cbdMD, Inc. Files 2024 Annual Report Amendment

TL;DR

cbdMD filed its 2024 10-K amendment, check for updates on their biz.

AI Summary

cbdMD, Inc. filed an amendment (10-K/A) on January 27, 2025, for its fiscal year ending September 30, 2024. The company, previously known as Level Brands, Inc., is incorporated in North Carolina and operates in the perfumes, cosmetics & other toilet preparations industry. The filing provides updated information regarding its financial performance and business operations.

Why It Matters

This amendment provides updated financial and operational details for cbdMD, Inc. for the fiscal year ending September 30, 2024, which is crucial for investors to assess the company's current standing.

Risk Assessment

Risk Level: medium — As a 10-K/A filing, it indicates an amendment to a previously filed annual report, suggesting potential corrections or additions that could impact the company's financial or operational narrative.

Key Numbers

• 0930 — Fiscal Year End (The company's fiscal year concludes on September 30th.)

Key Players & Entities

• cbdMD, Inc. (company) — Registrant
• Level Brands, Inc. (company) — Former Company Name
• 001-38299 (company) — SEC File Number
• September 30, 2024 (date) — Fiscal Year End
• January 27, 2025 (date) — Filing Date

FAQ

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 — 2024 whose annual compensation exceeded $100,000; and up to two additional individuals
• $275,000 — or notice by us. Annual base salary : $275,000, an increase of $25,000 from his initia
• $25,000 — base salary : $275,000, an increase of $25,000 from his initial annual base salary. R

Filing Documents

• ycbd20240930_10ka.htm (10-K/A) — 415KB
• ex_769297.htm (EX-31.3) — 4KB
• ex_769298.htm (EX-31.4) — 4KB
• ycbd01.jpg (GRAPHIC) — 6KB
• 0001437749-25-001929.txt ( ) — 701KB
• ycbd-20240930.xsd (EX-101.SCH) — 4KB
• ycbd-20240930_def.xml (EX-101.DEF) — 19KB
• ycbd-20240930_lab.xml (EX-101.LAB) — 25KB
• ycbd-20240930_pre.xml (EX-101.PRE) — 20KB
• ycbd20240930_10ka_htm.xml (XML) — 9KB

Executive Compensation

Executive Compensation. 5 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. 10 ITEM 13. Certain Relationships and Related Transactions, and Director Independence. 11 ITEM 14. Principal Accounting Fees and Services. 11 PART IV ITEM 15. Exhibits and Consolidated Financial Statement Schedules. 11 ITEM 16. Form 10-K Summary. 11

SIGNATURES

SIGNATURES OTHER PERTINENT INFORMATION Unless the context otherwise indicates, when used in this report, the terms the "Company," "cbdMD, "we," "us, "our" and similar terms refer to cbdMD, Inc., a North Carolina corporation formerly known as Level Brands, Inc., and our subsidiaries CBD Industries LLC, a North Carolina limited liability company formerly known as cbdMD LLC, which we refer to as "CBDI", Paw CBD, Inc., a North Carolina corporation which we refer to as "Paw CBD" and cbdMD Therapeutics LLC, a North Carolina limited liability company which we refer to as "Therapeutics" and Proline Global, LLC a North Carolina limited liability company which we refer to as "Proline Global". In addition, "fiscal 2023" refers to the year ended September 30, 2023, and "fiscal 2024" refers to the year ended September 30, 2024. We maintain a corporate website at www.cbdmd.com. The information contained on our corporate website and our various social media platforms are not part of this report . 1 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 46 Chief Executive Officer, Chief Financial Officer and Director Bradley Whitford 43 Chief Accounting Officer, Treasurer and Secretary Scott G. Stephen 59 Chairman of the Board of Directors Bakari Sellers 40 Director William F. Raines, III 65 Director Dr. Sibyl Swift 44 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. During March 2024 he was appointed full time chief executive officer. He has served as a member of our board of directors since December 2024. 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 financia

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 2024; our two most highly compensated named executive officers at September 30, 2024 whose annual compensation exceeded $100,000; and up to two additional individuals for whom disclosure would have been made in this table but for the fact that the individual was not serving as a named executive officer of our company at September 30, 2024. Name and Principal Position Year Salary ($) Bonus ($) Stock Awards ($) (1) Options Awards ($) (1) Non-equity incentive plan compensation ($) Non-qualified deferred compensation earnings ($) All other compensation ($) Total ($) Ronan Kennedy, 2024 275,000 - - - - - - 275,000 CEO and CFO 2023 275,000 - - - - - - 275,000 Bradley Whitford 2024 181,375 - - - - - 181,375 Chief Accounting Officer (2) 2023 185,750 - 3,510 2,175 - - - 191,435 Kevin MacDermott (3) 2023 109,615 - - - - - 109,615 (1) Represents the grant date value of the options and awards granted during the years presented, determined in accordance with FASB ASC Topic 718. The assumptions made in the valuations of the awards are included in Note 9 of the notes to our consolidated financial statements appearing in our 2024 10-K. (2) Mr. Whitford commenced serving as our Chief Accounting Officer in March 2024 and since 2021 is an employee of the Company. (3) Mr. MacDermott commenced serving as our President on May 16, 2022 and resigned on February 26, 2023. 5 Table of Contents Executive Employment Agreements T. Ronan Kennedy . Mr. Kennedy is currently an at-will officer of the Company. Effective October 1, 2021, the Company entered into an Executive Emp

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View this 10-K/A filing on SEC EDGAR