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CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($)
Jun. 30, 2022
Dec. 31, 2021
Current assets    
Cash and cash equivalents (including $932 and $1,163 associated with variable interest entity at June 30, 2022 and December 31, 2021, respectively) $ 3,501,000 $ 6,483,000
Accounts receivable, net of allowances of $1,734 and $583 at June 30, 2022 and December 31, 2021, respectively (including $6 and $24 associated with variable interest entity at June 30, 2022 and December 31, 2021, respectively) 38,473,000 32,776,000
Inventories 85,475,000 58,472,000
Prepaid expenses and other current assets (including $200 and $63 associated with variable interest entity at June 30, 2022 and December 31, 2021, respectively) 6,691,000 5,141,000
Total current assets 134,140,000 102,872,000
Property and equipment, net (including $46,006 and $46,612 associated with variable interest entity at June 30, 2022 and December 31, 2021, respectively) 95,044,000 93,475,000
Deposits 13,287,000 6,885,000
Goodwill 3,510,000 3,510,000
Intangible assets, net 367,000 380,000
Other assets (including $60 and $65 associated with variable interest entity at June 30, 2022 and December 31, 2021, respectively) 840,000 477,000
Total assets 247,188,000 207,599,000
Current liabilities    
Accounts payable (including $4 and $136 associated with variable interest entity at June 30, 2022 and December 31, 2021, respectively) 23,325,000 18,470,000
Accrued expenses (including $281 and $68 associated with variable interest entity at June 30, 2022 and December 31, 2021, respectively) 7,873,000 7,813,000
Related party payable 3,204,000 2,003,000
Income taxes payable (including $0 and $9 associated with variable interest entity at June 30, 2022 and December 31, 2021, respectively) 0 85,000
Customer deposits (including $81 and $88 associated with variable interest entity as of June 30, 2022 and December 31, 2021, respectively) 1,619,000 1,215,000
Debt, current portion (including $1.2 million associated with variable interest entity as of both March 31, 2022 and December 31, 2021) 910,000 1,178,000
Other payables 482,000 0
Total current liabilities 37,413,000 30,764,000
Deferred tax liability 5,634,000 5,634,000
Line of credit 11,600,000 0
Long-term debt, net of current portion and debt discount of $239 and $200 as of June 30, 2022 and December 31, 2021, respectively (including $42,016 and $35,339 associated with variable interest entity at June 30, 2022 and December 31, 2021, respectively, and debt discount of $239 and $200 associated with variable interest entity as of June 30, 2022 and December 31, 2021, respectively) 42,016,000 35,339,000
Other liabilities (including $1,324 and $2,637 associated with variable interest entity at June 30, 2022 and December 31, 2021, respectively) 3,004,000 3,837,000
Total liabilities 99,667,000 75,574,000
Commitments and Contingencies (Note 13) 0 0
Karat Packaging Inc. stockholders’ equity    
Common stock, $0.001 par value, 100,000,000 shares authorized, 19,832,417 and 19,809,417 shares issued and outstanding, respectively, at June 30, 2022; 19,827,417 and 19,804,417 shares issued and outstanding, respectively, at December 31, 2021 20,000 20,000
Additional paid in capital 84,921,000 83,694,000
Treasury stock, $0.001 par value, 23,000 shares at both June 30, 2022 and December 31, 2021 (248,000) (248,000)
Retained earnings 52,445,000 39,434,000
Total Karat Packaging Inc. stockholders’ equity 137,138,000 122,900,000
Noncontrolling interest 10,383,000 9,125,000
Total stockholders’ equity 147,521,000 132,025,000
Total liabilities and stockholders’ equity $ 247,188,000 $ 207,599,000