Total Current Liabilities 18,248,970 14,021,882
=========== ===========
Long-term Liabilities:
Note payable, net of debt
discount and debt issuance
cost, related party 9,333,053 12,426,997
Notes payable 9,757,022 13,096,610
----------- -----------
Total Long-term Liabilities 19,090,075 25,523,607
----------- -----------
Total Liabilities 37,339,045 39,545,489
----------- -----------
Commitments and contingencies
Stockholders' Deficit:
Common stock, $0.00001 par
value; 300,000,000 shares
authorized; 7,553,818 shares
issued and outstanding 76 76
Additional paid in capital 19,157,931 19,148,707
Accumulated other comprehensive
income (loss) 5,881 (102,467)
Accumulated deficit (44,332,980) (46,352,289)
----------- -----------
Total stockholders' deficit (25,169,092) (27,305,973)
----------- -----------
Total Liabilities and Stockholders'
Deficit $ 12,169,953 $ 12,239,516
=========== ===========
Synergy CHC Corp.
Unaudited Condensed Consolidated Statements of Income
For the three months
ended For the nine months ended
------------------------ -------------------------
September September September September
30, 2024 30, 2023 30, 2024 30, 2023
---------- ----------- ----------- -----------
Revenue $7,126,333 $10,805,735 $24,563,036 $29,559,440
Cost of sales 2,335,901 3,028,023 7,421,930 8,351,645
--------- ---------- ---------- ----------
Gross profit 4,790,432 7,777,712 17,141,106 21,207,795
Operating expenses
Selling and
marketing 2,509,440 4,302,034 9,149,303 10,533,217
General and
administrative 1,196,784 1,326,864 3,449,007 4,294,634
Depreciation and
amortization 33,333 - 100,000 -
--------- ---------- ---------- ----------
Total
operating
expenses 3,739,557 5,628,898 12,698,310 14,827,851
Income from
operations 1,050,875 2,148,814 4,442,796 6,379,944
Other (income)
expenses
Other income (252,405) - (252,405) -
Interest
expense, net 704,707 885,548 2,559,454 2,605,320
Remeasurement
(gain) loss on
translation of
foreign
subsidiary 7,279 (7,555) 2,166 (11,716)
--------- ---------- ---------- ----------
Total other
expenses 459,581 877,993 2,309,215 2,593,604
--------- ---------- ---------- ----------
Net income before
income taxes 591,294 1,270,821 2,133,581 3,786,340
Income tax benefit
(expense) 192,299 13,366 (114,272) (38,896)
Net income after
tax $ 783,593 $ 1,284,187 $ 2,019,309 $ 3,747,444
--------- ---------- ---------- ----------
Net income per
share -- basic $ 0.10 $ 0.17 $ 0.27 $ 0.50
Net income per
share --
diluted $ 0.10 $ 0.17 $ 0.27 $ 0.50
Weighted
average common
shares
outstanding
Basic 7,553,818 7,553,818 7,553,818 7,553,818
Diluted 7,553,818 7,553,818 7,553,818 7,553,818
========= ========== ========== ==========
Synergy CHC Corp.
Unaudited Condensed Consolidated Statements of Cash
Flows
For the nine months For the nine months
ended ended
September 30, 2024 September 30, 2023
--------------------- ---------------------
Cash Flows from
Operating
Activities
Net income $ 2,019,309 $ 3,747,444
Adjustments to
reconcile net
income to net cash
used in operating
activities:
Amortization of debt
issuance cost 47,519 37,838
Depreciation and
amortization 100,000 -
Stock based
compensation
expense 9,224 -
Foreign currency
transaction loss 23,777 16,146
Remeasurement loss
on translation of
foreign subsidiary 2,166 (11,716)
Non cash implied
interest 4,799 21,994
Changes in
operating assets
and liabilities:
Accounts receivable (1,965,936) 102,649
Loan receivable,
related party 21,269 118,192
Inventory 1,815,725 3,829,729
Prepaid expenses (205,975) (1,029,858)
Prepaid expense,
related party (396,683) (143,106)
Income taxes
receivable - 5,381
Income taxes payable 68,607 -
Contract liabilities (12,102) 3,434
Accounts payable and
accrued
liabilities (3,011,384) (9,335,734)
Accounts payable,
related party 102,206 (100,242)
----------------- -----------------
Net cash used in
operating
activities (1,377,479) (2,737,849)
Cash Flows from
Investing
Activities - -
Cash Flows from
Financing
Activities
Advances from
related party 3,395,587 1,000,000
Repayment of
advances from
related party (157,425) -
Repayment of notes
payable, related
party (84,500) (73,500)
Proceeds from notes
payable 600,000 360,000
Repayment of notes
payable (2,857,690) (733,010)
----------------- -----------------
Net cash provided by
financing
activities 895,972 553,490
Effect of exchange
rate on cash, cash
equivalents and
restricted cash 108,348 (4,257)
Net decrease in
cash, cash
equivalents and
restricted cash (373,159) (2,188,616)
Cash and restricted
cash, beginning of
year 732,534 2,526,443
----------------- -----------------
Cash and restricted
cash, end of
period $ 359,375 $ 337,827
----------------- -----------------
Supplemental
Disclosure of Cash
Flow Information:
Cash paid during
the period for:
Interest $ 2,432,653 $ 2,584,604
----------------- -----------------
Income taxes $ 45,664 $ -
----------------- -----------------
Supplemental
Disclosure of
Noncash Investing
and Financing
Activities:
Accounts payable
converted to loan
payable upon
settlement $ 3,770,824 $ -
----------------- -----------------
Reduction of short
term related party
note payable by
reduction of
prepaid balance $ 328,003 $ -
----------------- ---------
(MORE TO FOLLOW) Dow Jones Newswires
December 06, 2024 08:00 ET (13:00 GMT)
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