2024 Q1 Form 10-K Financial Statement

#000149315224012449 Filed on April 01, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $1.006M $1.204M $5.761M
YoY Change 37.35% -5.19%
Cost Of Revenue $842.8K $859.4K $4.443M
YoY Change 32.29% -8.3%
Gross Profit $163.5K $344.3K $1.317M
YoY Change 51.84% 7.03%
Gross Profit Margin 16.25% 28.6% 22.87%
Selling, General & Admin $1.879M $1.127M $3.354M
YoY Change 24265.11% 180.17% 284.28%
% of Gross Profit 1148.63% 327.35% 254.61%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $2.888K $2.890K $6.650K
YoY Change 397.93% 398.28% 185.41%
% of Gross Profit 1.77% 0.84% 0.5%
Operating Expenses $1.879M $1.127M $3.354M
YoY Change 24265.15% 180.17% 284.28%
Operating Profit -$1.715M -$782.7K -$2.037M
YoY Change 22143.92% 345.93% -668.99%
Interest Expense $25.56K -$16.93K
YoY Change -185.06% -43.64%
% of Operating Profit
Other Income/Expense, Net $5.002K $0.00 $0.00
YoY Change -100.0% -100.0%
Pretax Income -$1.710M -$757.1K -$2.054M
YoY Change 22078.99% 269.66% -724.84%
Income Tax
% Of Pretax Income
Net Earnings -$1.710M -$757.1K -$2.054M
YoY Change 4399.77% 269.66% 524.84%
Net Earnings / Revenue -169.92% -62.9% -35.65%
Basic Earnings Per Share -$0.17 -$0.27
Diluted Earnings Per Share -$0.17 -$0.08 -$0.27
COMMON SHARES
Basic Shares Outstanding 10.17M shares 9.766M shares 7.689M shares
Diluted Shares Outstanding 10.04M shares 7.689M shares

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.810M $2.981M $2.981M
YoY Change 596.75% 38863.92% 38863.92%
Cash & Equivalents $1.810M $2.981M
Short-Term Investments
Other Short-Term Assets $66.04K $502.8K $502.8K
YoY Change -89.49% 641.32%
Inventory $598.2K $307.0K $307.0K
Prepaid Expenses $446.1K $468.7K
Receivables $835.3K $707.0K $707.0K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $3.756M $4.498M $4.498M
YoY Change 97.89% 117.25% 58692.29%
LONG-TERM ASSETS
Property, Plant & Equipment $42.57K $45.46K $45.46K
YoY Change 22.23% 387.09%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $42.57K $45.46K $45.46K
YoY Change 22.23% 387.09%
TOTAL ASSETS
Total Short-Term Assets $3.756M $4.498M $4.498M
Total Long-Term Assets $42.57K $45.46K $45.46K
Total Assets $3.799M $4.543M $4.543M
YoY Change 96.53% 118.46% 59286.54%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $98.00K $126.5K $126.5K
YoY Change -57.92% -66.62% 9129.93%
Accrued Expenses $263.9K $292.4K $292.4K
YoY Change 4.91%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0% -100.0% -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $361.9K $418.9K $418.9K
YoY Change -81.66% 3412.03% 4518.3%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $361.9K $418.9K $418.9K
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $361.9K $418.9K $418.9K
YoY Change -81.66% -79.88% 4518.3%
SHAREHOLDERS EQUITY
Retained Earnings -$3.068M -$1.358M
YoY Change -295.11%
Common Stock $1.017K $977.00
YoY Change 50.31%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.437M $4.124M $4.124M
YoY Change
Total Liabilities & Shareholders Equity $3.799M $4.543M $4.543M
YoY Change 96.53% 118.46% 59286.54%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income -$1.710M -$757.1K -$2.054M
YoY Change 4399.77% 269.66% 524.84%
Depreciation, Depletion And Amortization $2.888K $2.890K $6.650K
YoY Change 397.93% 398.28% 185.41%
Cash From Operating Activities -$1.170M -$354.1K -$766.9K
YoY Change 660.67% 9.52% 2462.25%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00 $42.78K
YoY Change -100.0% -100.0% 897.2%
Acquisitions $350.2K
YoY Change
Other Investing Activities $0.00 $120.00 -$350.2K
YoY Change -100.0% -101.56% 4447.79%
Cash From Investing Activities $120.00 -$393.0K
YoY Change -99.06% 3180.13%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $5.168M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -120.0 3.687M
YoY Change -99.4% -18581.5%
NET CHANGE
Cash From Operating Activities -$1.170M -354.1K -766.9K
Cash From Investing Activities 120.0 -393.0K
Cash From Financing Activities -120.0 3.687M
Net Change In Cash -$1.170M -354.1K 2.527M
YoY Change 504.25% 7.12% -4185.39%
FREE CASH FLOW
Cash From Operating Activities -$1.170M -$354.1K -$766.9K
Capital Expenditures $0.00 $0.00 $42.78K
Free Cash Flow -$1.170M -$354.1K -$809.7K
YoY Change 550.42% 16.89% 2266.04%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
CY2023 dei Entity Central Index Key
EntityCentralIndexKey
0001956744
CY2023Q4 us-gaap Convertible Notes Payable Current
ConvertibleNotesPayableCurrent
usd
CY2023Q4 us-gaap Preferred Stock Value
PreferredStockValue
usd
CY2022Q4 us-gaap Preferred Stock Value
PreferredStockValue
usd
CY2022Q4 SRM Common Stock Payable
CommonStockPayable
usd
CY2023 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
usd
CY2023 us-gaap Increase Decrease In Notes Payable Related Parties
IncreaseDecreaseInNotesPayableRelatedParties
usd
CY2022 us-gaap Increase Decrease In Notes Payable Related Parties
IncreaseDecreaseInNotesPayableRelatedParties
usd
CY2023 us-gaap Increase Decrease In Due From Related Parties
IncreaseDecreaseInDueFromRelatedParties
usd
CY2022 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
usd
CY2022 us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
usd
CY2023 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
usd
CY2022 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
usd
CY2023 dei Document Type
DocumentType
10-K
CY2023 dei Document Annual Report
DocumentAnnualReport
true
CY2023 dei Document Period End Date
DocumentPeriodEndDate
2023-12-31
CY2023 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2023 dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
No
CY2023 dei Entity Voluntary Filers
EntityVoluntaryFilers
No
CY2023 dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
CY2023 dei Entity Interactive Data Current
EntityInteractiveDataCurrent
Yes
CY2023 dei Entity Filer Category
EntityFilerCategory
Non-accelerated Filer
CY2023 dei Entity Small Business
EntitySmallBusiness
true
CY2023 dei Entity Emerging Growth Company
EntityEmergingGrowthCompany
true
CY2023 dei Entity Ex Transition Period
EntityExTransitionPeriod
false
CY2023 dei Document Fin Stmt Error Correction Flag
DocumentFinStmtErrorCorrectionFlag
false
CY2023 dei Entity Shell Company
EntityShellCompany
false
CY2023Q2 dei Entity Public Float
EntityPublicFloat
0 usd
CY2024Q1 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
10165500 shares
CY2023 dei Auditor Firm
AuditorFirmId
2738
CY2023 dei Auditor Name
AuditorName
M&K CPAS, PLLC
CY2023 dei Auditor Location
AuditorLocation
The Woodlands, Texas
CY2023Q4 us-gaap Cash
Cash
2980741 usd
CY2022Q4 us-gaap Cash
Cash
453516 usd
CY2023Q4 us-gaap Inventory Net
InventoryNet
307005 usd
CY2022Q4 us-gaap Inventory Net
InventoryNet
290200 usd
CY2023Q4 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
707035 usd
CY2022Q4 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
621090 usd
CY2023Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
468687 usd
CY2022Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
629897 usd
CY2023Q4 us-gaap Other Assets Current
OtherAssetsCurrent
34144 usd
CY2022Q4 us-gaap Other Assets Current
OtherAssetsCurrent
75528 usd
CY2023Q4 us-gaap Assets Current
AssetsCurrent
4497612 usd
CY2022Q4 us-gaap Assets Current
AssetsCurrent
2070231 usd
CY2023Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
45462 usd
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
9333 usd
CY2023Q4 us-gaap Assets
Assets
4543074 usd
CY2022Q4 us-gaap Assets
Assets
2079564 usd
CY2023Q4 us-gaap Accounts Payable Current
AccountsPayableCurrent
126451 usd
CY2022Q4 us-gaap Accounts Payable Current
AccountsPayableCurrent
378804 usd
CY2022Q4 us-gaap Convertible Notes Payable Current
ConvertibleNotesPayableCurrent
1482673 usd
CY2023Q4 us-gaap Accounts Payable And Other Accrued Liabilities Current
AccountsPayableAndOtherAccruedLiabilitiesCurrent
292425 usd
CY2022Q4 us-gaap Accounts Payable And Other Accrued Liabilities Current
AccountsPayableAndOtherAccruedLiabilitiesCurrent
220681 usd
CY2023Q4 us-gaap Liabilities
Liabilities
418876 usd
CY2022Q4 us-gaap Liabilities
Liabilities
2082158 usd
CY2023Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2022Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2023Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
100000 shares
CY2022Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
100000 shares
CY2023Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2022Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2023Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2022Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2023Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
100000000 shares
CY2022Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
100000000 shares
CY2022Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
6500000 shares
CY2022Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
6500000 shares
CY2023Q4 us-gaap Common Stock Value
CommonStockValue
977 usd
CY2022Q4 us-gaap Common Stock Value
CommonStockValue
650 usd
CY2023Q4 us-gaap Additional Paid In Capital
AdditionalPaidInCapital
4805117 usd
CY2022Q4 us-gaap Additional Paid In Capital
AdditionalPaidInCapital
-699207 usd
CY2023Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-1357896 usd
CY2022Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
695963 usd
CY2023Q4 us-gaap Stockholders Equity
StockholdersEquity
4124198 usd
CY2022Q4 us-gaap Stockholders Equity
StockholdersEquity
-2594 usd
CY2023Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
4543074 usd
CY2022Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
2079564 usd
CY2023 us-gaap Gross Profit
GrossProfit
1317450 usd
CY2022 us-gaap Gross Profit
GrossProfit
1230899 usd
CY2023 us-gaap Operating Income Loss
OperatingIncomeLoss
-2036932 usd
CY2023 us-gaap Interest Income Other
InterestIncomeOther
38920 usd
CY2022 us-gaap Interest Income Other
InterestIncomeOther
14 usd
CY2023 us-gaap Interest Expense
InterestExpense
55847 usd
CY2022 us-gaap Interest Expense
InterestExpense
30052 usd
CY2022 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
754 usd
CY2023 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-16927 usd
CY2022 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-29284 usd
CY2023 us-gaap Net Income Loss
NetIncomeLoss
-2053859 usd
CY2022 us-gaap Net Income Loss
NetIncomeLoss
328701 usd
CY2023 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.27
CY2023 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.27
CY2022 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.05
CY2022 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.05
CY2023 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7688523 shares
CY2023 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
7688523 shares
CY2022 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
6500000 shares
CY2022 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
6500000 shares
CY2021Q4 us-gaap Stockholders Equity
StockholdersEquity
-331295 usd
CY2022 us-gaap Net Income Loss
NetIncomeLoss
328701 usd
CY2022Q4 us-gaap Stockholders Equity
StockholdersEquity
-2594 usd
CY2023 us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
612800 usd
CY2023 SRM Stock Issued During Period Value Issued To Be For Services
StockIssuedDuringPeriodValueIssuedToBeForServices
676000 usd
CY2023 us-gaap Adjustments To Additional Paid In Capital Mark To Market
AdjustmentsToAdditionalPaidInCapitalMarkToMarket
73702 usd
CY2023 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
5168450 usd
CY2023 us-gaap Stock Issued During Period Value Acquisitions
StockIssuedDuringPeriodValueAcquisitions
350471 usd
CY2023 us-gaap Net Income Loss
NetIncomeLoss
-2053859 usd
CY2023 us-gaap Net Income Loss
NetIncomeLoss
-2053859 usd
CY2023Q4 us-gaap Stockholders Equity
StockholdersEquity
4124198 usd
CY2023Q4 us-gaap Stockholders Equity
StockholdersEquity
4124198 usd
CY2023 us-gaap Net Income Loss
NetIncomeLoss
-2053859 usd
CY2022 us-gaap Net Income Loss
NetIncomeLoss
328701 usd
CY2023 us-gaap Depreciation
Depreciation
6651 usd
CY2022 us-gaap Depreciation
Depreciation
2333 usd
CY2023 us-gaap Share Based Compensation
ShareBasedCompensation
1288800 usd
CY2023 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
73702 usd
CY2023 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
16805 usd
CY2022 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
290200 usd
CY2023 us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
-161210 usd
CY2022 us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
23039 usd
CY2023 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
85945 usd
CY2022 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-40374 usd
CY2023 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-252353 usd
CY2022 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-154094 usd
CY2023 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
78037 usd
CY2022 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
100232 usd
CY2022 us-gaap Increase Decrease In Due From Related Parties
IncreaseDecreaseInDueFromRelatedParties
-6293 usd
CY2023 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
-33685 usd
CY2022 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
40525 usd
CY2023 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-766877 usd
CY2022 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-29925 usd
CY2023 us-gaap Payments To Acquire Other Property Plant And Equipment
PaymentsToAcquireOtherPropertyPlantAndEquipment
42780 usd
CY2022 us-gaap Payments To Acquire Other Property Plant And Equipment
PaymentsToAcquireOtherPropertyPlantAndEquipment
4285 usd
CY2023 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
350176 usd
CY2023 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-392956 usd
CY2022 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-4285 usd
CY2023 us-gaap Proceeds From Repayments Of Debt
ProceedsFromRepaymentsOfDebt
7699 usd
CY2022 us-gaap Proceeds From Repayments Of Debt
ProceedsFromRepaymentsOfDebt
-7699 usd
CY2023 us-gaap Proceeds From Repayments Of Notes Payable
ProceedsFromRepaymentsOfNotesPayable
-1488966 usd
CY2022 us-gaap Proceeds From Repayments Of Notes Payable
ProceedsFromRepaymentsOfNotesPayable
-19948 usd
CY2023 us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
5168325 usd
CY2023 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
3687058 usd
CY2022 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-27647 usd
CY2023 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
2527225 usd
CY2022 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-61857 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
453516 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
515373 usd
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
2980741 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
453516 usd
CY2023 us-gaap Interest Paid Net
InterestPaidNet
55847 usd
CY2022 us-gaap Interest Paid Net
InterestPaidNet
30052 usd
CY2023 us-gaap Nature Of Operations
NatureOfOperations
<p id="xdx_80A_eus-gaap--NatureOfOperations_zKNzCMcK3OL3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 1 - <span id="xdx_82A_zYUiuDygLVUj">Organization and Business Operations</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>General Overview </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SRM Entertainment, Inc. (“SRM Inc”) is a <span id="xdx_90A_edei--EntityIncorporationStateCountryCode_dd_c20230101__20231231_zzWByiMLYdEe" title="Entity incorporation, state of incorporation">Nevada</span> corporation and was incorporated on <span id="xdx_908_edei--EntityIncorporationDateOfIncorporation_dd_c20230101__20231231_zwgmEDVYHlM9" title="Entity incorporation, date of incorporation">April 22, 2022</span>. SRM. Entertainment Limited (“SRM Ltd”), is a limited company incorporated in the Hong Kong, now a Special Administrative Region of the People’s Republic of China, on January 23, 1981 and formerly owned by Jupiter Wellness, Inc.. Effective August 14, 2023, SRM Inc acquired SRM Ltd. The acquisition of SRM Ltd by SRM Inc has been accounted for as a Reverse Acquisition (see Basis of Presentation below). The combined SRM Inc and SRM Ltd are collectively referred to as the Company or SRM.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On December 9, 2022, we entered into a stock exchange agreement (the “Exchange Agreement”) with Jupiter Wellness, Inc. (“Jupiter”) to govern the separation of our business from Jupiter. On May 26, 2023, we amended and restated the Exchange Agreement (the “Share Exchange”) to include additional information regarding the distribution and the separation of our business from Jupiter. The separation as set forth in the Share Exchange with Jupiter closed August 14, 2023. Pursuant to the Share Exchange, on May 31, 2023, we issued <span id="xdx_907_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20230531__20230531__us-gaap--TypeOfArrangementAxis__custom--AmendedAndRestatedExchangeAgreementMember__dei--LegalEntityAxis__custom--JupiterWellnessIncMember_zyVZCAM5Fdf1" title="Number of issued shares of common stock">6,500,000</span> shares of our Common Stock (representing <span id="xdx_900_ecustom--OutstandingSharesPercentage_iI_pid_dp_uPure_c20230531__us-gaap--TypeOfArrangementAxis__custom--AmendedAndRestatedExchangeAgreementMember__dei--LegalEntityAxis__custom--JupiterWellnessIncMember_zyFccqwlcQ7" title="Outstanding shares percentage">79.3</span>% of our outstanding shares of Common Stock) to Jupiter in exchange for <span id="xdx_903_ecustom--StockIssuedDuringPeriodSharesExchange_c20230531__20230531__us-gaap--TypeOfArrangementAxis__custom--AmendedAndRestatedExchangeAgreementMember__dei--LegalEntityAxis__custom--JupiterWellnessIncMember_zt200L3P6BBe" title="Ordinary shares exchange">2</span> ordinary shares of SRM Ltd (representing all of the issued and outstanding ordinary shares of SRM Ltd).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><br/> <span>Basis of Presentation</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The accompanying financial statements are presented in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the rules and regulations of US Securities and Exchange Commission (“SEC”). The acquisition of SRM Ltd and SRM Inc occurred on August 14, 2023. The financial statements are prepared using Reverse Acquisition Accounting and as such, for legal purposes SRM Inc was the acquiring company and for GAAP accounting, SRM Ltd was the acquiring company. Therefore, the financial statements are presented using the historical financial statements of SRM Ltd.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2023 dei Entity Incorporation State Country Code
EntityIncorporationStateCountryCode
NV
CY2023 dei Entity Incorporation Date Of Incorporation
EntityIncorporationDateOfIncorporation
2022-04-22
CY2023 us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_84A_eus-gaap--UseOfEstimates_ztidUnDy30v" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_862_zcUiMw5RoNS3">Use of Estimates</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of financial statements in conformity with US 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 expenses during the reporting period. Actual results could differ from those estimates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p>
CY2023Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0 usd
CY2022Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0 usd
CY2023 us-gaap Net Income Loss
NetIncomeLoss
-2053859 usd
CY2022 us-gaap Net Income Loss
NetIncomeLoss
328701 usd
CY2023 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7688523 shares
CY2022 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
6500000 shares
CY2023 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
7688523 shares
CY2022 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
6500000 shares
CY2023 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.27
CY2022 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.05
CY2023 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.27
CY2022 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.05
CY2022 us-gaap Effective Income Tax Rate Reconciliation Disposition Of Assets
EffectiveIncomeTaxRateReconciliationDispositionOfAssets
-0.165 pure
CY2023 us-gaap Effective Income Tax Rate Reconciliation Disposition Of Assets
EffectiveIncomeTaxRateReconciliationDispositionOfAssets
-0.165 pure
CY2023Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
497655 usd
CY2022Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
51149 usd
CY2023Q4 us-gaap Operating Loss Carryforwards Valuation Allowance
OperatingLossCarryforwardsValuationAllowance
497655 usd
CY2022Q4 us-gaap Operating Loss Carryforwards Valuation Allowance
OperatingLossCarryforwardsValuationAllowance
51149 usd
CY2023Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
307005 usd
CY2022Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
290200 usd
CY2023Q4 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
707035 usd
CY2022Q4 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
621090 usd
CY2023Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
468687 usd
CY2023Q4 us-gaap Deposits
Deposits
376636 usd
CY2023Q4 us-gaap Prepaid Insurance
PrepaidInsurance
33929 usd
CY2023Q4 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
58122 usd
CY2022Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
629897 usd
CY2022Q4 us-gaap Deposits
Deposits
533516 usd
CY2022Q4 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
96381 usd
CY2023Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
45462 usd
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
9333 usd
CY2023Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
8984 usd
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
2333 usd
CY2023Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
54446 usd
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
11666 usd
CY2023Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
8984 usd
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
2333 usd
CY2023Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
45462 usd
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
9333 usd
CY2023Q4 us-gaap Other Assets
OtherAssets
34144 usd
CY2022Q4 us-gaap Other Assets
OtherAssets
67829 usd
CY2021Q4 us-gaap Convertible Notes Payable Current
ConvertibleNotesPayableCurrent
1502621 usd
CY2022Q3 us-gaap Long Term Debt Percentage Bearing Fixed Interest Rate
LongTermDebtPercentageBearingFixedInterestRate
0.06 pure
CY2022 us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
50000 usd
CY2022Q4 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
19948 usd
CY2022 us-gaap Interest And Debt Expense
InterestAndDebtExpense
30052 usd
CY2023Q3 us-gaap Notes Payable
NotesPayable
1482673 usd
CY2023Q3 us-gaap Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
55847 usd
CY2023Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
100000 shares
CY2022Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
100000 shares
CY2023Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2022Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2022Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
100000000 shares
CY2022Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2023Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
9765500 shares
CY2023 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
1700000 shares
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
90000 shares
CY2023Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
1.61 pure
CY2023Q4 us-gaap Share Price
SharePrice
0.80
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.86 pure
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
73702 usd

Files In Submission

Name View Source Status
0001493152-24-012449-index-headers.html Edgar Link pending
0001493152-24-012449-index.html Edgar Link pending
0001493152-24-012449.txt Edgar Link pending
0001493152-24-012449-xbrl.zip Edgar Link pending
ex14-1.htm Edgar Link pending
ex21-1.htm Edgar Link pending
ex31-1.htm Edgar Link pending
ex31-2.htm Edgar Link pending
ex32-1.htm Edgar Link pending
ex32-2.htm Edgar Link pending
ex4-3.htm Edgar Link pending
ex97-1.htm Edgar Link pending
Financial_Report.xlsx Edgar Link pending
form10-k.htm Edgar Link pending
form10-k_001.jpg Edgar Link pending
MetaLinks.json Edgar Link pending
R1.htm Edgar Link pending
R10.htm Edgar Link pending
R11.htm Edgar Link pending
R12.htm Edgar Link pending
R13.htm Edgar Link pending
R14.htm Edgar Link pending
R15.htm Edgar Link pending
R16.htm Edgar Link pending
R17.htm Edgar Link pending
R18.htm Edgar Link pending
R19.htm Edgar Link pending
R2.htm Edgar Link pending
FilingSummary.xml Edgar Link unprocessable
form10-k_htm.xml Edgar Link completed
R20.htm Edgar Link pending
R21.htm Edgar Link pending
R22.htm Edgar Link pending
R23.htm Edgar Link pending
R24.htm Edgar Link pending
R25.htm Edgar Link pending
R26.htm Edgar Link pending
R27.htm Edgar Link pending
R28.htm Edgar Link pending
R29.htm Edgar Link pending
R3.htm Edgar Link pending
R30.htm Edgar Link pending
R31.htm Edgar Link pending
R32.htm Edgar Link pending
R33.htm Edgar Link pending
R34.htm Edgar Link pending
R35.htm Edgar Link pending
R36.htm Edgar Link pending
R4.htm Edgar Link pending
R5.htm Edgar Link pending
R6.htm Edgar Link pending
R7.htm Edgar Link pending
R8.htm Edgar Link pending
R9.htm Edgar Link pending
report.css Edgar Link pending
Show.js Edgar Link pending
srm-20231231.xsd Edgar Link pending
srm-20231231_def.xml Edgar Link unprocessable
srm-20231231_pre.xml Edgar Link unprocessable
srm-20231231_cal.xml Edgar Link unprocessable
srm-20231231_lab.xml Edgar Link unprocessable