MINIM, INC. Files 10-Q for Period Ending September 30, 2023

TL;DR

<b>MINIM, INC. has filed its quarterly report (10-Q) for the period ending September 30, 2023.</b>

AI Summary

MINIM, INC. (FIEE) filed a Quarterly Report (10-Q) with the SEC on January 8, 2024. MINIM, INC. filed a 10-Q report for the period ending September 30, 2023. The filing covers the third quarter of 2023. The company was formerly known as Zoom Telephonics, Inc. MINIM, INC. is incorporated in Delaware. The company's fiscal year ends on December 31.

Why It Matters

For investors and stakeholders tracking MINIM, INC., this filing contains several important signals. This filing provides investors with the latest financial performance and operational updates for MINIM, INC. Understanding the 10-Q is crucial for assessing the company's financial health and future prospects.

Risk Assessment

Risk Level: low — MINIM, INC. shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain immediate, significant financial or operational disclosures that would alter the risk profile.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-Q to understand MINIM, INC.'s current financial position and operational performance.

Key Numbers

• 2023-09-30 — Conformed Period of Report (The period for which the 10-Q filing is made.)
• 2024-01-08 — Filed As Of Date (The date the filing was submitted to the SEC.)
• 2023-07-01 — Q3 2023 Start Date (Beginning of the third quarter of 2023.)
• 2023-09-30 — Q3 2023 End Date (End of the third quarter of 2023.)

Key Players & Entities

• MINIM, INC. (company) — Filer
• Zoom Telephonics, Inc. (company) — Former company name
• 2023-09-30 (date) — Conformed period of report
• 2024-01-08 (date) — Filed as of date
• 848 ELM STREET (address) — Business address
• MANCHESTER (location) — Business address city
• NH (location) — Business address state
• 03101 (postal_code) — Business address zip

FAQ

Industry Context

MINIM, INC. operates in the telecommunications equipment sector, specifically focusing on devices for home networking and connectivity.

Regulatory Implications

As a publicly traded company, MINIM, INC. is subject to the reporting requirements of the Securities and Exchange Commission (SEC), including the filing of quarterly (10-Q) and annual (10-K) reports.

What Investors Should Do

1. Analyze the financial statements (balance sheet, income statement, cash flow statement) for the quarter ended September 30, 2023.
2. Read the Management's Discussion and Analysis of Financial Condition and Results of Operations section for insights into performance drivers and trends.
3. Review any new risk factors or updates to existing risk factors disclosed in the filing.

Year-Over-Year Comparison

This is the initial 10-Q filing for the period ending September 30, 2023, as indicated by the filing date and report period.

Key Financial Figures

• $0.01 — nge on which registered Common Stock, $0.01 per share MINM The Nasdaq Capital M
• $6.2 million — quidation value of inventory, and (iii) $6.2 million in each, as determined by SVB from the

Filing Documents

• form10-q.htm (10-Q) — 729KB
• ex31-1.htm (EX-31.1) — 18KB
• ex31-2.htm (EX-31.2) — 18KB
• ex32-1.htm (EX-32.1) — 8KB
• ex32-2.htm (EX-32.2) — 8KB
• 0001493152-24-001659.txt (&nbsp;) — 3898KB
• minm-20230930.xsd (EX-101.SCH) — 33KB
• minm-20230930_cal.xml (EX-101.CAL) — 55KB
• minm-20230930_def.xml (EX-101.DEF) — 95KB
• minm-20230930_lab.xml (EX-101.LAB) — 251KB
• minm-20230930_pre.xml (EX-101.PRE) — 203KB
• form10-q_htm.xml (XML) — 459KB

- Financial Information

Part I - Financial Information ITEM 1.

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS 3 Condensed Consolidated Balance Sheets (Unaudited) 3 Condensed Consolidated Statements of Operations (Unaudited) 4 Condensed Consolidated Statements of Stockholders' Equity (Unaudited) 5 Condensed Consolidated Statements of Cash Flows (Unaudited) 6 Notes to Condensed Consolidated Financial Statements (Unaudited) 7 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 18 ITEM 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 26 ITEM 4.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 26

- Other Information

Part II - Other Information ITEM 1.

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 27 ITEM 1A.

RISK FACTORS

RISK FACTORS 27 ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 27 ITEM 3. DEFAULTS UPON SENIOR SECURITIES 27 ITEM 4. MINE SAFETY DISCLOSURES 27 ITEM 5. OTHER INFORMATION 27 ITEM 6. EXHIBITS 28

SIGNATURES

SIGNATURES 29 2 PART I - FINANCIAL INFORMATION ITEM 1. FINANCIAL MINIM, INC. AND SUBSIDIARIES Condensed Consolidated Balance Sheets September 30, 2023 (Unaudited) December 31, 2022 ASSETS Current assets Cash and cash equivalents $ 466,124 $ 530,110 Restricted cash — 500,000 Accounts receivable, net of allowance of doubtful accounts of $ 0 and $ 138,331 as of September 30, 2023 and December 31, 2022, respectively 2,999,232 2,758,406 Inventories 10,493,021 25,415,206 Prepaid expenses and other current assets 129,765 360,735 Total current assets 14,088,142 29,564,457 Equipment, net 559,464 636,973 Operating lease right-of-use assets, net 54,015 173,480 Intangible assets, net 37,584 73,301 Other assets 539,538 511,795 Total assets $ 15,278,743 $ 30,960,006 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Bank credit line $ 896,796 $ 4,758,663 Accounts payable 10,203,069 2,837,191 Bridge loan agreement 1,000,000 1,000,000 Current maturities of operating lease liabilities 54,015 150,968 Accrued expenses 1,399,007 4,440,724 Deferred revenue, current 845,019 633,542 Total current liabilities 14,397,905 13,821,088 Operating lease liabilities, less current maturities — 22,512 Deferred revenue, noncurrent 745,201 771,738 Total liabilities 15,143,106 14,615,338 Commitments and Contingencies (Note 6) - - Stockholders' equity Preferred Stock, authorized: 2,000,000 shares at $ 0.01 par value; 0 shares issued and outstanding — — Common Stock, authorized: 60,000,000 shares at $ 0.01 par value; issued and outstanding: 1,898,466 shares at September 30, 2023 and 1,877,970 shares at December 31, 2022 respectively 471,992 469,492 Additional paid-in capital 90,986,924 90,710,030 Accumulated deficit ( 91,323,279 ) ( 74,834,854 ) Total stockholders' equity 135,637 16,344,668 Total liabilities and stockholders' equity $ 15,278,743 $

financial statements may not be the same as those for the full year or any future periods

financial statements may not be the same as those for the full year or any future periods. Certain prior year amounts have been reclassified to conform to the current year presentation. None of the reclassifications impacted the condensed consolidated statements of operations for the three-months and nine months ended September 30, 2023. On April 17, 2023, the Company effected a 25:1 reverse stock split for each share of common stock issued and outstanding. All shares and associated amounts have been retroactively restated to reflect the stock split. Liquidity The Company's operations have historically been financed through the issuance of common stock and borrowings. Since inception, the Company has incurred significant losses and negative cash flows from operations. During the nine months ended September 30, 2023, the Company incurred a net loss of $ 16.5 million and had positive cash flows from operating activities of $ 3.7 million. As of September 30, 2023, the Company had an accumulated deficit of $ 91.3 million and cash and cash equivalents of $ 0.5 million. The Company implemented cost reduction plans to align its cost structure to its sales and increase its liquidity. The Company will continue to monitor its cost in relation to its sales and adjust its cost structure accordingly. The Company's financial position and operating results raise substantial doubt about the Company's ability to continue as a going concern. The Company believes it does not have sufficient resources through its cash and cash equivalents, other working capital and borrowings under its SVB line-of-credit to continue as a going concern through at least one year from the issuance of these financial statements. 7 (2) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The Company's significant accounting policies are disclosed in its Annual Report on Form 10-K for the year ended December 31, 2022. The Company's significant accounting policies did not change during the nine months end

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View this 10-Q filing on SEC EDGAR