0001731122-23-000095.txt : 20230130 0001731122-23-000095.hdr.sgml : 20230130 20230130083040 ACCESSION NUMBER: 0001731122-23-000095 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20230130 ITEM INFORMATION: Results of Operations and Financial Condition FILED AS OF DATE: 20230130 DATE AS OF CHANGE: 20230130 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Kaival Brands Innovations Group, Inc. CENTRAL INDEX KEY: 0001762239 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-NONSTORE RETAILERS [5960] IRS NUMBER: 833492907 FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-40641 FILM NUMBER: 23565338 BUSINESS ADDRESS: STREET 1: 4460 OLD DIXIE HIGHWAY CITY: GRANT STATE: FL ZIP: 32949 BUSINESS PHONE: (833) 452-4825 MAIL ADDRESS: STREET 1: 4460 OLD DIXIE HIGHWAY CITY: GRANT STATE: FL ZIP: 32949 FORMER COMPANY: FORMER CONFORMED NAME: Quick Start Holdings, Inc. DATE OF NAME CHANGE: 20181218 8-K 1 e4372_8-k.htm FORM 8-K
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(D) OF THE

SECURITIES EXCHANGE ACT OF 1934

 

Date of Report (Date of earliest event reported): January 30, 2023

 

Kaival Brands Innovations Group, Inc.

(Exact name of registrant as specified in its charter)

 

Delaware 000-56016 83-3492907
(State or other jurisdiction
of incorporation)		 (Commission File Number) (I.R.S. Employer
Identification No.)

 

4460 Old Dixie Highway

Grant, Florida 32949

(Address of principal executive office, including zip code)

 

Telephone: (833) 452-4825

(Registrant’s 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
Common Stock, par value $0.001 per share KAVL The Nasdaq Stock Market, LLC

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

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. ☐

 

 

 

 

Item 2.02 Results of Operations and Financial Condition.

 

On January 30, 2023, Kaival Brands Innovations Group, Inc. (the “Company”) issued a press release announcing its financial results for the fourth fiscal quarter and the full year ended October 31, 2022. The full text of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

 

In accordance with General Instruction B.2 of Form 8-K, the information contained in or incorporated into this Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1, is furnished under Item 2.02 of Form 8-K and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in any such filing.

  

Exhibit No. Description
99.1

Press release of the Company, dated January 30, 2023, announcing the Fiscal Fourth Quarter 2022 and Full-Year 2022 Financial Results

104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

 

 

 

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.
     
Dated: January 30, 2023 By: /s/ Eric Mosser
    Eric Mosser
    President and Chief Operating Officer

 

 

 

 EX-99.1 2 e4372_ex99-1.htm EXHIBIT 99.1

 

 

EXHIBIT 99.1

 

 

Kaival Brands Reports Fiscal Fourth Quarter 2022
and Full-Year 2022 Financial Results

 

Kaival Looks Towards Fiscal 2023 Following Philip Morris International Distribution Agreement and Favorable Decision by Appellate Court Allowing for Renewed Non-Tobacco Flavored BIDIâ Sticks Sales Outlook in US

 

GRANT, Fla., January 30, 2023 /Globenewswire/ -- Kaival Brands Innovations Group, Inc. (NASDAQ: KAVL) (“Kaival Brands,” the “Company” or “we,” “our” or similar terms), the exclusive U.S. distributor of all products manufactured by Bidi Vapor, LLC (“Bidi Vapor”), including the BIDI® Stick electronic nicotine delivery system, which are intended for adults 21 and over, today announced its financial results for the fiscal 2022 fourth quarter and full year ended October 31, 2022.

 

Eric Mosser, President & Chief Operating Officer of Kaival Brands, stated “Fiscal 2022 was an exceptionally challenging year for us, primarily due to regulatory action by the FDA that was ultimately overturned in August. For a portion of fiscal 2022, we were prohibited from selling our flavored BIDI Sticks, and our 2022 revenues reflect the significant extended impact of this. The good news is that this impediment is behind us. Moreover, despite the challenges, we accomplished several important milestones during the year which we believe has laid the foundation for renewed growth and progress in 2023, including expanding existing sales channel relationships and initiating significant new ones. We expect and hope that the FDA will continue to pull bad actors from the marketplace, paving the way for companies like ours to provide our products to adult smokers deserving of premium e-cigarette product and experience.”

 

Fourth Quarter and Full-Year 2022 Highlights

 

●On or about May 13, 2022, the U.S. Food and Drug Administration (“FDA”) placed the tobacco-flavored Classic BIDI® Stick into the final Phase III scientific review.
   
●In June, the Company’s wholly owned subsidiary, Kaival Brands International, LLC (“KBI”), entered into an international licensing agreement with Philip Morris Products S.A. (“PMPSA”), a wholly owned affiliate of Philip Morris International Inc., for the development and distribution of electronic nicotine delivery system (“ENDS”) products in markets outside the U.S., subject to market (or regulatory) assessment.
   
●In July, the Company announced the launch of PMPSA’s custom-branded self-contained e-vapor product, VEEBA, being sold in Canada, with royalties due to KBI pursuant to the international licensing agreement.
   
●In August, the U.S. Court of Appeals for the Eleventh (11th) Circuit ruled in favor of Bidi Vapor in its appeal of the FDA’s Marketing Denial Order (“MDO”) issued to the non-tobacco flavored BIDI® Sticks. The court set aside or vacated the MDO and remanded the PMTAs back to FDA for further review.
   
●In December, KMS, Kaival’s marketing & sales vendor, hired Dean Simmons, a former Vice President of Sales of Swisher International, in preparation for an expected resurgence of revenue growth following a pivotal legal victory for Bidi Vapor this past summer.

 

 

 

 

Summary of Fourth Quarter and Full Year Fiscal Results

 

Revenues: Revenues for the fourth fiscal quarter ended October 31, 2022 were approximately $3.0 million, compared to approximately $0.1 million for the prior fourth fiscal quarter. Revenues for the full fiscal year ended October 31, 2022 were approximately $12.8 million, compared to approximately $58.8 million for fiscal year 2021. Revenues decreased in fiscal year 2022, primarily in the first two fiscal quarters, due to Bidi Vapor’s receipt of the MDO, our resulting inability to sell our products and also generally due to increased competition, which we believe was the result of the lack of enforcement by federal and state authorities against sub-par and low-priced vaping products, including illegal synthetic nicotine disposable ENDS, that continued to enter the market illegally without FDA authorization.

 

Following the 11th Circuit Court decision vacating the FDA’s MDO in August, we began to aggressively reignite sales efforts and expect an upturn in sales of all BIDI® Sticks, anticipated to begin to show results in the second quarter of fiscal year 2023 (which sales remain subject to FDA’s enforcement discretion). We also anticipate that if the FDA begins enforcement against illegally marketed or synthetic-nicotine vaping products, there may be an increased demand for compliant and legal vaping products, such as the BIDI® Stick.

 

Cost of Revenue, Net, and Gross Profit (Loss): Gross profit for the fourth fiscal quarter ended October 31, 2022 was approximately $1.1 million, compared to approximately $(1.0) million gross loss for the prior fourth fiscal quarter. Gross profit for the full fiscal year ended October 31, 2022 was approximately $1.2 million, compared to approximately $11.9 million for fiscal year 2021. Total cost of revenue for the fourth fiscal quarter ended October 31, 2022 was approximately $1.9 million, compared to approximately $0.9 million for the prior fourth fiscal quarter, and approximately $11.5 million for fiscal year 2022, compared to approximately $46.8 million for fiscal year 2021. The decrease in gross profit volume is primarily driven by the downturn in sales of our products, beginning in the third quarter and continuing through the end of fiscal year 2022, which was primarily the result of the negative impact the MDO and the overall impact the regulatory landscape had on our business. Additionally, the cost of the discounts, coupons and promotions programs, that we implemented in the third quarter of fiscal year 2021 to assist in growing and retaining the customer base and store shelf space, contributed a lower gross profit margin per unit of products sales for that period of time, as these discounts, coupons and promotions decreased our revenues.

 

Operating Expenses: Total operating expenses for the fourth fiscal quarter ended October 31, 2022 were approximately $3.8 million, compared to approximately $4.3 million for the prior fourth fiscal quarter, and were approximately $15.6 million for fiscal year 2022, compared to approximately $22.4 million for fiscal year 2021. For the fiscal year 2022, operating expenses consisted primarily of advertising and promotion fees of approximately $2.7 million, stock option compensation expense of approximately $6.0 million, professional fees of approximately $3.2 million, salaries and wages of $1.7 million, and all other general and administrative expenses of approximately $2.0 million. In fiscal year 2021, operating expenses consisted of advertising and promotional expenses of approximately $3.2 million, which included commissions paid to our third-party marketing consultant QuikfillRx, and general and administrative expenses of approximately $10.2 million. We expect future operating expenses to increase while we generate increased sales growth and invest in our infrastructure to support the planned revenue and business growth.

 

Net Loss: Net loss for the fourth fiscal quarter ended October 31, 2022 was approximately $(2.7) million, compared to approximately $(1.6) million for the prior fourth fiscal quarter, and approximately $(14.4) million for the full fiscal year 2022, or $(0.36) basic and diluted net loss per share, compared to a net loss of approximately $(9.0) million, or $(0.38) basic and diluted net loss per share, for fiscal year 2021. The increase in net loss for the fiscal year 2022, as compared to net loss in fiscal year 2021, is attributable to the revenue and expense factors noted above.

 

Cash Position: We consider all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. There were no cash equivalents on October 31, 2022, or October 31, 2021. Cash and restricted cash on October 31, 2022, and October 31, 2021, were $3.7 million and $7.8 million, respectively.

 

 

 

 

Restricted cash consists of cash held short-term in escrow as required. As of October 31, 2022, and October 31, 2021, we had $0 and $65,007 in restricted cash, respectively, for amounts held in escrow.

 

Additional information regarding the Company’s results of operations for the fiscal year ended October 31, 2022 will be available in the Company’s Annual Report on Form 10-K for such reporting period, which report will be filed with the Securities and Exchange Commission. Readers are encouraged to review such Annual Report in its entirety, including the risk factors related to the Company’s business described therein.

 

ABOUT BIDI VAPOR

 

Based in Melbourne, Florida, Bidi Vapor maintains a commitment to responsible, adult-focused marketing, supporting age-verification standards and sustainability through its BIDI® Cares recycling program. Bidi Vapor’s premier device, the BIDI® Stick, is a premium product made with high-quality components, a UL-certified battery and technology designed to deliver a consistent vaping experience for adult smokers 21 and over. Bidi Vapor is also adamant about strict compliance with all federal, state and local guidelines and regulations. At Bidi Vapor, innovation is key to its mission, with the BIDI® Stick promoting environmental sustainability, while providing a unique vaping experience to adult smokers.

 

Nirajkumar Patel, the Company’s Chief Science and Regulatory Officer and director, owns and controls Bidi Vapor. As a result, Bidi Vapor is considered a related party of the Company.

 

For more information, visit www.bidivapor.com.

 

ABOUT KAIVAL BRANDS

 

Based in Grant, Florida, Kaival Brands is a company focused on incubating innovative and profitable products into mature and dominant brands, with a current focus on the distribution of electronic nicotine delivery systems (ENDS) also known as “e-cigarettes”. Our business plan is to seek to diversify into distributing other nicotine and non-nicotine delivery system products (including those related to hemp-derived cannabidiol (known as CBD) products. Kaival Brands and Philip Morris Products S.A. (via sublicense from Kaival Brands) are the exclusive global distributors of all products manufactured by Bidi Vapor.

 

Learn more about Kaival Brands at https://ir.kaivalbrands.com/overview/default.aspx.

 

 

 

 

Cautionary Note Regarding Forward-Looking Statements

 

This press release and the statements of the Company’s management and partners included herein and related to the subject matter herein includes statements that constitute “forward-looking statements” (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended), which are statements other than historical facts. You can identify forward-looking statements by words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,” “intend,” “may,” “plan,” “position,” “should,” “strategy,” “target,” “will,” and similar words. All forward-looking statements speak only as of the date of this press release. Although we believe that the plans, intentions, and expectations reflected in or suggested by the forward-looking statements are reasonable, there is no assurance that these plans, intentions, or expectations will be achieved. Therefore, actual outcomes and results (including, without limitation, the results of the Company sales and marketing efforts and the impact of the August 2022 11th Circuit Court of Appeals decision as described herein) could materially and adversely differ from what is expressed, implied, or forecasted in such statements. Our business may be influenced by many factors that are difficult to predict, involve uncertainties that may materially affect results, and are often beyond our control. Factors that could cause or contribute to such differences include, but are not limited to: (i) future actions by the FDA in response to the 11th Circuit Court’s decision that could impact our business and prospects, (ii) the outcome of FDA’s scientific review of Bidi Vapor’s pending PMTAs, (iii) the success of our agreement with Philip Morris International, (iv) how quickly domestic and international markets adopt our products, (v) the scope of future FDA enforcement of regulations in the ENDS industry, (vi) the FDA’s approach to the regulation of synthetic nicotine and its impact on our business, (vii) potential federal and state flavor bans and other restrictions on ENDS products, (viii) the duration and scope of the COVID-19 pandemic and impact on the demand for the products we distribute, (ix) general economic uncertainty in key global markets and a worsening of global economic conditions or low levels of economic growth, (x) the effects of steps that we could take to reduce operating costs, (xi) our inability to generate and sustain profitable sales growth, including sales growth in the international markets, (xii) circumstances or developments that may make us unable to implement or realize anticipated benefits, or that may increase the costs, of our current and planned business initiatives, (xiii) significant changes in our relationships with our distributors or sub-distributors and (xiv) other factors detailed by us in our public filings with the Securities and Exchange Commission, including the disclosures under the heading “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended October 31, 2022, filed with the Securities and Exchange Commission on January 27, 2023 and accessible at www.sec.gov. All forward-looking statements included in this press release are expressly qualified in their entirety by such cautionary statements. Except as required under the federal securities laws and the Securities and Exchange Commission’s rules and regulations, we do not have any intention or obligation to update any forward-looking statements publicly, whether as a result of new information, future events, or otherwise.

 

Investor Relations:

Stephen Sheriff, Director of Communications and Administration
Ir.kaivalbrands.com
investors@kaivalbrands.com

 

-- Tables Follow –

 

 

 

 

Kaival Brands Innovations Group, Inc.

Consolidated Balance Sheets

  

    October
 31,
2022		   October 31,
2021
ASSETS                
CURRENT ASSETS:                
Cash   $ 3,685,893     $ 7,760,228  
Restricted cash     —       65,007  
Accounts receivable     574,606       1,985,186  
Other receivable – related parties – short term     1,539,486       —  
Inventory deposit – related party     —       2,925,000  
Inventories     1,239,725       15,326,370  
Prepaid expenses     426,407       319,531  
Income tax receivable     1,607,302       1,753,594  
                 
Total current assets     9,073,419       30,134,916  
                 
 Other receivable – related party – net of current portion     2,164,646       —  
 Right of use asset- operating lease     1,198,969       55,604  
                 
TOTAL ASSETS   $ 12,437,034     $ 30,190,520  
                 
LIABILITIES AND STOCKHOLDERS’ EQUITY                
CURRENT LIABILITIES:                
 Accounts payable   $ 40,023     $ 242,829  
 Accounts payable- related party     —       12,667,769  
Accrued expenses     1,099,157       579,604  
Customer deposits     44,973       —  
Deferred revenue     235,274       —  
Operating lease obligation, short term     166,051       13,020  
Customer refund due     —       316,800  
Total current liabilities     1,585,478       13,820,022  
                 
 LONG TERM LIABILITIES                
Operating lease obligation, net of current portion     1,050,776       46,185  
                 
TOTAL LIABILITIES   $ 2,636,254     $ 13,866,207  
                 
STOCKHOLDERS’ EQUITY:                
                 
Preferred stock 5,000,000 shares authorized; Series A Convertible Preferred stock ($0.001 par value, 3,000,000 shares authorized, 0 and 3,000,000 shares issued and outstanding as of October 31, 2022, and October 31, 2021, respectively)     —       3,000  
                 
Common stock ($0.001 par value, 1,000,000,000 shares authorized, 56,169,090 and 30,195,312 issued and outstanding as of October 31, 2022, and October 31, 2021, respectively)     56,169       30,195  
                 
Additional paid-in capital     29,375,787       21,551,959  
                 
Accumulated deficit     (19,631,176 )     (5,260,841 )
Total Stockholders’ Equity     9,800,780       16,324,313  
TOTAL LIABILITIES & STOCKHOLDERS’ EQUITY   $ 12,437,034     $ 30,190,520  

 

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

 

 

 

 

Kaival Brands Innovations Group, Inc.

Consolidated Statements of Operations

  

    For the Years
Ended October 31,
    2022   2021
Revenues                
Revenues, net   $ 12,701,539     $ 59,378,208  
Revenues – related parties     68,139       154,560  
Royalty revenue     117,292       —  
Excise tax on products     (125,513 )     (756,338 )
Total revenues, net     12,761,457       58,776,430  
                 
Cost of revenue                
Cost of revenue – related party     11,345,912       46,528,501  
Cost of revenue – other     174,520       314,049  
Total cost of revenue     11,520,432       46,842,550  
                 
Gross profit     1,241,025       11,933,880  
                 
Operating expenses                
Advertising and promotions     2,679,308       3,195,883  
General and administrative expenses     12,950,373       19,207,028  
Total operating expenses     15,629,681       22,402,911  
                 
Other income                
Interest income     4       395  
Total other income     4       395  
                 
Loss before income taxes     (14,388,652 )     (10,468,636 )
                 
Provision (benefit) for income taxes     (18,317 )     (1,435,198 )
                 
Net loss   $ (14,370,335 )   $ (9,033,438 )
                 
Net loss per common share – basic and diluted   $ (0.36 )   $ (0.38 )
                 
Weighted average number of common shares outstanding – basic and diluted     39,710,389       24,000,246  

 

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

 

 

 

 

Kaival Brands Innovations Group, Inc. 
Consolidated Statements of Changes in Stockholders’ Equity
For the years ended October 31, 2022 and 2021

 

    Convertible Preferred Shares   Par Value Convertible Preferred Shares   Common Shares   Par Value Common Shares   Additional Paid-in Capital   Accumulated Deficit   Total
    (Series A)   (Series A)                            
                                                         
Balances, October 31, 2020     3,000,000     $ 3,000       23,106,886     $ 23,107     $ 618,904     $ 3,772,597     $ 4,417,608  
                                                         
Stock issued for services – RSUs     —       —       221,666       221       505,100       —       505,321  
Common stock settled and canceled     —       —       (92,871 )     (93 )     (254,017 )     —       (254,110 )
Common stock issued for compensation     —       —       674,803       675       8,943,425       —       8,944,100  
Stock option expense     —       —       —       —       1,773,947       —       1,773,947  
Common stock issued for cash, net of financing cost     —       —       5,405,000       5,405       8,300,367       —       8,305,772  
Common stock issued for warrant exercise     —       —       879,828       880       1,664,233       —       1,665,113  
Net loss     —       —       —       —       —       (9,033,438 )     (9,033,438 )
Balances, October 31, 2021     3,000,000     $ 3,000       30,195,312     $ 30,195     $ 21,551,959     $ (5,260,841 )   $ 16,324,313  
                                                         
Stock issued for services – RSUs     —       —       123,256       123       172,256       —       172,379  
Common shares settled and cancelled     —       —       (44,720 )     (45 )     (59,817 )     —       (59,862 )
Common stock issued for compensation     —       —       39,637       40       65,283       —       65,323  
Exercise of common stock warrants      —       —        855,605       856       1,624,794       —       1,625,650  
Converted Series A Convertible Preferred Stock     (3,000,000 )     (3,000 )     25,000,000       25,000       (22,000 )     —       —  
Stock option expense     —       —       —       —       6,043,312       —       6,043,312  
Net loss     —       —       —       —       —       (14,370,335 )     (14,370,335 )
Balances, October 31, 2022     —     $ —       56,169,090     $ 56,169     $ 29,375,787     $ (19,631,176 )   $ 9,800,780  

  

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

 

 

 

 

Kaival Brands Innovations Group, Inc.

Consolidated Statements of Cash Flows

  

    For the Year Ended   For the Year Ended
    October 31, 2022   October 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES                
Net loss   $ (14,370,335 )   $ (9,033,438 )
                 
Adjustments to reconcile net loss to net cash provided by operating activities:                
Stock based compensation     237,702       9,449,421  
Stock options expense     6,043,312       1,773,947  
ROU operating lease expense     132,890       14,529  
Write off of inventory     259,563       —    
                 
Changes in current assets and liabilities:                
                 
Accounts receivable     1,410,580       (583,624 )
Other receivable – related party     (3,704,132 )     15,360  
Prepaid expenses     (106,876 )     (319,531 )
Inventory     13,827,082       (15,319,987 )
Inventory deposit – related party     2,925,000       (2,925,000 )
Income tax receivable     146,292       (1,753,594 )
Accounts payable     (202,806 )     242,829  
Accounts payable – related party     (12,667,769 )     11,258,208  
Accrued expenses     519,553       (482,501 )
Deferred revenue     235,274       (623,096 )
Income tax accrual     —       (1,331,856 )
Customer deposits     44,973       —    
Customer refund due     (316,800 )     316,800  
Payments on operating lease liability     (118,633 )     (11,708 )
Net cash used in operating activities     (5,705,130 )     (9,313,241 )
                 
CASH FLOWS FROM FINANCING ACTIVITIES                
Common stock issued for cash, net of financing cost     —         8,305,772  
Proceeds from the exercise of warrants     1,625,650       1,665,113  
Settled RSU shares with cash     (59,862 )   (254,110 )
Net cash provided by financing activities     1,565,788       9,716,775  
                 
Net change in cash and restricted cash   $ (4,139,342 )   $ 403,534  
Beginning cash and restricted cash balance     7,825,235       7,421,701  
Ending cash and restricted cash balance   $ 3,685,893     $ 7,825,235  
                 
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:                
Interest paid   $ —       $ —    
Income taxes paid   $ —       $ 1,637,102  
       
NON-CASH INVESTING AND FINANCING ACTIVITIES:                
Conversion of Series A Preferred Stock Shares to Common Stock Shares   $ 25,000     $ —    
ROU asset and operating lease obligation recognized under Topic 842   $ 1,276,255     $ —    

  

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

 

 

 

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Cover
Jan. 30, 2023
Cover [Abstract]  
Document Type 8-K
Amendment Flag false
Document Period End Date Jan. 30, 2023
Entity File Number 000-56016
Entity Registrant Name Kaival Brands Innovations Group, Inc.
Entity Central Index Key 0001762239
Entity Tax Identification Number 83-3492907
Entity Incorporation, State or Country Code DE
Entity Address, Address Line One 4460 Old Dixie Highway
Entity Address, City or Town Grant
Entity Address, State or Province FL
Entity Address, Postal Zip Code 32949
City Area Code (833)
Local Phone Number 452-4825
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock, par value $0.001 per share
Trading Symbol KAVL
Security Exchange Name NASDAQ
Entity Emerging Growth Company true
Elected Not To Use the Extended Transition Period false
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