Forward-Looking Statements
This press release contains “forward-looking statements”, within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Such forward-looking statements relate to Minim’s plans, expectations, and intentions. Actual results may be materially different from expectations as a result of known and unknown risks, including: risks associated with Minim’s potential inability to realize intended benefits of the acquisition by merger of Zoom Connectivity, Inc.; the potential increase in tariffs on the company’s imports; the potential difficulties and supply interruptions from moving the manufacturing the company’s products in Vietnam; risks relating to global semiconductor shortages; potential changes in NAFTA; the potential need for additional funding which Minim may be unable to obtain; declining demand for certain of Minim’s products; delays, unanticipated costs, interruptions or other uncertainties associated with Minim’s production and shipping; Minim’s reliance on several key outsourcing partners; uncertainty of key customers’ plans and orders; risks relating to product certifications; Minim’s dependence on key employees; uncertainty of new product development, including certification and overall project delays, budget overruns; the risk that newly introduced products may contain undetected errors or defects or otherwise not perform as anticipated; costs and senior management distractions due to patent related matters; risks from a material weakness in our internal control over financial reporting; the impact of the COVID-19 pandemic; risks associated with macroeconomic factors including supply chain issues, inflation, tightening of money markets and labor shortages; and other risks set forth in Minim’s filings with the Securities and Exchange Commission. Minim cautions readers not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. Minim expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any such statements to reflect any change in Minim’s expectations or any change in events, conditions or circumstance on which any such statement is based.
Media Contact:
Nicole Zheng, President & CMO
nicole@minim.com
Investor Relations Contact:
James Carbonara
james@haydenir.com
(646) 755-7412
(1)"Parks Associates: US Internet Households Have an Average of 16 ...." 27 Apr. 2022, https://www.prnewswire.com/news-releases/parks-associates-us-internet-households-have-an-average-of-...l. Accessed 5 May. 2022.
— Tables Follow —
Minim, Inc. | |||||||
Consolidated Balance Sheets | |||||||
(Unaudited) | |||||||
(in thousands, except share data) | |||||||
ASSETS | March 31, | December 31, | |||||
2022
(Unaudited) | 2021 | ||||||
Current assets | |||||||
Cash and cash equivalents | $ | 10,049 | $ | 12,570 | |||
Restricted cash | 500 | 500 | |||||
Accounts receivable, net | 5,202 | 4,881 | |||||
Inventories, net | 29,957 | 32,503 | |||||
Prepaid expenses and other current assets | 642 | 588 | |||||
Total current assets | 46,350 | 51,042 | |||||
Equipment, net | 806 | 763 | |||||
Operating lease right-of-use assets, net | 196 | 242 | |||||
Goodwill | 59 | 59 | |||||
Intangible assets, net | 232 | 262 | |||||
Other assets | 645 | 545 | |||||
Total assets | $ | 48,288 | $ | 52,913 | |||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||
Current liabilities | |||||||
Bank credit line | $ | 7,072 | $ | 5,065 | |||
Accounts payable | 8,208 | 12,458 | |||||
Current maturities of government loan | 8 | 34 | |||||
Current maturities of operating lease liabilities | 124 | 143 | |||||
Accrued expenses | 4,750 | 5,280 | |||||
Deferred revenue, current | 404 | 292 | |||||
Total current liabilities | $ | 20,566 | $ | 23,272 | |||
Operating lease liabilities, less current maturities | 72 | 99 | |||||
Deferred revenue, noncurrent | 428 | 444 | |||||
Total liabilities | $ | 21,066 | $ | 23,815 | |||
Stockholders' equity | |||||||
Common stock: Authorized: 60,000,000 shares at $0.01 par | |||||||
value; issued and outstanding: 46,065,817 shares at March | |||||||
31, 2022 and 45,885,043 shares at December 31, 2021, respectively | 461 | 459 | |||||
Additional paid in capital | 89,973 | 89,313 | |||||
Accumulated deficit | (63,212) | (60,674) | |||||
Total stockholders' equity | 27,222 | 29,098 | |||||
Total liabilities and stockholders' equity | $ | 48,288 | $ | 52,913 | |||