0001193125-22-069299.txt : 20220308 0001193125-22-069299.hdr.sgml : 20220308 20220308161539 ACCESSION NUMBER: 0001193125-22-069299 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20220308 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20220308 DATE AS OF CHANGE: 20220308 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Laird Superfood, Inc. CENTRAL INDEX KEY: 0001650696 STANDARD INDUSTRIAL CLASSIFICATION: FOOD & KINDRED PRODUCTS [2000] IRS NUMBER: 474373641 STATE OF INCORPORATION: OR FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-39537 FILM NUMBER: 22721926 BUSINESS ADDRESS: STREET 1: 275 W. LUNDGREN MILL DR. CITY: SISTERS STATE: OR ZIP: 97759 BUSINESS PHONE: (541) 548-0577 MAIL ADDRESS: STREET 1: 275 W. LUNDGREN MILL DR. CITY: SISTERS STATE: OR ZIP: 97759 FORMER COMPANY: FORMER CONFORMED NAME: Laird Superfood, LLC DATE OF NAME CHANGE: 20150811 8-K 1 d505960d8k.htm 8-K 8-K
false 0001650696 0001650696 2022-03-08 2022-03-08

 

 

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): March 8, 2022

 

 

Laird Superfood, Inc.

(Exact name of registrant as specified in its charter)

 

 

 

Delaware   1-39537   81-1589788

(State or other jurisdiction

of incorporation)

  

(Commission

File Number)

  

(IRS Employer

Identification No.)

 

275 W. Lundgren Mill Drive, Sisters, Oregon   97759
(Address of principal executive offices)   (Zip Code)

Registrant’s telephone number, including area code: (888) 670-6796

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

  

Name of each exchange

on which registered

Common Stock   LSF   NYSE American

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 March 8, 2022, Laird Superfood, Inc. issued a press release announcing its financial results for the quarter and fiscal year ended December 31, 2021. The press release is being furnished as Exhibit 99.1 hereto and is incorporated by reference herein.

The information contained in this Item 2.02, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section, and shall not be incorporated by reference into any filings under the Securities Act of 1933, as amended, or the Exchange Act, except as may be expressly set forth by specific reference in such filing.

 

Item 9.01

Financial Statements and Exhibits.

 

(d)

Exhibits

 

Exhibit
No.

   

Description

99.1    Press release dated March 8, 2022.
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.

 

Date: March 8, 2022     Laird Superfood, Inc.
    By:  

/s/ Valerie Ells

    Name:   Valerie Ells
    Title:   Chief Financial Officer
 EX-99.1 2 d505960dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

 

LOGO

Laird Superfood Reports Fourth Quarter & FY2021 Financial Results

FY2021 Net Sales Increased 43% Year Over Year to $36.8 Million

Online Sales Contribute 62% of FY2021 Net Sales, with Direct-To-Consumer Sales Up 87% Year Over Year

SISTERS, Oregon – March 8, 2022 – Laird Superfood, Inc. (NYSE American: LSF) (“Laird Superfood,” “we” and “our”), today reported financial results for its fourth quarter and fiscal year ended December 31, 2021.

Fourth Quarter 2021 Highlights

 

  •  

Net Sales increased 29% year over year to $9.4 million.

 

  •  

Online contributed 66% of Net Sales, increasing 39% year over year with direct-to-consumer up 49%.

 

  •  

Wholesale contributed 33% of Net Sales, increasing 16% year over year, driven by continued expansion in grocery from both liquid creamer and shelf stable products.

 

  •  

Gross Profit was $2.2 million and gross margin was 23.6% compared to Gross Profit of $1.5 million and gross margin of 20.1% in the prior year period.

 

  •  

Net loss attributable to common stockholders was $6.9 million, or $0.76 per diluted share, compared to a net loss of $4.5 million, or $0.51 per diluted share, in the prior year period.

“Fourth quarter results were in line with the revised expectations that we shared with you at the end of January. Our Net Sales growth of 29% reflects the continued progress across our multi-channel platform, and across our various expanding product lines,” said Jason Vieth, President and Chief Executive Officer of Laird Superfood. “Over the past five weeks since I joined the Company, our team has been focusing on prioritizing strategies and tactics to accelerate our near-term growth and to shore-up our cost structure in this challenging supply chain environment. We continue to identify opportunities across products and channels that we’ll begin to implement in the coming months to leverage our strengths and drive top-line gains in 2022 and also improve margins and profitability. The power of the Laird Superfood brand remains a key point of differentiation, reflecting our deep connections with consumers who share our passion and vision for real food that tastes great and is made from the highest quality, plant-based ingredients. We remain well positioned for significant long-term growth in sales and profitability on our journey to becoming a leading player in the natural food and beverage industry.”

For the Three Months Ended December 31, 2021

 

     Three Months Ended December 31,  
     2021     2020  
     $      % of Total     $      % of Total  

Coffee creamers

    $ 5,177,126        55 %    $ 5,146,268        71 % 

Hydration and beverage enhancing supplements

      1,290,336        14 %      1,015,709        14 % 

Harvest snacks and other food items

      1,821,220        19 %      135,509        2 % 

Coffee, tea, and hot chocolate products

      1,874,473        20 %      1,805,126        25 % 

Other

      438,459        5 %      195,655        3 % 
  

 

 

     

 

 

    

 

 

     

 

 

  

Gross sales

      10,601,614        113 %      8,298,267        114 % 

Shipping income

      196,384        2 %      27,783        0 % 

Returns and discounts

      (1,430,439 )       (15 )%      (1,041,321 )       (14 )% 
  

 

 

     

 

 

    

 

 

     

 

 

  

Sales, net

    $ 9,367,559        100 %    $ 7,284,729        100 % 
  

 

 

     

 

 

    

 

 

     

 

 

  

Online

      6,195,224        66 %      4,452,667        61 % 

Wholesale

      3,069,198        33 %      2,655,690        36 % 

Food service

      103,137        1 %      176,372        2 % 
  

 

 

     

 

 

    

 

 

     

 

 

  

Sales, net

    $ 9,367,559        100 %    $ 7,284,729        100 % 
  

 

 

     

 

 

    

 

 

     

 

 

  

Net Sales increased 29% to $9.4 million in the fourth quarter of 2021 compared to $7.3 million in the fourth quarter of 2020, led by 39% growth online, reflecting strong direct-to-consumer (“DTC”) sales, and mid-teens gains in wholesale. Expanded offerings drove strong growth in Harvest Snacks, while Coffee Creamers were stable, with growth in refrigerated liquid creamer sales offset by the timing of Club shelf stable creamer revenues.

Gross Profit was $2.2 million, a 51% increase compared to the prior year period of $1.5 million. Gross margin was 23.6% of Net Sales in the fourth quarter of 2021, compared to 20.1% of Net Sales in the prior year period. The year-over-year increase in gross margin stemmed from lower inventory costs due to operational efficiencies, continued optimization of our DTC shipping expense, and improvements in both distributor chargebacks and production waste from our refrigerated liquid creamer, partially offset by higher wholesale fulfillment costs, timing of promotional activity and other inflationary pressures.

Operating expenses were $9.2 million compared to $6.0 million in the year ago period with $1.2 million of the increase attributable to General and Administrative expense, primarily related to elevated personnel costs, professional fees and amortization of intangible assets. Sales and Marketing expense rose $2.0 million due to growth in advertising and marketing, accounting for the balance of the increase in operating expenses.

Loss from operations was $7.0 million in the fourth quarter of 2021, compared to a loss of $4.5 million in the prior year period.

Net loss was $6.9 million, or $0.76 per diluted share, in the fourth quarter of 2021, compared to a net loss of $4.5 million, or $0.51 per diluted share, in the prior year period.

Valerie Ells, Chief Financial Officer, commented, “Our focus on optimization, including in operational efficiencies and in our direct-to-consumer shipping expenses, helped offset a challenging inflationary environment. We continue to emphasize leveraging the power of our multi-channel platform, balancing key initiatives aimed at driving strong, consistent growth with our ongoing commitment to improving margins and profitability.”

For the Year Ended December 31, 2021

 

     Years Ended December 31,  
     2021     2020  
     $      % of Total     $      % of Total  

Coffee creamers

    $ 21,767,409        59 %    $ 18,432,236        71 % 

Hydration and beverage enhancing supplements

      5,814,629        16 %      3,893,406        15 % 

Harvest snacks and other food items

      5,228,888        14 %      135,509        1 % 

Coffee, tea, and hot chocolate products

      7,108,361        19 %      5,922,017        23 % 

Other

      808,352        2 %      588,754        2 % 
  

 

 

     

 

 

    

 

 

     

 

 

  

Gross sales

      40,727,639        110 %      28,971,922        112 % 

Shipping income

      457,879        1 %      248,865        1 % 

Returns and discounts

      (4,374,565 )       (11 )%      (3,437,561 )       (13 )% 
  

 

 

     

 

 

    

 

 

     

 

 

  

Sales, net

    $ 36,810,953        100 %    $ 25,783,226        100 % 
  

 

 

     

 

 

    

 

 

     

 

 

  

Online

      22,687,736        62 %      14,501,706        56 % 

Wholesale

      13,598,792        37 %      10,773,345        42 % 

Food service

      524,425        1 %      508,175        2 % 
  

 

 

     

 

 

    

 

 

     

 

 

  

Sales, net

    $ 36,810,953        100 %    $ 25,783,226        100 % 
  

 

 

     

 

 

    

 

 

     

 

 

  

Net Sales increased 43% to $36.8 million for the year ended December 31, 2021, compared to $25.8 million in the prior year. The increase was primarily driven by higher volumes in our online and wholesale channels, reflecting growth in existing products, new product launches during 2021, and the addition of Picky Bars.

Gross Profit was $9.4 million for the year ended December 31, 2021, an increase of 43% compared to the prior year. Gross margin was 25.6%, in line with our 2020 gross margin of 25.5% as benefits from initiatives to improve inbound freight costs, labor efficiency, and optimizing DTC parcel costs were largely offset by elevated outbound wholesale freight expenses, increased co-packing costs primarily associated with our liquid creamer product line, along with price and mix factors.

Operating expenses were $33.4 million for the year ended December 31, 2021, compared to $19.5 million in 2020. General and Administrative expense increased $7.6 million, including $2.5 million related to stock-based comp and other non-cash items, as well as higher personnel, professional fees and insurance expense. Sales and Marketing expense rose $5.7 million primarily due to increases in advertising and marketing.

Loss from operations was $24.0 million in the year ended December 31, 2021, compared to a loss of $12.9 million in 2020.

Net loss attributable to common stockholders was $23.9 million, or $2.66 per diluted share, compared to a net loss attributable to common stockholders of $14.5 million, or $2.61 per diluted share, in 2020.

Balance Sheet and Cash Flow Highlights

The Company had $31.7 million of cash, cash equivalents and investments as of December 31, 2021 and no outstanding debt. Net cash used in operating activities was $22.1 million for the year ended December 31, 2021, compared to $14.7 million in 2020, and related to the Company’s net loss position and investment in inventory.

Capital expenditures totaled $1.6 million for the year ended December 31, 2021, compared to $1.1 million a year earlier.

2022 Outlook

We estimate Net Sales for full year 2022 will be in a range of $41 million to $44 million, an increase of 15% at the midpoint over 2021. Gross margin for full year 2022 is estimated to be in a range of 24% to 26% compared to 25.6% in 2021. The Company’s guidance assumes that there are no significant disruptions to the supply chain, or its customers or consumers, including any disruptions from adverse macroeconomic factors or additional adverse changes related to the duration, magnitude and effects of the COVID-19 pandemic.

Conference Call and Webcast Details

The Company will host a conference call and webcast at 5:00 p.m. ET today to discuss results. The live conference call can be accessed by dialing (844) 200-6205 from the U.S. or (929) 526-1599 internationally. The conference I.D. code is 741608. Alternatively, participants may access the live webcast on the Laird Superfood Investor Relations website at https://investors.lairdsuperfood.com under “Events.”

About Laird Superfood

Laird Superfood, Inc. creates award-winning, plant-based superfood products that are both delicious and functional. The Company’s products are designed to enhance your daily ritual and keep consumers fueled naturally throughout the day. The Company was co-founded in 2015 by the world’s most prolific big-wave surfer, Laird Hamilton. Laird Superfood’s offerings are environmentally conscientious, responsibly tested, and made with real ingredients. Shop all products online at lairdsuperfood.com and join the Laird Superfood community on social media for the latest news and daily doses of inspiration.

Forward-Looking Statements

This press release and the conference call referencing this press release contain “forward-looking” statements, as that term is defined under the federal securities laws, including but not limited to statements regarding Laird Superfood’s future financial performance and growth. These forward-looking statements are based on Laird Superfood’s current assumptions, expectations and beliefs and are subject to substantial risks, uncertainties, assumptions and changes in circumstances that may cause Laird Superfood’s actual results, performance or achievements to differ materially from those expressed or implied in any forward-looking statement. We expressly disclaim any obligation to update or alter any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

The risks and uncertainties referred to above include, but are not limited to: (1) the effects of the current COVID-19 pandemic, or of other global outbreaks of pandemics or contagious diseases or fear of such outbreaks, including on our supply chain, the demand for our products, and on overall economic conditions and consumer confidence and spending levels; (2) volatility regarding our revenue, expenses, including shipping expenses, and other operating results; (3) our ability to acquire new direct and wholesale customers and successfully retain existing customers; (4) our ability to attract and retain our suppliers, distributors and co-manufacturers, and effectively manage their costs and performance; (5) effects of real or perceived quality or health issues with our products or other issues that adversely affect our brand and reputation; (6) our ability to innovate on a timely and cost-effective basis, predict changes in consumer preferences and develop successful new products, or updates to existing products, and develop innovative marketing strategies; (7) adverse developments regarding prices and availability of raw materials and other inputs, a substantial amount of which come from a limited number of suppliers outside the United States, including in areas which may be adversely affected by climate change; (8) effects of changes in the tastes and preferences of our consumers and consumer preferences for natural and organic food products; (9) the financial condition of, and our relationships with, our suppliers, co-manufacturers, distributors, retailers and foodservice customers, as well as the health of the foodservice industry generally; (10) the ability of ourselves, our suppliers and co-manufacturers to comply with food safety, environmental or other laws or regulations; (11) our plans for future investments in our business, our anticipated capital expenditures and our estimates regarding our capital requirements; (12) the costs and success of our marketing efforts, and our ability to promote our brand; (13) our reliance on our executive team and other key personnel and our ability to identify, recruit and retain skilled and general working personnel; (14) our ability to effectively manage our growth; (15) our ability to compete effectively with existing competitors and new market entrants; (16) the impact of adverse economic conditions; and (17) the growth rates of the markets in which we compete.

Contact

ICR

Reed Anderson    

646-277-1260

Reed.Anderson@icrinc.com

LAIRD SUPERFOOD, INC.

STATEMENTS OF OPERATIONS

 

     For the Three Months Ended
December 31,		  
     2021     2020  

Sales, net

    $ 9,367,559     $ 7,284,729  

Cost of goods sold

      (7,153,814 )      (5,819,762 ) 
  

 

 

    

 

 

  

Gross profit

      2,213,745       1,464,967  
  

 

 

    

 

 

  

General and administrative

     

Salaries, wages and benefits

      1,289,719       886,214  

Stock-based compensation

      803,345       835,203  

Professional fees

      727,733       316,368  

Insurance expense

      579,813       519,848  

Office expense

      350,592       217,715  

Occupancy

      116,115       100,606  

Merchant service fees

      169,350       127,437  

Other expense

      362,163       174,056  
  

 

 

    

 

 

  

Total general and administrative expenses

      4,398,830       3,177,447  
  

 

 

    

 

 

  

Research and product development

     

Salaries, wages and benefits

      116,868       70,318  

Stock-based compensation

      6,745       3,567  

Product development expense

      46,485       67,769  

Other expense

      1,886       2,526  
  

 

 

    

 

 

  

Total research and product development expenses

      171,984       144,180  
  

 

 

    

 

 

  

Sales and marketing

     

Salaries, wages and benefits

      675,211       611,868  

Stock-based compensation

      66,432       30,570  

Advertising

      2,256,998       1,111,371  

General marketing

      1,412,265       684,972  

Other expense

      250,229       211,578  
  

 

 

    

 

 

  

Total sales and marketing expenses

      4,661,135       2,650,359  
  

 

 

    

 

 

  

Total expenses

      9,231,949       5,971,986  
  

 

 

    

 

 

  

Operating loss

      (7,018,204 )      (4,507,019 ) 
  

 

 

    

 

 

  

Other income (expense)

     

Interest and dividend income

      12,458       13,423  

Gain on sale of available-for-sale securities

      —         —    

Grant income

      51,000       —    
  

 

 

    

 

 

  

Total other income

      63,458       13,423  
  

 

 

    

 

 

  

Loss before income taxes

      (6,954,746 )      (4,493,596 ) 

Income tax expense

      68,661       —    
  

 

 

    

 

 

  

Net loss

    $ (6,886,085 )    $ (4,493,596 ) 
  

 

 

    

 

 

  

Net loss per share attributable to Laird Superfood, Inc common stockholders:

     

Basic

    $ (0.76 )    $ (0.51 ) 
  

 

 

    

 

 

  

Diluted

    $ (0.76 )    $ (0.51 ) 
  

 

 

    

 

 

  

Weighted-average shares of common stock outstanding used in computing net loss per share of common stock, basic and diluted

      9,067,235       8,876,431  
  

 

 

    

 

 

  

LAIRD SUPERFOOD, INC.

STATEMENTS OF OPERATIONS

 

     For the Years Ended
December 31,		  
     2021     2020  

Sales, net

    $ 36,810,953     $ 25,783,226  

Cost of goods sold

      (27,379,082 )      (19,204,642 ) 
  

 

 

    

 

 

  

Gross profit

      9,431,871       6,578,584  
  

 

 

    

 

 

  

General and administrative

     

Salaries, wages and benefits

      4,822,910       3,546,489  

Stock-based compensation

      3,569,416       1,424,803  

Professional fees

      2,232,171       963,791  

Insurance expense

      2,140,208       666,045  

Office expense

      1,217,651       735,669  

Occupancy

      430,148       612,998  

Merchant service fees

      598,657       375,792  

Other expense

      1,448,101       502,692  
  

 

 

    

 

 

  

Total general and administrative expenses

      16,459,262       8,828,279  
  

 

 

    

 

 

  

Research and product development

     

Salaries, wages and benefits

      421,521       272,605  

Stock-based compensation

      23,561       10,261  

Product development expense

      566,695       209,275  

Other expense

      18,350       16,029  
  

 

 

    

 

 

  

Total research and product development expenses

      1,030,127       508,170  
  

 

 

    

 

 

  

Sales and marketing

     

Salaries, wages and benefits

      2,529,231       2,669,384  

Stock-based compensation

      228,968       661,026  

Advertising

      7,570,879       4,257,963  

General marketing

      4,491,446       1,568,258  

Other expense

      1,074,374       1,014,675  
  

 

 

    

 

 

  

Total sales and marketing expenses

      15,894,898       10,171,306  
  

 

 

    

 

 

  

Total expenses

      33,384,287       19,507,755  
  

 

 

    

 

 

  

Operating loss

      (23,952,416 )      (12,929,171 ) 
  

 

 

    

 

 

  

Other income (expense)

     

Interest and dividend income

      48,704       64,943  

Gain on sale of available-for-sale securities

      —         13,927  

Grant income

      51,000       —    
  

 

 

    

 

 

  

Total other income

      99,704       78,870  
  

 

 

    

 

 

  

Loss before income taxes

      (23,852,712 )      (12,850,301 ) 

Income tax expense

      (17,834 )      —    
  

 

 

    

 

 

  

Net loss

    $  (23,870,546 )    $  (12,850,301 ) 
  

 

 

    

 

 

  

Less deemed dividend of beneficial conversion feature

      —         (825,366 ) 

Less deemed dividend on warrant discount

      —         (825,366 ) 
  

 

 

    

 

 

  

Net loss attributable to Laird Superfood, Inc. common stockholders

    $  (23,870,546 )    $  (14,501,033 ) 
  

 

 

    

 

 

  

Net loss per share attributable to Laird Superfood, Inc common stockholders:

     

Basic

    $ (2.66 )    $ (2.61 ) 
  

 

 

    

 

 

  

Diluted

    $ (2.66 )    $ (2.61 ) 
  

 

 

    

 

 

  

Weighted-average shares of common stock outstanding used in computing net loss per share of common stock, basic and diluted

      8,983,294       5,546,078  
  

 

 

    

 

 

  

LAIRD SUPERFOOD, INC.

STATEMENTS OF CASH FLOWS

 

     For the Years Ended December 31,  
     2021     2020  

Cash flows used in operating activities

     

Net loss

    $  (23,870,546 )    $  (12,850,301 ) 

Adjustments to reconcile net loss to net cash from operating activities:

     

Depreciation

      596,505       474,621  

Amortization

      385,093       10,152  

Gain on disposal of equipment

      (6,400 )      —    

Stock-based compensation

      4,040,207       2,318,502  

Reserve for prepaid assets

      179,000       —    

Restricted stock awards

      —         62,431  

Noncash conversion of note payable to grant income

      (51,000 )      —    

Impairment on property, plant, and equipment

      8,317       239,734  

Deferred taxes

      7,534       —    

Gain on sale of investment securities available-for-sale

      —         13,927  

Changes in operating assets and liabilities:

     

Accounts receivable

      (382,970 )      (454,853 ) 

Inventory

      (3,199,439 )      (3,859,932 ) 

Prepaid expenses and other current assets

      (922,058 )      (2,256,511 ) 

Deferred rent

      368,894       360,786  

Deposits

      (86,920 )      30,954  

Accounts payable

      (474,519 )      591,213  

Payroll liabilities

      82,059       231,824  

Accrued expenses

      1,230,436       403,481  
  

 

 

    

 

 

  

Net cash from operating activities

      (22,095,807 )      (14,683,972 ) 
  

 

 

    

 

 

  

Cash flows used in investing activities

     

Purchase of property, plant, and equipment

      (1,555,191 )      (1,059,858 ) 

Proceeds on sale of property, plant, and equipment

      12,700       —    

Deposits on equipment to be acquired

      (489,325 )      —    

Purchase of software

      (156,855 )      —    

Acquisition of a business, net of cash acquired

      (10,449,587 )      —    

Purchase of investment securities available-for-sale

      (1,028 )      (8,171,129 ) 

Proceeds from maturities of investment securities available-for-sale

      —         4,950,000  
  

 

 

    

 

 

  

Net cash from investing activities

      (12,639,286 )      (4,280,987 ) 
  

 

 

    

 

 

  

Cash flows from financing activities

     

Issuance of common stock

      66,744       66,110,517  

Issuance of preferred stock

      —         10,000,006  

Common stock issuance costs

      (82,043 )      (1,268,772 ) 

Preferred stock issuance costs

      —         (147,721 ) 

Capital contribution

      —         298,103  

Restricted stock units issued

      48       —    

Withholding tax payments for share based compensation

      (219,158 )      —    

Repurchased common stock

      —         (20,532 ) 

Stock options exercised

      810,656       197,329  
  

 

 

    

 

 

  

Net cash from financing activities

      576,247       75,168,930  
  

 

 

    

 

 

  

Net change in cash and cash equivalents

      (34,158,846 )      56,203,971  

Cash and cash equivalents beginning of year

      57,208,080       1,004,109  
  

 

 

    

 

 

  

Cash and cash equivalents end of year

    $ 23,049,234     $ 57,208,080  
  

 

 

    

 

 

  

Supplemental disclosures of non-cash information

     

Noncash conversion of note payable to grant income

    $ 51,000     $ —    
  

 

 

    

 

 

  

Unrealized gain (loss) on available-for-sale securities

    $ (75,223 )    $ 14,433  
  

 

 

    

 

 

  

Common stock issued in connection with the acquisition of a business

    $ 1,834,857     $ —    
  

 

 

    

 

 

  

Conversion of preferred stock to common stock

    $ —       $ 16,575,236  
  

 

 

    

 

 

  

Purchases of equipment included in deposits at the beginning of the year

    $ —       $ 14,699  
  

 

 

    

 

 

  

Purchases of equipment included in accrued expenses

    $ 26,141     $ —    
  

 

 

    

 

 

  

LAIRD SUPERFOOD, INC.

BALANCE SHEETS

 

     As of  
     December 31, 2021     December 31, 2020  
Assets     

Current assets

     

Cash and cash equivalents

    $ 23,049,234     $ 57,208,080  

Accounts receivable, net

      1,268,718       839,659  

Investment securities available-for-sale

      8,635,077       8,706,844  

Inventory

      10,221,343       6,295,898  

Prepaid expenses and other current assets, net

      3,827,543       2,847,319  

Deposits

      679,919       97,674  
  

 

 

    

 

 

  

Total current assets

      47,681,834       75,995,474  
  

 

 

    

 

 

  

Noncurrent assets

     

Property and equipment, net

      4,512,935       3,513,488  

Intangible assets, net

      4,838,854       137,092  

Goodwill

      6,486,000       —    

Deferred rent

      2,327,752       2,696,646  
  

 

 

    

 

 

  

Total noncurrent assets

      18,165,541       6,347,226  
  

 

 

    

 

 

  

Total assets

    $ 65,847,375     $ 82,342,700  
  

 

 

    

 

 

  
Liabilities and Stockholders’ Equity     

Current liabilities

     

Accounts payable

    $ 888,768     $ 1,315,964  

Payroll liabilities

      814,163       722,915  

Accrued expenses

      2,083,090       704,543  
  

 

 

    

 

 

  

Total current liabilities

      3,786,021       2,743,422  
  

 

 

    

 

 

  

Long-term liabilities

     

Deferred tax liability, net

      7,534       —    

Note payable

      —         51,000  
  

 

 

    

 

 

  

Total long-term liabilities

      7,534       51,000  
  

 

 

    

 

 

  

Total liabilities

      3,793,555       2,794,422  
  

 

 

    

 

 

  

Stockholders’ equity

     

Common stock, $0.001 par value, 100,000,000 shares authorized as of December 31, 2021 and December 31, 2020; 9,460,243 and 9,094,539 issued and outstanding at December 31, 2021, respectively; 9,247,758 and 8,892,886 issued and outstanding at December 31, 2020, respectively

      9,095       8,893  

Additional paid-in capital

      117,903,455       111,452,346  

Accumulated other comprehensive income (loss)

      (61,016 )      14,207  

Accumulated deficit

      (55,797,714 )      (31,927,168 ) 
  

 

 

    

 

 

  

Total stockholders’ equity

      62,053,820       79,548,278  
  

 

 

    

 

 

  

Total liabilities and stockholders’ equity

    $ 65,847,375     $ 82,342,700  
  

 

 

    

 

 

  
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Document and Entity Information
Mar. 08, 2022
Cover [Abstract]  
Amendment Flag false
Entity Central Index Key 0001650696
Document Type 8-K
Document Period End Date Mar. 08, 2022
Entity Registrant Name Laird Superfood, Inc.
Entity Incorporation State Country Code DE
Entity File Number 1-39537
Entity Tax Identification Number 81-1589788
Entity Address, Address Line One 275 W. Lundgren Mill Drive
Entity Address, City or Town Sisters
Entity Address, State or Province OR
Entity Address, Postal Zip Code 97759
City Area Code (888)
Local Phone Number 670-6796
Written Communications false
Soliciting Material false
Pre Commencement Tender Offer false
Pre Commencement Issuer Tender Offer false
Security 12b Title Common Stock
Trading Symbol LSF
Security Exchange Name NYSEAMER
Entity Emerging Growth Company true
Entity Ex Transition Period false
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