# EDGAR Filing Document

**Accession Number:** 0001520358
**File Stem:** 0001493152-26-016548
**Filing Date:** 2026-4
**Character Count:** 27050
**Document Hash:** 42393d77dc829dfcdfee6732dbfc80d0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001493152-26-016548.hdr.sgml**: 20260414

**ACCESSION NUMBER**: 0001493152-26-016548

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 12

**CONFORMED PERIOD OF REPORT**: 20260414

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260414

**DATE AS OF CHANGE**: 20260414

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Mama's Creations, Inc.
- **CENTRAL INDEX KEY:** 0001520358
- **STANDARD INDUSTRIAL CLASSIFICATION:** SAUSAGE, OTHER PREPARED MEAT PRODUCTS  [2013]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 270607116
- **STATE OF INCORPORATION:** NV
- **FISCAL YEAR END:** 0131

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-40597
- **FILM NUMBER:** 26860958

**BUSINESS ADDRESS:**
- **STREET 1:** 25 BRANCA ROAD
- **CITY:** EAST RUTHERFORD
- **STATE:** NJ
- **ZIP:** 07073
- **BUSINESS PHONE:** 201-531-1212

**MAIL ADDRESS:**
- **STREET 1:** 25 BRANCA ROAD
- **CITY:** EAST RUTHERFORD
- **STATE:** NJ
- **ZIP:** 07073

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MamaMancini's Holdings, Inc.
- **DATE OF NAME CHANGE:** 20130401

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MASCOT PROPERTIES, INC.
- **DATE OF NAME CHANGE:** 20110510

?xml version='1.0' encoding='ASCII'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

Date of Report (Date of earliest event reported): **April 14, 2026**

**Mama's Creations, Inc.**

(Exact Name of Registrant as Specified in its Charter)

---

| | | |
|:---|:---|:---|
| **Nevada** | **001-40597** | **27-0607116** |
| (State or Other Jurisdiction of Incorporation) | (Commission<br> File No.) | (I.R.S. Employer<br> Identification No.) |

---

---

| | |
|:---|:---|
| **25 Branca Road, East Rutherford, NJ** | **07073** |
| (Address of Principal Executive Offices) | (Zip Code) |

---

Registrant's telephone number, including area code: (201) 532-1212

(Former name, if changed since last report)

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):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | |
|:---|:---|
| Title of each class | Name of each exchange on which registered |
| **Common stock, $0.00001 par value per share**<br> **MAMA** | **The Nasdaq Stock Market LLC** |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR 240.12b-2).

Emerging growth company ☐

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 April 14, 2026, Mama's Creations, Inc. issued a press release reporting financial results for the fourth quarter ended January 31, 2026. A copy of the press release is furnished herewith under the Securities Exchange Act of 1934, as amended, as Exhibit 99.1 to this Form 8-K.

**Item 9.01.** **Financial Statements and Exhibits.**

(d) Exhibits

---

| | |
|:---|:---|
| **Exhibit Number** | **Description** |
| 99.1 | [Press Release dated April 14, 2026](ex99-1.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

---

The information in this Current Report on Form 8-K, including Exhibit 99.1, 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. The information in this Current Report on Form 8-K and Exhibit 99.1 shall not be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.

**SIGNATURES**

Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **Mama's Creations, Inc.** | **Mama's Creations, Inc.** |
| Date: April 14, 2026 | By: | */s/ Adam L. Michaels* |
|  | Name: | Adam L. Michaels |
|  | Title: | Chief Executive Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

**Mama's Creations Reports Fourth Quarter and Fiscal Year 2026 Financial Results**

 

*Fourth Quarter Revenue Grows 61% to $54.0 Million; Net Income Increases 38% to $2.2 Million with Adjusted EBITDA of $5.5 Million; Cash Position Nearly Triples in Fiscal 2026 to $20.0 Million*

**EAST RUTHERFORD, NJ – April 14, 2026 –** <u>Mama's Creations, Inc.</u> (Nasdaq: MAMA), a leading national marketer and manufacturer of fresh deli prepared foods, has reported its financial results for fourth quarter and fiscal year ended January 31, 2026.

**Financial Summary:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended Jan. 31,** | **Three Months Ended Jan. 31,** | **Three Months Ended Jan. 31,** | **Fiscal Year Ended Jan. 31,** | **Fiscal Year Ended Jan. 31,** | **Fiscal Year Ended Jan. 31,** |
| *$ in millions* | **2026** | **2025** | **% Increase** | **2026** | **2025** | **% Increase** |
| **Revenues** | $54.0 | $33.6 | 61% | $171.7 | $123.3 | 39% |
| **Gross Profit** | $14.0 | $9.1 | 54% | $43.0 | $30.5 | 41% |
| **Operating Expenses** | $10.9 | $7.2 | 51% | $35.9 | $25.7 | 40% |
| **Net Income** | $2.2 | $1.6 | 38% | $5.3 | $3.7 | 43% |
| **Earnings per Share (Diluted)** | $0.05 | $0.04 | 25% | $0.13 | $0.09 | 44% |
| **Adj. EBITDA (non-GAAP)** | $5.5 | $3.1 | 77% | $15.4 | $10.1 | 52% |

---

**Fourth Quarter Fiscal 2026 & Subsequent Operational Highlights:**

● Continued successful integration initiatives at the Company's Bay Shore, NY facility acquired from Crown 1 Enterprises, with gross margin improvement on track toward mid-to-high-20% corporate target, and cross-selling initiatives gaining traction with Crown 1's premium customer base.

● Secured major new tier-1 national retail placements, including expansion at Wal-Mart, new introductions at Food Lion, confirmed wins at Target, as well as Everyday Item status in Costco's Northeast region following a successful Costco National Multi-Vendor Mailer (MVM) with branded Beef Meatballs.

● Invited to present at leading investor conferences nationally, including the Craig-Hallum Alpha Select Conference, Stephens NASH25 Conference, ROTH Deer Valley Event, Oppenheimer Emerging Growth Conference, and the DA Davidson CEO Forum.

● Cash and cash equivalents as of January 31, 2026 totaled $20.0 million, as compared to $7.2 million as of January 31, 2025. The increase was primarily driven by improved profitability, strong operating cash flow generation, and ongoing working capital optimization.

**Management Commentary**

Adam L. Michaels, Chairman and CEO of Mama's Creations, said: "Fiscal 2026 was a landmark year for Mama's Creations. We delivered 39% revenue growth to $171.7 million, expanded adjusted EBITDA by over 50%, and fundamentally transformed our operating platform with the acquisition and successful integration of Crown 1's Bay Shore facility. This reflects the continued strength of our organic growth engine combined with the accretive contribution of our M&A activities.

"On the operations front, the Bay Shore integration continues to be a resounding success. In just a few months, we have centralized procurement across all three facilities, transitioned production to optimize capacity utilization, and begun realizing meaningful cost synergies. Bay Shore's gross margin trajectory is on track toward our mid-to-high-20% corporate target, and the facility's premium customer base is opening cross-selling opportunities that were previously out of reach. Most importantly, we have grown our family, adding close to 200 employees that share our values, culture and aspiration to become a $1B one-stop-shop in the deli prepared food category.

"Our Costco partnership continues to accelerate – evolving from $0.5 million in fiscal 2023 to exceeding $10 million in Q1 of fiscal 2026 alone, culminating in our first National Print MVM and securing everyday item status in the Northeast region. Beyond Costco, additional placements at Walmart and new wins at Target are driving meaningful scale across all channels.

"Our 4 Cs strategy – Cost, Controls, Culture, and Catapult – is driving growth at 5x the category rate. Product innovation including our NAE chicken offerings, artisan cut products, and successful panini line, are positioning us to capture share in a large, highly fragmented, underpenetrated market.

"Looking ahead, the combination of strong organic growth, expanding and deepening retail distribution, and a well-defined M&A strategy gives us confidence in our ability to deliver sustained, profitable growth and long-term value for our shareholders," concluded Michaels.

**Fourth Quarter and Full Year Fiscal 2026 Financial Results**

Revenue for the fourth quarter of fiscal 2026 increased 60.7% to $54.0 million, as compared to $33.6 million in the same year-ago quarter. Revenue for fiscal year 2026 increased 39.2% to $171.7 million, as compared to $123.3 million in the prior year. The increase was primarily due to item expansion at existing customers, successful high-ROI promotional activities that accelerated velocities, initial placements at new customers, and the acquisition of Crown 1.

Gross profit increased 53.8% to $14.0 million, or 25.9% of total revenues, in the fourth quarter of fiscal 2026, as compared to $9.1 million, or 27.0% of total revenues, in the same year-ago quarter. Gross profit increased 41.0% to $43.0 million, or 25.1% of total revenues, in fiscal 2026, as compared to $30.5 million, or 24.8% of total revenues, in the prior year. The fourth quarter gross margin was impacted by the continued ramp of the Bay Shore facility, while the improvement in full-year gross margin reflects the operational efficiencies, procurement optimization, and stabilized commodity costs across the platform.

Operating expenses totaled $10.9 million in the fourth quarter of fiscal 2026, as compared to $7.2 million in the same year-ago quarter. As a percentage of revenue, operating expenses declined to 20.2% from 21.4% in the prior year quarter. For the full year, operating expenses totaled $35.9 million, as compared to $25.7 million in the prior year. As a percentage of revenue, operating expenses were 20.9% in fiscal 2026, as compared to 20.8% in the prior year. The change was partially due to the Bay Shore acquisition, new digital strategies and enhanced product marketing, new management hires and further technology upgrades to drive actionable insights faster and deeper into the organization.

Net income for the fourth quarter of fiscal 2026 increased 37.5% to $2.2 million, or $0.05 per diluted share, as compared to net income of $1.6 million, or $0.04 per diluted share, in the same year-ago quarter. Net income for fiscal 2026 increased 43.2% to $5.3 million, or $0.13 per diluted share, as compared to net income of $3.7 million, or $0.09 per diluted share, in the prior year. Fourth quarter net income totaled 4.1% of revenue, as compared to 4.8% in the same year-ago quarter.

Adjusted EBITDA, a non-GAAP measure, increased 77.4% to $5.5 million for the fourth quarter of fiscal 2026, as compared to $3.1 million in the same year-ago quarter. Adjusted EBITDA increased 52.5% to $15.4 million in fiscal 2026, as compared to $10.1 million in the prior year.

Cash and cash equivalents as of January 31, 2026 totaled $20.0 million, as compared to $7.2 million as of January 31, 2025. The significant increase was primarily driven by improved profitability, strong operating cash flow generation, and ongoing working capital optimization. As of January 31, 2026, total debt stood at $5.4 million.

**Conference Call**

Management will host an investor conference call at 4:30 p.m. Eastern time today, Tuesday, April 14, 2026 to discuss the Company's fourth quarter fiscal 2026 financial results, provide a corporate update, and conclude with Q&A from telephone participants. To participate, please use the following information:

**Q4 FY2026 Earnings Conference Call**

Date: Tuesday, April 14, 2026

Time: 4:30 p.m. Eastern time

U.S. Dial-in: 1-877-451-6152

International Dial-in: 1-201-389-0879

Conference ID: 13759666

Webcast: <u>MAMA Q4 FY2026 Earnings Conference Call</u>

Please join at least five minutes before the start of the call to ensure timely participation.

A playback of the call will be available through Sunday, June 14, 2026. To listen, please call 1-844-512-2921 within the United States and Canada or 1-412-317-6671 when calling internationally, using replay pin number 13759666. A webcast replay will also be available using the webcast link above.

**About Mama's Creations, Inc.**

Mama's Creations, Inc. (Nasdaq: MAMA) is a leading marketer and manufacturer of fresh deli prepared foods, found in over 12,000 grocery, mass, club and convenience stores nationally. The Company's broad product portfolio, born from MamaMancini's rich history in Italian foods, now consists of a variety of high quality, fresh, clean and easy to prepare foods to address the needs of both our consumers and retailers. Our vision is to become a one-stop-shop deli solutions platform, leveraging vertical integration and a diverse family of brands to offer a wide array of prepared foods to meet the changing demands of the modern consumer. For more information, please visit mamascreations.com.

**Use of Non-GAAP Financial Measures**

This press release includes the following non-GAAP measure – adjusted EBITDA, which is not a measure of financial performance under GAAP and should not be considered as an alternative to net income as a measure of financial performance. The company believes this non-GAAP measure, when considered together with the corresponding GAAP measures, provides useful information to investors and management regarding financial and business trends relating to the company's results of operations. However, this non-GAAP measure has significant limitations in that it does not reflect all the costs and other items associated with the operation of the company's business as determined in accordance with GAAP. In addition, the company's non-GAAP measures may be calculated differently and are therefore not comparable to similar measures by other companies. Therefore, investors should consider non-GAAP measures in addition to, and not as a substitute for, or superior to, measures of financial performance in accordance with GAAP. For a definition and reconciliation of EBITDA to net income, its corresponding GAAP measure, please see the reconciliation table shown in this press release below.

**US-GAAP Net Income to Adjusted EBITDA Reconciliation (Unaudited)**

(in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **THREE MONTHS ENDED** | **THREE MONTHS ENDED** | **Fiscal Year Ended** | **Fiscal Year Ended** |
|  | **January 31,** | **January 31,** | **January 31,** | **January 31,** |
|  | **2026** | **2025** | **2026** | **2025** |
| Net income available to common stockholders | $2232 | $1600 | $5286 | $3711 |
| &nbsp;&nbsp;&nbsp;Depreciation | 1171 | 535 | 3270 | 1592 |
| &nbsp;&nbsp;&nbsp;Amortization | 493 | 286 | 1800 | 1571 |
| &nbsp;&nbsp;&nbsp;Taxes | 731 | 287 | 1565 | 995 |
| &nbsp;&nbsp;&nbsp;Interest, net | 37 | 82 | 224 | 259 |
| &nbsp;&nbsp;&nbsp;Stock-based compensation | 789 | 298 | 1962 | 1099 |
| &nbsp;&nbsp;&nbsp;One time charges | 70 | 0 | 1314 | 900 |
| Adjusted EBITDA (Non-GAAP) | $5523 | $3088 | $15421 | $10127 |

---

**Forward-Looking Statements**

This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements include information about management's view of the Company's future expectations, plans and prospects, including future business opportunities or strategies and are generally preceded by words such as "anticipate," "believe," "eventually," "expect," "future," "may," "look forward to," "plan," "projected," "should," "will," and other words that convey the uncertainty of future events or outcomes. You are cautioned that such statements are subject to a multitude of known and unknown risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. Certain of these risk factors and others are included in documents the Company files with the Securities and Exchange Commission, including but not limited to, the Company's Annual Report on Form 10-K for the year ended January 31, 2026, as well as subsequent reports filed with the Securities and Exchange Commission.

The Company has based these forward-looking statements on its current expectations and assumptions about future events. While management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory, and other factors, contingencies, and uncertainties, most of which are difficult to predict and many of which are beyond the Company's control. You are urged not to place undue reliance on these forward-looking statements, which speak only as of the date they are made. Except as may be required by applicable law or regulation, the Company does not undertake, and specifically disclaims, any obligation to update any forward-looking statements to reflect events or circumstances occurring after the date of such statements.

**Investor Relations Contact:**

Lucas A. Zimmerman

Managing Director

MZ Group - MZ North America

(949) 259-4987

MAMA@mzgroup.us

<u>www.mzgroup.us</u>

**Consolidated Balance Sheets**

**Mama's Creations, Inc.**

(In thousands, except share and per share data)

---

| | | |
|:---|:---|:---|
|  | **January 31, 2026** | **January 31, 2025** |
| **Assets:** |  |  |
| **Current Assets:** |  |  |
| Cash and cash equivalents | $19951 | $7150 |
| Accounts receivable, net | 13072 | 8131 |
| Inventories, net | 9647 | 4817 |
| Prepaid expenses and other current assets | 2411 | 1779 |
| **Total Current Assets** | 45081 | 21877 |
| Property, plant, and equipment, net | 20108 | 9387 |
| Intangible assets, net | 3090 | 3436 |
| Goodwill | 9447 | 8633 |
| Operating lease right of use assets, net | 7877 | 3376 |
| Deferred tax asset |  | 258 |
| Security deposits | 95 | 95 |
| **Total Assets** | $**85698** | $**47062** |
| **Liabilities and Stockholders' Equity:** |  |  |
| **Liabilities:** |  |  |
| **Current Liabilities:** |  |  |
| Accounts payable and accrued expenses | $17800 | $12052 |
| Term loan, net of debt discount of $216 and $22, respectively | 960 | 1530 |
| Operating leases liabilities | 1690 | 848 |
| Finance leases payable | 321 | 345 |
| Promissory notes – related parties |  | 2250 |
| **Total Current Liabilities** | 20771 | 17025 |
| Term loan – net of current | 4412 | 1342 |
| Operating leases liability – net of current | 6204 | 2600 |
| Deferred tax liability | 813 |  |
| Finance leases payable – net of current | 878 | 1199 |
| **Total Long-Term Liabilities** | 12307 | 5141 |
| **Total Liabilities** | 33078 | 22166 |
| **Commitments and contingencies (Note 11 and 12)** |  |  |
| **Stockholders' Equity:** |  |  |
| Series A Preferred stock, $0.00001 par value; 120,000 shares authorized; 23,400 issued as of January 31, 2026 and January 31, 2025, 0 shares outstanding as of January 31, 2026 and January 31, 2025 |  |  |
| Series B Preferred stock, $0.00001 par value; 200,000 shares authorized; 0 and 0 shares issued and outstanding as of January 31, 2026 and January 31, 2025 |  |  |
| Preferred stock, $0.00001 par value; 19,680,000 shares authorized; 0 and 0 shares issued and outstanding as of January 31, 2026 and January 31, 2025 |  |  |
| Common stock, $0.00001 par value; 250,000,000 shares authorized; 40,887,000 and 37,826,000 shares issued as of January 31, 2026 and January 31, 2025, respectively, 40,657,000 and 37,596,000 shares outstanding as of January 31, 2026 and January 31, 2025, respectively |  |  |
| Additional paid-in capital | 47320 | 24882 |
| Retained earnings | 5450 | 164 |
| Less: Treasury stock, 230,000 shares at cost | (150) | (150) |
| **Total Stockholders' Equity** | 52620 | 24896 |
| **Total Liabilities and Stockholders' Equity** | $**85698** | $**47062** |

---

**Consolidated Statements of Operations**

**Mama's Creations, Inc.**

(in thousands, except per share data)

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Fiscal Years Ended January 31,** | **For the Fiscal Years Ended January 31,** | **For the Fiscal Years Ended January 31,** |
|  | **2026** | **2025** | **2024** |
| **Net sales** | $171714 | $123328 | $103284 |
| **Costs of sales** | 128668 | 92795 | 72951 |
| **Gross profit** | **43046** | **30533** | **30333** |
| **Operating expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Research and development | 288 | 455 | 414 |
| &nbsp;&nbsp;&nbsp;Selling, general and administrative | 35646 | 25201 | 21029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total operating expenses** | **35934** | **25656** | **21443** |
| **Income from operations** | **7112** | **4877** | **8890** |
| **Other income (expenses)** |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest expense | (435) | (477) | (549) |
| &nbsp;&nbsp;&nbsp;Interest income | 211 | 218 |  |
| &nbsp;&nbsp;&nbsp;Amortization of debt discount | (37) | (16) | (22) |
| &nbsp;&nbsp;&nbsp;Other income |  | 104 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total other expenses** | **(261)** | **(171)** | **(544)** |
| **Income before income tax provision and income from equity method investment** | **6851** | **4706** | **8346** |
| Income from equity method investment |  |  | 223 |
| Income tax provision | (1565) | (995) | (2008) |
| **Net income** | **5286** | **3711** | **6561** |
| Less: series B preferred dividends |  |  | (49) |
| **Net income available to common stockholders** | **5286** | **3711** | **6512** |
| **Net income per common share** |  |  |  |
| &nbsp;&nbsp;&nbsp;**– basic** | $0.14 | $0.10 | $0.18 |
| &nbsp;&nbsp;&nbsp;**– diluted** | $0.13 | $0.09 | $0.17 |
| **Weighted average common shares outstanding** |  |  |  |
| &nbsp;&nbsp;&nbsp;**– basic** | 38902364 | 37427571 | 36814162 |
| &nbsp;&nbsp;&nbsp;**– diluted** | 41380364 | 39418571 | 38381407 |

---

**Consolidated Statements of Cash Flows**

**Mama's Creations, Inc.**

(in thousands)

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Fiscal Years Ended January 31,** | **For the Fiscal Years Ended January 31,** | **For the Fiscal Years Ended January 31,** |
|  | **2026** | **2025** | **2024** |
| **CASH FLOWS FROM OPERATING ACTIVITIES:** |  |  |  |
| Net income | $5286 | $3711 | $6561 |
| Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |
| Depreciation | 3270 | 1592 | 1043 |
| Provision for credit losses | 90 |  | (140) |
| Amortization of debt discount | 37 | 16 | 22 |
| Change in right of use assets | 1405 | (1585) | 348 |
| Amortization of intangible assets | 1619 | 1543 | 1080 |
| Stock-based compensation | 1963 | 1099 | 436 |
| Allowance for obsolete inventory | 24 |  | 63 |
| Change in deferred tax asset | 1071 | 245 | 215 |
| Income from equity method investment |  |  | (223) |
| Changes in operating assets and liabilities: |  |  |  |
| Accounts receivable | (1306) | (272) | 2392 |
| Inventories | (3518) | (1507) | 263 |
| Prepaid expenses and other current assets | (868) | (1341) | (540) |
| Security deposits |  |  | (35) |
| Accounts payable and accrued expenses | 3609 | 79 | 476 |
| Operating lease liability | (1261) | 1597 | (340) |
| **Net Cash Provided by Operating Activities** | **11421** | **5177** | **11621** |
| **CASH FLOWS FROM INVESTING ACTIVITIES:** |  |  |  |
| Purchase of property, plant and equipment | (1654) | (5095) | (786) |
| Cash paid for acquisition of the business of Crown I Enterprises, Inc., net | (17311) |  |  |
| Cash paid for acquisition/investment in Chef Inspirational Foods, LLC, net |  |  | (646) |
| **Net Cash Used in Investing Activities** | **(18965)** | **(5095)** | **(1432)** |
| **CASH FLOWS FROM FINANCING ACTIVITIES:** |  |  |  |
| Net proceeds from the issuance of common stock | 18927 |  |  |
| Net proceeds from notes payable | 18770 |  |  |
| Repayments of debt | (16305) | (1662) | (1652) |
| Repayment of line of credit, net |  |  | (890) |
| Repayment of term loan - related party | (750) | (1950) | (750) |
| Repayment of finance lease obligations | (345) | (397) | (272) |
| Payment of Series B Preferred dividends |  |  | (49) |
| Proceeds from exercise of options | 48 | 55 | 68 |
| **Net Cash Provided by (Used in) Financing Activities** | **20345** | **(3954)** | **(3545)** |
| **Net Increase (Decrease) Increase in Cash** | 12801 | (3872) | 6644 |
| **Cash and cash equivalents - Beginning of Period** | 7150 | 11022 | 4378 |
| **Cash and cash equivalents - End of Period** | $**19951** | $**7150** | $**11022** |
| **SUPPLEMENTARY CASH FLOW INFORMATION:** |  |  |  |
| Cash Paid During the Period for: |  |  |  |
| Income taxes | $1225 | $1477 | $32 |
| Interest | $435 | $654 | $634 |
| **SUPPLEMENTARY DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:** |  |  |  |
| Finance lease asset additions | $— | $511 | $1270 |
| Related party loan to finance acquisition | $— | $— | $2700 |
| Right of use asset recognized | $6357 | $2119 | $— |
| Write-off of right of use asset | $451 | $1021 | $— |
| Issuance of stock for director settlement | $— | $450 | $— |
| Common stock issued for payment of related party debt | $1500 | $— | $— |
| Receipt of fixed assets for deposits previously paid | $— | $937 | $— |
| Settlement of liability in common stock | $— | $— | $50 |

---