SRM Entertainment Files 2023 10-K/A Amendment

TL;DR

SRM Entertainment filed an amendment to its 2023 10-K. Check for updates.

AI Summary

SRM Entertainment, Inc. filed an amendment (10-K/A) on December 19, 2024, for its fiscal year ending December 31, 2023. The company, incorporated in Nevada and based in Jupiter, Florida, operates in the Games, Toys & Children's Vehicles sector. This filing provides updated financial information and disclosures for the reporting period.

Why It Matters

This amendment to the annual report provides updated financial and operational details for SRM Entertainment, Inc., which could impact investor understanding of the company's performance and future outlook.

Risk Assessment

Risk Level: low — This filing is an amendment to a previous filing and does not appear to introduce new material risks or significant changes in financial status.

Key Numbers

• 20231231 — Fiscal Year End (Reporting period for the 10-K/A filing.)
• 20241219 — Filing Date (Date the amendment was submitted to the SEC.)

Key Players & Entities

• SRM Entertainment, Inc. (company) — Filer
• 10-K/A (document) — Filing Type
• 20231231 (date) — Fiscal Year End
• 20241219 (date) — Filing Date
• Jupiter, Florida (location) — Business Address

FAQ

Key Financial Figures

• $2.50 — r products are generally priced between $2.50 and $50.00, which allows our diverse co
• $50 — are generally priced between $2.50 and $50.00, which allows our diverse consumer b
• $5.00 — 00 shares of common stock at a price of $5.00 per share, resulting in gross proceeds
• $6.25 million — roceeds to the Company of approximately $6.25 million. Net proceeds to the Company, after ded
• $5.3 million — paid by the Company, were approximately $5.3 million. All shares sold in our IPO were regist
• $6.00 — fering. The warrants are exercisable at $6.00 per share, which represents 120% of the

Filing Documents

• form10-ka.htm (10-K/A) — 1085KB
• ex31-1.htm (EX-31.1) — 17KB
• ex31-2.htm (EX-31.2) — 17KB
• ex32-1.htm (EX-32.1) — 6KB
• ex32-2.htm (EX-32.2) — 7KB
• form10-k_001.jpg (GRAPHIC) — 3KB
• 0001493152-24-050661.txt ( ) — 3569KB
• srm-20231231.xsd (EX-101.SCH) — 23KB
• srm-20231231_cal.xml (EX-101.CAL) — 36KB
• srm-20231231_def.xml (EX-101.DEF) — 79KB
• srm-20231231_lab.xml (EX-101.LAB) — 201KB
• srm-20231231_pre.xml (EX-101.PRE) — 164KB
• form10-ka_htm.xml (XML) — 324KB

RISK FACTORS

ITEM 1A. RISK FACTORS 5

UNRESOLVED STAFF COMMENTS

ITEM 1B. UNRESOLVED STAFF COMMENTS 18

CYBERSECURITY

ITEM 1C. CYBERSECURITY 18

PROPERTIES

ITEM 2. PROPERTIES 19

LEGAL PROCEEDINGS

ITEM 3. LEGAL PROCEEDINGS 19

MINE SAFETY DISCLOSURES

ITEM 4. MINE SAFETY DISCLOSURES. 19 PART II 19

MARKET FOR COMMON EQUITY, RELATED STOCKHOLDER MATTERS, AND ISSUER PURCHASES OF EQUITY SECURITIES

ITEM 5. MARKET FOR COMMON EQUITY, RELATED STOCKHOLDER MATTERS, AND ISSUER PURCHASES OF EQUITY SECURITIES 19

RESERVED

ITEM 6. RESERVED 20

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 20

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 24

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 24

CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURES

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURES 24

CONTROLS AND PROCEDURES

ITEM 9A. CONTROLS AND PROCEDURES 25

OTHER INFORMATION

ITEM 9B. OTHER INFORMATION 26 PART III 26

DIRECTORS AND EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

ITEM 10. DIRECTORS AND EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 26

EXECUTIVE COMPENSATION

ITEM 11. EXECUTIVE COMPENSATION 30

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT 32

CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE 33

PRINCIPAL ACCOUNTANT FEES AND SERVICES

ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES 33 PART IV 34

EXHIBITS, FINANCIAL STATEMENT SCHEDULES

ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES 34

SIGNATURES

SIGNATURES 35 2 Table of Contents This Annual Report on Form 10-K includes the accounts of SRM Entertainment, Inc., a Nevada corporation ("SRM"). References in this Report to "we", "our", "us". "SRM", or the "Company" refer to SRM Entertainment, Inc. and its consolidated subsidiary unless the context dictates otherwise. EXPLANATORY NOTE This Amendment No. 1 on Form 10-K/A (the "Amendment") amends the Annual Report on Form 10-K of the Company for the fiscal year ended December 31, 2023, as filed with the United States Securities and Exchange Commission (the "SEC") on April 1, 2024 (the "Original Report"). Specifically, this Amendment amends and restates Part II, Item 9A, "Controls and Procedures" in its entirety to correct a typo in management's conclusion regarding the Company's disclosure controls and procedures. The Original Report mistakenly The specific disclosure item in Item 9A "Evaluation of Disclosure Controls and Procedures" stated that the Company's certifying officers had concluded the disclosures controls and procedures were effective in the first paragraph and ineffective in the second paragraph. Rather, the Company's principal executive officer and principal financial officer concluded that the Company's disclosure controls and procedures were effective to ensure that the material information required to be included in the Company's Securities and Exchange Commission reports is accumulated and communicated to the Company's management, including its principal executive and financial officer, recorded, processed, summarized and reported within the time periods specified in Securities and Exchange Commission rules and forms relating to the Company. The Company has revised its disclosure below to correctly conclude that the Company's disclosure controls and procedures were effective at the time of filing the Original Report.

financial statements are presented using the historical financial statements of SRM Ltd

financial statements are presented using the historical financial statements of SRM Ltd.

Business

Business The Company is a trusted toy and souvenir designer and developer, selling into the world's largest theme parks and entertainment venues. Our business is built on the principle that almost everyone is a fan of something and the evolution of pop culture is leading to increasing opportunities for fan loyalty. We create whimsical, fun and unique products that enable fans to express their affinity for their favorite "something"—whether it is a movie, TV show, favorite celebrity, or favorite restaurant. We infuse our distinct designs and aesthetic sensibility into a wide variety of product categories, including figures, plush, accessories, apparel, and homewares. With our unique style, expertise in pop culture, broad product distribution and highly accessible price points, we have developed a passionate following for our products that has underpinned our growth. We believe we sit at the nexus of pop culture—content providers value us for our broad network of retail customers, retailers value us for our portfolio of pop culture products and pop culture insights, and consumers value us for our distinct, stylized products and the content they represent. Pop culture pervades modern life and almost everyone is a fan of something. Today, more quality content is available and technology innovation has made content accessible anytime, anywhere. As a result, the breadth and depth of pop culture fandom resembles, and in many cases exceeds, the type of fandom previously associated only with sports. Everyday interactions at home, work or with friends are increasingly influenced by pop culture. We have invested strategically in our relationships with key constituents in pop culture. Content providers value us for our broad network of retail customers and retailers value us for our pop culture products, pop culture insights and ability to drive consumer traffic. Consumers, who value us for our distinct, stylized products, remain at the center of everything we do. Cont

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