UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
For the quarterly period ended
OR
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As of September 9, 2022 there were
iMEDIA BRANDS, INC. AND SUBSIDIARIES
FORM 10-Q
TABLE OF CONTENTS
July 30, 2022
2
PART I — FINANCIAL INFORMATION
Item 1.FINANCIAL STATEMENTS
iMEDIA BRANDS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share data)
(Unaudited)
| July 30, |
| January 29, | |||
2022 | 2022 | |||||
ASSETS |
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Current assets: |
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Cash | $ | | $ | | ||
Restricted Cash | | | ||||
Accounts receivable, net |
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Inventories |
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Current portion of television broadcast rights, net | | | ||||
Prepaid expenses and other |
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Total current assets |
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Property and equipment, net |
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Television broadcast rights, net | | | ||||
Goodwill | | | ||||
Intangible assets, net | | | ||||
Other assets |
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TOTAL ASSETS | $ | | $ | | ||
LIABILITIES AND SHAREHOLDERS’ EQUITY |
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Current liabilities: |
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Accounts payable | $ | | $ | | ||
Accrued liabilities |
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Current portion of television broadcast rights obligations | | | ||||
Current portion of long-term debt |
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Current portion of operating lease liabilities |
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Deferred revenue |
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Total current liabilities |
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Long-term broadcast rights obligations |
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Long-term debt, net |
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Long-term operating lease liabilities | | | ||||
Deferred tax liability | | | ||||
Other long-term liabilities | | | ||||
Total liabilities |
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Commitments and contingencies |
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Shareholders' equity: |
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Preferred stock, $ |
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Common stock, $ |
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Additional paid-in capital |
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Accumulated deficit |
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Accumulated other comprehensive loss | ( | ( | ||||
Total shareholders’ equity |
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Equity of the non-controlling interest | | | ||||
Total equity | | | ||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | | $ | |
The accompanying notes are an integral part of these condensed consolidated financial statements.
3
iMEDIA BRANDS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except share and per share data)
(Unaudited)
Three Months Ended | Six Months Ended | |||||||||||
July 30, | July 31, | July 30, | July 31, | |||||||||
| 2022 |
| 2021 |
| 2022 |
| 2021 | |||||
Net sales | $ | | $ | | $ | | $ | | ||||
Cost of sales |
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Gross profit |
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Operating expense: |
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Distribution and selling |
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General and administrative |
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Depreciation and amortization |
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Restructuring costs |
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Total operating expense |
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Operating loss |
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Other income (expense): |
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Interest income and other |
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Interest expense |
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Change in fair value of contract liability, net | | — | | — | ||||||||
Loss on divestiture | ( | — | ( | — | ||||||||
Loss on debt extinguishment |
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Total other expense, net |
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Loss before income taxes |
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Income tax provision |
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Net loss | ( | ( | ( | ( | ||||||||
Less: Net loss attributable to non-controlling interest | ( | ( | ( | ( | ||||||||
Net loss attributable to shareholders | $ | ( | $ | ( | $ | ( | $ | ( | ||||
Net loss per common share | $ | ( | $ | ( | $ | ( | $ | ( | ||||
Net loss per common share — assuming dilution | $ | ( | $ | ( | $ | ( | $ | ( | ||||
Weighted average number of common shares outstanding: |
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Diluted |
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The accompanying notes are an integral part of these condensed consolidated financial statements.
4
iMEDIA BRANDS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(in thousands, except share and per share data)
(Unaudited)
Three Months Ended | Six Months Ended | |||||||||||
July 30, | July 31, | July 30, | July 31, | |||||||||
| 2022 |
| 2021 |
| 2022 |
| 2021 | |||||
Net loss | $ | ( | $ | ( | $ | ( | $ | ( | ||||
Other comprehensive loss: | ||||||||||||
Foreign currency translation adjustments |
| ( |
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Total other comprehensive loss | ( | — |
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Comprehensive loss |
| ( |
| ( |
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Comprehensive loss attributable to non-controlling interest | ( | ( | ( | ( | ||||||||
Comprehensive loss attributable to shareholders | $ | ( | $ | ( | $ | ( | $ | ( |
5
iMEDIA BRANDS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
(in thousands, except share and per share data)
(Unaudited)
| Common Stock |
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Additional | Additional Other | Equity of | Total | |||||||||||||||||
Number | Paid-In | Accumulated | Comprehensive | Non-Controlling | Shareholders' | |||||||||||||||
Six Months Ended July 30, 2022 | of Shares |
| Par Value | Capital | Deficit | Income (Loss) | Interest | Equity | ||||||||||||
BALANCE, January 29, 2022 |
| | $ | | $ | | $ | ( | $ | ( | $ | | $ | | ||||||
Net loss |
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| ( |
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Common stock issuances pursuant to equity compensation awards |
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Share-based payment compensation |
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Change in cumulative translation adjustment | — | — | — | — | ( | — | ( | |||||||||||||
BALANCE, April 30, 2022 |
| | $ | | $ | | $ | ( | $ | ( | $ | | $ | | ||||||
Net loss |
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Common stock issuances |
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Common stock issuances pursuant to equity compensation awards | | | ( | — | — | — | ( | |||||||||||||
Share-based payment compensation |
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Divestiture of business | — |
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| — | ( | ( | |||||||||||
Change in cumulative translation adjustment | — | — | — | — | ( | — | ( | |||||||||||||
BALANCE, July 30, 2022 |
| | $ | | $ | | $ | ( | $ | ( | $ | — | $ | |
| Common Stock |
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Additional | Additional Other | Equity of | Total | |||||||||||||||||
Number | Paid-In | Accumulated | Comprehensive | Non-Controlling | Shareholders' | |||||||||||||||
Six Months Ended July 31, 2021 | of Shares |
| Par Value | Capital | Deficit | Income (loss) | Interest | Equity | ||||||||||||
BALANCE, January 30, 2021 |
| | $ | | $ | | $ | ( | $ | — | $ | — | $ | | ||||||
Net loss |
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| ( |
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Common stock issuances pursuant to equity compensation awards |
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Share-based payment compensation |
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Common stock and warrant issuance |
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Investment of non-controlling interest | — | — | — | — | — | | | |||||||||||||
BALANCE, May 1, 2021 |
| | $ | | $ | | $ | ( | $ | — | $ | | $ | | ||||||
Net loss |
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Common stock issuances pursuant to equity compensation awards |
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Share-based payment compensation |
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Common stock and warrant issuance | | | | — | — | — | | |||||||||||||
BALANCE, July 31, 2021 |
| | $ | | $ | | $ | ( | $ | — | $ | | $ | |
The accompanying notes are an integral part of these condensed consolidated financial statements.
6
iMEDIA BRANDS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands, except share and per share data)
(Unaudited)
Six Months Ended | |||||
July 30, | July 31, | ||||
2022 |
| 2021 | |||
OPERATING ACTIVITIES: |
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Net loss | $ | ( | $ | ( | |
Adjustments to reconcile net loss to net cash used for operating activities: |
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Depreciation and amortization |
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Share-based payment compensation |
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Payments for television broadcast rights | ( | ( | |||
Amortization of deferred financing costs |
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Loss on debt extinguishment |
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Change in fair value of contract liability, net |
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Loss on sale of investment | | — | |||
Changes in operating assets and liabilities: |
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Accounts receivable, net |
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Inventories |
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Deferred revenue |
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Prepaid expenses and other |
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Accounts payable and accrued liabilities |
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Net cash used for operating activities |
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INVESTING ACTIVITIES: |
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Property and equipment additions |
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Acquisitions | | ( | |||
Vendor exclusivity deposit | | ( | |||
Net cash used for investing activities |
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FINANCING ACTIVITIES: |
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Proceeds from revolving loan |
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Proceeds from issuance of common stock and warrants |
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Proceeds from issuance of term loan | | | |||
Payments on revolving loan | | ( | |||
Payments on term loan |
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Payments on seller notes | ( | — | |||
Payments on finance leases |
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Payments for restricted stock issuance |
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Payments for deferred financing costs |
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Payments for debt extinguishment costs |
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Net cash provided by financing activities |
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Net increase in cash and restricted cash |
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Effect of exchange rate changes on cash | | — | |||
BEGINNING CASH AND RESTRICTED CASH |
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ENDING CASH AND RESTRICTED CASH | $ | | $ | | |
SUPPLEMENTAL CASH FLOW INFORMATION: | |||||
Interest paid | $ | | $ | | |
Income taxes paid | $ | | $ | | |
SUPPLEMENTAL NON-CASH INVESTING AND FINANCING ACTIVITIES: | |||||
Property and equipment purchases included in accounts payable | $ | | $ | | |
Inventory received in divestiture | $ | | $ | — | |
Reclassification of contract liability to additional paid in capital | $ | | $ | — | |
Other long term liability issued in exchange for acquired assets | $ | | $ | | |
Television broadcast rights obtained in exchange for liabilities | $ | | $ | | |
Common stock issuance costs included in accrued liabilities | $ | | $ | |
The accompanying notes are an integral part of these condensed consolidated financial statements.
7
iMEDIA BRANDS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
July 30, 2022
(Dollars in thousands, except share and per share information)
(Unaudited)
(1) General
iMedia Brands, Inc. and its subsidiaries (“we,” “our,” “us,” or the “Company”) is an entertainment company capitalizing on the convergence of entertainment, ecommerce, and advertising. The Company owns a growing portfolio of vertically integrated television networks in the United States and Western Europe. The Company believes its growth strategy builds on its core strengths.
Beginning with the financial statements for our fiscal year ended January 29, 2022, the Company began reporting based on
● | Entertainment, which comprises its television networks, ShopHQ, ShopBulldogTV, ShopHQHealth, and 1-2-3.tv. |
● | Consumer Brands, which comprises Christopher & Banks (“C&B”), and J.W. Hulme Company (“JW”). |
● | Media Commerce Services, which comprises iMedia Digital Services (“iMDS”) and Float Left (“FL”). |
The corresponding current and prior period disclosures have been recast to reflect the current segment presentation. See Note 10 – “Business Segments and Sales by Product Group.”
(2) Basis of Financial Statement Presentation
Principles of Consolidation
The accompanying unaudited condensed consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC"). Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles ("GAAP") in the United States of America have been condensed or omitted in accordance with these rules and regulations. The accompanying condensed consolidated balance sheet as of January 29, 2022 has been derived from the Company’s audited financial statements for the fiscal year ended January 29, 2022. The information furnished in the interim condensed consolidated financial statements includes normal recurring adjustments and reflects all adjustments which, in the opinion of management, are necessary for a fair presentation of these financial statements. Although management believes the disclosures and information presented are adequate, these interim condensed consolidated financial statements should be read in conjunction with the Company’s most recent audited financial statements and notes thereto included in its annual report on Form 10-K for fiscal year ended 2021. Operating results for the three and six-month periods ended July 30, 2022 are not necessarily indicative of the results that may be expected for fiscal year ending January 28, 2023.
The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. Intercompany accounts and transactions have been eliminated in consolidation.
Forward Contracts
The Company classifies a forward contract to purchase shares of its common stock that do not qualify for equity classification as a liability on its consolidated balance sheets as this forward contract contains freestanding financial instruments that may require the Company to transfer consideration upon exercise. Each instrument is initially recorded at fair value on date of grant using the Black-Scholes model for warrants and the market value for common shares and pre-funded warrants, and it is subsequently re-measured to fair value at each subsequent balance sheet date while liability-classified and outstanding. Changes in fair value of the instruments are recognized as a component of other income (expense), net in the consolidated statements of operations and comprehensive loss. Issuance costs are expensed under liability treatment for forward contracts. The Company will continue to adjust the forward contracts for changes
8
iMEDIA BRANDS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
July 30, 2022
(Dollars in thousands, except share and per share information)
(Unaudited)
in fair value until the earlier of the exercise, when the forward contract qualifies for equity treatment, or the expiration of the forward contract.
Fiscal Year
The Company’s fiscal year ends on the Saturday nearest to January 31 and results in either a 52-week or 53-week fiscal year. References to years in this report relate to fiscal years, rather than to calendar years. The Company’s most recently completed fiscal year, fiscal 2021, ended on January 29, 2022, and consisted of
Recently Adopted Accounting Standards
In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. This update provides optional expedients and exceptions for applying generally accepted accounting principles to certain contract modifications and hedging relationships that reference London Inter-bank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued. Topic 848 is effective upon issuance and generally can be applied through December 31, 2022. In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848), which refines the scope of Topic 848 and clarifies some of its guidance. Specifically, certain provisions in Topic 848, if elected by an entity, apply to derivative instruments that use an interest rate for margining, discounting, or contract price alignment that is modified as a result of reference rate reform. Amendments to the expedients and exceptions in Topic 848 capture the incremental consequences of the scope clarification and tailor the existing guidance to derivative instruments affected by the discounting transition. The amendments are effective immediately for all entities. An entity may elect to apply the amendments on a full retrospective basis. The Company has not adopted any of the optional expedients or exceptions through July 30, 2022, but the Company will continue to evaluate the possible adoption of any such expedients or exceptions and does not expect such adoption to have a material impact on its condensed consolidated financial statements.
In August 2020, the FASB issued ASU No. 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), or ASU 2020-06. The guidance in ASU 2020-06 simplifies the accounting for convertible instruments and its application of the derivatives scope exception for contracts in its own equity. ASU 2020-06 removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception. ASU 2020-06 is effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years, with early adoption permitted. The Company adopted this standard on January 30, 2022 using the modified retrospective approach. The adoption of ASU 2020-06 did not have a material impact on the Company’s condensed consolidated financial statements.
Recently Issued Accounting Pronouncements
In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Liabilities from Contracts with Customers, which provides guidance to improve the accounting for acquired revenue contracts with customers in a business combination by addressing diversity in practice. This ASU is effective for the Company on January 29, 2023, with early adoption permitted, and shall be applied on a prospective basis to business combinations that occur on or after the adoption date. The Company is evaluating the effect that the implementation of this standard may have on the Company's condensed consolidated financial statements but does not currently expect the impact to be material.
In November 2021, the FASB issued ASU 2021-10, Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance, which provides guidance to increase the transparency of government assistance transactions with business entities that are accounted for by applying a grant or contribution accounting model. This ASU is effective for the Company's annual financial statements to be issued for the year ended January 28, 2023, with early adoption permitted. The Company expects to adopt this
9
iMEDIA BRANDS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
July 30, 2022
(Dollars in thousands, except share and per share information)
(Unaudited)
new accounting standard in its Annual Report on Form 10-K for the year ended January 28, 2023 and does not expect the adoption of this standard to have a material impact on the Company's condensed consolidated financial statements.
Liquidity and Management’s Plans
When preparing financial statements, management has the responsibility to evaluate if it has adequate liquidity to continue to operate for the next twelve months. In applying this accounting guidance, the Company considered its current financial condition and liquidity sources, including current funds available, forecasted future cash flows and its unconditional obligations due over the next twelve months. In addition, the company evaluates its history of financial performance, where we have had a historic trend of operating losses which continues to have an unfavorable impact on our overall liquidity. Most recently, we reported operating losses of $
The Company is also required to maintain certain financial ratios under various debt and related agreements. If we violate covenants in any debt or related agreement, we could be required to repay all or a portion of our indebtedness before maturity at a time when we might be unable to arrange financing for such repayment on attractive terms, if at all. Violations of certain debt covenants may result in the inability of our Company to borrow unused amounts under the line of credit. On September 12, 2022, the parties to the revolving loan agreement entered in an amendment (the “Seventh Amendment”) which revised the agreement to amend required minimum liquidity and maximum senior debt leverage ratio criteria among other terms and conditions set forth in the Loan Agreement. The Company was in compliance with such amended covenants and expects to be in compliance with applicable financial covenants over the next twelve months, taking into consideration management’s plans disclosed below.
The Company continues to develop plans and take proactive steps to grow its revenues and enhance its operations, which in turn generates the additional cash that the Company uses to offset past operating losses and fund future working capital needs. These plans include reducing inventory through improved inventory management to increase cash available for working capital needs, pay down of debt using proceeds from the recent capital raise, and capital expenditure savings achieved through workforce reduction strategies.
The Company has concluded that management’s current plan mitigates the unfavorable impact that the factors described above have on the Company’s liquidity. Additional factors considered in our assessment include our current cash on hand, our forecast of future operating results for the next twelve months from the date of this report and the actions we have taken to improve our liquidity.
(3) Revenue
Revenue Recognition
For revenue in the entertainment and consumer brands reporting segments, revenue is recognized when control of the promised merchandise is transferred to customers in an amount that reflects the consideration the Company expects to receive in exchange for the merchandise, which is upon shipment. For revenue in the Media Commerce Services segment, revenue is recognized when the services are provided to the customer. Revenue is reported net of estimated sales returns, credits and incentives, and excludes sales taxes. Sales returns are estimated and provided for at the time of sale based on historical experience.
A performance obligation is a promise in a contract to transfer a distinct good or service to the customer and is the unit of account in Accounting Standards Codification (“ASC”) 606. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. Substantially all the Company’s merchandise sales are single performance obligation arrangements for transferring control of merchandise to customers or providing service to customers.
The Company’s merchandise is generally sold with a right of return for up to a certain number of days after the merchandise is received and the Company may provide other credits or incentives, which are accounted for as variable consideration when estimating the amount of revenue to recognize. Merchandise returns and other credits including the provision for returns are estimated at contract
10
iMEDIA BRANDS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
July 30, 2022
(Dollars in thousands, except share and per share information)
(Unaudited)
inception and updated at the end of each reporting period as additional information becomes available. As of July 30, 2022, and January 29, 2022, the Company recorded a merchandise return liability of $
In accordance with ASC 606-10-50, the Company disaggregates revenue from contracts with customers by significant product groups and timing of when the performance obligations are satisfied. A reconciliation of disaggregated revenue by segment and significant product group is provided in Note 10 – “Business Segments and Sales by Product Group.”
Accounts Receivable
For its entertainment and consumer brands segments, the Company utilizes an installment payment program called ValuePay that entitles customers to purchase merchandise and generally pay for the merchandise in two or more equal monthly credit card installments. Payment is generally required within 30 to 60 days from the purchase date. The Company has elected the practical expedient to not adjust the promised amount of consideration for the effects of a significant financing component when the payment terms are less than one year. Accounts receivable consist primarily of amounts due from customers for merchandise and service sales, receivables from credit card companies, and amounts due from vendors for unsold and returned products and are reflected net of reserves for estimated uncollectible amounts. The Company records accounts receivable at the invoiced amount and does not charge interest on past due invoices. A provision for ValuePay bad debts is provided as a percentage of ValuePay receivables in the period of sale and is based on historical experience and the Company’s judgments about the creditworthiness of customers based on ongoing credit evaluations. The Company reviews its accounts receivable from customers that are past due to identify specific accounts with known disputes or collectability issues. As of July 30, 2022 and January 29, 2022, the Company had approximately $
(4) Television Broadcast Rights
Television broadcast rights in the accompanying condensed consolidated balance sheets consisted of the following:
| July 30, 2022 |
| January 29, 2022 | |||
Television broadcast rights | $ | | $ | | ||
Less accumulated amortization |
| ( |
| ( | ||
Television broadcast rights, net | $ | | $ | |
During the first six months of fiscal 2022 and full year fiscal 2021, the Company entered into certain affiliation agreements with television service providers for carriage of its television programming over their systems, including channel placement rights, which ensure the Company keeps its channel position on the service provider’s channel line-up during the term. The Company recorded television broadcast rights of $
11
iMEDIA BRANDS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
July 30, 2022
(Dollars in thousands, except share and per share information)
(Unaudited)
In addition to the Company securing broadcast rights for channel position, the Company’s affiliation agreements generally provide that it will pay each operator a monthly service fee, most often based on the number of homes receiving the Company’s programming, and in some cases marketing support payments. Monthly service fees are expensed as distribution and selling expense within the condensed consolidated statements of operations.
(5) Goodwill and Intangible Assets
Goodwill
The following table presents the changes in goodwill during the six months ended July 30, 2022:
Balance, January 29, 2022 | $ | | |
Acquisition valuation adjustment |
| ( | |
Foreign currency translation adjustment | ( | ||
Divestiture of business |
| ( | |
Balance, July 30, 2022 | $ | |
The Company acquired 123.tv in the prior year. Subsequent to the acquisition 123.tv’s revenues and operating income have been less than originally projected. The Company believes the high inflation in Germany and uncertain short-term events such as the Russian invasion of Ukraine have created short term shifts in consumer spending habits. The Company will continue to monitor the financial results of 123.tv and should the financial results continue to fall short of our projections for a prolonged period of time an impairment of long-lived assets may become necessary to record in the future.
The occurrence of risks such as political, regulatory or jurisdictional could negatively affect our international business and, consequently, our results of operations generally. Additionally, operating in international markets also requires significant management attention and financial resources. Specifically, such an occurrence could create a triggering event that would require us to review goodwill and intangible assets for impairment and the potential full or partial write-down of those balances. We cannot be certain that the investment and additional resources required in establishing, acquiring, or integrating operations in other countries will produce desired levels of revenues or profitability.
12
iMEDIA BRANDS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
July 30, 2022
(Dollars in thousands, except share and per share information)
(Unaudited)
Finite-lived Intangible Assets
Intangible assets in the accompanying condensed consolidated balance sheets consisted of the following:
July 30, 2022 | January 29, 2022 | |||||||||||||||||||
Estimated | Gross | Gross | ||||||||||||||||||
Useful Life | Carrying | Accumulated | Carrying | Accumulated | ||||||||||||||||
| (In Years) |
| Amount |
| Amortization | Net Amount |
| Amount | Amortization |
| Net Amount | |||||||||
Trademarks and Trade Names |
|
| $ | | ( | $ | |
| $ | |
| $ | ( |
| $ | | ||||
Technology |
|
| | ( | |
| |
| ( |
| | |||||||||
Customer Lists and Relationships |
|
| | ( | |
| |
| ( |
| | |||||||||
Vendor Exclusivity |
|
| | ( | |
| |
| ( |
| | |||||||||
Total finite-lived intangible assets |
| $ | |
| $ | ( | $ | |
| $ | | $ | ( |
| $ | |
Intangible assets, net in the accompanying condensed consolidated balance sheets consist of trade names, technology, customer lists and a vendor exclusivity agreement primarily related to the various acquisitions the Company completed in fiscal 2021 and 2019. Amortization expense related to the finite-lived intangible assets was $
(6) Credit Agreements
The Company’s long-term credit facilities consist of:
| July 30, 2022 |
| January 29, 2022 | |||
Revolving Loan due July 31, 2024, principal amount | $ | | $ | | ||
| | |||||
Real Estate Financing term loan due July 31, 2024, principal amount | | | ||||
Seller notes: | ||||||
Seller note due in annual installments, maturing in November 2023, principal amount | | | ||||
Seller note due in quarterly installments, maturing in December 2023, principal amount | |