Luvu Brands, Inc 8-K, filed Feb 18, 2022

Luvu Brands, Inc. (LUVU)

8-K 2022-02-18 For: 2022-02-18

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Added on April 06, 2026

About this 8-K

Luvu Brands, Inc filed this 8-K on February 18, 2022.

Items reported

Item 2.02: Financial results
Item 9.01: Financial statements and exhibits

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Florida		000-53314		59-3581576
(State or other jurisdiction of incorporation)		(Commission File No.)		(IRS Employer Identification No.)

Exhibit No.		Description

99.1		Press release, dated February 18, 2022, reporting financial results for the second fiscal quarter and six months ended December 31, 2021.

	Luvu Brands, Inc. (Registrant)

Date: February 18, 2022	By:	/s/ Ronald P. Scott
		Ronald P. Scott Chief Financial Officer

	Three Months Ended December 31,						Six Months Ended December 31,
	2021			2020			2021			2020
	(in thousands, except share data)

Net Sales	$	7,186		$	5,714		$	13,411		$	11,081
Cost of goods sold		5,609			4,148			10,335			8,027
Gross profit		1,577			1,566			3,076			3,054
Operating expenses
Advertising and promotion		155			120			287			189
Other selling and marketing		321			270			581			537
General and administrative		772			668			1,485			1,332
Depreciation and amortization		78			51			149			103
Total operating expenses		1,326			1,109			2,502			2,161
Income from operations		251			457			574			893
Other Income (Expense):
Gain on forgiveness of SBA loan		−			1,096			−			1,096
Interest expense and financing costs		(84	)		(88	)		(180	)		(195	)
Total Other Income (Expense)		(84	)		1,008			(180	)		901
Income before income taxes		167			1,465			394			1,794
Provision for income taxes		−			−			−			−
Net income	$	167		$	1,465		$	394		$	1,794
Net income per share:
Basic	$	.00		$	.02		$	.01		$	.02
Diluted	$	.00		$	.02		$	.01		$	.02

Shares used in computing net income per share:
Basic		75,139,516			73,682,551			75,088,425			73,567,574
Diluted		76,613,472			74,050,847			76,594,991			74,550,249

	December 31,			June 30,
	2021			2021
	(unaudited)
Assets:	(in thousands, except share data)
Current assets:
Cash and cash equivalents	$	1,081		$	977
Accounts receivable, net		920			1,134
Inventories, net		3,456			3,391
Prepaid expenses		168			145
Total current assets		5,625			5,647

Equipment, property and leasehold improvements, net		1,863			1,934
Finance lease assets		23			27
Operating lease assets		2,409			2,554
Other assets		100			84
Total assets	$	10,020		$	10,246

Liabilities and stockholders’ equity:
Current liabilities:
Accounts payable	$	2,597		$	2,669
Current debt		1,361			1,599
Other accrued liabilities		528			694
Operating lease liability		290			250
Total current liabilities		4,776			5,212

Noncurrent liabilities:
Long-term debt		1,258			1,288
Long-term operating lease liability		2,256			2,423
Total noncurrent liabilities		3,514			3,711
Total liabilities		8,290			8,923
Commitments and contingencies (See Note 15)		—			—
Stockholders’ equity:
Preferred stock, 5,700,000 shares authorized, $0.0001 par value none issued and outstanding		—			—
Series A Convertible Preferred stock, 4,300,000 shares authorized $0.0001 par value, 4,300,000 shares issued and outstanding with a liquidation preference of $1,000 at December 31, 2021 and June 30, 2021		—			—
Common stock, $0.01 par value, 175,000,000 shares authorized, 75,260,433 and 75,037,890 shares issued and outstanding at December 31, 2021 and June 30, 2021, respectively		752			750
Additional paid-in capital		6,177			6,166
Accumulated deficit		(5,199	)		(5,593	)
Total stockholders’ equity		1,730			1,323
Total liabilities and stockholders’ equity	$	10,020		$	10,246

(Dollars in thousands)	Six months ended December 31,
	2021		2020
Net income	$	394	$	1,794
Plus interest expense, net		180		195
Plus depreciation and amortization expense		149		103
Plus stock-based compensation		10		8
Adjusted EBITDA	$	733	$	2,100