Sow Good Inc. Files Q3 2024 10-Q

TL;DR

Sow Good Inc. (SOWG) filed its Q3 2024 10-Q. Check financials.

AI Summary

Sow Good Inc. filed its 10-Q for the period ending September 30, 2024. The company, formerly Black Ridge Oil & Gas, Inc., is in the food and kindred products sector. Key financial information and operational details for the third quarter of 2024 are presented in this filing.

Why It Matters

This filing provides investors and stakeholders with the latest financial performance and operational updates for Sow Good Inc. during the third quarter of 2024.

Risk Assessment

Risk Level: medium — The filing indicates potential supplier concentration risk, which could impact operations.

Key Numbers

• 2024-09-30 — Reporting Period End Date (Indicates the end of the fiscal quarter for which financial information is reported.)
• 2024-11-14 — Filing Date (The date the 10-Q was officially submitted to the SEC.)

Key Players & Entities

• Sow Good Inc. (company) — Filer of the 10-Q
• Black Ridge Oil & Gas, Inc. (company) — Former name of Sow Good Inc.
• 20240930 (date) — End of the reporting period
• 20241114 (date) — Filing date
• Irving, TX (location) — Business and mailing address
• Cesar J Gutierrez Living Trust (company) — Related party
• Keith Terreri (person) — Mentioned in relation to promissory notes and warrants

FAQ

Key Financial Figures

• $0.001 — ch registered Common stock, par value $0.001 per share SOWG The Nasdaq Capital M

Filing Documents

• sowg-20240930.htm (10-Q) — 2489KB
• sowg-ex31_1.htm (EX-31.1) — 14KB
• sowg-ex31_2.htm (EX-31.2) — 14KB
• sowg-ex32_1.htm (EX-32.1) — 7KB
• sowg-ex32_2.htm (EX-32.2) — 7KB
• img137453991_0.jpg (GRAPHIC) — 10KB
• 0000950170-24-126752.txt ( ) — 10684KB
• sowg-20240930.xsd (EX-101.SCH) — 1464KB
• sowg-20240930_htm.xml (XML) — 1976KB

Financial Statements (Unaudited)

Financial Statements (Unaudited) 4 Condensed Balance Sheets as of September 30, 2024 (Unaudited) and December 31, 2023 4 Unaudited Condensed Statements of Operations for the Three and Nine Months Ended September 30, 2024 and 2023 5 Unaudited Statements of Changes in Stockholders' Equity for the Three and Nine Months Ended September 30, 2024 and 2023 6 Unaudited Condensed Statements of Cash Flows for the Nine Months Ended September 30, 2024 and 2023 7 Notes to the Condensed 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 28 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 37 Item 4.

Controls and Procedures

Controls and Procedures 38 PART II. OTHER INFORMATION 39 Item 1.

Legal Proceedings

Legal Proceedings 39 Item 1A.

Risk Factors

Risk Factors 39 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 61 Item 3. Defaults Upon Senior Securities 62 Item 4. Mine Safety Disclosures 62 Item 5. Other Information 62 Item 6. Exhibits 63

Signatures

Signatures 64 2 CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS We are including the following discussion to inform our existing and potential security holders generally of some of the risks and uncertainties that can affect our company and to take advantage of the "safe harbor" protection for forward-looking statements that applicable federal securities law affords. From time to time, our management or persons acting on our behalf may make forward-looking statements to inform existing and potential security holders about our company. All statements other than statements of historical facts included in this report regarding our financial position, business strategy, plans and objectives of management for future operations and industry conditions are forward-looking statements. When used in this report, forward-looking statements are generally accompanied by terms or phrases such as "estimate," "project," "predict," "believe," "expect," "anticipate," "target," "plan," "intend," "seek," "goal," "will," "should," "may" or other words and similar expressions that convey the uncertainty of future events or outcomes. Items making assumptions regarding actual or potential future sales, market size, collaborations, trends or operating results also constitute such forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and important factors (many of which are beyond our control) that could cause actual results to differ materially from those set forth in the forward-looking statements include the following: our ability to compete successfully against competitors with significantly greater financial and relationship resources than us in the highly competitive industry in which we operate; our ability to maintain and enhance our brand; our ability to successfully implement our growth strategies related to launching new products; the effectiveness and efficiency of our marketing programs; our ability to m

—FINANCIAL INFO RMATION

PART I—FINANCIAL INFO RMATION

Finan cial Statements

Item 1. Finan cial Statements. SOW GOOD INC. CONDENSED BALANCE SHEETS September 30, December 31, 2024 2023 ASSETS (Unaudited) Current assets: Cash and cash equivalents $ 6,946,387 $ 2,410,037 Accounts receivable, net 1,232,958 2,578,259 Inventory 19,434,041 4,123,246 Prepaid inventory 572,098 563,131 Prepaid expenses 202,430 563,164 Total current assets 28,387,914 10,237,837 Property and equipment: Construction in progress 2,848,191 1,522,465 Property and equipment 9,430,983 6,287,422 Less accumulated depreciation ( 1,550,550 ) ( 967,602 ) Total property and equipment, net 10,728,624 6,842,285 Security deposit 1,357,956 346,616 Right-of-use asset 17,193,154 4,061,820 Total assets $ 57,667,648 $ 21,488,558 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 1,301,098 $ 853,535 Accrued interest 398,617 860,693 Accrued expenses 1,839,323 648,947 Income tax payable - current 65,603 - Current portion of operating lease liabilities 2,140,084 550,941 Current maturities of notes payable, related parties, net of $ 447,236 and $ 431,854 of debt discounts at September 30, 2024 and December 31, 2023, respectively 2,731,901 2,543,146 Current maturities of notes payable, net of $ 26,116 and $ 86,062 of debt discounts as of September 30, 2024 and December 31, 2023, respectively 213,134 313,938 Total current liabilities 8,689,760 5,771,200 Operating lease liabilities 16,005,280 3,671,729 Notes payable, related parties, net of $ 0 and $ 1,448,858 of debt discounts as of September 30, 2024 and December 31, 2023, respectively - 4,171,142 Notes payable, net of $ 0 and $ 135,962 of debt discounts as of September 30, 2024 and December 31, 2023, respectively 150,000 594,038 Total liabilities 24,845,040 14,208,109 Commitments and contingencies Stockholders' equity: Preferr

View Full Filing

View this 10-Q filing on SEC EDGAR