Safe Harbor Statement
This press release contains forward looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. When used in this release, terms such as “believes,” “estimates,” “should,” “could,” “would,” “plans,” “expects,” “intends,” “anticipates,” “may,” “forecasts,” “projects” and similar expressions and variations as they relate to the Company or its management are intended to identify forward-looking statements. Such forward-looking statements are based on current expectations, forecasts, and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially from those anticipated or expected, including statements related to the demand for our services and products, our ability to manage the adverse effect brought on by the COVID-19 pandemic, our ability to execute on our strategic plans, our ability to achieve positive cash flows or profitability, our ability to achieve and maintain cost savings, the sufficiency of our liquidity and capital resources, and our ability to achieve our key initiatives for 2022. A more detailed description of these and certain other factors that could affect actual results is included in the Company’s filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date hereof, except as may be required by law.
urban-gro, Inc.
CONSOLIDATED BALANCE SHEETS
|
March 31,
2022 |
December 31,
2021 | ||||||
| Assets | |||||||
| Current assets: | |||||||
| Cash | $ | 27,052,203 | $ | 34,592,190 | |||
| Accounts receivable, net | 13,467,120 | 13,125,685 | |||||
| Inventories | 354,320 | 514,756 | |||||
| Prepaid expenses and other current assets | 10,081,436 | 11,248,266 | |||||
| Total current assets | 50,955,079 | 59,480,897 | |||||
| Non-current assets: | |||||||
| Property and equipment, net | 207,638 | 207,496 | |||||
| Operating lease right of use assets, net | 693,524 | 689,704 | |||||
| Investments | 4,210,358 | 4,210,358 | |||||
| Goodwill | 7,992,121 | 7,992,121 | |||||
| Intangible assets, net | 1,412,965 | 1,575,466 | |||||
| Total non-current assets | 14,516,606 | 14,675,145 | |||||
| Total assets | $ | 65,471,685 | $ | 74,156,042 | |||
| Liabilities | |||||||
| Current liabilities: | |||||||
| Accounts payable | $ | 7,930,985 | $ | 6,066,896 | |||
| Accrued expenses | 3,106,790 | 3,878,278 | |||||
| Customer deposits | 7,234,914 | 13,345,451 | |||||
| Contingent consideration | 1,563,000 | 1,563,000 | |||||
| Operating lease liabilities | 219,836 | 152,459 | |||||
| Total current liabilities | 20,055,525 | 25,006,084 | |||||
| Non-current liabilities: | |||||||
| Operating lease liabilities | 474,862 | 542,003 | |||||
| Deferred tax liability | 332,565 | 440,625 | |||||
| Total non-current liabilities | 807,427 | 982,628 | |||||
| Total liabilities | 20,862,952 | 25,988,712 | |||||
| Preferred stock, $0.10 par value; 10,000,000 shares authorized; 0 shares issued and outstanding | - | - | |||||
| Common stock, $0.001 par value; 100,000,000 shares authorized; 11,627,528 issued and 10,353,525 outstanding as of March 31, 2022, and 11,588,110 issued and 10,733,195 outstanding as of December 31, 2021 | 11,628 | 11,588 | |||||
| Additional paid in capital | 79,589,977 | 78,679,220 | |||||
| Treasury shares, cost basis: 1,274,003 shares as of March 31, 2022 and 854,915 shares as of December 31, 2021 | (11,456,667 | ) | (7,683,490 | ) | |||
| Accumulated deficit | (23,536,205 | ) | (22,839,988 | ) | |||
| Total shareholders' equity | 44,608,733 | 48,167,330 | |||||
| Total liabilities and shareholders' equity | $ | 65,471,685 | $ | 74,156,042 | |||
urban-gro, Inc.
