10-Q Filing

Kaival Brands Innovations Group, Inc. CIK: 1762239 Q1 2023

Filing Information

Form Type	10-Q
Accession Number	`0001731122-23-000408`
Period End Date	20230131
Filing Date	20230317
Fiscal Year	2023
Fiscal Period	Q1
XBRL Instance	e4478_10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 64 Income Statement 38 Cash Flow Statement 58 Stockholders Equity 14

Balance Sheet 64 line items

Line Item	Tag	Value	Unit	Period
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	5.00M	shares	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	5.00M	shares	Point-in-time
Cash	`Cash`	$3.77M	USD	Point-in-time
Cash	`Cash`	$3.69M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$518.29K	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$574.61K	USD	Point-in-time
Other receivable related party short term	`OtherReceivablesNetCurrent`	$2.03M	USD	Point-in-time
Other receivable related party short term	`OtherReceivablesNetCurrent`	$1.54M	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
Inventories	`InventoryNet`	$3.76M	USD	Point-in-time
Inventories	`InventoryNet`	$1.24M	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$316.62K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$426.41K	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
Income tax receivable	`IncomeTaxReceivable`	$1.61M	USD	Point-in-time
Income tax receivable	`IncomeTaxReceivable`	-	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	56.17M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	56.17M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	56.17M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$10.40M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	56.17M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$9.07M	USD	Point-in-time
Fixed assets, net	`OtherAssetsNoncurrent`	$3.36K	USD	Point-in-time
Fixed assets, net	`OtherAssetsNoncurrent`	-	USD	Point-in-time
Other receivable related party net of current portion	`OtherReceivables`	$1.48M	USD	Point-in-time
Other receivable related party net of current portion	`OtherReceivables`	$2.16M	USD	Point-in-time
Right of use asset- operating lease	`OperatingLeaseRightOfUseAsset`	$1.15M	USD	Point-in-time
Right of use asset- operating lease	`OperatingLeaseRightOfUseAsset`	$1.20M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$13.03M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$12.44M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$81.27K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$40.02K	USD	Point-in-time
Accounts payable- related party	`AccountsPayableRelatedPartiesCurrent`	$2.35M	USD	Point-in-time
Accounts payable- related party	`AccountsPayableRelatedPartiesCurrent`	-	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$675.45K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$1.10M	USD	Point-in-time
Customer deposits	`DepositLiabilityCurrent`	$44.97K	USD	Point-in-time
Customer deposits	`DepositLiabilityCurrent`	$12.10K	USD	Point-in-time
Customer refund due	`CustomerRefundLiabilityCurrent`	$366.96K	USD	Point-in-time
Customer refund due	`CustomerRefundLiabilityCurrent`	-	USD	Point-in-time
Deferred revenue	`DeferredRevenue`	$235.27K	USD	Point-in-time
Deferred revenue	`DeferredRevenue`	$129.70K	USD	Point-in-time
Operating lease obligation short term	`OperatingLeaseLiabilityCurrent`	$166.05K	USD	Point-in-time
Operating lease obligation short term	`OperatingLeaseLiabilityCurrent`	$170.60K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$3.79M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.59M	USD	Point-in-time
Operating lease obligation, net of current portion	`OperatingLeaseLiabilityNoncurrent`	$1.05M	USD	Point-in-time
Operating lease obligation, net of current portion	`OperatingLeaseLiabilityNoncurrent`	$1.01M	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$2.64M	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$4.79M	USD	Point-in-time
Common stock ($0.001 par value, 1,000,000,000 shares authorized, 56,169,090 and 56,169,090 issued and outstanding as of January 31, 2023 and October 31, 2022, respectively)	`CommonStockValue`	$56.17K	USD	Point-in-time
Common stock ($0.001 par value, 1,000,000,000 shares authorized, 56,169,090 and 56,169,090 issued and outstanding as of January 31, 2023 and October 31, 2022, respectively)	`CommonStockValue`	$56.17K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$29.38M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$30.81M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-22.63M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-19.63M	USD	Point-in-time
Total Stockholders Equity	`StockholdersEquity`	$13.93M	USD	Point-in-time
Total Stockholders Equity	`StockholdersEquity`	$8.24M	USD	Point-in-time
Total Stockholders Equity	`StockholdersEquity`	$16.32M	USD	Point-in-time
Total Stockholders Equity	`StockholdersEquity`	$9.80M	USD	Point-in-time
TOTAL LIABILITIES & STOCKHOLDERS EQUITY	`LiabilitiesAndStockholdersEquity`	$13.03M	USD	Point-in-time
TOTAL LIABILITIES & STOCKHOLDERS EQUITY	`LiabilitiesAndStockholdersEquity`	$12.44M	USD	Point-in-time

Income Statement 38 line items

Line Item	Tag	Value	Unit	Period
Revenues, net	`Revenue`	$2.84M	USD	1 Quarter
Revenues, net	`Revenue`	$2.44M	USD	1 Quarter
Revenues - related parties	`RevenueFromRelatedParties`	$23.77K	USD	1 Quarter
Revenues - related parties	`RevenueFromRelatedParties`	$3.08K	USD	1 Quarter
Royalty revenue	`RoyaltyRevenue`	$105.57K	USD	1 Quarter
Royalty revenue	`RoyaltyRevenue`	-	USD	1 Quarter
Excise tax on products	`ExciseTaxOnProducts`	$18.57K	USD	1 Quarter
Excise tax on products	`ExciseTaxOnProducts`	$23.87K	USD	1 Quarter
Total revenues, net	`Revenues`	$2.84M	USD	1 Quarter
Total revenues, net	`Revenues`	$2.53M	USD	1 Quarter
Cost of revenue - related party	`CostOfRevenueRelatedParty`	$1.99M	USD	1 Quarter
Cost of revenue - related party	`CostOfRevenueRelatedParty`	$3.48M	USD	1 Quarter
Cost of revenue other	`OtherCostOfOperatingRevenue`	$48.17K	USD	1 Quarter
Cost of revenue other	`OtherCostOfOperatingRevenue`	-	USD	1 Quarter
Total cost of revenue	`CostOfRevenue`	$1.99M	USD	1 Quarter
Total cost of revenue	`CostOfRevenue`	$3.53M	USD	1 Quarter
Gross profit (loss)	`GrossProfit`	$-690.91K	USD	1 Quarter
Gross profit (loss)	`GrossProfit`	$540.12K	USD	1 Quarter
Advertising and promotions	`MarketingAndAdvertisingExpense`	$592.50K	USD	1 Quarter
Advertising and promotions	`MarketingAndAdvertisingExpense`	$588.91K	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$1.50M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$2.96M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$3.55M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$2.09M	USD	1 Quarter
Interest income	`InvestmentIncomeNet`	$11.95K	USD	1 Quarter
Interest income	`InvestmentIncomeNet`	-	USD	1 Quarter
Total Other income	`NonoperatingIncomeExpense`	-	USD	1 Quarter
Total Other income	`NonoperatingIncomeExpense`	$11.95K	USD	1 Quarter
Loss before income taxes provision	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-2.99M	USD	1 Quarter
Loss before income taxes provision	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-2.78M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Net loss	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-2.78M	USD	1 Quarter
Net loss	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-2.99M	USD	1 Quarter
Net loss per common share - basic and diluted	`NetLossPerCommonShareBasicAndDiluted`	$-0.05	USD	1 Quarter
Net loss per common share - basic and diluted	`NetLossPerCommonShareBasicAndDiluted`	$-0.09	USD	1 Quarter
Weighted average number of common shares outstanding - basic and diluted	`WeightedAverageNumberOfCommonSharesOutstandingBasicAndDiluted`	56.17M	shares	1 Quarter
Weighted average number of common shares outstanding - basic and diluted	`WeightedAverageNumberOfCommonSharesOutstandingBasicAndDiluted`	30.23M	shares	1 Quarter

Cash Flow Statement 58 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-2.99M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-2.78M	USD	1 Quarter
Stock based compensation	`AllocatedShareBasedCompensationExpense`	$110.25K	USD	1 Quarter
Stock based compensation	`AllocatedShareBasedCompensationExpense`	-	USD	1 Quarter
Depreciation	`Depreciation`	-	USD	1 Quarter
Depreciation	`Depreciation`	$116.00	USD	1 Quarter
Stock option expense	`StockOptionPlanExpenses`	$309.70K	USD	1 Quarter
Stock option expense	`StockOptionPlanExpenses`	$1.44M	USD	1 Quarter
ROU operating lease expense	`RouOperatingLeaseExpense`	$46.95K	USD	1 Quarter
ROU operating lease expense	`RouOperatingLeaseExpense`	$3.65K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-688.98K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-56.31K	USD	1 Quarter
Other receivable related party	`IncreaseDecreaseInOtherReceivables`	$-194.59K	USD	1 Quarter
Other receivable related party	`IncreaseDecreaseInOtherReceivables`	-	USD	1 Quarter
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$-29.54K	USD	1 Quarter
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$-109.79K	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$-3.48M	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$2.52M	USD	1 Quarter
Income tax receivable	`IncreaseDecreaseInIncomeTaxesReceivable`	-	USD	1 Quarter
Income tax receivable	`IncreaseDecreaseInIncomeTaxesReceivable`	$-1.61M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-62.81K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$41.24K	USD	1 Quarter
Accounts payable related party	`IncreaseDecreaseInAccountsPayableRelatedParties`	$-3.54M	USD	1 Quarter
Accounts payable related party	`IncreaseDecreaseInAccountsPayableRelatedParties`	$2.35M	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-423.70K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-205.19K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	-	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$-105.57K	USD	1 Quarter
Customer deposits	`IncreaseDecreaseInCustomerDeposit`	$-32.88K	USD	1 Quarter
Customer deposits	`IncreaseDecreaseInCustomerDeposit`	-	USD	1 Quarter
Customer refund due	`IncreaseDecreaseInCustomerRefundDue`	$169.11K	USD	1 Quarter
Customer refund due	`IncreaseDecreaseInCustomerRefundDue`	$-366.96K	USD	1 Quarter
Right of use liabilities operating lease	`IncreaseDecreaseInOperatingLeaseLiability`	$-3.17K	USD	1 Quarter
Right of use liabilities operating lease	`IncreaseDecreaseInOperatingLeaseLiability`	$-39.79K	USD	1 Quarter
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$91.22K	USD	1 Quarter
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-2.13M	USD	1 Quarter
Cash paid for equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	-	USD	1 Quarter
Cash paid for equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$3.48K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	-	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-3.48K	USD	1 Quarter
Settled RSU shares with cash	`SettledRsusWithCash`	$35.76K	USD	1 Quarter
Settled RSU shares with cash	`SettledRsusWithCash`	-	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-35.76K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	-	USD	1 Quarter
Net change in cash and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$87.73K	USD	1 Quarter
Net change in cash and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-2.17M	USD	1 Quarter
Beginning cash and restricted cash balance	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$3.77M	USD	Point-in-time
Beginning cash and restricted cash balance	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$5.66M	USD	Point-in-time
Beginning cash and restricted cash balance	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$7.83M	USD	Point-in-time
Beginning cash and restricted cash balance	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$3.69M	USD	Point-in-time
Ending cash and restricted cash balance	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$3.77M	USD	Point-in-time
Ending cash and restricted cash balance	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$5.66M	USD	Point-in-time
Ending 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
Interest paid	`InterestPaidNet`	-	USD	1 Quarter
Interest paid	`InterestPaidNet`	-	USD	1 Quarter
Income taxes paid	`IncomeTaxesPaidNet`	$106.39K	USD	1 Quarter
Income taxes paid	`IncomeTaxesPaidNet`	-	USD	1 Quarter

Stockholders Equity 14 line items

Line Item	Tag	Value	Unit	Period
Beginning balance, value	`StockholdersEquity`	$13.93M	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$8.24M	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$16.32M	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$9.80M	USD	Point-in-time
Stock issued for services RSU	`StockIssuedDuringPeriodValueIssuedForServices`	$110.25K	USD	1 Quarter
Common stock settled and cancelled	`CommonSharesSettledAndCancelled`	$-35.76K	USD	1 Quarter
Stock option expense	`StockIssuedDuringPeriodValueStockOptionsExercisedNetOfTaxBenefitExpense`	$1.44M	USD	1 Quarter
Stock option expense	`StockIssuedDuringPeriodValueStockOptionsExercisedNetOfTaxBenefitExpense`	$309.70K	USD	1 Quarter
Net loss	`ProfitLoss`	$-2.99M	USD	1 Quarter
Net loss	`ProfitLoss`	$-2.78M	USD	1 Quarter
Ending balance, value	`StockholdersEquity`	$13.93M	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$8.24M	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$16.32M	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$9.80M	USD	Point-in-time

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