10-Q Filing

Kaival Brands Innovations Group, Inc. CIK: 1762239 Q1 2021

Filing Information

Form Type	10-Q
Accession Number	`0001731122-21-000392`
Period End Date	20210131
Filing Date	20210316
Fiscal Year	2021
Fiscal Period	Q1
XBRL Instance	kavl-20201031.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 56 Income Statement 35 Cash Flow Statement 44 Stockholders Equity 14

Balance Sheet 56 line items

Line Item	Tag	Value	Unit	Period
Cash	`Cash`	$1.96M	USD	Point-in-time
Cash	`Cash`	$7.42M	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$12.66M	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$1.40M	USD	Point-in-time
Accounts receivable - related parties	`AccountsReceivableRelatedPartiesCurrent`	$18.57K	USD	Point-in-time
Accounts receivable - related parties	`AccountsReceivableRelatedPartiesCurrent`	$15.36K	USD	Point-in-time
Inventories	`InventoryNet`	$6.38K	USD	Point-in-time
Inventories	`InventoryNet`	$8.11K	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$14.66M	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$8.85M	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	5.00M	shares	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	5.00M	shares	Point-in-time
Right of use asset- operating lease	`OperatingLeaseRightOfUseAsset`	$70.13K	USD	Point-in-time
Right of use asset- operating lease	`OperatingLeaseRightOfUseAsset`	$66.51K	USD	Point-in-time
TOTAL ASSETS	`Assets`	$8.92M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$14.72M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Accounts payable- related party	`AccountsPayableRelatedPartiesCurrent`	$1.41M	USD	Point-in-time
Accounts payable- related party	`AccountsPayableRelatedPartiesCurrent`	$6.25M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	1.00B	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	1.00B	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	279.67M	shares	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$1.06M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	277.28M	shares	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$1.16M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	279.67M	shares	Point-in-time
Income tax accrual	`AccruedIncomeTaxesCurrent`	$1.33M	USD	Point-in-time
Income tax accrual	`AccruedIncomeTaxesCurrent`	$1.44M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	277.28M	shares	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	-	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$623.10K	USD	Point-in-time
Office lease liability - short term	`OperatingLeaseLiabilityCurrent`	$12.04K	USD	Point-in-time
Office lease liability - short term	`OperatingLeaseLiabilityCurrent`	$11.71K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$4.44M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$8.86M	USD	Point-in-time
Operating lease obligation, net of current portion	`OperatingLeaseLiabilityNoncurrent`	$56.03K	USD	Point-in-time
Operating lease obligation, net of current portion	`OperatingLeaseLiabilityNoncurrent`	$59.20K	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$8.91M	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$4.50M	USD	Point-in-time
Preferred stock 5,000,000 shares authorized; Series A Convertible Preferred stock ($.001 par value, 3,000,000 shares authorized, 3,000,000 issued and outstanding as of January 31, 2021 and October 31, 2020)	`PreferredStockValue`	$3.00K	USD	Point-in-time
Preferred stock 5,000,000 shares authorized; Series A Convertible Preferred stock ($.001 par value, 3,000,000 shares authorized, 3,000,000 issued and outstanding as of January 31, 2021 and October 31, 2020)	`PreferredStockValue`	$3.00K	USD	Point-in-time
Common stock ($.001 par value, 1,000,000,000 shares authorized, 279,671,677 and 277,282,630 issued and outstanding as of January 31, 2021 and October 31, 2020, respectively)	`CommonStockValue`	$277.28K	USD	Point-in-time
Common stock ($.001 par value, 1,000,000,000 shares authorized, 279,671,677 and 277,282,630 issued and outstanding as of January 31, 2021 and October 31, 2020, respectively)	`CommonStockValue`	$279.67K	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$364.73K	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$1.44M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$3.77M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$4.08M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$-31.36K	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$-44.89K	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$5.81M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$4.42M	USD	Point-in-time
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$14.72M	USD	Point-in-time
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$8.92M	USD	Point-in-time

Income Statement 35 line items

Line Item	Tag	Value	Unit	Period
Revenues	`Revenue`	-	USD	1 Quarter
Revenues	`Revenue`	$37.37M	USD	1 Quarter
Revenues - related parties	`RevenueFromRelatedParties`	$50.30K	USD	1 Quarter
Revenues - related parties	`RevenueFromRelatedParties`	-	USD	1 Quarter
Excise tax on products	`TaxesAndLicenses`	$58.75K	USD	1 Quarter
Excise tax on products	`TaxesAndLicenses`	-	USD	1 Quarter
Total revenues	`Revenues`	-	USD	1 Quarter
Total revenues	`Revenues`	$37.36M	USD	1 Quarter
Cost of revenue - related party	`CostOfRevenueRelatedParty`	$32.48M	USD	1 Quarter
Cost of revenue - related party	`CostOfRevenueRelatedParty`	-	USD	1 Quarter
Cost of revenue - other	`OtherCostOfOperatingRevenue`	$86.02K	USD	1 Quarter
Total cost of revenue	`CostOfRevenue`	-	USD	1 Quarter
Total cost of revenue	`CostOfRevenue`	$32.57M	USD	1 Quarter
Gross profit	`GrossProfit`	-	USD	1 Quarter
Gross profit	`GrossProfit`	$4.80M	USD	1 Quarter
Advertising and Promotions	`MarketingAndAdvertisingExpense`	-	USD	1 Quarter
Advertising and Promotions	`MarketingAndAdvertisingExpense`	$960.50K	USD	1 Quarter
General & Administrative expenses	`GeneralAndAdministrativeExpense`	$3.42M	USD	1 Quarter
General & Administrative expenses	`GeneralAndAdministrativeExpense`	$12.93K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$12.93K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$4.38M	USD	1 Quarter
Interest Income	`InvestmentIncomeNet`	$330.00	USD	1 Quarter
Interest Income	`InvestmentIncomeNet`	-	USD	1 Quarter
Total Other Income	`NonoperatingIncomeExpense`	-	USD	1 Quarter
Total Other Income	`NonoperatingIncomeExpense`	$330.00	USD	1 Quarter
Income (loss) before income taxes provision	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-12.93K	USD	1 Quarter
Income (loss) before income taxes provision	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$417.89K	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$106.39K	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-12.93K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$311.50K	USD	1 Quarter
Net income (loss) per common share - basic and diluted	`EarningsPerShareBasicAndDiluted`	-	USD	1 Quarter
Net income (loss) per common share - basic and diluted	`EarningsPerShareBasicAndDiluted`	-	USD	1 Quarter
Weighted average number of common shares outstanding - basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	572.36M	shares	1 Quarter
Weighted average number of common shares outstanding - basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	278.25M	shares	1 Quarter

Cash Flow Statement 44 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`NetIncomeLoss`	$-12.93K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$311.50K	USD	1 Quarter
Stock based compensation	`AllocatedShareBasedCompensationExpense`	$1.11M	USD	1 Quarter
Stock based compensation	`AllocatedShareBasedCompensationExpense`	-	USD	1 Quarter
ROU operating lease expense	`RouOperatingLeaseExpense`	$3.95K	USD	1 Quarter
ROU operating lease expense	`RouOperatingLeaseExpense`	-	USD	1 Quarter
Expenses contributed to capital	`ProceedsFromContributionsFromAffiliates`	$26.46K	USD	1 Quarter
Expenses contributed to capital	`ProceedsFromContributionsFromAffiliates`	-	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	-	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$11.26M	USD	1 Quarter
Accounts receivable - related parties	`IncreaseDecreaseInAccountsReceivableRelatedParties`	-	USD	1 Quarter
Accounts receivable - related parties	`IncreaseDecreaseInAccountsReceivableRelatedParties`	$3.21K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	-	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$1.72K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$-623.10K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	-	USD	1 Quarter
Payments on operating lease liability	`IncreaseDecreaseInOperatingLiabilities`	$-3.17K	USD	1 Quarter
Payments on operating lease liability	`IncreaseDecreaseInOperatingLiabilities`	-	USD	1 Quarter
Accounts payable - related party	`IncreaseDecreaseInAccountsPayableRelatedParties`	$4.84M	USD	1 Quarter
Accounts payable - related party	`IncreaseDecreaseInAccountsPayableRelatedParties`	-	USD	1 Quarter
Accrued taxes	`IncreaseDecreaseInAccruedTaxesPayable`	-	USD	1 Quarter
Accrued taxes	`IncreaseDecreaseInAccruedTaxesPayable`	$106.39K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-13.24K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$95.39K	USD	1 Quarter
Net cash (used in) provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-5.43M	USD	1 Quarter
Net cash (used in) provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$285.00	USD	1 Quarter
Settled RSU shares with cash	`SettledRsuSharesWithCash`	-	USD	1 Quarter
Settled RSU shares with cash	`SettledRsuSharesWithCash`	$30.51K	USD	1 Quarter
Cash flows used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-30.51K	USD	1 Quarter
Cash flows used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	-	USD	1 Quarter
Net change in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$285.00	USD	1 Quarter
Net change in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-5.46M	USD	1 Quarter
Beginning cash balance	`CashAndCashEquivalentsAtCarryingValue`	$7.42M	USD	Point-in-time
Beginning cash balance	`CashAndCashEquivalentsAtCarryingValue`	$1.96M	USD	Point-in-time
Beginning cash balance	`CashAndCashEquivalentsAtCarryingValue`	$285.00	USD	Point-in-time
Beginning cash balance	`CashAndCashEquivalentsAtCarryingValue`	-	USD	Point-in-time
Ending cash balance	`CashAndCashEquivalentsAtCarryingValue`	$7.42M	USD	Point-in-time
Ending cash balance	`CashAndCashEquivalentsAtCarryingValue`	$1.96M	USD	Point-in-time
Ending cash balance	`CashAndCashEquivalentsAtCarryingValue`	$285.00	USD	Point-in-time
Ending cash balance	`CashAndCashEquivalentsAtCarryingValue`	-	USD	Point-in-time
Interest paid	`InterestPaidNet`	-	USD	1 Quarter
Interest paid	`InterestPaidNet`	-	USD	1 Quarter
Income taxes paid	`IncomeTaxesPaidNet`	-	USD	1 Quarter
Income taxes paid	`IncomeTaxesPaidNet`	-	USD	1 Quarter

Stockholders Equity 14 line items

Line Item	Tag	Value	Unit	Period
Balance at beginning	`StockholdersEquity`	$-31.36K	USD	Point-in-time
Balance at beginning	`StockholdersEquity`	$-44.89K	USD	Point-in-time
Balance at beginning	`StockholdersEquity`	$5.81M	USD	Point-in-time
Balance at beginning	`StockholdersEquity`	$4.42M	USD	Point-in-time
Issuance of common shares for employee compensation	`IssuanceOfCommonSharesForEmployeeCompensation`	$76.70K	USD	1 Quarter
Common shares settled and cancelled	`CommonSharesSettledAndCancelled`	$-30.51K	USD	1 Quarter
Issuance of common shares for compensation	`StockGrantedDuringPeriodValueSharebasedCompensation`	$1.03M	USD	1 Quarter
Expenses paid on behalf of the Company and contributed to capital	`Expensespaidonbehalfofcompany`	$26.46K	USD	1 Quarter
Net Income (loss)	`ProfitLoss`	$311.50K	USD	1 Quarter
Net Income (loss)	`ProfitLoss`	$-12.93K	USD	1 Quarter
Balance at end	`StockholdersEquity`	$-31.36K	USD	Point-in-time
Balance at end	`StockholdersEquity`	$-44.89K	USD	Point-in-time
Balance at end	`StockholdersEquity`	$5.81M	USD	Point-in-time
Balance at end	`StockholdersEquity`	$4.42M	USD	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.