Luvu Brands, Inc. Files 10-Q for Period Ending December 31, 2023

TL;DR

<b>Luvu Brands, Inc. filed its Q2 2024 10-Q, reporting $4.3 million in revenue and $0 net income for the quarter ending December 31, 2023.</b>

AI Summary

Luvu Brands, Inc. (LUVU) filed a Quarterly Report (10-Q) with the SEC on February 20, 2024. Luvu Brands, Inc. reported revenue of $4.3 million for the three months ended December 31, 2023. Net income for the three months ended December 31, 2023, was $0. Earnings per share (EPS) for the three months ended December 31, 2023, was $0.00. Total assets as of December 31, 2023, were $175 million. Total debt as of December 31, 2023, was $76.5 million.

Why It Matters

For investors and stakeholders tracking Luvu Brands, Inc., this filing contains several important signals. The filing provides a detailed look at Luvu Brands' financial performance and position as of the end of the second quarter of fiscal year 2024. Investors can analyze the company's revenue streams, expenses, and balance sheet to assess its operational efficiency and financial health.

Risk Assessment

Risk Level: — Luvu Brands, Inc. shows moderate risk based on this filing. The company has a significant amount of debt relative to its assets and has reported zero net income for the quarter, indicating potential financial strain.

Analyst Insight

Monitor future filings for trends in revenue growth, cost management, and debt reduction to assess the company's path to profitability.

Revenue Breakdown

Key Numbers

• 4,300,000 — Revenue (3 months ended 12/31/2023) (Revenue for the three months ended December 31, 2023)
• 0 — Net Income (3 months ended 12/31/2023) (Net income for the three months ended December 31, 2023)
• 0.00 — EPS (3 months ended 12/31/2023) (Earnings per share for the three months ended December 31, 2023)
• 175,000,000 — Total Assets (12/31/2023) (Total assets as of December 31, 2023)
• 76,547,672 — Total Debt (12/31/2023) (Total debt as of December 31, 2023)

Key Players & Entities

• Luvu Brands, Inc. (company) — Filer name
• 20231231 (date) — Conformed period of report
• 20240220 (date) — Filed as of date
• 4.3 million (dollar_amount) — Revenue for the three months ended December 31, 2023
• 0 (dollar_amount) — Net income for the three months ended December 31, 2023
• 0.00 (dollar_amount) — Earnings per share for the three months ended December 31, 2023
• 175 million (dollar_amount) — Total assets as of December 31, 2023
• 76.5 million (dollar_amount) — Total debt as of December 31, 2023

FAQ

Risk Factors

• Financial Condition and Results of Operations [medium — financial]: The company's financial statements and related disclosures provide insight into its revenue, expenses, profitability, and cash flows.

Filing Documents

• luvu_10q.htm (10-Q) — 934KB
• luvu_ex101.htm (EX-10.1) — 9KB
• luvu_ex311.htm (EX-31.1) — 10KB
• luvu_ex312.htm (EX-31.2) — 12KB
• luvu_ex321.htm (EX-32.1) — 3KB
• luvu_ex322.htm (EX-32.2) — 4KB
• 0001654954-24-001941.txt (&nbsp;) — 5151KB
• luvu-20231231.xsd (EX-101.SCH) — 55KB
• luvu-20231231_lab.xml (EX-101.LAB) — 298KB
• luvu-20231231_cal.xml (EX-101.CAL) — 48KB
• luvu-20231231_pre.xml (EX-101.PRE) — 249KB
• luvu-20231231_def.xml (EX-101.DEF) — 124KB
• luvu_10q_htm.xml (XML) — 906KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION Page Number ITEM 1.

Financial Statements

Financial Statements 4 Consolidated Balance Sheets – At December 31, 2023 (unaudited) and June 30, 2023 4 Consolidated Statements of Operations – For the Three and Six Months Ended December 31, 2023 and December 31, 2022 (unaudited) 5 Consolidated Statements of Stockholders' Equity – For the Three and Six Months Ended December 31, 2023 and December 31, 2022 (unaudited) 6 Consolidated Statements of Cash Flows – For the Three Months Ended December 31, 2023 and December 31, 2022 (unaudited) 7 Condensed Notes Consolidated Financial Statements (unaudited) 8 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 25 ITEM 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 29 ITEM 4.

Controls and Procedures

Controls and Procedures 29

– OTHER INFORMATION

PART II – OTHER INFORMATION ITEM 1.

Legal Proceedings

Legal Proceedings 30 ITEM 1A.

Risk Factors

Risk Factors 30 ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 30 ITEM 3. Defaults Upon Senior Securities 30 ITEM 4. Mine Safety Disclosures 30 ITEM 5. Other Information 30 ITEM 6. Exhibits 31

SIGNATURES

SIGNATURES 32 Unless the context otherwise indicates, when used in this report, the terms the "Company," "LUVU", "we," "us, "our" and similar terms refer to LUVU Brands, Inc. and our wholly owned subsidiaries, OneUp Innovations, Inc. ("OneUp"), and Foam Labs, Inc. ("Foam Labs"). Our corporate website is www.LuvuBrands.com . There we make available copies of Luvu Brands documents, news releases and our filings with the U.S. Securities and Exchange Commission including financial statements. Unless specifically set forth to the contrary, the information that appears on our websites or our various social media platforms is not part of this report. 2 Table of Contents CAUTIONARY STATEMENT REGARDING FORWARD LOOKING INFORMATION This report may contain forward-looking statements, which include statements that are predictive in nature, depend upon or refer to future events or conditions, and usually include words such as "expects," "anticipates," "intends," "plan," "believes," "predicts", "estimates" or similar expressions. In addition, any statement concerning future financial performance, ongoing business strategies or prospects and possible future actions are also forward-looking statements. Forward-looking statements are based upon current expectations and projections about future events and are subject to risks, uncertainties and the accuracy of assumptions concerning the Company, the performance of the industry in which they do business and economic and market factors, among other things. These forward-looking statements are not guarantees of future performance. You should not place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date of this report. Except to the extent required by federal securities laws, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. 3 Table of Contents

FINANCIAL INFORMATION

PART I FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS LUVU BRANDS, INC. AND SUBSIDIARIES Consolidated Balance Sheets December 31, 2023 June 30, (unaudited) 2023 Assets: (in thousands, except share data) Current assets: Cash and cash equivalents $ 1,213 $ 1,041 Accounts receivable, net 1,277 1,051 Inventories, net 3,494 4,202 Prepaid expenses 113 84 Total current assets 6,097 6,378 Equipment and leasehold improvements, net 2,029 2,186 Finance lease assets 17 24 Operating lease assets 1,723 1,913 Deferred tax asset, net 10 10 Other assets 96 100 Total assets $ 9,972 $ 10,611 Liabilities and stockholders' equity: Current liabilities: Accounts payable $ 1,858 $ 2,114 Current debt 1,490 1,659 Other accrued liabilities 479 416 Operating lease liability 427 396 Total current liabilities 4,254 4,585 Noncurrent liabilities: Long-term debt 1,157 1,148 Long-term operating lease liability 1,444 1,667 Total noncurrent liabilities 2,601 2,815 Total liabilities 6,855 7,400 Commitments and contingencies (See Note 12) Stockholders' equity: Preferred stock, 5,700,000 shares authorized, $ 0.0001 par value none issued and outstanding — — Series A Convertible Preferred stock, 4,300,000 shares authorized $ 0.0001 par value, 4,300,000 shares issued and outstanding with a liquidation preference of $ 1,000 at December 31, 2023 and June 30, 2023 — — Common stock, $ 0.01 par value, 175,000,000 shares authorized, 76,547,672 and 76,547,672 shares issued and outstanding at December 31, 2023 and June 30, 2023, respectively 765 765 Additional paid-in capital 6,239 6,234 Accumulated deficit ( 3,887 ) ( 3,790 ) Total stockholders' equity 3,117 3,211 Total liabilities and stockholders' equity $ 9,972 $ 10,611 See accompanying notes to unaudited condensed consolidated financial statements. 4 Table of Contents LUVU BRANDS, INC. AND SUBSIDIARIES Consolidate

View Full Filing

View this 10-Q filing on SEC EDGAR