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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
10-Q
(Mark
One)
☒
QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For
the quarterly period ended June 30, 2023
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For
the transition period from to
Commission
File Number: 001-40730
DRAGONFLY
ENERGY HOLDINGS CORP.
(Exact
name of registrant as specified in its charter)
Nevada |
|
85-1873463 |
(State or
other jurisdiction of
incorporation or organization) |
|
(IRS Employer
Identification No.) |
1190
Trademark Drive #108
Reno, Nevada |
|
89521 |
(Address of
principal executive offices) |
|
(Zip Code) |
(775)
622-3448
(Registrant’s
telephone number, including area code)
N/A
(Former
name, former address and former fiscal year, if changed since last report)
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
Common stock,
par value $0.0001 per share |
|
DFLI |
|
The Nasdaq
Global Market |
Redeemable
Warrants, exercisable for common stock at an exercise price of $11.50 per share, subject to adjustment |
|
DFLIW |
|
The Nasdaq
Capital Market |
Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days. Yes ☒ 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 (Section 232.405 of this chapter) during the preceding 12 months (or 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 August 16, 2023, there were 58,780,316 shares of the registrant’s common stock, par value $0.0001 per share, issued and
outstanding.
DRAGONFLY
ENERGY HOLDINGS CORP.
TABLE
OF CONTENTS
PAR
T I - FINANCIAL INFORMATION
Item
1. Financial Statements.
DRAGONFLY
ENERGY HOLDINGS CORP.
Unaudited
Condensed Consolidated Balance Sheets
(in
thousands, except share and per share data)
| |
June
30, 2023 | | |
December
31, 2022 | |
| |
As
of | |
| |
June
30, 2023 | | |
December
31, 2022 | |
Current Assets | |
| | | |
| | |
Cash | |
$ | 32,952 | | |
$ | 17,781 | |
Accounts
receivable, net of allowance for credit losses | |
| 2,172 | | |
| 1,444 | |
Inventory | |
| 44,198 | | |
| 49,846 | |
Prepaid expenses | |
| 1,199 | | |
| 1,624 | |
Prepaid inventory | |
| 2,942 | | |
| 2,002 | |
Prepaid income
tax | |
| 529 | | |
| 525 | |
Other
current assets | |
| 239 | | |
| 267 | |
Total
Current Assets | |
| 84,231 | | |
| 73,489 | |
Property and
Equipment | |
| | | |
| | |
Machinery
and equipment | |
| 15,932 | | |
| 10,214 | |
Office furniture
and equipment | |
| 275 | | |
| 275 | |
Leasehold
improvements | |
| 1,727 | | |
| 1,709 | |
Vehicle | |
| 33 | | |
| 195 | |
Total | |
| 17,967 | | |
| 12,393 | |
Less
accumulated depreciation and amortization | |
| (2,180 | ) | |
| (1,633 | ) |
Property
and Equipment, Net | |
| 15,787 | | |
| 10,760 | |
Operating
lease right of use asset | |
| 3,912 | | |
| 4,513 | |
Total
Assets | |
$ | 103,930 | | |
$ | 88,762 | |
Current Liabilities | |
| | | |
| | |
| |
| | | |
| | |
Accounts
payable | |
| 19,990 | | |
| 13,475 | |
Accrued payroll
and other liabilities | |
| 9,758 | | |
| 6,295 | |
Customer
deposits | |
| 152 | | |
| 238 | |
Uncertain
tax position liability | |
| 128 | | |
| 128 | |
Notes payable,
current portion, net of deferred financing fees | |
| 22,372 | | |
| 19,242 | |
Operating
lease liability, current portion | |
| 1,239 | | |
| 1,188 | |
Total
Current Liabilities | |
| 53,639 | | |
| 40,566 | |
Long-Term
Liabilities | |
| | | |
| | |
Warrant liabilities | |
| 14,637 | | |
| 32,831 | |
Accrued expenses-long
term | |
| 551 | | |
| 492 | |
Operating
lease liability, net of current portion | |
| 2,890 | | |
| 3,541 | |
Total
Long-Term Liabilities | |
| 18,078 | | |
| 36,864 | |
Total
Liabilities | |
| 71,717 | | |
| 77,430 | |
Commitments
and Contingencies (See Note 5) | |
| - | | |
| - | |
Equity | |
| | | |
| | |
Common stock, 170,000,000 shares
at $0.0001 par value, authorized, 58,504,541 and 43,272,728 shares issued and outstanding as of June 30, 2023 and December 31, 2022,
respectively | |
| 6 | | |
| 4 | |
Preferred stock, 5,000,000
shares at $0.0001 par value, authorized, no shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively | |
| - | | |
| - | |
Additional paid in capital | |
| 66,148 | | |
| 38,461 | |
Retained
deficit | |
| (33,941 | ) | |
| (27,133 | ) |
Total
Equity | |
| 32,213 | | |
| 11,332 | |
Total
Liabilities and Shareholders’ Equity | |
$ | 103,930 | | |
$ | 88,762 | |
The
accompanying notes are an integral part of these condensed and consolidated financial statements.
DRAGONFLY
eNERGY hOLDINGS CORP.
Unaudited
Condensed Interim Consolidated Statements of Operations
(in
thousands, except share and per share data)
| |
| | |
| | |
| | |
| |
| |
For
The Three Months Ended June
30, | | |
For
The Six Months Ended June
30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
| | |
| | |
| | |
| |
Net
Sales | |
$ | 19,274 | | |
$ | 21,622 | | |
$ | 38,065 | | |
$ | 39,925 | |
| |
| | | |
| | | |
| | | |
| | |
Cost of Goods
Sold | |
| 15,176 | | |
| 14,594 | | |
| 29,224 | | |
| 27,402 | |
| |
| | | |
| | | |
| | | |
| | |
Gross Profit | |
| 4,098 | | |
| 7,028 | | |
| 8,841 | | |
| 12,523 | |
| |
| | | |
| | | |
| | | |
| | |
Operating
Expenses | |
| | | |
| | | |
| | | |
| | |
Research
and development | |
| 1,067 | | |
| 859 | | |
| 1,947 | | |
| 1,198 | |
General and
administrative | |
| 7,614 | | |
| 3,816 | | |
| 17,109 | | |
| 7,442 | |
Selling
and marketing | |
| 3,808 | | |
| 2,881 | | |
| 7,992 | | |
| 5,973 | |
| |
| | | |
| | | |
| | | |
| | |
Total
Operating Expenses | |
| 12,489 | | |
| 7,556 | | |
| 27,048 | | |
| 14,613 | |
| |
| | | |
| | | |
| | | |
| | |
Loss
From Operations | |
| (8,391 | ) | |
| (528 | ) | |
| (18,207 | ) | |
| (2,090 | ) |
| |
| | | |
| | | |
| | | |
| | |
Other
(Expense) Income | |
| | | |
| | | |
| | | |
| | |
Interest
expense | |
| (4,113 | ) | |
| (1,228 | ) | |
| (7,928 | ) | |
| (2,491 | ) |
Change
in fair market value of warrant liability | |
| 804 | | |
| - | | |
| 19,327 | | |
| - | |
Total
Other (Expense) Income | |
| (3,309 | ) | |
| (1,228 | ) | |
| 11,399 | | |
| (2,491 | ) |
| |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
Income
Tax (Benefit) Expense | |
| - | | |
| (287 | ) | |
| - | | |
| (814 | ) |
| |
| | | |
| | | |
| | | |
| | |
Net
Loss | |
$ | (11,700 | ) | |
$ | (1,469 | ) | |
$ | (6,808 | ) | |
$ | (3,767 | ) |
| |
| | | |
| | | |
| | | |
| | |
Loss Per Share- Basic | |
$ | (0.25 | ) | |
$ | (0.04 | ) | |
$ | (0.15 | ) | |
$ | (0.10 | ) |
Loss Per Share- Diluted | |
$ | (0.25 | ) | |
$ | (0.04 | ) | |
$ | (0.15 | ) | |
$ | (0.10 | ) |
Weighted Average Number
of Shares- Basic | |
| 47,418,269 | | |
| 36,616,430 | | |
| 46,263,591 | | |
| 36,579,990 | |
Weighted Average Number
of Shares- Diluted | |
| 47,418,269 | | |
| 36,616,430 | | |
| 46,263,591 | | |
| 36,579,990 | |
The
accompanying notes are an integral part of these condensed and consolidated financial statements.
dRAGONFLY
eNERGY HOLDINGS CORP.
Unaudited
Condensed Consolidated Statements of Shareholders’ Equity
FOR
THE PERIOD ENDED jUNE 30, 2023 AND 2022
(in
thousands, except share data)
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
(Deficit) | | |
Total | |
| |
Redeemable
Preferred Stock | | |
Common
Stock | | |
Additional
Paid-In | | |
Retained
Earnings | | |
| |
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
(Deficit) | | |
Total | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| |
Balance
-January 1, 2022 | |
| 10,000,000 | | |
$ | 2,000 | | |
| 20,875,475 | | |
$ | 4 | | |
$ | 1,619 | | |
$ | 12,438 | | |
$ | 14,061 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Retroactive
application of recapitalization | |
| (10,000,000 | ) | |
| (2,000 | ) | |
| 15,621,523 | | |
| - | | |
| 2,000 | | |
| - | | |
| 2,000 | |
Adjusted balance, beginning of period | |
| - | | |
| - | | |
| 36,496,998 | | |
| 4 | | |
| 3,619 | | |
| 12,438 | | |
| 16,061 | |
Net loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (2,298 | ) | |
| (2,298 | ) |
Stock compensation expense | |
| - | | |
| - | | |
| - | | |
| - | | |
| 288 | | |
| - | | |
| 288 | |
Exercise of stock options | |
| - | | |
| - | | |
| 100,374 | | |
| - | | |
| 113 | | |
| - | | |
| 113 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance
– March 31, 2022 | |
| - | | |
$ | - | | |
| 36,597,372 | | |
| 4 | | |
| 4,020 | | |
| 10,140 | | |
| 14,164 | |
Net loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (1,469 | ) | |
| (1,469 | ) |
Stock compensation expense | |
| - | | |
| - | | |
| - | | |
| - | | |
| 431 | | |
| - | | |
| 431 | |
Exercise of stock options | |
| - | | |
| - | | |
| 152,366 | | |
| - | | |
| 89 | | |
| - | | |
| 89 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance
– June 30, 2022 | |
| - | | |
$ | - | | |
| 36,749,738 | | |
| 4 | | |
| 4,540 | | |
| 8,671 | | |
| 13,215 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance -January 1, 2023 | |
| - | | |
| - | | |
| 43,272,728 | | |
| 4 | | |
| 38,461 | | |
| (27,133 | ) | |
| 11,332 | |
Net income | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 4,892 | | |
| 4,892 | |
Common stock issued in public
offering (ATM), net of costs | |
| - | | |
| - | | |
| 73,500 | | |
| - | | |
| 597 | | |
| - | | |
| 597 | |
Exercise of stock options | |
| - | | |
| - | | |
| 36,009 | | |
| - | | |
| 93 | | |
| - | | |
| 93 | |
Exercise of public warrants | |
| - | | |
| - | | |
| 64,971 | | |
| - | | |
| 747 | | |
| - | | |
| 747 | |
Cashless exercise of liability
classified warrants | |
| - | | |
| - | | |
| 2,348,294 | | |
| 1 | | |
| 10,166 | | |
| - | | |
| 10,167 | |
Stock
compensation expense | |
| - | | |
| - | | |
| - | | |
| - | | |
| 4,487 | | |
| - | | |
| 4,487 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance
– March 31, 2023 | |
| - | | |
$ | - | | |
| 45,795,502 | | |
$ | 5 | | |
$ | 54,551 | | |
$ | (22,241 | ) | |
$ | 32,315 | |
Net income | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (11,700 | ) | |
| (11,700 | ) |
Net income (loss) | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (11,700 | ) | |
| (11,700 | ) |
Common stock issued in public
offering, net of costs | |
| - | | |
| - | | |
| 11,405,000 | | |
| 1 | | |
| 7,877 | | |
| - | | |
| 7,878 | |
Common stock issued in public
offering (ATM), net of costs | |
| - | | |
| - | | |
| 25,000 | | |
| - | | |
| 74 | | |
| - | | |
| 74 | |
Exercise of stock options | |
| - | | |
| - | | |
| 69,012 | | |
| - | | |
| 230 | | |
| - | | |
| 230 | |
Cashless exercise of liability
classified warrants | |
| - | | |
| - | | |
| 748,029 | | |
| - | | |
| 2,462 | | |
| - | | |
| 2,462 | |
Shares issued for vested restricted
stock units | |
| - | | |
| - | | |
| 461,998 | | |
| - | | |
| - | | |
| - | | |
| - | |
Stock
compensation expense | |
| - | | |
| - | | |
| - | | |
| - | | |
| 954 | | |
| - | | |
| 954 | |
Balance
- June 30, 2023 | |
| - | | |
$ | - | | |
| 58,504,541 | | |
$ | 6 | | |
$ | 66,148 | | |
$ | (33,941 | ) | |
$ | 32,213 | |
Balance
| |
| - | | |
$ | - | | |
| 58,504,541 | | |
$ | 6 | | |
$ | 66,148 | | |
$ | (33,941 | ) | |
$ | 32,213 | |
The
accompanying notes are an integral part of these condensed and consolidated financial statements.
dRAGONFLY
eNERGY hOLDINGS cORP.
Unaudited
Condensed Consolidated Statements of Cash Flows
For
the SIX Months Ended June 30, 2023 and 2022
(in
thousands)
| |
2023 | | |
2022 | |
Cash flows from Operating Activities | |
| | | |
| | |
Net
Loss | |
$ | (6,808 | ) | |
$ | (3,767 | ) |
Adjustments to Reconcile Net
Loss to Net Cash | |
| | | |
| | |
Used in Operating
Activities | |
| | | |
| | |
Stock based
compensation | |
| 5,441 | | |
| 719 | |
Amortization
of debt discount | |
| 620 | | |
| 1,196 | |
Change in
fair market value of warrant liability | |
| (19,327 | ) | |
| - | |
Deferred
tax liability | |
| - | | |
| (819 | ) |
Non-cash
interest expense (Paid-in Kind) | |
| 2,510 | | |
| - | |
Provision
for doubtful accounts | |
| 93 | | |
| - | |
Depreciation
and amortization | |
| 593 | | |
| 389 | |
Loss on disposal
of property and equipment | |
| 116 | | |
| 62 | |
Changes in Assets and Liabilities | |
| | | |
| | |
Accounts
receivable | |
| (821 | ) | |
| (3,876 | ) |
Inventories | |
| 5,648 | | |
| (15,141 | ) |
Prepaid expenses | |
| 425 | | |
| (1,236 | ) |
Prepaid inventory | |
| (940 | ) | |
| 4,308 | |
Other current
assets | |
| 28 | | |
| (1,962 | ) |
Other assets | |
| 601 | | |
| 551 | |
Income taxes
payable | |
| (4 | ) | |
| (973 | ) |
Accounts
payable and accrued expenses | |
| 6,272 | | |
| 820 | |
Customer
deposits | |
| (86 | ) | |
| (183 | ) |
Total
Adjustments | |
| 1,169 | | |
| (16,145 | ) |
Net
Cash Used in Operating Activities | |
| (5,639 | ) | |
| (19,912 | ) |
| |
| | | |
| | |
Cash Flows from Investing Activities | |
| | | |
| | |
Purchase
of property and equipment | |
| (2,571 | ) | |
| (4,819 | ) |
Net
Cash Used in Investing Activities | |
| (2,571 | ) | |
| (4,819 | ) |
The
accompanying notes are an integral part of these condensed and consolidated financial statements.
dRAGONFLY
eNERGY hOLDINGS cORP.
Unaudited
Condensed Consolidated Statements of Cash Flows (Continued)
For
the Six Months Ended June 30, 2023 and 2022
(in
thousands)
(continued from previous
page) | |
2023 | | |
2022 | |
Cash Flows from Financing Activities | |
| | | |
| | |
Proceeds
from public offering, net | |
| 22,002 | | |
| - | |
Payment of offering costs | |
| (362 | ) | |
| - | |
Proceeds from public offering (ATM), net | |
| 671 | | |
| - | |
Proceeds from note payable, related party | |
| 1,000 | | |
| - | |
Repayment
of note payable, related party | |
| (1,000 | ) | |
| - | |
Proceeds
from exercise of public warrants | |
| 747 | | |
| - | |
Proceeds
from exercise of options | |
| 323 | | |
| 200 | |
Net
Cash Provided by Financing Activities | |
| 23,381 | | |
| 200 | |
| |
| | | |
| | |
Net Increase (Decrease) in Cash | |
| 15,171 | | |
| (24,531 | ) |
Beginning cash | |
| 17,781 | | |
| 28,630 | |
Ending cash | |
$ | 32,952 | | |
$ | 4,099 | |
| |
| | | |
| | |
Supplemental Disclosures of Cash
Flow Information: | |
| | | |
| | |
Cash
paid for income taxes | |
$ | 237 | | |
$ | - | |
Cash
paid for interest | |
$ | 4,361 | | |
$ | 1,254 | |
Supplemental Non-Cash Items | |
| | | |
| | |
Receivable
of options exercised | |
$ | - | | |
$ | 2 | |
Purchases
of property and equipment, not yet paid | |
$ | 3,583 | | |
$ | - | |
Cashless
exercise of liability classified warrants | |
$ | 12,628 | | |
$ | - | |
The
accompanying notes are an integral part of these condensed and consolidated financial statements.
Dragonfly
Energy Holdings Corp.
Notes
to Unaudited Condensed Consolidated Financial Statements
(in
thousands, except share and per share data)
Note
1 - NATURE OF BUSINESS
Dragonfly
Energy Holdings Corp. (“New Dragonfly” or the “Company”) sells lithium-ion battery packs for use in a wide variety
of applications. The Company sells to distributors under the Dragonfly Energy brand name, and sells direct to consumers under the trade
name Battleborn Batteries. In addition, the Company develops technology for improved lithium-ion battery manufacturing and assembly methods.
On
October 7, 2022, a merger transaction between Chardan NexTech Acquisition 2 Corporation (“CNTQ”), Dragonfly Energy Corp.
(“Legacy Dragonfly”), and Bronco Merger Sub, Inc. (“Merger Sub”) was completed pursuant to which Merger Sub was
merged with and into Legacy Dragonfly, with Legacy Dragonfly surviving the merger. As a result of the merger, Legacy Dragonfly became
a wholly owned subsidiary of New Dragonfly.
Although
New Dragonfly was the legal acquirer of Legacy Dragonfly in the merger, Legacy Dragonfly was deemed to be the accounting acquirer,
and the historical financial statements of Legacy Dragonfly became the basis for the historical financial statements of New
Dragonfly upon the closing of the merger. New Dragonfly together with its wholly owned subsidiary, Dragonfly Energy Corp., is
referred to hereinafter as the “Company.”
Furthermore,
the historical financial statements of Legacy Dragonfly became the historical financial statements of the Company upon the consummation
of the merger. As a result, the financial statements included in this Quarterly Report reflect (i) the historical operating results of
Legacy Dragonfly prior to the merger; (ii) the combined results of CNTQ and Legacy Dragonfly following the close of the merger; (iii)
the assets and liabilities of Legacy Dragonfly at their historical cost and (iv) the Legacy Dragonfly’s equity structure for all
periods presented, as affected by the recapitalization presentation after completion of the merger.
Note
2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Principles
of consolidation
The
accompanying consolidated financial statements and related notes have been prepared in accordance with accounting principles generally
accepted in the United States of America (“U.S. GAAP”) and present the consolidated financial statements of the Company and
its wholly owned subsidiary. All significant intercompany transactions and balances are eliminated in consolidation.
Basis
of presentation
The
accompanying unaudited condensed consolidated financial statements and related notes have been prepared in accordance with U.S. GAAP
for interim financial information, and with the rules and regulations of the United States Securities and Exchange Commission (the “SEC”)
set forth in Article 8 of Regulation S X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP
for complete financial statements. The unaudited interim financial statements furnished reflect all adjustments (consisting of normal
recurring accruals) which are, in the opinion of management, necessary to a fair statement of the results for the interim periods presented.
Unaudited interim results are not necessarily indicative of the results for the full fiscal year. These condensed and consolidated financial
statements should be read along with the Annual Report filed of the Company for the annual period ended December 31, 2022. The consolidated
balance sheet as of December 31, 2022 was derived from the audited consolidated financial statements as of and for the year then ended.
Dragonfly
Energy Holdings Corp.
Notes
to Unaudited Condensed Consolidated Financial Statements
(in
thousands, except share and per share data)
Going
Concern
The
accompanying condensed consolidated financial statements have been prepared on a going concern basis, which contemplates the realization
of assets and the satisfaction of liabilities in the normal course of business. The condensed consolidated financial statements do not
include any adjustments that might result from the outcome of this uncertainty.
For
the six months ended June 30, 2023 and 2022, the Company incurred loss from operations and had negative cash flow from operations. As
of June 30, 2023, the Company had $32,952 in cash and working capital of $30,592. The Company’s ability to
achieve profitability and positive cash flow depends on its ability to increase revenue, contain its expenses and maintain compliance
with the financial covenants in its outstanding indebtedness agreements.
In
connection with the Company’s senior secured term loan facility in an aggregate principal amount of $75,000 (the “Term Loan”),
the Company is obligated to comply with certain financial covenants, which include maintaining a maximum senior leverage ratio, minimum
liquidity, a springing fixed charge coverage ratio, and maximum capital expenditures (See Note 6). On March 29, 2023, the Company obtained
a waiver from the Term Loan administrative agent and lenders of its failures to satisfy the fixed charge coverage ratio and maximum senior
leverage ratio with respect to the minimum cash requirements under the Term Loan during the quarter ended March 31, 2023. While the Company
was in compliance with its covenants for the quarter ended June 30, 2023, it is probable that the Company will fail to meet these covenants
within the next twelve months. If the Company is unable to obtain a waiver or if the Company is unable to comply with such covenants,
the lenders have the right to accelerate the maturity of the Term Loan. These conditions raise substantial doubt about the Company’s
ability to continue as a going concern.
In
addition, the Company may need to raise additional debt and/or equity financings to fund our operations, strategic plans, and meet its
financial covenants. The Company has historically been able to raise additional capital through issuance of equity and/or debt financings
and the Company intends to use its equity facility and raise additional capital as needed. However, the Company cannot guarantee that
it will be able to raise additional equity, contain expenses, or increase revenue, and comply with the financial covenants under the
Term Loan.
Recently adopted accounting standards:
In June 2016, the Financial Accounting Standards Board
(“FASB”) issued Accounting Standards Update (“ASU”) 2016-13, Financial Instruments – Credit Losses (Topic
326): Measurement of Credit Losses on Financial Instruments. The FASB subsequently issued amendments to ASU 2016-13, which have the same
effective date and transition date of January 1, 2023. These standards replace the existing incurred loss impairment model with an expected
credit loss model and requires a financial asset measure at amortized cost to be presented at the net amount expected to be collected.
The Company determined that this change does not have a material impact to the financial statements or financial statement disclosures.
Recently
issued accounting pronouncements:
There
were no recently adopted accounting standards that had a material impact on the Company’s financial statements. There were no recently
issued accounting standards not yet adopted which would have a material effect on the Company’s financial statements.
Dragonfly
Energy Holdings Corp.
Notes
to Unaudited Condensed Consolidated Financial Statements
(in
thousands, except share and per share data)
Note
2 – Summary of Significant Accounting Policies (continued)
Accounts
Receivable
The
Company’s trade receivables are recorded when billed and represent claims against third parties that will be settled in cash. Generally,
payment is due from customers within 30 – 90 days of the invoice date and the contracts do not have significant financing components.
Trade accounts receivables are recorded gross and are net of any applicable allowance. The Company has an allowance for doubtful accounts
as of June 30, 2023 and December 31, 2022 of $131 and $90, respectively.
Inventory
Inventories
(Note 4), which consist of raw materials and finished goods, are stated at the lower of cost (first in, first out) or net realizable
value, net of reserves for obsolete inventory. We continually analyze our slow moving and excess inventories. Based on historical and
projected sales volumes and anticipated selling prices, we establish reserves. Inventory that is in excess of current and projected
use is reduced by an allowance to a level that approximates its estimate of future demand. Products that are determined to be obsolete
are written down to net realizable value. As of June 30, 2023 and December 31, 2022, no such reserves were necessary.
Property
and Equipment
Property
and equipment are stated at cost, including the cost of significant improvements and renovations. Costs of routine repairs and maintenance
are charged to expense as incurred. Depreciation and amortization are calculated by the straight line method over the estimated useful
lives for owned property, or, for leasehold improvements, over the shorter of the asset’s useful life or term of the lease. Depreciation
expense for the six months ended June 30, 2023 and 2022 was $593 and $389, respectively. Depreciation expense for the three months ended
June 30, 2023 and 2022 was $296 and $197, respectively. The various classes of property and equipment and estimated useful lives are
as follows:
SCHEDULE
OF VARIOUS CLASSES OF PROPERTY AND EQUIPMENT AND ESTIMATED USEFUL LIVES
Office furniture and
equipment |
3
to 7 years |
Vehicles |
5 years |
Machinery and equipment |
3 to 7 years |
Leasehold improvements |
Remaining
Term of Lease |
Use
of Estimates
The
preparation of financial statements, in conformity with U.S. GAAP, requires management to make estimates and assumptions that affect
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 revenues and expenses during the reporting period. Actual results could differ from those estimates.
Warrants
The
Company applies relevant accounting guidance for warrants to purchase the Company’s stock based on the nature of the relationship
with the counterparty. For warrants issued to investors or lenders in exchange for cash or other financial assets, the Company follows
guidance issued within Accounting Standards Codification (“ASC”) 480, Distinguishing Liabilities from Equity (“ASC
480”), and ASC 815, Derivatives and Hedging (“ASC 815”), to assist in the determination of whether the warrants should
be classified as liabilities or equity. Warrants that are determined to require liability classification are measured at fair value upon
issuance and are subsequently remeasured to their then fair value at each subsequent reporting period with changes in fair value recorded
in current earnings. Warrants that are determined to require equity classification are measured at fair value upon issuance and are not
subsequently remeasured unless they are required to be reclassified.
Dragonfly
Energy Holdings Corp.
Notes
to Unaudited Condensed Consolidated Financial Statements
(in
thousands, except share and per share data)
Note
2 – Summary of Significant Accounting Policies (continued)
Revenue
Recognition
Under
Topic 606, an entity recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the
consideration that the entity expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements
that an entity determines are within the scope of Topic 606, the entity performs the following five steps: (i) identify the contract(s)
with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the
transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance
obligation. The Company only applies the five-step model to contracts when it is probable the entity will collect the consideration it
is entitled to in exchange for the goods or services it transfers to the customer.
Revenue
is recognized when control of the promised goods is transferred to the customer or reseller, in an amount that reflects the consideration
the Company expects to be entitled to in exchange for those goods and services. Revenue associated with products holding rights of return
are recognized when the Company concludes there is not a risk of significant revenue reversal in the future periods for the expected
consideration in the transaction. There are no material instances including discounts and refunds where variable consideration is constrained
and not recorded at the initial time of sale. Generally, our revenue is recognized at a point in time for standard promised goods at
the time of shipment when title and risk of loss pass to the customer.
The
Company may receive payments at the onset of the contract before delivery of goods for customers in the retail channel. Payment terms
for distributors and OEMs are typically due within 30-90 days after shipment. In such instances, the Company records a customer deposit
liability. The Company recognizes these contract liabilities as sales after the revenue criteria are met. As of June 30, 2023 and December
31, 2022, the contract liability related to the Company’s customer deposits approximated $152 and $238, respectively. The Company
recognized $221 of the contract liability pertaining to the year ended December 31, 2022 during the six months ended June 30, 2023. The
entire contract liability balance of $434 as of January 1, 2022 was recognized as revenue during the six months ended June 30, 2022.
Disaggregation
of Revenue
The
following table present our disaggregated revenues by distribution channel:
SCHEDULE
OF DISAGGREGATED REVENUES BY DISTRIBUTION CHANNEL
Sales | |
| 2023 | | |
| 2022 | | |
| 2023 | | |
| 2022 | |
| |
For
The Three Months Ended June 30, | | |
For
The Six Months Ended June 30, | |
Sales | |
| 2023 | | |
| 2022 | | |
| 2023 | | |
| 2022 | |
Retail | |
| 5,829 | | |
| 11,850 | | |
$ | 12,898 | | |
$ | 24,885 | |
Distributor | |
| 4,143 | | |
| 2,534 | | |
| 7,111 | | |
| 4,621 | |
Original
equipment manufacture | |
| 9,302 | | |
| 7,238 | | |
| 18,056 | | |
| 10,419 | |
Total | |
$ | 19,274 | | |
$ | 21,622 | | |
$ | 38,065 | | |
$ | 39,925 | |
Shipping
and Handling
Shipping
and handling fees paid by customers are recorded within net sales, with the related expenses recorded in cost of sales. Shipping and
handling costs associated with outbound freight are included in sales and marketing expenses. Shipping and handling costs associated
with outbound freight totaled $1,958 and $2,534 for the six months ended June 30, 2023 and 2022, respectively. Shipping and handling
costs associated with outbound freight totaled $951 and $1,306 for the three months ended June 30, 2023 and 2022, respectively.
Product
Warranty
The
Company offers assurance type warranties from 5 to 10 years on its products. The Company estimates the costs associated with the warranty
obligation using historical data of warranty claims and costs incurred to satisfy those claims. The Company estimates, based upon a review
of historical warranty claim experience, the costs that may be incurred under our warranties and record a liability in the amount of
such estimate at the time a product is sold. Factors that affect our warranty liability include the number of units sold, historical
and anticipated rates of warranty claims, and cost per claim. We periodically assess the adequacy of our recorded warranty liability
and adjust the accrual as claims data and historical experience warrants. The Company has assessed the costs of fulfilling its existing
assurance type warranties and has determined that the estimated outstanding warranty obligation on June 30, 2023 and December 31, 2022
to be $329 and $328, respectively.
Dragonfly
Energy Holdings Corp.
Notes
to Unaudited Condensed Consolidated Financial Statements
(in
thousands, except share and per share data)
Note
2 – Summary of Significant Accounting Policies (continued)
Concentrations
Receivables
from two customers comprised approximately 22% and 20%, respectively, of accounts receivable as of June 30, 2023. Receivables from three
customers comprised approximately 18%, 10% and 10%, respectively, of accounts receivable as of December 31, 2022. There are no other
significant accounts receivable concentration.
Sales
from one customer comprised approximately 26% of revenue for the six months ended June 30, 2023. One customer accounted for approximately
11% of the Company’s total revenue for the six months ended June 30, 2022. Sales from one customer comprised approximately 27%
of revenue for the three months ended June 30, 2023. One customer accounted for approximately 15% of the Company’s total revenue
for the three months ended June 30, 2022.
Payables
to two vendors comprised approximately 56% and 10%, respectively, of accounts payables as of June 30, 2023. Payables to one vendor comprised
approximately 61% of accounts payables as of December 31, 2022.
For
the six months ended June 30, 2023, one vendor accounted for approximately 22% of the Company’s total purchases. For the six months
ended June 30, 2022, one vendor accounted for approximately 26% of the Company’s total purchases. For the three months ended June
30, 2023, one vendor accounted for approximately 10% of the Company’s total purchases. For the three months ended June 30, 2022,
two vendors accounted for approximately 17% and 15%, respectively, of the Company’s total purchases.
Advertising
The
Company expenses advertising costs as they are incurred and are included in selling and marketing expenses.. Advertising expenses amounted
to $1,270 and $1,262 for the six months ended June 30, 2023 and 2022, respectively. Advertising expenses amounted to $683 and $481 for
the three months ended June 30, 2023 and 2022, respectively.
Stock-Based
Compensation
The
Company accounts for stock-based compensation arrangements with employees and non-employee consultants using a fair value method which
requires the recognition of compensation expense for costs related to all stock-based payments, including stock options (Note
11). The fair value method requires the Company to estimate the fair value of stock-based payment awards to employees and non-employees
on the date of grant using an option pricing model. Stock based compensation costs are based on the fair value of the underlying option
calculated using the Black Scholes option pricing model and recognized as expense on a straight-line basis over the requisite service
period, which is the vesting period. Restricted stock unit awards are valued based on the closing trading value of the Company’s
common stock, par value $0.0001, per share (the “Common Stock”) on the date of grant and then amortized on a straight-line
basis over the requisite service period of the award. The Company measures equity-based compensation awards granted to non-employees
at fair value as the awards vest and recognizes the resulting value as compensation expense at each financial reporting period.
Determining
the appropriate fair value model and related assumptions requires judgment, including estimating stock price volatility, expected dividend
yield, expected term, risk free rate of return, and the estimated fair value of the underlying common stock. Due to the lack of company
specific historical and implied volatility data, the Company has based its estimate of expected volatility on the historical volatility
of a group of similar companies that are publicly traded. The historical volatility is calculated based on a period of time commensurate
with the expected term assumption. The group of representative companies have characteristics similar to the Company, including stage
of product development and focus on the lithium-ion battery industry. The Company uses the simplified method, which is the average of
the final vesting tranche date and the contractual term, to calculate the expected term for options granted to employees as it does not
have sufficient historical exercise data to provide a reasonable basis upon which to estimate the expected term. The risk-free interest
rate is based on a treasury instrument whose term is consistent with the expected term of the stock options. The Company uses an assumed
dividend yield of zero as the Company has never paid dividends and has no current plans to pay any dividends on its common stock. The
Company accounts for forfeitures as they occur.
Dragonfly
Energy Holdings Corp.
Notes
to Unaudited Condensed Consolidated Financial Statements
(in
thousands, except share and per share data)
Note
2 – Summary of Significant Accounting Policies (continued)
Income
Taxes
Deferred
income tax assets and liabilities are determined based on the estimated future tax effects of net operating loss, credit carryforwards
and temporary differences between the tax basis of assets and liabilities and their respective financial reporting amounts measured at
the current enacted tax rates. The Company recognizes a tax benefit for an uncertain tax position only if it is more likely than not
that the tax position will be sustained on examination by taxing authorities, based on the technical merits of the position. The Company
has a liability of $128 as
of June 30, 2023, and December 31, 2022 of uncertain tax positions. The Company’s accounting policy is to include
penalties and interest related to income taxes if any, in selling, general and administrative expenses.
Segment
Reporting
Operating
segments are identified as components of an enterprise for which separate discrete financial information is available for evaluation
by the Company’s Chief Executive Officer to make decisions with respect to resource allocation and assessment of performance. To
date, the Company has viewed its operations and manages its business as one operating segment.
Note
3 - FAIR VALUE MEASUREMENTS
ASC
820, Fair Value Measurements and Disclosures (“ASC 820”), establishes a fair value hierarchy for instruments measured at
fair value that distinguishes between assumptions based on market data (observable inputs) and the Company’s own assumptions (unobservable
inputs). Observable inputs are inputs that market participants would use in pricing the asset or liability based on market data obtained
from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the inputs
that market participants would use in pricing the asset or liability and are developed based on the best information available in the
circumstances.
ASC
820 identifies fair value as the exchange price, or exit price, representing the amount that would be received to sell an asset or paid
to transfer a liability in an orderly transaction between market participants. As a basis for considering market participant assumptions
in fair value measurements, ASC 820 establishes a three-tier fair value hierarchy that distinguishes between the following:
● |
Level 1 inputs are quoted
prices (unadjusted) in active markets for identical assets or liabilities. |
● |
Level 2 inputs are inputs
other than quoted prices included within Level 1 that are observable for a similar asset or liability, either directly or indirectly.
|
● |
Level 3 inputs are unobservable
inputs that reflect the Company’s own assumptions about the inputs that market participants would use in pricing the asset
or liability. |
Financial
assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.
To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination
of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest
for instruments categorized in Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level
of any input that is significant to the fair value measurement.
Dragonfly
Energy Holdings Corp.
Notes
to Unaudited Condensed Consolidated Financial Statements
(in
thousands, except share and per share data)
Note
3 - Fair Value Measurements (Continued)
The
following table presents assets and liabilities that were measured at fair value in the Condensed Consolidated Balance Sheets on a
recurring basis as of June 30, 2023:
SCHEDULE
OF FAIR VALUE, ASSETS AND LIABILITIES
| |
Carrying
Amount | | |
Fair
Value | | |
(Level
1) | | |
(Level
2) | | |
(Level
3) | |
| |
As
of June 30, 2023 | |
Liabilities | |
| | | |
| | | |
| | | |
| | | |
| | |
Warrant liability-
Term Loan | |
$ | 875 | | |
$ | 875 | | |
$ | - | | |
$ | - | | |
$ | 875 | |
Warrant liability- June public
offering | |
| 13,612 | | |
| 13,612 | | |
| - | | |
| - | | |
| 13,612 | |
Warrant
liability- Private placement warrants | |
| 150 | | |
| 150 | | |
| - | | |
| 150 | | |
| - | |
Total
liabilities | |
$ | 14,637 | | |
$ | 14,637 | | |
$ | - | | |
$ | 150 | | |
$ | 14,487 | |
The
following table presents assets and liabilities that were measured at fair value in the Consolidated Balance Sheets on a recurring basis
as of December 31, 2022:
| |
Carrying
Amount | | |
Fair
Value | | |
(Level
1) | | |
(Level
2) | | |
(Level
3) | |
| |
As
of December 31, 2022 | |
Liabilities | |
| | | |
| | | |
| | | |
| | | |
| | |
Warrant liability-
Term Loan | |
$ | 30,841 | | |
$ | 30,841 | | |
$ | - | | |
$ | - | | |
$ | 30,841 | |
Warrant
liability- Private placement warrants | |
| 1,990 | | |
| 1,990 | | |
| - | | |
| 1,990 | | |
| - | |
Total
liabilities | |
$ | 32,831 | | |
$ | 32,831 | | |
$ | - | | |
$ | 1,990 | | |
$ | 30,841 | |
The
carrying amounts of accounts receivable and accounts payable are considered level 1 and approximate fair value as of June 30, 2023 and
December 31, 2022 because of the relatively short maturity of these instruments.
The
carrying value of the term loan as of June 30, 2023 and December 31, 2022 approximates fair value as the interest rate does not differ
significantly from the current market rates available to the Company for similar debt and is considered level 2.
Dragonfly
Energy Holdings Corp.
Notes
to Unaudited Condensed Consolidated Financial Statements
(in
thousands, except share and per share data)
Note
4 - INVENTORY
Inventory
consists of the following:
SCHEDULE
OF INVENTORY
| |
June
30, 2023 | | |
December
31, 2022 | |
Raw material | |
$ | 38,713 | | |
$ | 42,586 | |
Finished
goods | |
| 5,485 | | |
| 7,260 | |
Total
inventory | |
$ | 44,198 | | |
$ | 49,846 | |
Note
5 - COMMITMENTS AND CONTINGENCIES
Litigation
From
time to time the Company may be named in claims arising in the ordinary course of business. Currently, no legal proceedings, governmental
actions, administrative actions, investigations or claims are pending against the Company or involve the Company that, in the opinion
of the Company’s management, could reasonably be expected to have a material adverse effect on the Company’s business and
financial condition.
Operating
Leases
The
Company has leases related to the main office, warehouse space, research and development lab, and engineering office, all located in
Reno, Nevada. The leases require annual escalating monthly payments ranging from $111 to $128. On February 2, 2022, the Company entered
into a 124-month lease agreement in Reno, Nevada. The lease calls for monthly base rent of $230, $23 of fixed operating expense costs,
and estimated monthly property taxes of $21. The monthly base rent and fixed operating expense costs are subject to escalation of 3%
and 2.4%, respectively, on an annual basis. The first payment is due upon substantial completion of construction of the building which
is expected to be within 2 years from the effective date. As of June 30, 2023, the lease has not commenced as the Company does not have
control over the asset.
The
following table presents the breakout of the operating leases as of:
SCHEDULE OF TABLE REPRESENTING THE BREAKOUT OF THE OPERATING LEASES
| |
June
30, 2023 | | |
December
31, 2022 | |
Operating
lease right-of-use assets | |
$ | 3,912 | | |
$ | 4,513 | |
Short-term operating lease liabilities | |
| 1,239 | | |
| 1,188 | |
Long-term
operating lease liabilities | |
| 2,890 | | |
| 3,541 | |
Total
operating lease liabilities | |
$ | 4,129 | | |
$ | 4,729 | |
Weighted average remaining lease term | |
| 3.1
years | | |
| 3.6
years | |
Weighted average discount rate | |
| 5.2 | % | |
| 5.2 | % |
Assumptions
used in determining our incremental borrowing rate include our implied credit rating and an estimate of secured borrowing rates based
on comparable market data.
Dragonfly
Energy Holdings Corp.
Notes
to Unaudited Condensed Consolidated Financial Statements
(in
thousands, except share and per share data)
Note
5 - Commitments and Contingencies (Continued)
Operating
Leases (Continued)
At
June 30, 2023, the future minimum lease payments under these operating leases are as follows:
SCHEDULE OF THE FUTURE MINIMUM LEASE PAYMENTS UNDER THE OPERATING LEASES
Fiscal
Years Ending | |
Amount | |
December
31, 2023 (1) | |
$ | 704 | |
December 31, 2024 | |
| 1,435 | |
December 31, 2025 | |
| 1,435 | |
December 31, 2026 | |
| 893 | |
Total
lease payments | |
| 4,467 | |
Less imputed
interest | |
| 338 | |
Total
operating lease liabilities | |
$ | 4,129 | |
SCHEDULE
OF LEASE COST
| |
| |
For
The Three Months Ended
June 30, | | |
For
The Six Months Ended
June 30, | |
Lease
cost | |
Classification | |
| 2023 | | |
| 2022 | | |
| 2023 | | |
| 2022 | |
Operating lease cost | |
Cost of goods sold | |
$ | 348 | | |
$ | 355 | | |
$ | 695 | | |
$ | 527 | |
Operating lease cost | |
Research and development | |
| 23 | | |
| 40 | | |
| 45 | | |
| 59 | |
Operating lease cost | |
General and administration | |
| 12 | | |
| 20 | | |
| 24 | | |
| 30 | |
Operating
lease cost | |
Selling
and marketing | |
| 12 | | |
| 20 | | |
| 24 | | |
| 30 | |
Total
lease cost | |
| |
$ | 395 | | |
$ | 435 | | |
$ | 788 | | |
$ | 646 | |
Earnout
The
former holders of shares of Legacy Dragonfly common stock (including shares received as a result of the conversion of Legacy Dragonfly
Preferred Stock into New Dragonfly Common Stock) are entitled to receive their pro rata share of up to 40,000,000 additional shares of
common stock (the “Earnout Shares”). The Earnout Shares are issuable in three tranches. The first tranche of 15,000,000 shares
is issuable if New Dragonfly’s 2023 total audited revenue is equal to or greater than $250,000 and New Dragonfly’s 2023 audited
operating income is equal to or greater than $35,000. The second tranche of 12,500,000 shares is issuable upon achieving a volume-weighted
average trading price threshold of at least $22.50 on or prior to December 31, 2026 and the third tranche of 12,500,000 is issuable upon
achieving a volume-weighted average trading price threshold of at least $32.50 on or prior to December 31, 2028. To the extent not previously
earned, the second tranche is issuable if the $32.50 price target is achieved by December 31, 2028.
Other
Contingencies
See
Note 7 for further discussion regarding contingent consideration arising from the April 2022 asset purchase agreement with Thomason Jones
Company, LLC.
Dragonfly
Energy Holdings Corp.
Notes
to Unaudited Condensed Consolidated Financial Statements
(in
thousands, except share and per share data)
Note
6 - DEBT
Financing
Trust Indenture
On
November 24, 2021, the Company entered into agreements to issue $45,000 in fixed rate senior notes (Series 2021-6 Notes) pursuant to
a Trust Indenture held by UMB Bank, as trustee and disbursing agent, and Newlight Capital, LLC as servicer. The trust and debt documents
also require a Lender Collateral Residual Value Insurance Policy (the “Insurance Policy”, with UMB Bank as named insured
for $45,000), and a placement agent, which is Tribe Capital Markets, LLC.
In
connection with the merger on October 7, 2022 (the “Closing Date”), the Company entered into a Term Loan, Guarantee and Security
Agreement (see “Term Loan Agreement” below) and the outstanding principal balance for the Series 2021-6 Notes underlying
the Trust Indenture was paid in full. A loss on extinguishment of $4,824 was recognized upon settlement. During the six months ended
June 30, 2022, a total of $1,254 of interest expense was incurred under the debt. Amortization of the debt issuance costs amounted to
$1,197 during the six months ended June 30, 2022. During the three months ended June 30, 2022, a total of $635 of interest expense was
incurred under the debt. Amortization of the debt issuance costs amounted to $584 during the three months ended June 30, 2022.
Dragonfly
Energy Holdings Corp.
Notes
to Unaudited Condensed Consolidated Financial Statements
(in
thousands, except share and per share data)
Note
6 - Debt (continued)
Term
Loan Agreement
On
October 7, 2022, in connection with the merger, CNTQ, Legacy Dragonfly and CCM Investments 5 LLC, an affiliate of CCM LLC (“CCM
5”, and in connection with the Term Loan, the “Chardan Lender”), and EICF Agent LLC (“EIP” and, collectively
with the Chardan Lender, the “Initial Term Loan Lenders”) entered into the Term Loan Agreement setting forth the terms of
the Term Loan. The Chardan Lender backstopped its commitment under the Debt Commitment Letter by entering into a backstop commitment
letter, dated as of May 20, 2022 (the “Backstop Commitment Letter”), with a certain third party financing source (the “Backstop
Lender” and collectively with EIP, the “Term Loan Lenders”), pursuant to which the Backstop Lender committed to purchase
from the Chardan Lender the aggregate amount of the Term Loan held by the Chardan Lender (the “Backstopped Loans”) immediately
following the issuance of the Term Loan on the Closing Date. Pursuant to an assignment agreement, the Backstopped Loans were assigned
by CCM 5 to the Backstop Lender on the Closing Date.
Pursuant
to the terms of the Term Loan Agreement, the Term Loan was advanced in one tranche on the Closing Date. The proceeds of the Term Loan
were used (i) to refinance on the Closing Date prior indebtedness (including the obligations underlying the Trust Indenture), (ii) to
support the Transaction under the merger Agreement, (iii) for working capital purposes and other corporate purposes, and (iv) to pay
any fees associated with transactions contemplated under the Term Loan Agreement and the other loan documents entered into in connection
therewith, including the transactions described in the foregoing clauses (i) and (ii) and fees and expenses related to the merger. The
Term Loan amortizes in the amount of 5% per annum (or $937.5 on the first day of each calendar quarter) beginning 24 months after the
Closing Date and matures on the fourth anniversary of the Closing Date (“Maturity Date”). The Term Loan accrues interest
(i) until April 1, 2023, at a per annum rate equal to the adjusted Secured Overnight Financing Rate (“SOFR”) plus a margin
equal to 13.5%, of which 7% will be payable in cash and 6.5% will be paid in kind, (ii) thereafter until October 1, 2024, at a per annum
rate equal to adjusted SOFR plus 7% payable in cash plus an amount ranging from 4.5% to 6.5%, depending on the senior leverage ratio
of the consolidated company, which will be paid in kind and (iii) at all times thereafter, at a per annum rate equal to adjusted SOFR
plus a margin ranging from 11.5% to 13.5% payable in cash, depending on the senior leverage ratio of the consolidated company. In each
of the foregoing cases, adjusted SOFR will be no less than 1%.
In
addition to optional prepayments by the Company upon written notice, the Term Loan Agreement provides for mandatory prepayments upon
receipt of proceeds from certain transactions or casualty events. Beginning on the date the financial statements for the year ended December
31, 2023 are required to be delivered to the Term Loan Lenders, the Company will be required to prepay the Term Loan based on excess
cash flow, as defined in the agreement.
Unless
the obligations under the Term Loan are accelerated under the terms of the agreement, the maturity date will be October 7, 2026.
The
Term Loan Lenders have been granted a first priority lien, and security interest in, the mortgaged properties underlying the Company’s
mortgages.
Dragonfly
Energy Holdings Corp.
Notes
to Unaudited Condensed Consolidated Financial Statements
(in
thousands, except share and per share data)
Note
6 - Debt (continued)
Term
Loan Agreement (Continued)
During
the three and six months ended June 30, 2023, a total of $3,651 and $7,147, respectively, of interest expense was incurred under the
debt. Amortization of the debt issuance costs amounted to $401 and $620, respectively, during the three and six months ended June 30,
2023.
The
carrying balance of $22,372 on June 30, 2023 consisted of $75,000 in principal, plus $3,702 Paid-in-Kind (PIK) interest, less $56,330 in unamortized
debt discount related to the debt issuance costs.
Financial
Covenants
Maximum
Senior Leverage Ratio
The
Senior Leverage Ratio is the ratio of (a) consolidated indebtedness, as defined, on such date minus 100% of the unrestricted cash and
cash equivalents held (subject to adjustment) to (b) Consolidated earnings before interest, tax and amortization (“EBITDA”)
for the trailing twelve (12) fiscal month period most recently ended. If liquidity, as defined, for any fiscal quarter is less than $17,500,
the Senior Leverage Ratio shall not be permitted, as of the last day of any fiscal quarter ending during any period set forth below,
to exceed the ratio set forth opposite such period in the table below:
SCHEDULE
OF LEVERAGE RATIO
Test
Period Ending | |
Leverage
Ratio |
December
31, 2022 - March 31, 2023 | |
6.75 to 1.00 |
June
30, 2023 - September 30, 2023 | |
6.00 to 1.00 |
December
31, 2023 - March 31, 2024 | |
5.00 to 1.00 |
June
30, 2024 - September 30, 2024 | |
4.00 to 1.00 |
December
31, 2024 - March 31, 2025 | |
3.25 to 1.00 |
June
30, 2025 and thereafter | |
3.00 to 1.00 |
Liquidity
The
Company shall not permit their Liquidity (determined on a consolidated basis) to be less than $10,000 as of the last day of each fiscal
month (commencing with month ending December 31, 2022).
Fixed
Charge Coverage Ratio
The
Fixed Charge Coverage Ratio is the ratio of consolidated EBITDA (less capital expenditures and certain other adjustments) to consolidated
fixed charges, as defined in the agreement. If Liquidity is less than $17,500 as of the last day of any fiscal quarter (commencing with
the quarter ending December 31, 2022), then the Company shall not permit the Fixed Charge Coverage Ratio for the trailing four quarterly
periods ending on the last day of any such quarter to be less than 1.15 to 1.00.
Capital
Expenditures
If
consolidated EBITDA for the trailing twelve-month period ending on the most recently completed fiscal quarter is less than $15,000, then
the level of capital expenditures is limited.
The
Company was in compliance with its covenants as of June 30, 2023 and December 31, 2022. During the three months ended March 31, 2023,
the Company determined it would fail to satisfy the fixed charge coverage ratio and maximum senior leverage ratio for the quarter. On
March 29, 2023, the Company obtained a waiver from the Administrative Agent and the Term Loan Lenders of its failures to satisfy the
fixed charge coverage ratio and maximum senior leverage ratio with respect to the minimum cash requirements under the Term Loan during
the quarter ended March 31, 2023. As a result of the uncertainty of maintaining compliance with financial covenants the Company has continued
to classify the entire term loan balance within current liabilities on the balance sheet..
Dragonfly
Energy Holdings Corp.
Notes
to Unaudited Condensed Consolidated Financial Statements
(in
thousands, except share and per share data)
Note
6 - Debt (continued)
Future Debt Maturities
At
June 30, 2023, the future debt maturities are as follows:
SCHEDULE
OF FUTURE DEBT MATURITIES
| |
| |
For Year Ended December 31, | |
| |
2023
(1) | |
$ | - | |
2024 | |
| 938 | |
2025 | |
| 3,750 | |
2026 | |
| 80,620 | |
Total | |
| 85,308 | |
Less:
Estimated interest paid-in-kind | |
| (6,606 | ) |
Total
debt | |
| 78,702 | |
Less:
Unamortized debt issuance costs, noncurrent | |
| (56,330 | ) |
Total
carrying amount | |
| 22,372 | |
Less:
Current portion of debt | |
| (22,372 | ) |
Total
long-term debt | |
$ | - | |
Note
7 - ASSET PURCHASE AGREEMENT
Bourns
Production, Inc
On
January 1, 2022, the Company entered into an asset purchase agreement (the “APA”) with Bourns Productions, Inc., a Nevada
corporation (“Bourns Productions”) pursuant to which the Company acquired machinery, equipment and a lease for a podcast
studio from Bourns Productions as set forth in the APA for a purchase price of $197 which approximated fair market value.
Thomason
Jones Company, LLC
In
April 2022, the Company entered into an Asset Purchase Agreement (the “April 2022 Asset Purchase Agreement”) with William
Thomason, Richard Jones, and Thomason Jones Company, LLC (“Thomason Jones”) whereby the Company acquired inventory and intellectual
property assets for up to $700 cash plus contingent payments of $1,000 each to William Thomason and Richard Jones (the “Earn Out”).
The Company determined the contingent consideration to be recognized as contingent compensation to Mr. Thomason and Mr. Jones. The Company
concluded the purchase price to be $444 and was allocated in its entirety to inventory.
Contingent
Compensation
If,
within twenty-four months of the Agreement the Company realizes $3,000 in gross sales of product either (a) sold under the Wakespeed
brand and/or (b) which incorporates any portion of Purchased IP as listed within the agreement, then the Company will pay to Thomason
and Jones each the amount of $1,000 as soon as reasonably practicable. This payment may be made in cash or common stock, in the sole
discretion of the Company. As a result, the Company determined that a liability should be recorded ratably over the 24-month period.
The Company recognized immediate compensation expense within sales and marketing of $417 on October 1, 2022 for amounts that should have
been accrued for during the period April 2022 through September 2022. In October 2022, the Company determined the sales goals will most
likely be achieved within 18 months. As a result, the Company changed its estimate prospectively and accelerated the accrual as if the
sales goals would be achieved within an 18-month period from the date of acquisition. As a result, the Company recorded an accrual related
to the Earn Out in the amount of $1,909 and $782 as of June 30, 2023 and December 31, 2022, respectively.
Dragonfly
Energy Holdings Corp.
Notes
to Unaudited Condensed Consolidated Financial Statements
(in
thousands, except share and per share data)
Note
8 - RELATED PARTY
The
Company loaned its Chief Financial Officer $469 to repay amounts owed by him to his former employer and entered into a related Promissory
Note with a maturity date of March 1, 2026. The loan was forgiven in full in March of 2022 and was recorded within general and administrative
expense.
On
October 25, 2022, the Company entered into a separation and release of claims agreement with its Chief Operating Officer (“COO”).
As consideration for the COO’s execution of the agreement, the Company agreed to pay the employee a lump sum payment of $100 which
is included in general and administrative expenses in the statements of operations, payments equivalent to $1,000 divided into 24 monthly
payments commencing on December 1, 2022, and all outstanding equity-based compensation awards to become fully vested and exercisable.
The COO shall have 12 months from the termination date to exercise outstanding options.
In
February 2023, the Company entered into an agreement with its former COO in which the COO waived their rights to a transaction bonus
resulting from the merger transaction (Note 1) in lieu of a Company van. The Company accounted for the cost of the van as an
employee bonus, resulting in $116 of general and administrative expense for the current period.
On
March 5, 2023, the Company entered into a convertible promissory note (the “Note”) with a board member in the amount of $1,000,
or the Principal Amount. Upon execution of the Note and funding of the original principal sum, a payment of $100 (the “Loan Fee”)
was fully earned as of the date of the Note and was due and payable in full in cash on April 4, 2023. The Company paid the Principal
Amount and the Loan Fee on April 1, 2023 and April 4, 2023, respectively.
On
April 26, 2023, the Company entered into a separation and release of claims agreement with its Chief Legal Officer
(“CLO”). As consideration for the CLO’s execution of the agreement, the Company agreed to pay the employee
payments equivalent to $720
for wages and benefits divided into 24 monthly payments commencing on June 1, 2023, and all outstanding equity-based compensation
awards to become fully vested and exercisable resulting in an expense of $76.
The CLO shall have 3 months from the termination date to exercise outstanding options. The three-month period ended on July 26, 2023 in which the options were not exercised
and the options were forfeited as a result.
Note
9 - WARRANTS
Common
Stock Warrants classified as Equity
Public
Warrants
Each
Public Warrant entitles the holder to the right to purchase one share of common stock at an exercise price of $11.50 per share. No fractional
shares will be issued upon exercise of the Public Warrants. The Company may elect to redeem the Public Warrants subject to certain conditions,
in whole and not in part, at a price of $0.01 per Public Warrant if (i) 30 days’ prior written notice of redemption is provided
to the holders, and (ii) the last reported sale price of the Company’s common stock equals or exceeds $16.00 per share (as adjusted
for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within a 30-trading day period
ending on the third business day prior to the date on which the Company sends the notice of redemption to the warrant holders. Upon issuance
of a redemption notice by the Company, the warrant holders have a period of 30 days to exercise for cash, or on a cashless basis. On
the Closing Date, there were 9,487,500 Public Warrants issued and outstanding. The Public Warrants are not precluded from equity classification
and are accounted for as such on the date of issuance, and each balance sheet date thereafter.
The
measurements of the Public Warrants after the detachment of the Public Warrants from the Units are classified as Level 1 due to the use
of an observable market quote in an active market under the ticker DFLIW. For periods subsequent to the detachment of the Public Warrants
from the Units, the close price of the Public Warrant price was used as the fair value of the Warrants as of each relevant date.
During
the six months ended June 30, 2023, the Company received proceeds from public warrant exercises of $747 in exchange for 64,971 common
shares. The Company did not receive any proceeds from public warrants during the three months ended June 30, 2023.
June
2023 Offering
In
connection with the entry into the underwriting agreement as further described in Note 10 of the financial statements, (the “June
2023 Offering”) the Company issued (i) underwriters warrants to purchase up to an aggregate of 570,250
shares of Common Stock (the “Underwriters’
Warrants”) which are exercisable upon issuance and will expire on June 20, 2028. The initial exercise price of the Underwriters’
Warrants is $2.50
per share, which equals 125%
of the per share public offering price in the June 2023 Offering and (ii) warrants to purchase up to 10,000,000
shares of Common Stock to the investors in the
offering together with shares of Common Stock (the “Investor Warrants”), at the combined public offering price of $2.00
per share of Common Stock and accompanying Warrant,
less underwriting discounts and commissions . The Company also granted the underwriters a 45-day over-allotment option to purchase up
to an additional 1,500,000
shares of Common Stock and/or Investor Warrants
to purchase up to 1,500,000
shares of Common Stock at the public offering
price per security, less underwriting discounts and commissions. The underwriters exercised its over-allotment option to purchase an
additional 1,405,000
shares of Common Stock and Investor Warrants
to purchase up to 1,405,000
shares of Common Stock. The Company accounts
for the Investor Warrants issued in connection with the Offering in accordance with the guidance contained in ASC 815-40. Such guidance
provides that because the Investor Warrants do not meet the criteria for equity treatment thereunder, each warrant must be recorded as
a liability. This liability is subject to re-measurement at each balance sheet date. With each such re-measurement, the warrant liabilities
will be adjusted to its current fair value, with the change in fair value recognized in the Company’s statement of operations.
The Company will reassess the classification at each balance sheet date. It was determined that the Underwriters’ Warrants were
not precluded from equity treatment and have been accounted for as such.
Underwriter
Warrants:
SCHEDULE
OF UNDERWRITER WARRANTS
| |
Common Stock Warrants | |
Warrants Outstanding, January 1, 2023 | |
| - | |
Warrants issued | |
| 570,250 | |
Warrants Outstanding, June 30, 2023 | |
| 570,250 | |
There were no underwriter warrants issued,
exercised and outstanding from the period January 1, 2022 through June 30, 2022.
Dragonfly
Energy Holdings Corp.
Notes
to Unaudited Condensed Consolidated Financial Statements
(in
thousands, except share and per share data)
Note
9 - Warrants (continued)
Common
Stock Warrants classified as Liability
Private
Placement Warrants
The
Private Placement Warrants may not be redeemed by the Company so long as the Private Placement Warrants are held by the initial purchasers,
or such purchasers’ permitted transferees. The Private Warrants: (i) will be exercisable either for cash or on a cashless basis
at the holders’ option and (ii) will not be redeemable by the Company, in either case as long as the Private Warrants are held
by the initial purchasers or any of their permitted transferees (as prescribed in the Subscription Agreement). The Private Warrants may
not be sold, transferred, assigned, pledged or hypothecated, or be the subject of any hedging, short sale, derivative, put, or call transaction
that would result in the effective economic disposition of, the Private Warrants (or any securities underlying the Private Warrants)
for a period of one hundred eighty (180) days following the effective date of the Registration Statement to anyone other than any member
participating in the Public Offering and the officers or partners thereof, if all securities so transferred remain subject to the lock-up
restriction for the remainder of the time period. During the six months ended June 30, 2023, private placement warrant holders exercised
3,126,472 warrants on a cashless basis, with the Company agreeing to issue 1,100,000 shares of common stock in connection with such exercise.
There were 1,501,386 and 4,627,858 private warrants issued and outstanding as of June 30, 2023 and December 31, 2022, respectively. The
Company accounts for the Private Warrants issued in connection with the Initial Public Offering in accordance with the guidance contained
in ASC 815-40. Such guidance provides that because the private warrants do not meet the criteria for equity treatment thereunder, each
private warrant must be recorded as a liability. This liability is subject to re-measurement at each balance sheet date. With each such
re-measurement, the warrant liabilities will be adjusted to its current fair value, with the change in fair value recognized in the Company’s
statement of operations. The Company will reassess the classification at each balance sheet date.
The
Private Placement Warrants are classified as Level 2 as the transfer of private placement warrants to anyone who is not a permitted transferee
would result in the Private Placement Warrants having substantially similar terms as the Public Warrants (with the exception of a different
remaining life). We determined, through use of a Binomial Lattice model, that the fair value of each Private Placement Warrant less a
discount for the difference in remaining life is equivalent to that of each Public Warrant.
Term
Loan Warrants
In
connection with the entry into the Term Loan Agreement, and as a required term and condition thereof, the Company issued (i) the penny
warrants to the Term Loan Lenders exercisable to purchase an aggregate of 2,593,056
shares (the “Penny Warrants”)
and (ii) the $10 warrants to issue warrants to the Term Loan Lenders exercisable to purchase an aggregate of 1,600,000
shares of common stock at $10
per share (the “$10 Warrants”
and, together with the Penny Warrants, the “Term Loan Warrants”). The $10 Warrants were exercised on a cashless basis on
October 10, 2022, with the Company issuing 457,142
shares of Common Stock in connection
with such exercise. During the three months ended June 30, 2023, penny warrant holders exercised 750,000
warrants on a cashless basis, with
the Company agreeing to issue 748,029
shares of common stock in connection
with such exercise. The Company concluded the warrants are not considered indexed to the Company’s stock and to be accounted for
as liabilities under ASC 815. As such, the estimated fair value is recognized as a liability each reporting period, with changes in the
fair value recognized within income each period.
Dragonfly
Energy Holdings Corp.
Notes
to Unaudited Condensed Consolidated Financial Statements
(in
thousands, except share and per share data)
Note
9 - Warrants (continued)
Common
Stock Warrants classified as Liability (Continued)
The
following table provides the significant inputs to the Black-Scholes method for the fair value of the Penny Warrants:
SCHEDULE
FAIR VALUE WARRANTS
| |
As
of June 30, 2023 | | |
As
of December 31, 2022 | |
Common stock price | |
$ | 1.48 | | |
$ | 11.09 | |
Exercise price | |
| 0.01 | | |
| 0.01 | |
Dividend yield | |
| 0 | % | |
| 0 | % |
Term (in years) | |
| 9.27 | | |
| 9.77 | |
Volatility | |
| 119.00 | % | |
| 90.00 | % |
Risk-free rate | |
| 3.80 | % | |
| 3.90 | % |
Fair value | |
$ | 1.48 | | |
$ | 11.89 | |
The
following table provides the significant inputs to the Black-Scholes method for the fair value of the June Offering Warrants:
| |
As
of June 30, 2023 | | |
As
of June 20, 2023
(Initial Measurement)
| |
Common stock price | |
$ | 1.48 | | |
$ | 1.50 | |
Exercise price | |
$ | 2.00 | | |
$ | 2.00 | |
Dividend yield | |
| 0 | % | |
| 0 | % |
Term (in years) | |
| 4.98 | | |
| 5 | |
Volatility | |
| 119.00 | % | |
| 118.00 | % |
Risk-free rate | |
| 4.10 | % | |
| 4.00 | % |
Fair value | |
$ | 1.19 | | |
$ | 1.21 | |
The
following table presents a roll-forward of the Company’s warrants from January 1, 2023 to June 30, 2023:
SCHEDULE
OF ROLL FORWARD IN WARRANTS
Private
Warrants:
| |
Common
Stock Warrants | |
Warrants
Outstanding, January 1, 2023 | |
| 4,627,858 | |
Exercise
of warrants | |
| (3,126,472 | ) |
Warrants
Outstanding, June 30, 2023 | |
| 1,501,386 | |
There
were no private warrants issued, exercised and outstanding from the period January 1, 2022 through June 30, 2022.
Public
Warrants:
| |
Common
Stock Warrants | |
Warrants
Outstanding, January 1, 2023 | |
| 9,487,500 | |
Exercise
of warrants | |
| (64,971 | ) |
Warrants
Outstanding, June 30, 2023 | |
| 9,422,529 | |
There
were no public warrants issued, exercised and outstanding from the period January 1, 2022 through June 30, 2022.
Term
Loan Warrants:
| |
Common
Stock Warrants | |
Warrants
Outstanding, January 1, 2023 | |
| 2,593,056 | |
Exercise
of warrants | |
| (2,000,000 | ) |
Warrants
Outstanding, June 30, 2023 | |
| 593,056 | |
There
were no term loan warrants issued, exercised and outstanding from the period January 1, 2022 through June 30, 2022.
Investor
Warrants:
| |
Common Stock Warrants | |
Warrants Outstanding, January 1, 2023 | |
| - | |
Warrants issued | |
| 11,405,000 | |
Warrants Outstanding, June 30, 2023 | |
| 11,405,000 | |
There
were no investor warrants issued, exercised and outstanding from the period January 1, 2022 through June 30, 2022.
The
following table presents a roll forward of the aggregate fair values of the Company’s warrant liabilities for which fair value
is determined by Level 3 Inputs. The only class of warrants that were determined to be Level 3 are the term loan warrants.
| |
Warrant
Liability | |
Balances, January
1, 2023 | |
$ | 30,841 | |
Issuance of warrants | |
| 13,762 | |
Exercise of warrants | |
| (11,284 | ) |
Change
in fair value of warrants | |
| (18,832 | ) |
Balances,
June 30, 2023 | |
$ | 14,487 | |
Dragonfly
Energy Holdings Corp.
Notes
to Unaudited Condensed Consolidated Financial Statements
(in
thousands, except share and per share data)
Note
10 - COMMON STOCK
The
Company is authorized to issue up to 170,000,000 shares of common stock with $0.0001 par value. Common stockholders are entitled to dividends
if and when declared by the Board of Directors subject to the rights of the preferred stockholders. As of June 30, 2023 and December
31, 2022, there were 58,504,541 and 43,272,728 shares issued and outstanding. No dividends on common stock had been declared by the Company.
For
the six months ended June 30, 2023 and 2022, the Company had reserved shares of common stock for issuance as follows:
SUMMARY OF RESERVED SHARES OF COMMON STOCK FOR ISSUANCE
| |
June
30, 2023 | | |
June
30, 2022 | |
Options issued and
outstanding | |
| 3,443,099 | | |
| 4,008,139 | |
Common stock outstanding | |
| 58,504,541 | | |
| 36,749,738 | |
Warrants outstanding | |
| 23,492,221 | | |
| - | |
Earnout shares | |
| 40,000,000 | | |
| - | |
Shares
available for future issuance | |
| 4,434,916 | | |
| 622,491 | |
Total | |
| 129,874,777 | | |
| 41,380,368 | |
ChEF
Equity Facility
The
Company and Chardan Capital Markets LLC, a New York limited liability company (“CCM LLC”) entered into a purchase agreement
(the “Purchase Agreement”) and a Registration Rights Agreement (the “ChEF RRA”) in connection with the merger.
Pursuant to the Purchase Agreement, the Company has the right to sell to CCM LLC an amount of shares of Common Stock, up to a maximum
aggregate purchase price of $150 million, pursuant to the terms of the Purchase Agreement. In addition, the Company appointed LifeSci
Capital, LLC as “qualified independent underwriter” with respect to the transactions contemplated by the Purchase Agreement.
Under the terms of the Purchase Agreement, the Company issued 98,500 shares pursuant to the Purchase Agreement with CCM LLC for aggregate
net proceeds to the Company of $671 from the period January 1, 2023 through June 30, 2023.
June
2023 Offering
In
the June 2023 Offering, the Company sold an aggregate of (i) 10,000,000 shares of its Common Stock and, (ii) accompanying Investor Warrants
to purchase up to 10,000,000 shares of Common Stock, at the combined public offering price of $2.00 per share and accompanying Investor
Warrant, less underwriting discounts and commissions, and (iii) the Underwriters’ Warrants. In addition, the Company granted the
underwriters a 45-day over-allotment option to purchase up to an additional 1,500,000 shares of Common Stock and/or Investor Warrants
to purchase up to an aggregate of 1,500,000 shares of Common Stock at the public offering price per security, less underwriting discounts
and commissions.
The Investor Warrants are exercisable for five years from the closing date of the June 2023 Offering, have an exercise price of $2.00
per share and are immediately exercisable. In the event of certain fundamental transactions, holders of the Investor Warrants will have
the right to receive the Black Scholes Value (as defined in the Investor Warrants) of their Investor Warrants calculated pursuant to
the formula set forth in the Investor Warrants, payable either in cash or in the same type or form of consideration that is being offered
and being paid to the holders of Common Stock. The Underwriters’ Warrants are exercisable upon issuance at an exercise price of
$2.50 per share and will expire on June 20, 2028.
The
Company granted the underwriters a 45-day over-allotment option to purchase up to an additional 1,500,000 shares of Common Stock and/or
Warrants to purchase up to an aggregate of 1,500,000 shares of Common Stock at the public offering price per security, less underwriting
discounts and commissions, of which the underwriters exercised for 1,405,000 shares of Common Stock and Investor Warrants to purchase
up to 1,405,000 shares of Common Stock and the remaining was not exercised within the 45-day window.
The
Company received gross proceeds of $22,810
and incurred $2,074
of offering related costs. The gross proceeds were first allocated to the liability classified warrants based upon the transaction
date fair value and then to the equity classified warrants with the residual allocated to the common shares. The offering related
costs were allocated based on the relative fair value of all instruments, of which $1,169
was accounted for as a reduction of additional-paid-in-capital and $905
was recorded within general and administrative expenses. The Company accounted for the investor warrants issued in connection with
the Public Offering and the exercise of the underwriters’ over-allotment option in accordance with the guidance contained in
ASC 815-40. Such guidance provides that the warrants described above are precluded from equity classification. The fair value of the
warrants were recorded as a liability in the amount of $13,762
on issuance and are being fair valued at each reporting period.
Dragonfly
Energy Holdings Corp.
Notes
to Unaudited Condensed Consolidated Financial Statements
(in
thousands, except share and per share data)
Note
11 - STOCK-BASED COMPENSATION
Share-based
compensation expense for options and RSUs totaling $5,441
and $719
was recognized in the Company’s
consolidated statements of operations for the six months ended June 30, 2023 and 2022, respectively. Share-based compensation expense
for options and RSUs totaling $954
and $431
was recognized in the Company’s
consolidated statements of operations for the three months ended June 30, 2023 and 2022, respectively.
Share-based
compensation for the six months ended June 30, 2023 and 2022 was allocated as follows:
SCHEDULE
OF STOCK BASED COMPENSATION
| |
2023 | | |
2022 | |
| |
June 30, | |
| |
2023 | | |
2022 | |
Cost of goods sold | |
$ | 75 | | |
$ | 143 | |
Research and development | |
| 49 | | |
| 171 | |
Selling and marketing | |
| 971 | | |
| 192 | |
General and administrative expense | |
| 4,346 | | |
| 213 | |
Total | |
$ | 5,441 | | |
$ | 719 | |
Share-based
compensation for the three months ended June 30, 2023 and 2022 was allocated as follows:
| |
2023 | | |
2022 | |
| |
June 30, | |
| |
2023 | | |
2022 | |
Cost of goods sold | |
$ | 39 | | |
$ | 46 | |
Research and development | |
| 20 | | |
| 134 | |
Selling and marketing | |
| 115 | | |
| 132 | |
General and administrative expense | |
| 780 | | |
| 119 | |
Total | |
$ | 954 | | |
$ | 431 | |
A
summary of the Company’s option activity and related information follows:
SCHEDULE OF OPTION ACTIVITY AND RELATED INFORMATION
| |
Number
of Options
(1) | | |
Weighted-Average
Exercise Price | | |
Weighted-Average
Grant Date Fair Value | | |
Weighted-Average
Remaining Contractual Life
(in
years) | | |
Aggregate
intrinsic value | |
Balances, January
1, 2022 | |
| 3,690,955 | | |
$ | 1.98 | | |
$ | 1.38 | | |
| 8.52 | | |
$ | 6,550 | |
Options granted | |
| 602,275 | | |
| 4.08 | | |
| 1.81 | | |
| | | |
| - | |
Options forfeited | |
| (30,468 | ) | |
| 2.93 | | |
| 2.32 | | |
| | | |
| - | |
Options
exercised | |
| (254,623 | ) | |
| 0.94 | | |
| 2.39 | | |
| | | |
| - | |
Balances, June 30, 2022 | |
| 4,008,139 | | |
$ | 2.36 | | |
$ | 1.72 | | |
| 8.43 | | |
$ | 5,845 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Balances, January 1, 2023 | |
| 3,642,958 | | |
$ | 2.02 | | |
$ | 1.21 | | |
| 7.90 | | |
$ | 35,989 | |
Options granted | |
| 143,607 | | |
| 7.50 | | |
| 3.82 | | |
| | | |
| 632 | |
Options forfeited | |
| (238,345 | ) | |
| 3.53 | | |
| 1.62 | | |
| | | |
| 369 | |
Options
exercised | |
| (105,121 | ) | |
| 3.07 | | |
| 5.91 | | |
| | | |
| 298 | |
Balances,
June 30, 2023 | |
| 3,443,099 | | |
$ | 2.11 | | |
$ | 1.27 | | |
| 6.16 | | |
$ | 1,520 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
At June 30, 2023 | |
| | | |
| | | |
| | | |
| | | |
| | |
Vested and Exercisable | |
| 2,164,874 | | |
$ | 1.55 | | |
| | | |
| 4.89 | | |
$ | 1,389 | |
Vested and expected to vest | |
| 3,443,099 | | |
$ | 2.11 | | |
| | | |
| 6.16 | | |
$ | 1,520 | |
Restricted
Stock Units
On
October 7, 2022, the Company granted 180,000
restricted stock units under the 2022 plan which vest one year from the grant date. The fair value of the restricted stock units on
the date of grant was $2,520,
which is recognized as compensation expense over the requisite service period based on the value of the underlying shares on the
date of grant. On February 10, 2023, the Company granted 461,998
restricted stock units under the 2022 plan which vested immediately. The fair value of the restricted stock units on the date of
grant was $3,464
and was recorded as compensation expense during the six months ended June 30, 2023. During the first six months of 2023, the Company
granted an additional 28,000
restricted stock units which have not vested. The fair value of the 28,000
unvested restricted stock units was $105
and an expense of $7
was recorded during the six months ended June 30, 2023.
Dragonfly
Energy Holdings Corp.
Notes
to Unaudited Condensed Consolidated Financial Statements
(in
thousands, except share and per share data)
Note
11 - Stock-Based Compensation (Continued)
Restricted
Stock Units (Continued)
There
were no grants of restricted stock units prior to October 7, 2022. The following table presents the restricted stock units activity for
the six months ended June 30, 2023:
SCHEDULE
OF RESTRICTED STOCK UNITS ACTIVITY
| |
Number
of Shares | | |
Weighted-Average
Fair Market Value | |
Unvested shares
at January 1, 2023 | |
| 180,000 | | |
$ | 14.00 | |
Granted and unvested | |
| 489,998 | | |
| 7.29 | |
Vested | |
| (461,998 | ) | |
| 7.50 | |
Unvested
shares, June 30, 2023 | |
| 208,000 | | |
$ | 14.00 | |
| |
| | | |
| | |
Vested and exercisable as of
June 30, 2023 | |
| - | | |
$ | - | |
As
of June 30, 2023, there were 4,434,916 shares of unissued authorized and available for future awards under the 2022 Equity Incentive
Plan and Employee Stock Purchase Plan.
Note
12 – SUPPLIER AGREEMENT
On
May 9, 2023, Ioneer Rhyolite Ridge LLC (“Seller”), an emerging lithium-boron producer, and the Company announced a commercial
offtake agreement partnership whereby the Seller is developing the Rhyolite Ridge Project which, once completed, is expected to produce lithium carbonate, and boric acid (the “Project”). Beginning on the supply start date which is the
date the Seller notifies the Company that the project is fully completed and commissioned in accordance with the engineering, procurement
and construction contract, and for the duration of the supply period, the Company shall purchase and receive product from Seller, on
the terms and conditions of the agreement. The agreement calls for a minimum annual purchase requirement. The agreement becomes effective when the seller has
informed the Company that the seller has made a positive financial investment decision in respect of the project.
Note
13 - LOSS PER SHARE
The
Company follows the two-class method when computing net loss per share as the Company has issued warrants that meet the definition
of participating securities. The two-class method determines net loss per share for each class of common and participating securities
according to dividends declared or accumulated and participation rights in undistributed earnings. The two-class method requires
income available to common stockholders for the period to be allocated between common and participating securities based upon their respective
rights to receive dividends as if all income for the period had been distributed.
Basic
net loss per common share is computed by dividing net loss attributable to common stockholders by the weighted average number of common
shares outstanding. In addition, in computing the dilutive effect of convertible securities, the numerator is adjusted to add back any
convertible preferred dividends. Diluted net loss per common share is computed by dividing net loss attributable to common stockholders
by the weighted average number of common shares that would have been outstanding during the period assuming the issuance of common shares
for all potential dilutive common shares outstanding. Potential common shares consist of potential future exercises of outstanding stock
options and common stock warrants. Because the inclusion of potential common shares would be anti-dilutive for all periods presented,
they have been excluded from the calculation.
The
Company’s common stock warrants contractually entitle the holders of such securities to participate in dividends but do not contractually
require the holders of such securities to participate in losses of the Company. Accordingly, in periods in which the Company reports
a net loss, such losses are not allocated to such participating securities. In periods in which the Company reports
a net loss attributable to common stockholders, diluted net loss per share attributable to common stockholders is the same as basic net
loss per share attributable to common stockholders, since dilutive common shares are not assumed to have been issued
if their effect is anti-dilutive. The Company reported a net loss attributable to common stockholders for the three
and six months ended June 30, 2023 and 2022.
The following table sets forth the information needed to compute basic
and diluted loss per share for the three and six months ended June 30, 2023 and 2022:
SCHEDULE
OF INFORMATION NEEDED TO COMPUTER BASIC AND DILUTED EARNINGS PER SHARE
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
For The Three Months
Ended June 30, | | |
For The Six Months
Ended June 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Numerator | |
| | |
| | |
| | |
| |
Net Loss attributable to common stockholders | |
$ | (11,700 | ) | |
$ | (1,469 | ) | |
$ | (6,808 | ) | |
$ | (3,767 | ) |
Denominator | |
| | | |
| | | |
| | | |
| | |
Weighted average common shares outstanding used to compute net loss per share, basic and diluted | |
| 47,418,269 | | |
| 36,616,430 | | |
| 46,263,591 | | |
| 36,579,990 | |
Weighted average common shares outstanding,basic | |
| 47,418,269 | | |
| 36,616,430 | | |
| 46,263,591 | | |
| 36,579,990 | |
Net loss per share of common stock, basic and diluted | |
$ | (0.25 | ) | |
$ | (0.04 | ) | |
$ | (0.15 | ) | |
$ | (0.10 | ) |
Net loss per share of common stock, basic | |
$ | (0.25 | ) | |
$ | (0.04 | ) | |
$ | (0.15 | ) | |
$ | (0.10 | ) |
Dragonfly
Energy Holdings Corp.
Notes
to Unaudited Condensed Consolidated Financial Statements
(in
thousands, except share and per share data)
The
following table sets forth the number of potential shares of common stock that have been excluded from diluted net loss per share because
their effect was anti-dilutive:
SCHEDULE OF POTENTIAL SHARES OF COMMON STOCK EXCLUDED FROM DILUTED NET (LOSS) INCOME PER SHARE
| |
June
30, 2023 | | |
June
30, 2022 | |
Warrants | |
| 23,492,221 | | |
| - | |
Restricted stock units | |
| 208,000 | | |
| - | |
Options | |
| 3,443,099 | | |
| 4,008,139 | |
Weighted average number
of common shares-basic | |
| 27,143,320 | | |
| 4,008,139 | |
NOTE
14 – INCOME TAXES
The
Company’s tax provision and the resulting effective tax rate for interim periods is determined based upon its estimated annual
effective tax rate adjusted for the effect of discrete items arising in that quarter. The Company recorded an income tax expense (benefit)
of $0 and ($814) during the six months ended June 30, 2023 and 2022, respectively. The effective tax rate differs from the U.S. statutory
tax rate primarily due to the valuation allowances on the Company’s deferred tax assets as it is more likely than not that some
or all the Company’s deferred tax assets will not be realized. The Company’s policy is to recognize interest and penalties
associated with uncertain tax benefits as part of the income tax provision and include accrued interest and penalties with the related
income tax liability on the Company’s condensed consolidated balance sheets. The Company has not recognized any interest and penalties
in its condensed consolidated statements of operations, nor has it accrued for or made payments for interest and penalties.
NOTE
15 – SUBSEQUENT EVENTS
Subsequent
to the period ending June 30, 2023, and through August 8, 2023, 273,100 investor warrants were exercised for net proceeds of
$546.
In
July 2023, upon a request from the Company’s lenders under the term loan agreement, the Company repaid $5,275
of principal to satisfy a portion
of its outstanding principal under the term loan agreement.
On
July 6, 2023, the Company opened a 12-month time deposit account at Wells Fargo Commercial Banking amounting to $315 with fixed interest
rate of 2%, payable on a monthly basis. The time deposit account has a current maturity date of July 6, 2024 and is subject to automatic
annual renewal.
In July of 2023, the Company was notified by its largest
RV OEM customer that, due to weaker demand for its products and their subsequent focus on reducing costs, it would no longer install the
Company’s storage solutions as standard equipment, but rather return to offering those solutions as an option to dealers and consumers.
While this customer is not moving to a different solution or competitor, the Company expects this change in strategy to have a material
limiting effect on the Company’s revenue throughout the remainder of 2023.
On August 20, 2023, upon mutual agreement between
the Company and Mr. Marchetti, Mr. Marchetti resigned from his position as the Company’s Chief Financial Officer. Mr. Marchetti
will continue in the role of Senior Vice President, Operations. In connection with Mr. Marchetti’s resignation, on August 20, 2023,
the Board appointed Denis Phares, the Company’s President, Chief Executive Officer, and Chairman of the Board, to succeed Mr. Marchetti
as the Company’s interim Chief Financial Officer. Dr. Phares will continue his duties as President, Chief Executive Officer, and
Chairman of the Board. The Company intends to commence a search for a full time Chief Financial Officer.
ITEM
2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
References
in this report (the “Quarterly Report”) to “we,” “us,” “our” or the “Company”
refer to Dragonfly Energy Holdings Corp., a Nevada corporation. References to our “Sponsor” refer to Chardan NexTech Investments
2 LLC, a Delaware limited liability company and references to “Legacy Dragonfly” refer to Dragonfly Energy Corp., a Nevada
corporation and our wholly-owned subsidiary. The following discussion and analysis of the Company’s financial condition and results
of operations should be read in conjunction with the unaudited condensed consolidated financial statements and the notes thereto contained
elsewhere in this Quarterly Report. Certain information contained in the discussion and analysis set forth below includes forward-looking
statements that involve risks and uncertainties.
As
a result of the completion of the Business Combination (as defined herein), the financial statements of Legacy Dragonfly are now the
financial statements of us. Prior to the Business Combination, we had no operating assets but, upon consummation of the Business Combination,
the business and operating assets of Legacy Dragonfly acquired by us became our sole business and operating assets. Accordingly, the
financial statements of Legacy Dragonfly and their respective subsidiaries as they existed prior to the Business Combination and reflecting
the sole business and operating assets of the Company going forward, are now the financial statements of us.
The
following discussion and analysis of our financial condition and results of operations should be read together with our financial statements
and the related notes and the other financial information included elsewhere in this Quarterly Report and with our audited consolidated
financial statements (and notes thereto) for the year ended December 31, 2022 included in our Annual Report on Form 10-K filed with the
Securities and Exchange Commission (“SEC”), particularly those under “Risk Factors.” This discussion contains
forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from those anticipated in
these forward-looking statements as a result of various factors, including those discussed below and elsewhere in this Quarterly Report.
We undertake no obligation to update these forward-looking statements to reflect events or circumstances after the date of this report
or to reflect actual outcomes.
Cautionary
Note Regarding Forward Looking-Statements
This
Quarterly Report on Form 10-Q contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995 under Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section
21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Forward-looking statements include statements
with respect to our beliefs, plans, objectives, goals, expectations, anticipations, assumptions, estimates, intentions and future performance,
and involve known and unknown risks, uncertainties and other factors, which may be beyond our control, and which may cause our actual
results, performance or achievements to be materially different from future results, performance or achievements expressed or implied
by such forward-looking statements. All statements other than statements of historical fact are statements that could be forward-looking
statements. You can identify these forward-looking statements through our use of words such as “may,” “can,”
“anticipate,” “assume,” “should,” “indicate,” “would,” “believe,”
“contemplate,” “expect,” “seek,” “estimate,” “continue,” “plan,”
“point to,” “project,” “predict,” “could,” “intend,” “target,”
“potential” and other similar words and expressions of the future.
There
are a number of important factors that could cause the actual results to differ materially from those expressed in any forward-looking
statement made by us. These factors include, but are not limited to:
|
● |
our ability
to recognize the anticipated benefits of our recent Business Combination, which may be affected by, among other things, the factors
listed below; |
|
● |
our ability
to successfully increase market penetration into target markets; |
|
● |
the addressable
markets that we intend to target do not grow as expected; |
|
● |
the loss
of any members of our senior management team or other key personnel; |
|
● |
the loss
of any relationships with key suppliers, including suppliers in China; |
|
● |
the loss
of any relationships with key customers; |
|
● |
our ability
to protect our patents and other intellectual property; |
|
● |
the failure
to successfully optimize solid-state cells or to produce commercially viable solid-state cells in a timely manner or at all, or to
scale to mass production; |
|
● |
changes in
applicable laws or regulations; |
|
● |
our ability
to maintain the listing of our common stock on the Nasdaq Global Market and our public warrants on the Nasdaq Capital Market; |
|
● |
the possibility
that we may be adversely affected by other economic, business and/or competitive factors (including an economic slowdown or inflationary
pressures); |
|
● |
our ability
to sell the desired amounts of shares of common stock at desired prices under our equity facility; |
|
● |
the potential
for events or circumstances that result in our failure to timely achieve the anticipated benefits of our customer arrangements with
THOR Industries and its affiliate brands (including Keystone RV Company); |
|
● |
our ability
to raise additional capital to fund our operations; |
|
● |
our ability
to generate revenue from future product sales and our ability to achieve and maintain profitability; |
|
● |
the accuracy
of our projections and estimates regarding our expenses, capital requirements, cash utilization, and need for additional financing; |
|
● |
developments
relating to our competitors and our industry; |
|
● |
our ability
to engage target customers and successfully retain these customers for future orders; |
|
● |
the reliance
on two suppliers for our lithium iron phosphate cells and a single supplier for the manufacture of our battery management system;
and |
|
● |
our current
dependence on a single manufacturing facility. |
The
foregoing does not represent an exhaustive list of matters that may be covered by the forward-looking statements contained herein or
risk factors that we are faced with that may cause our actual results to differ from those anticipated in such forward-looking statements.
Please see “Part I—Item 1A—Risk Factors” of our Annual Report on Form 10-K for the year ended December
31, 2022, filed with the SEC on April 17, 2023, as amended on May 1, 2023, for additional risks which could adversely impact our business
and financial performance.
All
forward-looking statements are expressly qualified in their entirety by this cautionary notice. You are cautioned not to place undue
reliance on any forward-looking statements, which speak only as of the date of this Quarterly Report or the date of the document incorporated
by reference into this report. We have no obligation, and expressly disclaims any obligation, to update, revise or correct any of the
forward-looking statements, whether as a result of new information, future events or otherwise. We have expressed our expectations, beliefs
and projections in good faith and believe they have a reasonable basis. However, we cannot assure you that our expectations, beliefs
or projections will result or be achieved or accomplished.
Overview
Our
Business
We
are a manufacturer of non-toxic deep cycle lithium-ion batteries that are designed to displace lead acid batteries in a number of different
storage applications and end markets including recreational vehicle (“RV”), marine vessel, and solar and off-grid industries,
with disruptive solid-state cell technology currently under development.
Since
2020, we have sold over 266,000 batteries. For the quarters ended June 30, 2023, and June 30, 2022, we sold 20,966 and 21,651 batteries,
respectively, and had $19.3 million and $21.6 million in net sales, respectively. We currently offer a line of batteries across our “Battle
Born” and “Dragonfly” brands, each differentiated by size, power and capacity, consisting of seven different models,
four of which come with a heated option. We primarily sell “Battle Born” branded batteries directly to consumers (“DTC”)
and “Dragonfly” branded batteries to original equipment manufacturers (“OEMs”).
We
currently source the lithium iron phosphate cells incorporated into our batteries from a limited number of carefully selected suppliers
that can meet our demanding quality standards and with whom we have developed long-term relationships.
To
supplement our battery offerings, we also offer our line of proprietary Wakespeed alternator regulation products which are
necessary to ensure that the alternator does not get unduly stressed during the current delivery to the batteries, and that the
current delivery remains within the operating limits of the onboard battery bank. In addition to its own accessories we are also a
reseller of accessories for battery systems. These include chargers, inverters, monitors, controllers, solar panels and other system
accessories from brands such as Victron Energy, Progressive Dynamics, REDARK, Rich Solar, and Sterling Power.
In
addition to our conventional lithium iron phosphate (“LFP”) batteries, we are currently developing the next generation
of LFP solid-state cells. Since our founding, we have been developing proprietary battery cell manufacturing processes and
solid-state battery cell technology for which we have issued patents and pending patent applications, where appropriate. Solid-state
lithium-ion technology eliminates the use of a liquid electrolyte, which addresses the residual heat and flammability issues arising
from lithium-ion batteries. The unique competitive advantage of our cell manufacturing process is highlighted by our dry deposition
technology, which completely displaces the need for toxic solvents in the manufacturing process and allows for the rapid and
scalable production of chemistry-agnostic cells. Additionally, our internal production of battery cells will streamline our supply
chain, allowing us to vertically integrate our cells into our batteries, thereby lowering our production costs.
As
of June 30, 2023, we had cash totaling $32.9 million. Our net loss for the quarter ended June 30, 2023 was $11.7 million and our net
loss for the quarter ended June 30, 2022 was $1.5 million. As a result of becoming a publicly traded company, we continue to need to
hire additional personnel and implement procedures and processes to address public company regulatory requirements and customary practices.
We expect to incur additional expenses as a public company for, among other things, directors’ and officers’ liability insurance,
director fees and additional internal and external accounting and legal and administrative resources, including increased audit and legal
fees. As discussed under “—Liquidity and Capital Resources” below we expect that we will need to raise additional
funds, including through the use of our $150 million equity facility (the “ChEF Equity Facility”) with Chardan Capital Markets
LLC (“CCM LLC”) and the issuance of equity, equity-related or debt securities or by obtaining additional credit from financial
institutions to fund, together with our principal sources of liquidity, ongoing costs, such as research and development relating to our
solid-state batteries, expansion of our facilities, and new strategic investments. If such financings are not available, or if the terms
of such financings are less desirable than we expect, we may be forced to take actions to reduce our capital or operating expenditures,
including not seeking potential acquisition opportunities, eliminating redundancies, or reducing or delaying our production facility
expansions, which may adversely affect our business, operating results, financial condition and prospects.
The
Business Combination
On
October 7, 2022, Chardan NexTech 2 Acquisition Corp., a Delaware company (“Chardan”), and Legacy Dragonfly consummated the
merger pursuant to the Agreement and Plan of Merger, dated as of May 15, 2022 (as amended, the “Business Combination Agreement”),
by and among Chardan, Bronco Merger Sub, Inc., a Delaware corporation and wholly-owned subsidiary of Chardan (“Merger Sub”),
and Legacy Dragonfly. Pursuant to the Business Combination Agreement, Merger Sub merged with and into Legacy Dragonfly (the “Merger”
and, together with the other transactions contemplated by the Business Combination Agreement, the “Business Combination”),
with Legacy Dragonfly continuing as the surviving corporation in the Merger and as our wholly owned subsidiary. In connection with the
Business Combination, Chardan changed its name to Dragonfly Energy Holdings Corp. Legacy Dragonfly is deemed the accounting acquirer,
which means that Legacy Dragonfly’s financial statements for previous periods will be disclosed in our future periodic reports
filed with the SEC. Following the Business Combination, our business is the business of Legacy Dragonfly.
The
Business Combination was accounted for as a reverse recapitalization. Under this method of accounting, Chardan was treated as the acquired
company for financial statement reporting purposes.
June
2023 Offering
On
June 20, 2023, we entered into an underwriting agreement (the “Underwriting Agreement”) with Roth Capital Partners,
LLC, as representative of the several underwriters (the “Underwriters”), pursuant to which we sold to the Underwriters,
in a firm commitment underwritten public offering (the “June 2023 Offering”), an aggregate of (i) 10,000,000 shares of its
common stock, par value $0.0001 (“Common Stock”) and (ii) accompanying warrants to purchase up to 10,000,000 shares of Common
Stock (the “Investor Warrants”), at the combined public offering price of $2.00 per share and accompanying Investor Warrant,
less underwriting discounts and commissions, and (iii) warrants to purchase up to an aggregate of 570,250 shares of Common Stock (the
“Underwriters’ Warrants”). In addition, we granted the Underwriters a 45-day over-allotment option to purchase
up to an additional 1,500,000 shares of Common Stock and/or Investor Warrants to purchase up to an aggregate of 1,500,000 shares of Common
Stock at the public offering price per security, less underwriting discounts and commissions.
The Investor Warrants are exercisable for five years from the closing date of the Offering, have an exercise price of $2.00 per share
and are immediately exercisable. In the event of certain fundamental transactions, holders of the Investor Warrants will have the right
to receive the Black Scholes Value (as defined in the Investor Warrants) of their Investor Warrants calculated pursuant to the formula
set forth in the Investor Warrants, payable either in cash or in the same type or form of consideration that is being offered and being
paid to the holders of Common Stock. The Underwriters’ Warrants are exercisable upon issuance and will expire on June 20, 2028.
The initial exercise price of the Underwriters’ Warrants is $2.50 per share, which equals 125% of the per share public offering
price in the Offering.
As
part of the June 2023 Offering, the Underwriters partially exercised their over-allotment option in the amount of 1,405,000 shares of
Common Stock and Investor Warrants to purchase 1,405,000 shares of Common Stock. The June 2023 Offering closed on June 22, 2023. The
aggregate net proceeds from this offering, including the partial over-allotment option, was approximately $21.1 million.
Key
Factors Affecting Our Operating Results
Our
financial position and results of operations depend to a significant extent on the following factors:
End
Market Consumers
The
demand for our products ultimately depends on demand from consumers in our current end markets. We generate sales through (1) DTC and
(2) through OEMs, particularly in the RV market.
An
increasing proportion of our sales has been and is expected to continue to be derived from sales to RV OEMs, driven by continued efforts
to develop and expand sales to RV OEMs with whom we have longstanding relationships. Our RV OEM sales have been on a purchase order basis,
without firm revenue commitments, and we expect that this will likely continue to be the case. Therefore, future RV OEM sales will be
subject to risks and uncertainties, including the number of RVs these OEMs manufacture and sell, which in turn may be driven by the expectations
these OEMs have around end market consumer demand.
Demand
from end market consumers is impacted by a number of factors, including travel restrictions, fuel costs and energy demands
(including an increasing trend towards the use of green energy), as well as overall macro-economic conditions. Sales of our
batteries have benefited from the increased adoption of the RV lifestyle, the demand for and inclusion of additional appliances and
electronics in RVs, and the accelerating trend of solar power adoption among RV customers. However, in recent months rising fuel
costs and other macro-economic conditions, such as inflation and rising interest rates, have caused a downward shift in decisions
taken by end market consumers around spending in the RV market and in July of 2023, we were notified by our largest RV OEM customer that, due to weaker demand
for its products and their subsequent focus on reducing costs, it would no longer install our storage solutions as standard equipment,
but rather return to offering those solutions as an option to dealers and consumers. While this customer is not moving to a different
solution or competitor, we do expect this change in strategy to have a material limiting effect on our revenue throughout the remainder
of 2023.
Our
strategy includes plans to expand into new end markets that we have identified as opportunities for our LFP batteries, including industrial,
rail, specialty and work vehicles, material handling, solar integration, and emergency and standby power, in the medium term, and data
centers, telecom and distributed on-grid storage in the longer term. We believe that our current LFP batteries and, eventually, our solid-state
batteries, will be well-suited to supplant traditional lead-acid batteries as a reliable power source for the variety of low power density
uses required in these markets (such as powering the increasing number of on-board tools needed in emergency vehicles). The success of
this strategy requires (1) continued growth of these addressable markets in line with our expectations and (2) our ability to successfully
enter these markets. We expect to incur significant marketing costs understanding these new markets, and researching and targeting customers
in these end markets, which may not result in sales. If we fail to execute on this growth strategy in accordance with our expectations,
our sales growth would be limited to the growth of existing products and existing end markets.
Supply
We
currently rely on two carefully selected cell manufacturers located in China, and a single supplier, also located in China, to manufacture
our proprietary battery management system, and we intend to continue to rely on these suppliers going forward. Our close working relationships
with our China-based LFP cell suppliers, reflected in our ability to increase our purchase order volumes (qualifying us for related volume-based
discounts) and order and receive delivery of cells in anticipation of required demand, has helped us moderate increased supply-related
costs associated with inflation, currency fluctuations and U.S. government tariffs imposed on our imported battery cells and to avoid
potential shipment delays. To mitigate against potential adverse production events, we opted to build our inventory of key components,
such as battery cells. However, as many of the supply chain challenges and delays that were prevalent over the last several years have eased,
the Company is now actively working down its inventory to more appropriate safety stock levels.
As
a result of our battery chemistry and active steps we have taken to manage our inventory levels, we have not been subject to the shortages
or price impacts that have been present for manufacturers of nickel manganese cobalt and nickel cobalt aluminum batteries. As we look
toward the production of our solid-state cells, we have signed a Commercial Offtake Agreement with a lithium mining company located in
Nevada for the supply of lithium, which we expect will enable us to further manage our cost of goods over time.
Product
and Customer Mix
Our
product sales consist of sales of seven different models of LFP batteries, along with accessories for battery systems (individually or
bundled). These products are sold to different customer types (e.g., consumers, OEMs and distributors) and at different prices and involve
varying levels of costs. In any particular period, changes in the mix and volume of particular products sold and the prices of those
products relative to other products will impact our average selling price and our cost of goods sold. Despite our work to moderate increased
supply-related costs, the price of our products may also increase as a result of increases in the cost of components due to inflation,
currency fluctuations and tariffs. OEM sales typically result in lower average selling prices and related margins, which could result
in margin erosion, negatively impact our growth or require us to raise our prices. However, this reduction is typically offset by the
benefits of increased sales volumes. Sales of third-party sourced accessories typically have lower related margin. We expect accessory
sales to increase as we further develop full-system design expertise and product offerings and consumers increasingly demand more sophisticated
systems, rather than simple drop-in replacements. In addition to the impacts attributable to the general sales mix across our products
and accessories, our results of operations are impacted by the relative margins of products sold. As we continue to introduce new products
at varying price points, our overall gross margin may vary from period to period as a result of changes in product and customer mix.
Production
Capacity
All
of our battery assembly currently takes place at our 99,000 square foot headquarters and manufacturing facility located in Reno, Nevada.
We currently operate three LFP battery production lines. Consistent with our operating history, we plan to continue to automate additional
aspects of our battery production lines. Our existing facility has the capacity to add up to four additional LFP battery production lines
and construct and operate a pilot production line for our solid-state cells, all designed to maximize the capacity of our manufacturing
facility. Although our automation efforts are expected to reduce our costs of goods, we may not fully recognize the anticipated savings
when planned and could experience additional costs or disruptions to our production activities.
In
addition, we have entered into a lease for an additional 390,240 square foot warehouse in Reno, Nevada, which is expected to be completed
in early 2024. This facility, combined with our existing facility, will allow further scaling of our increasingly automated battery pack
assembly capabilities, expand our warehousing space, and allow for deployment of our solid-state cell manufacturing.
Competition
We
compete with traditional lead-acid battery manufacturers and lithium-ion battery manufacturers, who primarily either import their products
or components or manufacture products under a private label. As we continue to expand into new markets, develop new products and move
towards production of our solid-state cells, we will experience competition with a wider range of companies. These competitors may have
greater resources than we do, and may be able to devote greater resources to the development of their current and future technologies.
Our competitors may be able to source materials and components at lower costs, which may require us to evaluate measures to reduce our
own costs, lower the price of our products or increase sales volumes in order to maintain our expected levels of profitability.
Research
and Development
Our
research and development is primarily focused on the advanced manufacturing of solid-state lithium-ion batteries using an LFP catholyte,
a solid electrolyte and an intercalation-based anolyte (intercalation being the reversible inclusion of a molecule or ion into layered
solids). The next stage in our technical development is to construct the battery to optimize performance and longevity to meet and exceed
industry standards for our target storage markets. Ongoing testing and optimizing of more complicated batteries incorporating layered
pouch cells will assist us in determining the optimal cell chemistry to enhance conductivity and increase the number of cycles (charge
and discharge) in the cell lifecycle. This is expected to require significant additional expense, and we may need to raise additional
funds to continue these research and development efforts.
Components
of Results of Operations
Net
Sales
Net
sales are primarily generated from the sale of our LFP batteries to OEMs and consumers, as well as chargers and other accessories, either
individually or bundled.
Cost
of Goods Sold
Cost
of goods sold includes the cost of cells and other components of our LFP batteries, labor and overhead, logistics and freight costs,
and depreciation of manufacturing equipment.
Gross
Profit
Gross
profit, calculated as net sales less cost of goods sold, may vary between periods and is primarily affected by various factors including
average selling prices, product costs, product mix and customer mix.
Operating
Expenses
Research
and development
Research
and development costs include personnel-related expenses for scientists, experienced engineers and technicians as well as the material
and supplies to support the development of new products and our solid-state technology. As we work towards completing the development
of our solid-state lithium-ion cells and the manufacturing of batteries that incorporate this technology, we anticipate that research
and development expenses will increase significantly for the foreseeable future as we continue to invest in product development and optimizing
and producing solid-state cells.
General
and administrative
General
and administrative costs include personnel-related expenses attributable to our executive, finance, human resources, and information
technology organizations, certain facility costs, and fees for professional services.
Selling
and marketing
Selling
and marketing costs include outbound freight, personnel-related expenses, as well as trade show, industry event, marketing, customer
support, and other indirect costs. We expect to continue to make the necessary sales and marketing investments to enable the execution
of our strategy, which includes expanding into additional end markets.
Total
Other Income (Expense)
Other
income (expense) consists primarily of interest expense, the change in fair value of the warrant liability and amortization of debt issuance
costs.
Results
of Operations
Comparisons
for the Three months ended June 30, 2023 and June 30, 2022
The
following table sets forth our results of operations for the three months ended June 30, 2023, and June 30, 2022. This data should be
read together with our financial statements and related notes included elsewhere in this Quarterly Report, and is qualified in its entirety
by reference to such financial statements and related notes.
| |
Three
months ended June 30, | |
| |
2023 | | |
%
Net Sales | | |
2022 | | |
%
Net Sales | |
| |
(in
thousands) | |
Net
Sales | |
$ | 19,274 | | |
| 100.0 | | |
$ | 21,622 | | |
| 100.0 | |
Cost of
Goods Sold | |
| 15,176 | | |
| 78.7 | | |
| 14,594 | | |
| 67.5 | |
Gross profit | |
| 4,098 | | |
| 21.3 | | |
| 7,028 | | |
| 32.5 | |
Operating expenses | |
| | | |
| | | |
| | | |
| | |
Research
and development | |
| 1,067 | | |
| 5.5 | | |
| 859 | | |
| 4.0 | |
General and
administrative | |
| 7,614 | | |
| 39.5 | | |
| 3,816 | | |
| 17.6 | |
Sales and
marketing | |
| 3,808 | | |
| 19.8 | | |
| 2,881 | | |
| 13.3 | |
Total
Operating expenses | |
| 12,489 | | |
| 64.8 | | |
| 7,556 | | |
| 34.9 | |
Loss From
Operations | |
| (8,391 | ) | |
| (43.5 | ) | |
| (528 | ) | |
| (2.4 | ) |
Other Income (Expense) | |
| | | |
| | | |
| | | |
| | |
Other income | |
| — | | |
| — | | |
| — | | |
| — | |
Interest
expense, net | |
| (4,113 | ) | |
| (21.3 | ) | |
| (1,228 | ) | |
| (5.7 | ) |
Change
in fair market value of warrant liability | |
| 804 | | |
| 4.2 | | |
| — | | |
| — | |
Total
Other Expense | |
| (3,309 | ) | |
| (17.2 | ) | |
| (1,228 | ) | |
| (5.7 | ) |
Loss Before
Taxes | |
| (11,700 | ) | |
| (60.7 | ) | |
| (1,756 | ) | |
| (8.1 | ) |
Income
Tax Benefit | |
| — | | |
| — | | |
| (287 | ) | |
| (1.3 | ) |
Net
Loss | |
$ | (11,700 | ) | |
| (60.7 | ) | |
$ | (1,469 | ) | |
| (6.8 | ) |
| |
Three
months ended June 30, | |
| |
2023 | | |
2022 | |
| |
(in
thousands) | |
Retailer | |
| 5,829 | | |
| 11,850 | |
Distributor | |
| 4,143 | | |
| 2,534 | |
DTC | |
| 9,972 | | |
| 14,384 | |
% Net Sales | |
| 51.7 | | |
| 66.5 | |
OEM | |
| 9,302 | | |
| 7,238 | |
% Net Sales | |
| 48.3 | | |
| 33.5 | |
Net Sales | |
$ | 19,274 | | |
| 21,622 | |
Net
Sales
Net
sales decreased by $2.3 million, or 10.9%, to $19.3 million for the three months ended June 30, 2023, as compared to $21.6 million
for the quarter ended June 30, 2022. This decrease was primarily due to lower DTC battery and accessory sales partially offset by
higher OEM sales. For the quarter ended June 30, 2023, OEM revenue increased by $2.1 million as a result of increased adoption of
our products by new and existing customers, several of whom have begun to “design in” our batteries in various RV models
as original equipment or have increased purchases in response to end-customer demand for safer, more efficient batteries and as a
replacement for traditional lead-acid batteries. In July of 2023, we were notified by our largest RV OEM customer that, due to
weaker demand for its products and their subsequent focus on reducing costs, it would no longer install our storage solutions as
standard equipment, but rather return to offering those solutions as an option to dealers and consumers. While this customer is not
moving to a different solution or competitor, we do expect this change in strategy to have a material limiting effect on our revenue
throughout the remainder of 2023. DTC revenue decreased by $4.4 million as a result of decreased customer demand for our products
due to rising interest rates and inflation.
Cost
of Goods Sold
Cost
of revenue increased by $0.6 million, or 4.0%, to $15.2 million for the three months ended June 30, 2023, as compared to $14.6 million
for the quarter ended June 30, 2022. This increase was primarily due to higher material costs associated with consuming higher priced
inventory.
Gross
Profit
Gross
profit decreased by $2.9 million, or 41.7%, to $4.1 million for the three months ended June 30, 2023, as compared to $7.0 million for
the quarter ended June 30, 2022. The decrease in gross profit was primarily due to a change in revenue mix that included a larger percentage
of lower margin OEM sales and a lower percentage of higher margin DTC sales, combined with the aforementioned increase in material costs.
Research
and Development Expenses
Research
and development expenses increased by $0.2 million or 24.2%, to $1.1 million for the three months ended June 30, 2023, as compared to
$0.9 million for the quarter ended June 30, 2022. The increase was primarily due to higher patent expenses, increase wages associated
with increased headcount, and higher materials and supply costs associated with development work.
General
and Administrative Expenses
General
and administrative expenses increased by $3.8 million, or 99.5%, to $7.6 million for the three months ended June 30, 2023, as compared
to $3.8 million for the quarter ended June 30, 2022. This increase was primarily due a $2.0 million increase in professional services,
compliance, and insurance costs, a $0.7 million severance expense, and a $0.7 million increase in stock-based compensation costs.
Selling
and Marketing Expenses
Sales
and marketing expenses increased by $0.9 million, or 32.2%, to $3.8 million for the three months ended June 30, 2023, as compared to
$2.9 million for the quarter ended June 30, 2022. This increase was primarily due to a $1.1 million increase in wage-related expenses
primarily due to the addition of sales and marketing personnel to support growth in our existing end markets, as well as to drive growth
in the new, adjacent end markets we are targeting. This increase was partially offset by lower shipping costs, due to the decline in
DTC sales and change in revenue mix.
Total
Other Expense
Other
expense totaled $3.3 million for the quarter ended June 30, 2023 as compared to total other expense of $1.2 million for the quarter ended
June 30, 2022. Other income in the quarter ended June 30, 2023 is comprised of $4.1 million in interest expense related to our debt securities,
partially offset by a change in fair market value of our warrants in the amount of $0.8. The $1.2 million expense in the quarter ended
June 30, 2022 was comprised of interest expense related to the senior secured notes of $45 million which were retired as a result of
the Business Combination.
Income
Tax (Benefit) Expense
There
was no tax expense recorded for the quarter ended June 30, 2023, as compared to $0.3 million benefit for the quarter ended June 30,
2022. The income tax benefit of $0.3 million for the quarter ended June 30, 2022 was expected to be used against future tax
obligations. Based on available evidence as of June 30, 2023, management believes it is more likely than not that some or all the
deferred tax assets will not be realized. Accordingly, the Company established a 100% valuation allowance. As a result of the full
valuation allowance, the Company did not record a tax benefit during the quarter ended June 30, 2023.
Net
Loss
We
generated a net loss of $11.7 million for the quarter ended June 30, 2023, as compared to a net loss of $1.5 million for the quarter
ended June 30, 2022. As described above, this result was driven lower sales, increased cost of goods sold, higher operating expenses,
and increased other expense.
Comparisons
for the Six months ended June 30, 2023 and June 30, 2022
The
following table sets forth our results of operations for the six months ended June 30, 2023, and June 30, 2022. This data should be read
together with our financial statements and related notes included elsewhere in this Quarterly Report, and is qualified in its entirety
by reference to such financial statements and related notes.
| |
Six
months ended June 30, | |
| |
2023 | | |
%
Net Sales | | |
2022 | | |
%
Net Sales | |
| |
(in
thousands) | |
Net
Sales | |
$ | 38,065 | | |
| 100.0 | | |
$ | 39,925 | | |
| 100.0 | |
Cost of
Goods Sold | |
| 29,224 | | |
| 76.8 | | |
| 27,402 | | |
| 68.6 | |
Gross profit | |
| 8,841 | | |
| 23.2 | | |
| 12,523 | | |
| 31.4 | |
Operating expenses | |
| | | |
| | | |
| | | |
| | |
Research
and development | |
| 1,947 | | |
| 5.1 | | |
| 1,198 | | |
| 3.0 | |
General and
administrative | |
| 17,109 | | |
| 44.9 | | |
| 7,442 | | |
| 18.6 | |
Sales and
marketing | |
| 7,992 | | |
| 21.0 | | |
| 5,973 | | |
| 15.0 | |
Total
Operating expenses | |
| 27,048 | | |
| 71.1 | | |
| 14,613 | | |
| 36.6 | |
(Loss) From
Operations | |
| (18,207 | ) | |
| (47.8 | ) | |
| (2,090 | ) | |
| (5.2 | ) |
Other Income (Expense) | |
| | | |
| | | |
| | | |
| | |
Other income | |
| — | | |
| — | | |
| — | | |
| — | |
Interest
expense, net | |
| (7,928 | ) | |
| (20.8 | ) | |
| (2,491 | ) | |
| (6.2 | ) |
Change
in fair market value of warrant liability | |
| 19,327 | | |
| 50.8 | | |
| — | | |
| — | |
Total
Other Income (Expense) | |
| 11,399 | | |
| 29.9 | | |
| (2,491 | ) | |
| (6.2 | ) |
(Loss) Before
Taxes | |
| (6,808 | ) | |
| (17.9 | ) | |
| (4,581 | ) | |
| (11.5 | ) |
Income
Tax Benefit | |
| — | | |
| — | | |
| (814 | ) | |
| (2.0 | ) |
Net
Loss | |
$ | (6,808 | ) | |
| (17.9 | ) | |
$ | (3,767 | ) | |
| (9.4 | ) |
| |
Six
months ended June 30, | |
| |
2023 | | |
2022 | |
| |
(in
thousands) | |
Retailer | |
| 12,898 | | |
| 24,885 | |
Distributor | |
| 7,111 | | |
| 4,621 | |
DTC | |
| 20,009 | | |
| 29,506 | |
% Net Sales | |
| 52.6 | | |
| 73.9 | |
OEM | |
| 18,056 | | |
| 10,419 | |
% Net Sales | |
| 47.4 | | |
| 26.1 | |
Net Sales | |
$ | 38,065 | | |
| 39,925 | |
Net
Sales
Net
sales decreased by $1.9 million, or 4.7%, to $38.1 million for the six months ended June 30, 2023, as compared to $39.9 million for
the six months ended June 30, 2022. This decrease was primarily due to lower DTC battery and accessory sales partially offset by
higher OEM sales. For the six months ended June 30, 2023, OEM revenue increased by $7.6 million as a result of increased adoption of
our products by new and existing customers, several of whom have begun to “design in” our batteries in various RV models
as original equipment or have increased purchases in response to end-customer demand for safer, more efficient batteries and as a
replacement for traditional lead-acid batteries. . In July of 2023, we were notified by our largest RV OEM customer that, due to
weaker demand for its products and their subsequent focus on reducing costs, it would no longer install our storage solutions as
standard equipment, but rather return to offering those solutions as an option to dealers and consumers. While this customer is not
moving to a different solution or competitor, we do expect this change in strategy to have a material limiting effect on our revenue
throughout the remainder of 2023. DTC revenue decreased by $9.5 million as a result of decreased customer demand for our products
due to rising interest rates and inflation.
Cost
of Goods Sold
Cost
of revenue increased by $1.8 million, or 6.6%, to $29.2 million for the six months ended June 30, 2023, as compared to $27.4 million
for the six months ended June 30, 2022. This increase was primarily due to higher material costs associated with consuming higher priced
inventory.
Gross
Profit
Gross
profit decreased by $3.7 million, or 29.4%, to $8.8 million for the six months ended June 30, 2023, as compared to $12.5 million for
the six months ended June 30, 2022. The decrease in gross profit was primarily due to a change in revenue mix that included a larger
percentage of lower margin OEM sales and a lower percentage of higher margin DTC sales, combined with the aforementioned higher material
costs.
Research
and Development Expenses
Research
and development expenses increased by $0.7 million or 62.5%, to $1.9 million for the six months ended June 30, 2023, as compared to $1.2
million for the six months ended June 30, 2022. The increase was primarily due increased wages in the amount of $0.4 million associated
with higher headcount, higher patent expenses, and higher materials and supply costs associated with development work.
General
and Administrative Expenses
General
and administrative expenses increased by $9.7 million, or 129.9%, to $17.1 million for the six months ended June 30, 2023, as compared
to $7.4 million for the six months ended June 30, 2022. This increase was primarily due a $4.1 million increase in stock-based compensation
costs, a $3.9 million increase in professional services, compliance, and insurance costs, a $0.7 million severance expense, and increased
wages associated with higher headcount in the amount of $0.5 million.
Selling
and Marketing Expenses
Sales
and marketing expenses increased by $2.0 million, or 33.8%, to $8.0 million for the six months ended June 30, 2023, as compared to $6.0
million for the six months ended June 30, 2022. This increase was primarily due to a $2.7 million increase in wage-related expenses.
This increase was partially offset by lower shipping costs, due to the decline in DTC sales and change in revenue mix.
Total
Other Income (Expense)
Other
income totaled $11.4 million for the six months ended June 30, 2023 as compared to total other expense of $2.5 million for the six months
ended June 30, 2022. Other income for the six months ended June 30, 2023 is comprised of a change in fair market value of our warrants
in the amount of $19.3 million offset by $7.9 million in interest expense related to our debt securities. The $2.5 million expense in
for the six months ended June 30, 2022 was comprised of interest expense related to the senior secured notes of $45 million which were
retired as a result of the Business Combination.
Income
Tax (Benefit) Expense
There
was no tax expense recorded for the six months ended June 30, 2023, as compared to a $0.8 million benefit for the six months ended June
30, 2022. The income tax benefit of $0.8 million for the six months ended June 30, 2022 was expected to be used against future tax obligations.Based on available evidence as of June 30, 2023, management believes it is more likely than not that some or all
the deferred tax assets will not be realized. Accordingly, the Company established a 100% valuation allowance. As a result of the full
valuation allowance, the Company did not record a tax benefit during the six months ended June 30, 2023.
Net
Loss
We
generated a net loss of $6.8 million for the six months ended June 30, 2023, as compared to net loss of $3.8 million for the six months
ended June 30, 2022. As described above, this result was driven primarily by lower sales, increased cost of goods sold, higher operating
expenses, partially offset by increased other income (primarily as a result of a change in fair market value of warrants).
Critical
Accounting Estimates
Our
condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United
States. The preparation of these condensed consolidated financial statements requires us to make judgments and estimates that affect
the reported amounts of assets, liabilities, revenues and expenses, and the disclosure of contingent assets and liabilities in our financial
statements. We base our estimates on historical experience, known trends and events and various other factors that we believe are reasonable
under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities
that are not readily apparent from other sources. Our actual results may differ from these estimates under different assumptions or conditions.
On a recurring basis, we evaluate our judgments and estimates in light of changes in circumstances, facts, and experience. The effects
of material revisions in an estimate, if any, will be reflected in the consolidated financial statements prospectively from the date
of the change in the estimate.
We
believe that the following accounting policies are those most critical to the judgments and estimates used in the preparation of our
financial statements.
Inventory
Valuation
We
periodically review physical inventory for excess, obsolete, and potentially impaired items and reserves. Any such inventory is written
down to net realizable value. The reserve estimate for excess and obsolete inventory is dependent on expected future use and requires
management judgement.
Warrants
We
apply relevant accounting guidance for warrants to purchase our stock based on the nature of the relationship with the counterparty.
For warrants issued to investors or lenders in exchange for cash or other financial assets, we follow guidance issued within ASC 480,
Distinguishing Liabilities from Equity (“ASC 480”), and ASC 815, Derivatives and Hedging (“ASC 815”), to assist
in the determination of whether the warrants should be classified as liabilities or equity. Warrants that are determined to require liability
classifications are measured at fair value upon issuance and are subsequently remeasured to their then fair value at each subsequent
reporting period with changes in fair value recorded in current earnings. Warrants that are determined to require equity classifications
are measured at fair value upon issuance and are not subsequently remeasured unless they are required to be reclassified. See “Note
9—Warrants” in our accompanying consolidated financial statements for information on the warrants.
Equity-Based
Compensation
We
use the Black-Scholes option-pricing model to determine the fair value of option grants. In estimating fair value, management is required
to make certain assumptions and estimates such as the expected life of units, volatility of our future share price, risk-free rates,
future dividend yields and estimated forfeitures at the initial grant date. Restricted stock unit (“RSU”) awards are valued
based on the closing trading price of the Company’s common stock on the date of grant. Changes in assumptions used to estimate
fair value could result in materially different results.
Income
Taxes
We
account for income taxes using the asset and liability method. Under this method, deferred tax assets and liabilities are recognized
for the future tax consequences of temporary differences between the carrying amounts and tax bases of assets and liabilities using enacted
rates. The effect of a change in tax rates on deferred taxes is recognized in income in the period that includes the enactment date.
We
recognize the financial statement effect of an uncertain income tax position when it is more likely than not, based on the technical
merits, that the position will be sustained upon examination. Recognized income tax positions are measured at the largest amount that
is greater than 50% likely to be realized. A valuation allowance is recorded to reduce deferred income tax assets to an amount, which
in the opinion of management is more likely than not to be realized.
Management
judgment is required in determining our provision for income taxes, our deferred tax assets and liabilities, and any valuation allowance
recorded against our deferred tax assets. We consider factors such as the cumulative income or loss in recent years; reversal of deferred
tax liabilities; projected future taxable income exclusive of temporary differences; the character of the income tax asset, including
income tax positions; tax planning strategies and the period over which we expect the deferred tax assets to be recovered in the determination
of the valuation allowance. In the event that actual results differ from these estimates or we adjust our estimates in the future, we
may need to adjust our valuation allowance, which could materially impact our financial position and results of operations.
Non-GAAP
Financial Measures
This
Quarterly Report includes a non-generally accepted account principles within the United States (“U.S. GAAP”) measure that
we use to supplement our results presented in accordance with U.S. GAAP. Earnings before interest tax and amortization (“EBITDA”)
is defined as earnings before interest and other income (expenses), income taxes, and depreciation and amortization. Adjusted EBITDA
is calculated as EBITDA adjusted for stock-based compensation, Enterprise Resource Planning (“ERP”) implementation, promissory
note forgiveness, and change in the fair market value of warrant liabilities. Adjusted EBITDA is a performance measure that we believe
is useful to investors and analysts because it illustrates the underlying financial and business trends relating to our core, recurring
results of operations and enhances comparability between periods.
Adjusted
EBITDA is not a recognized measure under U.S. GAAP and is not intended to be a substitute for any U.S. GAAP financial measure and, as
calculated, may not be comparable to other similarly titled measures of performance of other companies in other industries or within
the same industry. Investors should exercise caution in comparing our non-GAAP measure to any similarly titled measure used by other
companies. This non-GAAP measure excludes certain items required by U.S. GAAP and should not be considered as an alternative to information
reported in accordance with U.S. GAAP.
The
table below presents our adjusted EBITDA, reconciled to net income (loss) for the three and six months ended June 30, 2023, and June
30, 2022.
| |
Three
months ended June 30, | | |
Six
months ended June 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
(in thousands) | | |
(in thousands) | |
Net loss | |
$ | (11,700 | ) | |
$ | (1,469 | ) | |
$ | (6,808 | ) | |
$ | (3,767 | ) |
Interest Expense | |
| 4,113 | | |
| 1,228 | | |
| 7,928 | | |
| 2,491 | |
Taxes | |
| — | | |
| (287 | ) | |
| — | | |
| (814 | ) |
Depreciation
and Amortization | |
| 296 | | |
| 272 | | |
| 593 | | |
| 389 | |
EBITDA | |
| (7,291 | ) | |
| (256 | ) | |
| 1,713 | | |
| (1,701 | ) |
Adjusted for: | |
| | | |
| | | |
| | | |
| | |
Stock-Based Compensation(1) | |
| 954 | | |
| 431 | | |
| 5,441 | | |
| 719 | |
Separation Agreement(2) | |
| 720 | | |
| — | | |
| 720 | | |
| — | |
June
Offering Costs (3) | |
| 904 | | |
| — | | |
| 904 | | |
| — | |
Promissory
Note Forgiveness(4) | |
| — | | |
| — | | |
| — | | |
| 469 | |
Change
in fair market value of warrant liability (5) | |
| (804 | ) | |
| — | | |
| (19,327 | ) | |
| — | |
Adjusted
EBITDA | |
$ | (5,517 | ) | |
$ | 175 | | |
| (10,549 | ) | |
| (513 | ) |
(1) |
Stock-Based
Compensation is comprised of costs associated with option and RSU grants made to our employees, consultants and board members. |
|
|
(2) |
Separation
Agreement is comprised of $720 in cash severance associated with separation agreement dated April 26, 2023 between us and our former
Chief Legal Officer. |
|
|
(3) |
June
Offering Costs is comprised of fees and expenses, including legal, accounting, and other expenses associated with our secondary
offering. |
|
|
(4) |
Promissory
Note Forgiveness is comprised of the loan that was forgiven, prior to the Business Combination, in connection with the promissory
note, with a maturity date of March 1, 2026, between us and John Marchetti, our former Chief Financial Officer. |
|
|
(5) |
Change in
fair market value of warrant liabilities represents the change in fair value from January 1, 2023 through June 30, 2023. |
Liquidity
and Capital Resources
Liquidity
describes the ability of a company to generate sufficient cash flows to meet the cash requirements of its business operations, including
working capital needs, debt service, acquisitions, contractual obligations and other commitments. We assess liquidity in terms of our
cash flows from operations and their sufficiency to fund our operating and investing activities. As of June 30, 2023, we had cash totaling
$33.0 million.
We
expect our capital expenditures and working capital requirements to increase materially in the near future, as we continue our research
and development efforts (particularly those related to solid-state lithium-ion battery development), expand our production lines, scale
up production operations and look to enter into adjacent markets for our batteries (with operating expenses expected to increase across
all major expense categories). We expect to deploy a significant amount of capital to continue our optimization and commercialization
efforts dedicated to our solid-state technology development, as well as continued investment to automate and increase the production
capacity of our existing assembly operation, expansion of our facilities and new strategic investments. To date, our focus has been on
seeking to prove the fundamental soundness of our manufacturing techniques and our solid-state chemistry. Moving forward, our solid-state
related investments will focus on chemistry optimization and establishing a pilot line for pouch cell production. Over the next two to
three years, we expect to spend in excess of $50 million on solid-state development and cell manufacturing technologies.
We
expect that we will need to raise additional funds, including through the use of the ChEF Equity Facility and the issuance of equity,
equity-related or debt securities or by obtaining additional credit from financial institutions to fund, together with our principal
sources of liquidity, ongoing costs, such as research and development relating to our solid-state batteries, expansion of our facilities,
and new strategic investments. If such financings are not available, or if the terms of such financings are less desirable than we expect,
we may be forced to take actions to reduce our capital or operating expenditures, including by not seeking potential acquisition opportunities,
eliminating redundancies, or reducing or delaying our production facility expansions, which may adversely affect our business, operating
results, financial condition and prospects. Further, any future debt or equity financings may be dilutive to our current stockholders.
Financing
Obligations and Requirements
On
November 24, 2021, we issued $45 million of fixed rate senior notes, secured by among other things, a security interest in our intellectual
property. As part of the Business Combination, we entered into a senior secured term loan facility in an aggregate principal amount of
$75 million (the “Term Loan”) pursuant to the Term Loan, Guarantee and Security Agreement (the “Term Loan Agreement”),
the proceeds of which were used to repay the $45 million fixed rate senior notes, and ChEF Equity Facility.
The
Term Loan proceeds were used to: (i) support the Business Combination, (ii) prepay the fixed rate senior notes at closing of the Business
Combination, (iii) pay fees and expenses in connection with the foregoing, (iv) to provide additional growth capital and (v) for other
general/corporate purposes. The Term Loan will mature on October 7, 2026, or the Maturity Date, and will be subject to quarterly amortization
of 5% per annum beginning 24 months after issuance. The definitive documents for the Term Loan incorporate certain mandatory prepayment
events and certain affirmative and negative covenants and exceptions hereto. The financial covenants for the Term Loan include a maximum
senior leverage ratio covenant, a minimum liquidity covenant, a springing fixed charge coverage ratio covenant, and a maximum capital
expenditures covenant. On March 29, 2023, we obtained a waiver from Alter Domus (US) LLC, as administrative agent for the lenders (the
“Administrative Agent”) and EICF Agent LLC and certain third-party financing source of our failure to satisfy the fixed charge
coverage ratio and maximum senior leverage ratio with respect to the minimum cash requirements under the Term Loan during the quarter
ended March 31, 2023. We were in compliance with the covenants as of June 30, 2023. However, it is probable that we will fail to meet
these covenants within the next twelve months. In accordance with U.S. GAAP, we reclassified our notes payable from a long-term liability
to a current liability. The Term Loan accrues interest (i) until April 1, 2023 at a per annum rate equal to adjusted secured overnight
financing rate (“SOFR”) is a margin equal to 13.5%, of which 7% will be payable in cash and 6.5% will be paid in-kind, (ii)
thereafter until October 1, 2024, at a per annum rate equal to adjusted SOFR plus 7% payable in cash plus an amount ranging from 4.5%
to 6.5%, depending on the senior leverage ratio of the consolidated company. In each of the foregoing case, adjusted SOFR will be no
less than 1%.
We
may elect to prepay all or any portion of the amounts owed prior to the Maturity Date, provided that we provide notice to the Administrative
Agent and the amount is accompanied by the applicable prepayment premium, if any. Prepayments of the Term Loan are required to be accompanied
by a premium of 5% of the principal amount so prepaid if made prior to the October 7, 2023, 3% if made on and after October 7, 2023 but
prior to October 7, 2024, 1% if made after October 7, 2024 but prior to October 7, 2025, and 0% if made on or after October 7, 2025.
If the Term Loan is accelerated following the occurrence of an event of default, Legacy Dragonfly is required to immediately pay to lenders
the sum of all obligations for principal, accrued interest, and the applicable prepayment premium.
Pursuant
to the Term Loan Agreement, we have guaranteed the obligations of Legacy Dragonfly and such obligations will be guaranteed by any of
Legacy Dragonfly’s subsidiaries that are party thereto from time to time as guarantors. Also pursuant to the Term Loan Agreement,
the Administrative Agent was granted a security interest in substantially all of the personal property, rights and assets of us as and
Legacy Dragonfly to secure the payment of all amounts owed to lenders under the Term Loan Agreement. In addition, we entered into a Pledge
Agreement pursuant to which we pledged to the Administrative Agent our equity interests in Legacy Dragonfly as further collateral security
for the obligations under the Term Loan Agreement. At the closing of the Business Combination, we issued to the Term Loan Lenders (i)
the penny warrants exercisable to purchase an aggregate of 2,593,056 shares at an exercise price of $0.01 per share, and (ii) warrants
exercisable to purchase 1,600,000 shares of our common stock at an exercise price of $10.00 per share.
From
January 1, 2023 to June 30, 2023, we issued and sold approximately 98,500 shares of our common stock under the ChEF Equity Facility,
resulting in net cash proceeds of $670,593.
On
March 5, 2023, we issued a note in the principal amount of $1.0 million (the “Principal Amount”) to Brian Nelson, one of
our directors, in a private placement in exchange for cash in an equal amount (the “Note”). The Note became due and payable
in full on April 1, 2023. We were also obligated to pay a fee in the amount of $100,000 (the “Loan Fee”) to Mr. Nelson on
April 4, 2023. The Principal Amount of the Note was paid in full on April 1, 2023 and the Loan Fee was paid in full on April 4, 2023.
In
June 2023, we completed the June 2023 Offering which provided net proceeds to us, including the partial over-allotment option exercise,
of approximately $21.1 million.
Going
Concern
For
the quarter ended June 30, 2023, we generated a net loss of $11.7 million and had a negative cash flow from operations. As of June 30,
2023, we had approximately $33.0 in cash and cash equivalents and working capital of $30.6 million.
Under
the Term Loan Agreement, we are obligated to comply with certain financial covenants, which include maintaining a maximum senior leverage
ratio, minimum liquidity, a springing fixed charge coverage ratio, and maximum capital expenditures. On March 29, 2023, we obtained a
waiver from our Administrative Agent and Term Loan Lenders of our failures to satisfy the fixed charge coverage ratio and maximum senior
leverage ratio with respect to the minimum cash requirements under the Term Loan during the quarter ended March 31, 2023. While the Company
was in compliance with its covenants for the quarter ended June 30, 2023, it is probable that we will fail to meet these covenants within
the next twelve months. If we are unable to comply with the financial covenants in our loan agreement, the Term Loan Lenders have the
right to accelerate the maturity of the Term Loan. These conditions raise substantial doubt about our ability to continue as a going
concern.
In
addition, we may need to raise additional debt and/or equity financing to fund our operations and strategic plans and meet our financial
covenants. We have historically been able to raise additional capital through issuance of equity and/or debt financing and we intend
to use the ChEF Equity Facility and raise additional capital as needed. However, we cannot guarantee that we will be able to raise additional
equity, contain expenses, or increase revenue, and comply with the financial covenants under the Term Loan. If such financings are not
available, or if the terms of such financings are less desirable than we expect, we may be forced to take actions to reduce our capital
or operating expenditures, including by not seeking potential acquisition opportunities, eliminating redundancies, or reducing or delaying
our production facility expansions, which may adversely affect our business, operating results, financial condition and prospects. Further,
future debt or equity financings may be dilutive to our current stockholders.
Cash
Flows for the Six months ended June 30, 2023, and June 30, 2022
| |
Six
months ended June 30, | |
| |
2023 | | |
2022 | |
Net Cash (used in)/provided by: | |
(in thousands) | |
Operating Activities | |
$ | (5,639 | ) | |
$ | (19,912 | ) |
Investing activities | |
$ | (2,571 | ) | |
$ | (4,819 | ) |
Financing activities | |
$ | 23,381 | | |
$ | 200 | |
Operating
Activities
Net
cash used in operating activities was $5.6 million for six months ended June 30, 2023, primarily due to a net loss of $6.8 million and
negative change of $19.3 million in the fair market value of our warrant liability during the period offset by lower inventory levels
an increase in accounts payable and accrued expenses as a result of extended payments for the large influx of cells received late in
2022 and early 2023.
Net
cash used in operating activities was $19.9 million for the six months ended June 30, 2022, primarily due to a net loss during the period
in addition to an increase in inventory.
Investing
Activities
Net
cash used in investing activities was $2.6 million for the six months ended June 30, 2023, as compared to net cash used in investing
activities of $4.8 million for the three months ended June 30, 2022. The decrease in cash used in investing activities was primarily
due to a decrease in capital equipment expenses.
Financing
Activities
Net
cash provided by financing activities was $23.4 million for the six months ended June 30, 2023, as compared to net cash provided by financing
activities of $0.2 million for the six months ended June 30, 2022, and was primarily due to net proceeds of $21.1 million from our June
equity offering.
Contractual
Obligations
Our
estimated future obligations consist of short-term and long-term operating lease liabilities. As of June 30, 2023, we had $1.2 million
in short-term operating lease liabilities and $2.9 million in long-term operating lease liabilities.
As
disclosed above, we have a Term Loan. As of June 30, 2023, the principal amount outstanding under the Term Loan was $78.7 million.
ITEM
3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Not
applicable.
ITEM
4. CONTROLS AND PROCEDURES
Evaluation
of Disclosure Controls and Procedures
We
maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in the reports that
we file or submit under the Exchange Act is (1) recorded, processed, summarized, and reported within the time periods specified in the
SEC’s rules and forms and (2) accumulated and communicated to our management, including our Chief Executive Officer, as our principal
executive officer, and Chief Financial Officer, as our principal financial officer, to allow timely decisions regarding required disclosure.
In
connection with the preparation of the Quarterly Report on Form 10-Q for the quarter ended June 30, 2023, our management, with the participation
of our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of our disclosure controls and procedures (as
defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act). Our management recognizes that any controls and procedures, no matter
how well designed and operated, can provide only reasonable assurance of achieving their objectives, and management necessarily applies
its judgment in evaluating the cost-benefit relationship of possible controls and procedures. Based upon the evaluation described above,
our Chief Executive Officer and our Chief Financial Officer concluded that, due to the material weaknesses previously reported in our
2022 Annual Report that have not yet been remediated, our disclosure controls and procedures were not effective as of June 30, 2023.
Changes
in Internal Control over Financial Reporting
Management
described a plan to remediate the material weaknesses within our 2022 Annual Report. Management, with the assistance of a third-party service provider, continues to design and implement internal controls.
Additionally, management continued its risk assessment to identify risks and objectives. There were no other changes in our internal controls
over financial reporting that occurred during the quarter ended June 30, 2023 that materially affected, or are reasonably likely to
materially affect, our internal control over financial reporting. Management will continue to evaluate and enhance our processes as
noted in the remediation plan described within our 2022 Annual Report. The elements of our remediation plan can only be accomplished
over time, and we can offer no assurance that these will ultimately have the intended effects.
PART
II - OTHER INFORMATION
ITEM
1. LEGAL PROCEEDINGS
From
time to time, we may become involved in litigation or other legal proceedings. We are not currently a party to any litigation or legal
proceedings that, in the opinion of our management, are likely to have a material adverse effect on our business. Regardless of the outcome,
litigation can have an adverse impact on us because of defense and settlement costs, diversion of management resources and other factors.
ITEM
1A. RISK FACTORS
As
a smaller reporting company, we are not required to provide the information required by this item.
ITEM
2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
None.
ITEM
3. DEFAULTS UPON SENIOR SECURITIES
None.
ITEM
4. MINE SAFETY DISCLOSURES
Not
applicable.
ITEM
5. OTHER INFORMATION
On
August 20, 2023, upon mutual agreement between us and Mr. Marchetti, Mr. Marchetti resigned from his position as our Chief Financial
Officer. Mr. Marchetti will continue in the role of Senior Vice President, Operations. In connection with Mr. Marchetti’s
resignation, on August 20, 2023, our board of directors appointed Denis Phares, our President, Chief Executive Officer, and
Chairman of the Board, to succeed Mr. Marchetti as our interim Chief Financial Officer. Dr. Phares will continue his duties
as President, Chief Executive Officer, and Chairman of the Board. We intend to commence a search for a full time Chief Financial Officer.
Dr. Phares has served as our Chief Executive Officer and Chairman of our
Board since October 2022. Dr. Phares is the co-founder of Dragonfly Energy Corp., a Nevada corporation (“Legacy Dragonfly”)
and has served as Legacy Dragonfly’s Chief Executive Officer and Chairman of the board of directors since 2012. From 2005 until
2012, Dr. Phares served as a faculty member of the Aerospace & Mechanical Engineering Department at the University of Southern California,
where he worked extensively on renewable energy technologies and received tenure in 2010. Dr. Phares holds an M.B.A. from the University
of Nevada — Reno, a Ph.D. in Engineering from the California Institute of Technology and a B.S. in Physics from Villanova
University.
ITEM
6. EXHIBITS
The
following exhibits are filed as part of, or incorporated by reference into, this Quarterly Report on Form 10-Q.
* |
Filed herewith. |
** |
Furnished. |
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized.
|
Dragonfly Energy Holdings
Corp.. |
|
|
|
Date:
August 21, 2023 |
By: |
/s/
Denis Phares |
|
|
Denis Phares |
|
|
Chief Executive
Officer, President and Interim Chief Financial Officer |
|
|
(Principal
Executive Officer and Principal Financial Officer) |
Exhibit
31.1
CERTIFICATION
PURSUANT TO
RULES
13a-14(a) AND 15d-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934,
AS
ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I,
Denis Phares, certify that:
|
1. |
I
have reviewed this quarterly report on Form 10-Q for the period ended June 30, 2023 of Dragonfly Energy Holdings Corp.; |
|
|
|
|
|
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 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 the Exchange
Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
|
|
|
|
|
|
a) |
Designed
such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared; |
|
|
|
|
|
|
b) |
Designed
such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our
supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles; |
|
|
|
|
|
|
c) |
Evaluated
the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about
the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;
and |
|
|
|
|
|
|
d) |
Disclosed
in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s
most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected,
or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
|
|
|
|
|
5. |
The
registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial
reporting, to the registrant’s auditors and the audit committee of the registrant’s Board of Directors (or persons performing
the equivalent functions): |
|
|
|
|
|
|
a) |
All
significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are
reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information;
and |
|
|
|
|
|
|
b) |
Any
fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s
internal control over financial reporting. |
|
Date:
August 21, 2023 |
|
|
|
/s/ Denis Phares |
|
Denis
Phares |
|
Chief
Executive Officer |
|
(Principal
Executive Officer) |
Exhibit
31.2
CERTIFICATION
PURSUANT TO
RULES
13a-14(a) AND 15d-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934,
AS
ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I,
Denis Phares, certify that:
|
1. |
I
have reviewed this quarterly report on Form 10-Q for the period ended June 30, 2023 of Dragonfly Energy Holdings Corp.; |
|
|
|
|
|
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 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 the Exchange
Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
|
|
|
|
|
|
a) |
Designed
such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared; |
|
|
|
|
|
|
b) |
Designed
such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our
supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles; |
|
|
|
|
|
|
c) |
Evaluated
the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about
the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;
and |
|
|
|
|
|
|
d) |
Disclosed
in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s
most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected,
or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
|
|
|
|
|
5. |
The
registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial
reporting, to the registrant’s auditors and the audit committee of the registrant’s Board of Directors (or persons performing
the equivalent functions): |
|
|
|
|
|
|
a) |
All
significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are
reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information;
and |
|
|
|
|
|
|
b) |
Any
fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s
internal control over financial reporting. |
|
Date:
August 21, 2023 |
|
|
|
/s/ Denis Phares |
|
Denis
Phares |
|
Interim
Chief Financial Officer |
|
(Principal
Financial and Accounting Officer) |
Exhibit
32.1
CERTIFICATION
OF CHIEF EXECUTIVE OFFICER AND
CHIEF
FINANCIAL OFFICER PURSUANT TO
18
U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO
SECTION
906 OF THE SARBANES-OXLEY ACT OF 2002
This
Certification is being filed pursuant to 18 U.S.C. Section 1350, as adopted by Section 906 of the Sarbanes-Oxley Act of 2002. This Certification
is included solely for the purposes of complying with the provisions of Section 906 of the Sarbanes-Oxley Act and is not intended to
be used for any other purpose. In connection with the accompanying Quarterly Report on Form 10-Q of Dragonfly Energy Holdings Corp. (the
“Company”) for the quarter ended June 30, 2023 (the “Quarterly Report”), Denis Phares, as Chief Executive
Officer and Interim Chief Financial Officer, certifies in his capacity as such officer of the Company, that to his
knowledge:
|
1) |
The
Quarterly Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
|
|
|
|
2) |
The
information contained in the Quarterly Report fairly presents, in all material respects, the financial condition and results of operations
of the Company. |
Dated:
August 21, 2023 |
By: |
/s/ Denis Phares |
|
|
Denis
Phares |
|
|
Chief
Executive Officer and Interim Chief Financial Officer |
|
|
(Principal
Executive Officer and Principal Financial Officer) |
This
certification shall not be deemed “filed” for any purpose, nor shall it be deemed to be incorporated by reference into any
filing under the Securities Act of 1933 or the Exchange Act.
v3.23.2
Cover - shares
|
6 Months Ended |
|
Jun. 30, 2023 |
Aug. 16, 2023 |
Document Type |
10-Q
|
|
Amendment Flag |
false
|
|
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true
|
|
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false
|
|
Document Period End Date |
Jun. 30, 2023
|
|
Document Fiscal Period Focus |
Q2
|
|
Document Fiscal Year Focus |
2023
|
|
Current Fiscal Year End Date |
--12-31
|
|
Entity File Number |
001-40730
|
|
Entity Registrant Name |
DRAGONFLY
ENERGY HOLDINGS CORP.
|
|
Entity Central Index Key |
0001847986
|
|
Entity Tax Identification Number |
85-1873463
|
|
Entity Incorporation, State or Country Code |
NV
|
|
Entity Address, Address Line One |
1190
Trademark Drive
|
|
Entity Address, Address Line Two |
#108
|
|
Entity Address, City or Town |
Reno
|
|
Entity Address, State or Province |
NV
|
|
Entity Address, Postal Zip Code |
89521
|
|
City Area Code |
(775)
|
|
Local Phone Number |
622-3448
|
|
Entity Current Reporting Status |
Yes
|
|
Entity Interactive Data Current |
Yes
|
|
Entity Filer Category |
Non-accelerated Filer
|
|
Entity Small Business |
true
|
|
Entity Emerging Growth Company |
true
|
|
Elected Not To Use the Extended Transition Period |
false
|
|
Entity Shell Company |
false
|
|
Entity Common Stock, Shares Outstanding |
|
58,780,316
|
Common stock, par value $0.0001 per share |
|
|
Title of 12(b) Security |
Common stock,
par value $0.0001 per share
|
|
Trading Symbol |
DFLI
|
|
Security Exchange Name |
NASDAQ
|
|
Redeemable Warrants, exercisable for common stock at an exercise price of $11.50 per share, subject to adjustment |
|
|
Title of 12(b) Security |
Redeemable
Warrants, exercisable for common stock at an exercise price of $11.50 per share, subject to adjustment
|
|
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DFLIW
|
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NASDAQ
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v3.23.2
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
Current Assets |
|
|
Cash |
$ 32,952
|
$ 17,781
|
Accounts receivable, net of allowance for credit losses |
2,172
|
1,444
|
Inventory |
44,198
|
49,846
|
Prepaid expenses |
1,199
|
1,624
|
Prepaid inventory |
2,942
|
2,002
|
Prepaid income tax |
529
|
525
|
Other current assets |
239
|
267
|
Total Current Assets |
84,231
|
73,489
|
Property and Equipment |
|
|
Machinery and equipment |
15,932
|
10,214
|
Office furniture and equipment |
275
|
275
|
Leasehold improvements |
1,727
|
1,709
|
Vehicle |
33
|
195
|
Total |
17,967
|
12,393
|
Less accumulated depreciation and amortization |
(2,180)
|
(1,633)
|
Property and Equipment, Net |
15,787
|
10,760
|
Operating lease right of use asset |
3,912
|
4,513
|
Total Assets |
103,930
|
88,762
|
Current Liabilities |
|
|
Accounts payable |
19,990
|
13,475
|
Accrued payroll and other liabilities |
9,758
|
6,295
|
Customer deposits |
152
|
238
|
Uncertain tax position liability |
128
|
128
|
Operating lease liability, current portion |
1,239
|
1,188
|
Total Current Liabilities |
53,639
|
40,566
|
Long-Term Liabilities |
|
|
Warrant liabilities |
14,637
|
32,831
|
Accrued expenses-long term |
551
|
492
|
Operating lease liability, net of current portion |
2,890
|
3,541
|
Total Long-Term Liabilities |
18,078
|
36,864
|
Total Liabilities |
71,717
|
77,430
|
Commitments and Contingencies (See Note 5) |
|
|
Equity |
|
|
Common stock, 170,000,000 shares at $0.0001 par value, authorized, 58,504,541 and 43,272,728 shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively |
6
|
4
|
Preferred stock, 5,000,000 shares at $0.0001 par value, authorized, no shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively |
|
|
Additional paid in capital |
66,148
|
38,461
|
Retained deficit |
(33,941)
|
(27,133)
|
Total Equity |
32,213
|
11,332
|
Total Liabilities and Shareholders’ Equity |
103,930
|
88,762
|
Nonrelated Party [Member] |
|
|
Current Liabilities |
|
|
Notes payable, current portion, net of deferred financing fees |
$ 22,372
|
$ 19,242
|
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v3.23.2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Statement of Financial Position [Abstract] |
|
|
Common stock, shares authorized |
170,000,000
|
170,000,000
|
Common shares, par value |
$ 0.0001
|
$ 0.0001
|
Common stock, shares issued |
58,504,541
|
43,272,728
|
Common stock, shares outstanding |
58,504,541
|
43,272,728
|
Preferred stock, shares authorized |
5,000,000
|
5,000,000
|
Preferred stock, par value |
$ 0.0001
|
$ 0.0001
|
Preferred stock, shares issued |
0
|
0
|
Preferred stock, shares outstanding |
0
|
0
|
X |
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v3.23.2
Condensed Interim Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Income Statement [Abstract] |
|
|
|
|
Net Sales |
$ 19,274
|
$ 21,622
|
$ 38,065
|
$ 39,925
|
Cost of Goods Sold |
15,176
|
14,594
|
29,224
|
27,402
|
Gross Profit |
4,098
|
7,028
|
8,841
|
12,523
|
Operating Expenses |
|
|
|
|
Research and development |
1,067
|
859
|
1,947
|
1,198
|
General and administrative |
7,614
|
3,816
|
17,109
|
7,442
|
Selling and marketing |
3,808
|
2,881
|
7,992
|
5,973
|
Total Operating Expenses |
12,489
|
7,556
|
27,048
|
14,613
|
Loss From Operations |
(8,391)
|
(528)
|
(18,207)
|
(2,090)
|
Other (Expense) Income |
|
|
|
|
Interest expense |
(4,113)
|
(1,228)
|
(7,928)
|
(2,491)
|
Change in fair market value of warrant liability |
804
|
|
19,327
|
|
Total Other (Expense) Income |
(3,309)
|
(1,228)
|
11,399
|
(2,491)
|
Loss Before Taxes |
(11,700)
|
(1,756)
|
(6,808)
|
(4,581)
|
Income Tax (Benefit) Expense |
|
(287)
|
|
(814)
|
Net Loss |
$ (11,700)
|
$ (1,469)
|
$ (6,808)
|
$ (3,767)
|
Loss Per Share- Basic |
$ (0.25)
|
$ (0.04)
|
$ (0.15)
|
$ (0.10)
|
Loss Per Share- Diluted |
$ (0.25)
|
$ (0.04)
|
$ (0.15)
|
$ (0.10)
|
Weighted Average Number of Shares- Basic |
47,418,269
|
36,616,430
|
46,263,591
|
36,579,990
|
Weighted Average Number of Shares- Diluted |
47,418,269
|
36,616,430
|
46,263,591
|
36,579,990
|
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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v3.23.2
Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) $ in Thousands |
Redeemable Preferred Stock [Member] |
Common Stock [Member] |
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
Total |
Balance – March 31, 2023 at Dec. 31, 2021 |
|
$ 2,000
|
$ 4
|
$ 1,619
|
$ 12,438
|
$ 14,061
|
Balance, shares at Dec. 31, 2021 |
|
10,000,000
|
20,875,475
|
|
|
|
Retroactive application of recapitalization |
|
$ (2,000)
|
|
2,000
|
|
2,000
|
Retroactive application of recapitalization, shares |
|
(10,000,000)
|
15,621,523
|
|
|
|
Adjusted balance, beginning of period |
|
|
$ 4
|
3,619
|
12,438
|
16,061
|
Adjusted balance, beginning of period, shares |
|
|
36,496,998
|
|
|
|
Net income (loss) |
|
|
|
|
(2,298)
|
(2,298)
|
Stock compensation expense |
|
|
|
288
|
|
288
|
Exercise of stock options |
|
|
|
113
|
|
113
|
Exercise of stock options, shares |
|
|
100,374
|
|
|
|
Balance at Mar. 31, 2022 |
|
|
$ 4
|
4,020
|
10,140
|
14,164
|
Balance, shares at Mar. 31, 2022 |
|
|
36,597,372
|
|
|
|
Balance – March 31, 2023 at Dec. 31, 2021 |
|
$ 2,000
|
$ 4
|
1,619
|
12,438
|
14,061
|
Balance, shares at Dec. 31, 2021 |
|
10,000,000
|
20,875,475
|
|
|
|
Net income (loss) |
|
|
|
|
|
$ (3,767)
|
Exercise of stock options, shares |
[1] |
|
|
|
|
254,623
|
Balance at Jun. 30, 2022 |
|
|
$ 4
|
4,540
|
8,671
|
$ 13,215
|
Balance, shares at Jun. 30, 2022 |
|
|
36,749,738
|
|
|
|
Balance – March 31, 2023 at Mar. 31, 2022 |
|
|
$ 4
|
4,020
|
10,140
|
14,164
|
Balance, shares at Mar. 31, 2022 |
|
|
36,597,372
|
|
|
|
Net income (loss) |
|
|
|
|
(1,469)
|
(1,469)
|
Stock compensation expense |
|
|
|
431
|
|
431
|
Exercise of stock options |
|
|
|
89
|
|
89
|
Exercise of stock options, shares |
|
|
152,366
|
|
|
|
Balance at Jun. 30, 2022 |
|
|
$ 4
|
4,540
|
8,671
|
13,215
|
Balance, shares at Jun. 30, 2022 |
|
|
36,749,738
|
|
|
|
Balance – March 31, 2023 at Dec. 31, 2022 |
|
|
$ 4
|
38,461
|
(27,133)
|
11,332
|
Balance, shares at Dec. 31, 2022 |
|
|
43,272,728
|
|
|
|
Net income (loss) |
|
|
|
|
4,892
|
4,892
|
Stock compensation expense |
|
|
|
4,487
|
|
4,487
|
Exercise of stock options |
|
|
|
93
|
|
93
|
Exercise of stock options, shares |
|
|
36,009
|
|
|
|
Common stock issued in public offering (ATM), net of costs |
|
|
|
597
|
|
597
|
Common stock issued in public offering (ATM), net of costs, shares |
|
|
73,500,000
|
|
|
|
Exercise of public warrants |
|
|
|
747
|
|
747
|
Exercise of public warrants, shares |
|
|
64,971,000
|
|
|
|
Cashless exercise of liability classified warrants |
|
|
$ 1
|
10,166
|
|
10,167
|
Cashless exercise of liability classified warrants, shares |
|
|
2,348,294
|
|
|
|
Balance at Mar. 31, 2023 |
|
|
$ 5
|
54,551
|
(22,241)
|
32,315
|
Balance, shares at Mar. 31, 2023 |
|
|
45,795,502
|
|
|
|
Balance – March 31, 2023 at Dec. 31, 2022 |
|
|
$ 4
|
38,461
|
(27,133)
|
11,332
|
Balance, shares at Dec. 31, 2022 |
|
|
43,272,728
|
|
|
|
Net income (loss) |
|
|
|
|
|
$ (6,808)
|
Exercise of stock options, shares |
[1] |
|
|
|
|
105,121
|
Common stock issued in public offering (ATM), net of costs, shares |
|
|
10,000,000
|
|
|
|
Exercise of public warrants |
|
|
|
|
|
$ 747
|
Exercise of public warrants, shares |
|
|
|
|
|
64,971
|
Balance at Jun. 30, 2023 |
|
|
$ 6
|
66,148
|
(33,941)
|
$ 32,213
|
Balance, shares at Jun. 30, 2023 |
|
|
58,504,541
|
|
|
|
Balance – March 31, 2023 at Mar. 31, 2023 |
|
|
$ 5
|
54,551
|
(22,241)
|
32,315
|
Balance, shares at Mar. 31, 2023 |
|
|
45,795,502
|
|
|
|
Net income (loss) |
|
|
|
|
(11,700)
|
(11,700)
|
Stock compensation expense |
|
|
|
954
|
|
954
|
Exercise of stock options |
|
|
|
230
|
|
230
|
Exercise of stock options, shares |
|
|
69,012
|
|
|
|
Cashless exercise of liability classified warrants |
|
|
|
2,462
|
|
2,462
|
Cashless exercise of liability classified warrants, shares |
|
|
748,029
|
|
|
|
Common stock issued in public offering, net of costs |
|
|
$ 1
|
7,877
|
|
7,878
|
Common stock issued in public offering, net of costs, shares |
|
|
11,405,000,000
|
|
|
|
Common stock issued in public offering (ATM), net of costs |
|
|
|
74
|
|
74
|
Common stock issued in public offering (ATM), net of costs, shares |
|
|
25,000
|
|
|
|
Shares issued for vested restricted stock units |
|
|
|
|
|
|
Shares issued for vested restricted stock units, shares |
|
|
461,998
|
|
|
|
Balance at Jun. 30, 2023 |
|
|
$ 6
|
$ 66,148
|
$ (33,941)
|
$ 32,213
|
Balance, shares at Jun. 30, 2023 |
|
|
58,504,541
|
|
|
|
|
|
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v3.23.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
|
3 Months Ended |
6 Months Ended |
18 Months Ended |
Jun. 30, 2023 |
Mar. 31, 2023 |
Jun. 30, 2022 |
Mar. 31, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Used in Operating Activities |
|
|
|
|
|
|
|
Net Loss |
$ (11,700,000)
|
$ 4,892,000
|
$ (1,469,000)
|
$ (2,298,000)
|
$ (6,808,000)
|
$ (3,767,000)
|
|
Adjustments to Reconcile Net Loss to Net Cash |
|
|
|
|
|
|
|
Stock based compensation |
954,000
|
|
431,000
|
|
5,441,000
|
719,000
|
$ 719,000
|
Amortization of debt discount |
|
|
|
|
620,000
|
1,196,000
|
|
Change in fair market value of warrant liability |
(804,000)
|
|
|
|
(19,327,000)
|
|
|
Deferred tax liability |
|
|
|
|
|
(819,000)
|
|
Non-cash interest expense (Paid-in Kind) |
|
|
|
|
2,510,000
|
|
|
Provision for doubtful accounts |
|
|
|
|
93,000
|
|
|
Depreciation and amortization |
|
|
|
|
593,000
|
389,000
|
|
Loss on disposal of property and equipment |
|
|
|
|
116,000
|
62,000
|
|
Changes in Assets and Liabilities |
|
|
|
|
|
|
|
Accounts receivable |
|
|
|
|
(821,000)
|
(3,876,000)
|
|
Inventories |
|
|
|
|
5,648,000
|
(15,141,000)
|
|
Prepaid expenses |
|
|
|
|
425,000
|
(1,236,000)
|
|
Prepaid inventory |
|
|
|
|
(940,000)
|
4,308,000
|
|
Other current assets |
|
|
|
|
28,000
|
(1,962,000)
|
|
Other assets |
|
|
|
|
601,000
|
551,000
|
|
Income taxes payable |
|
|
|
|
(4,000)
|
(973,000)
|
|
Accounts payable and accrued expenses |
|
|
|
|
6,272,000
|
820,000
|
|
Customer deposits |
|
|
|
|
(86,000)
|
(183,000)
|
|
Total Adjustments |
|
|
|
|
1,169,000
|
(16,145,000)
|
|
Net Cash Used in Operating Activities |
|
|
|
|
(5,639,000)
|
(19,912,000)
|
|
Cash Flows from Investing Activities |
|
|
|
|
|
|
|
Purchase of property and equipment |
|
|
|
|
(2,571,000)
|
(4,819,000)
|
|
Net Cash Used in Investing Activities |
|
|
|
|
(2,571,000)
|
(4,819,000)
|
|
Cash Flows from Financing Activities |
|
|
|
|
|
|
|
Proceeds from public offering, net |
|
|
|
|
22,002,000
|
|
|
Payment of offering costs |
|
|
|
|
(362,000)
|
|
|
Proceeds from public offering (ATM), net |
|
|
|
|
671,000
|
|
|
Proceeds from note payable, related party |
|
|
|
|
1,000,000
|
|
|
Repayment of note payable, related party |
|
|
|
|
(1,000,000)
|
|
|
Proceeds from exercise of public warrants |
|
|
|
|
747,000
|
|
|
Proceeds from exercise of options |
|
|
|
|
323,000
|
200,000
|
|
Net Cash Provided by Financing Activities |
|
|
|
|
23,381,000
|
200,000
|
|
Net Increase (Decrease) in Cash |
|
|
|
|
15,171,000
|
(24,531,000)
|
|
Beginning cash |
|
$ 17,781,000
|
|
$ 28,630,000
|
17,781,000
|
28,630,000
|
28,630,000
|
Ending cash |
$ 32,952,000
|
|
$ 4,099,000
|
|
32,952,000
|
4,099,000
|
$ 32,952,000
|
Supplemental Disclosures of Cash Flow Information: |
|
|
|
|
|
|
|
Cash paid for income taxes |
|
|
|
|
237
|
|
|
Cash paid for interest |
|
|
|
|
4,361
|
1,254
|
|
Supplemental Non-Cash Items |
|
|
|
|
|
|
|
Receivable of options exercised |
|
|
|
|
|
2,000
|
|
Purchases of property and equipment, not yet paid |
|
|
|
|
3,583,000
|
|
|
Cashless exercise of liability classified warrants |
|
|
|
|
$ 12,628,000
|
|
|
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v3.23.2
NATURE OF BUSINESS
|
6 Months Ended |
Jun. 30, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
NATURE OF BUSINESS |
Note
1 - NATURE OF BUSINESS
Dragonfly
Energy Holdings Corp. (“New Dragonfly” or the “Company”) sells lithium-ion battery packs for use in a wide variety
of applications. The Company sells to distributors under the Dragonfly Energy brand name, and sells direct to consumers under the trade
name Battleborn Batteries. In addition, the Company develops technology for improved lithium-ion battery manufacturing and assembly methods.
On
October 7, 2022, a merger transaction between Chardan NexTech Acquisition 2 Corporation (“CNTQ”), Dragonfly Energy Corp.
(“Legacy Dragonfly”), and Bronco Merger Sub, Inc. (“Merger Sub”) was completed pursuant to which Merger Sub was
merged with and into Legacy Dragonfly, with Legacy Dragonfly surviving the merger. As a result of the merger, Legacy Dragonfly became
a wholly owned subsidiary of New Dragonfly.
Although
New Dragonfly was the legal acquirer of Legacy Dragonfly in the merger, Legacy Dragonfly was deemed to be the accounting acquirer,
and the historical financial statements of Legacy Dragonfly became the basis for the historical financial statements of New
Dragonfly upon the closing of the merger. New Dragonfly together with its wholly owned subsidiary, Dragonfly Energy Corp., is
referred to hereinafter as the “Company.”
Furthermore,
the historical financial statements of Legacy Dragonfly became the historical financial statements of the Company upon the consummation
of the merger. As a result, the financial statements included in this Quarterly Report reflect (i) the historical operating results of
Legacy Dragonfly prior to the merger; (ii) the combined results of CNTQ and Legacy Dragonfly following the close of the merger; (iii)
the assets and liabilities of Legacy Dragonfly at their historical cost and (iv) the Legacy Dragonfly’s equity structure for all
periods presented, as affected by the recapitalization presentation after completion of the merger.
|
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v3.23.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|
6 Months Ended |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
Note
2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Principles
of consolidation
The
accompanying consolidated financial statements and related notes have been prepared in accordance with accounting principles generally
accepted in the United States of America (“U.S. GAAP”) and present the consolidated financial statements of the Company and
its wholly owned subsidiary. All significant intercompany transactions and balances are eliminated in consolidation.
Basis
of presentation
The
accompanying unaudited condensed consolidated financial statements and related notes have been prepared in accordance with U.S. GAAP
for interim financial information, and with the rules and regulations of the United States Securities and Exchange Commission (the “SEC”)
set forth in Article 8 of Regulation S X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP
for complete financial statements. The unaudited interim financial statements furnished reflect all adjustments (consisting of normal
recurring accruals) which are, in the opinion of management, necessary to a fair statement of the results for the interim periods presented.
Unaudited interim results are not necessarily indicative of the results for the full fiscal year. These condensed and consolidated financial
statements should be read along with the Annual Report filed of the Company for the annual period ended December 31, 2022. The consolidated
balance sheet as of December 31, 2022 was derived from the audited consolidated financial statements as of and for the year then ended.
Dragonfly
Energy Holdings Corp.
Notes
to Unaudited Condensed Consolidated Financial Statements
(in
thousands, except share and per share data)
Going
Concern
The
accompanying condensed consolidated financial statements have been prepared on a going concern basis, which contemplates the realization
of assets and the satisfaction of liabilities in the normal course of business. The condensed consolidated financial statements do not
include any adjustments that might result from the outcome of this uncertainty.
For
the six months ended June 30, 2023 and 2022, the Company incurred loss from operations and had negative cash flow from operations. As
of June 30, 2023, the Company had $32,952 in cash and working capital of $30,592. The Company’s ability to
achieve profitability and positive cash flow depends on its ability to increase revenue, contain its expenses and maintain compliance
with the financial covenants in its outstanding indebtedness agreements.
In
connection with the Company’s senior secured term loan facility in an aggregate principal amount of $75,000 (the “Term Loan”),
the Company is obligated to comply with certain financial covenants, which include maintaining a maximum senior leverage ratio, minimum
liquidity, a springing fixed charge coverage ratio, and maximum capital expenditures (See Note 6). On March 29, 2023, the Company obtained
a waiver from the Term Loan administrative agent and lenders of its failures to satisfy the fixed charge coverage ratio and maximum senior
leverage ratio with respect to the minimum cash requirements under the Term Loan during the quarter ended March 31, 2023. While the Company
was in compliance with its covenants for the quarter ended June 30, 2023, it is probable that the Company will fail to meet these covenants
within the next twelve months. If the Company is unable to obtain a waiver or if the Company is unable to comply with such covenants,
the lenders have the right to accelerate the maturity of the Term Loan. These conditions raise substantial doubt about the Company’s
ability to continue as a going concern.
In
addition, the Company may need to raise additional debt and/or equity financings to fund our operations, strategic plans, and meet its
financial covenants. The Company has historically been able to raise additional capital through issuance of equity and/or debt financings
and the Company intends to use its equity facility and raise additional capital as needed. However, the Company cannot guarantee that
it will be able to raise additional equity, contain expenses, or increase revenue, and comply with the financial covenants under the
Term Loan.
Recently adopted accounting standards:
In June 2016, the Financial Accounting Standards Board
(“FASB”) issued Accounting Standards Update (“ASU”) 2016-13, Financial Instruments – Credit Losses (Topic
326): Measurement of Credit Losses on Financial Instruments. The FASB subsequently issued amendments to ASU 2016-13, which have the same
effective date and transition date of January 1, 2023. These standards replace the existing incurred loss impairment model with an expected
credit loss model and requires a financial asset measure at amortized cost to be presented at the net amount expected to be collected.
The Company determined that this change does not have a material impact to the financial statements or financial statement disclosures.
Recently
issued accounting pronouncements:
There
were no recently adopted accounting standards that had a material impact on the Company’s financial statements. There were no recently
issued accounting standards not yet adopted which would have a material effect on the Company’s financial statements.
Dragonfly
Energy Holdings Corp.
Notes
to Unaudited Condensed Consolidated Financial Statements
(in
thousands, except share and per share data)
Note
2 – Summary of Significant Accounting Policies (continued)
Accounts
Receivable
The
Company’s trade receivables are recorded when billed and represent claims against third parties that will be settled in cash. Generally,
payment is due from customers within 30 – 90 days of the invoice date and the contracts do not have significant financing components.
Trade accounts receivables are recorded gross and are net of any applicable allowance. The Company has an allowance for doubtful accounts
as of June 30, 2023 and December 31, 2022 of $131 and $90, respectively.
Inventory
Inventories
(Note 4), which consist of raw materials and finished goods, are stated at the lower of cost (first in, first out) or net realizable
value, net of reserves for obsolete inventory. We continually analyze our slow moving and excess inventories. Based on historical and
projected sales volumes and anticipated selling prices, we establish reserves. Inventory that is in excess of current and projected
use is reduced by an allowance to a level that approximates its estimate of future demand. Products that are determined to be obsolete
are written down to net realizable value. As of June 30, 2023 and December 31, 2022, no such reserves were necessary.
Property
and Equipment
Property
and equipment are stated at cost, including the cost of significant improvements and renovations. Costs of routine repairs and maintenance
are charged to expense as incurred. Depreciation and amortization are calculated by the straight line method over the estimated useful
lives for owned property, or, for leasehold improvements, over the shorter of the asset’s useful life or term of the lease. Depreciation
expense for the six months ended June 30, 2023 and 2022 was $593 and $389, respectively. Depreciation expense for the three months ended
June 30, 2023 and 2022 was $296 and $197, respectively. The various classes of property and equipment and estimated useful lives are
as follows:
SCHEDULE
OF VARIOUS CLASSES OF PROPERTY AND EQUIPMENT AND ESTIMATED USEFUL LIVES
Office furniture and
equipment |
3
to 7 years |
Vehicles |
5 years |
Machinery and equipment |
3 to 7 years |
Leasehold improvements |
Remaining
Term of Lease |
Use
of Estimates
The
preparation of financial statements, in conformity with U.S. GAAP, requires management to make estimates and assumptions that affect
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 revenues and expenses during the reporting period. Actual results could differ from those estimates.
Warrants
The
Company applies relevant accounting guidance for warrants to purchase the Company’s stock based on the nature of the relationship
with the counterparty. For warrants issued to investors or lenders in exchange for cash or other financial assets, the Company follows
guidance issued within Accounting Standards Codification (“ASC”) 480, Distinguishing Liabilities from Equity (“ASC
480”), and ASC 815, Derivatives and Hedging (“ASC 815”), to assist in the determination of whether the warrants should
be classified as liabilities or equity. Warrants that are determined to require liability classification are measured at fair value upon
issuance and are subsequently remeasured to their then fair value at each subsequent reporting period with changes in fair value recorded
in current earnings. Warrants that are determined to require equity classification are measured at fair value upon issuance and are not
subsequently remeasured unless they are required to be reclassified.
Dragonfly
Energy Holdings Corp.
Notes
to Unaudited Condensed Consolidated Financial Statements
(in
thousands, except share and per share data)
Note
2 – Summary of Significant Accounting Policies (continued)
Revenue
Recognition
Under
Topic 606, an entity recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the
consideration that the entity expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements
that an entity determines are within the scope of Topic 606, the entity performs the following five steps: (i) identify the contract(s)
with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the
transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance
obligation. The Company only applies the five-step model to contracts when it is probable the entity will collect the consideration it
is entitled to in exchange for the goods or services it transfers to the customer.
Revenue
is recognized when control of the promised goods is transferred to the customer or reseller, in an amount that reflects the consideration
the Company expects to be entitled to in exchange for those goods and services. Revenue associated with products holding rights of return
are recognized when the Company concludes there is not a risk of significant revenue reversal in the future periods for the expected
consideration in the transaction. There are no material instances including discounts and refunds where variable consideration is constrained
and not recorded at the initial time of sale. Generally, our revenue is recognized at a point in time for standard promised goods at
the time of shipment when title and risk of loss pass to the customer.
The
Company may receive payments at the onset of the contract before delivery of goods for customers in the retail channel. Payment terms
for distributors and OEMs are typically due within 30-90 days after shipment. In such instances, the Company records a customer deposit
liability. The Company recognizes these contract liabilities as sales after the revenue criteria are met. As of June 30, 2023 and December
31, 2022, the contract liability related to the Company’s customer deposits approximated $152 and $238, respectively. The Company
recognized $221 of the contract liability pertaining to the year ended December 31, 2022 during the six months ended June 30, 2023. The
entire contract liability balance of $434 as of January 1, 2022 was recognized as revenue during the six months ended June 30, 2022.
Disaggregation
of Revenue
The
following table present our disaggregated revenues by distribution channel:
SCHEDULE
OF DISAGGREGATED REVENUES BY DISTRIBUTION CHANNEL
Sales | |
| 2023 | | |
| 2022 | | |
| 2023 | | |
| 2022 | |
| |
For
The Three Months Ended June 30, | | |
For
The Six Months Ended June 30, | |
Sales | |
| 2023 | | |
| 2022 | | |
| 2023 | | |
| 2022 | |
Retail | |
| 5,829 | | |
| 11,850 | | |
$ | 12,898 | | |
$ | 24,885 | |
Distributor | |
| 4,143 | | |
| 2,534 | | |
| 7,111 | | |
| 4,621 | |
Original
equipment manufacture | |
| 9,302 | | |
| 7,238 | | |
| 18,056 | | |
| 10,419 | |
Total | |
$ | 19,274 | | |
$ | 21,622 | | |
$ | 38,065 | | |
$ | 39,925 | |
Shipping
and Handling
Shipping
and handling fees paid by customers are recorded within net sales, with the related expenses recorded in cost of sales. Shipping and
handling costs associated with outbound freight are included in sales and marketing expenses. Shipping and handling costs associated
with outbound freight totaled $1,958 and $2,534 for the six months ended June 30, 2023 and 2022, respectively. Shipping and handling
costs associated with outbound freight totaled $951 and $1,306 for the three months ended June 30, 2023 and 2022, respectively.
Product
Warranty
The
Company offers assurance type warranties from 5 to 10 years on its products. The Company estimates the costs associated with the warranty
obligation using historical data of warranty claims and costs incurred to satisfy those claims. The Company estimates, based upon a review
of historical warranty claim experience, the costs that may be incurred under our warranties and record a liability in the amount of
such estimate at the time a product is sold. Factors that affect our warranty liability include the number of units sold, historical
and anticipated rates of warranty claims, and cost per claim. We periodically assess the adequacy of our recorded warranty liability
and adjust the accrual as claims data and historical experience warrants. The Company has assessed the costs of fulfilling its existing
assurance type warranties and has determined that the estimated outstanding warranty obligation on June 30, 2023 and December 31, 2022
to be $329 and $328, respectively.
Dragonfly
Energy Holdings Corp.
Notes
to Unaudited Condensed Consolidated Financial Statements
(in
thousands, except share and per share data)
Note
2 – Summary of Significant Accounting Policies (continued)
Concentrations
Receivables
from two customers comprised approximately 22% and 20%, respectively, of accounts receivable as of June 30, 2023. Receivables from three
customers comprised approximately 18%, 10% and 10%, respectively, of accounts receivable as of December 31, 2022. There are no other
significant accounts receivable concentration.
Sales
from one customer comprised approximately 26% of revenue for the six months ended June 30, 2023. One customer accounted for approximately
11% of the Company’s total revenue for the six months ended June 30, 2022. Sales from one customer comprised approximately 27%
of revenue for the three months ended June 30, 2023. One customer accounted for approximately 15% of the Company’s total revenue
for the three months ended June 30, 2022.
Payables
to two vendors comprised approximately 56% and 10%, respectively, of accounts payables as of June 30, 2023. Payables to one vendor comprised
approximately 61% of accounts payables as of December 31, 2022.
For
the six months ended June 30, 2023, one vendor accounted for approximately 22% of the Company’s total purchases. For the six months
ended June 30, 2022, one vendor accounted for approximately 26% of the Company’s total purchases. For the three months ended June
30, 2023, one vendor accounted for approximately 10% of the Company’s total purchases. For the three months ended June 30, 2022,
two vendors accounted for approximately 17% and 15%, respectively, of the Company’s total purchases.
Advertising
The
Company expenses advertising costs as they are incurred and are included in selling and marketing expenses.. Advertising expenses amounted
to $1,270 and $1,262 for the six months ended June 30, 2023 and 2022, respectively. Advertising expenses amounted to $683 and $481 for
the three months ended June 30, 2023 and 2022, respectively.
Stock-Based
Compensation
The
Company accounts for stock-based compensation arrangements with employees and non-employee consultants using a fair value method which
requires the recognition of compensation expense for costs related to all stock-based payments, including stock options (Note
11). The fair value method requires the Company to estimate the fair value of stock-based payment awards to employees and non-employees
on the date of grant using an option pricing model. Stock based compensation costs are based on the fair value of the underlying option
calculated using the Black Scholes option pricing model and recognized as expense on a straight-line basis over the requisite service
period, which is the vesting period. Restricted stock unit awards are valued based on the closing trading value of the Company’s
common stock, par value $0.0001, per share (the “Common Stock”) on the date of grant and then amortized on a straight-line
basis over the requisite service period of the award. The Company measures equity-based compensation awards granted to non-employees
at fair value as the awards vest and recognizes the resulting value as compensation expense at each financial reporting period.
Determining
the appropriate fair value model and related assumptions requires judgment, including estimating stock price volatility, expected dividend
yield, expected term, risk free rate of return, and the estimated fair value of the underlying common stock. Due to the lack of company
specific historical and implied volatility data, the Company has based its estimate of expected volatility on the historical volatility
of a group of similar companies that are publicly traded. The historical volatility is calculated based on a period of time commensurate
with the expected term assumption. The group of representative companies have characteristics similar to the Company, including stage
of product development and focus on the lithium-ion battery industry. The Company uses the simplified method, which is the average of
the final vesting tranche date and the contractual term, to calculate the expected term for options granted to employees as it does not
have sufficient historical exercise data to provide a reasonable basis upon which to estimate the expected term. The risk-free interest
rate is based on a treasury instrument whose term is consistent with the expected term of the stock options. The Company uses an assumed
dividend yield of zero as the Company has never paid dividends and has no current plans to pay any dividends on its common stock. The
Company accounts for forfeitures as they occur.
Dragonfly
Energy Holdings Corp.
Notes
to Unaudited Condensed Consolidated Financial Statements
(in
thousands, except share and per share data)
Note
2 – Summary of Significant Accounting Policies (continued)
Income
Taxes
Deferred
income tax assets and liabilities are determined based on the estimated future tax effects of net operating loss, credit carryforwards
and temporary differences between the tax basis of assets and liabilities and their respective financial reporting amounts measured at
the current enacted tax rates. The Company recognizes a tax benefit for an uncertain tax position only if it is more likely than not
that the tax position will be sustained on examination by taxing authorities, based on the technical merits of the position. The Company
has a liability of $128 as
of June 30, 2023, and December 31, 2022 of uncertain tax positions. The Company’s accounting policy is to include
penalties and interest related to income taxes if any, in selling, general and administrative expenses.
Segment
Reporting
Operating
segments are identified as components of an enterprise for which separate discrete financial information is available for evaluation
by the Company’s Chief Executive Officer to make decisions with respect to resource allocation and assessment of performance. To
date, the Company has viewed its operations and manages its business as one operating segment.
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v3.23.2
FAIR VALUE MEASUREMENTS
|
6 Months Ended |
Jun. 30, 2023 |
Fair Value Disclosures [Abstract] |
|
FAIR VALUE MEASUREMENTS |
Note
3 - FAIR VALUE MEASUREMENTS
ASC
820, Fair Value Measurements and Disclosures (“ASC 820”), establishes a fair value hierarchy for instruments measured at
fair value that distinguishes between assumptions based on market data (observable inputs) and the Company’s own assumptions (unobservable
inputs). Observable inputs are inputs that market participants would use in pricing the asset or liability based on market data obtained
from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the inputs
that market participants would use in pricing the asset or liability and are developed based on the best information available in the
circumstances.
ASC
820 identifies fair value as the exchange price, or exit price, representing the amount that would be received to sell an asset or paid
to transfer a liability in an orderly transaction between market participants. As a basis for considering market participant assumptions
in fair value measurements, ASC 820 establishes a three-tier fair value hierarchy that distinguishes between the following:
● |
Level 1 inputs are quoted
prices (unadjusted) in active markets for identical assets or liabilities. |
● |
Level 2 inputs are inputs
other than quoted prices included within Level 1 that are observable for a similar asset or liability, either directly or indirectly.
|
● |
Level 3 inputs are unobservable
inputs that reflect the Company’s own assumptions about the inputs that market participants would use in pricing the asset
or liability. |
Financial
assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.
To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination
of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest
for instruments categorized in Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level
of any input that is significant to the fair value measurement.
Dragonfly
Energy Holdings Corp.
Notes
to Unaudited Condensed Consolidated Financial Statements
(in
thousands, except share and per share data)
Note
3 - Fair Value Measurements (Continued)
The
following table presents assets and liabilities that were measured at fair value in the Condensed Consolidated Balance Sheets on a
recurring basis as of June 30, 2023:
SCHEDULE
OF FAIR VALUE, ASSETS AND LIABILITIES
| |
Carrying
Amount | | |
Fair
Value | | |
(Level
1) | | |
(Level
2) | | |
(Level
3) | |
| |
As
of June 30, 2023 | |
Liabilities | |
| | | |
| | | |
| | | |
| | | |
| | |
Warrant liability-
Term Loan | |
$ | 875 | | |
$ | 875 | | |
$ | - | | |
$ | - | | |
$ | 875 | |
Warrant liability- June public
offering | |
| 13,612 | | |
| 13,612 | | |
| - | | |
| - | | |
| 13,612 | |
Warrant
liability- Private placement warrants | |
| 150 | | |
| 150 | | |
| - | | |
| 150 | | |
| - | |
Total
liabilities | |
$ | 14,637 | | |
$ | 14,637 | | |
$ | - | | |
$ | 150 | | |
$ | 14,487 | |
The
following table presents assets and liabilities that were measured at fair value in the Consolidated Balance Sheets on a recurring basis
as of December 31, 2022:
| |
Carrying
Amount | | |
Fair
Value | | |
(Level
1) | | |
(Level
2) | | |
(Level
3) | |
| |
As
of December 31, 2022 | |
Liabilities | |
| | | |
| | | |
| | | |
| | | |
| | |
Warrant liability-
Term Loan | |
$ | 30,841 | | |
$ | 30,841 | | |
$ | - | | |
$ | - | | |
$ | 30,841 | |
Warrant
liability- Private placement warrants | |
| 1,990 | | |
| 1,990 | | |
| - | | |
| 1,990 | | |
| - | |
Total
liabilities | |
$ | 32,831 | | |
$ | 32,831 | | |
$ | - | | |
$ | 1,990 | | |
$ | 30,841 | |
The
carrying amounts of accounts receivable and accounts payable are considered level 1 and approximate fair value as of June 30, 2023 and
December 31, 2022 because of the relatively short maturity of these instruments.
The
carrying value of the term loan as of June 30, 2023 and December 31, 2022 approximates fair value as the interest rate does not differ
significantly from the current market rates available to the Company for similar debt and is considered level 2.
Dragonfly
Energy Holdings Corp.
Notes
to Unaudited Condensed Consolidated Financial Statements
(in
thousands, except share and per share data)
|
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- DefinitionThe entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.
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v3.23.2
INVENTORY
|
6 Months Ended |
Jun. 30, 2023 |
Inventory Disclosure [Abstract] |
|
INVENTORY |
Note
4 - INVENTORY
Inventory
consists of the following:
SCHEDULE
OF INVENTORY
| |
June
30, 2023 | | |
December
31, 2022 | |
Raw material | |
$ | 38,713 | | |
$ | 42,586 | |
Finished
goods | |
| 5,485 | | |
| 7,260 | |
Total
inventory | |
$ | 44,198 | | |
$ | 49,846 | |
|
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- DefinitionThe entire disclosure for inventory. Includes, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the classes of inventory, and the nature of the cost elements included in inventory.
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v3.23.2
COMMITMENTS AND CONTINGENCIES
|
6 Months Ended |
Jun. 30, 2023 |
Commitments and Contingencies Disclosure [Abstract] |
|
COMMITMENTS AND CONTINGENCIES |
Note
5 - COMMITMENTS AND CONTINGENCIES
Litigation
From
time to time the Company may be named in claims arising in the ordinary course of business. Currently, no legal proceedings, governmental
actions, administrative actions, investigations or claims are pending against the Company or involve the Company that, in the opinion
of the Company’s management, could reasonably be expected to have a material adverse effect on the Company’s business and
financial condition.
Operating
Leases
The
Company has leases related to the main office, warehouse space, research and development lab, and engineering office, all located in
Reno, Nevada. The leases require annual escalating monthly payments ranging from $111 to $128. On February 2, 2022, the Company entered
into a 124-month lease agreement in Reno, Nevada. The lease calls for monthly base rent of $230, $23 of fixed operating expense costs,
and estimated monthly property taxes of $21. The monthly base rent and fixed operating expense costs are subject to escalation of 3%
and 2.4%, respectively, on an annual basis. The first payment is due upon substantial completion of construction of the building which
is expected to be within 2 years from the effective date. As of June 30, 2023, the lease has not commenced as the Company does not have
control over the asset.
The
following table presents the breakout of the operating leases as of:
SCHEDULE OF TABLE REPRESENTING THE BREAKOUT OF THE OPERATING LEASES
| |
June
30, 2023 | | |
December
31, 2022 | |
Operating
lease right-of-use assets | |
$ | 3,912 | | |
$ | 4,513 | |
Short-term operating lease liabilities | |
| 1,239 | | |
| 1,188 | |
Long-term
operating lease liabilities | |
| 2,890 | | |
| 3,541 | |
Total
operating lease liabilities | |
$ | 4,129 | | |
$ | 4,729 | |
Weighted average remaining lease term | |
| 3.1
years | | |
| 3.6
years | |
Weighted average discount rate | |
| 5.2 | % | |
| 5.2 | % |
Assumptions
used in determining our incremental borrowing rate include our implied credit rating and an estimate of secured borrowing rates based
on comparable market data.
Dragonfly
Energy Holdings Corp.
Notes
to Unaudited Condensed Consolidated Financial Statements
(in
thousands, except share and per share data)
Note
5 - Commitments and Contingencies (Continued)
Operating
Leases (Continued)
At
June 30, 2023, the future minimum lease payments under these operating leases are as follows:
SCHEDULE OF THE FUTURE MINIMUM LEASE PAYMENTS UNDER THE OPERATING LEASES
Fiscal
Years Ending | |
Amount | |
December
31, 2023 (1) | |
$ | 704 | |
December 31, 2024 | |
| 1,435 | |
December 31, 2025 | |
| 1,435 | |
December 31, 2026 | |
| 893 | |
Total
lease payments | |
| 4,467 | |
Less imputed
interest | |
| 338 | |
Total
operating lease liabilities | |
$ | 4,129 | |
(1) | Represents
scheduled payments for the remaining six-month period ending December 31, 2023 |
SCHEDULE
OF LEASE COST
| |
| |
For
The Three Months Ended
June 30, | | |
For
The Six Months Ended
June 30, | |
Lease
cost | |
Classification | |
| 2023 | | |
| 2022 | | |
| 2023 | | |
| 2022 | |
Operating lease cost | |
Cost of goods sold | |
$ | 348 | | |
$ | 355 | | |
$ | 695 | | |
$ | 527 | |
Operating lease cost | |
Research and development | |
| 23 | | |
| 40 | | |
| 45 | | |
| 59 | |
Operating lease cost | |
General and administration | |
| 12 | | |
| 20 | | |
| 24 | | |
| 30 | |
Operating
lease cost | |
Selling
and marketing | |
| 12 | | |
| 20 | | |
| 24 | | |
| 30 | |
Total
lease cost | |
| |
$ | 395 | | |
$ | 435 | | |
$ | 788 | | |
$ | 646 | |
Earnout
The
former holders of shares of Legacy Dragonfly common stock (including shares received as a result of the conversion of Legacy Dragonfly
Preferred Stock into New Dragonfly Common Stock) are entitled to receive their pro rata share of up to 40,000,000 additional shares of
common stock (the “Earnout Shares”). The Earnout Shares are issuable in three tranches. The first tranche of 15,000,000 shares
is issuable if New Dragonfly’s 2023 total audited revenue is equal to or greater than $250,000 and New Dragonfly’s 2023 audited
operating income is equal to or greater than $35,000. The second tranche of 12,500,000 shares is issuable upon achieving a volume-weighted
average trading price threshold of at least $22.50 on or prior to December 31, 2026 and the third tranche of 12,500,000 is issuable upon
achieving a volume-weighted average trading price threshold of at least $32.50 on or prior to December 31, 2028. To the extent not previously
earned, the second tranche is issuable if the $32.50 price target is achieved by December 31, 2028.
Other
Contingencies
See
Note 7 for further discussion regarding contingent consideration arising from the April 2022 asset purchase agreement with Thomason Jones
Company, LLC.
Dragonfly
Energy Holdings Corp.
Notes
to Unaudited Condensed Consolidated Financial Statements
(in
thousands, except share and per share data)
|
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- DefinitionThe entire disclosure for commitments and contingencies.
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v3.23.2
DEBT
|
6 Months Ended |
Jun. 30, 2023 |
Debt Disclosure [Abstract] |
|
DEBT |
Note
6 - DEBT
Financing
Trust Indenture
On
November 24, 2021, the Company entered into agreements to issue $45,000 in fixed rate senior notes (Series 2021-6 Notes) pursuant to
a Trust Indenture held by UMB Bank, as trustee and disbursing agent, and Newlight Capital, LLC as servicer. The trust and debt documents
also require a Lender Collateral Residual Value Insurance Policy (the “Insurance Policy”, with UMB Bank as named insured
for $45,000), and a placement agent, which is Tribe Capital Markets, LLC.
In
connection with the merger on October 7, 2022 (the “Closing Date”), the Company entered into a Term Loan, Guarantee and Security
Agreement (see “Term Loan Agreement” below) and the outstanding principal balance for the Series 2021-6 Notes underlying
the Trust Indenture was paid in full. A loss on extinguishment of $4,824 was recognized upon settlement. During the six months ended
June 30, 2022, a total of $1,254 of interest expense was incurred under the debt. Amortization of the debt issuance costs amounted to
$1,197 during the six months ended June 30, 2022. During the three months ended June 30, 2022, a total of $635 of interest expense was
incurred under the debt. Amortization of the debt issuance costs amounted to $584 during the three months ended June 30, 2022.
Dragonfly
Energy Holdings Corp.
Notes
to Unaudited Condensed Consolidated Financial Statements
(in
thousands, except share and per share data)
Note
6 - Debt (continued)
Term
Loan Agreement
On
October 7, 2022, in connection with the merger, CNTQ, Legacy Dragonfly and CCM Investments 5 LLC, an affiliate of CCM LLC (“CCM
5”, and in connection with the Term Loan, the “Chardan Lender”), and EICF Agent LLC (“EIP” and, collectively
with the Chardan Lender, the “Initial Term Loan Lenders”) entered into the Term Loan Agreement setting forth the terms of
the Term Loan. The Chardan Lender backstopped its commitment under the Debt Commitment Letter by entering into a backstop commitment
letter, dated as of May 20, 2022 (the “Backstop Commitment Letter”), with a certain third party financing source (the “Backstop
Lender” and collectively with EIP, the “Term Loan Lenders”), pursuant to which the Backstop Lender committed to purchase
from the Chardan Lender the aggregate amount of the Term Loan held by the Chardan Lender (the “Backstopped Loans”) immediately
following the issuance of the Term Loan on the Closing Date. Pursuant to an assignment agreement, the Backstopped Loans were assigned
by CCM 5 to the Backstop Lender on the Closing Date.
Pursuant
to the terms of the Term Loan Agreement, the Term Loan was advanced in one tranche on the Closing Date. The proceeds of the Term Loan
were used (i) to refinance on the Closing Date prior indebtedness (including the obligations underlying the Trust Indenture), (ii) to
support the Transaction under the merger Agreement, (iii) for working capital purposes and other corporate purposes, and (iv) to pay
any fees associated with transactions contemplated under the Term Loan Agreement and the other loan documents entered into in connection
therewith, including the transactions described in the foregoing clauses (i) and (ii) and fees and expenses related to the merger. The
Term Loan amortizes in the amount of 5% per annum (or $937.5 on the first day of each calendar quarter) beginning 24 months after the
Closing Date and matures on the fourth anniversary of the Closing Date (“Maturity Date”). The Term Loan accrues interest
(i) until April 1, 2023, at a per annum rate equal to the adjusted Secured Overnight Financing Rate (“SOFR”) plus a margin
equal to 13.5%, of which 7% will be payable in cash and 6.5% will be paid in kind, (ii) thereafter until October 1, 2024, at a per annum
rate equal to adjusted SOFR plus 7% payable in cash plus an amount ranging from 4.5% to 6.5%, depending on the senior leverage ratio
of the consolidated company, which will be paid in kind and (iii) at all times thereafter, at a per annum rate equal to adjusted SOFR
plus a margin ranging from 11.5% to 13.5% payable in cash, depending on the senior leverage ratio of the consolidated company. In each
of the foregoing cases, adjusted SOFR will be no less than 1%.
In
addition to optional prepayments by the Company upon written notice, the Term Loan Agreement provides for mandatory prepayments upon
receipt of proceeds from certain transactions or casualty events. Beginning on the date the financial statements for the year ended December
31, 2023 are required to be delivered to the Term Loan Lenders, the Company will be required to prepay the Term Loan based on excess
cash flow, as defined in the agreement.
Unless
the obligations under the Term Loan are accelerated under the terms of the agreement, the maturity date will be October 7, 2026.
The
Term Loan Lenders have been granted a first priority lien, and security interest in, the mortgaged properties underlying the Company’s
mortgages.
Dragonfly
Energy Holdings Corp.
Notes
to Unaudited Condensed Consolidated Financial Statements
(in
thousands, except share and per share data)
Note
6 - Debt (continued)
Term
Loan Agreement (Continued)
During
the three and six months ended June 30, 2023, a total of $3,651 and $7,147, respectively, of interest expense was incurred under the
debt. Amortization of the debt issuance costs amounted to $401 and $620, respectively, during the three and six months ended June 30,
2023.
The
carrying balance of $22,372 on June 30, 2023 consisted of $75,000 in principal, plus $3,702 Paid-in-Kind (PIK) interest, less $56,330 in unamortized
debt discount related to the debt issuance costs.
Financial
Covenants
Maximum
Senior Leverage Ratio
The
Senior Leverage Ratio is the ratio of (a) consolidated indebtedness, as defined, on such date minus 100% of the unrestricted cash and
cash equivalents held (subject to adjustment) to (b) Consolidated earnings before interest, tax and amortization (“EBITDA”)
for the trailing twelve (12) fiscal month period most recently ended. If liquidity, as defined, for any fiscal quarter is less than $17,500,
the Senior Leverage Ratio shall not be permitted, as of the last day of any fiscal quarter ending during any period set forth below,
to exceed the ratio set forth opposite such period in the table below:
SCHEDULE
OF LEVERAGE RATIO
Test
Period Ending | |
Leverage
Ratio |
December
31, 2022 - March 31, 2023 | |
6.75 to 1.00 |
June
30, 2023 - September 30, 2023 | |
6.00 to 1.00 |
December
31, 2023 - March 31, 2024 | |
5.00 to 1.00 |
June
30, 2024 - September 30, 2024 | |
4.00 to 1.00 |
December
31, 2024 - March 31, 2025 | |
3.25 to 1.00 |
June
30, 2025 and thereafter | |
3.00 to 1.00 |
Liquidity
The
Company shall not permit their Liquidity (determined on a consolidated basis) to be less than $10,000 as of the last day of each fiscal
month (commencing with month ending December 31, 2022).
Fixed
Charge Coverage Ratio
The
Fixed Charge Coverage Ratio is the ratio of consolidated EBITDA (less capital expenditures and certain other adjustments) to consolidated
fixed charges, as defined in the agreement. If Liquidity is less than $17,500 as of the last day of any fiscal quarter (commencing with
the quarter ending December 31, 2022), then the Company shall not permit the Fixed Charge Coverage Ratio for the trailing four quarterly
periods ending on the last day of any such quarter to be less than 1.15 to 1.00.
Capital
Expenditures
If
consolidated EBITDA for the trailing twelve-month period ending on the most recently completed fiscal quarter is less than $15,000, then
the level of capital expenditures is limited.
The
Company was in compliance with its covenants as of June 30, 2023 and December 31, 2022. During the three months ended March 31, 2023,
the Company determined it would fail to satisfy the fixed charge coverage ratio and maximum senior leverage ratio for the quarter. On
March 29, 2023, the Company obtained a waiver from the Administrative Agent and the Term Loan Lenders of its failures to satisfy the
fixed charge coverage ratio and maximum senior leverage ratio with respect to the minimum cash requirements under the Term Loan during
the quarter ended March 31, 2023. As a result of the uncertainty of maintaining compliance with financial covenants the Company has continued
to classify the entire term loan balance within current liabilities on the balance sheet..
Dragonfly
Energy Holdings Corp.
Notes
to Unaudited Condensed Consolidated Financial Statements
(in
thousands, except share and per share data)
Note
6 - Debt (continued)
Future Debt Maturities
At
June 30, 2023, the future debt maturities are as follows:
SCHEDULE
OF FUTURE DEBT MATURITIES
| |
| |
For Year Ended December 31, | |
| |
2023
(1) | |
$ | - | |
2024 | |
| 938 | |
2025 | |
| 3,750 | |
2026 | |
| 80,620 | |
Total | |
| 85,308 | |
Less:
Estimated interest paid-in-kind | |
| (6,606 | ) |
Total
debt | |
| 78,702 | |
Less:
Unamortized debt issuance costs, noncurrent | |
| (56,330 | ) |
Total
carrying amount | |
| 22,372 | |
Less:
Current portion of debt | |
| (22,372 | ) |
Total
long-term debt | |
$ | - | |
(1) | | Represents
scheduled payments for the remaining six-month period ending December 31, 2023 |
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- DefinitionThe entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.
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v3.23.2
ASSET PURCHASE AGREEMENT
|
6 Months Ended |
Jun. 30, 2023 |
Business Combination and Asset Acquisition [Abstract] |
|
ASSET PURCHASE AGREEMENT |
Note
7 - ASSET PURCHASE AGREEMENT
Bourns
Production, Inc
On
January 1, 2022, the Company entered into an asset purchase agreement (the “APA”) with Bourns Productions, Inc., a Nevada
corporation (“Bourns Productions”) pursuant to which the Company acquired machinery, equipment and a lease for a podcast
studio from Bourns Productions as set forth in the APA for a purchase price of $197 which approximated fair market value.
Thomason
Jones Company, LLC
In
April 2022, the Company entered into an Asset Purchase Agreement (the “April 2022 Asset Purchase Agreement”) with William
Thomason, Richard Jones, and Thomason Jones Company, LLC (“Thomason Jones”) whereby the Company acquired inventory and intellectual
property assets for up to $700 cash plus contingent payments of $1,000 each to William Thomason and Richard Jones (the “Earn Out”).
The Company determined the contingent consideration to be recognized as contingent compensation to Mr. Thomason and Mr. Jones. The Company
concluded the purchase price to be $444 and was allocated in its entirety to inventory.
Contingent
Compensation
If,
within twenty-four months of the Agreement the Company realizes $3,000 in gross sales of product either (a) sold under the Wakespeed
brand and/or (b) which incorporates any portion of Purchased IP as listed within the agreement, then the Company will pay to Thomason
and Jones each the amount of $1,000 as soon as reasonably practicable. This payment may be made in cash or common stock, in the sole
discretion of the Company. As a result, the Company determined that a liability should be recorded ratably over the 24-month period.
The Company recognized immediate compensation expense within sales and marketing of $417 on October 1, 2022 for amounts that should have
been accrued for during the period April 2022 through September 2022. In October 2022, the Company determined the sales goals will most
likely be achieved within 18 months. As a result, the Company changed its estimate prospectively and accelerated the accrual as if the
sales goals would be achieved within an 18-month period from the date of acquisition. As a result, the Company recorded an accrual related
to the Earn Out in the amount of $1,909 and $782 as of June 30, 2023 and December 31, 2022, respectively.
Dragonfly
Energy Holdings Corp.
Notes
to Unaudited Condensed Consolidated Financial Statements
(in
thousands, except share and per share data)
|
X |
- DefinitionThe entire disclosure for asset acquisition.
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v3.23.2
RELATED PARTY
|
6 Months Ended |
Jun. 30, 2023 |
Related Party Transactions [Abstract] |
|
RELATED PARTY |
Note
8 - RELATED PARTY
The
Company loaned its Chief Financial Officer $469 to repay amounts owed by him to his former employer and entered into a related Promissory
Note with a maturity date of March 1, 2026. The loan was forgiven in full in March of 2022 and was recorded within general and administrative
expense.
On
October 25, 2022, the Company entered into a separation and release of claims agreement with its Chief Operating Officer (“COO”).
As consideration for the COO’s execution of the agreement, the Company agreed to pay the employee a lump sum payment of $100 which
is included in general and administrative expenses in the statements of operations, payments equivalent to $1,000 divided into 24 monthly
payments commencing on December 1, 2022, and all outstanding equity-based compensation awards to become fully vested and exercisable.
The COO shall have 12 months from the termination date to exercise outstanding options.
In
February 2023, the Company entered into an agreement with its former COO in which the COO waived their rights to a transaction bonus
resulting from the merger transaction (Note 1) in lieu of a Company van. The Company accounted for the cost of the van as an
employee bonus, resulting in $116 of general and administrative expense for the current period.
On
March 5, 2023, the Company entered into a convertible promissory note (the “Note”) with a board member in the amount of $1,000,
or the Principal Amount. Upon execution of the Note and funding of the original principal sum, a payment of $100 (the “Loan Fee”)
was fully earned as of the date of the Note and was due and payable in full in cash on April 4, 2023. The Company paid the Principal
Amount and the Loan Fee on April 1, 2023 and April 4, 2023, respectively.
On
April 26, 2023, the Company entered into a separation and release of claims agreement with its Chief Legal Officer
(“CLO”). As consideration for the CLO’s execution of the agreement, the Company agreed to pay the employee
payments equivalent to $720
for wages and benefits divided into 24 monthly payments commencing on June 1, 2023, and all outstanding equity-based compensation
awards to become fully vested and exercisable resulting in an expense of $76.
The CLO shall have 3 months from the termination date to exercise outstanding options. The three-month period ended on July 26, 2023 in which the options were not exercised
and the options were forfeited as a result.
|
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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v3.23.2
WARRANTS
|
6 Months Ended |
Jun. 30, 2023 |
Warrants |
|
WARRANTS |
Note
9 - WARRANTS
Common
Stock Warrants classified as Equity
Public
Warrants
Each
Public Warrant entitles the holder to the right to purchase one share of common stock at an exercise price of $11.50 per share. No fractional
shares will be issued upon exercise of the Public Warrants. The Company may elect to redeem the Public Warrants subject to certain conditions,
in whole and not in part, at a price of $0.01 per Public Warrant if (i) 30 days’ prior written notice of redemption is provided
to the holders, and (ii) the last reported sale price of the Company’s common stock equals or exceeds $16.00 per share (as adjusted
for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within a 30-trading day period
ending on the third business day prior to the date on which the Company sends the notice of redemption to the warrant holders. Upon issuance
of a redemption notice by the Company, the warrant holders have a period of 30 days to exercise for cash, or on a cashless basis. On
the Closing Date, there were 9,487,500 Public Warrants issued and outstanding. The Public Warrants are not precluded from equity classification
and are accounted for as such on the date of issuance, and each balance sheet date thereafter.
The
measurements of the Public Warrants after the detachment of the Public Warrants from the Units are classified as Level 1 due to the use
of an observable market quote in an active market under the ticker DFLIW. For periods subsequent to the detachment of the Public Warrants
from the Units, the close price of the Public Warrant price was used as the fair value of the Warrants as of each relevant date.
During
the six months ended June 30, 2023, the Company received proceeds from public warrant exercises of $747 in exchange for 64,971 common
shares. The Company did not receive any proceeds from public warrants during the three months ended June 30, 2023.
June
2023 Offering
In
connection with the entry into the underwriting agreement as further described in Note 10 of the financial statements, (the “June
2023 Offering”) the Company issued (i) underwriters warrants to purchase up to an aggregate of 570,250
shares of Common Stock (the “Underwriters’
Warrants”) which are exercisable upon issuance and will expire on June 20, 2028. The initial exercise price of the Underwriters’
Warrants is $2.50
per share, which equals 125%
of the per share public offering price in the June 2023 Offering and (ii) warrants to purchase up to 10,000,000
shares of Common Stock to the investors in the
offering together with shares of Common Stock (the “Investor Warrants”), at the combined public offering price of $2.00
per share of Common Stock and accompanying Warrant,
less underwriting discounts and commissions . The Company also granted the underwriters a 45-day over-allotment option to purchase up
to an additional 1,500,000
shares of Common Stock and/or Investor Warrants
to purchase up to 1,500,000
shares of Common Stock at the public offering
price per security, less underwriting discounts and commissions. The underwriters exercised its over-allotment option to purchase an
additional 1,405,000
shares of Common Stock and Investor Warrants
to purchase up to 1,405,000
shares of Common Stock. The Company accounts
for the Investor Warrants issued in connection with the Offering in accordance with the guidance contained in ASC 815-40. Such guidance
provides that because the Investor Warrants do not meet the criteria for equity treatment thereunder, each warrant must be recorded as
a liability. This liability is subject to re-measurement at each balance sheet date. With each such re-measurement, the warrant liabilities
will be adjusted to its current fair value, with the change in fair value recognized in the Company’s statement of operations.
The Company will reassess the classification at each balance sheet date. It was determined that the Underwriters’ Warrants were
not precluded from equity treatment and have been accounted for as such.
Underwriter
Warrants:
SCHEDULE
OF UNDERWRITER WARRANTS
| |
Common Stock Warrants | |
Warrants Outstanding, January 1, 2023 | |
| - | |
Warrants issued | |
| 570,250 | |
Warrants Outstanding, June 30, 2023 | |
| 570,250 | |
There were no underwriter warrants issued,
exercised and outstanding from the period January 1, 2022 through June 30, 2022.
Dragonfly
Energy Holdings Corp.
Notes
to Unaudited Condensed Consolidated Financial Statements
(in
thousands, except share and per share data)
Note
9 - Warrants (continued)
Common
Stock Warrants classified as Liability
Private
Placement Warrants
The
Private Placement Warrants may not be redeemed by the Company so long as the Private Placement Warrants are held by the initial purchasers,
or such purchasers’ permitted transferees. The Private Warrants: (i) will be exercisable either for cash or on a cashless basis
at the holders’ option and (ii) will not be redeemable by the Company, in either case as long as the Private Warrants are held
by the initial purchasers or any of their permitted transferees (as prescribed in the Subscription Agreement). The Private Warrants may
not be sold, transferred, assigned, pledged or hypothecated, or be the subject of any hedging, short sale, derivative, put, or call transaction
that would result in the effective economic disposition of, the Private Warrants (or any securities underlying the Private Warrants)
for a period of one hundred eighty (180) days following the effective date of the Registration Statement to anyone other than any member
participating in the Public Offering and the officers or partners thereof, if all securities so transferred remain subject to the lock-up
restriction for the remainder of the time period. During the six months ended June 30, 2023, private placement warrant holders exercised
3,126,472 warrants on a cashless basis, with the Company agreeing to issue 1,100,000 shares of common stock in connection with such exercise.
There were 1,501,386 and 4,627,858 private warrants issued and outstanding as of June 30, 2023 and December 31, 2022, respectively. The
Company accounts for the Private Warrants issued in connection with the Initial Public Offering in accordance with the guidance contained
in ASC 815-40. Such guidance provides that because the private warrants do not meet the criteria for equity treatment thereunder, each
private warrant must be recorded as a liability. This liability is subject to re-measurement at each balance sheet date. With each such
re-measurement, the warrant liabilities will be adjusted to its current fair value, with the change in fair value recognized in the Company’s
statement of operations. The Company will reassess the classification at each balance sheet date.
The
Private Placement Warrants are classified as Level 2 as the transfer of private placement warrants to anyone who is not a permitted transferee
would result in the Private Placement Warrants having substantially similar terms as the Public Warrants (with the exception of a different
remaining life). We determined, through use of a Binomial Lattice model, that the fair value of each Private Placement Warrant less a
discount for the difference in remaining life is equivalent to that of each Public Warrant.
Term
Loan Warrants
In
connection with the entry into the Term Loan Agreement, and as a required term and condition thereof, the Company issued (i) the penny
warrants to the Term Loan Lenders exercisable to purchase an aggregate of 2,593,056
shares (the “Penny Warrants”)
and (ii) the $10 warrants to issue warrants to the Term Loan Lenders exercisable to purchase an aggregate of 1,600,000
shares of common stock at $10
per share (the “$10 Warrants”
and, together with the Penny Warrants, the “Term Loan Warrants”). The $10 Warrants were exercised on a cashless basis on
October 10, 2022, with the Company issuing 457,142
shares of Common Stock in connection
with such exercise. During the three months ended June 30, 2023, penny warrant holders exercised 750,000
warrants on a cashless basis, with
the Company agreeing to issue 748,029
shares of common stock in connection
with such exercise. The Company concluded the warrants are not considered indexed to the Company’s stock and to be accounted for
as liabilities under ASC 815. As such, the estimated fair value is recognized as a liability each reporting period, with changes in the
fair value recognized within income each period.
Dragonfly
Energy Holdings Corp.
Notes
to Unaudited Condensed Consolidated Financial Statements
(in
thousands, except share and per share data)
Note
9 - Warrants (continued)
Common
Stock Warrants classified as Liability (Continued)
The
following table provides the significant inputs to the Black-Scholes method for the fair value of the Penny Warrants:
SCHEDULE
FAIR VALUE WARRANTS
| |
As
of June 30, 2023 | | |
As
of December 31, 2022 | |
Common stock price | |
$ | 1.48 | | |
$ | 11.09 | |
Exercise price | |
| 0.01 | | |
| 0.01 | |
Dividend yield | |
| 0 | % | |
| 0 | % |
Term (in years) | |
| 9.27 | | |
| 9.77 | |
Volatility | |
| 119.00 | % | |
| 90.00 | % |
Risk-free rate | |
| 3.80 | % | |
| 3.90 | % |
Fair value | |
$ | 1.48 | | |
$ | 11.89 | |
The
following table provides the significant inputs to the Black-Scholes method for the fair value of the June Offering Warrants:
| |
As
of June 30, 2023 | | |
As
of June 20, 2023
(Initial Measurement)
| |
Common stock price | |
$ | 1.48 | | |
$ | 1.50 | |
Exercise price | |
$ | 2.00 | | |
$ | 2.00 | |
Dividend yield | |
| 0 | % | |
| 0 | % |
Term (in years) | |
| 4.98 | | |
| 5 | |
Volatility | |
| 119.00 | % | |
| 118.00 | % |
Risk-free rate | |
| 4.10 | % | |
| 4.00 | % |
Fair value | |
$ | 1.19 | | |
$ | 1.21 | |
The
following table presents a roll-forward of the Company’s warrants from January 1, 2023 to June 30, 2023:
SCHEDULE
OF ROLL FORWARD IN WARRANTS
Private
Warrants:
| |
Common
Stock Warrants | |
Warrants
Outstanding, January 1, 2023 | |
| 4,627,858 | |
Exercise
of warrants | |
| (3,126,472 | ) |
Warrants
Outstanding, June 30, 2023 | |
| 1,501,386 | |
There
were no private warrants issued, exercised and outstanding from the period January 1, 2022 through June 30, 2022.
Public
Warrants:
| |
Common
Stock Warrants | |
Warrants
Outstanding, January 1, 2023 | |
| 9,487,500 | |
Exercise
of warrants | |
| (64,971 | ) |
Warrants
Outstanding, June 30, 2023 | |
| 9,422,529 | |
There
were no public warrants issued, exercised and outstanding from the period January 1, 2022 through June 30, 2022.
Term
Loan Warrants:
| |
Common
Stock Warrants | |
Warrants
Outstanding, January 1, 2023 | |
| 2,593,056 | |
Exercise
of warrants | |
| (2,000,000 | ) |
Warrants
Outstanding, June 30, 2023 | |
| 593,056 | |
There
were no term loan warrants issued, exercised and outstanding from the period January 1, 2022 through June 30, 2022.
Investor
Warrants:
| |
Common Stock Warrants | |
Warrants Outstanding, January 1, 2023 | |
| - | |
Warrants issued | |
| 11,405,000 | |
Warrants Outstanding, June 30, 2023 | |
| 11,405,000 | |
There
were no investor warrants issued, exercised and outstanding from the period January 1, 2022 through June 30, 2022.
The
following table presents a roll forward of the aggregate fair values of the Company’s warrant liabilities for which fair value
is determined by Level 3 Inputs. The only class of warrants that were determined to be Level 3 are the term loan warrants.
| |
Warrant
Liability | |
Balances, January
1, 2023 | |
$ | 30,841 | |
Issuance of warrants | |
| 13,762 | |
Exercise of warrants | |
| (11,284 | ) |
Change
in fair value of warrants | |
| (18,832 | ) |
Balances,
June 30, 2023 | |
$ | 14,487 | |
Dragonfly
Energy Holdings Corp.
Notes
to Unaudited Condensed Consolidated Financial Statements
(in
thousands, except share and per share data)
|
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v3.23.2
COMMON STOCK
|
6 Months Ended |
Jun. 30, 2023 |
Equity [Abstract] |
|
COMMON STOCK |
Note
10 - COMMON STOCK
The
Company is authorized to issue up to 170,000,000 shares of common stock with $0.0001 par value. Common stockholders are entitled to dividends
if and when declared by the Board of Directors subject to the rights of the preferred stockholders. As of June 30, 2023 and December
31, 2022, there were 58,504,541 and 43,272,728 shares issued and outstanding. No dividends on common stock had been declared by the Company.
For
the six months ended June 30, 2023 and 2022, the Company had reserved shares of common stock for issuance as follows:
SUMMARY OF RESERVED SHARES OF COMMON STOCK FOR ISSUANCE
| |
June
30, 2023 | | |
June
30, 2022 | |
Options issued and
outstanding | |
| 3,443,099 | | |
| 4,008,139 | |
Common stock outstanding | |
| 58,504,541 | | |
| 36,749,738 | |
Warrants outstanding | |
| 23,492,221 | | |
| - | |
Earnout shares | |
| 40,000,000 | | |
| - | |
Shares
available for future issuance | |
| 4,434,916 | | |
| 622,491 | |
Total | |
| 129,874,777 | | |
| 41,380,368 | |
ChEF
Equity Facility
The
Company and Chardan Capital Markets LLC, a New York limited liability company (“CCM LLC”) entered into a purchase agreement
(the “Purchase Agreement”) and a Registration Rights Agreement (the “ChEF RRA”) in connection with the merger.
Pursuant to the Purchase Agreement, the Company has the right to sell to CCM LLC an amount of shares of Common Stock, up to a maximum
aggregate purchase price of $150 million, pursuant to the terms of the Purchase Agreement. In addition, the Company appointed LifeSci
Capital, LLC as “qualified independent underwriter” with respect to the transactions contemplated by the Purchase Agreement.
Under the terms of the Purchase Agreement, the Company issued 98,500 shares pursuant to the Purchase Agreement with CCM LLC for aggregate
net proceeds to the Company of $671 from the period January 1, 2023 through June 30, 2023.
June
2023 Offering
In
the June 2023 Offering, the Company sold an aggregate of (i) 10,000,000 shares of its Common Stock and, (ii) accompanying Investor Warrants
to purchase up to 10,000,000 shares of Common Stock, at the combined public offering price of $2.00 per share and accompanying Investor
Warrant, less underwriting discounts and commissions, and (iii) the Underwriters’ Warrants. In addition, the Company granted the
underwriters a 45-day over-allotment option to purchase up to an additional 1,500,000 shares of Common Stock and/or Investor Warrants
to purchase up to an aggregate of 1,500,000 shares of Common Stock at the public offering price per security, less underwriting discounts
and commissions.
The Investor Warrants are exercisable for five years from the closing date of the June 2023 Offering, have an exercise price of $2.00
per share and are immediately exercisable. In the event of certain fundamental transactions, holders of the Investor Warrants will have
the right to receive the Black Scholes Value (as defined in the Investor Warrants) of their Investor Warrants calculated pursuant to
the formula set forth in the Investor Warrants, payable either in cash or in the same type or form of consideration that is being offered
and being paid to the holders of Common Stock. The Underwriters’ Warrants are exercisable upon issuance at an exercise price of
$2.50 per share and will expire on June 20, 2028.
The
Company granted the underwriters a 45-day over-allotment option to purchase up to an additional 1,500,000 shares of Common Stock and/or
Warrants to purchase up to an aggregate of 1,500,000 shares of Common Stock at the public offering price per security, less underwriting
discounts and commissions, of which the underwriters exercised for 1,405,000 shares of Common Stock and Investor Warrants to purchase
up to 1,405,000 shares of Common Stock and the remaining was not exercised within the 45-day window.
The
Company received gross proceeds of $22,810
and incurred $2,074
of offering related costs. The gross proceeds were first allocated to the liability classified warrants based upon the transaction
date fair value and then to the equity classified warrants with the residual allocated to the common shares. The offering related
costs were allocated based on the relative fair value of all instruments, of which $1,169
was accounted for as a reduction of additional-paid-in-capital and $905
was recorded within general and administrative expenses. The Company accounted for the investor warrants issued in connection with
the Public Offering and the exercise of the underwriters’ over-allotment option in accordance with the guidance contained in
ASC 815-40. Such guidance provides that the warrants described above are precluded from equity classification. The fair value of the
warrants were recorded as a liability in the amount of $13,762
on issuance and are being fair valued at each reporting period.
Dragonfly
Energy Holdings Corp.
Notes
to Unaudited Condensed Consolidated Financial Statements
(in
thousands, except share and per share data)
|
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- DefinitionThe entire disclosure for equity.
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v3.23.2
STOCK-BASED COMPENSATION
|
6 Months Ended |
Jun. 30, 2023 |
Share-Based Payment Arrangement [Abstract] |
|
STOCK-BASED COMPENSATION |
Note
11 - STOCK-BASED COMPENSATION
Share-based
compensation expense for options and RSUs totaling $5,441
and $719
was recognized in the Company’s
consolidated statements of operations for the six months ended June 30, 2023 and 2022, respectively. Share-based compensation expense
for options and RSUs totaling $954
and $431
was recognized in the Company’s
consolidated statements of operations for the three months ended June 30, 2023 and 2022, respectively.
Share-based
compensation for the six months ended June 30, 2023 and 2022 was allocated as follows:
SCHEDULE
OF STOCK BASED COMPENSATION
| |
2023 | | |
2022 | |
| |
June 30, | |
| |
2023 | | |
2022 | |
Cost of goods sold | |
$ | 75 | | |
$ | 143 | |
Research and development | |
| 49 | | |
| 171 | |
Selling and marketing | |
| 971 | | |
| 192 | |
General and administrative expense | |
| 4,346 | | |
| 213 | |
Total | |
$ | 5,441 | | |
$ | 719 | |
Share-based
compensation for the three months ended June 30, 2023 and 2022 was allocated as follows:
| |
2023 | | |
2022 | |
| |
June 30, | |
| |
2023 | | |
2022 | |
Cost of goods sold | |
$ | 39 | | |
$ | 46 | |
Research and development | |
| 20 | | |
| 134 | |
Selling and marketing | |
| 115 | | |
| 132 | |
General and administrative expense | |
| 780 | | |
| 119 | |
Total | |
$ | 954 | | |
$ | 431 | |
A
summary of the Company’s option activity and related information follows:
SCHEDULE OF OPTION ACTIVITY AND RELATED INFORMATION
| |
Number
of Options
(1) | | |
Weighted-Average
Exercise Price | | |
Weighted-Average
Grant Date Fair Value | | |
Weighted-Average
Remaining Contractual Life
(in
years) | | |
Aggregate
intrinsic value | |
Balances, January
1, 2022 | |
| 3,690,955 | | |
$ | 1.98 | | |
$ | 1.38 | | |
| 8.52 | | |
$ | 6,550 | |
Options granted | |
| 602,275 | | |
| 4.08 | | |
| 1.81 | | |
| | | |
| - | |
Options forfeited | |
| (30,468 | ) | |
| 2.93 | | |
| 2.32 | | |
| | | |
| - | |
Options
exercised | |
| (254,623 | ) | |
| 0.94 | | |
| 2.39 | | |
| | | |
| - | |
Balances, June 30, 2022 | |
| 4,008,139 | | |
$ | 2.36 | | |
$ | 1.72 | | |
| 8.43 | | |
$ | 5,845 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Balances, January 1, 2023 | |
| 3,642,958 | | |
$ | 2.02 | | |
$ | 1.21 | | |
| 7.90 | | |
$ | 35,989 | |
Options granted | |
| 143,607 | | |
| 7.50 | | |
| 3.82 | | |
| | | |
| 632 | |
Options forfeited | |
| (238,345 | ) | |
| 3.53 | | |
| 1.62 | | |
| | | |
| 369 | |
Options
exercised | |
| (105,121 | ) | |
| 3.07 | | |
| 5.91 | | |
| | | |
| 298 | |
Balances,
June 30, 2023 | |
| 3,443,099 | | |
$ | 2.11 | | |
$ | 1.27 | | |
| 6.16 | | |
$ | 1,520 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
At June 30, 2023 | |
| | | |
| | | |
| | | |
| | | |
| | |
Vested and Exercisable | |
| 2,164,874 | | |
$ | 1.55 | | |
| | | |
| 4.89 | | |
$ | 1,389 | |
Vested and expected to vest | |
| 3,443,099 | | |
$ | 2.11 | | |
| | | |
| 6.16 | | |
$ | 1,520 | |
(1) | | Number
of options and weighted average exercise price has been adjusted to reflect the exchange of Legacy Dragonfly’s stock options for
New Dragonfly stock options at an exchange ratio of approximately 1.182 as a result of the merger. See Note 1 for additional information. |
Restricted
Stock Units
On
October 7, 2022, the Company granted 180,000
restricted stock units under the 2022 plan which vest one year from the grant date. The fair value of the restricted stock units on
the date of grant was $2,520,
which is recognized as compensation expense over the requisite service period based on the value of the underlying shares on the
date of grant. On February 10, 2023, the Company granted 461,998
restricted stock units under the 2022 plan which vested immediately. The fair value of the restricted stock units on the date of
grant was $3,464
and was recorded as compensation expense during the six months ended June 30, 2023. During the first six months of 2023, the Company
granted an additional 28,000
restricted stock units which have not vested. The fair value of the 28,000
unvested restricted stock units was $105
and an expense of $7
was recorded during the six months ended June 30, 2023.
Dragonfly
Energy Holdings Corp.
Notes
to Unaudited Condensed Consolidated Financial Statements
(in
thousands, except share and per share data)
Note
11 - Stock-Based Compensation (Continued)
Restricted
Stock Units (Continued)
There
were no grants of restricted stock units prior to October 7, 2022. The following table presents the restricted stock units activity for
the six months ended June 30, 2023:
SCHEDULE
OF RESTRICTED STOCK UNITS ACTIVITY
| |
Number
of Shares | | |
Weighted-Average
Fair Market Value | |
Unvested shares
at January 1, 2023 | |
| 180,000 | | |
$ | 14.00 | |
Granted and unvested | |
| 489,998 | | |
| 7.29 | |
Vested | |
| (461,998 | ) | |
| 7.50 | |
Unvested
shares, June 30, 2023 | |
| 208,000 | | |
$ | 14.00 | |
| |
| | | |
| | |
Vested and exercisable as of
June 30, 2023 | |
| - | | |
$ | - | |
As
of June 30, 2023, there were 4,434,916 shares of unissued authorized and available for future awards under the 2022 Equity Incentive
Plan and Employee Stock Purchase Plan.
|
X |
- DefinitionThe entire disclosure for share-based payment arrangement.
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v3.23.2
SUPPLIER AGREEMENT
|
6 Months Ended |
Jun. 30, 2023 |
Supplier Agreement |
|
SUPPLIER AGREEMENT |
Note
12 – SUPPLIER AGREEMENT
On
May 9, 2023, Ioneer Rhyolite Ridge LLC (“Seller”), an emerging lithium-boron producer, and the Company announced a commercial
offtake agreement partnership whereby the Seller is developing the Rhyolite Ridge Project which, once completed, is expected to produce lithium carbonate, and boric acid (the “Project”). Beginning on the supply start date which is the
date the Seller notifies the Company that the project is fully completed and commissioned in accordance with the engineering, procurement
and construction contract, and for the duration of the supply period, the Company shall purchase and receive product from Seller, on
the terms and conditions of the agreement. The agreement calls for a minimum annual purchase requirement. The agreement becomes effective when the seller has
informed the Company that the seller has made a positive financial investment decision in respect of the project.
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v3.23.2
LOSS PER SHARE
|
6 Months Ended |
Jun. 30, 2023 |
Earnings Per Share [Abstract] |
|
LOSS PER SHARE |
Note
13 - LOSS PER SHARE
The
Company follows the two-class method when computing net loss per share as the Company has issued warrants that meet the definition
of participating securities. The two-class method determines net loss per share for each class of common and participating securities
according to dividends declared or accumulated and participation rights in undistributed earnings. The two-class method requires
income available to common stockholders for the period to be allocated between common and participating securities based upon their respective
rights to receive dividends as if all income for the period had been distributed.
Basic
net loss per common share is computed by dividing net loss attributable to common stockholders by the weighted average number of common
shares outstanding. In addition, in computing the dilutive effect of convertible securities, the numerator is adjusted to add back any
convertible preferred dividends. Diluted net loss per common share is computed by dividing net loss attributable to common stockholders
by the weighted average number of common shares that would have been outstanding during the period assuming the issuance of common shares
for all potential dilutive common shares outstanding. Potential common shares consist of potential future exercises of outstanding stock
options and common stock warrants. Because the inclusion of potential common shares would be anti-dilutive for all periods presented,
they have been excluded from the calculation.
The
Company’s common stock warrants contractually entitle the holders of such securities to participate in dividends but do not contractually
require the holders of such securities to participate in losses of the Company. Accordingly, in periods in which the Company reports
a net loss, such losses are not allocated to such participating securities. In periods in which the Company reports
a net loss attributable to common stockholders, diluted net loss per share attributable to common stockholders is the same as basic net
loss per share attributable to common stockholders, since dilutive common shares are not assumed to have been issued
if their effect is anti-dilutive. The Company reported a net loss attributable to common stockholders for the three
and six months ended June 30, 2023 and 2022.
The following table sets forth the information needed to compute basic
and diluted loss per share for the three and six months ended June 30, 2023 and 2022:
SCHEDULE
OF INFORMATION NEEDED TO COMPUTER BASIC AND DILUTED EARNINGS PER SHARE
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
For The Three Months
Ended June 30, | | |
For The Six Months
Ended June 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Numerator | |
| | |
| | |
| | |
| |
Net Loss attributable to common stockholders | |
$ | (11,700 | ) | |
$ | (1,469 | ) | |
$ | (6,808 | ) | |
$ | (3,767 | ) |
Denominator | |
| | | |
| | | |
| | | |
| | |
Weighted average common shares outstanding used to compute net loss per share, basic and diluted | |
| 47,418,269 | | |
| 36,616,430 | | |
| 46,263,591 | | |
| 36,579,990 | |
Weighted average common shares outstanding,basic | |
| 47,418,269 | | |
| 36,616,430 | | |
| 46,263,591 | | |
| 36,579,990 | |
Net loss per share of common stock, basic and diluted | |
$ | (0.25 | ) | |
$ | (0.04 | ) | |
$ | (0.15 | ) | |
$ | (0.10 | ) |
Net loss per share of common stock, basic | |
$ | (0.25 | ) | |
$ | (0.04 | ) | |
$ | (0.15 | ) | |
$ | (0.10 | ) |
Dragonfly
Energy Holdings Corp.
Notes
to Unaudited Condensed Consolidated Financial Statements
(in
thousands, except share and per share data)
The
following table sets forth the number of potential shares of common stock that have been excluded from diluted net loss per share because
their effect was anti-dilutive:
SCHEDULE OF POTENTIAL SHARES OF COMMON STOCK EXCLUDED FROM DILUTED NET (LOSS) INCOME PER SHARE
| |
June
30, 2023 | | |
June
30, 2022 | |
Warrants | |
| 23,492,221 | | |
| - | |
Restricted stock units | |
| 208,000 | | |
| - | |
Options | |
| 3,443,099 | | |
| 4,008,139 | |
Weighted average number
of common shares-basic | |
| 27,143,320 | | |
| 4,008,139 | |
|
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v3.23.2
INCOME TAXES
|
6 Months Ended |
Jun. 30, 2023 |
Income Tax Disclosure [Abstract] |
|
INCOME TAXES |
NOTE
14 – INCOME TAXES
The
Company’s tax provision and the resulting effective tax rate for interim periods is determined based upon its estimated annual
effective tax rate adjusted for the effect of discrete items arising in that quarter. The Company recorded an income tax expense (benefit)
of $0 and ($814) during the six months ended June 30, 2023 and 2022, respectively. The effective tax rate differs from the U.S. statutory
tax rate primarily due to the valuation allowances on the Company’s deferred tax assets as it is more likely than not that some
or all the Company’s deferred tax assets will not be realized. The Company’s policy is to recognize interest and penalties
associated with uncertain tax benefits as part of the income tax provision and include accrued interest and penalties with the related
income tax liability on the Company’s condensed consolidated balance sheets. The Company has not recognized any interest and penalties
in its condensed consolidated statements of operations, nor has it accrued for or made payments for interest and penalties.
|
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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v3.23.2
SUBSEQUENT EVENTS
|
6 Months Ended |
Jun. 30, 2023 |
Subsequent Events [Abstract] |
|
SUBSEQUENT EVENTS |
NOTE
15 – SUBSEQUENT EVENTS
Subsequent
to the period ending June 30, 2023, and through August 8, 2023, 273,100 investor warrants were exercised for net proceeds of
$546.
In
July 2023, upon a request from the Company’s lenders under the term loan agreement, the Company repaid $5,275
of principal to satisfy a portion
of its outstanding principal under the term loan agreement.
On
July 6, 2023, the Company opened a 12-month time deposit account at Wells Fargo Commercial Banking amounting to $315 with fixed interest
rate of 2%, payable on a monthly basis. The time deposit account has a current maturity date of July 6, 2024 and is subject to automatic
annual renewal.
In July of 2023, the Company was notified by its largest
RV OEM customer that, due to weaker demand for its products and their subsequent focus on reducing costs, it would no longer install the
Company’s storage solutions as standard equipment, but rather return to offering those solutions as an option to dealers and consumers.
While this customer is not moving to a different solution or competitor, the Company expects this change in strategy to have a material
limiting effect on the Company’s revenue throughout the remainder of 2023.
On August 20, 2023, upon mutual agreement between
the Company and Mr. Marchetti, Mr. Marchetti resigned from his position as the Company’s Chief Financial Officer. Mr. Marchetti
will continue in the role of Senior Vice President, Operations. In connection with Mr. Marchetti’s resignation, on August 20, 2023,
the Board appointed Denis Phares, the Company’s President, Chief Executive Officer, and Chairman of the Board, to succeed Mr. Marchetti
as the Company’s interim Chief Financial Officer. Dr. Phares will continue his duties as President, Chief Executive Officer, and
Chairman of the Board. The Company intends to commence a search for a full time Chief Financial Officer.
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v3.23.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
|
6 Months Ended |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
Principles of consolidation |
Principles
of consolidation
The
accompanying consolidated financial statements and related notes have been prepared in accordance with accounting principles generally
accepted in the United States of America (“U.S. GAAP”) and present the consolidated financial statements of the Company and
its wholly owned subsidiary. All significant intercompany transactions and balances are eliminated in consolidation.
|
Basis of presentation |
Basis
of presentation
The
accompanying unaudited condensed consolidated financial statements and related notes have been prepared in accordance with U.S. GAAP
for interim financial information, and with the rules and regulations of the United States Securities and Exchange Commission (the “SEC”)
set forth in Article 8 of Regulation S X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP
for complete financial statements. The unaudited interim financial statements furnished reflect all adjustments (consisting of normal
recurring accruals) which are, in the opinion of management, necessary to a fair statement of the results for the interim periods presented.
Unaudited interim results are not necessarily indicative of the results for the full fiscal year. These condensed and consolidated financial
statements should be read along with the Annual Report filed of the Company for the annual period ended December 31, 2022. The consolidated
balance sheet as of December 31, 2022 was derived from the audited consolidated financial statements as of and for the year then ended.
Dragonfly
Energy Holdings Corp.
Notes
to Unaudited Condensed Consolidated Financial Statements
(in
thousands, except share and per share data)
|
Going Concern |
Going
Concern
The
accompanying condensed consolidated financial statements have been prepared on a going concern basis, which contemplates the realization
of assets and the satisfaction of liabilities in the normal course of business. The condensed consolidated financial statements do not
include any adjustments that might result from the outcome of this uncertainty.
For
the six months ended June 30, 2023 and 2022, the Company incurred loss from operations and had negative cash flow from operations. As
of June 30, 2023, the Company had $32,952 in cash and working capital of $30,592. The Company’s ability to
achieve profitability and positive cash flow depends on its ability to increase revenue, contain its expenses and maintain compliance
with the financial covenants in its outstanding indebtedness agreements.
In
connection with the Company’s senior secured term loan facility in an aggregate principal amount of $75,000 (the “Term Loan”),
the Company is obligated to comply with certain financial covenants, which include maintaining a maximum senior leverage ratio, minimum
liquidity, a springing fixed charge coverage ratio, and maximum capital expenditures (See Note 6). On March 29, 2023, the Company obtained
a waiver from the Term Loan administrative agent and lenders of its failures to satisfy the fixed charge coverage ratio and maximum senior
leverage ratio with respect to the minimum cash requirements under the Term Loan during the quarter ended March 31, 2023. While the Company
was in compliance with its covenants for the quarter ended June 30, 2023, it is probable that the Company will fail to meet these covenants
within the next twelve months. If the Company is unable to obtain a waiver or if the Company is unable to comply with such covenants,
the lenders have the right to accelerate the maturity of the Term Loan. These conditions raise substantial doubt about the Company’s
ability to continue as a going concern.
In
addition, the Company may need to raise additional debt and/or equity financings to fund our operations, strategic plans, and meet its
financial covenants. The Company has historically been able to raise additional capital through issuance of equity and/or debt financings
and the Company intends to use its equity facility and raise additional capital as needed. However, the Company cannot guarantee that
it will be able to raise additional equity, contain expenses, or increase revenue, and comply with the financial covenants under the
Term Loan.
|
Recently adopted accounting standards |
Recently adopted accounting standards:
In June 2016, the Financial Accounting Standards Board
(“FASB”) issued Accounting Standards Update (“ASU”) 2016-13, Financial Instruments – Credit Losses (Topic
326): Measurement of Credit Losses on Financial Instruments. The FASB subsequently issued amendments to ASU 2016-13, which have the same
effective date and transition date of January 1, 2023. These standards replace the existing incurred loss impairment model with an expected
credit loss model and requires a financial asset measure at amortized cost to be presented at the net amount expected to be collected.
The Company determined that this change does not have a material impact to the financial statements or financial statement disclosures.
|
Recently issued accounting pronouncements |
Recently
issued accounting pronouncements:
There
were no recently adopted accounting standards that had a material impact on the Company’s financial statements. There were no recently
issued accounting standards not yet adopted which would have a material effect on the Company’s financial statements.
Dragonfly
Energy Holdings Corp.
Notes
to Unaudited Condensed Consolidated Financial Statements
(in
thousands, except share and per share data)
Note
2 – Summary of Significant Accounting Policies (continued)
|
Accounts Receivable |
Accounts
Receivable
The
Company’s trade receivables are recorded when billed and represent claims against third parties that will be settled in cash. Generally,
payment is due from customers within 30 – 90 days of the invoice date and the contracts do not have significant financing components.
Trade accounts receivables are recorded gross and are net of any applicable allowance. The Company has an allowance for doubtful accounts
as of June 30, 2023 and December 31, 2022 of $131 and $90, respectively.
|
Inventory |
Inventory
Inventories
(Note 4), which consist of raw materials and finished goods, are stated at the lower of cost (first in, first out) or net realizable
value, net of reserves for obsolete inventory. We continually analyze our slow moving and excess inventories. Based on historical and
projected sales volumes and anticipated selling prices, we establish reserves. Inventory that is in excess of current and projected
use is reduced by an allowance to a level that approximates its estimate of future demand. Products that are determined to be obsolete
are written down to net realizable value. As of June 30, 2023 and December 31, 2022, no such reserves were necessary.
|
Property and Equipment |
Property
and Equipment
Property
and equipment are stated at cost, including the cost of significant improvements and renovations. Costs of routine repairs and maintenance
are charged to expense as incurred. Depreciation and amortization are calculated by the straight line method over the estimated useful
lives for owned property, or, for leasehold improvements, over the shorter of the asset’s useful life or term of the lease. Depreciation
expense for the six months ended June 30, 2023 and 2022 was $593 and $389, respectively. Depreciation expense for the three months ended
June 30, 2023 and 2022 was $296 and $197, respectively. The various classes of property and equipment and estimated useful lives are
as follows:
SCHEDULE
OF VARIOUS CLASSES OF PROPERTY AND EQUIPMENT AND ESTIMATED USEFUL LIVES
Office furniture and
equipment |
3
to 7 years |
Vehicles |
5 years |
Machinery and equipment |
3 to 7 years |
Leasehold improvements |
Remaining
Term of Lease |
|
Use of Estimates |
Use
of Estimates
The
preparation of financial statements, in conformity with U.S. GAAP, requires management to make estimates and assumptions that affect
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 revenues and expenses during the reporting period. Actual results could differ from those estimates.
|
Warrants |
Warrants
The
Company applies relevant accounting guidance for warrants to purchase the Company’s stock based on the nature of the relationship
with the counterparty. For warrants issued to investors or lenders in exchange for cash or other financial assets, the Company follows
guidance issued within Accounting Standards Codification (“ASC”) 480, Distinguishing Liabilities from Equity (“ASC
480”), and ASC 815, Derivatives and Hedging (“ASC 815”), to assist in the determination of whether the warrants should
be classified as liabilities or equity. Warrants that are determined to require liability classification are measured at fair value upon
issuance and are subsequently remeasured to their then fair value at each subsequent reporting period with changes in fair value recorded
in current earnings. Warrants that are determined to require equity classification are measured at fair value upon issuance and are not
subsequently remeasured unless they are required to be reclassified.
Dragonfly
Energy Holdings Corp.
Notes
to Unaudited Condensed Consolidated Financial Statements
(in
thousands, except share and per share data)
Note
2 – Summary of Significant Accounting Policies (continued)
|
Revenue Recognition |
Revenue
Recognition
Under
Topic 606, an entity recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the
consideration that the entity expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements
that an entity determines are within the scope of Topic 606, the entity performs the following five steps: (i) identify the contract(s)
with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the
transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance
obligation. The Company only applies the five-step model to contracts when it is probable the entity will collect the consideration it
is entitled to in exchange for the goods or services it transfers to the customer.
Revenue
is recognized when control of the promised goods is transferred to the customer or reseller, in an amount that reflects the consideration
the Company expects to be entitled to in exchange for those goods and services. Revenue associated with products holding rights of return
are recognized when the Company concludes there is not a risk of significant revenue reversal in the future periods for the expected
consideration in the transaction. There are no material instances including discounts and refunds where variable consideration is constrained
and not recorded at the initial time of sale. Generally, our revenue is recognized at a point in time for standard promised goods at
the time of shipment when title and risk of loss pass to the customer.
The
Company may receive payments at the onset of the contract before delivery of goods for customers in the retail channel. Payment terms
for distributors and OEMs are typically due within 30-90 days after shipment. In such instances, the Company records a customer deposit
liability. The Company recognizes these contract liabilities as sales after the revenue criteria are met. As of June 30, 2023 and December
31, 2022, the contract liability related to the Company’s customer deposits approximated $152 and $238, respectively. The Company
recognized $221 of the contract liability pertaining to the year ended December 31, 2022 during the six months ended June 30, 2023. The
entire contract liability balance of $434 as of January 1, 2022 was recognized as revenue during the six months ended June 30, 2022.
|
Disaggregation of Revenue |
Disaggregation
of Revenue
The
following table present our disaggregated revenues by distribution channel:
SCHEDULE
OF DISAGGREGATED REVENUES BY DISTRIBUTION CHANNEL
Sales | |
| 2023 | | |
| 2022 | | |
| 2023 | | |
| 2022 | |
| |
For
The Three Months Ended June 30, | | |
For
The Six Months Ended June 30, | |
Sales | |
| 2023 | | |
| 2022 | | |
| 2023 | | |
| 2022 | |
Retail | |
| 5,829 | | |
| 11,850 | | |
$ | 12,898 | | |
$ | 24,885 | |
Distributor | |
| 4,143 | | |
| 2,534 | | |
| 7,111 | | |
| 4,621 | |
Original
equipment manufacture | |
| 9,302 | | |
| 7,238 | | |
| 18,056 | | |
| 10,419 | |
Total | |
$ | 19,274 | | |
$ | 21,622 | | |
$ | 38,065 | | |
$ | 39,925 | |
|
Shipping and Handling |
Shipping
and Handling
Shipping
and handling fees paid by customers are recorded within net sales, with the related expenses recorded in cost of sales. Shipping and
handling costs associated with outbound freight are included in sales and marketing expenses. Shipping and handling costs associated
with outbound freight totaled $1,958 and $2,534 for the six months ended June 30, 2023 and 2022, respectively. Shipping and handling
costs associated with outbound freight totaled $951 and $1,306 for the three months ended June 30, 2023 and 2022, respectively.
|
Product Warranty |
Product
Warranty
The
Company offers assurance type warranties from 5 to 10 years on its products. The Company estimates the costs associated with the warranty
obligation using historical data of warranty claims and costs incurred to satisfy those claims. The Company estimates, based upon a review
of historical warranty claim experience, the costs that may be incurred under our warranties and record a liability in the amount of
such estimate at the time a product is sold. Factors that affect our warranty liability include the number of units sold, historical
and anticipated rates of warranty claims, and cost per claim. We periodically assess the adequacy of our recorded warranty liability
and adjust the accrual as claims data and historical experience warrants. The Company has assessed the costs of fulfilling its existing
assurance type warranties and has determined that the estimated outstanding warranty obligation on June 30, 2023 and December 31, 2022
to be $329 and $328, respectively.
Dragonfly
Energy Holdings Corp.
Notes
to Unaudited Condensed Consolidated Financial Statements
(in
thousands, except share and per share data)
Note
2 – Summary of Significant Accounting Policies (continued)
|
Concentrations |
Concentrations
Receivables
from two customers comprised approximately 22% and 20%, respectively, of accounts receivable as of June 30, 2023. Receivables from three
customers comprised approximately 18%, 10% and 10%, respectively, of accounts receivable as of December 31, 2022. There are no other
significant accounts receivable concentration.
Sales
from one customer comprised approximately 26% of revenue for the six months ended June 30, 2023. One customer accounted for approximately
11% of the Company’s total revenue for the six months ended June 30, 2022. Sales from one customer comprised approximately 27%
of revenue for the three months ended June 30, 2023. One customer accounted for approximately 15% of the Company’s total revenue
for the three months ended June 30, 2022.
Payables
to two vendors comprised approximately 56% and 10%, respectively, of accounts payables as of June 30, 2023. Payables to one vendor comprised
approximately 61% of accounts payables as of December 31, 2022.
For
the six months ended June 30, 2023, one vendor accounted for approximately 22% of the Company’s total purchases. For the six months
ended June 30, 2022, one vendor accounted for approximately 26% of the Company’s total purchases. For the three months ended June
30, 2023, one vendor accounted for approximately 10% of the Company’s total purchases. For the three months ended June 30, 2022,
two vendors accounted for approximately 17% and 15%, respectively, of the Company’s total purchases.
|
Advertising |
Advertising
The
Company expenses advertising costs as they are incurred and are included in selling and marketing expenses.. Advertising expenses amounted
to $1,270 and $1,262 for the six months ended June 30, 2023 and 2022, respectively. Advertising expenses amounted to $683 and $481 for
the three months ended June 30, 2023 and 2022, respectively.
|
Stock-Based Compensation |
Stock-Based
Compensation
The
Company accounts for stock-based compensation arrangements with employees and non-employee consultants using a fair value method which
requires the recognition of compensation expense for costs related to all stock-based payments, including stock options (Note
11). The fair value method requires the Company to estimate the fair value of stock-based payment awards to employees and non-employees
on the date of grant using an option pricing model. Stock based compensation costs are based on the fair value of the underlying option
calculated using the Black Scholes option pricing model and recognized as expense on a straight-line basis over the requisite service
period, which is the vesting period. Restricted stock unit awards are valued based on the closing trading value of the Company’s
common stock, par value $0.0001, per share (the “Common Stock”) on the date of grant and then amortized on a straight-line
basis over the requisite service period of the award. The Company measures equity-based compensation awards granted to non-employees
at fair value as the awards vest and recognizes the resulting value as compensation expense at each financial reporting period.
Determining
the appropriate fair value model and related assumptions requires judgment, including estimating stock price volatility, expected dividend
yield, expected term, risk free rate of return, and the estimated fair value of the underlying common stock. Due to the lack of company
specific historical and implied volatility data, the Company has based its estimate of expected volatility on the historical volatility
of a group of similar companies that are publicly traded. The historical volatility is calculated based on a period of time commensurate
with the expected term assumption. The group of representative companies have characteristics similar to the Company, including stage
of product development and focus on the lithium-ion battery industry. The Company uses the simplified method, which is the average of
the final vesting tranche date and the contractual term, to calculate the expected term for options granted to employees as it does not
have sufficient historical exercise data to provide a reasonable basis upon which to estimate the expected term. The risk-free interest
rate is based on a treasury instrument whose term is consistent with the expected term of the stock options. The Company uses an assumed
dividend yield of zero as the Company has never paid dividends and has no current plans to pay any dividends on its common stock. The
Company accounts for forfeitures as they occur.
Dragonfly
Energy Holdings Corp.
Notes
to Unaudited Condensed Consolidated Financial Statements
(in
thousands, except share and per share data)
Note
2 – Summary of Significant Accounting Policies (continued)
|
Income Taxes |
Income
Taxes
Deferred
income tax assets and liabilities are determined based on the estimated future tax effects of net operating loss, credit carryforwards
and temporary differences between the tax basis of assets and liabilities and their respective financial reporting amounts measured at
the current enacted tax rates. The Company recognizes a tax benefit for an uncertain tax position only if it is more likely than not
that the tax position will be sustained on examination by taxing authorities, based on the technical merits of the position. The Company
has a liability of $128 as
of June 30, 2023, and December 31, 2022 of uncertain tax positions. The Company’s accounting policy is to include
penalties and interest related to income taxes if any, in selling, general and administrative expenses.
|
Segment Reporting |
Segment
Reporting
Operating
segments are identified as components of an enterprise for which separate discrete financial information is available for evaluation
by the Company’s Chief Executive Officer to make decisions with respect to resource allocation and assessment of performance. To
date, the Company has viewed its operations and manages its business as one operating segment.
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v3.23.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
SCHEDULE OF VARIOUS CLASSES OF PROPERTY AND EQUIPMENT AND ESTIMATED USEFUL LIVES |
SCHEDULE
OF VARIOUS CLASSES OF PROPERTY AND EQUIPMENT AND ESTIMATED USEFUL LIVES
Office furniture and
equipment |
3
to 7 years |
Vehicles |
5 years |
Machinery and equipment |
3 to 7 years |
Leasehold improvements |
Remaining
Term of Lease |
|
SCHEDULE OF DISAGGREGATED REVENUES BY DISTRIBUTION CHANNEL |
The
following table present our disaggregated revenues by distribution channel:
SCHEDULE
OF DISAGGREGATED REVENUES BY DISTRIBUTION CHANNEL
Sales | |
| 2023 | | |
| 2022 | | |
| 2023 | | |
| 2022 | |
| |
For
The Three Months Ended June 30, | | |
For
The Six Months Ended June 30, | |
Sales | |
| 2023 | | |
| 2022 | | |
| 2023 | | |
| 2022 | |
Retail | |
| 5,829 | | |
| 11,850 | | |
$ | 12,898 | | |
$ | 24,885 | |
Distributor | |
| 4,143 | | |
| 2,534 | | |
| 7,111 | | |
| 4,621 | |
Original
equipment manufacture | |
| 9,302 | | |
| 7,238 | | |
| 18,056 | | |
| 10,419 | |
Total | |
$ | 19,274 | | |
$ | 21,622 | | |
$ | 38,065 | | |
$ | 39,925 | |
|
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v3.23.2
FAIR VALUE MEASUREMENTS (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Fair Value Disclosures [Abstract] |
|
SCHEDULE OF FAIR VALUE, ASSETS AND LIABILITIES |
The
following table presents assets and liabilities that were measured at fair value in the Condensed Consolidated Balance Sheets on a
recurring basis as of June 30, 2023:
SCHEDULE
OF FAIR VALUE, ASSETS AND LIABILITIES
| |
Carrying
Amount | | |
Fair
Value | | |
(Level
1) | | |
(Level
2) | | |
(Level
3) | |
| |
As
of June 30, 2023 | |
Liabilities | |
| | | |
| | | |
| | | |
| | | |
| | |
Warrant liability-
Term Loan | |
$ | 875 | | |
$ | 875 | | |
$ | - | | |
$ | - | | |
$ | 875 | |
Warrant liability- June public
offering | |
| 13,612 | | |
| 13,612 | | |
| - | | |
| - | | |
| 13,612 | |
Warrant
liability- Private placement warrants | |
| 150 | | |
| 150 | | |
| - | | |
| 150 | | |
| - | |
Total
liabilities | |
$ | 14,637 | | |
$ | 14,637 | | |
$ | - | | |
$ | 150 | | |
$ | 14,487 | |
The
following table presents assets and liabilities that were measured at fair value in the Consolidated Balance Sheets on a recurring basis
as of December 31, 2022:
| |
Carrying
Amount | | |
Fair
Value | | |
(Level
1) | | |
(Level
2) | | |
(Level
3) | |
| |
As
of December 31, 2022 | |
Liabilities | |
| | | |
| | | |
| | | |
| | | |
| | |
Warrant liability-
Term Loan | |
$ | 30,841 | | |
$ | 30,841 | | |
$ | - | | |
$ | - | | |
$ | 30,841 | |
Warrant
liability- Private placement warrants | |
| 1,990 | | |
| 1,990 | | |
| - | | |
| 1,990 | | |
| - | |
Total
liabilities | |
$ | 32,831 | | |
$ | 32,831 | | |
$ | - | | |
$ | 1,990 | | |
$ | 30,841 | |
|
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v3.23.2
INVENTORY (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Inventory Disclosure [Abstract] |
|
SCHEDULE OF INVENTORY |
Inventory
consists of the following:
SCHEDULE
OF INVENTORY
| |
June
30, 2023 | | |
December
31, 2022 | |
Raw material | |
$ | 38,713 | | |
$ | 42,586 | |
Finished
goods | |
| 5,485 | | |
| 7,260 | |
Total
inventory | |
$ | 44,198 | | |
$ | 49,846 | |
|
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v3.23.2
COMMITMENTS AND CONTINGENCIES (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Commitments and Contingencies Disclosure [Abstract] |
|
SCHEDULE OF TABLE REPRESENTING THE BREAKOUT OF THE OPERATING LEASES |
The
following table presents the breakout of the operating leases as of:
SCHEDULE OF TABLE REPRESENTING THE BREAKOUT OF THE OPERATING LEASES
| |
June
30, 2023 | | |
December
31, 2022 | |
Operating
lease right-of-use assets | |
$ | 3,912 | | |
$ | 4,513 | |
Short-term operating lease liabilities | |
| 1,239 | | |
| 1,188 | |
Long-term
operating lease liabilities | |
| 2,890 | | |
| 3,541 | |
Total
operating lease liabilities | |
$ | 4,129 | | |
$ | 4,729 | |
Weighted average remaining lease term | |
| 3.1
years | | |
| 3.6
years | |
Weighted average discount rate | |
| 5.2 | % | |
| 5.2 | % |
|
SCHEDULE OF THE FUTURE MINIMUM LEASE PAYMENTS UNDER THE OPERATING LEASES |
At
June 30, 2023, the future minimum lease payments under these operating leases are as follows:
SCHEDULE OF THE FUTURE MINIMUM LEASE PAYMENTS UNDER THE OPERATING LEASES
Fiscal
Years Ending | |
Amount | |
December
31, 2023 (1) | |
$ | 704 | |
December 31, 2024 | |
| 1,435 | |
December 31, 2025 | |
| 1,435 | |
December 31, 2026 | |
| 893 | |
Total
lease payments | |
| 4,467 | |
Less imputed
interest | |
| 338 | |
Total
operating lease liabilities | |
$ | 4,129 | |
|
SCHEDULE OF LEASE COST |
SCHEDULE
OF LEASE COST
| |
| |
For
The Three Months Ended
June 30, | | |
For
The Six Months Ended
June 30, | |
Lease
cost | |
Classification | |
| 2023 | | |
| 2022 | | |
| 2023 | | |
| 2022 | |
Operating lease cost | |
Cost of goods sold | |
$ | 348 | | |
$ | 355 | | |
$ | 695 | | |
$ | 527 | |
Operating lease cost | |
Research and development | |
| 23 | | |
| 40 | | |
| 45 | | |
| 59 | |
Operating lease cost | |
General and administration | |
| 12 | | |
| 20 | | |
| 24 | | |
| 30 | |
Operating
lease cost | |
Selling
and marketing | |
| 12 | | |
| 20 | | |
| 24 | | |
| 30 | |
Total
lease cost | |
| |
$ | 395 | | |
$ | 435 | | |
$ | 788 | | |
$ | 646 | |
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v3.23.2
DEBT (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Debt Disclosure [Abstract] |
|
SCHEDULE OF LEVERAGE RATIO |
SCHEDULE
OF LEVERAGE RATIO
Test
Period Ending | |
Leverage
Ratio |
December
31, 2022 - March 31, 2023 | |
6.75 to 1.00 |
June
30, 2023 - September 30, 2023 | |
6.00 to 1.00 |
December
31, 2023 - March 31, 2024 | |
5.00 to 1.00 |
June
30, 2024 - September 30, 2024 | |
4.00 to 1.00 |
December
31, 2024 - March 31, 2025 | |
3.25 to 1.00 |
June
30, 2025 and thereafter | |
3.00 to 1.00 |
|
SCHEDULE OF FUTURE DEBT MATURITIES |
At
June 30, 2023, the future debt maturities are as follows:
SCHEDULE
OF FUTURE DEBT MATURITIES
| |
| |
For Year Ended December 31, | |
| |
2023
(1) | |
$ | - | |
2024 | |
| 938 | |
2025 | |
| 3,750 | |
2026 | |
| 80,620 | |
Total | |
| 85,308 | |
Less:
Estimated interest paid-in-kind | |
| (6,606 | ) |
Total
debt | |
| 78,702 | |
Less:
Unamortized debt issuance costs, noncurrent | |
| (56,330 | ) |
Total
carrying amount | |
| 22,372 | |
Less:
Current portion of debt | |
| (22,372 | ) |
Total
long-term debt | |
$ | - | |
(1) | | Represents
scheduled payments for the remaining six-month period ending December 31, 2023 |
|
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v3.23.2
WARRANTS (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Warrants |
|
SCHEDULE OF UNDERWRITER WARRANTS |
Underwriter
Warrants:
SCHEDULE
OF UNDERWRITER WARRANTS
| |
Common Stock Warrants | |
Warrants Outstanding, January 1, 2023 | |
| - | |
Warrants issued | |
| 570,250 | |
Warrants Outstanding, June 30, 2023 | |
| 570,250 | |
|
SCHEDULE FAIR VALUE WARRANTS |
The
following table provides the significant inputs to the Black-Scholes method for the fair value of the Penny Warrants:
SCHEDULE
FAIR VALUE WARRANTS
| |
As
of June 30, 2023 | | |
As
of December 31, 2022 | |
Common stock price | |
$ | 1.48 | | |
$ | 11.09 | |
Exercise price | |
| 0.01 | | |
| 0.01 | |
Dividend yield | |
| 0 | % | |
| 0 | % |
Term (in years) | |
| 9.27 | | |
| 9.77 | |
Volatility | |
| 119.00 | % | |
| 90.00 | % |
Risk-free rate | |
| 3.80 | % | |
| 3.90 | % |
Fair value | |
$ | 1.48 | | |
$ | 11.89 | |
The
following table provides the significant inputs to the Black-Scholes method for the fair value of the June Offering Warrants:
| |
As
of June 30, 2023 | | |
As
of June 20, 2023
(Initial Measurement)
| |
Common stock price | |
$ | 1.48 | | |
$ | 1.50 | |
Exercise price | |
$ | 2.00 | | |
$ | 2.00 | |
Dividend yield | |
| 0 | % | |
| 0 | % |
Term (in years) | |
| 4.98 | | |
| 5 | |
Volatility | |
| 119.00 | % | |
| 118.00 | % |
Risk-free rate | |
| 4.10 | % | |
| 4.00 | % |
Fair value | |
$ | 1.19 | | |
$ | 1.21 | |
|
SCHEDULE OF ROLL FORWARD IN WARRANTS |
The
following table presents a roll-forward of the Company’s warrants from January 1, 2023 to June 30, 2023:
SCHEDULE
OF ROLL FORWARD IN WARRANTS
Private
Warrants:
| |
Common
Stock Warrants | |
Warrants
Outstanding, January 1, 2023 | |
| 4,627,858 | |
Exercise
of warrants | |
| (3,126,472 | ) |
Warrants
Outstanding, June 30, 2023 | |
| 1,501,386 | |
There
were no private warrants issued, exercised and outstanding from the period January 1, 2022 through June 30, 2022.
Public
Warrants:
| |
Common
Stock Warrants | |
Warrants
Outstanding, January 1, 2023 | |
| 9,487,500 | |
Exercise
of warrants | |
| (64,971 | ) |
Warrants
Outstanding, June 30, 2023 | |
| 9,422,529 | |
There
were no public warrants issued, exercised and outstanding from the period January 1, 2022 through June 30, 2022.
Term
Loan Warrants:
| |
Common
Stock Warrants | |
Warrants
Outstanding, January 1, 2023 | |
| 2,593,056 | |
Exercise
of warrants | |
| (2,000,000 | ) |
Warrants
Outstanding, June 30, 2023 | |
| 593,056 | |
There
were no term loan warrants issued, exercised and outstanding from the period January 1, 2022 through June 30, 2022.
Investor
Warrants:
| |
Common Stock Warrants | |
Warrants Outstanding, January 1, 2023 | |
| - | |
Warrants issued | |
| 11,405,000 | |
Warrants Outstanding, June 30, 2023 | |
| 11,405,000 | |
There
were no investor warrants issued, exercised and outstanding from the period January 1, 2022 through June 30, 2022.
The
following table presents a roll forward of the aggregate fair values of the Company’s warrant liabilities for which fair value
is determined by Level 3 Inputs. The only class of warrants that were determined to be Level 3 are the term loan warrants.
| |
Warrant
Liability | |
Balances, January
1, 2023 | |
$ | 30,841 | |
Issuance of warrants | |
| 13,762 | |
Exercise of warrants | |
| (11,284 | ) |
Change
in fair value of warrants | |
| (18,832 | ) |
Balances,
June 30, 2023 | |
$ | 14,487 | |
|
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v3.23.2
COMMON STOCK (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Equity [Abstract] |
|
SUMMARY OF RESERVED SHARES OF COMMON STOCK FOR ISSUANCE |
For
the six months ended June 30, 2023 and 2022, the Company had reserved shares of common stock for issuance as follows:
SUMMARY OF RESERVED SHARES OF COMMON STOCK FOR ISSUANCE
| |
June
30, 2023 | | |
June
30, 2022 | |
Options issued and
outstanding | |
| 3,443,099 | | |
| 4,008,139 | |
Common stock outstanding | |
| 58,504,541 | | |
| 36,749,738 | |
Warrants outstanding | |
| 23,492,221 | | |
| - | |
Earnout shares | |
| 40,000,000 | | |
| - | |
Shares
available for future issuance | |
| 4,434,916 | | |
| 622,491 | |
Total | |
| 129,874,777 | | |
| 41,380,368 | |
|
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v3.23.2
STOCK-BASED COMPENSATION (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Share-Based Payment Arrangement [Abstract] |
|
SCHEDULE OF STOCK BASED COMPENSATION |
Share-based
compensation for the six months ended June 30, 2023 and 2022 was allocated as follows:
SCHEDULE
OF STOCK BASED COMPENSATION
| |
2023 | | |
2022 | |
| |
June 30, | |
| |
2023 | | |
2022 | |
Cost of goods sold | |
$ | 75 | | |
$ | 143 | |
Research and development | |
| 49 | | |
| 171 | |
Selling and marketing | |
| 971 | | |
| 192 | |
General and administrative expense | |
| 4,346 | | |
| 213 | |
Total | |
$ | 5,441 | | |
$ | 719 | |
Share-based
compensation for the three months ended June 30, 2023 and 2022 was allocated as follows:
| |
2023 | | |
2022 | |
| |
June 30, | |
| |
2023 | | |
2022 | |
Cost of goods sold | |
$ | 39 | | |
$ | 46 | |
Research and development | |
| 20 | | |
| 134 | |
Selling and marketing | |
| 115 | | |
| 132 | |
General and administrative expense | |
| 780 | | |
| 119 | |
Total | |
$ | 954 | | |
$ | 431 | |
|
SCHEDULE OF OPTION ACTIVITY AND RELATED INFORMATION |
A
summary of the Company’s option activity and related information follows:
SCHEDULE OF OPTION ACTIVITY AND RELATED INFORMATION
| |
Number
of Options
(1) | | |
Weighted-Average
Exercise Price | | |
Weighted-Average
Grant Date Fair Value | | |
Weighted-Average
Remaining Contractual Life
(in
years) | | |
Aggregate
intrinsic value | |
Balances, January
1, 2022 | |
| 3,690,955 | | |
$ | 1.98 | | |
$ | 1.38 | | |
| 8.52 | | |
$ | 6,550 | |
Options granted | |
| 602,275 | | |
| 4.08 | | |
| 1.81 | | |
| | | |
| - | |
Options forfeited | |
| (30,468 | ) | |
| 2.93 | | |
| 2.32 | | |
| | | |
| - | |
Options
exercised | |
| (254,623 | ) | |
| 0.94 | | |
| 2.39 | | |
| | | |
| - | |
Balances, June 30, 2022 | |
| 4,008,139 | | |
$ | 2.36 | | |
$ | 1.72 | | |
| 8.43 | | |
$ | 5,845 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Balances, January 1, 2023 | |
| 3,642,958 | | |
$ | 2.02 | | |
$ | 1.21 | | |
| 7.90 | | |
$ | 35,989 | |
Options granted | |
| 143,607 | | |
| 7.50 | | |
| 3.82 | | |
| | | |
| 632 | |
Options forfeited | |
| (238,345 | ) | |
| 3.53 | | |
| 1.62 | | |
| | | |
| 369 | |
Options
exercised | |
| (105,121 | ) | |
| 3.07 | | |
| 5.91 | | |
| | | |
| 298 | |
Balances,
June 30, 2023 | |
| 3,443,099 | | |
$ | 2.11 | | |
$ | 1.27 | | |
| 6.16 | | |
$ | 1,520 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
At June 30, 2023 | |
| | | |
| | | |
| | | |
| | | |
| | |
Vested and Exercisable | |
| 2,164,874 | | |
$ | 1.55 | | |
| | | |
| 4.89 | | |
$ | 1,389 | |
Vested and expected to vest | |
| 3,443,099 | | |
$ | 2.11 | | |
| | | |
| 6.16 | | |
$ | 1,520 | |
(1) | | Number
of options and weighted average exercise price has been adjusted to reflect the exchange of Legacy Dragonfly’s stock options for
New Dragonfly stock options at an exchange ratio of approximately 1.182 as a result of the merger. See Note 1 for additional information. |
|
SCHEDULE OF RESTRICTED STOCK UNITS ACTIVITY |
There
were no grants of restricted stock units prior to October 7, 2022. The following table presents the restricted stock units activity for
the six months ended June 30, 2023:
SCHEDULE
OF RESTRICTED STOCK UNITS ACTIVITY
| |
Number
of Shares | | |
Weighted-Average
Fair Market Value | |
Unvested shares
at January 1, 2023 | |
| 180,000 | | |
$ | 14.00 | |
Granted and unvested | |
| 489,998 | | |
| 7.29 | |
Vested | |
| (461,998 | ) | |
| 7.50 | |
Unvested
shares, June 30, 2023 | |
| 208,000 | | |
$ | 14.00 | |
| |
| | | |
| | |
Vested and exercisable as of
June 30, 2023 | |
| - | | |
$ | - | |
|
X |
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v3.23.2
LOSS PER SHARE (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Earnings Per Share [Abstract] |
|
SCHEDULE OF INFORMATION NEEDED TO COMPUTER BASIC AND DILUTED EARNINGS PER SHARE |
SCHEDULE
OF INFORMATION NEEDED TO COMPUTER BASIC AND DILUTED EARNINGS PER SHARE
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
For The Three Months
Ended June 30, | | |
For The Six Months
Ended June 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Numerator | |
| | |
| | |
| | |
| |
Net Loss attributable to common stockholders | |
$ | (11,700 | ) | |
$ | (1,469 | ) | |
$ | (6,808 | ) | |
$ | (3,767 | ) |
Denominator | |
| | | |
| | | |
| | | |
| | |
Weighted average common shares outstanding used to compute net loss per share, basic and diluted | |
| 47,418,269 | | |
| 36,616,430 | | |
| 46,263,591 | | |
| 36,579,990 | |
Weighted average common shares outstanding,basic | |
| 47,418,269 | | |
| 36,616,430 | | |
| 46,263,591 | | |
| 36,579,990 | |
Net loss per share of common stock, basic and diluted | |
$ | (0.25 | ) | |
$ | (0.04 | ) | |
$ | (0.15 | ) | |
$ | (0.10 | ) |
Net loss per share of common stock, basic | |
$ | (0.25 | ) | |
$ | (0.04 | ) | |
$ | (0.15 | ) | |
$ | (0.10 | ) |
|
SCHEDULE OF POTENTIAL SHARES OF COMMON STOCK EXCLUDED FROM DILUTED NET (LOSS) INCOME PER SHARE |
The
following table sets forth the number of potential shares of common stock that have been excluded from diluted net loss per share because
their effect was anti-dilutive:
SCHEDULE OF POTENTIAL SHARES OF COMMON STOCK EXCLUDED FROM DILUTED NET (LOSS) INCOME PER SHARE
| |
June
30, 2023 | | |
June
30, 2022 | |
Warrants | |
| 23,492,221 | | |
| - | |
Restricted stock units | |
| 208,000 | | |
| - | |
Options | |
| 3,443,099 | | |
| 4,008,139 | |
Weighted average number
of common shares-basic | |
| 27,143,320 | | |
| 4,008,139 | |
|
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v3.23.2
SCHEDULE OF VARIOUS CLASSES OF PROPERTY AND EQUIPMENT AND ESTIMATED USEFUL LIVES (Details)
|
Jun. 30, 2023 |
Property, Plant and Equipment [Line Items] |
|
Property, Plant, and Equipment, Useful Life, Term, Description [Extensible Enumeration] |
Leasehold Improvements [Member]
|
Furniture and Fixtures [Member] | Minimum [Member] |
|
Property, Plant and Equipment [Line Items] |
|
Estimated useful life (in years) |
3 years
|
Furniture and Fixtures [Member] | Maximum [Member] |
|
Property, Plant and Equipment [Line Items] |
|
Estimated useful life (in years) |
7 years
|
Vehicles [Member] |
|
Property, Plant and Equipment [Line Items] |
|
Estimated useful life (in years) |
5 years
|
Machinery and Equipment [Member] | Minimum [Member] |
|
Property, Plant and Equipment [Line Items] |
|
Estimated useful life (in years) |
3 years
|
Machinery and Equipment [Member] | Maximum [Member] |
|
Property, Plant and Equipment [Line Items] |
|
Estimated useful life (in years) |
7 years
|
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v3.23.2
SCHEDULE OF DISAGGREGATED REVENUES BY DISTRIBUTION CHANNEL (Details) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Disaggregation of Revenue [Line Items] |
|
|
|
|
Total |
$ 19,274
|
$ 21,622
|
$ 38,065
|
$ 39,925
|
Sales Channel, Directly to Consumer [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Total |
5,829
|
11,850
|
12,898
|
24,885
|
Sales Channel, Through Intermediary [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Total |
4,143
|
2,534
|
7,111
|
4,621
|
Original Equipment Manufacture [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Total |
$ 9,302
|
$ 7,238
|
$ 18,056
|
$ 10,419
|
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v3.23.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative)
|
3 Months Ended |
6 Months Ended |
12 Months Ended |
|
Jun. 30, 2023
USD ($)
Vendor
Customer
$ / shares
|
Jun. 30, 2022
USD ($)
Vendor
|
Jun. 30, 2023
USD ($)
Segment
Vendor
Customer
$ / shares
|
Jun. 30, 2022
USD ($)
Vendor
|
Dec. 31, 2022
USD ($)
$ / shares
|
Mar. 05, 2023
USD ($)
|
Product Information [Line Items] |
|
|
|
|
|
|
Cash and cash equivalents |
$ 32,952,000
|
|
$ 32,952,000
|
|
|
|
Working capital |
|
|
$ 30,592,000
|
|
|
|
Loan amount |
|
|
|
|
|
$ 100,000
|
Period within which payment is due from customers |
|
|
30 – 90 days
|
|
|
|
Allowance for doubtful accounts |
131,000
|
|
$ 131,000
|
|
$ 90,000
|
|
Depreciation expense |
296,000
|
$ 197,000
|
593,000
|
$ 389,000
|
|
|
Customer deposits |
152,000
|
|
152,000
|
|
238,000
|
|
Repayment to related party |
221,000
|
|
221,000
|
|
221,000
|
|
Revenues |
|
|
434
|
|
|
|
Shipping and handling costs |
951,000
|
1,306,000
|
1,958,000
|
2,534,000
|
|
|
Warrant obilgation outstanding |
329,000
|
|
$ 329,000
|
|
$ 328,000
|
|
Number of vendors | Customer |
|
|
2
|
|
|
|
Advertising expense |
$ 683,000
|
$ 481,000
|
$ 1,270,000
|
$ 1,262,000
|
|
|
Common stock, par value | $ / shares |
$ 0.0001
|
|
$ 0.0001
|
|
$ 0.0001
|
|
Unrecognized Tax Benefits |
$ 128,000
|
|
$ 128,000
|
|
$ 128,000
|
|
Number of operating segments | Segment |
|
|
1
|
|
|
|
Common Stock [Member] |
|
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
|
Common stock, par value | $ / shares |
$ 0.0001
|
|
$ 0.0001
|
|
|
|
Accounts Receivable [Member] | Credit Concentration Risk [Member] | Customer One [Member] |
|
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
|
Concentration risk, percentage |
|
|
22.00%
|
|
18.00%
|
|
Accounts Receivable [Member] | Credit Concentration Risk [Member] | Customer Two [Member] |
|
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
|
Concentration risk, percentage |
|
|
20.00%
|
|
10.00%
|
|
Accounts Receivable [Member] | Credit Concentration Risk [Member] | Customer Three [Member] |
|
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
|
Concentration risk, percentage |
|
|
|
|
10.00%
|
|
Sales [Member] | Customer Concentration Risk [Member] |
|
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
|
Number of vendors | Customer |
1
|
|
1
|
|
|
|
Sales [Member] | Customer Concentration Risk [Member] | Customer One [Member] |
|
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
|
Concentration risk, percentage |
|
|
26.00%
|
|
|
|
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | One Customer [Member] |
|
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
|
Concentration risk, percentage |
27.00%
|
15.00%
|
|
11.00%
|
|
|
Accounts Payable [Member] | Customer Concentration Risk [Member] | Vendor [Member] |
|
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
|
Concentration risk, percentage |
|
|
|
|
61.00%
|
|
Accounts Payable [Member] | Supplier Concentration Risk [Member] |
|
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
|
Number of vendors | Customer |
|
|
2
|
|
|
|
Accounts Payable [Member] | Supplier Concentration Risk [Member] | Vendor One [Member] |
|
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
|
Concentration risk, percentage |
|
|
56.00%
|
|
|
|
Accounts Payable [Member] | Supplier Concentration Risk [Member] | Vendor Two [Member] |
|
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
|
Concentration risk, percentage |
|
|
10.00%
|
|
|
|
Total Purchases [Member] | Supplier Concentration Risk [Member] |
|
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
|
Number of vendors | Vendor |
1
|
2
|
1
|
1
|
|
|
Total Purchases [Member] | Supplier Concentration Risk [Member] | Vendor One [Member] |
|
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
|
Concentration risk, percentage |
10.00%
|
17.00%
|
22.00%
|
26.00%
|
|
|
Total Purchases [Member] | Supplier Concentration Risk [Member] | Vendor Two [Member] |
|
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
|
Concentration risk, percentage |
|
15.00%
|
|
|
|
|
Minimum [Member] |
|
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
|
Payment term for distributors and OEMs |
|
|
30 days
|
|
|
|
Term of product warranty provided |
|
|
5 years
|
|
|
|
Maximum [Member] |
|
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
|
Payment term for distributors and OEMs |
|
|
90 days
|
|
|
|
Term of product warranty provided |
|
|
10 years
|
|
|
|
Senior Secured Term Loan Facility [Member] | Term Loan [Member] |
|
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
|
Loan amount |
$ 75,000,000
|
|
$ 75,000,000
|
|
|
|
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v3.23.2
SCHEDULE OF FAIR VALUE, ASSETS AND LIABILITIES (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Carrying Amount |
$ 14,637
|
$ 32,831
|
Fair Value |
14,637
|
32,831
|
Fair Value, Inputs, Level 1 [Member] |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Fair Value |
|
|
Fair Value, Inputs, Level 2 [Member] |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Fair Value |
150
|
1,990
|
Fair Value, Inputs, Level 3 [Member] |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Fair Value |
14,487
|
30,841
|
Term Loan [Member] |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Carrying Amount |
875
|
30,841
|
Fair Value |
875
|
30,841
|
Term Loan [Member] | Fair Value, Inputs, Level 1 [Member] |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Fair Value |
|
|
Term Loan [Member] | Fair Value, Inputs, Level 2 [Member] |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Fair Value |
|
|
Term Loan [Member] | Fair Value, Inputs, Level 3 [Member] |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Fair Value |
875
|
30,841
|
Public Offering [Member] |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Carrying Amount |
13,612
|
|
Fair Value |
13,612
|
|
Public Offering [Member] | Fair Value, Inputs, Level 1 [Member] |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Fair Value |
|
|
Public Offering [Member] | Fair Value, Inputs, Level 2 [Member] |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Fair Value |
|
|
Public Offering [Member] | Fair Value, Inputs, Level 3 [Member] |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Fair Value |
13,612
|
|
Private Warrants [Member] |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Carrying Amount |
150
|
1,990
|
Fair Value |
150
|
1,990
|
Private Warrants [Member] | Fair Value, Inputs, Level 1 [Member] |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Fair Value |
|
|
Private Warrants [Member] | Fair Value, Inputs, Level 2 [Member] |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Fair Value |
150
|
1,990
|
Private Warrants [Member] | Fair Value, Inputs, Level 3 [Member] |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Fair Value |
|
|
X |
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SCHEDULE OF TABLE REPRESENTING THE BREAKOUT OF THE OPERATING LEASES (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
Commitments and Contingencies Disclosure [Abstract] |
|
|
Operating lease right-of-use assets |
$ 3,912
|
$ 4,513
|
Short-term operating lease liabilities |
1,239
|
1,188
|
Long-term operating lease liabilities |
2,890
|
3,541
|
Total operating lease liabilities |
$ 4,129
|
$ 4,729
|
Weighted average remaining lease term |
3 years 1 month 6 days
|
3 years 7 months 6 days
|
Weighted average discount rate |
5.20%
|
5.20%
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v3.23.2
SCHEDULE OF THE FUTURE MINIMUM LEASE PAYMENTS UNDER THE OPERATING LEASES (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
Commitments and Contingencies Disclosure [Abstract] |
|
|
|
December 31, 2023 |
[1] |
$ 704
|
|
December 31, 2024 |
|
1,435
|
|
December 31, 2025 |
|
1,435
|
|
December 31, 2026 |
|
893
|
|
Total lease payments |
|
4,467
|
|
Less imputed interest |
|
338
|
|
Total operating lease liabilities |
|
$ 4,129
|
$ 4,729
|
|
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v3.23.2
COMMITMENTS AND CONTINGENCIES (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands |
|
3 Months Ended |
6 Months Ended |
Feb. 02, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Loss Contingencies [Line Items] |
|
|
|
|
|
Monthly base rent |
$ 230
|
|
|
|
|
Operating lease costs |
23
|
$ 395
|
$ 435
|
$ 788
|
$ 646
|
Estimated monthly property taxes |
$ 21
|
|
|
|
|
Percentage of escalation of monthly base rent |
3.00%
|
|
|
|
|
Percentage of escalation of fix operating expense costs |
2.40%
|
|
|
|
|
Term of due of first payment |
2 years
|
|
|
|
|
Number of Shares |
|
40,000,000
|
|
40,000,000
|
|
Audited revenue |
|
|
|
$ 250,000
|
|
Audited operating income |
|
|
|
$ 35,000
|
|
Share-Based Payment Arrangement, Tranche One [Member] |
|
|
|
|
|
Loss Contingencies [Line Items] |
|
|
|
|
|
Earnout shares issuable |
|
15,000,000
|
|
15,000,000
|
|
Share-Based Payment Arrangement, Tranche Two [Member] |
|
|
|
|
|
Loss Contingencies [Line Items] |
|
|
|
|
|
Earnout shares issuable |
|
12,500,000
|
|
12,500,000
|
|
Volume weighted average price per share |
|
|
|
$ 32.50
|
|
Share-Based Payment Arrangement, Tranche Two [Member] | Holders of Outstanding Shares of Legacy Dragonfly Common Stock [Member] |
|
|
|
|
|
Loss Contingencies [Line Items] |
|
|
|
|
|
Volume weighted average price per share |
|
|
|
$ 22.50
|
|
Share-Based Payment Arrangement, Tranche Three [Member] |
|
|
|
|
|
Loss Contingencies [Line Items] |
|
|
|
|
|
Earnout shares issuable |
|
12,500,000
|
|
12,500,000
|
|
Share-Based Payment Arrangement, Tranche Three [Member] | Holders of Outstanding Shares of Legacy Dragonfly Common Stock [Member] |
|
|
|
|
|
Loss Contingencies [Line Items] |
|
|
|
|
|
Volume weighted average price per share |
|
|
|
$ 32.50
|
|
Minimum [Member] |
|
|
|
|
|
Loss Contingencies [Line Items] |
|
|
|
|
|
Lease payments |
|
|
|
$ 111
|
|
Maximum [Member] |
|
|
|
|
|
Loss Contingencies [Line Items] |
|
|
|
|
|
Lease payments |
|
|
|
$ 128
|
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v3.23.2
SCHEDULE OF LEVERAGE RATIO (Details)
|
6 Months Ended |
Jun. 30, 2023 |
December 31, 2022 - March 31, 2023 [Member] |
|
Line of Credit Facility [Line Items] |
|
Leverage ratio |
6.75 to 1.00
|
June 30, 2023 - September 30, 2023 [Member] |
|
Line of Credit Facility [Line Items] |
|
Leverage ratio |
6.00 to 1.00
|
December 31, 2023 - March 31, 2024 [Member] |
|
Line of Credit Facility [Line Items] |
|
Leverage ratio |
5.00 to 1.00
|
June 30, 2024 - September 30, 2024 [Member] |
|
Line of Credit Facility [Line Items] |
|
Leverage ratio |
4.00 to 1.00
|
December 31, 2024 - March 31, 2025 [Member] |
|
Line of Credit Facility [Line Items] |
|
Leverage ratio |
3.25 to 1.00
|
June 30, 2025 and Thereafter [Member] |
|
Line of Credit Facility [Line Items] |
|
Leverage ratio |
3.00 to 1.00
|
X |
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v3.23.2
SCHEDULE OF FUTURE DEBT MATURITIES (Details) $ in Thousands |
Jun. 30, 2023
USD ($)
|
Debt Disclosure [Abstract] |
|
|
2023 |
|
[1] |
2024 |
938
|
|
2025 |
3,750
|
|
2026 |
80,620
|
|
Total |
85,308
|
|
Less: Estimated interest paid-in-kind |
(6,606)
|
|
Total debt |
78,702
|
|
Less: Unamortized debt issuance costs, noncurrent |
(56,330)
|
|
Total carrying amount |
22,372
|
|
Less: Current portion of debt |
(22,372)
|
|
Total long-term debt |
|
|
|
|
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v3.23.2
DEBT (Details Narrative) - USD ($)
|
|
3 Months Ended |
6 Months Ended |
|
|
Oct. 07, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Mar. 05, 2023 |
Nov. 24, 2021 |
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
Debt instrument, face amount |
|
|
|
|
|
$ 100,000
|
|
Interest expense |
|
$ 4,113,000
|
$ 1,228,000
|
$ 7,928,000
|
$ 2,491,000
|
|
|
Long term debt |
|
78,702,000
|
|
78,702,000
|
|
|
|
Paid in kind interest |
|
|
|
2,510,000
|
|
|
|
Debt issuance costs |
|
56,330,000
|
|
$ 56,330,000
|
|
|
|
Liquidity description |
|
|
|
The
Company shall not permit their Liquidity (determined on a consolidated basis) to be less than $10,000 as of the last day of each fiscal
month (commencing with month ending December 31, 2022)
|
|
|
|
Fixed charge coverage ratio description |
|
|
|
The
Fixed Charge Coverage Ratio is the ratio of consolidated EBITDA (less capital expenditures and certain other adjustments) to consolidated
fixed charges, as defined in the agreement. If Liquidity is less than $17,500 as of the last day of any fiscal quarter (commencing with
the quarter ending December 31, 2022), then the Company shall not permit the Fixed Charge Coverage Ratio for the trailing four quarterly
periods ending on the last day of any such quarter to be less than 1.15 to 1.00.
|
|
|
|
Capital expenditures description |
|
|
|
If
consolidated EBITDA for the trailing twelve-month period ending on the most recently completed fiscal quarter is less than $15,000, then
the level of capital expenditures is limited
|
|
|
|
Senior Secured Term Loan Facility [Member] | Term Loan Agreement [Member] |
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
Debt instrument, amortization percentage |
5.00%
|
|
|
|
|
|
|
Debt instrument, amortization amount |
$ 937,500
|
|
|
|
|
|
|
Debt instrument, amortization period |
24 months
|
|
|
|
|
|
|
Basis spread on variable rate |
13.50%
|
|
|
|
|
|
|
Senior Secured Term Loan Facility [Member] | Term Loan Agreement [Member] | Until April 1 2023 [Member] | Adjusted Secured Overnight Financing Rate [Member] |
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
Variable rate, payable in cash |
7.00%
|
|
|
|
|
|
|
Variable rate, payable in kind |
6.50%
|
|
|
|
|
|
|
Senior Secured Term Loan Facility [Member] | Term Loan Agreement [Member] | After April 1, 2023 Until October 1, 2024 [Member] | Adjusted Secured Overnight Financing Rate [Member] |
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
Variable rate, payable in cash |
7.00%
|
|
|
|
|
|
|
Senior Secured Term Loan Facility [Member] | Term Loan Agreement [Member] | After April 1, 2023 Until October 1, 2024 [Member] | Adjusted Secured Overnight Financing Rate [Member] | Minimum [Member] |
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
Basis spread on variable rate |
1.00%
|
|
|
|
|
|
|
Variable rate, payable in cash |
11.50%
|
|
|
|
|
|
|
Variable rate, payable in kind |
4.50%
|
|
|
|
|
|
|
Senior Secured Term Loan Facility [Member] | Term Loan Agreement [Member] | After April 1, 2023 Until October 1, 2024 [Member] | Adjusted Secured Overnight Financing Rate [Member] | Maximum [Member] |
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
Variable rate, payable in cash |
13.50%
|
|
|
|
|
|
|
Variable rate, payable in kind |
6.50%
|
|
|
|
|
|
|
Maximum Senior Leverage Ratio [Member] |
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
Debt instrument description |
|
|
|
The
Senior Leverage Ratio is the ratio of (a) consolidated indebtedness, as defined, on such date minus 100% of the unrestricted cash and
cash equivalents held (subject to adjustment) to (b) Consolidated earnings before interest, tax and amortization (“EBITDA”)
for the trailing twelve (12) fiscal month period most recently ended. If liquidity, as defined, for any fiscal quarter is less than $17,500,
the Senior Leverage Ratio shall not be permitted
|
|
|
|
Senior Notes [Member] |
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
Debt instrument, face amount |
|
|
|
|
|
|
$ 45,000,000
|
Debt instrument, insured amount |
|
|
|
|
|
|
$ 45,000,000
|
Loss on extinguishment |
|
|
|
$ 4,824,000
|
|
|
|
Interest expense |
|
|
635,000
|
|
$ 1,254,000
|
|
|
Amortization of debt issuance costs |
|
|
$ 584,000
|
1,197,000
|
|
|
|
Senior Notes [Member] | Term Loan Agreement [Member] |
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
Debt instrument, face amount |
|
75,000,000
|
|
75,000,000
|
|
|
|
Amortization of debt issuance costs |
|
401,000
|
|
620,000
|
|
|
|
Interest expense |
|
3,651,000
|
|
7,147,000
|
|
|
|
Long term debt |
|
22,372,000
|
|
22,372,000
|
|
|
|
Paid in kind interest |
|
|
|
3,702,000
|
|
|
|
Debt issuance costs |
|
$ 56,330,000
|
|
$ 56,330,000
|
|
|
|
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v3.23.2
ASSET PURCHASE AGREEMENT (Details Narrative) - USD ($)
|
|
1 Months Ended |
3 Months Ended |
6 Months Ended |
|
|
|
Jan. 01, 2022 |
Apr. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Apr. 26, 2023 |
Mar. 31, 2023 |
Dec. 31, 2022 |
Asset Acquisition [Line Items] |
|
|
|
|
|
|
|
|
|
Revenues |
|
|
|
|
$ 434
|
|
|
|
|
Repayment to related party |
|
|
$ 221,000
|
|
221,000
|
|
|
|
$ 221,000
|
Selling and marketing expense |
|
|
3,808,000
|
$ 2,881,000
|
7,992,000
|
$ 5,973,000
|
|
|
|
Related Party [Member] |
|
|
|
|
|
|
|
|
|
Asset Acquisition [Line Items] |
|
|
|
|
|
|
|
|
|
Repayment to related party |
|
|
1,000,000
|
|
1,000,000
|
|
$ 720,000
|
|
|
Bourns Production, Inc [Member] |
|
|
|
|
|
|
|
|
|
Asset Acquisition [Line Items] |
|
|
|
|
|
|
|
|
|
Purchase price for acquiring machinery and equipment |
$ 197,000
|
|
|
|
|
|
|
|
|
Thomason Jones Company LLC [Member] |
|
|
|
|
|
|
|
|
|
Asset Acquisition [Line Items] |
|
|
|
|
|
|
|
|
|
Purchase price for acquiring machinery and equipment |
|
|
|
|
444,000
|
|
|
|
|
Contingent payments |
|
$ 1,000,000
|
|
|
|
|
|
|
|
Revenues |
|
|
|
|
3,000,000
|
|
|
|
|
Selling and marketing expense |
|
|
|
|
417,000
|
|
|
|
|
Accrued expense |
|
|
$ 1,909,000
|
|
$ 1,909,000
|
|
|
|
$ 782,000
|
Thomason Jones Company LLC [Member] | Related Party [Member] |
|
|
|
|
|
|
|
|
|
Asset Acquisition [Line Items] |
|
|
|
|
|
|
|
|
|
Repayment to related party |
|
|
|
|
|
|
|
$ 1,000,000
|
|
Thomason Jones Company LLC [Member] | Maximum [Member] |
|
|
|
|
|
|
|
|
|
Asset Acquisition [Line Items] |
|
|
|
|
|
|
|
|
|
Purchase price for acquiring machinery and equipment |
|
$ 700,000
|
|
|
|
|
|
|
|
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v3.23.2
SCHEDULE OF UNDERWRITER WARRANTS (Details)
|
6 Months Ended |
Jun. 30, 2023
shares
|
Warrants Outstanding, June 30, 2023 |
23,492,221
|
Underwriter Warrants [Member] |
|
Warrants Outstanding, January 1, 2023 |
|
Warrants issued |
570,250,000
|
Warrants Outstanding, June 30, 2023 |
570,250,000
|
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v3.23.2
SCHEDULE FAIR VALUE WARRANTS (Details)
|
Jun. 30, 2023
$ / shares
|
Jun. 20, 2023
$ / shares
|
Dec. 31, 2022
$ / shares
|
Penny Warrants [Member] |
|
|
|
Common stock price |
$ 1.48
|
|
$ 11.09
|
Fair value |
$ 1.48
|
|
$ 11.89
|
Penny Warrants [Member] | Measurement Input, Share Price [Member] |
|
|
|
Warrant measurement input |
0.01
|
|
0.01
|
Penny Warrants [Member] | Measurement Input, Expected Dividend Rate [Member] |
|
|
|
Warrant measurement input |
0
|
|
0
|
Penny Warrants [Member] | Measurement Input, Expected Term [Member] |
|
|
|
Warrant term |
9 years 3 months 7 days
|
|
9 years 9 months 7 days
|
Penny Warrants [Member] | Measurement Input, Price Volatility [Member] |
|
|
|
Warrant measurement input |
119.00
|
|
90.00
|
Penny Warrants [Member] | Measurement Input, Risk Free Interest Rate [Member] |
|
|
|
Warrant measurement input |
3.80
|
|
3.90
|
Offering Warrants [Member] |
|
|
|
Common stock price |
$ 1.48
|
$ 1.50
|
|
Fair value |
$ 1.19
|
$ 1.21
|
|
Offering Warrants [Member] | Measurement Input, Share Price [Member] |
|
|
|
Warrant measurement input |
2.00
|
2.00
|
|
Offering Warrants [Member] | Measurement Input, Expected Dividend Rate [Member] |
|
|
|
Warrant measurement input |
0
|
0
|
|
Offering Warrants [Member] | Measurement Input, Expected Term [Member] |
|
|
|
Warrant term |
4 years 11 months 23 days
|
5 years
|
|
Offering Warrants [Member] | Measurement Input, Price Volatility [Member] |
|
|
|
Warrant measurement input |
119.00
|
118.00
|
|
Offering Warrants [Member] | Measurement Input, Risk Free Interest Rate [Member] |
|
|
|
Warrant measurement input |
4.10
|
4.00
|
|
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v3.23.2
SCHEDULE OF ROLL FORWARD IN WARRANTS (Details) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Warrants Outstanding, June 30, 2023 |
23,492,221
|
|
23,492,221
|
|
Change in fair value of warrants |
$ 804
|
|
$ 19,327
|
|
Private Warrants [Member] |
|
|
|
|
Warrants Outstanding, January 1, 2023 |
|
|
4,627,858
|
|
Exercise of warrants |
|
|
(3,126,472)
|
|
Warrants Outstanding, June 30, 2023 |
1,501,386
|
|
1,501,386
|
|
Public Warrants [Member] |
|
|
|
|
Warrants Outstanding, January 1, 2023 |
|
|
9,487,500
|
|
Exercise of warrants |
|
|
(64,971)
|
|
Warrants Outstanding, June 30, 2023 |
9,422,529
|
|
9,422,529
|
|
Term Loan Warrants [Member] |
|
|
|
|
Warrants Outstanding, January 1, 2023 |
|
|
2,593,056
|
|
Exercise of warrants |
|
|
(2,000,000)
|
|
Warrants Outstanding, June 30, 2023 |
593,056
|
|
593,056
|
|
Investor Warrants [Member] |
|
|
|
|
Warrants Outstanding, January 1, 2023 |
|
|
|
|
Warrants issued |
|
|
11,405,000,000
|
|
Warrants Outstanding, June 30, 2023 |
11,405,000,000
|
|
11,405,000,000
|
|
Warrant [Member] |
|
|
|
|
Balances, January 1, 2023 |
|
|
$ 30,841
|
|
Issuance of warrants |
|
|
13,762
|
|
Exercise of warrants |
|
|
(11,284)
|
|
Change in fair value of warrants |
|
|
(18,832)
|
|
Balances, June 30, 2023 |
$ 14,487
|
|
$ 14,487
|
|
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v3.23.2
WARRANTS (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended |
6 Months Ended |
|
|
|
Mar. 31, 2023 |
Jun. 30, 2023 |
Dec. 31, 2022 |
Oct. 10, 2022 |
Jun. 30, 2022 |
Exercise price of warrants |
|
$ 11.50
|
|
|
|
Warrants outstanding |
|
23,492,221
|
|
|
|
Exercise of public warrants |
$ 747
|
$ 747
|
|
|
|
Exercise of public warrants, shares |
|
64,971
|
|
|
|
Common Stock, Shares, Issued |
|
58,504,541
|
43,272,728
|
|
|
Undrwriters warrant [Member] |
|
|
|
|
|
Common Stock, Shares, Issued |
|
570,250
|
|
|
|
Underwriters Warrants [Member] |
|
|
|
|
|
Exercise price of warrants |
|
$ 2.50
|
|
|
|
[custom:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRightsPercentage-0] |
|
125.00%
|
|
|
|
Common Stock [Member] |
|
|
|
|
|
Exercise of public warrants |
|
|
|
|
|
Exercise of public warrants, shares |
64,971,000
|
|
|
|
|
Warrants, shares |
73,500,000
|
10,000,000
|
|
|
|
Shares Issued, Price Per Share |
|
$ 2.00
|
|
|
|
Common Stock [Member] | Maximum [Member] |
|
|
|
|
|
Warrants, shares |
|
10,000,000
|
|
|
|
Common Stock [Member] | Over-Allotment Option [Member] |
|
|
|
|
|
Warrants, shares |
|
1,500,000
|
|
|
|
Common Stock [Member] | Over-Allotment Option [Member] | Maximum [Member] |
|
|
|
|
|
Warrants, shares |
|
1,500,000
|
|
|
|
Warrant [Member] |
|
|
|
|
|
Shares Issued, Price Per Share |
|
$ 2.00
|
|
|
|
Underwriting Warrants [Member] | Maximum [Member] |
|
|
|
|
|
Warrants, shares |
|
1,500,000
|
|
|
|
Investor Warrants [Member] |
|
|
|
|
|
Warrants outstanding |
|
11,405,000,000
|
|
|
|
Warrants, shares |
|
1,405,000
|
|
|
|
Investor Warrants [Member] | Maximum [Member] |
|
|
|
|
|
Warrants, shares |
|
1,405,000
|
|
|
|
Investor Warrants [Member] | Over-Allotment Option [Member] |
|
|
|
|
|
Warrants, shares |
|
1,405,000
|
|
|
|
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|
|
|
|
|
Exercise price of warrants |
|
$ 0.01
|
|
|
|
Sale price |
|
$ 16.00
|
|
|
|
Warrants outstanding |
|
9,487,500
|
|
|
|
Private Placement Warrants [Member] |
|
|
|
|
|
Warrants outstanding |
|
1,501,386
|
4,627,858
|
|
|
Warrants, shares |
|
1,100,000
|
|
|
|
Class of Warrant or Right, Number of Securities Called by Warrants or Rights |
|
3,126,472
|
|
|
|
Penny Warrants [Member] |
|
|
|
|
|
Class of Warrant or Right, Number of Securities Called by Warrants or Rights |
|
2,593,056
|
|
|
|
Penny Warrants [Member] | Common Stock [Member] |
|
|
|
|
|
Class of Warrant or Right, Number of Securities Called by Warrants or Rights |
|
750,000
|
|
|
|
10 Warrants [Member] |
|
|
|
|
|
Sale price |
|
$ 10
|
|
|
|
Class of Warrant or Right, Number of Securities Called by Warrants or Rights |
|
1,600,000
|
|
457,142
|
|
10 Warrants [Member] | Common Stock [Member] |
|
|
|
|
|
Class of Warrant or Right, Number of Securities Called by Warrants or Rights |
|
748,029
|
|
|
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v3.23.2
SUMMARY OF RESERVED SHARES OF COMMON STOCK FOR ISSUANCE (Details) - shares
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Jun. 30, 2022 |
Dec. 31, 2021 |
Equity [Abstract] |
|
|
|
|
|
Options issued and outstanding |
[1] |
3,443,099
|
3,642,958
|
4,008,139
|
3,690,955
|
Common stock outstanding |
|
58,504,541
|
43,272,728
|
36,749,738
|
|
Warrants outstanding |
|
23,492,221
|
|
|
|
Earnout shares |
|
40,000,000
|
|
|
|
Shares available for future issuance |
|
4,434,916
|
|
622,491
|
|
Total |
|
129,874,777
|
|
41,380,368
|
|
|
|
X |
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v3.23.2
COMMON STOCK (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended |
6 Months Ended |
|
Jun. 30, 2023 |
Mar. 31, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
Common stock, shares authorized |
170,000,000
|
|
|
170,000,000
|
|
170,000,000
|
Common stock, par value |
$ 0.0001
|
|
|
$ 0.0001
|
|
$ 0.0001
|
Common stock, shares issued |
58,504,541
|
|
|
58,504,541
|
|
43,272,728
|
Common stock, shares outstanding |
58,504,541
|
|
36,749,738
|
58,504,541
|
36,749,738
|
43,272,728
|
Proceeds from issuance of common stock |
|
|
|
$ 22,810
|
|
|
Excersie price |
$ 11.50
|
|
|
$ 11.50
|
|
|
Expiration date |
|
|
|
Jun. 20, 2028
|
|
|
Related costs |
|
|
|
$ 2,074
|
|
|
Adjustment to additional paid in capital warrant issued |
|
|
|
1,169
|
|
|
General and administrative expense |
$ 7,614
|
|
$ 3,816
|
17,109
|
$ 7,442
|
|
Fair value liability |
$ 13,762
|
|
|
$ 13,762
|
|
|
Common Stock [Member] |
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
Common stock, par value |
$ 0.0001
|
|
|
$ 0.0001
|
|
|
Shares new issues |
|
73,500,000
|
|
10,000,000
|
|
|
Share issued price share |
2.00
|
|
|
$ 2.00
|
|
|
Common Stock [Member] | Over-Allotment Option [Member] |
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
Shares new issues |
|
|
|
1,500,000
|
|
|
Offering Warrants [Member] |
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
Excersie price |
2.00
|
|
|
$ 2.00
|
|
|
Underwriters Warrants [Member] |
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
Excersie price |
2.50
|
|
|
$ 2.50
|
|
|
Investor Warrants [Member] |
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
Shares new issues |
|
|
|
1,405,000
|
|
|
Investor Warrants [Member] | Over-Allotment Option [Member] |
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
Shares new issues |
|
|
|
1,405,000
|
|
|
Warrant [Member] |
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
Share issued price share |
$ 2.00
|
|
|
$ 2.00
|
|
|
General and administrative expense |
|
|
|
$ 905
|
|
|
Maximum [Member] | Common Stock [Member] |
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
Shares new issues |
|
|
|
10,000,000
|
|
|
Maximum [Member] | Common Stock [Member] | Over-Allotment Option [Member] |
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
Shares new issues |
|
|
|
1,500,000
|
|
|
Maximum [Member] | Underwriting Warrants [Member] |
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
Shares new issues |
|
|
|
1,500,000
|
|
|
Maximum [Member] | Investor Warrants [Member] |
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
Shares new issues |
|
|
|
1,405,000
|
|
|
Purchase Agreement [Member] |
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
Shares new issues |
|
|
|
98,500
|
|
|
Proceeds from issuance of common stock |
|
|
|
$ 671
|
|
|
Purchase Agreement [Member] | Maximum [Member] |
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
Aggregated purchase price |
|
|
|
$ 150,000
|
|
|
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SCHEDULE OF STOCK BASED COMPENSATION (Details) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
18 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] |
|
|
|
|
|
Total |
$ 954
|
$ 431
|
$ 5,441
|
$ 719
|
$ 719
|
Cost of Sales [Member] |
|
|
|
|
|
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] |
|
|
|
|
|
Total |
39
|
46
|
75
|
|
143
|
Research And Development [Member] |
|
|
|
|
|
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] |
|
|
|
|
|
Total |
20
|
134
|
49
|
|
171
|
Selling and Marketing Expense [Member] |
|
|
|
|
|
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] |
|
|
|
|
|
Total |
115
|
132
|
971
|
|
192
|
General and Administrative Expense [Member] |
|
|
|
|
|
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] |
|
|
|
|
|
Total |
$ 780
|
$ 119
|
$ 4,346
|
|
$ 213
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SCHEDULE OF OPTION ACTIVITY AND RELATED INFORMATION (Details) - USD ($) $ / shares in Units, $ in Thousands |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Share-Based Payment Arrangement [Abstract] |
|
|
|
Number of Options, Balance at the beginning |
[1] |
3,642,958
|
3,690,955
|
Weighted- Average Exercise Price - Balances at the beginning |
|
$ 2.02
|
$ 1.98
|
Weighted- Average Grant Date Fair Value, Balances at the beginning |
|
$ 1.21
|
$ 1.38
|
Weighted- Average Remaining Contractual Life (in years) |
|
7 years 10 months 24 days
|
8 years 6 months 7 days
|
Aggregate Intrinsic value Balances at the beginning |
|
$ 35,989
|
$ 6,550
|
Number of Options granted |
[1] |
143,607
|
602,275
|
Weighted- Average Exercise Price Options granted |
|
$ 7.50
|
$ 4.08
|
Weighted- Average Grant Date Fair Value, Options granted |
|
$ 3.82
|
$ 1.81
|
Aggregate Intrinsic value Options granted |
|
$ 632
|
|
Number of Options forfeited |
[1] |
(238,345)
|
(30,468)
|
Weighted- Average Exercise Price Options forfeited |
|
$ 3.53
|
$ 2.93
|
Weighted- Average Grant Date Fair Value, Options forfeited |
|
$ 1.62
|
$ 2.32
|
Aggregate Intrinsic value Options forfeited |
|
$ 369
|
|
Number of Options exercised |
[1] |
(105,121)
|
(254,623)
|
Weighted- Average Exercise Price Options exercised |
|
|
$ 0.94
|
Weighted- Average Grant Date Fair Value, Options exercised |
|
$ 5.91
|
$ 2.39
|
Aggregate Intrinsic value Options exercised |
|
$ 298
|
|
Number of Options, Balance at the end |
[1] |
3,443,099
|
4,008,139
|
Weighted- Average Exercise Price Balances at the end |
|
$ 2.11
|
$ 2.36
|
Weighted- Average Grant Date Fair Value,Balances at the end |
|
$ 1.27
|
$ 1.72
|
Weighted- Average Remaining Contractual Life (in years) |
|
6 years 1 month 28 days
|
8 years 5 months 4 days
|
Aggregate Intrinsic value Balances at the end |
|
$ 1,520
|
$ 5,845
|
Weighted- Average Exercise Price Options Excercised |
|
$ 3.07
|
|
Number of Options, Vested and Exercisable |
[1] |
2,164,874
|
|
Weighted- Average Exercise Price Vested and Exercisable |
|
$ 1.55
|
|
Weighted- Average Remaining Contractual Life (in years) |
|
4 years 10 months 20 days
|
|
Aggregate Intrinsic value Vested and Exercisable |
|
$ 1,389
|
|
Number of Options, Vested and expected to vest |
[1] |
3,443,099
|
|
Weighted- Average Exercise Price Vested and expected to vest |
|
$ 2.11
|
|
Weighted- Average Remaining Contractual Life (in years) |
|
6 years 1 month 28 days
|
|
Aggregate Intrinsic value Vested and expected to vest |
|
$ 1,520
|
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SCHEDULE OF RESTRICTED STOCK UNITS ACTIVITY (Details) - USD ($) $ / shares in Units, $ in Thousands |
6 Months Ended |
|
Jun. 30, 2023 |
Apr. 26, 2023 |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
Vested and exercisable as of June 30, 2023 |
$ 1,389
|
$ 76
|
Restricted Stock Units (RSUs) [Member] |
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
Number of shares , beginning balance |
180,000
|
|
Weighted average fair market value , beginning balance |
$ 14.00
|
|
Number of shares granted and unvested |
489,998
|
|
Weighted average fair market value granted and unvested |
$ 7.29
|
|
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(461,998)
|
|
Weighted average fair market value vested |
$ 7.50
|
|
Number of shares , ending balance |
208,000
|
|
Weighted average fair market value , beginning balance |
$ 14.00
|
|
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|
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Vested and exercisable as of June 30, 2023 |
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v3.23.2
STOCK-BASED COMPENSATION (Details Narrative) - USD ($) $ in Thousands |
|
3 Months Ended |
6 Months Ended |
|
|
Oct. 07, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Feb. 10, 2023 |
Dec. 31, 2022 |
2022 Equity Incentive Plan and Employee Stock Purchase Plan [Member] |
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
Unissued authorized and available for future awards |
|
4,434,916
|
|
4,434,916
|
|
|
|
Restricted Stock Units (RSUs) [Member] |
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
Share-Based Payment Arrangement, Expense |
|
$ 954
|
$ 431
|
$ 5,441
|
$ 719
|
|
|
Restricted stock units, Unvested |
180,000
|
208,000
|
|
208,000
|
|
461,998
|
180,000
|
Restricted stock units, value |
$ 2,520
|
|
|
$ 3,464
|
|
|
|
Restricted Stock Units Unvested [Member] |
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
Restricted stock units, Unvested |
|
28,000
|
|
28,000
|
|
|
|
Restricted stock units, value |
|
|
|
$ 105
|
|
|
|
Restricted Stock Units Vested [Member] |
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
Restricted stock units, value |
|
|
|
$ 7
|
|
|
|
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v3.23.2
SCHEDULE OF INFORMATION NEEDED TO COMPUTER BASIC AND DILUTED EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Earnings Per Share [Abstract] |
|
|
|
|
Net Loss attributable to common stockholders |
$ (11,700)
|
$ (1,469)
|
$ (6,808)
|
$ (3,767)
|
Weighted average common shares outstanding,basic |
47,418,269
|
36,616,430
|
46,263,591
|
36,579,990
|
Weighted average common shares outstanding, diluted |
47,418,269
|
36,616,430
|
46,263,591
|
36,579,990
|
Net loss per share of common stock, basic |
$ (0.25)
|
$ (0.04)
|
$ (0.15)
|
$ (0.10)
|
Net loss per share of common stock, diluted |
$ (0.25)
|
$ (0.04)
|
$ (0.15)
|
$ (0.10)
|
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v3.23.2
SCHEDULE OF POTENTIAL SHARES OF COMMON STOCK EXCLUDED FROM DILUTED NET (LOSS) INCOME PER SHARE (Details) - shares
|
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Purchase an aggregate shares |
27,143,320
|
4,008,139
|
Share-Based Payment Arrangement, Option [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Purchase an aggregate shares |
3,443,099
|
4,008,139
|
Restricted Stock Units (RSUs) [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Purchase an aggregate shares |
208,000
|
|
Warrant [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Purchase an aggregate shares |
23,492,221
|
|
X |
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v3.23.2
v3.23.2
SUBSEQUENT EVENTS (Details Narrative) - USD ($)
|
|
|
|
6 Months Ended |
Aug. 08, 2023 |
Jul. 06, 2023 |
Jul. 01, 2023 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Subsequent Event [Line Items] |
|
|
|
|
|
Warrant exercises net |
|
|
|
$ 747,000
|
|
Subsequent Event [Member] |
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
Warrant exercises |
273,100
|
|
|
|
|
Warrant exercises net |
$ 546
|
|
|
|
|
Repayments of Related Party Debt |
|
|
$ 5,275,000
|
|
|
Maturity date |
|
Jul. 06, 2024
|
|
|
|
Subsequent Event [Member] | Wells Fargo Commercial Banking [Member] |
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
Time deposits |
|
$ 315,000
|
|
|
|
Debt instrument interest rate effective percentage |
|
2.00%
|
|
|
|
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- DefinitionNumber of securities into which the class of warrant or right may be converted. For example, but not limited to, 500,000 warrants may be converted into 1,000,000 shares.
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