A health food company in Boulder that just a year ago was poised to expand has filed for Chapter 7 bankruptcy.
Grace’s Good Food LLC, which does business as Grace’s Goodness Organics, filed in bankruptcy court on Tuesday.
The filing lists assets of $34,260 and liabilities of $1.01 million.
Grace Ventura founded Grace’s Goodness in 2016 with a line of products called Beyond Broth. This brought Sarah Bird as CEO in 2020, which expanded the product line to include organic, plant-based sipping broths intended as an alternative to tea or coffee.
As noted in a BizWest profile of Bird in 2021the company touted the health benefits of its products, including helping with immunity, providing sources of vitamins C and A, serving as an anti-inflammatory and antioxidant.
The bankruptcy filing shows that revenue, from 2020, rose but then fell this year. In 2020, gross revenue was $404,059. In 2021, it was $501,663. But as of this year’s filing date, revenue was just $288,709.
Assets mainly include accounts receivable of $29,350. Liabilities include a loan of $174,500 from the Small Business Administration.
Bird appears to have left the company mid-year – at least she was on salary until July 1, 2022. Bird was a minority shareholder with 5.15% of the company’s shares.
Ventura remains the majority shareholder with 33.51% of the shares. The rest of the shares are distributed among the investors.
A call to Ventura’s attorney, Robertson Cohen, was not returned by BizWest’s publication deadline.