Mama’s Creations, Inc. (NASDAQ: MAMA), a leading national marketer
and manufacturer of fresh Deli prepared foods, has reported its
financial results for the fiscal second quarter ended July 31,
2023.
Financial Summary:
| |
Three Months Ended July
31, |
| $ in millions |
|
2023 |
|
2022 |
|
% Increase |
| Revenues |
$ |
24.8 |
$ |
22.9 |
|
8.5 |
% |
| Gross
Profit |
$ |
7.5 |
$ |
2.7 |
|
175 |
% |
| Operating
Expenses |
$ |
5.2 |
$ |
3.6 |
|
47 |
% |
| Net Income
(Loss) |
$ |
1.7 |
$ |
(0.7 |
) |
335 |
% |
| Earnings per Share
(Diluted) |
$ |
0.05 |
$ |
(0.02 |
) |
- |
|
| Adj. EBITDA
(non-GAAP) |
$ |
2.9 |
$ |
(0.4 |
) |
857 |
% |
Key Second
Quarter Fiscal
2024 & Subsequent Operational
Highlights:
-
Acquired remaining 76% interest in sales agent Chef Inspirational
Foods (CIF) for $3.65 Million in a combination of cash and stock,
which is expected to immediately enhance gross margins, add sales
talent and drive meaningful overhead synergies.
-
Announced corporate name change to Mama’s Creations and ticker
symbol change to “MAMA”, reflecting the Company’s transition into a
national deli prepared foods platform company
-
Attended IDDBA 2023, a premier industry tradeshow with over 10,000
attendees hosted by the International Dairy Deli Bakery
Association, where the Company:
-
Launched Mama’s Creations, a new international deli foods platform
brand offering Asian, Tex-Mex, Indian and other incremental
international cuisine opportunities.
-
Introduced an expanded line of highly incremental on-the-go
snacking products – building upon the initial success of Meatballs
In a Cup tests in convenience stores – with enhanced packaging that
expanded shelf life from 5 days to 21 days.
-
Announced the expansion of the Company’s branded sleeve product
line, offering a lunch & dinner entrée in convenient
grab-and-go packaging easy for retailers to stock, with initial
orders already secured from two large national grocery chains.
-
Invited to present at leading investor conferences nationally,
including the 13th Annual LD Micro Invitational, the Planet
MicroCap Showcase, the H.C. Wainwright 25th Annual Global
Investment Conference and the Lake Street Capital Markets BIG7
Conference.
Management Commentary
“I am pleased to announce another strong quarter
– highlighted by 8.5% revenue growth and the expansion of our gross
margin profile into the 30% range – laying the foundation for more
robust, profitable growth in the second half,” said Adam L.
Michaels, Chairman and CEO of Mama’s Creations. “We continue to
fortify our balance sheet to support these near-term growth
expectations, growing our cash position to $5.6 million while
concurrently paying down $0.6 million in debt and paying the $1
million in cash due at closing as part of the CIF acquisition.
“Our strong gross margin profile was made
possible through countless small things done right, further aided
by one month of margin synergies from our acquisition of CIF in
late June 2023, which we anticipated would enhance corporate-level
gross margins by a further 1-2%. Looking ahead to next year, we see
further opportunities for improvement via several strategic CapEx
projects, which we expect to drive a higher level of automation
while concurrently building new in-house capabilities earlier in
the value-chain.
“Turning to the 3 C’s, we continue to formalize
processes throughout the company with the goal of building a more
standardized, resilient organization. These improvements span from
the operational basics – such as formalized hiring/HR processes, a
consistent company-wide employee handbook, or holding our
first-ever town hall meetings – to the more complex, such as a new
approach to trade promotion with defined policies and procedures.
In addition, by our next earnings call we expect to have our
NetSuite ERP software fully implemented across all divisions,
providing an incredible level of actionable insight into the
details of our operations. Mama’s Creations is committed to a
culture of transparency and engagement at all levels of the
organization, which will ultimately create long-term value for my
fellow shareholders,” concluded Michaels.
Second Quarter
Fiscal 2024 Financial
Results
Revenue for the second quarter of fiscal 2024
increased 8.5% to $24.8 million, as compared to $22.9 million in
the same year-ago quarter. The increase was largely attributable to
strong organic growth, driven by successful cross selling efforts,
which increased average items carried to over 7 in the second
quarter.
Gross profit increased 175% to $7.5 million, or
30.3% of total revenues, in the second quarter of fiscal 2024, as
compared to $2.7 million, or 11.9% of total revenues, in the same
year-ago quarter. The increase in gross margin was primarily
attributable to the normalization of commodity costs, successful
pricing actions and improvements in operational efficiencies across
the organization. The Company continues to identify procurement and
logistics efficiencies and cost savings through stronger buying
power created through the acquisitions of T&L Creative Salads,
Olive Branch and CIF.
Operating expenses totaled $5.2 million in the
second quarter of fiscal 2024, as compared to $3.6 million in the
same year-ago quarter. As a percentage of sales, operating expenses
increased in the second quarter of fiscal 2024 to 21.1% from 15.6%.
Operating expenses, as a percentage of sales, increased due to the
addition of several new key hires, who brought new and
differentiated capabilities to the organization.
Net income for the second quarter of fiscal 2024
increased 335% to $1.7 million, or $0.05 per diluted share, as
compared to a net loss of $0.7 million, or $0.02 per diluted share,
in the same year-ago quarter. This quarter’s net income totaled
7.0% of revenue, in line with management expectations in the
mid-single-digit range.
Adjusted EBITDA, a non-GAAP term, increased 857%
to $2.9 million for the second quarter of fiscal 2024, as compared
to an adjusted EBITDA loss of $0.4 million in the same year-ago
quarter.
Cash and cash equivalents as of July 31, 2023
were $5.6 million, as compared to $4.4 million as of January 31,
2023. The increase in cash and cash equivalents was driven by $1.8
million in cash flow from operations in the second quarter of
fiscal 2024, $0.6 million of which was used to pay down the
Company’s debt and $1 million of which was used to pay the cash due
at closing as part of the CIF acquisition. As of July 31, 2023
total debt stood at $10.8 million.
Conference Call
Management will host an investor conference call
at 4:30 p.m. Eastern time today, September 12, 2023 to discuss the
Company’s second quarter fiscal 2024 financial results, provide a
corporate update, and conclude with Q&A from participants. To
participate, please use the following information:
Q2 FY2024 Earnings
Conference CallDate: Tuesday, September 12, 2023 Time:
4:30 p.m. Eastern time U.S. Dial-in: 1-877-451-6152International
Dial-in: 1-201-389-0879Conference ID: 13740711Webcast: MAMA Q2
FY2024 Earnings Conference Call
Please join at least five minutes before the
start of the call to ensure timely participation.
A playback of the call will be available through
Thursday, October 12, 2023. To listen, please call 1-844-512-2921
within the United States and Canada or 1-412-317-6671 when calling
internationally, using replay pin number 13740711. A webcast replay
will also be available using the webcast link above.
About Mama’s
Creations, Inc.
Mama’s Creations, Inc. (NASDAQ: MAMA) is a
leading marketer and manufacturer of fresh deli prepared foods,
found in over 8,400 grocery, mass, club and convenience stores
nationally. The Company’s broad product portfolio, born from
MamaMancini’s rich history in Italian foods, now consists of a
variety of high quality, fresh, clean and easy to prepare foods to
address the needs of both our consumers and retailers. Our vision
is to become a one-stop-shop deli solutions platform, leveraging
vertical integration and a diverse family of brands to offer a wide
array of prepared foods to meet the changing demands of the modern
consumer. For more information, please visit
https://mamascreations.com.
Use of Non-GAAP Financial Measures
This press release includes the following
non-GAAP measure – adjusted EBITDA, which is not a measure of
financial performance under GAAP and should not be considered as an
alternative to net income as a measure of financial performance.
The company believes this non-GAAP measure, when considered
together with the corresponding GAAP measures, provides useful
information to investors and management regarding financial and
business trends relating to the company’s results of operations.
However, this non-GAAP measure has significant limitations in that
it does not reflect all the costs and other items associated with
the operation of the company’s business as determined in accordance
with GAAP. In addition, the company’s non-GAAP measures may be
calculated differently and are therefore not comparable to similar
measures by other companies. Therefore, investors should consider
non-GAAP measures in addition to, and not as a substitute for, or
superior to, measures of financial performance in accordance with
GAAP. For a definition and reconciliation of EBITDA to net income,
its corresponding GAAP measure, please see the reconciliation table
shown in this press release below.
US-GAAP NET INCOME (LOSS) TO ADJUSTED
EBITDA RECONCILIATION(Unaudited)
| |
THREE MONTHS ENDED |
|
|
July 31, |
|
|
|
2023 |
2022 |
|
|
Net Income (Loss) |
$ |
1,743,911 |
|
$ |
(743,246 |
) |
|
Depreciation |
$ |
263,176 |
|
$ |
192,297 |
|
|
Amortization of Debt Discount |
$ |
5,530 |
|
$ |
2,596 |
|
|
Amortization of Right of Use Assets |
$ |
106,447 |
|
$ |
113,518 |
|
|
Amortization of Intangibles |
$ |
202,947 |
|
$ |
116,986 |
|
|
Taxes |
$ |
429,764 |
|
$ |
(208,992 |
) |
|
Interest |
$ |
181,658 |
|
|
139,064 |
|
| Adjusted EBITDA
(Non-GAAP) |
$ |
2,933,433 |
|
$ |
(387,777 |
) |
Forward-Looking Statements
This press release may contain "forward-looking
statements" within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934. "Forward-looking statements" describe future expectations,
plans, results, or strategies and are generally preceded by words
such as "may," "future," "plan" or "planned," "will" or "should,"
"expected," "anticipates," "draft," "eventually" or "projected."
You are cautioned that such statements are subject to a multitude
of risks and uncertainties that could cause future circumstances,
events, or results to differ materially from those projected in the
forward-looking statements, including the risks that actual results
may differ materially from those projected in the forward-looking
statements as a result of various factors, and other risks
identified in the Company's 10-K for the fiscal year ended January
31, 2023 and other filings made by the Company with the Securities
and Exchange Commission.
Investor Relations Contact:Lucas A.
ZimmermanDirectorMZ Group - MZ North America(949)
259-4987MAMA@mzgroup.us www.mzgroup.us
Mama’s Creations, Inc.
Condensed Consolidated Balance Sheets
|
|
|
July 31, 2023 |
|
|
January 31, 2023 |
|
|
|
|
(Unaudited) |
|
|
|
|
| Assets: |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| Current
Assets: |
|
|
|
|
|
|
|
|
| Cash |
|
$ |
5,560,176 |
|
|
$ |
4,378,383 |
|
| Accounts receivable, net |
|
|
8,843,756 |
|
|
|
6,832,046 |
|
| Inventories, net |
|
|
3,308,513 |
|
|
|
3,635,881 |
|
| Prepaid expenses and other
current assets |
|
|
474,301 |
|
|
|
828,391 |
|
| Total current
assets |
|
|
18,186,746 |
|
|
|
15,674,701 |
|
| |
|
|
|
|
|
|
|
|
| Property, plant, and
equipment, net |
|
|
4,067,648 |
|
|
|
3,423,096 |
|
| Intangible assets, net |
|
|
5,754,182 |
|
|
|
1,502,510 |
|
| Goodwill |
|
|
8,633,334 |
|
|
|
8,633,334 |
|
| Operating lease right of use
assets, net |
|
|
3,124,449 |
|
|
|
3,236,690 |
|
| Deferred tax asset |
|
|
67,908 |
|
|
|
717,559 |
|
| Equity method investment |
|
|
- |
|
|
|
1,343,486 |
|
| Deposits |
|
|
65,410 |
|
|
|
53,819 |
|
| Total
Assets |
|
$ |
39,899,677 |
|
|
$ |
34,585,195 |
|
| |
|
|
|
|
|
|
|
|
| Liabilities and
Stockholders’ Equity: |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
Liabilities: |
|
|
|
|
|
|
|
|
| Current
Liabilities: |
|
|
|
|
|
|
|
|
| Accounts payable and accrued
expenses |
|
$ |
8,872,582 |
|
|
$ |
9,063,256 |
|
| Term loan, net of debt
discount of $49,022 and $60,082, respectively |
|
|
1,502,702 |
|
|
|
1,491,642 |
|
| Operating lease
liabilities |
|
|
414,937 |
|
|
|
391,802 |
|
| Finance leases payable |
|
|
335,119 |
|
|
|
182,391 |
|
| Promissory notes – related
parties |
|
|
1,950,000 |
|
|
|
750,000 |
|
| Total current
liabilities |
|
|
13,075,340 |
|
|
|
11,879,091 |
|
| |
|
|
|
|
|
|
|
|
| Line of credit |
|
|
500,000 |
|
|
|
890,000 |
|
| Operating lease liabilities –
net of current |
|
|
2,739,208 |
|
|
|
2,897,205 |
|
| Finance leases payable – net
of current |
|
|
906,476 |
|
|
|
248,640 |
|
| Promissory notes – related
parties, net of current |
|
|
3,000,000 |
|
|
|
1,500,000 |
|
| Term loan – net of
current |
|
|
3,879,318 |
|
|
|
4,655,181 |
|
| Total long-term
liabilities |
|
|
11,025,002 |
|
|
|
10,191,026 |
|
| |
|
|
|
|
|
|
|
|
| Total
Liabilities |
|
|
24,100,342 |
|
|
|
22,070,117 |
|
| |
|
|
|
|
|
|
|
|
| Commitments and
contingencies (Notes 10 and 11) |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| Stockholders’
Equity: |
|
|
|
|
|
|
|
|
| Series A Preferred stock,
$0.00001 par value; 120,000 shares authorized; 23,400 issued as of
July 31, 2023 and January 31, 2023, respectively, 0 shares
outstanding as of July 31, 2023 and January 31, 2023,
respectively |
|
|
- |
|
|
|
- |
|
| Series B Preferred stock,
$0.00001 par value; 200,000 shares authorized; 0 and 54,600 issued
and outstanding as of July 31, 2023 and January 31, 2023
respectively |
|
|
- |
|
|
|
- |
|
| Preferred stock, $0.00001 par
value; 19,680,000 shares authorized; no shares issued and
outstanding |
|
|
- |
|
|
|
- |
|
| Common stock, $0.00001 par
value; 250,000,000 shares authorized; 37,343,387 and 36,317,857
shares issued and outstanding as of July 31, 2023 and January 31,
2023 |
|
|
374 |
|
|
|
364 |
|
| Additional paid in
capital |
|
|
22,912,383 |
|
|
|
22,724,440 |
|
| Accumulated deficit |
|
|
(6,963,922 |
) |
|
|
(10,060,226 |
) |
| Less: Treasury stock, 230,000
shares at cost |
|
|
(149,500 |
) |
|
|
(149,500 |
) |
| Total Stockholders’
Equity |
|
|
15,799,335 |
|
|
|
12,515,078 |
|
| Total Liabilities and
Stockholders’ Equity |
|
$ |
39,899,677 |
|
|
$ |
34,585,195 |
|
Mama’s Creations,
Inc.Condensed Consolidated Statements of
Operations(Unaudited)
| |
|
For the Three Months EndedJuly
31, |
|
|
For the Six Months EndedJuly
31, |
|
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Net
sales |
|
$ |
24,790,085 |
|
|
$ |
22,846,474 |
|
|
$ |
47,910,901 |
|
|
$ |
44,677,054 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Costs of
sales |
|
|
17,283,847 |
|
|
|
20,119,862 |
|
|
|
34,033,663 |
|
|
|
38,090,179 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Gross
profit |
|
|
7,506,238 |
|
|
|
2,726,612 |
|
|
|
13,877,238 |
|
|
|
6,586,875 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Operating
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
|
94,871 |
|
|
|
41,792 |
|
|
|
166,056 |
|
|
|
68,327 |
|
|
Selling, general and administrative |
|
|
5,135,537 |
|
|
|
3,516,115 |
|
|
|
9,492,568 |
|
|
|
7,088,870 |
|
|
Total operating expenses |
|
|
5,230,408 |
|
|
|
3,557,907 |
|
|
|
9,658,624 |
|
|
|
7,157,197 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Income (loss) from
operations |
|
|
2,275,830 |
|
|
|
(831,295 |
) |
|
|
4,218,614 |
|
|
|
(570,322 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Other income
(expenses) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest, net |
|
|
(181,658 |
) |
|
|
(139,064 |
) |
|
|
(359,052 |
) |
|
|
(263,315 |
) |
|
Amortization of debt discount |
|
|
(5,530 |
) |
|
|
(3,015 |
) |
|
|
(11,060 |
) |
|
|
(6,655 |
) |
|
Other income |
|
|
7,449 |
|
|
|
2,596 |
|
|
|
27,449 |
|
|
|
2,596 |
|
|
Total other expenses |
|
|
(179,739 |
) |
|
|
(139,483 |
) |
|
|
(342,663 |
) |
|
|
(267,374 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net income (loss)
before income tax provision and income from equity method
investment |
|
|
2,096,091 |
|
|
|
(970,778 |
) |
|
|
3,875,951 |
|
|
|
(837,696 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Income from equity method
investment |
|
|
77,584 |
|
|
|
18,540 |
|
|
|
223,342 |
|
|
|
18,540 |
|
| Income tax (provision)
benefit |
|
|
(429,764 |
) |
|
|
208,992 |
|
|
|
(954,456 |
) |
|
|
179,607 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net income
(loss) |
|
|
1,743,911 |
|
|
|
(743,246 |
) |
|
|
3,144,837 |
|
|
|
(639,549 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Less: series B preferred
dividends |
|
|
(21,233 |
) |
|
|
- |
|
|
|
(48,533 |
) |
|
|
- |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Income available to common
stockholders |
|
|
1,722,678 |
|
|
|
(743,246 |
) |
|
|
3,096,304 |
|
|
|
(639,549 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net income (loss) per
common share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
– basic |
|
$ |
0.05 |
|
|
$ |
(0.02 |
) |
|
$ |
0.09 |
|
|
$ |
(0.02 |
) |
|
– diluted |
|
$ |
0.05 |
|
|
$ |
(0.02 |
) |
|
$ |
0.08 |
|
|
$ |
(0.02 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Weighted average
common shares outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
– basic |
|
|
36,855,181 |
|
|
|
35,811,087 |
|
|
|
36,628,429 |
|
|
|
35,785,719 |
|
|
– diluted |
|
|
37,490,567 |
|
|
|
35,811,087 |
|
|
|
37,195,314 |
|
|
|
35,785,719 |
|
Mama’s Creations, Inc.
Condensed Consolidated Statements of Cash
Flows(Unaudited)
| |
|
For the Six Months Ended July 31, |
|
| |
|
2023 |
|
|
2022 |
|
| CASH FLOWS FROM
OPERATING ACTIVITIES: |
|
|
|
|
|
|
|
|
| Net income (loss) |
|
$ |
3,144,837 |
|
|
$ |
(639,549 |
) |
| Adjustments to reconcile net
income to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
| Depreciation |
|
|
511,589 |
|
|
|
401,126 |
|
| Amortization of debt
discount |
|
|
11,060 |
|
|
|
6,655 |
|
| Amortization of right of use
assets |
|
|
112,241 |
|
|
|
182,862 |
|
| Amortization of
intangibles |
|
|
303,949 |
|
|
|
230,156 |
|
| Stock-based compensation |
|
|
110,173 |
|
|
|
12,333 |
|
| Allowance for obsolete
inventory |
|
|
93,238 |
|
|
|
- |
|
| Change in deferred tax
asset |
|
|
649,651 |
|
|
|
(188,080 |
) |
| Income from equity method
investment |
|
|
(223,342 |
) |
|
|
(18,540 |
) |
| Paid in kind interest |
|
|
- |
|
|
|
53,356 |
|
| Changes in operating assets
and liabilities: |
|
|
|
|
|
|
|
|
| Allowance for doubtful
accounts |
|
|
140,442 |
|
|
|
- |
|
| Accounts receivable |
|
|
1,126,867 |
|
|
|
749,959 |
|
| Inventories |
|
|
234,130 |
|
|
|
(1,302,933 |
) |
| Prepaid expenses and other
current assets |
|
|
346,709 |
|
|
|
(248,113 |
) |
| Security deposits |
|
|
(17,941 |
) |
|
|
- |
|
| Accounts payable and accrued
expenses |
|
|
(3,049,114 |
) |
|
|
1,170,280 |
|
| Operating lease liability |
|
|
(134,862 |
) |
|
|
(176,534 |
) |
| Net Cash Provided by
Operating Activities |
|
|
3,359,627 |
|
|
|
232,978 |
|
| |
|
|
|
|
|
|
|
|
| CASH FLOWS FROM
INVESTING ACTIVITIES: |
|
|
|
|
|
|
|
|
| Cash paid for fixed
assets |
|
|
(252,853 |
) |
|
|
(305,547 |
) |
| Cash paid for investment in
Chef Inspirational Foods, LLC, net |
|
|
(645,641 |
) |
|
|
(500,000 |
) |
| Net Cash (Used in)
Investing Activities |
|
|
(898,494 |
) |
|
|
(805,547 |
) |
| |
|
|
|
|
|
|
|
|
| CASH FLOWS FROM
FINANCING ACTIVITIES: |
|
|
|
|
|
|
|
|
| Proceeds in advance of
preferred stock offering |
|
|
- |
|
|
|
515,000 |
|
| Repayment of term loan |
|
|
(775,863 |
) |
|
|
(517,241 |
) |
| (Repayment) borrowings of line
of credit, net |
|
|
(390,000 |
) |
|
|
1,725,000 |
|
| Repayment of finance lease
obligations |
|
|
(92,724 |
) |
|
|
(130,626 |
) |
| Payment of Series B Preferred
dividends |
|
|
(48,533 |
) |
|
|
- |
|
| Proceeds from exercise of
options |
|
|
27,780 |
|
|
|
26,250 |
|
| Net Cash (Used in)
Provided by Financing Activities |
|
|
(1,279,340 |
) |
|
|
1,618,383 |
|
| |
|
|
|
|
|
|
|
|
| Net Increase in
Cash |
|
|
1,181,793 |
|
|
|
1,045,814 |
|
| |
|
|
|
|
|
|
|
|
| Cash - Beginning of
Period |
|
|
4,378,383 |
|
|
|
850,598 |
|
| |
|
|
|
|
|
|
|
|
| Cash - End of
Period |
|
$ |
5,560,176 |
|
|
$ |
1,896,412 |
|
| |
|
|
|
|
|
|
|
|
| SUPPLEMENTARY CASH
FLOW INFORMATION: |
|
|
|
|
|
|
|
|
| Cash Paid During the Period
for: |
|
|
|
|
|
|
|
|
| Income taxes |
|
$ |
112,500 |
|
|
$ |
- |
|
| Interest |
|
$ |
313,488 |
|
|
$ |
182,873 |
|
| |
|
|
|
|
|
|
|
|
| SUPPLEMENTARY
DISCLOSURE OF NON-CASH INVESTING AND FINANCING
ACTIVITIES: |
|
|
|
|
|
|
|
|
| Conversion of series b
preferred stock to common stock |
|
$ |
8 |
|
|
$ |
- |
|
| Finance lease asset
additions |
|
$ |
903,288 |
|
|
$ |
34,268 |
|
| Related party debt incurred
for purchase of Chef Inspirational Foods, LLC |
|
$ |
2,700,000 |
|
|
|
- |
|
| Non-cash consideration paid in
common stock for equity investment in Chef Inspirational |
|
$ |
- |
|
|
$ |
700,000 |
|
| Settlement of liability in
common stock |
|
$ |
50,000 |
|
|
$ |
- |
|
See accompanying notes to the condensed
consolidated financial statements.
Mamas Creations (NASDAQ:MAMA)
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From Apr 2024 to May 2024
Mamas Creations (NASDAQ:MAMA)
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From May 2023 to May 2024
