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rate changes, plus (b) eight percent ( 8.00 %), and (ii) fifteen percent ( 15.00 %); provided that following and during the continuation |
of an event of default (as defined in the loan and security agreement), interest on the unpaid principal balance of the advances shall |
accrue at an annual rate equal to such rate plus three percent ( 3.00 %). Interest accrued on the advances shall be payable monthly commencing |
on March 7, 2023. The Borrower may voluntarily prepay the entire unpaid principal amount of the note without premium or penalty; provided |
that in the event that such prepayment is made on or before February 9, 2024, then the Borrower must pay certain fees set forth in the |
note. The note is secured by all of the assets of the Borrower. The |
loan and security agreement contains customary representations, warranties and affirmative and negative financial and other covenants |
for loans of this type. The loan and security agreement contains customary events of default, including, among othe (i) for failure |
to pay principal and interest on the note when due, or to pay any fees due under the loan and security agreement; (ii) for failure to |
perform any covenant or agreement contained in the loan and security agreement or any document delivered in connection therewith; (iii) |
if any statement, representation or warranty in the loan and security agreement or any document delivered in connection therewith is |
at any time found to have been false in any material respect at the time such representation or warranty was made; (iv) if the Borrower |
defaults under any agreement or contract with a third party which default would result in a liability to the Borrower in excess of $ 25,000 ; |
(v) for any voluntary or involuntary bankruptcy, insolvency, or dissolution or assignment to creditors; (vi) if any judgments or attachments |
aggregating in excess of $ 10,000 at any given time are obtained against the Borrower which remain unstayed for a period of ten (10) days |
or are enforced or if there is an indictment under an criminal statute or proceeding pursuant to which remedies sought may include the |
forfeiture of any property; (vii) if a material adverse effect or change of control of the Borrower (each as defined in the loan agreement) |
shall have occurred; (viii) for certain environmental claims; and (ix) for failure to notify the lender of certain events or failure |
to deliver certain documentation required by the loan and security agreement. Amendment |
to Conversion Agreement On March 30, 2023, the Company entered into an |
amendment to the conversion agreement described in Note 13, effective retroactively to October 1, 2022. Pursuant to the amendment, the |
Company agreed to pay a total of $642,544 in three monthly payments commencing on April 5, 2023. Amendment to 6% Amortizing Promissory Note On April 6, 2023, 1847 Asien entered into an amendment to the 6 % amortizing |
promissory note described in Note 12, effective retroactively to October 20, 2022. Pursuant to the amendment, the parties agreed to extend |
the maturity date of the note to July 30, 2023 and revised the repayment terms so that the outstanding principal amount and all accrued |
interest thereon shall be payable in three payments on April 6, 2023, June 30, 2023 and July 30, 2023. As additional consideration for |
entering into the amendment, 1847 Asien also agreed to pay an amendment fee of $ 84,362 on the maturity date. F- 44 SIGNATURES Pursuant |
to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed |
on its behalf by the undersigned, thereunto duly authorized. Date: |
April 11, 2023 1847 HOLDINGS LLC /s/ |
Ellery W. Roberts N Ellery W. Roberts Tit Chief Executive Officer (Principal Executive Officer) /s/ |
Vernice L. Howard N Vernice L. Howard Tit Chief Financial Officer (Principal Financial and Accounting Officer) Pursuant |
to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the |
registrant and in the capacities and on the dates indicated. SIGNATURE TITLE DATE /s/ |
Ellery W. Roberts Chairman and |
Chief Executive Officer (principal executive officer) April 11, 2023 Ellery W. Roberts /s/ Vernice |
L. Howard Chief Financial Officer (principal financial and accounting officer) April 11, 2023 Vernice L. Howard /s/ Robert |
D. Barry Director April 11, 2023 Robert D. Barry /s/ Clark |
R. Crosnoe Director April 11, 2023 Clark R. Crosnoe /s/ Paul A. |
Froning Director April 11, 2023 Paul A. Froning /s/ Tracy |
S. Harris Director April 11, 2023 Tracy S. Harris /s/ Lawrence |
X. Taylor Director April 11, 2023 Lawrence X. 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UNITED |
STATES SECURITIES |
AND EXCHANGE COMMISSION Washington, |
D.C. 20549 FORM 10−Q (Mark |
One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For |
the quarterly period end March 31, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For |
the transition period from ____________ to _____________ Commission |
File Numbe 000-56128 1847 HOLDINGS LLC (Exact name of registrant as specified in its charter) Delaware 38-3922937 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 590 Madison Avenue , 21st Floor , New York , NY 10022 (Address of principal executive offices) (Zip Code) (212) 417-9800 (Registrant’s telephone number, including area code) N/A (Former name, former address and former fiscal year, if changed since |
last report) Securities |
registered pursuant to Section 12(b) of the Ac None Indicate |
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange |
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) |
has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐ Indicate |
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule |
405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐ Indicate |
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting |
company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” |
“smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filer ☐ Accelerated filer ☐ Non-accelerated filer ☒ Smaller reporting company ☒ Emerging growth company ☐ If |
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for comply |
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ Indicate |
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒ As |
of May 13, 2022, there were 4,995,232 common shares of the registrant issued and outstanding. 1847 |
HOLDINGS LLC Quarterly |
Report on Form 10-Q Period |
Ended March 31, 2022 TABLE |
OF CONTENTS PART I FINANCIAL |
INFORMATION Item 1. Financial |
Statements 1 Item 2. Management’s |
Discussion and Analysis of Financial Condition and Results of Operations 20 Item 3. Quantitative |
and Qualitative Disclosures About Market Risk 33 Item 4. Controls |
and Procedures 33 PART II OTHER INFORMATION Item 1. Legal |
Proceedings 35 Item 1A. Risk |
Factors 35 Item 2. Unregistered |
Sales of Equity Securities and Use of Proceeds 35 Item 3. Defaults |
Upon Senior Securities 35 Item 4. Mine |
Safety Disclosures 35 Item 5. Other |
Information 35 Item 6. Exhibits 36 i PART |
I FINANCIAL |
INFORMATION ITEM |
1. FINANCIAL STATEMENTS. 1847 |
HOLDINGS LLC UNAUDITED |
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS Page Condensed |
Consolidated Balance Sheets as of March 31, 2022 (Unaudited) and December 31, 2021 2 Condensed |
Consolidated Statements of Operations for the Three Months Ended March 31, 2022 and 2021 (Unaudited) 3 Condensed |
Consolidated Statements of Mezzanine Equity and Shareholders’ Deficit for the Three Months Ended March 31, 2022 and |
2021 (Unaudited) 4 Condensed |
Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2022 and 2021 (Unaudited) 5 Notes |
to Condensed Consolidated Financial Statements (Unaudited) 6 1 1847 |
HOLDINGS LLC CONDENSED |
CONSOLIDATED BALANCE SHEETS March 31, 2022 December 31, 2021 (Unaudited) ASSETS Current |
Assets Cash |
and cash equivalents $ 1,638,924 $ 1,383,533 Investments 276,691 276,429 Receivables, |
net 3,918,814 3,378,996 Contract |
assets 69,735 88,466 Inventories, |
net 5,805,494 5,427,302 Prepaid |
expenses and other current assets 270,537 582,048 Total |
Current Assets 11,980,195 11,136,774 Property |
and equipment, net 1,920,967 1,695,311 Operating |
lease right-of-use assets 3,094,573 3,192,604 Goodwill 19,452,270 19,452,270 Intangible |
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