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Minim | 10-K: Annual report

SEC announcement ·  Apr 12 16:48
Summary by Moomoo AI
Minim (MINM.US) has reported a significant reduction in inventories from $25,415,206 in 2022 to $9,952,647 in 2023, indicating a decrease in materials, work in process, and finished goods. Equipment net value also saw a decline from $636,973 in 2022 to $432,505 in 2023, with a slight decrease in depreciation expense. The company recorded an impairment charge of $59 thousand to goodwill in 2022, but no impairment was reported in 2023. Intangible assets showed a decrease in net carrying amount from $73,301 in 2022 to $33,247 in 2023. Accrued expenses were significantly reduced from $4,440,724 in 2022 to $1,077,843 in 2023. Minim's bank credit line was reduced from $25 million to $10 million and the maturity extended to January 15, 2024. The company fully paid off and terminated the SVB Loan Agreement as of October 18, 2023. Minim also entered into a bridge loan...Show More
Minim (MINM.US) has reported a significant reduction in inventories from $25,415,206 in 2022 to $9,952,647 in 2023, indicating a decrease in materials, work in process, and finished goods. Equipment net value also saw a decline from $636,973 in 2022 to $432,505 in 2023, with a slight decrease in depreciation expense. The company recorded an impairment charge of $59 thousand to goodwill in 2022, but no impairment was reported in 2023. Intangible assets showed a decrease in net carrying amount from $73,301 in 2022 to $33,247 in 2023. Accrued expenses were significantly reduced from $4,440,724 in 2022 to $1,077,843 in 2023. Minim's bank credit line was reduced from $25 million to $10 million and the maturity extended to January 15, 2024. The company fully paid off and terminated the SVB Loan Agreement as of October 18, 2023. Minim also entered into a bridge loan agreement with Slingshot Capital, LLC for up to $1.5 million, of which $1 million was drawn. The company converted $1 million of bridge loan principal and accrued interest into common stock. Minim's government loans under the Paycheck Protection Program were fully settled with no outstanding balances. Lease expenses decreased slightly, and the company did not renew its lease for the Tijuana facilities. Minim settled royalty obligations with Motorola Mobility LLC, reducing liabilities and transferring certain assets. The company also negotiated liability release agreements with vendors, reducing accounts payable obligations by $3.6 million. Minim's stockholders' equity reflects a 25:1 reverse stock split effected on April 17, 2023. No preferred stock was outstanding as of December 31, 2023, and common stock outstanding increased from 1,877,970 shares in 2022 to 2,632,809 shares in 2023. The company's income tax expense showed a decrease in both state and local, and foreign taxes from 2022 to 2023. Minim has Federal net operating loss carryforwards of approximately $76.9 million, with a valuation allowance established for the full amount of net deferred income tax assets. The company maintains a 401(k) retirement savings plan for employees, with matching contributions of $98 thousand in 2023. Minim's subsequent events include the termination of license agreements with Motorola, the sale of preferred stock to a board member, and the appointment of a new CEO/CFO. The company also entered into a Merger Agreement with e2 Companies, LLC, which will result in e2Companies shareholders owning 97% of the combined entity.

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