0001599916-20-000042.txt : 20200316 0001599916-20-000042.hdr.sgml : 20200316 20200316141927 ACCESSION NUMBER: 0001599916-20-000042 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 28 CONFORMED PERIOD OF REPORT: 20200131 FILED AS OF DATE: 20200316 DATE AS OF CHANGE: 20200316 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Kaival Brands Innovations Group, Inc. CENTRAL INDEX KEY: 0001762239 STANDARD INDUSTRIAL CLASSIFICATION: BLANK CHECKS [6770] IRS NUMBER: 833492907 FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-56016 FILM NUMBER: 20716603 BUSINESS ADDRESS: STREET 1: 401 N. WICKHAM ROAD, SUITE 130 CITY: MELBOURNE STATE: FL ZIP: 32935 BUSINESS PHONE: (833) 452-4825 MAIL ADDRESS: STREET 1: 401 N. WICKHAM ROAD, SUITE 130 CITY: MELBOURNE STATE: FL ZIP: 32935 FORMER COMPANY: FORMER CONFORMED NAME: Quick Start Holdings, Inc. DATE OF NAME CHANGE: 20181218 10-Q 1 kavl_jan2010q.htm 10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended January 31, 2020

☐ 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 000-56016

KAIVAL BRANDS INNOVATIONS GROUP, INC.

------------------------------------------------------------------------

(Exact name of registrant as specified in its charter)

DELAWARE		83-3492907
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

4460 Old Dixie Highway

Grant, Florida 32949

-----------------------------------------------------------

(Address of principal executive offices, including zip code)

(833) 452-4825

---------------------------------------------

(Registrant’s telephone number, including area code)

N/A

----------------------------------------------------------------------------------------------------

(Former name, former address, and former fiscal year, if changed since last report)

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	None	None

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 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 ☐

APPLICABLE ONLY TO CORPORATE ISSUERS:

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:

572,364,574 shares of common stock, $0.001 par value, outstanding as of March 16, 2020.

KAIVAL BRANDS INNOVATIONS GROUP, INC.

FORM 10-Q

TABLE OF CONTENTS

Item		Page

Cautionary Note Concerning Forward-Looking Statements		3

PART I	Financial Information	4

Item 1.	Financial Statements	4
	Unaudited Balance Sheets	4
	Unaudited Statements of Operations	5
	Unaudited Statements of Cash Flows	6
	Unaudited Statements of Changes in Stockholders’ Deficit	7
	Notes to Unaudited Financial Statements	8
Item 2	Management’s Discussion and Analysis of Financial Condition and Results of Operations Corporate History	11
	Commencement of Business Operations	13
	Liquidity and Capital Resources	14
	Results of Operations	14
	Off-Balance Sheet Arrangements	14
	Emerging Growth Company	15
Item 3	Quantitative and Qualitative Disclosures about Market Risk	15
Item 4	Controls and Procedures	15

PART II	Other Information	16

Item 1.	Legal Proceedings	16
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	16
Item 3	Defaults Upon Senior Securities	16
Item 4	Mine Safety Disclosures	16
Item 5	Other Information	16
Item 6	Exhibits	17

Signatures		18

CAUTIONARY NOTE CONCERNING FORWARD-LOOKING STATEMENTS

Certain statements and information in this Quarterly Report on Form 10-Q for the quarter ended January 31, 2020 (the “Quarterly Report”) may constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, which address activities, events, or developments that we expect or anticipate will or may occur in the future, including such things as future capital expenditures, commencement of business operations, business strategy, and other similar matters are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” or “continue,” or other comparable terminology. These forward-looking statements are based largely on our current expectations and assumptions and are subject to a number of risks and uncertainties, many of which are beyond our control. These statements are subject to many risks, uncertainties, and other important factors that could cause actual future results to differ materially from those expressed in the forward-looking statements. In light of these risks and uncertainties, all of the forward-looking statements made herein are qualified by these cautionary statements and there can be no assurance that the actual results or developments anticipated by us will be realized. We undertake no obligation to update or revise any of the forward-looking statements contained herein.

PART I Financial Information

Item 1 Financial Statement

Kaival Brands Innovations Group, Inc.
Balance Sheets （Unaudited）

	January 31, 2020		October 31, 2019

ASSETS
CURRENT ASSETS:
Cash	$	285	$	-

Total Current Assets		285		-

TOTAL ASSETS	$	285	$	-

LIABILITIES AND STOCKHOLDERS’ DEFICIT
CURRENT LIABILITIES:
Accrued expenses	$	31,647	$	44,886
Total Current Liabilities		31,647		44,886

TOTAL LIABILITIES	$	31,647	$	44,886

STOCKHOLDERS' DEFICIT:

Preferred stock ($.001 par value, 5,000,000 shares authorized, none issued and outstanding as of January 31, 2020 and October 31, 2019)		—		—

Common stock ($.001 par value, 1,000,000,000 shares authorized, 572,364,574 issued and outstanding as of January 31, 2020 and October 31, 2019)		572,365		572,365

Additional paid-in capital		(517,569)		(544,026)

Accumulated deficit		(86,158)		(73,225)
Total Stockholders' Deficit		(31,362)		(44,886)
TOTAL LIABILITIES & STOCKHOLDERS’ DEFICIT	$	285	$	—

The accompanying notes are an integral part of these unaudited financial statements.

Kaival Brands Innovations Group, Inc.

Statements of Operations

(Unaudited)

		For the Three Months Ended January 31, 2020		For the Three Months Ended January 31, 2019

Operating expenses
General and administrative	$	12,933	$	13,960
Total operating expenses		12,933		13,960

Net loss	$	(12,933)	$	(13,960)

Basic and diluted loss per share	$	(0.00)	$	(0.00)

Weighted average number of common shares outstanding – Basic and Diluted		572,364,574		572,364,574

The accompanying notes are an integral part of these unaudited financial statements.

Kaival Brands Innovations Group, Inc.

Statements of Cash Flows

(Unaudited)

		For the Three Months Ended January 31, 2020		For the Three Months Ended January 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$	(12,933)	$	(13,960)
Adjustment to reconcile net loss to net cash provided by operating activities:
Expenses contributed to capital		26,457		7,210
Changes in current assets and liabilities:
Accrued expenses		(13,239)		6,750
Net cash provided by operating activities		285		-

Net change in cash	$	285	$	-
Beginning cash balance		-		-
Ending cash balance	$	285	$	-

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:

Interest paid	$	-	$	-
Income taxes paid	$	-	$	-

The accompanying notes are an integral part of these unaudited financial statements.

Kaival Brands Innovations Group, Inc.

Statement of Changes in Stockholders’ Deficit

For the Three Months Ended January 31, 2020

(Unaudited)


	Preferred Shares (Series A)	Preferred Shares (Series B)		Par Value Preferred Shares (Series A)		Par Value Preferred Shares (Series B)	Common Shares		Par Value Common Shares		Additional Paid-in Capital		Accumulated Deficit		Total

Balances, October 31, 2019	-	-	$	-	$	-	572,364,574	$	572,365	$	(544,026)	$	(73,225)	$	(44,886)
Expenses paid on behalf of the Company and contributed to capital	-	-		-		-	-		-		26,457		-		26,457
Net loss	-	-		-		-	-		-		-		(12,933)		(12,933)
Balances, January 31, 2020	-	-	$	-	$	-	572,364,574	$	572,365	$	(517,569)	$	(86,158)	$	(31,362)

Kaival Brands Innovations Group, Inc.

Statement of Changes in Stockholders’ Deficit

For the Three Months Ended January 31, 2019

(Unaudited)


	Preferred Shares (Series A)	Preferred Shares (Series B)		Par Value Preferred Shares (Series A)		Par Value Preferred Shares (Series B)	Common Shares		Par Value Common Shares		Additional Paid-in Capital		Accumulated Deficit		Total

Balances, October 31, 2018	-	-	$	-	$	-	572,364,574	$	572,365	$	(570,989)	$	(4,376)	$	(3,000)

Expenses paid on behalf of the Company and contributed to capital	-	-		-		-	-		-		7,210		-		7,210
Net loss	-	-		-		-	-		-		-		(13,960)		(13,960)
Balances, January 31, 2019	-	-	$	-	$	-	572,364,574	$	572,365	$	(563,779)	$	(18,336)	$	(9,750)

The accompanying notes are an integral part of these unaudited financial statements.

KAIVAL BRANDS INNOVATIONS GROUP, INC.

Notes to Unaudited Financial Statements

Note 1 – Organization, Description of Business and Basis of Presentation

Kaival Brands Innovations Group, Inc. (the “Company,” the “Registrant,” “we,” “us,” or “our”), formerly known as Quick Start Holdings, Inc., was incorporated on September 4, 2018 in the State of Delaware.

USSE Corp. and USSE Delaware Merger

USSE Corp., a Nevada Corporation (“USSE Nevada”), formerly known as Quick Start Holdings, Inc., was incorporated with the Nevada Secretary of State on July 8, 1998 under the original name C&A Restaurants, Inc. (“C&A Restaurants”). On June 15, 2009, C&A Restaurants changed its name to USSE Corp.

Effective September 19, 2018, USSE Nevada re-domiciled from Nevada to Delaware pursuant to a merger of USSE Nevada with and into USSE Delaware, Inc., a Delaware corporation (“USSE Delaware”), with USSE Delaware as the surviving entity (the “Re-domestication Merger”). Each share of USSE Nevada’s common stock issued and outstanding immediately prior to the effective date of the Re-domestication Merger was automatically converted into one fully paid and nonassessable share of USSE Delaware.

Immediately following the Re-domestication Merger, USSE Delaware was authorized to issue up to 1,005,000,000 shares, which consisted of: (i) 1,000,000,000 shares of common stock, par value $0.001 per share, of which 66,397,574 shares were issued and outstanding at such date; (ii) 5,000,000 shares of preferred stock, par value $0.001 per share, of which (a) 1,000,000 shares were designated as Convertible Series A, all of which were issued and outstanding at that date; and (b) 500,000 shares were designated as Convertible Series B, of which 71,700 Convertible Series B preferred shares were issued and outstanding at that date.

Holding Company Reorganization

On September 4, 2018, USSE Delaware acquired 1,000 shares of common stock of the Company, which represented 100% of the Company’s then-outstanding shares of common stock, for no consideration, resulting in the Company becoming a wholly-owned subsidiary of USSE Delaware. Also, immediately prior to the Holding Company Reorganization (as defined below), USSE Merger Sub, Inc., a Delaware corporation (“USSE Merger Sub”), was the Company’s wholly-owned subsidiary.

On September 19, 2018 (the “Effective Time”), and in accordance with the provisions set forth in Section 251(g) of the Delaware General Corporation Law (“DGCL”), USSE Merger Sub, an indirect wholly-owned subsidiary of USSE Delaware and the Company’s direct wholly-owned subsidiary merged with and into USSE Delaware, the Company’s then parent (the “Holding Company Reorganization”). USSE Delaware was the surviving corporation and the Company’s wholly-owned subsidiary. USSE Delaware also changed its name to USSE Corp. following the Holding Company Reorganization.

Upon completion of the Holding Company Reorganization, by virtue of the merger, and without any action on the part of the holder thereof, each share of USSE Delaware’s common stock issued and outstanding immediately prior to the Effective Time of the Holding Company Reorganization was automatically converted into one validly issued, fully paid, and non-assessable share of the Company’s common stock. Additionally, each share of USSE Delaware’s preferred stock issued and outstanding immediately prior to the Effective Time was converted into one validly issued, fully paid, and non-assessable share of the Company’s preferred stock, having the same designations, rights, powers, and preferences, and the qualifications, limitations, and restrictions thereof, as the corresponding share of USSE Delaware’s preferred stock. Each share of the Company’s common stock issued and outstanding and held by USSE Delaware immediately prior to the Effective Time was cancelled.

This resulted in the Company being authorized to issue up to 1,005,000,000 shares, which consisted of: (i) 1,000,000,000 shares of common stock, par value $0.001 per share, of which 66,397,574 shares were issued and outstanding; (ii) 5,000,000 shares of preferred stock, par value $0.001 per share, of which (a) 1,000,000 shares were designated as Convertible Series A, all of which were issued and outstanding; and (b) 500,000 shares were designated as Convertible Series B, of which 71,700 shares of Convertible Series B preferred stock were issued and outstanding.

Post-Holding Company Reorganization

On October 19, 2018, the Company issued 500,000,000 shares of restricted common stock and 400,000 shares of Convertible Series B Preferred Stock to GMRZ Holdings LLC, a Nevada limited liability company (“GRMZ”), for services rendered to the Company.

Commensurate with the filing of the Company’s Amended and Restated Certificate of Incorporation with the Delaware Secretary of State on October 22, 2018, every issued and outstanding share of Convertible Series A preferred stock was converted into 1.25 shares of common stock with shareholders’ economic rights preserved. Additionally, at the same time, every share of Convertible Series B preferred stock, issued and outstanding was converted into ten shares of common stock with stockholders’ economic rights adversely affected in the conversion. Immediately following the conversion of the aforementioned shares, and upon filing of the Amended and Restated Certificate of Incorporation, the authorized and unissued shares of Convertible Series A and Convertible Series B preferred stock were cancelled. As of October 22, 2018, Convertible Series A and Series B preferred stock were removed from the status of authorized but unissued preferred stock.

On February 6, 2019, the Company entered into a non-binding Share Purchase Agreement (the “Agreement”), by and among the Company, GMRZ, and Kaival Holdings, LLC (formerly known as Kaival Brands Innovations Group, LLC), a Delaware limited liability company (formerly known as Kaival Brands Innovations Group, LLC) (“KH”), pursuant to which, on February 20, 2019, GMRZ sold 504,000,000 shares of the Company’s restricted common stock, representing approximately 88.06 percent of the Company’s issued and outstanding shares of common stock, to KH, and KH paid GMRZ consideration in the amount set forth in the Agreement (the “Purchase Price”). The consummation of the transactions contemplated by the Agreement resulted in a change in control of the Company, with KH becoming the Company’s largest controlling stockholder. The sole members of KH are Nirajkumar Patel and Eric Mosser. The Purchase Price was paid with personal funds of the members of KH.

Effective July 12, 2019, we changed our corporate name from Quick Start Holdings, Inc. to Kaival Brands Innovations Group, Inc. The name change was effected through a parent/subsidiary short-form merger of Kaival Brands Innovations Group, Inc., our wholly-owned Delaware subsidiary formed solely for the purpose of the name change, with and into us. We were the surviving entity.

On the effective date of the merger, our name was changed to “Kaival Brands Innovations Group, Inc.” and our Amended and Restated Certificate of Incorporation, as amended (the “Charter”), was further amended to reflect our new legal name. There were no other changes to our Charter.

Currently, we have 572,364,574 shares of common stock issued and outstanding and no shares of preferred stock issued and outstanding. KH, which is owned and controlled by Nirajkumar Patel and Eric Mosser, is our controlling stockholder, owning 504,000,000 shares of our restricted common stock.

As of January 31, 2020, the Company had not yet commenced any business operations.

Basis of Presentation

The accompanying unaudited interim financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission and should be read in conjunction with the audited financial statements and notes thereto for the year ended October 31, 2019 on Form 10-K filed with the Securities and Exchange Commission. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the interim period presented have been reflected herein. The results of operations for the interim period are not necessarily indicative of the results to be expected for the full year. Notes to the financial statements, which would substantially duplicate the disclosures contained in the audited financial statements for the year ended October 31, 2019, as reported in the Annual Report on Form 10-K filed with the Securities and Exchange Commission on January 27, 2020, have been omitted.

Note 2 – Going Concern

The Company’s financial statements are prepared in accordance with generally accepted accounting principles applicable to a going concern that contemplates the realization of assets and liquidation of liabilities in the normal course of business.

The Company demonstrates adverse conditions that raise substantial doubt about the Company's ability to continue as a going concern for one year following the issuance of these financial statements. These adverse conditions are negative financial trends, specifically operating loss, working capital deficiency, and other adverse key financial ratios.

The Company has not established any source of revenue to cover its operating costs. Management plans to fund operating expenses with related party contributions to capital. There is no assurance that management's plan will be successful. The financial statements do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts and classification of liabilities that might be necessary in the event that the Company cannot continue as a going concern.

Note 3 – Stockholder Equity

Additional Paid-In Capital

The Company’s Chief Executive Officer, Mr. Nirajkumar Patel, paid expenses on behalf of the Company totaling $16,257 during the three months ended January 31, 2020, which is considered a contribution to the Company with no expectation of repayment and is recorded as additional paid-in capital.

The Company’s Chief Operating Officer, Mr. Eric Mosser, paid expenses on behalf of the Company totaling $10,200 during the three months ended January 31, 2020, which is considered a contribution to the Company with no expectation of repayment and is recorded as additional paid-in capital.

Note 4 – Related-Party Transactions

Contributed Capital

During the three months ended January 31, 2020, the Company’s Chief Executive Officer and Chief Operating Officer provided contributed capital of $16,257 and $10,200, respectively, to the Company. (See Note 3, Additional Paid-in Capital, to these unaudited financial statements for additional information).

Office Space

We utilize the home office space and equipment of our management at no cost.

Note 5 – Subsequent Events

On March 9, 2020, the Company entered into an exclusive distribution agreement (the “Distribution Agreement”) with Bidi Vapor, LLC (“Bidi”), a related party company, whereby Bidi granted the Company an exclusive worldwide right to distribute electronic nicotine delivery systems and related components for sale and resale to both retail level customers and non-retail level customers.

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

Management’s Discussion and Analysis of Financial Condition and Results of Operations is designed to provide a reader of the financial statements with a narrative report on our financial condition, results of operations, and liquidity. This discussion and analysis should be read in conjunction with the unaudited Financial Statements and notes thereto for the three months ended January 31, 2020 included under Item 1 – Financial Statements in this Quarterly Report and our audited Financial Statements and notes thereto for the year ended October 31, 2019 contained in our Annual Report on Form 10-K. The following discussion contains forward-looking statements that involve risks and uncertainties, such as statements of our plans, objectives, expectations, and intentions. Our actual results could differ materially from those discussed in the forward-looking statements. Please also see the cautionary language at the beginning of this Quarterly Report regarding forward-looking statements.

Corporate History

We were incorporated on September 4, 2018 in the State of Delaware.

USSE Corp. and USSE Delaware Merger

USSE Nevada was incorporated with the Nevada Secretary of State on July 8, 1998 under the original name C&A Restaurants. On June 15, 2009, C&A Restaurants changed its name to USSE Corp.

Effective September 19, 2018, USSE Nevada re-domiciled from Nevada to Delaware pursuant to a merger of USSE Nevada with and into USSE Delaware, with USSE Delaware as the surviving entity.

Holding Company Reorganization

On September 4, 2018, USSE Delaware acquired 1,000 shares of common stock of the Company, which represented 100% of the Company’s then-outstanding shares of common stock, for no consideration, resulting in the Company becoming a wholly-owned subsidiary of USSE Delaware. Also, immediately prior to the Holding Company Reorganization, USSE Merger Sub was the Company’s wholly-owned subsidiary.

At the Effective Time, and in accordance with the provisions set forth in Section 251(g) of the DGCL, USSE Merger Sub, an indirect wholly-owned subsidiary of USSE Delaware and the Company’s direct wholly-owned subsidiary, merged with and into USSE Delaware, the Company’s then parent. USSE Delaware was the surviving corporation and the Company’s wholly-owned subsidiary. USSE Delaware also changed its name to USSE Corp. following the Holding Company Reorganization

This resulted in the Company being authorized to issue up to 1,005,000,000 shares, which consisted of: (i) 1,000,000,000 shares of common stock, par value $0.001 per share of which 66,397,574 shares were issued and outstanding; (ii) 5,000,000 shares of preferred stock, par value $0.001 per share, of which (a) 1,000,000 shares were designated as Convertible Series A, all of which were issued and outstanding; and (b) 500,000 shares were designated as Convertible Series B, of which 71,700 shares of Convertible Series B preferred stock were issued and outstanding.

Post-Holding Company Reorganization

On October 19, 2018, the Company issued 500,000,000 shares of restricted common stock and 400,000 shares of Convertible Series B Preferred Stock to GMRZ for services rendered to the Company.

On February 6, 2019, the Company entered into the Agreement, by and among the Company, GMRZ, and KH, pursuant to which, on February 20, 2019, GMRZ sold 504,000,000 shares of the Company’s restricted common stock, representing approximately 88.06 percent of the Company’s issued and outstanding shares of common stock, to KH, and KH paid GMRZ the Purchase Price. The consummation of the transactions contemplated by the Agreement resulted in a change in control of the Company, with KH becoming the Company’s largest controlling stockholder. The sole members of KH are Nirajkumar Patel and Eric Mosser. The Purchase Price was paid with personal funds of the members of KH.

Effective July 12, 2019, the Company changed its corporate name from Quick Start Holdings, Inc. to Kaival Brands Innovations Group, Inc. The name change was effected through a parent/subsidiary short-form merger of Kaival Brands Innovations Group, Inc., the Company's wholly-owned Delaware subsidiary formed solely for the purpose of the name change, with and into the Company. The Company were the surviving entity.

On the effective date of the merger, the Company's name was changed to "Kaival Brands Innovations Group, Inc." and the Charter, was further amended to reflect the Company's new legal name. There were no other changes to its Charter.

Commencement of Business Operations

On March 9, 2020, we entered into the Distribution Agreement with Bidi, whereby Bidi granted us an exclusive worldwide right to distribute electronic nicotine delivery systems and related components (all such products whether now or hereafter made available for sale by Bidi are referred to as the “Products”) for sale and resale to both retail level customers (“Retail Customers”) and non-retail level customers (“Non-Retail Customers”). Bidi’s primary product is the “Bidi Stick.”

Bidi is considered a related party to us because our Chief Executive Officer, Chief Financial Officer, and director, Mr. Nirajkumar Patel, owns and controls Bidi. Mr. Patel is also a beneficial owner of KH, the entity that is our largest controlling stockholder. Thus, Bidi and we are under common control.

Pursuant to the terms of the Agreement, Bidi is responsible for providing us with all branding, logos, and marketing materials to be utilized by us in connection with our marketing and promotion of the Products. Initially, we intend to begin marketing activities through our own efforts; however, the exact marketing methods we intend to utilize have not been determined with any level of specificity at this point in time. In addition to commencing internal marketing efforts, it is our intention to outsource the majority of our marketing activities to a marketing firm. We have not identified the marketing firm(s) we may engage, nor have we determined exactly when we will engage any such marketing firm. Given our historical lack of revenue, and the implementation of our new business plan, additional financing will be required in order to fulfill our objectives and all such plans relating to our marketing activities remain in development.

We will process all sales made to Retail Customers and Non-Retail Customers, with all sales to Retail Customers to be made through the website, www.bidivapor.com. We are responsible for providing all customer service and support at our own expense. Bidi will set the minimum prices for all sales made by us.

With respect to sales to Non-Retail Customers, we will submit purchase orders to Bidi, and Bidi will be responsible for shipping any and all products directly to these Non-Retail Customers. However, in the case of Retail Customers, we will maintain adequate inventory levels of all Products in order to meet these customers’ demand, and will be responsible for delivering all Products sold to these Retail Customers.

The Agreement has a term of one year and automatically renews for successive one-year terms, unless either party provides the other party with written notice of its intention not to renew at least sixty (60) days prior to the expiration of the then-current term. Either party is entitled to terminate the Agreement at any time in the event of material breach by the other party that remains uncured after thirty (30) calendar days following written notice thereof. In such event, termination is effective immediately and automatically upon the expiration of the applicable notice period, without further notice or action by either party. Either party may terminate the Agreement and any outstanding purchase orders immediately, at its option, upon written notice if the other party (i) becomes or is declared insolvent or bankrupt, (ii) is the subject of a voluntary or involuntary bankruptcy or other proceeding related to its liquidation or solvency, which proceeding is not dismissed within sixty (60) calendar days after its filing, (iii) ceases to do business in the normal course, or (iv) makes an assignment for the benefit of creditors. Bidi is also entitled to terminate the Agreement at any time upon written notice to us if we fail to satisfy the minimum purchase threshold for any applicable period (as set forth in the Agreement).

Upon consummation of the transactions contemplated by the Agreement, we commenced business operations. We believe that over the course of the next twelve months, we will need to raise capital in order to achieve our business objections; however, there can be no assurance that we will be able to raise any required capital or that capital will be available to us at acceptable terms, or at all. In the interim period, the Company intends to entirely on its officers and directors for funding, but they are under no legal obligation to do so.

As a result of the commencement of business operations, we intend to initially hire independent contractors, as the need arises, to perform tasks that our management team cannot personally devote their time to. In the future, we may also evaluate whether the hiring of employees is needed. We cannot provide any assurance as to the timing of the hiring of any independent contractors or employees, the number of independent contractors or employees that we may hire, and whether acceptable independent contractors or employees will be available to us at that time.

Going Concern

We have negative working capital, a stockholder deficit, and, as of January 31, 2020, have not begun to generate revenues. These conditions raise substantial doubt about our ability to continue as a going concern. For the foreseeable future, we will be devoting our efforts to our recently commenced business operations. At this time there is no assurance that management's plan with respect to our newly commenced business operations will be successful. The financial statements do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts and classification of liabilities that might be necessary in the event that we cannot continue as a going concern.

Liquidity and Capital Resources

We have no known demands or commitments and are not aware of any events or uncertainties as of January 31, 2020 that will result in or that are reasonably likely to materially increase or decrease our current liquidity.

As of January 31, 2020, the Company had cash assets totaling $285. The Company’s current liabilities as of January 31, 2020 totaled $31,647, which consisted of accrued expenses.

The Company had cash flows provided by operating activities of $285 for the three months ended January 31, 2020. As of January 31, 2020, the Company had not generated any revenues. The Company is dependent upon the receipt of capital investment or other financing to fund its ongoing operations and to execute its business plan. In addition, the Company is dependent upon certain related parties to provide continued funding and capital resources. If continued funding and capital resources are unavailable at reasonable terms, the Company may not be able to implement its plan of operations. The Company can provide no assurance that it can continue to satisfy its cash requirements for at least the next twelve months.

Results of Operations

The Company had not conducted any active operations from inception to the quarter ended January 31, 2020, except for its efforts to identify suitable business opportunities. The Company has not generated any revenue from September 4, 2018 (inception) through January 31, 2020. Management believes that these circumstances may hinder the Company’s ability to continue as a going concern. The Company’s plan of operation for the next twelve months is to carry out our new business plan.

For the three months ended January 31, 2020 and 2019, the Company had a net loss of $12,933 and $13,960, respectively, which consisted of general and administrative expenses.

Off-Balance Sheet Arrangements

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 of operations, liquidity, capital expenditures, or capital resources that is material to investors.

Emerging Growth Company

We are an “emerging growth company,” that is exempt from certain financial disclosure and governance requirements for up to five years as defined in the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). The JOBS Act eases restrictions on the sale of securities and increases the number of stockholders a company must have before becoming subject to the Securities and Exchange Commission’s reporting and disclosure rules. We have elected to use the extended transition period for complying with new or revised accounting standards under Section 102(b)(2) of the JOBS Act, that allows us to delay the adoption of new or revised accounting standards that have different effective dates for public and private companies until those standards apply to private companies. As a result of this election, our financial statements may not be comparable to companies that comply with public company effective dates.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

As a “smaller reporting company” as defined by Item 10 of Regulation S-K, the Company is not required to provide the information required by this Item.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

Under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, we evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Exchange Act) as of January 31, 2020, the end of the period covered by this report. Based on that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that because of material weakness in our internal control over financial reporting, our disclosure controls and procedures were not effective as of January 31, 2020.

Disclosure controls and procedures are controls and other procedures that are designed to ensure that information required to be disclosed in our reports filed or submitted under the Exchange Act, is recorded, processed, summarized, and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms. Disclosure controls and procedures include, without limitations, controls and procedures designed to ensure that information required to be disclosed in our reports filed under the Exchange Act is accumulated and communicated to our management, including our principal executive officer and our principal financial officer, to allow timely decisions regarding required disclosure.

Chances in Internal Control over Financial Reporting

During the quarter ended January 31, 2020, there was no change in our internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

PART II OTHER INFORMATION

Item 1. Legal Proceedings

There are no material pending legal proceedings as defined by Item 103 of Regulation S-K, to which we are a party or of which any of our property is the subject, other than ordinary routine litigation incidental to the Company’s business.

Item 1A. Risk Factors

As a “smaller reporting company” as defined by Item 10 of Regulation S-K, the Company is not required to provide the information required by this Item.

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

None.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

None.

Item 5. Other Information

None.

Item 6. Exhibits

The following exhibits are filed herewith as a part of this Quarterly Report.

Exhibit Number		Description

3.1		Restated Certificate of Incorporation, which was filed as Exhibit 3.1 to our Registration Statement on Form 10-12G filed with the Securities and Exchange Commission on March 25, 2019, and is incorporated herein by reference thereto.

3.2		Bylaws, which were filed as Exhibit 3.2 to our Registration Statement on Form 10-12G filed with the Securities and Exchange Commission on February 19, 2019, and is incorporated herein by reference thereto.

3.3		Certificate of Ownership and Merger, as filed with the Secretary of State of the State of Delaware on June 20, 2019, which was filed as Exhibit 3.1 to our Current Report on Form 8-K filed with the Securities and Exchange Commission on July 15, 2019, and is incorporated herein by reference thereto.

3.4		Certificate of Correction, as filed with the Secretary of State of the State of Delaware on July 15, 2019, which was filed as Exhibit 3.2 to our Current Report on Form 8-K filed with the Securities and Exchange Commission on July 15, 2019, and is incorporated herein by reference thereto.

10.1		Exclusive Distribution Agreement by and between Kaival Brands Innovations Group, Inc. and Bidi Vapor LLC, dated March 9, 2020, which was filed as Exhibit 10.1 to our Current Report on Form 8-K filed with the Securities and Exchange Commission on March 9, 2020, and is incorporated herein by reference thereto. ⁽¹⁾

31.1		Certification of Chief Executive Officer and Chief Financial Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934*

32.1		Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350 of Chapter 63 of Title 18 of the United States Code*

101.INS		XBRL Instance Document*

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101.CAL		XBRL Taxonomy Extension Calculation Linkbase Document*

101.DEF		XBRL Taxonomy Extension Definition Linkbase Document*

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(1)

Schedules and Exhibits omitted pursuant to Item 601(b)(2) of Regulation S-K. The Company agrees to furnish supplementally a copy of any omitted schedule to the Securities and Exchange Commission upon request; provided, however, that the Company may request confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended, for any Schedule or Exhibit so furnished.

*filed herewith

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.

	KAIVAL BRANDS INNOVATIONS GROUP, INC.

Date: March 16, 2020	By:	/s/ Nirajkumar Patel
		Nirajkumar Patel
		President, Chief Executive Officer, and Chief Financial Officer

EX-31.1 2 ex311.htm EX-31.1

Exhibit 31.1

Certification of Chief Executive Officer and Chief Financial Officer

Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934

I, Nirajkumar Patel, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Kaival Brands Innovations Group, Inc.;

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(s) 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: March 16, 2020

By:

/s/ Nirajkumar Patel

Nirajkumar Patel

President, Chief Executive Officer, and

Chief Financial Officer

EX-32.1 3 ex321.htm EX-32.1

Exhibit 32.1

Certification of Chief Executive Officer and Chief Financial Officer

Pursuant to Section 1350 of Chapter 63 of Title 18 of the United States Code

Pursuant to U.S.C. Section 1350, as created by Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned Chief Executive Officer and Chief Financial Officer of Kaival Brands Innovations Group, Inc. (the “Company”) does hereby certify, to the best of such officer's knowledge, that:

1. The Quarterly Report on Form 10-Q of the Company for the quarterly period ended January 31, 2020 (the “Report”) fully complies with the requirements of Section 13(a) or Section 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: March 16, 2020

By:

/s/ Nirajkumar Patel

Nirajkumar Patel

President, Chief Executive Officer, and

Chief Financial Officer

The certifications set forth above are being furnished as an exhibit solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall they be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended.

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to Kaival Brands Innovations Group, Inc. and will be retained by Kaival Brands Innovations Group, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.

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Note 5 – Subsequent Events   On March 9, 2020, the Company entered into an exclusive distribution agreement (the “Distribution Agreement”) with Bidi Vapor, LLC (“Bidi”), a related party company, whereby Bidi granted the Company an exclusive worldwide right to distribute electronic nicotine delivery systems and related components for sale and resale to both retail level customers and non-retail level customers.

Note 4 – Related-Party Transactions   Contributed Capital   During the three months ended January 31, 2020, the Company’s Chief Executive Officer and Chief Operating Officer provided contributed capital of $16,257 and $10,200, respectively, to the Company. (See Note 3, Additional Paid-in Capital, to these unaudited financial statements for additional information).   Office Space   We utilize the home office space and equipment of our management at no cost.

Note 3 – Stockholder Equity   Additional Paid-In Capital   The Company’s Chief Executive Officer, Mr. Nirajkumar Patel, paid expenses on behalf of the Company totaling $16,257 during the three months ended January 31, 2020, which is considered a contribution to the Company with no expectation of repayment and is recorded as additional paid-in capital.   The Company’s Chief Operating Officer, Mr. Eric Mosser, paid expenses on behalf of the Company totaling $10,200 during the three months ended January 31, 2020, which is considered a contribution to the Company with no expectation of repayment and is recorded as additional paid-in capital.

Note 2 – Going Concern   The Company’s financial statements are prepared in accordance with generally accepted accounting principles applicable to a going concern that contemplates the realization of assets and liquidation of liabilities in the normal course of business.   The Company demonstrates adverse conditions that raise substantial doubt about the Company's ability to continue as a going concern for one year following the issuance of these financial statements. These adverse conditions are negative financial trends, specifically operating loss, working capital deficiency, and other adverse key financial ratios.   The Company has not established any source of revenue to cover its operating costs. Management plans to fund operating expenses with related party contributions to capital. There is no assurance that management's plan will be successful. The financial statements do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts and classification of liabilities that might be necessary in the event that the Company cannot continue as a going concern.

Note 1 – Organization, Description of Business and Basis of Presentation   Kaival Brands Innovations Group, Inc. (the “Company,” the “Registrant,” “we,” “us,” or “our”), formerly known as Quick Start Holdings, Inc., was incorporated on September 4, 2018 in the State of Delaware.   USSE Corp. and USSE Delaware Merger   USSE Corp., a Nevada Corporation (“USSE Nevada”), formerly known as Quick Start Holdings, Inc., was incorporated with the Nevada Secretary of State on July 8, 1998 under the original name C&A Restaurants, Inc. (“C&A Restaurants”). On June 15, 2009, C&A Restaurants changed its name to USSE Corp.   Effective September 19, 2018, USSE Nevada re-domiciled from Nevada to Delaware pursuant to a merger of USSE Nevada with and into USSE Delaware, Inc., a Delaware corporation (“USSE Delaware”), with USSE Delaware as the surviving entity (the “Re-domestication Merger”). Each share of USSE Nevada’s common stock issued and outstanding immediately prior to the effective date of the Re-domestication Merger was automatically converted into one fully paid and nonassessable share of USSE Delaware.   Immediately following the Re-domestication Merger, USSE Delaware was authorized to issue up to 1,005,000,000 shares, which consisted of: (i) 1,000,000,000 shares of common stock, par value $0.001 per share, of which 66,397,574 shares were issued and outstanding at such date; (ii) 5,000,000 shares of preferred stock, par value $0.001 per share, of which (a) 1,000,000 shares were designated as Convertible Series A, all of which were issued and outstanding at that date; and (b) 500,000 shares were designated as Convertible Series B, of which 71,700 Convertible Series B preferred shares were issued and outstanding at that date.   Holding Company Reorganization   On September 4, 2018, USSE Delaware acquired 1,000 shares of common stock of the Company, which represented 100% of the Company’s then-outstanding shares of common stock, for no consideration, resulting in the Company becoming a wholly-owned subsidiary of USSE Delaware. Also, immediately prior to the Holding Company Reorganization (as defined below), USSE Merger Sub, Inc., a Delaware corporation (“USSE Merger Sub”), was the Company’s wholly-owned subsidiary.   On September 19, 2018 (the “Effective Time”), and in accordance with the provisions set forth in Section 251(g) of the Delaware General Corporation Law (“DGCL”), USSE Merger Sub, an indirect wholly-owned subsidiary of USSE Delaware and the Company’s direct wholly-owned subsidiary merged with and into USSE Delaware, the Company’s then parent (the “Holding Company Reorganization”). USSE Delaware was the surviving corporation and the Company’s wholly-owned subsidiary. USSE Delaware also changed its name to USSE Corp. following the Holding Company Reorganization.   Upon completion of the Holding Company Reorganization, by virtue of the merger, and without any action on the part of the holder thereof, each share of USSE Delaware’s common stock issued and outstanding immediately prior to the Effective Time of the Holding Company Reorganization was automatically converted into one validly issued, fully paid, and non-assessable share of the Company’s common stock. Additionally, each share of USSE Delaware’s preferred stock issued and outstanding immediately prior to the Effective Time was converted into one validly issued, fully paid, and non-assessable share of the Company’s preferred stock, having the same designations, rights, powers, and preferences, and the qualifications, limitations, and restrictions thereof, as the corresponding share of USSE Delaware’s preferred stock. Each share of the Company’s common stock issued and outstanding and held by USSE Delaware immediately prior to the Effective Time was cancelled.   This resulted in the Company being authorized to issue up to 1,005,000,000 shares, which consisted of: (i) 1,000,000,000 shares of common stock, par value $0.001 per share, of which 66,397,574 shares were issued and outstanding; (ii) 5,000,000 shares of preferred stock, par value $0.001 per share, of which (a) 1,000,000 shares were designated as Convertible Series A, all of which were issued and outstanding; and (b) 500,000 shares were designated as Convertible Series B, of which 71,700 shares of Convertible Series B preferred stock were issued and outstanding.   Post-Holding Company Reorganization   On October 19, 2018, the Company issued 500,000,000 shares of restricted common stock and 400,000 shares of Convertible Series B Preferred Stock to GMRZ Holdings LLC, a Nevada limited liability company (“GRMZ”), for services rendered to the Company.   Commensurate with the filing of the Company’s Amended and Restated Certificate of Incorporation with the Delaware Secretary of State on October 22, 2018, every issued and outstanding share of Convertible Series A preferred stock was converted into 1.25 shares of common stock with shareholders’ economic rights preserved. Additionally, at the same time, every share of Convertible Series B preferred stock, issued and outstanding was converted into ten shares of common stock with stockholders’ economic rights adversely affected in the conversion. Immediately following the conversion of the aforementioned shares, and upon filing of the Amended and Restated Certificate of Incorporation, the authorized and unissued shares of Convertible Series A and Convertible Series B preferred stock were cancelled. As of October 22, 2018, Convertible Series A and Series B preferred stock were removed from the status of authorized but unissued preferred stock.   On February 6, 2019, the Company entered into a non-binding Share Purchase Agreement (the “Agreement”), by and among the Company, GMRZ, and Kaival Holdings, LLC (formerly known as Kaival Brands Innovations Group, LLC), a Delaware limited liability company (formerly known as Kaival Brands Innovations Group, LLC) (“KH”), pursuant to which, on February 20, 2019, GMRZ sold 504,000,000 shares of the Company’s restricted common stock, representing approximately 88.06 percent of the Company’s issued and outstanding shares of common stock, to KH, and KH paid GMRZ consideration in the amount set forth in the Agreement (the “Purchase Price”). The consummation of the transactions contemplated by the Agreement resulted in a change in control of the Company, with KH becoming the Company’s largest controlling stockholder. The sole members of KH are Nirajkumar Patel and Eric Mosser. The Purchase Price was paid with personal funds of the members of KH.   Effective July 12, 2019, we changed our corporate name from Quick Start Holdings, Inc. to Kaival Brands Innovations Group, Inc. The name change was effected through a parent/subsidiary short-form merger of Kaival Brands Innovations Group, Inc., our wholly-owned Delaware subsidiary formed solely for the purpose of the name change, with and into us. We were the surviving entity.   On the effective date of the merger, our name was changed to “Kaival Brands Innovations Group, Inc.” and our Amended and Restated Certificate of Incorporation, as amended (the “Charter”), was further amended to reflect our new legal name. There were no other changes to our Charter.   Currently, we have 572,364,574 shares of common stock issued and outstanding and no shares of preferred stock issued and outstanding. KH, which is owned and controlled by Nirajkumar Patel and Eric Mosser, is our controlling stockholder, owning 504,000,000 shares of our restricted common stock.   As of January 31, 2020, the Company had not yet commenced any business operations.   Basis of Presentation   The accompanying unaudited interim financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission and should be read in conjunction with the audited financial statements and notes thereto for the year ended October 31, 2019 on Form 10-K filed with the Securities and Exchange Commission. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the interim period presented have been reflected herein. The results of operations for the interim period are not necessarily indicative of the results to be expected for the full year. Notes to the financial statements, which would substantially duplicate the disclosures contained in the audited financial statements for the year ended October 31, 2019, as reported in the Annual Report on Form 10-K filed with the Securities and Exchange Commission on January 27, 2020, have been omitted.

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Basis of Presentation   The accompanying unaudited interim financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission and should be read in conjunction with the audited financial statements and notes thereto for the year ended October 31, 2019 on Form 10-K filed with the Securities and Exchange Commission. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the interim period presented have been reflected herein. The results of operations for the interim period are not necessarily indicative of the results to be expected for the full year. Notes to the financial statements, which would substantially duplicate the disclosures contained in the audited financial statements for the year ended October 31, 2019, as reported in the Annual Report on Form 10-K filed with the Securities and Exchange Commission on January 27, 2020, have been omitted.

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Note 2 - Going Concern	3 Months Ended
Jan. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Going Concern	Note 2 – Going Concern The Company’s financial statements are prepared in accordance with generally accepted accounting principles applicable to a going concern that contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company demonstrates adverse conditions that raise substantial doubt about the Company's ability to continue as a going concern for one year following the issuance of these financial statements. These adverse conditions are negative financial trends, specifically operating loss, working capital deficiency, and other adverse key financial ratios. The Company has not established any source of revenue to cover its operating costs. Management plans to fund operating expenses with related party contributions to capital. There is no assurance that management's plan will be successful. The financial statements do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts and classification of liabilities that might be necessary in the event that the Company cannot continue as a going concern.

Note 2 - Going Concern

3 Months Ended

Jan. 31, 2020

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Going Concern

Note 2 – Going Concern

XML 11 R4.htm IDEA: XBRL DOCUMENT

Statement of Operations (Unaudited) - USD ($)	3 Months Ended
Statement of Operations (Unaudited) - USD ($)	Jan. 31, 2020	Jan. 31, 2019
Operating expenses
General and administrative	$ 12,933	$ 13,960
Total operating expenses	12,933	13,960
Net loss	$ (12,933)	$ (13,960)
Basic and diluted loss per share	$ (0.00)	$ (0.00)
Weighted average number of common shares outstanding - Basic and Diluted	572,364,574	572,364,574

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

XML 12 R12.htm IDEA: XBRL DOCUMENT

Significant Accounting Policies (Policies)

3 Months Ended

Jan. 31, 2020

Significant Accounting Policies

Basis of Presentation

Basis of Presentation

XML 13 FilingSummary.xml IDEA: XBRL DOCUMENT 3.20.1 html 34 146 1 false 9 0 false 4 false false R1.htm 00000001 - Document - Document and Entity Information Sheet http://kaivalbrands.com/role/DocumentAndEntityInformation Document and Entity Information Cover 1 false false R2.htm 00000002 - Statement - Balance Sheets (Unaudited) Sheet http://kaivalbrands.com/role/BalanceSheets Balance Sheets (Unaudited) Statements 2 false false R3.htm 00000003 - Statement - Balance Sheets (Parenthetical) Sheet http://kaivalbrands.com/role/BalanceSheetsParenthetical Balance Sheets (Parenthetical) Statements 3 false false R4.htm 00000004 - Statement - Statement of Operations (Unaudited) Sheet http://kaivalbrands.com/role/StatementsOfOperations Statement of Operations (Unaudited) Statements 4 false false R5.htm 00000005 - Statement - Statement of Cash Flows (Unaudited) Sheet http://kaivalbrands.com/role/StatementsOfCashFlows Statement of Cash Flows (Unaudited) Statements 5 false false R6.htm 00000006 - Statement - Statement of Changes in Stockholders Deficit (Unaudited) Sheet http://kaivalbrands.com/role/StatementOfChangesInStockholdersDeficit Statement of Changes in Stockholders Deficit (Unaudited) Statements 6 false false R7.htm 00000007 - Disclosure - Note 1 - Organization, Description of Business and Basis of Presentation Sheet http://kaivalbrands.com/role/OrganizationDescriptionOfBusinessAndBasisOfPresentation Note 1 - Organization, Description of Business and Basis of Presentation Notes 7 false false R8.htm 00000008 - Disclosure - Note 2 - Going Concern Sheet http://kaivalbrands.com/role/GoingConcern Note 2 - Going Concern Notes 8 false false R9.htm 00000009 - Disclosure - Note 3 - Stockholder Equity Sheet http://kaivalbrands.com/role/StockholderEquity Note 3 - Stockholder Equity Notes 9 false false R10.htm 00000010 - Disclosure - Note 4 - Related-Party Transactions Sheet http://kaivalbrands.com/role/Related-partyTransactions Note 4 - Related-Party Transactions Notes 10 false false R11.htm 00000011 - Disclosure - Note 5 - Subsequent Events Sheet http://kaivalbrands.com/role/SubsequentEvents Note 5 - Subsequent Events Notes 11 false false R12.htm 00000012 - Disclosure - Significant Accounting Policies (Policies) Sheet http://kaivalbrands.com/role/SignificantAccountingPoliciesPolicies Significant Accounting Policies (Policies) Policies 12 false false R13.htm 00000013 - Disclosure - Organization, Description of Business and Basis of Presentation (Details) Sheet http://kaivalbrands.com/role/OrganizationDescriptionOfBusinessAndBasisOfPresentationDetailsNarrative Organization, Description of Business and Basis of Presentation (Details) Details 13 false false R14.htm 00000014 - Disclosure - Additional Paid-In Capital (Details) Sheet http://kaivalbrands.com/role/StockholderEquityDetailsNarrative Additional Paid-In Capital (Details) Details 14 false false All Reports Book All Reports kavl-20200131.xml kavl-20200131.xsd kavl-20200131_cal.xml kavl-20200131_def.xml kavl-20200131_lab.xml kavl-20200131_pre.xml http://fasb.org/us-gaap/2019-01-31 http://xbrl.sec.gov/dei/2019-01-31 http://fasb.org/srt/2019-01-31 true true XML 14 R5.htm IDEA: XBRL DOCUMENT

Statement of Cash Flows (Unaudited) - USD ($)	3 Months Ended
Statement of Cash Flows (Unaudited) - USD ($)	Jan. 31, 2020	Jan. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (12,933)	$ (13,960)
Adjustment to reconcile net loss to net cash used in operating activities:
Expenses contributed to capital	26,457	7,210
Changes in current assets and liabilities:
Accrued expenses	(13,239)	6,750
Net cash provided by operating activities	285
Net change in cash	285
Beginning cash balance
Ending cash balance	285
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Interest paid
Income taxes paid

XML 15 R1.htm IDEA: XBRL DOCUMENT

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Jan. 31, 2020	Mar. 16, 2020
Document And Entity Information
Entity Registrant Name	Kaival Brands Innovations Group, Inc.
Entity Central Index Key	0001762239
Document Type	10-Q
Document Period End Date	Jan. 31, 2020
Amendment Flag	false
Current Fiscal Year End Date	--10-31
Is Entity's Reporting Status Current?	Yes
Entity Shell Company?	true
Is Entity Emerging Growth Company?	true
Elected Not To Use the Extended Transition Period	false
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Common Stock, Shares Outstanding		572,364,574
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2020
Interactive Data Current	Yes
Incorporation State	DE
File Number	000-56016

XML 16 R9.htm IDEA: XBRL DOCUMENT

Note 3 - Stockholder Equity

3 Months Ended

Jan. 31, 2020

Equity [Abstract]

Stockholder Equity

Note 3 – Stockholder Equity

Additional Paid-In Capital

XML 17 R13.htm IDEA: XBRL DOCUMENT

Organization, Description of Business and Basis of Presentation (Details) - $ / shares			1 Months Ended	12 Months Ended
	Feb. 06, 2019	Sep. 04, 2018	Oct. 19, 2018	Oct. 31, 2019	Jan. 31, 2020	Sep. 19, 2018
Common stock, par value				$ .001	$ .001
Common stock, shares authorized				1,000,000,000	1,000,000,000
Preferred stock, par value				$ .001	$ .001
Preferred stock, shares authorized				5,000,000	5,000,000
Preferred stock, shares issued
Preferred stock, shares outstanding
Common stock acquisition		1,000
Percentage of acquisition		100.00%
Common stock, shares issued				572,364,574	572,364,574
Common stock, shares outstanding				572,364,574	572,364,574
Share Purchase Agreement [Member]
Number of restricted common stock sold	504,000,000
Percentage of purchase	88.06%
Predecessor [Member]
Authorized capital						1,005,000,000
Common stock, par value						$ 0.001
Common stock, shares authorized						1,000,000,000
Preferred stock, par value						$ 0.001
Preferred stock, shares authorized						5,000,000
Common stock, shares issued						66,397,574
Common stock, shares outstanding						66,397,574
Predecessor [Member] \| Preferred Shares (Series B)
Preferred stock, shares authorized						500,000
Preferred stock, shares issued						71,700
Preferred stock, shares outstanding						71,700
Predecessor [Member] \| Preferred Stock Series A
Preferred stock, shares authorized						1,000,000
Preferred stock, shares issued						1,000,000
Preferred stock, shares outstanding						1,000,000
GRMZ [Member]
Preferred stock, shares issued			400,000
Number of restricted common stock sold			500,000,000
KBIG [Member]
Number of restricted common stock owned				504,000,000

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Note 1 - Organization, Description of Business and Basis of Presentation
3 Months Ended

Jan. 31, 2020

Accounting Policies [Abstract]

Organization, Description of Business and Basis of Presentation

Note 1 – Organization, Description of Business and Basis of Presentation

Kaival Brands Innovations Group, Inc. (the “Company,” the “Registrant,” “we,” “us,” or “our”), formerly known as Quick Start Holdings, Inc., was incorporated on September 4, 2018 in the State of Delaware.

USSE Corp. and USSE Delaware Merger

USSE Corp., a Nevada Corporation (“USSE Nevada”), formerly known as Quick Start Holdings, Inc., was incorporated with the Nevada Secretary of State on July 8, 1998 under the original name C&A Restaurants, Inc. (“C&A Restaurants”). On June 15, 2009, C&A Restaurants changed its name to USSE Corp.

Effective September 19, 2018, USSE Nevada re-domiciled from Nevada to Delaware pursuant to a merger of USSE Nevada with and into USSE Delaware, Inc., a Delaware corporation (“USSE Delaware”), with USSE Delaware as the surviving entity (the “Re-domestication Merger”). Each share of USSE Nevada’s common stock issued and outstanding immediately prior to the effective date of the Re-domestication Merger was automatically converted into one fully paid and nonassessable share of USSE Delaware.

Immediately following the Re-domestication Merger, USSE Delaware was authorized to issue up to 1,005,000,000 shares, which consisted of: (i) 1,000,000,000 shares of common stock, par value $0.001 per share, of which 66,397,574 shares were issued and outstanding at such date; (ii) 5,000,000 shares of preferred stock, par value $0.001 per share, of which (a) 1,000,000 shares were designated as Convertible Series A, all of which were issued and outstanding at that date; and (b) 500,000 shares were designated as Convertible Series B, of which 71,700 Convertible Series B preferred shares were issued and outstanding at that date.

Holding Company Reorganization

On September 4, 2018, USSE Delaware acquired 1,000 shares of common stock of the Company, which represented 100% of the Company’s then-outstanding shares of common stock, for no consideration, resulting in the Company becoming a wholly-owned subsidiary of USSE Delaware. Also, immediately prior to the Holding Company Reorganization (as defined below), USSE Merger Sub, Inc., a Delaware corporation (“USSE Merger Sub”), was the Company’s wholly-owned subsidiary.

On September 19, 2018 (the “Effective Time”), and in accordance with the provisions set forth in Section 251(g) of the Delaware General Corporation Law (“DGCL”), USSE Merger Sub, an indirect wholly-owned subsidiary of USSE Delaware and the Company’s direct wholly-owned subsidiary merged with and into USSE Delaware, the Company’s then parent (the “Holding Company Reorganization”). USSE Delaware was the surviving corporation and the Company’s wholly-owned subsidiary. USSE Delaware also changed its name to USSE Corp. following the Holding Company Reorganization.

Upon completion of the Holding Company Reorganization, by virtue of the merger, and without any action on the part of the holder thereof, each share of USSE Delaware’s common stock issued and outstanding immediately prior to the Effective Time of the Holding Company Reorganization was automatically converted into one validly issued, fully paid, and non-assessable share of the Company’s common stock. Additionally, each share of USSE Delaware’s preferred stock issued and outstanding immediately prior to the Effective Time was converted into one validly issued, fully paid, and non-assessable share of the Company’s preferred stock, having the same designations, rights, powers, and preferences, and the qualifications, limitations, and restrictions thereof, as the corresponding share of USSE Delaware’s preferred stock. Each share of the Company’s common stock issued and outstanding and held by USSE Delaware immediately prior to the Effective Time was cancelled.

This resulted in the Company being authorized to issue up to 1,005,000,000 shares, which consisted of: (i) 1,000,000,000 shares of common stock, par value $0.001 per share, of which 66,397,574 shares were issued and outstanding; (ii) 5,000,000 shares of preferred stock, par value $0.001 per share, of which (a) 1,000,000 shares were designated as Convertible Series A, all of which were issued and outstanding; and (b) 500,000 shares were designated as Convertible Series B, of which 71,700 shares of Convertible Series B preferred stock were issued and outstanding.

Post-Holding Company Reorganization

On October 19, 2018, the Company issued 500,000,000 shares of restricted common stock and 400,000 shares of Convertible Series B Preferred Stock to GMRZ Holdings LLC, a Nevada limited liability company (“GRMZ”), for services rendered to the Company.

Commensurate with the filing of the Company’s Amended and Restated Certificate of Incorporation with the Delaware Secretary of State on October 22, 2018, every issued and outstanding share of Convertible Series A preferred stock was converted into 1.25 shares of common stock with shareholders’ economic rights preserved. Additionally, at the same time, every share of Convertible Series B preferred stock, issued and outstanding was converted into ten shares of common stock with stockholders’ economic rights adversely affected in the conversion. Immediately following the conversion of the aforementioned shares, and upon filing of the Amended and Restated Certificate of Incorporation, the authorized and unissued shares of Convertible Series A and Convertible Series B preferred stock were cancelled. As of October 22, 2018, Convertible Series A and Series B preferred stock were removed from the status of authorized but unissued preferred stock.

On February 6, 2019, the Company entered into a non-binding Share Purchase Agreement (the “Agreement”), by and among the Company, GMRZ, and Kaival Holdings, LLC (formerly known as Kaival Brands Innovations Group, LLC), a Delaware limited liability company (formerly known as Kaival Brands Innovations Group, LLC) (“KH”), pursuant to which, on February 20, 2019, GMRZ sold 504,000,000 shares of the Company’s restricted common stock, representing approximately 88.06 percent of the Company’s issued and outstanding shares of common stock, to KH, and KH paid GMRZ consideration in the amount set forth in the Agreement (the “Purchase Price”). The consummation of the transactions contemplated by the Agreement resulted in a change in control of the Company, with KH becoming the Company’s largest controlling stockholder. The sole members of KH are Nirajkumar Patel and Eric Mosser. The Purchase Price was paid with personal funds of the members of KH.

Effective July 12, 2019, we changed our corporate name from Quick Start Holdings, Inc. to Kaival Brands Innovations Group, Inc. The name change was effected through a parent/subsidiary short-form merger of Kaival Brands Innovations Group, Inc., our wholly-owned Delaware subsidiary formed solely for the purpose of the name change, with and into us. We were the surviving entity.

On the effective date of the merger, our name was changed to “Kaival Brands Innovations Group, Inc.” and our Amended and Restated Certificate of Incorporation, as amended (the “Charter”), was further amended to reflect our new legal name. There were no other changes to our Charter.

Currently, we have 572,364,574 shares of common stock issued and outstanding and no shares of preferred stock issued and outstanding. KH, which is owned and controlled by Nirajkumar Patel and Eric Mosser, is our controlling stockholder, owning 504,000,000 shares of our restricted common stock.

As of January 31, 2020, the Company had not yet commenced any business operations.

Basis of Presentation

The accompanying unaudited interim financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission and should be read in conjunction with the audited financial statements and notes thereto for the year ended October 31, 2019 on Form 10-K filed with the Securities and Exchange Commission. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the interim period presented have been reflected herein. The results of operations for the interim period are not necessarily indicative of the results to be expected for the full year. Notes to the financial statements, which would substantially duplicate the disclosures contained in the audited financial statements for the year ended October 31, 2019, as reported in the Annual Report on Form 10-K filed with the Securities and Exchange Commission on January 27, 2020, have been omitted.

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Balance Sheets (Parenthetical) - $ / shares

Jan. 31, 2020

Oct. 31, 2019

Statement of Financial Position [Abstract]

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Preferred stock, shares authorized 5,000,000 5,000,000

Preferred stock, shares issued

Preferred stock, shares outsanding

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Note 5 - Subsequent Events
3 Months Ended

Jan. 31, 2020

Subsequent Events [Abstract]

Subsequent Events

Note 5 – Subsequent Events

On March 9, 2020, the Company entered into an exclusive distribution agreement (the “Distribution Agreement”) with Bidi Vapor, LLC (“Bidi”), a related party company, whereby Bidi granted the Company an exclusive worldwide right to distribute electronic nicotine delivery systems and related components for sale and resale to both retail level customers and non-retail level customers.

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Statement of Changes in Stockholders Deficit (Unaudited) - USD ($)

Common Stock

Additional Paid-In Capital

Accumulated Deficit

Total

Beginning Balance (Value) at Oct. 31, 2018 $ 572,365 $ (570,989) $ (4,376) $ (3,000)

Beginning Balance (Shares) at Oct. 31, 2018 572,364,574

Expenses paid on behalf of the Company and contributed to capital 7,210 7,210

Net Loss (13,960) (13,960)

Ending Balance (Value) at Jan. 31, 2019 $ 572,365 (563,779) (18,336) (9,750)

Ending Balance (Shares) at Jan. 31, 2019 572,364,574

Beginning Balance (Value) at Oct. 31, 2019 $ 572,365 (544,026) (73,225) (44,886)

Beginning Balance (Shares) at Oct. 31, 2019 572,364,574

Expenses paid on behalf of the Company and contributed to capital 26,457 26,457

Net Loss (12,933) (12,933)

Ending Balance (Value) at Jan. 31, 2020 $ 572,365 $ (517,569) $ (86,158) $ (31,362)

Ending Balance (Shares) at Jan. 31, 2020 572,364,574

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Balance Sheets (Unaudited) - USD ($)

Jan. 31, 2020

Oct. 31, 2019

CURRENT ASSETS:

Cash $ 285 $ 0

Total Current Assets 285 0

TOTAL ASSETS 285 0

CURRENT LIABILITIES:

Accrued expenses 31,647 44,886

Total Current Liabilities 31,647 44,886

TOTAL LIABILITIES 31,647 44,886

STOCKHOLDERS' DEFICIT:

Preferred stock ($.001 par value, 5,000,000 shares authorized, none issued and outstanding as of January 31, 2020 and October 31, 2019)

Common stock ($.001 par value, 1,000,000,000 shares authorized, 572,364,574 issued and outstanding as of January 31, 2020 and October 31, 2019) 572,365 572,365

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Additional Paid-In Capital (Details) - USD ($)
3 Months Ended

Jan. 31, 2020

Jan. 31, 2019

Equity [Abstract]

Contribution by CEO $ 26,457 $ 7,210

Contribution by COO $ 10,200

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Note 4 - Related-Party Transactions
3 Months Ended

Jan. 31, 2020

Related Party Transactions [Abstract]

Related-Party Transactions

Note 4 – Related-Party Transactions

Contributed Capital

During the three months ended January 31, 2020, the Company’s Chief Executive Officer and Chief Operating Officer provided contributed capital of $16,257 and $10,200, respectively, to the Company. (See Note 3, Additional Paid-in Capital, to these unaudited financial statements for additional information).

Office Space

We utilize the home office space and equipment of our management at no cost.

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Balance Sheets (Parenthetical) - $ / shares	Jan. 31, 2020	Oct. 31, 2019
Statement of Financial Position [Abstract]
Preferred stock, par value	$ .001	$ .001
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued
Preferred stock, shares outsanding
Common stock, par value	$ .001	$ .001
Common stock, shares authorized	1,000,000,000	1,000,000,000
Common stock, shares issued	572,364,574	572,364,574
Common stock, shares outstanding	572,364,574	572,364,574

Statement of Changes in Stockholders Deficit (Unaudited) - USD ($)	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Total
Beginning Balance (Value) at Oct. 31, 2018	$ 572,365	$ (570,989)	$ (4,376)	$ (3,000)
Beginning Balance (Shares) at Oct. 31, 2018	572,364,574
Expenses paid on behalf of the Company and contributed to capital		7,210		7,210
Net Loss			(13,960)	(13,960)
Ending Balance (Value) at Jan. 31, 2019	$ 572,365	(563,779)	(18,336)	(9,750)
Ending Balance (Shares) at Jan. 31, 2019	572,364,574
Beginning Balance (Value) at Oct. 31, 2019	$ 572,365	(544,026)	(73,225)	(44,886)
Beginning Balance (Shares) at Oct. 31, 2019	572,364,574
Expenses paid on behalf of the Company and contributed to capital		26,457		26,457
Net Loss			(12,933)	(12,933)
Ending Balance (Value) at Jan. 31, 2020	$ 572,365	$ (517,569)	$ (86,158)	$ (31,362)
Ending Balance (Shares) at Jan. 31, 2020	572,364,574

Balance Sheets (Unaudited) - USD ($)	Jan. 31, 2020	Oct. 31, 2019
CURRENT ASSETS:
Cash	$ 285	$ 0
Total Current Assets	285	0
TOTAL ASSETS	285	0
CURRENT LIABILITIES:
Accrued expenses	31,647	44,886
Total Current Liabilities	31,647	44,886
TOTAL LIABILITIES	31,647	44,886
STOCKHOLDERS' DEFICIT:
Preferred stock ($.001 par value, 5,000,000 shares authorized, none issued and outstanding as of January 31, 2020 and October 31, 2019)
Common stock ($.001 par value, 1,000,000,000 shares authorized, 572,364,574 issued and outstanding as of January 31, 2020 and October 31, 2019)	572,365	572,365
Additional paid in capital	(517,569)	(544,026)
Accumulated deficit	(86,158)	(73,225)
Total Stockholders' deficit	(31,362)	(44,886)
TOTAL LIABILITIES & STOCKHOLDERS' DEFICIT	$ 285	$ 0

Additional Paid-In Capital (Details) - USD ($)	3 Months Ended
Additional Paid-In Capital (Details) - USD ($)	Jan. 31, 2020	Jan. 31, 2019
Equity [Abstract]
Contribution by CEO	$ 26,457	$ 7,210
Contribution by COO	$ 10,200