--Company Reports Consolidated Profits, as Investment Continues with Development of Marygold Mobile Fintech App--

The Marygold Companies, Inc. (NYSE American: MGLD) (the “Company” or “The Marygold Companies”) (formerly Concierge Technologies, Inc.), a diversified global holding firm, today reported financial results for the third fiscal quarter and nine months ended March 31, 2022.

On March 14, 2022, the Company completed an upsized underwritten public offering (which included the exercise, in full, of the over-allotment option) of an aggregate of 1,897,500 shares of common stock at $2.00 per share, receiving gross proceeds of approximately $3.7 million. Maxim Group LLC acted as sole book-running manager for the transaction.

“Our third fiscal quarter marked a milestone in the Company’s history and the start of a new era in our corporate development,” said Nicholas Gerber, Chief Executive Officer of The Marygold Companies. “With the up-listing of our shares to the NYSE American LLC, and our new ticker symbol to go with the change in our corporate name, the message is clear that our focus is on achieving solid returns for our shareholders.

“Our new corporate name signifies the Company’s evolution since its formation as a global holding firm in 2015, while the NYSE American listing is providing greater liquidity for our shareholders. Through hard work and dedication, our entire team has enabled us to achieve both of these longstanding objectives. To those shareholders who have been with us since 2002, thank you for your patience.”

Revenues for the third fiscal quarter totaled $9 million, compared with $10 million a year ago. Net income for the most recent three-month period was $0.9 million, equal to $0.02 per fully diluted per share, compared with $1.6 million, or $0.04 per fully diluted share, last year. Assets under management at our USCF Investments subsidiary continued strong at approximately $5 billion as of March 31, 2022.

“While on a consolidated basis we were profitable for the third quarter, the Company’s consumer-based subsidiary performances were impacted by several factors, including global supply chain issues, coupled with markedly higher shipping costs in New Zealand and the U.S., which contributed to lower profit margins. We also continued to invest in our Marygold & Co. subsidiary, which is completing the development of a mobile fintech app. Costs related to that development are expensed at the parent level, and are a major component of the differences in net income for the comparative quarterly periods,” said David Neibert, The Marygold Companies’ Chief Operations Officer. “As the Marygold mobile app is finalized, and the effects of the COVID pandemic begin to ease, we are expecting expenses and cost of goods sold to return to lower levels.”

For the nine months ended March 31, 2022, consolidated revenues totaled $28 million, compared with $30 million for the same period last year. Net income for the nine-month period amounted to $12 thousand, equal to breakeven per share, versus net income of $5 million, or $0.13 per fully diluted share, for the comparable period last year. The decrease in net income for the current year-to-date period was primarily due to the $2.5 million settlement in connection with the Company’s indirect subsidiary, United States Commodity Funds, LLC, and United States Oil Fund, LP, which are related business units of USCF Investments. Also contributing to lower earnings were the fintech app development costs, which totaled $1.5 million for the nine months ended March 31, 2022.

The Marygold Companies’ balance sheet at March 31, 2022 showed a continuing trend of strengthening. Total assets rose to $34 million, from $32 million as of June 30, 2021. Cash and cash equivalents remained at $16 million while stockholders’ equity increased to $28 million as of March 31, 2022, from $25 million as of June 30, 2021. The Company remains essentially debt free.

“We are tremendously excited about the development of the Marygold app, which is nearing completion. We believe the finished mobile app will be embraced as a unique fintech offering, enabling consumers to send, receive, spend, save, invest, and earn money securely through mobile devices. Beta testing is expected to begin within the coming months, and the app is expected to be launched before the end of calendar 2022,” Gerber added, “To monitor its progress or enroll on the user wait list, please visit the website at www.marygoldandco.com."

Business Units

Gourmet Foods, https://gourmetfoodsltd.co.nz/, acquired in August 2015, is a commercial-scale bakery that produces and distributes iconic meat pies and pastries throughout New Zealand under the brand names Pat’s Pantry and Ponsonby Pies. Acquired by Gourmet Foods in July 2020, Printstock Products Limited https://www.printstocknz.com/, is a printer of specialized food wrappers and is located in Napier, New Zealand. Its operations are consolidated with those of Gourmet Foods.

Brigadier Security Systems, www.brigadiersecurity.com, acquired in June 2016 and headquartered in Saskatoon, Canada, provides comprehensive security solutions to homes and businesses, government offices, schools and other public buildings throughout the province under the brands Brigadier Security Systems in Saskatoon and Elite Security in Regina, Canada.

The Company’s USCF Investments subsidiary, www.uscfinvestments.com, acquired in December 2016 and based in Walnut Creek, Calif., serves as manager, operator or investment adviser to 10 exchange traded products, structured as limited partnerships or investment trusts that issue shares trading on the NYSE Arca.

Acquired at the end of 2017, San Clemente, Calif.-based Original Sprout, www.originalsprout.com, produces and distributes a full line of vegan, safe, non-toxic hair and skin care products, including a “reef safe” sun screen, in the U.S. and its territories, the U.K., E.U., Turkey, Middle East, Africa, Taiwan, Mexico, South America, Singapore, Hong Kong, Malaysia, New Zealand, Australia and Canada among other areas.

Marygold & Co., formed in the U.S. during 2019 and operating from offices in Denver, CO, together with its wholly owned subsidiary, Marygold & Co. Advisory Services, LLC, was established to explore opportunities in the financial technology sector. The company continues in the development stage as it works toward introduction of a fintech mobile banking app. https://marygoldandco.com/.

Marygold & Co. (UK) Limited, formed in the U.K. in 2021 and located in London, England for the purpose of acquiring interests in certified financial advisors and asset managers in the U.K. No acquisitions have yet been completed, however certain agreements are in place that remain subject to completion of customary closing conditions prior consummation.

About The Marygold Companies, Inc.

The Marygold Companies, which changed its corporate name from Concierge Technologies, Inc. in March 2022, was founded in 1996 and repositioned as a global holding firm in 2015. The Company currently has operating subsidiaries in financial services, food manufacturing, printing, security systems and beauty products. Offices and manufacturing operations are in the U.S., New Zealand, U.K., and Canada. For more information, visit www.themarygoldcompanies.com.

Forward-Looking Statements

This press release includes “forward-looking statements” within the meaning of U.S. federal securities laws. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may” “will,” “could,” “should” “believes,” “predicts,” “potential,” “continue” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements, including, but not limited to the launch of the Company’s fintech mobile banking app, involve significant risks and uncertainties that could cause actual results to differ materially from the expected results and, consequently, should not be relied upon as predictions of future events. These forward-looking statements, including the factors disclosed in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission on September 22, 2021, and in the Company’s other filings with the Securities and Exchange Commission, are not exclusive. Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Except as required by law, the Company disclaims any obligation to update or publicly announce any revisions to any of the forward-looking statements contained in this press release.

(Financial tables follow)

THE MARYGOLD COMPANIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

 

 

 

March 31, 2022

 

 

June 30, 2021

 

 

 

 

 

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

 

 

CURRENT ASSETS

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

16,180,701

 

 

$

16,072,955

 

Accounts receivable, net

 

 

1,007,455

 

 

 

1,070,541

 

Accounts receivable - related parties

 

 

2,346,570

 

 

 

2,038,054

 

Inventories

 

 

2,288,099

 

 

 

1,951,792

 

Prepaid income tax and tax receivable

 

 

705,827

 

 

 

747,343

 

Investments, at fair value

 

 

2,940,930

 

 

 

1,828,926

 

Other current assets

 

 

948,369

 

 

 

399,524

 

Total current assets

 

 

26,417,951

 

 

 

24,109,135

 

 

 

 

 

 

 

 

 

 

Restricted cash

 

 

13,913

 

 

 

13,989

 

Property, plant and equipment, net

 

 

1,559,152

 

 

 

1,573,445

 

Operating lease right-of-use asset

 

 

1,562,908

 

 

 

1,058,199

 

Goodwill

 

 

1,043,473

 

 

 

1,043,473

 

Intangible assets, net

 

 

2,105,053

 

 

 

2,341,803

 

Deferred tax assets, net - United States

 

 

827,476

 

 

 

827,476

 

Other assets, long - term

 

 

540,160

 

 

 

540,160

 

Total assets

 

$

34,070,086

 

 

$

31,507,680

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

 

 

 

CURRENT LIABILITIES

 

 

 

 

 

 

 

 

Accounts payable and accrued expenses

 

$

2,874,286

 

 

$

3,862,874

 

Expense waivers – related parties

 

 

17,793

 

 

 

69,684

 

Operating lease liabilities, current portion

 

 

680,223

 

 

 

513,071

 

Notes payable - related parties

 

 

603,500

 

 

 

603,500

 

Loans - property and equipment, current portion

 

 

35,896

 

 

 

15,094

 

Total current liabilities

 

 

4,211,698

 

 

 

5,064,223

 

 

 

 

 

 

 

 

 

 

LONG TERM LIABILITIES

 

 

 

 

 

 

 

 

Loans - property and equipment, net of current portion

 

 

491,420

 

 

 

379,804

 

Operating lease liabilities, net of current portion

 

 

935,355

 

 

 

607,560

 

Deferred tax liabilities, net - foreign

 

 

169,429

 

 

 

169,429

 

Total long-term liabilities

 

 

1,596,204

 

 

 

1,156,793

 

Total liabilities

 

 

5,807,902

 

 

 

6,221,016

 

 

 

 

 

 

 

 

 

 

STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

 

Preferred stock, $0.001 par value; 50,000,000 authorized

 

 

 

 

 

 

 

 

Series B: 49,360 issued and outstanding at March 31, 2022 and at June 30, 2021

 

 

49

 

 

 

49

 

Common stock, $0.001 par value; 900,000,000 shares authorized; 39,383,459 shares issued and outstanding at March 31, 2022 and 37,485,959 at June 30, 2021

 

 

39,383

 

 

 

37,486

 

Additional paid-in capital

 

 

12,313,206

 

 

 

9,330,843

 

Accumulated other comprehensive income

 

 

121,365

 

 

 

142,581

 

Retained earnings

 

 

15,788,181

 

 

 

15,775,705

 

Total stockholders' equity

 

 

28,262,184

 

 

 

25,286,664

 

Total liabilities and stockholders' equity

 

$

34,070,086

 

 

$

31,507,680

 

THE MARYGOLD COMPANIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(UNAUDITED)

 

 

 

For the Three-Month Periods Ended March 31,

 

 

For the Nine-Month Periods Ended March 31,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fund management - related party

 

$

5,868,558

 

 

$

5,997,085

 

 

$

17,226,969

 

 

$

19,182,801

 

Food products

 

 

1,667,345

 

 

 

2,015,529

 

 

 

6,131,791

 

 

 

6,212,698

 

Security systems

 

 

555,006

 

 

 

717,664

 

 

 

1,888,362

 

 

 

2,013,819

 

Beauty products and other

 

 

702,779

 

 

 

813,084

 

 

 

2,716,702

 

 

 

2,846,052

 

Net revenue

 

 

8,793,688

 

 

 

9,543,362

 

 

 

27,963,824

 

 

 

30,255,370

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of revenue

 

 

2,065,422

 

 

 

2,336,541

 

 

 

7,132,249

 

 

 

7,121,339

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross profit

 

 

6,728,266

 

 

 

7,206,821

 

 

 

20,831,575

 

 

 

23,134,031

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

General and administrative expense

 

 

1,651,057

 

 

 

1,512,387

 

 

 

4,973,337

 

 

 

5,071,090

 

Fund operations

 

 

1,171,282

 

 

 

860,027

 

 

 

3,375,135

 

 

 

2,562,525

 

Marketing and advertising

 

 

755,403

 

 

 

689,939

 

 

 

2,160,180

 

 

 

2,227,322

 

Depreciation and amortization

 

 

136,909

 

 

 

178,588

 

 

 

424,727

 

 

 

521,584

 

Salaries and compensation

 

 

1,969,998

 

 

 

1,925,571

 

 

 

6,677,378

 

 

 

6,106,978

 

Legal settlement

 

 

-

 

 

 

-

 

 

 

2,500,000

 

 

 

-

 

Total operating expenses

 

 

5,684,649

 

 

 

5,166,512

 

 

 

20,110,757

 

 

 

16,489,499

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from operations

 

 

1,043,617

 

 

 

2,040,309

 

 

 

720,818

 

 

 

6,644,532

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income

 

 

251,767

 

 

 

26,748

 

 

 

46,398

 

 

 

203,275

 

Interest and dividend income

 

 

5,546

 

 

 

6,730

 

 

 

19,030

 

 

 

22,193

 

Interest expense

 

 

(9,856

)

 

 

(9,988

)

 

 

(30,142

)

 

 

(30,215

)

Total other income, net

 

 

247,457

 

 

 

23,490

 

 

 

35,286

 

 

 

195,253

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before income taxes

 

 

1,291,074

 

 

 

2,063,799

 

 

 

756,104

 

 

 

6,839,785

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Provision of income taxes

 

 

(420,940

)

 

 

(480,991

)

 

 

(743,628

)

 

 

(1,685,754

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

870,134

 

 

$

1,582,808

 

 

$

12,476

 

 

$

5,154,031

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares of common stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted

 

 

38,831,576

 

 

 

38,473,159

 

 

 

38,561,536

 

 

 

38,473,159

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income per common share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted

 

$

0.02

 

 

$

0.04

 

 

$

0.00

 

 

$

0.13

 

THE MARYGOLD COMPANIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(UNAUDITED)

 

 

 

Three Months Ended March 31,

 

 

Nine Months Ended March 31,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

870,134

 

 

$

1,582,808

 

 

$

12,476

 

 

$

5,154,031

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation gain (loss)

 

 

79,394

 

 

 

(17,317

)

 

 

(21,216

)

 

 

352,829

 

Comprehensive income (loss)

 

$

949,528

 

 

$

1,565,491

 

 

$

(8,740

)

 

$

5,506,860

 

THE MARYGOLD COMPANIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY

FOR THE THREE AND NINE MONTH PERIODS ENDED MARCH 31, 2022 AND MARCH 31, 2021

(UNAUDITED)

 

Period Ending March 31, 2022

 

Preferred Stock (Series B)

 

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Number of Shares

 

 

Amount

 

 

Number of Shares

 

 

Par Value

 

 

Additional Paid - in Capital

 

 

Accumulated Other Comprehensive (Loss) Income

 

 

Retained Earnings

 

 

Total Stockholders' Equity

 

Balance at July 1, 2021

 

 

49,360

 

 

$

49

 

 

 

37,485,959

 

 

$

37,486

 

 

$

9,330,843

 

 

$

142,581

 

 

$

15,775,705

 

 

$

25,286,664

 

Loss on currency translation

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(86,168

)

 

 

-

 

 

 

(86,168

)

Net loss

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(1,880,993

)

 

 

(1,880,993

)

Balance at September 30, 2021

 

 

49,360

 

 

$

49

 

 

 

37,485,959

 

 

$

37,486

 

 

$

9,330,843

 

 

$

56,413

 

 

$

13,894,712

 

 

$

23,319,503

 

Loss on currency translation

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(14,442

)

 

 

-

 

 

 

(14,442

)

Net income

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

1,023,335

 

 

 

1,023,335

 

Balance at December 31, 2021

 

 

49,360

 

 

$

49

 

 

 

37,485,959

 

 

$

37,486

 

 

$

9,330,843

 

 

$

41,971

 

 

$

14,918,047

 

 

$

24,328,396

 

Gain on currency translation

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

79,394

 

 

 

-

 

 

 

79,394

 

Issuance of common stock in public offering, net of issuance costs $545,090

 

 

-

 

 

 

-

 

 

 

1,897,500

 

 

 

1,897

 

 

 

2,982,363

 

 

 

-

 

 

 

-

 

 

 

2,984,260

 

Net income

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

870,134

 

 

 

870,134

 

Balance at March 31, 2022

 

 

49,360

 

 

$

49

 

 

 

39,383,459

 

 

$

39,383

 

 

$

12,313,206

 

 

$

121,365

 

 

$

15,788,181

 

 

$

28,262,184

 

Period Ending March 31, 2021

 

Preferred Stock (Series B)

 

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Number of Shares

 

 

Amount

 

 

Number of Shares

 

 

Par Value

 

 

Additional Paid - in Capital

 

 

Accumulated Other Comprehensive Income (Loss)

 

 

Retained Earnings

 

 

Total Stockholders' Equity

 

Balance at July 1, 2020

 

 

53,032

 

 

$

53

 

 

 

37,412,519

 

 

$

37,412

 

 

$

9,330,913

 

 

$

(144,744

)

 

$

9,926,262

 

 

$

19,149,896

 

Gain on currency translation

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

72,714

 

 

 

-

 

 

 

72,714

 

Net income

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

2,219,434

 

 

 

2,219,434

 

Balance at September 30, 2020

 

 

53,032

 

 

$

53

 

 

 

37,412,519

 

 

$

37,412

 

 

$

9,330,913

 

 

$

(72,030

)

 

$

12,145,696

 

 

$

21,442,044

 

Gain on currency translation

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

297,432

 

 

 

-

 

 

 

297,432

 

Net income

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

1,351,788

 

 

 

1,351,788

 

Balance at December 31, 2020

 

 

53,032

 

 

$

53

 

 

 

37,412,519

 

 

$

37,412

 

 

$

9,330,913

 

 

$

225,402

 

 

$

13,497,484

 

 

$

23,091,264

 

Loss on currency translation

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(17,317

)

 

 

-

 

 

 

(17,317

)

Conversion of preferred stock to common stock

 

 

(3,672

)

 

 

(4

)

 

 

73,440

 

 

 

74

 

 

 

(70

)

 

 

-

 

 

 

-

 

 

 

-

 

Net income

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

1,582,808

 

 

 

1,582,808

 

Balance at March 31, 2021

 

 

49,360

 

 

$

49

 

 

 

37,485,959

 

 

$

37,486

 

 

$

9,330,843

 

 

$

208,085

 

 

$

15,080,292

 

 

$

24,656,755

 

THE MARYGOLD COMPANIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

 

 

 

For the Nine-Month Periods Ended

 

 

 

March 31,

 

 

 

2022

 

 

2021

 

CASH FLOWS FROM OPERATING ACTIVITIES:

 

 

 

 

 

 

 

 

Net income

 

$

12,476

 

 

$

5,154,031

 

Adjustments to reconcile net income to net cash provided by (used in) operating activities

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

424,727

 

 

 

521,584

 

Bad debt expense

 

 

3,175

 

 

 

14,082

 

Impairment to inventory value

 

 

3,478

 

 

 

67,576

 

Unrealized gain on investments

 

 

(116,148

)

 

 

(5,146

)

Loss (gain) on disposal of equipment

 

 

37,189

 

 

 

(2,148

)

Operating lease right-of-use asset - non-cash lease cost

 

 

494,375

 

 

 

420,948

 

 

 

 

 

 

 

 

 

 

Decrease (increase) in current assets:

 

 

 

 

 

 

 

 

Accounts receivable

 

 

57,416

 

 

 

(91,002

)

Accounts receivable - related party

 

 

(308,514

)

 

 

559,327

 

Prepaid income taxes and tax receivable

 

 

43,440

 

 

 

302,313

 

Inventories

 

 

(341,966

)

 

 

(254,177

)

Other current assets

 

 

(551,815

)

 

 

47,336

 

Increase (decrease) in current liabilities:

 

 

 

 

 

 

 

 

Accounts payable and accrued expenses

 

 

(979,332

)

 

 

(808,350

)

Operating lease liabilities

 

 

(500,857

)

 

 

(424,071

)

Expense waivers - related party

 

 

(51,891

)

 

 

(183,006

)

Net cash (used in) provided by operating activities

 

 

(1,774,247

)

 

 

5,319,297

 

 

 

 

 

 

 

 

 

 

CASH FLOWS FROM INVESTING ACTIVITIES:

 

 

 

 

 

 

 

 

Cash paid for acquisition of business assets

 

 

-

 

 

 

(993,435

)

Purchase of real estate and equipment

 

 

(5,224

)

 

 

(41,074

)

Proceeds from sale of property and equipment

 

 

-

 

 

 

2,148

 

Sale of investments

 

 

506,492

 

 

 

-

 

Purchase of investments

 

 

(1,501,980

)

 

 

(492

)

Net cash used in investing activities

 

 

(1,000,712

)

 

 

(1,032,853

)

 

 

 

 

 

 

 

 

 

CASH FLOWS FROM FINANCING ACTIVITIES:

 

 

 

 

 

 

 

 

Proceeds from issuance of common stock, net of underwriter discounts

 

 

3,529,350

 

 

 

-

 

Payment of issuance cost of common stock

 

 

(545,090

)

 

 

-

 

Payment of finance lease liabilities

 

 

(4,167

)

 

 

-

 

Repayment of property and equipment loans

 

 

(11,159

)

 

 

(25,394

)

Net cash provided by (used in) financing activities

 

 

2,968,934

 

 

 

(25,394

)

 

 

 

 

 

 

 

 

 

Effect of exchange rate change on cash and cash equivalents

 

 

(86,305

)

 

 

190,171

 

 

 

 

 

 

 

 

 

 

NET INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH

 

 

107,670

 

 

 

4,451,221

 

 

 

 

 

 

 

 

 

 

CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING BALANCE

 

 

16,086,944

 

 

 

9,826,042

 

 

 

 

 

 

 

 

 

 

CASH, CASH EQUIVALENTS AND RESTRICTED CASH, ENDING BALANCE

 

$

16,194,614

 

 

$

14,277,263

 

 

 

 

 

 

 

 

 

 

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:

 

 

 

 

 

 

 

 

Cash paid during the period for:

 

 

 

 

 

 

 

 

Interest paid

 

$

12,264

 

 

$

11,989

 

Income taxes paid, net of refunds

 

$

833,901

 

 

$

1,247,005

 

Non-cash financing and investing activities:

 

 

 

 

 

 

 

 

Acquisition of operating right-of-use assets through operating lease obligations

 

$

995,805

 

 

$

730,741

 

Reclassification of acquisition deposit

 

$

-

 

 

$

122,111

 

Acquisition of equipment through finance lease liability

 

$

150,625

 

 

$

-

 

Fair value of warrants of common stock issued to underwriters

 

$

132,000

 

 

$

-

 

 

Media and investors, for more Information, contact: Roger S. Pondel PondelWilkinson Inc. 310-279-5965 rpondel@pondel.com Contact the Company: David Neibert, Chief Operations Officer 949-429-5370 dneibert@themarygoldcompanies.com

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