Reed’s Inc. (Nasdaq:REED), owner of the nation’s leading portfolio
of handcrafted, all-natural beverages, today announced financial
results for the fiscal second quarter ended June 30, 2020.
Highlights for the Second Quarter of
2020
- Net sales increased 14% to $10.9 million in the second quarter
compared to $9.5 million in the prior year. The increase compared
to the prior year reflects increased sales of both the Reed’s® and
Virgil’s® brands, including impact from recent launches of new
product innovation.
- Core brand gross sales increased 14% versus prior year period
primarily driven by strong 19% volume growth of the Reed’s®
brand;
- Gross profit increased 31% to $3.0 million compared to $2.3
million in the prior year period. Gross margin increased 350 basis
points to 27.5%;
- Operating loss narrowed to $1.4 million compared to $4.1
million in the second quarter of 2019;
- Net loss improved to $1.8 million, or $0.03 per share, compared
to $4.5 million, or $0.13 per share, in the prior year period;
and
- Non-GAAP Modified EBITDA loss improved to $1.4 million in the
second quarter of 2020 compared to a Modified EBITDA loss of $3.4
million in the prior year.
Management Commentary
“We are pleased with our results in the second
quarter driving 14% net sales growth, further building on momentum
from the beginning of the year despite the inherent operating
challenges we continue to face from the COVID-19 global pandemic.
We saw strong demand and growth of our core brand products
increasing 14% in the second quarter as a result of increased
demand of all SKUs as well as positive impact from new product
launches. We continue to see a positive response to our Reed’s®
Real Ginger Ale™, Reed’s® Extra Zero Sugar, and Reed’s® Wellness
Ginger Shots as well as an encouraging initial response to our new
Ultimate Ready-to-Drink Mule With A Real Ginger Kick, which
launched late in the quarter. COVID-19 has impacted the pace of new
distribution for new products as retailers have delayed resets as
they focus on keeping up with increased demand and we expect to be
in a position to fulfill our new product distribution opportunities
as the retail environment normalizes,” stated Norman E. Snyder,
Chief Executive Officer of Reed’s, Inc. “Our efforts to build out
our supply chain and co-packer network was a vital aspect of our
success during the second quarter as the entire industry is facing
increased demand for supplies with a reduced work force as a result
of social distancing measures impacting capacity across the
industry. Further, supply of cans and bottles, and some
ingredients, has tightened given these industry dynamics impacting
the pace of our gross margin expansion. However, we continued to
thrive in the challenging environment. Additionally, we worked hard
this quarter to moderate spending as we navigated these unchartered
waters of the pandemic, improving our cash flow profile and
improving financial flexibility. We remain confident with our
brands and are so proud of the Reed’s team and our partners who are
working diligently to make sure we can deliver on the significant
opportunity ahead of us despite the challenges of operating during
COVID-19.”
Financial Overview for the Second
Quarter of 2020 Compared to the Second Quarter of 2019
During the second quarter of 2020, net sales
increased 14% to $10.9 million compared with $9.5 million in the
prior year. Core brand gross sales increased 14% compared to the
same period in 2019, driven by 19% volume growth of the Reed’s®
brand, with growth across all products and building contribution
from recent launches of new product innovation.
Gross profit during the second quarter of 2020
increased 31% to $3.0 million compared to the same period in 2019.
The increase in gross profit reflects increased revenue during the
quarter driven by strong volume growth of the Reed’s® brand. Gross
margin increased 350 basis points to 27.5% from 24.0% in the prior
year period.
Delivery and handling costs increased 3% to $1.5
million during the second quarter of 2020 compared to the same
period in 2019. As a percentage of net sales, delivery and handling
costs decreased 150 basis points compared to the prior year,
reflecting improved logistical staging of inventory partially
offset by elevated costs due to market forces impacted by
COVID-19.
Selling and marketing costs decreased 50% to
$1.6 million during the second quarter of 2020. As a percentage of
net sales, selling and marketing costs decreased to 14.6% from
33.7% in the prior year period. The decrease was primarily a result
of programs offered in the second quarter of 2019 that were not
implemented in the second quarter of 2020.
General and administrative expenses (G&A)
decreased 23% to $1.3 million during the second quarter of 2020
compared to $1.7 million in the prior year period. The decrease in
general and administrative expenses compared to the prior year
period was primarily related to reduced non-cash stock-based
compensation including the impact of the exit of the Los Angeles
facility and reduction of temporary staff.
Operating loss during the second quarter of 2020
narrowed to $1.4 million from $4.1 million in the prior year
period.
Interest expense of $0.3 million during the
second quarter of 2020 was consistent with the second quarter of
2019.
Net loss during the second quarter of 2020 was
$1.8 million, or $0.03 per share, compared to $4.5 million, or
$0.13 per share in the second quarter of 2019.
Modified EBITDA loss was $1.4 million in the
second quarter of 2020 compared to a loss of $3.4 million in the
second quarter of 2019.
Liquidity and Cash Flow
During the second three months of 2020, the
Company used $5.0 million of cash in operating activities compared
to $11.5 million of cash used in operating activities in the prior
year period. The decrease in cash used in operating activities
during the second quarter of 2020 relates primarily to a lower net
loss and reduced spending in the quarter. As of June 30, 2020, the
Company had $6.7 million of available borrowing capacity on its
revolving line of credit.
Full Year 2020 Guidance
The Company is maintaining its fiscal 2020
outlook. The Company continues to expect to generate core brand
growth of approximately 10% and continues to anticipate a gross
margin of 32% or greater for the full year 2020. The primary risk
to gross margin guidance is the level of ingredient, packaging and
production costs, which are difficult to forecast given the impact
to industry-wide costs as a result of COVID-19. Fiscal 2020
guidance reflects year-to-date business trends, including the
ongoing operating environment related to COVID-19. The COVID-19
pandemic and its related impacts create many incremental potential
business risks, including potential impacts to the Company’s
ability to access raw materials, production, transportation and/or
other logistics needs, as well as potential inflation related to
all aspects of supply chain and logistics, which cannot be
reasonably estimated and are not factored into current fiscal 2020
guidance.
Second Quarter 2020 Earnings Call
Details
The Company will conduct a conference call at
4:30 pm Eastern Time today, August 10, 2020 to discuss its second
quarter 2020 results. This conference call can be accessed via a
link on Reed's investor website at http://investor.reedsinc.com/
under the "Events & Presentations" section or directly at
http://public.viavid.com/index.php?id=140757. To listen to the live
call over the Internet, please go to Reed's website at least
fifteen minutes early to register, download and install any
necessary audio software. Additionally, the call may be accessed
with the toll-free dial-in number, 1-(877) 425-9470 (U.S.); or
1-(201) 389-0878 (International). Please dial in at least fifteen
minutes before the start of the conference call due to increased
demand for conference calls.
A replay of the webcast will be archived on the
Company’s website at http://investor.reedsinc.com under the "Events
& Presentations" section for approximately 90 days.
About Reed’s, Inc.
Established in 1989, Reed's® is America's
best-selling Ginger Beer brand and has been the leader and
innovator in the ginger beer category for decades. Virgil's® is
America's best-selling independent, full line of natural craft
sodas. The Reed's Inc. portfolio is sold in over 35,000 retail
doors nationwide. Reed's® Ginger Beers are unique due to the
proprietary process of using fresh ginger root combined with a
Jamaican inspired recipe of natural spices and fruit juices. The
Company uses this same handcrafted approach in its award-winning
Virgil's® line of great tasting, bold flavored craft sodas.
For more information about Reed’s®, please visit
the Company’s website at: http://www.drinkreeds.com or call
800-99-REEDS. Follow Reed’s® on Twitter, Instagram, and Facebook
@drinkreeds.
For more information about Virgil’s® please
visit Virgil’s® website at: http://www.virgils.com. Follow
Virgil’s® on Twitter and Instagram @drinkvirgils and on Facebook
@drinkvirgilssoda.
Safe Harbor Statement
Some portions of this press release,
particularly those describing Reed’s goals and strategies, contain
“forward-looking statements.” These forward-looking statements can
generally be identified as such because the context of the
statement will include words, such as “expects,” “should,”
“believes,” “anticipates” or words of similar import. Similarly,
statements that describe future plans, objectives or goals are also
forward-looking statements. While Reed’s is working to achieve
those goals and strategies, actual results could differ materially
from those projected in the forward-looking statements as a result
of a number of risks and uncertainties. These risks and
uncertainties include difficulty in marketing its products and
services, maintaining and protecting brand recognition, the need
for significant capital, dependence on third party distributors,
dependence on third party brewers, increasing costs of fuel and
freight, protection of intellectual property, competition and other
factors, any of which could have an adverse effect on the business
plans of Reed’s, its reputation in the industry or its expected
financial return from operations and results of operations. In
light of significant risks and uncertainties inherent in
forward-looking statements included herein, the inclusion of such
statements should not be regarded as a representation by Reed’s
that they will achieve such forward-looking statements. For further
details, please see our most recent reports on Form 10-K and Form
10-Q, as filed with the Securities and Exchange Commission, as they
may be amended from time to time. Reed’s undertakes no obligation
to publicly update any forward-looking statement, whether as a
result of new information, future events, or otherwise.
CONTACTS:
Investor RelationsScott Van Winkle, ICR(800) 997-3337 Ext 6Or
(617) 956-6736Email: ir@reedsinc.comwww.reedsinc.com
REED’S, INC.CONDENSED
STATEMENTS OF OPERATIONSFor the Three and Six
Months Ended June 30, 2020 and
2019(Unaudited)(Amounts in
thousands, except share and per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
|
|
2020 |
|
|
2019 |
|
|
2020 |
|
|
2019 |
|
Net Sales |
|
$ |
10,853 |
|
|
$ |
9,480 |
|
|
$ |
20,376 |
|
|
$ |
17,929 |
|
Cost of goods sold |
|
|
7,865 |
|
|
|
7,207 |
|
|
|
14,518 |
|
|
|
13,152 |
|
Gross
profit |
|
|
2,988 |
|
|
|
2,273 |
|
|
|
5,858 |
|
|
|
4,777 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Delivery and handling
expense |
|
|
1,480 |
|
|
|
1,436 |
|
|
|
2,743 |
|
|
|
2,466 |
|
Selling and marketing
expense |
|
|
1,585 |
|
|
|
3,194 |
|
|
|
3,510 |
|
|
|
5,208 |
|
General and administrative
expense |
|
|
1,348 |
|
|
|
1,749 |
|
|
|
3,295 |
|
|
|
4,120 |
|
Gain on sale of assets |
|
|
9 |
|
|
|
- |
|
|
|
(6 |
) |
|
|
(30 |
) |
Total operating
expenses |
|
|
4,422 |
|
|
|
6,379 |
|
|
|
9,542 |
|
|
|
11,764 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from
operations |
|
|
(1,434 |
) |
|
|
(4,106 |
) |
|
|
(3,684 |
) |
|
|
(6,987 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
(303 |
) |
|
|
(294 |
) |
|
|
(639 |
) |
|
|
(629 |
) |
Change in fair value of
warrant liability |
|
|
(13 |
) |
|
|
(60 |
) |
|
|
(7 |
) |
|
|
(108 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
|
(1,750 |
) |
|
|
(4,460 |
) |
|
|
(4,330 |
) |
|
|
(7,724 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends on Series A
Convertible Preferred Stock |
|
|
(5 |
) |
|
|
(5 |
) |
|
|
(5 |
) |
|
|
(5 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Loss Attributable
to Common Stockholders |
|
$ |
(1,755 |
) |
|
$ |
(4,465 |
) |
|
$ |
(4,335 |
) |
|
$ |
(7,729 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss per share – basic
and diluted |
|
$ |
(0.03 |
) |
|
$ |
(0.13 |
) |
|
$ |
(0.08 |
) |
|
$ |
(0.25 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of
shares outstanding – basic and diluted |
|
|
59,514,620 |
|
|
|
33,666,664 |
|
|
|
53,554,913 |
|
|
|
31,397,760 |
|
REED’S INC.CONDENSED
BALANCE SHEETS(Amounts in thousands, except share
amounts)
|
|
June 30,2020 |
|
|
December 31,2019 |
|
|
|
(Unaudited) |
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
Cash |
|
$ |
1,112 |
|
|
$ |
913 |
|
Accounts receivable, net of
allowance for doubtful accounts and returns and discounts of $259
and $375, respectively |
|
|
5,295 |
|
|
|
2,099 |
|
Receivable from related
party |
|
|
230 |
|
|
|
356 |
|
Inventory, net of reserve for
obsolescence of $437 and $646, respectively |
|
|
8,411 |
|
|
|
10,508 |
|
Prepaid expenses and other
current assets |
|
|
939 |
|
|
|
420 |
|
Total current assets |
|
|
15,987 |
|
|
|
14,296 |
|
|
|
|
|
|
|
|
|
|
Property and equipment, net of
accumulated depreciation of $501 and $482, respectively |
|
|
1,023 |
|
|
|
1,053 |
|
Equipment held for sale, net
of impairment reserves of $96 and $96, respectively |
|
|
67 |
|
|
|
67 |
|
Intangible assets |
|
|
590 |
|
|
|
576 |
|
Total
assets |
|
$ |
17,667 |
|
|
$ |
15,992 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
5,129 |
|
|
$ |
5,539 |
|
Accrued expenses |
|
|
555 |
|
|
|
646 |
|
Revolving line of credit |
|
|
2,638 |
|
|
|
3,177 |
|
Current portion of note
payable |
|
|
342 |
|
|
|
- |
|
Convertible note to a related
party |
|
|
4,977 |
|
|
|
- |
|
Current portion of leases
payable |
|
|
89 |
|
|
|
49 |
|
Total current liabilities |
|
|
13,730 |
|
|
|
9,411 |
|
|
|
|
|
|
|
|
|
|
Leases payable, less current
portion |
|
|
628 |
|
|
|
737 |
|
Convertible note to a related
party |
|
|
- |
|
|
|
4,689 |
|
Note payable |
|
|
428 |
|
|
|
- |
|
Warrant liability |
|
|
15 |
|
|
|
8 |
|
Total
liabilities |
|
|
14,801 |
|
|
|
14,845 |
|
|
|
|
|
|
|
|
|
|
Stockholders’
equity: |
|
|
|
|
|
|
|
|
Series A Convertible Preferred
stock, $10 par value, 500,000 shares authorized, 9,411 shares
issued and outstanding |
|
|
94 |
|
|
|
94 |
|
Common stock, $.0001 par
value, 100,000,000 and 100,000,000 shares authorized, respectively;
62,928,540 and 47,595,206 shares issued and outstanding,
respectively |
|
|
6 |
|
|
|
5 |
|
Common stock issuable, 350,000
shares at June 30, 2020 |
|
|
285 |
|
|
|
- |
|
Additional paid in
capital |
|
|
83,364 |
|
|
|
77,596 |
|
Accumulated deficit |
|
|
(80,883 |
) |
|
|
(76,548 |
) |
Total stockholders’
equity |
|
|
2,866 |
|
|
|
1,147 |
|
Total liabilities and
stockholders’ equity |
|
$ |
17,667 |
|
|
$ |
15,992 |
|
REED’S, INC.CONDENSED
STATEMENTS OF CASH FLOWSFor the Six months Ended
June 30, 2020 and
2019(Unaudited)(Amounts in
thousands)
|
|
June 30, 2020 |
|
|
June 30, 2019 |
|
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(4,330 |
) |
|
$ |
(7,724 |
) |
Adjustments to reconcile net
loss to net cash used in operating activities: |
|
|
|
|
|
|
|
|
Depreciation |
|
|
24 |
|
|
|
25 |
|
(Gain)/loss on sale of property & equipment |
|
|
- |
|
|
|
(30 |
) |
(Gain)/loss on termination of leases |
|
|
(6 |
) |
|
|
7 |
|
Amortization of debt discount |
|
|
193 |
|
|
|
150 |
|
Amortization of right of use assets |
|
|
62 |
|
|
|
45 |
|
Fair value of vested options |
|
|
459 |
|
|
|
854 |
|
Fair value of vested restricted shares granted to officers |
|
|
285 |
|
|
|
- |
|
Common stock issued for services |
|
|
- |
|
|
|
375 |
|
Decrease in allowance for doubtful accounts |
|
|
(116 |
) |
|
|
(189 |
) |
Decrease (increase) in inventory reserve |
|
|
(209 |
) |
|
|
205 |
|
Change in fair value of warrant liability |
|
|
7 |
|
|
|
108 |
|
Accrual of interest on convertible note to a related party |
|
|
288 |
|
|
|
256 |
|
Lease liability |
|
|
(13 |
) |
|
|
(10 |
) |
Changes in operating assets
and liabilities: |
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
(3,080 |
) |
|
|
(668 |
) |
Inventory |
|
|
2,306 |
|
|
|
(2,106 |
) |
Prepaid expenses and other assets |
|
|
(393 |
) |
|
|
(267 |
) |
Accounts payable |
|
|
(410 |
) |
|
|
(1,816 |
) |
Accrued expenses |
|
|
(95 |
) |
|
|
(735 |
) |
Net cash used in
operating activities |
|
|
(5,028 |
) |
|
|
(11,520 |
) |
Cash flows from investing
activities: |
|
|
|
|
|
|
|
|
Trademark costs |
|
|
(14 |
) |
|
|
- |
|
Proceeds from sale of property and equipment |
|
|
- |
|
|
|
30 |
|
Purchase of property and equipment |
|
|
(102 |
) |
|
|
(121 |
) |
Net cash used in
investing activities |
|
|
(116 |
) |
|
|
(91 |
) |
Cash flows from financing
activities: |
|
|
|
|
|
|
|
|
Borrowings on line of credit |
|
|
21,780 |
|
|
|
31,228 |
|
Repayments of line of credit |
|
|
(22,512 |
) |
|
|
(34,030 |
) |
Proceeds from note payable |
|
|
770 |
|
|
|
- |
|
Repayment of amounts due to/from officers |
|
|
- |
|
|
|
195 |
|
Principal repayments on capital lease obligation |
|
|
(5 |
) |
|
|
(33 |
) |
Exercise of warrants |
|
|
- |
|
|
|
364 |
|
Proceeds from sale of common stock |
|
|
5,310 |
|
|
|
14,867 |
|
Net cash provided by
financing activities |
|
|
5,343 |
|
|
|
12,591 |
|
|
|
|
|
|
|
|
|
|
Net increase in cash |
|
|
199 |
|
|
|
980 |
|
Cash at beginning of
period |
|
|
913 |
|
|
|
624 |
|
Cash at end of period |
|
$ |
1,112 |
|
|
$ |
1,604 |
|
|
|
|
|
|
|
|
|
|
Supplemental
disclosures of cash flow information: |
|
|
|
|
|
|
|
|
Cash paid for interest |
|
$ |
157 |
|
|
$ |
222 |
|
Non Cash Investing and
Financing Activities |
|
|
|
|
|
|
|
|
Dividends on Series A Convertible Preferred Stock |
|
$ |
5 |
|
|
$ |
5 |
|
Modified EBITDA
In addition to our GAAP results, we present
Modified EBITDA as a supplemental measure of our performance.
However, Modified EBITDA is not a recognized measurement under GAAP
and should not be considered as an alternative to net income,
income from operations or any other performance measure derived in
accordance with GAAP, or as an alternative to cash flow from
operating activities as a measure of liquidity. We define Modified
EBITDA as net income (loss), plus interest expense, depreciation
and amortization, stock-based compensation, changes in fair value
of warrant expense, and one-time restructuring-related costs
including employee severance and asset impairment.
Management considers our core operating
performance to be that which our managers can affect in any
particular period through their management of the resources that
affect our underlying revenue and profit generating operations
during that period. Non-GAAP adjustments to our results prepared in
accordance with GAAP are itemized below. You are encouraged to
evaluate these adjustments and the reasons we consider them
appropriate for supplemental analysis. In evaluating Modified
EBITDA, you should be aware that in the future we may incur
expenses that are the same as or similar to some of the adjustments
in this presentation. Our presentation of Modified EBITDA should
not be construed as an inference that our future results will be
unaffected by unusual or non-recurring items.
Set forth below is a reconciliation of net loss
to Modified EBITDA for the three months ended June 30, 2020 and
2019 (unaudited; in thousands):
|
|
Three Months Ended June 30, |
|
|
|
2020 |
|
|
2019 |
|
Net loss |
|
$ |
(1,750 |
) |
|
$ |
(4,460 |
) |
|
|
|
|
|
|
|
|
|
Modified EBITDA
adjustments: |
|
|
|
|
|
|
|
|
Depreciation and
amortization |
|
|
37 |
|
|
|
34 |
|
Interest expense |
|
|
303 |
|
|
|
294 |
|
Stock option and other noncash
compensation |
|
|
(36 |
) |
|
|
623 |
|
Change in fair value of
warrant liability |
|
|
13 |
|
|
|
60 |
|
Severance |
|
|
- |
|
|
|
6 |
|
Total EBITDA adjustments |
|
$ |
317 |
|
|
$ |
1,017 |
|
|
|
|
|
|
|
|
|
|
Modified EBITDA |
|
$ |
(1,433 |
) |
|
$ |
(3,443 |
) |
We present Modified EBITDA because we believe it
assists investors and analysts in comparing our performance across
reporting periods on a consistent basis by excluding items that we
do not believe are indicative of our core operating performance. In
addition, we use Modified EBITDA in developing our internal
budgets, forecasts and strategic plan; in analyzing the
effectiveness of our business strategies in evaluating potential
acquisitions; making compensation decisions; and in communications
with our board of directors concerning our financial performance.
Modified EBITDA has limitations as an analytical tool, which
includes, among others, the following:
|
● |
|
Modified EBITDA does not reflect our cash expenditures, or future
requirements, for capital expenditures or contractual
commitments; |
|
|
|
|
|
● |
|
Modified EBITDA does not reflect changes in, or cash requirements
for, our working capital needs; |
|
|
|
|
|
● |
|
Modified EBITDA does not reflect future interest expense, or the
cash requirements necessary to service interest or principal
payments, on our debts; and |
|
|
|
|
|
● |
|
Although depreciation and amortization are non-cash charges, the
assets being depreciated and amortized will often have to be
replaced in the future, and Modified EBITDA does not reflect any
cash requirements for such replacements. |
Set forth below is a reconciliation of net loss
to Modified EBITDA for the six months ended June 30, 2020 and 2019
(unaudited; in thousands):
|
|
Six Months Ended June 30, |
|
|
|
2020 |
|
|
2019 |
|
Net loss |
|
$ |
(4,330 |
) |
|
$ |
(7,724 |
) |
|
|
|
|
|
|
|
|
|
Modified EBITDA
adjustments: |
|
|
|
|
|
|
|
|
Depreciation and
amortization |
|
|
86 |
|
|
|
70 |
|
Interest expense |
|
|
639 |
|
|
|
629 |
|
Stock option and other noncash
compensation |
|
|
744 |
|
|
|
1,229 |
|
Change in fair value of
warrant liability |
|
|
7 |
|
|
|
108 |
|
Severance |
|
|
- |
|
|
|
39 |
|
Total EBITDA adjustments |
|
$ |
1,476 |
|
|
$ |
2,075 |
|
|
|
|
|
|
|
|
|
|
Modified EBITDA |
|
$ |
(2,854 |
) |
|
$ |
(5,649 |
) |
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