text stringlengths 0 1.95M |
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assets, net 11,079,205 11,443,897 Other |
long-term assets 85,691 85,691 TOTAL |
ASSETS $ 47,612,901 $ 47,006,547 LIABILITIES, |
MEZZANINE EQUITY AND SHAREHOLDERS’ DEFICIT Current |
Liabilities Accounts |
payable and accrued expenses $ 5,911,576 $ 4,818,672 Contract |
liabilities 1,696,449 2,547,903 Customer |
deposits 3,677,543 3,465,259 Due |
to related parties 193,762 193,762 Current |
portion of operating lease liabilities 595,039 613,696 Current |
portion of finance lease liabilities 143,865 100,652 Current |
portion of notes payable, net 686,285 692,522 Total |
Current Liabilities 12,904,519 12,432,466 Operating |
lease liabilities, net of current portion 2,542,790 2,607,862 Finance |
lease liabilities, net of current portion 698,409 455,905 Notes |
payable, net of current portion 222,399 251,401 Convertible |
notes payable, net of current portion 26,880,029 26,630,655 Contingent |
note payable, net of current portion 1,001,183 1,001,183 Deferred |
tax liability, net 1,981,000 2,070,000 TOTAL |
LIABILITIES 46,230,329 45,449,472 Mezzanine |
Equity Series A senior convertible preferred shares, 4,450,460 shares designated; 1,684,849 and 1,818,182 shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively 1,415,100 1,655,404 Series B senior convertible preferred shares, 583,334 shares designated; 426,999 and zero shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively 1,113,650 - TOTAL |
MEZZANINE EQUITY 2,528,750 1,655,404 Shareholders’ Deficit Allocation shares, 1,000 shares authorized; 1,000 shares issued and outstanding as of March 31, 2022 and December 31, 2021 1,000 1,000 Common shares, $ 0.001 par value, 500,000,000 shares authorized; 4,995,232 and 4,842,851 shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively 4,995 4,843 Distribution |
receivable ( 2,000,000 ) ( 2,000,000 ) Additional |
paid-in capital 21,983,594 21,719,410 Accumulated |
deficit ( 22,012,401 ) ( 20,754,394 ) TOTAL |
1847 HOLDINGS SHAREHOLDERS’ DEFICIT ( 2,022,812 ) ( 1,029,141 ) NON-CONTROLLING |
INTERESTS 876,634 930,812 TOTAL |
SHAREHOLDERS’ DEFICIT ( 1,146,178 ) ( 98,329 ) TOTAL |
LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS’ DEFICIT $ 47,612,901 $ 47,006,547 The |
accompanying notes are an integral part of these condensed consolidated financial statements. 2 1847 |
HOLDINGS LLC CONDENSED |
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) Three Months Ended March 31, 2022 2021 Revenues $ 12,073,878 $ 4,780,275 Operating Expenses Cost of sales 7,749,130 3,260,682 Personnel 1,577,700 484,672 Depreciation and amortization 511,371 122,106 General and administrative 2,166,207 1,324,196 Total Operating Expenses 12,004,408 5,191,656 INCOME (LOSS) FROM OPERATIONS 69,470 ( 411,381 ) Other Income (Expenses) Other income 318 - Interest expense ( 906,743 ) ( 45,121 ) Gain on forgiveness of debt - 360,302 Gain on disposal of property and equipment 32,747 - Loss on adjustment shares - ( 757,792 ) Total Other Income (Expenses) ( 873,678 ) ( 442,611 ) NET LOSS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES ( 804,208 ) ( 853,992 ) INCOME TAX EXPENSE ON CONTINUING OPERATIONS ( 123,000 ) - NET LOSS FROM CONTINUING OPERATIONS $ ( 927,208 ) $ ( 853,992 ) NET INCOME FROM DISCONTINUED OPERATIONS - 178,510 NET INCOME FROM DISCONTINUED OPERATIONS ATTRIBUTABLE TO NON-CONTROLLING INTERESTS - 80,329 NET INCOME FROM DISCONTINUED OPERATIONS ATTRIBUTABLE TO 1847 HOLDINGS COMMON SHAREHOLDERS - 98,181 NET LOSS $ ( 927,208 ) ( 755,811 ) NET LOSS ATTRIBUTABLE TO NON-CONTROLLING INTERESTS ( 54,178 ) ( 25,370 ) NET LOSS ATTRIBUTABLE TO 1847 HOLDINGS $ ( 873,030 ) $ ( 730,441 ) PREFERRED SHARE DIVIDENDS ( 135,215 ) ( 188,709 ) DEEMED DIVIDEND RELATED TO ISSUANCE OF PREFERRED SHARES - ( 1,527,086 ) NET LOSS ATTRIBUTABLE TO 1847 HOLDINGS COMMON SHAREHOLDERS $ ( 1,008,245 ) $ ( 2,446,236 ) EARNINGS (LOSS) PER COMMON SHARE ATTRIBUTABLE TO 1847 HOLDINGS COMMON SHAREHOLDERS LOSS PER COMMON SHARE FROM CONTINUING OPERATIONS – BASIC AND DILUTED $ ( 0.21 ) $ ( 0.19 ) EARNINGS PER COMMON SHARE FROM DISCONTINUED OPERATIONS – BASIC AND DILUTED - 0.02 LOSS PER COMMON SHARE – BASIC AND DILUTED $ ( 0.21 ) $ ( 0.55 ) WEIGHTED-AVERAGE NUMBER OF COMMON SHARES OUTSTANDING – BASIC AND DILUTED 4,915,655 4,466,171 The |
accompanying notes are an integral part of these condensed consolidated financial statements. 3 1847 |
HOLDINGS LLC CONDENSED |
CONSOLIDATED STATEMENTS OF MEZZANINE |
EQUITY AND SHAREHOLDERS’ DEFICIT (UNAUDITED) Three |
Months Ended March 31, 2022 Series |
A Senior Convertible Preferred Shares Series |
B Senior Convertible Preferred Shares Allocation Common Shares Distribution Additional Paid-In Accumulated Non- Controlling Total Shareholders’ Shares Amount Shares Amount Shares Shares Amount Receivable Capital Deficit Interests (Deficit) Balance at December 31, 2021 1,818,182 $ 1,655,404 - $ - $ 1,000 4,842,851 $ 4,843 $ ( 2,000,000 ) $ 21,719,410 $ ( 20,754,394 ) $ 930,812 $ ( 98,329 ) Issuance |
of common shares upon conversion of series A preferred shares ( 133,333 ) ( 111,986 ) - - - 152,381 152 - 111,834 - - 111,986 Issuance |
of series B convertible preferred shares and warrants - - 426,999 1,113,650 - - - - 152,350 - - 152,350 Dividends |
- common shares - - - - - - - - - ( 249,762 ) - ( 249,762 ) Dividends |
- series A senior convertible preferred shares - ( 128,318 ) - - - - - - - ( 121,455 ) - ( 121,455 ) Dividends |
- series B senior convertible preferred shares - - - - - - - - - ( 13,760 ) - ( 13,760 ) Net |
loss - - - - - - - - - ( 873,030 ) ( 54,178 ) ( 927,208 ) Balance |
at March 31, 2022 1,684,849 $ 1,415,100 426,999 $ 1,113,650 $ 1,000 4,995,232 $ 4,995 $ ( 2,000,000 ) $ 21,983,594 $ ( 22,012,401 ) $ 876,634 $ ( 1,146,178 ) Three |
Months Ended March 31, 2021 Series |
A Senior Convertible Preferred Shares Series |
B Senior Convertible Preferred Shares Allocation Common Shares Distribution Additional Paid-In Accumulated Non- Controlling Total Shareholders’ Shares Amount Shares Amount Shares Shares Amount Receivable Capital Deficit Interests (Deficit) Balance at December 31, 2020 2,633,278 $ 2,971,427 - $ - $ 1,000 4,444,013 $ 4,444 $ ( 2,000,000 ) $ 17,005,491 $ ( 13,856,973 ) $ ( 879,239 ) $ 274,723 Issuance |
of series A senior convertible preferred shares and warrants 1,818,182 1,527,086 - - - - - - 3,000,000 ( 1,527,086 ) - 1,472,914 Issuance |
of common adjustment shares - - - - - 398,838 399 - 757,393 - - 757,792 Dividends |
- series A senior convertible preferred shares - 11,759 - - - - - - - ( 188,709 ) - ( 188,709 ) Net |
loss - - - - - - - - - ( 730,441 ) 54,959 ( 675,482 ) Balance |
at March 31, 2021 4,451,460 $ 4,510,272 - $ - $ 1,000 4,842,851 $ 4,843 $ ( 2,000,000 ) $ 20,762,884 $ ( 16,303,209 ) $ ( 824,280 ) $ 1,641,238 The |
accompanying notes are an integral part of these condensed consolidated financial statements. 4 1847 |
HOLDINGS LLC CONDENSED |
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) Three |
Months Ended March 31, 2022 2021 CASH |
FLOWS FROM OPERATING ACTIVITIES Net |
loss $ ( 927,208 ) $ ( 755,811 ) Adjustments |
to reconcile net income (loss) to net cash (used in) provided by operating activiti Income |
from discontinued operations - ( 98,181 ) Gain |
on forgiveness of debt - ( 360,302 ) Gain |
on disposal of property and equipment ( 32,747 ) - Loss |
on redemption of series A senior convertible preferred shares - 757,792 Deferred |
tax asset (liability) ( 89,000 ) - Depreciation |
and amortization 511,371 122,106 Amortization |
of debt discounts 249,374 - Amortization |
of right-of-use assets 98,031 16,928 Changes |
in operating assets and liabiliti Receivables ( 539,818 ) ( 124,065 ) Contract |
assets 18,731 - Inventories ( 378,192 ) ( 115,545 ) Prepaid |
expenses and other current assets 311,511 ( 62,071 ) Accounts |
payable and accrued expenses 964,586 65,969 Contract |
liabilities ( 851,454 ) ( 122,247 ) Customer |
deposits 212,284 328,580 Due |
to related parties - 1,785 Operating |
lease liabilities ( 83,729 ) ( 15,657 ) Net |
cash used in operating activities from continuing operations ( 536,260 ) ( 360,719 ) Net |
cash used in operating activities from discontinued operations - ( 123,086 ) Net |
cash used in operating activities ( 536,260 ) ( 483,805 ) CASH |
FLOWS FROM INVESTING ACTIVITIES Net |
cash acquired in acquisitions - 1,094,524 Purchases |
of property and equipment ( 66,291 ) ( 148,820 ) Proceeds |
from disposal of property and equipment 35,498 - Investments |
in certificates of deposit ( 262 ) - Net |
cash (used in) provided by investing activities from continuing operations ( 31,055 ) 945,704 Net |
cash provided by investing activities from discontinued operations - 534,343 Net |
cash (used in) provided by investing activities ( 31,055 ) 1,480,047 CASH |
FLOWS FROM FINANCING ACTIVITIES Proceeds |
from notes payable - 123,405 Net |
proceeds from issuance of series A senior convertible preferred shares - 3,000,000 Net |
proceeds from issuance of series B senior convertible preferred shares 1,266,000 - Proceeds |
from line of credit - 569,395 Repayments |
of notes payable and finance lease liabilities ( 58,317 ) ( 143,432 ) Repayments |
to sellers - ( 3,033,630 ) Cash |
paid for financing costs - ( 165,229 ) Dividends |
on series A senior convertible preferred shares ( 121,455 ) ( 176,950 ) Dividends |
on series B senior convertible preferred shares ( 13,760 ) - Dividends |
on common shares ( 249,762 ) - Net |
cash provided by financing activities from continuing operations 822,706 173,559 Net |
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