EX-99.2 9 ef20036350_ex99-2.htm EXHIBIT 99.2

Exhibit 99.2

VENUS CONCEPT INC.

Condensed Consolidated Balance Sheets
(Unaudited)
(in thousands, except share and per share data)

   
June 30,
   
Pro forma
   
Note
   
As Adjusted
June 30,
 

 
2024
   
Adjustments
   
Reference
   
2024
 
ASSETS
                       
Total current assets
   
56,903
                 
56,903
 
Total long-term assets
   
22,847
                 
22,847
 
TOTAL ASSETS
   
79,750
                 
79,750
 
LIABILITIES AND STOCKHOLDERS EQUITY (DEFICIT)
                        -
 
Total current liabilities
   
28,538
                 
28,538
 
LONG-TERM LIABILITIES:
                       
-
 
Long-term debt
   
42,402
     
(15,000
)
         
27,402
 
Accrued severance pay
   
458
                   
458
 
Deferred tax liabilities
   
2
                   
2
 
Unearned interest revenue
   
438
                   
438
 
Warranty accrual
   
271
                   
271
 
Operating lease liabilities
   
2,613
                   
2,613
 
Other long-term liabilities
   
664
                   
664
 
Total long-term liabilities
   
46,848
     
(15,000
)
         
31,848
 
TOTAL LIABILITIES
   
75,386
     
(15,000
)
         
60,386
 
Commitments and Contingencies (Note 9)
                             
STOCKHOLDERS’ EQUITY (DEFICIT) (Note 15):
                             
Common Stock, $0.0001 par value: 300,000,000 shares authorized as of June 30, 2024 and December 31, 2023; 7,255,277 and 5,529,149 issued and outstanding as of June 30, 2024, and December 31, 2023, respectively
   
30
                   
30
 
Additional paid-in capital
   
295,320
     
15,000
     
(1
)
   
310,320
 
Accumulated deficit
   
(291,648
)
   
-
             
(291,648
)
TOTAL STOCKHOLDERS’ EQUITY (DEFICIT)
   
3,702
     
15,000
             
18,702
 
Non-controlling interests
   
662
                     
662
 
     
4,364
     
15,000
             
19,364
 
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)
   
79,750
     
-
             
79,750
 

(1) This Pro Forma Balance Sheet reflects Venus Concept Inc. (VERO) Balance Sheet as reported in the Company's 10-Q for the quarter ended June 30, 2024 filed with the Securities and Exchange Commission on August 13, 2024, adjusted to reflect the subsequent events after the balance sheet date of June 30, 2024 through the date of filing of the, as if the events occurred on June 30, 2024. The subsequent event is described below:
 
Venus Concept Inc. (the “Company”) and Venus Concept USA, Inc., a wholly-owned subsidiary of the Company (“Venus USA”), entered into an Exchange Agreement (the “Exchange Agreement”) with Madryn Health Partners, LP (“Madryn”) and Madryn Health Partners (Cayman Master), LP (“Madryn Cayman,” and together with Madryn, the “Lenders”). Pursuant to the Exchange Agreement, the Lenders agreed to exchange (the “Exchange”) the entire $17,662,287.29 in aggregate principal amount outstanding under that certain Loan and Security Agreement (Main Street Priority Loan), dated December 8, 2020, among the Lenders, as lenders, and Venus USA, as borrower (as amended from time to time, the “MSLP Loan Agreement”), for (i) $2,662,287.79 in aggregate principal amount of new secured notes of Venus USA to be issued under the MSLP Loan Agreement (the “New Notes”) and (ii) 214,285 shares of the Company's Series Y Convertible Preferred Stock. The shares of Series Y Preferred Stock issued in the Exchange were priced at $70 per share, being equal to the product of (i) the average closing price (as reflected on Nasdaq.com) of the Company’s common stock for the five trading days immediately preceding date of the Exchange Agreement, multiplied by (ii) 100.