UPEXI, INC. Files 10-Q for Q3 2024

TL;DR

UPEXI, INC. 10-Q filed for Q3 2024. Check financials.

AI Summary

UPEXI, INC. filed a 10-Q for the period ending March 31, 2024. The company, formerly known as GROVE, INC., is incorporated in Nevada and operates in the medicinal chemicals & botanical products sector. Their business address is in Tampa, Florida. The filing covers the third quarter of their 2024 fiscal year.

Why It Matters

This filing provides investors with an update on UPEXI, INC.'s financial performance and operational status for the third quarter of fiscal year 2024.

Risk Assessment

Risk Level: low — This is a standard quarterly financial filing with no immediate red flags.

Key Numbers

• 0001775194 — Central Index Key (Unique identifier for UPEXI, INC.)
• 001-40535 — SEC File Number (SEC's file number for UPEXI, INC.)

Key Players & Entities

• UPEXI, INC. (company) — Filer of the 10-Q
• GROVE, INC. (company) — Former name of UPEXI, INC.
• 20240331 (date) — End of the reporting period
• 20240709 (date) — Filing date
• Tampa, Florida (location) — Business and mailing address

FAQ

Key Financial Figures

• $0.001 — ch registered Common Stock, par value $0.001 UPXI The NASDAQ Stock Market LLC I
• $500,000 — remaining 45% of Cygnet Online, LLC for $500,000 cash, 90,909 shares of the Company's co
• $300,000 — res of the Company's common stock and a $300,000 cash payment due on September 1, 2024.
• $1,250,000 — ion Two Hundred Fifty Thousand Dollars ($1,250,000), subject to certain customary post-clo
• $6,000,000 — for the stock was Six Million Dollars ($6,000,000), subject to certain customary post-clo

Filing Documents

• upxi_10q.htm (10-Q) — 1455KB
• upxi_ex311.htm (EX-31.1) — 8KB
• upxi_ex312.htm (EX-31.2) — 8KB
• upxi_ex321.htm (EX-32.1) — 3KB
• upxi_ex322.htm (EX-32.2) — 3KB
• 0001477932-24-004117.txt ( ) — 7480KB
• upxi-20240331.xsd (EX-101.SCH) — 83KB
• upxi-20240331_lab.xml (EX-101.LAB) — 435KB
• upxi-20240331_cal.xml (EX-101.CAL) — 78KB
• upxi-20240331_pre.xml (EX-101.PRE) — 389KB
• upxi-20240331_def.xml (EX-101.DEF) — 243KB
• upxi_10q_htm.xml (XML) — 1272KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION Item 1. Interim Unaudited Condensed Consolidated Financial Statements 4 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 5 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 12 Item 4.

Controls and Procedures

Controls and Procedures 13

- OTHER INFORMATION

PART II - OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 14 Item 1A.

Risk Factors

Risk Factors 14 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 14 Item 3. Defaults Upon Senior Securities 14 Item 4. Mine Safety Disclosures 14 Item 5. Other Information 14 Item 6. Exhibits 15

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This quarterly report contains forward-looking statements. These statements relate to future events or our future financial performance. In some cases, you can identify forward-looking statements by terminology such as "may", "should", "expects", "plans", "anticipates", "believes", "estimates", "predicts", "potential" or "continue" or the negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other 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. We operate in a rapidly changing environment and new risks emerge from time to time. As a result, it is not possible for our management to predict all risks, such as the COVID-19 outbreak and associated business disruptions including delayed clinical trials and laboratory resources, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. Considering these risks, uncertainties and assumptions, the forward-looking events and circumstances discussed in this report may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. You should not rely upon forward-looking statements as predictions of future events. The forward-looking statements included in this report speak only as of the date hereof, and except as required by law, we undertake no obligation

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements UPEXI, INC. Interim Unaudited Condensed Consolidated Financial Statements For the Three and Nine Month Periods Ended March 31, 2024 and 2023 Page Condensed Consolidated Balance Sheets as of March 31, 2024 (Unaudited) and June 30, 2023 F-1 Condensed Consolidated Statements of Operations for the Three and Nine Months Ended March 31, 2024 and 2023 (Unaudited) F-2 Condensed Consolidated Statements of Stockholders' Equity for the Nine Months Ended March 31, 2024 and 2023 (Unaudited) F-3 Condensed Consolidated Statements of Cash Flows for the Nine Months Ended March 31, 2024 and 2023 (Unaudited) F-4 Notes to the Unaudited Condensed Consolidated Financial Statements F-5 4 Table of Contents UPEXI, INC. CONDENSED CONSOLDIATED BALANCE SHEETS (UNAUDITED) March 31, June 30, 2024 2023 ASSETS Current assets Cash $ 498,287 $ 4,492,291 Accounts receivable 4,707,128 6,963,915 Inventory 8,801,901 9,267,892 Due from Bloomios - 845,443 Prepaid expenses and other receivables 720,582 1,283,617 Current assets of discontinued operations 2,111,952 2,602,556 Total current assets 16,839,850 25,455,714 Property and equipment, net 7,520,005 7,442,623 Intangible assets, net 9,469,923 12,588,124 Goodwill 10,847,791 9,290,501 Deferred tax asset 8,273,049 5,604,056 Other assets 368,004 76,728 Assets held for sale 1,675,112 2,984,868 Right-of-use asset 1,513,693 410,453 Total other assets 39,667,577 38,397,353 Total assets $ 56,507,427 $ 63,853,067 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Accounts payable $ 2,124,024 $ 3,930,540 Accrued compensation 841,064 533,842 Deferred revenue 111,519 - Accrued liabilities 2,551,149 3,350,541 Acquisition payable 300,000 - Current portion of notes payable 5,473,136 1,302,021 Current portion of convertible notes payable - 1,254,167 Current portion of

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View this 10-Q filing on SEC EDGAR