Eastside Distilling Inc
NASDAQ:EAST
NASDAQ FSI:D. Deficient (Issuer failed to meet continued listing requirements)

  • LAST PRICE
    0.5710
  • TODAY'S CHANGE (%)
    0.0110 (1.9643%)
  • Bid / Lots
    0.5310/ 13
  • Ask / Lots
    0.5933/ 7
  • Open / Previous Close
    0.5600 / 0.5600
  • Day Range
    0.5597
    0.5820
  • 52 Week Range
    0.4100
    2.9800
  • Volume
    79,630

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  • Nov 14, 2024

      Show headlines and story abstract

    • 4:11PM ET on Thursday Nov 14, 2024 by MT Newswires
      Companies Mentioned: EAST
      04:11 PM EST, 11/14/2024 (MT Newswires) -- ...

    • 4:11PM ET on Thursday Nov 14, 2024 by MT Newswires
      Companies Mentioned: EAST
      04:11 PM EST, 11/14/2024 (MT Newswires) -- ...

    • 4:10PM ET on Thursday Nov 14, 2024 by PR Newswire
      Companies Mentioned: EAST

      Company to Host Conference Call at 5:00 pm ET Thursday November 14, 2024

      Eastside Distilling, Inc. (NASDAQ: EAST) ("Eastside" or the "Company"), a holding company for Bridgetown Spirits Corp., a consumer-focused beverage company that builds craft inspired experiential brands and for Beeline Financial Holdings, Inc. ("Beeline"), a recently acquired pioneering mortgage technology company that operates an end-to-end, all-digital, AI-enhanced platform for homeowners and property investors, reported third quarter financial results for the period ended September 30, 2024.

    • 4:10PM ET on Thursday Nov 14, 2024 by Dow Jones
      Companies Mentioned: EAST
      Current liabilities: Accounts payable $ 1,388 $ 1,062 Accrued liabilities 418 465 Current portion of secured credit facilities, related party 3,447 - Current portion of secured credit facilities, net of debt issuance costs 728 - Current portion of notes payable 8,155 486 Current portion of notes payable, related party 92 92 Current portion of lease liabilities 191 223 Other current liability, related party 85 - Current liabilities held for sale 3,124 1,877 ------------- ------------ Total current liabilities 17,628 4,205 Lease liabilities, net of current portion 213 458 Secured credit facilities, related party - 2,700 Secured credit facilities, net of debt issuance costs - 342 Notes payable, net of current portion - 7,556 Non-current liabilities held for sale 843 1,366 ------------- ------------ Total liabilities 18,684 16,627 ------------- ------------ Stockholders' equity (deficit): Common stock, $0.0001 par value; 6,000,000 shares authorized as of September 30, 2024 and December 31, 2023; and 3,140,625 shares and 1,705,987 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively - - Preferred stock, $0.0001 par value; 100,000,000 shares authorized; 2,500,000 Series B shares issued and outstanding as of both September 30, 2024 and December 31, 2023 - - Preferred stock, $0.0001 par value; 240,000 shares authorized; 117,586 Series C shares and 200,000 Series C shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively - - Additional paid-in capital 84,499 83,559 Accumulated deficit (86,959) (82,706) ------------- ------------ Total stockholders' equity (deficit) (2,460) 853 ------------- ------------ Total Liabilities and Stockholders' Equity (Deficit) $ 16,224 $ 17,480 ------------- ------------ Eastside Distilling, Inc. and Subsidiaries For the Three and Nine Months Ended September 30, 2024 and 2023 (Dollars and shares in thousands, except per share amounts) (Unaudited) Consolidated Statements of Operations: Three Months Ended Nine Months September 30, EndedSeptember 30, -------------------- ----------------------- 2024 2023 2024 2023 --------- --------- -------- ------------- Sales $ 783 $849 $2,106 $3,080 Less customer programs and excise taxes 23 43 129 141 -------- --------- -------- ------------- Net sales 760 806 1,977 2,939 Cost of sales 560 638 1,476 1,940 -------- --------- -------- ------------- Gross profit 200 168 501 999 -------- --------- -------- ------------- Operating expenses: Sales and marketing expenses 218 303 699 1,180 General and administrative expenses 435 172 1,149 1,287 (Gain) loss on disposal of property and equipment (1) - (1) 3 -------- --------- -------- ------------- Total operating expenses 652 475 1,847 2,470 -------- --------- -------- ------------- Loss from operations (452) (307) (1,346) (1,471) -------- --------- -------- ------------- Other income (expense), net Interest expense (409) (203) (965) (850) Loss on debt to equity conversion - (1,321) - (1,321) Other income 33 25 37 57 -------- --------- -------- ------------- Total other income (expense), net (376) (1,499) (928) (2,114) -------- --------- -------- ------------- Loss before income taxes (828) (1,806) (2,274) (3,585) Provision for income taxes - - - - -------- --------- -------- ------------- Net loss from continuing operations (828) (1,806) (2,274) (3,585) Net loss from discontinued operations (531) (350) (1,866) (1,812) -------- --------- -------- ------------- Net loss (1,359) (2,156) (4,140) (5,397) Preferred stock dividends (38) (38) (113) (113) -------- --------- -------- ------------- Net loss attributable to common shareholders $(1,397) $ (2,194) $(4,253) $(5,510) ======== ========= ======== ============= Basic net loss per common share $(0.66) $ (2.00) $(2.28) $(5.93) ======== ========= ======== ============= Basic weighted average common shares outstanding 2,116 1,097 1,862 929 -------- --------- -------- ------------- Eastside Distilling, Inc. and Subsidiaries For the Three and Nine Months Ended September 30, 2024 and 2023 (Dollars in thousands) (Unaudited) Segments: Three Months Ended September Nine Months Ended September 30, 30, (Dollars in thousands) 2024 2023 Variance 2024 2023 Variance ------ --------- --------- -------- -------- ---------- Bridgetown Sales $ 783 $849 $(66) $ 2,106 $ 3,080 $ (974) Net sales 760 806 (46) 1,977 2,939 (962) Cost of sales 560 638 (78) 1,476 1,940 (464) ------ --------- --------- -------- -------- ---------- Gross profit 200 168 32 501 999 (498) Total operating expenses 217 303 (86) 698 1,183 (485) Net income (loss) $ 18 $(110) $128 $(162) $(130) $ (32) Gross margin 26 % 21 % 5 % 25 % 34 % -9 % Corporate Total operating expenses $435 $172 $ 263 $ 1,149 $ 1,287 $(138) Net loss $(846) $ (1,696) $850 $(2,112) $(3,455) $1,343 Adjusted EBITDA Reconciliation: Three Months Ended Nine Months Ended September 30, September 30, ------------------- ------------------ 2024 2023 2024 2023 -------- --------- -------- -------- Net loss $ (828) $ (1,806) $(2,274) $(3,585) Add: Interest expense 409 203 965 850 Depreciation and amortization 31 38 99 114 ------- --------- -------- -------- EBITDA (388) (1,565) (1,210) (2,621) ------- --------- -------- -------- Gain on disposal of property and equipment (1) - (1) 3 Loss on debt to equity conversion - 1,321 - 1,321 Stock compensation - (68) - 98 ------- --------- -------- -------- Adjusted EBITDA $(389) $(312) $(1,211) $(1,199) ======= ========= ======== ========

    • 4:10PM ET on Thursday Nov 14, 2024 by Dow Jones
      Companies Mentioned: EAST
      Current liabilities: Accounts payable $ 1,388 $ 1,062 Accrued liabilities 418 465 Current portion of secured credit facilities, related party 3,447 - Current portion of secured credit facilities, net of debt issuance costs 728 - Current portion of notes payable 8,155 486 Current portion of notes payable, related party 92 92 Current portion of lease liabilities 191 223 Other current liability, related party 85 - Current liabilities held for sale 3,124 1,877 ------------- ------------ Total current liabilities 17,628 4,205 Lease liabilities, net of current portion 213 458 Secured credit facilities, related party - 2,700 Secured credit facilities, net of debt issuance costs - 342 Notes payable, net of current portion - 7,556 Non-current liabilities held for sale 843 1,366 ------------- ------------ Total liabilities 18,684 16,627 ------------- ------------ Stockholders' equity (deficit): Common stock, $0.0001 par value; 6,000,000 shares authorized as of September 30, 2024 and December 31, 2023; and 3,140,625 shares and 1,705,987 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively - - Preferred stock, $0.0001 par value; 100,000,000 shares authorized; 2,500,000 Series B shares issued and outstanding as of both September 30, 2024 and December 31, 2023 - - Preferred stock, $0.0001 par value; 240,000 shares authorized; 117,586 Series C shares and 200,000 Series C shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively - - Additional paid-in capital 84,499 83,559 Accumulated deficit (86,959) (82,706) ------------- ------------ Total stockholders' equity (deficit) (2,460) 853 ------------- ------------ Total Liabilities and Stockholders' Equity (Deficit) $ 16,224 $ 17,480 ------------- ------------ Eastside Distilling, Inc. and Subsidiaries For the Three and Nine Months Ended September 30, 2024 and 2023 (Dollars and shares in thousands, except per share amounts) (Unaudited) Consolidated Statements of Operations: Three Months Ended Nine Months September 30, EndedSeptember 30, -------------------- ----------------------- 2024 2023 2024 2023 --------- --------- -------- ------------- Sales $ 783 $849 $2,106 $3,080 Less customer programs and excise taxes 23 43 129 141 -------- --------- -------- ------------- Net sales 760 806 1,977 2,939 Cost of sales 560 638 1,476 1,940 -------- --------- -------- ------------- Gross profit 200 168 501 999 -------- --------- -------- ------------- Operating expenses: Sales and marketing expenses 218 303 699 1,180 General and administrative expenses 435 172 1,149 1,287 (Gain) loss on disposal of property and equipment (1) - (1) 3 -------- --------- -------- ------------- Total operating expenses 652 475 1,847 2,470 -------- --------- -------- ------------- Loss from operations (452) (307) (1,346) (1,471) -------- --------- -------- ------------- Other income (expense), net Interest expense (409) (203) (965) (850) Loss on debt to equity conversion - (1,321) - (1,321) Other income 33 25 37 57 -------- --------- -------- ------------- Total other income (expense), net (376) (1,499) (928) (2,114) -------- --------- -------- ------------- Loss before income taxes (828) (1,806) (2,274) (3,585) Provision for income taxes - - - - -------- --------- -------- ------------- Net loss from continuing operations (828) (1,806) (2,274) (3,585) Net loss from discontinued operations (531) (350) (1,866) (1,812) -------- --------- -------- ------------- Net loss (1,359) (2,156) (4,140) (5,397) Preferred stock dividends (38) (38) (113) (113) -------- --------- -------- ------------- Net loss attributable to common shareholders $(1,397) $ (2,194) $(4,253) $(5,510) ======== ========= ======== ============= Basic net loss per common share $(0.66) $ (2.00) $(2.28) $(5.93) ======== ========= ======== ============= Basic weighted average common shares outstanding 2,116 1,097 1,862 929 -------- --------- -------- ------------- Eastside Distilling, Inc. and Subsidiaries For the Three and Nine Months Ended September 30, 2024 and 2023 (Dollars in thousands) (Unaudited) Segments: Three Months Ended September Nine Months Ended September 30, 30, (Dollars in thousands) 2024 2023 Variance 2024 2023 Variance ------ --------- --------- -------- -------- ---------- Bridgetown Sales $ 783 $849 $(66) $ 2,106 $ 3,080 $ (974) Net sales 760 806 (46) 1,977 2,939 (962) Cost of sales 560 638 (78) 1,476 1,940 (464) ------ --------- --------- -------- -------- ---------- Gross profit 200 168 32 501 999 (498) Total operating expenses 217 303 (86) 698 1,183 (485) Net income (loss) $ 18 $(110) $128 $(162) $(130) $ (32) Gross margin 26 % 21 % 5 % 25 % 34 % -9 % Corporate Total operating expenses $435 $172 $ 263 $ 1,149 $ 1,287 $(138) Net loss $(846) $ (1,696) $850 $(2,112) $(3,455) $1,343 Adjusted EBITDA Reconciliation: Three Months Ended Nine Months Ended September 30, September 30, ------------------- ------------------ 2024 2023 2024 2023 -------- --------- -------- -------- Net loss $ (828) $ (1,806) $(2,274) $(3,585) Add: Interest expense 409 203 965 850 Depreciation and amortization 31 38 99 114 ------- --------- -------- -------- EBITDA (388) (1,565) (1,210) (2,621) ------- --------- -------- -------- Gain on disposal of property and equipment (1) - (1) 3 Loss on debt to equity conversion - 1,321 - 1,321 Stock compensation - (68) - 98 ------- --------- -------- -------- Adjusted EBITDA $(389) $(312) $(1,211) $(1,199) ======= ========= ======== ========

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