$KAVL
Kaival Brands Innovations Group, Inc.

2024 Q2 Form 10-Q Financial Statement

#000173112224000965 Filed on June 18, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2023 Q2
Revenue $2.226M $3.020M
YoY Change -26.29% -1.3%
Cost Of Revenue $1.727M $3.146M
YoY Change -45.11% 17.71%
Gross Profit $499.7K -$125.4K
YoY Change -498.61% -132.34%
Gross Profit Margin 22.44% -4.15%
Selling, General & Admin $1.559M $3.837M
YoY Change -59.37% -29.02%
% of Gross Profit 311.97%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $196.8K $170.00
YoY Change 115635.29%
% of Gross Profit 39.38%
Operating Expenses $1.755M $3.837M
YoY Change -54.25% -29.02%
Operating Profit -$1.256M -$3.962M
YoY Change -68.31% -21.04%
Interest Expense -$271.5K $0.00
YoY Change
% of Operating Profit
Other Income/Expense, Net -$271.5K
YoY Change
Pretax Income -$1.527M -$3.962M
YoY Change -61.46% -21.04%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$1.527M -$3.962M
YoY Change -61.46% -20.95%
Net Earnings / Revenue -68.6% -131.18%
Basic Earnings Per Share -$0.56 -$1.48
Diluted Earnings Per Share -$0.56 -$0.07
COMMON SHARES
Basic Shares Outstanding 2.863M shares 58.17M shares
Diluted Shares Outstanding 2.863M shares 2.675M shares

Balance Sheet

Concept 2024 Q2 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $488.1K $1.124M
YoY Change -56.59% -75.88%
Cash & Equivalents $0.00 $1.124M
Short-Term Investments
Other Short-Term Assets $164.3K $181.9K
YoY Change -9.69% -58.79%
Inventory $598.2K $3.647M
Prepaid Expenses $164.3K $181.9K
Receivables $651.1K $1.534M
Other Receivables $0.00 $1.448M
Total Short-Term Assets $1.902M $7.936M
YoY Change -76.04% -53.99%
LONG-TERM ASSETS
Property, Plant & Equipment $912.8K $1.108M
YoY Change -17.61% 2193.6%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.493K $3.190K
YoY Change -21.85%
Total Long-Term Assets $11.99M $2.879M
YoY Change 316.38% 5862.07%
TOTAL ASSETS
Total Short-Term Assets $1.902M $7.936M
Total Long-Term Assets $11.99M $2.879M
Total Assets $13.89M $10.81M
YoY Change 28.43% -37.47%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $472.5K $163.3K
YoY Change 189.38% -95.49%
Accrued Expenses $624.4K $696.9K
YoY Change -10.4% 44.95%
Deferred Revenue
YoY Change
Short-Term Debt $281.9K $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $3.258M $4.221M
YoY Change -22.81% 2.88%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $767.5K $961.6K
YoY Change -20.19% 2354.29%
Total Long-Term Liabilities $767.5K $961.6K
YoY Change -20.19% 2354.29%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.258M $4.221M
Total Long-Term Liabilities $767.5K $961.6K
Total Liabilities $4.025M $5.182M
YoY Change -22.32% 25.12%
SHAREHOLDERS EQUITY
Retained Earnings -$34.40M -$26.59M
YoY Change 29.4%
Common Stock $2.863K $56.17K
YoY Change -94.9%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $9.864M $5.632M
YoY Change
Total Liabilities & Shareholders Equity $13.89M $10.81M
YoY Change 28.43% -37.47%

Cashflow Statement

Concept 2024 Q2 2023 Q2
OPERATING ACTIVITIES
Net Income -$1.527M -$3.962M
YoY Change -61.46% -20.95%
Depreciation, Depletion And Amortization $196.8K $170.00
YoY Change 115635.29%
Cash From Operating Activities $470.5K -$2.649M
YoY Change -117.76% 7.21%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities $0.00 $0.00
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -573.7K 0.000
YoY Change -100.0%
NET CHANGE
Cash From Operating Activities 470.5K -2.649M
Cash From Investing Activities 0.000 0.000
Cash From Financing Activities -573.7K 0.000
Net Change In Cash -103.2K -2.649M
YoY Change -96.11% 185.19%
FREE CASH FLOW
Cash From Operating Activities $470.5K -$2.649M
Capital Expenditures $0.00 $0.00
Free Cash Flow $470.5K -$2.649M
YoY Change -117.76%

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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
3685893 usd
CY2024Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
488083 usd
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1124371 usd
us-gaap Interest Paid Net
InterestPaidNet
426458 usd
us-gaap Interest Paid Net
InterestPaidNet
0 usd
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
0 usd
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
0 usd
us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
135000 usd
us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
0 usd
us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_846_eus-gaap--UseOfEstimates_zMucXU30Sem4" style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b><span id="xdx_867_zXQ2XZkVexm4">Use of Estimates</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. In the opinion of management, all adjustments necessary in order to make the financial statements not misleading have been included. Actual results could differ from those estimates.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
CY2024Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
0 usd
CY2023Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
0 usd
CY2024Q2 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
250000 usd
CY2024Q2 us-gaap Cash Uninsured Amount
CashUninsuredAmount
142668 usd
CY2023Q4 us-gaap Cash Uninsured Amount
CashUninsuredAmount
252586 usd
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
393199 usd
CY2024Q2 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
133062 usd
CY2023Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
0 usd
CY2024Q2 us-gaap Accrued Liabilities Current And Noncurrent
AccruedLiabilitiesCurrentAndNoncurrent
155925 usd
CY2023Q4 us-gaap Accrued Liabilities Current And Noncurrent
AccruedLiabilitiesCurrentAndNoncurrent
113243 usd
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p id="xdx_841_eus-gaap--ConcentrationRiskCreditRisk_zwVM24XX55K6" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><span id="xdx_86B_zTTQ0DgV5Ph2">Credit Risk</span> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Financial instruments, which are potentially subject to concentrations of credit risk, consist primarily of purchases of inventories, accounts payable, accounts receivable, and revenue. The Company performs periodic credit evaluations of its customers and generally does not require collateral on trade receivables. Historically, the Company has not experienced significant credit losses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>
CY2024Q2 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
309932 usd
CY2023Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
381512 usd
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
0 usd
CY2024Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
11075110 usd
us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0 usd
us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0 usd
CY2024Q2 us-gaap Customer Deposits Noncurrent
CustomerDepositsNoncurrent
0 usd
CY2023Q4 us-gaap Customer Deposits Noncurrent
CustomerDepositsNoncurrent
0 usd
CY2024Q2 us-gaap Customer Refund Liability Current
CustomerRefundLiabilityCurrent
331459 usd
CY2023Q4 us-gaap Customer Refund Liability Current
CustomerRefundLiabilityCurrent
392406 usd
kavl Royalty Rate Discription
RoyaltyRateDiscription
The royalty paid by PMPSA to KBI will no longer be based on sales price of the Product being sold, but rather on the volume of liquid contained within Product being sold. The royalty will be on a sliding scale of between $0.08 to $0.16 per sale based on the volume of liquid contained in the Product, increasing to between $0.10 to $0.20 per sale upon meeting certain sales milestones.
us-gaap Revenue Not From Contract With Customer Other
RevenueNotFromContractWithCustomerOther
998905 usd
kavl Revenue From Sale
RevenueFromSale
763562 usd
us-gaap Revenue Not From Contract With Customer Other
RevenueNotFromContractWithCustomerOther
1169310 usd
kavl Revenue From Sale
RevenueFromSale
1054646 usd
CY2024Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
393200 usd
CY2024Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Next Rolling Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextRollingTwelveMonths
786398 usd
CY2024Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Rolling Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseRollingYearTwo
786398 usd
CY2024Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Rolling Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseRollingYearThree
786398 usd
CY2024Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Rolling Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseRollingYearFour
786398 usd
CY2024Q2 kavl Finite Lived Intangible Assets Amortization Expense Rolling After Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseRollingAfterYearFour
7536318 usd
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0 pure
CY2024Q2 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
11795975 usd
CY2024Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
720865 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
11795975 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
327666 usd
us-gaap Finite Lived Intangible Asset Weighted Average Period Before Next Renewal Or Extension
FiniteLivedIntangibleAssetWeightedAveragePeriodBeforeNextRenewalOrExtension
P14Y1M6D
CY2023 us-gaap Finite Lived Intangible Asset Weighted Average Period Before Next Renewal Or Extension
FiniteLivedIntangibleAssetWeightedAveragePeriodBeforeNextRenewalOrExtension
P14Y7M6D
CY2024Q2 us-gaap Debt Instrument Fee Amount
DebtInstrumentFeeAmount
1200000 usd
CY2024Q2 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
1728000 usd
CY2024Q2 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
281861 usd
CY2024Q2 us-gaap Deferred Finance Costs Gross
DeferredFinanceCostsGross
18139 usd
CY2023Q4 us-gaap Debt Instrument Fee Amount
DebtInstrumentFeeAmount
800000 usd
CY2023Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
1160000 usd
CY2023Q4 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
134176 usd
CY2023Q4 us-gaap Deferred Finance Costs Gross
DeferredFinanceCostsGross
8681 usd
kavl Commitment Fee Shares
CommitmentFeeShares
19048 shares
us-gaap Adjustment For Amortization
AdjustmentForAmortization
38273 usd
us-gaap Adjustment For Amortization
AdjustmentForAmortization
0 usd
CY2024Q2 kavl Unamortized Debt Discount And Issuance Costs
UnamortizedDebtDiscountAndIssuanceCosts
513295 usd
CY2023Q4 kavl Unamortized Debt Discount And Issuance Costs
UnamortizedDebtDiscountAndIssuanceCosts
136705 usd
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
98432 usd
us-gaap Proceeds From Lease Payments
ProceedsFromLeasePayments
-89183 usd
us-gaap Proceeds From Lease Payments
ProceedsFromLeasePayments
-94347 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
116140 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Rolling Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextRollingTwelveMonths
238800 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due In Rolling Year Two
LesseeOperatingLeaseLiabilityPaymentsDueInRollingYearTwo
253614 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due In Rolling Year Three
LesseeOperatingLeaseLiabilityPaymentsDueInRollingYearThree
274946 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due In Rolling Year Four
LesseeOperatingLeaseLiabilityPaymentsDueInRollingYearFour
175989 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
1059489 usd
CY2024Q2 kavl Lessee Operatings Lease Liability Undiscounted Excess Amount
LesseeOperatingsLeaseLiabilityUndiscountedExcessAmount
-97897 usd
CY2024Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
961592 usd
CY2024Q1 us-gaap Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
1-for-21 reverse stock split
CY2024Q2 kavl Rounding From Reverse Split Shares
RoundingFromReverseSplitShares
0 shares
kavl Rounding From Reverse Split Shares
RoundingFromReverseSplitShares
52949 shares
CY2024Q2 kavl Common Stock Share Issued
CommonStockShareIssued
0 shares
kavl Common Stock Share Issued
CommonStockShareIssued
16667 shares
us-gaap Share Based Compensation
ShareBasedCompensation
62000 usd
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
5.03
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
17.64
kavl Unrecognized Expenses Related To Options
UnrecognizedExpensesRelatedToOptions
144413 usd
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P1Y3M18D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P8Y6M10D
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
25920 usd
kavl Inventory Quality Control Expenses
InventoryQualityControlExpenses
273060 usd
kavl Inventory Quality Control Expenses
InventoryQualityControlExpenses
6355234 usd
CY2024Q2 us-gaap Operating Lease Expense
OperatingLeaseExpense
49335 usd
us-gaap Operating Lease Expense
OperatingLeaseExpense
98168 usd
CY2023Q2 us-gaap Operating Lease Expense
OperatingLeaseExpense
47398 usd
us-gaap Operating Lease Expense
OperatingLeaseExpense
94347 usd
kavl Service Agreement Description
ServiceAgreementDescription
(i) payment of $125,000 per month; (ii) bonus equivalent to 0.27% of the applicable gross quarterly sales and (iii) a grant of 3,000,000 nonqualified stock options to purchase shares of Company common stock which shall vest based on achievement of certain net revenue and profit margin targets up to $180,000,000 in total net revenues over a period of 3 years.
CY2024Q1 kavl Payment On Service Agreement
PaymentOnServiceAgreement
80000 usd
CY2024Q2 us-gaap Business Acquisitions Purchase Price Allocation Year Of Acquisition Net Effect On Income
BusinessAcquisitionsPurchasePriceAllocationYearOfAcquisitionNetEffectOnIncome
0 usd
CY2023Q2 us-gaap Business Acquisitions Purchase Price Allocation Year Of Acquisition Net Effect On Income
BusinessAcquisitionsPurchasePriceAllocationYearOfAcquisitionNetEffectOnIncome
35338 usd

Files In Submission

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kavl-20240430_cal.xml Edgar Link unprocessable
kavl-20240430_def.xml Edgar Link unprocessable
kavl-20240430_pre.xml Edgar Link unprocessable
0001731122-24-000965-index-headers.html Edgar Link pending
0001731122-24-000965-index.html Edgar Link pending
0001731122-24-000965.txt Edgar Link pending
0001731122-24-000965-xbrl.zip Edgar Link pending
e5746_10q.htm Edgar Link pending
e5746_ex31-1.htm Edgar Link pending
e5746_ex31-2.htm Edgar Link pending
e5746_ex32-1.htm Edgar Link pending
e5746_ex32-2.htm Edgar Link pending
Financial_Report.xlsx Edgar Link pending
kavl-20240430.xsd Edgar Link pending
MetaLinks.json Edgar Link pending
R1.htm Edgar Link pending
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FilingSummary.xml Edgar Link unprocessable
kavl-20240430_lab.xml Edgar Link unprocessable
e5746_10q_htm.xml Edgar Link completed
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