10-K Filing

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

Filing Information

Form Type	10-K
Accession Number	`0001731122-23-000093`
Period End Date	20221031
Filing Date	20230130
Fiscal Year	2022
Fiscal Period	FY
XBRL Instance	e4364_10k_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 67 Income Statement 38 Cash Flow Statement 64 Stockholders Equity 20

Balance Sheet 67 line items

Line Item	Tag	Value	Unit	Period
Cash	`Cash`	$7.76M	USD	Point-in-time
Cash	`Cash`	$3.69M	USD	Point-in-time
Restricted cash	`RestrictedCash`	$65.01K	USD	Point-in-time
Restricted cash	`RestrictedCash`	-	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$1.99M	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$574.61K	USD	Point-in-time
Other receivable related parties short term	`OtherReceivablesNetCurrent`	$1.54M	USD	Point-in-time
Other receivable related parties short term	`OtherReceivablesNetCurrent`	-	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
Inventory deposit related party	`InventoryDepositRelatedParty`	-	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	5.00M	shares	Point-in-time
Inventories	`InventoryNet`	$1.24M	USD	Point-in-time
Inventories	`InventoryNet`	$15.33M	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$319.53K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$426.41K	USD	Point-in-time
Income tax receivable	`IncomeTaxReceivable`	$1.75M	USD	Point-in-time
Income tax receivable	`IncomeTaxReceivable`	$1.61M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Total current assets	`AssetsCurrent`	$9.07M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$30.13M	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
Other receivable related party net of current portion	`OtherReceivables`	$2.16M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	1.00B	shares	Point-in-time
Other receivable related party net of current portion	`OtherReceivables`	-	USD	Point-in-time
Right of use asset- operating lease	`OperatingLeaseRightOfUseAsset`	$55.60K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	30.20M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	56.17M	shares	Point-in-time
Right of use asset- operating lease	`OperatingLeaseRightOfUseAsset`	$1.20M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$30.19M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$12.44M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	30.20M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	56.17M	shares	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$242.83K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$40.02K	USD	Point-in-time
Accounts payable- related party	`AccountsPayableRelatedPartiesCurrent`	-	USD	Point-in-time
Accounts payable- related party	`AccountsPayableRelatedPartiesCurrent`	$12.67M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$579.60K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$1.10M	USD	Point-in-time
Customer deposits	`DepositLiabilityCurrent`	-	USD	Point-in-time
Customer deposits	`DepositLiabilityCurrent`	$44.97K	USD	Point-in-time
Deferred revenue	`DeferredRevenue`	-	USD	Point-in-time
Deferred revenue	`DeferredRevenue`	$235.27K	USD	Point-in-time
Operating lease obligation, short term	`OperatingLeaseLiabilityCurrent`	$166.05K	USD	Point-in-time
Operating lease obligation, short term	`OperatingLeaseLiabilityCurrent`	$13.02K	USD	Point-in-time
Customer refund due	`CustomerRefundLiabilityCurrent`	$316.80K	USD	Point-in-time
Customer refund due	`CustomerRefundLiabilityCurrent`	-	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$13.82M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.59M	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`	$1.05M	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$2.64M	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, 0 and 3,000,000 shares issued and outstanding as of October 31, 2022, and October 31, 2021, respectively)	`PreferredStockValue`	-	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, 0 and 3,000,000 shares issued and outstanding as of October 31, 2022, and October 31, 2021, respectively)	`PreferredStockValue`	$3.00K	USD	Point-in-time
Common stock ($0.001 par value, 1,000,000,000 shares authorized, 56,169,090 and 30,195,312 issued and outstanding as of October 31, 2022, and October 31, 2021, respectively)	`CommonStockValue`	$30.20K	USD	Point-in-time
Common stock ($0.001 par value, 1,000,000,000 shares authorized, 56,169,090 and 30,195,312 issued and outstanding as of October 31, 2022, and October 31, 2021, respectively)	`CommonStockValue`	$56.17K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$21.55M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$29.38M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-5.26M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-19.63M	USD	Point-in-time
Total Stockholders Equity	`StockholdersEquity`	$9.80M	USD	Point-in-time
Total Stockholders Equity	`StockholdersEquity`	$16.32M	USD	Point-in-time
Total Stockholders Equity	`StockholdersEquity`	$4.42M	USD	Point-in-time
TOTAL LIABILITIES & STOCKHOLDERS EQUITY	`LiabilitiesAndStockholdersEquity`	$12.44M	USD	Point-in-time
TOTAL LIABILITIES & STOCKHOLDERS EQUITY	`LiabilitiesAndStockholdersEquity`	$30.19M	USD	Point-in-time

Income Statement 38 line items

Line Item	Tag	Value	Unit	Period
Revenues, net	`Revenue`	$59.38M	USD	Annual
Revenues, net	`Revenue`	$12.70M	USD	Annual
Revenues related parties	`RevenueFromRelatedParties`	$154.56K	USD	Annual
Revenues related parties	`RevenueFromRelatedParties`	$68.14K	USD	Annual
Royalty revenue	`RoyaltyRevenue`	$117.29K	USD	Annual
Royalty revenue	`RoyaltyRevenue`	-	USD	Annual
Excise tax on products	`ExciseTaxOnProducts`	$125.51K	USD	Annual
Excise tax on products	`ExciseTaxOnProducts`	$756.34K	USD	Annual
Total revenues, net	`Revenues`	$58.78M	USD	Annual
Total revenues, net	`Revenues`	$12.76M	USD	Annual
Cost of revenue related party	`CostOfRevenueRelatedParty`	$11.35M	USD	Annual
Cost of revenue related party	`CostOfRevenueRelatedParty`	$46.53M	USD	Annual
Cost of revenue other	`OtherCostOfOperatingRevenue`	$314.05K	USD	Annual
Cost of revenue other	`OtherCostOfOperatingRevenue`	$174.52K	USD	Annual
Total cost of revenue	`CostOfRevenue`	$46.84M	USD	Annual
Total cost of revenue	`CostOfRevenue`	$11.52M	USD	Annual
Gross profit	`GrossProfit`	$1.24M	USD	Annual
Gross profit	`GrossProfit`	$11.93M	USD	Annual
Advertising and promotions	`MarketingAndAdvertisingExpense`	$2.68M	USD	Annual
Advertising and promotions	`MarketingAndAdvertisingExpense`	$3.20M	USD	Annual
General and administrative expenses	`GeneralAndAdministrativeExpense`	$12.95M	USD	Annual
General and administrative expenses	`GeneralAndAdministrativeExpense`	$19.21M	USD	Annual
Total operating expenses	`OperatingExpenses`	$15.63M	USD	Annual
Total operating expenses	`OperatingExpenses`	$22.40M	USD	Annual
Interest income	`InvestmentIncomeNet`	$4.00	USD	Annual
Interest income	`InvestmentIncomeNet`	$395.00	USD	Annual
Total other income	`NonoperatingIncomeExpense`	$4.00	USD	Annual
Total other income	`NonoperatingIncomeExpense`	$395.00	USD	Annual
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-10.47M	USD	Annual
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-14.39M	USD	Annual
Provision (benefit) for income taxes	`IncomeTaxExpenseBenefit`	$-18.32K	USD	Annual
Provision (benefit) for income taxes	`IncomeTaxExpenseBenefit`	$-1.44M	USD	Annual
Net loss	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-14.37M	USD	Annual
Net loss	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-9.03M	USD	Annual
Net loss per common share basic and diluted	`NetLossPerCommonShareBasicAndDiluted`	$-0.36	USD	Annual
Net loss per common share basic and diluted	`NetLossPerCommonShareBasicAndDiluted`	$-0.38	USD	Annual
Weighted average number of common shares outstanding basic and diluted	`WeightedAverageNumberOfCommonSharesOutstandingBasicAndDiluted`	24.00M	shares	Annual
Weighted average number of common shares outstanding basic and diluted	`WeightedAverageNumberOfCommonSharesOutstandingBasicAndDiluted`	39.71M	shares	Annual

Cash Flow Statement 64 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-14.37M	USD	Annual
Net loss	`NetIncomeLoss`	$-9.03M	USD	Annual
Stock based compensation	`AllocatedShareBasedCompensationExpense`	$9.45M	USD	Annual
Stock based compensation	`AllocatedShareBasedCompensationExpense`	$237.70K	USD	Annual
Stock options expense	`StockOptionPlanExpenses`	$6.04M	USD	Annual
Stock options expense	`StockOptionPlanExpenses`	$1.77M	USD	Annual
ROU operating lease expense	`RouOperatingLeaseExpense`	$14.53K	USD	Annual
ROU operating lease expense	`RouOperatingLeaseExpense`	$132.89K	USD	Annual
Write off of inventory	`ProductionRelatedImpairmentsOrCharges`	-	USD	Annual
Write off of inventory	`ProductionRelatedImpairmentsOrCharges`	$259.56K	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$583.62K	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-1.41M	USD	Annual
Other receivable related party	`IncreaseDecreaseInOtherReceivables`	$-15.36K	USD	Annual
Other receivable related party	`IncreaseDecreaseInOtherReceivables`	$3.70M	USD	Annual
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$106.88K	USD	Annual
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$319.53K	USD	Annual
Inventory	`IncreaseDecreaseInInventories`	$-13.83M	USD	Annual
Inventory	`IncreaseDecreaseInInventories`	$15.32M	USD	Annual
Inventory deposit related party	`IncreaseDecreaseInInventoryDepositRelatedParty`	$-2.92M	USD	Annual
Inventory deposit related party	`IncreaseDecreaseInInventoryDepositRelatedParty`	$2.92M	USD	Annual
Income tax receivable	`IncreaseDecreaseInIncomeTaxesReceivable`	$1.75M	USD	Annual
Income tax receivable	`IncreaseDecreaseInIncomeTaxesReceivable`	$-146.29K	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-202.81K	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$242.83K	USD	Annual
Accounts payable related party	`IncreaseDecreaseInAccountsPayableRelatedParties`	$11.26M	USD	Annual
Accounts payable related party	`IncreaseDecreaseInAccountsPayableRelatedParties`	$-12.67M	USD	Annual
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$519.55K	USD	Annual
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-482.50K	USD	Annual
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$-623.10K	USD	Annual
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$235.27K	USD	Annual
Income tax accrual	`IncreaseDecreaseInAccruedTaxesPayable`	-	USD	Annual
Income tax accrual	`IncreaseDecreaseInAccruedTaxesPayable`	$-1.33M	USD	Annual
Customer deposits	`IncreaseDecreaseInCustomerDeposit`	-	USD	Annual
Customer deposits	`IncreaseDecreaseInCustomerDeposit`	$44.97K	USD	Annual
Customer refund due	`IncreaseDecreaseInCustomerRefundDue`	$316.80K	USD	Annual
Customer refund due	`IncreaseDecreaseInCustomerRefundDue`	$-316.80K	USD	Annual
Payments on operating lease liability	`IncreaseDecreaseInOperatingLeaseLiability`	$-11.71K	USD	Annual
Payments on operating lease liability	`IncreaseDecreaseInOperatingLeaseLiability`	$-118.63K	USD	Annual
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-9.31M	USD	Annual
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-5.71M	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`	$1.67M	USD	Annual
Proceeds from the exercise of warrants	`ProceedsFromWarrantExercises`	$1.63M	USD	Annual
Settled RSU shares with cash	`SettledRsusWithCash`	$254.11K	USD	Annual
Settled RSU shares with cash	`SettledRsusWithCash`	$59.86K	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$1.57M	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$9.72M	USD	Annual
Net change in cash and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-4.14M	USD	Annual
Net change in cash and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$403.53K	USD	Annual
Beginning cash and restricted cash balance	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$3.69M	USD	Point-in-time
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
Ending cash and restricted cash balance	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$3.69M	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
Interest paid	`InterestPaidNet`	-	USD	Annual
Interest paid	`InterestPaidNet`	-	USD	Annual
Income taxes paid	`IncomeTaxesPaidNet`	$1.64M	USD	Annual
Income taxes paid	`IncomeTaxesPaidNet`	-	USD	Annual
Conversion of Series A Preferred Stock Shares to Common Stock Shares	`ConversionOfSeriesPreferredStockSharesToCommonStockShares25000`	-	USD	Annual
Conversion of Series A Preferred Stock Shares to Common Stock Shares	`ConversionOfSeriesPreferredStockSharesToCommonStockShares25000`	$25.00K	USD	Annual
ROU asset and operating lease obligation recognized under Topic 842	`RouAssetAndOperatingLeaseObligationRecognizedUnderTopic842`	$1.28M	USD	Annual
ROU asset and operating lease obligation recognized under Topic 842	`RouAssetAndOperatingLeaseObligationRecognizedUnderTopic842`	-	USD	Annual

Stockholders Equity 20 line items

Line Item	Tag	Value	Unit	Period
Beginning balance, value	`StockholdersEquity`	$9.80M	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$16.32M	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$4.42M	USD	Point-in-time
Stock issued for services RSUs	`StockIssuedDuringPeriodValueIssuedForServices`	$172.38K	USD	Annual
Stock issued for services RSUs	`StockIssuedDuringPeriodValueIssuedForServices`	$505.32K	USD	Annual
Common shares settled and cancelled	`CommonSharesSettledAndCancelled`	$-254.11K	USD	Annual
Common shares settled and cancelled	`CommonSharesSettledAndCancelled`	$-59.86K	USD	Annual
Common stock issued for compensation	`StockGrantedDuringPeriodValueSharebasedCompensation`	$65.32K	USD	Annual
Common stock issued for compensation	`StockGrantedDuringPeriodValueSharebasedCompensation`	$8.94M	USD	Annual
Exercise of common stock warrants	`ExerciseOfCommonStockWarrants`	$1.63M	USD	Annual
Converted Series A Convertible Preferred Stock	`ConvertedSeriesConvertiblePreferredStock`	-	USD	Annual
Stock option expense	`StockIssuedDuringPeriodValueStockOptionsExercisedNetOfTaxBenefitExpense`	$6.04M	USD	Annual
Stock option expense	`StockIssuedDuringPeriodValueStockOptionsExercisedNetOfTaxBenefitExpense`	$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
Net loss	`ProfitLoss`	$-14.37M	USD	Annual
Net loss	`ProfitLoss`	$-9.03M	USD	Annual
Ending balance, value	`StockholdersEquity`	$9.80M	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$16.32M	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$4.42M	USD	Point-in-time

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