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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
DC 20549
FORM
10-Q
☒
QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For
the quarterly period ended November 30, 2023
OR
☐ TRANSITION
REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For
the transition period from _____________ to _____________
Commission
File Number: 000-56351
Reviv3 Procare Company
(Exact
Name of Registrant as Specified in Its Charter)
Delaware |
|
47-4125218 |
(State
or Other Jurisdiction of
Incorporation or Organization) |
|
(I.R.S.
Employer
Identification No.) |
|
|
|
901 Fremont Avenue, Unit 158, Alhambra, CA |
|
91803 |
(Address
of Principal Executive Offices) |
|
(Zip
Code) |
(888)
638-8883
(Registrants
Telephone Number, Including Area Code)
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
symbol(s) |
|
Name
of each exchange on which registered |
None |
|
N/A |
|
N/A |
Indicate
by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule
405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant
was required to submit such files). Yes ☒ No ☐
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting
company, or an emerging growth company. See the definitions of large accelerated filer, accelerated filer, smaller
reporting company, and emerging growth company in Rule 12b-2 of the Exchange Act.
Large
accelerated filer |
☐ |
Accelerated
filer |
☐ |
Non-accelerated filer |
☒ |
Smaller
reporting company |
☒ |
|
|
Emerging
growth company |
☐ |
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
As
of January 4, 2024, there were 117,076,949 shares of the registrants common stock, $0.0001 par value, outstanding.
REVIV3
PROCARE COMPANY AND SUBSIDIARY
INDEX
CAUTIONARY
NOTE REGARDING FORWARD-LOOKING STATEMENTS
This
Quarterly Report on Form 10-Q, in particular Part I, Item 2 Managements Discussion and Analysis of Financial Condition
and Results of Operations, contains certain 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). These forward-looking statements represent our expectations, beliefs, intentions or strategies concerning
future events, including, but not limited to, any statements regarding our assumptions about financial performance; the continuation
of historical trends; the sufficiency of our cash balances for future liquidity and capital resource needs; the expected impact of changes
in accounting policies on our results of operations, financial condition or cash flows; anticipated problems and our plans for future
operations; and the economy in general or the future of the beauty and hair care industry and the hearing protection and ear bud business,
all of which are subject to various risks and uncertainties.
There are a number of factors
that could cause our actual results to differ from those indicated in the forward-looking statements, many of which are outside of our
control. They include: the impact of unstable market and general economic conditions on our business, financial condition and stock price,
including inflationary cost pressures, decreased discretionary consumer spending, supply chain disruptions and constraints, labor shortages,
ongoing economic disruption, including the effects of the Ukraine-Russia conflict, the effects of the Israel-Hamas conflict, and other
downturns in the business cycle or the economy; our financial performance and liquidity, including our ability to successfully generate
sufficient revenue to support our operations; our ability to repay our outstanding loans, if any; risks related to our operations and
international markets, such as fluctuations in currency exchange rates, different regulatory environments, trade barriers and sanctions,
exchange controls, and social and political instability; changes in the regulatory environment in which we operate, including environmental,
health and safety regulations, including those related to climate change; our ability to protect and defend our intellectual property;
continuity and security of information technology infrastructure and the potential impact of cybersecurity breaches or disruptions to
our management information systems; competition; our ability to retain our management and employees and the potential impact of ongoing
labor shortages; demands on management resources; availability and cost of the raw materials we use to manufacture our products, including
the impacts of inflationary cost pressures and ongoing supply chain disruptions and constraints, which have been, and may continue to
be, exacerbated by the Russia-Ukraine conflict; the Israel-Hamas conflict; additional tax expenses or exposures; product liability claims;
the potential outcome of any legal or regulatory proceedings; integrating acquisitions and achieving the expected savings and synergies,
including our recent acquisition of hearing protection and ear bud businesses; global or regional catastrophic events, including the effects
of natural disasters, which may be worsened by the impact of climate change; demand for and market acceptance of our products, as well
as our ability to successfully anticipate consumer trends; business divestitures; labor relations; the potential impact of environmental,
social and governance matters; implementation of environmental remediation matters, and the risk the reverse stock split won’t increase
the price of our common stock and otherwise have its intended effect.
When used in this Quarterly
Report on Form 10-Q and other reports, statements, and information we have filed with the Securities and Exchange Commission (the “SEC”),
in our press releases, presentations to securities analysts or investors, in oral statements made by or with the approval of an executive
officer, the words or phrases “believes,” “may,” “can,” “will,” “expect,”
“should,” “could,” “would,” “continue,” “anticipate,” “intend,”
“likely,” “estimate,” “project,” “plan,” “design,” “potential,”
“focus” or similar expressions and variations thereof are intended to identify such forward-looking statements. However, any
statements contained in this Quarterly Report on Form 10-Q that are not statements of historical fact may be deemed to be forward-looking
statements. Furthermore, such forward-looking statements speak only as of the date of this Quarterly Report on Form 10-Q. We caution that
these statements by their nature involve risks and uncertainties, certain of which are beyond our control, and actual results may differ
materially depending on a variety of important factors. These forward-looking statements are not guarantees of our future performance
and involve risks, uncertainties, estimates and assumptions that are difficult to predict.
We
do not assume the obligation to update any forward-looking statement, except as required by applicable law. You should carefully evaluate
such statements in light of factors described in this Quarterly Report. In this Quarterly Report on Form 10-Q, Reviv3 Procare Company
(Reviv3 Procare, the Company, we, us, and our) has identified material
factors that could cause actual results to differ from expected or historic results. You should understand that it is not possible to
predict or identify all such factors. Consequently, you should not consider any such list to be a complete list of all potential risks
or uncertainties.
REVIV3
PROCARE COMPANY AND SUBSIDIARY
INDEX
TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
NOVEMBER
30, 2023
PART
1 – FINANCIAL INFORMATION
ITEM
1. FINANCIAL STATEMENTS
REVIV3
PROCARE COMPANY AND SUBSIDIARY
CONSOLIDATED
BALANCE SHEETS
| |
| | | |
| | |
| |
November 30, 2023 | | |
May 31, 2023 | |
| |
(Unaudited) | | |
| | |
| |
| | | |
| | |
ASSETS | |
| | | |
| | |
CURRENT ASSETS: | |
| | | |
| | |
Cash | |
$ | 5,962,431 | | |
$ | 4,832,682 | |
Accounts receivable, net | |
| 953,315 | | |
| 417,016 | |
Inventory, net | |
| 2,352,215 | | |
| 1,311,864 | |
Prepaid expenses and other current
assets | |
| 1,068,767 | | |
| 801,360 | |
| |
| | | |
| | |
Total Current Assets | |
| 10,336,728 | | |
| 7,362,922 | |
| |
| | | |
| | |
OTHER ASSETS: | |
| | | |
| | |
Property and equipment, net | |
| 211,036 | | |
| 157,463 | |
Intangible assets, net | |
| 343,924 | | |
| 382,674 | |
Right of use asset | |
| 69,911 | | |
| 101,845 | |
Other assets | |
| 12,195 | | |
| 12,195 | |
Goodwill | |
| 2,152,215 | | |
| 2,152,215 | |
| |
| | | |
| | |
Total Other Assets | |
| 2,789,281 | | |
| 2,806,392 | |
| |
| | | |
| | |
TOTAL ASSETS | |
$ | 13,126,009 | | |
$ | 10,169,314 | |
| |
| | | |
| | |
LIABILITIES AND STOCKHOLDERS EQUITY | |
| | | |
| | |
| |
| | | |
| | |
CURRENT LIABILITIES: | |
| | | |
| | |
Accounts payable | |
$ | 1,922,159 | | |
$ | 908,606 | |
Customer deposits | |
| 100,889 | | |
| 183,688 | |
Equipment payable, current | |
| 550 | | |
| 2,200 | |
Contract liabilities, current | |
| 1,050,420 | | |
| 827,106 | |
Notes payable, current | |
| 3,270 | | |
| 172,588 | |
Due to related party | |
| 132,860 | | |
| 158,072 | |
Lease liability, current | |
| 71,374 | | |
| 65,824 | |
Income tax liability | |
| 661,295 | | |
| 230,913 | |
Other current liabilities | |
| 534,067 | | |
| 305,664 | |
| |
| | | |
| | |
Total Current Liabilities | |
| 4,476,884 | | |
| 2,854,661 | |
| |
| | | |
| | |
LONG TERM LIABILITIES: | |
| | | |
| | |
Notes payable, long term | |
| 144,661 | | |
| — | |
Lease liability, long term | |
| — | | |
| 36,752 | |
Contract liabilities, long term | |
| 557,763 | | |
| 605,942 | |
| |
| | | |
| | |
Total Long Term Liabilities | |
| 702,424 | | |
| 642,694 | |
| |
| | | |
| | |
Total Liabilities | |
| 5,179,308 | | |
| 3,497,355 | |
| |
| | | |
| | |
Commitments and contingencies (see Note 11) | |
| — | | |
| — | |
| |
| | | |
| | |
STOCKHOLDERS EQUITY: | |
| | | |
| | |
Preferred stock, $0.0001 par value; 300,000,000 shares authorized; 250,000,000
shares issued and outstanding as of November 30, 2023 and May 31, 2023, respectively | |
| 25,000 | | |
| 25,000 | |
Common stock, $0.0001 par value: 450,000,000 shares authorized; 117,076,949 shares
issued, and outstanding as of November 30, 2023 and May 31, 2023 | |
| 11,708 | | |
| 11,708 | |
Additional paid-in capital | |
| 10,204,458 | | |
| 10,102,243 | |
Accumulated deficit | |
| (2,294,465 | ) | |
| (3,466,992 | ) |
| |
| | | |
| | |
Total Stockholders Equity | |
| 7,946,701 | | |
| 6,671,959 | |
| |
| | | |
| | |
TOTAL LIABILITIES AND STOCKHOLDERS EQUITY | |
$ | 13,126,009 | | |
$ | 10,169,314 | |
See
accompanying condensed notes to these unaudited consolidated financial statements.
REVIV3
PROCARE COMPANY AND SUBSIDIARY
CONSOLIDATED
STATEMENTS OF OPERATIONS
(UNAUDITED)
| |
| | | |
| | | |
| | | |
| | |
| |
For the Three Months Ended | | |
For the Six Months Ended | |
| |
November 30, | | |
November 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
| | |
| | |
| | |
| |
Sales, net | |
$ | 8,421,677 | | |
$ | 6,731,999 | | |
$ | 14,527,946 | | |
$ | 10,969,357 | |
| |
| | | |
| | | |
| | | |
| | |
Cost of sales | |
| 2,163,738 | | |
| 1,692,965 | | |
| 3,622,441 | | |
| 2,647,669 | |
| |
| | | |
| | | |
| | | |
| | |
Gross profit | |
| 6,257,939 | | |
| 5,039,034 | | |
| 10,905,505 | | |
| 8,321,688 | |
| |
| | | |
| | | |
| | | |
| | |
OPERATING EXPENSES: | |
| | | |
| | | |
| | | |
| | |
Marketing and selling expenses | |
| 3,672,780 | | |
| 3,098,898 | | |
| 6,879,621 | | |
| 5,076,874 | |
Compensation and related taxes | |
| 204,646 | | |
| 509,339 | | |
| 484,635 | | |
| 790,027 | |
Professional and consulting expenses | |
| 491,328 | | |
| 213,205 | | |
| 918,103 | | |
| 679,655 | |
General and administrative | |
| 625,273 | | |
| 232,597 | | |
| 1,185,477 | | |
| 590,736 | |
| |
| | | |
| | | |
| | | |
| | |
Total Operating Expenses | |
| 4,994,027 | | |
| 4,054,039 | | |
| 9,467,836 | | |
| 7,137,292 | |
| |
| | | |
| | | |
| | | |
| | |
INCOME FROM OPERATIONS | |
| 1,263,912 | | |
| 984,995 | | |
| 1,437,669 | | |
| 1,184,396 | |
| |
| | | |
| | | |
| | | |
| | |
OTHER INCOME (EXPENSE): | |
| | | |
| | | |
| | | |
| | |
Gain on settlement | |
| 79,182 | | |
| — | | |
| 79,182 | | |
| 50,500 | |
Other income | |
| 3,189 | | |
| — | | |
| 13,024 | | |
| — | |
Interest income | |
| 37,825 | | |
| 4,704 | | |
| 76,318 | | |
| 6,541 | |
Interest expense and other finance
charges | |
| (1,640 | ) | |
| (1,755 | ) | |
| (3,284 | ) | |
| (3,213 | ) |
| |
| | | |
| | | |
| | | |
| | |
Other Income (Expense), Net | |
| 118,556 | | |
| 2,949 | | |
| 165,240 | | |
| 53,828 | |
| |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
Provision for income taxes | |
| 364,393 | | |
| 261,044 | | |
| 430,382 | | |
| 335,797 | |
| |
| | | |
| | | |
| | | |
| | |
NET INCOME | |
$ | 1,018,075 | | |
$ | 726,900 | | |
$ | 1,172,527 | | |
$ | 902,427 | |
| |
| | | |
| | | |
| | | |
| | |
NET INCOME PER COMMON SHARE: | |
| | | |
| | | |
| | | |
| | |
Basic | |
$ | 0.01 | | |
$ | 0.01 | | |
$ | 0.01 | | |
$ | 0.01 | |
Diluted | |
$ | 0.00 | | |
$ | 0.00 | | |
$ | 0.00 | | |
$ | 0.00 | |
| |
| | | |
| | | |
| | | |
| | |
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: | |
| | | |
| | | |
| | | |
| | |
Basic | |
| 117,076,949 | | |
| 115,226,893 | | |
| 117,076,949 | | |
| 108,779,476 | |
Diluted | |
| 372,451,949 | | |
| 368,993,486 | | |
| 372,451,949 | | |
| 341,429,203 | |
See
accompanying condensed notes to these unaudited consolidated financial statements.
REVIV3
PROCARE COMPANY AND SUBSIDIARY
CONSOLIDATED
STATEMENTS OF CHANGES IN STOCKHOLDERS EQUITY
FOR
THE THREE AND SIX MONTHS ENDED NOVEMBER 30, 2023 AND 2022
(UNAUDITED)
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
For the six months ended November 30, 2023 |
| |
| | |
Common Stock | | |
Additional | | |
| | |
Total | |
| |
Preferred Stock | | |
Issued | | |
Paid-in | | |
Accumulated | | |
Stockholders | |
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Equity | |
Balance, May 31, 2023 | |
| 250,000,000 | | |
$ | 25,000 | | |
| 117,076,949 | | |
$ | 11,708 | | |
$ | 10,102,243 | | |
$ | (3,466,992 | ) | |
$ | 6,671,959 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Stock options expense | |
| — | | |
| — | | |
| — | | |
| — | | |
| 102,215 | | |
| — | | |
| 102,215 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net income for the six months ended November 30, 2023 | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 1,172,527 | | |
| 1,172,527 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance, November 30, 2023 | |
| 250,000,000 | | |
$ | 25,000 | | |
| 117,076,949 | | |
$ | 11,708 | | |
$ | 10,204,458 | | |
$ | (2,294,465 | ) | |
$ | 7,946,701 | |
For
the three months ended November 30, 2023
| |
| | |
| | |
Common Stock | | |
Additional | | |
| | |
Total | |
| |
Preferred Stock | | |
Issued | | |
Paid-in | | |
Accumulated | | |
Stockholders | |
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Equity | |
Balance, August 31, 2023 | |
| 250,000,000 | | |
$ | 25,000 | | |
| 117,076,949 | | |
$ | 11,708 | | |
$ | 10,153,350 | | |
$ | (3,312,540 | ) | |
$ | 6,877,518 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Stock options expense | |
| — | | |
| — | | |
| — | | |
| — | | |
| 51,108 | | |
| — | | |
| 51,108 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net income for the three months ended November 30, 2023 | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 1,018,075 | | |
| 1,018,075 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance, November 30, 2023 | |
| 250,000,000 | | |
$ | 25,000 | | |
| 117,076,949 | | |
$ | 11,708 | | |
$ | 10,204,458 | | |
$ | (2,294,465 | ) | |
$ | 7,946,701 | |
For
the six months ended November 30, 2022
| |
| | |
| | |
Common Stock | | |
Additional | | |
| | |
Total | |
| |
Preferred Stock | | |
Issued | | |
Paid-in | | |
Accumulated | | |
Stockholders | |
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Equity | |
Balance, May 31, 2022 | |
| — | | |
$ | — | | |
| 41,945,881 | | |
$ | 4,195 | | |
$ | 5,472,084 | | |
$ | (5,291,567 | ) | |
$ | 184,712 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Shares issued for acquisition of business | |
| 250,000,000 | | |
| 25,000 | | |
| 73,183,893 | | |
| 7,318 | | |
| 3,975,162 | | |
| — | | |
| 4,007,480 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Stock options expense | |
| — | | |
| — | | |
| — | | |
| — | | |
| 124,145 | | |
| — | | |
| 124,145 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Shares to be issued for cash | |
| — | | |
| — | | |
| 1,426,391 | | |
| 143 | | |
| 327,907 | | |
| — | | |
| 328,050 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net income for the six months ended November 30, 2022 | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 902,427 | | |
| 902,427 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance, November 30, 2022 | |
| 250,000,000 | | |
$ | 25,000 | | |
| 116,556,165 | | |
$ | 11,656 | | |
$ | 9,899,298 | | |
$ | (4,389,140 | ) | |
$ | 5,546,814 | |
For
the three months ended November 30, 2022
| |
| | |
| | |
Common Stock | | |
Additional | | |
| | |
Total | |
| |
Preferred Stock | | |
Issued | | |
Paid-in | | |
Accumulated | | |
Stockholders | |
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Equity | |
Balance, August 31, 2022 | |
| 250,000,000 | | |
$ | 25,000 | | |
| 115,129,774 | | |
$ | 11,513 | | |
$ | 9,544,529 | | |
$ | (5,116,040 | ) | |
$ | 4,465,002 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Stock options expense | |
| — | | |
| — | | |
| — | | |
| — | | |
| 26,862 | | |
| — | | |
| 26,862 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Shares to be issued for cash | |
| — | | |
| — | | |
| 1,426,391 | | |
| 143 | | |
| 327,907 | | |
| — | | |
| 328,050 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net income for the three months ended November 30, 2022 | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 726,900 | | |
| 726,900 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance, November 30, 2022 | |
| 250,000,000 | | |
$ | 25,000 | | |
| 116,556,165 | | |
$ | 11,656 | | |
$ | 9,899,298 | | |
$ | (4,389,140 | ) | |
$ | 5,546,814 | |
See
accompanying condensed notes to these unaudited consolidated financial statements.
REVIV3
PROCARE COMPANY AND SUBSIDIARY
CONSOLIDATED
STATEMENTS OF CASH FLOWS
(UNAUDITED)
| |
| | |
| |
| |
For the Six Months Ended | |
| |
November 30, | |
| |
2023 | | |
2022 | |
| |
| | |
| |
CASH FLOWS FROM OPERATING ACTIVITIES | |
| | | |
| | |
Net income | |
$ | 1,172,527 | | |
$ | 902,427 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |
| | | |
| | |
Depreciation and amortization | |
| 56,022 | | |
| 43,015 | |
Bad debts | |
| 64,327 | | |
| 105,975 | |
Deposit used in rent | |
| | | |
| 8,385 | |
Stock based compensation | |
| 102,215 | | |
| 124,145 | |
Gain on settlement | |
| (79,182 | ) | |
| (50,500 | ) |
Amortization of prepaid expense | |
| — | | |
| 3,159 | |
Change in operating assets and liabilities: | |
| | | |
| | |
Accounts receivable | |
| (600,626 | ) | |
| (563,594 | ) |
Inventory | |
| (1,040,351 | ) | |
| (447,830 | ) |
Prepaid expenses and other current assets | |
| (267,407 | ) | |
| (243,010 | ) |
Deposits | |
| — | | |
| (12,195 | ) |
Accounts payable and accrued expenses | |
| 1,092,735 | | |
| 651,365 | |
Other current liabilities | |
| 576,718 | | |
| 1,327,096 | |
Contract liabilities | |
| 175,135 | | |
| 347,757 | |
| |
| | | |
| | |
NET CASH PROVIDED BY OPERATING ACTIVITIES | |
| 1,252,113 | | |
| 2,196,195 | |
| |
| | | |
| | |
CASH FLOWS FROM INVESTING ACTIVITIES | |
| | | |
| | |
Cash acquired on business acquisition | |
| — | | |
| 1,066,414 | |
Purchase of property and equipment | |
| (70,845 | ) | |
| (54,400 | ) |
| |
| | | |
| | |
NET CASH PROVIDED BY (USED IN) INVESTING
ACTIVITIES | |
| (70,845 | ) | |
| 1,012,014 | |
| |
| | | |
| | |
CASH FLOWS FROM FINANCING ACTIVITIES | |
| | | |
| | |
Cash raised for common stock to be issued | |
| — | | |
| 328,050 | |
Repayment of equipment financing | |
| (1,650 | ) | |
| (1,750 | ) |
Repayment of note payable | |
| (24,657 | ) | |
| (1,462 | ) |
Advances (payments) from a related party | |
| (25,212 | ) | |
| 111,392 | |
| |
| | | |
| | |
NET CASH PROVIDED BY (USED IN) FINANCING
ACTIVITIES | |
| (51,519 | ) | |
| 436,230 | |
| |
| | | |
| | |
NET INCREASE IN CASH | |
| 1,129,749 | | |
| 3,644,439 | |
| |
| | | |
| | |
CASH - Beginning of period | |
| 4,832,682 | | |
| 373,731 | |
| |
| | | |
| | |
CASH - End of period | |
$ | 5,962,431 | | |
$ | 4,018,170 | |
| |
| — | | |
| | |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | |
| | | |
| | |
Cash paid during the period for: | |
| | | |
| | |
Interest | |
$ | 3,284 | | |
$ | 250 | |
Income taxes | |
$ | — | | |
$ | — | |
| |
| | | |
| | |
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING
ACTIVITIES: | |
| | | |
| | |
Stock issued for asset purchase agreement | |
$ | — | | |
$ | 4,007,480 | |
Tangible assets (excluding cash) acquired
in business combination | |
$ | — | | |
$ | 1,740,729 | |
Intangible assets acquired in business
combination | |
$ | — | | |
$ | 456,945 | |
Goodwill acquired in business combination | |
$ | — | | |
$ | 2,152,215 | |
Liabilities assumed in business combination | |
$ | — | | |
$ | 1,408,823 | |
See
accompanying condensed notes to these unaudited consolidated financial statements.
REVIV3
PROCARE COMPANY AND SUBSIDIARY
CONDENSED
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
NOVEMBER
30, 2023
Note
1 – Organization
Reviv3
Procare Company (the Company) was incorporated in the State of Delaware on May 21, 2015, as a reorganization of Reviv3
Procare, LLC which was organized on July 31, 2013. The Company has moved its corporate headquarters to 901 Fremont Avenue, Unit 158,
Alhambra, California 91803. In March 2022, the Company incorporated a subsidiary Reviv3 Acquisition
Corporation and in June 2022, completed the asset acquisition of the Axil & Associated Brand Corp. business (AXIL).
The Company is now engaged in the manufacturing, marketing, sale and distribution of high-tech hearing and audio innovations that provide
cutting edge solutions for consumers, with varied applications across many industries; as well as professional quality hair and skin
care products. These product lines are both sold throughout the United States, Canada, Europe and Asia.
Note
2 – Basis of Presentation and Summary of Significant Accounting Policies
Basis
of Presentation and Principles of Consolidation
The
accompanying unaudited consolidated financial statements have been prepared by us pursuant to the rules and regulations of the Securities
and Exchange Commission (the SEC). In the opinion of the management, all adjustments necessary to present fairly our financial
position, results of operations, and cash flows as of November 30, 2023, and 2022, and for the periods then ended, have been made. Those
adjustments consist of normal and recurring adjustments. Certain information and note disclosures normally included in our annual consolidated
financial statements prepared in accordance with generally accepted accounting principles have been omitted. The unaudited consolidated
financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Companys
annual report on Form 10-K for the year ended May 31, 2023. The results of operations for the three and six months ended November 30,
2023 are not necessarily indicative of the results to be expected for the fiscal year ending 2024. The unaudited consolidated financial
statements include the Company and its wholly owned subsidiary. All significant intercompany balances and transactions have been eliminated
in consolidation.
Liquidity
and Capital Resources
We
are currently engaged in our product sales and development. Although we earned net income and have cash provided by operations for the
six months ended November 30, 2023, we had an accumulated deficit of $2,294,465 as of November 30, 2023 and have incurred operating losses
and cash used in operations in the past. We currently expect to earn net income and positive cash flows from operations during the current
fiscal year ending May 31, 2024. We believe our current cash balances, coupled with anticipated cash flow from operating activities,
will be sufficient to meet our working capital requirements for at least one year from the date of issuance of the accompanying unaudited
consolidated financial statements. We intend to continue to control our cash expenses as a percentage of expected revenue on an annual
basis and thus may use our cash balances in the short-term to invest in revenue growth. As a result of the acquisition of AXILs
business, we have generated and expect we will continue to generate sufficient cash for our operational needs, including any required
debt payments, for at least one year from the date of issuance of the accompanying unaudited consolidated financial statements. Management
is focused on growing the Companys existing products, introducing new products, as well as expanding its customer base, to increase
its revenues. The Company cannot give assurance that it can increase its cash balances or limit its cash consumption and thus, maintain
sufficient cash balances for its planned operations or future acquisitions. Future business demands, including those resulting from the
purchase of AXILs assets in June 2022, may lead to cash utilization at levels greater than recently experienced. The Company cannot
provide any assurance that it will be able to raise additional capital or obtain necessary financing on acceptable terms, or at all.
Subject to the foregoing, management believes that the Company has sufficient capital and liquidity to fund its operations for at least
one year from the date of issuance of the accompanying unaudited consolidated financial statements.
REVIV3
PROCARE COMPANY AND SUBSIDIARY
CONDENSED
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
NOVEMBER
30, 2023
Note
2 – Basis of Presentation and Summary of Significant Accounting Policies (continued)
Use
of estimates
The
preparation of the unaudited consolidated financial statements in conformity with accounting principles generally accepted in the United
States (U.S.) requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities,
revenues, expenses, and the related disclosures at the date of the financial statements and during the reporting period. Actual results
could materially differ from these estimates. Significant estimates made by management include, but are not limited to, the allowance
for doubtful accounts, inventory valuations and classifications, the useful life of property and equipment, the valuation of deferred
tax assets, the value of stock-based compensation, contract liability, allowance on sales returns, valuation of lease liabilities and
related right of use assets, fair value of securities issued for business combinations, fair value of assets acquired and liabilities
assumed in business combinations and the fair value of non-cash Common Stock issuances.
Cash
and cash equivalents
The
Company considers all highly liquid debt instruments and other short-term investments with maturities of three months or less, when purchased,
to be cash equivalents. The Company maintains cash and cash equivalent balances at one financial institution that is insured by
the Federal Deposit Insurance Corporation. (See Note 14)
Accounts
receivable and allowance for doubtful accounts
Accounts
receivables comprise of receivables from customers and receivables from merchant processors. The Company has a policy of providing an
allowance for doubtful accounts based on its best estimate of the amount of probable credit losses in its existing accounts receivable. The
Company periodically reviews its accounts receivable to determine whether an allowance is necessary based on an analysis of past due
accounts and other factors that may indicate that the realization of an account may be in doubt. Account balances deemed to be uncollectible
are charged to bad debt expense and included in the allowance after all means of collection have been exhausted and the potential for
recovery is considered remote.
Prepaid
expenses and other current assets
Prepaid
expenses and other current assets consist primarily of cash prepayments to vendors for inventory and prepayments for trade shows and
marketing events which will be utilized within a year, prepayments on credit cards and the right to recover assets (for the cost of goods
sold) associated with the right of returns for products sold.
Inventory
The
Company values inventory, consisting of finished goods and raw materials, at the lower of cost and net realizable value. Cost is determined
using an average cost method. The Company reduces inventory for the diminution of value, resulting from product obsolescence, damage
or other issues affecting marketability, equal to the difference between the cost of the inventory and its net realizable value. The
Company evaluates its current level of inventory considering historical sales and other factors and, based on this evaluation, classifies
inventory markdowns in the statement of operations as a component of cost of goods sold. These markdowns are estimates, which could vary
significantly from actual requirements if future economic conditions, customer demand or competition differ from expectations. The Company
continuously evaluates the levels of inventory held and any inventory held above the expected level of sales in the next twelve months,
is classified as non-current inventory.
REVIV3
PROCARE COMPANY AND SUBSIDIARY
CONDENSED
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
NOVEMBER
30, 2023
Note
2 – Basis of Presentation and Summary of Critical Accounting Policies (continued)
Property
and Equipment
Property
and equipment are carried at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the
estimated useful lives of the assets. The cost of repairs and maintenance is expensed as incurred; major replacements and improvements
are capitalized. When assets are retired or disposed of, the cost and accumulated depreciation are removed, and any resulting gains
or losses are included in the statement of operations.
Product
warranty
The
Company provides a one-year, two-year or three-year limited warranty on its hearing enhancement and hearing protection products. The
Company records the costs of repairs and replacements, as they are incurred, to the cost of sales.
Revenue
recognition
The
Company follows Accounting Standards Codification (ASC) 606, Revenue From Contracts With Customers. This revenue recognition
standard (new guidance) has a five step process: a) Determine whether a contract exists; b) Identify the performance obligations; c)
Determine the transaction price; d) Allocate the transaction price; and e) Recognize revenue when (or as) performance obligations are
satisfied.
The
Company sells a variety of electronic hearing and enhancement products and hair and skin care products. The Company recognizes revenue
for the agreed upon sales price when a purchase order is received from the customer and subsequently the product is shipped to the customer,
which satisfies the performance obligation. Consideration paid to the customer to promote and sell the Companys products is typically
recorded as a reduction in revenues.
The
five steps for the revenue recognition are as follows:
Identify
the contract with a customer. The Company generally considers completion of a sales order (which requires customer
acceptance of the Companys click-through terms and conditions for website sales and authorization of payment through credit
card or another form of payment for sales made over the phone) or purchase orders from non-consumer customers as a customer contract
provided that collection is considered probable. For payments that are not made upfront by credit card, the Company assesses
customer creditworthiness based on credit checks, payment history, and/or other circumstances. For payments involving third party
financier payors, the Company validates customer eligibility and reimbursement amounts prior to shipping the product.
Identify
the performance obligations in the contract. Product performance obligations include shipment of products and related accessories,
and service performance obligations include extended warranty coverage.
However,
as the historical redemption rate under our warranty policy has been low, the option is not accounted for as a separate performance obligation.
The Company does not assess whether promised goods or services are performance obligations if they are immaterial in the context of the
contract with the customer.
REVIV3
PROCARE COMPANY AND SUBSIDIARY
CONDENSED
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
NOVEMBER
30, 2023
Note
2 – Basis of Presentation and Summary of Critical Accounting Policies (continued)
Determine
the transaction price and allocation to performance obligations. The transaction price in the Companys customer contracts
consists of both fixed and variable consideration. Fixed consideration includes amounts to be contractually billed to the customer
while variable consideration includes the 30-days and 60-days right of return that applies to AXIL and Reviv3 products,
respectively. To estimate product returns, the Company analyzes historical return levels, current economic trends, and changes in
customer demand. Based on this information, the Company reserves a percentage of product sale revenue and accounts for the estimated
impact as a reduction in the transaction price.
Allocate
the transaction price to the performance obligations in the contract. For contracts that contain multiple performance
obligations, the Company allocates the transaction price to the performance obligations on a relative standalone selling price
basis.
Recognize
revenue when or as the Company satisfies a performance obligation. Revenue for products is recognized at a point in time, which is
generally upon shipment. Revenue for services (extended warranty) is recognized over time on a ratable basis over the warranty period.
As
of November 30, 2023, and May 31, 2023, contract liabilities amounted to $1,608,183 and $1,433,048, respectively. Contract liabilities
associated with product invoiced but not received by customers at the balance sheet date was $0 and $0, respectively; contract liabilities
associated with unfulfilled performance obligations for warranty services offered for a period of one, two and three years was $1,374,379
and $1,320,401, respectively, and contract liabilities associated with unfulfilled performance obligations for customers right
of return was $233,804 and $112,647, respectively. Our contract liabilities amounts are expected to be recognized over a period of between
one year to three years. Approximately $1,050,420 will be recognized in year 1, $432,947 will be recognized in year 2, and $124,816 will
be recognized in year 3.
Revenue
recognized, during the three months ended November 30, 2023, that was included in the contract liability balance upon the acquisition
of AXIL was $88,808. Revenue recognized, during the six months ended November 30, 2023, that was included in contract liability balance
upon the acquisition of AXIL was $186,246.
Cost
of Sales
The
primary components of cost of sales include the cost of the product and shipping fees.
Shipping
and Handling Costs
The
Company accounts for shipping and handling fees in accordance with ASC 606. While amounts charged to customers for shipping products
are included in revenues, the related costs of shipping products to customers are classified in marketing and selling expenses as incurred.
Shipping costs included in marketing and selling expense were $308,081 and $222,193 for the three months ended November 30, 2023 and
2022, respectively. Shipping costs included in the marketing and selling expense were $561,533 and $507,522 for the six months ended
November 30, 2023 and 2022, respectively.
Marketing,
selling and advertising
Marketing,
selling and advertising costs are expensed as incurred.
Customer
Deposits
Customer
deposits consisted of prepayments from customers to the Company. The Company will recognize the prepayments as revenue upon delivery
of products in compliance with its revenue recognition policy.
REVIV3
PROCARE COMPANY AND SUBSIDIARY
CONDENSED
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
NOVEMBER
30, 2023
Note
2 – Basis of Presentation and Summary of Significant Accounting Policies (continued)
Fair
value measurements and fair value of financial instruments
The
Company adopted ASC 820, Fair Value Measurements and Disclosures (ASC 820), for assets and liabilities measured
at fair value on a recurring basis. ASC 820 establishes a common definition for fair value to be applied to existing generally accepted
accounting principles that requires the use of fair value measurements, establishes a framework for measuring fair value and expands
disclosure about such fair value measurements. The adoption of ASC 820 did not have an impact on the Companys financial position
or operating results, but did expand certain disclosures. ASC 820 defines fair value as the price that would be received to sell
an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.
Additionally,
ASC 820 requires the use of valuation techniques that maximize the use of observable inputs and minimize the use of unobservable
inputs. These inputs are prioritized below:
Level
1: |
Observable
inputs such as quoted market prices in active markets for identical assets or liabilities. |
|
|
Level
2: |
Observable
market-based inputs or unobservable inputs that are corroborated by market data. |
|
|
Level
3: |
Unobservable
inputs for which there is little or no market data, which require the use of the reporting entitys own assumptions. |
The
Company analyzes all financial instruments with features of both liabilities and equity under the Financial Accounting Standard Boards
(FASB) accounting standard for such instruments. Under this standard, financial assets and liabilities are classified in
their entirety based on the lowest level of input that is significant to the fair value measurement.
The
estimated fair value of certain financial instruments, including prepaid expenses, deposits, accounts payable and accrued expenses are
carried at historical cost basis, which approximates their fair values because of the short-term nature of these instruments.
Business
Combinations
For
all business combinations (whether partial, full or step acquisitions), the Company records 100% of all assets acquired and liabilities
assumed of the acquired business, at their fair values.
Goodwill
represents the excess purchase price over the fair value of the tangible net assets and intangible assets acquired in a business combination.
Acquisition-related expenses are recognized separately from business combinations and are expensed as incurred. If the business combination
provides for contingent consideration, the Company records the contingent consideration at fair value at the acquisition date. Changes
in fair value of contingent consideration resulting from events after the acquisition date, such as earn-outs, are recognized as follows:
(1) if the contingent consideration is classified as equity, the contingent consideration is not re-measured and its subsequent settlement
is accounted for within equity, or (2) if the contingent consideration is classified as a liability, the changes in fair value and accretion
costs are recognized in earnings. The increases or decreases in the fair value of contingent consideration can result from changes in
anticipated revenue levels and changes in assumed discount periods and rates.
Goodwill
Goodwill
is comprised of the purchase price of business combinations in excess of the fair value assigned at acquisition to the net tangible and
identifiable intangible assets acquired. Goodwill is not amortized. The Company tests goodwill for impairment for its reporting units
on an annual basis, or when events occur, or circumstances indicate the fair value of a reporting unit is below its carrying value.
REVIV3
PROCARE COMPANY AND SUBSIDIARY
CONDENSED
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
NOVEMBER
30, 2023
Note
2 – Basis of Presentation and Summary of Critical Accounting Policies (continued)
The
Company performs its annual goodwill impairment assessment on May 31st of each year or as impairment indicators dictate.
When
evaluating the potential impairment of goodwill, management first assesses a range of qualitative factors, including but not limited
to, macroeconomic conditions, industry conditions, the competitive environment, changes in the market for the Companys products
and services, regulatory and political developments, entity specific factors such as strategy and changes in key personnel, and the overall
financial performance for each of the Companys reporting units. If, after completing this assessment, it is determined that it
is more likely than not that the fair value of a reporting unit is less than its carrying value, we then proceed to the quantitative
impairment testing methodology primarily using the income approach (discounted cash flow method).
Under
the quantitative method we compare the carrying value of the reporting unit, including goodwill, with its fair value, as determined
by its estimated discounted cash flows. If the carrying value of a reporting unit exceeds its fair value, then the amount of impairment
to be recognized is the amount by which the carrying amount exceeds the fair value.
When
required, we arrive at our estimates of fair value using a discounted cash flow methodology which includes estimates of future cash flows
to be generated by specifically identified assets, as well as selecting a discount rate to measure the present value of those anticipated
cash flows. Estimating future cash flows requires significant judgment and includes making assumptions about projected growth rates,
industry-specific factors, working capital requirements, weighted average cost of capital, and current and anticipated operating conditions.
The use of different assumptions or estimates for future cash flows could produce different results.
Income
Taxes
The
Company accounts for income taxes pursuant to the provision of ASC 740-10, Accounting for Income Taxes (ASC 740-10),
which requires, among other things, an asset and liability approach to calculating deferred income taxes. The asset and liability approach
requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of temporary differences between
the carrying amounts and the tax bases of assets and liabilities. A valuation allowance is provided to offset any net deferred tax assets
for which management believes it is more likely than not that the net deferred asset will not be realized.
The
Company follows the provision of ASC 740-10 related to Accounting for Uncertain Income Tax Positions. When tax returns are filed, there
may be uncertainty about the merits of positions taken or the amount of the position that would be ultimately sustained. In accordance
with the guidance of ASC 740-10, the benefit of a tax position is recognized in the financial statements in the period during which,
based on all available evidence, management believes it is more likely than not that the position will be sustained upon examination,
including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions.
Tax
positions that meet the more likely than not recognition threshold are measured at the largest amount of tax benefit that is more than
50 percent likely of being realized upon settlement with the applicable taxing authority. The portion of the benefit associated with
tax positions taken that exceed the amount measured as described above should be reflected as a liability for uncertain tax benefits
in the accompanying consolidated balance sheet along with any associated interest and penalties that would be payable to the taxing authorities
upon examination. The Company believes its tax positions are all more likely than not to be upheld upon examination. As such, the Company
has not recorded a liability for uncertain tax benefits.
The
Company has adopted ASC 740-10-25, Definition of Settlement, which provides guidance on how an entity should determine
whether a tax position is effectively settled for the purpose of recognizing previously unrecognized tax benefits and provides that a
tax position can be effectively settled upon the completion and examination by a taxing authority without being legally extinguished.
For tax positions considered effectively settled, an entity would recognize the full amount of tax benefit, even if the tax position
is not considered more likely than not to be sustained based solely on the basis of its technical merits and the statute of limitations
remains open. The federal and state income tax returns of the Company are subject to examination by the IRS and state taxing authorities,
generally for three years after they are filed.
REVIV3
PROCARE COMPANY AND SUBSIDIARY
CONDENSED
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
NOVEMBER
30, 2023
Note
2 – Basis of Presentation and Summary of Critical Accounting Policies (continued)
Impairment
of long-lived assets
The
Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of the
assets may not be fully recoverable, or at least annually. The Company recognizes an impairment loss when the sum of expected undiscounted
future cash flows is less than the carrying amount of the asset. The amount of impairment is measured as the difference between the assets
estimated fair value and its book value. The Company did not record any impairment loss during the six months ended November 30, 2023
and 2022.
Stock-based
compensation
Stock-based
compensation is accounted for based on the requirements of the Share-Based Payment Topic of ASC 718, Compensation — Stock
Compensation (ASC 718), which requires recognition in the financial statements of the cost of employee and director
services received in exchange for an award of equity instruments over the period the employee or director is required to perform the
services in exchange for the award (presumptively, the vesting period). ASC 718 also requires measurement of the cost of employee and
director services received in exchange for an award based on the grant-date fair value of the award.
For
non-employee stock option based awards, the Company follows ASU 2018-7, which substantially aligns share based compensation for employees
and non-employees.
Net
income (loss) per share of Common Stock
Basic net income (loss) per share is computed by dividing
the net income (loss) by the weighted average number of common shares during the period. Diluted net income (loss) per share is computed
using the weighted average number of common shares and potentially dilutive securities outstanding during the period. For both the
three months ended and six months ended November 30, 2023 and November 30, 2022, certain stock options were excluded from the computation
of diluted common shares outstanding as they would have an anti-dilutive impact on the Company’s net income.
The
following table sets forth the computations of basic and diluted net income per common share:
Schedule of net loss per share | |
| | | |
| | | |
| | | |
| | |
| |
For the Three Months Ended | | |
For the Six Months Ended | |
| |
November 30, | | |
November 30, | | |
November 30, | | |
November 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
| | |
| | |
| | |
| |
Net income | |
$ | 1,018,075 | | |
$ | 726,900 | | |
$ | 1,172,527 | | |
$ | 902,427 | |
| |
| | | |
| | | |
| | | |
| | |
Weighted average basic shares | |
| 117,076,949 | | |
| 115,226,893 | | |
| 117,076,949 | | |
| 108,779,476 | |
Dilutive securities: | |
| | | |
| | | |
| | | |
| | |
Convertible preferred stock | |
| 250,000,000 | | |
| 250,000,000 | | |
| 250,000,000 | | |
| 228,142,077 | |
Stock options | |
| 5,375,000 | | |
| 3,706,593 | | |
| 5,375,000 | | |
| 4,507,650 | |
Weighted average dilutive shares | |
| 372,451,949 | | |
| 368,933,486 | | |
| 372,451,949 | | |
| 341,429,203 | |
| |
| | | |
| | | |
| | | |
| | |
Earnings per share: | |
| | | |
| | | |
| | | |
| | |
Basic | |
$ | 0.01 | | |
$ | 0.01 | | |
$ | 0.01 | | |
$ | 0.01 | |
Diluted | |
$ | 0.00 | | |
$ | 0.00 | | |
$ | 0.00 | | |
$ | 0.00 | |
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CONDENSED
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
NOVEMBER
30, 2023
Note
2 – Basis of Presentation and Summary of Critical Accounting Policies (continued)
Lease
Accounting
In
February 2016, the FASB issued ASU No. 2016-02, Leases (ASU 2016-02), which requires lessees to report on their
balance sheets a right-of-use asset and a lease liability in connection with most lease agreements classified as operating leases under
the prior guidance (ASC Topic 840). Under the new guidance, codified as ASC Topic 842, the lease liability must be measured initially
based on the present value of future lease payments, subject to certain conditions. The right-of-use asset must be measured initially
based on the amount of the liability, plus certain initial direct costs. The new guidance further requires that leases be classified
at inception as either (a) operating leases or (b) finance leases. For operating leases, periodic expense is generally flat (straight-line)
throughout the life of the lease. For finance leases, periodic expense declines over the life of the lease. The new standard, as amended,
provides an option for entities to use the cumulative-effect transition method. As permitted, the Company adopted ASC Topic 842 effective
June 1, 2019. The adoption of ASC Topic 842 did not have a material impact on the Companys consolidated financial statements.
The
Companys renewed lease for its corporate headquarters commencing December 1, 2022, under lease agreements classified as an operating
lease. Please see Note 11 – Commitments and Contingencies under Leases below for more information about
the Companys leases.
Segment
Reporting
The
Company follows ASC Topic 280, Segment Reporting. The Companys management reviews the Companys consolidated
financial results when making decisions about allocating resources and assessing the performance of the Company as a whole and has determined
that the Companys reportable segments are: (a) the sale of hearing protection and hearing enhancement products, and (b) the sale
of hair care and skin care products. See Note 15 – BUSINESS SEGMENT AND GEOGRAPHIC AREA INFORMATION for more information
about the Companys reportable segments.
Recently
Issued Accounting Pronouncements
In
August 2020, the FASB issued ASU No. 2020-06, Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives
and Hedging – Contracts in Entitys Own Equity (ASU 2020-06), which simplifies the accounting for certain convertible
instruments. Among other things, under ASU 2020-06, the embedded conversion features no longer must be separated from the host contract
for convertible instruments with conversion features not required to be accounted for as derivatives, or that do not result in substantial
premiums accounted for as paid-in capital. ASU 2020-06 also eliminates the use of the treasury stock method when calculating the impact
of convertible instruments on diluted Earnings per Share. For the Company, the provisions of ASU 2020-06 are effective for its fiscal
year beginning on June 1, 2024. Early adoption is permitted, subject to certain limitations. The Company is evaluating the potential
impact of adoption on its consolidated financial statements.
Other
accounting standards that have been issued or proposed by the FASB that do not require adoption until a future date are not expected
to have a material impact on the financial statements upon adoption. The Company does not discuss recent pronouncements that are not
anticipated to have an impact on or are unrelated to its financial condition, results of operations, cash flows or disclosures.
REVIV3
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CONDENSED
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
NOVEMBER
30, 2023
Note
3 – Accounts Receivable, net
Accounts
receivable, consisted of the following:
Schedule of accounts receivable | |
| | |
| |
| |
November 30, 2023 | | |
May 31, 2023 | |
Customers Receivable | |
$ | 921,190 | | |
$ | 345,264 | |
Merchant Processor Receivable | |
| 185,895 | | |
| 167,232 | |
Less: Allowance for Doubtful Debts | |
| (153,770 | ) | |
| (95,480 | ) |
Accounts receivable, net | |
$ | 953,315 | | |
$ | 417,016 | |
The
Company recorded bad debt expense of $11,461 and $105,975 during the three months ended November 30, 2023 and 2022, respectively. The
Company recorded bad debt expense of $64,327 and $105,975 during the six months ended November 30, 2023 and 2022, respectively.
Note
4 – Inventory, net
Inventory
consisted of the following:
Schedule of inventory | |
| | |
| |
| |
November 30, 2023 | | |
May 31, 2023 | |
Finished Goods | |
$ | 2,115,068 | | |
$ | 1,198,218 | |
Raw Materials | |
| 237,147 | | |
| 113,646 | |
Inventory, net | |
$ | 2,352,215 | | |
$ | 1,311,864 | |
At
November 30, 2023 and May 31, 2023, inventory held at third party locations amounted to $39,031 and $0, respectively. At November 30,
2023 and May 31, 2023, inventory in-transit amounted to $535,665 and $135,482, respectively.
During
the six months ended November 30, 2023, the Company did not record any allowance on slow moving inventory that would be included in cost
of sales. As of November 30, 2023, there was no slow moving inventory.
Note
5 – Property and Equipment
Property
and equipment, stated at cost, consisted of the following:
Schedule of property and equipment | |
| |
| | |
| |
| |
Estimated Life | |
November 30, 2023 | | |
May 31, 2023 | |
Furniture and Fixtures | |
5 years | |
$ | 25,644 | | |
$ | 14,598 | |
Computer Equipment | |
3 years | |
| 30,968 | | |
| 33,146 | |
Plant Equipment | |
5-10 years | |
| 216,738 | | |
| 165,778 | |
Automobile | |
5 years | |
| 15,000 | | |
| 15,000 | |
Less: Accumulated Depreciation | |
| |
| (77,314 | ) | |
| (71,059 | ) |
Total Property and Equipment, net | |
| |
$ | 211,036 | | |
$ | 157,463 | |
Depreciation
expense amounted to $8,410 and $3,970 for the three months ended November 30, 2023 and 2022, respectively. Depreciation expense amounted
to $17,272 and $7,493 for the six months ended November 30, 2023 and 2022, respectively.
REVIV3
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CONDENSED
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
NOVEMBER
30, 2023
Note
6 – Intangible Assets
The
Company acquired intangible assets through the Business Combination. (See Note 13). These intangible assets consisted of the following:
Schedule of intangible assets | |
| |
| | |
| |
| |
Estimated Life | |
November 30, 2023 | | |
May 31, 2023 | |
Licensing rights | |
3 years | |
$ | 11,945 | | |
$ | 11,945 | |
Customer Relationships | |
3 years | |
| 70,000 | | |
| 70,000 | |
Trade Names | |
10 years | |
| 275,000 | | |
| 275,000 | |
Website | |
5 years | |
| 100,000 | | |
| 100,000 | |
Less: Accumulated Amortization | |
| |
| (113,021 | ) | |
| (74,271 | ) |
Total Intangible Assets, net | |
| |
$ | 343,924 | | |
$ | 382,674 | |
Goodwill
arising through the business combination was $2,152,215 at November 30, 2023 (see Note 13).
Amortization
expense amounted to $19,375 and $19,376 for the three months ended November 30, 2023 and 2022, respectively. Amortization expense amounted
to $38,750 and $35,522 for the six months ended November 30, 2023 and 2022, respectively.
Note
7 – Other Current Liabilities
Other
current liabilities comprised of the following:
Schedule of other current liabilities | |
| | |
| |
| |
November 30, 2023 | | |
May 31, 2023 | |
Credit Cards | |
$ | 11,125 | | |
$ | 833 | |
Accrued Interest | |
| 1,601 | | |
| 10,343 | |
Royalty Payment Accrual | |
| 23,223 | | |
| 8,792 | |
Sales Tax Payable | |
| 369,661 | | |
| 240,559 | |
Other Accrued Expenses | |
| 128,457 | | |
| 17,464 | |
Affiliate Accrual | |
| — | | |
| 27,673 | |
Total Other Current Liabilities | |
$ | 534,067 | | |
$ | 305,664 | |
REVIV3
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CONDENSED
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
NOVEMBER
30, 2023
Note
8 – Equipment Payable
During
the fiscal year ended May 31, 2019, the Company purchased a forklift under an installment purchase plan. The loan amount is $16,500 payable
in 60 monthly installment payments of $317 comprising of principal payment of $275 and interest payment of $42. At November 30, 2023
and May 31, 2023, the balance outstanding on the loan was $550 and $2,200, respectively, of which the $550 balance is payable within
the next year. The Company recorded an interest expense of $250 and $250, associated with the equipment financing during the six months
ended November 30, 2023 and 2022, on the loan in the accompanying unaudited consolidated financial statements.
Note
9 – Notes Payable
During
the year ended May 31, 2020, a commercial bank granted to the Company a loan (the Loan) in the amount of $150,000, which
is administered under the authority and regulations of the U.S. Small Business Administration pursuant to the Economic Injury Disaster
Loan Program (the EIDL) of the Coronavirus Aid, Relief, and Economic Security Act (the CARES Act). The
Loan, which is evidenced by a note dated May 18, 2020, bears interest at an annual rate of 3.75% and is payable in installments
of principal and interest of $731 per month, beginning May 18, 2021 until May 13, 2050. The Company has to maintain a hazard insurance policy including fire, lightning,
and extended coverage on all items used to secure this loan to at least 80% of the insurable value. Proceeds from loans granted under
the CARES Act are intended to be used for payroll, costs to continue employee group health care benefits, rent, utilities, and certain
other qualified costs (collectively, qualifying expenses). The Company used the loan proceeds for qualifying expenses.
During the year ended May 31, 2022, the Company received additional $10,000 of borrowings under the program. The Company received
a loan forgiveness for $10,000 during the year ended May 31, 2022. The Company recorded accrued interest of $1,601 and $10,343, as of
November 30, 2023 and May 31, 2023, respectively.
During
the six months ended November 30, 2023 the Company continued to pay its insurance financing loan, which had a total principal of $53,337
for the general and excess liability insurance policies. The loan has a finance charge of $3,164 and is payable in 10 monthly installments
of $5,650 each beginning November 1, 2022. Through the six months ended November 30, 2023, the loan has been paid off.
Schedule of notes payable | |
| | |
| |
Notes Payable as of | |
November 30, 2023 | | |
May 31, 2023 | |
Insurance Financing | |
$ | — | | |
$ | 21,335 | |
Financing Charges | |
| — | | |
| 1,253 | |
Economic Injury Disaster Loan Program (EIDL) | |
| 147,931 | | |
| 150,000 | |
Total | |
| 147,931 | | |
| 172,588 | |
Less: Current portion | |
| (3,270 | ) | |
| (172,588 | ) |
Non-current portion | |
$ | 144,661 | | |
$ | — | |
REVIV3
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NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
NOVEMBER
30, 2023
Note
10 – Stockholders Equity
Shares
Authorized
As
of November 30, 2023, the authorized capital of the Company consists of 450,000,000 shares of common stock, par value $0.0001 per share
and 300,000,000 shares of preferred stock, par value $0.0001 per share.
Preferred
Stock
The
preferred stock may be issued from time to time in one or more series. The Board of Directors of the Company (the Board)
is expressly authorized to provide for the issuance of all or any of the shares of the Preferred Stock in one or more series, and to
fix the number of shares and to determine or alter, for each such series, such voting powers, full or limited, or no voting powers and
such designations, preferences, and relative, participating, optional, or other rights and such qualifications, limitations, or restrictions
thereof, as shall be stated and expressed until the resolution adopted by the Board providing the issuance of such shares. The Board
is also expressly authorized to increase or decrease the number of shares of any series subsequent to the issue of shares of that series.
In case the number of shares of any such series shall be so decreased, the decrease shall resume the status that they had prior to the
adoption of the resolution originally fixing the number of shares of such series.
During
the fiscal year ended May 31, 2023, the Company issued 250,000,000 shares of non-voting Series A Preferred Stock, which are convertible
into shares of Company Common Stock on a one-to-one ratio, pursuant to the Asset Purchase Agreement (See Note 13 and Common Stock section
below). These 250,000,000 shares of non-voting Series A Preferred Stock were valued at the fair market value of $3,100,000 at issuance.
The
holders of shares of Series A Preferred Stock shall have no rights to dividends with respect to such shares. No dividends or other distributions
shall be declared or paid on the Common Stock unless and until dividends at the same rate shall have been paid or declared and set apart
upon the Series A Preferred Stock, based upon the number of shares of Common Stock into which the Series A Preferred Stock may then be
converted. Upon the dissolution, liquidation, or winding up of the Company, whether voluntary or involuntary, the holders of the Series
A Preferred Stock are entitled to receive out of the assets of the Company the sum of $0.0001 per share before any payment or distribution
shall be made on our shares of Common Stock. The Series A Preferred Stock shall not be subject to redemption at the option, election
or request of the Company or any holder or holders of the Series A Preferred Stock. Each share of Series A Preferred Stock is convertible
at the option of the holder thereof, at any time after the second anniversary of the date of the first issuance of the shares of Series
A Preferred Stock into one fully paid and nonassessable share of Common Stock provided, however, that the holder may not convert that
number of shares of Series A Preferred Stock which would cause the holder to become the beneficial owner of more than 5% of the Companys
Common Stock as determined in accordance with Sections 13(d) and (g) of the Exchange Act and the applicable rules and regulations thereunder.
As
of November 30, 2023 and May 31, 2023, 250,000,000 shares of Preferred Stock were issued and outstanding.
REVIV3
PROCARE COMPANY AND SUBSIDIARY
CONDENSED
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
NOVEMBER
30, 2023
Note
10 – Stockholders Equity (continued)
Common
Stock
As
of November 30, 2023, 117,076,949 shares of common stock were issued and outstanding.
No
shares of Common Stock were issued during the six month period ended November 30, 2023.
Stock
Options
The
Board approved the Companys 2022 Equity Incentive Plan (the Plan) on March 21, 2022. Under the Plan, equity-based
awards may be made to employees, officers, directors, non-employee directors and consultants of the Company and its Affiliates (as defined
in the Plan) in the form of (i) Incentive Stock Options (to eligible employees only); (ii) Nonqualified Stock Options; (iii) Restricted
Stock; (iv) Stock Awards; (v) Performance Shares; or (vi) any combination of the foregoing. The Plan will terminate upon
the close of business on the day next preceding March 21, 2032, unless terminated earlier in accordance with the terms of the Plan. The
Board serves as the Plan administrator and may amend or terminate the Plan without stockholder approval, subject to certain exceptions.
The total number of shares initially authorized
for issuance under the Plan was 10.0 million shares. The Plan provides for an annual increase on April 1 of each calendar year, beginning
in 2022 and ending in 2031, subject to Board approval prior to such date. Such potential increase may be equal to the lesser of (i) 4%
of the total number of shares of the Company’s common stock outstanding on May 31 of the immediately preceding fiscal year and (ii)
such smaller number of shares as determined by the Board. The number of shares authorized for issuance under the Plan will not change
unless the Board affirmatively approves an increase in the number of shares authorized for issuance prior to April 1 of the applicable
year. Shares surrendered or withheld to pay the exercise price of a stock option or to satisfy tax withholding requirements will not be
added back to the number of shares available under the Plan. To the extent that any shares of common stock awarded or subject to issuance
or purchase pursuant to awards under the Plan are not delivered or purchased, or are reacquired by the Company, for any reason, including
a forfeiture of restricted stock or failure to earn performance shares, or the termination, expiration or cancellation of a stock option,
or any other termination of an award without payment being made in the form of shares of common stock will be added to the number of shares
available for awards under the Plan. The number of shares available for issuance under the Plan will be adjusted for any increase or decrease
in the number of outstanding shares of common stock resulting from payment of a stock dividend on common stock, a stock split or subdivision
or combination of shares of common stock, or a reorganization or reclassification of common stock, or any other change in the structure
of shares of common stock, as determined by the Board. Shares available for awards under the Plan will consist of authorized and unissued
shares. Please see Note 17 – Subsequent Events included herein for additional information about the Plan.
Two
types of options may be granted under the Plan: (1) Incentive Stock Options, which may only be issued to eligible employees of the Company
and are required to have exercise price of the option not less than the fair market value of the common stock on the grant date, or, in
the case of an Incentive Stock Option granted to a Ten Percent Stockholder, 110% of the fair market value of the common stock on
the grant date; and (2) Non-qualified Stock Options, which may be issued to participants under the Plan and which may have an exercise
price less than the fair market value of the common stock on the grant date, but not less than par value of the stock.
The
Board may grant or sell restricted stock to participants (i.e., shares that are subject to a subject to restrictions or limitations as
to the participants ability to sell, transfer, pledge or assign such shares) under the Plan. Except for these restrictions and
any others imposed by the Board, upon the grant of restricted stock, the recipient generally will have rights of a stockholder with respect
to the restricted stock. During the applicable restriction period, the recipient may not sell, exchange, transfer, pledge or otherwise
dispose of the restricted stock. The Board may also grant awards of common stock to participants under the Plan, as well as awards of
performance shares, which are awards for which the payout is subject to achievement of such performance objectives established by the
Board. Performance shares may be settled in cash.
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NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
NOVEMBER
30, 2023
Note
10 – Stockholders Equity (continued)
Each
equity-based award granted under the Plan will be evidenced by an award agreement that specifies the terms of the award and such additional
limitations, terms and conditions as the Board may determine, consistent with the provisions of the Plan.
Upon
the occurrence of a change in control, unless otherwise provided in an award agreement: (i) all outstanding stock options will become
immediately exercisable in full; (ii) all outstanding performance shares will vest in full as if the applicable performance conditions
were achieved in full, subject to certain adjustments, and will be paid out as soon as practicable; and (iii) all restricted stock will
immediately vest in full. The Plan defines a change in control as (i) the adoption of a plan of merger or consolidation of the Company
with any other corporation or association as a result of which the holders of the voting capital stock of the Company as a group would
receive less than 50% of the voting capital stock of the surviving or resulting corporation; (ii) the approval by the Board of an agreement
providing for the sale or transfer (other than as security for obligations of the Company) of substantially all the assets of the Company;
or (iii) in the absence of prior Board approval, the acquisition of more than 20% of the Companys voting capital stock by any
person within the meaning of Rule 13d-3 under the Exchange Act (other than the Company or a person that directly or indirectly controls,
is controlled by, or is under common control with, the Company).
Subject
to the Plans terms, the Board has full power and authority to determine whether, to what extent and under what circumstances any
outstanding award will be terminated, canceled, forfeited or suspended. Awards to that are subject to any restriction or have not been
earned or exercised in full by the recipient will be terminated and canceled if such recipient is terminated for cause, as determined
by the Board in its sole discretion.
The
Company estimates the fair value of share-based compensation utilizing the Black-Scholes option pricing model, which is dependent upon
several variables such as the expected option term, expected volatility of the Companys stock price over the expected term, expected
risk-free interest rate over the expected option term and expected dividend yield rate over the expected option term. The Company believes
this valuation methodology is appropriate for estimating the fair value of stock options granted to employees and directors which are
subject to ASC Topic 718 requirements. These amounts are estimates and thus may not be reflective of actual future results, nor amounts
ultimately realized by recipients of these grants. The Company recognizes compensation on a straight-line basis over the requisite service
period for each award.
The
Company utilizes the simplified method to estimate the expected life for stock options granted to employees. The simplified method was
used as the Company does not have sufficient historical data regarding stock option exercises. The expected volatility is based on historical
volatility. The risk-free interest rate is based on the U.S. Treasury yields with terms equivalent to the expected life of the related
option at the time of the grant. Dividend yield is based on historical trends. While the Company believes these estimates are reasonable,
the compensation expense recorded would increase if the expected life was increased, a higher expected volatility was used, or if the
expected dividend yield increased.
Pursuant
to the Plan, on May 10, 2022, the Company issued to two Company officers non-statutory stock options to purchase, in the aggregate, up
to 5,300,000 shares of its Common Stock, at an exercise price of $0.09 per share valued at $477,000 and expiring on April 20,
2032. The options vest over time with 25% of the options vesting on September 1, 2022 and thereafter vesting 1/24th on the
1st of every month. 3,387,500 of the options were vested as of November 30, 2023.
The
Company computed the aggregate grant date fair value of $477,000
using the Black-Scholes option pricing model, which is being recorded as stock-based compensation expense over the vesting period.
During the three months ended November 30, 2023 and 2022, the Company recorded stock-based compensation expense of $51,108
and $26,862,
respectively, for these options, in the accompanying unaudited consolidated financial statements. During the six months ended
November 30, 2023 and 2022, the Company recorded a stock-based compensation expense of $102,215
and $124,145,
respectively, for these options, in the accompanying unaudited financial statements.
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CONDENSED
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
NOVEMBER
30, 2023
Note
10 – Stockholders Equity (continued)
Pursuant
to the Plan, on November 1, 2022, the Company issued non-statutory stock options, to a former executive officer of the Company, to purchase,
in the aggregate, up to 300,000 shares of its Common Stock, at an exercise price of $0.20 per share valued at approximately
$60,000 and expiring on October 31, 2032. 75,000 shares vested as of January 29, 2023, and the remaining 225,000 were forfeited in April
2023 when the executive officer left the Company. The fair value of the 75,000 vested options using the Black-Scholes option pricing
model is $15,000.
The
following table summarizes the activity relating to the Companys stock options held by executive officers:
Schedule of summarizes relating to the company’s stock | |
| | |
| | |
| |
| |
Number of Options | | |
Weighted Average Exercise Price | | |
Weighted Average Remaining Term | |
| |
| | |
| | |
| |
Outstanding at May 31, 2022 | |
| 5,300,000 | | |
$ | 0.09 | | |
| 10.0 | |
Granted | |
| 300,000 | | |
$ | 0.20 | | |
| 9.68 | |
Less: Forfeited | |
| (225,000 | ) | |
$ | 0.20 | | |
| 9.68 | |
Outstanding at May 31, 2023 | |
| 5,375,000 | | |
$ | 0.09 | | |
| 8.92 | |
Granted | |
| — | | |
| — | | |
| — | |
Less: Forfeited | |
| — | | |
| — | | |
| — | |
Less: Unvested at November 30, 2023 | |
| (1,987,500 | ) | |
$ | 0.09 | | |
| 8.42 | |
Vested at November 30, 2023 | |
| 3,387,500 | | |
$ | 0.09 | | |
| 8.42 | |
Note
11 – Commitments and Contingencies
Leases
As
discussed in Note 2 above, the Company adopted ASU No. 2016-02, Leases on June 1, 2019, which require lessees to report on their
balance sheets a right-of-use asset and a lease liability in connection with most lease agreements classified as operating leases. In
November 2022, the Company entered into an extension of its lease for a two year term beginning December 1, 2022. The rent is $6,098
per month for the first year and will increase by a certain amount the following year. On September 22, 2023, the Company entered into
a lease in Draper, Utah for a one-year term beginning October 1, 2023. The rent is $4,680 per month for the first year and will increase
by two percent the following year.
The
Company treats a contract as a lease when the contract conveys the right to use a physically distinct asset for a period of time in exchange
for consideration, or if the Company directs the use of the asset and obtains substantially all the economic benefits of the asset. These
leases are recorded as right-of-use (ROU) assets and lease obligation liabilities for leases with terms greater than 12
months. ROU assets represent the Companys right to use an underlying asset for the entirety of the lease term. Lease liabilities
represent the Companys obligation to make payments over the life of the lease. A ROU asset and a lease liability are recognized
at commencement of the lease based on the present value of the lease payments over the life of the lease. Initial direct costs are included
as part of the ROU asset upon commencement of the lease. Since the interest rate implicit in a lease is generally not readily determinable
for the operating leases, the Company uses an incremental borrowing rate to determine the present value of the lease payments. The incremental
borrowing rate represents the rate of interest the Company would have to pay to borrow on a collateralized basis over a similar lease
term to obtain an asset of similar value.
The
Company reviews the impairment of ROU assets consistent with the approach applied for the Companys other long-lived assets. The
Company reviews the recoverability of long-lived assets when events or changes in circumstances occur that indicate that the carrying
value of the asset may not be recoverable. The assessment of possible impairment is based on the Companys ability to recover the
carrying value of the asset from the expected undiscounted future pre-tax cash flows of the related operations.
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NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
NOVEMBER
30, 2023
Note
11 – Commitments and Contingencies (continued)
Lease
expense is recognized on a straight-line basis over the lease term, while variable lease payments are expensed as incurred. Variable
payments change due to facts or circumstances occurring after the commencement date, other than the passage of time, and do not result
in a remeasurement of lease liabilities. The Companys lease agreements do not contain any residual value guarantees or restrictive
covenants.
The
Company computed an initial lease liability of $131,970 for the new lease agreement and an initial ROU asset in the same amount which
was recorded on the books at the commencement of the lease on December 1, 2022. During the three months ended November 30, 2023 and 2022,
the Company recorded a lease expense in the amount of $37,317 and $23,559, respectively. As of November 30, 2023, the lease liability
balance was $71,374 and the right of use asset balance was $69,911. A lease term of three years and a discount rate of 12% was used.
Supplemental
balance sheet information related to leases was as follows:
Schedule of supplemental balance sheet information | |
| | |
| |
| |
November 30, 2023 | | |
May 31, 2023 | |
Assets | |
| | | |
| | |
Right of use assets | |
$ | 131,970 | | |
$ | 131,970 | |
Accumulated reduction | |
| (62,059 | ) | |
| (30,125 | ) |
Operating lease assets, net | |
$ | 69,911 | | |
$ | 101,845 | |
| |
| | | |
| | |
Liabilities | |
| | | |
| | |
Lease liability | |
$ | 131,970 | | |
$ | 131,970 | |
Accumulated reduction | |
| (60,596 | ) | |
| (29,394 | ) |
Total lease liability, net | |
| 71,374 | | |
| 102,576 | |
Current portion | |
| (71,374 | ) | |
| (65,824 | ) |
Non-current portion | |
$ | — | | |
$ | 36,752 | |
Maturities
of operating lease liabilities were as follows as of November 30, 2023:
Schedule of maturities of operating lease liabilities | |
| |
Operating Lease (fiscal year-end) | |
| |
2024 | |
$ | 38,049 | |
2025 | |
| 38,049 | |
Total | |
$ | 76,098 | |
Less: Imputed interest | |
| (4,724 | ) |
Present value of lease liabilities | |
$ | 71,374 | |
Contingencies
On
November 23, 2020, the Company was served a copy of a complaint filed by Jacksonfill, LLC in the Fourth Circuit Court for Duval County,
Florida. The complaint alleged breach of Agreement for non-payments for certain products against the Company. On September 2, 2023, Jacksonfill,
LLC and the Company settled the dispute in the Circuit Court of the Fourth Judicial Circuit in Duval County, Florida per a binding settlement
agreement. There is no admission of liability by the Company and on September 27, 2023 the Company paid attorneys on behalf of Jacksonfill,
LLC. the settlement in the amount of $125,000. The reserve that was provided in the financial statements in excess of the final settlement
payment was recorded as a gain on settlement in the current quarter in the amount of $79,182.
REVIV3
PROCARE COMPANY AND SUBSIDIARY
CONDENSED
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
NOVEMBER
30, 2023
Note
12 – Related Party Transactions
At November 30, 2023 there was a one-time bonus payable of $25,000 due to Jeff Brown, Chief Operating Officer. The
Companys Chief Executive Officer (“CEO”), Jeff Toghraie, is the managing director of Intrepid Global Advisors (Intrepid).
Intrepid has, from time to time, provided advances to the Company for working capital purposes. At November 30, 2023 and May 31, 2023,
the Company had amounts payable to Intrepid of $107,860 and $124,378, respectively. These advances were short-term in nature and non-interest
bearing. Additionally, pursuant to a voting agreement, effective June 16, 2022 as amended effective November 7, 2022, with AXIL and Intrepid
Global Advisors, we are subject to certain limitations on our ability to sell our capital stock until June 2024. During the six months ended November 30, 2023 and November 30, 2022, the CEO has not received cash compensation nor was any accrued as the CEO is not subject to an employment agreement.
During
the six months and three months ended November 30, 2023, the Company paid $115,500 and $57,000, respectively, as consulting fee
for product development to Weston T. Harris, a stockholder of AXIL. During the six months and three months ended November 30, 2023,
the Company also paid $69,131 and $33,803 respectively, to the sons of Weston T. Harris as compensation for services relating to
packaging design and affiliate marketing.
On
June 16, 2022, the Company and its wholly owned subsidiary Reviv3 Acquisition Corporation completed the acquisition of both (i) the hearing
protection business of AXIL, consisting of ear plugs and ear muffs, and (ii) AXILs ear bud business pursuant to the Asset Purchase
Agreement, dated May 1, 2022, as amended on June 15, 2022, by and among the Company, Reviv3 Acquisition Corporation, AXIL and certain
stockholders of AXIL. One of the stockholders of AXIL is Intrepid Global Advisors, Inc. As of November 30, 2023, Intrepid Global Advisors,
Inc. held no outstanding common stock of AXIL and 21.30% of the outstanding common stock of the Company.
Note
13 – Business Combination
On
June 16, 2022, the Company completed the acquisition of certain assets of AXIL, a Delaware corporation, pursuant to the Asset Purchase
Agreement dated May 1, 2022 and amended on June 15, 2022 and September 8, 2022. by and among the Company, its subsidiary, AXIL, and certain
of AXILs stockholders, providing for the acquisition of AXILs hearing protection business and ear bud business. The business
constituted substantially all of the business operations of AXIL but did not include AXILs hearing aid line of business.
One
of the stockholders of AXIL is Intrepid. As of June 16, 2022, Intrepid held 4.68% of the outstanding common stock of AXIL and 22.33%
of the outstanding Common Stock of the Company. As of November 30, 2023, Intrepid held no outstanding common shares of AXIL,
as they were distributed with the Asset Purchase Agreement. Jeff Toghraie, Chairman and Chief Executive Officer of the Company, is a
managing director of Intrepid.
As
consideration for the Asset Purchase, AXIL received a total of 323,183,893 shares comprised of (a) 73,183,893 shares of the
Companys Common Stock and (b) 250,000,000 shares of non-voting Series A Preferred Stock, which are convertible into shares of
Company Common Stock on a one-to-one ratio. The Preferred Shares may not be converted or transferred for a period of two years following
the closing of the acquisition. Thereafter, no holder of Preferred Shares may convert such shares into a number of shares of Company
Common Stock that would cause the holder to beneficially own more than 5% of the Companys Common Stock, as determined in accordance
with Sections 13(d) and (g) of the Exchange Act. The purchase price was computed to be $4,007,480 based on a fair value of $0.0124 per
share on the date of acquisition.
The
Company is utilizing the AXIL assets to expand into the hearing enhancement business through its newly incorporated subsidiary.
The
acquisition is accounted for by the Company in accordance with the acquisition method of accounting pursuant to ASC 805 Business
Combinations and pushdown accounting is applied to record the fair value of the assets acquired by the Company. Under this method,
the purchase price is allocated to the identifiable assets acquired and liabilities assumed based on their estimated fair values at the
date of acquisition. Any excess of the amount paid over the estimated fair values of the identifiable net assets acquired was allocated
to goodwill.
REVIV3
PROCARE COMPANY AND SUBSIDIARY
CONDENSED
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
NOVEMBER
30, 2023
Note
13 – Business Combination (continued)
The
following is a summary of the fair value of the assets acquired and liabilities assumed at the date of acquisition:
Schedule of estimated fair value of the assets acquired | |
| |
Cash | |
$ | 1,066,414 | |
Accounts receivable | |
| 227,786 | |
Inventory | |
| 1,342,461 | |
Prepaid expenses | |
| 62,452 | |
Other assets | |
| 108,030 | |
Accounts payable | |
| (285,665 | ) |
Contract liabilities | |
| (1,043,332 | ) |
Other current liabilities | |
| (79,826 | ) |
Net tangible assets acquired | |
$ | 1,398,320 | |
| |
| | |
Identifiable intangible assets | |
| | |
Licensing rights | |
$ | 11,945 | |
Customer relationships | |
| 70,000 | |
Tradenames | |
| 275,000 | |
Website | |
| 100,000 | |
Total Identifiable intangible assets | |
$ | 456,945 | |
| |
| | |
Consideration paid | |
$ | 4,007,480 | |
Total net assets acquired | |
| 1,855,265 | |
Goodwill purchased | |
$ | 2,152,215 | |
Note
14 – Concentrations
Concentration
of Credit Risk
Financial
instruments that potentially subject the Company to concentration of credit risk consist primarily of trade accounts receivable and cash
deposits, investments and cash equivalents instruments. The Company maintains its cash in bank deposits accounts. The Companys
account at this institution is insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000. At November
30, 2023 and May 31, 2023, the Company held cash of approximately $5,161,624 and $4,582,682, respectively, in excess of federally insured
limits. The Company has not experienced any losses in such accounts through November 30, 2023.
Concentration
of Revenue, Accounts Receivable, Product Line, and Supplier – Hair and Skin Care Products
During
the three months ended November 30, 2023 hair and skin care product sales to one customer, which represented over 10% of our total sales,
totaled 13%. During the three months ended November 30, 2022, there were sales to two customers, which represented over 10% of our total
sales, totaled 65% and 31%. During the six months ended November 30, 2023 hair and skin care product sales to two customers, which each represented
over 10% of our total sales, aggregated to approximately 24% of the Companys net sales at 13% and 11%. During the six months ended
November 30, 2022, hair and skin care product sales to two customers, which represented over 10% of our total sales, totaled 68% and 28%.
During
the three months ended November 30, 2023 hair and skin care product sales to customers outside the United States represented approximately
32% to Canada. During the three months ended November 30, 2022, sales to customers outside the United States represented approximately
16% from Canada. During the six months ended November 30, 2023 hair and skin care product sales to customers outside the United States
represented approximately 31% to Canada. During the six months ended November 30, 2022, sales to customers outside the United States
represented approximately 23%, which consisted of 19% from Canada and 4% from Italy.
REVIV3
PROCARE COMPANY AND SUBSIDIARY
CONDENSED
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
NOVEMBER
30, 2023
Note
14 – Concentrations (continued)
During
the three months ended November 30, 2023, hair and skin care product sales by product line which each represented over 10% of sales
consisted of approximately 18% from sales of hair shampoo, and 13% from sales of hair conditioner, 11% from shampoo and conditioner bundles,
35% from bundle kits and 23% from hair treatment product. During the three months ended November 30, 2022, hair and skin care product
sales by product line which each represented over 10% of sales consisted of approximately 10% from sales of hair shampoo, 13% from conditioner,
and 61% from sale of bundle kits (shampoo, conditioner and spray). During the six months ended November 30, 2023, hair and skin care
product sales by product line which each represented over 10% of sales consisted of approximately 17% from sales of hair shampoo,
22% from sales of hair conditioner, 32% from bundle kits and 20% from hair treatment product. During the six months ended November 30,
2022, hair and skin care product sales by product line which each represented over 10% of sales consisted of approximately 13% from sales
of hair shampoo, 17% from sales of conditioner, and 54% from sale of bundle kits (shampoo, conditioner and spray).
During
the six months ended November 30, sales by product line comprised of the following:
Schedule of sales by product line | |
| | |
| |
| |
For the Six Months ended | |
| |
November 30, | |
Hair Care Products | |
2023 | | |
2022 | |
Shampoos | |
| 17 | % | |
| 13 | % |
Shampoos and Conditioners | |
| 9 | % | |
| 7 | % |
Conditioner | |
| 22 | % | |
| 17 | % |
Bundle Kits | |
| 32 | % | |
| 54 | % |
Ancillary Products | |
| 20 | % | |
| 9 | % |
Total | |
| 100 | % | |
| 100 | % |
At
November 30, 2023, hair and skin care products accounts receivables from customers that accounted for more than 10% of sales
transactions were from four separate customers at 30%, 29%, 10% and 10%. At May 31, 2023, hair and skin care products accounts
receivable from one customer accounted for more than 10% of sales transactions.
The
Company purchased inventories and products from five vendors totaling approximately $220,000 and six vendors totaling approximately $89,775
for the three months ended November 30, 2023 and 2022, respectively. Hair and skin care inventory product purchased from three vendors
totaling approximately $297,833, (95% of the purchases at 61%, 12% and 22%) during the fiscal year ended May 31, 2023. The Company purchased
inventories and products from five vendors totaling approximately $303,000 and from eight vendors totaling $216,904 for the six months ended
November 30, 2023 and November 30, 2022, respectively.
Concentration
of Revenue, Accounts Receivable, Product Line, and Supplier – Ear Protection and Enhancement Products
AXIL
is sold direct-to-consumer, therefore, 90.6% and 96.1% of sales was direct to customers during the three months ended November 30, 2023
and November 30, 2022, respectively. There was no single customer that accounted for greater than 10% of total sales in those periods.
During the six months ended November 30, 2023 and November 30, 2022, sales direct to customers accounted for 93.3% and 95.7%, respectively.
No single customer that accounted for greater than 10% of total sales in those periods.
During
the three months ended November 30, 2023 AXIL sales to customers outside the United States represented approximately 5.8% which consisted
of 4.0% from Canada and the remaining from various countries. During the three months ended November 30, 2022 sales of AXIL product to
customers outside the United States represented 4.4% which consisted of 3.5% from Canada and the remaining from various countries. During
the six months ended November 30, 2023 AXIL sales to customers outside the United States represented approximately 5.1% which consisted
of 4.2% from Canada and the remaining from various countries. During the six months ended November 30, 2022 sales of AXIL product to
customers outside the United States represented 4.4% which consisted of 3.7% from Canada and the remaining from various countries
Manufacturing
is outsourced primarily overseas via a number of third-party vendors, the largest vendor accounted for 89.4% and 91.8% of all purchases
for the three months and six month ended November 30, 2023, respectively. For the fiscal year ended May 31, 2023, the two largest vendors
accounted for 82% and 10% of all purchases.
REVIV3
PROCARE COMPANY AND SUBSIDIARY
CONDENSED
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
NOVEMBER
30, 2023
Note
14 – Concentrations (continued)
During
the three months ended November 30, 2023, AXIL sale of ear buds for PSAP (personal sound amplification product) and hearing protection
by product line which each represented over 10% of sales consisted approximately 54.3% ($7.3M) from Ghost Stryke, 14.4% ($1.9M) from
Trackr earmuffs and 30.2% ($4.0M) of sales of other Bluetooth and ear buds. During the three months ended November 30, 2022, AXIL sale
of ear buds and hearing protection by product line which represented over 10% of sales was 91.3% from Ghost Stryke model GS-X ($10.2M).
During
the six months ended November 30, 2023, AXIL sale of ear buds for PSAP (personal sound amplification product) and hearing protection
by product line which each represented over 10% of sales consisted approximately 55.0% ($12.4M) from Ghost Stryke, 13.1% ($3.0M) from
Trackr earmuffs and 30.9% ($7.0M) of sales of other Bluetooth and ear buds. During the six months ended November 30, 2022, AXIL sale
of ear buds and hearing protection by product line which represented over 10% of sales was 91.1% from Ghost Stryke model GS-X ($15.6M).
During
the six months ended November 30, 2023 sales by hearing enhancement and protection products comprised of the following:
Schedule of sales by product comprised | |
| | |
| |
| |
For
the six months ended November
30, | |
Ear Protection & Enhancement Products | |
2023 | | |
2022 | |
Ghost Stryke | |
| 55.0 | % | |
| 91.3 | % |
Trackr Earmuffs | |
| 13.1 | % | |
| 7.7 | % |
Other Bluetooth and ear buds | |
| 31.9 | % | |
| 0.9 | % |
Accessories, other | |
| 0.0 | % | |
| 0.1 | % |
Total | |
| 100.0 | % | |
| 100.0 | % |
Note
15 – Business Segment and Geographic Area Information
Business
Segments
The
Company, directly or through its subsidiaries, markets and sells its products and services directly to consumers and through its dealers.
In June 2022, the Company acquired a hearing enhancement and hearing protection business. The Companys determination of its reportable
segments is based on how its chief operating decision makers manage the business.
REVIV3
PROCARE COMPANY AND SUBSIDIARY
CONDENSED
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
NOVEMBER
30, 2023
Note
15 – Business Segment and Geographic Area Information (continued)
The
Companys segment information is as follows:
Schedule of segment information | |
| | | |
| | | |
| | | |
| | |
| |
Three months ended | | |
Six months ended | |
| |
November 30, | | |
November 30, | |
Net Sales | |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Hair care and skin care | |
$ | 230,741 | | |
$ | 418,734 | | |
$ | 545,594 | | |
$ | 903,970 | |
Hearing enhancement and protection | |
| 8,190,936 | | |
| 6,313,265 | | |
| 13,982,352 | | |
| 10,065,387 | |
Total net sales | |
$ | 8,421,677 | | |
$ | 6,731,999 | | |
$ | 14,527,946 | | |
$ | 10,969,357 | |
| |
| | | |
| | | |
| | | |
| | |
Operating earnings | |
| | | |
| | | |
| | | |
| | |
Segment gross profit: | |
| | | |
| | | |
| | | |
| | |
Hair care and skin care | |
$ | 172,583 | | |
$ | 316,325 | | |
$ | 394,107 | | |
$ | 640,431 | |
Hearing enhancement and protection | |
| 6,085,356 | | |
| 4,722,709 | | |
| 10,511,398 | | |
| 7,681,257 | |
Total segment gross profit | |
$ | 6,257,939 | | |
$ | 5,039,034 | | |
$ | 10,905,505 | | |
$ | 8,321,688 | |
Selling and Marketing | |
| 3,672,780 | | |
| 3,098,898 | | |
| 6,879,621 | | |
| 5,076,874 | |
General and Administrative | |
| 1,321,247 | | |
| 955,141 | | |
| 2,588,215 | | |
| 2,060,418 | |
Consolidated operating income | |
$ | 1,263,912 | | |
$ | 984,995 | | |
$ | 1,437,669 | | |
$ | 1,184,396 | |
| |
| | | |
| | | |
| | | |
| | |
Total Assets: | |
| | | |
| | | |
| | | |
| | |
Hair care and skin care | |
$ | 5,439,289 | | |
$ | 1,018,083 | | |
$ | 5,439,289 | | |
$ | 1,018,083 | |
Hearing enhancement and protection | |
| 7,686,720 | | |
| 9,038,537 | | |
| 7,686,720 | | |
| 9,038,537 | |
Consolidated total assets | |
$ | 13,126,009 | | |
$ | 10,056,620 | | |
$ | 13,126,009 | | |
$ | 10,056,620 | |
| |
| | | |
| | | |
| | | |
| | |
Payments for property and equipment | |
| | | |
| | | |
| | | |
| | |
Hair care and skin care | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | |
Hearing enhancement and protection | |
| 19,885 | | |
| 54,400 | | |
| 70,845 | | |
| 54,400 | |
Consolidated total payments for property and equipment | |
$ | 19,885 | | |
$ | 54,400 | | |
$ | 70,845 | | |
$ | 54,400 | |
| |
| | | |
| | | |
| | | |
| | |
Depreciation and amortization | |
| | | |
| | | |
| | | |
| | |
Hair care and skin care | |
$ | 1,417 | | |
$ | 1,418 | | |
$ | 2,835 | | |
$ | 2,841 | |
Hearing enhancement and protection | |
| 26,368 | | |
| 21,928 | | |
| 53,187 | | |
| 40,174 | |
Consolidated total depreciation and amortization | |
$ | 27,785 | | |
$ | 23,346 | | |
$ | 56,022 | | |
$ | 43,015 | |
Geographic
Area Information
During
the three months ended November 30, 2023, approximately 96% of our consolidated net sales were to customers located in the U.S. (based
on the customers shipping address). During the three months ended November 30, 2022, approximately 96% of our consolidated net
sales were to customers located in the U.S. (based on the customers shipping address). All Company assets are located in the U.S.
During
the six months ended November 30, 2023, approximately 96% of our consolidated net sales were to customers located in the U.S. (based
on the customers shipping address). During the six months ended November 30, 2022, approximately 96% of our consolidated net sales
were to customers located in the U.S. (based on the customers shipping address).
REVIV3
PROCARE COMPANY AND SUBSIDIARY
CONDENSED NOTES TO UNAUDITED CONSOLIDATED FINANCIAL
STATEMENTS
NOVEMBER 30, 2023
Note
16 – Income Taxes
We
calculated our interim tax provision in accordance with ASC Topic 270, Interim Reporting, and ASC Topic 740, Accounting
for Income Taxes. As the end of each interim quarterly period, we estimate our annual effective tax rate and apply that rate to
our ordinary quarterly earnings to calculate the tax related to ordinary income. The tax effects of other items that are excluded from
ordinary income are discretely calculated and recognized in the period in which they occur.
We
recorded an income tax expense of $430,382 and $335,797 for the six months ended November 30, 2023 and 2022, respectively.
The
Company does not have any uncertain tax positions or events leading to uncertainty in a tax position. The Companys 2020, 2021
and 2022 Corporate Income Tax Returns are subject to Internal Revenue Service examination.
Note
17 – Subsequent Events
Corporate Actions
On December 4, 2023, the Company filed with the
SEC a Definitive Information Statement on Schedule 14C (the “Information Statement”). Pursuant to Rule 14c-2 of the Exchange
Act, the Information Statement became effective on or around December 25, 2023, approximately twenty (20) days after it was filed and
mailed to the Company’s stockholders of record as of October 31, 2023 (the “Effective Date”). The Information Statement
informed our stockholders of certain corporate actions taken by written consent of stockholders holding at least a majority of our issued
and outstanding shares of the Company’s common stock. The following corporate actions (the “Corporate Actions”) were
approved by a majority of our stockholders on October 31, 2023:
|
(i) |
An
amendment to our Amended and Restated Certificate of Incorporation (the “Charter”) to effect a name change of the Company
from “Reviv3 Procare Company” to “AXIL Brands, Inc.”; |
|
(ii) |
The Plan and an amendment to the Plan to effect an increase in authorized
shares for issuance under the Plan by an additional 15,000,000 shares to an aggregate of 25,000,000 shares available under the Plan; |
|
(iii) |
An
amendment to our Charter to effect a reverse stock split of the issued and outstanding shares of our Common Stock in a range of not
less than one-for-3 shares and not more than one-for-25 shares, at the discretion of the Board (see below); |
|
(iv) |
Amendments
to our Charter and to our Bylaws to increase the size of our Board and create three (3) classes of directorships for the Board; and |
|
(v) |
Amendments
to our Charter and to our Bylaws to vest the Board with authority to make, repeal, alter, amend or rescind any or all of the Bylaws
and to amend the Bylaws to add a provision relating to notice of stockholder business and nominations. |
Following the Effective Date of the Information
Statement, the Company’s Board has the authority to implement any or all of the foregoing Corporate Actions at their discretion.
As of the date of this Quarterly Report on Form 10-Q, the Board has not yet implemented any of the Corporate Actions but may do so in
the future.
REVIV3
PROCARE COMPANY AND SUBSIDIARY
CONDENSED
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
NOVEMBER
30, 2023
Note
17 – Subsequent Events (continued)
The
following is the unaudited pro-forma effect of a potential one-for-three (1:3), one-for-twenty (1:20), and one-for-twenty-five (1:25)
Reverse Stock Split on the basic and diluted net income per share:
Schedule of pro-forma effect |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For
the 3 Months Ended (UNAUDITED) |
|
|
November
30, |
|
November
30, |
|
|
2023 |
|
2022 |
|
|
Pre
Split |
|
Post
Stock Split |
|
Pre
Split |
|
Post
Stock Split |
|
|
|
|
1:3 |
|
1:20 |
|
1:25 |
|
|
|
1:3 |
|
1:20 |
|
1:25 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income |
|
$ |
1,018,075 |
|
|
$ |
1,018,075 |
|
|
$ |
1,018,075 |
|
|
$ |
1,018,075 |
|
|
$ |
726,900 |
|
|
$ |
726,900 |
|
|
$ |
726,900 |
|
|
$ |
726,900 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average basic shares |
|
|
117,076,949 |
|
|
|
39,025,650 |
|
|
|
5,853,847 |
|
|
|
4,683,078 |
|
|
|
115,226,893 |
|
|
|
38,408,964 |
|
|
|
5,761,345 |
|
|
|
4,609,076 |
|
Dilutive
securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Convertible
preferred stock |
|
|
250,000,000 |
|
|
|
83,333,333 |
|
|
|
12,500,000 |
|
|
|
10,000,000 |
|
|
|
250,000,000 |
|
|
|
83,333,333 |
|
|
|
12,500,000 |
|
|
|
10,000,000 |
|
Stock
options |
|
|
5,375,000 |
|
|
|
1,791,667 |
|
|
|
268,750 |
|
|
|
215,000 |
|
|
|
3,706,593 |
|
|
|
1,235,531 |
|
|
|
185,330 |
|
|
|
148,264 |
|
Weighted
average dilutive shares |
|
|
372,451,949 |
|
|
|
124,150,650 |
|
|
|
18,622,597 |
|
|
|
14,898,078 |
|
|
|
368,933,486 |
|
|
|
122,977,829 |
|
|
|
18,446,674 |
|
|
|
14,757,339 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings
per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.01 |
|
|
$ |
0.03 |
|
|
$ |
0.17 |
|
|
$ |
0.22 |
|
|
$ |
0.01 |
|
|
$ |
0.02 |
|
|
$ |
0.13 |
|
|
$ |
0.16 |
|
Diluted |
|
$ |
0.00 |
|
|
$ |
0.01 |
|
|
$ |
0.05 |
|
|
$ |
0.07 |
|
|
$ |
0.00 |
|
|
$ |
0.01 |
|
|
$ |
0.04 |
|
|
$ |
0.05 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For
the 6 Months Ended (UNAUDITED) |
|
|
November
30, |
|
|
November
30, |
|
|
2023 |
|
|
|
2022 |
|
|
|
Pre
Split |
|
|
|
Post
Stock Split |
|
|
|
Pre
Split |
|
|
|
Post
Stock Split |
|
|
|
|
|
|
|
|
1:3 |
|
|
|
1:20 |
|
|
|
1:25 |
|
|
|
|
|
|
|
1:3 |
|
|
|
1:20 |
|
|
|
1:25 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income |
|
$ |
1,172,527 |
|
|
$ |
1,172,527 |
|
|
$ |
1,172,527 |
|
|
$ |
1,172,527 |
|
|
$ |
902,427 |
|
|
$ |
902,427 |
|
|
$ |
902,427 |
|
|
$ |
902,427 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average basic shares |
|
|
117,076,949 |
|
|
|
39,025,650 |
|
|
|
5,853,847 |
|
|
|
4,683,078 |
|
|
|
108,779,476 |
|
|
|
36,259,825 |
|
|
|
5,438,974 |
|
|
|
4,351,179 |
|
Dilutive
securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Convertible
preferred stock |
|
|
250,000,000 |
|
|
|
83,333,333 |
|
|
|
12,500,000 |
|
|
|
10,000,000 |
|
|
|
228,142,077 |
|
|
|
76,047,359 |
|
|
|
11,407,104 |
|
|
|
9,125,683 |
|
Stock
options |
|
|
5,375,000 |
|
|
|
1,791,667 |
|
|
|
268,750 |
|
|
|
215,000 |
|
|
|
4,507,650 |
|
|
|
1,502,550 |
|
|
|
225,383 |
|
|
|
180,306 |
|
Weighted
average dilutive shares |
|
|
372,451,949 |
|
|
|
124,150,650 |
|
|
|
18,622,597 |
|
|
|
14,898,078 |
|
|
|
341,429,203 |
|
|
|
113,809,734 |
|
|
|
17,071,460 |
|
|
|
13,657,168 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings
per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.01 |
|
|
$ |
0.03 |
|
|
$ |
0.20 |
|
|
$ |
0.25 |
|
|
$ |
0.01 |
|
|
$ |
0.02 |
|
|
$ |
0.17 |
|
|
$ |
0.21 |
|
Diluted |
|
$ |
0.00 |
|
|
$ |
0.01 |
|
|
$ |
0.06 |
|
|
$ |
0.08 |
|
|
$ |
0.00 |
|
|
$ |
0.01 |
|
|
$ |
0.05 |
|
|
$ |
0.07 |
|
ITEM
2. MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The
following Managements Discussion and Analysis of Financial Condition and Results of Operations should be read in conjunction with,
and is qualified in its entirety by, the unaudited consolidated financial statements and related notes thereto included in Item 1 in
this Quarterly Report on Form 10-Q and with our audited consolidated financial statements and related notes included in our Annual Report
on Form 10-K for the year ended May 31, 2023 filed with the SEC on August 21, 2023. Our Managements Discussion and Analysis of
Financial Condition and Results of Operations contains not only statements that are historical facts, but also statements that are forward-looking.
Although
the forward-looking statements in this Quarterly Report on Form 10-Q reflect the good faith judgment of our management, such statements
can only be based on facts and factors currently known by them. Consequently, and because forward-looking statements are inherently
subject to risks and uncertainties, the actual results and outcomes may differ materially from the results and outcomes discussed in
the forward-looking statements. You are urged to carefully review and consider the various disclosures made by us in herein and in our
other reports as we attempt to advise interested parties of the risks and factors that may affect our business, financial condition,
and results of operations and prospects. Please see Cautionary Note Regarding Forward-Looking Statements in this Quarterly
Report on Form 10-Q for additional information.
Overview
The
Company is engaged in the manufacturing, marketing, sale and distribution of high-tech, innovative hearing and audio enhancement and
protection products that provide cutting-edge solutions for people with varied applications across many industries and professional quality
hair and skin care products under various trademarks and brands.
On
May 1, 2022, we entered into an Asset Purchase Agreement dated May 1, 2022 and amended on June 15, 2022 and September 8, 2022 with
AXIL, a Delaware corporation, and a leader in hearing protection and enhancement products, for the acquisition of both the
hearing protection business of AXIL consisting of ear plugs and ear muffs, and AXILs ear bud business. These businesses constituted
substantially all of the business operations of AXIL. The acquisition was completed subsequently on June 16, 2022. On September
8, 2022, the Company and AXIL entered into an amendment to the Asset Purchase Agreement which eliminated the provision in the Asset Purchase
Agreement requiring the Company to effectuate a reverse stock split of our Common Stock and preferred stock pursuant to the Asset Purchase
Agreement within a certain period of time.
As
a result of the acquisition of AXILs assets, the Company has two reportable segments: hair care and skin care, and hearing enhancement
and protection.
Through
our hearing enhancement and protection segment, we design, innovate, engineer, manufacture, market and service specialized systems in
hearing enhancement, hearing protection, wireless audio, and communication. Through our hair care and skin care segment, we manufacture,
market, sell, and distribute professional quality hair and skin care products.
The
Companys overall business strategy is to establish market awareness of our products through our direct-to-consumer campaigns.
We believe the increase in awareness will allow the Company to increase distribution and gain customers through our distribution partners
retail establishments, with the goal of helping us achieve growth in market share and diversify our sales channels.
Recent
Developments
The Company is in the process of seeking to
list its shares of Common Stock on the NYSE American Stock Exchange (the “NYSE American”). No assurance can be given
that the Company’s Common Stock will be accepted for listing on the NYSE American.
On December 4, 2023, the Company filed with
the SEC a Definitive Information Statement on Schedule 14C (the “Information Statement”). Pursuant to Rule 14c-2 of the Exchange
Act, the Information Statement became effective on or around December 25, 2023, approximately twenty (20) days after it was filed and
mailed to the Company’s stockholders of record as of October 31, 2023 (“Effective Date”). The Information Statement
informed our stockholders of certain corporate actions taken by written consent of stockholders holding at least a majority of our issued
and outstanding shares of the Company’s common stock. The following corporate actions (the “Corporate Actions”) were
approved by a majority of our stockholders on October 31, 2023:
|
(i) |
An
amendment to our Amended and Restated Certificate of Incorporation (the “Charter”) to effect a name change of the Company
from “Reviv3 Procare Company” to “AXIL Brands, Inc.”; |
|
(ii) |
The
Company’s 2022 Equity Incentive Plan (the “Plan”) and an amendment to the Plan to effect an increase in authorized
shares for issuance under the Plan by an additional 15,000,000 shares to an aggregate of 25,000,000 shares available under the Plan; |
|
(iii) |
An
amendment to our Charter to effect a reverse stock split of the issued and outstanding shares of our Common Stock in a range of not
less than one-for-3 shares and not more than one-for-25 shares, at the discretion of the Board; |
|
(iv) |
Amendments
to our Charter and to our Bylaws to increase the size of our Board and create three (3) classes of directorships for the Board; and |
|
(v) |
Amendments
to our Charter and to our Bylaws to vest the Board with authority to make, repeal, alter, amend or rescind any or all of the Bylaws
and to amend the Bylaws to add a provision relating to notice of stockholder business and nominations. |
Following the Effective Date of the Information
Statement, the Company’s Board has the authority to implement any or all of the foregoing Corporate Actions at their discretion.
As of the date of this Quarterly Report on Form 10-Q, the Board has not yet implemented any of the Corporate Actions, but may do so in
the future.
Results
of Operations
Our
results of operations are summarized below.
| |
Six months ended | | |
Three months ended | |
| |
November
30, | | |
November
30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Net Sales | |
$ | 14,527,946 | | |
$ | 10,969,357 | | |
$ | 8,421,677 | | |
$ | 6,731,999 | |
Cost of sales | |
| 3,622,441 | | |
| 2,647,669 | | |
| 2,163,738 | | |
| 1,692,965 | |
Gross profit | |
| 10,905,505 | | |
| 8,321,688 | | |
| 6,257,939 | | |
| 5,039,034 | |
Total operating expenses | |
| 9,467,836 | | |
| 7,137,292 | | |
| 4,994,027 | | |
| 4,054,039 | |
Income from operations | |
| 1,437,669 | | |
| 1,184,396 | | |
| 1,263,912 | | |
| 984,995 | |
Net income after tax | |
$ | 1,172,527 | | |
$ | 902,427 | | |
$ | 1,018,075 | | |
$ | 726,900 | |
For the Six months Ended November 30, 2023 Compared
to the Six months Ended November 30, 2022
Net sales for the six months ended November 30, 2023
and 2022 were $14,527,946 and $10,969,357, respectively. Net sales for the six months ended November 30, 2023 increased by $3,558,589
or 32.4% for the six months ended November 30, 2023, as compared to the six months ended November 30, 2022. The increase was driven primarily
by an increase in marketing campaign spend and strength in our sales channels for AXIL products.
Cost
of sales includes primarily the cost of products and freight-in costs. For the six months ended November 30, 2023, the overall cost of
sales increased by $974,772 or 36.8%, as compared to the comparable period ended November 30, 2022, which was primarily due to the relative
increase in sales of AXIL products. Cost of sales as a percentage of net revenues for the six months ended November 30, 2023 was 24.9%
as compared to 24.1% for the comparable period in 2022. The marginal increase in cost of sales, as a percentage of sales, was primarily
attributable to higher transportation costs. The Company will continue to work to increase efficiencies in procurement and logistics,
as well as focus on enhanced production capabilities.
Operating
expenses consisted of marketing and selling expenses, compensation and related taxes, professional and consulting fees, and general and
administrative costs. Operating expenses for the six months ended November 30, 2023 and 2022 were $9,467,836 and $7,137,292, respectively.
Operating expenses as a percentage of net revenues for the six months ended November 30, 2023, were 65.2% compared to 65.1% for the comparable
period in 2022. Operating expenses increased by $2,330,544 or 32.7% year-over-year due to an increase in advertising and marketing expenses
by $2,028,483 in the AXIL spend for expansion of current marketing campaigns and costs attributable to new product awareness, with an
increase in spend of $714,318 for general and administrative costs as the Company requires more robust oversight in compliance and to
enhance existing business processes. The increase in marketing, advertising and general and administrative costs, were partially offset
by an overall reduction in approximately $300,000 in operating expenses for the Reviv3 business for the six months ended November 30,
2023 as compared to the comparable period in 2022.
Gross
profit for the six months ended November 30, 2023 and 2022 was $10,905,505 and $8,321,688, respectively. Gross profit as a percentage
of sales for the six months ended November 30, 2023, was 75.1% as compared to 75.9% for the same comparable period in 2022. The slight
decrease in gross profit for the six months ended November 30, 2023 was primarily attributable to an increase in discounts and merchant
fees related to sales of AXIL products.
Income
from operations for the six months ended November 30, 2023 and 2022 was $1,437,669 and $1,184,396, respectively. The increase in income
from operations for the six months ended November 30, 2023, of $253,273 or 21.4% compared to the six months ended November 30, 2022,
was primarily driven from the positive impact of the increase in sales and marketing efforts of AXIL products.
Provision
for income taxes amounted to $430,382 and $335,797 for the six months ended November 30, 2023 and 2022, respectively.
As
a result of the above, we reported a net income of $1,172,527 and $902,427, for the six months ended November 30, 2023 and 2022, and
respectively, an increase of $270,100.
For
the Three months Ended November 30, 2023 Compared to the Three months Ended November 30, 2022
Net
sales for the three months ended November 30, 2023 and 2022 were $8,421,677 and $6,731,999, respectively. Net sales for the three months
ended November 30, 2023 increased by $1,689,678 or 25.1% for the three months ended November 30, 2023, as compared to the three months
ended November 30, 2022, also due to the increase in marketing campaign spend and strength in our sales channels for AXIL products.
For
the three months ended November 30, 2023, the overall cost of sales increased by $470,773 or 27.8%, as compared to the comparable period
ended November 30, 2022, which was also primarily due to the relative increase in sales of AXIL products. Cost of sales
as a percentage of net revenues for the three months ended November 30, 2023 was 25.7% as compared to 25.1% for the comparable period
in 2022. The marginal increase in cost of sales, as a percentage of sales, was primarily attributable to an increase in transportation
costs. As noted, the Company will continue to work to increase efficiencies in procurement and logistics.
Operating
expenses consisted of marketing and selling expenses, compensation and related taxes, professional and consulting fees, and general and
administrative costs. Operating expenses for the three months ended November 30, 2023 and 2022 were $4,994,027 and $4,054,039, respectively.
Operating expenses as a percentage of net revenues for the three months ended November 30, 2023, were 59.3% compared to 60.2% for the
three months ended November 30, 2022. Operating expenses increased by $939,988 or 14.0% compared to the three months ended November 30,
2022, primarily due to an increase in advertising, marketing campaigns and sales related expenses by $858,311 in the AXIL spend for displaying
our products through various advertising platforms, with an increase in spend of $167,494 for general and administrative costs as the
Company requires more oversight in compliance. The increase in marketing, advertising and general and administrative costs, were partially
offset by an overall reduction of approximately $100,000 in operating expenses for the Reviv3 products for the three months ended November
30, 2023 as compared to the comparable period in 2022.
Gross
profit for the three months ended November 30, 2023 and 2022 was $6,257,677 and $5,039,034, respectively. Gross profit as a percentage
of sales for the three months ended November 30, 2023, was 74.3% as compared to 74.9% for the same comparable period in 2022. The slight
decrease in gross profit for the three months ended November 30, 2023 was primarily attributable to the minor increase in product discounts
and merchant fees related of AXIL products.
Income
from operations for the three months ended November 30, 2023 and 2022 was $1,263,912 and $984,995, respectively. The year-over-year increase
in income from operations of $278,917 or 28.3% was primarily driven from the positive impact of sales and marketing efforts of AXIL products.
Provision
for income taxes amounted to $364,393 and $261,044 for the three months ended November 30, 2023 and 2022, respectively.
As
a result of the above, we reported a net income of $1,018,075 and $726,900 for the three months ended November 30, 2023 and 2022, respectively,
an increase of $291,175 or 40.1%.
Liquidity
and Capital Resources
We
are currently engaged in our product sales and development. Although we earned a net income in the six months ended November 30, 2023,
we have incurred operating losses in the past. We currently expect to earn net income during the current fiscal year ending May 31, 2024.
We believe our current cash balances, coupled with anticipated cash flow from operating activities, will be sufficient to meet our working
capital requirements for at least one year from the date of issuance of the accompanying unaudited consolidated financial statements.
We intend to continue to control our cash expenses as a percentage of expected revenue on an annual basis and thus may use our cash balances
in the short-term to invest in revenue growth. As a result of the acquisition of AXIL s assets, we have generated and expect we
will continue to generate sufficient cash for our operational needs, including any required debt payments, for at least one year from
the date of issuance of the accompanying unaudited consolidated financial statements. Management is focused on growing the Companys
existing product lines, introducing new products, as well as expanding its customer base, to increase its revenues. The Company cannot
give assurance that it can increase its cash balances or limit its cash consumption and thus maintain sufficient cash balances for its
planned operations or future acquisitions. Future business demands, including those resulting from the purchase of AXILs assets
in June 2022, may lead to cash utilization at levels greater than recently experienced. The Company cannot provide any assurance that
it will be able to raise additional capital or obtain necessary financing on acceptable terms, or at all. Subject to the foregoing, management
believes that the Company has sufficient capital and liquidity to fund its operations for at least one year from the date of issuance
of the accompanying unaudited consolidated financial statements.
Cash
Flows
Operating
Activities
Net cash provided by operating activities for
the six months ended November 30, 2023 was $1,252,113, attributable to a net income of $1,172,527, items of adjustments to depreciation
and amortization, bad debts, gain on settlement and stock based compensation that total $143,382. There were favorable changes in accounts
payable and accrued expenses of $1,092,735, and contract and current liabilities of $751,853. The net decrease in cash was increased by
a net decrease in operating assets and liabilities of $1,908,384 primarily due to increase in accounts receivable, prepaid expenses and
other current assets and inventory.
Net
cash flows provided by operating activities for the six months ended November 30, 2022 was $2,196,195, attributable to net income of
$902,427, depreciation and amortization of $43,015, provision for bad debts of $105,975, stock based compensation expense of $124,145,
gain on settlement of debt of $50,500, utilization of security deposit to pay rent of $8,385, amortization of prepaid expenses of $3,159
and net change in operating assets and liabilities of $1,059,589 primarily due to an increase in inventory, increase in prepaid expenses,
increase in security deposit and increase in accounts receivable offset by an increase in accounts payable, increase in other current
liabilities and increase in contract liabilities.
Investing
Activities
Net
cash flows used in investing activities for the six months ended November 30, 2023 was $70,845 due to the purchase of property and equipment
for the AXIL business. For the six months ended November 30, 2022, net cash flows provided were $1,012,014, attributable to the cash
received from acquisition of the AXIL business and partially offset by the purchase of property and equipment during the same period.
Financing
Activities
Net
cash flows used in financing activities for the six months ended November 30, 2023 was $51,519, and were for repayment of equipment financing
and note payable, and a decrease in the amount due from a related party. Net cash flows provided by financing activities for the six
months ended November 30, 2022, amounted to $436,230 as the Company raised capital of $328,050 pursuant to a private placement of shares
of common stock, receipt of $111,392 in related party loans, and repayment of loans that totaled $3,212.
During
the six months ended November 30, 2023, the Company has various financed items and has debt outstanding in order to run the business
operations. In 2019, the Company purchased a forklift under an installment purchase plan. The loan amount is $16,500 payable in 60 monthly
installment payments of $322 comprising of principal payment of $275 and interest payment of $42. At November 30, 2023 and 2022, the
balance outstanding on the loan was $550 and $3,850, respectively, of which the $550 balance is payable within the next year.
As
of November 30, 2023, we had a secured Economic Injury Disaster Loan outstanding, administered pursuant to the CARES Act in the principal
amount of $147,931, with a maturity date of May 18, 2050. The Company continues to pay interest on the loan.
We
are dependent on our product sales to fund our operations and may require additional capital in the future, such as pursuant to the sale
of additional common stock or of debt securities or entering into credit agreements or other borrowing arrangements with institutions
or private individuals, to maintain operations, which may not be available on favorable terms, or at all, and could require us to sell
certain assets or discontinue or curtail our operations. If the current equity and credit markets deteriorate, it may make any necessary
debt or equity financing more difficult, more costly and more dilutive. In addition, pursuant to a voting agreement, effective June 16,
2022, with AXIL and Intrepid Global Advisors, we are subject to certain limitations on our ability to sell our capital stock until June
2024. Our officers and directors have made no written commitments with respect to providing a source of liquidity in the form of cash
advances, loans, and/or financial guarantees. We do not have any plans to seek additional financing at this time and anticipate that
our existing cash equivalents and cash provided by operations will be sufficient to meet our working capital requirements. However, if
the need arises for additional cash, there can be no assurance that we will be able to raise the capital we need for our operations on
favorable terms, or at all. We may not be able to obtain additional capital or generate sufficient revenues to fund our operations. Failure
to secure any necessary financing in a timely manner and on favorable terms could have a material adverse effect on our growth strategy,
financial performance and stock price and could require us to delay or abandon our business plans. If we are unsuccessful at raising
sufficient funds, for whatever reason, to fund our operations, we may be forced to cease operations. If we fail to raise funds, we expect
that we will be required to seek protection from creditors under applicable bankruptcy laws.
Off-Balance
Sheet Arrangements
As
of November 30, 2023, we do not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future
effect on our financial condition, changes in financial condition, revenues or expenses, results or operations, liquidity, capital expenditures
or capital resources that is material to investors.
Critical
Accounting Policies
The
preparation of condensed consolidated financial statements in conformity with accounting principles generally accepted in the United
States of America requires us to make a number of estimates and assumptions that affect the reported amounts of assets and liabilities
and disclosure of contingent assets and liabilities at the date of the financial statements. Such estimates and assumptions affect the
reported amounts of expenses during the reporting period. On an ongoing basis, we evaluate estimates and assumptions based upon historical
experience and various other factors and circumstances. We believe our estimates and assumptions are reasonable in the circumstances;
however, actual results may differ from these estimates under different future conditions.
We
believe that the estimates and assumptions that are most important to the portrayal of our financial condition and results of operations,
in that they require the most difficult, subjective or complex judgments, form the basis for the accounting policies deemed to be most
critical to us. These critical accounting policies relate to revenue recognition, impairment of intangible assets and long-lived assets,
inventory, stock compensation, and evaluation of contingencies. We believe estimates and assumptions related to these critical accounting
policies are appropriate under the circumstances; however, should future events or occurrences result in unanticipated consequences,
there could be a material impact on our future financial condition or results of operations.
See
the footnotes to our unaudited consolidated financial statements for the three and six months ended November 30, 2023 and 2022, included with
this Quarterly Report on Form 10-Q for additional discussion of our critical accounting policies and use of estimates.
ITEM
3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
As
a smaller reporting company, we are not required to provide the information required by this Item 3.
ITEM
4. CONTROLS AND PROCEDURES
Disclosure
Controls and Procedures
We
maintain disclosure controls and procedures, as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange
Act, that are designed to ensure that information required to be disclosed in our Exchange Act reports is recorded, processed, summarized
and reported within the time periods specified in the SEC rules and forms, and that such information is accumulated and communicated
to our management, including our Chief Executive Officer (CEO) and Principal Executive Officer, and Chief Financial Officer
(CFO) and Principal Financial and Accounting Officer, as appropriate, to allow timely decisions regarding required disclosure.
We conducted an evaluation, under the supervision and with the participation of our CEO and CFO, of the effectiveness of the design and
operation of our disclosure controls and procedures as of November 30, 2023. Based on this evaluation of disclosure controls and procedures
as of November 30, 2023, our CEO and CFO concluded that our disclosure controls and procedures were not effective.
Internal
Control over Financial Reporting
Our
management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined
in Exchange Act Rules 13a-15(f) and 15(d)-15(f). Our internal control over financial reporting is a process designed to provide reasonable
assurance to our management and the Board regarding the reliability of financial reporting and the preparation of the financial statements
for external purposes in accordance with accounting principles generally accepted in the United States of America. Because of its inherent
limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of
effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that
the degree of compliance with the policies or procedures may deteriorate.
Our
management, including our CEO and CFO, assessed the effectiveness of our internal control over financial reporting as of November 30,
2023 using criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission Internal Control-Integrated
Framework issued in 2013. Based on the assessment, our management has concluded that as of November 30, 2023, our internal control
over financial reporting was not effective based on those criteria.
Remediation
The
Company plans to initiate measures to improve the effectiveness of the internal controls over financial reporting and disclosure controls
and procedures. We are currently working with a third-party to enhance the reporting in our accounting systems, as well as increase the
level of review when any non-routine accounting entry is proposed. The Company hired additional accounting personnel to oversee the financial
close and reporting process. The Company plans to hire additional staff to aid in segregation of duties to continue to improve our internal
controls in the coming fiscal year. We have also started to develop an internal control structure and identify key procedures for financial
reporting as required by Section 404 of the Sarbanes-Oxley Act of 2002 and we are currently in the process of documenting our internal
control policies and procedures. We have adopted written policies and procedures that are being distributed to employees for review and
approval by the Board, and should be fully implemented during the fiscal year ending May 31, 2024. In addition, the company has adopted
controls related to corporate governance, including a Code of Business Conduct and Ethics that applies to all of our employees, including
our CEO, CFO, and Board.
Changes
in internal control over financial reporting
There
has been no change in our internal control over financial reporting identified in connection with the evaluation required by Rules 13a-15(d)
or 15d-15(d) under the Exchange Act that occurred during the fiscal quarter ended November 30, 2023 that has materially affected or is
reasonably likely to materially affect our internal control over financial reporting. Our management is currently taking corrective action
to remedy the internal control weaknesses. See section entitled Remediation above.
PART
II - OTHER INFORMATION
ITEM
1. LEGAL PROCEEDINGS
From
time to time, we may become involved in various lawsuits and legal proceedings which arise in the ordinary course of business. However,
litigation is subject to inherent uncertainties and an adverse result in these or other matters may arise from time to time that may
harm our business. We are currently not aware of any such pending or threatened legal proceedings or claims that we believe will have
a material adverse effect on our business, financial condition or operating results. Where it is probable that we will incur a loss and
the amount of the loss can be reasonably estimated, we record a liability in our financial statements. These legal accruals may be increased
or decreased to reflect any relevant developments on a quarterly basis. Where a loss is not probable or the amount of the loss is not
estimable, we do not record an accrual, consistent with applicable accounting guidance. In the opinion of management, while the outcome
of such claims and disputes cannot be predicted with certainty, our ultimate liability in connection with these matters is not expected
to have a material adverse effect on our results of operations, financial position or cash flows, and the amounts accrued for any individual
matter are not material. However, legal proceedings are inherently uncertain. As a result, the outcome of a particular matter or a combination
of matters may be material to our results of operations for a particular period, depending upon the size of the loss or our income for
that particular period.
On
November 23, 2020, the Company was served a copy of a complaint filed by Jacksonfill, LLC in the Fourth Circuit Court for Duval County,
Florida. The complaint alleged breach of Agreement for non-payments for certain products against the Company. On September 2, 2023, Jacksonfill,
LLC and the Company settled the dispute in the Circuit Court of the Fourth Judicial Circuit in Duval County, Florida per a binding settlement
agreement. There is no admission of liability by the Company and on September 27, 2023 the Company paid attorneys on behalf of Jacksonfill,
LLC. the settlement in the amount of $125,000. The reserve that was provided in the financial statements in excess of the final settlement
payment was recorded as a gain on settlement in the current quarter in the amount of $79,182. Please see Note 11—Commitments and
Contingencies to our financial statements included herein for additional information about this matter.
ITEM
1A. RISK FACTORS
As
a smaller reporting company, we are not required to provide the information required by this Item 1A.
ITEM
2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
None.
ITEM
3. DEFAULTS UPON SENIOR SECURITIES
None.
ITEM
4. MINE SAFETY DISCLOSURES
Not
applicable.
ITEM
5. OTHER INFORMATION
(a)
Not applicable.
(b)
None.
(c)
Not applicable.
ITEM
6. EXHIBITS
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned thereunto duly authorized.
|
REVIV3
PROCARE COMPANY |
|
|
|
Date:
January 4, 2024 |
|
|
|
|
|
|
By: |
/s/
Jeff Toghraie |
|
|
Jeff
Toghraie |
|
|
Chief
Executive Officer |
|
|
(Principal
Executive Officer) |
|
|
|
|
By: |
/s/
Monica Diaz Brickell |
|
|
Monica
Diaz Brickell |
|
|
Chief
Financial Officer |
|
|
(Principal
Financial Officer and Principal Accounting Officer) |
EXHIBIT 31.1
CERTIFICATION PURSUANT
TO RULE 13a-14(a)/15d-14(a), AS ADOPTED
PURSUANT TO SECTION 302
OF THE SARBANES-OXLEY ACT OF 2002
I, Jeff Toghraie, certify that:
1. |
I have reviewed this Quarterly Report on Form 10-Q of Reviv3 Procare Company; |
2. |
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. |
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. |
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
|
(a) |
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
|
(b) |
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
|
(c) |
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
|
(d) |
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. |
The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
|
(a) |
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
|
(b) |
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
|
|
|
|
|
|
|
|
|
|
|
Date: January 4, 2024 |
|
|
|
|
|
By: |
|
/s/ Jeff Toghraie |
|
|
|
|
|
|
|
|
Name:
Title: |
|
Jeff Toghraie
Chief Executive Officer
(Principal Executive Officer) |
EXHIBIT 31.2
CERTIFICATION
PURSUANT TO RULE 13a-14(a)/15d-14(a), AS ADOPTED
PURSUANT TO SECTION
302 OF THE SARBANES-OXLEY ACT OF 2002
I, Monica Diaz Brickell, certify that:
1. |
I have reviewed this Quarterly Report on Form 10-Q of Reviv3 Procare Company; |
2. |
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. |
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. |
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
|
(a) |
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
|
(b) |
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
|
(c) |
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
|
(d) |
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. |
The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
|
(a) |
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
|
(b) |
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
|
|
|
|
|
|
|
|
|
|
Date: January 4, 2024 |
|
|
|
|
By: |
|
/s/ Monica Diaz Brickell |
|
|
|
|
|
|
|
Name:
Title: |
|
Monica Diaz Brickell
Chief Financial Officer
(Principal Financial Officer and Principal Accounting Officer)
|
EXHIBIT 32.1
CERTIFICATION PURSUANT
TO 18 U.S.C. SECTION 1350, AS ADOPTED
PURSUANT TO SECTION 906
OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report
on Form 10-Q of Reviv3 Procare Company (the “Company”) for the quarter ended November 30, 2023 (the “Report”),
I, Jeff Toghraie, Chief Executive Officer, certify as follows:
| A) | the Report fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities
Exchange Act of 1934, as amended (15 U.S.C. 78m or 78o(d)), and |
| B) | the information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Company as of the dates and for the periods covered by the Report. |
This statement is authorized to be attached
as an exhibit to the Report so that this statement will accompany the Report at such time as the Report is filed with the Securities and
Exchange Commission, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350. Pursuant to Securities and Exchange
Commission Release 33-8238, dated June 5, 2003, this certification is being furnished and shall not be deemed filed by the Company for
purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or incorporated by reference in any registration statement
of the Company filed under Securities Act of 1933, as amended, except to the extent that the Company specifically incorporates it by reference.
A signed original of this written statement by Section 906 has been provided to the Company and will be retained by the Company and furnished
to the Securities and Exchange Commission or its staff upon request.
|
|
|
|
|
|
|
|
|
|
Date: January 4, 2024 |
|
|
|
|
By: |
|
/s/ Jeff Toghraie |
|
|
|
|
|
|
|
Name:
Title: |
|
Jeff Toghraie
Chief Executive Officer
(Principal Executive Officer) |
EXHIBIT 32.2
CERTIFICATION PURSUANT
TO 18 U.S.C. SECTION 1350, AS ADOPTED
PURSUANT TO SECTION 906
OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report
on Form 10-Q of Reviv3 Procare Company (the “Company”) for the quarter ended November 30, 2023 (the “Report”),
I, Monica Diaz Brickell, Chief Financial Officer, certify as follows:
| A) | the Report fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities
Exchange Act of 1934, as amended (15 U.S.C. 78m or 78o(d)), and |
| B) | the information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Company as of the dates and for the periods covered by the Report. |
This statement is authorized to be attached
as an exhibit to the Report so that this statement will accompany the Report at such time as the Report is filed with the Securities and
Exchange Commission, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350. Pursuant to Securities and Exchange
Commission Release 33-8238, dated June 5, 2003, this certification is being furnished and shall not be deemed filed by the Company for
purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or incorporated by reference in any registration statement
of the Company filed under Securities Act of 1933, as amended, except to the extent that the Company specifically incorporates it by reference.
A signed original of this written statement by Section 906 has been provided to the Company and will be retained by the Company and furnished
to the Securities and Exchange Commission or its staff upon request.
|
|
|
|
|
|
|
|
|
|
Date: January 4, 2024 |
|
|
|
|
By: |
|
/s/ Monica Diaz Brickell |
|
|
|
|
|
|
|
Name:
Title: |
|
Monica Diaz Brickell
Chief Financial Officer
(Principal Financial Officer and Principal Accounting Officer) |
v3.23.4
Cover - shares
|
6 Months Ended |
|
Nov. 30, 2023 |
Jan. 04, 2024 |
Cover [Abstract] |
|
|
Document Type |
10-Q
|
|
Amendment Flag |
false
|
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true
|
|
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false
|
|
Document Period End Date |
Nov. 30, 2023
|
|
Document Fiscal Period Focus |
Q2
|
|
Document Fiscal Year Focus |
2024
|
|
Current Fiscal Year End Date |
--05-31
|
|
Entity File Number |
000-56351
|
|
Entity Registrant Name |
Reviv3 Procare Company
|
|
Entity Central Index Key |
0001718500
|
|
Entity Tax Identification Number |
47-4125218
|
|
Entity Incorporation, State or Country Code |
DE
|
|
Entity Address, Address Line One |
901 Fremont Avenue
|
|
Entity Address, Address Line Two |
Unit 158
|
|
Entity Address, City or Town |
Alhambra
|
|
Entity Address, State or Province |
CA
|
|
Entity Address, Postal Zip Code |
91803
|
|
City Area Code |
(888)
|
|
Local Phone Number |
638-8883
|
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Entity Current Reporting Status |
Yes
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v3.23.4
CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
|
Nov. 30, 2023 |
May 31, 2023 |
CURRENT ASSETS: |
|
|
Cash |
$ 5,962,431
|
$ 4,832,682
|
Accounts receivable, net |
953,315
|
417,016
|
Inventory, net |
2,352,215
|
1,311,864
|
Prepaid expenses and other current assets |
1,068,767
|
801,360
|
Total Current Assets |
10,336,728
|
7,362,922
|
OTHER ASSETS: |
|
|
Property and equipment, net |
211,036
|
157,463
|
Intangible assets, net |
343,924
|
382,674
|
Right of use asset |
69,911
|
101,845
|
Other assets |
12,195
|
12,195
|
Goodwill |
2,152,215
|
2,152,215
|
Total Other Assets |
2,789,281
|
2,806,392
|
TOTAL ASSETS |
13,126,009
|
10,169,314
|
CURRENT LIABILITIES: |
|
|
Accounts payable |
1,922,159
|
908,606
|
Customer deposits |
100,889
|
183,688
|
Equipment payable, current |
550
|
2,200
|
Contract liabilities, current |
1,050,420
|
827,106
|
Notes payable, current |
3,270
|
172,588
|
Due to related party |
132,860
|
158,072
|
Lease liability, current |
71,374
|
65,824
|
Income tax liability |
661,295
|
230,913
|
Other current liabilities |
534,067
|
305,664
|
Total Current Liabilities |
4,476,884
|
2,854,661
|
LONG TERM LIABILITIES: |
|
|
Notes payable, long term |
144,661
|
|
Lease liability, long term |
|
36,752
|
Contract liabilities, long term |
557,763
|
605,942
|
Total Long Term Liabilities |
702,424
|
642,694
|
Total Liabilities |
5,179,308
|
3,497,355
|
Commitments and contingencies (see Note 11) |
|
|
STOCKHOLDERS EQUITY: |
|
|
Preferred stock, $0.0001 par value; 300,000,000 shares authorized; 250,000,000 shares issued and outstanding as of November 30, 2023 and May 31, 2023, respectively |
25,000
|
25,000
|
Common stock, $0.0001 par value: 450,000,000 shares authorized; 117,076,949 shares issued, and outstanding as of November 30, 2023 and May 31, 2023 |
11,708
|
11,708
|
Additional paid-in capital |
10,204,458
|
10,102,243
|
Accumulated deficit |
(2,294,465)
|
(3,466,992)
|
Total Stockholders Equity |
7,946,701
|
6,671,959
|
TOTAL LIABILITIES AND STOCKHOLDERS EQUITY |
$ 13,126,009
|
$ 10,169,314
|
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v3.23.4
CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares
|
Nov. 30, 2023 |
May 31, 2023 |
Statement of Financial Position [Abstract] |
|
|
Preferred stock, par value |
$ 0.0001
|
$ 0.0001
|
Preferred stock, shares authorized |
300,000,000
|
300,000,000
|
Preferred stock, shares issued |
250,000,000
|
250,000,000
|
Preferred stock, shares outstanding |
250,000,000
|
250,000,000
|
Common stock, par value |
$ 0.0001
|
$ 0.0001
|
Common stock, shares authorized |
450,000,000
|
450,000,000
|
Common stock, shares issued |
117,076,949
|
117,076,949
|
Common stock, shares outstanding |
117,076,949
|
117,076,949
|
X |
- DefinitionFace amount or stated value per share of common stock.
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v3.23.4
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
|
3 Months Ended |
6 Months Ended |
Nov. 30, 2023 |
Nov. 30, 2022 |
Nov. 30, 2023 |
Nov. 30, 2022 |
Income Statement [Abstract] |
|
|
|
|
Sales, net |
$ 8,421,677
|
$ 6,731,999
|
$ 14,527,946
|
$ 10,969,357
|
Cost of sales |
2,163,738
|
1,692,965
|
3,622,441
|
2,647,669
|
Gross profit |
6,257,939
|
5,039,034
|
10,905,505
|
8,321,688
|
OPERATING EXPENSES: |
|
|
|
|
Marketing and selling expenses |
3,672,780
|
3,098,898
|
6,879,621
|
5,076,874
|
Compensation and related taxes |
204,646
|
509,339
|
484,635
|
790,027
|
Professional and consulting expenses |
491,328
|
213,205
|
918,103
|
679,655
|
General and administrative |
625,273
|
232,597
|
1,185,477
|
590,736
|
Total Operating Expenses |
4,994,027
|
4,054,039
|
9,467,836
|
7,137,292
|
INCOME FROM OPERATIONS |
1,263,912
|
984,995
|
1,437,669
|
1,184,396
|
OTHER INCOME (EXPENSE): |
|
|
|
|
Gain on settlement |
79,182
|
|
79,182
|
50,500
|
Other income |
3,189
|
|
13,024
|
|
Interest income |
37,825
|
4,704
|
76,318
|
6,541
|
Interest expense and other finance charges |
(1,640)
|
(1,755)
|
(3,284)
|
(3,213)
|
Other Income (Expense), Net |
118,556
|
2,949
|
165,240
|
53,828
|
INCOME BEFORE PROVISION FOR INCOME TAXES |
1,382,468
|
987,944
|
1,602,909
|
1,238,224
|
Provision for income taxes |
364,393
|
261,044
|
430,382
|
335,797
|
NET INCOME |
$ 1,018,075
|
$ 726,900
|
$ 1,172,527
|
$ 902,427
|
NET INCOME PER COMMON SHARE: |
|
|
|
|
Basic |
$ 0.01
|
$ 0.01
|
$ 0.01
|
$ 0.01
|
Diluted |
$ 0.00
|
$ 0.00
|
$ 0.00
|
$ 0.00
|
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: |
|
|
|
|
Basic |
117,076,949
|
115,226,893
|
117,076,949
|
108,779,476
|
Diluted |
372,451,949
|
368,993,486
|
372,451,949
|
341,429,203
|
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v3.23.4
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Unaudited) - USD ($)
|
Preferred Stock [Member] |
Common Stock [Member] |
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
Total |
Beginning balance, value at May. 31, 2022 |
|
$ 4,195
|
$ 5,472,084
|
$ (5,291,567)
|
$ 184,712
|
Beginning balance, Shares at May. 31, 2022 |
|
41,945,881
|
|
|
|
Shares issued for acquisition of business |
$ 25,000
|
$ 7,318
|
3,975,162
|
|
4,007,480
|
Shares issued for acquisition of business, shares |
250,000,000
|
73,183,893
|
|
|
|
Stock options expense |
|
|
124,145
|
|
124,145
|
Shares to be issued for cash |
|
$ 143
|
327,907
|
|
328,050
|
Shares to be issued for cash, shares |
|
1,426,391
|
|
|
|
Net income |
|
|
|
902,427
|
902,427
|
Ending balance, value at Nov. 30, 2022 |
$ 25,000
|
$ 11,656
|
9,899,298
|
(4,389,140)
|
5,546,814
|
Ending balance, Shares at Nov. 30, 2022 |
250,000,000
|
116,556,165
|
|
|
|
Beginning balance, value at Aug. 31, 2022 |
$ 25,000
|
$ 11,513
|
9,544,529
|
(5,116,040)
|
4,465,002
|
Beginning balance, Shares at Aug. 31, 2022 |
250,000,000
|
115,129,774
|
|
|
|
Stock options expense |
|
|
26,862
|
|
26,862
|
Shares to be issued for cash |
|
$ 143
|
327,907
|
|
328,050
|
Shares to be issued for cash, shares |
|
1,426,391
|
|
|
|
Net income |
|
|
|
726,900
|
726,900
|
Ending balance, value at Nov. 30, 2022 |
$ 25,000
|
$ 11,656
|
9,899,298
|
(4,389,140)
|
5,546,814
|
Ending balance, Shares at Nov. 30, 2022 |
250,000,000
|
116,556,165
|
|
|
|
Beginning balance, value at May. 31, 2023 |
$ 25,000
|
$ 11,708
|
10,102,243
|
(3,466,992)
|
6,671,959
|
Beginning balance, Shares at May. 31, 2023 |
250,000,000
|
117,076,949
|
|
|
|
Stock options expense |
|
|
102,215
|
|
102,215
|
Net income |
|
|
|
1,172,527
|
1,172,527
|
Ending balance, value at Nov. 30, 2023 |
$ 25,000
|
$ 11,708
|
10,204,458
|
(2,294,465)
|
7,946,701
|
Ending balance, Shares at Nov. 30, 2023 |
250,000,000
|
117,076,949
|
|
|
|
Beginning balance, value at Aug. 31, 2023 |
$ 25,000
|
$ 11,708
|
10,153,350
|
(3,312,540)
|
6,877,518
|
Beginning balance, Shares at Aug. 31, 2023 |
250,000,000
|
117,076,949
|
|
|
|
Stock options expense |
|
|
51,108
|
|
51,108
|
Net income |
|
|
|
1,018,075
|
1,018,075
|
Ending balance, value at Nov. 30, 2023 |
$ 25,000
|
$ 11,708
|
$ 10,204,458
|
$ (2,294,465)
|
$ 7,946,701
|
Ending balance, Shares at Nov. 30, 2023 |
250,000,000
|
117,076,949
|
|
|
|
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v3.23.4
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
|
6 Months Ended |
Nov. 30, 2023 |
Nov. 30, 2022 |
CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
Net income |
$ 1,172,527
|
$ 902,427
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
Depreciation and amortization |
56,022
|
43,015
|
Bad debts |
64,327
|
105,975
|
Deposit used in rent |
|
8,385
|
Stock based compensation |
102,215
|
124,145
|
Gain on settlement |
(79,182)
|
(50,500)
|
Amortization of prepaid expense |
|
3,159
|
Change in operating assets and liabilities: |
|
|
Accounts receivable |
(600,626)
|
(563,594)
|
Inventory |
(1,040,351)
|
(447,830)
|
Prepaid expenses and other current assets |
(267,407)
|
(243,010)
|
Deposits |
|
(12,195)
|
Accounts payable and accrued expenses |
1,092,735
|
651,365
|
Other current liabilities |
576,718
|
1,327,096
|
Contract liabilities |
175,135
|
347,757
|
NET CASH PROVIDED BY OPERATING ACTIVITIES |
1,252,113
|
2,196,195
|
CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
Cash acquired on business acquisition |
|
1,066,414
|
Purchase of property and equipment |
(70,845)
|
(54,400)
|
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES |
(70,845)
|
1,012,014
|
CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
Cash raised for common stock to be issued |
|
328,050
|
Repayment of equipment financing |
(1,650)
|
(1,750)
|
Repayment of note payable |
(24,657)
|
(1,462)
|
Advances (payments) from a related party |
(25,212)
|
111,392
|
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES |
(51,519)
|
436,230
|
NET INCREASE IN CASH |
1,129,749
|
3,644,439
|
CASH - Beginning of period |
4,832,682
|
373,731
|
CASH - End of period |
5,962,431
|
4,018,170
|
Cash paid during the period for: |
|
|
Interest |
3,284
|
250
|
Income taxes |
|
|
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES: |
|
|
Stock issued for asset purchase agreement |
|
4,007,480
|
Tangible assets (excluding cash) acquired in business combination |
|
1,740,729
|
Intangible assets acquired in business combination |
|
456,945
|
Goodwill acquired in business combination |
|
2,152,215
|
Liabilities assumed in business combination |
|
$ 1,408,823
|
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v3.23.4
Organization
|
6 Months Ended |
Nov. 30, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Organization |
Note
1 – Organization
Reviv3
Procare Company (the Company) was incorporated in the State of Delaware on May 21, 2015, as a reorganization of Reviv3
Procare, LLC which was organized on July 31, 2013. The Company has moved its corporate headquarters to 901 Fremont Avenue, Unit 158,
Alhambra, California 91803. In March 2022, the Company incorporated a subsidiary Reviv3 Acquisition
Corporation and in June 2022, completed the asset acquisition of the Axil & Associated Brand Corp. business (AXIL).
The Company is now engaged in the manufacturing, marketing, sale and distribution of high-tech hearing and audio innovations that provide
cutting edge solutions for consumers, with varied applications across many industries; as well as professional quality hair and skin
care products. These product lines are both sold throughout the United States, Canada, Europe and Asia.
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- DefinitionThe entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure.
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v3.23.4
Basis of Presentation and Summary of Significant Accounting Policies
|
6 Months Ended |
Nov. 30, 2023 |
Accounting Policies [Abstract] |
|
Basis of Presentation and Summary of Significant Accounting Policies |
Note
2 – Basis of Presentation and Summary of Significant Accounting Policies
Basis
of Presentation and Principles of Consolidation
The
accompanying unaudited consolidated financial statements have been prepared by us pursuant to the rules and regulations of the Securities
and Exchange Commission (the SEC). In the opinion of the management, all adjustments necessary to present fairly our financial
position, results of operations, and cash flows as of November 30, 2023, and 2022, and for the periods then ended, have been made. Those
adjustments consist of normal and recurring adjustments. Certain information and note disclosures normally included in our annual consolidated
financial statements prepared in accordance with generally accepted accounting principles have been omitted. The unaudited consolidated
financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Companys
annual report on Form 10-K for the year ended May 31, 2023. The results of operations for the three and six months ended November 30,
2023 are not necessarily indicative of the results to be expected for the fiscal year ending 2024. The unaudited consolidated financial
statements include the Company and its wholly owned subsidiary. All significant intercompany balances and transactions have been eliminated
in consolidation.
Liquidity
and Capital Resources
We
are currently engaged in our product sales and development. Although we earned net income and have cash provided by operations for the
six months ended November 30, 2023, we had an accumulated deficit of $2,294,465 as of November 30, 2023 and have incurred operating losses
and cash used in operations in the past. We currently expect to earn net income and positive cash flows from operations during the current
fiscal year ending May 31, 2024. We believe our current cash balances, coupled with anticipated cash flow from operating activities,
will be sufficient to meet our working capital requirements for at least one year from the date of issuance of the accompanying unaudited
consolidated financial statements. We intend to continue to control our cash expenses as a percentage of expected revenue on an annual
basis and thus may use our cash balances in the short-term to invest in revenue growth. As a result of the acquisition of AXILs
business, we have generated and expect we will continue to generate sufficient cash for our operational needs, including any required
debt payments, for at least one year from the date of issuance of the accompanying unaudited consolidated financial statements. Management
is focused on growing the Companys existing products, introducing new products, as well as expanding its customer base, to increase
its revenues. The Company cannot give assurance that it can increase its cash balances or limit its cash consumption and thus, maintain
sufficient cash balances for its planned operations or future acquisitions. Future business demands, including those resulting from the
purchase of AXILs assets in June 2022, may lead to cash utilization at levels greater than recently experienced. The Company cannot
provide any assurance that it will be able to raise additional capital or obtain necessary financing on acceptable terms, or at all.
Subject to the foregoing, management believes that the Company has sufficient capital and liquidity to fund its operations for at least
one year from the date of issuance of the accompanying unaudited consolidated financial statements.
Use
of estimates
The
preparation of the unaudited consolidated financial statements in conformity with accounting principles generally accepted in the United
States (U.S.) requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities,
revenues, expenses, and the related disclosures at the date of the financial statements and during the reporting period. Actual results
could materially differ from these estimates. Significant estimates made by management include, but are not limited to, the allowance
for doubtful accounts, inventory valuations and classifications, the useful life of property and equipment, the valuation of deferred
tax assets, the value of stock-based compensation, contract liability, allowance on sales returns, valuation of lease liabilities and
related right of use assets, fair value of securities issued for business combinations, fair value of assets acquired and liabilities
assumed in business combinations and the fair value of non-cash Common Stock issuances.
Cash
and cash equivalents
The
Company considers all highly liquid debt instruments and other short-term investments with maturities of three months or less, when purchased,
to be cash equivalents. The Company maintains cash and cash equivalent balances at one financial institution that is insured by
the Federal Deposit Insurance Corporation. (See Note 14)
Accounts
receivable and allowance for doubtful accounts
Accounts
receivables comprise of receivables from customers and receivables from merchant processors. The Company has a policy of providing an
allowance for doubtful accounts based on its best estimate of the amount of probable credit losses in its existing accounts receivable. The
Company periodically reviews its accounts receivable to determine whether an allowance is necessary based on an analysis of past due
accounts and other factors that may indicate that the realization of an account may be in doubt. Account balances deemed to be uncollectible
are charged to bad debt expense and included in the allowance after all means of collection have been exhausted and the potential for
recovery is considered remote.
Prepaid
expenses and other current assets
Prepaid
expenses and other current assets consist primarily of cash prepayments to vendors for inventory and prepayments for trade shows and
marketing events which will be utilized within a year, prepayments on credit cards and the right to recover assets (for the cost of goods
sold) associated with the right of returns for products sold.
Inventory
The
Company values inventory, consisting of finished goods and raw materials, at the lower of cost and net realizable value. Cost is determined
using an average cost method. The Company reduces inventory for the diminution of value, resulting from product obsolescence, damage
or other issues affecting marketability, equal to the difference between the cost of the inventory and its net realizable value. The
Company evaluates its current level of inventory considering historical sales and other factors and, based on this evaluation, classifies
inventory markdowns in the statement of operations as a component of cost of goods sold. These markdowns are estimates, which could vary
significantly from actual requirements if future economic conditions, customer demand or competition differ from expectations. The Company
continuously evaluates the levels of inventory held and any inventory held above the expected level of sales in the next twelve months,
is classified as non-current inventory.
Property
and Equipment
Property
and equipment are carried at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the
estimated useful lives of the assets. The cost of repairs and maintenance is expensed as incurred; major replacements and improvements
are capitalized. When assets are retired or disposed of, the cost and accumulated depreciation are removed, and any resulting gains
or losses are included in the statement of operations.
Product
warranty
The
Company provides a one-year, two-year or three-year limited warranty on its hearing enhancement and hearing protection products. The
Company records the costs of repairs and replacements, as they are incurred, to the cost of sales.
Revenue
recognition
The
Company follows Accounting Standards Codification (ASC) 606, Revenue From Contracts With Customers. This revenue recognition
standard (new guidance) has a five step process: a) Determine whether a contract exists; b) Identify the performance obligations; c)
Determine the transaction price; d) Allocate the transaction price; and e) Recognize revenue when (or as) performance obligations are
satisfied.
The
Company sells a variety of electronic hearing and enhancement products and hair and skin care products. The Company recognizes revenue
for the agreed upon sales price when a purchase order is received from the customer and subsequently the product is shipped to the customer,
which satisfies the performance obligation. Consideration paid to the customer to promote and sell the Companys products is typically
recorded as a reduction in revenues.
The
five steps for the revenue recognition are as follows:
Identify
the contract with a customer. The Company generally considers completion of a sales order (which requires customer
acceptance of the Companys click-through terms and conditions for website sales and authorization of payment through credit
card or another form of payment for sales made over the phone) or purchase orders from non-consumer customers as a customer contract
provided that collection is considered probable. For payments that are not made upfront by credit card, the Company assesses
customer creditworthiness based on credit checks, payment history, and/or other circumstances. For payments involving third party
financier payors, the Company validates customer eligibility and reimbursement amounts prior to shipping the product.
Identify
the performance obligations in the contract. Product performance obligations include shipment of products and related accessories,
and service performance obligations include extended warranty coverage.
However,
as the historical redemption rate under our warranty policy has been low, the option is not accounted for as a separate performance obligation.
The Company does not assess whether promised goods or services are performance obligations if they are immaterial in the context of the
contract with the customer.
Determine
the transaction price and allocation to performance obligations. The transaction price in the Companys customer contracts
consists of both fixed and variable consideration. Fixed consideration includes amounts to be contractually billed to the customer
while variable consideration includes the 30-days and 60-days right of return that applies to AXIL and Reviv3 products,
respectively. To estimate product returns, the Company analyzes historical return levels, current economic trends, and changes in
customer demand. Based on this information, the Company reserves a percentage of product sale revenue and accounts for the estimated
impact as a reduction in the transaction price.
Allocate
the transaction price to the performance obligations in the contract. For contracts that contain multiple performance
obligations, the Company allocates the transaction price to the performance obligations on a relative standalone selling price
basis.
Recognize
revenue when or as the Company satisfies a performance obligation. Revenue for products is recognized at a point in time, which is
generally upon shipment. Revenue for services (extended warranty) is recognized over time on a ratable basis over the warranty period.
As
of November 30, 2023, and May 31, 2023, contract liabilities amounted to $1,608,183 and $1,433,048, respectively. Contract liabilities
associated with product invoiced but not received by customers at the balance sheet date was $0 and $0, respectively; contract liabilities
associated with unfulfilled performance obligations for warranty services offered for a period of one, two and three years was $1,374,379
and $1,320,401, respectively, and contract liabilities associated with unfulfilled performance obligations for customers right
of return was $233,804 and $112,647, respectively. Our contract liabilities amounts are expected to be recognized over a period of between
one year to three years. Approximately $1,050,420 will be recognized in year 1, $432,947 will be recognized in year 2, and $124,816 will
be recognized in year 3.
Revenue
recognized, during the three months ended November 30, 2023, that was included in the contract liability balance upon the acquisition
of AXIL was $88,808. Revenue recognized, during the six months ended November 30, 2023, that was included in contract liability balance
upon the acquisition of AXIL was $186,246.
Cost
of Sales
The
primary components of cost of sales include the cost of the product and shipping fees.
Shipping
and Handling Costs
The
Company accounts for shipping and handling fees in accordance with ASC 606. While amounts charged to customers for shipping products
are included in revenues, the related costs of shipping products to customers are classified in marketing and selling expenses as incurred.
Shipping costs included in marketing and selling expense were $308,081 and $222,193 for the three months ended November 30, 2023 and
2022, respectively. Shipping costs included in the marketing and selling expense were $561,533 and $507,522 for the six months ended
November 30, 2023 and 2022, respectively.
Marketing,
selling and advertising
Marketing,
selling and advertising costs are expensed as incurred.
Customer
Deposits
Customer
deposits consisted of prepayments from customers to the Company. The Company will recognize the prepayments as revenue upon delivery
of products in compliance with its revenue recognition policy.
Fair
value measurements and fair value of financial instruments
The
Company adopted ASC 820, Fair Value Measurements and Disclosures (ASC 820), for assets and liabilities measured
at fair value on a recurring basis. ASC 820 establishes a common definition for fair value to be applied to existing generally accepted
accounting principles that requires the use of fair value measurements, establishes a framework for measuring fair value and expands
disclosure about such fair value measurements. The adoption of ASC 820 did not have an impact on the Companys financial position
or operating results, but did expand certain disclosures. ASC 820 defines fair value as the price that would be received to sell
an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.
Additionally,
ASC 820 requires the use of valuation techniques that maximize the use of observable inputs and minimize the use of unobservable
inputs. These inputs are prioritized below:
Level
1: |
Observable
inputs such as quoted market prices in active markets for identical assets or liabilities. |
|
|
Level
2: |
Observable
market-based inputs or unobservable inputs that are corroborated by market data. |
|
|
Level
3: |
Unobservable
inputs for which there is little or no market data, which require the use of the reporting entitys own assumptions. |
The
Company analyzes all financial instruments with features of both liabilities and equity under the Financial Accounting Standard Boards
(FASB) accounting standard for such instruments. Under this standard, financial assets and liabilities are classified in
their entirety based on the lowest level of input that is significant to the fair value measurement.
The
estimated fair value of certain financial instruments, including prepaid expenses, deposits, accounts payable and accrued expenses are
carried at historical cost basis, which approximates their fair values because of the short-term nature of these instruments.
Business
Combinations
For
all business combinations (whether partial, full or step acquisitions), the Company records 100% of all assets acquired and liabilities
assumed of the acquired business, at their fair values.
Goodwill
represents the excess purchase price over the fair value of the tangible net assets and intangible assets acquired in a business combination.
Acquisition-related expenses are recognized separately from business combinations and are expensed as incurred. If the business combination
provides for contingent consideration, the Company records the contingent consideration at fair value at the acquisition date. Changes
in fair value of contingent consideration resulting from events after the acquisition date, such as earn-outs, are recognized as follows:
(1) if the contingent consideration is classified as equity, the contingent consideration is not re-measured and its subsequent settlement
is accounted for within equity, or (2) if the contingent consideration is classified as a liability, the changes in fair value and accretion
costs are recognized in earnings. The increases or decreases in the fair value of contingent consideration can result from changes in
anticipated revenue levels and changes in assumed discount periods and rates.
Goodwill
Goodwill
is comprised of the purchase price of business combinations in excess of the fair value assigned at acquisition to the net tangible and
identifiable intangible assets acquired. Goodwill is not amortized. The Company tests goodwill for impairment for its reporting units
on an annual basis, or when events occur, or circumstances indicate the fair value of a reporting unit is below its carrying value.
The
Company performs its annual goodwill impairment assessment on May 31st of each year or as impairment indicators dictate.
When
evaluating the potential impairment of goodwill, management first assesses a range of qualitative factors, including but not limited
to, macroeconomic conditions, industry conditions, the competitive environment, changes in the market for the Companys products
and services, regulatory and political developments, entity specific factors such as strategy and changes in key personnel, and the overall
financial performance for each of the Companys reporting units. If, after completing this assessment, it is determined that it
is more likely than not that the fair value of a reporting unit is less than its carrying value, we then proceed to the quantitative
impairment testing methodology primarily using the income approach (discounted cash flow method).
Under
the quantitative method we compare the carrying value of the reporting unit, including goodwill, with its fair value, as determined
by its estimated discounted cash flows. If the carrying value of a reporting unit exceeds its fair value, then the amount of impairment
to be recognized is the amount by which the carrying amount exceeds the fair value.
When
required, we arrive at our estimates of fair value using a discounted cash flow methodology which includes estimates of future cash flows
to be generated by specifically identified assets, as well as selecting a discount rate to measure the present value of those anticipated
cash flows. Estimating future cash flows requires significant judgment and includes making assumptions about projected growth rates,
industry-specific factors, working capital requirements, weighted average cost of capital, and current and anticipated operating conditions.
The use of different assumptions or estimates for future cash flows could produce different results.
Income
Taxes
The
Company accounts for income taxes pursuant to the provision of ASC 740-10, Accounting for Income Taxes (ASC 740-10),
which requires, among other things, an asset and liability approach to calculating deferred income taxes. The asset and liability approach
requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of temporary differences between
the carrying amounts and the tax bases of assets and liabilities. A valuation allowance is provided to offset any net deferred tax assets
for which management believes it is more likely than not that the net deferred asset will not be realized.
The
Company follows the provision of ASC 740-10 related to Accounting for Uncertain Income Tax Positions. When tax returns are filed, there
may be uncertainty about the merits of positions taken or the amount of the position that would be ultimately sustained. In accordance
with the guidance of ASC 740-10, the benefit of a tax position is recognized in the financial statements in the period during which,
based on all available evidence, management believes it is more likely than not that the position will be sustained upon examination,
including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions.
Tax
positions that meet the more likely than not recognition threshold are measured at the largest amount of tax benefit that is more than
50 percent likely of being realized upon settlement with the applicable taxing authority. The portion of the benefit associated with
tax positions taken that exceed the amount measured as described above should be reflected as a liability for uncertain tax benefits
in the accompanying consolidated balance sheet along with any associated interest and penalties that would be payable to the taxing authorities
upon examination. The Company believes its tax positions are all more likely than not to be upheld upon examination. As such, the Company
has not recorded a liability for uncertain tax benefits.
The
Company has adopted ASC 740-10-25, Definition of Settlement, which provides guidance on how an entity should determine
whether a tax position is effectively settled for the purpose of recognizing previously unrecognized tax benefits and provides that a
tax position can be effectively settled upon the completion and examination by a taxing authority without being legally extinguished.
For tax positions considered effectively settled, an entity would recognize the full amount of tax benefit, even if the tax position
is not considered more likely than not to be sustained based solely on the basis of its technical merits and the statute of limitations
remains open. The federal and state income tax returns of the Company are subject to examination by the IRS and state taxing authorities,
generally for three years after they are filed.
Impairment
of long-lived assets
The
Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of the
assets may not be fully recoverable, or at least annually. The Company recognizes an impairment loss when the sum of expected undiscounted
future cash flows is less than the carrying amount of the asset. The amount of impairment is measured as the difference between the assets
estimated fair value and its book value. The Company did not record any impairment loss during the six months ended November 30, 2023
and 2022.
Stock-based
compensation
Stock-based
compensation is accounted for based on the requirements of the Share-Based Payment Topic of ASC 718, Compensation — Stock
Compensation (ASC 718), which requires recognition in the financial statements of the cost of employee and director
services received in exchange for an award of equity instruments over the period the employee or director is required to perform the
services in exchange for the award (presumptively, the vesting period). ASC 718 also requires measurement of the cost of employee and
director services received in exchange for an award based on the grant-date fair value of the award.
For
non-employee stock option based awards, the Company follows ASU 2018-7, which substantially aligns share based compensation for employees
and non-employees.
Net
income (loss) per share of Common Stock
Basic net income (loss) per share is computed by dividing
the net income (loss) by the weighted average number of common shares during the period. Diluted net income (loss) per share is computed
using the weighted average number of common shares and potentially dilutive securities outstanding during the period. For both the
three months ended and six months ended November 30, 2023 and November 30, 2022, certain stock options were excluded from the computation
of diluted common shares outstanding as they would have an anti-dilutive impact on the Company’s net income.
The
following table sets forth the computations of basic and diluted net income per common share:
Schedule of net loss per share | |
| | | |
| | | |
| | | |
| | |
| |
For the Three Months Ended | | |
For the Six Months Ended | |
| |
November 30, | | |
November 30, | | |
November 30, | | |
November 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
| | |
| | |
| | |
| |
Net income | |
$ | 1,018,075 | | |
$ | 726,900 | | |
$ | 1,172,527 | | |
$ | 902,427 | |
| |
| | | |
| | | |
| | | |
| | |
Weighted average basic shares | |
| 117,076,949 | | |
| 115,226,893 | | |
| 117,076,949 | | |
| 108,779,476 | |
Dilutive securities: | |
| | | |
| | | |
| | | |
| | |
Convertible preferred stock | |
| 250,000,000 | | |
| 250,000,000 | | |
| 250,000,000 | | |
| 228,142,077 | |
Stock options | |
| 5,375,000 | | |
| 3,706,593 | | |
| 5,375,000 | | |
| 4,507,650 | |
Weighted average dilutive shares | |
| 372,451,949 | | |
| 368,933,486 | | |
| 372,451,949 | | |
| 341,429,203 | |
| |
| | | |
| | | |
| | | |
| | |
Earnings per share: | |
| | | |
| | | |
| | | |
| | |
Basic | |
$ | 0.01 | | |
$ | 0.01 | | |
$ | 0.01 | | |
$ | 0.01 | |
Diluted | |
$ | 0.00 | | |
$ | 0.00 | | |
$ | 0.00 | | |
$ | 0.00 | |
Lease
Accounting
In
February 2016, the FASB issued ASU No. 2016-02, Leases (ASU 2016-02), which requires lessees to report on their
balance sheets a right-of-use asset and a lease liability in connection with most lease agreements classified as operating leases under
the prior guidance (ASC Topic 840). Under the new guidance, codified as ASC Topic 842, the lease liability must be measured initially
based on the present value of future lease payments, subject to certain conditions. The right-of-use asset must be measured initially
based on the amount of the liability, plus certain initial direct costs. The new guidance further requires that leases be classified
at inception as either (a) operating leases or (b) finance leases. For operating leases, periodic expense is generally flat (straight-line)
throughout the life of the lease. For finance leases, periodic expense declines over the life of the lease. The new standard, as amended,
provides an option for entities to use the cumulative-effect transition method. As permitted, the Company adopted ASC Topic 842 effective
June 1, 2019. The adoption of ASC Topic 842 did not have a material impact on the Companys consolidated financial statements.
The
Companys renewed lease for its corporate headquarters commencing December 1, 2022, under lease agreements classified as an operating
lease. Please see Note 11 – Commitments and Contingencies under Leases below for more information about
the Companys leases.
Segment
Reporting
The
Company follows ASC Topic 280, Segment Reporting. The Companys management reviews the Companys consolidated
financial results when making decisions about allocating resources and assessing the performance of the Company as a whole and has determined
that the Companys reportable segments are: (a) the sale of hearing protection and hearing enhancement products, and (b) the sale
of hair care and skin care products. See Note 15 – BUSINESS SEGMENT AND GEOGRAPHIC AREA INFORMATION for more information
about the Companys reportable segments.
Recently
Issued Accounting Pronouncements
In
August 2020, the FASB issued ASU No. 2020-06, Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives
and Hedging – Contracts in Entitys Own Equity (ASU 2020-06), which simplifies the accounting for certain convertible
instruments. Among other things, under ASU 2020-06, the embedded conversion features no longer must be separated from the host contract
for convertible instruments with conversion features not required to be accounted for as derivatives, or that do not result in substantial
premiums accounted for as paid-in capital. ASU 2020-06 also eliminates the use of the treasury stock method when calculating the impact
of convertible instruments on diluted Earnings per Share. For the Company, the provisions of ASU 2020-06 are effective for its fiscal
year beginning on June 1, 2024. Early adoption is permitted, subject to certain limitations. The Company is evaluating the potential
impact of adoption on its consolidated financial statements.
Other
accounting standards that have been issued or proposed by the FASB that do not require adoption until a future date are not expected
to have a material impact on the financial statements upon adoption. The Company does not discuss recent pronouncements that are not
anticipated to have an impact on or are unrelated to its financial condition, results of operations, cash flows or disclosures.
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v3.23.4
Accounts Receivable, net
|
6 Months Ended |
Nov. 30, 2023 |
Credit Loss [Abstract] |
|
Accounts Receivable, net |
Note
3 – Accounts Receivable, net
Accounts
receivable, consisted of the following:
Schedule of accounts receivable | |
| | |
| |
| |
November 30, 2023 | | |
May 31, 2023 | |
Customers Receivable | |
$ | 921,190 | | |
$ | 345,264 | |
Merchant Processor Receivable | |
| 185,895 | | |
| 167,232 | |
Less: Allowance for Doubtful Debts | |
| (153,770 | ) | |
| (95,480 | ) |
Accounts receivable, net | |
$ | 953,315 | | |
$ | 417,016 | |
The
Company recorded bad debt expense of $11,461 and $105,975 during the three months ended November 30, 2023 and 2022, respectively. The
Company recorded bad debt expense of $64,327 and $105,975 during the six months ended November 30, 2023 and 2022, respectively.
|
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- DefinitionThe entire disclosure for accounts receivable, contract receivable, receivable held-for-sale, and nontrade receivable.
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v3.23.4
Inventory, net
|
6 Months Ended |
Nov. 30, 2023 |
Inventory Disclosure [Abstract] |
|
Inventory, net |
Note
4 – Inventory, net
Inventory
consisted of the following:
Schedule of inventory | |
| | |
| |
| |
November 30, 2023 | | |
May 31, 2023 | |
Finished Goods | |
$ | 2,115,068 | | |
$ | 1,198,218 | |
Raw Materials | |
| 237,147 | | |
| 113,646 | |
Inventory, net | |
$ | 2,352,215 | | |
$ | 1,311,864 | |
At
November 30, 2023 and May 31, 2023, inventory held at third party locations amounted to $39,031 and $0, respectively. At November 30,
2023 and May 31, 2023, inventory in-transit amounted to $535,665 and $135,482, respectively.
During
the six months ended November 30, 2023, the Company did not record any allowance on slow moving inventory that would be included in cost
of sales. As of November 30, 2023, there was no slow moving inventory.
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v3.23.4
Property and Equipment
|
6 Months Ended |
Nov. 30, 2023 |
Property, Plant and Equipment [Abstract] |
|
Property and Equipment |
Note
5 – Property and Equipment
Property
and equipment, stated at cost, consisted of the following:
Schedule of property and equipment | |
| |
| | |
| |
| |
Estimated Life | |
November 30, 2023 | | |
May 31, 2023 | |
Furniture and Fixtures | |
5 years | |
$ | 25,644 | | |
$ | 14,598 | |
Computer Equipment | |
3 years | |
| 30,968 | | |
| 33,146 | |
Plant Equipment | |
5-10 years | |
| 216,738 | | |
| 165,778 | |
Automobile | |
5 years | |
| 15,000 | | |
| 15,000 | |
Less: Accumulated Depreciation | |
| |
| (77,314 | ) | |
| (71,059 | ) |
Total Property and Equipment, net | |
| |
$ | 211,036 | | |
$ | 157,463 | |
Depreciation
expense amounted to $8,410 and $3,970 for the three months ended November 30, 2023 and 2022, respectively. Depreciation expense amounted
to $17,272 and $7,493 for the six months ended November 30, 2023 and 2022, respectively.
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v3.23.4
Intangible Assets
|
6 Months Ended |
Nov. 30, 2023 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
Intangible Assets |
Note
6 – Intangible Assets
The
Company acquired intangible assets through the Business Combination. (See Note 13). These intangible assets consisted of the following:
Schedule of intangible assets | |
| |
| | |
| |
| |
Estimated Life | |
November 30, 2023 | | |
May 31, 2023 | |
Licensing rights | |
3 years | |
$ | 11,945 | | |
$ | 11,945 | |
Customer Relationships | |
3 years | |
| 70,000 | | |
| 70,000 | |
Trade Names | |
10 years | |
| 275,000 | | |
| 275,000 | |
Website | |
5 years | |
| 100,000 | | |
| 100,000 | |
Less: Accumulated Amortization | |
| |
| (113,021 | ) | |
| (74,271 | ) |
Total Intangible Assets, net | |
| |
$ | 343,924 | | |
$ | 382,674 | |
Goodwill
arising through the business combination was $2,152,215 at November 30, 2023 (see Note 13).
Amortization
expense amounted to $19,375 and $19,376 for the three months ended November 30, 2023 and 2022, respectively. Amortization expense amounted
to $38,750 and $35,522 for the six months ended November 30, 2023 and 2022, respectively.
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v3.23.4
Other Current Liabilities
|
6 Months Ended |
Nov. 30, 2023 |
Payables and Accruals [Abstract] |
|
Other Current Liabilities |
Note
7 – Other Current Liabilities
Other
current liabilities comprised of the following:
Schedule of other current liabilities | |
| | |
| |
| |
November 30, 2023 | | |
May 31, 2023 | |
Credit Cards | |
$ | 11,125 | | |
$ | 833 | |
Accrued Interest | |
| 1,601 | | |
| 10,343 | |
Royalty Payment Accrual | |
| 23,223 | | |
| 8,792 | |
Sales Tax Payable | |
| 369,661 | | |
| 240,559 | |
Other Accrued Expenses | |
| 128,457 | | |
| 17,464 | |
Affiliate Accrual | |
| — | | |
| 27,673 | |
Total Other Current Liabilities | |
$ | 534,067 | | |
$ | 305,664 | |
|
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- DefinitionThe entire disclosure for accounts payable, accrued expenses, and other liabilities that are classified as current at the end of the reporting period.
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v3.23.4
Equipment Payable
|
6 Months Ended |
Nov. 30, 2023 |
Equipment Payable |
|
Equipment Payable |
Note
8 – Equipment Payable
During
the fiscal year ended May 31, 2019, the Company purchased a forklift under an installment purchase plan. The loan amount is $16,500 payable
in 60 monthly installment payments of $317 comprising of principal payment of $275 and interest payment of $42. At November 30, 2023
and May 31, 2023, the balance outstanding on the loan was $550 and $2,200, respectively, of which the $550 balance is payable within
the next year. The Company recorded an interest expense of $250 and $250, associated with the equipment financing during the six months
ended November 30, 2023 and 2022, on the loan in the accompanying unaudited consolidated financial statements.
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v3.23.4
Notes Payable
|
6 Months Ended |
Nov. 30, 2023 |
Debt Disclosure [Abstract] |
|
Notes Payable |
Note
9 – Notes Payable
During
the year ended May 31, 2020, a commercial bank granted to the Company a loan (the Loan) in the amount of $150,000, which
is administered under the authority and regulations of the U.S. Small Business Administration pursuant to the Economic Injury Disaster
Loan Program (the EIDL) of the Coronavirus Aid, Relief, and Economic Security Act (the CARES Act). The
Loan, which is evidenced by a note dated May 18, 2020, bears interest at an annual rate of 3.75% and is payable in installments
of principal and interest of $731 per month, beginning May 18, 2021 until May 13, 2050. The Company has to maintain a hazard insurance policy including fire, lightning,
and extended coverage on all items used to secure this loan to at least 80% of the insurable value. Proceeds from loans granted under
the CARES Act are intended to be used for payroll, costs to continue employee group health care benefits, rent, utilities, and certain
other qualified costs (collectively, qualifying expenses). The Company used the loan proceeds for qualifying expenses.
During the year ended May 31, 2022, the Company received additional $10,000 of borrowings under the program. The Company received
a loan forgiveness for $10,000 during the year ended May 31, 2022. The Company recorded accrued interest of $1,601 and $10,343, as of
November 30, 2023 and May 31, 2023, respectively.
During
the six months ended November 30, 2023 the Company continued to pay its insurance financing loan, which had a total principal of $53,337
for the general and excess liability insurance policies. The loan has a finance charge of $3,164 and is payable in 10 monthly installments
of $5,650 each beginning November 1, 2022. Through the six months ended November 30, 2023, the loan has been paid off.
Schedule of notes payable | |
| | |
| |
Notes Payable as of | |
November 30, 2023 | | |
May 31, 2023 | |
Insurance Financing | |
$ | — | | |
$ | 21,335 | |
Financing Charges | |
| — | | |
| 1,253 | |
Economic Injury Disaster Loan Program (EIDL) | |
| 147,931 | | |
| 150,000 | |
Total | |
| 147,931 | | |
| 172,588 | |
Less: Current portion | |
| (3,270 | ) | |
| (172,588 | ) |
Non-current portion | |
$ | 144,661 | | |
$ | — | |
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v3.23.4
Stockholders’ Equity
|
6 Months Ended |
Nov. 30, 2023 |
Equity [Abstract] |
|
Stockholders’ Equity |
Note
10 – Stockholders Equity
Shares
Authorized
As
of November 30, 2023, the authorized capital of the Company consists of 450,000,000 shares of common stock, par value $0.0001 per share
and 300,000,000 shares of preferred stock, par value $0.0001 per share.
Preferred
Stock
The
preferred stock may be issued from time to time in one or more series. The Board of Directors of the Company (the Board)
is expressly authorized to provide for the issuance of all or any of the shares of the Preferred Stock in one or more series, and to
fix the number of shares and to determine or alter, for each such series, such voting powers, full or limited, or no voting powers and
such designations, preferences, and relative, participating, optional, or other rights and such qualifications, limitations, or restrictions
thereof, as shall be stated and expressed until the resolution adopted by the Board providing the issuance of such shares. The Board
is also expressly authorized to increase or decrease the number of shares of any series subsequent to the issue of shares of that series.
In case the number of shares of any such series shall be so decreased, the decrease shall resume the status that they had prior to the
adoption of the resolution originally fixing the number of shares of such series.
During
the fiscal year ended May 31, 2023, the Company issued 250,000,000 shares of non-voting Series A Preferred Stock, which are convertible
into shares of Company Common Stock on a one-to-one ratio, pursuant to the Asset Purchase Agreement (See Note 13 and Common Stock section
below). These 250,000,000 shares of non-voting Series A Preferred Stock were valued at the fair market value of $3,100,000 at issuance.
The
holders of shares of Series A Preferred Stock shall have no rights to dividends with respect to such shares. No dividends or other distributions
shall be declared or paid on the Common Stock unless and until dividends at the same rate shall have been paid or declared and set apart
upon the Series A Preferred Stock, based upon the number of shares of Common Stock into which the Series A Preferred Stock may then be
converted. Upon the dissolution, liquidation, or winding up of the Company, whether voluntary or involuntary, the holders of the Series
A Preferred Stock are entitled to receive out of the assets of the Company the sum of $0.0001 per share before any payment or distribution
shall be made on our shares of Common Stock. The Series A Preferred Stock shall not be subject to redemption at the option, election
or request of the Company or any holder or holders of the Series A Preferred Stock. Each share of Series A Preferred Stock is convertible
at the option of the holder thereof, at any time after the second anniversary of the date of the first issuance of the shares of Series
A Preferred Stock into one fully paid and nonassessable share of Common Stock provided, however, that the holder may not convert that
number of shares of Series A Preferred Stock which would cause the holder to become the beneficial owner of more than 5% of the Companys
Common Stock as determined in accordance with Sections 13(d) and (g) of the Exchange Act and the applicable rules and regulations thereunder.
As
of November 30, 2023 and May 31, 2023, 250,000,000 shares of Preferred Stock were issued and outstanding.
Common
Stock
As
of November 30, 2023, 117,076,949 shares of common stock were issued and outstanding.
No
shares of Common Stock were issued during the six month period ended November 30, 2023.
Stock
Options
The
Board approved the Companys 2022 Equity Incentive Plan (the Plan) on March 21, 2022. Under the Plan, equity-based
awards may be made to employees, officers, directors, non-employee directors and consultants of the Company and its Affiliates (as defined
in the Plan) in the form of (i) Incentive Stock Options (to eligible employees only); (ii) Nonqualified Stock Options; (iii) Restricted
Stock; (iv) Stock Awards; (v) Performance Shares; or (vi) any combination of the foregoing. The Plan will terminate upon
the close of business on the day next preceding March 21, 2032, unless terminated earlier in accordance with the terms of the Plan. The
Board serves as the Plan administrator and may amend or terminate the Plan without stockholder approval, subject to certain exceptions.
The total number of shares initially authorized
for issuance under the Plan was 10.0 million shares. The Plan provides for an annual increase on April 1 of each calendar year, beginning
in 2022 and ending in 2031, subject to Board approval prior to such date. Such potential increase may be equal to the lesser of (i) 4%
of the total number of shares of the Company’s common stock outstanding on May 31 of the immediately preceding fiscal year and (ii)
such smaller number of shares as determined by the Board. The number of shares authorized for issuance under the Plan will not change
unless the Board affirmatively approves an increase in the number of shares authorized for issuance prior to April 1 of the applicable
year. Shares surrendered or withheld to pay the exercise price of a stock option or to satisfy tax withholding requirements will not be
added back to the number of shares available under the Plan. To the extent that any shares of common stock awarded or subject to issuance
or purchase pursuant to awards under the Plan are not delivered or purchased, or are reacquired by the Company, for any reason, including
a forfeiture of restricted stock or failure to earn performance shares, or the termination, expiration or cancellation of a stock option,
or any other termination of an award without payment being made in the form of shares of common stock will be added to the number of shares
available for awards under the Plan. The number of shares available for issuance under the Plan will be adjusted for any increase or decrease
in the number of outstanding shares of common stock resulting from payment of a stock dividend on common stock, a stock split or subdivision
or combination of shares of common stock, or a reorganization or reclassification of common stock, or any other change in the structure
of shares of common stock, as determined by the Board. Shares available for awards under the Plan will consist of authorized and unissued
shares. Please see Note 17 – Subsequent Events included herein for additional information about the Plan.
Two
types of options may be granted under the Plan: (1) Incentive Stock Options, which may only be issued to eligible employees of the Company
and are required to have exercise price of the option not less than the fair market value of the common stock on the grant date, or, in
the case of an Incentive Stock Option granted to a Ten Percent Stockholder, 110% of the fair market value of the common stock on
the grant date; and (2) Non-qualified Stock Options, which may be issued to participants under the Plan and which may have an exercise
price less than the fair market value of the common stock on the grant date, but not less than par value of the stock.
The
Board may grant or sell restricted stock to participants (i.e., shares that are subject to a subject to restrictions or limitations as
to the participants ability to sell, transfer, pledge or assign such shares) under the Plan. Except for these restrictions and
any others imposed by the Board, upon the grant of restricted stock, the recipient generally will have rights of a stockholder with respect
to the restricted stock. During the applicable restriction period, the recipient may not sell, exchange, transfer, pledge or otherwise
dispose of the restricted stock. The Board may also grant awards of common stock to participants under the Plan, as well as awards of
performance shares, which are awards for which the payout is subject to achievement of such performance objectives established by the
Board. Performance shares may be settled in cash.
Each
equity-based award granted under the Plan will be evidenced by an award agreement that specifies the terms of the award and such additional
limitations, terms and conditions as the Board may determine, consistent with the provisions of the Plan.
Upon
the occurrence of a change in control, unless otherwise provided in an award agreement: (i) all outstanding stock options will become
immediately exercisable in full; (ii) all outstanding performance shares will vest in full as if the applicable performance conditions
were achieved in full, subject to certain adjustments, and will be paid out as soon as practicable; and (iii) all restricted stock will
immediately vest in full. The Plan defines a change in control as (i) the adoption of a plan of merger or consolidation of the Company
with any other corporation or association as a result of which the holders of the voting capital stock of the Company as a group would
receive less than 50% of the voting capital stock of the surviving or resulting corporation; (ii) the approval by the Board of an agreement
providing for the sale or transfer (other than as security for obligations of the Company) of substantially all the assets of the Company;
or (iii) in the absence of prior Board approval, the acquisition of more than 20% of the Companys voting capital stock by any
person within the meaning of Rule 13d-3 under the Exchange Act (other than the Company or a person that directly or indirectly controls,
is controlled by, or is under common control with, the Company).
Subject
to the Plans terms, the Board has full power and authority to determine whether, to what extent and under what circumstances any
outstanding award will be terminated, canceled, forfeited or suspended. Awards to that are subject to any restriction or have not been
earned or exercised in full by the recipient will be terminated and canceled if such recipient is terminated for cause, as determined
by the Board in its sole discretion.
The
Company estimates the fair value of share-based compensation utilizing the Black-Scholes option pricing model, which is dependent upon
several variables such as the expected option term, expected volatility of the Companys stock price over the expected term, expected
risk-free interest rate over the expected option term and expected dividend yield rate over the expected option term. The Company believes
this valuation methodology is appropriate for estimating the fair value of stock options granted to employees and directors which are
subject to ASC Topic 718 requirements. These amounts are estimates and thus may not be reflective of actual future results, nor amounts
ultimately realized by recipients of these grants. The Company recognizes compensation on a straight-line basis over the requisite service
period for each award.
The
Company utilizes the simplified method to estimate the expected life for stock options granted to employees. The simplified method was
used as the Company does not have sufficient historical data regarding stock option exercises. The expected volatility is based on historical
volatility. The risk-free interest rate is based on the U.S. Treasury yields with terms equivalent to the expected life of the related
option at the time of the grant. Dividend yield is based on historical trends. While the Company believes these estimates are reasonable,
the compensation expense recorded would increase if the expected life was increased, a higher expected volatility was used, or if the
expected dividend yield increased.
Pursuant
to the Plan, on May 10, 2022, the Company issued to two Company officers non-statutory stock options to purchase, in the aggregate, up
to 5,300,000 shares of its Common Stock, at an exercise price of $0.09 per share valued at $477,000 and expiring on April 20,
2032. The options vest over time with 25% of the options vesting on September 1, 2022 and thereafter vesting 1/24th on the
1st of every month. 3,387,500 of the options were vested as of November 30, 2023.
The
Company computed the aggregate grant date fair value of $477,000
using the Black-Scholes option pricing model, which is being recorded as stock-based compensation expense over the vesting period.
During the three months ended November 30, 2023 and 2022, the Company recorded stock-based compensation expense of $51,108
and $26,862,
respectively, for these options, in the accompanying unaudited consolidated financial statements. During the six months ended
November 30, 2023 and 2022, the Company recorded a stock-based compensation expense of $102,215
and $124,145,
respectively, for these options, in the accompanying unaudited financial statements.
Pursuant
to the Plan, on November 1, 2022, the Company issued non-statutory stock options, to a former executive officer of the Company, to purchase,
in the aggregate, up to 300,000 shares of its Common Stock, at an exercise price of $0.20 per share valued at approximately
$60,000 and expiring on October 31, 2032. 75,000 shares vested as of January 29, 2023, and the remaining 225,000 were forfeited in April
2023 when the executive officer left the Company. The fair value of the 75,000 vested options using the Black-Scholes option pricing
model is $15,000.
The
following table summarizes the activity relating to the Companys stock options held by executive officers:
Schedule of summarizes relating to the company’s stock | |
| | |
| | |
| |
| |
Number of Options | | |
Weighted Average Exercise Price | | |
Weighted Average Remaining Term | |
| |
| | |
| | |
| |
Outstanding at May 31, 2022 | |
| 5,300,000 | | |
$ | 0.09 | | |
| 10.0 | |
Granted | |
| 300,000 | | |
$ | 0.20 | | |
| 9.68 | |
Less: Forfeited | |
| (225,000 | ) | |
$ | 0.20 | | |
| 9.68 | |
Outstanding at May 31, 2023 | |
| 5,375,000 | | |
$ | 0.09 | | |
| 8.92 | |
Granted | |
| — | | |
| — | | |
| — | |
Less: Forfeited | |
| — | | |
| — | | |
| — | |
Less: Unvested at November 30, 2023 | |
| (1,987,500 | ) | |
$ | 0.09 | | |
| 8.42 | |
Vested at November 30, 2023 | |
| 3,387,500 | | |
$ | 0.09 | | |
| 8.42 | |
|
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v3.23.4
Commitments and Contingencies
|
6 Months Ended |
Nov. 30, 2023 |
Commitments and Contingencies Disclosure [Abstract] |
|
Commitments and Contingencies |
Note
11 – Commitments and Contingencies
Leases
As
discussed in Note 2 above, the Company adopted ASU No. 2016-02, Leases on June 1, 2019, which require lessees to report on their
balance sheets a right-of-use asset and a lease liability in connection with most lease agreements classified as operating leases. In
November 2022, the Company entered into an extension of its lease for a two year term beginning December 1, 2022. The rent is $6,098
per month for the first year and will increase by a certain amount the following year. On September 22, 2023, the Company entered into
a lease in Draper, Utah for a one-year term beginning October 1, 2023. The rent is $4,680 per month for the first year and will increase
by two percent the following year.
The
Company treats a contract as a lease when the contract conveys the right to use a physically distinct asset for a period of time in exchange
for consideration, or if the Company directs the use of the asset and obtains substantially all the economic benefits of the asset. These
leases are recorded as right-of-use (ROU) assets and lease obligation liabilities for leases with terms greater than 12
months. ROU assets represent the Companys right to use an underlying asset for the entirety of the lease term. Lease liabilities
represent the Companys obligation to make payments over the life of the lease. A ROU asset and a lease liability are recognized
at commencement of the lease based on the present value of the lease payments over the life of the lease. Initial direct costs are included
as part of the ROU asset upon commencement of the lease. Since the interest rate implicit in a lease is generally not readily determinable
for the operating leases, the Company uses an incremental borrowing rate to determine the present value of the lease payments. The incremental
borrowing rate represents the rate of interest the Company would have to pay to borrow on a collateralized basis over a similar lease
term to obtain an asset of similar value.
The
Company reviews the impairment of ROU assets consistent with the approach applied for the Companys other long-lived assets. The
Company reviews the recoverability of long-lived assets when events or changes in circumstances occur that indicate that the carrying
value of the asset may not be recoverable. The assessment of possible impairment is based on the Companys ability to recover the
carrying value of the asset from the expected undiscounted future pre-tax cash flows of the related operations.
Lease
expense is recognized on a straight-line basis over the lease term, while variable lease payments are expensed as incurred. Variable
payments change due to facts or circumstances occurring after the commencement date, other than the passage of time, and do not result
in a remeasurement of lease liabilities. The Companys lease agreements do not contain any residual value guarantees or restrictive
covenants.
The
Company computed an initial lease liability of $131,970 for the new lease agreement and an initial ROU asset in the same amount which
was recorded on the books at the commencement of the lease on December 1, 2022. During the three months ended November 30, 2023 and 2022,
the Company recorded a lease expense in the amount of $37,317 and $23,559, respectively. As of November 30, 2023, the lease liability
balance was $71,374 and the right of use asset balance was $69,911. A lease term of three years and a discount rate of 12% was used.
Supplemental
balance sheet information related to leases was as follows:
Schedule of supplemental balance sheet information | |
| | |
| |
| |
November 30, 2023 | | |
May 31, 2023 | |
Assets | |
| | | |
| | |
Right of use assets | |
$ | 131,970 | | |
$ | 131,970 | |
Accumulated reduction | |
| (62,059 | ) | |
| (30,125 | ) |
Operating lease assets, net | |
$ | 69,911 | | |
$ | 101,845 | |
| |
| | | |
| | |
Liabilities | |
| | | |
| | |
Lease liability | |
$ | 131,970 | | |
$ | 131,970 | |
Accumulated reduction | |
| (60,596 | ) | |
| (29,394 | ) |
Total lease liability, net | |
| 71,374 | | |
| 102,576 | |
Current portion | |
| (71,374 | ) | |
| (65,824 | ) |
Non-current portion | |
$ | — | | |
$ | 36,752 | |
Maturities
of operating lease liabilities were as follows as of November 30, 2023:
Schedule of maturities of operating lease liabilities | |
| |
Operating Lease (fiscal year-end) | |
| |
2024 | |
$ | 38,049 | |
2025 | |
| 38,049 | |
Total | |
$ | 76,098 | |
Less: Imputed interest | |
| (4,724 | ) |
Present value of lease liabilities | |
$ | 71,374 | |
Contingencies
On
November 23, 2020, the Company was served a copy of a complaint filed by Jacksonfill, LLC in the Fourth Circuit Court for Duval County,
Florida. The complaint alleged breach of Agreement for non-payments for certain products against the Company. On September 2, 2023, Jacksonfill,
LLC and the Company settled the dispute in the Circuit Court of the Fourth Judicial Circuit in Duval County, Florida per a binding settlement
agreement. There is no admission of liability by the Company and on September 27, 2023 the Company paid attorneys on behalf of Jacksonfill,
LLC. the settlement in the amount of $125,000. The reserve that was provided in the financial statements in excess of the final settlement
payment was recorded as a gain on settlement in the current quarter in the amount of $79,182.
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v3.23.4
Related Party Transactions
|
6 Months Ended |
Nov. 30, 2023 |
Related Party Transactions [Abstract] |
|
Related Party Transactions |
Note
12 – Related Party Transactions
At November 30, 2023 there was a one-time bonus payable of $25,000 due to Jeff Brown, Chief Operating Officer. The
Companys Chief Executive Officer (“CEO”), Jeff Toghraie, is the managing director of Intrepid Global Advisors (Intrepid).
Intrepid has, from time to time, provided advances to the Company for working capital purposes. At November 30, 2023 and May 31, 2023,
the Company had amounts payable to Intrepid of $107,860 and $124,378, respectively. These advances were short-term in nature and non-interest
bearing. Additionally, pursuant to a voting agreement, effective June 16, 2022 as amended effective November 7, 2022, with AXIL and Intrepid
Global Advisors, we are subject to certain limitations on our ability to sell our capital stock until June 2024. During the six months ended November 30, 2023 and November 30, 2022, the CEO has not received cash compensation nor was any accrued as the CEO is not subject to an employment agreement.
During
the six months and three months ended November 30, 2023, the Company paid $115,500 and $57,000, respectively, as consulting fee
for product development to Weston T. Harris, a stockholder of AXIL. During the six months and three months ended November 30, 2023,
the Company also paid $69,131 and $33,803 respectively, to the sons of Weston T. Harris as compensation for services relating to
packaging design and affiliate marketing.
On
June 16, 2022, the Company and its wholly owned subsidiary Reviv3 Acquisition Corporation completed the acquisition of both (i) the hearing
protection business of AXIL, consisting of ear plugs and ear muffs, and (ii) AXILs ear bud business pursuant to the Asset Purchase
Agreement, dated May 1, 2022, as amended on June 15, 2022, by and among the Company, Reviv3 Acquisition Corporation, AXIL and certain
stockholders of AXIL. One of the stockholders of AXIL is Intrepid Global Advisors, Inc. As of November 30, 2023, Intrepid Global Advisors,
Inc. held no outstanding common stock of AXIL and 21.30% of the outstanding common stock of the Company.
|
X |
- DefinitionThe entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.
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v3.23.4
Business Combination
|
6 Months Ended |
Nov. 30, 2023 |
Business Combination and Asset Acquisition [Abstract] |
|
Business Combination |
Note
13 – Business Combination
On
June 16, 2022, the Company completed the acquisition of certain assets of AXIL, a Delaware corporation, pursuant to the Asset Purchase
Agreement dated May 1, 2022 and amended on June 15, 2022 and September 8, 2022. by and among the Company, its subsidiary, AXIL, and certain
of AXILs stockholders, providing for the acquisition of AXILs hearing protection business and ear bud business. The business
constituted substantially all of the business operations of AXIL but did not include AXILs hearing aid line of business.
One
of the stockholders of AXIL is Intrepid. As of June 16, 2022, Intrepid held 4.68% of the outstanding common stock of AXIL and 22.33%
of the outstanding Common Stock of the Company. As of November 30, 2023, Intrepid held no outstanding common shares of AXIL,
as they were distributed with the Asset Purchase Agreement. Jeff Toghraie, Chairman and Chief Executive Officer of the Company, is a
managing director of Intrepid.
As
consideration for the Asset Purchase, AXIL received a total of 323,183,893 shares comprised of (a) 73,183,893 shares of the
Companys Common Stock and (b) 250,000,000 shares of non-voting Series A Preferred Stock, which are convertible into shares of
Company Common Stock on a one-to-one ratio. The Preferred Shares may not be converted or transferred for a period of two years following
the closing of the acquisition. Thereafter, no holder of Preferred Shares may convert such shares into a number of shares of Company
Common Stock that would cause the holder to beneficially own more than 5% of the Companys Common Stock, as determined in accordance
with Sections 13(d) and (g) of the Exchange Act. The purchase price was computed to be $4,007,480 based on a fair value of $0.0124 per
share on the date of acquisition.
The
Company is utilizing the AXIL assets to expand into the hearing enhancement business through its newly incorporated subsidiary.
The
acquisition is accounted for by the Company in accordance with the acquisition method of accounting pursuant to ASC 805 Business
Combinations and pushdown accounting is applied to record the fair value of the assets acquired by the Company. Under this method,
the purchase price is allocated to the identifiable assets acquired and liabilities assumed based on their estimated fair values at the
date of acquisition. Any excess of the amount paid over the estimated fair values of the identifiable net assets acquired was allocated
to goodwill.
The
following is a summary of the fair value of the assets acquired and liabilities assumed at the date of acquisition:
Schedule of estimated fair value of the assets acquired | |
| |
Cash | |
$ | 1,066,414 | |
Accounts receivable | |
| 227,786 | |
Inventory | |
| 1,342,461 | |
Prepaid expenses | |
| 62,452 | |
Other assets | |
| 108,030 | |
Accounts payable | |
| (285,665 | ) |
Contract liabilities | |
| (1,043,332 | ) |
Other current liabilities | |
| (79,826 | ) |
Net tangible assets acquired | |
$ | 1,398,320 | |
| |
| | |
Identifiable intangible assets | |
| | |
Licensing rights | |
$ | 11,945 | |
Customer relationships | |
| 70,000 | |
Tradenames | |
| 275,000 | |
Website | |
| 100,000 | |
Total Identifiable intangible assets | |
$ | 456,945 | |
| |
| | |
Consideration paid | |
$ | 4,007,480 | |
Total net assets acquired | |
| 1,855,265 | |
Goodwill purchased | |
$ | 2,152,215 | |
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v3.23.4
Concentrations
|
6 Months Ended |
Nov. 30, 2023 |
Risks and Uncertainties [Abstract] |
|
Concentrations |
Note
14 – Concentrations
Concentration
of Credit Risk
Financial
instruments that potentially subject the Company to concentration of credit risk consist primarily of trade accounts receivable and cash
deposits, investments and cash equivalents instruments. The Company maintains its cash in bank deposits accounts. The Companys
account at this institution is insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000. At November
30, 2023 and May 31, 2023, the Company held cash of approximately $5,161,624 and $4,582,682, respectively, in excess of federally insured
limits. The Company has not experienced any losses in such accounts through November 30, 2023.
Concentration
of Revenue, Accounts Receivable, Product Line, and Supplier – Hair and Skin Care Products
During
the three months ended November 30, 2023 hair and skin care product sales to one customer, which represented over 10% of our total sales,
totaled 13%. During the three months ended November 30, 2022, there were sales to two customers, which represented over 10% of our total
sales, totaled 65% and 31%. During the six months ended November 30, 2023 hair and skin care product sales to two customers, which each represented
over 10% of our total sales, aggregated to approximately 24% of the Companys net sales at 13% and 11%. During the six months ended
November 30, 2022, hair and skin care product sales to two customers, which represented over 10% of our total sales, totaled 68% and 28%.
During
the three months ended November 30, 2023 hair and skin care product sales to customers outside the United States represented approximately
32% to Canada. During the three months ended November 30, 2022, sales to customers outside the United States represented approximately
16% from Canada. During the six months ended November 30, 2023 hair and skin care product sales to customers outside the United States
represented approximately 31% to Canada. During the six months ended November 30, 2022, sales to customers outside the United States
represented approximately 23%, which consisted of 19% from Canada and 4% from Italy.
During
the three months ended November 30, 2023, hair and skin care product sales by product line which each represented over 10% of sales
consisted of approximately 18% from sales of hair shampoo, and 13% from sales of hair conditioner, 11% from shampoo and conditioner bundles,
35% from bundle kits and 23% from hair treatment product. During the three months ended November 30, 2022, hair and skin care product
sales by product line which each represented over 10% of sales consisted of approximately 10% from sales of hair shampoo, 13% from conditioner,
and 61% from sale of bundle kits (shampoo, conditioner and spray). During the six months ended November 30, 2023, hair and skin care
product sales by product line which each represented over 10% of sales consisted of approximately 17% from sales of hair shampoo,
22% from sales of hair conditioner, 32% from bundle kits and 20% from hair treatment product. During the six months ended November 30,
2022, hair and skin care product sales by product line which each represented over 10% of sales consisted of approximately 13% from sales
of hair shampoo, 17% from sales of conditioner, and 54% from sale of bundle kits (shampoo, conditioner and spray).
During
the six months ended November 30, sales by product line comprised of the following:
Schedule of sales by product line | |
| | |
| |
| |
For the Six Months ended | |
| |
November 30, | |
Hair Care Products | |
2023 | | |
2022 | |
Shampoos | |
| 17 | % | |
| 13 | % |
Shampoos and Conditioners | |
| 9 | % | |
| 7 | % |
Conditioner | |
| 22 | % | |
| 17 | % |
Bundle Kits | |
| 32 | % | |
| 54 | % |
Ancillary Products | |
| 20 | % | |
| 9 | % |
Total | |
| 100 | % | |
| 100 | % |
At
November 30, 2023, hair and skin care products accounts receivables from customers that accounted for more than 10% of sales
transactions were from four separate customers at 30%, 29%, 10% and 10%. At May 31, 2023, hair and skin care products accounts
receivable from one customer accounted for more than 10% of sales transactions.
The
Company purchased inventories and products from five vendors totaling approximately $220,000 and six vendors totaling approximately $89,775
for the three months ended November 30, 2023 and 2022, respectively. Hair and skin care inventory product purchased from three vendors
totaling approximately $297,833, (95% of the purchases at 61%, 12% and 22%) during the fiscal year ended May 31, 2023. The Company purchased
inventories and products from five vendors totaling approximately $303,000 and from eight vendors totaling $216,904 for the six months ended
November 30, 2023 and November 30, 2022, respectively.
Concentration
of Revenue, Accounts Receivable, Product Line, and Supplier – Ear Protection and Enhancement Products
AXIL
is sold direct-to-consumer, therefore, 90.6% and 96.1% of sales was direct to customers during the three months ended November 30, 2023
and November 30, 2022, respectively. There was no single customer that accounted for greater than 10% of total sales in those periods.
During the six months ended November 30, 2023 and November 30, 2022, sales direct to customers accounted for 93.3% and 95.7%, respectively.
No single customer that accounted for greater than 10% of total sales in those periods.
During
the three months ended November 30, 2023 AXIL sales to customers outside the United States represented approximately 5.8% which consisted
of 4.0% from Canada and the remaining from various countries. During the three months ended November 30, 2022 sales of AXIL product to
customers outside the United States represented 4.4% which consisted of 3.5% from Canada and the remaining from various countries. During
the six months ended November 30, 2023 AXIL sales to customers outside the United States represented approximately 5.1% which consisted
of 4.2% from Canada and the remaining from various countries. During the six months ended November 30, 2022 sales of AXIL product to
customers outside the United States represented 4.4% which consisted of 3.7% from Canada and the remaining from various countries
Manufacturing
is outsourced primarily overseas via a number of third-party vendors, the largest vendor accounted for 89.4% and 91.8% of all purchases
for the three months and six month ended November 30, 2023, respectively. For the fiscal year ended May 31, 2023, the two largest vendors
accounted for 82% and 10% of all purchases.
During
the three months ended November 30, 2023, AXIL sale of ear buds for PSAP (personal sound amplification product) and hearing protection
by product line which each represented over 10% of sales consisted approximately 54.3% ($7.3M) from Ghost Stryke, 14.4% ($1.9M) from
Trackr earmuffs and 30.2% ($4.0M) of sales of other Bluetooth and ear buds. During the three months ended November 30, 2022, AXIL sale
of ear buds and hearing protection by product line which represented over 10% of sales was 91.3% from Ghost Stryke model GS-X ($10.2M).
During
the six months ended November 30, 2023, AXIL sale of ear buds for PSAP (personal sound amplification product) and hearing protection
by product line which each represented over 10% of sales consisted approximately 55.0% ($12.4M) from Ghost Stryke, 13.1% ($3.0M) from
Trackr earmuffs and 30.9% ($7.0M) of sales of other Bluetooth and ear buds. During the six months ended November 30, 2022, AXIL sale
of ear buds and hearing protection by product line which represented over 10% of sales was 91.1% from Ghost Stryke model GS-X ($15.6M).
During
the six months ended November 30, 2023 sales by hearing enhancement and protection products comprised of the following:
Schedule of sales by product comprised | |
| | |
| |
| |
For
the six months ended November
30, | |
Ear Protection & Enhancement Products | |
2023 | | |
2022 | |
Ghost Stryke | |
| 55.0 | % | |
| 91.3 | % |
Trackr Earmuffs | |
| 13.1 | % | |
| 7.7 | % |
Other Bluetooth and ear buds | |
| 31.9 | % | |
| 0.9 | % |
Accessories, other | |
| 0.0 | % | |
| 0.1 | % |
Total | |
| 100.0 | % | |
| 100.0 | % |
|
X |
- DefinitionThe entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date.
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v3.23.4
Business Segment and Geographic Area Information
|
6 Months Ended |
Nov. 30, 2023 |
Segment Reporting [Abstract] |
|
Business Segment and Geographic Area Information |
Note
15 – Business Segment and Geographic Area Information
Business
Segments
The
Company, directly or through its subsidiaries, markets and sells its products and services directly to consumers and through its dealers.
In June 2022, the Company acquired a hearing enhancement and hearing protection business. The Companys determination of its reportable
segments is based on how its chief operating decision makers manage the business.
The
Companys segment information is as follows:
Schedule of segment information | |
| | | |
| | | |
| | | |
| | |
| |
Three months ended | | |
Six months ended | |
| |
November 30, | | |
November 30, | |
Net Sales | |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Hair care and skin care | |
$ | 230,741 | | |
$ | 418,734 | | |
$ | 545,594 | | |
$ | 903,970 | |
Hearing enhancement and protection | |
| 8,190,936 | | |
| 6,313,265 | | |
| 13,982,352 | | |
| 10,065,387 | |
Total net sales | |
$ | 8,421,677 | | |
$ | 6,731,999 | | |
$ | 14,527,946 | | |
$ | 10,969,357 | |
| |
| | | |
| | | |
| | | |
| | |
Operating earnings | |
| | | |
| | | |
| | | |
| | |
Segment gross profit: | |
| | | |
| | | |
| | | |
| | |
Hair care and skin care | |
$ | 172,583 | | |
$ | 316,325 | | |
$ | 394,107 | | |
$ | 640,431 | |
Hearing enhancement and protection | |
| 6,085,356 | | |
| 4,722,709 | | |
| 10,511,398 | | |
| 7,681,257 | |
Total segment gross profit | |
$ | 6,257,939 | | |
$ | 5,039,034 | | |
$ | 10,905,505 | | |
$ | 8,321,688 | |
Selling and Marketing | |
| 3,672,780 | | |
| 3,098,898 | | |
| 6,879,621 | | |
| 5,076,874 | |
General and Administrative | |
| 1,321,247 | | |
| 955,141 | | |
| 2,588,215 | | |
| 2,060,418 | |
Consolidated operating income | |
$ | 1,263,912 | | |
$ | 984,995 | | |
$ | 1,437,669 | | |
$ | 1,184,396 | |
| |
| | | |
| | | |
| | | |
| | |
Total Assets: | |
| | | |
| | | |
| | | |
| | |
Hair care and skin care | |
$ | 5,439,289 | | |
$ | 1,018,083 | | |
$ | 5,439,289 | | |
$ | 1,018,083 | |
Hearing enhancement and protection | |
| 7,686,720 | | |
| 9,038,537 | | |
| 7,686,720 | | |
| 9,038,537 | |
Consolidated total assets | |
$ | 13,126,009 | | |
$ | 10,056,620 | | |
$ | 13,126,009 | | |
$ | 10,056,620 | |
| |
| | | |
| | | |
| | | |
| | |
Payments for property and equipment | |
| | | |
| | | |
| | | |
| | |
Hair care and skin care | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | |
Hearing enhancement and protection | |
| 19,885 | | |
| 54,400 | | |
| 70,845 | | |
| 54,400 | |
Consolidated total payments for property and equipment | |
$ | 19,885 | | |
$ | 54,400 | | |
$ | 70,845 | | |
$ | 54,400 | |
| |
| | | |
| | | |
| | | |
| | |
Depreciation and amortization | |
| | | |
| | | |
| | | |
| | |
Hair care and skin care | |
$ | 1,417 | | |
$ | 1,418 | | |
$ | 2,835 | | |
$ | 2,841 | |
Hearing enhancement and protection | |
| 26,368 | | |
| 21,928 | | |
| 53,187 | | |
| 40,174 | |
Consolidated total depreciation and amortization | |
$ | 27,785 | | |
$ | 23,346 | | |
$ | 56,022 | | |
$ | 43,015 | |
Geographic
Area Information
During
the three months ended November 30, 2023, approximately 96% of our consolidated net sales were to customers located in the U.S. (based
on the customers shipping address). During the three months ended November 30, 2022, approximately 96% of our consolidated net
sales were to customers located in the U.S. (based on the customers shipping address). All Company assets are located in the U.S.
During
the six months ended November 30, 2023, approximately 96% of our consolidated net sales were to customers located in the U.S. (based
on the customers shipping address). During the six months ended November 30, 2022, approximately 96% of our consolidated net sales
were to customers located in the U.S. (based on the customers shipping address).
|
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- DefinitionThe entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.
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v3.23.4
Income Taxes
|
6 Months Ended |
Nov. 30, 2023 |
Income Tax Disclosure [Abstract] |
|
Income Taxes |
Note
16 – Income Taxes
We
calculated our interim tax provision in accordance with ASC Topic 270, Interim Reporting, and ASC Topic 740, Accounting
for Income Taxes. As the end of each interim quarterly period, we estimate our annual effective tax rate and apply that rate to
our ordinary quarterly earnings to calculate the tax related to ordinary income. The tax effects of other items that are excluded from
ordinary income are discretely calculated and recognized in the period in which they occur.
We
recorded an income tax expense of $430,382 and $335,797 for the six months ended November 30, 2023 and 2022, respectively.
The
Company does not have any uncertain tax positions or events leading to uncertainty in a tax position. The Companys 2020, 2021
and 2022 Corporate Income Tax Returns are subject to Internal Revenue Service examination.
|
X |
- DefinitionThe entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.
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v3.23.4
Subsequent Events
|
6 Months Ended |
Nov. 30, 2023 |
Subsequent Events [Abstract] |
|
Subsequent Events |
Note
17 – Subsequent Events
Corporate Actions
On December 4, 2023, the Company filed with the
SEC a Definitive Information Statement on Schedule 14C (the “Information Statement”). Pursuant to Rule 14c-2 of the Exchange
Act, the Information Statement became effective on or around December 25, 2023, approximately twenty (20) days after it was filed and
mailed to the Company’s stockholders of record as of October 31, 2023 (the “Effective Date”). The Information Statement
informed our stockholders of certain corporate actions taken by written consent of stockholders holding at least a majority of our issued
and outstanding shares of the Company’s common stock. The following corporate actions (the “Corporate Actions”) were
approved by a majority of our stockholders on October 31, 2023:
|
(i) |
An
amendment to our Amended and Restated Certificate of Incorporation (the “Charter”) to effect a name change of the Company
from “Reviv3 Procare Company” to “AXIL Brands, Inc.”; |
|
(ii) |
The Plan and an amendment to the Plan to effect an increase in authorized
shares for issuance under the Plan by an additional 15,000,000 shares to an aggregate of 25,000,000 shares available under the Plan; |
|
(iii) |
An
amendment to our Charter to effect a reverse stock split of the issued and outstanding shares of our Common Stock in a range of not
less than one-for-3 shares and not more than one-for-25 shares, at the discretion of the Board (see below); |
|
(iv) |
Amendments
to our Charter and to our Bylaws to increase the size of our Board and create three (3) classes of directorships for the Board; and |
|
(v) |
Amendments
to our Charter and to our Bylaws to vest the Board with authority to make, repeal, alter, amend or rescind any or all of the Bylaws
and to amend the Bylaws to add a provision relating to notice of stockholder business and nominations. |
Following the Effective Date of the Information
Statement, the Company’s Board has the authority to implement any or all of the foregoing Corporate Actions at their discretion.
As of the date of this Quarterly Report on Form 10-Q, the Board has not yet implemented any of the Corporate Actions but may do so in
the future.
The
following is the unaudited pro-forma effect of a potential one-for-three (1:3), one-for-twenty (1:20), and one-for-twenty-five (1:25)
Reverse Stock Split on the basic and diluted net income per share:
Schedule of pro-forma effect |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For
the 3 Months Ended (UNAUDITED) |
|
|
November
30, |
|
November
30, |
|
|
2023 |
|
2022 |
|
|
Pre
Split |
|
Post
Stock Split |
|
Pre
Split |
|
Post
Stock Split |
|
|
|
|
1:3 |
|
1:20 |
|
1:25 |
|
|
|
1:3 |
|
1:20 |
|
1:25 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income |
|
$ |
1,018,075 |
|
|
$ |
1,018,075 |
|
|
$ |
1,018,075 |
|
|
$ |
1,018,075 |
|
|
$ |
726,900 |
|
|
$ |
726,900 |
|
|
$ |
726,900 |
|
|
$ |
726,900 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average basic shares |
|
|
117,076,949 |
|
|
|
39,025,650 |
|
|
|
5,853,847 |
|
|
|
4,683,078 |
|
|
|
115,226,893 |
|
|
|
38,408,964 |
|
|
|
5,761,345 |
|
|
|
4,609,076 |
|
Dilutive
securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Convertible
preferred stock |
|
|
250,000,000 |
|
|
|
83,333,333 |
|
|
|
12,500,000 |
|
|
|
10,000,000 |
|
|
|
250,000,000 |
|
|
|
83,333,333 |
|
|
|
12,500,000 |
|
|
|
10,000,000 |
|
Stock
options |
|
|
5,375,000 |
|
|
|
1,791,667 |
|
|
|
268,750 |
|
|
|
215,000 |
|
|
|
3,706,593 |
|
|
|
1,235,531 |
|
|
|
185,330 |
|
|
|
148,264 |
|
Weighted
average dilutive shares |
|
|
372,451,949 |
|
|
|
124,150,650 |
|
|
|
18,622,597 |
|
|
|
14,898,078 |
|
|
|
368,933,486 |
|
|
|
122,977,829 |
|
|
|
18,446,674 |
|
|
|
14,757,339 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings
per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.01 |
|
|
$ |
0.03 |
|
|
$ |
0.17 |
|
|
$ |
0.22 |
|
|
$ |
0.01 |
|
|
$ |
0.02 |
|
|
$ |
0.13 |
|
|
$ |
0.16 |
|
Diluted |
|
$ |
0.00 |
|
|
$ |
0.01 |
|
|
$ |
0.05 |
|
|
$ |
0.07 |
|
|
$ |
0.00 |
|
|
$ |
0.01 |
|
|
$ |
0.04 |
|
|
$ |
0.05 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For
the 6 Months Ended (UNAUDITED) |
|
|
November
30, |
|
|
November
30, |
|
|
2023 |
|
|
|
2022 |
|
|
|
Pre
Split |
|
|
|
Post
Stock Split |
|
|
|
Pre
Split |
|
|
|
Post
Stock Split |
|
|
|
|
|
|
|
|
1:3 |
|
|
|
1:20 |
|
|
|
1:25 |
|
|
|
|
|
|
|
1:3 |
|
|
|
1:20 |
|
|
|
1:25 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income |
|
$ |
1,172,527 |
|
|
$ |
1,172,527 |
|
|
$ |
1,172,527 |
|
|
$ |
1,172,527 |
|
|
$ |
902,427 |
|
|
$ |
902,427 |
|
|
$ |
902,427 |
|
|
$ |
902,427 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average basic shares |
|
|
117,076,949 |
|
|
|
39,025,650 |
|
|
|
5,853,847 |
|
|
|
4,683,078 |
|
|
|
108,779,476 |
|
|
|
36,259,825 |
|
|
|
5,438,974 |
|
|
|
4,351,179 |
|
Dilutive
securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Convertible
preferred stock |
|
|
250,000,000 |
|
|
|
83,333,333 |
|
|
|
12,500,000 |
|
|
|
10,000,000 |
|
|
|
228,142,077 |
|
|
|
76,047,359 |
|
|
|
11,407,104 |
|
|
|
9,125,683 |
|
Stock
options |
|
|
5,375,000 |
|
|
|
1,791,667 |
|
|
|
268,750 |
|
|
|
215,000 |
|
|
|
4,507,650 |
|
|
|
1,502,550 |
|
|
|
225,383 |
|
|
|
180,306 |
|
Weighted
average dilutive shares |
|
|
372,451,949 |
|
|
|
124,150,650 |
|
|
|
18,622,597 |
|
|
|
14,898,078 |
|
|
|
341,429,203 |
|
|
|
113,809,734 |
|
|
|
17,071,460 |
|
|
|
13,657,168 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings
per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.01 |
|
|
$ |
0.03 |
|
|
$ |
0.20 |
|
|
$ |
0.25 |
|
|
$ |
0.01 |
|
|
$ |
0.02 |
|
|
$ |
0.17 |
|
|
$ |
0.21 |
|
Diluted |
|
$ |
0.00 |
|
|
$ |
0.01 |
|
|
$ |
0.06 |
|
|
$ |
0.08 |
|
|
$ |
0.00 |
|
|
$ |
0.01 |
|
|
$ |
0.05 |
|
|
$ |
0.07 |
|
|
X |
- References
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- DefinitionThe entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//855/tableOfContent
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483399/855-10-50-2
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|
v3.23.4
Basis of Presentation and Summary of Significant Accounting Policies (Policies)
|
6 Months Ended |
Nov. 30, 2023 |
Accounting Policies [Abstract] |
|
Basis of Presentation and Principles of Consolidation |
Basis
of Presentation and Principles of Consolidation
The
accompanying unaudited consolidated financial statements have been prepared by us pursuant to the rules and regulations of the Securities
and Exchange Commission (the SEC). In the opinion of the management, all adjustments necessary to present fairly our financial
position, results of operations, and cash flows as of November 30, 2023, and 2022, and for the periods then ended, have been made. Those
adjustments consist of normal and recurring adjustments. Certain information and note disclosures normally included in our annual consolidated
financial statements prepared in accordance with generally accepted accounting principles have been omitted. The unaudited consolidated
financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Companys
annual report on Form 10-K for the year ended May 31, 2023. The results of operations for the three and six months ended November 30,
2023 are not necessarily indicative of the results to be expected for the fiscal year ending 2024. The unaudited consolidated financial
statements include the Company and its wholly owned subsidiary. All significant intercompany balances and transactions have been eliminated
in consolidation.
|
Liquidity and Capital Resources |
Liquidity
and Capital Resources
We
are currently engaged in our product sales and development. Although we earned net income and have cash provided by operations for the
six months ended November 30, 2023, we had an accumulated deficit of $2,294,465 as of November 30, 2023 and have incurred operating losses
and cash used in operations in the past. We currently expect to earn net income and positive cash flows from operations during the current
fiscal year ending May 31, 2024. We believe our current cash balances, coupled with anticipated cash flow from operating activities,
will be sufficient to meet our working capital requirements for at least one year from the date of issuance of the accompanying unaudited
consolidated financial statements. We intend to continue to control our cash expenses as a percentage of expected revenue on an annual
basis and thus may use our cash balances in the short-term to invest in revenue growth. As a result of the acquisition of AXILs
business, we have generated and expect we will continue to generate sufficient cash for our operational needs, including any required
debt payments, for at least one year from the date of issuance of the accompanying unaudited consolidated financial statements. Management
is focused on growing the Companys existing products, introducing new products, as well as expanding its customer base, to increase
its revenues. The Company cannot give assurance that it can increase its cash balances or limit its cash consumption and thus, maintain
sufficient cash balances for its planned operations or future acquisitions. Future business demands, including those resulting from the
purchase of AXILs assets in June 2022, may lead to cash utilization at levels greater than recently experienced. The Company cannot
provide any assurance that it will be able to raise additional capital or obtain necessary financing on acceptable terms, or at all.
Subject to the foregoing, management believes that the Company has sufficient capital and liquidity to fund its operations for at least
one year from the date of issuance of the accompanying unaudited consolidated financial statements.
|
Use of estimates |
Use
of estimates
The
preparation of the unaudited consolidated financial statements in conformity with accounting principles generally accepted in the United
States (U.S.) requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities,
revenues, expenses, and the related disclosures at the date of the financial statements and during the reporting period. Actual results
could materially differ from these estimates. Significant estimates made by management include, but are not limited to, the allowance
for doubtful accounts, inventory valuations and classifications, the useful life of property and equipment, the valuation of deferred
tax assets, the value of stock-based compensation, contract liability, allowance on sales returns, valuation of lease liabilities and
related right of use assets, fair value of securities issued for business combinations, fair value of assets acquired and liabilities
assumed in business combinations and the fair value of non-cash Common Stock issuances.
|
Cash and cash equivalents |
Cash
and cash equivalents
The
Company considers all highly liquid debt instruments and other short-term investments with maturities of three months or less, when purchased,
to be cash equivalents. The Company maintains cash and cash equivalent balances at one financial institution that is insured by
the Federal Deposit Insurance Corporation. (See Note 14)
|
Accounts receivable and allowance for doubtful accounts |
Accounts
receivable and allowance for doubtful accounts
Accounts
receivables comprise of receivables from customers and receivables from merchant processors. The Company has a policy of providing an
allowance for doubtful accounts based on its best estimate of the amount of probable credit losses in its existing accounts receivable. The
Company periodically reviews its accounts receivable to determine whether an allowance is necessary based on an analysis of past due
accounts and other factors that may indicate that the realization of an account may be in doubt. Account balances deemed to be uncollectible
are charged to bad debt expense and included in the allowance after all means of collection have been exhausted and the potential for
recovery is considered remote.
|
Prepaid expenses and other current assets |
Prepaid
expenses and other current assets
Prepaid
expenses and other current assets consist primarily of cash prepayments to vendors for inventory and prepayments for trade shows and
marketing events which will be utilized within a year, prepayments on credit cards and the right to recover assets (for the cost of goods
sold) associated with the right of returns for products sold.
|
Inventory |
Inventory
The
Company values inventory, consisting of finished goods and raw materials, at the lower of cost and net realizable value. Cost is determined
using an average cost method. The Company reduces inventory for the diminution of value, resulting from product obsolescence, damage
or other issues affecting marketability, equal to the difference between the cost of the inventory and its net realizable value. The
Company evaluates its current level of inventory considering historical sales and other factors and, based on this evaluation, classifies
inventory markdowns in the statement of operations as a component of cost of goods sold. These markdowns are estimates, which could vary
significantly from actual requirements if future economic conditions, customer demand or competition differ from expectations. The Company
continuously evaluates the levels of inventory held and any inventory held above the expected level of sales in the next twelve months,
is classified as non-current inventory.
|
Property and Equipment |
Property
and Equipment
Property
and equipment are carried at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the
estimated useful lives of the assets. The cost of repairs and maintenance is expensed as incurred; major replacements and improvements
are capitalized. When assets are retired or disposed of, the cost and accumulated depreciation are removed, and any resulting gains
or losses are included in the statement of operations.
|
Product warranty |
Product
warranty
The
Company provides a one-year, two-year or three-year limited warranty on its hearing enhancement and hearing protection products. The
Company records the costs of repairs and replacements, as they are incurred, to the cost of sales.
|
Revenue recognition |
Revenue
recognition
The
Company follows Accounting Standards Codification (ASC) 606, Revenue From Contracts With Customers. This revenue recognition
standard (new guidance) has a five step process: a) Determine whether a contract exists; b) Identify the performance obligations; c)
Determine the transaction price; d) Allocate the transaction price; and e) Recognize revenue when (or as) performance obligations are
satisfied.
The
Company sells a variety of electronic hearing and enhancement products and hair and skin care products. The Company recognizes revenue
for the agreed upon sales price when a purchase order is received from the customer and subsequently the product is shipped to the customer,
which satisfies the performance obligation. Consideration paid to the customer to promote and sell the Companys products is typically
recorded as a reduction in revenues.
The
five steps for the revenue recognition are as follows:
Identify
the contract with a customer. The Company generally considers completion of a sales order (which requires customer
acceptance of the Companys click-through terms and conditions for website sales and authorization of payment through credit
card or another form of payment for sales made over the phone) or purchase orders from non-consumer customers as a customer contract
provided that collection is considered probable. For payments that are not made upfront by credit card, the Company assesses
customer creditworthiness based on credit checks, payment history, and/or other circumstances. For payments involving third party
financier payors, the Company validates customer eligibility and reimbursement amounts prior to shipping the product.
Identify
the performance obligations in the contract. Product performance obligations include shipment of products and related accessories,
and service performance obligations include extended warranty coverage.
However,
as the historical redemption rate under our warranty policy has been low, the option is not accounted for as a separate performance obligation.
The Company does not assess whether promised goods or services are performance obligations if they are immaterial in the context of the
contract with the customer.
Determine
the transaction price and allocation to performance obligations. The transaction price in the Companys customer contracts
consists of both fixed and variable consideration. Fixed consideration includes amounts to be contractually billed to the customer
while variable consideration includes the 30-days and 60-days right of return that applies to AXIL and Reviv3 products,
respectively. To estimate product returns, the Company analyzes historical return levels, current economic trends, and changes in
customer demand. Based on this information, the Company reserves a percentage of product sale revenue and accounts for the estimated
impact as a reduction in the transaction price.
Allocate
the transaction price to the performance obligations in the contract. For contracts that contain multiple performance
obligations, the Company allocates the transaction price to the performance obligations on a relative standalone selling price
basis.
Recognize
revenue when or as the Company satisfies a performance obligation. Revenue for products is recognized at a point in time, which is
generally upon shipment. Revenue for services (extended warranty) is recognized over time on a ratable basis over the warranty period.
As
of November 30, 2023, and May 31, 2023, contract liabilities amounted to $1,608,183 and $1,433,048, respectively. Contract liabilities
associated with product invoiced but not received by customers at the balance sheet date was $0 and $0, respectively; contract liabilities
associated with unfulfilled performance obligations for warranty services offered for a period of one, two and three years was $1,374,379
and $1,320,401, respectively, and contract liabilities associated with unfulfilled performance obligations for customers right
of return was $233,804 and $112,647, respectively. Our contract liabilities amounts are expected to be recognized over a period of between
one year to three years. Approximately $1,050,420 will be recognized in year 1, $432,947 will be recognized in year 2, and $124,816 will
be recognized in year 3.
Revenue
recognized, during the three months ended November 30, 2023, that was included in the contract liability balance upon the acquisition
of AXIL was $88,808. Revenue recognized, during the six months ended November 30, 2023, that was included in contract liability balance
upon the acquisition of AXIL was $186,246.
|
Cost of Sales |
Cost
of Sales
The
primary components of cost of sales include the cost of the product and shipping fees.
|
Shipping and Handling Costs |
Shipping
and Handling Costs
The
Company accounts for shipping and handling fees in accordance with ASC 606. While amounts charged to customers for shipping products
are included in revenues, the related costs of shipping products to customers are classified in marketing and selling expenses as incurred.
Shipping costs included in marketing and selling expense were $308,081 and $222,193 for the three months ended November 30, 2023 and
2022, respectively. Shipping costs included in the marketing and selling expense were $561,533 and $507,522 for the six months ended
November 30, 2023 and 2022, respectively.
|
Marketing, selling and advertising |
Marketing,
selling and advertising
Marketing,
selling and advertising costs are expensed as incurred.
|
Customer Deposits |
Customer
Deposits
Customer
deposits consisted of prepayments from customers to the Company. The Company will recognize the prepayments as revenue upon delivery
of products in compliance with its revenue recognition policy.
|
Fair value measurements and fair value of financial instruments |
Fair
value measurements and fair value of financial instruments
The
Company adopted ASC 820, Fair Value Measurements and Disclosures (ASC 820), for assets and liabilities measured
at fair value on a recurring basis. ASC 820 establishes a common definition for fair value to be applied to existing generally accepted
accounting principles that requires the use of fair value measurements, establishes a framework for measuring fair value and expands
disclosure about such fair value measurements. The adoption of ASC 820 did not have an impact on the Companys financial position
or operating results, but did expand certain disclosures. ASC 820 defines fair value as the price that would be received to sell
an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.
Additionally,
ASC 820 requires the use of valuation techniques that maximize the use of observable inputs and minimize the use of unobservable
inputs. These inputs are prioritized below:
Level
1: |
Observable
inputs such as quoted market prices in active markets for identical assets or liabilities. |
|
|
Level
2: |
Observable
market-based inputs or unobservable inputs that are corroborated by market data. |
|
|
Level
3: |
Unobservable
inputs for which there is little or no market data, which require the use of the reporting entitys own assumptions. |
The
Company analyzes all financial instruments with features of both liabilities and equity under the Financial Accounting Standard Boards
(FASB) accounting standard for such instruments. Under this standard, financial assets and liabilities are classified in
their entirety based on the lowest level of input that is significant to the fair value measurement.
The
estimated fair value of certain financial instruments, including prepaid expenses, deposits, accounts payable and accrued expenses are
carried at historical cost basis, which approximates their fair values because of the short-term nature of these instruments.
|
Business Combinations |
Business
Combinations
For
all business combinations (whether partial, full or step acquisitions), the Company records 100% of all assets acquired and liabilities
assumed of the acquired business, at their fair values.
Goodwill
represents the excess purchase price over the fair value of the tangible net assets and intangible assets acquired in a business combination.
Acquisition-related expenses are recognized separately from business combinations and are expensed as incurred. If the business combination
provides for contingent consideration, the Company records the contingent consideration at fair value at the acquisition date. Changes
in fair value of contingent consideration resulting from events after the acquisition date, such as earn-outs, are recognized as follows:
(1) if the contingent consideration is classified as equity, the contingent consideration is not re-measured and its subsequent settlement
is accounted for within equity, or (2) if the contingent consideration is classified as a liability, the changes in fair value and accretion
costs are recognized in earnings. The increases or decreases in the fair value of contingent consideration can result from changes in
anticipated revenue levels and changes in assumed discount periods and rates.
|
Goodwill |
Goodwill
Goodwill
is comprised of the purchase price of business combinations in excess of the fair value assigned at acquisition to the net tangible and
identifiable intangible assets acquired. Goodwill is not amortized. The Company tests goodwill for impairment for its reporting units
on an annual basis, or when events occur, or circumstances indicate the fair value of a reporting unit is below its carrying value.
The
Company performs its annual goodwill impairment assessment on May 31st of each year or as impairment indicators dictate.
When
evaluating the potential impairment of goodwill, management first assesses a range of qualitative factors, including but not limited
to, macroeconomic conditions, industry conditions, the competitive environment, changes in the market for the Companys products
and services, regulatory and political developments, entity specific factors such as strategy and changes in key personnel, and the overall
financial performance for each of the Companys reporting units. If, after completing this assessment, it is determined that it
is more likely than not that the fair value of a reporting unit is less than its carrying value, we then proceed to the quantitative
impairment testing methodology primarily using the income approach (discounted cash flow method).
Under
the quantitative method we compare the carrying value of the reporting unit, including goodwill, with its fair value, as determined
by its estimated discounted cash flows. If the carrying value of a reporting unit exceeds its fair value, then the amount of impairment
to be recognized is the amount by which the carrying amount exceeds the fair value.
When
required, we arrive at our estimates of fair value using a discounted cash flow methodology which includes estimates of future cash flows
to be generated by specifically identified assets, as well as selecting a discount rate to measure the present value of those anticipated
cash flows. Estimating future cash flows requires significant judgment and includes making assumptions about projected growth rates,
industry-specific factors, working capital requirements, weighted average cost of capital, and current and anticipated operating conditions.
The use of different assumptions or estimates for future cash flows could produce different results.
|
Income Taxes |
Income
Taxes
The
Company accounts for income taxes pursuant to the provision of ASC 740-10, Accounting for Income Taxes (ASC 740-10),
which requires, among other things, an asset and liability approach to calculating deferred income taxes. The asset and liability approach
requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of temporary differences between
the carrying amounts and the tax bases of assets and liabilities. A valuation allowance is provided to offset any net deferred tax assets
for which management believes it is more likely than not that the net deferred asset will not be realized.
The
Company follows the provision of ASC 740-10 related to Accounting for Uncertain Income Tax Positions. When tax returns are filed, there
may be uncertainty about the merits of positions taken or the amount of the position that would be ultimately sustained. In accordance
with the guidance of ASC 740-10, the benefit of a tax position is recognized in the financial statements in the period during which,
based on all available evidence, management believes it is more likely than not that the position will be sustained upon examination,
including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions.
Tax
positions that meet the more likely than not recognition threshold are measured at the largest amount of tax benefit that is more than
50 percent likely of being realized upon settlement with the applicable taxing authority. The portion of the benefit associated with
tax positions taken that exceed the amount measured as described above should be reflected as a liability for uncertain tax benefits
in the accompanying consolidated balance sheet along with any associated interest and penalties that would be payable to the taxing authorities
upon examination. The Company believes its tax positions are all more likely than not to be upheld upon examination. As such, the Company
has not recorded a liability for uncertain tax benefits.
The
Company has adopted ASC 740-10-25, Definition of Settlement, which provides guidance on how an entity should determine
whether a tax position is effectively settled for the purpose of recognizing previously unrecognized tax benefits and provides that a
tax position can be effectively settled upon the completion and examination by a taxing authority without being legally extinguished.
For tax positions considered effectively settled, an entity would recognize the full amount of tax benefit, even if the tax position
is not considered more likely than not to be sustained based solely on the basis of its technical merits and the statute of limitations
remains open. The federal and state income tax returns of the Company are subject to examination by the IRS and state taxing authorities,
generally for three years after they are filed.
|
Impairment of long-lived assets |
Impairment
of long-lived assets
The
Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of the
assets may not be fully recoverable, or at least annually. The Company recognizes an impairment loss when the sum of expected undiscounted
future cash flows is less than the carrying amount of the asset. The amount of impairment is measured as the difference between the assets
estimated fair value and its book value. The Company did not record any impairment loss during the six months ended November 30, 2023
and 2022.
|
Stock-based compensation |
Stock-based
compensation
Stock-based
compensation is accounted for based on the requirements of the Share-Based Payment Topic of ASC 718, Compensation — Stock
Compensation (ASC 718), which requires recognition in the financial statements of the cost of employee and director
services received in exchange for an award of equity instruments over the period the employee or director is required to perform the
services in exchange for the award (presumptively, the vesting period). ASC 718 also requires measurement of the cost of employee and
director services received in exchange for an award based on the grant-date fair value of the award.
For
non-employee stock option based awards, the Company follows ASU 2018-7, which substantially aligns share based compensation for employees
and non-employees.
|
Net income (loss) per share of Common Stock |
Net
income (loss) per share of Common Stock
Basic net income (loss) per share is computed by dividing
the net income (loss) by the weighted average number of common shares during the period. Diluted net income (loss) per share is computed
using the weighted average number of common shares and potentially dilutive securities outstanding during the period. For both the
three months ended and six months ended November 30, 2023 and November 30, 2022, certain stock options were excluded from the computation
of diluted common shares outstanding as they would have an anti-dilutive impact on the Company’s net income.
The
following table sets forth the computations of basic and diluted net income per common share:
Schedule of net loss per share | |
| | | |
| | | |
| | | |
| | |
| |
For the Three Months Ended | | |
For the Six Months Ended | |
| |
November 30, | | |
November 30, | | |
November 30, | | |
November 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
| | |
| | |
| | |
| |
Net income | |
$ | 1,018,075 | | |
$ | 726,900 | | |
$ | 1,172,527 | | |
$ | 902,427 | |
| |
| | | |
| | | |
| | | |
| | |
Weighted average basic shares | |
| 117,076,949 | | |
| 115,226,893 | | |
| 117,076,949 | | |
| 108,779,476 | |
Dilutive securities: | |
| | | |
| | | |
| | | |
| | |
Convertible preferred stock | |
| 250,000,000 | | |
| 250,000,000 | | |
| 250,000,000 | | |
| 228,142,077 | |
Stock options | |
| 5,375,000 | | |
| 3,706,593 | | |
| 5,375,000 | | |
| 4,507,650 | |
Weighted average dilutive shares | |
| 372,451,949 | | |
| 368,933,486 | | |
| 372,451,949 | | |
| 341,429,203 | |
| |
| | | |
| | | |
| | | |
| | |
Earnings per share: | |
| | | |
| | | |
| | | |
| | |
Basic | |
$ | 0.01 | | |
$ | 0.01 | | |
$ | 0.01 | | |
$ | 0.01 | |
Diluted | |
$ | 0.00 | | |
$ | 0.00 | | |
$ | 0.00 | | |
$ | 0.00 | |
|
Lease Accounting |
Lease
Accounting
In
February 2016, the FASB issued ASU No. 2016-02, Leases (ASU 2016-02), which requires lessees to report on their
balance sheets a right-of-use asset and a lease liability in connection with most lease agreements classified as operating leases under
the prior guidance (ASC Topic 840). Under the new guidance, codified as ASC Topic 842, the lease liability must be measured initially
based on the present value of future lease payments, subject to certain conditions. The right-of-use asset must be measured initially
based on the amount of the liability, plus certain initial direct costs. The new guidance further requires that leases be classified
at inception as either (a) operating leases or (b) finance leases. For operating leases, periodic expense is generally flat (straight-line)
throughout the life of the lease. For finance leases, periodic expense declines over the life of the lease. The new standard, as amended,
provides an option for entities to use the cumulative-effect transition method. As permitted, the Company adopted ASC Topic 842 effective
June 1, 2019. The adoption of ASC Topic 842 did not have a material impact on the Companys consolidated financial statements.
The
Companys renewed lease for its corporate headquarters commencing December 1, 2022, under lease agreements classified as an operating
lease. Please see Note 11 – Commitments and Contingencies under Leases below for more information about
the Companys leases.
|
Segment Reporting |
Segment
Reporting
The
Company follows ASC Topic 280, Segment Reporting. The Companys management reviews the Companys consolidated
financial results when making decisions about allocating resources and assessing the performance of the Company as a whole and has determined
that the Companys reportable segments are: (a) the sale of hearing protection and hearing enhancement products, and (b) the sale
of hair care and skin care products. See Note 15 – BUSINESS SEGMENT AND GEOGRAPHIC AREA INFORMATION for more information
about the Companys reportable segments.
|
Recently Issued Accounting Pronouncements |
Recently
Issued Accounting Pronouncements
In
August 2020, the FASB issued ASU No. 2020-06, Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives
and Hedging – Contracts in Entitys Own Equity (ASU 2020-06), which simplifies the accounting for certain convertible
instruments. Among other things, under ASU 2020-06, the embedded conversion features no longer must be separated from the host contract
for convertible instruments with conversion features not required to be accounted for as derivatives, or that do not result in substantial
premiums accounted for as paid-in capital. ASU 2020-06 also eliminates the use of the treasury stock method when calculating the impact
of convertible instruments on diluted Earnings per Share. For the Company, the provisions of ASU 2020-06 are effective for its fiscal
year beginning on June 1, 2024. Early adoption is permitted, subject to certain limitations. The Company is evaluating the potential
impact of adoption on its consolidated financial statements.
Other
accounting standards that have been issued or proposed by the FASB that do not require adoption until a future date are not expected
to have a material impact on the financial statements upon adoption. The Company does not discuss recent pronouncements that are not
anticipated to have an impact on or are unrelated to its financial condition, results of operations, cash flows or disclosures.
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v3.23.4
Basis of Presentation and Summary of Significant Accounting Policies (Tables)
|
6 Months Ended |
Nov. 30, 2023 |
Accounting Policies [Abstract] |
|
Schedule of net loss per share |
Schedule of net loss per share | |
| | | |
| | | |
| | | |
| | |
| |
For the Three Months Ended | | |
For the Six Months Ended | |
| |
November 30, | | |
November 30, | | |
November 30, | | |
November 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
| | |
| | |
| | |
| |
Net income | |
$ | 1,018,075 | | |
$ | 726,900 | | |
$ | 1,172,527 | | |
$ | 902,427 | |
| |
| | | |
| | | |
| | | |
| | |
Weighted average basic shares | |
| 117,076,949 | | |
| 115,226,893 | | |
| 117,076,949 | | |
| 108,779,476 | |
Dilutive securities: | |
| | | |
| | | |
| | | |
| | |
Convertible preferred stock | |
| 250,000,000 | | |
| 250,000,000 | | |
| 250,000,000 | | |
| 228,142,077 | |
Stock options | |
| 5,375,000 | | |
| 3,706,593 | | |
| 5,375,000 | | |
| 4,507,650 | |
Weighted average dilutive shares | |
| 372,451,949 | | |
| 368,933,486 | | |
| 372,451,949 | | |
| 341,429,203 | |
| |
| | | |
| | | |
| | | |
| | |
Earnings per share: | |
| | | |
| | | |
| | | |
| | |
Basic | |
$ | 0.01 | | |
$ | 0.01 | | |
$ | 0.01 | | |
$ | 0.01 | |
Diluted | |
$ | 0.00 | | |
$ | 0.00 | | |
$ | 0.00 | | |
$ | 0.00 | |
|
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v3.23.4
Accounts Receivable, net (Tables)
|
6 Months Ended |
Nov. 30, 2023 |
Credit Loss [Abstract] |
|
Schedule of accounts receivable |
Schedule of accounts receivable | |
| | |
| |
| |
November 30, 2023 | | |
May 31, 2023 | |
Customers Receivable | |
$ | 921,190 | | |
$ | 345,264 | |
Merchant Processor Receivable | |
| 185,895 | | |
| 167,232 | |
Less: Allowance for Doubtful Debts | |
| (153,770 | ) | |
| (95,480 | ) |
Accounts receivable, net | |
$ | 953,315 | | |
$ | 417,016 | |
|
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v3.23.4
Inventory, net (Tables)
|
6 Months Ended |
Nov. 30, 2023 |
Inventory Disclosure [Abstract] |
|
Schedule of inventory |
Schedule of inventory | |
| | |
| |
| |
November 30, 2023 | | |
May 31, 2023 | |
Finished Goods | |
$ | 2,115,068 | | |
$ | 1,198,218 | |
Raw Materials | |
| 237,147 | | |
| 113,646 | |
Inventory, net | |
$ | 2,352,215 | | |
$ | 1,311,864 | |
|
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v3.23.4
Property and Equipment (Tables)
|
6 Months Ended |
Nov. 30, 2023 |
Property, Plant and Equipment [Abstract] |
|
Schedule of property and equipment |
Schedule of property and equipment | |
| |
| | |
| |
| |
Estimated Life | |
November 30, 2023 | | |
May 31, 2023 | |
Furniture and Fixtures | |
5 years | |
$ | 25,644 | | |
$ | 14,598 | |
Computer Equipment | |
3 years | |
| 30,968 | | |
| 33,146 | |
Plant Equipment | |
5-10 years | |
| 216,738 | | |
| 165,778 | |
Automobile | |
5 years | |
| 15,000 | | |
| 15,000 | |
Less: Accumulated Depreciation | |
| |
| (77,314 | ) | |
| (71,059 | ) |
Total Property and Equipment, net | |
| |
$ | 211,036 | | |
$ | 157,463 | |
|
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v3.23.4
Intangible Assets (Tables)
|
6 Months Ended |
Nov. 30, 2023 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
Schedule of intangible assets |
Schedule of intangible assets | |
| |
| | |
| |
| |
Estimated Life | |
November 30, 2023 | | |
May 31, 2023 | |
Licensing rights | |
3 years | |
$ | 11,945 | | |
$ | 11,945 | |
Customer Relationships | |
3 years | |
| 70,000 | | |
| 70,000 | |
Trade Names | |
10 years | |
| 275,000 | | |
| 275,000 | |
Website | |
5 years | |
| 100,000 | | |
| 100,000 | |
Less: Accumulated Amortization | |
| |
| (113,021 | ) | |
| (74,271 | ) |
Total Intangible Assets, net | |
| |
$ | 343,924 | | |
$ | 382,674 | |
|
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v3.23.4
Other Current Liabilities (Tables)
|
6 Months Ended |
Nov. 30, 2023 |
Payables and Accruals [Abstract] |
|
Schedule of other current liabilities |
Schedule of other current liabilities | |
| | |
| |
| |
November 30, 2023 | | |
May 31, 2023 | |
Credit Cards | |
$ | 11,125 | | |
$ | 833 | |
Accrued Interest | |
| 1,601 | | |
| 10,343 | |
Royalty Payment Accrual | |
| 23,223 | | |
| 8,792 | |
Sales Tax Payable | |
| 369,661 | | |
| 240,559 | |
Other Accrued Expenses | |
| 128,457 | | |
| 17,464 | |
Affiliate Accrual | |
| — | | |
| 27,673 | |
Total Other Current Liabilities | |
$ | 534,067 | | |
$ | 305,664 | |
|
X |
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v3.23.4
Notes Payable (Tables)
|
6 Months Ended |
Nov. 30, 2023 |
Debt Disclosure [Abstract] |
|
Schedule of notes payable |
Schedule of notes payable | |
| | |
| |
Notes Payable as of | |
November 30, 2023 | | |
May 31, 2023 | |
Insurance Financing | |
$ | — | | |
$ | 21,335 | |
Financing Charges | |
| — | | |
| 1,253 | |
Economic Injury Disaster Loan Program (EIDL) | |
| 147,931 | | |
| 150,000 | |
Total | |
| 147,931 | | |
| 172,588 | |
Less: Current portion | |
| (3,270 | ) | |
| (172,588 | ) |
Non-current portion | |
$ | 144,661 | | |
$ | — | |
|
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v3.23.4
Stockholders’ Equity (Tables)
|
6 Months Ended |
Nov. 30, 2023 |
Equity [Abstract] |
|
Schedule of summarizes relating to the company’s stock |
Schedule of summarizes relating to the company’s stock | |
| | |
| | |
| |
| |
Number of Options | | |
Weighted Average Exercise Price | | |
Weighted Average Remaining Term | |
| |
| | |
| | |
| |
Outstanding at May 31, 2022 | |
| 5,300,000 | | |
$ | 0.09 | | |
| 10.0 | |
Granted | |
| 300,000 | | |
$ | 0.20 | | |
| 9.68 | |
Less: Forfeited | |
| (225,000 | ) | |
$ | 0.20 | | |
| 9.68 | |
Outstanding at May 31, 2023 | |
| 5,375,000 | | |
$ | 0.09 | | |
| 8.92 | |
Granted | |
| — | | |
| — | | |
| — | |
Less: Forfeited | |
| — | | |
| — | | |
| — | |
Less: Unvested at November 30, 2023 | |
| (1,987,500 | ) | |
$ | 0.09 | | |
| 8.42 | |
Vested at November 30, 2023 | |
| 3,387,500 | | |
$ | 0.09 | | |
| 8.42 | |
|
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v3.23.4
Commitments and Contingencies (Tables)
|
6 Months Ended |
Nov. 30, 2023 |
Commitments and Contingencies Disclosure [Abstract] |
|
Schedule of supplemental balance sheet information |
Schedule of supplemental balance sheet information | |
| | |
| |
| |
November 30, 2023 | | |
May 31, 2023 | |
Assets | |
| | | |
| | |
Right of use assets | |
$ | 131,970 | | |
$ | 131,970 | |
Accumulated reduction | |
| (62,059 | ) | |
| (30,125 | ) |
Operating lease assets, net | |
$ | 69,911 | | |
$ | 101,845 | |
| |
| | | |
| | |
Liabilities | |
| | | |
| | |
Lease liability | |
$ | 131,970 | | |
$ | 131,970 | |
Accumulated reduction | |
| (60,596 | ) | |
| (29,394 | ) |
Total lease liability, net | |
| 71,374 | | |
| 102,576 | |
Current portion | |
| (71,374 | ) | |
| (65,824 | ) |
Non-current portion | |
$ | — | | |
$ | 36,752 | |
|
Schedule of maturities of operating lease liabilities |
Schedule of maturities of operating lease liabilities | |
| |
Operating Lease (fiscal year-end) | |
| |
2024 | |
$ | 38,049 | |
2025 | |
| 38,049 | |
Total | |
$ | 76,098 | |
Less: Imputed interest | |
| (4,724 | ) |
Present value of lease liabilities | |
$ | 71,374 | |
|
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v3.23.4
Business Combination (Tables)
|
6 Months Ended |
Nov. 30, 2023 |
Business Combination and Asset Acquisition [Abstract] |
|
Schedule of estimated fair value of the assets acquired |
Schedule of estimated fair value of the assets acquired | |
| |
Cash | |
$ | 1,066,414 | |
Accounts receivable | |
| 227,786 | |
Inventory | |
| 1,342,461 | |
Prepaid expenses | |
| 62,452 | |
Other assets | |
| 108,030 | |
Accounts payable | |
| (285,665 | ) |
Contract liabilities | |
| (1,043,332 | ) |
Other current liabilities | |
| (79,826 | ) |
Net tangible assets acquired | |
$ | 1,398,320 | |
| |
| | |
Identifiable intangible assets | |
| | |
Licensing rights | |
$ | 11,945 | |
Customer relationships | |
| 70,000 | |
Tradenames | |
| 275,000 | |
Website | |
| 100,000 | |
Total Identifiable intangible assets | |
$ | 456,945 | |
| |
| | |
Consideration paid | |
$ | 4,007,480 | |
Total net assets acquired | |
| 1,855,265 | |
Goodwill purchased | |
$ | 2,152,215 | |
|
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v3.23.4
Concentrations (Tables)
|
6 Months Ended |
Nov. 30, 2023 |
Risks and Uncertainties [Abstract] |
|
Schedule of sales by product line |
Schedule of sales by product line | |
| | |
| |
| |
For the Six Months ended | |
| |
November 30, | |
Hair Care Products | |
2023 | | |
2022 | |
Shampoos | |
| 17 | % | |
| 13 | % |
Shampoos and Conditioners | |
| 9 | % | |
| 7 | % |
Conditioner | |
| 22 | % | |
| 17 | % |
Bundle Kits | |
| 32 | % | |
| 54 | % |
Ancillary Products | |
| 20 | % | |
| 9 | % |
Total | |
| 100 | % | |
| 100 | % |
|
Schedule of sales by product comprised |
Schedule of sales by product comprised | |
| | |
| |
| |
For
the six months ended November
30, | |
Ear Protection & Enhancement Products | |
2023 | | |
2022 | |
Ghost Stryke | |
| 55.0 | % | |
| 91.3 | % |
Trackr Earmuffs | |
| 13.1 | % | |
| 7.7 | % |
Other Bluetooth and ear buds | |
| 31.9 | % | |
| 0.9 | % |
Accessories, other | |
| 0.0 | % | |
| 0.1 | % |
Total | |
| 100.0 | % | |
| 100.0 | % |
|
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v3.23.4
Business Segment and Geographic Area Information (Tables)
|
6 Months Ended |
Nov. 30, 2023 |
Segment Reporting [Abstract] |
|
Schedule of segment information |
Schedule of segment information | |
| | | |
| | | |
| | | |
| | |
| |
Three months ended | | |
Six months ended | |
| |
November 30, | | |
November 30, | |
Net Sales | |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Hair care and skin care | |
$ | 230,741 | | |
$ | 418,734 | | |
$ | 545,594 | | |
$ | 903,970 | |
Hearing enhancement and protection | |
| 8,190,936 | | |
| 6,313,265 | | |
| 13,982,352 | | |
| 10,065,387 | |
Total net sales | |
$ | 8,421,677 | | |
$ | 6,731,999 | | |
$ | 14,527,946 | | |
$ | 10,969,357 | |
| |
| | | |
| | | |
| | | |
| | |
Operating earnings | |
| | | |
| | | |
| | | |
| | |
Segment gross profit: | |
| | | |
| | | |
| | | |
| | |
Hair care and skin care | |
$ | 172,583 | | |
$ | 316,325 | | |
$ | 394,107 | | |
$ | 640,431 | |
Hearing enhancement and protection | |
| 6,085,356 | | |
| 4,722,709 | | |
| 10,511,398 | | |
| 7,681,257 | |
Total segment gross profit | |
$ | 6,257,939 | | |
$ | 5,039,034 | | |
$ | 10,905,505 | | |
$ | 8,321,688 | |
Selling and Marketing | |
| 3,672,780 | | |
| 3,098,898 | | |
| 6,879,621 | | |
| 5,076,874 | |
General and Administrative | |
| 1,321,247 | | |
| 955,141 | | |
| 2,588,215 | | |
| 2,060,418 | |
Consolidated operating income | |
$ | 1,263,912 | | |
$ | 984,995 | | |
$ | 1,437,669 | | |
$ | 1,184,396 | |
| |
| | | |
| | | |
| | | |
| | |
Total Assets: | |
| | | |
| | | |
| | | |
| | |
Hair care and skin care | |
$ | 5,439,289 | | |
$ | 1,018,083 | | |
$ | 5,439,289 | | |
$ | 1,018,083 | |
Hearing enhancement and protection | |
| 7,686,720 | | |
| 9,038,537 | | |
| 7,686,720 | | |
| 9,038,537 | |
Consolidated total assets | |
$ | 13,126,009 | | |
$ | 10,056,620 | | |
$ | 13,126,009 | | |
$ | 10,056,620 | |
| |
| | | |
| | | |
| | | |
| | |
Payments for property and equipment | |
| | | |
| | | |
| | | |
| | |
Hair care and skin care | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | |
Hearing enhancement and protection | |
| 19,885 | | |
| 54,400 | | |
| 70,845 | | |
| 54,400 | |
Consolidated total payments for property and equipment | |
$ | 19,885 | | |
$ | 54,400 | | |
$ | 70,845 | | |
$ | 54,400 | |
| |
| | | |
| | | |
| | | |
| | |
Depreciation and amortization | |
| | | |
| | | |
| | | |
| | |
Hair care and skin care | |
$ | 1,417 | | |
$ | 1,418 | | |
$ | 2,835 | | |
$ | 2,841 | |
Hearing enhancement and protection | |
| 26,368 | | |
| 21,928 | | |
| 53,187 | | |
| 40,174 | |
Consolidated total depreciation and amortization | |
$ | 27,785 | | |
$ | 23,346 | | |
$ | 56,022 | | |
$ | 43,015 | |
|
X |
- DefinitionTabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.
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v3.23.4
Subsequent Events (Tables)
|
6 Months Ended |
Nov. 30, 2023 |
Subsequent Events [Abstract] |
|
Schedule of pro-forma effect |
Schedule of pro-forma effect |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For
the 3 Months Ended (UNAUDITED) |
|
|
November
30, |
|
November
30, |
|
|
2023 |
|
2022 |
|
|
Pre
Split |
|
Post
Stock Split |
|
Pre
Split |
|
Post
Stock Split |
|
|
|
|
1:3 |
|
1:20 |
|
1:25 |
|
|
|
1:3 |
|
1:20 |
|
1:25 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income |
|
$ |
1,018,075 |
|
|
$ |
1,018,075 |
|
|
$ |
1,018,075 |
|
|
$ |
1,018,075 |
|
|
$ |
726,900 |
|
|
$ |
726,900 |
|
|
$ |
726,900 |
|
|
$ |
726,900 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average basic shares |
|
|
117,076,949 |
|
|
|
39,025,650 |
|
|
|
5,853,847 |
|
|
|
4,683,078 |
|
|
|
115,226,893 |
|
|
|
38,408,964 |
|
|
|
5,761,345 |
|
|
|
4,609,076 |
|
Dilutive
securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Convertible
preferred stock |
|
|
250,000,000 |
|
|
|
83,333,333 |
|
|
|
12,500,000 |
|
|
|
10,000,000 |
|
|
|
250,000,000 |
|
|
|
83,333,333 |
|
|
|
12,500,000 |
|
|
|
10,000,000 |
|
Stock
options |
|
|
5,375,000 |
|
|
|
1,791,667 |
|
|
|
268,750 |
|
|
|
215,000 |
|
|
|
3,706,593 |
|
|
|
1,235,531 |
|
|
|
185,330 |
|
|
|
148,264 |
|
Weighted
average dilutive shares |
|
|
372,451,949 |
|
|
|
124,150,650 |
|
|
|
18,622,597 |
|
|
|
14,898,078 |
|
|
|
368,933,486 |
|
|
|
122,977,829 |
|
|
|
18,446,674 |
|
|
|
14,757,339 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings
per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.01 |
|
|
$ |
0.03 |
|
|
$ |
0.17 |
|
|
$ |
0.22 |
|
|
$ |
0.01 |
|
|
$ |
0.02 |
|
|
$ |
0.13 |
|
|
$ |
0.16 |
|
Diluted |
|
$ |
0.00 |
|
|
$ |
0.01 |
|
|
$ |
0.05 |
|
|
$ |
0.07 |
|
|
$ |
0.00 |
|
|
$ |
0.01 |
|
|
$ |
0.04 |
|
|
$ |
0.05 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For
the 6 Months Ended (UNAUDITED) |
|
|
November
30, |
|
|
November
30, |
|
|
2023 |
|
|
|
2022 |
|
|
|
Pre
Split |
|
|
|
Post
Stock Split |
|
|
|
Pre
Split |
|
|
|
Post
Stock Split |
|
|
|
|
|
|
|
|
1:3 |
|
|
|
1:20 |
|
|
|
1:25 |
|
|
|
|
|
|
|
1:3 |
|
|
|
1:20 |
|
|
|
1:25 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income |
|
$ |
1,172,527 |
|
|
$ |
1,172,527 |
|
|
$ |
1,172,527 |
|
|
$ |
1,172,527 |
|
|
$ |
902,427 |
|
|
$ |
902,427 |
|
|
$ |
902,427 |
|
|
$ |
902,427 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average basic shares |
|
|
117,076,949 |
|
|
|
39,025,650 |
|
|
|
5,853,847 |
|
|
|
4,683,078 |
|
|
|
108,779,476 |
|
|
|
36,259,825 |
|
|
|
5,438,974 |
|
|
|
4,351,179 |
|
Dilutive
securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Convertible
preferred stock |
|
|
250,000,000 |
|
|
|
83,333,333 |
|
|
|
12,500,000 |
|
|
|
10,000,000 |
|
|
|
228,142,077 |
|
|
|
76,047,359 |
|
|
|
11,407,104 |
|
|
|
9,125,683 |
|
Stock
options |
|
|
5,375,000 |
|
|
|
1,791,667 |
|
|
|
268,750 |
|
|
|
215,000 |
|
|
|
4,507,650 |
|
|
|
1,502,550 |
|
|
|
225,383 |
|
|
|
180,306 |
|
Weighted
average dilutive shares |
|
|
372,451,949 |
|
|
|
124,150,650 |
|
|
|
18,622,597 |
|
|
|
14,898,078 |
|
|
|
341,429,203 |
|
|
|
113,809,734 |
|
|
|
17,071,460 |
|
|
|
13,657,168 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings
per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.01 |
|
|
$ |
0.03 |
|
|
$ |
0.20 |
|
|
$ |
0.25 |
|
|
$ |
0.01 |
|
|
$ |
0.02 |
|
|
$ |
0.17 |
|
|
$ |
0.21 |
|
Diluted |
|
$ |
0.00 |
|
|
$ |
0.01 |
|
|
$ |
0.06 |
|
|
$ |
0.08 |
|
|
$ |
0.00 |
|
|
$ |
0.01 |
|
|
$ |
0.05 |
|
|
$ |
0.07 |
|
|
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v3.23.4
Basis of Presentation and Summary of Significant Accounting Policies (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
Nov. 30, 2023 |
Nov. 30, 2022 |
Nov. 30, 2023 |
Nov. 30, 2022 |
Accounting Policies [Abstract] |
|
|
|
|
Net income |
$ 1,018,075
|
$ 726,900
|
$ 1,172,527
|
$ 902,427
|
Weighted average basic shares |
117,076,949
|
115,226,893
|
117,076,949
|
108,779,476
|
Dilutive securities: |
|
|
|
|
Convertible preferred stock |
250,000,000
|
250,000,000
|
250,000,000
|
228,142,077
|
Stock options |
5,375,000
|
3,706,593
|
5,375,000
|
4,507,650
|
Weighted average dilutive shares |
372,451,949
|
368,933,486
|
372,451,949
|
341,429,203
|
Earnings per share: |
|
|
|
|
Basic |
$ 0.01
|
$ 0.01
|
$ 0.01
|
$ 0.01
|
Diluted |
$ 0.00
|
$ 0.00
|
$ 0.00
|
$ 0.00
|
X |
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+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-3
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v3.23.4
Basis of Presentation and Summary of Significant Accounting Policies (Details Narrative) - USD ($)
|
3 Months Ended |
6 Months Ended |
|
Nov. 30, 2023 |
Nov. 30, 2022 |
Nov. 30, 2023 |
Nov. 30, 2022 |
May 31, 2023 |
Restructuring Cost and Reserve [Line Items] |
|
|
|
|
|
Accumulated Deficit |
$ 2,294,465
|
|
$ 2,294,465
|
|
$ 3,466,992
|
Contract liabilities |
1,608,183
|
|
$ 1,608,183
|
|
$ 1,433,048
|
Contract Liabilities Description |
|
|
Contract liabilities
associated with product invoiced but not received by customers at the balance sheet date was $0 and $0, respectively; contract liabilities
associated with unfulfilled performance obligations for warranty services offered for a period of one, two and three years was $1,374,379
and $1,320,401, respectively, and contract liabilities associated with unfulfilled performance obligations for customers right
of return was $233,804 and $112,647, respectively. Our contract liabilities amounts are expected to be recognized over a period of between
one year to three years. Approximately $1,050,420 will be recognized in year 1, $432,947 will be recognized in year 2, and $124,816 will
be recognized in year 3.
|
|
|
Marketing and selling expense |
3,672,780
|
$ 3,098,898
|
$ 6,879,621
|
$ 5,076,874
|
|
Impairment loss |
|
|
0
|
0
|
|
Customer [Member] |
|
|
|
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
|
|
|
Marketing and selling expense |
308,081
|
$ 222,193
|
$ 561,533
|
$ 507,522
|
|
AXIL [Member] |
|
|
|
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
|
|
|
Revenue recognition |
$ 186,246
|
|
|
|
|
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Accounts Receivable, net (Details) - USD ($)
|
Nov. 30, 2023 |
May 31, 2023 |
Credit Loss [Abstract] |
|
|
Customers Receivable |
$ 921,190
|
$ 345,264
|
Merchant Processor Receivable |
185,895
|
167,232
|
Less: Allowance for Doubtful Debts |
(153,770)
|
(95,480)
|
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$ 953,315
|
$ 417,016
|
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|
3 Months Ended |
6 Months Ended |
Nov. 30, 2023 |
Nov. 30, 2022 |
Nov. 30, 2023 |
Nov. 30, 2022 |
Credit Loss [Abstract] |
|
|
|
|
Bad debt expense |
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|
$ 105,975
|
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|
$ 105,975
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Inventory, net (Details) - USD ($)
|
Nov. 30, 2023 |
May 31, 2023 |
Inventory Disclosure [Abstract] |
|
|
Finished Goods |
$ 2,115,068
|
$ 1,198,218
|
Raw Materials |
237,147
|
113,646
|
Inventory, net |
$ 2,352,215
|
$ 1,311,864
|
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Property and Equipment (Details) - USD ($)
|
Nov. 30, 2023 |
May 31, 2023 |
Property, Plant and Equipment [Line Items] |
|
|
Less:Accumulated Depreciation |
$ (77,314)
|
$ (71,059)
|
Property and equipment, net |
$ 211,036
|
157,463
|
Furniture and Fixtures [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Estimated Life |
5 years
|
|
Plant Equipment |
$ 25,644
|
14,598
|
Computer Equipment [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Estimated Life |
3 years
|
|
Plant Equipment |
$ 30,968
|
33,146
|
Property, Plant and Equipment [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Plant Equipment |
$ 216,738
|
165,778
|
Property, Plant and Equipment [Member] | Minimum [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Estimated Life |
5 years
|
|
Property, Plant and Equipment [Member] | Maximum [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Estimated Life |
10 years
|
|
Automobiles [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Estimated Life |
5 years
|
|
Plant Equipment |
$ 15,000
|
$ 15,000
|
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v3.23.4
Intangible Assets (Details) - USD ($)
|
Nov. 30, 2023 |
May 31, 2023 |
Finite-Lived Intangible Assets [Line Items] |
|
|
Less: Accumulated Amortization |
$ (113,021)
|
$ (74,271)
|
Finite-lived Intangible Assets, Net |
$ 343,924
|
382,674
|
Licensing Rights [Member] |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Estimated Life |
3 years
|
|
Finite-lived Intangible Assets, Gross |
$ 11,945
|
11,945
|
Customer Relationships [Member] |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Estimated Life |
3 years
|
|
Finite-lived Intangible Assets, Gross |
$ 70,000
|
70,000
|
Trade Names [Member] |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Estimated Life |
10 years
|
|
Finite-lived Intangible Assets, Gross |
$ 275,000
|
275,000
|
Website [Member] |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Estimated Life |
5 years
|
|
Finite-lived Intangible Assets, Gross |
$ 100,000
|
$ 100,000
|
X |
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v3.23.4
Intangible Assets (Details Narrative) - USD ($)
|
3 Months Ended |
6 Months Ended |
|
Nov. 30, 2023 |
Nov. 30, 2022 |
Nov. 30, 2023 |
Nov. 30, 2022 |
Jun. 16, 2022 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
|
|
|
|
Goodwill |
$ 2,152,215
|
|
$ 2,152,215
|
|
$ 2,152,215
|
Amortization of Intangible Assets |
$ 19,375
|
$ 19,376
|
$ 38,750
|
$ 35,522
|
|
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v3.23.4
Other Current Liabilities (Details) - USD ($)
|
Nov. 30, 2023 |
May 31, 2023 |
Payables and Accruals [Abstract] |
|
|
Credit Cards |
$ 11,125
|
$ 833
|
Accrued Interest |
1,601
|
10,343
|
Royalty Payment Accrual |
23,223
|
8,792
|
Sales Tax Payable |
369,661
|
240,559
|
Other Accrued Expenses |
128,457
|
17,464
|
Affiliate Accrual |
|
27,673
|
Total Other Current Liabilities |
$ 534,067
|
$ 305,664
|
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v3.23.4
Notes Payable (Details) - USD ($)
|
Nov. 30, 2023 |
May 31, 2023 |
Guarantor Obligations [Line Items] |
|
|
Total |
$ 147,931
|
$ 172,588
|
Less: Current portion |
(3,270)
|
(172,588)
|
Non-current portion |
144,661
|
|
Insurance Financing [Member] |
|
|
Guarantor Obligations [Line Items] |
|
|
Total |
|
21,335
|
Financing Charges [Member] |
|
|
Guarantor Obligations [Line Items] |
|
|
Total |
|
1,253
|
Economic Injury Disaster Loan Program [Member] |
|
|
Guarantor Obligations [Line Items] |
|
|
Total |
$ 147,931
|
$ 150,000
|
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v3.23.4
Notes Payable (Details Narrative) - USD ($)
|
1 Months Ended |
6 Months Ended |
12 Months Ended |
|
|
May 18, 2020 |
Nov. 30, 2023 |
May 31, 2022 |
May 31, 2023 |
May 31, 2020 |
Debt Instrument [Line Items] |
|
|
|
|
|
Accrued interest |
|
$ 1,601
|
|
$ 10,343
|
|
Insurance Financing [Member] |
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
Insurance financing |
|
53,337
|
|
|
|
Finance charges |
|
3,164
|
|
|
|
Economic Injury Disaster Loan Program [Member] |
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
Face Amount |
|
|
|
|
$ 150,000
|
Interest rate |
3.75%
|
|
|
|
|
Additional borrowings |
|
|
$ 10,000
|
|
|
Loan forgiveness |
|
|
$ 10,000
|
|
|
Accrued interest |
|
$ 1,601
|
|
$ 10,343
|
|
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v3.23.4
Stockholders' Equity (Details) - $ / shares
|
1 Months Ended |
6 Months Ended |
12 Months Ended |
Jan. 29, 2023 |
Nov. 30, 2023 |
May 31, 2023 |
Equity [Abstract] |
|
|
|
Number of option outstanding, beginning |
|
5,375,000
|
5,300,000
|
Weighted average exercise price, beginning |
|
$ 0.09
|
$ 0.09
|
Weighted average remaining term, beginning |
|
|
10 years
|
Number of option outstanding, granted |
|
|
300,000
|
Weighted average exercise price, granted |
|
|
$ 0.20
|
Weighted average remaining term, granted |
|
|
9 years 8 months 4 days
|
Number of option outstanding, forfeited |
|
|
(225,000)
|
Weighted average exercise price, forfeited |
|
|
$ 0.20
|
Weighted average remaining term, forfeited |
|
|
9 years 8 months 4 days
|
Number of option outstanding, ending |
|
|
5,375,000
|
Weighted average exercise price, ending |
|
|
$ 0.09
|
Weighted average remaining term, ending |
|
|
8 years 11 months 1 day
|
Number of option unvested |
|
(1,987,500)
|
|
Unvested weighted average exercise price |
|
$ 0.09
|
|
Unvested weighted average remaining term |
|
8 years 5 months 1 day
|
|
Vested number of option |
75,000
|
3,387,500
|
|
Vested weighted average exercise price |
|
$ 0.09
|
|
Vested weighted average remaining term |
|
8 years 5 months 1 day
|
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v3.23.4
Stockholders’ Equity (Details Narrative) - USD ($)
|
1 Months Ended |
3 Months Ended |
6 Months Ended |
|
|
|
|
Apr. 30, 2023 |
Jan. 29, 2023 |
Nov. 30, 2023 |
Nov. 30, 2022 |
Nov. 30, 2023 |
Nov. 30, 2022 |
May 31, 2023 |
Nov. 01, 2022 |
May 31, 2022 |
May 10, 2022 |
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
Common stock, shares authorized |
|
|
450,000,000
|
|
450,000,000
|
|
450,000,000
|
|
|
|
Common stock, par or stated value per share |
|
|
$ 0.0001
|
|
$ 0.0001
|
|
$ 0.0001
|
|
|
|
Preferred stock, shares authorized |
|
|
300,000,000
|
|
300,000,000
|
|
300,000,000
|
|
|
|
Preferred stock, par or stated value per share |
|
|
$ 0.0001
|
|
$ 0.0001
|
|
$ 0.0001
|
|
|
|
Preferred stock, shares issued |
|
|
250,000,000
|
|
250,000,000
|
|
250,000,000
|
|
|
|
Preferred stock, shares outstanding |
|
|
250,000,000
|
|
250,000,000
|
|
250,000,000
|
|
|
|
Common stock, shares issued |
|
|
117,076,949
|
|
117,076,949
|
|
117,076,949
|
|
|
|
Common stock, shares outstanding |
|
|
117,076,949
|
|
117,076,949
|
|
117,076,949
|
|
|
|
Number of option issued |
|
|
|
|
|
|
|
300,000
|
|
5,300,000
|
Exercise price |
|
|
|
|
|
|
$ 0.09
|
$ 0.20
|
$ 0.09
|
$ 0.09
|
Shares vested |
|
75,000
|
|
|
3,387,500
|
|
|
|
|
|
Aggregate grant date fair value |
|
|
$ 477,000
|
|
$ 477,000
|
|
|
|
|
|
Stock-based compensation expense |
|
|
$ 51,108
|
$ 26,862
|
$ 102,215
|
$ 124,145
|
|
|
|
|
Shares forfeited |
225,000
|
|
|
|
|
|
|
|
|
|
Non-voting Series A Preferred Stock [Member] |
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
Shares issued during the period |
|
|
|
|
250,000,000
|
|
|
|
|
|
Shares issued value during the period |
|
|
|
|
$ 3,100,000
|
|
|
|
|
|
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v3.23.4
Commitments and Contingencies (Details) - USD ($)
|
Nov. 30, 2023 |
May 31, 2023 |
Assets |
|
|
Right of use assets |
$ 131,970
|
$ 131,970
|
Accumulated reduction |
(62,059)
|
(30,125)
|
Operating lease assets, net |
69,911
|
101,845
|
Liabilities |
|
|
Lease liability |
131,970
|
131,970
|
Accumulated reduction |
(60,596)
|
(29,394)
|
Total lease liability, net |
71,374
|
102,576
|
Current portion |
71,374
|
65,824
|
Non-current portion |
|
$ 36,752
|
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v3.23.4
Commitments and Contingencies (Details Narrative) - USD ($)
|
1 Months Ended |
3 Months Ended |
6 Months Ended |
|
Sep. 22, 2023 |
Nov. 30, 2023 |
Nov. 30, 2022 |
Nov. 30, 2023 |
May 31, 2023 |
Commitments and Contingencies Disclosure [Abstract] |
|
|
|
|
|
Monthly base rent |
|
|
|
$ 6,098
|
|
Rent description |
the Company entered into
a lease in Draper, Utah for a one-year term beginning October 1, 2023. The rent is $4,680 per month for the first year and will increase
by two percent the following year.
|
|
|
|
|
Initial right of use asset |
|
$ 131,970
|
|
131,970
|
|
Lease expense |
|
37,317
|
$ 23,559
|
|
|
Lease liability |
|
71,374
|
|
71,374
|
$ 102,576
|
Right of use asset |
|
$ 69,911
|
|
$ 69,911
|
$ 101,845
|
Discount rate |
|
12.00%
|
|
12.00%
|
|
Gain on settlement |
|
$ 79,182
|
|
|
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v3.23.4
Related Party Transactions (Details Narrative) - USD ($)
|
3 Months Ended |
6 Months Ended |
|
Nov. 30, 2023 |
Nov. 30, 2023 |
May 31, 2023 |
Related Party Transaction [Line Items] |
|
|
|
Compensation paid for services |
$ 33,803
|
$ 69,131
|
|
Intrepid [Member] |
|
|
|
Related Party Transaction [Line Items] |
|
|
|
Payable to related party |
107,860
|
107,860
|
$ 124,378
|
Jeff Brown [Member] | Chief Operating Officer [Member] |
|
|
|
Related Party Transaction [Line Items] |
|
|
|
Bonus payable |
25,000
|
25,000
|
|
Weston T. Harris [Member] |
|
|
|
Related Party Transaction [Line Items] |
|
|
|
Consulting fee |
$ 57,000
|
$ 115,500
|
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v3.23.4
Business Combination (Details) - USD ($)
|
Nov. 30, 2023 |
Jun. 16, 2022 |
Business Combination and Asset Acquisition [Abstract] |
|
|
Cash |
|
$ 1,066,414
|
Accounts receivable |
|
227,786
|
Inventory |
|
1,342,461
|
Prepaid expenses |
|
62,452
|
Other assets |
|
108,030
|
Accounts payable |
|
(285,665)
|
Contract liabilities |
|
(1,043,332)
|
Other current liabilities |
|
(79,826)
|
Net tangible assets acquired |
|
1,398,320
|
Identifiable intangible assets |
|
|
Licensing rights |
|
11,945
|
Customer relationships |
|
70,000
|
Tradenames |
|
275,000
|
Website |
|
100,000
|
Total Identifiable intangible assets |
|
456,945
|
Consideration paid |
|
4,007,480
|
Total net assets acquired |
|
1,855,265
|
Goodwill purchased |
$ 2,152,215
|
$ 2,152,215
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Business Combination (Details Narrative)
|
1 Months Ended |
Jun. 16, 2022
USD ($)
$ / shares
shares
|
Business Acquisition [Line Items] |
|
Shares consideration |
323,183,893
|
Acquisition Costs, Period Cost | $ |
$ 4,007,480
|
Acquisition price | $ / shares |
$ 0.0124
|
Common Stock [Member] |
|
Business Acquisition [Line Items] |
|
Shares consideration |
73,183,893
|
Preferred Stock [Member] |
|
Business Acquisition [Line Items] |
|
Shares consideration |
250,000,000
|
AXIL [Member] |
|
Business Acquisition [Line Items] |
|
Equity Method Investment, Ownership Percentage |
4.68%
|
Jeff Toghraie [Member] |
|
Business Acquisition [Line Items] |
|
Equity Method Investment, Ownership Percentage |
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|
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v3.23.4
Concentrations (Details Narrative) - USD ($)
|
3 Months Ended |
6 Months Ended |
12 Months Ended |
Nov. 30, 2023 |
Nov. 30, 2022 |
Nov. 30, 2023 |
Nov. 30, 2022 |
May 31, 2023 |
Concentration Risk [Line Items] |
|
|
|
|
|
Cash, FDIC Insured Amount |
$ 250,000
|
|
$ 250,000
|
|
|
Cash, Uninsured Amount |
$ 5,161,624
|
|
$ 5,161,624
|
|
$ 4,582,682
|
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | One Customer [Member] |
|
|
|
|
|
Concentration Risk [Line Items] |
|
|
|
|
|
Concentration risk, percentage |
13.00%
|
|
|
|
|
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Customer One [Member] |
|
|
|
|
|
Concentration Risk [Line Items] |
|
|
|
|
|
Concentration risk, percentage |
|
65.00%
|
13.00%
|
68.00%
|
|
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Customer Two [Member] |
|
|
|
|
|
Concentration Risk [Line Items] |
|
|
|
|
|
Concentration risk, percentage |
|
31.00%
|
11.00%
|
28.00%
|
|
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Two Customer [Member] |
|
|
|
|
|
Concentration Risk [Line Items] |
|
|
|
|
|
Concentration risk, percentage |
|
|
24.00%
|
|
|
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | AXIL [Member] |
|
|
|
|
|
Concentration Risk [Line Items] |
|
|
|
|
|
Concentration risk, percentage |
90.60%
|
96.10%
|
93.30%
|
95.70%
|
|
Revenue Benchmark [Member] | Geographic Concentration Risk [Member] | CANADA |
|
|
|
|
|
Concentration Risk [Line Items] |
|
|
|
|
|
Concentration risk, percentage |
32.00%
|
16.00%
|
31.00%
|
19.00%
|
|
Revenue Benchmark [Member] | Geographic Concentration Risk [Member] | UNITED STATES |
|
|
|
|
|
Concentration Risk [Line Items] |
|
|
|
|
|
Concentration risk, percentage |
|
|
|
23.00%
|
|
Revenue Benchmark [Member] | Geographic Concentration Risk [Member] | ITALY |
|
|
|
|
|
Concentration Risk [Line Items] |
|
|
|
|
|
Concentration risk, percentage |
|
|
|
4.00%
|
|
Revenue Benchmark [Member] | Geographic Concentration Risk [Member] | AXIL [Member] | CANADA |
|
|
|
|
|
Concentration Risk [Line Items] |
|
|
|
|
|
Concentration risk, percentage |
|
3.50%
|
4.20%
|
3.70%
|
|
Revenue Benchmark [Member] | Geographic Concentration Risk [Member] | AXIL [Member] | Outside the United States [Member] |
|
|
|
|
|
Concentration Risk [Line Items] |
|
|
|
|
|
Concentration risk, percentage |
5.80%
|
4.40%
|
5.10%
|
4.40%
|
|
Revenue Benchmark [Member] | Product Concentration Risk [Member] | Hair Shampoo [Member] |
|
|
|
|
|
Concentration Risk [Line Items] |
|
|
|
|
|
Concentration risk, percentage |
18.00%
|
10.00%
|
17.00%
|
13.00%
|
|
Revenue Benchmark [Member] | Product Concentration Risk [Member] | Hair Conditioner [Member] |
|
|
|
|
|
Concentration Risk [Line Items] |
|
|
|
|
|
Concentration risk, percentage |
13.00%
|
13.00%
|
22.00%
|
17.00%
|
|
Revenue Benchmark [Member] | Product Concentration Risk [Member] | Shampoo and conditioner bundles [Member] |
|
|
|
|
|
Concentration Risk [Line Items] |
|
|
|
|
|
Concentration risk, percentage |
11.00%
|
|
|
|
|
Revenue Benchmark [Member] | Product Concentration Risk [Member] | Bundled Kits [Member] |
|
|
|
|
|
Concentration Risk [Line Items] |
|
|
|
|
|
Concentration risk, percentage |
35.00%
|
61.00%
|
32.00%
|
54.00%
|
|
Revenue Benchmark [Member] | Product Concentration Risk [Member] | Hair treatment product [Member] |
|
|
|
|
|
Concentration Risk [Line Items] |
|
|
|
|
|
Concentration risk, percentage |
23.00%
|
|
20.00%
|
|
|
Revenue Benchmark [Member] | Product Concentration Risk [Member] | Ghost Stryke [Member] |
|
|
|
|
|
Concentration Risk [Line Items] |
|
|
|
|
|
Concentration risk, percentage |
|
|
55.00%
|
91.30%
|
|
Revenue Benchmark [Member] | Product Concentration Risk [Member] | AXIL [Member] | Ear Buds [Member] |
|
|
|
|
|
Concentration Risk [Line Items] |
|
|
|
|
|
Concentration risk, percentage |
54.30%
|
10.00%
|
55.00%
|
10.00%
|
|
Revenue Benchmark [Member] | Product Concentration Risk [Member] | AXIL [Member] | Ghost Stryke [Member] |
|
|
|
|
|
Concentration Risk [Line Items] |
|
|
|
|
|
Concentration risk, percentage |
14.40%
|
91.30%
|
13.10%
|
91.10%
|
|
Revenue Benchmark [Member] | Product Concentration Risk [Member] | AXIL [Member] | Trackr Headmuff [Member] |
|
|
|
|
|
Concentration Risk [Line Items] |
|
|
|
|
|
Concentration risk, percentage |
30.20%
|
|
30.90%
|
|
|
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer One [Member] |
|
|
|
|
|
Concentration Risk [Line Items] |
|
|
|
|
|
Concentration risk, percentage |
|
|
|
|
10.00%
|
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer [Member] |
|
|
|
|
|
Concentration Risk [Line Items] |
|
|
|
|
|
Concentration risk, percentage |
|
|
10.00%
|
|
|
Accounts Receivable [Member] | Customer Concentration Risk [Member] | First Separate Customers [Member] |
|
|
|
|
|
Concentration Risk [Line Items] |
|
|
|
|
|
Concentration risk, percentage |
|
|
30.00%
|
|
|
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Second Separate Customers [Member] |
|
|
|
|
|
Concentration Risk [Line Items] |
|
|
|
|
|
Concentration risk, percentage |
|
|
29.00%
|
|
|
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Third Separate Customers [Member] |
|
|
|
|
|
Concentration Risk [Line Items] |
|
|
|
|
|
Concentration risk, percentage |
|
|
10.00%
|
|
|
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Fourth Separate Customers [Member] |
|
|
|
|
|
Concentration Risk [Line Items] |
|
|
|
|
|
Concentration risk, percentage |
|
|
10.00%
|
|
|
Purchases [Member] | Product Concentration Risk [Member] |
|
|
|
|
|
Concentration Risk [Line Items] |
|
|
|
|
|
Purchased inventories and products |
$ 220,000
|
$ 89,775
|
$ 303,000
|
$ 216,904
|
$ 297,833
|
Purchases [Member] | Product Concentration Risk [Member] | Vendors [Member] |
|
|
|
|
|
Concentration Risk [Line Items] |
|
|
|
|
|
Concentration risk, percentage |
|
|
|
|
95.00%
|
Purchases [Member] | Product Concentration Risk [Member] | Vendors One [Member] |
|
|
|
|
|
Concentration Risk [Line Items] |
|
|
|
|
|
Concentration risk, percentage |
|
|
|
|
61.00%
|
Purchases [Member] | Product Concentration Risk [Member] | Vendors Two [Member] |
|
|
|
|
|
Concentration Risk [Line Items] |
|
|
|
|
|
Concentration risk, percentage |
|
|
|
|
12.00%
|
Purchases [Member] | Product Concentration Risk [Member] | Vendors Three [Member] |
|
|
|
|
|
Concentration Risk [Line Items] |
|
|
|
|
|
Concentration risk, percentage |
|
|
|
|
22.00%
|
Purchases [Member] | Product Concentration Risk [Member] | Vendor [Member] |
|
|
|
|
|
Concentration Risk [Line Items] |
|
|
|
|
|
Concentration risk, percentage |
89.40%
|
|
91.80%
|
|
82.00%
|
Purchases [Member] | Product Concentration Risk [Member] | Two Vendor [Member] |
|
|
|
|
|
Concentration Risk [Line Items] |
|
|
|
|
|
Concentration risk, percentage |
|
|
|
|
10.00%
|
X |
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v3.23.4
Business Segment and Geographic Area Information (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
Nov. 30, 2023 |
Nov. 30, 2022 |
Nov. 30, 2023 |
Nov. 30, 2022 |
Segment Reporting Information [Line Items] |
|
|
|
|
Total net sales |
$ 8,421,677
|
$ 6,731,999
|
$ 14,527,946
|
$ 10,969,357
|
Total segment gross profit |
6,257,939
|
5,039,034
|
10,905,505
|
8,321,688
|
Selling and Marketing |
3,672,780
|
3,098,898
|
6,879,621
|
5,076,874
|
General and Administrative |
1,321,247
|
955,141
|
2,588,215
|
2,060,418
|
Consolidated operating income (loss) |
1,263,912
|
984,995
|
1,437,669
|
1,184,396
|
Consolidated total assets |
13,126,009
|
10,056,620
|
13,126,009
|
10,056,620
|
Consolidated total payments for property and equipment |
19,885
|
54,400
|
70,845
|
54,400
|
Consolidated total depreciation and amortization |
27,785
|
23,346
|
56,022
|
43,015
|
Hair care and skin care [Member] |
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Total net sales |
230,741
|
418,734
|
545,594
|
903,970
|
Total segment gross profit |
172,583
|
316,325
|
394,107
|
640,431
|
Consolidated total assets |
5,439,289
|
1,018,083
|
5,439,289
|
1,018,083
|
Consolidated total payments for property and equipment |
|
|
|
|
Consolidated total depreciation and amortization |
1,417
|
1,418
|
2,835
|
2,841
|
Hearing enhancement and protection [Member] |
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Total net sales |
8,190,936
|
6,313,265
|
13,982,352
|
10,065,387
|
Total segment gross profit |
6,085,356
|
4,722,709
|
10,511,398
|
7,681,257
|
Consolidated total assets |
7,686,720
|
9,038,537
|
7,686,720
|
9,038,537
|
Consolidated total payments for property and equipment |
19,885
|
54,400
|
70,845
|
54,400
|
Consolidated total depreciation and amortization |
$ 26,368
|
$ 21,928
|
$ 53,187
|
$ 40,174
|
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v3.23.4
Subsequent Events (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
Nov. 30, 2023 |
Nov. 30, 2022 |
Nov. 30, 2023 |
Nov. 30, 2022 |
Net income |
$ 1,018,075
|
$ 726,900
|
$ 1,172,527
|
$ 902,427
|
Weighted average basic shares |
117,076,949
|
115,226,893
|
117,076,949
|
108,779,476
|
Dilutive securities: |
|
|
|
|
Weighted average dilutive shares |
372,451,949
|
368,993,486
|
372,451,949
|
341,429,203
|
Earnings per share: |
|
|
|
|
Basic |
$ 0.01
|
$ 0.01
|
$ 0.01
|
$ 0.01
|
Diluted |
$ 0.00
|
$ 0.00
|
$ 0.00
|
$ 0.00
|
Pre Split [Member] |
|
|
|
|
Net income |
$ 1,018,075
|
$ 726,900
|
$ 1,172,527
|
$ 902,427
|
Weighted average basic shares |
117,076,949
|
115,226,893
|
117,076,949
|
108,779,476
|
Dilutive securities: |
|
|
|
|
Convertible preferred stock |
$ 250,000,000
|
$ 250,000,000
|
$ 250,000,000
|
$ 228,142,077
|
Stock options |
$ 5,375,000
|
$ 3,706,593
|
$ 5,375,000
|
$ 4,507,650
|
Weighted average dilutive shares |
372,451,949
|
368,933,486
|
372,451,949
|
341,429,203
|
Earnings per share: |
|
|
|
|
Basic |
$ 0.01
|
$ 0.01
|
$ 0.01
|
$ 0.01
|
Diluted |
$ 0.00
|
$ 0.00
|
$ 0.00
|
$ 0.00
|
PostStockSplit 1:3 [Member] |
|
|
|
|
Net income |
$ 1,018,075
|
$ 726,900
|
$ 1,172,527
|
$ 902,427
|
Weighted average basic shares |
39,025,650
|
38,408,964
|
39,025,650
|
36,259,825
|
Dilutive securities: |
|
|
|
|
Convertible preferred stock |
$ 83,333,333
|
$ 83,333,333
|
$ 83,333,333
|
$ 76,047,359
|
Stock options |
$ 1,791,667
|
$ 1,235,531
|
$ 1,791,667
|
$ 1,502,550
|
Weighted average dilutive shares |
124,150,650
|
122,977,829
|
124,150,650
|
113,809,734
|
Earnings per share: |
|
|
|
|
Basic |
$ 0.03
|
$ 0.02
|
$ 0.03
|
$ 0.02
|
Diluted |
$ 0.01
|
$ 0.01
|
$ 0.01
|
$ 0.01
|
PostStockSplit 1:20 [Member] |
|
|
|
|
Net income |
$ 1,018,075
|
$ 726,900
|
$ 1,172,527
|
$ 902,427
|
Weighted average basic shares |
5,853,847
|
5,761,345
|
5,853,847
|
5,438,974
|
Dilutive securities: |
|
|
|
|
Convertible preferred stock |
$ 12,500,000
|
$ 12,500,000
|
$ 12,500,000
|
$ 11,407,104
|
Stock options |
$ 268,750
|
$ 185,330
|
$ 268,750
|
$ 225,383
|
Weighted average dilutive shares |
18,622,597
|
18,446,674
|
18,622,597
|
17,071,460
|
Earnings per share: |
|
|
|
|
Basic |
$ 0.17
|
$ 0.13
|
$ 0.20
|
$ 0.17
|
Diluted |
$ 0.05
|
$ 0.04
|
$ 0.06
|
$ 0.05
|
PostStockSplit 1:25 [Member] |
|
|
|
|
Net income |
$ 1,018,075
|
$ 726,900
|
$ 1,172,527
|
$ 902,427
|
Weighted average basic shares |
4,683,078
|
4,609,076
|
4,683,078
|
4,351,179
|
Dilutive securities: |
|
|
|
|
Convertible preferred stock |
$ 10,000,000
|
$ 10,000,000
|
$ 10,000,000
|
$ 9,125,683
|
Stock options |
$ 215,000
|
$ 148,264
|
$ 215,000
|
$ 180,306
|
Weighted average dilutive shares |
14,898,078
|
14,757,339
|
14,898,078
|
13,657,168
|
Earnings per share: |
|
|
|
|
Basic |
$ 0.22
|
$ 0.16
|
$ 0.25
|
$ 0.21
|
Diluted |
$ 0.07
|
$ 0.05
|
$ 0.08
|
$ 0.07
|
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