MINIM, INC. Files 2023 10-K Report

TL;DR

<b>MINIM, INC. filed its 2023 10-K, detailing its financial performance and business operations for the year ending December 31, 2023.</b>

AI Summary

MINIM, INC. (FIEE) filed a Annual Report (10-K) with the SEC on April 12, 2024. MINIM, INC. reported its 2023 fiscal year results on April 12, 2024. The company's former name was Zoom Telephonics, Inc., with a name change on July 7, 2009. MINIM, INC. operates in the Telephone & Telegraph Apparatus industry (SIC 3661). The company is incorporated in Delaware and headquartered in Manchester, NH. The filing covers the fiscal year ending December 31, 2023.

Why It Matters

For investors and stakeholders tracking MINIM, INC., this filing contains several important signals. This 10-K filing provides a comprehensive overview of MINIM, INC.'s financial health, operational risks, and strategic direction for investors and stakeholders. Understanding the company's performance in its core segments like Cable Modems and Gateways, and its reliance on key customers and suppliers, is crucial for assessing its future prospects.

Risk Assessment

Risk Level: medium — MINIM, INC. shows moderate risk based on this filing. The company faces customer concentration risk, with two customers accounting for a significant portion of sales revenue in 2023, and one customer for accounts receivable, indicating potential vulnerability if these relationships change.

Analyst Insight

Investors should monitor MINIM, INC.'s customer diversification strategies and supplier relationships to gauge its resilience against concentration risks.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-04-12 — Filing Date (Date of submission)
• 3661 — SIC Code (Standard Industrial Classification)
• 001-37649 — SEC File Number (SEC registration number)

Key Players & Entities

• MINIM, INC. (company) — Filer name
• Zoom Telephonics, Inc. (company) — Former company name
• 2023-12-31 (date) — Fiscal year end
• 2024-04-12 (date) — Filing date
• 848 ELM STREET (address) — Business street address
• MANCHESTER (location) — Business city
• NH (location) — Business state
• 03101 (postal_code) — Business zip code

FAQ

Risk Factors

• Customer Concentration Risk [high — market]: Sales revenue in 2023 was significantly dependent on two customers, and accounts receivable were concentrated with one customer, posing a risk if these relationships are lost or altered.
• Supplier Concentration Risk [high — market]: Sales revenue in 2023 was dependent on a single supplier, creating a risk if this supplier faces disruptions or changes its terms.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-04-12: 10-K Filing Date — Date the annual report was submitted to the SEC.

Glossary

10-K

An annual report required by the U.S. Securities and Exchange Commission (SEC), which gives a comprehensive summary of a company's financial performance. (This filing provides the official annual financial and business overview for MINIM, INC.)

Customer Concentration Risk

The risk that a company's revenue or accounts receivable are heavily reliant on a small number of customers. (Highlights potential vulnerability for MINIM, INC. due to dependence on a few key clients.)

Key Financial Figures

• $0.01 — nge on which Registered Common Stock, $0.01 par value MINM The Nasdaq Capital M
• $2 billion — s that its products have generated over $2 billion in value to our customers. e2Companie

Filing Documents

• miniminc_10k.htm (10-K) — 1251KB
• miniminc_ex21-1.htm (EX-21.1) — 3KB
• miniminc_ex23-1.htm (EX-23.1) — 3KB
• miniminc_ex23-2.htm (EX-23.2) — 5KB
• miniminc_ex31-1.htm (EX-31.1) — 14KB
• miniminc_ex32-1.htm (EX-32.1) — 6KB
• miniminc_ex97-1.htm (EX-97.1) — 27KB
• img_001.jpg (GRAPHIC) — 48KB
• img_002.jpg (GRAPHIC) — 25KB
• img_003.jpg (GRAPHIC) — 11KB
• img_004.jpg (GRAPHIC) — 174KB
• 0001829126-24-002449.txt (&nbsp;) — 6632KB
• minm-20231231.xsd (EX-101.SCH) — 40KB
• minm-20231231_cal.xml (EX-101.CAL) — 63KB
• minm-20231231_def.xml (EX-101.DEF) — 148KB
• minm-20231231_lab.xml (EX-101.LAB) — 353KB
• minm-20231231_pre.xml (EX-101.PRE) — 298KB
• miniminc_10k_htm.xml (XML) — 812KB

Business

Business 1 Item 1A.

Risk Factors

Risk Factors 23 Item 1B. Unresolved Staff Comments 36 Item 2.

Properties

Properties 36 Item 3.

Legal Proceedings

Legal Proceedings 36 Item 4. Mine Safety Disclosures 36 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 37 Item 6. [Reserved] 37 Item 7.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 38 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 45 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 45 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 46 Item 9A.

Controls and Procedures

Controls and Procedures 46 PART III Item 10. Directors, Executive Officers and Corporate Governance 48 Item 11.

Executive Compensation

Executive Compensation 48 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 48 Item 13. Certain Relationships and Related Transactions, and Director Independence 48 Item 14. Principal Accountant Fees and Services 48 PART IV Item 15. Exhibits and Financial Statement Schedules 49

Signatures

Signatures 54 i SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K, including the information contained in "Management's Discussion and Analysis of Financial Condition and Results of Operations", as well as information contained in "Risk Factors" in Item 1A and elsewhere in this Annual Report on Form 10-K, contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. We intend that these forward-looking statements be subject to the safe harbors created by those provisions. In some cases, you can identify forward-looking statements by terms such as "may," "will," "should," "could," "would," "expects," "plans," "anticipates," "believes," "estimates," "projects," "predicts," "potential" and similar expressions intended to identify forward-looking statements. These that may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance, or achievements expressed or implied by such forward-looking statements. All statements other than historical facts are "forward-looking statements" for purposes of these provisions, including, but not limited to, statements regarding the benefits of the Merger, the anticipated timing of the completion of the Merger, the products under development by e2Companies and the markets in which it plans to operate, the advantages of e2Companies' technology, e2Companies' competitive landscape and positioning, and e2Companies' growth plans and strategies, any projections of earnings, revenues or other financial terms, any statements of plans or objectives of management for future operations, any

– BUSINESS

ITEM 1 – BUSINESS Overview Minim was founded in 1977 as a networking company and pivoted into delivering intelligent software to protect and improve the WiFi connections we depend on to work, learn, and live. Headquartered in Manchester, New Hampshire, Minim held the exclusive global license to design, manufacture, and sell consumer networking products under the Motorola brand until 2023. Our cable and WiFi products, with an intelligent operating system and bundled mobile app, were sold in leading retailers and e-commerce channels in the United States ("U.S."). Our AI-driven cloud software platform and applications make network management and security simple for home and business users, as well as the service providers that assist them— leading to higher customer satisfaction and decreased support burden. Minim, Inc. and its wholly owned subsidiaries, MME Sub 1 LLC, Cadence Connectivity, Inc., MTRLC LLC, and Minim Asia Private Limited, are herein collectively referred to as "Minim" or the "Company". The Company currently supports and services intelligent networking products that connect homes and offices around the world. We were the exclusive global license holder to the Motorola brand for home networking hardware until 2023. The Company designed and manufactured products including cable modems, cable modem/routers, mobile broadband modems, wireless routers, Multimedia over Coax adapters, and mesh home networking devices. MME Sub 1 LLC, is a Florida corporation and a wholly-owned subsidiary of Minim ("Merger Sub") that was recently incorporated solely for the purpose of entering into an Agreement and Plan of Merger (as may be amended from time to time, the "Merger Agreement") on March 12, 2024, together with Minim and e2Companies LLC, a Florida limited liability company ("e2Companies"), and which provides for, among other things, the merger of Merger Sub with and into e2Companies, with e2Companies continuing as the surviving entity and a wholly owned subsidia

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View this 10-K filing on SEC EDGAR