Barfresh Food Group Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Barfresh Food Group Inc. has filed its 2023 10-K report, detailing financial data, customer concentration, and operational assets.</b>

AI Summary

BARFRESH FOOD GROUP INC. (BRFH) filed a Annual Report (10-K) with the SEC on March 22, 2024. Barfresh Food Group Inc. filed its annual report for the fiscal year ended December 31, 2023. The company operates in the Canned, Frozen & Preserved Fruit, Veg & Food Specialties industry. The filing includes data related to customer concentration risk for Customers A, B, C, and D. Information on manufacturing and customer equipment, as well as patents and trademarks, is presented. The report details subscription agreements entered into during the period.

Why It Matters

For investors and stakeholders tracking BARFRESH FOOD GROUP INC., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Barfresh Food Group's financial performance and operational status for the fiscal year 2023, crucial for investors to assess the company's health and future prospects. The disclosure of customer concentration risk highlights potential dependencies and vulnerabilities in the company's revenue streams, which is a key factor for risk assessment.

Risk Assessment

Risk Level: medium — BARFRESH FOOD GROUP INC. shows moderate risk based on this filing. The company's business is subject to customer concentration risk, with significant portions of accounts receivable tied to specific customers (A, B, C, D) in both 2022 and 2023, indicating potential revenue instability if these customers reduce business.

Analyst Insight

Investors should analyze the detailed customer concentration data and the company's strategies to mitigate these risks to understand potential revenue volatility.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-03-22 — Filing Date (Date of submission)
• 2023-01-01 — Fiscal Year Start (Reporting period)
• 2022-12-31 — Prior Year End (Comparative period)

Key Players & Entities

• BARFRESH FOOD GROUP INC. (company) — Filer name
• BRFH (company) — Ticker symbol
• 2023-12-31 (date) — Fiscal year end
• 2024-03-22 (date) — Filing date
• Customer A (company) — Customer concentration risk
• Customer B (company) — Customer concentration risk
• Customer C (company) — Customer concentration risk
• Customer D (company) — Customer concentration risk

FAQ

Risk Factors

• Customer Concentration Risk [medium — financial]: A significant portion of the company's accounts receivable is concentrated with a few major customers, which could adversely affect financial results if these customers reduce their business.

Industry Context

Barfresh Food Group Inc. operates within the food specialties sector, focusing on canned, frozen, and preserved food products.

Regulatory Implications

The company is subject to standard SEC reporting requirements for public companies, including the annual filing of a Form 10-K.

What Investors Should Do

1. Review the detailed financial statements and management's discussion and analysis in the 10-K.
2. Assess the company's customer concentration risk and mitigation strategies.
3. Evaluate the company's assets, including manufacturing and customer equipment, patents, and trademarks.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-03-22: Filing Date — Date the 10-K report was officially submitted to the SEC.

Year-Over-Year Comparison

This filing is the annual report for the fiscal year ended December 31, 2023, providing updated financial and operational information compared to previous filings.

Key Financial Figures

• $0.000001 — nge on which registered Common Stock, $0.000001 par value BRFH Nasdaq Capital Mark
• $115,000 — nt The Company incurred approximately $115,000 and $382,000 in research and developmen
• $382,000 — any incurred approximately $115,000 and $382,000 in research and development expenses fo
• $493,000 — ting impact of these actions, including $493,000 in refunds and administrative fees due
• $932,000 — dministrative fees due to customers and $932,000 to dispose of unsaleable inventory. I

Filing Documents

• form10-k.htm (10-K) — 894KB
• ex23-2.htm (EX-23.2) — 4KB
• ex31-1.htm (EX-31.1) — 12KB
• ex31-2.htm (EX-31.2) — 12KB
• ex32-1.htm (EX-32.1) — 5KB
• ex32-2.htm (EX-32.2) — 5KB
• ex97-1.htm (EX-97.1) — 25KB
• 0001493152-24-010975.txt (&nbsp;) — 4844KB
• brfh-20231231.xsd (EX-101.SCH) — 35KB
• brfh-20231231_cal.xml (EX-101.CAL) — 55KB
• brfh-20231231_def.xml (EX-101.DEF) — 136KB
• brfh-20231231_lab.xml (EX-101.LAB) — 306KB
• brfh-20231231_pre.xml (EX-101.PRE) — 258KB
• form10-k_htm.xml (XML) — 642KB

Business

Business 4 Item 1A.

Risk Factors

Risk Factors 6 Item 1B. Unresolved Staff Comments 15 Item 1C. Cybersecurity 15 Item 2.

Properties

Properties 16 Item 3.

Legal Proceedings

Legal Proceedings 16 Item 4. Mine Safety Disclosures. 16 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 16 Item 6. [Reserved] 17 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 17 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 21 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 21 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 21 Item 9A.

Controls and Procedures

Controls and Procedures 22 Item 9B. Other Information 22 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspection 22 PART III Item 10. Directors, Executive Officers and Corporate Governance 23 Item 11.

Executive Compensation

Executive Compensation 23 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 23 Item 13. Certain Relationships and Related Transactions, and Director Independence 23 Item 14. Principal Accountant Fees and Services 23 PART IV Item 15. Exhibits and Financial Statement Schedules 23 Item 16. Form 10-K Summary 23 2 CAUTIONARY This Annual Report on Form 10-K ("Annual Report"), the other reports, statements, and information that we have previously filed or that we may subsequently file with the Securities and Exchange Commission ("SEC") and public announcements that we have previously made or may subsequently make include, may include, incorporate by reference or may incorporate by reference certain statements that may be deemed to be forward-looking statements. The forward-looking statements included or incorporated by reference in this Annual Report and those reports, statements, information and announcements address activities, events or developments that Barfresh Food Group Inc., a Delaware corporation (hereinafter referred to as "we". "us", "our", "Company" or "Barfresh") expects or anticipates will or may occur in the future. Any statements in this document about expectations, beliefs, plans, objectives, assumptions or future events or performance are not historical facts and are forward-looking statements. These statements are often, but not always, made through the use of words or phrases such as "may", "should", "could", "predict", "potential", "believe", "will likely result", "expect", "will continue", "anticipate", "seek", "estimate", "intend", "plan", "projection", "would", "outlook" and similar expressions. Accordingly, these statements involve estimates, assumptions and uncertainties, which could cause actual results to differ materially from those expressed in them. Any forward-looking

Business

Business Overview Barfresh is a leader in the creation, manufacturing and distribution of ready-to-drink and ready-to-blend frozen beverages. The current portfolio of products includes smoothies, shakes and frappes. Some of the key benefits of the products for the end consumers that drink the products include: From as little as 125-130 calories (per serving) Real fruit in every smoothie Dairy free options Kosher approved Gluten Free Products Products are packaged in three distinct formats. The Company's ready-to-drink smoothie, "Twist & Go", has initially been focused towards the USDA national school meal program, including the School Breakfast Program, the National School Lunch Program and Smart Snacks in Schools Program. This sweet fruit and creamy yogurt smoothie contains four ounces of yogurt and a half-cup of fruit/fruit juice and comes in three different flavors: strawberry banana, peach and mango pineapple. The product was originally launched in a bottled packaging format. The Company introduced Twist & Go cartons in 2022. Twist & Go contains no added sugars, preservatives, artificial flavors or colors. At only 125 -130 calories and with 5 grams of protein, it makes the perfect start to any day or on-the-go snack. The Company's bulk "Easy Pour" format, which contains all the ingredients necessary to make the beverage, is packaged in gallon containers in a concentrated formula that is mixed in beverage dispensing equipment 1:1 with water. The Company has a "no sugar added" version of the bulk "Easy Pour" format that is specifically targeted for the aforementioned USDA national school meal programs. In addition, the Company received approval from the United States Defense Logistics Agency ("DLA") to sell its smoothie products into all branches of the U.S. Armed Forces and is currently in contract with and selling its bulk Easy Pour products into over one hundred military bases in the United States and abroad. Additionally, the Company offe

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View this 10-K filing on SEC EDGAR