Grove, Inc. (GRVI) SEC Filing 10-K Annual Report for the fiscal year ending Wednesday, June 30, 2021

Grove, Inc.

CIK: 1775194 Ticker: GRVI



Grove, Inc. Announces Unaudited Fiscal Year 2021 Results of Operations

Offers Revenue Guidance for 2022 of $48-55 Million



$24.1 million in revenue for fiscal year 2021


$2.0 million in net income for fiscal year 2021


Year-end June 30, 2022 revenue guidance of $48-$55 Million


HENDERSON, NV / September 16, 2021 / Grove, Inc. (NASDAQ:GRVI) ("Grove" or the "Company"), a global innovator in hemp, health, and wellness, today announced unaudited financial results for its fiscal year ended June 30, 2021 were in line with preliminary results issued on June 28, 2021.


Allan Marshall, Chief Executive Officer of Grove, stated, “We are excited that our final numbers will come above our preliminary expectations for revenues and at the top-end of net income estimates released on June 28th 2021. Based on strong growth and revenue acceleration to end 2021, we estimate revenues for the fiscal year ended June 30, 2022 will be between $48 million and $55 million.


Andrew Norstrud, Chief Financial Officer of Grove, stated, “The ongoing audit of the VitaMedica Corporation acquisition and the due diligence on the acquisition of Interactive Offers pushed completion of our anticipated form 10-K filing from Sept 15, 2021 to September 28, 2021.”


Grove also announced it will release the Form 10-K on or before September 28, 2021.


About Grove, Inc.

Grove, Inc. is in the business of developing, producing, marketing and selling raw materials, white label products and end consumer products containing the industrial hemp plant extract, Cannabidiol (“CBD”). The Company sells to numerous consumer markets including the botanical, beauty care, pet care and functional food sectors. It seeks to take advantage of an emerging worldwide trend to re-energize the production of industrial hemp and to foster its many uses for consumers.


Forward-Looking Statements

This press release contains statements that constitute "forward-looking statements," including with respect to the Company's business strategy, product development and industry trends. No assurance can be given that the offering will be completed on the terms described, or at all. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company's registration statement and preliminary prospectus for the offering filed with the SEC. Copies are available on the SEC's website, The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.


Company Contact


Andrew Norstrud


Phone: (702) 332-5591


Investor Relations Contact


TraDigital IR

John McNamara


Phone: (917) 658-2602

The following information was filed by Grove, Inc. (GRVI) on Thursday, September 16, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Grove, Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2021 10-K Annual Report includes:

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  • Board Members
  • Executive Team
  • Salaries, Bonuses, Perks
  • Peers / Competitors


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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Consoldiated Balance Sheets
Consoldiated Balance Sheets (Parenthetical)
Consolidated Statement Of Stockholders' Equity (Deficit)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Operations
Accrued Liabilities
Accrued Liabilities (Details)
Accrued Liabilities (Table)
Acquisition (Details 1)
Acquisition (Details 2)
Acquisition (Details Narrative)
Acquisition (Details)
Acquisition (Table)
Background Information
Background Information (Details Narrative)
Convertible Promissory Notes And Notes Payable
Convertible Promissory Notes And Notes Payable (Details Narrative)
Convertible Promissory Notes And Notes Payable (Details)
Convertible Promissory Notes And Notes Payable (Table)
Equity Transactions
Equity Transactions (Details Narrative)
Income Taxes
Income Taxes (Details 1)
Income Taxes (Details 2)
Income Taxes (Details Narrative)
Income Taxes (Details)
Income Taxes (Table)
Intangible Assets
Intangible Assets (Details 1)
Intangible Assets (Details 2)
Intangible Assets (Details Narrative)
Intangible Assets (Details)
Intangible Assets (Table)
Inventory (Details Narrative)
Inventory (Details)
Inventory (Table)
Operating Leases
Operating Leases (Details 1)
Operating Leases (Details 2)
Operating Leases (Details Narrative)
Operating Leases (Details)
Operating Leases (Table)
Prepaid Expense And Other Current Assets
Prepaid Expense And Other Current Assets (Details)
Prepaid Expense And Other Current Assets (Table)
Property And Equipment
Property And Equipment (Details Narrative)
Property And Equipment (Details)
Property And Equipment (Table)
Related Party Transactions
Related Party Transactions (Details Narrative)
Risks And Uncertainties
Segment Information
Segment Information (Details 1)
Segment Information (Details)
Segment Information (Table)
Significant Accounting Policies
Significant Accounting Policies (Details Narrative)
Significant Accounting Policies (Details)
Significant Accounting Policies (Policies)
Significant Accounting Policies (Table)
Significant Customers
Significant Customers (Details 1)
Significant Customers (Details)
Significant Customers (Table)
Stock Based Compensation
Stock Based Compensation (Details 1)
Stock Based Compensation (Details Narrative)
Stock Based Compensation (Details)
Stock Based Compensation (Table)
Subsequent Events
Subsequent Events (Details Narrative)

Material Contracts, Statements, Certifications & more

Grove, Inc. provided additional information to their SEC Filing as exhibits

Ticker: GRVI
CIK: 1775194
Form Type: 10-K Annual Report
Accession Number: 0001477932-21-006796
Submitted to the SEC: Tue Sep 28 2021 4:09:54 PM EST
Accepted by the SEC: Tue Sep 28 2021
Period: Wednesday, June 30, 2021
Industry: Medicinal Chemicals And Botanical Products

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