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

TL;DR

<b>Sadot Group Inc. has filed its 2023 10-K report detailing financial performance and segment data.</b>

AI Summary

Sadot Group Inc. (SDOT) filed a Annual Report (10-K) with the SEC on March 20, 2024. Sadot Group Inc. filed its 10-K for the fiscal year ending December 31, 2023. The company's SIC code is 5810 (Retail-Eating & Drinking Places). Sadot Group Inc. was formerly known as Muscle Maker, Inc., with a name change on March 22, 2017. The filing includes data for various segments: Commodity Sales, Company Operated Restaurants, Franchise Royalties and Fees, Franchise Advertising Fund Transactions, and Other. Key financial statement elements like Common Stock, Additional Paid-In Capital, Retained Earnings, and Accumulated Other Comprehensive Income are detailed for fiscal years 2021, 2022, and 2023.

Why It Matters

For investors and stakeholders tracking Sadot Group Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Sadot Group Inc.'s financial health and operational segments for the fiscal year 2023, crucial for investors assessing performance and future prospects. The inclusion of historical data from 2021 and 2022 allows for trend analysis and year-over-year comparisons, offering deeper insights into the company's growth trajectory and financial stability.

Risk Assessment

Risk Level: — Sadot Group Inc. shows moderate risk based on this filing. The filing is a standard 10-K annual report, which typically contains routine financial and operational disclosures without immediate, significant market-moving news.

Analyst Insight

Review the detailed segment revenues and year-over-year growth figures within the 10-K to understand performance drivers and identify potential investment opportunities or risks.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-03-20 — Filing Date (Filed as of date)
• 5810 — Standard Industrial Classification (SIC code for Retail-Eating & Drinking Places)
• 2017-03-22 — Name Change Date (Date of former company name change)

Key Players & Entities

• Sadot Group Inc. (company) — Filer name
• Muscle Maker, Inc. (company) — Former company name
• NV (jurisdiction) — State of incorporation
• Fort Worth (location) — Business and mailing address city
• TX (location) — Business and mailing address state
• 682-708-8250 (phone_number) — Business phone number

FAQ

Industry Context

The company operates within the retail and food service sectors, as indicated by its SIC code.

Regulatory Implications

As a publicly traded company, Sadot Group Inc. is subject to the reporting requirements of the Securities and Exchange Commission (SEC), including the filing of annual 10-K reports.

What Investors Should Do

1. Analyze the revenue breakdown by segment for FY 2023 to identify growth areas and underperforming segments.
2. Compare key financial metrics (e.g., retained earnings, common stock) for 2023 against 2022 and 2021 to assess financial trends.
3. Investigate the significance of the 'Other' segment and any associated revenue streams or costs.

Year-Over-Year Comparison

This filing represents the annual 10-K report for the fiscal year ending December 31, 2023, providing a comprehensive update compared to previous filings.

Key Financial Figures

• $0.0001 — ange on which registered Common Stock, $0.0001 par value SDOT The NASDAQ Capital Marke
• $0.5 million — oviding for an annual consulting fee of $0.5 million per year and potential profit sharing c
• $5.0 thousand — of initial franchise fees ranging from $5.0 thousand to $35.0 thousand. 6 Table of Conten
• $35.0 thousand — hise fees ranging from $5.0 thousand to $35.0 thousand. 6 Table of Contents Require the p

Filing Documents

• gril-20231231.htm (10-K) — 2542KB
• ex49.htm (EX-4.9) — 28KB
• ex211.htm (EX-21.1) — 8KB
• ex231.htm (EX-23.1) — 2KB
• sdot-123123x10kexx311.htm (EX-31.1) — 11KB
• sdot-123123x10kexx312.htm (EX-31.2) — 11KB
• sdot-123123x10kexx321.htm (EX-32.1) — 6KB
• sdot-123123x10kexx322.htm (EX-32.2) — 6KB
• ex971policyfortherecoveryo.htm (EX-97.1) — 43KB
• 0001701756-24-000040.txt (&nbsp;) — 12376KB
• gril-20231231.xsd (EX-101.SCH) — 97KB
• gril-20231231_cal.xml (EX-101.CAL) — 117KB
• gril-20231231_def.xml (EX-101.DEF) — 437KB
• gril-20231231_lab.xml (EX-101.LAB) — 983KB
• gril-20231231_pre.xml (EX-101.PRE) — 742KB
• gril-20231231_htm.xml (XML) — 1691KB

Business

Business 4 Item 1A.

Risk Factors

Risk Factors 8 Item 1B. Unresolved Staff Comments 32 Item 1C. Cybersecurity 32 Item 2.

Properties

Properties 33 Item 3.

Legal Proceedings

Legal Proceedings 33 Item 4. Mine Safety Disclosure 34 PART II Item 5. Market For Registrant's Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities 35 Item 6. Reserved 38 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 39 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 54 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 54 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 54 Item 9A.

Controls and Procedures

Controls and Procedures 54 Item 9B. Other Information 54 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 54 PART III Item 10. Directors, Executive Officers and Corporate Governance 55 Item 11.

Executive Compensation

Executive Compensation 62 Item 12.

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

Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters 73 Item 13. Certain Relationships and Related Transactions, and Director Independence 76 Item 14. Principal Accounting Fees and Services 80 PART IV Item 15. Exhibits, Financial Statement Schedules 81 Item 16. Form 10-K Summary 84

Signatures

Signatures 85 2 Table of Contents PART I

Forward-Looking Statements

Forward-Looking Statements This Annual Report contains forward-looking statements as that term is defined in the federal securities laws. The events described in forward-looking statements contained in this Annual Report may not occur. Generally, these statements relate to business plans or strategies, projected or anticipated benefits or other consequences of our plans or strategies, projected or anticipated benefits from acquisitions to be made by us, or projections involving anticipated revenues, earnings or other aspects of our operating results. The words "may," "will," "expect," "believe," "anticipate," "project," "plan," "forecast," "model," "proposal," "should," "may," "intend," "estimate," and "continue," and their opposites and similar expressions are intended to identify forward-looking statements. We caution you that these statements are not guarantees of future performance or events and are subject to a number of uncertainties, risks and other influences, many of which are beyond our control that may influence the accuracy of the statements and the projections upon which the statements are based. Factors which may affect our results include, but are not limited to, the risks and uncertainties discussed in Item 1A of this Annual Report under "Risk Factors" and Item 7 of this Annual Report under "Management's Discussion and Analysis of Financial Condition and Result of Operations". Any one or more of these uncertainties, risks and other influences could materially affect our results of operations and whether forward-looking statements made by us ultimately prove to be accurate. Our actual results, performance and achievements could differ materially from those expressed or implied in these forward-looking statements. We undertake no obligation to publicly update or revise any forward-looking statements, whether from new information, future events or otherwise. This Annual Report also contains estimates and other statistical data made by independent par

Business

Item 1. Business Our Business Overview Sadot Group, Inc. (referred to herein as "Sadot Group", "SGI" or "Company"), was incorporated under the laws of the state of Nevada on October 25, 2019. The principal corporate office of Sadot Group is located at 1751 River Run, Suite 200, Fort Worth, Texas, 76107, and the telephone number at that location is (832) 604-9568. Our website address is www.sadotgroupinc.com . Sadot Group together with its subsidiaries, is referred to in this Form 10-K annual report ("Form 10-K") as the Company. The terms "we", "us" and "our" are also used in the Form 10-K to refer to the Company. Throughout the Form 10-K, the terms "restaurants", "stores", "eatery" and "locations" are used inter changeably. While Sadot Group, as the parent Company, does not directly own or operate any restaurants throughout this document we may refer to restaurants that are owned or operated by our subsidiaries as being Company-owned. Sadot Group is our parent company. In late 2022, Sadot Group began a transformation from a U.S.-centric restaurant business into a global organization focused on the Agri-food commodity supply-chain. Effective July 27, 2023, we changed our company name from Muscle Maker, Inc., to Sadot Group, Inc. As of December 31, 2023, Sadot Group consisted of two distinct operating units. 1. Sadot LLC ("Sadot Agri-Foods"): Sadot Group's largest operating unit is a global Agri-Foods company engaged in sustainable farming, commodity trading and shipping of food and feed (e.g., soybean meal, wheat and corn) via dry bulk cargo ships to/from markets such as Argentina, Australia, Bangladesh, Brazil, Canada, China, Columbia, Ecuador, Egypt, Guinea, Honduras, India, Indonesia, Ivory Coast, Japan, Kenya, Malaysia, Morocco, Mozambique, Nigeria, Philippines, Poland, Romania, Saudi Arabia, South Korea, Sri Lanka, Ukraine United States and Vietnam, among others. Sadot Agri-Foods competes with large, multi-national companies such as the ABCD commodity compa

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View this 10-K filing on SEC EDGAR