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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Growgeneration Corporation | NASDAQ:GRWG | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.01 | -0.45% | 2.19 | 2.19 | 2.20 | 2.30 | 2.19 | 2.24 | 540,779 | 00:44:07 |
☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
|
Colorado | 46-5008129 | |||||||
(State of other jurisdiction
of incorporation) |
(IRS Employer
ID No.) |
Title of each class | Trading symbol | Name of each exchange on which registered | ||||||||||||
Common Stock, par value $0.001 per share | GRWG | The NASDAQ Stock Market LLC |
Large accelerated filer | ☐ | Accelerated filer | ☐ | ||||||||
Non-accelerated filer | ☒ | Smaller reporting company | ☒ | ||||||||
Emerging growth company | ☒ |
Page No. | ||||||||
June 30,
2021 |
December 31,
2020 |
||||||||||
(Unaudited) | |||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 67,155 | $ | 177,912 | |||||||
Marketable securities | 57,357 | — | |||||||||
Accounts receivable, net | 4,377 | 3,901 | |||||||||
Notes receivable, current | 4,535 | 2,612 | |||||||||
Inventory, net | 95,937 | 54,024 | |||||||||
Income taxes receivable | — | 655 | |||||||||
Prepaids and other current assets | 26,286 | 11,125 | |||||||||
Total current assets | 255,647 | 250,229 | |||||||||
Property and equipment, net | 10,455 | 6,475 | |||||||||
Operating leases right-of-use assets, net | 31,661 | 12,088 | |||||||||
Notes receivables, net of current portion | 1,371 | 1,200 | |||||||||
Intangible assets, net | 44,279 | 21,490 | |||||||||
Goodwill | 108,740 | 62,951 | |||||||||
Other assets | 694 | 301 | |||||||||
TOTAL ASSETS | $ | 452,847 | $ | 354,734 | |||||||
LIABILITIES & STOCKHOLDERS’ EQUITY | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 36,481 | $ | 14,623 | |||||||
Accrued liabilities | 2,639 | 672 | |||||||||
Payroll and payroll tax liabilities | 4,412 | 2,655 | |||||||||
Customer deposits | 6,793 | 5,155 | |||||||||
Sales tax payable | 2,046 | 1,161 | |||||||||
Income taxes payable | 1,846 | — | |||||||||
Current maturities of lease liability | 5,464 | 3,001 | |||||||||
Current portion of long-term debt | 83 | 83 | |||||||||
Total current liabilities | 59,764 | 27,350 | |||||||||
Deferred tax liability | 1,697 | 750 | |||||||||
Operating lease liability, net of current maturities | 27,427 | 9,479 | |||||||||
Long-term debt, net of current portion | 106 | 158 | |||||||||
Total liabilities | 88,994 | 37,737 | |||||||||
Stockholders’ Equity: | |||||||||||
Common stock | 60 | 57 | |||||||||
Additional paid-in capital | 353,575 | 319,582 | |||||||||
Retained earnings (deficit) | 10,218 | (2,642) | |||||||||
Total stockholders’ equity | 363,853 | 316,997 | |||||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 452,847 | $ | 354,734 |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Sales | $ | 125,885 | $ | 43,451 | $ | 215,907 | $ | 76,433 | |||||||||||||||
Cost of sales | 90,172 | 31,866 | 154,817 | 55,902 | |||||||||||||||||||
Gross profit | 35,713 | 11,585 | 61,090 | 20,531 | |||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Store operations | 12,624 | 3,877 | 20,806 | 7,516 | |||||||||||||||||||
Selling, general, and administrative | 10,563 | 4,431 | 17,968 | 11,496 | |||||||||||||||||||
Depreciation and amortization | 2,917 | 468 | 4,971 | 827 | |||||||||||||||||||
Total operating expenses | 26,104 | 8,776 | 43,745 | 19,839 | |||||||||||||||||||
Income from operations | 9,609 | 2,809 | 17,345 | 692 | |||||||||||||||||||
Other income (expense): | |||||||||||||||||||||||
Other expense | (8) | (66) | (46) | (61) | |||||||||||||||||||
Interest income | 36 | — | 40 | 25 | |||||||||||||||||||
Interest expense | (4) | (13) | (6) | (20) | |||||||||||||||||||
Total non-operating income (expense), net | 24 | (79) | (12) | (56) | |||||||||||||||||||
Net income before taxes | 9,633 | 2,730 | 17,333 | 636 | |||||||||||||||||||
Provision for income taxes | (2,920) | (156) | (4,473) | (156) | |||||||||||||||||||
Net income | $ | 6,713 | $ | 2,574 | $ | 12,860 | $ | 480 | |||||||||||||||
Net income per share, basic | $ | 0.11 | $ | 0.07 | $ | 0.22 | $ | 0.01 | |||||||||||||||
Net income per share, diluted | $ | 0.11 | $ | 0.06 | $ | 0.22 | $ | 0.01 | |||||||||||||||
Weighted average shares outstanding, basic | 59,061 | 38,617 | 58,588 | 38,224 | |||||||||||||||||||
Weighted average shares outstanding, diluted | 60,223 | 41,016 | 59,794 | 40,241 |
Common Stock |
Additional
Paid-In Capital |
Retained
Earnings (Deficit) |
Total
Stockholders’ Equity |
||||||||||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||||||||
Balances, December 31, 2020 | 57,151 | $ | 57 | $ | 319,582 | $ | (2,642) | $ | 316,997 | ||||||||||||||||||||
Common stock issued upon warrant exercise | 40 | — | 111 | — | 111 | ||||||||||||||||||||||||
Common stock issued upon cashless warrant exercise | 535 | 1 | (1) | — | — | ||||||||||||||||||||||||
Common stock issued upon exercise of options | 1 | — | 2 | — | 2 | ||||||||||||||||||||||||
Common stock issued upon cashless exercise of options | 5 | — | — | — | — | ||||||||||||||||||||||||
Common stock issued in connection with business combinations | 548 | — | 29,249 | — | 29,249 | ||||||||||||||||||||||||
Common stock issued for share based compensation | 300 | — | — | — | — | ||||||||||||||||||||||||
Common stock redeemed in litigation settlement | (90) | — | — | — | — | ||||||||||||||||||||||||
Common stock redemption | (96) | — | (3,954) | — | (3,954) | ||||||||||||||||||||||||
Share based compensation | — | — | 1,187 | — | 1,187 | ||||||||||||||||||||||||
Net income | — | — | — | 6,147 | 6,147 | ||||||||||||||||||||||||
Balances, March 31, 2021 | 58,394 | $ | 58 | $ | 346,176 | $ | 3,505 | $ | 349,739 | ||||||||||||||||||||
Common stock issued upon warrant exercise | 216 | — | 224 | — | 224 | ||||||||||||||||||||||||
Common stock issued upon cashless warrant exercise | 119 | — | — | — | — | ||||||||||||||||||||||||
Common stock issued upon exercise of options | 460 | 1 | 1,729 | — | 1,730 | ||||||||||||||||||||||||
Common stock issued upon cashless exercise of options | 272 | — | — | — | — | ||||||||||||||||||||||||
Common stock issued in connection with business combinations | 101 | 1 | 3,938 | — | 3,939 | ||||||||||||||||||||||||
Share based compensation | — | — | 1,508 | — | 1,508 | ||||||||||||||||||||||||
Net income | — | — | — | 6,713 | 6,713 | ||||||||||||||||||||||||
Balances, June 30, 2021 | 59,562 | $ | 60 | $ | 353,575 | $ | 10,218 | $ | 363,853 |
Common Stock |
Additional
Paid-In Capital |
Retained
Earnings (Deficit) |
Total
Stockholders’ Equity |
||||||||||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||||||||
Balances, December 31, 2019 | 36,876 | $ | 37 | $ | 60,742 | $ | (7,970) | $ | 52,809 | ||||||||||||||||||||
Common stock issued upon warrant exercise | 191 | — | 510 | — | 510 | ||||||||||||||||||||||||
Common stock issued upon cashless warrant exercise | 19 | — | — | — | — | ||||||||||||||||||||||||
Common stock issued upon cashless exercise of options | 280 | — | — | — | — | ||||||||||||||||||||||||
Common stock issued in connection with business combinations | 250 | — | 1,102 | — | 1,102 | ||||||||||||||||||||||||
Common stock issued for assets | 24 | — | 101 | — | 101 | ||||||||||||||||||||||||
Common stock issued for services | 50 | — | — | — | — | ||||||||||||||||||||||||
Common stock issued for share based compensation | 519 | 1 | 1,760 | — | 1,761 | ||||||||||||||||||||||||
Share based compensation | — | — | 2,209 | — | 2,209 | ||||||||||||||||||||||||
Net loss | — | — | — | (2,094) | (2,094) | ||||||||||||||||||||||||
Balances, March 31, 2020 | 38,209 | $ | 38 | $ | 66,424 | $ | (10,064) | $ | 56,398 | ||||||||||||||||||||
Common stock issued upon warrant exercise | 81 | — | 282 | — | 282 | ||||||||||||||||||||||||
Common stock issued upon cashless warrant exercise | 78 | — | — | — | — | ||||||||||||||||||||||||
Common stock issued upon cashless exercise of options | 30 | — | — | — | — | ||||||||||||||||||||||||
Common stock issued in connection with business combinations | 108 | — | 705 | — | 705 | ||||||||||||||||||||||||
Common stock issued for assets | 10 | — | 67 | — | 67 | ||||||||||||||||||||||||
Common stock issued for services | 325 | — | 717 | — | 717 | ||||||||||||||||||||||||
Common stock issued for share based compensation | 5 | — | 25 | — | 25 | ||||||||||||||||||||||||
Share based compensation | — | — | 1,162 | — | 1,162 | ||||||||||||||||||||||||
Net income | — | — | — | 2,574 | 2,574 | ||||||||||||||||||||||||
Balances, June 30, 2020 | 38,846 | $ | 38 | $ | 69,382 | $ | (7,490) | $ | 61,930 |
Six Months Ended June 30, | |||||||||||
2021 | 2020 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net income | $ | 12,860 | $ | 480 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | 4,971 | 827 | |||||||||
Stock-based compensation expense | 3,241 | 5,302 | |||||||||
Bad debt expense, net of recoveries | 313 | 195 | |||||||||
Deferred taxes | 947 | — | |||||||||
Changes in operating assets and liabilities: | |||||||||||
Accounts and notes receivable | (2,883) | 652 | |||||||||
Inventory | (32,763) | (6,154) | |||||||||
Prepaid expenses and other assets | (14,487) | (2,550) | |||||||||
Accounts payable and accrued liabilities | 23,280 | 6,608 | |||||||||
Operating leases | 838 | 157 | |||||||||
Payroll and payroll tax liabilities | 1,757 | 272 | |||||||||
Income taxes payable | 1,846 | 156 | |||||||||
Customer deposits | 1,469 | (169) | |||||||||
Sales tax payable | 885 | 345 | |||||||||
Net cash provided by operating activities | 2,274 | 6,121 | |||||||||
Cash flows from investing activities: | |||||||||||
Assets acquired in business combinations | (48,045) | (3,032) | |||||||||
Purchase of marketable securities | (57,357) | — | |||||||||
Purchase of property and equipment | (4,428) | (1,280) | |||||||||
Purchase of intangibles | (1,262) | (709) | |||||||||
Net cash used in investing activities | (111,092) | (5,021) | |||||||||
Cash flows from financing activities: | |||||||||||
Principal payments on long term debt | (52) | (47) | |||||||||
Common stock redeemed | (3,954) | — | |||||||||
Proceeds from the sale of common stock and exercise of warrants, net of expenses | 2,067 | 792 | |||||||||
Net cash provided by (used in) financing activities | (1,939) | 745 | |||||||||
Net change | (110,757) | 1,845 | |||||||||
Cash at the beginning of period | 177,912 | 12,979 | |||||||||
Cash at the end of period | $ | 67,155 | $ | 14,824 | |||||||
Supplemental disclosures of non-cash activities: | |||||||||||
Cash paid for interest | $ | 6 | $ | 20 | |||||||
Common stock issued for accrued payroll | $ | — | $ | 718 | |||||||
Common stock issued for business combination | $ | 33,187 | $ | 1,808 | |||||||
Assets acquired by issuance of common stock | $ | — | $ | 168 | |||||||
Right to use assets acquired under new operating leases | $ | 19,573 | $ | 1,095 |
Level |
June 30,
2021 |
December 31,
2020 |
|||||||||||||||
Cash equivalents | 2 | $ | 67,155 | $ | 177,912 | ||||||||||||
Marketable securities | 2 | $ | 57,357 | $ | — | ||||||||||||
Notes receivable | 2 | $ | 5,906 | $ | 2,937 | ||||||||||||
Notes receivable impaired | 3 | $ | — | $ | 875 | ||||||||||||
Accounts receivable | 2 | $ | 4,377 | $ | 3,901 |
Three Months Ended
June 30, 2021 |
Three Months Ended
June 30, 2020 |
Six Months Ended June 30, 2021 | Six Months Ended June 30, 2020 | ||||||||||||||||||||
Sales at company owned stores | $ | 108,911 | $ | 40,128 | $ | 190,138 | $ | 71,912 | |||||||||||||||
Distribution | 4,988 | — | 7,823 | — | |||||||||||||||||||
E-commerce sales | 11,986 | 3,323 | 17,946 | 4,521 | |||||||||||||||||||
Total Revenues | $ | 125,885 | $ | 43,451 | $ | 215,907 | $ | 76,433 |
Receivables | Customer Deposit Liability | ||||||||||
Opening balance, January 1, 2021 | $ | 7,713 | $ | 5,155 | |||||||
Closing balance, June 30, 2021
|
10,283 | 6,793 | |||||||||
Increase (decrease) | $ | 2,570 | $ | 1,638 | |||||||
Opening balance, January 1, 2020 | $ | 4,455 | $ | 2,504 | |||||||
Closing balance, June 30, 2020
|
3,609 | 2,335 | |||||||||
Increase (decrease) | $ | (846) | $ | (169) |
June 30,
2021 |
December 31,
2020 |
||||||||||
Note receivable | $ | 6,172 | $ | 4,104 | |||||||
Allowance for losses | (266) | (292) | |||||||||
Notes receivable, net | $ | 5,906 | 3,812 |
June 30,
2021 |
December 31,
2020 |
||||||||||
Note receivable | $ | 266 | $ | 1,166 | |||||||
Allowance for losses | (266) | (292) | |||||||||
Notes receivable, net | $ | — | 874 |
Fair Value Level | Adjusted Cost Basis | Unrealized Gain (Loss) |
Recorded
Basis |
||||||||||||||||||||
Commercial paper | Level 2 | $ | 9,994 | $ | — | $ | 9,994 | ||||||||||||||||
Corporate notes and bonds | Level 2 | 47,363 | — | 47,363 | |||||||||||||||||||
Marketable securities | $ | 57,357 | $ | — | $ | 57,357 |
June 30,
2021 |
December 31,
2020 |
||||||||||
Trade receivables under longer term financing arrangements | $ | 5,906 | $ | 3,812 | |||||||
Note receivable, non-customer related | — | — | |||||||||
Subtotal | 5,906 | 3,812 | |||||||||
Less, current portion | (4,535) | (2,612) | |||||||||
Notes receivable, noncurrent | $ | 1,371 | 1,200 |
June 30,
2021 |
December 31,
2020 |
||||||||||
Vehicles | $ | 2,256 | $ | 1,342 | |||||||
Building | 1,107 | 477 | |||||||||
Leasehold improvements | 3,381 | 1,988 | |||||||||
Furniture, fixtures and equipment | 8,223 | 5,739 | |||||||||
Total property and equipment, gross | 14,967 | 9,546 | |||||||||
Accumulated depreciation and amortization | (4,512) | (3,071) | |||||||||
Property and equipment, net | $ | 10,455 | $ | 6,475 |
June 30, 2021 |
December 31,
2020 |
||||||||||
Balance, beginning of period | $ | 62,951 | $ | 17,799 | |||||||
Goodwill additions and measurement period adjustments | 45,789 | 45,152 | |||||||||
Balance, end of period | $ | 108,740 | $ | 62,951 |
June 30, 2021 | December 31, 2020 | ||||||||||||||||||||||
Gross
Carrying Amount |
Accumulated
Amortization |
Gross
Carrying Amount |
Accumulated
Amortization |
||||||||||||||||||||
Tradenames | $ | 24,184 | $ | (2,298) | $ | 13,923 | $ | (398) | |||||||||||||||
Patents, trademarks | 100 | (35) | 100 | (9) | |||||||||||||||||||
Customer relationships | 18,372 | (1,260) | 6,297 | (138) | |||||||||||||||||||
Non-competes | 1,115 | (118) | 796 | (22) | |||||||||||||||||||
Intellectual property | 2,065 | (138) | — | — | |||||||||||||||||||
Capitalized software | 2,762 | (470) | 1,163 | (222) | |||||||||||||||||||
$ | 48,598 | $ | (4,319) | $ | 22,279 | $ | (789) |
Future amortization expense is as follows: | |||||
2021, remainder | $ | 4,714 | |||
2022 | 9,525 | ||||
2023 | 9,164 | ||||
2024 | 8,817 | ||||
2025 | 8,283 | ||||
Thereafter | 3,776 | ||||
Total | $ | 44,279 |
June 30,
2021 |
December 31,
2020 |
||||||||||
Long term debt is as follows: | |||||||||||
Wells Fargo Equipment Finance, interest at 3.5% per annum, payable in monthly installments of $518.96 beginning April 2016 through March 2021, secured by warehouse equipment with a book value of $25
|
$ | — | $ | 1 | |||||||
Notes payable issued in connection with seller financing of assets acquired, interest at 8.125%, payable in 60 installments of $8,440.00, Due August 2023
|
189 | 240 | |||||||||
$ | 189 | $ | 241 | ||||||||
Less Current Maturities | (83) | (83) | |||||||||
Total Long-Term Debt | $ | 106 | $ | 158 |
June 30,
2021 |
December 31,
2020 |
||||||||||
Right to use assets, operating lease assets | $ | 31,661 | $ | 12,088 | |||||||
Current lease liability | $ | 5,464 | $ | 3,001 | |||||||
Non-current lease liability | 27,427 | 9,479 | |||||||||
$ | 32,891 | $ | 12,480 |
June 30,
2021 |
June 30,
2020 |
||||||||||
Weighted average remaining lease term | 7.17 years | 3.44 years | |||||||||
Weighted average discount rate | 6.0 | % | 7.6 | % |
Six Months Ended
June 30, |
|||||||||||
2021 | 2020 | ||||||||||
Operating lease costs | $ | 3,548 | $ | 1,714 | |||||||
Short-term lease costs | 1,109 | 31 | |||||||||
Total operating lease costs | $ | 4,657 | $ | 1,745 |
2021 (remainder of the year) | $ | 3,769 | |||
2022 | 6,720 | ||||
2023 | 6,021 | ||||
2024 | 4,884 | ||||
2025 | 4,246 | ||||
Thereafter | 15,170 | ||||
Total lease payments | 40,810 | ||||
Less: Imputed interest | (7,919) | ||||
Lease Liability at June 30, 2021
|
$ | 32,891 |
Six months ended June 30, | |||||||||||
2021 | 2020 | ||||||||||
Restricted stock | $ | 1,935 | $ | 3,316 | |||||||
Stock options | 559 | 1,986 | |||||||||
Warrants | 747 | — | |||||||||
Total | $ | 3,241 | $ | 5,302 |
Shares | Weighted Average Grant Date Fair Value | ||||||||||
Nonvested, December 31, 2020
|
630 | $ | 4.15 | ||||||||
Granted | 201 | $ | 45.56 | ||||||||
Vested | (291) | $ | 4.39 | ||||||||
Forfeited | (9) | $ | 18.54 | ||||||||
Nonvested, June 30, 2021
|
531 | $ | 20.40 |
Options | Shares |
Weight -
Average Exercise Price |
Weighted -
Average Remaining Contractual Term |
Weighted -
Average Grant Date Fair Value |
||||||||||||||||||||||
Outstanding at December 31, 2020
|
1,803 | $ | 3.92 | 3.47 | $ | 2.38 | ||||||||||||||||||||
Granted | — | — | — | |||||||||||||||||||||||
Exercised | (753) | 3.05 | 1.65 | |||||||||||||||||||||||
Forfeited or expired | (50) | 4.16 | — | 2.28 | ||||||||||||||||||||||
Outstanding at June 30, 2021
|
1,000 | $ | 4.56 | 3.31 | $ | 2.46 | ||||||||||||||||||||
Options vested at June 30, 2021
|
774 | $ | 4.29 | 2.80 | $ | 3.31 |
Warrants |
Weighted Average
Exercise Price |
||||||||||
Outstanding at December 31, 2020
|
1,393 | $ | 7.49 | ||||||||
Issued | — | ||||||||||
Exercised | (968) | $ | 2.84 | ||||||||
Forfeited | — | ||||||||||
Outstanding at June 30, 2021
|
425 | $ | 17.25 |
Three Months Ended | |||||||||||
June 30,
2021 |
June 30,
2020 |
||||||||||
Net income | $ | 6,713 | $ | 2,574 | |||||||
Weighted average shares outstanding, basic | 59,061 | 38,617 | |||||||||
Effect of dilution | 1,162 | 2,399 | |||||||||
Adjusted weighted average shares outstanding, dilutive | 60,223 | 41,016 | |||||||||
Basic earnings per shares | $ | 0.11 | $ | 0.07 | |||||||
Dilutive earnings per share | $ | 0.11 | $ | 0.06 |
Six Months Ended | |||||||||||
June 30,
2021 |
June 30,
2020 |
||||||||||
Net income | $ | 12,860 | $ | 480 | |||||||
Weighted average shares outstanding, basic | 58,588 | 38,224 | |||||||||
Effect of dilution | 1,206 | 2,017 | |||||||||
Adjusted weighted average shares outstanding, dilutive | 59,794 | 40,241 | |||||||||
Basic earnings per shares | $ | 0.22 | $ | 0.01 | |||||||
Dilutive earnings per share | $ | 0.22 | $ | 0.01 |
Agron | Aquarius | 55 Hydro | Charcoir | San Diego Hydro | ||||||||||||||||||||||||||||
Inventory | $ | — | $ | 957 | $ | 780 | $ | 839 | $ | 1,400 | ||||||||||||||||||||||
Prepaids and other current assets | 29 | 12 | 29 | 534 | 36 | |||||||||||||||||||||||||||
Furniture and equipment | 46 | 63 | 50 | — | 315 | |||||||||||||||||||||||||||
Liabilities | — | — | — | — | — | |||||||||||||||||||||||||||
Operating lease right to use asset | 87 | — | 853 | — | 970 | |||||||||||||||||||||||||||
Operating lease liability | (87) | — | (853) | — | (970) | |||||||||||||||||||||||||||
Customer relationships | 832 | 339 | 809 | 5,712 | 605 | |||||||||||||||||||||||||||
Trade name | 1,530 | 485 | 870 | 1,099 | 1,192 | |||||||||||||||||||||||||||
Non-compete | 139 | — | 26 | — | 6 | |||||||||||||||||||||||||||
Intellectual property | — | — | — | 2,065 | — | |||||||||||||||||||||||||||
Goodwill | 8,673 | 1,702 | 3,915 | 6,119 | 5,728 | |||||||||||||||||||||||||||
Total | $ | 11,249 | $ | 3,558 | $ | 6,479 | $ | 16,368 | $ | 9,282 |
Grow Warehouse | Grow Depot Maine | Indoor Garden | Down River Hydro | Harvest | Total | |||||||||||||||||||||||||||||||||
Inventory | $ | 2,448 | $ | 326 | $ | 372 | $ | 824 | $ | 1,204 | $ | 9,150 | ||||||||||||||||||||||||||
Prepaids and other current assets | 30 | 3 | — | 3 | 7 | 683 | ||||||||||||||||||||||||||||||||
Furniture and equipment | 250 | 25 | 94 | 50 | 100 | 993 | ||||||||||||||||||||||||||||||||
Liabilities | (169) | — | — | — | — | (169) | ||||||||||||||||||||||||||||||||
Operating lease right to use asset | 94 | 91 | 129 | — | — | 2,224 | ||||||||||||||||||||||||||||||||
Operating lease liability | (94) | (91) | (129) | — | — | (2,224) | ||||||||||||||||||||||||||||||||
Customer relationships | 1,256 | 549 | 210 | 634 | 1,016 | 11,962 | ||||||||||||||||||||||||||||||||
Trade name | 2,748 | 344 | 353 | 698 | 1,392 | 10,711 | ||||||||||||||||||||||||||||||||
Non-compete | 94 | 36 | 2 | 16 | — | 319 | ||||||||||||||||||||||||||||||||
Intellectual property | — | — | — | — | — | 2,065 | ||||||||||||||||||||||||||||||||
Goodwill | 11,122 | 866 | 661 | 2,126 | 4,606 | 45,518 | ||||||||||||||||||||||||||||||||
Total | 17,779 | 2,149 | 1,692 | $ | 4,351 | $ | 8,325 | $ | 81,232 |
Agron | Aquarius | 55 Hydro | Charcoir | San Diego Hydro | |||||||||||||||||||||||||
Cash | $ | 5,973 | $ | 2,331 | $ | 5,347 | $ | 9,902 | $ | 4,751 | |||||||||||||||||||
Common stock | 5,276 | 1,227 | 1,132 | 6,466 | 4,531 | ||||||||||||||||||||||||
Total | $ | 11,249 | $ | 3,558 | $ | 6,479 | $ | 16,368 | $ | 9,282 |
Grow Warehouse |
Grow
Depot Maine |
Indoor Garden | Down River Hydro | Harvest | Total | ||||||||||||||||||||||||||||||
Cash | $ | 8,100 | $ | 1,738 | $ | 1,165 | $ | 3,177 | $ | 5,561 | $ | 48,045 | |||||||||||||||||||||||
Common stock | 9,679 | 411 | 527 | 1,174 | 2,764 | 33,187 | |||||||||||||||||||||||||||||
Total | $ | 17,779 | $ | 2,149 | $ | 1,692 | $ | 4,351 | $ | 8,325 | $ | 81,232 |
Agron | Aquarius | 55 Hydro | Charcoir | San Diego Hydro | ||||||||||||||||||||||||||||
Acquisition date
|
3/19/2021 | 3/15/2021 | 3/15/2021 | 3/12/2021 | 2/22/2021 | |||||||||||||||||||||||||||
Revenue | $ | 6,105 | $ | 2,684 | $ | 2,222 | $ | 1,880 | $ | 3,446 | ||||||||||||||||||||||
Net Income | $ | 324 | $ | 365 | $ | 314 | $ | 518 | $ | 547 |
Grow Warehouse | Grow Depot Maine | Indoor Garden | Down River Hydro | Harvest | Total | ||||||||||||||||||||||||||||||
Acquisition date
|
2/15/2021 | 2/1/2021 | 1/25/2021 | 4/19/2021 | 5/24/21 | ||||||||||||||||||||||||||||||
Revenue | $ | 6,753 | $ | 2,779 | $ | 2,308 | $ | 1,200 | $ | 1,489 | $ | 5,986 | |||||||||||||||||||||||
Net Income | $ | 1,297 | $ | 555 | $ | 433 | $ | 176 | $ | 268 | $ | 905 |
Three Months Ended | Six Months Ended | |||||||||||||
June 30, 2021
(Unaudited) |
June 30, 2021
(Unaudited) |
|||||||||||||
Revenue | $ | 130,504 | $ | 229,599 | ||||||||||
Net income | $ | 12,446 | $ | 19,849 |
Three Months Ended | Six Months Ended | |||||||||||||
June 30, 2020
(Unaudited) |
June 30, 2020
(Unaudited) |
|||||||||||||
Revenue | $ | 40,501 | $ | 90,126 | ||||||||||
Net income | $ | 1,849 | $ | 2,352 |
H2O Hydroponics LLC | Health & Harvest LLC | Total | |||||||||
Inventory | $ | 498 | $ | 1,054 | $ | 1,552 | |||||
Prepaids and other current assets | 4 | — | 4 | ||||||||
Furniture and equipment | 50 | 51 | 101 | ||||||||
Right to use asset | 902 | 192 | 1,094 | ||||||||
Lease liability | (902) | (192) | (1,094) | ||||||||
Customer relationships | 150 | 255 | 405 | ||||||||
Trade name | 234 | 357 | 591 | ||||||||
Non-compete | 43 | 6 | 49 | ||||||||
Goodwill | 1,008 | 1,130 | 2,138 | ||||||||
Total | $ | 1,987 | $ | 2,853 | $ | 4,840 |
H2O Hydroponics LLC | Health & Harvest LLC | Total | |||||||||
Cash | $ | 1,282 | $ | 1,750 | $ | 3,032 | |||||
Common stock | 705 | 1,103 | 1,808 | ||||||||
Total | $ | 1,987 | $ | 2,853 | $ | 4,840 |
H2O Hydroponics LLC | Health & Harvest LLC | Total | |||||||||
Acquisition date | 6/26/20 | 2/26/2020 | |||||||||
Revenue | $ | 227 | $ | 2,300 | $ | 2,527 | |||||
Earnings | $ | 28 | $ | 462 | $ | 490 |
Three Months Ended | Six Months Ended | |||||||||||||
June 30, 2019 | June 30, 2019 | |||||||||||||
Revenue | $ | 21,759 | $ | 37,122 | ||||||||||
Earnings | $ | 1,149 | $ | 1,465 |
Three Months Ended June 30, | |||||||||||
2021 | 2020 | ||||||||||
(000) | (000) | ||||||||||
Net income | $ | 6,713 | $ | 2,574 | |||||||
Income taxes | 2,920 | 156 | |||||||||
Interest expense | 4 | 13 | |||||||||
Depreciation and Amortization | 2,917 | 468 | |||||||||
EBITDA | $ | 12,554 | $ | 3,211 | |||||||
Share based compensation (option compensation, warrant compensation, stock issued for services) | 1,914 | 1,187 | |||||||||
Adjusted EBITDA | $ | 14,468 | $ | 4,398 | |||||||
Adjusted EBITDA per share, basic | $ | 0.24 | $ | 0.11 | |||||||
Adjusted EBITDA per share, diluted | $ | 0.24 | $ | 0.11 |
Six Months Ended
June 30, |
|||||||||||
2021 | 2020 | ||||||||||
(000) | (000) | ||||||||||
Net income | $ | 12,860 | $ | 480 | |||||||
Income taxes | 4,473 | 156 | |||||||||
Interest | 6 | 20 | |||||||||
Depreciation and Amortization | 4,971 | 827 | |||||||||
EBITDA | $ | 22,310 | $ | 1,483 | |||||||
Share based compensation (option compensation, warrant compensation, stock issued for services) | 3,241 | 5,302 | |||||||||
Adjusted EBITDA | 25,551 | $ | 6,785 | ||||||||
Adjusted EBITDA per share, basic | $ | 0.44 | $ | 0.18 | |||||||
Adjusted EBITDA per share, diluted | $ | 0.43 | $ | 0.17 |
Exhibit | Exhibit Description | |||||||
3.1 | Certificate of Incorporation of GrowGeneration Corp. (Incorporated by reference to Exhibit 3.1 to the Registration Statement on Form S-1 as filed on November 9, 2015) | |||||||
3.2 | Bylaws of GrowGeneration Corp. (Incorporated by reference to Exhibit 3.2 to the Registration Statement on Form S-1 as filed on November 9, 2015) | |||||||
10.1 | ||||||||
10.2 | ||||||||
10.3 | ||||||||
10.4 | ||||||||
10.5 | ||||||||
10.6 | ||||||||
10.7 | ||||||||
31.1 | ||||||||
31.2 | ||||||||
32.1 | ||||||||
32.2 | ||||||||
101 | Interactive Data Files | |||||||
101.INS | XBRL Instance Document | |||||||
101.SCH | XBRL Taxonomy Extension Schema Document | |||||||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document | |||||||
101.LAB | XBRL Taxonomy Extension Label Linkbase Document | |||||||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document | |||||||
101.DEF | XBRL Taxonomy Extension Definition Linkbase Definition |
* | Furnished and not filed. |
GrowGeneration Corporation | ||||||||
By: | /s/ Darren Lampert | |||||||
Darren Lampert, Chief Executive Officer
(Principal Executive Officer) |
||||||||
By: | /s/ Jeff Lasher | |||||||
Jeff Lasher, Chief Financial Officer
(Principal Accounting Officer and Principal Financial Officer) |
1 Year Growgeneration Chart |
1 Month Growgeneration Chart |
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