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.

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