Expion360 Inc. Files Q1 2024 10-Q Report

TL;DR

<b>Expion360 Inc. has submitted its Q1 2024 10-Q filing, detailing its financial performance and operational status.</b>

AI Summary

Expion360 Inc. (XPON) filed a Quarterly Report (10-Q) with the SEC on May 14, 2024. Expion360 Inc. filed its 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of fiscal year 2024. The company is incorporated in Nevada (NV). Its business and mailing address is located at 2025 SW Deerhound Ave, Redmond, OR 97756. The SEC file number for Expion360 Inc. is 001-41347.

Why It Matters

For investors and stakeholders tracking Expion360 Inc., this filing contains several important signals. This 10-Q filing provides investors with an updated view of Expion360's financial health and operational activities for the first quarter of 2024. Understanding the details within this report is crucial for stakeholders to assess the company's progress, identify potential risks, and make informed investment decisions.

Risk Assessment

Risk Level: low — Expion360 Inc. shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain immediate red flags, indicating a routine disclosure.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-Q to understand Expion360's performance and outlook.

Key Numbers

• 2024-03-31 — Period End Date (Conformed period of report)
• 2024-05-14 — Filing Date (Filed as of date)
• 2024-01-01 — Quarter Start Date (Reporting period)
• 2023-03-31 — Prior Year Quarter End (Comparative period)

Key Players & Entities

• Expion360 Inc. (company) — Filer name
• 0001903596-24-000305 (other) — Accession Number
• 20240331 (date) — Conformed period of report
• 20240514 (date) — Filed as of date
• 0001894954 (company) — Central Index Key
• NV (state) — State of Incorporation
• 2025 SW Deerhound Ave, Redmond, OR 97756 (address) — Business Address
• 001-41347 (other) — SEC File Number

FAQ

Industry Context

Expion360 Inc. operates in the Miscellaneous Electrical Machinery, Equipment & Supplies sector.

Regulatory Implications

The company is subject to standard SEC reporting requirements for publicly traded companies.

What Investors Should Do

1. Analyze the financial statements (balance sheet, income statement, cash flow) for Q1 2024.
2. Review the Management's Discussion and Analysis of Financial Condition and Results of Operations section.
3. Identify any new risk factors or updates to existing ones disclosed in the filing.

Key Dates

• 2024-03-31: Quarter End Date — End of the reporting period for the 10-Q filing.
• 2024-05-14: Filing Date — Date the 10-Q report was officially submitted to the SEC.

Year-Over-Year Comparison

This is the Q1 2024 10-Q filing, providing an update from the previous fiscal year-end report (10-K) or prior quarterly filings.

Key Financial Figures

• $0.001 — he registrant's common stock, par value $0.001 per share, outstanding. TABLE OF CONT
• $4 — March 31, 2024, the Company distributed $4 for the settlement of fractional shares
• $49,787 — s compared to receiving net proceeds of $49,787 from warrant exercises during the same
• $125,153 — line of credit and received proceeds of $125,153 compared to $0 in the same prior year p
• $0 — ceived proceeds of $125,153 compared to $0 in the same prior year period. In addit
• $41,250 — a short-term convertible note, totaling $41,250 and issued 7,936 shares of common stock
• $36,029 — ayment on accrued compensation totaling $36,029, compared to zero shares issued during
• $250,000 — it Insurance Corporation ("FDIC") up to $250,000 per institution. At times, balances may
• $469,533 — , cash balances exceeded FDIC limits by $469,533 and investment accounts totaling $1,402
• $1,402,620 — 69,533 and investment accounts totaling $1,402,620 are invested in US Treasury related ult
• $800 — d March 31, 2023, the Company collected $800 of bad debt that had been written off p

Filing Documents

• xpon_10q.htm (10-Q) — 676KB
• ex31_1.htm (EX-31.1) — 10KB
• ex31_2.htm (EX-31.2) — 11KB
• ex32_1.htm (EX-32.1) — 6KB
• ex32_2.htm (EX-32.2) — 6KB
• xpon_1.jpg (GRAPHIC) — 6KB
• 0001903596-24-000305.txt (&nbsp;) — 4205KB
• xpon-20240331.xsd (EX-101.SCH) — 44KB
• xpon-20240331_cal.xml (EX-101.CAL) — 47KB
• xpon-20240331_def.xml (EX-101.DEF) — 103KB
• xpon-20240331_lab.xml (EX-101.LAB) — 322KB
• xpon-20240331_pre.xml (EX-101.PRE) — 224KB
• xpon_10q_htm.xml (XML) — 566KB

SIGNATURES

SIGNATURES 36 CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS AND INDUSTRY DATA This quarterly report on Form 10-Q (this "Quarterly Report") includes "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"). All statements in this Quarterly Report, other than statements of historical fact, are "forward-looking statements" for purposes of these provisions, including, without limitation, any projections regarding the markets where we operate, any statements of the plans and objectives of our management for future operations, any statements concerning proposed new products or services, any statements regarding expected capital expenditures, any statements regarding future economic conditions or performance, and any statements of assumptions underlying any of the foregoing. All forward-looking statements included in this Quarterly Report are made as of the date hereof and are based on information available to us as of such date. We assume no obligation to update any forward-looking statement. In some cases, forward-looking statements can be identified by the use of terminology such as "may," "will," "expects," "plans," "should," "anticipates," "intends," "seeks," "believes," "estimates," "potential," "forecasts," "continue," or other forms of these words or similar words or expressions, or the negative thereof or other comparable terminology. Although we believe that the expectations reflected in the forward-looking statements contained herein are reasonable, there can be no assurance that such expectations or any of the forward-looking statements will prove to be correct. Actual results will likely differ, and could differ materially, from those projected or assumed in the forward-looking statements. Prospective investors are cautioned not to unduly rely on any such forward-looking statements. Forwar

- FINANCIAL

PART I - FINANCIAL INFORMATION

FINANCIAL

ITEM 1. FINANCIAL STATEMENTS Expion360 Inc. Balance Sheets As of March 31, 2024 (unaudited) As of December 31, 2023 Assets Current Assets Cash and cash equivalents $ 2,263,133 $ 3,932,698 Accounts receivable, net 238,921 154,935 Inventory 3,780,617 3,825,390 Prepaid/in-transit inventory 118,811 163,948 Prepaid expenses and other current assets 233,171 189,418 Total current assets 6,634,653 8,266,389 Property and equipment 1,212,984 1,348,326 Accumulated depreciation ( 421,836 ) ( 430,295 ) Property and equipment, net 791,148 918,031 Other Assets Operating leases – right-of-use asset 2,532,252 2,662,015 Deposits 58,896 58,896 Total other assets 2,591,148 2,720,911 Total assets $ 10,016,949 $ 11,905,331 Liabilities and stockholders' equity Current liabilities Accounts payable $ 282,420 $ 286,985 Customer deposits 10,926 17,423 Accrued expenses and other current liabilities 248,905 292,515 Convertible note payable 2,206,067 2,082,856 Current portion of operating lease liability 535,576 522,764 Current portion of stockholder promissory notes 700,000 762,500 Current portion of long-term debt 31,472 50,839 Total current liabilities 4,015,366 4,015,882 Long-term debt, net of current portion and discount 223,954 298,442 Operating lease liability, net of current portion 2,102,605 2,241,325 Total liabilities $ 6,341,925 $ 6,555,649 (continued on next page) 1 Expion360 Inc. Balance Sheets – Continued As of March 31, 2024 (unaudited) As of December 31, 2023 Stockholders' equity Preferred stock, par value $ .001 per share; 20,000,000 shares authorized; zero shares issued and outstanding as of March 31, 2024 and December 31, 2023 — — Common stock, par value $ .001 per share; 200,000,000 shares authorized; 7,046,853 and 6,922,912 issued and outstanding as of March 31, 2024 and December 31, 2023, respectively 7,047 6,923 Add