10-K Filing

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

Filing Information

Form Type	10-K
Accession Number	`0001731122-22-000257`
Period End Date	20211031
Filing Date	20220216
Fiscal Year	2021
Fiscal Period	FY
XBRL Instance	e3507_10-k_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 65 Income Statement 36 Cash Flow Statement 62 Stockholders Equity 19

Balance Sheet 65 line items

Line Item	Tag	Value	Unit	Period
Cash	`Cash`	$7.76M	USD	Point-in-time
Cash	`Cash`	$7.42M	USD	Point-in-time
Restricted cash	`RestrictedCash`	-	USD	Point-in-time
Restricted cash	`RestrictedCash`	$65.01K	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$1.40M	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$1.99M	USD	Point-in-time
Accounts receivable related parties	`AccountsReceivableRelatedPartiesCurrent`	$15.36K	USD	Point-in-time
Accounts receivable related parties	`AccountsReceivableRelatedPartiesCurrent`	-	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	5.00M	shares	Point-in-time
Inventory deposit related party	`InventoryDepositRelatedParty`	$2.92M	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	5.00M	shares	Point-in-time
Inventory deposit related party	`InventoryDepositRelatedParty`	-	USD	Point-in-time
Inventories	`InventoryNet`	$15.33M	USD	Point-in-time
Inventories	`InventoryNet`	$6.38K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$319.53K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	-	USD	Point-in-time
Income tax receivable	`IncomeTaxReceivable`	$1.75M	USD	Point-in-time
Income tax receivable	`IncomeTaxReceivable`	-	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
Total current assets	`AssetsCurrent`	$30.13M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$8.85M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	1.00B	shares	Point-in-time
Right of use asset- operating lease	`OperatingLeaseRightOfUseAsset`	$70.13K	USD	Point-in-time
Right of use asset- operating lease	`OperatingLeaseRightOfUseAsset`	$55.60K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	1.00B	shares	Point-in-time
TOTAL ASSETS	`Assets`	$8.92M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	23.11M	shares	Point-in-time
TOTAL ASSETS	`Assets`	$30.19M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	30.20M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	30.20M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	23.11M	shares	Point-in-time
Accounts payable	`AccountsPayableCurrent`	-	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$242.83K	USD	Point-in-time
Accounts payable- related party	`AccountsPayableRelatedPartiesCurrent`	$12.67M	USD	Point-in-time
Accounts payable- related party	`AccountsPayableRelatedPartiesCurrent`	$1.41M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$1.06M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$579.60K	USD	Point-in-time
Income tax accrual	`AccruedIncomeTaxesCurrent`	$1.33M	USD	Point-in-time
Income tax accrual	`AccruedIncomeTaxesCurrent`	-	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$623.10K	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	-	USD	Point-in-time
Operating lease obligation, short term	`OperatingLeaseLiabilityCurrent`	$11.71K	USD	Point-in-time
Operating lease obligation, short term	`OperatingLeaseLiabilityCurrent`	$13.02K	USD	Point-in-time
Customer refund due	`CustomerRefundLiabilityCurrent`	-	USD	Point-in-time
Customer refund due	`CustomerRefundLiabilityCurrent`	$316.80K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$13.82M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$4.44M	USD	Point-in-time
Operating lease obligation, net of current portion	`OperatingLeaseLiabilityNoncurrent`	$46.19K	USD	Point-in-time
Operating lease obligation, net of current portion	`OperatingLeaseLiabilityNoncurrent`	$59.20K	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$4.50M	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$13.87M	USD	Point-in-time
Preferred stock 5,000,000 shares authorized; Series A Convertible Preferred stock ($0.001 par value, 3,000,000 shares authorized , 3,000,000 shares issued and outstanding as of October 31, 2021 and October 31, 2020, respectively)	`PreferredStockValue`	$3.00K	USD	Point-in-time
Preferred stock 5,000,000 shares authorized; Series A Convertible Preferred stock ($0.001 par value, 3,000,000 shares authorized , 3,000,000 shares issued and outstanding as of October 31, 2021 and October 31, 2020, respectively)	`PreferredStockValue`	$3.00K	USD	Point-in-time
Common stock ($0.001 par value, 1,000,000,000 shares authorized, 30,195,312 and 23,106,886 issued and outstanding as of October 31, 2021 and October 31, 2020, respectively)	`CommonStockValue`	$23.11K	USD	Point-in-time
Common stock ($0.001 par value, 1,000,000,000 shares authorized, 30,195,312 and 23,106,886 issued and outstanding as of October 31, 2021 and October 31, 2020, respectively)	`CommonStockValue`	$30.20K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$21.55M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$618.90K	USD	Point-in-time
Retained earnings (accumulated deficit)	`RetainedEarningsAccumulatedDeficit`	$-5.26M	USD	Point-in-time
Retained earnings (accumulated deficit)	`RetainedEarningsAccumulatedDeficit`	$3.77M	USD	Point-in-time
Total Stockholders Equity	`StockholdersEquity`	$16.32M	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 LIABILITIES & STOCKHOLDERS EQUITY	`LiabilitiesAndStockholdersEquity`	$8.92M	USD	Point-in-time
TOTAL LIABILITIES & STOCKHOLDERS EQUITY	`LiabilitiesAndStockholdersEquity`	$30.19M	USD	Point-in-time

Income Statement 36 line items

Line Item	Tag	Value	Unit	Period
Revenues, net	`Revenue`	$64.74M	USD	Annual
Revenues, net	`Revenue`	$59.38M	USD	Annual
Revenues - related parties	`RevenueFromRelatedParties`	$154.56K	USD	Annual
Revenues - related parties	`RevenueFromRelatedParties`	$233.96K	USD	Annual
Excise tax on products	`TaxesAndLicenses`	$756.34K	USD	Annual
Excise tax on products	`TaxesAndLicenses`	$662.30K	USD	Annual
Total revenues, net	`Revenues`	$64.31M	USD	Annual
Total revenues, net	`Revenues`	$58.78M	USD	Annual
Cost of revenue - related party	`CostOfRevenueRelatedParty`	$53.98M	USD	Annual
Cost of revenue - related party	`CostOfRevenueRelatedParty`	$46.53M	USD	Annual
Cost of revenue other	`OtherCostOfOperatingRevenue`	$273.88K	USD	Annual
Cost of revenue other	`OtherCostOfOperatingRevenue`	$314.05K	USD	Annual
Total cost of revenue	`CostOfRevenue`	$54.26M	USD	Annual
Total cost of revenue	`CostOfRevenue`	$46.84M	USD	Annual
Gross profit	`GrossProfit`	$10.06M	USD	Annual
Gross profit	`GrossProfit`	$11.93M	USD	Annual
Advertising and promotions	`MarketingAndAdvertisingExpense`	$2.34M	USD	Annual
Advertising and promotions	`MarketingAndAdvertisingExpense`	$3.20M	USD	Annual
General & Administrative expenses	`GeneralAndAdministrativeExpense`	$2.36M	USD	Annual
General & Administrative expenses	`GeneralAndAdministrativeExpense`	$19.21M	USD	Annual
Total operating expenses	`OperatingExpenses`	$22.40M	USD	Annual
Total operating expenses	`OperatingExpenses`	$4.70M	USD	Annual
Interest income	`InvestmentIncomeNet`	$1.05K	USD	Annual
Interest income	`InvestmentIncomeNet`	$395.00	USD	Annual
Total other income	`NonoperatingIncomeExpense`	$1.05K	USD	Annual
Total other income	`NonoperatingIncomeExpense`	$395.00	USD	Annual
Income (loss) before income taxes provision	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$5.36M	USD	Annual
Income (loss) before income taxes provision	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-10.47M	USD	Annual
Provision (benefit) for income taxes	`IncomeTaxExpenseBenefit`	$-1.51M	USD	Annual
Provision (benefit) for income taxes	`IncomeTaxExpenseBenefit`	$1.44M	USD	Annual
Net income (loss)	`NetIncomeLoss`	$3.85M	USD	Annual
Net income (loss)	`NetIncomeLoss`	$-9.03M	USD	Annual
Net income (loss) per common share - basic and diluted	`EarningsPerShareBasicAndDiluted`	$0.09	USD	Annual
Net income (loss) per common share - basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.38	USD	Annual
Weighted average number of common shares outstanding - basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	43.02M	shares	Annual
Weighted average number of common shares outstanding - basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	24.00M	shares	Annual

Cash Flow Statement 62 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`NetIncomeLoss`	$3.85M	USD	Annual
Net income (loss)	`NetIncomeLoss`	$-9.03M	USD	Annual
Stock based compensation	`AllocatedShareBasedCompensationExpense`	$9.45M	USD	Annual
Stock based compensation	`AllocatedShareBasedCompensationExpense`	$769.44K	USD	Annual
Stock option expense	`StockOptionPlanExpense`	$1.77M	USD	Annual
Stock option expense	`StockOptionPlanExpense`	-	USD	Annual
ROU operating lease expense	`RouOperatingLeaseExpense`	$3.62K	USD	Annual
ROU operating lease expense	`RouOperatingLeaseExpense`	$14.53K	USD	Annual
Expenses contributed to capital	`ProceedsFromContributionsFromAffiliates`	$27.16K	USD	Annual
Expenses contributed to capital	`ProceedsFromContributionsFromAffiliates`	-	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$1.40M	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$583.62K	USD	Annual
Accounts receivable related parties	`IncreaseDecreaseInAccountsReceivableRelatedParties`	$15.36K	USD	Annual
Accounts receivable related parties	`IncreaseDecreaseInAccountsReceivableRelatedParties`	$-15.36K	USD	Annual
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	-	USD	Annual
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$319.53K	USD	Annual
Inventory	`IncreaseDecreaseInInventories`	$6.38K	USD	Annual
Inventory	`IncreaseDecreaseInInventories`	$15.32M	USD	Annual
Inventory deposit related party	`IncreaseDecreaseDueFromOtherRelatedParties`	$2.92M	USD	Annual
Inventory deposit related party	`IncreaseDecreaseDueFromOtherRelatedParties`	-	USD	Annual
Income tax receivable	`IncreaseDecreaseInIncomeTaxesReceivable`	-	USD	Annual
Income tax receivable	`IncreaseDecreaseInIncomeTaxesReceivable`	$1.75M	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	-	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$242.83K	USD	Annual
Accounts payable related party	`IncreaseDecreaseInAccountsPayableRelatedParties`	$11.26M	USD	Annual
Accounts payable related party	`IncreaseDecreaseInAccountsPayableRelatedParties`	$1.41M	USD	Annual
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$1.02M	USD	Annual
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-482.50K	USD	Annual
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$-623.10K	USD	Annual
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$623.10K	USD	Annual
Income tax accrual	`IncreaseDecreaseInAccruedTaxesPayable`	$-1.33M	USD	Annual
Income tax accrual	`IncreaseDecreaseInAccruedTaxesPayable`	$1.33M	USD	Annual
Customer refund due	`IncreaseDecreaseInCustomerRefundDue`	-	USD	Annual
Customer refund due	`IncreaseDecreaseInCustomerRefundDue`	$316.80K	USD	Annual
Payments on operating lease obligation	`IncreaseDecreaseInOperatingLeaseLiability`	$-11.71K	USD	Annual
Payments on operating lease obligation	`IncreaseDecreaseInOperatingLeaseLiability`	$-2.84K	USD	Annual
Net cash (used in) provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-9.31M	USD	Annual
Net cash (used in) provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$7.60M	USD	Annual
Common stock issued for cash, net of financing cost	`ProceedsFromIssuanceOfCommonStock`	$8.31M	USD	Annual
Common stock issued for cash, net of financing cost	`ProceedsFromIssuanceOfCommonStock`	-	USD	Annual
Proceeds from the exercise of warrants	`ProceedsFromWarrantExercises`	-	USD	Annual
Proceeds from the exercise of warrants	`ProceedsFromWarrantExercises`	$1.67M	USD	Annual
Settled RSU shares with cash	`SettledRsuSharesWithCash`	$254.11K	USD	Annual
Settled RSU shares with cash	`SettledRsuSharesWithCash`	$179.92K	USD	Annual
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-179.92K	USD	Annual
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$9.72M	USD	Annual
Net change in cash and restricted cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$403.53K	USD	Annual
Net change in cash and restricted cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$7.42M	USD	Annual
Beginning cash and restricted cash balance	`CashAndCashEquivalentsAtCarryingValue`	$7.42M	USD	Point-in-time
Beginning cash and restricted cash balance	`CashAndCashEquivalentsAtCarryingValue`	-	USD	Point-in-time
Beginning cash and restricted cash balance	`CashAndCashEquivalentsAtCarryingValue`	$7.83M	USD	Point-in-time
Ending cash and restricted cash balance	`CashAndCashEquivalentsAtCarryingValue`	$7.42M	USD	Point-in-time
Ending cash and restricted cash balance	`CashAndCashEquivalentsAtCarryingValue`	-	USD	Point-in-time
Ending cash and restricted cash balance	`CashAndCashEquivalentsAtCarryingValue`	$7.83M	USD	Point-in-time
Interest paid	`InterestPaidNet`	-	USD	Annual
Interest paid	`InterestPaidNet`	-	USD	Annual
Income taxes paid	`IncomeTaxesPaidNet`	$1.64M	USD	Annual
Income taxes paid	`IncomeTaxesPaidNet`	$182.93K	USD	Annual
Initial Recognition of ROU Asset and Liability	`InitialRecognitionOfRouAssetAndLiability`	$73.75K	USD	Annual
Initial Recognition of ROU Asset and Liability	`InitialRecognitionOfRouAssetAndLiability`	-	USD	Annual
Conversion of common shares into Series A Preferred	`ConversionOfCommonSharesIntoSeriesPreferred`	-	USD	Annual
Conversion of common shares into Series A Preferred	`ConversionOfCommonSharesIntoSeriesPreferred`	$3.00K	USD	Annual

Stockholders Equity 19 line items

Line Item	Tag	Value	Unit	Period
Balances, October 31, 2020	`StockholdersEquity`	$16.32M	USD	Point-in-time
Balances, October 31, 2020	`StockholdersEquity`	$-44.89K	USD	Point-in-time
Balances, October 31, 2020	`StockholdersEquity`	$4.42M	USD	Point-in-time
Common stock issued for employee compensation	`CommonStockIssuedForEmployeeCompensation`	$158.26K	USD	Annual
Common stock issued for employee compensation	`CommonStockIssuedForEmployeeCompensation`	$505.32K	USD	Annual
Stock option expense	`StockOptionExpense`	$1.77M	USD	Annual
Common stock issued for cash, net of financing cost	`CommonStockIssuedForCashNetOfFinancingCost`	$8.31M	USD	Annual
Common stock issued for warrant exercise	`CommonStockIssuedForWarrantExercise`	$1.67M	USD	Annual
Common stock issued for compensation	`StockGrantedDuringPeriodValueSharebasedCompensation`	$8.94M	USD	Annual
Common stock issued for compensation	`StockGrantedDuringPeriodValueSharebasedCompensation`	$611.18K	USD	Annual
Balances, October 31, 2021	`StockholdersEquity`	$16.32M	USD	Point-in-time
Balances, October 31, 2021	`StockholdersEquity`	$-44.89K	USD	Point-in-time
Balances, October 31, 2021	`StockholdersEquity`	$4.42M	USD	Point-in-time
Common stock settled and canceled	`CommonSharesSettledAndCancelled`	$-179.92K	USD	Annual
Common stock settled and canceled	`CommonSharesSettledAndCancelled`	$-254.11K	USD	Annual
Return of common stock in exchange for Series A convertible preferred stock	`ReturnOfCommonSharesInExchangeForSeriesConvertiblePreferredShares`	-	USD	Annual
Expenses paid on behalf of the Company and contributed to capital	`Expensespaidonbehalfofcompany`	$27.16K	USD	Annual
Net loss	`ProfitLoss`	$3.85M	USD	Annual
Net loss	`ProfitLoss`	$-9.03M	USD	Annual

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