VPR Brands, LP Files Q2 2024 10-Q Report

TL;DR

VPR Brands filed its Q2 10-Q. Check financials.

AI Summary

VPR Brands, LP. filed its quarterly report on Form 10-Q for the period ended June 30, 2024. The company, incorporated in Delaware, is headquartered at 1141 Sawgrass Corporate Parkway, Sunrise, FL 33323, with a phone number of (954) 715-7001. This filing provides an update on the company's financial performance and operations for the specified quarter.

Why It Matters

This filing provides investors with an updated view of VPR Brands, LP's financial health and operational status for the second quarter of 2024.

Risk Assessment

Risk Level: low — This is a standard quarterly filing (10-Q) and does not inherently contain new high-risk information.

Key Players & Entities

• VPR Brands, LP. (company) — Registrant
• June 30, 2024 (date) — Quarterly period end date
• 1141 Sawgrass Corporate Parkway, Sunrise, FL 33323 (address) — Principal executive offices
• (954) 715-7001 (phone_number) — Registrant's telephone number
• 000-54545 (company_id) — Commission file number

FAQ

Filing Documents

• ea0211454-10q_vprbrands.htm (10-Q) — 542KB
• ea0211454-10qex31i_vpr.htm (EX-31.1) — 10KB
• ea0211454-10qex31ii_vpr.htm (EX-31.2) — 10KB
• ea0211454-10qex32i_vpr.htm (EX-32.1) — 5KB
• 0001213900-24-070691.txt ( ) — 3912KB
• vprb-20240630.xsd (EX-101.SCH) — 40KB
• vprb-20240630_cal.xml (EX-101.CAL) — 43KB
• vprb-20240630_def.xml (EX-101.DEF) — 181KB
• vprb-20240630_lab.xml (EX-101.LAB) — 340KB
• vprb-20240630_pre.xml (EX-101.PRE) — 181KB
• ea0211454-10q_vprbrands_htm.xml (XML) — 383KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Unaudited Financial Statements

Item 1. Unaudited Financial Statements. Condensed Balance Sheets as of June 30, 2024 (unaudited) and December 31, 2023 1 Condensed Statements of Operations for the Three and Six Months Ended June 30, 2024 and 2023 (unaudited) 2 Condensed Statements of Changes in Partners' Capital Surplus for the Three and Six Months Ended June 30, 2024 and 2023 (unaudited) 3 Condensed Statements of Cash Flows for the Six Months Ended June 30, 2024 and 2023 (unaudited) 4 Notes to Unaudited Condensed Financial Statements 5

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

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations. 17

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk. 25

Controls and Procedures

Item 4. Controls and Procedures. 25

- OTHER INFORMATION

PART II - OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings. 27

Risk Factors

Item 1A. Risk Factors. 27

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds. 27

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities. 27

Mine Safety Disclosures

Item 4. Mine Safety Disclosures. 27

Other Information

Item 5. Other Information. 27

Exhibits

Item 6. Exhibits. 27 i CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION This report includes forward-looking factors that may cause our actual results, levels of activity, performance or achievements to differ materially from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. Words such as, but not limited to, "believe," "expect," "anticipate," "estimate," "intend," "plan," "targets," "likely," "aim," "will," "would," "could," and similar expressions or phrases identify forward-looking statements. We have based these forward-looking statements largely on our current expectations and future events and financial trends that we believe may affect our financial condition, results of operation, business strategy and financial needs. You should read thoroughly this report and the documents that we refer to herein with the understanding that our actual future results may be materially different from and/or worse than what we expect. We qualify all of our forward-looking statements by these cautionary statements including those made in this report, in Part I. Item 1A. Risk Factors appearing in our Annual Report on Form 10-K for the year ended December 31, 2023 and our other filings with the Securities and Exchange Commission. Other sections of this report include additional factors which could adversely impact our business and financial performance. New risk factors emerge from time to time and it is not possible for our management to predict all risk factors, 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

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION VPR BRANDS, LP CONDENSED BALANCE SHEETS June 30, December 31, 2024 2023 (Unaudited) ASSETS Current Assets: Cash $ 1,295,447 $ 1,767,260 Accounts receivable, net 634,808 337,774 Royalty receivable 59,377 88,286 Inventory, net 666,196 563,503 Vendor deposits 404,829 270,593 Other current assets 24,672 15,558 Total current assets 3,085,329 3,042,974 Right to use asset 104,479 118,439 Intangible assets 28,833 29,833 Total assets $ 3,218,641 $ 3,191,246 LIABILITIES AND PARTNERS' SURPLUS Current Liabilities: Accounts payable and accrued expenses $ 172,318 $ 207,560 Accounts payable - related party 12,184 47,047 Customer deposits 28,411 66,035 Lease liabilities, current portion 31,012 27,903 Notes payable, current portion 271,797 21,797 Note payable-related parties - 165,810 Refund liability 182,600 186,485 Convertible notes payable 291,215 481,190 Income tax payable 1,008,510 879,803 Total current liabilities 1,998,049 2,083,630 Notes payable, less current portion 147,237 397,237 Lease liabilities, net of current portion 79,934 96,069 Total liabilities 2,225,220 2,576,936 Partners' Surplus Common units - 100,000,000 units authorized; 88,804,035 units issued and outstanding 8,065,481 8,065,481 Common units to be issued; 578,723 units 34,723 34,723 Accumulated deficit ( 7,106,783 ) ( 7,485,894 ) Total Partners' surplus 993,421 614,310 Total liabilities and Partners' surplus $ 3,218,641 $ 3,191,246 The accompanying notes are an integral part of these unaudited condensed interim financial statements. 1 VPR BRANDS, LP CONDENSED STATEMENTS OF OPERATIONS (unaudited) Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Revenues Product sales $ 1,611,190 $ 1,196,805 $ 2,794,891 $ 4,236,159 Royalty revenue 157,943 712,724 493,001 754,391 Total revenues 1,769,133

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View this 10-Q filing on SEC EDGAR