Form 8-K SPLASH BEVERAGE GROUP, For: Aug 15
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM
CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date
of report (Date of earliest event reported):
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On August 15, 2022, Splash Beverage Group, Inc. (the “Company”) issued a press release announcing certain financial results for the second quarter period ended June 30, 2022. A copy of the press release is attached as exhibit 99.1.
The information in this Current Report, including the exhibits hereto, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended. The information contained in this Item 2.02 and in the accompanying Exhibit 99.1 shall not be incorporated by reference into any registration statement or other document filed by the Company with the Securities and Exchange Commission, whether made before or after the date of this Current Report, regardless of any general incorporation language in such filing, except as shall be expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits.
| Exhibit Number | Description | |
| 99.1 | Press Release dated August 15, 2022 | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
2
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: August 16, 2022
| SPLASH BEVERAGE GROUP, INC. | |
| /s/ Robert Nistico | |
| Robert Nistico Chief Executive Officer |
3
EXHIBIT 99.1
Splash Beverage Group Reports Second Quarter 2022 Financial Results Revenues Increase 41% Year over Year with $4.8 Million in Gross Sales
Fort Lauderdale, Florida, Aug. 15, 2022 (GLOBE NEWSWIRE) -- Splash Beverage Group, Inc. (NYSE American: SBEV) (“Splash” or the “Company”), a portfolio company of leading beverage brands, today reported financial results for the second quarter period ended June 30, 2022. Investors are encouraged to read the Company’s quarterly report on Form 10-Q which was filed with the Securities and Exchange Commission (the “SEC”), contains additional information, and is posted at https://splashbeveragegroup.com/.
Second Quarter Financial Performance
| ● | Record gross sales for the second quarter were $4.8 million compared to $3.4 million in the prior year period, an increase of 41% over the prior year period. The increase in revenue were primarily due to increased sales of TapouT and from e-commerce sales. |
| ● | Company reports six new or expanded distribution/sales agreements with distributors or retailers. |
| ● | Second quarter net loss was a total of $2.8 million in cash items and $3.0 million in non-cash items for $5.8 million. $0.8 million favorable, compared to $6.6 million in the prior year period. |
| ● | As of June 30, 2022, the company had total cash and cash equivalents of $4.2 million, compared with $4.1 million at December 31, 2021. |
| ● | Robert Nistico, Splash Beverage Group’s Chairman and CEO, commented, “Our 2022 second quarter results reflect our ongoing efforts to grow the business through key distribution agreements and retail authorizations. We are exactly where we expected to be mid-year, producing another record quarter, and added 6 new agreements during the quarter, bringing our total number of new agreements or authorizations since our key November announcement to more than 20. We also announced our intention to acquire Pulpoloco during the quarter, and acquisition which hold to potential to increase margins as well as open new channels for revenue growth as we explore the opportunities presented by its unique packaging with CartoCan. |
| ● | “We continue to execute a business plan that relies on 4 key pillars for success. We have a strong management team, we have a diverse portfolio of brands that match consumer trends, our marketing strategy continues to yield new distribution agreements and retail authorizations, and we have the financial flexibility we need. We look forward to the second half of 2022.” |
| ● | About Splash Beverage Group, Inc. |
Splash Beverage Group, an innovator in the beverage industry, owns a growing portfolio of alcoholic and non-alcoholic beverage brands including Copa di Vino wine by the glass, SALT flavored tequilas, Pulpoloco sangria, and TapouT performance hydration and recovery drink. Splash’s strategy is to rapidly develop early-stage brands already in its portfolio as well as acquire and then accelerate brands that have high visibility or are innovators in their categories. Led by a management team that has built and managed some of the top brands in the beverage industry and led sales from product launch into the billions, Splash is rapidly expanding its brand portfolio and global distribution.
| ● | For more information visit: www.SplashBeverageGroup.com www.copadivino.com www.drinksalttequila.com www.pulpo-loco.com www.tapoutdrinks.com |
| ● | Forward-Looking Statement |
This press release includes “forward-looking statements” within the meaning of U.S. federal securities laws. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results and, consequently, you should not rely on these forward-looking statements as predictions of future events. These forward-looking statements and factors that may cause such differences include, without limitation, the risks disclosed in the Company’s Annual Report on Form 10-K filed with the SEC on March 31, 2022, and in the Company’s other filings with the SEC. Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Except as required by law, the Company disclaims any obligation to update or publicly announce any revisions to any of the forward-looking statements contained in this press release.
| ● | Contact Information: Splash Beverage Group [email protected] 954-745-5815 |
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