22nd Century Group Q2 2024: Assets $9.27M, Liabilities $2.72M

TL;DR

**22nd Century Group Q2 2024: $9.27M Assets, $2.72M Liabilities. Debt facilities noted.**

AI Summary

22nd Century Group, Inc. filed a 10-Q for the period ending June 30, 2024. The company reported total assets of $9.27 million and total liabilities of $2.72 million as of the end of the second quarter. The filing also references various financial instruments and debt facilities, including Senior Secured Debentures and a Senior Secured Credit Facility.

Why It Matters

This filing provides a snapshot of 22nd Century Group's financial health, detailing its assets and liabilities, which are crucial for investors to assess the company's stability and operational capacity.

Risk Assessment

Risk Level: medium — The company's financial structure, including its reliance on debt facilities and the nature of its business (tobacco), presents inherent risks.

Key Numbers

• $9.27B — Total Assets (As of June 30, 2024, indicating the company's total resources.)
• $2.72B — Total Liabilities (As of June 30, 2024, representing the company's total obligations.)

Key Players & Entities

• 22nd Century Group, Inc. (company) — Filer of the 10-Q
• 20240630 (date) — End of reporting period
• $9,272,518 (dollar_amount) — Total assets
• $2,720,437 (dollar_amount) — Total liabilities
• Senior Secured Debentures (financial_instrument) — Mentioned debt instrument
• Senior Secured Credit Facility (financial_instrument) — Mentioned debt instrument

FAQ

Key Financial Figures

• $0.00001 — ange on Which Registered Common Stock, $0.00001 par value XXII NASDAQ Capital Marke

Filing Documents

• xxii-20240630x10q.htm (10-Q) — 2446KB
• xxii-20240630xex31d1.htm (EX-31.1) — 12KB
• xxii-20240630xex31d2.htm (EX-31.2) — 12KB
• xxii-20240630xex32d1.htm (EX-32.1) — 10KB
• 0001558370-24-011967.txt ( ) — 11331KB
• xxii-20240630.xsd (EX-101.SCH) — 71KB
• xxii-20240630_cal.xml (EX-101.CAL) — 80KB
• xxii-20240630_def.xml (EX-101.DEF) — 348KB
• xxii-20240630_lab.xml (EX-101.LAB) — 564KB
• xxii-20240630_pre.xml (EX-101.PRE) — 517KB
• xxii-20240630x10q_htm.xml (XML) — 2254KB

Financial Statements

Financial Statements Condensed Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023 (unaudited) 3 Condensed Consolidated Statements of Operations and Comprehensive Loss for the Three and Six Months ended June 30, 2024 and 2023 (unaudited) 4 Condensed Consolidated Statements of Changes in Shareholders' Equity (Deficit) for the Three and Six Months ended June 30, 2024 and 2023 (unaudited) 5 Condensed Consolidated Statements of Cash Flows for the Six Months ended June 30, 2024 and 2023 (unaudited) 7 Notes to Condensed Consolidated Financial Statements (unaudited) 8 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 30 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 42 Item 4.

Controls and Procedures

Controls and Procedures 42 PART II. OTHER INFORMATION 43 Item 1.

Legal Proceedings

Legal Proceedings 43 Item 1A.

Risk Factors

Risk Factors 43 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 43 Item 3. Default Upon Senior Securities 44 Item 4. Mine Safety Disclosures 44 Item 5. Other Information 44 Item 6. Exhibits 44

SIGNATURES

SIGNATURES 45 2 Table of Contents 22nd CENTURY GROUP, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (amounts in thousands, except share and per-share data) June 30, December 31, 2024 2023 ASSETS Current assets: Cash and cash equivalents $ 1,279 $ 2,058 Accounts receivable, net 2,448 1,671 Inventories 2,664 4,346 Insurance recoveries 3,768 3,768 GVB promissory note 500 2,000 Prepaid expenses and other current assets 1,767 1,180 Current assets of discontinued operations held for sale 1,058 1,254 Total current assets 13,484 16,277 Property, plant and equipment, net 3,093 3,393 Operating lease right-of-use assets, net 1,769 1,894 Intangible assets, net 5,728 5,924 Other assets 15 15 Total assets $ 24,089 $ 27,503 LIABILITIES AND SHAREHOLDERS' DEFICIT Current liabilities: Notes and loans payable - current $ 877 $ 543 Current portion of long-term debt 1,500 5,848 Operating lease obligations 245 231 Accounts payable 3,893 4,445 Accrued expenses 884 1,322 Accrued litigation 3,768 3,768 Accrued payroll 300 883 Accrued excise taxes and fees 2,510 2,234 Deferred income 389 726 Other current liabilities 309 1,849 Current liabilities of discontinued operations held for sale 1,397 3,185 Total current liabilities 16,072 25,034 Long-term liabilities: Operating lease obligations 1,571 1,698 Long-term debt 6,046 8,058 Other long-term liabilities 1,355 1,123 Total liabilities 25,044 35,914 Commitments and contingencies (Note 12) Shareholders' equity (deficit) Preferred stock, $ .00001 par value, 10,000,000 shares authorized Common stock, $ .00001 par value, 250,000,000 shares authorized Capital stock issued and outstanding : 9,272,518 common shares ( 2,720,437 at December 31, 2023) Common stock, par value — — Capital in excess of par value 384,603 370,297 Accumulated deficit

View Full Filing

View this 10-Q filing on SEC EDGAR