Laird Superfood, Inc. Files 2023 Annual Report on Form 10-K
Ticker: LSF · Form: 10-K · Filed: Mar 13, 2024 · CIK: 1650696
Sentiment: neutral
Topics: 10-K, Annual Report, Financials, Laird Superfood, LSF
TL;DR
<b>Laird Superfood, Inc. filed its 2023 10-K, reporting $34.2M in assets and $9.7M in revenue.</b>
AI Summary
Laird Superfood, Inc. (LSF) filed a Annual Report (10-K) with the SEC on March 13, 2024. Laird Superfood, Inc. reported total assets of $34,224,198 for the fiscal year ended December 31, 2023. The company's total debt was $22,313,241 as of December 31, 2023. Revenue for the fiscal year ended December 31, 2023, was $9,749,326. Net income for the fiscal year ended December 31, 2023, was $9,576,117. Earnings per share for the fiscal year ended December 31, 2023, was $0.001.
Why It Matters
For investors and stakeholders tracking Laird Superfood, Inc., this filing contains several important signals. The filing provides a comprehensive overview of the company's financial performance and position for the fiscal year 2023, including detailed financial statements and risk factors. Investors can use this report to assess the company's profitability, liquidity, and overall financial health, as well as understand potential risks and strategic direction.
Risk Assessment
Risk Level: medium — Laird Superfood, Inc. shows moderate risk based on this filing. The company's financial performance and future prospects are subject to various market and operational risks detailed in the filing, including competition and supply chain disruptions.
Analyst Insight
Review the detailed financial statements and risk factors in the 10-K to assess the company's financial health and future growth potential.
Key Numbers
- 34,224,198 — Total Assets (As of December 31, 2023)
- 22,313,241 — Total Debt (As of December 31, 2023)
- 9,749,326 — Revenue (For the fiscal year ended December 31, 2023)
- 9,576,117 — Net Income (For the fiscal year ended December 31, 2023)
- 0.001 — EPS (For the fiscal year ended December 31, 2023)
- 100,000,000 — Authorized Shares (As of December 31, 2023)
- 9,383,622 — Outstanding Shares (As of December 31, 2023)
Key Players & Entities
- Laird Superfood, Inc. (company) — Filer
- 2023 (date) — Fiscal Year End
- 2024-03-13 (date) — Filing Date
- OR (location) — State of Incorporation
- 275 W. LUNDGREN MILL DR. (address) — Business Address
- SISTERS (location) — Business Address City
- 97759 (postal_code) — Business Address Zip
- 001-39537 (filing_number) — SEC File Number
FAQ
When did Laird Superfood, Inc. file this 10-K?
Laird Superfood, Inc. filed this Annual Report (10-K) with the SEC on March 13, 2024.
What is a 10-K filing?
A 10-K is a comprehensive annual financial report required by the SEC, covering audited financials, business operations, risk factors, and management discussion. This particular 10-K was filed by Laird Superfood, Inc. (LSF).
Where can I read the original 10-K filing from Laird Superfood, 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 Laird Superfood, Inc..
What are the key takeaways from Laird Superfood, Inc.'s 10-K?
Laird Superfood, Inc. filed this 10-K on March 13, 2024. Key takeaways: Laird Superfood, Inc. reported total assets of $34,224,198 for the fiscal year ended December 31, 2023.. The company's total debt was $22,313,241 as of December 31, 2023.. Revenue for the fiscal year ended December 31, 2023, was $9,749,326..
Is Laird Superfood, Inc. a risky investment based on this filing?
Based on this 10-K, Laird Superfood, Inc. presents a moderate-risk profile. The company's financial performance and future prospects are subject to various market and operational risks detailed in the filing, including competition and supply chain disruptions.
What should investors do after reading Laird Superfood, Inc.'s 10-K?
Review the detailed financial statements and risk factors in the 10-K to assess the company's financial health and future growth potential. The overall sentiment from this filing is neutral.
Risk Factors
- Competition [medium — market]: The company faces intense competition in the functional foods and beverages market, which could adversely affect its business and financial results.
- Supply Chain Risks [medium — operational]: Disruptions in the supply chain for raw materials or finished goods could impact the company's ability to meet customer demand and manage costs.
- Profitability Challenges [medium — financial]: The company has experienced net losses in prior periods and may not achieve sustained profitability.
Filing Stats: 4,371 words · 17 min read · ~15 pages · Grade level 14.6 · Accepted 2024-03-13 16:44:54
Key Financial Figures
- $0.001 — t had 9,414,725 shares of common stock, $0.001 par value per share, outstanding. Tabl
- $0.5 million — ial discounts and replacement orders of $0.5 million in the fourth quarter of 2022 and $0.4
- $0.4 million — llion in the fourth quarter of 2022 and $0.4 million in the first quarter of 2023. In additi
- $0.3 million — ecapture these costs and have recovered $0.3 million to date. Transition to variable cost
- $800 billion — e U.S. Census Bureau estimates to be an $800 billion grocery market as of 2023. Laird Superf
- $272 billion — and Supplement sales were approximately $272 billion and are expected to grow to $300 billio
- $300 billion — 272 billion and are expected to grow to $300 billion by 2024. Consumer preferences within t
- $7.4 b — 022 to 2023, reaching a market value of $7.4 billion, compared to increases of 1.9% in
- $6.9 billion — r products primarily compete within the $6.9 billion domestic creamer market that, according
- $1.9 billion — arket in the U.S. is estimated to reach $1.9 billion in 2024, according to Statista. Demand
- $1.8 billion — chocolate market is estimated to reach $1.8 billion in the U.S. in 2024, according to Stati
- $95 million — Market Insights sized the US market at $95 million in 2023. It is differentiated from the
Filing Documents
- lsf20231231_10k.htm (10-K) — 2344KB
- ex_576963.htm (EX-21.1) — 7KB
- ex_576964.htm (EX-23.1) — 3KB
- ex_576965.htm (EX-31.1) — 14KB
- ex_576966.htm (EX-31.2) — 14KB
- ex_576967.htm (EX-32.1) — 6KB
- ex_576968.htm (EX-32.2) — 6KB
- ex_633321.htm (EX-4.3) — 24KB
- ex_633322.htm (EX-4.1) — 2KB
- ex_639157.htm (EX-97.1) — 27KB
- ex_633322img001.jpg (GRAPHIC) — 143KB
- ex_633322img002.jpg (GRAPHIC) — 61KB
- laird01.jpg (GRAPHIC) — 7KB
- mosslogo01.jpg (GRAPHIC) — 3KB
- mosslogo02.jpg (GRAPHIC) — 4KB
- mosssig.jpg (GRAPHIC) — 4KB
- 0001437749-24-007658.txt ( ) — 9787KB
- lsf-20231231.xsd (EX-101.SCH) — 72KB
- lsf-20231231_cal.xml (EX-101.CAL) — 56KB
- lsf-20231231_def.xml (EX-101.DEF) — 497KB
- lsf-20231231_lab.xml (EX-101.LAB) — 441KB
- lsf-20231231_pre.xml (EX-101.PRE) — 534KB
- lsf20231231_10k_htm.xml (XML) — 1593KB
Business
Item 1. Business 4
Risk Factors
Item 1A. Risk Factors 15
Unresolved Staff Comments
Item 1B. Unresolved Staff Comments 29
Cybersecurity
Item 1C. Cybersecurity 29
Properties
Item 2. Properties 29
Legal Proceedings
Item 3. Legal Proceedings 29
Mine Safety Disclosures
Item 4. Mine Safety Disclosures 29 Part II
Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 30
[Reserved]
Item 6. [Reserved] 30
Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 31
Quantitative and Qualitative Disclosures About Market Risk
Item 7A. Quantitative and Qualitative Disclosures About Market Risk 38
Financial Statements and Supplementary Data
Item 8. Financial Statements and Supplementary Data 39
Changes in and Disagreements With Accountants on Accounting and Financial Disclosure
Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 64
Controls and Procedures
Item 9A. Controls and Procedures 64
Other Information
Item 9B. Other Information 64
Disclosure Regarding Foreign Jurisdictions that Prevent Inspections
Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 64 Part III
Directors, Executive Officers and Corporate Governance
Item 10. Directors, Executive Officers and Corporate Governance 65
Executive Compensation
Item 11. Executive Compensation 69
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 75
Certain Relationships and Related Transactions, and Director Independence
Item 13. Certain Relationships and Related Transactions, and Director Independence 77
Principal Accounting Fees and Services
Item 14. Principal Accounting Fees and Services 77 Part IV
Exhibits, Financial Statement Schedules
Item 15. Exhibits, Financial Statement Schedules 79
Form 10-K Summary
Item 16. Form 10-K Summary 81
Signatures
Signatures 82 2 Table of Contents CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements convey our current expectations or forecasts of future events and are not guarantees of future performance. They are based on numerous assumptions that we believe are reasonable, but they are open to a wide range of uncertainties and business risks. Our ability to predict results or the actual effect of future plans or strategies is inherently uncertain. Any statements contained in this Annual Report on Form 10-K that are not statements of historical fact may be forward-looking statements. When we use the words "intends," "estimates," "predicts," "potential," "continues," "anticipates," "plans," "expects," "believes," "should," "could," "may," "will," "seeks," or the negative of these terms or other comparable terminology, we are identifying forward-looking statements. Forward-looking statements involve risks and uncertainties, which may cause our actual results, performance or achievements to be materially different from those expressed or implied by forward-looking statements. Key factors that could cause actual results to be different than expected or anticipated include, but are not limited to: our limited operating history and ability to become profitable; our ability to manage our growth, including our human resource requirements; our reliance on third parties for raw materials and production of our products; our future capital needs; our ability to retain and grow our customer base; our reliance on independent distributors for a substantial portion of our sales; our ability to evaluate and measure our business, prospects and performance metrics; our ability to compete and succeed in a highly competitive and evolving industry; the health of the premium organic and natural food industry as a whole; risks related
BUSINESS
ITEM 1. BUSINESS. When used in this Annual Report on Form 10-K, the terms "Laird Superfood", the "Company", "we", "our", and "us" refer to Laird Superfood, Inc. Overview Laird Superfood is focused on manufacturing and marketing clean, plant-based, and functional foods. The core pillars of the Laird Superfood platform are Superfood Coffee creamers, Hydration and beverage enhancing supplements including powdered supplements such as Performance Mushrooms, Harvest snacks and other food items, and functional Coffee, tea and hot chocolate products such as our instant lattes. Laird Superfood's long-term goal is to build the first scale-level and widely recognized brand that authentically focuses on natural ingredients, nutritional density and functionality, allowing the Company to maximize penetration of a multi-billion-dollar opportunity in the grocery market. Recent Developments Redomestication On December 31, 2023 (the "Effective Date"), we changed our state of incorporation from the state of Delaware to the state of Nevada (the "Redomestication") by means of a plan of conversion, as described in our definitive proxy statement on Schedule 14A filed with the Securities and Exchange Commission on October 10, 2023. As of the Effective Date: our domicile changed from the state of Delaware to the state of Nevada; and the affairs of the Company ceased to be governed by the Delaware General Corporation Law and the Company's then existing certificate of incorporation and bylaws, and instead became governed by the Nevada Revised Statutes and the Company's new articles of incorporation and bylaws. The Redomestication was previously submitted to a vote of, and was approved by, the Company's stockholders at our Annual Meeting of Stockholders held on November 28, 2023. The Redomestication did not result in any change in the business, physical location, management, assets, liabilities or net worth of the Company, nor did it result in any change in location of the Compa