S&W Seed Co

CIK:0001477246|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)	3 Months Ended		9 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Mar. 31, 2025	Mar. 31, 2024
Income Statement [Abstract]
Revenue	$ 9,552,427	$ 9,367,984	$ 22,938,801	$ 28,386,639
Cost of revenue (excluding depreciation and amortization shown separately below)	5,947,095	7,062,360	16,114,578	19,821,935
Gross profit	3,605,332	2,305,624	6,824,223	8,564,704
Operating expenses
Selling, general and administrative expenses	2,955,365	3,960,684	11,645,402	12,357,152
Research and development expenses	734,521	767,210	2,308,927	2,269,692
Depreciation and amortization	578,047	815,807	2,088,851	2,441,191
Loss (gain) on disposal of property, plant and equipment	0	0	21,484	(70,373)
Total operating expenses	4,267,933	5,543,701	16,064,664	16,997,662
Loss from operations	(662,601)	(3,238,077)	(9,240,441)	(8,432,958)
Other expense (income)
Foreign currency loss	1,611	25,168	10,350	611
Interest expense - amortization of debt discount	241,375	367,624	955,190	1,071,686
Interest expense, net	657,042	740,347	2,249,157	2,250,914
Other income	(23,629)	(50,476)	(1,806)	(147,370)
Net loss from continuing operations before income taxes	(1,539,000)	(4,320,740)	(12,453,332)	(11,608,799)
Provision for (benefit from) income taxes	3,831	1,720	6,523	(8,740)
Net loss from continuing operations before equity in net earnings of affiliates	(1,542,831)	(4,322,460)	(12,459,855)	(11,600,059)
Equity in loss of equity method investee, net of tax	682,286	487,617	2,254,061	1,841,630
Net loss from continuing operations	(2,225,117)	(4,810,077)	(14,713,916)	(13,441,689)
Net loss from discontinued operations	(10,917)	(667,409)	(5,412,701)	(4,486,760)
Net loss	(2,236,034)	(5,477,486)	(20,126,617)	(17,928,449)
Loss (income) attributable to non-controlling interests	0	23,051	0	(9,431)
Net loss attributable to S&W Seed Company	(2,236,034)	(5,500,537)	(20,126,617)	(17,919,018)
Calculation of net loss per share
Net Income (Loss)	(2,236,034)	(5,500,537)	(20,126,617)	(17,919,018)
Dividends accrued for participating securities and accretion	(129,176)	(123,359)	(388,541)	(367,835)
Net loss attributable to common shareholders	$ (2,365,210)	$ (5,623,896)	$ (20,515,158)	$ (18,286,853)
Net loss per share from continuing operations, basic	$ (1.04)	$ (2.11)	$ (6.57)	$ (5.92)
Net loss per share from continuing operations diluted	(1.04)	(2.11)	(6.57)	(5.92)
Net loss per share from discontinued operations, basic	(0.01)	(0.29)	(2.42)	(1.98)
Net loss per share from discontinued operations, diluted	(0.01)	(0.29)	(2.42)	(1.98)
Net loss attributable to S&W Seed Company per common share, basic	(1.04)	(2.41)	(8.98)	(7.89)
Net loss attributable to S&W Seed Company per common share, diluted	(1.04)	(2.41)	(8.98)	(7.89)
Net loss attributable to common shareholders per common share, basic	(1.1)	(2.47)	(9.16)	(8.05)
Net loss attributable to common shareholders per common share, diluted	$ (1.1)	$ (2.47)	$ (9.16)	$ (8.05)
Weighted average number of common shares outstanding:
Weighted average number of common shares outstanding, basic	2,144,517	2,279,736	2,240,381	2,270,416
Weighted average number of common shares outstanding, diluted	2,144,517	2,279,736	2,240,381	2,270,416

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)	9 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (20,126,617)	$ (17,928,449)
Net loss from discontinued operations	(5,412,701)	(4,486,760)
Net loss from continuing operations	(14,713,916)	(13,441,689)
Adjustments to reconcile net loss from operating activities to net cash used in operating activities:
Stock-based compensation	741,450	953,140
Provision for credit losses	237,500	589,855
Inventory write-down	291,452	1,220,904
Depreciation and amortization	2,088,851	2,441,191
Loss (gain) on disposal of property, plant and equipment	21,484	(70,373)
Equity in loss of equity method investees, net of tax	2,254,061	1,841,630
Foreign currency transactions	10,350	1,331
Amortization of debt discount	955,190	1,071,686
Accretion of note receivable	0	(153,110)
Changes in:
Accounts receivable	2,987,093	5,737,336
Receivable from unconsolidated subsidiary	(358,790)	(1,868,133)
Inventories	(468,683)	19,735
Prepaid expenses and other current assets	1,158,886	1,346,391
Other non-current assets	(258,909)	(3,266)
Accounts payable	5,731,350	(3,039,829)
Payable to unconsolidated subsidiary	187,430	(2,436,777)
Deferred revenue	1,380,247	2,037,398
Accrued expenses and other current liabilities	(1,165,447)	(215,116)
Other non-current liabilities	7,353	(124)
Net cash provided by (used in) operating activities from continuing operations	1,086,952	(3,967,820)
Net cash used in operating activities from discontinuing operations	(1,434,917)	(1,614,002)
Net cash used in operating activities	(347,965)	(5,581,822)
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from sale of business interest	0	6,000,000
Additions to property, plant and equipment	(207,942)	(288,999)
Proceeds from disposal of property, plant and equipment	39,300	136,588
Net cash (used in) provided by investing activities from continuing operations	(168,642)	5,847,589
Net cash provided by (used in) investing activities from discontinuing operations	25,079	(50,242)
Net cash (used in) provided by investing activities	(143,563)	5,797,347
CASH FLOWS FROM FINANCING ACTIVITIES
Borrowings (repayments) of lines of credit, net	837,128	(4,855,733)
Borrowings of long-term debt	0	78,215
Repayments of long-term debt	(300,178)	(30,851)
Payments of debt issuance costs	(1,354,265)	(166,156)
Cash paid to purchase common stock	(30,000)	0
Net proceeds from sale of common stock	0	(165,812)
Taxes paid related to net share settlements of stock-based compensation awards	(9,337)	(29,447)
Net cash used in financing activities from continuing operations	(856,652)	(5,169,784)
Net cash provided by financing activities from discontinued operations	1,409,838	1,726,779
Net cash provided by (used in) financing activities	553,186	(3,443,005)
EFFECT OF EXCHANGE RATE CHANGES ON CASH	6,331	(304)
NET INCREASE (DECREASE) IN CASH & CASH EQUIVALENTS	67,989	(3,227,784)
CASH AND CASH EQUIVALENTS, beginning of the period	286,508	3,398,793
CASH AND CASH EQUIVALENTS, end of period	354,497	171,009
Cash paid during the period for:
Interest	2,293,126	3,107,100
Income taxes	$ 25	$ 22,225

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($)	Mar. 31, 2025	Jun. 30, 2024
CURRENT ASSETS
Cash and cash equivalents	$ 354,497	$ 286,508
Accounts receivable, net	11,411,618	14,636,722
Inventories, net	16,853,780	22,628,343
Prepaid expenses and other current assets	2,856,036	3,431,226
Current assets of discontinued operations	0	22,391,691
TOTAL CURRENT ASSETS	31,475,931	63,374,490
Property, plant and equipment, net	5,463,647	6,127,198
Intellectual property, net	10,469,290	20,265,618
Other intangibles, net	2,301,085	3,206,720
Right of use assets - operating leases	1,042,937	1,113,833
Equity method investments	17,440,148	19,694,209
Other assets	1,420,343	1,364,532
Non-current assets of discontinued operations	0	5,578,941
TOTAL ASSETS	69,613,381	120,725,541
CURRENT LIABILITIES
Accounts payable	8,971,330	3,255,928
Deferred revenue	2,212,530	832,283
Accrued expenses and other current liabilities	2,823,529	3,770,773
Current portion of working capital lines of credit, net	17,116,322	16,174,537
Current portion of long-term debt, net	283,533	315,304
Current liabilities of discontinued operations	0	44,893,499
TOTAL CURRENT LIABILITIES	31,407,244	69,242,324
Long-term debt, net, less current portion	4,537,930	4,721,849
Other non-current liabilities	690,892	800,620
Non-current liabilities of discontinued operations	0	929,623
TOTAL LIABILITIES	36,636,066	75,694,416
MEZZANINE EQUITY
Preferred stock, $0.001 par value; 3,323 shares authorized; 1,695 issued and outstanding at March 31, 2025 and June 30, 2024	6,157,306	5,768,765
STOCKHOLDERS' EQUITY
Common stock, $0.001 par value; 75,000,000 shares authorized; 2,146,448 issued and 2,145,132 outstanding at March 31, 2025; 2,282,704 issued and 2,281,388 outstanding at June 30, 2024	2,146	43,369
Treasury stock, at cost, 1,316 shares at March 31, 2025 and June 30, 2024	(134,196)	(134,196)
Additional paid-in capital	169,550,408	168,807,072
Accumulated deficit	(142,605,637)	(122,090,479)
Accumulated other comprehensive loss	(34,420)	(7,405,114)
Non-controlling interests	41,708	41,708
TOTAL STOCKHOLDERS' EQUITY	26,820,009	39,262,360
TOTAL LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS' EQUITY	69,613,381	120,725,541
MEZZANINE EQUITY
MEZZANINE EQUITY
Preferred stock, $0.001 par value; 3,323 shares authorized; 1,695 issued and outstanding at March 31, 2025 and June 30, 2024	$ 6,157,306	$ 5,768,765