\n| \n For the Three Months Ended September 30, 2020<\/span><\/b><\/p>\n<\/td>\n<\/tr>\n\n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n | \n | \nThree Months Ended September 30,<\/b><\/td>\n<\/tr>\n\n | \n | \n\n 2020<\/b><\/p>\n<\/td>\n | | \n\n 2019<\/b><\/p>\n<\/td>\n<\/tr>\n\n | \n | \n$<\/b><\/td>\n | | \n% of Total<\/b><\/td>\n | | \n$<\/b><\/td>\n | | \n% of Total<\/b><\/td>\n<\/tr>\n\n| Coffee Creamers<\/td>\n | | \n\n \n$\n<\/p>\n<\/td>\n | \n \n5,223,724\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n69\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n | | \n\n \n$\n<\/p>\n<\/td>\n | \n \n2,224,596\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n64\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n<\/tr>\n | \n| Hydration and Beverage Enhancing Supplements<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n1,031,834\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n14\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n633,264\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n18\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n<\/tr>\n | \n| Coffee, Tea, and Hot Chocolate Products<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n2,188,022\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n29\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n578,379\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n16\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n<\/tr>\n | \n| Other<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n168,720\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n2\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n139,096\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n4\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n<\/tr>\n | \n| Gross Sales<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n8,612,300\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n114\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n3,575,335\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n102\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n<\/tr>\n | \n| Shipping income<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n25,737\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n0\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n132,033\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n4\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n<\/tr>\n | \n| Returns and discounts<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(1,024,964\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | | \n\n \n-14\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(220,033\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | | \n\n \n-6\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n<\/tr>\n | \n| Sales, net<\/td>\n | | \n\n \n$\n<\/p>\n<\/td>\n | \n \n7,613,073\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n100\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n | | \n\n \n$\n<\/p>\n<\/td>\n | \n \n3,487,335\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n100\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n | \n | \nThree Months Ended September 30,<\/b><\/td>\n<\/tr>\n\n | \n | \n\n 2020<\/b><\/p>\n<\/td>\n | | \n\n 2019<\/b><\/p>\n<\/td>\n<\/tr>\n\n | \n | \n$<\/b><\/td>\n | | \n% of Total<\/b><\/td>\n | | \n$<\/b><\/td>\n | | \n% of Total<\/b><\/td>\n<\/tr>\n\n| Online<\/td>\n | | \n\n \n$\n<\/p>\n<\/td>\n | \n \n3,713,773\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n49\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n | | \n\n \n$\n<\/p>\n<\/td>\n | \n \n2,229,878\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n64\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n<\/tr>\n | \n| Wholesale<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n3,773,285\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n50\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n1,168,306\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n34\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n<\/tr>\n | \n| Food Service<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n126,015\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n1\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n89,151\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n2\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n<\/tr>\n | \n| Sales, net<\/td>\n | | \n\n \n$\n<\/p>\n<\/td>\n | \n \n7,613,073\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n100\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n | | \n\n \n$\n<\/p>\n<\/td>\n | \n \n3,487,335\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n100\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Net sales <\/b>increased 118% to $7.6 million in the third quarter of 2020 compared to $3.5 million in the third quarter of 2019.Growth in net sales in the third quarter of 2020 was driven primarily by a combination of growth in online and wholesale channels, primarily caused by an increase in sales volume across product lines.\n<\/p>\n Gross profit<\/b> was $1.9 million compared to $1.5 million in the prior year period. Gross margin was 24.7% of net sales in the third quarter of 2020, compared to 41.9% of net sales in the prior year period. The decrease in gross margin was primarily due to disposal costs related to the early production and distribution of the liquid creamer product line, elevated outbound shipping costs, and increased co-packing costs primarily associated with the liquid creamer product line.\n<\/p>\n Operating expenses<\/b> of $5.3 million compared to $3.9 million in the year ago period reflect General and Administrative expense increases of $843,000, primarily related to the Company\u2019s Initial Public Offering, as well as Sales and Marketing expense increases of $554,000, primarily related to a stock option modification expense.\n<\/p>\n Loss from operations <\/b>was $3.4 million in the third quarter of 2020, compared to a loss of $2.4 million in the prior year period.\n<\/p>\n Net loss attributable to common stockholders<\/b> was $4.0 million, or $0.86 per diluted share, in the third quarter of 2020, compared to a loss of $2.4 million, or $0.66 per diluted share, in the prior year period.\n<\/p>\n \nValerie Ells, Chief Financial Officer, commented, \u201cWe are thrilled with our record net sales performance in the third quarter, which furthers our conviction in the strength of our brand and the compelling addressable market opportunities in front of us. Market share and customer growth are our major priorities and this quarter demonstrated that our authentic brand, and meeting consumers where they are across our omnichannel platform, resonates with today\u2019s consumer seeking healthy, plant-based and sustainable products. We remain confident in our ability to leverage our fixed cost structure as we focus on driving the top line while taking steps toward long-term profitability.\u201d\n<\/p>\n \n\n| \n For the Nine Months Ended September 30, 2020<\/span><\/b><\/p>\n<\/td>\n<\/tr>\n\n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n | \n | \nNine Months Ended September 30,<\/b><\/td>\n<\/tr>\n\n | \n | \n\n 2020<\/b><\/p>\n<\/td>\n | | \n\n 2019<\/b><\/p>\n<\/td>\n<\/tr>\n\n | \n | \n$<\/b><\/td>\n | | \n% of Total<\/b><\/td>\n | | \n$<\/b><\/td>\n | | \n% of Total<\/b><\/td>\n<\/tr>\n\n| Coffee Creamers<\/td>\n | | \n\n \n$\n<\/p>\n<\/td>\n | \n \n13,241,592\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n71\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n | | \n\n \n$\n<\/p>\n<\/td>\n | \n \n5,933,639\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n66\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n<\/tr>\n | \n| Hydration and Beverage Enhancing Supplements<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n2,881,132\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n15\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n1,475,051\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n16\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n<\/tr>\n | \n| Coffee, Tea, and Hot Chocolate Products<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n4,167,163\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n22\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n1,309,524\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n15\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n<\/tr>\n | \n| Other<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n368,983\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n2\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n346,210\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n4\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n<\/tr>\n | \n| Gross Sales<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n20,658,870\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n110\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n9,064,424\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n101\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n<\/tr>\n | \n| Shipping income<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n221,082\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n1\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n329,342\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n4\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n<\/tr>\n | \n| Returns and discounts<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(2,174,824\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | | \n\n \n-11\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(461,124\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | | \n\n \n-5\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n<\/tr>\n | \n| Sales, net<\/td>\n | | \n\n \n$\n<\/p>\n<\/td>\n | \n \n18,705,128\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n100\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n | | \n\n \n$\n<\/p>\n<\/td>\n | \n \n8,932,642\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n100\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n | \n | \n\n 2020<\/b><\/p>\n<\/td>\n | | \n\n 2019<\/b><\/p>\n<\/td>\n<\/tr>\n\n | \n | \n$<\/b><\/td>\n | | \n% of Total<\/b><\/td>\n | | \n$<\/b><\/td>\n | | \n% of Total<\/b><\/td>\n<\/tr>\n\n| Online<\/td>\n | | \n\n \n$\n<\/p>\n<\/td>\n | \n \n10,049,039\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n54\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n | | \n\n \n$\n<\/p>\n<\/td>\n | \n \n5,325,768\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n60\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n<\/tr>\n | \n| Wholesale<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n8,324,286\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n45\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n3,449,941\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n39\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n<\/tr>\n | \n| Food Service<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n331,803\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n1\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n156,933\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n1\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n<\/tr>\n | \n| Sales, net<\/td>\n | | \n\n \n$\n<\/p>\n<\/td>\n | \n \n18,705,128\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n100\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n | | \n\n \n$\n<\/p>\n<\/td>\n | \n \n8,932,642\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n100\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Net sales <\/b>increased 109% to $18.7 million for the nine months ended September 30, 2020 compared to $8.9 million in the prior year period.<\/p>\n Gross profit<\/b> was $5.3 million, or 28.4% of net sales, for the nine months ended September 30, 2020, compared to $3.6 million, or 40.7% of net sales, in the prior year period. The increase in gross profit was primarily due to sales growth. The decrease in gross margin was primarily due to elevated inbound freight expenses in response to an unanticipated increase in demand associated with COVID-19, elevated disposal costs related to the early production and distribution of the new liquid creamer product line and increased co-packing costs primarily associated with the liquid creamer product line.\n<\/p>\n Operating expenses<\/b> of $13.7 million compared to $10.2 million in the year ago period reflect General and Administrative expense increases of $1.9 million, primarily related to the Company\u2019s Initial Public Offering and an asset impairment recorded during the second quarter, as well as Sales and Marketing increases of $1.5 million, primarily related to stock option modification expense and increased advertising and payroll expenses.\n<\/p>\n Loss from operations <\/b>was $8.4 million for the nine months ended September 30, 2020, compared to $6.5 million in the prior year period.\n<\/p>\n Net loss attributable to common stockholders<\/b> was $10.0 million, or $2.26 per diluted share, for the nine months ended September 30, 2020 compared to $6.3 million, or $1.79 per diluted share, in the prior year period.\n<\/p>\n Balance Sheet and Cash Flow Highlights<\/span><\/b><\/p>\n\nThe Company\u2019s cash and cash equivalents<\/b> were $72.9 million as of September 30, 2020 and total outstanding debt was $51,000. Cash and cash equivalents as of September 30, 2020 includes the net proceeds from the Company\u2019s IPO. Net cash used in operating activities was $7.1 million in the nine months ended September 30, 2020, compared to $6.9 million in the prior year period.\n<\/p>\n Capital expenditures<\/b> totaled $875,000 for the nine months ended September 30, 2020, compared to $1.6 million in the prior year period.\n<\/p>\n Successful Initial Public Offering<\/span><\/b><\/p>\n\nOn September 25, 2020, the Company completed its initial public offering (\u201cIPO\u201d), in which it issued and sold 3,047,500 shares of common stock at a public offering price of $22.00 per share for net proceeds to the Company of approximately $62.1 million, after deducting underwriting discounts, commissions and estimated offering expenses. Danone Manifesto Ventures purchased $2.0 million of the Company\u2019s common stock in a private placement immediately subsequent to the consummation of the IPO, at a price per share of $22.00. The Company continues to expect to use the net proceeds from the IPO for working capital and general corporate purposes, including operating expenses and capital expenditures. Additionally, the Company may use a portion of the net proceeds to acquire businesses or products. On September 30, 2020, subsequent to the IPO, there were 8,874,890 shares of common stock outstanding.\n<\/p>\n Conference Call and Webcast Details<\/b><\/p>\n \nThe Company will host a conference call and webcast at 5:00 p.m. ET today to discuss the results. The live conference call can be accessed by dialing (833) 772-0381 from the U.S. or (236) 384-2050 internationally and using access code 1754637. Alternatively, participants may access the live webcast on the Laird Superfood Investor Relations website at https:\/\/investors.lairdsuperfood.com<\/a> under \u201cEvents.\u201d\n<\/p>\nAbout Laird Superfood <\/b><\/p>\n \nLaird Superfood, Inc. creates award-winning, plant-based superfood products that are both delicious and functional. The Company’s products are designed to enhance your daily ritual and keep consumers fueled naturally throughout the day. The Company was co-founded in 2015 by the world’s most prolific big-wave surfer, Laird Hamilton. Laird Superfood’s offerings are environmentally conscientious, responsibly tested, and made with real ingredients. Shop all products online at lairdsuperfood.com and join the Laird Superfood community on social media for the latest news and daily doses of inspiration.\n<\/p>\n Forward-Looking Statements<\/b><\/p>\n \nThis press release and the earnings call referencing this press release contain \u201cforward-looking\u201d statements, as that term is defined under the federal securities laws, including but not limited to statements regarding Laird Superfood\u2019s future financial performance, including our outlook for fiscal year 2020. These forward-looking statements are based on Laird Superfood\u2019s current assumptions, expectations and beliefs and are subject to substantial risks, uncertainties, assumptions and changes in circumstances that may cause Laird Superfood\u2019s actual results, performance or achievements to differ materially from those expressed or implied in any forward-looking statement.\n<\/p>\n \nThe risks and uncertainties referred to above include, but are not limited to: (1) the effects of the current COVID-19 pandemic, or of other global outbreaks of pandemics or contagious diseases or fear of such outbreaks, including on our supply chain, the demand for our products, and on overall economic conditions and consumer confidence and spending levels; (2) our expectations regarding our revenue, expenses and other operating results; (3) our ability to acquire new customers and successfully retain existing customers; (4) our ability to attract and retain our suppliers, distributors and co-manufacturers; (5) our expectations regarding real or perceived quality with our products or other issues that adversely affect our brand and reputation; (6) our ability to innovate on a cost-effective basis, predict changes in consumer preferences and develop successful new products and marketing strategies in response; (7) expectations regarding prices and availability of raw materials and other inputs, a substantial amount of which come from a limited number of suppliers outside the United States, including in areas which may be adversely affected by climate change; (8) effects of changes in the tastes and preferences of our consumers and consumer preferences for natural and organic food products; (9) the financial condition of, and our relationships with, our suppliers, co-manufacturers, distributors, retailers and foodservice customers, as well as the health of the foodservice industry generally; (10) effects of real or perceived quality or health issues with our products or other issues that adversely affect our brand and reputation; (11) the ability of ourselves, our suppliers and co-manufacturers to comply with food safety, environmental or other laws or regulations; (12) our plans for future investments in our business, our anticipated capital expenditures and our estimates regarding our capital requirements; (13) the costs and success of our marketing efforts, and our ability to promote our brand; (14) our reliance on key personnel and our ability to identify, recruit and retain skilled and general working personnel; (15) our ability to effectively manage our growth; (16) our ability to compete effectively with existing competitors and new market entrants; (17) the impact of adverse economic conditions; and (18) the growth rates of the markets in which we compete.\n<\/p>\n \n\nLAIRD SUPERFOOD, INC. <\/b><\/td>\n<\/tr>\n\nSTATEMENTS OF OPERATIONS <\/b><\/td>\n<\/tr>\n\n(Unaudited) <\/b><\/td>\n<\/tr>\n\n| \u00a0<\/td>\n<\/tr>\n | \n | \n | \n | \nFor the Three Months Ended
September 30, <\/b><\/td>\n | | \nFor the Nine Months Ended
September 30, <\/b><\/td>\n<\/tr>\n\n | \n | \n | \n\n 2020<\/b><\/p>\n<\/td>\n | | \n\n 2019<\/b><\/p>\n<\/td>\n | | \n\n 2020<\/b><\/p>\n<\/td>\n | | \n\n 2019<\/b><\/p>\n<\/td>\n<\/tr>\n\n| Sales, net <\/b><\/td>\n | | \n | \n\n \n$\n<\/p>\n<\/td>\n | \n \n7,613,073\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n$\n<\/p>\n<\/td>\n | \n \n3,487,335\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n$\n<\/p>\n<\/td>\n | \n \n18,705,128\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n$\n<\/p>\n<\/td>\n | \n \n8,932,642\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| Cost of goods sold <\/b><\/td>\n | | \n | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(5,734,144\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(2,026,930\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(13,384,880\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(5,296,485\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n<\/tr>\n | \n| Gross profit<\/td>\n | | \n | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n1,878,929\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n1,460,405\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n5,320,248\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n3,636,157\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| General and administrative <\/b><\/td>\n | | \n | \n | \n | \n | \n | \n | \n | \n | <\/tr>\n \n| Salaries, wages and benefits<\/td>\n | | \n | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n1,031,425\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n637,913\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n2,652,500\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n1,758,080\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| Stock-based compensation<\/td>\n | | \n | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n290,148\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n145,281\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n589,600\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n436,996\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| Professional fees<\/td>\n | | \n | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n274,244\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n143,424\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n647,422\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n362,134\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| Office expense<\/td>\n | | \n | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n142,269\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n125,594\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n364,518\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n306,075\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| Occupancy<\/td>\n | | \n | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n57,378\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n52,095\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n167,151\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n95,985\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| Merchant service fees<\/td>\n | | \n | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n103,306\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n44,100\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n248,355\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n111,683\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| Netsuite subscription expense<\/td>\n | | \n | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n33,173\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n35,125\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n90,491\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n112,559\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| Impairment on asset held for sale<\/td>\n | | \n | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n239,734\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| Other expense<\/td>\n | | \n | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n286,876\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n192,770\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n651,061\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n526,289\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| Total general and administrative expenses<\/td>\n | | \n | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n2,218,819\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n1,376,302\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n5,650,832\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n3,709,801\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| Research and product development <\/b><\/td>\n | | \n | \n | \n | \n | \n | \n | \n | \n | <\/tr>\n \n| Salaries, wages and benefits<\/td>\n | | \n | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n54,454\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n77,970\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n202,287\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n132,691\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| Stock-based compensation<\/td>\n | | \n | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n2,310\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n2,045\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n6,694\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n5,549\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| Other expense<\/td>\n | | \n | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n46,115\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n29,963\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n155,009\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n48,172\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| Total research and product development expenses<\/td>\n | | \n | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n102,879\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n109,978\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n363,990\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n186,412\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| Sales and marketing <\/b><\/td>\n | | \n | \n | \n | \n | \n | \n | \n | \n | <\/tr>\n \n| Salaries, wages and benefits<\/td>\n | | \n | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n613,961\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n744,964\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n2,057,517\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n1,930,485\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| Stock-based compensation<\/td>\n | | \n | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n520,022\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n70,271\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n630,456\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n101,150\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| General marketing<\/td>\n | | \n | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n325,033\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n525,521\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n895,917\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n1,279,391\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| Advertising<\/td>\n | | \n | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n1,250,169\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n730,912\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n3,340,592\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n1,998,131\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| Amazon selling fee<\/td>\n | | \n | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n179,425\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n159,153\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n575,313\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n386,648\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| Travel expense<\/td>\n | | \n | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n4,908\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n82,937\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n78,872\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n266,978\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| Other expense<\/td>\n | | \n | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n45,543\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n71,322\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n148,911\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n302,517\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| Total sales and marketing expenses<\/td>\n | | \n | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n2,939,061\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n2,385,080\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n7,727,578\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n6,265,300\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| Total expenses<\/td>\n | | \n | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n5,260,759\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n3,871,360\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n13,742,400\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n10,161,513\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| Operating loss<\/td>\n | | \n | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(3,381,830\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(2,410,955\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(8,422,152\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(6,525,356\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| Other income (expense) <\/b><\/td>\n | | \n | \n | \n | \n | \n | \n | \n | \n | <\/tr>\n \n| Interest and dividend income<\/td>\n | | \n | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n20,496\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n56,602\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n51,521\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n149,332\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| Gain on sale of available-for-sale securities<\/td>\n | | \n | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n6,250\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n13,927\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| Interest expense<\/td>\n | | \n | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(18,829\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(18,829\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n<\/tr>\n | \n| Grant income<\/td>\n | | \n | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n50,000\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| Total other income<\/td>\n | | \n | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n26,746\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n37,773\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n65,448\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n180,503\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| Loss before income taxes<\/td>\n | | \n | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(3,355,084\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(2,373,182\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(8,356,704\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(6,344,853\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n<\/tr>\n | \n| Benefit from income taxes<\/td>\n | | \n | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| Net loss <\/b><\/td>\n | | \n | \n\n \n$\n<\/p>\n<\/td>\n | \n \n(3,355,084\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | | \n\n \n$\n<\/p>\n<\/td>\n | \n \n(2,373,182\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | | \n\n \n$\n<\/p>\n<\/td>\n | \n \n(8,356,704\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | | \n\n \n$\n<\/p>\n<\/td>\n | \n \n(6,344,853\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n<\/tr>\n | \n| Less deemed dividend of beneficial conversion feature<\/td>\n | | \n | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n825,366\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| Less deemed dividend on warrant discount<\/td>\n | | \n | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(645,939\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(825,366\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| Net loss attributable to Laird Superfood, Inc. common stockholders <\/b><\/td>\n | | \n | \n\n \n$\n<\/p>\n<\/td>\n | \n \n(4,001,023\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | | \n\n \n$\n<\/p>\n<\/td>\n | \n \n(2,373,182\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | | \n\n \n$\n<\/p>\n<\/td>\n | \n \n(8,356,704\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | | \n\n \n$\n<\/p>\n<\/td>\n | \n \n(6,344,853\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| Net loss per share attributable to Laird Superfood, Inc common stockholders: <\/b><\/td>\n | | \n | \n | \n | \n | \n | \n | \n | \n | <\/tr>\n \n| Basic<\/td>\n | | \n | \n\n \n$\n<\/p>\n<\/td>\n | \n \n(0.86\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | | \n\n \n$\n<\/p>\n<\/td>\n | \n \n(0.66\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | | \n\n \n$\n<\/p>\n<\/td>\n | \n \n(1.89\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | | \n\n \n$\n<\/p>\n<\/td>\n | \n \n(1.79\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n<\/tr>\n | \n| Diluted<\/td>\n | | \n | \n\n \n$\n<\/p>\n<\/td>\n | \n \n(0.86\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | | \n\n \n$\n<\/p>\n<\/td>\n | \n \n(0.66\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | | \n\n \n$\n<\/p>\n<\/td>\n | \n \n(1.89\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | | \n\n \n$\n<\/p>\n<\/td>\n | \n \n(1.79\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n<\/tr>\n | \n| Weighted-average shares of common stock outstanding used in computing net loss per share of common stock<\/td>\n | | \n | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n4,672,041\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n3,592,735\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n4,427,114\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n3,541,001\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n | | | | | | | | | | | | | | | | | | | | |