UPEXI, INC. Files Q1 2025 10-Q

TL;DR

UPEXI Q1 2025 10-Q filed. Formerly GROVE, INC. NV incorporated.

AI Summary

UPEXI, INC. filed its 10-Q for the period ending September 30, 2024. The company, formerly known as GROVE, INC., is in the medicinal chemicals & botanical products sector and is incorporated in Nevada. The filing covers the first quarter of fiscal year 2025.

Why It Matters

This filing provides investors with an update on UPEXI, INC.'s financial performance and operational status for the first quarter of fiscal year 2025.

Risk Assessment

Risk Level: low — This is a standard quarterly filing with no immediate red flags or significant negative news.

Key Numbers

• 0.001 — Fiscal Year End (Indicates the fiscal year ends on June 30th.)
• 100000000 — Shares Authorized (Represents the number of shares authorized by the company.)
• 25000 — Par Value (The nominal or face value of a share of stock.)

Key Players & Entities

• UPEXI, INC. (company) — Filer of the 10-Q
• GROVE, INC. (company) — Former name of UPEXI, INC.
• 20240930 (date) — End of reporting period
• 20241219 (date) — Filing date
• 3030 ROCKY POINT DRIVE SUITE 420 TAMPA FL 33607 (address) — 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

Filing Documents

• upxi_10q.htm (10-Q) — 972KB
• upxi_ex311.htm (EX-31.1) — 10KB
• upxi_ex312.htm (EX-31.2) — 10KB
• upxi_ex321.htm (EX-32.1) — 4KB
• upxi_ex322.htm (EX-32.2) — 4KB
• 0001477932-24-008219.txt ( ) — 5846KB
• upxi-20240930.xsd (EX-101.SCH) — 68KB
• upxi-20240930_lab.xml (EX-101.LAB) — 359KB
• upxi-20240930_cal.xml (EX-101.CAL) — 66KB
• upxi-20240930_pre.xml (EX-101.PRE) — 306KB
• upxi-20240930_def.xml (EX-101.DEF) — 171KB
• upxi_10q_htm.xml (XML) — 970KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION Item 1. Interim 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 29 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 31 Item 4.

Controls and Procedures

Controls and Procedures 31

- OTHER INFORMATION

PART II - OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 33 Item 1A.

Risk Factors

Risk Factors 33 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 33 Item 3. Defaults Upon Senior Securities 33 Item 4. Mine Safety Disclosures 33 Item 5. Other Information 33 Item 6. Exhibits 34

SIGNATURES

SIGNATURES 35 2 Table of Contents

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. Our unaudited condensed consolidated financial statements are prepared in accordance with United States Generally Accepted Accounting Principles. The following discussion should be read in conjunction with our unaudited condensed consolidated financial statements and the related notes that appear elsewhere in this quarterly report. The following discussion contains forward-looking statements that reflect our plans, estimates and beliefs. Our actual results could differ materially from those discussed in the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed below and elsewhere in this quarterly report. A description of these and other risks and uncertainties that could affect our business appears in the section captioned "Risk Factors" in our Annual Report on Form 10-K which we filed with the Securities and Exchange Commission ("SEC") on December 16, 2024 (the "Form 10-K"). The risks and uncertainties described under "

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements UPEXI, INC. Interim Unaudited Condensed Consolidated Financial Statements For the Three Month Periods Ended September 30, 2024 and 2023 Page Condensed Consolidated Balance Sheets as of September 30, 2024 (Unaudited) and June 30, 2024 5 Condensed Consolidated Statements of Operations for the Three Months Ended September 30, 2024 and 2023 (Unaudited) 6 Condensed Consolidated Statements of Stockholders' Equity for the Three Months Ended September 30, 2024 and 2023 (Unaudited) 7 Condensed Consolidated Statements of Cash Flows for the Three Months Ended September 30, 2024 and 2023 (Unaudited) 8 Notes to the Unaudited Condensed Consolidated Financial Statements 9 4 Table of Contents UPEXI, INC. CONDENSED CONSOLIDATED BALANCE SHEETS September 30, June 30, 2024 2024 (unaudited) ASSETS Current assets Cash $ 1,790,391 $ 661,415 Accounts receivable, net 801,442 606,885 Inventory, net 1,636,419 1,431,556 Due from VitaMedica transition 171,218 212,358 Prepaid expenses and other receivables 390,810 502,188 Assets available for sale - Building - 4,005,516 Purchase price receivable - VitaMedica 2,000,000 2,000,000 Purchase price receivable - E-core - 2,000,000 Total current assets 6,790,280 11,419,918 Property and equipment, net 2,338,199 2,356,556 Intangible assets, net 220,681 239,871 Goodwill 848,854 848,854 Deferred tax asset 5,948,858 5,948,858 Other assets 206,360 278,435 Right-of-use asset, net 2,249,796 2,418,596 Total other assets 11,812,748 12,091,170 Total assets $ 18,603,028 $ 23,511,088 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Accounts payable $ 575,238 $ 481,647 Accrued compensation 952,601 1,098,856 Deferred revenue 178,016 235,255 Accrued liabilities 317,239 736,407 Accrued interest 453,280 476,018 Acquisition payable 413,152 413,152 Related party advances

View Full Filing

View this 10-Q filing on SEC EDGAR