10-Q Filing

Kaival Brands Innovations Group, Inc. CIK: 1762239 Q2 2021

Filing Information

Form Type	10-Q
Accession Number	`0001731122-21-001071`
Period End Date	20210430
Filing Date	20210621
Fiscal Year	2021
Fiscal Period	Q2
XBRL Instance	kavl-20210430.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 62 Income Statement 72 Cash Flow Statement 50 Stockholders Equity 25

Balance Sheet 62 line items

Line Item	Tag	Value	Unit	Period
Cash	`Cash`	$7.42M	USD	Point-in-time
Cash	`Cash`	$2.14M	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$1.40M	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$18.14M	USD	Point-in-time
Accounts receivable - related parties	`AccountsReceivableRelatedPartiesCurrent`	$765.00	USD	Point-in-time
Accounts receivable - related parties	`AccountsReceivableRelatedPartiesCurrent`	$15.36K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	-	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$30.00K	USD	Point-in-time
Inventories	`InventoryNet`	$6.38K	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Inventories	`InventoryNet`	$28.79M	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$8.85M	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	5.00M	shares	Point-in-time
Total Current Assets	`AssetsCurrent`	$49.10M	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	5.00M	shares	Point-in-time
Right of use asset- operating lease	`OperatingLeaseRightOfUseAsset`	$62.88K	USD	Point-in-time
Right of use asset- operating lease	`OperatingLeaseRightOfUseAsset`	$70.13K	USD	Point-in-time
TOTAL ASSETS	`Assets`	$8.92M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$49.16M	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
Common stock, shares authorized	`CommonStockSharesAuthorized`	1.00B	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	1.00B	shares	Point-in-time
Accounts payable- related party	`AccountsPayableRelatedPartiesCurrent`	$1.41M	USD	Point-in-time
Accounts payable- related party	`AccountsPayableRelatedPartiesCurrent`	$38.00M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	282.80M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	277.28M	shares	Point-in-time
Accounts payable- trade	`AccountsPayableTradeCurrent`	$272.51K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	282.80M	shares	Point-in-time
Accounts payable- trade	`AccountsPayableTradeCurrent`	-	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	277.28M	shares	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$1.60M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$1.06M	USD	Point-in-time
Income tax accrual	`AccruedIncomeTaxesCurrent`	-	USD	Point-in-time
Income tax accrual	`AccruedIncomeTaxesCurrent`	$1.33M	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$623.10K	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	-	USD	Point-in-time
Office lease liability - short term	`OperatingLeaseLiabilityCurrent`	$12.36K	USD	Point-in-time
Office lease liability - short term	`OperatingLeaseLiabilityCurrent`	$11.71K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$39.89M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$4.44M	USD	Point-in-time
Operating lease obligation, net of current portion	`OperatingLeaseLiabilityNoncurrent`	$59.20K	USD	Point-in-time
Operating lease obligation, net of current portion	`OperatingLeaseLiabilityNoncurrent`	$52.86K	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$4.50M	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$39.94M	USD	Point-in-time
Preferred stock 5,000,000 shares authorized; Series A Convertible Preferred stock ($.001 par value, 3,000,000 shares authorized, 3,000,000 issued and outstanding as of April 30, 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 April 30, 2021 and October 31, 2020)	`PreferredStockValue`	$3.00K	USD	Point-in-time
Common stock ($.001 par value, 1,000,000,000 shares authorized, 282,803,708 and 277,282,630 issued and outstanding as of April 30, 2021 and October 31, 2020, respectively)	`CommonStockValue`	$282.80K	USD	Point-in-time
Common stock ($.001 par value, 1,000,000,000 shares authorized, 282,803,708 and 277,282,630 issued and outstanding as of April 30, 2021 and October 31, 2020, respectively)	`CommonStockValue`	$277.28K	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$364.73K	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$9.11M	USD	Point-in-time
Retained (deficit )earnings	`RetainedEarningsAccumulatedDeficit`	$-174.83K	USD	Point-in-time
Retained (deficit )earnings	`RetainedEarningsAccumulatedDeficit`	$3.77M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$-44.89K	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$4.42M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$9.23M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$-31.36K	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$5.81M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$2.77M	USD	Point-in-time
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$8.92M	USD	Point-in-time
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$49.16M	USD	Point-in-time

Income Statement 72 line items

Line Item	Tag	Value	Unit	Period
Revenues	`Revenue`	$22.47M	USD	2 Qtrs
Revenues	`Revenue`	$22.47M	USD	1 Quarter
Revenues	`Revenue`	$56.12M	USD	2 Qtrs
Revenues	`Revenue`	$18.75M	USD	1 Quarter
Revenues - related parties	`RevenueFromRelatedParties`	$61.55K	USD	2 Qtrs
Revenues - related parties	`RevenueFromRelatedParties`	$32.48K	USD	1 Quarter
Revenues - related parties	`RevenueFromRelatedParties`	$32.48K	USD	2 Qtrs
Revenues - related parties	`RevenueFromRelatedParties`	$11.24K	USD	1 Quarter
Excise tax on products	`TaxesAndLicenses`	$673.00K	USD	2 Qtrs
Excise tax on products	`TaxesAndLicenses`	$614.25K	USD	1 Quarter
Excise tax on products	`TaxesAndLicenses`	-	USD	1 Quarter
Excise tax on products	`TaxesAndLicenses`	-	USD	2 Qtrs
Total revenues	`Revenues`	$55.51M	USD	2 Qtrs
Total revenues	`Revenues`	$22.51M	USD	1 Quarter
Total revenues	`Revenues`	$22.51M	USD	2 Qtrs
Total revenues	`Revenues`	$18.15M	USD	1 Quarter
Cost of revenue - related party	`CostOfRevenueRelatedParty`	$18.30M	USD	2 Qtrs
Cost of revenue - related party	`CostOfRevenueRelatedParty`	$18.30M	USD	1 Quarter
Cost of revenue - related party	`CostOfRevenueRelatedParty`	$44.27M	USD	2 Qtrs
Cost of revenue - related party	`CostOfRevenueRelatedParty`	$11.79M	USD	1 Quarter
Cost of revenue - other	`OtherCostOfOperatingRevenue`	$156.27K	USD	2 Qtrs
Cost of revenue - other	`OtherCostOfOperatingRevenue`	$70.25K	USD	1 Quarter
Cost of revenue - other	`OtherCostOfOperatingRevenue`	-	USD	2 Qtrs
Cost of revenue - other	`OtherCostOfOperatingRevenue`	-	USD	1 Quarter
Total cost of revenue	`CostOfRevenue`	$18.30M	USD	1 Quarter
Total cost of revenue	`CostOfRevenue`	$44.43M	USD	2 Qtrs
Total cost of revenue	`CostOfRevenue`	$18.30M	USD	2 Qtrs
Total cost of revenue	`CostOfRevenue`	$11.86M	USD	1 Quarter
Gross profit	`GrossProfit`	$11.08M	USD	2 Qtrs
Gross profit	`GrossProfit`	$4.20M	USD	2 Qtrs
Gross profit	`GrossProfit`	$6.29M	USD	1 Quarter
Gross profit	`GrossProfit`	$4.20M	USD	1 Quarter
Advertising and Promotion	`MarketingAndAdvertisingExpense`	$260.00K	USD	1 Quarter
Advertising and Promotion	`MarketingAndAdvertisingExpense`	$800.68K	USD	1 Quarter
Advertising and Promotion	`MarketingAndAdvertisingExpense`	$260.00K	USD	2 Qtrs
Advertising and Promotion	`MarketingAndAdvertisingExpense`	$1.76M	USD	2 Qtrs
General & Administrative expenses	`GeneralAndAdministrativeExpense`	$12.98M	USD	2 Qtrs
General & Administrative expenses	`GeneralAndAdministrativeExpense`	$9.56M	USD	1 Quarter
General & Administrative expenses	`GeneralAndAdministrativeExpense`	$211.03K	USD	2 Qtrs
General & Administrative expenses	`GeneralAndAdministrativeExpense`	$198.09K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$10.36M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$471.02K	USD	2 Qtrs
Total operating expenses	`OperatingExpenses`	$14.74M	USD	2 Qtrs
Total operating expenses	`OperatingExpenses`	$458.09K	USD	1 Quarter
Interest Income	`InvestmentIncomeNet`	$376.00	USD	2 Qtrs
Interest Income	`InvestmentIncomeNet`	-	USD	1 Quarter
Interest Income	`InvestmentIncomeNet`	$46.00	USD	1 Quarter
Interest Income	`InvestmentIncomeNet`	-	USD	2 Qtrs
Total Other Income	`NonoperatingIncomeExpense`	$46.00	USD	1 Quarter
Total Other Income	`NonoperatingIncomeExpense`	-	USD	2 Qtrs
Total Other Income	`NonoperatingIncomeExpense`	-	USD	1 Quarter
Total Other Income	`NonoperatingIncomeExpense`	$376.00	USD	2 Qtrs
Income (loss) before income taxes provision	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-3.65M	USD	2 Qtrs
Income (loss) before income taxes provision	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$3.75M	USD	1 Quarter
Income (loss) before income taxes provision	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-4.07M	USD	1 Quarter
Income (loss) before income taxes provision	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$3.73M	USD	2 Qtrs
Provision for income taxes	`IncomeTaxExpenseBenefit`	$950.43K	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$950.43K	USD	2 Qtrs
Provision for income taxes	`IncomeTaxExpenseBenefit`	$293.14K	USD	2 Qtrs
Provision for income taxes	`IncomeTaxExpenseBenefit`	$186.76K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$2.78M	USD	2 Qtrs
Net income (loss)	`NetIncomeLoss`	$-3.95M	USD	2 Qtrs
Net income (loss)	`NetIncomeLoss`	$-4.26M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$2.80M	USD	1 Quarter
Net income (loss) per common share - basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.02	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	2 Qtrs
Net income (loss) per common share - basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.01	USD	2 Qtrs
Weighted average number of common shares outstanding - basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	282.14M	shares	1 Quarter
Weighted average number of common shares outstanding - basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	572.36M	shares	2 Qtrs
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`	280.42M	shares	2 Qtrs

Cash Flow Statement 50 line items

Line Item	Tag	Value	Unit	Period
Net (loss) income	`NetIncomeLoss`	$2.78M	USD	2 Qtrs
Net (loss) income	`NetIncomeLoss`	$-3.95M	USD	2 Qtrs
Net (loss) income	`NetIncomeLoss`	$-4.26M	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$2.80M	USD	1 Quarter
Stock based compensation	`AllocatedShareBasedCompensationExpense`	-	USD	2 Qtrs
Stock based compensation	`AllocatedShareBasedCompensationExpense`	$8.25M	USD	2 Qtrs
Stock option expense	`StockOptionPlanExpense`	$579.70K	USD	2 Qtrs
ROU operating lease expense	`RouOperatingLeaseExpense`	-	USD	2 Qtrs
ROU operating lease expense	`RouOperatingLeaseExpense`	$7.91K	USD	2 Qtrs
Expenses contributed to capital	`ProceedsFromContributionsFromAffiliates`	-	USD	2 Qtrs
Expenses contributed to capital	`ProceedsFromContributionsFromAffiliates`	$27.16K	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$3.21M	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$16.73M	USD	2 Qtrs
Accounts receivable - related parties	`IncreaseDecreaseInAccountsReceivableRelatedParties`	$5.07K	USD	2 Qtrs
Accounts receivable - related parties	`IncreaseDecreaseInAccountsReceivableRelatedParties`	$-14.60K	USD	2 Qtrs
Inventories	`IncreaseDecreaseInInventories`	$28.79M	USD	2 Qtrs
Inventories	`IncreaseDecreaseInInventories`	$16.42K	USD	2 Qtrs
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$30.00K	USD	2 Qtrs
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	-	USD	2 Qtrs
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$-623.10K	USD	2 Qtrs
Payments on operating lease liability	`IncreaseDecreaseInOperatingLiabilities`	$-6.34K	USD	2 Qtrs
Payments on operating lease liability	`IncreaseDecreaseInOperatingLiabilities`	-	USD	2 Qtrs
Accounts payable - related party	`IncreaseDecreaseInAccountsPayableRelatedParties`	$1.26M	USD	2 Qtrs
Accounts payable - related party	`IncreaseDecreaseInAccountsPayableRelatedParties`	$36.59M	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$19.49K	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$272.51K	USD	2 Qtrs
Accrued taxes	`IncreaseDecreaseInAccruedTaxesPayable`	-	USD	2 Qtrs
Accrued taxes	`IncreaseDecreaseInAccruedTaxesPayable`	$-756.08K	USD	2 Qtrs
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-37.85K	USD	2 Qtrs
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$1.12M	USD	2 Qtrs
Net cash (used in) provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-5.20M	USD	2 Qtrs
Net cash (used in) provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$1.97M	USD	2 Qtrs
Settled RSU shares with cash	`SettledRsuSharesWithCash`	-	USD	2 Qtrs
Settled RSU shares with cash	`SettledRsuSharesWithCash`	$77.97K	USD	2 Qtrs
Cash flows used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-77.97K	USD	2 Qtrs
Cash flows used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	-	USD	2 Qtrs
Net change in cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$1.97M	USD	2 Qtrs
Net change in cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-5.28M	USD	2 Qtrs
Beginning cash balance	`CashAndCashEquivalentsAtCarryingValue`	$7.42M	USD	Point-in-time
Beginning cash balance	`CashAndCashEquivalentsAtCarryingValue`	$1.97M	USD	Point-in-time
Beginning cash balance	`CashAndCashEquivalentsAtCarryingValue`	-	USD	Point-in-time
Beginning cash balance	`CashAndCashEquivalentsAtCarryingValue`	$2.14M	USD	Point-in-time
Ending cash balance	`CashAndCashEquivalentsAtCarryingValue`	$7.42M	USD	Point-in-time
Ending cash balance	`CashAndCashEquivalentsAtCarryingValue`	$1.97M	USD	Point-in-time
Ending cash balance	`CashAndCashEquivalentsAtCarryingValue`	-	USD	Point-in-time
Ending cash balance	`CashAndCashEquivalentsAtCarryingValue`	$2.14M	USD	Point-in-time
Interest paid	`InterestPaidNet`	-	USD	2 Qtrs
Interest paid	`InterestPaidNet`	-	USD	2 Qtrs
Income taxes paid	`IncomeTaxesPaidNet`	-	USD	2 Qtrs
Income taxes paid	`IncomeTaxesPaidNet`	-	USD	2 Qtrs

Stockholders Equity 25 line items

Line Item	Tag	Value	Unit	Period
Balance at beginning	`StockholdersEquity`	$-44.89K	USD	Point-in-time
Balance at beginning	`StockholdersEquity`	$4.42M	USD	Point-in-time
Balance at beginning	`StockholdersEquity`	$9.23M	USD	Point-in-time
Balance at beginning	`StockholdersEquity`	$-31.36K	USD	Point-in-time
Balance at beginning	`StockholdersEquity`	$5.81M	USD	Point-in-time
Balance at beginning	`StockholdersEquity`	$2.77M	USD	Point-in-time
Issuance of common shares for employee compensation	`IssuanceOfCommonSharesForEmployeeCompensation`	$647.46K	USD	1 Quarter
Issuance of common shares for employee compensation	`IssuanceOfCommonSharesForEmployeeCompensation`	$76.70K	USD	1 Quarter
Common shares settled and cancelled	`CommonSharesSettledAndCancelled`	$-47.46K	USD	1 Quarter
Common shares settled and cancelled	`CommonSharesSettledAndCancelled`	$-30.51K	USD	1 Quarter
Issuance of common shares for compensation	`StockGrantedDuringPeriodValueSharebasedCompensation`	$6.49M	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`	$700.00	USD	1 Quarter
Expenses paid on behalf of the Company and contributed to capital	`Expensespaidonbehalfofcompany`	$26.46K	USD	1 Quarter
Stock option expense	`StockOptionExpense`	$579.70K	USD	1 Quarter
Net Income (loss)	`ProfitLoss`	$-4.26M	USD	1 Quarter
Net Income (loss)	`ProfitLoss`	$-12.93K	USD	1 Quarter
Net Income (loss)	`ProfitLoss`	$311.50K	USD	1 Quarter
Net Income (loss)	`ProfitLoss`	$2.80M	USD	1 Quarter
Balance at end	`StockholdersEquity`	$-44.89K	USD	Point-in-time
Balance at end	`StockholdersEquity`	$4.42M	USD	Point-in-time
Balance at end	`StockholdersEquity`	$9.23M	USD	Point-in-time
Balance at end	`StockholdersEquity`	$-31.36K	USD	Point-in-time
Balance at end	`StockholdersEquity`	$5.81M	USD	Point-in-time
Balance at end	`StockholdersEquity`	$2.77M	USD	Point-in-time

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