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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, 2023
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) |
5960 Fairview Road, Suite 275
Charlotte, North Carolina |
|
28210 |
(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 |
|
Ticker symbol(s) |
|
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 June 26, 2023, there were
7,143,823 Class A Common Voting Shares, without par value outstanding.
TABLE OF CONTENTS
PART I. Financial Information
Item 1. Financial Statements
Strong Global Entertainment
Condensed Combined Balance Sheets
(In thousands)
(Unaudited)
| |
March 31, 2023 | | |
December 31, 2022 | |
Assets | |
| | | |
| | |
Current assets: | |
| | | |
| | |
Cash and cash equivalents | |
$ | 4,077 | | |
$ | 3,615 | |
Accounts receivable (net of credit allowances of $273 and $409, respectively) | |
| 5,552 | | |
| 6,148 | |
Inventories, net | |
| 3,660 | | |
| 3,389 | |
Other current assets | |
| 5,029 | | |
| 4,547 | |
Total current assets | |
| 18,318 | | |
| 17,699 | |
Property, plant and equipment, net | |
| 4,534 | | |
| 4,607 | |
Operating lease right-of-use assets | |
| 225 | | |
| 237 | |
Finance lease right-of-use asset | |
| 577 | | |
| 606 | |
Film and television programming rights, net | |
| 1,584 | | |
| 1,501 | |
Intangible assets, net | |
| 4 | | |
| 6 | |
Goodwill | |
| 882 | | |
| 882 | |
Total assets | |
$ | 26,124 | | |
$ | 25,538 | |
| |
| | | |
| | |
Liabilities and Stockholders’ Equity | |
| | | |
| | |
Current liabilities: | |
| | | |
| | |
Accounts payable | |
$ | 3,668 | | |
$ | 4,106 | |
Accrued expenses | |
| 4,331 | | |
| 4,486 | |
Payable to FG Group Holdings Inc. (Note 13) | |
| 2,288 | | |
| 1,861 | |
Short-term debt | |
| 3,634 | | |
| 2,510 | |
Current portion of long-term debt | |
| 36 | | |
| 36 | |
Current portion of operating lease obligations | |
| 65 | | |
| 64 | |
Current portion of finance lease obligations | |
| 112 | | |
| 105 | |
Deferred revenue and customer deposits | |
| 2,388 | | |
| 1,769 | |
Total current liabilities | |
| 16,522 | | |
| 14,937 | |
Operating lease obligations, net of current portion | |
| 217 | | |
| 234 | |
Finance lease obligations, net of current portion | |
| 470 | | |
| 502 | |
Long-term debt, net of current portion | |
| 117 | | |
| 126 | |
Deferred income taxes | |
| 511 | | |
| 529 | |
Other long-term liabilities | |
| 5 | | |
| 6 | |
Total liabilities | |
| 17,842 | | |
| 16,334 | |
| |
| | | |
| | |
Commitments, contingencies and concentrations (Note 12) | |
| - | | |
| - | |
| |
| | | |
| | |
Equity: | |
| | | |
| | |
Accumulated other comprehensive loss | |
| (5,096 | ) | |
| (5,024 | ) |
Net parent investment | |
| 13,378 | | |
| 14,228 | |
Total equity | |
| 8,282 | | |
| 9,204 | |
Total liabilities and equity | |
$ | 26,124 | | |
$ | 25,538 | |
See accompanying notes to unaudited condensed combined
financial statements.
Strong Global Entertainment
Condensed Combined Statements of Income
Three Months Ended March 31, 2023 and 2022
(In thousands)
(Unaudited)
| |
| | | |
| | |
| |
Three Months Ended March 31, | |
| |
2023 | | |
2022 | |
Net product sales | |
$ | 7,204 | | |
$ | 7,703 | |
Net service revenues | |
| 2,747 | | |
| 2,017 | |
Total net revenues | |
| 9,951 | | |
| 9,720 | |
Total cost of products | |
| 5,465 | | |
| 5,858 | |
Total cost of services | |
| 2,166 | | |
| 1,657 | |
Total cost of revenues | |
| 7,631 | | |
| 7,515 | |
Gross profit | |
| 2,320 | | |
| 2,205 | |
Selling and administrative expenses: | |
| | | |
| | |
Selling | |
| 534 | | |
| 541 | |
Administrative | |
| 1,432 | | |
| 1,295 | |
Total selling and administrative expenses | |
| 1,966 | | |
| 1,836 | |
Gain on disposal of assets | |
| 1 | | |
| - | |
Income from operations | |
| 355 | | |
| 369 | |
Other income (expense): | |
| | | |
| | |
Interest expense | |
| (56 | ) | |
| (24 | ) |
Foreign currency transaction gain (loss) | |
| 117 | | |
| (78 | ) |
Other income, net | |
| 12 | | |
| 1 | |
Total other income (expense) | |
| 73 | | |
| (101 | ) |
Income tax expense | |
| (55 | ) | |
| (75 | ) |
Net income | |
$ | 373 | | |
$ | 193 | |
See accompanying notes to unaudited condensed combined
financial statements.
Strong Global Entertainment
Condensed Combined Statements of Comprehensive Income
Three Months Ended March 31, 2023 and 2022
(In thousands)
(Unaudited)
| |
| | | |
| | |
| |
Three Months Ended March 31, | |
| |
2023 | | |
2022 | |
Net income | |
$ | 373 | | |
$ | 193 | |
Currency translation adjustment: | |
| | | |
| | |
Unrealized net change arising during period | |
| (72 | ) | |
| 178 | |
Total other comprehensive (loss) income | |
| (72 | ) | |
| 178 | |
Comprehensive income | |
$ | 301 | | |
$ | 371 | |
See accompanying notes to unaudited condensed combined
financial statements.
Strong Global Entertainment
Condensed Combined Statements of Equity
Three Months Ended March 31, 2023 and 2022
(In thousands)
(Unaudited)
| |
Accumulated Other Comprehensive Loss | | |
Net Parent Investment | | |
Total | |
Balance at December 31, 2022 | |
$ | (5,024 | ) | |
$ | 14,228 | | |
$ | 9,204 | |
Balance | |
$ | (5,024 | ) | |
$ | 14,228 | | |
$ | 9,204 | |
Cumulative effect of adoption of accounting principle (Note 2) | |
| - | | |
| (24 | ) | |
| (24 | ) |
Net income | |
| - | | |
| 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 | |
$ | (5,096 | ) | |
$ | 13,378 | | |
$ | 8,282 | |
Balance | |
$ | (5,096 | ) | |
$ | 13,378 | | |
$ | 8,282 | |
| |
Accumulated Other Comprehensive Loss | | |
Net Parent Investment | | |
Total | |
Balance at December 31, 2021 | |
$ | (3,628 | ) | |
$ | 12,438 | | |
$ | 8,810 | |
Balance | |
$ | (3,628 | ) | |
$ | 12,438 | | |
$ | 8,810 | |
Net income | |
| - | | |
| 193 | | |
| 193 | |
Net other comprehensive income | |
| 178 | | |
| - | | |
| 178 | |
Stock-based compensation expense | |
| - | | |
| 39 | | |
| 39 | |
Net transfer from parent | |
| - | | |
| 1,050 | | |
| 1,050 | |
Balance at March 31, 2022 | |
$ | (3,450 | ) | |
$ | 13,720 | | |
$ | 10,270 | |
Balance | |
$ | (3,450 | ) | |
$ | 13,720 | | |
$ | 10,270 | |
See accompanying notes to unaudited condensed combined
financial statements.
Strong Global Entertainment
Condensed Combined Statements of Cash Flows
Three Months Ended March 31, 2023 and 2022
(In thousands)
(Unaudited)
| |
| | | |
| | |
| |
Three Months Ended March 31, | |
| |
2023 | | |
2022 | |
Cash flows from operating activities: | |
| | | |
| | |
Net income | |
$ | 373 | | |
$ | 193 | |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |
| | | |
| | |
Recovery of doubtful accounts | |
| (18 | ) | |
| (15 | ) |
Provision for obsolete inventory | |
| 14 | | |
| 13 | |
Provision for warranty | |
| 44 | | |
| 11 | |
Depreciation and amortization | |
| 179 | | |
| 213 | |
Amortization and accretion of operating leases | |
| 16 | | |
| 20 | |
Deferred income taxes | |
| (19 | ) | |
| (15 | ) |
Stock-based compensation expense | |
| 18 | | |
| 39 | |
Changes in operating assets and liabilities: | |
| | | |
| | |
Accounts receivable | |
| 593 | | |
| (408 | ) |
Inventories | |
| (284 | ) | |
| 426 | |
Current income taxes | |
| 130 | | |
| 428 | |
Other assets | |
| (418 | ) | |
| 524 | |
Accounts payable and accrued expenses | |
| (457 | ) | |
| (1,994 | ) |
Deferred revenue and customer deposits | |
| 618 | | |
| (541 | ) |
Operating lease obligations | |
| (19 | ) | |
| (12 | ) |
Net cash proivded by (used in) operating activities | |
| 770 | | |
| (1,118 | ) |
| |
| | | |
| | |
Cash flows from investing activities: | |
| | | |
| | |
Capital expenditures | |
| (75 | ) | |
| (103 | ) |
Acquisition of programming rights | |
| (83 | ) | |
| (395 | ) |
Net cash used in investing activities | |
| (158 | ) | |
| (498 | ) |
| |
| | | |
| | |
Cash flows from financing activities: | |
| | | |
| | |
Principal payments on short-term debt | |
| (250 | ) | |
| (79 | ) |
Principal payments on long-term debt | |
| (9 | ) | |
| (3 | ) |
Borrowings under credit facility | |
| 1,596 | | |
| - | |
Repayments under credit facility | |
| (225 | ) | |
| - | |
Payments on finance lease obligations | |
| (25 | ) | |
| - | |
Net cash transferred from parent | |
| (1,217 | ) | |
| 1,050 | |
Net cash (used in) provided by financing activities | |
| (130 | ) | |
| 968 | |
| |
| | | |
| | |
Effect of exchange rate changes on cash and cash equivalents | |
| (20 | ) | |
| 44 | |
Net increase (decrease) in cash and cash equivalents and restricted cash | |
| 462 | | |
| (604 | ) |
Cash and cash equivalents and restricted cash at beginning of period | |
| 3,615 | | |
| 4,494 | |
Cash and cash equivalents and restricted cash at end of period | |
$ | 4,077 | | |
$ | 3,890 | |
| |
| | | |
| | |
Supplemental disclosure of non-cash investing and financing activities: | |
| | | |
| | |
Amount payable to Landmark Studio Group in connection with acquisition of projects (Note 7) | |
$ | - | | |
$ | 1,345 | |
See accompanying notes to unaudited condensed combined
financial statements.
Strong Global Entertainment
Notes to the Condensed Combined Financial Statements
(Unaudited)
1. Nature of Operations
Strong Global
Entertainment (“Strong Global Entertainment,” or the “Company”) combines the operating assets and
liabilities of Strong/MDI Screen Systems, Inc. (“Strong/MDI”), a leading premium screen and projection coatings supplier
in the world, Strong Technical Services, Inc. (“STS”), which provides comprehensive managed service offerings with
24/7/365 support nationwide to ensure solution uptime and availability, and Strong Studios, Inc. (“Strong Studios”),
which develops and produces original feature films and television series and acquires rights to distribute content globally. In
March 2022, the Company launched Strong Studios, Inc. (“Strong Studios”) with the goal of expanding its
business to include content creation and production of feature films and series. The launch of Strong Studios is intended to further
diversify our revenue streams and increase our addressable markets, while leveraging and expanding our existing relationships in the
industry.
The Company currently operates
as an operating segment of FG Group Holdings Inc. (formerly Ballantyne Strong, Inc.) (“FG Group Holdings”), as discussed in
the Basis of Presentation below. On July 29, 2021, FG Group Holdings announced that its board of directors had approved the pursuit of
a separation of its Strong Global Entertainment business segment from FG Group Holdings. FG Group Holdings announced that the separation
was expected to be effected through an initial public offering (“IPO”) of newly issued common shares of Strong Global
Entertainment, Inc. FG Group Holdings intends to remain the majority shareholder of the subsidiary post-offering.
On May 15, 2023, the Company announced
the pricing of the IPO of 1,000,000 of its Class A Voting Common Shares without par value (“Common
Shares”) at a price to the public of $4.00 per share. The IPO closed on May 18, 2023. Total net proceeds of approximately $1.4 million
were raised from the IPO after deducting underwriting discounts and commissions and before offering costs. Estimated offering costs amounted
to approximately $2.1 million. Strong Global Entertainment’s Common Shares are listed on the NYSE American under the ticker symbol
“SGE.” The Company also granted the Underwriters a 45-day option to purchase up to 150,000 additional Common Shares of the
Company on the same terms and conditions for the purpose of covering any over-allotments in connection with the IPO.
Refer to Note 14, Subsequent Events,
for details relating to the Company’s IPO and related transactions.
2. Summary of Significant Accounting Policies
Basis of Presentation
The combined financial statements
of Strong Global Entertainment have been derived from the consolidated financial statements and accounting records of FG Group Holdings
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 FG Group Holdings’
reportable segments and did not operate as a stand-alone company. Accordingly, FG Group Holdings 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 FG Group Holdings’
consolidated financial statements.
The combined financial statements
are presented as if Strong Global Entertainment had been carved out of FG Group Holdings for all periods presented. Prior to the completion
of the IPO, certain assets and liabilities presented were transferred to Strong Global Entertainment at carry-over (historical cost) basis.
Cash and cash equivalents are
managed through bank accounts legally owned by FG Group Holdings as well as accounts owned by STS and Strong/MDI. Accordingly, cash and
cash equivalents held by FG Group Holdings at the corporate level were not attributable to Strong Global Entertainment for any of the
periods presented. Only cash amounts in accounts legally owned by entities dedicated to the Strong Global Entertainment business are reflected
in the combined balance sheets. FG Group Holdings manages cash on a centralized basis and routinely transferred cash to and from its operating
subsidiaries to maintain target cash levels and fund disbursements. Transfers of cash, both to and from FG Group Holdings, are reflected
as a component of Net parent investment in the combined balance sheets and as a financing activity on the accompanying combined statements
of cash flows.
As the
operations that comprise Strong Global Entertainment were not historically held by a single legal entity, total Net parent
investment is shown as a component of equity in the combined financial statements. Balances between Strong Global
Entertainment and FG Group Holdings that were not historically cash settled are included in Net parent investment. Net parent
investment represents FG Group Holdings’ interest in the recorded net assets of Strong Global Entertainment and represents the
cumulative investment by FG Group Holdings in Strong Global Entertainment through the dates presented, inclusive of operating
results.
The operating results of Strong
Global Entertainment have historically been disclosed as a reportable segment within the consolidated financial statements of FG Group
Holdings 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 FG Group Holdings. 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 FG Group Holdings’ stock-based incentive plans, in the form of restricted stock units (“RSUs”)
and stock options issued pursuant to FG Group Holdings’ employee stock plan. Stock-based compensation expense has been directly
reported by Strong Global Entertainment based on the awards and terms previously granted to FG Group Holdings’ employees.
Allocations for management costs
and corporate support services provided to Strong Global Entertainment totaled $0.2 million for each of the three months ended March 31,
2023 and March 31, 2022, all of which is included in general and administrative expenses. Strong Global Entertainment expects to incur
additional expenses as a stand-alone publicly traded company. It is not practicable to estimate actual costs that would have been incurred
had Strong Global Entertainment been a stand-alone company during the periods presented.
The management of Strong Global
Entertainment believes the assumptions underlying the combined financial statements, including the assumptions regarding the allocated
expenses, 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.
During the periods presented in
the combined financial statements, the operations of Strong Global Entertainment are included in the consolidated U.S. federal, and certain
state and local and foreign income tax returns filed by FG Group Holdings, where applicable. Income tax expense and other income tax related
information contained in the combined financial statements are presented on a separate return basis as if Strong Global Entertainment
had filed its own tax returns. The income taxes of Strong Global Entertainment as presented in the combined financial statements may not
be indicative of the income taxes that Strong Global Entertainment will generate in the future. Additionally, certain tax attributes such
as net operating losses or credit carryforwards are presented on a separate return basis, and accordingly, may differ in the future. In
jurisdictions where Strong Global Entertainment has been included in the tax returns filed by FG Group Holdings, any income tax receivables
resulting from the related income tax provisions have been reflected in the balance sheet within Net parent investment.
Net income per share data has
not been presented in the combined financial statements because Strong Global Entertainment did not operate as a separate legal entity
with its own capital structure during the periods presented.
The Company’s fiscal year
begins on January 1 of the year stated and ends on December 31 of the same year.
These combined 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 combined financial statements for the
years ended December 31, 2022 and 2021. These combined financial statements should be read in conjunction with the combined financial
statements and for the years ended December 31, 2022 and 2021.
The combined balance sheet as
of December 31, 2022 was derived from the Company’s audited combined balance sheet as of that date. All other combined 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.
The results for interim periods are not necessarily indicative of trends or results expected for a full fiscal 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.
Use of Management Estimates
The preparation of combined 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 combined 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”)
and inflationary pressures have posed, and may continue to pose, challenges for our business. The COVID-19 global pandemic resulted in
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 ongoing 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.
Cash and Cash Equivalents
All short-term, highly liquid
financial instruments are classified as cash equivalents in the condensed combined 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, 2023, $0.6 million of the $4.1 million
in cash and cash equivalents was held by our foreign subsidiary.
Accounts Receivable
Trade accounts
receivable are recorded at the invoiced amount and do not bear interest. The Company 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 bad debt expense to be adjusted accordingly. 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
combined statements of operations as income tax expense.
Stock Compensation Plans
The Company’s employees
have historically participated in FG Group Holdings’ stock-based compensation plans. Stock-based compensation expense has been allocated
to the Company based on the awards and terms previously granted to the FG Group Holdings’ 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 FG Group Holdings’
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. The Company estimates the fair value of restricted stock awards based upon the 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 during the three months ended March 31, 2023 and
March 31, 2022.
Film and Television
Programming Rights
Commencing
in March 2022, the Company began producing original productions and acquiring rights to films and television programming. Film and television
programming rights include the unamortized costs of in-process or in-development content produced or acquired by the Company. The Company’s
capitalized costs include all direct production and financing costs, capitalized interest when applicable, and production overhead. Film
and television program rights are stated at the lower of amortized cost or estimated fair value.
The costs of producing content
are amortized using the individual-film-forecast method. These costs are amortized based on the ratio of the current period’s revenues
to management’s estimated remaining total gross revenues to be earned (“Ultimate Revenue”) as of each reporting date
to reflect the most current available information. Management’s judgment is required in estimating Ultimate Revenue and the costs
to be incurred throughout the life of each film or television program. Amortization is adjusted when necessary to reflect increases or
decreases in forecasted Ultimate Revenues.
For an episodic television series,
the period over which Ultimate Revenues are estimated cannot exceed ten years following the date of delivery of the first episode, or,
if still in production, five years from the date of delivery of the most recent episode, if later. For films, Ultimate Revenue includes
estimates over a period not to exceed ten years following the date of initial release.
Content assets are expected to
be predominantly monetized individually and therefore are reviewed at the individual level when an event or change in circumstance indicates
a change in the expected usefulness of the content or the fair value may be less than the unamortized cost.
Due to the inherent uncertainties
involved in making such estimates of Ultimate Revenues and expenses, these estimates may differ from actual results. In addition, in the
normal course of our business, some films and titles will be more successful or less successful than anticipated. Management regularly
reviews and revises, when necessary, its Ultimate Revenue and cost estimates, which may result in a change in the rate of amortization
of film costs and participations and residuals and/or a write-down of all or a portion of the unamortized costs of the film or television
program to its estimated fair value. An increase in the estimate of Ultimate Revenue will generally result in a lower amortization rate
and, therefore, less film and television program amortization expense, while a decrease in the estimate of Ultimate Revenue will generally
result in a higher amortization rate and, therefore, higher film and television program amortization expense, and also periodically result
in an impairment requiring a write-down of the film cost to the title’s fair value. The Company has not incurred any of these write-downs.
An impairment charge would be
recorded in the amount by which the unamortized costs exceed the estimated fair value. Estimates of future revenue involve measurement
uncertainties and it is therefore possible that reductions in the carrying value of capitalized costs may be required because of changes
in management’s future revenue estimates.
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, 2023 and December 31, 2022.
Fair values measured on a recurring
basis at March 31, 2023 (in thousands):
Schedule
of Fair Values Measured on Recurring Basis
| |
Level 1 | | |
Level 2 | | |
Level 3 | | |
Total | |
Cash and cash equivalents | |
$ | 4,077 | | |
$ | - | | |
$ | - | | |
$ | 4,077 | |
Total | |
$ | 4,077 | | |
$ | - | | |
$ | - | | |
$ | 4,077 | |
Fair values measured on a recurring
basis at December 31, 2022 (in thousands):
| |
Level 1 | | |
Level 2 | | |
Level 3 | | |
Total | |
Cash and cash equivalents | |
$ | 3,615 | | |
$ | - | | |
$ | - | | |
$ | 3,615 | |
Total | |
$ | 3,615 | | |
$ | - | | |
$ | - | | |
$ | 3,615 | |
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, accrued expenses and short-term debt reported in the combined 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).
Net parent investment
Net parent investment on the combined
balance sheets represents FG Group Holdings’ historical investment in Strong Global Entertainment, the net effect of transactions
with, and allocations to and from, FG Group Holdings, and Strong Global Entertainment.
Recently Adopted Accounting Pronouncements
In June 2016, the FASB issued
ASU 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.”
This ASU requires the measurement of all expected credit losses for financial assets, including trade receivables, held at the reporting
date based on historical experience, current conditions and reasonable and supportable forecasts. The Company adopted this ASU effective
January 1, 2023. Upon adoption the Company recorded a cumulative effect adjustment decreasing net parent investment by $24,000.
3. 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. The Company
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, 2023 or December 31, 2022.
The following tables disaggregate
the Company’s revenue by major source and by operating segment for the three months ended March 31, 2023 and 2022 (in thousands):
Schedule of
Disaggregation of Revenue
| |
Three Months Ended March 31, 2023 | | |
Three Months Ended March 31, 2022 | |
Screen system sales | |
$ | 2,582 | | |
$ | 3,306 | |
Digital equipment sales | |
| 3,526 | | |
| 3,544 | |
Extended warranty sales | |
| 51 | | |
| 100 | |
Other product sales | |
| 1,045 | | |
| 753 | |
Total product sales | |
| 7,204 | | |
| 7,703 | |
Field maintenance and monitoring services | |
| 1,891 | | |
| 1,618 | |
Installation services | |
| 802 | | |
| 371 | |
Other service revenues | |
| 54 | | |
| 28 | |
Total service revenues | |
| 2,747 | | |
| 2,017 | |
Total | |
$ | 9,951 | | |
$ | 9,720 | |
Total revenue | |
$ | 9,951 | | |
$ | 9,720 | |
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
customer delivery. 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 the Company 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.
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 performs installation
services for its customers and recognizes revenue upon completion of the installations.
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, 2023 and
2022 (in thousands):
Schedule of
Disaggregation of Revenue by Timing of Transfer of Goods or Services
| |
Three Months Ended March 31, 2023 | | |
Three Months Ended March 31, 2022 | |
Point in time | |
$ | 8,430 | | |
$ | 8,442 | |
Over time | |
| 1,521 | | |
| 1,278 | |
Total | |
$ | 9,951 | | |
$ | 9,720 | |
Total revenue | |
$ | 9,951 | | |
$ | 9,720 | |
At March 31, 2023, the unearned
revenue amount associated with long-term projects that the Company uses the percentage-of-completion method to recognize revenue, maintenance
and monitoring services and extended warranty sales in which the Company is the primary obligor was $0.8 million. The Company expects
to recognize $0.8 million of the unearned revenue amounts during the remainder of 2023, and immaterial amounts from 2024 through 2026.
4. Inventories
Inventories consisted of the following
(in thousands):
Schedule of Inventories
| |
March 31, 2023 | | |
December 31, 2022 | |
Raw materials and components | |
$ | 1,925 | | |
$ | 1,826 | |
Work in process | |
| 448 | | |
| 279 | |
Finished goods | |
| 1,287 | | |
| 1,284 | |
Inventory, net | |
$ | 3,660 | | |
$ | 3,389 | |
The inventory balances are net
of reserves of approximately $0.5 million as of both March 31, 2023 and December 31, 2022. 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, 2023, is as
follows (in thousands):
Schedule of Inventory Reserve
| |
| | |
Inventory reserve balance at December 31, 2022 | |
$ | 486 | |
Inventory write-offs during 2023 | |
| (16 | ) |
Provision for inventory reserve during 2023 | |
| 14 | |
Inventory reserve balance at March 31, 2023 | |
$ | 484 | |
5. Other Current Assets
Other current assets consisted
of the following as of March 31, 2023 and December 31, 2022 (in thousands):
Schedule of Other
Current Assets
| |
March 31, 2023 | | |
December 31, 2022 | |
Prepaid expenses | |
$ | 854 | | |
$ | 417 | |
Receivable from Safehaven 2022, Inc. | |
| 1,625 | | |
| 1,625 | |
Costs incurrent in connection with initial public offering | |
| 1,987 | | |
| 1,920 | |
Unbilled accounts receivable | |
| 500 | | |
| 337 | |
Other | |
| 63 | | |
| 248 | |
Total | |
$ | 5,029 | | |
$ | 4,547 | |
6. Property, Plant and Equipment, Net
Property, plant and equipment,
net consisted of the following as of March 31, 2023 and December 31, 2022 (in thousands):
Schedule
of Property, Plant and Equipment
| |
March 31, 2023 | | |
December 31, 2022 | |
Land | |
$ | 48 | | |
$ | 48 | |
Buildings and improvements | |
| 6,757 | | |
| 6,752 | |
Machinery and other equipment | |
| 4,853 | | |
| 4,778 | |
Office furniture and fixtures | |
| 676 | | |
| 675 | |
Construction in progress | |
| 15 | | |
| 12 | |
Total properties, cost | |
| 12,349 | | |
| 12,265 | |
Property, plant and equipment, gross | |
| 12,349 | | |
| 12,265 | |
Less: accumulated depreciation | |
| (7,815 | ) | |
| (7,658 | ) |
Property, plant and equipment, net | |
$ | 4,534 | | |
$ | 4,607 | |
7. Film and Television Programming Rights, Net
Film and television programming
rights, net consisted of the following as of March 31, 2023 and December 31, 2022 (in thousands):
Schedule
of Film and Television Programming Rights
| |
March 31, 2023 | | |
December 31, 2022 | |
Television series in development | |
$ | 1,362 | | |
$ | 1,308 | |
Films in development | |
| 222 | | |
| 193 | |
Total | |
$ | 1,584 | | |
$ | 1,501 | |
The Company has not yet commenced
amortization of the projects as they were still in development at March 31, 2023.
A rollforward of film and television
programming rights, net for the three months ended March 31, 2023, is as follows (in thousands):
Schedule
of Roll forward of Film and Programming Rights
Balance at December 31, 2022 | |
$ | 1,501 | |
Expenditures on in-process projects | |
| 83 | |
Balance at March 31, 2023 | |
$ | 1,584 | |
In March 2022, Strong Studios
acquired the rights to original feature films and television series from Landmark Studio Group LLC (“Landmark”), including
the assignment of third party rights to content for global multiplatform distribution. The transaction entailed the acquisition of certain
projects which are in varying stages of development, none of which have produced revenue as of March 31, 2023. In connection with such
assignment and purchase, Strong Studios agreed to pay to Landmark approximately $1.7 million in four separate payments, $0.3 million of
which was paid upon the closing of the transaction. The $1.7 million acquisition price was allocated to three projects in development:
$1.0 million to Safehaven, $0.3 million to Flagrant and $0.4 million to Shadows in the Vineyard. The Company also
agreed to issue to Landmark no later than 10 days after the completion of the IPO of Strong Global Entertainment, a warrant to purchase
up to 150,000 Common Shares of Strong Global Entertainment, exercisable for three years beginning six months after the consummation of
the IPO, at an exercise price equal to the per-share offering price of Strong Global Entertainment’s Common Shares in the IPO (the
“Landmark Warrant”). The Landmark Warrant allows for cashless exercise in certain limited circumstances and provides for certain
registration rights for such warrant shares.
As a condition precedent to entry
into the AA Agreement, Strong Studios agreed to enter into distribution agreements for Safehaven and Flagrant (the “AA
Distribution Agreements”) with Screen Media Ventures, LLC (“SMV”). Pursuant to the AA Distribution Agreements, SMV agreed
to purchase the global distribution rights to Safehaven for $6.5 million and Flagrant for $2.5 million upon delivery of
each project. In January 2023, Strong Studios amended its agreement with SMV resulting in Strong Studios retaining the worldwide global
distribution rights for the Flagrant series and releasing SMV from the obligation to purchase the distribution rights for the series.
During the second quarter of 2022,
Safehaven 2022, Inc. (“Safehaven 2022”) was established to manage the production and financing of Safehaven. Strong
Studios owns 49% of Safehaven 2022 and the remaining 51% is owned by Unbounded Services, LLC (“Unbounded”). No consideration
was paid by Strong Studios in exchange for its 49% equity interest in Safehaven 2022. Unbounded also did not contribute any assets or
liabilities to Safehaven 2022 and agreed to provide day-to-day management services in exchange for their 51% ownership. Unbounded will
also serve as a co-producer on the project. Strong Studios assigned the Landmark distribution agreement to Safehaven 2022, and the Landmark
distribution agreement serves as collateral for the production financing at Safehaven 2022. Strong Studios and Unbounded will share profits
and losses, if any, from Safehaven 2022 on a pro-rata basis based on their relative ownership percentages.
Strong Studios allocated $1.0
million of the $1.7 million acquisition price to Safehaven and incurred an additional $0.1 million of development costs during
2022. Strong Studios transferred the $1.1 million in intellectual property representing the rights and assets related to Safehaven
and Safehaven 2022 agreed to reimburse Strong Studios $1.1 million for those costs following payment of any senior secured debt and prior
to any profit participations or equity distributions. Safehaven 2022 reimbursed the $0.1 million of development costs incurred by Strong
Studios, and the remaining $1.0 million payable to Strong Studios represents an obligation of Safehaven 2022 to Strong Studios and is
not contingent on any specific event. Accordingly, the Company has classified the amount due from Safehaven 2022 as a receivable within
other current assets on its combined balance sheet as of March 31, 2023. Strong Studios expects Safehaven 2022 to reimburse the acquisition
cost allocated to the project based on its ultimate expected revenues and profits from the exploitation of the project. Safehaven 2022
will begin to generate revenue and expenses upon delivery of the completed Safehaven series to SMV, which is expected to occur
in 2023. The $6.5 million minimum guarantee is due and payable to Safehaven 2022 in installments of 25% upon delivery and acceptance,
25% three months thereafter, and the remaining 50% six months thereafter. Upon delivery and acceptance, Safehaven 2022 expects to recognize
$6.5 million in initial revenue from the distribution rights and will record cost of sales using the individual-film-forecast method based
on the ratio of the current period’s revenues to management’s estimated remaining total gross revenues to be earned. Safehaven
2022 is an equity method holding and the Company will reflect its proportionate share of the net periodic profit and loss of Safehaven
2022 as equity method income (loss) during each reporting period.
Safehaven 2022 entered into a
Loan and Security Agreement with Bank of Hope to provide interim production financing for the Safehaven production, secured by
the Landmark distribution agreement. Safehaven 2022 is the sole borrower and guarantor under the loan agreement. As of March 31, 2023,
Safehaven 2022 had borrowed $9.6 million under the facility for production costs incurred to that date. Safehaven 2022 has also received
working capital advances of $0.6 million from Strong Studios. Strong Studios expects Safehaven 2022 to reimburse the working capital advances
in the second half of 2023.
Strong Studios reviewed its ownership
in Safehaven 2022 and concluded that it has significant influence, but not a controlling interest, in Safehaven 2022 based on its ownership
being less than 50% along with having one of three representatives on the board of managers of Safehaven 2022. Strong Studios also reviewed
whether it otherwise had the power to make decisions that significantly impact the economic performance of Safehaven 2022 and concluded
that it did not control the entity and is not the primary beneficiary. Accordingly, the Company will apply the equity method of accounting
to its equity holding in Safehaven 2022 and will record its proportionate share of the net income/loss resulting from the equity holding
as a single line item captioned “equity method holding income (loss)” on its combined statement of operations.
Safehaven 2022 did not record
any income or expense during the three months ended March 31, 2023, because all costs incurred by Safehaven 2022 related to the in-process
production have been capitalized. Upon delivery and acceptance of the project, Safehaven 2022 expects to recognize revenue from the distribution
rights and will record cost of sales using the individual-film-forecast method based on the ratio of the current period’s revenues
to management’s estimated remaining total gross revenues to be earned. A summary of the balance sheet of Safehaven 2022 as of March
31, 2023, is as follows (in thousands):
Schedule
of Balance Sheet Information
| |
| | |
Cash | |
$ | 37 | |
Television programming rights | |
| 11,118 | |
Other assets | |
| 76 | |
Total assets | |
$ | 11,231 | |
| |
| | |
Accounts payable and accrued expenses | |
$ | 10 | |
Due to Strong Studios | |
| 1,625 | |
Debt | |
| 9,596 | |
Equity | |
| - | |
Total liabilities and equity | |
$ | 11,231 | |
8. Accrued Expenses
Accrued expenses consisted of
the following as of March 31, 2023 and December 31, 2022 (in thousands):
Schedule
of Accrued Expenses
| |
March 31, 2023 | | |
December 31, 2022 | |
Employee-related | |
$ | 1,198 | | |
$ | 1,283 | |
Warranty obligation | |
| 312 | | |
| 309 | |
Interest and taxes | |
| 474 | | |
| 294 | |
Legal and professional fees | |
| 460 | | |
| 462 | |
Film and television programming rights | |
| 1,384 | | |
| 1,709 | |
Other | |
| 503 | | |
| 429 | |
Total | |
$ | 4,331 | | |
$ | 4,486 | |
9. Debt
Short-term debt and long-term
debt consisted of the following as of March 31, 2023 and December 31, 2022 (in thousands):
Schedule
of Short-term debt and Long-term debt
| |
March 31, 2023 | | |
December 31, 2022 | |
Short-term debt: | |
| | | |
| | |
Strong/MDI 20-year installment loan | |
$ | 2,262 | | |
$ | 2,289 | |
Strong/MDI 5-year equipment loan | |
| - | | |
| 221 | |
Strong/MDI revolving credit facility | |
| 1,372 | | |
| - | |
Total short-term debt | |
$ | 3,634 | | |
$ | 2,510 | |
| |
| | | |
| | |
Long-term debt: | |
| | | |
| | |
Tenant improvement loan | |
$ | 153 | | |
$ | 162 | |
Less: current portion | |
| (36 | ) | |
| (36 | ) |
Long-term debt, net of current portion | |
$ | 117 | | |
$ | 126 | |
Strong/MDI Installment Loans and Revolving Credit
Facility
On September 5, 2017, the Company’s
Canadian subsidiary, Strong/MDI, entered into a demand credit agreement, as amended and restated May 15, 2018, with Canadian Imperial
Bank of Commerce (“CIBC”) consisting of a revolving line of credit for up to CAD$3.5 million, subject to a borrowing base
requirement, a 20-year installment loan for up to CAD$6.0 million and a 5-year installment loan for up to CAD$0.5 million. On June 7,
2021, Strong/MDI entered into a demand credit agreement (the “2021 Credit Agreement”), which amended and restated the demand
credit agreement dated as of September 5, 2017. The 2021 credit agreement consisted of a revolving line of credit for up to CAD$2.0 million
subject to a borrowing base requirement, a 20- year installment loan for up to CAD$5.1 million and a 5-year installment loan for up to
CAD$0.5 million. Amounts outstanding under the line of credit are payable on demand and bear interest at the prime rate established by
CIBC. Amounts outstanding under the installment loans bear interest at CIBC’s prime rate plus 0.5% and are payable in monthly installments,
including interest, over their respective borrowing periods. CIBC may also demand repayment of the installment loans at any time. The
Strong/MDI credit facilities are secured by a lien on Strong/MDI’s Quebec, Canada facility and substantially all of Strong/MDI’s
assets. The 2021 Credit Agreement required Strong/MDI to maintain a ratio of liabilities to “effective equity” (tangible stockholders’
equity, less amounts receivable from affiliates and equity method holdings) not exceeding 2.5 to 1, a current ratio (excluding amounts
due from related parties) of at least 1.3 to 1 and minimum “effective equity” of CAD$4.0 million.
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.
As of March 31, 2023, there was CAD$3.1 million, or approximately $2.3 million, of principal outstanding on the 20-year installment loan,
which bears variable interest at 7.20%. Strong/MDI was in compliance with its debt covenants as of March 31, 2023. 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. As of March 31, 2023, there was CAD$1.9 million, or approximately
$1.4 million, of principal outstanding on the revolving credit facility, which bears variable interest at 7.70%
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.
Contractual Principal Payments
Contractual required principal
payments on the Company’s long-term debt at March 31, 2023, are as follows (in thousands):
Schedule
of Contractual Principal Payments
| |
$ | 2 | |
Remainder of 2023 | |
$ | 26 | |
2024 | |
| 38 | |
2025 | |
| 40 | |
2026 | |
| 42 | |
2027 | |
| 7 | |
Thereafter | |
| - | |
Total | |
$ | 153 | |
10. Leases
The Company and its subsidiaries
lease plant and office facilities and equipment under operating and finance leases expiring through 2027. 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.
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, 2023 | | |
March 31, 2022 | |
Lease cost | |
Three Months Ended | |
| |
March 31, 2023 | | |
March 31, 2022 | |
Finance lease cost: | |
| | | |
| | |
Amortization of right-of-use assets | |
$ | 29 | | |
$ | - | |
Interest on lease liabilities | |
| 12 | | |
| - | |
Operating lease cost | |
| 17 | | |
| 24 | |
Short-term lease cost | |
| 17 | | |
| 14 | |
Net lease cost | |
$ | 75 | | |
$ | 38 | |
Other information | |
Three Months Ended | |
| |
March 31, 2023 | | |
March 31, 2022 | |
Cash paid for amounts included in the measurement of lease liabilities: | |
| | |
| |
Operating cash flows from finance leases | |
$ | 12 | | |
$ | - | |
Operating cash flows from operating leases | |
$ | 19 | | |
$ | 15 | |
Financing cash flows from finance leases | |
$ | 23 | | |
$ | - | |
Right-of-use assets obtained in exchange for new finance lease liabilities | |
$ | - | | |
$ | - | |
Right-of-use assets obtained in exchange for new operating lease liabilities | |
$ | - | | |
$ | - | |
| |
| | | |
| | |
Weighted-average remaining lease term - finance leases (years) | |
| | | |
| 1.4 | |
Weighted-average remaining lease term - operating leases (years) | |
| | | |
| 3.9 | |
Weighted-average discount rate - finance leases | |
| | | |
| 4.5 | % |
Weighted-average discount rate - operating leases | |
| | | |
| 4.5 | % |
The following table presents a
maturity analysis of the Company’s operating and finance lease liabilities as of March 31, 2023 (in thousands):
Schedule
of Operating and Finance Lease Liabilities
| |
Operating Leases | | |
Finance Leases | |
Remainder of 2023 | |
$ | 57 | | |
$ | 115 | |
2024 | |
| 78 | | |
| 153 | |
2025 | |
| 79 | | |
| 401 | |
2026 | |
| 81 | | |
| - | |
2027 | |
| 14 | | |
| - | |
Thereafter | |
| - | | |
| - | |
Total lease payments | |
| 309 | | |
| 669 | |
Less: Amount representing interest | |
| (27 | ) | |
| (87 | ) |
Present value of lease payments | |
| 282 | | |
| 582 | |
Less: Current maturities | |
| (65 | ) | |
| (112 | ) |
Lease obligations, net of current portion | |
$ | 217 | | |
$ | 470 | |
11. 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, 2023 and December 31, 2022.
The Tax Cuts and
Jobs Act provides for a territorial tax system, which began in 2018. It includes the global intangible low-taxed income
(“GILTI”) provision. The GILTI provisions require the Company to include in its U.S. income tax return foreign
subsidiary earnings in excess of an allowable return on the foreign subsidiary’s tangible assets. The GILTI provisions also
allow for a high-tax exclusion if the effective tax rate of the tested income is greater than 18.9%.
The Company has evaluated these regulations in determining the appropriate amount of the inclusion for the tax provision. The
effective tax rate on the tested income is greater than 18.9%;
thus, the Company is utilizing the GILTI high-tax exclusion for purposes of the tax provision for the three months ended March 31,
2023, as well as for the year ended December 31, 2022.
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 2019 through 2021. 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.
12. 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.
The Company and certain of its
subsidiaries are named as defendants 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 the Company. In the Company’s
experience, a large percentage of these types of claims have never been substantiated and have been dismissed by the courts. The Company
has not suffered any adverse verdict in a trial court proceeding related to asbestos claims and intends to continue to defend these lawsuits.
As of March 31, 2023, the Company has a loss contingency reserve of approximately $0.2 million, which represents the Company’s estimate
of its potential losses related to the settlement of open cases. During 2022 and the first quarter of 2023, the Company settled three
cases, which resulted in payments totaling $53,000. When appropriate, the Company may settle additional claims in the future. The Company
does not expect the resolution of these cases to have a material adverse effect on its combined financial condition, results of operations
or cash flows.
Concentrations
The Company’s top ten customers
accounted for approximately 58% of combined net revenues during the three months ended March 31, 2023. Trade accounts receivable from
these customers represented approximately 80% of net combined receivables at March 31, 2023. One of the Company’s customers accounted
for more than 10% of both its combined net revenues during the three months ended March 31, 2023 and its net combined receivables as of
March 31, 2023. 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.
13. Related Party Transactions
Related Party Transactions
In connection with the IPO, we
and FG Group Holdings entered into a management services agreement that provides a framework for our ongoing relationship with FG Group
Holdings, whereby which FG Group Holdings will provide certain services to us, which could include information technology, legal, finance
and accounting, human resources, tax, treasury, and other services. Pursuant to the Management Services Agreement, FG Group Holdings will
charge us a fee that is based on its actual costs for those services in the future.
The Company manufactures its screens
in an approximately 80,000 square-foot facility near Montreal, Quebec, Canada, which is owned by Strong/MDI. The facility was not transferred
to the Company as part of the IPO. The Company and Strong/MDI have entered into a long-term lease agreement covering the Company’s
continued use of the facility. As discussed in Note 9, the 20-year installment loan, which is collateralized by the manufacturing facility,
was not transferred to the Company.
Allocation of Corporate Expenses
The operating results of Strong
Global Entertainment have historically been disclosed as a reportable segment within the consolidated financial statements of FG Group
Holdings enabling identification of directly attributable transactional information, functional departments and headcount. The combined
balance sheet was primarily derived by reference to one of, 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 FG Group Holdings. 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.
The combined statements of operations
of the Company reflect allocations of general corporate expenses from FG Group Holdings including expenses related to corporate services,
such information technology, legal, finance and accounting, human resources, tax, treasury, research and development, sales and marketing,
shared facilities and other shared services. These costs were allocated based on a basis of revenue, headcount, or other measures the
Company has determined as reasonable. These allocations are primarily reflected within operating expenses in the combined statements of
operations. The amount of these allocations from FG Group Holdings for each of the three months ended March 31, 2023 and March 31, 2022
was $0.2 million, all of which related to general and administrative expense. 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, the Company during
the periods presented.
Costs Incurred in Connection with the IPO
As of March 31, 2023, the Company
incurred $2.0 million of costs in connection with the IPO, of which $1.0 million was paid by FG Group Holdings. During 2022, it was determined
the Company will reimburse FG Group Holdings upon the completion of the IPO. Accordingly, the Company has recorded the $1.0 million within
Payable to FG Group Holdings on the combined balance sheet as of March 31, 2023.
Working Capital Advance to Safehaven 2022
As discussed in Note 7, Safehaven
2022 has received working capital advances of $0.6 million from FG Group Holdings. Strong Studios expects Safehaven 2022 to reimburse
the working capital advances in the second half of 2023. Upon reimbursement of the working capital advances from Safehaven 2022, Strong
Studios will then reimburse FG Group Holdings. Accordingly, the Company has recorded (i) the $0.6 million receivable from Safehaven 2022
related to the working capital advance within Other current assets and (ii) the subsequent reimbursement to FG Group Holdings within Payable
to FG Group Holdings on the combined balance sheet as of March 31, 2023.
Landmark Transaction
As discussed in Note 7, Strong
Studios acquired, from Landmark, the rights to original feature films and television series, and has been assigned third party rights
to content for global multiplatform distribution. In connection with such assignment and purchase, Strong Studios agreed to pay to Landmark
approximately $1.7 million in four separate payments, $0.6 million of which has been paid by FG Group Holdings through March 31, 2023.
Strong Studios expects to reimburse FG Group Holdings for the $0.6 million paid to Landmark. Accordingly, the Company has recorded the
$0.6 million within Payable to FG Group Holdings on the combined balance sheet as of March 31, 2023.
14. Subsequent Events
On May 18, 2023, subsequent to
the close of the Company’s first quarter ended March 31, 2023, the Company completed its IPO of 1,000,000 Common Shares, at $4.00
per share, before underwriting discounts and commissions and estimated offering costs. The Company also granted the Underwriters a 45-day
option to purchase up to 150,000 additional Common Shares of the Company on the same terms and conditions for the purpose of covering
any over-allotments in connection with the IPO.
The Company’s shares began
trading on the NYSE American under the ticker symbol “SGE” on May 16, 2023. Total net proceeds of approximately $1.4 million
were raised from the IPO after deducting underwriting discounts and commissions and before offering costs. Estimated offering costs amounted
to approximately $2.1 million. Prior to the IPO, the Company was a wholly owned subsidiary of FG Group Holdings and upon the closing of
the IPO on May 18, 2023, FG Group Holdings owned approximately 85.7% of the Company’s Common Shares.
On May 18, 2023, the Company and
FG Group Holdings entered into a master separation agreement as well as various other agreements that govern the relationship between
the Company and FG Group Holdings following the separation, including a management services agreement.
On May 26, 2023, the Company issued
the Landmark Warrant to Landmark, to purchase up to 150,000 Common Shares, exercisable for three years beginning six months after May
18, 2023, at an exercise price of $4.00 per share.
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 combined 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 Quarterly Report on Form 10-Q for the three months ended March 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 80 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. The Company also owns Strong
Studios, which develops and produces original feature films and television series.
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
In December 2019, a novel coronavirus
disease was initially reported, and in March 2020, the World Health Organization characterized COVID-19 as a pandemic. COVID-19 has had
a widespread and detrimental effect on the global economy as a result of the continued increase in the number of cases, particularly in
the United States, and actions by public health and governmental authorities, businesses, other organizations and individuals to address
the outbreak, including travel bans and restrictions, quarantines, shelter in place, stay at home or total lock-down orders and business
limitations and shutdowns. The ultimate impact of the COVID-19 pandemic on our business and results of operations remains unknown and
will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including repeat or cyclical outbreaks,
and any additional preventative and protective actions that governments, or we or our customers, may direct, which may result in an extended
period of continued business disruption and reduced operations. We believe that consumer reticence to engage in outside-the-home activities,
caused by the risk of contracting COVID-19, is abating, and our customers have resumed more typical, pre-COVID-19 purchasing behaviors.
There can be no assurances, however, that there will be no further resurgence or variants of COVID-19 which could reverse the current
trend.
The repercussions
of the COVID-19 global pandemic
resulted in
a significant impact
to our customers, specifically
those in the entertainment
and advertising
industries, and
their ability and
willingness
to spend on our products
and services, which
continues
to negatively impact
us. A significant number
of our customers
temporarily
ceased operations during
the pandemic, which negatively impacted our results
of operations. For instance,
during this time,
many movie
theaters and other entertainment
centers were forced
to close or curtail
their hours and, correspondingly,
terminated or deferred
their non-essential capital
expenditures.
The COVID-19
pandemic also adversely
affected film production
and the pipeline of feature films available
in the short-
or long-term. However,
we believe there is now pent-up demand for out-of-home entertainment that will drive favorable trends post-COVID-19 in the cinema
exhibition and theme park industries. We also experienced
other negative
impacts during the pandemic; among other actions,
we were required to temporarily close our screen manufacturing facility in Canada due to
the governmental response to COVID-19, experienced lower revenues from field services, and saw a reduction in non-recurring time and materials-based
services. The impact of any future outbreak of contagious disease, or a worsening or resurgence of COVID-19, is not readily ascertainable,
is uncertain and cannot be predicted, but could have an adverse impact on the Company’s business, financial condition and results
of operations, and could also have a material
adverse impact
on our strategic partners’ businesses
or on the businesses
of companies
in which we hold equity
stakes.
While the current impacts of COVID-19
are reflected in our results of operations, we cannot at this time separate the direct COVID-19 impacts from other factors that cause
our performance to vary from quarter to quarter. The ultimate duration and impact of the COVID-19 pandemic on our business, results of
operations, financial condition and cash flows is dependent on future developments and the related length of their impact on the global
economy, which are uncertain and cannot be predicted at this time. Even as the COVID-19 pandemic subsides, we may continue to experience
an adverse impact to our business as a result of its national and global economic impact. Our results of operations in future periods
may continue to be adversely impacted by the COVID-19 pandemic and its 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, | | |
| | |
| |
| |
2023 | | |
2022 | | |
$ Change | | |
% Change | |
| |
(dollars in thousands) | | |
| |
Net revenues | |
$ | 9,951 | | |
$ | 9,720 | | |
$ | 231 | | |
| 2.4 | % |
Cost of revenues | |
| 7,631 | | |
| 7,515 | | |
| 116 | | |
| 1.5 | % |
Gross profit | |
| 2,320 | | |
| 2,205 | | |
| 115 | | |
| 5.2 | % |
Gross profit percentage | |
| 23.3 | % | |
| 22.7 | % | |
| | | |
| | |
Selling and administrative expenses | |
| 1,966 | | |
| 1,836 | | |
| 130 | | |
| 7.1 | % |
Gain on disposal of assets | |
| 1 | | |
| - | | |
| 1 | | |
| 100.0 | % |
Income from operations | |
| 355 | | |
| 369 | | |
| (14 | ) | |
| (3.8 | )% |
Other income (expense) | |
| 73 | | |
| (101 | ) | |
| 174 | | |
| (172.3 | )% |
Income before income taxes | |
| 428 | | |
| 268 | | |
| 160 | | |
| 59.7 | % |
Income tax expense | |
| (74 | ) | |
| (75 | ) | |
| 1 | | |
| (1.3 | )% |
Net income | |
$ | 354 | | |
$ | 193 | | |
$ | 161 | | |
| 83.4 | % |
Three Months Ended March 31, 2023 Compared to the
Three Months Ended March 31, 2022
Revenues
Revenue increased 2.4% to $10.0
million in the first quarter of 2023 from $9.7 million in the first quarter of 2022. The increase from the prior year was due to $0.7
million of higher service revenue, partially offset by a $0.5 million decrease in product revenue.
We have increased the scope of
our services to better support our customers and to increase market share in cinema services, including cinema screen installation work
performed for certain of our customers. The decline in revenue from products was primarily due to the timing of projects utilizing our
Eclipse curvilinear screens, which was partially offset by higher sales of traditional cinema screens as the upgrade to laser projection
continues across the industry. We expect the upgrades from xenon to laser to accelerate throughout 2023 and continue for at least the
next several years.
Gross Profit
Gross profit was $2.3 million
or 23.3% of revenues in the first quarter of 2023 compared to $2.2 million or 22.7% in the first quarter of 2022.
Gross profit from product sales
was $1.7 million or 24.1% of revenues for the first quarter of 2023 compared to $1.6 million or 21.1% of revenues for the first quarter
of 2022. The increase in gross profit percentage resulted primarily from product mix as revenue from our higher margin traditional cinema
screens grew at a faster rate than that of our other products.
Gross profit from service revenue
was $0.6 million or 21.2% of revenues for the first quarter of 2023 compared to $0.6 million or 28.7% of revenues for the first quarter
of 2022. Gross profit percentage declined from the prior year as the increase in gross margin from our field services and contract revenue
was more than offset by third-party screen installation costs. Third-party screen installation costs are expected to be replaced with
internal labor as we continue to onboard our internal installation team, which is expected to improve margins later in the year.
Income from Operations
Operating income was $0.4 million
in both the first quarters of 2023 and 2022. Selling and administrative expenses, marketing and travel and entertainment expenses were
higher during the first quarter of 2023 as revenue and business activity increased, including the addition of Strong Studios, in the current
period as compared to the prior year, which was offset by an increase
in gross profit.
Other Financial Items
Total other income of $0.1 million
during the first quarter of 2023 primarily consisted of $0.1 million of foreign currency transaction adjustments, partially offset by
$0.1 million of interest expense. Total other expense of $0.1 million during the first quarter of 2022 included $0.1 million of foreign
currency transaction adjustments and $24,000 of interest expense.
Income tax expense was $0.1 million
during both the first quarters of 2023 and 2022. 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 our operating cash flows and credit facilities. Our primary
cash requirements involve operating expenses, working capital, capital expenditures, and other general corporate activities.
We ended the first quarter of
2023 with total cash and cash equivalents of $4.1 million compared to $3.6 million as of December 31, 2023. Of the $4.1 million as of
March 31, 2023, $0.6 million was held by our Canadian subsidiary, Strong/MDI Screen Systems, Inc. (“Strong/MDI”).
In response to the COVID-19 pandemic
and related closures of cinemas, theme parks and entertainment venues, we took decisive actions to conserve cash, reduce operating expenditures,
delay capital expenditures, and manage working capital.
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 9 to the condensed
combined financial statements included in this Quarterly Report on Form 10-Q, for a description
of our debt as of March 31, 2023.
Debt
Strong/MDI Installment Loans & Revolving Credit
Facility
On
June 7, 2021, Strong/MDI entered into a demand credit agreement (the “2021 Credit Agreement”) with Canadian Imperial Bank
of Commerce (“CIBC”), which amended and restated the demand credit agreement dated as of September 5, 2017. The 2021 Credit
Agreement consisted of a revolving line of credit for up to CDN$2.0 million subject to a borrowing base requirement, a 20-year installment
loan for up to CDN$5.1 million and a 5-year installment loan for up to CDN$0.5 million. These borrowings were due on demand by the lender.
In January 2023, Strong/MDI 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. These borrowings are due on demand by the lender and total $3.6 million as of March 31, 2023.
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 our initial public offering (the “IPO”).
Cash Flows from Operating Activities
Net cash provided by operating
activities was $0.8 million during the three months ended March 31, 2023 compared to net cash used in operations of 1.1 million during
the three months ended March 31, 2022. Cash from operations increased due to improvements in working capital including the collection
of accounts receivable and customer deposits, which was partially offset by higher payments to our vendors and for other accrued expenses.
Cash Flows from Investing Activities
Net cash used in investing activities
was $0.2 million during the three months ended March 31, 2023, which consisted of $0.1 million of capital expenditures and a $0.1 million
outflow related to the acquisition of film and television programming rights. Net cash used in investing activities during the three months
ended March 31, 2022 was $0.5 million, which consisted of $0.1 million of capital expenditures and a $0.4 million outflow related to the
acquisition of film and television programming rights.
Cash Flows from Financing Activities
Net cash used in financing activities
was $0.2 million during the first quarter of 2023, which primarily consisted of $1.2 million transferred to FG Group Holdings and $0.3
million of principal payments on debt and finance leases, partially offset by $1.4 million of net borrowings under the CIBC revolving
line of credit. Net cash provided by financing activities was $1.0 million during the first quarter of 2022, consisting primarily of $1.1
million transferred from FG Group Holdings, partially offset by $0.1 million of principal payments on debt.
Use of Non-GAAP Measures
We prepare our combined 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):
| |
Quarters Ended March 31, | |
| |
2023 | | |
2022 | |
| |
| | |
| |
Net income | |
$ | 373 | | |
$ | 193 | |
Interest expense, net | |
| 56 | | |
| 24 | |
Income tax expense | |
| 55 | | |
| 75 | |
Depreciation and amortization | |
| 179 | | |
| 213 | |
EBITDA | |
| 663 | | |
| 505 | |
Stock-based compensation expense | |
| 18 | | |
| 39 | |
Foreign currency transaction (gain) loss | |
| (117 | ) | |
| 78 | |
Adjusted EBITDA | |
$ | 564 | | |
$ | 622 | |
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, 2023 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 combined 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 combined 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, 2023
or December 31, 2022.
Film and Television
Programming Rights
Commencing in March 2022, we began
producing original productions and acquiring rights to films and television programming. Film and television programming rights include
the unamortized costs of in-process or in-development content produced or acquired by us. Our capitalized costs include all direct production
and financing costs, capitalized interest when applicable, and production overhead. Film and television program rights are stated at the
lower of amortized cost or estimated fair value. Fair value is determined using a discounted cash flow methodology with assumptions for
cash flows. Key inputs employed in the discounted cash flow methodology include estimates of ultimate revenue (as defined below) and costs,
as well as a discount rate. The discount rate utilized in the valuation is based on the weighted average cost of capital of the Company
plus a risk premium representing the risk associated with acquiring the film and television programming rights.
The costs of producing content
are amortized using the individual-film-forecast method. These costs are amortized based on the ratio of the current period’s revenues
to management’s estimated remaining total gross revenues to be earned (“Ultimate Revenue”) as of each reporting date
to reflect the most current available information. Management’s judgment is required in estimating Ultimate Revenue and the costs
to be incurred throughout the life of each film or television program. Amortization is adjusted when necessary to reflect increases or
decreases in forecasted Ultimate Revenues.
For an episodic television series,
the period over which Ultimate Revenues are estimated cannot exceed ten years following the date of delivery of the first episode, or,
if still in production, five years from the date of delivery of the most recent episode, if later. For films, Ultimate Revenue includes
estimates over a period not to exceed ten years following the date of initial release.
Content assets are expected to
be predominantly monetized individually and therefore are reviewed at the individual level when an event or change in circumstance indicates
a change in the expected usefulness of the content or the fair value may be less than the unamortized cost.
Due to the inherent uncertainties
involved in making such estimates of Ultimate Revenues and expenses, these estimates may differ from actual results. In addition, in the
normal course of our business, some films and titles will be more successful or less successful than anticipated. Management regularly
reviews and revises, when necessary, its Ultimate Revenue and cost estimates, which may result in a change in the rate of amortization
of film costs and participations and residuals and/or a write-down of all or a portion of the unamortized costs of the film or television
program to its estimated fair value. An increase in the estimate of Ultimate Revenue will generally result in a lower amortization rate
and, therefore, less film and television program amortization expense, while a decrease in the estimate of Ultimate Revenue will generally
result in a higher amortization rate and, therefore, higher film and television program amortization expense, and also periodically result
in an impairment requiring a write-down of the film cost to the title’s fair value. We have not yet incurred any of these write-downs.
An impairment charge would be
recorded in the amount by which the unamortized costs exceed the estimated fair value. Estimates of future revenue involve measurement
uncertainties and it is therefore possible that reductions in the carrying value of film library costs may be required because of changes
in management’s future revenue estimates.
Cost Allocations
Our historical combined financial
statements are prepared on a stand-alone basis in accordance with U.S. GAAP and are derived from FG Group Holdings’ 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 FG Group Holdings. FG Group Holdings currently provides certain services to us, and costs associated
with these functions have been allocated to us. 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 FG Group Holdings. These allocations are reflected within operating expenses in our combined
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 offering or of the
additional costs we will incur in the future as we operate 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. We and certain of our subsidiaries are named as defendants
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 us. In our experience, a large percentage of these types of claims
have never been substantiated and have been dismissed by the courts. We have not suffered any adverse verdict in a trial court proceeding
related to asbestos claims and intend to continue to defend these lawsuits. As of March 31, 2023, the Company has a loss contingency reserve
of approximately $0.2 million, which represents our estimate of our potential losses related to the settlement of open cases. During 2022
and the first quarter of 2023, we settled three cases, which resulted in payments totaling $53,000. When appropriate, we may settle additional
claims in the future. We do not expect the resolution of these cases to have a material adverse effect on our combined financial condition,
results of operations or cash flows.
Item 1A. Risk Factors
As of the date of this Quarterly
Report on Form 10-Q, there have been no material changes to the risk factors disclosed in our final prospectus as filed with the SEC on
May 16, 2023 pursuant to Rule 424(b)(5) under the Securities Act, relating to our Registration Statement on Form S-1.
We may disclose changes to such factors or disclose additional factors from time to time in our future filings with the SEC.
Item 2. Unregistered Sales of Equity Securities
and Use of Proceeds
Unregistered Sales of Equity Securities
On November 9, 2021,
we issued one Common Share to Strong/MDI. On May 18, 2023, in connection with the IPO, we issued 5,999,999 Common Shares and 100 Class
B Limited Voting Shares without par value to Strong/MDI. On May 18, 2023, we also issued an aggregate of 143,823 Common Shares to our
directors and officers and issued to the representative of the underwriters in our IPO (or its designees), warrants to purchase up to
an aggregate of 50,000 Common Shares (5% of the Common Shares sold in the IPO). These warrants are exercisable at $5.00 per share, which
represents 125% of the public offering price per share in the IPO. The warrants are exercisable at any time and from time to time, in
whole or in part, commencing on November 13, 2023, 180-days from the effective date of the IPO registration statement, and expiring on
May 15, 2028, five years following the effective date of such registration statement.
On May 26, 2023, we issued a warrant
to Landmark Studio Group LLC to purchase up to 150,000 Common Shares, exercisable for three years beginning six months after May 18, 2023,
at an exercise price of $4.00 per share.
The foregoing issuances were made
pursuant to the exemption from registration contained in Section 4(a)(2) of the Securities Act.
Use of Proceeds from IPO of Common Shares
On October 26, 2021, our Registration
Statement on Form S-1 (file No.: 333-264165) was declared effective by the SEC for our IPO of Common Shares. Our Common Shares began trading
on NYSE American on May 16, 2023, and the IPO closed on May 18, 2023. In connection with our IPO, we issued and sold an aggregate of 1,000,000
Common Shares at a price of $4.00 per share. The Company also granted the underwriters a 45-day option to purchase up to 150,000 additional
Common Shares of the Company on the same terms and conditions for the purpose of covering any over-allotments in connection with the IPO.
On May 18, 2023, we also issued to the representative of the underwriters or its designees, warrants to purchase up to an aggregate of
50,000 Common Shares with the exercise price of $5.00 per share. Total net proceeds of approximately $1.4 million were raised from the
IPO after deducting underwriting discounts and commissions and before offering costs. Estimated offering costs amounted to approximately
$2.1 million.
There has been no material change
in the planned use of proceeds from our IPO as described in our final prospectus filed with the SEC on May 16, 2023 pursuant to Rule 424(b).
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
Chief Executive Officer
(Principal Executive Officer)
|
|
|
Todd R. Major
Chief Financial Officer
(Principal Financial Officer and
Principal Accounting Officer) |
|
|
|
|
|
Date: |
June 29, 2023 |
|
Date: |
June 29, 2023 |
Exhibit
4.1
THIS
WARRANT AND THE SECURITIES ISSUABLE UPON EXERCISE OF THIS WARRANT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE “ACT”), OR QUALIFIED UNDER ANY STATE SECURITIES LAWS AND MAY NOT BE OFFERED FOR SALE, SOLD, PLEDGED, HYPOTHECATED
OR OTHERWISE TRANSFERRED OR ASSIGNED UNLESS (I) A REGISTRATION STATEMENT COVERING SUCH SECURITIES IS EFFECTIVE UNDER THE ACT AND IS QUALIFIED
UNDER APPLICABLE STATE LAW OR (II) THE TRANSACTION IS EXEMPT FROM THE REGISTRATION AND PROSPECTUS DELIVERY REQUIREMENTS UNDER THE ACT
AND THE QUALIFICATION REQUIREMENTS UNDER APPLICABLE STATE LAW AND, IF THE COMPANY REQUESTS, AN OPINION SATISFACTORY TO THE COMPANY TO
SUCH EFFECT HAS BEEN RENDERED BY COUNSEL.
Original
Issue Date: May 26, 2023
STRONG
GLOBAL ENTERTAINMENT, INC.
WARRANT
TO PURCHASE COMMON SHARES
FOR
VALUE RECEIVED, Strong Global Entertainment, Inc., a company incorporated under the Business Corporations Act (British Columbia) (the
“Company”), hereby certifies that Landmark Studio Group LLC, a Delaware limited liability company (the “Holder”),
is entitled to purchase from the Company from time to time up to an aggregate of one hundred and fifty thousand (150,000) duly authorized,
validly issued, fully paid and nonassessable Class A common voting shares (the “Common Shares”), all subject to adjustment
and the other terms and conditions set forth in this Warrant. Certain capitalized terms used herein are defined in Section 1.
1.
Definitions. As used in this Warrant, the following terms have the respective meanings set forth below:
“Aggregate
Exercise Price” means an amount equal to the product of (a) the number of Warrant Shares in respect of which this Warrant is
then being exercised pursuant to Section 3, multiplied by (b) the applicable Exercise Price.
“Board”
means the board of directors of the Company.
“Business
Day” means any day, except a Saturday, Sunday or legal holiday, on which banking institutions in the city of New York, New
York are authorized or obligated by law or executive order to close.
“Change
in Control” means that the Company shall, directly or indirectly, in one or more related transactions, consolidate or merge
with or into another Person, other than if (a) the Company is the surviving or resulting entity in the merger or consolidation, (b) the
merger or consolidation is effectuated with a direct or indirect subsidiary of the Company, or (c) the purpose of the merger or consolidation
is to reincorporate the domicile of the Company into another state.
“Common
Shares” means the Company’s Class A common voting shares, without par value.
“Company”
has the meaning set forth in the preamble.
“Exercise
Date” means, for any given exercise of this Warrant, the date on which the conditions to such exercise as set forth in Section
3 shall have been satisfied at or prior to 5:00 p.m., New York time, on a Business Day, including, without limitation, the receipt
by the Company of the Exercise Notice, this Warrant, and the Aggregate Exercise Price.
“Exercise
Notice” has the meaning set forth in Section 3(a)(i).
“Exercise
Period” has the meaning set forth in Section 2.
“Exercise
Price” means $4.00, the per-share offering price to the public in the Company’s initial public offering (the “IPO”).
“Fair
Market Value” means the average of the daily volume weighted average prices per Common Share for the ten (10) consecutive trading
days immediately preceding the day as of which Fair Market Value is being determined, as reported on the NYSE American, or if the Common
Shares are not listed on the NYSE American, as reported by the principal U.S. national or regional securities exchange or quotation system
on which the Common Shares are then listed or quoted; provided, however, if the Common Shares are not listed or quoted on the NYSE American
or any U.S. national or regional securities exchange or quotations system, then the “Fair Market Value” of the Common Shares
shall be the fair market value per Common Share as determined by the Board.
“Holder”
has the meaning set forth in the preamble.
“Person”
means any individual, sole proprietorship, partnership, limited liability company, corporation, joint venture, trust, incorporated organization
or government or department or agency thereof.
“Securities
Act” has the meaning set forth in Section 9(a).
“Warrant”
means this Warrant and all warrants issued upon division or combination of, or in substitution for, this Warrant.
“Warrant
Shares” means the aggregate number of Common Shares then purchasable upon exercise of this Warrant in accordance with the terms
of this Warrant.
2.
Purchase of Common Shares; Term of Warrant. Subject to the terms and conditions hereof, at any time or from time to time beginning
six months after the date of the consummation of the IPO (the “Initial Exercise Date”) and ending 5:00 p.m., New York
time, on the third (3rd) anniversary of the date hereof or, if such day is not a Business Day, on the next preceding Business
Day (the “Exercise Period”), the Holder may exercise this Warrant for all or any part of the Warrant Shares purchasable
hereunder at a price per share equal to the Exercise Price.
3.
Exercise of Warrant.
(a)
Exercise Procedure. This Warrant may be exercised from time to time on any Business Day during the Exercise Period, for all or
any part of the unexercised Warrant Shares, at the applicable Exercise Price, upon: (i) surrender of this Warrant to the Company at its
then principal executive offices (or an indemnification undertaking with respect to this Warrant in the case of its loss, theft or destruction),
together with a Notice of Warrant Exercise in the form attached hereto as Exhibit A (each, an “Exercise Notice”),
duly completed and executed; and (ii) payment to the Company of the Aggregate Exercise Price in accordance with Section 3(b).
(b)
Payment of the Aggregate Exercise Price. Payment of the Aggregate Exercise Price shall be made, at the option of the Holder as
expressed in the Exercise Notice, by the following methods:
(i)
by delivery to the Company of a certified or official bank check payable to the order of the Company or by wire transfer of immediately
available funds to an account designated in writing by the Company in the amount of such Aggregate Exercise Price; or
(ii)
if, after February 26, 2024, there is no registration statement covering the Warrant Shares that is effective, (a) by instructing the
Company to withhold a number of Warrant Shares then issuable upon exercise of this Warrant with an aggregate Fair Market Value as of
the Exercise Date equal to such Aggregate Exercise Price; or (b) by surrendering to the Company (y) Warrant Shares previously acquired
by the Holder with an aggregate Fair Market Value as of the Exercise Date equal to such Aggregate Exercise Price and/or (z) other securities
of the Company having a value as of the Exercise Date equal to the Aggregate Exercise Price (which value in the case of debt securities
shall be the principal amount thereof plus accrued and unpaid interest and in the case of Common Shares shall be the Fair Market Value
thereof); or
(iii)
if, after February 26, 2024, there is no registration statement covering the Warrant Shares that is effective, any combination of the
foregoing methods described in clauses (i) and/or (ii).
(c)
Delivery of Share Certificates or DRS Statement. Upon receipt by the Company of the Exercise Notice, surrender of this Warrant
and payment of the Aggregate Exercise Price in accordance with Sections 3(a) and (b), the Company shall, as promptly as
practicable, execute (or cause to be executed) and deliver (or cause to be delivered) to the Holder a certificate, certificates or a
Direct Registration System (the “DRS”) statement representing the Warrant Shares issuable upon such exercise, together
with cash in lieu of any fraction of a share, as provided in Section 3(d). The share certificate, certificates or DRS statement
so delivered shall be, to the extent possible, in such denomination or denominations as the Holder shall reasonably request in the Exercise
Notice and shall be registered in the name of the Holder. This Warrant shall be deemed to have been exercised and such certificate, certificates
or DRS book entry format of Warrant Shares shall be deemed to have been issued, and the Holder shall be deemed to have become a holder
of record of such Warrant Shares for all purposes, as of the Exercise Date.
(d)
Fractional Shares. The Company shall not be required to issue a fractional Warrant Share upon exercise of any Warrant. As to any
fraction of a Warrant Share that the Holder would otherwise be entitled to purchase upon such exercise, the Company shall round up to
the nearest whole Warrant Share.
(e)
Delivery of New Warrant. Unless the purchase rights represented by this Warrant shall have expired or shall have been fully exercised,
the Company shall, at the time of delivery of the certificate, certificates or DRS Statement representing the Warrant Shares being issued
in accordance with Section 3(c), upon the request of the Holder, deliver to the Holder a new Warrant evidencing the rights of
the Holder to purchase the unexpired and unexercised Warrant Shares called for by this Warrant. Such new Warrant shall in all other respects
be identical to this Warrant. In the absence of a request from the Holder for a new Warrant pursuant to this Section 3(e), the
Company shall record and maintain records of the remaining rights of the Holder to purchase unexpired and unexercised Warrant Shares
pursuant to this Warrant. In the absence of manifest error, the records of the Company shall control as to the remaining rights pursuant
to this Warrant.
(f)
Valid Issuance of Warrant and Warrant Shares. With respect to the exercise of this Warrant, the Company hereby represents:
(i)
This Warrant is, and any Warrant issued in substitution for or replacement of this Warrant shall be, upon issuance, duly authorized and
validly issued.
(ii)
All Warrant Shares issuable upon the exercise of this Warrant pursuant to the terms hereof shall be, upon issuance, validly issued, fully
paid and non-assessable and issued without violation of any preemptive or similar rights of any shareholder of the Company.
(g)
Reservation of Shares. During the Exercise Period, the Company shall at all times reserve and keep available out of its authorized
but unissued Common Shares, solely for the purpose of issuance upon the exercise of this Warrant, the maximum number of Warrant Shares
issuable upon the exercise of this Warrant, and the par value per Warrant Share shall at all times be less than or equal to the applicable
Exercise Price. The Company shall take all such actions as may be necessary or appropriate in order that the Company may validly and
legally issue fully paid and nonassessable Common Shares upon the exercise of this Warrant.
4.
Adjustment upon Subdivision or Combination of Common Shares. If the Company at any time after the date of issuance of this Warrant
subdivides (by any stock split, stock dividend, recapitalization or otherwise) one or more classes of its outstanding Common Shares into
a greater number of shares, the Exercise Price in effect immediately prior to such subdivision will be proportionately reduced and the
number of Warrant Shares will be proportionately increased. If the Company at any time after the date of issuance of this Warrant combines
(by combination, reverse stock split or otherwise) one or more classes of its outstanding Common Shares into a smaller number of shares,
the Exercise Price in effect immediately prior to such combination will be proportionately increased and the number of Warrant Shares
will be proportionately decreased. Any adjustment under this Section 4 shall become effective at the close of business on the
date the subdivision or combination becomes effective. Any adjustment under this Section 4 shall become effective at the close
of business on the date the subdivision or combination becomes effective, or as of the record date of such dividend, or in the event
that no record date is fixed, upon the making of such dividend. The Company shall provide Holder with prompt written notice of any subdivision
or combination of the Common Shares.
5.
Restriction on Transfer of Warrant. This Warrant and all rights hereunder may not be transferred or assigned, pledged, hypothecated
or loaned, in whole or in part, from the Original Issue Date until the Initial Exercise Date, and thereafter, without the prior written
consent of the Company and compliance with the transfer conditions referred to in the legend endorsed hereon; provided, that it may be
assigned in whole or part by the Holder to any affiliate or subsidiary thereof without consent, if such assignment complies with the
transfer conditions referred to in the legend endorsed hereon. Any attempted transfer or assignment which is not in accordance with this
Section 5 shall be null and void and the transferee or assignee shall not be entitled to exercise any of the rights of the Holder
of this Warrant. The Company shall record any transfers or assignments in the books maintained for the registration and transfer of this
Warrant in accordance with Section 10.
6.
No Shareholder Rights; Limitations on Liability. Prior to the issuance to the Holder of the Warrant Shares to which the Holder
is then entitled to receive upon the due exercise of this Warrant, the Holder shall not be entitled to vote or receive dividends or be
deemed the holder of shares of capital stock of the Company for any purpose, nor shall anything contained in this Warrant be construed
to confer upon the Holder, as such, any of the rights of a shareholder of the Company or any right to vote, give or withhold consent
to any corporate action (whether any reorganization, issue of stock, reclassification of stock, consolidation, merger, conveyance or
otherwise), receive notice of meetings, receive dividends or subscription rights, or otherwise. In addition, nothing contained in this
Warrant shall be construed as imposing any liabilities on the Holder to purchase any securities (upon exercise of this Warrant or otherwise)
or as a shareholder of the Company, whether such liabilities are asserted by the Company or by creditors of the Company.
7.
Treatment of Warrant Upon Reclassification, Capital Reorganization or Change in the Capital Stock. In case of any reclassification,
capital reorganization, or change in the capital stock (including because of a Change in Control) of the Company (other than as a result
of a subdivision, combination, or share dividend), then the Company shall make appropriate provision so that the Holder of this Warrant
shall have the right at any time during the before the expiration of this Warrant to purchase, at a total price equal to that payable
upon the exercise of this Warrant, the kind and amount of shares of stock and other securities and property receivable in connection
with such reclassification, reorganization, or change by a holder of the same number of Common Shares as were purchasable by the holder
of this Warrant immediately before such reclassification, reorganization, or change. The Company shall provide Holder with timely written
notice of any reclassification, capital reorganization or change in the capital stock.
8.
Replacement on Loss; Division and Combination.
(a)
Replacement on Loss. Upon receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation
of this Warrant and upon delivery of an indemnity reasonably satisfactory to it (it being understood that a written indemnification agreement
or affidavit of loss of the Holder shall be a sufficient indemnity) and, in case of mutilation, upon surrender of such Warrant for cancellation
to the Company, the Company at its own expense shall execute and deliver to the Holder, in lieu hereof, a new Warrant of like tenor and
exercisable for an equivalent number of Warrant Shares as the Warrant so lost, stolen, destroyed or mutilated; provided that, in the
case of mutilation, no indemnity shall be required if this Warrant in identifiable form is surrendered to the Company for cancellation.
(b)
Division and Combination. Subject to compliance with the applicable provisions of this Warrant, including without limitation Section
5 hereof, this Warrant may be divided or, following any such division of this Warrant, combined with other Warrants upon the surrender
of this Warrant or Warrants to the Company at its then principal executive offices, together with a written notice specifying the denominations
in which new Warrants are to be issued, signed by the Holder. Subject to compliance with the applicable provisions of this Warrant, the
Company shall at its own expense execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants so surrendered
in accordance with such notice. Such new Warrant or Warrants shall be of like tenor to the surrendered Warrant or Warrants and shall
be exercisable in the aggregate for an equivalent number of Warrant Shares as the Warrant or Warrants so surrendered in accordance with
such notice.
9.
Compliance with the Securities Act.
(a)
Agreement to Comply with the Securities Act. The Holder, by acceptance of this Warrant, agrees to comply in all respects with
the provisions of this Section 9 and the restrictive legend requirements set forth on the face of this Warrant and further agrees
that such Holder shall not offer, sell or otherwise dispose of this Warrant or any Warrant Shares to be issued upon exercise hereof except
under circumstances that will not result in a violation of the Securities Act of 1933, as amended (the “Securities Act”).
This Warrant and all Warrant Shares issued upon exercise of this Warrant (unless registered under the Securities Act) shall be stamped
or imprinted with a legend in substantially the following form:
“THIS
WARRANT AND THE SECURITIES ISSUABLE UPON EXERCISE OF THIS WARRANT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE “ACT”), OR QUALIFIED UNDER ANY STATE SECURITIES LAWS AND MAY NOT BE OFFERED FOR SALE, SOLD, PLEDGED, HYPOTHECATED OR
OTHERWISE TRANSFERRED OR ASSIGNED UNLESS (I) A REGISTRATION STATEMENT COVERING SUCH SECURITIES IS EFFECTIVE UNDER THE ACT AND IS QUALIFIED
UNDER APPLICABLE STATE LAW OR (II) THE TRANSACTION IS EXEMPT FROM THE REGISTRATION AND PROSPECTUS DELIVERY REQUIREMENTS UNDER THE ACT
AND THE QUALIFICATION REQUIREMENTS UNDER APPLICABLE STATE LAW AND, IF THE COMPANY REQUESTS, AN OPINION SATISFACTORY TO THE COMPANY TO
SUCH EFFECT HAS BEEN RENDERED BY COUNSEL.”
(b)
Representations of the Holder. The Holder represents, as of the date hereof, to the Company by acceptance of this Warrant as follows:
(i)
The Holder is an “accredited investor” as defined in Rule 501(a) of Regulation D promulgated under the Securities Act. The
Holder is acquiring this Warrant and the Warrant Shares to be issued upon exercise hereof for investment for its own account and not
with a view towards, or for resale in connection with, the public sale or distribution of this Warrant or the Warrant Shares, except
pursuant to sales registered or exempted under the Securities Act.
(ii)
The Holder understands and acknowledges that this Warrant and the Warrant Shares to be issued upon exercise hereof are “restricted
securities” under federal securities laws inasmuch as they are being acquired from the Company in a transaction not involving a
public offering and that, under such laws and applicable regulations, such securities may be resold without registration under the Securities
Act only in certain limited circumstances. In addition, the Holder represents that it is familiar with Rule 144 under the Securities
Act, as presently in effect, and understands the resale limitations imposed thereby and by the Securities Act.
(iii)
The Holder acknowledges that it can bear the economic and financial risk of its investment for an indefinite period, and has such knowledge
and experience in financial or business matters that it is capable of evaluating the merits and risks of the investment in this Warrant
and the Warrant Shares. The Holder has had an opportunity to ask questions and receive answers from the Company regarding the terms and
conditions of the offering of this Warrant and the business, properties, prospects and financial condition of the Company.
10.
Warrant Register. The Company shall keep and properly maintain at its principal executive offices books for the registration of
this Warrant and any transfers thereof. The Company may deem and treat the Person in whose name this Warrant is registered on such register
as the Holder hereof for all purposes, and the Company shall not be affected by any notice to the contrary, except any division, combination
or other transfer of the Warrant effected in accordance with the provisions of this Warrant.
11.
Notices. All notices, requests, consents, claims, demands, waivers and other communications hereunder shall be in writing and
shall be deemed to have been given: (a) when delivered by hand (with written confirmation of receipt); (b) when received by the addressee
if sent by a nationally recognized overnight courier (receipt requested); (c) on the date sent by facsimile of a PDF document (with confirmation
of transmission) if sent during normal business hours of the recipient, and on the next Business Day if sent after normal business hours
of the recipient; or (d) on the third day after the date mailed, by certified or registered mail, return receipt requested, postage prepaid.
Such communications must be sent to the respective parties at the addresses indicated below (or at such other address for a party as
shall be specified in a notice given in accordance with this Section 11).
If to the Company: |
Strong
Global Entertainment, Inc.
|
|
5960
Fairview Road, Suite 275 |
|
Charlotte, NC 28210 |
|
Attention: Chief Financial
Officer |
|
|
with a copy to: |
Loeb & Loeb LLP |
|
345 Park Avenue |
|
New York, NY 10154 |
|
Attention: Janeane Ferrari,
Esq. |
|
|
If to the Holder: |
Landmark Studio Group LLC |
|
P.O. Box 700 |
|
Cos Cob, CT 06807 |
|
Attention: Lou Occhicone,
SVP Business Affairs & Distribution |
|
|
with a copy to: |
Graubard
Miller |
|
405
Lexington Ave |
|
New
York, NY 10174 |
|
Attention:
Brian L. Ross, Esq. |
12.
Entire Agreement. This Warrant constitutes the sole and entire agreement of the parties to this Warrant with respect to the subject
matter contained herein, and supersedes all prior and contemporaneous understandings and agreements, both written and oral, with respect
to such subject matter.
13.
Successor and Assigns. This Warrant and the rights evidenced hereby shall be binding upon and shall inure to the benefit of the
parties hereto and the successors of the Company and the successors and permitted assigns of the Holder. Such successors and/or permitted
assigns of the Holder shall be deemed to be a Holder for all purposes hereunder.
14.
No Third-Party Beneficiaries. This Warrant is for the sole benefit of the Company and the Holder and their respective successors
and, in the case of the Holder, permitted assigns and nothing herein, express or implied, is intended to or shall confer upon any other
Person any legal or equitable right, benefit or remedy of any nature whatsoever, under or by reason of this Warrant.
15.
Headings. The headings in this Warrant are for reference only and shall not affect the interpretation of this Warrant.
16.
Amendment; Waiver. Except as otherwise provided herein, this Warrant may only be amended or modified by an agreement in writing
signed by each party hereto. No waiver by the Company or the Holder of any of the provisions hereof shall be effective unless explicitly
set forth in writing and signed by the party so waiving. No waiver by any party shall operate or be construed as a waiver in respect
of any failure, breach or default not expressly identified by such written waiver, whether of a similar or different character, and whether
occurring before or after that waiver. No failure to exercise, or delay in exercising, any rights, remedy, power or privilege arising
from this Warrant shall operate or be construed as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power
or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege.
17.
Severability. If any term or provision of this Warrant is invalid, illegal or unenforceable in any jurisdiction, such invalidity,
illegality or unenforceability shall not affect any other term or provision of this Warrant or invalidate or render unenforceable such
term or provision in any other jurisdiction.
18.
Governing Law. This Warrant shall be governed by and construed in accordance with the internal laws of the State of New York without
giving effect to any choice or conflict of law provision or rule that would cause the application of laws of any jurisdiction other than
those of the State of New York.
19.
Jury Trial. EACH OF THE COMPANY AND THE HOLDER ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT
MAY INVOLVE COMPLICATED AND DIFFICULT ISSUES AND, THEREFORE, EACH SUCH PARTY HEREBY IRREVOCABLY WAIVES ALL RIGHTS TO TRIAL BY JURY IN
ANY PROCEEDING BROUGHT TO RESOLVE ANY DISPUTE BETWEEN THE COMPANY AND THE HOLDER (WHETHER ARISING IN CONTRACT, TORT OR OTHERWISE) ARISING
OUT OF, CONNECTED WITH, RELATED TO OR INCIDENTAL TO THIS WARRANT OR THE TRANSACTIONS CONTEMPLATED HEREBY.
20.
Registration Rights. The Holder is hereby granted the registration rights and related rights set forth on Schedule 20 hereto.
21.
Counterparts. This Warrant may be executed in counterparts, each of which shall be deemed an original, but all of which together
shall be deemed to be one and the same agreement. A signed copy of this Warrant delivered by facsimile, email or other means of electronic
transmission shall be deemed to have the same legal effect as delivery of an original signed copy of this Warrant.
22.
No Strict Construction. This Warrant shall be construed without regard to any presumption or rule requiring construction or interpretation
against the party drafting an instrument or causing any instrument to be drafted.
[SIGNATURE
PAGE FOLLOWS]
IN
WITNESS WHEREOF, the Company has duly executed this Warrant on the Original Issue Date set forth above.
|
Strong Global Entertainment, Inc. |
|
|
|
|
By: |
/s/ Mark
Roberson |
|
Name: |
Mark
Roberson |
|
Title: |
CEO |
Accepted and Agreed: |
|
|
|
Landmark Studio Group LLC |
|
|
|
|
By: |
/s/ William
Rouhana |
|
Name: |
William
Rouhana |
|
Title: |
CEO |
|
Exhibit
A
Form
of Notice of Warrant Exercise
To: |
Strong Global
Entertainment, Inc. |
|
5960 Fairview Road, Suite
275 |
|
Charlotte, NC 28210 |
|
Attn: Chief Financial Officer |
Reference
is hereby made to that certain Warrant issued by Strong Global Entertainment, Inc., a company incorporated under the Business Corporations
Act (British Columbia) (the “Company”), to Landmark Studio Group LLC, a Delaware limited liability company (the “Holder”),
on May 26, 2023 (the “Warrant”). All capitalized terms used but not otherwise defined herein shall have the meanings
ascribed to such terms in the Warrant.
1.
Exercise of Warrant. The Holder irrevocably elects to purchase _____ Warrant Shares pursuant to the terms of the Warrant. This
notice is accompanied by the original Warrant, which is hereby surrendered to the extent necessary to effect the exercise.
2.
Payment of Aggregate Exercise Price. The Holder tenders herewith to the Company payment of the Aggregate Exercise Price in full
by means of:
_________ |
Certified or
official bank check payable to the order of the Company. |
|
|
_________ |
Wire transfer of immediately
available funds to an account designated in writing by the Company. |
|
|
_________ |
Subject to the provisions
of Section 3(b)(ii) of the Warrant, surrender of Warrant Shares previously acquired by the Holder with an aggregate Fair Market Value
as of the Exercise Date equal to the Aggregate Exercise Price and/or other securities of the Company having a value as of the Exercise
Date equal to the Aggregate Exercise Price. |
|
|
_________ |
Subject to
the provisions of Section 3(b)(ii) of the Warrant, surrender of the right to receive Warrant Shares having an aggregate Fair Market
Value as of the date hereof equal to the Aggregate Exercise Price. |
|
|
_________ |
Subject
to the provisions of Section 3(b)(iii) of the Warrant, a combination of the foregoing as follows: |
3.
Warrant Shares. The Holder represents that all representations of the Holder set forth in Section 9(b) of the Warrant are
true and correct as of the date hereof.
|
Landmark Studio Group LLC |
|
|
|
By: |
|
|
Name: |
Lou
Occhicone |
|
Title: |
SVP
Business Affairs & Distribution |
|
Dated: |
|
Schedule
20
Registration
Rights
Section
1.
(a)
In connection with any registration statement filed by the Company following the IPO (other than on Form S-4 or S-8), the Company shall
include thereon for registration under the Securities Act of 1933, as amended, all Warrant Shares then issuable under this Warrant and/or
the resale by the Holder (and its designees and transferees only to the extent such transfers were made in compliance with Section 5
of the Warrant) of the Warrant Shares then outstanding or issuable under the Warrant (the “Registrable Securities”). The
Company shall be responsible for all costs of registering the Registrable Securities. In no event, however, shall the Company be responsible
for any broker, underwriting or similar commissions of the Holder, or expenses of any legal counsel selected by Holder to represent it
in connection with the sale of the Registrable Securities. Nevertheless, the Company’s obligations to include the Registrable Securities
in a registration statement are contingent upon Holder furnishing in writing to the Company such other information regarding Holder,
the securities of the Company held by Holder and the intended method of disposition of the Registrable Securities as shall be reasonably
requested by the Company to effect the registration of the Registrable Securities, and Holder shall execute such documents in connection
with such registration as the Company may reasonably request that are customary of a selling stockholder in similar situations.
(b)
Notwithstanding the registration obligations set forth in Section 1(a), if the Securities and Exchange Commission (the “Commission”)
informs the Company that the resale of all of the Registrable Securities as a secondary offering cannot, as a result of the application
of Rule 415, be registered on a single registration statement, the Company agrees to promptly inform Holder thereof and use its commercially
reasonable efforts to file amendments to the registration statement as required by the Commission, covering the maximum number of Registrable
Securities permitted to be registered by the Commission.
(c)
Notwithstanding any other provision of this Agreement, if the Commission or any publicly-available written or oral guidance of the Commission
staff, or any comments, requirements or requests of the Commission staff and the Securities Act and the rules and regulations promulgated
thereunder (the “SEC Guidance”) sets forth a limitation on the number of securities permitted to be registered on a particular
Registration Statement, the number of securities to be registered on such Registration Statement will be reduced as determined necessary
or advisable in the Company’s sole discretion (a “Cutback”); provided, however, that the Company shall be obligated
to use commercially reasonable efforts to advocate with the Commission for the registration of all of the Registrable Securities in accordance
with the SEC Guidance. In the event of a cutback hereunder, the Company will use its commercially reasonable efforts to file with the
Commission, as promptly as allowed by Commission or SEC Guidance provided to the Company, one or more registration statements to register
the resale of those Registrable Securities that were not registered on the initial registration statement.
(d)
The Holder shall only use the prospectuses provided by the Company to sell the Warrant Shares covered by such registration statement,
and will immediately cease to use any prospectus furnished by the Company if the Company advises the Holder that such prospectus may
no longer be used due to a material misstatement or omission or due to the occurrence or existence of any pending corporate development
with respect to the Company that the Company believes may be material and that, in the determination of the Company, makes it not in
the best interest of the Company to allow continued availability of such registration statement or prospectus. By its acquisition of
Registrable Securities, the Holder agrees that, upon receipt of a notice from the Company that such prospectus may no longer be used,
such Holder will forthwith discontinue disposition of such Registrable Securities under a Registration Statement until it is advised
in writing (the “Advice”) by the Company that the use of the applicable prospectus (as it may have been supplemented or amended)
may be resumed (excluding, for the avoidance of doubt, dispositions conducted pursuant to Rule 144). The Company will use its commercially
reasonable efforts to ensure that the use of the prospectus may be resumed as promptly as is practicable.
(e)
The Company may require the Holder to furnish to the Company a certified statement as to the number of common shares beneficially owned
by such Holder and, if required by the Commission, the natural persons thereof that have voting and dispositive control over the common
shares.
Section
2. Compliance. The Holder covenants and agrees that it will comply with the prospectus delivery requirements of the Securities
Act as applicable to it (unless an exemption therefrom is available) in connection with sales of Registrable Securities pursuant to a
registration statement.
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, 2023 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 officer(s) 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)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) 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) |
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
|
|
|
|
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 |
June 29, 2023 |
|
|
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, 2023 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 officer(s) 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)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) 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) |
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
|
|
|
|
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 |
|
|
|
June 29, 2023 |
|
|
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, 2023 (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 29th day of June 2023.
/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, 2023 (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 29th day of June 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.
v3.23.2
Cover - shares
|
3 Months Ended |
|
Mar. 31, 2023 |
Jun. 26, 2023 |
Cover [Abstract] |
|
|
Document Type |
10-Q
|
|
Amendment Flag |
false
|
|
Document Quarterly Report |
true
|
|
Document Transition Report |
false
|
|
Document Period End Date |
Mar. 31, 2023
|
|
Document Fiscal Period Focus |
Q1
|
|
Document Fiscal Year Focus |
2023
|
|
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 |
5960 Fairview Road
|
|
Entity Address, Address Line Two |
Suite 275
|
|
Entity Address, City or Town |
Charlotte
|
|
Entity Address, State or Province |
NC
|
|
Entity Address, Postal Zip Code |
28210
|
|
City Area Code |
(704)
|
|
Local Phone Number |
471-6784
|
|
Title of 12(b) Security |
Class A Common Voting Shares, without par value
|
|
Trading Symbol |
SGE
|
|
Security Exchange Name |
NYSEAMER
|
|
Entity Current Reporting Status |
No
|
|
Entity Interactive Data Current |
Yes
|
|
Entity Filer Category |
Non-accelerated Filer
|
|
Entity Small Business |
true
|
|
Entity Emerging Growth Company |
true
|
|
Elected Not To Use the Extended Transition Period |
true
|
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Entity Shell Company |
false
|
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v3.23.2
Condensed Combined Balance Sheets (Unaudited) - USD ($) $ in Thousands |
Mar. 31, 2023 |
Dec. 31, 2022 |
Current assets: |
|
|
Cash and cash equivalents |
$ 4,077
|
$ 3,615
|
Accounts receivable (net of credit allowances of $273 and $409, respectively) |
5,552
|
6,148
|
Inventories, net |
3,660
|
3,389
|
Other current assets |
5,029
|
4,547
|
Total current assets |
18,318
|
17,699
|
Property, plant and equipment, net |
4,534
|
4,607
|
Operating lease right-of-use assets |
225
|
237
|
Finance lease right-of-use asset |
577
|
606
|
Film and television programming rights, net |
1,584
|
1,501
|
Intangible assets, net |
4
|
6
|
Goodwill |
882
|
882
|
Total assets |
26,124
|
25,538
|
Current liabilities: |
|
|
Accounts payable |
3,668
|
4,106
|
Accrued expenses |
4,331
|
4,486
|
Payable to FG Group Holdings Inc. (Note 13) |
$ 2,288
|
$ 1,861
|
Other Liability, Current, Related and Nonrelated Party Status [Extensible Enumeration] |
Related Party [Member]
|
Related Party [Member]
|
Short-term debt |
$ 3,634
|
$ 2,510
|
Current portion of long-term debt |
36
|
36
|
Current portion of operating lease obligations |
65
|
64
|
Current portion of finance lease obligations |
112
|
105
|
Deferred revenue and customer deposits |
2,388
|
1,769
|
Total current liabilities |
16,522
|
14,937
|
Operating lease obligations, net of current portion |
217
|
234
|
Finance lease obligations, net of current portion |
470
|
502
|
Long-term debt, net of current portion |
117
|
126
|
Deferred income taxes |
511
|
529
|
Other long-term liabilities |
5
|
6
|
Total liabilities |
17,842
|
16,334
|
Commitments, contingencies and concentrations (Note 12) |
|
|
Equity: |
|
|
Accumulated other comprehensive loss |
(5,096)
|
(5,024)
|
Net parent investment |
13,378
|
14,228
|
Total equity |
8,282
|
9,204
|
Total liabilities and equity |
$ 26,124
|
$ 25,538
|
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Condensed Combined Statements of Income (Unaudited) - USD ($) $ in Thousands |
3 Months Ended |
Mar. 31, 2023 |
Mar. 31, 2022 |
Total net revenues |
$ 9,951
|
$ 9,720
|
Total cost of revenues |
7,631
|
7,515
|
Gross profit |
2,320
|
2,205
|
Selling and administrative expenses: |
|
|
Selling |
534
|
541
|
Administrative |
1,432
|
1,295
|
Total selling and administrative expenses |
1,966
|
1,836
|
Gain on disposal of assets |
1
|
|
Income from operations |
355
|
369
|
Other income (expense): |
|
|
Interest expense |
(56)
|
(24)
|
Foreign currency transaction gain (loss) |
117
|
(78)
|
Other income, net |
12
|
1
|
Total other income (expense) |
73
|
(101)
|
Income before income taxes |
428
|
268
|
Income tax expense |
(55)
|
(75)
|
Net income |
373
|
193
|
Product [Member] |
|
|
Total net revenues |
7,204
|
7,703
|
Total cost of revenues |
5,465
|
5,858
|
Service [Member] |
|
|
Total net revenues |
2,747
|
2,017
|
Total cost of revenues |
$ 2,166
|
$ 1,657
|
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v3.23.2
Condensed Combined Statements of Equity (Unaudited) - USD ($) $ in Thousands |
Total |
AOCI Attributable to Parent [Member] |
Parent [Member] |
Balance at Dec. 31, 2021 |
$ 8,810
|
$ (3,628)
|
$ 12,438
|
Net income |
193
|
|
193
|
Net other comprehensive income |
178
|
178
|
|
Stock-based compensation expense |
39
|
|
39
|
Net transfer from parent |
1,050
|
|
1,050
|
Balance at Mar. 31, 2022 |
10,270
|
(3,450)
|
13,720
|
Balance at Dec. 31, 2022 |
9,204
|
(5,024)
|
14,228
|
Cumulative effect of adoption of accounting principle (Note 2) |
(24)
|
|
(24)
|
Net income |
373
|
|
373
|
Net other comprehensive income |
(72)
|
(72)
|
|
Stock-based compensation expense |
18
|
|
18
|
Net transfer from parent |
(1,217)
|
|
(1,217)
|
Balance at Mar. 31, 2023 |
$ 8,282
|
$ (5,096)
|
$ 13,378
|
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v3.23.2
Condensed Combined Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands |
3 Months Ended |
Mar. 31, 2023 |
Mar. 31, 2022 |
Cash flows from operating activities: |
|
|
Net income |
$ 373
|
$ 193
|
Adjustments to reconcile net income to net cash provided by (used in) operating activities: |
|
|
Recovery of doubtful accounts |
(18)
|
(15)
|
Provision for obsolete inventory |
14
|
13
|
Provision for warranty |
44
|
11
|
Depreciation and amortization |
179
|
213
|
Amortization and accretion of operating leases |
16
|
20
|
Deferred income taxes |
(19)
|
(15)
|
Stock-based compensation expense |
18
|
39
|
Changes in operating assets and liabilities: |
|
|
Accounts receivable |
593
|
(408)
|
Inventories |
(284)
|
426
|
Current income taxes |
130
|
428
|
Other assets |
(418)
|
524
|
Accounts payable and accrued expenses |
(457)
|
(1,994)
|
Deferred revenue and customer deposits |
618
|
(541)
|
Operating lease obligations |
(19)
|
(12)
|
Net cash proivded by (used in) operating activities |
770
|
(1,118)
|
Cash flows from investing activities: |
|
|
Capital expenditures |
(75)
|
(103)
|
Acquisition of programming rights |
(83)
|
(395)
|
Net cash used in investing activities |
(158)
|
(498)
|
Cash flows from financing activities: |
|
|
Principal payments on short-term debt |
(250)
|
(79)
|
Principal payments on long-term debt |
(9)
|
(3)
|
Borrowings under credit facility |
1,596
|
|
Repayments under credit facility |
(225)
|
|
Payments on finance lease obligations |
(25)
|
|
Net cash transferred from parent |
(1,217)
|
1,050
|
Net cash (used in) provided by financing activities |
(130)
|
968
|
Effect of exchange rate changes on cash and cash equivalents |
(20)
|
44
|
Net increase (decrease) in cash and cash equivalents and restricted cash |
462
|
(604)
|
Cash and cash equivalents and restricted cash at beginning of period |
3,615
|
4,494
|
Cash and cash equivalents and restricted cash at end of period |
4,077
|
3,890
|
Supplemental disclosure of non-cash investing and financing activities: |
|
|
Amount payable to Landmark Studio Group in connection with acquisition of projects (Note 7) |
|
$ 1,345
|
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v3.23.2
Nature of Operations
|
3 Months Ended |
Mar. 31, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Nature of Operations |
1. Nature of Operations
Strong Global
Entertainment (“Strong Global Entertainment,” or the “Company”) combines the operating assets and
liabilities of Strong/MDI Screen Systems, Inc. (“Strong/MDI”), a leading premium screen and projection coatings supplier
in the world, Strong Technical Services, Inc. (“STS”), which provides comprehensive managed service offerings with
24/7/365 support nationwide to ensure solution uptime and availability, and Strong Studios, Inc. (“Strong Studios”),
which develops and produces original feature films and television series and acquires rights to distribute content globally. In
March 2022, the Company launched Strong Studios, Inc. (“Strong Studios”) with the goal of expanding its
business to include content creation and production of feature films and series. The launch of Strong Studios is intended to further
diversify our revenue streams and increase our addressable markets, while leveraging and expanding our existing relationships in the
industry.
The Company currently operates
as an operating segment of FG Group Holdings Inc. (formerly Ballantyne Strong, Inc.) (“FG Group Holdings”), as discussed in
the Basis of Presentation below. On July 29, 2021, FG Group Holdings announced that its board of directors had approved the pursuit of
a separation of its Strong Global Entertainment business segment from FG Group Holdings. FG Group Holdings announced that the separation
was expected to be effected through an initial public offering (“IPO”) of newly issued common shares of Strong Global
Entertainment, Inc. FG Group Holdings intends to remain the majority shareholder of the subsidiary post-offering.
On May 15, 2023, the Company announced
the pricing of the IPO of 1,000,000 of its Class A Voting Common Shares without par value (“Common
Shares”) at a price to the public of $4.00 per share. The IPO closed on May 18, 2023. Total net proceeds of approximately $1.4 million
were raised from the IPO after deducting underwriting discounts and commissions and before offering costs. Estimated offering costs amounted
to approximately $2.1 million. Strong Global Entertainment’s Common Shares are listed on the NYSE American under the ticker symbol
“SGE.” The Company also granted the Underwriters a 45-day option to purchase up to 150,000 additional Common Shares of the
Company on the same terms and conditions for the purpose of covering any over-allotments in connection with the IPO.
Refer to Note 14, Subsequent Events,
for details relating to the Company’s IPO and related transactions.
|
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v3.23.2
Summary of Significant Accounting Policies
|
3 Months Ended |
Mar. 31, 2023 |
Accounting Policies [Abstract] |
|
Summary of Significant Accounting Policies |
2. Summary of Significant Accounting Policies
Basis of Presentation
The combined financial statements
of Strong Global Entertainment have been derived from the consolidated financial statements and accounting records of FG Group Holdings
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 FG Group Holdings’
reportable segments and did not operate as a stand-alone company. Accordingly, FG Group Holdings 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 FG Group Holdings’
consolidated financial statements.
The combined financial statements
are presented as if Strong Global Entertainment had been carved out of FG Group Holdings for all periods presented. Prior to the completion
of the IPO, certain assets and liabilities presented were transferred to Strong Global Entertainment at carry-over (historical cost) basis.
Cash and cash equivalents are
managed through bank accounts legally owned by FG Group Holdings as well as accounts owned by STS and Strong/MDI. Accordingly, cash and
cash equivalents held by FG Group Holdings at the corporate level were not attributable to Strong Global Entertainment for any of the
periods presented. Only cash amounts in accounts legally owned by entities dedicated to the Strong Global Entertainment business are reflected
in the combined balance sheets. FG Group Holdings manages cash on a centralized basis and routinely transferred cash to and from its operating
subsidiaries to maintain target cash levels and fund disbursements. Transfers of cash, both to and from FG Group Holdings, are reflected
as a component of Net parent investment in the combined balance sheets and as a financing activity on the accompanying combined statements
of cash flows.
As the
operations that comprise Strong Global Entertainment were not historically held by a single legal entity, total Net parent
investment is shown as a component of equity in the combined financial statements. Balances between Strong Global
Entertainment and FG Group Holdings that were not historically cash settled are included in Net parent investment. Net parent
investment represents FG Group Holdings’ interest in the recorded net assets of Strong Global Entertainment and represents the
cumulative investment by FG Group Holdings in Strong Global Entertainment through the dates presented, inclusive of operating
results.
The operating results of Strong
Global Entertainment have historically been disclosed as a reportable segment within the consolidated financial statements of FG Group
Holdings 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 FG Group Holdings. 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 FG Group Holdings’ stock-based incentive plans, in the form of restricted stock units (“RSUs”)
and stock options issued pursuant to FG Group Holdings’ employee stock plan. Stock-based compensation expense has been directly
reported by Strong Global Entertainment based on the awards and terms previously granted to FG Group Holdings’ employees.
Allocations for management costs
and corporate support services provided to Strong Global Entertainment totaled $0.2 million for each of the three months ended March 31,
2023 and March 31, 2022, all of which is included in general and administrative expenses. Strong Global Entertainment expects to incur
additional expenses as a stand-alone publicly traded company. It is not practicable to estimate actual costs that would have been incurred
had Strong Global Entertainment been a stand-alone company during the periods presented.
The management of Strong Global
Entertainment believes the assumptions underlying the combined financial statements, including the assumptions regarding the allocated
expenses, 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.
During the periods presented in
the combined financial statements, the operations of Strong Global Entertainment are included in the consolidated U.S. federal, and certain
state and local and foreign income tax returns filed by FG Group Holdings, where applicable. Income tax expense and other income tax related
information contained in the combined financial statements are presented on a separate return basis as if Strong Global Entertainment
had filed its own tax returns. The income taxes of Strong Global Entertainment as presented in the combined financial statements may not
be indicative of the income taxes that Strong Global Entertainment will generate in the future. Additionally, certain tax attributes such
as net operating losses or credit carryforwards are presented on a separate return basis, and accordingly, may differ in the future. In
jurisdictions where Strong Global Entertainment has been included in the tax returns filed by FG Group Holdings, any income tax receivables
resulting from the related income tax provisions have been reflected in the balance sheet within Net parent investment.
Net income per share data has
not been presented in the combined financial statements because Strong Global Entertainment did not operate as a separate legal entity
with its own capital structure during the periods presented.
The Company’s fiscal year
begins on January 1 of the year stated and ends on December 31 of the same year.
These combined 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 combined financial statements for the
years ended December 31, 2022 and 2021. These combined financial statements should be read in conjunction with the combined financial
statements and for the years ended December 31, 2022 and 2021.
The combined balance sheet as
of December 31, 2022 was derived from the Company’s audited combined balance sheet as of that date. All other combined 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.
The results for interim periods are not necessarily indicative of trends or results expected for a full fiscal 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.
Use of Management Estimates
The preparation of combined 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 combined 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”)
and inflationary pressures have posed, and may continue to pose, challenges for our business. The COVID-19 global pandemic resulted in
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 ongoing 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.
Cash and Cash Equivalents
All short-term, highly liquid
financial instruments are classified as cash equivalents in the condensed combined 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, 2023, $0.6 million of the $4.1 million
in cash and cash equivalents was held by our foreign subsidiary.
Accounts Receivable
Trade accounts
receivable are recorded at the invoiced amount and do not bear interest. The Company 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 bad debt expense to be adjusted accordingly. 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
combined statements of operations as income tax expense.
Stock Compensation Plans
The Company’s employees
have historically participated in FG Group Holdings’ stock-based compensation plans. Stock-based compensation expense has been allocated
to the Company based on the awards and terms previously granted to the FG Group Holdings’ 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 FG Group Holdings’
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. The Company estimates the fair value of restricted stock awards based upon the 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 during the three months ended March 31, 2023 and
March 31, 2022.
Film and Television
Programming Rights
Commencing
in March 2022, the Company began producing original productions and acquiring rights to films and television programming. Film and television
programming rights include the unamortized costs of in-process or in-development content produced or acquired by the Company. The Company’s
capitalized costs include all direct production and financing costs, capitalized interest when applicable, and production overhead. Film
and television program rights are stated at the lower of amortized cost or estimated fair value.
The costs of producing content
are amortized using the individual-film-forecast method. These costs are amortized based on the ratio of the current period’s revenues
to management’s estimated remaining total gross revenues to be earned (“Ultimate Revenue”) as of each reporting date
to reflect the most current available information. Management’s judgment is required in estimating Ultimate Revenue and the costs
to be incurred throughout the life of each film or television program. Amortization is adjusted when necessary to reflect increases or
decreases in forecasted Ultimate Revenues.
For an episodic television series,
the period over which Ultimate Revenues are estimated cannot exceed ten years following the date of delivery of the first episode, or,
if still in production, five years from the date of delivery of the most recent episode, if later. For films, Ultimate Revenue includes
estimates over a period not to exceed ten years following the date of initial release.
Content assets are expected to
be predominantly monetized individually and therefore are reviewed at the individual level when an event or change in circumstance indicates
a change in the expected usefulness of the content or the fair value may be less than the unamortized cost.
Due to the inherent uncertainties
involved in making such estimates of Ultimate Revenues and expenses, these estimates may differ from actual results. In addition, in the
normal course of our business, some films and titles will be more successful or less successful than anticipated. Management regularly
reviews and revises, when necessary, its Ultimate Revenue and cost estimates, which may result in a change in the rate of amortization
of film costs and participations and residuals and/or a write-down of all or a portion of the unamortized costs of the film or television
program to its estimated fair value. An increase in the estimate of Ultimate Revenue will generally result in a lower amortization rate
and, therefore, less film and television program amortization expense, while a decrease in the estimate of Ultimate Revenue will generally
result in a higher amortization rate and, therefore, higher film and television program amortization expense, and also periodically result
in an impairment requiring a write-down of the film cost to the title’s fair value. The Company has not incurred any of these write-downs.
An impairment charge would be
recorded in the amount by which the unamortized costs exceed the estimated fair value. Estimates of future revenue involve measurement
uncertainties and it is therefore possible that reductions in the carrying value of capitalized costs may be required because of changes
in management’s future revenue estimates.
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, 2023 and December 31, 2022.
Fair values measured on a recurring
basis at March 31, 2023 (in thousands):
Schedule
of Fair Values Measured on Recurring Basis
| |
Level 1 | | |
Level 2 | | |
Level 3 | | |
Total | |
Cash and cash equivalents | |
$ | 4,077 | | |
$ | - | | |
$ | - | | |
$ | 4,077 | |
Total | |
$ | 4,077 | | |
$ | - | | |
$ | - | | |
$ | 4,077 | |
Fair values measured on a recurring
basis at December 31, 2022 (in thousands):
| |
Level 1 | | |
Level 2 | | |
Level 3 | | |
Total | |
Cash and cash equivalents | |
$ | 3,615 | | |
$ | - | | |
$ | - | | |
$ | 3,615 | |
Total | |
$ | 3,615 | | |
$ | - | | |
$ | - | | |
$ | 3,615 | |
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, accrued expenses and short-term debt reported in the combined 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).
Net parent investment
Net parent investment on the combined
balance sheets represents FG Group Holdings’ historical investment in Strong Global Entertainment, the net effect of transactions
with, and allocations to and from, FG Group Holdings, and Strong Global Entertainment.
Recently Adopted Accounting Pronouncements
In June 2016, the FASB issued
ASU 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.”
This ASU requires the measurement of all expected credit losses for financial assets, including trade receivables, held at the reporting
date based on historical experience, current conditions and reasonable and supportable forecasts. The Company adopted this ASU effective
January 1, 2023. Upon adoption the Company recorded a cumulative effect adjustment decreasing net parent investment by $24,000.
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v3.23.2
Revenue
|
3 Months Ended |
Mar. 31, 2023 |
Revenue from Contract with Customer [Abstract] |
|
Revenue |
3. 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. The Company
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, 2023 or December 31, 2022.
The following tables disaggregate
the Company’s revenue by major source and by operating segment for the three months ended March 31, 2023 and 2022 (in thousands):
Schedule of
Disaggregation of Revenue
| |
Three Months Ended March 31, 2023 | | |
Three Months Ended March 31, 2022 | |
Screen system sales | |
$ | 2,582 | | |
$ | 3,306 | |
Digital equipment sales | |
| 3,526 | | |
| 3,544 | |
Extended warranty sales | |
| 51 | | |
| 100 | |
Other product sales | |
| 1,045 | | |
| 753 | |
Total product sales | |
| 7,204 | | |
| 7,703 | |
Field maintenance and monitoring services | |
| 1,891 | | |
| 1,618 | |
Installation services | |
| 802 | | |
| 371 | |
Other service revenues | |
| 54 | | |
| 28 | |
Total service revenues | |
| 2,747 | | |
| 2,017 | |
Total | |
$ | 9,951 | | |
$ | 9,720 | |
Total revenue | |
$ | 9,951 | | |
$ | 9,720 | |
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
customer delivery. 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 the Company 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.
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 performs installation
services for its customers and recognizes revenue upon completion of the installations.
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, 2023 and
2022 (in thousands):
Schedule of
Disaggregation of Revenue by Timing of Transfer of Goods or Services
| |
Three Months Ended March 31, 2023 | | |
Three Months Ended March 31, 2022 | |
Point in time | |
$ | 8,430 | | |
$ | 8,442 | |
Over time | |
| 1,521 | | |
| 1,278 | |
Total | |
$ | 9,951 | | |
$ | 9,720 | |
Total revenue | |
$ | 9,951 | | |
$ | 9,720 | |
At March 31, 2023, the unearned
revenue amount associated with long-term projects that the Company uses the percentage-of-completion method to recognize revenue, maintenance
and monitoring services and extended warranty sales in which the Company is the primary obligor was $0.8 million. The Company expects
to recognize $0.8 million of the unearned revenue amounts during the remainder of 2023, and immaterial amounts from 2024 through 2026.
|
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v3.23.2
Inventories
|
3 Months Ended |
Mar. 31, 2023 |
Inventory Disclosure [Abstract] |
|
Inventories |
4. Inventories
Inventories consisted of the following
(in thousands):
Schedule of Inventories
| |
March 31, 2023 | | |
December 31, 2022 | |
Raw materials and components | |
$ | 1,925 | | |
$ | 1,826 | |
Work in process | |
| 448 | | |
| 279 | |
Finished goods | |
| 1,287 | | |
| 1,284 | |
Inventory, net | |
$ | 3,660 | | |
$ | 3,389 | |
The inventory balances are net
of reserves of approximately $0.5 million as of both March 31, 2023 and December 31, 2022. 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, 2023, is as
follows (in thousands):
Schedule of Inventory Reserve
| |
| | |
Inventory reserve balance at December 31, 2022 | |
$ | 486 | |
Inventory write-offs during 2023 | |
| (16 | ) |
Provision for inventory reserve during 2023 | |
| 14 | |
Inventory reserve balance at March 31, 2023 | |
$ | 484 | |
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v3.23.2
Other Current Assets
|
3 Months Ended |
Mar. 31, 2023 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] |
|
Other Current Assets |
5. Other Current Assets
Other current assets consisted
of the following as of March 31, 2023 and December 31, 2022 (in thousands):
Schedule of Other
Current Assets
| |
March 31, 2023 | | |
December 31, 2022 | |
Prepaid expenses | |
$ | 854 | | |
$ | 417 | |
Receivable from Safehaven 2022, Inc. | |
| 1,625 | | |
| 1,625 | |
Costs incurrent in connection with initial public offering | |
| 1,987 | | |
| 1,920 | |
Unbilled accounts receivable | |
| 500 | | |
| 337 | |
Other | |
| 63 | | |
| 248 | |
Total | |
$ | 5,029 | | |
$ | 4,547 | |
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v3.23.2
Property, Plant and Equipment, Net
|
3 Months Ended |
Mar. 31, 2023 |
Property, Plant and Equipment [Abstract] |
|
Property, Plant and Equipment, Net |
6. Property, Plant and Equipment, Net
Property, plant and equipment,
net consisted of the following as of March 31, 2023 and December 31, 2022 (in thousands):
Schedule
of Property, Plant and Equipment
| |
March 31, 2023 | | |
December 31, 2022 | |
Land | |
$ | 48 | | |
$ | 48 | |
Buildings and improvements | |
| 6,757 | | |
| 6,752 | |
Machinery and other equipment | |
| 4,853 | | |
| 4,778 | |
Office furniture and fixtures | |
| 676 | | |
| 675 | |
Construction in progress | |
| 15 | | |
| 12 | |
Total properties, cost | |
| 12,349 | | |
| 12,265 | |
Property, plant and equipment, gross | |
| 12,349 | | |
| 12,265 | |
Less: accumulated depreciation | |
| (7,815 | ) | |
| (7,658 | ) |
Property, plant and equipment, net | |
$ | 4,534 | | |
$ | 4,607 | |
|
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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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v3.23.2
Film and Television Programming Rights, Net
|
3 Months Ended |
Mar. 31, 2023 |
Other Industries [Abstract] |
|
Film and Television Programming Rights, Net |
7. Film and Television Programming Rights, Net
Film and television programming
rights, net consisted of the following as of March 31, 2023 and December 31, 2022 (in thousands):
Schedule
of Film and Television Programming Rights
| |
March 31, 2023 | | |
December 31, 2022 | |
Television series in development | |
$ | 1,362 | | |
$ | 1,308 | |
Films in development | |
| 222 | | |
| 193 | |
Total | |
$ | 1,584 | | |
$ | 1,501 | |
The Company has not yet commenced
amortization of the projects as they were still in development at March 31, 2023.
A rollforward of film and television
programming rights, net for the three months ended March 31, 2023, is as follows (in thousands):
Schedule
of Roll forward of Film and Programming Rights
Balance at December 31, 2022 | |
$ | 1,501 | |
Expenditures on in-process projects | |
| 83 | |
Balance at March 31, 2023 | |
$ | 1,584 | |
In March 2022, Strong Studios
acquired the rights to original feature films and television series from Landmark Studio Group LLC (“Landmark”), including
the assignment of third party rights to content for global multiplatform distribution. The transaction entailed the acquisition of certain
projects which are in varying stages of development, none of which have produced revenue as of March 31, 2023. In connection with such
assignment and purchase, Strong Studios agreed to pay to Landmark approximately $1.7 million in four separate payments, $0.3 million of
which was paid upon the closing of the transaction. The $1.7 million acquisition price was allocated to three projects in development:
$1.0 million to Safehaven, $0.3 million to Flagrant and $0.4 million to Shadows in the Vineyard. The Company also
agreed to issue to Landmark no later than 10 days after the completion of the IPO of Strong Global Entertainment, a warrant to purchase
up to 150,000 Common Shares of Strong Global Entertainment, exercisable for three years beginning six months after the consummation of
the IPO, at an exercise price equal to the per-share offering price of Strong Global Entertainment’s Common Shares in the IPO (the
“Landmark Warrant”). The Landmark Warrant allows for cashless exercise in certain limited circumstances and provides for certain
registration rights for such warrant shares.
As a condition precedent to entry
into the AA Agreement, Strong Studios agreed to enter into distribution agreements for Safehaven and Flagrant (the “AA
Distribution Agreements”) with Screen Media Ventures, LLC (“SMV”). Pursuant to the AA Distribution Agreements, SMV agreed
to purchase the global distribution rights to Safehaven for $6.5 million and Flagrant for $2.5 million upon delivery of
each project. In January 2023, Strong Studios amended its agreement with SMV resulting in Strong Studios retaining the worldwide global
distribution rights for the Flagrant series and releasing SMV from the obligation to purchase the distribution rights for the series.
During the second quarter of 2022,
Safehaven 2022, Inc. (“Safehaven 2022”) was established to manage the production and financing of Safehaven. Strong
Studios owns 49% of Safehaven 2022 and the remaining 51% is owned by Unbounded Services, LLC (“Unbounded”). No consideration
was paid by Strong Studios in exchange for its 49% equity interest in Safehaven 2022. Unbounded also did not contribute any assets or
liabilities to Safehaven 2022 and agreed to provide day-to-day management services in exchange for their 51% ownership. Unbounded will
also serve as a co-producer on the project. Strong Studios assigned the Landmark distribution agreement to Safehaven 2022, and the Landmark
distribution agreement serves as collateral for the production financing at Safehaven 2022. Strong Studios and Unbounded will share profits
and losses, if any, from Safehaven 2022 on a pro-rata basis based on their relative ownership percentages.
Strong Studios allocated $1.0
million of the $1.7 million acquisition price to Safehaven and incurred an additional $0.1 million of development costs during
2022. Strong Studios transferred the $1.1 million in intellectual property representing the rights and assets related to Safehaven
and Safehaven 2022 agreed to reimburse Strong Studios $1.1 million for those costs following payment of any senior secured debt and prior
to any profit participations or equity distributions. Safehaven 2022 reimbursed the $0.1 million of development costs incurred by Strong
Studios, and the remaining $1.0 million payable to Strong Studios represents an obligation of Safehaven 2022 to Strong Studios and is
not contingent on any specific event. Accordingly, the Company has classified the amount due from Safehaven 2022 as a receivable within
other current assets on its combined balance sheet as of March 31, 2023. Strong Studios expects Safehaven 2022 to reimburse the acquisition
cost allocated to the project based on its ultimate expected revenues and profits from the exploitation of the project. Safehaven 2022
will begin to generate revenue and expenses upon delivery of the completed Safehaven series to SMV, which is expected to occur
in 2023. The $6.5 million minimum guarantee is due and payable to Safehaven 2022 in installments of 25% upon delivery and acceptance,
25% three months thereafter, and the remaining 50% six months thereafter. Upon delivery and acceptance, Safehaven 2022 expects to recognize
$6.5 million in initial revenue from the distribution rights and will record cost of sales using the individual-film-forecast method based
on the ratio of the current period’s revenues to management’s estimated remaining total gross revenues to be earned. Safehaven
2022 is an equity method holding and the Company will reflect its proportionate share of the net periodic profit and loss of Safehaven
2022 as equity method income (loss) during each reporting period.
Safehaven 2022 entered into a
Loan and Security Agreement with Bank of Hope to provide interim production financing for the Safehaven production, secured by
the Landmark distribution agreement. Safehaven 2022 is the sole borrower and guarantor under the loan agreement. As of March 31, 2023,
Safehaven 2022 had borrowed $9.6 million under the facility for production costs incurred to that date. Safehaven 2022 has also received
working capital advances of $0.6 million from Strong Studios. Strong Studios expects Safehaven 2022 to reimburse the working capital advances
in the second half of 2023.
Strong Studios reviewed its ownership
in Safehaven 2022 and concluded that it has significant influence, but not a controlling interest, in Safehaven 2022 based on its ownership
being less than 50% along with having one of three representatives on the board of managers of Safehaven 2022. Strong Studios also reviewed
whether it otherwise had the power to make decisions that significantly impact the economic performance of Safehaven 2022 and concluded
that it did not control the entity and is not the primary beneficiary. Accordingly, the Company will apply the equity method of accounting
to its equity holding in Safehaven 2022 and will record its proportionate share of the net income/loss resulting from the equity holding
as a single line item captioned “equity method holding income (loss)” on its combined statement of operations.
Safehaven 2022 did not record
any income or expense during the three months ended March 31, 2023, because all costs incurred by Safehaven 2022 related to the in-process
production have been capitalized. Upon delivery and acceptance of the project, Safehaven 2022 expects to recognize revenue from the distribution
rights and will record cost of sales using the individual-film-forecast method based on the ratio of the current period’s revenues
to management’s estimated remaining total gross revenues to be earned. A summary of the balance sheet of Safehaven 2022 as of March
31, 2023, is as follows (in thousands):
Schedule
of Balance Sheet Information
| |
| | |
Cash | |
$ | 37 | |
Television programming rights | |
| 11,118 | |
Other assets | |
| 76 | |
Total assets | |
$ | 11,231 | |
| |
| | |
Accounts payable and accrued expenses | |
$ | 10 | |
Due to Strong Studios | |
| 1,625 | |
Debt | |
| 9,596 | |
Equity | |
| - | |
Total liabilities and equity | |
$ | 11,231 | |
|
X |
- DefinitionThe entire disclosure for entities in the entertainment industry.
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v3.23.2
Accrued Expenses
|
3 Months Ended |
Mar. 31, 2023 |
Payables and Accruals [Abstract] |
|
Accrued Expenses |
8. Accrued Expenses
Accrued expenses consisted of
the following as of March 31, 2023 and December 31, 2022 (in thousands):
Schedule
of Accrued Expenses
| |
March 31, 2023 | | |
December 31, 2022 | |
Employee-related | |
$ | 1,198 | | |
$ | 1,283 | |
Warranty obligation | |
| 312 | | |
| 309 | |
Interest and taxes | |
| 474 | | |
| 294 | |
Legal and professional fees | |
| 460 | | |
| 462 | |
Film and television programming rights | |
| 1,384 | | |
| 1,709 | |
Other | |
| 503 | | |
| 429 | |
Total | |
$ | 4,331 | | |
$ | 4,486 | |
|
X |
- DefinitionThe entire disclosure for accounts payable and accrued liabilities at the end of the reporting period.
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v3.23.2
Debt
|
3 Months Ended |
Mar. 31, 2023 |
Debt Disclosure [Abstract] |
|
Debt |
9. Debt
Short-term debt and long-term
debt consisted of the following as of March 31, 2023 and December 31, 2022 (in thousands):
Schedule
of Short-term debt and Long-term debt
| |
March 31, 2023 | | |
December 31, 2022 | |
Short-term debt: | |
| | | |
| | |
Strong/MDI 20-year installment loan | |
$ | 2,262 | | |
$ | 2,289 | |
Strong/MDI 5-year equipment loan | |
| - | | |
| 221 | |
Strong/MDI revolving credit facility | |
| 1,372 | | |
| - | |
Total short-term debt | |
$ | 3,634 | | |
$ | 2,510 | |
| |
| | | |
| | |
Long-term debt: | |
| | | |
| | |
Tenant improvement loan | |
$ | 153 | | |
$ | 162 | |
Less: current portion | |
| (36 | ) | |
| (36 | ) |
Long-term debt, net of current portion | |
$ | 117 | | |
$ | 126 | |
Strong/MDI Installment Loans and Revolving Credit
Facility
On September 5, 2017, the Company’s
Canadian subsidiary, Strong/MDI, entered into a demand credit agreement, as amended and restated May 15, 2018, with Canadian Imperial
Bank of Commerce (“CIBC”) consisting of a revolving line of credit for up to CAD$3.5 million, subject to a borrowing base
requirement, a 20-year installment loan for up to CAD$6.0 million and a 5-year installment loan for up to CAD$0.5 million. On June 7,
2021, Strong/MDI entered into a demand credit agreement (the “2021 Credit Agreement”), which amended and restated the demand
credit agreement dated as of September 5, 2017. The 2021 credit agreement consisted of a revolving line of credit for up to CAD$2.0 million
subject to a borrowing base requirement, a 20- year installment loan for up to CAD$5.1 million and a 5-year installment loan for up to
CAD$0.5 million. Amounts outstanding under the line of credit are payable on demand and bear interest at the prime rate established by
CIBC. Amounts outstanding under the installment loans bear interest at CIBC’s prime rate plus 0.5% and are payable in monthly installments,
including interest, over their respective borrowing periods. CIBC may also demand repayment of the installment loans at any time. The
Strong/MDI credit facilities are secured by a lien on Strong/MDI’s Quebec, Canada facility and substantially all of Strong/MDI’s
assets. The 2021 Credit Agreement required Strong/MDI to maintain a ratio of liabilities to “effective equity” (tangible stockholders’
equity, less amounts receivable from affiliates and equity method holdings) not exceeding 2.5 to 1, a current ratio (excluding amounts
due from related parties) of at least 1.3 to 1 and minimum “effective equity” of CAD$4.0 million.
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.
As of March 31, 2023, there was CAD$3.1 million, or approximately $2.3 million, of principal outstanding on the 20-year installment loan,
which bears variable interest at 7.20%. Strong/MDI was in compliance with its debt covenants as of March 31, 2023. 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. As of March 31, 2023, there was CAD$1.9 million, or approximately
$1.4 million, of principal outstanding on the revolving credit facility, which bears variable interest at 7.70%
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.
Contractual Principal Payments
Contractual required principal
payments on the Company’s long-term debt at March 31, 2023, are as follows (in thousands):
Schedule
of Contractual Principal Payments
| |
$ | 2 | |
Remainder of 2023 | |
$ | 26 | |
2024 | |
| 38 | |
2025 | |
| 40 | |
2026 | |
| 42 | |
2027 | |
| 7 | |
Thereafter | |
| - | |
Total | |
$ | 153 | |
|
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v3.23.2
Leases
|
3 Months Ended |
Mar. 31, 2023 |
Leases |
|
Leases |
10. Leases
The Company and its subsidiaries
lease plant and office facilities and equipment under operating and finance leases expiring through 2027. 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.
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, 2023 | | |
March 31, 2022 | |
Lease cost | |
Three Months Ended | |
| |
March 31, 2023 | | |
March 31, 2022 | |
Finance lease cost: | |
| | | |
| | |
Amortization of right-of-use assets | |
$ | 29 | | |
$ | - | |
Interest on lease liabilities | |
| 12 | | |
| - | |
Operating lease cost | |
| 17 | | |
| 24 | |
Short-term lease cost | |
| 17 | | |
| 14 | |
Net lease cost | |
$ | 75 | | |
$ | 38 | |
Other information | |
Three Months Ended | |
| |
March 31, 2023 | | |
March 31, 2022 | |
Cash paid for amounts included in the measurement of lease liabilities: | |
| | |
| |
Operating cash flows from finance leases | |
$ | 12 | | |
$ | - | |
Operating cash flows from operating leases | |
$ | 19 | | |
$ | 15 | |
Financing cash flows from finance leases | |
$ | 23 | | |
$ | - | |
Right-of-use assets obtained in exchange for new finance lease liabilities | |
$ | - | | |
$ | - | |
Right-of-use assets obtained in exchange for new operating lease liabilities | |
$ | - | | |
$ | - | |
| |
| | | |
| | |
Weighted-average remaining lease term - finance leases (years) | |
| | | |
| 1.4 | |
Weighted-average remaining lease term - operating leases (years) | |
| | | |
| 3.9 | |
Weighted-average discount rate - finance leases | |
| | | |
| 4.5 | % |
Weighted-average discount rate - operating leases | |
| | | |
| 4.5 | % |
The following table presents a
maturity analysis of the Company’s operating and finance lease liabilities as of March 31, 2023 (in thousands):
Schedule
of Operating and Finance Lease Liabilities
| |
Operating Leases | | |
Finance Leases | |
Remainder of 2023 | |
$ | 57 | | |
$ | 115 | |
2024 | |
| 78 | | |
| 153 | |
2025 | |
| 79 | | |
| 401 | |
2026 | |
| 81 | | |
| - | |
2027 | |
| 14 | | |
| - | |
Thereafter | |
| - | | |
| - | |
Total lease payments | |
| 309 | | |
| 669 | |
Less: Amount representing interest | |
| (27 | ) | |
| (87 | ) |
Present value of lease payments | |
| 282 | | |
| 582 | |
Less: Current maturities | |
| (65 | ) | |
| (112 | ) |
Lease obligations, net of current portion | |
$ | 217 | | |
$ | 470 | |
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v3.23.2
Income and Other Taxes
|
3 Months Ended |
Mar. 31, 2023 |
Income Tax Disclosure [Abstract] |
|
Income and Other Taxes |
11. 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, 2023 and December 31, 2022.
The Tax Cuts and
Jobs Act provides for a territorial tax system, which began in 2018. It includes the global intangible low-taxed income
(“GILTI”) provision. The GILTI provisions require the Company to include in its U.S. income tax return foreign
subsidiary earnings in excess of an allowable return on the foreign subsidiary’s tangible assets. The GILTI provisions also
allow for a high-tax exclusion if the effective tax rate of the tested income is greater than 18.9%.
The Company has evaluated these regulations in determining the appropriate amount of the inclusion for the tax provision. The
effective tax rate on the tested income is greater than 18.9%;
thus, the Company is utilizing the GILTI high-tax exclusion for purposes of the tax provision for the three months ended March 31,
2023, as well as for the year ended December 31, 2022.
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 2019 through 2021. 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 taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.
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v3.23.2
Commitments, Contingencies and Concentrations
|
3 Months Ended |
Mar. 31, 2023 |
Commitments and Contingencies Disclosure [Abstract] |
|
Commitments, Contingencies and Concentrations |
12. 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.
The Company and certain of its
subsidiaries are named as defendants 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 the Company. In the Company’s
experience, a large percentage of these types of claims have never been substantiated and have been dismissed by the courts. The Company
has not suffered any adverse verdict in a trial court proceeding related to asbestos claims and intends to continue to defend these lawsuits.
As of March 31, 2023, the Company has a loss contingency reserve of approximately $0.2 million, which represents the Company’s estimate
of its potential losses related to the settlement of open cases. During 2022 and the first quarter of 2023, the Company settled three
cases, which resulted in payments totaling $53,000. When appropriate, the Company may settle additional claims in the future. The Company
does not expect the resolution of these cases to have a material adverse effect on its combined financial condition, results of operations
or cash flows.
Concentrations
The Company’s top ten customers
accounted for approximately 58% of combined net revenues during the three months ended March 31, 2023. Trade accounts receivable from
these customers represented approximately 80% of net combined receivables at March 31, 2023. One of the Company’s customers accounted
for more than 10% of both its combined net revenues during the three months ended March 31, 2023 and its net combined receivables as of
March 31, 2023. 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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v3.23.2
Related Party Transactions
|
3 Months Ended |
Mar. 31, 2023 |
Related Party Transactions [Abstract] |
|
Related Party Transactions |
13. Related Party Transactions
Related Party Transactions
In connection with the IPO, we
and FG Group Holdings entered into a management services agreement that provides a framework for our ongoing relationship with FG Group
Holdings, whereby which FG Group Holdings will provide certain services to us, which could include information technology, legal, finance
and accounting, human resources, tax, treasury, and other services. Pursuant to the Management Services Agreement, FG Group Holdings will
charge us a fee that is based on its actual costs for those services in the future.
The Company manufactures its screens
in an approximately 80,000 square-foot facility near Montreal, Quebec, Canada, which is owned by Strong/MDI. The facility was not transferred
to the Company as part of the IPO. The Company and Strong/MDI have entered into a long-term lease agreement covering the Company’s
continued use of the facility. As discussed in Note 9, the 20-year installment loan, which is collateralized by the manufacturing facility,
was not transferred to the Company.
Allocation of Corporate Expenses
The operating results of Strong
Global Entertainment have historically been disclosed as a reportable segment within the consolidated financial statements of FG Group
Holdings enabling identification of directly attributable transactional information, functional departments and headcount. The combined
balance sheet was primarily derived by reference to one of, 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 FG Group Holdings. 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.
The combined statements of operations
of the Company reflect allocations of general corporate expenses from FG Group Holdings including expenses related to corporate services,
such information technology, legal, finance and accounting, human resources, tax, treasury, research and development, sales and marketing,
shared facilities and other shared services. These costs were allocated based on a basis of revenue, headcount, or other measures the
Company has determined as reasonable. These allocations are primarily reflected within operating expenses in the combined statements of
operations. The amount of these allocations from FG Group Holdings for each of the three months ended March 31, 2023 and March 31, 2022
was $0.2 million, all of which related to general and administrative expense. 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, the Company during
the periods presented.
Costs Incurred in Connection with the IPO
As of March 31, 2023, the Company
incurred $2.0 million of costs in connection with the IPO, of which $1.0 million was paid by FG Group Holdings. During 2022, it was determined
the Company will reimburse FG Group Holdings upon the completion of the IPO. Accordingly, the Company has recorded the $1.0 million within
Payable to FG Group Holdings on the combined balance sheet as of March 31, 2023.
Working Capital Advance to Safehaven 2022
As discussed in Note 7, Safehaven
2022 has received working capital advances of $0.6 million from FG Group Holdings. Strong Studios expects Safehaven 2022 to reimburse
the working capital advances in the second half of 2023. Upon reimbursement of the working capital advances from Safehaven 2022, Strong
Studios will then reimburse FG Group Holdings. Accordingly, the Company has recorded (i) the $0.6 million receivable from Safehaven 2022
related to the working capital advance within Other current assets and (ii) the subsequent reimbursement to FG Group Holdings within Payable
to FG Group Holdings on the combined balance sheet as of March 31, 2023.
Landmark Transaction
As discussed in Note 7, Strong
Studios acquired, from Landmark, the rights to original feature films and television series, and has been assigned third party rights
to content for global multiplatform distribution. In connection with such assignment and purchase, Strong Studios agreed to pay to Landmark
approximately $1.7 million in four separate payments, $0.6 million of which has been paid by FG Group Holdings through March 31, 2023.
Strong Studios expects to reimburse FG Group Holdings for the $0.6 million paid to Landmark. Accordingly, the Company has recorded the
$0.6 million within Payable to FG Group Holdings on the combined balance sheet as of March 31, 2023.
|
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- 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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v3.23.2
Subsequent Events
|
3 Months Ended |
Mar. 31, 2023 |
Subsequent Events [Abstract] |
|
Subsequent Events |
14. Subsequent Events
On May 18, 2023, subsequent to
the close of the Company’s first quarter ended March 31, 2023, the Company completed its IPO of 1,000,000 Common Shares, at $4.00
per share, before underwriting discounts and commissions and estimated offering costs. The Company also granted the Underwriters a 45-day
option to purchase up to 150,000 additional Common Shares of the Company on the same terms and conditions for the purpose of covering
any over-allotments in connection with the IPO.
The Company’s shares began
trading on the NYSE American under the ticker symbol “SGE” on May 16, 2023. Total net proceeds of approximately $1.4 million
were raised from the IPO after deducting underwriting discounts and commissions and before offering costs. Estimated offering costs amounted
to approximately $2.1 million. Prior to the IPO, the Company was a wholly owned subsidiary of FG Group Holdings and upon the closing of
the IPO on May 18, 2023, FG Group Holdings owned approximately 85.7% of the Company’s Common Shares.
On May 18, 2023, the Company and
FG Group Holdings entered into a master separation agreement as well as various other agreements that govern the relationship between
the Company and FG Group Holdings following the separation, including a management services agreement.
On May 26, 2023, the Company issued
the Landmark Warrant to Landmark, to purchase up to 150,000 Common Shares, exercisable for three years beginning six months after May
18, 2023, at an exercise price of $4.00 per share.
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- DefinitionThe entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
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v3.23.2
Summary of Significant Accounting Policies (Policies)
|
3 Months Ended |
Mar. 31, 2023 |
Accounting Policies [Abstract] |
|
Basis of Presentation |
Basis of Presentation
The combined financial statements
of Strong Global Entertainment have been derived from the consolidated financial statements and accounting records of FG Group Holdings
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 FG Group Holdings’
reportable segments and did not operate as a stand-alone company. Accordingly, FG Group Holdings 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 FG Group Holdings’
consolidated financial statements.
The combined financial statements
are presented as if Strong Global Entertainment had been carved out of FG Group Holdings for all periods presented. Prior to the completion
of the IPO, certain assets and liabilities presented were transferred to Strong Global Entertainment at carry-over (historical cost) basis.
Cash and cash equivalents are
managed through bank accounts legally owned by FG Group Holdings as well as accounts owned by STS and Strong/MDI. Accordingly, cash and
cash equivalents held by FG Group Holdings at the corporate level were not attributable to Strong Global Entertainment for any of the
periods presented. Only cash amounts in accounts legally owned by entities dedicated to the Strong Global Entertainment business are reflected
in the combined balance sheets. FG Group Holdings manages cash on a centralized basis and routinely transferred cash to and from its operating
subsidiaries to maintain target cash levels and fund disbursements. Transfers of cash, both to and from FG Group Holdings, are reflected
as a component of Net parent investment in the combined balance sheets and as a financing activity on the accompanying combined statements
of cash flows.
As the
operations that comprise Strong Global Entertainment were not historically held by a single legal entity, total Net parent
investment is shown as a component of equity in the combined financial statements. Balances between Strong Global
Entertainment and FG Group Holdings that were not historically cash settled are included in Net parent investment. Net parent
investment represents FG Group Holdings’ interest in the recorded net assets of Strong Global Entertainment and represents the
cumulative investment by FG Group Holdings in Strong Global Entertainment through the dates presented, inclusive of operating
results.
The operating results of Strong
Global Entertainment have historically been disclosed as a reportable segment within the consolidated financial statements of FG Group
Holdings 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 FG Group Holdings. 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 FG Group Holdings’ stock-based incentive plans, in the form of restricted stock units (“RSUs”)
and stock options issued pursuant to FG Group Holdings’ employee stock plan. Stock-based compensation expense has been directly
reported by Strong Global Entertainment based on the awards and terms previously granted to FG Group Holdings’ employees.
Allocations for management costs
and corporate support services provided to Strong Global Entertainment totaled $0.2 million for each of the three months ended March 31,
2023 and March 31, 2022, all of which is included in general and administrative expenses. Strong Global Entertainment expects to incur
additional expenses as a stand-alone publicly traded company. It is not practicable to estimate actual costs that would have been incurred
had Strong Global Entertainment been a stand-alone company during the periods presented.
The management of Strong Global
Entertainment believes the assumptions underlying the combined financial statements, including the assumptions regarding the allocated
expenses, 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.
During the periods presented in
the combined financial statements, the operations of Strong Global Entertainment are included in the consolidated U.S. federal, and certain
state and local and foreign income tax returns filed by FG Group Holdings, where applicable. Income tax expense and other income tax related
information contained in the combined financial statements are presented on a separate return basis as if Strong Global Entertainment
had filed its own tax returns. The income taxes of Strong Global Entertainment as presented in the combined financial statements may not
be indicative of the income taxes that Strong Global Entertainment will generate in the future. Additionally, certain tax attributes such
as net operating losses or credit carryforwards are presented on a separate return basis, and accordingly, may differ in the future. In
jurisdictions where Strong Global Entertainment has been included in the tax returns filed by FG Group Holdings, any income tax receivables
resulting from the related income tax provisions have been reflected in the balance sheet within Net parent investment.
Net income per share data has
not been presented in the combined financial statements because Strong Global Entertainment did not operate as a separate legal entity
with its own capital structure during the periods presented.
The Company’s fiscal year
begins on January 1 of the year stated and ends on December 31 of the same year.
These combined 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 combined financial statements for the
years ended December 31, 2022 and 2021. These combined financial statements should be read in conjunction with the combined financial
statements and for the years ended December 31, 2022 and 2021.
The combined balance sheet as
of December 31, 2022 was derived from the Company’s audited combined balance sheet as of that date. All other combined 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.
The results for interim periods are not necessarily indicative of trends or results expected for a full fiscal 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.
|
Use of Management Estimates |
Use of Management Estimates
The preparation of combined 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 combined 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”)
and inflationary pressures have posed, and may continue to pose, challenges for our business. The COVID-19 global pandemic resulted in
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 ongoing 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.
|
Cash and Cash Equivalents |
Cash and Cash Equivalents
All short-term, highly liquid
financial instruments are classified as cash equivalents in the condensed combined 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, 2023, $0.6 million of the $4.1 million
in cash and cash equivalents was held by our foreign subsidiary.
|
Accounts Receivable |
Accounts Receivable
Trade accounts
receivable are recorded at the invoiced amount and do not bear interest. The Company 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 bad debt expense to be adjusted accordingly. 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
combined statements of operations as income tax expense.
|
Stock Compensation Plans |
Stock Compensation Plans
The Company’s employees
have historically participated in FG Group Holdings’ stock-based compensation plans. Stock-based compensation expense has been allocated
to the Company based on the awards and terms previously granted to the FG Group Holdings’ 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 FG Group Holdings’
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. The Company estimates the fair value of restricted stock awards based upon the 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 during the three months ended March 31, 2023 and
March 31, 2022.
|
Film and Television Programming Rights |
Film and Television
Programming Rights
Commencing
in March 2022, the Company began producing original productions and acquiring rights to films and television programming. Film and television
programming rights include the unamortized costs of in-process or in-development content produced or acquired by the Company. The Company’s
capitalized costs include all direct production and financing costs, capitalized interest when applicable, and production overhead. Film
and television program rights are stated at the lower of amortized cost or estimated fair value.
The costs of producing content
are amortized using the individual-film-forecast method. These costs are amortized based on the ratio of the current period’s revenues
to management’s estimated remaining total gross revenues to be earned (“Ultimate Revenue”) as of each reporting date
to reflect the most current available information. Management’s judgment is required in estimating Ultimate Revenue and the costs
to be incurred throughout the life of each film or television program. Amortization is adjusted when necessary to reflect increases or
decreases in forecasted Ultimate Revenues.
For an episodic television series,
the period over which Ultimate Revenues are estimated cannot exceed ten years following the date of delivery of the first episode, or,
if still in production, five years from the date of delivery of the most recent episode, if later. For films, Ultimate Revenue includes
estimates over a period not to exceed ten years following the date of initial release.
Content assets are expected to
be predominantly monetized individually and therefore are reviewed at the individual level when an event or change in circumstance indicates
a change in the expected usefulness of the content or the fair value may be less than the unamortized cost.
Due to the inherent uncertainties
involved in making such estimates of Ultimate Revenues and expenses, these estimates may differ from actual results. In addition, in the
normal course of our business, some films and titles will be more successful or less successful than anticipated. Management regularly
reviews and revises, when necessary, its Ultimate Revenue and cost estimates, which may result in a change in the rate of amortization
of film costs and participations and residuals and/or a write-down of all or a portion of the unamortized costs of the film or television
program to its estimated fair value. An increase in the estimate of Ultimate Revenue will generally result in a lower amortization rate
and, therefore, less film and television program amortization expense, while a decrease in the estimate of Ultimate Revenue will generally
result in a higher amortization rate and, therefore, higher film and television program amortization expense, and also periodically result
in an impairment requiring a write-down of the film cost to the title’s fair value. The Company has not incurred any of these write-downs.
An impairment charge would be
recorded in the amount by which the unamortized costs exceed the estimated fair value. Estimates of future revenue involve measurement
uncertainties and it is therefore possible that reductions in the carrying value of capitalized costs may be required because of changes
in management’s future revenue estimates.
|
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, 2023 and December 31, 2022.
Fair values measured on a recurring
basis at March 31, 2023 (in thousands):
Schedule
of Fair Values Measured on Recurring Basis
| |
Level 1 | | |
Level 2 | | |
Level 3 | | |
Total | |
Cash and cash equivalents | |
$ | 4,077 | | |
$ | - | | |
$ | - | | |
$ | 4,077 | |
Total | |
$ | 4,077 | | |
$ | - | | |
$ | - | | |
$ | 4,077 | |
Fair values measured on a recurring
basis at December 31, 2022 (in thousands):
| |
Level 1 | | |
Level 2 | | |
Level 3 | | |
Total | |
Cash and cash equivalents | |
$ | 3,615 | | |
$ | - | | |
$ | - | | |
$ | 3,615 | |
Total | |
$ | 3,615 | | |
$ | - | | |
$ | - | | |
$ | 3,615 | |
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, accrued expenses and short-term debt reported in the combined 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).
|
Net parent investment |
Net parent investment
Net parent investment on the combined
balance sheets represents FG Group Holdings’ historical investment in Strong Global Entertainment, the net effect of transactions
with, and allocations to and from, FG Group Holdings, and Strong Global Entertainment.
|
Recently Adopted Accounting Pronouncements |
Recently Adopted Accounting Pronouncements
In June 2016, the FASB issued
ASU 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.”
This ASU requires the measurement of all expected credit losses for financial assets, including trade receivables, held at the reporting
date based on historical experience, current conditions and reasonable and supportable forecasts. The Company adopted this ASU effective
January 1, 2023. Upon adoption the Company recorded a cumulative effect adjustment decreasing net parent investment by $24,000.
|
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v3.23.2
Summary of Significant Accounting Policies (Tables)
|
3 Months Ended |
Mar. 31, 2023 |
Accounting Policies [Abstract] |
|
Schedule of Fair Values Measured on Recurring Basis |
Fair values measured on a recurring
basis at March 31, 2023 (in thousands):
Schedule
of Fair Values Measured on Recurring Basis
| |
Level 1 | | |
Level 2 | | |
Level 3 | | |
Total | |
Cash and cash equivalents | |
$ | 4,077 | | |
$ | - | | |
$ | - | | |
$ | 4,077 | |
Total | |
$ | 4,077 | | |
$ | - | | |
$ | - | | |
$ | 4,077 | |
Fair values measured on a recurring
basis at December 31, 2022 (in thousands):
| |
Level 1 | | |
Level 2 | | |
Level 3 | | |
Total | |
Cash and cash equivalents | |
$ | 3,615 | | |
$ | - | | |
$ | - | | |
$ | 3,615 | |
Total | |
$ | 3,615 | | |
$ | - | | |
$ | - | | |
$ | 3,615 | |
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v3.23.2
Revenue (Tables)
|
3 Months Ended |
Mar. 31, 2023 |
Revenue from Contract with Customer [Abstract] |
|
Schedule of Disaggregation of Revenue |
The following tables disaggregate
the Company’s revenue by major source and by operating segment for the three months ended March 31, 2023 and 2022 (in thousands):
Schedule of
Disaggregation of Revenue
| |
Three Months Ended March 31, 2023 | | |
Three Months Ended March 31, 2022 | |
Screen system sales | |
$ | 2,582 | | |
$ | 3,306 | |
Digital equipment sales | |
| 3,526 | | |
| 3,544 | |
Extended warranty sales | |
| 51 | | |
| 100 | |
Other product sales | |
| 1,045 | | |
| 753 | |
Total product sales | |
| 7,204 | | |
| 7,703 | |
Field maintenance and monitoring services | |
| 1,891 | | |
| 1,618 | |
Installation services | |
| 802 | | |
| 371 | |
Other service revenues | |
| 54 | | |
| 28 | |
Total service revenues | |
| 2,747 | | |
| 2,017 | |
Total | |
$ | 9,951 | | |
$ | 9,720 | |
Total revenue | |
$ | 9,951 | | |
$ | 9,720 | |
|
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, 2023 and
2022 (in thousands):
Schedule of
Disaggregation of Revenue by Timing of Transfer of Goods or Services
| |
Three Months Ended March 31, 2023 | | |
Three Months Ended March 31, 2022 | |
Point in time | |
$ | 8,430 | | |
$ | 8,442 | |
Over time | |
| 1,521 | | |
| 1,278 | |
Total | |
$ | 9,951 | | |
$ | 9,720 | |
Total revenue | |
$ | 9,951 | | |
$ | 9,720 | |
|
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v3.23.2
Inventories (Tables)
|
3 Months Ended |
Mar. 31, 2023 |
Inventory Disclosure [Abstract] |
|
Schedule of Inventories |
Inventories consisted of the following
(in thousands):
Schedule of Inventories
| |
March 31, 2023 | | |
December 31, 2022 | |
Raw materials and components | |
$ | 1,925 | | |
$ | 1,826 | |
Work in process | |
| 448 | | |
| 279 | |
Finished goods | |
| 1,287 | | |
| 1,284 | |
Inventory, net | |
$ | 3,660 | | |
$ | 3,389 | |
|
Schedule of Inventory Reserve |
Schedule of Inventory Reserve
| |
| | |
Inventory reserve balance at December 31, 2022 | |
$ | 486 | |
Inventory write-offs during 2023 | |
| (16 | ) |
Provision for inventory reserve during 2023 | |
| 14 | |
Inventory reserve balance at March 31, 2023 | |
$ | 484 | |
|
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v3.23.2
Other Current Assets (Tables)
|
3 Months Ended |
Mar. 31, 2023 |
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, 2023 and December 31, 2022 (in thousands):
Schedule of Other
Current Assets
| |
March 31, 2023 | | |
December 31, 2022 | |
Prepaid expenses | |
$ | 854 | | |
$ | 417 | |
Receivable from Safehaven 2022, Inc. | |
| 1,625 | | |
| 1,625 | |
Costs incurrent in connection with initial public offering | |
| 1,987 | | |
| 1,920 | |
Unbilled accounts receivable | |
| 500 | | |
| 337 | |
Other | |
| 63 | | |
| 248 | |
Total | |
$ | 5,029 | | |
$ | 4,547 | |
|
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v3.23.2
Property, Plant and Equipment, Net (Tables)
|
3 Months Ended |
Mar. 31, 2023 |
Property, Plant and Equipment [Abstract] |
|
Schedule of Property, Plant and Equipment |
Property, plant and equipment,
net consisted of the following as of March 31, 2023 and December 31, 2022 (in thousands):
Schedule
of Property, Plant and Equipment
| |
March 31, 2023 | | |
December 31, 2022 | |
Land | |
$ | 48 | | |
$ | 48 | |
Buildings and improvements | |
| 6,757 | | |
| 6,752 | |
Machinery and other equipment | |
| 4,853 | | |
| 4,778 | |
Office furniture and fixtures | |
| 676 | | |
| 675 | |
Construction in progress | |
| 15 | | |
| 12 | |
Total properties, cost | |
| 12,349 | | |
| 12,265 | |
Property, plant and equipment, gross | |
| 12,349 | | |
| 12,265 | |
Less: accumulated depreciation | |
| (7,815 | ) | |
| (7,658 | ) |
Property, plant and equipment, net | |
$ | 4,534 | | |
$ | 4,607 | |
|
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v3.23.2
Film and Television Programming Rights, Net (Tables)
|
3 Months Ended |
Mar. 31, 2023 |
Other Industries [Abstract] |
|
Schedule of Film and Television Programming Rights |
Film and television programming
rights, net consisted of the following as of March 31, 2023 and December 31, 2022 (in thousands):
Schedule
of Film and Television Programming Rights
| |
March 31, 2023 | | |
December 31, 2022 | |
Television series in development | |
$ | 1,362 | | |
$ | 1,308 | |
Films in development | |
| 222 | | |
| 193 | |
Total | |
$ | 1,584 | | |
$ | 1,501 | |
|
Schedule of Roll forward of Film and Programming Rights |
A rollforward of film and television
programming rights, net for the three months ended March 31, 2023, is as follows (in thousands):
Schedule
of Roll forward of Film and Programming Rights
Balance at December 31, 2022 | |
$ | 1,501 | |
Expenditures on in-process projects | |
| 83 | |
Balance at March 31, 2023 | |
$ | 1,584 | |
|
Schedule of Balance Sheet Information |
Schedule
of Balance Sheet Information
| |
| | |
Cash | |
$ | 37 | |
Television programming rights | |
| 11,118 | |
Other assets | |
| 76 | |
Total assets | |
$ | 11,231 | |
| |
| | |
Accounts payable and accrued expenses | |
$ | 10 | |
Due to Strong Studios | |
| 1,625 | |
Debt | |
| 9,596 | |
Equity | |
| - | |
Total liabilities and equity | |
$ | 11,231 | |
|
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v3.23.2
Accrued Expenses (Tables)
|
3 Months Ended |
Mar. 31, 2023 |
Payables and Accruals [Abstract] |
|
Schedule of Accrued Expenses |
Accrued expenses consisted of
the following as of March 31, 2023 and December 31, 2022 (in thousands):
Schedule
of Accrued Expenses
| |
March 31, 2023 | | |
December 31, 2022 | |
Employee-related | |
$ | 1,198 | | |
$ | 1,283 | |
Warranty obligation | |
| 312 | | |
| 309 | |
Interest and taxes | |
| 474 | | |
| 294 | |
Legal and professional fees | |
| 460 | | |
| 462 | |
Film and television programming rights | |
| 1,384 | | |
| 1,709 | |
Other | |
| 503 | | |
| 429 | |
Total | |
$ | 4,331 | | |
$ | 4,486 | |
|
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v3.23.2
Debt (Tables)
|
3 Months Ended |
Mar. 31, 2023 |
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, 2023 and December 31, 2022 (in thousands):
Schedule
of Short-term debt and Long-term debt
| |
March 31, 2023 | | |
December 31, 2022 | |
Short-term debt: | |
| | | |
| | |
Strong/MDI 20-year installment loan | |
$ | 2,262 | | |
$ | 2,289 | |
Strong/MDI 5-year equipment loan | |
| - | | |
| 221 | |
Strong/MDI revolving credit facility | |
| 1,372 | | |
| - | |
Total short-term debt | |
$ | 3,634 | | |
$ | 2,510 | |
| |
| | | |
| | |
Long-term debt: | |
| | | |
| | |
Tenant improvement loan | |
$ | 153 | | |
$ | 162 | |
Less: current portion | |
| (36 | ) | |
| (36 | ) |
Long-term debt, net of current portion | |
$ | 117 | | |
$ | 126 | |
|
Schedule of Contractual Principal Payments |
Contractual required principal
payments on the Company’s long-term debt at March 31, 2023, are as follows (in thousands):
Schedule
of Contractual Principal Payments
| |
$ | 2 | |
Remainder of 2023 | |
$ | 26 | |
2024 | |
| 38 | |
2025 | |
| 40 | |
2026 | |
| 42 | |
2027 | |
| 7 | |
Thereafter | |
| - | |
Total | |
$ | 153 | |
|
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v3.23.2
Leases (Tables)
|
3 Months Ended |
Mar. 31, 2023 |
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, 2023 | | |
March 31, 2022 | |
Lease cost | |
Three Months Ended | |
| |
March 31, 2023 | | |
March 31, 2022 | |
Finance lease cost: | |
| | | |
| | |
Amortization of right-of-use assets | |
$ | 29 | | |
$ | - | |
Interest on lease liabilities | |
| 12 | | |
| - | |
Operating lease cost | |
| 17 | | |
| 24 | |
Short-term lease cost | |
| 17 | | |
| 14 | |
Net lease cost | |
$ | 75 | | |
$ | 38 | |
Other information | |
Three Months Ended | |
| |
March 31, 2023 | | |
March 31, 2022 | |
Cash paid for amounts included in the measurement of lease liabilities: | |
| | |
| |
Operating cash flows from finance leases | |
$ | 12 | | |
$ | - | |
Operating cash flows from operating leases | |
$ | 19 | | |
$ | 15 | |
Financing cash flows from finance leases | |
$ | 23 | | |
$ | - | |
Right-of-use assets obtained in exchange for new finance lease liabilities | |
$ | - | | |
$ | - | |
Right-of-use assets obtained in exchange for new operating lease liabilities | |
$ | - | | |
$ | - | |
| |
| | | |
| | |
Weighted-average remaining lease term - finance leases (years) | |
| | | |
| 1.4 | |
Weighted-average remaining lease term - operating leases (years) | |
| | | |
| 3.9 | |
Weighted-average discount rate - finance leases | |
| | | |
| 4.5 | % |
Weighted-average discount rate - operating leases | |
| | | |
| 4.5 | % |
|
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, 2023 (in thousands):
Schedule
of Operating and Finance Lease Liabilities
| |
Operating Leases | | |
Finance Leases | |
Remainder of 2023 | |
$ | 57 | | |
$ | 115 | |
2024 | |
| 78 | | |
| 153 | |
2025 | |
| 79 | | |
| 401 | |
2026 | |
| 81 | | |
| - | |
2027 | |
| 14 | | |
| - | |
Thereafter | |
| - | | |
| - | |
Total lease payments | |
| 309 | | |
| 669 | |
Less: Amount representing interest | |
| (27 | ) | |
| (87 | ) |
Present value of lease payments | |
| 282 | | |
| 582 | |
Less: Current maturities | |
| (65 | ) | |
| (112 | ) |
Lease obligations, net of current portion | |
$ | 217 | | |
$ | 470 | |
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Schedule of Fair Values Measured on Recurring Basis (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands |
Mar. 31, 2023 |
Mar. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Cash and cash equivalents |
$ 4,077
|
$ 3,615
|
Total |
4,077
|
3,615
|
Fair Value, Inputs, Level 1 [Member] |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Cash and cash equivalents |
4,077
|
3,615
|
Total |
4,077
|
3,615
|
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 |
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v3.23.2
Summary of Significant Accounting Policies (Details Narrative) - USD ($)
|
3 Months Ended |
|
|
Mar. 31, 2023 |
Mar. 31, 2022 |
Jan. 01, 2023 |
Dec. 31, 2022 |
Management costs and corporate support services |
$ 200,000
|
$ 200,000
|
|
|
Cash and cash equivalents |
4,077,000
|
|
|
$ 3,615,000
|
Cumulative effect adjustment decreasing net parent investment |
13,378,000
|
|
|
$ 14,228,000
|
Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] |
|
|
|
|
Cumulative effect adjustment decreasing net parent investment |
|
|
$ 24,000
|
|
Subsidiaries [Member] |
|
|
|
|
Cash and cash equivalents |
$ 600,000
|
|
|
|
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Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands |
3 Months Ended |
Mar. 31, 2023 |
Mar. 31, 2022 |
Disaggregation of Revenue [Line Items] |
|
|
Total revenue |
$ 9,951
|
$ 9,720
|
Screen System Sales [Member] |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Total revenue |
2,582
|
3,306
|
Digital Equipment Sales [Member] |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Total revenue |
3,526
|
3,544
|
Extended Warranty Sales [Member] |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Total revenue |
51
|
100
|
Other Product Sales [Member] |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Total revenue |
1,045
|
753
|
Product [Member] |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Total revenue |
7,204
|
7,703
|
Field Maintenance and Monitoring Services [Member] |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Total revenue |
1,891
|
1,618
|
Installation Services [Member] |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Total revenue |
802
|
371
|
Service, Other [Member] |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Total revenue |
54
|
28
|
Service [Member] |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Total revenue |
$ 2,747
|
$ 2,017
|
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Mar. 31, 2023 |
Dec. 31, 2022 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] |
|
|
Prepaid expenses |
$ 854
|
$ 417
|
Receivable from Safehaven 2022, Inc. |
1,625
|
1,625
|
Costs incurrent in connection with initial public offering |
1,987
|
1,920
|
Unbilled accounts receivable |
500
|
337
|
Other |
63
|
248
|
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$ 5,029
|
$ 4,547
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Mar. 31, 2023 |
Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] |
|
|
Property, plant and equipment, gross |
$ 12,349
|
$ 12,265
|
Less: accumulated depreciation |
(7,815)
|
(7,658)
|
Property, plant and equipment, net |
4,534
|
4,607
|
Land [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property, plant and equipment, gross |
48
|
48
|
Building Improvements [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property, plant and equipment, gross |
6,757
|
6,752
|
Machinery and Equipment [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property, plant and equipment, gross |
4,853
|
4,778
|
Furniture and Fixtures [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property, plant and equipment, gross |
676
|
675
|
Construction in Progress [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property, plant and equipment, gross |
$ 15
|
$ 12
|
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v3.23.2
Schedule of Balance Sheet Information (Details) - USD ($) $ in Thousands |
Mar. 31, 2023 |
Dec. 31, 2022 |
Mar. 31, 2022 |
Dec. 31, 2021 |
Other assets |
$ 5,029
|
$ 4,547
|
|
|
Total assets |
26,124
|
25,538
|
|
|
Due to Strong Studios |
5
|
6
|
|
|
Equity |
8,282
|
9,204
|
$ 10,270
|
$ 8,810
|
Total liabilities and equity |
26,124
|
$ 25,538
|
|
|
Safehaven 2022 [Member] |
|
|
|
|
Cash |
37
|
|
|
|
Television programming rights |
11,118
|
|
|
|
Other assets |
76
|
|
|
|
Total assets |
11,231
|
|
|
|
Accounts payable and accrued expenses |
10
|
|
|
|
Debt |
9,596
|
|
|
|
Equity |
|
|
|
|
Total liabilities and equity |
11,231
|
|
|
|
Safehaven 2022 [Member] | Related Party [Member] |
|
|
|
|
Due to Strong Studios |
$ 1,625
|
|
|
|
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v3.23.2
Film and Television Programming Rights, Net (Details Narrative) - USD ($) $ in Millions |
|
|
1 Months Ended |
3 Months Ended |
6 Months Ended |
Mar. 31, 2023 |
Mar. 31, 2022 |
Mar. 31, 2022 |
Mar. 31, 2023 |
Jun. 30, 2022 |
Restructuring Cost and Reserve [Line Items] |
|
|
|
|
|
Equity ownership percent description |
|
|
|
Strong
Studios owns 49% of Safehaven 2022 and the remaining 51% is owned by Unbounded Services, LLC (“Unbounded”). No consideration
was paid by Strong Studios in exchange for its 49% equity interest in Safehaven 2022. Unbounded also did not contribute any assets or
liabilities to Safehaven 2022 and agreed to provide day-to-day management services in exchange for their 51% ownership
|
|
Safehaven 2022 [Member] |
|
|
|
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
|
|
|
Ownership percentage |
50.00%
|
|
|
50.00%
|
|
Landmark Studio Group [Member] |
|
|
|
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
|
|
|
Business acquisition purchase price |
$ 1.7
|
$ 1.7
|
|
|
|
Business acquisition transaction costs |
|
$ 0.3
|
$ 0.3
|
|
|
Warrants to purchase shares |
|
150,000
|
150,000
|
|
|
Landmark Studio Group [Member] | Safehaven, Flagrant and Shadows in the Vineyard [Member] |
|
|
|
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
|
|
|
Business acquisition purchase price |
|
|
$ 1.7
|
|
|
Landmark Studio Group [Member] | Safehaven [Member] |
|
|
|
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
|
|
|
Business acquisition purchase price |
|
|
1.0
|
|
|
Landmark Studio Group [Member] | Flagrant [Member] |
|
|
|
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
|
|
|
Business acquisition purchase price |
|
|
0.3
|
|
|
Landmark Studio Group [Member] | Shadows in the Vineyard [Member] |
|
|
|
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
|
|
|
Business acquisition purchase price |
|
|
0.4
|
|
|
Screen Media Ventures LLC [Member] | Safehaven [Member] | AA Distribution Agreements [Member] |
|
|
|
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
|
|
|
Business acquisition purchase price |
|
|
6.5
|
|
|
Screen Media Ventures LLC [Member] | Flagrant [Member] | AA Distribution Agreements [Member] |
|
|
|
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
|
|
|
Business acquisition purchase price |
|
|
$ 2.5
|
|
|
Screen Media Ventures LLC [Member] | Safehaven 2022 [Member] | Loan and Security Agreement [Member] |
|
|
|
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
|
|
|
Borrowing of amount |
9.6
|
|
|
$ 9.6
|
|
Working capital |
$ 0.6
|
|
|
$ 0.6
|
|
Unbounded Services LLC [Member] |
|
|
|
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
|
|
|
Business acquisition purchase price |
|
|
|
|
$ 1.0
|
Unbounded Services LLC [Member] | Safehaven [Member] |
|
|
|
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
|
|
|
Business acquisition purchase price |
|
|
|
|
1.7
|
Business acquisition transaction costs |
|
|
|
|
1.1
|
Development costs |
|
|
|
|
0.1
|
Payment secured debt |
|
|
|
|
1.1
|
Payment to acquire business |
|
|
|
|
$ 1.0
|
Business acquisition installments, description |
|
|
|
|
The $6.5 million minimum guarantee is due and payable to Safehaven 2022 in installments of 25% upon delivery and acceptance,
25% three months thereafter, and the remaining 50% six months thereafter
|
Business acquisition due and payable |
|
|
|
|
$ 6.5
|
Revenue |
|
|
|
|
$ 6.5
|
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Debt (Details Narrative) $ in Thousands, $ in Millions |
|
|
1 Months Ended |
3 Months Ended |
|
Jun. 07, 2021
CAD ($)
|
May 15, 2018
CAD ($)
|
May 31, 2023
CAD ($)
|
Jan. 31, 2023
CAD ($)
|
Mar. 31, 2023
USD ($)
|
Mar. 31, 2022
USD ($)
|
Dec. 31, 2021
USD ($)
|
Mar. 31, 2023
CAD ($)
|
Line of Credit Facility [Line Items] |
|
|
|
|
|
|
|
|
Revolving line of credit |
|
|
|
|
$ 1,596
|
|
|
|
Long-Term Debt, Percentage Bearing Variable Interest, Percentage Rate |
|
|
|
|
7.70%
|
|
|
7.70%
|
Lease cost |
|
|
|
|
$ 75
|
38
|
$ 400
|
|
Loan percentage |
|
|
|
|
|
|
50.00%
|
|
Total costs to build out facility |
|
|
|
|
|
200
|
$ 200
|
|
Loan amount |
|
|
|
|
|
$ 100
|
$ 100
|
|
Revolving Credit Facility [Member] |
|
|
|
|
|
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
|
|
|
|
|
Installment loan term |
5 years
|
5 years
|
|
5 years
|
|
|
|
|
Installment loan |
$ 0.5
|
$ 0.5
|
|
|
|
|
|
|
Loan interest rate |
0.50%
|
|
|
0.50%
|
7.20%
|
|
|
|
Revolving line of credit |
|
|
|
|
$ 1,400
|
|
|
$ 1.9
|
Revolving Credit Facility [Member] | Line of Credit [Member] |
|
|
|
|
|
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
|
|
|
|
|
Loan interest rate |
|
|
|
1.00%
|
|
|
|
|
Revolving Credit Facility [Member] | Related Party [Member] |
|
|
|
|
|
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
|
|
|
|
|
Due from related parties |
$ 4.0
|
|
|
|
|
|
|
|
Revolving Credit Facility [Member] | Demand Credit Agreement [Member] |
|
|
|
|
|
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
|
|
|
|
|
Revolving line of credit |
$ 2.0
|
$ 3.5
|
|
$ 5.0
|
|
|
|
|
Installment loan term |
20 years
|
20 years
|
|
20 years
|
20 years
|
|
|
|
Installment loan |
$ 5.1
|
$ 6.0
|
|
$ 3.1
|
|
|
|
|
Principal amount |
|
|
|
|
$ 2,300
|
|
|
$ 3.1
|
Revolving Credit Facility [Member] | Demand Credit Agreement [Member] | Subsequent Event [Member] |
|
|
|
|
|
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
|
|
|
|
|
Revolving line of credit |
|
|
$ 3.4
|
|
|
|
|
|
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Schedule of Operating and Finance Lease Liabilities (Details) - USD ($) $ in Thousands |
Mar. 31, 2023 |
Dec. 31, 2022 |
Lessee, Operating Lease, Liability, to be Paid, Fiscal Year Maturity [Abstract] |
|
|
Operating leases Remainder of 2023 |
$ 57
|
|
Operating leases 2024 |
78
|
|
Operating leases 2025 |
79
|
|
Operating leases 2026 |
81
|
|
Operating leases 2027 |
14
|
|
Operating leases Thereafter |
|
|
Operating leases Total lease payments |
309
|
|
Operating leases Less: Amount representing interest |
(27)
|
|
Present value of lease payments |
282
|
|
Operating leases Less: Current maturities |
(65)
|
$ (64)
|
Lease obligations, net of current portion |
217
|
234
|
Finance Lease, Liability, to be Paid, Fiscal Year Maturity [Abstract] |
|
|
Finance leases Remainder of 2023 |
115
|
|
Finance leases 2024 |
153
|
|
Finance leases 2025 |
401
|
|
Finance leases 2026 |
|
|
Finance leases 2027 |
|
|
Finance leases Thereafter |
|
|
Finance leases Total lease payments |
669
|
|
Finance leases Less: Amount representing interest |
(87)
|
|
Present value of lease payments |
582
|
|
Finance leases Less: Current maturities |
(112)
|
(105)
|
Lease obligations, net of current portion |
$ 470
|
$ 502
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v3.23.2
Related Party Transactions (Details Narrative) $ in Thousands |
|
|
3 Months Ended |
|
Mar. 31, 2023
USD ($)
ft²
|
Mar. 31, 2022
USD ($)
|
Mar. 31, 2023
USD ($)
ft²
|
Mar. 31, 2022
USD ($)
|
Dec. 31, 2022
USD ($)
|
Related Party Transaction [Line Items] |
|
|
|
|
|
General and administrative expense |
|
|
$ 1,432
|
$ 1,295
|
|
Incurred cost |
$ 2,288
|
|
2,288
|
|
$ 1,861
|
Landmark Studio Group [Member] |
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
Business acquisition purchase price |
1,700
|
$ 1,700
|
|
|
|
Business acquisition transaction costs |
|
$ 300
|
|
300
|
|
FG Group Holdings [Member] |
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
Business acquisition transaction costs |
600
|
|
600
|
|
|
Reimbursement to related party |
600
|
|
600
|
|
|
Payable to related party |
600
|
|
600
|
|
|
Safehaven 2022 [Member] |
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
Working capital advance |
600
|
|
600
|
|
|
IPO [Member] |
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
Incurred cost |
2,000
|
|
2,000
|
|
|
FG Group Holdings [Member] |
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
General and administrative expense |
|
|
200
|
$ 200
|
|
Incurred cost |
1,000
|
|
1,000
|
|
|
FG Group Holdings [Member] | Safehaven 2022 [Member] |
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
Working capital |
$ 600
|
|
$ 600
|
|
|
Management Service Agreement [Member] | FG Group Holdings [Member] | IPO [Member] |
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
Area of land | ft² |
80,000
|
|
80,000
|
|
|
X |
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v3.23.2
Subsequent Events (Details Narrative) - Subsequent Event [Member] - USD ($)
|
May 26, 2023 |
May 18, 2023 |
Subsequent Event [Line Items] |
|
|
Price per share |
$ 4.00
|
|
Number of new shares purchased |
150,000
|
|
IPO [Member] |
|
|
Subsequent Event [Line Items] |
|
|
Additional shares of common stock |
|
$ 1,000,000
|
Price per share |
|
$ 4.00
|
Proceeds from issuance initial public offering |
|
$ 1,400,000
|
Offering costs |
|
$ 2,100,000
|
IPO [Member] | FG Group Holdings [Member] |
|
|
Subsequent Event [Line Items] |
|
|
Equity owned percentage |
|
85.70%
|
Over-Allotment Option [Member] |
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