Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

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Consolidated Balance Sheets - USD ($)
Dec. 31, 2019
Dec. 31, 2018
Current assets    
Cash $ 47,773,000 $ 7,341,000
Accounts receivable, net of allowance of $936 and $658 at December 31, 2019 and 2018, respectively 8,091,000 8,218,000
Inventories, net 43,060,000 29,502,000
Vendor deposits 11,120,000 7,917,000
Deferred offering costs 0 2,284,000
Other current assets 4,924,000 1,843,000
Total current assets 114,968,000 57,105,000
Property, Plant and Equipment, Net 13,165,000 11,641,000
Finite-Lived Intangible Assets, Net 6,301,000 3,662,000
Goodwill 11,982,000 5,446,000
Operating lease right-of-use assets 4,695,000 0
Other assets 2,091,000 167,000
Total assets 153,202,000 78,021,000
Current liabilities    
Accounts payable 11,310,000 20,226,000
Accrued expenses and other current liabilities 10,422,000 6,969,000
Customer deposits 3,152,000 3,071,000
Current portion of notes payable 178,000 168,000
Current portion of operating leases 1,084,000 0
Current portion of finance leases 116,000 0
Total current liabilities 26,262,000 30,434,000
Convertible notes 0 40,200,000
Notes payable, less current portion and debt issuance costs, net 8,018,000 8,176,000
Operating leases, less current portion 3,844,000 0
Finance leases, less current portion 194,000 0
Other liabilities 620,000 237,000
Total long-term liabilities 12,676,000 48,613,000
Total liabilities 38,938,000 79,047,000
Commitments and contingencies (Note 7)
REDEEMABLE CLASS B UNITS 0 10,033,000
STOCKHOLDERS’ EQUITY/MEMBERS’ DEFICIT    
Members’ deficit 0 (10,773,000)
Preferred stock, $0.0001 par value, 10,000 shares authorized, none issued and outstanding as of December 31, 2019 0 0
Class A common stock, $0.01 par value per share, 125,000 shares authorized; 9,999 shares issued; and 9,812 shares outstanding as of December 31, 2019 98,000 0
Class B common stock, $0.0001 par value per share, 10,000 shares authorized; 5,975 shares issued and outstanding as of December 31, 2019 1,000 0
Class C Common stock, $0.0001 par value per share, 100,000 shares authorized; 77,791 shares issued and outstanding as of December 31, 2019 8,000 0
Additional paid-in capital 32,108,000 0
Accumulated deficit (9,727,000) 0
Accumulated other comprehensive loss (72,000) (286,000)
Total stockholders’ equity attributable to Greenlane Holdings, Inc./members’ deficit 22,416,000 (11,059,000)
Non-controlling interest 91,848,000 0
Total stockholders’ equity/members’ deficit 114,264,000 (11,059,000)
Total liabilities, redeemable Class B units and stockholders’ equity/members’ deficit $ 153,202,000 $ 78,021,000