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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C.
FORM
10-Q
☒
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For
the quarterly period ended June 30, 2023
OR
☐
TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ________ to ________
AMMO,
Inc.
(Exact Name of Registrant as Specified in its Charter)
delaware |
|
001-13101 |
|
83-1950534 |
(State of incorporation) |
|
(Commission File No.) |
|
(I.R.S. Identification Number) |
7681 E Gray Road, Scottsdale, AZ 85260
(Address of Principal Executive Offices) (Zip Code)
Registrant’s telephone number including area
code: (480) 947-0001
Title of each class |
|
Trading Symbol(s) |
|
Name of each exchange on which registered |
Common Stock, $0.001 par value |
|
POWW |
|
The Nasdaq Stock Market LLC (Nasdaq
Capital Market) |
8.75% Series A Cumulative Redeemable Perpetual Preferred Stock, $0.001 par value |
|
POWWP |
|
The Nasdaq Stock Market LLC (Nasdaq
Capital Market) |
Indicate by check mark whether the issuer (1) filed
all reports required to be filed by Sections 13 or 15(d) of the Securities Exchange Act of 1934 during the past 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 (§232.405 of
this chapter) 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 complying 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 August 4, 2023, there were 117,957,921 shares
of $0.001 par value Common Stock outstanding.
DOCUMENTS INCORPORATED BY REFERENCE: None.
TABLE OF CONTENTS
PART I
ITEM 1. FINANCIAL STATEMENTS
AMMO, Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS
| |
June 30, 2023 | | |
March 31, 2023 | |
| |
(Unaudited) | | |
| |
ASSETS | |
| | | |
| | |
Current Assets: | |
| | | |
| | |
Cash and cash equivalents | |
$ | 47,505,047 | | |
$ | 39,134,027 | |
Accounts receivable, net | |
| 21,348,226 | | |
| 29,346,380 | |
Inventories | |
| 55,924,655 | | |
| 54,344,819 | |
Prepaid expenses | |
| 5,294,454 | | |
| 5,126,667 | |
Current portion of restricted cash | |
| 500,000 | | |
| 500,000 | |
Total Current Assets | |
| 130,572,382 | | |
| 128,451,893 | |
| |
| | | |
| | |
Property and Equipment, net | |
| 55,923,867 | | |
| 55,963,255 | |
| |
| | | |
| | |
Other Assets: | |
| | | |
| | |
Deposits | |
| 4,064,582 | | |
| 7,028,947 | |
Patents, net | |
| 4,909,388 | | |
| 5,032,754 | |
Other intangible assets, net | |
| 120,583,416 | | |
| 123,726,810 | |
Goodwill | |
| 90,870,094 | | |
| 90,870,094 | |
Right of use assets - operating leases | |
| 1,141,418 | | |
| 1,261,634 | |
TOTAL ASSETS | |
$ | 408,065,147 | | |
$ | 412,335,387 | |
| |
| | | |
| | |
LIABILITIES AND SHAREHOLDERS’ EQUITY | |
| | | |
| | |
Current Liabilities: | |
| | | |
| | |
Accounts payable | |
$ | 16,356,614 | | |
$ | 18,079,397 | |
Accrued liabilities | |
| 4,641,469 | | |
| 4,353,354 | |
Current portion of operating lease liability | |
| 421,477 | | |
| 470,734 | |
Note payable related party | |
| - | | |
| 180,850 | |
Current portion of construction note payable | |
| 277,216 | | |
| 260,429 | |
Insurance premium note payable | |
| 2,204,293 | | |
| 2,118,635 | |
Total Current Liabilities | |
| 23,901,069 | | |
| 25,463,399 | |
| |
| | | |
| | |
Long-term Liabilities: | |
| | | |
| | |
Contingent consideration payable | |
| 119,354 | | |
| 140,378 | |
Construction note payable, net of unamortized issuance costs | |
| 10,861,510 | | |
| 10,922,443 | |
Operating lease liability, net of current portion | |
| 825,043 | | |
| 903,490 | |
Deferred income tax liability | |
| 2,212,448 | | |
| 2,309,592 | |
Total Liabilities | |
| 37,919,424 | | |
| 39,739,302 | |
| |
| | | |
| | |
Shareholders’ Equity: | |
| | | |
| | |
Series A cumulative perpetual preferred Stock 8.75%, ($25.00 per share, $0.001 par value) 1,400,000 shares issued and outstanding as of June 30, 2023 and March 31, 2023, respectively | |
| 1,400 | | |
| 1,400 | |
Common stock, $0.001 par value, 200,000,000 shares authorized 118,952,886 and 118,562,806 shares issued and 117,945,758 and 118,294,478 outstanding at June 30, 2023 and March 31, 2023, respectively | |
| 117,946 | | |
| 118,294 | |
Additional paid-in capital | |
| 392,813,530 | | |
| 391,940,374 | |
Accumulated deficit | |
| (20,808,990 | ) | |
| (18,941,825 | ) |
Treasury stock | |
| (1,978,163 | ) | |
| (522,158 | ) |
Total Shareholders’ Equity | |
| 370,145,723 | | |
| 372,596,085 | |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | |
$ | 408,065,147 | | |
$ | 412,335,387 | |
The accompanying notes are an integral part of these
condensed consolidated financial statements.
AMMO, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
| |
2023 | | |
2022 | |
| |
For the Three Months Ended June 30, | |
| |
2023 | | |
2022 | |
| |
| | |
| |
Net Revenues | |
| | | |
| | |
Ammunition sales(1) | |
$ | 14,106,029 | | |
$ | 40,969,883 | |
Marketplace revenue | |
| 13,912,202 | | |
| 16,504,946 | |
Casing sales | |
| 6,236,344 | | |
| 3,281,197 | |
Total Revenues | |
| 34,254,575 | | |
| 60,756,026 | |
| |
| | | |
| | |
Cost of Revenues | |
| 20,230,035 | | |
| 42,620,364 | |
Gross Profit | |
| 14,024,540 | | |
| 18,135,662 | |
| |
| | | |
| | |
Operating Expenses | |
| | | |
| | |
Selling and marketing | |
| 295,581 | | |
| 1,908,170 | |
Corporate general and administrative | |
| 7,947,563 | | |
| 5,029,297 | |
Employee salaries and related expenses | |
| 4,116,280 | | |
| 2,785,098 | |
Depreciation and amortization expense | |
| 3,344,043 | | |
| 3,350,356 | |
Total operating expenses | |
| 15,703,467 | | |
| 13,072,921 | |
Income/(Loss) from Operations | |
| (1,678,927 | ) | |
| 5,062,741 | |
| |
| | | |
| | |
Other Expenses | |
| | | |
| | |
Other income | |
| 692,951 | | |
| 193,498 | |
Interest expense | |
| (204,201 | ) | |
| (120,487 | ) |
Total other expense | |
| 488,750 | | |
| 73,011 | |
| |
| | | |
| | |
| |
| | | |
| | |
Provision/(benefit) for Income Taxes | |
| (97,144 | ) | |
| 1,882,725 | |
| |
| | | |
| | |
Net Income/(Loss) | |
| (1,093,033 | ) | |
| 3,253,027 | |
| |
| | | |
| | |
Preferred Stock Dividend | |
| (774,132 | ) | |
| (774,132 | ) |
| |
| | | |
| | |
Net Income/(Loss) Attributable to Common Stock Shareholders | |
$ | (1,867,165 | ) | |
$ | 2,478,895 | |
| |
| | | |
| | |
Net Income/(Loss) per share | |
| | | |
| | |
Basic | |
$ | (0.02 | ) | |
$ | 0.02 | |
Diluted | |
$ | (0.02 | ) | |
$ | 0.02 | |
| |
| | | |
| | |
Weighted average number of shares outstanding | |
| | | |
| | |
Basic | |
| 117,713,805 | | |
| 116,560,372 | |
Diluted | |
| 117,713,805 | | |
| 117,879,639 | |
The accompanying notes are an integral part of these
condensed consolidated financial statements.
AMMO, Inc.
CONDENSED CONSOLIDATED STATEMENT OF SHAREHOLDERS’
EQUITY
(Unaudited)
| |
Number | | |
Par Value | | |
Number | | |
Par Value | | |
Capital | | |
(Deficit) | | |
Stock | | |
Total | |
| |
Preferred Stock | | |
Common Shares | | |
Additional Paid-In | | |
Accumulated | | |
Treasury | | |
| |
| |
Number | | |
Par Value | | |
Number | | |
Par Value | | |
Capital | | |
(Deficit) | | |
Stock | | |
Total | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
Balance as of March 31, 2023 | |
| 1,400,000 | | |
$ | 1,400 | | |
| 118,294,478 | | |
$ | 118,294 | | |
$ | 391,940,374 | | |
$ | (18,941,825 | ) | |
$ | (522,158 | ) | |
$ | 372,596,085 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Employee stock awards | |
| - | | |
| - | | |
| 390,111 | | |
| 391 | | |
| 822,406 | | |
| - | | |
| - | | |
| 822,797 | |
Stock grants | |
| | | |
| | | |
| | | |
| | | |
| 50,750 | | |
| | | |
| | | |
| 50,750 | |
Dividends accumulated on preferred stock | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (136,094 | ) | |
| - | | |
| (136,094 | ) |
Preferred stock dividends | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (638,038 | ) | |
| - | | |
| (638,038 | ) |
Net loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (1,093,033 | ) | |
| | | |
| (1,093,033 | ) |
Treasury shares purchased | |
| - | | |
| - | | |
| (738,831 | ) | |
| (739 | ) | |
| - | | |
| - | | |
| (1,456,005 | ) | |
| (1,456,744 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance as of June 30, 2023 | |
| 1,400,000 | | |
$ | 1,400 | | |
| 117,945,758 | | |
$ | 117,946 | | |
$ | 392,813,530 | | |
$ | (20,808,990 | ) | |
$ | (1,978,163 | ) | |
$ | 370,145,723 | |
| |
Preferred Stock | | |
Common Shares | | |
Additional Paid-In | | |
Accumulated | | |
Treasury | | |
| |
| |
Number | | |
Par Value | | |
Number | | |
Par Value | | |
Capital | | |
(Deficit) | | |
Stock | | |
Total | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
Balance as of March 31, 2022 | |
| 1,400,000 | | |
$ | 1,400 | | |
| 116,485,747 | | |
$ | 116,487 | | |
$ | 385,426,431 | | |
$ | (11,240,752 | ) | |
$ | - | | |
$ | 374,303,566 | |
Beginning balance | |
| 1,400,000 | | |
$ | 1,400 | | |
| 116,485,747 | | |
$ | 116,487 | | |
$ | 385,426,431 | | |
$ | (11,240,752 | ) | |
$ | - | | |
$ | 374,303,566 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Common stock issued for cashless warrant exercise | |
| - | | |
| - | | |
| 99,762 | | |
| 99 | | |
| (99 | ) | |
| - | | |
| - | | |
| - | |
Employee stock awards | |
| - | | |
| - | | |
| 338,375 | | |
| 338 | | |
| 1,174,725 | | |
| - | | |
| - | | |
| 1,175,063 | |
Stock grants | |
| - | | |
| - | | |
| - | | |
| - | | |
| 47,844 | | |
| - | | |
| - | | |
| 47,844 | |
Preferred stock dividends declared | |
| | | |
| | | |
| - | | |
| - | | |
| - | | |
| (638,071 | ) | |
| - | | |
| (638,071 | ) |
Dividends accumulated on preferred stock | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (136,061 | ) | |
| - | | |
| (136,061 | ) |
Net income | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 3,253,027 | | |
| - | | |
| 3,253,027 | |
Net income (loss) | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 3,253,027 | | |
| - | | |
| 3,253,027 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance as of June 30, 2022 | |
| 1,400,000 | | |
$ | 1,400 | | |
| 116,923,884 | | |
$ | 116,924 | | |
$ | 386,648,901 | | |
$ | (8,761,857 | ) | |
$ | - | | |
$ | 378,005,368 | |
Ending balance | |
| 1,400,000 | | |
$ | 1,400 | | |
| 116,923,884 | | |
$ | 116,924 | | |
$ | 386,648,901 | | |
$ | (8,761,857 | ) | |
$ | - | | |
$ | 378,005,368 | |
The accompanying notes are an integral part of these
condensed consolidated financial statements.
AMMO, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW
(Unaudited)
| |
2023 | | |
2022 | |
| |
For the Three Months Ended June 30, | |
| |
2023 | | |
2022 | |
| |
| | |
| |
Cash flows from operating activities: | |
| | | |
| | |
Net Income/(Loss) | |
$ | (1,093,033 | ) | |
$ | 3,253,027 | |
Adjustments to reconcile Net Loss to Net Cash provided by operations: | |
| | | |
| | |
Depreciation and amortization | |
| 4,620,087 | | |
| 4,300,123 | |
Debt discount amortization | |
| 20,813 | | |
| 20,813 | |
Employee stock awards | |
| 822,797 | | |
| 1,175,063 | |
Stock grants | |
| 50,750 | | |
| 47,844 | |
Contingent consideration payable fair value | |
| (21,024 | ) | |
| (1,302 | ) |
Allowance for doubtful accounts | |
| 909,717 | | |
| 711,372 | |
Reduction in right of use asset | |
| 120,216 | | |
| 208,506 | |
Deferred income taxes | |
| (97,144 | ) | |
| 500,964 | |
Changes in Current Assets and Liabilities | |
| | | |
| | |
Accounts receivable | |
| 7,088,437 | | |
| 4,246,175 | |
Due from related parties | |
| - | | |
| (1,544,000 | ) |
Inventories | |
| (1,579,836 | ) | |
| (5,572,096 | ) |
Prepaid expenses | |
| 888,412 | | |
| 882,620 | |
Deposits | |
| 2,964,365 | | |
| (493,982 | ) |
Accounts payable | |
| (1,722,783 | ) | |
| (3,009,351 | ) |
Accrued liabilities | |
| 152,021 | | |
| 697,799 | |
Operating lease liability | |
| (127,704 | ) | |
| (211,082 | ) |
Net cash provided by operating activities | |
| 12,996,091 | | |
| 5,212,493 | |
| |
| | | |
| | |
Cash flows from investing activities: | |
| | | |
| | |
Purchase of equipment | |
| (1,313,939 | ) | |
| (5,264,863 | ) |
Net cash used in investing activities | |
| (1,313,939 | ) | |
| (5,264,863 | ) |
| |
| | | |
| | |
Cash flow from financing activities: | |
| | | |
| | |
Proceeds from factoring liability | |
| 14,610,314 | | |
| 24,700,000 | |
Payments
on factoring liability | |
| (14,610,314 | ) | |
| (24,957,645 | ) |
Payments on inventory facility, net | |
| - | | |
| (733,343 | ) |
Payments on note payable -
related party | |
| (180,850 | ) | |
| (165,264 | ) |
Payments on insurance premium note payment | |
| (970,541 | ) | |
| (533,673 | ) |
Proceeds from construction
note payable | |
| - | | |
| 1,000,000 | |
Payments on construction note payable | |
| (64,959 | ) | |
| - | |
Preferred stock dividends paid | |
| (638,038 | ) | |
| (638,071 | ) |
Common stock repurchase plan | |
| (1,456,744 | ) | |
| - | |
Net cash used in financing activities | |
| (3,311,132 | ) | |
| (1,327,996 | ) |
| |
| | | |
| | |
Net increase/(decrease) in cash | |
| 8,371,020 | | |
| (1,380,366 | ) |
Cash and restricted cash, beginning of period | |
| 39,634,027 | | |
| 23,281,475 | |
Cash and restricted cash, end of period | |
$ | 48,005,047 | | |
$ | 21,901,109 | |
(Continued)
AMMO, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW
(Unaudited)
| |
For the Three Months Ended June 30, | |
| |
2023 | | |
2022 | |
| |
| | |
| |
Supplemental cash flow disclosures: | |
| | | |
| | |
Cash paid during the period for: | |
| | | |
| | |
Interest | |
$ | 184,385 | | |
$ | 100,876 | |
| |
| | | |
| | |
Non-cash investing and financing activities: | |
| | | |
| | |
Insurance premium note payment | |
$ | 1,056,199 | | |
$ | 2,035,519 | |
Dividends accumulated on preferred stock | |
$ | 136,094 | | |
$ | 136,061 | |
Construction note payable | |
$ | - | | |
$ | 4,800,358 | |
The accompanying notes are an integral part of these
condensed consolidated financial statements.
AMMO, Inc.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
June 30, 2023
(Unaudited)
NOTE 1 – ORGANIZATION AND BUSINESS ACTIVITY
We were formed under the name
Retrospettiva, Inc. in November 1990 to manufacture and import textile products, including both finished garments and fabrics. We were
inactive until the following series of events in December 2016 and March 2017.
On December 15, 2016, the Company’s
majority shareholders sold their common stock to Mr. Fred W. Wagenhals (“Mr. Wagenhals”) resulting in a change in control
of the Company. Mr. Wagenhals was appointed as sole officer and the sole member of the Company’s Board of Directors.
The Company also approved (i)
doing business in the name AMMO, Inc., (ii) a change to the Company’s OTC trading symbol to POWW, (iii) an agreement and plan of
merger to re-domicile and change the Company’s state of incorporation from California to Delaware, and (iv) a 1-for-25 reverse stock
split of the issued and outstanding shares of the common stock of the Company. These transactions were effective as of December 30, 2016.
On March 17, 2017, the Company
entered into a definitive agreement with AMMO, Inc. a Delaware Corporation (“PRIVCO”) under which the Company acquired all of the outstanding
shares of common stock of PRIVCO. PRIVCO subsequently changes its name to AMMO Munitions, Inc.
NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES
Accounting Basis
The accompanying unaudited condensed
consolidated financial statements and related disclosures included in this Quarterly Report on Form 10-Q have been prepared in accordance
with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and reflect all adjustments, which
consist solely of normal recurring adjustments, needed to fairly present the financial results for these periods. Additionally, these
condensed consolidated financial statements and related disclosures are presented pursuant to the rules and regulations of the Securities
Exchange Commission (“SEC”).
The accompanying condensed consolidated
financial statements should be read in conjunction with the audited consolidated financial statements and related disclosures contained
in the Company’s Annual Report filed with the SEC on Form 10-K for the year ended March 31, 2023. The results for the three month
period ended June 30, 2023 are not necessarily indicative of the results that may be expected for the entire fiscal year. Accordingly,
certain information and note disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been omitted
pursuant to the rules and regulations of the SEC. In the opinion of management, all adjustments have been made, which consist only of
normal recurring adjustments necessary for a fair statement of (a) the results of operations for the three month periods ended June 30,
2023 and 2022, (b) the financial position at June 30, 2023, and (c) cash flows for the three month periods ended June 30, 2023 and 2022.
AMMO, Inc.
NOTES TO CONDENSED CONSOLIDATED
FINANCIAL STATEMENTS
We use the accrual basis of accounting
and U.S. GAAP and all amounts are expressed in U.S. dollars. The Company has a fiscal year-end of March 31st.
Unless the context otherwise requires,
all references to “Ammo”, “we”, “us”, “our,” or the “Company” are to AMMO,
Inc., a Delaware corporation, and its consolidated subsidiaries.
Principles of Consolidation
The condensed consolidated financial
statements include the accounts of AMMO, Inc. and its wholly owned subsidiaries. All significant intercompany accounts and transactions
are eliminated in consolidation.
Use of Estimates
The preparation of financial statements
in conformity with U.S. GAAP requires us to make estimates and assumptions that affect the amounts of assets and liabilities and disclosure
of contingent assets and liabilities at the date of the balance sheet and reported amounts of revenue and expenses during the reporting
period. Actual results could differ from those estimates. Significant estimates made in preparing the condensed consolidated financial
statements include the valuation of allowances for credit losses, valuation of deferred tax assets, inventories, useful lives of assets,
goodwill, intangible assets, stock-based compensation and warrant-based compensation.
Critical Accounting Policies
A summary of our critical accounting
policies is included in our Annual Report on Form 10-K for the year ended March 31, 2023, under “Management’s Discussion and
Analysis of Financial Condition and Results of Operations.” We adopted ASU No. 2016-13, “Financial
Instruments-Credit Losses (Topic 326) and ASU 2022-03, “Fair Value Measurement of Equity Securities Subject to Contractual Sale
Restrictions” in the current period. These policy changes did not result in a material effect on the Company’s financial statements.
There have been no other significant changes to these policies during the three months ended June 30, 2023. For disclosure regarding
recent accounting pronouncements and the anticipated impact they will have on our operations, please refer to Note 2 to the consolidated
financial statements included in our Annual Report on Form 10-K for the year ended March 31, 2023.
Goodwill
We
evaluate goodwill for impairment annually or more frequently when an event occurs or circumstances change that would more likely than
not reduce the fair value of the reporting unit below its carrying amount. In testing for goodwill impairment, we may elect to utilize
a qualitative assessment to evaluate whether it is more likely than not that the fair value of a reporting unit is less than its carrying
amount. If our qualitative assessment indicates that goodwill impairment is more likely than not, we perform a two-step impairment test.
We test goodwill for impairment under the two-step impairment test by first comparing the book value of net assets to the fair value of
the reporting unit. If the fair value is determined to be less than the book value or qualitative factors indicate that it is more likely
than not that goodwill is impaired, a second step is performed to compute the amount of impairment as the difference between the estimated
fair value of goodwill and the carrying value. We estimate the fair value of the reporting units using discounted cash flows. Forecasts
of future cash flows are based on our best estimate of future net sales and operating expenses, based primarily on expected category expansion,
pricing, market segment share, and general economic conditions. Due to the declines in the value of our stock price and market capitalization,
we assessed qualitative factors to determine if it is more likely than not that the fair value of the Marketplace segment is less than
its carrying amount. Through our analysis we determined our stock price and market capitalization decline it is not indicative of a decrease
in the fair value of our Marketplace segment and a fair value calculation using the discounted cash flows was more appropriate due to
the operational performance of the reporting segment. Accordingly, the impairment of Goodwill was not warranted for the three months ended
June 30, 2023. As of June 30, 2023, the Company has a goodwill carrying value of $90,870,094, all of which is assigned to the Marketplace
segment. However, due to declines in the value of the Company’s common stock and market capitalization, it is possible that the
book values of our Marketplace segment could exceed its fair value, which may result in the recognition of a material, noncash impairment
of goodwill for the year ending March 31, 2024.
AMMO, Inc.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Accounts Receivable and Allowance for Credit Losses
Our accounts receivable represents
amounts due from customers for products sold and include an allowance for estimated credit losses which is estimated based on the collectability
and age of the accounts receivable balances and categorization of customers with similar financial condition. At June 30, 2023 and March
31, 2023, we reserved $4,229,537 and $3,246,551, respectively, of allowance for doubtful accounts.
Restricted Cash
We consider cash to be restricted
when withdrawal or general use is legally restricted. Our restricted cash balance is comprised of cash on deposit with banks to secure
the Construction Note Payable as discussed in Note 10. We report restricted cash in the Consolidated Balance Sheets as current or non-current
classification based on the expected duration of the restriction.
License Agreements
We are a party to a license agreement
with Jesse James, a well-known motorcycle designer, and Jesse James Firearms, LLC, a Texas limited liability company. The license agreement
grants us the exclusive worldwide rights through April 12, 2026 to Mr. James’ image rights and trademarks associated with him in
connection with the marketing, promotion, advertising, sale, and commercial exploitation of Jesse James Branded Products. We agreed to
pay Mr. James royalty fees on the sale of ammunition and non-ammunition Branded Products and to reimburse him for any out-of-pocket expenses
and reasonable travel expenses.
Patents
On September 28, 2017, AMMO Technologies
Inc. (“ATI”), an Arizona corporation, which is 100% owned by us, merged with Hallam, Inc, a Texas corporation, with ATI being
the survivor. The primary asset of Hallam, Inc. was an exclusive license to produce projectiles and ammunition using the Hybrid Luminescence
Ammunition Technology under patent U.S. 8,402,896 B1 with a publication date of March 26, 2013 owned by the University of Louisiana at
Lafayette. The license was formally amended and assigned to AMMO Technologies Inc. pursuant to an Assignment and First Amendment to Exclusive
License Agreement. Assumption Agreement dated to be effective as of August 22, 2017, the Merger closing date. This asset will be amortized
from September 2017, the first full month of the acquired rights, through October 29, 2028.
Under the terms of the Exclusive
License Agreement, the Company is obligated to pay a quarterly royalty to the patent holder, based on a $0.01 per unit basis for each
round of ammunition sold that incorporates this patented technology through October 29, 2028. For the three months ended June 30, 2023
and 2022, the Company recognized royalty expenses of $5,060 and $44,044, respectively under this agreement.
AMMO, Inc.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
On October 5, 2018, we completed
the acquisition of SW Kenetics Inc. ATI succeeded all of the assets of SW Kenetics, Inc. and assumed all of the liabilities.
The primary asset of SW Kenetics
Inc. was a pending patent for modular projectiles. All rights to patent pending application were assigned and transferred to AMMO Technologies,
Inc. pursuant to Intellectual Property Rights Agreement on September 27, 2018.
We intend to continue building
our patent portfolio to protect our proprietary technologies and processes, and will file new applications where appropriate to preserve
our rights to manufacture and sell our branded lines of ammunition.
Other Intangible Assets
On March 15, 2019, Enlight Group
II, LLC d/b/a Jagemann Munition Components, a wholly owned subsidiary of AMMO, Inc., completed its acquisition of assets of Jagemann Stamping
Company’s ammunition casing manufacturing and sales operations pursuant to the terms of the Amended and Restated Asset Purchase
Agreement. The intangible assets acquired include a tradename, customer relationships, and intellectual property.
On April 30, 2021, we entered
into an agreement and plan of merger (the “Merger Agreement”), by and among the Company, SpeedLight Group I, LLC, a Delaware
limited liability company and a wholly owned subsidiary of the Company and Gemini Direct Investments, LLC, a Nevada limited liability
company. Whereby SpeedLight Group I, LLC merged with and into Gemini Direct Investments, LLC, with SpeedLight Group I, LLC surviving the
merger as a wholly owned subsidiary of the Company. At the time of the Merger, Gemini Direct Investments, LLC had nine (9) subsidiaries,
all of which are related to Gemini’s ownership of Gunbroker.com, an online auction marketplace dedicated to firearms, hunting, shooting,
and related products. The intangible assets acquired include a tradename, customer relationships, intellectual property, software and
domain names.
Impairment of Long-Lived Assets
We continually monitor events
and changes in circumstances that could indicate carrying amounts of long-lived assets may not be recoverable. When such events or changes
in circumstances are present, we assess the recoverability of long-lived assets by determining whether the carrying value of such assets
will be recovered through undiscounted expected future cash flows. If the total of the future cash flows is less than the carrying amount
of those assets, we recognize an impairment loss based on the excess of the carrying amount over the fair value of the assets. Assets
to be disposed of are reported at the lower of the carrying amount or the fair value less costs to sell. No impairment expense was recognized
for the three months ended June 30, 2023 and 2022.
Revenue Recognition
We generate revenue from the production
and sale of ammunition, ammunition casings, and marketplace fee revenue, which includes auction revenue, payment processing revenue, and
shipping income. We recognize revenue according to Accounting Standard Codification – Revenue from Contract with Customers (“ASC
606”). When the customer obtains control over the promised goods or services, we record revenue in the amount of consideration that
we can expect to receive in exchange for those goods and services. We apply the following five-step model to determine revenue recognition:
|
● |
Identification of a contract with a customer |
|
● |
Identification of the performance obligations in the contact |
|
● |
Determination of the transaction price |
|
● |
Allocation of the transaction price to the separate performance allocation |
|
● |
Recognition of revenue when performance obligations are satisfied |
AMMO, Inc.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
We only apply the five-step model
when it is probable that we will collect the consideration we are entitled to in exchange for the goods or services transferred to the
customer. At contract inception and once the contract is determined to be within the scope of ASC 606, we assess the goods or services
promised within each contract and determine those that are performance obligations, and assess whether each promised good or service is
distinct.
For Ammunition Sales and Casing
Sales, our contracts contain a single performance obligation and the entire transaction price is allocated to the single performance obligation.
We recognize as revenues the amount of the transaction price that is allocated to the respective performance obligation when the performance
obligation is satisfied or as it is satisfied. Accordingly, we recognize revenues (net) when the customer obtains control of our product,
which typically occurs upon shipment of the product or the performance of the service. In the year ended March 31, 2021, we began accepting
contract liabilities or deferred revenue. We included Deferred Revenue in our Accrued Liabilities. We will recognize revenue when the
performance obligation is met.
For Marketplace revenue, the performance
obligation is satisfied, and revenue is recognized as follows:
Auction revenue consists of optional
listing fees with variable pricing components based on customer options selected from the GunBroker website and final value fees based
on a percentage of the final selling price of the listed item. The performance obligation is to process the transactions as initiated
by the customer. Revenue is recognized at a point in time when the transaction is processed.
Payment processing revenue consists
of fees charged to customers on a transactional basis. The performance obligation is to process the transactions as initiated by the customer.
The price is set by the GunBroker user agreement on the website based on stand-alone selling prices. Revenue is recognized at a point
in time when the transaction is processed.
Shipping income consists of fees
charged to customers for shipping of sold items listed on the GunBroker website. The performance obligation is to ship the item sold as
initiated by the customer. The price is set based on the third-party service provider selected to be used by the customer as well as the
speed and location of shipment. Revenue is recognized at a point in time when the shipping label is printed.
Banner Advertising Campaign Revenue
consists of fees charged to customers for advertisement placement and impressions generated through the GunBroker website. The performance
obligation is to generate the number of impressions specified by the customer on banner advertisements on the GunBroker website using
the placement selected by the customer. The price is set by the GunBroker user agreement on the website based on standalone selling prices,
or by advertising insertion order as negotiated by media broker. If the number of impressions promised is not generated, the customer
receives a refund and the refund is applied to the transaction price. Banner advertising campaigns generally run for one month, and revenue
is recognized at a point in time at the end of the selected month.
Product Sales consists of fees
charged for the liquidation of excess inventory for partner distributors. The performance obligation is to sell and ship the inventory
item as initiated by the customer. The price depends on whether the inventory is a fixed price item or an auction item. For a fixed price
item, the Company performs research to determine the current market rate for such an item, and the item is listed at that price. For an
auction item, the price is set by what the buyer is willing to pay. The Company acts as a principal in these transactions due to the extent
of control they have over the product prior to the sale. Due to the principal determination, gross revenue is recognized at a point in
time when the item has been shipped.
AMMO, Inc.
NOTES TO CONDENSED CONSOLIDATED
FINANCIAL STATEMENTS
Identity Verification consists
of fees charged to customers for identity verification in order to gain access to the GunBroker website. The performance obligation is
to process the identity verification as initiated by the customer. The price is set by the GunBroker user agreement on the website based
on a stand-alone selling price. Revenue is recognized at a point in time when the identity verification is completed.
For the three months ended June
30, 2023, the Company’s customers that comprised more than ten percent (10%) of total revenues and accounts receivable were as follows:
SCHEDULE OF
CONCENTRATION OF RISKS
| |
Revenues at June 30, 2023 | | |
Accounts Receivable | |
PERCENTAGES | |
Three Months Ended | | |
June 30, 2023 | | |
March 31, 2023 | |
| |
| | |
| | |
| |
Customers: | |
| | | |
| | | |
| | |
A | |
| 10.1 | % | |
| 16.6 | % | |
| - | |
| |
| 10.1 | % | |
| 16.6 | % | |
| - | |
Disaggregated Revenue Information
The following table represents
a disaggregation of revenue from customers by category. We attribute net sales to categories by product or services types; ammunition,
ammunition casings, and marketplace fees. We note that revenue recognition processes are consistent between product and service type,
however, the amount, timing and uncertainty of revenue and cash flows may vary by each product type due to the customers of each product
and service type.
SCHEDULE OF
DISAGGREGATED REVENUE FROM CUSTOMERS BY SEGMENT
| |
June 30, 2023 | | |
June 30, 2022 | |
| |
For the Three Months Ended | |
| |
June 30, 2023 | | |
June 30, 2022 | |
Ammunition sales | |
$ | 14,106,029 | | |
$ | 40,969,883 | |
Marketplace fee revenue | |
| 13,912,202 | | |
| 16,504,946 | |
Ammunition casings sales | |
| 6,236,344 | | |
| 3,281,197 | |
Total Revenues | |
$ | 34,254,575 | | |
$ | 60,756,026 | |
Ammunition products are sold through
“Big Box” retailers, manufacturers, local ammunition stores, and shooting range operators. We also sell directly to customers
online. In contrast, our ammunition casings products are sold to manufacturers. Marketplace fees are generated through our GunBroker.com
online auction marketplace.
Advertising Costs
We expense advertising costs as
they are incurred in selling and marketing expenses of operating expenses. Marketplace advertising costs are expensed as they are incurred
in cost of revenues. We incurred advertising expenses of $119,638 and $550,447 for the three months ended June 30, 2023 and 2022, respectively,
recognized in selling and marketing expenses and $138,657 and $182,104 of marketplace advertising expenses recognized in cost of revenues
for the three months ended June 30, 2023 and 2022, respectively.
Fair Value of Financial Instruments
Fair value estimates discussed
herein are based upon certain market assumptions and pertinent information available to us as of June 30, 2023. The respective carrying
value of certain on-balance-sheet financial instruments approximated their fair value. These financial instruments include cash, accounts
receivable, accounts payable, amounts due to related parties, factoring liability, and the construction note payable. Fair values were
assumed to approximate carrying values because they are short term in nature and their carrying amounts approximate fair values or they
are payable on demand.
Inventories
We state inventories at the lower
of cost or net realizable value. We determine cost using the average cost method. Our inventory consists of raw materials, work in progress,
and finished goods. Cost of inventory includes cost of parts, labor, quality control, and all other costs incurred to bring our inventories
to condition ready to be sold. We periodically evaluate and adjust inventories for obsolescence.
AMMO, Inc.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Property and Equipment
We state property and equipment
at cost, less accumulated depreciation. We capitalize major renewals and improvements, while we charge minor replacements, maintenance,
and repairs to current operations. We compute depreciation by applying the straight-line method over estimated useful lives, which are
generally five to ten years.
Compensated Absences
We accrue a liability for compensated
absences in accordance with Accounting Standards Codification 710 – Compensation – General (“ASC 710”).
Research and Development
To date, we have expensed all
costs associated with developing our product specifications, manufacturing procedures, and products through our cost of products sold,
as this work was done by the same employees who produced the finished product. We anticipate that it may become necessary to reclassify
research and development costs into our operating expenditures for reporting purposes as we begin to develop new technologies and lines
of ammunition.
Stock-Based Compensation
We account for stock-based compensation
at fair value in accordance with Accounting Standards Codification 718 – Compensation – Stock Compensation (“ASC 718”).
Which requires the measurement and recognition of compensation expense for all share-based payment awards to employees and directors.
On April 1, 2023 we adopted ASU 2022-03, “Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions”.
Accordingly, stock based compensation is valued using market value of our Common Stock. Stock-based compensation is recognized on a straight
line basis over the vesting periods and forfeitures are recognized in the periods they occur. There were 390,111 and 338,375 shares of
common stock issued to employees, members of the Board of Directors, and members of our advisory committee for services during the three
months ended June 30, 2023 and June 30, 2022, respectively.
Concentrations of Credit Risk
Accounts at banks are insured
by the Federal Deposit Insurance Corporation (“FDIC”) up to $250,000. As of June 30, 2023, our bank account balances exceeded
federally insured limits.
Income Taxes
We file federal and state income
tax returns in accordance with the applicable rules of each jurisdiction. We account for income taxes under the asset and liability method
in accordance with Accounting Standards Codification 740 – Income Taxes (“ASC 740”). The provision for income taxes
includes federal, state, and local income taxes currently payable, and deferred taxes. We recognize deferred tax assets and liabilities
for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities
and their respective tax basis. We measure deferred tax assets and liabilities using enacted tax rates expected to apply to taxable amounts
in years in which those temporary differences are expected to be recovered or settled. If it is more likely than not that some portion
or all of a deferred tax asset will not be realized, a valuation allowance is recognized. In accordance with ASC 740, we recognize the
effect of income tax positions only if those positions are more likely than not of being sustained. We measure recognized income tax positions
at the largest amount that is greater than 50% likely of being realized. We reflect changes in recognition or measurement in the period
in which the change in judgment occurs.
Excise Tax
As a result of regulations imposed
by the Federal Government for sales of ammunition to non-government U.S. entities, we charge and collect an 11% excise tax for all products
sold into these channels. During the three months ended June 30, 2023 and 2022, we recognized approximately $1.2 million and $3.7 million,
respectively, in excise taxes. For ease in selling to commercial markets, excise tax is included in our unit price for the products sold.
We record this through net sales and expense the offsetting tax expense to cost of goods sold.
AMMO, Inc.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Contingencies
Certain conditions may exist as
of the date the consolidated financial statements are issued that may result in a loss to us but will only be resolved when one or more
future events occur or fail to occur. We assess such contingent liabilities, and such assessment inherently involves an exercise of judgment.
In assessing loss contingencies related to legal proceedings that are pending against us or unasserted claims that may result in such
proceedings, we evaluate the perceived merits of any legal proceedings or unasserted claims and the perceived merits of the amount of
relief sought or expected to be sought therein.
If the assessment of a contingency
indicates that it is probable that a material loss has been incurred and the amount of the liability is reasonably estimated, the estimated
liability would be accrued in our condensed consolidated financial statements. If the assessment indicates that a potentially material
loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent
liability, together with an estimate of range of possible loss if determinable and material, would be disclosed.
AMMO is defending two contract
arbitration cases adverse former employees that are presently in discovery, one involving an employee terminated for cause and the second
action involving a termination without cause wherein the former employee is seeking contract wages, commissions and allegedly earned common
stock. Discovery is almost completed in the first case and the arbitration is scheduled to take place at the end of July 2023 in the first
matter. While discovery continues, the Company received a favorable ruling on a partial motion for summary judgment in the “for
cause” arbitration case wherein the arbitrator ruled the employee had stolen funds and thus granted the Company’s dispositive
motion. Discovery continues at this time with a fall 2023 arbitration date currently set.
The Company also received notice
in October that an OSHA whistleblower complaint had been filed with the US Department of Labor by an employee that had been terminated
for cause. The regulatory filing was received after AMMO refused to capitulate to the former employee’s demands. AMMO has produced
documents and submitted its position statement to OSHA and the matter is currently pending at the agency level. AMMO uncovered additional
information through work with counsel and investigators and a supplemental response was provided to OHSA on or about July 10, 2023.
On April 30, 2023, Director and
Shareholder Steve Urvan filed suit in the Delaware Chancery Court against the Company, certain Directors, former directors, employees,
former employees and consultants, seeking rescission of the Company’s acquisition of GunBroker.com and certain affiliated companies.
Plaintiff Urvan’s claims include rescission, misrepresentation and fraud. The Company received a declination of coverage from one
insurer and is investigating additional available actions with counsel concerning that opinion, while continued pursuit of other available
coverage concerning a separate policy. The Company and named defendants are in alignment in all respects, reasonably believe at this date
that the claims are without merit and the Company has engaged Delaware Chancery Court litigation specialists to defend its interests in
all respects in this case. The Company timely responded to the Urvan Complaint via the filing of a Motion to Dismiss which, if successful
in full, will result in the complete dismissal of the Urvan lawsuit, at which time the Company will pursue recovery of all incurred fees
and costs. There were no other known contingencies at June 30, 2023.
AMMO, Inc.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
NOTE 3 – INCOME PER COMMON SHARE
We calculate basic income per
share using the weighted-average number of shares of common stock outstanding during each reporting period. Diluted loss per share includes
potentially dilutive securities, such as outstanding options and warrants. We use the treasury stock method, in the determination of dilutive
shares outstanding during each reporting period. We have issued warrants to purchase 2,256,296 shares of common stock. Due to the net
loss attributable to common shareholders for the three months ended June 30, 2023, potentially dilutive securities, which consists of
911 warrants and 9,090 equity incentive awards were excluded, as a result of the treasury stock method, from the dilutive EPS calculation
as the effect would be antidilutive. For the three months ended June 30, 2022, 150,000 warrants were excluded, as a result of the treasury
stock method, from the dilutive EPS calculation as the effect would be antidilutive.
SCHEDULE OF INCOME/(LOSS) PER COMMON SHARE
| |
2023 | | |
2022 | |
| |
For the Three Months Ended June 30, | |
| |
2023 | | |
2022 | |
| |
| | |
| |
Numerator: | |
| | | |
| | |
Net income/(loss) | |
$ | (1,093,033 | ) | |
$ | 3,253,027 | |
Less: Preferred stock dividends | |
| (774,132 | ) | |
| (774,132 | ) |
Net income attributable to common stockholders | |
$ | (1,867,165 | ) | |
$ | 2,478,895 | |
| |
| | | |
| | |
Denominator: | |
| | | |
| | |
Weighted average shares of common stock - basic | |
| 117,713,805 | | |
| 116,560,372 | |
Effect of dilutive common stock purchase warrants | |
| - | | |
| 1,287,280 | |
Effect of dilutive equity incentive awards | |
| - | | |
| 31,987 | |
Weighted average shares
of common stock - Diluted | |
| 117,713,805 | | |
| 117,879,639 | |
| |
| | | |
| | |
Basic earnings per share: | |
| | | |
| | |
Income/(loss) per share attributable to common stockholders - basic | |
$ | (0.02 | ) | |
$ | 0.02 | |
| |
| | | |
| | |
Diluted earnings per share: | |
| | | |
| | |
Income/(loss) per share attributable to common stockholders - diluted | |
$ | (0.02 | ) | |
$ | 0.02 | |
NOTE 4 – INVENTORIES
At June 30, 2023 and March 31,
2023, the inventory balances are composed of:
SCHEDULE OF INVENTORIES
| |
June
30, 2023 | | |
March
31, 2023 | |
Finished product | |
$ | 18,663,314 | | |
$ | 14,362,514 | |
Raw materials | |
| 22,004,128 | | |
| 23,898,596 | |
Work in process | |
| 15,257,213 | | |
| 16,083,709 | |
Inventory net | |
$ | 55,924,655 | | |
$ | 54,344,819 | |
NOTE 5 – PROPERTY AND EQUIPMENT
We state equipment at historical
cost less accumulated depreciation. We compute depreciation using the straight-line method at rates intended to depreciate the cost of
assets over their estimated useful lives, which are generally five to ten years. Upon retirement or sale of property and equipment, we
remove the cost of the disposed assets and related accumulated depreciation from the accounts and any resulting gain or loss is credited
or charged to other income. We charge expenditures for normal repairs and maintenance to expense as incurred.
We capitalize additions and expenditures
for improving or rebuilding existing assets that extend the useful life. Leasehold improvements made either at the inception of the lease
or during the lease term are amortized over the shorter of their economic lives or the lease term including any renewals that are reasonably
assured.
AMMO, Inc.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Property and Equipment consisted
of the following at June 30, 2023 and March 31, 2023:
SCHEDULE OF PROPERTY AND EQUIPMENT
| |
June 30, 2023 | | |
March 31, 2023 | |
Leasehold Improvements | |
$ | 257,009 | | |
$ | 257,009 | |
Building | |
| 28,980,156 | | |
| 28,623,329 | |
Furniture and Fixtures | |
| 384,650 | | |
| 384,650 | |
Vehicles | |
| 153,255 | | |
| 153,254 | |
Equipment | |
| 40,979,806 | | |
| 40,233,186 | |
Tooling | |
| 143,710 | | |
| 143,710 | |
Construction in Progress | |
| 945,272 | | |
| 734,781 | |
Total property and equipment | |
$ | 71,843,858 | | |
$ | 70,529,919 | |
Less accumulated depreciation | |
| (15,919,991 | ) | |
| (14,566,664 | ) |
Net property and equipment | |
$ | 55,923,867 | | |
$ | 55,963,255 | |
Depreciation Expense for the three
months ended June 30, 2023 and 2022 totaled $1,353,327, and $1,033,363, respectively. Of these totals,
$1,152,678 and $826,401 were included in cost of goods sold for the three months ending June 30, 2023 and 2022. Additionally, $200,648
and $206,962 were included in depreciation and amortization expenses in operating expenses.
NOTE 6 – FACTORING LIABILITY
On July 1, 2019,
we entered into a Factoring and Security Agreement with Factors Southwest, LLC (“FSW”). FSW may purchase from time to time
the Company’s Accounts Receivables with recourse on an account by account basis. The twenty-four month agreement contains a maximum
advance amount of $5,000,000
on 85%
of eligible accounts and has an annualized interest rate of the Prime Rate published from time to time by the Wall Street Journal plus
4.5%.
The agreement contains a fee of 3%
($150,000)
of the Maximum Facility assessed to the Company. Our obligations under this agreement are secured by present and future accounts receivables
and related assets, inventory, and equipment. The Company has the right to terminate the agreement, with 30 days written notice, upon
obtaining a non-factoring credit facility. This agreement provides the Company with the ability to convert our account receivables into
cash. We did not have an outstanding
balance on our Factoring liability as of June 30, 2023. For the three months ended June 30, 2023, interest expense recognized
on the Factoring Liability was $45,385.
For the three months ended June 30, 2022, interest expense recognized on the Factoring Liability was $59,816
including $37,500 of amortization
of the commitment fee.
On June 17, 2021, this agreement
was amended which extended the maturity date to June 17, 2024.
NOTE 7 – INVENTORY CREDIT FACILITY
On June 17, 2020, we entered into
a Revolving Inventory Loan and Security Agreement with FSW. FSW will establish a revolving credit line, and make loans from time to time
to the Company for the purpose of providing capital. The twenty-four month agreement secured by our inventory, among other assets, contains
a maximum loan amount of $1,750,000 on eligible inventory and has an annualized interest rate of the greater of the three-month LIBOR
rate plus 3.09% or 8%. The agreement contains a fee of 2% of the maximum loan amount ($35,000) assessed to the Company. On July 31, 2020,
the Company amended its Revolving Loan and Security Agreement to increase the maximum inventory loan amount to $2,250,000. As of June
30, 2023, there was no outstanding balance of the Inventory Credit Facility. There was no interest expense for the three months ended
June 30, 2023. Interest expense recognized on the Inventory Credit Facility was $5,142 for the three months ended June 30, 2022.
NOTE 8 – LEASES
We lease office, manufacturing,
and warehouse space in Scottsdale, AZ, Atlanta and Marietta, GA, and Manitowoc, WI under contracts we classify as operating leases. None
of our leases are financing leases. The Scottsdale lease does not include a renewal option. We terminated our lease agreement in our first
Manitowoc, WI location during the year ended March 31, 2023. Accordingly, we decreased our Right of Use Assets and Operating Lease Liabilities
by $901,076.
As of June 30, 2023 and March
31, 2023, total Right of Use Assets were $1,141,418 and $1,261,634, respectively. As of June 30, 2023 and March 31, 2023, total Operating
Lease Liabilities were $1,246,520 and $1,374,224, respectively. The current portion of our Operating Lease Liability on June 30, 2023
and March 31, 2023 is $421,477 and $470,734, respectively, and is reported as a current liability. The remaining $825,043 of the total
$1,246,520 as of June 30, 2023 and the $903,490 of the total $1,374,224 as of March 31, 2023 of the Operating
Lease Liability is presented as a long-term liability net of the current portion.
AMMO, Inc.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Consolidated
lease expense for the three months ended June 30, 2023 was $167,609
including $160,758
of operating lease expense
and $6,851 of
other lease associated expenses such as association dues, taxes, utilities, and other month to month rentals. Consolidated lease expense
for the three months ended June 30, 2022 was $283,233
including $282,058
of operating lease expense
and $1,175 of
other lease associated expenses such as association dues, taxes, utilities, and other month to month rentals.
The weighted average remaining
lease term and weighted average discount rate for operating leases were 3.1 years and 10.0%, respectively.
Future minimum lease payments
under non-cancellable leases as of June 30, 2023 are as follows:
SCHEDULE OF FUTURE MINIMUM LEASE PAYMENTS UNDER NON-CANCELLABLE LEASES
Years Ended March 31, | |
| |
2024 (1) | |
$ | 423,011 | |
2025 | |
| 387,214 | |
2026 | |
| 351,962 | |
2027 | |
| 257,508 | |
2028 | |
| 43,660 | |
Thereafter | |
| - | |
Total Lease Payments | |
| 1,463,355 | |
Less: Amount Representing Interest | |
| (216,835 | ) |
Present
value of lease liabilities | |
$ | 1,246,520 | |
NOTE 9 – NOTES PAYABLE – RELATED PARTY
For the three months ended June
30, 2023, the Company made $180,850 in principal payments, respectively, in connection with the Amended Note B, an amended related party
note payable with Jagemann Stamping Company (“JSC”). We entered into the Amended Note B with JSC on November 4, 2020 and the
note matured on June 26, 2023. We recognized $1,788 and $18,652 in respective interest expenses for the three months ended June 30, 2023
and 2022, respectively.
AMMO, Inc.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
NOTE 10 – CONSTRUCTION NOTE PAYABLE
On October 14, 2021, we entered
into a Construction Loan Agreement (the “Loan Agreement”) with Hiawatha National Bank (“Hiawatha”). The Loan Agreement
specifies that Hiawatha may lend up to $11,625,000 to the Borrower to pay a portion of the construction costs of an approximately 160,000
square foot manufacturing facility to be constructed on our property (the “Loan”). The first advance of Loan funds by Hiawatha
was made on October 14, 2021 in the amount of $329,843. We expect to receive further advances of Loan funds approximately every month
as our “owner’s equity” is fully funded into the ongoing new plant construction project. The Loan is an advancing term
loan and not a revolving loan so any portion of the principal repaid cannot be reborrowed.
Additionally, on October 14, 2021,
we issued a Promissory Note in favor of Hiawatha (the “Note”) in the amount of up to $11,625,000 with an interest rate of
four and one-half percent (4.5%). The maturity date of the Note is October 14, 2026.
We can prepay the Note in whole
or in part starting in July 2022 with a prepayment premium of one percent (1%) of the principal being prepaid.
The Loan Agreement contains customary
events of default including, but not limited to, a failure to make any payments pursuant to the Loan Agreement or Note, a failure to complete
construction of the project, a lien of $100,000 or more against the property, or a transfer of the property without Hiawatha’s consent.
Upon the occurrence of an event of default, among other remedies, the amounts due pursuant to the Loan can be accelerated, Hiawatha can
foreclose on the property pursuant to the mortgage, and a late charge of five percent (5%) of the amount due will be owed with all amounts
then owed pursuant to the Note bearing interest at an increased rate.
We made $64,959 in principal payments
for the three months ended June 30, 2023. The restricted cash can be released per the terms documented in the Loan Agreement filed with
the Commission on Form 10-Q on February 14, 2022. During the year ended March 31, 2023, $500,000 of restricted cash was released with
$500,000 remaining restricted.
NOTE 11 – CAPITAL STOCK
Our authorized capital consists
of 200,000,000 shares of common stock with a par value of $0.001 per share.
During the three month period
ended June 30, 2023, we issued 390,111 shares of common stock as follows:
|
● |
390,111 shares valued at $822,797 were issued to employees, members of the Board of Directors, and members of the Advisory Committee as compensation |
AMMO, Inc.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
At June 30, 2023, outstanding
and exercisable stock purchase warrants consisted of the following:
SCHEDULE
OF OUTSTANDING AND EXERCISABLE STOCK PURCHASE WARRANTS
| |
Number of Shares | | |
Weighted Average Exercise Price | | |
Weighted Average Life Remaining (Years) | |
Outstanding at March 31, 2023 | |
| 2,460,946 | | |
$ | 2.46 | | |
| 1.59 | |
Granted | |
| - | | |
| - | | |
| - | |
Exercised | |
| - | | |
| - | | |
| - | |
Forfeited or cancelled | |
| (204,650 | ) | |
| 2.00 | | |
| - | |
Outstanding at June 30, 2023 | |
| 2,256,296 | | |
$ | 2.51 | | |
| 1.51 | |
Exercisable at June 30, 2023 | |
| 2,256,296 | | |
$ | 2.51 | | |
| 1.51 | |
As of June 30, 2023, we had 2,256,296
warrants outstanding. Each warrant provides the holder the right to purchase up to one share of our Common Stock at a predetermined exercise
price. The outstanding warrants consist of (1) warrants to purchase 911 shares of Common Stock at an exercise price of $1.65 per share
until April 2025; (2) warrants to purchase 1,244,108 shares of our Common Stock at an exercise price of $2.00 per share consisting of
1% of the warrants until August 2024, and 99% until February 2026; (3) warrants to purchase 474,966 shares of Common Stock at an exercise
price of $2.40 until September 2024; (4) warrants to purchase 386,311 shares of Common Stock at an exercise price of $2.63 until November
2025, and (5) warrants to purchase 150,000 shares of Common Stock at an exercise price of $6.72 until February 2024.
NOTE 12 – PREFERRED STOCK
On May 18, 2021, the Company filed
a Certificate of Designations (the “Certificate of Designations”) with the Secretary of State of the State of Delaware to
establish the preferences, voting powers, limitations as to dividends or other distributions, qualifications, terms and conditions of
redemption and other terms and conditions of the Series A Preferred Stock.
The Company will pay cumulative
cash dividends on the Series A Preferred Stock when, as and if declared by its board of directors (or a duly authorized committee of its
board of directors), only out of funds legally available for payment of dividends. Dividends on the Series A Preferred Stock will accrue
on the stated amount of $25.00 per share of the Series A Preferred Stock at a rate per annum equal to 8.75% (equivalent to $2.1875 per
year), payable quarterly in arrears. Dividends on the Series A Preferred Stock declared by our board of directors (or a duly authorized
committee of our board of directors) will be payable quarterly in arrears on March 15, June 15, September 15 and December 15.
Generally, the Series A Preferred
Stock is not redeemable by the Company prior to May 18, 2026. However, upon a change of control or delisting event (each as defined in
the Certificate of Designations), the Company will have a special option to redeem the Series A Preferred Stock for a limited period of
time.
Preferred dividends accumulated
as of June 30, 2023 were $136,094. On May 15, 2023, the Board of Directors of the Company declared a dividend on the Company’s Series
A Preferred Stock for the period beginning March 15, 2023 through and including June 14, 2023 payable on June 15, 2023 to holders of record
of Series A Preferred Stock on May 31, 2023 equal to $0.55902778 per share. Dividends totaling $782,639 were paid on June 15, 2023.
AMMO, Inc.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
NOTE 13 – GOODWILL AND INTANGIBLE ASSETS
Amortization expenses related
to our intangible assets for the three months ended June 30, 2023 and 2022 was $3,266,760.
SCHEDULE
OF INTANGIBLE ASSETS
| |
| | |
June 30, 2023 | |
| |
Life | | |
Licenses | | |
Patent | | |
Other Intangible Assets | |
Licensing Agreement – Jesse James | |
| 5 | | |
$ | 125,000 | | |
$ | - | | |
$ | - | |
Licensing Agreement – Jeff Rann | |
| 5 | | |
| 125,000 | | |
| - | | |
| - | |
Streak Visual Ammunition patent | |
| 11.2 | | |
| - | | |
| 950,000 | | |
| - | |
SWK patent acquisition | |
| 15 | | |
| - | | |
| 6,124,005 | | |
| - | |
Jagemann Munition Components: | |
| | | |
| | | |
| | | |
| | |
Customer Relationships | |
| 3 | | |
| - | | |
| - | | |
| 1,450,613 | |
Intellectual Property | |
| 3 | | |
| - | | |
| - | | |
| 1,543,548 | |
Tradename | |
| 5 | | |
| - | | |
| - | | |
| 2,152,076 | |
GDI Acquisition: | |
| | | |
| | | |
| | | |
| | |
Tradename | |
| 15 | | |
| - | | |
| - | | |
| 76,532,389 | |
Customer List | |
| 10 | | |
| - | | |
| - | | |
| 65,252,802 | |
Intellectual Property | |
| 10 | | |
| - | | |
| - | | |
| 4,224,442 | |
Other Intangible Assets | |
| 5 | | |
| - | | |
| - | | |
| 607,747 | |
| |
| | | |
| 250,000 | | |
| 7,074,005 | | |
| 151,763,617 | |
| |
| | | |
| | | |
| | | |
| | |
Accumulated amortization – Licensing Agreements | |
| | | |
| (250,000 | ) | |
| - | | |
| - | |
Accumulated amortization – Patents | |
| | | |
| - | | |
| (2,164,617 | ) | |
| - | |
Accumulated amortization – Intangible Assets | |
| | | |
| - | | |
| - | | |
| (31,180,201 | ) |
| |
| | | |
$ | - | | |
$ | 4,909,388 | | |
$ | 120,583,416 | |
Annual amortization of intangible
assets for the next five fiscal years are as follows:
SCHEDULE
OF ANNUAL AMORTIZATION OF INTANGIBLE ASSET
Years Ended March 31, | |
Estimates for Fiscal Year | |
2024 (1) | |
$ | 9,836,025 | |
2025 | |
| 12,664,775 | |
2026 | |
| 12,664,775 | |
2027 | |
| 12,553,355 | |
2028 | |
| 12,543,226 | |
Thereafter | |
| 65,230,648 | |
Annual
amortization of intangible assets | |
$ | 125,492,804 | |
AMMO, Inc.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
NOTE 14 – SEGMENTS
Our Chief Executive Officer reviews
financial performance based on our two operating segments as follows:
|
● |
Ammunition – which consists of our manufacturing business. The Ammunition segment engages in the design, production and marketing of ammunition and ammunition component products. |
|
● |
Marketplace – which consists of the GunBroker.com marketplace. In its role as an auction site, GunBroker.com supports the lawful sale of firearms, ammunition and hunting/shooting accessories. |
The reporting of the separate
allocation of certain corporate general and administrative expenses includes non-cash stock compensation expense. The following tables
set forth certain financial information utilized by management to evaluate our operating segments for the interim period presented:
SCHEDULE
OF OPERATING SEGMENTS
| |
Ammunition | | |
Marketplace | | |
Corporate and other expenses | | |
Total | |
| |
For the Three Months Ended June 30, 2023 | |
| |
Ammunition | | |
Marketplace | | |
Corporate and other expenses | | |
Total | |
| |
| | |
| | |
| | |
| |
Net Revenues | |
$ | 20,342,373 | | |
$ | 13,912,202 | | |
$ | - | | |
$ | 34,254,575 | |
Cost of Revenues | |
| 18,414,961 | | |
| 1,815,074 | | |
| - | | |
| 20,230,035 | |
General and administrative expense | |
| 3,478,749 | | |
| 2,178,370 | | |
| 6,702,305 | | |
| 12,359,424 | |
Depreciation and amortization | |
| 132,102 | | |
| 3,211,941 | | |
| - | | |
| 3,344,043 | |
Income/(Loss) from Operations | |
$ | (1,683,439 | ) | |
$ | 6,706,817 | | |
$ | (6,702,305 | ) | |
$ | (1,678,927 | ) |
| |
Ammunition | | |
Marketplace | | |
Corporate and other expenses | | |
Total | |
| |
For the Three Months Ended June 30, 2022 | |
| |
Ammunition | | |
Marketplace | | |
Corporate and other expenses | | |
Total | |
| |
| | |
| | |
| | |
| |
Net Revenues | |
$ | 44,251,080 | | |
$ | 16,504,946 | | |
$ | - | | |
$ | 60,756,026 | |
Cost of Revenues | |
| 40,337,015 | | |
| 2,283,349 | | |
| - | | |
| 42,620,364 | |
General and administrative expense | |
| 3,673,112 | | |
| 2,433,729 | | |
| 3,615,724 | | |
| 9,722,565 | |
Depreciation and amortization | |
| 146,412 | | |
| 3,203,944 | | |
| - | | |
| 3,350,356 | |
Income/(Loss) from Operations | |
$ | 94,541 | | |
$ | 8,583,924 | | |
$ | (3,615,724 | ) | |
$ | 5,062,741 | |
NOTE 15 – INCOME TAXES
The income tax provision effective
tax rates were 8.6% and 37.0% for the three months ended June 30, 2023 and 2022, respectively. During the three months ended June 30,
2023, the effective tax rate differed from the U.S. federal statutory rate primarily due to employee stock awards. For the three months
ended June 30, 2022 the effective tax rate differed from the U.S. federal statutory rate due to state income taxes and employee stock
awards.
The Company has never had an Internal
Revenue Service audit; therefore, the tax periods ended March 31, 2021, 2022 and 2023 are subject to audit.
NOTE 16 – RELATED PARTY TRANSACTIONS
During
the three months ended June 30, 2023, we paid 75,000 in service fees to two independent contractors. The two independent contractors were issued 34,341
shares of our common stock for a total value of $69,784. We issued 25,000 shares in the aggregate to our advisory committee members for
service for a total value of $53,250. Through our acquisition of Gemini, a related party relationship was created through one of our Members
of the Board of Directors by ownership of entities that transacts with Gemini. There was $201,646 included in our Accounts Receivable
at June 30, 2023 as a result of this relationship.
NOTE 17 – SUBSEQUENT EVENTS
Common Stock Issuances
Subsequent to the June 30, 2023,
the Company issued 12,163 as employee stock awards for a total value of $25,299.
Related
party transactions
On
July 26, 2023, we obtained a $1.6 million
letter of credit with Northern Trust for collateral for a bond related to a judgement assessed to GunBroker.com. On July 17, 2023,
we generated a $1.6
million certificate of deposit with Northern Trust for security on the letter of credit. The
term of the certificate of deposit is twelve months and includes interest of approximately 5%. Per the terms of the Merger
Agreement, filed with the Commission on a Current Report on Form 8-K on May 6, 2021 (the “Current Report), the Seller is
required to pay or be liable for these losses (capitalized terms are defined the Current Report).
In
July of 2023, the Company filed suit in the Delaware Chancery Court against Director and Shareholder Steve Urvan for claims arising out
of the Company’s acquisition of certain companies referenced as the GunBroker.com family of companies. The claims arise based upon Mr.
Urvan’s repeated failure and refusal to honor contractual defense and indemnification obligations arising under that certain Merger Agreement,
along with alleged misrepresentations.
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.
Management’s Discussion
and Analysis of Financial Condition and Results of Operations is provided to assist the reader in understanding the results of operations,
financial condition, and liquidity through the eyes of our management team. This section should be read in conjunction with other sections
of this Quarterly Report, specifically, our Consolidated Financial Statements and Supplementary Data.
FORWARD-LOOKING STATEMENTS
This document contains certain
“forward-looking statements”. All statements other than statements of historical fact are “forward-looking statements”
for purposes of federal and state securities laws, including, but not limited to, any projections of earnings, revenue or other financial
items; any statements of the plans, strategies, goals and objectives of management for future operations; any statements concerning proposed
new products and services or developments thereof; any statements regarding future economic conditions or performance; any statements
or belief; and any statements of assumptions underlying any of the foregoing.
Forward looking statements may
include the words “may,” “could,” “estimate,” “intend,” “continue,” “believe,”
“expect,” or “anticipate,” or other similar words, or the negative thereof. These forward-looking statements present
our estimates and assumptions only as of the date of this report. Accordingly, readers are cautioned not to place undue reliance on forward-looking
statements, which speak only as of the dates on which they are made. We do not undertake to update forward-looking statements to reflect
the impact of circumstances or events that arise after the dates they are made. You should, however, consult further disclosures and risk
factors we included in the section titled Risk Factors contained herein.
In our filings with the Securities
and Exchange Commission, references to “AMMO, Inc.”, “AMMO”, “the Company”, “we,” “us,”
“our” and similar terms refer to AMMO, Inc., a Delaware corporation, and its wholly owned consolidated subsidiaries.
Overview
AMMO, Inc., owner of the GunBroker.com
Marketplace, the largest online marketplace serving the firearms and shooting sports industries, and a vertically integrated producer
of high-performance ammunition and premium components began its operations in 2016.
Through
our GunBroker.com Marketplace segment (acquired in April 2021), we allow third party sellers to list items consisting of firearms, hunting
gear, fishing equipment, outdoor gear, collectibles, and much more on our site, while facilitating compliance with federal and state laws
that govern the sale of firearms and restricted items. This allows our base of over 7.8 million users to follow ownership policies and
regulations through our network of over 35,000 federally licensed firearms dealers as transfer agents. The nature and operation of the
Marketplace as an online auction and sales platform also affords our Company a unique view into the total domestic market for the purpose
of understanding sales trends at a granular level across all elements of the outdoor sports and shooting space. Our vision is to expand
the services on GunBroker.com and to become a peer to those in our industry. In the short term, we will be implementing the following
services;
● Payment
Processing - facilitating payment between parties allowing sellers of all sizes to offer fast and secure electronic payments and allowing
buyers to experience the ease of using a single form of payment for all items purchased,
● Carting
Ability - allowing our buyers to purchase multiple items from multiple sellers at one point in time, and,
● GunBroker.com
Analytics – through the compilation and refinement of vast Marketplace data, we plan to offer domestic market analytics to our industry
peers to allow them to better manage their businesses.
Through
our Ammunition segment, we are tailoring our focus to build a new future for our manufacturing operations focused on premium pistol and
rifle ammunition and supporting industry partners for manufactured components. We will continue to leverage our proprietary brands like
Streak Visual AmmunitionTM and Stelth subsonic ammunition and extend our product offering with premium rifle lines and brands
that complement our technologically innovative heritage. We also continue to ensure dynamic performance under the exacting standards of
the US military complex in support of our cutting-edge developmental ammunition programs as we seek out and effectively execute upon new
governmental-based opportunities.
In September of 2022, we began
operating out of our new 185,000 square foot manufacturing facility. This new, state-of-the-art ammunition production facility is part
of our commitment to the continuing development of differentiated, cutting-edge technology.
Results of Operations
Management’s
Discussion and Analysis of Financial Condition and Results of Operations is intended to provide our financial statements with a narrative
from the perspective of management on our financial condition, results of operations, liquidity, and certain other factors that may affect
our future results. The following information should be read in conjunction with our consolidated financial statements included in this
Quarterly Report beginning on page 3.
Our financial results for the
three months ended June 30, 2023 reflect our newly positioned organization as we transition into
our new strategic direction. We believe that we have hired a strong team of professionals, developed innovative products, and continue
to raise capital sufficient to establish our presence as a high-quality ammunition provider and marketplace. We continue to focus on growing
our top line revenue and streamlining our operations. We experienced a 43.6% decrease in our Net Revenues for the three months ended June
30, 2023 compared with the year ended June 30, 2022. This was the result of decreased ammunition sales due to changes in market demand
as well as a shift in operations to an increased focus in ammunition casing sales.
The following table presents summarized financial
information taken from our condensed consolidated statements of operations for the three ended June 30, 2023 compared with the three months
ended June 30, 2022:
| |
For the Three Months Ending | |
| |
June 30, 2023 | | |
June 30, 2022 | |
| |
(Unaudited) | | |
(Unaudited) | |
Net Sales | |
$ | 34,254,575 | | |
$ | 60,756,026 | |
Cost of Revenues | |
| 20,230,035 | | |
| 42,620,364 | |
Gross Profit | |
| 14,024,540 | | |
| 18,135,662 | |
Sales, General & Administrative Expenses | |
| 15,703,467 | | |
| 13,072,921 | |
Income from Operations | |
| (1,678,927 | ) | |
| 5,062,741 | |
Other income (expense) | |
| | | |
| | |
Other income (expense) | |
| 488,750 | | |
| 73,011 | |
Income (loss) before provision (benefit) for income taxes | |
$ | (1,190,177 | ) | |
$ | 5,135,752 | |
Provision (benefit) for income tax expense | |
| (97,144 | ) | |
| 1,882,725 | |
Net Income (loss) | |
$ | (1,093,033 | ) | |
$ | 3,253,027 | |
Non-GAAP Financial Measures
We analyze operational and financial
data to evaluate our business, allocate our resources, and assess our performance. In addition to total net sales, net loss, and other
results under accounting principles generally accepted in the United States (“GAAP”), the following information includes key
operating metrics and non-GAAP financial measures we use to evaluate our business. We believe these measures are useful for period-to-period
comparisons of the Company. We have included these non-GAAP financial measures in this Quarterly Report on Form 10-Q because they are
key measures we use to evaluate our operational performance, produce future strategies for our operations, and make strategic decisions,
including those relating to operating expenses and the allocation of our resources. Accordingly, we believe these measures provide useful
information to investors and others in understanding and evaluating our operating results in the same manner as our management and board
of directors.
Adjusted EBITDA
| |
For the Three Months Ended | |
| |
June 30, 2023 | | |
June 30, 2022 | |
| |
| | |
| |
Reconciliation of GAAP net income to Adjusted EBITDA | |
| | | |
| | |
Net Income (loss) | |
$ | (1,093,033 | ) | |
$ | 3,253,027 | |
Depreciation and amortization | |
| 4,620,087 | | |
| 4,300,123 | |
Provision (benefit) for income taxes | |
| (97,144 | ) | |
| 1,882,725 | |
Interest expense, net | |
| 204,201 | | |
| 120,487 | |
Employee stock awards | |
| 822,797 | | |
| 1,175,063 | |
Stock grants | |
| 50,750 | | |
| 47,844 | |
Other income, net | |
| (692,951 | ) | |
| (193,498 | ) |
Contingent consideration fair value | |
| (21,024 | ) | |
| (1,302 | ) |
Other nonrecurring expenses(1) | |
| 2,759,726 | | |
| - | |
Adjusted EBITDA | |
$ | 6,553,409 | | |
$ | 10,584,469 | |
|
(1) |
Other nonrecurring expenses consist of professional and legal fees that are nonrecurring in nature. |
Adjusted EBITDA is a non-GAAP
financial measure that displays our net income (loss), adjusted to eliminate the effect of certain items as described below.
We
have excluded the following non-cash expenses from our non-GAAP financial measures: provision or benefit for income taxes, depreciation
and amortization, share-based or warrant-based compensation expenses, and changes to the contingent consideration fair value. We believe
it is useful to exclude these non-cash expenses because the amount of such expenses in any specific period may not directly correlate
to the underlying performance of our business operations.
We
have modified our Adjusted EBITDA calculation in the current period to remove the adjustment for Excise Taxes as we believe this is a
better representation of our operations. In prior periods, we included an adjustment for Excise Taxes.
Non-GAAP financial measures have
limitations, should be considered as supplemental in nature and are not meant as a substitute for the related financial information prepared
in accordance with GAAP. These limitations include the following:
|
● |
Employee stock awards and stock grants expense has been, and will continue to be for the foreseeable future, a significant recurring expense in the Company and an important part of our compensation strategy; |
|
● |
the assets being depreciated or amortized may have to be replaced in the future, and the non-GAAP financial measures do not reflect cash capital expenditure requirements for such replacements or for new capital expenditures or other capital commitments; and |
|
● |
non-GAAP measures do not reflect changes in, or cash requirements for, our working capital needs |
|
● |
other companies, including companies in our industry, may calculate the non-GAAP financial measures differently or not at all, which reduces their usefulness as comparative measures. |
Because of these limitations,
you should consider the non-GAAP financial measures alongside other financial performance measures, including our net loss and our other
financial results presented in accordance with GAAP.
Net Sales
The following table shows our
net sales by proprietary ammunition versus standard ammunition for the three months ended June 30, 2023 and 2022. “Proprietary Ammunition”
include those lines of ammunition manufactured by our facilities that are sold under the brand names: STREAK VISUAL AMMUNITION™
and Stelth. We define “Standard Ammunition” as non-proprietary ammunition that directly competes with other brand manufacturers.
Our “Standard Ammunition” is manufactured within our facility and may also include completed ammunition that has been acquired
in the open market for sale to others. Also included in this category is low cost target pistol and rifle ammunition, as well as bulk
packaged ammunition manufactured by us using reprocessed brass casings. Ammunition within this product line typically carries lower gross
margins.
|
|
For
the Three Months Ending |
|
|
|
June
30, 2023 |
|
|
June
30, 2022 |
|
Proprietary
Ammunition |
|
$ |
1,154,802 |
|
|
$ |
2,855,934 |
|
Standard
Ammunition |
|
|
12,951,227 |
|
|
|
38,113,949 |
|
Ammunition
Casings |
|
|
6,236,344 |
|
|
|
3,281,197 |
|
Marketplace
Revenue |
|
|
13,912,202 |
|
|
|
16,504,946 |
|
Total
Sales |
|
$ |
34,254,575 |
|
|
$ |
60,756,026 |
|
Sales for the three months ended
June 30, 2023 decreased 43.6% or approximately $26.5 million due to changes in market conditions and our shift to increase ammunition
casing sales. The decrease for the three month period was largely the result of a decrease of $25.2 million in sales of bulk pistol and
rifle ammunition, a decrease of $1.7 million of sales of Proprietary Ammunition, and a decrease of $2.6 million generated from our marketplace,
GunBroker.com, which includes auction revenue, payment processing revenue, and shipping income. Our ammunition casings sales increased
$3.0 million or 90.1% over the prior year period. Management expects the sales growth rate of Proprietary Ammunition to greatly outpace
the sales of our Standard Ammunition.
We are focused on continuing to
grow top line revenue quarter-over-quarter as we continue to further expand distribution into commercial markets, introduce new product
lines, and continue to initiate sales to U.S. law enforcement, military, and international markets.
Through our acquisition of SWK,
the Company has developed and deployed a line of tactical armor piercing (AP) and hard armor piercing incendiary (HAPI) precision ammunition
to meet the lethality requirements of both the US and foreign military customers. We continue to demonstrate our AP and HAPI ammunition
to military personnel at scheduled and invite only events, resulting in increased interest and procurement discussions. The Company has
since developed the ballistic match (BMMPR) and signature-on-target (SoT) rounds under contract with the U.S. Government in support of
US special operations which have been publicly announced pursuant to governmental authorization. Additional work continues in support
of the military operations of the U.S. and its ally military components which is not currently subject to disclosure.
It is
important to note that, although U.S. law enforcement, military and international markets represent significant opportunities for our
Company, they also have a long sales cycle. The Company’s sales team has been effective in establishing sales and distribution channels,
both in the United States and abroad, which are reasonably anticipated to drive sustained sales opportunity in the military, law enforcement,
and commercial markets.
Sales
outside of the United States require licenses and approval from either the U.S. Department of Commerce or the U.S. State Department, which
typically takes approximately 30 days to receive. On June 12, 2023, we renewed our annual registration with the International Traffic
in Arms Regulations (“ITAR”), which remains valid through the report date. This permits the Company to export and broker ammunition
and other controlled items covered under ITAR.
Cost of Revenues
Cost of Revenues decreased by
approximately $22.4 million to $20.2 million for the three months ended June 30, 2023 compared to the comparable period ended in 2022.
This was the result of a significant decrease in net sales during 2023 as compared to 2022.
Gross Margin
Our gross margin percentage increased
to 40.9% from 29.8% during the three months ended June 30, 2023, respectively, as compared to the same period in 2022. The increase in
our gross margin was related to our Marketplace revenue, which produces higher gross profit, contributing to a higher portion of the overall
sales for the period.
We believe as we continue to grow
sales through new markets and expanded distribution that our gross margins will also increase by efficiencies added through our new production
facility. Our goal in the next 12 to 24 months is to continue to improve our gross margins. This will be accomplished through the following:
|
● |
Increased product sales, specifically of proprietary lines of ammunition, like the STREAK VISUAL AMMUNITION™, Stelth and now our tactical Armor Piercing (AP) and Hard Armor Piercing Incendiary (HAPI) precision ammunition, all of which carry higher margins as a percentage of their selling price; |
|
|
|
|
● |
Introduction of new lines of ammunition that historically carry higher margins in the consumer and government sectors; |
|
|
|
|
● |
Reduced component costs through operation of our ammunition segment and expansion of strategic relationships with component providers; |
|
|
|
|
● |
Expanded use of automation equipment that reduces the total labor required to assemble finished products; |
|
|
|
|
● |
And better leverage of our fixed costs through expanded production to support the sales objectives. |
Operating Expenses
Overall, for the three months
ended June 30, 2023, our operating expenses increased by approximately $2.6 million over the three months ended June 30, 2022 and increased
as a percentage of sales from 21.5% to 45.8% for the three months ended June 30, 2023. Our operating expenses include non-cash depreciation
and amortization expense of approximately $3.3 million for the three months June 30, 2023. Our operating expenses consisted of commissions
related to our sales, stock compensation expense associated with issuance of our Common Stock in lieu of cash compensation for employees,
board members, and key consultants for the organization during the period. Operating expenses for the three months ended June 30, 2023
and June 30, 2022 included noncash expenses of approximately $4.2 million and $4.6 million, respectively.
During the three months ended
June 30, 2023, our selling and marketing expenses decreased by approximately $1.6 million, in comparison to the three months ended June
30, 2022. The decrease was primarily related to decreases in sales commission due to the decrease in the sale of our products.
Our corporate general & administrative
expenses increased approximately $2.9 million for the three months ended June 30, 2023 from the comparable prior period due to $2.8 million
in nonrecurring legal and professional fees and expenses.
Employee salaries and related
expenses increased approximately $1.3 million for the three months ended June 30, 2023 compared to the comparable period ended in 2022.
The increase for the three months ended June 30, 2023 when compared to the prior period, was primarily related to $1.0 million of additional
payroll expenses incurred, $0.7 million in expenses related to our new employee bonus plan, and a decrease of $0.4 million in employee
stock compensation.
Depreciation and amortization
expenses for the three months ended June 30, 2023 decreased by approximately $0.01 million.
Interest and Other Expenses
For the three months ended June
30, 2023, interest expense increased by approximately $0.1 million compared with the comparable three months ended June 30, 2022. The
change from the prior periods was mainly due to an increase in our Construction Note Payable.
Income Taxes
For the three
months ended June 30, 2023 and 2022, we recorded a provision (benefit) for federal and state income taxes of approximately ($0.1)
million and $1.9 million, respectively.
Net Income (Loss)
We ended the three months ended
June 30, 2023 with a net loss of approximately $1.1 million compared with a net income of approximately $3.3 million for the three months
ended June 30, 2022.
Our goal is to continue to improve
our operating results as we focus on increasing sales and controlling our operating expenses.
Liquidity and Capital Resources
As of June 30, 2023, we had $47,505,047
of cash and cash equivalents, an increase of $8,371,020 from March 31, 2023.
Working Capital is summarized
and compared as follows:
| |
June 30, 2023 | | |
March 31, 2023 | |
Current assets | |
$ | 130,572,382 | | |
$ | 128,451,893 | |
Current liabilities | |
| 23,901,069 | | |
| 25,463,399 | |
| |
$ | 106,671,313 | | |
$ | 102,988,494 | |
Changes in cash flows are summarized as follows:
Operating Activities
For the three months ended June
30, 2023, net cash provided by operations totaled approximately $13.0 million. This was primarily the result of net loss of approximately
$1.1 million, which was offset by decreases in our accounts receivable of approximately $7.1 million, decreases in prepaid expenses of
approximately $0.9 million, and decreases in our accounts payable of approximately $1.7 million, increases in our inventories of approximately
$1.6 million, and decreases in deposits of approximately $3.0 million. Non-cash expenses for depreciation and amortization totaled approximately
$4.6 million and non-cash expenses for employee stock awards totaled $0.8 million.
For the three
months ended June 30, 2022, net cash provided by operations totaled approximately $5.2 million. This was primarily the result of net
income of approximately $3.3 million, which was offset by increases in our inventories of approximately $5.6 million, increases in
deposits of approximately $0.5 million and increases in due from related parties of approximately $1.6 million, decreases in our accounts receivable of approximately $4.2 million, decreases in prepaid
expenses of approximately $0.9 million, and decreases in our accounts payable of $3.0 million. Non-cash expenses for depreciation
and amortization totaled approximately $4.3 million and non-cash expenses for employee stock awards totaled $1.2 million.
Investing Activities
For the three months ended June
30, 2023, we used approximately $1.3 million in net cash for investing activities. Net cash used in investing activities consisted of
approximately $1.3 million related to purchases of production equipment for our new manufacturing facility in Manitowoc, WI and
capitalized development costs related to our marketplace, GunBroker.com.
During the three months ended
June 30, 2022, we used approximately $5.3 million in net cash for investing activities. Net cash used in investing activities consisted
of approximately $5.3 million related to purchases of production equipment and the construction of our new manufacturing facility in Manitowoc,
WI.
Financing Activities
For the three months ended June
30, 2023, net cash used in financing activities was approximately $3.3 million. This was the net effect of approximately $1.5 million
used in our common stock repurchased plan, $1.0 million from insurance premium note payments, approximately $0.6 million of Preferred
Stock dividends paid, and the generation of approximately $14.6 million from accounts receivable factoring, which was offset by payments
of approximately $14.6 million.
During the three
months ended June 30, 2022, net cash used in financing activities was approximately $1.3 million. This was the net effect of an
approximate $0.7 million reduction in our Inventory Credit Facility, approximately $0.5 million from insurance premium note
payments, generation of approximately $24.7 million from accounts receivable factoring, which was offset by payments of
approximately $25.0 million and $1.0 million in proceeds of restricted cash from our construction note payable.
Liquidity
Existing working capital, cash
flow from operations, bank borrowings, and sales of equity and debt securities are expected to be adequate to fund our operations over
the next year. Generally, we have financed operations to date through the proceeds of stock sales, bank financings, and related-party
notes. These sources have been adequate to fund our recurring cash expenditures including but not limited to our working capital requirements,
capital expenditures to expand our operations, debt repayments, and acquisitions. We intend to continue use the aforementioned sources
of funding for capital expenditures, debt repayments, share repurchases and any potential acquisitions.
Leases
We lease four locations that are
used for our offices, production, and warehousing. As of June 30, 2023, we had $1.2 million of fixed lease payment obligations with $0.4
million payable within the next 12 months. Please refer to Note 8– Leases for additional information.
Construction Note Payable
We will
finance a portion of our new production facility with our Construction Note Payable. We expect to make $0.3 million in principal and interest
payments within the next 12 months. The principal balance of the Construction Note will mature on October 14, 2026.
Off-Balance Sheet Arrangements
As of June 30, 2023, we did not
have any off-balance sheet arrangements that have or are reasonably likely to have a current or future material effect on our financial
condition, net sales, expenses, results of operations, liquidity capital expenditures, or capital resources.
Critical Accounting Policies
The preparation of financial statements
in conformity with GAAP requires us to make estimates and assumptions that affected the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses
during the reporting period. Actual results could differ from those estimates. Significant estimates made in preparing the condensed consolidated
financial statements include the valuation of allowances for doubtful accounts, valuation of deferred tax assets, inventories, useful
lives of assets, goodwill, intangible assets, stock-based compensation, and warrant-based compensation. A summary of our critical accounting
policies is included in our Annual Report on Form 10-K for the year ended March 31, 2023, under “Management’s Discussion and
Analysis of Financial Condition and Results of Operations.” We adopted ASU No. 2016-13, “Financial
Instruments-Credit Losses (Topic 326) and ASU 2022-03, “Fair Value Measurement of Equity Securities Subject to Contractual Sale
Restrictions” in the current period. These policy changes did not result in a material effect on the Company’s financial statements.
There have been no other significant changes to these policies during the three months ended June 30, 2023. For disclosure regarding
recent accounting pronouncements and the anticipated impact they will have on our operations, please refer to Note 2 to the consolidated
financial statements included in our Annual Report on Form 10-K for the year ended March 31, 2023.
Goodwill
We
evaluate goodwill for impairment annually or more frequently when an event occurs or circumstances change that would more likely than
not reduce the fair value of the reporting unit below its carrying amount. In testing for goodwill impairment, we may elect to utilize
a qualitative assessment to evaluate whether it is more likely than not that the fair value of a reporting unit is less than its carrying
amount. If our qualitative assessment indicates that goodwill impairment is more likely than not, we perform a two-step impairment test.
We test goodwill for impairment under the two-step impairment test by first comparing the book value of net assets to the fair value of
the reporting unit. If the fair value is determined to be less than the book value or qualitative factors indicate that it is more likely
than not that goodwill is impaired, a second step is performed to compute the amount of impairment as the difference between the estimated
fair value of goodwill and the carrying value. We estimate the fair value of the reporting units using discounted cash flows. Forecasts
of future cash flows are based on our best estimate of future net sales and operating expenses, based primarily on expected category expansion,
pricing, market segment share, and general economic conditions. Due to the declines in the value of our stock price and market capitalization,
we assessed qualitative factors to determine if it is more likely than not that the fair value of the Marketplace segment is less than
its carrying amount. Through our analysis we determined our stock price and market capitalization decline it is not indicative of a decrease
in the fair value of our Marketplace segment and a fair value calculation using the discounted cash flows was more appropriate due to
the operational performance of the reporting segment. Accordingly, the impairment of Goodwill was not warranted for the three months ended
June 30, 2023. As of July 30, 2023, the Company has a goodwill carrying value of $90,870,094, all of which is assigned to the Marketplace
segment. However, due to declines in the value of the Company’s common stock and market capitalization, it is possible that the
book values of our Marketplace segment could exceed its fair value, which may result in the recognition of a material, noncash impairment
of goodwill for the year ending March 31, 2024.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES
ABOUT MARKET RISK
Our market risks are similar to
those disclosed under the caption “Quantitative And Qualitative Disclosures About Market Risk” in Part II, Item 7A of our
Annual Report on Form 10-K for the year ended March 31, 2023 and filed with the SEC on June 14, 2023 and is hereby incorporated by reference.
ITEM 4. CONTROLS AND PROCEDURES
Evaluation of Disclosure Controls and Procedures
Our
management evaluated the effectiveness of our disclosure controls and procedures as defined in Rule 13a-15(c) and 15d-15(e) under the
Exchange Act, as of June 30, 2023. Our disclosure controls and procedures are designed to provide reasonable assurance that information
we are required to disclose in the reports we file or submit under the Exchange Act is accumulated and communicated to our management,
including our CEO and CFO, as appropriate to allow timely decisions regarding required disclosures, and is recorded, processed, summarized,
and reported within the time periods specified in the SEC’s rules and forms.
Based
on this evaluation, and because of the material weaknesses described below, our CEO and CFO have concluded that our disclosure controls
and procedures were not effective at the reasonable assurance level as of June 30, 2023.
Notwithstanding
the material weaknesses that were identified and continued to exist as of June 30, 2023, management believes that the financial statements
included in this report present fairly in all material respects our financial position, results of operations and cash flows for the
period presented, nor were there changes to previously released financial results.
Material
weaknesses and management’s remediation plan
A
material weakness is a deficiency, or a combination of deficiencies, within the meaning of Public Company Accounting Oversight Board
(“PCAOB”) Auditing Standard AS 2201, in internal control over financial reporting, such that there is a reasonable possibility
that a material misstatement of the Company’s annual or interim financial statements will not be prevented or detected on a timely
basis.
Internal
control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting
and the preparation of financial statements in accordance with U.S. GAAP. The following material weaknesses in our internal control over
financial reporting remained as of June 30, 2023:
The
Company failed to maintain an effective control environment due to the following:
| ● | the
Company’s management and the governance did not maintain appropriately designed entity-level
controls impacting the control environment to prevent or detect material misstatements to
the consolidated financial statements. These deficiencies were attributed to limited personnel
to assist with the accounting and financial reporting function and inadequate oversight and
accountability over the performance of control activities, including establishment of a Whistleblower
Hotline and lack of formalization of certain key governance elements: management delegation,
annual board committee charter review, acknowledgement of code of conduct, and approval of
the annual budget; |
| | |
| ● | the
Company failed to maintain properly designed segregation of duties, both within manual processes
and system access; |
| | |
| ● | the
Company failed to maintain effectively designed controls over journal entries, both recurring
and nonrecurring, account reconciliations, and periodic flux analysis. Journal entries were
not always accompanied by sufficient supporting documentation and were not adequately reviewed
and approved for validity, completeness, and accuracy. In most instances, persons responsible
for reviewing journal entries and account reconciliations for validity, completeness, and
accuracy were also responsible for preparation. |
| | |
| ● | the
Company failed to maintain effectively designed controls over the period-end financial reporting
process, including adequate tie-out and review of documentation that supports the financial
statements; and |
| | |
| ● | the
Company failed to maintain effectively designed controls over information technology general
controls in the areas of user provisioning and de-provisioning, application change management,
operating system and logical access controls, and segregation of duties for information technology
(“IT”) systems that supports the Company’s financial reporting process. |
Management’s
Remediation Initiatives
We
have concluded that these material weaknesses arose because we did not have the necessary business processes, systems, personnel, and
related internal controls.
In
response to the material weaknesses, management, with the oversight of the Audit Committee of the Board of Directors, has continued the
process of, and is committed to, designing and implementing effective measures to strengthen our internal controls over financial reporting
and remediate the material weaknesses. The Company is committed to ensuring that a proper, consistent tone is communicated throughout
the organization, which emphasizes the expectation that previously existing deficiencies will be rectified through implementation of
processes and controls to ensure strict compliance with U.S. GAAP and regulatory requirements.
Our
third–party consulting firm that specializes in internal audit work, and more specifically internal controls over financial reporting
work, has assisted management and will continue to assist management with our risk assessment of internal control over financial reporting
as well as documentation and testing of our internal control structure and evaluation of material weaknesses, with special focus on assisting
management in the establishment and evaluation of proper segregation of duties procedures and monitoring and controls over ITGCs for
the systems that support our financial reporting process. Specifically, with the right compliment of accounting and finance team members
now in place, our entire control environment is being evaluated for enhancement of our internal controls over financial reporting.
In
addition to the measures noted above, we have made progress in our remediation plan including the following items:
| ● | Management
has presented, and the Board of Directors has approved the formal management delegation and
the Company’s Annual Budget during the first quarter of fiscal year 2024. |
| | |
| ● | The
Company formally initiated the implementation of a whistleblower hotline during the first
quarter of fiscal year 2024. |
| | |
| ● | Approved,
adopted, and implemented accounting policies related to journal entries and invoice approval.
|
| | |
| ● | Improved
formalization of procedures and documentation for all journal entries, account reconciliations,
flux analysis and variance thresholds, vendor set-up. |
| | |
| ● | Progressed
IT Remediation Project with third-party consultants to design and implement controls over
user provisioning and de-provisioning, application change management, operating system and
logical access controls, segregation of duties, and third-party service provider report review
process. |
| | |
| ● | Implemented
improvements surrounding review and approval of controls with a review element, including
proper segregation, enhanced documentation, and consistency of application. |
Beginning
the second quarter of fiscal year 2024, management, with the help of our third-party consulting firm, will perform walkthroughs of our
key controls, including those that would be necessary to effectively remediate the existing material weaknesses. A walkthrough is performed
to gain comfort regarding the design effectiveness of the key controls. Based on our assessment of the walkthrough results, we will determine
if our key controls have been designed effectively. Further assessments will be made of these controls to ascertain operating effectiveness,
after which we will be able to determine if the existing material weaknesses have been remediated.
While
these actions and planned actions are subject to ongoing management evaluation and will require validation and testing of the design
and operating effectiveness of internal controls over a sustained period of financial reporting cycles, we are committed to the continuous
improvement of our internal control over financial reporting and will continue to diligently review our internal control over financial
reporting.
Changes in internal controls
Other than
the changes described above, there have not been any changes in our internal control over financial reporting (as such term is defined
in Exchange Act in Rule 13a-15(c) and 15d-15(e) under the Exchange Act) during the quarter ended June 30, 2023 that have materially affected,
or are reasonably likely to materially affect, our internal control over financial reporting.
PART II - OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
We are involved in or subject
to, or may become involved in or subject to, routine litigation, claims, disputes, proceedings, and investigations in the ordinary course
of business. While the outcome of lawsuits and other proceedings against us cannot be predicted with certainty, in the opinion of management,
individually or in the aggregate, no such lawsuits are expected to have a material effect on our financial position, results of operations
or cash flows. We record accruals for contingencies when it is probable that a liability will be incurred and the amount of loss can be
reasonably estimated.
Please reference the Contingencies
section of Note 2 and Note 17 of our Financial Statements for additional disclosure.
ITEM 1A. RISK FACTORS
Our market risks at are similar
to those disclosed under the caption “Risk Factors” in Part I, Item 1A of our Annual Report on Form 10-K for the year ended
March 31, 2023 and filed with the SEC on June 14, 2023. There have been no material changes to our Risk Factors disclosed in Annual Report
on Form 10-K.
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES
AND USE OF PROCEEDS
Issuances
The authorized capital of the
Company is 200,000,000 shares of Common Stock with a par value of $0.001 per share and 10,000,000 shares of Preferred Stock with a $0.001
par value per share.
There were no unregistered sales
of the Company’s equity securities during the quarter ended June 30, 2023.
Share Repurchases
On February 8, 2022,
we announced that our Board of Directors authorized a share repurchase program for up to $30.0 million of our outstanding common stock.
On March 28, 2023, we announced that our Board of Directors authorized the extension of our repurchase program until February 2024.
Under the Share Repurchase
Program, the Company is authorized to repurchase shares through open market purchases, privately-negotiated transactions, accelerated
share repurchases or otherwise in accordance with applicable federal securities laws, including through Rule 10b5-1 trading plans and
under Rule 10b-18 of the Securities Exchange Act of 1934, as amended. The repurchases have no time limit and may be suspended or discontinued
completely at any time. The specific timing and amount of repurchases will vary based on available capital resources and other financial
and operational performance, market conditions, securities law limitations, and other factors. The repurchases will be made using the
Company’s cash resources.
The following table
summarizes our share repurchases under our repurchase program for our first fiscal quarter of our 2024 fiscal year.
Period | |
Total Number of Shares Purchased | | |
Average Price Paid per Share | | |
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | | |
Maximum
Number of
Shares that
may yet be Purchased Under the Plan or Programs(1) | |
April 2023 | |
| 609,509 | | |
$ | 1.95 | | |
| 609,509 | | |
| | |
May 2023 | |
| 129,322 | | |
$ | 1.95 | | |
| 129,322 | | |
| | |
June 2023 | |
| - | | |
| | | |
| - | | |
| | |
Total | |
| 738,831 | | |
$ | 1.95 | | |
| 738,831 | | |
| 13,165,171 | |
| (1) | The maximum number of shares that may yet be repurchased included
herein is determined based on the closing price of our Common Stock of $2.13 on June 30, 2023. This amount may change based on the price
that our Common Stock trades at. |
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
None.
ITEM 4. MINE SAFETY DISCLOSURES
Not applicable.
ITEM 5. OTHER INFORMATION
None.
ITEM 6. EXHIBITS
*Filed Herewith.
** Furnished Herewith.
SIGNATURES
In accordance with Section 13
or 15(d) of the Exchange Act of 1934, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.
|
AMMO, INC. |
|
|
|
|
|
/s/ Jared R. Smith |
Dated: August 9, 2023 |
By: |
Jared R. Smith, Chief Executive Officer |
|
|
/s/ Robert D. Wiley |
Dated: August 9, 2023 |
By: |
Robert D. Wiley, Chief Financial Officer |
Exhibit 31.1
CERTIFICATION
I, Jared R. Smith, certify that:
1. I have reviewed this Quarterly Report on Form 10-Q
of AMMO, Inc.;
2. Based on my knowledge, this report does not contain
any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances
under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements,
and other financial information included in this report, fairly present in all material respects the financial condition, results of operations
and cash flows of the registrant as of, and for, the periods presented in this report;
4. The registrant’s other certifying officer(s)
and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e)
and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant
and have:
|
a) |
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
|
|
|
|
b) |
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
|
|
|
|
c) |
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
|
|
|
|
d) |
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s fourth fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
5. I have disclosed, based on our most recent evaluation
of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board
of directors (or persons performing the equivalent functions):
|
(a) |
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
|
|
|
|
(b) |
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: August 9, 2023 |
By: |
/s/ Jared R. Smith |
|
Name: |
Jared R. Smith |
|
Title: |
Chief Executive Officer (Principal Executive Officer) |
Exhibit 31.2
CERTIFICATION
I, Robert D. Wiley, certify that:
1. I have reviewed this Quarterly Report on Form 10-Q
of AMMO, Inc.;
2. Based on my knowledge, this report does not contain
any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances
under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements,
and other financial information included in this report, fairly present in all material respects the financial condition, results of operations
and cash flows of the registrant as of, and for, the periods presented in this report;
4. The registrant’s other certifying officer(s)
and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e)
and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant
and have:
|
a) |
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
|
|
|
|
b) |
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
|
|
|
|
c) |
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
|
|
|
|
d) |
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s fourth fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
5. I have disclosed, based on our most recent evaluation
of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board
of directors (or persons performing the equivalent functions):
|
(a) |
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
|
|
|
|
(b) |
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: August 9, 2023 |
By: |
/s/ Robert D. Wiley |
|
Name: |
Robert D. Wiley |
|
Title: |
Chief Financial Officer (Principal Financial Officer) |
EXHIBIT 32.1
CERTIFICATION PURSUANT TO
18 U.S.C. 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with Quarterly Report
of AMMO, Inc. (the “ Company”) on Form 10-Q for the period ended June 30, 2023 as filed with the Securities and Exchange Commission
on the date hereof (the “Report”), the undersigned Jared R. Smith, Chief Executive Officer (Principal Executive Officer) of
the Company, certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
(1) The Quarterly Report fully
complies with the requirements of Section 13a-14(b) or 15d-14(b) of the Securities Exchange Act of 1934; and
(2) The information contained
in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
Date: August 9, 2023 |
By: |
/s/ Jared R. Smith |
|
Name: |
Jared R. Smith |
|
Title: |
Chief Executive Officer (Principal Executive Officer) |
EXHIBIT 32.2
CERTIFICATION PURSUANT TO
18 U.S.C. 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with Quarterly Report
of AMMO, Inc. (the “ Company”) on Form 10-Q for the period ended June 30, 2023 as filed with the Securities and Exchange Commission
on the date hereof (the “Report”), the undersigned, Rob Wiley, Chief Financial Officer (Principal Financial Officer) of the
Company, certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
(1) The Quarterly Report fully
complies with the requirements of Section 13a-14(b) or 15d-14(b) of the Securities Exchange Act of 1934; and
(2) The information contained
in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
Date: August 9, 2023 |
By: |
/s/ Robert D. Wiley |
|
Name: |
Robert D. Wiley |
|
Title: |
Chief Financial Officer (Principal Financial Officer) |
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v3.23.2
Condensed Consolidated Balance Sheets - USD ($)
|
Jun. 30, 2023 |
Mar. 31, 2023 |
Current Assets: |
|
|
Cash and cash equivalents |
$ 47,505,047
|
$ 39,134,027
|
Accounts receivable, net |
21,348,226
|
29,346,380
|
Inventories |
55,924,655
|
54,344,819
|
Prepaid expenses |
5,294,454
|
5,126,667
|
Current portion of restricted cash |
500,000
|
500,000
|
Total Current Assets |
130,572,382
|
128,451,893
|
Property and Equipment, net |
55,923,867
|
55,963,255
|
Other Assets: |
|
|
Deposits |
4,064,582
|
7,028,947
|
Patents, net |
4,909,388
|
5,032,754
|
Other intangible assets, net |
120,583,416
|
123,726,810
|
Goodwill |
90,870,094
|
90,870,094
|
Right of use assets - operating leases |
1,141,418
|
1,261,634
|
TOTAL ASSETS |
408,065,147
|
412,335,387
|
Current Liabilities: |
|
|
Accounts payable |
16,356,614
|
18,079,397
|
Accrued liabilities |
4,641,469
|
4,353,354
|
Current portion of operating lease liability |
421,477
|
470,734
|
Current portion of construction note payable |
277,216
|
260,429
|
Insurance premium note payable |
2,204,293
|
2,118,635
|
Total Current Liabilities |
23,901,069
|
25,463,399
|
Long-term Liabilities: |
|
|
Contingent consideration payable |
119,354
|
140,378
|
Construction note payable, net of unamortized issuance costs |
10,861,510
|
10,922,443
|
Operating lease liability, net of current portion |
825,043
|
903,490
|
Deferred income tax liability |
2,212,448
|
2,309,592
|
Total Liabilities |
37,919,424
|
39,739,302
|
Shareholders’ Equity: |
|
|
Series A cumulative perpetual preferred Stock 8.75%, ($25.00 per share, $0.001 par value) 1,400,000 shares issued and outstanding as of June 30, 2023 and March 31, 2023, respectively |
1,400
|
1,400
|
Common stock, $0.001 par value, 200,000,000 shares authorized 118,952,886 and 118,562,806 shares issued and 117,945,758 and 118,294,478 outstanding at June 30, 2023 and March 31, 2023, respectively |
117,946
|
118,294
|
Additional paid-in capital |
392,813,530
|
391,940,374
|
Accumulated deficit |
(20,808,990)
|
(18,941,825)
|
Treasury stock |
(1,978,163)
|
(522,158)
|
Total Shareholders’ Equity |
370,145,723
|
372,596,085
|
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |
408,065,147
|
412,335,387
|
Related Party [Member] |
|
|
Current Liabilities: |
|
|
Note payable related party |
|
$ 180,850
|
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v3.23.2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares
|
3 Months Ended |
12 Months Ended |
Jun. 30, 2023 |
Mar. 31, 2023 |
Statement of Financial Position [Abstract] |
|
|
Preferred stock, dividend rate, percentage |
8.75%
|
8.75%
|
Preferred stock, stated value per share |
$ 25.00
|
$ 25.00
|
Preferred stock, par value per share |
$ 0.001
|
$ 0.001
|
Preferred stock, shares issued |
1,400,000
|
1,400,000
|
Preferred stock, shares outstanding |
1,400,000
|
1,400,000
|
Common stock, par or stated value per share |
$ 0.001
|
$ 0.001
|
Common stock, shares authorized |
200,000,000
|
200,000,000
|
Common stock, shares issued |
118,952,886
|
118,562,806
|
Common stock, shares outstanding |
117,945,758
|
118,294,478
|
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v3.23.2
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
|
3 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Net Revenues |
|
|
|
Total Revenues |
|
$ 34,254,575
|
$ 60,756,026
|
Cost of Revenues |
|
20,230,035
|
42,620,364
|
Gross Profit |
|
14,024,540
|
18,135,662
|
Operating Expenses |
|
|
|
Selling and marketing |
|
295,581
|
1,908,170
|
Corporate general and administrative |
|
7,947,563
|
5,029,297
|
Employee salaries and related expenses |
|
4,116,280
|
2,785,098
|
Depreciation and amortization expense |
|
3,344,043
|
3,350,356
|
Total operating expenses |
|
15,703,467
|
13,072,921
|
Income/(Loss) from Operations |
|
(1,678,927)
|
5,062,741
|
Other Expenses |
|
|
|
Other income |
|
692,951
|
193,498
|
Interest expense |
|
(204,201)
|
(120,487)
|
Total other expense |
|
488,750
|
73,011
|
Income/(Loss) before Income Taxes |
|
(1,190,177)
|
5,135,752
|
Provision/(benefit) for Income Taxes |
|
(97,144)
|
1,882,725
|
Net Income/(Loss) |
|
(1,093,033)
|
3,253,027
|
Preferred Stock Dividend |
|
(774,132)
|
(774,132)
|
Net Income/(Loss) Attributable to Common Stock Shareholders |
|
$ (1,867,165)
|
$ 2,478,895
|
Net Income/(Loss) per share |
|
|
|
Basic |
|
$ (0.02)
|
$ 0.02
|
Diluted |
|
$ (0.02)
|
$ 0.02
|
Weighted average number of shares outstanding |
|
|
|
Basic |
|
117,713,805
|
116,560,372
|
Diluted |
|
117,713,805
|
117,879,639
|
Ammunition Sales [Member] |
|
|
|
Net Revenues |
|
|
|
Total Revenues |
[1] |
$ 14,106,029
|
$ 40,969,883
|
Marketplace Revenue [Member] |
|
|
|
Net Revenues |
|
|
|
Total Revenues |
|
13,912,202
|
16,504,946
|
Casing Sales [Member] |
|
|
|
Net Revenues |
|
|
|
Total Revenues |
|
$ 6,236,344
|
$ 3,281,197
|
|
|
X |
- DefinitionThe aggregate cost of goods produced and sold and services rendered during the reporting period.
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Condensed Consolidated Statement of Shareholders' Equity (Unaudited) - USD ($)
|
Preferred Stock [Member] |
Common Stock [Member] |
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
Treasury Stock, Common [Member] |
Total |
Beginning balance at Mar. 31, 2022 |
$ 1,400
|
$ 116,487
|
$ 385,426,431
|
$ (11,240,752)
|
|
$ 374,303,566
|
Beginning balance, shares at Mar. 31, 2022 |
1,400,000
|
116,485,747
|
|
|
|
|
Employee stock awards |
|
$ 338
|
1,174,725
|
|
|
1,175,063
|
Employee stock awards, shares |
|
338,375
|
|
|
|
|
Stock grants |
|
|
47,844
|
|
|
47,844
|
Dividends accumulated on preferred stock |
|
|
|
(136,061)
|
|
(136,061)
|
Net income (loss) |
|
|
|
3,253,027
|
|
3,253,027
|
Common stock issued for cashless warrant exercise |
|
$ 99
|
(99)
|
|
|
|
Common stock issued for cashless warrant exercise, shares |
|
99,762
|
|
|
|
|
Preferred stock dividends declared |
|
|
|
(638,071)
|
|
(638,071)
|
Ending balance at Jun. 30, 2022 |
$ 1,400
|
$ 116,924
|
386,648,901
|
(8,761,857)
|
|
378,005,368
|
Ending balance, shares at Jun. 30, 2022 |
1,400,000
|
116,923,884
|
|
|
|
|
Beginning balance at Mar. 31, 2023 |
$ 1,400
|
$ 118,294
|
391,940,374
|
(18,941,825)
|
(522,158)
|
372,596,085
|
Beginning balance, shares at Mar. 31, 2023 |
1,400,000
|
118,294,478
|
|
|
|
|
Employee stock awards |
|
$ 391
|
822,406
|
|
|
822,797
|
Employee stock awards, shares |
|
390,111
|
|
|
|
|
Stock grants |
|
|
50,750
|
|
|
50,750
|
Dividends accumulated on preferred stock |
|
|
|
(136,094)
|
|
(136,094)
|
Preferred stock dividends |
|
|
|
(638,038)
|
|
(638,038)
|
Net income (loss) |
|
|
|
(1,093,033)
|
|
(1,093,033)
|
Treasury shares purchased |
|
(739)
|
|
|
(1,456,005)
|
$ (1,456,744)
|
Treasury shares purchased, shares |
|
|
|
|
|
(738,831)
|
Ending balance at Jun. 30, 2023 |
$ 1,400
|
$ 117,946
|
$ 392,813,530
|
$ (20,808,990)
|
$ (1,978,163)
|
$ 370,145,723
|
Ending balance, shares at Jun. 30, 2023 |
1,400,000
|
117,945,758
|
|
|
|
|
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v3.23.2
Condensed Consolidated Statements of Cash Flow (Unaudited) - USD ($)
|
3 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Cash flows from operating activities: |
|
|
Net Income/(Loss) |
$ (1,093,033)
|
$ 3,253,027
|
Adjustments to reconcile Net Loss to Net Cash provided by operations: |
|
|
Depreciation and amortization |
4,620,087
|
4,300,123
|
Debt discount amortization |
20,813
|
20,813
|
Employee stock awards |
822,797
|
1,175,063
|
Stock grants |
50,750
|
47,844
|
Contingent consideration payable fair value |
(21,024)
|
(1,302)
|
Allowance for doubtful accounts |
909,717
|
711,372
|
Reduction in right of use asset |
120,216
|
208,506
|
Deferred income taxes |
(97,144)
|
500,964
|
Changes in Current Assets and Liabilities |
|
|
Accounts receivable |
7,088,437
|
4,246,175
|
Due from related parties |
|
(1,544,000)
|
Inventories |
(1,579,836)
|
(5,572,096)
|
Prepaid expenses |
888,412
|
882,620
|
Deposits |
2,964,365
|
(493,982)
|
Accounts payable |
(1,722,783)
|
(3,009,351)
|
Accrued liabilities |
152,021
|
697,799
|
Operating lease liability |
(127,704)
|
(211,082)
|
Net cash provided by operating activities |
12,996,091
|
5,212,493
|
Cash flows from investing activities: |
|
|
Purchase of equipment |
(1,313,939)
|
(5,264,863)
|
Net cash used in investing activities |
(1,313,939)
|
(5,264,863)
|
Cash flow from financing activities: |
|
|
Proceeds from factoring liability |
14,610,314
|
24,700,000
|
Payments on factoring liability |
(14,610,314)
|
(24,957,645)
|
Payments on inventory facility, net |
|
(733,343)
|
Payments on note payable - related party |
(180,850)
|
(165,264)
|
Payments on insurance premium note payment |
(970,541)
|
(533,673)
|
Proceeds from construction note payable |
|
1,000,000
|
Payments on construction note payable |
(64,959)
|
|
Preferred stock dividends paid |
(638,038)
|
(638,071)
|
Common stock repurchase plan |
(1,456,744)
|
|
Net cash used in financing activities |
(3,311,132)
|
(1,327,996)
|
Net increase/(decrease) in cash |
8,371,020
|
(1,380,366)
|
Cash and restricted cash, beginning of period |
39,634,027
|
23,281,475
|
Cash and restricted cash, end of period |
48,005,047
|
21,901,109
|
Cash paid during the period for: |
|
|
Interest |
184,385
|
100,876
|
Non-cash investing and financing activities: |
|
|
Insurance premium note payment |
1,056,199
|
2,035,519
|
Dividends accumulated on preferred stock |
(136,094)
|
(136,061)
|
Construction note payable |
|
$ 4,800,358
|
X |
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v3.23.2
ORGANIZATION AND BUSINESS ACTIVITY
|
3 Months Ended |
Jun. 30, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
ORGANIZATION AND BUSINESS ACTIVITY |
NOTE 1 – ORGANIZATION AND BUSINESS ACTIVITY
We were formed under the name
Retrospettiva, Inc. in November 1990 to manufacture and import textile products, including both finished garments and fabrics. We were
inactive until the following series of events in December 2016 and March 2017.
On December 15, 2016, the Company’s
majority shareholders sold their common stock to Mr. Fred W. Wagenhals (“Mr. Wagenhals”) resulting in a change in control
of the Company. Mr. Wagenhals was appointed as sole officer and the sole member of the Company’s Board of Directors.
The Company also approved (i)
doing business in the name AMMO, Inc., (ii) a change to the Company’s OTC trading symbol to POWW, (iii) an agreement and plan of
merger to re-domicile and change the Company’s state of incorporation from California to Delaware, and (iv) a 1-for-25 reverse stock
split of the issued and outstanding shares of the common stock of the Company. These transactions were effective as of December 30, 2016.
On March 17, 2017, the Company
entered into a definitive agreement with AMMO, Inc. a Delaware Corporation (“PRIVCO”) under which the Company acquired all of the outstanding
shares of common stock of PRIVCO. PRIVCO subsequently changes its name to AMMO Munitions, Inc.
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v3.23.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|
3 Months Ended |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES
Accounting Basis
The accompanying unaudited condensed
consolidated financial statements and related disclosures included in this Quarterly Report on Form 10-Q have been prepared in accordance
with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and reflect all adjustments, which
consist solely of normal recurring adjustments, needed to fairly present the financial results for these periods. Additionally, these
condensed consolidated financial statements and related disclosures are presented pursuant to the rules and regulations of the Securities
Exchange Commission (“SEC”).
The accompanying condensed consolidated
financial statements should be read in conjunction with the audited consolidated financial statements and related disclosures contained
in the Company’s Annual Report filed with the SEC on Form 10-K for the year ended March 31, 2023. The results for the three month
period ended June 30, 2023 are not necessarily indicative of the results that may be expected for the entire fiscal year. Accordingly,
certain information and note disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been omitted
pursuant to the rules and regulations of the SEC. In the opinion of management, all adjustments have been made, which consist only of
normal recurring adjustments necessary for a fair statement of (a) the results of operations for the three month periods ended June 30,
2023 and 2022, (b) the financial position at June 30, 2023, and (c) cash flows for the three month periods ended June 30, 2023 and 2022.
AMMO, Inc.
NOTES TO CONDENSED CONSOLIDATED
FINANCIAL STATEMENTS
We use the accrual basis of accounting
and U.S. GAAP and all amounts are expressed in U.S. dollars. The Company has a fiscal year-end of March 31st.
Unless the context otherwise requires,
all references to “Ammo”, “we”, “us”, “our,” or the “Company” are to AMMO,
Inc., a Delaware corporation, and its consolidated subsidiaries.
Principles of Consolidation
The condensed consolidated financial
statements include the accounts of AMMO, Inc. and its wholly owned subsidiaries. All significant intercompany accounts and transactions
are eliminated in consolidation.
Use of Estimates
The preparation of financial statements
in conformity with U.S. GAAP requires us to make estimates and assumptions that affect the amounts of assets and liabilities and disclosure
of contingent assets and liabilities at the date of the balance sheet and reported amounts of revenue and expenses during the reporting
period. Actual results could differ from those estimates. Significant estimates made in preparing the condensed consolidated financial
statements include the valuation of allowances for credit losses, valuation of deferred tax assets, inventories, useful lives of assets,
goodwill, intangible assets, stock-based compensation and warrant-based compensation.
Critical Accounting Policies
A summary of our critical accounting
policies is included in our Annual Report on Form 10-K for the year ended March 31, 2023, under “Management’s Discussion and
Analysis of Financial Condition and Results of Operations.” We adopted ASU No. 2016-13, “Financial
Instruments-Credit Losses (Topic 326) and ASU 2022-03, “Fair Value Measurement of Equity Securities Subject to Contractual Sale
Restrictions” in the current period. These policy changes did not result in a material effect on the Company’s financial statements.
There have been no other significant changes to these policies during the three months ended June 30, 2023. For disclosure regarding
recent accounting pronouncements and the anticipated impact they will have on our operations, please refer to Note 2 to the consolidated
financial statements included in our Annual Report on Form 10-K for the year ended March 31, 2023.
Goodwill
We
evaluate goodwill for impairment annually or more frequently when an event occurs or circumstances change that would more likely than
not reduce the fair value of the reporting unit below its carrying amount. In testing for goodwill impairment, we may elect to utilize
a qualitative assessment to evaluate whether it is more likely than not that the fair value of a reporting unit is less than its carrying
amount. If our qualitative assessment indicates that goodwill impairment is more likely than not, we perform a two-step impairment test.
We test goodwill for impairment under the two-step impairment test by first comparing the book value of net assets to the fair value of
the reporting unit. If the fair value is determined to be less than the book value or qualitative factors indicate that it is more likely
than not that goodwill is impaired, a second step is performed to compute the amount of impairment as the difference between the estimated
fair value of goodwill and the carrying value. We estimate the fair value of the reporting units using discounted cash flows. Forecasts
of future cash flows are based on our best estimate of future net sales and operating expenses, based primarily on expected category expansion,
pricing, market segment share, and general economic conditions. Due to the declines in the value of our stock price and market capitalization,
we assessed qualitative factors to determine if it is more likely than not that the fair value of the Marketplace segment is less than
its carrying amount. Through our analysis we determined our stock price and market capitalization decline it is not indicative of a decrease
in the fair value of our Marketplace segment and a fair value calculation using the discounted cash flows was more appropriate due to
the operational performance of the reporting segment. Accordingly, the impairment of Goodwill was not warranted for the three months ended
June 30, 2023. As of June 30, 2023, the Company has a goodwill carrying value of $90,870,094, all of which is assigned to the Marketplace
segment. However, due to declines in the value of the Company’s common stock and market capitalization, it is possible that the
book values of our Marketplace segment could exceed its fair value, which may result in the recognition of a material, noncash impairment
of goodwill for the year ending March 31, 2024.
AMMO, Inc.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Accounts Receivable and Allowance for Credit Losses
Our accounts receivable represents
amounts due from customers for products sold and include an allowance for estimated credit losses which is estimated based on the collectability
and age of the accounts receivable balances and categorization of customers with similar financial condition. At June 30, 2023 and March
31, 2023, we reserved $4,229,537 and $3,246,551, respectively, of allowance for doubtful accounts.
Restricted Cash
We consider cash to be restricted
when withdrawal or general use is legally restricted. Our restricted cash balance is comprised of cash on deposit with banks to secure
the Construction Note Payable as discussed in Note 10. We report restricted cash in the Consolidated Balance Sheets as current or non-current
classification based on the expected duration of the restriction.
License Agreements
We are a party to a license agreement
with Jesse James, a well-known motorcycle designer, and Jesse James Firearms, LLC, a Texas limited liability company. The license agreement
grants us the exclusive worldwide rights through April 12, 2026 to Mr. James’ image rights and trademarks associated with him in
connection with the marketing, promotion, advertising, sale, and commercial exploitation of Jesse James Branded Products. We agreed to
pay Mr. James royalty fees on the sale of ammunition and non-ammunition Branded Products and to reimburse him for any out-of-pocket expenses
and reasonable travel expenses.
Patents
On September 28, 2017, AMMO Technologies
Inc. (“ATI”), an Arizona corporation, which is 100% owned by us, merged with Hallam, Inc, a Texas corporation, with ATI being
the survivor. The primary asset of Hallam, Inc. was an exclusive license to produce projectiles and ammunition using the Hybrid Luminescence
Ammunition Technology under patent U.S. 8,402,896 B1 with a publication date of March 26, 2013 owned by the University of Louisiana at
Lafayette. The license was formally amended and assigned to AMMO Technologies Inc. pursuant to an Assignment and First Amendment to Exclusive
License Agreement. Assumption Agreement dated to be effective as of August 22, 2017, the Merger closing date. This asset will be amortized
from September 2017, the first full month of the acquired rights, through October 29, 2028.
Under the terms of the Exclusive
License Agreement, the Company is obligated to pay a quarterly royalty to the patent holder, based on a $0.01 per unit basis for each
round of ammunition sold that incorporates this patented technology through October 29, 2028. For the three months ended June 30, 2023
and 2022, the Company recognized royalty expenses of $5,060 and $44,044, respectively under this agreement.
AMMO, Inc.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
On October 5, 2018, we completed
the acquisition of SW Kenetics Inc. ATI succeeded all of the assets of SW Kenetics, Inc. and assumed all of the liabilities.
The primary asset of SW Kenetics
Inc. was a pending patent for modular projectiles. All rights to patent pending application were assigned and transferred to AMMO Technologies,
Inc. pursuant to Intellectual Property Rights Agreement on September 27, 2018.
We intend to continue building
our patent portfolio to protect our proprietary technologies and processes, and will file new applications where appropriate to preserve
our rights to manufacture and sell our branded lines of ammunition.
Other Intangible Assets
On March 15, 2019, Enlight Group
II, LLC d/b/a Jagemann Munition Components, a wholly owned subsidiary of AMMO, Inc., completed its acquisition of assets of Jagemann Stamping
Company’s ammunition casing manufacturing and sales operations pursuant to the terms of the Amended and Restated Asset Purchase
Agreement. The intangible assets acquired include a tradename, customer relationships, and intellectual property.
On April 30, 2021, we entered
into an agreement and plan of merger (the “Merger Agreement”), by and among the Company, SpeedLight Group I, LLC, a Delaware
limited liability company and a wholly owned subsidiary of the Company and Gemini Direct Investments, LLC, a Nevada limited liability
company. Whereby SpeedLight Group I, LLC merged with and into Gemini Direct Investments, LLC, with SpeedLight Group I, LLC surviving the
merger as a wholly owned subsidiary of the Company. At the time of the Merger, Gemini Direct Investments, LLC had nine (9) subsidiaries,
all of which are related to Gemini’s ownership of Gunbroker.com, an online auction marketplace dedicated to firearms, hunting, shooting,
and related products. The intangible assets acquired include a tradename, customer relationships, intellectual property, software and
domain names.
Impairment of Long-Lived Assets
We continually monitor events
and changes in circumstances that could indicate carrying amounts of long-lived assets may not be recoverable. When such events or changes
in circumstances are present, we assess the recoverability of long-lived assets by determining whether the carrying value of such assets
will be recovered through undiscounted expected future cash flows. If the total of the future cash flows is less than the carrying amount
of those assets, we recognize an impairment loss based on the excess of the carrying amount over the fair value of the assets. Assets
to be disposed of are reported at the lower of the carrying amount or the fair value less costs to sell. No impairment expense was recognized
for the three months ended June 30, 2023 and 2022.
Revenue Recognition
We generate revenue from the production
and sale of ammunition, ammunition casings, and marketplace fee revenue, which includes auction revenue, payment processing revenue, and
shipping income. We recognize revenue according to Accounting Standard Codification – Revenue from Contract with Customers (“ASC
606”). When the customer obtains control over the promised goods or services, we record revenue in the amount of consideration that
we can expect to receive in exchange for those goods and services. We apply the following five-step model to determine revenue recognition:
|
● |
Identification of a contract with a customer |
|
● |
Identification of the performance obligations in the contact |
|
● |
Determination of the transaction price |
|
● |
Allocation of the transaction price to the separate performance allocation |
|
● |
Recognition of revenue when performance obligations are satisfied |
AMMO, Inc.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
We only apply the five-step model
when it is probable that we will collect the consideration we are entitled to in exchange for the goods or services transferred to the
customer. At contract inception and once the contract is determined to be within the scope of ASC 606, we assess the goods or services
promised within each contract and determine those that are performance obligations, and assess whether each promised good or service is
distinct.
For Ammunition Sales and Casing
Sales, our contracts contain a single performance obligation and the entire transaction price is allocated to the single performance obligation.
We recognize as revenues the amount of the transaction price that is allocated to the respective performance obligation when the performance
obligation is satisfied or as it is satisfied. Accordingly, we recognize revenues (net) when the customer obtains control of our product,
which typically occurs upon shipment of the product or the performance of the service. In the year ended March 31, 2021, we began accepting
contract liabilities or deferred revenue. We included Deferred Revenue in our Accrued Liabilities. We will recognize revenue when the
performance obligation is met.
For Marketplace revenue, the performance
obligation is satisfied, and revenue is recognized as follows:
Auction revenue consists of optional
listing fees with variable pricing components based on customer options selected from the GunBroker website and final value fees based
on a percentage of the final selling price of the listed item. The performance obligation is to process the transactions as initiated
by the customer. Revenue is recognized at a point in time when the transaction is processed.
Payment processing revenue consists
of fees charged to customers on a transactional basis. The performance obligation is to process the transactions as initiated by the customer.
The price is set by the GunBroker user agreement on the website based on stand-alone selling prices. Revenue is recognized at a point
in time when the transaction is processed.
Shipping income consists of fees
charged to customers for shipping of sold items listed on the GunBroker website. The performance obligation is to ship the item sold as
initiated by the customer. The price is set based on the third-party service provider selected to be used by the customer as well as the
speed and location of shipment. Revenue is recognized at a point in time when the shipping label is printed.
Banner Advertising Campaign Revenue
consists of fees charged to customers for advertisement placement and impressions generated through the GunBroker website. The performance
obligation is to generate the number of impressions specified by the customer on banner advertisements on the GunBroker website using
the placement selected by the customer. The price is set by the GunBroker user agreement on the website based on standalone selling prices,
or by advertising insertion order as negotiated by media broker. If the number of impressions promised is not generated, the customer
receives a refund and the refund is applied to the transaction price. Banner advertising campaigns generally run for one month, and revenue
is recognized at a point in time at the end of the selected month.
Product Sales consists of fees
charged for the liquidation of excess inventory for partner distributors. The performance obligation is to sell and ship the inventory
item as initiated by the customer. The price depends on whether the inventory is a fixed price item or an auction item. For a fixed price
item, the Company performs research to determine the current market rate for such an item, and the item is listed at that price. For an
auction item, the price is set by what the buyer is willing to pay. The Company acts as a principal in these transactions due to the extent
of control they have over the product prior to the sale. Due to the principal determination, gross revenue is recognized at a point in
time when the item has been shipped.
AMMO, Inc.
NOTES TO CONDENSED CONSOLIDATED
FINANCIAL STATEMENTS
Identity Verification consists
of fees charged to customers for identity verification in order to gain access to the GunBroker website. The performance obligation is
to process the identity verification as initiated by the customer. The price is set by the GunBroker user agreement on the website based
on a stand-alone selling price. Revenue is recognized at a point in time when the identity verification is completed.
For the three months ended June
30, 2023, the Company’s customers that comprised more than ten percent (10%) of total revenues and accounts receivable were as follows:
SCHEDULE OF
CONCENTRATION OF RISKS
| |
Revenues at June 30, 2023 | | |
Accounts Receivable | |
PERCENTAGES | |
Three Months Ended | | |
June 30, 2023 | | |
March 31, 2023 | |
| |
| | |
| | |
| |
Customers: | |
| | | |
| | | |
| | |
A | |
| 10.1 | % | |
| 16.6 | % | |
| - | |
| |
| 10.1 | % | |
| 16.6 | % | |
| - | |
Disaggregated Revenue Information
The following table represents
a disaggregation of revenue from customers by category. We attribute net sales to categories by product or services types; ammunition,
ammunition casings, and marketplace fees. We note that revenue recognition processes are consistent between product and service type,
however, the amount, timing and uncertainty of revenue and cash flows may vary by each product type due to the customers of each product
and service type.
SCHEDULE OF
DISAGGREGATED REVENUE FROM CUSTOMERS BY SEGMENT
| |
June 30, 2023 | | |
June 30, 2022 | |
| |
For the Three Months Ended | |
| |
June 30, 2023 | | |
June 30, 2022 | |
Ammunition sales | |
$ | 14,106,029 | | |
$ | 40,969,883 | |
Marketplace fee revenue | |
| 13,912,202 | | |
| 16,504,946 | |
Ammunition casings sales | |
| 6,236,344 | | |
| 3,281,197 | |
Total Revenues | |
$ | 34,254,575 | | |
$ | 60,756,026 | |
Ammunition products are sold through
“Big Box” retailers, manufacturers, local ammunition stores, and shooting range operators. We also sell directly to customers
online. In contrast, our ammunition casings products are sold to manufacturers. Marketplace fees are generated through our GunBroker.com
online auction marketplace.
Advertising Costs
We expense advertising costs as
they are incurred in selling and marketing expenses of operating expenses. Marketplace advertising costs are expensed as they are incurred
in cost of revenues. We incurred advertising expenses of $119,638 and $550,447 for the three months ended June 30, 2023 and 2022, respectively,
recognized in selling and marketing expenses and $138,657 and $182,104 of marketplace advertising expenses recognized in cost of revenues
for the three months ended June 30, 2023 and 2022, respectively.
Fair Value of Financial Instruments
Fair value estimates discussed
herein are based upon certain market assumptions and pertinent information available to us as of June 30, 2023. The respective carrying
value of certain on-balance-sheet financial instruments approximated their fair value. These financial instruments include cash, accounts
receivable, accounts payable, amounts due to related parties, factoring liability, and the construction note payable. Fair values were
assumed to approximate carrying values because they are short term in nature and their carrying amounts approximate fair values or they
are payable on demand.
Inventories
We state inventories at the lower
of cost or net realizable value. We determine cost using the average cost method. Our inventory consists of raw materials, work in progress,
and finished goods. Cost of inventory includes cost of parts, labor, quality control, and all other costs incurred to bring our inventories
to condition ready to be sold. We periodically evaluate and adjust inventories for obsolescence.
AMMO, Inc.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Property and Equipment
We state property and equipment
at cost, less accumulated depreciation. We capitalize major renewals and improvements, while we charge minor replacements, maintenance,
and repairs to current operations. We compute depreciation by applying the straight-line method over estimated useful lives, which are
generally five to ten years.
Compensated Absences
We accrue a liability for compensated
absences in accordance with Accounting Standards Codification 710 – Compensation – General (“ASC 710”).
Research and Development
To date, we have expensed all
costs associated with developing our product specifications, manufacturing procedures, and products through our cost of products sold,
as this work was done by the same employees who produced the finished product. We anticipate that it may become necessary to reclassify
research and development costs into our operating expenditures for reporting purposes as we begin to develop new technologies and lines
of ammunition.
Stock-Based Compensation
We account for stock-based compensation
at fair value in accordance with Accounting Standards Codification 718 – Compensation – Stock Compensation (“ASC 718”).
Which requires the measurement and recognition of compensation expense for all share-based payment awards to employees and directors.
On April 1, 2023 we adopted ASU 2022-03, “Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions”.
Accordingly, stock based compensation is valued using market value of our Common Stock. Stock-based compensation is recognized on a straight
line basis over the vesting periods and forfeitures are recognized in the periods they occur. There were 390,111 and 338,375 shares of
common stock issued to employees, members of the Board of Directors, and members of our advisory committee for services during the three
months ended June 30, 2023 and June 30, 2022, respectively.
Concentrations of Credit Risk
Accounts at banks are insured
by the Federal Deposit Insurance Corporation (“FDIC”) up to $250,000. As of June 30, 2023, our bank account balances exceeded
federally insured limits.
Income Taxes
We file federal and state income
tax returns in accordance with the applicable rules of each jurisdiction. We account for income taxes under the asset and liability method
in accordance with Accounting Standards Codification 740 – Income Taxes (“ASC 740”). The provision for income taxes
includes federal, state, and local income taxes currently payable, and deferred taxes. We recognize deferred tax assets and liabilities
for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities
and their respective tax basis. We measure deferred tax assets and liabilities using enacted tax rates expected to apply to taxable amounts
in years in which those temporary differences are expected to be recovered or settled. If it is more likely than not that some portion
or all of a deferred tax asset will not be realized, a valuation allowance is recognized. In accordance with ASC 740, we recognize the
effect of income tax positions only if those positions are more likely than not of being sustained. We measure recognized income tax positions
at the largest amount that is greater than 50% likely of being realized. We reflect changes in recognition or measurement in the period
in which the change in judgment occurs.
Excise Tax
As a result of regulations imposed
by the Federal Government for sales of ammunition to non-government U.S. entities, we charge and collect an 11% excise tax for all products
sold into these channels. During the three months ended June 30, 2023 and 2022, we recognized approximately $1.2 million and $3.7 million,
respectively, in excise taxes. For ease in selling to commercial markets, excise tax is included in our unit price for the products sold.
We record this through net sales and expense the offsetting tax expense to cost of goods sold.
AMMO, Inc.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Contingencies
Certain conditions may exist as
of the date the consolidated financial statements are issued that may result in a loss to us but will only be resolved when one or more
future events occur or fail to occur. We assess such contingent liabilities, and such assessment inherently involves an exercise of judgment.
In assessing loss contingencies related to legal proceedings that are pending against us or unasserted claims that may result in such
proceedings, we evaluate the perceived merits of any legal proceedings or unasserted claims and the perceived merits of the amount of
relief sought or expected to be sought therein.
If the assessment of a contingency
indicates that it is probable that a material loss has been incurred and the amount of the liability is reasonably estimated, the estimated
liability would be accrued in our condensed consolidated financial statements. If the assessment indicates that a potentially material
loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent
liability, together with an estimate of range of possible loss if determinable and material, would be disclosed.
AMMO is defending two contract
arbitration cases adverse former employees that are presently in discovery, one involving an employee terminated for cause and the second
action involving a termination without cause wherein the former employee is seeking contract wages, commissions and allegedly earned common
stock. Discovery is almost completed in the first case and the arbitration is scheduled to take place at the end of July 2023 in the first
matter. While discovery continues, the Company received a favorable ruling on a partial motion for summary judgment in the “for
cause” arbitration case wherein the arbitrator ruled the employee had stolen funds and thus granted the Company’s dispositive
motion. Discovery continues at this time with a fall 2023 arbitration date currently set.
The Company also received notice
in October that an OSHA whistleblower complaint had been filed with the US Department of Labor by an employee that had been terminated
for cause. The regulatory filing was received after AMMO refused to capitulate to the former employee’s demands. AMMO has produced
documents and submitted its position statement to OSHA and the matter is currently pending at the agency level. AMMO uncovered additional
information through work with counsel and investigators and a supplemental response was provided to OHSA on or about July 10, 2023.
On April 30, 2023, Director and
Shareholder Steve Urvan filed suit in the Delaware Chancery Court against the Company, certain Directors, former directors, employees,
former employees and consultants, seeking rescission of the Company’s acquisition of GunBroker.com and certain affiliated companies.
Plaintiff Urvan’s claims include rescission, misrepresentation and fraud. The Company received a declination of coverage from one
insurer and is investigating additional available actions with counsel concerning that opinion, while continued pursuit of other available
coverage concerning a separate policy. The Company and named defendants are in alignment in all respects, reasonably believe at this date
that the claims are without merit and the Company has engaged Delaware Chancery Court litigation specialists to defend its interests in
all respects in this case. The Company timely responded to the Urvan Complaint via the filing of a Motion to Dismiss which, if successful
in full, will result in the complete dismissal of the Urvan lawsuit, at which time the Company will pursue recovery of all incurred fees
and costs. There were no other known contingencies at June 30, 2023.
AMMO, Inc.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
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v3.23.2
INCOME PER COMMON SHARE
|
3 Months Ended |
Jun. 30, 2023 |
Net Income/(Loss) per share |
|
INCOME PER COMMON SHARE |
NOTE 3 – INCOME PER COMMON SHARE
We calculate basic income per
share using the weighted-average number of shares of common stock outstanding during each reporting period. Diluted loss per share includes
potentially dilutive securities, such as outstanding options and warrants. We use the treasury stock method, in the determination of dilutive
shares outstanding during each reporting period. We have issued warrants to purchase 2,256,296 shares of common stock. Due to the net
loss attributable to common shareholders for the three months ended June 30, 2023, potentially dilutive securities, which consists of
911 warrants and 9,090 equity incentive awards were excluded, as a result of the treasury stock method, from the dilutive EPS calculation
as the effect would be antidilutive. For the three months ended June 30, 2022, 150,000 warrants were excluded, as a result of the treasury
stock method, from the dilutive EPS calculation as the effect would be antidilutive.
SCHEDULE OF INCOME/(LOSS) PER COMMON SHARE
| |
2023 | | |
2022 | |
| |
For the Three Months Ended June 30, | |
| |
2023 | | |
2022 | |
| |
| | |
| |
Numerator: | |
| | | |
| | |
Net income/(loss) | |
$ | (1,093,033 | ) | |
$ | 3,253,027 | |
Less: Preferred stock dividends | |
| (774,132 | ) | |
| (774,132 | ) |
Net income attributable to common stockholders | |
$ | (1,867,165 | ) | |
$ | 2,478,895 | |
| |
| | | |
| | |
Denominator: | |
| | | |
| | |
Weighted average shares of common stock - basic | |
| 117,713,805 | | |
| 116,560,372 | |
Effect of dilutive common stock purchase warrants | |
| - | | |
| 1,287,280 | |
Effect of dilutive equity incentive awards | |
| - | | |
| 31,987 | |
Weighted average shares
of common stock - Diluted | |
| 117,713,805 | | |
| 117,879,639 | |
| |
| | | |
| | |
Basic earnings per share: | |
| | | |
| | |
Income/(loss) per share attributable to common stockholders - basic | |
$ | (0.02 | ) | |
$ | 0.02 | |
| |
| | | |
| | |
Diluted earnings per share: | |
| | | |
| | |
Income/(loss) per share attributable to common stockholders - diluted | |
$ | (0.02 | ) | |
$ | 0.02 | |
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v3.23.2
INVENTORIES
|
3 Months Ended |
Jun. 30, 2023 |
Inventory Disclosure [Abstract] |
|
INVENTORIES |
NOTE 4 – INVENTORIES
At June 30, 2023 and March 31,
2023, the inventory balances are composed of:
SCHEDULE OF INVENTORIES
| |
June
30, 2023 | | |
March
31, 2023 | |
Finished product | |
$ | 18,663,314 | | |
$ | 14,362,514 | |
Raw materials | |
| 22,004,128 | | |
| 23,898,596 | |
Work in process | |
| 15,257,213 | | |
| 16,083,709 | |
Inventory net | |
$ | 55,924,655 | | |
$ | 54,344,819 | |
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v3.23.2
PROPERTY AND EQUIPMENT
|
3 Months Ended |
Jun. 30, 2023 |
Property, Plant and Equipment [Abstract] |
|
PROPERTY AND EQUIPMENT |
NOTE 5 – PROPERTY AND EQUIPMENT
We state equipment at historical
cost less accumulated depreciation. We compute depreciation using the straight-line method at rates intended to depreciate the cost of
assets over their estimated useful lives, which are generally five to ten years. Upon retirement or sale of property and equipment, we
remove the cost of the disposed assets and related accumulated depreciation from the accounts and any resulting gain or loss is credited
or charged to other income. We charge expenditures for normal repairs and maintenance to expense as incurred.
We capitalize additions and expenditures
for improving or rebuilding existing assets that extend the useful life. Leasehold improvements made either at the inception of the lease
or during the lease term are amortized over the shorter of their economic lives or the lease term including any renewals that are reasonably
assured.
AMMO, Inc.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Property and Equipment consisted
of the following at June 30, 2023 and March 31, 2023:
SCHEDULE OF PROPERTY AND EQUIPMENT
| |
June 30, 2023 | | |
March 31, 2023 | |
Leasehold Improvements | |
$ | 257,009 | | |
$ | 257,009 | |
Building | |
| 28,980,156 | | |
| 28,623,329 | |
Furniture and Fixtures | |
| 384,650 | | |
| 384,650 | |
Vehicles | |
| 153,255 | | |
| 153,254 | |
Equipment | |
| 40,979,806 | | |
| 40,233,186 | |
Tooling | |
| 143,710 | | |
| 143,710 | |
Construction in Progress | |
| 945,272 | | |
| 734,781 | |
Total property and equipment | |
$ | 71,843,858 | | |
$ | 70,529,919 | |
Less accumulated depreciation | |
| (15,919,991 | ) | |
| (14,566,664 | ) |
Net property and equipment | |
$ | 55,923,867 | | |
$ | 55,963,255 | |
Depreciation Expense for the three
months ended June 30, 2023 and 2022 totaled $1,353,327, and $1,033,363, respectively. Of these totals,
$1,152,678 and $826,401 were included in cost of goods sold for the three months ending June 30, 2023 and 2022. Additionally, $200,648
and $206,962 were included in depreciation and amortization expenses in operating expenses.
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v3.23.2
FACTORING LIABILITY
|
3 Months Ended |
Jun. 30, 2023 |
Factoring Liability |
|
FACTORING LIABILITY |
NOTE 6 – FACTORING LIABILITY
On July 1, 2019,
we entered into a Factoring and Security Agreement with Factors Southwest, LLC (“FSW”). FSW may purchase from time to time
the Company’s Accounts Receivables with recourse on an account by account basis. The twenty-four month agreement contains a maximum
advance amount of $5,000,000
on 85%
of eligible accounts and has an annualized interest rate of the Prime Rate published from time to time by the Wall Street Journal plus
4.5%.
The agreement contains a fee of 3%
($150,000)
of the Maximum Facility assessed to the Company. Our obligations under this agreement are secured by present and future accounts receivables
and related assets, inventory, and equipment. The Company has the right to terminate the agreement, with 30 days written notice, upon
obtaining a non-factoring credit facility. This agreement provides the Company with the ability to convert our account receivables into
cash. We did not have an outstanding
balance on our Factoring liability as of June 30, 2023. For the three months ended June 30, 2023, interest expense recognized
on the Factoring Liability was $45,385.
For the three months ended June 30, 2022, interest expense recognized on the Factoring Liability was $59,816
including $37,500 of amortization
of the commitment fee.
On June 17, 2021, this agreement
was amended which extended the maturity date to June 17, 2024.
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v3.23.2
INVENTORY CREDIT FACILITY
|
3 Months Ended |
Jun. 30, 2023 |
Inventory Credit Facility |
|
INVENTORY CREDIT FACILITY |
NOTE 7 – INVENTORY CREDIT FACILITY
On June 17, 2020, we entered into
a Revolving Inventory Loan and Security Agreement with FSW. FSW will establish a revolving credit line, and make loans from time to time
to the Company for the purpose of providing capital. The twenty-four month agreement secured by our inventory, among other assets, contains
a maximum loan amount of $1,750,000 on eligible inventory and has an annualized interest rate of the greater of the three-month LIBOR
rate plus 3.09% or 8%. The agreement contains a fee of 2% of the maximum loan amount ($35,000) assessed to the Company. On July 31, 2020,
the Company amended its Revolving Loan and Security Agreement to increase the maximum inventory loan amount to $2,250,000. As of June
30, 2023, there was no outstanding balance of the Inventory Credit Facility. There was no interest expense for the three months ended
June 30, 2023. Interest expense recognized on the Inventory Credit Facility was $5,142 for the three months ended June 30, 2022.
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v3.23.2
LEASES
|
3 Months Ended |
Jun. 30, 2023 |
Leases |
|
LEASES |
NOTE 8 – LEASES
We lease office, manufacturing,
and warehouse space in Scottsdale, AZ, Atlanta and Marietta, GA, and Manitowoc, WI under contracts we classify as operating leases. None
of our leases are financing leases. The Scottsdale lease does not include a renewal option. We terminated our lease agreement in our first
Manitowoc, WI location during the year ended March 31, 2023. Accordingly, we decreased our Right of Use Assets and Operating Lease Liabilities
by $901,076.
As of June 30, 2023 and March
31, 2023, total Right of Use Assets were $1,141,418 and $1,261,634, respectively. As of June 30, 2023 and March 31, 2023, total Operating
Lease Liabilities were $1,246,520 and $1,374,224, respectively. The current portion of our Operating Lease Liability on June 30, 2023
and March 31, 2023 is $421,477 and $470,734, respectively, and is reported as a current liability. The remaining $825,043 of the total
$1,246,520 as of June 30, 2023 and the $903,490 of the total $1,374,224 as of March 31, 2023 of the Operating
Lease Liability is presented as a long-term liability net of the current portion.
AMMO, Inc.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Consolidated
lease expense for the three months ended June 30, 2023 was $167,609
including $160,758
of operating lease expense
and $6,851 of
other lease associated expenses such as association dues, taxes, utilities, and other month to month rentals. Consolidated lease expense
for the three months ended June 30, 2022 was $283,233
including $282,058
of operating lease expense
and $1,175 of
other lease associated expenses such as association dues, taxes, utilities, and other month to month rentals.
The weighted average remaining
lease term and weighted average discount rate for operating leases were 3.1 years and 10.0%, respectively.
Future minimum lease payments
under non-cancellable leases as of June 30, 2023 are as follows:
SCHEDULE OF FUTURE MINIMUM LEASE PAYMENTS UNDER NON-CANCELLABLE LEASES
Years Ended March 31, | |
| |
2024 (1) | |
$ | 423,011 | |
2025 | |
| 387,214 | |
2026 | |
| 351,962 | |
2027 | |
| 257,508 | |
2028 | |
| 43,660 | |
Thereafter | |
| - | |
Total Lease Payments | |
| 1,463,355 | |
Less: Amount Representing Interest | |
| (216,835 | ) |
Present
value of lease liabilities | |
$ | 1,246,520 | |
|
(1) |
This amount represents future lease payments for the remaining nine months of fiscal year 2024. It does not include any lease payments for the three months ended June 30, 2023. |
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v3.23.2
NOTES PAYABLE – RELATED PARTY
|
3 Months Ended |
Jun. 30, 2023 |
Debt Disclosure [Abstract] |
|
NOTES PAYABLE – RELATED PARTY |
NOTE 9 – NOTES PAYABLE – RELATED PARTY
For the three months ended June
30, 2023, the Company made $180,850 in principal payments, respectively, in connection with the Amended Note B, an amended related party
note payable with Jagemann Stamping Company (“JSC”). We entered into the Amended Note B with JSC on November 4, 2020 and the
note matured on June 26, 2023. We recognized $1,788 and $18,652 in respective interest expenses for the three months ended June 30, 2023
and 2022, respectively.
AMMO, Inc.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
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v3.23.2
CONSTRUCTION NOTE PAYABLE
|
3 Months Ended |
Jun. 30, 2023 |
Construction Note Payable |
|
CONSTRUCTION NOTE PAYABLE |
NOTE 10 – CONSTRUCTION NOTE PAYABLE
On October 14, 2021, we entered
into a Construction Loan Agreement (the “Loan Agreement”) with Hiawatha National Bank (“Hiawatha”). The Loan Agreement
specifies that Hiawatha may lend up to $11,625,000 to the Borrower to pay a portion of the construction costs of an approximately 160,000
square foot manufacturing facility to be constructed on our property (the “Loan”). The first advance of Loan funds by Hiawatha
was made on October 14, 2021 in the amount of $329,843. We expect to receive further advances of Loan funds approximately every month
as our “owner’s equity” is fully funded into the ongoing new plant construction project. The Loan is an advancing term
loan and not a revolving loan so any portion of the principal repaid cannot be reborrowed.
Additionally, on October 14, 2021,
we issued a Promissory Note in favor of Hiawatha (the “Note”) in the amount of up to $11,625,000 with an interest rate of
four and one-half percent (4.5%). The maturity date of the Note is October 14, 2026.
We can prepay the Note in whole
or in part starting in July 2022 with a prepayment premium of one percent (1%) of the principal being prepaid.
The Loan Agreement contains customary
events of default including, but not limited to, a failure to make any payments pursuant to the Loan Agreement or Note, a failure to complete
construction of the project, a lien of $100,000 or more against the property, or a transfer of the property without Hiawatha’s consent.
Upon the occurrence of an event of default, among other remedies, the amounts due pursuant to the Loan can be accelerated, Hiawatha can
foreclose on the property pursuant to the mortgage, and a late charge of five percent (5%) of the amount due will be owed with all amounts
then owed pursuant to the Note bearing interest at an increased rate.
We made $64,959 in principal payments
for the three months ended June 30, 2023. The restricted cash can be released per the terms documented in the Loan Agreement filed with
the Commission on Form 10-Q on February 14, 2022. During the year ended March 31, 2023, $500,000 of restricted cash was released with
$500,000 remaining restricted.
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v3.23.2
CAPITAL STOCK
|
3 Months Ended |
Jun. 30, 2023 |
Equity [Abstract] |
|
CAPITAL STOCK |
NOTE 11 – CAPITAL STOCK
Our authorized capital consists
of 200,000,000 shares of common stock with a par value of $0.001 per share.
During the three month period
ended June 30, 2023, we issued 390,111 shares of common stock as follows:
|
● |
390,111 shares valued at $822,797 were issued to employees, members of the Board of Directors, and members of the Advisory Committee as compensation |
AMMO, Inc.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
At June 30, 2023, outstanding
and exercisable stock purchase warrants consisted of the following:
SCHEDULE
OF OUTSTANDING AND EXERCISABLE STOCK PURCHASE WARRANTS
| |
Number of Shares | | |
Weighted Average Exercise Price | | |
Weighted Average Life Remaining (Years) | |
Outstanding at March 31, 2023 | |
| 2,460,946 | | |
$ | 2.46 | | |
| 1.59 | |
Granted | |
| - | | |
| - | | |
| - | |
Exercised | |
| - | | |
| - | | |
| - | |
Forfeited or cancelled | |
| (204,650 | ) | |
| 2.00 | | |
| - | |
Outstanding at June 30, 2023 | |
| 2,256,296 | | |
$ | 2.51 | | |
| 1.51 | |
Exercisable at June 30, 2023 | |
| 2,256,296 | | |
$ | 2.51 | | |
| 1.51 | |
As of June 30, 2023, we had 2,256,296
warrants outstanding. Each warrant provides the holder the right to purchase up to one share of our Common Stock at a predetermined exercise
price. The outstanding warrants consist of (1) warrants to purchase 911 shares of Common Stock at an exercise price of $1.65 per share
until April 2025; (2) warrants to purchase 1,244,108 shares of our Common Stock at an exercise price of $2.00 per share consisting of
1% of the warrants until August 2024, and 99% until February 2026; (3) warrants to purchase 474,966 shares of Common Stock at an exercise
price of $2.40 until September 2024; (4) warrants to purchase 386,311 shares of Common Stock at an exercise price of $2.63 until November
2025, and (5) warrants to purchase 150,000 shares of Common Stock at an exercise price of $6.72 until February 2024.
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v3.23.2
PREFERRED STOCK
|
3 Months Ended |
Jun. 30, 2023 |
Equity [Abstract] |
|
PREFERRED STOCK |
NOTE 12 – PREFERRED STOCK
On May 18, 2021, the Company filed
a Certificate of Designations (the “Certificate of Designations”) with the Secretary of State of the State of Delaware to
establish the preferences, voting powers, limitations as to dividends or other distributions, qualifications, terms and conditions of
redemption and other terms and conditions of the Series A Preferred Stock.
The Company will pay cumulative
cash dividends on the Series A Preferred Stock when, as and if declared by its board of directors (or a duly authorized committee of its
board of directors), only out of funds legally available for payment of dividends. Dividends on the Series A Preferred Stock will accrue
on the stated amount of $25.00 per share of the Series A Preferred Stock at a rate per annum equal to 8.75% (equivalent to $2.1875 per
year), payable quarterly in arrears. Dividends on the Series A Preferred Stock declared by our board of directors (or a duly authorized
committee of our board of directors) will be payable quarterly in arrears on March 15, June 15, September 15 and December 15.
Generally, the Series A Preferred
Stock is not redeemable by the Company prior to May 18, 2026. However, upon a change of control or delisting event (each as defined in
the Certificate of Designations), the Company will have a special option to redeem the Series A Preferred Stock for a limited period of
time.
Preferred dividends accumulated
as of June 30, 2023 were $136,094. On May 15, 2023, the Board of Directors of the Company declared a dividend on the Company’s Series
A Preferred Stock for the period beginning March 15, 2023 through and including June 14, 2023 payable on June 15, 2023 to holders of record
of Series A Preferred Stock on May 31, 2023 equal to $0.55902778 per share. Dividends totaling $782,639 were paid on June 15, 2023.
AMMO, Inc.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
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v3.23.2
GOODWILL AND INTANGIBLE ASSETS
|
3 Months Ended |
Jun. 30, 2023 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
GOODWILL AND INTANGIBLE ASSETS |
NOTE 13 – GOODWILL AND INTANGIBLE ASSETS
Amortization expenses related
to our intangible assets for the three months ended June 30, 2023 and 2022 was $3,266,760.
SCHEDULE
OF INTANGIBLE ASSETS
| |
| | |
June 30, 2023 | |
| |
Life | | |
Licenses | | |
Patent | | |
Other Intangible Assets | |
Licensing Agreement – Jesse James | |
| 5 | | |
$ | 125,000 | | |
$ | - | | |
$ | - | |
Licensing Agreement – Jeff Rann | |
| 5 | | |
| 125,000 | | |
| - | | |
| - | |
Streak Visual Ammunition patent | |
| 11.2 | | |
| - | | |
| 950,000 | | |
| - | |
SWK patent acquisition | |
| 15 | | |
| - | | |
| 6,124,005 | | |
| - | |
Jagemann Munition Components: | |
| | | |
| | | |
| | | |
| | |
Customer Relationships | |
| 3 | | |
| - | | |
| - | | |
| 1,450,613 | |
Intellectual Property | |
| 3 | | |
| - | | |
| - | | |
| 1,543,548 | |
Tradename | |
| 5 | | |
| - | | |
| - | | |
| 2,152,076 | |
GDI Acquisition: | |
| | | |
| | | |
| | | |
| | |
Tradename | |
| 15 | | |
| - | | |
| - | | |
| 76,532,389 | |
Customer List | |
| 10 | | |
| - | | |
| - | | |
| 65,252,802 | |
Intellectual Property | |
| 10 | | |
| - | | |
| - | | |
| 4,224,442 | |
Other Intangible Assets | |
| 5 | | |
| - | | |
| - | | |
| 607,747 | |
| |
| | | |
| 250,000 | | |
| 7,074,005 | | |
| 151,763,617 | |
| |
| | | |
| | | |
| | | |
| | |
Accumulated amortization – Licensing Agreements | |
| | | |
| (250,000 | ) | |
| - | | |
| - | |
Accumulated amortization – Patents | |
| | | |
| - | | |
| (2,164,617 | ) | |
| - | |
Accumulated amortization – Intangible Assets | |
| | | |
| - | | |
| - | | |
| (31,180,201 | ) |
| |
| | | |
$ | - | | |
$ | 4,909,388 | | |
$ | 120,583,416 | |
Annual amortization of intangible
assets for the next five fiscal years are as follows:
SCHEDULE
OF ANNUAL AMORTIZATION OF INTANGIBLE ASSET
Years Ended March 31, | |
Estimates for Fiscal Year | |
2024 (1) | |
$ | 9,836,025 | |
2025 | |
| 12,664,775 | |
2026 | |
| 12,664,775 | |
2027 | |
| 12,553,355 | |
2028 | |
| 12,543,226 | |
Thereafter | |
| 65,230,648 | |
Annual
amortization of intangible assets | |
$ | 125,492,804 | |
(1) |
This amount represents future amortization for the remaining nine months of fiscal year 2024. It does not include any amortization for the three months ended June 30, 2023. |
AMMO, Inc.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
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v3.23.2
SEGMENTS
|
3 Months Ended |
Jun. 30, 2023 |
Segment Reporting [Abstract] |
|
SEGMENTS |
NOTE 14 – SEGMENTS
Our Chief Executive Officer reviews
financial performance based on our two operating segments as follows:
|
● |
Ammunition – which consists of our manufacturing business. The Ammunition segment engages in the design, production and marketing of ammunition and ammunition component products. |
|
● |
Marketplace – which consists of the GunBroker.com marketplace. In its role as an auction site, GunBroker.com supports the lawful sale of firearms, ammunition and hunting/shooting accessories. |
The reporting of the separate
allocation of certain corporate general and administrative expenses includes non-cash stock compensation expense. The following tables
set forth certain financial information utilized by management to evaluate our operating segments for the interim period presented:
SCHEDULE
OF OPERATING SEGMENTS
| |
Ammunition | | |
Marketplace | | |
Corporate and other expenses | | |
Total | |
| |
For the Three Months Ended June 30, 2023 | |
| |
Ammunition | | |
Marketplace | | |
Corporate and other expenses | | |
Total | |
| |
| | |
| | |
| | |
| |
Net Revenues | |
$ | 20,342,373 | | |
$ | 13,912,202 | | |
$ | - | | |
$ | 34,254,575 | |
Cost of Revenues | |
| 18,414,961 | | |
| 1,815,074 | | |
| - | | |
| 20,230,035 | |
General and administrative expense | |
| 3,478,749 | | |
| 2,178,370 | | |
| 6,702,305 | | |
| 12,359,424 | |
Depreciation and amortization | |
| 132,102 | | |
| 3,211,941 | | |
| - | | |
| 3,344,043 | |
Income/(Loss) from Operations | |
$ | (1,683,439 | ) | |
$ | 6,706,817 | | |
$ | (6,702,305 | ) | |
$ | (1,678,927 | ) |
| |
Ammunition | | |
Marketplace | | |
Corporate and other expenses | | |
Total | |
| |
For the Three Months Ended June 30, 2022 | |
| |
Ammunition | | |
Marketplace | | |
Corporate and other expenses | | |
Total | |
| |
| | |
| | |
| | |
| |
Net Revenues | |
$ | 44,251,080 | | |
$ | 16,504,946 | | |
$ | - | | |
$ | 60,756,026 | |
Cost of Revenues | |
| 40,337,015 | | |
| 2,283,349 | | |
| - | | |
| 42,620,364 | |
General and administrative expense | |
| 3,673,112 | | |
| 2,433,729 | | |
| 3,615,724 | | |
| 9,722,565 | |
Depreciation and amortization | |
| 146,412 | | |
| 3,203,944 | | |
| - | | |
| 3,350,356 | |
Income/(Loss) from Operations | |
$ | 94,541 | | |
$ | 8,583,924 | | |
$ | (3,615,724 | ) | |
$ | 5,062,741 | |
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v3.23.2
INCOME TAXES
|
3 Months Ended |
Jun. 30, 2023 |
Income Tax Disclosure [Abstract] |
|
INCOME TAXES |
NOTE 15 – INCOME TAXES
The income tax provision effective
tax rates were 8.6% and 37.0% for the three months ended June 30, 2023 and 2022, respectively. During the three months ended June 30,
2023, the effective tax rate differed from the U.S. federal statutory rate primarily due to employee stock awards. For the three months
ended June 30, 2022 the effective tax rate differed from the U.S. federal statutory rate due to state income taxes and employee stock
awards.
The Company has never had an Internal
Revenue Service audit; therefore, the tax periods ended March 31, 2021, 2022 and 2023 are subject to audit.
|
X |
- DefinitionThe entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.
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v3.23.2
RELATED PARTY TRANSACTIONS
|
3 Months Ended |
Jun. 30, 2023 |
Related Party Transactions [Abstract] |
|
RELATED PARTY TRANSACTIONS |
NOTE 16 – RELATED PARTY TRANSACTIONS
During
the three months ended June 30, 2023, we paid 75,000 in service fees to two independent contractors. The two independent contractors were issued 34,341
shares of our common stock for a total value of $69,784. We issued 25,000 shares in the aggregate to our advisory committee members for
service for a total value of $53,250. Through our acquisition of Gemini, a related party relationship was created through one of our Members
of the Board of Directors by ownership of entities that transacts with Gemini. There was $201,646 included in our Accounts Receivable
at June 30, 2023 as a result of this relationship.
|
X |
- DefinitionThe entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.
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v3.23.2
SUBSEQUENT EVENTS
|
3 Months Ended |
Jun. 30, 2023 |
Subsequent Events [Abstract] |
|
SUBSEQUENT EVENTS |
NOTE 17 – SUBSEQUENT EVENTS
Common Stock Issuances
Subsequent to the June 30, 2023,
the Company issued 12,163 as employee stock awards for a total value of $25,299.
Related
party transactions
On
July 26, 2023, we obtained a $1.6 million
letter of credit with Northern Trust for collateral for a bond related to a judgement assessed to GunBroker.com. On July 17, 2023,
we generated a $1.6
million certificate of deposit with Northern Trust for security on the letter of credit. The
term of the certificate of deposit is twelve months and includes interest of approximately 5%. Per the terms of the Merger
Agreement, filed with the Commission on a Current Report on Form 8-K on May 6, 2021 (the “Current Report), the Seller is
required to pay or be liable for these losses (capitalized terms are defined the Current Report).
In
July of 2023, the Company filed suit in the Delaware Chancery Court against Director and Shareholder Steve Urvan for claims arising out
of the Company’s acquisition of certain companies referenced as the GunBroker.com family of companies. The claims arise based upon Mr.
Urvan’s repeated failure and refusal to honor contractual defense and indemnification obligations arising under that certain Merger Agreement,
along with alleged misrepresentations.
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- DefinitionThe entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
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v3.23.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
|
3 Months Ended |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
Accounting Basis |
Accounting Basis
The accompanying unaudited condensed
consolidated financial statements and related disclosures included in this Quarterly Report on Form 10-Q have been prepared in accordance
with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and reflect all adjustments, which
consist solely of normal recurring adjustments, needed to fairly present the financial results for these periods. Additionally, these
condensed consolidated financial statements and related disclosures are presented pursuant to the rules and regulations of the Securities
Exchange Commission (“SEC”).
The accompanying condensed consolidated
financial statements should be read in conjunction with the audited consolidated financial statements and related disclosures contained
in the Company’s Annual Report filed with the SEC on Form 10-K for the year ended March 31, 2023. The results for the three month
period ended June 30, 2023 are not necessarily indicative of the results that may be expected for the entire fiscal year. Accordingly,
certain information and note disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been omitted
pursuant to the rules and regulations of the SEC. In the opinion of management, all adjustments have been made, which consist only of
normal recurring adjustments necessary for a fair statement of (a) the results of operations for the three month periods ended June 30,
2023 and 2022, (b) the financial position at June 30, 2023, and (c) cash flows for the three month periods ended June 30, 2023 and 2022.
AMMO, Inc.
NOTES TO CONDENSED CONSOLIDATED
FINANCIAL STATEMENTS
We use the accrual basis of accounting
and U.S. GAAP and all amounts are expressed in U.S. dollars. The Company has a fiscal year-end of March 31st.
Unless the context otherwise requires,
all references to “Ammo”, “we”, “us”, “our,” or the “Company” are to AMMO,
Inc., a Delaware corporation, and its consolidated subsidiaries.
|
Principles of Consolidation |
Principles of Consolidation
The condensed consolidated financial
statements include the accounts of AMMO, Inc. and its wholly owned subsidiaries. All significant intercompany accounts and transactions
are eliminated in consolidation.
|
Use of Estimates |
Use of Estimates
The preparation of financial statements
in conformity with U.S. GAAP requires us to make estimates and assumptions that affect the amounts of assets and liabilities and disclosure
of contingent assets and liabilities at the date of the balance sheet and reported amounts of revenue and expenses during the reporting
period. Actual results could differ from those estimates. Significant estimates made in preparing the condensed consolidated financial
statements include the valuation of allowances for credit losses, valuation of deferred tax assets, inventories, useful lives of assets,
goodwill, intangible assets, stock-based compensation and warrant-based compensation.
|
Critical Accounting Policies |
Critical Accounting Policies
A summary of our critical accounting
policies is included in our Annual Report on Form 10-K for the year ended March 31, 2023, under “Management’s Discussion and
Analysis of Financial Condition and Results of Operations.” We adopted ASU No. 2016-13, “Financial
Instruments-Credit Losses (Topic 326) and ASU 2022-03, “Fair Value Measurement of Equity Securities Subject to Contractual Sale
Restrictions” in the current period. These policy changes did not result in a material effect on the Company’s financial statements.
There have been no other significant changes to these policies during the three months ended June 30, 2023. For disclosure regarding
recent accounting pronouncements and the anticipated impact they will have on our operations, please refer to Note 2 to the consolidated
financial statements included in our Annual Report on Form 10-K for the year ended March 31, 2023.
|
Goodwill |
Goodwill
We
evaluate goodwill for impairment annually or more frequently when an event occurs or circumstances change that would more likely than
not reduce the fair value of the reporting unit below its carrying amount. In testing for goodwill impairment, we may elect to utilize
a qualitative assessment to evaluate whether it is more likely than not that the fair value of a reporting unit is less than its carrying
amount. If our qualitative assessment indicates that goodwill impairment is more likely than not, we perform a two-step impairment test.
We test goodwill for impairment under the two-step impairment test by first comparing the book value of net assets to the fair value of
the reporting unit. If the fair value is determined to be less than the book value or qualitative factors indicate that it is more likely
than not that goodwill is impaired, a second step is performed to compute the amount of impairment as the difference between the estimated
fair value of goodwill and the carrying value. We estimate the fair value of the reporting units using discounted cash flows. Forecasts
of future cash flows are based on our best estimate of future net sales and operating expenses, based primarily on expected category expansion,
pricing, market segment share, and general economic conditions. Due to the declines in the value of our stock price and market capitalization,
we assessed qualitative factors to determine if it is more likely than not that the fair value of the Marketplace segment is less than
its carrying amount. Through our analysis we determined our stock price and market capitalization decline it is not indicative of a decrease
in the fair value of our Marketplace segment and a fair value calculation using the discounted cash flows was more appropriate due to
the operational performance of the reporting segment. Accordingly, the impairment of Goodwill was not warranted for the three months ended
June 30, 2023. As of June 30, 2023, the Company has a goodwill carrying value of $90,870,094, all of which is assigned to the Marketplace
segment. However, due to declines in the value of the Company’s common stock and market capitalization, it is possible that the
book values of our Marketplace segment could exceed its fair value, which may result in the recognition of a material, noncash impairment
of goodwill for the year ending March 31, 2024.
AMMO, Inc.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
|
Accounts Receivable and Allowance for Credit Losses |
Accounts Receivable and Allowance for Credit Losses
Our accounts receivable represents
amounts due from customers for products sold and include an allowance for estimated credit losses which is estimated based on the collectability
and age of the accounts receivable balances and categorization of customers with similar financial condition. At June 30, 2023 and March
31, 2023, we reserved $4,229,537 and $3,246,551, respectively, of allowance for doubtful accounts.
|
Restricted Cash |
Restricted Cash
We consider cash to be restricted
when withdrawal or general use is legally restricted. Our restricted cash balance is comprised of cash on deposit with banks to secure
the Construction Note Payable as discussed in Note 10. We report restricted cash in the Consolidated Balance Sheets as current or non-current
classification based on the expected duration of the restriction.
|
License Agreements |
License Agreements
We are a party to a license agreement
with Jesse James, a well-known motorcycle designer, and Jesse James Firearms, LLC, a Texas limited liability company. The license agreement
grants us the exclusive worldwide rights through April 12, 2026 to Mr. James’ image rights and trademarks associated with him in
connection with the marketing, promotion, advertising, sale, and commercial exploitation of Jesse James Branded Products. We agreed to
pay Mr. James royalty fees on the sale of ammunition and non-ammunition Branded Products and to reimburse him for any out-of-pocket expenses
and reasonable travel expenses.
|
Patents |
Patents
On September 28, 2017, AMMO Technologies
Inc. (“ATI”), an Arizona corporation, which is 100% owned by us, merged with Hallam, Inc, a Texas corporation, with ATI being
the survivor. The primary asset of Hallam, Inc. was an exclusive license to produce projectiles and ammunition using the Hybrid Luminescence
Ammunition Technology under patent U.S. 8,402,896 B1 with a publication date of March 26, 2013 owned by the University of Louisiana at
Lafayette. The license was formally amended and assigned to AMMO Technologies Inc. pursuant to an Assignment and First Amendment to Exclusive
License Agreement. Assumption Agreement dated to be effective as of August 22, 2017, the Merger closing date. This asset will be amortized
from September 2017, the first full month of the acquired rights, through October 29, 2028.
Under the terms of the Exclusive
License Agreement, the Company is obligated to pay a quarterly royalty to the patent holder, based on a $0.01 per unit basis for each
round of ammunition sold that incorporates this patented technology through October 29, 2028. For the three months ended June 30, 2023
and 2022, the Company recognized royalty expenses of $5,060 and $44,044, respectively under this agreement.
AMMO, Inc.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
On October 5, 2018, we completed
the acquisition of SW Kenetics Inc. ATI succeeded all of the assets of SW Kenetics, Inc. and assumed all of the liabilities.
The primary asset of SW Kenetics
Inc. was a pending patent for modular projectiles. All rights to patent pending application were assigned and transferred to AMMO Technologies,
Inc. pursuant to Intellectual Property Rights Agreement on September 27, 2018.
We intend to continue building
our patent portfolio to protect our proprietary technologies and processes, and will file new applications where appropriate to preserve
our rights to manufacture and sell our branded lines of ammunition.
|
Other Intangible Assets |
Other Intangible Assets
On March 15, 2019, Enlight Group
II, LLC d/b/a Jagemann Munition Components, a wholly owned subsidiary of AMMO, Inc., completed its acquisition of assets of Jagemann Stamping
Company’s ammunition casing manufacturing and sales operations pursuant to the terms of the Amended and Restated Asset Purchase
Agreement. The intangible assets acquired include a tradename, customer relationships, and intellectual property.
On April 30, 2021, we entered
into an agreement and plan of merger (the “Merger Agreement”), by and among the Company, SpeedLight Group I, LLC, a Delaware
limited liability company and a wholly owned subsidiary of the Company and Gemini Direct Investments, LLC, a Nevada limited liability
company. Whereby SpeedLight Group I, LLC merged with and into Gemini Direct Investments, LLC, with SpeedLight Group I, LLC surviving the
merger as a wholly owned subsidiary of the Company. At the time of the Merger, Gemini Direct Investments, LLC had nine (9) subsidiaries,
all of which are related to Gemini’s ownership of Gunbroker.com, an online auction marketplace dedicated to firearms, hunting, shooting,
and related products. The intangible assets acquired include a tradename, customer relationships, intellectual property, software and
domain names.
|
Impairment of Long-Lived Assets |
Impairment of Long-Lived Assets
We continually monitor events
and changes in circumstances that could indicate carrying amounts of long-lived assets may not be recoverable. When such events or changes
in circumstances are present, we assess the recoverability of long-lived assets by determining whether the carrying value of such assets
will be recovered through undiscounted expected future cash flows. If the total of the future cash flows is less than the carrying amount
of those assets, we recognize an impairment loss based on the excess of the carrying amount over the fair value of the assets. Assets
to be disposed of are reported at the lower of the carrying amount or the fair value less costs to sell. No impairment expense was recognized
for the three months ended June 30, 2023 and 2022.
|
Revenue Recognition |
Revenue Recognition
We generate revenue from the production
and sale of ammunition, ammunition casings, and marketplace fee revenue, which includes auction revenue, payment processing revenue, and
shipping income. We recognize revenue according to Accounting Standard Codification – Revenue from Contract with Customers (“ASC
606”). When the customer obtains control over the promised goods or services, we record revenue in the amount of consideration that
we can expect to receive in exchange for those goods and services. We apply the following five-step model to determine revenue recognition:
|
● |
Identification of a contract with a customer |
|
● |
Identification of the performance obligations in the contact |
|
● |
Determination of the transaction price |
|
● |
Allocation of the transaction price to the separate performance allocation |
|
● |
Recognition of revenue when performance obligations are satisfied |
AMMO, Inc.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
We only apply the five-step model
when it is probable that we will collect the consideration we are entitled to in exchange for the goods or services transferred to the
customer. At contract inception and once the contract is determined to be within the scope of ASC 606, we assess the goods or services
promised within each contract and determine those that are performance obligations, and assess whether each promised good or service is
distinct.
For Ammunition Sales and Casing
Sales, our contracts contain a single performance obligation and the entire transaction price is allocated to the single performance obligation.
We recognize as revenues the amount of the transaction price that is allocated to the respective performance obligation when the performance
obligation is satisfied or as it is satisfied. Accordingly, we recognize revenues (net) when the customer obtains control of our product,
which typically occurs upon shipment of the product or the performance of the service. In the year ended March 31, 2021, we began accepting
contract liabilities or deferred revenue. We included Deferred Revenue in our Accrued Liabilities. We will recognize revenue when the
performance obligation is met.
For Marketplace revenue, the performance
obligation is satisfied, and revenue is recognized as follows:
Auction revenue consists of optional
listing fees with variable pricing components based on customer options selected from the GunBroker website and final value fees based
on a percentage of the final selling price of the listed item. The performance obligation is to process the transactions as initiated
by the customer. Revenue is recognized at a point in time when the transaction is processed.
Payment processing revenue consists
of fees charged to customers on a transactional basis. The performance obligation is to process the transactions as initiated by the customer.
The price is set by the GunBroker user agreement on the website based on stand-alone selling prices. Revenue is recognized at a point
in time when the transaction is processed.
Shipping income consists of fees
charged to customers for shipping of sold items listed on the GunBroker website. The performance obligation is to ship the item sold as
initiated by the customer. The price is set based on the third-party service provider selected to be used by the customer as well as the
speed and location of shipment. Revenue is recognized at a point in time when the shipping label is printed.
Banner Advertising Campaign Revenue
consists of fees charged to customers for advertisement placement and impressions generated through the GunBroker website. The performance
obligation is to generate the number of impressions specified by the customer on banner advertisements on the GunBroker website using
the placement selected by the customer. The price is set by the GunBroker user agreement on the website based on standalone selling prices,
or by advertising insertion order as negotiated by media broker. If the number of impressions promised is not generated, the customer
receives a refund and the refund is applied to the transaction price. Banner advertising campaigns generally run for one month, and revenue
is recognized at a point in time at the end of the selected month.
Product Sales consists of fees
charged for the liquidation of excess inventory for partner distributors. The performance obligation is to sell and ship the inventory
item as initiated by the customer. The price depends on whether the inventory is a fixed price item or an auction item. For a fixed price
item, the Company performs research to determine the current market rate for such an item, and the item is listed at that price. For an
auction item, the price is set by what the buyer is willing to pay. The Company acts as a principal in these transactions due to the extent
of control they have over the product prior to the sale. Due to the principal determination, gross revenue is recognized at a point in
time when the item has been shipped.
AMMO, Inc.
NOTES TO CONDENSED CONSOLIDATED
FINANCIAL STATEMENTS
Identity Verification consists
of fees charged to customers for identity verification in order to gain access to the GunBroker website. The performance obligation is
to process the identity verification as initiated by the customer. The price is set by the GunBroker user agreement on the website based
on a stand-alone selling price. Revenue is recognized at a point in time when the identity verification is completed.
For the three months ended June
30, 2023, the Company’s customers that comprised more than ten percent (10%) of total revenues and accounts receivable were as follows:
SCHEDULE OF
CONCENTRATION OF RISKS
| |
Revenues at June 30, 2023 | | |
Accounts Receivable | |
PERCENTAGES | |
Three Months Ended | | |
June 30, 2023 | | |
March 31, 2023 | |
| |
| | |
| | |
| |
Customers: | |
| | | |
| | | |
| | |
A | |
| 10.1 | % | |
| 16.6 | % | |
| - | |
| |
| 10.1 | % | |
| 16.6 | % | |
| - | |
Disaggregated Revenue Information
The following table represents
a disaggregation of revenue from customers by category. We attribute net sales to categories by product or services types; ammunition,
ammunition casings, and marketplace fees. We note that revenue recognition processes are consistent between product and service type,
however, the amount, timing and uncertainty of revenue and cash flows may vary by each product type due to the customers of each product
and service type.
SCHEDULE OF
DISAGGREGATED REVENUE FROM CUSTOMERS BY SEGMENT
| |
June 30, 2023 | | |
June 30, 2022 | |
| |
For the Three Months Ended | |
| |
June 30, 2023 | | |
June 30, 2022 | |
Ammunition sales | |
$ | 14,106,029 | | |
$ | 40,969,883 | |
Marketplace fee revenue | |
| 13,912,202 | | |
| 16,504,946 | |
Ammunition casings sales | |
| 6,236,344 | | |
| 3,281,197 | |
Total Revenues | |
$ | 34,254,575 | | |
$ | 60,756,026 | |
Ammunition products are sold through
“Big Box” retailers, manufacturers, local ammunition stores, and shooting range operators. We also sell directly to customers
online. In contrast, our ammunition casings products are sold to manufacturers. Marketplace fees are generated through our GunBroker.com
online auction marketplace.
|
Advertising Costs |
Advertising Costs
We expense advertising costs as
they are incurred in selling and marketing expenses of operating expenses. Marketplace advertising costs are expensed as they are incurred
in cost of revenues. We incurred advertising expenses of $119,638 and $550,447 for the three months ended June 30, 2023 and 2022, respectively,
recognized in selling and marketing expenses and $138,657 and $182,104 of marketplace advertising expenses recognized in cost of revenues
for the three months ended June 30, 2023 and 2022, respectively.
|
Fair Value of Financial Instruments |
Fair Value of Financial Instruments
Fair value estimates discussed
herein are based upon certain market assumptions and pertinent information available to us as of June 30, 2023. The respective carrying
value of certain on-balance-sheet financial instruments approximated their fair value. These financial instruments include cash, accounts
receivable, accounts payable, amounts due to related parties, factoring liability, and the construction note payable. Fair values were
assumed to approximate carrying values because they are short term in nature and their carrying amounts approximate fair values or they
are payable on demand.
|
Inventories |
Inventories
We state inventories at the lower
of cost or net realizable value. We determine cost using the average cost method. Our inventory consists of raw materials, work in progress,
and finished goods. Cost of inventory includes cost of parts, labor, quality control, and all other costs incurred to bring our inventories
to condition ready to be sold. We periodically evaluate and adjust inventories for obsolescence.
AMMO, Inc.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
|
Property and Equipment |
Property and Equipment
We state property and equipment
at cost, less accumulated depreciation. We capitalize major renewals and improvements, while we charge minor replacements, maintenance,
and repairs to current operations. We compute depreciation by applying the straight-line method over estimated useful lives, which are
generally five to ten years.
|
Compensated Absences |
Compensated Absences
We accrue a liability for compensated
absences in accordance with Accounting Standards Codification 710 – Compensation – General (“ASC 710”).
|
Research and Development |
Research and Development
To date, we have expensed all
costs associated with developing our product specifications, manufacturing procedures, and products through our cost of products sold,
as this work was done by the same employees who produced the finished product. We anticipate that it may become necessary to reclassify
research and development costs into our operating expenditures for reporting purposes as we begin to develop new technologies and lines
of ammunition.
|
Stock-Based Compensation |
Stock-Based Compensation
We account for stock-based compensation
at fair value in accordance with Accounting Standards Codification 718 – Compensation – Stock Compensation (“ASC 718”).
Which requires the measurement and recognition of compensation expense for all share-based payment awards to employees and directors.
On April 1, 2023 we adopted ASU 2022-03, “Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions”.
Accordingly, stock based compensation is valued using market value of our Common Stock. Stock-based compensation is recognized on a straight
line basis over the vesting periods and forfeitures are recognized in the periods they occur. There were 390,111 and 338,375 shares of
common stock issued to employees, members of the Board of Directors, and members of our advisory committee for services during the three
months ended June 30, 2023 and June 30, 2022, respectively.
|
Concentrations of Credit Risk |
Concentrations of Credit Risk
Accounts at banks are insured
by the Federal Deposit Insurance Corporation (“FDIC”) up to $250,000. As of June 30, 2023, our bank account balances exceeded
federally insured limits.
|
Income Taxes |
Income Taxes
We file federal and state income
tax returns in accordance with the applicable rules of each jurisdiction. We account for income taxes under the asset and liability method
in accordance with Accounting Standards Codification 740 – Income Taxes (“ASC 740”). The provision for income taxes
includes federal, state, and local income taxes currently payable, and deferred taxes. We recognize deferred tax assets and liabilities
for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities
and their respective tax basis. We measure deferred tax assets and liabilities using enacted tax rates expected to apply to taxable amounts
in years in which those temporary differences are expected to be recovered or settled. If it is more likely than not that some portion
or all of a deferred tax asset will not be realized, a valuation allowance is recognized. In accordance with ASC 740, we recognize the
effect of income tax positions only if those positions are more likely than not of being sustained. We measure recognized income tax positions
at the largest amount that is greater than 50% likely of being realized. We reflect changes in recognition or measurement in the period
in which the change in judgment occurs.
|
Excise Tax |
Excise Tax
As a result of regulations imposed
by the Federal Government for sales of ammunition to non-government U.S. entities, we charge and collect an 11% excise tax for all products
sold into these channels. During the three months ended June 30, 2023 and 2022, we recognized approximately $1.2 million and $3.7 million,
respectively, in excise taxes. For ease in selling to commercial markets, excise tax is included in our unit price for the products sold.
We record this through net sales and expense the offsetting tax expense to cost of goods sold.
AMMO, Inc.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
|
Contingencies |
Contingencies
Certain conditions may exist as
of the date the consolidated financial statements are issued that may result in a loss to us but will only be resolved when one or more
future events occur or fail to occur. We assess such contingent liabilities, and such assessment inherently involves an exercise of judgment.
In assessing loss contingencies related to legal proceedings that are pending against us or unasserted claims that may result in such
proceedings, we evaluate the perceived merits of any legal proceedings or unasserted claims and the perceived merits of the amount of
relief sought or expected to be sought therein.
If the assessment of a contingency
indicates that it is probable that a material loss has been incurred and the amount of the liability is reasonably estimated, the estimated
liability would be accrued in our condensed consolidated financial statements. If the assessment indicates that a potentially material
loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent
liability, together with an estimate of range of possible loss if determinable and material, would be disclosed.
AMMO is defending two contract
arbitration cases adverse former employees that are presently in discovery, one involving an employee terminated for cause and the second
action involving a termination without cause wherein the former employee is seeking contract wages, commissions and allegedly earned common
stock. Discovery is almost completed in the first case and the arbitration is scheduled to take place at the end of July 2023 in the first
matter. While discovery continues, the Company received a favorable ruling on a partial motion for summary judgment in the “for
cause” arbitration case wherein the arbitrator ruled the employee had stolen funds and thus granted the Company’s dispositive
motion. Discovery continues at this time with a fall 2023 arbitration date currently set.
The Company also received notice
in October that an OSHA whistleblower complaint had been filed with the US Department of Labor by an employee that had been terminated
for cause. The regulatory filing was received after AMMO refused to capitulate to the former employee’s demands. AMMO has produced
documents and submitted its position statement to OSHA and the matter is currently pending at the agency level. AMMO uncovered additional
information through work with counsel and investigators and a supplemental response was provided to OHSA on or about July 10, 2023.
On April 30, 2023, Director and
Shareholder Steve Urvan filed suit in the Delaware Chancery Court against the Company, certain Directors, former directors, employees,
former employees and consultants, seeking rescission of the Company’s acquisition of GunBroker.com and certain affiliated companies.
Plaintiff Urvan’s claims include rescission, misrepresentation and fraud. The Company received a declination of coverage from one
insurer and is investigating additional available actions with counsel concerning that opinion, while continued pursuit of other available
coverage concerning a separate policy. The Company and named defendants are in alignment in all respects, reasonably believe at this date
that the claims are without merit and the Company has engaged Delaware Chancery Court litigation specialists to defend its interests in
all respects in this case. The Company timely responded to the Urvan Complaint via the filing of a Motion to Dismiss which, if successful
in full, will result in the complete dismissal of the Urvan lawsuit, at which time the Company will pursue recovery of all incurred fees
and costs. There were no other known contingencies at June 30, 2023.
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v3.23.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
|
3 Months Ended |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
SCHEDULE OF CONCENTRATION OF RISKS |
For the three months ended June
30, 2023, the Company’s customers that comprised more than ten percent (10%) of total revenues and accounts receivable were as follows:
SCHEDULE OF
CONCENTRATION OF RISKS
| |
Revenues at June 30, 2023 | | |
Accounts Receivable | |
PERCENTAGES | |
Three Months Ended | | |
June 30, 2023 | | |
March 31, 2023 | |
| |
| | |
| | |
| |
Customers: | |
| | | |
| | | |
| | |
A | |
| 10.1 | % | |
| 16.6 | % | |
| - | |
| |
| 10.1 | % | |
| 16.6 | % | |
| - | |
|
SCHEDULE OF DISAGGREGATED REVENUE FROM CUSTOMERS BY SEGMENT |
SCHEDULE OF
DISAGGREGATED REVENUE FROM CUSTOMERS BY SEGMENT
| |
June 30, 2023 | | |
June 30, 2022 | |
| |
For the Three Months Ended | |
| |
June 30, 2023 | | |
June 30, 2022 | |
Ammunition sales | |
$ | 14,106,029 | | |
$ | 40,969,883 | |
Marketplace fee revenue | |
| 13,912,202 | | |
| 16,504,946 | |
Ammunition casings sales | |
| 6,236,344 | | |
| 3,281,197 | |
Total Revenues | |
$ | 34,254,575 | | |
$ | 60,756,026 | |
|
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v3.23.2
INCOME PER COMMON SHARE (Tables)
|
3 Months Ended |
Jun. 30, 2023 |
Net Income/(Loss) per share |
|
SCHEDULE OF INCOME/(LOSS) PER COMMON SHARE |
SCHEDULE OF INCOME/(LOSS) PER COMMON SHARE
| |
2023 | | |
2022 | |
| |
For the Three Months Ended June 30, | |
| |
2023 | | |
2022 | |
| |
| | |
| |
Numerator: | |
| | | |
| | |
Net income/(loss) | |
$ | (1,093,033 | ) | |
$ | 3,253,027 | |
Less: Preferred stock dividends | |
| (774,132 | ) | |
| (774,132 | ) |
Net income attributable to common stockholders | |
$ | (1,867,165 | ) | |
$ | 2,478,895 | |
| |
| | | |
| | |
Denominator: | |
| | | |
| | |
Weighted average shares of common stock - basic | |
| 117,713,805 | | |
| 116,560,372 | |
Effect of dilutive common stock purchase warrants | |
| - | | |
| 1,287,280 | |
Effect of dilutive equity incentive awards | |
| - | | |
| 31,987 | |
Weighted average shares
of common stock - Diluted | |
| 117,713,805 | | |
| 117,879,639 | |
| |
| | | |
| | |
Basic earnings per share: | |
| | | |
| | |
Income/(loss) per share attributable to common stockholders - basic | |
$ | (0.02 | ) | |
$ | 0.02 | |
| |
| | | |
| | |
Diluted earnings per share: | |
| | | |
| | |
Income/(loss) per share attributable to common stockholders - diluted | |
$ | (0.02 | ) | |
$ | 0.02 | |
|
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v3.23.2
INVENTORIES (Tables)
|
3 Months Ended |
Jun. 30, 2023 |
Inventory Disclosure [Abstract] |
|
SCHEDULE OF INVENTORIES |
At June 30, 2023 and March 31,
2023, the inventory balances are composed of:
SCHEDULE OF INVENTORIES
| |
June
30, 2023 | | |
March
31, 2023 | |
Finished product | |
$ | 18,663,314 | | |
$ | 14,362,514 | |
Raw materials | |
| 22,004,128 | | |
| 23,898,596 | |
Work in process | |
| 15,257,213 | | |
| 16,083,709 | |
Inventory net | |
$ | 55,924,655 | | |
$ | 54,344,819 | |
|
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v3.23.2
PROPERTY AND EQUIPMENT (Tables)
|
3 Months Ended |
Jun. 30, 2023 |
Property, Plant and Equipment [Abstract] |
|
SCHEDULE OF PROPERTY AND EQUIPMENT |
Property and Equipment consisted
of the following at June 30, 2023 and March 31, 2023:
SCHEDULE OF PROPERTY AND EQUIPMENT
| |
June 30, 2023 | | |
March 31, 2023 | |
Leasehold Improvements | |
$ | 257,009 | | |
$ | 257,009 | |
Building | |
| 28,980,156 | | |
| 28,623,329 | |
Furniture and Fixtures | |
| 384,650 | | |
| 384,650 | |
Vehicles | |
| 153,255 | | |
| 153,254 | |
Equipment | |
| 40,979,806 | | |
| 40,233,186 | |
Tooling | |
| 143,710 | | |
| 143,710 | |
Construction in Progress | |
| 945,272 | | |
| 734,781 | |
Total property and equipment | |
$ | 71,843,858 | | |
$ | 70,529,919 | |
Less accumulated depreciation | |
| (15,919,991 | ) | |
| (14,566,664 | ) |
Net property and equipment | |
$ | 55,923,867 | | |
$ | 55,963,255 | |
|
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v3.23.2
LEASES (Tables)
|
3 Months Ended |
Jun. 30, 2023 |
Leases |
|
SCHEDULE OF FUTURE MINIMUM LEASE PAYMENTS UNDER NON-CANCELLABLE LEASES |
Future minimum lease payments
under non-cancellable leases as of June 30, 2023 are as follows:
SCHEDULE OF FUTURE MINIMUM LEASE PAYMENTS UNDER NON-CANCELLABLE LEASES
Years Ended March 31, | |
| |
2024 (1) | |
$ | 423,011 | |
2025 | |
| 387,214 | |
2026 | |
| 351,962 | |
2027 | |
| 257,508 | |
2028 | |
| 43,660 | |
Thereafter | |
| - | |
Total Lease Payments | |
| 1,463,355 | |
Less: Amount Representing Interest | |
| (216,835 | ) |
Present
value of lease liabilities | |
$ | 1,246,520 | |
|
(1) |
This amount represents future lease payments for the remaining nine months of fiscal year 2024. It does not include any lease payments for the three months ended June 30, 2023. |
|
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v3.23.2
CAPITAL STOCK (Tables)
|
3 Months Ended |
Jun. 30, 2023 |
Equity [Abstract] |
|
SCHEDULE OF OUTSTANDING AND EXERCISABLE STOCK PURCHASE WARRANTS |
At June 30, 2023, outstanding
and exercisable stock purchase warrants consisted of the following:
SCHEDULE
OF OUTSTANDING AND EXERCISABLE STOCK PURCHASE WARRANTS
| |
Number of Shares | | |
Weighted Average Exercise Price | | |
Weighted Average Life Remaining (Years) | |
Outstanding at March 31, 2023 | |
| 2,460,946 | | |
$ | 2.46 | | |
| 1.59 | |
Granted | |
| - | | |
| - | | |
| - | |
Exercised | |
| - | | |
| - | | |
| - | |
Forfeited or cancelled | |
| (204,650 | ) | |
| 2.00 | | |
| - | |
Outstanding at June 30, 2023 | |
| 2,256,296 | | |
$ | 2.51 | | |
| 1.51 | |
Exercisable at June 30, 2023 | |
| 2,256,296 | | |
$ | 2.51 | | |
| 1.51 | |
|
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v3.23.2
GOODWILL AND INTANGIBLE ASSETS (Tables)
|
3 Months Ended |
Jun. 30, 2023 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
SCHEDULE OF INTANGIBLE ASSETS |
Amortization expenses related
to our intangible assets for the three months ended June 30, 2023 and 2022 was $3,266,760.
SCHEDULE
OF INTANGIBLE ASSETS
| |
| | |
June 30, 2023 | |
| |
Life | | |
Licenses | | |
Patent | | |
Other Intangible Assets | |
Licensing Agreement – Jesse James | |
| 5 | | |
$ | 125,000 | | |
$ | - | | |
$ | - | |
Licensing Agreement – Jeff Rann | |
| 5 | | |
| 125,000 | | |
| - | | |
| - | |
Streak Visual Ammunition patent | |
| 11.2 | | |
| - | | |
| 950,000 | | |
| - | |
SWK patent acquisition | |
| 15 | | |
| - | | |
| 6,124,005 | | |
| - | |
Jagemann Munition Components: | |
| | | |
| | | |
| | | |
| | |
Customer Relationships | |
| 3 | | |
| - | | |
| - | | |
| 1,450,613 | |
Intellectual Property | |
| 3 | | |
| - | | |
| - | | |
| 1,543,548 | |
Tradename | |
| 5 | | |
| - | | |
| - | | |
| 2,152,076 | |
GDI Acquisition: | |
| | | |
| | | |
| | | |
| | |
Tradename | |
| 15 | | |
| - | | |
| - | | |
| 76,532,389 | |
Customer List | |
| 10 | | |
| - | | |
| - | | |
| 65,252,802 | |
Intellectual Property | |
| 10 | | |
| - | | |
| - | | |
| 4,224,442 | |
Other Intangible Assets | |
| 5 | | |
| - | | |
| - | | |
| 607,747 | |
| |
| | | |
| 250,000 | | |
| 7,074,005 | | |
| 151,763,617 | |
| |
| | | |
| | | |
| | | |
| | |
Accumulated amortization – Licensing Agreements | |
| | | |
| (250,000 | ) | |
| - | | |
| - | |
Accumulated amortization – Patents | |
| | | |
| - | | |
| (2,164,617 | ) | |
| - | |
Accumulated amortization – Intangible Assets | |
| | | |
| - | | |
| - | | |
| (31,180,201 | ) |
| |
| | | |
$ | - | | |
$ | 4,909,388 | | |
$ | 120,583,416 | |
|
SCHEDULE OF ANNUAL AMORTIZATION OF INTANGIBLE ASSET |
Annual amortization of intangible
assets for the next five fiscal years are as follows:
SCHEDULE
OF ANNUAL AMORTIZATION OF INTANGIBLE ASSET
Years Ended March 31, | |
Estimates for Fiscal Year | |
2024 (1) | |
$ | 9,836,025 | |
2025 | |
| 12,664,775 | |
2026 | |
| 12,664,775 | |
2027 | |
| 12,553,355 | |
2028 | |
| 12,543,226 | |
Thereafter | |
| 65,230,648 | |
Annual
amortization of intangible assets | |
$ | 125,492,804 | |
(1) |
This amount represents future amortization for the remaining nine months of fiscal year 2024. It does not include any amortization for the three months ended June 30, 2023. |
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v3.23.2
SEGMENTS (Tables)
|
3 Months Ended |
Jun. 30, 2023 |
Segment Reporting [Abstract] |
|
SCHEDULE OF OPERATING SEGMENTS |
SCHEDULE
OF OPERATING SEGMENTS
| |
Ammunition | | |
Marketplace | | |
Corporate and other expenses | | |
Total | |
| |
For the Three Months Ended June 30, 2023 | |
| |
Ammunition | | |
Marketplace | | |
Corporate and other expenses | | |
Total | |
| |
| | |
| | |
| | |
| |
Net Revenues | |
$ | 20,342,373 | | |
$ | 13,912,202 | | |
$ | - | | |
$ | 34,254,575 | |
Cost of Revenues | |
| 18,414,961 | | |
| 1,815,074 | | |
| - | | |
| 20,230,035 | |
General and administrative expense | |
| 3,478,749 | | |
| 2,178,370 | | |
| 6,702,305 | | |
| 12,359,424 | |
Depreciation and amortization | |
| 132,102 | | |
| 3,211,941 | | |
| - | | |
| 3,344,043 | |
Income/(Loss) from Operations | |
$ | (1,683,439 | ) | |
$ | 6,706,817 | | |
$ | (6,702,305 | ) | |
$ | (1,678,927 | ) |
| |
Ammunition | | |
Marketplace | | |
Corporate and other expenses | | |
Total | |
| |
For the Three Months Ended June 30, 2022 | |
| |
Ammunition | | |
Marketplace | | |
Corporate and other expenses | | |
Total | |
| |
| | |
| | |
| | |
| |
Net Revenues | |
$ | 44,251,080 | | |
$ | 16,504,946 | | |
$ | - | | |
$ | 60,756,026 | |
Cost of Revenues | |
| 40,337,015 | | |
| 2,283,349 | | |
| - | | |
| 42,620,364 | |
General and administrative expense | |
| 3,673,112 | | |
| 2,433,729 | | |
| 3,615,724 | | |
| 9,722,565 | |
Depreciation and amortization | |
| 146,412 | | |
| 3,203,944 | | |
| - | | |
| 3,350,356 | |
Income/(Loss) from Operations | |
$ | 94,541 | | |
$ | 8,583,924 | | |
$ | (3,615,724 | ) | |
$ | 5,062,741 | |
|
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v3.23.2
SCHEDULE OF DISAGGREGATED REVENUE FROM CUSTOMERS BY SEGMENT (Details) - USD ($)
|
3 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Product Information [Line Items] |
|
|
|
Total Revenues |
|
$ 34,254,575
|
$ 60,756,026
|
Ammunition Sales [Member] |
|
|
|
Product Information [Line Items] |
|
|
|
Total Revenues |
[1] |
14,106,029
|
40,969,883
|
Marketplace Fee Revenue [Member] |
|
|
|
Product Information [Line Items] |
|
|
|
Total Revenues |
|
13,912,202
|
16,504,946
|
Ammunition Casings Sales [Member] |
|
|
|
Product Information [Line Items] |
|
|
|
Total Revenues |
|
$ 6,236,344
|
$ 3,281,197
|
|
|
X |
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v3.23.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)
|
3 Months Ended |
|
Jun. 30, 2023 |
Jun. 30, 2022 |
Mar. 31, 2023 |
Property, Plant and Equipment [Line Items] |
|
|
|
Goodwill |
$ 90,870,094
|
|
$ 90,870,094
|
Allowance for doubtful accounts |
4,229,537
|
|
$ 3,246,551
|
Impairment expense |
$ 0
|
$ 0
|
|
Income tax examination, description |
We measure recognized income tax positions
at the largest amount that is greater than 50% likely of being realized.
|
|
|
Excise tax percentage |
11.00%
|
|
|
Excise tax amount |
$ 1,200,000
|
$ 3,700,000
|
|
Maximum [Member] |
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
Cash FDIC insured amount |
$ 250,000
|
|
|
Employees Board of Directors and Advisory Committee Members [Member] |
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
Number of stock, shares issued |
390,111
|
338,375
|
|
Selling and Marketing Expense [Member] |
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
Advertising expenses |
$ 119,638
|
$ 550,447
|
|
Cost of Sales [Member] |
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
Advertising expenses |
$ 138,657
|
182,104
|
|
Patents [Member] | Exclusive License Agreement [Member] |
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
Share price |
$ 0.01
|
|
|
Royalty expenses |
$ 5,060
|
$ 44,044
|
|
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v3.23.2
SCHEDULE OF INCOME/(LOSS) PER COMMON SHARE (Details) - USD ($)
|
3 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Net Income/(Loss) per share |
|
|
Net income/(loss) |
$ (1,093,033)
|
$ 3,253,027
|
Less: Preferred stock dividends |
(774,132)
|
(774,132)
|
Net income attributable to common stockholders |
$ (1,867,165)
|
$ 2,478,895
|
Weighted average shares of common stock - basic |
117,713,805
|
116,560,372
|
Effect of dilutive common stock purchase warrants |
|
1,287,280
|
Effect of dilutive equity incentive awards |
|
31,987
|
Weighted average shares of common stock - Diluted |
117,713,805
|
117,879,639
|
Income/(loss) per share attributable to common stockholders - basic |
$ (0.02)
|
$ 0.02
|
Income/(loss) per share attributable to common stockholders - diluted |
$ (0.02)
|
$ 0.02
|
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v3.23.2
INCOME PER COMMON SHARE (Details Narrative) - shares
|
3 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Weighted average number of shares outstanding, diluted |
117,713,805
|
117,879,639
|
Warrant [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Warrants to purchase shares |
2,256,296
|
|
Weighted average number of shares outstanding, diluted |
9,090
|
150,000
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v3.23.2
SCHEDULE OF INVENTORIES (Details) - USD ($)
|
Jun. 30, 2023 |
Mar. 31, 2023 |
Inventory Disclosure [Abstract] |
|
|
Finished product |
$ 18,663,314
|
$ 14,362,514
|
Raw materials |
22,004,128
|
23,898,596
|
Work in process |
15,257,213
|
16,083,709
|
Inventory net |
$ 55,924,655
|
$ 54,344,819
|
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v3.23.2
SCHEDULE OF PROPERTY AND EQUIPMENT (Details) - USD ($)
|
Jun. 30, 2023 |
Mar. 31, 2023 |
Property, Plant and Equipment [Line Items] |
|
|
Total property and equipment |
$ 71,843,858
|
$ 70,529,919
|
Less accumulated depreciation |
(15,919,991)
|
(14,566,664)
|
Net property and equipment |
55,923,867
|
55,963,255
|
Leasehold Improvements [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Total property and equipment |
257,009
|
257,009
|
Building [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Total property and equipment |
28,980,156
|
28,623,329
|
Furniture and Fixtures [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Total property and equipment |
384,650
|
384,650
|
Vehicles [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Total property and equipment |
153,255
|
153,254
|
Equipment [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Total property and equipment |
40,979,806
|
40,233,186
|
Tooling [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Total property and equipment |
143,710
|
143,710
|
Construction in Progress [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Total property and equipment |
$ 945,272
|
$ 734,781
|
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v3.23.2
PROPERTY AND EQUIPMENT (Details Narrative) - USD ($)
|
3 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Impaired Assets to be Disposed of by Method Other than Sale [Line Items] |
|
|
Depreciation expense |
$ 1,353,327
|
$ 1,033,363
|
Cost of Sales [Member] |
|
|
Impaired Assets to be Disposed of by Method Other than Sale [Line Items] |
|
|
Depreciation expense |
1,152,678
|
826,401
|
Operating Expense [Member] |
|
|
Impaired Assets to be Disposed of by Method Other than Sale [Line Items] |
|
|
Depreciation expense |
$ 200,648
|
$ 206,962
|
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v3.23.2
FACTORING LIABILITY (Details Narrative) - USD ($)
|
|
|
3 Months Ended |
Jun. 17, 2021 |
Jul. 01, 2019 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
Interest expenses on factoring liability |
|
|
$ 45,385
|
$ 59,816
|
Amortization of commitment fee |
|
|
|
$ 37,500
|
Maturity date |
Jun. 17, 2024
|
|
|
|
Factoring and Security Agreement [Member] |
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
Line of Credit Facility, Maximum Borrowing Capacity |
|
$ 5,000,000
|
|
|
Line of Credit Facility, Interest Rate During Period |
|
85.00%
|
|
|
Line of Credit Facility, Commitment Fee Percentage |
|
3.00%
|
|
|
Line of Credit Facility, Commitment Fee Amount |
|
$ 150,000
|
|
|
Factoring and Security Agreement [Member] | Prime Rate [Member] |
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
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Line of Credit Facility, Interest Rate During Period |
|
4.50%
|
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v3.23.2
INVENTORY CREDIT FACILITY (Details Narrative) - USD ($)
|
|
3 Months Ended |
|
Jun. 17, 2020 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jul. 31, 2020 |
Inventory Credit Facility [Member] |
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
Interest expense on factoring liability |
|
$ 0
|
$ 5,142
|
|
Revolving Inventory Loan and Security Agreement [Member] |
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
Maximum loan amount |
$ 35,000
|
|
|
$ 2,250,000
|
Line of credit interest rate description |
an annualized interest rate of the greater of the three-month LIBOR
rate plus 3.09% or 8%
|
|
|
|
Commitment fee percentage |
2.00%
|
|
|
|
Revolving Inventory Loan and Security Agreement [Member] | Eligible Inventory [Member] |
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
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Maximum loan amount |
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|
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v3.23.2
SCHEDULE OF FUTURE MINIMUM LEASE PAYMENTS UNDER NON-CANCELLABLE LEASES (Details) - USD ($)
|
Jun. 30, 2023 |
Mar. 31, 2023 |
Leases |
|
|
|
2024 |
[1] |
$ 423,011
|
|
2025 |
|
387,214
|
|
2026 |
|
351,962
|
|
2027 |
|
257,508
|
|
2028 |
|
43,660
|
|
Thereafter |
|
|
|
Total Lease Payments |
|
1,463,355
|
|
Less: Amount Representing Interest |
|
(216,835)
|
|
Present value of lease liabilities |
|
$ 1,246,520
|
$ 1,374,224
|
|
|
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v3.23.2
LEASES (Details Narrative) - USD ($)
|
3 Months Ended |
|
Jun. 30, 2023 |
Jun. 30, 2022 |
Mar. 31, 2023 |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
Right use of asset |
$ 1,141,418
|
|
$ 1,261,634
|
Operating lease, liability |
1,246,520
|
|
1,374,224
|
Operating lease liability, current |
421,477
|
|
470,734
|
Operating lease liability non-current |
825,043
|
|
$ 903,490
|
Payments for Rent |
167,609
|
$ 283,233
|
|
Operating Lease, Expense |
160,758
|
282,058
|
|
[custom:OtherLeaseOperatingExpenses] |
$ 6,851
|
$ 1,175
|
|
Weighted average remaining lease term |
3 years 1 month 6 days
|
|
|
Weighted average discount rate for operating leases |
10.00%
|
|
|
Lease Agreement [Member] |
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
Right use of asset |
$ 901,076
|
|
|
X |
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v3.23.2
CONSTRUCTION NOTE PAYABLE (Details Narrative)
|
|
|
3 Months Ended |
|
Oct. 14, 2021
USD ($)
ft²
|
Jun. 17, 2021 |
Jun. 30, 2023
USD ($)
|
Mar. 31, 2023
USD ($)
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
Debt maturity date |
|
Jun. 17, 2024
|
|
|
Debt instrument principal payment |
|
|
$ 64,959
|
|
Restricted cash released |
|
|
|
$ 500,000
|
Restricted cash |
|
|
$ 500,000
|
$ 500,000
|
Hiawatha National Bank [Member] | Promissory Note [Member] |
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
Debt interest rate |
4.50%
|
|
|
|
Debt maturity date |
Oct. 14, 2026
|
|
|
|
Hiawatha National Bank [Member] | Maximum [Member] | Promissory Note [Member] |
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
Debt face amount |
$ 11,625,000
|
|
|
|
Construction Loan Agreement [Member] | Hiawatha National Bank [Member] |
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
Area of land | ft² |
160,000
|
|
|
|
Prepayment premium of note amount, percentage |
1.00%
|
|
|
|
Debt default, description |
The Loan Agreement contains customary
events of default including, but not limited to, a failure to make any payments pursuant to the Loan Agreement or Note, a failure to complete
construction of the project, a lien of $100,000 or more against the property, or a transfer of the property without Hiawatha’s consent.
Upon the occurrence of an event of default, among other remedies, the amounts due pursuant to the Loan can be accelerated, Hiawatha can
foreclose on the property pursuant to the mortgage, and a late charge of five percent (5%) of the amount due will be owed with all amounts
then owed pursuant to the Note bearing interest at an increased rate
|
|
|
|
Construction Loan Agreement [Member] | Hiawatha National Bank [Member] | First Advance [Member] |
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
Proceeds from notes payable |
$ 329,843
|
|
|
|
Construction Loan Agreement [Member] | Hiawatha National Bank [Member] | Maximum [Member] |
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
Debt face amount |
$ 11,625,000
|
|
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v3.23.2
SCHEDULE OF OUTSTANDING AND EXERCISABLE STOCK PURCHASE WARRANTS (Details) - Warrant [Member]
|
3 Months Ended |
Jun. 30, 2023
$ / shares
shares
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
Number of shares, outstanding beginning | shares |
2,460,946
|
Weighted average exercise price, outstanding beginning | $ / shares |
$ 2.46
|
Weighted average life remaining years, outstanding beginning |
1 year 7 months 2 days
|
Number of shares, granted | shares |
|
Weighted average exercise price, granted | $ / shares |
|
Number of shares, exercised | shares |
|
Weighted average exercise price, exercised | $ / shares |
|
Number of shares, forfeited or cancelled | shares |
(204,650)
|
Weighted average exercise price, forfeited or cancelled | $ / shares |
$ 2.00
|
Number of shares, outstanding ending | shares |
2,256,296
|
Weighted average exercise price, outstanding ending | $ / shares |
$ 2.51
|
Weighted average life remaining years, outstanding ending |
1 year 6 months 3 days
|
Number of shares, exercisable | shares |
2,256,296
|
Weighted average exercise price, exercisable | $ / shares |
$ 2.51
|
Weighted average life remaining years, exercisable |
1 year 6 months 3 days
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v3.23.2
CAPITAL STOCK (Details Narrative) - USD ($)
|
3 Months Ended |
|
Jun. 30, 2023 |
Mar. 31, 2023 |
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
Common stock, shares authorized |
200,000,000
|
200,000,000
|
Common stock, par value |
$ 0.001
|
$ 0.001
|
Warrant [Member] |
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
Warrants outstanding |
2,256,296
|
|
Issuance of warrants, description |
Each warrant provides the holder the right to purchase up to one share of our Common Stock at a predetermined exercise
price. The outstanding warrants consist of (1) warrants to purchase 911 shares of Common Stock at an exercise price of $1.65 per share
until April 2025; (2) warrants to purchase 1,244,108 shares of our Common Stock at an exercise price of $2.00 per share consisting of
1% of the warrants until August 2024, and 99% until February 2026; (3) warrants to purchase 474,966 shares of Common Stock at an exercise
price of $2.40 until September 2024; (4) warrants to purchase 386,311 shares of Common Stock at an exercise price of $2.63 until November
2025, and (5) warrants to purchase 150,000 shares of Common Stock at an exercise price of $6.72 until February 2024
|
|
Warrant One [Member] | Until April 2025 [Member] |
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
Warrants issued to purchase common stock |
911
|
|
Warrants exercise price |
$ 1.65
|
|
Warrant Two [Member] | Until August 2024 [Member] |
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
Warrants issued to purchase common stock |
1,244,108
|
|
Warrants exercise price |
$ 2.00
|
|
Warrant Three [Member] | Until September 2024 [Member] |
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
Warrants issued to purchase common stock |
474,966
|
|
Warrants exercise price |
$ 2.40
|
|
Warrant Four [Member] | Until November 2025 [Member] |
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
Warrants issued to purchase common stock |
386,311
|
|
Warrants exercise price |
$ 2.63
|
|
Warrant Five [Member] | Until February 2024 [Member] |
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
Warrants issued to purchase common stock |
150,000
|
|
Warrants exercise price |
$ 6.72
|
|
Employees, Board of Directors, Advisory Committee [Member] |
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
Shares issued for employees benefit, shares |
390,111
|
|
Shares issued for employees benefit, value |
$ 822,797
|
|
New Issuance of Shares [Member] |
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
Common stock issued new shares, shares |
390,111
|
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v3.23.2
PREFERRED STOCK (Details Narrative) - USD ($)
|
|
|
|
3 Months Ended |
12 Months Ended |
Jun. 15, 2023 |
May 31, 2023 |
May 18, 2021 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Mar. 31, 2023 |
Class of Stock [Line Items] |
|
|
|
|
|
|
Dividend rate |
|
|
|
8.75%
|
|
8.75%
|
Preferred dividends |
|
|
|
$ 136,094
|
$ 136,061
|
|
Series A Preferred Stock [Member] |
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
Shares issued, price per share |
|
|
$ 25.00
|
|
|
|
Dividend rate |
|
|
8.75%
|
|
|
|
Preferred stock dividend rate per annum |
|
$ 0.55902778
|
$ 2.1875
|
|
|
|
Dividend payment terms |
|
|
payable quarterly in arrears on March 15, June 15, September 15 and December 15
|
|
|
|
Preferred dividends |
$ 782,639
|
|
|
|
|
|
Series A Preferred Stock [Member] | May 15, 2023 [Member] |
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
Preferred dividends |
|
|
|
$ 136,094
|
|
|
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v3.23.2
SCHEDULE OF INTANGIBLE ASSETS (Details) - USD ($)
|
3 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Finite-Lived Intangible Assets [Line Items] |
|
|
Amortization of intangible assets |
$ 3,266,760
|
$ 3,266,760
|
Intangible assets, net |
125,492,804
|
|
Licensing Agreements [Member] |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Intangible assets, Gross |
250,000
|
|
Accumulated amortization |
(250,000)
|
|
Intangible assets, net |
|
|
Streak Visual Ammunition Patent [Member] |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Licensing agreement, life |
11 years 2 months 12 days
|
|
Intangible assets, Gross |
$ 950,000
|
|
SWK Patent Acquisition [Member] |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Licensing agreement, life |
15 years
|
|
Intangible assets, Gross |
$ 6,124,005
|
|
Customer Relationships [Member] |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Licensing agreement, life |
3 years
|
|
Intangible assets, Gross |
$ 1,450,613
|
|
Intellectual Property [Member] |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Licensing agreement, life |
3 years
|
|
Intangible assets, Gross |
$ 1,543,548
|
|
Intellectual Property [Member] | GDI Acquisition [Member] |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Licensing agreement, life |
10 years
|
|
Intangible assets, Gross |
$ 4,224,442
|
|
Tradename [Member] |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Licensing agreement, life |
5 years
|
|
Intangible assets, Gross |
$ 2,152,076
|
|
Tradename [Member] | GDI Acquisition [Member] |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Licensing agreement, life |
15 years
|
|
Intangible assets, Gross |
$ 76,532,389
|
|
Customer Lists [Member] | GDI Acquisition [Member] |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Licensing agreement, life |
10 years
|
|
Intangible assets, Gross |
$ 65,252,802
|
|
Other Intangible Assets [Member] |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Intangible assets, Gross |
151,763,617
|
|
Accumulated amortization |
(31,180,201)
|
|
Intangible assets, net |
$ 120,583,416
|
|
Other Intangible Assets [Member] | GDI Acquisition [Member] |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Licensing agreement, life |
5 years
|
|
Intangible assets, Gross |
$ 607,747
|
|
Patents [Member] |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Intangible assets, Gross |
7,074,005
|
|
Accumulated amortization |
(2,164,617)
|
|
Intangible assets, net |
$ 4,909,388
|
|
Jesse James [Member] |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Licensing agreement, life |
5 years
|
|
Jesse James [Member] | Licensing Agreements [Member] |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Intangible assets, Gross |
$ 125,000
|
|
Jeff Rann [Member] |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Licensing agreement, life |
5 years
|
|
Jeff Rann [Member] | Licensing Agreements [Member] |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Intangible assets, Gross |
$ 125,000
|
|
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v3.23.2
SCHEDULE OF ANNUAL AMORTIZATION OF INTANGIBLE ASSET (Details)
|
Jun. 30, 2023
USD ($)
|
Goodwill and Intangible Assets Disclosure [Abstract] |
|
|
2024 () |
$ 9,836,025
|
[1] |
2025 |
12,664,775
|
|
2026 |
12,664,775
|
|
2027 |
12,553,355
|
|
2028 |
12,543,226
|
|
Thereafter |
65,230,648
|
|
Annual amortization of intangible assets |
$ 125,492,804
|
|
|
|
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v3.23.2
SCHEDULE OF OPERATING SEGMENTS (Details) - USD ($)
|
3 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Revenue from External Customer [Line Items] |
|
|
Net Revenues |
$ 34,254,575
|
$ 60,756,026
|
Cost of Revenues |
20,230,035
|
42,620,364
|
General and administrative expense |
12,359,424
|
9,722,565
|
Depreciation and amortization |
3,344,043
|
3,350,356
|
Income/(Loss) from Operations |
(1,678,927)
|
5,062,741
|
Ammunition [Member] |
|
|
Revenue from External Customer [Line Items] |
|
|
Net Revenues |
20,342,373
|
44,251,080
|
Cost of Revenues |
18,414,961
|
40,337,015
|
General and administrative expense |
3,478,749
|
3,673,112
|
Depreciation and amortization |
132,102
|
146,412
|
Income/(Loss) from Operations |
(1,683,439)
|
94,541
|
Marketplace [Member] |
|
|
Revenue from External Customer [Line Items] |
|
|
Net Revenues |
13,912,202
|
16,504,946
|
Cost of Revenues |
1,815,074
|
2,283,349
|
General and administrative expense |
2,178,370
|
2,433,729
|
Depreciation and amortization |
3,211,941
|
3,203,944
|
Income/(Loss) from Operations |
6,706,817
|
8,583,924
|
Corporate and Other Expenses [Member] |
|
|
Revenue from External Customer [Line Items] |
|
|
Net Revenues |
|
|
Cost of Revenues |
|
|
General and administrative expense |
6,702,305
|
3,615,724
|
Depreciation and amortization |
|
|
Income/(Loss) from Operations |
$ (6,702,305)
|
$ (3,615,724)
|
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v3.23.2
SUBSEQUENT EVENTS (Details Narrative) - Subsequent Event [Member] - USD ($)
|
Jul. 26, 2023 |
Jul. 01, 2023 |
Jul. 17, 2023 |
Subsequent Event [Line Items] |
|
|
|
Shares issued as employee stock awards |
|
12,163
|
|
Shares issued as employee stock awards, value |
|
$ 25,299
|
|
Letter of Credit [Member] |
|
|
|
Subsequent Event [Line Items] |
|
|
|
Letter of credit |
$ 1,600,000
|
|
|
Deposits |
|
|
$ 1,600,000
|
Description of line of credit facility |
The
term of the certificate of deposit is twelve months and includes interest of approximately 5%. Per the terms of the Merger
Agreement, filed with the Commission on a Current Report on Form 8-K on May 6, 2021 (the “Current Report), the Seller is
required to pay or be liable for these losses (capitalized terms are defined the Current Report)
|
|
|
X |
- DefinitionThe aggregate of all deposit liabilities held by the entity, including foreign and domestic, interest and noninterest bearing; may include demand deposits, saving deposits, Negotiable Order of Withdrawal (NOW) and time deposits among others.
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- DefinitionThe carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.
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