Axil Brands, Inc. Files 10-Q for Period Ending February 29, 2024

TL;DR

<b>Axil Brands, Inc. has filed its quarterly report (10-Q) for the period ending February 29, 2024, detailing its financial performance and business operations.</b>

AI Summary

Axil Brands, Inc. (AXIL) filed a Quarterly Report (10-Q) with the SEC on April 9, 2024. Axil Brands, Inc. filed a 10-Q report for the period ending February 29, 2024. The company's fiscal year ends on May 31. The filing was made on April 9, 2024. Axil Brands, Inc. is incorporated in Delaware. The company's SIC code is 2844 for Perfumes, Cosmetics & Other Toilet Preparations.

Why It Matters

For investors and stakeholders tracking Axil Brands, Inc., this filing contains several important signals. This filing provides investors with an update on Axil Brands' financial health and operational status for the most recent quarter. Understanding the details within this 10-Q is crucial for assessing the company's performance against its previous periods and its industry peers.

Risk Assessment

Risk Level: low — Axil Brands, Inc. shows low risk based on this filing. The filing is a standard 10-Q, providing routine financial disclosures without immediate indicators of significant positive or negative events.

Analyst Insight

Monitor future filings for revenue growth, net income trends, and any changes in the company's debt-to-equity ratio.

Key Numbers

• 2024-02-29 — Period End Date (10-Q filing period)
• 2024-04-09 — Filing Date (Date the 10-Q was filed)
• 0531 — Fiscal Year End (Company's fiscal year end)
• 2844 — SIC Code (Standard Industrial Classification for the company)

Key Players & Entities

• Axil Brands, Inc. (company) — Filer name
• 2024-02-29 (date) — Period of report
• 2024-04-09 (date) — Filed as of date
• DE (location) — State of incorporation
• 2844 (industry_code) — Standard Industrial Classification
• 901 S. FREMONT AVE. (address) — Business address street 1
• ALHAMBRA (location) — Business address city
• CA (location) — Business address state

FAQ

Industry Context

Axil Brands operates within the Perfumes, Cosmetics & Other Toilet Preparations industry, identified by SIC code 2844.

Regulatory Implications

The filing is a Form 10-Q, a standard quarterly report required by the Securities and Exchange Commission (SEC) for publicly traded companies.

What Investors Should Do

1. Review the full 10-Q document for detailed financial statements and management discussion.
2. Compare the reported period's performance against the same period in the prior year.
3. Analyze any disclosed risk factors or legal proceedings that may impact the company.

Key Dates

• 2024-02-29: Quarterly Period End — End date for the financial reporting period covered by the 10-Q.
• 2024-04-09: Filing Date — Date the 10-Q was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial filing analyzed for the period ending February 29, 2024. Comparison to prior periods will be available in subsequent filings or by referencing previous reports.

Key Financial Figures

• $0.0001 — nge on which registered Common Stock, $0.0001 par value per share AXIL The NYSE A

Filing Documents

• axil-20240229_10q.htm (10-Q) — 929KB
• axil-20240229_10qex31z1.htm (EX-31.1) — 12KB
• axil-20240229_10qex31z2.htm (EX-31.2) — 12KB
• axil-20240229_10qex32z1.htm (EX-32.1) — 6KB
• axil-20240229_10qex32z2.htm (EX-32.2) — 6KB
• image_001.gif (GRAPHIC) — 2KB
• 0001520138-24-000162.txt (&nbsp;) — 5521KB
• axil-20240229.xsd (EX-101.SCH) — 55KB
• axil-20240229_cal.xml (EX-101.CAL) — 62KB
• axil-20240229_def.xml (EX-101.DEF) — 140KB
• axil-20240229_lab.xml (EX-101.LAB) — 343KB
• axil-20240229_pre.xml (EX-101.PRE) — 288KB
• axil-20240229_10q_htm.xml (XML) — 854KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION Item 1.

Financial Statements (Unaudited)

Financial Statements (Unaudited) 1 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 2 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 7 Item 4.

Controls and Procedures

Controls and Procedures 7

- OTHER INFORMATION

PART II - OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 8 Item 1A.

Risk Factors

Risk Factors 8 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 8 Item 3. Defaults Upon Senior Securities 8 Item 4. Mine Safety Disclosures 8 Item 5. Other Information 8 Item 6. Exhibits 9

Signatures

Signatures 10 -i- CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q, and in particular Part I, Item 2 "Management's Discussion and Analysis of Financial Condition and Results of Operations," contains certain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). These forward-looking statements represent our expectations, beliefs, intentions or strategies concerning future events, including, but not limited to, any statements regarding our assumptions about financial performance; the continuation of historical trends; the sufficiency of our cash balances for future liquidity and capital resource needs; the expected impact of changes in accounting policies on our results of operations, financial condition or cash flows; anticipated problems and our plans for future operations; and the economy in general or the future of the beauty and hair care industry and the hearing protection and ear bud business, all of which are subject to various risks and uncertainties. There are a number of factors that could cause our actual results to differ from those indicated in the forward-looking statements, many of which are outside of our control. They include: the impact of unstable market and general economic conditions on our business, financial condition and stock price, including inflationary cost pressures, interest rate increases, decreased discretionary consumer spending, supply chain disruptions and constraints, labor shortages, ongoing economic disruption, the possibility of an economic recession and other macroeconomic factors, geopolitical events and uncertainty, including the effects of the Ukraine-Russia conflict, the effects of the Israel-Hamas conflict, and other downturns in the business cycle or the economy; our financial performance and liquidity, including

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS

Financial Statements

Financial Statements: Consolidated Balance Sheets - As of February 29, 2024 (Unaudited) and May 31, 2023 F-1 Consolidated Statements of Operations - For the three and nine months ended February 29, 2024 and February 28, 2023 (Unaudited) F-2 Consolidated Statements of Changes in Stockholders' Equity - For the three and nine months ended February 29, 2024 and February 28, 2023 (Unaudited) F-3 Consolidated Statements of Cash Flows – For the nine months ended February 29, 2024 and February 28, 2023 (Unaudited) F-4 Condensed Notes to Unaudited Consolidated Financial Statements F-5 -1- AXIL BRANDS, INC. AND SUBSIDIARY CONSOLIDATED BALANCE SHEETS February 29, 2024 May 31, 2023 (Unaudited) ASSETS CURRENT ASSETS: Cash $ 4,887,567 $ 4,832,682 Accounts receivable, net 719,504 417,016 Inventory, net 3,443,293 1,311,864 Due from related party 18,536 — Prepaid expenses and other current assets 656,328 801,360 Deferred tax asset 234,161 — Total Current Assets 9,959,389 7,362,922 OTHER ASSETS: Property and equipment, net 212,146 157,463 Intangible assets, net 324,549 382,674 Right of use asset 53,224 101,845 Other assets 12,195 12,195 Goodwill 2,152,215 2,152,215 Total Other Assets 2,754,329 2,806,392 TOTAL ASSETS $ 12,713,718 $ 10,169,314 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable $ 1,890,844 $ 908,606 Customer deposits 37,140 183,688 Equipment payable, current — 2,200 Contract liabilities, current 880,450 827,106 Notes payable, current 3,310 172,588 Due to related party — 158,072 Lease Liability, current 54,322 65,824 Income Tax Liability 68,019 230,913 Other current liabilities 307,794 305,664 Total Current Liabilities 3,241,879 2,854,661 LONG TERM LIABILITIES: Notes payable, long term 143,840 — Lease liability, long term — 36,752 Contract liabilities, long term 541,108 605,942 Total Long Term Liabiliti

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View this 10-Q filing on SEC EDGAR