Kisses From Italy Inc. Files 2023 10-K

TL;DR

Kisses From Italy Inc. filed its 2023 10-K, detailing financials for the year ending Dec 31, 2023.

AI Summary

Kisses From Italy Inc. filed its 2023 10-K on July 15, 2024, reporting on its fiscal year ending December 31, 2023. The company, operating in the retail-eating & drinking places sector, is incorporated in Florida and headquartered in Miami. The filing covers its financial performance and business operations for the period.

Why It Matters

This 10-K filing provides investors and the public with a comprehensive overview of Kisses From Italy Inc.'s financial health and operational status for the fiscal year 2023.

Risk Assessment

Risk Level: low — The provided text is a standard 10-K filing header and does not contain specific financial performance data or forward-looking statements that would indicate a high risk.

Key Numbers

• 2023 — Fiscal Year End (The period covered by the 10-K filing.)
• 20240715 — Filing Date (The date the 10-K was submitted to the SEC.)
• 1231 — Fiscal Year End Month/Day (Indicates the end of the fiscal year for reporting.)

Key Players & Entities

• Kisses From Italy Inc. (company) — Filer and subject of the 10-K
• 0001608092 (company) — Central Index Key for Kisses From Italy Inc.
• RETAIL-EATING & DRINKING PLACES [5810] (industry) — Standard Industrial Classification
• MIAMI (location) — City of business and mailing address
• FL (location) — State of incorporation and business/mailing address
• 20231231 (date) — Conformed period of report (fiscal year end)
• 20240715 (date) — Filing date

FAQ

Key Financial Figures

• $0.001 — of each class) Common Stock, par value $0.001 per share Indicate by check mark if t
• $5.95 — etable) products at prices ranging from $5.95 to $7.95. We also offer deli paninis in
• $7.95 — roducts at prices ranging from $5.95 to $7.95. We also offer deli paninis including f
• $1.50 — lle or a corneti, ranging in price from $1.50 to $2.50. Our breakfast menu is served
• $2.50 — corneti, ranging in price from $1.50 to $2.50. Our breakfast menu is served all day W
• $15,000 — al two Florida franchises at a price of $15,000 per location. These locations are set t

Filing Documents

• kisses_i10k-123123.htm (10-K) — 1037KB
• kisses_ex0401.htm (EX-4.1) — 12KB
• kisses_ex2101.htm (EX-21.1) — 1KB
• kisses_ex3101.htm (EX-31.1) — 10KB
• kisses_ex3102.htm (EX-31.2) — 10KB
• kisses_ex3201.htm (EX-32.1) — 3KB
• kisses_ex3202.htm (EX-32.2) — 5KB
• image_001.jpg (GRAPHIC) — 5KB
• 0001683168-24-004856.txt ( ) — 4174KB
• kitl-20231231.xsd (EX-101.SCH) — 30KB
• kitl-20231231_cal.xml (EX-101.CAL) — 43KB
• kitl-20231231_def.xml (EX-101.DEF) — 128KB
• kitl-20231231_lab.xml (EX-101.LAB) — 281KB
• kitl-20231231_pre.xml (EX-101.PRE) — 228KB
• kisses_i10k-123123_htm.xml (XML) — 380KB

Business

Business 1 Item 1A.

Risk Factors

Risk Factors 9 Item 1B. Unresolved Staff Comments 26 Item 1C. Cybersecurity 26 Item 2.

Properties

Properties 26 Item 3.

Legal Proceedings

Legal Proceedings 26 Item 4. Mine Safety Disclosures 26 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 27 Item 6. [Reserved] 29 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 29 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 35 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 35 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 36 Item 9A.

Controls and Procedures

Controls and Procedures 36 Item 9B. Other Information 37 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 37 PART III Item 10. Directors, Executive Officers, and Corporate Governance 38 Item 11.

Executive Compensation

Executive Compensation 40 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 41 Item 13. Certain Relationships and Related Transactions, and Director Independence 42 Item 14. Principal Accountant Fees and Services 43 PART IV Item 15. Exhibits, Financial Statement Schedules 44 Item 16. 10-K Summary 47

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K (the "Annual Report") contains forward-looking statements that involve risks and uncertainties. We make such forward-looking laws. Forward-looking statements are based on our beliefs, assumptions and expectations of our future financial and operating performance and growth plans, taking into account the information currently available to us. These statements are not statements of historical fact. We have attempted to identify forward-looking statements by using terminology such as "anticipates," "believes," "expects," "can," "continue," "could," "estimates," "expects," "intends," "may," "plans," "potential," "predicts," "should," "will," or the negative of these terms or other comparable terminology. These statements are only predictions; uncertainties and other factors may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels or activity, performance, or achievements expressed or implied by these forward-looking statements. You should not place undue reliance on forward looking statements. The cautionary statements set forth in this Annual Report identify important factors which you should consider in evaluating our forward-looking statements. These risks and uncertainties may include, without limitation, risks related to general economic and business conditions; our ability to continue as a going concern; our ability to obtain financing necessary to operate our business; our limited operating history; our ability to recruit and retain qualified personnel; our ability to manage any future growth; our ability to research and successfully develop our planned products; our ability to successfully complete potential acquisitions and collaborative arrangements; and other factors including those set

BUSINESS

ITEM 1. BUSINESS Overview Kisses From Italy Inc. (together with its subsidiaries, hereinafter referred to as "us," "our," "we," or the "Company") was incorporated in the State of Florida on March 7, 2013, with a focus on developing a fast, casual food dining chain restaurant business. It currently operates through the following wholly-owned subsidiaries: (1) Kisses From Italy 9 th LLC, (2) Kisses From Italy-Franchising LLC; and (3) Kisses From Italy, Inc. (Canada), a company incorporated under the laws of Canada and registered in Quebec on December 23, 2020. The Company's main focus is to develop a fast, casual food dining chain restaurant business of corporate-owned restaurants and expanding through a nationwide/international franchise and territory sales program. The Company commenced operations in May 2015 by opening its first location in Fort Lauderdale, Florida, which is the only operating restaurant as of the date of this Annual Report. The Company also opened in 2016 three additional restaurants, located in various Wyndham Hotel properties in the Pompano Beach, Florida area, but these restaurants are no longer operational (in December 2017, the Company vacated one of its restaurants due to a hurricane; in June 2021, the Company consolidated its two Wyndham restaurants into one location to become more efficient, and in May 2023, the Company made the decision not to renew a lease in Wyndham Palm Aire location and to close its operations there. The Company opened its European location in Ceglie del Campo, Bari, Italy, in October 2019. The Bari location closed in April 2020 due to the Covid-19 pandemic, briefly re-opened and permanently closed on December 31, 2023. Such a location was intended to serve as the distribution center for future products for European locations, as well as to be used as a training facility for European franchises. However, this initiative has been severely curtailed due to the onset and lingering impact of Covid-19 in Europe. The

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View this 10-K filing on SEC EDGAR