Attached files
| file | filename |
|---|---|
| EX-99.4 - PRESS RELEASE, DATED NOVEMBER 9, 2020, REPORTING MYJOJO'S FINANCIAL RESULTS FOR - Tattooed Chef, Inc. | ea129510ex99-4_tattooedchef.htm |
| EX-99.2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERA - Tattooed Chef, Inc. | ea129510ex99-2_tattooedchef.htm |
| EX-99.1 - UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS OF MYJOJO AS OF SEPTEMBER 30, 2020 A - Tattooed Chef, Inc. | ea129510ex99-1_tattooedchef.htm |
| 8-K/A - AMENDMENT NO.1 TO CURRENT REPORT - Tattooed Chef, Inc. | ea129510-8ka1_tattooed.htm |
Exhibit 99.3
UNAUDITED PRO FORMA CONSOLIDATED BALANCE SHEET
as of September 30, 2020
(in thousands, except per share information)
| Forum II | Myjojo | Pro Forma | Myjojo | |||||||||||||||||||
| Myjojo | Consolidated | Consolidated | Adjustments | Ref | As Adjusted | |||||||||||||||||
| CURRENT ASSETS | ||||||||||||||||||||||
| Cash and cash equivalents | $ | 3,182 | $ | 37 | $ | 3,219 | $ | 104,591 | PF: 1 PF: 2 PF: 3 PF: 6 | $ | 107,810 | |||||||||||
| Marketable Securities held in Trust | - | 207,416 | 207,416 | (207,416 | ) | PF: 1 | - | |||||||||||||||
| Accounts receivable | 17,142 | - | 17,142 | - | 17,142 | |||||||||||||||||
| Inventory | 27,894 | - | 27,894 | - | 27,894 | |||||||||||||||||
| Prepaid expenses and other current assets | 4,385 | 452 | 4,837 | - | 4,837 | |||||||||||||||||
| 52,603 | 207,904 | 260,507 | (102,825 | ) | 157,682 | |||||||||||||||||
| PROPERTY AND EQUIPMENT, NET | 13,822 | - | 13,822 | - | 13,822 | |||||||||||||||||
| DEFERRED TAXES | 189 | 8 | 197 | - | 197 | |||||||||||||||||
| OTHER ASSETS | 104 | - | 104 | - | 104 | |||||||||||||||||
| TOTAL ASSETS | $ | 66,718 | $ | 207,913 | $ | 274,631 | $ | (102,825 | ) | $ | 171,806 | |||||||||||
| CURRENT LIABILITIES | ||||||||||||||||||||||
| Accounts payable | $ | 30,783 | $ | 9,167 | $ | 39,950 | $ | - | $ | 39,950 | ||||||||||||
| Accrued expenses | 2,354 | - | 2,354 | 8,250 | PF: 3 | 10,604 | ||||||||||||||||
| Distributions payable | 2,485 | - | 2,485 | - | 2,485 | |||||||||||||||||
| Line of credit | 19,745 | - | 19,745 | - | 19,745 | |||||||||||||||||
| Notes payable to related parties, current portion | 188 | - | 188 | (188 | ) | - | ||||||||||||||||
| Notes payable, current portion | 514 | - | 514 | (404 | ) | 110 | ||||||||||||||||
| Other current liabilities | 481 | - | 481 | - | 481 | |||||||||||||||||
| 56,550 | 9,167 | 65,717 | 7,658 | PF: 6 | 73,375 | |||||||||||||||||
| NONCURRENT LIABILITIES | ||||||||||||||||||||||
| Notes payable to related parties, net of current portion | - | 1,800 | 1,800 | (1,800 | ) | PF: 6 | - | |||||||||||||||
| Notes payable, net of current portion | 2,274 | - | 2,274 | (345 | ) | PF: 1 | 1,929 | |||||||||||||||
| Deferred underwriting commissions | - | 7,000 | 7,000 | (7,000 | ) | PF: 2 | - | |||||||||||||||
| NONCURRENT LIABILITIES | 2,274 | 8,800 | 11,074 | (9,145 | ) | 1,929 | ||||||||||||||||
| CLASS A COMMON STOCK SUBJECT TO POSSIBLE REDEMPTION | - | 184,946 | 184,946 | (184,946 | ) | PF: 6 | - | |||||||||||||||
| REDEEMABLE NONCONTROLLING INTEREST | $ | 43,900 | $ | - | $ | 43,900 | (43,900 | ) | PF: 4 | - | ||||||||||||
| STOCKHOLDERS’ EQUITY | ||||||||||||||||||||||
| Common stock | 1 | 1 | 2 | (1 | ) | PF: 7 | 1 | |||||||||||||||
| Additional paid-in capital | - | 10,048 | 10,048 | 143,967 | PF: 4 PF: 8 | 154,015 | ||||||||||||||||
| Accumulated other comprehensive income/(loss) | (984 | ) | - | (984 | ) | - | (984 | ) | ||||||||||||||
| Retained earnings/(deficit) | (36,675 | ) | (5,049 | ) | (41,724 | ) | (14,806 | ) | PF: 1 PF: 2 PF: 3 PF: 4 PF: 7 | (56,530 | ) | |||||||||||
| Total equity/(deficit) attributable to common stockholders | (37,658 | ) | 5,000 | (32,658 | ) | $ | 129,160 | $ | 96,502 | |||||||||||||
| Noncontrolling interests | 1,652 | - | 1,652 | (1,652 | ) | PF: 5 | - | |||||||||||||||
| (36,006 | ) | 5,000 | (31,006 | ) | 127,508 | 96,502 | ||||||||||||||||
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 66,718 | $ | 207,913 | $ | 274,631 | $ | (102,825 | ) | $ | 171,806 | |||||||||||
1
UNAUDITED PRO FORMA CONSOLIDATED STATEMENT OF INCOME
FOR THE NINE MONTHS ENDED SEPT 30, 2020
(in thousands, except share and per share amounts)
| Ittella Parent | Forum II | Ittella Parent | Pro Forma | Ittella Parent | ||||||||||||||||||
| Consolidated | (Unaudited) | Consolidated | Adjustments | Ref | As Adjusted | |||||||||||||||||
| REVENUE | $ | 108,896 | $ | - | $ | 108,896 | $ | - | $ | 108,896 | ||||||||||||
| COST OF GOODS SOLD | 92,126 | - | 92,126 | - | 92,126 | |||||||||||||||||
| GROSS PROFIT | 16,770 | - | 16,770 | - | 16,770 | |||||||||||||||||
| OPERATING EXPENSES | 11,645 | 9,294 | 20,939 | (4,069 | ) | PF: 8 | 16,870 | |||||||||||||||
| INCOME (LOSS) FROM OPERATIONS | 5,125 | (9,294 | ) | (4,169 | ) | 4,069 | (100 | ) | ||||||||||||||
| OTHER INCOME AND EXPENSES | ||||||||||||||||||||||
| Interest income | - | 804 | 804 | (405 | ) | PF: 1 | 399 | |||||||||||||||
| Interest expense | (569 | ) | - | (569 | ) | - | (569 | ) | ||||||||||||||
| Other income, net | 1,113 | - | 1,113 | - | 1,113 | |||||||||||||||||
| 544 | 804 | 1,348 | (405 | ) | 943 | |||||||||||||||||
| INCOME (LOSS) BEFORE PROVISION FOR INCOME TAXES | 5,669 | (8,490 | ) | (2,821 | ) | 3,664 | PF: 1 | 843 | ||||||||||||||
| PROVISION FOR INCOME TAXES | 1,775 | (13 | ) | 1,762 | 1,093 | PF: 9 | 2,855 | |||||||||||||||
| NET INCOME (LOSS) | 3,894 | (8,477 | ) | (4,583 | ) | 2,571 | (2,012 | ) | ||||||||||||||
| LESS: INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 1,201 | - | 1,201 | (1,201 | ) | PF: 4 | - | |||||||||||||||
| NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS | $ | 2,693 | $ | (8,477 | ) | $ | (5,784 | ) | $ | 3,772 | $ | (2,012 | ) | |||||||||
| WEIGHTED AVERAGE SHARES OUTSTANDING, BASIC AND DILUTED | 8,230 | 6,920,455 | 57,618,913 | 57,618,913 | ||||||||||||||||||
| NET INCOME PER SHARE | $ | 327.22 | $ | (1.31 | ) | $ | (0.10 | ) | $ | (0.03 | ) | |||||||||||
2
UNAUDITED PROFORMA CONDENSED COMBINED STATEMENT OF OPERATIONS
FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2019
(in thousands, except share and per share amounts)
| Forum II | Myjojo | Pro Forma | Myjojo | |||||||||||||||||||
Myjojo | Consolidated | Consolidated | Adjustments | Ref | As Adjusted | |||||||||||||||||
| REVENUE | $ | 84,919 | $ | - | $ | 84,919 | $ | - | $ | 84,919 | ||||||||||||
| COST OF GOODS SOLD | 71,209 | - | 71,209 | - | 71,209 | |||||||||||||||||
| GROSS PROFIT | 13,710 | - | 13,710 | - | 13,710 | |||||||||||||||||
| OPERATING EXPENSES | 7,454 | 1,105 | 8,559 | 934 | PF: 8 | 9,493 | ||||||||||||||||
| INCOME FROM OPERATIONS | 6,256 | (1,105 | ) | 5,151 | (934 | ) | 4,217 | |||||||||||||||
| OTHER INCOME AND EXPENSES | ||||||||||||||||||||||
| Interest income | - | 4,289 | 4,289 | (2,326 | ) | PF: 1 | 1,963 | |||||||||||||||
| Interest Expense | (494 | ) | - | (494 | ) | - | (494 | ) | ||||||||||||||
| Other Income/(Expense) | - | 18 | 18 | (18 | ) | - | ||||||||||||||||
| (494 | ) | 4,307 | 3,813 | (2,344 | ) | 1,469 | ||||||||||||||||
| INCOME BEFORE PROVISION FOR INCOME TAXES | 5,762 | 3,202 | 8,964 | (3,278 | ) | PF: 1 | 5,686 | |||||||||||||||
| PROVISION FOR INCOME TAXES | 154 | 852 | 1,006 | (973 | ) | PF: 9 | 33 | |||||||||||||||
| NET INCOME | 5,608 | 2,350 | 7,958 | (2,305 | ) | 5,653 | ||||||||||||||||
| LESS: INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 1,082 | - | 1,082 | (1,082 | ) | PF: 4 | - | |||||||||||||||
| NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | $ | 4,526 | $ | 2,350 | $ | 6,876 | $ | (1,223 | ) | $ | 5,653 | |||||||||||
| WEIGHTED AVERAGE SHARES OUTSTANDING, BASIC AND DILUTED | 8 | 6,688 | 57,619 | 57,619 | ||||||||||||||||||
| NET INCOME PER SHAE | $ | 549.93 | $ | (0.11 | ) | $ | 0.12 | $ | 0.10 | |||||||||||||
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| PF 1 | Reflects the reclassification of cash held in Forum’s trust account amounting to $207,415,640 as of September 30, 2020. This cash is used for transaction considerations (i.e., settlement of debts and defined obligations of Myjojo), transaction expenses, the redemption of 1,827 shares of Class A common stock of Forum valued at $18,952 and general corporate purposes following the Closing. This also reflects the adjustment of trust income related to the transaction cash consideration and other expenses related thereto and the resulting tax impact of the trust income using a US federal tax rate of 21% and a California state tax rate of 8.84%. |
| PF 2 | Reflects the settlement of $7,000,000 of deferred underwriters’ fees. |
| PF 3 | Represents transaction costs in connection with the Business Combination totaling $35,105,092 of which $26,855,092 was paid in cash at Closing, consisting of the deferred underwriters’ fees referenced in PF 2, legal and financial advisors’ fees, and other professional fees. This amount includes the accrued compensatory shares payable to Harrison Co. in the second quarter of 2021. |
| PF 4 | Represents recapitalization of Myjojo equity through the issuance of 9,406 shares of common stock, one share of Class A special stock, one share of Class B special stock and the exchange of certain securityholders’ shares of Myjojo’s common stock for 34,470,329 shares of the Company’s common stock as consideration in the Business Combination. |
| a. Exchange of 12.5% noncontrolling ownership interest held by a financial institution in Ittella LLC to Myjojo for 1,176 shares of common stock of Myjojo. | |
| b. Exchange of Pizzo’s 30% ownership interest in Ittella Italy to Myjojo in exchange for one share of Class B special stock of Myjojo, which entitled Pizzo to receive 1,500,000 shares of common stock of the Company and $2,000,000 in cash at the Closing. | |
| c. Issuance of one share of Class A special stock of Myjojo to a key employee, which entitled her receive 500,000 shares of the Company and $1,000,000 in cash at the Closing. | |
| d. Conversion of all issued and outstanding capital stock of Myjojo immediately prior to the Business Combination into the right to receive common stock of the Company. | |
| e. Conversion of shares of the Company’s Class B common stock into shares of the Company’s common stock in connection with the Business Combination. | |
| f. The Sponsor will subject 2,500,000 founder shares to potential forfeiture if certain conditions are not achieved by the post-combination company following the Closing. These shares are not included for purposes of the calculations of net income (loss) per share. In addition, 5,000,000 Holdback Shares subject to the achievement of the same conditions are also not included for purposes of the calculations of net income (loss) per share. | |
| g. Reversal of non-controlling interests on Myjojo’s shares that were subsequently converted/exchanged with the Company’s shares. | |
| PF 5 | Reflects elimination of non-controlling interests attributable to a financial institution and Pizzo. |
| PF 6 | Reflects settlement of Class A common stock subject to possible redemption held by Forum prior to the Business Combination, and certain of Forum’s debt obligations outstanding at Closing. |
| PF 7 | Reflects elimination of Forum’s stockholders’ equity. |
| PF 8 | Reflects Transaction Expenses incurred by Myjojo for the nine months ended September 30, 2020 that are non-recurring and will be expensed or capitalized, as the case may be, at Closing as well as the incremental expense to be incurred by Myjojo as a result of agreements for (i) a new hire to the executive management team, and (ii) compensation adjustments to the existing executive management team’s compensation based on the employment agreements to be effective upon the Closing. Compensation expense includes salary, bonus and burden. |
| PF 9 | Reflects adjustments to income tax expense as a result of the tax impact on the pro forma adjustments at the estimated US federal statutory tax rate of 21.0% and the California state tax rate of 8.84%. |
4