Exhibit 99.4
The following preliminary, unaudited financial data of Local Bounti Corporation (“Local Bounti”) was prepared for use by Local Bounti in connection with the PIPE financing contemplated in connection with the transactions contemplated by that certain Agreement and Plan of Merger, by and among Leo Holdings III Corp, (“Leo”), Longleaf Merger Sub, Inc., Longleaf Merger Sub II, LLC, and Local Bounti, dated June 17, 2021. Neither Leo’s nor Local Bounti’s independent registered accounting firm nor any other independent registered accounting firm has audited, reviewed, prepared or compiled, examined or performed any procedures with respect to this unaudited financial data, nor have they expressed any opinion or any other form of assurance on this unaudited financial data. This unaudited financial data reflects Local Bounti management’s estimates based solely upon information available as of June 17, 2021, is not a comprehensive statement of Local Bounti’s financial results for the periods presented and does not comply with Regulation S-X promulgated under the Securities Act of 1933, as amended, by the Securities and Exchange Commission. There is a possibility that the financial information of Local Bounti to be provided in future filings by Leo or Local Bounti will vary materially from the unaudited financial data presented in this Exhibit 99.4. Accordingly, undue reliance should not be placed upon the unaudited financial data set forth below.
Local Bounti
Consolidated Balance Sheets (unaudited) (in thousands)
| Interim as of March 31, | Annual as of December 31, | |||||||||||||||
| 2021 | 2020 | 2020 | 2019 | |||||||||||||
| Assets |
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| Current assets |
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| Cash and cash equivalents |
$ | 17,356 | $ | 563 | $ | 45 | $ | 2,137 | ||||||||
| Other current assets |
2,007 | 29 | 650 | 8 | ||||||||||||
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| Total current assets |
19,363 | 592 | 695 | 2,145 | ||||||||||||
| Property and equipment, net |
9,534 | 6,114 | 8,423 | 3,743 | ||||||||||||
| Other assets |
46 | — | 51 | — | ||||||||||||
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| Total assets |
$ | 28,943 | $ | 6,706 | $ | 9,169 | $ | 5,888 | ||||||||
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| Liabilities and stockholders’ equity (deficit) |
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| Current liabilities |
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| Accounts payable |
$ | 1,132 | $ | 828 | $ | 177 | $ | 147 | ||||||||
| Accrued liabilities |
331 | 1,036 | 1,125 | 708 | ||||||||||||
| Short-term debt |
— | 250 | 50 | 1 | ||||||||||||
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| Total current liabilities |
1,463 | 2,114 | 1,352 | 856 | ||||||||||||
| Long-term debt |
10,054 | 2,591 | 104 | 2,497 | ||||||||||||
| Convertible notes |
10,750 | — | — | — | ||||||||||||
| Financing obligation |
10,439 | — | 9,216 | — | ||||||||||||
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| Total liabilities |
32,706 | 4,705 | 10,672 | 3,353 | ||||||||||||
| Stockholders’ equity (deficit) |
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| Common Stock |
1 | 1 | 1 | 1 | ||||||||||||
| Additional paid in capital |
14,519 | 7,115 | 9,577 | 6,293 | ||||||||||||
| Accumulated deficit |
(18,283 | ) | (5,115 | ) | (11,081 | ) | (3,759 | ) | ||||||||
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| Total stockholders’ equity (deficit) |
(3,763 | ) | 2,001 | (1,503 | ) | 2,535 | ||||||||||
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| Total liabilities and stockholders’ equity (deficit) |
$ | 28,943 | $ | 6,706 | $ | 9,169 | $ | 5,888 | ||||||||
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Local Bounti
Consolidated Statements of Cash Flows (unaudited) (in thousands)
| For the three months ended March 31, | For the year ended December 31, | |||||||||||||||
| 2021 | 2020 | 2020 | 2019 | |||||||||||||
| Cash flows from operating activities |
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| Net loss |
$ | (7,202 | ) | $ | (1,356 | ) | $ | (7,322 | ) | $ | (3,425 | ) | ||||
| Adjustments to reconcile net loss to cash used in operating activities: |
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| Depreciation |
124 | 11 | 287 | — | ||||||||||||
| Stock-based compensation expense |
4,942 | 823 | 3,295 | 1,942 | ||||||||||||
| Bad debt allowance |
(8 | ) | — | — | — | |||||||||||
| Inventory allowance |
(25 | ) | — | 69 | — | |||||||||||
| Other changes in assets and liabilities |
(1,162 | ) | 988 | (316 | ) | 513 | ||||||||||
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| Net cash used in operating activities |
(3,331 | ) | 466 | (3,987 | ) | (970 | ) | |||||||||
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| Cash flows from investing activities |
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| Purchases of property and equipment |
(1,235 | ) | (2,382 | ) | (4,963 | ) | (3,743 | ) | ||||||||
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| Net cash used in investing activities |
(1,235 | ) | (2,382 | ) | (4,963 | ) | (3,743 | ) | ||||||||
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| Cash flows from financing activities |
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| Proceeds from issuance of common stock |
— | — | — | 4,501 | ||||||||||||
| Settlement of common stock |
— | — | (11 | ) | (149 | ) | ||||||||||
| Proceeds from issuance of debt |
10,450 | 342 | 533 | 4,561 | ||||||||||||
| Proceeds from issuance of convertible notes |
10,750 | — | — | — | ||||||||||||
| Repayment of debt |
(550 | ) | — | (2,880 | ) | (2,063 | ) | |||||||||
| Proceeds from financing obligations |
1,227 | — | 9,216 | — | ||||||||||||
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| Net cash provided by financing activities |
21,877 | 342 | 6,858 | 6,850 | ||||||||||||
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| Net increase (decrease) in cash and cash equivalents |
17,311 | (1,574 | ) | (2,092 | ) | 2,137 | ||||||||||
| Cash and cash equivalents at beginning of period |
45 | 2,137 | 2,137 | — | ||||||||||||
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| Cash and cash equivalents at end of period |
$ | 17,356 | $ | 563 | $ | 45 | $ | 2,137 | ||||||||
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