Reborn Coffee Files Q1 2024 10-Q

TL;DR

Reborn Coffee (RBN) filed its Q1 2024 10-Q. Check financials.

AI Summary

Reborn Coffee, Inc. filed its quarterly report on Form 10-Q for the period ended March 31, 2024. The company, formerly known as CAPAX INC., is incorporated in Delaware and operates in the retail-eating places sector. Its principal business address is 580 N. Berry Street, Brea, CA.

Why It Matters

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

Risk Assessment

Risk Level: low — This is a standard quarterly filing providing basic company information and financial reporting for the period ended March 31, 2024.

Key Players & Entities

• Reborn Coffee, Inc. (company) — Registrant
• CAPAX INC. (company) — Former company name
• March 31, 2024 (date) — Quarterly period end date
• 580 N. Berry Street, Brea, CA (location) — Business address

FAQ

Key Financial Figures

• $0.0001 — ange on which registered Common Stock, $0.0001 par value per share REBN The Nasdaq Sto

Filing Documents

• ea0209649-10q_reborn.htm (10-Q) — 534KB
• ea020964901ex31-1_reborn.htm (EX-31.1) — 10KB
• ea020964901ex31-2_reborn.htm (EX-31.2) — 10KB
• ea020964901ex32-1_reborn.htm (EX-32.1) — 4KB
• ea020964901ex32-2_reborn.htm (EX-32.2) — 4KB
• 0001213900-24-063045.txt ( ) — 4497KB
• rebn-20240331.xsd (EX-101.SCH) — 61KB
• rebn-20240331_cal.xml (EX-101.CAL) — 48KB
• rebn-20240331_def.xml (EX-101.DEF) — 241KB
• rebn-20240331_lab.xml (EX-101.LAB) — 421KB
• rebn-20240331_pre.xml (EX-101.PRE) — 240KB
• ea0209649-10q_reborn_htm.xml (XML) — 421KB

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 21 Item 3

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 28 Item 4

Controls and Procedures

Controls and Procedures 28 PART II OTHER INFORMATION 29 Item 1

Legal Proceedings

Legal Proceedings 29 Item 1A

Risk Factors

Risk Factors 29 Item 2 Unregistered Sales of Equity Securities and Use of Proceeds 29 Item 6 Exhibits 30 Signature 31 i NOTE REGARDING FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, (the "Securities Act") and Section 21E of the Securities Exchange Act of 1934, as amended, (the "Exchange Act") that are based on our management's beliefs and assumptions and on information currently available to management, and which statements involve substantial risk and uncertainties. All statements contained in this Quarterly Report on Form 10-Q other than statements of historical fact, including statements regarding our future operating results and financial position, our business strategy and plans, market growth and trends, and objectives for future operations are forward-looking you can identify forward-looking statements because they contain words such as "may," "will," "should," "expects," "plans," "anticipates," "could," "intends," "target," "projects," "contemplates," "believes," "estimates," "predicts," "potential," or "continue" or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans or intentions. These risks and uncertainties include, among other things, risks related to our expectations regarding the impact of the coronavirus pandemic (the "COVID-19 pandemic"), including the easing of related regulations and measures as the pandemic and its related effects begin to abate or have abated, on our business, results of operations, financial condition, and future profitability and growth; our expectations regarding the impact of the evolving COVID-19 pandemic on the businesses of our customers, partners and suppliers, and the economy,

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION

Unaudited Consolidated Financial

Item 1. Unaudited Consolidated Financial Reborn Coffee, Inc. and Subsidiaries Unaudited Condensed Consolidated Balance Sheets As of March 31, 2024 December 31, 2023 ASSETS Current assets: Cash and cash equivalents $ 70,251 $ 164,301 Accounts receivable, net of allowance for doubtful accounts of $ 0 and $ 0 , respectively 192,724 56,938 Inventories, net 266,698 185,061 Prepaid expense and other current assets 1,163,311 359,124 Total current assets 1,692,984 765,424 Property and equipment, net 4,417,702 3,494,050 Operating lease right-of-use asset 4,350,335 4,566,968 Other assets 419,482 425,712 Total assets $ 10,880,503 $ 9,252,154 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 513,008 $ 632,753 Accrued expenses and current liabilities 724,693 611,290 Loans payable to financial institutions – current portion 729,968 791,352 Loan payable to other 709,027 609,027 Loan payable to shareholder 200,000 100,000 Current portion of loan payable, emergency injury disaster loan (EIDL) 30,060 30,060 Current portion of loan payable, payroll protection program (PPP) 45,678 45,678 Current portion of operating lease liabilities 975,013 1,003,753 Total current liabilities 3,927,447 3,823,913 Loans payable to financial institutions, less current portion 335,147 335,147 Loan payable, emergency injury disaster loan (EIDL), less current portion 469,940 469,940 Loan payable, payroll protection program (PPP), less current portion 39,819 51,595 Operating lease liabilities, net of current portion 3,536,804 3,525,153 Total liabilities 8,309,157 8,405,748 Commitments and Contingencies Stockholders' equity Common Stock, $ 0.0001 par value, 40,000,000 shares authorized; 2,849,672 and 1,866,174 shares issued and outstanding at March 31, 2024 and December 31, 2023 285 187 Preferred Stock, $ 0.0001 par value, 1,000,000 shares authorized; no

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View this 10-Q filing on SEC EDGAR