Market Newsdesk

HireQuest Reports Financial Results for the Fourth Quarter and Full-Year 2020

Full-Year EPS of $0.39 per Diluted Share and Cash Flow of More than $9 Million;

Scaling Profitable Business Model – Adding 67 New Franchised Locations and 10 Licensed Locations Through Accretive Acquisitions

GOOSE CREEK, S.C.–(BUSINESS WIRE)–
HireQuest, Inc. (Nasdaq: HQI), a national franchisor of on-demand, temporary, and commercial staffing services, today reported financial results for the fourth quarter and year ended December 31, 2020.

Full-Year 2020 Financial Summary

• Franchise royalties of $12.8 million compared to $14.7 million in the prior year, a decrease of 12.8%.
• Services revenue, including interest paid on aging accounts receivable, of $1.0 million compared to $1.2 million in the prior year, a decrease of 15.5%.
• Total revenue of $13.8 million compared to $15.9 million in the prior year, a decrease of 13.0%.
• Net Income was $5.4 million, or $0.39 per diluted share, compared to a net loss of $290,000, or $(0.03) per share last year.

Subsequent to Year End

• Board of Directors declared a quarterly cash dividend of $0.05 per share of common stock to be paid on March 15, 2021 to shareholders of record as of March 1, 2021. The company intends to pay quarterly cash dividends on its common stock each year in March, June, September and December, subject to final approval by the Board of Directors each quarter after its review of the Company’s financial performance each quarter.
• Completed the acquisition of certain assets of Snelling Staffing for approximately $17.3 million, before working capital adjustments.
• Acquired the franchised operations of LINK Staffing for approximately $11.1 million exclusive of working capital.

Fourth Quarter 2020 Financial Summary

• Franchise royalties of $3.2 million compared to $5.4 million in the prior year period, a decrease of 40.2%.
• Services revenue, including interest paid on aging accounts receivable, of $176,000 compared to $476,000 in the prior year period, a decrease of 63.0%.
• Total revenue of $3.4 million compared to $5.9 million in the prior year period, a decrease of 42.0%.
• Net Income was $1.4 million, or $0.10 per diluted share, compared to net income of $3.5 million, or $0.26 per share last year.
• Paid quarterly cash dividend of $0.05 per share.

System-wide sales¹ for 2020 were $210.9 million compared to $241.6 million for 2019. For the fourth quarter of 2020, system-wide sales¹ were $54.8 million. The decrease is related to the economic slowdown due to COVID-19.

“As a result, we have been able to leverage the advantages of our business model and our balance sheet to grow our business through strategic acquisitions,” added Mr. Hermanns. “We recently closed the acquisition of Snelling Staffing, adding 38 franchised locations, 4 licensed locations, and integrating the 70-year-old tradename of Snelling. We also closed the acquisition of LINK Staffing, adding another 29 franchised and 6 licensed locations. In the aggregate, these two acquisitions add substantial scale. These franchised and licensed locations accounted for $133 million in system-wide sales in 2020 and meaningfully expand our national presence. Additionally, both Snelling and LINK specialize in traditional commercial staffing, giving us a second lucrative franchising revenue stream. Going forward, we will be able to sell franchises for both on-demand and commercial staffing models, while maintaining significant scale to create operational efficiency and facilitating the acquisition of national accounts to support our franchisees.”

“To further mitigate risk and take advantage of our scale, we divested the licensed locations, all in California, to a third party who has agreed to pay a perpetual royalty fee for the use of the Snelling and LINK trademarks,” added Mr. Hermanns. “Between this transaction, the sale of certain branches, the sale of $5.3 million of notes receivable, and the cash flow generated by these acquisitions, we have paid off our line of credit and are in a net cash-positive position again. Most importantly the company is well positioned to benefit from a post-pandemic return to economic normalcy. When that happens, and we don’t know when, we should experience tremendous earnings leverage with our expanded platform.”

“To further mitigate risk and take advantage of our scale, we divested four California locations acquired from Snelling and six locations acquired from Link to a third party who has agreed to pay a perpetual royalty fee to HireQuest for the use of the Snelling trademark,” added Mr. Hermanns. “Between this transaction, the sale of certain branches, the sale of $5.3 million of notes receivable, and the cash flow generated by these acquisitions, we have paid off our line of credit and are in a net cash-positive position again. Most importantly the company is well positioned to benefit from a post-pandemic return to economic normalcy. When that happens, and we don’t know when, we should experience tremendous earnings leverage with our expanded platform.”

Fourth Quarter 2020 Financial Results

The company’s total revenue is calculated by aggregating its revenue derived from franchise royalties and service revenue. Franchise royalties are the royalties earned from franchisees primarily on the basis of their sales to their customers. Service revenue consists of interest charged to franchisees on overdue accounts and other fees for optional services we provide our franchisees.

Franchise royalties in the fourth quarter of 2020 were $3.2 million compared to $5.4 million in the year-ago quarter, a decrease of 40.2%. Service revenue was $176,000 compared to $476,000 in the prior-year quarter, a decrease of 63.0%. Total revenue in the fourth quarter of 2020 was $3.4 million compared to $5.9 million in the year-ago quarter, a decrease of 42.0%.

Selling, general and administrative (“SG&A”) expenses in the fourth quarter of 2020 were $2.2 million compared to $3.1 million for the fourth quarter last year. The fourth quarter of 2019 included approximately $0.5 million of non-recurring, merger-related expenses. The decrease in SG&A was also driven by a decrease in expenses related to workers’ compensation costs and bad debt.

Net Income in the fourth quarter of 2020 was $1.4 million, or $0.10 per diluted share, compared to net income of $3.5 million, or $0.26 per diluted share, in the fourth quarter last year (excluding a loss of $315,000, or $(0.02) per diluted share, in discontinued operations. The fourth quarter of 2020 did not include any discontinued operations.

___________________________

¹ Refer to “Supplemental Operating Metrics” section at the end of this press release for a definition and additional details regarding System-wide sales

² Based on a closing stock price of $10.12 on December 15, 2020

Full Year 2020 Financial Results

Franchise royalties for the full year 2020 were $12.8 million compared to $14.7 million in the prior year, a decrease of 12.8%. Service revenue was $1.0 million compared to $1.2 million in the prior year, a decrease of 15.5%.

Total revenue for the full year 2020 was $13.8 million compared to $15.9 million in the prior year, a decrease of 13.0%. This decrease is primarily due to the economic shutdown caused by COVID-19.

Selling, general and administrative (“SG&A”) expenses for the full year 2020 were $8.7 million compared to $12.7 million for the prior year, a decrease of 31.5%. The decrease in SG&A was primarily due to the absence of merger-related expenses in 2020. 2019 included approximately $5.1 million of non-recurring, merger-related expenses. The decrease was partially offset by an increase in stock-based compensation and a reserve placed on notes receivable that the company issued to finance the sale of offices acquired in its merger in 2019. This reserve is directly related to the negative impact COVID-19 has had on the economy, the financial condition of the company’s borrowers and the value of the underlying collateral.

Net Income for the full year 2020 was $5.4 million, or $0.39 per diluted share, compared to a net loss of $290,000, or $(0.03) per diluted share, in the prior year. In 2019, the net loss from continuing operations, which excluded discontinued operations, was $505,000, or $(0.05) per diluted share. 2020 did not include any discontinued operations.

Balance Sheet and Capital Structure

Cash was $13.7 million as of December 31, 2020, compared to $4.2 million as of December 31, 2019.

Total assets were $49.1 million as of December 31, 2020, and total liabilities were $12.7 million.

On December 15, 2020, the company paid a quarterly cash dividend of $0.05 per share of common stock to shareholders of record as of December 1, 2020. The company intends to pay a $0.05 cash dividend on a quarterly basis, based on its business results and financial position.

Conference Call

HireQuest will hold a conference call to discuss its financial results.

Date:	Thursday, March 25, 2021
Time:	4:30 p.m. Eastern time (2:30 p.m. Mountain time)
Toll-free dial-in number:	1-877-545-0320
International dial-in number:	1-973-528-0016
Entry Code:	904518

Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization.

The conference call will be broadcast live and available for replay at https://www.webcaster4.com/Webcast/Page/2359/40349 and via the investor relations section of HireQuest’s website at www.hirequest.com.

A replay of the conference call will be available through April 8, 2021.

Toll-free replay number:	1-877-481-4010
International replay number:	1-919-882-2331
Replay Passcode:	40349

About HireQuest

HireQuest, Inc. is a nationwide franchisor that provides on-demand labor and commercial staffing solutions in the light industrial, blue-collar, and commercial segments of the staffing industry for HireQuest Direct, HireQuest, Snelling, and LINK franchised offices across the United States. Through its national network of over 200 franchisee-owned offices in more than 35 states and the District of Columbia, HireQuest provides employment for approximately 60,000 individuals annually that work for thousands of customers in numerous industries including construction, light industrial, manufacturing, hospitality, clerical, medical, travel, and event services. For more information, visit www.hirequest.com.

Important Cautions Regarding Forward-Looking Statements

This news release includes, and the company’s officers and other representatives may sometimes make or provide certain estimates and other forward-looking statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act, and Section 21E of the Exchange Act, including, among others, statements with respect to future revenue, franchise sales, system-wide sales, and the growth thereof; operating results; anticipated benefits of the acquisition of Snelling and/or LINK., or the conversion of Snelling’s corporate offices to the franchise model; intended office openings; expectations of the effect on our financial condition of claims and litigation; strategies for customer retention and growth; strategies for risk management; and all other statements that are not purely historical and that may constitute statements of future expectations. Forward-looking statements can be identified by words such as: “anticipate,” “intend,” “plan,” “goal,” “seek,” “believe,” “project,” “estimate,” “expect,” “strategy,” “future,” “likely,” “may,” “should,” “will,” and similar references to future periods.

While the company believes these statements are accurate, forward-looking statements are not historical facts and are inherently uncertain. They are based only on the company’s current beliefs, expectations, and assumptions regarding the future of its business, future plans and strategies, projections, anticipated events and trends, the economy, and other future conditions. The company cannot assure you that these expectations will occur, and its actual results may be significantly different. Therefore, you should not place undue reliance on these forward-looking statements. Important factors that may cause actual results to differ materially from those contemplated in any forward-looking statements made by the company include the following: the level of demand and financial performance of the temporary staffing industry; the financial performance of the company’s franchisees; changes in customer demand; the effects of any global pandemic including the impact of the novel coronavirus disease (“COVID-19”); the extent to which the company is successful in gaining new long-term relationships with customers or retaining existing ones, and the level of service failures that could lead customers to use competitors’ services; significant investigative or legal proceedings including, without limitation, those brought about by the existing regulatory environment or changes in the regulations governing the temporary staffing industry and those arising from the action or inaction of the company’s franchisees and temporary employees; strategic actions, including acquisitions and dispositions and the company’s success in integrating acquired businesses including, without limitation, successful integration following the acquisitions of Snelling and LINK; disruptions to the company’s technology network including computer systems and software; natural events such as severe weather, fires, floods, and earthquakes, or man-made or other disruptions of the company’s operating systems; and the factors discussed in the “Risk Factors” section and elsewhere in the company’s most recent Annual Report on Form 10-K.

Any forward-looking statement made by the company or its management in this news release is based only on information currently available to the company and speaks only as of the date on which it is made. The company and its management disclaim any obligation to update or revise any forward-looking statement, whether written or oral, that may be made from time to time, based on the occurrence of future events, the receipt of new information, or otherwise, except as required by law.

HireQuest, Inc. Consolidated Balance Sheets
	December 31, 2020		December 31, 2019
ASSETS
Current assets
Cash	$ 13,667,434		$ 4,187,450
Accounts receivable, net of allowance for doubtful accounts	21,344,499		28,201,279
Notes receivable	2,178,299		3,419,458
Prepaid expenses, deposits, and other assets	344,091		188,560
Prepaid workers’ compensation	1,434,583		822,938
Other assets	–		201,440
Total current assets	38,968,906		37,021,125
Property and equipment, net	3,193,379		1,900,686
Deferred tax asset	79,379		–
Intangible assets, net	342,697		–
Notes receivable, net of current portion and reserve	5,887,229		7,990,251
Total assets	$ 49,095,042		$ 46,912,062
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Accounts payable	$ 457,490		$ 253,845
Other current liabilities	1,322,764		1,893,846
Accrued benefits and payroll taxes	743,431		1,113,904
Due to affiliates	67,398		–
Due to franchisees	3,228,777		3,610,596
Risk management incentive program liability	858,482		1,811,917
Workers’ compensation claims liability	2,777,734		2,327,869
Total current liabilities	9,456,076		11,011,977
Workers’ compensation claims liability, net of current portion	1,806,334		1,516,633
Franchisee deposits	1,468,359		1,412,924
Deferred tax liability	–		1,688,446
Total liabilities	12,730,769		15,629,980
Commitments and contingencies
Stockholders’ equity
Preferred stock – $0.001 par value, 1,000,000 shares authorized; none issued	–		–
Common stock – $0.001 par value, 30,000,000 shares authorized; 13,628,675 and 13,518,036 shares issued, respectively	13,629		13,518
Additional paid-in capital	28,811,389		27,584,610
Treasury stock, at cost – 33,092 and -0- shares, respectively	(146,465)		–
Retained earnings	7,685,720		3,683,954
Total stockholders’ equity	36,364,273		31,282,082
Total liabilities and stockholders’ equity	$ 49,095,042		$ 46,912,062

HireQuest, Inc. Consolidated Statements of Income
	Three months ended				Year ended
	December 31, 2020		December 31, 2019		December 31, 2020		December 31, 2019
	(unaudited)		(unaudited)
Franchise royalties	$ 3,229,658		$ 5,396,922		$ 12,792,793		$ 14,673,636
Service revenue	175,817		475,748		1,016,332		1,202,824
Total revenue	3,405,475		5,872,670		13,809,125		15,876,460
Selling, general and administrative expenses	2,158,276		3,131,312		8,700,446		12,692,297
Depreciation and amortization	32,528		324,502		129,182		400,132
Income (loss) from operations	1,214,671		2,416,856		4,979,497		2,784,031
Other miscellaneous income	238,365		(616)		1,170,619		751,077
Interest and other financing expense	(10,490)		(37,748)		(49,664)		(559,585)
Net income before income taxes	1,442,546		2,378,492		6,100,452		2,975,523
Provision (benefit) for income taxes	86,446		(1,399,406)		741,038		3,480,996
Income (loss) from continuing operations	1,356,100		3,777,898		5,359,414		(505,473)
Income from discontinued operations, net of tax	–		(315,067)		–		215,494
Net income (loss)	$ 1,356,100		$ 3,462,831		$ 5,359,414		$ (289,979)
Basic earnings per share
Continuing operations	$ 0.10		$ 0.28		$ 0.40		$ (0.05)
Discontinued operations	–		(0.02)		–		0.02
Total	$ 0.10		$ 0.26		$ 0.40		$ (0.03)
Diluted earnings per share
Continuing operations	$ 0.10		$ 0.28		$ 0.39		$ (0.04)
Discontinued operations	–		(0.02)		–		0.02
Total	$ 0.10		$ 0.26		$ 0.39		$ (0.03)
Weighted average shares outstanding
Basic	13,589,006		13,488,436		13,542,403		11,588,776
Diluted	13,731,644		13,490,636		13,654,128		11,588,776

HireQuest, Inc.

Supplemental Operating Metrics

¹ Management sometimes refers to total sales generated by its franchisees as “franchise sales.” Management also sometimes refers to sales at offices that were owned and operated by the company, not by one of its franchisees, as “company-owned sales,” all of which were sold as of September 29, 2019. Sales at company-owned offices are reflected net of costs, expenses, and taxes associated with those sales on the company’s financial statements as “Income from discontinued operations, net of tax.” The sum of franchise sales and company-owned sales is referred to as “system-wide sales,” a non-GAAP operating performance metric. In other words, system-wide sales include sales at all offices, whether owned and operated by the company or by its franchisees. While the company does not record franchise sales as revenue, management believes that information on system-wide sales is important to understanding the company’s financial performance because those sales are the basis on which the company calculates and records franchise royalty revenue, are directly related to interest charged on overdue accounts, which the company records under service revenue, and are indicative of the financial health of the franchisee base.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210325005773/en/

Company Contact:

HireQuest, Inc.

Cory Smith, CFO

(800) 835-6755

Email: [email protected]

Investor Relations Contact:

Hayden IR

Brett Maas

(646) 536-7331

Email: [email protected]

KEYWORDS: South Carolina United States North America

INDUSTRY KEYWORDS: Professional Services Human Resources

MEDIA:

Posted on March 25, 2021 4:08 pm

SenesTech Announces Year End 2020 Financial and Operational Results

PR Newswire

PHOENIX, March 25, 2021 /PRNewswire/ — SenesTech, Inc. (NASDAQ: SNES), a developer of proprietary, next generation technologies for managing animal pest populations through fertility control, today announced financial and operational results for the fourth quarter and fiscal year 2020, which ended on December 31, 2020.

Ken Siegel, CEO of SenesTech, commented, “We made significant progress in 2020 in building awareness and adoption of ContraPest, as evidenced by a 97% year-over-year increase in revenue. Although the revenue increase is from a relatively small base, we are making measurable progress despite the continuing pandemic. Importantly, we recently concluded pivotal ContraPest monitored deployments in agricultural and urban settings within integrated pest management programs initially including conventional rodenticides. The deployments had extremely positive results in reducing rat infestations and their enormous economic impact.  In addition to these pivotal deployments, the state of California has enacted legislation that went into effect January 1, 2021 that prohibits the use of the four major Second Generation Anticoagulant Rodenticides (SGARs) broadly used in traditional rodent pest control practices. As impacts from the pandemic begin to subside and we are able to more aggressively interact with potential agricultural and municipal customers, we believe we are well positioned to address these very large market opportunities.”

“Operationally, we have taken significant steps to better position SenesTech for the future. We have driven efficiencies in our operating structure which significantly reduces our breakeven point, including completing the move from Flagstaff to Phoenix. We are utilizing cash more effectively at approximately $1.6 million for the fourth quarter of 2020, and we completed a $10 million private placement in February 2021. I believe we are in the best position we have ever been to successfully address the enormous potential of ContraPest.”

Fourth Quarter and Fiscal 2020 Highlights

• Revenue during 2020 was approximately $282,000 compared to approximately $143,000 in 2019, an increase of 97%.
• Completed model agricultural deployments of ContraPest® with demonstrated, sustained success in reducing rat populations and improving operating economics in poultry settings. Results from both an egg production farm and a pullet house showed a 50% reduction in rats within six months of deployment and continued success as treatment progressed. The egg farm had a confirmed 90% decline in rat activity within 12 months of adding ContraPest. The pullet farm reported an 88% improvement in pullet survival after reducing their rat population with ContraPest. The projected incremental economic benefit of adding ContraPest to the pullet farm’s pest management plan resulted in over $600,000 in increased revenue and decreased costs.
• Completed a long term monitored deployment of ContraPest® in a large, east coast urban setting within integrated pest management with conventional rodenticides, with demonstrated, sustained success in reducing rat populations. Data collected at month 12 from cameras showed that Site A had a 94% reduction in rat activity and a 98% decline in juvenile rat sightings since the start of monitoring. Site B had a 99% reduction in rat activity and 100% decline in juvenile rat sightings during the same period. These results showed that the ContraPest pilot was efficacious at lowering the rat populations and limiting the number of juveniles born, thus enhancing the results of the city’s rodent control program.
• California’s AB1788 was signed by California’s Governor and became law January 1, 2021. The California Ecosystems Protection Act of 2020 will prohibit the use of the four major Second Generation Anticoagulant Rodenticides (SGARs) commonly used in rodent pest control under many circumstances, which opens up a potential $100 million annual market opportunity to alternative solutions, which includes ContraPest.
• Completion of the move of all operations from Flagstaff to Phoenix, and the resumption of normal commercial production.
• On a GAAP basis, net loss for 2020 was $(8.4) million, compared with a net loss of $(10.0) million for 2019.
• Adjusted EBITDA loss, which is a non-GAAP measure of operating performance, for 2020 was $(6.9) million versus $(8.2) million in 2019.
• In February 2021, the Company closed a private placement priced at-the-market under Nasdaq rules and resulted in net proceeds of approximately $9.2 million after the deduction of placement agent fees and expenses and estimated offering expenses payable by the Company.
• In March 2021, the Company closed a shelf offering priced at-the-market under Nasdaq rules and resulted in net proceeds of $3.5 million after the deduction of placement agent fees and expenses and estimated offering expenses payable by the Company. We also had warrants exercised for an additional $1.2 million in cash.
• Cash at the end of 2020, together with the proceeds of the private placement, the shelf, and the warrant exercises, was approximately $17.5 million.

Use of Non-GAAP Measure

Adjusted EBITDA is a non-GAAP measure. However, this measure is not intended to be a substitute for those financial measures reported in accordance with GAAP. Adjusted EBITDA has been included because management believes that, when considered together with the GAAP figures, it provides meaningful information related to our operating performance and liquidity and can enhance an overall understanding of financial results and trends. Adjusted EBITDA may be calculated by us differently than other companies that disclose measures with the same or similar term. See our attached financials for a reconciliation of this non-GAAP measure to the nearest GAAP measure.

Conference Call Details

Date and Time: Thursday, March 25, 2021 at 5:00 pm ET

Call-in Information: Interested parties can access the conference call by dialing (844) 308-3351 or (412) 317-5407.

Live Webcast Information: Interested parties can access the conference call via a live Internet webcast, which is available in the Investor Relations section of the Company’s website at http://senestech.investorroom.com/.

Replay: A teleconference replay of the call will be available for three days at (877) 344-7529 or (412) 317-0088, confirmation #10153336. A webcast replay will be available in the Investor Relations section of the Company’s website at http://senestech.investorroom.com/ for 90 days. 

About SenesTech

SenesTech is changing the model for pest management by targeting one of the root causes of the problem: reproduction.

ContraPest® is an innovative technology with an approach that targets the reproductive capabilities of both sexes in rat populations, inducing egg loss in female rats and impairing sperm development in males. Using a proprietary bait delivery method, ContraPest® is dispensed in a highly palatable liquid formulation that promotes sustained consumption by rat communities. ContraPest® is designed, formulated and dispensed to be low hazard for handlers and non-target species such as wildlife, livestock and pets, where the active ingredients break down rapidly.

We believe ContraPest® will establish a new paradigm in rodent control, resulting in a decreased reliance on lethal options. For more information visit the SenesTech website at www.senestech.com.

Safe Harbor Statement

The foregoing paragraphs contain forward-looking statements that involve estimates, assumptions, risks and uncertainties. Any statements about our expectations, beliefs, plans, objectives, assumptions or future events or performance are not historical facts and may be forward-looking. “Forward-looking statements” may be preceded by words such as “may,” “future,” “plan” or “planned,” “will,” “should,” “expected,” “anticipates,” “continue,” “eventually,” “believes,” or “projected.” Forward-looking statements include statements concerning continued or additional deployments or success of deployments and success of our products; our breakeven point and obtainment of efficiencies; ; the potential market for ContraPest; the potential impact and effects of the COVID-19 pandemic on the Company’s business, results of operations and financial performance; any measures the Company has and may take in response to COVID-19 and any expectations the Company may have with respect thereto; the Company’s strategy and target marketing and markets; continuing the Company’s vision; expected benefits of the Company’s initiatives and continuation of those initiatives; the continuation or expansion of the use of ContraPest; demand for ContraPest; the Company’s expectation regarding costs, expenses and cash and continuing its cost improvement plan; future financial results; and the Company’s execution of its strategic business plan.

Investors should not unduly rely on forward-looking statements. Such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those made in the forward-looking statements, including as a result of various factors and other risks, such as market acceptance and demand for the Company’s products, customers completing order commitments, the Company’s ability to reduce costs and execute on its plans and continuing to believe it is following the best strategy, the Company having sufficient financing, and other factors identified in the Company’s filings with the Securities and Exchange Commission, including its annual report on Form 10-K and quarterly reports filed on Form 10-Q. All forward-looking statements speak only as of the date on which they were made based on management’s assumptions as of such date. The Company does not undertake any obligation to update any forward-looking statements, whether as a result of the receipt of new information, the occurrence of future events or otherwise.

CONTACT: 

Investors: Robert Blum, Joe Dorame, Joe Diaz, Lytham Partners, LLC,
602-889-9700, [email protected]

Company: Tom Chesterman, Chief Financial Officer, SenesTech, Inc.,
928-779-4143

 

SENESTECH, INC.
CONDENSED BALANCE SHEETS
(In thousands, except shares and per share data)
	December 31,		December 31,
	2020		2019
ASSETS
Current assets:
Cash	$           3,643		$           1,936
Accounts receivable trade, net	25		26
Accounts receivable-other	–		123
Prepaid expenses	178		257
Inventory	945		1,180
Deposits	28		20
Total current assets	4,819		3,542
Right to use asset-operating leases	665		699
Property and equipment, net	538		738
Total assets	$           6,022		$           4,979
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Short-term debt	$                98		$              123
Accounts payable	404		265
Accrued expenses	292		1,193
Total current liabilities	794		1,581
Long-term debt, net	673		137
Operating lease liability	671		694
Total liabilities	2,138		2,412
Commitments and contingencies (See note 12)	–		–
Stockholders’ equity:
Common stock, $0.001 par value, 100,000,000 shares authorized, 5,099,512 and 1,414,671 shares issued and outstanding at December 31, 2020 and December 31, 2019, respectively	5		1
Additional paid-in capital	108,119		98,433
Accumulated deficit	(104,240)		(95,867)
Total stockholders’ equity	3,884		2,567
Total liabilities and stockholders’ equity	$           6,022		$           4,979