Minim, Inc. Files Q1 2024 10-Q

TL;DR

Minim Inc Q1 2024 10-Q filed. Financials for period ending March 31, 2024.

AI Summary

Minim, Inc. filed its 10-Q for the period ending March 31, 2024, reporting on its financial performance. The company, formerly Zoom Telephonics, Inc., is based in Manchester, NH, and operates in the telephone and telegraph apparatus industry. Key financial data for the first quarter of 2024 and comparative periods are included in the filing.

Why It Matters

This filing provides investors with the latest financial snapshot of Minim, Inc., detailing its performance and financial position as of the first quarter of 2024.

Risk Assessment

Risk Level: low — This is a standard quarterly financial filing with no immediate red flags or significant new risks disclosed.

Key Numbers

• 20240331 — Reporting Period End Date (The 10-Q covers financial data up to this date.)
• 20240520 — Filing Date (The date the 10-Q was officially submitted to the SEC.)
• Q1 2024 — Fiscal Quarter (Indicates the filing pertains to the first fiscal quarter of 2024.)

Key Players & Entities

• MINIM, INC. (company) — Filer
• Zoom Telephonics, Inc. (company) — Former company name
• MANCHESTER (location) — City
• NH (location) — State
• 03101 (location) — ZIP code
• 833-966-4646 (phone_number) — Business phone

FAQ

Key Financial Figures

• $0.01 — nge on which registered Common Stock, $0.01 per share MINM The Nasdaq Capital M
• $3.3 — 024, the Company incurred a net loss of $3.3 3,258,955 million, and used cash from
• $2.5 — llion, and used cash from operations of $2.5 2,482,265 million, which was offset by
• $2.8 — 2,482,265 million, which was offset by $2.8 2,800,000 million in cash provided fro
• $95.7 — e Company had an accumulated deficit of $95.7 95,727,733 million and cash and cash e
• $1.0 — illion and cash and cash equivalents of $1.0 1,027,057 million. The Company will con
• $6.2 million — quidation value of inventory, and (iii) $6.2 million in each, as determined by SVB from the

Filing Documents

• miniminc_10q.htm (10-Q) — 515KB
• miniminc_ex31-1.htm (EX-31.1) — 15KB
• miniminc_ex32-1.htm (EX-32.1) — 7KB
• 0001829126-24-003547.txt ( ) — 3040KB
• minm-20240331.xsd (EX-101.SCH) — 28KB
• minm-20240331_cal.xml (EX-101.CAL) — 46KB
• minm-20240331_def.xml (EX-101.DEF) — 80KB
• minm-20240331_lab.xml (EX-101.LAB) — 210KB
• minm-20240331_pre.xml (EX-101.PRE) — 175KB
• miniminc_10q_htm.xml (XML) — 307KB

- Financial Information

Part I - Financial Information ITEM 1.

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS 1 Condensed Consolidated Balance Sheets (Unaudited) 1 Condensed Consolidated Statements of Operations (Unaudited) 2 Condensed Consolidated Statements of Stockholders' Equity (Unaudited) 3 Condensed Consolidated Statements of Cash Flows (Unaudited) 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 23 ITEM 4.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 23

- Other Information

Part II - Other Information ITEM 1.

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 24 ITEM 1A.

RISK FACTORS

RISK FACTORS 24 ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 24 ITEM 3. DEFAULTS UPON SENIOR SECURITIES 24 ITEM 4. MINE SAFETY DISCLOSURES 24 ITEM 5. OTHER INFORMATION 24 ITEM 6. EXHIBITS 25

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION ITEM 1.

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS MINIM, INC. AND SUBSIDIARIES Condensed Consolidated Balance Sheets March 31, 2024 (Unaudited) December 31, 2023 ASSETS Current assets Cash and cash equivalents $ 1,027,057 $ 709,322 Accounts receivable, net of allowance of doubtful accounts of $ 283,242 and $ 312,983 as of March 31, 2024 and December 31, 2023, respectively 21,735 701,377 Inventories, net - 9,952,647 Prepaid expenses and other current assets 28,832 35,768 Total current assets 1,077,624 11,399,114 Equipment, net 346,729 432,505 Operating lease right-of-use assets, net 9,061 22,512 Intangible assets, net 28,910 33,247 Other assets 40,445 472,587 Total assets $ 1,502,769 $ 12,359,965 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Accounts payable $ 398,786 $ 11,143,693 Current maturities of operating lease liabilities 9,061 22,512 Accrued expenses 1,011,679 1,077,843 Total current liabilities 1,419,526 12,244,048 Total liabilities 1,419,526 12,244,048 Commitments and Contingencies (Note 7) Stockholders' equity Preferred Stock, authorized: 10,000,000 shares at $ 0.001 par value; 2,000,000 shares issued and outstanding 1,358,573 - Common Stock, authorized: 60,000,000 shares at $ 0.01 par value; issued and outstanding: 2,809,689 shares at March 31, 2024 and 2,632,809 shares at December 31, 2023 respectively 481,104 479,335 Additional paid-in capital 93,971,299 92,105,360 Accumulated deficit ( 95,727,733 ) ( 92,468,778 ) Total stockholders' equity 83,243 115,917 Total liabilities and stockholders' equity $ 1,502,769 $ 12,359,965 See accompanying notes to condensed consolidated financial statements. 1 MINIM, INC. AND SUBSIDIARIES Condensed Consolidated Statements of Operations (Unaudited) Three Months Ended March 31, 2024 2023 Net sales $ 639,893 $ 10,751,785 Cost of goods sold 432,634 8,142,580 Gross profit 207,259 2,609,205 Operating expense

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements (Unaudited) (1) NATURE OF OPERATIONS AND BASIS OF PRESENTATION 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 delivers intelligent networking products that reliably and securely 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 designs and manufactures products including cable modems, cable modem/routers, mobile broadband modems, wireless routers, Multimedia over Coax ("MoCA") adapters and mesh home networking devices. 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. Basis of Presentation The accompanying unaudited consolidated financial statements of the Company have been prepared in accordance with the requirements of the U.S. Securities and Exchange Commission ("SEC") for interim reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by U.S. generally accepted accounting principles ("GAAP") can be condensed or omitted. In the opinion of management, the financial statements include all normal and recurring adjustments that are considered necessary for the fair presentation of the Company's financial position and operating results. All intercompany balances and transactions have been eliminated in consolidation. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with the audited financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2023. The results of the Company's operations can vary durin

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View this 10-Q filing on SEC EDGAR