0001493152-24-023694.txt : 20240613 0001493152-24-023694.hdr.sgml : 20240613 20240613161529 ACCESSION NUMBER: 0001493152-24-023694 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 17 CONFORMED PERIOD OF REPORT: 20240613 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20240613 DATE AS OF CHANGE: 20240613 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AMMO, INC. CENTRAL INDEX KEY: 0001015383 STANDARD INDUSTRIAL CLASSIFICATION: ORDNANCE & ACCESSORIES, (NO VEHICLES/GUIDED MISSILES) [3480] ORGANIZATION NAME: 04 Manufacturing IRS NUMBER: 300957912 STATE OF INCORPORATION: DE FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-13101 FILM NUMBER: 241041411 BUSINESS ADDRESS: STREET 1: 7681 E. GRAY RD STREET 2: SCOTTSDALE CITY: SCOTTSDALE STATE: AZ ZIP: 85260 BUSINESS PHONE: 480-947-0001 MAIL ADDRESS: STREET 1: 7681 E. GRAY RD STREET 2: SCOTTSDALE CITY: SCOTTSDALE STATE: AZ ZIP: 85260 FORMER COMPANY: FORMER CONFORMED NAME: RETROSPETTIVA INC DATE OF NAME CHANGE: 19970602 8-K 1 form8-k.htm
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 

FORM 8-K

 

CURRENT REPORT

 

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): June 13, 2024

 

AMMO, INC.

(Exact name of registrant as specified in its charter)

 

Delaware   001-13101   83-1950534

(State or other jurisdiction of

incorporation or organization)

  

(Commission

File Number)

  

(IRS Employer

Identification No.)

 

7681 E. Gray Rd.

Scottsdale, Arizona 85260

(Address of principal executive offices)

 

(480) 947-0001

(Registrant’s telephone number, including area code)

 

 

(Former name or former address, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
   
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
   
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
   
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

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, $0.001 par value   POWW   The Nasdaq Stock Market LLC (Nasdaq Capital Market)
8.75% Series A Cumulative Redeemable Perpetual Preferred Stock, $0.001 par value   POWWP   The Nasdaq Stock Market LLC (Nasdaq Capital Market)

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

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. ☐

 

 

 

 
 

 

Item 2.02 Results of Operations and Financial Condition.

 

On June 13, 2024, Ammo, Inc. (the “Company”) reported its financial results for the fiscal quarterly period ended and fiscal year ended March 31, 2024. A copy of the press release issued by the Company in this connection is furnished herewith as Exhibit 99.1.

 

The information in this Item in this Current Report on Form 8-K and Exhibit 99.1 attached hereto are being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, regardless of any general incorporation language in such filing.

 

Item 9.01 Financial Statements and Exhibits.

 

(d) Exhibits

 

  99.1 Press Release dated June 13, 2024
  104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

 
 

 

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 hereunto duly authorized.

 

  AMMO, INC.
     
Dated: June 13, 2024 By: /s/ Robert D. Wiley
    Robert D. Wiley
    Chief Financial Officer

 

 

 EX-99.1 2 ex99-1.htm

 

Exhibit 99.1

 

 

AMMO, Inc. Reports Fourth Quarter and Fiscal Year 2024 Financial Results

 

SCOTTSDALE, Ariz., June 13, 2024 (GLOBE NEWSWIRE) — AMMO, Inc. (Nasdaq: POWW, POWWP) (“AMMO” or the “Company”), the owner of GunBroker.com, the largest online marketplace serving the firearms and shooting sports industries, and a leading vertically integrated producer of high-performance ammunition and components, today reported results for its Fourth Quarter and Fiscal Year 2024, ended March 31, 2024.

 

Fiscal Year 2024 Overview

 

● Net Revenues of $145.1 million, a 24.2% decrease.
● Gross profit margin of approximately 29.4%.
● Adjusted EBITDA of $15.4 million compared to $26.4 million.
● Net loss of ($15.6) million, compared to net loss of ($4.6) million.
● Diluted EPS of ($0.16), compared to ($0.07).
● Adjusted EPS of $0.09, compared to $0.16.

 

GunBroker.com “Marketplace” Metrics – Fiscal Year 2024

 

● Marketplace revenue of approximately $53.9 million.
● New user growth averaged 30,000 per month.
● Average take rate increased to 5.9% compared to 5.6% in fiscal 2023.

 

Fourth Quarter 2024 Overview

 

● Net Revenues of $40.4 million, a 7.5% decrease
● Gross profit margin of approximately 23.3%.
● Adjusted EBITDA of $2.2 million compared to $3.8 million.
● Net loss of ($5.3) million, compared to net loss of ($2.9) million.
● Diluted EPS of ($0.05), compared to ($0.04).
● Adjusted EPS of $0.01, compared to $0.02.

 

GunBroker.com “Marketplace” Metrics – Fourth Quarter 2024

 

● Marketplace revenue of approximately $13.6 million.
● New user growth averaged 32,000 per month.
● Average take rate increased to 6.0%

 

 
 

 

Jared Smith, AMMO’s CEO, commented “Sales increased sequentially despite a slower market environment. We continued to make progress this quarter and ended the fiscal year with a strong pipeline of rifle ammunition and casing sales while accelerating our buildout of GunBroker’s capabilities. This is most evident as we start to deliver on our ZRO Delta contract, while continuing the advancement in financing, cross selling, and carting of accessories that will take place with GunBroker in Fiscal 2025.

 

“AMMO is at a pivotal point as we finish the first quarter of our 2025 fiscal year. We believe we have changed the trajectory of the business in these past 12 months in a way that will lead to increased shareholder value. Our ongoing transition from low margin pistol ammo to high margin rifle cases will sustain a more stable and profitable business model going forward. In addition, GunBroker’s multi seller, multi-item checkout process will enable us to capture a higher margin accessory business, while streamlining the checkout process. As we sit here in June, we believe we have never been more poised for success,” Mr. Smith concluded.

 

Fourth Quarter and Fiscal Year 2024 Results

 

We experienced sequential revenue growth in our ammunition segment in the final quarter of our fiscal year in comparison to our third quarter while the margins of the GunBroker marketplace segment remain robust.

 

We ended the fourth quarter of our 2024 fiscal year with total revenues of approximately $40.4 million in comparison to $43.7 million in the prior year quarter. The decrease in revenue was primarily related to a decrease in activity in our marketplace segment, which we believe decreased as a result of the current macroeconomic environment impacting our industry as well as others. Our casing sales, however, which afford us higher gross margins, increased to $0.9 million up from the prior year period. Revenues for our ammunition segment decreased $0.2 million from the prior year quarter but increased $4.8 million or 21.9% quarter-over-quarter as a result of increased ammunition sales in our fourth fiscal quarter.

 

Cost of goods sold was approximately $31.0 million for the quarter compared to $31.8 million in the comparable prior year quarter. The decrease in cost of goods sold was related to the decrease in sales volume.

 

Our gross margin for the quarter was $9.4 million or 23.3% compared to $11.9 million or 27.3% in the prior year period. The decrease in gross profit margin was related to the shift in sales mix.

 

The robust margins on GunBroker remained steady through our final quarter, but the margins in the ammunition segment did not meet expectations. We expect improvement as production capacities increase. Our inventory levels continued to decrease, generating $4.3 million in cash from operations for the quarter, bringing us to $32.6 million for the full fiscal year.

 

 
 

 

There was approximately $2.4 million of nonrecurring expenses in the quarter related to legal and professional fees, which we have included as an addback to adjusted EBITDA.

 

For the quarter, we recorded Adjusted EBITDA of approximately $2.2 million, compared to the prior year quarter Adjusted EBITDA of $3.8 million.

 

We ended the quarter with a Net Loss of approximately $5.3 million compared with a Net Loss of approximately $2.9 million for the prior year period. This resulted in a loss per share of $0.05 for the quarter or Adjusted Net Income per Share of $0.01 in comparison to a loss per share of $0.04 in the prior year quarter or Adjusted Net Income per Share of $0.03. For our fiscal year, a loss per share of $0.16 or Adjusted Net Loss per Share of $0.09 in comparison to Net Income per share of $0.07 or Adjusted Net Income per Share of $0.16 in the prior year.

 

Looking forward, we are focused on increasing our plant capacity with the recent engagement of a global consulting firm, which should improve the product marginality.

 

For GunBroker, we launched our cart platform in March of 2024, and will be bringing other efforts online in Fiscal 2025. These efforts may include additional customer financing partnerships such as what we built with Gearfire Capital, which will allow retailers the option to offer flexible financing options to customers. We expect these enhancements will drive sales growth through better functionality and enhanced purchasing power of buyers.

 

As of now, we believe we are financially well positioned into Fiscal 2025 given our strong net working capital position. We reported $131.5 million in current assets including $55.6 million of cash and cash equivalents along with $30.9 million of current liabilities. Additionally, we generated $32.6 million in cash from operations for the period.

 

Conference Call

 

Management will host a conference call at 5:00 PM ET today, June 13, 2024, to review financial results and provide an update on corporate developments. Following management’s formal remarks there will be a question-and-answer session.

 

Participants are asked to preregister for the call at the following link: https://dpregister.com/sreg/10188534/fc5c14c674

 

Please note that registered participants will receive their dial-in number upon registration and will dial directly into the call without delay. Those without Internet access or who are unable to pre-register may dial in by calling 1-844-481-2698 (domestic) or 1-412-317-0655 (international).

 

Please join at least 5-10 minutes prior to the scheduled start and follow the operator’s instructions. When requested, please ask for “AMMO, Inc. Fourth Quarter and Fiscal Year 2024 Conference Call.”

 

 
 

 

The conference call will also be available through a live webcast at the following link: https://event.choruscall.com/mediaframe/webcast.html?webcastid=FE9IBGzz, which is also available through the Company’s website.

 

About AMMO, Inc.

 

With its corporate offices headquartered in Scottsdale, Arizona, AMMO designs and manufactures products for a variety of aptitudes, including law enforcement, military, sport shooting and self-defense. The Company was founded in 2016 with a vision to change, innovate and invigorate the complacent munitions industry. AMMO promotes branded munitions as well as its patented STREAK™ Visual Ammunition, /stelTH/™ subsonic munitions, and specialty rounds for military use via government programs. For more information, please visit: www.ammo-inc.com.

 

About GunBroker.com

 

GunBroker.com is the largest online marketplace dedicated to firearms, hunting, shooting and related products. Aside from merchandise bearing its logo, GunBroker.com currently sells none of the items listed on its website. Third-party sellers list items on the site and Federal and state laws govern the sale of firearms and other restricted items. Ownership policies and regulations are followed using licensed firearms dealers as transfer agents. Launched in 1999, GunBroker.com is an informative, secure, and safe way to buy and sell firearms, ammunition, air guns, archery equipment, knives and swords, firearms accessories, and hunting/shooting gear online. GunBroker.com promotes responsible ownership of guns and firearms. For more information, please visit: www.gunbroker.com.

 

Forward Looking Statements

 

This document contains certain “forward-looking statements”. All statements other than statements of historical fact are “forward-looking statements” for purposes of federal and state securities laws, including, but not limited to, any projections of earnings, revenue or other financial items; any statements of the plans, strategies, goals and objectives of management for future operations; any statements concerning proposed new products and services or developments thereof; any statements regarding future economic conditions or performance; any statements or belief; and any statements of assumptions underlying any of the foregoing.

 

Forward looking statements may include the words “may,” “could,” “estimate,” “intend,” “continue,” “believe,” “expect” or “anticipate” or other similar words, or the negative thereof. These forward-looking statements present our estimates and assumptions only as of the date of this report. Accordingly, readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the dates on which they are made. We do not undertake to update forward-looking statements to reflect the impact of circumstances or events that arise after the dates they are made. You should, however, consult further disclosures and risk factors we include in Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Reports filed on Form 8-K.

 

Investor Contact:

 

CoreIR

Phone: (212) 655-0924

IR@ammo-inc.com

 

Source: AMMO, Inc.

 

 
 

 

AMMO, Inc.

 

CONDENSED CONSOLIDATED BALANCE SHEETS

 

   March 31, 2024   March 31, 2023 
         
ASSETS          
Current Assets:          
Cash and cash equivalents  $55,586,441   $39,134,027 
Accounts receivable, net   28,221,321    29,346,380 
Inventories   45,563,334    54,344,819 
Prepaid expenses   2,154,170    5,126,667 
Current portion of restricted cash   -    500,000 
Total Current Assets   131,525,266    128,451,893 
           
Equipment, net   58,082,040    55,963,255 
           
Other Assets:          
Deposits   349,278    7,028,947 
Patents, net   4,539,290    5,032,754 
Other intangible assets, net   111,049,067    123,726,810 
Goodwill   90,870,094    90,870,094 
Right of use assets - operating leases   2,000,093    1,261,634 
Deferred income tax asset   1,487,088    - 
TOTAL ASSETS  $399,902,216   $412,335,387 
           
LIABILITIES AND SHAREHOLDERS’ EQUITY          
Current Liabilities:          
Accounts payable  $23,156,495   $18,079,397 
Accrued liabilities   7,030,667    4,353,354 
Current portion of operating lease liability   479,651    470,734 
Note payable related party   -    180,850 
Current portion of construction note payable   273,459    260,429 
Insurance premium note payable   -    2,118,635 
Total Current Liabilities   30,940,272    25,463,399 
           
Long-term Liabilities:          
Contingent consideration payable   59,838    140,378 
Construction note payable, net of unamortized issuance costs   10,735,241    10,922,443 
Operating lease liability, net of current portion   1,609,836    903,490 
Deferred income tax liability   -    2,309,592 
Total Liabilities   43,345,187    39,739,302 
           
Shareholders’ Equity:          
Series A cumulative perpetual preferred Stock 8.75%, ($25.00 per share, $0.001 par value) 1,400,000 shares issued and outstanding as of March 31, 2024 and March 31, 2023, respectively   1,400    1,400 
Common stock, $0.001 par value, 200,000,000 shares authorized 120,531,507 and 118,562,806 shares issued and 119,181,067 and 118,294,478 outstanding at March 31, 2024 and March 31, 2023, respectively   119,181    118,294 
Additional paid-in capital   396,730,170    391,940,374 
Accumulated deficit   (37,620,566)   (18,941,825)
Treasury Stock   (2,673,156)   (522,158)
Total Shareholders’ Equity   356,557,029    372,596,085 
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY  $399,902,216   $412,335,387 

 

 
 

 

AMMO, Inc.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

 

  

For the Three Months Ended

March 31,

  

For the Years Ended

March 31,

 
   2024   2023   2024   2023 
                 
Net Revenues                    
Ammunition sales  $22,445,216   $23,508,227   $69,390,801   $114,116,044 
Marketplace revenue   13,570,124    16,662,831    53,942,076    63,149,673 
Casing sales   4,405,807    3,512,664    21,721,695    14,174,084 
    40,421,147    43,683,722    145,054,572    191,439,801 
                     
Cost of Revenues   31,021,560    31,773,675    102,431,803    136,031,204 
Gross Profit   9,399,587    11,910,047    42,622,769    55,408,597 
                     
Operating Expenses                    
Selling and marketing   547,981    742,326    1,370,079    4,729,540 
Corporate general and administrative   7,976,832    7,059,882    29,583,274    24,980,079 
Employee salaries and related expenses   3,607,354    4,264,701    16,703,822    15,679,135 
Depreciation and amortization expense   3,425,790    3,328,010    13,542,791    13,278,762 
Total operating expenses   15,557,957    15,394,919    61,199,966    58,667,516 
Loss from Operations   (6,158,370)   (3,484,872)   (18,577,197)   (3,258,919)
                     
Other Expenses                    
Other income/(expense)   (708,779)   (3,012)   (332,593)   25,181 
Interest expense   163,088    (93,871)   (446,473)   (632,062)
Total other expense   (545,691)   (96,883)   (779,066)   (606,881)
                     
Loss before Income Taxes   (6,704,061)   (3,581,755)   (19,356,263)   (3,865,800)
                     
Provision for Income Taxes   (1,371,180)   (639,189)   (3,791,063)   730,238 
                     
Net Loss   (5,332,881)   (2,942,566)   (15,565,200)   (4,596,038)
                     
Preferred Stock Dividend   (782,639)   (765,625)   (3,122,049)   (3,105,034)
                     
Net Loss Attributable to Common Stock Shareholders  $(6,115,520)  $(3,708,191)  $(18,687,249)  $(7,701,072)
                     
Net Loss per share                    
Basic  $(0.05)  $(0.04)  $(0.16)  $(0.07)
Diluted  $(0.05)  $(0.04)  $(0.16)  $(0.07)
                     
Weighted average number of shares outstanding                    
Basic   118,775,757    117,874,162    118,249,486    117,177,885 
Diluted   118,775,757    117,874,162    118,249,486    117,177,885 

 

 
 

 

AMMO, Inc.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW

 

  

For the Year Ended

March 31,

 
   2024   2023 
         
Cash flows from operating activities:          
Net Loss  $(15,565,200)  $(4,596,038)
Adjustments to reconcile Net Loss to Net Cash provided by operations:          
Depreciation and amortization   18,813,897    17,519,949 
Debt discount amortization   83,253    83,253 
Employee stock awards   4,082,108    5,807,779 
Stock grants   203,000    179,094 
Common stock purchase options   430,457    - 
Stock for services   -    - 
Contingent consideration payable fair value   (80,540)   (63,764)
Allowance for credit losses   419,527    191,299 
Loss on disposal of assets   259,540    - 
Reduction in right of use asset   476,252    629,140 
Warrant issued for services   -    213,819 
Deferred income taxes   (3,796,680)   730,238 
Changes in Current Assets and Liabilities          
Accounts receivable   705,532    14,417,405 
Due from related parties   -    15,000 
Inventories   8,781,485    4,671,333 
Prepaid expenses   4,028,696    2,763,855 
Deposits   6,679,669    4,306,375 
Accounts payable   5,077,098    (8,694,813)
Accrued liabilities   2,532,695    (1,970,078)
Operating lease liability   (499,448)   (647,480)
Net cash provided by operating activities   32,631,341    35,556,366 
           
Cash flows from investing activities:          
Gemini acquisition   -    - 
Purchase of equipment   (8,024,765)   (12,541,325)
Proceeds from disposal of assets   3,750    - 
Net cash used in investing activities   (8,021,015)   (12,541,325)
           
Cash flow from financing activities:          
Payments on inventory facility, net   -    (825,675)
Proceeds from factoring liability   37,252,869    71,348,761 
Payments on factoring liability   (37,252,869)   (71,834,432)
Payments on assumed debt from Gemini   -    - 
Payments on note payable - related party   (180,850)   (684,921)
Payments on insurance premium note payment   (3,174,834)   (2,134,143)
Proceeds from construction note payable   -    1,000,000 
Payments on construction note payable   (257,425)   (150,743)
Payments on note payable   -    - 
Sale of preferred stock   -    - 
Common stock issued for exercised warrants   76,200    101,506 
Common stock issuance costs   -    - 
Preferred stock dividends paid   (2,968,923)   (2,960,416)
Common stock repurchase plan   (2,152,080)   (522,426)
Net cash used in financing activities   (8,657,912)   (6,662,489)
           
Net increase in cash   15,952,414    16,352,552 
Cash, beginning of period   39,134,027    23,281,475 
Restricted cash, beginning of period   

500,000

    - 
Cash and restricted cash, end of period  $55,586,441   $39,634,027 
Restricted cash, end of period  $-   $500,000 
Cash, end of period  $55,586,441   $39,134,027 

 

 
 

 

(Continued)

 

  

For the Year Ended

March 31,

 
   2024   2023 
         
Supplemental cash flow disclosures:          
Cash paid during the period for:          
Interest  $667,063   $665,043 
Income taxes  $-   $1,302,811 
           
Non-cash investing and financing activities:          
Operating lease liability  $1,214,711   $901,076 
Insurance premium note payment  $1,056,199   $4,252,778 
Dividends accumulated on preferred stock  $144,618   $144,618 
Construction note payable  $-   $10,237,032 
Acquisition stock issuances  $-   $- 
Warrant issued for services  $-   $- 

 

Non-GAAP Financial Measures

 

We analyze operational and financial data to evaluate our business, allocate our resources, and assess our performance. In addition to total net sales, net loss, and other results under accounting principles generally accepted in the United States (“GAAP”), the following information includes key operating metrics and non-GAAP financial measures we use to evaluate our business. We believe these measures are useful for period-to-period comparisons of the Company. We have included these non-GAAP financial measures in this Quarterly Report on Form 10-Q because they are key measures we use to evaluate our operational performance, produce future strategies for our operations, and make strategic decisions, including those relating to operating expenses and the allocation of our resources. Accordingly, we believe these measures provide useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and board of directors.

 

 
 

 

Reconciliation of GAAP Net Loss to Adjusted EBITDA

 

   For the Three Months Ended 
   31-Mar-24   31-Mar-23 
         
Reconciliation of GAAP Net Loss to Adjusted EBITDA          
Net Loss  $(5,332,881)  $(2,942,566)
Provision for income taxes   (1,371,180)   (639,189)
Depreciation and amortization   4,766,681    4,568,977 
Interest expense, net   (163,088)   93,871 
Employee stock awards   1,104,263    1,349,806 
Stock grants   50,750    43,750 
Common stock purchase options   50,412    - 
Warrants issued for services   -    106,910 
Other income, net   708,779    3,012 
Contingent consideration fair value   (20,242)   (18,192)
Other nonrecurring expenses(1)   2,372,888    1,248,865 
Proxy contest fees(2)   -    - 
Adjusted EBITDA  $2,166,382   $3,815,244 

 

(1)Other nonrecurring expenses consist of professional and legal fees that are nonrecurring in nature.
(2)Includes proxy contest fees of $910,000 for Employee Stock Awards issued as a result of the Settlement Agreement as discussed in Note 17 of our consolidated financial statements.

 

   For the Year Ended 
   31-Mar-24   31-Mar-23 
         
Reconciliation of GAAP Net Loss to Adjusted EBITDA          
Net Loss  $(15,565,200)  $(4,596,038)
Provision for income taxes   (3,791,063)   730,238 
Depreciation and amortization   18,813,897    17,519,949 
Interest expense, net   446,473    632,062 
Employee stock awards   4,082,108    5,807,779 
Stock grants   203,000    179,094 
Common stock purchase options   430,457    - 
Warrants issued for services   -    213,819 
Other income (expense), net   332,593    (25,181)
Contingent consideration fair value   (80,540)   (63,764)
Other nonrecurring expenses(1)   10,498,990    1,248,865 
Proxy contest fees(2)   -    4,724,385 
Adjusted EBITDA  $15,370,715   $26,371,208 

 

(1)Other nonrecurring expenses consist of professional and legal fees that are nonrecurring in nature.
(2)Includes proxy contest fees of $910,000 for Employee Stock Awards issued as a result of the Settlement Agreement as discussed in Note 17 of our consolidated financial statements.

 

 
 

 

   For the Three Months Ended 
   31-Mar-24   31-Mar-23 
Reconciliation of GAAP Net Loss to Fully Diluted EPS                
Net Loss  $(5,332,881)  $(0.05)  $(2,942,566)  $(0.03)
Depreciation and amortization   4,766,681    0.04    4,568,997    0.04 
Interest expense, net   (163,088)   -    93,871    - 
Employee stock awards   1,104,263    0.01    1,349,806    0.01 
Stock grants   50,750    -    43,750    - 
Warrants issued for services   -    -    106,910    - 
Contingent consideration fair value   (20,242)   -    (18,192)   - 
Common stock purchase options   490,755    -    -    - 
Nonrecurring expenses   2,372,888    0.02    1,248,865    0.01 
Tax effect   (1,848,767)   (0.01)   (1,566,604)   (0.01)
Adjusted Net Income  $1,420,359   $0.01   $2,884,837   $0.02 

 

   For the Year Ended 
   31-Mar-24   31-Mar-23 
Reconciliation of GAAP Net Loss to Fully Diluted EPS                    
Net Loss  $(15,565,200)  $(0.13)  $(4,596,038)  $(0.04)
Depreciation and amortization   18,813,897    0.16    17,519,949    0.15 
Interest expense, net   446,473    -    632,062    0.01 
Employee stock awards   4,082,108    0.03    5,807,779    0.05 
Stock grants   203,000    -    179,094    - 
Warrants issued for services   -    -    213,819    - 
Contingent consideration fair value   (80,540)   -    (63,764)   - 
Common stock purchase options   430,457   -    -    - 
Nonrecurring expenses   10,498,990    0.09    5,973,250    0.05 
Tax effect   (7,886,230)   (0.06)   (6,393,194)   (0.05)
Adjusted Net Income  $10,942,955   $0.09   $19,272,957   $0.16 

 

  

For the Three Months Ended

March 31,

  

For the Years Ended

March 31,

 
   2024   2023   2024   2023 
Weighted average number of shares outstanding                    
Basic   118,775,757    117,874,162    118,249,486    117,177,885 
Diluted   118,775,757    117,874,162    118,249,486    117,177,885 

 

 

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Cover
Jun. 13, 2024
Document Type 8-K
Amendment Flag false
Document Period End Date Jun. 13, 2024
Entity File Number 001-13101
Entity Registrant Name AMMO, INC.
Entity Central Index Key 0001015383
Entity Tax Identification Number 83-1950534
Entity Incorporation, State or Country Code DE
Entity Address, Address Line One 7681 E. Gray Rd.
Entity Address, City or Town Scottsdale
Entity Address, State or Province AZ
Entity Address, Postal Zip Code 85260
City Area Code (480)
Local Phone Number 947-0001
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Common Stock, $0.001 par value  
Title of 12(b) Security Common Stock, $0.001 par value
Trading Symbol POWW
Security Exchange Name NASDAQ
8.75% Series A Cumulative Redeemable Perpetual Preferred Stock, $0.001 par value  
Title of 12(b) Security 8.75% Series A Cumulative Redeemable Perpetual Preferred Stock, $0.001 par value
Trading Symbol POWWP
Security Exchange Name NASDAQ
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