STRYVE FOODS, INC.

CIK:0001691936|SEC Filings

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
SALES, net	$ 5,701,422	$ 4,180,193	$ 16,477,482	$ 14,822,987
COST OF GOODS SOLD (exclusive of depreciation shown separately below)	4,466,064	3,624,236	12,532,149	12,253,094
GROSS PROFIT	1,235,358	555,957	3,945,333	2,569,893
OPERATING EXPENSES
Selling expenses	1,244,488	1,771,042	4,418,173	5,518,325
Operations expense	451,086	325,829	1,215,495	1,464,708
Salaries and wages	1,456,915	1,572,177	4,593,879	5,204,637
Depreciation and amortization expense	388,504	552,169	1,258,821	1,656,049
Gain on disposal of fixed assets	0	(11,000)	0	(9,705)
Total operating expenses	3,540,993	4,210,217	11,486,368	13,834,013
OPERATING LOSS	(2,305,635)	(3,654,260)	(7,541,035)	(11,264,120)
OTHER (EXPENSE) INCOME
Interest expense	(804,942)	(1,121,274)	(2,115,402)	(2,484,004)
Loss on extinguishment of debt	0	0	(334,511)	0
Change in fair value of Private Warrants	0	1,185	0	19,835
Other income (expense)	500	2,423	507	(4,533)
Total other (expense) income	(804,442)	(1,117,666)	(2,449,406)	(2,468,702)
NET LOSS BEFORE INCOME TAXES	(3,110,077)	(4,771,926)	(9,990,441)	(13,732,822)
Income tax expense (benefit)	0	7,281	9,898	(2,242)
NET LOSS	$ (3,110,077)	$ (4,779,207)	$ (10,000,339)	$ (13,730,580)
Loss per common share:
Basic	$ (0.95)	$ (2.14)	$ (3.22)	$ (6.41)
Diluted	$ (0.95)	$ (2.14)	$ (3.22)	$ (6.41)
Weighted average shares outstanding:
Basic	3,279,054	2,237,211	3,103,442	2,143,336
Diluted	3,279,054	2,237,211	3,103,442	2,143,336

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (10,000,339)	$ (13,730,580)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation expense	1,077,070	1,474,298
Amortization of intangible assets	181,751	181,751
Amortization of debt issuance costs	164,103	222,666
Amortization of debt discount		880,623
Amortization of debt premium	20,834
Amortization of right-of-use asset	422,254	297,129
Loss on extinguishment of debt	334,511	0
Gain on disposal of fixed assets		(9,705)
Reserve for credit losses	179,071	199,145
Stock based compensation expense	738,336	947,757
Change in fair value of Private Warrants	0	(19,835)
Changes in operating assets and liabilities:
Accounts receivable	(942,795)	(756,175)
Inventory	319,648	1,985,275
Prepaid expenses and other current assets	6,873	533,386
Accounts payable	2,038,755	961,482
Accrued liabilities	703,813	679,693
Operating lease obligations	(378,836)	(244,302)
Net cash used in operating activities	(5,134,951)	(6,397,391)
CASH FLOWS FROM INVESTING ACTIVITIES
Cash paid for purchase of equipment	(27,246)	(150,297)
Cash received for sale of equipment		11,000
Net cash used in investing activities	(27,246)	(139,297)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the issuance of common stock, net	711,031	1,016,088
Repayments on long-term debt	(116,084)	(120,643)
Borrowings on related party debt	2,435,000	1,175,000
Borrowings on short-term debt	16,257,558	16,555,768
Repayments on short-term debt	(14,186,264)	(12,268,986)
Debt issuance costs	(55,630)	(176,287)
Deferred offering costs	(69,166)	(38,622)
Payments in lieu of fractional shares in connection with the reverse stock split		(2,318)
Net cash provided by financing activities	4,976,445	6,140,000
Net change in cash and cash equivalents	(185,752)	(396,688)
Cash and cash equivalents at beginning of period	369,114	623,163
Cash and cash equivalents at end of period	183,362	226,475
SUPPLEMENTAL INFORMATION:
Cash paid for interest	1,363,648	1,160,466
NON-CASH INVESTING AND FINANCING ACTIVITY:
Non-cash commercial premium finance borrowing	394,145	843,127
Issuance of warrants in connection with debt instrument		$ 1,374,631
Common stock issued for accrued expenses	147,287
Common stock issued for accrued expenses - related party	100,000
Accrued fixed assets	$ 78,501

Condensed Consolidated Balance Sheets - USD ($)	Sep. 30, 2024	Dec. 31, 2023
CURRENT ASSETS
Cash and cash equivalents	$ 183,362	$ 369,114
Accounts receivable, net	2,855,650	2,091,926
Inventory	4,880,331	5,199,979
Prepaid expenses and other current assets	782,975	720,682
Total current assets	8,702,318	8,381,701
Property and equipment, net	6,179,453	7,150,775
Right of use assets, net	4,187,412	4,609,666
Goodwill	8,450,000	8,450,000
Intangible assets, net	3,937,939	4,119,690
TOTAL ASSETS	31,457,122	32,711,832
CURRENT LIABILITIES
Accounts payable	6,577,044	4,459,787
Accrued expenses	3,144,033	2,687,508
Current portion of lease liability	243,451	362,165
Line of credit, net of debt issuance costs	4,008,018	3,568,295
Current portion of long-term debt and other short-term borrowings	795,091	605,530
Total current liabilities	22,986,841	15,772,285
Long-term debt, net of current portion, net of debt issuance costs	3,236,119	3,476,089
Lease liability, net of current portion	4,111,841	4,371,963
Financing obligation - related party operating lease	7,500,000	7,500,000
Deferred tax liability, net	35	35
TOTAL LIABILITIES	37,834,836	31,120,372
COMMITMENTS AND CONTINGENCIES (Note 12)
STOCKHOLDERS' (DEFICIT) EQUITY
Preferred stock - $0.0001 par value, 10,000,000 shares authorized, 0 shares issued and outstanding as of September 30, 2024 and December 31, 2023
Additional paid-in-capital	139,914,858	137,883,798
Accumulated deficit	(146,292,938)	(136,292,600)
TOTAL STOCKHOLDERS' (DEFICIT) EQUITY	(6,377,714)	1,591,460
TOTAL LIABILITIES AND STOCKHOLDERS' (DEFICIT) EQUITY	31,457,122	32,711,832
Related Party [Member]
CURRENT LIABILITIES
Promissory notes payable, net of debt discount and debt issuance costs	3,621,193	1,175,000
Nonrelated Party [Member]
CURRENT LIABILITIES
Promissory notes payable, net of debt discount and debt issuance costs	4,598,011	2,914,000
Class A Common Stock [Member]
STOCKHOLDERS' (DEFICIT) EQUITY
Common stock	335	224
Class V Common Stock [Member]
STOCKHOLDERS' (DEFICIT) EQUITY
Common stock	$ 31	$ 38