Eastside Distilling, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Eastside Distilling, Inc. has filed its annual 10-K report for the fiscal year ending December 31, 2023.</b>

AI Summary

Eastside Distilling, Inc. (BLNE) filed a Annual Report (10-K) with the SEC on April 1, 2024. Eastside Distilling, Inc. filed its 2023 Form 10-K on April 1, 2024. The company's fiscal year ends on December 31st. The filing covers the period from January 1, 2023, to December 31, 2023. Key financial data from previous fiscal years (2021, 2022) are included for comparison. The report details financial statement elements such as preferred stock, common stock, additional paid-in capital, and retained earnings.

Why It Matters

For investors and stakeholders tracking Eastside Distilling, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of the company's financial performance and position for the fiscal year 2023, offering insights into its operations and strategic direction. Investors and stakeholders can use this report to assess the company's financial health, identify potential risks, and make informed investment decisions based on the disclosed financial data and operational details.

Risk Assessment

Risk Level: medium — Eastside Distilling, Inc. shows moderate risk based on this filing. The company faces significant customer and supplier concentration risks, with reliance on a single distributor for accounts receivable and a single wholesale customer for sales revenue in certain periods, which could impact financial stability if these relationships deteriorate.

Analyst Insight

Review the detailed financial statements and risk factors in the 10-K to understand the company's financial health and operational dependencies.

Key Numbers

• 2023-12-31 — Fiscal Year End (The end date of the reporting period.)
• 2024-04-01 — Filing Date (The date the 10-K was filed.)
• 2023-01-01 — Reporting Period Start (The start date of the reporting period.)
• 2022-12-31 — Prior Year End (The end date of the previous fiscal year.)

Key Players & Entities

• Eastside Distilling, Inc. (company) — Filer of the 10-K report.
• 2023-12-31 (date) — Conformed period of report.
• 2024-04-01 (date) — Filed as of date.
• NV (jurisdiction) — State of incorporation.
• PORTLAND (location) — Business and mail address city.
• OR (location) — Business and mail address state.
• Eurocan Holdings Ltd. (company) — Former company name.
• 2011-11-10 (date) — Date of name change.

FAQ

Risk Factors

• Customer Concentration Risk [high — financial]: The company's accounts receivable are significantly dependent on a single distributor, posing a risk if this relationship is disrupted.
• Supplier Concentration Risk [high — financial]: Sales revenue is heavily reliant on a single wholesale customer, creating vulnerability if this customer relationship is terminated or altered.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-04-01: 10-K Filing Date — The date Eastside Distilling, Inc. submitted its annual report.

Key Financial Figures

• $0.0001 — ction 12(b) of the Act: Common Stock, $0.0001 par value EAST The Nasdaq Stock Mar

Filing Documents

• form10-k.htm (10-K) — 1115KB
• form10-k_001.jpg (GRAPHIC) — 6KB
• form10-k_002.jpg (GRAPHIC) — 8KB
• ex21.htm (EX-21) — 3KB
• ex31-1.htm (EX-31.1) — 11KB
• ex32-1.htm (EX-32.1) — 6KB
• 0001493152-24-012410.txt (&nbsp;) — 6265KB
• east-20231231.xsd (EX-101.SCH) — 55KB
• east-20231231_cal.xml (EX-101.CAL) — 78KB
• east-20231231_def.xml (EX-101.DEF) — 228KB
• east-20231231_lab.xml (EX-101.LAB) — 473KB
• east-20231231_pre.xml (EX-101.PRE) — 371KB
• form10-k_htm.xml (XML) — 747KB

Business

Business 4 Item 1A.

Risk Factors

Risk Factors 8 Item 1B. Unresolved Staff Comments 17 Item 1C. Cybersecurity 17 Item 2.

Properties

Properties 18 Item 3.

Legal Proceedings

Legal Proceedings 18 Item 4. Mine Safety Disclosures 18 PART II Item 5. Market for the Registrant's Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities 19 Item 6.

Selected Financial Data

Selected Financial Data 19 Item 7.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 19 Item 7A.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 24 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data F-1 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 25 Item 9A.

Controls and Procedures

Controls and Procedures 25 Item 9B. Other Information 26 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 26 PART III Item 10. Directors, Executive Officers, and Corporate Governance 26 Item 11.

Executive Compensation

Executive Compensation 26 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 26 Item 13. Certain Relationships and Related Transactions, and Director Independence 26 Item 14. Principal Accounting Fees and Services 26 PART IV Item 15. Exhibits 27 Item 16. Form 10-K Summary 27

SIGNATURES

SIGNATURES 28 2 PART I Cautionary Note Regarding Forward-Looking Statements The in the Private Securities Litigation Reform Act of 1995 and involve uncertainties that could significantly impact results. Forward-looking "estimate," "anticipate," "will be," "should," "plan," "project," "intend," "could" and similar words or expressions. Examples include, among others, statements about any of the following: Our ability to secure additional financing, refinance debt, and achieve positive working capital; General industry, market and economic conditions (including consumer spending patterns and preferences) and our expectations regarding growth in the markets in which we operate; Our ability to introduce competitive new products on a timely basis and continue to make investments in product development and our expectations regarding the effect of new products on our operating results; Our realizing the results of our competitive strengths and ability to compete with other producers and distributors of alcoholic beverage products; Our expectation regarding product pricing and our ability to market to premium and super-premium segments of the market; Our ability to retain, market and grow our existing brands, the effect that may have on other brands, and our ability to profitably sell our brands; Our ability to financially support the brands in the market; Our ability to protect our intellectual property, including trademarks and tradenames related to our brands; The effects of competition and consolidation in the markets in which we operate; The ability of our produc

BUSINESS

Item 1. BUSINESS Overview Eastside Distilling, Inc. (the "Company," "Eastside Distilling," "we," "us," or "our," below) was incorporated under the laws of Nevada in 2004 under the name of Eurocan Holdings, Ltd. In December 2014, we changed our corporate name to Eastside Distilling, Inc. to reflect our acquisition of Eastside Distilling, LLC. We operate in two segments. Our Craft Canning + Printing ("Craft C+P") segment provides digital can printing to customers in the craft beverage industry operating throughout the Pacific Northwest as well as other states. We also provide mobile canning services to the craft beverage industry in Oregon. In addition to these services we offer co-packing services from a single fixed site in Portland, Oregon. Our Spirits segment manufactures, blends, bottles, markets and sells a wide variety of alcoholic beverages under recognized brands in 23 U.S. states. Across both businesses we employ 47 people in the United States. Mission and Strategy Our mission is to offer great products and services in the craft beverage space. This includes advanced digital can printing decoration with custom graphics and co-packing services with distinct capability and craftsmanship serving the craft beer, cider, and kombucha among other beverage segments. Craft C+P offers digital can printing to customers and co-packing services. Our spirits brands span several alcoholic beverage categories, including whiskey, vodka, rum and tequila. We sell our products on a wholesale basis to distributors through open states, and brokers in control states. Our strategy is to expand our two distinct businesses – Craft C+P and Spirits in our regional market where our brand equity and concentration of investment will have the greatest return. Our spirits portfolio is to be positioned as a leading regional craft spirits provider that develops brands, expands geographic presence growing revenue and cash flow. These two segments are detailed below. Segments C

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View this 10-K filing on SEC EDGAR