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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
10-Q
☒ |
QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For
the quarterly period ended April 1, 2023
or
☐ |
TRANSITION
REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
COMMISSION
FILE NUMBER: 001-37575
STAFFING
360 SOLUTIONS, INC.
(Exact
name of registrant as specified in its charter)
Delaware |
|
68-0680859 |
(State or other jurisdiction
of
incorporation) |
|
(I.R.S.
Employer
Identification
No.) |
757
3rd Avenue
27th
Floor
New
York, New York 10017
(Address
of principal executive offices) (Zip code)
(646)
507-5710
(Registrant’s
telephone number, including area code)
Securities
registered under Section 12(b) of the Exchange Act:
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
Common
stock, par value $0.00001 per share |
|
STAF |
|
NASDAQ |
Indicate
by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days. Yes ☐ No ☒
Indicate
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and posted pursuant
to Rule 405 of Regulation S-T (Section 232.405 of the chapter) during the preceding 12 months (or for such shorter period that the registrant
was required to submit such files.) Yes ☐ No ☒
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company
or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer” “smaller
reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act:
Large
accelerated filer |
☐ |
|
Accelerated
filer |
☐ |
Non-accelerated
filer |
☒ |
|
Smaller
reporting company |
☒ |
|
|
|
Emerging
growth company |
☐ |
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act): Yes ☐ No ☒
As
of October 16, 2023, 5,601,020
shares of common stock, $0.00001 par value, were outstanding.
Form
10-Q Quarterly Report
INDEX
|
PART
I
FINANCIAL INFORMATION |
|
|
|
|
Item
1 |
Financial
Statements |
|
|
Condensed
Consolidated Balance Sheets as of April 1, 2023 (Unaudited) and December 31, 2022 |
3 |
|
Condensed Consolidated Statements of Operations (Unaudited) for the three months ended April 1, 2023 and April 2,
2022 |
4 |
|
Condensed Consolidated Statements of Comprehensive Loss (Unaudited) for the three months ended April 1, 2023 and April 2, 2022 |
5 |
|
Condensed
Consolidated Statements of Changes in Stockholders’ Deficit (Unaudited) for the three months ended April 1, 2023 and April 2, 2022 |
6 |
|
Condensed
Consolidated Statements of Cash Flows (Unaudited) for the three months ended April 1, 2023 and April 2, 2022 |
8 |
|
Notes
to Unaudited Condensed Consolidated Financial Statements |
9 |
Item
2 |
Management’s
Discussion and Analysis of Financial Condition and Results of Operations |
36 |
Item
3 |
Quantitative
and Qualitative Disclosures About Market Risk |
42 |
Item
4 |
Controls
and Procedures |
42 |
|
|
|
|
PART
II
OTHER INFORMATION |
|
|
|
|
Item
1 |
Legal
Proceedings |
43 |
Item
1A |
Risk
Factors |
45 |
Item
2 |
Unregistered
Sales of Equity Securities and Use of Proceeds |
48 |
Item
3 |
Defaults
Upon Senior Securities |
49 |
Item
4 |
Mine
Safety Disclosures |
49 |
Item
5 |
Other
Information |
49 |
Item
6 |
Exhibits |
49 |
|
|
|
Signatures |
50 |
STAFFING
360 SOLUTIONS, INC. AND SUBSIDIARIES
CONDENSED
CONSOLIDATED BALANCE SHEETS
(All
amounts in thousands, except share, per share and par values)
| |
|
| | |
|
| |
| |
|
As of | | |
|
As of | |
| |
April
1, 2023 | | |
December
31, 2022 | |
| |
(Unaudited) | | |
| |
ASSETS | |
| | | |
| | |
Current
Assets: | |
| | | |
| | |
Cash | |
$ | 1,402 | | |
$ | 1,992 | |
Accounts
receivable, net | |
| 24,427 | | |
| 23,628 | |
Prepaid
expenses and other current assets | |
| 2,195 | | |
| 1,762 | |
Total
Current Assets | |
| 28,024 | | |
| 27,382 | |
| |
| | | |
| | |
Property
and equipment, net | |
| 1,172 | | |
| 1,230 | |
Goodwill | |
| 19,891 | | |
| 19,891 | |
Intangible
assets, net | |
| 16,639 | | |
| 17,385 | |
Other
assets | |
| 7,404 | | |
| 6,701 | |
Right
of use asset | |
| 8,728 | | |
| 9,070 | |
Total
Assets | |
$ | 81,858 | | |
$ | 81,659 | |
LIABILITIES
AND STOCKHOLDERS’ EQUITY | |
| | | |
| | |
| |
| | | |
| | |
Current
Liabilities: | |
| | | |
| | |
Accounts
payable and accrued expenses | |
$ | 17,177 | | |
$ | 16,526 | |
Accrued
expenses – related party | |
| 218 | | |
| 218 | |
Current
portion of debt | |
| 125 | | |
| 249 | |
Accounts
receivable financing | |
| 16,525 | | |
| 18,268 | |
Leases
– current liabilities | |
| 1,245 | | |
| 1,188 | |
Earnout
liabilities | |
| 8,344 | | |
| 8,344 | |
Other
current liabilities | |
| 2,219 | | |
| 2,639 | |
Total
Current Liabilities | |
| 45,853 | | |
| 47,432 | |
| |
| | | |
| | |
Long-term
debt – related party | |
| 8,705 | | |
| 8,661 | |
Redeemable
Series H preferred stock, net | |
| 8,448 | | |
| 8,393 | |
Leases
– noncurrent | |
| 8,298 | | |
| 8,640 | |
Other
long-term liabilities | |
| 200 | | |
| 180 | |
Total
Liabilities | |
| 71,504 | | |
| 73,306 | |
| |
| | | |
| | |
Commitments
and contingencies | |
| — | | |
| — | |
| |
| | | |
| | |
Stockholders’
Equity: | |
| | | |
| | |
Preferred
stock, $0.00001 par value, 20,000,000 shares authorized; | |
| | | |
| | |
Series
J Preferred Stock, 40,000
shares designated, $0.00001
par value, 0
and 0
shares issued and outstanding as of April 1, 2023 and December 31, 2022, respectively | |
| — | | |
| — | |
Preferred
Stock | |
| - | | |
| - | |
Common
stock, $0.00001 par value, 200,000,000 shares authorized; 3,856,020 and 2,629,199 shares issued and outstanding, as of April 1, 2023
and December 31, 2022, respectively | |
| 1 | | |
| 1 | |
Additional
paid in capital | |
| 116,419 | | |
| 111,586 | |
Accumulated
other comprehensive loss | |
| (2,196 | ) | |
| (2,219 | ) |
Accumulated
deficit | |
| (103,870 | ) | |
| (101,015 | ) |
Total
Stockholders’ Equity | |
| 10,354 | | |
| 8,353 | |
Total
Liabilities and Stockholders’ Equity | |
$ | 81,858 | | |
$ | 81,659 | |
The
accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
STAFFING
360 SOLUTIONS, INC. AND SUBSIDIARIES
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
(All
amounts in thousands, except share, per share and per share values)
(UNAUDITED)
| |
|
|
|
|
|
| |
| |
Quarter
Ended | |
| |
April
1, 2023 | | |
April
2, 2022 | |
Revenue | |
$ | 63,105 | | |
$ | 49,893 | |
| |
| | | |
| | |
Cost
of Revenue, excluding depreciation and amortization stated below | |
| 53,517 | | |
| 41,380 | |
| |
| | | |
| | |
Gross
Profit | |
| 9,588 | | |
| 8,513 | |
| |
| | | |
| | |
Operating
Expenses: | |
| | | |
| | |
Selling,
general and administrative expenses | |
| 10,167 | | |
| 8,909 | |
Depreciation
and amortization | |
| 775 | | |
| 655 | |
Total
Operating Expenses | |
| 10,942 | | |
| 9,564 | |
| |
| | | |
| | |
Loss
From Operations | |
| (1,354 | ) | |
| (1,051 | ) |
| |
| | | |
| | |
Other
Expenses: | |
| | | |
| | |
Interest
expense | |
| (1,349 | ) | |
| (670 | ) |
Amortization
of debt discount and deferred financing costs | |
| (98 | ) | |
| (96 | ) |
Re-measurement
loss on intercompany note | |
| — | | |
| (443 | ) |
Other
loss, net | |
| (14 | ) | |
| (58 | ) |
Total
Other Expenses, net | |
| (1,461 | ) | |
| (1,267 | ) |
| |
| | | |
| | |
| |
| | | |
| | |
Provision
from Income taxes | |
| (40 | ) | |
| (6 | ) |
| |
| | | |
| | |
Net
Loss | |
| (2,855 | ) | |
| (2,324 | ) |
| |
| | | |
| | |
Net
Loss – Basic and Diluted | |
$ | (0.90 | ) | |
$ | (1.33 | ) |
| |
| | | |
| | |
Weighted
Average Shares Outstanding – Basic and Diluted | |
| 3,177,517 | | |
| 1,752,949 | |
The
accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
STAFFING
360 SOLUTIONS, INC. AND SUBSIDIARIES
CONDENSED
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(All
amounts in thousands)
(UNAUDITED)
| |
|
|
|
|
|
| |
| |
Quarter
Ended | |
| |
April
1, 2023 | | |
April
2, 2022 | |
Net
Loss | |
$ | (2,855 | ) | |
$ | (2,324 | ) |
| |
| | | |
| | |
Other
Comprehensive Income (Loss) | |
| | | |
| | |
Foreign
exchange translation adjustment | |
| 23 | | |
| (200 | ) |
Comprehensive
Loss | |
$ | (2,832 | ) | |
$ | (2,524 | ) |
The
accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
STAFFING
360 SOLUTIONS, INC. AND SUBSIDIARIES
CONDENSED
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ DEFICIT
(All
amounts in thousands, except share and par values)
(UNAUDITED)
| |
| | |
| | |
| | |
| | |
| | |
| |
| |
Shares | | |
Par
Value | | |
Additional
paid in | | |
Accumulated
other comprehensive | | |
Accumulated | | |
Total | |
| |
Common
Stock | | |
capital | | |
income
(loss) | | |
Deficit | | |
Equity | |
Balance,
January 1, 2022 | - |
| 1,758,835 | | |
$ | 1 | | |
$ | 107,183 | | |
$ | 162 | | |
$ | (84,021 | ) | |
$ | 23,325 | |
Shares issued to/for: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Employees,
directors and consultants | |
| 1,000 | | |
| — | | |
| 42 | | |
| — | | |
| — | | |
| 42 | |
Foreign
currency translation loss | |
| — | | |
| — | | |
| — | | |
| (200 | ) | |
| — | | |
| (200 | ) |
Net
loss | - |
| — | | |
| — | | |
| — | | |
| — | | |
| (2,324 | ) | |
| (2,324 | ) |
Balance
April 2, 2022 | - |
| 1,759,835 | | |
$ | 1 | | |
$ | 107,225 | | |
$ | (38 | ) | |
$ | (86,345 | ) | |
$ | 20,843 | |
The
accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
STAFFING
360 SOLUTIONS, INC. AND SUBSIDIARIES
CONDENSED
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
(All
amounts in thousands, except share and par values)
(UNAUDITED)
|
|
| | |
| | |
| | |
| | |
| | |
| |
|
|
Shares | | |
Par
Value | | |
Additional
paid in | | |
Accumulated
other comprehensive | | |
Accumulated
| | |
Total | |
|
|
Common
Stock | | |
Capital | | |
Loss | | |
Deficit | | |
Equity | |
Balance,
January 1, 2023 |
|
| 2,629,199 | | |
$ | 1 | | |
$ | 111,586 | | |
$ | (2,219 | ) | |
$ | (101,015 | ) | |
$ | 8,353 | |
Balance |
|
| 2,629,199 | | |
| 1 | | |
| 111,586 | | |
| (2,219 | ) | |
| (101,015 | ) | |
| 8,353 | |
Shares issued to/for: |
|
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Employees,
directors and consultants |
|
| 237,305 | | |
| — | | |
| 720 | | |
| — | | |
| — | | |
| 720 | |
Sale
of common stock and warrants |
|
| 989,516 | | |
| — | | |
| 4,113 | | |
| — | | |
| — | | |
| 4,113 | |
Warrants
modification |
|
| — | | |
| — | | |
| 176 | | |
| — | | |
| — | | |
| 176 | |
Equity
issuance cost |
|
| — | | |
| — | | |
| (176 | ) | |
| — | | |
| — | | |
| (176 | ) |
Foreign
currency translation income |
|
| — | | |
| — | | |
| — | | |
| 23 | | |
| — | | |
| 23 | |
Foreign
currency translation Income (loss) |
|
| — | | |
| — | | |
| — | | |
| 23 | | |
| — | | |
| 23 | |
Net
loss |
|
| — | | |
| — | | |
| — | | |
| — | | |
| (2,855 | ) | |
| (2,855 | ) |
Net
income (loss) |
|
| — | | |
| — | | |
| — | | |
| — | | |
| (2,855 | ) | |
| (2,855 | ) |
Balance,
April 1, 2023 |
|
| 3,856,020 | | |
$ | 1 | | |
$ | 116,419 | | |
$ | (2,196 | ) | |
$ | (103,870 | ) | |
$ | 10,354 | |
Balance |
|
| 3,856,020 | | |
$ | 1 | | |
$ | 116,419 | | |
| (2,196 | ) | |
$ | (103,870 | ) | |
| 10,354 | |
The
accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
STAFFING
360 SOLUTIONS, INC. AND SUBSIDIARIES
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(All
amounts in thousands)
(UNAUDITED)
| |
|
| | |
|
| |
| |
April
1, 2023 | | |
April
2, 2022 | |
CASH
FLOWS FROM OPERATING ACTIVITIES: | |
| | | |
| | |
Net
Loss | |
$ | (2,855 | ) | |
$ | (2,324 | ) |
Adjustments
to reconcile net loss income to net cash used in operating activities: | |
| | | |
| | |
Depreciation
and amortization | |
| 775 | | |
| 655 | |
Amortization
of debt discount and deferred financing costs | |
| 98 | | |
| 96 | |
Accounts receivable allowance | |
| 18 | | |
| (1 | ) |
Right
of use assets depreciation | |
| 355 | | |
| 324 | |
Stock
based compensation | |
| 720 | | |
| 42 | |
Re-measurement
loss on intercompany note | |
| — | | |
| 443 | |
Changes
in operating assets and liabilities: | |
| | | |
| | |
Accounts
receivable | |
| (2,519 | ) | |
| (5,621 | ) |
Prepaid
expenses and other current assets | |
| (437 | ) | |
| (526 | ) |
Other
assets | |
| (1,015 | ) | |
| 812 | |
Accounts
payable and accrued expenses | |
| 717 | | |
| 3,999 | |
Accounts
payable, related party | |
| — | | |
| 122 | |
Other
current liabilities | |
| (363 | ) | |
| (128 | ) |
Other
long-term liabilities and other | |
| 77 | | |
| (749 | ) |
NET
CASH USED IN OPERATING ACTIVITIES | |
| (4,429 | ) | |
| (2,856 | ) |
| |
| | | |
| | |
CASH
FLOWS FROM INVESTING ACTIVITIES: | |
| | | |
| | |
Purchase
of property and equipment | |
| (28 | ) | |
| (42 | ) |
Collection
of UK factoring facility deferred purchase price | |
| 1,626 | | |
| 1,877 | |
NET
CASH PROVIDED BY INVESTING ACTIVITIES | |
| 1,598 | | |
| 1,835 | |
| |
| | | |
| | |
CASH
FLOWS FROM FINANCING ACTIVITIES: | |
| | | |
| | |
Third
party financing costs | |
| (319 | ) | |
| — | |
Repayment
of term loan | |
| (124 | ) | |
| — | |
Proceeds
from term loan | |
| — | | |
| (117 | ) |
Repayments
on accounts receivable financing, net | |
| (1,743 | ) | |
| — | |
Dividends
paid to related parties | |
| — | | |
| (2,036 | ) |
Proceeds
from sale of common stock and warrants, net of third-party financing costs | |
| 4,433 | | |
| — | |
NET
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | |
| 2,247 | | |
| (2,153 | ) |
| |
| | | |
| | |
NET
DECREASE IN CASH | |
| (584 | ) | |
| (3,174 | ) |
| |
| | | |
| | |
Effect
of exchange rates on cash | |
| (6 | ) | |
| (29 | ) |
| |
| | | |
| | |
Cash
– Beginning of period | |
| 1,992 | | |
| 4,558 | |
| |
| | | |
| | |
Cash
– End of period | |
$ | 1,402 | | |
$ | 1,355 | |
The
accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
STAFFING
360 SOLUTIONS, INC. AND SUBSIDIARIES
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(All
amounts in thousands, except share, per share, par values and stated value per share)
(UNAUDITED)
NOTE
1 – ORGANIZATION AND DESCRIPTION OF BUSINESS
Staffing
360 Solutions, Inc. (“we,” “us,” “our,” “Staffing 360,” or the “Company”)
was incorporated in the State of Nevada on December 22, 2009, as Golden Fork Corporation, which changed its name to Staffing 360 Solutions,
Inc., ticker symbol “STAF,” on March 16, 2012. On June 15, 2017, the Company reincorporated in the State of Delaware.
We
are a high-growth international staffing company engaged in the acquisition of U.S. and U.K. based staffing companies. As part of
our consolidation model, we pursue a broad spectrum of staffing companies supporting primarily the Professional and Commercial
Business Streams. The model is based on finding and acquiring suitable, mature, profitable, operating, domestic and international
staffing companies focused specifically on the accounting and finance, information technology (“IT”), engineering,
administration (“Professional”) and light industrial (“Commercial”) disciplines. Our typical acquisition
model is based on paying consideration in the form of cash, stock, earn-outs and/or promissory notes. In furthering our business
model, we are regularly in discussions and negotiations with various suitable, mature acquisition targets. To date, we have
completed 11 acquisitions since November 2013.
The
Company focuses on five strategic verticals that represent sub-segments of the staffing industry. These five strategic pillars,
accounting & finance, information technology, engineering, administration, and commercial are the basis for the Company’s
sales and revenue generation and its growth acquisition targets. The Headway Acquisition in May 2022 added 33%
in revenue, or approximately $60,700
to $184,100
of revenue from the business not including Headway (each as defined herein). The Headway Acquisition included approximately $60,000
in Employer of Record service contracts. Employer of Record (“EOR”) projects are typically large volume, long-term
providing HR outsourcing of payroll and benefits for a contingent workforce. EOR projects while priced with lower gross margin
percentages than traditional temporary staffing assignments, yield a comparable contribution as a result of lower costs to deliver
these services. Typical
contribution for EOR projects is 80-85% of the gross profit earned, compared to 40-50% for traditional staffing which negates the
impact of lower gross margins. This EOR service offering could be added to the Company’s other Brands (defined below),
providing for a growth element within the existing client base, both in the U.S. and U.K. markets. The Headway Acquisition also
brought an active workforce in all 50 states in the U.S., as well as Puerto Rico and Washington, D.C. The Company anticipates that
this will provide for potential expansion of accounts for all brands in the group’s portfolio
(“Brands”).
STAFFING
360 SOLUTIONS, INC. AND SUBSIDIARIES
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(All
amounts in thousands, except share, per share and stated value per share)
(UNAUDITED)
The
Company has developed a centralized, sales and recruitment hub in both the U.S. and U.K. markets. The addition of Headway, with its
single office in Raleigh, North Carolina, and nationwide coverage for operations, supports and accelerates the Company’s objective of driving
efficiencies through the use of technology, deemphasizing bricks and mortar, supporting more efficient and cost-effective service
delivery for all Brands.
The
Company has a management team with significant operational and M&A experience. The combination of this management experience and
the increased opportunity for expansion of its core Brands with EOR services and nationwide expansion, provide for the opportunity of
significant organic growth, while plans to continue its business model, finding and acquiring suitable, mature, profitable, operating,
U.S. and U.K. based staffing companies continues.
We
effected a one-for-ten
reverse stock split on June 24, 2022 (the “Reverse Stock Split”). All share and per share information in this
Quarterly Report on Form 10-Q, including the condensed consolidated financial statements and related notes thereto, has, where
applicable, been retroactively adjusted to reflect the Reverse Stock Split.
NOTE
2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis
of Presentation and Principles of Consolidation
These
condensed consolidated financial statements and related notes are presented in accordance with generally accepted accounting
principles in the United States (“GAAP”), expressed in U.S. dollars. All amounts are in thousands, except share, per share and par
values, unless otherwise indicated.
The
accompanying condensed consolidated financial statements reflect all adjustments including normal recurring adjustments, which, in
the opinion of management, are necessary to present fairly the financial position, results of operations and cash flows for the
periods presented in accordance with the GAAP. All significant intercompany balances and transactions have been eliminated in
consolidation.
Liquidity
The
accompanying condensed consolidated financial statements do not include any adjustments or classifications that may result from the
possible inability of the Company to continue as a going concern. The accompanying financial statements have been prepared on a
basis which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. As shown in
the accompanying financial statements as of the quarter ended April 1, 2023, the Company has an accumulated deficit of $103,870
and a working capital deficit of $17,829.
At April 1, 2023, we had total gross debt of $18,141
and $1,402 of cash on hand. We have
historically met our cash needs through a combination of cash flows from operating activities, term loans, promissory notes,
convertible notes, private placement offerings and sales of equity. Our cash requirements are generally for operating activities and
debt repayments.
The
financial statements included in this Quarterly Report on Form 10-Q have been prepared assuming that we will continue as a going
concern, which contemplates the recoverability of assets and the satisfaction of liabilities in the normal course of business.
Significant assumptions underlie this belief, including, among other things, that there will be no material adverse developments in
our business, liquidity, capital requirements and that our credit facilities with our lenders will remain available to
us.
Further,
the notes issued to Jackson Investment Group LLC (“Jackson”) includes
certain financial customary covenants and the Company has had instances of non-compliance. Management has historically been able to
obtain from Jackson waivers of any non-compliance and management expects to continue to be able to obtain necessary waivers in the
event of future non-compliance; however, there can be no assurance that the Company will be able to obtain such waivers, and should
Jackson refuse to provide a waiver in the future, the outstanding debt under the agreement could become due immediately, which
exceeds our current cash balance.
As
of the date of the filing of this Quarterly Report on Form 10-Q, the entire outstanding principal balance of the Jackson Notes, which
was $10,116, shall be due and payable on October
14, 2024. The debt represented by the Jackson Note continues to be secured by substantially all of the Company’s
domestic subsidiaries’ assets pursuant to the Amended and Restated Security Agreement with Jackson, dated September 15, 2017,
as amended. The Company also has a $32,500
revolving loan facility with MidCap Funding X Trust (“MidCap”). The MidCap facility has a maturity date of September
6, 2024.
STAFFING
360 SOLUTIONS, INC. AND SUBSIDIARIES
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(All
amounts in thousands, except share, per share and stated value per share)
(UNAUDITED)
Going
Concern
The
accompanying condensed consolidated financial statements have been prepared in conformity with GAAP, which contemplate continuation
of the Company as a going concern. Historically, the Company has funded such payments either through cash flow from operations or
the raising of capital through additional debt or equity. If the Company is unable to obtain additional capital, such payments may
not be made on time.
The
Company’s negative working capital and liquidity position combined with the uncertainty generated by the economic reaction to the
COVID-19 pandemic raise substantial doubt about the Company’s ability to continue as a going concern.
COVID-19
In
May 2023, the World Health Organization determined that COVID-19 no longer fit the definition of a public health emergency and the
U.S. government announced its plan to let the declaration of a public health emergency associated with COVID-19 expire on May 11,
2023. COVID-19 is expected to remain a serious endemic threat for an indefinite future period and may continue to adversely affect
the global economy, and we are unable to predict the full extent of potential delays or impacts on our business, our clinical
studies, our research programs, the recoverability of our assets, and our manufacturing. The effects of the COVID-19 endemic may
continue to disrupt or delay our business operations, including but not limited to with respect to efforts relating to potential
business development transactions and our ability to deploy staffing workforce effectively during social distancing and shelter-in-place directives, and it could continue to disrupt the marketplace which could have an adverse effect on our
operations. As such, it is uncertain as to the full magnitude that the COVID-19 and its ongoing effects will have on the
Company’s financial condition, liquidity, and future results of operations. Management is actively monitoring the impact of
the global situation on its financial condition, liquidity, operations, industry, and workforce. The Company is not able to estimate
the effects of the COVID-19 endemic on its results of operations, financial condition, or liquidity for fiscal year
2023.
The
Company’s negative working capital and liquidity position combined with the uncertainty generated by the economic reaction to COVID-19 and its ongoing effects contribute to the substantial doubt about the Company’s ability to continue as a
going concern.
Use
of Estimates
The
preparation of condensed consolidated financial statements in accordance with GAAP requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported
amounts of revenue and expenses in the reporting period. The Company bases its estimates and assumptions on current facts,
historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form
the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are
not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from its
estimates. To the extent there are material differences between estimates and the actual results, future results of operations will
be affected. Significant estimates for the quarters ended April 1, 2023 and April 2, 2022 include the valuation of intangible
assets, including goodwill, liabilities associated with testing long-lived assets for impairment and valuation reserves against
deferred tax assets.
STAFFING
360 SOLUTIONS, INC. AND SUBSIDIARIES
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(All
amounts in thousands, except share, per share and stated value per share)
(UNAUDITED)
Goodwill
Goodwill
relates to amounts that arose in connection with various acquisitions and represents the difference between the purchase price and the
fair value of the identifiable intangible and tangible net assets when accounted for using the purchase method of accounting. Goodwill
is not amortized, but it is subject to periodic review for impairment. Events that would indicate impairment and trigger an interim impairment
assessment include, but are not limited to, current economic and market conditions, a decline in the equity value of the business, a
significant adverse change in certain agreements that would materially affect reported operating results, business climate or operational
performance of the business and an adverse action or assessment by a regulator.
In
accordance with ASU No. 2011-08, Intangibles-Goodwill and Other (Topic 350) Testing Goodwill for Impairment, the Company
is required to review goodwill by reporting unit for impairment at least annually or more often if there are indicators of impairment
present. During the year ended December 31, 2022, the Company changed its annual measurement date from the last day of the fiscal year
end to the first day of the fiscal fourth quarter. A reporting unit is either the equivalent of, or one level below, an operating segment.
The Company early-adopted the provisions in ASU 2017-04, which eliminates the second step of the goodwill impairment test. As a result,
the Company’s goodwill impairment tests include only one step, which is a comparison of the carrying value of each reporting unit
to its fair value, and any excess carrying value, up to the amount of goodwill allocated to that reporting unit, is impaired.
The
carrying value of each reporting unit is based on the assignment of the appropriate assets and liabilities to each reporting unit. Assets
and liabilities were assigned to each reporting unit if the assets or liabilities are employed in the operations of the reporting unit
and the asset and liability is considered in the determination of the reporting unit fair value.
The
Company recognized an impairment with respect to its Staffing UK reporting unit of $10,000 during the quarter ended December 31,
2022. The impairment resulted from a continued decline in that reporting unit’s revenue which experienced significant and prolonged
declines as a result of the COVID-19 pandemic. To determine the impairment, the Company employed a combination of market approach (valuations
using comparable company multiples), income approach (discounted cash flow analysis) and prevailing market conditions to derive the fair
value of the reporting unit. Under ASU 2017-04, which the Company early adopted, the impairment amount represents the excess of the carrying
value over the fair value of the reporting unit.
Revenue
Recognition
The
Company recognizes revenue in accordance with ASC 606, the core principle of which is that an entity should recognize revenue to depict
the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be
entitled to receive in exchange for those goods or services. To achieve this core principle, five basic criteria must be met before revenue
can be recognized: (1) identify the contract with a customer; (2) identify the performance obligations in the contract; (3) determine
the transaction price; (4) allocate the transaction price to performance obligations in the contract; and (5) recognize revenue when
or as the Company satisfies a performance obligation.
The
Company accounts for revenues when both parties to the contract have approved the contract, the rights and obligations of the parties
are identified, payment terms are identified, and collectability of consideration is probable. Payment terms vary by client and the services
offered.
STAFFING
360 SOLUTIONS, INC. AND SUBSIDIARIES
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(All
amounts in thousands, except share, per share and stated value per share)
(UNAUDITED)
The
Company has primarily two main forms of revenue – temporary contractor revenue and permanent placement revenue. Temporary
contractor revenue is accounted for as a single performance obligation satisfied over time because the customer simultaneously
receives and consumes the benefits of the Company’s performance on an hourly or daily basis. The contracts stipulate weekly or
monthly billing, and the Company has elected the “as invoiced” practical expedient to recognize revenue based on the
hours incurred at the contractual rate as we have the right to payment in an amount that corresponds directly with the value of
performance completed to date. Permanent placement revenue is recognized on the date the candidate’s full-time employment with
the customer has commenced. The customer is invoiced on the start date, and the contract stipulates payment due under varying terms,
typically 30 days. The contract with the customer stipulates a guarantee period whereby the customer may be refunded if the employee
is terminated within a short period of time, however this has historically been infrequent, and immaterial upon occurrence. As such,
the Company’s performance obligations are satisfied upon commencement of the employment, at which point control has
transferred to the customer. Revenue for the quarter ended April 1, 2023 was comprised of $61,795
of temporary contractor revenue and $1,310
of permanent placement revenue compared with $48,329
of temporary contractor revenue and $1,564
permanent placement revenue for the quarter ended April 2, 2022. Refer to Note 12 – Segment Information for further details on
breakdown by segments.
Income
Taxes
The
Company utilizes Accounting Standards Codification (“ASC”) Topic 740, “Accounting for Income Taxes,” which requires
the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in
the financial statements or tax returns. Under this method, deferred income taxes are recognized for the tax consequences in future years
of differences between the tax bases of assets and liabilities and their financial reporting amounts at each period end based on enacted
tax laws and statutory tax rates applicable to the periods in which the differences are expected to affect taxable income. Valuation
allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.
The
Company applies the provisions of ASC 740-10-50, “Accounting for Uncertainty in Income Taxes,” which provides clarification
related to the process associated with accounting for uncertain tax positions recognized in the financial statements. Audit periods remain
open for review until the statute of limitations has passed. The completion of review or the expiration of the statute of limitations
for a given audit period could result in an adjustment to the Company’s liability for income taxes. Any such adjustment could be
material to the Company’s results of operations for any given quarterly or annual period based, in part, upon the results of operations
for the given period. As of the date of this filing, the Company is current on all corporate, federal and state tax returns. The Company’s
policy is to record interest and penalties related to unrecognized tax benefits as income tax expense.
The
effective income tax rate was (0.79%) and (0.25%) for the quarters ending April 1, 2023 and April 2, 2022, respectively. The Company’s
effective tax rate differs from the U.S. federal statutory rate of 21%, primarily due to changes in valuation allowances in the U.S.,
which eliminates the effective tax rate on current year losses, offset by current state taxes and changes to goodwill naked credit. The
Company may have experienced an IRC Section 382 limitation during 2021, for which it is in process of conducting an analysis to determine
the tax consequences of such a limitation.
Foreign
Currency
The
Company recorded a non-cash foreign currency remeasurement loss of $443 for the quarter ended April 1, 2022, associated with its U.S
dollar denominated intercompany note.
Warrants
The
Company accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant’s
specific terms and applicable authoritative guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards
Codification (“ASC”) 480, “Distinguishing Liabilities from Equity” (“ASC 480”) and ASC 815, “Derivatives
and Hedging” (“ASC 815”). The assessment considers whether the warrants are freestanding financial instruments pursuant
to ASC 480, meet the definition of a liability pursuant to ASC 480, and whether the warrants meet all of the requirements for equity
classification under ASC 815, including whether the warrants are indexed to the Company’s own ordinary shares, among other conditions
for equity classification. This assessment, which requires the use of professional judgment, is conducted at the time of warrant issuance
and as of each subsequent quarterly period end date while the warrants are outstanding.
STAFFING
360 SOLUTIONS, INC. AND SUBSIDIARIES
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(All
amounts in thousands, except share, per share and stated value per share)
(UNAUDITED)
For
issued or modified warrants that meet all of the criteria for equity classification, the warrants are required to be recorded as a
component of additional paid-in capital at the time of issuance. For issued or modified warrants that do not meet all the criteria
for equity classification, the warrants are required to be recorded at their initial fair value on the date of issuance, and each
balance sheet date thereafter. Changes in the estimated fair value of the warrants are recognized as a non-cash gain or loss on the
statements of operations. The fair value of the warrants placed were estimated using a Black Scholes model. Refer to Note 10 –
Stockholders’ Equity for further details.
Recent
Accounting Pronouncements
In
August 2020, the FASB issued ASU 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40) No. 2020-06 August 2020 Accounting for Convertible Instruments and Contracts
in an Entity’s Own Equity, which simplifies the guidance on the issuer’s accounting for convertible debt instruments by removing
the separation models for (1) convertible debt with a cash conversion feature and (2) convertible instruments with a beneficial conversion
feature. As a result, entities will not separately present in equity an embedded conversion feature in such debt and will account for
a convertible debt instrument wholly as debt, unless certain other conditions are met. The elimination of these models will reduce reported
interest expense and increase reported net income for entities that have issued a convertible instrument that is within the scope of
ASU 2020-06. Also, ASU 2020-06 requires the application of the if-converted method for calculating diluted earnings per share and treasury
stock method will be no longer available. ASU 2020-06 is applicable for fiscal years beginning after December 15, 2021, with early adoption
permitted no earlier than fiscal years beginning after December 15, 2020. The Company adopted this ASU on January 2, 2022. This standard
does not have an impact on our consolidated financial statements.
On
June 16, 2016, the FASB issued Accounting Standards Update No. 2016-13, Financial Instruments—Credit Losses (Topic 326):
Measurement of Credit Losses on Financial Instruments, which introduced an expected credit loss model for the impairment of
financial assets measured at amortized cost basis. This ASU replaces the probable, incurred loss model for those assets. On November
15, 2019, the FASB delayed the effective date of FASB ASC Topic 326 for certain small public companies and other private companies.
As amended, the effective date of ASC Topic 326 was delayed until fiscal years beginning after December 15, 2022, for SEC filers
that are smaller reporting companies under the SEC’s definition, as well as private companies and not-for-profit entities. The
Company has adopted this ASU on January 1, 2023. This standard does not have a material impact on the
consolidated financial statements.
NOTE
3 – EARNINGS (LOSS) PER COMMON SHARE
The
Company utilizes the guidance per ASC 260, “Earnings per Share”. Basic earnings per share are calculated by dividing
income/loss available to stockholders by the weighted average number of common stock shares outstanding during each period. Our
Series A, Series E and Series E-1 Preferred Stockholders (related parties) receive certain dividends or dividend equivalents that
are considered participating securities and our loss per share is computed using the two-class method. For the quarters ended April
1, 2023 and April 2, 2022, pursuant to the two-class method, as a result of the net loss attributable to common
stockholders, losses were not allocated to the participating securities.
STAFFING
360 SOLUTIONS, INC. AND SUBSIDIARIES
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(All
amounts in thousands, except share, per share and stated value per share)
(UNAUDITED)
Diluted
earnings per share are computed using the weighted average number of common stock shares and dilutive common stock equivalents outstanding
during the period. Dilutive common stock equivalents consist of shares of common stock issuable upon the conversion of preferred stock,
convertible notes, unvested equity awards and the exercise of stock options and warrants (calculated using the modified treasury stock
method). Such securities, shown below, presented on a common stock equivalent basis and outstanding as of April 1, 2023 and April 2,
2022 have not been included in the diluted earnings per share computations, as their inclusion would be anti-dilutive due to the Company’s
net loss as of April 1, 2023 and April 2, 2022:
SCHEDULE OF COMMON SHARE EQUIVALENT BASIS AND OUTSTANDING EXCLUDED FROM PER SHARE COMPUTATIONS OF ANTI-DILUTIVE
| |
April
1, 2023 | | |
April
2, 2022 | |
Warrants | |
| 4,624,543 | | |
| 127,300 | |
Restricted shares
– unvested | |
| 128,496 | | |
| 972,495 | |
Options | |
| 51,302 | | |
| 6,880 | |
Total | |
| 4,804,341 | | |
| 1,106,675 | |
NOTE
4 – ACCOUNTS RECEIVABLE FINANCING
Midcap
Funding X Trust
Prior
to September 15, 2017, certain U.S. subsidiaries of the Company were party to a $25,000
revolving loan facility with MidCap, with the option to increase the amount by an additional $25,000,
with a maturity date of April
8, 2019.
On
October 26, 2020, the Company entered into Amendment No. 17 to that certain Credit and Security Agreement, dated April 8, 2017, by
and among, the Company, as the parent, Monroe Staffing Services, LLC, a Delaware limited liability company, Faro Recruitment
America, Inc., a New York corporation, Lighthouse Placement Services, Inc., a Massachusetts corporation, Staffing 360 Georgia, LLC,
a Georgia limited liability company, and Key Resources, Inc., a North Carolina corporation, as borrowers (the “Credit Facility
Borrowers”), MidCap Funding IV Trust as successor by assignment to MidCap (as agent for lenders), and other financial
institutions or other entities from time to time parties thereto as lenders (as amended, restated, amended and restated,
supplemented or otherwise modified from time to time, the “Credit and Security Agreement”) pursuant to which, among
other things, the parties agreed to extend the
maturity date of our outstanding asset based revolving loan until September 1, 2022. In addition, the Company also agreed to certain
amendments to the financial covenants.
On
October 27, 2022, the Company and the Credit Facility Borrowers entered into Amendment No. 27 and Joinder Agreement to the Credit
and Security Agreement (“Amendment No. 27”) with MidCap Funding IV Trust as successor by assignment to MidCap and the lenders party thereto. Amendment No. 27, among other things, (i) increases the revolving
loan commitment amount from $25,000 to $32,500 (the “Loan”), (ii) extends the commitment expiry date from October 27, 2022 to September 6, 2024, and (iii)
modifies certain of the financial covenants. Pursuant to Amendment No. 27, as long as no default or event of default under the
Credit and Security Agreement as amended by Amendment No. 27 exists, upon written request by the Company and with the prior written
consent of the agent and lenders, the Loan may be increased by up to $10,000 in minimum amounts of $5,000 tranches each, for an aggregate loan commitment amount of $42,500.
In
addition, Amendment No. 27 increases the applicable margin from 4.0% to 4.25%, with respect to the Loan (other than Letter of Credit
Liabilities (as defined in the Credit and Security Agreement)), and from 3.5% to 3.75% with respect to the Letter of Credit Liabilities.
Amendment No. 27 also replaces the interest rate benchmark from LIBOR to SOFR and provides that the Loan shall bear interest at the sum
of a term-based SOFR rate (plus a SOFR adjustment of 0.11448%) plus the Applicable Margin, subject to certain provisions for the replacement
of SOFR with an alternate benchmark in connection with SOFR no longer being provided by its administrator. Notwithstanding the foregoing,
the SOFR interest rate shall not be at any time less than 1.00%. On August 30, 2023, the Company entered into Amendment No. 28 (“Amendment No. 28”) to the Credit and
Security Agreement with MidCap, which among other things further increases the applicable margin (a) from 4.25% to 4.50% with respect
to the Loan (other than the Letter of Credit Liabilities) and (b) from 3.75% to 4.50% with respect to the Letter of Credit Liabilities.
See Note 15 – Subsequent Events.
The
facility provides events of default including: (i) failure to make payment of principal or interest on any Loans when required, (ii)
failure to perform obligations under the facility and related documents, (iii) not paying its debts as such debts become due and
similar insolvency matters, and (iv) material adverse changes in the financial condition of business prospectus of any Borrower
(subject to a 10-day notice and cure period.) Upon an event of default, the Company’s obligations under the credit facility
may, or in the event of insolvency or bankruptcy will automatically, be accelerated. At the election of agent or required lenders (or automatically in case
of bankruptcy or insolvency events of default), upon the occurrence of any event of default and for so long as it continues,
the facility will bear interest at a rate equal to the lesser of: (i) 3.0% above the rate of interest applicable to such obligations
immediately prior to the occurrence of the event of default; and (ii) the maximum rate allowable under law.
Under
the terms of this agreement, the Company is subject to affirmative covenants which are customary for financings of this type, including
covenants to: (i) maintain good standing and governmental authorizations, (ii) provide certain information and notices to MidCap, (iii)
deliver monthly reports and quarterly financial statements to MidCap, (iv) maintain insurance, (v) discharge all taxes, (vi) protect
its intellectual property, and (vii) generally protect the collateral granted to MidCap. The Company is also subject to negative covenants
customary for financings of this type, including that it may not: (i) enter into a merger or consolidation or certain change of control
events, (ii) incur liens on the collateral, (iii) except for certain permitted acquisitions, acquire any significant assets other than
in the ordinary course of business, (iv) assume certain additional senior debt, or (v) amend any of its organizational documents.
STAFFING
360 SOLUTIONS, INC. AND SUBSIDIARIES
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(All
amounts in thousands, except share, per share and stated value per share)
(UNAUDITED)
The
balance of the MidCap facility as of April 1, 2023 and December 31, 2022 was $16,434 and $18,176, respectively, and is included in Accounts
receivable financing on the Consolidated Balance Sheet.
HSBC
Invoice Finance (UK) Ltd
On
February 8, 2018, CBSbutler, Staffing 360 Solutions Limited and The JM Group, entered into a new arrangement with HSBC Invoice
Finance (UK) Ltd (“HSBC”) which provides for HSBC to purchase the subsidiaries’ accounts receivable up to an
aggregate amount of £11,500
across all three subsidiaries. The
terms of the arrangement provide for HSBC to fund 90% of the purchased accounts receivable upfront and a secured borrowing line of
70% of unbilled receivables capped at £1,000 (within the overall aggregate total facility of £11,500.) The
arrangement has an initial term of 12 months, with an automatic rolling three-month extension and carries a service charge of 1.80%. On April 20, 2020, the terms of the loan with HSBC were amended such that no capital repayments would be required
between April 2020 to September 2020, and only interest payments would be made during such time. Since such time, capital repayments have
resumed. On May 15, 2020, the Company entered into a three-year term loan with HSBC in the UK for £1,000. As of April 1, 2023, the
balance for the HSBC loan is $125.
On
June 28, 2018, the Company’s new subsidiary, Clement May Limited (“CML”), entered into a new agreement with a
minimum term of 12 months for purchase of debt (“APD”) with HSBC, joining CBS Butler, Staffing 360 Solutions Limited and
The JM Group (collectively, with CML, the “Borrowers”) as “Connected Clients” as defined in the APD. In
2021, the subsidiaries were reorganized and are now Staffing 360 Solutions Limited and Clement May. The new Connected Client APDs
carry an aggregate Facility Limit of £20,000
across all Borrowers. The obligations of the Borrowers are secured by a fixed charge and a floating charge on the Borrowers’
respective accounts receivable and are subject to cross-company guarantees among the Borrowers. In addition, the secured borrowing
line against unbilled receivables was increased to £1,500
for a period of 90 days. In July 2019, the aggregate Facility Limit was extended to £22,500
across all Borrowers. In January 2022, the secured borrowing line against unbilled receivables was terminated and fully paid
down.
Under
ASU 2016-16, “Statement of Cash Flows (Topic 230, Classification of Certain Cash Receipts and Cash Payments, a consensus of
the FASB Emerging Issues Task Force), the upfront portion of the sale of accounts receivable is classified within operating activities,
while the deferred purchase price portion (or beneficial interest), once collected, is classified within investing activities. For the
quarters ended April 1, 2023, and April 2, 2022, the collection of UK factoring facility deferred purchase price totaled $1,626 and $1,877,
respectively.
NOTE
5 – INTANGIBLE ASSETS
The
following provides a breakdown of intangible assets as of:
SCHEDULE OF BREAKDOWN OF INTANGIBLE ASSETS
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
| |
April
1, 2023 | |
| |
Tradenames | | |
Non-Compete | | |
Customer
Relationship | | |
Total | |
Intangible
assets, gross | |
$ | 10,728 | | |
$ | 2,464 | | |
$ | 26,080 | | |
$ | 39,272 | |
Accumulated
amortization | |
| (5,796 | ) | |
| (2,464 | ) | |
| (14,373 | ) | |
| (22,633 | ) |
Intangible
assets, net | |
$ | 4,932 | | |
$ | — | | |
$ | 11,707 | | |
$ | 16,639 | |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
| |
December
31, 2022 | |
| |
Tradenames | | |
Non-Compete | | |
Customer
Relationship | | |
Total | |
Intangible
assets, gross | |
$ | 10,759 | | |
$ | 2,467 | | |
$ | 26,170 | | |
$ | 39,396 | |
Accumulated
amortization | |
| (5,608 | ) | |
| (2,467 | ) | |
| (13,936 | ) | |
| (22,011 | ) |
Intangible
assets, net | |
$ | 5,151 | | |
$ | — | | |
$ | 12,234 | | |
$ | 17,385 | |
On
April 18, 2022, the Company entered into a Stock Purchase Agreement (the “Headway Purchase Agreement”) with Headway
Workforce Solutions (“Headway”), pursuant to which, among other things, the Company agreed to purchase all of the issued
and outstanding securities of Headway in exchange for (i) a cash payment of $14,
and (ii) 9,000,000
shares of our Series H Preferred Stock, with a value equal to the Closing Payment, as defined in the Headway Purchase Agreement
(“the “Headway Acquisition”). On May 18, 2022, the Headway Acquisition closed.
STAFFING
360 SOLUTIONS, INC. AND SUBSIDIARIES
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(All
amounts in thousands, except share, per share and stated value per share)
(UNAUDITED)
As
of April 1, 2023, estimated annual amortization expense for each of the next five fiscal years is as follows:
SCHEDULE OF ESTIMATED ANNUAL AMORTIZATION EXPENSE FOR EACH OF THE NEXT FIVE FISCAL YEARS
Fiscal
quarter ended April | |
Amount | |
2023 | |
$ | 1,965 | |
2024 | |
| 2,620 | |
2025 | |
| 2,552 | |
2026 | |
| 2,410 | |
2027 | |
| 2,410 | |
Thereafter | |
| 4,682 | |
Total | |
$ | 16,639 | |
Amortization
of intangible assets for the period ended April 1, 2023 and April 2, 2022 was $699 and $584, respectively. The weighted average useful
life remaining of intangible assets remaining is 8 years.
NOTE
6 – GOODWILL
The
following table provides a roll forward of goodwill:
SCHEDULE
OF GOODWILL
| |
|
| | |
|
| |
| |
April
1, 2023 | | |
December
31, 2022 | |
Beginning
balance, gross | |
$ | 37,541 | | |
$ | 31,478 | |
Acquisition | |
| — | | |
| 7,808 | |
Accumulated
disposition | |
| (1,577 | ) | |
| (1,577 | ) |
Accumulated
impairment losses | |
| (16,073 | ) | |
| (16,073 | ) |
Currency
translation adjustment | |
| — | | |
| (1,745 | ) |
Ending
balance, net | |
$ | 19,891 | | |
$ | 19,891 | |
Goodwill
by reportable segment is as follows:
SCHEDULE
OF GOODWILL REPORTABLE BY SEGMENT
| |
|
| | |
|
| |
| |
April
1, 2023 | | |
December
31, 2022 | |
Professional
Staffing - US | |
$ | 14,031 | | |
$ | 14,031 | |
Commercial
Staffing - US | |
| 5,860 | | |
| 5,860 | |
Professional
Staffing - UK | |
| — | | |
| — | |
Ending
balance, net | |
$ | 19,891 | | |
$ | 19,891 | |
Goodwill | |
$ | 19,891 | | |
$ | 19,891 | |
Goodwill
represents the excess of the purchase price over the fair value of net assets acquired in business combinations. ASC 350, requires
that goodwill be tested for impairment at the operating segment level (operating segment or one level below an operating segment) on
an annual basis and between annual tests when circumstances indicate that the recoverability of the carrying amount of goodwill may
be in doubt. ASC 280-10-50-11 states that operating segments often exhibit similar long-term financial performance if they have
similar economic characteristics. During the quarter ended April 1, 2023, management concluded the Company has three
operating segments for goodwill impairment analysis under ASC 350 such as commercial, professional US and professional UK.
Accordingly, goodwill will no longer be tested at the unit level for the five reporting units and will be tested for impairment at
the three operating segment level. During the fourth quarter of 2021 the Company identified a triggering event in response the
COVID-19 pandemic. In accordance with ASC 350 the Company tested its goodwill for impairment and the Company recognized an
impairment with respect to its Staffing UK reporting unit of $10,000.
The impairment resulted from a continued decline in that reporting unit’s revenue which experienced significant and prolonged
declines. Further, the negative impact suffered from the COVID-19 pandemic, predominantly in the year ended January 2, 2021, did not
recover as quickly as management anticipated by the end of year ended January 1, 2022 and the year ended December 31, 2022, as a
result, the forward-looking forecast was revised based upon current facts and circumstances. To determine the impairment, the
Company employed a combination of market approach (valuations using comparable company multiples), income approach (discounted cash
flow analysis) and prevailing market conditions to derive the fair value of the reporting unit. While the impairment recognized by
management of $10,000
represents the adjustment required based upon current assumptions, such assumptions are subject to significant estimation by
management, including revenue growth rates, cost levels, and discount rates. If actual results in future periods vary from these
assumptions additional impairment costs to goodwill could occur. Under ASU 2017-04, which the Company early adopted, the impairment
amount represents the excess of the carrying value over the fair value of the reporting unit. On May 18, 2022, the Company closed
the Headway Acquisition (see Note 7 - Acquisition). The Company’s estimated value of the goodwill is $7,808.
The estimated value is preliminary and subject to change.
STAFFING
360 SOLUTIONS, INC. AND SUBSIDIARIES
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(All
amounts in thousands, except share, per share and stated value per share)
(UNAUDITED)
During
the year ended December 31, 2022, the Company changed its measurement date from the last day of the fiscal year end to the first day
of the fiscal fourth quarter. The Company performed its annual goodwill impairment test and no impairment was recognized other than the
charge recognized by the Staffing UK reporting unit. To estimate the fair value of the reporting units the Company employed a combination
of market approach (valuations using comparable company multiples) and income approach (discounted cash flow analysis) to derive the
fair value of the reporting unit when performing its annual impairment testing. Volatility in the Company’s stock price can result
in the net book value of our reporting unit approximating, or even temporarily exceeding market capitalization, however, the fair value
of our reporting unit is not driven solely by the market price of our stock. As described above, fair value of our reporting unit is
derived using a combination of an asset approach, an income approach and a market approach. These valuation techniques consider several
other factors beyond our market capitalization, such as the estimated future cash flows of our reporting units, the discount rate used
to present value such cash flows and the market multiples of comparable companies. Changes to input assumptions used in the analysis
could result in materially different evaluations of goodwill impairment.
NOTE
7 – ACQUISITION
In
accordance with ASC 805, the Company accounts for acquisitions using the purchase method under which the acquisition purchase price is
allocated to the assets acquired and liabilities assumed based upon their respective fair values. The Company utilizes management estimates
and, in some instances, may retain the services of an independent third-party valuation firm to assist in determining the fair values
of assets acquired, liabilities assumed and contingent consideration granted. Such estimates and valuations require the Company to make
significant assumptions, including projections of future events and operating performance.
On
April 18, 2022, the Company entered into the Headway Purchase Agreement with Headway, pursuant to which, among other things, the
Company agreed to purchase all of the issued and outstanding securities of Headway in exchange for (i) a cash payment of $14,
and (ii) 9,000,000
shares of our Series H Preferred Stock, with a value equal to the Closing Payment, as defined in the Headway Purchase Agreement. On
May 18, 2022, the Headway Acquisition closed.
The
purchase price in connection with the Headway Acquisition was $9,000,
subject to adjustment as provided in the Headway Purchase Agreement. Pursuant to certain covenants in the Headway Purchase
Agreement, the Company may be subject to a Contingent Payment of up to $4,450
based on the Adjusted EBITDA (such term as defined in the Headway Purchase Agreement) of Headway during the Contingent Period (such
term as defined in the Stock Purchase Agreement), subject to additional potential adjustments tied to customary purchase price
adjustments described in the Headway Purchase Agreement. The purpose of the acquisition was to expand the market share of the
Company’s primary business by providing future economic benefit of expanding services. The Company anticipates that the
acquisition will provide the Company the ability to integrate the business of Headway into the
Company’s existing temporary professional staffing business in the US within the expected timeframe which would enable the
Company to operate more effectively and efficiently and to create synergy hence lower costs of operations.
The
total purchase price was allocated to the identifiable assets acquired and liabilities assumed based on our preliminary estimates of
their fair values on the acquisition date. The fair values assigned in the preliminary allocation of purchase price included in the table
below are based on information that was available as of the date of the acquisition and such amounts are considered preliminary and are
based on the information that was available as of the date of the acquisition. We were not able to complete our final purchase price
allocation based on the timing of the acquisition and our need to engage third party valuation specialists to assist with the valuation
of the contingent consideration as well as requiring additional time to further analyze the initial amounts recorded. The Company is
in the process of finalizing its allocation and this may result in potential adjustments to the carrying value of the respective recorded
assets and liabilities, establishment of certain additional intangible assets, revisions of useful lives of intangible assets, establishment
of potential acquisition contingencies, and the determination of any residual amount that will be allocated to goodwill. As additional
information becomes available, the preliminary purchase price allocation may be revised during the remainder of the measurement period,
which will not exceed 12 months from the acquisition date. Any such revisions or changes may be material.
STAFFING
360 SOLUTIONS, INC. AND SUBSIDIARIES
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(All
amounts in thousands, except share, per share and stated value per share)
(UNAUDITED)
The
following table summarizes the allocation of the purchase price of the fair value of the assets acquired and liabilities assumed at the
date of the acquisition:
SCHEDULE OF BUSINESS ACQUISITION PURCHASE PRICE FAIR VALUE
| |
| | |
Current
assets | |
$ | 10,833 | |
Fixed
assets | |
| 150 | |
Other
non-current assets | |
| 4,914 | |
Intangible
assets | |
| 6,800 | |
Goodwill | |
| 6,809 | |
Current
liabilities | |
| (14,965 | ) |
Other
non-current liabilities | |
| (1,812 | ) |
Consideration | |
$ | 12,729 | |
In
connection with the acquisition of Headway, the Company recorded $6,800 in intangible assets, based on its preliminary internal calculations.
NOTE
8 – DEBT
SCHEDULE
OF DEBT
| |
|
| | |
|
| |
| |
April
1, 2023 | | |
December
31, 2022 | |
Jackson
Investment Group - related party | |
$ | 9,016 | | |
$ | 9,016 | |
Redeemable
Series H Preferred Stock | |
| 9,000 | | |
| 9,000 | |
HSBC
Term Loan | |
| 125 | | |
| 249 | |
Total
Debt, Gross | |
| 18,141 | | |
| 18,265 | |
Less:
Debt Discount and Deferred Financing Costs, Net | |
| (863 | ) | |
| (962 | ) |
Total
Debt, Net | |
| 17,278 | | |
| 17,303 | |
Less:
Non-Current Portion - Related Party | |
| (8,705 | ) | |
| (8,661 | ) |
Less:
Non-Current Portion | |
| (8,448 | ) | |
| (8,393 | ) |
Total
Current Debt, Net | |
$ | 125 | | |
$ | 249 | |
Jackson
Notes
The entire outstanding principal balance of the Second Amended and Restated
Note Purchase Agreement between the Company, Jackson and the guarantor parties thereto was due and payable on September 30, 2022. On October
27, 2022, the Company entered into the Third Amended and Restated Note and Warrant Purchase Agreement (the “Third A&R Agreement”)
with Jackson, which amended and restated the Second Amended Note Purchase Agreement, dated October 26, 2020, as amended, and issued to
Jackson the Third Amended and Restated Senior Secured 12% Promissory Note (the “2022 Jackson Note”), with a remaining outstanding
principal balance of approximately $9,000. The Third A&R Agreement also extended the maturity date of the 2022 Jackson Note from October
28, 2022 to October 14, 2024.
In
connection with the amendment and restatement, the Company paid Jackson an amendment fee of $39.
The Company accounted for the Third Amended Note Purchase Agreement as a modification of the debt. Accordingly, fees totaling $39
paid to Jackson as well issuance of 100,000
shares of common stock valued at $257,
issuance of a warrant to purchase up to 24,332
shares of common stock with a strike price of $3.06
which expires on October
27, 2027 and the modification of the strike price of a warrant to purchase up to 15,093 from $60.00
to $3.06
and the extension of the warrant expiration
date of January 26, 2026 to October 27, 2027, resulting in a fair value adjustment of $29,
were all recorded as additional debt discount which will be amortized over the term of the Jackson Note using the effective
interest method.
On August 30, 2023, the Company
and the guarantor parties thereto (together with the Company, the “Obligors”) entered into that certain First Omnibus Amendment
and Reaffirmation Agreement to the Note Documents (the “First Omnibus Amendment Agreement”) with Jackson, which First Omnibus
Amendment Agreement, among other things: (i) amends the Third A&R Agreement, (ii) provided for the issuance of a new 12% Senior Secured
Promissory Note due October 14, 2024 (the “2023 Jackson Note” and together with the 2022 Jackson Note, the “Jackson
Notes”) to Jackson, and (iii) joins certain subsidiaries of the Company to (a) that certain Amended and Restated Pledge Agreement,
dated as of September 15, 2017 (as amended by the First Omnibus Amendment Agreement, the “Pledge Agreement”) and (b) that
certain Amended and Restated Security Agreement, dated as of September 15, 2017 (as amended by the Amendment Agreement, the “Security
Agreement”), as either subsidiary guarantors or pledgors (as applicable) and amends certain terms and conditions of each of the
Pledge Agreement and the Security Agreement.
Pursuant to the First
Omnibus Amendment Agreement, interest on the 2022 Jackson Note, evidencing the obligations of the Obligors under the Third A&R Agreement
and executed by the Company in favor of Jackson, shall be paid in cash and continue to accrue at a rate per annum equal to 12% until
the principal amount of the 2022 Jackson Note has been paid in full. In the event that Company has not repaid in cash at least 50% of
the outstanding principal balance of the 2022 Jackson Note as of the date of the First Omnibus Amendment Agreement or on or before October
27, 2023, then interest on the outstanding principal balance of the 2022 Jackson Note will accrue at 16% per annum until the 2022 Jackson
Note is repaid in full. All accrued and unpaid interest on the outstanding principal of the 2022 Jackson Note shall be due and payable
in arrears in cash on a monthly basis; provided that (i) the interest payment that would be due on September 1, 2023 shall instead be
due December 1, 2023 and (ii) the amount of each such deferred interest payment shall be added to the principal amount of the 2022 Jackson
Note. Notwithstanding the foregoing, the amount necessary to satisfy such accrued but unpaid interest on the 2022 Jackson Note as of
the date of the First Omnibus Amendment was retained by Jackson from the aggregate purchase price of the 2023 Jackson Note, along with
certain out-of-pocket fees and expenses, including reasonable attorney’s fees, incurred by Jackson in connection with the First
Omnibus Amendment Agreement, the 2023 Jackson Note and related documents thereto.
STAFFING
360 SOLUTIONS, INC. AND SUBSIDIARIES
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(All
amounts in thousands, except share, per share and stated value per share)
(UNAUDITED)
In
addition, pursuant to the terms of the Third AR Agreement, as amended by the First Omnibus Amendment Agreement, until all principal
interest and fees due pursuant to the Third AR Agreement and the Jackson Note are paid in full by the Company and are no longer
outstanding, Jackson shall have a first call over 50%
of the net proceeds from all common stock equity raises the Company conducts, which shall be used to pay down any outstanding
obligations due pursuant to the Note Documents. The 2022 Jackson Note continues to be secured by substantially all of the Company
and its subsidiaries’ assets as a second lien holder to MidCap in the United States and HSBC in the United Kingdom, pursuant
to the Security Agreement.
HSBC
Loan
On
February 8, 2018, CBS Butler, Staffing 360 Solutions Limited and The JM Group, entered into
a new arrangement with HSBC which provides for HSBC to purchase the subsidiaries’
accounts receivable up to an aggregate amount of £11,500 across all three subsidiaries. The terms of the arrangement provide for
HSBC to fund 90% of the purchased accounts receivable upfront and, a secured borrowing line of 70% of unbilled receivables capped at
£1,000 (within the overall aggregate total facility of £11,500). The arrangement has an initial term of 12 months, with an
automatic rolling three-month extension and carries a service charge of 1.80%. Under ASU 2016-16, “Statement of Cash Flows (Topic
230, “Classification of Certain Cash Receipts and Cash Payments, a consensus of the FASB Emerging Issues Task Force”),
the upfront portion of the sale of accounts receivable is classified within operating activities, while the deferred purchase price
portion (or beneficial interest), once collected, is classified within investing activities. On April 20, 2020, the terms of the loan
with HSBC were amended such that no capital repayments would be required between April 2020 to September 2020, and only interest payments
would be made during such time. Since such time, capital repayments have resumed. On May 15, 2020, the Company entered into a three-year
term loan with HSBC in the UK for £1,000. As of April 1, 2023, the balance for the HSBC loan is $125.
Redeemable
Series H Preferred Stock
On
May 18, 2022, the Company entered into a Headway purchase agreement with Headway. Consideration for the Purchase of 100%
of Headway was the issuance of an aggregate of 9,000,000
shares of Series H Convertible Preferred Stock (the “Series H Preferred Stock”). Each share of Series H Preferred Stock shall have a par value of $0.00001
per share and a stated value equal to $1.00
and is convertible at any time into an aggregate of 350,000
shares of common stock. This is determined by dividing the stated value of such share of Preferred Stock by the conversion price.
The conversion price equals $25.714.
Holders of Series H Preferred Stock are entitled to quarterly cash dividends at a per annum rate of 12%.
The shares of the Series H Preferred Stock may be redeemed by the Company through a cash payment at a per share equal to the stated
value, plus all accrued but unpaid dividends, at any time. On May 18, 2025, the Company shall redeem all of the shares of the Series
H Preferred Stock. The
redemption price represents the number of shares of the Preferred Stock (9,000,000), plus all accrued but unpaid dividends,
multiplied by the Stated Value ($1). On May 18, 2022, the Company paid $14 towards the Series H Preferred Stock balance. As
of April 1, 2023 the redemption price was $9,000.
In
accordance with ASC 480-10-15-3, the agreement includes certain rights and options including: redemption, dividend, voting, and conversion
which have characteristics akin to liability and equity. The Series H Preferred Stock is redeemable and has a defined maturity date upon
the third anniversary of the original issue date. As such and based on the authoritative guidance, the Series H Preferred Stock meets
the definition of a debt instrument. The Company obtained a third-party valuation report to calculate the fair value of Series H Preferred
Stock. As of May 18, 2022, the fair value of the Redemption Price was calculated as $8,265 utilizing the CRR Binomial Lattice model.
The difference in fair value was $735 is accounted as a deferred financing charge and will be amortized over the life of the term. The
quarterly dividends will be reflected as interest expense.
NOTE
9 – LEASES
As
of April 1, 2023 and December 31, 2022, we recorded a right of use (“ROU”) lease asset of approximately $8,728 with a corresponding
lease liability of approximately $9,543 and ROU of approximately $9,070 with a corresponding lease liability of approximately $9,828,
respectively, based on the present value of the minimum rental payments of such leases. The Company’s finance leases are immaterial
both individually and in the aggregate.
STAFFING
360 SOLUTIONS, INC. AND SUBSIDIARIES
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(All
amounts in thousands, except share, per share and stated value per share)
(UNAUDITED)
On
May 18, 2022, the Company acquired Headway and assumed an office lease in North Carolina for a remaining term of six years and eight
months. This resulted in increases to right of use assets of $1,715 and lease liabilities of $1,731. In April 2022, the Company entered
into a new lease agreement for an office lease in London, England for a term of 10 years. This resulted in increases to right of use
assets and lease liabilities of $2,048. In May 2022, the Company entered into a new lease agreement for an office lease in Redhill, England
for a term of 10 years. This resulted in increases to right of use assets and lease liabilities of $1,555.
Quantitative
information regarding the Company’s leases for period ended April 1, 2023 is as follows:
SCHEDULE
OF LEASE, COST AND OPERATING LEASE LIABILITY MATURITY
| |
| |
|
| |
Lease
Cost | |
Classification | |
April
1, 2023 | |
Operating
lease cost | |
SG&A
Expenses | |
| 417 | |
Other
information | |
| |
| | |
Weighted
average remaining lease term (years) | |
| |
| 5.80 | |
Weighted average
discount rate | |
| |
| 6.30 | % |
| |
| |
| | |
Future
Lease Payments | |
| |
| | |
2023 | |
| |
$ | 1,406 | |
2024 | |
| |
| 1,766 | |
2025 | |
| |
| 1,642 | |
2026 | |
| |
| 2,387 | |
2027 | |
| |
| 1,243 | |
Thereafter | |
| |
| 3,685 | |
Lessee
operating lease liability payments due | |
| |
$ | 12,129 | |
Less:
Imputed Interest | |
| |
| 2,586 | |
Operating
lease, liability | |
| |
$ | 9,543 | |
| |
| |
| | |
Leases
- Current | |
| |
$ | 1,245 | |
Leases
– Non-current | |
| |
$ | 8,298 | |
As
most of the Company’s leases do not provide an implicit rate, we use the Company’s incremental borrowing rate based on the
information available at commencement date in determining the present value of lease payments. This methodology was deemed to yield a
measurement of the ROU lease asset and associated lease liability that was appropriately stated in all material respects.
NOTE
10 – STOCKHOLDERS’ EQUITY
The
Company issued the following shares of common stock during the quarter ended April 1, 2023:
SCHEDULE
OF STOCKHOLDERS EQUITY
| |
Number
of
Shares of
Common
Stock | | |
Fair
Value
of
Shares | | |
Fair
Value at Issuance
(minimum
and maximum | |
Shares
issued to/for: | |
Issued | | |
Issued | | |
per
share) | |
Equity
raise | |
| 989,516 | | |
$ | 4,999 | | |
$ | 2.65 | | |
$ | 2.65 | |
Employees | |
| 177,305 | | |
| 515 | | |
$ | 2.82 | | |
$ | 2.82 | |
Board
and committee members | |
| 60,000 | | |
| 201 | | |
$ | 2.93 | | |
$ | 3.13 | |
| |
| 1,226,821 | | |
$ | 5,715 | | |
| | | |
| | |
The
Company issued the following shares of common stock during the quarter ended April 2, 2022:
| |
Number
of
Shares of
Common
Stock | | |
Fair
Value
of
Shares | | |
Fair
Value at Issuance
(minimum
and maximum | |
Shares
issued to/for: | |
Issued | | |
Issued | | |
per
share) | |
Board
and committee members | |
| 1,000 | | |
$ | 6 | | |
$ | 9.65 | | |
$ | 9.65 | |
| |
| 1,000 | | |
$ | 6 | | |
| | | |
| | |
STAFFING
360 SOLUTIONS, INC. AND SUBSIDIARIES
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(All
amounts in thousands, except share, per share and stated value per share)
(UNAUDITED)
Reverse
Stock Split
On June 24, 2022, the Company effected
the Reverse Stock Split. All share and per share information in this Quarterly Report on Form 10-Q, including the condensed consolidated
financial statements and the notes thereto, has, where applicable, been retroactively adjusted to reflect the Reverse Stock Split.
February
2023 Public Offering
On
February 7, 2023, the Company entered into a securities purchase agreement (“February 2023 Purchase Agreement”) with an
institutional, accredited investor (the “Investor”) for the issuance and sale, in a best efforts public offering (the
“February 2023 Offering”), of (i) 315,000
units (the “Units”), each Unit consisting of one share of the Company’s common stock, par value $0.00001
per share, and one warrant (the “February 2023 Warrants”) to purchase one share of common stock, and (ii) 1,569,516
pre-funded units (the “Pre-Funded Units”), each Pre-Funded Unit consisting of one pre-funded warrant (the
“February 2023 Pre-Funded Warrants”) to purchase one share of common stock and one February 2023 Warrant. The public
offering price was $2.6532
per Unit and $2.6522
per Pre-Funded Unit. The February 2023 Offering closed on February 10, 2023.
Subject
to certain limitations described in the February 2023 Pre-Funded Warrants, the February 2023 Pre-Funded Warrants are immediately
exercisable and may be exercised at a nominal consideration of $0.001 per share any time until all of the February 2023 Pre-Funded
Warrants are exercised in full. A holder will not have the right to exercise any portion of the February 2023 Warrants or the
February 2023 Pre-Funded Warrants if the holder (together with its affiliates) would beneficially own in excess of 4.99% or 9.99%,
respectively (or at the election of the holder of such warrants, 9.99%) of the number of shares of common stock outstanding
immediately after giving effect to the exercise, as such percentage ownership is determined in accordance with the terms of the
February 2023 Warrants or the February 2023 Pre-Funded Warrants, respectively. However, upon notice from the holder to the Company,
the holder may increase the beneficial ownership limitation pursuant to the February 2023 Warrants, which may not exceed 9.99% of
the number of shares of common stock outstanding immediately after giving effect to the exercise, as such percentage ownership is
determined in accordance with the terms of the February 2023 Warrants, provided that any increase in the beneficial ownership
limitation will not take effect until 61 days following notice to the Company.
In
connection with the February 2023 Offering, the Investor entered into a warrant amendment agreement (the “February 2023
Warrant Amendment Agreement”) with the Company to amend the exercise price of certain existing warrants to purchase up to an
aggregate of 876,654
shares of Common Stock that were previously issued to the Investor, with an exercise price of $5.85
per share and an expiration date of January 7, 2028. Pursuant to the Warrant Amendment Agreement, the amended warrants have a
reduced exercise price of $2.47
per share following the closing of the February 2023 Offering.
The
Company utilized the net proceeds from the February 2023 Offering for general working capital purposes.
H.C.
Wainwright & Co., LLC (“Wainwright”) acted as the Company’s exclusive placement agent in connection with the
February 2023 Offering, pursuant to that certain engagement letter, dated as of January 4, 2023, as amended (the “Wainwright
Engagement Letter”), between the Company and Wainwright. Pursuant to the Wainwright Engagement Letter, the Company paid
Wainwright (i) a cash fee equal to 7.5%
of the aggregate gross proceeds of the February 2023 Offering, (ii) a management fee of 1.0%
of the aggregate gross proceeds of the February 2023 Offering, and reimbursed certain expenses and legal fees. In addition, the
Company issued to Wainwright or its designees, warrants (the “February 2023 Placement Agent Warrants”) to purchase 141,339
shares of Common Stock at an exercise price equal to $3.3165
per share. The February 2023 Placement Agent Warrants are exercisable immediately upon issuance and have a term of exercise equal to
five years from the date of the February 2023 Purchase Agreement.
STAFFING
360 SOLUTIONS, INC. AND SUBSIDIARIES
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(All
amounts in thousands, except share, per share and stated value per share)
(UNAUDITED)
The
Units, the Pre-Funded Units, the shares of common stock included as part of the Units and Pre-Funded Units,
the February 2023 Pre-Funded Warrants, the February 2023 Warrants, the shares of common stock issuable upon the exercise of the February
2023 Pre-Funded Warrants and the February 2023 Warrants, the February 2023 Placement Agent Warrants and the shares of common stock issuable
upon the exercise thereof were offered by the Company pursuant to a Registration Statement on Form S-1, as amended (File No.
333-269308), initially filed on January 20, 2023 with the Securities and Exchange Commission under the Securities Act of 1933, as amended,
and declared effective on February 7, 2023.
Series
A Preferred Stock – Related Party
As
of April 1, 2023 and April 2, 2022, the Company had $125
and $125
of dividends payable to the Series A Preferred Stockholder, respectively.
Restricted
Shares
The
Company has issued shares of restricted stock to employees and members of the Board under its 2015 Omnibus Incentive Plan, 2016
Omnibus Incentive Plan, 2020 Omnibus Plan and 2021 Omnibus Inventive Plan. Under these plans, the shares are restricted for a period
of three years from issuance. As of the year ended December 31, 2022, the Company has issued a total of 68,592
restricted shares of common stock to employees and Board members that remain restricted. In accordance with ASC 718, Compensation
– Stock Compensation, the Company recognizes stock-based compensation from restricted stock based upon the fair value of the
award at issuance over the vesting term on a straight-line basis. The fair value of the award is calculated by multiplying the
number of restricted shares by the Company’s stock price on the date of issuance. The impact of forfeitures has historically
been immaterial to the financial statements. In the quarters ended April 1, 2023 and April 2, 2022, the Company recorded
compensation expense associated with these restricted shares of $720
and $374,
respectively. The table below is a rollforward of unvested restricted shares issued to employees and board of directors.
SCHEDULE
OF UNVESTED RESTRICTED SHARES ACTIVITY
| |
| | |
Weighted | |
| |
| | |
Average | |
| |
Restricted
Shares | | |
Price
Per Share | |
Balance
at January 1, 2022 | |
| 5,976 | | |
$ | 75.00 | |
Granted | |
| 63,000 | | |
| 29.20 | |
Vested/adjustments | |
| (384 | ) | |
| 29.00 | |
Balance at December
31, 2022 | |
| 68,592 | | |
$ | 50.00 | |
Granted | |
| 237,305 | | |
| 2.87 | |
Vested/adjustments | |
| (177,401 | ) | |
| 2.85 | |
Balance at April
1, 2023 | |
| 128,496 | | |
$ | 4.96 | |
Warrants
In
connection with the private placement consummated in July 2022 (the “July 2022 Private Placement”), on July 7, 2022, the
Company entered into warrant amendment agreements (the “Warrant Amendment Agreements”) with each of the nine existing participating
investors, which amended warrants to purchase up to 657,858 shares of common stock (prior to amendment, the “Original Warrants”).
The Original Warrants had exercise price that ranged from $18.50 to $38.00 per share and expiration dates that ranged from July 22, 2026
to November 1, 2026. The Warrant Amendment Agreements reduced the exercise price of the Original Warrants to $5.85 per share and extended
the expiration date to January 7, 2028, the date that is five and one-half years following the closing of the July 2022 Private Placement.
The Company calculated an incremental fair value of $837 by calculating the excess, of the fair value of the modified over the fair value
of that instrument immediately before it is modified. This increase in fair value was recorded in additional paid in capital.
In
connection with the Third AR Agreement, the Company (i) issued to Jackson five year warrants to purchase up to an aggregate of 24,332
shares of common stock at an exercise price of $3.06
per share, which expire on October
27, 2027, and (ii) amended certain warrants held by Jackson to purchase up to an aggregate of 15,093
shares of common stock such that the exercise price was reduced from $60.00
per share to $3.06
per share, and the expiration date of the warrant was extended from January 26, 2026 to October 27, 2027, which resulted in a fair
value adjustment of $29.
These warrants were recorded as additional debt discount which will be amortized over the term of the Jackson Note using the
effective interest method.
STAFFING
360 SOLUTIONS, INC. AND SUBSIDIARIES
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(All
amounts in thousands, except share, per share and stated value per share)
(UNAUDITED)
In
connection with the February 2023 Offering, the Company entered into the February 2023
Purchase Agreement with the Investor for the issuance and sale, in a best efforts public offering, of (i) 315,000 Units,
each consisting of one share of the Company’s common stock, and one February 2023 Warrant, and (ii) 1,569,516 Pre-Funded
Units, each consisting of one February 2023 Pre-Funded Warrant to and one February 2023 Warrant. The public offering price was
$2.6532 per
Unit and $2.6522 per
Pre-Funded Unit. The February 2023 Offering closed on February 10, 2023. In connection with the February
2023 Offering, the investor entered into the February 2023 Warrant Amendment Agreement with the Company to amend the exercise
price of certain existing warrants to purchase up to an aggregate of 876,654 shares
of common stock that were previously issued to the Investor, with an exercise price of $5.85 per
share and an expiration date of January 7, 2028. Pursuant to the Warrant Amendment Agreement, the amended warrants have a reduced
exercise price of $2.47 per
share following the closing of the February 2023 Offering. The Company calculated an incremental fair value of $176 by
calculating the excess of the fair value of the modified over the fair value of that instrument immediately before it is modified.
This increase in fair value was recorded in additional paid in capital.
Transactions
involving the Company’s warrant issuances are summarized as follows:
SCHEDULE
OF WARRANTS ACTIVITY
| |
| | |
Weighted | |
| |
Number
of | | |
Average | |
| |
Shares | | |
Exercise
Price | |
Outstanding
at January 1, 2022 | |
| 972,495 | | |
$ | 26.88 | |
Issued | |
| 1,404,478 | | |
| 5.83 | |
Exercised | |
| — | | |
| — | |
Expired
or cancelled | |
| (673,285 | ) | |
| 26.84 | |
Outstanding at December
31, 2022 | |
| 1,703,688 | | |
$ | 10.21 | |
Issued | |
| 2,902,509 | | |
| 2.51 | |
Issued – Pre-funded warrants | |
| 1,569,516 | | |
| 0.001 | |
Exercised | |
| (674,516 | ) | |
| 0.001 | |
Expired
or cancelled | |
| (876,654 | ) | |
| (5.85 | ) |
Outstanding
at April 1, 2023 | |
| 4,624,543 | | |
$ | 4.97 | |
The
following table summarizes warrants outstanding as of April 1, 2023:
SCHEDULE OF WARRANTS OUTSTANDING
| |
| | |
Weighted
Average | | |
| |
| |
Number | | |
Remaining | | |
Weighted | |
| |
Outstanding | | |
Contractual | | |
Average | |
Exercise
Price | |
and
Exercisable | | |
Life
(years) | | |
Exercise
Price | |
$0.001
- $3,750.00 | |
| 4,624,543 | | |
| 4.72 | | |
$ | 4.97 | |
Stock
Options
A
summary of option activity during the quarter ended April 1, 2023 is presented below:
SCHEDULE OF SHARE-BASED COMPENSATION, STOCK OPTIONS, ACTIVITY
| |
| | |
Weighted | |
| |
| | |
Average | |
| |
Options | | |
Exercise
Price | |
Outstanding
at January 1, 2022 | |
| 1,302 | | |
$ | 1,665.60 | |
Granted | |
| 50,000 | | |
| 7.80 | |
Exercised | |
| — | | |
| — | |
Expired
or cancelled | |
| — | | |
| — | |
Outstanding at December
31, 2022 | |
| 51,302 | | |
$ | 50.06 | |
Granted | |
| — | | |
| — | |
Exercised | |
| — | | |
| — | |
Expired
or cancelled | |
| — | | |
| — | |
Outstanding
at April 1, 2023 | |
| 51,302 | | |
$ | 50.06 | |
STAFFING
360 SOLUTIONS, INC. AND SUBSIDIARIES
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(All
amounts in thousands, except share, per share and stated value per share)
(UNAUDITED)
The
Company recorded share-based payment expense of $16 and $21 for the quarters ended April 1, 2023 and April 2, 2022, respectively.
NOTE
11 – COMMITMENTS AND CONTINGENCIES
Earn-out
Liabilities
Pursuant
to the acquisition of Key Resources, Inc. (“KRI”) on August 27, 2018, the purchase price includes earnout consideration
payable to the seller of $2,027
each on August 27, 2019, and August 27, 2020. The payment of the earnout consideration was contingent on KRI’s achievement of
certain trailing gross profit amounts. On September 11, 2019, the Company entered into an amended agreement with the seller to delay
the payment of the first year earnout of $2,027
until no later than February 27, 2020. For each full calendar month beyond August 27, 2019, that such payment is delayed, the
Company is required pay the seller interest in the amount of $10
with the first such payment of interest due on September 30, 2019. In addition, the amended agreement was further amended to change
the due date for the second year earnout payment of $2,027
from August 27, 2020, to February 27, 2020. The seller of KRI, Whitaker (as defined herein) has filed a
lawsuit against the Company asserting claims for breach of contract and declaratory judgment against the Company due under a share
purchase agreement and is seeking $4,054
in alleged damages. While the Company had recognized the liability for the earnout consideration of $4,054
due to Whitaker, within current liabilities as of January 1, 2022 and January 2, 2021, in February 2020, the Company filed an action
against Whitaker for breach of contract which more than offsets the earnout consideration recognized. The Company paid interest of
$40
during the period ended September 26, 2020. Refer to legal proceedings below for action filed against Whitaker, the former owner of
KRI.
Pursuant
to the Headway Acquisition that closed on May 18, 2022, the purchase price includes an earnout payment totaling up to $4,450
of earn out provision. Upon the attainment of certain trailing twelve-month (“TTM”) EBITDA achievements the Company will
pay to the Headway seller a contingent payment in accordance with the following:
Adjusted
EBITDA of $0 or less than $0= no Contingent Payment
Adjusted
EBITDA of $500 x 2.5 multiple= $1,250 Contingent Payment
Adjusted
EBITDA of $1,000 x 2.5 multiple= $2,500 Contingent Payment
Adjusted
EBITDA of $1,800 x 2.5 multiple= $4,500 Contingent Payment
Adjusted
EBITDA of $2,000 or more x 2.5 multiple= $5,000 Contingent Payment
The
Company performed an analysis over the contingent payment and prepared a forecast to determine the likelihood of the Adjusted EBITDA
payout. The adjusted EBITDA TTM forecast, as of April 2023, is above the $2,000 threshold amount, such that the $5,000 was recorded as
consideration. The estimated value calculated in the forecast is preliminary and subject to change. A payment of $160 was made on May
18, 2022, the date of the Headway closing. In addition, $550 related to a retention bonus of certain Headway employees was recorded as
other current liabilities. The balance at April 1, 2023 is $4,290.
Legal
Proceedings
Whitaker
v. Monroe Staffing Services, LLC & Staffing 360 Solutions, Inc.
On
December 5, 2019, former owner of KRI, Pamela D. Whitaker (“Whitaker” or “Plaintiff”),
filed a complaint in Guilford County, North Carolina (the “North Carolina Action”) asserting claims for breach of contract
and declaratory judgment against Monroe Staffing Services LLC (“Monroe”) and the Company (collectively, the “Defendants”)
arising out of the alleged non-payment of certain earn-out payments and interest purportedly due under a Share Purchase Agreement pursuant
to which Whitaker sold all issued and outstanding shares in her staffing agency, KRI, to Monroe in August 2018. Whitaker sought $4,054
in alleged damages.
STAFFING
360 SOLUTIONS, INC. AND SUBSIDIARIES
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(All
amounts in thousands, except share, per share and stated value per share)
(UNAUDITED)
Defendants
removed the action to the Middle District of North Carolina on January 7, 2020, and Plaintiff moved to remand on February 4, 2020. Briefing
on the motion to remand concluded on February 24, 2020. Separately, Defendants moved to dismiss the action on January 14, 2020, based
on Plaintiff’s failure to state a claim, improper venue, and lack of personal jurisdiction as to defendant Staffing 360 Solutions,
Inc. Alternatively, Defendants sought a transfer of the action to the Southern District of New York, based on the plain language of the
Share Purchase Agreement’s forum selection clause. Briefing on Defendants’ motion to dismiss concluded on February 18, 2020.
On February 28, 2020, Plaintiff moved for leave to file an amended complaint. Defendants filed their opposition to the motion for leave
on March 19, 2020. Plaintiff has filed a reply.
On
June 29, 2020, Magistrate Judge Webster issued a Report and Recommendation on the pending motions, recommending that Defendants’
motion to dismiss be granted with regard to Defendants’ request to transfer the matter to the Southern District of New York, and
denied in all other regards without prejudice to Defendants raising those arguments again in the new forum. Magistrate Judge Webster
also recommended that Plaintiff’s motion to remand be denied and motion to amend be left to the discretion of the Southern District
of New York.
Plaintiff
filed an objection to the Report and Recommendation on July 9, 2020. Defendants responded on July 23, 2020. On February 19, 2021, the
District Court issued a decision that reversed the Magistrate Judge’s Order. The District Court granted Plaintiff’s motion
to remand and denied Defendants’ motion to dismiss as moot. Defendants filed a Notice of Appeal to the Fourth Circuit on February
25, 2021, and filed their opening brief on April 21, 2021. Plaintiff filed her response brief on May 21, 2021, and Defendants replied
on June 11, 2021. Oral argument was held on March 9, 2022. As of the date of this filing, a decision is pending.
Separately,
on February 26, 2020, the Company and Monroe filed an action against Whitaker in the United States District Court for the Southern District
of New York (Case No. 1:20-cv-01716) (the “New York Action”.) The New York Action concerns claims for breach of contract
and fraudulent inducement arising from various misrepresentations made by Whitaker to the Company and Monroe in advance of, and included
in, the share purchase agreement. The Company and Monroe are seeking damages in an amount to be determined at trial but in no event less
than $6,000. On April 28, 2020, Whitaker filed a motion to dismiss the New York Action on both procedural and substantive grounds. On
June 11, 2020, Monroe and the Company filed their opposition to Whitaker’s motion to dismiss. On July 9, 2020, Whitaker filed reply
papers in further support of the motion.
On
October 13, 2020, the Court denied Whitaker’s motion to dismiss, in part, and granted the motion, in part. The Court rejected Whitaker’s
procedural arguments but granted the motion on substantive grounds. However, the Court ordered that Monroe and the Company may seek leave
to amend the complaint by letter application by December 1, 2020. Monroe and the Company filed a letter of motion for leave to amend
and a proposed Amended Complaint on December 1, 2020. On January 5, 2021, Whitaker filed an opposition to the letter motion. On January
25, 2021, Monroe and the Company filed a reply in further support of the letter motion. On March 9, 2021, the Court granted Monroe and
the Company’s motion for leave to amend, in part, and denied the motion, in part. The Court rejected Monroe and the Company’s
claim for fraudulent inducement but granted the motion for leave to amend their breach of contract claim. Monroe and the Company filed
their amended complaint on March 12, 2021. On April 9, 2021, Whitaker renewed her motion to dismiss on procedural grounds, requesting
dismissal of the action or, in the alternative, a stay of the proceeding pending adjudication on the merits of the North Carolina Action.
On May 14, 2021, Monroe and the Company filed an opposition to the motion to dismiss. On June 21, 2021, Whitaker filed a reply in further
support of the motion. The Court referred the case to Magistrate Judge Moses, who held oral argument on the motion on November 9, 2021.
On
April 9, 2021, Whitaker renewed her motion to dismiss on procedural grounds, requesting dismissal of the action or, in the alternative,
a stay of the proceeding pending adjudication on the merits of the North Carolina Action. On May 14, 2021, Monroe and the Company filed
an opposition to the motion to dismiss. On June 21, 2021, Whitaker filed a reply in further support of the motion. The Court referred
the case to Magistrate Judge Barbara Moses, who held oral argument on the motion on November 9, 2021. On March 8, 2022, Magistrate Judge
Moses stayed the action pending a decision by the Fourth Circuit on the appeal filed by Monroe and the Company in the North Carolina
Action.
STAFFING
360 SOLUTIONS, INC. AND SUBSIDIARIES
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(All
amounts in thousands, except share, per share and stated value per share)
(UNAUDITED)
In
light of the Fourth Circuit’s issuance of its July 22, 2022, decision and order transferring the North Carolina Action to the Southern
District of New York, on August 1, 2022, the parties to the New York Action wrote to the Magistrate overseeing the matter to request
a conference to address, inter alia, the resumption of discovery in light of the Fourth Circuit’s Order issued on July 22, 2022.
On August 3, 2022, Magistrate Judge Moses lifted the stay previously imposed in the matter and ordered the parties to appear at a teleconference
held on August 16, 2022. At the teleconference, the parties agreed that the North Carolina Action would be dismissed following its transfer
to the Southern District of New York without prejudice to Whitaker’s right to assert the same causes of action, based on substantially
similar allegations, as counterclaims in the New York Action and that Whitaker would have until September 30, 2022, to do so. The Court
ordered the parties to submit a stipulation to this effect by August 23, 2022. Per the Court’s Order, on August 22, 2022, the parties
filed a stipulation and proposed order whereby the parties agreed that Whitaker would voluntarily dismiss the North Carolina Action,
and would reassert the causes of action set forth in the Proposed Amended Complaint filed in the North Carolina Action as counterclaims
in the New York Action; and set forth deadlines for the filing of Whitaker’s answer and counterclaims Plaintiffs’ response
to such counterclaims. The Court so-ordered that stipulation on August 23, 2022.
On
September 30, 2022, Whitaker filed an answer and counterclaims, including (1) a cause of action for breach of contract, which was substantially
similar to Whitaker’s breach of contract in the North Carolina Action (the “Breach of Contract Counterclaim”), and
(2) a cause of action under New York and North Carolina consumer protection statutes, asserting that that Plaintiffs exhibited a pattern
and practice in the purchase of businesses similar to KRI by which they allegedly, “endeavor[ ] to acquire the purchased company
at a discount of the agreed-upon purchase price by making an initial down payment, then reneging on payment of deferred compensation
or earnouts and fabricating a pretextual reason for nonpayment at the time the deferred compensation or earnouts become due” (the
Consumer Protection Counterclaim”). For the Consumer Protection Counterclaim, Defendant seeks to recover the full amount of the
Earnout Payments ($4,054)—the very same damages sought by Defendant’s Contract Counterclaim—as well as trebled
damages pursuant to the North Carolina statute, and interest.
On November 11, 2022, Plaintiffs moved to dismiss the Consumer Protection Counterclaim. Briefing on Plaintiffs’ motion was completed
on December 22, 2022. On June 9, 2023, Plaintiff’s motion to dismiss the Consumer Protection Counterclaim was granted.
On August 9, 2023, the Court issued a third revised
case management order which set forth relevant deadlines, including the close of fact discovery on September 22, 2023, and the close
of all discovery (including expert discovery) on December 8, 2023.
Monroe
and the Company intend to pursue their claims vigorously.
As
of the date of this filing, we are not aware of any other material legal proceedings to which we or any of our subsidiaries is a party
or to which any of our property is subject, other than as disclosed above.
NOTE
12 – SEGMENT INFORMATION
The
Company generated revenue and gross profit by segment as follows:
SCHEDULE OF SEGMENT REPORTING INFORMATION, BY SEGMENT
| |
| | | |
| | |
| |
Three
Months Ended | |
| |
April
1, 2023 | | |
April
2, 2022 | |
Commercial
Staffing - US | |
$ | 23,247 | | |
$ | 28,609 | |
Professional
Staffing - US | |
| 24,376 | | |
| 4,329 | |
Professional
Staffing - UK | |
| 15,482 | | |
| 16,955 | |
Total
Revenue | |
$ | 63,105 | | |
$ | 49,893 | |
| |
| | | |
| | |
Commercial
Staffing - US | |
$ | 3,815 | | |
$ | 4,719 | |
Professional
Staffing - US | |
| 3,695 | | |
| 1,204 | |
Professional
Staffing - UK | |
| 2,078 | | |
| 2,590 | |
Total
Gross Profit | |
$ | 9,588 | | |
$ | 8,513 | |
| |
| | | |
| | |
Selling,
general and administrative expenses | |
$ | (10,167 | ) | |
$ | (8,909 | ) |
Depreciation
and amortization | |
| (873 | ) | |
| (655 | ) |
Interest
expense and amortization of debt discount and deferred financing costs | |
| (1,349 | ) | |
| (766 | ) |
Re-measurement
loss on intercompany note | |
| — | | |
| (443 | ) |
Other
loss income, net | |
| (14 | ) | |
| (58 | ) |
STAFFING
360 SOLUTIONS, INC. AND SUBSIDIARIES
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(All
amounts in thousands, except share, per share and stated value per share)
(UNAUDITED)
The
following table disaggregates revenues by segments:
| |
Quarter
Ended April 1, 2023 | |
| |
Commercial
Staffing - US | | |
Professional
Staffing - US | | |
Professional
Staffing - UK | | |
Total | |
Permanent
Revenue | |
$ | 131 | | |
$ | 369 | | |
$ | 810 | | |
$ | 1,310 | |
Temporary
Revenue | |
| 23,116 | | |
| 24,007 | | |
| 14,672 | | |
| 61,795 | |
Total
Revenue | |
$ | 23,247 | | |
$ | 24,376 | | |
$ | 15,482 | | |
$ | 63,105 | |
| |
Quarter
Ended April 2, 2022 | |
| |
Commercial
Staffing - US | | |
Professional
Staffing - US | | |
Professional
Staffing - UK | | |
Total | |
Permanent
Revenue | |
$ | 113 | | |
$ | 380 | | |
$ | 1,071 | | |
$ | 1,564 | |
Temporary
Revenue | |
| 28,496 | | |
| 3,949 | | |
| 15,884 | | |
| 48,329 | |
Total
Revenue | |
$ | 28,609 | | |
$ | 4,329 | | |
$ | 16,955 | | |
$ | 49,893 | |
As
of April 1, 2023 and December 31, 2022, the Company has assets in the U.S. and the U.K. as follows:
| |
April
1, 2023 | | |
December
31, 2022 | |
United
States | |
$ | 70,685 | | |
$ | 70,970 | |
United
Kingdom | |
| 11,173 | | |
| 10,689 | |
Total
Assets | |
$ | 81,858 | | |
$ | 81,659 | |
| |
April 1, 2023 | | |
December 31, 2022 | |
United States | |
$ | 19,891 | | |
$ | 19,891 | |
United Kingdom | |
| — | | |
| — | |
Total Goodwill | |
$ | 19,891 | | |
$ | 19,891 | |
STAFFING
360 SOLUTIONS, INC. AND SUBSIDIARIES
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(All
amounts in thousands, except share, per share and stated value per share)
(UNAUDITED)
NOTE
13 – RELATED PARTY TRANSACTIONS
In
addition to the shares of Series A Preferred Stock and notes and warrants issued to Jackson, the following are other related party
transactions:
Board
and Committee Members
SCHEDULE OF RELATED PARTY TRANSACTIONS
| |
Three
Months Ended April 1, 2023 | |
| |
Cash
Compensation | | |
Shares
Issued | | |
Value
of Shares Issued | | |
Compensation
Expense Recognized | |
Dimitri
Villard | |
$ | 25 | | |
| 10,000 | | |
$ | 29 | | |
$ | 54 | |
Jeff
Grout | |
| 25 | | |
| 10,000 | | |
| 29 | | |
| 54 | |
Nick
Florio | |
| — | | |
| 10,000 | | |
| 29 | | |
| 29 | |
Vincent
Cebula | |
| 8 | | |
| 10,000 | | |
| 29 | | |
| 38 | |
Alicia
Barker | |
| — | | |
| 10,000 | | |
| 31 | | |
| 31 | |
Brendan
Flood | |
| — | | |
| 10,000 | | |
| 31 | | |
| 31 | |
| |
$ | 58 | | |
| 60,000 | | |
$ | 180 | | |
$ | 237 | |
| |
Three
Months Ended April 2, 2022 | |
| |
Cash
Compensation | | |
Shares
Issued | | |
Value
of Shares Issued | | |
Compensation
Expense Recognized | |
Dimitri
Villard | |
$ | 25 | | |
| 2,000 | | |
$ | 2 | | |
$ | 27 | |
Jeff
Grout | |
| 25 | | |
| 2,000 | | |
| 2 | | |
| 27 | |
Nick
Florio | |
| 25 | | |
| 2,000 | | |
| 2 | | |
| 27 | |
Vincent
Cebula | |
| 25 | | |
| 2,000 | | |
| 2 | | |
| 27 | |
Alicia
Barker | |
| — | | |
| 2,000 | | |
| 2 | | |
| 2 | |
| |
$ | 100 | | |
| 10,000 | | |
$ | 10 | | |
$ | 110 | |
NOTE
14 – SUPPLEMENTAL CASH FLOW INFORMATION
SCHEDULE OF CASH FLOW, SUPPLEMENTAL DISCLOSURES
| |
| | | |
| | |
| |
Three
Months Ended | |
| |
April
1, 2023 | | |
April
2, 2022 | |
Cash
paid for: | |
| | | |
| | |
Interest | |
$ | 1,406 | | |
$ | 766 | |
Income
taxes | |
| — | | |
| — | |
| |
| | | |
| | |
Non-Cash
Investing and Financing Activities: | |
| | | |
| | |
Deferred
purchase price of UK factoring facility | |
$ | 1,651 | | |
$ | 1,835 | |
NOTE
15 – SUBSEQUENT EVENTS
Nasdaq
Compliance
Minimum
Bid Price Requirement
On
July 17, 2023, the Company received a letter from the Listing Qualifications Staff (the “Staff”) of the Nasdaq Stock Market
(“Nasdaq”) indicating that, based upon the closing bid price of the Company’s common stock for the 30 consecutive business
day period between June 1, 2023, through July 14, 2023, the Company did not meet the minimum bid price of $1.00 per share required for
continued listing on Nasdaq pursuant to Nasdaq Listing Rule 5550(a)(2). The letter also indicated that the Company will be provided with
a compliance period of 180 calendar days, or until January 15, 2024 (the “Compliance Period”), in which to regain compliance
pursuant to Nasdaq Listing Rule 5810(c)(3)(A).
In
order to regain compliance with Nasdaq’s minimum bid price requirement, the Company’s common stock must maintain a minimum
closing bid price of $1.00 for at least ten consecutive business days during the Compliance Period. In the event the Company does not
regain compliance by the end of the Compliance Period, the Company may be eligible for additional time to regain compliance. To qualify,
the Company will be required to meet the continued listing requirement for the market value of its publicly held shares and all other
initial listing standards for the Nasdaq Capital Market, with the exception of the bid price requirement, and will need to provide written
notice of its intention to cure the deficiency during the second compliance period, by effecting a reverse stock split if necessary.
If the Company meets these requirements, the Company may be granted an additional 180 calendar days to regain compliance. However, if
it appears to Nasdaq that the Company will be unable to cure the deficiency, or if the Company is not otherwise eligible for the additional
cure period, Nasdaq will provide notice that the Company’s common stock will be subject to delisting.
The
letter has no immediate impact on the listing of the Company’s common stock, which will continue to be listed and traded on Nasdaq,
subject to the Company’s compliance with the other listing requirements of Nasdaq.
Quarterly
Reports on Form 10-Q
On
May 18, 2023, the Company received a notice from the Staff notifying the Company that as it has not yet filed its Form 10-Q for the period
ended April 1, 2023 pursuant to Nasdaq Listing Rule 5250(c)(1) (the “Rule”), such matter serves as a basis for delisting
the Company’s securities from Nasdaq.
On
July 5, 2023, the Company received a notice from the Staff notifying the Company that it has been granted an exception to enable the
Company to regain compliance with the Rule pursuant to the following terms: on or before October 16, 2023, the Company must file the
Form 10-Q for the period ended April 1, 2023, as required by the Rule. In the event the Company does not satisfy the terms of the exception,
the Staff will provide written notification that the Company’s common stock will be delisted.
On
August 23, 2023, the Company received a notice from the Staff notifying the Company that as it has not yet filed its Quarterly Report
on Form 10-Q for the period ended June 30, 2023, the Company no longer complies with the Rule for continued listing on Nasdaq. Pursuant
to the July 5, 2023 notice described above, the Staff had granted the Company an exception until October 16, 2023 to file its delinquent
Form 10-Q for the period ended April 1, 2023 (the “Initial Delinquent Filing”). As a result, any additional Staff exception
to allow the Company to regain compliance with all delinquent filings, will be limited to a maximum of 180 calendar days from the due
date of the Initial Delinquent Filing, or October 16, 2023.
The
aforementioned notices have no immediate effect on the listing of the Company’s common stock. There can be no assurance that the
Company will regain compliance with the Nasdaq’s rules or maintain compliance with any of the other Nasdaq continued listing requirements.
Series
H Preferred Stock Amendment
On
July 31, 2023, the Company, Chapel Hill Partners, L.P. (“Chapel Hill”) and Jean-Pierre Sakey (“Sakey”) entered
into an agreement in connection with the Headway Purchase Agreement.
Pursuant
to the agreement, if on or prior to September 30, 2023, the Company pays an aggregate of $11,340,000 (the “Agreed Amount”)
to the holders of the Series H Preferred Stock and Chapel Hill for the redemption of the 9,000,000 shares of Series H Preferred Stock
issued and outstanding with the remaining amount to be paid to Chapel Hill, less $525,000 to be paid to third-parties to satisfy existing
incentives and fees due, with such fees and incentive payments to be allocated at the discretion of Chapel Hill and Sakey, then the Company’s
obligation to redeem the Series H Preferred Stock pursuant to the Purchase Agreement and Certificate of Designation of Preferences, Rights
and Limitations of Series H Convertible Preferred Stock, as amended (the “Series H COD”), shall be deemed satisfied, and
the contingent liabilities, covenants and indemnification obligations of the Company pursuant to the Purchase Agreement shall be extinguished
and of no further force and effect.
Pursuant
to the agreement, if on or prior to September 30, 2023, the Company does not redeem the Series H Preferred Stock and remit the Contingent
Payment (as defined in the Headway Purchase Agreement), then the Company shall make the Contingent Payment in the amount of $5,000,000,
as set forth in the Purchase Agreement, in five equal installments of $1,000,000 each, less $134,000 per installment to be paid to third-parties
to satisfy existing incentives and fees due, with such fees and incentive payments to be allocated at the discretion of Chapel Hill and
Sakey (the “Contingent Payment Installments”), with such Contingent Payment Installments to be made on or before December
31, 2023, March 31, 2024, June 30, 2024, September 30, 2024 and December 31, 2024 (each such date, a “Contingent Installment Payment
Date”). On each Contingent Installment Payment Date, the Company shall additionally redeem 100,000 shares of Series H Preferred
Stock at a price per share equal to $0.0000001 per share.
Pursuant
to the Letter Agreement, the Company shall also have no obligation to pay the Preferred Dividend (as defined in the Series H COD) on
June 30, 2023, September 30, 2023 and December 31, 2023.
Agreements
with Jackson
Amendment
No. 1 to 2022 Jackson Note
On
June 30, 2023, the Company and Jackson entered into an amendment (“Amendment No. 1”) to the 2022 Jackson Note to amend the
interest payment dates of July 1, 2023, August 1, 2023, and September 1, 2023 to October 1, 2023, November 1, 2023 and December 1, 2023,
respectively.
First
Omnibus Amendment Agreement and Jackson Notes
On
August 30, 2023, the Obligors entered into a First Omnibus Amendment Agreement with Jackson, which, among other things: (i) amends that
certain Third A&R Agreement, by and between the Company and Jackson, dated as of October 27, 2022, (ii) provides for the issuance
of 2023 Jackson Note, and (iii) joins certain subsidiaries of the Company to (a) the Pledge Agreement, and (b) the Security Agreement,
dated as of September 15, 2017, as either subsidiary guarantors or pledgors (as applicable) and amends certain terms and conditions of
each of the Pledge Agreement and the Security Agreement.
Pursuant
to the terms of the purchase agreement, simultaneously with the execution of the amendment agreement, the Company issued to Jackson the
2023 Jackson Note due October 14, 2024 in the principal amount of $2,000, the proceeds of which will be used by the Company to repay
certain indebtedness of the Company, among others. Pursuant to the terms of the First Omnibus Amendment Agreement and the 2023 Jackson
Note, the Company is required to pay interest at a per annum rate of 12%. In the event the Company has not repaid in cash at 50% of the
outstanding principal balance of the 2023 Jackson Note on or before October 27, 2023, then interest on the outstanding principal balance
of the 2023 Jackson Note will accrue at 16% per annum until the 2023 Jackson Note is repaid in full. All accrued and unpaid interest
on the outstanding principal of the 2023 Jackson Note shall be due and payable in arrears in cash on a monthly basis.
Pursuant
to the First Omnibus Amendment Agreement, interest on that certain 2022 Jackson Note due October 14, 2024, evidencing the obligations
of the Obligors under the Third A&R Agreement and executed by the Company in favor of Jackson, shall be paid in cash and continue
to accrue at a rate per annum equal to 12% until the principal amount of the 2022 Jackson Note has been paid in full. In the event that
Company has not repaid in cash at least 50% of the outstanding principal balance of the existing note as of the date of the First Omnibus
Amendment Agreement or on or before October 27, 2023, then interest on the outstanding principal balance of the 2022 Jackson Note will
accrue at 16% per annum until the 2022 Jackson Note is repaid in full. All accrued and unpaid interest on the outstanding principal of
the 2022 Jackson Note shall be due and payable in arrears in cash on a monthly basis; provided that (i) the interest payment that would
be due on September 1, 2023 shall instead be due December 1, 2023 and (ii) the amount of each such deferred interest payment shall be
added to the principal amount of the 2022 Jackson Note. Notwithstanding the foregoing, the amount necessary to satisfy such accrued but
unpaid interest on the 2022 Jackson Note as of the date of the First Omnibus Amendment Agreement was retained by Jackson from the
aggregate purchase price of the 2023 Jackson Note, along with certain out-of-pocket fees and expenses, including reasonable attorney’s
fees, incurred by Jackson in connection with the First Omnibus Amendment Agreement, the 2023 Jackson Note and related documents thereto.
Amendment
No. 28 to Credit and Security Agreement and Limited Waiver with MidCap
On
August 30, 2023, the Company and the Credit Facility Borrowers entered into Amendment No. 28 to Credit and Security Agreement with MidCap
and the lenders party thereto (the “Lenders”). Amendment No. 28, among other things: (i) increases the applicable margin
(a) from 4.25% to 4.50% with respect to revolving loans and other obligations (other than letter of credit liabilities) and (b) from
3.75% to 4.50% with respect to letter of credit liabilities, (ii) revises the definition of borrowing base to include the amount of any
reserves and/or adjustments provided for in the Credit and Security Agreement, including, but not limited to, the Additional Reserve
Amount (as defined in the in Amendment No. 28), (iii) requires that the Company complies with a fixed charge coverage ratio of at least
1:00 to 1:00, and (iv) waives the existing event of default that occurred under the Credit and Security Agreement due to the Credit Parties’
failure to maintain the Minimum Liquidity amount (as defined in the Credit and Security Agreement) for the fiscal month ending June 30,
2023 (each as defined in the Credit and Security Agreement).
In
addition, pursuant Amendment No. 28, no later than five (5) business days following the receipt of any cash proceeds from any equity
issuance or other cash contribution from the Company’s equity holders, the Company shall prepay the revolving loans by an amount
equal to (i) the sum of $1,300, less the current funded Additional Reserve Amount, multiplied by (ii) 50%.
In
connection with Amendment No. 28, the Company shall pay to MidCap (i) a modification fee of $68 and (ii) $32 in overdue interest amount,
which such fees shall be due and payable on or before October 31, 2023.
Sixth
Amendment to Intercreditor Agreement with Jackson and MidCap
On
August 30, 2023, in connection with the First Omnibus Amendment Agreement, the 2023 Jackson Note and Amendment No. 28, the Company, Jackson,
the Lenders and MidCap entered into the Sixth Amendment to Intercreditor Agreement (the “Sixth Amendment”), which amended
the Intercreditor Agreement, dated as of September 15, 2017 (as amended, restated, amended and restated, supplemented, or otherwise modified
from time to time, the “Intercreditor Agreement”), by and between the Company, Jackson and MidCap. The Sixth Amendment, among
other things, provides for (i) consent by the Lenders to the Amendment Agreement and (ii) consent by Jackson to Amendment No. 28.
Inducement
Letter and Exercise of Warrants
On
September 1, 2023, the Company entered into an inducement offer letter agreement (the “Inducement Letter”) with a certain
holder (the “Holder”) of certain of its existing warrants to purchase up to an aggregate of 2,761,170 shares of common stock
issued to the Holder on July 7, 2022 (as amended on February 10, 2023), and (ii) February 10, 2023 (collectively, the “Existing
Warrants”).
Pursuant
to the Inducement Letter, the Holder agreed to exercise for cash its Existing Warrants to purchase an aggregate of 2,761,170 shares of
common stock at a reduced exercise price of $0.83 per share in consideration of the Company’s agreement to issue new unregistered
common stock purchase warrants (the “September 2023 Warrants”), as described below, to purchase up to an aggregate of 5,522,340
shares of the Company’s common stock.
The
closing of the transactions contemplated pursuant to the Inducement Letter occurred on September 6, 2023 (the “Closing Date”).
The Company received aggregate gross proceeds of approximately $2,300 from the exercise of the Existing Warrants by the Holder (the “Exercise”),
before deducting placement agent fees and other offering expenses payable by the Company. The Company expects to use 50% of the net proceeds
from the Exercise to repay a portion of its outstanding obligations under the Jackson Notes and 50% of the net proceeds from the Exercise
to repay a portion of its outstanding obligations pursuant to the Credit and Security Agreement with MidCap.
The
Company engaged Wainwright to act as its exclusive placement agent in connection with the transactions summarized above and paid Wainwright
a cash fee equal to 7.5% of the aggregate gross proceeds received from the Holder’s exercise of their Existing Warrants, as well
as a management fee equal to 1.0% of the gross proceeds from the exercise of the Existing Warrants, pursuant to the Wainwright Engagement
Letter.
Pursuant
to the Engagement Letter, the Company agreed to reimburse Wainwright for its expenses in connection with the exercise of the Existing
Warrants and the issuance of the September 2023 Warrants of up to $50 for its reasonable and documented out-of-pocket expenses, including
legal fees and expenses and out-of-pocket expenses, $25 for its non-accountable expenses, and $16 for its clearing costs. The Company
issued to Wainwright or its designees warrants (the “September 2023 Placement Agent Warrants”) to purchase up to 207,088
shares of common stock. The September 2023 Placement Agent Warrants have substantially the same terms as the September 2023 Warrants,
except that the Placement Agent Warrants have an exercise price equal to $1.0375 per share and are immediately exercisable on or after
the Stockholder Approval Date (as defined in the September 2023 Warrants) until the five year anniversary of the Stockholder Approval
Date.
Limited
Duration Stockholder Rights Agreement
On
September 27, 2023, the board of directors (the “Board”) of the Company declared a dividend of one preferred share purchase
right (a “Right”) for each outstanding share of common stock and .3889 Rights for each outstanding share of Series H Preferred
Stock (collectively with the common stock, the “Voting Stock”). The dividend is payable on October 21, 2023 to the stockholders
of record at the close of business on October 21, 2023 (the “Record Date”). Each Right initially entitles the registered
holder to purchase from the Company one one-thousandth of a share of Series A Junior Participating Preferred Stock, par value $0.00001
per share, of the Company (the “Preferred Stock”) at a price of $2.75 per one one-thousandth of a share of Preferred Stock
(the “Purchase Price”), subject to adjustment. The description and terms of the Rights are set forth in a Rights Agreement,
dated as of October 1, 2023, as the same may be amended from time to time (the “Rights Agreement”), between the Company and
Securities Transfer Corporation, as Rights Agent.
Until
the close of business on the earlier of (i) 10 business days following the first date of public announcement (which, for purposes of
this definition, shall include, without limitation, a report filed pursuant to Section 13(d) of the Securities Exchange Act of 1934,
as amended (the “Exchange Act”)) by the Company or an Acquiring Person (as defined below) that an Acquiring Person has become
such, or such other date, as determined by the Board, on which a Person has become an Acquiring Person, or (ii) 10 business days (or
such later date as may be determined by action of the Board prior to such time as any person or group of affiliated or associated persons
becomes an Acquiring Person) after the date of the commencement of, or the first public announcement of an intention to commence, a tender
or exchange offer the consummation of which would result in any person or group of affiliated or associated persons becoming an Acquiring
Person (the earlier of such dates being called the “Distribution Date”), (x) the Rights will be evidenced by the certificates
representing the Voting Stock registered in the names of the holders thereof (or by book entry shares in respect of such Voting Stock)
and not by separate Right Certificates (as defined below), and (y) the Rights will be transferable only in connection with the transfer
of Voting Stock.
Until
the Distribution Date (or earlier expiration of the Rights), (i) new Voting Stock certificates issued after the Record Date upon transfer
or new issuances of Voting Stock will contain a legend incorporating the terms of the Rights Agreement by reference, and (ii) the surrender
for transfer of any certificates representing Voting Stock (or book entry shares of Voting Stock) outstanding as of the Record Date will
also constitute the transfer of the Rights associated with the shares of Voting Stock represented thereby. As soon as practicable following
the Distribution Date, separate certificates evidencing the Rights (“Right Certificates”) will be mailed to holders of record
of the Voting Stock as of the close of business on the Distribution Date and such separate Right Certificates alone will evidence the
Rights.
Except
as otherwise provided in the Rights Agreement, the Rights are not exercisable until the Distribution Date. The Rights will expire on
the earliest of (i) October 2, 2026 or such later date as may be established by the Board prior to the expiration of the Rights, (ii)
the time at which the Rights are redeemed pursuant to the terms of the Rights Agreement, (iii) the closing of any merger or other acquisition
transaction involving the Company pursuant to an agreement of the type described in the Rights Agreement at which time the Rights are
terminated, or (iv) the time at which such Rights are exchanged pursuant to the terms of the Rights Agreement.
The
Purchase Price payable, and the number of shares of Preferred Stock or other securities or property issuable, upon exercise of the Rights
is subject to adjustment from time to time, among others, (i) in the event of a stock dividend on, or a subdivision, combination or reclassification
of, the Preferred Stock, (ii) upon the grant to holders of the Preferred Stock of certain rights or warrants to subscribe for or purchase
Preferred Stock at a price, or securities convertible into Preferred Stock with a conversion price, less than the then-current market
price of the Preferred Stock, or (iii) upon the distribution to holders of the Preferred Stock of evidences of indebtedness or assets
(excluding regular periodic cash dividends or dividends payable in Preferred Stock) or of subscription rights or warrants (other than
those referred to above).
The
number of outstanding Rights is subject to adjustment in the event of a stock dividend on any class or series of Voting Stock payable
in shares of a class or series of Voting Stock or subdivisions, consolidations or combinations of any class or series of Voting Stock
occurring, in any such case, prior to the Distribution Date.
Shares
of Preferred Stock purchasable upon exercise of the Rights will not be redeemable. Each share of Preferred Stock will be entitled, when,
as and if declared, to a minimum preferential quarterly dividend payment of the greater of (a) $10.00 and (b) the sum of (1) 1,000 (subject
to adjustments for stock dividends, stock splits, or stock combinations) times the aggregate per share amount of all cash dividends,
plus (2) 1,000 (subject to adjustments for stock dividends, stock splits, or stock combinations) times the aggregate per share amount
(payable in kind) of all non-cash dividends or other distributions other than a dividend payable in shares of common stock, or a subdivision
of the outstanding shares of common stock (by reclassification or otherwise), in each case declared on the common stock. In the event
of liquidation, dissolution or winding up of the Company, the holders of the Preferred Stock will be entitled to a minimum preferential
payment of the greater of (a) $10.00 per share (plus any accrued but unpaid dividends and distributions), and (b) an amount equal to
1,000 times (subject to adjustments for stock dividends, stock splits, or stock combinations) made per share amount of all cash and other
property to be distributed in respect of common stock. Each share of Preferred Stock will be initially entitled to 1,000 votes (subject
to adjustment for stock dividends, stock splits, or stock combinations). In addition to voting together with the holders of common stock
for the election of other directors of the Company, the holders of Preferred Stock, voting separately as a class to the exclusion of
the holders of common stock, shall be entitled at the meeting of stockholders (and at each subsequent annual meeting of stockholders),
unless all dividends in arrears on the Preferred Stock have been paid or declared and set apart for payment prior thereto, to vote for
the election of two directors of the Company. Holders of Preferred Stock shall otherwise have no special voting rights and their consent
shall not be required (except to the extent they are entitled to vote with holders of common stock as set forth herein) for taking any
corporate action, other than as required by law.
In
the event of any merger, consolidation, combination or other transaction in which outstanding shares of common stock are converted or
exchanged, each share of Preferred Stock will be entitled to receive 1,000 times the aggregate amount of stock, securities, cash and/or
any other property (payable in kind), as the case may be, into which or for which each share of common stock is changed or exchanged.
In
the event that any person or group of affiliated or associated persons becomes an Acquiring Person (the first occurrence of such event,
a “Flip-In Event”), each holder of a Right, other than Rights beneficially owned by the Acquiring Person (which will thereupon
become void), will thereafter have the right to receive upon exercise of a Right that number of shares of common stock equal to the number
of shares of common stock obtained by dividing the Purchase Price (subject to adjustments) by 50% of the current per share market price
of the common stock on the date of the Flip-In Event. Except in certain situations, a person or group of affiliated or associated persons
becomes an “Acquiring Person” upon acquiring beneficial ownership of 10% (20% in the case of a Passive Investor (as defined
in the Rights Agreement)) or more in voting power of the shares of Voting Stock then outstanding, subject to certain exclusions. Under
the Rights Agreement, a “Passive Investor” is generally a person who or which has reported or is required to report beneficial
ownership of shares of Voting Stock on Schedule 13G under the Exchange Act. Certain synthetic interests in securities created by derivative
positions are treated under the Rights Agreement as beneficial ownership of the number of shares of Voting Stock equivalent to the economic
exposure created by the derivative security, to the extent actual shares of Voting Stock are directly or indirectly beneficially owned
by a counterparty to such derivative security.
In
the event that, after a Flip-In Event, the Company is acquired in a merger or other business combination transaction or 50% or more of
its consolidated assets or earning power are sold, proper provisions will be made so that each holder of a Right (other than Rights beneficially
owned by an Acquiring Person which will have become void) will thereafter have the right to receive upon the exercise of a Right that
number of shares of common stock equal to the result obtained by dividing the Purchase Price (subject to adjustments) by 50% of the current
per share market price of the common stock of such person(s) (or its parent) with whom the Company has engaged in the foregoing transaction.
At
any time after a Flip-In Event and prior to the acquisition by an Acquiring Person of 50% or more in voting power of the shares of Voting
Stock then outstanding, the Board may, at its option, exchange the Rights (other than Rights owned by such Acquiring Person which will
have become void), in whole or in part, for shares of common stock, at an exchange ratio of one share of common stock per Right.
With
certain exceptions, no adjustment in the Purchase Price will be required unless such adjustment would require an increase or decrease
of at least 1% in such Purchase Price. No fractional shares of Preferred Stock or common stock will be issued (other than fractions of
Preferred Stock which are integral multiples of one one-thousandth of a share of Preferred Stock, which may, at the election of the Company,
be evidenced by depositary receipts), and in lieu thereof an adjustment in cash will be made based on the current market price of the
Preferred Stock or the common stock.
At
any time prior to a Flip-In Event, the Board may redeem all but not less than the then outstanding Rights at a price of $0.01 per Right,
subject to adjustment (the “Redemption Price”) payable, at the option of the Company, in cash, shares of common stock or
such other form of consideration as the Board shall determine. The redemption of the Rights may be made effective at such time, on such
basis and with such conditions as the Board in its sole discretion may establish. Immediately upon any redemption of the Rights, the
right to exercise the Rights will terminate and the only right of the holders of Rights will be to receive the Redemption Price.
For
so long as the Rights are then redeemable, the Company may, in its sole discretion, except with respect to the Redemption Price, supplement
or amend any provision in the Rights Agreement without the approval of any holders of the Rights. After the Rights are no longer redeemable,
the Company may, except with respect to the Redemption Price, supplement or amend the Rights Agreement without the approval of any holders
of Rights, provided that no such supplement or amendment may adversely affect the interests of holders of the Rights, cause the Rights
Agreement to become amendable contrary to the provisions of the Rights Agreement, or cause the Rights to again to become redeemable.
Until
a Right is exercised or exchanged, the holder thereof, as such, will have no rights as a stockholder of the Company, including, without
limitation, the right to vote or to receive dividends.
ITEM
2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.
The
following discussion and analysis of our results of operations and financial condition should be read in conjunction with our
consolidated financial statements and related notes thereto appearing elsewhere in this Quarterly Report. This section includes a
number of forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, that reflect our
current views with respect to future events and financial performance. All statements that address expectations or projections about
the future, including, but not limited to, statements about our plans, strategies, adequacy of resources and future financial
results (such as revenue, gross profit, operating profit, cash flow), are forward-looking statements. Some of the forward-looking
statements can be identified by words like “anticipates,” “believes,” “expects,”
“may,” “will,” “can,” “could,” “should,” “intends,”
“project,” “predict,” “plans,” “estimates,” “goal,”
“target,” “possible,” “potential,” “would,” “seek,” and similar
references to future periods. These statements are not guarantees of future performance and involve a number of risks, uncertainties
and assumptions that are difficult to predict. Because these forward-looking statements are based on estimates and assumptions that
are subject to significant business, economic and competitive uncertainties, many of which are beyond our control or are subject to
change, actual outcomes and results may differ materially from what is expressed or forecasted in these forward-looking statements.
Important factors that could cause actual results to differ materially from these forward-looking statements include, but are not
limited to: negative outcome of pending and future claims and litigation; our ability to access the capital markets by pursuing
additional debt and equity financing to fund our business plan and expenses on terms acceptable to us or at all; our ability to
regain and maintain compliance with the Nasdaq Capital Market’s (“Nasdaq”) listing standards; our ability to
comply with our contractual covenants, including in respect of our debt; potential cost overruns and possible rejection of our
business model and/or sales methods; weakness in general economic conditions and levels of capital spending by customers in the
industries we serve; weakness or volatility in the financial and capital markets, which may result in the postponement or
cancellation of our customers’ capital projects or the inability of our customers to pay our fees; delays or reductions in
U.S. government spending; credit risks associated with our customers; competitive market pressures; the availability and cost of
qualified labor; our level of success in attracting, training and retaining qualified management personnel and other staff
employees; changes in tax laws and other government regulations, including the impact of health care reform laws and regulations;
the possibility of incurring liability for our business activities, including, but not limited to, the activities of our temporary
employees; our performance on customer contracts; and government policies, legislation or judicial decisions adverse to our
businesses. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date
hereof. We assume no obligation to update such statements, whether as a result of new information, future events or otherwise,
except as required by law. We recommend readers to carefully review the entirety of this Quarterly Report on Form 10-Q, including
the risk factors set forth under the heading “Risk Factors” in Item 1A of this Quarterly Report on Form 10-Q and under
the same or similar headings in the other reports and documents we file from time to time with the Securities and Exchange
Commission (“SEC”), particularly our Annual Reports on Form 10-K. Quarterly Reports on Form 10-Q and Current Reports
on Form 8-K.
Overview
We
are incorporated in the state of Delaware. As a rapidly growing public company in the international staffing sector, our high-growth
business model is based on finding and acquiring suitable, mature, profitable, operating, U.S. and U.K. based staffing companies. Our
targeted consolidation model is focused specifically on the accounting and finance, information technology (“IT”), engineering, administration (“Professional”) and light
industrial (“Commercial”) disciplines.
We effected a one-for-ten reverse stock split on June 24, 2022 (the “Reverse
Stock Split”). All share and per share information in this Quarterly Report on Form 10-Q, including the condensed consolidated financial
statements and related notes thereto, has, where applicable, been retroactively adjusted to reflect the Reverse Stock Split.
Business
Model, Operating History and Acquisitions
We
are a high-growth international staffing company engaged in the acquisition of U.S. and U.K. based staffing companies. As part of our
consolidation model, we pursue a broad spectrum of staffing companies supporting primarily the Professional and Commercial Business Streams.
Our typical acquisition model is based on paying consideration in the form of cash, stock, earn-outs and/or promissory notes. In furthering
our business model, the Company is regularly in discussions and negotiations with various suitable, mature acquisition targets. Since
November 2013, the Company has completed 11 acquisitions.
February
2023 Public Offering
On
February 7, 2023, we entered into a securities purchase agreement with an institutional, accredited investor for the issuance and sale,
in a best efforts public offering (the “February 2023 Offering”), of (i) 315,000 units (the “Units”), each Unit
consisting of one share of our common stock and one warrant (the “February 2023 Warrants”) to purchase one share of common
stock, and (ii) 1,569,516 pre-funded units (the “Pre-Funded Units”), each Pre-Funded Unit consisting of one pre-funded warrant
(the “February 2023 Pre-Funded Warrants”) to purchase one share of common stock and one February 2023 Warrant. The public
offering price was $2.6532 per Unit and $2.6522 per Pre-Funded Unit. The February 2023 Warrants are exercisable immediately upon issuance
and have a term of exercise equal to five years from the date of issuance.
In
connection with the February 2023 Offering, the investor entered into a warrant amendment agreement (the “February 2023 Warrant
Amendment Agreement”) with us to amend the exercise price of certain existing warrants to purchase up to an aggregate of 876,654
shares of common stock that were previously issued to the investor, with an exercise price of $5.85 per share and an expiration date
of January 7, 2028. Pursuant to the February 2023 Warrant Amendment Agreement, the amended warrants have a reduced exercise price of
$2.47 per share following the closing of the February 2023 Offering.
We
used the net proceeds from the February 2023 Offering for general working capital purposes.
For
the quarters ended April 1, 2023 and April 2, 2022
| |
Three
Months | | |
| | |
Three
Months | | |
| | |
| |
| |
Ended
April
1, 2023 | | |
%
of Revenue | | |
Ended
April
2, 2022 | | |
%
of Revenue | | |
Growth | |
Revenue | |
$ | 63,105 | | |
| 100.0 | % | |
$ | 49,893 | | |
| 100.0 | % | |
| 26.5 | % |
Cost
of revenue | |
| 53,517 | | |
| 84.8 | % | |
| 41,380 | | |
| 82.9 | % | |
| 29.3 | % |
Gross
profit | |
| 9,588 | | |
| 15.2 | % | |
| 8,513 | | |
| 17.1 | % | |
| 12.6 | % |
Operating
expenses | |
| 10,942 | | |
| 17.3 | % | |
| 9,564 | | |
| 19.2 | % | |
| 14.4 | % |
Loss
from operations | |
| (1,354 | ) | |
| -2.1 | % | |
| (1,051 | ) | |
| -2.1 | % | |
| 28.8 | % |
Other
expenses | |
| (1,461 | ) | |
| -2.3 | % | |
| (1,267 | ) | |
| -2.5 | % | |
| 15.3 | % |
Provision
for income taxes | |
| (40 | ) | |
| 0.1 | % | |
| (6 | ) | |
| 0.0 | % | |
| 566.7 | % |
Net
loss | |
$ | (2,855 | ) | |
| -4.5 | % | |
$ | (2,324 | ) | |
| -4.7 | % | |
| 22.8 | % |
Revenue
For the quarter ended April 1, 2023, revenue
increased by 26.5% to $63,105 as compared with $49,893 in revenue for the quarter ended April 2, 2022. Of that increase, $20,165 was
attributable to the acquisition of Headway Workforce Solutions (“Headway” and such acquisition, the “Headway
Acquisition”), which was completed in May 2022. Organic revenue declined by $6,952, which consisted of a decline of $5,343
from operations, offset by $1,609 of unfavorable foreign currency translation. The decline in revenue was more prevalent in
Commercial staffing as a result of a challenging U.S. operating environment. The Headway Acquisition added $20,080 in temporary
contractor revenue and $84 in permanent placement revenue. Within organic revenue, temporary contractor revenue declined by $6,614
and permanent placement revenue declined by $338.
Revenue for the quarter ended April 1, 2023, was
comprised of $61,795 of temporary contractor revenue and $1,310 of permanent placement revenue, compared with $48,392 and $1,564 of
temporary contractor revenue and permanent placement revenue, respectively, for the quarter ended April 2, 2022.
Cost of revenue, Gross profit and Gross margin
Cost of revenue includes the variable cost of
labor and various non-variable costs (e.g., workers’ compensation insurance) relating to employees (temporary and permanent)
as well as sub-contractors and consultants. For the quarter ended April 1, 2023, cost of revenue was $53,517, an increase of
29.3% from $41,380 for quarter ended April 2, 2022, compared with revenue growth of 26.5%. The Headway Acquisition contributed
$17,585 to the increase in cost of revenue, while organic cost of revenue declined $5,447, a decrease of 13.2%, compared with a
13.7% decline on organic cost of revenue, as a result of challenges in the U.S. commercial staffing market.
Gross profit for the quarter ended April 1,
2023, was $9,588, an increase of 12.6% from $8,513 for the quarter ended April 2, 2022, representing gross margin of 15.2% and 17.1%
for each period, respectively. Of the increase in gross profit, the Headway Acquisition added $2,579, representing gross
margin of 12.4%. Organic gross profit declined by $7,008, representing gross margin of 16.8%.
Operating expenses
Total operating expenses for the quarter ended
April 1, 2023, were $10,167, an increase of 14.4% from $8,909 for the quarter ended April 2, 2022. The increase in operating
expenses was driven primarily by the Headway Acquisition, which added $2,873 in operating expenses for the quarter ended April 1,
2023. Organic operating expenses declined by $1,258 for the quarter ended April 1, 2023, as compared to the quarter ended April 2,
2022
Other expenses, net
Total other expenses, net for the quarter ended
April 1, 2023 were $1,461, an increase of 15.3% from $1,267 for the quarter ended April 2, 2022. The increase was driven by an
increase of $678 in interest expense.
Amortization of debt discount and deferred
financing costs for the quarter ended April 1, 2023 were $873, an increase of $122, compared with amortization of debt discount and
deferred financing costs for the quarter ended April 2, 2022, which were $751. There was no loss from Paycheck Protection Program
(“PPP”) forgiveness of loans for the quarter ended April 1, 2023 compared with gain from PPP forgiveness of loans of
$443 for the quarter ended April 2, 2022 In addition, for the quarter ended April 1, 2023, we had other loss of $14.
Non-GAAP
Measures
To
supplement our condensed consolidated financial statements presented in accordance with GAAP, we also use non-GAAP financial
measures and key performance indicators (“KPIs”) in addition to our GAAP results. We believe non-GAAP financial measures
and KPIs may provide useful information for evaluating our cash operating performance, ability to service debt, compliance with debt
covenants and measurement against competitors. This information should be considered as supplemental in nature and should not be
considered in isolation or as a substitute for the related financial information prepared in accordance with GAAP. In addition,
these non-GAAP financial measures may not be comparable to similarly entitled measures reported by other companies.
We
present the following non-GAAP financial measure and KPIs in this report:
Revenue
and Gross Profit by Business Streams We use this KPI to measure our mix of Revenue and respective profitability between our two
main lines of business due to their differing margins. For clarity, these lines of business are not our operating segments, as this
information is not currently regularly reviewed by the chief operating decision maker to allocate capital and resources. Rather, we
use this KPI to benchmark our business against the industry.
The
following table details revenue and gross profit by sector:
| |
Three
Months Ended | |
| |
April
1, 2023 | | |
Mix | | |
April
2, 2022 | | |
Mix | |
| |
| | |
| | |
| | |
| |
Revenue | |
| | | |
| | | |
| | | |
| | |
Commercial
Staffing - US | |
$ | 23,247 | | |
| 37 | % | |
$ | 28,609 | | |
| 57 | % |
Professional
Staffing - US | |
| 24,376 | | |
| 39 | % | |
| 4,329 | | |
| 9 | % |
Professional
Staffing - UK | |
| 15,482 | | |
| 24 | % | |
| 16,955 | | |
| 34 | % |
Total
Service Revenue | |
$ | 63,105 | | |
| | | |
$ | 49,893 | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
Gross
Profit | |
| | | |
| | | |
| | | |
| | |
Commercial
Staffing - US | |
$ | 3,815 | | |
| 40 | % | |
$ | 4,719 | | |
| 56 | % |
Professional
Staffing - US | |
| 3,695 | | |
| 38 | % | |
| 1,204 | | |
| 14 | % |
Professional
Staffing - UK | |
| 2,078 | | |
| 22 | % | |
| 2,590 | | |
| 30 | % |
Total
Gross Profit | |
$ | 9,588 | | |
| | | |
$ | 8,513 | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
Gross
Margin | |
| | | |
| | | |
| | | |
| | |
Commercial
Staffing - US | |
| 16.4 | % | |
| | | |
| 16.5 | % | |
| | |
Professional
Staffing - US | |
| 15.2 | % | |
| | | |
| 27.8 | % | |
| | |
Professional
Staffing - UK | |
| 13.4 | % | |
| | | |
| 15.3 | % | |
| | |
Total
Gross Margin | |
| 15.2 | % | |
| | | |
| 17.1 | % | |
| | |
Adjusted
EBITDA. This measure is defined as net income (loss) attributable to common stock before: interest expense, benefit from income
taxes; depreciation and amortization; acquisition, capital raising and other non-recurring expenses; other non-cash charges;
impairment of goodwill; re-measurement gain on intercompany note; other income (loss); and charges the Company considers to be
non-recurring in nature such, as legal expenses associated with litigation, professional fees associated potential and completed
acquisitions. We use this measure because we believe it provides a more meaningful understanding of our profit and cash flow
generation.
| |
Three
Months Ended | | |
Trailing
Twelve Months | |
| |
April
1, 2023 | | |
April
2, 2022 | | |
April
1, 2023 | | |
April
2, 2022 | |
Net
(loss) income | |
$ | (2,855 | ) | |
$ | (2,324 | ) | |
$ | (17,525 | ) | |
$ | 7,522 | |
| |
| | | |
| | | |
| | | |
| | |
Interest
expense | |
| 1,349 | | |
| 670 | | |
| 4,560 | | |
| 3,370 | |
Expense
(benefit) from income taxes | |
| 40 | | |
| 6 | | |
| (188 | ) | |
| (388 | ) |
Depreciation
and amortization | |
| 873 | | |
| 751 | | |
| 3,714 | | |
| 3,055 | |
EBITDA | |
$ | (593 | ) | |
$ | (897 | ) | |
$ | (9,439 | ) | |
$ | 13,559 | |
| |
| | | |
| | | |
| | | |
| | |
Acquisition,
capital raising and other non-recurring expenses (1) | |
| 1,872 | | |
| 1,188 | | |
| 8,638 | | |
| 3,872 | |
Other
non-cash charges (2) | |
| 35 | | |
| 16 | | |
| 19 | | |
| 158 | |
Impairment of Goodwill | |
| — | | |
| — | | |
| 10,000 | | |
| 3,104 | |
Re-measurement
gain on intercompany note | |
| — | | |
| 443 | | |
| (443 | ) | |
| 831 | |
Gain
on sale of business | |
| — | | |
| — | | |
| (726 | ) | |
| — | |
Other
loss (income) | |
| 16 | | |
| 58 | | |
| (42 | ) | |
| (19,412 | ) |
Adjusted
EBITDA | |
$ | 1,330 | | |
$ | 808 | | |
$ | 8,007 | | |
$ | 2,112 | |
| |
| | | |
| | | |
| | | |
| | |
Adjusted
Gross Profit | |
| | | |
| | | |
$ | 43,843 | | |
$ | 35,938 | |
| |
| | | |
| | | |
| | | |
| | |
Adjusted
EBITDA as percentage of Adjusted Gross Profit | |
| | | |
| | | |
| 18.3 | % | |
| 5.9 | % |
|
(1) |
Acquisition,
capital raising, and other non-recurring expenses primarily relate to capital raising expenses, acquisition and integration expenses,
and legal expenses incurred in relation to matters outside the ordinary course of business. |
|
|
|
|
(2) |
Other
non-cash charges primarily relate to staff option and share compensation expense, expense for shares issued to directors for board
services, and consideration paid for consulting services. |
Operating
Leverage. This measure is calculated by dividing the growth in Adjusted EBITDA by the growth in adjusted gross profit, on a trailing
12-month basis. We use this KPI because we believe it provides a measure of our efficiency for converting incremental gross profit into
Adjusted EBITDA.
| |
April
1, 2023 | | |
April
2, 2022 | |
| |
| | |
| |
Gross
Profit - TTM (Current Period) | |
$ | 43,843 | | |
$ | 35,938 | |
Gross
Profit - TTM (Prior Period) | |
| 35,938 | | |
| 30,365 | |
Gross
Profit – (Decline) Growth | |
$ | 7,905 | | |
$ | 5,573 | |
| |
| | | |
| | |
Adjusted
EBITDA - TTM (Current Period) | |
$ | 8,007 | | |
$ | 2,112 | |
Adjusted
EBITDA - TTM (Prior Period) | |
| 2,112 | | |
| 4,589 | |
Adjusted
EBITDA – Growth (Decline) | |
$ | 5,895 | | |
$ | (2,477 | ) |
| |
| | | |
| | |
Operating
Leverage | |
| 74.6 | % | |
| -44.4 | % |
Leverage
Ratio. Calculated as total debt, net, gross of any original issue discount, divided by pro forma adjusted EBITDA for the trailing
12-months. We use this KPI as an indicator of our ability to service debt prospectively.
| |
April
1, 2023 | |
|
December
31, 2022 | |
| |
| |
|
| |
Total
Term Debt, Net | |
$ | 17,278 | |
|
$ | 17,304 | |
Addback:
Total Debt Discount and Deferred Financing Costs | |
| 863 | |
|
| 962 | |
Total
Debt | |
$ | 18,141 | |
|
$ | 18,266 | |
| |
| | |
|
| | |
TTM
Adjusted EBITDA | |
$ | 8,007 | |
|
$ | 7,427 | |
| |
| | |
|
| | |
Leverage Ratio | |
| 2.27 | x |
|
| 2.46 | x |
Operating
Cash Flow Including Proceeds from Accounts Receivable Financing. Calculated as net cash (used in) provided by operating activities
plus net proceeds from accounts receivable financing. Because much of our temporary payroll expense is paid weekly and in advance of
clients remitting payment for invoices, operating cash flow is often weaker in staffing companies where revenue and accounts receivable
are growing. Accounts receivable financing is essentially an advance on client remittances and is primarily used to fund temporary payroll.
As such, we believe this measure is helpful to investors as an indicator of our underlying operating cash flow.
On
February 8, 2018, CBS Butler Holdings Limited (“CBS Butler”), Staffing 360 Solutions Limited and The JM Group, entered into
a new arrangement with HSBC Invoice Finance (UK) Ltd (“HSBC”) which provides for HSBC to purchase the subsidiaries’
accounts receivable up to an aggregate amount of £11,500 across all three subsidiaries. The terms of the arrangement provide for
HSBC to fund 90% of the purchased accounts receivable upfront and a secured borrowing line of 70% of unbilled receivables capped at
£1,000 (within the overall aggregate total facility of £11,500). The arrangement has an initial term of 12 months, with an
automatic rolling three-month extension and carries a service charge of 1.80%. Under ASU 2016-16, “Statement of Cash Flows (Topic
230, Classification of Certain Cash Receipts and Cash Payments, a consensus of the FASB Emerging Issues Task Force), the upfront
portion of the sale of accounts receivable is classified within operating activities, while the deferred purchase price portion (or beneficial
interest), once collected, is classified within investing activities. On April 20, 2020, the terms of the loan with HSBC was amended
whereby no capital repayments will be made between April 2020 to September 2020, and only interest payments will be made during this
time. On May 15, 2020, we entered into a three-year term loan with HSBC in the UK for £1,000. As of April 1, 2023, the balance for the HSBC loan is $125.
| |
Quarters
Ended | |
| |
April
1, 2023 | | |
April
2, 2022 | |
| |
| | |
| |
Net
cash flow used in operating activities | |
$ | (4,429 | ) | |
$ | (2,856 | ) |
| |
| | | |
| | |
Collection
of UK factoring facility deferred purchase price | |
| 1,626 | | |
| 1,877 | |
| |
| | | |
| | |
Repayments
on accounts receivable financing | |
| (1,743 | ) | |
| (2,036 | ) |
| |
| | | |
| | |
Net
cash used in operating activities including proceeds from accounts receivable financing | |
$ | (4,546 | ) | |
$ | (3,015 | ) |
The
leverage ratio and operating cash flow including proceeds from accounts receivable financing should be considered together with the information
in the “Liquidity and Capital Resources” section, immediately below.
Liquidity
and Capital Resources
Liquidity
is the ability of a company to generate funds to support its current and future operations, satisfy its obligations, and otherwise operate
on an ongoing basis. Historically, we have funded our operations through term loans, promissory notes, bonds, convertible notes, private
placement offerings and sales of equity. We have no off-balance sheet arrangements.
Our
primary uses of cash have been for debt repayments, repayment of deferred consideration from acquisitions, professional fees related
to our operations and financial reporting requirements and for the payment of compensation, benefits and consulting fees. The following
trends may occur as we continue to execute on our strategy:
|
● |
An
increase in working capital requirements to finance organic growth; |
|
|
|
|
● |
Addition
of administrative and sales personnel as the business grows; |
|
|
|
|
● |
Increases
in advertising, public relations and sales promotions for existing and new brands as we expand within existing markets or enter new
markets; |
|
|
|
|
● |
A
continuation of the costs associated with being a public company; and |
|
|
|
|
● |
Capital
expenditures to add technologies. |
Our
liquidity may be negatively impacted by the significant costs associated with our public company reporting requirements, costs
associated with newly applicable corporate governance requirements, including requirements under the Sarbanes-Oxley Act of 2002 as
amended, and other rules implemented by the SEC. We expect all of these applicable rules and regulations could significantly
increase our legal and financial compliance costs and increase the use of resources.
As
of and for the quarter ended April 1, 2023, we had a working capital deficiency of $17,829, accumulated deficit of $103,870,
and a net loss of $2,855.
The
accompanying condensed consolidated financial statements have been prepared in conformity with GAAP, which contemplate continuation
as a going concern. We have an unsecured payment due in the next 12 months associated with a historical acquisition and secured
current debt arrangements representing approximately $8,469 which are in excess of cash and cash equivalents on hand, in addition to
funding operational growth requirements. Historically, hawse have funded such payments either through cash flow from operations or
the raising of capital through additional debt or equity. If we are unable to obtain additional capital, such payments may not be
made on time. These factors raise substantial doubt as to our ability to continue as a going concern. The accompanying financial
statements do not include any adjustments or classifications that may result from our possible inability to continue as a going
concern.
In
addition, beginning in April 2023, we have numerous contractual lease obligations representing an aggregate of approximately
$12,129 related to current lease agreements. We intend to fund the majority of these obligations through a combination of cash flow from operations,
as well as capital raised through additional debt or equity.
The
condensed consolidated financial statements and related notes hereto included in this Quarterly Report on Form 10-Q have been
prepared assuming that we will continue as a going concern, which contemplates the recoverability of assets and the satisfaction of
liabilities in the normal course of business. Significant assumptions underlie this belief, including, among other things, that
there will be no material adverse developments in our business, liquidity, capital requirements and that our credit facilities with
our lenders will remain available to us.
Operating
activities
For
the quarter ended April 1, 2023, net cash used in operating activities of $4,429 was primarily attributable to net loss of $2,855
and changes in operating assets and liabilities totaling $3,540, offset by non-cash adjustments of $1,966. Changes in operating
assets and liabilities primarily relates to an increase in accounts receivable of $2,519, increase in payables and accrued expense
of $717, increase in prepaid expenses and other current assets of $437, increase in other assets of $1,015, decrease in current
liabilities of $363 and decrease in long term liabilities and other of $77. Total non-cash adjustments of $1,966 primarily includes
depreciation and amortization of intangible assets of $775, stock-based compensation of $720, bad debt expense of $18, amortization
of debt discounts and deferred financing of $98 and right of use assets amortization of $355.
For
the quarter ended April 2, 2022, net cash used in operating activities of $2,856 was primarily attributable to net loss of $2,324
and changes in operating assets and liabilities totaling $2,090 offset by non-cash adjustments of $1,558. Changes in operating
assets and liabilities primarily relates to an increase in accounts receivable of $5,621, increase in payables and accrued expense
of $4,000, increase in payables to related parties of $122, increase in prepaid expenses and other current assets of $526, decrease
in other assets of $812, decrease in current liabilities of $128 and decrease in long term liabilities and other of $749. Total
non-cash adjustments of $1,558 primarily includes depreciation and amortization of intangible assets of $655, stock-based
compensation of $41, amortization of debt discounts and deferred financing of $96, right of use assets amortization of $324 and
foreign currency re-measurement loss on intercompany loan of $443.
Investing
activities
For
the quarter ended April 1, 2023, net cash provided by investing activities totaled $1,598, primarily due to $1,626 related to
collection of UK factoring facility deferred purchase price offset by $28 purchase of property and equipment.
For
the quarter ended April 2, 2022, net cash provided by investing activities totaled $1,835, primarily due to $42 purchase of property
and equipment and $1,877 related to collection of UK factoring facility deferred purchase price.
Financing
activities
For
the quarter ended April 1, 2023, net cash provided by financing activities totaled $2,247, primarily due to repayments of $1,743 on
accounts receivable financing, net, proceeds from the sale of common stock of $4,433, third party financing costs of $319 and
repayment of term loan of $124.
For
the quarter ended April 2, 2022, net cash used in financing activities totaled $2,153 primarily due to repayments of $2,036 on
accounts receivable financing, net and, repayment of term loan of $117.
Critical
Accounting Policies and Estimates
Refer
to the Annual Report on Form 10-K filed with the SEC on May 19, 2023 for the fiscal year ended December 31, 2023. There have been no changes
to our critical accounting policies during the three months ended April 1, 2023.
Recent
Accounting Pronouncements
In
August 2020, the FASB issued ASU 2020-06, which simplifies the guidance on the issuer’s accounting for convertible debt instruments
by removing the separation models for (1) convertible debt with a cash conversion feature and (2) convertible instruments with a beneficial
conversion feature. As a result, entities will not separately present in equity an embedded conversion feature in such debt and will
account for a convertible debt instrument wholly as debt, unless certain other conditions are met. The elimination of these models will
reduce reported interest expense and increase reported net income for entities that have issued a convertible instrument that is within
the scope of ASU 2020-06. Also, ASU 2020-06 requires the application of the if-converted method for calculating diluted earnings per
share and treasury stock method will be no longer available. ASU 2020-06 is applicable for fiscal years beginning after December 15,
2021, with early adoption permitted no earlier than fiscal years beginning after December 15, 2020. We adopted this ASU on January 2, 2022. This standard does not have an impact on our financial statements.
On
June 16, 2016, the FASB issued Accounting Standards Update No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement
of Credit Losses on Financial Instruments, which introduced an expected credit loss model for the impairment of financial assets measured
at amortized cost basis. This ASU replaces the probable, incurred loss model for those assets. On November 15, 2019, the FASB delayed
the effective date of FASB ASC Topic 326 for certain small public companies and other private companies. As amended, the effective date
of ASC Topic 326 was delayed until fiscal years beginning after December 15, 2022, for SEC filers that are smaller reporting companies
under the SEC’s definition, as well as private companies and not-for-profit entities. The Company has adopted this ASU on January
1, 2023. This standard does not have a material impact on the consolidated financial statements.
ITEM
3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.
Not
applicable.
Item
4. Controls and Procedures
Evaluation
of Disclosure Controls and Procedures
As
required by Rule 13a-15 of the Exchange Act, under the supervision and with
the participation of our management, including our principal executive officer and principal financial officer, we evaluated the effectiveness
of the design and operation of our “disclosure controls and procedures” (each as defined in Rules) as of
the end of the period covered by this Quarterly Report on Form 10-Q.
We
maintain disclosure controls and procedures as defined in Rules 13a-15(e) and 15d-15(e) of the Exchange Act that are designed to
ensure that information required to be disclosed in our reports filed or submitted to the SEC under the Exchange Act is recorded,
processed, summarized and reported within the time periods specified by the SEC’s rules and forms, and that information is
accumulated and communicated to management, including the principal executive and financial officer as appropriate, to allow timely
decisions regarding required disclosures. Based on that evaluation, we identified a material weakness related to the lack of a
sufficient complement of competent finance personnel to appropriately account for, review and disclose the completeness and accuracy
of transactions we entered into. Our management has also identified a material
weakness in our internal control over our goodwill assessment relating to the lack of a sufficient process for determining the
valuation of goodwill assets.
Our
principal executive officer and principal financial officer evaluated the effectiveness of disclosure controls and procedures as of
the end of the period covered by this Quarterly Report on Form 10-Q (“Evaluation Date”), pursuant to Rule 13a-15(b)
under the Exchange Act. Based on that evaluation, our principal executive officer and principal financial officer concluded that, as
of the Evaluation Date, our disclosure controls and procedures were ineffective, due to the material weakness in our control
environment and financial reporting process discussed above.
Management
believes that the condensed consolidated financial statements in this Quarterly Report on Form 10-Q fairly present, in all material respects,
our financial condition as of the Evaluation Date, and results of our operations and cash flows for the Evaluation Date,
in conformity with GAAP.
Changes
in Internal Control over Financial Reporting
There
were no changes in our internal control over financial reporting, identified in connection with the evaluation of such internal control
that occurred during the quarter ended April 1, 2023 that have materially affected, or are reasonably likely to materially affect, our
internal control over financial reporting.
PART
II - OTHER INFORMATION
Item
1. Legal Proceedings
Whitaker
v. Monroe Staffing Services, LLC & Staffing 360 Solutions, Inc.
On
December 5, 2019, former owner of Key Resources, Inc. (“KRI”), Pamela D. Whitaker (“Whitaker” or “Plaintiff”),
filed a complaint in Guilford County, North Carolina (the “North Carolina Action”) asserting claims for breach of contract
and declaratory judgment against Monroe Staffing Services LLC (“Monroe”) and the Company (collectively, the “Defendants”)
arising out of the alleged non-payment of certain earn-out payments and interest purportedly due under a Share Purchase Agreement pursuant
to which Whitaker sold all issued and outstanding shares in her staffing agency, KRI, to Monroe in August 2018. Whitaker sought $4,054
in alleged damages.
Defendants
removed the action to the Middle District of North Carolina on January 7, 2020, and Plaintiff moved to remand on February 4, 2020. Briefing
on the motion to remand concluded on February 24, 2020. Separately, Defendants moved to dismiss the action on January 14, 2020 based
on Plaintiff’s failure to state a claim, improper venue, and lack of personal jurisdiction as to defendant Staffing 360 Solutions,
Inc. Alternatively, Defendants sought a transfer of the action to the Southern District of New York, based on the plain language of the
Share Purchase Agreement’s forum selection clause. Briefing on Defendants’ motion to dismiss concluded on February 18, 2020.
On February 28, 2020, Plaintiff moved for leave to file an amended complaint. Defendants filed their opposition to the motion for leave
on March 19, 2020. Plaintiff has filed a reply.
On
June 29, 2020, Magistrate Judge Webster issued a Report and Recommendation on the pending motions, recommending that Defendants’
motion to dismiss be granted with regard to Defendants’ request to transfer the matter to the Southern District of New York, and
denied in all other regards without prejudice to Defendants raising those arguments again in the new forum. Magistrate Judge Webster
also recommended that Plaintiff’s motion to remand be denied and motion to amend be left to the discretion of the Southern District
of New York.
Plaintiff
filed an objection to the Report and Recommendation on July 9, 2020. Defendants responded on July 23, 2020. On February 19, 2021, the
District Court issued a decision that reversed the Magistrate Judge’s Order. The District Court granted Plaintiff’s motion
to remand and denied Defendants’ motion to dismiss as moot. Defendants filed a Notice of Appeal to the Fourth Circuit on February
25, 2021 and filed their opening brief on April 21, 2021. Plaintiff filed her response brief on May 21, 2021, and Defendants replied
on June 11, 2021. Oral argument was held on March 9, 2022. As of the date of this filing, a decision is pending.
Separately,
on February 26, 2020, the Company and Monroe filed an action against Whitaker in the United States District Court for the Southern District
of New York (Case No. 1:20-cv-01716) (the “New York Action”.) The New York Action concerns claims for breach of contract
and fraudulent inducement arising from various misrepresentations made by Whitaker to the Company and Monroe in advance of, and included
in, the share purchase agreement. The Company and Monroe are seeking damages in an amount to be determined at trial but in no event less
than $6,000. On April 28, 2020, Whitaker filed a motion to dismiss the New York Action on both procedural and substantive grounds. On
June 11, 2020, Monroe and the Company filed their opposition to Whitaker’s motion to dismiss. On July 9, 2020 Whitaker filed reply
papers in further support of the motion.
On
October 13, 2020, the Court denied Whitaker’s motion to dismiss, in part, and granted the motion, in part. The Court rejected Whitaker’s
procedural arguments but granted the motion on substantive grounds. However, the Court ordered that Monroe and the Company may seek leave
to amend the complaint by letter application by December 1, 2020. Monroe and the Company filed a letter of motion for leave to amend
and a proposed Amended Complaint on December 1, 2020. On January 5, 2021, Whitaker filed an opposition to the letter motion. On January
25, 2021, Monroe and the Company filed a reply in further support of the letter motion. On March 9, 2021, the Court granted Monroe and
the Company’s motion for leave to amend, in part, and denied the motion, in part. The Court rejected Monroe and the Company’s
claim for fraudulent inducement but granted the motion for leave to amend their breach of contract claim. Monroe and the Company filed
their amended complaint on March 12, 2021. On April 9, 2021, Whitaker renewed her motion to dismiss on procedural grounds, requesting
dismissal of the action or, in the alternative, a stay of the proceeding pending adjudication on the merits of the North Carolina Action.
On May 14, 2021, Monroe and the Company filed an opposition to the motion to dismiss. On June 21, 2021, Whitaker filed a reply in further
support of the motion. The Court referred the case to Magistrate Judge Moses, who held oral argument on the motion on November 9, 2021.
Whitaker’s renewed motion to dismiss remains pending.
On
April 9, 2021, Whitaker renewed her motion to dismiss on procedural grounds, requesting dismissal of the action or, in the alternative,
a stay of the proceeding pending adjudication on the merits of the North Carolina Action. On May 14, 2021, Monroe and the Company filed
an opposition to the motion to dismiss. On June 21, 2021, Whitaker filed a reply in further support of the motion. The Court referred
the case to Magistrate Judge Barbara Moses, who held oral argument on the motion on November 9, 2021. On March 8, 2022, Magistrate Judge
Moses stayed the action pending a decision by the Fourth Circuit on the appeal filed by Monroe and the Company in the North Carolina
Action.
In
light of the Fourth Circuit’s issuance of its July 22, 2022, decision and order transferring the North Carolina Action to the Southern
District of New York, on August 1, 2022, the parties to the New York Action wrote to the Magistrate overseeing the matter to request
a conference to address, inter alia, the resumption of discovery in light of the Fourth Circuit’s Order issued on July 22, 2022.
On August 3, 2022, Magistrate Judge Moses lifted the stay previously imposed in the matter and ordered the parties to appear at a teleconference
held on August 16, 2022. At the teleconference, the parties agreed that the North Carolina Action would be dismissed following its transfer
to the Southern District of New York without prejudice to Whitaker’s right to assert the same causes of action, based on substantially
similar allegations, as counterclaims in the New York Action and that Whitaker would have until September 30, 2022, to do so. The Court
ordered the parties to submit a stipulation to this effect by August 23, 2022. Per the Court’s Order, on August 22, 2022, the parties
filed a stipulation and proposed order whereby the parties agreed that Whitaker would voluntarily dismiss the North Carolina Action and
would reassert the causes of action set forth in the Proposed Amended Complaint filed in the North Carolina Action as counterclaims in
the New York Action; and set forth deadlines for the filing of Whitaker’s answer and counterclaims Plaintiffs’ response to
such counterclaims. The Court so-ordered that stipulation on August 23, 2022.
On
September 30, 2022, Whitaker filed an answer and counterclaims, including (1) a cause of action for breach of contract, which was substantially
similar to Whitaker’s breach of contract in the North Carolina Action (the “Breach of Contract Counterclaim”), and
(2) a cause of action under New York and North Carolina consumer protection statutes, asserting that that Plaintiffs exhibited a pattern
and practice in the purchase of businesses similar to KRI by which they allegedly, “endeavor[ ] to acquire the purchased company
at a discount of the agreed-upon purchase price by making an initial down payment, then reneging on payment of deferred compensation
or earnouts and fabricating a pretextual reason for nonpayment at the time the deferred compensation or earnouts become due” (the
Consumer Protection Counterclaim”). For the Consumer Protection Counterclaim, Defendant seeks to recover the full amount of the
Earnout Payments ($4,054)—the very same damages sought by Defendant’s Contract Counterclaim—as well as trebled
damages pursuant to the North Carolina statute, and interest.
On
November 11, 2022, Plaintiffs moved to dismiss the Consumer Protection Counterclaim. Briefing on Plaintiffs’ motion was completed
on December 22, 2022. On June 9, 2023, Plaintiff’s motion to dismiss the Consumer Protection
Counterclaim was granted.
On August 9, 2023, the Court issued a third revised case management order
which set forth relevant deadlines, including the close of fact discovery on September 22, 2023, and the close of all discovery (including
expert discovery) on December 8, 2023.
Monroe
and the Company intend to pursue their claims vigorously.
As
of the date of this filing, we are not aware of any other material legal proceedings to which we or any of our subsidiaries is a party
or to which any of our property is subject, other than as disclosed above.
Item
1A. Risk Factors.
The
following description of risk factors includes any material changes to risk factors associated with our business, financial condition
and results of operations previously disclosed in “Item 1A. Risk Factors” of our Annual Report on Form 10-K filed with the
SEC on May 19, 2023. Our business, financial condition and operating results can be affected by a number of factors, whether currently
known or unknown, including but not limited to those described below, any one or more of which could, directly or indirectly, cause our
actual financial condition and operating results to vary materially from past, or from anticipated future, financial condition and operating
results. Any of these factors, in whole or in part, could materially and adversely affect our business, financial condition, operating
results, and stock price.
The
following discussion of risk factors contains forward-looking statements. These risk factors may be important to understanding other
statements in this Quarterly Report on Form 10-Q. The following information should be read in conjunction with the condensed consolidated
financial statements and related notes thereto included in Part I, Item 1, “Financial Statements” and Part I, Item 2, “Management’s
Discussion and Analysis of Financial Condition and Results of Operations” of this Quarterly Report on Form 10-Q.
Risks
Relating to Our Organization and Our Financial Condition
Our
debt level could negatively impact our financial condition, results of operations and business prospects.
As
of December 31, 2022, our total gross debt was approximately $18,265 and as of April 1, 2023, our total gross debt was approximately
$18,141. Our level of debt could have significant consequences to our stockholders, including the following:
●
requiring the dedication of a substantial portion of cash flow from operations to make payments on debt, thereby reducing the availability
of cash flow for working capital, capital expenditures and other general business activities;
●
requiring a substantial portion of our corporate cash reserves to be held as a reserve for debt service, limiting our ability to invest
in new growth opportunities;
●
limiting the ability to obtain additional financing in the future for working capital, capital expenditures, acquisitions and general
corporate and other activities;
●
limiting the flexibility in planning for, or reacting to, changes in the business and industry in which we operate;
●
increasing our vulnerability to both general and industry-specific adverse economic conditions including the continuing economic consequences
of the COVID-19 endemic and its ongoing effects;
●
putting us at a competitive disadvantage versus less leveraged competitors; and
●
increasing vulnerability to changes in the prevailing interest rates.
Our
ability to make payments of principal and interest, or to refinance our indebtedness, depends on our future performance, which is subject
to economic, financial, competitive and other factors. We had negative cash flows from operations for the fiscal year ended December
31, 2022 and the period ended April 1, 2023, and we may not generate cash flow in the future sufficient to service our debt because of
factors beyond our control, including but not limited to our ability to expand our operations. If we are unable to generate sufficient
cash flows, we may be required to adopt one or more alternatives, such as restructuring debt or obtaining additional equity capital on
terms that may be onerous or highly dilutive. Our ability to refinance our indebtedness will depend on the capital markets and our financial
condition at such time. We may not be able to engage in any of these activities or engage in these activities on desirable terms, which
could result in a default on our debt obligations. A default on our debt obligations could have a material adverse effect on our business,
financial condition and results of operations and may cause you to lose all or part of your investment.
Further,
the outstanding Amended and Restated Senior Secured 12% Promissory Note (the “2022 Jackson Note”) and the 12% Senior Secured
Promissory Note due October 14, 2024 (the “2023 Jackson Note” and together with the 2022 Jackson Note, the “Jackson
Notes”) each issued to Jackson Investment Group LLC (“Jackson”) and due October 14, 2024 contain certain customary
financial covenants, and we have had instances of non-compliance. Management has historically been able to obtain, from Jackson, waivers
of any non-compliance and management expects to continue to be able to obtain necessary waivers in the event of future non-compliance;
however, there can be no assurance that we will be able to obtain such waivers, and should Jackson refuse to provide a waiver in the
future, the outstanding debt under the agreement could become due immediately. Our financing with MidCap Funding X Trust (“MidCap”)
includes customary financial covenants and we have had instances of non-compliance. We have been able to obtain forbearance of any non-compliance
from MidCap, and management expects to continue to be able to obtain necessary forbearance in the event of future non-compliance; however,
there can be no assurance that we will be able to obtain such forbearance, and should MidCap refuse to provide a forbearance in the future,
the outstanding debt under the agreement could become due immediately, which exceeds our current cash balance.
Our
debt instruments contain covenants that could limit our financing options and liquidity position, which would limit our ability to grow
our business.
Covenants
in our debt instruments impose operating and financial restrictions on us. These restrictions prohibit or limit our ability to, among
other things:
●
pay cash dividends to our stockholders, subject to certain limited exceptions;
●
redeem or repurchase our common stock or other equity;
●
incur additional indebtedness;
●
permit liens on assets;
●
make certain investments (including through the acquisition of stock, shares, partnership or limited liability company interests, any
loan, advance or capital contribution);
●
sell, lease, license, lend or otherwise convey an interest in a material portion of our assets;
●
cease making public filings under the Securities Exchange Act of 1934, as amended (the “Exchange Act”); and
●
sell or otherwise issue shares of our common stock or other capital stock subject to certain limited exceptions.
Our
failure to comply with the restrictions in our debt instruments could result in events of default, which, if not cured or waived, could
result in us being required to repay these borrowings before their due date. The holders of our debt may require fees and expenses to
be paid or other changes to terms in connection with waivers or amendments. If we are forced to refinance these borrowings on less favorable
terms, our results of operations and financial condition could be adversely affected by increased costs and rates. In addition, these
restrictions may limit our ability to obtain additional financing, withstand downturns in our business or take advantage of business
opportunities.
The
Jackson Notes are secured by substantially all of our assets that are not secured by our revolving loan facility with MidCap and HSBC
in the U.K., and the terms of the Jackson Notes may restrict our current and future operations. Additionally, Jackson may be able to
exert significant influence over us as our senior secured lender.
The
Jackson Notes contain a number of restrictive covenants that impose significant operating and financial restrictions on us and may limit
our ability to engage in acts that we believe may be in our long-term best interests. The Jackson Notes include covenants limiting or
restricting, among other things, our ability to:
●
incur or guarantee additional indebtedness;
●
pay distributions on, redeem or repurchase shares of our capital stock or redeem or repurchase any of our subordinated debt;
●
make certain investments;
●
sell assets;
●
enter into agreements that restrict distributions or other payments from our restricted subsidiaries;
●
incur or allow the existence of liens;
●
consolidate, merge or transfer all or substantially all of our assets; and
●
engage in transactions with affiliates.
In
addition, the Jackson Notes contain financial covenants including, among other things, a fixed charge coverage ratio, minimum liquidity
requirements and total leverage ratio. A breach of any of these financial covenants could result in a default under the Jackson Notes.
If any such default occurs, Jackson may elect to declare all outstanding borrowings, together with accrued interest and other amounts
payable thereunder, to be immediately due and payable. In addition, following an event of default under the Jackson Notes, Jackson will
have the right to proceed against the collateral granted to it to secure the debt, which includes our available cash. If the debt under
the Jackson Notes were to be accelerated, we cannot assure you that our assets would be sufficient to repay in full our debt.
Risks
Relating to our Common Stock
We
may not meet the continued listing requirements of Nasdaq, which could result in a delisting of our common stock.
As
previously reported, on May 18, 2023, we received a letter from the Listing Qualifications Staff (the “Staff”) of Nasdaq
notifying us that as we had not yet filed its Form 10-Q for the period ended April 1, 2023 pursuant to Nasdaq Listing Rule 5250(c)(1)
(the “Rule”), such matter serves as a basis for delisting our securities from Nasdaq.
On
July 5, 2023, we received a notice from the Staff notifying us that we have been granted an exception to enable us to regain compliance
with the Rule pursuant to the following terms: on or before October 16, 2023, we must file the Form 10-Q for the period ended April 1,
2023, as required by the Rule. In the event we do not satisfy the terms of the exception, the Staff will provide written notification
to us that our common stock will be delisted.
On
July 17, 2023, we received a letter from the Staff indicating that, based upon the closing bid price of our common stock for the 30 consecutive
business day period between June 1, 2023, through July 14, 2023, we did not meet the minimum bid price of $1.00 per share required for
continued listing on Nasdaq pursuant to Nasdaq Listing Rule 5550(a)(2) (the “Minimum Bid Price Requirement”). The letter
also indicated that we will be provided with a compliance period of 180 calendar days, or until January 15, 2024 (the “Compliance
Period”), in which to regain compliance pursuant to the Minimum Bid Price Requirement. In order to regain compliance with the Minimum
Bid Price Requirement, our common stock must maintain a minimum closing bid price of $1.00 for at least ten consecutive business days
during the Compliance Period. In the event we do not regain compliance by the end of the Compliance Period, we may be eligible for additional
time to regain compliance. To qualify, we will be required to meet the continued listing requirement for the market value of our publicly
held shares and all other initial listing standards for Nasdaq, with the exception of the Minimum Bid Price Requirement, and will need
to provide written notice of its intention to cure the deficiency during the second compliance period, by effecting a reverse stock split
if necessary. If we meet these requirements, we may be granted an additional 180 calendar days to regain compliance. However, if it appears
to Nasdaq that we will be unable to cure the deficiency, or if we are not otherwise eligible for the additional cure period, Nasdaq will
provide notice that our common stock will be subject to delisting.
On
August 23, 2023, we received a notice from the Staff notifying us that as we had not yet filed our Quarterly Report on Form 10-Q for
the period ended June 30, 2023, we no longer comply with the Rule for continued listing on Nasdaq. Pursuant to the July 5, 2023 notice
described above, the Staff granted us an exception until October 16, 2023 to file our delinquent Form 10-Q for the period ended April
1, 2023 (the “Initial Delinquent Filing”). As a result, any additional Staff exception to allow us to regain compliance with
all delinquent filings, will be limited to a maximum of 180 calendar days from the due date of the Initial Delinquent Filing, or October
16, 2023.
Although
we expect to take actions intended to restore our compliance with the listing requirements, we can provide no assurance that any action
taken by us would be successful. If Nasdaq delists our common stock from trading on its exchange for failure to meet Nasdaq’s listing
standards for continued listing, an investor would likely find it significantly more difficult to dispose of or obtain our shares, and
our ability to raise future capital through the sale of our shares or issue our shares as consideration in acquisitions could be severely
limited. Additionally, we may not be able to list our common stock on another national securities exchange, which could result in our
securities being quoted on an over-the-counter market. If this were to occur, our stockholders could face significant material adverse
consequences, including limited availability of market quotations for our common stock and reduced liquidity for the trading of our securities.
Delisting could also have other negative results, including the potential loss of confidence by employees, the loss of institutional
investor interest and fewer business development opportunities.
Item
2. Unregistered Sales of Equity Securities and Use of Proceeds.
There have been no unregistered sales
of securities during the period covered by this Quarterly Report on Form 10-Q that have not been previously reported in a Current Report
on Form 8-K. We have not made any purchases of our own securities during the time period covered by this Quarterly Report on Form 10-Q.
Item
3. Defaults upon Senior Securities.
None.
Item
4. Mine Safety Disclosures.
Not
applicable.
Item
5. Other Information.
None.
Item 6. Exhibits.
Exhibit
No. |
|
Description |
3.1 |
|
Certificate of Designation of Series A Junior Participating Preferred Stock of Staffing 360 Solutions Inc. (previously filed as Exhibit 3.1 to the Company’s Current Report on Form 8-K filed with the SEC on October 2, 2023). |
4.1 |
|
Form of Pre-Funded Warrant (previously filed as Exhibit 4.1 to the Company’s Current Report on Form 8-K filed with the SEC on February 10, 2023). |
4.2 |
|
Form of Warrant (previously filed as Exhibit 4.2 to the Company’s Current Report on Form 8-K filed with the SEC on February 10, 2023). |
4.3 |
|
Form of Placement Agent Warrant (previously filed as Exhibit 4.3 to the Company’s Current Report on Form 8-K filed with the SEC on February 10, 2023). |
4.4 |
|
Form of New Warrant (previously filed as Exhibit 4.1 to the Company’s Current Report on Form 8-K filed with the SEC on September 5, 2023). |
4.5 |
|
Rights Agreement, dated as of October 1, 2023, between Staffing 360 Solutions, Inc. and Securities Transfer Corporation, as Rights Agent (previously filed as Exhibit 4.1 to the Company’s Current Report on Form 8-K filed with the SEC on October 2, 2023). |
10.1 |
|
Form of Securities Purchase Agreement (previously filed as Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the SEC on February 10, 2023). |
10.2 |
|
Amendment No. 1 to the Third Amended and Restated Note Purchase Agreement, dated June 30, 2023 (previously filed as Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the SEC on July 7, 2023). |
10.3*** |
|
Letter Agreement, dated July 31, 2023, by and among the Company, Chapel Hill Partners, L.P. and Jean-Pierre Sakey (previously filed as Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the SEC on August 4, 2023). |
10.4 |
|
First Omnibus Amendment and Reaffirmation Agreement, dated August 30, 2023, by and between Staffing 360 Solutions, Inc. and Jackson Investment Group, LLC (previously filed as Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the SEC on September 1, 2023). |
10.5 |
|
12% Senior Secured Promissory Note issued on August 30, 2023 to Jackson Investment Group, LLC (previously filed as Exhibit 10.2 to the Company’s Current Report on Form 8-K filed with the SEC on September 1, 2023). |
10.6 |
|
Amendment No. 28 to the Credit and Security Agreement and Limited Waiver, dated August 30, 2023, by and between Staffing 360 Solutions, Inc. and MidCap Funding X Trust (previously filed as Exhibit 10.3 to the Company’s Current Report on Form 8-K filed with the SEC on September 1, 2023). |
10.7 |
|
Sixth Amendment to Intercreditor Agreement, dated August 30, 2023, by and among Staffing 360 Solutions, Inc., Jackson Investment Group, LLC and MidCap Funding X Trust (previously filed as Exhibit 10.4 to the Company’s Current Report on Form 8-K filed with the SEC on September 1, 2023). |
10.8 |
|
Form of Inducement Letter (previously filed as Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the SEC on September 5, 2023). |
31.1* |
|
Certification
of Principal Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 302 of Sarbanes Oxley Act of 2002. |
31.2* |
|
Certification
of Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 302 of Sarbanes Oxley Act of 2002. |
32.1** |
|
Certification
of Principal Executive Officer and Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section
906 of Sarbanes Oxley Act of 2002. |
|
|
|
101.INS |
|
Inline
XBRL Instance Document |
101.SCH |
|
Inline
XBRL Taxonomy Schema |
101.CAL |
|
Inline
XBRL Taxonomy Calculation Linkbase |
101.DEF |
|
Inline
XBRL Taxonomy Definition Linkbase |
101.LAB |
|
Inline
XBRL Taxonomy Label Linkbase |
101.PRE |
|
Inline
XBRL Taxonomy Presentation Linkbase |
104 |
|
Cover
Page Interactive Data File (embedded within the Inline XBRL document) |
* |
Filed
herewith |
** |
Furnished herewith |
*** |
Certain of the schedules (and similar attachments) to this exhibit have
been omitted in accordance with Item 601(a)(5) of Regulation S-K under the Securities Act of 1933, as amended, because they do not contain
information material to an investment or voting decision and that information is not otherwise disclosed in the exhibit or the disclosure
document. The registrant hereby agrees to furnish a copy of all omitted schedules (or similar attachments) to the SEC upon its request. |
SIGNATURES
Pursuant
to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed
on its behalf by the undersigned, thereunto duly authorized.
|
STAFFING
360 SOLUTIONS, INC. |
|
|
|
Date:
October 16, 2023 |
By: |
/s/
Brendan Flood |
|
|
Brendan
Flood |
|
|
Chairman
and Chief Executive Officer |
|
|
(Principal
Executive Officer) |
|
|
|
Date:
October 16, 2023 |
By: |
/s/
Joe Yelenic |
|
|
Joe
Yelenic
Senior
Vice President, Corporate Finance
(Principal
Financial Officer) |
Exhibit
31.1
CERTIFICATION
OF
PRINCIPAL EXECUTIVE OFFICER
PURSUANT
TO 18 U.S.C. SECTION 1350,
AS
ADOPTED PURSUANT TO SECTION 302 OF
THE
SARBANES-OXLEY ACT OF 2002
I,
Brendan Flood, certify that:
1.
I have reviewed this Quarterly Report on Form 10-Q of Staffing 360 Solutions, Inc. (“Registrant”);
2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the
period covered by this report;
3.
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this
report;
4.
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act
Rules 13-a13a-15(f) and 15d-15(f)) for the registrant and have:
a)
Designed such disclosure controls and procedures or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;
b)
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;
c)
Evaluated the effectiveness of the registrant’s disclosure controls and procedures; and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures as of the end of the period covered by this report based on such evaluation;
and
d)
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s
most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected,
or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.
The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over
financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons
performing the equivalent functions):
a)
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are
reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information;
and
b)
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s
internal control over financial reporting.
Date:
October 16, 2023 |
/s/
Brendan Flood |
|
Brendan
Flood |
|
Chairman
and Chief Executive Officer
(Principal
Executive Officer) |
Exhibit
31.2
CERTIFICATION
OF
PRINCIPAL FINANCIAL OFFICER
PURSUANT
TO 18 U.S.C. SECTION 1350,
AS
ADOPTED PURSUANT TO SECTION 302 OF
THE
SARBANES-OXLEY ACT OF 2002
I, Joe Yelenic, certify that:
1.
I have reviewed this Quarterly Report on Form 10-Q of Staffing 360 Solutions, Inc. (“Registrant”);
2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the
period covered by this report;
3.
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this
report;
4.
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act
Rules 13-a13a-15(f) and 15d-15(f)) for the registrant and have:
a)
Designed such disclosure controls and procedures or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;
b)
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;
c)
Evaluated the effectiveness of the registrant’s disclosure controls and procedures; and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures as of the end of the period covered by this report based on such evaluation;
and
d)
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s
most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected,
or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.
The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over
financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons
performing the equivalent functions):
a)
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are
reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information;
and
b)
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s
internal control over financial reporting.
Date:
October 16, 2023 |
/s/
Joe Yelenic |
|
Joe
Yelenic |
|
Senior
Vice President, Corporate Finance
(Principal
Financial Officer) |
Exhibit
32.1
CERTIFICATION
OF
PRINCIPAL EXECUTIVE OFFICER AND
PRINCIPAL
FINANCIAL OFFICER
PURSUANT
TO 18 U. S. C. SECTION 1350,
AS
ADOPTED PURSUANT TO
SECTION
906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of Staffing
360 Solutions, Inc. (“Company”) for the period ended April 1, 2023 (“Report”), I, Brendan Flood,
Chairman and Chief Executive Officer of the Company, and I, Joe Yelenic, Senior Vice President, Corporate Finance of the Company,
hereby certify pursuant to 18 U.S.C. Section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002, that:
1.
The Report fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934; and
2.
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the Company.
Date:
October 16, 2023 |
/s/
Brendan Flood |
|
Brendan
Flood |
|
Chairman
and Chief Executive Officer
(Principal
Executive Officer) |
|
|
Date:
October 16, 2023 |
/s/
Joe Yelenic |
|
Joe
Yelenic |
|
Senior
Vice President, Corporate Finance
(Principal
Finance Officer) |
A
signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting
the signature that appears in typed from within the electronic version of this written statement has been provided to the Company and
will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.
v3.23.3
Cover - shares
|
3 Months Ended |
|
Apr. 01, 2023 |
Oct. 16, 2023 |
Cover [Abstract] |
|
|
Document Type |
10-Q
|
|
Amendment Flag |
false
|
|
Document Quarterly Report |
true
|
|
Document Transition Report |
false
|
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Document Period End Date |
Apr. 01, 2023
|
|
Document Fiscal Period Focus |
Q1
|
|
Document Fiscal Year Focus |
2023
|
|
Current Fiscal Year End Date |
--12-30
|
|
Entity File Number |
001-37575
|
|
Entity Registrant Name |
STAFFING
360 SOLUTIONS, INC.
|
|
Entity Central Index Key |
0001499717
|
|
Entity Tax Identification Number |
68-0680859
|
|
Entity Incorporation, State or Country Code |
DE
|
|
Entity Address, Address Line One |
757
3rd Avenue
|
|
Entity Address, Address Line Two |
27th
Floor
|
|
Entity Address, City or Town |
New
York
|
|
Entity Address, State or Province |
NY
|
|
Entity Address, Postal Zip Code |
10017
|
|
City Area Code |
(646)
|
|
Local Phone Number |
507-5710
|
|
Title of 12(b) Security |
Common
stock, par value $0.00001 per share
|
|
Trading Symbol |
STAF
|
|
Security Exchange Name |
NASDAQ
|
|
Entity Current Reporting Status |
No
|
|
Entity Interactive Data Current |
No
|
|
Entity Filer Category |
Non-accelerated Filer
|
|
Entity Small Business |
true
|
|
Entity Emerging Growth Company |
false
|
|
Entity Shell Company |
false
|
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|
5,601,020
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v3.23.3
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands |
Apr. 01, 2023 |
Dec. 31, 2022 |
Current Assets: |
|
|
Cash |
$ 1,402
|
$ 1,992
|
Accounts receivable, net |
24,427
|
23,628
|
Prepaid expenses and other current assets |
2,195
|
1,762
|
Total Current Assets |
28,024
|
27,382
|
Property and equipment, net |
1,172
|
1,230
|
Goodwill |
19,891
|
19,891
|
Intangible assets, net |
16,639
|
17,385
|
Other assets |
7,404
|
6,701
|
Right of use asset |
8,728
|
9,070
|
Total Assets |
81,858
|
81,659
|
Current Liabilities: |
|
|
Accounts payable and accrued expenses |
17,177
|
16,526
|
Accrued expenses – related party |
218
|
218
|
Current portion of debt |
125
|
249
|
Accounts receivable financing |
16,525
|
18,268
|
Leases – current liabilities |
1,245
|
1,188
|
Earnout liabilities |
8,344
|
8,344
|
Other current liabilities |
2,219
|
2,639
|
Total Current Liabilities |
45,853
|
47,432
|
Long-term debt – related party |
8,705
|
8,661
|
Redeemable Series H preferred stock, net |
8,448
|
8,393
|
Leases – noncurrent |
8,298
|
8,640
|
Other long-term liabilities |
200
|
180
|
Total Liabilities |
71,504
|
73,306
|
Commitments and contingencies |
|
|
Stockholders’ Equity: |
|
|
Preferred Stock |
|
|
Common stock, $0.00001 par value, 200,000,000 shares authorized; 3,856,020 and 2,629,199 shares issued and outstanding, as of April 1, 2023 and December 31, 2022, respectively |
1
|
1
|
Additional paid in capital |
116,419
|
111,586
|
Accumulated other comprehensive loss |
(2,196)
|
(2,219)
|
Accumulated deficit |
(103,870)
|
(101,015)
|
Total Stockholders’ Equity |
10,354
|
8,353
|
Total Liabilities and Stockholders’ Equity |
81,858
|
81,659
|
Series J Preferred Stock [Member] |
|
|
Stockholders’ Equity: |
|
|
Preferred Stock |
|
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v3.23.3
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares
|
Apr. 01, 2023 |
Dec. 31, 2022 |
Preferred stock, par value |
$ 0.00001
|
$ 0.00001
|
Preferred stock, shares authorized |
20,000,000
|
20,000,000
|
Common stock, par value |
$ 0.00001
|
$ 0.00001
|
Common stock, shares authorized |
200,000,000
|
200,000,000
|
Common stock, shares issued |
3,856,020
|
2,629,199
|
Common stock, shares outstanding |
3,856,020
|
2,629,199
|
Series J Preferred Stock [Member] |
|
|
Preferred stock, par value |
$ 0.00001
|
$ 0.00001
|
Preferred stock, shares authorized |
40,000
|
40,000
|
Preferred stock, shares issued |
0
|
0
|
Preferred stock, shares outstanding |
0
|
0
|
X |
- DefinitionFace amount or stated value per share of common stock.
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v3.23.3
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands |
3 Months Ended |
Apr. 01, 2023 |
Apr. 02, 2022 |
Income Statement [Abstract] |
|
|
Revenue |
$ 63,105
|
$ 49,893
|
Cost of Revenue, excluding depreciation and amortization stated below |
53,517
|
41,380
|
Gross Profit |
9,588
|
8,513
|
Operating Expenses: |
|
|
Selling, general and administrative expenses |
10,167
|
8,909
|
Depreciation and amortization |
775
|
655
|
Total Operating Expenses |
10,942
|
9,564
|
Loss From Operations |
(1,354)
|
(1,051)
|
Other Expenses: |
|
|
Interest expense |
(1,349)
|
(670)
|
Amortization of debt discount and deferred financing costs |
(98)
|
(96)
|
Re-measurement loss on intercompany note |
|
(443)
|
Other loss, net |
(14)
|
(58)
|
Total Other Expenses, net |
(1,461)
|
(1,267)
|
Loss Before Benefit from Income Tax |
(2,815)
|
(2,318)
|
Provision from Income taxes |
(40)
|
(6)
|
Net Loss |
$ (2,855)
|
$ (2,324)
|
Net Loss Basic |
$ (0.90)
|
$ (1.33)
|
Net Loss Diluted |
$ (0.90)
|
$ (1.33)
|
Weighted Average Shares Outstanding Basic |
3,177,517
|
1,752,949
|
Weighted Average Shares Outstanding Diluted |
3,177,517
|
1,752,949
|
X |
- DefinitionAmount of amortization expense attributable to debt discount (premium) and debt issuance costs.
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v3.23.3
Condensed Consolidated Statements of Changes in Stockholders' Deficit (Unaudited) - USD ($) $ in Thousands |
Preferred Stock [Member]
Series J Preferred Stock [Member]
|
Common Stock [Member] |
Additional Paid-in Capital [Member] |
AOCI Attributable to Parent [Member] |
Retained Earnings [Member] |
Total |
Balance at Jan. 01, 2022 |
|
$ 1
|
$ 107,183
|
$ 162
|
$ (84,021)
|
$ 23,325
|
Balance, shares at Jan. 01, 2022 |
|
1,758,835
|
|
|
|
|
Employees, directors and consultants |
|
|
42
|
|
|
42
|
Balance, shares |
|
1,000
|
|
|
|
|
Foreign currency translation Income (loss) |
|
|
|
(200)
|
|
(200)
|
Net income (loss) |
|
|
|
|
(2,324)
|
$ (2,324)
|
Balance, shares |
|
|
|
|
|
1,000
|
Balance at Apr. 02, 2022 |
|
$ 1
|
107,225
|
(38)
|
(86,345)
|
$ 20,843
|
Balance, shares at Apr. 02, 2022 |
|
1,759,835
|
|
|
|
|
Balance at Dec. 31, 2022 |
|
$ 1
|
111,586
|
(2,219)
|
(101,015)
|
8,353
|
Balance, shares at Dec. 31, 2022 |
|
2,629,199
|
|
|
|
|
Employees, directors and consultants |
|
|
720
|
|
|
720
|
Balance, shares |
|
237,305
|
|
|
|
|
Foreign currency translation Income (loss) |
|
|
|
23
|
|
23
|
Net income (loss) |
|
|
|
|
(2,855)
|
(2,855)
|
Sale of common stock and warrants |
|
|
4,113
|
|
|
$ 4,113
|
Balance, shares |
|
989,516
|
|
|
|
1,226,821
|
Warrants modification |
|
|
176
|
|
|
$ 176
|
Equity issuance cost |
|
|
(176)
|
|
|
(176)
|
Balance at Apr. 01, 2023 |
|
$ 1
|
$ 116,419
|
$ (2,196)
|
$ (103,870)
|
$ 10,354
|
Balance, shares at Apr. 01, 2023 |
|
3,856,020
|
|
|
|
|
X |
- DefinitionAdjustments to additional paid in capital equity issuance cost.
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v3.23.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands |
3 Months Ended |
Apr. 01, 2023 |
Apr. 02, 2022 |
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
Net Loss |
$ (2,855)
|
$ (2,324)
|
Adjustments to reconcile net loss income to net cash used in operating activities: |
|
|
Depreciation and amortization |
775
|
655
|
Amortization of debt discount and deferred financing costs |
98
|
96
|
Accounts receivable allowance |
18
|
(1)
|
Right of use assets depreciation |
355
|
324
|
Stock based compensation |
720
|
42
|
Re-measurement loss on intercompany note |
|
443
|
Changes in operating assets and liabilities: |
|
|
Accounts receivable |
(2,519)
|
(5,621)
|
Prepaid expenses and other current assets |
(437)
|
(526)
|
Other assets |
(1,015)
|
812
|
Accounts payable and accrued expenses |
717
|
3,999
|
Accounts payable, related party |
|
122
|
Other current liabilities |
(363)
|
(128)
|
Other long-term liabilities and other |
77
|
(749)
|
NET CASH USED IN OPERATING ACTIVITIES |
(4,429)
|
(2,856)
|
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
Purchase of property and equipment |
(28)
|
(42)
|
Collection of UK factoring facility deferred purchase price |
1,626
|
1,877
|
NET CASH PROVIDED BY INVESTING ACTIVITIES |
1,598
|
1,835
|
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
Third party financing costs |
(319)
|
|
Repayment of term loan |
(124)
|
|
Proceeds from term loan |
|
(117)
|
Repayments on accounts receivable financing, net |
(1,743)
|
|
Dividends paid to related parties |
|
(2,036)
|
Proceeds from sale of common stock and warrants, net of third-party financing costs |
4,433
|
|
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES |
2,247
|
(2,153)
|
NET DECREASE IN CASH |
(584)
|
(3,174)
|
Effect of exchange rates on cash |
(6)
|
(29)
|
Cash – Beginning of period |
1,992
|
4,558
|
Cash – End of period |
$ 1,402
|
$ 1,355
|
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v3.23.3
ORGANIZATION AND DESCRIPTION OF BUSINESS
|
3 Months Ended |
Apr. 01, 2023 |
Accounting Policies [Abstract] |
|
ORGANIZATION AND DESCRIPTION OF BUSINESS |
NOTE
1 – ORGANIZATION AND DESCRIPTION OF BUSINESS
Staffing
360 Solutions, Inc. (“we,” “us,” “our,” “Staffing 360,” or the “Company”)
was incorporated in the State of Nevada on December 22, 2009, as Golden Fork Corporation, which changed its name to Staffing 360 Solutions,
Inc., ticker symbol “STAF,” on March 16, 2012. On June 15, 2017, the Company reincorporated in the State of Delaware.
We
are a high-growth international staffing company engaged in the acquisition of U.S. and U.K. based staffing companies. As part of
our consolidation model, we pursue a broad spectrum of staffing companies supporting primarily the Professional and Commercial
Business Streams. The model is based on finding and acquiring suitable, mature, profitable, operating, domestic and international
staffing companies focused specifically on the accounting and finance, information technology (“IT”), engineering,
administration (“Professional”) and light industrial (“Commercial”) disciplines. Our typical acquisition
model is based on paying consideration in the form of cash, stock, earn-outs and/or promissory notes. In furthering our business
model, we are regularly in discussions and negotiations with various suitable, mature acquisition targets. To date, we have
completed 11 acquisitions since November 2013.
The
Company focuses on five strategic verticals that represent sub-segments of the staffing industry. These five strategic pillars,
accounting & finance, information technology, engineering, administration, and commercial are the basis for the Company’s
sales and revenue generation and its growth acquisition targets. The Headway Acquisition in May 2022 added 33%
in revenue, or approximately $60,700
to $184,100
of revenue from the business not including Headway (each as defined herein). The Headway Acquisition included approximately $60,000
in Employer of Record service contracts. Employer of Record (“EOR”) projects are typically large volume, long-term
providing HR outsourcing of payroll and benefits for a contingent workforce. EOR projects while priced with lower gross margin
percentages than traditional temporary staffing assignments, yield a comparable contribution as a result of lower costs to deliver
these services. Typical
contribution for EOR projects is 80-85% of the gross profit earned, compared to 40-50% for traditional staffing which negates the
impact of lower gross margins. This EOR service offering could be added to the Company’s other Brands (defined below),
providing for a growth element within the existing client base, both in the U.S. and U.K. markets. The Headway Acquisition also
brought an active workforce in all 50 states in the U.S., as well as Puerto Rico and Washington, D.C. The Company anticipates that
this will provide for potential expansion of accounts for all brands in the group’s portfolio
(“Brands”).
STAFFING
360 SOLUTIONS, INC. AND SUBSIDIARIES
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(All
amounts in thousands, except share, per share and stated value per share)
(UNAUDITED)
The
Company has developed a centralized, sales and recruitment hub in both the U.S. and U.K. markets. The addition of Headway, with its
single office in Raleigh, North Carolina, and nationwide coverage for operations, supports and accelerates the Company’s objective of driving
efficiencies through the use of technology, deemphasizing bricks and mortar, supporting more efficient and cost-effective service
delivery for all Brands.
The
Company has a management team with significant operational and M&A experience. The combination of this management experience and
the increased opportunity for expansion of its core Brands with EOR services and nationwide expansion, provide for the opportunity of
significant organic growth, while plans to continue its business model, finding and acquiring suitable, mature, profitable, operating,
U.S. and U.K. based staffing companies continues.
We
effected a one-for-ten
reverse stock split on June 24, 2022 (the “Reverse Stock Split”). All share and per share information in this
Quarterly Report on Form 10-Q, including the condensed consolidated financial statements and related notes thereto, has, where
applicable, been retroactively adjusted to reflect the Reverse Stock Split.
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v3.23.3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|
3 Months Ended |
Apr. 01, 2023 |
Accounting Policies [Abstract] |
|
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
NOTE
2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis
of Presentation and Principles of Consolidation
These
condensed consolidated financial statements and related notes are presented in accordance with generally accepted accounting
principles in the United States (“GAAP”), expressed in U.S. dollars. All amounts are in thousands, except share, per share and par
values, unless otherwise indicated.
The
accompanying condensed consolidated financial statements reflect all adjustments including normal recurring adjustments, which, in
the opinion of management, are necessary to present fairly the financial position, results of operations and cash flows for the
periods presented in accordance with the GAAP. All significant intercompany balances and transactions have been eliminated in
consolidation.
Liquidity
The
accompanying condensed consolidated financial statements do not include any adjustments or classifications that may result from the
possible inability of the Company to continue as a going concern. The accompanying financial statements have been prepared on a
basis which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. As shown in
the accompanying financial statements as of the quarter ended April 1, 2023, the Company has an accumulated deficit of $103,870
and a working capital deficit of $17,829.
At April 1, 2023, we had total gross debt of $18,141
and $1,402 of cash on hand. We have
historically met our cash needs through a combination of cash flows from operating activities, term loans, promissory notes,
convertible notes, private placement offerings and sales of equity. Our cash requirements are generally for operating activities and
debt repayments.
The
financial statements included in this Quarterly Report on Form 10-Q have been prepared assuming that we will continue as a going
concern, which contemplates the recoverability of assets and the satisfaction of liabilities in the normal course of business.
Significant assumptions underlie this belief, including, among other things, that there will be no material adverse developments in
our business, liquidity, capital requirements and that our credit facilities with our lenders will remain available to
us.
Further,
the notes issued to Jackson Investment Group LLC (“Jackson”) includes
certain financial customary covenants and the Company has had instances of non-compliance. Management has historically been able to
obtain from Jackson waivers of any non-compliance and management expects to continue to be able to obtain necessary waivers in the
event of future non-compliance; however, there can be no assurance that the Company will be able to obtain such waivers, and should
Jackson refuse to provide a waiver in the future, the outstanding debt under the agreement could become due immediately, which
exceeds our current cash balance.
As
of the date of the filing of this Quarterly Report on Form 10-Q, the entire outstanding principal balance of the Jackson Notes, which
was $10,116, shall be due and payable on October
14, 2024. The debt represented by the Jackson Note continues to be secured by substantially all of the Company’s
domestic subsidiaries’ assets pursuant to the Amended and Restated Security Agreement with Jackson, dated September 15, 2017,
as amended. The Company also has a $32,500
revolving loan facility with MidCap Funding X Trust (“MidCap”). The MidCap facility has a maturity date of September
6, 2024.
STAFFING
360 SOLUTIONS, INC. AND SUBSIDIARIES
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(All
amounts in thousands, except share, per share and stated value per share)
(UNAUDITED)
Going
Concern
The
accompanying condensed consolidated financial statements have been prepared in conformity with GAAP, which contemplate continuation
of the Company as a going concern. Historically, the Company has funded such payments either through cash flow from operations or
the raising of capital through additional debt or equity. If the Company is unable to obtain additional capital, such payments may
not be made on time.
The
Company’s negative working capital and liquidity position combined with the uncertainty generated by the economic reaction to the
COVID-19 pandemic raise substantial doubt about the Company’s ability to continue as a going concern.
COVID-19
In
May 2023, the World Health Organization determined that COVID-19 no longer fit the definition of a public health emergency and the
U.S. government announced its plan to let the declaration of a public health emergency associated with COVID-19 expire on May 11,
2023. COVID-19 is expected to remain a serious endemic threat for an indefinite future period and may continue to adversely affect
the global economy, and we are unable to predict the full extent of potential delays or impacts on our business, our clinical
studies, our research programs, the recoverability of our assets, and our manufacturing. The effects of the COVID-19 endemic may
continue to disrupt or delay our business operations, including but not limited to with respect to efforts relating to potential
business development transactions and our ability to deploy staffing workforce effectively during social distancing and shelter-in-place directives, and it could continue to disrupt the marketplace which could have an adverse effect on our
operations. As such, it is uncertain as to the full magnitude that the COVID-19 and its ongoing effects will have on the
Company’s financial condition, liquidity, and future results of operations. Management is actively monitoring the impact of
the global situation on its financial condition, liquidity, operations, industry, and workforce. The Company is not able to estimate
the effects of the COVID-19 endemic on its results of operations, financial condition, or liquidity for fiscal year
2023.
The
Company’s negative working capital and liquidity position combined with the uncertainty generated by the economic reaction to COVID-19 and its ongoing effects contribute to the substantial doubt about the Company’s ability to continue as a
going concern.
Use
of Estimates
The
preparation of condensed consolidated financial statements in accordance with GAAP requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported
amounts of revenue and expenses in the reporting period. The Company bases its estimates and assumptions on current facts,
historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form
the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are
not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from its
estimates. To the extent there are material differences between estimates and the actual results, future results of operations will
be affected. Significant estimates for the quarters ended April 1, 2023 and April 2, 2022 include the valuation of intangible
assets, including goodwill, liabilities associated with testing long-lived assets for impairment and valuation reserves against
deferred tax assets.
STAFFING
360 SOLUTIONS, INC. AND SUBSIDIARIES
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(All
amounts in thousands, except share, per share and stated value per share)
(UNAUDITED)
Goodwill
Goodwill
relates to amounts that arose in connection with various acquisitions and represents the difference between the purchase price and the
fair value of the identifiable intangible and tangible net assets when accounted for using the purchase method of accounting. Goodwill
is not amortized, but it is subject to periodic review for impairment. Events that would indicate impairment and trigger an interim impairment
assessment include, but are not limited to, current economic and market conditions, a decline in the equity value of the business, a
significant adverse change in certain agreements that would materially affect reported operating results, business climate or operational
performance of the business and an adverse action or assessment by a regulator.
In
accordance with ASU No. 2011-08, Intangibles-Goodwill and Other (Topic 350) Testing Goodwill for Impairment, the Company
is required to review goodwill by reporting unit for impairment at least annually or more often if there are indicators of impairment
present. During the year ended December 31, 2022, the Company changed its annual measurement date from the last day of the fiscal year
end to the first day of the fiscal fourth quarter. A reporting unit is either the equivalent of, or one level below, an operating segment.
The Company early-adopted the provisions in ASU 2017-04, which eliminates the second step of the goodwill impairment test. As a result,
the Company’s goodwill impairment tests include only one step, which is a comparison of the carrying value of each reporting unit
to its fair value, and any excess carrying value, up to the amount of goodwill allocated to that reporting unit, is impaired.
The
carrying value of each reporting unit is based on the assignment of the appropriate assets and liabilities to each reporting unit. Assets
and liabilities were assigned to each reporting unit if the assets or liabilities are employed in the operations of the reporting unit
and the asset and liability is considered in the determination of the reporting unit fair value.
The
Company recognized an impairment with respect to its Staffing UK reporting unit of $10,000 during the quarter ended December 31,
2022. The impairment resulted from a continued decline in that reporting unit’s revenue which experienced significant and prolonged
declines as a result of the COVID-19 pandemic. To determine the impairment, the Company employed a combination of market approach (valuations
using comparable company multiples), income approach (discounted cash flow analysis) and prevailing market conditions to derive the fair
value of the reporting unit. Under ASU 2017-04, which the Company early adopted, the impairment amount represents the excess of the carrying
value over the fair value of the reporting unit.
Revenue
Recognition
The
Company recognizes revenue in accordance with ASC 606, the core principle of which is that an entity should recognize revenue to depict
the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be
entitled to receive in exchange for those goods or services. To achieve this core principle, five basic criteria must be met before revenue
can be recognized: (1) identify the contract with a customer; (2) identify the performance obligations in the contract; (3) determine
the transaction price; (4) allocate the transaction price to performance obligations in the contract; and (5) recognize revenue when
or as the Company satisfies a performance obligation.
The
Company accounts for revenues when both parties to the contract have approved the contract, the rights and obligations of the parties
are identified, payment terms are identified, and collectability of consideration is probable. Payment terms vary by client and the services
offered.
STAFFING
360 SOLUTIONS, INC. AND SUBSIDIARIES
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(All
amounts in thousands, except share, per share and stated value per share)
(UNAUDITED)
The
Company has primarily two main forms of revenue – temporary contractor revenue and permanent placement revenue. Temporary
contractor revenue is accounted for as a single performance obligation satisfied over time because the customer simultaneously
receives and consumes the benefits of the Company’s performance on an hourly or daily basis. The contracts stipulate weekly or
monthly billing, and the Company has elected the “as invoiced” practical expedient to recognize revenue based on the
hours incurred at the contractual rate as we have the right to payment in an amount that corresponds directly with the value of
performance completed to date. Permanent placement revenue is recognized on the date the candidate’s full-time employment with
the customer has commenced. The customer is invoiced on the start date, and the contract stipulates payment due under varying terms,
typically 30 days. The contract with the customer stipulates a guarantee period whereby the customer may be refunded if the employee
is terminated within a short period of time, however this has historically been infrequent, and immaterial upon occurrence. As such,
the Company’s performance obligations are satisfied upon commencement of the employment, at which point control has
transferred to the customer. Revenue for the quarter ended April 1, 2023 was comprised of $61,795
of temporary contractor revenue and $1,310
of permanent placement revenue compared with $48,329
of temporary contractor revenue and $1,564
permanent placement revenue for the quarter ended April 2, 2022. Refer to Note 12 – Segment Information for further details on
breakdown by segments.
Income
Taxes
The
Company utilizes Accounting Standards Codification (“ASC”) Topic 740, “Accounting for Income Taxes,” which requires
the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in
the financial statements or tax returns. Under this method, deferred income taxes are recognized for the tax consequences in future years
of differences between the tax bases of assets and liabilities and their financial reporting amounts at each period end based on enacted
tax laws and statutory tax rates applicable to the periods in which the differences are expected to affect taxable income. Valuation
allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.
The
Company applies the provisions of ASC 740-10-50, “Accounting for Uncertainty in Income Taxes,” which provides clarification
related to the process associated with accounting for uncertain tax positions recognized in the financial statements. Audit periods remain
open for review until the statute of limitations has passed. The completion of review or the expiration of the statute of limitations
for a given audit period could result in an adjustment to the Company’s liability for income taxes. Any such adjustment could be
material to the Company’s results of operations for any given quarterly or annual period based, in part, upon the results of operations
for the given period. As of the date of this filing, the Company is current on all corporate, federal and state tax returns. The Company’s
policy is to record interest and penalties related to unrecognized tax benefits as income tax expense.
The
effective income tax rate was (0.79%) and (0.25%) for the quarters ending April 1, 2023 and April 2, 2022, respectively. The Company’s
effective tax rate differs from the U.S. federal statutory rate of 21%, primarily due to changes in valuation allowances in the U.S.,
which eliminates the effective tax rate on current year losses, offset by current state taxes and changes to goodwill naked credit. The
Company may have experienced an IRC Section 382 limitation during 2021, for which it is in process of conducting an analysis to determine
the tax consequences of such a limitation.
Foreign
Currency
The
Company recorded a non-cash foreign currency remeasurement loss of $443 for the quarter ended April 1, 2022, associated with its U.S
dollar denominated intercompany note.
Warrants
The
Company accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant’s
specific terms and applicable authoritative guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards
Codification (“ASC”) 480, “Distinguishing Liabilities from Equity” (“ASC 480”) and ASC 815, “Derivatives
and Hedging” (“ASC 815”). The assessment considers whether the warrants are freestanding financial instruments pursuant
to ASC 480, meet the definition of a liability pursuant to ASC 480, and whether the warrants meet all of the requirements for equity
classification under ASC 815, including whether the warrants are indexed to the Company’s own ordinary shares, among other conditions
for equity classification. This assessment, which requires the use of professional judgment, is conducted at the time of warrant issuance
and as of each subsequent quarterly period end date while the warrants are outstanding.
STAFFING
360 SOLUTIONS, INC. AND SUBSIDIARIES
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(All
amounts in thousands, except share, per share and stated value per share)
(UNAUDITED)
For
issued or modified warrants that meet all of the criteria for equity classification, the warrants are required to be recorded as a
component of additional paid-in capital at the time of issuance. For issued or modified warrants that do not meet all the criteria
for equity classification, the warrants are required to be recorded at their initial fair value on the date of issuance, and each
balance sheet date thereafter. Changes in the estimated fair value of the warrants are recognized as a non-cash gain or loss on the
statements of operations. The fair value of the warrants placed were estimated using a Black Scholes model. Refer to Note 10 –
Stockholders’ Equity for further details.
Recent
Accounting Pronouncements
In
August 2020, the FASB issued ASU 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40) No. 2020-06 August 2020 Accounting for Convertible Instruments and Contracts
in an Entity’s Own Equity, which simplifies the guidance on the issuer’s accounting for convertible debt instruments by removing
the separation models for (1) convertible debt with a cash conversion feature and (2) convertible instruments with a beneficial conversion
feature. As a result, entities will not separately present in equity an embedded conversion feature in such debt and will account for
a convertible debt instrument wholly as debt, unless certain other conditions are met. The elimination of these models will reduce reported
interest expense and increase reported net income for entities that have issued a convertible instrument that is within the scope of
ASU 2020-06. Also, ASU 2020-06 requires the application of the if-converted method for calculating diluted earnings per share and treasury
stock method will be no longer available. ASU 2020-06 is applicable for fiscal years beginning after December 15, 2021, with early adoption
permitted no earlier than fiscal years beginning after December 15, 2020. The Company adopted this ASU on January 2, 2022. This standard
does not have an impact on our consolidated financial statements.
On
June 16, 2016, the FASB issued Accounting Standards Update No. 2016-13, Financial Instruments—Credit Losses (Topic 326):
Measurement of Credit Losses on Financial Instruments, which introduced an expected credit loss model for the impairment of
financial assets measured at amortized cost basis. This ASU replaces the probable, incurred loss model for those assets. On November
15, 2019, the FASB delayed the effective date of FASB ASC Topic 326 for certain small public companies and other private companies.
As amended, the effective date of ASC Topic 326 was delayed until fiscal years beginning after December 15, 2022, for SEC filers
that are smaller reporting companies under the SEC’s definition, as well as private companies and not-for-profit entities. The
Company has adopted this ASU on January 1, 2023. This standard does not have a material impact on the
consolidated financial statements.
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v3.23.3
EARNINGS (LOSS) PER COMMON SHARE
|
3 Months Ended |
Apr. 01, 2023 |
Earnings Per Share [Abstract] |
|
EARNINGS (LOSS) PER COMMON SHARE |
NOTE
3 – EARNINGS (LOSS) PER COMMON SHARE
The
Company utilizes the guidance per ASC 260, “Earnings per Share”. Basic earnings per share are calculated by dividing
income/loss available to stockholders by the weighted average number of common stock shares outstanding during each period. Our
Series A, Series E and Series E-1 Preferred Stockholders (related parties) receive certain dividends or dividend equivalents that
are considered participating securities and our loss per share is computed using the two-class method. For the quarters ended April
1, 2023 and April 2, 2022, pursuant to the two-class method, as a result of the net loss attributable to common
stockholders, losses were not allocated to the participating securities.
STAFFING
360 SOLUTIONS, INC. AND SUBSIDIARIES
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(All
amounts in thousands, except share, per share and stated value per share)
(UNAUDITED)
Diluted
earnings per share are computed using the weighted average number of common stock shares and dilutive common stock equivalents outstanding
during the period. Dilutive common stock equivalents consist of shares of common stock issuable upon the conversion of preferred stock,
convertible notes, unvested equity awards and the exercise of stock options and warrants (calculated using the modified treasury stock
method). Such securities, shown below, presented on a common stock equivalent basis and outstanding as of April 1, 2023 and April 2,
2022 have not been included in the diluted earnings per share computations, as their inclusion would be anti-dilutive due to the Company’s
net loss as of April 1, 2023 and April 2, 2022:
SCHEDULE OF COMMON SHARE EQUIVALENT BASIS AND OUTSTANDING EXCLUDED FROM PER SHARE COMPUTATIONS OF ANTI-DILUTIVE
| |
April
1, 2023 | | |
April
2, 2022 | |
Warrants | |
| 4,624,543 | | |
| 127,300 | |
Restricted shares
– unvested | |
| 128,496 | | |
| 972,495 | |
Options | |
| 51,302 | | |
| 6,880 | |
Total | |
| 4,804,341 | | |
| 1,106,675 | |
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v3.23.3
ACCOUNTS RECEIVABLE FINANCING
|
3 Months Ended |
Apr. 01, 2023 |
Receivables [Abstract] |
|
ACCOUNTS RECEIVABLE FINANCING |
NOTE
4 – ACCOUNTS RECEIVABLE FINANCING
Midcap
Funding X Trust
Prior
to September 15, 2017, certain U.S. subsidiaries of the Company were party to a $25,000
revolving loan facility with MidCap, with the option to increase the amount by an additional $25,000,
with a maturity date of April
8, 2019.
On
October 26, 2020, the Company entered into Amendment No. 17 to that certain Credit and Security Agreement, dated April 8, 2017, by
and among, the Company, as the parent, Monroe Staffing Services, LLC, a Delaware limited liability company, Faro Recruitment
America, Inc., a New York corporation, Lighthouse Placement Services, Inc., a Massachusetts corporation, Staffing 360 Georgia, LLC,
a Georgia limited liability company, and Key Resources, Inc., a North Carolina corporation, as borrowers (the “Credit Facility
Borrowers”), MidCap Funding IV Trust as successor by assignment to MidCap (as agent for lenders), and other financial
institutions or other entities from time to time parties thereto as lenders (as amended, restated, amended and restated,
supplemented or otherwise modified from time to time, the “Credit and Security Agreement”) pursuant to which, among
other things, the parties agreed to extend the
maturity date of our outstanding asset based revolving loan until September 1, 2022. In addition, the Company also agreed to certain
amendments to the financial covenants.
On
October 27, 2022, the Company and the Credit Facility Borrowers entered into Amendment No. 27 and Joinder Agreement to the Credit
and Security Agreement (“Amendment No. 27”) with MidCap Funding IV Trust as successor by assignment to MidCap and the lenders party thereto. Amendment No. 27, among other things, (i) increases the revolving
loan commitment amount from $25,000 to $32,500 (the “Loan”), (ii) extends the commitment expiry date from October 27, 2022 to September 6, 2024, and (iii)
modifies certain of the financial covenants. Pursuant to Amendment No. 27, as long as no default or event of default under the
Credit and Security Agreement as amended by Amendment No. 27 exists, upon written request by the Company and with the prior written
consent of the agent and lenders, the Loan may be increased by up to $10,000 in minimum amounts of $5,000 tranches each, for an aggregate loan commitment amount of $42,500.
In
addition, Amendment No. 27 increases the applicable margin from 4.0% to 4.25%, with respect to the Loan (other than Letter of Credit
Liabilities (as defined in the Credit and Security Agreement)), and from 3.5% to 3.75% with respect to the Letter of Credit Liabilities.
Amendment No. 27 also replaces the interest rate benchmark from LIBOR to SOFR and provides that the Loan shall bear interest at the sum
of a term-based SOFR rate (plus a SOFR adjustment of 0.11448%) plus the Applicable Margin, subject to certain provisions for the replacement
of SOFR with an alternate benchmark in connection with SOFR no longer being provided by its administrator. Notwithstanding the foregoing,
the SOFR interest rate shall not be at any time less than 1.00%. On August 30, 2023, the Company entered into Amendment No. 28 (“Amendment No. 28”) to the Credit and
Security Agreement with MidCap, which among other things further increases the applicable margin (a) from 4.25% to 4.50% with respect
to the Loan (other than the Letter of Credit Liabilities) and (b) from 3.75% to 4.50% with respect to the Letter of Credit Liabilities.
See Note 15 – Subsequent Events.
The
facility provides events of default including: (i) failure to make payment of principal or interest on any Loans when required, (ii)
failure to perform obligations under the facility and related documents, (iii) not paying its debts as such debts become due and
similar insolvency matters, and (iv) material adverse changes in the financial condition of business prospectus of any Borrower
(subject to a 10-day notice and cure period.) Upon an event of default, the Company’s obligations under the credit facility
may, or in the event of insolvency or bankruptcy will automatically, be accelerated. At the election of agent or required lenders (or automatically in case
of bankruptcy or insolvency events of default), upon the occurrence of any event of default and for so long as it continues,
the facility will bear interest at a rate equal to the lesser of: (i) 3.0% above the rate of interest applicable to such obligations
immediately prior to the occurrence of the event of default; and (ii) the maximum rate allowable under law.
Under
the terms of this agreement, the Company is subject to affirmative covenants which are customary for financings of this type, including
covenants to: (i) maintain good standing and governmental authorizations, (ii) provide certain information and notices to MidCap, (iii)
deliver monthly reports and quarterly financial statements to MidCap, (iv) maintain insurance, (v) discharge all taxes, (vi) protect
its intellectual property, and (vii) generally protect the collateral granted to MidCap. The Company is also subject to negative covenants
customary for financings of this type, including that it may not: (i) enter into a merger or consolidation or certain change of control
events, (ii) incur liens on the collateral, (iii) except for certain permitted acquisitions, acquire any significant assets other than
in the ordinary course of business, (iv) assume certain additional senior debt, or (v) amend any of its organizational documents.
STAFFING
360 SOLUTIONS, INC. AND SUBSIDIARIES
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(All
amounts in thousands, except share, per share and stated value per share)
(UNAUDITED)
The
balance of the MidCap facility as of April 1, 2023 and December 31, 2022 was $16,434 and $18,176, respectively, and is included in Accounts
receivable financing on the Consolidated Balance Sheet.
HSBC
Invoice Finance (UK) Ltd
On
February 8, 2018, CBSbutler, Staffing 360 Solutions Limited and The JM Group, entered into a new arrangement with HSBC Invoice
Finance (UK) Ltd (“HSBC”) which provides for HSBC to purchase the subsidiaries’ accounts receivable up to an
aggregate amount of £11,500
across all three subsidiaries. The
terms of the arrangement provide for HSBC to fund 90% of the purchased accounts receivable upfront and a secured borrowing line of
70% of unbilled receivables capped at £1,000 (within the overall aggregate total facility of £11,500.) The
arrangement has an initial term of 12 months, with an automatic rolling three-month extension and carries a service charge of 1.80%. On April 20, 2020, the terms of the loan with HSBC were amended such that no capital repayments would be required
between April 2020 to September 2020, and only interest payments would be made during such time. Since such time, capital repayments have
resumed. On May 15, 2020, the Company entered into a three-year term loan with HSBC in the UK for £1,000. As of April 1, 2023, the
balance for the HSBC loan is $125.
On
June 28, 2018, the Company’s new subsidiary, Clement May Limited (“CML”), entered into a new agreement with a
minimum term of 12 months for purchase of debt (“APD”) with HSBC, joining CBS Butler, Staffing 360 Solutions Limited and
The JM Group (collectively, with CML, the “Borrowers”) as “Connected Clients” as defined in the APD. In
2021, the subsidiaries were reorganized and are now Staffing 360 Solutions Limited and Clement May. The new Connected Client APDs
carry an aggregate Facility Limit of £20,000
across all Borrowers. The obligations of the Borrowers are secured by a fixed charge and a floating charge on the Borrowers’
respective accounts receivable and are subject to cross-company guarantees among the Borrowers. In addition, the secured borrowing
line against unbilled receivables was increased to £1,500
for a period of 90 days. In July 2019, the aggregate Facility Limit was extended to £22,500
across all Borrowers. In January 2022, the secured borrowing line against unbilled receivables was terminated and fully paid
down.
Under
ASU 2016-16, “Statement of Cash Flows (Topic 230, Classification of Certain Cash Receipts and Cash Payments, a consensus of
the FASB Emerging Issues Task Force), the upfront portion of the sale of accounts receivable is classified within operating activities,
while the deferred purchase price portion (or beneficial interest), once collected, is classified within investing activities. For the
quarters ended April 1, 2023, and April 2, 2022, the collection of UK factoring facility deferred purchase price totaled $1,626 and $1,877,
respectively.
|
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v3.23.3
INTANGIBLE ASSETS
|
3 Months Ended |
Apr. 01, 2023 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
INTANGIBLE ASSETS |
NOTE
5 – INTANGIBLE ASSETS
The
following provides a breakdown of intangible assets as of:
SCHEDULE OF BREAKDOWN OF INTANGIBLE ASSETS
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
| |
April
1, 2023 | |
| |
Tradenames | | |
Non-Compete | | |
Customer
Relationship | | |
Total | |
Intangible
assets, gross | |
$ | 10,728 | | |
$ | 2,464 | | |
$ | 26,080 | | |
$ | 39,272 | |
Accumulated
amortization | |
| (5,796 | ) | |
| (2,464 | ) | |
| (14,373 | ) | |
| (22,633 | ) |
Intangible
assets, net | |
$ | 4,932 | | |
$ | — | | |
$ | 11,707 | | |
$ | 16,639 | |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
| |
December
31, 2022 | |
| |
Tradenames | | |
Non-Compete | | |
Customer
Relationship | | |
Total | |
Intangible
assets, gross | |
$ | 10,759 | | |
$ | 2,467 | | |
$ | 26,170 | | |
$ | 39,396 | |
Accumulated
amortization | |
| (5,608 | ) | |
| (2,467 | ) | |
| (13,936 | ) | |
| (22,011 | ) |
Intangible
assets, net | |
$ | 5,151 | | |
$ | — | | |
$ | 12,234 | | |
$ | 17,385 | |
On
April 18, 2022, the Company entered into a Stock Purchase Agreement (the “Headway Purchase Agreement”) with Headway
Workforce Solutions (“Headway”), pursuant to which, among other things, the Company agreed to purchase all of the issued
and outstanding securities of Headway in exchange for (i) a cash payment of $14,
and (ii) 9,000,000
shares of our Series H Preferred Stock, with a value equal to the Closing Payment, as defined in the Headway Purchase Agreement
(“the “Headway Acquisition”). On May 18, 2022, the Headway Acquisition closed.
STAFFING
360 SOLUTIONS, INC. AND SUBSIDIARIES
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(All
amounts in thousands, except share, per share and stated value per share)
(UNAUDITED)
As
of April 1, 2023, estimated annual amortization expense for each of the next five fiscal years is as follows:
SCHEDULE OF ESTIMATED ANNUAL AMORTIZATION EXPENSE FOR EACH OF THE NEXT FIVE FISCAL YEARS
Fiscal
quarter ended April | |
Amount | |
2023 | |
$ | 1,965 | |
2024 | |
| 2,620 | |
2025 | |
| 2,552 | |
2026 | |
| 2,410 | |
2027 | |
| 2,410 | |
Thereafter | |
| 4,682 | |
Total | |
$ | 16,639 | |
Amortization
of intangible assets for the period ended April 1, 2023 and April 2, 2022 was $699 and $584, respectively. The weighted average useful
life remaining of intangible assets remaining is 8 years.
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v3.23.3
GOODWILL
|
3 Months Ended |
Apr. 01, 2023 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
GOODWILL |
NOTE
6 – GOODWILL
The
following table provides a roll forward of goodwill:
SCHEDULE
OF GOODWILL
| |
|
| | |
|
| |
| |
April
1, 2023 | | |
December
31, 2022 | |
Beginning
balance, gross | |
$ | 37,541 | | |
$ | 31,478 | |
Acquisition | |
| — | | |
| 7,808 | |
Accumulated
disposition | |
| (1,577 | ) | |
| (1,577 | ) |
Accumulated
impairment losses | |
| (16,073 | ) | |
| (16,073 | ) |
Currency
translation adjustment | |
| — | | |
| (1,745 | ) |
Ending
balance, net | |
$ | 19,891 | | |
$ | 19,891 | |
Goodwill
by reportable segment is as follows:
SCHEDULE
OF GOODWILL REPORTABLE BY SEGMENT
| |
|
| | |
|
| |
| |
April
1, 2023 | | |
December
31, 2022 | |
Professional
Staffing - US | |
$ | 14,031 | | |
$ | 14,031 | |
Commercial
Staffing - US | |
| 5,860 | | |
| 5,860 | |
Professional
Staffing - UK | |
| — | | |
| — | |
Ending
balance, net | |
$ | 19,891 | | |
$ | 19,891 | |
Goodwill | |
$ | 19,891 | | |
$ | 19,891 | |
Goodwill
represents the excess of the purchase price over the fair value of net assets acquired in business combinations. ASC 350, requires
that goodwill be tested for impairment at the operating segment level (operating segment or one level below an operating segment) on
an annual basis and between annual tests when circumstances indicate that the recoverability of the carrying amount of goodwill may
be in doubt. ASC 280-10-50-11 states that operating segments often exhibit similar long-term financial performance if they have
similar economic characteristics. During the quarter ended April 1, 2023, management concluded the Company has three
operating segments for goodwill impairment analysis under ASC 350 such as commercial, professional US and professional UK.
Accordingly, goodwill will no longer be tested at the unit level for the five reporting units and will be tested for impairment at
the three operating segment level. During the fourth quarter of 2021 the Company identified a triggering event in response the
COVID-19 pandemic. In accordance with ASC 350 the Company tested its goodwill for impairment and the Company recognized an
impairment with respect to its Staffing UK reporting unit of $10,000.
The impairment resulted from a continued decline in that reporting unit’s revenue which experienced significant and prolonged
declines. Further, the negative impact suffered from the COVID-19 pandemic, predominantly in the year ended January 2, 2021, did not
recover as quickly as management anticipated by the end of year ended January 1, 2022 and the year ended December 31, 2022, as a
result, the forward-looking forecast was revised based upon current facts and circumstances. To determine the impairment, the
Company employed a combination of market approach (valuations using comparable company multiples), income approach (discounted cash
flow analysis) and prevailing market conditions to derive the fair value of the reporting unit. While the impairment recognized by
management of $10,000
represents the adjustment required based upon current assumptions, such assumptions are subject to significant estimation by
management, including revenue growth rates, cost levels, and discount rates. If actual results in future periods vary from these
assumptions additional impairment costs to goodwill could occur. Under ASU 2017-04, which the Company early adopted, the impairment
amount represents the excess of the carrying value over the fair value of the reporting unit. On May 18, 2022, the Company closed
the Headway Acquisition (see Note 7 - Acquisition). The Company’s estimated value of the goodwill is $7,808.
The estimated value is preliminary and subject to change.
STAFFING
360 SOLUTIONS, INC. AND SUBSIDIARIES
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(All
amounts in thousands, except share, per share and stated value per share)
(UNAUDITED)
During
the year ended December 31, 2022, the Company changed its measurement date from the last day of the fiscal year end to the first day
of the fiscal fourth quarter. The Company performed its annual goodwill impairment test and no impairment was recognized other than the
charge recognized by the Staffing UK reporting unit. To estimate the fair value of the reporting units the Company employed a combination
of market approach (valuations using comparable company multiples) and income approach (discounted cash flow analysis) to derive the
fair value of the reporting unit when performing its annual impairment testing. Volatility in the Company’s stock price can result
in the net book value of our reporting unit approximating, or even temporarily exceeding market capitalization, however, the fair value
of our reporting unit is not driven solely by the market price of our stock. As described above, fair value of our reporting unit is
derived using a combination of an asset approach, an income approach and a market approach. These valuation techniques consider several
other factors beyond our market capitalization, such as the estimated future cash flows of our reporting units, the discount rate used
to present value such cash flows and the market multiples of comparable companies. Changes to input assumptions used in the analysis
could result in materially different evaluations of goodwill impairment.
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v3.23.3
ACQUISITION
|
3 Months Ended |
Apr. 01, 2023 |
Business Combination and Asset Acquisition [Abstract] |
|
ACQUISITION |
NOTE
7 – ACQUISITION
In
accordance with ASC 805, the Company accounts for acquisitions using the purchase method under which the acquisition purchase price is
allocated to the assets acquired and liabilities assumed based upon their respective fair values. The Company utilizes management estimates
and, in some instances, may retain the services of an independent third-party valuation firm to assist in determining the fair values
of assets acquired, liabilities assumed and contingent consideration granted. Such estimates and valuations require the Company to make
significant assumptions, including projections of future events and operating performance.
On
April 18, 2022, the Company entered into the Headway Purchase Agreement with Headway, pursuant to which, among other things, the
Company agreed to purchase all of the issued and outstanding securities of Headway in exchange for (i) a cash payment of $14,
and (ii) 9,000,000
shares of our Series H Preferred Stock, with a value equal to the Closing Payment, as defined in the Headway Purchase Agreement. On
May 18, 2022, the Headway Acquisition closed.
The
purchase price in connection with the Headway Acquisition was $9,000,
subject to adjustment as provided in the Headway Purchase Agreement. Pursuant to certain covenants in the Headway Purchase
Agreement, the Company may be subject to a Contingent Payment of up to $4,450
based on the Adjusted EBITDA (such term as defined in the Headway Purchase Agreement) of Headway during the Contingent Period (such
term as defined in the Stock Purchase Agreement), subject to additional potential adjustments tied to customary purchase price
adjustments described in the Headway Purchase Agreement. The purpose of the acquisition was to expand the market share of the
Company’s primary business by providing future economic benefit of expanding services. The Company anticipates that the
acquisition will provide the Company the ability to integrate the business of Headway into the
Company’s existing temporary professional staffing business in the US within the expected timeframe which would enable the
Company to operate more effectively and efficiently and to create synergy hence lower costs of operations.
The
total purchase price was allocated to the identifiable assets acquired and liabilities assumed based on our preliminary estimates of
their fair values on the acquisition date. The fair values assigned in the preliminary allocation of purchase price included in the table
below are based on information that was available as of the date of the acquisition and such amounts are considered preliminary and are
based on the information that was available as of the date of the acquisition. We were not able to complete our final purchase price
allocation based on the timing of the acquisition and our need to engage third party valuation specialists to assist with the valuation
of the contingent consideration as well as requiring additional time to further analyze the initial amounts recorded. The Company is
in the process of finalizing its allocation and this may result in potential adjustments to the carrying value of the respective recorded
assets and liabilities, establishment of certain additional intangible assets, revisions of useful lives of intangible assets, establishment
of potential acquisition contingencies, and the determination of any residual amount that will be allocated to goodwill. As additional
information becomes available, the preliminary purchase price allocation may be revised during the remainder of the measurement period,
which will not exceed 12 months from the acquisition date. Any such revisions or changes may be material.
STAFFING
360 SOLUTIONS, INC. AND SUBSIDIARIES
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(All
amounts in thousands, except share, per share and stated value per share)
(UNAUDITED)
The
following table summarizes the allocation of the purchase price of the fair value of the assets acquired and liabilities assumed at the
date of the acquisition:
SCHEDULE OF BUSINESS ACQUISITION PURCHASE PRICE FAIR VALUE
| |
| | |
Current
assets | |
$ | 10,833 | |
Fixed
assets | |
| 150 | |
Other
non-current assets | |
| 4,914 | |
Intangible
assets | |
| 6,800 | |
Goodwill | |
| 6,809 | |
Current
liabilities | |
| (14,965 | ) |
Other
non-current liabilities | |
| (1,812 | ) |
Consideration | |
$ | 12,729 | |
In
connection with the acquisition of Headway, the Company recorded $6,800 in intangible assets, based on its preliminary internal calculations.
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v3.23.3
DEBT
|
3 Months Ended |
Apr. 01, 2023 |
Debt Disclosure [Abstract] |
|
DEBT |
NOTE
8 – DEBT
SCHEDULE
OF DEBT
| |
|
| | |
|
| |
| |
April
1, 2023 | | |
December
31, 2022 | |
Jackson
Investment Group - related party | |
$ | 9,016 | | |
$ | 9,016 | |
Redeemable
Series H Preferred Stock | |
| 9,000 | | |
| 9,000 | |
HSBC
Term Loan | |
| 125 | | |
| 249 | |
Total
Debt, Gross | |
| 18,141 | | |
| 18,265 | |
Less:
Debt Discount and Deferred Financing Costs, Net | |
| (863 | ) | |
| (962 | ) |
Total
Debt, Net | |
| 17,278 | | |
| 17,303 | |
Less:
Non-Current Portion - Related Party | |
| (8,705 | ) | |
| (8,661 | ) |
Less:
Non-Current Portion | |
| (8,448 | ) | |
| (8,393 | ) |
Total
Current Debt, Net | |
$ | 125 | | |
$ | 249 | |
Jackson
Notes
The entire outstanding principal balance of the Second Amended and Restated
Note Purchase Agreement between the Company, Jackson and the guarantor parties thereto was due and payable on September 30, 2022. On October
27, 2022, the Company entered into the Third Amended and Restated Note and Warrant Purchase Agreement (the “Third A&R Agreement”)
with Jackson, which amended and restated the Second Amended Note Purchase Agreement, dated October 26, 2020, as amended, and issued to
Jackson the Third Amended and Restated Senior Secured 12% Promissory Note (the “2022 Jackson Note”), with a remaining outstanding
principal balance of approximately $9,000. The Third A&R Agreement also extended the maturity date of the 2022 Jackson Note from October
28, 2022 to October 14, 2024.
In
connection with the amendment and restatement, the Company paid Jackson an amendment fee of $39.
The Company accounted for the Third Amended Note Purchase Agreement as a modification of the debt. Accordingly, fees totaling $39
paid to Jackson as well issuance of 100,000
shares of common stock valued at $257,
issuance of a warrant to purchase up to 24,332
shares of common stock with a strike price of $3.06
which expires on October
27, 2027 and the modification of the strike price of a warrant to purchase up to 15,093 from $60.00
to $3.06
and the extension of the warrant expiration
date of January 26, 2026 to October 27, 2027, resulting in a fair value adjustment of $29,
were all recorded as additional debt discount which will be amortized over the term of the Jackson Note using the effective
interest method.
On August 30, 2023, the Company
and the guarantor parties thereto (together with the Company, the “Obligors”) entered into that certain First Omnibus Amendment
and Reaffirmation Agreement to the Note Documents (the “First Omnibus Amendment Agreement”) with Jackson, which First Omnibus
Amendment Agreement, among other things: (i) amends the Third A&R Agreement, (ii) provided for the issuance of a new 12% Senior Secured
Promissory Note due October 14, 2024 (the “2023 Jackson Note” and together with the 2022 Jackson Note, the “Jackson
Notes”) to Jackson, and (iii) joins certain subsidiaries of the Company to (a) that certain Amended and Restated Pledge Agreement,
dated as of September 15, 2017 (as amended by the First Omnibus Amendment Agreement, the “Pledge Agreement”) and (b) that
certain Amended and Restated Security Agreement, dated as of September 15, 2017 (as amended by the Amendment Agreement, the “Security
Agreement”), as either subsidiary guarantors or pledgors (as applicable) and amends certain terms and conditions of each of the
Pledge Agreement and the Security Agreement.
Pursuant to the First
Omnibus Amendment Agreement, interest on the 2022 Jackson Note, evidencing the obligations of the Obligors under the Third A&R Agreement
and executed by the Company in favor of Jackson, shall be paid in cash and continue to accrue at a rate per annum equal to 12% until
the principal amount of the 2022 Jackson Note has been paid in full. In the event that Company has not repaid in cash at least 50% of
the outstanding principal balance of the 2022 Jackson Note as of the date of the First Omnibus Amendment Agreement or on or before October
27, 2023, then interest on the outstanding principal balance of the 2022 Jackson Note will accrue at 16% per annum until the 2022 Jackson
Note is repaid in full. All accrued and unpaid interest on the outstanding principal of the 2022 Jackson Note shall be due and payable
in arrears in cash on a monthly basis; provided that (i) the interest payment that would be due on September 1, 2023 shall instead be
due December 1, 2023 and (ii) the amount of each such deferred interest payment shall be added to the principal amount of the 2022 Jackson
Note. Notwithstanding the foregoing, the amount necessary to satisfy such accrued but unpaid interest on the 2022 Jackson Note as of
the date of the First Omnibus Amendment was retained by Jackson from the aggregate purchase price of the 2023 Jackson Note, along with
certain out-of-pocket fees and expenses, including reasonable attorney’s fees, incurred by Jackson in connection with the First
Omnibus Amendment Agreement, the 2023 Jackson Note and related documents thereto.
STAFFING
360 SOLUTIONS, INC. AND SUBSIDIARIES
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(All
amounts in thousands, except share, per share and stated value per share)
(UNAUDITED)
In
addition, pursuant to the terms of the Third AR Agreement, as amended by the First Omnibus Amendment Agreement, until all principal
interest and fees due pursuant to the Third AR Agreement and the Jackson Note are paid in full by the Company and are no longer
outstanding, Jackson shall have a first call over 50%
of the net proceeds from all common stock equity raises the Company conducts, which shall be used to pay down any outstanding
obligations due pursuant to the Note Documents. The 2022 Jackson Note continues to be secured by substantially all of the Company
and its subsidiaries’ assets as a second lien holder to MidCap in the United States and HSBC in the United Kingdom, pursuant
to the Security Agreement.
HSBC
Loan
On
February 8, 2018, CBS Butler, Staffing 360 Solutions Limited and The JM Group, entered into
a new arrangement with HSBC which provides for HSBC to purchase the subsidiaries’
accounts receivable up to an aggregate amount of £11,500 across all three subsidiaries. The terms of the arrangement provide for
HSBC to fund 90% of the purchased accounts receivable upfront and, a secured borrowing line of 70% of unbilled receivables capped at
£1,000 (within the overall aggregate total facility of £11,500). The arrangement has an initial term of 12 months, with an
automatic rolling three-month extension and carries a service charge of 1.80%. Under ASU 2016-16, “Statement of Cash Flows (Topic
230, “Classification of Certain Cash Receipts and Cash Payments, a consensus of the FASB Emerging Issues Task Force”),
the upfront portion of the sale of accounts receivable is classified within operating activities, while the deferred purchase price
portion (or beneficial interest), once collected, is classified within investing activities. On April 20, 2020, the terms of the loan
with HSBC were amended such that no capital repayments would be required between April 2020 to September 2020, and only interest payments
would be made during such time. Since such time, capital repayments have resumed. On May 15, 2020, the Company entered into a three-year
term loan with HSBC in the UK for £1,000. As of April 1, 2023, the balance for the HSBC loan is $125.
Redeemable
Series H Preferred Stock
On
May 18, 2022, the Company entered into a Headway purchase agreement with Headway. Consideration for the Purchase of 100%
of Headway was the issuance of an aggregate of 9,000,000
shares of Series H Convertible Preferred Stock (the “Series H Preferred Stock”). Each share of Series H Preferred Stock shall have a par value of $0.00001
per share and a stated value equal to $1.00
and is convertible at any time into an aggregate of 350,000
shares of common stock. This is determined by dividing the stated value of such share of Preferred Stock by the conversion price.
The conversion price equals $25.714.
Holders of Series H Preferred Stock are entitled to quarterly cash dividends at a per annum rate of 12%.
The shares of the Series H Preferred Stock may be redeemed by the Company through a cash payment at a per share equal to the stated
value, plus all accrued but unpaid dividends, at any time. On May 18, 2025, the Company shall redeem all of the shares of the Series
H Preferred Stock. The
redemption price represents the number of shares of the Preferred Stock (9,000,000), plus all accrued but unpaid dividends,
multiplied by the Stated Value ($1). On May 18, 2022, the Company paid $14 towards the Series H Preferred Stock balance. As
of April 1, 2023 the redemption price was $9,000.
In
accordance with ASC 480-10-15-3, the agreement includes certain rights and options including: redemption, dividend, voting, and conversion
which have characteristics akin to liability and equity. The Series H Preferred Stock is redeemable and has a defined maturity date upon
the third anniversary of the original issue date. As such and based on the authoritative guidance, the Series H Preferred Stock meets
the definition of a debt instrument. The Company obtained a third-party valuation report to calculate the fair value of Series H Preferred
Stock. As of May 18, 2022, the fair value of the Redemption Price was calculated as $8,265 utilizing the CRR Binomial Lattice model.
The difference in fair value was $735 is accounted as a deferred financing charge and will be amortized over the life of the term. The
quarterly dividends will be reflected as interest expense.
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v3.23.3
LEASES
|
3 Months Ended |
Apr. 01, 2023 |
Leases |
|
LEASES |
NOTE
9 – LEASES
As
of April 1, 2023 and December 31, 2022, we recorded a right of use (“ROU”) lease asset of approximately $8,728 with a corresponding
lease liability of approximately $9,543 and ROU of approximately $9,070 with a corresponding lease liability of approximately $9,828,
respectively, based on the present value of the minimum rental payments of such leases. The Company’s finance leases are immaterial
both individually and in the aggregate.
STAFFING
360 SOLUTIONS, INC. AND SUBSIDIARIES
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(All
amounts in thousands, except share, per share and stated value per share)
(UNAUDITED)
On
May 18, 2022, the Company acquired Headway and assumed an office lease in North Carolina for a remaining term of six years and eight
months. This resulted in increases to right of use assets of $1,715 and lease liabilities of $1,731. In April 2022, the Company entered
into a new lease agreement for an office lease in London, England for a term of 10 years. This resulted in increases to right of use
assets and lease liabilities of $2,048. In May 2022, the Company entered into a new lease agreement for an office lease in Redhill, England
for a term of 10 years. This resulted in increases to right of use assets and lease liabilities of $1,555.
Quantitative
information regarding the Company’s leases for period ended April 1, 2023 is as follows:
SCHEDULE
OF LEASE, COST AND OPERATING LEASE LIABILITY MATURITY
| |
| |
|
| |
Lease
Cost | |
Classification | |
April
1, 2023 | |
Operating
lease cost | |
SG&A
Expenses | |
| 417 | |
Other
information | |
| |
| | |
Weighted
average remaining lease term (years) | |
| |
| 5.80 | |
Weighted average
discount rate | |
| |
| 6.30 | % |
| |
| |
| | |
Future
Lease Payments | |
| |
| | |
2023 | |
| |
$ | 1,406 | |
2024 | |
| |
| 1,766 | |
2025 | |
| |
| 1,642 | |
2026 | |
| |
| 2,387 | |
2027 | |
| |
| 1,243 | |
Thereafter | |
| |
| 3,685 | |
Lessee
operating lease liability payments due | |
| |
$ | 12,129 | |
Less:
Imputed Interest | |
| |
| 2,586 | |
Operating
lease, liability | |
| |
$ | 9,543 | |
| |
| |
| | |
Leases
- Current | |
| |
$ | 1,245 | |
Leases
– Non-current | |
| |
$ | 8,298 | |
As
most of the Company’s leases do not provide an implicit rate, we use the Company’s incremental borrowing rate based on the
information available at commencement date in determining the present value of lease payments. This methodology was deemed to yield a
measurement of the ROU lease asset and associated lease liability that was appropriately stated in all material respects.
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- DefinitionThe entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability.
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v3.23.3
STOCKHOLDERS’ EQUITY
|
3 Months Ended |
Apr. 01, 2023 |
Equity [Abstract] |
|
STOCKHOLDERS’ EQUITY |
NOTE
10 – STOCKHOLDERS’ EQUITY
The
Company issued the following shares of common stock during the quarter ended April 1, 2023:
SCHEDULE
OF STOCKHOLDERS EQUITY
| |
Number
of
Shares of
Common
Stock | | |
Fair
Value
of
Shares | | |
Fair
Value at Issuance
(minimum
and maximum | |
Shares
issued to/for: | |
Issued | | |
Issued | | |
per
share) | |
Equity
raise | |
| 989,516 | | |
$ | 4,999 | | |
$ | 2.65 | | |
$ | 2.65 | |
Employees | |
| 177,305 | | |
| 515 | | |
$ | 2.82 | | |
$ | 2.82 | |
Board
and committee members | |
| 60,000 | | |
| 201 | | |
$ | 2.93 | | |
$ | 3.13 | |
| |
| 1,226,821 | | |
$ | 5,715 | | |
| | | |
| | |
The
Company issued the following shares of common stock during the quarter ended April 2, 2022:
| |
Number
of
Shares of
Common
Stock | | |
Fair
Value
of
Shares | | |
Fair
Value at Issuance
(minimum
and maximum | |
Shares
issued to/for: | |
Issued | | |
Issued | | |
per
share) | |
Board
and committee members | |
| 1,000 | | |
$ | 6 | | |
$ | 9.65 | | |
$ | 9.65 | |
| |
| 1,000 | | |
$ | 6 | | |
| | | |
| | |
STAFFING
360 SOLUTIONS, INC. AND SUBSIDIARIES
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(All
amounts in thousands, except share, per share and stated value per share)
(UNAUDITED)
Reverse
Stock Split
On June 24, 2022, the Company effected
the Reverse Stock Split. All share and per share information in this Quarterly Report on Form 10-Q, including the condensed consolidated
financial statements and the notes thereto, has, where applicable, been retroactively adjusted to reflect the Reverse Stock Split.
February
2023 Public Offering
On
February 7, 2023, the Company entered into a securities purchase agreement (“February 2023 Purchase Agreement”) with an
institutional, accredited investor (the “Investor”) for the issuance and sale, in a best efforts public offering (the
“February 2023 Offering”), of (i) 315,000
units (the “Units”), each Unit consisting of one share of the Company’s common stock, par value $0.00001
per share, and one warrant (the “February 2023 Warrants”) to purchase one share of common stock, and (ii) 1,569,516
pre-funded units (the “Pre-Funded Units”), each Pre-Funded Unit consisting of one pre-funded warrant (the
“February 2023 Pre-Funded Warrants”) to purchase one share of common stock and one February 2023 Warrant. The public
offering price was $2.6532
per Unit and $2.6522
per Pre-Funded Unit. The February 2023 Offering closed on February 10, 2023.
Subject
to certain limitations described in the February 2023 Pre-Funded Warrants, the February 2023 Pre-Funded Warrants are immediately
exercisable and may be exercised at a nominal consideration of $0.001 per share any time until all of the February 2023 Pre-Funded
Warrants are exercised in full. A holder will not have the right to exercise any portion of the February 2023 Warrants or the
February 2023 Pre-Funded Warrants if the holder (together with its affiliates) would beneficially own in excess of 4.99% or 9.99%,
respectively (or at the election of the holder of such warrants, 9.99%) of the number of shares of common stock outstanding
immediately after giving effect to the exercise, as such percentage ownership is determined in accordance with the terms of the
February 2023 Warrants or the February 2023 Pre-Funded Warrants, respectively. However, upon notice from the holder to the Company,
the holder may increase the beneficial ownership limitation pursuant to the February 2023 Warrants, which may not exceed 9.99% of
the number of shares of common stock outstanding immediately after giving effect to the exercise, as such percentage ownership is
determined in accordance with the terms of the February 2023 Warrants, provided that any increase in the beneficial ownership
limitation will not take effect until 61 days following notice to the Company.
In
connection with the February 2023 Offering, the Investor entered into a warrant amendment agreement (the “February 2023
Warrant Amendment Agreement”) with the Company to amend the exercise price of certain existing warrants to purchase up to an
aggregate of 876,654
shares of Common Stock that were previously issued to the Investor, with an exercise price of $5.85
per share and an expiration date of January 7, 2028. Pursuant to the Warrant Amendment Agreement, the amended warrants have a
reduced exercise price of $2.47
per share following the closing of the February 2023 Offering.
The
Company utilized the net proceeds from the February 2023 Offering for general working capital purposes.
H.C.
Wainwright & Co., LLC (“Wainwright”) acted as the Company’s exclusive placement agent in connection with the
February 2023 Offering, pursuant to that certain engagement letter, dated as of January 4, 2023, as amended (the “Wainwright
Engagement Letter”), between the Company and Wainwright. Pursuant to the Wainwright Engagement Letter, the Company paid
Wainwright (i) a cash fee equal to 7.5%
of the aggregate gross proceeds of the February 2023 Offering, (ii) a management fee of 1.0%
of the aggregate gross proceeds of the February 2023 Offering, and reimbursed certain expenses and legal fees. In addition, the
Company issued to Wainwright or its designees, warrants (the “February 2023 Placement Agent Warrants”) to purchase 141,339
shares of Common Stock at an exercise price equal to $3.3165
per share. The February 2023 Placement Agent Warrants are exercisable immediately upon issuance and have a term of exercise equal to
five years from the date of the February 2023 Purchase Agreement.
STAFFING
360 SOLUTIONS, INC. AND SUBSIDIARIES
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(All
amounts in thousands, except share, per share and stated value per share)
(UNAUDITED)
The
Units, the Pre-Funded Units, the shares of common stock included as part of the Units and Pre-Funded Units,
the February 2023 Pre-Funded Warrants, the February 2023 Warrants, the shares of common stock issuable upon the exercise of the February
2023 Pre-Funded Warrants and the February 2023 Warrants, the February 2023 Placement Agent Warrants and the shares of common stock issuable
upon the exercise thereof were offered by the Company pursuant to a Registration Statement on Form S-1, as amended (File No.
333-269308), initially filed on January 20, 2023 with the Securities and Exchange Commission under the Securities Act of 1933, as amended,
and declared effective on February 7, 2023.
Series
A Preferred Stock – Related Party
As
of April 1, 2023 and April 2, 2022, the Company had $125
and $125
of dividends payable to the Series A Preferred Stockholder, respectively.
Restricted
Shares
The
Company has issued shares of restricted stock to employees and members of the Board under its 2015 Omnibus Incentive Plan, 2016
Omnibus Incentive Plan, 2020 Omnibus Plan and 2021 Omnibus Inventive Plan. Under these plans, the shares are restricted for a period
of three years from issuance. As of the year ended December 31, 2022, the Company has issued a total of 68,592
restricted shares of common stock to employees and Board members that remain restricted. In accordance with ASC 718, Compensation
– Stock Compensation, the Company recognizes stock-based compensation from restricted stock based upon the fair value of the
award at issuance over the vesting term on a straight-line basis. The fair value of the award is calculated by multiplying the
number of restricted shares by the Company’s stock price on the date of issuance. The impact of forfeitures has historically
been immaterial to the financial statements. In the quarters ended April 1, 2023 and April 2, 2022, the Company recorded
compensation expense associated with these restricted shares of $720
and $374,
respectively. The table below is a rollforward of unvested restricted shares issued to employees and board of directors.
SCHEDULE
OF UNVESTED RESTRICTED SHARES ACTIVITY
| |
| | |
Weighted | |
| |
| | |
Average | |
| |
Restricted
Shares | | |
Price
Per Share | |
Balance
at January 1, 2022 | |
| 5,976 | | |
$ | 75.00 | |
Granted | |
| 63,000 | | |
| 29.20 | |
Vested/adjustments | |
| (384 | ) | |
| 29.00 | |
Balance at December
31, 2022 | |
| 68,592 | | |
$ | 50.00 | |
Granted | |
| 237,305 | | |
| 2.87 | |
Vested/adjustments | |
| (177,401 | ) | |
| 2.85 | |
Balance at April
1, 2023 | |
| 128,496 | | |
$ | 4.96 | |
Warrants
In
connection with the private placement consummated in July 2022 (the “July 2022 Private Placement”), on July 7, 2022, the
Company entered into warrant amendment agreements (the “Warrant Amendment Agreements”) with each of the nine existing participating
investors, which amended warrants to purchase up to 657,858 shares of common stock (prior to amendment, the “Original Warrants”).
The Original Warrants had exercise price that ranged from $18.50 to $38.00 per share and expiration dates that ranged from July 22, 2026
to November 1, 2026. The Warrant Amendment Agreements reduced the exercise price of the Original Warrants to $5.85 per share and extended
the expiration date to January 7, 2028, the date that is five and one-half years following the closing of the July 2022 Private Placement.
The Company calculated an incremental fair value of $837 by calculating the excess, of the fair value of the modified over the fair value
of that instrument immediately before it is modified. This increase in fair value was recorded in additional paid in capital.
In
connection with the Third AR Agreement, the Company (i) issued to Jackson five year warrants to purchase up to an aggregate of 24,332
shares of common stock at an exercise price of $3.06
per share, which expire on October
27, 2027, and (ii) amended certain warrants held by Jackson to purchase up to an aggregate of 15,093
shares of common stock such that the exercise price was reduced from $60.00
per share to $3.06
per share, and the expiration date of the warrant was extended from January 26, 2026 to October 27, 2027, which resulted in a fair
value adjustment of $29.
These warrants were recorded as additional debt discount which will be amortized over the term of the Jackson Note using the
effective interest method.
STAFFING
360 SOLUTIONS, INC. AND SUBSIDIARIES
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(All
amounts in thousands, except share, per share and stated value per share)
(UNAUDITED)
In
connection with the February 2023 Offering, the Company entered into the February 2023
Purchase Agreement with the Investor for the issuance and sale, in a best efforts public offering, of (i) 315,000 Units,
each consisting of one share of the Company’s common stock, and one February 2023 Warrant, and (ii) 1,569,516 Pre-Funded
Units, each consisting of one February 2023 Pre-Funded Warrant to and one February 2023 Warrant. The public offering price was
$2.6532 per
Unit and $2.6522 per
Pre-Funded Unit. The February 2023 Offering closed on February 10, 2023. In connection with the February
2023 Offering, the investor entered into the February 2023 Warrant Amendment Agreement with the Company to amend the exercise
price of certain existing warrants to purchase up to an aggregate of 876,654 shares
of common stock that were previously issued to the Investor, with an exercise price of $5.85 per
share and an expiration date of January 7, 2028. Pursuant to the Warrant Amendment Agreement, the amended warrants have a reduced
exercise price of $2.47 per
share following the closing of the February 2023 Offering. The Company calculated an incremental fair value of $176 by
calculating the excess of the fair value of the modified over the fair value of that instrument immediately before it is modified.
This increase in fair value was recorded in additional paid in capital.
Transactions
involving the Company’s warrant issuances are summarized as follows:
SCHEDULE
OF WARRANTS ACTIVITY
| |
| | |
Weighted | |
| |
Number
of | | |
Average | |
| |
Shares | | |
Exercise
Price | |
Outstanding
at January 1, 2022 | |
| 972,495 | | |
$ | 26.88 | |
Issued | |
| 1,404,478 | | |
| 5.83 | |
Exercised | |
| — | | |
| — | |
Expired
or cancelled | |
| (673,285 | ) | |
| 26.84 | |
Outstanding at December
31, 2022 | |
| 1,703,688 | | |
$ | 10.21 | |
Issued | |
| 2,902,509 | | |
| 2.51 | |
Issued – Pre-funded warrants | |
| 1,569,516 | | |
| 0.001 | |
Exercised | |
| (674,516 | ) | |
| 0.001 | |
Expired
or cancelled | |
| (876,654 | ) | |
| (5.85 | ) |
Outstanding
at April 1, 2023 | |
| 4,624,543 | | |
$ | 4.97 | |
The
following table summarizes warrants outstanding as of April 1, 2023:
SCHEDULE OF WARRANTS OUTSTANDING
| |
| | |
Weighted
Average | | |
| |
| |
Number | | |
Remaining | | |
Weighted | |
| |
Outstanding | | |
Contractual | | |
Average | |
Exercise
Price | |
and
Exercisable | | |
Life
(years) | | |
Exercise
Price | |
$0.001
- $3,750.00 | |
| 4,624,543 | | |
| 4.72 | | |
$ | 4.97 | |
Stock
Options
A
summary of option activity during the quarter ended April 1, 2023 is presented below:
SCHEDULE OF SHARE-BASED COMPENSATION, STOCK OPTIONS, ACTIVITY
| |
| | |
Weighted | |
| |
| | |
Average | |
| |
Options | | |
Exercise
Price | |
Outstanding
at January 1, 2022 | |
| 1,302 | | |
$ | 1,665.60 | |
Granted | |
| 50,000 | | |
| 7.80 | |
Exercised | |
| — | | |
| — | |
Expired
or cancelled | |
| — | | |
| — | |
Outstanding at December
31, 2022 | |
| 51,302 | | |
$ | 50.06 | |
Granted | |
| — | | |
| — | |
Exercised | |
| — | | |
| — | |
Expired
or cancelled | |
| — | | |
| — | |
Outstanding
at April 1, 2023 | |
| 51,302 | | |
$ | 50.06 | |
STAFFING
360 SOLUTIONS, INC. AND SUBSIDIARIES
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(All
amounts in thousands, except share, per share and stated value per share)
(UNAUDITED)
The
Company recorded share-based payment expense of $16 and $21 for the quarters ended April 1, 2023 and April 2, 2022, respectively.
|
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- DefinitionThe entire disclosure for equity.
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v3.23.3
COMMITMENTS AND CONTINGENCIES
|
3 Months Ended |
Apr. 01, 2023 |
Commitments and Contingencies Disclosure [Abstract] |
|
COMMITMENTS AND CONTINGENCIES |
NOTE
11 – COMMITMENTS AND CONTINGENCIES
Earn-out
Liabilities
Pursuant
to the acquisition of Key Resources, Inc. (“KRI”) on August 27, 2018, the purchase price includes earnout consideration
payable to the seller of $2,027
each on August 27, 2019, and August 27, 2020. The payment of the earnout consideration was contingent on KRI’s achievement of
certain trailing gross profit amounts. On September 11, 2019, the Company entered into an amended agreement with the seller to delay
the payment of the first year earnout of $2,027
until no later than February 27, 2020. For each full calendar month beyond August 27, 2019, that such payment is delayed, the
Company is required pay the seller interest in the amount of $10
with the first such payment of interest due on September 30, 2019. In addition, the amended agreement was further amended to change
the due date for the second year earnout payment of $2,027
from August 27, 2020, to February 27, 2020. The seller of KRI, Whitaker (as defined herein) has filed a
lawsuit against the Company asserting claims for breach of contract and declaratory judgment against the Company due under a share
purchase agreement and is seeking $4,054
in alleged damages. While the Company had recognized the liability for the earnout consideration of $4,054
due to Whitaker, within current liabilities as of January 1, 2022 and January 2, 2021, in February 2020, the Company filed an action
against Whitaker for breach of contract which more than offsets the earnout consideration recognized. The Company paid interest of
$40
during the period ended September 26, 2020. Refer to legal proceedings below for action filed against Whitaker, the former owner of
KRI.
Pursuant
to the Headway Acquisition that closed on May 18, 2022, the purchase price includes an earnout payment totaling up to $4,450
of earn out provision. Upon the attainment of certain trailing twelve-month (“TTM”) EBITDA achievements the Company will
pay to the Headway seller a contingent payment in accordance with the following:
Adjusted
EBITDA of $0 or less than $0= no Contingent Payment
Adjusted
EBITDA of $500 x 2.5 multiple= $1,250 Contingent Payment
Adjusted
EBITDA of $1,000 x 2.5 multiple= $2,500 Contingent Payment
Adjusted
EBITDA of $1,800 x 2.5 multiple= $4,500 Contingent Payment
Adjusted
EBITDA of $2,000 or more x 2.5 multiple= $5,000 Contingent Payment
The
Company performed an analysis over the contingent payment and prepared a forecast to determine the likelihood of the Adjusted EBITDA
payout. The adjusted EBITDA TTM forecast, as of April 2023, is above the $2,000 threshold amount, such that the $5,000 was recorded as
consideration. The estimated value calculated in the forecast is preliminary and subject to change. A payment of $160 was made on May
18, 2022, the date of the Headway closing. In addition, $550 related to a retention bonus of certain Headway employees was recorded as
other current liabilities. The balance at April 1, 2023 is $4,290.
Legal
Proceedings
Whitaker
v. Monroe Staffing Services, LLC & Staffing 360 Solutions, Inc.
On
December 5, 2019, former owner of KRI, Pamela D. Whitaker (“Whitaker” or “Plaintiff”),
filed a complaint in Guilford County, North Carolina (the “North Carolina Action”) asserting claims for breach of contract
and declaratory judgment against Monroe Staffing Services LLC (“Monroe”) and the Company (collectively, the “Defendants”)
arising out of the alleged non-payment of certain earn-out payments and interest purportedly due under a Share Purchase Agreement pursuant
to which Whitaker sold all issued and outstanding shares in her staffing agency, KRI, to Monroe in August 2018. Whitaker sought $4,054
in alleged damages.
STAFFING
360 SOLUTIONS, INC. AND SUBSIDIARIES
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(All
amounts in thousands, except share, per share and stated value per share)
(UNAUDITED)
Defendants
removed the action to the Middle District of North Carolina on January 7, 2020, and Plaintiff moved to remand on February 4, 2020. Briefing
on the motion to remand concluded on February 24, 2020. Separately, Defendants moved to dismiss the action on January 14, 2020, based
on Plaintiff’s failure to state a claim, improper venue, and lack of personal jurisdiction as to defendant Staffing 360 Solutions,
Inc. Alternatively, Defendants sought a transfer of the action to the Southern District of New York, based on the plain language of the
Share Purchase Agreement’s forum selection clause. Briefing on Defendants’ motion to dismiss concluded on February 18, 2020.
On February 28, 2020, Plaintiff moved for leave to file an amended complaint. Defendants filed their opposition to the motion for leave
on March 19, 2020. Plaintiff has filed a reply.
On
June 29, 2020, Magistrate Judge Webster issued a Report and Recommendation on the pending motions, recommending that Defendants’
motion to dismiss be granted with regard to Defendants’ request to transfer the matter to the Southern District of New York, and
denied in all other regards without prejudice to Defendants raising those arguments again in the new forum. Magistrate Judge Webster
also recommended that Plaintiff’s motion to remand be denied and motion to amend be left to the discretion of the Southern District
of New York.
Plaintiff
filed an objection to the Report and Recommendation on July 9, 2020. Defendants responded on July 23, 2020. On February 19, 2021, the
District Court issued a decision that reversed the Magistrate Judge’s Order. The District Court granted Plaintiff’s motion
to remand and denied Defendants’ motion to dismiss as moot. Defendants filed a Notice of Appeal to the Fourth Circuit on February
25, 2021, and filed their opening brief on April 21, 2021. Plaintiff filed her response brief on May 21, 2021, and Defendants replied
on June 11, 2021. Oral argument was held on March 9, 2022. As of the date of this filing, a decision is pending.
Separately,
on February 26, 2020, the Company and Monroe filed an action against Whitaker in the United States District Court for the Southern District
of New York (Case No. 1:20-cv-01716) (the “New York Action”.) The New York Action concerns claims for breach of contract
and fraudulent inducement arising from various misrepresentations made by Whitaker to the Company and Monroe in advance of, and included
in, the share purchase agreement. The Company and Monroe are seeking damages in an amount to be determined at trial but in no event less
than $6,000. On April 28, 2020, Whitaker filed a motion to dismiss the New York Action on both procedural and substantive grounds. On
June 11, 2020, Monroe and the Company filed their opposition to Whitaker’s motion to dismiss. On July 9, 2020, Whitaker filed reply
papers in further support of the motion.
On
October 13, 2020, the Court denied Whitaker’s motion to dismiss, in part, and granted the motion, in part. The Court rejected Whitaker’s
procedural arguments but granted the motion on substantive grounds. However, the Court ordered that Monroe and the Company may seek leave
to amend the complaint by letter application by December 1, 2020. Monroe and the Company filed a letter of motion for leave to amend
and a proposed Amended Complaint on December 1, 2020. On January 5, 2021, Whitaker filed an opposition to the letter motion. On January
25, 2021, Monroe and the Company filed a reply in further support of the letter motion. On March 9, 2021, the Court granted Monroe and
the Company’s motion for leave to amend, in part, and denied the motion, in part. The Court rejected Monroe and the Company’s
claim for fraudulent inducement but granted the motion for leave to amend their breach of contract claim. Monroe and the Company filed
their amended complaint on March 12, 2021. On April 9, 2021, Whitaker renewed her motion to dismiss on procedural grounds, requesting
dismissal of the action or, in the alternative, a stay of the proceeding pending adjudication on the merits of the North Carolina Action.
On May 14, 2021, Monroe and the Company filed an opposition to the motion to dismiss. On June 21, 2021, Whitaker filed a reply in further
support of the motion. The Court referred the case to Magistrate Judge Moses, who held oral argument on the motion on November 9, 2021.
On
April 9, 2021, Whitaker renewed her motion to dismiss on procedural grounds, requesting dismissal of the action or, in the alternative,
a stay of the proceeding pending adjudication on the merits of the North Carolina Action. On May 14, 2021, Monroe and the Company filed
an opposition to the motion to dismiss. On June 21, 2021, Whitaker filed a reply in further support of the motion. The Court referred
the case to Magistrate Judge Barbara Moses, who held oral argument on the motion on November 9, 2021. On March 8, 2022, Magistrate Judge
Moses stayed the action pending a decision by the Fourth Circuit on the appeal filed by Monroe and the Company in the North Carolina
Action.
STAFFING
360 SOLUTIONS, INC. AND SUBSIDIARIES
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(All
amounts in thousands, except share, per share and stated value per share)
(UNAUDITED)
In
light of the Fourth Circuit’s issuance of its July 22, 2022, decision and order transferring the North Carolina Action to the Southern
District of New York, on August 1, 2022, the parties to the New York Action wrote to the Magistrate overseeing the matter to request
a conference to address, inter alia, the resumption of discovery in light of the Fourth Circuit’s Order issued on July 22, 2022.
On August 3, 2022, Magistrate Judge Moses lifted the stay previously imposed in the matter and ordered the parties to appear at a teleconference
held on August 16, 2022. At the teleconference, the parties agreed that the North Carolina Action would be dismissed following its transfer
to the Southern District of New York without prejudice to Whitaker’s right to assert the same causes of action, based on substantially
similar allegations, as counterclaims in the New York Action and that Whitaker would have until September 30, 2022, to do so. The Court
ordered the parties to submit a stipulation to this effect by August 23, 2022. Per the Court’s Order, on August 22, 2022, the parties
filed a stipulation and proposed order whereby the parties agreed that Whitaker would voluntarily dismiss the North Carolina Action,
and would reassert the causes of action set forth in the Proposed Amended Complaint filed in the North Carolina Action as counterclaims
in the New York Action; and set forth deadlines for the filing of Whitaker’s answer and counterclaims Plaintiffs’ response
to such counterclaims. The Court so-ordered that stipulation on August 23, 2022.
On
September 30, 2022, Whitaker filed an answer and counterclaims, including (1) a cause of action for breach of contract, which was substantially
similar to Whitaker’s breach of contract in the North Carolina Action (the “Breach of Contract Counterclaim”), and
(2) a cause of action under New York and North Carolina consumer protection statutes, asserting that that Plaintiffs exhibited a pattern
and practice in the purchase of businesses similar to KRI by which they allegedly, “endeavor[ ] to acquire the purchased company
at a discount of the agreed-upon purchase price by making an initial down payment, then reneging on payment of deferred compensation
or earnouts and fabricating a pretextual reason for nonpayment at the time the deferred compensation or earnouts become due” (the
Consumer Protection Counterclaim”). For the Consumer Protection Counterclaim, Defendant seeks to recover the full amount of the
Earnout Payments ($4,054)—the very same damages sought by Defendant’s Contract Counterclaim—as well as trebled
damages pursuant to the North Carolina statute, and interest.
On November 11, 2022, Plaintiffs moved to dismiss the Consumer Protection Counterclaim. Briefing on Plaintiffs’ motion was completed
on December 22, 2022. On June 9, 2023, Plaintiff’s motion to dismiss the Consumer Protection Counterclaim was granted.
On August 9, 2023, the Court issued a third revised
case management order which set forth relevant deadlines, including the close of fact discovery on September 22, 2023, and the close
of all discovery (including expert discovery) on December 8, 2023.
Monroe
and the Company intend to pursue their claims vigorously.
As
of the date of this filing, we are not aware of any other material legal proceedings to which we or any of our subsidiaries is a party
or to which any of our property is subject, other than as disclosed above.
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- DefinitionThe entire disclosure for commitments and contingencies.
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v3.23.3
SEGMENT INFORMATION
|
3 Months Ended |
Apr. 01, 2023 |
Segment Reporting [Abstract] |
|
SEGMENT INFORMATION |
NOTE
12 – SEGMENT INFORMATION
The
Company generated revenue and gross profit by segment as follows:
SCHEDULE OF SEGMENT REPORTING INFORMATION, BY SEGMENT
| |
| | | |
| | |
| |
Three
Months Ended | |
| |
April
1, 2023 | | |
April
2, 2022 | |
Commercial
Staffing - US | |
$ | 23,247 | | |
$ | 28,609 | |
Professional
Staffing - US | |
| 24,376 | | |
| 4,329 | |
Professional
Staffing - UK | |
| 15,482 | | |
| 16,955 | |
Total
Revenue | |
$ | 63,105 | | |
$ | 49,893 | |
| |
| | | |
| | |
Commercial
Staffing - US | |
$ | 3,815 | | |
$ | 4,719 | |
Professional
Staffing - US | |
| 3,695 | | |
| 1,204 | |
Professional
Staffing - UK | |
| 2,078 | | |
| 2,590 | |
Total
Gross Profit | |
$ | 9,588 | | |
$ | 8,513 | |
| |
| | | |
| | |
Selling,
general and administrative expenses | |
$ | (10,167 | ) | |
$ | (8,909 | ) |
Depreciation
and amortization | |
| (873 | ) | |
| (655 | ) |
Interest
expense and amortization of debt discount and deferred financing costs | |
| (1,349 | ) | |
| (766 | ) |
Re-measurement
loss on intercompany note | |
| — | | |
| (443 | ) |
Other
loss income, net | |
| (14 | ) | |
| (58 | ) |
STAFFING
360 SOLUTIONS, INC. AND SUBSIDIARIES
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(All
amounts in thousands, except share, per share and stated value per share)
(UNAUDITED)
The
following table disaggregates revenues by segments:
| |
Quarter
Ended April 1, 2023 | |
| |
Commercial
Staffing - US | | |
Professional
Staffing - US | | |
Professional
Staffing - UK | | |
Total | |
Permanent
Revenue | |
$ | 131 | | |
$ | 369 | | |
$ | 810 | | |
$ | 1,310 | |
Temporary
Revenue | |
| 23,116 | | |
| 24,007 | | |
| 14,672 | | |
| 61,795 | |
Total
Revenue | |
$ | 23,247 | | |
$ | 24,376 | | |
$ | 15,482 | | |
$ | 63,105 | |
| |
Quarter
Ended April 2, 2022 | |
| |
Commercial
Staffing - US | | |
Professional
Staffing - US | | |
Professional
Staffing - UK | | |
Total | |
Permanent
Revenue | |
$ | 113 | | |
$ | 380 | | |
$ | 1,071 | | |
$ | 1,564 | |
Temporary
Revenue | |
| 28,496 | | |
| 3,949 | | |
| 15,884 | | |
| 48,329 | |
Total
Revenue | |
$ | 28,609 | | |
$ | 4,329 | | |
$ | 16,955 | | |
$ | 49,893 | |
As
of April 1, 2023 and December 31, 2022, the Company has assets in the U.S. and the U.K. as follows:
| |
April
1, 2023 | | |
December
31, 2022 | |
United
States | |
$ | 70,685 | | |
$ | 70,970 | |
United
Kingdom | |
| 11,173 | | |
| 10,689 | |
Total
Assets | |
$ | 81,858 | | |
$ | 81,659 | |
| |
April 1, 2023 | | |
December 31, 2022 | |
United States | |
$ | 19,891 | | |
$ | 19,891 | |
United Kingdom | |
| — | | |
| — | |
Total Goodwill | |
$ | 19,891 | | |
$ | 19,891 | |
STAFFING
360 SOLUTIONS, INC. AND SUBSIDIARIES
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(All
amounts in thousands, except share, per share and stated value per share)
(UNAUDITED)
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v3.23.3
RELATED PARTY TRANSACTIONS
|
3 Months Ended |
Apr. 01, 2023 |
Related Party Transactions [Abstract] |
|
RELATED PARTY TRANSACTIONS |
NOTE
13 – RELATED PARTY TRANSACTIONS
In
addition to the shares of Series A Preferred Stock and notes and warrants issued to Jackson, the following are other related party
transactions:
Board
and Committee Members
SCHEDULE OF RELATED PARTY TRANSACTIONS
| |
Three
Months Ended April 1, 2023 | |
| |
Cash
Compensation | | |
Shares
Issued | | |
Value
of Shares Issued | | |
Compensation
Expense Recognized | |
Dimitri
Villard | |
$ | 25 | | |
| 10,000 | | |
$ | 29 | | |
$ | 54 | |
Jeff
Grout | |
| 25 | | |
| 10,000 | | |
| 29 | | |
| 54 | |
Nick
Florio | |
| — | | |
| 10,000 | | |
| 29 | | |
| 29 | |
Vincent
Cebula | |
| 8 | | |
| 10,000 | | |
| 29 | | |
| 38 | |
Alicia
Barker | |
| — | | |
| 10,000 | | |
| 31 | | |
| 31 | |
Brendan
Flood | |
| — | | |
| 10,000 | | |
| 31 | | |
| 31 | |
| |
$ | 58 | | |
| 60,000 | | |
$ | 180 | | |
$ | 237 | |
| |
Three
Months Ended April 2, 2022 | |
| |
Cash
Compensation | | |
Shares
Issued | | |
Value
of Shares Issued | | |
Compensation
Expense Recognized | |
Dimitri
Villard | |
$ | 25 | | |
| 2,000 | | |
$ | 2 | | |
$ | 27 | |
Jeff
Grout | |
| 25 | | |
| 2,000 | | |
| 2 | | |
| 27 | |
Nick
Florio | |
| 25 | | |
| 2,000 | | |
| 2 | | |
| 27 | |
Vincent
Cebula | |
| 25 | | |
| 2,000 | | |
| 2 | | |
| 27 | |
Alicia
Barker | |
| — | | |
| 2,000 | | |
| 2 | | |
| 2 | |
| |
$ | 100 | | |
| 10,000 | | |
$ | 10 | | |
$ | 110 | |
|
X |
- DefinitionThe entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.
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v3.23.3
SUPPLEMENTAL CASH FLOW INFORMATION
|
3 Months Ended |
Apr. 01, 2023 |
Supplemental Cash Flow Elements [Abstract] |
|
SUPPLEMENTAL CASH FLOW INFORMATION |
NOTE
14 – SUPPLEMENTAL CASH FLOW INFORMATION
SCHEDULE OF CASH FLOW, SUPPLEMENTAL DISCLOSURES
| |
| | | |
| | |
| |
Three
Months Ended | |
| |
April
1, 2023 | | |
April
2, 2022 | |
Cash
paid for: | |
| | | |
| | |
Interest | |
$ | 1,406 | | |
$ | 766 | |
Income
taxes | |
| — | | |
| — | |
| |
| | | |
| | |
Non-Cash
Investing and Financing Activities: | |
| | | |
| | |
Deferred
purchase price of UK factoring facility | |
$ | 1,651 | | |
$ | 1,835 | |
|
X |
- DefinitionThe entire disclosure for supplemental cash flow activities, including cash, noncash, and part noncash transactions, for the period. Noncash is defined as information about all investing and financing activities of an enterprise during a period that affect recognized assets or liabilities but that do not result in cash receipts or cash payments in the period. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period.
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v3.23.3
SUBSEQUENT EVENTS
|
3 Months Ended |
Apr. 01, 2023 |
Subsequent Events [Abstract] |
|
SUBSEQUENT EVENTS |
NOTE
15 – SUBSEQUENT EVENTS
Nasdaq
Compliance
Minimum
Bid Price Requirement
On
July 17, 2023, the Company received a letter from the Listing Qualifications Staff (the “Staff”) of the Nasdaq Stock Market
(“Nasdaq”) indicating that, based upon the closing bid price of the Company’s common stock for the 30 consecutive business
day period between June 1, 2023, through July 14, 2023, the Company did not meet the minimum bid price of $1.00 per share required for
continued listing on Nasdaq pursuant to Nasdaq Listing Rule 5550(a)(2). The letter also indicated that the Company will be provided with
a compliance period of 180 calendar days, or until January 15, 2024 (the “Compliance Period”), in which to regain compliance
pursuant to Nasdaq Listing Rule 5810(c)(3)(A).
In
order to regain compliance with Nasdaq’s minimum bid price requirement, the Company’s common stock must maintain a minimum
closing bid price of $1.00 for at least ten consecutive business days during the Compliance Period. In the event the Company does not
regain compliance by the end of the Compliance Period, the Company may be eligible for additional time to regain compliance. To qualify,
the Company will be required to meet the continued listing requirement for the market value of its publicly held shares and all other
initial listing standards for the Nasdaq Capital Market, with the exception of the bid price requirement, and will need to provide written
notice of its intention to cure the deficiency during the second compliance period, by effecting a reverse stock split if necessary.
If the Company meets these requirements, the Company may be granted an additional 180 calendar days to regain compliance. However, if
it appears to Nasdaq that the Company will be unable to cure the deficiency, or if the Company is not otherwise eligible for the additional
cure period, Nasdaq will provide notice that the Company’s common stock will be subject to delisting.
The
letter has no immediate impact on the listing of the Company’s common stock, which will continue to be listed and traded on Nasdaq,
subject to the Company’s compliance with the other listing requirements of Nasdaq.
Quarterly
Reports on Form 10-Q
On
May 18, 2023, the Company received a notice from the Staff notifying the Company that as it has not yet filed its Form 10-Q for the period
ended April 1, 2023 pursuant to Nasdaq Listing Rule 5250(c)(1) (the “Rule”), such matter serves as a basis for delisting
the Company’s securities from Nasdaq.
On
July 5, 2023, the Company received a notice from the Staff notifying the Company that it has been granted an exception to enable the
Company to regain compliance with the Rule pursuant to the following terms: on or before October 16, 2023, the Company must file the
Form 10-Q for the period ended April 1, 2023, as required by the Rule. In the event the Company does not satisfy the terms of the exception,
the Staff will provide written notification that the Company’s common stock will be delisted.
On
August 23, 2023, the Company received a notice from the Staff notifying the Company that as it has not yet filed its Quarterly Report
on Form 10-Q for the period ended June 30, 2023, the Company no longer complies with the Rule for continued listing on Nasdaq. Pursuant
to the July 5, 2023 notice described above, the Staff had granted the Company an exception until October 16, 2023 to file its delinquent
Form 10-Q for the period ended April 1, 2023 (the “Initial Delinquent Filing”). As a result, any additional Staff exception
to allow the Company to regain compliance with all delinquent filings, will be limited to a maximum of 180 calendar days from the due
date of the Initial Delinquent Filing, or October 16, 2023.
The
aforementioned notices have no immediate effect on the listing of the Company’s common stock. There can be no assurance that the
Company will regain compliance with the Nasdaq’s rules or maintain compliance with any of the other Nasdaq continued listing requirements.
Series
H Preferred Stock Amendment
On
July 31, 2023, the Company, Chapel Hill Partners, L.P. (“Chapel Hill”) and Jean-Pierre Sakey (“Sakey”) entered
into an agreement in connection with the Headway Purchase Agreement.
Pursuant
to the agreement, if on or prior to September 30, 2023, the Company pays an aggregate of $11,340,000 (the “Agreed Amount”)
to the holders of the Series H Preferred Stock and Chapel Hill for the redemption of the 9,000,000 shares of Series H Preferred Stock
issued and outstanding with the remaining amount to be paid to Chapel Hill, less $525,000 to be paid to third-parties to satisfy existing
incentives and fees due, with such fees and incentive payments to be allocated at the discretion of Chapel Hill and Sakey, then the Company’s
obligation to redeem the Series H Preferred Stock pursuant to the Purchase Agreement and Certificate of Designation of Preferences, Rights
and Limitations of Series H Convertible Preferred Stock, as amended (the “Series H COD”), shall be deemed satisfied, and
the contingent liabilities, covenants and indemnification obligations of the Company pursuant to the Purchase Agreement shall be extinguished
and of no further force and effect.
Pursuant
to the agreement, if on or prior to September 30, 2023, the Company does not redeem the Series H Preferred Stock and remit the Contingent
Payment (as defined in the Headway Purchase Agreement), then the Company shall make the Contingent Payment in the amount of $5,000,000,
as set forth in the Purchase Agreement, in five equal installments of $1,000,000 each, less $134,000 per installment to be paid to third-parties
to satisfy existing incentives and fees due, with such fees and incentive payments to be allocated at the discretion of Chapel Hill and
Sakey (the “Contingent Payment Installments”), with such Contingent Payment Installments to be made on or before December
31, 2023, March 31, 2024, June 30, 2024, September 30, 2024 and December 31, 2024 (each such date, a “Contingent Installment Payment
Date”). On each Contingent Installment Payment Date, the Company shall additionally redeem 100,000 shares of Series H Preferred
Stock at a price per share equal to $0.0000001 per share.
Pursuant
to the Letter Agreement, the Company shall also have no obligation to pay the Preferred Dividend (as defined in the Series H COD) on
June 30, 2023, September 30, 2023 and December 31, 2023.
Agreements
with Jackson
Amendment
No. 1 to 2022 Jackson Note
On
June 30, 2023, the Company and Jackson entered into an amendment (“Amendment No. 1”) to the 2022 Jackson Note to amend the
interest payment dates of July 1, 2023, August 1, 2023, and September 1, 2023 to October 1, 2023, November 1, 2023 and December 1, 2023,
respectively.
First
Omnibus Amendment Agreement and Jackson Notes
On
August 30, 2023, the Obligors entered into a First Omnibus Amendment Agreement with Jackson, which, among other things: (i) amends that
certain Third A&R Agreement, by and between the Company and Jackson, dated as of October 27, 2022, (ii) provides for the issuance
of 2023 Jackson Note, and (iii) joins certain subsidiaries of the Company to (a) the Pledge Agreement, and (b) the Security Agreement,
dated as of September 15, 2017, as either subsidiary guarantors or pledgors (as applicable) and amends certain terms and conditions of
each of the Pledge Agreement and the Security Agreement.
Pursuant
to the terms of the purchase agreement, simultaneously with the execution of the amendment agreement, the Company issued to Jackson the
2023 Jackson Note due October 14, 2024 in the principal amount of $2,000, the proceeds of which will be used by the Company to repay
certain indebtedness of the Company, among others. Pursuant to the terms of the First Omnibus Amendment Agreement and the 2023 Jackson
Note, the Company is required to pay interest at a per annum rate of 12%. In the event the Company has not repaid in cash at 50% of the
outstanding principal balance of the 2023 Jackson Note on or before October 27, 2023, then interest on the outstanding principal balance
of the 2023 Jackson Note will accrue at 16% per annum until the 2023 Jackson Note is repaid in full. All accrued and unpaid interest
on the outstanding principal of the 2023 Jackson Note shall be due and payable in arrears in cash on a monthly basis.
Pursuant
to the First Omnibus Amendment Agreement, interest on that certain 2022 Jackson Note due October 14, 2024, evidencing the obligations
of the Obligors under the Third A&R Agreement and executed by the Company in favor of Jackson, shall be paid in cash and continue
to accrue at a rate per annum equal to 12% until the principal amount of the 2022 Jackson Note has been paid in full. In the event that
Company has not repaid in cash at least 50% of the outstanding principal balance of the existing note as of the date of the First Omnibus
Amendment Agreement or on or before October 27, 2023, then interest on the outstanding principal balance of the 2022 Jackson Note will
accrue at 16% per annum until the 2022 Jackson Note is repaid in full. All accrued and unpaid interest on the outstanding principal of
the 2022 Jackson Note shall be due and payable in arrears in cash on a monthly basis; provided that (i) the interest payment that would
be due on September 1, 2023 shall instead be due December 1, 2023 and (ii) the amount of each such deferred interest payment shall be
added to the principal amount of the 2022 Jackson Note. Notwithstanding the foregoing, the amount necessary to satisfy such accrued but
unpaid interest on the 2022 Jackson Note as of the date of the First Omnibus Amendment Agreement was retained by Jackson from the
aggregate purchase price of the 2023 Jackson Note, along with certain out-of-pocket fees and expenses, including reasonable attorney’s
fees, incurred by Jackson in connection with the First Omnibus Amendment Agreement, the 2023 Jackson Note and related documents thereto.
Amendment
No. 28 to Credit and Security Agreement and Limited Waiver with MidCap
On
August 30, 2023, the Company and the Credit Facility Borrowers entered into Amendment No. 28 to Credit and Security Agreement with MidCap
and the lenders party thereto (the “Lenders”). Amendment No. 28, among other things: (i) increases the applicable margin
(a) from 4.25% to 4.50% with respect to revolving loans and other obligations (other than letter of credit liabilities) and (b) from
3.75% to 4.50% with respect to letter of credit liabilities, (ii) revises the definition of borrowing base to include the amount of any
reserves and/or adjustments provided for in the Credit and Security Agreement, including, but not limited to, the Additional Reserve
Amount (as defined in the in Amendment No. 28), (iii) requires that the Company complies with a fixed charge coverage ratio of at least
1:00 to 1:00, and (iv) waives the existing event of default that occurred under the Credit and Security Agreement due to the Credit Parties’
failure to maintain the Minimum Liquidity amount (as defined in the Credit and Security Agreement) for the fiscal month ending June 30,
2023 (each as defined in the Credit and Security Agreement).
In
addition, pursuant Amendment No. 28, no later than five (5) business days following the receipt of any cash proceeds from any equity
issuance or other cash contribution from the Company’s equity holders, the Company shall prepay the revolving loans by an amount
equal to (i) the sum of $1,300, less the current funded Additional Reserve Amount, multiplied by (ii) 50%.
In
connection with Amendment No. 28, the Company shall pay to MidCap (i) a modification fee of $68 and (ii) $32 in overdue interest amount,
which such fees shall be due and payable on or before October 31, 2023.
Sixth
Amendment to Intercreditor Agreement with Jackson and MidCap
On
August 30, 2023, in connection with the First Omnibus Amendment Agreement, the 2023 Jackson Note and Amendment No. 28, the Company, Jackson,
the Lenders and MidCap entered into the Sixth Amendment to Intercreditor Agreement (the “Sixth Amendment”), which amended
the Intercreditor Agreement, dated as of September 15, 2017 (as amended, restated, amended and restated, supplemented, or otherwise modified
from time to time, the “Intercreditor Agreement”), by and between the Company, Jackson and MidCap. The Sixth Amendment, among
other things, provides for (i) consent by the Lenders to the Amendment Agreement and (ii) consent by Jackson to Amendment No. 28.
Inducement
Letter and Exercise of Warrants
On
September 1, 2023, the Company entered into an inducement offer letter agreement (the “Inducement Letter”) with a certain
holder (the “Holder”) of certain of its existing warrants to purchase up to an aggregate of 2,761,170 shares of common stock
issued to the Holder on July 7, 2022 (as amended on February 10, 2023), and (ii) February 10, 2023 (collectively, the “Existing
Warrants”).
Pursuant
to the Inducement Letter, the Holder agreed to exercise for cash its Existing Warrants to purchase an aggregate of 2,761,170 shares of
common stock at a reduced exercise price of $0.83 per share in consideration of the Company’s agreement to issue new unregistered
common stock purchase warrants (the “September 2023 Warrants”), as described below, to purchase up to an aggregate of 5,522,340
shares of the Company’s common stock.
The
closing of the transactions contemplated pursuant to the Inducement Letter occurred on September 6, 2023 (the “Closing Date”).
The Company received aggregate gross proceeds of approximately $2,300 from the exercise of the Existing Warrants by the Holder (the “Exercise”),
before deducting placement agent fees and other offering expenses payable by the Company. The Company expects to use 50% of the net proceeds
from the Exercise to repay a portion of its outstanding obligations under the Jackson Notes and 50% of the net proceeds from the Exercise
to repay a portion of its outstanding obligations pursuant to the Credit and Security Agreement with MidCap.
The
Company engaged Wainwright to act as its exclusive placement agent in connection with the transactions summarized above and paid Wainwright
a cash fee equal to 7.5% of the aggregate gross proceeds received from the Holder’s exercise of their Existing Warrants, as well
as a management fee equal to 1.0% of the gross proceeds from the exercise of the Existing Warrants, pursuant to the Wainwright Engagement
Letter.
Pursuant
to the Engagement Letter, the Company agreed to reimburse Wainwright for its expenses in connection with the exercise of the Existing
Warrants and the issuance of the September 2023 Warrants of up to $50 for its reasonable and documented out-of-pocket expenses, including
legal fees and expenses and out-of-pocket expenses, $25 for its non-accountable expenses, and $16 for its clearing costs. The Company
issued to Wainwright or its designees warrants (the “September 2023 Placement Agent Warrants”) to purchase up to 207,088
shares of common stock. The September 2023 Placement Agent Warrants have substantially the same terms as the September 2023 Warrants,
except that the Placement Agent Warrants have an exercise price equal to $1.0375 per share and are immediately exercisable on or after
the Stockholder Approval Date (as defined in the September 2023 Warrants) until the five year anniversary of the Stockholder Approval
Date.
Limited
Duration Stockholder Rights Agreement
On
September 27, 2023, the board of directors (the “Board”) of the Company declared a dividend of one preferred share purchase
right (a “Right”) for each outstanding share of common stock and .3889 Rights for each outstanding share of Series H Preferred
Stock (collectively with the common stock, the “Voting Stock”). The dividend is payable on October 21, 2023 to the stockholders
of record at the close of business on October 21, 2023 (the “Record Date”). Each Right initially entitles the registered
holder to purchase from the Company one one-thousandth of a share of Series A Junior Participating Preferred Stock, par value $0.00001
per share, of the Company (the “Preferred Stock”) at a price of $2.75 per one one-thousandth of a share of Preferred Stock
(the “Purchase Price”), subject to adjustment. The description and terms of the Rights are set forth in a Rights Agreement,
dated as of October 1, 2023, as the same may be amended from time to time (the “Rights Agreement”), between the Company and
Securities Transfer Corporation, as Rights Agent.
Until
the close of business on the earlier of (i) 10 business days following the first date of public announcement (which, for purposes of
this definition, shall include, without limitation, a report filed pursuant to Section 13(d) of the Securities Exchange Act of 1934,
as amended (the “Exchange Act”)) by the Company or an Acquiring Person (as defined below) that an Acquiring Person has become
such, or such other date, as determined by the Board, on which a Person has become an Acquiring Person, or (ii) 10 business days (or
such later date as may be determined by action of the Board prior to such time as any person or group of affiliated or associated persons
becomes an Acquiring Person) after the date of the commencement of, or the first public announcement of an intention to commence, a tender
or exchange offer the consummation of which would result in any person or group of affiliated or associated persons becoming an Acquiring
Person (the earlier of such dates being called the “Distribution Date”), (x) the Rights will be evidenced by the certificates
representing the Voting Stock registered in the names of the holders thereof (or by book entry shares in respect of such Voting Stock)
and not by separate Right Certificates (as defined below), and (y) the Rights will be transferable only in connection with the transfer
of Voting Stock.
Until
the Distribution Date (or earlier expiration of the Rights), (i) new Voting Stock certificates issued after the Record Date upon transfer
or new issuances of Voting Stock will contain a legend incorporating the terms of the Rights Agreement by reference, and (ii) the surrender
for transfer of any certificates representing Voting Stock (or book entry shares of Voting Stock) outstanding as of the Record Date will
also constitute the transfer of the Rights associated with the shares of Voting Stock represented thereby. As soon as practicable following
the Distribution Date, separate certificates evidencing the Rights (“Right Certificates”) will be mailed to holders of record
of the Voting Stock as of the close of business on the Distribution Date and such separate Right Certificates alone will evidence the
Rights.
Except
as otherwise provided in the Rights Agreement, the Rights are not exercisable until the Distribution Date. The Rights will expire on
the earliest of (i) October 2, 2026 or such later date as may be established by the Board prior to the expiration of the Rights, (ii)
the time at which the Rights are redeemed pursuant to the terms of the Rights Agreement, (iii) the closing of any merger or other acquisition
transaction involving the Company pursuant to an agreement of the type described in the Rights Agreement at which time the Rights are
terminated, or (iv) the time at which such Rights are exchanged pursuant to the terms of the Rights Agreement.
The
Purchase Price payable, and the number of shares of Preferred Stock or other securities or property issuable, upon exercise of the Rights
is subject to adjustment from time to time, among others, (i) in the event of a stock dividend on, or a subdivision, combination or reclassification
of, the Preferred Stock, (ii) upon the grant to holders of the Preferred Stock of certain rights or warrants to subscribe for or purchase
Preferred Stock at a price, or securities convertible into Preferred Stock with a conversion price, less than the then-current market
price of the Preferred Stock, or (iii) upon the distribution to holders of the Preferred Stock of evidences of indebtedness or assets
(excluding regular periodic cash dividends or dividends payable in Preferred Stock) or of subscription rights or warrants (other than
those referred to above).
The
number of outstanding Rights is subject to adjustment in the event of a stock dividend on any class or series of Voting Stock payable
in shares of a class or series of Voting Stock or subdivisions, consolidations or combinations of any class or series of Voting Stock
occurring, in any such case, prior to the Distribution Date.
Shares
of Preferred Stock purchasable upon exercise of the Rights will not be redeemable. Each share of Preferred Stock will be entitled, when,
as and if declared, to a minimum preferential quarterly dividend payment of the greater of (a) $10.00 and (b) the sum of (1) 1,000 (subject
to adjustments for stock dividends, stock splits, or stock combinations) times the aggregate per share amount of all cash dividends,
plus (2) 1,000 (subject to adjustments for stock dividends, stock splits, or stock combinations) times the aggregate per share amount
(payable in kind) of all non-cash dividends or other distributions other than a dividend payable in shares of common stock, or a subdivision
of the outstanding shares of common stock (by reclassification or otherwise), in each case declared on the common stock. In the event
of liquidation, dissolution or winding up of the Company, the holders of the Preferred Stock will be entitled to a minimum preferential
payment of the greater of (a) $10.00 per share (plus any accrued but unpaid dividends and distributions), and (b) an amount equal to
1,000 times (subject to adjustments for stock dividends, stock splits, or stock combinations) made per share amount of all cash and other
property to be distributed in respect of common stock. Each share of Preferred Stock will be initially entitled to 1,000 votes (subject
to adjustment for stock dividends, stock splits, or stock combinations). In addition to voting together with the holders of common stock
for the election of other directors of the Company, the holders of Preferred Stock, voting separately as a class to the exclusion of
the holders of common stock, shall be entitled at the meeting of stockholders (and at each subsequent annual meeting of stockholders),
unless all dividends in arrears on the Preferred Stock have been paid or declared and set apart for payment prior thereto, to vote for
the election of two directors of the Company. Holders of Preferred Stock shall otherwise have no special voting rights and their consent
shall not be required (except to the extent they are entitled to vote with holders of common stock as set forth herein) for taking any
corporate action, other than as required by law.
In
the event of any merger, consolidation, combination or other transaction in which outstanding shares of common stock are converted or
exchanged, each share of Preferred Stock will be entitled to receive 1,000 times the aggregate amount of stock, securities, cash and/or
any other property (payable in kind), as the case may be, into which or for which each share of common stock is changed or exchanged.
In
the event that any person or group of affiliated or associated persons becomes an Acquiring Person (the first occurrence of such event,
a “Flip-In Event”), each holder of a Right, other than Rights beneficially owned by the Acquiring Person (which will thereupon
become void), will thereafter have the right to receive upon exercise of a Right that number of shares of common stock equal to the number
of shares of common stock obtained by dividing the Purchase Price (subject to adjustments) by 50% of the current per share market price
of the common stock on the date of the Flip-In Event. Except in certain situations, a person or group of affiliated or associated persons
becomes an “Acquiring Person” upon acquiring beneficial ownership of 10% (20% in the case of a Passive Investor (as defined
in the Rights Agreement)) or more in voting power of the shares of Voting Stock then outstanding, subject to certain exclusions. Under
the Rights Agreement, a “Passive Investor” is generally a person who or which has reported or is required to report beneficial
ownership of shares of Voting Stock on Schedule 13G under the Exchange Act. Certain synthetic interests in securities created by derivative
positions are treated under the Rights Agreement as beneficial ownership of the number of shares of Voting Stock equivalent to the economic
exposure created by the derivative security, to the extent actual shares of Voting Stock are directly or indirectly beneficially owned
by a counterparty to such derivative security.
In
the event that, after a Flip-In Event, the Company is acquired in a merger or other business combination transaction or 50% or more of
its consolidated assets or earning power are sold, proper provisions will be made so that each holder of a Right (other than Rights beneficially
owned by an Acquiring Person which will have become void) will thereafter have the right to receive upon the exercise of a Right that
number of shares of common stock equal to the result obtained by dividing the Purchase Price (subject to adjustments) by 50% of the current
per share market price of the common stock of such person(s) (or its parent) with whom the Company has engaged in the foregoing transaction.
At
any time after a Flip-In Event and prior to the acquisition by an Acquiring Person of 50% or more in voting power of the shares of Voting
Stock then outstanding, the Board may, at its option, exchange the Rights (other than Rights owned by such Acquiring Person which will
have become void), in whole or in part, for shares of common stock, at an exchange ratio of one share of common stock per Right.
With
certain exceptions, no adjustment in the Purchase Price will be required unless such adjustment would require an increase or decrease
of at least 1% in such Purchase Price. No fractional shares of Preferred Stock or common stock will be issued (other than fractions of
Preferred Stock which are integral multiples of one one-thousandth of a share of Preferred Stock, which may, at the election of the Company,
be evidenced by depositary receipts), and in lieu thereof an adjustment in cash will be made based on the current market price of the
Preferred Stock or the common stock.
At
any time prior to a Flip-In Event, the Board may redeem all but not less than the then outstanding Rights at a price of $0.01 per Right,
subject to adjustment (the “Redemption Price”) payable, at the option of the Company, in cash, shares of common stock or
such other form of consideration as the Board shall determine. The redemption of the Rights may be made effective at such time, on such
basis and with such conditions as the Board in its sole discretion may establish. Immediately upon any redemption of the Rights, the
right to exercise the Rights will terminate and the only right of the holders of Rights will be to receive the Redemption Price.
For
so long as the Rights are then redeemable, the Company may, in its sole discretion, except with respect to the Redemption Price, supplement
or amend any provision in the Rights Agreement without the approval of any holders of the Rights. After the Rights are no longer redeemable,
the Company may, except with respect to the Redemption Price, supplement or amend the Rights Agreement without the approval of any holders
of Rights, provided that no such supplement or amendment may adversely affect the interests of holders of the Rights, cause the Rights
Agreement to become amendable contrary to the provisions of the Rights Agreement, or cause the Rights to again to become redeemable.
Until
a Right is exercised or exchanged, the holder thereof, as such, will have no rights as a stockholder of the Company, including, without
limitation, the right to vote or to receive dividends.
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- DefinitionThe entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
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v3.23.3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
|
3 Months Ended |
Apr. 01, 2023 |
Accounting Policies [Abstract] |
|
Basis of Presentation and Principles of Consolidation |
Basis
of Presentation and Principles of Consolidation
These
condensed consolidated financial statements and related notes are presented in accordance with generally accepted accounting
principles in the United States (“GAAP”), expressed in U.S. dollars. All amounts are in thousands, except share, per share and par
values, unless otherwise indicated.
The
accompanying condensed consolidated financial statements reflect all adjustments including normal recurring adjustments, which, in
the opinion of management, are necessary to present fairly the financial position, results of operations and cash flows for the
periods presented in accordance with the GAAP. All significant intercompany balances and transactions have been eliminated in
consolidation.
|
Liquidity |
Liquidity
The
accompanying condensed consolidated financial statements do not include any adjustments or classifications that may result from the
possible inability of the Company to continue as a going concern. The accompanying financial statements have been prepared on a
basis which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. As shown in
the accompanying financial statements as of the quarter ended April 1, 2023, the Company has an accumulated deficit of $103,870
and a working capital deficit of $17,829.
At April 1, 2023, we had total gross debt of $18,141
and $1,402 of cash on hand. We have
historically met our cash needs through a combination of cash flows from operating activities, term loans, promissory notes,
convertible notes, private placement offerings and sales of equity. Our cash requirements are generally for operating activities and
debt repayments.
The
financial statements included in this Quarterly Report on Form 10-Q have been prepared assuming that we will continue as a going
concern, which contemplates the recoverability of assets and the satisfaction of liabilities in the normal course of business.
Significant assumptions underlie this belief, including, among other things, that there will be no material adverse developments in
our business, liquidity, capital requirements and that our credit facilities with our lenders will remain available to
us.
Further,
the notes issued to Jackson Investment Group LLC (“Jackson”) includes
certain financial customary covenants and the Company has had instances of non-compliance. Management has historically been able to
obtain from Jackson waivers of any non-compliance and management expects to continue to be able to obtain necessary waivers in the
event of future non-compliance; however, there can be no assurance that the Company will be able to obtain such waivers, and should
Jackson refuse to provide a waiver in the future, the outstanding debt under the agreement could become due immediately, which
exceeds our current cash balance.
As
of the date of the filing of this Quarterly Report on Form 10-Q, the entire outstanding principal balance of the Jackson Notes, which
was $10,116, shall be due and payable on October
14, 2024. The debt represented by the Jackson Note continues to be secured by substantially all of the Company’s
domestic subsidiaries’ assets pursuant to the Amended and Restated Security Agreement with Jackson, dated September 15, 2017,
as amended. The Company also has a $32,500
revolving loan facility with MidCap Funding X Trust (“MidCap”). The MidCap facility has a maturity date of September
6, 2024.
STAFFING
360 SOLUTIONS, INC. AND SUBSIDIARIES
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(All
amounts in thousands, except share, per share and stated value per share)
(UNAUDITED)
|
Going Concern |
Going
Concern
The
accompanying condensed consolidated financial statements have been prepared in conformity with GAAP, which contemplate continuation
of the Company as a going concern. Historically, the Company has funded such payments either through cash flow from operations or
the raising of capital through additional debt or equity. If the Company is unable to obtain additional capital, such payments may
not be made on time.
The
Company’s negative working capital and liquidity position combined with the uncertainty generated by the economic reaction to the
COVID-19 pandemic raise substantial doubt about the Company’s ability to continue as a going concern.
|
COVID-19 |
COVID-19
In
May 2023, the World Health Organization determined that COVID-19 no longer fit the definition of a public health emergency and the
U.S. government announced its plan to let the declaration of a public health emergency associated with COVID-19 expire on May 11,
2023. COVID-19 is expected to remain a serious endemic threat for an indefinite future period and may continue to adversely affect
the global economy, and we are unable to predict the full extent of potential delays or impacts on our business, our clinical
studies, our research programs, the recoverability of our assets, and our manufacturing. The effects of the COVID-19 endemic may
continue to disrupt or delay our business operations, including but not limited to with respect to efforts relating to potential
business development transactions and our ability to deploy staffing workforce effectively during social distancing and shelter-in-place directives, and it could continue to disrupt the marketplace which could have an adverse effect on our
operations. As such, it is uncertain as to the full magnitude that the COVID-19 and its ongoing effects will have on the
Company’s financial condition, liquidity, and future results of operations. Management is actively monitoring the impact of
the global situation on its financial condition, liquidity, operations, industry, and workforce. The Company is not able to estimate
the effects of the COVID-19 endemic on its results of operations, financial condition, or liquidity for fiscal year
2023.
The
Company’s negative working capital and liquidity position combined with the uncertainty generated by the economic reaction to COVID-19 and its ongoing effects contribute to the substantial doubt about the Company’s ability to continue as a
going concern.
|
Use of Estimates |
Use
of Estimates
The
preparation of condensed consolidated financial statements in accordance with GAAP requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported
amounts of revenue and expenses in the reporting period. The Company bases its estimates and assumptions on current facts,
historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form
the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are
not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from its
estimates. To the extent there are material differences between estimates and the actual results, future results of operations will
be affected. Significant estimates for the quarters ended April 1, 2023 and April 2, 2022 include the valuation of intangible
assets, including goodwill, liabilities associated with testing long-lived assets for impairment and valuation reserves against
deferred tax assets.
STAFFING
360 SOLUTIONS, INC. AND SUBSIDIARIES
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(All
amounts in thousands, except share, per share and stated value per share)
(UNAUDITED)
|
Goodwill |
Goodwill
Goodwill
relates to amounts that arose in connection with various acquisitions and represents the difference between the purchase price and the
fair value of the identifiable intangible and tangible net assets when accounted for using the purchase method of accounting. Goodwill
is not amortized, but it is subject to periodic review for impairment. Events that would indicate impairment and trigger an interim impairment
assessment include, but are not limited to, current economic and market conditions, a decline in the equity value of the business, a
significant adverse change in certain agreements that would materially affect reported operating results, business climate or operational
performance of the business and an adverse action or assessment by a regulator.
In
accordance with ASU No. 2011-08, Intangibles-Goodwill and Other (Topic 350) Testing Goodwill for Impairment, the Company
is required to review goodwill by reporting unit for impairment at least annually or more often if there are indicators of impairment
present. During the year ended December 31, 2022, the Company changed its annual measurement date from the last day of the fiscal year
end to the first day of the fiscal fourth quarter. A reporting unit is either the equivalent of, or one level below, an operating segment.
The Company early-adopted the provisions in ASU 2017-04, which eliminates the second step of the goodwill impairment test. As a result,
the Company’s goodwill impairment tests include only one step, which is a comparison of the carrying value of each reporting unit
to its fair value, and any excess carrying value, up to the amount of goodwill allocated to that reporting unit, is impaired.
The
carrying value of each reporting unit is based on the assignment of the appropriate assets and liabilities to each reporting unit. Assets
and liabilities were assigned to each reporting unit if the assets or liabilities are employed in the operations of the reporting unit
and the asset and liability is considered in the determination of the reporting unit fair value.
The
Company recognized an impairment with respect to its Staffing UK reporting unit of $10,000 during the quarter ended December 31,
2022. The impairment resulted from a continued decline in that reporting unit’s revenue which experienced significant and prolonged
declines as a result of the COVID-19 pandemic. To determine the impairment, the Company employed a combination of market approach (valuations
using comparable company multiples), income approach (discounted cash flow analysis) and prevailing market conditions to derive the fair
value of the reporting unit. Under ASU 2017-04, which the Company early adopted, the impairment amount represents the excess of the carrying
value over the fair value of the reporting unit.
|
Revenue Recognition |
Revenue
Recognition
The
Company recognizes revenue in accordance with ASC 606, the core principle of which is that an entity should recognize revenue to depict
the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be
entitled to receive in exchange for those goods or services. To achieve this core principle, five basic criteria must be met before revenue
can be recognized: (1) identify the contract with a customer; (2) identify the performance obligations in the contract; (3) determine
the transaction price; (4) allocate the transaction price to performance obligations in the contract; and (5) recognize revenue when
or as the Company satisfies a performance obligation.
The
Company accounts for revenues when both parties to the contract have approved the contract, the rights and obligations of the parties
are identified, payment terms are identified, and collectability of consideration is probable. Payment terms vary by client and the services
offered.
STAFFING
360 SOLUTIONS, INC. AND SUBSIDIARIES
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(All
amounts in thousands, except share, per share and stated value per share)
(UNAUDITED)
The
Company has primarily two main forms of revenue – temporary contractor revenue and permanent placement revenue. Temporary
contractor revenue is accounted for as a single performance obligation satisfied over time because the customer simultaneously
receives and consumes the benefits of the Company’s performance on an hourly or daily basis. The contracts stipulate weekly or
monthly billing, and the Company has elected the “as invoiced” practical expedient to recognize revenue based on the
hours incurred at the contractual rate as we have the right to payment in an amount that corresponds directly with the value of
performance completed to date. Permanent placement revenue is recognized on the date the candidate’s full-time employment with
the customer has commenced. The customer is invoiced on the start date, and the contract stipulates payment due under varying terms,
typically 30 days. The contract with the customer stipulates a guarantee period whereby the customer may be refunded if the employee
is terminated within a short period of time, however this has historically been infrequent, and immaterial upon occurrence. As such,
the Company’s performance obligations are satisfied upon commencement of the employment, at which point control has
transferred to the customer. Revenue for the quarter ended April 1, 2023 was comprised of $61,795
of temporary contractor revenue and $1,310
of permanent placement revenue compared with $48,329
of temporary contractor revenue and $1,564
permanent placement revenue for the quarter ended April 2, 2022. Refer to Note 12 – Segment Information for further details on
breakdown by segments.
|
Income Taxes |
Income
Taxes
The
Company utilizes Accounting Standards Codification (“ASC”) Topic 740, “Accounting for Income Taxes,” which requires
the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in
the financial statements or tax returns. Under this method, deferred income taxes are recognized for the tax consequences in future years
of differences between the tax bases of assets and liabilities and their financial reporting amounts at each period end based on enacted
tax laws and statutory tax rates applicable to the periods in which the differences are expected to affect taxable income. Valuation
allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.
The
Company applies the provisions of ASC 740-10-50, “Accounting for Uncertainty in Income Taxes,” which provides clarification
related to the process associated with accounting for uncertain tax positions recognized in the financial statements. Audit periods remain
open for review until the statute of limitations has passed. The completion of review or the expiration of the statute of limitations
for a given audit period could result in an adjustment to the Company’s liability for income taxes. Any such adjustment could be
material to the Company’s results of operations for any given quarterly or annual period based, in part, upon the results of operations
for the given period. As of the date of this filing, the Company is current on all corporate, federal and state tax returns. The Company’s
policy is to record interest and penalties related to unrecognized tax benefits as income tax expense.
The
effective income tax rate was (0.79%) and (0.25%) for the quarters ending April 1, 2023 and April 2, 2022, respectively. The Company’s
effective tax rate differs from the U.S. federal statutory rate of 21%, primarily due to changes in valuation allowances in the U.S.,
which eliminates the effective tax rate on current year losses, offset by current state taxes and changes to goodwill naked credit. The
Company may have experienced an IRC Section 382 limitation during 2021, for which it is in process of conducting an analysis to determine
the tax consequences of such a limitation.
|
Foreign Currency |
Foreign
Currency
The
Company recorded a non-cash foreign currency remeasurement loss of $443 for the quarter ended April 1, 2022, associated with its U.S
dollar denominated intercompany note.
|
Warrants |
Warrants
The
Company accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant’s
specific terms and applicable authoritative guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards
Codification (“ASC”) 480, “Distinguishing Liabilities from Equity” (“ASC 480”) and ASC 815, “Derivatives
and Hedging” (“ASC 815”). The assessment considers whether the warrants are freestanding financial instruments pursuant
to ASC 480, meet the definition of a liability pursuant to ASC 480, and whether the warrants meet all of the requirements for equity
classification under ASC 815, including whether the warrants are indexed to the Company’s own ordinary shares, among other conditions
for equity classification. This assessment, which requires the use of professional judgment, is conducted at the time of warrant issuance
and as of each subsequent quarterly period end date while the warrants are outstanding.
STAFFING
360 SOLUTIONS, INC. AND SUBSIDIARIES
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(All
amounts in thousands, except share, per share and stated value per share)
(UNAUDITED)
For
issued or modified warrants that meet all of the criteria for equity classification, the warrants are required to be recorded as a
component of additional paid-in capital at the time of issuance. For issued or modified warrants that do not meet all the criteria
for equity classification, the warrants are required to be recorded at their initial fair value on the date of issuance, and each
balance sheet date thereafter. Changes in the estimated fair value of the warrants are recognized as a non-cash gain or loss on the
statements of operations. The fair value of the warrants placed were estimated using a Black Scholes model. Refer to Note 10 –
Stockholders’ Equity for further details.
|
Recent Accounting Pronouncements |
Recent
Accounting Pronouncements
In
August 2020, the FASB issued ASU 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40) No. 2020-06 August 2020 Accounting for Convertible Instruments and Contracts
in an Entity’s Own Equity, which simplifies the guidance on the issuer’s accounting for convertible debt instruments by removing
the separation models for (1) convertible debt with a cash conversion feature and (2) convertible instruments with a beneficial conversion
feature. As a result, entities will not separately present in equity an embedded conversion feature in such debt and will account for
a convertible debt instrument wholly as debt, unless certain other conditions are met. The elimination of these models will reduce reported
interest expense and increase reported net income for entities that have issued a convertible instrument that is within the scope of
ASU 2020-06. Also, ASU 2020-06 requires the application of the if-converted method for calculating diluted earnings per share and treasury
stock method will be no longer available. ASU 2020-06 is applicable for fiscal years beginning after December 15, 2021, with early adoption
permitted no earlier than fiscal years beginning after December 15, 2020. The Company adopted this ASU on January 2, 2022. This standard
does not have an impact on our consolidated financial statements.
On
June 16, 2016, the FASB issued Accounting Standards Update No. 2016-13, Financial Instruments—Credit Losses (Topic 326):
Measurement of Credit Losses on Financial Instruments, which introduced an expected credit loss model for the impairment of
financial assets measured at amortized cost basis. This ASU replaces the probable, incurred loss model for those assets. On November
15, 2019, the FASB delayed the effective date of FASB ASC Topic 326 for certain small public companies and other private companies.
As amended, the effective date of ASC Topic 326 was delayed until fiscal years beginning after December 15, 2022, for SEC filers
that are smaller reporting companies under the SEC’s definition, as well as private companies and not-for-profit entities. The
Company has adopted this ASU on January 1, 2023. This standard does not have a material impact on the
consolidated financial statements.
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v3.23.3
EARNINGS (LOSS) PER COMMON SHARE (Tables)
|
3 Months Ended |
Apr. 01, 2023 |
Earnings Per Share [Abstract] |
|
SCHEDULE OF COMMON SHARE EQUIVALENT BASIS AND OUTSTANDING EXCLUDED FROM PER SHARE COMPUTATIONS OF ANTI-DILUTIVE |
SCHEDULE OF COMMON SHARE EQUIVALENT BASIS AND OUTSTANDING EXCLUDED FROM PER SHARE COMPUTATIONS OF ANTI-DILUTIVE
| |
April
1, 2023 | | |
April
2, 2022 | |
Warrants | |
| 4,624,543 | | |
| 127,300 | |
Restricted shares
– unvested | |
| 128,496 | | |
| 972,495 | |
Options | |
| 51,302 | | |
| 6,880 | |
Total | |
| 4,804,341 | | |
| 1,106,675 | |
|
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v3.23.3
INTANGIBLE ASSETS (Tables)
|
3 Months Ended |
Apr. 01, 2023 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
SCHEDULE OF BREAKDOWN OF INTANGIBLE ASSETS |
The
following provides a breakdown of intangible assets as of:
SCHEDULE OF BREAKDOWN OF INTANGIBLE ASSETS
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
| |
April
1, 2023 | |
| |
Tradenames | | |
Non-Compete | | |
Customer
Relationship | | |
Total | |
Intangible
assets, gross | |
$ | 10,728 | | |
$ | 2,464 | | |
$ | 26,080 | | |
$ | 39,272 | |
Accumulated
amortization | |
| (5,796 | ) | |
| (2,464 | ) | |
| (14,373 | ) | |
| (22,633 | ) |
Intangible
assets, net | |
$ | 4,932 | | |
$ | — | | |
$ | 11,707 | | |
$ | 16,639 | |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
| |
December
31, 2022 | |
| |
Tradenames | | |
Non-Compete | | |
Customer
Relationship | | |
Total | |
Intangible
assets, gross | |
$ | 10,759 | | |
$ | 2,467 | | |
$ | 26,170 | | |
$ | 39,396 | |
Accumulated
amortization | |
| (5,608 | ) | |
| (2,467 | ) | |
| (13,936 | ) | |
| (22,011 | ) |
Intangible
assets, net | |
$ | 5,151 | | |
$ | — | | |
$ | 12,234 | | |
$ | 17,385 | |
|
SCHEDULE OF ESTIMATED ANNUAL AMORTIZATION EXPENSE FOR EACH OF THE NEXT FIVE FISCAL YEARS |
As
of April 1, 2023, estimated annual amortization expense for each of the next five fiscal years is as follows:
SCHEDULE OF ESTIMATED ANNUAL AMORTIZATION EXPENSE FOR EACH OF THE NEXT FIVE FISCAL YEARS
Fiscal
quarter ended April | |
Amount | |
2023 | |
$ | 1,965 | |
2024 | |
| 2,620 | |
2025 | |
| 2,552 | |
2026 | |
| 2,410 | |
2027 | |
| 2,410 | |
Thereafter | |
| 4,682 | |
Total | |
$ | 16,639 | |
|
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v3.23.3
GOODWILL (Tables)
|
3 Months Ended |
Apr. 01, 2023 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
SCHEDULE OF GOODWILL |
The
following table provides a roll forward of goodwill:
SCHEDULE
OF GOODWILL
| |
|
| | |
|
| |
| |
April
1, 2023 | | |
December
31, 2022 | |
Beginning
balance, gross | |
$ | 37,541 | | |
$ | 31,478 | |
Acquisition | |
| — | | |
| 7,808 | |
Accumulated
disposition | |
| (1,577 | ) | |
| (1,577 | ) |
Accumulated
impairment losses | |
| (16,073 | ) | |
| (16,073 | ) |
Currency
translation adjustment | |
| — | | |
| (1,745 | ) |
Ending
balance, net | |
$ | 19,891 | | |
$ | 19,891 | |
|
SCHEDULE OF GOODWILL REPORTABLE BY SEGMENT |
Goodwill
by reportable segment is as follows:
SCHEDULE
OF GOODWILL REPORTABLE BY SEGMENT
| |
|
| | |
|
| |
| |
April
1, 2023 | | |
December
31, 2022 | |
Professional
Staffing - US | |
$ | 14,031 | | |
$ | 14,031 | |
Commercial
Staffing - US | |
| 5,860 | | |
| 5,860 | |
Professional
Staffing - UK | |
| — | | |
| — | |
Ending
balance, net | |
$ | 19,891 | | |
$ | 19,891 | |
Goodwill | |
$ | 19,891 | | |
$ | 19,891 | |
|
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v3.23.3
ACQUISITION (Tables)
|
3 Months Ended |
Apr. 01, 2023 |
Business Combination and Asset Acquisition [Abstract] |
|
SCHEDULE OF BUSINESS ACQUISITION PURCHASE PRICE FAIR VALUE |
The
following table summarizes the allocation of the purchase price of the fair value of the assets acquired and liabilities assumed at the
date of the acquisition:
SCHEDULE OF BUSINESS ACQUISITION PURCHASE PRICE FAIR VALUE
| |
| | |
Current
assets | |
$ | 10,833 | |
Fixed
assets | |
| 150 | |
Other
non-current assets | |
| 4,914 | |
Intangible
assets | |
| 6,800 | |
Goodwill | |
| 6,809 | |
Current
liabilities | |
| (14,965 | ) |
Other
non-current liabilities | |
| (1,812 | ) |
Consideration | |
$ | 12,729 | |
|
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v3.23.3
DEBT (Tables)
|
3 Months Ended |
Apr. 01, 2023 |
Debt Disclosure [Abstract] |
|
SCHEDULE OF DEBT |
SCHEDULE
OF DEBT
| |
|
| | |
|
| |
| |
April
1, 2023 | | |
December
31, 2022 | |
Jackson
Investment Group - related party | |
$ | 9,016 | | |
$ | 9,016 | |
Redeemable
Series H Preferred Stock | |
| 9,000 | | |
| 9,000 | |
HSBC
Term Loan | |
| 125 | | |
| 249 | |
Total
Debt, Gross | |
| 18,141 | | |
| 18,265 | |
Less:
Debt Discount and Deferred Financing Costs, Net | |
| (863 | ) | |
| (962 | ) |
Total
Debt, Net | |
| 17,278 | | |
| 17,303 | |
Less:
Non-Current Portion - Related Party | |
| (8,705 | ) | |
| (8,661 | ) |
Less:
Non-Current Portion | |
| (8,448 | ) | |
| (8,393 | ) |
Total
Current Debt, Net | |
$ | 125 | | |
$ | 249 | |
|
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v3.23.3
LEASES (Tables)
|
3 Months Ended |
Apr. 01, 2023 |
Leases |
|
SCHEDULE OF LEASE, COST AND OPERATING LEASE LIABILITY MATURITY |
Quantitative
information regarding the Company’s leases for period ended April 1, 2023 is as follows:
SCHEDULE
OF LEASE, COST AND OPERATING LEASE LIABILITY MATURITY
| |
| |
|
| |
Lease
Cost | |
Classification | |
April
1, 2023 | |
Operating
lease cost | |
SG&A
Expenses | |
| 417 | |
Other
information | |
| |
| | |
Weighted
average remaining lease term (years) | |
| |
| 5.80 | |
Weighted average
discount rate | |
| |
| 6.30 | % |
| |
| |
| | |
Future
Lease Payments | |
| |
| | |
2023 | |
| |
$ | 1,406 | |
2024 | |
| |
| 1,766 | |
2025 | |
| |
| 1,642 | |
2026 | |
| |
| 2,387 | |
2027 | |
| |
| 1,243 | |
Thereafter | |
| |
| 3,685 | |
Lessee
operating lease liability payments due | |
| |
$ | 12,129 | |
Less:
Imputed Interest | |
| |
| 2,586 | |
Operating
lease, liability | |
| |
$ | 9,543 | |
| |
| |
| | |
Leases
- Current | |
| |
$ | 1,245 | |
Leases
– Non-current | |
| |
$ | 8,298 | |
|
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v3.23.3
STOCKHOLDERS’ EQUITY (Tables)
|
3 Months Ended |
Apr. 01, 2023 |
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
SCHEDULE OF STOCKHOLDERS EQUITY |
The
Company issued the following shares of common stock during the quarter ended April 1, 2023:
SCHEDULE
OF STOCKHOLDERS EQUITY
| |
Number
of
Shares of
Common
Stock | | |
Fair
Value
of
Shares | | |
Fair
Value at Issuance
(minimum
and maximum | |
Shares
issued to/for: | |
Issued | | |
Issued | | |
per
share) | |
Equity
raise | |
| 989,516 | | |
$ | 4,999 | | |
$ | 2.65 | | |
$ | 2.65 | |
Employees | |
| 177,305 | | |
| 515 | | |
$ | 2.82 | | |
$ | 2.82 | |
Board
and committee members | |
| 60,000 | | |
| 201 | | |
$ | 2.93 | | |
$ | 3.13 | |
| |
| 1,226,821 | | |
$ | 5,715 | | |
| | | |
| | |
The
Company issued the following shares of common stock during the quarter ended April 2, 2022:
| |
Number
of
Shares of
Common
Stock | | |
Fair
Value
of
Shares | | |
Fair
Value at Issuance
(minimum
and maximum | |
Shares
issued to/for: | |
Issued | | |
Issued | | |
per
share) | |
Board
and committee members | |
| 1,000 | | |
$ | 6 | | |
$ | 9.65 | | |
$ | 9.65 | |
| |
| 1,000 | | |
$ | 6 | | |
| | | |
| | |
|
SCHEDULE OF UNVESTED RESTRICTED SHARES ACTIVITY |
SCHEDULE
OF UNVESTED RESTRICTED SHARES ACTIVITY
| |
| | |
Weighted | |
| |
| | |
Average | |
| |
Restricted
Shares | | |
Price
Per Share | |
Balance
at January 1, 2022 | |
| 5,976 | | |
$ | 75.00 | |
Granted | |
| 63,000 | | |
| 29.20 | |
Vested/adjustments | |
| (384 | ) | |
| 29.00 | |
Balance at December
31, 2022 | |
| 68,592 | | |
$ | 50.00 | |
Granted | |
| 237,305 | | |
| 2.87 | |
Vested/adjustments | |
| (177,401 | ) | |
| 2.85 | |
Balance at April
1, 2023 | |
| 128,496 | | |
$ | 4.96 | |
|
SCHEDULE OF WARRANTS ACTIVITY |
Transactions
involving the Company’s warrant issuances are summarized as follows:
SCHEDULE
OF WARRANTS ACTIVITY
| |
| | |
Weighted | |
| |
Number
of | | |
Average | |
| |
Shares | | |
Exercise
Price | |
Outstanding
at January 1, 2022 | |
| 972,495 | | |
$ | 26.88 | |
Issued | |
| 1,404,478 | | |
| 5.83 | |
Exercised | |
| — | | |
| — | |
Expired
or cancelled | |
| (673,285 | ) | |
| 26.84 | |
Outstanding at December
31, 2022 | |
| 1,703,688 | | |
$ | 10.21 | |
Issued | |
| 2,902,509 | | |
| 2.51 | |
Issued – Pre-funded warrants | |
| 1,569,516 | | |
| 0.001 | |
Exercised | |
| (674,516 | ) | |
| 0.001 | |
Expired
or cancelled | |
| (876,654 | ) | |
| (5.85 | ) |
Outstanding
at April 1, 2023 | |
| 4,624,543 | | |
$ | 4.97 | |
|
SCHEDULE OF SHARE-BASED COMPENSATION, STOCK OPTIONS, ACTIVITY |
A
summary of option activity during the quarter ended April 1, 2023 is presented below:
SCHEDULE OF SHARE-BASED COMPENSATION, STOCK OPTIONS, ACTIVITY
| |
| | |
Weighted | |
| |
| | |
Average | |
| |
Options | | |
Exercise
Price | |
Outstanding
at January 1, 2022 | |
| 1,302 | | |
$ | 1,665.60 | |
Granted | |
| 50,000 | | |
| 7.80 | |
Exercised | |
| — | | |
| — | |
Expired
or cancelled | |
| — | | |
| — | |
Outstanding at December
31, 2022 | |
| 51,302 | | |
$ | 50.06 | |
Granted | |
| — | | |
| — | |
Exercised | |
| — | | |
| — | |
Expired
or cancelled | |
| — | | |
| — | |
Outstanding
at April 1, 2023 | |
| 51,302 | | |
$ | 50.06 | |
|
Warrant [Member] |
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
SCHEDULE OF WARRANTS OUTSTANDING |
The
following table summarizes warrants outstanding as of April 1, 2023:
SCHEDULE OF WARRANTS OUTSTANDING
| |
| | |
Weighted
Average | | |
| |
| |
Number | | |
Remaining | | |
Weighted | |
| |
Outstanding | | |
Contractual | | |
Average | |
Exercise
Price | |
and
Exercisable | | |
Life
(years) | | |
Exercise
Price | |
$0.001
- $3,750.00 | |
| 4,624,543 | | |
| 4.72 | | |
$ | 4.97 | |
|
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v3.23.3
SEGMENT INFORMATION (Tables)
|
3 Months Ended |
Apr. 01, 2023 |
Segment Reporting [Abstract] |
|
SCHEDULE OF SEGMENT REPORTING INFORMATION, BY SEGMENT |
The
Company generated revenue and gross profit by segment as follows:
SCHEDULE OF SEGMENT REPORTING INFORMATION, BY SEGMENT
| |
| | | |
| | |
| |
Three
Months Ended | |
| |
April
1, 2023 | | |
April
2, 2022 | |
Commercial
Staffing - US | |
$ | 23,247 | | |
$ | 28,609 | |
Professional
Staffing - US | |
| 24,376 | | |
| 4,329 | |
Professional
Staffing - UK | |
| 15,482 | | |
| 16,955 | |
Total
Revenue | |
$ | 63,105 | | |
$ | 49,893 | |
| |
| | | |
| | |
Commercial
Staffing - US | |
$ | 3,815 | | |
$ | 4,719 | |
Professional
Staffing - US | |
| 3,695 | | |
| 1,204 | |
Professional
Staffing - UK | |
| 2,078 | | |
| 2,590 | |
Total
Gross Profit | |
$ | 9,588 | | |
$ | 8,513 | |
| |
| | | |
| | |
Selling,
general and administrative expenses | |
$ | (10,167 | ) | |
$ | (8,909 | ) |
Depreciation
and amortization | |
| (873 | ) | |
| (655 | ) |
Interest
expense and amortization of debt discount and deferred financing costs | |
| (1,349 | ) | |
| (766 | ) |
Re-measurement
loss on intercompany note | |
| — | | |
| (443 | ) |
Other
loss income, net | |
| (14 | ) | |
| (58 | ) |
STAFFING
360 SOLUTIONS, INC. AND SUBSIDIARIES
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(All
amounts in thousands, except share, per share and stated value per share)
(UNAUDITED)
The
following table disaggregates revenues by segments:
| |
Quarter
Ended April 1, 2023 | |
| |
Commercial
Staffing - US | | |
Professional
Staffing - US | | |
Professional
Staffing - UK | | |
Total | |
Permanent
Revenue | |
$ | 131 | | |
$ | 369 | | |
$ | 810 | | |
$ | 1,310 | |
Temporary
Revenue | |
| 23,116 | | |
| 24,007 | | |
| 14,672 | | |
| 61,795 | |
Total
Revenue | |
$ | 23,247 | | |
$ | 24,376 | | |
$ | 15,482 | | |
$ | 63,105 | |
| |
Quarter
Ended April 2, 2022 | |
| |
Commercial
Staffing - US | | |
Professional
Staffing - US | | |
Professional
Staffing - UK | | |
Total | |
Permanent
Revenue | |
$ | 113 | | |
$ | 380 | | |
$ | 1,071 | | |
$ | 1,564 | |
Temporary
Revenue | |
| 28,496 | | |
| 3,949 | | |
| 15,884 | | |
| 48,329 | |
Total
Revenue | |
$ | 28,609 | | |
$ | 4,329 | | |
$ | 16,955 | | |
$ | 49,893 | |
As
of April 1, 2023 and December 31, 2022, the Company has assets in the U.S. and the U.K. as follows:
| |
April
1, 2023 | | |
December
31, 2022 | |
United
States | |
$ | 70,685 | | |
$ | 70,970 | |
United
Kingdom | |
| 11,173 | | |
| 10,689 | |
Total
Assets | |
$ | 81,858 | | |
$ | 81,659 | |
| |
April 1, 2023 | | |
December 31, 2022 | |
United States | |
$ | 19,891 | | |
$ | 19,891 | |
United Kingdom | |
| — | | |
| — | |
Total Goodwill | |
$ | 19,891 | | |
$ | 19,891 | |
|
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v3.23.3
RELATED PARTY TRANSACTIONS (Tables)
|
3 Months Ended |
Apr. 01, 2023 |
Related Party Transactions [Abstract] |
|
SCHEDULE OF RELATED PARTY TRANSACTIONS |
SCHEDULE OF RELATED PARTY TRANSACTIONS
| |
Three
Months Ended April 1, 2023 | |
| |
Cash
Compensation | | |
Shares
Issued | | |
Value
of Shares Issued | | |
Compensation
Expense Recognized | |
Dimitri
Villard | |
$ | 25 | | |
| 10,000 | | |
$ | 29 | | |
$ | 54 | |
Jeff
Grout | |
| 25 | | |
| 10,000 | | |
| 29 | | |
| 54 | |
Nick
Florio | |
| — | | |
| 10,000 | | |
| 29 | | |
| 29 | |
Vincent
Cebula | |
| 8 | | |
| 10,000 | | |
| 29 | | |
| 38 | |
Alicia
Barker | |
| — | | |
| 10,000 | | |
| 31 | | |
| 31 | |
Brendan
Flood | |
| — | | |
| 10,000 | | |
| 31 | | |
| 31 | |
| |
$ | 58 | | |
| 60,000 | | |
$ | 180 | | |
$ | 237 | |
| |
Three
Months Ended April 2, 2022 | |
| |
Cash
Compensation | | |
Shares
Issued | | |
Value
of Shares Issued | | |
Compensation
Expense Recognized | |
Dimitri
Villard | |
$ | 25 | | |
| 2,000 | | |
$ | 2 | | |
$ | 27 | |
Jeff
Grout | |
| 25 | | |
| 2,000 | | |
| 2 | | |
| 27 | |
Nick
Florio | |
| 25 | | |
| 2,000 | | |
| 2 | | |
| 27 | |
Vincent
Cebula | |
| 25 | | |
| 2,000 | | |
| 2 | | |
| 27 | |
Alicia
Barker | |
| — | | |
| 2,000 | | |
| 2 | | |
| 2 | |
| |
$ | 100 | | |
| 10,000 | | |
$ | 10 | | |
$ | 110 | |
|
X |
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v3.23.3
ORGANIZATION AND DESCRIPTION OF BUSINESS (Details Narrative) - USD ($) $ in Thousands, Pure in Millions |
|
1 Months Ended |
3 Months Ended |
Jun. 24, 2022 |
May 31, 2022 |
Apr. 01, 2023 |
Property, Plant and Equipment [Line Items] |
|
|
|
Service contracts |
|
|
$ 60,000
|
Business contribution description |
|
|
Typical
contribution for EOR projects is 80-85% of the gross profit earned, compared to 40-50% for traditional staffing which negates the
impact of lower gross margins.
|
Reverse stock split, description |
one-for-ten
reverse stock split
|
|
|
Headway Workforce Solutions [Member] |
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
Percentage of revenue from business acquired |
|
3300.00%
|
|
Headway Workforce Solutions [Member] | Minimum [Member] |
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
Revenues |
|
|
$ 60,700
|
Headway Workforce Solutions [Member] | Maximum [Member] |
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
Revenues |
|
$ 184,100
|
|
X |
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v3.23.3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) $ in Thousands |
3 Months Ended |
12 Months Ended |
Apr. 01, 2023 |
Apr. 02, 2022 |
Dec. 31, 2022 |
Short-Term Debt [Line Items] |
|
|
|
Accumulated deficit |
$ 103,870
|
|
$ 101,015
|
Working capital deficit |
17,829
|
|
|
Gross debt |
18,141
|
|
|
Cash |
1,402
|
|
1,992
|
Revenue |
$ 63,105
|
$ 49,893
|
|
Effective Income Tax Rate Reconciliation, Percent |
0.79%
|
0.25%
|
|
Other comprehensive income (loss), foreign currency transaction and translation adjustment, net of tax |
|
$ 443
|
|
Temporary Contractor Revenue [Member] |
|
|
|
Short-Term Debt [Line Items] |
|
|
|
Revenue |
$ 61,795
|
48,329
|
|
Permanent Placement Revenue [Member] |
|
|
|
Short-Term Debt [Line Items] |
|
|
|
Revenue |
1,310
|
$ 1,564
|
|
Staffing UK Reporting Unit [Member] |
|
|
|
Short-Term Debt [Line Items] |
|
|
|
Goodwill impairment loss |
10,000
|
|
$ 10,000
|
Jackson Note [Member] |
|
|
|
Short-Term Debt [Line Items] |
|
|
|
Principal amount |
$ 10,116
|
|
|
Debt instrument, maturity date |
Oct. 14, 2024
|
|
|
Jackson Note [Member] | Midcap Funding X Trust [Member] |
|
|
|
Short-Term Debt [Line Items] |
|
|
|
Debt instrument, maturity date |
Sep. 06, 2024
|
|
|
Long-term line of credit |
$ 32,500
|
|
|
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v3.23.3
SCHEDULE OF COMMON SHARE EQUIVALENT BASIS AND OUTSTANDING EXCLUDED FROM PER SHARE COMPUTATIONS OF ANTI-DILUTIVE (Details) - shares
|
3 Months Ended |
Apr. 01, 2023 |
Apr. 02, 2022 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Total |
4,804,341
|
1,106,675
|
Warrant [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Total |
4,624,543
|
127,300
|
Restricted Shares Unvested [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Total |
128,496
|
972,495
|
Share-Based Payment Arrangement, Option [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Total |
51,302
|
6,880
|
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v3.23.3
ACCOUNTS RECEIVABLE FINANCING (Details Narrative) £ in Thousands |
|
|
|
|
|
1 Months Ended |
3 Months Ended |
|
|
Oct. 27, 2022
USD ($)
|
May 15, 2020
GBP (£)
|
May 15, 2020
GBP (£)
|
Jun. 28, 2018
GBP (£)
|
Feb. 08, 2018
GBP (£)
|
Sep. 15, 2017
USD ($)
|
Jul. 31, 2019
GBP (£)
|
Apr. 01, 2023
USD ($)
|
Apr. 02, 2022
USD ($)
|
Dec. 31, 2022
USD ($)
|
Oct. 26, 2022
USD ($)
|
Financing Receivable, Modified [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Total debt, gross |
|
|
|
|
|
|
|
$ 18,141,000
|
|
$ 18,265,000
|
|
Collection of UK factoring facility deferred purchase price |
|
|
|
|
|
|
|
1,626,000
|
$ 1,877,000
|
|
|
HSBC Bank [Member] |
|
|
|
|
|
|
|
|
|
|
|
Financing Receivable, Modified [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Debt instrument, description |
|
three-year
term
|
three-year term
|
|
|
|
|
|
|
|
|
Debt instrument, face amount | £ |
|
£ 1,000
|
£ 1,000
|
|
|
|
|
|
|
|
|
Total debt, gross |
|
|
|
|
|
|
|
125,000
|
|
|
|
Midcap Financial Trust [Member] |
|
|
|
|
|
|
|
|
|
|
|
Financing Receivable, Modified [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Long-term line of credit |
|
|
|
|
|
$ 25,000,000
|
|
$ 16,434
|
|
$ 18,176
|
|
Line of credit facility additional borrowing capacity |
|
|
|
|
|
$ 25,000,000
|
|
|
|
|
|
Line of credit facility, maturity date |
|
|
|
|
|
Apr. 08, 2019
|
|
|
|
|
|
MidCap Funding IV Trust [Member] | Credit and Security Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
Financing Receivable, Modified [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Loans payable |
$ 32,500,000
|
|
|
|
|
|
|
|
|
|
$ 25,000,000
|
Loan description |
Amendment No. 27 increases the applicable margin from 4.0% to 4.25%, with respect to the Loan (other than Letter of Credit
Liabilities (as defined in the Credit and Security Agreement)), and from 3.5% to 3.75% with respect to the Letter of Credit Liabilities.
Amendment No. 27 also replaces the interest rate benchmark from LIBOR to SOFR and provides that the Loan shall bear interest at the sum
of a term-based SOFR rate (plus a SOFR adjustment of 0.11448%) plus the Applicable Margin, subject to certain provisions for the replacement
of SOFR with an alternate benchmark in connection with SOFR no longer being provided by its administrator. Notwithstanding the foregoing,
the SOFR interest rate shall not be at any time less than 1.00%. On August 30, 2023, the Company entered into Amendment No. 28 (“Amendment No. 28”) to the Credit and
Security Agreement with MidCap, which among other things further increases the applicable margin (a) from 4.25% to 4.50% with respect
to the Loan (other than the Letter of Credit Liabilities) and (b) from 3.75% to 4.50% with respect to the Letter of Credit Liabilities.
See Note 15 – Subsequent Events.
|
|
|
|
|
|
|
|
|
|
|
MidCap Funding IV Trust [Member] | Credit and Security Agreement [Member] | Tranches [Member] |
|
|
|
|
|
|
|
|
|
|
|
Financing Receivable, Modified [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Loan commitment amount |
$ 42,500,000
|
|
|
|
|
|
|
|
|
|
|
MidCap Funding IV Trust [Member] | Credit and Security Agreement [Member] | Tranches [Member] | Maximum [Member] |
|
|
|
|
|
|
|
|
|
|
|
Financing Receivable, Modified [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Loans payable |
10,000,000
|
|
|
|
|
|
|
|
|
|
|
MidCap Funding IV Trust [Member] | Credit and Security Agreement [Member] | Tranches [Member] | Minimum [Member] |
|
|
|
|
|
|
|
|
|
|
|
Financing Receivable, Modified [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Loans payable |
$ 5,000,000
|
|
|
|
|
|
|
|
|
|
|
HSBC Invoice Finance (UK) Ltd [Member] | New Facility [Member] |
|
|
|
|
|
|
|
|
|
|
|
Financing Receivable, Modified [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Line of credit facility aggregate amount | £ |
|
|
|
|
£ 11,500
|
|
|
|
|
|
|
Borrowing fund description |
|
|
|
|
The
terms of the arrangement provide for HSBC to fund 90% of the purchased accounts receivable upfront and a secured borrowing line of
70% of unbilled receivables capped at £1,000 (within the overall aggregate total facility of £11,500.)
|
|
|
|
|
|
|
Line of credit facility, commitment fee percentage |
|
|
|
|
1.80%
|
|
|
|
|
|
|
Line of credit facility increase decrease for period net | £ |
|
|
|
£ 20,000
|
£ 11,500
|
|
£ 22,500
|
|
|
|
|
Line of credit facility unbilled receivables | £ |
|
|
|
£ 1,500
|
£ 1,000
|
|
|
|
|
|
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v3.23.3
SCHEDULE OF BREAKDOWN OF INTANGIBLE ASSETS (Details) - USD ($) $ in Thousands |
Apr. 01, 2023 |
Dec. 31, 2022 |
Finite-Lived Intangible Assets [Line Items] |
|
|
Intangible assets, gross |
$ 39,272
|
$ 39,396
|
Accumulated amortization |
(22,633)
|
(22,011)
|
Intangible assets, net |
16,639
|
17,385
|
Trade Names [Member] |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Intangible assets, gross |
10,728
|
10,759
|
Accumulated amortization |
(5,796)
|
(5,608)
|
Intangible assets, net |
4,932
|
5,151
|
Non Compete [Member] |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Intangible assets, gross |
2,464
|
2,467
|
Accumulated amortization |
(2,464)
|
(2,467)
|
Intangible assets, net |
|
|
Customer Relationships [Member] |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Intangible assets, gross |
26,080
|
26,170
|
Accumulated amortization |
(14,373)
|
(13,936)
|
Intangible assets, net |
$ 11,707
|
$ 12,234
|
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v3.23.3
SCHEDULE OF ESTIMATED ANNUAL AMORTIZATION EXPENSE FOR EACH OF THE NEXT FIVE FISCAL YEARS (Details) - USD ($) $ in Thousands |
Apr. 01, 2023 |
Dec. 31, 2022 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
|
2023 |
$ 1,965
|
|
2024 |
2,620
|
|
2025 |
2,552
|
|
2026 |
2,410
|
|
2027 |
2,410
|
|
Thereafter |
4,682
|
|
Intangible assets, net |
$ 16,639
|
$ 17,385
|
X |
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SCHEDULE OF GOODWILL (Details) - USD ($) $ in Thousands |
3 Months Ended |
12 Months Ended |
Apr. 01, 2023 |
Dec. 31, 2022 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
|
Beginning balance, gross |
$ 37,541
|
$ 31,478
|
Acquisition |
|
7,808
|
Accumulated disposition |
(1,577)
|
(1,577)
|
Accumulated impairment losses |
(16,073)
|
(16,073)
|
Currency translation adjustment |
|
(1,745)
|
Ending balance, net |
$ 19,891
|
$ 19,891
|
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SCHEDULE OF GOODWILL REPORTABLE BY SEGMENT (Details) - USD ($) $ in Thousands |
Apr. 01, 2023 |
Dec. 31, 2022 |
Goodwill |
$ 19,891
|
$ 19,891
|
UNITED STATES |
|
|
Goodwill |
19,891
|
19,891
|
UNITED KINGDOM |
|
|
Goodwill |
|
|
Professional Staffing [Member] | UNITED STATES |
|
|
Goodwill |
14,031
|
14,031
|
Professional Staffing [Member] | UNITED KINGDOM |
|
|
Goodwill |
|
|
Commercial Staffing [Member] | UNITED STATES |
|
|
Goodwill |
$ 5,860
|
$ 5,860
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SCHEDULE OF DEBT (Details) - USD ($) $ in Thousands |
Apr. 01, 2023 |
Dec. 31, 2022 |
Short-Term Debt [Line Items] |
|
|
Total Debt, Gross |
$ 18,141
|
$ 18,265
|
Less: Debt Discount and Deferred Financing Costs, Net |
(863)
|
(962)
|
Total Debt, Net |
17,278
|
17,303
|
Total Current Debt, Net |
125
|
249
|
Related Party [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Less: Non-Current Portion - Related Party |
(8,705)
|
(8,661)
|
Nonrelated Party [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Less: Non-Current Portion |
(8,448)
|
(8,393)
|
Jackson Investment Group Related Party [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Total Debt, Gross |
9,016
|
9,016
|
Redeemable Series H Preferred Stock [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Total Debt, Gross |
9,000
|
9,000
|
HSBC Term Loan [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Total Debt, Gross |
$ 125
|
$ 249
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v3.23.3
DEBT (Details Narrative) $ / shares in Units, £ in Thousands, $ in Thousands |
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1 Months Ended |
3 Months Ended |
12 Months Ended |
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Aug. 30, 2023 |
Oct. 27, 2022
USD ($)
$ / shares
shares
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Oct. 27, 2022
USD ($)
$ / shares
shares
|
May 18, 2022
USD ($)
$ / shares
shares
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May 15, 2020
GBP (£)
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May 15, 2020
GBP (£)
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Jun. 28, 2018
GBP (£)
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Feb. 08, 2018
GBP (£)
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May 18, 2022
USD ($)
$ / shares
shares
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Jul. 31, 2019
GBP (£)
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Apr. 01, 2023
USD ($)
$ / shares
shares
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Apr. 02, 2022
shares
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Oct. 27, 2022
USD ($)
$ / shares
shares
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Dec. 31, 2022
USD ($)
$ / shares
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Oct. 26, 2022
USD ($)
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Number of shares issued | shares |
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1,226,821
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1,000
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Aggregate value of number of shares issued |
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$ 4,113
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Carrying amount |
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$ 18,141
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$ 18,265
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Preferred stock stated value | $ / shares |
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$ 0.00001
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$ 0.00001
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Common Stock [Member] |
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Number of shares issued | shares |
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989,516
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Aggregate value of number of shares issued |
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Series H Preferred Stock [Member] |
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Number of shares issued | shares |
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9,000,000
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Preferred stock stated value | $ / shares |
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$ 0.00001
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$ 0.00001
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Debt instrument conversion price | $ / shares |
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1.00
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1.00
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Preferred stock conversion price | $ / shares |
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$ 25.714
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$ 25.714
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Cash dividends per annum rate |
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12.00%
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Preferred stock redemption description |
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The
redemption price represents the number of shares of the Preferred Stock (9,000,000), plus all accrued but unpaid dividends,
multiplied by the Stated Value ($1). On May 18, 2022, the Company paid $14 towards the Series H Preferred Stock balance.
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Debt instrument redemption amount |
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$ 8,265
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$ 8,265
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9,000
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Fair value financing charge |
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$ 735
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Series H Preferred Stock [Member] | Common Stock [Member] |
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Debt instrument issuance of aggregate shares | shares |
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350,000
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350,000
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Series H Preferred Stock [Member] | Headway [Member] |
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Ownership percentage |
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100.00%
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100.00%
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HSBC Bank [Member] |
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Face amount | £ |
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£ 1,000
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£ 1,000
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Debt instrument description |
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three-year
term
|
three-year term
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Carrying amount |
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$ 125
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HSBC Invoice Finance (UK) Ltd [Member] | New Facility [Member] |
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Line of credit facility increase decrease for period | £ |
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£ 20,000
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£ 11,500
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£ 22,500
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Unbilled receivables | £ |
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|
£ 1,500
|
£ 1,000
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Expiration period |
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12 months
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|
Service charge percentage |
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1.80%
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Third Amended and Restated Note Purchase Agreement [Member] |
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Number of warrants issued | shares |
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24,332
|
24,332
|
|
|
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|
|
|
|
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|
24,332
|
|
|
Jackson Note [Member] | Third Amended and Restated Note Purchase Agreement [Member] |
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|
|
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|
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Amendment fee |
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$ 39
|
$ 39
|
|
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|
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|
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|
$ 39
|
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|
Number of shares issued | shares |
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|
100,000
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Aggregate value of number of shares issued |
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|
|
|
|
|
|
|
|
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|
$ 257
|
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|
Strike price | $ / shares |
|
$ 3.06
|
$ 3.06
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$ 3.06
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Warrant expiration date |
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Oct. 27, 2027
|
Oct. 27, 2027
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Oct. 27, 2027
|
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Percentage of first call over of net proceeds from increase of common stock |
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50.00%
|
50.00%
|
|
|
|
|
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50.00%
|
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Jackson Note [Member] | Third Amended and Restated Note Purchase Agreement [Member] | Modification of Strike Price [Member] |
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Number of warrants issued | shares |
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15,093
|
15,093
|
|
|
|
|
|
|
|
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|
15,093
|
|
|
Strike price | $ / shares |
|
$ 60.00
|
$ 60.00
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$ 60.00
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Warrant expiration date |
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Jan. 26, 2026
|
Jan. 26, 2026
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Jan. 26, 2026
|
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Fair value adjustment of warrant |
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|
$ 29
|
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Twenty Twenty Two Jackson Note [Member] |
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Debt instrument, payment terms |
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the Company in favor of Jackson, shall be paid in cash and continue to accrue at a rate per annum equal to 12% until
the principal amount of the 2022 Jackson Note has been paid in full. In the event that Company has not repaid in cash at least 50% of
the outstanding principal balance of the 2022 Jackson Note as of the date of the First Omnibus Amendment Agreement or on or before October
27, 2023, then interest on the outstanding principal balance of the 2022 Jackson Note will accrue at 16% per annum until the 2022 Jackson
Note is repaid in full
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Twenty Twenty Two Jackson Notes [Member] |
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Debt instrument, interest rate |
|
12.00%
|
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Face amount |
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$ 9,000
|
Twenty Twenty Two Jackson Notes [Member] | Subsequent Event [Member] |
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Debt instrument description |
(i) amends the Third A&R Agreement, (ii) provided for the issuance of a new 12% Senior Secured
Promissory Note due October 14, 2024 (the “2023 Jackson Note” and together with the 2022 Jackson Note, the “Jackson
Notes”) to Jackson, and (iii) joins certain subsidiaries of the Company to (a) that certain Amended and Restated Pledge Agreement,
dated as of September 15, 2017 (as amended by the First Omnibus Amendment Agreement, the “Pledge Agreement”) and (b) that
certain Amended and Restated Security Agreement, dated as of September 15, 2017 (as amended by the Amendment Agreement, the “Security
Agreement”), as either subsidiary guarantors or pledgors (as applicable) and amends certain terms and conditions of each of the
Pledge Agreement and the Security Agreement
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v3.23.3
SCHEDULE OF LEASE, COST AND OPERATING LEASE LIABILITY MATURITY (Details) - USD ($) $ in Thousands |
3 Months Ended |
|
Apr. 01, 2023 |
Dec. 31, 2022 |
Leases |
|
|
Operating lease cost |
$ 417
|
|
Weighted average remaining lease term (years) |
5 years 9 months 18 days
|
|
Weighted average discount rate |
6.30%
|
|
2023 |
$ 1,406
|
|
2024 |
1,766
|
|
2025 |
1,642
|
|
2026 |
2,387
|
|
2027 |
1,243
|
|
Thereafter |
3,685
|
|
Lessee operating lease liability payments due |
12,129
|
|
Less: Imputed Interest |
2,586
|
|
Operating lease, liability |
9,543
|
|
Leases - Current |
1,245
|
$ 1,188
|
Leases – Non-current |
$ 8,298
|
$ 8,640
|
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v3.23.3
LEASES (Details Narrative) - USD ($) $ in Thousands |
|
1 Months Ended |
|
|
May 18, 2022 |
May 31, 2022 |
May 18, 2022 |
Apr. 30, 2022 |
Apr. 01, 2023 |
Dec. 31, 2022 |
Operating lease right of use asset |
|
|
|
|
$ 8,728
|
$ 9,070
|
Operating lease liability |
|
|
|
|
9,543
|
|
Increase in operating lease, right-of-use asset |
$ 1,715
|
$ 1,555
|
|
$ 2,048
|
|
|
Increase in operating lease liabilities |
|
$ 1,555
|
$ 1,731
|
$ 2,048
|
|
|
New Lease Agreement [Member] | London England [Member] |
|
|
|
|
|
|
Lessee, operating lease, renewal term |
|
|
|
10 years
|
|
|
New Lease Agreement [Member] | Redhill England [Member] |
|
|
|
|
|
|
Lessee, operating lease, renewal term |
|
10 years
|
|
|
|
|
Accounting Standards Update 2018-11 [Member] |
|
|
|
|
|
|
Operating lease right of use asset |
|
|
|
|
8,728
|
9,070
|
Operating lease liability |
|
|
|
|
$ 9,543
|
$ 9,828
|
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v3.23.3
SCHEDULE OF STOCKHOLDERS EQUITY (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended |
Apr. 01, 2023 |
Apr. 02, 2022 |
Subsidiary, Sale of Stock [Line Items] |
|
|
Number of Common Shares Issued |
1,226,821
|
1,000
|
Fair Value of Shares Issued |
$ 5,715
|
$ 6
|
Employees [Member] |
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
Number of Common Shares Issued |
177,305
|
|
Fair Value of Shares Issued |
$ 515
|
|
Board and Committee Members [Member] |
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
Number of Common Shares Issued |
60,000
|
1,000
|
Fair Value of Shares Issued |
$ 201
|
$ 6
|
Minimum [Member] | Employees [Member] |
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
Fair value at issuance (per Share) |
$ 2.82
|
|
Minimum [Member] | Board and Committee Members [Member] |
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
Fair value at issuance (per Share) |
2.93
|
$ 9.65
|
Maximum [Member] | Employees [Member] |
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
Fair value at issuance (per Share) |
2.82
|
|
Maximum [Member] | Board and Committee Members [Member] |
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
Fair value at issuance (per Share) |
$ 3.13
|
$ 9.65
|
Equity Raise [Member] |
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
Number of Common Shares Issued |
989,516
|
|
Fair Value of Shares Issued |
$ 4,999
|
|
Equity Raise [Member] | Minimum [Member] |
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
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$ 2.65
|
|
Equity Raise [Member] | Maximum [Member] |
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
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$ 2.65
|
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v3.23.3
SCHEDULE OF UNVESTED RESTRICTED SHARES ACTIVITY (Details) - $ / shares
|
3 Months Ended |
12 Months Ended |
Apr. 01, 2023 |
Dec. 31, 2022 |
Equity [Abstract] |
|
|
Restricted shares, beginning balance |
68,592
|
5,976
|
Weighted average price per share, beginning balance |
$ 50.00
|
$ 75.00
|
Restricted shares, granted |
237,305
|
63,000
|
Weighted average price per share, granted |
$ 2.87
|
$ 29.20
|
Restricted shares, vested/adjustments |
(177,401)
|
(384)
|
Weighted average price per share, vested/adjustments |
$ 2.85
|
$ 29.00
|
Restricted shares, ending balance |
128,496
|
68,592
|
Weighted average price per share, ending balance |
$ 4.96
|
$ 50.00
|
X |
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v3.23.3
SCHEDULE OF WARRANTS ACTIVITY (Details) - $ / shares
|
3 Months Ended |
12 Months Ended |
Apr. 01, 2023 |
Dec. 31, 2022 |
Equity [Abstract] |
|
|
Number of shares, outstanding ending balance |
1,703,688
|
972,495
|
Weighted average exercise price, outstanding beginning balance |
$ 10.21
|
$ 26.88
|
Number of shares, issued |
2,902,509
|
1,404,478
|
Weighted average exercise price, issued |
$ 2.51
|
$ 5.83
|
Number of shares, exercised |
(674,516)
|
|
Weighted average exercise price, exercised |
$ 0.001
|
|
Number of shares, expired or cancelled |
(876,654)
|
(673,285)
|
Weighted average exercise price, expired or cancelled |
$ (5.85)
|
$ 26.84
|
Number of shares, issued |
1,569,516
|
|
Weighted average exercise price, issued |
$ 0.001
|
|
Number of shares, outstanding ending balance |
4,624,543
|
1,703,688
|
Weighted average exercise price, outstanding ending balance |
$ 4.97
|
$ 10.21
|
X |
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v3.23.3
SCHEDULE OF SHARE-BASED COMPENSATION, STOCK OPTIONS, ACTIVITY (Details) - $ / shares
|
3 Months Ended |
12 Months Ended |
Apr. 01, 2023 |
Dec. 31, 2022 |
Equity [Abstract] |
|
|
Options outstanding, beginning balance |
51,302
|
1,302
|
Weighted average exercise price, beginning balance |
$ 50.06
|
$ 1,665.60
|
Options granted |
|
50,000
|
Weighted average exercise price, granted |
|
$ 7.80
|
Options exercised |
|
|
Weighted average exercise price, exercised |
|
|
Options expired or cancelled |
|
|
Weighted average exercise price, expired or cancelled |
|
|
Options outstanding, ending balance |
51,302
|
51,302
|
Weighted average exercise price, ending balance |
$ 50.06
|
$ 50.06
|
X |
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v3.23.3
STOCKHOLDERS’ EQUITY (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands |
|
|
|
|
3 Months Ended |
12 Months Ended |
Feb. 28, 2023 |
Feb. 07, 2023 |
Jan. 04, 2023 |
Jul. 07, 2022 |
Apr. 01, 2023 |
Apr. 02, 2022 |
Dec. 31, 2022 |
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
Common stock, par value |
|
|
|
|
$ 0.00001
|
|
$ 0.00001
|
Grants in period shares |
|
|
|
|
237,305
|
|
63,000
|
Allocated share based compensation expense |
|
|
|
|
$ 16
|
$ 21
|
|
Number of shares issued |
|
|
|
|
1,226,821
|
1,000
|
|
Restricted Stocks [Member] |
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
Grants in period shares |
|
|
|
|
68,592
|
|
|
Allocated share based compensation expense |
|
|
|
|
$ 720
|
$ 374
|
|
Series A Preferred Stock [Member] |
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
Preferred stock dividends |
|
|
|
|
$ 125
|
$ 125
|
|
Minimum [Member] |
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
Common stock issued ammended |
|
|
|
|
$ 0.001
|
|
|
Maximum [Member] |
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
Common stock issued ammended |
|
|
|
|
$ 3,750.00
|
|
|
Common Stock [Member] |
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
Number of shares issued |
|
|
|
|
989,516
|
|
|
Securities Purchase Agreement [Member] |
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
Common stock issued ammended |
|
|
|
|
15,093
|
|
|
Common stock issued ammended |
|
|
|
|
$ 3.06
|
|
|
Number of shares issued |
|
|
|
|
24,332
|
|
|
Expiration date |
|
|
|
|
Oct. 27, 2027
|
|
|
Securities Purchase Agreement [Member] | Minimum [Member] |
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
Common stock issued ammended |
|
|
|
|
$ 60.00
|
|
|
Securities Purchase Agreement [Member] | Maximum [Member] |
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
Common stock issued ammended |
|
|
|
|
$ 3.06
|
|
|
Warrant Amendment Agreement [Member] |
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
Common stock issued ammended |
|
|
|
657,858
|
|
|
|
Common stock issued ammended |
|
|
|
$ 5.85
|
|
|
|
Incremental fair value |
|
|
|
$ 837
|
|
|
|
Warrant Amendment Agreement [Member] | Minimum [Member] |
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
Common stock issued ammended |
|
|
|
$ 18.50
|
|
|
|
Warrant Amendment Agreement [Member] | Maximum [Member] |
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
Common stock issued ammended |
|
|
|
$ 38.00
|
|
|
|
Amended Note Purchase Agreement [Member] | Jackson Investment Group, LLC [Member] |
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
Fair value adjustment of warrants |
|
|
|
|
$ 29
|
|
|
February 2023 IPO [Member] | H.C. Wainwright & Co., LLC [Member] |
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
Common stock issued ammended |
|
|
141,339
|
|
|
|
|
Common stock issued ammended |
|
|
$ 3.3165
|
|
|
|
|
Cash fee percentage |
|
|
7.50%
|
|
|
|
|
Management fee percentage |
|
|
1.00%
|
|
|
|
|
February 2023 IPO [Member] | Securities Purchase Agreement [Member] |
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
Common stock issued ammended |
|
315,000
|
|
|
|
|
|
Common stock, par value |
|
$ 0.00001
|
|
|
|
|
|
Public offering price |
|
2.6532
|
|
|
|
|
|
Shares issued price per share |
|
$ 2.6522
|
|
|
|
|
|
Pre-funded description |
|
Subject
to certain limitations described in the February 2023 Pre-Funded Warrants, the February 2023 Pre-Funded Warrants are immediately
exercisable and may be exercised at a nominal consideration of $0.001 per share any time until all of the February 2023 Pre-Funded
Warrants are exercised in full. A holder will not have the right to exercise any portion of the February 2023 Warrants or the
February 2023 Pre-Funded Warrants if the holder (together with its affiliates) would beneficially own in excess of 4.99% or 9.99%,
respectively (or at the election of the holder of such warrants, 9.99%) of the number of shares of common stock outstanding
immediately after giving effect to the exercise, as such percentage ownership is determined in accordance with the terms of the
February 2023 Warrants or the February 2023 Pre-Funded Warrants, respectively. However, upon notice from the holder to the Company,
the holder may increase the beneficial ownership limitation pursuant to the February 2023 Warrants, which may not exceed 9.99% of
the number of shares of common stock outstanding immediately after giving effect to the exercise, as such percentage ownership is
determined in accordance with the terms of the February 2023 Warrants, provided that any increase in the beneficial ownership
limitation will not take effect until 61 days following notice to the Company.
|
|
|
|
|
|
Number of shares issued |
315,000
|
|
|
|
|
|
|
February 2023 IPO [Member] | Securities Purchase Agreement [Member] | Prefunded Warrant [Member] |
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
Common stock issued ammended |
|
1,569,516
|
|
|
|
|
|
February 2023 IPO [Member] | Securities Purchase Agreement [Member] | Common Stock [Member] |
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
Common stock issued ammended |
1,569,516
|
|
|
|
|
|
|
Common stock issued ammended |
$ 2.6532
|
|
|
|
|
|
|
Sale of Stock, Price Per Share |
$ 2.6522
|
|
|
|
|
|
|
February 2023 IPO [Member] | Warrant Amendment Agreement [Member] |
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
Common stock issued ammended |
876,654
|
876,654
|
|
|
|
|
|
Common stock issued ammended |
$ 5.85
|
$ 5.85
|
|
|
|
|
|
Incremental fair value |
$ 176
|
|
|
|
|
|
|
February 2023 IPO [Member] | Warrant Amendment Agreement [Member] | Minimum [Member] |
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
Common stock issued ammended |
$ 2.47
|
$ 2.47
|
|
|
|
|
|
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v3.23.3
COMMITMENTS AND CONTINGENCIES (Details Narrative) - USD ($)
|
|
|
|
|
|
1 Months Ended |
3 Months Ended |
|
|
|
|
May 18, 2022 |
Sep. 26, 2020 |
Feb. 26, 2020 |
Feb. 09, 2020 |
Sep. 30, 2019 |
Apr. 30, 2023 |
Sep. 30, 2022 |
Apr. 01, 2023 |
Dec. 31, 2022 |
Aug. 27, 2020 |
Sep. 11, 2019 |
Aug. 27, 2018 |
Loss Contingencies [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Loss contingency damages sought value |
|
|
$ 6,000,000
|
|
|
|
|
|
|
|
|
|
Earnout payments |
|
|
|
|
|
|
$ 4,054
|
|
|
|
|
|
Business combination consideration transferred |
|
|
|
|
|
|
|
$ 2,219,000
|
$ 2,639,000
|
|
|
|
Retention Bonus [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Loss Contingencies [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Business combination consideration transferred |
|
|
|
|
|
|
|
550,000
|
|
|
|
|
Key Resources Inc [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Loss Contingencies [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Business combination earnout consideration interest payment |
|
|
|
|
$ 10,000
|
|
|
|
|
|
|
|
Headway Workforce Solutions [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Loss Contingencies [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Payment totaling |
$ 4,450,000
|
|
|
|
|
|
|
|
|
|
|
|
Business combination consideration transferred |
4,290,000
|
|
|
|
|
|
|
|
|
|
|
|
Payments to acquire business |
$ 160,000
|
|
|
|
|
|
|
|
|
|
|
|
Headway Workforce Solutions [Member] | Subsequent Event [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Loss Contingencies [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Threshold amount |
|
|
|
|
|
$ 2,000,000
|
|
|
|
|
|
|
Business combination consideration transferred |
|
|
|
|
|
$ 5,000,000
|
|
|
|
|
|
|
Headway Workforce Solutions [Member] | Contingent Payment One [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Loss Contingencies [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Contingent payment description |
Adjusted
EBITDA of $0 or less than $0= no Contingent Payment
|
|
|
|
|
|
|
|
|
|
|
|
Headway Workforce Solutions [Member] | Contingent Payment Two [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Loss Contingencies [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Contingent payment description |
Adjusted
EBITDA of $500 x 2.5 multiple= $1,250 Contingent Payment
|
|
|
|
|
|
|
|
|
|
|
|
Headway Workforce Solutions [Member] | Contingent Payment Three [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Loss Contingencies [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Contingent payment description |
Adjusted
EBITDA of $1,000 x 2.5 multiple= $2,500 Contingent Payment
|
|
|
|
|
|
|
|
|
|
|
|
Headway Workforce Solutions [Member] | Contingent Payment Four [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Loss Contingencies [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Contingent payment description |
Adjusted
EBITDA of $1,800 x 2.5 multiple= $4,500 Contingent Payment
|
|
|
|
|
|
|
|
|
|
|
|
Headway Workforce Solutions [Member] | Contingent Payment Five [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Loss Contingencies [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Contingent payment description |
Adjusted
EBITDA of $2,000 or more x 2.5 multiple= $5,000 Contingent Payment
|
|
|
|
|
|
|
|
|
|
|
|
Business Combination Earnout Consideration Prepone Date [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Loss Contingencies [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Payment totaling |
|
|
|
|
|
|
|
|
|
$ 2,027,000
|
$ 2,027,000
|
$ 2,027,000
|
Share Purchase Agreement [Member] | Key Resources Inc [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Loss Contingencies [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Business combination earnout consideration interest payment |
|
$ 40,000
|
|
|
|
|
|
|
|
|
|
|
Loss contingency damages sought value |
|
|
|
$ 4,054,000
|
|
|
|
|
|
|
|
|
Earnout payments |
|
|
|
$ 4,054,000
|
|
|
|
|
|
|
|
|
New York Action [Member] | Pamela D. Whitaker [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Loss Contingencies [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Loss contingency damages sought value |
|
|
|
|
|
|
|
$ 4,054,000
|
|
|
|
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v3.23.3
SCHEDULE OF SEGMENT REPORTING INFORMATION, BY SEGMENT (Details) - USD ($) $ in Thousands |
3 Months Ended |
|
Apr. 01, 2023 |
Apr. 02, 2022 |
Dec. 31, 2022 |
Segment Reporting Information [Line Items] |
|
|
|
Total Revenue |
$ 63,105
|
$ 49,893
|
|
Total Gross Profit |
9,588
|
8,513
|
|
Selling, general and administrative expenses |
(10,167)
|
(8,909)
|
|
Depreciation and amortization |
(873)
|
(655)
|
|
Interest expense and amortization of debt discount and deferred financing costs |
(1,349)
|
(766)
|
|
Re-measurement loss on intercompany note |
|
(443)
|
|
Other loss income, net |
(14)
|
(58)
|
|
Loss Before Benefit from Income Tax |
(2,815)
|
(2,318)
|
|
Total Assets |
81,858
|
|
$ 81,659
|
Total Goodwill |
19,891
|
|
19,891
|
Permanent Placement Revenue [Member] |
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
Total Revenue |
1,310
|
1,564
|
|
Temporary Contractor Revenue [Member] |
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
Total Revenue |
61,795
|
48,329
|
|
UNITED STATES |
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
Total Assets |
70,685
|
|
70,970
|
Total Goodwill |
19,891
|
|
19,891
|
UNITED KINGDOM |
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
Total Assets |
11,173
|
|
10,689
|
Total Goodwill |
|
|
|
Commercial Staffing U S [Member] | UNITED STATES |
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
Total Revenue |
23,247
|
28,609
|
|
Total Gross Profit |
3,815
|
4,719
|
|
Commercial Staffing U S [Member] | UNITED STATES | Permanent Placement Revenue [Member] |
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
Total Revenue |
131
|
113
|
|
Commercial Staffing U S [Member] | UNITED STATES | Temporary Contractor Revenue [Member] |
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
Total Revenue |
23,116
|
28,496
|
|
Professional Staffing US [Member] | UNITED STATES |
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
Total Revenue |
24,376
|
4,329
|
|
Total Gross Profit |
3,695
|
1,204
|
|
Professional Staffing US [Member] | UNITED STATES | Permanent Placement Revenue [Member] |
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
Total Revenue |
369
|
380
|
|
Professional Staffing US [Member] | UNITED STATES | Temporary Contractor Revenue [Member] |
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
Total Revenue |
24,007
|
3,949
|
|
Professional Staffing UK [Member] | UNITED KINGDOM |
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
Total Revenue |
15,482
|
16,955
|
|
Total Gross Profit |
2,078
|
2,590
|
|
Professional Staffing UK [Member] | UNITED KINGDOM | Permanent Placement Revenue [Member] |
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
Total Revenue |
810
|
1,071
|
|
Professional Staffing UK [Member] | UNITED KINGDOM | Temporary Contractor Revenue [Member] |
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
Total Revenue |
$ 14,672
|
$ 15,884
|
|
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v3.23.3
SCHEDULE OF RELATED PARTY TRANSACTIONS (Details) - USD ($)
|
3 Months Ended |
Apr. 01, 2023 |
Apr. 02, 2022 |
Related Party Transaction [Line Items] |
|
|
Value of Shares Issued |
$ 60,000,000
|
|
Compensation Expense Recognized |
16,000
|
$ 21,000
|
Board and Committee [Member] |
|
|
Related Party Transaction [Line Items] |
|
|
Cash Compensation |
$ 58,000
|
$ 100,000
|
Shares Issued |
60,000
|
10,000
|
Value of Shares Issued |
$ 180,000
|
$ 10,000
|
Compensation Expense Recognized |
237,000
|
110,000
|
Dimitri Villard [Member] | Board and Committee [Member] |
|
|
Related Party Transaction [Line Items] |
|
|
Cash Compensation |
$ 25,000
|
$ 25,000
|
Shares Issued |
10,000
|
2,000
|
Value of Shares Issued |
$ 29,000
|
$ 2,000
|
Compensation Expense Recognized |
54,000
|
27,000
|
Jeff Grout [Member] | Board and Committee [Member] |
|
|
Related Party Transaction [Line Items] |
|
|
Cash Compensation |
$ 25,000
|
$ 25,000
|
Shares Issued |
10,000
|
2,000
|
Value of Shares Issued |
$ 29,000
|
$ 2,000
|
Compensation Expense Recognized |
54,000
|
27,000
|
Nick Florio [Member] | Board and Committee [Member] |
|
|
Related Party Transaction [Line Items] |
|
|
Cash Compensation |
|
$ 25,000
|
Shares Issued |
10,000
|
2,000
|
Value of Shares Issued |
$ 29,000
|
$ 2,000
|
Compensation Expense Recognized |
29,000
|
27,000
|
Vincent Cebula [Member] | Board and Committee [Member] |
|
|
Related Party Transaction [Line Items] |
|
|
Cash Compensation |
$ 8,000
|
$ 25,000
|
Shares Issued |
10,000
|
2,000
|
Value of Shares Issued |
$ 29,000
|
$ 2,000
|
Compensation Expense Recognized |
38,000
|
27,000
|
Alicia Barker [Member] | Board and Committee [Member] |
|
|
Related Party Transaction [Line Items] |
|
|
Cash Compensation |
|
|
Shares Issued |
10,000
|
2,000
|
Value of Shares Issued |
$ 31,000
|
$ 2,000
|
Compensation Expense Recognized |
31,000
|
$ 2,000
|
Brendan Flood [Member] | Board and Committee [Member] |
|
|
Related Party Transaction [Line Items] |
|
|
Cash Compensation |
|
|
Shares Issued |
10,000
|
|
Value of Shares Issued |
$ 31,000
|
|
Compensation Expense Recognized |
$ 31,000
|
|
X |
- DefinitionAmount of expense for award under share-based payment arrangement. Excludes amount capitalized.
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v3.23.3
X |
- DefinitionAmount of cash paid for interest, excluding capitalized interest, classified as operating activity. Includes, but is not limited to, payment to settle zero-coupon bond for accreted interest of debt discount and debt instrument with insignificant coupon interest rate in relation to effective interest rate of borrowing attributable to accreted interest of debt discount.
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v3.23.3
SUBSEQUENT EVENTS (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands |
|
|
|
|
|
1 Months Ended |
3 Months Ended |
|
|
Sep. 29, 2023 |
Sep. 27, 2023 |
Sep. 06, 2023 |
Sep. 01, 2023 |
Aug. 30, 2023 |
May 18, 2022 |
Apr. 01, 2023 |
Apr. 02, 2022 |
Jul. 14, 2023 |
Dec. 31, 2022 |
Number of shares issued |
|
|
|
|
|
|
1,226,821
|
1,000
|
|
|
Preferred stock, par value |
|
|
|
|
|
|
$ 0.00001
|
|
|
$ 0.00001
|
Series H Preferred Stock [Member] |
|
|
|
|
|
|
|
|
|
|
Number of shares issued |
|
|
|
|
|
9,000,000
|
|
|
|
|
Preferred stock, par value |
|
|
|
|
|
$ 0.00001
|
|
|
|
|
Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
Number of shares issued |
|
|
|
|
|
|
989,516
|
|
|
|
Forecast [Member] |
|
|
|
|
|
|
|
|
|
|
Description of purchase price |
|
no adjustment in the Purchase Price will be required unless such adjustment would require an increase or decrease
of at least 1% in such Purchase Price
|
|
|
|
|
|
|
|
|
Sale of stock, price per share |
|
$ 0.01
|
|
|
|
|
|
|
|
|
Forecast [Member] | Dividend Paid [Member] |
|
|
|
|
|
|
|
|
|
|
Dividend payment, per share |
|
$ 10.00
|
|
|
|
|
|
|
|
|
Forecast [Member] | Acquiring Person [Member] |
|
|
|
|
|
|
|
|
|
|
Business combination acquired, percentage |
|
50.00%
|
|
|
|
|
|
|
|
|
Business acquisition, description of acquired entity |
|
In
the event that any person or group of affiliated or associated persons becomes an Acquiring Person (the first occurrence of such event,
a “Flip-In Event”), each holder of a Right, other than Rights beneficially owned by the Acquiring Person (which will thereupon
become void), will thereafter have the right to receive upon exercise of a Right that number of shares of common stock equal to the number
of shares of common stock obtained by dividing the Purchase Price (subject to adjustments) by 50% of the current per share market price
of the common stock on the date of the Flip-In Event. Except in certain situations, a person or group of affiliated or associated persons
becomes an “Acquiring Person” upon acquiring beneficial ownership of 10% (20% in the case of a Passive Investor (as defined
in the Rights Agreement)) or more in voting power of the shares of Voting Stock then outstanding, subject to certain exclusions
|
|
|
|
|
|
|
|
|
Business acquisition, percentage of voting |
|
50.00%
|
|
|
|
|
|
|
|
|
Forecast [Member] | Headway Purchase Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
Contingent payment |
$ 5,000,000
|
|
|
|
|
|
|
|
|
|
Contingent payment deduction amount |
134,000
|
|
|
|
|
|
|
|
|
|
Forecast [Member] | First Omnibus Amendment Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
Debt instrument, face amount |
|
|
|
|
$ 2,000
|
|
|
|
|
|
Debt instrument, description |
|
|
|
|
the Company is required to pay interest at a per annum rate of 12%. In the event the Company has not repaid in cash at 50% of the
outstanding principal balance of the 2023 Jackson Note on or before October 27, 2023, then interest on the outstanding principal balance
of the 2023 Jackson Note will accrue at 16% per annum until the 2023 Jackson Note is repaid in full
|
|
|
|
|
|
Debt instrument, interest rate |
|
|
|
|
12.00%
|
|
|
|
|
|
Percentage of outstanding principal balance |
|
|
|
|
50.00%
|
|
|
|
|
|
Forecast [Member] | First Omnibus Amendment Agreement [Member] | Acquiring Person [Member] |
|
|
|
|
|
|
|
|
|
|
Business combination acquired, percentage |
|
|
|
|
16.00%
|
|
|
|
|
|
Forecast [Member] | Credit and Security Agreement [Member] | Revolving Credit Facility [Member] |
|
|
|
|
|
|
|
|
|
|
Line of credit facility, description |
|
|
|
|
(i) increases the applicable margin
(a) from 4.25% to 4.50% with respect to revolving loans and other obligations (other than letter of credit liabilities) and (b) from
3.75% to 4.50% with respect to letter of credit liabilities, (ii) revises the definition of borrowing base to include the amount of any
reserves and/or adjustments provided for in the Credit and Security Agreement, including, but not limited to, the Additional Reserve
Amount (as defined in the in Amendment No. 28), (iii) requires that the Company complies with a fixed charge coverage ratio of at least
1:00 to 1:00, and (iv) waives the existing event of default that occurred under the Credit and Security Agreement due to the Credit Parties’
failure to maintain the Minimum Liquidity amount (as defined in the Credit and Security Agreement) for the fiscal month ending June 30,
2023 (each as defined in the Credit and Security Agreement)
|
|
|
|
|
|
Revolving loans amount |
|
|
|
|
$ 1,300
|
|
|
|
|
|
Line of credit facility, percentage |
|
|
|
|
50.00%
|
|
|
|
|
|
Modification fee |
|
|
|
|
$ 68
|
|
|
|
|
|
Line of credit facility, periodic payment interest |
|
|
|
|
$ 32
|
|
|
|
|
|
Forecast [Member] | Offer Letter Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
Number of shares issued |
|
|
|
2,761,170,000
|
|
|
|
|
|
|
Forecast [Member] | Engagement Letter [Member] | H.C. Wainwright & Co., LLC [Member] |
|
|
|
|
|
|
|
|
|
|
Number of shares issued |
|
|
|
207,088
|
|
|
|
|
|
|
Strike price |
|
|
|
$ 1.0375
|
|
|
|
|
|
|
Percentage of cash fee on gross proceeds |
|
|
|
7.50%
|
|
|
|
|
|
|
Percentage of management fee on gross proceeds |
|
|
|
1.00%
|
|
|
|
|
|
|
Proceeds from issuance of warrants |
|
|
|
$ 50
|
|
|
|
|
|
|
Non accountable expenses |
|
|
|
25
|
|
|
|
|
|
|
Clearing costs |
|
|
|
$ 16
|
|
|
|
|
|
|
Forecast [Member] | Limited Duration Stockholder Rights Agreement [Member] | Director [Member] |
|
|
|
|
|
|
|
|
|
|
Preferred stock, par value |
|
$ 0.00001
|
|
|
|
|
|
|
|
|
Forecast [Member] | Related Party [Member] |
|
|
|
|
|
|
|
|
|
|
Agreed amount |
525,000
|
|
|
|
|
|
|
|
|
|
Forecast [Member] | Series H Preferred Stock [Member] |
|
|
|
|
|
|
|
|
|
|
Agreed amount |
$ 11,340,000
|
|
|
|
|
|
|
|
|
|
Preferred stock, shares issued |
9,000,000
|
|
|
|
|
|
|
|
|
|
Preferred stock, shares outstanding |
9,000,000
|
|
|
|
|
|
|
|
|
|
Forecast [Member] | Series H Preferred Stock [Member] | Headway Purchase Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
Dividend payment, per share |
$ 0.0000001
|
|
|
|
|
|
|
|
|
|
Redemption Shares |
100,000
|
|
|
|
|
|
|
|
|
|
Forecast [Member] | Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
Dividend payment, per share |
|
|
|
|
|
|
|
|
$ 1.00
|
|
Forecast [Member] | Warrant [Member] |
|
|
|
|
|
|
|
|
|
|
Number of shares issued |
|
|
|
2,761,170
|
|
|
|
|
|
|
Strike price |
|
|
|
$ 0.83
|
|
|
|
|
|
|
Warrants to purchase |
|
|
|
5,522,340
|
|
|
|
|
|
|
Proceeds from warrant exercises |
|
|
$ 2,300
|
|
|
|
|
|
|
|
Forecast [Member] | Preferred Stock [Member] | Limited Duration Stockholder Rights Agreement [Member] | Director [Member] |
|
|
|
|
|
|
|
|
|
|
Dividend payment, per share |
|
$ 2.75
|
|
|
|
|
|
|
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Staffing 360 Solutions (NASDAQ:STAF)
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