Kaspien Holdings Inc.

CIK:0000795212|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 28, 2023	Oct. 29, 2022	Oct. 28, 2023	Oct. 29, 2022
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract]
Net revenue	$ 26,434	$ 29,145	$ 92,502	$ 94,843
Cost of sales	20,318	22,570	71,615	74,688
Gross profit	6,116	6,575	20,887	20,155
Selling, general and administrative expenses	6,928	9,255	23,888	29,975
Loss from operations	(812)	(2,680)	(3,001)	(9,820)
Interest expense	966	881	2,814	2,544
Other income	(9)	0	(786)	0
Loss before income tax expense	(1,769)	(3,561)	(5,029)	(12,364)
Income tax expense	0	0	51	43
Net loss	$ (1,769)	$ (3,561)	$ (5,080)	$ (12,407)
BASIC AND DILUTED LOSS PER SHARE:
Basic loss per common share (in dollars per share)	$ (0.36)	$ (0.92)	$ (1.02)	$ (4.15)
Diluted loss per common share (in dollars per share)	$ (0.36)	$ (0.92)	$ (1.02)	$ (4.15)
Weighted average number of common shares outstanding - basic (in shares)	4,968	3,865	4,966	2,990
Weighted average number of common shares outstanding - diluted (in shares)	4,968	3,865	4,966	2,990

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Oct. 28, 2023	Oct. 29, 2022
OPERATING ACTIVITIES:
Net Loss	$ (5,080)	$ (12,407)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation of fixed assets	535	961
Stock-based compensation	184	169
Amortization of ROU asset	490	466
Amortization of warrant interest	786	766
Interest on long term debt	1,172	849
Change in cash surrender value	(671)	591
Changes in operating assets and liabilities that provide (use) cash:
Accounts receivable	398	(461)
Merchandise inventory	2,659	(8,075)
Prepaid expenses and other current assets	580	(56)
Other long-term assets	0	283
Accounts payable	(1,340)	6,377
Accrued expenses and other current liabilities	274	(706)
Other long-term liabilities	(877)	(951)
Net cash used in operating activities	(890)	(12,194)
INVESTING ACTIVITIES:
Purchases of fixed assets	(173)	(766)
Net cash provided by (used in) investing activities	(173)	(766)
FINANCING ACTIVITIES:
Payments of short term borrowings	(8,812)	(9,966)
Proceeds from long term borrowings	0	5,000
Proceeds from short term borrowings	8,874	9,494
Proceeds from issuance of shares, net of expense	0	7,137
Net cash provided by (used in) financing activities	62	11,665
Net increase (decrease) in cash, cash equivalents, and restricted cash	(1,001)	(1,295)
Cash, cash equivalents, and restricted cash, beginning of period	3,626	4,823
Cash, cash equivalents, and restricted cash, end of period	2,625	3,528
Supplemental disclosures and non-cash investing and financing activities:
Interest paid	747	461
Warrants issued with debt	$ 0	$ 1,633

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Oct. 28, 2023	Jan. 28, 2023	Oct. 29, 2022
CURRENT ASSETS
Cash and cash equivalents	$ 405	$ 1,130	$ 769
Restricted cash	1,158	1,158	1,158
Accounts receivable	1,572	1,969	2,796
Merchandise inventory	24,044	26,704	37,353
Prepaid expenses and other current assets	419	999	706
Total current assets	27,598	31,960	42,782
Restricted cash	1,063	1,338	1,601
Fixed assets, net	1,637	1,999	2,140
Operating lease right-of-use assets	1,015	1,505	1,678
Cash Surrender Value	4,042	3,371	3,563
Other assets	566	566	682
TOTAL ASSETS	35,921	40,739	52,446
CURRENT LIABILITIES
Accounts payable	5,705	7,044	12,648
Short-term borrowings	8,874	8,812	9,494
Short-term debt	11,748	0	0
Accrued expenses and other current liabilities	3,194	2,876	1,962
Current portion of operating lease liabilities	652	695	634
Total current liabilities	30,173	19,427	24,738
Operating lease liabilities	588	1,019	1,253
Long-term debt	0	9,790	9,163
Other long-term liabilities	11,158	11,604	13,590
TOTAL LIABILITIES	41,919	41,840	48,744
SHAREHOLDERS' EQUITY (Deficit)
Preferred stock ($0.01 par value; 5,000,000 shares authorized; none issued)	0	0	0
Common stock ($0.01 par value; 200,000,000 shares authorized; 5,437,197 5,432,072 and 5,322,363 shares issued, respectively)	54	54	53
Additional paid-in capital	214,212	214,029	213,992
Treasury stock at cost (467,069, 467,459 and 1,410,378 shares, respectively)	(76,132)	(76,132)	(76,132)
Accumulated other comprehensive loss	886	886	(910)
Accumulated deficit	(145,018)	(139,938)	(133,301)
TOTAL SHAREHOLDERS' EQUITY (Deficit)	(5,998)	(1,101)	3,702
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY (Deficit)	$ 35,921	$ 40,739	$ 52,446