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Company Files Annual 10-K Report with Full Financial Results
MIAMI, Sept. 23, 2024 (GLOBE NEWSWIRE) -- Smart for Life, Inc. (OTC: SMFL) (“Smart for Life” or the “Company”), a distinguished leader in the Health & Wellness sector specializing in the marketing and manufacturing of nutritional supplements and foods, today announced significant progress in strengthening its balance sheet following a series of restructuring initiatives over the past several quarters. The Company has significantly improved its financial position, transitioning from negative net stockholders' equity to over $9.4 million in positive net stockholders' equity as of September 20, 2024. The Company also announced that it has successfully filed its 2023 annual report on Form 10-K with the U.S. Securities and Exchange Commission.
This financial turnaround was primarily achieved through the elimination of over $15 million in debt and interest, underscoring Smart for Life's commitment to building long-term value for shareholders. The Company’s leadership has been focused on reducing debt and improving operational efficiency as part of a broader strategy to position the Company for sustainable growth.
"We are proud of the tremendous strides we’ve made in transforming our balance sheet," stated Darren Minton, CEO of Smart for Life. "Although earnings were down, we view our financial restructuring as a major achievement. By eliminating more than $15 million in debt and interest, we have transitioned from negative net stockholders' equity to a much stronger balance sheet, paving the way for future growth. In addition, the completion of our audit and filing of our annual report for 2023 marks an important step towards regaining our listing on a senior U.S. exchange.”
“Looking ahead, we remain focused on strategic initiatives to streamline our operations, reduce liabilities, and strengthen our financial foundation. The restructuring has allowed us to refocus on our core business and improve operational efficiency, laying the groundwork for growth. We remain committed to executing on our long-term M&A strategy going forward,” concluded Mr. Minton.
About Smart for Life, Inc.
Smart for Life, Inc. (OTC: SMFL) is an emerging growth company in the nutraceutical industry, committed to delivering innovative solutions that promote Health & Wellness. With a focus on research-driven formulations and consumer-centric approaches, Smart for Life is dedicated to redefining the boundaries of nutritional science. The Company is engaged in the development, marketing, manufacturing, acquisition, operation and sale of a broad spectrum of nutritional and products. Structured as a publicly held holding company, the Company is executing a Buy-and-Build strategy with serial accretive acquisitions creating a vertically integrated company. To drive growth and earnings, Smart for Life is developing proprietary and related products as well as acquiring other profitable companies, encompassing brands, manufacturing and distribution channels. The Company recently concluded the execution of a restructuring plan including recapitalization of the Company with equity and debt financings, the sale of certain non-performing assets, and the successful liquidation of the Company’s senior debt facility. In addition, the Company converted substantial debt obligations to equity materially improving the Company’s balance sheet. For more information about Smart for Life, please visit: www.smartforlifecorp.com.