0000000000-23-005687.txt : 20230713 0000000000-23-005687.hdr.sgml : 20230713 20230530153009 ACCESSION NUMBER: 0000000000-23-005687 CONFORMED SUBMISSION TYPE: UPLOAD PUBLIC DOCUMENT COUNT: 2 FILED AS OF DATE: 20230530 FILED FOR: COMPANY DATA: COMPANY CONFORMED NAME: Local Bounti Corporation/DE CENTRAL INDEX KEY: 0001840780 STANDARD INDUSTRIAL CLASSIFICATION: AGRICULTURE PRODUCTION - CROPS [0100] IRS NUMBER: 981584830 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: UPLOAD BUSINESS ADDRESS: STREET 1: 400 W. MAIN ST. CITY: HAMILTON STATE: MT ZIP: 59840 BUSINESS PHONE: 406-361-3711 MAIL ADDRESS: STREET 1: 400 W. MAIN ST. CITY: HAMILTON STATE: MT ZIP: 59840 FORMER COMPANY: FORMER CONFORMED NAME: Leo Holdings III Corp. 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M7,O4=:TF,E@/ MAUZ@0M8WON!4:2-?BXWK.+Y4H;->S7T=&N=;M75^YJ.[]T^ARO#=_$%Z=TW< MY1)=/@K7_K%YQ)L,V,Q ^@-,[8E["F5N9'-T%LP(#$T72])1"!;/#DW,SDP,3 Y-C$Q83)F,C0V M8S(Y935E,#(T,V1E.#9A/CPY-S,Y,#$P.38Q,6$R9C(T-F,R.64U93 R-#-D M93@V83Y=+U)O;W0@,3$@,"!2+TQE;F=T:" V,"]3:7IE(#$T/CYS=')E86T* M>)QC8&#X_Y^1@9^!@9%)DH&!B8&#@0E$,#.F'()P64 $ V-A))#(V@\18V0L ML 5R"[(90.#_?P /D0D+"F5N9'-T')E9@HR.3,S- HE)45/1@H! end TEXT-EXTRACT 2 filename2.txt United States securities and exchange commission logo May 30, 2023 Kathleen Valiasek Chief Financial Officer Local Bounti Corporation 400 W. Main St. Hamilton, MT 59840 Re: Local Bounti Corporation Form 10-K for the Fiscal Year Ended December 31, 2022 Filed March 31, 2023 File No. 001-40125 Dear Kathleen Valiasek: We have limited our review of your filing to the financial statements and related disclosures and have the following comments. In some of our comments, we may ask you to provide us with information so we may better understand your disclosure. Please respond to these comments within ten business days by providing the requested information or advise us as soon as possible when you will respond. If you do not believe our comments apply to your facts and circumstances, please tell us why in your response. After reviewing your response to these comments, we may have additional comments. Form 10-K for the Fiscal Year Ended December 31, 2022 Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations Results of Operations, page 54 1. We reference the adjustment to Adjusted EBITDA for the year ended December 31, 2022 and the three months ended March 31, 2022 in the press release attached to your Forms 8- K dated March 23, 2023 and May 10, 2023 related to "Utilities price spike and inclement weather related costs." However, we do not see any discussion within your Form 10-K or subsequent Form 10-Q related to the impact of utilities price spikes or inclement weather. In future filings, please revise to include a detailed discussion of current trends that impacted your financial results over the periods presented. Reference Item 303(b)(2) of Regulation S-K. Kathleen Valiasek Local Bounti Corporation May 30, 2023 Page 2 Consolidated Financial Statements for the Year Ended December 31, 2022 2. Summary of Significant Accounting Policies, Revenue Recognition, page 70 2. We reference the disclosure that customer contracts generally do not include more than one performance obligation. Please tell us and revise future filings to discuss, if material, the contracts that result in more than one performance obligation. The disclosure should identify the multiple performance obligations and how you allocate and recognize revenue for each obligation. 3. Revise future filings to clarify whether any of the consideration amount is variable, and, if so, whether the estimate of variable consideration is typically constrained. In addition, disclose any obligations for returns, refunds, and other similar obligations and any types of warranties and related obligations. Reference ASC 606-10-50-12. In closing, we remind you that the company and its management are responsible for the accuracy and adequacy of their disclosures, notwithstanding any review, comments, action or absence of action by the staff. You may contact Kristin Lochhead at (202) 551-3664 or Brian Cascio, Accounting Branch Chief at (202) 551-3676 with any questions. Sincerely, FirstName LastNameKathleen Valiasek Division of Corporation Finance Comapany NameLocal Bounti Corporation Office of Industrial Applications and May 30, 2023 Page 2 Services FirstName LastName