Mace Security International : June 30, 2022 Unaudited Financial Statements and Notes
August 01, 2022 at 06:20 pm
Share
Consolidated Financial Statements
Mace Security International, Inc.
June 30, 2022 and 2021
Contents
Page
Consolidated Balance Sheets
2-3
Consolidated Statements of Operations
4-5
Consolidated Statements of Shareholders' Equity
6
Consolidated Statements of Cash Flows
7
Notes to Consolidated Financial Statements
8-17
Mace Security International, Inc. and Subsidiaries
CONSOLIDATED BALANCE SHEETS
(Amounts in thousands, except share and per share information)
ASSETS
December 31,
June 30, 2022
2021
Current assets:
(Unaudited)
Cash and cash equivalents
$
32
$
239
Accounts receivable, less allowance for doubtful
accounts of $606 and $586 at June 30, 2022 and December 31,
2021, respectively
1,381
1,570
Inventories
4,982
4,711
Other current assets
330
492
Total current assets
6,725
7,012
Property and equipment:
Buildings and leasehold improvements
260
260
Machinery and equipment
2,347
2,234
Furniture and fixtures
111
111
Total property and equipment
2,718
2,605
Accumulated depreciation and amortization
(2,184)
(2,096)
Total property and equipment, net
534
509
Operating lease - right-of-use asset, net of amortization
225
334
Finance lease - right-of-use asset, net of amortization
56
66
Goodwill
1,031
1,031
Intangible assets, net
1,963
2,093
Other non-current assets
14
14
Total other assets
3,289
3,538
Total assets
$
10,548
$
11,059
The accompanying notes are an integral part of these consolidated financial statements.
2
Mace Security International, Inc. and Subsidiaries
CONSOLIDATED BALANCE SHEETS
(Amounts in thousands, except share and per share information)
December
LIABILITIES AND SHAREHOLDERS' EQUITY
June 30, 2022
31, 2021
Current liabilities:
(Unaudited)
$
865
$
-
Line of credit
Current operating lease obligation
233
227
Current finance lease obligation
16
16
Accounts payable
688
855
Income taxes payable
54
59
Accrued expenses and other current liabilities
368
524
Total current liabilities
2,224
1,681
Non-current operating lease obligations
-
118
Non-current finance lease obligations
40
50
Total liabilities
2,264
1,849
Shareholders' equity:
Preferred stock, $.01 par value; authorized 10,000,000 shares, no shares
-
-
issued and outstanding at June 30, 2022 and December 31, 2021
Common stock, $.01 par value; authorized 100,000,000 shares,
issued shares of 64,869,879 and 64,703,965, at June 30, 2022 and
649
647
December 31, 2021, respectively
Additional paid-in capital
103,930
103,822
Accumulated deficit
(96,273)
(95,237)
Less treasury stock at cost, 90,548 shares at June 30, 2022
8,306
9,232
(22)
(22)
and December 31, 2021
Total shareholders' equity
8,284
9,210
Total liabilities and shareholders' equity
$
10,548
$
11,059
The accompanying notes are an integral part of these consolidated financial statements.
3
Mace Security International, Inc. and Subsidiaries
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(Amounts in thousands)
Six Months Ended June
2022
2021
Net sales
$
4,137
$
6,700
Cost of goods sold
2,451
4,099
Gross profit
1,686
2,601
Selling, general, and administrative expenses
2,591
2,262
Amortization of intangible assets
130
162
Operating income (loss)
(1,035)
177
Interest expense
(13)
(11)
Gain on forgiveness of PPP Loan and accrued interest
-
625
Gain on extinguishment of debt
-
8
Other income, net
12
19
Income (loss) before income tax provision
(1,036)
818
Income tax provision
-
7
Net income (loss)
$
(1,036)
$
811
Net income (loss) per share
$
(0.02)
Basic
$
0.01
Diluted
$
(0.02)
$
0.01
Weighted average number of common shares (basic)
64,796,387
64,379,488
Weighted average number of common shares (diluted)
64,796,387
65,032,404
The accompanying notes are an integral part of these consolidated financial statements.
4
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Mace Security International Inc. published this content on 01 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 August 2022 22:19:04 UTC.
Mace Security International, Inc. is a manufacturer and provider of personal safety and security products to consumer and law enforcement markets. It operates in one business segment, the Security Segment, which sells personal safety and security products to retailers, distributors, and individual consumers. The Company also sells tactical spray products and systems to law enforcement, security professionals, correctional institutions, and military markets. It markets products through Vigilant, Tornado, and Takedown brands. It directly distributes and supports its branded products through customer channels that include selected retailers, wholesale distributors, independent dealers, e-commerce channels, and its Website, www.mace.com. The Company's product categories include gift cards, pepper gel, pepper gun, pepper spray, personal alarm, vehicle parks and accessories, dorm room safety kits and stun guns.