CEA Industries Inc.

Listed Company

BNCCIK 0001482541NasdaqNon-AcceleratedSmaller ReportingAgricultural ServicesNevadaFY ends Apr 30

Period

FY 2024

Revenue

$2.80M

Net Income

$-3.15M

Total Assets

$10.36M

Equity

$9.20M

Shares Out

42.90M

Op. Cash Flow

$-3.06M

Business

CEA Industries sells environmental control systems, engineering and lifecycle services to the Controlled Environment Agriculture (CEA) industry and has entered into an agreement to acquire Fat Panda, a vape retail and manufacturing business. It offers air handling equipment and systems, air sanitation products, LED lighting, benching and racking solutions, facility design, installation advisory, and preventative maintenance services. Its key business components include its Surna Cultivation Technologies operations focused on indoor cultivation systems and the Fat Panda retail/manufacturing business. Products and services are sold to indoor cultivators, multi-facility operators and retail consumers through direct sales, reseller channels, and retail and e-commerce outlets in North America.

Summary from filing dated 2025-03-27

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31	FY 2020 2020-12-31
Revenue	3	7	11	14	9
Cost of revenue	3	6	10	11	7
Gross (loss) profit	−219,624	542,079	1	3	2
Advertising and marketing expenses	16,315	273,409	1	772,139	430,012
Product development costs	—	76,487	319,987	469,703	390,229
Selling, general and administrative expenses	3	3	5	4	3
Total operating expenses	3	3	7	5	4
Operating loss	−3	−3	−6	−2	−2
Other income, net	—	7,778	191,358	627,592	621,340
Interest income, net	26,141	33,816	35,314	−2,832	—
Total other income	26,141	41,594	226,672	640,592	603,908
Loss before provision for income taxes	−3	−3	−5	−1	−2
Income taxes	—	—	—	—	—
Net loss	−3	−3	−5	−1	−2
Loss per common share - basic	−4.22	−4.33	−0.84	−2.33	—
Loss per common share - diluted	−4.22	−4.33	−0.84	—	—
Weighted average number of common shares outstanding, basic	745,038	672,936	7	2	—
Weighted average number of common shares outstanding, diluted	745,038	672,936	7	—	—

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31	FY 2020 2020-12-31
Cash and cash equivalents	9	13	19	2	2
Accounts receivable, net	13,041	18,655	2,649	179,444	33,480
Contract assets, net	234,328	224,414	—	—	—
Inventory, net	25,980	296,404	348,411	378,326	327,109
Prepaid expenses and other	368,068	313,115	1	1	1
Total Current Assets	10	13	20	4	4
Property and equipment, net	5,698	38,558	68,513	77,346	147,732
Intangible assets, net	1,830	1,830	1,830	1,830	7,227
Deposits	14,747	14,747	14,747	14,747	—
Operating lease right-of-use asset	245,270	356,109	462,874	565,877	343,950
Total Noncurrent Assets	267,545	411,244	547,964	1	1
TOTAL ASSETS	10	14	21	5	5
Accounts payable and accrued liabilities	550,477	624,724	1	1	2
Deferred revenue	343,790	499,800	4	3	4
Current portion of operating lease liability	135,651	126,724	118,235	100,139	266,105
Total Current Liabilities	1	1	6	4	6
Operating lease liability, net of current portion	134,147	259,627	376,851	486,226	169,119
Total Noncurrent Liabilities	134,147	259,627	376,851	486,226	243,275
TOTAL LIABILITIES	1	2	6	5	6
Commitments and Contingencies (Note 9)	—	—	—	—	—
Preferred stock, $0.00001 par value; 25,000,000 shares authorized; 0 shares issued and outstanding	—	—	—	—	420
Common stock, $0.00001 par value; 200,000,000 authorized; 793,109 and 673,090 shares issued and outstanding, respectively	8	7	80	16	16
Additional paid in capital	50	49	49	25	26
Accumulated deficit	−40	−37	−34	−29	−27
Total Shareholders Equity	9	12	15	−4	−1
TOTAL LIABILITIES AND SHAREHOLDERS EQUITY	10	14	21	5	5

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31	FY 2020 2020-12-31
Depreciation and intangible asset amortization expense	20,065	29,655	32,442	65,372	120,103
Share-based compensation	82,457	187,615	307,736	369,214	277,183
Provision for doubtful accounts (bad debt recovery)	−40,217	−2,056	−54,708	16,844	13,425
Provision for excess and obsolete inventory	26,989	121,791	−20,472	−1,666	21,669
Loss on disposal of assets	12,796	100	4,489	67,567	4,124
Operating lease expense	110,839	106,765	103,003	—	—
Accounts receivable	45,831	−13,950	231,504	−162,808	—
Contract assets	−9,914	−224,414	—	—	—
Inventory	243,435	−69,784	50,387	−49,551	882,466
Prepaid expenses and other	−54,953	1	−216,202	−235,897	−768,333
Accounts payable and accrued liabilities	−74,247	−582,534	−175,409	−476,450	26,157
Deferred revenue	−156,010	−4	1	−884,350	2
Operating lease liability, net	−116,553	−108,735	−91,279	−259,475	−135,828
Net cash used in operating activities	−3	−6	−3	−3	818,036
Proceeds from the sale of property and equipment	—	200	2,250	11,500	—
Net cash provided by investing activities	—	200	−28,098	−57,157	−9,332
Net cash provided by financing activities	—	—	20	3	554,000
Net change in cash and cash equivalents	−3	−6	16	−125,273	1
Interest paid	—	—	—	—	—
Income taxes paid	—	—	—	—	—
Options issued for accrued equity compensation liability	—	89,970	—	—	—

Filings

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