UPEXI, INC. Files 2024 10-K Report

TL;DR

UPEXI 10-K is out. FY24 numbers are in. Check it.

AI Summary

UPEXI, INC. filed its 2024 10-K report, detailing its fiscal year ending June 30, 2024. The company, formerly known as Grove, Inc., is involved in medicinal chemicals and botanical products. Key financial figures and operational details for the period are presented in the filing.

Why It Matters

This filing provides investors and stakeholders with a comprehensive overview of UPEXI, INC.'s financial performance and business operations for the fiscal year 2024, including any significant transactions or changes.

Risk Assessment

Risk Level: medium — The filing is a standard annual report and does not inherently indicate increased risk without further analysis of its contents.

Key Numbers

• 5694327 — Revenue (Likely revenue for the fiscal year ending 06/30/2024, based on typical 10-K structure.)
• 5447565 — Net Income (Likely net income for the fiscal year ending 06/30/2024.)
• 500000 — Discontinued Operations (Indicates financial activity related to discontinued operations.)

Key Players & Entities

• UPEXI, INC. (company) — Filer of the 10-K
• Grove, Inc. (company) — Former name of UPEXI, INC.
• 2024-06-30 (date) — Fiscal year end
• 0001775194 (company) — Central Index Key for UPEXI, INC.
• TAMPA, FL (location) — Business and mailing address city and state

FAQ

Key Financial Figures

• $0.001 — ich registered Common Stock, par value $0.001 UPXI The NASDAQ Stock Market LLC S
• $1,235,000,000 — our total annual gross revenues exceed $1,235,000,000 (as such amount is indexed for inflatio
• $1,000,000,000 — revious 3-year period, issued more than $1,000,000,000 in non-convertible debt; or 4. The da

Filing Documents

• upxi_10k.htm (10-K) — 1885KB
• upxi_ex311.htm (EX-31.1) — 10KB
• upxi_ex312.htm (EX-31.2) — 10KB
• upxi_ex321.htm (EX-32.1) — 5KB
• upxi_ex322.htm (EX-32.2) — 4KB
• upxi_10kimg14.jpg (GRAPHIC) — 1KB
• upxi_10kimg9.jpg (GRAPHIC) — 6KB
• upxi_10kimg8.jpg (GRAPHIC) — 5KB
• upxi_10kimg15.jpg (GRAPHIC) — 8KB
• upxi_10kimg10.jpg (GRAPHIC) — 5KB
• upxi_10kimg11.jpg (GRAPHIC) — 6KB
• upxi_10kimg12.jpg (GRAPHIC) — 5KB
• upxi_10kimg13.jpg (GRAPHIC) — 5KB
• 0001477932-24-008123.txt ( ) — 9555KB
• upxi-20240630.xsd (EX-101.SCH) — 107KB
• upxi-20240630_lab.xml (EX-101.LAB) — 537KB
• upxi-20240630_cal.xml (EX-101.CAL) — 95KB
• upxi-20240630_pre.xml (EX-101.PRE) — 505KB
• upxi-20240630_def.xml (EX-101.DEF) — 320KB
• upxi_10k_htm.xml (XML) — 1506KB

Business

Business 4 Item 1A.

Risk Factors

Risk Factors 10 Item 1B. Unresolved Staff Comments 20 Item 2.

Properties

Properties 20 Item 3.

Legal Proceedings

Legal Proceedings 21 Item 4. Mine Safety Disclosures 21 Part II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 21 Item 6. [Reserved] 23 Item 7.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 23 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 31 Item 8. Consolidated financial statements and Supplementary Data 32 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 33 Item 9A.

Controls and Procedures

Controls and Procedures 33 Item 9B. Other Information 35 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 35 Part III Item 10. Directors, Executive Officers and Corporate Governance 36 Item 11.

Executive Compensation

Executive Compensation 39 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 42 Item 13. Certain Relationships and Related Transactions, and Director Independence 44 Item 14. Principal Accountant Fees and Services 44 Part IV Item 15. Exhibits and Financial Statement Schedules 45 Item 16. Form 10-K Summary 46 2 Table of Contents Cautionary Statement Regarding Forward-Looking Statements This Annual Report on Form 10-K contains express and implied 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"), which statements involve substantial risks and uncertainties. Other than statements of historical fact, all statements contained in this Annual Report on Form 10-K including statements regarding our future results of operations and financial position, our business strategy and plans and our objectives for future operations, are forward-looking statements. The words "believe," "may," "will," "potentially," "estimate," "continue," "anticipate," "plan," "intend," "could," "would," "expect," or words or expressions of similar substance or the negative thereof, that convey uncertainty of future events or outcomes are intended to identify forward-looking statements. These statements are only predictions and involve known and unknown risks, uncertainties and other factors, including the risks in the section entitled "Risk Factors," that may cause our or our industry's actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. E

Business

Item 1. Business General Overview As used in this annual report and unless otherwise indicated, the terms "we", "us", "our", "Upexi", and the "Company" mean Upexi, Inc., a Nevada corporation formed in 2018. The Company has eleven active subsidiaries, which include: HAVZ, LLC, d/b/a/ Steam Wholesale, a California limited liability company Gummy Labs, LLC, a Delaware limited liability company MW Products, Inc., a Nevada corporation Upexi Holding, LLC, a Delaware limited liability company o Upexi Pet Products, LLC, a Delaware limited liability company Upexi Enterprise, LLC, a Delaware limited liability company o Upexi Distribution LLC, a Delaware limited liability company o Upexi Distribution Management LLC, a Delaware limited liability company o Upexi Property & Assets, LLC, a Delaware limited liability company Upexi 17129 Florida, LLC, a Delaware limited liability company Cygnet Online, LLC ("Cygnet"), a Delaware limited liability company (100% owned as of September 1, 2023) The following subsidiaries had no activity during the years ended June 30, 2024 and 2023: Upexi CP, LLC, a Delaware limited liability company Upexi CP / Canada Inc., a Canadian corporation Prax Products, LLC, a Florida limited liability company Upexi Development and Marketing, LLC., a Delaware limited liability company Trunano Labs, Inc., a Nevada corporation The following subsidiaries were divested during the years ended June 30, 2024 and 2023: VitaMedica, Inc. a Nevada corporation E-Core Technology, Inc. a Florida corporation Infusionz LLC, a Colorado limited liability company Interactive Offers, LLC, a Delaware limited liability company In addition, the Company has six wholly owned subsidiaries that had no activity during the years ended June 30, 2024 and 2023. All of the entities were dissolved or canceled as of June 30, 2024. Steam Distribution, LLC, a California limited liability company One Hit Wonder, Inc., a California corporation One Hit Wonder Holding

Risk Factors

Item 1A. Risk Factors Investing in our common stock involves a high degree of risk. You should consider carefully the risks, uncertainties and other factors described below, in addition to the other information set forth in this Form 10-K, before making an investment decision. Any of these risks, uncertainties and other factors could materially and adversely affect our business, financial condition, results of operations, cash flows or prospects. In that case, the market price of our common stock could decline, and you may lose all or part of your investment in our common stock. See also "Cautionary Statement Regarding Forward-Looking Statements." 10 Table of Contents Risks Relating to Our Company Our limited operating history makes it difficult for potential investors to evaluate our business prospects and management. The Company was incorporated on September 5, 2018, and only commenced operations thereafter. Accordingly, we have a limited operating history upon which to base an evaluation of our business and prospects. Operating results for future periods are subject to numerous uncertainties, and we cannot assure you that the Company will achieve or sustain profitability in the future. The Company's prospects must be considered in light of the risks encountered by companies in the early stage of development, particularly companies in new and rapidly evolving markets. Future operating results will depend upon many factors, including our success in attracting and retaining motivated and qualified p

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View this 10-K filing on SEC EDGAR