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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
DC 20549
FORM
10-Q
(Mark
One)
☒ |
QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For
the quarterly period ended March 31, 2024
OR
☐ |
TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For
the transition period from to
Commission
File Number: 1-41688
STRONG
GLOBAL ENTERTAINMENT, INC.
(Exact
Name of Registrant as Specified in Its Charter)
British
Columbia, Canada |
|
N/A |
(State
or Other Jurisdiction of |
|
(IRS
Employer |
Incorporation
or Organization) |
|
Identification
Number) |
|
|
|
108
Gateway Boulevard, Suite 204
Mooresville,
North Carolina |
|
28117 |
(Address
of Principal Executive Offices) |
|
(Zip
Code) |
(704)
471-6784
(Registrant’s
telephone number, including area code)
Securities
registered pursuant to Section 12(b) of the Act:
Title
of Each Class |
|
Trading
Symbol |
|
Name
of Each Exchange on Which Registered |
Class
A Common Voting Shares, without par value |
|
SGE |
|
NYSE
American |
Indicate
by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule
405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant
was required to submit such files). Yes ☒ No ☐
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting
company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,”
“smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large
accelerated filer |
☐ |
Accelerated
filer |
☐ |
Non-accelerated
filer |
☒ |
Smaller
reporting company |
☒ |
|
|
Emerging
growth company |
☒ |
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
As
of May 13, 2024, there were 7,877,842 Class A Common Voting Shares, without par value outstanding.
TABLE
OF CONTENTS
PART
I. Financial Information
Item
1. Financial Statements
Strong
Global Entertainment, Inc. and Subsidiaries
Condensed
Consolidated Balance Sheets
(In
thousands)
| |
March 31, 2024 | | |
December 31, 2023 | |
| |
(Unaudited) | | |
| |
Assets | |
| | | |
| | |
Current assets: | |
| | | |
| | |
Cash and cash equivalents | |
$ | 5,111 | | |
$ | 5,470 | |
Accounts receivable (net of credit allowances of $187 and $179, respectively) | |
| 6,299 | | |
| 6,476 | |
Inventories, net | |
| 4,446 | | |
| 4,079 | |
Assets of discontinued operations | |
| - | | |
| 940 | |
Other current assets | |
| 1,264 | | |
| 1,062 | |
Total current assets | |
| 17,120 | | |
| 18,027 | |
Property, plant and equipment, net | |
| 1,488 | | |
| 1,592 | |
Operating lease right-of-use assets | |
| 4,697 | | |
| 4,793 | |
Finance lease right-of-use asset | |
| 1,136 | | |
| 1,201 | |
Goodwill | |
| 881 | | |
| 903 | |
Other long-term assets | |
| 26 | | |
| 10 | |
Total assets | |
$ | 25,348 | | |
$ | 26,526 | |
| |
| | | |
| | |
Liabilities and Stockholders’ Equity | |
| | | |
| | |
Current liabilities: | |
| | | |
| | |
Accounts payable | |
$ | 3,642 | | |
$ | 3,544 | |
Accrued expenses | |
| 2,975 | | |
| 3,112 | |
Payable to FG Group Holdings Inc. (Note 15) | |
| 119 | | |
| 129 | |
Short-term debt | |
| 2,453 | | |
| 2,456 | |
Current portion of long-term debt | |
| 271 | | |
| 270 | |
Current portion of operating lease obligations | |
| 403 | | |
| 397 | |
Current portion of finance lease obligations | |
| 258 | | |
| 253 | |
Deferred revenue and customer deposits | |
| 1,867 | | |
| 1,318 | |
Liabilities of discontinued operations | |
| 161 | | |
| 1,392 | |
Total current liabilities | |
| 12,149 | | |
| 12,871 | |
Operating lease obligations, net of current portion | |
| 4,361 | | |
| 4,460 | |
Finance lease obligations, net of current portion | |
| 904 | | |
| 971 | |
Long-term debt, net of current portion | |
| 234 | | |
| 301 | |
Deferred income tax liabilities, net | |
| 135 | | |
| 125 | |
Other long-term liabilities | |
| 4 | | |
| 4 | |
Total liabilities | |
| 17,787 | | |
| 18,732 | |
| |
| | | |
| | |
Commitments, contingencies and concentrations (Note 14) | |
| - | | |
| - | |
| |
| | | |
| | |
Stockholders’ Equity: | |
| | | |
| | |
Preferred stock, no par value; 150,000,000 shares authorized, none issued and outstanding as of March 31, 2024 and December 31, 2023 | |
| - | | |
| - | |
Paid-in-capital related to: | |
| | | |
| | |
Class A Common stock, no par value; 150,000,000 shares authorized, 7,877,842 issued and outstanding as of March 31, 2024 and December 31, 2023 | |
| - | | |
| | |
Class B Common stock, no par value; 100 shares authorized, 100 issued and outstanding as of March 31, 2024 and December 31, 2023 | |
| 15,814 | | |
| 15,740 | |
Paid-in-capital related to common stock, value | |
| 15,814 | | |
| 15,740 | |
Accumulated deficit | |
| (2,785 | ) | |
| (2,712 | ) |
Accumulated other comprehensive loss | |
| (5,468 | ) | |
| (5,234 | ) |
Total stockholders’ equity | |
| 7,561 | | |
| 7,794 | |
Total liabilities and stockholders’ equity | |
$ | 25,348 | | |
$ | 26,526 | |
See
accompanying notes to unaudited condensed consolidated financial statements.
Strong
Global Entertainment, Inc. and Subsidiaries
Condensed
Consolidated Statements of Operations
Three
Months Ended March 31, 2024 and 2023
(In
thousands, except per share data)
(Unaudited)
| |
2024 | | |
2023 | |
| |
Three Months Ended March 31, | |
| |
2024 | | |
2023 | |
Net product sales | |
$ | 8,022 | | |
$ | 7,204 | |
Net service revenues | |
| 3,048 | | |
| 2,747 | |
Total net revenues | |
| 11,070 | | |
| 9,951 | |
Cost of products | |
| 5,938 | | |
| 5,465 | |
Cost of services | |
| 2,475 | | |
| 2,166 | |
Total cost of revenues | |
| 8,413 | | |
| 7,631 | |
Gross profit | |
| 2,657 | | |
| 2,320 | |
Selling and administrative expenses: | |
| | | |
| | |
Selling | |
| 518 | | |
| 534 | |
Administrative | |
| 1,959 | | |
| 1,240 | |
Total selling and administrative expenses | |
| 2,477 | | |
| 1,774 | |
Income from operations | |
| 180 | | |
| 546 | |
Other income (expense): | |
| | | |
| | |
Interest expense, net | |
| (115 | ) | |
| (56 | ) |
Foreign currency transaction gain | |
| 162 | | |
| 117 | |
Other income, net | |
| 25 | | |
| 12 | |
Total other income | |
| 72 | | |
| 73 | |
Income tax expense | |
| (133 | ) | |
| (55 | ) |
Net income from continuing operations | |
| 119 | | |
| 564 | |
Net loss from discontinued operations (Note 3) | |
| (192 | ) | |
| (191 | ) |
Net (loss) income | |
$ | (73 | ) | |
$ | 373 | |
| |
| | | |
| | |
Basic net (loss) income per share: | |
| | | |
| | |
Continuing operations | |
$ | 0.01 | | |
$ | 0.09 | |
Discontinued operations | |
| (0.02 | ) | |
| (0.03 | ) |
Basic net (loss) income per share | |
$ | (0.01 | ) | |
$ | 0.06 | |
| |
| | | |
| | |
Diluted net (loss) income per share: | |
| | | |
| | |
Continuing operations | |
$ | 0.01 | | |
$ | 0.09 | |
Discontinued operations | |
| (0.02 | ) | |
| (0.03 | ) |
Diluted net (loss) income per share | |
$ | (0.01 | ) | |
$ | 0.06 | |
| |
| | | |
| | |
Weighted-average shares used in computing net (loss) income per share: | |
| | | |
| | |
Basic | |
| 7,877 | | |
| 6,000 | |
Diluted | |
| 7,883 | | |
| 6,000 | |
See
accompanying notes to unaudited condensed consolidated financial statements.
Strong
Global Entertainment, Inc. and Subsidiaries
Condensed
Consolidated Statements of Comprehensive (Loss) Income
Three
Months Ended March 31, 2024 and 2023
(In
thousands)
(Unaudited)
| |
2024 | | |
2023 | |
| |
Three Months Ended March 31, | |
| |
2024 | | |
2023 | |
Net loss | |
$ | (73 | ) | |
$ | 373 | |
Currency translation adjustment: | |
| | | |
| | |
Unrealized net change arising during period | |
| (234 | ) | |
| (72 | ) |
Total other comprehensive loss | |
| (234 | ) | |
| (72 | ) |
Comprehensive (loss) income | |
$ | (307 | ) | |
$ | 301 | |
See
accompanying notes to unaudited condensed consolidated financial statements.
Strong
Global Entertainment, Inc. and Subsidiaries
Condensed
Consolidated Statements of Stockholders’ Equity
Three
Months Ended March 31, 2024 and 2023
(In
thousands)
(Unaudited)
| |
Class A
Common Stock
(Shares) | | |
Class B
Common Stock
(Shares) | | |
Paid-In
Capital | | |
Accumulated
Deficit | | |
Accumulated
Other
Comprehensive
Loss | | |
Total | |
Balance at December 31, 2023 | |
| 7,877 | | |
| 100 | | |
$ | 15,740 | | |
$ | (2,712 | ) | |
$ | (5,234 | ) | |
$ | 7,794 | |
Cumulative effect of adoption of accounting principle | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net loss | |
| - | | |
| - | | |
| - | | |
| (73 | ) | |
| - | | |
| (73 | ) |
Net other comprehensive loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| (234 | ) | |
| (234 | ) |
Stock-based compensation expense | |
| - | | |
| - | | |
| 74 | | |
| - | | |
| - | | |
| 74 | |
Net transfer to parent | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance at March 31, 2024 | |
| 7,877 | | |
| 100 | | |
$ | 15,814 | | |
$ | (2,785 | ) | |
$ | (5,468 | ) | |
$ | 7,561 | |
| |
Net Parent
Investment | | |
Accumulated
Other
Comprehensive
Loss | | |
Total | |
Balance at December 31, 2022 | |
$ | 14,228 | | |
$ | (5,024 | ) | |
$ | 9,204 | |
Balance | |
$ | 14,228 | | |
$ | (5,024 | ) | |
$ | 9,204 | |
Cumulative effect of adoption of accounting principle | |
| (24 | ) | |
| - | | |
| (24 | ) |
Net income | |
| 373 | | |
| | | |
| 373 | |
Net income (loss) | |
| 373 | | |
| | | |
| 373 | |
Net other comprehensive loss | |
| - | | |
| (72 | ) | |
| (72 | ) |
Stock-based compensation expense | |
| 18 | | |
| - | | |
| 18 | |
Net transfer to parent | |
| (1,217 | ) | |
| - | | |
| (1,217 | ) |
Balance at March 31, 2023 | |
$ | 13,378 | | |
$ | (5,096 | ) | |
$ | 8,282 | |
Balance | |
$ | 13,378 | | |
$ | (5,096 | ) | |
$ | 8,282 | |
See
accompanying notes to unaudited condensed consolidated financial statements.
Strong
Global Entertainment, Inc. and Subsidiaries
Condensed
Consolidated Statements of Cash Flows
Three
Months Ended March 31, 2024 and 2023
(In
thousands)
(Unaudited)
| |
2024 | | |
2023 | |
| |
Three Months Ended March 31, | |
| |
2024 | | |
2023 | |
Cash flows from operating activities: | |
| | | |
| | |
Net income from continuing operations | |
$ | 119 | | |
$ | 564 | |
Adjustments to reconcile net income to net cash (used in) provided by operating activities: | |
| | | |
| | |
Provision for (recovery of) doubtful accounts | |
| 18 | | |
| (18 | ) |
Provision for obsolete inventory | |
| 14 | | |
| 14 | |
Provision for warranty | |
| 10 | | |
| 44 | |
Depreciation and amortization | |
| 153 | | |
| 179 | |
Gain on acquisition of ICS assets | |
| (23 | ) | |
| - | |
Amortization and accretion of operating leases | |
| 158 | | |
| 16 | |
Deferred income taxes | |
| 10 | | |
| (19 | ) |
Stock-based compensation expense | |
| 74 | | |
| 18 | |
Changes in operating assets and liabilities: | |
| | | |
| | |
Accounts receivable | |
| 527 | | |
| 593 | |
Inventories | |
| (419 | ) | |
| (284 | ) |
Current income taxes | |
| 102 | | |
| 130 | |
Other assets | |
| (216 | ) | |
| (418 | ) |
Accounts payable and accrued expenses | |
| (693 | ) | |
| (135 | ) |
Deferred revenue and customer deposits | |
| 555 | | |
| 618 | |
Operating lease obligations | |
| (154 | ) | |
| (19 | ) |
Net cash provided by operating activities from continuing operations | |
| 235 | | |
| 1,283 | |
Net cash used in operating activities from discontinued operations | |
| (492 | ) | |
| (513 | ) |
Net cash (used in) provided by operating activities | |
| (257 | ) | |
| 770 | |
| |
| | | |
| | |
Cash flows from investing activities: | |
| | | |
| | |
Capital expenditures | |
| (22 | ) | |
| (75 | ) |
Net cash used in investing activities from continuing operations | |
| (22 | ) | |
| (75 | ) |
Net cash used in investing activities from discontinued operations | |
| - | | |
| (83 | ) |
Net cash used in investing activities | |
| (22 | ) | |
| (158 | ) |
| |
| | | |
| | |
Cash flows from financing activities: | |
| | | |
| | |
Principal payments on short-term debt | |
| (21 | ) | |
| (250 | ) |
Principal payments on long-term debt | |
| (67 | ) | |
| (9 | ) |
Borrowings under credit facility | |
| 2,839 | | |
| 1,596 | |
Repayments under credit facility | |
| (2,765 | ) | |
| (225 | ) |
Payments on finance lease obligations | |
| (61 | ) | |
| (25 | ) |
Net cash transferred to parent | |
| - | | |
| (1,217 | ) |
Net cash used in financing activities from continuing operations | |
| (75 | ) | |
| (130 | ) |
Net cash provided by financing activities from discontinued operations | |
| - | | |
| - | |
Net cash used in financing activities | |
| (75 | ) | |
| (130 | ) |
| |
| | | |
| | |
Effect of exchange rate changes on cash and cash equivalents | |
| (5 | ) | |
| (20 | ) |
Net increase in cash and cash equivalents from continuing operations | |
| 133 | | |
| 1,058 | |
Net decrease in cash and cash equivalents from discontinued operations | |
| (492 | ) | |
| (596 | ) |
Net (decrease) increase in cash and cash equivalents | |
| (359 | ) | |
| 462 | |
Cash and cash equivalents at beginning of period | |
| 5,470 | | |
| 3,615 | |
Cash and cash equivalents at end of period | |
$ | 5,111 | | |
$ | 4,077 | |
See
accompanying notes to unaudited condensed consolidated financial statements.
Strong
Global Entertainment, Inc. and Subsidiaries
Notes
to the Condensed Consolidated Financial Statements
(Unaudited)
1.
Nature of Operations
Strong
Global Entertainment, Inc. (“Strong Global Entertainment,” or the “Company”) is a leader in the entertainment
industry providing mission critical products and services to cinema exhibitors and entertainment venues for over 90 years. The Company
is a holding company and conducts business through its wholly-owned operating subsidiaries: Strong/MDI Screen Systems, Inc. (“Strong/MDI”)
is a leading premium screen and projection coatings supplier in the world, and Strong Technical Services, Inc. (“STS”) provides
comprehensive managed service offerings with 24/7/365 support nationwide to ensure solution uptime and availability.
On
May 15, 2023, the Company completed an initial public offering (“IPO”) of its Class A Voting Common Shares without par
value (“Common Shares”). The IPO closed on May 18, 2023 and the Company completed its separation (the
“Separation”) from Fundamental Global Inc., formerly FG Group Holdings, Inc (“Fundamental Global”). The
Company’s Common Shares are listed on the NYSE American under the ticker symbol “SGE.”
On
February 29, 2024, FG Financial Group, Inc. (“FG Financial”), and FG Group Holdings completed a merger transaction (the “Merger”).
Pursuant to the terms of the Merger Agreement, FG Group Holdings became a wholly owned subsidiary of FG Financial. Following the
Merger, FG Financial changed its name to Fundamental Global Inc. (“Fundamental Global”). As a result of the Merger, the
Company’s indirect controlling shareholder changed from FG Group Holdings to Fundamental Global.
2.
Summary of Significant Accounting Policies
Basis
of Presentation
The
condensed consolidated financial statements include the accounts of the Company and all majority-owned and controlled domestic and
foreign subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation.
These
condensed consolidated financial statements are presented in accordance with the requirements of interim financial data and consequently
do not include all of the disclosures normally required by GAAP for annual reporting purposes, such as those made in the Company’s
audited financial statements Company’s Annual Report on Form 10-K. The results for interim periods are not necessarily indicative
of trends or results expected for a full fiscal year.
The
condensed consolidated balance sheet as of December 31, 2023, was derived from the Company’s audited consolidated balance sheet
as of that date. All other condensed consolidated financial statements contained herein are unaudited and, in the opinion of management,
reflect all adjustments of a normal recurring nature necessary to present a fair statement of the financial position and the results
of operations and cash flows for the respective interim periods.
In
May 2023, the Company became a standalone publicly traded company, and its financial statements post-Separation are prepared on a
consolidated basis. The combined financial statements for all periods presented prior to the Separation (see below for additional
information) are now also referred to as “condensed consolidated financial statements.” In connection with the
Separation, the Company’s assets and liabilities were transferred to the Company on a carry-over (historical cost)
basis.
The
Company’s fiscal year begins on January 1 of the year stated and ends on December 31 of the same year. Unless otherwise indicated,
all references to “dollars” and “$” in this Quarterly Report on Form 10-Q are to, and amounts are presented in,
U.S. dollars.
For
Periods Prior to the Separation
Prior
to the Separation, the Company’s financial statements were derived from the condensed consolidated financial statements and
accounting records of Fundamental Global as if Strong Global Entertainment had operated on a stand-alone basis during the periods
presented and were prepared in accordance with U.S. Generally Accepted Accounting Principles (“U.S. GAAP”) and pursuant
to the regulations of the U.S. Securities and Exchange Commission. Historically, Strong Global Entertainment was reported as an
operating segment within Fundamental Global’ reportable segments and did not operate as a stand-alone company. Accordingly, Fundamental Global historically reported the financial position and the related results of operations, cash flows and changes in equity
of Strong Global Entertainment as a component of Fundamental Global’s condensed consolidated financial statements.
Prior
to the Separation, the historical results of operations included allocations of Fundamental Global’s costs and expenses including
Fundamental Global’s corporate function which incurred a variety of expenses including, but not limited to, information technology,
human resources, accounting, sales and sales operations, procurement, executive services, legal, corporate finance and communications.
For
periods prior to the Separation, the operating results of Strong Global Entertainment have historically been disclosed as a
reportable segment within the condensed consolidated financial statements of Fundamental Global enabling identification of directly
attributable transactional information, functional departments and headcount. The combined balance sheets were primarily derived by
reference to one, or a combination, of Strong Global Entertainment transaction-level information, functional department or
headcount. Revenue and Cost of revenue were derived from transactional information specific to Strong Global Entertainment products
and services. Directly attributable operating expenses were derived from activities relating to Strong Global Entertainment
functional departments and headcount. Certain additional costs, including compensation costs for corporate employees, have been
allocated from Fundamental Global. The allocated costs for corporate functions included, but were not limited to, information
technology, legal, finance and accounting, human resources, tax, treasury, research and development, sales and marketing activities,
shared facilities and other shared services, which are not provided at the Strong Global Entertainment level. These costs were
allocated on a basis of revenue, headcount or other measures Strong Global Entertainment has determined as reasonable.
Strong
Global Entertainment employees also historically participated in Fundamental Global’s stock-based incentive plans, in the form of
restricted stock units (“RSUs”) and stock options issued pursuant to Fundamental Global’s employee stock plan. Stock-based
compensation expense has been directly reported by Strong Global Entertainment based on the awards and terms previously granted to Fundamental Global’s employees.
Allocations
for management costs and corporate support services provided to Strong Global Entertainment prior to the Separation totaled $0.2
million for the three months ended March 31, 2023, all of which is included in general and administrative expenses. Following the
Separation, Strong Global Entertainment operates as a stand-alone publicly traded company and the condensed consolidated financial
statements for the periods after the Separation reflect the Company’s actual administrative costs of operating as an
independent entity. The management of Strong Global Entertainment believes the assumptions underlying the combined financial
statements, including the assumptions regarding the allocated expenses prior to the Separation, reasonably reflect the utilization
of services provided, or the benefit received by, Strong Global Entertainment during the periods presented. Nevertheless, the
combined financial statements may not be indicative of Strong Global Entertainment’s future performance, do not necessarily
include all of the actual expenses that would have been incurred had Strong Global Entertainment been an independent entity during
the historical periods and may not reflect the results of operations, financial position, and cash flows had Strong Global
Entertainment been a stand-alone company during the periods presented.
The
operations of the Company are included in the consolidated U.S. federal, and certain state and local and foreign income tax returns filed
by Fundamental Global, where applicable. Income tax expense and other income tax related information contained in the financial statements
prior to the Separation are presented on a separate return basis as if Strong Global Entertainment had filed its own tax returns.
Use
of Management Estimates
The
preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the
date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting
period. Actual results and changes in facts and circumstances may alter such estimates and affect results of operations and
financial position in future periods.
The
coronavirus pandemic (“COVID-19”) had an unprecedented impact to consumer behaviors and our customers, particularly our customers’
ability and willingness to purchase our products and services. The Company believes that consumer reticence to engage in outside-the-home
activities, caused by the risk of contracting COVID-19, has abated, and our customers have resumed more typical, pre-COVID-19 purchasing
behaviors. And while we believe our customers made significant progress in its recovery from the pandemic, the impact of COVID-19 on
inflation and supply chains and the continued economic recovery will be contingent upon several key factors, including the volume of
new film content available, the box office performance of new film content released, the duration of the exclusive theatrical release
window, and evolving consumer behavior with competition from other forms of in- and out-of-home entertainment. There can be no assurances
that there will be no additional public health crises, including further resurgence or variants of COVID-19, which could reverse the
current trend and have a negative impact on the Company’s results of operations. Our results of operations in future periods may
continue to be adversely impacted by inflationary pressures and global supply chain issues, and other negative effects on global economic
conditions.
Cash
and Cash Equivalents
All
short-term, highly liquid financial instruments are classified as cash equivalents in the condensed consolidated balance sheets and statements
of cash flows. Generally, these instruments have maturities of three months or less from date of purchase. As of March 31, 2024, $0.9
million of the $5.1 million in cash and cash equivalents was held in Canada.
Accounts
Receivable
Trade
accounts receivable are recorded at the invoiced amount and do not bear interest. Management determines the allowance for expected
credit losses based on several factors, including overall customer credit quality, historical write-off experience and a specific
analysis that projects the ultimate collectability of the account. As such, these factors may change over time causing the allowance
level and provision for expected credit losses to be adjusted accordingly. The accounts receivable balances on the condensed
consolidated balance sheets are net of an allowance for expected credit losses of $0.2
million as of both March 31, 2024 and December 31, 2023. Past due accounts are written off when our efforts have been unsuccessful
in collecting amounts due.
Income
Taxes
Income
taxes are accounted for under the asset and liability method. The Company uses an estimate of its annual effective rate at each interim
period based on the facts and circumstances at the time while the actual effective rate is calculated at year-end. Deferred tax assets
and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts
of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets
and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences
are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in
income in the period that includes the enactment date. In assessing whether the deferred tax assets are realizable, management considers
whether it is more likely than not that some portion or all of the deferred tax assets will not be realized.
The
Company’s uncertain tax positions are evaluated in a two-step process, whereby 1) the Company determines whether it is more likely
than not that the tax positions will be sustained based on the technical merits of the position and 2) for those tax positions that meet
the more likely than not recognition threshold, the Company would recognize the largest amount of tax benefit that is greater than fifty
percent likely to be realized upon ultimate settlement with the related tax authority. The Company accrues interest and penalties related
to uncertain tax positions in the condensed consolidated statements of operations as income tax expense.
Stock
Compensation Plans
Prior
to the Separation, the Company’s employees participated in Fundamental Global’s stock-based compensation plans. Stock-based
compensation expense has been allocated to the Company based on the awards and terms previously granted to Fundamental Global’s employees.
The Company measures stock-based compensation at the grant date based on the fair value of the award. The fair value of stock options
is estimated using the Black-Scholes option pricing model. Estimated compensation cost relating to RSUs is based on the closing fair
market value of Fundamental Global’s common stock on the date of grant.
The
Company recognizes compensation expense for all stock-based payment awards based on estimated fair values on the date of grant. The Company
uses the straight-line amortization method over the vesting period of the awards. The Company has historically issued shares upon exercise
of stock options or vesting of restricted stock from new stock issuances. Management estimates the fair value of restricted stock awards
based upon the closing market price of the underlying Common Shares on the date of grant. The fair value of stock options granted is
calculated using the Black-Scholes option pricing model. No stock-based compensation cost was capitalized as a part of inventory in during
the three months ended March 31, 2024 and March 31, 2023.
Fair
Value of Financial Instruments
Assets
and liabilities measured at fair value are categorized into a fair value hierarchy based upon the observability of inputs to the valuation
of an asset or liability as of the measurement date. Inputs refer broadly to the assumptions that market participants would use in pricing
the asset or liability, including assumptions about risk. The categorization within the valuation hierarchy is based upon the lowest
level of input that is significant to the fair value measurement. Financial assets and liabilities carried at fair value are classified
and disclosed in one of the following three categories:
|
● |
Level
1 – inputs to the valuation techniques are quoted prices in active markets for identical assets or liabilities |
|
● |
Level
2 – inputs to the valuation techniques are other than quoted prices but are observable for the assets or liabilities, either
directly or indirectly |
|
● |
Level
3 – inputs to the valuation techniques are unobservable for the assets or liabilities |
The
following tables present the Company’s financial assets measured at fair value based upon the level within the fair value hierarchy
in which the fair value measurements are classified, as of March 31, 2024 and December 31, 2023.
Fair
values measured on a recurring basis at March 31, 2024 (in thousands):
Schedule of Fair Values Measured on Recurring Basis
| |
Level 1 | | |
Level 2 | | |
Level 3 | | |
Total | |
Cash and cash equivalents | |
$ | 5,111 | | |
$ | - | | |
$ | - | | |
$ | 5,111 | |
Total | |
$ | 5,111 | | |
$ | - | | |
$ | - | | |
$ | 5,111 | |
Fair
values measured on a recurring basis at December 31, 2023 (in thousands):
| |
Level 1 | | |
Level 2 | | |
Level 3 | | |
Total | |
Cash and cash equivalents | |
$ | 5,470 | | |
$ | - | | |
$ | - | | |
$ | 5,470 | |
Total | |
$ | 5,470 | | |
$ | - | | |
$ | - | | |
$ | 5,470 | |
The
Company’s short-term debt is recorded at historical cost. The carrying values of all other financial assets and liabilities,
including accounts receivable, accounts payable, and short-term debt reported in the condensed consolidated balance sheets equal or
approximate their fair values due to the short-term nature of these instruments.
All
non-financial assets that are not recognized or disclosed at fair value in the financial statements on a recurring basis, which include
non-financial long-lived assets, are measured at fair value in certain circumstances (for example, when there is evidence of impairment).
Leases
The
Company and its subsidiaries lease plant and office facilities and equipment under operating and finance leases expiring through 2038.
See Note 15 for additional details related to the lease for the Company’s manufacturing facility in Quebec, Canada.
The
Company determines if a contract is or contains a lease at inception or modification of a contract. A contract is or contains a lease
if the contract conveys the right to control the use of an identified asset for a period in exchange for consideration. Control over
the use of the identified asset means the lessee has both (a) the right to obtain substantially all of the economic benefits from the
use of the asset and (b) the right to direct the use of the asset.
Right-of-use
assets and liabilities are recognized based on the present value of future minimum lease payments over the expected lease term at commencement
date. Certain of the leases contain extension options; however, the Company has not included such options as part of its right-of-use
assets and lease liabilities because it does not expect to extend the leases. The Company measures and records a right-of-use asset and
lease liability based on the discount rate implicit in the lease, if known. In cases where the discount rate implicit in the lease is
not known, the Company measures the right-of-use assets and lease liabilities using a discount rate equal to the Company’s estimated
incremental borrowing rate for loans with similar collateral and duration.
The
Company elected to not apply the recognition requirements of Accounting Standards Codification Topic 842, “Leases,” to leases
of all classes of underlying assets that, at the commencement date, have a lease term of 12 months or less and do not include an option
to purchase the underlying asset that the lessee is reasonably certain to exercise. Instead, lease payments for such short-term leases
are recognized in operations on a straight-line basis over the lease term and variable lease payments in the period in which the obligation
for those payments is incurred.
The
Company elected, as a lessee, for all classes of underlying assets, to not separate nonlease components from lease components and instead
to account for each separate lease component and the nonlease components associated with that lease component as a single lease component.
Recent
Issued Accounting Pronouncements
In
December 2023, the Financial Accounting Standards Board issued ASU 2023-09, Improvements to Income Tax Disclosures. The ASU requires
disaggregated information about a reporting entity’s effective tax rate reconciliation as well as additional information on income
taxes paid. The ASU is effective on a prospective basis for annual periods beginning after December 15, 2024, with early adoption permitted.
The new ASU will not impact amounts recorded in the Company’s financial statements but instead, will require more detailed disclosures
in the footnotes to the financial statements. The Company plans to provide the updated disclosures required by the ASU in the periods
in which they are effective.
3.
Discontinued Operations
In
March 2022, Strong Studios, Inc. (“Strong Studios”) acquired, from Landmark Studio Group LLC (“Landmark”), the rights to original feature films and
television series, and was assigned third party rights to content for global multiplatform distribution. The transaction entailed the
acquisition of certain projects which are in varying stages of development. During the second quarter of 2022, Safehaven 2022, Inc. (“Safehaven
2022”) was established to manage the production and financing of the Safehaven television series, one of the in-process
projects acquired from Landmark.
In
September 2023, the Company acquired all of the outstanding capital stock of Unbounded Media Corporation (“Unbounded”), an independent media and creative production
company. Unbounded developed, created and produced film, advertising, and branded content for a broad range of clients. The Company expected
Unbounded, in partnership with Strong Studios, would also further develop its original IP portfolio, under its Fieldhouse Entertainment
division, which included feature films employing Strong Studios’ long form production expertise and industry network.
As
of December 31, 2023, the board of directors of Strong Global Entertainment approved the Company’s plan to exit its content business,
including Strong Studios and Unbounded and authorized management to proceed with such plan. The plan is expected to improve the Company’s
focus on its core businesses, reduce general and administrative costs, and improve financial performance. The Company may receive proceeds
from the disposition of certain parts of the business and could recover development costs incurred in certain of the Strong Studios projects
in the future; however, any recovery is highly speculative, and management is not able to estimate the amount, timing or likelihood of
recoveries. These estimates may change based on the ultimate disposition of the operations and potential recoveries.
Management
evaluated the classification of the content business as a discontinued operation as of December 31, 2023. The content business
included employees and operations that were dedicated solely to that portion of the overall business. In addition, the
Company’s accounting system and bank accounts were set up in a manner that allowed for the cash flows to be clearly
distinguished from the rest of the entity. Management determined its content business is a component of an entity and represented a
discontinued operation effective December 31, 2023. As noted above, management began implementing the exit plan in late December
2023. All employees of the content business were notified of the Company’s plans to exit the business in December and
management immediately began working to implement the exit plan.
In
connection with the plan to exit the content business, the Company shut down the acquired Unbounded operations effective December 31,
2023.
The
Company also entered into a letter of intent during December 2023 and executed a Stock Purchase Agreement effective January 1, 2024 for
the sale of the majority of the Strong Studios operations. As a result, the Company has classified the assets and liabilities to reflected
as discontinued operations as of December 31, 2023. The assets and liabilities transferred to the purchaser during the first quarter of 2024.
Pursuant
to the Stock Purchase Agreement, the Company transferred the Strong Studios legal entity and all assets and liabilities related to Strong
Studios, except the assets and liabilities related to Safehaven. The Stock Purchase Agreement included a sales price of $0.6 million
in cash, to be paid in installments, and assumption of certain liabilities of Strong Studios. In addition to the $0.6 million purchase
price, the Company could recoup its investments in the underlying projects in the future if they projects are profitably commercialized.
The first installment payment was due in February 2024, but the payment has not been received from the purchaser, and the Company is
uncertain if the cash purchase price will ultimately be received. As a result, the Company has adjusted the carrying value of the net
assets related to Strong Studios to $0.
The
Safehaven series, a fully complete and readily marketable project under Strong Studios, was not transferred as part of the sale.
The Safehaven series was completed in mid-2023, and the Company and the other investors in the series began marketing the project
for sale during the second half of 2023. Currently, the parties are involved in a dispute relating to the financial management of the
project. The Company is working to resolve the dispute and management’s intent is to fully exit the project during 2024. As a result
of the ongoing dispute and the impact on the Company’s ability to predict any future revenue participation from the sale/license
of the series, the carrying value of the assets and liabilities has been adjusted to $0.
The
major classes of assets and liabilities included as part of discontinued operations are as follows (in thousands):
Schedule of Assets and Liabilities Included as Part of Discontinued Operations
| |
March 31,
2024 | | |
December 31,
2023 | |
Accounts receivable, net | |
$ | - | | |
$ | 27 | |
Other current assets | |
| - | | |
| 7 | |
Film & TV programming rights | |
| - | | |
| 906 | |
Total assets of discontinued operations | |
$ | - | | |
$ | 940 | |
| |
| | | |
| | |
Accounts payable and accrued expenses | |
$ | 90 | | |
$ | 1,321 | |
Long-term debt, net of current portion | |
| 71 | | |
| 71 | |
Total liabilities of discontinued operations | |
$ | 161 | | |
$ | 1,392 | |
The
major line items constituting the net loss from discontinued operations are as follows (in thousands):
Schedule of Net Loss From Discontinued Operations
| |
March 31,
2024 | | |
March 31,
2023 | |
| |
Three Months Ended | |
| |
March 31,
2024 | | |
March 31,
2023 | |
Net revenues | |
$ | - | | |
$ | - | |
Cost of revenues | |
| 95 | | |
| - | |
Gross profit | |
| (95 | ) | |
| - | |
Selling and administrative expenses | |
| 95 | | |
| 192 | |
Gain on disposal of assets | |
| - | | |
| 1 | |
Loss from operations | |
| (190 | ) | |
| (191 | ) |
Other expense | |
| (2 | ) | |
| - | |
Loss from discontinued operations | |
| (192 | ) | |
| (191 | ) |
Income tax expense | |
| - | | |
| - | |
Net loss from discontinued operations | |
$ | (192 | ) | |
$ | (191 | ) |
4.
Revenue
The
Company accounts for revenue using the following steps:
|
● |
Identify
the contract, or contracts, with a customer; |
|
● |
Identify
the performance obligations in the contract; |
|
● |
Determine
the transaction price; |
|
● |
Allocate
the transaction price to the identified performance obligations; and |
|
● |
Recognize
revenue when, or as, the Company satisfies the performance obligations. |
The
Company combines contracts with the same customer into a single contract for accounting purposes when the contracts are entered into
at or near the same time and the contracts are negotiated as a single commercial package, consideration in one contract depends on
the other contract, or the services are considered a single performance obligation. If an arrangement involves multiple performance
obligations, the items are analyzed to determine whether they are distinct, whether the items have value on a standalone basis, and
whether there is objective and reliable evidence of their standalone selling price. The total contract transaction price is
allocated to the identified performance obligations based upon the relative standalone selling prices of the performance
obligations. The standalone selling price is based on an observable price for services sold to other comparable customers, when
available, or an estimated selling price using a cost-plus margin approach. Management estimates the amount of total contract
consideration it expects to receive for variable arrangements by determining the most likely amount it expects to earn from the
arrangement based on the expected quantities of services it expects to provide and the contractual pricing based on those
quantities. The Company only includes a portion of variable consideration in the transaction price when it is probable that a
significant reversal in the amount of cumulative revenue recognized will not occur or when the uncertainty associated with the
variable consideration is subsequently resolved. The Company considers the sensitivity of the estimate, its relationship and
experience with the client and variable services being performed, the range of possible revenue amounts and the magnitude of the
variable consideration to the overall arrangement.
As
discussed in more detail below, revenue is recognized when a customer obtains control of promised goods or services under the terms of
a contract and is measured as the amount of consideration the Company expects to receive in exchange for transferring goods or providing
services. The Company typically does not have any material extended payment terms, as payment is due at or shortly after the time of
the sale. Sales, value-added and other taxes collected concurrently with revenue producing activities are excluded from revenue.
The
Company recognizes contract assets or unbilled receivables related to revenue recognized for services completed but not yet invoiced
to the clients. Unbilled receivables are recorded as accounts receivable when the Company has an unconditional right to contract consideration.
A contract liability is recognized as deferred revenue when the Company invoices clients, or receives cash, in advance of performing
the related services under the terms of a contract. Deferred revenue is recognized as revenue when the Company has satisfied the related
performance obligation.
The
Company defers costs to acquire contracts, including commissions, incentives and payroll taxes, if they are incremental and recoverable
costs of obtaining a customer contract with a term exceeding one year. Deferred contract costs are reported within other assets and amortized
to selling expense over the contract term, which generally ranges from one to five years. The Company has elected to recognize the incremental
costs of obtaining a contract with a term of less than one year as a selling expense when incurred. The Company did not have any deferred
contract costs as of March 31, 2024 or December 31, 2023.
The
following tables disaggregate the Company’s revenue by major source for the three months ended March 31, 2024 and 2023 (in thousands):
Schedule of Disaggregation of Revenue
| |
Three
Months Ended
March 31, 2024 | | |
Three Months Ended
March 31, 2023 | |
Screen system sales | |
$ | 3,035 | | |
$ | 2,958 | |
Digital equipment sales | |
| 4,238 | | |
| 3,526 | |
Extended warranty sales | |
| 58 | | |
| 51 | |
Other product sales | |
| 691 | | |
| 669 | |
Total product sales | |
| 8,022 | | |
| 7,204 | |
Field maintenance and monitoring services | |
| 1,909 | | |
| 1,891 | |
Installation services | |
| 936 | | |
| 802 | |
Other service revenues | |
| 203 | | |
| 54 | |
Total service revenues | |
| 3,048 | | |
| 2,747 | |
Total | |
$ | 11,070 | | |
$ | 9,951 | |
Total revenue | |
$ | 11,070 | | |
$ | 9,951 | |
Screen
system sales
The
Company typically recognizes revenue on the sale of its screen systems when control of the screen is transferred to the customer,
usually at time of shipment. However, revenue is recognized upon delivery for certain international shipments with longer shipping
transit times because control transfers upon delivery to the customer. The cost of freight and shipping to the customer is
recognized in cost of sales at the time of transfer of control to the customer. For contracts that are long-term in nature, the
Company believes that the use of the percentage-of-completion method is appropriate as management has the ability to make reasonably
dependable estimates of the extent of progress towards completion, contract revenues, and contract costs. Under the
percentage-of-completion method, revenue is recorded based on the ratio of actual costs incurred to total estimated costs expected
to be incurred related to the contract.
Digital
equipment sales
The
Company recognizes revenue on sales of digital equipment when the control of the equipment is transferred, which typically occurs at
the time of shipment from the Company’s warehouse or drop-shipment from a third party. The cost of freight and shipping to the
customer is recognized in cost of sales at the time of transfer of control to the customer. The Company typically records revenue for
drop-shipment orders on a gross basis as the Company (i) is responsible for fulfilling the order, (ii) has inventory risk, (iii) would
be the recipient of any returned items and (iv) has discretion over pricing. The cost of freight and shipping to the customer is recognized
in cost of sales at the time of transfer of control to the customer.
Field
maintenance and monitoring services
The
Company sells service contracts that provide maintenance and monitoring services to its Strong Entertainment customers. These contracts
are generally 12 months in length. Revenue related to service contracts is recognized ratably over the term of the agreement.
In
addition to selling service contracts, the Company also performs discrete time and materials-based maintenance and repair work for customers.
Revenue related to time and materials-based maintenance and repair work is recognized at the point in time when the performance obligation
has been fully satisfied.
Installation
services
The Company performs installation services for its customers and recognizes
revenue upon completion of the installations.
Extended
warranty sales
The
Company sells extended warranties to its customers. Typically, the Company is the primary obligor, and revenue is recognized on a gross
basis ratably over the term of the extended warranty.
Timing
of revenue recognition
The
following tables disaggregate the Company’s revenue by the timing of transfer of goods or services to the customer for the three
months ended March 31, 2024 and 2023 (in thousands):
Schedule of Disaggregation of Revenue by Timing of Transfer of Goods or Services
| |
Three Months Ended
March 31, 2024 | | |
Three Months Ended
March 31, 2023 | |
Point in time | |
$ | 9,473 | | |
$ | 8,430 | |
Over time | |
| 1,597 | | |
| 1,521 | |
Total | |
$ | 11,070 | | |
$ | 9,951 | |
Total revenue | |
$ | 11,070 | | |
$ | 9,951 | |
At
March 31, 2024, the unearned revenue amount associated with maintenance and monitoring services and extended warranty sales in which
the Company is the primary obligor was $0.4 million. The Company expects to recognize $0.4 million of unearned revenue amounts during
the remainder of 2024 and immaterial amounts during 2025-2026. The amount expected to be recorded during 2024 includes $0.1 million related
to long-term projects for which the Company uses the percentage-of- completion method to recognize revenue.
The
following tables summarize the Company’s revenue by geographic area for the three months ended March 31, 2024 and 2023 (in thousands):
Schedule of Revenue by Geographic Area
| |
Three Months Ended
March 31, 2024 | | |
Three Months Ended
March 31, 2023 | |
United States | |
$ | 9,629 | | |
$ | 8,577 | |
Canada | |
| 163 | | |
| 313 | |
China | |
| 81 | | |
| 22 | |
Mexico | |
| 18 | | |
| - | |
Latin America | |
| 159 | | |
| 256 | |
Europe | |
| 656 | | |
| 396 | |
Asia (excluding China) | |
| 88 | | |
| 153 | |
Other | |
| 276 | | |
| 234 | |
Total | |
$ | 11,070 | | |
$ | 9,951 | |
Total net revenues | |
$ | 11,070 | | |
$ | 9,951 | |
5.
Net Income Per Share
Basic
net income per share has been computed on the basis of the weighted average number of shares of common stock outstanding. In periods
when the Company reported a net loss from continuing operations, there were no differences between average shares used to compute basic
and diluted loss per share as inclusion of stock options and restricted stock units would have been anti-dilutive in those periods. The
weighted average number of shares outstanding for the basic and diluted net income per share for the periods prior to the completion
of the IPO is based on the number of shares of the Company’s common stock outstanding on May 15, 2023, the effective date of the
registration statement relating to the IPO. The following table summarizes the weighted average shares used to compute basic and diluted
net loss per share (in thousands):
Schedule of Earnings Per Share Basic and Diluted
| |
2024 | | |
2023 | |
| |
Three Months Ended March 31, | |
| |
2024 | | |
2023 | |
Weighted average shares outstanding: | |
| | |
| |
Basic weighted average shares outstanding | |
| 7,877 | | |
| 6,000 | |
Dilutive effect of stock options and certain non-vested restricted stock units | |
| 6 | | |
| - | |
Diluted weighted average shares outstanding | |
| 7,883 | | |
| 6,000 | |
6.
Inventories
Inventories
consisted of the following (in thousands):
Schedule of Inventories
| |
March 31, 2024 | | |
December 31, 2023 | |
Raw materials and components | |
$ | 1,975 | | |
$ | 2,021 | |
Work in process | |
| 387 | | |
| 443 | |
Finished goods | |
| 2,084 | | |
| 1,615 | |
Total Inventories | |
$ | 4,446 | | |
$ | 4,079 | |
The
inventory balances are net of reserves of approximately $0.4 million as of both March 31, 2024 and December 31, 2023. The inventory reserves
primarily related to the Company’s finished goods inventory. A rollforward of the inventory reserve for the three months ended
March 31, 2024, is as follows (in thousands):
Schedule of Inventory Reserve
| |
| | |
Inventory
reserve balance at December 31, 2023 | |
$ | 384 | |
Inventory
write-offs during 2024 | |
| (4 | ) |
Provision
for inventory reserve during 2024 | |
| 14 | |
Inventory
reserve balance at March 31, 2024 | |
$ | 394 | |
7.
Other Current Assets
Other
current assets consisted of the following as of March 31, 2024 and December 31, 2023 (in thousands):
Schedule of Other Current Assets
| |
March 31, 2024 | | |
December 31, 2023 | |
Prepaid expenses | |
$ | 600 | | |
$ | 451 | |
Unbilled accounts receivable | |
| 578 | | |
| 552 | |
Other | |
| 86 | | |
| 59 | |
Total | |
$ | 1,264 | | |
$ | 1,062 | |
8.
Property, Plant and Equipment, Net
Property,
plant and equipment, net consisted of the following as of March 31, 2024 and December 31, 2023 (in thousands):
Schedule of Property, Plant and Equipment
| |
March 31, 2024 | | |
December 31, 2023 | |
Buildings and improvements | |
$ | 432 | | |
$ | 433 | |
Machinery and other equipment | |
| 5,070 | | |
| 5,158 | |
Office furniture and fixtures | |
| 805 | | |
| 830 | |
Construction in progress | |
| 2 | | |
| - | |
Total properties, cost | |
| 6,309 | | |
| 6,421 | |
Less: accumulated depreciation | |
| (4,821 | ) | |
| (4,829 | ) |
Property, plant and equipment, net | |
$ | 1,488 | | |
$ | 1,592 | |
9.
Accrued Expenses
Accrued
expenses consisted of the following as of March 31, 2024 and December 31, 2023 (in thousands):
Schedule of Accrued Expenses
| |
March 31, 2024 | | |
December 31, 2023 | |
Employee-related | |
$ | 1,196 | | |
$ | 1,425 | |
Warranty obligation | |
| 367 | | |
| 475 | |
Interest and taxes | |
| 654 | | |
| 546 | |
Legal and professional fees | |
| 418 | | |
| 381 | |
Other | |
| 340 | | |
| 285 | |
Total | |
$ | 2,975 | | |
$ | 3,112 | |
10.
Debt
Short-term
debt and long-term debt consisted of the following as of March 31, 2024 and December 31, 2023 (in thousands):
Schedule of Short-Term Debt and Long-Term Debt
| |
March 31, 2024 | | |
December 31, 2023 | |
Short-term debt: | |
| | | |
| | |
Strong/MDI revolving credit facility | |
$ | 2,453 | | |
$ | 2,438 | |
Insurance debt | |
| - | | |
| 18 | |
Total short-term debt | |
$ | 2,453 | | |
$ | 2,456 | |
| |
| | | |
| | |
Long-term debt: | |
| | | |
| | |
Tenant improvement loan | |
$ | 117 | | |
$ | 126 | |
ICS promissory note | |
| 388 | | |
| 445 | |
Total long-term debt | |
$ | 505 | | |
$ | 571 | |
Less: current portion | |
| (271 | ) | |
| (270 | ) |
Long-term debt, net of current portion | |
$ | 234 | | |
$ | 301 | |
Strong/MDI
Installment Loans and Revolving Credit Facility
In
January 2023, Strong/MDI and CIBC entered into a demand credit agreement (the “2023 Credit Agreement”), which amended and
restated the 2021 Credit Agreement. The 2023 Credit Agreement consists of a revolving line of credit for up to CAD$5.0 million and a
20-year installment loan for up to CAD$3.1 million. Under the 2023 Credit Agreement: (i) the amount outstanding under the line of credit
is payable on demand and bears interest at the lender’s prime rate plus 1.0% and (ii) the amount outstanding under the installment
loan bears interest at the lender’s prime rate plus 0.5% and is payable in monthly installments, including interest, over their
respective borrowing periods. The lender may also demand repayment of the installment loan at any time. The 2023 Credit Agreement is
secured by a lien on Strong/MDI’s Quebec, Canada facility and substantially all of Strong/MDI’s assets. The 2023 Credit Agreement
requires Strong/MDI to maintain a ratio of liabilities to “effective equity” (tangible stockholders’ equity, less amounts
receivable from affiliates and equity holdings) not exceeding 2.5 to 1 and a fixed charge coverage ratio of not less than 1.1 times earnings
before interest, income taxes, depreciation and amortization. The 5-year installment note was paid in full in connection with entering
into the 2023 Credit Agreement. In connection with the IPO, the 20-year installment note did not transfer to the Company. In May 2023,
Strong/MDI and CIBC entered into an amendment to the 2023 Credit Agreement which reduced the amount available under the revolving line
of credit to CAD$3.4 million, and CIBC provided an undertaking to Strong/MDI to a release of CIBC’s security interest in certain
assets to be transferred to a subsidiary in connection with transactions related to the IPO.
On
January 19, 2024, the Company entered into a new demand credit agreement with CIBC. The agreement consists of a demand operating
credit and a business credit card facility. Under the demand operating credit, with certain conditions, the credit limit is the
lesser of (a) CAD$6.0
million or (b) the sum of (i)
80% of Receivable Value, which includes all North American accounts receivable of Strong/MDI and STS, and (ii) 50% of Inventory
Value, but in no event may the amount in this clause (ii) exceed $1.5 million, minus (iii) all Priority Claims (as defined in the demand credit agreement). As of March
31, 2024, there was CAD$3.3
million, or approximately $2.5
million, of principal outstanding on the revolving credit facility, which bears variable interest at 8.2%.
The Company was in compliance with its debt covenants as of March 31, 2024.
Tenant
Improvement Loan
During
the fourth quarter of 2021, the Company entered into a lease for a combined office and warehouse in Omaha, Nebraska. The Company incurred
total costs of approximately $0.4 million to complete the build-out of the new combined office and warehouse facility. The landlord has
agreed to fund approximately 50% of the build-out costs, and the Company is required to repay the portion funded by the landlord in equal
monthly installments through the end of the initial lease term in February 2027. Through the end of 2021, the Company incurred approximately
$0.2 million of total costs to build out the facility, of which approximately $0.1 million was funded by the landlord. The Company completed
the build-out during the first quarter of 2022 and incurred an additional $0.2 million of total costs to complete the build-out, of which
approximately $0.1 million was funded by the landlord.
ICS Promissory Note
As
discussed in Note 5, STS issued a $0.5 million promissory note in connection with the acquisition of ICS. The promissory note will be
repaid in monthly installments through November 2025 and bears fixed interest of 5%.
Contractual
Principal Payments
Contractual
required principal payments on the Company’s long-term debt at March 31, 2024, are as follows (in thousands):
Schedule of Contractual Principal Payments
| |
| | |
Remainder
of 2024 | |
$ | 203 | |
2025 | |
| 253 | |
2026 | |
| 42 | |
2027 | |
| 7 | |
Total | |
$ | 505 | |
11.
Leases
The
following tables present the Company’s lease costs and other lease information (dollars in thousands):
Schedule of Lease Costs and Other Lease Information
| |
March
31, 2024 | | |
March
31, 2023 | |
Lease
cost | |
Three
Months Ended | |
| |
March
31, 2024 | | |
March
31, 2023 | |
Finance
lease cost: | |
| | | |
| | |
Amortization
of right-of-use assets | |
$ | 65 | | |
$ | 29 | |
Interest
on lease liabilities | |
| 27 | | |
| 12 | |
Operating
lease cost | |
| 172 | | |
| 17 | |
Short-term
lease cost | |
| 17 | | |
| 17 | |
Net
lease cost | |
$ | 281 | | |
$ | 75 | |
| |
March
31, 2024 | | |
March
31, 2023 | |
Other
information | |
Three
Months Ended | |
| |
March
31, 2024 | | |
March
31, 2023 | |
Cash
paid for amounts included in the measurement of lease liabilities: | |
| | | |
| | |
Operating
cash flows from finance leases | |
$ | 27 | | |
$ | 12 | |
Operating
cash flows from operating leases | |
$ | 153 | | |
$ | 19 | |
Financing
cash flows from finance leases | |
$ | 61 | | |
$ | 23 | |
| |
As
of March 31, 2024 | |
Weighted-average
remaining lease term - finance leases (years) | |
| 2.1 | |
Weighted-average
remaining lease term - operating leases (years) | |
| 13.2 | |
Weighted-average
discount rate - finance leases | |
| 9.2 | % |
Weighted-average
discount rate - operating leases | |
| 5.1 | % |
The
following table presents a maturity analysis of the Company’s operating and finance lease liabilities as of March 31, 2024 (in
thousands):
Schedule of Operating and Finance Lease Liabilities
| |
Operating
Leases | | |
Finance
Leases | |
Remainder
of 2024 | |
$ | 462 | | |
$ | 263 | |
2025 | |
| 546 | | |
| 600 | |
2026 | |
| 496 | | |
| 468 | |
2027 | |
| 429 | | |
| - | |
2028 | |
| 419 | | |
| - | |
Thereafter | |
| 4,244 | | |
| - | |
Total
lease payments | |
| 6,596 | | |
$ | 1,331 | |
Less:
Amount representing interest | |
| (1,832 | ) | |
| (169 | ) |
Present value of
lease payments | |
| 4,764 | | |
| 1,162 | |
Less:
Current maturities | |
| (403 | ) | |
| (258 | ) |
Lease
obligations, net of current portion | |
$ | 4,361 | | |
$ | 904 | |
12.
Income and Other Taxes
In
assessing the realizability of deferred tax assets, the Company considers whether it is more likely than not that some portion or all
of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of
future taxable income. The Company considers the scheduled reversal of taxable temporary differences, projected future taxable income
and tax planning strategies in making this assessment. A cumulative loss in a particular tax jurisdiction in recent years is a significant
piece of evidence with respect to the realizability that is difficult to overcome. Based on the available objective evidence, including
recent updates to the taxing jurisdictions generating income, the Company concluded that a valuation allowance should be recorded against
all of the Company’s U.S. tax jurisdiction deferred tax assets as of March 31, 2024 and December 31, 2023.
Changes
in tax laws may affect recorded deferred tax assets and liabilities and our effective tax rate in the future. In March 2020, the Coronavirus
Aid, Relief, and Economic Security Act (CARES Act) was enacted and made significant changes to Federal tax laws, including certain changes
that were retroactive to the 2019 tax year. The effects of these changes relate to deferred tax assets and net operating losses; all
of which are offset by valuation allowance. There were no material income tax consequences of this enacted legislation on the reporting
period of these financial statements.
The
Company is subject to possible examinations not yet initiated for Federal purposes for the fiscal years 2020 through 2022. The Company
is also subject to possible examinations for state and local purposes. In most cases, these examinations in the state and local jurisdictions
remain open based on the particular jurisdiction’s statute of limitations.
13.
Stock Based Compensation
The
Company recognizes compensation expense for all stock-based payment awards based on estimated grant date fair values. Stock-based compensation
expense included in selling and administrative expenses approximated $0.1 million and $18,000 for the three months ended March 31, 2024
and March 31, 2023, respectively.
The
Company’s 2023 Share Compensation Plan (the “Plan”) was approved by the Compensation Committee of the Board of Directors
with the discretion to grant stock options, stock appreciation rights, restricted shares, restricted stock units, performance shares,
performance units and other stock-based awards and cash-based awards. Vesting terms vary with each grant and may be subject to vesting
upon a “change in control” of the Company. As of December 31, 2023, approximately 0.6 million shares were available for issuance
under the Plan.
Stock
Options
The
Company did not grant any stock options during the three months ended March 31, 2024. The following table summarizes stock option activity
for the three months ended March 31, 2024:
Summary of Stock Option
| |
Number
of Options | | |
Weighted
Average Exercise Price Per Share | | |
Weighted
Average Remaining Contractual Term (Years) | | |
Aggregate
Intrinsic Value (in thousands) | |
Outstanding
at December 31, 2023 | |
| 156,000 | | |
$ | 3.11 | | |
| 9.4 | | |
$ | - | |
Granted | |
| - | | |
| | | |
| | | |
| | |
Exercised | |
| - | | |
| | | |
| | | |
| | |
Forfeited | |
| (12,500 | ) | |
| 3.11 | | |
| | | |
| | |
Expired | |
| - | | |
| | | |
| | | |
| | |
Outstanding
at March 31, 2024 | |
| 143,500 | | |
$ | 3.11 | | |
| 9.2 | | |
$ | - | |
Exercisable
at March 31, 2024 | |
| - | | |
$ | - | | |
| - | | |
$ | - | |
The
aggregate intrinsic value in the table above represents the total that would have been received by the option holders if all in-the-money
options had been exercised and sold on the date indicated.
As
of March 31, 2024, 143,500 stock option awards have not vested. Unrecognized compensation cost related to non-vested stock options was
approximately $0.2 million, which is expected to be recognized over a weighted average period of 4.2 years.
Restricted
Stock Units
The
Company estimates the fair value of restricted stock awards based upon the closing price of the underlying common stock on the date of
grant. The following table summarizes restricted stock unit activity for the three months ended March 31, 2024:
Summary of Restricted Stock Units Activity
| |
Number
of Restricted Stock Units | | |
Weighted
Average Grant Date Fair Value | |
Non-vested
at December 31, 2023 | |
| 174,000 | | |
$ | 3.52 | |
Granted | |
| - | | |
| | |
Shares
vested | |
| - | | |
| | |
Shares
forfeited | |
| (25,000 | ) | |
| 3.11 | |
Non-vested
at March 31, 2024 | |
| 149,000 | | |
$ | 3.58 | |
As
of March 31, 2024, the total unrecognized compensation cost related to non-vested restricted stock unit awards was approximately $0.3
million, which is expected to be recognized over a weighted average period of 1.8 years.
14.
Commitments, Contingencies and Concentrations
Litigation
The
Company is involved, from time to time, in certain legal disputes in the ordinary course of business. No such disputes, individually
or in the aggregate, are expected to have a material effect on the Company’s business or financial condition.
Fundamental
Global is named as a defendant in personal injury lawsuits based on alleged exposure to asbestos-containing materials. A majority of
the cases involve product liability claims based principally on allegations of past distribution of commercial lighting products
containing wiring that may have contained asbestos. Each case names dozens of corporate defendants in addition to Fundamental
Global. In Fundamental Global’s experience, a large percentage of these types of claims have never been substantiated and have
been dismissed by the courts. Fundamental Global has not suffered any adverse verdict in a trial court proceeding related to
asbestos claims and intends to continue to defend these lawsuits. Under the Fundamental Global Asset Purchase Agreement, the Company
agreed to indemnify Fundamental Global for future losses, if any related to current product liability or personal injury claims
arising out of products sold or distributed in the U.S. by the operations of the businesses being transferred to the Company in the
Separation, in an aggregate amount not to exceed $250,000
per year, as well as to indemnify Fundamental Global for all expenses (including legal fees) related to the defense of such claims.
As of March 31, 2024, the Company has a loss contingency reserve of approximately $0.3
million, of which $0.1
million represents future payments on a settled case and the remaining $0.2
million represents Management’s estimate of its potential losses related to the settlement of open cases. When appropriate,
Fundamental Global may settle additional claims in the future. Management does not expect the resolution of these cases to have a
material adverse effect on its condensed consolidated financial condition, results of operations or cash flows.
On
April 29, 2024, Ravenwood-Productions LLC (“Ravenwood”) and Kevin V. Duncan (“Duncan” and, together with
Ravenwood, the “Plaintiffs”) filed a civil complaint (the “Complaint”) against the Company, certain
affiliated entities, and certain current and former employees, officers and directors of the Company (collectively, the
“Defendants”) in the United States District Court for the Central District of California. The Complaint claims seven
causes of action, each claim against some, or all, of the Defendants. The Plaintiffs seek, among other forms of relief, compensatory
damages and restitution. The Company, along with the other Defendants, deny the allegations in the Complaint, and intend to
vigorously defend against the Complaint, which may include filing counterclaims. Based on information presently available to the
Company and consultation with legal counsel, the Company believes the Complaint is without merit. As of the date hereof, the Company
does not believe a loss related to the Complaint is probable, and no liability or reserve has been established for this
matter, although the Company expects to incur legal fees and other costs related to our defense of these claims.
Concentrations
The
Company’s top ten customers accounted for approximately 50% of consolidated net revenues during the three months ended March 31,
2024. Trade accounts receivable from these customers represented approximately 56% of net consolidated receivables at March 31, 2024.
One of the Company’s customers accounted for more than 10% of both its consolidated net revenues during the three months ended
March 31, 2024 and its net consolidated receivables as of March 31, 2024. While the Company believes its relationships with such customers
are stable, most arrangements are made by purchase order and are terminable at will by either party. A significant decrease or interruption
in business from the Company’s significant customers could have a material adverse effect on the Company’s business, financial
condition and results of operations. The Company could also be adversely affected by such factors as changes in foreign currency rates
and weak economic and political conditions in each of the countries in which the Company sells its products.
Financial
instruments that potentially expose the Company to a concentration of credit risk principally consist of accounts receivable. The Company
sells product to a large number of customers in many different geographic regions. To minimize credit risk, the Company performs ongoing
credit evaluations of its customers’ financial condition.
15.
Related Party Transactions
Related
Party Transactions
In
connection with the IPO, the Company and Fundamental Global entered into a management services agreement that provides a framework for our ongoing
relationship with Fundamental Global. Fundamental Global and its subsidiaries and we and our subsidiaries, provide each other certain services
which include information technology, legal, finance and accounting, human resources, tax, treasury, and other services. Pursuant to
the Management Services Agreement, the charges for these services are generally based on their actual cost basis.
The
Company manufactures its screens in an approximately 80,000 square-foot facility near Montreal, Quebec, Canada, which is owned by FG
Holdings Quebec. The Company and FG Holdings Quebec have entered into a long-term lease agreement covering the Company’s continued
use of the facility.
16.
Subsequent Event
On
May 3, 2024, the Company entered into an acquisition agreement (the “Acquisition Agreement”) with FG Acquisition Corp., a
special purpose acquisition company (“FGAC”), Strong/MDI, FGAC Investors LLC, and CG Investments VII Inc., (together with
FGAC Investors LLC, the “Sponsors”). FGAC’s currently issued and outstanding Class A restricted voting shares (the
“Class A Restricted Voting Shares”) and share purchase warrants (the “Warrants”) are listed on the Toronto Stock
Exchange (the “TSX”). In addition, FGAC has approximately 2.9 million Class B shares (the “Class B Shares”) issued
and outstanding.
Pursuant
to the Acquisition Agreement, FGAC intends to acquire, directly or indirectly, all of the outstanding shares in the capital of Strong/MDI
(the “MDI Acquisition”). As a result of the MDI Acquisition, Strong/MDI will become a wholly-owned subsidiary of FGAC. The
MDI Acquisition values Strong/MDI at a pre-money valuation of $30 million (as adjusted pursuant to the Acquisition Agreement, the “MDI
Equity Value”).
In
connection with the closing of the MDI Acquisition (the “Closing”), FGAC intends to rename itself Saltire Holdings, Ltd.
(“Saltire”). It is a condition of Closing that the common shares of FGA (the “Common Shares”) be listed and the
Warrants continue to be listed on the TSX.
On
Closing, FGAC will satisfy the Purchase Price (as defined in the Acquisition Agreement) with: (i) cash, in an amount equal to 25% of
the net proceeds of a concurrent private placement, if any (the “Cash Consideration”), (ii) the issuance to the Company of
preferred shares (“Preferred Shares”) with an initial preferred share redemption amount of $9.0 million, and (iii) the issuance
to the Company of that number of Common Shares equal to (a) the MDI Equity Value minus (x) the Cash Consideration and (y) the Preferred
Shares, divided by (b) $10.00.
The
Closing is conditional on, among other things, there being no legal impediments to Closing and all required authorizations, consents
and approvals necessary to effect Closing having occurred, or being filed or obtained, as applicable, the Common Shares being conditionally
listed for trading on a stock exchange, the approval of the MDI Acquisition by the holders of Class A Restricted Voting Shares at a meeting
of shareholders to be held in connection with the MDI Acquisition, receipts having been obtained for both the preliminary and final prospectus
and other usual and customary conditions for transactions of this nature. The obligations of the Company at Closing are also conditional
on, among other usual and customary conditions for transactions of this nature, (a) the truth and accuracy of FGAC’s representations
and warranties, (b) the compliance and/ or performance by FGAC of its covenants under the Acquisition Agreement, and (c) there having
been no material adverse change with respect to FGAC. The Closing is also conditional on, among other usual and customary conditions
for transactions of this nature, the following conditions of Closing in favour of FGAC: (a) the truth and accuracy of the Company and
Strong/MDI’s representations and warranties, (b) the compliance and/or performance by the Company and MDI of their covenants under
the Acquisition Agreement, (c) the completion of all required third party authorizations, consents and approvals, and (d) there having
been no material adverse change with respect to Strong/MDI or its business and there being no events, facts or circumstances that shall
have occurred which would result or which could reasonably be expected to result, individually or in the aggregate, in a material adverse
change with respect to Strong/MDI or its business.
It
is anticipated that, upon completion of the MDI Acquisition, on a non-diluted basis and assuming completion of a $10 million private
placement and the issuance of 338,560 Common Shares to CG Investments VII Inc. as consideration for its deferred underwriting fee, the
Company will hold an ownership interest of approximately 29.6% in Saltire.
Item
2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
The
following discussion and analysis should be read in conjunction with the condensed consolidated financial statements and notes thereto
appearing elsewhere in this report. In addition to historical information, this Quarterly Report on Form 10–Q, including management’s
discussion and analysis, contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended
(the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”).
Statements that are not historical are forward-looking and reflect expectations for future Company performance. Forward-looking statements
may be identified by the use of words such as “may,” “will,” “forecast,” “estimate,”
“project,” “intend,” “plan,” “expect,” “should,” “believe” and
other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking
statements are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and
strategies, projections, anticipated events and trends, the economy and other future conditions and speak only as of the date on which
it is made. For these statements, the Company claims the protection of the safe harbor for forward-looking statements contained in the
Private Securities Litigation Reform Act of 1995.
Forward-looking
statements involve a number of risks and uncertainties, including but not limited to those discussed in the “Risk Factors”
section contained in Item 1A in this Annual Report on Form 10-K for the year ended December 31, 2023, and the following risks and uncertainties:
the Company’s ability to maintain and expand its revenue streams to compensate for the lower demand for the Company’s digital
cinema products and installation services; potential interruptions of supplier relationships or higher prices charged by suppliers; the
Company’s ability to successfully compete and introduce enhancements and new features that achieve market acceptance and that keep
pace with technological developments; the Company’s ability to maintain its brand and reputation and retain or replace its significant
customers; challenges associated with the Company’s long sales cycles; the impact of a challenging global economic environment
or a downturn in the markets; the effects of economic, public health, and political conditions that impact business and consumer confidence
and spending, including rising interest rates, periods of heightened inflation and market instability, the outbreak of any highly infectious
or contagious diseases, such as COVID-19 and its variants or other health epidemics or pandemics, and armed conflicts, such as the ongoing
military conflict in Ukraine and related sanctions; economic and political risks of selling products in foreign countries (including
tariffs); risks of non-compliance with U.S. and foreign laws and regulations, potential sales tax collections and claims for uncollected
amounts; cybersecurity risks and risks of damage and interruptions of information technology systems; the Company’s ability to
retain key members of management and successfully integrate new executives; the Company’s ability to complete acquisitions, strategic
investments, entry into new lines of business, divestitures, mergers or other transactions on acceptable terms, or at all; the impact
of economic, public health and political conditions on the companies in which the Company holds equity stakes; the Company’s ability
to utilize or assert its intellectual property rights, the impact of natural disasters and other catastrophic events, whether natural,
man-made, or otherwise (such as the outbreak of any highly infectious or contagious diseases, or armed conflict); and the adequacy of
the Company’s insurance. Given the risks and uncertainties, readers should not place undue reliance on any forward-looking statement
and should recognize that the statements are predictions of future results which may not occur as anticipated. Many of the risks listed
above have been, and may further be, exacerbated by the impact of economic, public health (such as a resurgence of the COVID-19 pandemic)
and political conditions (such as the military conflict in Ukraine) that impact consumer confidence and spending, particularly in the
cinema, entertainment, and other industries in which the Company and the companies in which the Company holds an equity stake operate,
and the worsening economic environment. Actual results could differ materially from those anticipated in the forward-looking statements
and from historical results, due to the risks and uncertainties described herein, as well as others not now anticipated. New risk factors
emerge from time to time and it is not possible for management to predict all such risk factors, nor can it assess the impact of all
such factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially
from those contained in any forward-looking statements. Except where required by law, the Company assumes no obligation to update forward-looking
statements to reflect actual results or changes in factors or assumptions affecting such forward-looking statements.
Overview
Strong
Global Entertainment, Inc. (“Strong Global Entertainment,” the “Company,” “we,” “our,”
and “us”) is a leader in the entertainment industry, providing mission critical products and services to cinema exhibitors
and entertainment venues for over 90 years. The Company manufactures and distributes premium large format projection screens, provides
comprehensive managed services, technical support and related products and services primarily to cinema exhibitors, theme parks, educational
institutions, and similar venues. In addition to traditional projection screens, the Company manufactures and distributes its Eclipse
curvilinear screens, which are specially designed for theme parks, immersive exhibitions, as well as simulation applications. It also
provides maintenance, repair, installation, network support services and other services to cinema operators, primarily in the United
States.
We
plan to grow market share and organic revenue and improve operating results, with the intent of expanding the ultimate valuation of the
business. In addition, we may acquire other businesses, which may be within or outside of our existing markets.
Impact
of COVID-19 Pandemic
The
coronavirus pandemic (“COVID-19”) had an unprecedented impact to consumer behaviors and our customers, particularly our customers’
ability and willingness to purchase our products and services. The Company believes that consumer reticence to engage in outside-the-home
activities, caused by the risk of contracting COVID-19, has abated, and our customers have resumed more typical, pre-COVID-19 purchasing
behaviors. And while we believe our customers made significant progress in its recovery from the pandemic, the impact of COVID-19 on
inflation and supply chains and the continued economic recovery will be contingent upon several key factors, including the volume of
new film content available, the box office performance of new film content released, the duration of the exclusive theatrical release
window, and evolving consumer behavior with competition from other forms of in- and out-of-home entertainment. There can be no assurances
that there will be no additional public health crises, including further resurgence or variants of COVID-19, which could reverse the
current trend and have a negative impact on the Company’s results of operations. Our results of operations in future periods may
continue to be adversely impacted by inflationary pressures and global supply chain issues, and other negative effects on global economic
conditions.
Results
of Operations
The
following table sets forth our operating results for the periods indicated:
| |
Three
Months Ended March 31, | | |
| | |
| |
| |
2024 | | |
2023 | | |
$
Change | | |
%
Change | |
| |
(dollars
in thousands) | | |
| |
Net
revenues | |
$ | 11,070 | | |
$ | 9,951 | | |
$ | 1,119 | | |
| 11.2 | % |
Cost
of revenues | |
| 8,413 | | |
| 7,631 | | |
| 782 | | |
| 10.2 | % |
Gross
profit | |
| 2,657 | | |
| 2,320 | | |
| 337 | | |
| 14.5 | % |
Gross
profit percentage | |
| 24.0 | % | |
| 23.3 | % | |
| | | |
| | |
Selling
and administrative expenses | |
| 2,477 | | |
| 1,774 | | |
| 703 | | |
| 39.6 | % |
Income
from operations | |
| 180 | | |
| 546 | | |
| (366 | ) | |
| (67.0 | )% |
Other
income | |
| 72 | | |
| 73 | | |
| (1 | ) | |
| (1.4 | )% |
Income
before income taxes | |
| 252 | | |
| 619 | | |
| (367 | ) | |
| (59.3 | )% |
Income
tax expense | |
| (133 | ) | |
| (55 | ) | |
| (78 | ) | |
| 141.8 | % |
Net
income from continuing operations | |
$ | 119 | | |
$ | 564 | | |
$ | (445 | ) | |
| (78.9 | )% |
Three
Months Ended March 31, 2024 Compared to the Three Months Ended March 31, 2023
Revenues
Revenue
increased 11.2% to $11.1 million in the first quarter of 2024 from $10.0 million in the first quarter of 2023. The increase from the
prior year was due to $0.8 million of higher revenue from product sales and a $0.3 million increase in service revenue.
The
increase in revenue from products was primarily due to $1.5 million of revenue as a result of the acquisition of the net assets of Innovative
Cinema Solutions, LLC (“ICS”) in late 2023 and a $0.1 million increase in revenue from screen systems, partially offset by
a decrease in other digital equipment sales.
On
the cinema services side, the primary driver of the revenue increase was from installation and warehouse services, both of which were
up $0.1 million from the first quarter in the prior year as we have increased the scope of our offerings to better support our customers
and to increase market share in cinema services.
Gross
Profit
Gross
profit was $2.7 million or 24.0% of revenues in the first quarter of 2024 compared to $2.3 million or 23.3% in the first quarter of 2023.
Gross
profit from product sales was $2.1 million or 26.0% of revenues for the first quarter of 2024 compared to $1.7 million or 24.1% of revenues
for the first quarter of 2023. The increase in gross profit from product sales resulted from product mix for our screen systems
and higher margins on digital equipment, primarily as a result of the ICS acquisition.
Gross
profit from service revenue was $0.6 million or 18.8% of revenues for the first quarter of 2024 compared to $0.6 million or 21.2% of
revenues for the first quarter of 2023. Gross profit percentage decreased from the prior year due to lower margins on installation services, partially offset by an increase in warehouse services.
Income
from Operations
Income
from operations was $0.2 million in the first quarter of 2024 compared to $0.5 million during the first quarter of 2023. We incurred
higher general and administrative expenses in connection with operating as an independent public company following the Separation in
May 2023, which partially offset the increase in gross profit.
Other
Financial Items
Total
other income of $0.1 million during the first quarter of 2024 primarily consisted of $0.2 million of foreign currency transaction adjustments,
partially offset by $0.1 million of interest expense. Total other income of $0.1 million during the first quarter of 2023 included $0.1
million of foreign currency transaction adjustments, partially offset by $0.1 million of interest expense.
Income
tax expense was $0.1 million during both the first quarter of 2024 and 2023. Our income tax expense primarily consisted of income tax
on our foreign earnings.
Liquidity
and Capital Resources
During
the past several years, we have primarily met our working capital and capital resource needs from operating cash flows and credit facilities,
as well as our initial public offering. Our primary cash requirements involve operating expenses, working capital, capital expenditures,
and other general corporate activities. We ended the first quarter of 2024 with total cash and cash equivalents of $5.1 million compared
to $5.5 million as of December 31, 2023.
We
believe that our existing sources of liquidity, including cash and cash equivalents, operating cash flow, credit facilities, receivables
and other assets will be sufficient to meet our projected capital needs for at least the next twelve months. However, our ability to
continue to meet our cash requirements will depend on, among other things, our ability to achieve anticipated levels of revenues and
cash flow from operations, our ability to manage costs and working capital successfully, any unforeseen disruptions of cinemas, theme
parks and other entertainment venues (such as those experienced with COVID-19), and the continued availability of financing, if needed.
We cannot provide any assurance that our assumptions used to estimate our liquidity requirements will remain accurate due to the variability
and unpredictability of the current economic environment. In the event of a sustained market deterioration or declines in net sales or
other events, we may need additional liquidity, which would require us to evaluate available alternatives and take appropriate actions.
We may, depending on a variety of factors, including market conditions for capital raises, the trading price of our Class A Voting Common
Shares without par value (“Common Shares”) and opportunities for uses of any proceeds, engage in additional public or private
offerings of equity or debt securities to increase our capital resources. However, financial and economic conditions could limit our
access to credit and impair our ability to raise capital, if needed, on acceptable terms or at all, and we cannot provide any assurance
that we will be able to obtain any additional sources of financing or liquidity on acceptable terms, or at all. See Note 10 to the consolidated
financial statements included in this Quarterly Report on Form 10-Q, for a description of our debt as of March 31, 2024.
Debt
Strong/MDI
Installment Loans & Revolving Credit Facility
On
January 19, 2024, we entered into a new demand credit agreement with CIBC. The agreement consists of a demand operating credit and a
business credit card facility. Under the demand operating credit, with certain conditions, the credit limit is the lesser of (a) CAD$6.0
million or (b) the sum of (i) 80% of Receivable Value, which includes all North American accounts receivable of Strong/MDI and STS, and (ii) 50% of Inventory Value, but in no event may the amount in this clause (ii) exceed $1.5 million,
minus (iii) all Priority Claims. As of March 31, 2024, there was CAD$3.3 million, or approximately $2.5 million, of principal outstanding
on the revolving credit facility, which bears variable interest at 8.2%. We were in compliance with our debt covenants as of March 31,
2024.
Cash
Flows from Operating Activities
Net
cash provided by operating activities from continuing operations was $0.2 million
during the first quarter of 2024 compared to $0.8 million during the first quarter of
2023. Cash from operations decreased due to an net cash outflow for working capital including higher payments to our vendors and for other accrued expenses, which was partially offset by the receipt of customer deposits.
Cash
Flows from Investing Activities
Net
cash used in investing activities from continuing operations was $22,000 and $0.1 million during the first quarter of 2024 and 2023, respectively, which
consisted entirely of capital expenditures
Cash
Flows from Financing Activities
Net cash used in financing activities from continuing operations was $0.1
million during the first quarter of 2024, which consisted of $0.1 million of principal payments on debt and finance leases, partially
offset by $0.1 million of net borrowings under the CIBC revolving line of credit. Net cash used in financing activities from continuing
operations was $0.1 million during the first quarter of 2023, consisting primarily of $1.2 million transferred to Fundamental Global and
by $0.3 million of principal payments on debt, partially offset by $1.4 million of net borrowings under the CIBC revolving line of credit.
Use
of Non-GAAP Measures
We
prepare our condensed consolidated financial statements in accordance with United States generally accepted accounting principles
(“GAAP”). In addition to disclosing financial results prepared in accordance with GAAP, we disclose information
regarding Adjusted EBITDA, which differs from the term EBITDA as it is commonly used. In addition to adjusting net income (loss) to
exclude income taxes, interest, and depreciation and amortization, Adjusted EBITDA also excludes share-based compensation,
impairment charges, severance, foreign currency transaction gains (losses), transactional gains and expenses, gains on insurance
recoveries and other cash and non-cash charges and gains.
EBITDA
and Adjusted EBITDA are not measures of performance defined in accordance with GAAP. However, Adjusted EBITDA is used internally in planning
and evaluating our operating performance. Accordingly, management believes that disclosure of these metrics offers investors, bankers
and other stakeholders an additional view of our operations that, when coupled with the GAAP results, provides a more complete understanding
of our financial results.
EBITDA
and Adjusted EBITDA should not be considered as an alternative to net income (loss) or to net cash from operating activities as measures
of operating results or liquidity. Our calculation of EBITDA and Adjusted EBITDA may not be comparable to similarly titled measures used
by other companies, and the measures exclude financial information that some may consider important in evaluating our performance.
EBITDA
and Adjusted EBITDA have limitations as analytical tools, and you should not consider them in isolation, or as substitutes for analysis
of our results as reported under GAAP. Some of these limitations are (i) they do not reflect our cash expenditures, or future requirements
for capital expenditures or contractual commitments, (ii) they do not reflect changes in, or cash requirements for, our working capital
needs, (iii) EBITDA and Adjusted EBITDA do not reflect interest expense, or the cash requirements necessary to service interest or principal
payments, on our debt, (iv) although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will
often have to be replaced in the future, and EBITDA and Adjusted EBITDA do not reflect any cash requirements for such replacements, (v)
they do not adjust for all non-cash income or expense items that are reflected in our statements of cash flows, (vi) they do not reflect
the impact of earnings or charges resulting from matters we consider not to be indicative of our ongoing operations, and (vii) other
companies in our industry may calculate these measures differently than we do, limiting their usefulness as comparative measures.
We
believe EBITDA and Adjusted EBITDA facilitate operating performance comparisons from period to period by isolating the effects of some
items that vary from period to period without any correlation to core operating performance or that vary widely among similar companies.
These potential differences may be caused by variations in capital structures (affecting interest expense), tax positions (such as the
impact on periods or companies of changes in effective tax rates or net operating losses) and the age and book depreciation of facilities
and equipment (affecting relative depreciation expense). We also present EBITDA and Adjusted EBITDA because (i) we believe these measures
are frequently used by securities analysts, investors and other interested parties to evaluate companies in our industry, (ii) we believe
investors will find these measures useful in assessing our ability to service or incur indebtedness, and (iii) we use EBITDA and Adjusted
EBITDA internally as benchmarks to evaluate our operating performance or compare our performance to that of our competitors.
The
following table sets forth reconciliations of net income under GAAP to EBITDA and Adjusted EBITDA (in thousands):
| |
Three
Months Ended March 31, | |
| |
2024 | | |
2023 | |
| |
| | |
| |
Net
(loss) income | |
$ | (73 | ) | |
$ | 373 | |
Net
loss from discontinued operations | |
| 192 | | |
| 191 | |
Net
income from continuing operations | |
| 119 | | |
| 564 | |
Interest
expense, net | |
| 115 | | |
| 56 | |
Income
tax expense | |
| 133 | | |
| 55 | |
Depreciation
and amortization | |
| 153 | | |
| 179 | |
EBITDA | |
| 520 | | |
| 854 | |
Stock-based
compensation expense | |
| 74 | | |
| 18 | |
Adjust
gain on purchase of ICS | |
| (23 | ) | |
| - | |
Foreign
currency transaction loss (gain) | |
| (162 | ) | |
| (117 | ) |
Adjusted
EBITDA | |
$ | 409 | | |
$ | 755 | |
Hedging
and Trading Activities
Our
primary exposure to foreign currency fluctuations pertains to our subsidiary in Canada. In certain instances, we may enter into a foreign
exchange contract to manage a portion of this risk. We do not have any trading activities that include non-exchange traded contracts
at fair value.
Seasonality
Generally,
our revenue and earnings fluctuate moderately from quarter to quarter. As we increase our sales in our current markets, and as we expand
into new markets in different geographies, it is possible we may experience different seasonality patterns in our business. As a result,
the results of operations for the three months ended March 31, 2024 are not necessarily indicative of the results that may be expected
for an entire fiscal year.
Recently
Issued Accounting Pronouncements
See
Note 2, Summary of Significant Accounting Policies, to the condensed consolidated financial statements included in this Quarterly Report
on Form 10-Q for a description of recently issued accounting pronouncements.
Critical
Accounting Policies and Estimates
In
preparing our condensed consolidated financial statements in conformity with U.S. generally accepted accounting principles,
management must make a variety of decisions which impact the reported amounts and the related disclosures. These decisions include
the selection of the appropriate accounting principles to be applied and the assumptions on which to base accounting estimates. In
making these decisions, management applies its judgment based on its understanding and analysis of the relevant circumstances and
our historical experience.
Our
accounting policies and estimates that are most critical to the presentation of our results of operations and financial condition, and
which require the greatest use of judgments and estimates by management, are designated as our critical accounting policies.
Revenue
Recognition
The
Company accounts for revenue using the following steps:
|
● |
Identify
the contract, or contracts, with a customer; |
|
● |
Identify
the performance obligations in the contract; |
|
● |
Determine
the transaction price; |
|
● |
Allocate
the transaction price to the identified performance obligations; and |
|
● |
Recognize
revenue when, or as, the Company satisfies the performance obligations. |
We combine contracts with the same customer into a single contract for accounting purposes when the contracts are entered into at or
near the same time and the contracts are negotiated as a single commercial package, consideration in one contract depends on the other
contract, or the services are considered a single performance obligation. If an arrangement involves multiple performance obligations,
the items are analyzed to determine the separate units of accounting, whether the items have value on a standalone basis and whether
there is objective and reliable evidence of their standalone selling price. The total contract transaction price is allocated to the
identified performance obligations based upon the relative standalone selling prices of the performance obligations. The standalone selling
price is based on an observable price for services sold to other comparable customers, when available, or an estimated selling price
using a cost plus margin approach. We estimate the amount of total contract consideration we expect to receive for variable arrangements
by determining the most likely amount we expect to earn from the arrangement based on the expected quantities of services we expect to
provide and the contractual pricing based on those quantities. We only include some or a portion of variable consideration in the transaction
price when it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur or when the uncertainty
associated with the variable consideration is subsequently resolved. We consider the sensitivity of the estimate, our relationship and
experience with the client and variable services being performed, the range of possible revenue amounts and the magnitude of the variable
consideration to the overall arrangement.
As
discussed in more detail below, revenue is recognized when a customer obtains control of promised goods or services under the terms of
a contract and is measured as the amount of consideration the Company expects to receive in exchange for transferring goods or providing
services. We typically do not have any material extended payment terms, as payment is due at or shortly after the time of the sale. Sales,
value-added and other taxes collected concurrently with revenue producing activities are excluded from revenue.
We
recognize contract assets or unbilled receivables related to revenue recognized for services completed but not yet invoiced to the clients.
Unbilled receivables are recorded as accounts receivable when we have an unconditional right to contract consideration. A contract liability
is recognized as deferred revenue when we invoice clients, or receive cash, in advance of performing the related services under the terms
of a contract. Deferred revenue is recognized as revenue when we have satisfied the related performance obligation.
We
defer costs to acquire contracts, including commissions, incentives and payroll taxes, if they are incremental and recoverable costs
of obtaining a customer contract with a term exceeding one year. Deferred contract costs are reported within other assets and amortized
to selling expense over the contract term, which generally ranges from one to five years. The Company has elected to recognize the incremental
costs of obtaining a contract with a term of less than one year as a selling expense when incurred. We did not have any deferred contract
costs as of March 31, 2024 or December 31, 2023.
Cost
Allocations
Our
historical combined financial statements for periods prior to the IPO were prepared on a stand-alone basis in accordance with U.S.
GAAP and are derived from Fundamental Global’s condensed consolidated financial statements and accounting records using the
historical results of operations and assets and liabilities attributed to our operations and include allocations of expenses from
Fundamental Global. Fundamental Global continues to provide certain services to us, and costs associated with these functions have
been allocated to us in such prior period financial statements. The allocations include costs related to corporate services, such as
executive management, information technology, legal, finance and accounting, human resources, tax, treasury, and other services.
These costs were allocated on a basis of revenue, headcount or other measures we have determined as reasonable. Stock-based
compensation includes expense attributable to our employees are also allocated from Fundamental Global. These allocations are
reflected within operating expenses in our condensed consolidated statements of operations. Management believes the basis on which
the expenses have been allocated to be a reasonable reflection of the utilization of services provided to, or the benefit received
by, us during the periods presented. However, these allocations may not necessarily be indicative of the actual expenses we would
have incurred as an independent company during the periods prior to the IPO or of the additional costs we incur as a stand-alone
company.
Item
3. Quantitative and Qualitative Disclosures about Market Risk
Not
applicable as we are a “smaller reporting company” as defined by Item 229.10(f)(1) of Regulation S-K.
Item
4. Controls and Procedures
The
Company carried out an evaluation under the supervision and with the participation of the Company’s management, including the Company’s
Chief Executive Officer (principal executive officer) and Chief Financial Officer (principal financial officer and principal accounting
officer), of the effectiveness of the design and operation of the Company’s disclosure controls and procedures pursuant to Exchange
Act Rules 13a-15 and 15d-15. Based upon that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that as of
the end of the period covered by this report, the Company’s disclosure controls and procedures (as defined in § 240.13a-15(e)
or 240.15d-15(e) of Regulation S-K) were effective at ensuring that information required to be disclosed in the reports that the Company
files or submits under the Exchange Act is (1) accumulated and communicated to management, including the Company’s Chief Executive
Officer and Chief Financial Officer, to allow timely decisions regarding required disclosures and (2) recorded, processed, summarized
and reported within the time periods specified in the Securities and Exchange Commission (the “SEC”)’s rules and forms.
There
have been no changes in the Company’s internal control over financial reporting during the fiscal quarter covered by this report
that have materially affected, or are reasonably likely to materially affect, such internal control over financial reporting.
PART
II. Other Information
Item
1. Legal Proceedings
In
the ordinary course of our business operations, we are involved, from time to time, in certain legal disputes. Fundamental Global is
named as a defendant in personal injury lawsuits based on alleged exposure to asbestos-containing materials. A majority of the cases
involve product liability claims based principally on allegations of past distribution of commercial lighting products containing
wiring that may have contained asbestos. Each case names dozens of corporate defendants in addition to Fundamental Global. In
Fundamental Global’s experience, a large percentage of these types of claims have never been substantiated and have been
dismissed by the courts. Fundamental Global has not suffered any adverse verdict in a trial court proceeding related to asbestos
claims and intends to continue to defend these lawsuits. Under the Fundamental Global Asset Purchase Agreement, we agreed to
indemnify Fundamental Global for future losses, if any related to current product liability or personal injury claims arising out of
products sold or distributed in the U.S. by the operations of the businesses being transferred to us in the Separation, in an
aggregate amount not to exceed $250,000 per year, as well as to indemnify Fundamental Global for all expenses (including legal fees)
related to the defense of such claims. As of March 31, 2024, we have a loss contingency reserve of approximately $0.3 million, of
which $0.1 million represents future payments on a settled case and the remaining $0.2 million represents our estimate of our
potential losses related to the settlement of open cases. When appropriate, Fundamental Global may settle additional claims in the
future. We do not expect the resolution of these cases to have a material adverse effect on our condensed consolidated financial
condition, results of operations or cash flows.
On
April 29, 2024, Ravenwood-Productions LLC (“Ravenwood”) and Kevin V. Duncan (“Duncan” and, together with Ravenwood,
the “Plaintiffs”) filed a civil complaint (the “Complaint”) against the Company, certain affiliated entities,
and certain current and former employees, officers and directors of the Company (collectively, the “Defendants”) in the United
States District Court for the Central District of California. The Complaint claims seven causes of action, each claim against some, or
all, of the Defendants. The Plaintiffs seek, among other forms of relief, compensatory damages and restitution. We, along with the other
Defendants, deny the allegations in the Complaint, and intend to defend ourselves vigorously, which may include filing counterclaims.
Based on information presently available to us and consultation with legal counsel, we believe the Complaint is without merit. As of
the date hereof, we do not believe a loss related to the Complaint is probable, and no liability or reserve has been established for
this matter, although we expect to incur legal fees and other costs related to our defense of these claims.
Item
1A. Risk Factors
Item
1A “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2023 includes a detailed discussion of
the Company’s risk factors. As of the date of this filing there have been no material changes to the risk factors as previously
disclosed.
Item
2. Unregistered Sales of Equity Securities, Use of Proceeds and Issuer Purchases of Equity Securities
The
following table presents information with respect to purchases of common stock we made during the quarter ended Mach 31, 2024.
Period | |
| Total
Number of Shares Purchased | | |
| Average
Price Paid Per Share | | |
| Total
Number of Shares Purchased as Part of Publicly Announced Plans or Programs | | |
| The
Maximum Number of Shares That May Still be Purchased Under the Plans or Programs | |
| |
| | | |
| | | |
| | | |
| | |
January 2024 | |
| - | | |
$ | - | | |
| - | | |
| - | |
February 2024 | |
| - | | |
| - | | |
| - | | |
| - | |
March
2024 | |
| - | | |
| - | | |
| - | | |
| - | |
Quarter
Ended March 31, 2024 | |
| - | | |
$ | - | | |
| - | | |
| - | |
Item
3. Defaults Upon Senior Securities
None.
Item
4. Mine Safety Disclosures
Not
applicable.
Item
5. Other Information
None.
Item
6. Exhibits
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned thereunto duly authorized.
STRONG
GLOBAL ENTERTAINMENT, INC. |
|
|
|
|
|
|
|
By: |
/s/
MARK D. ROBERSON |
|
By: |
/s/
TODD R. MAJOR |
|
Mark
D. Roberson
|
|
|
Todd
R. Major
|
|
Chief
Executive Officer |
|
|
Chief
Financial Officer |
|
(Principal
Executive Officer) |
|
|
(Principal
Financial Officer and Principal Accounting Officer) |
|
|
|
|
|
Date: |
May
14, 2024 |
|
Date: |
May
14, 2024 |
Exhibit
31.1
CERTIFICATION
I,
Mark D. Roberson, certify that:
1. |
I
have reviewed this quarterly report on Form 10-Q for the quarter ended March 31, 2024 of Strong Global Entertainment, Inc.; |
|
|
2. |
Based
on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to
the period covered by this report; |
|
|
3. |
Based
on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in
this report; |
|
|
4. |
The
registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) [language omitted in accordance with Exchange Act Rule 13a-14(a)] for
the registrant and have: |
|
|
|
|
a) |
Designed
such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared; |
|
|
|
|
b) |
[paragraph
omitted in accordance with Exchange Act Rule 13a-14(a)]; |
|
|
|
|
c) |
Evaluated
the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about
the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;
and |
|
|
|
|
d) |
Disclosed
in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s
most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected,
or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
|
|
|
5. |
The
registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over
financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or
persons performing the equivalent functions): |
|
|
|
|
a) |
All
significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are
reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information;
and |
|
|
|
|
b) |
Any
fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s
internal control over financial reporting. |
|
By: |
/s/
MARK D. ROBERSON |
|
|
Mark
D. Roberson |
|
|
Chief
Executive Officer |
|
|
|
May
14, 2024 |
|
|
Exhibit
31.2
CERTIFICATION
I,
Todd R. Major, certify that:
1. |
I
have reviewed this quarterly report on Form 10-Q for the quarter ended March 31, 2024 of Strong Global Entertainment,
Inc.; |
|
|
2. |
Based
on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to
the period covered by this report; |
|
|
3. |
Based
on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in
this report; |
|
|
4. |
The
registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) [language omitted in accordance with Exchange Act Rule 13a-14(a)] for
the registrant and have: |
|
|
|
a) |
Designed
such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared; |
|
|
|
|
b) |
[paragraph
omitted in accordance with Exchange Act Rule 13a-14(a)]; |
|
|
|
|
c) |
Evaluated
the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about
the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;
and |
|
|
|
|
d) |
Disclosed
in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s
most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected,
or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
|
|
|
5. |
The
registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over
financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or
persons performing the equivalent functions): |
|
|
|
|
a) |
All
significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are
reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information;
and |
|
|
|
|
b) |
Any
fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s
internal control over financial reporting. |
|
By: |
/s/
TODD R. MAJOR |
|
|
Todd
R. Major |
|
|
Chief
Financial Officer |
May
14, 2024
Exhibit
32.1
CERTIFICATION
OF CHIEF EXECUTIVE OFFICER
Pursuant to 18 U.S.C. Section 1350, as adopted
Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
The
undersigned, Mark D. Roberson, Chief Executive Officer of Strong Global Entertainment, Inc. (the “Company”), has executed
this certification in connection with the filing with the Securities and Exchange Commission of the Company’s Quarterly Report
on Form 10-Q for the quarterly period ended March 31, 2024 (the “Report”).
The
undersigned hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002,
to his knowledge that:
|
1. |
The
Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
|
|
|
|
2. |
The
information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the Company. |
IN
WITNESS WHEREOF, the undersigned has executed this certification as of the 14th day of May 2024.
/s/
MARK D. ROBERSON |
|
Mark
D. Roberson |
|
Chief
Executive Officer |
|
A
signed original of this written statement required by Section 906 has been provided to Strong Global Entertainment, Inc. and will be
retained by Strong Global Entertainment, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.
Exhibit
32.2
CERTIFICATION
OF CHIEF FINANCIAL OFFICER
Pursuant to 18 U.S.C. Section 1350, as adopted
Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
The
undersigned, Todd R. Major, Chief Financial Officer of Strong Global Entertainment, Inc. (the “Company”), has executed this
certification in connection with the filing with the Securities and Exchange Commission of the Company’s Quarterly Report on Form
10-Q for the quarterly period ended March 31, 2024 (the “Report”).
The
undersigned hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002,
to his knowledge that:
|
1. |
The
Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
|
|
|
|
2. |
The
information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the Company. |
IN
WITNESS WHEREOF, the undersigned has executed this certification as of the 14th day of May 2023.
/s/
TODD R. MAJOR |
|
Todd
R. Major |
|
Chief
Financial Officer |
|
A
signed original of this written statement required by Section 906 has been provided to Strong Global Entertainment, Inc. and will be
retained by Strong Global Entertainment, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.
v3.24.1.1.u2
Cover - shares
|
3 Months Ended |
|
Mar. 31, 2024 |
May 13, 2024 |
Cover [Abstract] |
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|
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|
|
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2024
|
|
Current Fiscal Year End Date |
--12-31
|
|
Entity File Number |
1-41688
|
|
Entity Registrant Name |
STRONG
GLOBAL ENTERTAINMENT, INC.
|
|
Entity Central Index Key |
0001893448
|
|
Entity Incorporation, State or Country Code |
A1
|
|
Entity Address, Address Line One |
108
Gateway Boulevard
|
|
Entity Address, Address Line Two |
Suite 204
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|
Entity Address, City or Town |
Mooresville
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|
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NC
|
|
Entity Address, Postal Zip Code |
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|
|
City Area Code |
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|
|
Local Phone Number |
471-6784
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SGE
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NYSEAMER
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v3.24.1.1.u2
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
Current assets: |
|
|
Cash and cash equivalents |
$ 5,111
|
$ 5,470
|
Accounts receivable (net of credit allowances of $187 and $179, respectively) |
6,299
|
6,476
|
Inventories, net |
4,446
|
4,079
|
Assets of discontinued operations |
|
940
|
Other current assets |
1,264
|
1,062
|
Total current assets |
17,120
|
18,027
|
Property, plant and equipment, net |
1,488
|
1,592
|
Operating lease right-of-use assets |
4,697
|
4,793
|
Finance lease right-of-use asset |
1,136
|
1,201
|
Goodwill |
881
|
903
|
Other long-term assets |
26
|
10
|
Total assets |
25,348
|
26,526
|
Current liabilities: |
|
|
Accounts payable |
3,642
|
3,544
|
Accrued expenses |
2,975
|
3,112
|
Payable to FG Group Holdings Inc. (Note 15) |
119
|
129
|
Short-term debt |
2,453
|
2,456
|
Current portion of long-term debt |
271
|
270
|
Current portion of operating lease obligations |
403
|
397
|
Current portion of finance lease obligations |
258
|
253
|
Deferred revenue and customer deposits |
1,867
|
1,318
|
Liabilities of discontinued operations |
161
|
1,392
|
Total current liabilities |
12,149
|
12,871
|
Operating lease obligations, net of current portion |
4,361
|
4,460
|
Finance lease obligations, net of current portion |
904
|
971
|
Long-term debt, net of current portion |
234
|
301
|
Deferred income tax liabilities, net |
135
|
125
|
Other long-term liabilities |
4
|
4
|
Total liabilities |
17,787
|
18,732
|
Commitments, contingencies and concentrations (Note 14) |
|
|
Stockholders’ Equity: |
|
|
Preferred stock, no par value; 150,000,000 shares authorized, none issued and outstanding as of March 31, 2024 and December 31, 2023 |
|
|
Paid-in-capital related to: |
|
|
Accumulated deficit |
(2,785)
|
(2,712)
|
Accumulated other comprehensive loss |
(5,468)
|
(5,234)
|
Total stockholders’ equity |
7,561
|
7,794
|
Total liabilities and stockholders’ equity |
25,348
|
26,526
|
Common Class A [Member] |
|
|
Paid-in-capital related to: |
|
|
Paid-in-capital related to common stock, value |
|
|
Common Class B [Member] |
|
|
Paid-in-capital related to: |
|
|
Paid-in-capital related to common stock, value |
$ 15,814
|
$ 15,740
|
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v3.24.1.1.u2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
Net of credit allowances |
$ 187
|
$ 179
|
Preferred stock, par value |
$ 0
|
$ 0
|
Preferred stock shares authorized |
150,000,000
|
150,000,000
|
Preferred stock, shares issued |
0
|
0
|
Preferred stock, shares outstanding |
0
|
0
|
Common Class A [Member] |
|
|
Common stock, par value |
$ 0
|
$ 0
|
Common stock shares authorized |
150,000,000
|
150,000,000
|
Common stock, shares issued |
7,877,842
|
7,877,842
|
Common stock, shares outstanding |
7,877,842
|
7,877,842
|
Common Class B [Member] |
|
|
Common stock, par value |
$ 0
|
$ 0
|
Common stock shares authorized |
100
|
100
|
Common stock, shares issued |
100
|
100
|
Common stock, shares outstanding |
100
|
100
|
X |
- DefinitionAmount of allowance for credit loss on accounts receivable.
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v3.24.1.1.u2
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended |
Mar. 31, 2024 |
Mar. 31, 2023 |
Total net revenues |
$ 11,070
|
$ 9,951
|
Total cost of revenues |
8,413
|
7,631
|
Gross profit |
2,657
|
2,320
|
Selling and administrative expenses: |
|
|
Selling |
518
|
534
|
Administrative |
1,959
|
1,240
|
Total selling and administrative expenses |
2,477
|
1,774
|
Income from operations |
180
|
546
|
Other income (expense): |
|
|
Interest expense, net |
(115)
|
(56)
|
Foreign currency transaction gain |
162
|
117
|
Other income, net |
25
|
12
|
Total other income |
72
|
73
|
Income from continuing operations before income taxes |
252
|
619
|
Income tax expense |
(133)
|
(55)
|
Net income from continuing operations |
119
|
564
|
Net loss from discontinued operations (Note 3) |
(192)
|
(191)
|
Net (loss) income |
$ (73)
|
$ 373
|
Basic net (loss) income per share: |
|
|
Continuing operations |
$ 0.01
|
$ 0.09
|
Discontinued operations |
(0.02)
|
(0.03)
|
Basic net (loss) income per share |
(0.01)
|
0.06
|
Diluted net (loss) income per share: |
|
|
Continuing operations |
0.01
|
0.09
|
Discontinued operations |
(0.02)
|
(0.03)
|
Diluted net (loss) income per share |
$ (0.01)
|
$ 0.06
|
Weighted-average shares used in computing net (loss) income per share: |
|
|
Basic |
7,877
|
6,000
|
Diluted |
7,883
|
6,000
|
Product [Member] |
|
|
Total net revenues |
$ 8,022
|
$ 7,204
|
Total cost of revenues |
5,938
|
5,465
|
Service [Member] |
|
|
Total net revenues |
3,048
|
2,747
|
Total cost of revenues |
$ 2,475
|
$ 2,166
|
X |
- DefinitionThe aggregate costs related to goods produced and sold and services rendered by an entity during the reporting period. This excludes costs incurred during the reporting period related to financial services rendered and other revenue generating activities.
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v3.24.1.1.u2
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands |
Common Stock [Member] |
Common Stock [Member]
Common Class A [Member]
|
Common Stock [Member]
Common Class B [Member]
|
Retained Earnings [Member] |
AOCI Attributable to Parent [Member] |
Total |
Parent [Member] |
Balance at Dec. 31, 2022 |
|
|
|
|
$ (5,024)
|
$ 9,204
|
$ 14,228
|
Cumulative effect of adoption of accounting principle |
|
|
|
|
|
(24)
|
(24)
|
Net income (loss) |
|
|
|
|
|
373
|
373
|
Net other comprehensive loss |
|
|
|
|
(72)
|
(72)
|
|
Stock-based compensation expense |
|
|
|
|
|
18
|
18
|
Net transfer to parent |
|
|
|
|
|
(1,217)
|
(1,217)
|
Balance at Mar. 31, 2023 |
|
|
|
|
(5,096)
|
8,282
|
$ 13,378
|
Balance at Dec. 31, 2023 |
$ 15,740
|
|
|
$ (2,712)
|
(5,234)
|
7,794
|
|
Balance, shares at Dec. 31, 2023 |
|
7,877
|
100
|
|
|
|
|
Net income (loss) |
|
|
|
(73)
|
|
(73)
|
|
Net other comprehensive loss |
|
|
|
|
(234)
|
(234)
|
|
Stock-based compensation expense |
74
|
|
|
|
|
74
|
|
Balance at Mar. 31, 2024 |
$ 15,814
|
|
|
$ (2,785)
|
$ (5,468)
|
$ 7,561
|
|
Balance, shares at Mar. 31, 2024 |
|
7,877
|
100
|
|
|
|
|
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v3.24.1.1.u2
Condensed Consolidated Statements of Cash Flows Unaudited) - USD ($) $ in Thousands |
3 Months Ended |
Mar. 31, 2024 |
Mar. 31, 2023 |
Cash flows from operating activities: |
|
|
Net income from continuing operations |
$ 119
|
$ 564
|
Adjustments to reconcile net income to net cash (used in) provided by operating activities: |
|
|
Provision for (recovery of) doubtful accounts |
18
|
(18)
|
Provision for obsolete inventory |
14
|
14
|
Provision for warranty |
10
|
44
|
Depreciation and amortization |
153
|
179
|
Gain on acquisition of ICS assets |
(23)
|
|
Amortization and accretion of operating leases |
158
|
16
|
Deferred income taxes |
10
|
(19)
|
Stock-based compensation expense |
74
|
18
|
Changes in operating assets and liabilities: |
|
|
Accounts receivable |
527
|
593
|
Inventories |
(419)
|
(284)
|
Current income taxes |
102
|
130
|
Other assets |
(216)
|
(418)
|
Accounts payable and accrued expenses |
(693)
|
(135)
|
Deferred revenue and customer deposits |
555
|
618
|
Operating lease obligations |
(154)
|
(19)
|
Net cash provided by operating activities from continuing operations |
235
|
1,283
|
Net cash used in operating activities from discontinued operations |
(492)
|
(513)
|
Net cash (used in) provided by operating activities |
(257)
|
770
|
Cash flows from investing activities: |
|
|
Capital expenditures |
(22)
|
(75)
|
Net cash used in investing activities from continuing operations |
(22)
|
(75)
|
Net cash used in investing activities from discontinued operations |
|
(83)
|
Net cash used in investing activities |
(22)
|
(158)
|
Cash flows from financing activities: |
|
|
Principal payments on short-term debt |
(21)
|
(250)
|
Principal payments on long-term debt |
(67)
|
(9)
|
Borrowings under credit facility |
2,839
|
1,596
|
Repayments under credit facility |
(2,765)
|
(225)
|
Payments on finance lease obligations |
(61)
|
(25)
|
Net cash transferred to parent |
|
(1,217)
|
Net cash used in financing activities from continuing operations |
(75)
|
(130)
|
Net cash provided by financing activities from discontinued operations |
|
|
Net cash used in financing activities |
(75)
|
(130)
|
Effect of exchange rate changes on cash and cash equivalents |
(5)
|
(20)
|
Net increase in cash and cash equivalents from continuing operations |
133
|
1,058
|
Net decrease in cash and cash equivalents from discontinued operations |
(492)
|
(596)
|
Net (decrease) increase in cash and cash equivalents |
(359)
|
462
|
Cash and cash equivalents at beginning of period |
5,470
|
3,615
|
Cash and cash equivalents at end of period |
$ 5,111
|
$ 4,077
|
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v3.24.1.1.u2
Nature of Operations
|
3 Months Ended |
Mar. 31, 2024 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Nature of Operations |
1.
Nature of Operations
Strong
Global Entertainment, Inc. (“Strong Global Entertainment,” or the “Company”) is a leader in the entertainment
industry providing mission critical products and services to cinema exhibitors and entertainment venues for over 90 years. The Company
is a holding company and conducts business through its wholly-owned operating subsidiaries: Strong/MDI Screen Systems, Inc. (“Strong/MDI”)
is a leading premium screen and projection coatings supplier in the world, and Strong Technical Services, Inc. (“STS”) provides
comprehensive managed service offerings with 24/7/365 support nationwide to ensure solution uptime and availability.
On
May 15, 2023, the Company completed an initial public offering (“IPO”) of its Class A Voting Common Shares without par
value (“Common Shares”). The IPO closed on May 18, 2023 and the Company completed its separation (the
“Separation”) from Fundamental Global Inc., formerly FG Group Holdings, Inc (“Fundamental Global”). The
Company’s Common Shares are listed on the NYSE American under the ticker symbol “SGE.”
On
February 29, 2024, FG Financial Group, Inc. (“FG Financial”), and FG Group Holdings completed a merger transaction (the “Merger”).
Pursuant to the terms of the Merger Agreement, FG Group Holdings became a wholly owned subsidiary of FG Financial. Following the
Merger, FG Financial changed its name to Fundamental Global Inc. (“Fundamental Global”). As a result of the Merger, the
Company’s indirect controlling shareholder changed from FG Group Holdings to Fundamental Global.
|
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v3.24.1.1.u2
Summary of Significant Accounting Policies
|
3 Months Ended |
Mar. 31, 2024 |
Accounting Policies [Abstract] |
|
Summary of Significant Accounting Policies |
2.
Summary of Significant Accounting Policies
Basis
of Presentation
The
condensed consolidated financial statements include the accounts of the Company and all majority-owned and controlled domestic and
foreign subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation.
These
condensed consolidated financial statements are presented in accordance with the requirements of interim financial data and consequently
do not include all of the disclosures normally required by GAAP for annual reporting purposes, such as those made in the Company’s
audited financial statements Company’s Annual Report on Form 10-K. The results for interim periods are not necessarily indicative
of trends or results expected for a full fiscal year.
The
condensed consolidated balance sheet as of December 31, 2023, was derived from the Company’s audited consolidated balance sheet
as of that date. All other condensed consolidated financial statements contained herein are unaudited and, in the opinion of management,
reflect all adjustments of a normal recurring nature necessary to present a fair statement of the financial position and the results
of operations and cash flows for the respective interim periods.
In
May 2023, the Company became a standalone publicly traded company, and its financial statements post-Separation are prepared on a
consolidated basis. The combined financial statements for all periods presented prior to the Separation (see below for additional
information) are now also referred to as “condensed consolidated financial statements.” In connection with the
Separation, the Company’s assets and liabilities were transferred to the Company on a carry-over (historical cost)
basis.
The
Company’s fiscal year begins on January 1 of the year stated and ends on December 31 of the same year. Unless otherwise indicated,
all references to “dollars” and “$” in this Quarterly Report on Form 10-Q are to, and amounts are presented in,
U.S. dollars.
For
Periods Prior to the Separation
Prior
to the Separation, the Company’s financial statements were derived from the condensed consolidated financial statements and
accounting records of Fundamental Global as if Strong Global Entertainment had operated on a stand-alone basis during the periods
presented and were prepared in accordance with U.S. Generally Accepted Accounting Principles (“U.S. GAAP”) and pursuant
to the regulations of the U.S. Securities and Exchange Commission. Historically, Strong Global Entertainment was reported as an
operating segment within Fundamental Global’ reportable segments and did not operate as a stand-alone company. Accordingly, Fundamental Global historically reported the financial position and the related results of operations, cash flows and changes in equity
of Strong Global Entertainment as a component of Fundamental Global’s condensed consolidated financial statements.
Prior
to the Separation, the historical results of operations included allocations of Fundamental Global’s costs and expenses including
Fundamental Global’s corporate function which incurred a variety of expenses including, but not limited to, information technology,
human resources, accounting, sales and sales operations, procurement, executive services, legal, corporate finance and communications.
For
periods prior to the Separation, the operating results of Strong Global Entertainment have historically been disclosed as a
reportable segment within the condensed consolidated financial statements of Fundamental Global enabling identification of directly
attributable transactional information, functional departments and headcount. The combined balance sheets were primarily derived by
reference to one, or a combination, of Strong Global Entertainment transaction-level information, functional department or
headcount. Revenue and Cost of revenue were derived from transactional information specific to Strong Global Entertainment products
and services. Directly attributable operating expenses were derived from activities relating to Strong Global Entertainment
functional departments and headcount. Certain additional costs, including compensation costs for corporate employees, have been
allocated from Fundamental Global. The allocated costs for corporate functions included, but were not limited to, information
technology, legal, finance and accounting, human resources, tax, treasury, research and development, sales and marketing activities,
shared facilities and other shared services, which are not provided at the Strong Global Entertainment level. These costs were
allocated on a basis of revenue, headcount or other measures Strong Global Entertainment has determined as reasonable.
Strong
Global Entertainment employees also historically participated in Fundamental Global’s stock-based incentive plans, in the form of
restricted stock units (“RSUs”) and stock options issued pursuant to Fundamental Global’s employee stock plan. Stock-based
compensation expense has been directly reported by Strong Global Entertainment based on the awards and terms previously granted to Fundamental Global’s employees.
Allocations
for management costs and corporate support services provided to Strong Global Entertainment prior to the Separation totaled $0.2
million for the three months ended March 31, 2023, all of which is included in general and administrative expenses. Following the
Separation, Strong Global Entertainment operates as a stand-alone publicly traded company and the condensed consolidated financial
statements for the periods after the Separation reflect the Company’s actual administrative costs of operating as an
independent entity. The management of Strong Global Entertainment believes the assumptions underlying the combined financial
statements, including the assumptions regarding the allocated expenses prior to the Separation, reasonably reflect the utilization
of services provided, or the benefit received by, Strong Global Entertainment during the periods presented. Nevertheless, the
combined financial statements may not be indicative of Strong Global Entertainment’s future performance, do not necessarily
include all of the actual expenses that would have been incurred had Strong Global Entertainment been an independent entity during
the historical periods and may not reflect the results of operations, financial position, and cash flows had Strong Global
Entertainment been a stand-alone company during the periods presented.
The
operations of the Company are included in the consolidated U.S. federal, and certain state and local and foreign income tax returns filed
by Fundamental Global, where applicable. Income tax expense and other income tax related information contained in the financial statements
prior to the Separation are presented on a separate return basis as if Strong Global Entertainment had filed its own tax returns.
Use
of Management Estimates
The
preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the
date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting
period. Actual results and changes in facts and circumstances may alter such estimates and affect results of operations and
financial position in future periods.
The
coronavirus pandemic (“COVID-19”) had an unprecedented impact to consumer behaviors and our customers, particularly our customers’
ability and willingness to purchase our products and services. The Company believes that consumer reticence to engage in outside-the-home
activities, caused by the risk of contracting COVID-19, has abated, and our customers have resumed more typical, pre-COVID-19 purchasing
behaviors. And while we believe our customers made significant progress in its recovery from the pandemic, the impact of COVID-19 on
inflation and supply chains and the continued economic recovery will be contingent upon several key factors, including the volume of
new film content available, the box office performance of new film content released, the duration of the exclusive theatrical release
window, and evolving consumer behavior with competition from other forms of in- and out-of-home entertainment. There can be no assurances
that there will be no additional public health crises, including further resurgence or variants of COVID-19, which could reverse the
current trend and have a negative impact on the Company’s results of operations. Our results of operations in future periods may
continue to be adversely impacted by inflationary pressures and global supply chain issues, and other negative effects on global economic
conditions.
Cash
and Cash Equivalents
All
short-term, highly liquid financial instruments are classified as cash equivalents in the condensed consolidated balance sheets and statements
of cash flows. Generally, these instruments have maturities of three months or less from date of purchase. As of March 31, 2024, $0.9
million of the $5.1 million in cash and cash equivalents was held in Canada.
Accounts
Receivable
Trade
accounts receivable are recorded at the invoiced amount and do not bear interest. Management determines the allowance for expected
credit losses based on several factors, including overall customer credit quality, historical write-off experience and a specific
analysis that projects the ultimate collectability of the account. As such, these factors may change over time causing the allowance
level and provision for expected credit losses to be adjusted accordingly. The accounts receivable balances on the condensed
consolidated balance sheets are net of an allowance for expected credit losses of $0.2
million as of both March 31, 2024 and December 31, 2023. Past due accounts are written off when our efforts have been unsuccessful
in collecting amounts due.
Income
Taxes
Income
taxes are accounted for under the asset and liability method. The Company uses an estimate of its annual effective rate at each interim
period based on the facts and circumstances at the time while the actual effective rate is calculated at year-end. Deferred tax assets
and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts
of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets
and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences
are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in
income in the period that includes the enactment date. In assessing whether the deferred tax assets are realizable, management considers
whether it is more likely than not that some portion or all of the deferred tax assets will not be realized.
The
Company’s uncertain tax positions are evaluated in a two-step process, whereby 1) the Company determines whether it is more likely
than not that the tax positions will be sustained based on the technical merits of the position and 2) for those tax positions that meet
the more likely than not recognition threshold, the Company would recognize the largest amount of tax benefit that is greater than fifty
percent likely to be realized upon ultimate settlement with the related tax authority. The Company accrues interest and penalties related
to uncertain tax positions in the condensed consolidated statements of operations as income tax expense.
Stock
Compensation Plans
Prior
to the Separation, the Company’s employees participated in Fundamental Global’s stock-based compensation plans. Stock-based
compensation expense has been allocated to the Company based on the awards and terms previously granted to Fundamental Global’s employees.
The Company measures stock-based compensation at the grant date based on the fair value of the award. The fair value of stock options
is estimated using the Black-Scholes option pricing model. Estimated compensation cost relating to RSUs is based on the closing fair
market value of Fundamental Global’s common stock on the date of grant.
The
Company recognizes compensation expense for all stock-based payment awards based on estimated fair values on the date of grant. The Company
uses the straight-line amortization method over the vesting period of the awards. The Company has historically issued shares upon exercise
of stock options or vesting of restricted stock from new stock issuances. Management estimates the fair value of restricted stock awards
based upon the closing market price of the underlying Common Shares on the date of grant. The fair value of stock options granted is
calculated using the Black-Scholes option pricing model. No stock-based compensation cost was capitalized as a part of inventory in during
the three months ended March 31, 2024 and March 31, 2023.
Fair
Value of Financial Instruments
Assets
and liabilities measured at fair value are categorized into a fair value hierarchy based upon the observability of inputs to the valuation
of an asset or liability as of the measurement date. Inputs refer broadly to the assumptions that market participants would use in pricing
the asset or liability, including assumptions about risk. The categorization within the valuation hierarchy is based upon the lowest
level of input that is significant to the fair value measurement. Financial assets and liabilities carried at fair value are classified
and disclosed in one of the following three categories:
|
● |
Level
1 – inputs to the valuation techniques are quoted prices in active markets for identical assets or liabilities |
|
● |
Level
2 – inputs to the valuation techniques are other than quoted prices but are observable for the assets or liabilities, either
directly or indirectly |
|
● |
Level
3 – inputs to the valuation techniques are unobservable for the assets or liabilities |
The
following tables present the Company’s financial assets measured at fair value based upon the level within the fair value hierarchy
in which the fair value measurements are classified, as of March 31, 2024 and December 31, 2023.
Fair
values measured on a recurring basis at March 31, 2024 (in thousands):
Schedule of Fair Values Measured on Recurring Basis
| |
Level 1 | | |
Level 2 | | |
Level 3 | | |
Total | |
Cash and cash equivalents | |
$ | 5,111 | | |
$ | - | | |
$ | - | | |
$ | 5,111 | |
Total | |
$ | 5,111 | | |
$ | - | | |
$ | - | | |
$ | 5,111 | |
Fair
values measured on a recurring basis at December 31, 2023 (in thousands):
| |
Level 1 | | |
Level 2 | | |
Level 3 | | |
Total | |
Cash and cash equivalents | |
$ | 5,470 | | |
$ | - | | |
$ | - | | |
$ | 5,470 | |
Total | |
$ | 5,470 | | |
$ | - | | |
$ | - | | |
$ | 5,470 | |
The
Company’s short-term debt is recorded at historical cost. The carrying values of all other financial assets and liabilities,
including accounts receivable, accounts payable, and short-term debt reported in the condensed consolidated balance sheets equal or
approximate their fair values due to the short-term nature of these instruments.
All
non-financial assets that are not recognized or disclosed at fair value in the financial statements on a recurring basis, which include
non-financial long-lived assets, are measured at fair value in certain circumstances (for example, when there is evidence of impairment).
Leases
The
Company and its subsidiaries lease plant and office facilities and equipment under operating and finance leases expiring through 2038.
See Note 15 for additional details related to the lease for the Company’s manufacturing facility in Quebec, Canada.
The
Company determines if a contract is or contains a lease at inception or modification of a contract. A contract is or contains a lease
if the contract conveys the right to control the use of an identified asset for a period in exchange for consideration. Control over
the use of the identified asset means the lessee has both (a) the right to obtain substantially all of the economic benefits from the
use of the asset and (b) the right to direct the use of the asset.
Right-of-use
assets and liabilities are recognized based on the present value of future minimum lease payments over the expected lease term at commencement
date. Certain of the leases contain extension options; however, the Company has not included such options as part of its right-of-use
assets and lease liabilities because it does not expect to extend the leases. The Company measures and records a right-of-use asset and
lease liability based on the discount rate implicit in the lease, if known. In cases where the discount rate implicit in the lease is
not known, the Company measures the right-of-use assets and lease liabilities using a discount rate equal to the Company’s estimated
incremental borrowing rate for loans with similar collateral and duration.
The
Company elected to not apply the recognition requirements of Accounting Standards Codification Topic 842, “Leases,” to leases
of all classes of underlying assets that, at the commencement date, have a lease term of 12 months or less and do not include an option
to purchase the underlying asset that the lessee is reasonably certain to exercise. Instead, lease payments for such short-term leases
are recognized in operations on a straight-line basis over the lease term and variable lease payments in the period in which the obligation
for those payments is incurred.
The
Company elected, as a lessee, for all classes of underlying assets, to not separate nonlease components from lease components and instead
to account for each separate lease component and the nonlease components associated with that lease component as a single lease component.
Recent
Issued Accounting Pronouncements
In
December 2023, the Financial Accounting Standards Board issued ASU 2023-09, Improvements to Income Tax Disclosures. The ASU requires
disaggregated information about a reporting entity’s effective tax rate reconciliation as well as additional information on income
taxes paid. The ASU is effective on a prospective basis for annual periods beginning after December 15, 2024, with early adoption permitted.
The new ASU will not impact amounts recorded in the Company’s financial statements but instead, will require more detailed disclosures
in the footnotes to the financial statements. The Company plans to provide the updated disclosures required by the ASU in the periods
in which they are effective.
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v3.24.1.1.u2
Discontinued Operations
|
3 Months Ended |
Mar. 31, 2024 |
Discontinued Operations and Disposal Groups [Abstract] |
|
Discontinued Operations |
3.
Discontinued Operations
In
March 2022, Strong Studios, Inc. (“Strong Studios”) acquired, from Landmark Studio Group LLC (“Landmark”), the rights to original feature films and
television series, and was assigned third party rights to content for global multiplatform distribution. The transaction entailed the
acquisition of certain projects which are in varying stages of development. During the second quarter of 2022, Safehaven 2022, Inc. (“Safehaven
2022”) was established to manage the production and financing of the Safehaven television series, one of the in-process
projects acquired from Landmark.
In
September 2023, the Company acquired all of the outstanding capital stock of Unbounded Media Corporation (“Unbounded”), an independent media and creative production
company. Unbounded developed, created and produced film, advertising, and branded content for a broad range of clients. The Company expected
Unbounded, in partnership with Strong Studios, would also further develop its original IP portfolio, under its Fieldhouse Entertainment
division, which included feature films employing Strong Studios’ long form production expertise and industry network.
As
of December 31, 2023, the board of directors of Strong Global Entertainment approved the Company’s plan to exit its content business,
including Strong Studios and Unbounded and authorized management to proceed with such plan. The plan is expected to improve the Company’s
focus on its core businesses, reduce general and administrative costs, and improve financial performance. The Company may receive proceeds
from the disposition of certain parts of the business and could recover development costs incurred in certain of the Strong Studios projects
in the future; however, any recovery is highly speculative, and management is not able to estimate the amount, timing or likelihood of
recoveries. These estimates may change based on the ultimate disposition of the operations and potential recoveries.
Management
evaluated the classification of the content business as a discontinued operation as of December 31, 2023. The content business
included employees and operations that were dedicated solely to that portion of the overall business. In addition, the
Company’s accounting system and bank accounts were set up in a manner that allowed for the cash flows to be clearly
distinguished from the rest of the entity. Management determined its content business is a component of an entity and represented a
discontinued operation effective December 31, 2023. As noted above, management began implementing the exit plan in late December
2023. All employees of the content business were notified of the Company’s plans to exit the business in December and
management immediately began working to implement the exit plan.
In
connection with the plan to exit the content business, the Company shut down the acquired Unbounded operations effective December 31,
2023.
The
Company also entered into a letter of intent during December 2023 and executed a Stock Purchase Agreement effective January 1, 2024 for
the sale of the majority of the Strong Studios operations. As a result, the Company has classified the assets and liabilities to reflected
as discontinued operations as of December 31, 2023. The assets and liabilities transferred to the purchaser during the first quarter of 2024.
Pursuant
to the Stock Purchase Agreement, the Company transferred the Strong Studios legal entity and all assets and liabilities related to Strong
Studios, except the assets and liabilities related to Safehaven. The Stock Purchase Agreement included a sales price of $0.6 million
in cash, to be paid in installments, and assumption of certain liabilities of Strong Studios. In addition to the $0.6 million purchase
price, the Company could recoup its investments in the underlying projects in the future if they projects are profitably commercialized.
The first installment payment was due in February 2024, but the payment has not been received from the purchaser, and the Company is
uncertain if the cash purchase price will ultimately be received. As a result, the Company has adjusted the carrying value of the net
assets related to Strong Studios to $0.
The
Safehaven series, a fully complete and readily marketable project under Strong Studios, was not transferred as part of the sale.
The Safehaven series was completed in mid-2023, and the Company and the other investors in the series began marketing the project
for sale during the second half of 2023. Currently, the parties are involved in a dispute relating to the financial management of the
project. The Company is working to resolve the dispute and management’s intent is to fully exit the project during 2024. As a result
of the ongoing dispute and the impact on the Company’s ability to predict any future revenue participation from the sale/license
of the series, the carrying value of the assets and liabilities has been adjusted to $0.
The
major classes of assets and liabilities included as part of discontinued operations are as follows (in thousands):
Schedule of Assets and Liabilities Included as Part of Discontinued Operations
| |
March 31,
2024 | | |
December 31,
2023 | |
Accounts receivable, net | |
$ | - | | |
$ | 27 | |
Other current assets | |
| - | | |
| 7 | |
Film & TV programming rights | |
| - | | |
| 906 | |
Total assets of discontinued operations | |
$ | - | | |
$ | 940 | |
| |
| | | |
| | |
Accounts payable and accrued expenses | |
$ | 90 | | |
$ | 1,321 | |
Long-term debt, net of current portion | |
| 71 | | |
| 71 | |
Total liabilities of discontinued operations | |
$ | 161 | | |
$ | 1,392 | |
The
major line items constituting the net loss from discontinued operations are as follows (in thousands):
Schedule of Net Loss From Discontinued Operations
| |
March 31,
2024 | | |
March 31,
2023 | |
| |
Three Months Ended | |
| |
March 31,
2024 | | |
March 31,
2023 | |
Net revenues | |
$ | - | | |
$ | - | |
Cost of revenues | |
| 95 | | |
| - | |
Gross profit | |
| (95 | ) | |
| - | |
Selling and administrative expenses | |
| 95 | | |
| 192 | |
Gain on disposal of assets | |
| - | | |
| 1 | |
Loss from operations | |
| (190 | ) | |
| (191 | ) |
Other expense | |
| (2 | ) | |
| - | |
Loss from discontinued operations | |
| (192 | ) | |
| (191 | ) |
Income tax expense | |
| - | | |
| - | |
Net loss from discontinued operations | |
$ | (192 | ) | |
$ | (191 | ) |
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v3.24.1.1.u2
Revenue
|
3 Months Ended |
Mar. 31, 2024 |
Revenue from Contract with Customer [Abstract] |
|
Revenue |
4.
Revenue
The
Company accounts for revenue using the following steps:
|
● |
Identify
the contract, or contracts, with a customer; |
|
● |
Identify
the performance obligations in the contract; |
|
● |
Determine
the transaction price; |
|
● |
Allocate
the transaction price to the identified performance obligations; and |
|
● |
Recognize
revenue when, or as, the Company satisfies the performance obligations. |
The
Company combines contracts with the same customer into a single contract for accounting purposes when the contracts are entered into
at or near the same time and the contracts are negotiated as a single commercial package, consideration in one contract depends on
the other contract, or the services are considered a single performance obligation. If an arrangement involves multiple performance
obligations, the items are analyzed to determine whether they are distinct, whether the items have value on a standalone basis, and
whether there is objective and reliable evidence of their standalone selling price. The total contract transaction price is
allocated to the identified performance obligations based upon the relative standalone selling prices of the performance
obligations. The standalone selling price is based on an observable price for services sold to other comparable customers, when
available, or an estimated selling price using a cost-plus margin approach. Management estimates the amount of total contract
consideration it expects to receive for variable arrangements by determining the most likely amount it expects to earn from the
arrangement based on the expected quantities of services it expects to provide and the contractual pricing based on those
quantities. The Company only includes a portion of variable consideration in the transaction price when it is probable that a
significant reversal in the amount of cumulative revenue recognized will not occur or when the uncertainty associated with the
variable consideration is subsequently resolved. The Company considers the sensitivity of the estimate, its relationship and
experience with the client and variable services being performed, the range of possible revenue amounts and the magnitude of the
variable consideration to the overall arrangement.
As
discussed in more detail below, revenue is recognized when a customer obtains control of promised goods or services under the terms of
a contract and is measured as the amount of consideration the Company expects to receive in exchange for transferring goods or providing
services. The Company typically does not have any material extended payment terms, as payment is due at or shortly after the time of
the sale. Sales, value-added and other taxes collected concurrently with revenue producing activities are excluded from revenue.
The
Company recognizes contract assets or unbilled receivables related to revenue recognized for services completed but not yet invoiced
to the clients. Unbilled receivables are recorded as accounts receivable when the Company has an unconditional right to contract consideration.
A contract liability is recognized as deferred revenue when the Company invoices clients, or receives cash, in advance of performing
the related services under the terms of a contract. Deferred revenue is recognized as revenue when the Company has satisfied the related
performance obligation.
The
Company defers costs to acquire contracts, including commissions, incentives and payroll taxes, if they are incremental and recoverable
costs of obtaining a customer contract with a term exceeding one year. Deferred contract costs are reported within other assets and amortized
to selling expense over the contract term, which generally ranges from one to five years. The Company has elected to recognize the incremental
costs of obtaining a contract with a term of less than one year as a selling expense when incurred. The Company did not have any deferred
contract costs as of March 31, 2024 or December 31, 2023.
The
following tables disaggregate the Company’s revenue by major source for the three months ended March 31, 2024 and 2023 (in thousands):
Schedule of Disaggregation of Revenue
| |
Three
Months Ended
March 31, 2024 | | |
Three Months Ended
March 31, 2023 | |
Screen system sales | |
$ | 3,035 | | |
$ | 2,958 | |
Digital equipment sales | |
| 4,238 | | |
| 3,526 | |
Extended warranty sales | |
| 58 | | |
| 51 | |
Other product sales | |
| 691 | | |
| 669 | |
Total product sales | |
| 8,022 | | |
| 7,204 | |
Field maintenance and monitoring services | |
| 1,909 | | |
| 1,891 | |
Installation services | |
| 936 | | |
| 802 | |
Other service revenues | |
| 203 | | |
| 54 | |
Total service revenues | |
| 3,048 | | |
| 2,747 | |
Total | |
$ | 11,070 | | |
$ | 9,951 | |
Total revenue | |
$ | 11,070 | | |
$ | 9,951 | |
Screen
system sales
The
Company typically recognizes revenue on the sale of its screen systems when control of the screen is transferred to the customer,
usually at time of shipment. However, revenue is recognized upon delivery for certain international shipments with longer shipping
transit times because control transfers upon delivery to the customer. The cost of freight and shipping to the customer is
recognized in cost of sales at the time of transfer of control to the customer. For contracts that are long-term in nature, the
Company believes that the use of the percentage-of-completion method is appropriate as management has the ability to make reasonably
dependable estimates of the extent of progress towards completion, contract revenues, and contract costs. Under the
percentage-of-completion method, revenue is recorded based on the ratio of actual costs incurred to total estimated costs expected
to be incurred related to the contract.
Digital
equipment sales
The
Company recognizes revenue on sales of digital equipment when the control of the equipment is transferred, which typically occurs at
the time of shipment from the Company’s warehouse or drop-shipment from a third party. The cost of freight and shipping to the
customer is recognized in cost of sales at the time of transfer of control to the customer. The Company typically records revenue for
drop-shipment orders on a gross basis as the Company (i) is responsible for fulfilling the order, (ii) has inventory risk, (iii) would
be the recipient of any returned items and (iv) has discretion over pricing. The cost of freight and shipping to the customer is recognized
in cost of sales at the time of transfer of control to the customer.
Field
maintenance and monitoring services
The
Company sells service contracts that provide maintenance and monitoring services to its Strong Entertainment customers. These contracts
are generally 12 months in length. Revenue related to service contracts is recognized ratably over the term of the agreement.
In
addition to selling service contracts, the Company also performs discrete time and materials-based maintenance and repair work for customers.
Revenue related to time and materials-based maintenance and repair work is recognized at the point in time when the performance obligation
has been fully satisfied.
Installation
services
The Company performs installation services for its customers and recognizes
revenue upon completion of the installations.
Extended
warranty sales
The
Company sells extended warranties to its customers. Typically, the Company is the primary obligor, and revenue is recognized on a gross
basis ratably over the term of the extended warranty.
Timing
of revenue recognition
The
following tables disaggregate the Company’s revenue by the timing of transfer of goods or services to the customer for the three
months ended March 31, 2024 and 2023 (in thousands):
Schedule of Disaggregation of Revenue by Timing of Transfer of Goods or Services
| |
Three Months Ended
March 31, 2024 | | |
Three Months Ended
March 31, 2023 | |
Point in time | |
$ | 9,473 | | |
$ | 8,430 | |
Over time | |
| 1,597 | | |
| 1,521 | |
Total | |
$ | 11,070 | | |
$ | 9,951 | |
Total revenue | |
$ | 11,070 | | |
$ | 9,951 | |
At
March 31, 2024, the unearned revenue amount associated with maintenance and monitoring services and extended warranty sales in which
the Company is the primary obligor was $0.4 million. The Company expects to recognize $0.4 million of unearned revenue amounts during
the remainder of 2024 and immaterial amounts during 2025-2026. The amount expected to be recorded during 2024 includes $0.1 million related
to long-term projects for which the Company uses the percentage-of- completion method to recognize revenue.
The
following tables summarize the Company’s revenue by geographic area for the three months ended March 31, 2024 and 2023 (in thousands):
Schedule of Revenue by Geographic Area
| |
Three Months Ended
March 31, 2024 | | |
Three Months Ended
March 31, 2023 | |
United States | |
$ | 9,629 | | |
$ | 8,577 | |
Canada | |
| 163 | | |
| 313 | |
China | |
| 81 | | |
| 22 | |
Mexico | |
| 18 | | |
| - | |
Latin America | |
| 159 | | |
| 256 | |
Europe | |
| 656 | | |
| 396 | |
Asia (excluding China) | |
| 88 | | |
| 153 | |
Other | |
| 276 | | |
| 234 | |
Total | |
$ | 11,070 | | |
$ | 9,951 | |
Total net revenues | |
$ | 11,070 | | |
$ | 9,951 | |
|
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- DefinitionThe entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.
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v3.24.1.1.u2
Net Income Per Share
|
3 Months Ended |
Mar. 31, 2024 |
Earnings Per Share [Abstract] |
|
Net Income Per Share |
5.
Net Income Per Share
Basic
net income per share has been computed on the basis of the weighted average number of shares of common stock outstanding. In periods
when the Company reported a net loss from continuing operations, there were no differences between average shares used to compute basic
and diluted loss per share as inclusion of stock options and restricted stock units would have been anti-dilutive in those periods. The
weighted average number of shares outstanding for the basic and diluted net income per share for the periods prior to the completion
of the IPO is based on the number of shares of the Company’s common stock outstanding on May 15, 2023, the effective date of the
registration statement relating to the IPO. The following table summarizes the weighted average shares used to compute basic and diluted
net loss per share (in thousands):
Schedule of Earnings Per Share Basic and Diluted
| |
2024 | | |
2023 | |
| |
Three Months Ended March 31, | |
| |
2024 | | |
2023 | |
Weighted average shares outstanding: | |
| | |
| |
Basic weighted average shares outstanding | |
| 7,877 | | |
| 6,000 | |
Dilutive effect of stock options and certain non-vested restricted stock units | |
| 6 | | |
| - | |
Diluted weighted average shares outstanding | |
| 7,883 | | |
| 6,000 | |
|
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v3.24.1.1.u2
Inventories
|
3 Months Ended |
Mar. 31, 2024 |
Inventory Disclosure [Abstract] |
|
Inventories |
6.
Inventories
Inventories
consisted of the following (in thousands):
Schedule of Inventories
| |
March 31, 2024 | | |
December 31, 2023 | |
Raw materials and components | |
$ | 1,975 | | |
$ | 2,021 | |
Work in process | |
| 387 | | |
| 443 | |
Finished goods | |
| 2,084 | | |
| 1,615 | |
Total Inventories | |
$ | 4,446 | | |
$ | 4,079 | |
The
inventory balances are net of reserves of approximately $0.4 million as of both March 31, 2024 and December 31, 2023. The inventory reserves
primarily related to the Company’s finished goods inventory. A rollforward of the inventory reserve for the three months ended
March 31, 2024, is as follows (in thousands):
Schedule of Inventory Reserve
| |
| | |
Inventory
reserve balance at December 31, 2023 | |
$ | 384 | |
Inventory
write-offs during 2024 | |
| (4 | ) |
Provision
for inventory reserve during 2024 | |
| 14 | |
Inventory
reserve balance at March 31, 2024 | |
$ | 394 | |
|
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- DefinitionThe entire disclosure for inventory. Includes, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the classes of inventory, and the nature of the cost elements included in inventory.
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v3.24.1.1.u2
Other Current Assets
|
3 Months Ended |
Mar. 31, 2024 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] |
|
Other Current Assets |
7.
Other Current Assets
Other
current assets consisted of the following as of March 31, 2024 and December 31, 2023 (in thousands):
Schedule of Other Current Assets
| |
March 31, 2024 | | |
December 31, 2023 | |
Prepaid expenses | |
$ | 600 | | |
$ | 451 | |
Unbilled accounts receivable | |
| 578 | | |
| 552 | |
Other | |
| 86 | | |
| 59 | |
Total | |
$ | 1,264 | | |
$ | 1,062 | |
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v3.24.1.1.u2
Property, Plant and Equipment, Net
|
3 Months Ended |
Mar. 31, 2024 |
Property, Plant and Equipment [Abstract] |
|
Property, Plant and Equipment, Net |
8.
Property, Plant and Equipment, Net
Property,
plant and equipment, net consisted of the following as of March 31, 2024 and December 31, 2023 (in thousands):
Schedule of Property, Plant and Equipment
| |
March 31, 2024 | | |
December 31, 2023 | |
Buildings and improvements | |
$ | 432 | | |
$ | 433 | |
Machinery and other equipment | |
| 5,070 | | |
| 5,158 | |
Office furniture and fixtures | |
| 805 | | |
| 830 | |
Construction in progress | |
| 2 | | |
| - | |
Total properties, cost | |
| 6,309 | | |
| 6,421 | |
Less: accumulated depreciation | |
| (4,821 | ) | |
| (4,829 | ) |
Property, plant and equipment, net | |
$ | 1,488 | | |
$ | 1,592 | |
|
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- DefinitionThe entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections.
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Accrued Expenses
|
3 Months Ended |
Mar. 31, 2024 |
Payables and Accruals [Abstract] |
|
Accrued Expenses |
9.
Accrued Expenses
Accrued
expenses consisted of the following as of March 31, 2024 and December 31, 2023 (in thousands):
Schedule of Accrued Expenses
| |
March 31, 2024 | | |
December 31, 2023 | |
Employee-related | |
$ | 1,196 | | |
$ | 1,425 | |
Warranty obligation | |
| 367 | | |
| 475 | |
Interest and taxes | |
| 654 | | |
| 546 | |
Legal and professional fees | |
| 418 | | |
| 381 | |
Other | |
| 340 | | |
| 285 | |
Total | |
$ | 2,975 | | |
$ | 3,112 | |
|
X |
- DefinitionThe entire disclosure for accounts payable and accrued liabilities at the end of the reporting period.
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Debt
|
3 Months Ended |
Mar. 31, 2024 |
Debt Disclosure [Abstract] |
|
Debt |
10.
Debt
Short-term
debt and long-term debt consisted of the following as of March 31, 2024 and December 31, 2023 (in thousands):
Schedule of Short-Term Debt and Long-Term Debt
| |
March 31, 2024 | | |
December 31, 2023 | |
Short-term debt: | |
| | | |
| | |
Strong/MDI revolving credit facility | |
$ | 2,453 | | |
$ | 2,438 | |
Insurance debt | |
| - | | |
| 18 | |
Total short-term debt | |
$ | 2,453 | | |
$ | 2,456 | |
| |
| | | |
| | |
Long-term debt: | |
| | | |
| | |
Tenant improvement loan | |
$ | 117 | | |
$ | 126 | |
ICS promissory note | |
| 388 | | |
| 445 | |
Total long-term debt | |
$ | 505 | | |
$ | 571 | |
Less: current portion | |
| (271 | ) | |
| (270 | ) |
Long-term debt, net of current portion | |
$ | 234 | | |
$ | 301 | |
Strong/MDI
Installment Loans and Revolving Credit Facility
In
January 2023, Strong/MDI and CIBC entered into a demand credit agreement (the “2023 Credit Agreement”), which amended and
restated the 2021 Credit Agreement. The 2023 Credit Agreement consists of a revolving line of credit for up to CAD$5.0 million and a
20-year installment loan for up to CAD$3.1 million. Under the 2023 Credit Agreement: (i) the amount outstanding under the line of credit
is payable on demand and bears interest at the lender’s prime rate plus 1.0% and (ii) the amount outstanding under the installment
loan bears interest at the lender’s prime rate plus 0.5% and is payable in monthly installments, including interest, over their
respective borrowing periods. The lender may also demand repayment of the installment loan at any time. The 2023 Credit Agreement is
secured by a lien on Strong/MDI’s Quebec, Canada facility and substantially all of Strong/MDI’s assets. The 2023 Credit Agreement
requires Strong/MDI to maintain a ratio of liabilities to “effective equity” (tangible stockholders’ equity, less amounts
receivable from affiliates and equity holdings) not exceeding 2.5 to 1 and a fixed charge coverage ratio of not less than 1.1 times earnings
before interest, income taxes, depreciation and amortization. The 5-year installment note was paid in full in connection with entering
into the 2023 Credit Agreement. In connection with the IPO, the 20-year installment note did not transfer to the Company. In May 2023,
Strong/MDI and CIBC entered into an amendment to the 2023 Credit Agreement which reduced the amount available under the revolving line
of credit to CAD$3.4 million, and CIBC provided an undertaking to Strong/MDI to a release of CIBC’s security interest in certain
assets to be transferred to a subsidiary in connection with transactions related to the IPO.
On
January 19, 2024, the Company entered into a new demand credit agreement with CIBC. The agreement consists of a demand operating
credit and a business credit card facility. Under the demand operating credit, with certain conditions, the credit limit is the
lesser of (a) CAD$6.0
million or (b) the sum of (i)
80% of Receivable Value, which includes all North American accounts receivable of Strong/MDI and STS, and (ii) 50% of Inventory
Value, but in no event may the amount in this clause (ii) exceed $1.5 million, minus (iii) all Priority Claims (as defined in the demand credit agreement). As of March
31, 2024, there was CAD$3.3
million, or approximately $2.5
million, of principal outstanding on the revolving credit facility, which bears variable interest at 8.2%.
The Company was in compliance with its debt covenants as of March 31, 2024.
Tenant
Improvement Loan
During
the fourth quarter of 2021, the Company entered into a lease for a combined office and warehouse in Omaha, Nebraska. The Company incurred
total costs of approximately $0.4 million to complete the build-out of the new combined office and warehouse facility. The landlord has
agreed to fund approximately 50% of the build-out costs, and the Company is required to repay the portion funded by the landlord in equal
monthly installments through the end of the initial lease term in February 2027. Through the end of 2021, the Company incurred approximately
$0.2 million of total costs to build out the facility, of which approximately $0.1 million was funded by the landlord. The Company completed
the build-out during the first quarter of 2022 and incurred an additional $0.2 million of total costs to complete the build-out, of which
approximately $0.1 million was funded by the landlord.
ICS Promissory Note
As
discussed in Note 5, STS issued a $0.5 million promissory note in connection with the acquisition of ICS. The promissory note will be
repaid in monthly installments through November 2025 and bears fixed interest of 5%.
Contractual
Principal Payments
Contractual
required principal payments on the Company’s long-term debt at March 31, 2024, are as follows (in thousands):
Schedule of Contractual Principal Payments
| |
| | |
Remainder
of 2024 | |
$ | 203 | |
2025 | |
| 253 | |
2026 | |
| 42 | |
2027 | |
| 7 | |
Total | |
$ | 505 | |
|
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- DefinitionThe entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.
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v3.24.1.1.u2
Leases
|
3 Months Ended |
Mar. 31, 2024 |
Leases |
|
Leases |
11.
Leases
The
following tables present the Company’s lease costs and other lease information (dollars in thousands):
Schedule of Lease Costs and Other Lease Information
| |
March
31, 2024 | | |
March
31, 2023 | |
Lease
cost | |
Three
Months Ended | |
| |
March
31, 2024 | | |
March
31, 2023 | |
Finance
lease cost: | |
| | | |
| | |
Amortization
of right-of-use assets | |
$ | 65 | | |
$ | 29 | |
Interest
on lease liabilities | |
| 27 | | |
| 12 | |
Operating
lease cost | |
| 172 | | |
| 17 | |
Short-term
lease cost | |
| 17 | | |
| 17 | |
Net
lease cost | |
$ | 281 | | |
$ | 75 | |
| |
March
31, 2024 | | |
March
31, 2023 | |
Other
information | |
Three
Months Ended | |
| |
March
31, 2024 | | |
March
31, 2023 | |
Cash
paid for amounts included in the measurement of lease liabilities: | |
| | | |
| | |
Operating
cash flows from finance leases | |
$ | 27 | | |
$ | 12 | |
Operating
cash flows from operating leases | |
$ | 153 | | |
$ | 19 | |
Financing
cash flows from finance leases | |
$ | 61 | | |
$ | 23 | |
| |
As
of March 31, 2024 | |
Weighted-average
remaining lease term - finance leases (years) | |
| 2.1 | |
Weighted-average
remaining lease term - operating leases (years) | |
| 13.2 | |
Weighted-average
discount rate - finance leases | |
| 9.2 | % |
Weighted-average
discount rate - operating leases | |
| 5.1 | % |
The
following table presents a maturity analysis of the Company’s operating and finance lease liabilities as of March 31, 2024 (in
thousands):
Schedule of Operating and Finance Lease Liabilities
| |
Operating
Leases | | |
Finance
Leases | |
Remainder
of 2024 | |
$ | 462 | | |
$ | 263 | |
2025 | |
| 546 | | |
| 600 | |
2026 | |
| 496 | | |
| 468 | |
2027 | |
| 429 | | |
| - | |
2028 | |
| 419 | | |
| - | |
Thereafter | |
| 4,244 | | |
| - | |
Total
lease payments | |
| 6,596 | | |
$ | 1,331 | |
Less:
Amount representing interest | |
| (1,832 | ) | |
| (169 | ) |
Present value of
lease payments | |
| 4,764 | | |
| 1,162 | |
Less:
Current maturities | |
| (403 | ) | |
| (258 | ) |
Lease
obligations, net of current portion | |
$ | 4,361 | | |
$ | 904 | |
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v3.24.1.1.u2
Income and Other Taxes
|
3 Months Ended |
Mar. 31, 2024 |
Income Tax Disclosure [Abstract] |
|
Income and Other Taxes |
12.
Income and Other Taxes
In
assessing the realizability of deferred tax assets, the Company considers whether it is more likely than not that some portion or all
of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of
future taxable income. The Company considers the scheduled reversal of taxable temporary differences, projected future taxable income
and tax planning strategies in making this assessment. A cumulative loss in a particular tax jurisdiction in recent years is a significant
piece of evidence with respect to the realizability that is difficult to overcome. Based on the available objective evidence, including
recent updates to the taxing jurisdictions generating income, the Company concluded that a valuation allowance should be recorded against
all of the Company’s U.S. tax jurisdiction deferred tax assets as of March 31, 2024 and December 31, 2023.
Changes
in tax laws may affect recorded deferred tax assets and liabilities and our effective tax rate in the future. In March 2020, the Coronavirus
Aid, Relief, and Economic Security Act (CARES Act) was enacted and made significant changes to Federal tax laws, including certain changes
that were retroactive to the 2019 tax year. The effects of these changes relate to deferred tax assets and net operating losses; all
of which are offset by valuation allowance. There were no material income tax consequences of this enacted legislation on the reporting
period of these financial statements.
The
Company is subject to possible examinations not yet initiated for Federal purposes for the fiscal years 2020 through 2022. The Company
is also subject to possible examinations for state and local purposes. In most cases, these examinations in the state and local jurisdictions
remain open based on the particular jurisdiction’s statute of limitations.
|
X |
- DefinitionThe entire disclosure for income tax.
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v3.24.1.1.u2
Stock Based Compensation
|
3 Months Ended |
Mar. 31, 2024 |
Share-Based Payment Arrangement [Abstract] |
|
Stock Based Compensation |
13.
Stock Based Compensation
The
Company recognizes compensation expense for all stock-based payment awards based on estimated grant date fair values. Stock-based compensation
expense included in selling and administrative expenses approximated $0.1 million and $18,000 for the three months ended March 31, 2024
and March 31, 2023, respectively.
The
Company’s 2023 Share Compensation Plan (the “Plan”) was approved by the Compensation Committee of the Board of Directors
with the discretion to grant stock options, stock appreciation rights, restricted shares, restricted stock units, performance shares,
performance units and other stock-based awards and cash-based awards. Vesting terms vary with each grant and may be subject to vesting
upon a “change in control” of the Company. As of December 31, 2023, approximately 0.6 million shares were available for issuance
under the Plan.
Stock
Options
The
Company did not grant any stock options during the three months ended March 31, 2024. The following table summarizes stock option activity
for the three months ended March 31, 2024:
Summary of Stock Option
| |
Number
of Options | | |
Weighted
Average Exercise Price Per Share | | |
Weighted
Average Remaining Contractual Term (Years) | | |
Aggregate
Intrinsic Value (in thousands) | |
Outstanding
at December 31, 2023 | |
| 156,000 | | |
$ | 3.11 | | |
| 9.4 | | |
$ | - | |
Granted | |
| - | | |
| | | |
| | | |
| | |
Exercised | |
| - | | |
| | | |
| | | |
| | |
Forfeited | |
| (12,500 | ) | |
| 3.11 | | |
| | | |
| | |
Expired | |
| - | | |
| | | |
| | | |
| | |
Outstanding
at March 31, 2024 | |
| 143,500 | | |
$ | 3.11 | | |
| 9.2 | | |
$ | - | |
Exercisable
at March 31, 2024 | |
| - | | |
$ | - | | |
| - | | |
$ | - | |
The
aggregate intrinsic value in the table above represents the total that would have been received by the option holders if all in-the-money
options had been exercised and sold on the date indicated.
As
of March 31, 2024, 143,500 stock option awards have not vested. Unrecognized compensation cost related to non-vested stock options was
approximately $0.2 million, which is expected to be recognized over a weighted average period of 4.2 years.
Restricted
Stock Units
The
Company estimates the fair value of restricted stock awards based upon the closing price of the underlying common stock on the date of
grant. The following table summarizes restricted stock unit activity for the three months ended March 31, 2024:
Summary of Restricted Stock Units Activity
| |
Number
of Restricted Stock Units | | |
Weighted
Average Grant Date Fair Value | |
Non-vested
at December 31, 2023 | |
| 174,000 | | |
$ | 3.52 | |
Granted | |
| - | | |
| | |
Shares
vested | |
| - | | |
| | |
Shares
forfeited | |
| (25,000 | ) | |
| 3.11 | |
Non-vested
at March 31, 2024 | |
| 149,000 | | |
$ | 3.58 | |
As
of March 31, 2024, the total unrecognized compensation cost related to non-vested restricted stock unit awards was approximately $0.3
million, which is expected to be recognized over a weighted average period of 1.8 years.
|
X |
- DefinitionThe entire disclosure for share-based payment arrangement.
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v3.24.1.1.u2
Commitments, Contingencies and Concentrations
|
3 Months Ended |
Mar. 31, 2024 |
Commitments and Contingencies Disclosure [Abstract] |
|
Commitments, Contingencies and Concentrations |
14.
Commitments, Contingencies and Concentrations
Litigation
The
Company is involved, from time to time, in certain legal disputes in the ordinary course of business. No such disputes, individually
or in the aggregate, are expected to have a material effect on the Company’s business or financial condition.
Fundamental
Global is named as a defendant in personal injury lawsuits based on alleged exposure to asbestos-containing materials. A majority of
the cases involve product liability claims based principally on allegations of past distribution of commercial lighting products
containing wiring that may have contained asbestos. Each case names dozens of corporate defendants in addition to Fundamental
Global. In Fundamental Global’s experience, a large percentage of these types of claims have never been substantiated and have
been dismissed by the courts. Fundamental Global has not suffered any adverse verdict in a trial court proceeding related to
asbestos claims and intends to continue to defend these lawsuits. Under the Fundamental Global Asset Purchase Agreement, the Company
agreed to indemnify Fundamental Global for future losses, if any related to current product liability or personal injury claims
arising out of products sold or distributed in the U.S. by the operations of the businesses being transferred to the Company in the
Separation, in an aggregate amount not to exceed $250,000
per year, as well as to indemnify Fundamental Global for all expenses (including legal fees) related to the defense of such claims.
As of March 31, 2024, the Company has a loss contingency reserve of approximately $0.3
million, of which $0.1
million represents future payments on a settled case and the remaining $0.2
million represents Management’s estimate of its potential losses related to the settlement of open cases. When appropriate,
Fundamental Global may settle additional claims in the future. Management does not expect the resolution of these cases to have a
material adverse effect on its condensed consolidated financial condition, results of operations or cash flows.
On
April 29, 2024, Ravenwood-Productions LLC (“Ravenwood”) and Kevin V. Duncan (“Duncan” and, together with
Ravenwood, the “Plaintiffs”) filed a civil complaint (the “Complaint”) against the Company, certain
affiliated entities, and certain current and former employees, officers and directors of the Company (collectively, the
“Defendants”) in the United States District Court for the Central District of California. The Complaint claims seven
causes of action, each claim against some, or all, of the Defendants. The Plaintiffs seek, among other forms of relief, compensatory
damages and restitution. The Company, along with the other Defendants, deny the allegations in the Complaint, and intend to
vigorously defend against the Complaint, which may include filing counterclaims. Based on information presently available to the
Company and consultation with legal counsel, the Company believes the Complaint is without merit. As of the date hereof, the Company
does not believe a loss related to the Complaint is probable, and no liability or reserve has been established for this
matter, although the Company expects to incur legal fees and other costs related to our defense of these claims.
Concentrations
The
Company’s top ten customers accounted for approximately 50% of consolidated net revenues during the three months ended March 31,
2024. Trade accounts receivable from these customers represented approximately 56% of net consolidated receivables at March 31, 2024.
One of the Company’s customers accounted for more than 10% of both its consolidated net revenues during the three months ended
March 31, 2024 and its net consolidated receivables as of March 31, 2024. While the Company believes its relationships with such customers
are stable, most arrangements are made by purchase order and are terminable at will by either party. A significant decrease or interruption
in business from the Company’s significant customers could have a material adverse effect on the Company’s business, financial
condition and results of operations. The Company could also be adversely affected by such factors as changes in foreign currency rates
and weak economic and political conditions in each of the countries in which the Company sells its products.
Financial
instruments that potentially expose the Company to a concentration of credit risk principally consist of accounts receivable. The Company
sells product to a large number of customers in many different geographic regions. To minimize credit risk, the Company performs ongoing
credit evaluations of its customers’ financial condition.
|
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- DefinitionThe entire disclosure for commitments and contingencies.
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v3.24.1.1.u2
Related Party Transactions
|
3 Months Ended |
Mar. 31, 2024 |
Related Party Transactions [Abstract] |
|
Related Party Transactions |
15.
Related Party Transactions
Related
Party Transactions
In
connection with the IPO, the Company and Fundamental Global entered into a management services agreement that provides a framework for our ongoing
relationship with Fundamental Global. Fundamental Global and its subsidiaries and we and our subsidiaries, provide each other certain services
which include information technology, legal, finance and accounting, human resources, tax, treasury, and other services. Pursuant to
the Management Services Agreement, the charges for these services are generally based on their actual cost basis.
The
Company manufactures its screens in an approximately 80,000 square-foot facility near Montreal, Quebec, Canada, which is owned by FG
Holdings Quebec. The Company and FG Holdings Quebec have entered into a long-term lease agreement covering the Company’s continued
use of the facility.
|
X |
- DefinitionThe entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.
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v3.24.1.1.u2
Subsequent Event
|
3 Months Ended |
Mar. 31, 2024 |
Subsequent Events [Abstract] |
|
Subsequent Event |
16.
Subsequent Event
On
May 3, 2024, the Company entered into an acquisition agreement (the “Acquisition Agreement”) with FG Acquisition Corp., a
special purpose acquisition company (“FGAC”), Strong/MDI, FGAC Investors LLC, and CG Investments VII Inc., (together with
FGAC Investors LLC, the “Sponsors”). FGAC’s currently issued and outstanding Class A restricted voting shares (the
“Class A Restricted Voting Shares”) and share purchase warrants (the “Warrants”) are listed on the Toronto Stock
Exchange (the “TSX”). In addition, FGAC has approximately 2.9 million Class B shares (the “Class B Shares”) issued
and outstanding.
Pursuant
to the Acquisition Agreement, FGAC intends to acquire, directly or indirectly, all of the outstanding shares in the capital of Strong/MDI
(the “MDI Acquisition”). As a result of the MDI Acquisition, Strong/MDI will become a wholly-owned subsidiary of FGAC. The
MDI Acquisition values Strong/MDI at a pre-money valuation of $30 million (as adjusted pursuant to the Acquisition Agreement, the “MDI
Equity Value”).
In
connection with the closing of the MDI Acquisition (the “Closing”), FGAC intends to rename itself Saltire Holdings, Ltd.
(“Saltire”). It is a condition of Closing that the common shares of FGA (the “Common Shares”) be listed and the
Warrants continue to be listed on the TSX.
On
Closing, FGAC will satisfy the Purchase Price (as defined in the Acquisition Agreement) with: (i) cash, in an amount equal to 25% of
the net proceeds of a concurrent private placement, if any (the “Cash Consideration”), (ii) the issuance to the Company of
preferred shares (“Preferred Shares”) with an initial preferred share redemption amount of $9.0 million, and (iii) the issuance
to the Company of that number of Common Shares equal to (a) the MDI Equity Value minus (x) the Cash Consideration and (y) the Preferred
Shares, divided by (b) $10.00.
The
Closing is conditional on, among other things, there being no legal impediments to Closing and all required authorizations, consents
and approvals necessary to effect Closing having occurred, or being filed or obtained, as applicable, the Common Shares being conditionally
listed for trading on a stock exchange, the approval of the MDI Acquisition by the holders of Class A Restricted Voting Shares at a meeting
of shareholders to be held in connection with the MDI Acquisition, receipts having been obtained for both the preliminary and final prospectus
and other usual and customary conditions for transactions of this nature. The obligations of the Company at Closing are also conditional
on, among other usual and customary conditions for transactions of this nature, (a) the truth and accuracy of FGAC’s representations
and warranties, (b) the compliance and/ or performance by FGAC of its covenants under the Acquisition Agreement, and (c) there having
been no material adverse change with respect to FGAC. The Closing is also conditional on, among other usual and customary conditions
for transactions of this nature, the following conditions of Closing in favour of FGAC: (a) the truth and accuracy of the Company and
Strong/MDI’s representations and warranties, (b) the compliance and/or performance by the Company and MDI of their covenants under
the Acquisition Agreement, (c) the completion of all required third party authorizations, consents and approvals, and (d) there having
been no material adverse change with respect to Strong/MDI or its business and there being no events, facts or circumstances that shall
have occurred which would result or which could reasonably be expected to result, individually or in the aggregate, in a material adverse
change with respect to Strong/MDI or its business.
It
is anticipated that, upon completion of the MDI Acquisition, on a non-diluted basis and assuming completion of a $10 million private
placement and the issuance of 338,560 Common Shares to CG Investments VII Inc. as consideration for its deferred underwriting fee, the
Company will hold an ownership interest of approximately 29.6% in Saltire.
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v3.24.1.1.u2
Summary of Significant Accounting Policies (Policies)
|
3 Months Ended |
Mar. 31, 2024 |
Accounting Policies [Abstract] |
|
Basis of Presentation |
Basis
of Presentation
The
condensed consolidated financial statements include the accounts of the Company and all majority-owned and controlled domestic and
foreign subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation.
These
condensed consolidated financial statements are presented in accordance with the requirements of interim financial data and consequently
do not include all of the disclosures normally required by GAAP for annual reporting purposes, such as those made in the Company’s
audited financial statements Company’s Annual Report on Form 10-K. The results for interim periods are not necessarily indicative
of trends or results expected for a full fiscal year.
The
condensed consolidated balance sheet as of December 31, 2023, was derived from the Company’s audited consolidated balance sheet
as of that date. All other condensed consolidated financial statements contained herein are unaudited and, in the opinion of management,
reflect all adjustments of a normal recurring nature necessary to present a fair statement of the financial position and the results
of operations and cash flows for the respective interim periods.
In
May 2023, the Company became a standalone publicly traded company, and its financial statements post-Separation are prepared on a
consolidated basis. The combined financial statements for all periods presented prior to the Separation (see below for additional
information) are now also referred to as “condensed consolidated financial statements.” In connection with the
Separation, the Company’s assets and liabilities were transferred to the Company on a carry-over (historical cost)
basis.
The
Company’s fiscal year begins on January 1 of the year stated and ends on December 31 of the same year. Unless otherwise indicated,
all references to “dollars” and “$” in this Quarterly Report on Form 10-Q are to, and amounts are presented in,
U.S. dollars.
For
Periods Prior to the Separation
Prior
to the Separation, the Company’s financial statements were derived from the condensed consolidated financial statements and
accounting records of Fundamental Global as if Strong Global Entertainment had operated on a stand-alone basis during the periods
presented and were prepared in accordance with U.S. Generally Accepted Accounting Principles (“U.S. GAAP”) and pursuant
to the regulations of the U.S. Securities and Exchange Commission. Historically, Strong Global Entertainment was reported as an
operating segment within Fundamental Global’ reportable segments and did not operate as a stand-alone company. Accordingly, Fundamental Global historically reported the financial position and the related results of operations, cash flows and changes in equity
of Strong Global Entertainment as a component of Fundamental Global’s condensed consolidated financial statements.
Prior
to the Separation, the historical results of operations included allocations of Fundamental Global’s costs and expenses including
Fundamental Global’s corporate function which incurred a variety of expenses including, but not limited to, information technology,
human resources, accounting, sales and sales operations, procurement, executive services, legal, corporate finance and communications.
For
periods prior to the Separation, the operating results of Strong Global Entertainment have historically been disclosed as a
reportable segment within the condensed consolidated financial statements of Fundamental Global enabling identification of directly
attributable transactional information, functional departments and headcount. The combined balance sheets were primarily derived by
reference to one, or a combination, of Strong Global Entertainment transaction-level information, functional department or
headcount. Revenue and Cost of revenue were derived from transactional information specific to Strong Global Entertainment products
and services. Directly attributable operating expenses were derived from activities relating to Strong Global Entertainment
functional departments and headcount. Certain additional costs, including compensation costs for corporate employees, have been
allocated from Fundamental Global. The allocated costs for corporate functions included, but were not limited to, information
technology, legal, finance and accounting, human resources, tax, treasury, research and development, sales and marketing activities,
shared facilities and other shared services, which are not provided at the Strong Global Entertainment level. These costs were
allocated on a basis of revenue, headcount or other measures Strong Global Entertainment has determined as reasonable.
Strong
Global Entertainment employees also historically participated in Fundamental Global’s stock-based incentive plans, in the form of
restricted stock units (“RSUs”) and stock options issued pursuant to Fundamental Global’s employee stock plan. Stock-based
compensation expense has been directly reported by Strong Global Entertainment based on the awards and terms previously granted to Fundamental Global’s employees.
Allocations
for management costs and corporate support services provided to Strong Global Entertainment prior to the Separation totaled $0.2
million for the three months ended March 31, 2023, all of which is included in general and administrative expenses. Following the
Separation, Strong Global Entertainment operates as a stand-alone publicly traded company and the condensed consolidated financial
statements for the periods after the Separation reflect the Company’s actual administrative costs of operating as an
independent entity. The management of Strong Global Entertainment believes the assumptions underlying the combined financial
statements, including the assumptions regarding the allocated expenses prior to the Separation, reasonably reflect the utilization
of services provided, or the benefit received by, Strong Global Entertainment during the periods presented. Nevertheless, the
combined financial statements may not be indicative of Strong Global Entertainment’s future performance, do not necessarily
include all of the actual expenses that would have been incurred had Strong Global Entertainment been an independent entity during
the historical periods and may not reflect the results of operations, financial position, and cash flows had Strong Global
Entertainment been a stand-alone company during the periods presented.
The
operations of the Company are included in the consolidated U.S. federal, and certain state and local and foreign income tax returns filed
by Fundamental Global, where applicable. Income tax expense and other income tax related information contained in the financial statements
prior to the Separation are presented on a separate return basis as if Strong Global Entertainment had filed its own tax returns.
|
Use of Management Estimates |
Use
of Management Estimates
The
preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the
date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting
period. Actual results and changes in facts and circumstances may alter such estimates and affect results of operations and
financial position in future periods.
The
coronavirus pandemic (“COVID-19”) had an unprecedented impact to consumer behaviors and our customers, particularly our customers’
ability and willingness to purchase our products and services. The Company believes that consumer reticence to engage in outside-the-home
activities, caused by the risk of contracting COVID-19, has abated, and our customers have resumed more typical, pre-COVID-19 purchasing
behaviors. And while we believe our customers made significant progress in its recovery from the pandemic, the impact of COVID-19 on
inflation and supply chains and the continued economic recovery will be contingent upon several key factors, including the volume of
new film content available, the box office performance of new film content released, the duration of the exclusive theatrical release
window, and evolving consumer behavior with competition from other forms of in- and out-of-home entertainment. There can be no assurances
that there will be no additional public health crises, including further resurgence or variants of COVID-19, which could reverse the
current trend and have a negative impact on the Company’s results of operations. Our results of operations in future periods may
continue to be adversely impacted by inflationary pressures and global supply chain issues, and other negative effects on global economic
conditions.
|
Cash and Cash Equivalents |
Cash
and Cash Equivalents
All
short-term, highly liquid financial instruments are classified as cash equivalents in the condensed consolidated balance sheets and statements
of cash flows. Generally, these instruments have maturities of three months or less from date of purchase. As of March 31, 2024, $0.9
million of the $5.1 million in cash and cash equivalents was held in Canada.
|
Accounts Receivable |
Accounts
Receivable
Trade
accounts receivable are recorded at the invoiced amount and do not bear interest. Management determines the allowance for expected
credit losses based on several factors, including overall customer credit quality, historical write-off experience and a specific
analysis that projects the ultimate collectability of the account. As such, these factors may change over time causing the allowance
level and provision for expected credit losses to be adjusted accordingly. The accounts receivable balances on the condensed
consolidated balance sheets are net of an allowance for expected credit losses of $0.2
million as of both March 31, 2024 and December 31, 2023. Past due accounts are written off when our efforts have been unsuccessful
in collecting amounts due.
|
Income Taxes |
Income
Taxes
Income
taxes are accounted for under the asset and liability method. The Company uses an estimate of its annual effective rate at each interim
period based on the facts and circumstances at the time while the actual effective rate is calculated at year-end. Deferred tax assets
and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts
of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets
and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences
are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in
income in the period that includes the enactment date. In assessing whether the deferred tax assets are realizable, management considers
whether it is more likely than not that some portion or all of the deferred tax assets will not be realized.
The
Company’s uncertain tax positions are evaluated in a two-step process, whereby 1) the Company determines whether it is more likely
than not that the tax positions will be sustained based on the technical merits of the position and 2) for those tax positions that meet
the more likely than not recognition threshold, the Company would recognize the largest amount of tax benefit that is greater than fifty
percent likely to be realized upon ultimate settlement with the related tax authority. The Company accrues interest and penalties related
to uncertain tax positions in the condensed consolidated statements of operations as income tax expense.
|
Stock Compensation Plans |
Stock
Compensation Plans
Prior
to the Separation, the Company’s employees participated in Fundamental Global’s stock-based compensation plans. Stock-based
compensation expense has been allocated to the Company based on the awards and terms previously granted to Fundamental Global’s employees.
The Company measures stock-based compensation at the grant date based on the fair value of the award. The fair value of stock options
is estimated using the Black-Scholes option pricing model. Estimated compensation cost relating to RSUs is based on the closing fair
market value of Fundamental Global’s common stock on the date of grant.
The
Company recognizes compensation expense for all stock-based payment awards based on estimated fair values on the date of grant. The Company
uses the straight-line amortization method over the vesting period of the awards. The Company has historically issued shares upon exercise
of stock options or vesting of restricted stock from new stock issuances. Management estimates the fair value of restricted stock awards
based upon the closing market price of the underlying Common Shares on the date of grant. The fair value of stock options granted is
calculated using the Black-Scholes option pricing model. No stock-based compensation cost was capitalized as a part of inventory in during
the three months ended March 31, 2024 and March 31, 2023.
|
Fair Value of Financial Instruments |
Fair
Value of Financial Instruments
Assets
and liabilities measured at fair value are categorized into a fair value hierarchy based upon the observability of inputs to the valuation
of an asset or liability as of the measurement date. Inputs refer broadly to the assumptions that market participants would use in pricing
the asset or liability, including assumptions about risk. The categorization within the valuation hierarchy is based upon the lowest
level of input that is significant to the fair value measurement. Financial assets and liabilities carried at fair value are classified
and disclosed in one of the following three categories:
|
● |
Level
1 – inputs to the valuation techniques are quoted prices in active markets for identical assets or liabilities |
|
● |
Level
2 – inputs to the valuation techniques are other than quoted prices but are observable for the assets or liabilities, either
directly or indirectly |
|
● |
Level
3 – inputs to the valuation techniques are unobservable for the assets or liabilities |
The
following tables present the Company’s financial assets measured at fair value based upon the level within the fair value hierarchy
in which the fair value measurements are classified, as of March 31, 2024 and December 31, 2023.
Fair
values measured on a recurring basis at March 31, 2024 (in thousands):
Schedule of Fair Values Measured on Recurring Basis
| |
Level 1 | | |
Level 2 | | |
Level 3 | | |
Total | |
Cash and cash equivalents | |
$ | 5,111 | | |
$ | - | | |
$ | - | | |
$ | 5,111 | |
Total | |
$ | 5,111 | | |
$ | - | | |
$ | - | | |
$ | 5,111 | |
Fair
values measured on a recurring basis at December 31, 2023 (in thousands):
| |
Level 1 | | |
Level 2 | | |
Level 3 | | |
Total | |
Cash and cash equivalents | |
$ | 5,470 | | |
$ | - | | |
$ | - | | |
$ | 5,470 | |
Total | |
$ | 5,470 | | |
$ | - | | |
$ | - | | |
$ | 5,470 | |
The
Company’s short-term debt is recorded at historical cost. The carrying values of all other financial assets and liabilities,
including accounts receivable, accounts payable, and short-term debt reported in the condensed consolidated balance sheets equal or
approximate their fair values due to the short-term nature of these instruments.
All
non-financial assets that are not recognized or disclosed at fair value in the financial statements on a recurring basis, which include
non-financial long-lived assets, are measured at fair value in certain circumstances (for example, when there is evidence of impairment).
|
Leases |
Leases
The
Company and its subsidiaries lease plant and office facilities and equipment under operating and finance leases expiring through 2038.
See Note 15 for additional details related to the lease for the Company’s manufacturing facility in Quebec, Canada.
The
Company determines if a contract is or contains a lease at inception or modification of a contract. A contract is or contains a lease
if the contract conveys the right to control the use of an identified asset for a period in exchange for consideration. Control over
the use of the identified asset means the lessee has both (a) the right to obtain substantially all of the economic benefits from the
use of the asset and (b) the right to direct the use of the asset.
Right-of-use
assets and liabilities are recognized based on the present value of future minimum lease payments over the expected lease term at commencement
date. Certain of the leases contain extension options; however, the Company has not included such options as part of its right-of-use
assets and lease liabilities because it does not expect to extend the leases. The Company measures and records a right-of-use asset and
lease liability based on the discount rate implicit in the lease, if known. In cases where the discount rate implicit in the lease is
not known, the Company measures the right-of-use assets and lease liabilities using a discount rate equal to the Company’s estimated
incremental borrowing rate for loans with similar collateral and duration.
The
Company elected to not apply the recognition requirements of Accounting Standards Codification Topic 842, “Leases,” to leases
of all classes of underlying assets that, at the commencement date, have a lease term of 12 months or less and do not include an option
to purchase the underlying asset that the lessee is reasonably certain to exercise. Instead, lease payments for such short-term leases
are recognized in operations on a straight-line basis over the lease term and variable lease payments in the period in which the obligation
for those payments is incurred.
The
Company elected, as a lessee, for all classes of underlying assets, to not separate nonlease components from lease components and instead
to account for each separate lease component and the nonlease components associated with that lease component as a single lease component.
|
Recent Issued Accounting Pronouncements |
Recent
Issued Accounting Pronouncements
In
December 2023, the Financial Accounting Standards Board issued ASU 2023-09, Improvements to Income Tax Disclosures. The ASU requires
disaggregated information about a reporting entity’s effective tax rate reconciliation as well as additional information on income
taxes paid. The ASU is effective on a prospective basis for annual periods beginning after December 15, 2024, with early adoption permitted.
The new ASU will not impact amounts recorded in the Company’s financial statements but instead, will require more detailed disclosures
in the footnotes to the financial statements. The Company plans to provide the updated disclosures required by the ASU in the periods
in which they are effective.
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v3.24.1.1.u2
Summary of Significant Accounting Policies (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Accounting Policies [Abstract] |
|
Schedule of Fair Values Measured on Recurring Basis |
Fair
values measured on a recurring basis at March 31, 2024 (in thousands):
Schedule of Fair Values Measured on Recurring Basis
| |
Level 1 | | |
Level 2 | | |
Level 3 | | |
Total | |
Cash and cash equivalents | |
$ | 5,111 | | |
$ | - | | |
$ | - | | |
$ | 5,111 | |
Total | |
$ | 5,111 | | |
$ | - | | |
$ | - | | |
$ | 5,111 | |
Fair
values measured on a recurring basis at December 31, 2023 (in thousands):
| |
Level 1 | | |
Level 2 | | |
Level 3 | | |
Total | |
Cash and cash equivalents | |
$ | 5,470 | | |
$ | - | | |
$ | - | | |
$ | 5,470 | |
Total | |
$ | 5,470 | | |
$ | - | | |
$ | - | | |
$ | 5,470 | |
|
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v3.24.1.1.u2
Discontinued Operations (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Discontinued Operations and Disposal Groups [Abstract] |
|
Schedule of Assets and Liabilities Included as Part of Discontinued Operations |
The
major classes of assets and liabilities included as part of discontinued operations are as follows (in thousands):
Schedule of Assets and Liabilities Included as Part of Discontinued Operations
| |
March 31,
2024 | | |
December 31,
2023 | |
Accounts receivable, net | |
$ | - | | |
$ | 27 | |
Other current assets | |
| - | | |
| 7 | |
Film & TV programming rights | |
| - | | |
| 906 | |
Total assets of discontinued operations | |
$ | - | | |
$ | 940 | |
| |
| | | |
| | |
Accounts payable and accrued expenses | |
$ | 90 | | |
$ | 1,321 | |
Long-term debt, net of current portion | |
| 71 | | |
| 71 | |
Total liabilities of discontinued operations | |
$ | 161 | | |
$ | 1,392 | |
|
Schedule of Net Loss From Discontinued Operations |
The
major line items constituting the net loss from discontinued operations are as follows (in thousands):
Schedule of Net Loss From Discontinued Operations
| |
March 31,
2024 | | |
March 31,
2023 | |
| |
Three Months Ended | |
| |
March 31,
2024 | | |
March 31,
2023 | |
Net revenues | |
$ | - | | |
$ | - | |
Cost of revenues | |
| 95 | | |
| - | |
Gross profit | |
| (95 | ) | |
| - | |
Selling and administrative expenses | |
| 95 | | |
| 192 | |
Gain on disposal of assets | |
| - | | |
| 1 | |
Loss from operations | |
| (190 | ) | |
| (191 | ) |
Other expense | |
| (2 | ) | |
| - | |
Loss from discontinued operations | |
| (192 | ) | |
| (191 | ) |
Income tax expense | |
| - | | |
| - | |
Net loss from discontinued operations | |
$ | (192 | ) | |
$ | (191 | ) |
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v3.24.1.1.u2
Revenue (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Revenue from Contract with Customer [Abstract] |
|
Schedule of Disaggregation of Revenue |
The
following tables disaggregate the Company’s revenue by major source for the three months ended March 31, 2024 and 2023 (in thousands):
Schedule of Disaggregation of Revenue
| |
Three
Months Ended
March 31, 2024 | | |
Three Months Ended
March 31, 2023 | |
Screen system sales | |
$ | 3,035 | | |
$ | 2,958 | |
Digital equipment sales | |
| 4,238 | | |
| 3,526 | |
Extended warranty sales | |
| 58 | | |
| 51 | |
Other product sales | |
| 691 | | |
| 669 | |
Total product sales | |
| 8,022 | | |
| 7,204 | |
Field maintenance and monitoring services | |
| 1,909 | | |
| 1,891 | |
Installation services | |
| 936 | | |
| 802 | |
Other service revenues | |
| 203 | | |
| 54 | |
Total service revenues | |
| 3,048 | | |
| 2,747 | |
Total | |
$ | 11,070 | | |
$ | 9,951 | |
Total revenue | |
$ | 11,070 | | |
$ | 9,951 | |
|
Schedule of Disaggregation of Revenue by Timing of Transfer of Goods or Services |
The
following tables disaggregate the Company’s revenue by the timing of transfer of goods or services to the customer for the three
months ended March 31, 2024 and 2023 (in thousands):
Schedule of Disaggregation of Revenue by Timing of Transfer of Goods or Services
| |
Three Months Ended
March 31, 2024 | | |
Three Months Ended
March 31, 2023 | |
Point in time | |
$ | 9,473 | | |
$ | 8,430 | |
Over time | |
| 1,597 | | |
| 1,521 | |
Total | |
$ | 11,070 | | |
$ | 9,951 | |
Total revenue | |
$ | 11,070 | | |
$ | 9,951 | |
|
Schedule of Revenue by Geographic Area |
The
following tables summarize the Company’s revenue by geographic area for the three months ended March 31, 2024 and 2023 (in thousands):
Schedule of Revenue by Geographic Area
| |
Three Months Ended
March 31, 2024 | | |
Three Months Ended
March 31, 2023 | |
United States | |
$ | 9,629 | | |
$ | 8,577 | |
Canada | |
| 163 | | |
| 313 | |
China | |
| 81 | | |
| 22 | |
Mexico | |
| 18 | | |
| - | |
Latin America | |
| 159 | | |
| 256 | |
Europe | |
| 656 | | |
| 396 | |
Asia (excluding China) | |
| 88 | | |
| 153 | |
Other | |
| 276 | | |
| 234 | |
Total | |
$ | 11,070 | | |
$ | 9,951 | |
Total net revenues | |
$ | 11,070 | | |
$ | 9,951 | |
|
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v3.24.1.1.u2
Net Income Per Share (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Earnings Per Share [Abstract] |
|
Schedule of Earnings Per Share Basic and Diluted |
Schedule of Earnings Per Share Basic and Diluted
| |
2024 | | |
2023 | |
| |
Three Months Ended March 31, | |
| |
2024 | | |
2023 | |
Weighted average shares outstanding: | |
| | |
| |
Basic weighted average shares outstanding | |
| 7,877 | | |
| 6,000 | |
Dilutive effect of stock options and certain non-vested restricted stock units | |
| 6 | | |
| - | |
Diluted weighted average shares outstanding | |
| 7,883 | | |
| 6,000 | |
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v3.24.1.1.u2
Inventories (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Inventory Disclosure [Abstract] |
|
Schedule of Inventories |
Inventories
consisted of the following (in thousands):
Schedule of Inventories
| |
March 31, 2024 | | |
December 31, 2023 | |
Raw materials and components | |
$ | 1,975 | | |
$ | 2,021 | |
Work in process | |
| 387 | | |
| 443 | |
Finished goods | |
| 2,084 | | |
| 1,615 | |
Total Inventories | |
$ | 4,446 | | |
$ | 4,079 | |
|
Schedule of Inventory Reserve |
Schedule of Inventory Reserve
| |
| | |
Inventory
reserve balance at December 31, 2023 | |
$ | 384 | |
Inventory
write-offs during 2024 | |
| (4 | ) |
Provision
for inventory reserve during 2024 | |
| 14 | |
Inventory
reserve balance at March 31, 2024 | |
$ | 394 | |
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v3.24.1.1.u2
Other Current Assets (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] |
|
Schedule of Other Current Assets |
Other
current assets consisted of the following as of March 31, 2024 and December 31, 2023 (in thousands):
Schedule of Other Current Assets
| |
March 31, 2024 | | |
December 31, 2023 | |
Prepaid expenses | |
$ | 600 | | |
$ | 451 | |
Unbilled accounts receivable | |
| 578 | | |
| 552 | |
Other | |
| 86 | | |
| 59 | |
Total | |
$ | 1,264 | | |
$ | 1,062 | |
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v3.24.1.1.u2
Property, Plant and Equipment, Net (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Property, Plant and Equipment [Abstract] |
|
Schedule of Property, Plant and Equipment |
Property,
plant and equipment, net consisted of the following as of March 31, 2024 and December 31, 2023 (in thousands):
Schedule of Property, Plant and Equipment
| |
March 31, 2024 | | |
December 31, 2023 | |
Buildings and improvements | |
$ | 432 | | |
$ | 433 | |
Machinery and other equipment | |
| 5,070 | | |
| 5,158 | |
Office furniture and fixtures | |
| 805 | | |
| 830 | |
Construction in progress | |
| 2 | | |
| - | |
Total properties, cost | |
| 6,309 | | |
| 6,421 | |
Less: accumulated depreciation | |
| (4,821 | ) | |
| (4,829 | ) |
Property, plant and equipment, net | |
$ | 1,488 | | |
$ | 1,592 | |
|
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v3.24.1.1.u2
Accrued Expenses (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Payables and Accruals [Abstract] |
|
Schedule of Accrued Expenses |
Accrued
expenses consisted of the following as of March 31, 2024 and December 31, 2023 (in thousands):
Schedule of Accrued Expenses
| |
March 31, 2024 | | |
December 31, 2023 | |
Employee-related | |
$ | 1,196 | | |
$ | 1,425 | |
Warranty obligation | |
| 367 | | |
| 475 | |
Interest and taxes | |
| 654 | | |
| 546 | |
Legal and professional fees | |
| 418 | | |
| 381 | |
Other | |
| 340 | | |
| 285 | |
Total | |
$ | 2,975 | | |
$ | 3,112 | |
|
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v3.24.1.1.u2
Debt (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Debt Disclosure [Abstract] |
|
Schedule of Short-Term Debt and Long-Term Debt |
Short-term
debt and long-term debt consisted of the following as of March 31, 2024 and December 31, 2023 (in thousands):
Schedule of Short-Term Debt and Long-Term Debt
| |
March 31, 2024 | | |
December 31, 2023 | |
Short-term debt: | |
| | | |
| | |
Strong/MDI revolving credit facility | |
$ | 2,453 | | |
$ | 2,438 | |
Insurance debt | |
| - | | |
| 18 | |
Total short-term debt | |
$ | 2,453 | | |
$ | 2,456 | |
| |
| | | |
| | |
Long-term debt: | |
| | | |
| | |
Tenant improvement loan | |
$ | 117 | | |
$ | 126 | |
ICS promissory note | |
| 388 | | |
| 445 | |
Total long-term debt | |
$ | 505 | | |
$ | 571 | |
Less: current portion | |
| (271 | ) | |
| (270 | ) |
Long-term debt, net of current portion | |
$ | 234 | | |
$ | 301 | |
|
Schedule of Contractual Principal Payments |
Contractual
required principal payments on the Company’s long-term debt at March 31, 2024, are as follows (in thousands):
Schedule of Contractual Principal Payments
| |
| | |
Remainder
of 2024 | |
$ | 203 | |
2025 | |
| 253 | |
2026 | |
| 42 | |
2027 | |
| 7 | |
Total | |
$ | 505 | |
|
X |
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v3.24.1.1.u2
Leases (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Leases |
|
Schedule of Lease Costs and Other Lease Information |
The
following tables present the Company’s lease costs and other lease information (dollars in thousands):
Schedule of Lease Costs and Other Lease Information
| |
March
31, 2024 | | |
March
31, 2023 | |
Lease
cost | |
Three
Months Ended | |
| |
March
31, 2024 | | |
March
31, 2023 | |
Finance
lease cost: | |
| | | |
| | |
Amortization
of right-of-use assets | |
$ | 65 | | |
$ | 29 | |
Interest
on lease liabilities | |
| 27 | | |
| 12 | |
Operating
lease cost | |
| 172 | | |
| 17 | |
Short-term
lease cost | |
| 17 | | |
| 17 | |
Net
lease cost | |
$ | 281 | | |
$ | 75 | |
| |
March
31, 2024 | | |
March
31, 2023 | |
Other
information | |
Three
Months Ended | |
| |
March
31, 2024 | | |
March
31, 2023 | |
Cash
paid for amounts included in the measurement of lease liabilities: | |
| | | |
| | |
Operating
cash flows from finance leases | |
$ | 27 | | |
$ | 12 | |
Operating
cash flows from operating leases | |
$ | 153 | | |
$ | 19 | |
Financing
cash flows from finance leases | |
$ | 61 | | |
$ | 23 | |
| |
As
of March 31, 2024 | |
Weighted-average
remaining lease term - finance leases (years) | |
| 2.1 | |
Weighted-average
remaining lease term - operating leases (years) | |
| 13.2 | |
Weighted-average
discount rate - finance leases | |
| 9.2 | % |
Weighted-average
discount rate - operating leases | |
| 5.1 | % |
|
Schedule of Operating and Finance Lease Liabilities |
The
following table presents a maturity analysis of the Company’s operating and finance lease liabilities as of March 31, 2024 (in
thousands):
Schedule of Operating and Finance Lease Liabilities
| |
Operating
Leases | | |
Finance
Leases | |
Remainder
of 2024 | |
$ | 462 | | |
$ | 263 | |
2025 | |
| 546 | | |
| 600 | |
2026 | |
| 496 | | |
| 468 | |
2027 | |
| 429 | | |
| - | |
2028 | |
| 419 | | |
| - | |
Thereafter | |
| 4,244 | | |
| - | |
Total
lease payments | |
| 6,596 | | |
$ | 1,331 | |
Less:
Amount representing interest | |
| (1,832 | ) | |
| (169 | ) |
Present value of
lease payments | |
| 4,764 | | |
| 1,162 | |
Less:
Current maturities | |
| (403 | ) | |
| (258 | ) |
Lease
obligations, net of current portion | |
$ | 4,361 | | |
$ | 904 | |
|
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v3.24.1.1.u2
Stock Based Compensation (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Share-Based Payment Arrangement [Abstract] |
|
Summary of Stock Option |
The
Company did not grant any stock options during the three months ended March 31, 2024. The following table summarizes stock option activity
for the three months ended March 31, 2024:
Summary of Stock Option
| |
Number
of Options | | |
Weighted
Average Exercise Price Per Share | | |
Weighted
Average Remaining Contractual Term (Years) | | |
Aggregate
Intrinsic Value (in thousands) | |
Outstanding
at December 31, 2023 | |
| 156,000 | | |
$ | 3.11 | | |
| 9.4 | | |
$ | - | |
Granted | |
| - | | |
| | | |
| | | |
| | |
Exercised | |
| - | | |
| | | |
| | | |
| | |
Forfeited | |
| (12,500 | ) | |
| 3.11 | | |
| | | |
| | |
Expired | |
| - | | |
| | | |
| | | |
| | |
Outstanding
at March 31, 2024 | |
| 143,500 | | |
$ | 3.11 | | |
| 9.2 | | |
$ | - | |
Exercisable
at March 31, 2024 | |
| - | | |
$ | - | | |
| - | | |
$ | - | |
|
Summary of Restricted Stock Units Activity |
Summary of Restricted Stock Units Activity
| |
Number
of Restricted Stock Units | | |
Weighted
Average Grant Date Fair Value | |
Non-vested
at December 31, 2023 | |
| 174,000 | | |
$ | 3.52 | |
Granted | |
| - | | |
| | |
Shares
vested | |
| - | | |
| | |
Shares
forfeited | |
| (25,000 | ) | |
| 3.11 | |
Non-vested
at March 31, 2024 | |
| 149,000 | | |
$ | 3.58 | |
|
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v3.24.1.1.u2
Schedule of Fair Values Measured on Recurring Basis (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Cash and cash equivalents |
$ 5,111
|
$ 5,470
|
Total |
5,111
|
5,470
|
Fair Value, Inputs, Level 1 [Member] |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Cash and cash equivalents |
5,111
|
5,470
|
Total |
5,111
|
5,470
|
Fair Value, Inputs, Level 2 [Member] |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Cash and cash equivalents |
|
|
Total |
|
|
Fair Value, Inputs, Level 3 [Member] |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Cash and cash equivalents |
|
|
Total |
|
|
X |
- DefinitionFair value portion of asset recognized for present right to economic benefit.
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Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands |
3 Months Ended |
Mar. 31, 2024 |
Mar. 31, 2023 |
Disaggregation of Revenue [Line Items] |
|
|
Total revenue |
$ 11,070
|
$ 9,951
|
Screen System Sales [Member] |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Total revenue |
3,035
|
2,958
|
Digital Equipment Sales [Member] |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Total revenue |
4,238
|
3,526
|
Extended Warranty Sales [Member] |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Total revenue |
58
|
51
|
Other Product Sales [Member] |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Total revenue |
691
|
669
|
Product [Member] |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Total revenue |
8,022
|
7,204
|
Field Maintenance and Monitoring Services [Member] |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Total revenue |
1,909
|
1,891
|
Installation Services [Member] |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Total revenue |
936
|
802
|
Service, Other [Member] |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Total revenue |
203
|
54
|
Service [Member] |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Total revenue |
$ 3,048
|
$ 2,747
|
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Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
Property, Plant and Equipment [Line Items] |
|
|
Total properties, cost |
$ 6,309
|
$ 6,421
|
Less: accumulated depreciation |
(4,821)
|
(4,829)
|
Property, plant and equipment, net |
1,488
|
1,592
|
Building Improvements [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Total properties, cost |
432
|
433
|
Machinery and Equipment [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Total properties, cost |
5,070
|
5,158
|
Furniture and Fixtures [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Total properties, cost |
805
|
830
|
Construction in Progress [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Total properties, cost |
$ 2
|
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Debt (Details Narrative) $ in Thousands, $ in Millions |
|
1 Months Ended |
3 Months Ended |
|
|
Jan. 19, 2024
CAD ($)
|
Jan. 31, 2023
CAD ($)
|
Mar. 31, 2024
USD ($)
|
Mar. 31, 2023
USD ($)
|
Mar. 31, 2022
USD ($)
|
Dec. 31, 2021
USD ($)
|
Mar. 31, 2024
CAD ($)
|
May 31, 2023
CAD ($)
|
Line of Credit Facility [Line Items] |
|
|
|
|
|
|
|
|
Lease cost |
|
|
$ 281
|
$ 75
|
|
$ 400
|
|
|
Loan percentage |
|
|
|
|
|
50.00%
|
|
|
Total costs to build out facility |
|
|
|
|
$ 200
|
$ 200
|
|
|
Loan amount |
|
|
|
|
$ 100
|
$ 100
|
|
|
Innovative Cinema Solutions LLC [Member] |
|
|
|
|
|
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
|
|
|
|
|
Promissory note |
|
|
$ 500
|
|
|
|
|
|
Periodic payments, description |
|
|
The promissory note will be
repaid in monthly installments through November 2025
|
|
|
|
|
|
Interest rate |
|
|
5.00%
|
|
|
|
5.00%
|
|
Revolving Credit Facility [Member] |
|
|
|
|
|
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
|
|
|
|
|
Installment loan term |
|
5 years
|
|
|
|
|
|
|
Revolving Credit Facility [Member] | Line of Credit [Member] |
|
|
|
|
|
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
|
|
|
|
|
Loan interest rate |
|
1.00%
|
|
|
|
|
|
|
Revolving Credit Facility [Member] | Line of Credit [Member] | Prime Rate [Member] |
|
|
|
|
|
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
|
|
|
|
|
Loan interest rate |
|
0.50%
|
|
|
|
|
|
|
Revolving Credit Facility [Member] | Demand Credit Agreement [Member] |
|
|
|
|
|
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
|
|
|
|
|
Revolving line of credit |
$ 6.0
|
$ 5.0
|
$ 2,500
|
|
|
|
$ 3.3
|
$ 3.4
|
Installment loan term |
|
20 years
|
|
|
|
|
|
|
Debt installment payment |
|
$ 3.1
|
|
|
|
|
|
|
Line of credit, description |
(i)
80% of Receivable Value, which includes all North American accounts receivable of Strong/MDI and STS, and (ii) 50% of Inventory
Value, but in no event may the amount in this clause (ii) exceed $1.5 million, minus (iii) all Priority Claims (as defined in the demand credit agreement).
|
|
|
|
|
|
|
|
Variable interest rate |
|
|
8.20%
|
|
|
|
|
|
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v3.24.1.1.u2
Schedule of Operating and Finance Lease Liabilities (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
Lessee, Operating Lease, Liability, to be Paid, Fiscal Year Maturity [Abstract] |
|
|
Operating leases Remainder of 2024 |
$ 462
|
|
Operating leases 2025 |
546
|
|
Operating leases 2026 |
496
|
|
Operating leases 2027 |
429
|
|
Operating leases 2028 |
419
|
|
Operating leases Thereafter |
4,244
|
|
Operating leases,Total lease payments |
6,596
|
|
Operating leases Less: Amount representing interest |
(1,832)
|
|
Present value of lease payments |
4,764
|
|
Operating leases Less: Current maturities |
(403)
|
$ (397)
|
Lease obligations, net of current portion |
4,361
|
4,460
|
Finance Lease, Liability, to be Paid, Fiscal Year Maturity [Abstract] |
|
|
Finance leases Remainder of 2024 |
263
|
|
Finance leases 2025 |
600
|
|
Finance leases 2026 |
468
|
|
Finance leases 2027 |
|
|
Finance leases 2028 |
|
|
Finance leases Thereafter |
|
|
Finance leases Total lease payments |
1,331
|
|
Finance leases Less: Amount representing interest |
(169)
|
|
Present value of lease payments |
1,162
|
|
Finance leases Less: Current maturities |
(258)
|
(253)
|
Lease obligations, net of current portion |
$ 904
|
$ 971
|
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v3.24.1.1.u2
Summary of Stock Option (Details) - USD ($)
|
3 Months Ended |
12 Months Ended |
Mar. 31, 2024 |
Dec. 31, 2023 |
Share-Based Payment Arrangement [Abstract] |
|
|
Options, Outstanding, Beginning Balance |
156,000
|
|
Weighted average exercise price per share, Beginning Balance |
$ 3.11
|
|
Weighted average remaining contractual term (Years), Ending Balance |
9 years 2 months 12 days
|
0 years
|
Aggregate intrinsic value, Beginning Balance |
|
|
Granted |
|
|
Exercised |
|
|
Forfeited |
(12,500)
|
|
Weighted average exercise price per share, forfeited |
$ 3.11
|
|
Expired |
|
|
Options, Outstanding, Ending Balance |
143,500
|
156,000
|
Weighted average exercise price per share, Ending Balance |
$ 3.11
|
$ 3.11
|
Aggregate intrinsic value, Ending Balance |
|
|
Exercisable, Outstanding Balance |
|
|
Weighted average exercise price per share Exercisable, Ending Balance |
|
|
Weighted average remaining contractual term (Years), Exercisable, Ending Balance |
0 years
|
|
Aggregate intrinsic value Exercisable, Ending Balance |
|
|
X |
- DefinitionThe number of shares into which fully or partially vested stock options outstanding as of the balance sheet date can be currently converted under the option plan.
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Summary of Restricted Stock Units Activity (Details) shares in Thousands |
3 Months Ended |
Mar. 31, 2024
$ / shares
shares
|
Share-Based Payment Arrangement [Abstract] |
|
Number of restricted stock unit non vested, beginning balance |
174,000
|
Weighted average grant date fair value, beginning balance | $ / shares |
$ 3.52
|
Number of restricted stock units, granted |
|
Number of restricted stock units, share vested |
|
Number of restricted stock units, share forfeited |
(25,000)
|
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$ 3.11
|
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149,000
|
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$ 3.58
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v3.24.1.1.u2
Stock Based Compensation (Details Narrative) - USD ($)
|
3 Months Ended |
|
Mar. 31, 2024 |
Mar. 31, 2023 |
Dec. 31, 2023 |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] |
|
|
|
Selling and administrative expense |
$ 1,959,000
|
$ 1,240,000
|
|
Shares available for issuance |
|
|
600,000
|
Stock option non vested |
143,500
|
|
|
Unrecognized compensation cost |
$ 200,000
|
|
|
Weighted average period |
4 years 2 months 12 days
|
|
|
Restricted Stock Units (RSUs) [Member] |
|
|
|
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] |
|
|
|
Unrecognized compensation cost |
$ 300,000
|
|
|
Weighted average period |
1 year 9 months 18 days
|
|
|
Selling, General and Administrative Expenses [Member] |
|
|
|
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] |
|
|
|
Selling and administrative expense |
$ 100,000
|
$ 18,000
|
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v3.24.1.1.u2
Subsequent Event (Details Narrative) - USD ($) $ in Millions |
May 03, 2024 |
Mar. 31, 2024 |
Dec. 31, 2023 |
Common Class B [Member] |
|
|
|
Subsequent Event [Line Items] |
|
|
|
Common stock shares issued |
|
100
|
100
|
Common stock shares outstanding |
|
100
|
100
|
Subsequent Event [Member] | CG Investments VII Inc [Member] |
|
|
|
Subsequent Event [Line Items] |
|
|
|
Private placement |
$ 10
|
|
|
Private placement, shares issuance |
338,560
|
|
|
Private placement, shares issuance |
29.60%
|
|
|
Subsequent Event [Member] | FG Acquisition Corp [Member] |
|
|
|
Subsequent Event [Line Items] |
|
|
|
Acquisition agreement, description |
(i) cash, in an amount equal to 25% of
the net proceeds of a concurrent private placement, if any (the “Cash Consideration”), (ii) the issuance to the Company of
preferred shares (“Preferred Shares”) with an initial preferred share redemption amount of $9.0 million, and (iii) the issuance
to the Company of that number of Common Shares equal to (a) the MDI Equity Value minus (x) the Cash Consideration and (y) the Preferred
Shares, divided by (b) $10.00.
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Subsequent Event [Member] | FG Acquisition Corp [Member] | Common Class B [Member] |
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Subsequent Event [Line Items] |
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Common stock shares issued |
2,900,000
|
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Common stock shares outstanding |
2,900,000
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Subsequent Event [Member] | MDI Acquisition [Member] |
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Subsequent Event [Line Items] |
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Premoney valuation adjusted amount |
$ 30
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