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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended February 28, 2022 

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from            to

Commission File Number: 001-38594

 

TILRAY BRANDS, INC.

(Exact Name of Registrant as Specified in its Charter)

 

 

Delaware

82-4310622

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer
Identification No.)

265 Talbot Street West,

Leamington, ON

N8H 5L4

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (844) 845-7291

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange on which registered

Class 2 Common Stock, $0.0001 par value per share

 

TLRY

 

The Nasdaq Global Select Market

 

 

 

 

 

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes  ☒    No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).     Yes  ☒    No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

  

Accelerated filer

 

 

 

 

 

Non-accelerated filer

 

  

Smaller reporting company

 

 

 

 

 

 

 

 

Emerging growth company

 

 

 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).     Yes      No  

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.     Yes      No  

As of April 5 2022, the registrant had 497,708,464 shares of common stock, $0.0001 par value per share, issued and outstanding.

 

 

 


 

Table of Contents

 

 

 

Page

PART I.

FINANCIAL INFORMATION

1

Item 1.

Financial Statements (Unaudited)

1

 

Consolidated Statements of Financial Position (Unaudited)

1

 

Consolidated Statements of Income (Loss) and Comprehensive Loss (Unaudited)

2

 

Consolidated Statements of Stockholders' Equity (Unaudited)

3

 

Consolidated Statements of Cash Flows (Unaudited)

4

 

Notes to Consolidated Financial Statements (Unaudited)

5

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

24

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

41

Item 4.

Controls and Procedures

41

PART II.

OTHER INFORMATION

42

Item 1.

Legal Proceedings

42

Item 1A.

Risk Factors

43

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

45

Item 3.

Defaults Upon Senior Securities

45

Item 4.

Mine Safety Disclosures

45

Item 5.

Other Information

45

Item 6.

Exhibits

46

Signatures

47

 

 


i


Cautionary Note Regarding Forward-Looking Statements

This Quarterly Report on Form 10-Q for the quarter ended February 28, 2022 (the “Form 10-Q”) contains forward-looking statements within the meaning of safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve risks, uncertainties and assumptions. If the risks or uncertainties ever materialize or the assumptions prove incorrect, our results may differ materially from those expressed or implied by such forward-looking statements. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,”” might,” “plan,” “project,” “will,” “would” ”seek,” or “should,” or the negative or plural of these words or similar expressions or variations are intended to identify such forward-looking statements. Forward-looking statements include, among other things, our beliefs or expectations relating to our future performance, results of operations and financial condition; our strategic initiatives, business strategy, supply chain, brand portfolio and product performance; the COVID-19 pandemic; current or future macroeconomic trends; and future corporate acquisitions and strategic transactions.

Risks and uncertainties that may cause actual results to differ materially from forward-looking statements include: our ability to successfully complete the integration of the businesses of Tilray and Aphria; our ability to successfully complete the proposed HEXO transaction and achieve the expected production efficiencies and cost savings; challenges and uncertainty resulting from the COVID-19 pandemic; the highly regulated environment in which we operate and our dependence on regulatory approvals and licenses; our ability to manage our supply chain effectively; disruption of operations at our cultivation and manufacturing facilities; challenges and uncertainty resulting from the impact of competition; our ability to manage risks associated with our international sales and operations; our ability to successfully develop and commercialize new products; our ability to execute our strategic plan and other initiatives, including our ability to achieve $4 billion of revenue by the end of our fiscal year 2024; our dependency on significant customers, which generate a significant amount of our revenue; input cost inflation; disruptions to information technology systems; pending and future litigation; volatility in our stock; our ability to raise funds; and other risks and matters described in our most recent Annual Report on Form 10-K, this Form 10-Q and our other filings from time to time with the U.S. Securities and Exchange Commission and in our Canadian securities filings.

Forward looking statements are based on information available to us as of the date of this Quarterly Report on Form 10-Q and, while we believe that information provides a reasonable basis for these statements, these statements are inherently uncertain, and investors are cautioned not to unduly rely on these statements. You should not rely upon forward-looking statements or forward-looking information as predictions of future events.

We undertake no obligation to update forward-looking statements to reflect actual results or changes in assumptions or circumstances, except as required by applicable law.

 

 

ii


 

PART I—FINANCIAL INFORMATION

Item 1. Financial Statements.

TILRAY BRANDS, INC.

Consolidated Statements of Financial Position

(in thousands of United States dollars, unaudited)

 

 

 

 

February 28,

2022

 

 

May 31,

2021

 

Assets

 

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

279,214

 

 

$

488,466

 

Accounts receivable, net

 

 

89,895

 

 

 

87,309

 

Inventory

 

 

273,292

 

 

 

256,429

 

Prepaids and other current assets

 

 

52,211

 

 

 

48,920

 

Convertible notes receivable

 

 

1,173

 

 

 

2,485

 

Total current assets

 

 

695,785

 

 

 

883,609

 

Capital assets

 

 

603,472

 

 

 

650,698

 

Right-of-use assets

 

 

17,851

 

 

 

18,267

 

Intangible assets

 

 

1,528,962

 

 

 

1,605,918

 

Goodwill

 

 

2,835,100

 

 

 

2,832,794

 

Interest in equity investees

 

 

4,797

 

 

 

8,106

 

Long-term investments

 

 

133,155

 

 

 

17,685

 

Other assets

 

 

314

 

 

 

8,285

 

Total assets

 

$

5,819,436

 

 

$

6,025,362

 

Liabilities

 

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

 

Bank indebtedness

 

$

17,496

 

 

$

8,717

 

Accounts payable and accrued liabilities

 

 

137,094

 

 

 

212,813

 

Contingent consideration

 

 

31,592

 

 

 

60,657

 

Warrant liability

 

 

19,366

 

 

 

78,168

 

Current portion of lease liabilities

 

 

6,703

 

 

 

4,264

 

Current portion of long-term debt

 

 

70,176

 

 

 

36,622

 

Total current liabilities

 

 

282,427

 

 

 

401,241

 

Long - term liabilities

 

 

 

 

 

 

 

 

Lease liabilities

 

 

16,211

 

 

 

53,946

 

Long-term debt

 

 

121,210

 

 

 

167,486

 

Convertible debentures

 

 

501,075

 

 

 

667,624

 

Deferred tax liability

 

 

237,208

 

 

 

265,845

 

Other liabilities

 

 

292

 

 

 

3,907

 

Total liabilities

 

 

1,158,423

 

 

 

1,560,049

 

Commitments and contingencies (refer to Note 17)

 

 

 

 

 

 

 

 

Stockholders' equity

 

 

 

 

 

 

 

 

Common stock ($0.0001 par value; 990,000,000 shares authorized; 480,737,533 and 446,440,641 shares issued and outstanding, respectively)

 

 

48

 

 

 

46

 

Additional paid-in capital

 

 

5,110,892

 

 

 

4,792,406

 

Accumulated other comprehensive income

 

 

1,010

 

 

 

152,668

 

Accumulated Deficit

 

 

(484,710

)

 

 

(486,050

)

Total Tilray Brands, Inc. stockholders' equity

 

 

4,627,240

 

 

 

4,459,070

 

Non-controlling interests

 

 

33,773

 

 

 

6,243

 

Total stockholders' equity

 

 

4,661,013

 

 

 

4,465,313

 

Total liabilities and stockholders' equity

 

$

5,819,436

 

 

$

6,025,362

 

 

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of these consolidated financial statements.

1


TILRAY BRANDS, INC.

Consolidated Statements of Income (Loss) and Comprehensive Income (Loss)

(in thousands of United States dollars, except for share and per share data, unaudited)

 

 

 

Three months ended

February 28,

 

 

Nine months ended

February 28,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Net revenue

 

$

151,871

 

 

$

123,900

 

 

$

475,047

 

 

$

370,849

 

Cost of goods sold

 

 

112,042

 

 

 

93,444

 

 

 

351,497

 

 

 

270,165

 

Gross profit

 

 

39,829

 

 

 

30,456

 

 

 

123,550

 

 

 

100,684

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

General and administrative

 

 

38,445

 

 

 

24,491

 

 

 

121,401

 

 

 

78,736

 

Selling

 

 

8,641

 

 

 

6,155

 

 

 

25,283

 

 

 

18,051

 

Amortization

 

 

24,590

 

 

 

10,786

 

 

 

84,345

 

 

 

19,121

 

Marketing and promotion

 

 

7,578

 

 

 

3,259

 

 

 

20,163

 

 

 

12,436

 

Research and development

 

 

164

 

 

 

127

 

 

 

1,464

 

 

 

472

 

Change in fair value of contingent consideration

 

 

(29,065

)

 

 

 

 

 

(29,065

)

 

 

 

Transaction costs

 

 

9,238

 

 

 

9,688

 

 

 

42,937

 

 

 

30,352

 

Total operating expenses

 

 

59,591

 

 

 

54,506

 

 

 

266,528

 

 

 

159,168

 

Operating loss

 

 

(19,762

)

 

 

(24,050

)

 

 

(142,978

)

 

 

(58,484

)

Interest expense, net

 

 

(2,312

)

 

 

(7,943

)

 

 

(22,422

)

 

 

(18,511

)

Non-operating income (expense), net

 

 

72,719

 

 

 

(220,340

)

 

 

186,329

 

 

 

(306,348

)

Income (loss) before income taxes

 

 

50,645

 

 

 

(252,333

)

 

 

20,929

 

 

 

(383,343

)

Income taxes (recovery)

 

 

(1,830

)

 

 

6,310

 

 

 

(2,739

)

 

 

(13,707

)

Net income (loss)

 

$

52,475

 

 

$

(258,643

)

 

$

23,668

 

 

$

(369,636

)

Total net income (loss) attributable to:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stockholders of Tilray Brands, Inc.

 

 

43,190

 

 

 

(273,519

)

 

 

1,340

 

 

 

(407,762

)

Non-controlling interests

 

 

9,285

 

 

 

14,876

 

 

 

22,328

 

 

 

38,126

 

Other comprehensive (loss) income, net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation (loss) gain

 

 

18,498

 

 

 

(4,706

)

 

 

(114,641

)

 

 

(4,231

)

Unrealized loss on convertible notes receivable

 

 

(52

)

 

 

(2,647

)

 

 

(649

)

 

 

(2,647

)

Change in fair value of long-term investments

 

 

(39,244

)

 

 

 

 

 

(55,601

)

 

 

 

Total other comprehensive (loss) income, net of tax

 

 

(20,798

)

 

 

(7,353

)

 

 

(170,891

)

 

 

(6,878

)

Comprehensive income (loss)

 

 

31,677

 

 

 

(265,996

)

 

 

(147,223

)

 

 

(376,514

)

Total comprehensive income (loss) attributable to:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stockholders of Tilray Brands, Inc.

 

 

34,605

 

 

 

(280,872

)

 

 

(150,318

)

 

 

(414,640

)

Non-controlling interests

 

 

(2,928

)

 

 

14,876

 

 

 

3,095

 

 

 

38,126

 

Weighted average number of common shares - basic

 

 

485,668,750

 

 

 

265,401,924

 

 

 

470,303,170

 

 

 

250,701,376

 

Weighted average number of common shares - diluted

 

 

488,546,790

 

 

 

265,401,924

 

 

 

478,050,130

 

 

 

250,701,376

 

Net income (loss) per share - basic

 

$

0.09

 

 

$

(1.03

)

 

$

0.00

 

 

$

(1.63

)

Net income (loss) per share - diluted

 

$

0.09

 

 

$

(1.03

)

 

$

0.00

 

 

$

(1.63

)

 

The accompanying notes are an integral part of these consolidated financial statements.

2


TILRAY BRANDS, INC.

Consolidated Statements of Stockholders’ Equity

(in thousands of United States dollars, except for share data, unaudited)

 

 

 

Number of

common

shares

 

 

Common

stock

 

 

Additional

paid-in

capital

 

 

Accumulated

other

comprehensive

income (loss)

 

 

Accumulated Deficit

 

 

Non-

controlling

interests

 

 

Total

 

Balance at May 31, 2020

 

 

240,132,635

 

 

$

24

 

 

$

1,366,736

 

 

$

(5,434

)

 

$

(113,352

)

 

$

26,957

 

 

$

1,274,931

 

Share issuance - legal settlement

 

 

1,389,884

 

 

 

 

 

 

7,018

 

 

 

 

 

 

 

 

 

 

 

 

7,018

 

Share issuance - options exercised

 

 

41,065

 

 

 

 

 

 

4

 

 

 

 

 

 

 

 

 

 

 

 

4

 

Share issuance - RSUs exercised

 

 

429,280

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation

 

 

 

 

 

 

 

 

3,479

 

 

 

 

 

 

 

 

 

 

 

 

3,479

 

Comprehensive income (loss) for the period

 

 

 

 

 

 

 

 

 

 

 

1,385

 

 

 

(34,343

)

 

 

12,599

 

 

 

(20,359

)

Balance at August 31, 2020

 

 

241,992,864

 

 

$

24

 

 

$

1,377,237

 

 

$

(4,049

)

 

$

(147,695

)

 

$

39,556

 

 

$

1,265,073

 

Share issuance - legal settlement

 

 

503,974

 

 

 

 

 

 

3,436

 

 

 

 

 

 

 

 

 

 

 

 

3,436

 

Share issuance - equity financing

 

 

14,610,496

 

 

 

2

 

 

 

103,594

 

 

 

 

 

 

 

 

 

 

 

 

103,596

 

Share issuance - SweetWater acquisition

 

 

8,232,810

 

 

 

1

 

 

 

69,189

 

 

 

 

 

 

 

 

 

 

 

 

69,190

 

Share issuance - options exercised

 

 

74,337

 

 

 

 

 

 

86

 

 

 

 

 

 

 

 

 

 

 

 

86

 

Share issuance - RSUs exercised

 

 

8,823

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation

 

 

 

 

 

 

 

 

1,323

 

 

 

 

 

 

 

 

 

 

 

 

1,323

 

Comprehensive income (loss) for the period

 

 

 

 

 

 

 

 

 

 

 

(910

)

 

 

(99,900

)

 

 

10,651