2024 Q3 Form 10-Q Financial Statement

#000147793224008219 Filed on December 19, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $4.357M
YoY Change -84.07%
Cost Of Revenue $1.426M
YoY Change -92.35%
Gross Profit $2.930M
YoY Change -66.35%
Gross Profit Margin 67.26%
Selling, General & Admin $2.409M
YoY Change -52.8%
% of Gross Profit 82.22%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $239.9K
YoY Change -16.14%
% of Gross Profit 8.19%
Operating Expenses $4.265M
YoY Change -56.7%
Operating Profit -$1.335M
YoY Change 16.9%
Interest Expense $290.4K
YoY Change -133.22%
% of Operating Profit
Other Income/Expense, Net -$290.4K
YoY Change -133.22%
Pretax Income -$1.626M
YoY Change 19.85%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$1.626M
YoY Change 19.85%
Net Earnings / Revenue -37.31%
Basic Earnings Per Share -$1.55
Diluted Earnings Per Share -$1.55
COMMON SHARES
Basic Shares Outstanding 20.89M shares
Diluted Shares Outstanding 1.045M shares

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $661.4K
YoY Change -85.27%
Cash & Equivalents $1.790M $661.4K
Short-Term Investments $0.00
Other Short-Term Assets
YoY Change
Inventory $1.636M $1.432M
Prepaid Expenses
Receivables $801.4K $606.9K
Other Receivables
Total Short-Term Assets $6.790M $11.42M
YoY Change -72.75% -55.14%
LONG-TERM ASSETS
Property, Plant & Equipment $2.338M $2.357M
YoY Change -69.81% -68.69%
Goodwill $848.9K $848.9K
YoY Change -92.76% -91.72%
Intangibles $220.7K $239.9K
YoY Change -98.22% -98.23%
Long-Term Investments
YoY Change
Other Assets $206.4K $278.4K
YoY Change -43.47% 187.85%
Total Long-Term Assets $11.81M $12.09M
YoY Change -70.71% -68.51%
TOTAL ASSETS
Total Short-Term Assets $6.790M $11.42M
Total Long-Term Assets $11.81M $12.09M
Total Assets $18.60M $23.51M
YoY Change -71.49% -63.18%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $575.2K $481.6K
YoY Change -87.6% -87.87%
Accrued Expenses $317.2K $736.4K
YoY Change -91.83% -78.12%
Deferred Revenue
YoY Change
Short-Term Debt
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $9.771M $12.66M
YoY Change -51.23% -35.45%
LONG-TERM LIABILITIES
Long-Term Debt
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $3.800M $4.340M
YoY Change -78.46% -73.55%
TOTAL LIABILITIES
Total Short-Term Liabilities $9.771M $12.66M
Total Long-Term Liabilities $3.800M $4.340M
Total Liabilities $13.57M $17.00M
YoY Change -63.98% -52.81%
SHAREHOLDERS EQUITY
Retained Earnings -$48.49M -$46.86M
YoY Change 97.43% 101.97%
Common Stock $20.91K $19.86K
YoY Change 2.94% -1.76%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $5.032M $6.516M
YoY Change
Total Liabilities & Shareholders Equity $18.60M $23.51M
YoY Change -71.49% -63.18%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income -$1.626M
YoY Change 19.85%
Depreciation, Depletion And Amortization $239.9K
YoY Change -16.14%
Cash From Operating Activities -$1.975M
YoY Change -15.77%
INVESTING ACTIVITIES
Capital Expenditures $167.4K
YoY Change -43.5%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities $5.838M
YoY Change -999.94%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$2.735M
YoY Change 152.68%
NET CHANGE
Cash From Operating Activities -$1.975M
Cash From Investing Activities $5.838M
Cash From Financing Activities -$2.735M
Net Change In Cash $1.129M
YoY Change -129.31%
FREE CASH FLOW
Cash From Operating Activities -$1.975M
Capital Expenditures $167.4K
Free Cash Flow -$2.142M
YoY Change -18.88%

Facts In Submission

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<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong><span style="text-decoration:underline">Reclassifications</span></strong><strong> - </strong>Certain reclassifications have been made to the consolidated financial statements as of and for the three months ended September 30, 2023 to conform to the presentation as of and for the three months  ended September 30, 2024.</p>
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CY2024Q3 dei Entity Registrant Name
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CY2024Q3 dei Entity Incorporation State Country Code
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<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>Note 1. Background Information</strong></p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">As used in this quarterly report and unless otherwise indicated, the terms “we”, “us”, “our”, “Upexi”, and the “Company” mean Upexi, Inc., a Nevada corporation formed in 2018. The Company has eleven active subsidiaries, which include:</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><table cellpadding="0" style="border-spacing:0;font-size:10pt;width:100%"><tbody><tr style="height:15px"><td><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p></td><td><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">☐</p></td><td colspan="3"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">HAVZ, LLC, d/b/a/ Steam Wholesale, a California limited liability company</p></td></tr><tr style="height:15px"><td><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p></td><td><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">☐ </p></td><td colspan="3"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Gummy Labs, LLC, a Delaware limited liability company</p></td></tr><tr style="height:15px"><td><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p></td><td><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">☐</p></td><td colspan="3"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">MW Products, Inc., a Nevada corporation</p></td></tr><tr style="height:15px"><td><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p></td><td><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">☐</p></td><td colspan="3"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Upexi Holding, LLC, a Delaware limited liability company</p></td></tr><tr style="height:15px"><td><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p></td><td><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p></td><td><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">o</p></td><td colspan="2" style="vertical-align:top;"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Upexi Pet Products, LLC, a Delaware limited liability company</p></td></tr><tr style="height:15px"><td><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p></td><td><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">☐</p></td><td colspan="3"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Upexi Enterprise, LLC, a Delaware limited liability company</p></td></tr><tr style="height:15px"><td><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p></td><td><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p></td><td><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">o</p></td><td colspan="2" style="vertical-align:top;"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Upexi Distribution LLC, a Delaware limited liability company</p></td></tr><tr style="height:15px"><td><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p></td><td><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p></td><td><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">o</p></td><td colspan="2" style="vertical-align:top;"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Upexi Distribution Management LLC, a Delaware limited liability company</p></td></tr><tr style="height:15px"><td><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p></td><td><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p></td><td><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">o</p></td><td colspan="2" style="vertical-align:top;"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Upexi Property &amp; Assets, LLC, a Delaware limited liability company</p></td></tr><tr style="height:15px"><td style="width:4%;"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p></td><td style="width:4%;"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p></td><td style="width:4%;"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p></td><td style="width:4%;vertical-align:top;"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">■</p></td><td style="vertical-align:top;"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Upexi 17129 Florida, LLC, a Delaware limited liability company</p></td></tr><tr style="height:15px"><td><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p></td><td><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">☐</p></td><td colspan="3"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Cygnet Online, LLC (“Cygnet”), a Delaware limited liability company (100% owned as of September 1, 2023)</p></td></tr></tbody></table><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The following subsidiaries had no activity during the three months ended September 30, 2024 and 2023:</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><table cellpadding="0" style="border-spacing:0;font-size:10pt;width:100%"><tbody><tr style="height:15px"><td style="width:4%;"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p></td><td style="width:4%;"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">☐</p></td><td><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Upexi CP, LLC, a Delaware limited liability company</p></td></tr><tr style="height:15px"><td><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p></td><td><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">☐ </p></td><td><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Upexi CP / Canada Inc., a Canadian corporation</p></td></tr><tr style="height:15px"><td><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p></td><td><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">☐</p></td><td><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Prax Products, LLC, a Florida limited liability company </p></td></tr><tr style="height:15px"><td><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p></td><td><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">☐</p></td><td><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Upexi Development and Marketing, LLC., a Delaware limited liability company</p></td></tr><tr style="height:15px"><td><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p></td><td><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">☐</p></td><td><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Trunano Labs, Inc., a Nevada corporation</p></td></tr></tbody></table><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The following subsidiaries were divested during the year ended June 30, 2024 and all activity for the three months ended September 30, 2023 was classified as discontinued operations:</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><table cellpadding="0" style="border-spacing:0;font-size:10pt;width:100%"><tbody><tr style="height:15px"><td style="width:4%;"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p></td><td style="width:4%;"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">☐</p></td><td><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">VitaMedica, Inc. a Nevada corporation</p></td></tr><tr style="height:15px"><td><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p></td><td><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">☐ </p></td><td><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">E-Core Technology, Inc. a Florida corporation</p></td></tr><tr style="height:15px"><td><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p></td><td><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">☐</p></td><td><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Interactive Offers, LLC, a Delaware limited liability company</p></td></tr></tbody></table><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">In addition, the Company has six wholly owned subsidiaries that had no activity during the three months ended September 30, 2023. All of the entities were dissolved or cancelled as of June 30, 2024.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><table cellpadding="0" style="border-spacing:0;font-size:10pt;width:100%"><tbody><tr style="height:15px"><td style="width:4%;"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p></td><td style="width:4%;"><p style="font-size:10pt;font-family:times new roman;margin:0px"><span style="font-family:symbol">·</span></p></td><td style="vertical-align:top;"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Steam Distribution, LLC, a California limited liability company</p></td></tr><tr style="height:15px"><td><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p></td><td><p style="font-size:10pt;font-family:times new roman;margin:0px"><span style="font-family:symbol">·</span></p></td><td style="vertical-align:top;"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">One Hit Wonder, Inc., a California corporation</p></td></tr><tr style="height:15px"><td><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p></td><td><p style="font-size:10pt;font-family:times new roman;margin:0px"><span style="font-family:symbol">·</span></p></td><td style="vertical-align:top;"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">One Hit Wonder Holdings, LLC, a California limited liability company</p></td></tr><tr style="height:15px"><td><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p></td><td><p style="font-size:10pt;font-family:times new roman;margin:0px"><span style="font-family:symbol">·</span></p></td><td style="vertical-align:top;"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Vape Estate, Inc., a Nevada Corporation</p></td></tr><tr style="height:15px"><td><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p></td><td><p style="font-size:10pt;font-family:times new roman;margin:0px"><span style="font-family:symbol">·</span></p></td><td style="vertical-align:top;"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">SWCH, LLC, a Delaware limited liability company</p></td></tr><tr style="height:15px"><td><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p></td><td><p style="font-size:10pt;font-family:times new roman;margin:0px"><span style="font-family:symbol">·</span></p></td><td style="vertical-align:top;"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Cresco Management, LLC, a California limited liability company</p></td></tr></tbody></table><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Our products are distributed in the United States of America and internationally through multiple entities and managed through our locations in Florida.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>Upexi</strong> operates from our corporate location in Tampa, Florida, where direct to consumer, wholesale and Amazon sales are driven by on-site and remote teams for all brands. The Tampa location also supports all the other locations with accounting, corporate oversight, day-to-day finances, business development and operational management operating from this location. </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>MW Products </strong>operates from our corporate headquarters and our Tampa, Florida warehouse, managing direct to consumer, wholesale and Amazon sales for multiple brands and developing new products through our research and development team in Henderson, Nevada and Odessa, Florida.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>Lucky Tail</strong> operates from our Tampa, Florida warehouse with sales and marketing driven by on-site and remote teams that operate the Amazon sales strategy and daily business operations.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>HAVZ, LLC, d/b/a/ Steam</strong> <strong>Wholesale</strong> operates manufacturing and/or distribution centers in Odessa, Florida, supporting our health and wellness products, including those products manufactured with hemp ingredients and our overall distribution operations. We have continued to manage these operations with corporate focus on larger opportunities that have warranted the majority of corporate focus and investments for the future.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>Upexi Distribution </strong>operates from our Tampa, Florida warehouse providing warehousing, distribution and other services in support of our product sales.  </p>
CY2024Q3 us-gaap Use Of Estimates
UseOfEstimates
<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong><span style="text-decoration:underline">Use of Estimates</span></strong> <strong>-</strong> The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America 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 consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Significant estimates underlying the Company’s reported financial position and results of operations include the allowance for doubtful accounts, useful lives of property and equipment, impairment of long-lived assets, inventory valuation, fair value of stock-based compensation and valuation allowance on deferred tax assets.</p>
CY2024Q3 us-gaap Accounts Receivable Net
AccountsReceivableNet
801452 usd
CY2024Q2 us-gaap Accounts Receivable Net
AccountsReceivableNet
606885 usd
CY2023Q3 us-gaap Accounts Receivable Net
AccountsReceivableNet
2605958 usd
CY2023Q2 us-gaap Accounts Receivable Net
AccountsReceivableNet
1125394 usd
CY2024Q3 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
61750 usd
CY2024Q3 us-gaap Inventory Raw Materials
InventoryRawMaterials
497160 usd
CY2024Q3 us-gaap Inventory Finished Goods
InventoryFinishedGoods
1139259 usd
CY2023Q3 us-gaap Inventory Raw Materials
InventoryRawMaterials
465535 usd
CY2023Q3 us-gaap Inventory Finished Goods
InventoryFinishedGoods
966021 usd
CY2024Q2 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
605994 usd
CY2024Q3 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
605470 usd
CY2023Q3 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
65994 usd
CY2024Q3 us-gaap Sale Leaseback Transaction Lease Term
SaleLeasebackTransactionLeaseTerm
P5Y
CY2024Q3 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
3594745 usd
CY2023Q3 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
2889158 usd
CY2024Q3 upxi Revenue From Primary Geographical Markets United States Of America
RevenueFromPrimaryGeographicalMarketsUnitedStatesOfAmerica
4280593 usd
CY2023Q3 upxi Revenue From Primary Geographical Markets United States Of America
RevenueFromPrimaryGeographicalMarketsUnitedStatesOfAmerica
8162728 usd
CY2024Q3 upxi Revenue From Primary Geographical Markets Other
RevenueFromPrimaryGeographicalMarketsOther
75922 usd
CY2023Q3 upxi Revenue From Primary Geographical Markets Other
RevenueFromPrimaryGeographicalMarketsOther
111962 usd
CY2024Q3 us-gaap Deferred Revenue Noncurrent
DeferredRevenueNoncurrent
4356515 usd
CY2023Q3 us-gaap Deferred Revenue Noncurrent
DeferredRevenueNoncurrent
8274690 usd
CY2024Q3 upxi Total Disaggregated Revenue
TotalDisaggregatedRevenue
4356515 usd
CY2023Q3 upxi Total Disaggregated Revenue
TotalDisaggregatedRevenue
8274690 usd
CY2024Q3 us-gaap Deferred Revenue
DeferredRevenue
178016 usd
CY2024Q2 us-gaap Deferred Revenue
DeferredRevenue
235255 usd
CY2024Q3 us-gaap Deferred Revenue
DeferredRevenue
178016 usd
CY2024Q2 us-gaap Deferred Revenue
DeferredRevenue
235255 usd
CY2024Q3 upxi Revenue
Revenue
210000 usd
CY2024Q3 us-gaap Advertising Expense
AdvertisingExpense
194774 usd
CY2023Q3 us-gaap Advertising Expense
AdvertisingExpense
287146 usd
CY2024Q3 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
6535000 usd
CY2024Q2 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
6100000 usd
CY2024Q3 us-gaap Additional Paid In Capital Common Stock
AdditionalPaidInCapitalCommonStock
19860 usd
CY2024Q3 upxi Additional Issuance Shares
AdditionalIssuanceShares
38 shares
CY2024Q3 upxi Additional Issuance Shares Of Common Stock
AdditionalIssuanceSharesOfCommonStock
202183 shares
CY2024Q3 us-gaap Inventory Raw Materials
InventoryRawMaterials
497160 usd
CY2024Q2 us-gaap Inventory Raw Materials
InventoryRawMaterials
465535 usd
CY2024Q3 us-gaap Inventory Finished Goods
InventoryFinishedGoods
1139259 usd
CY2024Q2 us-gaap Inventory Finished Goods
InventoryFinishedGoods
966021 usd
CY2024Q3 us-gaap Inventory Noncurrent
InventoryNoncurrent
1636419 usd
CY2024Q2 us-gaap Inventory Noncurrent
InventoryNoncurrent
1431556 usd
CY2024Q3 us-gaap Inventory Write Down
InventoryWriteDown
42370 usd
CY2023Q3 us-gaap Inventory Write Down
InventoryWriteDown
46050 usd
CY2024Q3 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
605470 usd
CY2024Q2 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
605470 usd
CY2024Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
3754853 usd
CY2024Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
7600360 usd
CY2024Q3 us-gaap Property Plant And Equipment Other Accumulated Depreciation
PropertyPlantAndEquipmentOtherAccumulatedDepreciation
1416654 usd
CY2024Q2 us-gaap Property Plant And Equipment Other Accumulated Depreciation
PropertyPlantAndEquipmentOtherAccumulatedDepreciation
1268288 usd
CY2024Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2338199 usd
CY2024Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2356556 usd
CY2024Q3 us-gaap Depreciation Expense On Reclassified Assets
DepreciationExpenseOnReclassifiedAssets
239905 usd
CY2023Q3 us-gaap Depreciation Expense On Reclassified Assets
DepreciationExpenseOnReclassifiedAssets
194497 usd
CY2024Q3 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
10018484 usd
CY2024Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
9797803 usd
CY2024Q3 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
220681 usd
CY2024Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
19190 usd
CY2023Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1186800 usd
CY2024Q2 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
10018484 usd
CY2024Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
9778613 usd
CY2024Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
239871 usd
CY2024Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
57568 usd
CY2024Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
76758 usd
CY2024Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
76758 usd
CY2024Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
9597 usd
CY2024Q3 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
220681 usd
CY2024Q3 us-gaap Prepaid Expense And Other Assets
PrepaidExpenseAndOtherAssets
390810 usd
CY2024Q2 us-gaap Prepaid Expense And Other Assets
PrepaidExpenseAndOtherAssets
502188 usd
CY2024Q3 upxi Description Of Lease Term
DescriptionOfLeaseTerm
Our lease terms may include one or more options to extend the lease terms, for periods from one year to 20 years
CY2024Q3 upxi Operating Leases Minimum Payments
OperatingLeasesMinimumPayments
0 usd
CY2023Q3 upxi Operating Leases Minimum Payments
OperatingLeasesMinimumPayments
32850 usd
CY2024Q3 us-gaap Operating Lease Expense
OperatingLeaseExpense
1910 usd
CY2023Q3 us-gaap Operating Lease Expense
OperatingLeaseExpense
1910 usd
CY2024Q3 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
853420 usd
CY2024Q3 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
770004 usd
CY2024Q3 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
507343 usd
CY2024Q3 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
486733 usd
CY2024Q3 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
221715 usd
CY2024Q3 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
2839215 usd
CY2024Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
214900 usd
CY2024Q3 upxi Accrued Adverse Lease Obligation
AccruedAdverseLeaseObligation
2624315 usd
CY2024Q3 upxi Less Current Portion
LessCurrentPortion
-781810 usd
CY2024Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
1842505 usd
CY2024Q3 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Outstanding Options Weighted Average Remaining Contractual Term2
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageRemainingContractualTerm2
P45M
CY2024Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.050 pure
CY2023Q3 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Outstanding Options Weighted Average Remaining Contractual Term2
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageRemainingContractualTerm2
P44M
CY2023Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.050 pure
CY2024Q3 us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
185148 usd
CY2023Q3 us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
170970 usd
CY2024Q3 us-gaap Interest Expense Other
InterestExpenseOther
28853 usd
CY2023Q3 us-gaap Interest Expense Other
InterestExpenseOther
26347 usd
CY2024Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
3784 usd
CY2023Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
4803 usd
CY2024Q3 us-gaap Short Term Lease Cost
ShortTermLeaseCost
0 usd
CY2023Q3 us-gaap Short Term Lease Cost
ShortTermLeaseCost
174212 usd
CY2024Q3 us-gaap Variable Lease Cost
VariableLeaseCost
51835 usd
CY2023Q3 us-gaap Variable Lease Cost
VariableLeaseCost
29084 usd
CY2024Q3 us-gaap Lease Cost
LeaseCost
269621 usd
CY2023Q3 us-gaap Lease Cost
LeaseCost
405416 usd
CY2024Q3 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
169222 usd
CY2024Q2 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
312500 usd
CY2024Q3 us-gaap Accrued Income Taxes
AccruedIncomeTaxes
25394 usd
CY2024Q2 us-gaap Accrued Income Taxes
AccruedIncomeTaxes
28539 usd
CY2024Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
111483 usd
CY2024Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
395368 usd
CY2024Q3 us-gaap Other Accrued Liabilities Noncurrent
OtherAccruedLiabilitiesNoncurrent
306099 usd
CY2024Q2 us-gaap Other Accrued Liabilities Noncurrent
OtherAccruedLiabilitiesNoncurrent
736407 usd
CY2024Q3 us-gaap Acquisition Costs Cumulative
AcquisitionCostsCumulative
0 usd
CY2024Q2 us-gaap Acquisition Costs Cumulative
AcquisitionCostsCumulative
413152 usd
CY2022Q2 us-gaap Debt Instrument Increase Decrease For Period Net
DebtInstrumentIncreaseDecreaseForPeriodNet
1500000 usd
CY2022Q2 us-gaap Short Term Debt Interest Rate Increase
ShortTermDebtInterestRateIncrease
0.085 pure
CY2022Q2 upxi Additional Percentage Rate
AdditionalPercentageRate
0.035 pure
CY2024Q1 us-gaap Stock Issued During Period Shares Other
StockIssuedDuringPeriodSharesOther
25081 shares
CY2024Q1 us-gaap Stock Issued During Period Value Other
StockIssuedDuringPeriodValueOther
500000 usd
CY2024Q1 upxi Common Stock Per Share Price
CommonStockPerSharePrice
19.94
CY2024Q1 us-gaap Stock Issued During Period Shares Employee Benefit Plan
StockIssuedDuringPeriodSharesEmployeeBenefitPlan
5000 shares
CY2024Q1 us-gaap Stock Issued During Period Value Employee Benefit Plan
StockIssuedDuringPeriodValueEmployeeBenefitPlan
85000 usd
CY2024Q1 upxi Common Stocks Par Or Stated Value Per Share
CommonStocksParOrStatedValuePerShare
17
CY2024Q4 upxi Reverse Stock Split Rate
ReverseStockSplitRate
20 to 1
CY2024Q4 upxi Total Issued And Outstanding Common Stock Shares Post Reverse Split
TotalIssuedAndOutstandingCommonStockSharesPostReverseSplit
1040886 shares
CY2024Q3 upxi Income Tax Expense Benefit Reserve
IncomeTaxExpenseBenefitReserve
1 pure
CY2023Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
472367 usd
CY2024Q3 upxi Ffective Income Tax Rate
ffectiveIncomeTaxRate
0.2583 pure
CY2022Q2 upxi Valuation Reserves For Inventory
ValuationReservesForInventory
2506514 usd
CY2024Q2 upxi Valuation Reserves For Inventory
ValuationReservesForInventory
6100000 usd
CY2024Q3 upxi Valuation Reserves For Inventory
ValuationReservesForInventory
6535000 usd

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