XML 49 R32.htm IDEA: XBRL DOCUMENT
v3.23.1

SCHEDULE I - PARENT COMPANY ONLY | 12 Months Ended
--- | ---
Dec. 31, 2022
SCHEDULE I - PARENT COMPANY ONLY |
SCHEDULE I - PARENT COMPANY ONLY | SCHEDULE I WESTROCK COFFEE COMPANY PARENT COMPANY ONLY CONDENSED BALANCE SHEET ​
​ | ​ | ​ | ​ | ​ | ​ | ​
(Thousands, except par value) |  | December 31, 2022 |  | December 31, 2021
ASSETS | ​ | ​ | ​ | ​ | ​ | ​
Cash and cash equivalents | ​ | $ | 77 | ​ | $ | 1,020
Related party receivables | ​ | ​ | 2,000 | ​ | ​ | 1,701
Total current assets | ​ | ​ | 2,077 | ​ | ​ | 2,721
​ | ​ | ​ | ​ | ​ | ​ | ​
Deferred income taxes | ​ | ​ | 1,032 | ​ | ​ | —
Investment in consolidated subsidiaries | ​ | ​ | 336,753 | ​ | ​ | 100,416
Total Assets | ​ | $ | 339,862 | ​ | $ | 103,137
​ | ​ | ​ | ​ | ​ | ​ | ​
LIABILITIES, CONVERTIBLE PREFERRED SHARES, REDEEMABLE UNITS, AND SHAREHOLDERS' EQUITY (DEFICIT) | ​ | ​ | ​ | ​ | ​ | ​
Accrued expenses and other current liabilities | ​ | $ | 38 | ​ | $ | —
Related party receivables | ​ | ​ | 98 | ​ | ​ | —
Total current liabilities | ​ | ​ | 136 | ​ | ​ | —
​ | ​ | ​ | ​ | ​ | ​ | ​
Warrant liabilities | ​ | ​ | 55,521 | ​ | ​ | —
Total liabilities | ​ | ​ | 55,657 | ​ | ​ | —
​ | ​ | ​ | ​ | ​ | ​ | ​
Series A Convertible Preferred Shares, $0.01 par value, 24,000 shares authorized, 23,588 shares issued and outstanding, $11.50 liquidation value | ​ | ​ | 274,936 | ​ | ​ | —
Series A Redeemable Common Equivalent Preferred Units: $0.00 par value, 222,150 units authorized, no units and 222,150 units issued and outstanding at December 31, 2022 and December 31, 2021, respectively | ​ | ​ | — | ​ | ​ | 264,729
Series B Redeemable Common Equivalent Preferred Units: $0.00 par value, 17,000 units authorized, no units and 17,000 units issued and outstanding at December 31, 2022 and December 31, 2021, respectively | ​ | ​ | — | ​ | ​ | 17,142
​ | ​ | ​ | ​ | ​ | ​ | ​
Shareholders' Equity (Deficit) (1) | ​ | ​ | ​ | ​ | ​ | ​
Preferred stock, $0.01 par value, 26,000 shares authorized, no shares issued and outstanding | ​ | ​ | — | ​ | ​ | —
Common stock, $0.01 par value, 300,000 shares authorized, 75,020 shares issued and outstanding at December 31, 2022; $0.00 par value, 39,389 shares authorized, 34,523 shares issued and outstanding at December 31, 2021 | ​ | ​ | 750 | ​ | ​ | 345
Additional paid-in-capital | ​ | ​ | 342,664 | ​ | ​ | 60,628
Accumulated deficit | ​ | ​ | (328,042) | ​ | ​ | (251,725)
Accumulated other comprehensive income (loss) | ​ | ​ | (6,103) | ​ | ​ | 12,018
Total shareholders' equity (deficit) | ​ | ​ | 9,269 | ​ | ​ | (178,734)
​ | ​ | ​ | ​ | ​ | ​ | ​
Total Liabilities, Convertible Preferred Shares, Redeemable Units and Shareholders' Equity (Deficit) | ​ | $ | 339,862 | ​ | $ | 103,137
​ (1) Retroactively adjusted for de-SPAC merger transaction as described in Note 4 to the consolidated financial statements. ​ See accompanying notes to the condensed financial statements. SCHEDULE I WESTROCK COFFEE COMPANY PARENT COMPANY ONLY CONDENSED STATEMENTS OF OPERATIONS
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31,
(Thousands, except per share data) |  | 2022 |  | 2021 |  | 2020
Change in fair value of warrant liabilities | ​ | $ | (29,675) | ​ | $ | — | ​ | $ | —
Earnings (loss) from consolidated subsidiaries | ​ | ​ | (23,364) | ​ | ​ | (21,947) | ​ | ​ | (129,171)
Loss before income taxes | ​ | ​ | (53,039) | ​ | ​ | (21,947) | ​ | ​ | (129,171)
Income tax expense (benefit) | ​ | ​ | 2,146 | ​ | ​ | — | ​ | ​ | —
Net loss attributable to shareholders | ​ | ​ | (55,185) | ​ | ​ | (21,947) | ​ | ​ | (129,171)
Comprehensive loss attributable to common shareholders | ​ | $ | (95,754) | ​ | $ | (37,957) | ​ | $ | (143,864)
​ ​ ​ See accompanying notes to the condensed financial statements. ​ SCHEDULE I WESTROCK COFFEE COMPANY PARENT COMPANY ONLY CONDENSED STATEMENTS OF CASH FLOWS ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31,
(Thousands) |  | 2022 |  | 2021 |  | 2020
Cash flows from operating activities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net cash used in operating activities | ​ | $ | (14,950) | ​ | $ | (22,425) | ​ | $ | (127,618)
Cash flows from financing activities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Proceeds from related party debt | ​ | ​ | 11,700 | ​ | ​ | — | ​ | ​ | —
Proceeds from issuance of common equivalent preferred units | ​ | ​ | — | ​ | ​ | 17,000 | ​ | ​ | 222,150
Proceeds from de-SPAC merger and PIPE financing | ​ | ​ | 255,737 | ​ | ​ | — | ​ | ​ | —
Payment of common equity issuance costs | ​ | ​ | (23,998) | ​ | ​ | — | ​ | ​ | —
Payment of preferred equity issuance costs | ​ | ​ | (1,250) | ​ | ​ | — | ​ | ​ | —
Common equivalent preferred dividends | ​ | ​ | (4,380) | ​ | ​ | — | ​ | ​ | —
Payment of taxes for net share settlement of equity awards | ​ | ​ | (477) | ​ | ​ | — | ​ | ​ | —
Proceeds from exercise of stock options | ​ | ​ | 375 | ​ | ​ | (162) | ​ | ​ | —
Intercompany transactions, net | ​ | ​ | (223,700) | ​ | ​ | 6,607 | ​ | ​ | (94,532)
Net cash provided by financing activities | ​ | ​ | 14,007 | ​ | ​ | 23,445 | ​ | ​ | 127,618
Net increase (decrease) in cash and cash equivalents and restricted cash | ​ | ​ | (943) | ​ | ​ | 1,020 | ​ | ​ | —
Cash and cash equivalents and restricted cash at beginning of period | ​ | ​ | 1,020 | ​ | ​ | — | ​ | ​ | —
Cash and cash equivalents and restricted cash at end of period | ​ | $ | 77 | ​ | $ | 1,020 | ​ | $ | —
​ ​ See accompanying notes to the condensed financial statements. ​ Notes to Parent Company Only Condensed Financial Statements Note 1. Basis of Presentation The condensed financial statements of Westrock Coffee Company (the “Registrant”) have been prepared in accordance with Rule 12-04, Schedule I of Regulation S-X, as the restricted assets of the subsidiaries of Westrock, as defined in Rule 4-08(e)(3) of Regulation S-X, exceed 25% of the consolidated net assets of the Company. The condensed financial statements of Westrock Coffee Company have been prepared using the same accounting principles and policies described in Note 3, Summary of Significant Accounting Policies, of Part II, Item 8 Financial Statements and Supplementary Data of this Annual Report on Form 10-K, with the only exception being that the parent company accounts for its subsidiaries using the equity method of accounting. The parent company condensed financial information should be read in conjunction with the Company’s consolidated financial statements and the accompanying notes thereto included in Part II, Item 8 of this Annual Report on Form 10-K. Note 2. Debt Restrictions Pursuant to the terms of the Credit Agreement, Westrock Beverage Solutions, LLC has restrictions on its ability to (i) declare or pay dividends or make any other distribution whether in cash, property, securities or a combination thereof or (ii) directly or indirectly redeem, purchase, retire or otherwise acquire for value any of Westrock Beverage Solutions, LLC’s equity interests or set aside any amount for such purpose, other than through the issuance of qualified equity interests, as defined in the Credit Agreement.

X
- References No definition available. + Details
Name: | srt_CondensedFinancialInformationOfParentCompanyOnlyDisclosureAbstract
Namespace Prefix: | srt_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 10 -Section S99 -Paragraph 6 -Subparagraph (SX 210.5-04(Schedule I)) -URI https://asc.fasb.org/extlink&oid=126898705&loc=d3e5864-122674 Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 11 -URI https://asc.fasb.org/extlink&oid=126929396&loc=d3e5283-111683 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690 + Details
Name: | us-gaap_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration