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YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. Statement of Changes in Stockholders’ Equity in the Financial Statements. The fair value of the three properties to be acquired per the settlement of $5,400 is recorded within “Other noncurrent asse...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. a result of vertical integration since the Company will be able to produce products for sale at our owned dispensaries at a significantly lower cost compared to the cost associated with acquiring pr...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. Dispute On May 28, 2021, Senvest Management, LLC, Hadron Capital (Cayman) LTD., and Measure8 Venture Partners, LLC (collectively, the “Claimants”), as former holders of convertible notes issued and...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. the Claimants take issue with the April 22, 2021 amendment of the terms of the 2019 Convertible Note Purchase Agreement (the “Amended Notes Consent”), which was approved by holders of approximately ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. Convertible Promissory Notes and 2019 Convertible Note Purchase Agreement and the Amended Notes Consent was binding on all holders of the AWH Convertible Promissory Notes. Ascend Wellness Holdings,...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. Men Enterprises Inc. (“MedMen”), under which we would have, subject to regulatory approval, completed an investment (the “Investment”) of approximately $73,000 in MedMen NY, Inc. (“MMNY”), a licensed...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. 28,000, guaranteed by AWH, which cash investment and note would be used to reduce the amounts owed to MMNY’s senior secured lender. Following its investment, AWH would hold a controlling interest in ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. Agreement received the required approvals from the State of New York to close the transactions contemplated by the Investment Agreement, but MedMen has disputed the adequacy of the approvals provide...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. other relief as the Court may deem appropriate. Ascend Wellness Holdings, Inc. simultaneously moved for a temporary restraining order and preliminary injunction (the “Motion”) requiring MedMen to op...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. Order remains in place until trial. The Stipulation and Order also set an initial schedule for the litigation. On January 24, 2022, MedMen filed counterclaims against the Company, alleging that Asc...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. relief. On March 7, 2022, MedMen filed amended counterclaims, an answer, and affirmative defenses to the First Amended Counterclaim. On March 28, 2022, the Company moved to 100 dismiss MedMen’s am...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. ’s amended counterclaims. The parties again stipulated that all discovery remains stayed pending further order from the Court. On May 10, 2022, the Company and MedMen signed a term sheet (the “Term ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. ,000, which reflected the original transaction consideration plus an additional $11,000 per the parties’ Term Sheet, less a $4,000 deposit that the Company already paid. The amended transaction term...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. , the Company sought leave from the Court to file a second amended complaint (the “Second Amended Complaint”). The Second Amended Complaint contains breach of contract claims against MedMen, as well ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. 2022, the parties entered into a stipulation whereby MedMen agreed to the filing of the Second Amended Complaint, which is now the operative pleading in the litigation. In addition, in the stipulati...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. Amended Complaint. In addition to the allegations in MedMen’s earlier pleadings, MedMen now also alleges that the Company breached the Term Sheet. On January 20, 2023, the Company moved to dismiss M...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. adjustments are included within “General and administrative expenses” on the Consolidated Statements of Operations and within “Other” on the Consolidated Statements of Cash Flows in the Financial St...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. and approximately 5,200 shares of Class A common stock. The Maryland Agreement is subject to regulatory review and approval. Other On February 24, 2023, the Company amended the lease associated wi...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. determined to be necessary. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates. Ascend Wellness Holdings, Inc.’s ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. asset acquisition can have a significant impact on the accounting considerations on and after acquisition. In determining the fair value of all identifiable assets and liabilities acquired, the mos...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. the cannabis licenses acquired during 2022 and 2021, management selected discount rates that vary depending upon the markets in which each of the acquisitions operate in, generally ranging between 1...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. -Lived Assets Goodwill and intangible assets are recorded at their estimated fair values at the date of acquisition. We review goodwill for impairment annually during the fourth fiscal quarter and w...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. ) severe adverse industry or economic trends; (ii) significant company-specific actions, including exiting an activity in conjunction with restructuring of operations; (iii) current, historical or pr...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. the quantitative test involves a comparison of the estimated fair value of a reporting unit to its carrying amount. The fair value of a reporting unit is determined using a combination of the income...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. exceeds its carrying amount, goodwill of the reporting unit is not impaired. If the carrying amount of a reporting unit exceeds its estimated fair value, then an impairment charge is recorded for th...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. property, plant and equipment, for potential impairment whenever events or changes in circumstances indicate that the carrying amounts of the assets may not be fully recoverable. If an indicator of ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. to make the sale. The determination of net realizable value requires significant judgment, including consideration of factors such as shrinkage, the aging of and future demand for inventory, expecte...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. For leases other than short-term leases (those with an initial term of twelve months or less), we recognize right-of-use (“ROU”) assets and lease liabilities on the Consolidated Balance Sheet. Oper...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. U assets for impairment in the same manner as long-lived assets. Consolidation Judgment is applied in assessing whether we exercise control and have significant influence over entities in which we ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. yet adopted, see Note 2, “Basis of Presentation and Significant Accounting Policies,” in the Financial Statements. REGULATORY ENVIRONMENT: ISSUERS WITH UNITED STATES CANNABIS-RELATED ASSETS In acc...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. URES ABOUT MARKET RISK. We are exposed in varying degrees to a variety of financial instrument related risks. We mitigate these risks by assessing, monitoring and approving our risk management proce...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. are transacted with cash. Liquidity Risk Liquidity risk is the risk that we will not be able to meet our financial obligations associated with financial liabilities. We manage liquidity risk throu...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. respectively, which are indicators that raise substantial doubt of our ability to continue as a going concern. Management believes that substantial doubt of our ability to continue as a going concer...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. additional capital becomes available. Market Risk Market risk is the risk of loss arising from adverse changes in market rates and prices, such as interest rates, raw materials, and other commodit...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. expose us to a limited interest rate fair value risk. Commodities Price Risk Price risk is the risk of variability in fair value due to movements in equity or market prices. The primary raw materi...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. “Pandemic”) closely, and although our operations have not been materially affected by the Pandemic to date, the ultimate severity of the outbreak and its impact on the economic environment remains u...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. operations have not been materially affected to date, the ultimate severity of the Pandemic and its impact on the economic environment remains uncertain. We continue to generate operating cash flows...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. on debt. 106 ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA ASCEND WELLNESS HOLDINGS, INC. INDEX TO CONSOLIDATED FINANCIAL STATEMENTS Page Reports of Independent Registered Public Account...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. Opinion on the Consolidated Financial Statements We have audited the accompanying consolidated balance sheets of Ascend Wellness Holdings, Inc. and its subsidiaries (the Company) as of December 31...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. the two years in the period ended December 31, 2022, in conformity with accounting principles generally accepted in the United States of America. Basis for Opinion These consolidated financial sta...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. the consolidated financial statements are free of material misstatement, whether due to error or fraud. Ascend Wellness Holdings, Inc. is not required to have, nor were we engaged to perform, an aud...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. the year ended December 31, 2020, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, t...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We cond...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. , as to which the date is April 22, 2021. 109 ASCEND WELLNESS HOLDINGS, INC. CONSOLIDATED BALANCE SHEETS December 31, (in thousands, except per share amounts) 2022 2021 Assets Current assets...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. ,958 Intangible assets, net 221,093 59,271 Goodwill 44,370 42,967 Other noncurrent assets 19,284 19,572 TOTAL ASSETS 872,160 723,436 Liabilities and Stockholders' Equity Current liabili...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. Operating lease liabilities, noncurrent 229,816 197,295 Deferred tax liabilities, net 33,607 1,423 Other non-current liabilities 15,076 Total liabilities 708,745 546,959 Commitments and ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. 12) 188 171 Class B common stock, $0.001 par value per share, 100 shares authorized, 65 shares issued and outstanding as of December 31, 2022 and 2021 (Note 12) Additional paid-in capital 430,37...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. per share amounts) 2022 2021 2020 Revenue, net 405,926 332,381 143,732 Cost of goods sold (271,363) (196,409) (82,818) Gross profit 134,563 135,972 60,914 Operating expenses General...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. ) Other, net 756 256 Total other expense (31,680) (63,733) (12,986) Loss before income taxes (39,206) (80,937) (5,139) Income tax expense (41,693) (41,720) (18,702) Net loss (80,899)...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. (0.44) (0.82) (0.27) Weighted-average common shares outstanding — basic and diluted 183,381 149,434 95,165 The accompanying notes are an integral part of the consolidated financial statements....
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. 33,794 1,046 34,840 Units issued in acquisitions or asset purchases 10,000 2,800 2,800 2,800 Purchase of non-controlling interests 3,635 (8,329) (8,329) (2,644) (10,973) Vesting of rest...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. Equity issued in litigation settlement 5,025 27,431 27,431 27,431 Conversion of historical common units (55,330) 55,330 55 (55) Conversion of historical preferred units (58,036) 58,036 5...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. 27,361 27,361 Issuance of common stock 1,986 3,748 3,750 3,750 Shares issued in acquisitions or asset purchases 664 3,651 3,652 3,652 Vesting of restricted common units 2,209 3,388 (...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. ,657) December 31, 2021 171,586 171 362,555 (186,249) 176,477 176,477 Shares issued in acquisitions or asset purchases 12,900 13 42,944 42,957 42,957 Vesting of equity-based payment awa...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. 899) (80,899) December 31, 2022 188,064 188 430,375 (267,148) 163,415 163,415 The accompanying notes are an integral part of the consolidated financial statements. 112 ASCEND WELLNESS HOLD...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. 1,136 1,359 872 Non-cash interest expense 5,754 42,691 5,319 Equity-based compensation expense 18,979 23,093 680 Equity issued in litigation settlement 27,431 Deferred income taxes (5...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. (14,390) (2,784) Other noncurrent assets (214) (6,831) (5,078) Accounts payable and accrued liabilities 12,741 6,729 1,937 Other current liabilities 561 771 3,719 Lease liabilities (55...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. ,559) Collection of notes receivable 327 327 527 Proceeds from sale of assets 39,225 930 26,750 Acquisition of businesses, net of cash acquired (25,140) (23,086) (26,044) Purchases of in...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. 79,267) (19,591) Proceeds from finance leases 350 3,750 Repayments under finance leases (69) (478) Debt issuance costs (4,998) (8,775) (3,399) Taxes withheld under equity-based compensati...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. Cash, cash equivalents, and restricted cash at end of period 74,146 155,481 58,097 The accompanying notes are an integral part of the consolidated financial statements. 113 ASCEND WELLNESS HO...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. purchase of intangible assets 42,957 481 Warrants issued with notes payable 2,639 280 Taxes withheld under equity-based compensation plans, net 100 Conversion of convertible notes and accrue...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. Holdings, Inc. Notes to Consolidated Financial Statements (in thousands, except per share or per unit data) 1. THE COMPANY AND NATURE OF OPERATIONS Ascend Wellness Holdings, Inc., which operates...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. . AWH is headquartered in New York, New York. The rights of the holders of Class A common stock and Class B common stock are identical, except for voting and conversion rights. Each share of Class A...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. CQX”) under the symbol “AAWH.” 2. BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation and Principles of Consolidation The consolidated financial statements and accompan...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. FPAW Michigan 2, Inc.; Ascend Ohio, LLC; and AWH Pennsylvania, LLC. Refer to Note 8, “Variable Interest Entities,” for additional information regarding certain entities that are not 115 Ascend Wel...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. , crossfoot, or recalculate based on reported numbers due to rounding. The consolidated financial statements and the accompanying notes are expressed in U.S. dollars, which is the Company’s functiona...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. other measurements that we believe to be reasonable under the circumstances. As future events and their effects cannot be determined with precision, actual results could differ significantly from th...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. least one year from the issuance of these Financial Statements has been alleviated due to: (i) cash on hand and (ii) continued growth of sales from our consolidated operations. Management plans to c...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. A variable interested entity (“VIE”) is a legal entity that does not have sufficient equity at risk to finance its activities without additional subordinated financial support or is structured that...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. we have the power to direct matters that most significantly impact the activities of the VIE and the obligation to absorb losses or the right to receive the benefits from the VIE that could potentia...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. consolidate the accounts of that VIE. The equity owned by other stockholders is shown as non-controlling interests in the accompanying Consolidated Balance Sheets, Statements of Operations, and Stat...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. transaction by transaction basis. The share of net assets attributable to NCI are presented as a component of equity and their share of net income or loss is recognized directly in equity, as applic...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. 8, “Variable Interest Entities,” for additional information. Cash and Cash Equivalents and Restricted Cash Ascend Wellness Holdings, Inc. considers all highly liquid securities with an original mat...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. excess of the insured limits, which could materially and adversely affect our business, financial condition, and results of operations. Accounts Receivable and Allowance for Doubtful Accounts Acco...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. 2021, or 2020. Inventory Inventory includes the direct costs of seeds and growing materials, indirect costs (such as utilities, labor, depreciation, and overhead costs), and subsequent costs to pr...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. 117 Ascend Wellness Holdings, Inc. Notes to Consolidated Financial Statements (in thousands, except per share or per unit data) Notes Receivable Ascend Wellness Holdings, Inc. provides financing...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. 0. Property and Equipment Property and equipment is stated at cost, net of accumulated depreciation, amortization and impairment losses, if any. Land and construction in progress are not depreciate...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. classified upon completion as building or leasehold improvements, depending on the nature of the assets, and depreciated over the estimated useful life of the asset. Repairs and maintenance costs are...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. We early adopted Accounting Standards Update (“ASU”) 2016-01, Leases , at formation as of May 15, 2018 and account for leases in accordance with ASC Topic 842. We record right-of-use (“ROU”) asset...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. would have to pay to borrow on a collateralized basis over a similar term at an amount equal to the lease payments in a similar economic environment. This incremental borrowing rate is applied to th...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. Typically, if we decide to cancel or terminate a lease before the end of its term, we would owe the lessor the remaining lease payments under the term of such lease. Our lease 118 Ascend Wellness ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. adjusted periodically for inflation and amounts paid to the lessor based on cost or consumption, such as maintenance and utilities. Variable rent lease components are not included in the lease liabi...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. received. Upon expiration or termination of the underlying lease, the sale will be recognized by removing the carrying value of the assets and financing liability, with a gain recognized on disposal...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. . Intangible assets acquired in a business combination are measured at fair value at the acquisition date. These assets are amortized on a straight-line basis over their estimated useful lives as fol...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. reporting unit in which the business that created the goodwill resides. Ascend Wellness Holdings, Inc. evaluates the recoverability of goodwill annually; however, we could be required to evaluate th...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. both current and projected), changes in management and strategy, and changes in the composition or carrying amount of net assets. If this qualitative assessment indicates that it is more likely than ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. share or per unit data) Indefinite life intangible assets are carried at cost less accumulated impairment losses. Ascend Wellness Holdings, Inc. reviews the classification each reporting period to ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. or asset group. If the sum of the undiscounted cash flow is less than the carrying value of the asset or asset group, an impairment loss is recognized equal to the excess of the carrying value over ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. assumptions. Preference is given to observable inputs. These two types of inputs create the following fair value hierarchy: Level 1 – Quoted prices for identical instruments in active markets; Le...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. instruments approximates their fair value due to their short-term maturities. Unless otherwise noted, it is management’s opinion that the Company is not exposed to significant interest or credit ris...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. and probabilities assigned to various potential scenarios. In addition to assets and liabilities that are measured at fair value on a recurring basis, we are also required to measure certain assets...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. 815 requires companies to bifurcate conversion options and account for them as freestanding financial instruments according to certain criteria. If the embedded features do not meet the criteria for ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. date of the acquisition, we allocate the purchase price to the assets acquired and liabilities assumed at their estimated fair values. Goodwill on the acquisition date is measured as the excess of t...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. . For acquisitions that are not deemed to be businesses, the assets acquired are recognized based on their cost to the Company as the acquirer and no gain or loss is recognized. The cost of assets a...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. the range is a better estimate, the minimum amount of the range is recorded as a liability. We recognize legal costs as an expense in the period incurred. Employee Benefit Plans During 2021, the C...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amount of existing assets and liabilities and the...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. any, and include accrued interest and penalties with the related tax liability in the Consolidated Balance Sheet, if applicable. As discussed further in Note 14, “Income Taxes,” we are subject to t...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. with the delivery of goods and services and is recognized at a point in time or over time, the assessment of which requires judgment. In accordance with Topic 606, revenue is recognized when a cust...