UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 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 June 30, 2019
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 001-37788
WAITR HOLDINGS INC.
(Exact name of Registrant as specified in its Charter)
|
Delaware |
|
26-3828008 |
|
(State or other jurisdiction of incorporation or organization) |
|
(I.R.S. Employer |
|
844 Ryan Street, Suite 300 Lake Charles, Louisiana |
|
70601 |
|
(Address of principal executive offices) |
|
(Zip Code) |
Registrant’s telephone number, including area code: 1-337-534-6881
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 |
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☐ |
|
Accelerated filer |
|
☒ |
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|||
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Non-accelerated filer |
|
☐ |
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Smaller reporting company |
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☒ |
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Emerging growth company |
|
☒ |
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|
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 ☒
Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:
|
Title of each class |
|
Trading Symbol(s) |
|
Name of each exchange on which registered |
|
Common Stock, Par Value $0.0001 Per Share |
|
WTRH |
|
The Nasdaq Stock Market LLC |
The number of shares of Registrant’s Common Stock outstanding as of August 6, 2019 was 76,684,094.
|
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Page |
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PART I |
1 |
|
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Item 1. |
1 |
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|
|
Condensed Consolidated Balance Sheets as of June 30, 2019 and December 31, 2018 |
1 |
|
|
2 |
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Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2019 and 2018 |
3 |
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|
4 |
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5 |
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6 |
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Item 2. |
Management’s Discussion and Analysis of Financial Condition and Results of Operations |
22 |
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Item 3. |
32 |
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Item 4. |
32 |
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PART II |
34 |
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Item 1. |
34 |
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Item 1A. |
34 |
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Item 2. |
34 |
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Item 3. |
34 |
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Item 4. |
34 |
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Item 5. |
34 |
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Item 6. |
35 |
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36 |
Item 1. Condensed Consolidated Financial Statements
WAITR HOLDINGS INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share data)
|
|
|
June 30, |
|
|
December 31, |
|
||
|
|
|
2019 |
|
|
2018 |
|
||
|
|
|
Unaudited |
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
CURRENT ASSETS |
|
|
|
|
|
|
|
|
|
Cash |
|
$ |
72,827 |
|
|
$ |
209,340 |
|
|
Accounts receivable, net |
|
|
7,149 |
|
|
|
3,687 |
|
|
Capitalized contract costs, current |
|
|
2,601 |
|
|
|
1,869 |
|
|
Prepaid expenses and other current assets |
|
|
9,673 |
|
|
|
4,548 |
|
|
TOTAL CURRENT ASSETS |
|
|
92,250 |
|
|
|
219,444 |
|
|
Property and equipment, net |
|
|
4,511 |
|
|
|
4,551 |
|
|
Capitalized contract costs, noncurrent |
|
|
1,191 |
|
|
|
827 |
|
|
Goodwill |
|
|
225,946 |
|
|
|
1,408 |
|
|
Intangible assets, net |
|
|
96,863 |
|
|
|
261 |
|
|
Other noncurrent assets |
|
|
539 |
|
|
|
61 |
|
|
TOTAL ASSETS |
|
$ |
421,300 |
|
|
$ |
226,552 |
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
LIABILITIES: |
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
|
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
2,188 |
|
|
$ |
1,827 |
|
|
Restaurant food liability |
|
|
7,537 |
|
|
|
208 |
|
|
Accrued payroll |
|
|
8,294 |
|
|
|
3,055 |
|
|
Short-term loan |
|
|
5,032 |
|
|
|
658 |
|
|
Deferred revenue, current |
|
|
3,472 |
|
|
|
3,314 |
|
|
Income tax payable |
|
|
— |
|
|
|
25 |
|
|
Other current liabilities |
|
|
12,597 |
|
|
|
4,508 |
|
|
TOTAL CURRENT LIABILITIES |
|
|
39,120 |
|
|
|
13,595 |
|
|
Long-term debt |
|
|
118,364 |
|
|
|
80,985 |
|
|
Accrued workers’ compensation liability |
|
|
603 |
|
|
|
908 |
|
|
Deferred revenue, noncurrent |
|
|
1,048 |
|
|
|
1,356 |
|
|
Other noncurrent liabilities |
|
|
287 |
|
|
|
217 |
|
|
TOTAL LIABILITIES |
|
|
159,422 |
|
|
|
97,061 |
|
|
Commitment and contingencies (Note 11) |
|
|
|
|
|
|
|
|
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STOCKHOLDERS’ EQUITY: |
|
|
|
|
|
|
|
|
|
Common stock, $0.0001 par value; 249,000,000 shares authorized and 76,134,094 and 54,035,538 shares issued and outstanding at June 30, 2019 and December 31, 2018, respectively |
|
|
8 |
|
|
|
5 |
|
|
Additional paid in capital |
|
|
382,402 |
|
|
|
200,417 |
|
|
Accumulated deficit |
|
|
(120,532 |
) |
|
|
(70,931 |
) |
|
TOTAL STOCKHOLDERS’ EQUITY |
|
|
261,878 |
|
|
|
129,491 |
|
|
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
$ |
421,300 |
|
|
$ |
226,552 |
|
The accompanying notes are an integral part of these condensed consolidated financial statements.
1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except share and per share data)
(unaudited)
|
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
||||||||||
|
|
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
||||
|
REVENUE |
|
$ |
51,342 |
|
|
$ |
16,160 |
|
|
$ |
99,374 |
|
|
$ |
28,569 |
|
|
COSTS AND EXPENSES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operations and support |
|
|
39,698 |
|
|
|
11,918 |
|
|
|
75,881 |
|
|
|
21,034 |
|
|
Sales and marketing |
|
|
15,339 |
|
|
|
2,805 |
|
|
|
25,662 |
|
|
|
5,169 |
|
|
Research and development |
|
|
2,149 |
|
|
|
609 |
|
|
|
4,089 |
|
|
|
1,197 |
|
|
General and administrative |
|
|
12,380 |
|
|
|
7,842 |
|
|
|
31,298 |
|
|
|
11,355 |
|
|
Depreciation and amortization |
|
|
4,824 |
|
|
|
276 |
|
|
|
8,940 |
|
|
|
502 |
|
|
Impairment of intangible assets |
|
|
— |
|
|
|
— |
|
|
|
18 |
|
|
|
— |
|
|
Loss on disposal of assets |
|
|
10 |
|
|
|
— |
|
|
|
15 |
|
|
|
8 |
|
|
TOTAL COSTS AND EXPENSES |
|
|
74,400 |
|
|
|
23,450 |
|
|
|
145,903 |
|
|
|
39,265 |
|
|
LOSS FROM OPERATIONS |
|
|
(23,058 |
) |
|
|
(7,290 |
) |
|
|
(46,529 |
) |
|
|
(10,696 |
) |
|
OTHER EXPENSES (INCOME) AND LOSSES (GAINS), NET |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
2,190 |
|
|
|
290 |
|
|
|
3,795 |
|
|
|
462 |
|
|
Interest income |
|
|
(241 |
) |
|
|
— |
|
|
|
(580 |
) |
|
|
(1 |
) |
|
Gain on derivatives |
|
|
— |
|
|
|
(165 |
) |
|
|
— |
|
|
|
(327 |
) |
|
Other income |
|
|
(123 |
) |
|
|
(39 |
) |
|
|
(173 |
) |
|
|
(38 |
) |
|
NET LOSS BEFORE INCOME TAXES |
|
|
(24,884 |
) |
|
|
(7,376 |
) |
|
|
(49,571 |
) |
|
|
(10,792 |
) |
|
Income tax expense (benefit) |
|
|
(32 |
) |
|
|
23 |
|
|
|
30 |
|
|
|
34 |
|
|
NET LOSS |
|
$ |
(24,852 |
) |
|
$ |
(7,399 |
) |
|
$ |
(49,601 |
) |
|
$ |
(10,826 |
) |
|
LOSS PER SHARE: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted |
|
$ |
(0.32 |
) |
|
$ |
(0.74 |
) |
|
$ |
(0.70 |
) |
|
$ |
(1.08 |
) |
|
Weighted average common shares outstanding – basic and diluted |
|
|
72,416,614 |
|
|
|
9,997,815 |
|
|
|
68,492,911 |
|
|
|
10,023,853 |
|
The accompanying notes are an integral part of these condensed consolidated financial statements.
2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
|
|
|
Six Months Ended June 30, |
|
|||||
|
|
|
2019 |
|
|
2018 |
|
||
|
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(49,601 |
) |
|
$ |
(10,826 |
) |
|
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
|
|
|
|
|
|
Non-cash interest expense |
|
|
1,079 |
|
|
|
142 |
|
|
Non-cash advertising expense |
|
|
310 |
|
|
|
187 |
|
|
Stock-based compensation |
|
|
4,552 |
|
|
|
2,182 |
|
|
Equity issued in exchange for services |
|
|
60 |
|
|
|
60 |
|
|
Loss on disposal of assets |
|
|
15 |
|
|
|
8 |
|
|
Depreciation and amortization |
|
|
8,940 |
|
|
|
502 |
|
|
Impairment of intangible assets |
|
|
18 |
|
|
|
— |
|
|
Amortization of capitalized contract costs |
|
|
1,250 |
|
|
|
613 |
|
|
Gain on derivatives |
|
|
— |
|
|
|
(327 |
) |
|
Changes in assets and liabilities: |
|
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
(1,734 |
) |
|
|
(653 |
) |
|
Capitalized contract costs |
|
|
(2,346 |
) |
|
|
(1,196 |
) |
|
Prepaid expenses and other current assets |
|
|
(3,932 |
) |
|
|
(2,482 |
) |
|
Accounts payable |
|
|
(592 |
) |
|
|
829 |
|
|
Restaurant food liability |
|
|
6,399 |
|
|
|
(4 |
) |
|
Deferred revenue |
|
|
(151 |
) |
|
|
1,362 |
|
|
Change in current income taxes |
|
|
(25 |
) |
|
|
3 |
|
|
Accrued payroll |
|
|
4,113 |
|
|
|
739 |
|
|
Accrued workers’ compensation liability |
|
|
(305 |
) |
|
|
— |
|
|
Other current liabilities |
|
|
(2,441 |
) |
|
|
4,475 |
|
|
Other noncurrent liabilities |
|
|
40 |
|
|
|
(12 |
) |
|
Net cash used in operating activities |
|
|
(34,351 |
) |
|
|
(4,398 |
) |
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
Purchases of property and equipment |
|
|
(990 |
) |
|
|
(1,113 |
) |
|
Acquisition of Bite Squad, net of cash acquired |
|
|
(192,568 |
) |
|
|
— |
|
|
Collections on notes receivable |
|
|
53 |
|
|
|
— |
|
|
Internally developed software |
|
|
(155 |
) |
|
|
— |
|
|
Consideration paid for IndiePlate asset acquisition |
|
|
— |
|
|
|
(11 |
) |
|
Proceeds from sale of property and equipment |
|
|
23 |
|
|
|
— |
|
|
Net cash used in investing activities |
|
|
(193,637 |
) |
|
|
(1,124 |
) |
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
Proceeds from convertible notes issuance |
|
|
— |
|
|
|
1,410 |
|
|
Waitr shares redeemed for cash |
|
|
(10 |
) |
|
|
— |
|
|
Proceeds from issuance of stock |
|
|
50,002 |
|
|
|
— |
|
|
Equity issuance costs |
|
|
(4,175 |
) |
|
|
— |
|
|
Proceeds from Additional Term Loans |
|
|
42,080 |
|
|
|
— |
|
|
Proceeds from short-term loan |
|
|
5,032 |
|
|
|
2,172 |
|
|
Payments on short-term loan |
|
|
(658 |
) |
|
|
(215 |
) |
|
Proceeds from exercise of stock options |
|
|
3 |
|
|
|
10 |
|
|
Taxes paid related to net settlement on stock-based compensation |
|
|
(799 |
) |
|
|
— |
|
|
Net cash provided by financing activities |
|
|
91,475 |
|
|
|
3,377 |
|
|
Net change in cash |
|
|
(136,513 |
) |
|
|
(2,145 |
) |
|
Cash, beginning of period |
|
|
209,340 |
|
|
|
3,947 |
|
|
Cash, end of period |
|
$ |
72,827 |
|
|
$ |
1,802 |
|
|
Supplemental disclosures of cash flow information: |
|
|
|
|
|
|
|
|
|
Cash paid during the period for state income taxes |
|
$ |
30 |
|
|
$ |
31 |
|
|
Cash paid during the period for interest |
|
|
2,715 |
|
|
|
6 |
|
|
Supplemental disclosures of non-cash investing and financing activities: |
|
|
|
|
|
|
|
|
|
Services receivable |
|
$ |
— |
|
|
$ |
1,000 |
|
|
Stock issued as consideration in Bite Squad acquisition |
|
|
126,574 |
|
|
|
— |
|
|
Stock issued in connection with Additional Term Loans |
|
|
3,884 |
|
|
|
— |
|
|
Non-cash gain on debt extinguishment |
|
|
1,897 |
|
|
|
— |
|
|
Debt assumed in IndiePlate asset acquisition |
|
|
— |
|
|
|
60 |
|
|
Bifurcated embedded derivatives |
|
|
— |
|
|
|
87 |
|
|
Discount on convertible notes due to beneficial conversion feature |
|
|
— |
|
|
|
1,501 |
|
|
Stock issued as consideration in GoGoGrocer asset acquisition |
|
|
— |
|
|
|
142 |
|
The accompanying notes are an integral part of these condensed consolidated financial statements.
3
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (DEFICIT)
THREE AND SIX MONTHS ENDED JUNE 30, 2019
(in thousands, except share data)
(unaudited)
|
Six Months Ended June 30, 2019 |
|
|||||||||||||||||||
|
|
|
Common stock |
|
|
Additional paid in capital |
|
|
Accumulated deficit |
|
|
Total stockholders’ equity (deficit) |
|
||||||||
|
|
|
Shares |
|
|
Amount |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Balances at December 31, 2018 |
|
|
54,035,538 |
|
|
$ |
5 |
|
|
$ |
200,417 |
|
|
$ |
(70,931 |
) |
|
$ |
129,491 |
|
|
Net loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(49,601 |
) |
|
|
(49,601 |
) |
|
Gain on debt extinguishment |
|
|
— |
|
|
|
— |
|
|
|
1,897 |
|
|
|
— |
|
|
|
1,897 |
|
|
Exercise of stock options and vesting of restricted stock units |
|
|
9,599 |
|
|
|
— |
|
|
|
3 |
|
|
|
— |
|
|
|
3 |
|
|
Taxes paid related to net settlement on stock- based compensation |
|
|
(79,900 |
) |
|
|
— |
|
|
|
(799 |
) |
|
|
— |
|
|
|
(799 |
) |
|
Stock-based compensation |
|
|
— |
|
|
|
— |
|
|
|
4,552 |
|
|
|
— |
|
|
|
4,552 |
|
|
Equity issued in exchange for services |
|
|
— |
|
|
|
— |
|
|
|
60 |
|
|
|
— |
|
|
|
60 |
|
|
Issuance of common stock in connection with Additional Term Loans |
|
|
325,000 |
|
|
|
— |
|
|
|
3,884 |
|
|
|
— |
|
|
|
3,884 |
|
|
Public Warrants exchanged for common stock |
|
|
4,494,889 |
|
|
|
1 |
|
|
|
(610 |
) |
|
|
— |
|
|
|
(609 |
) |
|
Stock issued as consideration in Bite Squad Merger |
|
|
10,591,968 |
|
|
|
1 |
|
|
|
126,573 |
|
|
|
— |
|
|
|
126,574 |
|
|
Issuance of common stock |
|
|
6,757,000 |
|
|
|
1 |
|
|
|
46,425 |
|
|
|
— |
|
|
|
46,426 |
|
|
Balances at June 30, 2019 |
|
|
76,134,094 |
|
|
$ |
8 |
|
|
$ |
382,402 |
|
|
$ |
(120,532 |
) |
|
$ |
261,878 |
|
|
Three Months Ended June 30, 2019 |
|
|||||||||||||||||||
|
|
|
Common stock |
|
|
Additional paid in capital |
|
|
Accumulated deficit |
|
|
Total stockholders’ equity (deficit) |
|
||||||||
|
|
|
Shares |
|
|
Amount |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Balances at March 31, 2019 |
|
|
69,368,381 |
|
|
$ |
7 |
|
|
$ |
331,539 |
|
|
$ |
(95,680 |
) |
|
$ |
235,866 |
|
|
Net loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(24,852 |
) |
|
|
(24,852 |
) |
|
Gain on debt extinguishment |
|
|
— |
|
|
|
— |
|
|
|
1,897 |
|
|
|
— |
|
|
|
1,897 |
|
|
Exercise of stock options and vesting of restricted stock units |
|
|
8,713 |
|
|
|
— |
|
|
|
2 |
|
|
|
— |
|
|
|
2 |
|
|
Stock-based compensation |
|
|
— |
|
|
|
— |
|
|
|
2,519 |
|
|
|
— |
|
|
|
2,519 |
|
|
Public Warrants exchanged for common stock |
|
|
— |
|
|
|
— |
|
|
|
(10 |
) |
|
|
— |
|
|
|
(10 |
) |
|
Equity issued in exchange for services |
|
|
— |
|
|
|
— |
|
|
|
30 |
|
|
|
— |
|
|
|
30 |
|
|
Issuance of common stock |
|
|
6,757,000 |
|
|
|
1 |
|
|
|
46,425 |
|
|
|
— |
|
|
|
46,426 |
|
|
Balances at June 30, 2019 |
|
|
76,134,094 |
|
|
$ |
8 |
|
|
$ |
382,402 |
|
|
$ |
(120,532 |
) |
|
$ |
261,878 |
|
The accompanying notes are an integral part of these condensed consolidated financial statements.
4
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (DEFICIT)
THREE AND SIX MONTHS ENDED JUNE 30, 2018
(in thousands, except share data)
(unaudited)
|
Six Months Ended June 30, 2018 |
|
|||||||||||||||||||||||||||||||||||||||||||
|
|
|
Preferred Seed I |
|
|
Preferred Seed II |
|
|
Preferred Seed AA |
|
|
Common stock |
|
|
Additional paid in capital |
|
|
Accumulated deficit |
|
|
Total stockholders’ equity (deficit) |
|
|||||||||||||||||||||||
|
|
|
Shares |
|
|
Amount |
|
|
Shares |
|
|
Amount |
|
|
Shares |
|
|
Amount |
|
|
Shares |
|
|
Amount |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Balances at December 31, 2017 |
|
|
3,413,235 |
|
|
$ |
— |
|
|
|
3,301,326 |
|
|
$ |
— |
|
|
|
7,264,489 |
|
|
$ |
— |
|
|
|
10,050,180 |
|
|
$ |
— |
|
|
$ |
35,110 |
|
|
$ |
(36,620 |
) |
|
$ |
(1,510 |
) |
|
Net loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(10,826 |
) |
|
|
(10,826 |
) |
|
Exercise of stock options |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
210,087 |
|
|
|
— |
|
|
|
10 |
|
|
|
— |
|
|
|
10 |
|
|
Stock-based compensation |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,962 |
|
|
|
— |
|
|
|
1,962 |
|
|
Cancellation of stock |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(132,095 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Equity compensation on Requested Amendment |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
220 |
|
|
|
— |
|
|
|
220 |
|
|
Equity issued in exchange for services |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
60 |
|
|
|
— |
|
|
|
60 |
|
|
Stock issued as consideration in GoGoGrocer asset acquisition |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
16,311 |
|
|
|
— |
|
|
|
142 |
|
|
|
— |
|
|
|
142 |
|
|
Discount on convertible notes due to beneficial conversion feature |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,501 |
|
|
|
— |
|
|
|
1,501 |
|
|
Balances at June 30, 2018 |
|
|
3,413,235 |
|
|
$ |
— |
|
|
|
3,301,326 |
|
|
$ |
— |
|
|
|
7,264,489 |
|
|
$ |
— |
|
|
|
10,144,483 |
|
|
$ |
— |
|
|
$ |
39,005 |
|
|
$ |
(47,446 |
) |
|
$ |
(8,441 |
) |
|
Three Months Ended June 30, 2018 |
|
|||||||||||||||||||||||||||||||||||||||||||
|
|
|
Preferred Seed I |
|
|
Preferred Seed II |
|
|
Preferred Seed AA |
|
|
Common stock |
|
|
Additional paid in capital |
|
|
Accumulated deficit |
|
|
Total stockholders’ equity (deficit) |
|
|||||||||||||||||||||||
|
|
|
Shares |
|
|
Amount |
|
|
Shares |
|
|
Amount |
|
|
Shares |
|
|
Amount |
|
|
Shares |
|
|
Amount |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Balances at March 31, 2018 |
|
|
3,413,235 |
|
|
$ |
— |
|
|
|
3,301,326 |
|||||||||||||||||||||||||||||||||