Charlie's Holdings Files Q1 2024 10-Q

TL;DR

Charlie's Holdings (CHUC) filed its Q1 2024 10-Q. Check financials.

AI Summary

Charlie's Holdings, Inc. filed its 10-Q for the period ending March 31, 2024. The company, formerly known as True Drinks Holdings, Inc., operates in the medicinal chemicals and botanical products sector. Key financial details and operational updates for the first quarter of 2024 are presented in this filing.

Why It Matters

This filing provides investors with the latest financial performance and operational status of Charlie's Holdings, Inc. for the first quarter of 2024.

Risk Assessment

Risk Level: medium — The company has a history of name changes and operates in a regulated industry, which can introduce specific risks.

Key Numbers

• 2024-03-31 — Reporting Period End Date (Indicates the end of the fiscal quarter covered by the report.)
• 2024-05-20 — Filing Date (The date the 10-Q was officially submitted to the SEC.)
• 2023-03-31 — Prior Year Period End Date (Provides a comparative point for the current reporting period.)

Key Players & Entities

• Charlie's Holdings, Inc. (company) — Filer of the 10-Q
• True Drinks Holdings, Inc. (company) — Former name of Charlie's Holdings, Inc.
• 20240331 (date) — End of the reporting period
• 20240520 (date) — Filing date
• NV (state) — State of incorporation
• 92627 (zip_code) — Business and mailing address zip code

FAQ

Key Financial Figures

• $5,100,000 — luding the expenditure of approximately $5,100,000 as of March 31, 2024, to support our PM

Filing Documents

• chuc20240331_10q.htm (10-Q) — 819KB
• ex_672066.htm (EX-31.1) — 13KB
• ex_672067.htm (EX-31.2) — 13KB
• ex_672068.htm (EX-32.1) — 5KB
• ex_672069.htm (EX-32.2) — 5KB
• 0001437749-24-017669.txt ( ) — 4920KB
• chuc-20240331.xsd (EX-101.SCH) — 53KB
• chuc-20240331_def.xml (EX-101.DEF) — 370KB
• chuc-20240331_lab.xml (EX-101.LAB) — 298KB
• chuc-20240331_pre.xml (EX-101.PRE) — 396KB
• chuc-20240331_cal.xml (EX-101.CAL) — 36KB
• chuc20240331_10q_htm.xml (XML) — 661KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION ITEM 1.

Financial Statements

Financial Statements Condensed Consolidated Balance Sheets (unaudited) as of March 31, 2024 and December 31, 2023 1 Condensed Consolidated Statements of Operations (unaudited) for the three months ended March 31, 2024 and 2023 2 Condensed Consolidated Statements of Stockholders' Deficit (unaudited) for the three months ended March 31, 2024 and 2023 3 Condensed Consolidated Statements of Cash Flows (unaudited) for the three months ended March 31, 2024 and 2023 4 Notes to Condensed Consolidated Financial Statements (unaudited) 5 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 16 ITEM 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 22 ITEM 4.

Controls and Procedures

Controls and Procedures 22

OTHER INFORMATION

PART II. OTHER INFORMATION ITEM 1.

Legal Proceedings

Legal Proceedings 22 ITEM 1A.

Risk Factors

Risk Factors 22 ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 23 ITEM 3. Defaults Upon Senior Securities 23 ITEM 4. Mine Safety Disclosures 23 ITEM 5. Other Information 23 ITEM 6. Exhibits 23

SIGNATURES

SIGNATURES 24 PART I

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS CHARLIE ' S HOLDINGS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except share and per share amounts) (Unaudited) March 31, December 31, 2024 2023 ASSETS Current assets: Cash $ 176 $ 367 Accounts receivable, net 380 289 Inventories, net 3,393 3,826 Prepaid expenses and other current assets 238 604 Total current assets 4,187 5,086 Non-current assets: Property, plant and equipment, net 120 157 Right-of-use asset, net 323 424 Other assets 101 101 Total non-current assets 544 682 TOTAL ASSETS $ 4,731 $ 5,768 LIABILITIES AND STOCKHOLDERS' DEFICIT Current liabilities: Accounts payable and accrued expenses $ 2,520 $ 2,846 Notes payable, net 559 716 Notes payable - related parties 2,072 700 Derivative liability - 79 Lease liabilities 298 355 Deferred revenue 192 58 Total current liabilities 5,641 4,754 Non-current liabilities: Note payable, net of current portion 150 150 Note payable, net - related party, net of current portion - 898 Lease liabilities, net of current portion 30 73 Total non-current liabilities 180 1,121 Total liabilities 5,821 5,875 COMMITMENTS AND CONTINGENCIES (see Note 12) Stockholders' deficit: Convertible preferred stock ($ 0.001 par value); 1,800,000 shares authorized Series A, 300,000 shares designated; 126,680 and 128,181 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively - - Series B, 1,500,000 shares designated; 0 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively - - Common stock ($ 0.001 par value); 500,000,000 shares authorized; 229,349,388 and 228,535,886 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively 229 229 Additional paid-in capital 8,266 8,204 Accumulated deficit ( 9,585 ) ( 8,540 ) Total stockholders' deficit ( 1,0

View Full Filing

View this 10-Q filing on SEC EDGAR