Maison Solutions Inc. Files 10-Q for Period Ended January 31, 2024

TL;DR

<b>Maison Solutions Inc. has filed its quarterly report (10-Q) for the period ending January 31, 2024, indicating its status as a smaller reporting and emerging growth company.</b>

AI Summary

Maison Solutions Inc. (MSS) filed a Quarterly Report (10-Q) with the SEC on March 18, 2024. Maison Solutions Inc. filed a 10-Q report for the quarterly period ended January 31, 2024. The company is incorporated in Delaware and its fiscal year ends on April 30. Maison Solutions Inc. is listed on The Nasdaq Stock Market LLC under the ticker MSS. The company has elected to use the extended transition period for complying with new or revised financial accounting standards. The filing is for a non-accelerated filer, a smaller reporting company, and an emerging growth company.

Why It Matters

For investors and stakeholders tracking Maison Solutions Inc., this filing contains several important signals. This filing provides an update on Maison Solutions Inc.'s financial performance and operational status for the most recent quarter. As a smaller reporting and emerging growth company, Maison Solutions Inc. may have different disclosure requirements and flexibility in adopting new accounting standards.

Risk Assessment

Risk Level: low — Maison Solutions Inc. shows low risk based on this filing. The filing is a standard quarterly report (10-Q) with no immediate red flags or significant negative indicators presented in the provided header information.

Analyst Insight

Review the full 10-Q filing for detailed financial statements, management discussion and analysis, and risk factors to understand the company's performance and outlook.

Key Numbers

• 2024-01-31 — Quarterly Period End Date (Reported period)
• 001-41720 — SEC File Number (Commission File Number)
• 84-2498797 — IRS Number (Registrant's IRS Employer Identification No.)

Key Players & Entities

• Maison Solutions Inc. (company) — Filer name
• January 31, 2024 (date) — Quarterly period ended
• Delaware (jurisdiction) — State of incorporation
• April 30 (date) — Fiscal year end
• MSS (ticker) — Trading Symbol
• The Nasdaq Stock Market LLC (company) — Exchange where registered
• 127 N Garfield Ave (address) — Principal Executive Offices Street 1
• Monterey Park (location) — Principal Executive Offices City

FAQ

Industry Context

Maison Solutions Inc. operates in the retail-grocery stores sector.

Regulatory Implications

The company is subject to the reporting requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934.

What Investors Should Do

1. Analyze the detailed financial statements within the 10-Q for revenue, expenses, and profitability.
2. Review the Management's Discussion and Analysis (MD&A) section for insights into business trends and future outlook.
3. Examine the risk factors section for potential challenges and uncertainties facing the company.

Key Dates

• 2024-01-31: Quarterly Period End — End date for the reported financial period in the 10-Q filing.
• 2024-03-18: Filing Date — Date the 10-Q report was filed with the SEC.

Year-Over-Year Comparison

This is a standard quarterly filing (10-Q) and does not inherently provide comparative data to a previous filing within the header information.

Key Financial Figures

• $0.0001 — which registered Class A common stock, $0.0001 par value per share MSS The Nasdaq Stoc

Filing Documents

• ea0201807-10q_maison.htm (10-Q) — 1125KB
• ea020180701ex31-1_maison.htm (EX-31.1) — 9KB
• ea020180701ex31-2_maison.htm (EX-31.2) — 9KB
• ea020180701ex32-1_maison.htm (EX-32.1) — 4KB
• ea020180701ex32-2_maison.htm (EX-32.2) — 4KB
• 0001213900-24-023587.txt (&nbsp;) — 7866KB
• mss-20240131.xsd (EX-101.SCH) — 80KB
• mss-20240131_cal.xml (EX-101.CAL) — 75KB
• mss-20240131_def.xml (EX-101.DEF) — 401KB
• mss-20240131_lab.xml (EX-101.LAB) — 675KB
• mss-20240131_pre.xml (EX-101.PRE) — 404KB
• ea0201807-10q_maison_htm.xml (XML) — 1022KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Item 1. Financial 1 Consolidated Balance Sheets as of January 31, 2024 (Unaudited) and April 30, 2023 (Audited) 1 Consolidated 2 Consolidated 3 Consolidated 4 Notes to Condensed Financial Statements (Unaudited) 5 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 28 Item 3. Quantitative and Qualitative Disclosures about Market Risk 39 Item 4. Controls and Procedures 39 PART II. OTHER INFORMATION Item 1. Legal Proceedings 41 Item 1A. Risk Factors 41 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 41 Item 3. Defaults Upon Senior Securities 41 Item 4. Mine Safety Disclosures 41 Item 5. Other Information 41 Item 6. Exhibits 42

SIGNATURES

SIGNATURES 43 i PART I. FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS MAISON SOLUTIONS INC. CONSOLIDATED BALANCE SHEETS January 31, 2024 (Unaudited) April 30, 2023 ASSETS Current Assets Cash and equivalents $ 9,406,626 $ 2,569,766 Accounts receivable 756,341 315,356 Accounts receivable - related parties 407,446 289,615 Inventories, net 3,020,220 2,978,986 Prepayments 20,000 1,547,243 Other receivables and other current assets 993,976 550,836 Other receivable - related parties 33,995 33,995 Total Current Assets 14,638,604 8,285,797 Restricted cash - non-current 1,101 1,101 Property and equipment, net 789,937 671,463 Intangible assets 3,071,463 197,329 Security deposits 457,491 457,491 Investment under cost method 75,000 — Investment under cost method – related parties 203,440 203,440 Investment under equity method 1,736,018 — Operating lease right-of-use assets, net 21,004,764 22,545,190 Goodwill 2,222,211 2,222,211 Total Assets $ 44,200,029 $ 34,584,022 LIABILITIES AND STOCKHOLDERS' DEFICIT Current Liabilities Accounts payable $ 1,654,221 $ 3,105,592 Accounts payable - related parties 492,480 465,310 Note payable — 150,000 Current portion of loan payables 121,942 370,828 Accrued expenses and other payables 858,342 867,796 Contract liabilities 308,326 449,334 Other payables - related parties 241,585 241,585 Operating lease liabilities - current 1,850,310 1,761,182 Income taxes payable 1,069,281 961,034 Total Current Liabilities 6,596,487 8,372,661 Long-term loan payables 2,512,674 2,561,299 Security deposit from sub-tenants 111,314 105,637 Operating lease liabilities - non-current 21,309,934 22,711,760 Deferred tax liability, net 34,273 40,408 Total Liabilities 30,564,682 33,791,765 Commitment and contingencies (Note 17) Stockholders' Equity Class A Common stock, $ 0.0001 par value, 92,000,000 shares author

View Full Filing

View this 10-Q filing on SEC EDGAR