EXHIBIT 99.1

 

 

Terra Tech Corp. Reports Fourth Quarter and 2020 Fiscal Year End Financial Results

 

IRVINE, Calif., March 30, 2021 (GLOBE NEWSWIRE) -- Terra Tech Corp. (OTCQX:TRTC) (“Terra Tech” or the “Company”) today reported its fourth quarter and 2020 fiscal year end financial results for the quarter ended December 31, 2020.

 

Frank Knuettel, newly named Chief Executive Officer of Terra Tech, stated, “2020 was a challenging year for Terra Tech. Following the dispensary closures in 2020 and the difficult capital markets, Terra Tech underperformed both operationally and financially, during which time we were forced to make certain arrangements to maintain our business.

 

Fortunately, I believe our most challenging days now lay behind us. Since I recently took over the CEO role, we have been hard at work positioning the company for what we believe is a very opportunistic future, including our recent announcement that we had entered into a transaction to acquire Unrivaled. This mutually beneficial transaction, which leads to immediate scale, is driven by strong brands and revenue growth. Unrivaled has grown markedly since inception, led by a strong management team, including Dallas Imbimbo, co-founder of KushCo Holdings, Inc. and Unrivaled. We intend to integrate Unrivaled’s management team into Terra Tech, whose robust leadership is capable of executing on high revenue growth and additional accretive acquisitions.”

 

Knuettel continued, “Following the restructuring of our balance sheet and bringing in new capital in January, this is the first of our anticipated strategic acquisitions building on the foundation formed by my predecessors. Our short-term goal is to become the premier West Coast and Southwest operator of cannabis assets with a focus on brands and dispensaries. Based on our growth trajectories and new operations coming online during 2021, we believe that the combined companies will generate revenues in excess of $70 million in 2021.”

 

Financial Update

 

 

·

For the year ended December 31, 2020, we generated revenues from continuing operations of approximately $14.29 million, compared to approximately $16.49 million for the year ended December 31, 2019, a decrease of $2.20 million. The year-over-year decrease was driven by a dispensary revenue decline of $5.98 million which was partially offset by cultivation and manufacturing revenue increases of which totaled $3.78 million. The dispensary revenue was hit by a customer traffic decline from COVID-19 and six combined months of store closures for our two Bay area dispensaries due to civil unrest.

 

 

 

 

·

Terra Tech’s gross profit for the year ended December 31, 2012 was approximately $3.60 million, compared to a gross profit of approximately $10.35 million for the year ended December 31, 2019, a decrease of approximately $6.75 million. Gross margin for the year ended December 31, 2020 was approximately 25.2%, compared to approximately 62.8% for the year ended December 31, 2019.

 

 

 

 

·

Selling, general and administrative expenses for the year ended December 31, 2020 were approximately $24.60 million, compared to approximately $36.68 million for the year ended December 31, 2019, a decrease of $12.08 million.

 

 

 

 

·

The net loss attributable to Terra Tech for the twelve months ending December 31, 2020 was $30.12 million, or $0.164 per share, compared to a net loss of $46.93 million, or $0.44 per share, for the twelve months ending December 31, 2019.

 

 

 

 

·

The Company had $888 thousand in cash as of December 31, 2020, compared with $1.23 million as of December 31, 2019.

 

 

 

 

·

Stockholders’ equity for the period ending December 31, 2020 amounted to approximately $59.13 million compared to approximately $75.33 million as of December 31, 2019.

  

The Company will host a conference call at 4:30 p.m. Eastern Time today to discuss its financial results and business highlights. Interested parties may listen to the call by dialing the following:

 

Toll-Free: 1-877-407-3982

 

Toll / International: 1-201-493-6780

 

Conference ID: 13717868

 

The conference call will also be available via a live, listen-only webcast and can be accessed through the Investor Relations section of Terra Tech’s website at www.terratechcorp.com

 

Securities Disclosure

 

This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities, nor shall there be any sale of the Company’s securities in any state or other jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

 

 
1

 

      

About TerraTech

  

Terra Tech is a vertically integrated company focused on the cannabis sector with operations in California and Nevada. In California, Terra Tech operates two dispensaries and a cultivation facility and has two additional cultivation facilities and a dispensary under development. In Nevada, by way of a joint ventures, Terra Tech operates a cultivation and manufacturing facility.

  

Cautionary Language Concerning Forward-Looking Statements

    

Certain statements contained in this communication regarding matters that are not historical facts, are forward-looking statements within the meaning of Section 21E of the Securities and Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, known as the PSLRA. These include statements regarding management’s intentions, plans, beliefs, expectations, or forecasts for the future, and, therefore, you are cautioned not to place undue reliance on them. No forward-looking statement can be guaranteed, and actual results may differ materially from those projected. Terra Tech undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise, except to the extent required by law. We use words such as “anticipates,” “believes,” “plans,” “expects,” “projects,” “future,” “intends,” “may,” “will,” “should,” “could,” “estimates,” “predicts,” “potential,” “continue,” “guidance,” and similar expressions to identify these forward-looking statements that are intended to be covered by the safe- harbor provisions of the PSLRA. Such forward-looking statements are based on our expectations and involve risks and uncertainties; consequently, actual results may differ materially from those expressed or implied in the statements due to a number of factors.

 

New factors emerge from time-to-time and it is not possible for us to predict all such factors, nor can we assess the impact of each such factor on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. These risks, as well as other risks associated with the combination, will be more fully discussed in our reports with the SEC. Additional risks and uncertainties are identified and discussed in the “Risk Factors” section of Terra Tech’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other documents filed from time to time with the SEC. Forward- looking statements included in this release are based on information available to Terra Tech as of the date of this release. Terra Tech undertakes no obligation to update such forward-looking statements to reflect events or circumstances after the date of this release.

 

Contact

Jason Assad

LR AdvisorsLLC.

Jassad@terratchcorp.com

678-570-6791

 

 
2

 

       

TERRA TECH CORP. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except shares and per-share info)

   

 

 

Year Ended December 31,

 

 

 

2020

 

 

2019

 

 

 

 

 

 

 

 

Total revenues

 

$ 14,287

 

 

$ 16,488

 

Cost of goods sold

 

 

10,687

 

 

 

6,139

 

 

 

 

 

 

 

 

 

 

Gross profit

 

 

3,600

 

 

 

10,349

 

 

 

 

 

 

 

 

 

 

Selling, general and administrative expenses

 

 

24,602

 

 

 

36,676

 

Impairment of assets

 

 

19,910

 

 

 

8,313

 

(Gain) / Loss on sale of assets

 

 

(35 )

 

 

(802 )

(Gain) / Loss on interest in joint venture

 

 

-

 

 

 

1,067

 

 

 

 

 

 

 

 

 

 

Loss from operations

 

 

(40,877 )

 

 

(34,905 )

 

 

 

 

 

 

 

 

 

Other income / (expense)

 

 

 

 

 

 

 

 

Interest expense, net

 

 

(2,932 )

 

 

(9,293 )

Unrealized gain/(loss) on investments

 

 

29,045

 

 

 

-

 

Other income / (loss)

 

 

964

 

 

 

50

 

 

 

 

 

 

 

 

 

 

Total other income / (expense)

 

 

27,077

 

 

 

(9,243 )

 

 

 

 

 

 

 

 

 

Income / (loss) from continuing operations

 

 

(13,800 )

 

 

(44,148 )

Income / (loss) from discontinued operations, net of tax

 

 

(17,071 )

 

 

(3,704 )

 

 

 

 

 

 

 

 

 

NET INCOME / (LOSS)

 

 

(30,871 )

 

 

(47,852 )

 

 

 

 

 

 

 

 

 

Less: Income / (Loss) attributable to non-controlling interest from continuing operations

 

 

(754 )

 

 

(921 )

 

 

 

 

 

 

 

 

 

NET LOSS ATTRIBUTABLE TO TERRA TECH CORP.

 

$ (30,117 )

 

$ (46,931 )

 

 

 

 

 

 

 

 

 

Income / ( Loss) from continuing operations per common share attributable to Terra Tech Corp. common stockholders – basic and diluted

 

$ (0.07 )

 

$ (0.45 )

Net Income / ( Loss) per common share attributable to Terra Tech Corp. common stockholders – basic and diluted

 

$ (0.16 )

 

$ (0.44 )

Weighted-Average Number of Common Shares Outstanding – Basic and Diluted

 

 

191,978,187

 

 

 

106,037,631

 

   

 
3

 

  

TERRA TECH CORP. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(in thousands, except shares)

 

 

 

December 31,

 

 

December 31,

 

 

 

2020

 

 

2019

 

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash

 

$ 888

 

 

$ 1,226

 

Accounts receivable, net

 

 

835

 

 

 

693

 

Short term investments

 

 

34,045

 

 

 

-

 

Inventory

 

 

1,602

 

 

 

4,334

 

Prepaid expenses and other current assets

 

 

234

 

 

 

675

 

Current assets of discontinued operations

 

 

2

 

 

 

2,440

 

 

 

 

 

 

 

 

 

 

Total current assets

 

 

37,606

 

 

 

9,368

 

 

 

 

 

 

 

 

 

 

Property, equipment and leasehold improvements, net

 

 

32,480

 

 

 

35,469

 

Intangible assets, net

 

 

7,714

 

 

 

14,871

 

Goodwill

 

 

6,171

 

 

 

21,471

 

Other assets

 

 

13,040

 

 

 

10,272

 

Investments

 

 

330

 

 

 

5,000

 

Assets of discontinued operations

 

 

2,953

 

 

 

22,799

 

 

 

 

 

 

 

 

 

 

TOTAL ASSETS

 

$ 100,294

 

 

$ 119,250

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

LIABILITIES:

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable and other accrued expenses

 

$ 8,621

 

 

$ 9,526

 

Short-term debt

 

 

8,033

 

 

 

11,022

 

Current liabilities of discontinued operations

 

 

9,768

 

 

 

7,035

 

 

 

 

 

 

 

 

 

 

Total current liabilities

 

 

26,422

 

 

 

27,583

 

 

 

 

 

 

 

 

 

 

Long-term liabilities:

 

 

 

 

 

 

 

 

Long-term debt, net of discounts

 

 

6,632

 

 

 

6,570

 

Long-term lease liabilities

 

 

8,082

 

 

 

8,902

 

Long-term liabilities of discontinued operations

 

 

28

 

 

 

869

 

 

 

 

 

 

 

 

 

 

Total long-term liabilities

 

 

14,742

 

 

 

16,341

 

 

 

 

 

 

 

 

 

 

Total liabilities

 

 

41,164

 

 

 

43,924

 

 

 

 

 

 

 

 

 

 

STOCKHOLDERS’ EQUITY:

 

 

 

 

 

 

 

 

Preferred stock, convertible series A, par value $0.001:

 

 

 

 

 

 

 

 

100 Shares authorized as of December 31, 2020 and 2019; 8 Shares issued as of December 31, 2020 and 2019, respectively

 

 

-

 

 

 

-

 

Preferred stock, convertible series B, par value $0.001:

 

 

 

 

 

 

-

 

41,000,000 Shares authorized as of December 31, 2020 and 2019; 0 shares issued as of December 31, 2020 and 2019, respectively

 

 

-

 

 

 

-

 

Common stock, par value $0.001:

 

 

 

 

 

 

 

 

990,000,000 Shares authorized as of December 31, 2020 and 2019; 196,512,867 shares issued and 194,204,459 shares outstanding as of December 31, 2020; 120,313,386 shares issued and 118,004,978 shares outstanding as of December 31, 2019.

 

 

218

 

 

 

120

 

Additional paid-in capital

 

 

275,060

 

 

 

260,516

 

Treasury stock

 

 

(808 )

 

 

(808 )

Accumulated deficit

 

 

(219,803 )

 

 

(189,686 )

 

 

 

 

 

 

 

 

 

Total Terra Tech Corp. stockholders’ equity

 

 

54,667

 

 

 

70,142

 

Non-controlling interest

 

 

4,463

 

 

 

5,184

 

 

 

 

 

 

 

 

 

 

Total stockholders’ equity

 

 

59,130

 

 

 

75,326

 

 

 

 

 

 

 

 

 

 

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

 

$ 100,294

 

 

$ 119,250

 

 

 
4

 


The following information was filed by Terra Tech Corp. (TRTC) on Tuesday, March 30, 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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