NightFood Holdings Files Q1 2024 Report

TL;DR

NightFood Holdings filed its 10-Q for Q1 2024. Check financials.

AI Summary

NightFood Holdings, Inc. filed its quarterly report for the period ending March 31, 2024. The company, incorporated in Nevada, operates in the sugar & confectionery products industry. Its principal executive offices are located in Tarrytown, New York.

Why It Matters

This filing provides investors with an update on NightFood Holdings' financial performance and operational status for the first quarter of 2024.

Risk Assessment

Risk Level: low — This is a standard quarterly filing providing financial and operational updates, not indicating immediate high risk.

Key Players & Entities

• NightFood Holdings, Inc. (company) — Registrant
• March 31, 2024 (date) — Quarterly period end date
• 20240617 (date) — Filing date
• Nevada (location) — State of Incorporation
• Tarrytown, New York (location) — Principal Executive Offices

FAQ

Filing Documents

• ea0207699-10q_nightfood.htm (10-Q) — 1301KB
• ea020769901ex31-1_nightfood.htm (EX-31.1) — 16KB
• ea020769901ex32-1_nightfood.htm (EX-32.1) — 7KB
• 0001213900-24-053334.txt ( ) — 8310KB
• ngtf-20240331.xsd (EX-101.SCH) — 90KB
• ngtf-20240331_cal.xml (EX-101.CAL) — 34KB
• ngtf-20240331_def.xml (EX-101.DEF) — 453KB
• ngtf-20240331_lab.xml (EX-101.LAB) — 656KB
• ngtf-20240331_pre.xml (EX-101.PRE) — 441KB
• ea0207699-10q_nightfood_htm.xml (XML) — 973KB

Financial Statements (Unaudited)

Financial Statements (Unaudited) 1 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. 33 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 41 Item 4.

Controls and Procedures

Controls and Procedures 41

– OTHER INFORMATION

PART II – OTHER INFORMATION Item 1. Legal Proceedings. 43 Item 1A. Risk Factors. 43 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds. 43 Item 3. Defaults Upon Senior Securities. 43 Item 4. Mine Safety Disclosures. 43 Item 5. Other Information. 43 Item 6. Exhibits. 44

Signatures

Signatures 45 i Nightfood Holdings, Inc. Item 1. Financial Statements Financial Condensed Consolidated Balance Sheets as of March 31, 2024 (Unaudited) and June 30, 2023 2 Unaudited Condensed Consolidated Statements of Operations for the three and nine months ended March 31, 2024 and 2023 3 Unaudited Condensed Consolidated Statements of Changes in Stockholders' Equity (Deficit) for the three and nine months ended March 31, 2024 and 2023 4 Unaudited Condensed Consolidated Statements of Cash Flows for the nine months ended March 31, 2024 and 2023 6 Notes to Unaudited Condensed Consolidated Financial Statements 7 - 32 1 Nightfood Holdings, Inc. CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) March 31, June 30, 2024 2023 ASSETS Current assets: Cash and cash equivalents $ 186,072 $ 44,187 Accounts receivable 25,657 33,396 Inventory 35,842 276,202 Other current assets 187,225 92,726 Total current assets 434,796 446,511 Acquisition costs secured by promissory note 302,000 - Indefinite lived intangible assets 1,333,271 - Total assets $ 2,070,067 $ 446,511 LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) Current liabilities: Accounts payable and accrued liabilities $ 883,116 $ 604,516 Accounts payable and accrued liabilities - related party 250,747 101,876 Convertible notes payable - net of discounts 2,990,249 1,491,719 Total current liabilities 4,124,112 2,198,111 Commitments and contingencies (Note 12) Stockholders' equity (deficit): Series A Stock, $ 0.001 par value, 1,000,000 shares authorized 1,000 issued and outstanding as of March 31, 2024 and June 30, 2023, respectively 1 1 Series B Stock, $ 0.001 par value, 5,000 shares authorized 1,950 issued and outstanding as of March 31, 2024 and June 30, 2023, respectively 2 2 Series C Stock, $ 0.001 par value, 500,000 shares authorized 13,333 and 0 issued and outstanding as of March 31, 2024 and June 30, 2023, re

Financial Statements

Financial Statements These unaudited condensed consolidated financial statements for the three and nine months ended March 31, 2024, and 2023, respectively, reflect all adjustments including normal recurring adjustments, which, in the opinion of management, are necessary to present fairly the financial position, results of operations and cash flows for the periods presented in accordance with the accounting principles generally accepted in the United States of America. These interim unaudited condensed consolidated financial statements should be read in conjunction with the Company's consolidated financial Annual Report on Form 10-K for the fiscal year ended June 30, 2023 filed with the United States Securities and Exchange Commission on October 13, 2023. The Company assumes that the users of the interim financial information herein have read, or have access to, the audited consolidated financial statements for the preceding period, and that the adequacy of additional disclosure needed for a fair presentation may be determined in that context. The results of operations for the three and nine months ended March 31, 2024 are not necessarily indicative of results for the entire year ending June 30, 2024. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Estimates are used in the determination of depreciation and amortization, the valuation for non-cash issuances of common stock, and the website, income taxes and contingencies, valuing conve

Business

Business Combinations The Company accounts for business combinations using the purchase method of accounting. The purchase method requires the Company to determine the fair value of all acquired assets, including identifiable intangible assets and all assumed liabilities. The total cost of acquisitions is allocated to the underlying identifiable net assets, based on their respective estimated fair values. Determining the fair value of assets acquired and liabilities assumed requires management's judgment and the utilization of independent valuation experts, and often involves the use of significant estimates and assumptions, including assumptions with respect to future cash inflows and outflows, discount rates and asset lives, among other items. 8 Goodwill and Intangibles Goodwill represents the excess of the purchase price over the fair market value of the net assets (including intangibles) acquired on February 2, 2024 respectively and includes the value of indefinite lived intangible assets resulting from noncontractual customer relationships. The Company has implemented the Business Combinations Topic of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 350, Intangibles - Goodwill and Other. Goodwill is is deemed to have an indefinite life. Goodwill and indefinite life intangible assets are not amortized but are subject to, at a minimum, annual impairment tests. The Company expenses costs to maintain or extend intangible assets as incurred. The Company reviews intangible assets for impairment when events or changes in circumstances indicate the carrying amount may not be recoverable. We measure the recoverability of these assets by comparing the carrying amounts to the future undiscounted cash flows that the assets are expected to generate. If the carrying value of the assets are not recoverable, the impairment recognized is measured as the amount by which the carrying value of the asset exceeds its fair value.

View Full Filing

View this 10-Q filing on SEC EDGAR