Minim, Inc. Files Q3 2024 10-Q

TL;DR

Minim Inc. 10-Q filed. Q3 & YTD 2024 results vs 2023 out.

AI Summary

Minim, Inc. filed its 10-Q for the period ending September 30, 2024. The company reported financial results for the third quarter and the first nine months of 2024, comparing them to the same periods in 2023. Specific financial figures and balance sheet details are included in the filing.

Why It Matters

This filing provides investors with the latest financial performance and position of Minim, Inc., crucial for understanding the company's operational health and future prospects.

Risk Assessment

Risk Level: medium — The filing contains standard financial reporting for a public company, but the specific financial performance details within the 10-Q would determine the actual risk level.

Key Numbers

• 2024-09-30 — Period End Date (The 10-Q covers financial data up to this date.)
• 2023-12-31 — Previous Year End Date (Used for comparative financial analysis.)
• 2024-01-01 — Year-to-Date Start Date (Beginning of the period for year-to-date figures.)
• 2023-01-01 — Previous Year-to-Date Start Date (Beginning of the period for prior year-to-date figures.)

Key Players & Entities

• MINIM, INC. (company) — Filer of the 10-Q
• 20240930 (date) — End of the reporting period
• 20241119 (date) — Filing date
• 848 ELM STREET (location) — Company's business and mailing address
• MANCHESTER (location) — City of company's address
• NH (location) — State of company's address
• 03101 (location) — ZIP code of company's address
• Zoom Telephonics, Inc. (company) — Former company name
• 20090707 (date) — Date of former company name change

FAQ

Key Financial Figures

• $0.01 — nge on which registered Common Stock, $0.01 per share MINM The Nasdaq Capital M
• $4.4 — 024, the Company incurred a net loss of $4.4 ( 4,371,934 ) million, and used cash fr
• $3.8 — llion, and used cash from operations of $3.8 ( 3,783,080 ) million, which was offset
• $3.3 — ,783,080 ) million, which was offset by $3.3 3,265,482 million in cash provided from
• $96.8 — e Company had an accumulated deficit of $96.8 ( 96,840,712 ) million and cash and cas
• $0.2 — illion and cash and cash equivalents of $0.2 191,724 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
• $5 thousand — with monthly payments of approximately $5 thousand. As of September 30, 2024, the Company'

Filing Documents

• miniminc_10q.htm (10-Q) — 798KB
• miniminc_ex31-1.htm (EX-31.1) — 22KB
• miniminc_ex32-1.htm (EX-32.1) — 10KB
• 0001829126-24-007675.txt ( ) — 3768KB
• minm-20240930.xsd (EX-101.SCH) — 28KB
• minm-20240930_cal.xml (EX-101.CAL) — 46KB
• minm-20240930_def.xml (EX-101.DEF) — 92KB
• minm-20240930_lab.xml (EX-101.LAB) — 259KB
• minm-20240930_pre.xml (EX-101.PRE) — 218KB
• miniminc_10q_htm.xml (XML) — 407KB

- 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 26 ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 28 ITEM 3. DEFAULTS UPON SENIOR SECURITIES 28 ITEM 4. MINE SAFETY DISCLOSURES 28 ITEM 5. OTHER INFORMATION 29 ITEM 6. EXHIBITS 30

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION ITEM 1.

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS MINIM, INC. AND SUBSIDIARIES Condensed Consolidated Balance Sheets September 30, 2024 (Unaudited) December 31, 2023 ASSETS Current assets Cash and cash equivalents $ 191,724 $ 709,322 Accounts receivable, net of allowance of doubtful accounts of $ 0 and $ 312,983 as of September 30, 2024 and December 31, 2023, respectively - 701,377 Inventories, net - 9,952,647 Prepaid expenses and other current assets 24,107 35,768 Total current assets 215,831 11,399,114 Equipment, net 189,054 432,505 Operating lease right-of-use assets, net - 22,512 Intangible assets, net - 33,247 Other assets 28,311 472,587 Total assets $ 433,196 $ 12,359,965 LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) Current liabilities Accounts payable $ 307,781 $ 11,143,693 Current maturities of operating lease liabilities - 22,512 Accrued expenses 684,269 1,077,843 Total current liabilities 992,050 12,244,048 Total liabilities 992,050 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: 3,557,581 shares at September 30, 2024 and 2,632,809 shares at December 31, 2023 respectively 488,583 479,335 Additional paid-in capital 94,434,702 92,105,360 Accumulated deficit ( 96,840,712 ) ( 92,468,778 ) Total stockholders' equity (deficit) ( 558,854 ) 115,917 Total liabilities and stockholders' equity (deficit) $ 433,196 $ 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 Nine Months Ended September 30, September 30, 2024 2023 2024

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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