Harvest One – Structure and Current State – 06/19

We haven’t looked at this outfit for a little while, but they’ve been on our radar since January 2017. An early entrant, they did several paid placements along with their raises, and provided great examples of early equity raises with attached optionality. They had many early adherents - and folks who suggested their moon landing would be epic. Like, Apollo 9 kind of epic.  Well, that hasn’t happened yet, and most of the cheerleaders have since been kinda quiet. HVT does have Dreamwater, a couple of recreational retail brands that were announced early on (before many others). Yet despite being an early arrival, the…

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Harvest One 1Q F2019 – March 31, 2019 “In Pictures”

Income Statement Drivers and Breakeven: Trend Sales decline 20% QoQ to $3.0 million. They had FG inventory (see “Gas in Tank”) of $2.8 million to start the Q, did they not have the “right type” of FG inventory??? Income Statement Drivers and Breakeven: Peers Gross Margin: Trend & Peers Gross Margin: Larger Peer Base SGA and SBC: Trend . SGA and SBC: Peer Breakeven Sales for +Net Operating Profit divided by Current Sales Breakeven Sales for +EBITDA divided by Current Sales “Gas in the Tank” FG dropping in face of a Sales drop means throughput wasn’t there. WIP double QoQ so something to keep…

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Harvest One – Structure & Current State – 02/18

I looked at these guys a couple of months ago...and thought I'd do an update on the last interims. This was prompted by a post from one of our subs in the field, and that they seem to have gone dark on 'unofficial' communication. I'd seen a couple of crap fluff pieces on them in the 'news' lately, which have all the look and feel of paid advertising. It's a similar method to paying a couple hundred dollars a month - which can buy a company that uses several dozen social media accounts (that appear valid) and post a certain number of on message…

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