Greenlane Holdings, Inc. Files 10-Q/A Amendment

Ticker: GNLN · Form: 10-Q/A · Filed: Jan 8, 2024 · CIK: 1743745

Complexity: simple

Sentiment: neutral

Topics: 10-Q/A, Greenlane Holdings, SEC Filing, Financial Reporting, Amendment

TL;DR

<b>Greenlane Holdings, Inc. has filed an amended 10-Q for Q1 2023, providing updated financial information.</b>

AI Summary

Greenlane Holdings, Inc. (GNLN) filed a Amended Quarterly Report (10-Q/A) with the SEC on January 8, 2024. Filing is an amended 10-Q for the period ending March 31, 2023. The filing was submitted on January 8, 2024. Company's principal business address is 1095 Broken Sound Parkway, Suite 100, Boca Raton, FL 33487. The company's IRS number is 830806637. Incorporated in Delaware with fiscal year ending December 31.

Why It Matters

For investors and stakeholders tracking Greenlane Holdings, Inc., this filing contains several important signals. This amended filing may contain corrections or updates to previously reported financial data, which could impact investor understanding of the company's performance. The 10-Q/A filing indicates a need for clarification or revision of financial statements, potentially signaling underlying issues or complexities in reporting.

Risk Assessment

Risk Level: medium — Greenlane Holdings, Inc. shows moderate risk based on this filing. The filing is an amendment (10-Q/A), suggesting that the original filing may have contained errors or omissions that required correction, which can indicate potential issues with internal controls or reporting accuracy.

Analyst Insight

Investors should review the specific changes made in this amended 10-Q to understand the nature of the corrections and their potential impact on the company's financial position.

Key Numbers

Key Players & Entities

FAQ

When did Greenlane Holdings, Inc. file this 10-Q/A?

Greenlane Holdings, Inc. filed this Amended Quarterly Report (10-Q/A) with the SEC on January 8, 2024.

What is a 10-Q/A filing?

A 10-Q/A is a amendment to a previously filed quarterly report. This particular 10-Q/A was filed by Greenlane Holdings, Inc. (GNLN).

Where can I read the original 10-Q/A filing from Greenlane Holdings, Inc.?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by Greenlane Holdings, Inc..

What are the key takeaways from Greenlane Holdings, Inc.'s 10-Q/A?

Greenlane Holdings, Inc. filed this 10-Q/A on January 8, 2024. Key takeaways: Filing is an amended 10-Q for the period ending March 31, 2023.. The filing was submitted on January 8, 2024.. Company's principal business address is 1095 Broken Sound Parkway, Suite 100, Boca Raton, FL 33487..

Is Greenlane Holdings, Inc. a risky investment based on this filing?

Based on this 10-Q/A, Greenlane Holdings, Inc. presents a moderate-risk profile. The filing is an amendment (10-Q/A), suggesting that the original filing may have contained errors or omissions that required correction, which can indicate potential issues with internal controls or reporting accuracy.

What should investors do after reading Greenlane Holdings, Inc.'s 10-Q/A?

Investors should review the specific changes made in this amended 10-Q to understand the nature of the corrections and their potential impact on the company's financial position. The overall sentiment from this filing is neutral.

How does Greenlane Holdings, Inc. compare to its industry peers?

Greenlane Holdings operates in the wholesale durable goods sector, specifically within the cannabis and related products industry.

Are there regulatory concerns for Greenlane Holdings, Inc.?

The filing is a 10-Q/A, an amended quarterly report filed under the Securities Exchange Act of 1934, indicating a need for correction or supplement to previously submitted information.

Industry Context

Greenlane Holdings operates in the wholesale durable goods sector, specifically within the cannabis and related products industry.

Regulatory Implications

The filing is a 10-Q/A, an amended quarterly report filed under the Securities Exchange Act of 1934, indicating a need for correction or supplement to previously submitted information.

What Investors Should Do

  1. Review the specific amendments made in the 10-Q/A filing for Q1 2023.
  2. Analyze any disclosed financial or operational changes resulting from the amendment.
  3. Monitor future filings for any recurring reporting issues or clarifications.

Key Dates

Year-Over-Year Comparison

This is an amended filing (10-Q/A), indicating a revision to the original 10-Q filing for the period ending March 31, 2023.

Filing Stats: 4,774 words · 19 min read · ~16 pages · Grade level 16.8 · Accepted 2024-01-05 17:49:35

Key Financial Figures

Filing Documents

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) 6 Condensed Consolidated Balance Sheets 6 Condensed Consolidated Statements of Operations and Comprehensive Loss 5 Condensed Consolidated Statements of Stockholders' Equity 8 Condensed Consolidated Statements of Cash Flows 9 Notes to Condensed Consolidated Financial Statements 11

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

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 30

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 39

Controls and Procedures

Item 4. Controls and Procedures 39 PART II Other Information

Legal Proceedings

Item 1. Legal Proceedings 40

Risk Factors

Item 1A. Risk Factors 41

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 35

Other Information

Item 5. Other Information 36

Exhibits

Item 6. Exhibits 42 Signatures 43 PART I

FINANCIAL STATEMENTS (UNAUDITED)

ITEM 1. FINANCIAL STATEMENTS (UNAUDITED) GREENLANE HOLDINGS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except par value per share amounts) March 31, 2023 December 31, 2022 (As restated) (As restated) ASSETS (Unaudited) Current assets Cash $ 5,872 $ 6,458 Restricted cash — 5,718 Accounts receivable, net of allowance of $ 4,767 and $ 4,826 at March 31, 2023 and December 31, 2022, respectively 7,856 6,468 Inventories, net 37,043 40,643 Vendor deposits 5,299 6,296 Other current assets (Note 8) 6,724 11,120 Total current assets 62,794 76,703 Property and equipment, net 3,791 3,962 Operating lease right-of-use assets 2,936 3,442 Other assets 5,593 5,578 Total assets $ 75,114 $ 89,685 LIABILITIES Current liabilities Accounts payable $ 16,999 $ 14,953 Accrued expenses and other current liabilities (Note 8) 12,884 11,882 Customer deposits 3,224 3,983 Current portion of notes payable 2,699 3,185 Current portion of operating leases 1,179 1,528 Current portion of finance leases 128 128 Total current liabilities 37,113 35,659 Notes payable, less current portion and debt issuance costs, net 5,535 13,040 Operating leases, less current portion 1,730 1,887 Finance leases, less current portion 29 29 Other liabilities 80 79 Total long-term liabilities 7,374 15,035 Total liabilities 44,487 50,694 Commitments and contingencies (Note 7) STOCKHOLDERS' EQUITY Preferred stock, $ 0.0001 par value, 10,000 shares authorized, none issued and outstanding — — Class A common stock, $ 0.01 par value per share, 600,000 shares authorized; 15,985 shares issued and outstanding as of March 31, 2023; 15,985 shares issued and outstanding as of December 31, 2022 152 152 Class B common stock, $ 0.0001 par value per share, 30,000 shares authorized; 0 shares issued and outstanding as of March 31, 2023; 0 shares issued and outstanding as of December 31, 2022 — — Additional paid-in capital 264,085 263,880 Accumulated deficit ( 233,807 ) ( 225,114

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