565,968 |
|
|
|
5,892,863 |
|
|
|
|
|
|
|
|
|
|
|
Cost of sales |
|
7,187,210 |
|
|
|
8,998,232 |
|
|
|
1,805,807 |
|
|
|
3,250,231 |
|
|
|
|
|
|
|
|
|
|
|
Gross profit |
|
11,900,421 |
|
|
|
9,713,691 |
|
|
|
4,760,161 |
|
|
|
2,642,632 |
|
|
|
|
62.3 |
% |
|
|
51.9 |
% |
|
|
72.5 |
% |
|
|
44.8 |
% |
| Operating expenses: |
|
|
|
|
|
|
|
|
General and administrative |
|
9,070,730 |
|
|
|
8,105,860 |
|
|
|
3,019,932 |
|
|
|
2,031,647 |
|
|
Research and development |
|
1,603,379 |
|
|
|
1,345,513 |
|
|
|
399,368 |
|
|
|
254,553 |
|
|
|
|
|
|
|
|
|
|
|
Net operating expense |
|
10,674,109 |
|
|
|
9,451,373 |
|
|
|
3,419,300 |
|
|
|
2,286,200 |
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from operations |
|
1,226,312 |
|
|
|
262,318 |
|
|
|
1,340,861 |
|
|
|
356,432 |
|
|
|
|
|
|
|
|
|
|
| Other income (expense): |
|
|
|
|
|
|
|
|
Other income |
|
49,539 |
|
|
|
115,736 |
|
|
|
4,180 |
|
|
|
1,577 |
|
|
Other expense |
|
(16,248 |
) |
|
|
(6,606 |
) |
|
|
(3,319 |
) |
|
|
(576 |
) |
|
|
|
|
|
|
|
|
|
|
Net other income |
|
33,291 |
|
|
|
109,130 |
|
|
|
861 |
|
|
|
1,001 |
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before provision for income taxes |
|
1,259,603 |
|
|
|
371,448 |
|
|
|
1,341,722 |
|
|
|
357,434 |
|
|
|
|
|
|
|
|
|
|
|
Provision (Benefit) for income taxes |
|
(218,800 |
) |
|
|
446,725 |
|
|
|
(259,267 |
) |
|
|
423,186 |
|
|
|
|
|
|
|
|
|
|
| Net income (loss) |
$ |
1,478,403 |
|
|
$ |
(75,277 |
) |
|
$ |
1,600,989 |
|
|
$ |
(65,752 |
) |
|
|
|
|
|
|
|
|
|
| Net income (loss) per common share: |
|
|
|
|
|
|
|
|
Basic |
$ |
0.19 |
|
|
$ |
(0.01 |
) |
|
$ |
0.21 |
|
|
$ |
(0.01 |
) |
|
Diluted |
$ |
0.19 |
|
|
$ |
(0.01 |
) |
|
$ |
0.21 |
|
|
$ |
(0.01 |
) |
|
|
|
|
|
|
|
|
|
| Weighted average shares outstanding: |
|
|
|
|
|
|
|
|
Basic |
|
7,757,037 |
|
|
|
7,747,655 |
|
|
|
7,623,757 |
|
|
|
7,745,030 |
|
|
Diluted |
|
7,835,830 |
|
|
|
7,747,655 |
|
|
|
7,623,757 |
|
|
|
7,745,030 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
VirTra, Inc.
Condensed Statements of Cash Flows
(Unaudited)
|
|
|
For the Years Ended |
|
|
|
December 31 2020 |
|
December 31, 2019 |
|
|
|
|
|
|
| Cash flows from operating activities: |
|
|
|
|
Net Income (loss) |
$ |
1,478,403 |
|
|
$ |
(75,277 |
) |
|
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities: |
|
|
|
|
|
Depreciation and amortization |
|
380,154 |
|
|
|
307,952 |
|
|
|
Right of use amortization |
|
296,346 |
|
|
|
283,984 |
|
|
|
Reserve for note receivable |
|
291,110 |
|
|
|
108,174 |
|
|
|
Deferred taxes |
|
(100,000 |
) |
|
|
608,000 |
|
|
|
Impairment of investment in That's Eatertainment, former related party |
|
840,000 |
|
|
|
280,000 |
|
|
Changes in operating assets and liabilities: |
|
|
|
|
|
Accounts receivable, net |
|
929,702 |
|
|
|
(1,005,962 |
) |
|
|
That's Eatertainment note receivable, net, related party |
|
- |
|
|
|
(4,673 |
) |
|
|
Trade note receivable, net |
|
- |
|
|
|
652 |
|
|
|
Interest receivable |
|
7,340 |
|
|
|
14,045 |
|
|
|
Inventory, net |
|
(2,291,394 |
) |
|
|
(819,357 |
) |
|
|
Unbilled revenue |
|
(1,828,656 |
) |
|
|
(2,890,789 |
) |
|
|
Prepaid expenses and other current assets |
|
(28,470 |
) |
|
|
23,545 |
|
|
|
Other assets |
|
(148,878 |
) |
|
|
(58,938 |
) |
|
|
Security deposits, long-term |
|
(66,788 |
) |
|
|
320,044 |
|
|
|
Accounts payable and other accrued expenses |
|
394,193 |
|
|
|
(108,881 |
) |
|
|
Payments on operating lease liability |
|
(297,244 |
) |
|
|
(249,254 |
) |
|
|
Deferred revenue |
|
2,389,819 |
|
|
|
1,352,439 |
|
|
|
|
|
|
|
| Net cash provided by (used in) operating activities |
|
2,245,637 |
|
|
|
(1,914,296 |
) |
|
|
|
|
|
|
| Cash flows from investing activities: |
|
|
|
|
Purchase of certificates of deposit |
|
- |
|
|
|
(3,560,000 |
) |
|
Redemption of certificates of deposit |
|
1,915,000 |
|
|
|
5,135,000 |
|
|
Purchase of intangible assets |
|
(62,007 |
) |
|
|
(226,078 |
) |
|
Purchase of property and equipment |
|
- |
|
|
|
(171,452 |
) |
|
Proceeds from sale of property and equipment |
|
- |
|
|
|
3,640 |
|
| Net cash provided by investing activities |
|
1,852,993 |
|
|
|
1,181,110 |
|
|
|
|
|
|
|
| Cash flows from financing activities: |
|
|
|
|
Repurchase of stock options |
|
(31,183 |
) |
|
|
(34,076 |
) |
|
Repayment of debt |
|
- |
|
|
|
(11,250 |
) |
|
Stock options exercised |
|
30,166 |
|
|
|
11,426 |
|
|
Purchase of treasury stock |
|
- |
|
|
|
(318,204 |
) |
|
Note payable-PPP Loan |
|
1,329,280 |
|
|
|
- |
|
| Net cash provided by (used in) financing activities |
|
1,328,263 |
|
|
|
(352,104 |
) |
|
|
|
|
|
|
| Net increase (decrease) in cash |
|
5,426,893 |
|
|
|
(1,085,290 |
) |
| Cash, beginning of period |
|
1,415,091 |
|
|
|
2,500,381 |
|
| Cash, end of period |
$ |
6,841,984 |
|
|
$ |
1,415,091 |
|
|
|
|
|
|
|
| Supplemental disclosure of cash flow information: |
|
|
|
|
Cash (refunded) paid: |
|
|
|
|
Taxes refunded |
$ |
(118,800 |
) |
|
$ |
(161,275 |
) |
|
Interest paid |
|
8,566 |
|
|
|
- |
|
|
|
|
|
|
|
| Supplemental disclosure of non-cash investing and financing activities: |
|
|
|
|
Conversion of That's Eatertainment note receivable to long term, former related party |
$ |
- |
|
|
$ |
292,138 |
|
|
Conversion of inventory to property and equipment |
|
724,811 |
|
|
|
481,945 |
|
|
Treasury stock cancelled |
|
- |
|
|
|
355,512 |
|
|
Operating lease right of use asset and liabilities, net of deferred rent |
|
- |
|
|
|
1,674,857 |
|
|
|
|
|
|
|
