10-Q Filing

Kaival Brands Innovations Group, Inc. CIK: 1762239 Q1 2022

Filing Information

Form Type	10-Q
Accession Number	`0001731122-22-000468`
Period End Date	20220131
Filing Date	20220317
Fiscal Year	2022
Fiscal Period	Q1
XBRL Instance	e3615_10-q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 65 Income Statement 36 Cash Flow Statement 51 Stockholders Equity 16

Balance Sheet 65 line items

Line Item	Tag	Value	Unit	Period
Cash	`Cash`	$5.59M	USD	Point-in-time
Cash	`Cash`	$7.76M	USD	Point-in-time
Restricted Cash	`RestrictedCash`	$65.54K	USD	Point-in-time
Restricted Cash	`RestrictedCash`	$65.01K	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$1.99M	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$1.30M	USD	Point-in-time
Inventory deposit related party	`InventoryDepositRelatedParty`	$2.92M	USD	Point-in-time
Inventory deposit related party	`InventoryDepositRelatedParty`	$2.92M	USD	Point-in-time
Inventories	`InventoryNet`	$15.33M	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
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	5.00M	shares	Point-in-time
Inventories	`InventoryNet`	$11.84M	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$319.53K	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$289.99K	USD	Point-in-time
Income tax receivable	`IncomeTaxReceivable`	$1.75M	USD	Point-in-time
Income tax receivable	`IncomeTaxReceivable`	$1.75M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$30.13M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$23.76M	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, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Right of use asset- operating lease	`OperatingLeaseRightOfUseAsset`	$51.95K	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`	$30.19M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$23.81M	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`	30.24M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	30.20M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	30.24M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	30.20M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	30.24M	shares	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$242.83K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$180.02K	USD	Point-in-time
Accounts payable- related party	`AccountsPayableRelatedPartiesCurrent`	$12.67M	USD	Point-in-time
Accounts payable- related party	`AccountsPayableRelatedPartiesCurrent`	$9.13M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$374.41K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$579.60K	USD	Point-in-time
Operating lease obligation short term	`OperatingLeaseLiabilityCurrent`	$13.02K	USD	Point-in-time
Operating lease obligation short term	`OperatingLeaseLiabilityCurrent`	$13.35K	USD	Point-in-time
Customer refund due	`CustomerRefundLiabilityCurrent`	$316.80K	USD	Point-in-time
Customer refund due	`CustomerRefundLiabilityCurrent`	$147.69K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$9.85M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$13.82M	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`	$42.69K	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$13.87M	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$9.89M	USD	Point-in-time
Preferred stock 5,000,000 shares authorized; Series A Convertible Preferred stock ($.001 par value, 3,000,000 shares authorized, 3,000,000 issued and outstanding as of January 31, 2022 and October 31, 2021)	`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, 2022 and October 31, 2021)	`PreferredStockValue`	$3.00K	USD	Point-in-time
Common stock ($0.001 par value, 1,000,000,000 shares authorized, 30,236,696 and 30,195,312 issued and outstanding as of January 31, 2022 and October 31, 2021, respectively)	`CommonStockValue`	$30.24K	USD	Point-in-time
Common stock ($0.001 par value, 1,000,000,000 shares authorized, 30,236,696 and 30,195,312 issued and outstanding as of January 31, 2022 and October 31, 2021, respectively)	`CommonStockValue`	$30.20K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$21.55M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$21.94M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-8.04M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-5.26M	USD	Point-in-time
Total Stockholders Equity	`StockholdersEquity`	$4.42M	USD	Point-in-time
Total Stockholders Equity	`StockholdersEquity`	$16.32M	USD	Point-in-time
Total Stockholders Equity	`StockholdersEquity`	$13.93M	USD	Point-in-time
Total Stockholders Equity	`StockholdersEquity`	$5.81M	USD	Point-in-time
TOTAL LIABILITIES & STOCKHOLDERS EQUITY	`LiabilitiesAndStockholdersEquity`	$30.19M	USD	Point-in-time
TOTAL LIABILITIES & STOCKHOLDERS EQUITY	`LiabilitiesAndStockholdersEquity`	$23.81M	USD	Point-in-time

Income Statement 36 line items

Line Item	Tag	Value	Unit	Period
Revenues, net	`Revenue`	$2.84M	USD	1 Quarter
Revenues, net	`Revenue`	$37.37M	USD	1 Quarter
Revenues - related parties	`RevenueFromRelatedParties`	$23.77K	USD	1 Quarter
Revenues - related parties	`RevenueFromRelatedParties`	$50.30K	USD	1 Quarter
Excise tax on products	`TaxesAndLicenses`	$23.87K	USD	1 Quarter
Excise tax on products	`TaxesAndLicenses`	$58.75K	USD	1 Quarter
Total revenues, net	`Revenues`	$2.84M	USD	1 Quarter
Total revenues, net	`Revenues`	$37.36M	USD	1 Quarter
Cost of revenue - related party	`CostOfRevenueRelatedParty`	$3.48M	USD	1 Quarter
Cost of revenue - related party	`CostOfRevenueRelatedParty`	$32.48M	USD	1 Quarter
Cost of revenue - other	`OtherCostOfOperatingRevenue`	$86.02K	USD	1 Quarter
Cost of revenue - other	`OtherCostOfOperatingRevenue`	$48.17K	USD	1 Quarter
Total cost of revenue	`CostOfRevenue`	$32.57M	USD	1 Quarter
Total cost of revenue	`CostOfRevenue`	$3.53M	USD	1 Quarter
Gross (loss) profit	`GrossProfit`	$4.80M	USD	1 Quarter
Gross (loss) profit	`GrossProfit`	$-690.91K	USD	1 Quarter
Advertising and Promotion	`MarketingAndAdvertisingExpense`	$592.50K	USD	1 Quarter
Advertising and Promotion	`MarketingAndAdvertisingExpense`	$960.50K	USD	1 Quarter
General & Administrative expenses	`GeneralAndAdministrativeExpense`	$3.42M	USD	1 Quarter
General & Administrative expenses	`GeneralAndAdministrativeExpense`	$1.50M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$2.09M	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`	$330.00	USD	1 Quarter
Total Other Income	`NonoperatingIncomeExpense`	-	USD	1 Quarter
Income (loss) before income taxes provision (benefit)	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$417.89K	USD	1 Quarter
Income (loss) before income taxes provision (benefit)	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-2.78M	USD	1 Quarter
Provision (benefit) for income taxes	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Provision (benefit) for income taxes	`IncomeTaxExpenseBenefit`	$106.39K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-2.78M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$311.50K	USD	1 Quarter
Net income (loss) per common share - basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.09	USD	1 Quarter
Net income (loss) per common share - basic and diluted	`EarningsPerShareBasicAndDiluted`	$0.01	USD	1 Quarter
Weighted average number of common shares outstanding - basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	23.19M	shares	1 Quarter
Weighted average number of common shares outstanding - basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	30.23M	shares	1 Quarter

Cash Flow Statement 51 line items

Line Item	Tag	Value	Unit	Period
Net (loss) income	`NetIncomeLoss`	$-2.78M	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$311.50K	USD	1 Quarter
Stock based compensation	`AllocatedShareBasedCompensationExpense`	$110.25K	USD	1 Quarter
Stock based compensation	`AllocatedShareBasedCompensationExpense`	$1.11M	USD	1 Quarter
Stock option expense	`StockOptionPlanExpense`	$309.70K	USD	1 Quarter
Stock option expense	`StockOptionPlanExpense`	$1.31M	USD	Annual
Stock option expense	`StockOptionPlanExpense`	-	USD	1 Quarter
ROU operating lease expense	`RouOperatingLeaseExpense`	$3.65K	USD	1 Quarter
ROU operating lease expense	`RouOperatingLeaseExpense`	$3.95K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$11.26M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-688.98K	USD	1 Quarter
Accounts receivable related parties	`IncreaseDecreaseInAccountsReceivableRelatedParties`	-	USD	1 Quarter
Accounts receivable related parties	`IncreaseDecreaseInAccountsReceivableRelatedParties`	$3.21K	USD	1 Quarter
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$-29.54K	USD	1 Quarter
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	-	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$-3.48M	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$1.72K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-62.81K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	-	USD	1 Quarter
Accounts payable related party	`IncreaseDecreaseInAccountsPayableRelatedParties`	$-3.54M	USD	1 Quarter
Accounts payable related party	`IncreaseDecreaseInAccountsPayableRelatedParties`	$4.84M	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-205.19K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$95.39K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$-623.10K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	-	USD	1 Quarter
Income tax accrual	`IncreaseDecreaseInAccruedTaxesPayable`	-	USD	1 Quarter
Income tax accrual	`IncreaseDecreaseInAccruedTaxesPayable`	$106.39K	USD	1 Quarter
Customer refund due	`IncreaseDecreaseInCustomerRefundDue`	-	USD	1 Quarter
Customer refund due	`IncreaseDecreaseInCustomerRefundDue`	$169.11K	USD	1 Quarter
Right of use liabilities operating lease	`IncreaseDecreaseInOperatingLeaseLiability`	$-3.20K	USD	1 Quarter
Right of use liabilities operating lease	`IncreaseDecreaseInOperatingLeaseLiability`	$-3.17K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-5.43M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-2.13M	USD	1 Quarter
Settled RSU shares with cash	`SettledRsuSharesWithCash`	$35.76K	USD	1 Quarter
Settled RSU shares with cash	`SettledRsuSharesWithCash`	$30.51K	USD	1 Quarter
Cash flows used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-35.76K	USD	1 Quarter
Cash flows used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-30.51K	USD	1 Quarter
Net change in cash and restricted cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-5.46M	USD	1 Quarter
Net change in cash and restricted cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-2.17M	USD	1 Quarter
Beginning cash and restricted cash balance	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$7.42M	USD	Point-in-time
Beginning cash and restricted cash balance	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$7.83M	USD	Point-in-time
Beginning cash and restricted cash balance	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.96M	USD	Point-in-time
Beginning cash and restricted cash balance	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$5.66M	USD	Point-in-time
Ending cash and restricted cash balance	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$7.42M	USD	Point-in-time
Ending cash and restricted cash balance	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$7.83M	USD	Point-in-time
Ending cash and restricted cash balance	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.96M	USD	Point-in-time
Ending cash and restricted cash balance	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$5.66M	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`	$106.39K	USD	1 Quarter

Stockholders Equity 16 line items

Line Item	Tag	Value	Unit	Period
Beginning balance, value	`StockholdersEquity`	$4.42M	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$16.32M	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$13.93M	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$5.81M	USD	Point-in-time
Stock Issued for Services RSU	`StockIssuedDuringPeriodValueIssuedForServices`	$110.25K	USD	1 Quarter
Issuance of common shares for employee compensation	`IssuanceOfCommonSharesForEmployeeCompensation`	$76.70K	USD	1 Quarter
Common shares settled and cancelled	`CommonSharesSettledAndCancelled`	$-35.76K	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
Stock Option Expenses	`StockIssuedDuringPeriodValueStockOptionsExercisedNetOfTaxBenefitExpense`	$309.70K	USD	1 Quarter
Net income	`ProfitLoss`	$-2.78M	USD	1 Quarter
Net income	`ProfitLoss`	$311.50K	USD	1 Quarter
Ending balance, value	`StockholdersEquity`	$4.42M	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$16.32M	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$13.93M	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$5.81M	USD	Point-in-time

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