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rate changes, plus (b) eight percent ( 8.00 %), and (ii) fifteen percent ( 15.00 %); provided that following and during the continuation
|
of an event of default (as defined in the loan and security agreement), interest on the unpaid principal balance of the advances shall
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accrue at an annual rate equal to such rate plus three percent ( 3.00 %). Interest accrued on the advances shall be payable monthly commencing
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on March 7, 2023. The Borrower may voluntarily prepay the entire unpaid principal amount of the note without premium or penalty; provided
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that in the event that such prepayment is made on or before February 9, 2024, then the Borrower must pay certain fees set forth in the
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note. The note is secured by all of the assets of the Borrower. The
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loan and security agreement contains customary representations, warranties and affirmative and negative financial and other covenants
|
for loans of this type. The loan and security agreement contains customary events of default, including, among othe (i) for failure
|
to pay principal and interest on the note when due, or to pay any fees due under the loan and security agreement; (ii) for failure to
|
perform any covenant or agreement contained in the loan and security agreement or any document delivered in connection therewith; (iii)
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if any statement, representation or warranty in the loan and security agreement or any document delivered in connection therewith is
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at any time found to have been false in any material respect at the time such representation or warranty was made; (iv) if the Borrower
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defaults under any agreement or contract with a third party which default would result in a liability to the Borrower in excess of $ 25,000 ;
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(v) for any voluntary or involuntary bankruptcy, insolvency, or dissolution or assignment to creditors; (vi) if any judgments or attachments
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aggregating in excess of $ 10,000 at any given time are obtained against the Borrower which remain unstayed for a period of ten (10) days
|
or are enforced or if there is an indictment under an criminal statute or proceeding pursuant to which remedies sought may include the
|
forfeiture of any property; (vii) if a material adverse effect or change of control of the Borrower (each as defined in the loan agreement)
|
shall have occurred; (viii) for certain environmental claims; and (ix) for failure to notify the lender of certain events or failure
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to deliver certain documentation required by the loan and security agreement. Amendment
|
to Conversion Agreement On March 30, 2023, the Company entered into an
|
amendment to the conversion agreement described in Note 13, effective retroactively to October 1, 2022. Pursuant to the amendment, the
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Company agreed to pay a total of $642,544 in three monthly payments commencing on April 5, 2023. Amendment to 6% Amortizing Promissory Note On April 6, 2023, 1847 Asien entered into an amendment to the 6 % amortizing
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promissory note described in Note 12, effective retroactively to October 20, 2022. Pursuant to the amendment, the parties agreed to extend
|
the maturity date of the note to July 30, 2023 and revised the repayment terms so that the outstanding principal amount and all accrued
|
interest thereon shall be payable in three payments on April 6, 2023, June 30, 2023 and July 30, 2023. As additional consideration for
|
entering into the amendment, 1847 Asien also agreed to pay an amendment fee of $ 84,362 on the maturity date. F- 44 SIGNATURES Pursuant
|
to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed
|
on its behalf by the undersigned, thereunto duly authorized. Date:
|
April 11, 2023 1847 HOLDINGS LLC /s/
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Ellery W. Roberts N Ellery W. Roberts Tit Chief Executive Officer (Principal Executive Officer) /s/
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Vernice L. Howard N Vernice L. Howard Tit Chief Financial Officer (Principal Financial and Accounting Officer) Pursuant
|
to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the
|
registrant and in the capacities and on the dates indicated. SIGNATURE TITLE DATE /s/
|
Ellery W. Roberts Chairman and
|
Chief Executive Officer (principal executive officer) April 11, 2023 Ellery W. Roberts /s/ Vernice
|
L. Howard Chief Financial Officer (principal financial and accounting officer) April 11, 2023 Vernice L. Howard /s/ Robert
|
D. Barry Director April 11, 2023 Robert D. Barry /s/ Clark
|
R. Crosnoe Director April 11, 2023 Clark R. Crosnoe /s/ Paul A.
|
Froning Director April 11, 2023 Paul A. Froning /s/ Tracy
|
S. Harris Director April 11, 2023 Tracy S. Harris /s/ Lawrence
|
X. Taylor Director April 11, 2023 Lawrence X. 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UNITED
|
STATES SECURITIES
|
AND EXCHANGE COMMISSION Washington,
|
D.C. 20549 FORM 10−Q (Mark
|
One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For
|
the quarterly period end March 31, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For
|
the transition period from ____________ to _____________ Commission
|
File Numbe 000-56128 1847 HOLDINGS LLC (Exact name of registrant as specified in its charter) Delaware 38-3922937 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 590 Madison Avenue , 21st Floor , New York , NY 10022 (Address of principal executive offices) (Zip Code) (212) 417-9800 (Registrant’s telephone number, including area code) N/A (Former name, former address and former fiscal year, if changed since
|
last report) Securities
|
registered pursuant to Section 12(b) of the Ac None Indicate
|
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
|
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)
|
has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐ Indicate
|
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule
|
405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐ Indicate
|
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting
|
company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,”
|
“smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filer ☐ Accelerated filer ☐ Non-accelerated filer ☒ Smaller reporting company ☒ Emerging growth company ☐ If
|
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for comply
|
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ Indicate
|
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒ As
|
of May 13, 2022, there were 4,995,232 common shares of the registrant issued and outstanding. 1847
|
HOLDINGS LLC Quarterly
|
Report on Form 10-Q Period
|
Ended March 31, 2022 TABLE
|
OF CONTENTS PART I FINANCIAL
|
INFORMATION Item 1. Financial
|
Statements 1 Item 2. Management’s
|
Discussion and Analysis of Financial Condition and Results of Operations 20 Item 3. Quantitative
|
and Qualitative Disclosures About Market Risk 33 Item 4. Controls
|
and Procedures 33 PART II OTHER INFORMATION Item 1. Legal
|
Proceedings 35 Item 1A. Risk
|
Factors 35 Item 2. Unregistered
|
Sales of Equity Securities and Use of Proceeds 35 Item 3. Defaults
|
Upon Senior Securities 35 Item 4. Mine
|
Safety Disclosures 35 Item 5. Other
|
Information 35 Item 6. Exhibits 36 i PART
|
I FINANCIAL
|
INFORMATION ITEM
|
1. FINANCIAL STATEMENTS. 1847
|
HOLDINGS LLC UNAUDITED
|
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS Page Condensed
|
Consolidated Balance Sheets as of March 31, 2022 (Unaudited) and December 31, 2021 2 Condensed
|
Consolidated Statements of Operations for the Three Months Ended March 31, 2022 and 2021 (Unaudited) 3 Condensed
|
Consolidated Statements of Mezzanine Equity and Shareholders’ Deficit for the Three Months Ended March 31, 2022 and
|
2021 (Unaudited) 4 Condensed
|
Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2022 and 2021 (Unaudited) 5 Notes
|
to Condensed Consolidated Financial Statements (Unaudited) 6 1 1847
|
HOLDINGS LLC CONDENSED
|
CONSOLIDATED BALANCE SHEETS March 31, 2022 December 31, 2021 (Unaudited) ASSETS Current
|
Assets Cash
|
and cash equivalents $ 1,638,924 $ 1,383,533 Investments 276,691 276,429 Receivables,
|
net 3,918,814 3,378,996 Contract
|
assets 69,735 88,466 Inventories,
|
net 5,805,494 5,427,302 Prepaid
|
expenses and other current assets 270,537 582,048 Total
|
Current Assets 11,980,195 11,136,774 Property
|
and equipment, net 1,920,967 1,695,311 Operating
|
lease right-of-use assets 3,094,573 3,192,604 Goodwill 19,452,270 19,452,270 Intangible
|
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