American Rebel Reports Financial Results for 2022 Third Quarter
15 November 2022 - 2:00PM
American Rebel Holdings, Inc. (NASDAQ: AREB) – America’s Patriotic
Brand (the “Company”) announced its financial results for the
three-month period ended September 30, 2022. Investors are
encouraged to read the Company’s quarterly report on Form 10-Q,
which was filed with the Securities and Exchange Commissions (the
“SEC”) and contains additional information and is posted at
https://americanrebel.com/
Third Quarter Financial Highlights:
- Revenues rose to $4.1 million
compared to $0.3 million in the prior year period. The increase is
attributable to contribution of the Champion acquisition which
closed on July 29, 2022.
- Gross margin in the third quarter
period ended September 30, 2022, was $978,104 compared to $15,278
in the prior year period. The increase in gross margin was driven
by the contribution from the Champion acquisition.
- Net loss in the third quarter was
$2.1 million, or $0.36 per share, compared to a loss of $1.4
million, or $1.05 per share in the prior year period. The increased
loss was primarily due to transactional costs related to the
Champion acquisition.
Andy Ross, CEO of American Rebel commented,
“We’re very happy to be reporting the first quarter of financial
results since our acquisition of Champion at the end of July. We
projected our results to be nearly $4.0 million so we’re happy
those results came in at the high end of that range. We expect full
year pro forma revenue to be in the area of $20 million. This is a
great time for American Rebel, not only in our enhanced safe
manufacturing capabilities, but as we introduce the patriotically
powered line of E-bikes, the ‘E-Bike With an Attitude,’ into a
global market that is expected to grow to over $92 billion by 2029.
We’re excited to continue the growth of America’s Patriotic Brand.
“
About American Rebel Holdings,
Inc.American Rebel operates primarily as a designer,
manufacturer and marketer of branded safes and personal security
and self-defense products. The Company also designs and produces
branded apparel and accessories and now intends to enter the E-Bike
market. To learn more, visit www.americanrebel.com. For investor
information, visit www.americanrebel.com/investor-relations.
Cautionary Note Regarding
Forward-Looking Statements:This press release contains
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. American Rebel Holdings,
Inc., (NASDAQ:AREB)(NASDAQ:AREBW) (the “Company,” "American Rebel,”
“we,” “our” or “us”) desires to take advantage of the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995
and is including this cautionary statement in connection with this
safe harbor legislation. The words "forecasts" "believe," "may,"
"estimate," "continue," "anticipate," "intend," "should," "plan,"
"could," "target," "potential," "is likely," "expect" and similar
expressions, as they relate to us, are intended to identify
forward-looking statements. We have based these forward-looking
statements primarily on our current expectations and projections
about future events and financial trends that we believe may affect
our financial condition, results of operations, business strategy,
and financial needs. Important factors that could cause actual
results to differ from those in the forward-looking statements
include our ability to efficiently incorporate acquisitions into
our operations, our ability to negotiate and finalize definitive
agreements with Sierra E-Life for the manufacture of our E-Bikes,
our ability to introduce new products, our ability to meet
production demands, our ability to expand our sales organization to
address existing and new markets that we intend to target, our
ability to effectively compete in the competitive E-Bike industry,
and the Risk Factors contained within our filings with the SEC,
including our Annual Report on Form 10-K for the year ended
December 31, 2021. Any forward-looking statement made by us herein
speaks only as of the date on which it is made. Factors or events
that could cause our actual results to differ may emerge from time
to time, and it is not possible for us to predict all of them. We
undertake no obligation to publicly update any forward-looking
statements, whether as a result of new information, future
developments or otherwise, except as may be required by law.
SOURCE: American Rebel
Holdings, Inc.
Company
Contact:info@americanrebel.com
Investor Relations:John McNamaraTraDigital
IR917-658-2605john@tradigitalir.com
AMERICAN REBEL HOLDINGS,
INC.UNAUDITED CONDENSED CONSOLIDATED BALANCE
SHEETS
|
|
September 30, 2022 |
|
|
December 31, 2021 (audited) |
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT
ASSETS: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
1,185,578 |
|
|
$ |
17,607 |
|
Accounts receivable |
|
|
2,446,290 |
|
|
|
100,746 |
|
Prepaid expense and other
deposits |
|
|
147,832 |
|
|
|
163,492 |
|
Inventory |
|
|
6,306,341 |
|
|
|
685,854 |
|
Inventory deposits |
|
|
230,223 |
|
|
|
- |
|
Total Current Assets |
|
|
10,316,264 |
|
|
|
967,699 |
|
|
|
|
|
|
|
|
|
|
Property and Equipment,
net |
|
|
486,070 |
|
|
|
900 |
|
|
|
|
|
|
|
|
|
|
OTHER
ASSETS: |
|
|
|
|
|
|
|
|
Goodwill and other intangible
assets |
|
|
4,200,000 |
|
|
|
- |
|
Lease deposit |
|
|
19,633 |
|
|
|
- |
|
Total Other Assets |
|
|
4,219,633 |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
TOTAL
ASSETS |
|
$ |
15,021,967 |
|
|
$ |
968,599 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS’ EQUITY (DEFICIT) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES: |
|
|
|
|
|
|
|
|
Accounts payable and accrued
expense |
|
|
2,312,081 |
|
|
|
1,032,264 |
|
Accrued interest |
|
|
67,919 |
|
|
|
203,972 |
|
Loan – officer - related
party |
|
|
- |
|
|
|
10,373 |
|
Loans – working capital |
|
|
603,840 |
|
|
|
3,879,428 |
|
Loans - nonrelated
parties |
|
|
4,152 |
|
|
|
12,939 |
|
Total Current Liabilities |
|
|
2,987,992 |
|
|
|
5,138,976 |
|
|
|
|
|
|
|
|
|
|
Other long-term
liabilities |
|
|
- |
|
|
|
- |
|
TOTAL
LIABILITIES |
|
|
2,987,992 |
|
|
|
5,138,976 |
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS’ EQUITY
(DEFICIT): |
|
|
|
|
|
|
|
|
Preferred stock, $0.001 par
value; 10,000,000 shares authorized; 100,000 issued and
outstanding, at September 30, 2022 and December 31, 2021 Series
A |
|
|
100 |
|
|
|
100 |
|
Preferred stock, $0.001 par
value; 10,000,000 shares authorized; 75,143 and 276,501 issued and
outstanding, respectively at September 30, 2022 and December 31,
2021 Series B |
|
|
75 |
|
|
|
277 |
|
|
|
|
|
|
|
|
|
|
Common stock, $0.001 par
value; 600,000,000 shares authorized; 8,474,033 and 1,597,370
issued and outstanding, respectively at September 30, 2022 and
December 31, 2021 |
|
|
8,474 |
|
|
|
1,597 |
|
Additional paid in
capital |
|
|
45,372,714 |
|
|
|
22,797,306 |
|
Accumulated deficit |
|
|
(33,347,388 |
) |
|
|
(26,969,657 |
) |
TOTAL STOCKHOLDERS’
EQUITY (DEFICIT) |
|
|
12,033,975 |
|
|
|
(4,170,377 |
) |
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND
STOCKHOLDERS’ EQUITY (DEFICIT) |
|
$ |
15,021,967 |
|
|
$ |
968,599 |
|
AMERICAN REBEL HOLDINGS,
INC.UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS
|
|
For the threemonths endedSeptember 30, 2022 |
|
|
For the threemonths endedSeptember 30, 2021 |
|
Revenue |
|
$ |
4,102,761 |
|
|
$ |
295,490 |
|
Cost of goods sold |
|
|
3,124,657 |
|
|
|
280,212 |
|
Gross margin |
|
|
978,104 |
|
|
|
15,278 |
|
|
|
|
|
|
|
|
|
|
Expenses: |
|
|
|
|
|
|
|
|
Consulting/payroll and other
payroll costs |
|
|
1,227,953 |
|
|
|
656,784 |
|
Rental expense, warehousing,
outlet expense |
|
|
314,314 |
|
|
|
- |
|
Product development costs |
|
|
- |
|
|
|
42,720 |
|
Marketing and brand
development costs |
|
|
119,122 |
|
|
|
34,669 |
|
Administrative and other |
|
|
1,077,005 |
|
|
|
236,763 |
|
Depreciation expense |
|
|
9,956 |
|
|
|
946 |
|
|
|
|
2,748,350 |
|
|
|
971,882 |
|
Operating income (loss) |
|
|
(1,770,246 |
) |
|
|
(956,604 |
) |
|
|
|
|
|
|
|
|
|
Other Income (Expense) |
|
|
|
|
|
|
|
|
Interest expense |
|
|
(31,584 |
) |
|
|
(382,601 |
) |
Interest expense – pre-emptive
rights release |
|
|
(350,000 |
) |
|
|
- |
|
Interest income |
|
|
4,428 |
|
|
|
- |
|
Gain (loss) on extinguishment
of debt |
|
|
- |
|
|
|
(87,575 |
) |
|
|
|
(377,156 |
) |
|
|
(470,176 |
) |
|
|
|
|
|
|
|
|
|
Net income (loss) before
income tax provision |
|
|
(2,147,402 |
) |
|
|
(1,426,780 |
) |
Provision for income tax |
|
|
- |
|
|
|
- |
|
Net income (loss) |
|
$ |
(2,147,402 |
) |
|
$ |
(1,426,780 |
) |
Basic and diluted income
(loss) per share |
|
$ |
(0.36 |
) |
|
$ |
(1.05 |
) |
Weighted average common shares
outstanding - basic and diluted |
|
|
6,031,715 |
|
|
|
1,354,700 |
|
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