YogaWorks, Inc.

CIK:0001703497|SEC Filings

Condensed Consolidated Statements of Operations - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Income Statement [Abstract]
Net revenues	$ 16,528,694	$ 15,150,692	$ 46,133,728	$ 45,550,867
Cost of revenues and operating expenses
Cost of revenues	5,800,070	6,212,640	17,290,385	17,892,463
Center operations	6,802,923	7,179,487	20,552,361	21,012,976
General and administrative expenses	5,586,593	4,158,868	14,456,557	12,617,813
Depreciation and amortization	969,348	1,874,008	4,018,048	6,471,036
Goodwill impairment	663,954	5,550,000	663,954	8,024,819
Asset impairment	1,363,822	4,118,939	1,538,547	4,118,939
Total cost of revenues and operating expenses	21,186,710	29,093,942	58,519,852	70,138,046
Loss from operations	(4,658,016)	(13,943,250)	(12,386,124)	(24,587,179)
Interest income	(4,970)	(46,613)	(67,317)	(96,886)
Net loss before income taxes	(4,653,046)	(13,896,637)	(12,318,807)	(24,490,293)
(Benefit)/provision for income taxes	(1,419)	2,667	10,375	20,580
Net loss	$ (4,651,627)	$ (13,899,304)	$ (12,329,182)	$ (24,510,873)
Basic and diluted net loss per share attributable to common stockholders	$ (0.28)	$ (0.84)	$ (0.74)	$ (1.49)
Weighted-average number of shares used in calculating loss per share attributable to common stockholders:
Basic and diluted common shares	16,807,366	16,468,085	16,649,375	16,401,589

Condensed Consolidated Statements of Cash Flows - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Cash flows from operating activities
Net loss			$ (12,329,182)	$ (24,510,873)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization			4,018,048	6,471,036
Goodwill impairment	$ 663,954	$ 5,550,000	663,954	8,024,819	$ 12,700,000
Asset impairment	1,363,822	4,118,939	1,538,547	4,118,939
Deferred tax				2,402
Interest expense on convertible note	6,667		6,667
Stock-based compensation expense			904,432	1,284,099
Changes to operating assets and liabilities, net of effects from acquisitions:
Inventories			413,738	4,470
Prepaid expenses and other current assets			162,915	245,137
Other non-current assets			328,120	(919)
Accounts payable and accrued expenses			(1,951,142)	(186,078)
Accrued compensation			(268,362)	(743,893)
Deferred revenue			(2,258,680)	(1,154,686)
Deferred rent and other non-current liabilities			(900,807)	71,943
Net cash used in operating activities			(9,671,752)	(6,373,604)
Cash flows from investing activities
Purchases of property, equipment, and intangible assets			(2,440,138)	(1,079,543)
Acquisition earnout and holdback payments				(643,694)
Cash paid for acquisitions, net of earnouts				(721,930)	(721,930)
Net cash used in investing activities			(2,440,138)	(2,445,167)
Cash flows from financing activities
Repurchase of shares to satisfy tax withholding	(1,569)	(13,488)	(40,061)	(97,151)
Proceeds from issuance of related party convertible note			4,986,815
Net cash from (used in) financing activities			4,946,754	(97,151)
Decrease in cash and cash equivalents			(7,165,136)	(8,915,922)
Cash and cash equivalents, beginning of period			11,447,318	22,095,216	22,095,216
Cash and cash equivalents, end of period	$ 4,282,182	$ 13,179,294	4,282,182	13,179,294	$ 11,447,318
Supplemental cash flow information
Effect of the adoption of Topic 606 on deferred revenue			1,687,910
Non-cash investing activities:
Purchases of property and equipment financed by accounts payable and accrued expenses			$ 167,710
Purchase consideration liabilities related to acquisitions				$ 159,000

Condensed Consolidated Balance Sheets - USD ($)	Sep. 30, 2019	Dec. 31, 2018
Current assets
Cash and cash equivalents	$ 4,282,182	$ 11,447,318
Inventories	734,711	1,148,449
Prepaid expenses and other current assets	773,842	936,757
Total current assets	5,790,735	13,532,524
Property and equipment, net	9,124,246	10,225,944
Intangible assets, net	11,444,453	13,291,502
Goodwill		663,954
Other non-current assets	999,655	1,327,775
Total assets	27,359,089	39,041,699
Current liabilities
Accounts payable and accrued expenses	3,128,439	4,905,204
Accrued compensation	1,533,685	1,802,047
Deferred revenue	6,705,808	7,276,578
Related party convertible note - net of debt issuance costs	4,986,815
Current portion of deferred rent	166,191	124,319
Total current liabilities	16,520,938	14,108,148
Deferred rent, net of current portion	3,032,712	3,975,391
Total liabilities	19,553,650	18,083,539
Commitments and Contingencies (Note 11)
Stockholders’ equity
Common stock $0.001 par value; 50,000,000 shares authorized, 17,052,340 issued and 16,832,593 outstanding at September 30, 2019 and 50,000,000 shares authorized, 16,639,586 issued and 16,494,838 outstanding at December 31, 2018	16,833	16,496
Additional paid in capital	114,124,195	113,260,161
Accumulated deficit	(106,335,589)	(92,318,497)
Total stockholders’ equity	7,805,439	20,958,160
Total liabilities and stockholders’ equity	$ 27,359,089	$ 39,041,699