2024 Q4 Form 10-Q Financial Statement

#000149315224045149 Filed on November 13, 2024

View on sec.gov

Income Statement

Concept 2024 Q4 2024 Q3
Revenue $876.4K
YoY Change -22.31%
Cost Of Revenue $679.9K
YoY Change -24.35%
Gross Profit $196.5K
YoY Change -14.32%
Gross Profit Margin 22.42%
Selling, General & Admin $1.329M
YoY Change -22.64%
% of Gross Profit 676.2%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $28.90K
YoY Change 668.62%
% of Gross Profit 14.71%
Operating Expenses $1.329M
YoY Change -22.64%
Operating Profit -$1.132M
YoY Change -23.92%
Interest Expense $3.460K
YoY Change -69.56%
% of Operating Profit
Other Income/Expense, Net $3.461K
YoY Change 106.26%
Pretax Income -$1.129M
YoY Change -24.07%
Income Tax
% Of Pretax Income
Net Earnings -$1.129M
YoY Change -24.07%
Net Earnings / Revenue -128.81%
Basic Earnings Per Share -$0.11
Diluted Earnings Per Share -$0.10
COMMON SHARES
Basic Shares Outstanding 13.88M shares 10.42M shares
Diluted Shares Outstanding 10.58M shares

Balance Sheet

Concept 2024 Q4 2024 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.026M
YoY Change -69.22%
Cash & Equivalents $1.026M
Short-Term Investments
Other Short-Term Assets $34.43K
YoY Change 0.84%
Inventory $843.9K
Prepaid Expenses $357.0K
Receivables $544.2K
Other Receivables $0.00
Total Short-Term Assets $2.806M
YoY Change -42.95%
LONG-TERM ASSETS
Property, Plant & Equipment $56.68K
YoY Change 17.23%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $2.926M
YoY Change 5950.95%
TOTAL ASSETS
Total Short-Term Assets $2.806M
Total Long-Term Assets $2.926M
Total Assets $5.731M
YoY Change 15.4%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $689.3K
YoY Change 211.44%
Accrued Expenses $261.4K
YoY Change -10.42%
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due $1.509M
YoY Change
Total Short-Term Liabilities $2.460M
YoY Change 379.31%
LONG-TERM LIABILITIES
Long-Term Debt $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $2.460M
Total Long-Term Liabilities $0.00
Total Liabilities $2.460M
YoY Change 379.31%
SHAREHOLDERS EQUITY
Retained Earnings -$4.718M
YoY Change 685.29%
Common Stock $1.217K
YoY Change 28.78%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.272M
YoY Change
Total Liabilities & Shareholders Equity $5.731M
YoY Change 15.4%

Cashflow Statement

Concept 2024 Q4 2024 Q3
OPERATING ACTIVITIES
Net Income -$1.129M
YoY Change -24.07%
Depreciation, Depletion And Amortization $28.90K
YoY Change 668.62%
Cash From Operating Activities -$176.4K
YoY Change -40.07%
INVESTING ACTIVITIES
Capital Expenditures $250.0K
YoY Change 484.39%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$250.0K
YoY Change -36.4%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000
YoY Change -100.0%
NET CHANGE
Cash From Operating Activities -176.4K
Cash From Investing Activities -250.0K
Cash From Financing Activities 0.000
Net Change In Cash -426.4K
YoY Change -114.84%
FREE CASH FLOW
Cash From Operating Activities -$176.4K
Capital Expenditures $250.0K
Free Cash Flow -$426.4K
YoY Change 26.49%

Facts In Submission

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us-gaap Nature Of Operations
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<p id="xdx_801_eus-gaap--NatureOfOperations_zFheE3RAacig" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 1 - <span id="xdx_82E_zlKKHU5wdA98">Organization and Business Operations</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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-top: 0pt; margin-bottom: 0pt; margin-left: 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_907_edei--EntityIncorporationStateCountryCode_dd_c20240101__20240930_ztmll5JnIRM7" title="Entity incorporation, state of incorporation">Nevada</span> corporation and was incorporated on <span id="xdx_906_edei--EntityIncorporationDateOfIncorporation_dd_c20240101__20240930_zVlUfoARNEv7" 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-top: 0pt; margin-bottom: 0pt; margin-left: 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-top: 0pt; margin-bottom: 0pt; margin-left: 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_90E_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20230531__20230531__us-gaap--TypeOfArrangementAxis__custom--AmendedAndRestatedExchangeAgreementMember__dei--LegalEntityAxis__custom--JupiterWellnessIncMember_zckSlW4oQxLe" title="Number of issued shares of common stock">6,500,000</span> shares of our Common Stock (representing <span id="xdx_90B_ecustom--OutstandingSharesPercentage_iI_pid_dp_uPure_c20230531__us-gaap--TypeOfArrangementAxis__custom--AmendedAndRestatedExchangeAgreementMember__dei--LegalEntityAxis__custom--JupiterWellnessIncMember_zwJ8MVetTFK5" title="Outstanding shares percentage">79.3</span>% of our outstanding shares of Common Stock) to Jupiter in exchange for <span id="xdx_909_ecustom--StockIssuedDuringPeriodSharesExchange_c20230531__20230531__us-gaap--TypeOfArrangementAxis__custom--AmendedAndRestatedExchangeAgreementMember__dei--LegalEntityAxis__custom--JupiterWellnessIncMember_zjYltjdeCgZg" 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-top: 0pt; margin-bottom: 0pt; margin-left: 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-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s principal business is the design, manufacture, and sale of toys to premier theme parks.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
dei Entity Incorporation State Country Code
EntityIncorporationStateCountryCode
NV
dei Entity Incorporation Date Of Incorporation
EntityIncorporationDateOfIncorporation
2022-04-22
us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_842_eus-gaap--UseOfEstimates_zhZKUQgNde01" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Use of Estimates</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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-top: 0pt; margin-bottom: 0pt; margin-left: 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-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2024Q3 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0 usd
CY2023Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0 usd
CY2024Q3 us-gaap Net Income Loss
NetIncomeLoss
-1128872 usd
CY2023Q3 us-gaap Net Income Loss
NetIncomeLoss
-1486749 usd
us-gaap Net Income Loss
NetIncomeLoss
-3359847 usd
us-gaap Net Income Loss
NetIncomeLoss
-1296729 usd
CY2024Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
10581558 shares
CY2023Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
8007065 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
10389770 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7007875 shares
CY2024Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
10581558 shares
CY2023Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
8007065 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
10389770 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
7007875 shares
CY2024Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.11
CY2023Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.19
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.32
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.19
CY2024Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.10
CY2023Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.19
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.32
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.19
CY2024Q3 us-gaap Asset Acquisition Consideration Transferred
AssetAcquisitionConsiderationTransferred
2893000 usd
CY2024Q3 us-gaap Inventory Finished Goods
InventoryFinishedGoods
843880 usd
CY2023Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
307005 usd
CY2024Q3 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
544189 usd
CY2023Q4 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
707035 usd
CY2024Q3 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
357023 usd
CY2024Q3 us-gaap Deposits
Deposits
248740 usd
CY2024Q3 us-gaap Prepaid Insurance
PrepaidInsurance
53411 usd
CY2024Q3 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
54872 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
CY2024Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
56680 usd
CY2023Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
45462 usd
CY2024Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
21030 usd
CY2023Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
8984 usd
CY2024Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
77710 usd
CY2023Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
54446 usd
CY2024Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
21030 usd
CY2023Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
8984 usd
CY2024Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
56680 usd
CY2023Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
45462 usd
CY2024Q3 us-gaap Other Assets
OtherAssets
34430 usd
CY2023Q4 us-gaap Other Assets
OtherAssets
34144 usd
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
24108 usd
CY2024Q3 us-gaap Secured Debt
SecuredDebt
1500000 usd
us-gaap Debt Instrument Term
DebtInstrumentTerm
P1Y
CY2024Q3 us-gaap Debt Instrument Interest Rate Stated Percentage
DebtInstrumentInterestRateStatedPercentage
0.08 pure
CY2023Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
100000000 shares
CY2023Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2023Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
9765000 shares
CY2023Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
9765000 shares
us-gaap Stock Issued During Period Shares Issued For Services
StockIssuedDuringPeriodSharesIssuedForServices
900000 shares
us-gaap Stock Issued During Period Shares Purchase Of Assets
StockIssuedDuringPeriodSharesPurchaseOfAssets
1500000 shares
CY2024Q3 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
12165000 shares
CY2024Q3 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
12165000 shares
CY2024Q3 SRM Common Stock Payable
CommonStockPayable
322000 usd
CY2024Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2024Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2024Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 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
P2Y6M
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice
1.61
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
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
970000 shares
CY2024Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P2Y6M
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice
1.21
CY2024Q1 us-gaap Share Price
SharePrice
1.21
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.77 pure
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
573548 usd

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