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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 

FORM 8-K

 

CURRENT REPORT

 

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): November 9, 2023

 

AMMO, INC.

(Exact name of registrant as specified in its charter)

 

Delaware   001-13101   83-1950534

(State or other jurisdiction of

incorporation or organization)

 

(Commission

File Number)

 

(IRS Employer

Identification No.)

 

7681 E. Gray Rd.

Scottsdale, Arizona 85260

(Address of principal executive offices)

 

(480) 947-0001

(Registrant’s telephone number, including area code)

 

 

(Former name or former address, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
   
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
   
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
   
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class   Trading Symbol(s)   Name of each exchange on which registered
Common Stock, $0.001 par value   POWW   The Nasdaq Stock Market LLC (Nasdaq Capital Market)
8.75% Series A Cumulative Redeemable Perpetual Preferred Stock, $0.001 par value   POWWP   The Nasdaq Stock Market LLC (Nasdaq Capital Market)

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

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 complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

 

 

 

 

Item 2.02 Results of Operations and Financial Condition.

 

On November 9, 2023, Ammo, Inc. (the “Company”) reported its financial results for the fiscal quarterly period ended September 30, 2023. A copy of the press release issued by the Company in this connection is furnished herewith as Exhibit 99.1.

 

The information in this Item in this Current Report on Form 8-K and Exhibit 99.1 attached hereto are being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, regardless of any general incorporation language in such filing.

 

Item 9.01 Financial Statements and Exhibits.

 

(d) Exhibits

 

  99.1 Press Release dated November 9, 2023
  104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

  AMMO, INC.
     
Dated: November 9, 2023 By: /s/ Robert D. Wiley
    Robert D. Wiley
    Chief Financial Officer

 

 

 

Exhibit 99.1

 

 

 

AMMO, Inc. Reports Second Quarter 2024 Financial Results

 

SCOTTSDALE, Ariz., November 9, 2023 (GLOBE NEWSWIRE) — AMMO, Inc. (Nasdaq: POWW, POWWP) (“AMMO” or the “Company”), the owner of GunBroker.com, the largest online marketplace serving the firearms and shooting sports industries, and a leading vertically integrated producer of high-performance ammunition and components, today reported results for its second quarter of fiscal 2024, ended September 30, 2023.

 

Second Quarter Fiscal 2024 vs. Second Quarter Fiscal 2023

 

Net Revenues of $34.4 million
Gross profit margin of approximately 24.1% compared to 26.6%
Adjusted EBITDA of $1.2 million compared to $5.7 million
Net loss of ($7.5) million, compared to a net loss of ($0.8) million
Diluted EPS of ($0.07), compared to ($0.01)
Adjusted EPS of $0.00, compared to $0.04

 

GunBroker.com “Marketplace” Metrics – Second Quarter 2024

 

Marketplace revenue of approximately $12.5 million
New user growth averaged approximately 26,000 per month
Average take rate increased to 6.0% compared to 5.3% in fiscal 2023

 

Jared Smith, AMMO’s CEO, commented “Our fiscal second quarter was a very difficult quarter for our industry and due to mechanical and supply issues we are roughly one quarter behind where we thought we would be by now. However, we continue to transition our business to a leaner and more profitable operating model and remain focused on addressing operational inefficiencies. With that said, the market is moving very quickly based on recent international and domestic events.

 

“Events in October have completely flipped the market on its head. We see strong demand for our brass casings and even stronger demand internationally. While we have had delays in bringing the factory on-line, we continue to make investments to secure future predictability, profitability, and capacity. The fundamentals of the industry are improving. Gunbroker.com is starting to see the payoff of payment processing capabilities on the platform as we continue to transition GunBroker.com from an auction house to an Amazon-like model for firearms and accessories,” Mr. Smith concluded.

 

 
 

 

Second Quarter 2024 Results

 

The margins in our marketplace segment remain strong and although our gross margins have decreased in our ammunition segment due to the aforementioned operational struggles, we are optimistic on the future performance of this segment. While challenges continue in the market today, the demand for our brass casings remain robust. We are beginning to see positive trends in the demand for our ammunition product and we are seeing the activity on GunBoker.com increase as we enter into our third fiscal quarter.

 

We are positioned to capitalize on these positive trends given our strong financial position as we have reported $129.5 million in current assets including $49.6 million of cash and cash equivalents, in comparison to $27.6 million in current liabilities. Additionally, we generated $18.2 million in cash from operations through the midpoint of our fiscal year.

 

We ended the first quarter with total revenues of approximately $34.4 million in comparison to $48.3 million in the prior year quarter. The decrease in revenue was primarily related to a decrease in sales activity from our ammunition segment as a result of the state of the US commercial ammunition market during the reported quarter. Our casing sales, however, which afford us higher gross margins, increased to $6.4 million up from $4.3 million in the prior year period. Our marketplace revenue was $12.5 million, for the reported quarter, compared to $14.6 million in the prior year quarter, which decreased as a result of the current macroeconomic environment impacting our industry as well as others.

 

Cost of goods sold was approximately $26.1 million for the quarter compared to $35.5 million in the comparable prior year quarter. The decrease in cost of goods sold was related to the decrease in sales volume.

 

Our gross margin for the quarter was $8.3 million or 24.1% compared to $12.8 million or 26.6% in the prior year period. The decrease in gross profit margin was related to the shift in our sales mix but was also related to higher costs associated with our manufacturing process in our ammunition segment. Primarily, our cost absorption suffered due to the setbacks we experienced in the reported quarter as a result of rifle casing presses going down.

 

There were approximately $3.9 million of nonrecurring expenses related to legal and professional fees and accruals for contingencies from activities commencing in our 2021 and 2022 fiscal years. There was also $0.9 million of additional stock compensation expense as a result of change in control, and $0.4 million of write-offs incurred in our second fiscal quarter. All of these items, among others, are included as addbacks to Adjusted EBITDA.

 

For the quarter, we recorded Adjusted EBITDA of approximately $1.2 million, compared to prior year quarter Adjusted EBITDA of $5.7 million.

 

This resulted in a net loss per share of ($0.07) or adjusted net income per share of $0.00, compared to the prior year period of net loss per share of ($0.01) or adjusted net income per share of $0.04.

 

 
 

 

We continue to push forward on the improvements to our marketplace, GunBroker.com. We have formally launched OutdoorPay, our payment processing platform, and are in the process of onboarding our userbase to this platform, which will enable us to launch our cart platform soon thereafter.

 

We repurchased approximately 198,000 shares of our common stock under our repurchase plan in the reported quarter bringing us to just over 1.2 million shares repurchased in total under the plan.

 

Conference Call

 

Management will host a conference call at 5:00 PM ET on November 9, 2023, to review financial results and provide an update on corporate developments. Following management’s formal remarks there will be a question-and-answer session.

 

Participants are asked to preregister for the call at the following link: https://dpregister.com/sreg/10183047/fa923d6953.

 

Please note that registered participants will receive their dial-in number upon registration and will dial directly into the call without delay. Those without Internet access or who are unable to pre-register may dial in by calling 1-866-777-2509 (domestic) or 1-412-317-5413 (international). All callers should dial in approximately 10 minutes prior to the scheduled start time and ask to be joined into the Ammo Inc call.

 

The conference call will also be available through a live webcast at the following link: which is also available through the company’s website.

 

https://event.choruscall.com/mediaframe/webcast.html?webcastid=kAqERLpp,

 

Please join at least 5-10 minutes prior to the scheduled start and follow the operator’s instructions. When requested, please ask for “AMMO, Inc. Second Quarter 2024 Conference Call.”

 

About AMMO, Inc.

 

With its corporate offices headquartered in Scottsdale, Arizona, AMMO designs and manufactures products for a variety of aptitudes, including law enforcement, military, sport shooting and self-defense. The Company was founded in 2016 with a vision to change, innovate and invigorate the complacent munitions industry. AMMO promotes branded munitions as well as its patented STREAK Visual Ammunition, /stelTH/subsonic munitions, and specialty rounds for military use via government programs. For more information, please visit: www.ammo-inc.com.

 

 
 

 

About GunBroker.com

 

GunBroker.com is the largest online marketplace dedicated to firearms, hunting, shooting and related products. Aside from merchandise bearing its logo, GunBroker.com currently sells none of the items listed on its website. Third-party sellers list items on the site and Federal and state laws govern the sale of firearms and other restricted items. Ownership policies and regulations are followed using licensed firearms dealers as transfer agents. Launched in 1999, GunBroker.com is an informative, secure and safe way to buy and sell firearms, ammunition, air guns, archery equipment, knives and swords, firearms accessories and hunting/shooting gear online. GunBroker.com promotes responsible ownership of guns and firearms. For more information, please visit: www.gunbroker.com.

 

Forward Looking Statements

 

This document contains certain “forward-looking statements”. All statements other than statements of historical fact are “forward-looking statements” for purposes of federal and state securities laws, including, but not limited to, any projections of earnings, revenue or other financial items; any statements of the plans, strategies, goals and objectives of management for future operations; any statements concerning proposed new products and services or developments thereof; any statements regarding future economic conditions or performance; any statements or belief; and any statements of assumptions underlying any of the foregoing.

 

Forward looking statements may include the words “may,” “could,” “estimate,” “intend,” “continue,” “believe,” “expect” or “anticipate” or other similar words, or the negative thereof. These forward-looking statements present our estimates and assumptions only as of the date of this report. Accordingly, readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the dates on which they are made. We do not undertake to update forward-looking statements to reflect the impact of circumstances or events that arise after the dates they are made. You should, however, consult further disclosures and risk factors we include in Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Reports filed on Form 8-K.

 

Investor Contact:
CoreIR
Phone: (212) 655-0924
IR@ammo-inc.com

 

 
 

 

AMMO, Inc.

CONDENSED CONSOLIDATED BALANCE SHEETS

 

   September 30, 2023   March 31, 2023 
   (Unaudited)     
ASSETS          
Current Assets:          
Cash and cash equivalents  $49,564,868   $39,134,027 
Accounts receivable, net   23,030,851    29,346,380 
Inventories   53,014,205    54,344,819 
Prepaid expenses   3,920,007    5,126,667 
Current portion of restricted cash   -    500,000 
Total Current Assets   129,529,931    128,451,893 
           
Equipment, net   55,821,414    55,963,255 
           
Other Assets:          
Deposits   3,189,518    7,028,947 
Patents, net   4,786,022    5,032,754 
Other intangible assets, net   117,440,022    123,726,810 
Goodwill   90,870,094    90,870,094 
Right of use assets - operating leases   1,017,982    1,261,634 
TOTAL ASSETS  $402,654,983   $412,335,387 
           
LIABILITIES AND SHAREHOLDERS’ EQUITY          
Current Liabilities:          
Accounts payable  $19,598,548   $18,079,397 
Accrued liabilities   6,250,164    4,353,354 
Current portion of operating lease liability   370,980    470,734 
Note payable related party   -    180,850 
Current portion of construction note payable   265,977    260,429 
Insurance premium note payable   1,157,745    2,118,635 
Total Current Liabilities   27,643,414    25,463,399 
           
Long-term Liabilities:          
Contingent consideration payable   99,302    140,378 
Construction note payable, net of unamortized issuance costs   10,830,663    10,922,443 
Operating lease liability, net of current portion   744,616    903,490 
Deferred income tax liability   349,327    2,309,592 
Total Liabilities   39,667,322    39,739,302 
           
Shareholders’ Equity:          
Series A cumulative perpetual preferred Stock 8.75%, ($25.00 per share, $0.001 par value) 1,400,000 shares issued and outstanding as of September 30, 2023 and March 31, 2023, respectively   1,400    1,400 
Common stock, $0.001 par value, 200,000,000 shares authorized 119,665,700 and 118,562,806 shares issued and 118,460,743 and 118,294,478 outstanding at September 30, 2023 and March 31, 2023, respectively   118,461    118,294 
Additional paid-in capital   394,331,516    391,940,374 
Accumulated deficit   (29,086,926)   (18,941,825)
Treasury stock   (2,376,790)   (522,158)
Total Shareholders’ Equity   362,987,661    372,596,085 
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY  $402,654,983   $412,335,387 

 

 
 

 

AMMO, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)

 

   For the Three Months Ended
September 30,
  

For the Six Months Ended

September 30,

 
   2023   2022   2023   2022 
                 
Net Revenues                    
Ammunition sales(1)  $15,516,589   $29,386,969   $29,622,618   $70,356,852 
Marketplace revenue   12,474,716    14,562,694    26,386,918    31,067,640 
Casing sales   6,381,081    4,338,896    12,617,425    7,620,093 
    34,372,386    48,288,559    68,626,961    109,044,585 
                     
Cost of Revenues   26,084,120    35,452,850    46,314,155    78,073,214 
Gross Profit   8,288,266    12,835,709    22,312,806    30,971,371 
                     
Operating Expenses                    
Selling and marketing   289,952    1,068,501    585,533    2,976,671 
Corporate general and administrative   7,855,624    5,055,699    15,803,187    10,084,996 
Employee salaries and related expenses   5,590,035    3,923,700    9,706,315    6,708,798 
Depreciation and amortization expense   3,371,802    3,291,322    6,715,845    6,641,678 
Total operating expenses   17,107,413    13,339,222    32,810,880    26,412,143 
Income/(Loss) from Operations   (8,819,147)   (503,513)   (10,498,074)   4,559,228 
                     
Other Income/(Expenses)                    
Other income   (321,341)   5,098    371,610    198,596 
Interest expense   (212,314)   (97,265)   (416,515)   (217,752)
Total other income/(expense)   (533,655)   (92,167)   (44,905)   (19,156)
                     
Income/(Loss) before Income Taxes   (9,352,802)   (595,680)   (10,542,979)   4,540,072 
                     
Provision for Income Taxes   (1,857,505)   207,827    (1,954,649)   2,090,552 
                     
Net Income/(Loss)   (7,495,297)   (803,507)   (8,588,330)   2,449,520 
                     
Preferred Stock Dividend   (782,639)   (782,639)   (1,556,771)   (1,556,771)
                     
Net Income/(Loss) Attributable to Common Stock Shareholders  $(8,277,936)  $(1,586,146)  $(10,145,101)  $892,749 
                     
Net Income/(Loss) per share                    
Basic  $(0.07)  $(0.01)  $(0.09)  $0.01 
Diluted  $(0.07)  $(0.01)  $(0.09)  $0.01 
                     
Weighted average number of shares outstanding                    
Basic   118,167,228    116,927,607    117,941,755    116,744,972 
Diluted   118,167,228    116,927,607    117,941,755    118,063,619 

 

(1) Included in revenue for the three months ended September 30, 2023 and 2022 is excise taxes of $1,284,166 and $2,435,051, respectively. Included in revenue for the six months ended September 30, 2023 and 2022 is excise taxes of $2,459,962 and $6,147,392, respectively.

 

 
 

 

AMMO, Inc.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW

(Unaudited)

 

  

For the Six Months Ended

September 30,

 
   2023   2022 
         
Cash flows from operating activities:          
Net Income/(Loss)  $(8,588,330)  $2,449,520 
Adjustments to reconcile Net Income/(Loss) to Net Cash provided by operations:          
Depreciation and amortization   9,293,566    8,594,968 
Debt discount amortization   41,626    41,626 
Employee stock awards   2,290,746    2,351,438 
Stock grants   101,500    91,594 
Contingent consideration payable fair value   (41,076)   (25,246)
Allowance for doubtful accounts   1,047,587    934,135 
Reduction in right of use asset   243,652    398,033 
Deferred income taxes   (1,960,265)   817,310 
Changes in Current Assets and Liabilities          
Accounts receivable   5,267,942    12,590,905 
Due from related parties   -    9,000 
Inventories   1,330,614    (9,590,856)
Prepaid expenses   2,262,859    1,130,589 
Deposits   3,839,429    2,633,655 
Accounts payable   1,519,151    (3,017,415)
Accrued liabilities   1,760,716    (1,295,829)
Operating lease liability   (258,628)   (403,184)
Net cash provided by operating activities   18,151,089    17,710,243 
           
Cash flows from investing activities:          
Purchase of equipment   (2,618,205)   (8,405,180)
Net cash used in investing activities   (2,618,205)   (8,405,180)
           
Cash flow from financing activities:          
Proceeds from factoring liability   26,047,370    45,600,000 
Payments on factoring liability   (26,047,370)   (45,291,282)
Payments on inventory facility, net   -    (825,675)
Payments on note payable - related party   (180,850)   (334,374)
Payments on insurance premium note payment   (2,017,089)   (1,334,183)
Proceeds from construction note payable   -    1,000,000 
Payments on construction note payable   (127,858)   - 
Preferred stock dividends paid   (1,420,677)   (1,420,727)
Common stock repurchase plan   (1,855,569)   - 
Common stock issued for exercised warrants   -    24,242 
Net cash used in financing activities   (5,602,043)   (2,581,999)
           
Net increase in cash   9,930,841    6,723,064 
Restricted cash, beginning of period   500,000    - 
Cash, beginning of period   39,134,027    23,281,475 
Cash and restricted cash, end of period  $49,564,868   $30,004,539 
Restricted cash, end of period  $-   $1,000,000 
Cash, end of period  $49,564,868   $29,004,539 

 

 
 

 

(Continued)

 

AMMO, Inc.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW

(Unaudited)

 

  

For the Six Months Ended

September 30,

 
   2023   2022 
         
Supplemental cash flow disclosures:          
Cash paid during the period for:          
Interest  $375,885   $141,131 
Income taxes  $-   $1,302,811 
           
Non-cash investing and financing activities:          
Insurance premium note payment  $1,056,199   $2,035,519 
Dividends accumulated on preferred stock  $136,094   $136,044 
Construction note payable  $-   $9,804,580 

 

Non-GAAP Financial Measures

 

We analyze operational and financial data to evaluate our business, allocate our resources, and assess our performance. In addition to total net sales, net loss, and other results under accounting principles generally accepted in the United States (“GAAP”), the following information includes key operating metrics and non-GAAP financial measures we use to evaluate our business. We believe these measures are useful for period-to-period comparisons of the Company. We have included these non-GAAP financial measures in this Current Report on Form 8-K because they are key measures we use to evaluate our operational performance, produce future strategies for our operations, and make strategic decisions, including those relating to operating expenses and the allocation of our resources. Accordingly, we believe these measures provide useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and board of directors.

 

Reconciliation of GAAP net income to Adjusted EBITDA

 

   For the Three Months Ended   For the Six Months Ended 
   30-Sep-23   30-Sep-22   30-Sep-23   30-Sep-22 
                 
Reconciliation of GAAP net income to Adjusted EBITDA                    
Net Income (Loss)  $(7,495,297)  $(803,507)  $(8,588,330)  $2,449,520 
Provision for Income Taxes   (1,857,505)   207,827    (1,954,649)   2,090,552 
Depreciation and amortization   4,673,479    4,294,845    9,293,566    8,594,968 
Interest expense, net   212,314    97,265    416,515    217,752 
Employee stock awards   1,467,949    1,176,375    2,290,746    2,351,438 
Stock grants   50,750    43,750    101,500    91,594 
Other (income) expense, net   321,341    (5,098)   (371,610)   (198,596)
Contingent consideration fair value   (20,052)   (23,944)   (41,076)   (25,246)
Other nonrecurring expenses(1)   3,867,692    741,131    6,627,418    741,131 
Adjusted EBITDA  $1,220,671   $5,728,644   $7,774,080   $16,313,113 

 

  1) For the three and six months ended September 30, 2023, other nonrecurring expenses consist of professional and legal fees that are nonrecurring in nature. For the three and six months ended September 30, 2022, other nonrecurring expenses consist of proxy contest fees.

 

 
 

 

Reconciliation of GAAP net income to Fully Diluted EPS

 

   For the Three Months Ended 
   30-Sept-23   30-Sept-22 
Reconciliation of GAAP net income to Fully Diluted EPS                    
Net Income/(Loss)  $(7,495,297)  $(0.06)  $(803,507)  $(0.01)
Depreciation and amortization   4,673,479    0.04    4,294,845    0.04 
Interest expense, net   212,314    -    97,265    - 
Employee stock awards   1,467,949    0.01    1,176,375    0.01 
Stock grants   50,750    -    43,750    - 
Contingent consideration fair value   (20,052)   -    (23,944)   - 
Nonrecurring expenses   3,867,692    0.03    741,131    0.01 
Tax effect(1)   (2,319,673)   (0.02)   (1,360,309)   (0.01)
Adjusted Net Income  $437,161   $-   $(803,507)  $0.04 

 

   For the Six Months Ended 
   30-Sept-23   30-Sept-22 
Reconciliation of GAAP net income to Fully Diluted EPS                    
Net Income/(Loss)  $(8,588,330)  $(0.07)  $2,449,520   $0.02 
Depreciation and amortization   9,293,566    0.08    8,594,968    0.07 
Interest expense, net   416,515    -    217,752    - 
Employee stock awards   2,290,746    0.02    2,351,438    0.02 
Stock grants   101,500    -    91,594    - 
Contingent consideration fair value   (41,076)   -    (25,246)   - 
Nonrecurring expenses   6,627,418    0.06    741,131    0.01 
Tax effect(1)   (4,329,437)   (0.04)   (2,531,771)   (0.02)
Adjusted Net Income  $5,770,902   $0.05   $11,889,386   $0.10 

 

  (1) Tax effects are estimated by applying the statutory rate to each applicable Non-GAAP adjustment.

 

    For the Three Months Ended
September 30,
   For the Six Months Ended
September 30,
 
    2023   2022   2023   2022 

Weighted average number of shares outstanding

                     
Basic    118,167,228    116,927,607    117,941,755    116,744,972 
Diluted    118,167,228    116,927,607    117,941,755    118,063,619 

 

 

 

v3.23.3
Cover
Nov. 09, 2023
Document Type 8-K
Amendment Flag false
Document Period End Date Nov. 09, 2023
Entity File Number 001-13101
Entity Registrant Name AMMO, INC.
Entity Central Index Key 0001015383
Entity Tax Identification Number 83-1950534
Entity Incorporation, State or Country Code DE
Entity Address, Address Line One 7681 E. Gray Rd.
Entity Address, City or Town Scottsdale
Entity Address, State or Province AZ
Entity Address, Postal Zip Code 85260
City Area Code (480)
Local Phone Number 947-0001
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Common Stock 0. 001 Par Value [Member]  
Title of 12(b) Security Common Stock, $0.001 par value
Trading Symbol POWW
Security Exchange Name NASDAQ
Sec 8. 75 Series Cumulative Redeemable Perpetual Preferred Stock 0. 001 Par Value [Member]  
Title of 12(b) Security 8.75% Series A Cumulative Redeemable Perpetual Preferred Stock, $0.001 par value
Trading Symbol POWWP
Security Exchange Name NASDAQ

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