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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C.
FORM
10-Q
☒
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For
the quarterly period ended December 31, 2023
OR
☐
TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For
the transition period from ________ to ________
AMMO,
Inc.
(Exact
Name of Registrant as Specified in its Charter)
delaware |
|
001-13101 |
|
83-1950534 |
(State
of incorporation) |
|
(Commission
File No.) |
|
(I.R.S.
Identification Number) |
7681
E Gray Road, Scottsdale, AZ 85260
(Address
of Principal Executive Offices) (Zip Code)
Registrant’s
telephone number including area code: (480) 947-0001
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
Common
Stock, $0.001 par value |
|
POWW |
|
The
Nasdaq Stock Market LLC (Nasdaq
Capital
Market) |
8.75%
Series A Cumulative Redeemable Perpetual Preferred Stock, $0.001 par value |
|
POWWP |
|
The
Nasdaq Stock Market LLC (Nasdaq
Capital
Market) |
Indicate
by check mark whether the issuer (1) filed all reports required to be filed by Sections 13 or 15(d) of the Securities Exchange Act of
1934 during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject
to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to rule
405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant
was required to submit such files). Yes ☒ No ☐
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting
company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,”
“smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large
accelerated filer ☐ |
Accelerated
filer ☒ |
Non-accelerated
filer ☐ |
Smaller
reporting company ☐ |
Emerging
growth company ☐ |
|
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
As
of February 7, 2024, there were 118,660,984
shares of $0.001 par value Common Stock outstanding.
DOCUMENTS
INCORPORATED BY REFERENCE: None.
TABLE
OF CONTENTS
PART
I
ITEM
1. FINANCIAL STATEMENTS
AMMO,
Inc.
CONDENSED
CONSOLIDATED BALANCE SHEETS
| |
December 31, 2023 | | |
March 31, 2023 | |
| |
(Unaudited) | | |
| |
ASSETS | |
| | | |
| | |
Current Assets: | |
| | | |
| | |
Cash and cash equivalents | |
$ | 54,679,868 | | |
$ | 39,134,027 | |
Accounts receivable, net | |
| 21,121,450 | | |
| 29,346,380 | |
Inventories | |
| 49,502,732 | | |
| 54,344,819 | |
Prepaid expenses | |
| 3,708,865 | | |
| 5,126,667 | |
Current portion of restricted cash | |
| - | | |
| 500,000 | |
Total Current Assets | |
| 129,012,915 | | |
| 128,451,893 | |
| |
| | | |
| | |
Equipment, net | |
| 57,278,603 | | |
| 55,963,255 | |
| |
| | | |
| | |
Other Assets: | |
| | | |
| | |
Deposits | |
| 2,265,932 | | |
| 7,028,947 | |
Patents, net | |
| 4,662,656 | | |
| 5,032,754 | |
Other intangible assets, net | |
| 114,296,627 | | |
| 123,726,810 | |
Goodwill | |
| 90,870,094 | | |
| 90,870,094 | |
Right of use assets - operating leases | |
| 2,113,943 | | |
| 1,261,634 | |
Deferred income tax asset | |
| 115,908 | | |
| - | |
TOTAL ASSETS | |
$ | 400,616,678 | | |
$ | 412,335,387 | |
| |
| | | |
| | |
LIABILITIES AND SHAREHOLDERS’ EQUITY | |
| | | |
| | |
Current Liabilities: | |
| | | |
| | |
Accounts payable | |
$ | 19,146,138 | | |
$ | 18,079,397 | |
Accrued liabilities | |
| 6,570,668 | | |
| 4,353,354 | |
Current portion of operating lease liability | |
| 463,059 | | |
| 470,734 | |
Note payable related party | |
| - | | |
| 180,850 | |
Current portion of construction note payable | |
| 265,977 | | |
| 260,429 | |
Insurance premium note payable | |
| 173,029 | | |
| 2,118,635 | |
Total Current Liabilities | |
| 26,618,871 | | |
| 25,463,399 | |
| |
| | | |
| | |
Long-term Liabilities: | |
| | | |
| | |
Contingent consideration payable | |
| 80,080 | | |
| 140,378 | |
Construction note payable, net of unamortized issuance costs | |
| 10,797,696 | | |
| 10,922,443 | |
Operating lease liability, net of current portion | |
| 1,737,615 | | |
| 903,490 | |
Deferred income tax liability | |
| - | | |
| 2,309,592 | |
Total Liabilities | |
| 39,234,262 | | |
| 39,739,302 | |
| |
| | | |
| | |
Shareholders’ Equity: | |
| | | |
| | |
Series A cumulative perpetual preferred Stock 8.75%, ($25.00 per share, $0.001 par value) 1,400,000 shares issued and
outstanding as of December 31, 2023 and March 31, 2023, respectively | |
| 1,400 | | |
| 1,400 | |
Common stock, $0.001 par value, 200,000,000 shares authorized 119,994,033 and 118,562,806 shares issued and 118,643,593 and
118,294,478 outstanding at December 31, 2023 and March 31, 2023, respectively | |
| 118,644 | | |
| 118,294 | |
Additional paid-in capital | |
| 395,449,082 | | |
| 391,940,374 | |
Accumulated deficit | |
| (31,513,554 | ) | |
| (18,941,825 | ) |
Treasury Stock | |
| (2,673,156 | ) | |
| (522,158 | ) |
Total Shareholders’ Equity | |
| 361,382,416 | | |
| 372,596,085 | |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | |
$ | 400,616,678 | | |
$ | 412,335,387 | |
The
accompanying notes are an integral part of these condensed consolidated financial statements.
AMMO,
Inc.
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
| |
| | |
| | |
| | |
| |
| |
For the Three Months Ended December 31, | | |
For the Nine Months Ended December 31, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
| | |
| | |
| | |
| |
Net Revenues | |
| | | |
| | | |
| | | |
| | |
Ammunition sales(1) | |
$ | 17,322,967 | | |
$ | 20,250,965 | | |
$ | 46,945,585 | | |
$ | 90,607,817 | |
Marketplace revenue | |
| 13,985,034 | | |
| 15,419,202 | | |
| 40,371,952 | | |
| 46,486,842 | |
Casing sales | |
| 4,698,463 | | |
| 3,041,327 | | |
| 17,315,888 | | |
| 10,661,420 | |
Total Revenues | |
| 36,006,464 | | |
| 38,711,494 | | |
| 104,633,425 | | |
| 147,756,079 | |
| |
| | | |
| | | |
| | | |
| | |
Cost of Revenues | |
| 25,096,088 | | |
| 26,184,315 | | |
| 71,410,243 | | |
| 104,257,529 | |
Gross Profit | |
| 10,910,376 | | |
| 12,527,179 | | |
| 33,223,182 | | |
| 43,498,550 | |
| |
| | | |
| | | |
| | | |
| | |
Operating Expenses | |
| | | |
| | | |
| | | |
| | |
Selling and marketing | |
| 236,565 | | |
| 1,010,543 | | |
| 822,098 | | |
| 3,987,214 | |
Corporate general and administrative | |
| 5,803,255 | | |
| 7,835,201 | | |
| 21,606,442 | | |
| 17,920,197 | |
Employee salaries and related expenses | |
| 3,390,153 | | |
| 4,705,636 | | |
| 13,096,468 | | |
| 11,414,434 | |
Depreciation and amortization expense | |
| 3,401,156 | | |
| 3,309,074 | | |
| 10,117,001 | | |
| 9,950,752 | |
Total operating expenses | |
| 12,831,129 | | |
| 16,860,454 | | |
| 45,642,009 | | |
| 43,272,597 | |
Income/(Loss) from Operations | |
| (1,920,753 | ) | |
| (4,333,275 | ) | |
| (12,418,827 | ) | |
| 225,953 | |
| |
| | | |
| | | |
| | | |
| | |
Other Expenses | |
| | | |
| | | |
| | | |
| | |
Other income/(loss) | |
| 4,576 | | |
| (170,403 | ) | |
| 376,186 | | |
| 28,193 | |
Interest expense | |
| (193,046 | ) | |
| (320,439 | ) | |
| (609,561 | ) | |
| (538,191 | ) |
Total other expense, net | |
| (188,470 | ) | |
| (490,842 | ) | |
| (233,375 | ) | |
| (509,998 | ) |
| |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
Provision for Income Taxes | |
| (465,234 | ) | |
| (721,125 | ) | |
| (2,419,883 | ) | |
| 1,369,427 | |
| |
| | | |
| | | |
| | | |
| | |
Net Loss | |
| (1,643,989 | ) | |
| (4,102,992 | ) | |
| (10,232,319 | ) | |
| (1,653,472 | ) |
| |
| | | |
| | | |
| | | |
| | |
Preferred Stock Dividend | |
| (782,639 | ) | |
| (782,639 | ) | |
| (2,339,410 | ) | |
| (2,339,409 | ) |
| |
| | | |
| | | |
| | | |
| | |
Net Loss Attributable to Common Stock Shareholders | |
$ | (2,426,628 | ) | |
$ | (4,885,631 | ) | |
$ | (12,571,729 | ) | |
$ | (3,992,881 | ) |
| |
| | | |
| | | |
| | | |
| | |
Net Loss per share | |
| | | |
| | | |
| | | |
| | |
Basic | |
$ | (0.02 | ) | |
$ | (0.04 | ) | |
$ | (0.11 | ) | |
$ | (0.03 | ) |
Diluted | |
$ | (0.02 | ) | |
$ | (0.04 | ) | |
$ | (0.11 | ) | |
$ | (0.03 | ) |
| |
| | | |
| | | |
| | | |
| | |
Weighted average number of shares outstanding | |
| | | |
| | | |
| | | |
| | |
Basic | |
| 118,447,154 | | |
| 117,348,511 | | |
| 118,110,943 | | |
| 116,950,013 | |
Diluted | |
| 118,447,154 | | |
| 117,348,511 | | |
| 118,110,943 | | |
| 116,950,013 | |
The
accompanying notes are an integral part of these condensed consolidated financial statements.
AMMO,
Inc.
CONDENSED
CONSOLIDATED STATEMENT OF SHAREHOLDERS’ EQUITY
(Unaudited)
| |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| |
Preferred Stock | | |
Common Shares | | |
Additional Paid-In | | |
Accumulated | | |
Treasury | | |
| |
| |
Number | | |
Par Value | | |
Number | | |
Par Value | | |
Capital | | |
(Deficit) | | |
Stock | | |
Total | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
Balance as of March 31, 2023 | |
| 1,400,000 | | |
$ | 1,400 | | |
| 118,294,478 | | |
$ | 118,294 | | |
$ | 391,940,374 | | |
$ | (18,941,825 | ) | |
$ | (522,158 | ) | |
$ | 372,596,085 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Employee stock awards | |
| - | | |
| - | | |
| 390,111 | | |
| 391 | | |
| 822,406 | | |
| - | | |
| - | | |
| 822,797 | |
Stock grants | |
| - | | |
| - | | |
| - | | |
| - | | |
| 50,750 | | |
| - | | |
| - | | |
| 50,750 | |
Preferred stock dividends | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (638,038 | ) | |
| - | | |
| (638,038 | ) |
Dividends accumulated on preferred stock | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (136,094 | ) | |
| - | | |
| (136,094 | ) |
Net loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (1,093,033 | ) | |
| - | | |
| (1,093,033 | ) |
Treasury shares purchased | |
| - | | |
| - | | |
| (738,831 | ) | |
| (739 | ) | |
| - | | |
| - | | |
| (1,456,005 | ) | |
| (1,456,744 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance as of June 30, 2023 | |
| 1,400,000 | | |
| 1,400 | | |
| 117,945,758 | | |
| 117,946 | | |
| 392,813,530 | | |
| (20,808,990 | ) | |
| (1,978,163 | ) | |
| 370,145,723 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Employee stock awards | |
| - | | |
| - | | |
| 712,783 | | |
| 713 | | |
| 1,467,236 | | |
| - | | |
| - | | |
| 1,467,949 | |
Stock grants | |
| - | | |
| - | | |
| - | | |
| - | | |
| 50,750 | | |
| - | | |
| - | | |
| 50,750 | |
Preferred stock dividends declared | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (646,545 | ) | |
| - | | |
| (646,545 | ) |
Dividends accumulated on preferred stock | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (136,094 | ) | |
| - | | |
| (136,094 | ) |
Net loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (7,495,297 | ) | |
| - | | |
| (7,495,297 | ) |
Treasury shares purchased | |
| - | | |
| - | | |
| (197,798 | ) | |
| (198 | ) | |
| - | | |
| - | | |
| (398,627 | ) | |
| (398,825 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance as of September 30, 2023 | |
| 1,400,000 | | |
| 1,400 | | |
| 118,460,743 | | |
| 118,461 | | |
| 394,331,516 | | |
| (29,086,926 | ) | |
| (2,376,790 | ) | |
| 362,987,661 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Employee stock awards | |
| - | | |
| - | | |
| 328,333 | | |
| 328 | | |
| 686,771 | | |
| - | | |
| - | | |
| 687,099 | |
Stock grants | |
| - | | |
| - | | |
| - | | |
| - | | |
| 50,750 | | |
| - | | |
| - | | |
| 50,750 | |
Common stock purchase options | |
| - | | |
| - | | |
| - | | |
| - | | |
| 380,045 | | |
| - | | |
| - | | |
| 380,045 | |
Preferred stock dividends | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (638,021 | ) | |
| - | | |
| (638,021 | ) |
Dividends accumulated on preferred stock | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (144,618 | ) | |
| - | | |
| (144,618 | ) |
Net loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (1,643,989 | ) | |
| - | | |
| (1,643,989 | ) |
Treasury shares purchased | |
| - | | |
| - | | |
| (145,483 | ) | |
| (145 | ) | |
| - | | |
| - | | |
| (296,366 | ) | |
| (296,511 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance as of December 31, 2023 | |
| 1,400,000 | | |
$ | 1,400 | | |
| 118,643,593 | | |
$ | 118,644 | | |
$ | 395,449,082 | | |
$ | (31,513,554 | ) | |
$ | (2,673,156 | ) | |
$ | 361,382,416 | |
| |
Preferred Stock | | |
Common Shares | | |
Additional Paid-In | | |
Accumulated | | |
Treasury | | |
| |
| |
Number | | |
Par Value | | |
Number | | |
Par Value | | |
Capital | | |
(Deficit) | | |
Stock | | |
Total | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
Balance as of March 31, 2022 | |
| 1,400,000 | | |
$ | 1,400 | | |
| 116,485,747 | | |
$ | 116,487 | | |
$ | 385,426,431 | | |
$ | (11,240,752 | ) | |
$ | - | | |
$ | 374,303,566 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Common stock issued for cashless warrant exercise | |
| - | | |
| - | | |
| 99,762 | | |
| 99 | | |
| (99 | ) | |
| - | | |
| - | | |
| - | |
Employee stock awards | |
| - | | |
| - | | |
| 338,375 | | |
| 338 | | |
| 1,174,725 | | |
| - | | |
| - | | |
| 1,175,063 | |
Stock grants | |
| - | | |
| - | | |
| - | | |
| - | | |
| 47,844 | | |
| - | | |
| - | | |
| 47,844 | |
Preferred stock dividends declared | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (638,071 | ) | |
| - | | |
| (638,071 | ) |
Dividends accumulated on preferred stock | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (136,061 | ) | |
| - | | |
| (136,061 | ) |
Net income | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 3,253,027 | | |
| - | | |
| 3,253,027 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance as of June 30, 2022 | |
| 1,400,000 | | |
$ | 1,400 | | |
| 116,923,884 | | |
$ | 116,924 | | |
$ | 386,648,901 | | |
$ | (8,761,857 | ) | |
$ | - | | |
$ | 378,005,368 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Common stock issued for cashless warrant exercise | |
| - | | |
| - | | |
| 12,121 | | |
| 12 | | |
| 24,230 | | |
| - | | |
| - | | |
| 24,242 | |
Employee stock awards | |
| - | | |
| - | | |
| 338,750 | | |
| 339 | | |
| 1,176,036 | | |
| - | | |
| - | | |
| 1,176,375 | |
Stock grants | |
| - | | |
| - | | |
| - | | |
| - | | |
| 43,750 | | |
| - | | |
| - | | |
| 43,750 | |
Preferred stock dividends declared | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (646,595 | ) | |
| - | | |
| (646,595 | ) |
Dividends accumulated on preferred stock | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (136,044 | ) | |
| - | | |
| (136,044 | ) |
Net income | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (803,507 | ) | |
| - | | |
| (803,507 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance as of September 30, 2022 | |
| 1,400,000 | | |
$ | 1,400 | | |
| 117,274,755 | | |
$ | 117,275 | | |
$ | 387,892,917 | | |
$ | (10,348,003 | ) | |
$ | - | | |
$ | 377,663,589 | |
Balance | |
| 1,400,000 | | |
$ | 1,400 | | |
| 117,274,755 | | |
$ | 117,275 | | |
$ | 387,892,917 | | |
$ | (10,348,003 | ) | |
$ | - | | |
$ | 377,663,589 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Common stock issued for exercised warrants | |
| - | | |
| - | | |
| 165,152 | | |
| 165 | | |
| 31,639 | | |
| - | | |
| - | | |
| 31,804 | |
Employee stock awards | |
| - | | |
| - | | |
| 604,510 | | |
| 604 | | |
| 2,105,931 | | |
| - | | |
| - | | |
| 2,106,535 | |
Stock grants | |
| - | | |
| - | | |
| - | | |
| - | | |
| 43,750 | | |
| - | | |
| - | | |
| 43,750 | |
Warrants issued for services | |
| - | | |
| - | | |
| | | |
| | | |
| 427,639 | | |
| - | | |
| - | | |
| 427,639 | |
Preferred stock dividend | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (638,304 | ) | |
| - | | |
| (638,304 | ) |
Dividends accumulated on preferred stock | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (144,334 | ) | |
| - | | |
| (144,334 | ) |
Net loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (4,102,992 | ) | |
| - | | |
| (4,102,992 | ) |
Net income (loss) | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (4,102,992 | ) | |
| - | | |
| (4,102,992 | ) |
Treasury shares purchased | |
| - | | |
| - | | |
| (150,000 | ) | |
| (150 | ) | |
| - | | |
| - | | |
| (290,861 | ) | |
| (291,011 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance as of December 31, 2022 | |
| 1,400,000 | | |
$ | 1,400 | | |
| 117,894,417 | | |
$ | 117,894 | | |
$ | 390,501,876 | | |
$ | (15,233,633 | ) | |
$ | (290,861 | ) | |
$ | 375,096,676 | |
Balance | |
| 1,400,000 | | |
$ | 1,400 | | |
| 117,894,417 | | |
$ | 117,894 | | |
$ | 390,501,876 | | |
$ | (15,233,633 | ) | |
$ | (290,861 | ) | |
$ | 375,096,676 | |
The
accompanying notes are an integral part of these condensed consolidated financial statements.
AMMO,
Inc.
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOW
(Unaudited)
| |
| | |
| |
| |
For the Nine Months Ended December 31, | |
| |
2023 | | |
2022 | |
| |
| | |
| |
Cash flows from operating activities: | |
| | | |
| | |
Net Loss | |
$ | (10,232,319 | ) | |
$ | (1,653,472 | ) |
Adjustments to reconcile Net Loss to Net Cash provided by operations: | |
| | | |
| | |
Depreciation and amortization | |
| 14,047,216 | | |
| 12,950,972 | |
Debt discount amortization | |
| 62,440 | | |
| 62,440 | |
Employee stock awards | |
| 2,977,845 | | |
| 4,457,973 | |
Stock grants | |
| 152,250 | | |
| 135,344 | |
Common stock purchase options | |
| 380,045 | | |
| - | |
Warrants Issued for Services | |
| - | | |
| 106,909 | |
Contingent consideration payable fair value | |
| (60,298 | ) | |
| (45,572 | ) |
Allowance for doubtful accounts | |
| 1,117,565 | | |
| 1,327,419 | |
Reduction in right of use asset | |
| 362,402 | | |
| 512,063 | |
Deferred income taxes | |
| (2,425,500 | ) | |
| 1,283,481 | |
Changes in Current Assets and Liabilities | |
| | | |
| | |
Accounts receivable | |
| 7,107,365 | | |
| 12,208,054 | |
Due from related parties | |
| - | | |
| 15,000 | |
Inventories | |
| 4,842,087 | | |
| (8,129,249 | ) |
Prepaid expenses | |
| 2,474,001 | | |
| 1,941,206 | |
Deposits | |
| 4,763,015 | | |
| 1,678,415 | |
Accounts payable | |
| 1,066,741 | | |
| (5,852,397 | ) |
Accrued liabilities | |
| 2,072,696 | | |
| (2,044,248 | ) |
Operating lease liability | |
| (388,261 | ) | |
| (522,917 | ) |
Net cash provided by operating activities | |
| 28,319,290 | | |
| 18,431,421 | |
| |
| | | |
| | |
Cash flows from investing activities: | |
| | | |
| | |
Purchase of equipment | |
| (5,562,283 | ) | |
| (10,566,182 | ) |
Net cash used in investing activities | |
| (5,562,283 | ) | |
| (10,566,182 | ) |
| |
| | | |
| | |
Cash flow from financing activities: | |
| | | |
| | |
Proceeds from factoring liability | |
| 37,252,869 | | |
| 57,300,000 | |
Payments on factoring liability | |
| (37,252,869 | ) | |
| (56,107,221 | ) |
Payments on inventory facility, net | |
| - | | |
| (825,675 | ) |
Payments on note payable - related party | |
| (180,850 | ) | |
| (507,508 | ) |
Payments on insurance premium note payment | |
| (3,001,805 | ) | |
| (1,916,070 | ) |
Proceeds from construction note payable | |
| - | | |
| 1,000,000 | |
Payments on construction note payable | |
| (181,639 | ) | |
| (66,586 | ) |
Preferred stock dividends paid | |
| (2,194,792 | ) | |
| (2,195,075 | ) |
Common stock repurchase plan | |
| (2,152,080 | ) | |
| (291,011 | ) |
Common stock issued for exercised warrants | |
| - | | |
| 56,046 | |
Net cash used in financing activities | |
| (7,711,166 | ) | |
| (3,553,100 | ) |
| |
| | | |
| | |
Net increase in cash | |
| 15,045,841 | | |
| 4,312,139 | |
Restricted cash, beginning of period | |
| 500,000 | | |
| - | |
Cash, beginning of period | |
| 39,134,027 | | |
| 23,281,475 | |
Cash and restricted cash, end of period | |
$ | 54,679,868 | | |
$ | 27,593,614 | |
Restricted cash, end of period | |
$ | - | | |
$ | 500,000 | |
Cash, end of period | |
$ | 54,679,868 | | |
$ | 27,093,614 | |
(Continued)
AMMO,
Inc.
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOW
(Unaudited)
| |
For the Nine Months Ended December 31, | |
| |
2023 | | |
2022 | |
| |
| | |
| |
Supplemental cash flow disclosures: | |
| | | |
| | |
Cash paid during the period for: | |
| | | |
| | |
Interest | |
$ | 548,118 | | |
$ | 433,761 | |
Income taxes | |
$ | - | | |
$ | 1,302,811 | |
| |
| | | |
| | |
Non-cash investing and financing activities: | |
| | | |
| | |
Operating lease liability | |
$ | 1,214,711 | | |
$ | 901,076 | |
Insurance premium note payment | |
$ | 1,056,199 | | |
$ | 2,035,519 | |
Dividends accumulated on preferred stock | |
$ | 144,618 | | |
$ | 144,334 | |
Construction note payable | |
$ | - | | |
$ | 10,237,032 | |
Warrants issued for services | |
$ | - | | |
$ | 427,639 | |
The
accompanying notes are an integral part of these condensed consolidated financial statements.
AMMO,
Inc.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
December
31, 2023
(Unaudited)
NOTE
1 – ORGANIZATION AND BUSINESS ACTIVITY
We
were formed under the name Retrospettiva, Inc. in November 1990 to manufacture and import textile products, including both finished garments
and fabrics. We were inactive until the following series of events in December 2016 and March 2017.
On
December 15, 2016, the Company’s majority shareholders sold their common stock to Mr. Fred W. Wagenhals (“Mr. Wagenhals”)
resulting in a change in control of the Company. Mr. Wagenhals was appointed as sole officer and the sole member of the Company’s
Board of Directors.
The
Company also approved (i) doing business in the name AMMO, Inc., (ii) a change to the Company’s OTC trading symbol to POWW, (iii)
an agreement and plan of merger to re-domicile and change the Company’s state of incorporation from California to Delaware, and
(iv) a 1-for-25 reverse stock split of the issued and outstanding shares of the common stock of the Company. These transactions were
effective as of December 30, 2016.
On
March 17, 2017, the Company entered into a definitive agreement with AMMO, Inc. a Delaware Corporation (“PRIVCO”) under which
the Company acquired all of the outstanding shares of common stock of PRIVCO. PRIVCO subsequently changes its name to AMMO Munitions,
Inc.
NOTE
2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting
Basis
The
accompanying unaudited condensed consolidated financial statements and related disclosures included in this Quarterly Report on Form
10-Q have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”)
and reflect all adjustments, which consist solely of normal recurring adjustments, needed to fairly present the financial results for
these periods. Additionally, these condensed consolidated financial statements and related disclosures are presented pursuant to the
rules and regulations of the Securities Exchange Commission (“SEC”).
The
accompanying condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements
and related disclosures contained in the Company’s Annual Report filed with the SEC on Form 10-K for the year ended March 31, 2023.
The results for the three and nine month period ended December 31, 2023 are not necessarily indicative of the results that may be expected
for the entire fiscal year. Accordingly, certain information and note disclosures normally included in financial statements prepared
in accordance with U.S. GAAP have been omitted pursuant to the rules and regulations of the SEC. In the opinion of management, all adjustments
have been made, which consist only of normal recurring adjustments necessary for a fair statement of (a) the results of operations for
the three and nine month periods ended December, 2023 and 2022, (b) the financial position at December 31, 2023, and (c) cash flows for
the nine month periods ended December 31, 2023 and 2022.
AMMO,
Inc.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
We
use the accrual basis of accounting and U.S. GAAP and all amounts are expressed in U.S. dollars. The Company has a fiscal year-end of
March 31st.
Unless
the context otherwise requires, all references to “Ammo”, “we”, “us”, “our,” or the “Company”
are to AMMO, Inc., a Delaware corporation, and its consolidated subsidiaries.
Principles
of Consolidation
The
condensed consolidated financial statements include the accounts of AMMO, Inc. and its wholly owned subsidiaries. All significant intercompany
accounts and transactions are eliminated in consolidation.
Use
of Estimates
The
preparation of financial statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect the amounts
of assets and liabilities and disclosure of contingent assets and liabilities at the date of the balance sheet and reported amounts of
revenue and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates made in preparing
the condensed consolidated financial statements include the valuation of allowances for credit losses, valuation of deferred tax assets,
inventories, useful lives of assets, goodwill, intangible assets, stock-based compensation and warrant-based compensation.
Critical
Accounting Policies
A
summary of our critical accounting policies is included in our Annual Report on Form 10-K for the year ended March 31, 2023, under “Management’s
Discussion and Analysis of Financial Condition and Results of Operations.” We adopted ASU
No. 2016-13, “Financial Instruments-Credit Losses (Topic 326) and ASU 2022-03, “Fair Value Measurement of Equity Securities
Subject to Contractual Sale Restrictions” in the current period. These policy changes did not result in a material effect on the
Company’s financial statements. There have been no other significant changes to these policies during the three and nine
months ended December 31, 2023. For disclosure regarding recent accounting pronouncements and the anticipated impact they will have on
our operations, please refer to Note 2 to the consolidated financial statements included in our Annual Report on Form 10-K for the year
ended March 31, 2023.
Goodwill
We
evaluate goodwill for impairment annually or more frequently when an event occurs or circumstances change that would more likely than
not reduce the fair value of the reporting unit below its carrying amount. In testing for goodwill impairment, we may elect to utilize
a qualitative assessment to evaluate whether it is more likely than not that the fair value of a reporting unit is less than its carrying
amount. If our qualitative assessment indicates that goodwill impairment is more likely than not, we perform a two-step impairment test.
We test goodwill for impairment under the two-step impairment test by first comparing the book value of net assets to the fair value
of the reporting unit. If the fair value is determined to be less than the book value or qualitative factors indicate that it is more
likely than not that goodwill is impaired, a second step is performed to compute the amount of impairment as the difference between the
estimated fair value of goodwill and the carrying value. We estimate the fair value of the reporting units using discounted cash flows.
Forecasts of future cash flows are based on our best estimate of future net sales and operating expenses, based primarily on expected
category expansion, pricing, market segment share, and general economic conditions. Due to the declines in the value of our stock price
and market capitalization in the year ended March 31, 2023, we assessed qualitative factors to determine if it is more likely than not
that the fair value of the Marketplace segment is less than its carrying amount. Through our analysis we determined our stock price and
market capitalization decline is not indicative of a decrease in the fair value of our Marketplace segment and a fair value calculation
using the discounted cash flows was more appropriate due to the operational performance of the reporting segment. Accordingly, the impairment
of Goodwill was not warranted for the three and nine months ended December 31, 2023. As of December 31, 2023, the Company has a goodwill
carrying value of $90,870,094, all of which is assigned to the Marketplace segment. However, should there continue to be a decline in
the Company’s market capitalization, it is possible that the book values of our Marketplace segment could exceed its fair value,
which may result in the recognition of a material, noncash impairment of goodwill for the year ending March 31, 2024.
AMMO,
Inc.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Accounts
Receivable and Allowance for Doubtful Accounts
Our
accounts receivable represents amounts due from customers for products sold and include an allowance for estimated credit losses which
is estimated based on the collectability and age of the accounts receivable balances and categorization of customers with similar financial
condition. At December 31, 2023 and March 31, 2023, we reserved $4,387,581 and $3,246,551, respectively, of allowance for doubtful accounts.
Restricted
Cash
We
consider cash to be restricted when withdrawal or general use is legally restricted. Our restricted cash balance is comprised of cash
on deposit with banks to secure the Construction Note Payable as discussed in Note 11. We report restricted cash in the Consolidated
Balance Sheets as current or non-current classification based on the expected duration of the restriction.
License
Agreements
We
are a party to a license agreement with Jesse James, a well-known motorcycle designer, and Jesse James Firearms, LLC, a Texas limited
liability company. The license agreement grants us the exclusive worldwide rights through April 12, 2026 to Mr. James’ image rights
and trademarks associated with him in connection with the marketing, promotion, advertising, sale, and commercial exploitation of Jesse
James Branded Products. We agreed to pay Mr. James royalty fees on the sale of ammunition and non-ammunition Branded Products and to
reimburse him for any out-of-pocket expenses and reasonable travel expenses.
Patents
On
September 28, 2017, AMMO Technologies Inc. (“ATI”), an Arizona corporation, which is 100% owned by us, merged with Hallam,
Inc, a Texas corporation, with ATI being the survivor. The primary asset of Hallam, Inc. was an exclusive license to produce projectiles
and ammunition using the Hybrid Luminescence Ammunition Technology under patent U.S. 8,402,896 B1 with a publication date of March 26,
2013 owned by the University of Louisiana at Lafayette. The license was formally amended and assigned to AMMO Technologies Inc. pursuant
to an Assignment and First Amendment to Exclusive License Agreement. Assumption Agreement dated to be effective as of August 22, 2017,
the Merger closing date. This asset will be amortized from September 2017, the first full month of the acquired rights, through October
29, 2028.
Under
the terms of the Exclusive License Agreement, the Company is obligated to pay a quarterly royalty to the patent holder, based on a $0.01
per unit basis for each round of ammunition sold that incorporates this patented technology through October 29, 2028. For the three months
ended December 31, 2023 and 2022, the Company recognized royalty expenses of $2,714 and $8,794, respectively under this agreement. For
the nine months ended December 31, 2023 and 2022, the Company recognized royalty expenses of $10,384 and $89,340, respectively under
this agreement.
AMMO,
Inc.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
On
October 5, 2018, we completed the acquisition of SW Kenetics Inc. ATI succeeded all of the assets of SW Kenetics, Inc. and assumed all
of the liabilities.
The
primary asset of SW Kenetics Inc. was a pending patent for modular projectiles. All rights to patent pending application were assigned
and transferred to AMMO Technologies, Inc. pursuant to Intellectual Property Rights Agreement on September 27, 2018.
We
intend to continue building our patent portfolio to protect our proprietary technologies and processes, and will file new applications
where appropriate to preserve our rights to manufacture and sell our branded lines of ammunition.
Other
Intangible Assets
On
March 15, 2019, Enlight Group II, LLC d/b/a Jagemann Munition Components, a wholly owned subsidiary of AMMO, Inc., completed its acquisition
of assets of Jagemann Stamping Company’s ammunition casing manufacturing and sales operations pursuant to the terms of the Amended
and Restated Asset Purchase Agreement. The intangible assets acquired include a tradename, customer relationships, and intellectual property.
On
April 30, 2021, we entered into an agreement and plan of merger (the “Merger Agreement”), by and among the Company, SpeedLight
Group I, LLC, a Delaware limited liability company and a wholly owned subsidiary of the Company and Gemini Direct Investments, LLC, a
Nevada limited liability company. Whereby SpeedLight Group I, LLC merged with and into Gemini Direct Investments, LLC, with SpeedLight
Group I, LLC surviving the merger as a wholly owned subsidiary of the Company. At the time of the Merger, Gemini Direct Investments,
LLC had nine (9) subsidiaries, all of which are related to Gemini’s ownership of Gunbroker.com, an online auction marketplace dedicated
to firearms, hunting, shooting, and related products. The intangible assets acquired include a tradename, customer relationships, intellectual
property, software and domain names.
Impairment
of Long-Lived Assets
We
continually monitor events and changes in circumstances that could indicate carrying amounts of long-lived assets may not be recoverable.
When such events or changes in circumstances are present, we assess the recoverability of long-lived assets by determining whether the
carrying value of such assets will be recovered through undiscounted expected future cash flows. If the total of the future cash flows
is less than the carrying amount of those assets, we recognize an impairment loss based on the excess of the carrying amount over the
fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or the fair value less costs to sell.
No impairment expense was recognized for the three and nine months ended December 31, 2023 and 2022.
Revenue
Recognition
We
generate revenue from the production and sale of ammunition, ammunition casings, and marketplace fee revenue, which includes auction
revenue, payment processing revenue, and shipping income. We recognize revenue according to Accounting Standard Codification –
Revenue from Contract with Customers (“ASC 606”). When the customer obtains control over the promised goods or services,
we record revenue in the amount of consideration that we can expect to receive in exchange for those goods and services. We apply the
following five-step model to determine revenue recognition:
|
● |
Identification
of a contract with a customer |
|
● |
Identification
of the performance obligations in the contact |
|
● |
Determination
of the transaction price |
|
● |
Allocation
of the transaction price to the separate performance allocation |
|
● |
Recognition
of revenue when performance obligations are satisfied |
AMMO,
Inc.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
We
only apply the five-step model when it is probable that we will collect the consideration we are entitled to in exchange for the goods
or services transferred to the customer. At contract inception and once the contract is determined to be within the scope of ASC 606,
we assess the goods or services promised within each contract and determine those that are performance obligations, and assess whether
each promised good or service is distinct.
For
Ammunition Sales and Casing Sales, our contracts contain a single performance obligation and the entire transaction price is allocated
to the single performance obligation. We recognize as revenues the amount of the transaction price that is allocated to the respective
performance obligation when the performance obligation is satisfied or as it is satisfied. Accordingly, we recognize revenues (net) when
the customer obtains control of our product, which typically occurs upon shipment of the product or the performance of the service. In
the year ended March 31, 2021, we began accepting contract liabilities or deferred revenue. We included Deferred Revenue in our Accrued
Liabilities. We will recognize revenue when the performance obligation is met.
For
Marketplace revenue, the performance obligation is satisfied, and revenue is recognized as follows:
Auction
revenue consists of optional listing fees with variable pricing components based on customer options selected from the GunBroker website
and final value fees based on a percentage of the final selling price of the listed item. The performance obligation is to process the
transactions as initiated by the customer. Revenue is recognized at a point in time when the transaction is processed.
Payment
processing revenue consists of fees charged to customers on a transactional basis. The performance obligation is to process the transactions
as initiated by the customer. The price is set by the GunBroker user agreement on the website based on stand-alone selling prices. Revenue
is recognized at a point in time when the transaction is processed.
Shipping
income consists of fees charged to customers for shipping of sold items listed on the GunBroker website. The performance obligation is
to ship the item sold as initiated by the customer. The price is set based on the third-party service provider selected to be used by
the customer as well as the speed and location of shipment. Revenue is recognized at a point in time when the shipping label is printed.
Banner
Advertising Campaign Revenue consists of fees charged to customers for advertisement placement and impressions generated through the
GunBroker website. The performance obligation is to generate the number of impressions specified by the customer on banner advertisements
on the GunBroker website using the placement selected by the customer. The price is set by the GunBroker user agreement on the website
based on standalone selling prices, or by advertising insertion order as negotiated by media broker. If the number of impressions promised
is not generated, the customer receives a refund and the refund is applied to the transaction price. Banner advertising campaigns generally
run for one month, and revenue is recognized at a point in time at the end of the selected month.
Product
Sales consists of fees charged for the liquidation of excess inventory for partner distributors. The performance obligation is to sell
and ship the inventory item as initiated by the customer. The price depends on whether the inventory is a fixed price item or an auction
item. For a fixed price item, the Company performs research to determine the current market rate for such an item, and the item is listed
at that price. For an auction item, the price is set by what the buyer is willing to pay. The Company acts as a principal in these transactions
due to the extent of control they have over the product prior to the sale. Due to the principal determination, gross revenue is recognized
at a point in time when the item has been shipped.
AMMO,
Inc.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Identity
Verification consists of fees charged to customers for identity verification in order to gain access to the GunBroker website. The performance
obligation is to process the identity verification as initiated by the customer. The price is set by the GunBroker user agreement on
the website based on a stand-alone selling price. Revenue is recognized at a point in time when the identity verification is completed.
For
the three and nine months ended December 31, 2023, the Company did not have any customers that comprised more than ten percent (10%)
of total revenues or accounts receivable.
Disaggregated
Revenue Information
The
following table represents a disaggregation of revenue from customers by category. We attribute net sales to categories by product or
services types; ammunition, ammunition casings, and marketplace fees. We note that revenue recognition processes are consistent between
product and service type, however, the amount, timing and uncertainty of revenue and cash flows may vary by each product type due to
the customers of each product and service type.
SCHEDULE OF DISAGGREGATED REVENUE FROM CUSTOMERS BY SEGMENT
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For
the Three Months Ended |
|
|
For
the Nine Months Ended |
|
|
|
December
31, 2023 |
|
|
December
31, 2022 |
|
|
December
31, 2023 |
|
|
December
31, 2022 |
|
Ammunition
sales(1) |
|
$ |
17,322,967
|
|
|
$ |
20,250,965 |
|
|
$ |
46,945,585 |
|
|
$ |
90,607,817
|
|
Marketplace
fee revenue |
|
|
13,985,034 |
|
|
|
15,419,202 |
|
|
|
40,371,952 |
|
|
|
46,486,842
|
|
Ammunition
casings sales |
|
|
4,698,463
|
|
|
|
3,041,327 |
|
|
|
17,315,888
|
|
|
|
10,661,420
|
|
Total
Sales |
|
$ |
36,006,464
|
|
|
$ |
38,711,494 |
|
|
$ |
104,633,425
|
|
|
$ |
147,756,079 | |
Ammunition
products are sold through “Big Box” retailers, manufacturers, local ammunition stores, and shooting range operators. We also
sell directly to customers online. In contrast, our ammunition casings products are sold to manufacturers. Marketplace fees are generated
through our GunBroker.com online auction marketplace.
Advertising
Costs
We
expense advertising costs as they are incurred in selling and marketing expenses of operating expenses. Marketplace advertising
costs are expensed as they are incurred in cost of revenues. We incurred advertising expenses of $297,166 and $240,449, of which
$75,655 and
$217,422 related
to our ammunition segment, for the three months ended December 31, 2023 and 2022, respectively, and recognized in selling and
marketing expenses and $221,511 and
$23,027 of
marketplace advertising expenses recognized in cost of revenues for the three months ended December 31, 2023 and 2022, respectively.
We incurred advertising expenses of $850,001 and $1,156,205, of which $289,319 and
$912,959 related
to our ammunitions segment, for the nine months ended December 31, 2023 and 2022, respectively, and recognized in selling and
marketing expenses and $560,682 and
$243,246 of
marketplace advertising expenses recognized in cost of revenues for the nine months ended December 31, 2023 and 2022,
respectively.
Fair
Value of Financial Instruments
Fair
value estimates discussed herein are based upon certain market assumptions and pertinent information available to us as of December 31,
2023. The respective carrying value of certain on-balance-sheet financial instruments approximated their fair value. These financial
instruments include cash, accounts receivable, accounts payable, amounts due to related parties, and the construction
note payable. Fair values were assumed to approximate carrying values because they are short term in nature and their carrying amounts
approximate fair values or they are payable on demand.
Inventories
We
state inventories at the lower of cost or net realizable value. We determine cost using the average cost method. Our inventory consists
of raw materials, work in progress, and finished goods. Cost of inventory includes cost of parts, labor, quality control, and all other
costs incurred to bring our inventories to condition ready to be sold. We periodically evaluate and adjust inventories for obsolescence.
AMMO,
Inc.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Property
and Equipment
We
state property and equipment at cost, less accumulated depreciation. We capitalize major renewals and improvements, while we charge minor
replacements, maintenance, and repairs to current operations. We compute depreciation by applying the straight-line method over estimated
useful lives, which are generally 5 to 10 years for equipment and 40 years for our building.
Compensated
Absences
We
accrue a liability for compensated absences in accordance with Accounting Standards Codification 710 – Compensation – General
(“ASC 710”).
Research
and Development
To
date, we have expensed all costs associated with developing our product specifications, manufacturing procedures, and products through
our cost of products sold, as this work was done by the same employees who produced the finished product. We anticipate that it may become
necessary to reclassify research and development costs into our operating expenditures for reporting purposes as we begin to develop
new technologies and lines of ammunition.
Stock-Based
Compensation
We
account for stock-based compensation at fair value in accordance with Accounting Standards Codification 718 – Compensation
– Stock Compensation (“ASC 718”), which requires the measurement and recognition of compensation expense for all
share-based payment awards to employees and directors. On April 1, 2023 we adopted ASU 2022-03, “Fair Value Measurement of
Equity Securities Subject to Contractual Sale Restrictions.” Accordingly, stock based compensation is valued using market
value of our Common Stock. Stock-based compensation is recognized on a straight line basis over the vesting periods and forfeitures
are recognized in the periods they occur. We account for common stock purchase option awards by estimating the fair value of each
option award on the grant date using the Black-Scholes option pricing model that uses assumption and estimates that we believe are
reasonable. There were 328,333
and 1,431,227
shares of common stock issued to employees, members of the Board of Directors, and members of our advisory committee for services
during the three and nine months ended December 31, 2023, respectively. There were 604,510
and 1,281,635
shares of common stock issued to employees, members of the Board of Directors, and members of our advisory committee for services
during the three and nine months ended December 31, 2022, respectively.
Concentrations
of Credit Risk
Accounts
at banks are insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $250,000. As of December 31, 2023, our bank
account balances exceeded federally insured limits.
Income
Taxes
We
file federal and state income tax returns in accordance with the applicable rules of each jurisdiction. We account for income taxes under
the asset and liability method in accordance with Accounting Standards Codification 740 – Income Taxes (“ASC 740”).
The provision for income taxes includes federal, state, and local income taxes currently payable, and deferred taxes. We recognize deferred
tax assets and liabilities for the future tax consequences attributable to differences between the financial statement carrying amounts
of existing assets and liabilities and their respective tax basis. We measure deferred tax assets and liabilities using enacted tax rates
expected to apply to taxable amounts in years in which those temporary differences are expected to be recovered or settled. If it is
more likely than not that some portion or all of a deferred tax asset will not be realized, a valuation allowance is recognized. In accordance
with ASC 740, we recognize the effect of income tax positions only if those positions are more likely than not of being sustained. We
measure recognized income tax positions at the largest amount that is greater than 50% likely of being realized. We reflect changes in
recognition or measurement in the period in which the change in judgment occurs.
Excise
Tax
As
a result of regulations imposed by the Federal Government for sales of ammunition to non-government U.S. entities, we charge and collect
an 11% excise tax for all products sold into these channels. During the three and nine months ended December 31, 2023, we recognized
approximately $1.5 million and $4.0 million, respectively, in excise taxes. During the three and nine months ended December 31, 2022,
we recognized approximately $1.7 million and $7.8 million, respectively, in excise taxes. For ease in selling to commercial markets,
excise tax is included in our unit price for the products sold. We record this through net sales and expense the offsetting tax expense
to cost of goods sold.
AMMO,
Inc.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Contingencies
Certain
conditions may exist as of the date the consolidated financial statements are issued that may result in a loss to us but will only be
resolved when one or more future events occur or fail to occur. We assess such contingent liabilities, and such assessment inherently
involves an exercise of judgment. In assessing loss contingencies related to legal proceedings that are pending against us or unasserted
claims that may result in such proceedings, we evaluate the perceived merits of any legal proceedings or unasserted claims and the perceived
merits of the amount of relief sought or expected to be sought therein.
If
the assessment of a contingency indicates that it is probable that a material loss has been incurred and the amount of the liability
is reasonably estimated, the estimated liability would be accrued in our condensed consolidated financial statements. If the assessment
indicates that a potentially material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated,
then the nature of the contingent liability, together with an estimate of range of possible loss if determinable and material, would
be disclosed.
AMMO
was involved in three contract arbitration cases with adverse former employees, one of which is still active. The first one involved an employee terminated
for cause who is seeking contract wages and stock that was earned but clawed back upon his termination. In that case, the Company
received a favorable ruling on a partial motion for summary judgment wherein the arbitrator ruled the employee had refused to return
funds he received as reimbursement for invoices he never paid. The arbitrator, thus, granted the Company’s partially
dispositive motion. The remaining claims went to an arbitration hearing in late September 2023. No decision has yet been
rendered.
The
second case involved an employee who was terminated without cause wherein the former employee is seeking contract wages, commissions
and allegedly earned common stock. The Company also received notice in October 2022 that an OSHA whistleblower complaint had been
filed with the US Department of Labor by that same employee that had been terminated for cause. The regulatory filing was received
after AMMO refused to capitulate to the former employee’s demands. AMMO has produced documents and submitted its position
statement to OSHA and the matter is currently pending at the agency level. AMMO uncovered additional information through work with
counsel and investigators and a supplemental response was provided to OHSA on or about July 10, 2023. The Company and the employee
agreed to arbitrate the case. The parties reached a resolution of all outstanding claims in November 2023 and all claims have been dismissed.
The third case involved an employee
who was terminated without cause wherein the former employee is seeking contract wages and commissions. The Company and the employee agreed
to arbitrate the case in August 2023. The parties reached a resolution of all outstanding claims in January 2024 and all claims have been
dismissed.
On
April 30, 2023, Director and Stockholder Steve Urvan filed suit in the Delaware Court of Chancery against the Company, certain Directors,
former directors, employees, former employees and consultants. Urvan’s complaint alleges fraudulent misrepresentation in connection
with the Company’s acquisition of GunBroker.com and certain affiliated companies. Urvan seeks relief in the form of a Court order
for partial rescission of the Merger and compensatory damages. The Company and the individual defendants believe that the claims are
without merit and have moved to dismiss Urvan’s complaint. The Company has also filed a separate lawsuit against Urvan in the Delaware
Court of Chancery alleging, among other things, that Urvan committed fraud in connection with the GunBroker.com sale and that Urvan breached
his indemnification obligations to AMMO after the sale. On September 11, 2023, the Court of Chancery consolidated the Company’s
lawsuit against Urvan with Urvan’s lawsuit against the Company and the individual defendants. On September 18, 2023, AMMO filed
an amended complaint that added a new fraudulent inducement claim and a claim for violation of the Arizona Securities Act. Urvan has
moved to dismiss AMMO’s affirmative claims. The Court of Chancery held a hearing on both motions to dismiss in the consolidated
action on December 18, 2023. The parties are currently awaiting a ruling.
The
Company received an assessment from the Alcohol and Tobacco Tax and Trade Bureau (“TTB”) for penalties related to excise
tax filings in prior fiscal years. A request for abatement was submitted on May 22, 2023, which was subsequently denied by the TTB. The Company participated in an
appeals conference in October of 2023 and is currently awaiting a determination.
On December 6, 2023, Director and Stockholder Steve Urvan filed suit in the Delaware Court of Chancery against the
Company alleging the Company wrongfully refused to provide him access to certain categories of documents. The Company has asserted as
an affirmative defense that Mr. Urvan’s primary purpose is to obtain documents to support
his claims in the Delaware Plenary Litigation filed April 30, 2023, in which discovery is currently stayed. The parties are currently
completing document discovery. A one-day trial is scheduled at the end of February 2024.
We
have accrued for contingencies totaling approximately $0.2 million and $1.3 million for the three and nine months ended December 31, 2023, respectively. There were
no other known contingencies at December 31, 2023.
AMMO,
Inc.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
NOTE
3 – INCOME/(LOSS) PER COMMON SHARE
We
calculate basic income/(loss) per share using the weighted-average number of shares of common stock outstanding during each reporting
period. Diluted income/(loss) per share includes potentially dilutive securities, such as outstanding options and warrants. We use the
treasury stock method, in the determination of dilutive shares outstanding during each reporting period. We have issued warrants to purchase
2,256,296 shares of common stock. Due to the net loss attributable to common shareholders for the three and nine months ended December
31, 2023, potentially dilutive securities, which consists of 152,048 and 65,459 of respective warrants, 44,303 and 39,890 of respective
equity incentive awards, and 150,000 of respective common stock purchase options were excluded, as a result of the treasury stock method,
from the dilutive EPS calculation as the effect would be antidilutive. Due to the net loss attributable to common shareholders for the
three and nine months ended December 31, 2022, potentially dilutive securities, which consists of 389,544 and 1,070,694 (536,311 and
150,000 warrants, respectively, for the three and nine months ended December 31, 2022 were excluded as a result of the treasury stock
method) common stock purchase warrants and 5,281 and 19,095 equity incentive awards, respectively for the three and nine months ended
December 31, 2022, have been excluded from the dilutive EPS calculation as the effect would be antidilutive.
SCHEDULE OF INCOME/(LOSS) PER COMMON SHARE
| |
| | |
| | |
| | |
| |
| |
For the Three Months Ended December 31, | | |
For the Nine Months Ended December 31, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
| | |
| | |
| | |
| |
Numerator: | |
| | | |
| | | |
| | | |
| | |
Net loss | |
$ | (1,643,989 | ) | |
$ | (4,102,992 | ) | |
$ | (10,232,319 | ) | |
$ | (1,653,472 | ) |
Less: Preferred stock dividends | |
| (782,639 | ) | |
| (782,639 | ) | |
| (2,339,410 | ) | |
| (2,339,409 | ) |
Net loss attributable to common stockholders | |
$ | (2,426,628 | ) | |
$ | (4,885,631 | ) | |
$ | (12,571,729 | ) | |
$ | (3,992,881 | ) |
| |
| | | |
| | | |
| | | |
| | |
Denominator: | |
| | | |
| | | |
| | | |
| | |
Weighted average shares of common stock – Basic | |
| 118,447,154 | | |
| 117,348,511 | | |
| 118,110,943 | | |
| 116,950,013 | |
Effect of dilutive common stock purchase warrants | |
| - | | |
| - | | |
| - | | |
| - | |
Effect of dilutive equity incentive awards | |
| - | | |
| - | | |
| - | | |
| - | |
Effect of dilutive common stock purchase options | |
| - | | |
| - | | |
| - | | |
| - | |
Weighted average shares
of common stock - Diluted | |
| 118,447,154 | | |
| 117,348,511 | | |
| 118,110,943 | | |
| 116,950,013 | |
| |
| | | |
| | | |
| | | |
| | |
Earnings per share: | |
| | | |
| | | |
| | | |
| | |
Loss per share attributable to common stockholders – basic | |
$ | (0.02 | ) | |
$ | (0.04 | ) | |
$ | (0.11 | ) | |
$ | (0.03 | ) |
Loss per share attributable to common stockholders – diluted | |
$ | (0.02 | ) | |
$ | (0.04 | ) | |
$ | (0.11 | ) | |
$ | (0.03 | ) |
NOTE
4 – INVENTORIES
At
December 31, 2023 and March 31, 2023, the inventory balances are composed of:
SCHEDULE OF INVENTORIES
| |
December, 2023 | | |
March 31, 2023 | |
Finished product | |
$ | 15,710,247 | | |
$ | 14,362,514 | |
Raw materials | |
| 22,760,289 | | |
| 23,898,596 | |
Work in process | |
| 11,032,196 | | |
| 16,083,709 | |
Inventory net | |
$ | 49,502,732 | | |
$ | 54,344,819 | |
NOTE
5 – PROPERTY AND EQUIPMENT
We
state equipment at historical cost less accumulated depreciation. We compute depreciation using the straight-line method at rates intended
to depreciate the cost of assets over their estimated useful lives, which are generally 5 to 10 years for equipment and 40 years for
our building. Upon retirement or sale of property and equipment, we remove the cost of the disposed assets and related accumulated depreciation
from the accounts and any resulting gain or loss is credited or charged to other expense. We charge expenditures for normal repairs and
maintenance to expense as incurred.
We
capitalize additions and expenditures for improving or rebuilding existing assets that extend the useful life. Leasehold improvements
made either at the inception of the lease or during the lease term are amortized over the shorter of their economic lives or the lease
term including any renewals that are reasonably assured.
AMMO,
Inc.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Property
and Equipment consisted of the following at December 31, 2023 and March 31, 2023:
SCHEDULE OF PROPERTY AND EQUIPMENT
| |
December 31, 2023 | | |
March 31, 2023 | |
Leasehold Improvements | |
$ | 257,009 | | |
$ | 257,009 | |
Building | |
| 29,067,369 | | |
| 28,623,329 | |
Furniture and Fixtures | |
| 413,746 | | |
| 384,650 | |
Vehicles | |
| 153,254 | | |
| 153,254 | |
Equipment | |
| 44,104,409 | | |
| 40,233,186 | |
Tooling | |
| 143,710 | | |
| 143,710 | |
Construction in Progress | |
| 1,952,152 | | |
| 734,781 | |
Total property and equipment | |
$ | 76,091,649 | | |
$ | 70,529,919 | |
Less accumulated depreciation | |
| (18,813,046 | ) | |
| (14,566,664 | ) |
Net property and equipment | |
$ | 57,278,603 | | |
$ | 55,963,255 | |
Depreciation
Expense for the three and nine months ended December 31, 2023 totaled $1,486,889,
and $4,246,935, respectively. For three and
nine months ended December 31, 2023 depreciation expense included in Cost of Revenues totaled
$1,229,128 and $3,560,117, respectively and $257,761 and $686,818 of depreciation expense was included in Operating Expenses for three
and nine months ended December 31, 2023. Depreciation Expense for the three and nine months ended December 31, 2022 totaled $1,089,243,
and $3,150,691, respectively. For three and nine months ended December 31, 2022 depreciation expense included in Cost of Revenues totaled
$923,564 and $2,630,122, respectively and $165,679 and $520,569 of depreciation expense was included in Operating Expenses for three
and nine months ended December 31, 2022.
NOTE
6 – FACTORING LIABILITY
On
July 1, 2019, we entered into a Factoring and Security Agreement with Factors Southwest, LLC (“FSW”). FSW may purchase from
time to time the Company’s Accounts Receivables with recourse on an account by account basis. The twenty-four month agreement contains
a maximum advance amount of $5,000,000 on 85% of eligible accounts and has an annualized interest rate of the Prime Rate published from
time to time by the Wall Street Journal plus 4.5%. The agreement contains a fee of 3% ($150,000) of the Maximum Facility assessed to
the Company. Our obligations under this agreement are secured by present and future accounts receivables and related assets, inventory,
and equipment. The Company has the right to terminate the agreement, with 30 days written notice, upon obtaining a non-factoring credit
facility. This agreement provides the Company with the ability to convert our account receivables into cash. We
did not have an outstanding balance on our Factoring liability as of December 31, 2023. For the three and nine months ended December
31, 2023, interest expense recognized on the Factoring Liability was $81,952 and $185,319, respectively, including $62,500 of amortization
of the commitment fee. For the three and nine months ended December 31, 2022, interest expense recognized on the Factoring Liability
was $42,286 and $111,220 including $37,500 of amortization of the commitment fee.
On
June 17, 2023, per the terms of this agreement, the maturity date was extended to June 17, 2025.
On
November 29, 2023, we provided FSW notice of termination of the agreement. The agreement terminated on December 29, 2023. We recognized
an expense of $281,108 in relation to the termination of the agreement with FSW.
NOTE
7 – INVENTORY CREDIT FACILITY
On
June 17, 2020, we entered into a Revolving Inventory Loan and Security Agreement with FSW. FSW will establish a revolving credit line,
and make loans from time to time to the Company for the purpose of providing capital. The twenty-four month agreement secured by our
inventory, among other assets, contains a maximum loan amount of $1,750,000 on eligible inventory and has an annualized interest rate
of the greater of the three-month LIBOR rate plus 3.09% or 8%. The agreement contains a fee of 2% of the maximum loan amount ($35,000)
assessed to the Company. On July 31, 2020, the Company amended its Revolving Loan and Security Agreement to increase the maximum inventory
loan amount to $2,250,000. As of December 31, 2023, there was no outstanding balance of the Inventory Credit Facility. There was no interest
expense for the three and nine months ended December 31, 2023. Interest expense recognized on the Inventory Credit Facility was $6,580
and $24,256 for the three and nine months ended December 31, 2022, respectively.
On
November 29, 2023, we provided FSW notice of termination of the agreement. The agreement terminated on December 29, 2023.
NOTE
8 – REVOLVING LOAN
On
December 29, 2023, we entered into a Loan and Security Agreement (the “Sunflower Agreement”) by and among the Company and
other borrowers party to the Agreement (collectively, the “Borrower”), the lenders party thereto (collectively, the “Lenders”)
and Sunflower Bank, N.A., as administrative agent and collateral agent (the “Agent”). Capitalized terms used but not otherwise
defined herein have the same definitions given to such terms in the Sunflower Agreement under the terms of the Sunflower Agreement, the
Lenders have provided to the Borrower a revolving loan in the principal amount of the lesser of (a) $20,000,000 (the “Total Commitment
Amount”) and (b) the Borrowing Base (a formula based on certain amounts owed to Borrower for goods sold or services provided and
eligible inventory (the “Revolving Loan”). The proceeds of loans under the Sunflower Agreement may be used for working capital,
general corporate purposes, Permitted Acquisitions, to pay fees and expenses incurred in connection with the Revolving Line, to facilitate
Borrower’s stock repurchase program and to fund Borrower’s general business requirements.
The
Revolving Loan bears interest at a rate of the greater of (x) 3.50% (the “Floor Rate”) and (y) Term SOFR, plus 3.00% (the
“Revolving Facility Applicable Rate”) and is computed on the basis of a 360-day year for the actual number of days elapsed.
Except in an Event of Default (as defined below), Advances under the Revolving Loan shall bear interest, on the outstanding Daily Balance
thereof, at the Revolving Facility Applicable Rate. Interest is due and payable on the first calendar day of each month during the term
of the Sunflower Agreement. The Borrower is also obligated to pay to Agent, for the ratable benefit of Lenders, an origination fee, Prepayment
Fee, unused facility fee, collateral monitoring fee and Lender Expenses.
The
Borrower may borrow, repay and reborrow under the Revolving Loan until December 29, 2026 (the “Maturity Date”), at which
time the commitments will terminate and all outstanding loans, together with all accrued and unpaid interest, must be repaid. If the
Revolving Loan is refinanced by another lender prior to the Maturity Date, an additional fee payable concurrently with such refinancing
in an amount equal to (i) three percent (3.0%) of the Total Commitment Amount, if such financing occurs after the Closing Date but on
or prior to the first anniversary of the Closing Date, (ii) two percent (2.0%) of the Total Commitment Amount, if such refinancing occurs
after the first anniversary of the Closing Date but on or prior to the second anniversary of the Closing Date, and (iii) one percent
(1.0%) of the Total Commitment Amount, if such refinancing occurs after the second anniversary of the Closing Date but on or prior to
the third anniversary of the Closing Date (the “Prepayment Fee”).
The
Sunflower Agreement contains customary affirmative and negative covenants, including covenants that limit or restrict the Borrower’s
and the Borrower’ subsidiaries’ ability to, among other things, incur subsidiary indebtedness, grant liens, merge or consolidate,
dispose of substantially all assets of the Borrower and its subsidiaries, taken as a whole, make investments, make acquisitions, enter
into certain transactions with affiliates, pay dividends or make distributions, repurchase stock, and enter into restrictive agreements,
in each case subject to customary exceptions.
The
Sunflower Agreement includes customary events of default (each, an “Event of Default”) that include, among other things,
non-payment defaults, inaccuracy of representations and warranties, covenant defaults, insolvency defaults, material judgment defaults,
attachment defaults, subordinated debt default, guaranty defaults, and governmental approval defaults. Upon an Event of Default, all
Obligations under the Sunflower Agreement shall bear interest at a rate equal to three (3.0) percentage points above the interest rate
applicable immediately prior to the occurrence of the Event of Default.
We
did not have an outstanding balance on our Revolving Loan as of December 31, 2023.
NOTE
9 – LEASES
We
lease office, manufacturing, and warehouse space in Scottsdale, AZ, Atlanta and Marietta, GA, and Manitowoc, WI under contracts we classify
as operating leases. None of our leases are financing leases. During the nine months ended December 31, 2023, we extended the term of
our Scottsdale lease for five years and increased our Right of Use Assets and Operating Lease Liabilities by $1,252,896 and we terminated
our Marietta lease resulting in a $35,919 decrease to our Right of Use Assets and a $38,185 decrease to our Operating Lease Liabilities.
We terminated our lease agreement in our first Manitowoc, WI location during the year ended March 31, 2023. Accordingly, we decreased
our Right of Use Assets and Operating Lease Liabilities by $901,076.
As
of December 31, 2023 and March 31, 2023, total Right of Use Assets were $2,113,943 and $1,261,634, respectively. As of December 31, 2023
and March 31, 2023, total Operating Lease Liabilities were $2,200,674 and $1,374,224, respectively. The current portion of our Operating
Lease Liability on December 31, 2023 and March 31, 2023 is $463,059 and $470,734, respectively, and is reported as a current liability.
The remaining $1,737,615 of the total $2,200,674 as of December 31, 2023 and the $903,490 of the total $1,374,224 as of March 31, 2023
of the Operating Lease Liability is presented as a long-term liability net of the current portion.
AMMO,
Inc.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Consolidated
lease expense for the nine months ended December 31, 2023 was $502,889 including $477,065 of operating lease expense and $25,824 of other
lease associated expenses such as association dues, taxes, utilities, and other month to month rentals.
The
weighted average remaining lease term and weighted average discount rate for operating leases were 4.2 years and 10.0%, respectively.
Future
minimum lease payments under non-cancellable leases as of December 31, 2023 are as follows:
SCHEDULE
OF FUTURE MINIMUM LEASE PAYMENTS UNDER NON-CANCELLABLE LEASES
Years Ended March 31, | |
| |
2024 (1) | |
$ | 165,040 | |
2025 | |
| 666,233 | |
2026 | |
| 665,069 | |
2027 | |
| 581,574 | |
2028 | |
| 379,067 | |
Thereafter | |
| 258,102 | |
Total Lease Payments | |
| 2,715,085 | |
Less: Amount Representing Interest | |
| (514,411 | ) |
Present value of lease liabilities | |
$ | 2,200,674 | |
NOTE
10 – NOTES PAYABLE – RELATED PARTY
For
the nine months ended December 31, 2023, the Company made $180,850 in principal payments, respectively, in connection with the Amended
Note B, an amended related party note payable with Jagemann Stamping Company (“JSC”). We entered into the Amended Note B
with JSC on November 4, 2020 and the note matured on June 26, 2023. We recognized $1,788 in interest expense for the three and nine months
ended December 31, 2023 and $12,753 and $41,450 in respective interest expenses for the three and
nine months ended December 31, 2022, respectively.
AMMO,
Inc.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
NOTE
11 – CONSTRUCTION NOTE PAYABLE
On
October 14, 2021, we entered into a Construction Loan Agreement (the “Loan Agreement”) with Hiawatha National Bank (“Hiawatha”).
The Loan Agreement specified that Hiawatha may lend up to $11,625,000 to the Borrower to pay a portion of the construction costs of an
approximately 160,000 square foot manufacturing facility to be constructed on our property (the “Loan”). Hiawatha advanced
Loan funds from October 2021 to October 2022 totaling $11,625,000. The Loan is an advancing term loan and not a revolving loan so any
portion of the principal repaid cannot be reborrowed.
Additionally,
on October 14, 2021, we issued a Promissory Note in favor of Hiawatha (the “Note”) in the amount of up to $11,625,000 with
an interest rate of four and one-half percent (4.5%). The maturity date of the Note is October 14, 2026.
As
of July 2022, we are eligible to prepay the Note in whole or in part with a prepayment premium of one percent (1%) of the principal being
prepaid.
The
Loan Agreement contains customary events of default including, but not limited to, a failure to make any payments pursuant to the Loan
Agreement or Note, a failure to complete construction of the project, a lien of $100,000 or more against the property, or a transfer
of the property without Hiawatha’s consent. Upon the occurrence of an event of default, among other remedies, the amounts due pursuant
to the Loan can be accelerated, Hiawatha can foreclose on the property pursuant to the mortgage, and a late charge of five percent (5%)
of the amount due will be owed with all amounts then owed pursuant to the Note bearing interest at an increased rate.
We
are required to maintain a Debt Service Coverage Ratio, as defined in the terms of the Loan Agreement, of not less than 1.25 to 1.00
for the period defined below and continuing to and including the Maturity Date. The Debt Service Coverage Ratio shall be tested on an
annual basis, as of July 1, for each previous year. We maintained compliance under the Loan Agreement since its inception.
We
made $181,639 in principal payments for the nine months ended December 31, 2023. The restricted cash can be released per the terms documented
in the Loan Agreement filed with the Commission as an exhibit to Form 10-Q on February 14, 2022. During the year ended March 31, 2023, $500,000 of
restricted cash was released with $500,000 remaining restricted. During the nine months ended December 31, 2023, the remaining $500,000
of restricted cash was released.
NOTE
12 – CAPITAL STOCK
Our
authorized capital consists of 200,000,000 shares of common stock with a par value of $0.001 per share.
During
the nine month period ended December 31, 2023, we issued 1,431,227 shares of common stock as follows:
|
● |
1,431,227
shares valued at $2,977,845 were issued to employees, members of the Board of Directors, and members of the Advisory Committee as
compensation |
AMMO,
Inc.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
At
December 31, 2023, outstanding and exercisable stock purchase warrants consisted of the following:
SCHEDULE
OF OUTSTANDING AND EXERCISABLE STOCK PURCHASE WARRANTS
| |
Number of Shares | | |
Weighted Average Exercise Price | | |
Weighted Average Life Remaining (Years) | |
Outstanding at March 31, 2023 | |
| 2,460,946 | | |
$ | 2.46 | | |
| 1.59 | |
Granted | |
| - | | |
| - | | |
| - | |
Exercised | |
| - | | |
| - | | |
| - | |
Forfeited or cancelled | |
| (204,650 | ) | |
| 2.00 | | |
| - | |
Outstanding at December 31, 2023 | |
| 2,256,296 | | |
$ | 2.51 | | |
| 1.05 | |
Exercisable at December 31, 2023 | |
| 2,256,296 | | |
$ | 2.51 | | |
| 1.05 | |
As
of December 31, 2023, we had 2,256,296 warrants outstanding. Each warrant provides the holder the right to purchase up to one share of
our Common Stock at a predetermined exercise price. The outstanding warrants consist of (1) warrants to purchase 911 shares of Common
Stock at an exercise price of $1.65 per share until April 2025; (2) warrants to purchase 1,244,108 shares of our Common Stock at an exercise
price of $2.00 per share consisting of 1% of the warrants until August 2024, and 99% until February 2026; (3) warrants to purchase 474,966
shares of Common Stock at an exercise price of $2.40 until September 2024; (4) warrants to purchase 386,311 shares of Common Stock at
an exercise price of $2.63 until November 2025, and (5) warrants to purchase 150,000 shares of Common Stock at an exercise price of $6.72
until February 2024.
Option
Granted
During
the nine months ended December 31, 2023, we granted stock options (“Options”) to purchase 400,000
shares of our Common Stock to our Chief Executive
Officer, of which (i) 100,000
Options shall vest on the Effective Date, and
(ii) 300,000
Options shall vest in equal quarterly installments of 25,000
over
3 years beginning on the first quarter ended September 30, 2023. The Options shall (a) be exercisable at an exercise price per share
equal to the closing market price of the Company’s common stock on the date of the grant, (b) have a term of ten years, and (c)
be on such other terms as shall be determined by the Board (or the Compensation Committee of the Board) and set forth in a customary
form of stock option agreement under the Plan evidencing the Options. We recognized $380,045 in expense related to the Options for the three and nine months ended December 31, 2023.
SCHEDULE
OF SHARE BASED COMPENSATION ARRANGEMENTS
Number of Options | |
| 400,000 | |
Option Vesting Period | |
| Up to 3 years | |
Per share grant price | |
$ | 2.08 | |
Dividend yield | |
| - | |
Expected volatility | |
| 83.5 | % |
Risk-free interest rate | |
| 4.13 | % |
Expected life (years) | |
| 5.75 | |
Weighted average fair value | |
$ | 1.50 | |
NOTE
13 – PREFERRED STOCK
On
May 18, 2021, the Company filed a Certificate of Designations (the “Certificate of Designations”) with the Secretary of State
of the State of Delaware to establish the preferences, voting powers, limitations as to dividends or other distributions, qualifications,
terms and conditions of redemption and other terms and conditions of the Series A Preferred Stock.
The
Company will pay cumulative cash dividends on the Series A Preferred Stock when, as and if declared by its board of directors (or a duly
authorized committee of its board of directors), only out of funds legally available for payment of dividends. Dividends on the Series
A Preferred Stock will accrue on the stated amount of $25.00 per share of the Series A Preferred Stock at a rate per annum equal to 8.75%
(equivalent to $2.1875 per year), payable quarterly in arrears. Dividends on the Series A Preferred Stock declared by our board of directors
(or a duly authorized committee of our board of directors) will be payable quarterly in arrears on March 15, June 15, September 15 and
December 15.
Generally,
the Series A Preferred Stock is not redeemable by the Company prior to May 18, 2026. However, upon a change of control or delisting event
(each as defined in the Certificate of Designations), the Company will have a special option to redeem the Series A Preferred Stock for
a limited period of time.
Preferred
dividends accumulated as of December 31, 2023 were $144,618. On May 15, 2023, the Board of Directors of the Company declared a dividend
on the Company’s Series A Preferred Stock for the period beginning March 15, 2023 through and including June 14, 2023 payable on
June 15, 2023 to holders of record of Series A Preferred Stock on May 31, 2023 equal to $0.55902778 per share. Dividends totaling $782,639
were paid on June 15, 2023. On August 15, 2023, the Board of Directors of the Company declared a dividend on the Company’s Series
A Preferred Stock for the period beginning June 15, 2023 through and including September 14, 2023 payable on September 15, 2023 to holders
of record of Series A Preferred Stock on August 31, 2023 equal to $0.55902778 per share. Dividends totaling $782,639 were paid on September
15, 2023. On November 15, 2023, the Board of Directors of the Company declared a dividend on the Company’s Series A Preferred Stock
for the period beginning September 15, 2023 through and including December 14, 2023 payable on December 15, 2023 to holders of record
of Series A Preferred Stock on November 30, 2023 equal to $0.5529514 per share. Dividends totaling $774,132 were paid on December 15,
2023.
AMMO,
Inc.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
NOTE
14 – GOODWILL AND INTANGIBLE ASSETS
Amortization
expenses related to our intangible assets for the three and nine months ended December 31, 2023 and 2022 were $3,266,761 and $9,800,281,
respectively.
SCHEDULE
OF INTANGIBLE ASSETS
| |
| | |
December 31, 2023 | |
| |
Life | | |
Licenses | | |
Patent | | |
Other Intangible Assets | |
Licensing Agreement – Jesse James | |
| 5 | | |
$ | 125,000 | | |
$ | - | | |
$ | - | |
Licensing Agreement – Jeff Rann | |
| 5 | | |
| 125,000 | | |
| - | | |
| - | |
Streak Visual Ammunition patent | |
| 11.2 | | |
| - | | |
| 950,000 | | |
| - | |
SWK patent acquisition | |
| 15 | | |
| - | | |
| 6,124,005 | | |
| - | |
Jagemann Munition Components: | |
| | | |
| | | |
| | | |
| | |
Customer Relationships | |
| 3 | | |
| - | | |
| - | | |
| 1,450,613 | |
Intellectual Property | |
| 3 | | |
| - | | |
| - | | |
| 1,543,548 | |
Tradename | |
| 5 | | |
| - | | |
| - | | |
| 2,152,076 | |
GDI Acquisition: | |
| | | |
| | | |
| | | |
| | |
Tradename | |
| 15 | | |
| - | | |
| - | | |
| 76,532,389 | |
Customer List | |
| 10 | | |
| - | | |
| - | | |
| 65,252,802 | |
Intellectual Property | |
| 10 | | |
| - | | |
| - | | |
| 4,224,442 | |
Other Intangible Assets | |
| 5 | | |
| - | | |
| - | | |
| 607,747 | |
| |
| | | |
| 250,000 | | |
| 7,074,005 | | |
| 151,763,617 | |
| |
| | | |
| | | |
| | | |
| | |
Accumulated amortization – Licensing Agreements | |
| | | |
| (250,000 | ) | |
| - | | |
| - | |
Accumulated amortization – Patents | |
| | | |
| - | | |
| (2,411,349 | ) | |
| - | |
Accumulated amortization – Intangible Assets | |
| | | |
| - | | |
| - | | |
| (37,466,990 | ) |
| |
| | | |
$ | - | | |
$ | 4,662,656 | | |
$ | 114,296,627 | |
Annual
amortization of intangible assets for the next five fiscal years are as follows:
SCHEDULE
OF ANNUAL AMORTIZATION OF INTANGIBLE ASSET
Years Ended March 31, | |
Estimates for Fiscal Year | |
2024 (1) | |
$ | 3,302,629 | |
2025 | |
| 12,664,775 | |
2026 | |
| 12,664,775 | |
2027 | |
| 12,553,355 | |
2028 | |
| 12,543,226 | |
Thereafter | |
| 65,230,523 | |
Annual
amortization of intangible assets | |
$ | 118,959,283 | |
AMMO,
Inc.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
NOTE
15 – SEGMENTS
Our
Chief Executive Officer reviews financial performance based on our two operating segments as follows:
|
● |
Ammunition
– which consists of our manufacturing business. The Ammunition segment engages in the design, production and marketing of ammunition
and ammunition component products. |
|
● |
Marketplace
– which consists of the GunBroker.com marketplace. In its role as an auction site, GunBroker.com supports the lawful sale of
firearms, ammunition and hunting/shooting accessories. |
The
reporting of the separate allocation of certain corporate general and administrative expenses includes non-cash stock compensation expense.
The following tables set forth certain financial information utilized by management to evaluate our operating segments for the interim
period presented:
SCHEDULE
OF OPERATING SEGMENTS
| |
Ammunition | | |
Marketplace | | |
Corporate and other expenses | | |
Total | |
| |
For the Three Months Ended December 31, 2023 | |
| |
Ammunition | | |
Marketplace | | |
Corporate and other expenses | | |
Total | |
| |
| | |
| | |
| | |
| |
Net Revenues | |
$ | 22,021,430 | | |
$ | 13,985,034 | | |
$ | - | | |
$ | 36,006,464 | |
Cost of Revenues | |
| 23,022,304 | | |
| 2,073,784 | | |
| - | | |
| 25,096,088 | |
General and administrative expense | |
| 1,305,721 | | |
| 2,454,695 | | |
| 5,669,557 | | |
| 9,429,973 | |
Depreciation and amortization | |
| 125,012 | | |
| 3,276,144 | | |
| - | | |
| 3,401,156 | |
Income/(Loss) from Operations | |
$ | (2,431,607 | ) | |
$ | 6,180,411 | | |
$ | (5,669,557 | ) | |
$ | (1,920,753 | ) |
| |
Ammunition | | |
Marketplace | | |
Corporate and other expenses | | |
Total | |
| |
For the Nine Months Ended December 31, 2023 | |
| |
Ammunition | | |
Marketplace | | |
Corporate and other expenses | | |
Total | |
| |
| | |
| | |
| | |
| |
Net Revenues | |
$ | 64,261,473 | | |
$ | 40,371,952 | | |
$ | - | | |
$ | 104,633,425 | |
Cost of Revenues | |
| 65,672,676 | | |
| 5,737,567 | | |
| - | | |
| 71,410,243 | |
General and administrative expense | |
| 6,694,699 | | |
| 7,204,547 | | |
| 21,625,762 | | |
| 35,525,008 | |
Depreciation and amortization | |
| 384,021 | | |
| 9,732,980 | | |
| - | | |
| 10,117,001 | |
Income/(Loss) from Operations | |
$ | (8,489,923 | ) | |
$ | 17,696,858 | | |
$ | (21,625,762 | ) | |
$ | (12,418,827 | ) |
| |
Ammunition | | |
Marketplace | | |
Corporate and other expenses | | |
Total | |
| |
For the Three Months Ended December 31, 2022 | |
| |
Ammunition | | |
Marketplace | | |
Corporate and other expenses | | |
Total | |
| |
| | |
| | |
| | |
| |
Net Revenues | |
$ | 23,292,292 | | |
$ | 15,419,202 | | |
$ | - | | |
$ | 38,711,494 | |
Cost of Revenues | |
| 23,865,275 | | |
| 2,319,040 | | |
| - | | |
| 26,184,315 | |
General and administrative expense | |
| 4,838,081 | | |
| 1,719,707 | | |
| 6,993,592 | | |
| 13,551,380 | |
Depreciation and amortization | |
| 143,378 | | |
| 3,165,696 | | |
| - | | |
| 3,309,074 | |
Income/(Loss) from Operations | |
$ | (5,554,442 | ) | |
$ | 8,214,759 | | |
$ | (6,993,592 | ) | |
$ | (4,333,275 | ) |
AMMO,
Inc.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
| |
Ammunition | | |
Marketplace | | |
Corporate and other expenses | | |
Total | |
| |
For the Nine Months Ended December 31, 2022 | |
| |
Ammunition | | |
Marketplace | | |
Corporate and other expenses | | |
Total | |
| |
| | |
| | |
| | |
| |
Net Revenues | |
$ | 101,269,237 | | |
$ | 46,486,842 | | |
$ | - | | |
$ | 147,756,079 | |
Cost of Revenues | |
| 97,555,732 | | |
| 6,701,797 | | |
| - | | |
| 104,257,529 | |
General and administrative expense | |
| 12,117,828 | | |
| 6,713,561 | | |
| 14,490,456 | | |
| 33,321,845 | |
Depreciation and amortization | |
| 437,694 | | |
| 9,513,058 | | |
| - | | |
| 9,950,752 | |
Income/(Loss) from Operations | |
$ | (8,842,017 | ) | |
$ | 23,558,426 | | |
$ | (14,490,456 | ) | |
$ | 225,953 | |
NOTE
16 – INCOME TAXES
The
income tax provision effective tax rates were 22.1% and 19.1% for the three and nine months ended December 31, 2023, respectively, and
14.9% and 482.1% for the three and nine months ended December 31, 2022, respectively. During
the three and nine months ended December 31, 2023, the effective tax rate differed from the U.S. federal statutory rate primarily due
to employee stock awards. For the three and nine months ended December 31, 2022, the effective tax rate differed from the U.S. federal
statutory rate due to state income taxes.
The
Company has never had an Internal Revenue Service audit; therefore, the tax periods ended March 31, 2021, 2022 and 2023 are subject to
audit.
NOTE
17 – RELATED PARTY TRANSACTIONS
During
the nine months ended December 31, 2023, we paid $410,173
in service fees to two independent contractors consisting of a $244,640
payment due upon termination without cause. The two independent contractors were issued 168,581
shares of our common stock for a total value of $350,345,
which consisted of an issuance of 134,240
shares due upon termination without cause. We issued 25,000
shares in the aggregate to our advisory committee members for service for a total value of $53,250.
Through our acquisition of Gemini, a related party relationship was created through one of our Members of the Board of Directors by
ownership of entities that transacts with Gemini. There was $201,646
included in our Accounts Receivable at December 31, 2023 as a result of this relationship.
On
July 24, 2023, Fred Wagenhals departed as CEO and the Board appointed Mr. Wagenhals the Company’s Executive Chairman. Mr. Wagenhals
remains a member of the Board. Mr. Wagenhals received the following payments in connection with his transition from CEO to Executive
Chairman: (i) total cash payments of $1,060,290;
(ii) 300,000
shares
of Common Stock for a total value of $624,000.
On
July 26, 2023, we obtained a $1.6 million letter of credit with Northern Trust for collateral for a bond related to a judgement assessed
to GunBroker.com. On July 17, 2023, we generated a $1.6 million certificate of deposit with Northern Trust for security on the letter
of credit. The term of the certificate of deposit is twelve months and includes interest of approximately 5%. Per the terms of the Merger
Agreement, filed with the Commission on a Current Report on Form 8-K on May 6, 2021 (the “Current Report”), the Seller is required
to pay or be liable for these losses (capitalized terms are defined the Current Report).
In
July of 2023, the Company filed suit in the Delaware Chancery Court against Director and Shareholder Steve Urvan for claims arising out
of the Company’s acquisition of certain companies referenced as the GunBroker.com family of companies. The claims arise based upon
Mr. Urvan’s repeated failure and refusal to honor contractual defense and indemnification obligations arising under that certain
Merger Agreement, along with alleged misrepresentations.
NOTE
18 – SUBSEQUENT EVENTS
Common
Stock Issuances
Subsequent
to the December 31, 2023, the Company issued 17,391 shares as employee stock awards for a total value of $36,521.
ITEM
2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.
Management’s
Discussion and Analysis of Financial Condition and Results of Operations is provided to assist the reader in understanding the results
of operations, financial condition, and liquidity through the eyes of our management team. This section should be read in conjunction
with other sections of this Quarterly Report, specifically, our Consolidated Financial Statements and Supplementary Data.
FORWARD-LOOKING
STATEMENTS
This
document contains certain “forward-looking statements.” All statements other than statements of historical fact are “forward-looking
statements” for purposes of federal and state securities laws, including, but not limited to, any projections of earnings, revenue
or other financial items; any statements of the plans, strategies, goals and objectives of management for future operations; any statements
concerning proposed new products and services or developments thereof; any statements regarding future economic conditions or performance;
any statements or belief; and any statements of assumptions underlying any of the foregoing.
Forward
looking statements may include the words “may,” “could,” “estimate,” “intend,” “continue,”
“believe,” “expect,” or “anticipate,” or other similar words, or the negative thereof. These forward-looking
statements present our estimates and assumptions only as of the date of this report. Accordingly, readers are cautioned not to place
undue reliance on forward-looking statements, which speak only as of the dates on which they are made. We do not undertake to update
forward-looking statements to reflect the impact of circumstances or events that arise after the dates they are made. You should, however,
consult further disclosures and risk factors we included in the section titled Risk Factors contained herein.
In
our filings with the Securities and Exchange Commission, references to “AMMO, Inc.”, “AMMO”, “the Company”,
“we,” “us,” “our” and similar terms refer to AMMO, Inc., a Delaware corporation, and its wholly owned
consolidated subsidiaries.
Overview
AMMO,
Inc., owner of the GunBroker.com Marketplace, the largest online marketplace serving the firearms and shooting sports industries, and
a vertically integrated producer of high-performance ammunition and premium components began its operations in 2016.
Through
our GunBroker.com Marketplace segment (acquired in April 2021), we allow third party sellers to list items consisting of firearms, hunting
gear, fishing equipment, outdoor gear, collectibles, and much more on our site, while facilitating compliance with federal and state
laws that govern the sale of firearms and restricted items. This allows our base of over 8.0 million users to follow ownership policies
and regulations through our network of over 32,000 federally licensed firearms dealers as transfer agents. The nature and operation of
the Marketplace as an online auction and sales platform also affords our Company a unique view into the total domestic market for the
purpose of understanding sales trends at a granular level across all elements of the outdoor sports and shooting space. Our vision is
to expand the services on GunBroker.com and to become a peer to those in our industry. In the short term, we will be implementing the
following services;
●
Payment Processing - facilitating payment between parties allowing sellers of all sizes to offer fast and secure electronic payments
and allowing buyers to experience the ease of using a single form of payment for all items purchased,
●
Carting Ability - allowing our buyers to purchase multiple items from multiple sellers at one point in time, and,
●
GunBroker.com Analytics – through the compilation and refinement of vast Marketplace data, we plan to offer domestic market analytics
to our industry peers to allow them to better manage their businesses.
Through
our Ammunition segment, we are tailoring our focus to build a new future for our manufacturing operations focused on premium pistol and
rifle ammunition and supporting industry partners for manufactured components. We will continue to leverage our proprietary brands like
Streak Visual AmmunitionTM and Stelth subsonic ammunition and extend our product offering with premium rifle lines and brands
that complement our technologically innovative heritage. We also continue to ensure dynamic performance under the exacting standards
of the US military complex in support of our cutting-edge developmental ammunition programs as we seek out and effectively execute upon
new governmental-based opportunities.
In
September of 2022, we began operating out of our new 185,000 square foot manufacturing facility. This new, state-of-the-art ammunition
production facility is part of our commitment to the continuing development of differentiated, cutting-edge technology.
Results
of Operations
Management’s
Discussion and Analysis of Financial Condition and Results of Operations is intended to provide our financial statements with a narrative
from the perspective of management on our financial condition, results of operations, liquidity, and certain other factors that may affect
our future results. The following information should be read in conjunction with our consolidated financial statements included in this
Quarterly Report beginning on page 3.
Our
financial results for the three and nine months ended December 31, 2023 reflect our newly positioned
organization as we transition into our new strategic direction. We believe that we have hired a strong team of professionals,
developed innovative products, and continue to raise capital sufficient to establish our presence as a high-quality ammunition provider
and marketplace. We continue to focus on growing our top line revenue and streamlining our operations. We experienced a 7.0% and 29.2%
decrease in our Net Revenues for the three and nine months ended December 31, 2023 compared with the three and nine months ended December
31, 2022. This was the result of decreased ammunition sales due to changes in market demand as well as a shift in operations to an increased
focus on ammunition casing sales.
The
following table presents summarized financial information taken from our condensed consolidated statements of operations for the three
and nine months ended December 31, 2023 compared with the three and nine months ended December 31, 2022:
| |
For the Three Months
Ended | | |
For the Nine Months
Ended | |
| |
December 31, 2023 | | |
December 31, 2022 | | |
December 31, 2023 | | |
December 31, 2022 | |
| |
(Unaudited) | | |
(Unaudited) | | |
(Unaudited) | | |
(Unaudited) | |
Net Sales | |
$ | 36,006,464 | | |
$ | 38,711,494 | | |
$ | 104,633,425 | | |
$ | 147,756,079 | |
Cost of Revenues | |
| 25,096,088 | | |
| 26,184,315 | | |
| 71,410,243 | | |
| 104,257,529 | |
Gross Margin | |
| 10,910,376 | | |
| 12,527,179 | | |
| 33,223,182 | | |
| 43,498,550 | |
Sales, General and Administrative Expenses | |
| 12,831,129 | | |
| 16,860,454 | | |
| 45,642,009 | | |
| 43,272,597 | |
Income (loss) from Operations | |
| (1,920,753 | ) | |
| (4,333,275 | ) | |
| (12,418,827 | ) | |
| 225,953 | |
Other income (expense) | |
| | | |
| | | |
| | | |
| | |
Other expense | |
| (188,470 | ) | |
| (490,842 | ) | |
| (233,375 | ) | |
| (509,998 | ) |
Loss before provision for income taxes | |
$ | (2,109,223 | ) | |
$ | (4,824,117 | ) | |
$ | (12,652,202 | ) | |
$ | (284,045 | ) |
Provision (benefit) for income taxes | |
| (465,234 | ) | |
| (721,125 | ) | |
| (2,419,883 | ) | |
| 1,369,427 | |
Net Loss | |
$ | (1,643,989 | ) | |
$ | (4,102,992 | ) | |
$ | (10,232,319 | ) | |
$ | (1,653,472 | ) |
Non-GAAP
Financial Measures
We
analyze operational and financial data to evaluate our business, allocate our resources, and assess our performance. In addition to total
net sales, net loss, and other results under accounting principles generally accepted in the United States (“GAAP”), the
following information includes key operating metrics and non-GAAP financial measures we use to evaluate our business. We believe these
measures are useful for period-to-period comparisons of the Company. We have included these non-GAAP financial measures in this Quarterly
Report on Form 10-Q because they are key measures we use to evaluate our operational performance, produce future strategies for our operations,
and make strategic decisions, including those relating to operating expenses and the allocation of our resources. Accordingly, we believe
these measures provide useful information to investors and others in understanding and evaluating our operating results in the same manner
as our management and board of directors.
Adjusted
EBITDA
| |
For the Three Months
Ended | | |
For the Nine Months
Ended | |
| |
31-Dec-23 | | |
31-Dec-22 | | |
31-Dec-23 | | |
31-Dec-22 | |
| |
| | |
| | |
| | |
| |
Reconciliation of GAAP net income to Adjusted EBITDA | |
| | | |
| | | |
| | | |
| | |
Net Loss | |
$ | (1,643,989 | ) | |
$ | (4,102,992 | ) | |
$ | (10,232,319 | ) | |
$ | (1,653,472 | ) |
Provision for Income Taxes | |
| (465,234 | ) | |
| (721,125 | ) | |
| (2,419,883 | ) | |
| 1,369,427 | |
Depreciation and amortization | |
| 4,753,650 | | |
| 4,356,004 | | |
| 14,047,216 | | |
| 12,950,972 | |
Interest expense, net | |
| 193,046 | | |
| 320,439 | | |
| 609,561 | | |
| 538,191 | |
Employee stock awards | |
| 687,099 | | |
| 2,106,535 | | |
| 2,977,845 | | |
| 4,457,973 | |
Stock grants | |
| 50,750 | | |
| 43,750 | | |
| 152,250 | | |
| 135,344 | |
Common stock purchase options | |
| 380,045 | | |
| - | | |
| 380,045 | | |
| - | |
Warrant Issuance | |
| - | | |
| 106,909 | | |
| - | | |
| 106,909 | |
Other (income) expense, net | |
| (4,576 | ) | |
| 170,403 | | |
| (376,186 | ) | |
| (28,193 | ) |
Contingent consideration fair value | |
| (39,274 | ) | |
| (20,326 | ) | |
| (60,298 | ) | |
| (45,572 | ) |
Other nonrecurring expenses(1) | |
| 1,498,684 | | |
| 3,983,254 | | |
| 8,126,102 | | |
| 4,724,385 | |
Adjusted EBITDA | |
$ | 5,410,201 | | |
$ | 6,242,851 | | |
$ | 13,204,333 | | |
$ | 22,555,964 | |
|
(1) |
For
the three and nine months ended December 31, 2023, other nonrecurring expenses consist of professional and legal fees that are nonrecurring
in nature. For the three and nine months ended December 31, 2022, other nonrecurring expenses consist of proxy contest fees. |
Adjusted
EBITDA is a non-GAAP financial measure that displays our net loss, adjusted to eliminate the effect of certain items as described
below.
The
items shown in the table above are included as adjustments because the amount of such expenses in any specific period may not directly
correlate to the underlying performance of our business operations.
We
have modified our Adjusted EBITDA calculation in the current period to remove the adjustment for Excise Taxes as we believe this is a
better representation of our operations. In prior periods, we included an adjustment for Excise Taxes.
Non-GAAP
financial measures have limitations, should be considered as supplemental in nature and are not meant as a substitute for the related
financial information prepared in accordance with GAAP. These limitations include the following:
|
●
|
Employee
stock awards and stock grants expense has been, and will continue to be for the foreseeable future, a significant recurring expense
in the Company and an important part of our compensation strategy; |
|
● |
the
assets being depreciated or amortized may have to be replaced in the future, and the non-GAAP financial measures do not reflect cash
capital expenditure requirements for such replacements or for new capital expenditures or other capital commitments; and |
|
● |
non-GAAP
measures do not reflect changes in, or cash requirements for, our working capital needs |
|
● |
other
companies, including companies in our industry, may calculate the non-GAAP financial measures differently or not at all, which reduces
their usefulness as comparative measures. |
Because
of these limitations, you should consider the non-GAAP financial measures alongside other financial performance measures, including our
net loss and our other financial results presented in accordance with GAAP.
Net
Sales
The
following table shows our net sales by proprietary ammunition versus standard ammunition as well as our marketplace revenue for the three
and nine months ended December 31, 2023 and 2022. “Proprietary Ammunition” include those lines of ammunition manufactured
by our facilities that are sold under the brand names: STREAK VISUAL AMMUNITION™ and Stelth. We define “Standard Ammunition”
as non-proprietary ammunition that directly competes with other brand manufacturers. Our “Standard Ammunition” is manufactured
within our facility and may also include completed ammunition that has been acquired in the open market for sale to others. Also included
in this category is low cost target pistol and rifle ammunition, as well as bulk packaged ammunition manufactured by us using reprocessed
brass casings. Ammunition within this product line typically carries lower gross margins.
| |
For the Three Months
Ended | | |
For the Nine Months
Ended | |
| |
December
31, 2023 | | |
December
31, 2022 | | |
December
31, 2023 | | |
December
31, 2022 | |
Proprietary Ammunition | |
$ | 1,818,235 | | |
$ | 2,090,785 | | |
$ | 4,153,410 | | |
$ | 8,298,711 | |
Standard Ammunition | |
| 15,504,732 | | |
| 18,160,180 | | |
| 42,792,175 | | |
| 82,309,106 | |
Ammunition Casings | |
| 4,698,463 | | |
| 3,041,327 | | |
| 17,315,888 | | |
| 10,661,420 | |
Marketplace Revenue | |
| 13,985,034 | | |
| 15,419,202 | | |
| 40,371,952 | | |
| 46,486,842 | |
Total Sales | |
$ | 36,006,464 | | |
$ | 38,711,494 | | |
$ | 104,633,425 | | |
$ | 147,756,079 | |
Sales
for the three and nine months ended December 31, 2023 decreased 7.0% and 29.2% or approximately $2.7 million and $43.1 million,
respectively, due to changes in market conditions and our shift to increase ammunition casing sales. The decrease for the three
month period was largely the result of a decrease of $2.7 million in sales of bulk pistol and rifle ammunition, a decrease of $0.3
million of sales of Proprietary Ammunition, and a decrease of $1.4 million generated from our marketplace, GunBroker.com, which
includes auction revenue, payment processing revenue, and shipping income. Our ammunition casings sales increased $1.7 million or
54.5% over the prior year period. The decrease for the nine month period was largely the result of a decrease of $39.5 million in
sales of bulk pistol and rifle ammunition, a decrease of $4.1 million of sales of Proprietary Ammunition, and a decrease of $6.1
million generated from our marketplace, GunBroker.com, which includes auction revenue, payment processing revenue, and shipping
income. Our ammunition casings sales increased $6.7 million or 62.4% over the prior year period. Management expects the sales growth
rate of Proprietary Ammunition to greatly outpace the sales of our Standard Ammunition.
We
are focused on continuing to grow top line revenue quarter-over-quarter as we continue to further expand distribution into commercial
markets, introduce new product lines, and continue to initiate sales to U.S. law enforcement, military, and international markets.
Through
our ownership of SWK, the Company has developed and deployed a line of tactical armor piercing (AP) and hard armor piercing incendiary
(HAPI) precision ammunition to meet the lethality requirements of both the US and foreign military customers. We continue to demonstrate
our AP and HAPI ammunition to military personnel at scheduled and invite only events, resulting in increased interest and procurement
discussions. The Company has since developed the ballistic match (BMMPR) and signature-on-target (SoT) rounds under contract with the
U.S. Government in support of US special operations which have been publicly announced pursuant to governmental authorization. Additional
work continues in support of the military operations of the U.S. and its ally military components which is not currently subject to disclosure.
It
is important to note that, although U.S. law enforcement, military and international markets represent significant opportunities for
our Company, they also have a long sales cycle. The Company’s sales team has been effective in establishing sales and distribution
channels, both in the United States and abroad, which are reasonably anticipated to drive sustained sales opportunity in the military,
law enforcement, and commercial markets.
Sales
outside of the United States require licenses and approval from either the U.S. Department of Commerce or the U.S. State Department,
which typically takes approximately 30 days to receive. On June 12, 2023, we renewed our annual registration with the International Traffic
in Arms Regulations (“ITAR”), which remains valid through the report date. This permits the Company to export and broker
ammunition and other controlled items covered under ITAR.
Cost
of Revenues
Cost
of Revenues decreased by approximately $1.1 million and $32.8 million to $25.1 million and $71.4 million for the three and nine months
ended December 31, 2023 compared to the comparable period ended in 2022. This was the result of a significant decrease in net sales during
2023 as compared to 2022.
Gross
Margin
Our
gross margin percentage decreased to 30.3% from 32.4% during the three months ended December 31, 2023, respectively, as compared to the
same period in 2022. Our gross margin percentage increased to 31.8% from 29.4% during the nine months ended December 31, 2023, respectively,
as compared to the same period in 2022. The shift in our gross margin was related to changes in our revenue mix, materials cost, and
labor and overhead expenses.
We
believe as we continue to grow sales through new markets and expanded distribution that our gross margins will also increase by efficiencies
added through our new production facility. Our goal in the next 12 to 24 months is to continue to improve our gross margins. This will
be accomplished through the following:
|
● |
Increased
product sales, specifically of proprietary lines of ammunition, like the STREAK VISUAL AMMUNITION™, Stelth and now our tactical
Armor Piercing (AP) and Hard Armor Piercing Incendiary (HAPI) precision ammunition, all of which carry higher margins as a percentage
of their selling price; |
|
|
|
|
● |
Introduction
of new lines of ammunition that historically carry higher margins in the consumer and government sectors; |
|
|
|
|
● |
Reduced
component costs through operation of our ammunition segment and expansion of strategic relationships with component providers; |
|
|
|
|
● |
Expanded
use of automation equipment that reduces the total labor required to assemble finished products; and |
|
|
|
|
● |
Better leverage of our fixed costs through expanded production to support the sales objectives. |
Operating
Expenses
Overall,
our operating expenses decreased by approximately $4.0 million for the three months ended December 31, 2023 and increased $2.4 million
for the nine months ended December 31, 2023, over the three and nine months ended December 31, 2022. Operating expenses decreased as
a percentage of sales from 43.6% to 35.6% for the three months ended December 31, 2023 and increased as a percentage of sales from 29.3%
to 43.6% for the nine months ended December 31, 2023. Our operating expenses include non-cash depreciation and amortization expense of
approximately $3.4 and $10.1 million for the three and nine months December 31, 2023. Our operating expenses consisted of commissions
related to our sales, stock compensation expense associated with issuance of our Common Stock in lieu of cash compensation for employees,
board members, and key consultants for the organization during the period. Operating expenses for the three and nine months ended December
31, 2023 included noncash expenses of approximately $4.5 million and $13.6 million, respectively.
During
the three and nine months ended December 31, 2023, our selling and marketing expenses decreased by approximately $0.8 million and $3.2
million, in comparison to the three and nine months ended December 31, 2022. The decrease was primarily related to decreases in sales
commission due to the decrease in the sale of our products.
Our
corporate general and administrative expenses decreased approximately $2.0 million for the three months ended December 31, 2023 and increased
$3.7 million for the nine months ended December 31, 2023 from the comparable prior period primarily due to a decrease of $2.8 million
and an increase of $3.4 million in nonrecurring legal and professional fees and expenses.
Employee
salaries and related expenses decreased approximately $1.3 million and increased $1.7 million for the three and nine months ended December
31, 2023 compared to the comparable period ended in 2022. The decrease for the three months ended December 31, 2023 was due to a $1.4
million decrease in employee stock compensation and the increase for the nine months ended December 31, 2023 when compared to the prior
period, was primarily related to $1.0 million of additional payroll expenses incurred related to our CEO transition, a decrease of $1.5
million of employee stock awards and $2.4 million expenses related to our new employee bonus plan.
Depreciation
and amortization expenses for the three and nine months ended December 31, 2023 increased by approximately $0.1 million and $0.2 million,
respectively.
Interest
and Other Expenses
For
the three months ended December 31, 2023, interest expense increased by approximately $0.1 million and increased $0.1 million for the
nine months ended December 31, 2023 compared with the comparable three and nine months ended December 31, 2022. The change from the prior
periods was mainly due to activity from our Construction Note Payable.
Income
Taxes
For
the three and nine months ended December 31, 2023, we recorded a benefit for federal and state income taxes of approximately $0.5 million
and $2.4 million, respectively. For the three months ended December 31, 2022, we recorded a benefit for federal and state income taxes
of approximately $0.7 million and for the nine months ended December 31, 2022 we recorded a provision for federal and state income taxes
of $1.4 million.
Net
Loss
We
ended the three months ended December 31, 2023 with a net loss of approximately $1.6 million compared with a net loss of approximately
$4.1 million for the three months ended December 31, 2022. We ended the nine months ended December 31, 2023 with a net loss of approximately
$10.2 million compared with a net loss of approximately $1.7 million for the nine months ended December 31, 2022.
Our
goal is to continue to improve our operating results as we focus on increasing sales and controlling our operating expenses.
Liquidity
and Capital Resources
As
of December 31, 2023, we had $54,679,868 of cash and cash equivalents, an increase of $15,045,841 from March 31, 2023.
Working
Capital is summarized and compared as follows:
| |
December 31, 2023 | | |
March 31, 2023 | |
Current assets | |
$ | 129,012,915 | | |
$ | 128,451,893 | |
Current liabilities | |
| 26,618,871 | | |
| 25,463,399 | |
| |
$ | 102,394,044 | | |
$ | 102,988,494 | |
Changes
in cash flows are summarized as follows:
Operating
Activities
For
the nine months ended December 31, 2023, net cash provided by operations totaled approximately $28.3 million. This was primarily the
result of net loss of approximately $10.2 million, which was offset by decreases in our accounts receivable of approximately $7.1 million,
decreases in deposits of approximately $4.8 million, decreases in prepaid expenses of approximately $2.5 million, decreases in our inventories
of approximately $4.8 million, and increases in our accounts payable of approximately $1.1 million, and increases in accrued liabilities
of approximately $2.1 million. Non-cash expenses for depreciation and amortization totaled approximately $14.0 million and non-cash expenses
for employee stock awards totaled $3.0 million.
For
the nine months ended December 31, 2022, net cash provided by operations totaled approximately $18.4 million. This was primarily the
result of net loss of approximately $1.7 million, which was offset by decreases in our accounts receivable of approximately $12.2 million,
decreases in prepaid expenses of approximately $1.9 million, and decreases in our accounts payable of approximately $5.8 million, increases
in our inventories of approximately $8.1 million, and decreases in deposits of approximately $1.7 million. Non-cash expenses for depreciation
and amortization totaled approximately $13.0 million and non-cash expenses for employee stock awards totaled $4.5 million.
Investing
Activities
For
the nine months ended December 31, 2023, we used approximately $5.6 million in net cash for investing activities. Net cash used in investing
activities consisted of approximately $5.6 million related to purchases of production equipment for our new manufacturing facility in
Manitowoc, WI and capitalized development costs related to our marketplace, GunBroker.com.
During
the nine months ended December 31, 2022, we used approximately $10.6 million in net cash for investing activities. Net cash used in investing
activities consisted of approximately $9.3 million related to purchases of production equipment and the construction of our new manufacturing
facility in Manitowoc, WI.
Financing
Activities
For
the nine months ended December 31, 2023, net cash used in financing activities was approximately $7.7 million. This was the net effect
of approximately $2.2 million used in our common stock repurchased plan, $3.0 million from insurance premium note payments, approximately
$2.2 million of Preferred Stock dividends paid, and the generation of approximately $37.2 million from accounts receivable factoring,
which was offset by payments of approximately $37.2 million.
During
the nine months ended December 31, 2022, net cash used in financing activities was approximately $3.6 million. This was the net effect
of an approximate $0.8 million reduction in our Inventory Credit Facility, approximately $1.9 million from insurance premium note payments,
approximately $2.2 million of Preferred Stock dividends paid, generation of approximately $57.3 million from accounts receivable factoring,
which was offset by payments of approximately $56.1 million, and proceeds from our Construction Note Payable of $1.0 million.
Liquidity
Existing
working capital, cash flow from operations, bank borrowings, and sales of equity and debt securities are expected to be adequate to fund
our operations over the next year. Generally, we have financed operations to date through the proceeds of stock sales, bank financings,
and related-party notes. These sources have been adequate to fund our recurring cash expenditures including but not limited to our working
capital requirements, capital expenditures to expand our operations, debt repayments, and acquisitions. We intend to continue to use
the aforementioned sources of funding for capital expenditures, debt repayments, share repurchases and any potential acquisitions.
Leases
We
lease three locations that are used for our offices, production, and warehousing. As of December 31, 2023, we had $2.2 million of
fixed lease payment obligations with $0.5 million payable within the next 12 months. Please refer to Note 9 – Leases in our
financial statements for additional information.
Construction
Note Payable
We
have financed a portion of our new production facility with our Construction Note Payable. We expect to make $0.3 million in principal
and interest payments within the next 12 months. The principal balance of the Construction Note will mature on October 14, 2026.
Off-Balance
Sheet Arrangements
As
of December 31, 2023, we did not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future
material effect on our financial condition, net sales, expenses, results of operations, liquidity capital expenditures, or capital resources.
Critical
Accounting Policies
The
preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affected the reported
amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the
reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates
made in preparing the condensed consolidated financial statements include the valuation of allowances for doubtful accounts, valuation
of deferred tax assets, inventories, useful lives of assets, goodwill, intangible assets, stock-based compensation, and warrant-based
compensation. A summary of our critical accounting policies is included in our Annual Report on Form 10-K for the year ended March 31,
2023, under “Management’s Discussion and Analysis of Financial Condition and Results of Operations.” We adopted ASU
No. 2016-13, “Financial Instruments-Credit Losses (Topic 326) and ASU 2022-03, “Fair Value Measurement of Equity Securities
Subject to Contractual Sale Restrictions” in the current period. These policy changes did not result in a material effect on the
Company’s financial statements. There have been no other significant changes to these policies during the three and nine
months ended December 31, 2023. For disclosure regarding recent accounting pronouncements and the anticipated impact they will have on
our operations, please refer to Note 2 to the consolidated financial statements included in our Annual Report on Form 10-K for the year
ended March 31, 2023.
Goodwill
We
evaluate goodwill for impairment annually or more frequently when an event occurs or circumstances change that would more likely than
not reduce the fair value of the reporting unit below its carrying amount. In testing for goodwill impairment, we may elect to utilize
a qualitative assessment to evaluate whether it is more likely than not that the fair value of a reporting unit is less than its carrying
amount. If our qualitative assessment indicates that goodwill impairment is more likely than not, we perform a two-step impairment test.
We test goodwill for impairment under the two-step impairment test by first comparing the book value of net assets to the fair value
of the reporting unit. If the fair value is determined to be less than the book value or qualitative factors indicate that it is more
likely than not that goodwill is impaired, a second step is performed to compute the amount of impairment as the difference between the
estimated fair value of goodwill and the carrying value. We estimate the fair value of the reporting units using discounted cash flows.
Forecasts of future cash flows are based on our best estimate of future net sales and operating expenses, based primarily on expected
category expansion, pricing, market segment share, and general economic conditions. Due to the declines in the value of our stock price
and market capitalization in the year ended March 31, 2023, we assessed qualitative factors to determine if it is more likely than not
that the fair value of the Marketplace segment is less than its carrying amount. Through our analysis we determined our stock price and
market capitalization decline it is not indicative of a decrease in the fair value of our Marketplace segment and a fair value calculation
using the discounted cash flows was more appropriate due to the operational performance of the reporting segment. Accordingly, the impairment
of Goodwill was not warranted for the three months ended December 31, 2023. As of December 31, 2023, the Company has a goodwill carrying
value of $90,870,094, all of which is assigned to the Marketplace segment. However, should there continue to be a decline in the Company’s
market capitalization, it is possible that the book values of our Marketplace segment could exceed its fair value, which may result in
the recognition of a material, noncash impairment of goodwill for the year ending March 31, 2024.
ITEM
3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Our
market risks are similar to those disclosed under the caption “Quantitative And Qualitative Disclosures About Market Risk”
in Part II, Item 7A of our Annual Report on Form 10-K for the year ended March 31, 2023 and filed with the SEC on June 14, 2023 and is
hereby incorporated by reference.
ITEM
4. CONTROLS AND PROCEDURES
Evaluation of Disclosure Controls and Procedures
Our management evaluated the effectiveness
of our disclosure controls and procedures as defined in Rule 13a-15(c) and 15d-15(e) under the Exchange Act, as of December 31, 2023.
Our disclosure controls and procedures are designed to provide reasonable assurance that information we are required to disclose in the
reports we file or submit under the Exchange Act is accumulated and communicated to our management, including our CEO and CFO, as appropriate
to allow timely decisions regarding required disclosures, and is recorded, processed, summarized, and reported within the time periods
specified in the SEC’s rules and forms.
Based on this evaluation, and
because of the material weaknesses described below, our CEO and CFO have concluded that our disclosure controls and procedures were not
effective at the reasonable assurance level as of December 31, 2023.
Notwithstanding the material weaknesses
that were identified and continued to exist as of December 31, 2023, management believes that the financial statements included in this
report present fairly in all material respects our financial position, results of operations and cash flows for the period presented,
nor were there changes to previously released financial results.
Material Weaknesses and Management’s Remediation
Plan
A material weakness is a deficiency,
or a combination of deficiencies, within the meaning of Public Company Accounting Oversight Board (“PCAOB”) Auditing Standard
AS 2201, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the
Company’s annual or interim financial statements will not be prevented or detected on a timely basis.
Internal control over financial
reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of
financial statements in accordance with U.S. GAAP. The following material weaknesses in our internal control over financial reporting
remained as of December 31, 2023:
The Company failed to maintain
an effective control environment due to the following:
|
● |
the
Company’s management and the governance did not maintain appropriately designed entity-level controls impacting the control
environment to prevent or detect material misstatements to the consolidated financial statements. These deficiencies were attributed
to limited personnel to assist with the accounting and financial reporting function and inadequate oversight and accountability over
the performance of control activities, including establishment of a Whistleblower Hotline and lack of formalization of certain key
governance elements: management delegation, annual board committee charter review, acknowledgement of code of conduct, and approval
of the annual budget; |
|
|
|
|
● |
the
Company failed to maintain properly designed segregation of duties, both within manual processes and system access; |
|
|
|
|
● |
the
Company failed to maintain effectively designed controls over journal entries, both recurring and nonrecurring, account reconciliations,
and periodic flux analysis. Journal entries were not always accompanied by sufficient supporting documentation and were not adequately
reviewed and approved for validity, completeness, and accuracy. In most instances, persons responsible for reviewing journal entries
and account reconciliations for validity, completeness, and accuracy were also responsible for preparation. |
|
|
|
|
● |
the
Company failed to maintain effectively designed controls over the period-end financial reporting process, including adequate tie-out
and review of documentation that supports the financial statements; and |
|
|
|
|
● |
the
Company failed to maintain effectively designed controls over information technology general controls in the areas of user provisioning
and de-provisioning, application change management, operating system and logical access controls, and segregation of duties for information
technology (“IT”) systems that supports the Company’s financial reporting process. |
Management’s Remediation Initiatives
We have concluded that these material
weaknesses arose because we did not have the necessary business processes, systems, personnel, and related internal controls.
In response to the material weaknesses,
management, with the oversight of the Audit Committee of the Board of Directors, has continued the process of, and is committed to, designing
and implementing effective measures to strengthen our internal controls over financial reporting and remediate the material weaknesses.
The Company is committed to ensuring that a proper, consistent tone is communicated throughout the organization, which emphasizes the
expectation that previously existing deficiencies will be rectified through implementation of processes and controls to ensure strict
compliance with U.S. GAAP and regulatory requirements.
Our third–party consulting
firm that specializes in internal audit work, and more specifically internal controls over financial reporting work, has assisted management
and will continue to assist management with our risk assessment of internal control over financial reporting as well as documentation
and testing of our internal control structure and evaluation of material weaknesses, with special focus on assisting management in the
establishment and evaluation of proper segregation of duties procedures and monitoring and controls over ITGCs for the systems that support
our financial reporting process. Specifically, with the right compliment of accounting and finance team members now in place, our entire
control environment is being evaluated for enhancement of our internal controls over financial reporting.
In addition to the measures noted
above, we have made progress in our remediation plan including the following items:
|
● |
Management
has presented, and the Board of Directors has approved the formal management delegation and the Company’s Annual Budget during
the first quarter of fiscal year 2024. |
|
|
|
|
● |
The
Company formally completed the implementation of a whistleblower hotline during the third quarter of fiscal year 2024. |
|
|
|
|
● |
Approved,
adopted, and implemented accounting policies related to journal entries and invoice approval. |
|
|
|
|
● |
Improved
formalization of procedures and documentation for all journal entries, account reconciliations, flux analysis and variance thresholds,
vendor set-up. |
|
|
|
|
● |
Completed
the IT Remediation Project with third-party consultants to develop IT policies and procedures. The Company is now executing
related controls over user provisioning and de-provisioning, application change management, operating system and logical access controls,
segregation of duties, and third-party service provider report review process. |
|
|
|
|
● |
Implemented
improvements surrounding review and approval of controls with a review element, including proper segregation, enhanced documentation,
and consistency of application. |
|
|
|
|
● |
Continued
evaluation of organizational structure with hiring of additional personnel across key functions. |
As of the
end of the third quarter of fiscal year 2024, management, with the help of our third-party consulting firm, completed walkthroughs of
our key controls, including those additional controls that would be necessary to effectively remediate the existing material weaknesses.
Through this assessment, we continued enhancement of the design of the overall controls framework. Further assessments will be made of
these controls, in addition to continued evaluation of management remediation actions identified above, to ascertain operating effectiveness,
after which we will be able to determine if the existing material weaknesses have been remediated.
While these actions and planned
actions are subject to ongoing management evaluation and will require validation and testing of the design and operating effectiveness
of internal controls over a sustained period of financial reporting cycles, we are committed to the continuous improvement of our internal
control over financial reporting and will continue to diligently review our internal control over financial reporting.
Changes in Internal Controls
Other than the changes described above, there have not been any changes
in our internal control over financial reporting (as such term is defined in Exchange Act in Rule 13a-15(c) and 15d-15(e) under the Exchange
Act) during the quarter ended December 31, 2023 that have materially affected, or are reasonably likely to materially affect, our internal
control over financial reporting.
PART
II - OTHER INFORMATION
ITEM
1. LEGAL PROCEEDINGS
We
are involved in or subject to, or may become involved in or subject to, routine litigation, claims, disputes, proceedings, and investigations
in the ordinary course of business. While the outcome of lawsuits and other proceedings against us cannot be predicted with certainty,
in the opinion of management, individually or in the aggregate, no such lawsuits are expected to have a material effect on our financial
position, results of operations or cash flows. We record accruals for contingencies when it is probable that a liability will be incurred
and the amount of loss can be reasonably estimated.
Please
reference the Contingencies section of Note 2 of our financial statements for additional disclosure.
ITEM
1A. RISK FACTORS
Our
market risks at are similar to those disclosed under the caption “Risk Factors” in Part I, Item 1A of our Annual Report on
Form 10-K for the year ended March 31, 2023 and filed with the SEC on June 14, 2023. There have been no material changes to our Risk
Factors disclosed in Annual Report on Form 10-K.
ITEM
2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
Issuances
The
authorized capital of the Company is 200,000,000 shares of Common Stock with a par value of $0.001 per share and 10,000,000 shares of
Preferred Stock with a $0.001 par value per share.
There
were no unregistered sales of the Company’s equity securities during the quarter ended December 31, 2023.
Share
Repurchases
On
February 8, 2022, we announced that our Board of Directors authorized a share repurchase program for up to $30.0 million of our outstanding
common stock. On March 28, 2023, we announced that our Board of Directors authorized the extension of our repurchase program until February
2024. On February 6, 2024, our Board of Directors authorized the extension of our repurchase program until February 2025.
Under
the Share Repurchase Program, the Company is authorized to repurchase shares through open market purchases, privately-negotiated transactions,
accelerated share repurchases or otherwise in accordance with applicable federal securities laws, including through Rule 10b5-1 trading
plans and under Rule 10b-18 of the Securities Exchange Act of 1934, as amended. The repurchases have no time limit and may be suspended
or discontinued completely at any time. The specific timing and amount of repurchases will vary based on available capital resources
and other financial and operational performance, market conditions, securities law limitations, and other factors. The repurchases will
be made using the Company’s cash resources.
The
following table summarizes our share repurchases under our repurchase program for our third fiscal quarter of our 2024 fiscal year.
Period | |
Total Number of Shares Purchased | | |
Average Price Paid per Share | | |
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | | |
Maximum Number of Shares that may yet be Purchased Under the Plan or Programs(1) | |
October 2023 | |
| - | | |
| | | |
| - | | |
| | |
November 2023 | |
| 11,000 | | |
$ | 2.00 | | |
| 11,000 | | |
| | |
December 2023 | |
| 134,483 | | |
$ | 2.02 | | |
| 134,483 | | |
| | |
Total | |
| 145,483 | | |
$ | 2.01 | | |
| 145,483 | | |
| 13,025,593 | |
|
(1) |
The
maximum number of shares that may yet be repurchased included herein is determined based on the closing price of our Common Stock
of $2.10 on December 29, 2023. This amount may change based on the price that our Common Stock trades at. |
ITEM
3. DEFAULTS UPON SENIOR SECURITIES
None.
ITEM
4. MINE SAFETY DISCLOSURES
Not
applicable.
ITEM
5. OTHER INFORMATION
None.
ITEM
6. EXHIBITS
# Certain schedules and similar attachments have been omitted pursuant
to Item 601(a)(5) of Regulation S-K. A copy of any omitted schedule or similar attachment will be furnished supplementally to the Securities
and Exchange Commission upon request.
*Filed
Herewith.
**
Furnished Herewith.
SIGNATURES
In
accordance with Section 13 or 15(d) of the Exchange Act of 1934, the registrant caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
|
AMMO,
INC. |
|
|
|
|
|
/s/
Jared R. Smith |
Dated:
February 8, 2024 |
By:
|
Jared
R. Smith, Chief Executive Officer |
|
|
|
|
|
/s/
Robert D. Wiley |
Dated:
February 8, 2024 |
By:
|
Robert
D. Wiley, Chief Financial Officer |
Exhibit
31.1
CERTIFICATION
I,
Jared R. Smith, certify that:
1.
I have reviewed this Quarterly Report on Form 10-Q of AMMO, Inc.;
2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the
period covered by this report;
3.
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this
report;
4.
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act
Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a) |
Designed
such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared; |
|
|
|
|
b) |
Designed
such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our
supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles; |
|
|
|
|
c) |
Evaluated
the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about
the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;
and |
|
|
|
|
d) |
Disclosed
in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s
fourth fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal
control over financial reporting. |
5.
I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors
and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
(a) |
All
significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are
reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information;
and |
|
|
|
|
(b) |
Any
fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s
internal control over financial reporting. |
Date:
February 8, 2024 |
By: |
/s/
Jared R. Smith |
|
Name:
|
Jared
R. Smith |
|
Title: |
Chief
Executive Officer (Principal Executive Officer) |
Exhibit
31.2
CERTIFICATION
I,
Robert D. Wiley, certify that:
1.
I have reviewed this Quarterly Report on Form 10-Q of AMMO, Inc.;
2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the
period covered by this report;
3.
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this
report;
4.
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act
Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a) |
Designed
such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared; |
|
|
|
|
b) |
Designed
such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our
supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles; |
|
|
|
|
c) |
Evaluated
the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about
the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;
and |
|
|
|
|
d) |
Disclosed
in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s
fourth fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal
control over financial reporting. |
5.
I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors
and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
(a) |
All
significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are
reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information;
and |
|
|
|
|
(b) |
Any
fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s
internal control over financial reporting. |
Date:
February 8, 2024 |
By: |
/s/
Robert D. Wiley |
|
Name:
|
Robert
D. Wiley |
|
Title: |
Chief
Financial Officer (Principal Financial Officer) |
EXHIBIT
32.1
CERTIFICATION
PURSUANT TO
18
U.S.C. 1350,
AS
ADOPTED PURSUANT TO
SECTION
906 OF THE SARBANES-OXLEY ACT OF 2002
In
connection with Quarterly Report of AMMO, Inc. (the “ Company”) on Form 10-Q for the period ended December 31, 2023 as filed
with the Securities and Exchange Commission on the date hereof (the “Report”), the undersigned Jared R. Smith, Chief Executive
Officer (Principal Executive Officer) of the Company, certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906
of the Sarbanes-Oxley Act of 2002, that:
(1)
The Quarterly Report fully complies with the requirements of Section 13a-14(b) or 15d-14(b) of the Securities Exchange Act of 1934; and
(2)
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the Company.
Date:
February 8, 2024 |
By: |
/s/
Jared R. Smith |
|
Name:
|
Jared
R. Smith |
|
Title: |
Chief
Executive Officer (Principal Executive Officer) |
EXHIBIT
32.2
CERTIFICATION
PURSUANT TO
18
U.S.C. 1350,
AS
ADOPTED PURSUANT TO
SECTION
906 OF THE SARBANES-OXLEY ACT OF 2002
In
connection with Quarterly Report of AMMO, Inc. (the “ Company”) on Form 10-Q for the period ended December 31, 2023 as filed
with the Securities and Exchange Commission on the date hereof (the “Report”), the undersigned, Robert D. Wiley, Chief Financial
Officer (Principal Financial Officer) of the Company, certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906
of the Sarbanes-Oxley Act of 2002, that:
(1)
The Quarterly Report fully complies with the requirements of Section 13a-14(b) or 15d-14(b) of the Securities Exchange Act of 1934; and
(2)
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the Company.
Date:
February 8, 2024 |
By: |
/s/
Robert D. Wiley |
|
Name:
|
Robert
D. Wiley |
|
Title: |
Chief
Financial Officer (Principal Financial Officer) |
v3.24.0.1
Cover - shares
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Dec. 31, 2023 |
Feb. 07, 2024 |
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|
|
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|
|
Entity File Number |
001-13101
|
|
Entity Registrant Name |
AMMO,
Inc.
|
|
Entity Central Index Key |
0001015383
|
|
Entity Tax Identification Number |
83-1950534
|
|
Entity Incorporation, State or Country Code |
DE
|
|
Entity Address, Address Line One |
7681
E Gray Road
|
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Scottsdale
|
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Entity Address, State or Province |
AZ
|
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85260
|
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(480)
|
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947-0001
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|
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|
|
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Common
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|
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POWW
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NASDAQ
|
|
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v3.24.0.1
Condensed Consolidated Balance Sheets - USD ($)
|
Dec. 31, 2023 |
Mar. 31, 2023 |
Current Assets: |
|
|
Cash and cash equivalents |
$ 54,679,868
|
$ 39,134,027
|
Accounts receivable, net |
21,121,450
|
29,346,380
|
Inventories |
49,502,732
|
54,344,819
|
Prepaid expenses |
3,708,865
|
5,126,667
|
Current portion of restricted cash |
|
500,000
|
Total Current Assets |
129,012,915
|
128,451,893
|
Equipment, net |
57,278,603
|
55,963,255
|
Other Assets: |
|
|
Deposits |
2,265,932
|
7,028,947
|
Patents, net |
4,662,656
|
5,032,754
|
Other intangible assets, net |
114,296,627
|
123,726,810
|
Goodwill |
90,870,094
|
90,870,094
|
Right of use assets - operating leases |
2,113,943
|
1,261,634
|
Deferred income tax asset |
115,908
|
|
TOTAL ASSETS |
400,616,678
|
412,335,387
|
Current Liabilities: |
|
|
Accounts payable |
19,146,138
|
18,079,397
|
Accrued liabilities |
6,570,668
|
4,353,354
|
Current portion of operating lease liability |
463,059
|
470,734
|
Note payable related party |
|
180,850
|
Current portion of construction note payable |
265,977
|
260,429
|
Insurance premium note payable |
173,029
|
2,118,635
|
Total Current Liabilities |
26,618,871
|
25,463,399
|
Long-term Liabilities: |
|
|
Contingent consideration payable |
80,080
|
140,378
|
Construction note payable, net of unamortized issuance costs |
10,797,696
|
10,922,443
|
Operating lease liability, net of current portion |
1,737,615
|
903,490
|
Deferred income tax liability |
|
2,309,592
|
Total Liabilities |
39,234,262
|
39,739,302
|
Shareholders’ Equity: |
|
|
Series A cumulative perpetual preferred Stock 8.75%, ($25.00 per share, $0.001 par value) 1,400,000 shares issued and outstanding as of December 31, 2023 and March 31, 2023, respectively |
1,400
|
1,400
|
Common stock, $0.001 par value, 200,000,000 shares authorized 119,994,033 and 118,562,806 shares issued and 118,643,593 and 118,294,478 outstanding at December 31, 2023 and March 31, 2023, respectively |
118,644
|
118,294
|
Additional paid-in capital |
395,449,082
|
391,940,374
|
Accumulated deficit |
(31,513,554)
|
(18,941,825)
|
Treasury Stock |
(2,673,156)
|
(522,158)
|
Total Shareholders’ Equity |
361,382,416
|
372,596,085
|
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |
$ 400,616,678
|
$ 412,335,387
|
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v3.24.0.1
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares
|
9 Months Ended |
12 Months Ended |
Dec. 31, 2023 |
Mar. 31, 2023 |
Statement of Financial Position [Abstract] |
|
|
Preferred stock, dividend rate percentage |
8.75%
|
8.75%
|
Preferred stock, stated value per share |
$ 25.00
|
$ 25.00
|
Preferred stock, par value |
$ 0.001
|
$ 0.001
|
Preferred stock, shares issued |
1,400,000
|
1,400,000
|
Preferred stock, shares outstanding |
1,400,000
|
1,400,000
|
Common stock, par value |
$ 0.001
|
$ 0.001
|
Common stock, shares authorized |
200,000,000
|
200,000,000
|
Common stock, shares issued |
119,994,033
|
118,562,806
|
Common stock, shares outstanding |
118,643,593
|
118,294,478
|
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v3.24.0.1
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
|
3 Months Ended |
9 Months Ended |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Net Revenues |
|
|
|
|
|
Total Revenues |
|
$ 36,006,464
|
$ 38,711,494
|
$ 104,633,425
|
$ 147,756,079
|
Cost of Revenues |
|
25,096,088
|
26,184,315
|
71,410,243
|
104,257,529
|
Gross Profit |
|
10,910,376
|
12,527,179
|
33,223,182
|
43,498,550
|
Operating Expenses |
|
|
|
|
|
Selling and marketing |
|
236,565
|
1,010,543
|
822,098
|
3,987,214
|
Corporate general and administrative |
|
5,803,255
|
7,835,201
|
21,606,442
|
17,920,197
|
Employee salaries and related expenses |
|
3,390,153
|
4,705,636
|
13,096,468
|
11,414,434
|
Depreciation and amortization expense |
|
3,401,156
|
3,309,074
|
10,117,001
|
9,950,752
|
Total operating expenses |
|
12,831,129
|
16,860,454
|
45,642,009
|
43,272,597
|
Income/(Loss) from Operations |
|
(1,920,753)
|
(4,333,275)
|
(12,418,827)
|
225,953
|
Other Expenses |
|
|
|
|
|
Other income/(loss) |
|
4,576
|
(170,403)
|
376,186
|
28,193
|
Interest expense |
|
(193,046)
|
(320,439)
|
(609,561)
|
(538,191)
|
Total other expense, net |
|
(188,470)
|
(490,842)
|
(233,375)
|
(509,998)
|
Loss before Income Taxes |
|
(2,109,223)
|
(4,824,117)
|
(12,652,202)
|
(284,045)
|
Provision for Income Taxes |
|
(465,234)
|
(721,125)
|
(2,419,883)
|
1,369,427
|
Net Loss |
|
(1,643,989)
|
(4,102,992)
|
(10,232,319)
|
(1,653,472)
|
Preferred Stock Dividend |
|
(782,639)
|
(782,639)
|
(2,339,410)
|
(2,339,409)
|
Net Loss Attributable to Common Stock Shareholders |
|
$ (2,426,628)
|
$ (4,885,631)
|
$ (12,571,729)
|
$ (3,992,881)
|
Net Loss per share |
|
|
|
|
|
Basic |
|
$ (0.02)
|
$ (0.04)
|
$ (0.11)
|
$ (0.03)
|
Diluted |
|
$ (0.02)
|
$ (0.04)
|
$ (0.11)
|
$ (0.03)
|
Weighted average number of shares outstanding |
|
|
|
|
|
Basic |
|
118,447,154
|
117,348,511
|
118,110,943
|
116,950,013
|
Diluted |
|
118,447,154
|
117,348,511
|
118,110,943
|
116,950,013
|
Ammunition Sales [Member] |
|
|
|
|
|
Net Revenues |
|
|
|
|
|
Total Revenues |
[1],[2] |
$ 17,322,967
|
$ 20,250,965
|
$ 46,945,585
|
$ 90,607,817
|
Marketplace Revenue [Member] |
|
|
|
|
|
Net Revenues |
|
|
|
|
|
Total Revenues |
|
13,985,034
|
15,419,202
|
40,371,952
|
46,486,842
|
Casing Sales [Member] |
|
|
|
|
|
Net Revenues |
|
|
|
|
|
Total Revenues |
|
$ 4,698,463
|
$ 3,041,327
|
$ 17,315,888
|
$ 10,661,420
|
|
|
X |
- DefinitionThe aggregate cost of goods produced and sold and services rendered during the reporting period.
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v3.24.0.1
Condensed Consolidated Statements of Operations (Unaudited) (Parenthetical) - USD ($)
|
3 Months Ended |
9 Months Ended |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Income Statement [Abstract] |
|
|
|
|
Excises taxes |
$ 1,498,429
|
$ 1,669,206
|
$ 3,958,391
|
$ 7,816,598
|
X |
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v3.24.0.1
Condensed Consolidated Statement of Shareholders' Equity (Unaudited) - USD ($)
|
Preferred Stock [Member] |
Common Stock [Member] |
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
Treasury Stock, Common [Member] |
Total |
Balance at Mar. 31, 2022 |
$ 1,400
|
$ 116,487
|
$ 385,426,431
|
$ (11,240,752)
|
|
$ 374,303,566
|
Balance, shares at Mar. 31, 2022 |
1,400,000
|
116,485,747
|
|
|
|
|
Employee stock awards |
|
$ 338
|
1,174,725
|
|
|
1,175,063
|
Employee stock awards, shares |
|
338,375
|
|
|
|
|
Stock grants |
|
|
47,844
|
|
|
47,844
|
Preferred stock dividend |
|
|
|
(638,071)
|
|
(638,071)
|
Dividends accumulated on preferred stock |
|
|
|
(136,061)
|
|
(136,061)
|
Net income (loss) |
|
|
|
3,253,027
|
|
3,253,027
|
Common stock issued for cashless warrant exercise |
|
$ 99
|
(99)
|
|
|
|
Common stock issued for cashless warrant exercise, shares |
|
99,762
|
|
|
|
|
Balance at Jun. 30, 2022 |
$ 1,400
|
$ 116,924
|
386,648,901
|
(8,761,857)
|
|
378,005,368
|
Balance, shares at Jun. 30, 2022 |
1,400,000
|
116,923,884
|
|
|
|
|
Balance at Mar. 31, 2022 |
$ 1,400
|
$ 116,487
|
385,426,431
|
(11,240,752)
|
|
374,303,566
|
Balance, shares at Mar. 31, 2022 |
1,400,000
|
116,485,747
|
|
|
|
|
Net income (loss) |
|
|
|
|
|
(1,653,472)
|
Balance at Dec. 31, 2022 |
$ 1,400
|
$ 117,894
|
390,501,876
|
(15,233,633)
|
(290,861)
|
375,096,676
|
Balance, shares at Dec. 31, 2022 |
1,400,000
|
117,894,417
|
|
|
|
|
Balance at Jun. 30, 2022 |
$ 1,400
|
$ 116,924
|
386,648,901
|
(8,761,857)
|
|
378,005,368
|
Balance, shares at Jun. 30, 2022 |
1,400,000
|
116,923,884
|
|
|
|
|
Employee stock awards |
|
$ 339
|
1,176,036
|
|
|
1,176,375
|
Employee stock awards, shares |
|
338,750
|
|
|
|
|
Stock grants |
|
|
43,750
|
|
|
43,750
|
Preferred stock dividend |
|
|
|
(646,595)
|
|
(646,595)
|
Dividends accumulated on preferred stock |
|
|
|
(136,044)
|
|
(136,044)
|
Net income (loss) |
|
|
|
(803,507)
|
|
(803,507)
|
Common stock issued for cashless warrant exercise |
|
$ 12
|
24,230
|
|
|
24,242
|
Common stock issued for cashless warrant exercise, shares |
|
12,121
|
|
|
|
|
Balance at Sep. 30, 2022 |
$ 1,400
|
$ 117,275
|
387,892,917
|
(10,348,003)
|
|
377,663,589
|
Balance, shares at Sep. 30, 2022 |
1,400,000
|
117,274,755
|
|
|
|
|
Employee stock awards |
|
$ 604
|
2,105,931
|
|
|
2,106,535
|
Employee stock awards, shares |
|
604,510
|
|
|
|
|
Stock grants |
|
|
43,750
|
|
|
43,750
|
Preferred stock dividend |
|
|
|
(638,304)
|
|
(638,304)
|
Dividends accumulated on preferred stock |
|
|
|
(144,334)
|
|
(144,334)
|
Net income (loss) |
|
|
|
(4,102,992)
|
|
(4,102,992)
|
Treasury shares purchased |
|
$ (150)
|
|
|
(290,861)
|
(291,011)
|
Treasury shares purchased, shares |
|
(150,000)
|
|
|
|
|
Common stock issued for exercised warrants |
|
$ 165
|
31,639
|
|
|
31,804
|
Common stock issued for exercised warrants, shares |
|
165,152
|
|
|
|
|
Warrants issued for services |
|
|
427,639
|
|
|
427,639
|
Balance at Dec. 31, 2022 |
$ 1,400
|
$ 117,894
|
390,501,876
|
(15,233,633)
|
(290,861)
|
375,096,676
|
Balance, shares at Dec. 31, 2022 |
1,400,000
|
117,894,417
|
|
|
|
|
Balance at Mar. 31, 2023 |
$ 1,400
|
$ 118,294
|
391,940,374
|
(18,941,825)
|
(522,158)
|
372,596,085
|
Balance, shares at Mar. 31, 2023 |
1,400,000
|
118,294,478
|
|
|
|
|
Employee stock awards |
|
$ 391
|
822,406
|
|
|
822,797
|
Employee stock awards, shares |
|
390,111
|
|
|
|
|
Stock grants |
|
|
50,750
|
|
|
50,750
|
Preferred stock dividend |
|
|
|
(638,038)
|
|
(638,038)
|
Dividends accumulated on preferred stock |
|
|
|
(136,094)
|
|
(136,094)
|
Net income (loss) |
|
|
|
(1,093,033)
|
|
(1,093,033)
|
Treasury shares purchased |
|
$ (739)
|
|
|
(1,456,005)
|
(1,456,744)
|
Treasury shares purchased, shares |
|
(738,831)
|
|
|
|
|
Balance at Jun. 30, 2023 |
$ 1,400
|
$ 117,946
|
392,813,530
|
(20,808,990)
|
(1,978,163)
|
370,145,723
|
Balance, shares at Jun. 30, 2023 |
1,400,000
|
117,945,758
|
|
|
|
|
Balance at Mar. 31, 2023 |
$ 1,400
|
$ 118,294
|
391,940,374
|
(18,941,825)
|
(522,158)
|
372,596,085
|
Balance, shares at Mar. 31, 2023 |
1,400,000
|
118,294,478
|
|
|
|
|
Net income (loss) |
|
|
|
|
|
(10,232,319)
|
Balance at Dec. 31, 2023 |
$ 1,400
|
$ 118,644
|
395,449,082
|
(31,513,554)
|
(2,673,156)
|
361,382,416
|
Balance, shares at Dec. 31, 2023 |
1,400,000
|
118,643,593
|
|
|
|
|
Balance at Jun. 30, 2023 |
$ 1,400
|
$ 117,946
|
392,813,530
|
(20,808,990)
|
(1,978,163)
|
370,145,723
|
Balance, shares at Jun. 30, 2023 |
1,400,000
|
117,945,758
|
|
|
|
|
Employee stock awards |
|
$ 713
|
1,467,236
|
|
|
1,467,949
|
Employee stock awards, shares |
|
712,783
|
|
|
|
|
Stock grants |
|
|
50,750
|
|
|
50,750
|
Preferred stock dividend |
|
|
|
(646,545)
|
|
(646,545)
|
Dividends accumulated on preferred stock |
|
|
|
(136,094)
|
|
(136,094)
|
Net income (loss) |
|
|
|
(7,495,297)
|
|
(7,495,297)
|
Treasury shares purchased |
|
$ (198)
|
|
|
(398,627)
|
(398,825)
|
Treasury shares purchased, shares |
|
(197,798)
|
|
|
|
|
Balance at Sep. 30, 2023 |
$ 1,400
|
$ 118,461
|
394,331,516
|
(29,086,926)
|
(2,376,790)
|
362,987,661
|
Balance, shares at Sep. 30, 2023 |
1,400,000
|
118,460,743
|
|
|
|
|
Employee stock awards |
|
$ 328
|
686,771
|
|
|
687,099
|
Employee stock awards, shares |
|
328,333
|
|
|
|
|
Stock grants |
|
|
50,750
|
|
|
50,750
|
Preferred stock dividend |
|
|
|
(638,021)
|
|
(638,021)
|
Dividends accumulated on preferred stock |
|
|
|
(144,618)
|
|
(144,618)
|
Net income (loss) |
|
|
|
(1,643,989)
|
|
(1,643,989)
|
Treasury shares purchased |
|
$ (145)
|
|
|
(296,366)
|
(296,511)
|
Treasury shares purchased, shares |
|
(145,483)
|
|
|
|
|
Common stock purchase options |
|
|
380,045
|
|
|
380,045
|
Balance at Dec. 31, 2023 |
$ 1,400
|
$ 118,644
|
$ 395,449,082
|
$ (31,513,554)
|
$ (2,673,156)
|
$ 361,382,416
|
Balance, shares at Dec. 31, 2023 |
1,400,000
|
118,643,593
|
|
|
|
|
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v3.24.0.1
Condensed Consolidated Statements of Cash Flow (Unaudited) - USD ($)
|
9 Months Ended |
Dec. 31, 2023 |
Dec. 31, 2022 |
Cash flows from operating activities: |
|
|
Net Loss |
$ (10,232,319)
|
$ (1,653,472)
|
Adjustments to reconcile Net Loss to Net Cash provided by operations: |
|
|
Depreciation and amortization |
14,047,216
|
12,950,972
|
Debt discount amortization |
62,440
|
62,440
|
Employee stock awards |
2,977,845
|
4,457,973
|
Stock grants |
152,250
|
135,344
|
Common stock purchase options |
380,045
|
|
Warrants Issued for Services |
|
106,909
|
Contingent consideration payable fair value |
(60,298)
|
(45,572)
|
Allowance for doubtful accounts |
1,117,565
|
1,327,419
|
Reduction in right of use asset |
362,402
|
512,063
|
Deferred income taxes |
(2,425,500)
|
1,283,481
|
Changes in Current Assets and Liabilities |
|
|
Accounts receivable |
7,107,365
|
12,208,054
|
Due from related parties |
|
15,000
|
Inventories |
4,842,087
|
(8,129,249)
|
Prepaid expenses |
2,474,001
|
1,941,206
|
Deposits |
4,763,015
|
1,678,415
|
Accounts payable |
1,066,741
|
(5,852,397)
|
Accrued liabilities |
2,072,696
|
(2,044,248)
|
Operating lease liability |
(388,261)
|
(522,917)
|
Net cash provided by operating activities |
28,319,290
|
18,431,421
|
Cash flows from investing activities: |
|
|
Purchase of equipment |
(5,562,283)
|
(10,566,182)
|
Net cash used in investing activities |
(5,562,283)
|
(10,566,182)
|
Cash flow from financing activities: |
|
|
Proceeds from factoring liability |
37,252,869
|
57,300,000
|
Payments on factoring liability |
(37,252,869)
|
(56,107,221)
|
Payments on inventory facility, net |
|
(825,675)
|
Payments on note payable - related party |
(180,850)
|
(507,508)
|
Payments on insurance premium note payment |
(3,001,805)
|
(1,916,070)
|
Proceeds from construction note payable |
|
1,000,000
|
Payments on construction note payable |
(181,639)
|
(66,586)
|
Preferred stock dividends paid |
(2,194,792)
|
(2,195,075)
|
Common stock repurchase plan |
(2,152,080)
|
(291,011)
|
Common stock issued for exercised warrants |
|
56,046
|
Net cash used in financing activities |
(7,711,166)
|
(3,553,100)
|
Net increase in cash |
15,045,841
|
4,312,139
|
Restricted cash, beginning of period |
500,000
|
|
Cash, beginning of period |
39,134,027
|
23,281,475
|
Cash and restricted cash, end of period |
54,679,868
|
27,593,614
|
Restricted cash, end of period |
|
500,000
|
Cash, end of period |
54,679,868
|
27,093,614
|
Cash paid during the period for: |
|
|
Interest |
548,118
|
433,761
|
Income taxes |
|
1,302,811
|
Non-cash investing and financing activities: |
|
|
Operating lease liability |
1,214,711
|
901,076
|
Insurance premium note payment |
1,056,199
|
2,035,519
|
Dividends accumulated on preferred stock |
144,618
|
144,334
|
Construction note payable |
|
10,237,032
|
Warrants issued for services |
|
$ 427,639
|
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v3.24.0.1
ORGANIZATION AND BUSINESS ACTIVITY
|
9 Months Ended |
Dec. 31, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
ORGANIZATION AND BUSINESS ACTIVITY |
NOTE
1 – ORGANIZATION AND BUSINESS ACTIVITY
We
were formed under the name Retrospettiva, Inc. in November 1990 to manufacture and import textile products, including both finished garments
and fabrics. We were inactive until the following series of events in December 2016 and March 2017.
On
December 15, 2016, the Company’s majority shareholders sold their common stock to Mr. Fred W. Wagenhals (“Mr. Wagenhals”)
resulting in a change in control of the Company. Mr. Wagenhals was appointed as sole officer and the sole member of the Company’s
Board of Directors.
The
Company also approved (i) doing business in the name AMMO, Inc., (ii) a change to the Company’s OTC trading symbol to POWW, (iii)
an agreement and plan of merger to re-domicile and change the Company’s state of incorporation from California to Delaware, and
(iv) a 1-for-25 reverse stock split of the issued and outstanding shares of the common stock of the Company. These transactions were
effective as of December 30, 2016.
On
March 17, 2017, the Company entered into a definitive agreement with AMMO, Inc. a Delaware Corporation (“PRIVCO”) under which
the Company acquired all of the outstanding shares of common stock of PRIVCO. PRIVCO subsequently changes its name to AMMO Munitions,
Inc.
|
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v3.24.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|
9 Months Ended |
Dec. 31, 2023 |
Accounting Policies [Abstract] |
|
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
NOTE
2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting
Basis
The
accompanying unaudited condensed consolidated financial statements and related disclosures included in this Quarterly Report on Form
10-Q have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”)
and reflect all adjustments, which consist solely of normal recurring adjustments, needed to fairly present the financial results for
these periods. Additionally, these condensed consolidated financial statements and related disclosures are presented pursuant to the
rules and regulations of the Securities Exchange Commission (“SEC”).
The
accompanying condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements
and related disclosures contained in the Company’s Annual Report filed with the SEC on Form 10-K for the year ended March 31, 2023.
The results for the three and nine month period ended December 31, 2023 are not necessarily indicative of the results that may be expected
for the entire fiscal year. Accordingly, certain information and note disclosures normally included in financial statements prepared
in accordance with U.S. GAAP have been omitted pursuant to the rules and regulations of the SEC. In the opinion of management, all adjustments
have been made, which consist only of normal recurring adjustments necessary for a fair statement of (a) the results of operations for
the three and nine month periods ended December, 2023 and 2022, (b) the financial position at December 31, 2023, and (c) cash flows for
the nine month periods ended December 31, 2023 and 2022.
AMMO,
Inc.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
We
use the accrual basis of accounting and U.S. GAAP and all amounts are expressed in U.S. dollars. The Company has a fiscal year-end of
March 31st.
Unless
the context otherwise requires, all references to “Ammo”, “we”, “us”, “our,” or the “Company”
are to AMMO, Inc., a Delaware corporation, and its consolidated subsidiaries.
Principles
of Consolidation
The
condensed consolidated financial statements include the accounts of AMMO, Inc. and its wholly owned subsidiaries. All significant intercompany
accounts and transactions are eliminated in consolidation.
Use
of Estimates
The
preparation of financial statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect the amounts
of assets and liabilities and disclosure of contingent assets and liabilities at the date of the balance sheet and reported amounts of
revenue and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates made in preparing
the condensed consolidated financial statements include the valuation of allowances for credit losses, valuation of deferred tax assets,
inventories, useful lives of assets, goodwill, intangible assets, stock-based compensation and warrant-based compensation.
Critical
Accounting Policies
A
summary of our critical accounting policies is included in our Annual Report on Form 10-K for the year ended March 31, 2023, under “Management’s
Discussion and Analysis of Financial Condition and Results of Operations.” We adopted ASU
No. 2016-13, “Financial Instruments-Credit Losses (Topic 326) and ASU 2022-03, “Fair Value Measurement of Equity Securities
Subject to Contractual Sale Restrictions” in the current period. These policy changes did not result in a material effect on the
Company’s financial statements. There have been no other significant changes to these policies during the three and nine
months ended December 31, 2023. For disclosure regarding recent accounting pronouncements and the anticipated impact they will have on
our operations, please refer to Note 2 to the consolidated financial statements included in our Annual Report on Form 10-K for the year
ended March 31, 2023.
Goodwill
We
evaluate goodwill for impairment annually or more frequently when an event occurs or circumstances change that would more likely than
not reduce the fair value of the reporting unit below its carrying amount. In testing for goodwill impairment, we may elect to utilize
a qualitative assessment to evaluate whether it is more likely than not that the fair value of a reporting unit is less than its carrying
amount. If our qualitative assessment indicates that goodwill impairment is more likely than not, we perform a two-step impairment test.
We test goodwill for impairment under the two-step impairment test by first comparing the book value of net assets to the fair value
of the reporting unit. If the fair value is determined to be less than the book value or qualitative factors indicate that it is more
likely than not that goodwill is impaired, a second step is performed to compute the amount of impairment as the difference between the
estimated fair value of goodwill and the carrying value. We estimate the fair value of the reporting units using discounted cash flows.
Forecasts of future cash flows are based on our best estimate of future net sales and operating expenses, based primarily on expected
category expansion, pricing, market segment share, and general economic conditions. Due to the declines in the value of our stock price
and market capitalization in the year ended March 31, 2023, we assessed qualitative factors to determine if it is more likely than not
that the fair value of the Marketplace segment is less than its carrying amount. Through our analysis we determined our stock price and
market capitalization decline is not indicative of a decrease in the fair value of our Marketplace segment and a fair value calculation
using the discounted cash flows was more appropriate due to the operational performance of the reporting segment. Accordingly, the impairment
of Goodwill was not warranted for the three and nine months ended December 31, 2023. As of December 31, 2023, the Company has a goodwill
carrying value of $90,870,094, all of which is assigned to the Marketplace segment. However, should there continue to be a decline in
the Company’s market capitalization, it is possible that the book values of our Marketplace segment could exceed its fair value,
which may result in the recognition of a material, noncash impairment of goodwill for the year ending March 31, 2024.
AMMO,
Inc.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Accounts
Receivable and Allowance for Doubtful Accounts
Our
accounts receivable represents amounts due from customers for products sold and include an allowance for estimated credit losses which
is estimated based on the collectability and age of the accounts receivable balances and categorization of customers with similar financial
condition. At December 31, 2023 and March 31, 2023, we reserved $4,387,581 and $3,246,551, respectively, of allowance for doubtful accounts.
Restricted
Cash
We
consider cash to be restricted when withdrawal or general use is legally restricted. Our restricted cash balance is comprised of cash
on deposit with banks to secure the Construction Note Payable as discussed in Note 11. We report restricted cash in the Consolidated
Balance Sheets as current or non-current classification based on the expected duration of the restriction.
License
Agreements
We
are a party to a license agreement with Jesse James, a well-known motorcycle designer, and Jesse James Firearms, LLC, a Texas limited
liability company. The license agreement grants us the exclusive worldwide rights through April 12, 2026 to Mr. James’ image rights
and trademarks associated with him in connection with the marketing, promotion, advertising, sale, and commercial exploitation of Jesse
James Branded Products. We agreed to pay Mr. James royalty fees on the sale of ammunition and non-ammunition Branded Products and to
reimburse him for any out-of-pocket expenses and reasonable travel expenses.
Patents
On
September 28, 2017, AMMO Technologies Inc. (“ATI”), an Arizona corporation, which is 100% owned by us, merged with Hallam,
Inc, a Texas corporation, with ATI being the survivor. The primary asset of Hallam, Inc. was an exclusive license to produce projectiles
and ammunition using the Hybrid Luminescence Ammunition Technology under patent U.S. 8,402,896 B1 with a publication date of March 26,
2013 owned by the University of Louisiana at Lafayette. The license was formally amended and assigned to AMMO Technologies Inc. pursuant
to an Assignment and First Amendment to Exclusive License Agreement. Assumption Agreement dated to be effective as of August 22, 2017,
the Merger closing date. This asset will be amortized from September 2017, the first full month of the acquired rights, through October
29, 2028.
Under
the terms of the Exclusive License Agreement, the Company is obligated to pay a quarterly royalty to the patent holder, based on a $0.01
per unit basis for each round of ammunition sold that incorporates this patented technology through October 29, 2028. For the three months
ended December 31, 2023 and 2022, the Company recognized royalty expenses of $2,714 and $8,794, respectively under this agreement. For
the nine months ended December 31, 2023 and 2022, the Company recognized royalty expenses of $10,384 and $89,340, respectively under
this agreement.
AMMO,
Inc.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
On
October 5, 2018, we completed the acquisition of SW Kenetics Inc. ATI succeeded all of the assets of SW Kenetics, Inc. and assumed all
of the liabilities.
The
primary asset of SW Kenetics Inc. was a pending patent for modular projectiles. All rights to patent pending application were assigned
and transferred to AMMO Technologies, Inc. pursuant to Intellectual Property Rights Agreement on September 27, 2018.
We
intend to continue building our patent portfolio to protect our proprietary technologies and processes, and will file new applications
where appropriate to preserve our rights to manufacture and sell our branded lines of ammunition.
Other
Intangible Assets
On
March 15, 2019, Enlight Group II, LLC d/b/a Jagemann Munition Components, a wholly owned subsidiary of AMMO, Inc., completed its acquisition
of assets of Jagemann Stamping Company’s ammunition casing manufacturing and sales operations pursuant to the terms of the Amended
and Restated Asset Purchase Agreement. The intangible assets acquired include a tradename, customer relationships, and intellectual property.
On
April 30, 2021, we entered into an agreement and plan of merger (the “Merger Agreement”), by and among the Company, SpeedLight
Group I, LLC, a Delaware limited liability company and a wholly owned subsidiary of the Company and Gemini Direct Investments, LLC, a
Nevada limited liability company. Whereby SpeedLight Group I, LLC merged with and into Gemini Direct Investments, LLC, with SpeedLight
Group I, LLC surviving the merger as a wholly owned subsidiary of the Company. At the time of the Merger, Gemini Direct Investments,
LLC had nine (9) subsidiaries, all of which are related to Gemini’s ownership of Gunbroker.com, an online auction marketplace dedicated
to firearms, hunting, shooting, and related products. The intangible assets acquired include a tradename, customer relationships, intellectual
property, software and domain names.
Impairment
of Long-Lived Assets
We
continually monitor events and changes in circumstances that could indicate carrying amounts of long-lived assets may not be recoverable.
When such events or changes in circumstances are present, we assess the recoverability of long-lived assets by determining whether the
carrying value of such assets will be recovered through undiscounted expected future cash flows. If the total of the future cash flows
is less than the carrying amount of those assets, we recognize an impairment loss based on the excess of the carrying amount over the
fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or the fair value less costs to sell.
No impairment expense was recognized for the three and nine months ended December 31, 2023 and 2022.
Revenue
Recognition
We
generate revenue from the production and sale of ammunition, ammunition casings, and marketplace fee revenue, which includes auction
revenue, payment processing revenue, and shipping income. We recognize revenue according to Accounting Standard Codification –
Revenue from Contract with Customers (“ASC 606”). When the customer obtains control over the promised goods or services,
we record revenue in the amount of consideration that we can expect to receive in exchange for those goods and services. We apply the
following five-step model to determine revenue recognition:
|
● |
Identification
of a contract with a customer |
|
● |
Identification
of the performance obligations in the contact |
|
● |
Determination
of the transaction price |
|
● |
Allocation
of the transaction price to the separate performance allocation |
|
● |
Recognition
of revenue when performance obligations are satisfied |
AMMO,
Inc.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
We
only apply the five-step model when it is probable that we will collect the consideration we are entitled to in exchange for the goods
or services transferred to the customer. At contract inception and once the contract is determined to be within the scope of ASC 606,
we assess the goods or services promised within each contract and determine those that are performance obligations, and assess whether
each promised good or service is distinct.
For
Ammunition Sales and Casing Sales, our contracts contain a single performance obligation and the entire transaction price is allocated
to the single performance obligation. We recognize as revenues the amount of the transaction price that is allocated to the respective
performance obligation when the performance obligation is satisfied or as it is satisfied. Accordingly, we recognize revenues (net) when
the customer obtains control of our product, which typically occurs upon shipment of the product or the performance of the service. In
the year ended March 31, 2021, we began accepting contract liabilities or deferred revenue. We included Deferred Revenue in our Accrued
Liabilities. We will recognize revenue when the performance obligation is met.
For
Marketplace revenue, the performance obligation is satisfied, and revenue is recognized as follows:
Auction
revenue consists of optional listing fees with variable pricing components based on customer options selected from the GunBroker website
and final value fees based on a percentage of the final selling price of the listed item. The performance obligation is to process the
transactions as initiated by the customer. Revenue is recognized at a point in time when the transaction is processed.
Payment
processing revenue consists of fees charged to customers on a transactional basis. The performance obligation is to process the transactions
as initiated by the customer. The price is set by the GunBroker user agreement on the website based on stand-alone selling prices. Revenue
is recognized at a point in time when the transaction is processed.
Shipping
income consists of fees charged to customers for shipping of sold items listed on the GunBroker website. The performance obligation is
to ship the item sold as initiated by the customer. The price is set based on the third-party service provider selected to be used by
the customer as well as the speed and location of shipment. Revenue is recognized at a point in time when the shipping label is printed.
Banner
Advertising Campaign Revenue consists of fees charged to customers for advertisement placement and impressions generated through the
GunBroker website. The performance obligation is to generate the number of impressions specified by the customer on banner advertisements
on the GunBroker website using the placement selected by the customer. The price is set by the GunBroker user agreement on the website
based on standalone selling prices, or by advertising insertion order as negotiated by media broker. If the number of impressions promised
is not generated, the customer receives a refund and the refund is applied to the transaction price. Banner advertising campaigns generally
run for one month, and revenue is recognized at a point in time at the end of the selected month.
Product
Sales consists of fees charged for the liquidation of excess inventory for partner distributors. The performance obligation is to sell
and ship the inventory item as initiated by the customer. The price depends on whether the inventory is a fixed price item or an auction
item. For a fixed price item, the Company performs research to determine the current market rate for such an item, and the item is listed
at that price. For an auction item, the price is set by what the buyer is willing to pay. The Company acts as a principal in these transactions
due to the extent of control they have over the product prior to the sale. Due to the principal determination, gross revenue is recognized
at a point in time when the item has been shipped.
AMMO,
Inc.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Identity
Verification consists of fees charged to customers for identity verification in order to gain access to the GunBroker website. The performance
obligation is to process the identity verification as initiated by the customer. The price is set by the GunBroker user agreement on
the website based on a stand-alone selling price. Revenue is recognized at a point in time when the identity verification is completed.
For
the three and nine months ended December 31, 2023, the Company did not have any customers that comprised more than ten percent (10%)
of total revenues or accounts receivable.
Disaggregated
Revenue Information
The
following table represents a disaggregation of revenue from customers by category. We attribute net sales to categories by product or
services types; ammunition, ammunition casings, and marketplace fees. We note that revenue recognition processes are consistent between
product and service type, however, the amount, timing and uncertainty of revenue and cash flows may vary by each product type due to
the customers of each product and service type.
SCHEDULE OF DISAGGREGATED REVENUE FROM CUSTOMERS BY SEGMENT
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For
the Three Months Ended |
|
|
For
the Nine Months Ended |
|
|
|
December
31, 2023 |
|
|
December
31, 2022 |
|
|
December
31, 2023 |
|
|
December
31, 2022 |
|
Ammunition
sales(1) |
|
$ |
17,322,967
|
|
|
$ |
20,250,965 |
|
|
$ |
46,945,585 |
|
|
$ |
90,607,817
|
|
Marketplace
fee revenue |
|
|
13,985,034 |
|
|
|
15,419,202 |
|
|
|
40,371,952 |
|
|
|
46,486,842
|
|
Ammunition
casings sales |
|
|
4,698,463
|
|
|
|
3,041,327 |
|
|
|
17,315,888
|
|
|
|
10,661,420
|
|
Total
Sales |
|
$ |
36,006,464
|
|
|
$ |
38,711,494 |
|
|
$ |
104,633,425
|
|
|
$ |
147,756,079 | |
(1) |
Included
in revenue for the three months ended December 31, 2023 and 2022 are excise taxes of $1,498,429 and $1,669,206, respectively. Included
in revenue for the nine months ended December 31, 2023 and 2022 are excise taxes of $3,958,391 and $7,816,598, respectively. |
Ammunition
products are sold through “Big Box” retailers, manufacturers, local ammunition stores, and shooting range operators. We also
sell directly to customers online. In contrast, our ammunition casings products are sold to manufacturers. Marketplace fees are generated
through our GunBroker.com online auction marketplace.
Advertising
Costs
We
expense advertising costs as they are incurred in selling and marketing expenses of operating expenses. Marketplace advertising
costs are expensed as they are incurred in cost of revenues. We incurred advertising expenses of $297,166 and $240,449, of which
$75,655 and
$217,422 related
to our ammunition segment, for the three months ended December 31, 2023 and 2022, respectively, and recognized in selling and
marketing expenses and $221,511 and
$23,027 of
marketplace advertising expenses recognized in cost of revenues for the three months ended December 31, 2023 and 2022, respectively.
We incurred advertising expenses of $850,001 and $1,156,205, of which $289,319 and
$912,959 related
to our ammunitions segment, for the nine months ended December 31, 2023 and 2022, respectively, and recognized in selling and
marketing expenses and $560,682 and
$243,246 of
marketplace advertising expenses recognized in cost of revenues for the nine months ended December 31, 2023 and 2022,
respectively.
Fair
Value of Financial Instruments
Fair
value estimates discussed herein are based upon certain market assumptions and pertinent information available to us as of December 31,
2023. The respective carrying value of certain on-balance-sheet financial instruments approximated their fair value. These financial
instruments include cash, accounts receivable, accounts payable, amounts due to related parties, and the construction
note payable. Fair values were assumed to approximate carrying values because they are short term in nature and their carrying amounts
approximate fair values or they are payable on demand.
Inventories
We
state inventories at the lower of cost or net realizable value. We determine cost using the average cost method. Our inventory consists
of raw materials, work in progress, and finished goods. Cost of inventory includes cost of parts, labor, quality control, and all other
costs incurred to bring our inventories to condition ready to be sold. We periodically evaluate and adjust inventories for obsolescence.
AMMO,
Inc.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Property
and Equipment
We
state property and equipment at cost, less accumulated depreciation. We capitalize major renewals and improvements, while we charge minor
replacements, maintenance, and repairs to current operations. We compute depreciation by applying the straight-line method over estimated
useful lives, which are generally 5 to 10 years for equipment and 40 years for our building.
Compensated
Absences
We
accrue a liability for compensated absences in accordance with Accounting Standards Codification 710 – Compensation – General
(“ASC 710”).
Research
and Development
To
date, we have expensed all costs associated with developing our product specifications, manufacturing procedures, and products through
our cost of products sold, as this work was done by the same employees who produced the finished product. We anticipate that it may become
necessary to reclassify research and development costs into our operating expenditures for reporting purposes as we begin to develop
new technologies and lines of ammunition.
Stock-Based
Compensation
We
account for stock-based compensation at fair value in accordance with Accounting Standards Codification 718 – Compensation
– Stock Compensation (“ASC 718”), which requires the measurement and recognition of compensation expense for all
share-based payment awards to employees and directors. On April 1, 2023 we adopted ASU 2022-03, “Fair Value Measurement of
Equity Securities Subject to Contractual Sale Restrictions.” Accordingly, stock based compensation is valued using market
value of our Common Stock. Stock-based compensation is recognized on a straight line basis over the vesting periods and forfeitures
are recognized in the periods they occur. We account for common stock purchase option awards by estimating the fair value of each
option award on the grant date using the Black-Scholes option pricing model that uses assumption and estimates that we believe are
reasonable. There were 328,333
and 1,431,227
shares of common stock issued to employees, members of the Board of Directors, and members of our advisory committee for services
during the three and nine months ended December 31, 2023, respectively. There were 604,510
and 1,281,635
shares of common stock issued to employees, members of the Board of Directors, and members of our advisory committee for services
during the three and nine months ended December 31, 2022, respectively.
Concentrations
of Credit Risk
Accounts
at banks are insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $250,000. As of December 31, 2023, our bank
account balances exceeded federally insured limits.
Income
Taxes
We
file federal and state income tax returns in accordance with the applicable rules of each jurisdiction. We account for income taxes under
the asset and liability method in accordance with Accounting Standards Codification 740 – Income Taxes (“ASC 740”).
The provision for income taxes includes federal, state, and local income taxes currently payable, and deferred taxes. We recognize deferred
tax assets and liabilities for the future tax consequences attributable to differences between the financial statement carrying amounts
of existing assets and liabilities and their respective tax basis. We measure deferred tax assets and liabilities using enacted tax rates
expected to apply to taxable amounts in years in which those temporary differences are expected to be recovered or settled. If it is
more likely than not that some portion or all of a deferred tax asset will not be realized, a valuation allowance is recognized. In accordance
with ASC 740, we recognize the effect of income tax positions only if those positions are more likely than not of being sustained. We
measure recognized income tax positions at the largest amount that is greater than 50% likely of being realized. We reflect changes in
recognition or measurement in the period in which the change in judgment occurs.
Excise
Tax
As
a result of regulations imposed by the Federal Government for sales of ammunition to non-government U.S. entities, we charge and collect
an 11% excise tax for all products sold into these channels. During the three and nine months ended December 31, 2023, we recognized
approximately $1.5 million and $4.0 million, respectively, in excise taxes. During the three and nine months ended December 31, 2022,
we recognized approximately $1.7 million and $7.8 million, respectively, in excise taxes. For ease in selling to commercial markets,
excise tax is included in our unit price for the products sold. We record this through net sales and expense the offsetting tax expense
to cost of goods sold.
AMMO,
Inc.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Contingencies
Certain
conditions may exist as of the date the consolidated financial statements are issued that may result in a loss to us but will only be
resolved when one or more future events occur or fail to occur. We assess such contingent liabilities, and such assessment inherently
involves an exercise of judgment. In assessing loss contingencies related to legal proceedings that are pending against us or unasserted
claims that may result in such proceedings, we evaluate the perceived merits of any legal proceedings or unasserted claims and the perceived
merits of the amount of relief sought or expected to be sought therein.
If
the assessment of a contingency indicates that it is probable that a material loss has been incurred and the amount of the liability
is reasonably estimated, the estimated liability would be accrued in our condensed consolidated financial statements. If the assessment
indicates that a potentially material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated,
then the nature of the contingent liability, together with an estimate of range of possible loss if determinable and material, would
be disclosed.
AMMO
was involved in three contract arbitration cases with adverse former employees, one of which is still active. The first one involved an employee terminated
for cause who is seeking contract wages and stock that was earned but clawed back upon his termination. In that case, the Company
received a favorable ruling on a partial motion for summary judgment wherein the arbitrator ruled the employee had refused to return
funds he received as reimbursement for invoices he never paid. The arbitrator, thus, granted the Company’s partially
dispositive motion. The remaining claims went to an arbitration hearing in late September 2023. No decision has yet been
rendered.
The
second case involved an employee who was terminated without cause wherein the former employee is seeking contract wages, commissions
and allegedly earned common stock. The Company also received notice in October 2022 that an OSHA whistleblower complaint had been
filed with the US Department of Labor by that same employee that had been terminated for cause. The regulatory filing was received
after AMMO refused to capitulate to the former employee’s demands. AMMO has produced documents and submitted its position
statement to OSHA and the matter is currently pending at the agency level. AMMO uncovered additional information through work with
counsel and investigators and a supplemental response was provided to OHSA on or about July 10, 2023. The Company and the employee
agreed to arbitrate the case. The parties reached a resolution of all outstanding claims in November 2023 and all claims have been dismissed.
The third case involved an employee
who was terminated without cause wherein the former employee is seeking contract wages and commissions. The Company and the employee agreed
to arbitrate the case in August 2023. The parties reached a resolution of all outstanding claims in January 2024 and all claims have been
dismissed.
On
April 30, 2023, Director and Stockholder Steve Urvan filed suit in the Delaware Court of Chancery against the Company, certain Directors,
former directors, employees, former employees and consultants. Urvan’s complaint alleges fraudulent misrepresentation in connection
with the Company’s acquisition of GunBroker.com and certain affiliated companies. Urvan seeks relief in the form of a Court order
for partial rescission of the Merger and compensatory damages. The Company and the individual defendants believe that the claims are
without merit and have moved to dismiss Urvan’s complaint. The Company has also filed a separate lawsuit against Urvan in the Delaware
Court of Chancery alleging, among other things, that Urvan committed fraud in connection with the GunBroker.com sale and that Urvan breached
his indemnification obligations to AMMO after the sale. On September 11, 2023, the Court of Chancery consolidated the Company’s
lawsuit against Urvan with Urvan’s lawsuit against the Company and the individual defendants. On September 18, 2023, AMMO filed
an amended complaint that added a new fraudulent inducement claim and a claim for violation of the Arizona Securities Act. Urvan has
moved to dismiss AMMO’s affirmative claims. The Court of Chancery held a hearing on both motions to dismiss in the consolidated
action on December 18, 2023. The parties are currently awaiting a ruling.
The
Company received an assessment from the Alcohol and Tobacco Tax and Trade Bureau (“TTB”) for penalties related to excise
tax filings in prior fiscal years. A request for abatement was submitted on May 22, 2023, which was subsequently denied by the TTB. The Company participated in an
appeals conference in October of 2023 and is currently awaiting a determination.
On December 6, 2023, Director and Stockholder Steve Urvan filed suit in the Delaware Court of Chancery against the
Company alleging the Company wrongfully refused to provide him access to certain categories of documents. The Company has asserted as
an affirmative defense that Mr. Urvan’s primary purpose is to obtain documents to support
his claims in the Delaware Plenary Litigation filed April 30, 2023, in which discovery is currently stayed. The parties are currently
completing document discovery. A one-day trial is scheduled at the end of February 2024.
We
have accrued for contingencies totaling approximately $0.2 million and $1.3 million for the three and nine months ended December 31, 2023, respectively. There were
no other known contingencies at December 31, 2023.
AMMO,
Inc.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
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v3.24.0.1
INCOME/(LOSS) PER COMMON SHARE
|
9 Months Ended |
Dec. 31, 2023 |
Net Loss per share |
|
INCOME/(LOSS) PER COMMON SHARE |
NOTE
3 – INCOME/(LOSS) PER COMMON SHARE
We
calculate basic income/(loss) per share using the weighted-average number of shares of common stock outstanding during each reporting
period. Diluted income/(loss) per share includes potentially dilutive securities, such as outstanding options and warrants. We use the
treasury stock method, in the determination of dilutive shares outstanding during each reporting period. We have issued warrants to purchase
2,256,296 shares of common stock. Due to the net loss attributable to common shareholders for the three and nine months ended December
31, 2023, potentially dilutive securities, which consists of 152,048 and 65,459 of respective warrants, 44,303 and 39,890 of respective
equity incentive awards, and 150,000 of respective common stock purchase options were excluded, as a result of the treasury stock method,
from the dilutive EPS calculation as the effect would be antidilutive. Due to the net loss attributable to common shareholders for the
three and nine months ended December 31, 2022, potentially dilutive securities, which consists of 389,544 and 1,070,694 (536,311 and
150,000 warrants, respectively, for the three and nine months ended December 31, 2022 were excluded as a result of the treasury stock
method) common stock purchase warrants and 5,281 and 19,095 equity incentive awards, respectively for the three and nine months ended
December 31, 2022, have been excluded from the dilutive EPS calculation as the effect would be antidilutive.
SCHEDULE OF INCOME/(LOSS) PER COMMON SHARE
| |
| | |
| | |
| | |
| |
| |
For the Three Months Ended December 31, | | |
For the Nine Months Ended December 31, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
| | |
| | |
| | |
| |
Numerator: | |
| | | |
| | | |
| | | |
| | |
Net loss | |
$ | (1,643,989 | ) | |
$ | (4,102,992 | ) | |
$ | (10,232,319 | ) | |
$ | (1,653,472 | ) |
Less: Preferred stock dividends | |
| (782,639 | ) | |
| (782,639 | ) | |
| (2,339,410 | ) | |
| (2,339,409 | ) |
Net loss attributable to common stockholders | |
$ | (2,426,628 | ) | |
$ | (4,885,631 | ) | |
$ | (12,571,729 | ) | |
$ | (3,992,881 | ) |
| |
| | | |
| | | |
| | | |
| | |
Denominator: | |
| | | |
| | | |
| | | |
| | |
Weighted average shares of common stock – Basic | |
| 118,447,154 | | |
| 117,348,511 | | |
| 118,110,943 | | |
| 116,950,013 | |
Effect of dilutive common stock purchase warrants | |
| - | | |
| - | | |
| - | | |
| - | |
Effect of dilutive equity incentive awards | |
| - | | |
| - | | |
| - | | |
| - | |
Effect of dilutive common stock purchase options | |
| - | | |
| - | | |
| - | | |
| - | |
Weighted average shares
of common stock - Diluted | |
| 118,447,154 | | |
| 117,348,511 | | |
| 118,110,943 | | |
| 116,950,013 | |
| |
| | | |
| | | |
| | | |
| | |
Earnings per share: | |
| | | |
| | | |
| | | |
| | |
Loss per share attributable to common stockholders – basic | |
$ | (0.02 | ) | |
$ | (0.04 | ) | |
$ | (0.11 | ) | |
$ | (0.03 | ) |
Loss per share attributable to common stockholders – diluted | |
$ | (0.02 | ) | |
$ | (0.04 | ) | |
$ | (0.11 | ) | |
$ | (0.03 | ) |
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v3.24.0.1
INVENTORIES
|
9 Months Ended |
Dec. 31, 2023 |
Inventory Disclosure [Abstract] |
|
INVENTORIES |
NOTE
4 – INVENTORIES
At
December 31, 2023 and March 31, 2023, the inventory balances are composed of:
SCHEDULE OF INVENTORIES
| |
December, 2023 | | |
March 31, 2023 | |
Finished product | |
$ | 15,710,247 | | |
$ | 14,362,514 | |
Raw materials | |
| 22,760,289 | | |
| 23,898,596 | |
Work in process | |
| 11,032,196 | | |
| 16,083,709 | |
Inventory net | |
$ | 49,502,732 | | |
$ | 54,344,819 | |
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v3.24.0.1
PROPERTY AND EQUIPMENT
|
9 Months Ended |
Dec. 31, 2023 |
Property, Plant and Equipment [Abstract] |
|
PROPERTY AND EQUIPMENT |
NOTE
5 – PROPERTY AND EQUIPMENT
We
state equipment at historical cost less accumulated depreciation. We compute depreciation using the straight-line method at rates intended
to depreciate the cost of assets over their estimated useful lives, which are generally 5 to 10 years for equipment and 40 years for
our building. Upon retirement or sale of property and equipment, we remove the cost of the disposed assets and related accumulated depreciation
from the accounts and any resulting gain or loss is credited or charged to other expense. We charge expenditures for normal repairs and
maintenance to expense as incurred.
We
capitalize additions and expenditures for improving or rebuilding existing assets that extend the useful life. Leasehold improvements
made either at the inception of the lease or during the lease term are amortized over the shorter of their economic lives or the lease
term including any renewals that are reasonably assured.
AMMO,
Inc.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Property
and Equipment consisted of the following at December 31, 2023 and March 31, 2023:
SCHEDULE OF PROPERTY AND EQUIPMENT
| |
December 31, 2023 | | |
March 31, 2023 | |
Leasehold Improvements | |
$ | 257,009 | | |
$ | 257,009 | |
Building | |
| 29,067,369 | | |
| 28,623,329 | |
Furniture and Fixtures | |
| 413,746 | | |
| 384,650 | |
Vehicles | |
| 153,254 | | |
| 153,254 | |
Equipment | |
| 44,104,409 | | |
| 40,233,186 | |
Tooling | |
| 143,710 | | |
| 143,710 | |
Construction in Progress | |
| 1,952,152 | | |
| 734,781 | |
Total property and equipment | |
$ | 76,091,649 | | |
$ | 70,529,919 | |
Less accumulated depreciation | |
| (18,813,046 | ) | |
| (14,566,664 | ) |
Net property and equipment | |
$ | 57,278,603 | | |
$ | 55,963,255 | |
Depreciation
Expense for the three and nine months ended December 31, 2023 totaled $1,486,889,
and $4,246,935, respectively. For three and
nine months ended December 31, 2023 depreciation expense included in Cost of Revenues totaled
$1,229,128 and $3,560,117, respectively and $257,761 and $686,818 of depreciation expense was included in Operating Expenses for three
and nine months ended December 31, 2023. Depreciation Expense for the three and nine months ended December 31, 2022 totaled $1,089,243,
and $3,150,691, respectively. For three and nine months ended December 31, 2022 depreciation expense included in Cost of Revenues totaled
$923,564 and $2,630,122, respectively and $165,679 and $520,569 of depreciation expense was included in Operating Expenses for three
and nine months ended December 31, 2022.
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v3.24.0.1
FACTORING LIABILITY
|
9 Months Ended |
Dec. 31, 2023 |
Factoring Liability |
|
FACTORING LIABILITY |
NOTE
6 – FACTORING LIABILITY
On
July 1, 2019, we entered into a Factoring and Security Agreement with Factors Southwest, LLC (“FSW”). FSW may purchase from
time to time the Company’s Accounts Receivables with recourse on an account by account basis. The twenty-four month agreement contains
a maximum advance amount of $5,000,000 on 85% of eligible accounts and has an annualized interest rate of the Prime Rate published from
time to time by the Wall Street Journal plus 4.5%. The agreement contains a fee of 3% ($150,000) of the Maximum Facility assessed to
the Company. Our obligations under this agreement are secured by present and future accounts receivables and related assets, inventory,
and equipment. The Company has the right to terminate the agreement, with 30 days written notice, upon obtaining a non-factoring credit
facility. This agreement provides the Company with the ability to convert our account receivables into cash. We
did not have an outstanding balance on our Factoring liability as of December 31, 2023. For the three and nine months ended December
31, 2023, interest expense recognized on the Factoring Liability was $81,952 and $185,319, respectively, including $62,500 of amortization
of the commitment fee. For the three and nine months ended December 31, 2022, interest expense recognized on the Factoring Liability
was $42,286 and $111,220 including $37,500 of amortization of the commitment fee.
On
June 17, 2023, per the terms of this agreement, the maturity date was extended to June 17, 2025.
On
November 29, 2023, we provided FSW notice of termination of the agreement. The agreement terminated on December 29, 2023. We recognized
an expense of $281,108 in relation to the termination of the agreement with FSW.
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v3.24.0.1
INVENTORY CREDIT FACILITY
|
9 Months Ended |
Dec. 31, 2023 |
Inventory Credit Facility |
|
INVENTORY CREDIT FACILITY |
NOTE
7 – INVENTORY CREDIT FACILITY
On
June 17, 2020, we entered into a Revolving Inventory Loan and Security Agreement with FSW. FSW will establish a revolving credit line,
and make loans from time to time to the Company for the purpose of providing capital. The twenty-four month agreement secured by our
inventory, among other assets, contains a maximum loan amount of $1,750,000 on eligible inventory and has an annualized interest rate
of the greater of the three-month LIBOR rate plus 3.09% or 8%. The agreement contains a fee of 2% of the maximum loan amount ($35,000)
assessed to the Company. On July 31, 2020, the Company amended its Revolving Loan and Security Agreement to increase the maximum inventory
loan amount to $2,250,000. As of December 31, 2023, there was no outstanding balance of the Inventory Credit Facility. There was no interest
expense for the three and nine months ended December 31, 2023. Interest expense recognized on the Inventory Credit Facility was $6,580
and $24,256 for the three and nine months ended December 31, 2022, respectively.
On
November 29, 2023, we provided FSW notice of termination of the agreement. The agreement terminated on December 29, 2023.
|
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v3.24.0.1
REVOLVING LOAN
|
9 Months Ended |
Dec. 31, 2023 |
Revolving Loan |
|
REVOLVING LOAN |
NOTE
8 – REVOLVING LOAN
On
December 29, 2023, we entered into a Loan and Security Agreement (the “Sunflower Agreement”) by and among the Company and
other borrowers party to the Agreement (collectively, the “Borrower”), the lenders party thereto (collectively, the “Lenders”)
and Sunflower Bank, N.A., as administrative agent and collateral agent (the “Agent”). Capitalized terms used but not otherwise
defined herein have the same definitions given to such terms in the Sunflower Agreement under the terms of the Sunflower Agreement, the
Lenders have provided to the Borrower a revolving loan in the principal amount of the lesser of (a) $20,000,000 (the “Total Commitment
Amount”) and (b) the Borrowing Base (a formula based on certain amounts owed to Borrower for goods sold or services provided and
eligible inventory (the “Revolving Loan”). The proceeds of loans under the Sunflower Agreement may be used for working capital,
general corporate purposes, Permitted Acquisitions, to pay fees and expenses incurred in connection with the Revolving Line, to facilitate
Borrower’s stock repurchase program and to fund Borrower’s general business requirements.
The
Revolving Loan bears interest at a rate of the greater of (x) 3.50% (the “Floor Rate”) and (y) Term SOFR, plus 3.00% (the
“Revolving Facility Applicable Rate”) and is computed on the basis of a 360-day year for the actual number of days elapsed.
Except in an Event of Default (as defined below), Advances under the Revolving Loan shall bear interest, on the outstanding Daily Balance
thereof, at the Revolving Facility Applicable Rate. Interest is due and payable on the first calendar day of each month during the term
of the Sunflower Agreement. The Borrower is also obligated to pay to Agent, for the ratable benefit of Lenders, an origination fee, Prepayment
Fee, unused facility fee, collateral monitoring fee and Lender Expenses.
The
Borrower may borrow, repay and reborrow under the Revolving Loan until December 29, 2026 (the “Maturity Date”), at which
time the commitments will terminate and all outstanding loans, together with all accrued and unpaid interest, must be repaid. If the
Revolving Loan is refinanced by another lender prior to the Maturity Date, an additional fee payable concurrently with such refinancing
in an amount equal to (i) three percent (3.0%) of the Total Commitment Amount, if such financing occurs after the Closing Date but on
or prior to the first anniversary of the Closing Date, (ii) two percent (2.0%) of the Total Commitment Amount, if such refinancing occurs
after the first anniversary of the Closing Date but on or prior to the second anniversary of the Closing Date, and (iii) one percent
(1.0%) of the Total Commitment Amount, if such refinancing occurs after the second anniversary of the Closing Date but on or prior to
the third anniversary of the Closing Date (the “Prepayment Fee”).
The
Sunflower Agreement contains customary affirmative and negative covenants, including covenants that limit or restrict the Borrower’s
and the Borrower’ subsidiaries’ ability to, among other things, incur subsidiary indebtedness, grant liens, merge or consolidate,
dispose of substantially all assets of the Borrower and its subsidiaries, taken as a whole, make investments, make acquisitions, enter
into certain transactions with affiliates, pay dividends or make distributions, repurchase stock, and enter into restrictive agreements,
in each case subject to customary exceptions.
The
Sunflower Agreement includes customary events of default (each, an “Event of Default”) that include, among other things,
non-payment defaults, inaccuracy of representations and warranties, covenant defaults, insolvency defaults, material judgment defaults,
attachment defaults, subordinated debt default, guaranty defaults, and governmental approval defaults. Upon an Event of Default, all
Obligations under the Sunflower Agreement shall bear interest at a rate equal to three (3.0) percentage points above the interest rate
applicable immediately prior to the occurrence of the Event of Default.
We
did not have an outstanding balance on our Revolving Loan as of December 31, 2023.
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v3.24.0.1
LEASES
|
9 Months Ended |
Dec. 31, 2023 |
Leases |
|
LEASES |
NOTE
9 – LEASES
We
lease office, manufacturing, and warehouse space in Scottsdale, AZ, Atlanta and Marietta, GA, and Manitowoc, WI under contracts we classify
as operating leases. None of our leases are financing leases. During the nine months ended December 31, 2023, we extended the term of
our Scottsdale lease for five years and increased our Right of Use Assets and Operating Lease Liabilities by $1,252,896 and we terminated
our Marietta lease resulting in a $35,919 decrease to our Right of Use Assets and a $38,185 decrease to our Operating Lease Liabilities.
We terminated our lease agreement in our first Manitowoc, WI location during the year ended March 31, 2023. Accordingly, we decreased
our Right of Use Assets and Operating Lease Liabilities by $901,076.
As
of December 31, 2023 and March 31, 2023, total Right of Use Assets were $2,113,943 and $1,261,634, respectively. As of December 31, 2023
and March 31, 2023, total Operating Lease Liabilities were $2,200,674 and $1,374,224, respectively. The current portion of our Operating
Lease Liability on December 31, 2023 and March 31, 2023 is $463,059 and $470,734, respectively, and is reported as a current liability.
The remaining $1,737,615 of the total $2,200,674 as of December 31, 2023 and the $903,490 of the total $1,374,224 as of March 31, 2023
of the Operating Lease Liability is presented as a long-term liability net of the current portion.
AMMO,
Inc.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Consolidated
lease expense for the nine months ended December 31, 2023 was $502,889 including $477,065 of operating lease expense and $25,824 of other
lease associated expenses such as association dues, taxes, utilities, and other month to month rentals.
The
weighted average remaining lease term and weighted average discount rate for operating leases were 4.2 years and 10.0%, respectively.
Future
minimum lease payments under non-cancellable leases as of December 31, 2023 are as follows:
SCHEDULE
OF FUTURE MINIMUM LEASE PAYMENTS UNDER NON-CANCELLABLE LEASES
Years Ended March 31, | |
| |
2024 (1) | |
$ | 165,040 | |
2025 | |
| 666,233 | |
2026 | |
| 665,069 | |
2027 | |
| 581,574 | |
2028 | |
| 379,067 | |
Thereafter | |
| 258,102 | |
Total Lease Payments | |
| 2,715,085 | |
Less: Amount Representing Interest | |
| (514,411 | ) |
Present value of lease liabilities | |
$ | 2,200,674 | |
|
(1) |
This
amount represents future lease payments for the remaining three months of fiscal year 2024. It does not include any lease payments
for the nine months ended December 31, 2023. |
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v3.24.0.1
NOTES PAYABLE – RELATED PARTY
|
9 Months Ended |
Dec. 31, 2023 |
Debt Disclosure [Abstract] |
|
NOTES PAYABLE – RELATED PARTY |
NOTE
10 – NOTES PAYABLE – RELATED PARTY
For
the nine months ended December 31, 2023, the Company made $180,850 in principal payments, respectively, in connection with the Amended
Note B, an amended related party note payable with Jagemann Stamping Company (“JSC”). We entered into the Amended Note B
with JSC on November 4, 2020 and the note matured on June 26, 2023. We recognized $1,788 in interest expense for the three and nine months
ended December 31, 2023 and $12,753 and $41,450 in respective interest expenses for the three and
nine months ended December 31, 2022, respectively.
AMMO,
Inc.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
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v3.24.0.1
CONSTRUCTION NOTE PAYABLE
|
9 Months Ended |
Dec. 31, 2023 |
Construction Note Payable |
|
CONSTRUCTION NOTE PAYABLE |
NOTE
11 – CONSTRUCTION NOTE PAYABLE
On
October 14, 2021, we entered into a Construction Loan Agreement (the “Loan Agreement”) with Hiawatha National Bank (“Hiawatha”).
The Loan Agreement specified that Hiawatha may lend up to $11,625,000 to the Borrower to pay a portion of the construction costs of an
approximately 160,000 square foot manufacturing facility to be constructed on our property (the “Loan”). Hiawatha advanced
Loan funds from October 2021 to October 2022 totaling $11,625,000. The Loan is an advancing term loan and not a revolving loan so any
portion of the principal repaid cannot be reborrowed.
Additionally,
on October 14, 2021, we issued a Promissory Note in favor of Hiawatha (the “Note”) in the amount of up to $11,625,000 with
an interest rate of four and one-half percent (4.5%). The maturity date of the Note is October 14, 2026.
As
of July 2022, we are eligible to prepay the Note in whole or in part with a prepayment premium of one percent (1%) of the principal being
prepaid.
The
Loan Agreement contains customary events of default including, but not limited to, a failure to make any payments pursuant to the Loan
Agreement or Note, a failure to complete construction of the project, a lien of $100,000 or more against the property, or a transfer
of the property without Hiawatha’s consent. Upon the occurrence of an event of default, among other remedies, the amounts due pursuant
to the Loan can be accelerated, Hiawatha can foreclose on the property pursuant to the mortgage, and a late charge of five percent (5%)
of the amount due will be owed with all amounts then owed pursuant to the Note bearing interest at an increased rate.
We
are required to maintain a Debt Service Coverage Ratio, as defined in the terms of the Loan Agreement, of not less than 1.25 to 1.00
for the period defined below and continuing to and including the Maturity Date. The Debt Service Coverage Ratio shall be tested on an
annual basis, as of July 1, for each previous year. We maintained compliance under the Loan Agreement since its inception.
We
made $181,639 in principal payments for the nine months ended December 31, 2023. The restricted cash can be released per the terms documented
in the Loan Agreement filed with the Commission as an exhibit to Form 10-Q on February 14, 2022. During the year ended March 31, 2023, $500,000 of
restricted cash was released with $500,000 remaining restricted. During the nine months ended December 31, 2023, the remaining $500,000
of restricted cash was released.
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v3.24.0.1
CAPITAL STOCK
|
9 Months Ended |
Dec. 31, 2023 |
Equity [Abstract] |
|
CAPITAL STOCK |
NOTE
12 – CAPITAL STOCK
Our
authorized capital consists of 200,000,000 shares of common stock with a par value of $0.001 per share.
During
the nine month period ended December 31, 2023, we issued 1,431,227 shares of common stock as follows:
|
● |
1,431,227
shares valued at $2,977,845 were issued to employees, members of the Board of Directors, and members of the Advisory Committee as
compensation |
AMMO,
Inc.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
At
December 31, 2023, outstanding and exercisable stock purchase warrants consisted of the following:
SCHEDULE
OF OUTSTANDING AND EXERCISABLE STOCK PURCHASE WARRANTS
| |
Number of Shares | | |
Weighted Average Exercise Price | | |
Weighted Average Life Remaining (Years) | |
Outstanding at March 31, 2023 | |
| 2,460,946 | | |
$ | 2.46 | | |
| 1.59 | |
Granted | |
| - | | |
| - | | |
| - | |
Exercised | |
| - | | |
| - | | |
| - | |
Forfeited or cancelled | |
| (204,650 | ) | |
| 2.00 | | |
| - | |
Outstanding at December 31, 2023 | |
| 2,256,296 | | |
$ | 2.51 | | |
| 1.05 | |
Exercisable at December 31, 2023 | |
| 2,256,296 | | |
$ | 2.51 | | |
| 1.05 | |
As
of December 31, 2023, we had 2,256,296 warrants outstanding. Each warrant provides the holder the right to purchase up to one share of
our Common Stock at a predetermined exercise price. The outstanding warrants consist of (1) warrants to purchase 911 shares of Common
Stock at an exercise price of $1.65 per share until April 2025; (2) warrants to purchase 1,244,108 shares of our Common Stock at an exercise
price of $2.00 per share consisting of 1% of the warrants until August 2024, and 99% until February 2026; (3) warrants to purchase 474,966
shares of Common Stock at an exercise price of $2.40 until September 2024; (4) warrants to purchase 386,311 shares of Common Stock at
an exercise price of $2.63 until November 2025, and (5) warrants to purchase 150,000 shares of Common Stock at an exercise price of $6.72
until February 2024.
Option
Granted
During
the nine months ended December 31, 2023, we granted stock options (“Options”) to purchase 400,000
shares of our Common Stock to our Chief Executive
Officer, of which (i) 100,000
Options shall vest on the Effective Date, and
(ii) 300,000
Options shall vest in equal quarterly installments of 25,000
over
3 years beginning on the first quarter ended September 30, 2023. The Options shall (a) be exercisable at an exercise price per share
equal to the closing market price of the Company’s common stock on the date of the grant, (b) have a term of ten years, and (c)
be on such other terms as shall be determined by the Board (or the Compensation Committee of the Board) and set forth in a customary
form of stock option agreement under the Plan evidencing the Options. We recognized $380,045 in expense related to the Options for the three and nine months ended December 31, 2023.
SCHEDULE
OF SHARE BASED COMPENSATION ARRANGEMENTS
Number of Options | |
| 400,000 | |
Option Vesting Period | |
| Up to 3 years | |
Per share grant price | |
$ | 2.08 | |
Dividend yield | |
| - | |
Expected volatility | |
| 83.5 | % |
Risk-free interest rate | |
| 4.13 | % |
Expected life (years) | |
| 5.75 | |
Weighted average fair value | |
$ | 1.50 | |
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v3.24.0.1
PREFERRED STOCK
|
9 Months Ended |
Dec. 31, 2023 |
Equity [Abstract] |
|
PREFERRED STOCK |
NOTE
13 – PREFERRED STOCK
On
May 18, 2021, the Company filed a Certificate of Designations (the “Certificate of Designations”) with the Secretary of State
of the State of Delaware to establish the preferences, voting powers, limitations as to dividends or other distributions, qualifications,
terms and conditions of redemption and other terms and conditions of the Series A Preferred Stock.
The
Company will pay cumulative cash dividends on the Series A Preferred Stock when, as and if declared by its board of directors (or a duly
authorized committee of its board of directors), only out of funds legally available for payment of dividends. Dividends on the Series
A Preferred Stock will accrue on the stated amount of $25.00 per share of the Series A Preferred Stock at a rate per annum equal to 8.75%
(equivalent to $2.1875 per year), payable quarterly in arrears. Dividends on the Series A Preferred Stock declared by our board of directors
(or a duly authorized committee of our board of directors) will be payable quarterly in arrears on March 15, June 15, September 15 and
December 15.
Generally,
the Series A Preferred Stock is not redeemable by the Company prior to May 18, 2026. However, upon a change of control or delisting event
(each as defined in the Certificate of Designations), the Company will have a special option to redeem the Series A Preferred Stock for
a limited period of time.
Preferred
dividends accumulated as of December 31, 2023 were $144,618. On May 15, 2023, the Board of Directors of the Company declared a dividend
on the Company’s Series A Preferred Stock for the period beginning March 15, 2023 through and including June 14, 2023 payable on
June 15, 2023 to holders of record of Series A Preferred Stock on May 31, 2023 equal to $0.55902778 per share. Dividends totaling $782,639
were paid on June 15, 2023. On August 15, 2023, the Board of Directors of the Company declared a dividend on the Company’s Series
A Preferred Stock for the period beginning June 15, 2023 through and including September 14, 2023 payable on September 15, 2023 to holders
of record of Series A Preferred Stock on August 31, 2023 equal to $0.55902778 per share. Dividends totaling $782,639 were paid on September
15, 2023. On November 15, 2023, the Board of Directors of the Company declared a dividend on the Company’s Series A Preferred Stock
for the period beginning September 15, 2023 through and including December 14, 2023 payable on December 15, 2023 to holders of record
of Series A Preferred Stock on November 30, 2023 equal to $0.5529514 per share. Dividends totaling $774,132 were paid on December 15,
2023.
AMMO,
Inc.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
|
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v3.24.0.1
GOODWILL AND INTANGIBLE ASSETS
|
9 Months Ended |
Dec. 31, 2023 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
GOODWILL AND INTANGIBLE ASSETS |
NOTE
14 – GOODWILL AND INTANGIBLE ASSETS
Amortization
expenses related to our intangible assets for the three and nine months ended December 31, 2023 and 2022 were $3,266,761 and $9,800,281,
respectively.
SCHEDULE
OF INTANGIBLE ASSETS
| |
| | |
December 31, 2023 | |
| |
Life | | |
Licenses | | |
Patent | | |
Other Intangible Assets | |
Licensing Agreement – Jesse James | |
| 5 | | |
$ | 125,000 | | |
$ | - | | |
$ | - | |
Licensing Agreement – Jeff Rann | |
| 5 | | |
| 125,000 | | |
| - | | |
| - | |
Streak Visual Ammunition patent | |
| 11.2 | | |
| - | | |
| 950,000 | | |
| - | |
SWK patent acquisition | |
| 15 | | |
| - | | |
| 6,124,005 | | |
| - | |
Jagemann Munition Components: | |
| | | |
| | | |
| | | |
| | |
Customer Relationships | |
| 3 | | |
| - | | |
| - | | |
| 1,450,613 | |
Intellectual Property | |
| 3 | | |
| - | | |
| - | | |
| 1,543,548 | |
Tradename | |
| 5 | | |
| - | | |
| - | | |
| 2,152,076 | |
GDI Acquisition: | |
| | | |
| | | |
| | | |
| | |
Tradename | |
| 15 | | |
| - | | |
| - | | |
| 76,532,389 | |
Customer List | |
| 10 | | |
| - | | |
| - | | |
| 65,252,802 | |
Intellectual Property | |
| 10 | | |
| - | | |
| - | | |
| 4,224,442 | |
Other Intangible Assets | |
| 5 | | |
| - | | |
| - | | |
| 607,747 | |
| |
| | | |
| 250,000 | | |
| 7,074,005 | | |
| 151,763,617 | |
| |
| | | |
| | | |
| | | |
| | |
Accumulated amortization – Licensing Agreements | |
| | | |
| (250,000 | ) | |
| - | | |
| - | |
Accumulated amortization – Patents | |
| | | |
| - | | |
| (2,411,349 | ) | |
| - | |
Accumulated amortization – Intangible Assets | |
| | | |
| - | | |
| - | | |
| (37,466,990 | ) |
| |
| | | |
$ | - | | |
$ | 4,662,656 | | |
$ | 114,296,627 | |
Annual
amortization of intangible assets for the next five fiscal years are as follows:
SCHEDULE
OF ANNUAL AMORTIZATION OF INTANGIBLE ASSET
Years Ended March 31, | |
Estimates for Fiscal Year | |
2024 (1) | |
$ | 3,302,629 | |
2025 | |
| 12,664,775 | |
2026 | |
| 12,664,775 | |
2027 | |
| 12,553,355 | |
2028 | |
| 12,543,226 | |
Thereafter | |
| 65,230,523 | |
Annual
amortization of intangible assets | |
$ | 118,959,283 | |
(1) |
This
amount represents future amortization for the remaining three months of fiscal year 2024. It does not include any amortization for
the nine months ended December 31, 2023. |
AMMO,
Inc.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
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v3.24.0.1
SEGMENTS
|
9 Months Ended |
Dec. 31, 2023 |
Segment Reporting [Abstract] |
|
SEGMENTS |
NOTE
15 – SEGMENTS
Our
Chief Executive Officer reviews financial performance based on our two operating segments as follows:
|
● |
Ammunition
– which consists of our manufacturing business. The Ammunition segment engages in the design, production and marketing of ammunition
and ammunition component products. |
|
● |
Marketplace
– which consists of the GunBroker.com marketplace. In its role as an auction site, GunBroker.com supports the lawful sale of
firearms, ammunition and hunting/shooting accessories. |
The
reporting of the separate allocation of certain corporate general and administrative expenses includes non-cash stock compensation expense.
The following tables set forth certain financial information utilized by management to evaluate our operating segments for the interim
period presented:
SCHEDULE
OF OPERATING SEGMENTS
| |
Ammunition | | |
Marketplace | | |
Corporate and other expenses | | |
Total | |
| |
For the Three Months Ended December 31, 2023 | |
| |
Ammunition | | |
Marketplace | | |
Corporate and other expenses | | |
Total | |
| |
| | |
| | |
| | |
| |
Net Revenues | |
$ | 22,021,430 | | |
$ | 13,985,034 | | |
$ | - | | |
$ | 36,006,464 | |
Cost of Revenues | |
| 23,022,304 | | |
| 2,073,784 | | |
| - | | |
| 25,096,088 | |
General and administrative expense | |
| 1,305,721 | | |
| 2,454,695 | | |
| 5,669,557 | | |
| 9,429,973 | |
Depreciation and amortization | |
| 125,012 | | |
| 3,276,144 | | |
| - | | |
| 3,401,156 | |
Income/(Loss) from Operations | |
$ | (2,431,607 | ) | |
$ | 6,180,411 | | |
$ | (5,669,557 | ) | |
$ | (1,920,753 | ) |
| |
Ammunition | | |
Marketplace | | |
Corporate and other expenses | | |
Total | |
| |
For the Nine Months Ended December 31, 2023 | |
| |
Ammunition | | |
Marketplace | | |
Corporate and other expenses | | |
Total | |
| |
| | |
| | |
| | |
| |
Net Revenues | |
$ | 64,261,473 | | |
$ | 40,371,952 | | |
$ | - | | |
$ | 104,633,425 | |
Cost of Revenues | |
| 65,672,676 | | |
| 5,737,567 | | |
| - | | |
| 71,410,243 | |
General and administrative expense | |
| 6,694,699 | | |
| 7,204,547 | | |
| 21,625,762 | | |
| 35,525,008 | |
Depreciation and amortization | |
| 384,021 | | |
| 9,732,980 | | |
| - | | |
| 10,117,001 | |
Income/(Loss) from Operations | |
$ | (8,489,923 | ) | |
$ | 17,696,858 | | |
$ | (21,625,762 | ) | |
$ | (12,418,827 | ) |
| |
Ammunition | | |
Marketplace | | |
Corporate and other expenses | | |
Total | |
| |
For the Three Months Ended December 31, 2022 | |
| |
Ammunition | | |
Marketplace | | |
Corporate and other expenses | | |
Total | |
| |
| | |
| | |
| | |
| |
Net Revenues | |
$ | 23,292,292 | | |
$ | 15,419,202 | | |
$ | - | | |
$ | 38,711,494 | |
Cost of Revenues | |
| 23,865,275 | | |
| 2,319,040 | | |
| - | | |
| 26,184,315 | |
General and administrative expense | |
| 4,838,081 | | |
| 1,719,707 | | |
| 6,993,592 | | |
| 13,551,380 | |
Depreciation and amortization | |
| 143,378 | | |
| 3,165,696 | | |
| - | | |
| 3,309,074 | |
Income/(Loss) from Operations | |
$ | (5,554,442 | ) | |
$ | 8,214,759 | | |
$ | (6,993,592 | ) | |
$ | (4,333,275 | ) |
AMMO,
Inc.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
| |
Ammunition | | |
Marketplace | | |
Corporate and other expenses | | |
Total | |
| |
For the Nine Months Ended December 31, 2022 | |
| |
Ammunition | | |
Marketplace | | |
Corporate and other expenses | | |
Total | |
| |
| | |
| | |
| | |
| |
Net Revenues | |
$ | 101,269,237 | | |
$ | 46,486,842 | | |
$ | - | | |
$ | 147,756,079 | |
Cost of Revenues | |
| 97,555,732 | | |
| 6,701,797 | | |
| - | | |
| 104,257,529 | |
General and administrative expense | |
| 12,117,828 | | |
| 6,713,561 | | |
| 14,490,456 | | |
| 33,321,845 | |
Depreciation and amortization | |
| 437,694 | | |
| 9,513,058 | | |
| - | | |
| 9,950,752 | |
Income/(Loss) from Operations | |
$ | (8,842,017 | ) | |
$ | 23,558,426 | | |
$ | (14,490,456 | ) | |
$ | 225,953 | |
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v3.24.0.1
INCOME TAXES
|
9 Months Ended |
Dec. 31, 2023 |
Income Tax Disclosure [Abstract] |
|
INCOME TAXES |
NOTE
16 – INCOME TAXES
The
income tax provision effective tax rates were 22.1% and 19.1% for the three and nine months ended December 31, 2023, respectively, and
14.9% and 482.1% for the three and nine months ended December 31, 2022, respectively. During
the three and nine months ended December 31, 2023, the effective tax rate differed from the U.S. federal statutory rate primarily due
to employee stock awards. For the three and nine months ended December 31, 2022, the effective tax rate differed from the U.S. federal
statutory rate due to state income taxes.
The
Company has never had an Internal Revenue Service audit; therefore, the tax periods ended March 31, 2021, 2022 and 2023 are subject to
audit.
|
X |
- DefinitionThe entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.
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v3.24.0.1
RELATED PARTY TRANSACTIONS
|
9 Months Ended |
Dec. 31, 2023 |
Related Party Transactions [Abstract] |
|
RELATED PARTY TRANSACTIONS |
NOTE
17 – RELATED PARTY TRANSACTIONS
During
the nine months ended December 31, 2023, we paid $410,173
in service fees to two independent contractors consisting of a $244,640
payment due upon termination without cause. The two independent contractors were issued 168,581
shares of our common stock for a total value of $350,345,
which consisted of an issuance of 134,240
shares due upon termination without cause. We issued 25,000
shares in the aggregate to our advisory committee members for service for a total value of $53,250.
Through our acquisition of Gemini, a related party relationship was created through one of our Members of the Board of Directors by
ownership of entities that transacts with Gemini. There was $201,646
included in our Accounts Receivable at December 31, 2023 as a result of this relationship.
On
July 24, 2023, Fred Wagenhals departed as CEO and the Board appointed Mr. Wagenhals the Company’s Executive Chairman. Mr. Wagenhals
remains a member of the Board. Mr. Wagenhals received the following payments in connection with his transition from CEO to Executive
Chairman: (i) total cash payments of $1,060,290;
(ii) 300,000
shares
of Common Stock for a total value of $624,000.
On
July 26, 2023, we obtained a $1.6 million letter of credit with Northern Trust for collateral for a bond related to a judgement assessed
to GunBroker.com. On July 17, 2023, we generated a $1.6 million certificate of deposit with Northern Trust for security on the letter
of credit. The term of the certificate of deposit is twelve months and includes interest of approximately 5%. Per the terms of the Merger
Agreement, filed with the Commission on a Current Report on Form 8-K on May 6, 2021 (the “Current Report”), the Seller is required
to pay or be liable for these losses (capitalized terms are defined the Current Report).
In
July of 2023, the Company filed suit in the Delaware Chancery Court against Director and Shareholder Steve Urvan for claims arising out
of the Company’s acquisition of certain companies referenced as the GunBroker.com family of companies. The claims arise based upon
Mr. Urvan’s repeated failure and refusal to honor contractual defense and indemnification obligations arising under that certain
Merger Agreement, along with alleged misrepresentations.
|
X |
- DefinitionThe entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.
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v3.24.0.1
SUBSEQUENT EVENTS
|
9 Months Ended |
Dec. 31, 2023 |
Subsequent Events [Abstract] |
|
SUBSEQUENT EVENTS |
NOTE
18 – SUBSEQUENT EVENTS
Common
Stock Issuances
Subsequent
to the December 31, 2023, the Company issued 17,391 shares as employee stock awards for a total value of $36,521.
|
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- DefinitionThe entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
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v3.24.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
|
9 Months Ended |
Dec. 31, 2023 |
Accounting Policies [Abstract] |
|
Accounting Basis |
Accounting
Basis
The
accompanying unaudited condensed consolidated financial statements and related disclosures included in this Quarterly Report on Form
10-Q have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”)
and reflect all adjustments, which consist solely of normal recurring adjustments, needed to fairly present the financial results for
these periods. Additionally, these condensed consolidated financial statements and related disclosures are presented pursuant to the
rules and regulations of the Securities Exchange Commission (“SEC”).
The
accompanying condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements
and related disclosures contained in the Company’s Annual Report filed with the SEC on Form 10-K for the year ended March 31, 2023.
The results for the three and nine month period ended December 31, 2023 are not necessarily indicative of the results that may be expected
for the entire fiscal year. Accordingly, certain information and note disclosures normally included in financial statements prepared
in accordance with U.S. GAAP have been omitted pursuant to the rules and regulations of the SEC. In the opinion of management, all adjustments
have been made, which consist only of normal recurring adjustments necessary for a fair statement of (a) the results of operations for
the three and nine month periods ended December, 2023 and 2022, (b) the financial position at December 31, 2023, and (c) cash flows for
the nine month periods ended December 31, 2023 and 2022.
AMMO,
Inc.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
We
use the accrual basis of accounting and U.S. GAAP and all amounts are expressed in U.S. dollars. The Company has a fiscal year-end of
March 31st.
Unless
the context otherwise requires, all references to “Ammo”, “we”, “us”, “our,” or the “Company”
are to AMMO, Inc., a Delaware corporation, and its consolidated subsidiaries.
|
Principles of Consolidation |
Principles
of Consolidation
The
condensed consolidated financial statements include the accounts of AMMO, Inc. and its wholly owned subsidiaries. All significant intercompany
accounts and transactions are eliminated in consolidation.
|
Use of Estimates |
Use
of Estimates
The
preparation of financial statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect the amounts
of assets and liabilities and disclosure of contingent assets and liabilities at the date of the balance sheet and reported amounts of
revenue and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates made in preparing
the condensed consolidated financial statements include the valuation of allowances for credit losses, valuation of deferred tax assets,
inventories, useful lives of assets, goodwill, intangible assets, stock-based compensation and warrant-based compensation.
|
Critical Accounting Policies |
Critical
Accounting Policies
A
summary of our critical accounting policies is included in our Annual Report on Form 10-K for the year ended March 31, 2023, under “Management’s
Discussion and Analysis of Financial Condition and Results of Operations.” We adopted ASU
No. 2016-13, “Financial Instruments-Credit Losses (Topic 326) and ASU 2022-03, “Fair Value Measurement of Equity Securities
Subject to Contractual Sale Restrictions” in the current period. These policy changes did not result in a material effect on the
Company’s financial statements. There have been no other significant changes to these policies during the three and nine
months ended December 31, 2023. For disclosure regarding recent accounting pronouncements and the anticipated impact they will have on
our operations, please refer to Note 2 to the consolidated financial statements included in our Annual Report on Form 10-K for the year
ended March 31, 2023.
|
Goodwill |
Goodwill
We
evaluate goodwill for impairment annually or more frequently when an event occurs or circumstances change that would more likely than
not reduce the fair value of the reporting unit below its carrying amount. In testing for goodwill impairment, we may elect to utilize
a qualitative assessment to evaluate whether it is more likely than not that the fair value of a reporting unit is less than its carrying
amount. If our qualitative assessment indicates that goodwill impairment is more likely than not, we perform a two-step impairment test.
We test goodwill for impairment under the two-step impairment test by first comparing the book value of net assets to the fair value
of the reporting unit. If the fair value is determined to be less than the book value or qualitative factors indicate that it is more
likely than not that goodwill is impaired, a second step is performed to compute the amount of impairment as the difference between the
estimated fair value of goodwill and the carrying value. We estimate the fair value of the reporting units using discounted cash flows.
Forecasts of future cash flows are based on our best estimate of future net sales and operating expenses, based primarily on expected
category expansion, pricing, market segment share, and general economic conditions. Due to the declines in the value of our stock price
and market capitalization in the year ended March 31, 2023, we assessed qualitative factors to determine if it is more likely than not
that the fair value of the Marketplace segment is less than its carrying amount. Through our analysis we determined our stock price and
market capitalization decline is not indicative of a decrease in the fair value of our Marketplace segment and a fair value calculation
using the discounted cash flows was more appropriate due to the operational performance of the reporting segment. Accordingly, the impairment
of Goodwill was not warranted for the three and nine months ended December 31, 2023. As of December 31, 2023, the Company has a goodwill
carrying value of $90,870,094, all of which is assigned to the Marketplace segment. However, should there continue to be a decline in
the Company’s market capitalization, it is possible that the book values of our Marketplace segment could exceed its fair value,
which may result in the recognition of a material, noncash impairment of goodwill for the year ending March 31, 2024.
AMMO,
Inc.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
|
Accounts Receivable and Allowance for Doubtful Accounts |
Accounts
Receivable and Allowance for Doubtful Accounts
Our
accounts receivable represents amounts due from customers for products sold and include an allowance for estimated credit losses which
is estimated based on the collectability and age of the accounts receivable balances and categorization of customers with similar financial
condition. At December 31, 2023 and March 31, 2023, we reserved $4,387,581 and $3,246,551, respectively, of allowance for doubtful accounts.
|
Restricted Cash |
Restricted
Cash
We
consider cash to be restricted when withdrawal or general use is legally restricted. Our restricted cash balance is comprised of cash
on deposit with banks to secure the Construction Note Payable as discussed in Note 11. We report restricted cash in the Consolidated
Balance Sheets as current or non-current classification based on the expected duration of the restriction.
|
License Agreements |
License
Agreements
We
are a party to a license agreement with Jesse James, a well-known motorcycle designer, and Jesse James Firearms, LLC, a Texas limited
liability company. The license agreement grants us the exclusive worldwide rights through April 12, 2026 to Mr. James’ image rights
and trademarks associated with him in connection with the marketing, promotion, advertising, sale, and commercial exploitation of Jesse
James Branded Products. We agreed to pay Mr. James royalty fees on the sale of ammunition and non-ammunition Branded Products and to
reimburse him for any out-of-pocket expenses and reasonable travel expenses.
|
Patents |
Patents
On
September 28, 2017, AMMO Technologies Inc. (“ATI”), an Arizona corporation, which is 100% owned by us, merged with Hallam,
Inc, a Texas corporation, with ATI being the survivor. The primary asset of Hallam, Inc. was an exclusive license to produce projectiles
and ammunition using the Hybrid Luminescence Ammunition Technology under patent U.S. 8,402,896 B1 with a publication date of March 26,
2013 owned by the University of Louisiana at Lafayette. The license was formally amended and assigned to AMMO Technologies Inc. pursuant
to an Assignment and First Amendment to Exclusive License Agreement. Assumption Agreement dated to be effective as of August 22, 2017,
the Merger closing date. This asset will be amortized from September 2017, the first full month of the acquired rights, through October
29, 2028.
Under
the terms of the Exclusive License Agreement, the Company is obligated to pay a quarterly royalty to the patent holder, based on a $0.01
per unit basis for each round of ammunition sold that incorporates this patented technology through October 29, 2028. For the three months
ended December 31, 2023 and 2022, the Company recognized royalty expenses of $2,714 and $8,794, respectively under this agreement. For
the nine months ended December 31, 2023 and 2022, the Company recognized royalty expenses of $10,384 and $89,340, respectively under
this agreement.
AMMO,
Inc.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
On
October 5, 2018, we completed the acquisition of SW Kenetics Inc. ATI succeeded all of the assets of SW Kenetics, Inc. and assumed all
of the liabilities.
The
primary asset of SW Kenetics Inc. was a pending patent for modular projectiles. All rights to patent pending application were assigned
and transferred to AMMO Technologies, Inc. pursuant to Intellectual Property Rights Agreement on September 27, 2018.
We
intend to continue building our patent portfolio to protect our proprietary technologies and processes, and will file new applications
where appropriate to preserve our rights to manufacture and sell our branded lines of ammunition.
|
Other Intangible Assets |
Other
Intangible Assets
On
March 15, 2019, Enlight Group II, LLC d/b/a Jagemann Munition Components, a wholly owned subsidiary of AMMO, Inc., completed its acquisition
of assets of Jagemann Stamping Company’s ammunition casing manufacturing and sales operations pursuant to the terms of the Amended
and Restated Asset Purchase Agreement. The intangible assets acquired include a tradename, customer relationships, and intellectual property.
On
April 30, 2021, we entered into an agreement and plan of merger (the “Merger Agreement”), by and among the Company, SpeedLight
Group I, LLC, a Delaware limited liability company and a wholly owned subsidiary of the Company and Gemini Direct Investments, LLC, a
Nevada limited liability company. Whereby SpeedLight Group I, LLC merged with and into Gemini Direct Investments, LLC, with SpeedLight
Group I, LLC surviving the merger as a wholly owned subsidiary of the Company. At the time of the Merger, Gemini Direct Investments,
LLC had nine (9) subsidiaries, all of which are related to Gemini’s ownership of Gunbroker.com, an online auction marketplace dedicated
to firearms, hunting, shooting, and related products. The intangible assets acquired include a tradename, customer relationships, intellectual
property, software and domain names.
|
Impairment of Long-Lived Assets |
Impairment
of Long-Lived Assets
We
continually monitor events and changes in circumstances that could indicate carrying amounts of long-lived assets may not be recoverable.
When such events or changes in circumstances are present, we assess the recoverability of long-lived assets by determining whether the
carrying value of such assets will be recovered through undiscounted expected future cash flows. If the total of the future cash flows
is less than the carrying amount of those assets, we recognize an impairment loss based on the excess of the carrying amount over the
fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or the fair value less costs to sell.
No impairment expense was recognized for the three and nine months ended December 31, 2023 and 2022.
|
Revenue Recognition |
Revenue
Recognition
We
generate revenue from the production and sale of ammunition, ammunition casings, and marketplace fee revenue, which includes auction
revenue, payment processing revenue, and shipping income. We recognize revenue according to Accounting Standard Codification –
Revenue from Contract with Customers (“ASC 606”). When the customer obtains control over the promised goods or services,
we record revenue in the amount of consideration that we can expect to receive in exchange for those goods and services. We apply the
following five-step model to determine revenue recognition:
|
● |
Identification
of a contract with a customer |
|
● |
Identification
of the performance obligations in the contact |
|
● |
Determination
of the transaction price |
|
● |
Allocation
of the transaction price to the separate performance allocation |
|
● |
Recognition
of revenue when performance obligations are satisfied |
AMMO,
Inc.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
We
only apply the five-step model when it is probable that we will collect the consideration we are entitled to in exchange for the goods
or services transferred to the customer. At contract inception and once the contract is determined to be within the scope of ASC 606,
we assess the goods or services promised within each contract and determine those that are performance obligations, and assess whether
each promised good or service is distinct.
For
Ammunition Sales and Casing Sales, our contracts contain a single performance obligation and the entire transaction price is allocated
to the single performance obligation. We recognize as revenues the amount of the transaction price that is allocated to the respective
performance obligation when the performance obligation is satisfied or as it is satisfied. Accordingly, we recognize revenues (net) when
the customer obtains control of our product, which typically occurs upon shipment of the product or the performance of the service. In
the year ended March 31, 2021, we began accepting contract liabilities or deferred revenue. We included Deferred Revenue in our Accrued
Liabilities. We will recognize revenue when the performance obligation is met.
For
Marketplace revenue, the performance obligation is satisfied, and revenue is recognized as follows:
Auction
revenue consists of optional listing fees with variable pricing components based on customer options selected from the GunBroker website
and final value fees based on a percentage of the final selling price of the listed item. The performance obligation is to process the
transactions as initiated by the customer. Revenue is recognized at a point in time when the transaction is processed.
Payment
processing revenue consists of fees charged to customers on a transactional basis. The performance obligation is to process the transactions
as initiated by the customer. The price is set by the GunBroker user agreement on the website based on stand-alone selling prices. Revenue
is recognized at a point in time when the transaction is processed.
Shipping
income consists of fees charged to customers for shipping of sold items listed on the GunBroker website. The performance obligation is
to ship the item sold as initiated by the customer. The price is set based on the third-party service provider selected to be used by
the customer as well as the speed and location of shipment. Revenue is recognized at a point in time when the shipping label is printed.
Banner
Advertising Campaign Revenue consists of fees charged to customers for advertisement placement and impressions generated through the
GunBroker website. The performance obligation is to generate the number of impressions specified by the customer on banner advertisements
on the GunBroker website using the placement selected by the customer. The price is set by the GunBroker user agreement on the website
based on standalone selling prices, or by advertising insertion order as negotiated by media broker. If the number of impressions promised
is not generated, the customer receives a refund and the refund is applied to the transaction price. Banner advertising campaigns generally
run for one month, and revenue is recognized at a point in time at the end of the selected month.
Product
Sales consists of fees charged for the liquidation of excess inventory for partner distributors. The performance obligation is to sell
and ship the inventory item as initiated by the customer. The price depends on whether the inventory is a fixed price item or an auction
item. For a fixed price item, the Company performs research to determine the current market rate for such an item, and the item is listed
at that price. For an auction item, the price is set by what the buyer is willing to pay. The Company acts as a principal in these transactions
due to the extent of control they have over the product prior to the sale. Due to the principal determination, gross revenue is recognized
at a point in time when the item has been shipped.
AMMO,
Inc.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Identity
Verification consists of fees charged to customers for identity verification in order to gain access to the GunBroker website. The performance
obligation is to process the identity verification as initiated by the customer. The price is set by the GunBroker user agreement on
the website based on a stand-alone selling price. Revenue is recognized at a point in time when the identity verification is completed.
For
the three and nine months ended December 31, 2023, the Company did not have any customers that comprised more than ten percent (10%)
of total revenues or accounts receivable.
Disaggregated
Revenue Information
The
following table represents a disaggregation of revenue from customers by category. We attribute net sales to categories by product or
services types; ammunition, ammunition casings, and marketplace fees. We note that revenue recognition processes are consistent between
product and service type, however, the amount, timing and uncertainty of revenue and cash flows may vary by each product type due to
the customers of each product and service type.
SCHEDULE OF DISAGGREGATED REVENUE FROM CUSTOMERS BY SEGMENT
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For
the Three Months Ended |
|
|
For
the Nine Months Ended |
|
|
|
December
31, 2023 |
|
|
December
31, 2022 |
|
|
December
31, 2023 |
|
|
December
31, 2022 |
|
Ammunition
sales(1) |
|
$ |
17,322,967
|
|
|
$ |
20,250,965 |
|
|
$ |
46,945,585 |
|
|
$ |
90,607,817
|
|
Marketplace
fee revenue |
|
|
13,985,034 |
|
|
|
15,419,202 |
|
|
|
40,371,952 |
|
|
|
46,486,842
|
|
Ammunition
casings sales |
|
|
4,698,463
|
|
|
|
3,041,327 |
|
|
|
17,315,888
|
|
|
|
10,661,420
|
|
Total
Sales |
|
$ |
36,006,464
|
|
|
$ |
38,711,494 |
|
|
$ |
104,633,425
|
|
|
$ |
147,756,079 | |
(1) |
Included
in revenue for the three months ended December 31, 2023 and 2022 are excise taxes of $1,498,429 and $1,669,206, respectively. Included
in revenue for the nine months ended December 31, 2023 and 2022 are excise taxes of $3,958,391 and $7,816,598, respectively. |
Ammunition
products are sold through “Big Box” retailers, manufacturers, local ammunition stores, and shooting range operators. We also
sell directly to customers online. In contrast, our ammunition casings products are sold to manufacturers. Marketplace fees are generated
through our GunBroker.com online auction marketplace.
|
Advertising Costs |
Advertising
Costs
We
expense advertising costs as they are incurred in selling and marketing expenses of operating expenses. Marketplace advertising
costs are expensed as they are incurred in cost of revenues. We incurred advertising expenses of $297,166 and $240,449, of which
$75,655 and
$217,422 related
to our ammunition segment, for the three months ended December 31, 2023 and 2022, respectively, and recognized in selling and
marketing expenses and $221,511 and
$23,027 of
marketplace advertising expenses recognized in cost of revenues for the three months ended December 31, 2023 and 2022, respectively.
We incurred advertising expenses of $850,001 and $1,156,205, of which $289,319 and
$912,959 related
to our ammunitions segment, for the nine months ended December 31, 2023 and 2022, respectively, and recognized in selling and
marketing expenses and $560,682 and
$243,246 of
marketplace advertising expenses recognized in cost of revenues for the nine months ended December 31, 2023 and 2022,
respectively.
|
Fair Value of Financial Instruments |
Fair
Value of Financial Instruments
Fair
value estimates discussed herein are based upon certain market assumptions and pertinent information available to us as of December 31,
2023. The respective carrying value of certain on-balance-sheet financial instruments approximated their fair value. These financial
instruments include cash, accounts receivable, accounts payable, amounts due to related parties, and the construction
note payable. Fair values were assumed to approximate carrying values because they are short term in nature and their carrying amounts
approximate fair values or they are payable on demand.
|
Inventories |
Inventories
We
state inventories at the lower of cost or net realizable value. We determine cost using the average cost method. Our inventory consists
of raw materials, work in progress, and finished goods. Cost of inventory includes cost of parts, labor, quality control, and all other
costs incurred to bring our inventories to condition ready to be sold. We periodically evaluate and adjust inventories for obsolescence.
AMMO,
Inc.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
|
Property and Equipment |
Property
and Equipment
We
state property and equipment at cost, less accumulated depreciation. We capitalize major renewals and improvements, while we charge minor
replacements, maintenance, and repairs to current operations. We compute depreciation by applying the straight-line method over estimated
useful lives, which are generally 5 to 10 years for equipment and 40 years for our building.
|
Compensated Absences |
Compensated
Absences
We
accrue a liability for compensated absences in accordance with Accounting Standards Codification 710 – Compensation – General
(“ASC 710”).
|
Research and Development |
Research
and Development
To
date, we have expensed all costs associated with developing our product specifications, manufacturing procedures, and products through
our cost of products sold, as this work was done by the same employees who produced the finished product. We anticipate that it may become
necessary to reclassify research and development costs into our operating expenditures for reporting purposes as we begin to develop
new technologies and lines of ammunition.
|
Stock-Based Compensation |
Stock-Based
Compensation
We
account for stock-based compensation at fair value in accordance with Accounting Standards Codification 718 – Compensation
– Stock Compensation (“ASC 718”), which requires the measurement and recognition of compensation expense for all
share-based payment awards to employees and directors. On April 1, 2023 we adopted ASU 2022-03, “Fair Value Measurement of
Equity Securities Subject to Contractual Sale Restrictions.” Accordingly, stock based compensation is valued using market
value of our Common Stock. Stock-based compensation is recognized on a straight line basis over the vesting periods and forfeitures
are recognized in the periods they occur. We account for common stock purchase option awards by estimating the fair value of each
option award on the grant date using the Black-Scholes option pricing model that uses assumption and estimates that we believe are
reasonable. There were 328,333
and 1,431,227
shares of common stock issued to employees, members of the Board of Directors, and members of our advisory committee for services
during the three and nine months ended December 31, 2023, respectively. There were 604,510
and 1,281,635
shares of common stock issued to employees, members of the Board of Directors, and members of our advisory committee for services
during the three and nine months ended December 31, 2022, respectively.
|
Concentrations of Credit Risk |
Concentrations
of Credit Risk
Accounts
at banks are insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $250,000. As of December 31, 2023, our bank
account balances exceeded federally insured limits.
|
Income Taxes |
Income
Taxes
We
file federal and state income tax returns in accordance with the applicable rules of each jurisdiction. We account for income taxes under
the asset and liability method in accordance with Accounting Standards Codification 740 – Income Taxes (“ASC 740”).
The provision for income taxes includes federal, state, and local income taxes currently payable, and deferred taxes. We recognize deferred
tax assets and liabilities for the future tax consequences attributable to differences between the financial statement carrying amounts
of existing assets and liabilities and their respective tax basis. We measure deferred tax assets and liabilities using enacted tax rates
expected to apply to taxable amounts in years in which those temporary differences are expected to be recovered or settled. If it is
more likely than not that some portion or all of a deferred tax asset will not be realized, a valuation allowance is recognized. In accordance
with ASC 740, we recognize the effect of income tax positions only if those positions are more likely than not of being sustained. We
measure recognized income tax positions at the largest amount that is greater than 50% likely of being realized. We reflect changes in
recognition or measurement in the period in which the change in judgment occurs.
|
Excise Tax |
Excise
Tax
As
a result of regulations imposed by the Federal Government for sales of ammunition to non-government U.S. entities, we charge and collect
an 11% excise tax for all products sold into these channels. During the three and nine months ended December 31, 2023, we recognized
approximately $1.5 million and $4.0 million, respectively, in excise taxes. During the three and nine months ended December 31, 2022,
we recognized approximately $1.7 million and $7.8 million, respectively, in excise taxes. For ease in selling to commercial markets,
excise tax is included in our unit price for the products sold. We record this through net sales and expense the offsetting tax expense
to cost of goods sold.
AMMO,
Inc.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
|
Contingencies |
Contingencies
Certain
conditions may exist as of the date the consolidated financial statements are issued that may result in a loss to us but will only be
resolved when one or more future events occur or fail to occur. We assess such contingent liabilities, and such assessment inherently
involves an exercise of judgment. In assessing loss contingencies related to legal proceedings that are pending against us or unasserted
claims that may result in such proceedings, we evaluate the perceived merits of any legal proceedings or unasserted claims and the perceived
merits of the amount of relief sought or expected to be sought therein.
If
the assessment of a contingency indicates that it is probable that a material loss has been incurred and the amount of the liability
is reasonably estimated, the estimated liability would be accrued in our condensed consolidated financial statements. If the assessment
indicates that a potentially material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated,
then the nature of the contingent liability, together with an estimate of range of possible loss if determinable and material, would
be disclosed.
AMMO
was involved in three contract arbitration cases with adverse former employees, one of which is still active. The first one involved an employee terminated
for cause who is seeking contract wages and stock that was earned but clawed back upon his termination. In that case, the Company
received a favorable ruling on a partial motion for summary judgment wherein the arbitrator ruled the employee had refused to return
funds he received as reimbursement for invoices he never paid. The arbitrator, thus, granted the Company’s partially
dispositive motion. The remaining claims went to an arbitration hearing in late September 2023. No decision has yet been
rendered.
The
second case involved an employee who was terminated without cause wherein the former employee is seeking contract wages, commissions
and allegedly earned common stock. The Company also received notice in October 2022 that an OSHA whistleblower complaint had been
filed with the US Department of Labor by that same employee that had been terminated for cause. The regulatory filing was received
after AMMO refused to capitulate to the former employee’s demands. AMMO has produced documents and submitted its position
statement to OSHA and the matter is currently pending at the agency level. AMMO uncovered additional information through work with
counsel and investigators and a supplemental response was provided to OHSA on or about July 10, 2023. The Company and the employee
agreed to arbitrate the case. The parties reached a resolution of all outstanding claims in November 2023 and all claims have been dismissed.
The third case involved an employee
who was terminated without cause wherein the former employee is seeking contract wages and commissions. The Company and the employee agreed
to arbitrate the case in August 2023. The parties reached a resolution of all outstanding claims in January 2024 and all claims have been
dismissed.
On
April 30, 2023, Director and Stockholder Steve Urvan filed suit in the Delaware Court of Chancery against the Company, certain Directors,
former directors, employees, former employees and consultants. Urvan’s complaint alleges fraudulent misrepresentation in connection
with the Company’s acquisition of GunBroker.com and certain affiliated companies. Urvan seeks relief in the form of a Court order
for partial rescission of the Merger and compensatory damages. The Company and the individual defendants believe that the claims are
without merit and have moved to dismiss Urvan’s complaint. The Company has also filed a separate lawsuit against Urvan in the Delaware
Court of Chancery alleging, among other things, that Urvan committed fraud in connection with the GunBroker.com sale and that Urvan breached
his indemnification obligations to AMMO after the sale. On September 11, 2023, the Court of Chancery consolidated the Company’s
lawsuit against Urvan with Urvan’s lawsuit against the Company and the individual defendants. On September 18, 2023, AMMO filed
an amended complaint that added a new fraudulent inducement claim and a claim for violation of the Arizona Securities Act. Urvan has
moved to dismiss AMMO’s affirmative claims. The Court of Chancery held a hearing on both motions to dismiss in the consolidated
action on December 18, 2023. The parties are currently awaiting a ruling.
The
Company received an assessment from the Alcohol and Tobacco Tax and Trade Bureau (“TTB”) for penalties related to excise
tax filings in prior fiscal years. A request for abatement was submitted on May 22, 2023, which was subsequently denied by the TTB. The Company participated in an
appeals conference in October of 2023 and is currently awaiting a determination.
On December 6, 2023, Director and Stockholder Steve Urvan filed suit in the Delaware Court of Chancery against the
Company alleging the Company wrongfully refused to provide him access to certain categories of documents. The Company has asserted as
an affirmative defense that Mr. Urvan’s primary purpose is to obtain documents to support
his claims in the Delaware Plenary Litigation filed April 30, 2023, in which discovery is currently stayed. The parties are currently
completing document discovery. A one-day trial is scheduled at the end of February 2024.
We
have accrued for contingencies totaling approximately $0.2 million and $1.3 million for the three and nine months ended December 31, 2023, respectively. There were
no other known contingencies at December 31, 2023.
AMMO,
Inc.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
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v3.24.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
|
9 Months Ended |
Dec. 31, 2023 |
Accounting Policies [Abstract] |
|
SCHEDULE OF DISAGGREGATED REVENUE FROM CUSTOMERS BY SEGMENT |
SCHEDULE OF DISAGGREGATED REVENUE FROM CUSTOMERS BY SEGMENT
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For
the Three Months Ended |
|
|
For
the Nine Months Ended |
|
|
|
December
31, 2023 |
|
|
December
31, 2022 |
|
|
December
31, 2023 |
|
|
December
31, 2022 |
|
Ammunition
sales(1) |
|
$ |
17,322,967
|
|
|
$ |
20,250,965 |
|
|
$ |
46,945,585 |
|
|
$ |
90,607,817
|
|
Marketplace
fee revenue |
|
|
13,985,034 |
|
|
|
15,419,202 |
|
|
|
40,371,952 |
|
|
|
46,486,842
|
|
Ammunition
casings sales |
|
|
4,698,463
|
|
|
|
3,041,327 |
|
|
|
17,315,888
|
|
|
|
10,661,420
|
|
Total
Sales |
|
$ |
36,006,464
|
|
|
$ |
38,711,494 |
|
|
$ |
104,633,425
|
|
|
$ |
147,756,079 | |
(1) |
Included
in revenue for the three months ended December 31, 2023 and 2022 are excise taxes of $1,498,429 and $1,669,206, respectively. Included
in revenue for the nine months ended December 31, 2023 and 2022 are excise taxes of $3,958,391 and $7,816,598, respectively. |
|
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v3.24.0.1
INCOME/(LOSS) PER COMMON SHARE (Tables)
|
9 Months Ended |
Dec. 31, 2023 |
Net Loss per share |
|
SCHEDULE OF INCOME/(LOSS) PER COMMON SHARE |
SCHEDULE OF INCOME/(LOSS) PER COMMON SHARE
| |
| | |
| | |
| | |
| |
| |
For the Three Months Ended December 31, | | |
For the Nine Months Ended December 31, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
| | |
| | |
| | |
| |
Numerator: | |
| | | |
| | | |
| | | |
| | |
Net loss | |
$ | (1,643,989 | ) | |
$ | (4,102,992 | ) | |
$ | (10,232,319 | ) | |
$ | (1,653,472 | ) |
Less: Preferred stock dividends | |
| (782,639 | ) | |
| (782,639 | ) | |
| (2,339,410 | ) | |
| (2,339,409 | ) |
Net loss attributable to common stockholders | |
$ | (2,426,628 | ) | |
$ | (4,885,631 | ) | |
$ | (12,571,729 | ) | |
$ | (3,992,881 | ) |
| |
| | | |
| | | |
| | | |
| | |
Denominator: | |
| | | |
| | | |
| | | |
| | |
Weighted average shares of common stock – Basic | |
| 118,447,154 | | |
| 117,348,511 | | |
| 118,110,943 | | |
| 116,950,013 | |
Effect of dilutive common stock purchase warrants | |
| - | | |
| - | | |
| - | | |
| - | |
Effect of dilutive equity incentive awards | |
| - | | |
| - | | |
| - | | |
| - | |
Effect of dilutive common stock purchase options | |
| - | | |
| - | | |
| - | | |
| - | |
Weighted average shares
of common stock - Diluted | |
| 118,447,154 | | |
| 117,348,511 | | |
| 118,110,943 | | |
| 116,950,013 | |
| |
| | | |
| | | |
| | | |
| | |
Earnings per share: | |
| | | |
| | | |
| | | |
| | |
Loss per share attributable to common stockholders – basic | |
$ | (0.02 | ) | |
$ | (0.04 | ) | |
$ | (0.11 | ) | |
$ | (0.03 | ) |
Loss per share attributable to common stockholders – diluted | |
$ | (0.02 | ) | |
$ | (0.04 | ) | |
$ | (0.11 | ) | |
$ | (0.03 | ) |
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v3.24.0.1
INVENTORIES (Tables)
|
9 Months Ended |
Dec. 31, 2023 |
Inventory Disclosure [Abstract] |
|
SCHEDULE OF INVENTORIES |
At
December 31, 2023 and March 31, 2023, the inventory balances are composed of:
SCHEDULE OF INVENTORIES
| |
December, 2023 | | |
March 31, 2023 | |
Finished product | |
$ | 15,710,247 | | |
$ | 14,362,514 | |
Raw materials | |
| 22,760,289 | | |
| 23,898,596 | |
Work in process | |
| 11,032,196 | | |
| 16,083,709 | |
Inventory net | |
$ | 49,502,732 | | |
$ | 54,344,819 | |
|
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v3.24.0.1
PROPERTY AND EQUIPMENT (Tables)
|
9 Months Ended |
Dec. 31, 2023 |
Property, Plant and Equipment [Abstract] |
|
SCHEDULE OF PROPERTY AND EQUIPMENT |
Property
and Equipment consisted of the following at December 31, 2023 and March 31, 2023:
SCHEDULE OF PROPERTY AND EQUIPMENT
| |
December 31, 2023 | | |
March 31, 2023 | |
Leasehold Improvements | |
$ | 257,009 | | |
$ | 257,009 | |
Building | |
| 29,067,369 | | |
| 28,623,329 | |
Furniture and Fixtures | |
| 413,746 | | |
| 384,650 | |
Vehicles | |
| 153,254 | | |
| 153,254 | |
Equipment | |
| 44,104,409 | | |
| 40,233,186 | |
Tooling | |
| 143,710 | | |
| 143,710 | |
Construction in Progress | |
| 1,952,152 | | |
| 734,781 | |
Total property and equipment | |
$ | 76,091,649 | | |
$ | 70,529,919 | |
Less accumulated depreciation | |
| (18,813,046 | ) | |
| (14,566,664 | ) |
Net property and equipment | |
$ | 57,278,603 | | |
$ | 55,963,255 | |
|
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v3.24.0.1
LEASES (Tables)
|
9 Months Ended |
Dec. 31, 2023 |
Leases |
|
SCHEDULE OF FUTURE MINIMUM LEASE PAYMENTS UNDER NON-CANCELLABLE LEASES |
Future
minimum lease payments under non-cancellable leases as of December 31, 2023 are as follows:
SCHEDULE
OF FUTURE MINIMUM LEASE PAYMENTS UNDER NON-CANCELLABLE LEASES
Years Ended March 31, | |
| |
2024 (1) | |
$ | 165,040 | |
2025 | |
| 666,233 | |
2026 | |
| 665,069 | |
2027 | |
| 581,574 | |
2028 | |
| 379,067 | |
Thereafter | |
| 258,102 | |
Total Lease Payments | |
| 2,715,085 | |
Less: Amount Representing Interest | |
| (514,411 | ) |
Present value of lease liabilities | |
$ | 2,200,674 | |
|
(1) |
This
amount represents future lease payments for the remaining three months of fiscal year 2024. It does not include any lease payments
for the nine months ended December 31, 2023. |
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v3.24.0.1
CAPITAL STOCK (Tables)
|
9 Months Ended |
Dec. 31, 2023 |
Equity [Abstract] |
|
SCHEDULE OF OUTSTANDING AND EXERCISABLE STOCK PURCHASE WARRANTS |
At
December 31, 2023, outstanding and exercisable stock purchase warrants consisted of the following:
SCHEDULE
OF OUTSTANDING AND EXERCISABLE STOCK PURCHASE WARRANTS
| |
Number of Shares | | |
Weighted Average Exercise Price | | |
Weighted Average Life Remaining (Years) | |
Outstanding at March 31, 2023 | |
| 2,460,946 | | |
$ | 2.46 | | |
| 1.59 | |
Granted | |
| - | | |
| - | | |
| - | |
Exercised | |
| - | | |
| - | | |
| - | |
Forfeited or cancelled | |
| (204,650 | ) | |
| 2.00 | | |
| - | |
Outstanding at December 31, 2023 | |
| 2,256,296 | | |
$ | 2.51 | | |
| 1.05 | |
Exercisable at December 31, 2023 | |
| 2,256,296 | | |
$ | 2.51 | | |
| 1.05 | |
|
SCHEDULE OF SHARE BASED COMPENSATION ARRANGEMENTS |
SCHEDULE
OF SHARE BASED COMPENSATION ARRANGEMENTS
Number of Options | |
| 400,000 | |
Option Vesting Period | |
| Up to 3 years | |
Per share grant price | |
$ | 2.08 | |
Dividend yield | |
| - | |
Expected volatility | |
| 83.5 | % |
Risk-free interest rate | |
| 4.13 | % |
Expected life (years) | |
| 5.75 | |
Weighted average fair value | |
$ | 1.50 | |
|
X |
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v3.24.0.1
GOODWILL AND INTANGIBLE ASSETS (Tables)
|
9 Months Ended |
Dec. 31, 2023 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
SCHEDULE OF INTANGIBLE ASSETS |
SCHEDULE
OF INTANGIBLE ASSETS
| |
| | |
December 31, 2023 | |
| |
Life | | |
Licenses | | |
Patent | | |
Other Intangible Assets | |
Licensing Agreement – Jesse James | |
| 5 | | |
$ | 125,000 | | |
$ | - | | |
$ | - | |
Licensing Agreement – Jeff Rann | |
| 5 | | |
| 125,000 | | |
| - | | |
| - | |
Streak Visual Ammunition patent | |
| 11.2 | | |
| - | | |
| 950,000 | | |
| - | |
SWK patent acquisition | |
| 15 | | |
| - | | |
| 6,124,005 | | |
| - | |
Jagemann Munition Components: | |
| | | |
| | | |
| | | |
| | |
Customer Relationships | |
| 3 | | |
| - | | |
| - | | |
| 1,450,613 | |
Intellectual Property | |
| 3 | | |
| - | | |
| - | | |
| 1,543,548 | |
Tradename | |
| 5 | | |
| - | | |
| - | | |
| 2,152,076 | |
GDI Acquisition: | |
| | | |
| | | |
| | | |
| | |
Tradename | |
| 15 | | |
| - | | |
| - | | |
| 76,532,389 | |
Customer List | |
| 10 | | |
| - | | |
| - | | |
| 65,252,802 | |
Intellectual Property | |
| 10 | | |
| - | | |
| - | | |
| 4,224,442 | |
Other Intangible Assets | |
| 5 | | |
| - | | |
| - | | |
| 607,747 | |
| |
| | | |
| 250,000 | | |
| 7,074,005 | | |
| 151,763,617 | |
| |
| | | |
| | | |
| | | |
| | |
Accumulated amortization – Licensing Agreements | |
| | | |
| (250,000 | ) | |
| - | | |
| - | |
Accumulated amortization – Patents | |
| | | |
| - | | |
| (2,411,349 | ) | |
| - | |
Accumulated amortization – Intangible Assets | |
| | | |
| - | | |
| - | | |
| (37,466,990 | ) |
| |
| | | |
$ | - | | |
$ | 4,662,656 | | |
$ | 114,296,627 | |
|
SCHEDULE OF ANNUAL AMORTIZATION OF INTANGIBLE ASSET |
Annual
amortization of intangible assets for the next five fiscal years are as follows:
SCHEDULE
OF ANNUAL AMORTIZATION OF INTANGIBLE ASSET
Years Ended March 31, | |
Estimates for Fiscal Year | |
2024 (1) | |
$ | 3,302,629 | |
2025 | |
| 12,664,775 | |
2026 | |
| 12,664,775 | |
2027 | |
| 12,553,355 | |
2028 | |
| 12,543,226 | |
Thereafter | |
| 65,230,523 | |
Annual
amortization of intangible assets | |
$ | 118,959,283 | |
(1) |
This
amount represents future amortization for the remaining three months of fiscal year 2024. It does not include any amortization for
the nine months ended December 31, 2023. |
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v3.24.0.1
SEGMENTS (Tables)
|
9 Months Ended |
Dec. 31, 2023 |
Segment Reporting [Abstract] |
|
SCHEDULE OF OPERATING SEGMENTS |
SCHEDULE
OF OPERATING SEGMENTS
| |
Ammunition | | |
Marketplace | | |
Corporate and other expenses | | |
Total | |
| |
For the Three Months Ended December 31, 2023 | |
| |
Ammunition | | |
Marketplace | | |
Corporate and other expenses | | |
Total | |
| |
| | |
| | |
| | |
| |
Net Revenues | |
$ | 22,021,430 | | |
$ | 13,985,034 | | |
$ | - | | |
$ | 36,006,464 | |
Cost of Revenues | |
| 23,022,304 | | |
| 2,073,784 | | |
| - | | |
| 25,096,088 | |
General and administrative expense | |
| 1,305,721 | | |
| 2,454,695 | | |
| 5,669,557 | | |
| 9,429,973 | |
Depreciation and amortization | |
| 125,012 | | |
| 3,276,144 | | |
| - | | |
| 3,401,156 | |
Income/(Loss) from Operations | |
$ | (2,431,607 | ) | |
$ | 6,180,411 | | |
$ | (5,669,557 | ) | |
$ | (1,920,753 | ) |
| |
Ammunition | | |
Marketplace | | |
Corporate and other expenses | | |
Total | |
| |
For the Nine Months Ended December 31, 2023 | |
| |
Ammunition | | |
Marketplace | | |
Corporate and other expenses | | |
Total | |
| |
| | |
| | |
| | |
| |
Net Revenues | |
$ | 64,261,473 | | |
$ | 40,371,952 | | |
$ | - | | |
$ | 104,633,425 | |
Cost of Revenues | |
| 65,672,676 | | |
| 5,737,567 | | |
| - | | |
| 71,410,243 | |
General and administrative expense | |
| 6,694,699 | | |
| 7,204,547 | | |
| 21,625,762 | | |
| 35,525,008 | |
Depreciation and amortization | |
| 384,021 | | |
| 9,732,980 | | |
| - | | |
| 10,117,001 | |
Income/(Loss) from Operations | |
$ | (8,489,923 | ) | |
$ | 17,696,858 | | |
$ | (21,625,762 | ) | |
$ | (12,418,827 | ) |
| |
Ammunition | | |
Marketplace | | |
Corporate and other expenses | | |
Total | |
| |
For the Three Months Ended December 31, 2022 | |
| |
Ammunition | | |
Marketplace | | |
Corporate and other expenses | | |
Total | |
| |
| | |
| | |
| | |
| |
Net Revenues | |
$ | 23,292,292 | | |
$ | 15,419,202 | | |
$ | - | | |
$ | 38,711,494 | |
Cost of Revenues | |
| 23,865,275 | | |
| 2,319,040 | | |
| - | | |
| 26,184,315 | |
General and administrative expense | |
| 4,838,081 | | |
| 1,719,707 | | |
| 6,993,592 | | |
| 13,551,380 | |
Depreciation and amortization | |
| 143,378 | | |
| 3,165,696 | | |
| - | | |
| 3,309,074 | |
Income/(Loss) from Operations | |
$ | (5,554,442 | ) | |
$ | 8,214,759 | | |
$ | (6,993,592 | ) | |
$ | (4,333,275 | ) |
AMMO,
Inc.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
| |
Ammunition | | |
Marketplace | | |
Corporate and other expenses | | |
Total | |
| |
For the Nine Months Ended December 31, 2022 | |
| |
Ammunition | | |
Marketplace | | |
Corporate and other expenses | | |
Total | |
| |
| | |
| | |
| | |
| |
Net Revenues | |
$ | 101,269,237 | | |
$ | 46,486,842 | | |
$ | - | | |
$ | 147,756,079 | |
Cost of Revenues | |
| 97,555,732 | | |
| 6,701,797 | | |
| - | | |
| 104,257,529 | |
General and administrative expense | |
| 12,117,828 | | |
| 6,713,561 | | |
| 14,490,456 | | |
| 33,321,845 | |
Depreciation and amortization | |
| 437,694 | | |
| 9,513,058 | | |
| - | | |
| 9,950,752 | |
Income/(Loss) from Operations | |
$ | (8,842,017 | ) | |
$ | 23,558,426 | | |
$ | (14,490,456 | ) | |
$ | 225,953 | |
|
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v3.24.0.1
SCHEDULE OF DISAGGREGATED REVENUE FROM CUSTOMERS BY SEGMENT (Details) - USD ($)
|
3 Months Ended |
9 Months Ended |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Product Information [Line Items] |
|
|
|
|
|
Total Sales |
|
$ 36,006,464
|
$ 38,711,494
|
$ 104,633,425
|
$ 147,756,079
|
Ammunition Sales [Member] |
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
Total Sales |
[1],[2] |
17,322,967
|
20,250,965
|
46,945,585
|
90,607,817
|
Marketplace Fee Revenue [Member] |
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
Total Sales |
|
13,985,034
|
15,419,202
|
40,371,952
|
46,486,842
|
Ammunition Casings Sales [Member] |
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
Total Sales |
|
$ 4,698,463
|
$ 3,041,327
|
$ 17,315,888
|
$ 10,661,420
|
|
|
X |
- DefinitionAmount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.
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v3.24.0.1
SCHEDULE OF DISAGGREGATED REVENUE FROM CUSTOMERS BY SEGMENT (Details) (Parenthetical) - USD ($)
|
3 Months Ended |
9 Months Ended |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Accounting Policies [Abstract] |
|
|
|
|
Excise tax |
$ 1,498,429
|
$ 1,669,206
|
$ 3,958,391
|
$ 7,816,598
|
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v3.24.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)
|
3 Months Ended |
9 Months Ended |
|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Mar. 31, 2023 |
Product Information [Line Items] |
|
|
|
|
|
Goodwill |
$ 90,870,094
|
|
$ 90,870,094
|
|
$ 90,870,094
|
Allowance for doubtful accounts |
4,387,581
|
|
4,387,581
|
|
$ 3,246,551
|
Impairment expense |
0
|
$ 0
|
0
|
$ 0
|
|
Advertising expenses |
297,166
|
240,449
|
|
|
|
Selling and marketing expenses |
$ 236,565
|
1,010,543
|
$ 822,098
|
3,987,214
|
|
Income tax examination, description |
|
|
We
measure recognized income tax positions at the largest amount that is greater than 50% likely of being realized
|
|
|
Excise tax percentage |
11.00%
|
|
11.00%
|
|
|
Excise tax amount |
$ 1,500,000
|
$ 1,700,000
|
$ 4,000,000.0
|
$ 7,800,000
|
|
Accrued contingencies |
200,000
|
|
1,300,000
|
|
|
Other contingencies |
$ 0
|
|
$ 0
|
|
|
Employees Board of Directors and Advisory Committee Members [Member] |
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
Number of stock, shares issued |
328,333
|
1,431,227
|
328,333
|
1,431,227
|
|
Board of Directors and Advisory Committee Members [Member] |
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
Number of stock, shares issued |
|
604,510
|
|
1,281,635
|
|
Minimum [Member] | Equipment [Member] |
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
Useful lives |
5 years
|
|
5 years
|
|
|
Maximum [Member] |
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
Cash FDIC insured amount |
$ 250,000
|
|
$ 250,000
|
|
|
Maximum [Member] | Equipment [Member] |
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
Useful lives |
10 years
|
|
10 years
|
|
|
Maximum [Member] | Building [Member] |
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
Useful lives |
40 years
|
|
40 years
|
|
|
Cost of Sales [Member] |
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
Selling and marketing expenses |
$ 221,511
|
$ 23,027
|
$ 560,682
|
$ 243,246
|
|
Selling and Marketing Expense [Member] |
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
Advertising expenses |
|
|
850,001
|
1,156,205
|
|
Ammunition Segment [Member] |
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
Advertising expenses |
$ 75,655
|
217,422
|
$ 289,319
|
912,959
|
|
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Customer A [Member] |
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
Risk percentage |
10.00%
|
|
10.00%
|
|
|
Patents [Member] | Exclusive License Agreement [Member] |
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
Share price |
$ 0.01
|
|
$ 0.01
|
|
|
Royalty expenses |
$ 2,714
|
$ 8,794
|
$ 10,384
|
$ 89,340
|
|
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v3.24.0.1
SCHEDULE OF INCOME/(LOSS) PER COMMON SHARE (Details) - USD ($)
|
3 Months Ended |
9 Months Ended |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Net Loss per share |
|
|
|
|
Net loss |
$ (1,643,989)
|
$ (4,102,992)
|
$ (10,232,319)
|
$ (1,653,472)
|
Less: Preferred stock dividends |
(782,639)
|
(782,639)
|
(2,339,410)
|
(2,339,409)
|
Net loss attributable to common stockholders |
$ (2,426,628)
|
$ (4,885,631)
|
$ (12,571,729)
|
$ (3,992,881)
|
Weighted average shares of common stock – Basic |
118,447,154
|
117,348,511
|
118,110,943
|
116,950,013
|
Effect of dilutive common stock purchase warrants |
|
|
|
|
Effect of dilutive equity incentive awards |
|
|
|
|
Effect of dilutive common stock purchase options |
|
|
|
|
Weighted average shares of common stock - Diluted |
118,447,154
|
117,348,511
|
118,110,943
|
116,950,013
|
Loss per share attributable to common stockholders – basic |
$ (0.02)
|
$ (0.04)
|
$ (0.11)
|
$ (0.03)
|
Loss per share attributable to common stockholders – diluted |
$ (0.02)
|
$ (0.04)
|
$ (0.11)
|
$ (0.03)
|
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v3.24.0.1
INCOME/(LOSS) PER COMMON SHARE (Details Narrative) - shares
|
3 Months Ended |
9 Months Ended |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
|
|
Antidilutive securities |
|
536,311
|
|
150,000
|
Weighted average number of shares outstanding, diluted |
118,447,154
|
117,348,511
|
118,110,943
|
116,950,013
|
Warrant [Member] |
|
|
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
|
|
Warrants to purchase shares |
2,256,296
|
|
2,256,296
|
|
Antidilutive securities |
152,048
|
389,544
|
65,459
|
1,070,694
|
Weighted average number of shares outstanding, diluted |
|
|
|
150,000
|
Equity Incentive Awards [Member] |
|
|
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
|
|
Antidilutive securities |
44,303
|
5,281
|
39,890
|
19,095
|
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v3.24.0.1
SCHEDULE OF INVENTORIES (Details) - USD ($)
|
Dec. 31, 2023 |
Mar. 31, 2023 |
Inventory Disclosure [Abstract] |
|
|
Finished product |
$ 15,710,247
|
$ 14,362,514
|
Raw materials |
22,760,289
|
23,898,596
|
Work in process |
11,032,196
|
16,083,709
|
Inventory net |
$ 49,502,732
|
$ 54,344,819
|
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v3.24.0.1
SCHEDULE OF PROPERTY AND EQUIPMENT (Details) - USD ($)
|
Dec. 31, 2023 |
Mar. 31, 2023 |
Property, Plant and Equipment [Line Items] |
|
|
Construction in Progress |
$ 76,091,649
|
$ 70,529,919
|
Total property and equipment |
76,091,649
|
70,529,919
|
Less accumulated depreciation |
(18,813,046)
|
(14,566,664)
|
Net property and equipment |
57,278,603
|
55,963,255
|
Leasehold Improvements [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Construction in Progress |
257,009
|
257,009
|
Total property and equipment |
257,009
|
257,009
|
Building [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Construction in Progress |
29,067,369
|
28,623,329
|
Total property and equipment |
29,067,369
|
28,623,329
|
Furniture and Fixtures [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Construction in Progress |
413,746
|
384,650
|
Total property and equipment |
413,746
|
384,650
|
Vehicles [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Construction in Progress |
153,254
|
153,254
|
Total property and equipment |
153,254
|
153,254
|
Equipment [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Construction in Progress |
44,104,409
|
40,233,186
|
Total property and equipment |
44,104,409
|
40,233,186
|
Tooling [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Construction in Progress |
143,710
|
143,710
|
Total property and equipment |
143,710
|
143,710
|
Construction in Progress [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Construction in Progress |
1,952,152
|
734,781
|
Total property and equipment |
$ 1,952,152
|
$ 734,781
|
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v3.24.0.1
PROPERTY AND EQUIPMENT (Details Narrative) - USD ($)
|
3 Months Ended |
9 Months Ended |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] |
|
|
|
|
Depreciation |
$ 1,486,889
|
$ 1,089,243
|
$ 4,246,935
|
$ 3,150,691
|
Cost of Sales [Member] |
|
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
|
Depreciation |
1,229,128
|
923,564
|
3,560,117
|
2,630,122
|
Operating Expense [Member] |
|
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
|
Depreciation |
$ 257,761
|
$ 165,679
|
$ 686,818
|
$ 520,569
|
Minimum [Member] | Equipment [Member] |
|
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
|
Useful lives |
5 years
|
|
5 years
|
|
Maximum [Member] | Equipment [Member] |
|
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
|
Useful lives |
10 years
|
|
10 years
|
|
Maximum [Member] | Building [Member] |
|
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
|
Useful lives |
40 years
|
|
40 years
|
|
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v3.24.0.1
FACTORING LIABILITY (Details Narrative) - USD ($)
|
|
|
|
3 Months Ended |
9 Months Ended |
Dec. 29, 2023 |
Jun. 17, 2023 |
Jul. 01, 2019 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
Interest expenses on factoring liability |
|
|
|
$ 81,952
|
$ 42,286
|
$ 185,319
|
$ 111,220
|
Amortization of commitment fee |
|
|
|
$ 62,500
|
$ 37,500
|
$ 62,500
|
$ 37,500
|
Maturity date |
|
Jun. 17, 2025
|
|
|
|
|
|
Termination agreement expenses |
$ 281,108
|
|
|
|
|
|
|
Factoring and Security Agreement [Member] |
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
Maximum advance amount |
|
|
$ 5,000,000
|
|
|
|
|
Line of credit facility interest rate during period |
|
|
85.00%
|
|
|
|
|
Fee percentage |
|
|
3.00%
|
|
|
|
|
Line of credit facility commitment fee amount |
|
|
$ 150,000
|
|
|
|
|
Factoring and Security Agreement [Member] | Prime Rate [Member] |
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
Line of credit facility interest rate during period |
|
|
4.50%
|
|
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v3.24.0.1
INVENTORY CREDIT FACILITY (Details Narrative) - USD ($)
|
|
3 Months Ended |
9 Months Ended |
|
Jun. 17, 2020 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Jul. 31, 2020 |
Inventory Credit Facility [Member] |
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
Interest expense on factoring liability |
|
$ 0
|
$ 6,580
|
$ 0
|
$ 24,256
|
|
Revolving Inventory Loan and Security Agreement [Member] |
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
Maximum loan amount |
$ 35,000
|
|
|
|
|
$ 2,250,000
|
Line of credit interest rate description |
an annualized interest rate
of the greater of the three-month LIBOR rate plus 3.09% or 8%.
|
|
|
|
|
|
Commitment fee percentage |
2.00%
|
|
|
|
|
|
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|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
Maximum loan amount |
$ 1,750,000
|
|
|
|
|
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v3.24.0.1
REVOLVING LOAN (Details Narrative) - USD ($)
|
9 Months Ended |
|
Dec. 31, 2023 |
Dec. 29, 2023 |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
Total commitment amount |
|
$ 20,000,000
|
Revolving loan description |
December 29, 2026 (the “Maturity Date”), at which
time the commitments will terminate and all outstanding loans, together with all accrued and unpaid interest, must be repaid. If the
Revolving Loan is refinanced by another lender prior to the Maturity Date, an additional fee payable concurrently with such refinancing
in an amount equal to (i) three percent (3.0%) of the Total Commitment Amount, if such financing occurs after the Closing Date but on
or prior to the first anniversary of the Closing Date, (ii) two percent (2.0%) of the Total Commitment Amount, if such refinancing occurs
after the first anniversary of the Closing Date but on or prior to the second anniversary of the Closing Date, and (iii) one percent
(1.0%) of the Total Commitment Amount, if such refinancing occurs after the second anniversary of the Closing Date but on or prior to
the third anniversary of the Closing Date (the “Prepayment Fee”).
|
|
Sunflower Agreement [Member] |
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
Revolving loan description |
The
Revolving Loan bears interest at a rate of the greater of (x) 3.50% (the “Floor Rate”) and (y) Term SOFR, plus 3.00% (the
“Revolving Facility Applicable Rate”) and is computed on the basis of a 360-day year for the actual number of days elapsed.
Except in an Event of Default (as defined below), Advances under the Revolving Loan shall bear interest, on the outstanding Daily Balance
thereof, at the Revolving Facility Applicable Rate. Interest is due and payable on the first calendar day of each month during the term
of the Sunflower Agreement. The Borrower is also obligated to pay to Agent, for the ratable benefit of Lenders, an origination fee, Prepayment
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v3.24.0.1
SCHEDULE OF FUTURE MINIMUM LEASE PAYMENTS UNDER NON-CANCELLABLE LEASES (Details) - USD ($)
|
Dec. 31, 2023 |
Mar. 31, 2023 |
Leases |
|
|
|
2024 |
[1] |
$ 165,040
|
|
2025 |
|
666,233
|
|
2026 |
|
665,069
|
|
2027 |
|
581,574
|
|
2028 |
|
379,067
|
|
Thereafter |
|
258,102
|
|
Total Lease Payments |
|
2,715,085
|
|
Less: Amount Representing Interest |
|
(514,411)
|
|
Present value of lease liabilities |
|
$ 2,200,674
|
$ 1,374,224
|
|
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v3.24.0.1
LEASES (Details Narrative) - USD ($)
|
9 Months Ended |
|
Dec. 31, 2023 |
Dec. 31, 2022 |
Mar. 31, 2023 |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
Operating lease liability |
$ (388,261)
|
$ (522,917)
|
|
Right use of asset |
2,113,943
|
|
$ 1,261,634
|
Operating lease, liability |
2,200,674
|
|
1,374,224
|
Operating lease liability, current |
463,059
|
|
470,734
|
Operating lease liability non-current |
1,737,615
|
|
$ 903,490
|
Payments for Rent |
502,889
|
|
|
Operating lease expense |
477,065
|
|
|
Other lease associated expenses |
$ 25,824
|
|
|
Weighted average remaining lease term |
4 years 2 months 12 days
|
|
|
Weighted average discount rate for operating leases |
10.00%
|
|
|
Scottsdale Lease [Member] |
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
Operating lease liability |
$ 1,252,896
|
|
|
Marietta Lease [Member] |
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
Operating lease liability |
35,919
|
|
|
Lease Agreement [Member] |
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
Operating lease liability |
38,185
|
|
|
Right use of asset |
$ 901,076
|
|
|
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v3.24.0.1
NOTES PAYABLE – RELATED PARTY (Details Narrative) - USD ($)
|
|
3 Months Ended |
9 Months Ended |
Jun. 17, 2023 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
|
|
Principal payments |
|
|
|
$ 181,639
|
|
Maturity date |
Jun. 17, 2025
|
|
|
|
|
Jagemann Stamping Company [Member] |
|
|
|
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
|
|
Principal payments |
|
|
|
$ 180,850
|
|
Maturity date |
|
|
|
Jun. 26, 2023
|
|
Related Party [Member] |
|
|
|
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
|
|
Interest expense related party |
|
$ 1,788
|
$ 12,753
|
$ 1,788
|
$ 41,450
|
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- DefinitionDate when the debt instrument is scheduled to be fully repaid, in YYYY-MM-DD format.
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v3.24.0.1
CONSTRUCTION NOTE PAYABLE (Details Narrative)
|
|
|
9 Months Ended |
|
Jun. 17, 2023 |
Oct. 14, 2021
USD ($)
ft²
|
Dec. 31, 2023
USD ($)
|
Mar. 31, 2023
USD ($)
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
Debt maturity date |
Jun. 17, 2025
|
|
|
|
Debt instrument principal payment |
|
|
$ 181,639
|
|
Restricted cash released |
|
|
500,000
|
$ 500,000
|
Restricted cash |
|
|
|
$ 500,000
|
Hiawatha National Bank [Member] | Promissory Note [Member] |
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
Debt interest rate |
|
4.50%
|
|
|
Debt maturity date |
|
Oct. 14, 2026
|
|
|
Hiawatha National Bank [Member] | Maximum [Member] | Promissory Note [Member] |
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
Debt face amount |
|
$ 11,625,000
|
|
|
Construction Loan Agreement [Member] | Hiawatha National Bank [Member] |
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
Area of Land | ft² |
|
160,000
|
|
|
Prepayment premium of note amount, percentage |
|
1.00%
|
|
|
Debt default, description |
|
The
Loan Agreement contains customary events of default including, but not limited to, a failure to make any payments pursuant to the Loan
Agreement or Note, a failure to complete construction of the project, a lien of $100,000 or more against the property, or a transfer
of the property without Hiawatha’s consent. Upon the occurrence of an event of default, among other remedies, the amounts due pursuant
to the Loan can be accelerated, Hiawatha can foreclose on the property pursuant to the mortgage, and a late charge of five percent (5%)
of the amount due will be owed with all amounts then owed pursuant to the Note bearing interest at an increased rate.
|
|
|
Construction Loan Agreement [Member] | Hiawatha National Bank [Member] | Maximum [Member] |
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
Debt face amount |
|
$ 11,625,000
|
|
|
Debt converison ratio |
|
1.25
|
|
|
Construction Loan Agreement [Member] | Hiawatha National Bank [Member] | Minimum [Member] |
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
Debt converison ratio |
|
1.00
|
|
|
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v3.24.0.1
SCHEDULE OF OUTSTANDING AND EXERCISABLE STOCK PURCHASE WARRANTS (Details) - Warrant [Member]
|
9 Months Ended |
Dec. 31, 2023
$ / shares
shares
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
Number of shares, outstanding beginning | shares |
2,460,946
|
Weighted average exercise price, outstanding beginning | $ / shares |
$ 2.46
|
Weighted average life remaining years, outstanding beginning |
1 year 7 months 2 days
|
Number of shares, granted | shares |
|
Weighted average exercise price, granted | $ / shares |
|
Number of shares, exercised | shares |
|
Weighted average exercise price, exercised | $ / shares |
|
Number of shares, forfeited or cancelled | shares |
(204,650)
|
Weighted average exercise price, forfeited or cancelled | $ / shares |
$ 2.00
|
Number of shares, outstanding ending | shares |
2,256,296
|
Weighted average exercise price, outstanding ending | $ / shares |
$ 2.51
|
Weighted average life remaining years, outstanding ending |
1 year 18 days
|
Number of shares, exercisable | shares |
2,256,296
|
Weighted average exercise price, exercisable | $ / shares |
$ 2.51
|
Weighted average life remaining years, exercisable |
1 year 18 days
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v3.24.0.1
CAPITAL STOCK (Details Narrative) - USD ($)
|
3 Months Ended |
9 Months Ended |
|
Dec. 31, 2023 |
Sep. 30, 2023 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Mar. 31, 2023 |
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
Common stock, shares authorized |
200,000,000
|
|
200,000,000
|
|
200,000,000
|
Common stock, par value |
$ 0.001
|
|
$ 0.001
|
|
$ 0.001
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross |
|
|
400,000
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested, Number of Shares |
|
300,000
|
100,000
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Nonvested Options Forfeited, Number of Shares |
|
25,000
|
|
|
|
Expenses related to options |
$ 380,045
|
|
$ 380,045
|
|
|
Warrant [Member] |
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
Warrants outstanding |
2,256,296
|
|
2,256,296
|
|
|
Issuance of warrants, description |
|
|
Each warrant provides the holder the right to purchase up to one share of
our Common Stock at a predetermined exercise price. The outstanding warrants consist of (1) warrants to purchase 911 shares of Common
Stock at an exercise price of $1.65 per share until April 2025; (2) warrants to purchase 1,244,108 shares of our Common Stock at an exercise
price of $2.00 per share consisting of 1% of the warrants until August 2024, and 99% until February 2026; (3) warrants to purchase 474,966
shares of Common Stock at an exercise price of $2.40 until September 2024; (4) warrants to purchase 386,311 shares of Common Stock at
an exercise price of $2.63 until November 2025, and (5) warrants to purchase 150,000 shares of Common Stock at an exercise price of $6.72
until February 2024.
|
|
|
Warrant One [Member] | Until April 2025 [Member] |
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
Warrants issued to purchase common stock |
911
|
|
911
|
|
|
Warrants exercise price |
$ 1.65
|
|
$ 1.65
|
|
|
Warrant Two [Member] | Until August 2024 [Member] |
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
Warrants issued to purchase common stock |
1,244,108
|
|
1,244,108
|
|
|
Warrants exercise price |
$ 2.00
|
|
$ 2.00
|
|
|
Warrant Three [Member] | Until September 2024 [Member] |
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
Warrants issued to purchase common stock |
474,966
|
|
474,966
|
|
|
Warrants exercise price |
$ 2.40
|
|
$ 2.40
|
|
|
Warrant Four [Member] | Until November 2025 [Member] |
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
Warrants issued to purchase common stock |
386,311
|
|
386,311
|
|
|
Warrants exercise price |
$ 2.63
|
|
$ 2.63
|
|
|
Warrant Five [Member] | Until February 2024 [Member] |
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
Warrants issued to purchase common stock |
150,000
|
|
150,000
|
|
|
Warrants exercise price |
$ 6.72
|
|
$ 6.72
|
|
|
Employees, Board of Directors, Advisory Committee [Member] |
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
Shares issued for employees benefit, shares |
|
|
1,431,227
|
|
|
Shares issued for employees benefit, value |
|
|
$ 2,977,845
|
|
|
New Issuance of Shares [Member] |
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
Common stock issued new shares, shares |
|
|
1,431,227
|
|
|
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v3.24.0.1
PREFERRED STOCK (Details Narrative) - USD ($)
|
|
|
|
|
|
|
|
3 Months Ended |
9 Months Ended |
12 Months Ended |
Dec. 15, 2023 |
Nov. 30, 2023 |
Sep. 15, 2023 |
Aug. 31, 2023 |
Jun. 15, 2023 |
May 31, 2023 |
May 18, 2021 |
Dec. 31, 2023 |
Sep. 30, 2023 |
Jun. 30, 2023 |
Dec. 31, 2022 |
Sep. 30, 2022 |
Jun. 30, 2022 |
Dec. 31, 2023 |
Mar. 31, 2023 |
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividend rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
8.75%
|
8.75%
|
Accumulated preferred dividends |
|
|
|
|
|
|
|
$ 144,618
|
$ 136,094
|
$ 136,094
|
$ 144,334
|
$ 136,044
|
$ 136,061
|
|
|
Series A Preferred Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued, price per share |
|
|
|
|
|
|
$ 25.00
|
|
|
|
|
|
|
|
|
Dividend rate |
|
|
|
|
|
|
8.75%
|
|
|
|
|
|
|
|
|
Preferred stock dividend rate per annum |
|
$ 0.5529514
|
|
$ 0.55902778
|
|
$ 0.55902778
|
$ 2.1875
|
|
|
|
|
|
|
|
|
Dividend payment terms |
|
|
|
|
|
|
payable quarterly in arrears on March 15, June 15, September 15 and
December 15.
|
|
|
|
|
|
|
|
|
Accumulated preferred dividends |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 144,618
|
|
Dividends paid |
$ 774,132
|
|
$ 782,639
|
|
$ 782,639
|
|
|
|
|
|
|
|
|
|
|
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v3.24.0.1
SCHEDULE OF INTANGIBLE ASSETS (Details)
|
Dec. 31, 2023
USD ($)
|
Finite-Lived Intangible Assets [Line Items] |
|
Intangible assets, net |
$ 118,959,283
|
Licensing Agreement - Jesse James [Member] |
|
Finite-Lived Intangible Assets [Line Items] |
|
Licensing agreement, life |
5 years
|
Intangible assets, gross |
$ 125,000
|
Licensing Agreement - Jeff Rann [Member] |
|
Finite-Lived Intangible Assets [Line Items] |
|
Licensing agreement, life |
5 years
|
Intangible assets, gross |
$ 125,000
|
Streak Visual Ammunition Patent [Member] |
|
Finite-Lived Intangible Assets [Line Items] |
|
Licensing agreement, life |
11 years 2 months 12 days
|
Intangible assets, gross |
$ 950,000
|
SWK Patent Acquisition [Member] |
|
Finite-Lived Intangible Assets [Line Items] |
|
Licensing agreement, life |
15 years
|
Intangible assets, gross |
$ 6,124,005
|
Customer Relationships [Member] | Jagemann Munition Components [Member] |
|
Finite-Lived Intangible Assets [Line Items] |
|
Licensing agreement, life |
3 years
|
Intangible assets, gross |
$ 1,450,613
|
Intellectual Property [Member] | GDI Acquisition [Member] |
|
Finite-Lived Intangible Assets [Line Items] |
|
Licensing agreement, life |
10 years
|
Intangible assets, gross |
$ 4,224,442
|
Intellectual Property [Member] | Jagemann Munition Components [Member] |
|
Finite-Lived Intangible Assets [Line Items] |
|
Licensing agreement, life |
3 years
|
Intangible assets, gross |
$ 1,543,548
|
Trade Names [Member] | GDI Acquisition [Member] |
|
Finite-Lived Intangible Assets [Line Items] |
|
Licensing agreement, life |
15 years
|
Intangible assets, gross |
$ 76,532,389
|
Trade Names [Member] | Jagemann Munition Components [Member] |
|
Finite-Lived Intangible Assets [Line Items] |
|
Licensing agreement, life |
5 years
|
Intangible assets, gross |
$ 2,152,076
|
Customer Lists [Member] | GDI Acquisition [Member] |
|
Finite-Lived Intangible Assets [Line Items] |
|
Licensing agreement, life |
10 years
|
Intangible assets, gross |
$ 65,252,802
|
Other Intangible Assets [Member] |
|
Finite-Lived Intangible Assets [Line Items] |
|
Intangible assets, gross |
151,763,617
|
Accumulated amortization |
(37,466,990)
|
Intangible assets, net |
$ 114,296,627
|
Other Intangible Assets [Member] | GDI Acquisition [Member] |
|
Finite-Lived Intangible Assets [Line Items] |
|
Licensing agreement, life |
5 years
|
Intangible assets, gross |
$ 607,747
|
Licensing Agreements [Member] |
|
Finite-Lived Intangible Assets [Line Items] |
|
Intangible assets, gross |
250,000
|
Accumulated amortization |
(250,000)
|
Intangible assets, net |
|
Patents [Member] |
|
Finite-Lived Intangible Assets [Line Items] |
|
Intangible assets, gross |
7,074,005
|
Accumulated amortization |
(2,411,349)
|
Intangible assets, net |
$ 4,662,656
|
X |
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v3.24.0.1
SCHEDULE OF ANNUAL AMORTIZATION OF INTANGIBLE ASSET (Details)
|
Dec. 31, 2023
USD ($)
|
Goodwill and Intangible Assets Disclosure [Abstract] |
|
|
2024 |
$ 3,302,629
|
[1] |
2025 |
12,664,775
|
|
2026 |
12,664,775
|
|
2027 |
12,553,355
|
|
2028 |
12,543,226
|
|
Thereafter |
65,230,523
|
|
Annual amortization of intangible assets |
$ 118,959,283
|
|
|
|
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v3.24.0.1
GOODWILL AND INTANGIBLE ASSETS (Details Narrative) - USD ($)
|
3 Months Ended |
9 Months Ended |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
|
|
|
Amortization of intangible assets |
$ 3,266,761
|
$ 9,800,281
|
$ 3,266,761
|
$ 9,800,281
|
X |
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v3.24.0.1
SCHEDULE OF OPERATING SEGMENTS (Details) - USD ($)
|
3 Months Ended |
9 Months Ended |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Revenue from External Customer [Line Items] |
|
|
|
|
Net Revenues |
$ 36,006,464
|
$ 38,711,494
|
$ 104,633,425
|
$ 147,756,079
|
Cost of Revenues |
25,096,088
|
26,184,315
|
71,410,243
|
104,257,529
|
General and administrative expense |
9,429,973
|
13,551,380
|
35,525,008
|
33,321,845
|
Depreciation and amortization |
3,401,156
|
3,309,074
|
10,117,001
|
9,950,752
|
Income/(Loss) from Operations |
(1,920,753)
|
(4,333,275)
|
(12,418,827)
|
225,953
|
Ammunition [Member] |
|
|
|
|
Revenue from External Customer [Line Items] |
|
|
|
|
Net Revenues |
22,021,430
|
23,292,292
|
64,261,473
|
101,269,237
|
Cost of Revenues |
23,022,304
|
23,865,275
|
65,672,676
|
97,555,732
|
General and administrative expense |
1,305,721
|
4,838,081
|
6,694,699
|
12,117,828
|
Depreciation and amortization |
125,012
|
143,378
|
384,021
|
437,694
|
Income/(Loss) from Operations |
(2,431,607)
|
(5,554,442)
|
(8,489,923)
|
(8,842,017)
|
Marketplace [Member] |
|
|
|
|
Revenue from External Customer [Line Items] |
|
|
|
|
Net Revenues |
13,985,034
|
15,419,202
|
40,371,952
|
46,486,842
|
Cost of Revenues |
2,073,784
|
2,319,040
|
5,737,567
|
6,701,797
|
General and administrative expense |
2,454,695
|
1,719,707
|
7,204,547
|
6,713,561
|
Depreciation and amortization |
3,276,144
|
3,165,696
|
9,732,980
|
9,513,058
|
Income/(Loss) from Operations |
6,180,411
|
8,214,759
|
17,696,858
|
23,558,426
|
Corporate and Other Expenses [Member] |
|
|
|
|
Revenue from External Customer [Line Items] |
|
|
|
|
Net Revenues |
|
|
|
|
Cost of Revenues |
|
|
|
|
General and administrative expense |
5,669,557
|
6,993,592
|
21,625,762
|
14,490,456
|
Depreciation and amortization |
|
|
|
|
Income/(Loss) from Operations |
$ (5,669,557)
|
$ (6,993,592)
|
$ (21,625,762)
|
$ (14,490,456)
|
X |
- DefinitionThe aggregate costs related to goods produced and sold and services rendered by an entity during the reporting period. This excludes costs incurred during the reporting period related to financial services rendered and other revenue generating activities.
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v3.24.0.1
v3.24.0.1
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)
|
|
|
9 Months Ended |
|
Jul. 24, 2023 |
Jul. 17, 2023 |
Dec. 31, 2023 |
Jul. 26, 2023 |
Letter of Credit [Member] |
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
Letter of credit |
|
|
|
$ 1,600,000
|
Deposits |
|
$ 1,600,000
|
|
|
Description of line of credit facility |
|
The term of the certificate of deposit is twelve months and includes interest of approximately 5%. Per the terms of the Merger
Agreement, filed with the Commission on a Current Report on Form 8-K on May 6, 2021 (the “Current Report”), the Seller is required
to pay or be liable for these losses (capitalized terms are defined the Current Report).
|
|
|
Fred Wagenhals [Member] |
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
Shares issued |
300,000
|
|
|
|
Payments to Employees |
$ 1,060,290
|
|
|
|
Stock Issued During Period, Value, New Issues |
$ 624,000
|
|
|
|
Two Independent Contractors [Member] |
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
Service fees |
|
|
$ 410,173
|
|
Service payment due amount |
|
|
$ 244,640
|
|
Shares issued for service |
|
|
168,581
|
|
Total value |
|
|
$ 350,345
|
|
Shares issued |
|
|
134,240
|
|
Advisory Committee [Member] |
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
Shares issued for service |
|
|
25,000
|
|
Total value |
|
|
$ 53,250
|
|
Related Party [Member] |
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
Accounts receivable |
|
|
$ 201,646
|
|
X |
- DefinitionAmount, after allowance for credit loss, of right to consideration from customer for product sold and service rendered in normal course of business.
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