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Home Bistro, Inc. Announces First Quarter 2021 Financial Results

Online Meal Orders Increased Over 200% Over Previous Year First Quarter

MIAMI BEACH, FL / ACCESSWIRE / May 18, 2021 / Home Bistro, Inc. (OTC PINK:HBIS) ("Home Bistro" or the "Company"), a leading online platform that offers celebrity chef-inspired, gourmet ready-made meals shipped directly to consumers, today reported financial results for its first quarter ended March 31, 2021 and outlined future growth milestones to be achieved.

The Company reported revenue of $350,474 for the current year three-month period, compared to $303,765 for the same period of the previous year which included a discontinued line. First quarter 2021 sales of Home Bistro's prepared gourmet meals, including celebrity chef meals - excluding discontinued lines - increased 104% in the current year first quarter compared to the first quarter 2020, while the number of orders increased approximately 203% during the same period.

Key First Quarter Developments:

  • Home Bistro added Daina Falk, author of "The Hungry Fan's Game Day Cookbook" and aficionado of classic tailgate cooking, to its growing list of celebrity chefs offering their gourmet cuisine on the Company's platform. Subsequent to the first quarter end, Home Bistro added Roblé Ali, former Bravo TV personality and celebrity chef caterer to movie stars and VIPS, to its growing list of celebrity chefs. Chefs Ali and Falk join Iron Chef Cat Cora on Home Bistro's platform.
  • Home Bistro consummated a joint venture agreement with gourmet dessert provider, Red Velvet NYC through which the Company will offer through its platform, fully-prepared desserts from recipes created and developed by Red Velvet NYC.

The Company recently announced its plan to transition from frozen to fresh "vacuum skin-packaging" to enhance the customer experience, including taste and presentation. With vacuum skin-packaging, the meals are positioned on a tray and the packaging vacuum seals a thin film directly over the food, keeping it in position. The meals can be heated fresh using a microwave and eaten directly from the tray, virtually eliminating clean-up. Home Bistro expects to begin delivery of fresh, skin-packaged, celebrity chef-inspired meals by July 2021.

Commenting on the Company's rapid progress, Zalmi Duchman, Home Bistro's CEO, said, "During the first quarter, we continued expanding our celebrity chef partnerships and with the introduction of fresh, vacuum skin packaging, our customers will experience enhanced flavor and texture and the added convenience of simply heating the meal in its original container and have the meal perfectly plated, ready to eat."

Mr. Duchman continued, "Our vision is to position the Company to be the leading platform that offers any or all segments of the high quality, lifestyle, in-home dining experience including breakfast, lunch, dinners, appetizers, deserts, snacks and even selective beverages such as wine pairings - all with a celebrity chef's inspiration. Our current growth plan includes establishing four kitchen and distribution centers strategically positioned throughout the U.S. to reduce fulfillment and shipping time, and delivery costs of our meals. We also continue to seek other opportunities to expand our product lines through potential acquisitions, and most importantly, as we continue executing, we believe shareholder value will increase commensurate with the Company's performance.

The Company reported a net loss for the three months ended March 31, 2021 of $(521,534) or $(0.03) per basic and diluted share. This compares to a net loss of $(79,991) or $(0.01) per basic and diluted share for the same period in 2020. The first quarter 2021 loss included $145,557 of non-cash charges for the amortization of debt discount and derivative liability expense related to the Company's bridge financings completed in December 2020 and the quarter ended March 31, 2021. The Company also incurred an increase in professional fees of $161,454 due to public company related professional costs. Marketing costs of $40,730 increased during the first quarter 2021 due to the expansion of the Company's marketing strategy to include additional channels with the initial shipping of meals from its celebrity chef platform.

About Home Bistro, Inc.

Home Bistro is a leading online platform, www.homebsitro.com, that provides for the creation, production, and distribution of direct-to-consumer, heat-to-eat, celebrity chef inspired gourmet meals, which currently include inspirations developed by "Iron Chef" Cat Cora and soon to launch celebrity chefs Daina Falk and Roblé Ali.

Forward-Looking Information

This news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. These statements relate to future events or future performance. All statements other than statements of historical fact may be forward-looking statements or information. Generally, forward-looking statements and information may be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "proposed", "is expected", "budgets", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. More particularly and without limitation, this news release contains forward-looking statements and information concerning the Company's growth objectives and industry outlook (as described herein). Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. These forward-looking statements include, among others, statements about the Company's future financial performance, the impact of management changes, any organizational restructuring and the sufficiency of capital resources to fund its ongoing operating requirements; statements about the Company's expectations regarding the capitalization, resources and ownership structure; and any other statements other than statements of historical fact. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements that the Company makes due to a number of important factors, including (i) risks related to the combined entity's access to existing capital and fundraising prospects to fund its ongoing operations, and (ii) other business effects, including the effects of industry, market, economic, political or regulatory conditions, future exchange and interest rates, and changes in tax and other laws, regulations, rates and policies, including the impact of COVID-19 on the broader market. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific that contribute to the possibility that the predictions, estimates, forecasts, projections and other forward-looking statements will not occur.

The forward-looking statements contained in this press release are made as of the date of this press release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Detailed information regarding factors that may cause actual results to differ materially from the results expressed or implied by statements in this press release relating to the Company may be found in the Company's periodic filings with the Securities and Exchange Commission, including the factors described in the sections entitled "Risk Factors", copies of which may be obtained from the SEC's website at www.sec.gov. Additionally, the Company undertakes no obligation to comment on the expectations of, or statements made by, third parties in respect of the matters discussed above.

Contact:

Zalmi Duchman, CEO
zalmi@homebistro.com

Ph: 631.694.1111

[Company Financial Statements Follow]

HOME BISTRO, INC. AND SUBSIDIARY

CONSOLIDATED BALANCE SHEET

 
  March 31,     December 31,  
 
  2021     2020  
ASSETS
  (Unaudited)        
CURRENT ASSETS:
           
Cash
  523,592     447,354  
Prepaid expenses and other current assets
    78,671       28,588  
Note receivable
    5,000       5,000  
Total Current Assets
    607,263       480,942  
OTHER ASSETS:
               
Property and equipment, net
    116,219       2,728  
Total Assets
  723,482     483,670  
 
               
LIABILITIES AND STOCKHOLDERS' DEFICIT
               
CURRENT LIABILITIES:
               
Accounts payable
  479,339     352,466  
Accrued expenses and other liabilities
    97,710       126,273  
Liabilities to be settled with common stock
    226,456       -  
Convertible notes payable, net of debt discount
    342,931       141,476  
Convertible notes payable - related party, net of debt discount
    31,048       -  
Notes payable - current portion
    27,203       20,068  
Advances payable
    65,887       78,497  
Derivative liabilities
    125,100       180,029  
Unredeemed gift cards
    36,467       48,311  
Total Current Liabilities
    1,432,141       947,120  
LONG-TERM LIABILITIES:
               
Notes payable - long-term portion
    144,409       151,544  
Common stock repurchase obligation
    1,154,366       1,300,000  
Total Liabilities
    2,730,916       2,398,664  
Commitments and contingency (Note 10)
               
STOCKHOLDERS' DEFICIT:
               
Preferred Stock: $0.001 par value; 20,000,000 shares authorized;
               
Convertible Series B Preferred stock: $0.001 Par Value; 500,000 Shares Authorized; nil shares issued and outstanding as of March 31, 2021 and December 31, 2020
    -       -  
Common stock: $0.001 par value; 1,000,000,000 shares authorized; 19,528,152 and 19,123,768 shares issued and outstanding as of March 31, 2021 and December 31, 2020, respectively
    19,528       19,123  
Additional paid-in capital
    4,827,961       4,399,272  
Accumulated deficit
    (6,854,923 )     (6,333,389 )
Total Stockholders' Deficit
    (2,007,434 )     (1,914,994 )  
Total Liabilities and Stockholders' Deficit
  723,482     483,670  

Home Bistro, Inc. and Subsidiary

Consolidated Statements of Operations

 
  For the Three Months Ended
March 31,
 
 
  2021     2020  
 
           
Product sales, net
  350,474     303,765  
Cost of sales
    282,386       191,591  
Gross profit
    68,088       112,174  
 
               
Operating Expenses:
               
Compensation and related expenses
    76,500       92,519  
Professional and consulting expenses
    198,188       36,734  
Selling and marketing expenses
    72,441       31,711  
General and administrative expenses
    91,210       30,361  
Total Operating Expenses
    438,339       191,325  
 
               
Operating Loss from Operations
    (370,251 )     (79,151 )
Other Income (Expense):
               
Interest expense, net
    (327,918 )     (840 )
Change in fair value of derivative liabilities
    150,006       -  
Gain on extinguishment of debt
    26,629       -  
Total Other Expense, net
    (151,283 )     (840 )
 
               
Loss from Operations Before Provision for Income Taxes
    (521,534 )     (79,991 )
Provision for Income Taxes
    -       -  
Net Loss
  (521,534)     (79,991)  
 
               
BASIC AND DILUTED LOSS PER COMMON SHARE:
               
Basic and Diluted
  (0.03 )   (0.01 )
 
               
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
               
Basic
    19,242,568       13,104,561  
Diluted
    19,242,568       13,104,561  

 

SOURCE: Home Bistro, Inc.



View source version on accesswire.com:
https://www.accesswire.com/647894/Home-Bistro-Inc-Announces-First-Quarter-2021-Financial-Results

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