SHF Holdings, Inc., d/b/a/ Safe Harbor Financial
(“Safe Harbor” or the “Company”) (NASDAQ: SHFS), a leader
in facilitating financial services and credit facilities to the
regulated cannabis industry, announced today its results for the
quarter ended June 30, 2023 (“Q2 2023”).
Q2 2023 Financial and Operational
Highlights
- Revenue increased 147% to $4.6 million, compared to $1.9
million in Q2 2022;
- Total deposits increased 36% to $1.1 billion compared to $808.4
million in Q2 2022;
- Monthly average number of accounts held with financial
institution (“FI”) clients increased 65% to 1,002 compared to 608
in Q2 2022;
- Monthly average balances on deposit held with FI clients
increased 60% to $230.7 million, compared to $143.8 million in Q2
2022;
- Loan Book value at the end of Q2 2023 was $35.9 million as
compared to $18.5 million in Q2 2022;
- Ended Q2 2023 with $8.2 million in cash.
“Our second quarter results reflect the hard
work and commitment of our team as well as the confidence our
cannabis customers and financial institution partners have in Safe
Harbor’s ability to support their growth objectives, operating in
an industry that requires an extremely high level of compliance,
validation and monitoring,” said Sundie Seefried, Chief Executive
Officer of Safe Harbor.
“Our ability to increase both deposits and
lending to Cannabis Related Businesses (CRB’s) in the second
quarter resulted in record quarterly revenue and our second
consecutive quarter of positive Adjusted EBITDA. Our ability to
successfully execute against our emerging lending practice, which
resulted in $15 million in loans originated during the quarter, has
been a key growth driver this quarter and demonstrates a tremendous
opportunity to further expand our fintech platform. In
addition, our relationship with Five Star Bank continues to grow,
which has allowed us to increase our deposit capacity by $1
billion, while also providing Safe Harbor the support it requires
to expand nationally, further driving shareholder value.”
Second Quarter 2023 Operational Highlights
- On April 17, 2023, Safe Harbor
announced that, since the beginning of 2023, it successfully
negotiated the resolution of approximately $68.6 million in debt
obligations, including a $64.7 million deferred payable owed to
Partner Colorado Credit Union (PCCU). The debt resolution includes
the previously announced agreements Safe Harbor entered
into with PCCU that resulted in the settlement of the approximately
$64.7 million deferred payable owed to PCCU, comprised of $14.5
million in serviceable debt payable at a 4.25% annual interest rate
over a five-year period; and 11.2 million shares of Class A common
stock in the Company valued at $50,162,549. The remaining $3.9
million in debt, which was resolved with a payment of $1.7 million
in cash and $700,000 in serviceable debt payable at 0% interest
over a one-year period;
- On April 20, 2023, Safe Harbor
appointed Douglas Fagan, President and CEO of PCCU, to its Board of
Directors;
- On May 11, 2023, the Company
announced its partnership with Five Star Bank, a New York-based
subsidiary of Financial Institutions, Inc., to expand crucial
access to cannabis banking nationwide. Five Star Bank has the
ability to dedicate up to $1 billion in cannabis deposit capacity,
which will afford cannabis businesses of all sizes greater access
to credit facilities, along with a robust suite of cannabis banking
services;
- On May 16, 2023, Safe Harbor
announced it originated approximately $5.5 million in real estate
loans to a Tier One Multi-State Operator;
- On May, 23, 2023, The Company
announced that it has opened 13 new accounts through its financial
institution partners under its newly expanded Social Equity
Program;
- On June 15, 2023, Safe Harbor
announced it originated a $6,695,000 loan for a global real estate
investment firm, secured by a first lien on a Class A multitenant
cannabis industrial property located in Oakland, California;
- On June 22, 2023, the Company
announced it has expanded its lending and deposit relationship with
a tier-one multistate operator through the origination of an
additional first lien-secured loan of approximately $2.9 million on
a cultivation facility located in a limited license, adult-use
cannabis state.
Subsequent Operational
Highlights
- On July 12, 2023, Safe Harbor
announced the launch of interest-bearing commercial deposit
accounts to cannabis businesses nationwide through Five Star
Bank;
- On July 27, 2023, the Company
announced increased its lending and deposit relationship with a
tier one multi-state operator (“MSO”) by originating three new
loans for affiliates of the MSO in the aggregate amount of
$4,282,000;
- On August 4, 2023, Safe Harbor announced Chief Executive
Officer, Sundie Seefried, won The Green Market Report Cannabis
Finance Award for Top CEO.
2023 Financial OutlookBased on
the continued strength of the Company's operations, Safe Harbor
anticipates that full year 2023 revenue will be in the range of
$15.3 million to $16.3 million as compared to the $9.4 million in
revenue reported for the 2022 full year.
Q2 2023 Financial ResultsFor
the quarter ended June 30, 2023, total revenue increased to $4.6
million, compared to $1.9 million in the prior year period,
primarily due to higher investment and deposit, activity and
onboarding income.
Second quarter 2023 operating expenses increased
to $22.5 million, compared to $1.5 million in the prior year
period. The increase in operating expenses is mainly due to a $13.2
million impairment of goodwill and a $3.7 million impairment of
finite lived intangible assets on account of the termination of the
Master Services and Revenue Sharing Agreement with Central Bank
under which the Company provided expertise and intellectual
property to cannabis related businesses primarily located in
Arkansas. The Company also had an increase in compensation and
employee benefits; stock-based compensation expense, professional
service expenses; investment hosting fees as a result of the
reorganization; amortization and depreciation expense; and business
insurance.
Net loss for Q2 2023 was $17.6 million, compared
to net income of $336,437 in the prior year period, primarily due
to a $13.2 million impairment of goodwill and $3.7 million
impairment of finite-lived intangible assets. The net loss also
includes an increase in professional fees on account increase in
compliances as well as increases in compensation, employee
benefits, marketing, and insurance.
As at June 30, 2023, the Company had cash and
cash equivalents of $8.2 million, compared to $8.4 million at
December 31, 2022.
SHF Holdings, Inc.CONDENSED CONSOLIDATED BALANCE
SHEETS |
|
|
|
|
|
June 30, 2023 |
|
|
December 31, 2022 |
|
|
|
(Unaudited) |
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
Current
Assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
8,239,095 |
|
|
$ |
8,390,195 |
|
Accounts receivable – trade |
|
|
1,425,589 |
|
|
|
1,401,839 |
|
Contract assets |
|
|
1,980 |
|
|
|
21,170 |
|
Prepaid expenses – current portion |
|
|
172,541 |
|
|
|
175,585 |
|
Accrued interest receivable |
|
|
37,229 |
|
|
|
40,266 |
|
Short-term loans receivable, net |
|
|
11,945 |
|
|
|
51,300 |
|
Other current assets |
|
|
- |
|
|
|
150,817 |
|
Total Current
Assets |
|
$ |
9,888,379 |
|
|
$ |
10,231,172 |
|
Long-term loans receivable, net |
|
|
289,668 |
|
|
|
1,250,691 |
|
Property, plant and equipment, net |
|
|
170,206 |
|
|
|
49,614 |
|
Operating lease right to use assets |
|
|
938,029 |
|
|
|
1,016,198 |
|
Goodwill |
|
|
6,058,000 |
|
|
|
19,266,276 |
|
Intangible assets, net |
|
|
6,230,802 |
|
|
|
10,621,087 |
|
Deferred tax asset |
|
|
43,260,743 |
|
|
|
51,593,302 |
|
Prepaid expenses – long term position |
|
|
637,500 |
|
|
|
712,500 |
|
Forward purchase receivable |
|
|
4,584,221 |
|
|
|
4,584,221 |
|
Security deposit |
|
|
22,795 |
|
|
|
17,795 |
|
Total
Assets |
|
$ |
72,080,343 |
|
|
$ |
99,342,856 |
|
LIABILITIES AND
PARENT-ENTITY NET INVESTMENT AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
Current
Liabilities: |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
1,170,250 |
|
|
$ |
2,851,457 |
|
Accrued expenses |
|
|
1,195,872 |
|
|
|
6,354,485 |
|
Contract liabilities |
|
|
60,382 |
|
|
|
996 |
|
Lease liabilities – current |
|
|
184,123 |
|
|
|
20,124 |
|
Senior secured promissory note – current portion |
|
|
1,976,340 |
|
|
|
- |
|
Deferred consideration – current portion |
|
|
14,636,792 |
|
|
|
14,359,822 |
|
Due to seller - current portion |
|
|
- |
|
|
|
25,973,017 |
|
Other current liabilities |
|
|
88,416 |
|
|
|
11,291 |
|
Total Current
Liabilities |
|
$ |
19,312,175 |
|
|
$ |
49,571,192 |
|
Warrant liability |
|
|
223,573 |
|
|
|
666,510 |
|
Deferred consideration – long term portion |
|
|
2,826,081 |
|
|
|
2,747,592 |
|
Forward purchase derivative liability |
|
|
7,309,580 |
|
|
|
7,309,580 |
|
Due to seller – long term portion |
|
|
- |
|
|
|
30,976,783 |
|
Senior secured promissory note—long term portion |
|
|
12,523,660 |
|
|
|
- |
|
Lease liabilities – long term |
|
|
873,883 |
|
|
|
1,008,109 |
|
Deferred underwriter fee |
|
|
- |
|
|
|
1,450,500 |
|
Indemnity liability |
|
|
1,661,651 |
|
|
|
499,465 |
|
Total
Liabilities |
|
$ |
44,730,603 |
|
|
$ |
94,229,731 |
|
Commitment and
Contingencies (Note 15) |
|
|
|
|
|
|
|
|
Parent-Entity Net
Investment and Stockholders’ Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Convertible preferred stock,
$.0001 par value, 1,250,000 shares authorized, 4,221 shares issued
and outstanding on June 30, 2023, and Convertible preferred stock,
$.0001 par value, 1,250,000 shares authorized, 14,616 shares issued
and outstanding on December 31, 2022, respectively |
|
|
- |
|
|
|
1 |
|
Class A common stock, $.0001
par value, 130,000,000 shares authorized 46,265,317 issued and
outstanding on June 30, 2023, and Class A common stock, $.0001 par
value, 130,000,000 shares authorized, 23,732,889 issued and
outstanding on December 31, 2022, respectively |
|
|
4,627 |
|
|
|
2,374 |
|
Additional paid in
capital |
|
|
97,923,103 |
|
|
|
44,806,031 |
|
Retained deficit |
|
|
(70,577,990 |
) |
|
|
(39,695,281 |
) |
Total Parent-Entity Net
Investment and Stockholders’ Equity |
|
$ |
27,349,740 |
|
|
$ |
5,113,125 |
|
Total Liabilities and
Parent-Entity Net Investment and Stockholders’ Equity |
|
$ |
72,080,343 |
|
|
$ |
99,342,856 |
|
SHF Holdings,
Inc.Condensed Consolidated Statements of
Parent-Entity Net Investment and Stockholders’
Equity(Unaudited)
FOR THE THREE MONTHS ENDED JUNE 30,
2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred Stock |
|
|
Class A CommonStock |
|
|
AdditionalPaid-in |
|
|
Parent-Entity Net |
|
|
Retained |
|
|
TotalShareholders’ |
|
|
|
Shares |
|
|
Amount |
|
|
Shares |
|
|
Amount |
|
|
Capital |
|
|
Investment |
|
|
deficit |
|
|
Equity |
|
Balance, March 31, 2023 |
|
|
10,896 |
|
|
$ |
1 |
|
|
|
40,288,817 |
|
|
$ |
4,029 |
|
|
$ |
90,687,265 |
|
|
$ |
- |
|
|
$ |
(46,695,249 |
) |
|
$ |
43,996,046 |
|
Conversion of PIPE shares |
|
|
(6,675 |
) |
|
|
(1 |
) |
|
|
5,340,000 |
|
|
|
534 |
|
|
|
6,277,642 |
|
|
|
- |
|
|
|
(6,278,174 |
) |
|
|
- |
|
Restricted stock units |
|
|
- |
|
|
|
- |
|
|
|
636,500 |
|
|
|
64 |
|
|
|
352,244 |
|
|
|
- |
|
|
|
- |
|
|
|
352,308 |
|
Stock option conversion |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
605,952 |
|
|
|
- |
|
|
|
- |
|
|
|
605,952 |
|
Net loss |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(17,604,567 |
) |
|
|
(17,604,567 |
) |
Balance, June 30,
2023 |
|
|
4,221 |
|
|
$ |
- |
|
|
|
46,265,317 |
|
|
$ |
4,627 |
|
|
$ |
97,923,103 |
|
|
$ |
- |
|
|
$ |
(70,577,990 |
) |
|
$ |
27,349,740 |
|
FOR THE THREE MONTHS ENDED JUNE 30,
2022
|
|
Preferred Stock |
|
|
Class A CommonStock |
|
|
AdditionalPaid-in |
|
|
Parent-Entity Net |
|
|
Retained |
|
|
TotalShareholders’ |
|
|
|
Shares |
|
|
Amount |
|
|
Shares |
|
|
Amount |
|
|
Capital |
|
|
Investment |
|
|
deficit |
|
|
Equity |
|
Balance, March 31, 2022 |
|
|
- |
|
|
$ |
- |
|
|
|
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
7,900,700 |
|
|
$ |
- |
|
|
$ |
7,900,700 |
|
Contribution from parent |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
74,999 |
|
|
|
- |
|
|
|
74,999 |
|
Net profit |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
336,344 |
|
|
|
- |
|
|
|
336,344 |
|
Balance, June 30,
2022 |
|
|
- |
|
|
$ |
- |
|
|
|
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
8,312,043 |
|
|
$ |
- |
|
|
$ |
8,312,043 |
|
SHF Holdings,
Inc.Condensed Consolidated Statements of
Parent-Entity Net Investment and Stockholders’
Equity(Unaudited)
FOR THE SIX MONTHS ENDED JUNE 30,
2023
|
|
Preferred Stock |
|
|
Class A CommonStock |
|
|
AdditionalPaid-in |
|
|
Parent-Entity Net |
|
|
Retained |
|
|
TotalShareholders’ |
|
|
|
Shares |
|
|
Amount |
|
|
Shares |
|
|
Amount |
|
|
Capital |
|
|
Investment |
|
|
deficit |
|
|
Equity |
|
Balance, December 31, 2022 |
|
|
14,616 |
|
|
$ |
1 |
|
|
|
23,732,889 |
|
|
$ |
2,374 |
|
|
$ |
44,806,031 |
|
|
$ |
- |
|
|
$ |
(39,695,281 |
) |
|
$ |
5,113,125 |
|
Reversal of deferred
underwriting cost |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
900,500 |
|
|
|
- |
|
|
|
- |
|
|
|
900,500 |
|
Cumulative effect from
adoption of CECL |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(581,321 |
) |
|
|
(581,321 |
) |
Conversion of PIPE shares |
|
|
(10,395 |
) |
|
|
(1 |
) |
|
|
10,066,200 |
|
|
|
1,006 |
|
|
|
11,282,369 |
|
|
|
- |
|
|
|
(11,283,374 |
) |
|
|
- |
|
Restricted stock units |
|
|
- |
|
|
|
- |
|
|
|
1,266,228 |
|
|
|
127 |
|
|
|
1,209,711 |
|
|
|
- |
|
|
|
- |
|
|
|
1,209,838 |
|
Stock option conversion |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1,319,204 |
|
|
|
- |
|
|
|
- |
|
|
|
1,319,204 |
|
Issuance of shares to PCCU
(net of tax) |
|
|
- |
|
|
|
- |
|
|
|
11,200,000 |
|
|
|
1,120 |
|
|
|
38,405,288 |
|
|
|
- |
|
|
|
- |
|
|
|
38,406,408 |
|
Net loss |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(19,018,014 |
) |
|
|
(19,018,014 |
) |
Balance, June 30,
2023 |
|
|
4,221 |
|
|
$ |
- |
|
|
|
46,265,317 |
|
|
$ |
4,627 |
|
|
$ |
97,923,103 |
|
|
$ |
- |
|
|
$ |
(70,577,990 |
) |
|
$ |
27,349,740 |
|
FOR THE SIX MONTHS ENDED JUNE 30,
2022
|
|
Preferred Stock |
|
|
Class A Common Stock |
|
|
Additional Paid-in |
|
|
Parent-Entity Net |
|
|
Retained |
|
|
Total Shareholders’ |
|
|
|
Shares |
|
|
Amount |
|
|
Shares |
|
|
Amount |
|
|
Capital |
|
|
Investment |
|
|
deficit |
|
|
Equity |
|
Balance, December 31, 2021 |
|
|
- |
|
|
$ |
- |
|
|
|
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
7,339,101 |
|
|
$ |
- |
|
|
$ |
7,339,101 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contribution from parent |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
134,998 |
|
|
|
- |
|
|
|
134,998 |
|
Net income |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
837,944 |
|
|
|
- |
|
|
|
837,944 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, June 30,
2022 |
|
|
- |
|
|
$ |
- |
|
|
|
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
8,312,043 |
|
|
$ |
- |
|
|
$ |
8,312,043 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SHF Holdings, Inc.CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
For the six months ended June 30, |
|
|
|
2023 |
|
|
2022 |
|
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
|
|
|
|
|
Net (loss) / income |
|
$ |
(19,018,014 |
) |
|
$ |
837,944 |
|
Adjustments to reconcile net
income to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
Depreciation and amortization expense |
|
|
797,664 |
|
|
|
1,952 |
|
Stock compensation expense |
|
|
2,529,042 |
|
|
|
- |
|
Interest expense |
|
|
1,187,940 |
|
|
|
- |
|
Provision for credit losses |
|
|
578,546 |
|
|
|
295,565 |
|
Lease expense |
|
|
107,943 |
|
|
|
- |
|
Impairment of goodwill |
|
|
13,208,276 |
|
|
|
- |
|
Impairment of finite-lived intangible assets |
|
|
3,680,463 |
|
|
|
- |
|
Deferred tax benefit |
|
|
(1,261,424 |
) |
|
|
- |
|
Change in fair value of warrant |
|
|
(442,937 |
) |
|
|
- |
|
Changes in operating assets
and liabilities: |
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
(23,750 |
) |
|
|
(208,133 |
) |
Contract assets |
|
|
19,190 |
|
|
|
- |
|
Prepaid expenses |
|
|
78,044 |
|
|
|
(13,450 |
) |
Accrued interest receivable |
|
|
3,036 |
|
|
|
(7,206 |
) |
Deferred underwriting payable |
|
|
(550,000 |
) |
|
|
- |
|
Other current assets |
|
|
150,817 |
|
|
|
- |
|
Accounts payable |
|
|
(1,604,082 |
) |
|
|
75,836 |
|
Accrued expenses |
|
|
(440,503 |
) |
|
|
144,991 |
|
Deferred loan origination fees |
|
|
- |
|
|
|
118,116 |
|
Contract liabilities |
|
|
59,386 |
|
|
|
(8,333 |
) |
Security deposit |
|
|
(5,000 |
) |
|
|
(1,868 |
) |
Net cash (used in) provided by operating activities |
|
|
(945,363 |
) |
|
|
1,235,414 |
|
|
|
|
|
|
|
|
|
|
CASH FLOWS USED IN
INVESTING ACTIVITIES: |
|
|
|
|
|
|
|
|
Purchase of property and equipment |
|
|
(208,434 |
) |
|
|
(8,792 |
) |
Funding of other investment |
|
|
- |
|
|
|
(500,000 |
) |
Repayment of loans, net |
|
|
1,002,697 |
|
|
|
24,923 |
|
Net cash provided by (used in) investing activities |
|
|
794,263 |
|
|
|
(483,869 |
) |
CASH FLOWS USED IN
FINANCING ACTIVITIES: |
|
|
|
|
|
|
|
|
Net change in parent funding, allocations, and distributions to
parent |
|
|
- |
|
|
|
134,998 |
|
Net cash provided by financing activities |
|
|
- |
|
|
|
134,998 |
|
|
|
|
|
|
|
|
|
|
Net increase in cash and cash
equivalents |
|
|
(151,100 |
) |
|
|
886,543 |
|
Cash and cash equivalents –
beginning of period |
|
|
8,390,195 |
|
|
|
5,495,905 |
|
Cash and cash equivalents –
end of period |
|
$ |
8,239,095 |
|
|
$ |
6,382,448 |
|
|
|
|
|
|
|
|
|
|
Supplemental
disclosure |
|
|
|
|
|
|
|
|
Shares issued for the
settlement of PCCU debt obligation |
|
$ |
38,406,408 |
|
|
$ |
- |
|
Cumulative effect from
adoption of CECL |
|
|
581,321 |
|
|
|
- |
|
Interest payment on senior
secured promissory note |
|
|
104,678 |
|
|
|
- |
|
Reversal of deferred
underwriting cost |
|
|
900,500 |
|
|
|
- |
|
UNAUDITED Reconciliation of net income to
non-GAAP EBITDA and Adjusted EBITDA is as follows:
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Net (loss)/income |
|
$ |
(17,604,567 |
) |
|
$ |
336,344 |
|
|
$ |
(19,018,014 |
) |
|
$ |
837,944 |
|
Interest expense |
|
|
353,736 |
|
|
|
- |
|
|
|
1,187,939 |
|
|
|
- |
|
Depreciation and
amortization |
|
|
401,350 |
|
|
|
1,135 |
|
|
|
797,664 |
|
|
|
1,952 |
|
Taxes |
|
|
(652,147 |
) |
|
|
- |
|
|
|
(1,261,424 |
) |
|
|
- |
|
EBITDA |
|
$ |
(17,501,628 |
) |
|
$ |
337,479 |
|
|
$ |
(18,293,835 |
) |
|
$ |
839,896 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other adjustments – |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for credit losses |
|
|
511,880 |
|
|
|
227,374 |
|
|
|
578,546 |
|
|
|
295,565 |
|
Change in the fair value of warrants |
|
|
(9,789 |
) |
|
|
- |
|
|
|
(442,937 |
) |
|
|
- |
|
Stock option conversion |
|
|
958,260 |
|
|
|
- |
|
|
|
2,529,042 |
|
|
|
- |
|
Impairment of goodwill and finite-lived intangible assets |
|
|
16,888,739 |
|
|
|
- |
|
|
|
16,888,739 |
|
|
|
- |
|
Loan origination fees and costs |
|
|
2,922 |
|
|
|
(653 |
) |
|
|
747 |
|
|
|
720 |
|
Adjusted EBITDA |
|
$ |
850,384 |
|
|
$ |
564,200 |
|
|
$ |
1,260,302 |
|
|
$ |
1,136,181 |
|
Safe Harbor Financial discloses EBITDA and
Adjusted EBITDA, both of which are non-GAAP financial measures and
are calculated as net income before taxes and depreciation and
amortization expense in the case of EBITDA and further adjusted to
exclude non-cash, unusual and/or infrequent costs in the case of
Adjusted EBITDA. Management of the Company uses this information in
evaluating period over period performance because it believes it
presents an important metric regarding the Company’s ongoing
operating performance. Investors should consider
non-GAAP financial measures only as a supplement to, not as a
substitute for or as superior to, measures of financial performance
prepared in accordance with GAAP.
Conference Call Details:The Company’s Chief
Executive Officer, Sundie Seefried and Chief Financial Officer, Jim
Dennedy will host a conference call and webcast at 4:30 pm ET /
1:30 pm PT today to discuss the Company's financial results and
provide investors with key business highlights.
Date: |
Monday,
August, 14, 2023 |
Time: |
Webcast Link |
Live webcast and replay: |
4:30pm ET / 1:30pm PT |
Participant dial in numbers: |
646-307-1963 or 800-715-9871 (Toll Free) |
Passcode: |
3046638 |
About Safe HarborSafe Harbor is among the first
service providers to offer compliance, monitoring and validation
services to financial institutions, providing traditional banking
services to cannabis, hemp, CBD, and ancillary operators, making
communities safer, driving growth in local economies, and fostering
long-term partnerships. Currently managing more than 1000
cannabis-related relationships, Safe Harbor, through its financial
institution clients, implements high standards of accountability,
transparency, monitoring, reporting and risk mitigation measures
while meeting Bank Secrecy Act obligations in line with FinCEN
guidance on cannabis-related businesses. Over the past eight years,
Safe Harbor has facilitated more than $18 billion in deposit
transactions for businesses with operations spanning over 40 states
and US territories with regulated cannabis markets. For more
information, visit www.shfinancial.org.
Forward-Looking StatementsCertain statements
contained in this press release constitute "forward-looking
statements'' within the meaning of federal securities laws.
Forward-looking statements may include, but are not limited to,
statements with respect to trends in the cannabis industry,
including proposed changes in U.S and state laws, rules,
regulations and guidance relating to Safe Harbor's services; Safe
Harbor's growth prospects and Safe Harbor's market size; Safe
Harbor's projected financial and operational performance, including
relative to its competitors; new product and service offerings Safe
Harbor may introduce in the future; the impact of recent volatility
in the capital markets, which may adversely affect the price of the
Company's securities; the outcome of any legal proceedings that may
be instituted against Safe Harbor; other statements regarding Safe
Harbor's expectations, hopes, beliefs, intentions or strategies
regarding the future; and the other risk factors discussed in Safe
Harbor's filings from time to time with the Securities and Exchange
Commission. In addition, any statements that refer to projections,
forecasts or other characterizations of future events or
circumstances, including any underlying assumptions, are
forward-looking statements. The words "anticipate," "believe,"
"continue," "could," "estimate," "expect," "intends," "outlook,"
"may," "might," "plan," "possible," "potential," "predict,"
"project," "should," "would," and similar expressions may identify
forward-looking statements, but the absence of these words does not
mean that a statement is not forward-looking. Forward-looking
statements are predictions, projections and other statements about
future events that are based on current expectations and
assumptions and, as a result, are subject, are subject to risks and
uncertainties. These forward-looking statements involve a number of
risks and uncertainties (some of which are beyond the control of
Safe Harbor), and other assumptions, that may cause the actual
results or performance to be materially different from those
expressed or implied by these forward-looking
statements. . We discuss these risks in greater detail
in the sections entitled “Risk Factors” in our Annual Report on
Form 10-K and, as applicable, in our Quarterly Reports on Form 10-Q
filed with the SEC. Given these uncertainties, you should not place
undue reliance on these forward-looking statements.
Except as required by law, we assume no obligation to update these
forward-looking statements, or to update the reasons actual results
could differ materially from those anticipated in these
forward-looking statements, even if new information becomes
available in the future.
Contact Information
Safe Harbor MediaNick Callaio,
Marketing Manager720.951.0619Nick@SHFinancial.org |
|
|
|
Safe Harbor Investor
Relationsir@SHFinancial.org |
|
|
|
KCSA Strategic CommunicationsPhil
Carlsonsafeharbor@kcsa.com |
|
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