Mace Security International : Ty International Consolidated Financial Statements March 31, 2023
May 22, 2023 at 04:20 pm
Share
Consolidated Financial Statements
Mace Security International, Inc.
March 31, 2023 and 2022
Contents
Page
Consolidated Balance Sheets
2-3
Consolidated Statements of Operations
4
Consolidated Statements of Shareholders' Equity
5
Consolidated Statements of Cash Flows
6
Notes to Consolidated Financial Statements
7-17
Mace Security International, Inc. and Subsidiaries
CONSOLIDATED BALANCE SHEETS
(Amounts in thousands, except share and per share information)
ASSETS
March 31,
December 31,
2023
2022
Current assets:
(Unaudited)
Cash and cash equivalents
$
431
$
62
Accounts receivable, less allowance for doubtful
accounts of $227 and $257 at March 31, 2023 and December 31,
2022, respectively
1,119
1,105
Inventories
4,244
4,138
Other current assets
435
502
Total current assets
6,229
5,807
Property and equipment:
Buildings and leasehold improvements
260
260
Machinery and equipment
2,406
2,387
Furniture and fixtures
111
111
Total property and equipment
2,777
2,758
Accumulated depreciation and amortization
(2,354)
(2,297)
Total property and equipment, net
423
461
Operating lease - right-of-use asset, net of amortization
1,283
1,335
Finance lease - right-of-use asset, net of amortization
45
50
Goodwill
1,031
1,031
Intangible assets, net
1,768
1,833
Other non-current assets
14
14
Total other assets
4,141
4,263
Total assets
$
10,793
$
10,531
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)
March 31,
December
LIABILITIES AND SHAREHOLDERS' EQUITY
2023
31, 2022
Current liabilities:
(Unaudited)
$
1,500
Line of credit
$
515
Current operating lease obligation
206
198
Current finance lease obligation
15
16
Accounts payable
644
520
Income taxes payable
55
55
Accrued expenses and other current liabilities
279
379
Total current liabilities
2,699
1,683
Non-current operating lease obligations
1,088
1,143
Non-current finance lease obligations
30
34
Total liabilities
3,817
2,860
Shareholders' equity:
Preferred stock, $.01 par value; authorized 10,000,000 shares, no shares
-
issued and outstanding at March 31, 2023 and December 31, 2022
-
Common stock, $.01 par value; authorized 100,000,000 shares,
issued shares of 65,179,030 and 65,039,030, at
652
March 31, 2023 and December 31, 2022, respectively
650
Additional paid-in capital
104,068
104,018
Accumulated deficit
(97,722)
(96,975)
Less treasury stock at cost, 90,548 shares at March 31, 2023
6,998
7,693
(22)
and December 31, 2022
(22)
Total shareholders' equity
6,976
7,671
Total liabilities and shareholders' equity
$
10,793
$
10,531
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)
Three Months Ended
2023
2022
Net sales
$
1,662
$
2,156
Cost of goods sold
1,252
1,257
Gross profit
410
899
Selling, general, and administrative expenses
1,068
1,413
Amortization of intangible assets
65
65
Operating loss
(723)
(579)
Interest expense
(24)
(5)
Loss before income tax provision
(747)
(584)
Income tax provision
-
-
Net loss
$
(747)
$
(584)
Net loss per share
$
(0.01)
Basic
$
(0.01)
Diluted
$
(0.01)
$
(0.01)
Weighted average number of common shares (basic)
65,144,030
64,741,268
Weighted average number of common shares (diluted)
65,144,030
64,741,268
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 22 May 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 22 May 2023 20:19:10 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.