cbdMD, Inc. Files Amendment to Annual Report
Ticker: YCBD · Form: 10-K/A · Filed: Jan 29, 2024 · CIK: 1644903
| Field | Detail |
|---|---|
| Company | Cbdmd, Inc. (YCBD) |
| Form Type | 10-K/A |
| Filed Date | Jan 29, 2024 |
| Risk Level | low |
| Pages | 15 |
| Reading Time | 18 min |
| Key Dollar Amounts | $40 million, $16 billion, $100,000 |
| Sentiment | neutral |
Complexity: simple
Sentiment: neutral
Topics: 10-K/A, Amendment, cbdMD, YCBD, SEC Filing
TL;DR
<b>cbdMD, Inc. has filed an amendment to its 2023 annual report, providing updated financial and operational information.</b>
AI Summary
cbdMD, Inc. (YCBD) filed a Amended Annual Report (10-K/A) with the SEC on January 29, 2024. cbdMD, Inc. filed an amendment (10-K/A) to its annual report for the fiscal year ended September 30, 2023. The company's common stock trades under the symbol YCBD on the NYSE American. The company also has 8% Series A Cumulative Convertible Preferred Stock trading under YCBDpA on the NYSE American. cbdMD, Inc. was formerly known as Level Brands, Inc. and LEVEL BEAUTY GROUP, INC. The principal executive offices are located at 8845 Red Oak Blvd, Charlotte, NC 28217.
Why It Matters
For investors and stakeholders tracking cbdMD, Inc., this filing contains several important signals. This amendment indicates that the company is providing updated information for its fiscal year ending September 30, 2023, which could contain material changes or clarifications. The filing confirms the company's listing on the NYSE American for both common and preferred stock, providing transparency for investors.
Risk Assessment
Risk Level: low — cbdMD, Inc. shows low risk based on this filing. The filing is an amendment to a previous report, suggesting potential corrections or updates rather than new material events, thus posing a low immediate risk.
Analyst Insight
Review the specific changes and additions made in this 10-K/A filing to understand any material updates to cbdMD, Inc.'s financial position or business operations.
Key Numbers
- 2023-09-30 — Fiscal Year End (Year ended September 30, 2023)
- 2024-01-29 — Filing Date (Conformed Submission Date)
- 001-38299 — Commission File Number (SEC File Number)
- 47-3414576 — IRS Employer Identification No. (IRS Number)
Key Players & Entities
- cbdMD, Inc. (company) — Registrant
- YCBD (company) — Trading Symbol
- NYSE American (company) — Exchange
- Level Brands, Inc. (company) — Former Company Name
- LEVEL BEAUTY GROUP, INC. (company) — Former Company Name
- North Carolina (company) — State of Incorporation
- 8845 Red Oak Blvd, Charlotte, NC 28217 (company) — Business Address
- 704-445-3060 (company) — Business Phone
FAQ
When did cbdMD, Inc. file this 10-K/A?
cbdMD, Inc. filed this Amended Annual Report (10-K/A) with the SEC on January 29, 2024.
What is a 10-K/A filing?
A 10-K/A is a amendment to a previously filed annual report, correcting or updating financial statements or disclosures. This particular 10-K/A was filed by cbdMD, Inc. (YCBD).
Where can I read the original 10-K/A filing from cbdMD, 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 cbdMD, Inc..
What are the key takeaways from cbdMD, Inc.'s 10-K/A?
cbdMD, Inc. filed this 10-K/A on January 29, 2024. Key takeaways: cbdMD, Inc. filed an amendment (10-K/A) to its annual report for the fiscal year ended September 30, 2023.. The company's common stock trades under the symbol YCBD on the NYSE American.. The company also has 8% Series A Cumulative Convertible Preferred Stock trading under YCBDpA on the NYSE American..
Is cbdMD, Inc. a risky investment based on this filing?
Based on this 10-K/A, cbdMD, Inc. presents a relatively low-risk profile. The filing is an amendment to a previous report, suggesting potential corrections or updates rather than new material events, thus posing a low immediate risk.
What should investors do after reading cbdMD, Inc.'s 10-K/A?
Review the specific changes and additions made in this 10-K/A filing to understand any material updates to cbdMD, Inc.'s financial position or business operations. The overall sentiment from this filing is neutral.
How does cbdMD, Inc. compare to its industry peers?
cbdMD, Inc. operates in the health and wellness sector, focusing on products containing CBD. The company is subject to evolving regulations within this industry.
Are there regulatory concerns for cbdMD, Inc.?
The company operates under the regulations of the U.S. Securities and Exchange Commission (SEC) for its public filings, including this 10-K/A amendment.
Industry Context
cbdMD, Inc. operates in the health and wellness sector, focusing on products containing CBD. The company is subject to evolving regulations within this industry.
Regulatory Implications
The company operates under the regulations of the U.S. Securities and Exchange Commission (SEC) for its public filings, including this 10-K/A amendment.
What Investors Should Do
- Analyze the specific amendments made in the 10-K/A filing for any material changes.
- Monitor future filings for updates on financial performance and business strategy.
- Research the market and regulatory landscape for CBD products.
Key Dates
- 2023-09-30: Fiscal Year End — End of the reporting period for the annual report.
- 2024-01-29: Filing Date — Date the 10-K/A amendment was filed with the SEC.
Year-Over-Year Comparison
This filing is an amendment (10-K/A) to the previous annual report, indicating updates or corrections to the information originally filed.
Filing Stats: 4,424 words · 18 min read · ~15 pages · Grade level 11.9 · Accepted 2024-01-26 18:22:12
Key Financial Figures
- $40 million — ngagements, assistance in negotiating a $40 million sale to a strategic buyer, advising sec
- $16 billion — uring roles with Visteon Corporation, a $16 billion Tier 1 automotive supplier. Mr. Kennedy
- $100,000 — 2023 whose annual compensation exceeded $100,000; and     up to two additi
Filing Documents
- ycbd20230930_10ka.htm (10-K/A) — 379KB
- ex_619415.htm (EX-31.1) — 4KB
- ex_619416.htm (EX-31.2) — 4KB
- ex_619417.htm (EX-32.1) — 6KB
- logo01.jpg (GRAPHIC) — 8KB
- 0001437749-24-002340.txt ( ) — 669KB
- ycbd-20230930.xsd (EX-101.SCH) — 4KB
- ycbd-20230930_def.xml (EX-101.DEF) — 19KB
- ycbd-20230930_lab.xml (EX-101.LAB) — 25KB
- ycbd-20230930_pre.xml (EX-101.PRE) — 20KB
- ycbd20230930_10ka_htm.xml (XML) — 6KB
Executive Compensation
Executive Compensation.   4 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.   8 ITEM 13. Certain Relationships and Related Transactions, and Director Independence.   9 ITEM 14. Principal Accounting Fees and Services.   9         PART IV         ITEM 15. Exhibits and Consolidated Financial Statement Schedules.   11 ITEM 16. Form 10-K Summary.   11
SIGNATURES
SIGNATURES   14     Table of Contents   PART III  
DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE
ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE.   The following table provides information on our executive officers and directors:   Name   Age   Positions T. Ronan Kennedy   45   Chief Financial Officer and Interim Chief Executive Officer Scott G. Stephen   58   Chairman of the Board of Directors Bakari Sellers   39   Director William F. Raines, III   64   Director Dr. Sibyl Swift   43   Director   Ronan Kennedy . Mr. Kennedy has served as our Chief Financial Officer since October 2020. On March 3, 2021, he was appointed to serve as our Chief Operating Officer. On March 1, 2023, he was appointed Interim Chief Executive Officer and resigned as Chief Operating Officer. Prior to joining cbdMD, he served as Chief Financial Officer of AMV Holdings, LLC, a Mooresville, NC-based vaping and e-cigarette retailer, manufacturer and wholesaler from 2015 through October 2020. During his tenure, AMV grew from a nine-store regional chain to a platform of over 100 U.S. locations and a growing European footprint. Following the passing of the Farm Bill in late 2018, Mr. Kennedy assisted AMV expand into the manufacturing and retailing of CBD products. Prior to his role at AMV, Mr. Kennedy spent nine years at Meriturn Partners, LLC, a Raleigh, NC-based middle-market private equity firm focused on acquiring and advising middle-market companies, where he was a Principal. In his role with Meriturn Partners, LLC, Mr. Kennedy has led all facets of transactions, including due diligence, financial analysis and capital raising and in 2014 helped lead Meriturn's original acquisition of AMV's predecessor. Since 2014 Mr. Kennedy has also provided independent advisory and consulting services with select organizations and his engagements have included leading the financial analysis on sale-side engagements, assistance in negotiating a $40 million sale to a
EXECUTIVE COMPENSATION
ITEM 11. EXECUTIVE COMPENSATION.   Summary Compensation Table   The following table summarizes all compensation recorded by us in each of the last two completed fiscal years for:     all individuals serving as our principal executive officer or acting in a similar capacity during fiscal 2023;     our two most highly compensated named executive officers at September 30, 2023 whose annual compensation exceeded $100,000; and     up to two additional individuals for whom disclosure would have been made in this table but for the fact that the individual was not serving as a named executive officer of our company at September 30, 2023.   Name and Principal Position Year   Salary ($)     Bonus ($)     Stock Awards ($) (1)     Options Awards ($) (1)     Non equity incentive plan compensation ($)     Non-qualified deferred compensation earnings ($)     All other compensation ($)     Total ($)                                                                       Ronan Kennedy, Interim CEO and CFO 2023     275,000       -       -       -       -       -       -       275,000   CFO and COO 2022     275,962       100,000       49,000       132,750       -       -       -       557,712