Splash Beverage Group, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Splash Beverage Group, Inc. has filed its 2023 annual report (10-K) detailing its financial performance and business operations for the fiscal year ending December 31, 2023.</b>

AI Summary

SPLASH BEVERAGE GROUP, INC. (SBEVW) filed a Annual Report (10-K) with the SEC on March 29, 2024. Splash Beverage Group, Inc. filed its 2023 Form 10-K on March 29, 2024. The filing covers the fiscal year ending December 31, 2023. The company was formerly known as Canfield Medical Supply, Inc. until July 9, 2012. Splash Beverage Group is incorporated in Nevada. The company's primary business address is in Fort Lauderdale, Florida.

Why It Matters

For investors and stakeholders tracking SPLASH BEVERAGE GROUP, INC., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Splash Beverage Group's financial health, operational activities, and strategic direction for the past fiscal year, which is crucial for investors to assess the company's performance and future prospects. Understanding the details within this filing allows stakeholders to evaluate the company's market position, identify potential risks and opportunities, and make informed investment decisions regarding Splash Beverage Group.

Risk Assessment

Risk Level: — SPLASH BEVERAGE GROUP, INC. shows moderate risk based on this filing. The company's financial performance and operational details are not fully available in the provided text, making a definitive risk assessment challenging.

Analyst Insight

Investors should review the full 10-K filing to understand Splash Beverage Group's financial statements, management discussion, and risk factors for the fiscal year 2023.

Key Numbers

• 20231231 — Fiscal Year End (CONFORMED PERIOD OF REPORT)
• 20240329 — Filing Date (FILED AS OF DATE)
• 20120709 — Date of Name Change (FORMER COMPANY)

Key Players & Entities

• SPLASH BEVERAGE GROUP, INC. (company) — FILER
• Canfield Medical Supply, Inc. (company) — FORMER COMPANY
• NV (company) — STATE OF INCORPORATION
• FORT LAUDERDALE (company) — CITY
• 954.745.5815 (dollar_amount) — BUSINESS PHONE

FAQ

Industry Context

Splash Beverage Group operates within the beverage industry, focusing on the production and distribution of various beverage products.

Regulatory Implications

As a publicly traded company, Splash Beverage Group is subject to the reporting requirements of the U.S. Securities and Exchange Commission (SEC), including the filing of annual reports on Form 10-K.

What Investors Should Do

1. Review the complete 2023 10-K filing for detailed financial statements and management's discussion and analysis.
2. Analyze the company's business segments and product lines to understand revenue drivers.
3. Assess the risk factors section to identify potential challenges and their impact on the company.

Year-Over-Year Comparison

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

Key Financial Figures

• $0.001 — nge on which registered Common Stock, $0.001 par value per share SBEV NYSE Ameri
• $660,000 — a guaranteed minimum annual royalty of $660,000, whichever is greater. The License Agre
• $5,980,000 — business for a total purchase price of $5,980,000, payable in the combination of $2,000,0
• $2,000,000 — ,980,000, payable in the combination of $2,000,000 in cash, a $2,000,000 convertible promi
• $1,578,237 — for a revenue-based credit facility of $1,578,237 (the "Gross Amount") with the Lender (t
• $250,000 — ote with an individual in the amount of $250,000. The note has an eighteen-month term, a
• $0.50 — hares of common stock of the Company at $0.50 per share, which also includes 200% war
• $0.25 — e, which also includes 200% warrants at $0.25 In January 2024, the Company entered i
• $500,000 — into a commercial loan in the amount of $500,000. The total cost of the loan is $250,000
• $150,000 — ote with an individual in the amount of $150,000. The note has an eighteen-month term, a
• $0.40 — hares of common stock of the Company at $0.40 per share, which also includes 250% war
• $109,000 — In March 2024, the Company received a $109,000 cash advance from our chief executive o

Filing Documents

• e5540_10k.htm (10-K) — 1119KB
• e5540_ex4-4.htm (EX-4.4) — 8KB
• e5540_ex10-34.htm (EX-10.34) — 4KB
• e5540_ex10-35.htm (EX-10.35) — 9KB
• e5540_ex23-1.htm (EX-23.1) — 3KB
• e5540_ex23-2.htm (EX-23.2) — 3KB
• e5540_ex31-1.htm (EX-31.1) — 10KB
• e5540_ex31-2.htm (EX-31.2) — 9KB
• e5540_ex32-1.htm (EX-32.1) — 4KB
• e5540_ex32-2.htm (EX-32.2) — 4KB
• e5540_ex97-1.htm (EX-97.1) — 25KB
• image_001.jpg (GRAPHIC) — 21KB
• image_002.jpg (GRAPHIC) — 21KB
• image_003.jpg (GRAPHIC) — 18KB
• image_004.jpg (GRAPHIC) — 20KB
• ex10-34_001.jpg (GRAPHIC) — 462KB
• ex10-34_002.jpg (GRAPHIC) — 476KB
• ex10-34_003.jpg (GRAPHIC) — 500KB
• ex10-34_004.jpg (GRAPHIC) — 372KB
• ex10-34_005.jpg (GRAPHIC) — 261KB
• ex10-35_001.jpg (GRAPHIC) — 613KB
• ex10-35_002.jpg (GRAPHIC) — 733KB
• ex10-35_003.jpg (GRAPHIC) — 694KB
• ex10-35_004.jpg (GRAPHIC) — 809KB
• ex10-35_005.jpg (GRAPHIC) — 695KB
• ex10-35_006.jpg (GRAPHIC) — 742KB
• ex10-35_007.jpg (GRAPHIC) — 609KB
• ex10-35_008.jpg (GRAPHIC) — 795KB
• ex10-35_009.jpg (GRAPHIC) — 505KB
• ex10-35_010.jpg (GRAPHIC) — 202KB
• ex10-35_011.jpg (GRAPHIC) — 320KB
• ex10-35_012.jpg (GRAPHIC) — 218KB
• ex10-35_013.jpg (GRAPHIC) — 298KB
• 0001731122-24-000539.txt (&nbsp;) — 18981KB
• sbev-20231231.xsd (EX-101.SCH) — 51KB
• sbev-20231231_cal.xml (EX-101.CAL) — 60KB
• sbev-20231231_def.xml (EX-101.DEF) — 201KB
• sbev-20231231_lab.xml (EX-101.LAB) — 402KB
• sbev-20231231_pre.xml (EX-101.PRE) — 337KB
• e5540_10k_htm.xml (XML) — 798KB

Business

Business 1 Item 1A.

Risk Factors

Risk Factors 7 Item 1B. Unresolved Staff Comments 21 Item 2.

Properties

Properties 22 Item 3.

Legal Proceedings

Legal Proceedings 22 Item 4. Mine Safety Disclosures 22 PART II 22 Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 22 Item 6.

Selected Financial Data

Selected Financial Data 22 Item 7.

Management's Discussion and Analysis of Financial

Management's Discussion and Analysis of Financial Condition and Results of Operations 23 Item 7A.

Quantitative and Qualitative Disclosures about Market

Quantitative and Qualitative Disclosures about Market Risk 25 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 26 Item 9A.

Controls and Procedures

Controls and Procedures 26 Item 9B. Other Information 26 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 26 PART III 27 Item 10. Directors, Executive Officers and Corporate Governance 27 Item 11.

Executive Compensation

Executive Compensation 32 Item 12.

Security Ownership of Certain Beneficial Owners and

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 34 Item 13. Certain Relationships and Related Transactions and Director Independence 36 Item 14. Principal Accounting Fees and Services 36 PART IV 37 Item 15. Exhibits and Financial Statement Schedules 37

Signatures

Signatures 38 i PART I Except as otherwise indicated, references to "we", "us", "our", "Splash", "SBG" and the "Company" refer to Splash Beverage Group, Inc. and its wholly owned subsidiaries. This Annual Report on Form 10-K (this "Annual Report") contains "forward-looking statements" Forward-looking statements reflect our current view about future events. When used in this Report, the words "anticipate," "believe," "estimate," "expect," "future," "intend," "plan," or the negative of these terms and similar expressions, as they relate to us or our management, identify forward-looking statements. Such statements include, but are not limited to, statements contained in this Report relating to our business strategy, our future operating results and liquidity and capital resources outlook. Forward-looking statements are based on our current expectations and assumptions regarding our business, the economy and other future conditions. Because forward–looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Our actual results may differ materially from those contemplated by the forward-looking against relying on any of these forward-looking statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements include, without limitation, our ability to raise capital to fund continuing operations; our ability to protect our intellectual property rights; the impact of any infringement actions or other litigation brought against us; competition from other providers and products; our ability to develop and commercialize products and services; changes in government regulation; our ability to complete capital raising transactions; and other factors (including the risks contained in the sec

Business

Item 1. Business. Company Overview Splash is a portfolio company managing multiple brands across several growth segments within the consumer beverage industry. Splash has built organizational capabilities and an infrastructure enabling it to incubate and/or acquire brands with the intention of efficiently accelerating them to higher volume and sales revenue. The management team has proven capabilities in building consumer franchises and marketing and distributing multiple brands of beverages within the non-alcoholic and alcoholic segments. Manufacturing is typically outsourced to third party co-packers and distillers, or in select cases for a brand such as Copa DI Vino wines, performed within our own facility in Oregon. We believe the distribution landscape in the beverage industry is changing rapidly as tech-enabled e-commerce business models are thriving. Direct to consumer, office or home solutions are projected to continue to gain traction in the future. Recognizing this opportunity Splash continues to shape its operating model to be vertically integrated with our e-commerce platform, Qplash, which purchases local and regional brands for developing a direct line of sales to boutique retail stores and consumers. Splash's wholly owned subsidiary, Splash Beverage Group II, Inc. was originally incorporated in the State of Nevada under the name TapouT Beverages, Inc. for the purpose of acquiring the rights under a license agreement with TapouT, LLC (Authentic Brands Group). Splash has license rights to the TapouT Performance brand in North America (Including US Territories and Military Bases), United Kingdom, Brazil, South Africa, Scandinavia, Peru, Colombia, Chile and Guatemala. 1 In December 2020, Splash Beverage Group Inc. purchased the key assets of the Copa DI Vino single serve wine company. The operations and IP for Copa DI Vino are wholly owned by Splash and incorporated in the state of Nevada under the name Copa DI Vino Wine Group Inc. In addition, S

Risk Factors

Item 1A. Risk Factors. You should carefully consider the risks described below as well as other information provided to you in this document, including information in the section of this document entitled "Cautionary Note Concerning Forward Looking Statements." If any of the following risks actually occur, the Company's business, financial condition or results of operations could be materially adversely affected, the value of the Company's Common Stock could decline, and you may lose all or part of your investment. RISKS RELATED TO OUR BUSINESS Risks Related to our Business Our auditors have included an explanatory paragraph in their opinion regarding our ability to continue as a going concern. If we are unable to continue as a going concern, our securities will have little or no value. Rose, Snyder & Jacobs LLP, our independent registered public accounting firm for the fiscal year ended December 31, 2023, has included an explanatory paragraph in their opinion that accompanies our audited consolidated financial statements as of and for the year ended December 31, 2023, indicating that our current liquidity position raises substantial doubt about our ability to continue as a going concern. If we are unable to improve our liquidity position, we may not be able to continue as a going concern. We have sustained recurring losses and we have had working capital and stockholders' equity deficits. These prior losses and expected future losses have had, 7 and will continue to have, an adverse effect on our financial condition. In addition, continued operations and our ability to continue as a going concern may be dependent on our ability to obtain additional financing in the near future and thereafter, and there are no assurances that such financing will be available to us at all or will be available in sufficient amounts or on reasonable terms. Our financial statements do not include any adjustments that may result from the outcome of this uncertainty. If we are

View Full Filing

View this 10-K filing on SEC EDGAR