Minim, Inc. Files 10-Q for Q2 2024

TL;DR

Minim Inc. 10-Q filed. Financials for Q2 2024 out. Check it.

AI Summary

Minim, Inc. filed its 10-Q for the period ending June 30, 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. The filing details its financial position and results of operations for the second quarter and first half of 2024, comparing them to the same periods in 2023.

Why It Matters

This filing provides investors with a detailed look at Minim, Inc.'s financial health and operational performance during the second quarter of 2024, crucial for understanding the company's current standing and future prospects.

Risk Assessment

Risk Level: medium — The filing is a standard quarterly report, but the company's specific financial performance and industry trends could present medium-level risks.

Key Numbers

• 20240630 — Reporting Period End Date (Indicates the end of the fiscal quarter for which financial data is reported.)
• 20240820 — Filing Date (The date the 10-Q report was officially submitted to the SEC.)

Key Players & Entities

• MINIM, INC. (company) — Filer of the 10-Q report
• Zoom Telephonics, Inc. (company) — Former name of Minim, Inc.
• 20240630 (date) — End of the reporting period for the 10-Q
• 20240820 (date) — Date the 10-Q was filed
• 848 ELM STREET (address) — Business and mailing address of Minim, Inc.
• MANCHESTER (location) — City where Minim, Inc. is located
• NH (location) — State where Minim, Inc. is located
• 03101 (postal_code) — ZIP code for Minim, Inc.'s address

FAQ

Key Financial Figures

• $0.01 — nge on which registered Common Stock, $0.01 per share MINM The Nasdaq Capital M
• $3.7 — 024, the Company incurred a net loss of $3.7 ( 3,746,867 ) million, and used cash f
• $2.9 — llion, and used cash from operations of $2.9 ( 2,878,506 ) million, which was offse
• $2.8 — 878,506 ) million, which was offset by $2.8 2,800,000 million in cash provided fro
• $96.2 — e Company had an accumulated deficit of $96.2 ( 96,215,645 ) million and cash and ca
• $0.6 — illion and cash and cash equivalents of $0.6 630,816 million. The Company will conti
• $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) — 690KB
• miniminc_ex31-1.htm (EX-31.1) — 22KB
• miniminc_ex32-1.htm (EX-32.1) — 10KB
• 0001829126-24-005670.txt ( ) — 3377KB
• minm-20240630.xsd (EX-101.SCH) — 27KB
• minm-20240630_cal.xml (EX-101.CAL) — 45KB
• minm-20240630_def.xml (EX-101.DEF) — 81KB
• minm-20240630_lab.xml (EX-101.LAB) — 208KB
• minm-20240630_pre.xml (EX-101.PRE) — 174KB
• miniminc_10q_htm.xml (XML) — 383KB

- 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 25 ITEM 6. EXHIBITS 26

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION ITEM 1.

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS MINIM, INC. AND SUBSIDIARIES Condensed Consolidated Balance Sheets June 30, 2024 (Unaudited) December 31, 2023 ASSETS Current assets Cash and cash equivalents $ 630,816 $ 709,322 Accounts receivable, net of allowance of doubtful accounts of $ 0 and $ 312,983 as of June 30, 2024 and December 31, 2023, respectively - 701,377 Inventories, net - 9,952,647 Prepaid expenses and other current assets 24,105 35,768 Total current assets 654,921 11,399,114 Equipment, net 263,981 432,505 Operating lease right-of-use assets, net - 22,512 Intangible assets, net - 33,247 Other assets 34,378 472,587 Total assets $ 953,280 $ 12,359,965 LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) Current liabilities Accounts payable $ 263,744 $ 11,143,693 Current maturities of operating lease liabilities - 22,512 Accrued expenses 1,094,206 1,077,843 Total current liabilities 1,357,950 12,244,048 Total liabilities 1,357,950 12,244,048 Commitments and Contingencies (Note 7) Stockholders' equity (deficit) 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 June 30, 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 ( 96,215,645 ) ( 92,468,778 ) Total stockholders' equity (deficit) ( 404,669 ) 115,917 Total liabilities and stockholders' equity (deficit) $ 953,281 $ 12,359,965 See accompanying notes to the unaudited condensed consolidated financial statements. 1 MINIM, INC. AND SUBSIDIARIES Condensed Consolidated Statements of Operations (Unaudited) Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Net sales

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 support and services intelligent networking products that reliably and securely connect homes and offices around the world that it previously sold. We were the exclusive global license holder to the Motorola brand for home networking hardware until 2023. The Company supports and services 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 Co

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