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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
x 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
o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _________ to _________.
Commission File Number: 001-39933
URBAN-GRO, INC.
(Exact name of registrant as specified in its charter)
| | | | | | | | |
Delaware | | 46-5158469 |
(State or other jurisdiction of incorporation or organization) | | (I.R.S. Employer Identification No.) |
| | | | | | | | | | | | | | |
1751 Panorama Point, Unit G Lafayette, CO | | 80026 | | (720) 390-3880 |
(Address of principal executive offices) | | (Zip Code) | | (Registrant’s telephone number, including area code) |
Securities registered pursuant to Section 12(b) of the Act:
| | | | | | | | | | | | | | |
Title of each class | | Trading Symbol(s) | | Name of each exchange on which registered |
Common Stock, $0.001 par value | | UGRO | | NASDAQ |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o
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 x No o
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 | o | Accelerated filer | o |
Non-accelerated filer | x | Smaller reporting company | x |
| | Emerging growth company | x |
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. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x
The number of shares of the registrant’s only class of common stock outstanding as of July 31, 2023 was 11,670,580 shares.
TABLE OF CONTENTS
CAUTIONARY INFORMATION REGARDING FORWARD-LOOKING STATEMENTS
Certain statements contained in this Quarterly Report on Form 10-Q constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), including statements related to future events, challenges we may face, business strategy, future performance, future operations, backlog, financial position, estimated or projected revenues and losses, projected costs, prospects, plans and objectives of management. All statements other than statements of historical fact may be forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as “seek,” “anticipate,” “continue,” “estimate,” “expect,” “may,” “will,” “project,” “predict,” “potential,” “intend,” “could,” “should,” “believe,” and variations of such words or their negative and similar expressions. Forward-looking statements should not be read as a guarantee of future performance or results, and may not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. Forward-looking statements are based on management’s belief, based on currently available information, as to the outcome and timing of future events. These statements involve estimates, assumptions, known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those expressed in such forward-looking statements. When evaluating forward-looking statements, you should consider the risk factors and other cautionary statements described in this Quarterly Report on Form 10-Q and under the heading “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022. We believe the expectations reflected in the forward-looking statements contained in this report are reasonable, but no assurance can be given that these expectations will prove to be correct. Forward-looking statements should not be unduly relied upon. Important factors that could cause actual results or events to differ materially from those expressed in forward-looking statements include, but are not limited to:
•risks related to our operating strategy;
•competition for projects in our markets;
•our ability to predict and respond to new laws and governmental regulatory actions affecting our business, including foreign laws and governmental regulation;
•risks related to delays in the grant of necessary licenses to clients and delays in passage of legislation expected to benefit our clients, which could delay the funding and start of projects;
•our ability to successfully develop new and/or enhancements to our product offerings and develop a product mix to meet demand;
•our ability to meet or exceed market expectations from analysts;
•unfavorable economic conditions, increases in interest rates and restrictive financing markets that may cause customers to cancel contracts reflected in our backlog or cause sales to decrease;
•our ability to successfully identify, manage and integrate acquisitions;
•our ability to accurately estimate the overall risks, requirements or costs when we bid on or negotiate contracts that are ultimately awarded to us;
•climate change and related laws and regulations;
•our ability to manage our supply chain in a manner that ensures that we are able to obtain adequate raw materials, equipment and essential supplies in a timely manner and at favorable prices;
•our ability to attract and retain key personnel;
•risks associated with concentration of a large portion of our business from a relatively small number of key clients/customers and the effect a loss of a key client/customer could have on our business;
•risks associated with customers or suppliers not fulfilling contracts;
•risks associated with reliance on key suppliers and risks such suppliers could change incentive programs that negatively affect our returns;
•the impact of inflation on costs of labor, raw materials and other items that are critical to our business;
•property damage and other claims and insurance coverage issues;
•the outcome of litigation or disputes;
•risks related to our information technology systems and infrastructure, including cybersecurity incidents;
•risks to our reputation from negative publicity, social media posts or negative interpretations of our ESG efforts;
•our ability to maintain effective internal control over financial reporting; and
•other events outside of our control.
These factors are not necessarily all of the important factors that could cause actual results or events to differ materially from those expressed in the forward-looking statements. Other unknown or unpredictable factors could also cause actual results or events to differ materially from those expressed in the forward-looking statements. Our future results will depend upon various other risks and uncertainties, including those described in this Quarterly Report on Form 10-Q and in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022. All forward-looking statements attributable to us are qualified in their entirety by this cautionary statement. Forward-looking statements speak only as of the date hereof. We undertake no obligation to update or revise any forward-looking statements after the date on which any such statement is made, whether as a result of new information, future events or otherwise, except as required by law. You are advised, however, to consult any future disclosures we make on related subjects in future reports to the SEC.
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS (unaudited)
URBAN-GRO, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)
| | | | | | | | | | | |
| June 30, 2023 | | December 31, 2022 |
ASSETS | | | |
Current assets: | | | |
Cash | $ | 8,559,181 | | | $ | 12,008,003 | |
Accounts receivable, net | 15,475,146 | | | 15,380,292 | |
Contract receivables | 6,948,417 | | | 3,004,282 | |
Prepaid expenses and other assets | 3,540,554 | | | 4,164,960 | |
Total current assets | 34,523,298 | | | 34,557,537 | |
Non-current assets: | | | |
Property and equipment, net | 1,332,908 | | | 1,307,146 | |
Operating lease right of use assets, net | 2,396,668 | | | 2,618,825 | |
Investments | 2,584,964 | | | 2,559,307 | |
Goodwill | 15,572,050 | | | 15,572,050 | |
Intangible assets, net | 4,876,503 | | | 5,450,687 | |
Total non-current assets | 26,763,093 | | | 27,508,015 | |
Total assets | $ | 61,286,391 | | | $ | 62,065,552 | |
LIABILITIES AND STOCKHOLDERS' EQUITY | | | |
Current liabilities: | | | |
Accounts payable | $ | 18,552,579 | | | $ | 9,960,364 | |
Accrued expenses | 5,183,451 | | | 3,196,961 | |
Contract liabilities | 3,344,832 | | | 1,294,452 | |
Customer deposits | 1,940,394 | | | 2,571,161 | |
Contingent consideration | 238,621 | | | 2,799,287 | |
Promissory note | 1,941,188 | | | 3,832,682 | |
Operating lease liabilities | 617,815 | | | 600,816 | |
Total current liabilities | 31,818,880 | | | 24,255,723 | |
Non-current liabilities: | | | |
Operating lease liabilities | 1,822,754 | | | 2,044,782 | |
Deferred tax liability | 914,185 | | | 1,033,283 | |
Total non-current liabilities | 2,736,939 | | | 3,078,065 | |
| | | |
Commitments and contingencies (note 10) | | | |
| | | |
Stockholders’ equity | | | |
Preferred stock, $0.10 par value; 3,000,000 shares and 10,000,000 shares authorized as of June 30, 2023, and December 31, 2022, respectively; 0 shares issued and outstanding | — | | | — | |
Common stock, $0.001 par value; 30,000,000 shares and 100,000,000 shares authorized as of June 30, 2023, and December 31, 2022, respectively; 13,056,409 shares issued and 11,606,576 shares outstanding as of June 30, 2023; 12,220,593 shares issued and 10,770,760 shares outstanding as of December 31, 2022 | 13,056 | | | 12,221 | |
Additional paid-in capital | 87,468,937 | | | 84,882,982 | |
Treasury shares, cost basis: 1,449,833 shares as of June 30, 2023, and as of December 31, 2022 | (12,045,542) | | | (12,045,542) | |
Accumulated deficit | (48,705,879) | | | (38,117,897) | |
Total stockholders’ equity | 26,730,572 | | | 34,731,764 | |
Total liabilities and stockholders’ equity | $ | 61,286,391 | | | $ | 62,065,552 | |
The accompanying unaudited notes are an integral part of these condensed consolidated financial statements
URBAN-GRO, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (unaudited)
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, | | Six Months Ended June 30, |
| 2023 | | 2022 | | 2023 | | 2022 |
Revenues: | | | | | | | |
Equipment systems | $ | 4,619,887 | | | $ | 10,077,572 | | | $ | 7,531,711 | | | $ | 27,144,916 | |
Services | 3,034,574 | | | 3,027,556 | | | 6,505,227 | | | 6,666,062 | |
Construction design-build | 11,048,997 | | | 2,917,321 | | | 21,254,949 | | | 2,917,321 | |
Other | 134,086 | | | 259,054 | | | 311,043 | | | 606,072 | |
Total revenues and other income | 18,837,544 | | | 16,281,503 | | | 35,602,930 | | | 37,334,371 | |
Cost of revenues: | | | | | | | |
Equipment systems | 4,008,911 | | | 8,617,945 | | | 6,521,587 | | | 22,920,542 | |
Services | 1,972,844 | | | 1,279,492 | | | 3,947,382 | | | 2,880,920 | |
Construction design-build | 9,888,907 | | | 2,692,700 | | | 19,192,615 | | | 2,692,700 | |
Other | 92,248 | | | 189,420 | | | 224,864 | | | 436,243 | |
Total cost of revenues | 15,962,910 | | | 12,779,557 | | | 29,886,448 | | | 28,930,405 | |
Gross profit | 2,874,634 | | | 3,501,946 | | | 5,716,482 | | | 8,403,966 | |
| | | | | | | |
Operating expenses: | | | | | | | |
General and administrative | 5,874,346 | | | 4,240,658 | | | 12,973,204 | | | 8,965,957 | |
Stock-based compensation | 622,547 | | | 882,000 | | | 1,102,188 | | | 1,764,000 | |
Intangible asset amortization | 264,165 | | | 306,225 | | | 574,184 | | | 468,725 | |
Total operating expenses | 6,761,058 | | | 5,428,883 | | | 14,649,576 | | | 11,198,682 | |
Loss from operations | (3,886,424) | | | (1,926,937) | | | (8,933,094) | | | (2,794,716) | |
| | | | | | | |
Non-operating income (expense): | | | | | | | |
Interest expense | (44,989) | | | (7,658) | | | (118,205) | | | (15,317) | |
Interest income | 75,061 | | | 47,275 | | | 148,191 | | | 127,126 | |
Contingent consideration | — | | | — | | | (160,232) | | | — | |
Loss on settlement | (1,500,000) | | | — | | | (1,500,000) | | | — | |
Other income (expense) | (140,947) | | | 71,563 | | | (143,739) | | | 62,874 | |
Total non-operating income (expense) | (1,610,875) | | | 111,180 | | | (1,773,985) | | | 174,683 | |
Loss before income taxes | (5,497,299) | | | (1,815,757) | | | (10,707,079) | | | (2,620,033) | |
| | | | | | | |
Income tax benefit | 53,966 | | | 76,453 | | | 119,097 | | | 184,512 | |
Net loss | $ | (5,443,333) | | | $ | (1,739,304) | | | $ | (10,587,982) | | | $ | (2,435,521) | |
| | | | | | | |
Comprehensive loss | $ | (5,443,333) | | | $ | (1,739,304) | | | $ | (10,587,982) | | | $ | (2,435,521) | |
| | | | | | | |
Loss per share - basic and diluted | $ | (0.50) | | | $ | (0.17) | | | $ | (0.97) | | | $ | (0.23) | |
Weighted average shares - basic and diluted | 10,945,978 | | 10,508,972 | | 10,859,820 | | 10,527,975 |
The accompanying unaudited notes are an integral part of these condensed consolidated financial statements
URBAN-GRO, INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Common Stock | | Additional Paid-in Capital | | Accumulated Deficit | | Treasury Stock | | Total Stockholders’ Equity |
| Shares | | Amount | | | | |
Balance, December 31, 2022 | 12,220,593 | | $ | 12,221 | | | $ | 84,882,982 | | | $ | (38,117,897) | | | $ | (12,045,542) | | | $ | 34,731,764 | |
Stock-based compensation | — | | — | | | 479,641 | | | — | | | — | | | 479,641 | |
Stock grant program vesting | 103,572 | | 103 | | | (103) | | | — | | | — | | | — | |
Stock issued for contingent consideration | 64,224 | | 64 | | | 191,855 | | | — | | | — | | | 191,919 | |
Net loss | — | | — | | | — | | | (5,144,649) | | | — | | | (5,144,649) | |
Balance, March 31, 2023 | 12,388,389 | | $ | 12,388 | | | $ | 85,554,375 | | | $ | (43,262,546) | | | $ | (12,045,542) | | | $ | 30,258,675 | |
Stock-based compensation | — | | — | | | 622,547 | | | — | | | — | | | 622,547 | |
Stock grant program vesting | 86,020 | | 86 | | | (86) | | | — | | | — | | | — | |
Stock issued for contingent consideration | 582,000 | | 582 | | | 1,292,101 | | | — | | | — | | | 1,292,683 | |
Net loss | — | | — | | | — | | | (5,443,333) | | | — | | | (5,443,333) | |
Balance, June 30, 2023 | 13,056,409 | | $ | 13,056 | | | $ | 87,468,937 | | | $ | (48,705,879) | | | $ | (12,045,542) | | | $ | 26,730,572 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Common Stock | | Additional Paid-in Capital | | Accumulated Deficit | | Treasury Stock | | Total Stockholders’ Equity |
| Shares | | Amount | | | | |
Balance, December 31, 2021 | 11,588,110 | | $ | 11,588 | | | $ | 78,679,220 | | | $ | (22,839,988) | | | $ | (7,683,490) | | | $ | 48,167,330 | |
Stock-based compensation | — | | — | | | 882,000 | | | — | | | — | | | 882,000 | |
Treasury stock | — | | — | | | — | | | — | | | (3,773,177) | | | (3,773,177) | |
Stock exercised | 4,555 | | 5 | | | 28,792 | | | — | | | — | | | 28,797 | |
Stock issued with exercise of warrants | 34,863 | | 35 | | | (35) | | | — | | | — | | | — | |
Net Loss | — | | — | | | — | | | (696,217) | | | — | | | (696,217) | |
Balance, March 31, 2022 | 11,627,528 | | $ | 11,628 | | | $ | 79,589,977 | | | $ | (23,536,205) | | | $ | (11,456,667) | | | $ | 44,608,733 | |
Stock-based compensation | — | | — | | 882,000 | | — | | — | | 882,000 | |
Stock issuance related to acquisition | 283,515 | | 283 | | 2,499,717 | | — | | — | | 2,500,000 | |
Net Loss | — | | — | | — | | (1,739,304) | | | — | | (1,739,304) | |
Balance, June 30, 2022 | 11,911,043 | | $ | 11,911 | | | $ | 82,971,694 | | | $ | (25,275,509) | | | $ | (11,456,667) | | | $ | 46,251,429 | |
The accompanying unaudited notes are an integral part of these condensed consolidated financial statements
URBAN-GRO, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)
| | | | | | | | | | | |
| Six Months Ended June 30, |
| 2023 | | 2022 |
Cash flows from operating activities: | | | |
Net loss | $ | (10,587,982) | | | $ | (2,435,521) | |
Adjustments to reconcile net loss to net cash used in operating activities: | | | |
Depreciation and amortization | 828,232 | | | 589,835 | |
Deferred income tax benefit | (119,097) | | | (184,512) | |
Stock-based compensation expense | 1,102,188 | | | 1,764,000 | |
Loss on settlement | 1,500,000 | | | — | |
Change in fair value of contingent consideration | 160,232 | | | — | |
Other, net | 472,277 | | | (54,942) | |
Changes in operating assets and liabilities (net of acquired amounts): | | | |
Accounts receivable and contract receivables | (4,424,814) | | | 663,955 | |
Prepaid expenses and other assets and property and equipment | 1,030,205 | | | 6,275,332 | |
Accounts payable, contract liabilities, and accrued expenses | 11,289,944 | | | (1,320,152) | |
Change in contingent consideration from indemnification | (917,699) | | | — | |
Operating lease liability | (360,787) | | | (163,054) | |
Customer deposits | (630,767) | | | (10,059,378) | |
Net cash used in operating activities | (658,068) | | | (4,924,437) | |
| | | |
Cash flows from investing activities: | | | |
Business combinations, net of cash acquired | — | | | (2,709,148) | |
Purchases of property and equipment | (226,700) | | | (374,630) | |
Net cash used in investing activities | (226,700) | | | (3,083,778) | |
| | | |
Cash flows from financing activities: | | | |
Proceeds from issuance of common stock | — | | | 28,797 | |
Repurchase of common stock | — | | | (3,773,177) | |
Repayment of finance lease ROU liability | (88,299) | | | (72,000) | |
Payments to settle contingent consideration | (479,457) | | | — | |
Repayment of promissory note | (1,996,298) | | | — | |
Net cash used in financing activities | (2,564,054) | | | (3,816,380) | |
| | | |
Net change in cash | (3,448,822) | | | (11,824,595) | |
Cash at beginning of period | 12,008,003 | | | 34,592,190 | |
Cash at end of period | $ | 8,559,181 | | | $ | 22,767,595 | |
| | | |
Supplemental cash flow information: | | | |
Cash paid for interest | $ | 13,402 | | | $ | 15,317 | |
Net cash paid for income taxes | $ | 134,252 | | | $ | 52,733 | |
| | | |
Supplemental disclosure of non-cash investing and financing activities: | | | |
Stock issued for acquisitions | $ | — | | | $ | 2,500,000 | |
Operating lease right of use assets and liabilities extension | $ | 295,631 | | | $ | 55,297 | |
The accompanying unaudited notes are an integral part of these condensed consolidated financial statements
URBAN-GRO, INC.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
NOTE 1 – ORGANIZATION, ACQUISITIONS, AND LIQUIDITY
Organization
urban-gro, Inc. (“we,” “us,” “our,” the “Company,” or “urban-gro”) is an integrated professional services and design-build firm. We offer value-added architectural, engineering, and construction management solutions to the Controlled Environment Agriculture (“CEA”), industrial, healthcare, and other commercial sectors. Innovation, collaboration, and a commitment to sustainability drive our team to provide exceptional customer experiences. To serve our horticulture clients, we engineer, design and manage the construction of indoor CEA facilities and then integrate complex environmental equipment systems into those facilities. Through this work, we create high-performance indoor cultivation facilities for our clients to grow specialty crops, including leafy greens, vegetables, herbs, and plant-based medicines. Our custom-tailored approach to design, construction, procurement, and equipment integration provides a single point of accountability across all aspects of indoor growing operations. We also help our clients achieve operational efficiency and economic advantages through a full spectrum of professional services and programs focused on facility optimization and environmental health which establish facilities that allow clients to manage, operate and perform at the highest level throughout their entire cultivation lifecycle once they are up and running. Further, we serve a broad range of commercial and governmental entities, providing them with planning, consulting, architectural, engineering and construction design-build services for their facilities. We aim to work with our clients from the inception of their project in a way that provides value throughout the life of their facility. We are a trusted partner and advisor to our clients and offer a complete set of engineering and managed services complemented by a vetted suite of select cultivation equipment systems.
Acquisitions
DVO
Effective October 31, 2022, the Company entered into an agreement with Dawson Van Orden, Inc. ("Seller" or "DVO") and DVO's shareholders (the "DVO Shareholders") to acquire substantially all of the operating assets and liabilities of DVO, a Texas based engineering firm with significant experience in indoor CEA. The purchase price of $6.1 million, after working capital adjustments, was comprised of (i) $1.2 million in cash, (ii) a $3.8 million Seller's promissory note, and (iii) $1.1 million of the Company's common stock. The Seller's promissory note is to be paid out over four quarters beginning in January 2023. The Seller’s promissory note balances as of June 30, 2023, and December 31, 2022, were $1,941,188 and $3,832,682, respectively. The purchase price excludes up to $1.1 million of contingent consideration earnout that may become payable to the Seller dependent on the continued employment of the DVO Shareholders. The contingent consideration earnout is payable, at the Company’s discretion, in cash or shares of the Company’s common stock with the value of such shares being determined based upon the volume-weighted average price ("VWAP") of the Company’s common stock in the ten trading days prior to the end of the applicable quarter for which the quarterly gross profit is calculated.
The Company accounted for the acquisition as follows:
| | | | | |
Purchase price | $ | 6,072,366 | |
| |
Allocation of purchase price: | |
Accounts receivable, net | $ | 1,134,909 | |
Right of use asset | $ | 1,197,310 | |
Property and equipment | $ | 229,058 | |
Goodwill | $ | 3,444,926 | |
Intangible assets | $ | 1,276,000 | |
Accrued expenses | $ | (12,527) | |
Right of use liability | $ | (1,197,310) | |
Pro-forma disclosure of the DVO acquisition is not required as the historical results of DVO were not material to the Company's consolidated financial statements. Acquired goodwill from DVO represents the value expected to arise from organic growth and an opportunity to expand into a well-established market for the Company.
Emerald
Effective April 29, 2022, the Company acquired all of the issued and outstanding capital stock of Emerald Construction Management, Inc. (“Emerald”) from its shareholders (the “Emerald Sellers”). The purchase price of $7.7 million, after working capital adjustments, was comprised of (i) $3.4 million in cash, (ii) $2.5 million of the Company’s common stock, and (iii) $1.8 million of estimated contingent consideration earnout payable to the Emerald Sellers over the term of the earnout. The total contingent earnout payable to the Emerald Sellers is $2.0 million. Effective January 1, 2023, the terms of the contingent consideration earnout provision were amended providing for the entire contingent consideration of up to $2.0 million to be earned based solely on the continued employment of the Emerald Sellers for a two-year period. This resulted in the Company recording additional contingent consideration expense of $160,232 in the first quarter of 2023. Per the amendment, the remaining contingent consideration earnout is payable quarterly, at the Company’s discretion, in cash or in shares of the Company’s common stock with the value of such shares being determined based upon the VWAP of the Company’s common stock in the ten trading days prior to the end of the applicable quarter.
The Company accounted for the acquisition as follows:
| | | | | |
Purchase Price | $ | 7,671,557 | |
| |
Allocation of Purchase Price: | |
Cash | $ | 622,641 | |
Accounts receivable, net | $ | 2,666,811 | |
Contract receivables | $ | 494,456 | |
Prepayments and other assets | $ | 38,086 | |
Property and equipment | $ | 403,008 | |
Right of use asset | $ | 82,408 | |
Goodwill | $ | 4,135,006 | |
Intangible assets | $ | 3,659,000 | |
Accrued expenses | $ | (2,361,302) | |
Contract liabilities | $ | (1,071,399) | |
Right of use liability | $ | (82,408) | |
Deferred tax liability | $ | (914,750) | |
The following pro-forma amounts reflect the Company’s results as if the acquisition of Emerald had occurred on January 1, 2022. These pro-forma amounts have been calculated after applying the Company’s accounting policies and adjusting the results of the acquisition to reflect the additional amortization of intangibles.
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, | | Six Months Ended June 30, |
| 2023 | | 2022 | | 2023 | | 2022 |
Revenues: | | | | | | | |
Equipment systems | $ | 4,619,887 | | | $ | 10,077,572 | | | $ | 7,531,711 | | | $ | 27,144,916 | |
Services | 3,034,574 | | | 3,027,556 | | | 6,505,227 | | | 6,666,062 | |
Construction design-build | 11,048,997 | | | 5,353,905 | | | 21,254,949 | | | 14,598,769 | |
Other | 134,086 | | | 259,054 | | | 311,043 | | | 606,072 | |
Total revenues and other income | 18,837,544 | | | 18,718,087 | | | 35,602,930 | | | 49,015,819 | |
| | | | | | | |
Net loss | $ | (5,443,333) | | | $ | (1,556,748) | | | $ | (10,587,982) | | | $ | (1,456,161) | |
Acquired goodwill from Emerald represents the value expected to arise from organic growth and an opportunity for the Company to expand into a well-established market.
Per the Emerald Acquisition Agreement and Plan of Merger (the “Emerald Acquisition Agreement”), when the Company acquired all of the issued and outstanding capital stock of Emerald, the Emerald Sellers indemnified the Company for any material liabilities, losses, and actions or inaction which took place prior to the acquisition and that were not disclosed as part of the transaction. To that end, a pre-acquisition Emerald project incurred a substantial loss that was not disclosed in the Emerald Acquisition Agreement. The majority shareholder of Emerald has agreed to indemnify the Company for the loss, which is currently estimated to be $2.2 million (the “Indemnified Loss”). The Company has offset $1.0 million of the Indemnified Loss against the total remaining contingent consideration and certain other liabilities owed to the majority shareholder of Emerald. Further, the Company has agreed to satisfy up to $1.2 million of the Indemnified Loss in the event a certain Emerald project is above a 7% profit margin, on a dollar to dollar basis.
Liquidity and Going Concern
The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates realization of assets and the satisfaction of liabilities in the normal course of business within one year after the date the consolidated financial statements are available to be issued.
NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Unaudited Condensed Consolidated Financial Statements
The Company has prepared the accompanying condensed consolidated financial statements pursuant to the rules and regulations of the SEC for condensed financial reporting. The condensed consolidated financial statements are unaudited and, in the Company’s opinion, include all adjustments, consisting of normal recurring adjustments and accruals necessary for a fair presentation of the Company’s condensed consolidated balance sheets, condensed consolidated statements of operations and comprehensive loss, condensed consolidated statements of stockholders’ equity and condensed consolidated statements of cash flows for the periods presented. The results reported in these condensed consolidated financial statements should not be regarded as necessarily indicative of results that may be expected for the entire year. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been omitted in accordance with regulations of the SEC. These condensed consolidated financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022.
Significant Accounting Policies
For a detailed discussion about the Company’s significant accounting policies, refer to Note 2 — Summary of Significant Accounting Policies, in the Company’s consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. During the six months ended June 30, 2023, there were no material changes made to the Company’s significant accounting policies.
Use of Estimates
In preparing condensed consolidated financial statements in conformity with GAAP, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of assets and liabilities at the date of the condensed consolidated financial statements and revenues and expenses during the reported period. Actual results could differ from those estimates. Significant estimates include estimated revenues earned under construction design-build contracts; estimated useful lives and potential impairment of long-lived assets, intangibles and goodwill; inventory write-offs; allowance for deferred tax assets; and allowance for bad debt.
Reclassification
Certain prior year amounts have been reclassified for consistency with the current year presentation. These reclassifications had no effect on the reported results of operations.
Balance Sheet Classifications
The Company includes in current assets and liabilities the following amounts that are in connection with construction contracts that may extend beyond one year: contract assets and contract liabilities (including retainage invoiced to customers contingent upon anything other than the passage of time), capitalized costs to fulfill contracts, retainage payable to sub-contractors and accrued losses on uncompleted contracts. A one-year time period is used to classify all other current assets and liabilities when not otherwise prescribed by the applicable accounting principles.
Contract Assets and Liabilities
The timing between when the Company collects cash from its construction design-build customers can create a contract asset or contract liability. Please refer to Note 3 - Revenue from Contracts with Customers for further discussion of the Company's contract assets and liabilities.
Recently Issued Accounting Standards
As of June 30, 2023, and through the filing of this report, no Accounting Standards Updates have been issued and not yet adopted that are applicable to the Company and that would have a material effect on the Company’s unaudited condensed consolidated financial statements and related disclosures.
NOTE 3 – REVENUE FROM CONTRACTS WITH CUSTOMERS
The Company recognizes revenue predominantly from the sale of equipment systems, services, construction design-build, and from other various immaterial contracts with customers from its CEA and Commercial sectors. The table below presents the revenue by source for the three and six months ended June 30, 2023, and 2022:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| CEA | | Commercial | | Total |
| For the three months ended June 30, | | For the three months ended June 30, | | For the three months ended June 30, |
| 2023 | | 2022 | | 2023 | | 2022 | | 2023 | | 2022 |
Equipment systems | $ | 4,619,887 | | | $ | 10,077,572 | | | $ | — | | | $ | — | | | $ | 4,619,887 | | | $ | 10,077,572 | |
Services | 1,255,978 | | | 1,931,465 | | | 1,778,596 | | | 1,096,091 | | | 3,034,574 | | | 3,027,556 | |
Construction design-build | 414,717 | | | 802,874 | | | 10,634,280 | | | 2,114,447 | | | 11,048,997 | | | 2,917,321 | |
Other | 134,086 | | | 259,054 | | | — | | | — | | | 134,086 | | | 259,054 | |
Total revenues and other income | $ | 6,424,668 | | | $ | 13,070,965 | | | $ | 12,412,876 | | | $ | 3,210,538 | | | $ | 18,837,544 | | | $ | 16,281,503 | |
Relative percentage | 34 | % | | 80 | % | | 66 | % | | 20 | % | | 100 | % | | 100 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| CEA | | Commercial | | Total |
| For the six months ended June 30, | | For the six months ended June 30, | | For the six months ended June 30, |
| 2023 | | 2022 | | 2023 | | 2022 | | 2023 | | 2022 |
Equipment systems | $ | 7,531,711 | | | $ | 27,144,916 | | | $ | — | | | $ | — | | | $ | 7,531,711 | | | $ | 27,144,916 | |
Services | 2,813,153 | | | 4,062,139 | | | 3,692,074 | | | 2,603,923 | | | 6,505,227 | | | 6,666,062 | |
Construction design-build | 786,560 | | | 802,874 | | | 20,468,389 | | | 2,114,447 | | | 21,254,949 | | | 2,917,321 | |
Other | 311,043 | | | 606,072 | | | — | | | — | | | 311,043 | | | 606,072 | |
Total revenues and other income | $ | 11,442,467 | | | $ | 32,616,001 | | | $ | 24,160,463 | | | $ | 4,718,370 | | | $ | 35,602,930 | | | $ | 37,334,371 | |
Relative percentage | 32 | % | | 87 | % | | 68 | % | | 13 | % | | 100 | % | | 100 | % |
Under Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers, a performance obligation is a promise in a contract with a customer, to transfer a distinct good or service to the customer. Equipment systems contracts are lump sum contracts, which require the performance of some, or all, of the obligations under the contract for a specified amount. Service revenue contracts, which include both architectural and engineering designs, generally contain multiple performance obligations which can span across multiple phases of a project and are generally set forth in the contract as distinct milestones. The majority of construction design-build contracts have a single performance obligation, as the promise to transfer the individual goods or services is not separately identifiable from other promises in the contracts and, therefore, not distinct. Some contracts have multiple performance obligations, most commonly due to the contract covering multiple phases of the project life cycle (design and construction).
The transaction price for service contracts and construction design-build contracts is allocated to each distinct performance obligation and recognized as revenue when, or as, each performance obligation is satisfied. When there are multiple performance obligations under the same service contract, the Company allocates the transaction price to each performance obligation based on the standalone selling price. In general, payment terms are fixed at the time of the contract and are not subject to discounts, incentives, payment bonuses, credits or penalties, unless negotiated in an amendment.
When establishing the selling price to the customer, the Company uses various observable inputs. For equipment systems, the stand-alone selling price is determined by forecasting the expected costs of the products, and then adding in the appropriate margins established by management. For service revenues and construction design-build revenues, the Company estimates the selling price by reference to certain physical characteristics of the project, which include the facility size, the complexity of the design, and the mechanical systems involved, which are indicative of the scope and complexity for those services. Significant judgments are typically not required with respect to the determination of the transaction price based on the nature of the selling prices of the products and services delivered and the collectability of those amounts. Accordingly, the Company does not consider estimates of variable consideration to be constrained.
The Company recognizes equipment systems, services, and construction design-build revenues when the performance obligation with the customer is satisfied. For satisfaction of equipment system revenues, the Company recognizes revenue when control of the promised good transfers to the customer, which predominately occurs at the time of shipment. For service revenues, satisfaction occurs as the services related to the distinct performance obligations are rendered or completed in exchange for consideration in an amount for which the Company is entitled. The time period between recognition and satisfaction of performance obligations is generally within the same reporting period; thus, there are no material unsatisfied or partially unsatisfied performance obligations for product or service revenues at the end of the reporting period.
Construction design-build revenues are recognized as the Company's obligations are satisfied over time, using the ratio of project costs incurred to estimated total costs for each contract because of the continuous transfer of control to the customer as all of the work is performed at the customer’s site and, therefore, the customer controls the asset as it is being constructed. This continuous transfer of control to the customer is further supported by clauses in the contract that allow the customer to unilaterally terminate the contract for convenience, pay the Company for costs incurred plus a reasonable profit and take control of any work in process. This cost-to-cost measure is used for our construction design-build contracts because management considers it to be the best available measure of progress on these contracts.
Contract modifications through change orders, claims and incentives are routine in the performance of the Company’s construction design-build contracts to account for changes in the contract specifications or requirements. In most instances, contract modifications are not distinct from the existing contract due to the significant integration of services provided in the contract and are accounted for as a modification of the existing contract and performance obligation. Either the Company or its customers may initiate change orders, which may include changes in specifications or designs, manner of performance, facilities, equipment, materials, sites and period of completion of the work. Change orders that are unapproved as to both price and scope are evaluated as claims. The Company considers claims to be amounts in excess of approved contract prices that the Company seeks to collect from its customers or others for customer-caused delays, errors in specifications and designs, contract terminations, change orders that are either in dispute or are unapproved as to both scope and price, or other causes of unanticipated additional contract costs.
The timing of when the Company bills customers on long-term construction design-build contracts is generally dependent upon agreed-upon contractual terms, which may include milestone billings based on the completion of certain phases of the work, or when services are provided. When as a result of contingencies, billings cannot occur until after the related revenue has been recognized, the result is unbilled revenue which is included in contract assets. Additionally, when the Company receives advances or deposits from customers before revenue is recognized, the result is deferred revenue which is included in contract liabilities. Retainage subject to conditions other than the passage of time are included in contract assets and contract liabilities.
Contract assets represent revenues recognized in excess of amounts paid or payable (contract receivables) to the Company on uncompleted contracts. Contract liabilities represent the Company’s obligation to perform on uncompleted contracts with customers for which the Company has received payment or for which contract receivables are outstanding.
The following table provides information about contract assets and contract liabilities from contracts with customers:
| | | | | | | | | | | |
| June 30, 2023 | | December 31, 2022 |
Contract assets: | | | |
Revenue recognized in excess of amounts paid or payable (contract receivables) to the Company on uncompleted contracts (contract asset), excluding retainage | $ | 6,702,100 | | | $ | 2,874,141 | |
Retainage included in contract assets due to being conditional on something other than solely passage of time | 246,317 | | | 130,141 | |
Total contract assets | $ | 6,948,417 | | | $ | 3,004,282 | |
| | | |
| June 30, 2023 | | December 31, 2022 |
Contract liabilities: | | | |
Payments received or receivable (contract receivables) in excess of revenue recognized on uncompleted contracts (contract liability) | $ | 3,312,396 | | | $ | 1,294,452 | |
Retainage included in contract liabilities due to being conditional on something other than solely passage of time | 32,436 | | | — | |
Total contract liabilities | $ | 3,344,832 | | | $ | 1,294,452 | |
Trade accounts receivable, net of allowance for doubtful accounts, balances from contracts with customers within the accompanying condensed consolidated balance sheets as of June 30, 2023, and December 31, 2022, were $14,242,229 and $12,466,180, respectively.
Non-trade accounts receivable as of June 30, 2023, and December 31, 2022, were $1,232,917 and $2,914,112, respectively. Non-trade accounts receivables as of June 30, 2023, were comprised of the remaining Indemnified Loss receivable from the majority shareholder of Emerald further detailed in Note 1 – Organization, Acquisitions, and Liquidity. Non-trade accounts receivables as of December 31, 2022, were comprised of miscellaneous non-trade accounts receivables totaling $514,112 and non-trade accounts receivable related to litigation involving fraudulent wire transactions of $2,400,000. On March 27, 2023, the Company entered into an agreement to settle this litigation and received a cash payment of $2,400,000 on March 27, 2023.
For equipment systems contracts, the Company’s predominant policy is to collect deposits from customers at the beginning of the contract and the balance of the contract payment prior to shipping. The Company does, in some cases, collect deposits or retainers as down payments on service contracts. Consumable products orders may be paid for in advance of shipment or for recurring customers with credit, payment terms of 30 days or less may be extended by the Company. Customer payments that have been collected prior to the performance obligation being recognized are recorded as customer deposit liabilities on the balance sheet. When the performance obligation is satisfied and all the criteria for revenue recognition are met, revenue is recognized. In certain situations when the customer has paid the deposit and services have been performed but the customer chooses not to proceed with the contract, the Company is entitled to keep the deposit and recognize revenue.
NOTE 4 – RELATED PARTY TRANSACTIONS
James Lowe, a director of the Company, is an owner of Cloud 9 Support, LLC (“Cloud 9”) and Potco LLC (“Potco”). Cloud 9 purchases materials from the Company for use with its customers and Potco purchases equipment from the Company for use in its cultivation facility. The table below presents the revenues for Cloud 9 and Potco for the three and six months ended June 30, 2023, and 2022:
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, | | Six Months Ended June 30, |
| 2023 | | 2022 | | 2023 | | 2022 |
Revenues - Cloud 9 | $ | 462 | | | $ | 5,606 | | | $ | 462 | | | $ | 11,813 | |
Revenues - Potco | 398,712 | | | — | | | 935,164 | | | 11,400 | |
Total revenues from related party transactions | $ | 399,174 | | | $ | 5,606 | | | $ | 935,626 | | | $ | 23,213 | |
The table below presents the accounts receivable for Cloud 9 and Potco for as of June 30, 2023, and December 31, 2022:
| | | | | | | | | | | |
| June 30, 2023 | | December 31, 2022 |
Accounts receivable - Cloud 9 | $ | — | | | $ | 3,920 | |
Accounts receivable - Potco | 188,512 | | | 20,174 | |
Total accounts receivable due from related party transactions | $ | 188,512 | | | $ | 24,094 | |
NOTE 5 – PREPAID EXPENSES AND OTHER ASSETS
Prepaid expenses and other assets are comprised of prepayments paid to vendors to initiate orders, prepaid services and fees, inventories, and other assets. The prepaid expenses and other assets balances are summarized as follows:
| | | | | | | | | | | |
| June 30, 2023 | | December 31, 2022 |
Vendor prepayments | $ | 2,314,800 | | | $ | 2,459,389 | |
Prepaid services and fees | 885,416 | | | 1,346,430 | |
Inventories | 300,520 | | | 320,372 | |
Other assets | 39,818 | | | 38,769 | |
Total Prepaid expenses and other assets | $ | 3,540,554 | | | $ | 4,164,960 | |
NOTE 6 – PROPERTY AND EQUIPMENT, NET
Property and equipment balances are summarized as follows:
| | | | | | | | | | | |
| June 30, 2023 | | December 31, 2022 |
Computers and technology equipment | $ | 264,197 | | | $ | 232,405 | |
Furniture and fixtures | 321,859 | | | 234,389 | |
Leasehold improvements | 228,760 | | | 306,719 | |
Vehicles | 452,822 | | | 456,797 | |
Software | 874,153 | | | 685,580 | |
Other equipment | 58,526 | | | 58,525 | |
Accumulated depreciation | (867,409) | | | (667,269) | |
Total Property and equipment, net | $ | 1,332,908 | | | $ | 1,307,146 | |
Depreciation expense totaled $159,995 and $65,335 for the three months ended June 30, 2023, and 2022, respectively, and totaled $254,048 and $121,113 for the six months ended June 30, 2023, and 2022, respectively.
NOTE 7 – INVESTMENTS
The components of investments as of June 30, 2023, and December 31, 2022, are summarized as follows:
| | | | | | | | | | | | | | | | | | | | |
| | Edyza | | XS Financial | | Total |
Balances as of December 31, 2022 | $ | — | | | $ | 2,559,307 | | | $ | 2,559,307 | |
Paid-in-kind interest | — | | | 25,657 | | | 25,657 | |
Balances as of June 30, 2023 | $ | — | | | $ | 2,584,964 | | | $ | 2,584,964 | |
Edyza
The Company has a strategic investment in Edyza, Inc. (“Edyza”), a hardware and software technology company that enables dense sensor networks in agriculture, healthcare, and other environments that require precise micro-climate monitoring. The Company measures this investment at cost, less any impairment changes resulting from observable price changes in orderly transactions for an identical or similar investment of the same issuer.
During the third quarter of 2022, the Company fully impaired this investment, resulting in an impairment recorded of $1.7 million. The Company determined that the intent and ability to retain its investment for a period of time sufficient to allow for any
anticipated recovery had passed, causing an “other than temporary loss.” The Company will continue to monitor any future changes to this impairment and seek to recover any remaining value of its 19.5% ownership.
XS Financial
On October 30, 2021, the Company participated in a convertible note offering of Xtraction Services, Inc., a/k/a XS Financial Inc. (CSE: XSF) (OTCQB: XSHLF) ("XSF"), a specialty finance company providing CAPEX financing solutions, including equipment leasing, to CEA companies in the United States. The Company invested $2,500,000 of a total $43,500,000 raised by XSF. Prior to any Nasdaq listing, the investment incurs 9.5% interest payable, of which, 7.5% is cash interest and 2.0% is interest paid in kind. Subsequent to any Nasdaq listing by XSF, the investment incurs 8.0% cash interest. The debt matures on October 28, 2023, with a one-year option at the sole discretion of XSF to extend the maturity date. In addition, the Company received 1,250,000 warrants denominated in Canadian dollars ("C$") with a C$0.45 exercise price as subject to the warrant instrument. No value was attributed to the warrants at the time of the investment.
NOTE 8 – GOODWILL & INTANGIBLE ASSETS
Goodwill
The Company has recorded goodwill in conjunction with the acquisitions it has completed. The goodwill balances as of June 30, 2023, and December 31, 2022, were $15,572,050 and $15,572,050, respectively. Goodwill is not amortized. The Company did not record any impairment charges related to goodwill for the three or six months ended June 30, 2023, and 2022.
Intangible Assets Other Than Goodwill
Intangible assets as of June 30, 2023, and December 31, 2022, consisted of the following:
| | | | | | | | | | | | | | | | | |
| As of June 30, 2023 |
| Cost | | Accumulated Amortization | | Net Book Value |
Finite-lived intangible assets: | | | | | |
Customer relationships | $ | 4,212,100 | | | $ | (703,885) | | | $ | 3,508,215 | |
Trademarks and trade names | 1,778,000 | | | (485,617) | | | 1,292,383 | |
Backlog and other | 768,113 | | | (720,499) | | | 47,614 | |
Total finite-lived intangible assets: | 6,758,213 | | | (1,910,001) | | | 4,848,212 | |
Indefinite-lived intangible assets: | | | | | |
Trade name | 28,291 | | | — | | | 28,291 | |
Total indefinite-lived intangible assets | 28,291 | | | — | | | 28,291 | |
Total intangible assets, net | $ | 6,786,504 | | | $ | (1,910,001) | | | $ | 4,876,503 | |
| | | | | | | | | | | | | | | | | |
| As of December 31, 2022 |
| Cost | | Accumulated Amortization | | Net Book Value |
Finite-lived intangible assets: | | | | | |
Customer relationships | $ | 4,212,100 | | | $ | (401,997) | | | $ | 3,810,103 | |
Trademarks and trade names | 1,778,000 | | | (307,817) | | | 1,470,183 | |
Backlog and other | 768,113 | | | (626,003) | | | 142,110 | |
Total finite-lived intangible assets: | 6,758,213 | | | (1,335,817) | | | 5,422,396 | |
Indefinite-lived intangible assets: | | | | | |
Trade name | 28,291 | | | — | | | 28,291 | |
Total indefinite-lived intangible assets | 28,291 | | | — | | | 28,291 | |
Total intangible assets, net | $ | 6,786,504 | | | $ | (1,335,817) | | | $ | 5,450,687 | |
Amortization expense for intangible assets totaled $264,165 and $306,225 for the three months ended June 30, 2023, and 2022, respectively, and totaled $574,184 and $468,725 for the six months ended June 30, 2023, and 2022, respectively.
The estimated future amortization expense for intangible assets subject to amortization as of June 30, 2023, is summarized below:
| | | | | | | | |
For the years ending December 31, | | Estimated Future Amortization Expense |
Remainder of 2023 | | $ | 491,841 | |
2024 | | 959,788 | |
2025 | | 959,788 | |
2026 | | 918,205 | |
2027 | | 693,555 | |
Thereafter | | 825,035 | |
Total estimated future amortization expense | | $ | 4,848,212 | |
NOTE 9 – ACCRUED EXPENSES
Accrued expenses are summarized as follows:
| | | | | | | | | | | |
| June 30, 2023 | | December 31, 2022 |
Accrued operating expenses | $ | 527,690 | | | $ | 515,858 | |
Loss on settlement | 1,500,000 | | | — | |
Accrued wages and related expenses | 1,134,304 | | | 639,614 | |
Accrued 401(k) | 66,004 | | | 262,599 | |
Accrued sales tax payable | 1,955,453 | | | 1,778,890 | |
Total accrued expenses | $ | 5,183,451 | | | $ | 3,196,961 | |
Accrued sales tax payable is comprised of amounts due to various states and Canadian provinces from the year ended 2015 through June 30, 2023.
NOTE 10 – OPERATING LEASE LIABILITIES AND COMMITMENTS AND CONTINGENCIES
The Company has eight operating office lease liabilities and one finance office lease liability with an imputed annual interest rate of 8.0%. Five of the leases were assigned to the Company in connection with the acquisitions of 2WR, Emerald, and DVO. The remaining lease terms range from less than a year to 6 years, as of June 30, 2023. The following is a summary of operating lease liabilities:
| | | | | | | | | | | |
| June 30, 2023 | | December 31, 2022 |
Operating lease liabilities related to right of use assets | $ | 2,440,569 | | | $ | 2,645,598 | |
Less current operating lease liabilities | (617,815) | | | (600,816) | |
Non-current operating lease liabilities | $ | 1,822,754 | | | $ | 2,044,782 | |
The following is a schedule showing total future minimum lease payments:
| | | | | | | | |
For the years ending December 31, | | Minimum Lease Payments |
Remainder of 2023 | | $ | 417,885 | |
2024 | | 754,076 | |
2025 | | 573,133 | |
2026 | | 404,751 | |
2027 | | 346,812 | |
Thereafter | | 335,903 | |
Total minimum lease payments | | 2,832,560 | |
Less: Amount representing interest | | (391,991) | |
Net lease obligations | | $ | 2,440,569 | |
From time to time, the Company is involved in routine litigation that arises in the ordinary course of business. There are no ongoing legal proceedings for which management believes the ultimate outcome would have a material adverse effect on the Company’s results of operations and cash flows.
On August 11, 2023, the Company entered into a settlement agreement (the “Settlement Agreement”) with Crest Ventures, LLC (“Crest”) and Andrew Telsey to settle all claims in the litigation filed in the District Court for Arapahoe County, Colorado, Case No. 2021CV31301. Pursuant to the Settlement Agreement, the Company has agreed to pay $1,500,000 to Crest by September 10, 2023. In connection with this settlement, the Company recorded a loss in the second quarter of 2023 of $1,500,000 in accordance with GAAP related to loss contingencies.
NOTE 11 – RISKS AND UNCERTAINTIES
Concentration Risk
The table below shows customers who account for 10% or more of the Company’s total revenues and 10% or more of the Company’s accounts receivable for the periods presented:
Customers exceeding 10% of revenue
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended June 30, | | Six Months Ended June 30, |
Company Customer Number | | 2023 | | 2022 | | 2023 | | 2022 |
C000001462 | | * | | * | | * | | 16 | % |
C000001140 | | * | | 25 | % | | * | | 20 | % |
C000002187 | | 26 | % | | * | | 26 | % | | * |
C000000819 | | * | | 14 | % | | * | | * |
C000002393 | | 14 | % | | * | | * | | * |
C000002463 | | * | | * | | 12 | % | | * |
| | | | | | | | |
*Amounts less than 10% | | | | | | | | |
Customers exceeding 10% of accounts receivable
| | | | | | | | | | | | | | |
Company Customer Number | | June 30, 2023 | | December 31, 2022 |
C000002151 | | * | | 10 | % |
C000002187 | | 37 | % | | 24 | % |
| | | | |
*Amounts less than 10% | | | | |
The table below shows vendors who account for 10% or more of the Company’s total purchases and 10% or more of the Company’s accounts payable for the periods presented:
Vendors exceeding 10% of purchases
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended June 30, | | Six Months Ended June 30, |
Company Vendor Number | | 2023 | | 2022 | | 2023 | | 2022 |
V000001029 | | * | | 23 | % | | * | | 25 | % |
V000000453 | | * | | * | | * | | 12 | % |
V000002275 | | * | | * | | 11 | % | | * |
V000001280 | | * | | 19 | % | | * | | * |
| | | | | | | | |
*Amounts less than 10% | | | | | | | | |
Vendors exceeding 10% of accounts payable
| | | | | | | | | | | | | | |
Company Vendor Number | | June 30, 2023 | | December 31, 2022 |
V000001910 | | * | | 11 | % |
V000002275 | | 21 | % | | * |
*Amounts less than 10% | | | | |
Foreign Exchange Risk
Although our revenues and expenses are expected to be predominantly denominated in United States dollars, we may be exposed to currency exchange fluctuations. Recent events in the global financial markets have been coupled with increased volatility in the currency markets. Fluctuations in the exchange rate between the U.S. dollar, the Canadian dollar, the Euro, and the currency of other regions in which we may operate may have a material adverse effect on our business, financial condition and operating results. We may, in the future, establish a program to hedge a portion of our foreign currency exposure with the objective of minimizing the impact of adverse foreign currency exchange movements. However, even if we develop a hedging program, it may not mitigate currency risks.
NOTE 12 – STOCK-BASED COMPENSATION
Based on the vesting schedule of the grants of restricted stock units (“RSU” or “RSUs”) and options, stock-based compensation expense totaled $622,547 and $882,000 for the three months ended June 30, 2023, and 2022, respectively, and totaled $1,102,188 and $1,764,000 for the six months ended June 30, 2023, and 2022, respectively.
The Company has adopted the 2021 Omnibus Stock Incentive Plan, as amended (the “Omnibus Incentive Plan”), which provides for the issuance of incentive stock options, grants of RSUs, and stock-based awards to employees, directors, and consultants of the Company to reward and attract employees and compensate the Company’s Board of Directors (the “Board”) and vendors when applicable. The Omnibus Incentive Plan is administered by the Company's Board. Grants of RSUs under the Omnibus Incentive Plan are valued at the price of the stock on the date of grant. The fair value of the options is calculated using the Black-Scholes pricing model based on the estimated market value of the underlying common stock at the valuation measurement date, the remaining contractual term of the options, risk-free interest rate and expected volatility of the price of the underlying common stock of 100%. There is a moderate degree of subjectivity involved when estimating the value of stock options with the Black-Scholes option pricing model as the assumptions used are moderately judgmental. Grants of RSUs and stock options are sometimes offered as part of an employment offer package, to ensure continuity of service or as a reward for performance. Grants of RSUs and stock options typically require a 1-to-3-year period of continued employment or service performance before the grant of RSUs or stock options vest. No cash flow effects are anticipated for grants of RSUs or stock options.
The following schedule shows grants of RSU activity for the six months ended June 30, 2023:
| | | | | |
| Number of Shares |
Grants of RSUs unvested as of December 31, 2022 | 494,859 |
Grants of RSUs | 524,829 |
Forfeiture/cancelled | (6,733) | |
Grants of RSUs vested and issued | (189,592) | |
Grants of RSUs unvested as of June 30, 2023 | 823,363 |
As of June 30, 2023, the Company has $2.0 million in unrecognized stock-based compensation expense related to these grants of RSUs.
The following schedule shows stock option activity for the six months ended June 30, 2023.
| | | | | | | | | | | | | | | | | |
| Number of Shares | | Weighted Average Remaining Life (Years) | | Weighted Average Exercise Price |
Stock options outstanding as of December 31, 2022 | 669,388 | | | 7.9 | | $ | 6.77 | |
Issued | — | | | 0 | | $ | — | |
Forfeited | (2,803) | | | 0 | | $ | 9.39 | |
Exercised | — | | | 0 | | $ | — | |
Stock options outstanding as of June 30, 2023 | 666,585 | | | 7.4 | | $ | 6.77 | |
Stock options exercisable as of June 30, 2023 | 618,651 | | | 6.3 | | $ | 6.30 | |
As of June 30, 2023, the Company has $0.1 million in unrecognized stock-based compensation expense related to these stock options. The aggregate intrinsic value of the options outstanding and exercisable as of June 30, 2023, is $0.
NOTE 13 – STOCKHOLDERS’ EQUITY
On May 24, 2021, the Board authorized a stock repurchase program to purchase up to $5.0 million of the currently outstanding shares of the Company’s common stock, over a period of 12 months through open market purchases, in compliance with Rule 10b-18 under the Securities Exchange Act of 1934. On January 18, 2022, the Board authorized a $2.0 million increase to the stock repurchase program, to a total of $7.0 million. On February 2, 2022, the Board authorized an additional $1.5 million increase to the stock repurchase, to a total of $8.5 million. On September 12, 2022, the Board authorized an additional $2.0 million increase to the stock repurchase, to a total of $10.5 million. In total, the Company has repurchased 1,099,833 shares of common stock at an average price per share of $8.25 for a total of $9.1 million, under this program.
During the six months ended June 30, 2023, the Company did not repurchase shares of common stock. During the six months ended June 30, 2022, the Company repurchased 419,088 shares of common stock at an average price per share of $9.02, for a total price of $3.8 million under this program. As of June 30, 2023, we have $1.4 million remaining under the repurchase program.
In February 2021, the Company repurchased 350,000 shares of common stock with an average price per share of $8.50, for a total of $3.0 million, outside of any stock repurchase or publicly announced program.
NOTE 14 – WARRANTS
The following table shows warrant activity for the six months ended June 30, 2023.
| | | | | | | | | | | |
| Number of Shares | | Weighted Average Exercise Price |
Warrants outstanding as of December 31, 2022 | 311,499 | | $ | 12.32 | |
Exercised | — | | | $ | — | |
Expired | (1,000) | | | $ | 6.00 | |
Warrants outstanding as of June 30, 2023 | 310,499 | | $ | 12.34 | |
Warrants exercisable as of June 30, 2023 | 310,499 | | $ | 12.34 | |
The weighted-average life of the warrants is 2.2 years. The aggregate intrinsic value of the warrants outstanding and exercisable as of June 30, 2023, is $0.
NOTE 15 – INCOME TAXES
The Company has experienced cumulative losses for both book and tax purposes since inception. The potential future recovery of any tax assets that the Company may be entitled to due to these accumulated losses is uncertain and any tax assets that the Company may be entitled to have been fully reserved based on management’s current estimates. Management intends to continue maintaining a full valuation allowance on the Company’s deferred tax assets until there is sufficient evidence to support the reversal of all or some portion of these allowances. The deferred income tax benefit for the three and six months ended June 30, 2023, and 2022 relates to the reduction in the deferred tax liability associated with the amortization of the intangible assets from the acquisitions of the 2WR Entities and Emerald. The Company records state income taxes paid during the year within the Other income (expense) financial statement line item.
NOTE 16 – SUBSEQUENT EVENTS
On August 11, 2023, the Company entered into the Settlement Agreement with Crest and Andrew Telsey to settle all claims in the litigation filed in the District Court for Arapahoe County, Colorado, Case No. 2021CV31301. Pursuant to the Settlement Agreement, the Company has agreed to pay $1,500,000 to Crest by September 10, 2023. In connection with this settlement, the Company recorded a loss in the second quarter of 2023 of $1,500,000 in accordance with GAAP related to loss contingencies.
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The following discussion should be read in conjunction with our condensed consolidated financial statements and notes thereto included herein. See also “Forward Looking Statements” on page 3 of this Report.
OVERVIEW AND HISTORY
urban-gro is an integrated professional services and design-build firm. Our business focuses primarily on providing fee-based knowledge-based services as well as the value-added reselling of equipment. We derive income from our ability to generate revenue from our clients through the billing of our employees’ time spent on client projects. We offer value-added architectural, engineering, systems procurement and integration, and construction design-build solutions to customers operating in the controlled environment agriculture (“CEA”) and industrial and other commercial (“Commercial”) sectors. In the CEA sector, our clients include operators and facilitators in both the cannabis and produce markets in the United States, Canada, and Europe. In the Commercial sector, we work with leading food and beverage commercial packaged goods (“CPG”) companies in the United States, and clients in other commercial sectors including healthcare, higher education, and hospitality. During 2022 and 2021, we made the following acquisitions:
•October 2022 - An engineering firm (“DVO”)
•April 2022 - A construction design-build firm (“Emerald”)
•July 2021 - Three affiliated architecture design companies (the “2WR Entities”)
RESULTS OF OPERATIONS
Comparison of Results of Operations for the three months ended June 30, 2023 and 2022
During the three months ended June 30, 2023, we generated revenues of $18.8 million compared to revenues of $16.3 million during the three months ended June 30, 2022, an increase of $2.6 million, or 16%. This increase in revenues is the net result of the following changes in individual revenue components:
•Equipment systems revenue decreased $5.5 million due to negative market conditions in the cannabis sector and a reduction in capital equipment spending by customers;
•Services revenue was flat, which was the result of a decrease in revenues in our existing business due to negative market conditions in the cannabis sector offset by an increase in revenues from the DVO acquisition;
•Construction design-build revenue increased $8.1 million, primarily due to significant organic growth of our construction design-build revenue in addition to the Emerald acquisition being included in our operating results for an additional month in 2023 as compared to 2022; and
•Other revenues decreased $0.1 million.
During the three months ended June 30, 2023, cost of revenues was $16.0 million compared to $12.8 million during the three months ended June 30, 2022, an increase of $3.2 million, or 25%. This increase is directly attributable to the overall increase in revenues indicated above and was further impacted by the change in individual revenue components.
Gross profit was $2.9 million (15% of revenues) during the three months ended June 30, 2023, compared to $3.5 million (22% of revenue) during the three months ended June 30, 2022. The overall gross profit as a percentage of revenues decreased primarily due to a decrease in higher margin equipment systems revenue as well as an increase in lower margin construction design-build revenue. The decrease in equipment systems gross profit during the three months ended June 30, 2023 as compared to the three months ended June 30, 2022 is not expected to continue. The decrease in services gross profit for the three months ended June 30, 2023 as compared to the three months ended June 30, 2022 is primarily attributable to better time tracking on service projects due to system upgrades implemented in the first quarter of 2023.
Operating expenses increased by $1.3 million, or 25%, to $6.8 million for the three months ended June 30, 2023, compared to $5.4 million for the three months ended June 30, 2022. This overall increase in operating expenses was the result of the net effects of the following:
•a $1.6 million increase in general and administrative operating expenses due to (i) increases in salary and personnel related costs attributable to the acquisitions of the Emerald and DVO entities, (ii) increased legal expenses and (iii) implementation of an incentive retention plan in 2023 that, at its inception, was expected to result in total expense of $1.3 million in 2023
($0.4 million in the first quarter, $0.2 million in the second quarter, $0.3 million in the third quarter and $0.3 million in the forth quarter); and
•a $0.3 million decrease in stock-based compensation expense, due to a reduction in the number of employees receiving stock-based compensation.
Non-operating expense was $1.6 million for the three months ended June 30, 2023, compared to non-operating income of $0.1 million for the three months ended June 30, 2022, a change of $1.7 million. This was primarily due to a $1.5 million loss related to the settlement of the litigation with Crest Ventures, LLC that was recorded in the three months ended June 30, 2023, in accordance with accounting principles generally accepted in the United States of America (“GAAP”) related to loss contingencies.
Deferred income tax benefit decreased by $22.5 thousand due to amortization of the deferred tax liabilities from the acquisitions of the 2WR Entities and Emerald.
As a result of the above, we incurred a net loss of $5.4 million for the three months ended June 30, 2023, or a net loss per share of $0.50, compared to a net loss per share of $0.17 for the three months ended June 30, 2022.
Comparison of Results of Operations for the six months ended June 30, 2023, and 2022
During the six months ended June 30, 2023, we generated revenues of $35.6 million compared to revenues of $37.3 million during the six months ended June 30, 2022, a decrease of $1.7 million, or 5%. This decrease in revenues is the net result of the following changes in individual revenue components:
•Equipment systems revenue decreased $19.6 million due to negative market conditions in the cannabis sector and a reduction in capital equipment spending by customers;
•Services revenue decreased $0.2 million which was the net result of a decrease in our existing business due to negative market conditions in the cannabis sector offset by revenues from the DVO acquisition;
•Construction design-build revenue increased $18.3 million, due to significant organic growth of our construction design-build revenue in addition to the Emerald acquisition being included in our operating results for six months in 2023 and only two months in 2022; and
•Other revenues decreased $0.3 million.
During the six months ended June 30, 2023, cost of revenues was $29.9 million compared to $28.9 million during the six months ended June 30, 2022, an increase of $1.0 million, or 3%. This increase is directly attributable to the change in individual revenue components driven by a decrease in higher margin equipment systems revenue as well as an increase in lower margin construction design-build revenue.
Gross profit was $5.7 million (16% of revenues) during the six months ended June 30, 2023, compared to $8.4 million (23% of revenue) during the six months ended June 30, 2022. The overall gross profit as a percentage of revenues decreased primarily due to a decrease in higher margin equipment systems revenue as well as an increase in lower margin construction design-build revenue. The decrease in equipment systems gross profit during the six months ended June 30, 2023 as compared to the six months ended June 30, 2022 is not expected to continue. The decrease in services gross profit for the six months ended June 30, 2023 as compared to the six months ended June 30, 2022 is primarily attributable to better time tracking on service projects due to system upgrades implemented in the first quarter of 2023.
Operating expenses increased by $3.5 million, or 31%, to $14.6 million for the six months ended June 30, 2023, compared to $11.2 million for the six months ended June 30, 2022. This overall increase in operating expenses was the result of the net effects of the following:
•a $4.0 million increase in general and administrative operating expenses due to (i) increases in salary and personnel related costs attributable to the acquisitions of the DVO and Emerald entities, (ii) increased legal expenses and (iii) implementation of an incentive retention plan in 2023 that, at its inception, was expected to result in total expense of $1.3 million in 2023 ($0.4 million in the first quarter, $0.2 million in the second quarter, $0.3 million in the third quarter and $0.3 million in the fourth quarter);
•a $0.7 million decrease in stock-based compensation expense, due to a reduction in the number of employees receiving stock-based compensation; and
•a $0.1 million increase in intangible asset amortization due to increased intangibles associated with the acquisitions of Emerald and DVO.
Non-operating expense was $1.8 million for the six months ended June 30, 2023, compared to non-operating income of $0.2 million for the six months ended June 30, 2022, a change of $1.9 million. This was primarily due to a $0.2 million expense recognized from the remeasurement of contingent consideration from the Emerald acquisition and a $1.5 million loss related to the settlement of the litigation with Crest Ventures, LLC in the six months ended June 30, 2023 in accordance with GAAP related to loss contingencies.
Deferred income tax benefit decreased by $0.1 million due to amortization of the deferred tax liabilities from the acquisitions of the 2WR Entities and Emerald.
As a result of the above, we incurred a net loss of $10.6 million for the six months ended June 30, 2023, or a net loss per share of $0.97, compared to a net loss per share of $0.23 for the six months ended June 30, 2022.
NON-GAAP FINANCIAL MEASURES
The Company uses the supplemental financial measure of Adjusted Earnings before Interest, Taxes, Depreciation and Amortization (“Adjusted EBITDA”) as a measure of our operating performance. Adjusted EBITDA is not calculated in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and it is not a substitute for other measures prescribed by GAAP such as net income (loss), income (loss) from operations, and cash flows from operating activities. We define Adjusted EBITDA as net income (loss) attributable to urban-gro, Inc., determined in accordance with GAAP, excluding the effects of certain operating and non-operating expenses including, but not limited to, interest expense/income, income taxes/benefit, depreciation of tangible assets, amortization of intangible assets, impairment of investments, unrealized exchange losses, debt forgiveness and extinguishment, stock-based compensation expense, and non-recurring legal and acquisition costs, that we do not believe reflect our core operating performance.
Our Board and management team focus on Adjusted EBITDA as a key performance and compensation measure. We believe that Adjusted EBITDA assists us in comparing our operating performance over various reporting periods because it removes from our operating results the impact of items that our management believes do not reflect our core operating performance.
The following table reconciles net income (loss) attributable to the Company to Adjusted EBITDA for the periods presented:
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, | | Six Months Ended June 30, |
| 2023 | | 2022 | | 2023 | | 2022 |
Net loss (GAAP) | $ | (5,443,333) | | | $ | (1,739,304) | | | $ | (10,587,982) | | | $ | (2,435,521) | |
Interest expense | 44,989 | | | 7,658 | | | 118,205 | | | 15,317 | |
Interest income | (75,061) | | | (47,275) | | | (148,191) | | | (127,126) | |
Federal and state income tax (benefit) expense | 56,799 | | | (76,453) | | | (8,332) | | | (184,512) | |
Depreciation and amortization | 424,160 | | | 371,557 | | | 828,232 | | | 589,835 | |
EBITDA (non-GAAP) | (4,992,446) | | | (1,483,817) | | | $ | (9,798,068) | | | $ | (2,142,007) | |
| | | | | | | |
Non-recurring legal fees | 267,873 | | | 57,382 | | | 484,611 | | | 218,929 | |
Contingent consideration - change in fair value | — | | | — | | | 160,232 | | | — | |
Contingent consideration - DVO acquisition | 80,431 | | | — | | | 126,698 | | | — | |
Reduction in force costs | 263,003 | | | — | | | 263,003 | | | — | |
Loss on settlement | 1,500,000 | | | — | | | 1,500,000 | | | — | |
Retention incentive | 192,000 | | | — | | | 642,000 | | | — | |
Stock-based compensation | 622,547 | | | 882,000 | | | 1,102,188 | | | 1,764,000 | |
Transaction costs | 26,859 | | | 15,535 | | | 61,938 | | | 70,760 | |
Adjusted EBITDA (non-GAAP) | $ | (2,039,733) | | | $ | (528,900) | | | $ | (5,457,398) | | | $ | (88,318) | |
BACKLOG
Backlog is a financial measure that generally reflects the dollar value of revenue that the Company expects to realize in the future. Although backlog is not a term recognized under generally accepted accounting principles in the United States (“GAAP”), it is a common measure used by companies operating in our industries. We report backlog for the following revenue categories: (i) Equipment Systems; (ii) Services; and (iii) Construction design-build. We define backlog for Equipment Systems and Services as signed contracts, with Equipment Systems contracts generally requiring a receipt of a customer deposit. Construction design-build backlog is comprised of construction projects once the contract is awarded and to the extent we believe funding is probable. Our Construction design-build backlog consists of uncompleted work on contracts in progress and contracts for which we have executed a contract but have not commenced the work. For uncompleted work on contracts in progress, we include (i) executed change orders, (ii) pending change orders for which we expect to receive confirmation in the ordinary course of business, and (iii) claims that we have made against our customers for which we have determined we have a legal basis under existing contractual arrangements and as to which we consider collection to be probable.
Backlog for each of our revenue categories as of June 30, 2023, and December 31, 2022, is reflected in the following tables:
| | | | | | | | | | | | | | | | | | | | | | | |
| June 30, 2023 |
| CEA | | Commercial | | Total | | Relative Percentage |
| | | | | | | |
| (in millions) |
Equipment systems | $ | 5 | | | $ | — | | | $ | 5 | | | 6 | % |
Services | 1 | | | 3 | | | 4 | | | 5 | % |
Construction design-build (1) | 48 | | | 22 | | | 70 | | | 89 | % |
Total backlog | $ | 54 | | | $ | 25 | | | $ | 79 | | | 100 | % |
Relative percentage | 68 | % | | 32 | % | | 100 | % | | |
| | | | | | | |
Note: Percentages may not add up due to rounding. | | | | | | | |
(1) During the second quarter of 2023, a cannabis cultivation project that was actively in production began to face some uncertainty with funding. The Company is in close contact with the client, but felt it prudent to remove this active contract from reported backlog until the client's funding source is solidified. The drop in backlog is predominantly tied to this project. |
| | | | | | | | | | | | | | | | | | | | | | | |
| December 31, 2022 |
| CEA | | Commercial | | Total | | Relative Percentage |
| | | | | | | |
| (in millions) |
Equipment systems | $ | 5 | | | $ | — | | | $ | 5 | | | 5 | % |
Services | 4 | | | 2 | | | 6 | | | 6 | % |
Construction design-build | 67 | | | 15 | | | 82 | | | 88 | % |
Total backlog | $ | 76 | | | $ | 17 | | | $ | 93 | | | 100 | % |
Relative percentage | 82 | % | | 18 | % | | 100 | % | | |
| | | | | | | |
Note: Percentages may not add up due to rounding. | | | | | | | |
Historically, the majority of our Equipment Systems and Services backlog has been retired and converted into revenue within two quarters. As of June 30, 2023, we expected approximately 50% of our Construction design-build backlog to be completed in the next 12 months. As of June 30, 2023, and December 31, 2022, one customer accounted for 53% and 46% of total backlog, respectively.
Certain Construction design-build contracts contain options that are exercisable at the discretion of our customer to award additional work to us, without requiring us to go through an additional competitive bidding process. In addition, some customer contracts also contain task orders that are signed under master contracts pursuant to which we perform work only when the customer awards specific task orders to us.
Contracts in our Construction design-build backlog may be canceled or modified at the election of the customer. Many Construction design-build projects are added to our contract backlog and completed within the same fiscal year and therefore may not be reflected in our beginning or quarter-end Construction design-build backlog amounts.
LIQUIDITY AND CAPITAL RESOURCES
As of June 30, 2023, we had working capital of $2.7 million, compared to working capital of $10.3 million as of December 31, 2022, a decrease of $7.6 million. This decrease in working capital was primarily due to the net effects of an increase in accounts payable, accrued expenses, and contract liabilities of $12.6 million, a decrease in cash and prepaid expenses and other assets of $4.1 million, partially offset by an an increase of accounts receivable, net and contract receivables of $4.0 million, and a decrease in customer deposits, contingent consideration, and promissory note of $5.1 million. The increase in accounts payable is partially related to costs incurred on construction design-build projects near the end of the second quarter of 2023. Certain of these contracts were tied to a major customer where we had previously agreed upon project billing timelines and we were unable to bill for these projects until after June 30, 2023. This resulted in an increase in contract receivables as of June 30, 2023. We are continually evaluating alternatives to increase our working capital including securing non-dilutive debt financing arrangements.
As of June 30, 2023, we had cash of $8.6 million, which represented a decrease of $3.4 million from December 31, 2022, due to the following changes during the six months ended June 30, 2023:
•Net cash used in operating activities was $0.7 million. This use of cash is the net effect of the net loss of $10.6 million, offset by non-cash expenses of $3.9 million and cash provided by the net changes in operating assets and liabilities of $6.0 million. See the condensed consolidated statements of cash flows for further details on the non-cash expenses and net changes in operating assets and liabilities;
•Net cash used in investing activities was $0.2 million, primarily from the acquisition of property, plant and equipment. We have no material commitments for capital expenditures as of June 30, 2023; and
•Net cash used in financing activities was $2.6 million, primarily due to payments made on the promissory note related to the DVO acquisition.
INFLATION
Inflation has resulted in increased costs for our customers. In addition, the U.S. Government has responded to inflation by raising interest rates, which has increased the cost of capital for our customers. We believe this has resulted in some customers delaying projects, reducing the scope of projects or potentially canceling projects, as well as increased costs of our operations, which has negatively impacted the results of our operations during the three and six month periods ended June 30, 2023. We maintain strategies to mitigate the impact of higher material, energy and commodity costs, including cost reduction, alternative sourcing strategies, and passing along cost increase to customers, which may offset only a portion of the adverse impact.
CRITICAL ACCOUNTING POLICIES AND ESTIMATES
Critical Accounting Policies and Estimates
The discussion and analysis of our financial condition and results of operations are based upon our financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States. The preparation of these financial statements requires us to make estimates and judgments that affect the amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. On an on-going basis, we evaluate our estimates based on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions. For a detailed discussion about the Company’s significant accounting policies, refer to Note 2 - Summary of Significant Accounting Policies, in the Company’s consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. During the six months ended June 30, 2023, there were no material changes made to the Company’s significant accounting policies.
OFF-BALANCE SHEET ARRANGEMENTS
We have not entered into any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources and would be considered material to investors.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.
As a smaller reporting company, we are not required to provide this information.
ITEM 4. CONTROLS AND PROCEDURES.
DISCLOSURE CONTROLS AND PROCEDURES
Disclosure Controls and Procedures
Our management, with the participation of our Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”), has evaluated the effectiveness of our disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of the end of the period covered by this Report.
These controls are designed to ensure that information required to be disclosed in the reports we file or submit pursuant to the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the SEC, and that such information is accumulated and communicated to our management, including our CEO and CFO to allow timely decisions regarding required disclosure.
Based on this evaluation, our CEO and CFO have concluded that our disclosure controls and procedures were effective as of June 30, 2023, at reasonable assurance levels.
We believe that our financial statements presented in this Form 10-Q fairly present, in all material respects, our financial position, results of operations, and cash flows for all periods presented herein.
Inherent Limitations
Our management team, including our CEO and CFO, does not expect that our disclosure controls and procedures will prevent all error and all fraud. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. The design of any system of controls is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within our company have been detected. These inherent limitations include the realities that judgments in decision-making can be faulty, and that breakdown can occur because of simple errors or mistakes. In particular, many of our current processes rely upon manual reviews and processes to ensure that neither human error nor system weakness has resulted in erroneous reporting of financial data.
Changes in Internal Control over Financial Reporting
There were no changes in our internal control over financial reporting during the six months ended June 30, 2023, which were identified in conjunction with management’s evaluation required by paragraph (d) of Rules 13a-15 and 15d-15 under the Exchange Act, 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
From time to time, we become involved in or are threatened with legal disputes. Most of these disputes are not likely to have a material effect on our business, financial condition, or operations. Other than the updates provided below, there were no new material legal proceedings that were initiated or terminated during the period covered by this report and there have been no material developments in the material proceedings identified in Part 1, Item 3 of our annual report on form 10-K for the year ended December 31, 2022.
As is more fully described in Item 5 - Other Information, below, on August 11, 2023, the Company entered into a settlement agreement and mutual release (the “Settlement Agreement”) with Crest Ventures, LLC and Andrew Telsey to settle all claims in the litigation filed in the District Court for Arapahoe County, Colorado, Case No. 2021CV31301. Pursuant to the Settlement Agreement, the Company has agreed to pay $1,500,000 to Crest Ventures, LLC by September 10, 2023. In connection with this settlement, the Company recorded a loss in the second quarter of 2023 of $1,500,000 in accordance with GAAP related to loss contingencies.
ITEM 1A. RISK FACTORS
We are a smaller reporting company as defined by Rule 12b-2 of the Exchange Act and are not required to provide the information under this item.
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
Stock Repurchase Program
The Company’s Board has authorized the Company to repurchase common stock through a variety of methods, including open market repurchases, purchases by contract (including, without limitation, 10b5-1 and 10b-18 plans), and/or privately negotiated transactions (the “Program”). The amount, timing, or prices of repurchases, may vary based on market conditions and other factors. The Program does not have an expiration date and can be modified or terminated by the Board at any time. Approved transactions related to the Program are as follows:
•On May 24, 2021, the Board authorized the Company to repurchase up to $5.0 million of outstanding shares of the Company’s common stock;
•On January 18, 2022, the Board authorized the Company to increase the total repurchase an additional $2.0 million to a total of $7.0 million;
•On February 2, 2022, the Board authorized the Company to increase the total repurchase an additional $1.5 million to a total of $8.5 million; and
•On September 12, 2022, the Board authorized the Company to increase the total repurchase an additional $2.0 million to a total of $10.5 million.
Since inception of the Program, the Company has repurchased 1.1 million shares at an average price per share of $8.25 for a total of $9.1 million.
In February 2021, the Company repurchased 350,000 shares of common stock with an average price per share of $8.50, for a total of $3.0 million, outside of any stock repurchase or publicly announced program.
During the three and six months ended June 30, 2023, there were no purchases by us of our common stock.
Unregistered Shares Issued in Connection with Acquisitions
During the three months ended, June 30, 2023, we issued the following securities as contingent consideration in connection with acquisition agreements that were not registered under the Securities Act:
•89,966 shares at a price per share of $2.56, 181,346 shares at a price per share of $1.27 as payment for contingent consideration associated with the 2WR acquisition;
•16,077 shares at a price per share of $4.89, 96,865 shares at a price per share of $2.94, and 102,995 shares at a price per share of $2.99 as payment for contingent consideration associated with the Emerald acquisition; and
•31,419 shares at a price per share of $2.56 and 63,332 shares at a price per share of $1.27 as payment for contingent consideration associated with the DVO acquisition.
Details surrounding the acquisitions referenced above are more fully described in Note 1 to the Condensed Consolidated Financial Statements.
The foregoing issuances of restricted shares of common stock were issued under Section 4(a)(2) of the Securities Act of 1933, as amended, and Rule 506 of Regulation D promulgated thereunder. The Company believes the issuances of the foregoing restricted shares were exempt from registration as each was a privately negotiated, isolated, non-recurring transaction not involving a public solicitation. No commissions were paid regarding the share issuances, and the share certificates were issued with a Rule 144 restrictive legend.
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
None.
ITEM 4. MINE SAFETY DISCLOSURE
Not Applicable.
ITEM 5. OTHER INFORMATION
As previously disclosed in our annual reports on Form 10-K, the Company was sued on July 29, 2021, by Crest Ventures, LLC (“Crest”) in a breach of contract case in the District Court for Arapahoe County, Colorado, Case No. 2021CV31301. The allegations in the action are based on a claim that Crest is entitled to commission compensation on the February 2021 uplisting of our common stock to the Nasdaq Capital Market (the “Nasdaq”). The Plaintiff claims it is entitled to approximately $4.0 million in commissions, plus interest, legal fees and other damages. The Company joined as a third-party defendant, Andrew Telsey (“Telsey”), for breach of fiduciary duty. The Company also filed counter-claims against Crest and Telsey for declaratory judgment that the finder’s fee agreement was void as a matter of law. The Company contends that Telsey was the Company’s counsel at the time and Telsey claims he was a member of Crest. Initially, the Company had entered into a finder's fee agreement with Crest for a potential merger transaction. Crest and Telsey claim the finder's fee agreement also applies to the introduction to the investment bank that assisted the Company on the uplisting onto the Nasdaq. On Friday, August 11, 2023, the parties entered a settlement agreement (the “Crest Settlement Agreement”) to settle all claims associated with the litigation in exchange for a one-time payment by the Company to Crest of $1,500,000 by September 10, 2023. Throughout the case development, the parties had not had any productive settlement negotiations; however, as often occurs as the parties near trial, Crest and Telsey made a settlement offer in mid-July that recently evolved into productive negotiations. Our management had concluded that although unlikely, if Crest were to prevail in their claims, there would be adverse ancillary consequences to our business and that it was prudent to settle to avoid such a possibility, especially considering the time, energy and expense that would be associated with pursuing the case through trial. Further, as part of the Crest Settlement Agreement, Crest and Telsey have admitted that the finder’s fee agreement does not, and did not, apply to the introduction to the investment bank that assisted the Company on the uplisting onto the Nasdaq. The Company has not made any admission of liability or wrongdoing. Upon the payment of the settlement proceeds, the parties will enter into a motion to file with the court to dismiss the litigation with prejudice. A copy of the Crest Settlement Agreement is filed as Exhibit 10.4 to this report and is incorporated herein by reference. This description of the Crest Settlement Agreement does not purport to be a complete description and is qualified in its entirety by reference to the full text of the Crest Settlement Agreement. In connection with this settlement, the Company recorded a loss in the second quarter of 2023 of $1,500,000 in accordance with GAAP related to loss contingencies.
ITEM 6. EXHIBITS
| | | | | | | | |
Exhibit No. | | Exhibit Description |
| | |
3.1 | | |
| | |
3.2 | | |
| | |
3.3 | | |
| | |
3.4 | | |
| | |
10.1 | | |
| | |
10.2 | | |
| | |
10.3 | | |
| | |
10.4 | | |
| | |
31.1 | | |
| | |
31.2 | | |
| | |
32.1 | | |
| | |
101.INS | | Inline XBRL Instance Document |
| | |
101.SCH | | Inline XBRL Schema Document |
| | |
101.CAL | | Inline XBRL Calculation Linkbase Document |
| | |
101.DEF | | Inline XBRL Definition Linkbase Document |
| | |
101.LAB | | Inline XBRL Label Linkbase Document |
| | |
101.PRE | | Inline XBRL Presentation Linkbase Document |
| | |
104 | | Cover Page Interactive Data File (Embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized, on August 14, 2023.
| | | | | | | | |
| URBAN-GRO, INC. |
|
| By: | /s/ Bradley Nattrass |
| | Bradley Nattrass |
| | Chairperson of the Board of Directors and Chief Executive Officer |
| | (Principal Executive Officer) |
| | |
| By: | /s/ Richard Akright |
| | Richard A. Akright |
| | Chief Financial Officer |
| | (Principal Financial Officer) |
| | (Principal Accounting Officer) |
Exhibit 10.2
URBAN-GRO, INC.
2021 OMNIBUS STOCK INCENTIVE PLAN
RESTRICTED STOCK UNIT AWARD GRANT NOTICE
Participant Name: [ENTER PARTICIPANT'S NAME]
Company: urban-gro, Inc., a Delaware corporation
Notice: A summary of the terms of your grant of Restricted Stock Units (“RSU”) is set out in this notice (the “Grant Notice”) but subject always to the terms of the urban-gro, Inc. 2021 Omnibus Stock Incentive Plan (the “Plan”) and the Restricted Stock Unit Award Agreement (the “Award Agreement”). In the event of any inconsistency between the terms of this Grant Notice, the terms of the Plan and the Award Agreement, the terms of the Plan and the Award Agreement shall prevail. Any capitalized terms not defined herein shall have the meanings given to such terms in the Plan.
Type of Award: Restricted Stock Unit (RSU) Award
Number of RSUs Awarded: [ENTER NUMBER OF RSUS AWARDED]
Grant Date: [ENTER DATE]
Vesting Schedule: RSUs granted hereunder will vest in accordance with the following schedule, provided that you remain in Continuous Service through each vesting date:
•[ENTER VESTING TERMS]
In the event of a Corporate Transaction, all unvested RSUs will automatically vest in full immediately prior to the consummation of the Corporate Transaction.
Payment: The Company shall make payment for each RSU that vests hereunder as soon as administratively practicable, and in all events within ten (10) days following, the date such RSU becomes vested. Payment shall be made (i) by distributing a number of Shares of Common Stock equal to the number of vested RSUs for which payment is due, or (ii) through payment of cash equal to the Fair Market Value of the number of shares of Common Stock that would otherwise be distributable as payment (with such Fair Market Value determined as of the date on which the Restricted Stock Units vested), or (iii) through any combination thereof, as determined by the Administrator in its sole discretion.
No Stockholder Rights You have no stockholder rights with respect to the RSUs. If Shares of Common Stock are paid to you in settlement of vested RSUs, you shall have full stockholder rights with respect such Shares once they have been issued to you.
Acceptance: You acknowledge receipt of, and understand and agree to, this Grant Notice, the Award Agreement and the Plan. You further acknowledge that as of the Grant Date, this Grant Notice, the Award Agreement and the Plan set forth the entire understanding between you and the Company or any Related Entity regarding the RSUs awarded to you hereunder and supersede all prior oral and written Award Agreements on the subject.
IN WITNESS WHEREOF, the Company and the Participant have duly executed and delivered this Grant Notice as of the Grant Date.
URBAN-GRO, INC. PARTICIPANT
By: ________________________________ _____________________________
Print Name:_________________________
Title:______________________________ Address: _____________________
____________________________
____________________________
Attachments:
1.Restricted Stock Unit Award Agreement
2.2021 Omnibus Stock Incentive Plan
Exhibit 10.3
URBAN-GRO, INC.
Restricted Stock Unit Award Agreement
Pursuant to the Restricted Stock Unit Award Grant Notice (the “Grant Notice”) and this Restricted Stock Unit Award Agreement (this “Award Agreement”), urban-gro, Inc. (the “Company”) has granted the Participant as identified in the Grant Notice the number of Restricted Stock Units indicated in the Grant Notice (the “RSUs”) under the Company’s 2021 Omnibus Stock Incentive Plan (the “Plan”). Capitalized terms not defined in this Award Agreement but defined in the Plan or the Grant Notice will have the same definitions as in the Plan or the Grant Notice, respectively.
1.Vesting Schedule and Forfeiture. Subject to the provisions of Section 2 below and the Plan, the RSUs will vest as provided in the Participant’s Grant Notice. Except to the extent vesting accelerates pursuant to the terms of the Plan, the Grant Notice, or Section 2 below, any unvested RSUs shall be automatically forfeited upon the termination of Participant’s Continuous Service. Upon forfeiture, Participant shall have no further rights with respect to such forfeited RSUs.
2.Acceleration of Vesting upon a Corporate Transaction. In the event of a Corporate Transaction, all unvested and outstanding RSUs will automatically vest in full immediately prior to the consummation of the Corporate Transaction.
3.Payment. Payment in respect of vested Restricted Stock Units shall be made at the time(s) and in the form(s) set forth in the Grant Notice.
4.No Assignment or Transfer of RSUs. Restricted Stock Units (and related rights) may not be sold, assigned, transferred by gift or otherwise, pledged, hypothecated, or otherwise disposed of, by operation of law or otherwise. The RSUs shall be forfeited if Participant violates or attempts to violate these transfer restrictions.
5.Tax Treatment; Section 409A. Participant may incur tax liability as a result of the receipt of the Restricted Stock Units and payments thereunder. Participant should consult with Participant’s own tax adviser for tax advice. The Restricted Stock Units granted hereunder are intended to comply with or be exempt from the requirements of section 409A of the Internal Revenue Code, and the Grant Notice and this Award Agreement shall be interpreted and administered in a manner consistent with such intent. Participant shall be solely responsible and liable for the satisfaction of all taxes and penalties that may be imposed on Participant in connection with the Restricted Stock Units granted hereunder (including any taxes and penalties under Section 409A of the Code), and neither the Company nor any Related Entity shall have any obligation to indemnify or otherwise hold Participant harmless from any or all of such taxes or penalties. Participant acknowledges that the Administrator, in the exercise of its sole discretion and without Participant’s consent, may amend or modify the Grant Notice or this Award Agreement in any manner, and delay the payment of any amounts hereunder, to the minimum extent necessary to satisfy the requirements of Section 409A of the Code. The Company will provide Participant with notice of any such amendment or modification. This Section does not, and shall not be construed so as to, create any obligation on the part of the Company to adopt any such amendments or to take any other actions or to indemnify Participant for any failure to do so.
6.Tax Withholding. Participant shall make appropriate arrangements with the Company to provide for payment of any and all Tax Obligations required by law to be withheld in respect of the Restricted Stock Units. Such arrangements may include, but are not limited to, the payment of cash directly to the Company, withholding by the Company from other cash payments of any kind otherwise due to Participant, or Share withholding as described below. To the extent tax withholding is required, Participant may elect to satisfy the minimum statutory withholding Tax Obligations, in whole or in part, (i) by having the Company withhold Shares otherwise issuable to Participant, or (ii) by delivering to the Company shares of Common Stock already owned by Participant. The Shares delivered or withheld shall have an aggregate Fair Market Value not in excess of the minimum statutory total withholding Tax Obligations. In addition, to the extent provided by the Plan, Participant may elect to have the Company perform additional voluntary tax withholding through the withholding or delivery of Shares up to the maximum statutory tax rates in Participant’s applicable jurisdictions. The Fair Market Value of the Shares used for tax withholding purposes shall be determined by the Company as of the date on which taxation occurs. Shares used for tax withholding purposes must be vested and cannot be subject to any repurchase, forfeiture, or other similar requirements. Any election to withhold or deliver Shares shall be irrevocable, made in writing, signed by Participant, and shall be subject to any restrictions or limitations that the Administrator, in its sole discretion, deems appropriate.
7.Other Employee Benefits. Except as specifically provided otherwise in any relevant employee benefit plan, program, or arrangement, the Restricted Stock Units evidenced hereby are not part of normal or expected compensation for purposes of calculating any severance, resignation, redundancy, end of service payments, bonuses, long-service awards, pension or retirement benefits or similar payments or benefits.
8.Refusal to Transfer. The Company shall not be required to transfer on its books any Shares of Common Stock of the Company which shall have been transferred in violation of any of the provisions set forth in this Award Agreement.
9.No Employment or Service Rights. This Award Agreement is not an employment, consulting, or other services contract and nothing in this Award Agreement shall confer upon the Participant any right to continued employment with or other service to the Company or any Subsidiary, as the case may be, nor shall it interfere in any way with the right of the Company or any Subsidiary to terminate the employment or other service of the Participant at any time.
10.Governing Plan Document. The RSUs granted hereunder are subject to all the provisions of the Plan, the provisions of which are hereby incorporated by reference herein, and is further subject to all interpretations, amendments, rules and regulations which may from time to time be promulgated and adopted pursuant to the Plan. In the event of any conflict between the provisions of this Award Agreement and those of the Plan, the provisions of the Plan shall control.
11.Acknowledgments. No waiver of any breach of any provision of this Award Agreement by the Company shall be construed to be a waiver of any succeeding breach or as a modification of such provision.
12.Electronic Delivery; Data Privacy. By executing the Grant Notice, the Participant expressly acknowledges that Participant is aware of and consents to the provisions of Section 21 (Electronic Delivery) and 22 (Data Privacy) of the Plan.
13.Company Policies to Apply; Potential Clawback. The sale of any shares of Common Stock received as payment under the Restricted Stock Units is subject to the Company’s policies regulating securities trading by employees or other service providers, all relevant federal and state securities laws and the listing requirements of any stock exchange on which the shares of the Company’s Common Stock are then traded. In addition, participation in the Plan and receipt of remuneration as a result of the Restricted Stock Units is subject in all respects to any laws, regulations, or Company compensation policies related to the clawback of compensation that may be in effect from time to time.
14.Miscellaneous.
(a)Notices. All notices required or permitted hereunder shall be in writing and shall be deemed effectively given: (a) when personally delivered to the party to be notified; (b) when sent by electronic mail to the party to be notified; (c) five business days after deposit in the United States Mail postage prepared by certified or registered mail with return receipt requested at any time other than during a general discontinuance of postal service due to strike, lockout, or otherwise (in which case notice, request, waiver or other communication shall be effectively given upon receipt) and addressed to the party to be notified as set forth above; or (d) two business days after deposit with a national recognized overnight delivery service, postage prepaid, addressed to the party to be notified as set forth above with next-business-day delivery guaranteed. A party may change its notice address by giving the other party ten days’ written of the new address in the manner set forth above.
(b)Successors and Assigns. This Award Agreement shall inure to the benefit of the successors and assigns of the Company and, subject to the restrictions on transfer herein set forth, be binding upon Participant, Participant’s successors, and assigns.
(c)Governing Law. This Award Agreement shall be governed by and construed in accordance with the laws of the State of Delaware, without reference to principles of conflict of laws.
(d)Construction; Severability. The section headings contained herein are for reference purposes only and shall not in any way affect the meaning or interpretation of this Award Agreement. The invalidity or unenforceability of any provision of the Grant Notice or this Award Agreement shall not affect the validity or enforceability of any other provision thereof, and each other provision thereof shall be severable and enforceable to the extent permitted by law.
(e)Entire Award Agreement; Amendment. This Award Agreement, along with the Grant Notice and the Plan, constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes and merges all prior agreements or understandings, whether written or oral. Except as set forth in Section 5, above, neither the Award Agreement nor the Grant Notice may be amended or otherwise modified in a manner that is materially adverse to the Participant unless evidenced in writing and signed by the Company and Participant.
Page 1 of 6 SETTLEMENT AGREEMENT AND MUTUAL RELEASE THIS SETTLEMENT AGREEMENT AND MUTUAL RELEASE (the “Agreement”) is made this 11th day of August, 2023 (the “Effective Date”) by urban-gro, Inc., a Delaware corporation (“UGRO”), Crest Ventures, LLC, a Delaware limited liability company (“Crest”) and Andrew I. Telsey, an individual (“Telsey”). UGRO, Crest and Telsey may sometimes be referred to herein collectively as the “Parties” and/or each individually as a “Party.” WHEREAS, on or before June 8, 2020, Crest and UGRO entered into a Finder’s Agreement (the “Finder’s Agreement”); WHEREAS, on or about June 18, 2020, Telsey introduced UGRO to ThinkEquity LLC, an investment banking firm (the “Introduction” to “ThinkEquity”); WHEREAS, ThinkEquity agreed to underwrite a secondary public offering of UGRO’s stock. An engagement letter to this effect was executed by and between UGRO and ThinkEquity on or before September 7, 2020; WHEREAS, on or about February 17, 2021, UGRO completed a secondary public offering of its stock from the OTCQX exchange to the NASDAQ exchange (the “Capital Raise”); WHEREAS, disputes have arisen between the Parties regarding the Finder’s Agreement, the Introduction and the Capital Raise (collectively, the “Disputes”); WHEREAS, as a result of the Disputes, Crest initiated Case No. 2021CV31301 in the District Court for Arapahoe County, Colorado (the “Civil Action”); WHEREAS, UGRO denied the Introduction to ThinkEquity was made within the purview of the Finder’s Agreement and asserted counterclaims against Crest and third-party claims against Telsey (the “UGRO Claims”) in connection with the Civil Action and the Disputes; and WHEREAS, the Parties now desire to resolve all disputes between them that arose out of or are in any way related to the Finder’s Agreement, the Introduction, the Capital Raise, the Civil Action, the UGRO Claims, the Disputes or any aspect of the relationship between and among UGRO, Crest and Telsey; NOW THEREFORE, in consideration of the promises and agreements herein contained and other good and valuable consideration, the sufficiency of which is hereby acknowledged, the Parties hereby promise and agree as follows: 1. Recitals. The recitals above shall not be considered to be mere recitals but are incorporated into this Agreement as though fully set forth herein. 2. UGRO’s Payment to Crest. UGRO shall pay Crest $1,500,000.00 U.S.D. in immediately available funds (the “Settlement Amount”), made payable to “Crest Ventures, LLC, and Thornton Law Firm, LLP, within thirty (30) days of execution of this Agreement by Crest and Telsey, and no later than September 10, 2023, thirty days after the Effective Date (as defined above).
Page 2 of 6 3. Notice of Settlement and Dismissal of Civil Action. Within seven calendar days after UGRO has paid the full Settlement Amount, counsel for Crest shall draft, and the Parties shall execute, a Stipulated Notice of Dismissal with Prejudice, the Parties to each bear their own attorneys' fees and costs. 4. Mutual Release and Covenants Not to Sue. Each Party and each Party’s heirs, legatees, agents, successors and assigns, employees, representatives, attorneys, and insurers, including Andrew I. Telsey, P.C., do hereby release, acquit, and forever discharge the other Party and each of the other Party’s heirs, legatees, agents, successors and assigns, employees, representatives, attorneys and insurers (each a “Releasee;” in any combination or collectively, “Releasees”) from any and all claims, demands, and damages (whether known or unknown) arising out of or in any way related to the Finder’s Agreement, the Introduction, the Capital Raise, the Civil Action, the UGRO Claims, the Disputes or any aspect of the relationship between and among UGRO, Crest and Telsey, including but not limited to any claims that could have been brought in any lawsuit, including but not limited to any claims, demands, and damages for breach of contract, unjust enrichment, declaratory judgment, fraud, or breach of fiduciary duty, and excluding only claims and demands related to a Party’s breach of this Agreement and any claims or rights a Party may have against another Party for any future acts giving rise to claims on or after the execution of this Agreement. The Parties each covenant not to initiate any further litigation or any alternative dispute resolution process. The mutual releases set forth herein are to be interpreted as broadly as possible by any court of competent jurisdiction, so long as such interpretation does not interfere with UGRO’s reporting requirements as a publicly traded company. It is acknowledged and understood that one or more Parties may have suffered damages that are unknown at this time and that such unknown damages are being released hereby. 5. Mutual Indemnification. To the fullest extent permitted by law, Crest and Telsey shall indemnify and hold harmless UGRO and its heirs, legatees, agents, successors and assigns, employees, representatives, attorneys, and insurers (the “UGRO Indemnified Parties”) from and against any and all third-party claims for civil liability, damages, costs and expenses, including but not limited to reasonable attorneys’ fees and expert witness fees, that may be suffered or incurred by the following: (i) any negligent, willful, reckless, or wrongful act or omission of Telsey or Crest; (ii) any breach of this Agreement, or inaccuracy in, any representation made by, Telsey or Crest herein including the representations Telsey and Crest have all authority to enter into this Agreement and solely have the ability to release the claims herein; (iii) any alleged claims and/or demands, whether disputed or undisputed, made by any third party not a party to this Agreement, related to the Introduction and/or the Capital Raise; and (iv) any alleged violation by Telsey or Crest of any law, statute, regulation or ordinance. To the fullest extent permitted by law, UGRO shall indemnify and hold harmless Telsey and Crest and their heirs, legatees, agents, successors and assigns, employees, representatives, attorneys, and insurers (the “Telsey and Crest Indemnified Parties”) from and against any and all third-party claims for civil liability, damages, costs and expenses, including but not limited to reasonable attorneys’ fees and expert witness fees, that may be suffered or incurred by the following: (i) any negligent, willful, reckless, or wrongful act or omission of UGRO; (ii) any breach of this Agreement, or inaccuracy in, any representation made by, UGRO herein including the representations UGRO has all authority to enter into this Agreement and solely has the ability to release the claims herein; and (iii) any alleged violation by UGRO of any law, statute, regulation or ordinance.
Page 3 of 6 6. Accord and Satisfaction. The performance of the obligations set forth in this Agreement are intended to operate as an accord and satisfaction of all disputes between and among the Parties, pursuant to or in any way related to the Finder’s Agreement, the Introduction, the Capital Raise, the Civil Action, the UGRO Claims, the Disputes or any aspect of the relationship between and among UGRO, Crest and Telsey. The Parties acknowledge that they may hereafter discover facts different from, or in addition to those, which they now know or believe to be true with respect to the claims released above, and agree that this Agreement shall be and remain effective in all respects, notwithstanding such different or additional facts or the discovery thereof, excepting only fraud. This provision shall have no effect on the Parties’ respective rights and obligations under this Agreement and as to matters occurring after the Effective Date (as defined above). 7. No Assignment of Claims. Each Party warrants that the Party has not entered into any prior assignments of any rights or claims that they may have relating to the subject matter of this Agreement, apart from Crest’s assignment of 90% of its rights to recovery under the Finder’s Agreement to Telsey. 8. Admissions. The Parties have jointly agreed to enter into this Agreement as a business decision, to avoid the costs, uncertainty and other burdens of further litigation. No Party admits any wrongdoing or liability whatsoever with respect to the Finder’s Agreement, the Introduction, the Capital Raise, the Civil Action, the UGRO Claims, the Disputes or any aspect of the relationship between and among UGRO, Crest and Telsey. Each Party expressly denies any such wrongdoing or liability. Notwithstanding the foregoing, Crest and Telsey expressly admit that the Finders Agreement did not and does not apply to the Introduction and the subsequent Capital Raise. 9. Default/Breach, Jurisdiction and Venue. (a) Upon breach of the terms of this Agreement by any Party, in addition to the rights and remedies set forth elsewhere herein, the non-breaching Party shall have the right to seek damages from the breaching Party. (b) Each Party expressly consents to the exclusive jurisdiction of and venue in the state courts located in Arapahoe County, Colorado for purposes of this Agreement. 10. Attorneys’ Fees and Costs. In the event of a dispute arising out of or relating to a breach of this Agreement, the prevailing party shall be entitled to an award of its reasonable costs and attorneys’ fees incurred in the enforcement of rights and obligations hereunder. 11. Voluntary Agreement. This Agreement is entered into voluntarily by each Party and after consultation with the Party’s legal counsel, to the extent such Party desires to consult with legal counsel. 12. Severability. If any provision of this Agreement is found to be invalid or unenforceable by any court or other lawful forum, such provision shall be ineffective only to the extent that it is in contravention to applicable laws, and the remaining provisions of this Agreement shall remain in full force and effect.
Page 4 of 6 13. Entire Agreement; No Representations or Warranties. This Agreement embodies the entire agreement and understanding between the Parties in respect of the subject matter contained herein. This Agreement supersedes all prior agreements and understandings between the Parties with respect to such subject matter. Each Party by signing this Agreement agrees that: (a) no promises or agreements not expressed herein have been made to the Party; and (b) in executing this Agreement, the Party has not relied upon any statements or representations made by any other Party or Party’s attorneys or agents concerning the subject matter, basis, or effect of the Agreement, except as set forth herein. 14. Counterparts. This Agreement may be executed in counterparts, all of which shall be considered one and the same agreement and shall become effective when the counterparts have been signed by each Party and delivered to the other Party. 15. Signatures. Facsimile, electronic or scanned copies of signatures in connection with this Agreement shall be effective as originals. 16. Drafting. The Parties acknowledge and agree that each Party participated in the drafting of this Agreement. The language of this Agreement shall be construed as a whole, according to its intent, and not strictly for or against any Party hereto, regardless of who drafted or was primarily responsible for the drafting of any of the language of this Agreement or any portion hereof. Each Party acknowledges that the Party has had the opportunity to object to, request modification of, or reject any clause or provision herein to which the Party does not agree. 17. Further Instruments, Documents, and Assurances. Each Party hereto from time to time shall execute and deliver such further instruments and documents, and perform such other acts, as the other Party or the other Party’s counsel may reasonably request to effectuate the intent of this Agreement. Any Party may file this Agreement in any court or other dispute resolution proceeding directly relating to this Agreement. 18. Binding. This Agreement shall inure to the benefit of and be binding upon the heirs, legatees, agents, successors and assigns, agents, employees, representatives, attorneys and insurers of the Parties hereto, except as otherwise specifically stated herein. 19. Governing Law. The Parties hereby expressly agree that the terms and conditions of this Agreement, and any subsequent performance hereunder, shall be construed and controlled by the laws of the State of Colorado. 20. Headings. The paragraph headings throughout this Agreement are for convenience and reference only and the words contained herein shall not be held to expand, modify, amplify or aid in the interpretation, construction, or meaning of this Agreement. 21. Survival. The covenants and warranties contained in this Agreement shall survive the performance of the obligations undertaken by the Parties pursuant to this Agreement and shall not be deemed merged in any documents or instruments to be delivered by one Party to another, but shall remain in full force and effect. 22. Mutual Non-Disparagement. The Parties agree not to make any comments, either written or oral, which could be construed as negative or detrimental with respect to any of the
Page 5 of 6 Releasees to any individual or entity, including but not limited to, clients, customers, vendors, employees, investors, financial or credit institutions, or banking institutions, to the extent permitted by law. 23. Confidentiality. The Parties acknowledge that due to the fact UGRO is a publicly traded company, subject to certain financial and business reporting obligations, the fact of a settlement, the terms of this Agreement, or the amount of the payments agreed to herein cannot be considered confidential. The Parties, and their respective heirs, legatees, agents, successors and assigns, employees, representatives, attorneys, and insurers do hereby agree to keep the circumstances leading thereto, strictly confidential, except as otherwise provided herein. The Parties may disclose the terms of this Agreement to the extent necessary to comply with federal, state, local, and/or international reporting and regulatory requirements. Remainder of page intentionally left blank – signature page(s) follow.
Page 6 of 6 SETTLEMENT AGREEMENT AND MUTUAL RELEASE SIGNATURE PAGES URBAN-GRO, INC. A Delaware corporation _______________________________ Bradley Nattrass, CEO Date: __________________________ Crest Ventures, LLC A Delaware limited liability company ________________________________ Charles Arnold, Manager Date: __________________________ Andrew I. Telsey An individual ________________________________ Andrew I. Telsey Date: __________________________ 8/11/2023 8/11/2023 8/11/2023
Exhibit 31.1
CERTIFICATION OF CHIEF EXECUTIVE OFFICER
PURSUANT TO RULE 13a-14 OF THE SECURITIES EXCHANGE ACT OF 1934,
AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, Bradley Nattrass, certify that:
1.I have reviewed this quarterly report on Form 10-Q of urban-gro, 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 most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.The registrant’s other certifying officer(s) and 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.
| | | | | |
Dated: August 14, 2023 | /s/ Bradley Nattrass |
| Bradley Nattrass |
| Chairperson of the Board of Directors and Chief Executive Officer |
Exhibit 31.2
CERTIFICATION OF CHIEF FINANCIAL OFFICER
PURSUANT TO RULE 13a-14 OF THE SECURITIES EXCHANGE ACT OF 1934,
AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, Richard A. Akright, certify that:
1.I have reviewed this quarterly report on Form 10-Q of urban-gro, 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 most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.The registrant’s other certifying officer(s) and 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.
| | | | | |
Dated: August 14, 2023 | /s/ Richard A. Akright |
| Richard A. Akright |
| Chief Financial Officer |
Exhibit 32.1
CERTIFICATION PURSUANT TO
18 U.S.C., SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with this quarterly report of urban-gro, Inc. (the “Company”) on Form 10-Q for the quarterly period ended June 30, 2023, as filed with the Securities and Exchange Commission on August 14, 2023, (the “Report”), we, the undersigned, in the capacities and on the date indicated below, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of our knowledge:
1.The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
| | | | | |
Dated: August 14, 2023 | /s/ Bradley Nattrass |
| Bradley Nattrass |
| Chairperson of the Board of Directors and Chief Executive Officer |
| |
Dated: August 14, 2023 | /s/ Richard A. Akright |
| Richard A. Akright |
| Chief Financial Officer |
v3.23.2
Cover - shares
|
6 Months Ended |
|
Jun. 30, 2023 |
Jul. 31, 2023 |
Cover [Abstract] |
|
|
Document Type |
10-Q
|
|
Document Quarterly Report |
true
|
|
Document Period End Date |
Jun. 30, 2023
|
|
Document Transition Report |
false
|
|
Entity File Number |
001-39933
|
|
Entity Registrant Name |
URBAN-GRO, INC.
|
|
Entity Incorporation, State or Country Code |
DE
|
|
Entity Tax Identification Number |
46-5158469
|
|
Entity Address, Address Line One |
1751 Panorama Point
|
|
Entity Address, Address Line Two |
Unit G
|
|
Entity Address, City or Town |
Lafayette
|
|
Entity Address, State or Province |
CO
|
|
Entity Address, Postal Zip Code |
80026
|
|
City Area Code |
720
|
|
Local Phone Number |
390-3880
|
|
Title of 12(b) Security |
Common Stock, $0.001 par value
|
|
Trading Symbol |
UGRO
|
|
Security Exchange Name |
NASDAQ
|
|
Entity Current Reporting Status |
Yes
|
|
Entity Interactive Data Current |
Yes
|
|
Entity Filer Category |
Non-accelerated Filer
|
|
Entity Small Business |
true
|
|
Entity Emerging Growth Company |
true
|
|
Entity Ex Transition Period |
false
|
|
Entity Shell Company |
false
|
|
Entity Common Stock, Shares Outstanding (in shares) |
|
11,670,580
|
Entity Central Index Key |
0001706524
|
|
Current Fiscal Year End Date |
--12-31
|
|
Document Fiscal Year Focus |
2023
|
|
Document Fiscal Period Focus |
Q2
|
|
Amendment Flag |
false
|
|
X |
- DefinitionBoolean flag that is true when the XBRL content amends previously-filed or accepted submission.
+ References
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v3.23.2
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($)
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Current assets: |
|
|
Cash |
$ 8,559,181
|
$ 12,008,003
|
Accounts receivable, net |
15,475,146
|
15,380,292
|
Contract receivables |
6,948,417
|
3,004,282
|
Prepaid expenses and other assets |
3,540,554
|
4,164,960
|
Total current assets |
34,523,298
|
34,557,537
|
Non-current assets: |
|
|
Property and equipment, net |
1,332,908
|
1,307,146
|
Operating lease right of use assets, net |
2,396,668
|
2,618,825
|
Investments |
2,584,964
|
2,559,307
|
Goodwill |
15,572,050
|
15,572,050
|
Intangible assets, net |
4,876,503
|
5,450,687
|
Total non-current assets |
26,763,093
|
27,508,015
|
Total assets |
61,286,391
|
62,065,552
|
Current liabilities: |
|
|
Accounts payable |
18,552,579
|
9,960,364
|
Accrued expenses |
5,183,451
|
3,196,961
|
Contract liabilities |
3,344,832
|
1,294,452
|
Customer deposits |
1,940,394
|
2,571,161
|
Contingent consideration |
238,621
|
2,799,287
|
Promissory note |
1,941,188
|
3,832,682
|
Operating lease liabilities |
617,815
|
600,816
|
Total current liabilities |
31,818,880
|
24,255,723
|
Non-current liabilities: |
|
|
Operating lease liabilities |
1,822,754
|
2,044,782
|
Deferred tax liability |
914,185
|
1,033,283
|
Total non-current liabilities |
2,736,939
|
3,078,065
|
Commitments and contingencies (note 10) |
|
|
Stockholders’ equity |
|
|
Preferred stock, $0.10 par value; 3,000,000 shares and 10,000,000 shares authorized as of June 30, 2023, and December 31, 2022, respectively; 0 shares issued and outstanding |
0
|
0
|
Common stock, $0.001 par value; 30,000,000 shares and 100,000,000 shares authorized as of June 30, 2023, and December 31, 2022, respectively; 13,056,409 shares issued and 11,606,576 shares outstanding as of June 30, 2023; 12,220,593 shares issued and 10,770,760 shares outstanding as of December 31, 2022 |
13,056
|
12,221
|
Additional paid-in capital |
87,468,937
|
84,882,982
|
Treasury shares, cost basis: 1,449,833 shares as of June 30, 2023, and as of December 31, 2022 |
(12,045,542)
|
(12,045,542)
|
Accumulated deficit |
(48,705,879)
|
(38,117,897)
|
Total stockholders’ equity |
26,730,572
|
34,731,764
|
Total liabilities and stockholders’ equity |
$ 61,286,391
|
$ 62,065,552
|
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v3.23.2
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical) - $ / shares
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Statement of Financial Position [Abstract] |
|
|
Preferred stock, par value (in dollars per share) |
$ 0.10
|
$ 0.10
|
Preferred stock, shares authorized (in shares) |
3,000,000
|
10,000,000
|
Preferred stock, shares issued (in shares) |
0
|
0
|
Preferred stock, shares outstanding (in shares) |
0
|
0
|
Common stock, par value (in dollars per share) |
$ 0.001
|
$ 0.001
|
Common stock, shares authorized (in shares) |
30,000,000
|
100,000,000
|
Common stock, shares issued (in shares) |
13,056,409
|
12,220,593
|
Common stock, shares outstanding (in shares) |
11,606,576
|
10,770,760
|
Treasury stock, shares, cost basis (in shares) |
1,449,833
|
1,449,833
|
X |
- DefinitionFace amount or stated value per share of common stock.
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v3.23.2
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (unaudited) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Revenues: |
|
|
|
|
Total revenues and other income |
$ 18,837,544
|
$ 16,281,503
|
$ 35,602,930
|
$ 37,334,371
|
Total cost of revenues |
15,962,910
|
12,779,557
|
29,886,448
|
28,930,405
|
Gross profit |
2,874,634
|
3,501,946
|
5,716,482
|
8,403,966
|
Operating expenses: |
|
|
|
|
General and administrative |
5,874,346
|
4,240,658
|
12,973,204
|
8,965,957
|
Stock-based compensation |
622,547
|
882,000
|
1,102,188
|
1,764,000
|
Intangible asset amortization |
264,165
|
306,225
|
574,184
|
468,725
|
Total operating expenses |
6,761,058
|
5,428,883
|
14,649,576
|
11,198,682
|
Loss from operations |
(3,886,424)
|
(1,926,937)
|
(8,933,094)
|
(2,794,716)
|
Non-operating income (expense): |
|
|
|
|
Interest expense |
(44,989)
|
(7,658)
|
(118,205)
|
(15,317)
|
Interest income |
75,061
|
47,275
|
148,191
|
127,126
|
Contingent consideration |
0
|
0
|
(160,232)
|
0
|
Loss on settlement |
(1,500,000)
|
0
|
(1,500,000)
|
0
|
Other income (expense) |
(140,947)
|
71,563
|
(143,739)
|
62,874
|
Total non-operating income (expense) |
(1,610,875)
|
111,180
|
(1,773,985)
|
174,683
|
Loss before income taxes |
(5,497,299)
|
(1,815,757)
|
(10,707,079)
|
(2,620,033)
|
Income tax benefit |
53,966
|
76,453
|
119,097
|
184,512
|
Net loss |
(5,443,333)
|
(1,739,304)
|
(10,587,982)
|
(2,435,521)
|
Comprehensive loss |
$ (5,443,333)
|
$ (1,739,304)
|
$ (10,587,982)
|
$ (2,435,521)
|
Loss per share – basic (in dollars per share) |
$ (0.50)
|
$ (0.17)
|
$ (0.97)
|
$ (0.23)
|
Loss per share – diluted (in dollars per share) |
$ (0.50)
|
$ (0.17)
|
$ (0.97)
|
$ (0.23)
|
Weighted average shares – basic (in shares) |
10,945,978
|
10,508,972
|
10,859,820
|
10,527,975
|
Weighted average shares – diluted (in shares) |
10,945,978
|
10,508,972
|
10,859,820
|
10,527,975
|
Equipment systems |
|
|
|
|
Revenues: |
|
|
|
|
Total revenues and other income |
$ 4,619,887
|
$ 10,077,572
|
$ 7,531,711
|
$ 27,144,916
|
Total cost of revenues |
4,008,911
|
8,617,945
|
6,521,587
|
22,920,542
|
Services |
|
|
|
|
Revenues: |
|
|
|
|
Total revenues and other income |
3,034,574
|
3,027,556
|
6,505,227
|
6,666,062
|
Total cost of revenues |
1,972,844
|
1,279,492
|
3,947,382
|
2,880,920
|
Construction design-build |
|
|
|
|
Revenues: |
|
|
|
|
Total revenues and other income |
11,048,997
|
2,917,321
|
21,254,949
|
2,917,321
|
Total cost of revenues |
9,888,907
|
2,692,700
|
19,192,615
|
2,692,700
|
Other |
|
|
|
|
Revenues: |
|
|
|
|
Total revenues and other income |
134,086
|
259,054
|
311,043
|
606,072
|
Total cost of revenues |
$ 92,248
|
$ 189,420
|
$ 224,864
|
$ 436,243
|
X |
- DefinitionAmount of expense for award under share-based payment arrangement. Excludes amount capitalized.
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v3.23.2
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (unaudited) - USD ($)
|
Total |
Common Stock |
Additional Paid-in Capital |
Accumulated Deficit |
Treasury Stock |
Beginning balance (in shares) at Dec. 31, 2021 |
|
11,588,110
|
|
|
|
Beginning balance at Dec. 31, 2021 |
$ 48,167,330
|
$ 11,588
|
$ 78,679,220
|
$ (22,839,988)
|
$ (7,683,490)
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
Stock-based compensation |
882,000
|
|
882,000
|
|
|
Treasury stock |
(3,773,177)
|
|
|
|
(3,773,177)
|
Stock exercised (in shares) |
|
4,555
|
|
|
|
Stock exercised |
28,797
|
$ 5
|
28,792
|
|
|
Stock issued with exercise of warrants (in shares) |
|
34,863
|
|
|
|
Stock issued with exercise of warrants |
0
|
$ 35
|
(35)
|
|
|
Net loss |
(696,217)
|
|
|
(696,217)
|
|
Ending balance (in shares) at Mar. 31, 2022 |
|
11,627,528
|
|
|
|
Ending balance at Mar. 31, 2022 |
44,608,733
|
$ 11,628
|
79,589,977
|
(23,536,205)
|
(11,456,667)
|
Beginning balance (in shares) at Dec. 31, 2021 |
|
11,588,110
|
|
|
|
Beginning balance at Dec. 31, 2021 |
48,167,330
|
$ 11,588
|
78,679,220
|
(22,839,988)
|
(7,683,490)
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
Net loss |
(2,435,521)
|
|
|
|
|
Ending balance (in shares) at Jun. 30, 2022 |
|
11,911,043
|
|
|
|
Ending balance at Jun. 30, 2022 |
46,251,429
|
$ 11,911
|
82,971,694
|
(25,275,509)
|
(11,456,667)
|
Beginning balance (in shares) at Mar. 31, 2022 |
|
11,627,528
|
|
|
|
Beginning balance at Mar. 31, 2022 |
44,608,733
|
$ 11,628
|
79,589,977
|
(23,536,205)
|
(11,456,667)
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
Stock-based compensation |
882,000
|
|
882,000
|
|
|
Stock issued for contingent consideration (in shares) |
|
283,515
|
|
|
|
Stock issued for contingent consideration |
2,500,000
|
$ 283
|
2,499,717
|
|
|
Net loss |
(1,739,304)
|
|
|
(1,739,304)
|
|
Ending balance (in shares) at Jun. 30, 2022 |
|
11,911,043
|
|
|
|
Ending balance at Jun. 30, 2022 |
$ 46,251,429
|
$ 11,911
|
82,971,694
|
(25,275,509)
|
(11,456,667)
|
Beginning balance (in shares) at Dec. 31, 2022 |
10,770,760
|
12,220,593
|
|
|
|
Beginning balance at Dec. 31, 2022 |
$ 34,731,764
|
$ 12,221
|
84,882,982
|
(38,117,897)
|
(12,045,542)
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
Stock-based compensation |
479,641
|
|
479,641
|
|
|
Stock grant program vesting (in shares) |
|
103,572
|
|
|
|
Stock grant program vesting |
0
|
$ 103
|
(103)
|
|
|
Stock issued for contingent consideration (in shares) |
|
64,224
|
|
|
|
Stock issued for contingent consideration |
191,919
|
$ 64
|
191,855
|
|
|
Net loss |
(5,144,649)
|
|
|
(5,144,649)
|
|
Ending balance (in shares) at Mar. 31, 2023 |
|
12,388,389
|
|
|
|
Ending balance at Mar. 31, 2023 |
$ 30,258,675
|
$ 12,388
|
85,554,375
|
(43,262,546)
|
(12,045,542)
|
Beginning balance (in shares) at Dec. 31, 2022 |
10,770,760
|
12,220,593
|
|
|
|
Beginning balance at Dec. 31, 2022 |
$ 34,731,764
|
$ 12,221
|
84,882,982
|
(38,117,897)
|
(12,045,542)
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
Stock exercised (in shares) |
0
|
|
|
|
|
Net loss |
$ (10,587,982)
|
|
|
|
|
Ending balance (in shares) at Jun. 30, 2023 |
11,606,576
|
13,056,409
|
|
|
|
Ending balance at Jun. 30, 2023 |
$ 26,730,572
|
$ 13,056
|
87,468,937
|
(48,705,879)
|
(12,045,542)
|
Beginning balance (in shares) at Mar. 31, 2023 |
|
12,388,389
|
|
|
|
Beginning balance at Mar. 31, 2023 |
30,258,675
|
$ 12,388
|
85,554,375
|
(43,262,546)
|
(12,045,542)
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
Stock-based compensation |
622,547
|
|
622,547
|
|
|
Stock grant program vesting (in shares) |
|
86,020
|
|
|
|
Stock grant program vesting |
0
|
$ 86
|
(86)
|
|
|
Stock issued for contingent consideration (in shares) |
|
582,000
|
|
|
|
Stock issued for contingent consideration |
1,292,683
|
$ 582
|
1,292,101
|
|
|
Net loss |
$ (5,443,333)
|
|
|
(5,443,333)
|
|
Ending balance (in shares) at Jun. 30, 2023 |
11,606,576
|
13,056,409
|
|
|
|
Ending balance at Jun. 30, 2023 |
$ 26,730,572
|
$ 13,056
|
$ 87,468,937
|
$ (48,705,879)
|
$ (12,045,542)
|
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v3.23.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($)
|
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Cash flows from operating activities: |
|
|
Net loss |
$ (10,587,982)
|
$ (2,435,521)
|
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
Depreciation and amortization |
828,232
|
589,835
|
Deferred income tax benefit |
(119,097)
|
(184,512)
|
Stock-based compensation expense |
1,102,188
|
1,764,000
|
Loss on settlement |
1,500,000
|
0
|
Change in fair value of contingent consideration |
160,232
|
0
|
Other, net |
472,277
|
(54,942)
|
Changes in operating assets and liabilities (net of acquired amounts): |
|
|
Accounts receivable and contract receivables |
(4,424,814)
|
663,955
|
Prepaid expenses and other assets and property and equipment |
1,030,205
|
6,275,332
|
Accounts payable, contract liabilities, and accrued expenses |
11,289,944
|
(1,320,152)
|
Change in contingent consideration from indemnification |
(917,699)
|
0
|
Operating lease liability |
(360,787)
|
(163,054)
|
Customer deposits |
(630,767)
|
(10,059,378)
|
Net cash used in operating activities |
(658,068)
|
(4,924,437)
|
Cash flows from investing activities: |
|
|
Business combinations, net of cash acquired |
0
|
(2,709,148)
|
Purchases of property and equipment |
(226,700)
|
(374,630)
|
Net cash used in investing activities |
(226,700)
|
(3,083,778)
|
Cash flows from financing activities: |
|
|
Proceeds from issuance of common stock |
0
|
28,797
|
Repurchase of common stock |
0
|
(3,773,177)
|
Repayment of finance lease ROU liability |
(88,299)
|
(72,000)
|
Payments to settle contingent consideration |
(479,457)
|
0
|
Repayment of promissory note |
(1,996,298)
|
0
|
Net cash used in financing activities |
(2,564,054)
|
(3,816,380)
|
Net change in cash |
(3,448,822)
|
(11,824,595)
|
Cash at beginning of period |
12,008,003
|
34,592,190
|
Cash at end of period |
8,559,181
|
22,767,595
|
Supplemental cash flow information: |
|
|
Cash paid for interest |
13,402
|
15,317
|
Net cash paid for income taxes |
134,252
|
52,733
|
Supplemental disclosure of non-cash investing and financing activities: |
|
|
Stock issued for acquisitions |
0
|
2,500,000
|
Operating lease right of use assets and liabilities extension |
$ 295,631
|
$ 55,297
|
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v3.23.2
ORGANIZATION, ACQUISITIONS, AND LIQUIDITY
|
6 Months Ended |
Jun. 30, 2023 |
Organization, Consolidation, Business Combination, And Presentation Of Financial Statements [Abstract] |
|
ORGANIZATION, ACQUISITIONS, AND LIQUIDITY |
ORGANIZATION, ACQUISITIONS, AND LIQUIDITY Organization urban-gro, Inc. (“we,” “us,” “our,” the “Company,” or “urban-gro”) is an integrated professional services and design-build firm. We offer value-added architectural, engineering, and construction management solutions to the Controlled Environment Agriculture (“CEA”), industrial, healthcare, and other commercial sectors. Innovation, collaboration, and a commitment to sustainability drive our team to provide exceptional customer experiences. To serve our horticulture clients, we engineer, design and manage the construction of indoor CEA facilities and then integrate complex environmental equipment systems into those facilities. Through this work, we create high-performance indoor cultivation facilities for our clients to grow specialty crops, including leafy greens, vegetables, herbs, and plant-based medicines. Our custom-tailored approach to design, construction, procurement, and equipment integration provides a single point of accountability across all aspects of indoor growing operations. We also help our clients achieve operational efficiency and economic advantages through a full spectrum of professional services and programs focused on facility optimization and environmental health which establish facilities that allow clients to manage, operate and perform at the highest level throughout their entire cultivation lifecycle once they are up and running. Further, we serve a broad range of commercial and governmental entities, providing them with planning, consulting, architectural, engineering and construction design-build services for their facilities. We aim to work with our clients from the inception of their project in a way that provides value throughout the life of their facility. We are a trusted partner and advisor to our clients and offer a complete set of engineering and managed services complemented by a vetted suite of select cultivation equipment systems. Acquisitions DVO Effective October 31, 2022, the Company entered into an agreement with Dawson Van Orden, Inc. ("Seller" or "DVO") and DVO's shareholders (the "DVO Shareholders") to acquire substantially all of the operating assets and liabilities of DVO, a Texas based engineering firm with significant experience in indoor CEA. The purchase price of $6.1 million, after working capital adjustments, was comprised of (i) $1.2 million in cash, (ii) a $3.8 million Seller's promissory note, and (iii) $1.1 million of the Company's common stock. The Seller's promissory note is to be paid out over four quarters beginning in January 2023. The Seller’s promissory note balances as of June 30, 2023, and December 31, 2022, were $1,941,188 and $3,832,682, respectively. The purchase price excludes up to $1.1 million of contingent consideration earnout that may become payable to the Seller dependent on the continued employment of the DVO Shareholders. The contingent consideration earnout is payable, at the Company’s discretion, in cash or shares of the Company’s common stock with the value of such shares being determined based upon the volume-weighted average price ("VWAP") of the Company’s common stock in the ten trading days prior to the end of the applicable quarter for which the quarterly gross profit is calculated. The Company accounted for the acquisition as follows: | | | | | | Purchase price | $ | 6,072,366 | | | | Allocation of purchase price: | | Accounts receivable, net | $ | 1,134,909 | | Right of use asset | $ | 1,197,310 | | Property and equipment | $ | 229,058 | | Goodwill | $ | 3,444,926 | | Intangible assets | $ | 1,276,000 | | Accrued expenses | $ | (12,527) | | Right of use liability | $ | (1,197,310) | |
Pro-forma disclosure of the DVO acquisition is not required as the historical results of DVO were not material to the Company's consolidated financial statements. Acquired goodwill from DVO represents the value expected to arise from organic growth and an opportunity to expand into a well-established market for the Company. Emerald Effective April 29, 2022, the Company acquired all of the issued and outstanding capital stock of Emerald Construction Management, Inc. (“Emerald”) from its shareholders (the “Emerald Sellers”). The purchase price of $7.7 million, after working capital adjustments, was comprised of (i) $3.4 million in cash, (ii) $2.5 million of the Company’s common stock, and (iii) $1.8 million of estimated contingent consideration earnout payable to the Emerald Sellers over the term of the earnout. The total contingent earnout payable to the Emerald Sellers is $2.0 million. Effective January 1, 2023, the terms of the contingent consideration earnout provision were amended providing for the entire contingent consideration of up to $2.0 million to be earned based solely on the continued employment of the Emerald Sellers for a two-year period. This resulted in the Company recording additional contingent consideration expense of $160,232 in the first quarter of 2023. Per the amendment, the remaining contingent consideration earnout is payable quarterly, at the Company’s discretion, in cash or in shares of the Company’s common stock with the value of such shares being determined based upon the VWAP of the Company’s common stock in the ten trading days prior to the end of the applicable quarter.
The Company accounted for the acquisition as follows: | | | | | | Purchase Price | $ | 7,671,557 | | | | Allocation of Purchase Price: | | Cash | $ | 622,641 | | Accounts receivable, net | $ | 2,666,811 | | Contract receivables | $ | 494,456 | | Prepayments and other assets | $ | 38,086 | | Property and equipment | $ | 403,008 | | Right of use asset | $ | 82,408 | | Goodwill | $ | 4,135,006 | | Intangible assets | $ | 3,659,000 | | Accrued expenses | $ | (2,361,302) | | Contract liabilities | $ | (1,071,399) | | Right of use liability | $ | (82,408) | | Deferred tax liability | $ | (914,750) | |
The following pro-forma amounts reflect the Company’s results as if the acquisition of Emerald had occurred on January 1, 2022. These pro-forma amounts have been calculated after applying the Company’s accounting policies and adjusting the results of the acquisition to reflect the additional amortization of intangibles. | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | 2023 | | 2022 | | 2023 | | 2022 | Revenues: | | | | | | | | Equipment systems | $ | 4,619,887 | | | $ | 10,077,572 | | | $ | 7,531,711 | | | $ | 27,144,916 | | Services | 3,034,574 | | | 3,027,556 | | | 6,505,227 | | | 6,666,062 | | Construction design-build | 11,048,997 | | | 5,353,905 | | | 21,254,949 | | | 14,598,769 | | Other | 134,086 | | | 259,054 | | | 311,043 | | | 606,072 | | Total revenues and other income | 18,837,544 | | | 18,718,087 | | | 35,602,930 | | | 49,015,819 | | | | | | | | | | Net loss | $ | (5,443,333) | | | $ | (1,556,748) | | | $ | (10,587,982) | | | $ | (1,456,161) | |
Acquired goodwill from Emerald represents the value expected to arise from organic growth and an opportunity for the Company to expand into a well-established market. Per the Emerald Acquisition Agreement and Plan of Merger (the “Emerald Acquisition Agreement”), when the Company acquired all of the issued and outstanding capital stock of Emerald, the Emerald Sellers indemnified the Company for any material liabilities, losses, and actions or inaction which took place prior to the acquisition and that were not disclosed as part of the transaction. To that end, a pre-acquisition Emerald project incurred a substantial loss that was not disclosed in the Emerald Acquisition Agreement. The majority shareholder of Emerald has agreed to indemnify the Company for the loss, which is currently estimated to be $2.2 million (the “Indemnified Loss”). The Company has offset $1.0 million of the Indemnified Loss against the total remaining contingent consideration and certain other liabilities owed to the majority shareholder of Emerald. Further, the Company has agreed to satisfy up to $1.2 million of the Indemnified Loss in the event a certain Emerald project is above a 7% profit margin, on a dollar to dollar basis. Liquidity and Going Concern The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates realization of assets and the satisfaction of liabilities in the normal course of business within one year after the date the consolidated financial statements are available to be issued.
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v3.23.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|
6 Months Ended |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Unaudited Condensed Consolidated Financial Statements The Company has prepared the accompanying condensed consolidated financial statements pursuant to the rules and regulations of the SEC for condensed financial reporting. The condensed consolidated financial statements are unaudited and, in the Company’s opinion, include all adjustments, consisting of normal recurring adjustments and accruals necessary for a fair presentation of the Company’s condensed consolidated balance sheets, condensed consolidated statements of operations and comprehensive loss, condensed consolidated statements of stockholders’ equity and condensed consolidated statements of cash flows for the periods presented. The results reported in these condensed consolidated financial statements should not be regarded as necessarily indicative of results that may be expected for the entire year. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been omitted in accordance with regulations of the SEC. These condensed consolidated financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. Significant Accounting Policies For a detailed discussion about the Company’s significant accounting policies, refer to Note 2 — Summary of Significant Accounting Policies, in the Company’s consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. During the six months ended June 30, 2023, there were no material changes made to the Company’s significant accounting policies. Use of Estimates In preparing condensed consolidated financial statements in conformity with GAAP, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of assets and liabilities at the date of the condensed consolidated financial statements and revenues and expenses during the reported period. Actual results could differ from those estimates. Significant estimates include estimated revenues earned under construction design-build contracts; estimated useful lives and potential impairment of long-lived assets, intangibles and goodwill; inventory write-offs; allowance for deferred tax assets; and allowance for bad debt. Reclassification Certain prior year amounts have been reclassified for consistency with the current year presentation. These reclassifications had no effect on the reported results of operations. Balance Sheet Classifications The Company includes in current assets and liabilities the following amounts that are in connection with construction contracts that may extend beyond one year: contract assets and contract liabilities (including retainage invoiced to customers contingent upon anything other than the passage of time), capitalized costs to fulfill contracts, retainage payable to sub-contractors and accrued losses on uncompleted contracts. A one-year time period is used to classify all other current assets and liabilities when not otherwise prescribed by the applicable accounting principles. Contract Assets and Liabilities The timing between when the Company collects cash from its construction design-build customers can create a contract asset or contract liability. Please refer to Note 3 - Revenue from Contracts with Customers for further discussion of the Company's contract assets and liabilities. Recently Issued Accounting Standards As of June 30, 2023, and through the filing of this report, no Accounting Standards Updates have been issued and not yet adopted that are applicable to the Company and that would have a material effect on the Company’s unaudited condensed consolidated financial statements and related disclosures.
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v3.23.2
REVENUE FROM CONTRACTS WITH CUSTOMERS
|
6 Months Ended |
Jun. 30, 2023 |
Revenue from Contract with Customer [Abstract] |
|
REVENUE FROM CONTRACTS WITH CUSTOMERS |
REVENUE FROM CONTRACTS WITH CUSTOMERS The Company recognizes revenue predominantly from the sale of equipment systems, services, construction design-build, and from other various immaterial contracts with customers from its CEA and Commercial sectors. The table below presents the revenue by source for the three and six months ended June 30, 2023, and 2022:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | CEA | | Commercial | | Total | | For the three months ended June 30, | | For the three months ended June 30, | | For the three months ended June 30, | | 2023 | | 2022 | | 2023 | | 2022 | | 2023 | | 2022 | Equipment systems | $ | 4,619,887 | | | $ | 10,077,572 | | | $ | — | | | $ | — | | | $ | 4,619,887 | | | $ | 10,077,572 | | Services | 1,255,978 | | | 1,931,465 | | | 1,778,596 | | | 1,096,091 | | | 3,034,574 | | | 3,027,556 | | Construction design-build | 414,717 | | | 802,874 | | | 10,634,280 | | | 2,114,447 | | | 11,048,997 | | | 2,917,321 | | Other | 134,086 | | | 259,054 | | | — | | | — | | | 134,086 | | | 259,054 | | Total revenues and other income | $ | 6,424,668 | | | $ | 13,070,965 | | | $ | 12,412,876 | | | $ | 3,210,538 | | | $ | 18,837,544 | | | $ | 16,281,503 | | Relative percentage | 34 | % | | 80 | % | | 66 | % | | 20 | % | | 100 | % | | 100 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | CEA | | Commercial | | Total | | For the six months ended June 30, | | For the six months ended June 30, | | For the six months ended June 30, | | 2023 | | 2022 | | 2023 | | 2022 | | 2023 | | 2022 | Equipment systems | $ | 7,531,711 | | | $ | 27,144,916 | | | $ | — | | | $ | — | | | $ | 7,531,711 | | | $ | 27,144,916 | | Services | 2,813,153 | | | 4,062,139 | | | 3,692,074 | | | 2,603,923 | | | 6,505,227 | | | 6,666,062 | | Construction design-build | 786,560 | | | 802,874 | | | 20,468,389 | | | 2,114,447 | | | 21,254,949 | | | 2,917,321 | | Other | 311,043 | | | 606,072 | | | — | | | — | | | 311,043 | | | 606,072 | | Total revenues and other income | $ | 11,442,467 | | | $ | 32,616,001 | | | $ | 24,160,463 | | | $ | 4,718,370 | | | $ | 35,602,930 | | | $ | 37,334,371 | | Relative percentage | 32 | % | | 87 | % | | 68 | % | | 13 | % | | 100 | % | | 100 | % |
Under Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers, a performance obligation is a promise in a contract with a customer, to transfer a distinct good or service to the customer. Equipment systems contracts are lump sum contracts, which require the performance of some, or all, of the obligations under the contract for a specified amount. Service revenue contracts, which include both architectural and engineering designs, generally contain multiple performance obligations which can span across multiple phases of a project and are generally set forth in the contract as distinct milestones. The majority of construction design-build contracts have a single performance obligation, as the promise to transfer the individual goods or services is not separately identifiable from other promises in the contracts and, therefore, not distinct. Some contracts have multiple performance obligations, most commonly due to the contract covering multiple phases of the project life cycle (design and construction).
The transaction price for service contracts and construction design-build contracts is allocated to each distinct performance obligation and recognized as revenue when, or as, each performance obligation is satisfied. When there are multiple performance obligations under the same service contract, the Company allocates the transaction price to each performance obligation based on the standalone selling price. In general, payment terms are fixed at the time of the contract and are not subject to discounts, incentives, payment bonuses, credits or penalties, unless negotiated in an amendment. When establishing the selling price to the customer, the Company uses various observable inputs. For equipment systems, the stand-alone selling price is determined by forecasting the expected costs of the products, and then adding in the appropriate margins established by management. For service revenues and construction design-build revenues, the Company estimates the selling price by reference to certain physical characteristics of the project, which include the facility size, the complexity of the design, and the mechanical systems involved, which are indicative of the scope and complexity for those services. Significant judgments are typically not required with respect to the determination of the transaction price based on the nature of the selling prices of the products and services delivered and the collectability of those amounts. Accordingly, the Company does not consider estimates of variable consideration to be constrained.
The Company recognizes equipment systems, services, and construction design-build revenues when the performance obligation with the customer is satisfied. For satisfaction of equipment system revenues, the Company recognizes revenue when control of the promised good transfers to the customer, which predominately occurs at the time of shipment. For service revenues, satisfaction occurs as the services related to the distinct performance obligations are rendered or completed in exchange for consideration in an amount for which the Company is entitled. The time period between recognition and satisfaction of performance obligations is generally within the same reporting period; thus, there are no material unsatisfied or partially unsatisfied performance obligations for product or service revenues at the end of the reporting period.
Construction design-build revenues are recognized as the Company's obligations are satisfied over time, using the ratio of project costs incurred to estimated total costs for each contract because of the continuous transfer of control to the customer as all of the work is performed at the customer’s site and, therefore, the customer controls the asset as it is being constructed. This continuous transfer of control to the customer is further supported by clauses in the contract that allow the customer to unilaterally terminate the contract for convenience, pay the Company for costs incurred plus a reasonable profit and take control of any work in process. This cost-to-cost measure is used for our construction design-build contracts because management considers it to be the best available measure of progress on these contracts.
Contract modifications through change orders, claims and incentives are routine in the performance of the Company’s construction design-build contracts to account for changes in the contract specifications or requirements. In most instances, contract modifications are not distinct from the existing contract due to the significant integration of services provided in the contract and are accounted for as a modification of the existing contract and performance obligation. Either the Company or its customers may initiate change orders, which may include changes in specifications or designs, manner of performance, facilities, equipment, materials, sites and period of completion of the work. Change orders that are unapproved as to both price and scope are evaluated as claims. The Company considers claims to be amounts in excess of approved contract prices that the Company seeks to collect from its customers or others for customer-caused delays, errors in specifications and designs, contract terminations, change orders that are either in dispute or are unapproved as to both scope and price, or other causes of unanticipated additional contract costs.
The timing of when the Company bills customers on long-term construction design-build contracts is generally dependent upon agreed-upon contractual terms, which may include milestone billings based on the completion of certain phases of the work, or when services are provided. When as a result of contingencies, billings cannot occur until after the related revenue has been recognized, the result is unbilled revenue which is included in contract assets. Additionally, when the Company receives advances or deposits from customers before revenue is recognized, the result is deferred revenue which is included in contract liabilities. Retainage subject to conditions other than the passage of time are included in contract assets and contract liabilities.
Contract assets represent revenues recognized in excess of amounts paid or payable (contract receivables) to the Company on uncompleted contracts. Contract liabilities represent the Company’s obligation to perform on uncompleted contracts with customers for which the Company has received payment or for which contract receivables are outstanding. The following table provides information about contract assets and contract liabilities from contracts with customers:
| | | | | | | | | | | | | June 30, 2023 | | December 31, 2022 | Contract assets: | | | | Revenue recognized in excess of amounts paid or payable (contract receivables) to the Company on uncompleted contracts (contract asset), excluding retainage | $ | 6,702,100 | | | $ | 2,874,141 | | Retainage included in contract assets due to being conditional on something other than solely passage of time | 246,317 | | | 130,141 | | Total contract assets | $ | 6,948,417 | | | $ | 3,004,282 | | | | | | | June 30, 2023 | | December 31, 2022 | Contract liabilities: | | | | Payments received or receivable (contract receivables) in excess of revenue recognized on uncompleted contracts (contract liability) | $ | 3,312,396 | | | $ | 1,294,452 | | Retainage included in contract liabilities due to being conditional on something other than solely passage of time | 32,436 | | | — | | Total contract liabilities | $ | 3,344,832 | | | $ | 1,294,452 | |
Trade accounts receivable, net of allowance for doubtful accounts, balances from contracts with customers within the accompanying condensed consolidated balance sheets as of June 30, 2023, and December 31, 2022, were $14,242,229 and $12,466,180, respectively.
Non-trade accounts receivable as of June 30, 2023, and December 31, 2022, were $1,232,917 and $2,914,112, respectively. Non-trade accounts receivables as of June 30, 2023, were comprised of the remaining Indemnified Loss receivable from the majority shareholder of Emerald further detailed in Note 1 – Organization, Acquisitions, and Liquidity. Non-trade accounts receivables as of December 31, 2022, were comprised of miscellaneous non-trade accounts receivables totaling $514,112 and non-trade accounts receivable related to litigation involving fraudulent wire transactions of $2,400,000. On March 27, 2023, the Company entered into an agreement to settle this litigation and received a cash payment of $2,400,000 on March 27, 2023.
For equipment systems contracts, the Company’s predominant policy is to collect deposits from customers at the beginning of the contract and the balance of the contract payment prior to shipping. The Company does, in some cases, collect deposits or retainers as down payments on service contracts. Consumable products orders may be paid for in advance of shipment or for recurring customers with credit, payment terms of 30 days or less may be extended by the Company. Customer payments that have been collected prior to the performance obligation being recognized are recorded as customer deposit liabilities on the balance sheet. When the performance obligation is satisfied and all the criteria for revenue recognition are met, revenue is recognized. In certain situations when the customer has paid the deposit and services have been performed but the customer chooses not to proceed with the contract, the Company is entitled to keep the deposit and recognize revenue.
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v3.23.2
RELATED PARTY TRANSACTIONS
|
6 Months Ended |
Jun. 30, 2023 |
Related Party Transactions [Abstract] |
|
RELATED PARTY TRANSACTIONS |
RELATED PARTY TRANSACTIONS James Lowe, a director of the Company, is an owner of Cloud 9 Support, LLC (“Cloud 9”) and Potco LLC (“Potco”). Cloud 9 purchases materials from the Company for use with its customers and Potco purchases equipment from the Company for use in its cultivation facility. The table below presents the revenues for Cloud 9 and Potco for the three and six months ended June 30, 2023, and 2022: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | 2023 | | 2022 | | 2023 | | 2022 | Revenues - Cloud 9 | $ | 462 | | | $ | 5,606 | | | $ | 462 | | | $ | 11,813 | | Revenues - Potco | 398,712 | | | — | | | 935,164 | | | 11,400 | | Total revenues from related party transactions | $ | 399,174 | | | $ | 5,606 | | | $ | 935,626 | | | $ | 23,213 | |
The table below presents the accounts receivable for Cloud 9 and Potco for as of June 30, 2023, and December 31, 2022: | | | | | | | | | | | | | June 30, 2023 | | December 31, 2022 | Accounts receivable - Cloud 9 | $ | — | | | $ | 3,920 | | Accounts receivable - Potco | 188,512 | | | 20,174 | | Total accounts receivable due from related party transactions | $ | 188,512 | | | $ | 24,094 | |
|
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- 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
PREPAID EXPENSES AND OTHER ASSETS
|
6 Months Ended |
Jun. 30, 2023 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] |
|
PREPAID EXPENSES AND OTHER ASSETS |
PREPAID EXPENSES AND OTHER ASSETS Prepaid expenses and other assets are comprised of prepayments paid to vendors to initiate orders, prepaid services and fees, inventories, and other assets. The prepaid expenses and other assets balances are summarized as follows: | | | | | | | | | | | | | June 30, 2023 | | December 31, 2022 | Vendor prepayments | $ | 2,314,800 | | | $ | 2,459,389 | | Prepaid services and fees | 885,416 | | | 1,346,430 | | Inventories | 300,520 | | | 320,372 | | Other assets | 39,818 | | | 38,769 | | Total Prepaid expenses and other assets | $ | 3,540,554 | | | $ | 4,164,960 | |
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v3.23.2
PROPERTY AND EQUIPMENT, NET
|
6 Months Ended |
Jun. 30, 2023 |
Property, Plant and Equipment [Abstract] |
|
PROPERTY AND EQUIPMENT, NET |
PROPERTY AND EQUIPMENT, NET Property and equipment balances are summarized as follows: | | | | | | | | | | | | | June 30, 2023 | | December 31, 2022 | Computers and technology equipment | $ | 264,197 | | | $ | 232,405 | | Furniture and fixtures | 321,859 | | | 234,389 | | Leasehold improvements | 228,760 | | | 306,719 | | Vehicles | 452,822 | | | 456,797 | | Software | 874,153 | | | 685,580 | | Other equipment | 58,526 | | | 58,525 | | Accumulated depreciation | (867,409) | | | (667,269) | | Total Property and equipment, net | $ | 1,332,908 | | | $ | 1,307,146 | |
Depreciation expense totaled $159,995 and $65,335 for the three months ended June 30, 2023, and 2022, respectively, and totaled $254,048 and $121,113 for the six months ended June 30, 2023, and 2022, respectively.
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- DefinitionThe entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections.
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v3.23.2
INVESTMENTS
|
6 Months Ended |
Jun. 30, 2023 |
Investments, Debt and Equity Securities [Abstract] |
|
INVESTMENTS |
INVESTMENTS The components of investments as of June 30, 2023, and December 31, 2022, are summarized as follows: | | | | | | | | | | | | | | | | | | | | | | | Edyza | | XS Financial | | Total | Balances as of December 31, 2022 | $ | — | | | $ | 2,559,307 | | | $ | 2,559,307 | | Paid-in-kind interest | — | | | 25,657 | | | 25,657 | | Balances as of June 30, 2023 | $ | — | | | $ | 2,584,964 | | | $ | 2,584,964 | |
Edyza The Company has a strategic investment in Edyza, Inc. (“Edyza”), a hardware and software technology company that enables dense sensor networks in agriculture, healthcare, and other environments that require precise micro-climate monitoring. The Company measures this investment at cost, less any impairment changes resulting from observable price changes in orderly transactions for an identical or similar investment of the same issuer. During the third quarter of 2022, the Company fully impaired this investment, resulting in an impairment recorded of $1.7 million. The Company determined that the intent and ability to retain its investment for a period of time sufficient to allow for any anticipated recovery had passed, causing an “other than temporary loss.” The Company will continue to monitor any future changes to this impairment and seek to recover any remaining value of its 19.5% ownership. XS Financial On October 30, 2021, the Company participated in a convertible note offering of Xtraction Services, Inc., a/k/a XS Financial Inc. (CSE: XSF) (OTCQB: XSHLF) ("XSF"), a specialty finance company providing CAPEX financing solutions, including equipment leasing, to CEA companies in the United States. The Company invested $2,500,000 of a total $43,500,000 raised by XSF. Prior to any Nasdaq listing, the investment incurs 9.5% interest payable, of which, 7.5% is cash interest and 2.0% is interest paid in kind. Subsequent to any Nasdaq listing by XSF, the investment incurs 8.0% cash interest. The debt matures on October 28, 2023, with a one-year option at the sole discretion of XSF to extend the maturity date. In addition, the Company received 1,250,000 warrants denominated in Canadian dollars ("C$") with a C$0.45 exercise price as subject to the warrant instrument. No value was attributed to the warrants at the time of the investment.
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- DefinitionThe entire disclosure for investment.
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v3.23.2
GOODWILL & INTANGIBLE ASSETS
|
6 Months Ended |
Jun. 30, 2023 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
GOODWILL & INTANGIBLE ASSETS |
GOODWILL & INTANGIBLE ASSETS Goodwill The Company has recorded goodwill in conjunction with the acquisitions it has completed. The goodwill balances as of June 30, 2023, and December 31, 2022, were $15,572,050 and $15,572,050, respectively. Goodwill is not amortized. The Company did not record any impairment charges related to goodwill for the three or six months ended June 30, 2023, and 2022. Intangible Assets Other Than Goodwill Intangible assets as of June 30, 2023, and December 31, 2022, consisted of the following: | | | | | | | | | | | | | | | | | | | As of June 30, 2023 | | Cost | | Accumulated Amortization | | Net Book Value | Finite-lived intangible assets: | | | | | | Customer relationships | $ | 4,212,100 | | | $ | (703,885) | | | $ | 3,508,215 | | Trademarks and trade names | 1,778,000 | | | (485,617) | | | 1,292,383 | | Backlog and other | 768,113 | | | (720,499) | | | 47,614 | | Total finite-lived intangible assets: | 6,758,213 | | | (1,910,001) | | | 4,848,212 | | Indefinite-lived intangible assets: | | | | | | Trade name | 28,291 | | | — | | | 28,291 | | Total indefinite-lived intangible assets | 28,291 | | | — | | | 28,291 | | Total intangible assets, net | $ | 6,786,504 | | | $ | (1,910,001) | | | $ | 4,876,503 | |
| | | | | | | | | | | | | | | | | | | As of December 31, 2022 | | Cost | | Accumulated Amortization | | Net Book Value | Finite-lived intangible assets: | | | | | | Customer relationships | $ | 4,212,100 | | | $ | (401,997) | | | $ | 3,810,103 | | Trademarks and trade names | 1,778,000 | | | (307,817) | | | 1,470,183 | | Backlog and other | 768,113 | | | (626,003) | | | 142,110 | | Total finite-lived intangible assets: | 6,758,213 | | | (1,335,817) | | | 5,422,396 | | Indefinite-lived intangible assets: | | | | | | Trade name | 28,291 | | | — | | | 28,291 | | Total indefinite-lived intangible assets | 28,291 | | | — | | | 28,291 | | Total intangible assets, net | $ | 6,786,504 | | | $ | (1,335,817) | | | $ | 5,450,687 | |
Amortization expense for intangible assets totaled $264,165 and $306,225 for the three months ended June 30, 2023, and 2022, respectively, and totaled $574,184 and $468,725 for the six months ended June 30, 2023, and 2022, respectively. The estimated future amortization expense for intangible assets subject to amortization as of June 30, 2023, is summarized below: | | | | | | | | | For the years ending December 31, | | Estimated Future Amortization Expense | Remainder of 2023 | | $ | 491,841 | | 2024 | | 959,788 | | 2025 | | 959,788 | | 2026 | | 918,205 | | 2027 | | 693,555 | | Thereafter | | 825,035 | | Total estimated future amortization expense | | $ | 4,848,212 | |
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v3.23.2
ACCRUED EXPENSES
|
6 Months Ended |
Jun. 30, 2023 |
Payables and Accruals [Abstract] |
|
ACCRUED EXPENSES |
ACCRUED EXPENSES Accrued expenses are summarized as follows: | | | | | | | | | | | | | June 30, 2023 | | December 31, 2022 | Accrued operating expenses | $ | 527,690 | | | $ | 515,858 | | Loss on settlement | 1,500,000 | | | — | | Accrued wages and related expenses | 1,134,304 | | | 639,614 | | Accrued 401(k) | 66,004 | | | 262,599 | | Accrued sales tax payable | 1,955,453 | | | 1,778,890 | | Total accrued expenses | $ | 5,183,451 | | | $ | 3,196,961 | |
Accrued sales tax payable is comprised of amounts due to various states and Canadian provinces from the year ended 2015 through June 30, 2023.
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v3.23.2
OPERATING LEASE LIABILITIES AND COMMITMENTS AND CONTINGENCIES
|
6 Months Ended |
Jun. 30, 2023 |
Leases [Abstract] |
|
OPERATING LEASE LIABILITIES AND COMMITMENTS AND CONTINGENCIES |
OPERATING LEASE LIABILITIES AND COMMITMENTS AND CONTINGENCIES The Company has eight operating office lease liabilities and one finance office lease liability with an imputed annual interest rate of 8.0%. Five of the leases were assigned to the Company in connection with the acquisitions of 2WR, Emerald, and DVO. The remaining lease terms range from less than a year to 6 years, as of June 30, 2023. The following is a summary of operating lease liabilities: | | | | | | | | | | | | | June 30, 2023 | | December 31, 2022 | Operating lease liabilities related to right of use assets | $ | 2,440,569 | | | $ | 2,645,598 | | Less current operating lease liabilities | (617,815) | | | (600,816) | | Non-current operating lease liabilities | $ | 1,822,754 | | | $ | 2,044,782 | |
The following is a schedule showing total future minimum lease payments: | | | | | | | | | For the years ending December 31, | | Minimum Lease Payments | Remainder of 2023 | | $ | 417,885 | | 2024 | | 754,076 | | 2025 | | 573,133 | | 2026 | | 404,751 | | 2027 | | 346,812 | | Thereafter | | 335,903 | | Total minimum lease payments | | 2,832,560 | | Less: Amount representing interest | | (391,991) | | Net lease obligations | | $ | 2,440,569 | |
From time to time, the Company is involved in routine litigation that arises in the ordinary course of business. There are no ongoing legal proceedings for which management believes the ultimate outcome would have a material adverse effect on the Company’s results of operations and cash flows. On August 11, 2023, the Company entered into a settlement agreement (the “Settlement Agreement”) with Crest Ventures, LLC (“Crest”) and Andrew Telsey to settle all claims in the litigation filed in the District Court for Arapahoe County, Colorado, Case No. 2021CV31301. Pursuant to the Settlement Agreement, the Company has agreed to pay $1,500,000 to Crest by September 10, 2023. In connection with this settlement, the Company recorded a loss in the second quarter of 2023 of $1,500,000 in accordance with GAAP related to loss contingencies.
|
OPERATING LEASE LIABILITIES AND COMMITMENTS AND CONTINGENCIES |
OPERATING LEASE LIABILITIES AND COMMITMENTS AND CONTINGENCIES The Company has eight operating office lease liabilities and one finance office lease liability with an imputed annual interest rate of 8.0%. Five of the leases were assigned to the Company in connection with the acquisitions of 2WR, Emerald, and DVO. The remaining lease terms range from less than a year to 6 years, as of June 30, 2023. The following is a summary of operating lease liabilities: | | | | | | | | | | | | | June 30, 2023 | | December 31, 2022 | Operating lease liabilities related to right of use assets | $ | 2,440,569 | | | $ | 2,645,598 | | Less current operating lease liabilities | (617,815) | | | (600,816) | | Non-current operating lease liabilities | $ | 1,822,754 | | | $ | 2,044,782 | |
The following is a schedule showing total future minimum lease payments: | | | | | | | | | For the years ending December 31, | | Minimum Lease Payments | Remainder of 2023 | | $ | 417,885 | | 2024 | | 754,076 | | 2025 | | 573,133 | | 2026 | | 404,751 | | 2027 | | 346,812 | | Thereafter | | 335,903 | | Total minimum lease payments | | 2,832,560 | | Less: Amount representing interest | | (391,991) | | Net lease obligations | | $ | 2,440,569 | |
From time to time, the Company is involved in routine litigation that arises in the ordinary course of business. There are no ongoing legal proceedings for which management believes the ultimate outcome would have a material adverse effect on the Company’s results of operations and cash flows. On August 11, 2023, the Company entered into a settlement agreement (the “Settlement Agreement”) with Crest Ventures, LLC (“Crest”) and Andrew Telsey to settle all claims in the litigation filed in the District Court for Arapahoe County, Colorado, Case No. 2021CV31301. Pursuant to the Settlement Agreement, the Company has agreed to pay $1,500,000 to Crest by September 10, 2023. In connection with this settlement, the Company recorded a loss in the second quarter of 2023 of $1,500,000 in accordance with GAAP related to loss contingencies.
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v3.23.2
RISKS AND UNCERTAINTIES
|
6 Months Ended |
Jun. 30, 2023 |
Risks and Uncertainties [Abstract] |
|
RISKS AND UNCERTAINTIES |
RISKS AND UNCERTAINTIES Concentration Risk The table below shows customers who account for 10% or more of the Company’s total revenues and 10% or more of the Company’s accounts receivable for the periods presented: Customers exceeding 10% of revenue | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | Company Customer Number | | 2023 | | 2022 | | 2023 | | 2022 | C000001462 | | * | | * | | * | | 16 | % | C000001140 | | * | | 25 | % | | * | | 20 | % | C000002187 | | 26 | % | | * | | 26 | % | | * | C000000819 | | * | | 14 | % | | * | | * | C000002393 | | 14 | % | | * | | * | | * | C000002463 | | * | | * | | 12 | % | | * | | | | | | | | | | *Amounts less than 10% | | | | | | | | |
Customers exceeding 10% of accounts receivable | | | | | | | | | | | | | | | Company Customer Number | | June 30, 2023 | | December 31, 2022 | C000002151 | | * | | 10 | % | C000002187 | | 37 | % | | 24 | % | | | | | | *Amounts less than 10% | | | | |
The table below shows vendors who account for 10% or more of the Company’s total purchases and 10% or more of the Company’s accounts payable for the periods presented: Vendors exceeding 10% of purchases | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | Company Vendor Number | | 2023 | | 2022 | | 2023 | | 2022 | V000001029 | | * | | 23 | % | | * | | 25 | % | V000000453 | | * | | * | | * | | 12 | % | V000002275 | | * | | * | | 11 | % | | * | V000001280 | | * | | 19 | % | | * | | * | | | | | | | | | | *Amounts less than 10% | | | | | | | | |
Vendors exceeding 10% of accounts payable | | | | | | | | | | | | | | | Company Vendor Number | | June 30, 2023 | | December 31, 2022 | V000001910 | | * | | 11 | % | V000002275 | | 21 | % | | * | *Amounts less than 10% | | | | |
Foreign Exchange Risk Although our revenues and expenses are expected to be predominantly denominated in United States dollars, we may be exposed to currency exchange fluctuations. Recent events in the global financial markets have been coupled with increased volatility in the currency markets. Fluctuations in the exchange rate between the U.S. dollar, the Canadian dollar, the Euro, and the currency of other regions in which we may operate may have a material adverse effect on our business, financial condition and operating results. We may, in the future, establish a program to hedge a portion of our foreign currency exposure with the objective of minimizing the impact of adverse foreign currency exchange movements. However, even if we develop a hedging program, it may not mitigate currency risks.
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v3.23.2
STOCK-BASED COMPENSATION
|
6 Months Ended |
Jun. 30, 2023 |
Share-Based Payment Arrangement [Abstract] |
|
STOCK-BASED COMPENSATION |
STOCK-BASED COMPENSATION Based on the vesting schedule of the grants of restricted stock units (“RSU” or “RSUs”) and options, stock-based compensation expense totaled $622,547 and $882,000 for the three months ended June 30, 2023, and 2022, respectively, and totaled $1,102,188 and $1,764,000 for the six months ended June 30, 2023, and 2022, respectively.
The Company has adopted the 2021 Omnibus Stock Incentive Plan, as amended (the “Omnibus Incentive Plan”), which provides for the issuance of incentive stock options, grants of RSUs, and stock-based awards to employees, directors, and consultants of the Company to reward and attract employees and compensate the Company’s Board of Directors (the “Board”) and vendors when applicable. The Omnibus Incentive Plan is administered by the Company's Board. Grants of RSUs under the Omnibus Incentive Plan are valued at the price of the stock on the date of grant. The fair value of the options is calculated using the Black-Scholes pricing model based on the estimated market value of the underlying common stock at the valuation measurement date, the remaining contractual term of the options, risk-free interest rate and expected volatility of the price of the underlying common stock of 100%. There is a moderate degree of subjectivity involved when estimating the value of stock options with the Black-Scholes option pricing model as the assumptions used are moderately judgmental. Grants of RSUs and stock options are sometimes offered as part of an employment offer package, to ensure continuity of service or as a reward for performance. Grants of RSUs and stock options typically require a 1-to-3-year period of continued employment or service performance before the grant of RSUs or stock options vest. No cash flow effects are anticipated for grants of RSUs or stock options. The following schedule shows grants of RSU activity for the six months ended June 30, 2023: | | | | | | | Number of Shares | Grants of RSUs unvested as of December 31, 2022 | 494,859 | Grants of RSUs | 524,829 | Forfeiture/cancelled | (6,733) | | Grants of RSUs vested and issued | (189,592) | | Grants of RSUs unvested as of June 30, 2023 | 823,363 |
As of June 30, 2023, the Company has $2.0 million in unrecognized stock-based compensation expense related to these grants of RSUs. The following schedule shows stock option activity for the six months ended June 30, 2023. | | | | | | | | | | | | | | | | | | | Number of Shares | | Weighted Average Remaining Life (Years) | | Weighted Average Exercise Price | Stock options outstanding as of December 31, 2022 | 669,388 | | | 7.9 | | $ | 6.77 | | Issued | — | | | 0 | | $ | — | | Forfeited | (2,803) | | | 0 | | $ | 9.39 | | Exercised | — | | | 0 | | $ | — | | Stock options outstanding as of June 30, 2023 | 666,585 | | | 7.4 | | $ | 6.77 | | Stock options exercisable as of June 30, 2023 | 618,651 | | | 6.3 | | $ | 6.30 | |
As of June 30, 2023, the Company has $0.1 million in unrecognized stock-based compensation expense related to these stock options. The aggregate intrinsic value of the options outstanding and exercisable as of June 30, 2023, is $0.
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- DefinitionThe entire disclosure for share-based payment arrangement.
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v3.23.2
STOCKHOLDERS’ EQUITY
|
6 Months Ended |
Jun. 30, 2023 |
Equity [Abstract] |
|
STOCKHOLDERS’ EQUITY |
STOCKHOLDERS’ EQUITY On May 24, 2021, the Board authorized a stock repurchase program to purchase up to $5.0 million of the currently outstanding shares of the Company’s common stock, over a period of 12 months through open market purchases, in compliance with Rule 10b-18 under the Securities Exchange Act of 1934. On January 18, 2022, the Board authorized a $2.0 million increase to the stock repurchase program, to a total of $7.0 million. On February 2, 2022, the Board authorized an additional $1.5 million increase to the stock repurchase, to a total of $8.5 million. On September 12, 2022, the Board authorized an additional $2.0 million increase to the stock repurchase, to a total of $10.5 million. In total, the Company has repurchased 1,099,833 shares of common stock at an average price per share of $8.25 for a total of $9.1 million, under this program. During the six months ended June 30, 2023, the Company did not repurchase shares of common stock. During the six months ended June 30, 2022, the Company repurchased 419,088 shares of common stock at an average price per share of $9.02, for a total price of $3.8 million under this program. As of June 30, 2023, we have $1.4 million remaining under the repurchase program. In February 2021, the Company repurchased 350,000 shares of common stock with an average price per share of $8.50, for a total of $3.0 million, outside of any stock repurchase or publicly announced program. WARRANTSThe following table shows warrant activity for the six months ended June 30, 2023. | | | | | | | | | | | | | Number of Shares | | Weighted Average Exercise Price | Warrants outstanding as of December 31, 2022 | 311,499 | | $ | 12.32 | | Exercised | — | | | $ | — | | Expired | (1,000) | | | $ | 6.00 | | Warrants outstanding as of June 30, 2023 | 310,499 | | $ | 12.34 | | Warrants exercisable as of June 30, 2023 | 310,499 | | $ | 12.34 | |
The weighted-average life of the warrants is 2.2 years. The aggregate intrinsic value of the warrants outstanding and exercisable as of June 30, 2023, is $0.
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v3.23.2
WARRANTS
|
6 Months Ended |
Jun. 30, 2023 |
Equity [Abstract] |
|
WARRANTS |
STOCKHOLDERS’ EQUITY On May 24, 2021, the Board authorized a stock repurchase program to purchase up to $5.0 million of the currently outstanding shares of the Company’s common stock, over a period of 12 months through open market purchases, in compliance with Rule 10b-18 under the Securities Exchange Act of 1934. On January 18, 2022, the Board authorized a $2.0 million increase to the stock repurchase program, to a total of $7.0 million. On February 2, 2022, the Board authorized an additional $1.5 million increase to the stock repurchase, to a total of $8.5 million. On September 12, 2022, the Board authorized an additional $2.0 million increase to the stock repurchase, to a total of $10.5 million. In total, the Company has repurchased 1,099,833 shares of common stock at an average price per share of $8.25 for a total of $9.1 million, under this program. During the six months ended June 30, 2023, the Company did not repurchase shares of common stock. During the six months ended June 30, 2022, the Company repurchased 419,088 shares of common stock at an average price per share of $9.02, for a total price of $3.8 million under this program. As of June 30, 2023, we have $1.4 million remaining under the repurchase program. In February 2021, the Company repurchased 350,000 shares of common stock with an average price per share of $8.50, for a total of $3.0 million, outside of any stock repurchase or publicly announced program. WARRANTSThe following table shows warrant activity for the six months ended June 30, 2023. | | | | | | | | | | | | | Number of Shares | | Weighted Average Exercise Price | Warrants outstanding as of December 31, 2022 | 311,499 | | $ | 12.32 | | Exercised | — | | | $ | — | | Expired | (1,000) | | | $ | 6.00 | | Warrants outstanding as of June 30, 2023 | 310,499 | | $ | 12.34 | | Warrants exercisable as of June 30, 2023 | 310,499 | | $ | 12.34 | |
The weighted-average life of the warrants is 2.2 years. The aggregate intrinsic value of the warrants outstanding and exercisable as of June 30, 2023, is $0.
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v3.23.2
INCOME TAXES
|
6 Months Ended |
Jun. 30, 2023 |
Income Tax Disclosure [Abstract] |
|
INCOME TAXES |
INCOME TAXESThe Company has experienced cumulative losses for both book and tax purposes since inception. The potential future recovery of any tax assets that the Company may be entitled to due to these accumulated losses is uncertain and any tax assets that the Company may be entitled to have been fully reserved based on management’s current estimates. Management intends to continue maintaining a full valuation allowance on the Company’s deferred tax assets until there is sufficient evidence to support the reversal of all or some portion of these allowances. The deferred income tax benefit for the three and six months ended June 30, 2023, and 2022 relates to the reduction in the deferred tax liability associated with the amortization of the intangible assets from the acquisitions of the 2WR Entities and Emerald. The Company records state income taxes paid during the year within the Other income (expense) financial statement line item.
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v3.23.2
SUBSEQUENT EVENTS
|
6 Months Ended |
Jun. 30, 2023 |
Subsequent Events [Abstract] |
|
SUBSEQUENT EVENTS |
SUBSEQUENT EVENTSOn August 11, 2023, the Company entered into the Settlement Agreement with Crest and Andrew Telsey to settle all claims in the litigation filed in the District Court for Arapahoe County, Colorado, Case No. 2021CV31301. Pursuant to the Settlement Agreement, the Company has agreed to pay $1,500,000 to Crest by September 10, 2023. In connection with this settlement, the Company recorded a loss in the second quarter of 2023 of $1,500,000 in accordance with GAAP related to loss contingencies.
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v3.23.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
|
6 Months Ended |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
Unaudited Condensed Consolidated Financial Statements |
Unaudited Condensed Consolidated Financial StatementsThe Company has prepared the accompanying condensed consolidated financial statements pursuant to the rules and regulations of the SEC for condensed financial reporting. The condensed consolidated financial statements are unaudited and, in the Company’s opinion, include all adjustments, consisting of normal recurring adjustments and accruals necessary for a fair presentation of the Company’s condensed consolidated balance sheets, condensed consolidated statements of operations and comprehensive loss, condensed consolidated statements of stockholders’ equity and condensed consolidated statements of cash flows for the periods presented. The results reported in these condensed consolidated financial statements should not be regarded as necessarily indicative of results that may be expected for the entire year. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been omitted in accordance with regulations of the SEC.
|
Use of Estimates |
Use of Estimates In preparing condensed consolidated financial statements in conformity with GAAP, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of assets and liabilities at the date of the condensed consolidated financial statements and revenues and expenses during the reported period. Actual results could differ from those estimates. Significant estimates include estimated revenues earned under construction design-build contracts; estimated useful lives and potential impairment of long-lived assets, intangibles and goodwill; inventory write-offs; allowance for deferred tax assets; and allowance for bad debt.
|
Reclassification and Balance Sheet Classifications |
Reclassification Certain prior year amounts have been reclassified for consistency with the current year presentation. These reclassifications had no effect on the reported results of operations. Balance Sheet Classifications The Company includes in current assets and liabilities the following amounts that are in connection with construction contracts that may extend beyond one year: contract assets and contract liabilities (including retainage invoiced to customers contingent upon anything other than the passage of time), capitalized costs to fulfill contracts, retainage payable to sub-contractors and accrued losses on uncompleted contracts. A one-year time period is used to classify all other current assets and liabilities when not otherwise prescribed by the applicable accounting principles.
|
Contract Assets and Liabilities |
Contract Assets and LiabilitiesThe timing between when the Company collects cash from its construction design-build customers can create a contract asset or contract liability.
|
Recently Issued Accounting Standards |
Recently Issued Accounting Standards As of June 30, 2023, and through the filing of this report, no Accounting Standards Updates have been issued and not yet adopted that are applicable to the Company and that would have a material effect on the Company’s unaudited condensed consolidated financial statements and related disclosures.
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v3.23.2
ORGANIZATION, ACQUISITIONS, AND LIQUIDITY (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Organization, Consolidation, Business Combination, And Presentation Of Financial Statements [Abstract] |
|
Schedule of Purchase Price Allocation |
The Company accounted for the acquisition as follows: | | | | | | Purchase price | $ | 6,072,366 | | | | Allocation of purchase price: | | Accounts receivable, net | $ | 1,134,909 | | Right of use asset | $ | 1,197,310 | | Property and equipment | $ | 229,058 | | Goodwill | $ | 3,444,926 | | Intangible assets | $ | 1,276,000 | | Accrued expenses | $ | (12,527) | | Right of use liability | $ | (1,197,310) | |
The Company accounted for the acquisition as follows: | | | | | | Purchase Price | $ | 7,671,557 | | | | Allocation of Purchase Price: | | Cash | $ | 622,641 | | Accounts receivable, net | $ | 2,666,811 | | Contract receivables | $ | 494,456 | | Prepayments and other assets | $ | 38,086 | | Property and equipment | $ | 403,008 | | Right of use asset | $ | 82,408 | | Goodwill | $ | 4,135,006 | | Intangible assets | $ | 3,659,000 | | Accrued expenses | $ | (2,361,302) | | Contract liabilities | $ | (1,071,399) | | Right of use liability | $ | (82,408) | | Deferred tax liability | $ | (914,750) | |
|
Schedule of Pro Forma Information |
The following pro-forma amounts reflect the Company’s results as if the acquisition of Emerald had occurred on January 1, 2022. These pro-forma amounts have been calculated after applying the Company’s accounting policies and adjusting the results of the acquisition to reflect the additional amortization of intangibles. | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | 2023 | | 2022 | | 2023 | | 2022 | Revenues: | | | | | | | | Equipment systems | $ | 4,619,887 | | | $ | 10,077,572 | | | $ | 7,531,711 | | | $ | 27,144,916 | | Services | 3,034,574 | | | 3,027,556 | | | 6,505,227 | | | 6,666,062 | | Construction design-build | 11,048,997 | | | 5,353,905 | | | 21,254,949 | | | 14,598,769 | | Other | 134,086 | | | 259,054 | | | 311,043 | | | 606,072 | | Total revenues and other income | 18,837,544 | | | 18,718,087 | | | 35,602,930 | | | 49,015,819 | | | | | | | | | | Net loss | $ | (5,443,333) | | | $ | (1,556,748) | | | $ | (10,587,982) | | | $ | (1,456,161) | |
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v3.23.2
REVENUE FROM CONTRACTS WITH CUSTOMERS (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Revenue from Contract with Customer [Abstract] |
|
Schedule of Revenue, By Source |
The table below presents the revenue by source for the three and six months ended June 30, 2023, and 2022: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | CEA | | Commercial | | Total | | For the three months ended June 30, | | For the three months ended June 30, | | For the three months ended June 30, | | 2023 | | 2022 | | 2023 | | 2022 | | 2023 | | 2022 | Equipment systems | $ | 4,619,887 | | | $ | 10,077,572 | | | $ | — | | | $ | — | | | $ | 4,619,887 | | | $ | 10,077,572 | | Services | 1,255,978 | | | 1,931,465 | | | 1,778,596 | | | 1,096,091 | | | 3,034,574 | | | 3,027,556 | | Construction design-build | 414,717 | | | 802,874 | | | 10,634,280 | | | 2,114,447 | | | 11,048,997 | | | 2,917,321 | | Other | 134,086 | | | 259,054 | | | — | | | — | | | 134,086 | | | 259,054 | | Total revenues and other income | $ | 6,424,668 | | | $ | 13,070,965 | | | $ | 12,412,876 | | | $ | 3,210,538 | | | $ | 18,837,544 | | | $ | 16,281,503 | | Relative percentage | 34 | % | | 80 | % | | 66 | % | | 20 | % | | 100 | % | | 100 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | CEA | | Commercial | | Total | | For the six months ended June 30, | | For the six months ended June 30, | | For the six months ended June 30, | | 2023 | | 2022 | | 2023 | | 2022 | | 2023 | | 2022 | Equipment systems | $ | 7,531,711 | | | $ | 27,144,916 | | | $ | — | | | $ | — | | | $ | 7,531,711 | | | $ | 27,144,916 | | Services | 2,813,153 | | | 4,062,139 | | | 3,692,074 | | | 2,603,923 | | | 6,505,227 | | | 6,666,062 | | Construction design-build | 786,560 | | | 802,874 | | | 20,468,389 | | | 2,114,447 | | | 21,254,949 | | | 2,917,321 | | Other | 311,043 | | | 606,072 | | | — | | | — | | | 311,043 | | | 606,072 | | Total revenues and other income | $ | 11,442,467 | | | $ | 32,616,001 | | | $ | 24,160,463 | | | $ | 4,718,370 | | | $ | 35,602,930 | | | $ | 37,334,371 | | Relative percentage | 32 | % | | 87 | % | | 68 | % | | 13 | % | | 100 | % | | 100 | % |
|
Schedule of Contract Assets and Contract Liabilities from Contracts with Customers |
The following table provides information about contract assets and contract liabilities from contracts with customers:
| | | | | | | | | | | | | June 30, 2023 | | December 31, 2022 | Contract assets: | | | | Revenue recognized in excess of amounts paid or payable (contract receivables) to the Company on uncompleted contracts (contract asset), excluding retainage | $ | 6,702,100 | | | $ | 2,874,141 | | Retainage included in contract assets due to being conditional on something other than solely passage of time | 246,317 | | | 130,141 | | Total contract assets | $ | 6,948,417 | | | $ | 3,004,282 | | | | | | | June 30, 2023 | | December 31, 2022 | Contract liabilities: | | | | Payments received or receivable (contract receivables) in excess of revenue recognized on uncompleted contracts (contract liability) | $ | 3,312,396 | | | $ | 1,294,452 | | Retainage included in contract liabilities due to being conditional on something other than solely passage of time | 32,436 | | | — | | Total contract liabilities | $ | 3,344,832 | | | $ | 1,294,452 | |
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v3.23.2
RELATED PARTY TRANSACTIONS (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Related Party Transactions [Abstract] |
|
Schedule of Related Party Transactions on Financial Statements |
The table below presents the revenues for Cloud 9 and Potco for the three and six months ended June 30, 2023, and 2022: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | 2023 | | 2022 | | 2023 | | 2022 | Revenues - Cloud 9 | $ | 462 | | | $ | 5,606 | | | $ | 462 | | | $ | 11,813 | | Revenues - Potco | 398,712 | | | — | | | 935,164 | | | 11,400 | | Total revenues from related party transactions | $ | 399,174 | | | $ | 5,606 | | | $ | 935,626 | | | $ | 23,213 | |
The table below presents the accounts receivable for Cloud 9 and Potco for as of June 30, 2023, and December 31, 2022: | | | | | | | | | | | | | June 30, 2023 | | December 31, 2022 | Accounts receivable - Cloud 9 | $ | — | | | $ | 3,920 | | Accounts receivable - Potco | 188,512 | | | 20,174 | | Total accounts receivable due from related party transactions | $ | 188,512 | | | $ | 24,094 | |
|
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- DefinitionTabular disclosure of related party transactions. Examples of related party transactions include, but are not limited to, 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
PREPAID EXPENSES AND OTHER ASSETS (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] |
|
Schedule of Prepaid Expenses and Other Assets |
The prepaid expenses and other assets balances are summarized as follows: | | | | | | | | | | | | | June 30, 2023 | | December 31, 2022 | Vendor prepayments | $ | 2,314,800 | | | $ | 2,459,389 | | Prepaid services and fees | 885,416 | | | 1,346,430 | | Inventories | 300,520 | | | 320,372 | | Other assets | 39,818 | | | 38,769 | | Total Prepaid expenses and other assets | $ | 3,540,554 | | | $ | 4,164,960 | |
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v3.23.2
PROPERTY AND EQUIPMENT, NET (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Property, Plant and Equipment [Abstract] |
|
Schedule of Property and Equipment Balances |
Property and equipment balances are summarized as follows: | | | | | | | | | | | | | June 30, 2023 | | December 31, 2022 | Computers and technology equipment | $ | 264,197 | | | $ | 232,405 | | Furniture and fixtures | 321,859 | | | 234,389 | | Leasehold improvements | 228,760 | | | 306,719 | | Vehicles | 452,822 | | | 456,797 | | Software | 874,153 | | | 685,580 | | Other equipment | 58,526 | | | 58,525 | | Accumulated depreciation | (867,409) | | | (667,269) | | Total Property and equipment, net | $ | 1,332,908 | | | $ | 1,307,146 | |
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v3.23.2
INVESTMENTS (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Investments, Debt and Equity Securities [Abstract] |
|
Schedule of Components of Investments |
The components of investments as of June 30, 2023, and December 31, 2022, are summarized as follows: | | | | | | | | | | | | | | | | | | | | | | | Edyza | | XS Financial | | Total | Balances as of December 31, 2022 | $ | — | | | $ | 2,559,307 | | | $ | 2,559,307 | | Paid-in-kind interest | — | | | 25,657 | | | 25,657 | | Balances as of June 30, 2023 | $ | — | | | $ | 2,584,964 | | | $ | 2,584,964 | |
|
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- DefinitionTabular disclosure of investment in equity security without readily determinable fair value.
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v3.23.2
GOODWILL & INTANGIBLE ASSETS (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
Schedule of Finite-Lived Intangible Assets |
Intangible assets as of June 30, 2023, and December 31, 2022, consisted of the following: | | | | | | | | | | | | | | | | | | | As of June 30, 2023 | | Cost | | Accumulated Amortization | | Net Book Value | Finite-lived intangible assets: | | | | | | Customer relationships | $ | 4,212,100 | | | $ | (703,885) | | | $ | 3,508,215 | | Trademarks and trade names | 1,778,000 | | | (485,617) | | | 1,292,383 | | Backlog and other | 768,113 | | | (720,499) | | | 47,614 | | Total finite-lived intangible assets: | 6,758,213 | | | (1,910,001) | | | 4,848,212 | | Indefinite-lived intangible assets: | | | | | | Trade name | 28,291 | | | — | | | 28,291 | | Total indefinite-lived intangible assets | 28,291 | | | — | | | 28,291 | | Total intangible assets, net | $ | 6,786,504 | | | $ | (1,910,001) | | | $ | 4,876,503 | |
| | | | | | | | | | | | | | | | | | | As of December 31, 2022 | | Cost | | Accumulated Amortization | | Net Book Value | Finite-lived intangible assets: | | | | | | Customer relationships | $ | 4,212,100 | | | $ | (401,997) | | | $ | 3,810,103 | | Trademarks and trade names | 1,778,000 | | | (307,817) | | | 1,470,183 | | Backlog and other | 768,113 | | | (626,003) | | | 142,110 | | Total finite-lived intangible assets: | 6,758,213 | | | (1,335,817) | | | 5,422,396 | | Indefinite-lived intangible assets: | | | | | | Trade name | 28,291 | | | — | | | 28,291 | | Total indefinite-lived intangible assets | 28,291 | | | — | | | 28,291 | | Total intangible assets, net | $ | 6,786,504 | | | $ | (1,335,817) | | | $ | 5,450,687 | |
|
Schedule of Indefinite-Lived Intangible Assets |
Intangible assets as of June 30, 2023, and December 31, 2022, consisted of the following: | | | | | | | | | | | | | | | | | | | As of June 30, 2023 | | Cost | | Accumulated Amortization | | Net Book Value | Finite-lived intangible assets: | | | | | | Customer relationships | $ | 4,212,100 | | | $ | (703,885) | | | $ | 3,508,215 | | Trademarks and trade names | 1,778,000 | | | (485,617) | | | 1,292,383 | | Backlog and other | 768,113 | | | (720,499) | | | 47,614 | | Total finite-lived intangible assets: | 6,758,213 | | | (1,910,001) | | | 4,848,212 | | Indefinite-lived intangible assets: | | | | | | Trade name | 28,291 | | | — | | | 28,291 | | Total indefinite-lived intangible assets | 28,291 | | | — | | | 28,291 | | Total intangible assets, net | $ | 6,786,504 | | | $ | (1,910,001) | | | $ | 4,876,503 | |
| | | | | | | | | | | | | | | | | | | As of December 31, 2022 | | Cost | | Accumulated Amortization | | Net Book Value | Finite-lived intangible assets: | | | | | | Customer relationships | $ | 4,212,100 | | | $ | (401,997) | | | $ | 3,810,103 | | Trademarks and trade names | 1,778,000 | | | (307,817) | | | 1,470,183 | | Backlog and other | 768,113 | | | (626,003) | | | 142,110 | | Total finite-lived intangible assets: | 6,758,213 | | | (1,335,817) | | | 5,422,396 | | Indefinite-lived intangible assets: | | | | | | Trade name | 28,291 | | | — | | | 28,291 | | Total indefinite-lived intangible assets | 28,291 | | | — | | | 28,291 | | Total intangible assets, net | $ | 6,786,504 | | | $ | (1,335,817) | | | $ | 5,450,687 | |
|
Schedule of Future Amortization Expenses of Intangible Assets |
The estimated future amortization expense for intangible assets subject to amortization as of June 30, 2023, is summarized below: | | | | | | | | | For the years ending December 31, | | Estimated Future Amortization Expense | Remainder of 2023 | | $ | 491,841 | | 2024 | | 959,788 | | 2025 | | 959,788 | | 2026 | | 918,205 | | 2027 | | 693,555 | | Thereafter | | 825,035 | | Total estimated future amortization expense | | $ | 4,848,212 | |
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v3.23.2
ACCRUED EXPENSES (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Payables and Accruals [Abstract] |
|
Schedule of Accrued Expenses |
Accrued expenses are summarized as follows: | | | | | | | | | | | | | June 30, 2023 | | December 31, 2022 | Accrued operating expenses | $ | 527,690 | | | $ | 515,858 | | Loss on settlement | 1,500,000 | | | — | | Accrued wages and related expenses | 1,134,304 | | | 639,614 | | Accrued 401(k) | 66,004 | | | 262,599 | | Accrued sales tax payable | 1,955,453 | | | 1,778,890 | | Total accrued expenses | $ | 5,183,451 | | | $ | 3,196,961 | |
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v3.23.2
OPERATING LEASE LIABILITIES AND COMMITMENTS AND CONTINGENCIES (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Leases [Abstract] |
|
Summary of Operating Lease Liabilities |
The following is a summary of operating lease liabilities: | | | | | | | | | | | | | June 30, 2023 | | December 31, 2022 | Operating lease liabilities related to right of use assets | $ | 2,440,569 | | | $ | 2,645,598 | | Less current operating lease liabilities | (617,815) | | | (600,816) | | Non-current operating lease liabilities | $ | 1,822,754 | | | $ | 2,044,782 | |
|
Schedule of Future Minimum Rental Payments for Operating Leases |
The following is a schedule showing total future minimum lease payments: | | | | | | | | | For the years ending December 31, | | Minimum Lease Payments | Remainder of 2023 | | $ | 417,885 | | 2024 | | 754,076 | | 2025 | | 573,133 | | 2026 | | 404,751 | | 2027 | | 346,812 | | Thereafter | | 335,903 | | Total minimum lease payments | | 2,832,560 | | Less: Amount representing interest | | (391,991) | | Net lease obligations | | $ | 2,440,569 | |
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v3.23.2
RISKS AND UNCERTAINTIES (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Risks and Uncertainties [Abstract] |
|
Schedules of Concentration of Risks |
The table below shows customers who account for 10% or more of the Company’s total revenues and 10% or more of the Company’s accounts receivable for the periods presented: Customers exceeding 10% of revenue | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | Company Customer Number | | 2023 | | 2022 | | 2023 | | 2022 | C000001462 | | * | | * | | * | | 16 | % | C000001140 | | * | | 25 | % | | * | | 20 | % | C000002187 | | 26 | % | | * | | 26 | % | | * | C000000819 | | * | | 14 | % | | * | | * | C000002393 | | 14 | % | | * | | * | | * | C000002463 | | * | | * | | 12 | % | | * | | | | | | | | | | *Amounts less than 10% | | | | | | | | |
Customers exceeding 10% of accounts receivable | | | | | | | | | | | | | | | Company Customer Number | | June 30, 2023 | | December 31, 2022 | C000002151 | | * | | 10 | % | C000002187 | | 37 | % | | 24 | % | | | | | | *Amounts less than 10% | | | | |
The table below shows vendors who account for 10% or more of the Company’s total purchases and 10% or more of the Company’s accounts payable for the periods presented: Vendors exceeding 10% of purchases | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | Company Vendor Number | | 2023 | | 2022 | | 2023 | | 2022 | V000001029 | | * | | 23 | % | | * | | 25 | % | V000000453 | | * | | * | | * | | 12 | % | V000002275 | | * | | * | | 11 | % | | * | V000001280 | | * | | 19 | % | | * | | * | | | | | | | | | | *Amounts less than 10% | | | | | | | | |
Vendors exceeding 10% of accounts payable | | | | | | | | | | | | | | | Company Vendor Number | | June 30, 2023 | | December 31, 2022 | V000001910 | | * | | 11 | % | V000002275 | | 21 | % | | * | *Amounts less than 10% | | | | |
|
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v3.23.2
STOCK-BASED COMPENSATION (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Share-Based Payment Arrangement [Abstract] |
|
Schedule of RSU Grants Activity |
The following schedule shows grants of RSU activity for the six months ended June 30, 2023: | | | | | | | Number of Shares | Grants of RSUs unvested as of December 31, 2022 | 494,859 | Grants of RSUs | 524,829 | Forfeiture/cancelled | (6,733) | | Grants of RSUs vested and issued | (189,592) | | Grants of RSUs unvested as of June 30, 2023 | 823,363 |
|
Schedule of Stock Option Activity |
The following schedule shows stock option activity for the six months ended June 30, 2023. | | | | | | | | | | | | | | | | | | | Number of Shares | | Weighted Average Remaining Life (Years) | | Weighted Average Exercise Price | Stock options outstanding as of December 31, 2022 | 669,388 | | | 7.9 | | $ | 6.77 | | Issued | — | | | 0 | | $ | — | | Forfeited | (2,803) | | | 0 | | $ | 9.39 | | Exercised | — | | | 0 | | $ | — | | Stock options outstanding as of June 30, 2023 | 666,585 | | | 7.4 | | $ | 6.77 | | Stock options exercisable as of June 30, 2023 | 618,651 | | | 6.3 | | $ | 6.30 | |
|
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- DefinitionTabular disclosure of activity for outstanding award under share-based payment arrangement excluding share and unit options and nonvested award.
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v3.23.2
WARRANTS (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Equity [Abstract] |
|
Schedule of Warrant Activity |
The following table shows warrant activity for the six months ended June 30, 2023. | | | | | | | | | | | | | Number of Shares | | Weighted Average Exercise Price | Warrants outstanding as of December 31, 2022 | 311,499 | | $ | 12.32 | | Exercised | — | | | $ | — | | Expired | (1,000) | | | $ | 6.00 | | Warrants outstanding as of June 30, 2023 | 310,499 | | $ | 12.34 | | Warrants exercisable as of June 30, 2023 | 310,499 | | $ | 12.34 | |
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v3.23.2
ORGANIZATION, ACQUISITIONS, AND LIQUIDITY - Narrative (Details)
|
|
|
3 Months Ended |
6 Months Ended |
|
Oct. 31, 2022
USD ($)
qtr
|
Apr. 29, 2022
USD ($)
trading_day
|
Jun. 30, 2023
USD ($)
|
Mar. 31, 2023
USD ($)
|
Jun. 30, 2022
USD ($)
|
Jun. 30, 2023
USD ($)
|
Jun. 30, 2022
USD ($)
|
Dec. 31, 2022
USD ($)
|
Business Acquisition [Line Items] |
|
|
|
|
|
|
|
|
Promissory note |
|
|
$ 1,941,188
|
|
|
$ 1,941,188
|
|
$ 3,832,682
|
Acquisition, additional contingent consideration expense |
|
|
0
|
|
$ 0
|
160,232
|
$ 0
|
|
DVO |
|
|
|
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
|
|
|
Business combination consideration transferred |
$ 6,100,000
|
|
|
|
|
|
|
|
Acquisition, cash payment |
1,200,000
|
|
|
|
|
|
|
|
Acquisition, liabilities incurred, promissory note |
3,800,000
|
|
|
|
|
|
|
|
Acquisition, common stock consideration |
$ 1,100,000
|
|
|
|
|
|
|
|
Acquisition, liabilities incurred, promissory note, number of quarters to be paid | qtr |
4
|
|
|
|
|
|
|
|
Acquisition, contingent consideration, range of outcome (up to) |
$ 1,100,000
|
|
|
|
|
|
|
|
Purchase price |
$ 6,072,366
|
|
|
|
|
|
|
|
Emerald |
|
|
|
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
|
|
|
Acquisition, cash payment |
|
$ 3,400,000
|
|
|
|
|
|
|
Acquisition, common stock consideration |
|
2,500,000
|
|
|
|
|
|
|
Acquisition, contingent consideration, range of outcome (up to) |
|
2,000,000
|
1,200,000
|
$ 2,200,000
|
|
$ 1,200,000
|
|
|
Purchase price |
|
7,671,557
|
|
|
|
|
|
|
Acquisition, estimated contingent consideration, liability |
|
$ 1,800,000
|
|
|
|
|
|
|
Acquisition, contingent consideration, range of outcome, performance period following the closing |
|
2 years
|
|
|
|
|
|
|
Acquisition, additional contingent consideration expense |
|
|
|
$ 160,232
|
|
|
|
|
Acquisition, contingent consideration, liability, earnout fair value criteria, number of trading days prior to end of applicable quarter | trading_day |
|
10
|
|
|
|
|
|
|
Acquisition, offset indemnified loss |
|
|
$ 1,000,000
|
|
|
|
|
|
Acquisition, contingent consideration, liability, profit margin threshold, if circumstances met |
|
|
7.00%
|
|
|
7.00%
|
|
|
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v3.23.2
ORGANIZATION, ACQUISITIONS, AND LIQUIDITY - Schedule of Purchase Price Allocation (Details) - USD ($)
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Oct. 31, 2022 |
Apr. 29, 2022 |
Allocation of purchase price: |
|
|
|
|
Goodwill |
$ 15,572,050
|
$ 15,572,050
|
|
|
DVO |
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
Purchase price |
|
|
$ 6,072,366
|
|
Allocation of purchase price: |
|
|
|
|
Accounts receivable, net |
|
|
1,134,909
|
|
Right of use asset |
|
|
1,197,310
|
|
Property and equipment |
|
|
229,058
|
|
Goodwill |
|
|
3,444,926
|
|
Intangible assets |
|
|
1,276,000
|
|
Accrued expenses |
|
|
(12,527)
|
|
Right of use liability |
|
|
$ (1,197,310)
|
|
Emerald |
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
Purchase price |
|
|
|
$ 7,671,557
|
Allocation of purchase price: |
|
|
|
|
Cash |
|
|
|
622,641
|
Accounts receivable, net |
|
|
|
2,666,811
|
Contract receivables |
|
|
|
494,456
|
Prepayments and other assets |
|
|
|
38,086
|
Right of use asset |
|
|
|
82,408
|
Property and equipment |
|
|
|
403,008
|
Goodwill |
|
|
|
4,135,006
|
Intangible assets |
|
|
|
3,659,000
|
Accrued expenses |
|
|
|
(2,361,302)
|
Contract liabilities |
|
|
|
(1,071,399)
|
Right of use liability |
|
|
|
(82,408)
|
Deferred tax liability |
|
|
|
$ (914,750)
|
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ORGANIZATION, ACQUISITIONS, AND LIQUIDITY - Schedule of ProForma Information (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Restructuring Cost and Reserve [Line Items] |
|
|
|
|
Total revenues and other income |
$ 18,837,544
|
$ 16,281,503
|
$ 35,602,930
|
$ 37,334,371
|
Equipment systems |
|
|
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
|
|
Total revenues and other income |
4,619,887
|
10,077,572
|
7,531,711
|
27,144,916
|
Services |
|
|
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
|
|
Total revenues and other income |
3,034,574
|
3,027,556
|
6,505,227
|
6,666,062
|
Construction design-build |
|
|
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
|
|
Total revenues and other income |
11,048,997
|
2,917,321
|
21,254,949
|
2,917,321
|
Other |
|
|
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
|
|
Total revenues and other income |
134,086
|
259,054
|
311,043
|
606,072
|
Emerald |
|
|
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
|
|
Total revenues and other income |
18,837,544
|
18,718,087
|
35,602,930
|
49,015,819
|
Net loss |
(5,443,333)
|
(1,556,748)
|
(10,587,982)
|
(1,456,161)
|
Emerald | Equipment systems |
|
|
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
|
|
Total revenues and other income |
4,619,887
|
10,077,572
|
7,531,711
|
27,144,916
|
Emerald | Services |
|
|
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
|
|
Total revenues and other income |
3,034,574
|
3,027,556
|
6,505,227
|
6,666,062
|
Emerald | Construction design-build |
|
|
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
|
|
Total revenues and other income |
11,048,997
|
5,353,905
|
21,254,949
|
14,598,769
|
Emerald | Other |
|
|
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
|
|
Total revenues and other income |
$ 134,086
|
$ 259,054
|
$ 311,043
|
$ 606,072
|
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v3.23.2
REVENUE FROM CONTRACTS WITH CUSTOMERS - Disaggregation of Revenue (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Disaggregation of Revenue [Line Items] |
|
|
|
|
Total revenues and other income |
$ 18,837,544
|
$ 16,281,503
|
$ 35,602,930
|
$ 37,334,371
|
Relative percentage |
100.00%
|
100.00%
|
100.00%
|
100.00%
|
CEA |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Total revenues and other income |
$ 6,424,668
|
$ 13,070,965
|
$ 11,442,467
|
$ 32,616,001
|
Relative percentage |
34.00%
|
80.00%
|
32.00%
|
87.00%
|
Commercial |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Total revenues and other income |
$ 12,412,876
|
$ 3,210,538
|
$ 24,160,463
|
$ 4,718,370
|
Relative percentage |
66.00%
|
20.00%
|
68.00%
|
13.00%
|
Equipment systems |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Total revenues and other income |
$ 4,619,887
|
$ 10,077,572
|
$ 7,531,711
|
$ 27,144,916
|
Equipment systems | CEA |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Total revenues and other income |
4,619,887
|
10,077,572
|
7,531,711
|
27,144,916
|
Equipment systems | Commercial |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Total revenues and other income |
0
|
0
|
0
|
0
|
Services |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Total revenues and other income |
3,034,574
|
3,027,556
|
6,505,227
|
6,666,062
|
Services | CEA |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Total revenues and other income |
1,255,978
|
1,931,465
|
2,813,153
|
4,062,139
|
Services | Commercial |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Total revenues and other income |
1,778,596
|
1,096,091
|
3,692,074
|
2,603,923
|
Construction design-build |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Total revenues and other income |
11,048,997
|
2,917,321
|
21,254,949
|
2,917,321
|
Construction design-build | CEA |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Total revenues and other income |
414,717
|
802,874
|
786,560
|
802,874
|
Construction design-build | Commercial |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Total revenues and other income |
10,634,280
|
2,114,447
|
20,468,389
|
2,114,447
|
Other |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Total revenues and other income |
134,086
|
259,054
|
311,043
|
606,072
|
Other | CEA |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Total revenues and other income |
134,086
|
259,054
|
311,043
|
606,072
|
Other | Commercial |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Total revenues and other income |
$ 0
|
$ 0
|
$ 0
|
$ 0
|
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v3.23.2
REVENUE FROM CONTRACTS WITH CUSTOMERS - Schedule of Contract Assets and Liabilities (Details) - USD ($)
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Contract assets: |
|
|
Revenue recognized in excess of amounts paid or payable (contract receivables) to the Company on uncompleted contracts (contract asset), excluding retainage |
$ 6,702,100
|
$ 2,874,141
|
Retainage included in contract assets due to being conditional on something other than solely passage of time |
246,317
|
130,141
|
Total contract assets |
6,948,417
|
3,004,282
|
Contract liabilities: |
|
|
Payments received or receivable (contract receivables) in excess of revenue recognized on uncompleted contracts (contract liability) |
3,312,396
|
1,294,452
|
Retainage included in contract liabilities due to being conditional on something other than solely passage of time |
32,436
|
0
|
Total contract liabilities |
$ 3,344,832
|
$ 1,294,452
|
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v3.23.2
REVENUE FROM CONTRACTS WITH CUSTOMERS - Narrative (Details) - USD ($)
|
Mar. 27, 2023 |
Jun. 30, 2023 |
Dec. 31, 2022 |
Revenue from Contract with Customer [Abstract] |
|
|
|
Trade accounts receivable |
|
$ 14,242,229
|
$ 12,466,180
|
Non-trade accounts receivable |
|
$ 1,232,917
|
2,914,112
|
Non-trade accounts receivable, miscellaneous |
|
|
514,112
|
Non-trade accounts receivable, legal settlement |
|
|
$ 2,400,000
|
Cash payments received, settled litigation |
$ 2,400,000
|
|
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v3.23.2
RELATED PARTY TRANSACTIONS - Schedule of Related Party Revenues (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Related Party Transaction [Line Items] |
|
|
|
|
Total revenues from related party transactions |
$ 18,837,544
|
$ 16,281,503
|
$ 35,602,930
|
$ 37,334,371
|
Cloud 9 Support and PotCo LLC |
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
Total revenues from related party transactions |
399,174
|
5,606
|
935,626
|
23,213
|
Revenues - Cloud 9 |
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
Total revenues from related party transactions |
462
|
5,606
|
462
|
11,813
|
Revenues - Potco |
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
Total revenues from related party transactions |
$ 398,712
|
$ 0
|
$ 935,164
|
$ 11,400
|
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v3.23.2
RELATED PARTY TRANSACTIONS - Schedule of Related Party Accounts Receivable (Details) - USD ($)
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Related Party Transaction [Line Items] |
|
|
Total accounts receivable due from related party transactions |
$ 15,475,146
|
$ 15,380,292
|
Accounts receivable - Cloud 9 and Potco |
|
|
Related Party Transaction [Line Items] |
|
|
Total accounts receivable due from related party transactions |
188,512
|
24,094
|
Accounts receivable - Cloud 9 |
|
|
Related Party Transaction [Line Items] |
|
|
Total accounts receivable due from related party transactions |
0
|
3,920
|
Accounts receivable - Potco |
|
|
Related Party Transaction [Line Items] |
|
|
Total accounts receivable due from related party transactions |
$ 188,512
|
$ 20,174
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v3.23.2
PREPAID EXPENSES AND OTHER ASSETS - Schedule of Prepaid Expenses and Other Assets (Details) - USD ($)
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] |
|
|
Vendor prepayments |
$ 2,314,800
|
$ 2,459,389
|
Prepaid services and fees |
885,416
|
1,346,430
|
Inventories |
300,520
|
320,372
|
Other assets |
39,818
|
38,769
|
Total Prepaid expenses and other assets |
$ 3,540,554
|
$ 4,164,960
|
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v3.23.2
PROPERTY AND EQUIPMENT, NET - Schedule of Property and Equipment (Details) - USD ($)
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] |
|
|
Accumulated depreciation |
$ (867,409)
|
$ (667,269)
|
Total Property and equipment, net |
1,332,908
|
1,307,146
|
Computers and technology equipment |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property, plant and equipment, gross |
264,197
|
232,405
|
Furniture and fixtures |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property, plant and equipment, gross |
321,859
|
234,389
|
Leasehold improvements |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property, plant and equipment, gross |
228,760
|
306,719
|
Vehicles |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property, plant and equipment, gross |
452,822
|
456,797
|
Software |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property, plant and equipment, gross |
874,153
|
685,580
|
Other equipment |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property, plant and equipment, gross |
$ 58,526
|
$ 58,525
|
X |
- DefinitionAmount of accumulated depreciation, depletion and amortization for physical assets used in the normal conduct of business to produce goods and services.
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PROPERTY AND EQUIPMENT, NET - Narrative (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Property, Plant and Equipment [Abstract] |
|
|
|
|
Depreciation |
$ 159,995
|
$ 65,335
|
$ 254,048
|
$ 121,113
|
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v3.23.2
INVESTMENTS - Schedule of Components of Investments (Details)
|
6 Months Ended |
Jun. 30, 2023
USD ($)
|
Equity Securities, FV-NI, Cost [Roll Forward] |
|
Balances as of December 31, 2022 |
$ 2,559,307
|
Paid-in-kind interest |
25,657
|
Balances as of June 30, 2023 |
2,584,964
|
Edyza |
|
Equity Securities, FV-NI, Cost [Roll Forward] |
|
Balances as of December 31, 2022 |
0
|
Paid-in-kind interest |
0
|
Balances as of June 30, 2023 |
0
|
XS Financial |
|
Equity Securities, FV-NI, Cost [Roll Forward] |
|
Balances as of December 31, 2022 |
2,559,307
|
Paid-in-kind interest |
25,657
|
Balances as of June 30, 2023 |
$ 2,584,964
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INVESTMENTS - Narrative (Details)
|
|
3 Months Ended |
|
|
|
Oct. 30, 2021
USD ($)
shares
|
Sep. 30, 2022
USD ($)
|
Jun. 30, 2023
USD ($)
$ / shares
shares
|
Dec. 31, 2022
USD ($)
$ / shares
shares
|
Oct. 30, 2021
$ / shares
|
Debt and Equity Securities, FV-NI [Line Items] |
|
|
|
|
|
Investments |
|
|
$ 2,584,964
|
$ 2,559,307
|
|
Class of warrant or right, outstanding (in shares) | shares |
|
|
310,499
|
311,499
|
|
Exercise price of warrants or rights (in dollars per share) | $ / shares |
|
|
$ 12.34
|
$ 12.32
|
|
XS Financial |
|
|
|
|
|
Debt and Equity Securities, FV-NI [Line Items] |
|
|
|
|
|
Class of warrant or right, outstanding (in shares) | shares |
1,250,000
|
|
|
|
|
Exercise price of warrants or rights (in dollars per share) | $ / shares |
|
|
|
|
$ 0.45
|
XS Financial | Prior to Any NASDAQ Listing |
|
|
|
|
|
Debt and Equity Securities, FV-NI [Line Items] |
|
|
|
|
|
Debt, interest rate |
9.50%
|
|
|
|
|
Debt, cash interest, interest rate |
7.50%
|
|
|
|
|
Debt instrument, interest paid in kind, interest rate |
2.00%
|
|
|
|
|
XS Financial | Post Any Listing |
|
|
|
|
|
Debt and Equity Securities, FV-NI [Line Items] |
|
|
|
|
|
Debt, interest rate |
8.00%
|
|
|
|
|
XS Financial | Convertible Notes Payable | Convertible Debt |
|
|
|
|
|
Debt and Equity Securities, FV-NI [Line Items] |
|
|
|
|
|
Debt instrument, face amount |
$ 43,500,000
|
|
|
|
|
Option to extend maturity date, period |
1 year
|
|
|
|
|
Edyza |
|
|
|
|
|
Debt and Equity Securities, FV-NI [Line Items] |
|
|
|
|
|
Impairment loss |
|
$ 1,700,000
|
|
|
|
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|
|
$ 0
|
$ 0
|
|
XS Financial |
|
|
|
|
|
Debt and Equity Securities, FV-NI [Line Items] |
|
|
|
|
|
Investments |
$ 2,500,000
|
|
$ 2,584,964
|
$ 2,559,307
|
|
Edyza |
|
|
|
|
|
Debt and Equity Securities, FV-NI [Line Items] |
|
|
|
|
|
Ownership, percent |
|
19.50%
|
|
|
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v3.23.2
GOODWILL & INTANGIBLE ASSETS - Narrative (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
|
|
|
|
Goodwill |
$ 15,572,050
|
|
$ 15,572,050
|
|
$ 15,572,050
|
Goodwill, impairment |
0
|
$ 0
|
|
|
|
Intangible asset amortization |
$ 264,165
|
$ 306,225
|
$ 574,184
|
$ 468,725
|
|
X |
- DefinitionThe aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets. As a noncash expense, this element is added back to net income when calculating cash provided by or used in operations using the indirect method.
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v3.23.2
GOODWILL & INTANGIBLE ASSETS - Schedule of Intangible Assets (Details) - USD ($)
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Finite-Lived Intangible Assets [Line Items] |
|
|
Cost |
$ 6,758,213
|
$ 6,758,213
|
Accumulated Amortization |
(1,910,001)
|
(1,335,817)
|
Net Book Value |
4,848,212
|
5,422,396
|
Indefinite-lived Intangible Assets [Line Items] |
|
|
Total indefinite-lived intangible assets |
28,291
|
28,291
|
Cost |
6,786,504
|
6,786,504
|
Net Book Value |
4,876,503
|
5,450,687
|
Trade name |
|
|
Indefinite-lived Intangible Assets [Line Items] |
|
|
Total indefinite-lived intangible assets |
28,291
|
28,291
|
Customer relationships |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Cost |
4,212,100
|
4,212,100
|
Accumulated Amortization |
(703,885)
|
(401,997)
|
Net Book Value |
3,508,215
|
3,810,103
|
Trademarks and trade names |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Cost |
1,778,000
|
1,778,000
|
Accumulated Amortization |
(485,617)
|
(307,817)
|
Net Book Value |
1,292,383
|
1,470,183
|
Backlog and other |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Cost |
768,113
|
768,113
|
Accumulated Amortization |
(720,499)
|
(626,003)
|
Net Book Value |
$ 47,614
|
$ 142,110
|
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v3.23.2
GOODWILL & INTANGIBLE ASSETS - Schedule of Future Amortization Expenses of Intangible Assets (Details) - USD ($)
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
|
Remainder of 2023 |
$ 491,841
|
|
2024 |
959,788
|
|
2025 |
959,788
|
|
2026 |
918,205
|
|
2027 |
693,555
|
|
Thereafter |
825,035
|
|
Net Book Value |
$ 4,848,212
|
$ 5,422,396
|
X |
- DefinitionAmount of amortization for asset, excluding financial asset and goodwill, lacking physical substance with finite life expected to be recognized after fifth fiscal year following current fiscal year. Excludes interim and annual periods when interim periods are reported from current statement of financial position date (rolling approach).
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v3.23.2
ACCRUED EXPENSES - Schedule of Accrued Expenses (Details) - USD ($)
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Payables and Accruals [Abstract] |
|
|
Accrued operating expenses |
$ 527,690
|
$ 515,858
|
Loss on settlement |
1,500,000
|
0
|
Accrued wages and related expenses |
1,134,304
|
639,614
|
Accrued 401(k) |
66,004
|
262,599
|
Accrued sales tax payable |
1,955,453
|
1,778,890
|
Total accrued expenses |
$ 5,183,451
|
$ 3,196,961
|
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v3.23.2
OPERATING LEASE LIABILITIES AND COMMITMENTS AND CONTINGENCIES - Narrative (Details)
|
|
3 Months Ended |
6 Months Ended |
Aug. 11, 2023
USD ($)
|
Jun. 30, 2023
USD ($)
lease
|
Jun. 30, 2022
USD ($)
|
Jun. 30, 2023
USD ($)
lease
|
Jun. 30, 2022
USD ($)
|
Lessee, Lease, Description [Line Items] |
|
|
|
|
|
Number of operating leases | lease |
|
8
|
|
8
|
|
Number of finance leases | lease |
|
1
|
|
1
|
|
Operating lease, interest rate |
|
8.00%
|
|
8.00%
|
|
Finance lease, interest rate |
|
8.00%
|
|
8.00%
|
|
Loss on settlement | $ |
|
$ 1,500,000
|
$ 0
|
$ 1,500,000
|
$ 0
|
Crest Ventures, LLC Litigation | Settled Litigation |
|
|
|
|
|
Lessee, Lease, Description [Line Items] |
|
|
|
|
|
Loss on settlement | $ |
|
$ 1,500,000
|
|
|
|
Crest Ventures, LLC Litigation | Settled Litigation | Subsequent Events |
|
|
|
|
|
Lessee, Lease, Description [Line Items] |
|
|
|
|
|
Loss contingency, damages awarded | $ |
$ 1,500,000
|
|
|
|
|
Minimum |
|
|
|
|
|
Lessee, Lease, Description [Line Items] |
|
|
|
|
|
Finance lease, term of contract (minimum less than a year) |
|
1 year
|
|
1 year
|
|
Operating lease, term of contract (minimum less than a year) |
|
1 year
|
|
1 year
|
|
Maximum |
|
|
|
|
|
Lessee, Lease, Description [Line Items] |
|
|
|
|
|
Finance lease, term of contract (minimum less than a year) |
|
6 years
|
|
6 years
|
|
Operating lease, term of contract (minimum less than a year) |
|
6 years
|
|
6 years
|
|
2WR, Emerald, and DVO Acquisitions |
|
|
|
|
|
Lessee, Lease, Description [Line Items] |
|
|
|
|
|
Number of operating leases acquired via business combinations | lease |
|
5
|
|
5
|
|
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v3.23.2
OPERATING LEASE LIABILITIES AND COMMITMENTS AND CONTINGENCIES - Schedule of Operating Lease Liabilities (Details) - USD ($)
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Leases [Abstract] |
|
|
Operating lease liabilities related to right of use assets |
$ 2,440,569
|
$ 2,645,598
|
Less current operating lease liabilities |
(617,815)
|
(600,816)
|
Non-current operating lease liabilities |
$ 1,822,754
|
$ 2,044,782
|
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v3.23.2
OPERATING LEASE LIABILITIES AND COMMITMENTS AND CONTINGENCIES - Schedule of Future Minimum Lease Payments (Details) - USD ($)
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Leases [Abstract] |
|
|
Remainder of 2023 |
$ 417,885
|
|
2024 |
754,076
|
|
2025 |
573,133
|
|
2026 |
404,751
|
|
2027 |
346,812
|
|
Thereafter |
335,903
|
|
Total minimum lease payments |
2,832,560
|
|
Less: Amount representing interest |
(391,991)
|
|
Net lease obligations |
$ 2,440,569
|
$ 2,645,598
|
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v3.23.2
RISKS AND UNCERTAINTIES - Schedule of Concentration Risk (Details)
|
3 Months Ended |
6 Months Ended |
12 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
Purchases | Supplier Concentration Risk | V000001029 |
|
|
|
|
|
Concentration Risk [Line Items] |
|
|
|
|
|
Concentration risk, percentage |
|
23.00%
|
|
25.00%
|
|
Purchases | Supplier Concentration Risk | V000000453 |
|
|
|
|
|
Concentration Risk [Line Items] |
|
|
|
|
|
Concentration risk, percentage |
|
|
|
12.00%
|
|
Purchases | Supplier Concentration Risk | V000002275 |
|
|
|
|
|
Concentration Risk [Line Items] |
|
|
|
|
|
Concentration risk, percentage |
|
|
11.00%
|
|
|
Purchases | Supplier Concentration Risk | V000001280 |
|
|
|
|
|
Concentration Risk [Line Items] |
|
|
|
|
|
Concentration risk, percentage |
|
19.00%
|
|
|
|
Accounts Payable | Supplier Concentration Risk | V000002275 |
|
|
|
|
|
Concentration Risk [Line Items] |
|
|
|
|
|
Concentration risk, percentage |
|
|
21.00%
|
|
|
Accounts Payable | Supplier Concentration Risk | V000001910 |
|
|
|
|
|
Concentration Risk [Line Items] |
|
|
|
|
|
Concentration risk, percentage |
|
|
|
|
11.00%
|
C000001462 | Revenue Benchmark | Customer Concentration Risk |
|
|
|
|
|
Concentration Risk [Line Items] |
|
|
|
|
|
Concentration risk, percentage |
|
|
|
16.00%
|
|
C000001140 | Revenue Benchmark | Customer Concentration Risk |
|
|
|
|
|
Concentration Risk [Line Items] |
|
|
|
|
|
Concentration risk, percentage |
|
25.00%
|
|
20.00%
|
|
C000002187 | Revenue Benchmark | Customer Concentration Risk |
|
|
|
|
|
Concentration Risk [Line Items] |
|
|
|
|
|
Concentration risk, percentage |
26.00%
|
|
26.00%
|
|
|
C000002187 | Accounts Receivable | Customer Concentration Risk |
|
|
|
|
|
Concentration Risk [Line Items] |
|
|
|
|
|
Concentration risk, percentage |
|
|
37.00%
|
|
24.00%
|
C000000819 | Revenue Benchmark | Customer Concentration Risk |
|
|
|
|
|
Concentration Risk [Line Items] |
|
|
|
|
|
Concentration risk, percentage |
|
14.00%
|
|
|
|
C000002393 | Revenue Benchmark | Customer Concentration Risk |
|
|
|
|
|
Concentration Risk [Line Items] |
|
|
|
|
|
Concentration risk, percentage |
14.00%
|
|
|
|
|
C000002463 | Revenue Benchmark | Customer Concentration Risk |
|
|
|
|
|
Concentration Risk [Line Items] |
|
|
|
|
|
Concentration risk, percentage |
|
|
12.00%
|
|
|
C000002151 | Accounts Receivable | Customer Concentration Risk |
|
|
|
|
|
Concentration Risk [Line Items] |
|
|
|
|
|
Concentration risk, percentage |
|
|
|
|
10.00%
|
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v3.23.2
STOCK-BASED COMPENSATION - Narrative (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
Stock-based compensation expense |
$ 622,547
|
$ 882,000
|
$ 1,102,188
|
$ 1,764,000
|
Incentive Plans |
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
Stock-based compensation expense |
622,547
|
$ 882,000
|
$ 1,102,188
|
$ 1,764,000
|
Fair value assumptions, expected volatility rate |
|
|
100.00%
|
|
Unrecognized compensation expense, options |
100,000
|
|
$ 100,000
|
|
Stock options outstanding, aggregate intrinsic value |
0
|
|
0
|
|
Stock options exercisable, aggregate intrinsic value |
0
|
|
0
|
|
Restricted Stock Units (RSUs) | Incentive Plans |
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
Unrecognized compensation expense |
$ 2,000,000
|
|
$ 2,000,000
|
|
Restricted Stock Units (RSUs) | Minimum | Incentive Plans |
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
Award vesting employment period (in years) |
|
|
1 year
|
|
Restricted Stock Units (RSUs) | Maximum | Incentive Plans |
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
Award vesting employment period (in years) |
|
|
3 years
|
|
Stock Options | Minimum | Incentive Plans |
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
Award vesting employment period (in years) |
|
|
1 year
|
|
Stock Options | Maximum | Incentive Plans |
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
Award vesting employment period (in years) |
|
|
3 years
|
|
X |
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v3.23.2
STOCK-BASED COMPENSATION - Schedule of RSU Grant Activity (Details) - Restricted Stock Units (RSUs)
|
6 Months Ended |
Jun. 30, 2023
shares
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] |
|
Grants of RSUs unvested, beginning balance (in shares) |
494,859
|
Grants of RSUs (in shares) |
524,829
|
Forfeiture/cancelled (in shares) |
(6,733)
|
Grants of RSUs vested and issued (in shares) |
(189,592)
|
Grants of RSUs unvested, ending balance (in shares) |
823,363
|
X |
- DefinitionThe number of equity-based payment instruments, excluding stock (or unit) options, that were forfeited during the reporting period.
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v3.23.2
STOCK-BASED COMPENSATION - Schedule of Stock Option Activity (Details) - $ / shares
|
6 Months Ended |
12 Months Ended |
Jun. 30, 2023 |
Dec. 31, 2022 |
Number of Shares |
|
|
Stock options outstanding, beginning balance (in shares) |
669,388
|
|
Issued (in shares) |
0
|
|
Forfeited (in shares) |
(2,803)
|
|
Exercised (in shares) |
0
|
|
Stock options outstanding, ending balance (in shares) |
666,585
|
669,388
|
Stock options exercisable (in shares) |
618,651
|
|
Weighted Average Remaining Life (Years) |
|
|
Stock options outstanding (in years) |
7 years 4 months 24 days
|
7 years 10 months 24 days
|
Issued (in years) |
0 years
|
|
Forfeited (in years) |
0 years
|
|
Exercised (in years) |
0 years
|
|
Stock options exercisable, end of period (in years) |
6 years 3 months 18 days
|
|
Weighted Average Exercise Price |
|
|
Stock options outstanding, beginning balance (in dollars per share) |
$ 6.77
|
|
Issued (in dollars per share) |
0
|
|
Forfeited (in dollars per share) |
9.39
|
|
Exercised (in dollars per share) |
0
|
|
Stock options outstanding, ending balance (in dollars per share) |
6.77
|
$ 6.77
|
Stock options exercisable (in dollars per share) |
$ 6.30
|
|
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v3.23.2
STOCKHOLDERS’ EQUITY (Details) - USD ($)
|
|
1 Months Ended |
6 Months Ended |
25 Months Ended |
|
|
|
May 24, 2021 |
Feb. 28, 2021 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Sep. 12, 2022 |
Feb. 02, 2022 |
Jan. 18, 2022 |
Equity [Abstract] |
|
|
|
|
|
|
|
|
Stock repurchase program, authorized amount (up to) |
$ 5,000,000
|
|
|
|
|
$ 10,500,000
|
$ 8,500,000
|
$ 7,000,000
|
Stock repurchase program, period in force |
12 months
|
|
|
|
|
|
|
|
Stock repurchase program, increased authorized amount |
|
|
|
|
|
$ 2,000,000
|
$ 1,500,000
|
$ 2,000,000
|
Stock repurchased (in shares) |
|
350,000
|
0
|
419,088
|
1,099,833
|
|
|
|
Stock repurchased, average price per share (in dollars per share) |
|
$ 8.50
|
|
$ 9.02
|
$ 8.25
|
|
|
|
Stock repurchased during period |
|
$ 3,000,000
|
|
$ 3,800,000
|
$ 9,100,000
|
|
|
|
Stock repurchase program, amount remaining under program |
|
|
$ 1,400,000
|
|
$ 1,400,000
|
|
|
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v3.23.2
SUBSEQUENT EVENTS (Details) - USD ($)
|
|
3 Months Ended |
6 Months Ended |
Aug. 11, 2023 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Subsequent Event [Line Items] |
|
|
|
|
|
Loss on settlement |
|
$ 1,500,000
|
$ 0
|
$ 1,500,000
|
$ 0
|
Crest Ventures, LLC Litigation | Settled Litigation |
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
Loss on settlement |
|
$ 1,500,000
|
|
|
|
Subsequent Events | Crest Ventures, LLC Litigation | Settled Litigation |
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
Loss contingency, damages awarded |
$ 1,500,000
|
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|
|
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