false
0001718500
0001718500
2024-08-15
2024-08-15
iso4217:USD
xbrli:shares
iso4217:USD
xbrli:shares
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):
August 15, 2024
![](https://www.sec.gov/Archives/edgar/data/1718500/000152013824000273/image_001.gif)
AXIL BRANDS,
INC.
(Exact name of Registrant as Specified in its Charter)
Delaware |
001-41958 |
47-4125218 |
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
|
|
|
|
|
901 Fremont Avenue, Unit 158, Alhambra, CA |
|
91803 |
(Address of principal executive offices) |
|
(Zip Code) |
(888) 638-8883
(Registrant’s telephone number, including area
code)
Not Applicable
(Former Name or Former Address, if Changed Since Last
Report)
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)) |
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 $0.0001 per share |
|
AXIL |
|
The NYSE American LLC |
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 August 15, 2024, Axil
Brands, Inc. (the “Company”) issued a press release announcing its consolidated financial results for the three and twelve
months ended May 31, 2024. A copy of the Company’s press release is furnished as Exhibit
99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
Pursuant to the rules and
regulations of the Securities and Exchange Commission, such exhibit and the information set forth therein and in this Item 2.02 have been
furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the
“Exchange Act”), or otherwise subject to liability under that section nor shall they be deemed incorporated by reference in
any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference
in such filing regardless of any general incorporation language.
| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits
Exhibit No. |
|
Description |
99.1 |
|
Earnings Press Release of Axil Brands, Inc., dated August 15, 2024. |
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 hereunto duly authorized.
|
AXIL BRANDS, INC. |
|
|
Date: August 15, 2024 |
/s/ Jeff Toghraie |
|
Name: |
Jeff Toghraie |
|
Title: |
Chief Executive Officer |
AXIL Brands, Inc. Reports Record Fiscal Year 2024 Financial Results
LOS ANGELES, August 15, 2024 (GLOBE NEWSWIRE) – AXIL Brands, Inc.
(“AXIL,” “we,” “us,” “our,” or the “Company”) (NYSE American: AXIL), an emerging
global consumer products company for AXIL® hearing protection and enhancement products and Reviv3® hair and skin care products,
today announced financial and operational results for fiscal year 2024.
Highlights for Fiscal Year Ended May 31, 2024
All comparisons are to the full year of the prior year, unless otherwise
noted.
| · | Consolidated net sales (revenue) increased 17% to a record $27.5 million
compared to $23.5 million in the prior year primarily due to the increase in marketing and sales initiatives in our hearing protection
and enhancement segment. |
| · | Cost of sales increased by $1,494,386 or 26%, as compared to the comparable
period in 2023 due to increases in our branding and marketing initiatives which increased our sales, thereby leading to an increased cost
of sales. Cost of sales as a percentage of net revenues for the fiscal year ended May 31, 2024 was
26.6% as compared to 24.7% for the comparable period in 2023. |
| · | Gross profit as a percentage of sales was 73.4% for the fiscal year ended
May 31, 2024, compared to 75.3% for the prior year. The decrease in gross profit, as a percentage of sales, was primarily attributable
to costs associated with expansion into new retail and distribution channels. |
| · | Operating expenses as a percentage of net revenues were 68.0% for the fiscal
year ended May 31, 2024, compared to 66.9% for the full year 2023. The increase was primarily due to higher marketing and selling expenses,
increased compensation, and a rise in general and administrative expenses, including expenses associated with our listing on the NYSE
American exchange. |
| · | Net income per common share on fully diluted basis was $0.21, including $0.08
of gain on redemption of preferred shares, compared to $0.10 for the prior year. Net income per common share on basic basis was $0.57,
including $0.23 gain on redemption of preferred shares, compared to $0.32 for the prior year. |
| · | Diluted earnings per share for 2024 reflects weighed average outstanding
shares on a diluted basis of 16,168,181. As of August 13, 2024, the weighted average outstanding shares on a diluted basis were 8,290,277
or a 49% reduction of our weighted average outstanding on a fully diluted basis. |
“We are making continued progress in areas that should contribute
to our sustainable, long-term growth and profitability. The impressive results underscore our team's relentless dedication and the successful
execution of our strategic initiatives,” commented Jeff Toghraie, Chairman and Chief Executive Officer of AXIL. “For 2025,
our strategic initiatives are geared towards enhancing our global presence, fostering strategic partnerships, and adapting our offerings
to meet diverse market needs. This emphasis on international expansion not only broadens our market reach but also strengthens our competitive
position on the global stage, in our view, driving sustainable growth and maximizing our potential for success in new and dynamic markets.”
“We concluded the fiscal year with record revenues
of $27.5 million, reflecting a solid 17% year-over-year growth, largely driven by our strategic focus on expanding distribution and retail
channels,” remarked Jeff Brown, Chief Financial Officer of AXIL Brands. “For the fiscal year, our fully diluted EPS reflects
a weighted average of 16,168,181 outstanding shares on a diluted basis. As of August 13, 2024, the number of weighted average outstanding
shares on a diluted basis was approximately 8,90,277, representing a 49% reduction from the weighted average outstanding shares on a fully
diluted basis. Maintaining the quality of our revenue is a key priority this year as we focus on optimizing our existing partnerships
and establishing new ones. There was no single customer that accounted for greater than 10% of total sales in our hearing protection and
enhancement segment which accounted for approximately 95% of our total revenue for fiscal year 2024.”
AXIL BRANDS, INC. AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS
|
|
|
|
|
|
|
|
|
|
|
May 31, 2024 |
|
May 31, 2023 |
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
CURRENT ASSETS: |
|
|
|
|
|
|
|
|
Cash |
|
$ |
3,253,876 |
|
|
$ |
4,832,682 |
|
Accounts receivable, net |
|
|
509,835 |
|
|
|
417,016 |
|
Inventory, net |
|
|
3,394,023 |
|
|
|
1,311,864 |
|
Prepaid expenses and other current assets |
|
|
809,126 |
|
|
|
801,360 |
|
|
|
|
|
|
|
|
|
|
Total Current Assets |
|
|
7,966,860 |
|
|
|
7,362,922 |
|
|
|
|
|
|
|
|
|
|
OTHER ASSETS: |
|
|
|
|
|
|
|
|
Property and equipment, net |
|
|
260,948 |
|
|
|
157,463 |
|
Deferred tax asset |
|
|
231,587 |
|
|
|
|
|
Intangible assets, net |
|
|
309,104 |
|
|
|
382,674 |
|
Right of use asset |
|
|
36,752 |
|
|
|
101,845 |
|
Other assets |
|
|
16,895 |
|
|
|
12,195 |
|
Goodwill |
|
|
2,152,215 |
|
|
|
2,152,215 |
|
|
|
|
|
|
|
|
|
|
Total Other Assets |
|
|
3,007,501 |
|
|
|
2,806,392 |
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
|
$ |
10,974,361 |
|
|
$ |
10,169,314 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES: |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
967,596 |
|
|
$ |
908,606 |
|
Customer deposits |
|
|
154,762 |
|
|
|
183,688 |
|
Equipment payable, current |
|
|
- |
|
|
|
2,200 |
|
Contract liabilities- current |
|
|
905,311 |
|
|
|
827,106 |
|
Notes payable |
|
|
146,594 |
|
|
|
172,588 |
|
Due to related party |
|
|
11,798 |
|
|
|
158,072 |
|
Lease liability, current |
|
|
36,752 |
|
|
|
65,824 |
|
Income tax liability |
|
|
242,296 |
|
|
|
230,913 |
|
Other current liabilities |
|
|
332,936 |
|
|
|
305,664 |
|
|
|
|
|
|
|
|
|
|
Total Current Liabilities |
|
|
2,798,045 |
|
|
|
2,854,661 |
|
|
|
|
|
|
|
|
|
|
LONG TERM LIABILITIES: |
|
|
|
|
|
|
|
|
Lease liability- long term |
|
|
- |
|
|
|
36,752 |
|
Contract liabilities- long term |
|
|
480,530 |
|
|
|
605,942 |
|
|
|
|
|
|
|
|
|
|
Total Long Term Liabilities |
|
|
480,530 |
|
|
|
642,694 |
|
|
|
|
|
|
|
|
|
|
Total Liabilities |
|
|
3,278,575 |
|
|
|
3,497,355 |
|
|
|
|
|
|
|
|
|
|
Commitments and contingencies (see Note 11) |
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS' EQUITY: |
|
|
|
|
|
|
|
|
Preferred stock, $0.0001 par value; 300,000,000 shares authorized; 42,251,750 and 250,000,000 shares issued and outstanding as of May 31, 2024 and 2023, respectively |
|
|
4,225 |
|
|
|
25,000 |
|
Common stock, $0.0001 par value: 450,000,000 shares authorized; 5,908,939 and 5,863,939 shares issued, issuable and outstanding as of May 31, 2024 and 2023, respectively |
|
|
591 |
|
|
|
586 |
|
Additional paid-in capital |
|
|
7,825,240 |
|
|
|
10,113,365 |
|
Accumulated deficit |
|
|
(134,270 |
) |
|
|
(3,466,992 |
) |
|
|
|
|
|
|
|
|
|
Total Stockholders' Equity |
|
|
7,695,786 |
|
|
|
6,671,959 |
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
|
$ |
10,974,361 |
|
|
$ |
10,169,314 |
|
AXIL BRANDS, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE YEARS ENDED MAY 31, 2024 AND 2023
|
|
|
|
|
|
|
|
|
|
|
2024 |
|
2023 |
|
|
|
|
|
Sales, net |
|
$ |
27,498,539 |
|
|
$ |
23,521,027 |
|
|
|
|
|
|
|
|
|
|
Cost of sales |
|
|
7,304,602 |
|
|
|
5,810,216 |
|
|
|
|
|
|
|
|
|
|
Gross profit |
|
|
20,193,937 |
|
|
|
17,710,811 |
|
|
|
|
|
|
|
|
|
|
OPERATING EXPENSES: |
|
|
|
|
|
|
|
|
Sales and marketing |
|
|
13,449,054 |
|
|
|
11,675,206 |
|
Compensation and related taxes |
|
|
965,931 |
|
|
|
1,347,839 |
|
Professional and consulting |
|
|
2,589,496 |
|
|
|
1,420,990 |
|
General and administrative |
|
|
1,686,076 |
|
|
|
1,282,565 |
|
|
|
|
|
|
|
|
|
|
Total Operating Expenses |
|
|
18,690,557 |
|
|
|
15,726,600 |
|
|
|
|
|
|
|
|
|
|
INCOME FROM OPERATIONS |
|
|
1,503,380 |
|
|
|
1,984,211 |
|
|
|
|
|
|
|
|
|
|
OTHER INCOME (EXPENSE): |
|
|
|
|
|
|
|
|
Gain on debt settlement |
|
|
79,182 |
|
|
|
50,500 |
|
Other income |
|
|
22,534 |
|
|
|
16,829 |
|
Interest income |
|
|
182,225 |
|
|
|
6,469 |
|
Interest expense and other finance charges |
|
|
(4,392 |
) |
|
|
(2,521 |
) |
|
|
|
|
|
|
|
|
|
Other Income (Expense), Net |
|
|
279,549 |
|
|
|
71,277 |
|
|
|
|
|
|
|
|
|
|
INCOME BEFORE PROVISION FOR INCOME TAXES |
|
|
1,782,929 |
|
|
|
2,055,488 |
|
|
|
|
|
|
|
|
|
|
Provision (benefit) for income taxes |
|
|
(220,205 |
) |
|
|
230,913 |
|
|
|
|
|
|
|
|
|
|
NET INCOME |
|
$ |
2,003,134 |
|
|
$ |
1,824,575 |
|
|
|
|
|
|
|
|
|
|
Deemed dividend on preferred stock buyback |
|
$ |
1,329,588 |
|
|
$ |
- |
|
Net income available to common shareholders |
|
$ |
3,332,722 |
|
|
$ |
1,824,575 |
|
|
|
|
|
|
|
|
|
|
NET INCOME PER COMMON SHARE: |
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.57 |
|
|
$ |
0.32 |
|
Diluted |
|
$ |
0.21 |
|
|
$ |
0.10 |
|
|
|
|
|
|
|
|
|
|
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: |
|
|
|
|
|
|
|
|
Basic |
|
|
5,868,570 |
|
|
|
5,644,771 |
|
Diluted |
|
|
16,168,181 |
|
|
|
17,869,264 |
|
AXIL BRANDS, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS'
EQUITY
FOR THE YEARS ENDED MAY 31, 2024 AND 2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stock |
|
|
|
|
|
Total |
|
|
Preferred Stock |
|
Issued/Issuable |
|
Additional Paid-in |
|
Accumulated |
|
Stockholders' |
|
|
Shares |
|
Amount |
|
Shares |
|
Amount |
|
Capital |
|
Deficit |
|
Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, May 31, 2022 |
|
|
- |
|
|
$ |
- |
|
|
|
2,107,385 |
|
|
$ |
211 |
|
|
$ |
5,476,068 |
|
|
$ |
(5,291,567 |
) |
|
$ |
184,712 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued for acquisition of business |
|
|
250,000,000 |
|
|
|
25,000 |
|
|
|
3,659,195 |
|
|
|
366 |
|
|
|
3,982,114 |
|
|
|
- |
|
|
|
4,007,480 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock options expense |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
207,342 |
|
|
|
- |
|
|
|
207,342 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares to be issued for cash |
|
|
- |
|
|
|
- |
|
|
|
97,359 |
|
|
|
9 |
|
|
|
447,841 |
|
|
|
- |
|
|
|
447,850 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income for the year ended May 31, 2023 |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1,824,575 |
|
|
|
1,824,575 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, May 31, 2023 |
|
|
250,000,000 |
|
|
|
25,000 |
|
|
|
5,863,939 |
|
|
|
586 |
|
|
|
10,113,365 |
|
|
|
(3,466,992 |
) |
|
|
6,671,959 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock options expense |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
204,429 |
|
|
|
- |
|
|
|
204,429 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restricted stock awards |
|
|
- |
|
|
|
- |
|
|
|
45,000 |
|
|
|
5 |
|
|
|
62,749 |
|
|
|
- |
|
|
|
62,754 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock buyback |
|
|
(207,748,250 |
) |
|
|
(20,775 |
) |
|
|
- |
|
|
|
- |
|
|
|
(2,555,303 |
) |
|
|
1,329,588 |
|
|
|
(1,246,490 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income for the year ended May 31, 2024 |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
2,003,134 |
|
|
|
2,003,134 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, May 31, 2024 |
|
|
42,251,750 |
|
|
$ |
4,225 |
|
|
|
5,908,939 |
|
|
$ |
591 |
|
|
$ |
7,825,240 |
|
|
$ |
(134,270 |
) |
|
$ |
7,695,786 |
|
AXIL BRANDS, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED MAY 31, 2024 AND 2023
|
|
|
|
|
|
|
|
|
|
|
May 31, |
|
|
2024 |
|
2023 |
|
|
|
|
|
CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
|
|
|
|
|
|
Net income |
|
$ |
2,003,134 |
|
|
$ |
1,824,575 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
130,610 |
|
|
|
95,179 |
|
Bad debts |
|
|
25,471 |
|
|
|
76,969 |
|
Inventory obsolescence |
|
|
46,895 |
|
|
|
- |
|
Stock-based compensation |
|
|
267,183 |
|
|
|
207,342 |
|
Gain on debt settlement |
|
|
(79,182 |
) |
|
|
(50,500 |
) |
Deferred income taxes |
|
|
(231,587 |
) |
|
|
- |
|
Change in operating assets and liabilities: |
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
(118,290 |
) |
|
|
(160,277 |
) |
Inventory |
|
|
(2,129,054 |
) |
|
|
353,985 |
|
Prepaid expenses and other current assets |
|
|
(7,766 |
) |
|
|
(661,115 |
) |
Deposits |
|
|
- |
|
|
|
(3,810 |
) |
Accounts payable and accrued expenses |
|
|
138,172 |
|
|
|
215,175 |
|
Other current liabilities |
|
|
4,298 |
|
|
|
630,897 |
|
Contract liabilities |
|
|
(47,207 |
) |
|
|
389,716 |
|
|
|
|
|
|
|
|
|
|
NET CASH PROVIDED BY OPERATING ACTIVITIES |
|
|
2,677 |
|
|
|
2,918,136 |
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
|
|
|
|
|
|
Cash acquired on business acquisition |
|
|
- |
|
|
|
1,066,414 |
|
Purchase of intangibles |
|
|
(22,080 |
) |
|
|
- |
|
Purchase of property and equipment |
|
|
(138,445 |
) |
|
|
(65,650 |
) |
|
|
|
|
|
|
|
|
|
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES |
|
|
(160,525 |
) |
|
|
1,000,764 |
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
|
|
|
|
|
|
Cash raised for common stock to be issued |
|
|
- |
|
|
|
447,850 |
|
Repurchase of preferred stock |
|
|
(1,246,490 |
) |
|
|
- |
|
Repayment of equipment financing |
|
|
(2,200 |
) |
|
|
(3,300 |
) |
Repayment of note payable |
|
|
(25,994 |
) |
|
|
(37,119 |
) |
Advances (payments) from a related party |
|
|
(146,274 |
) |
|
|
132,620 |
|
|
|
|
|
|
|
|
|
|
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES |
|
|
(1,420,958 |
) |
|
|
540,051 |
|
|
|
|
|
|
|
|
|
|
NET INCREASE (DECREASE) IN CASH |
|
|
(1,578,806 |
) |
|
|
4,458,951 |
|
|
|
|
|
|
|
|
|
|
CASH - Beginning of year |
|
|
4,832,682 |
|
|
|
373,731 |
|
|
|
|
|
|
|
|
|
|
CASH - End of year |
|
$ |
3,253,876 |
|
|
$ |
4,832,682 |
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: |
|
|
|
|
|
|
|
|
Cash paid during the year for: |
|
|
|
|
|
|
|
|
Interest |
|
$ |
6,907 |
|
|
$ |
2,521 |
|
Income taxes |
|
$ |
- |
|
|
$ |
- |
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES: |
|
|
|
|
|
|
|
|
Stock issued for asset purchase agreement |
|
$ |
- |
|
|
$ |
4,007,480 |
|
Right of use assets recognized as lease liability |
|
$ |
- |
|
|
$ |
131,970 |
|
Tangible assets (excluding cash) acquired in business combination |
|
$ |
- |
|
|
$ |
1,740,729 |
|
Intangible assets acquired in business combination |
|
$ |
- |
|
|
$ |
456,945 |
|
Goodwill acquired in business combination |
|
$ |
- |
|
|
$ |
2,152,215 |
|
Liabilities assumed in business combination |
|
$ |
- |
|
|
$ |
1,408,823 |
|
About AXIL
AXIL (NYSE American) is an emerging global e-commerce consumer products
company. The Company is a manufacturer and marketer of premium hearing enhancement and protection products, including ear plugs, earmuffs,
and ear buds, under the AXIL® brand and premium hair and skincare products under its in-house Reviv3 Procare brand - selling products
in the United States, Canada, the European Union and throughout Asia. To learn more, please visit the Company's website at www.reviv3.com and,
for the AXIL® brand, visit www.goaxil.com.
Forward-Looking Statements
This press release contains a number of forward-looking statements within
the meaning of the federal securities laws. The use of words such as “anticipate,”
“believe,” “expect,” “continue,” “will,” “prepare,” “should,”
and “focus,” among others, generally identify forward-looking statements. These forward-looking statements are based on currently
available information, and management’s beliefs, projections, and current expectations, and are subject to a number of significant
risks and uncertainties, many of which are beyond management’s control and may cause the Company’s results, performance or achievements
to differ materially from any future results, performance or achievements expressed or implied by these forward- looking statements. Factors that could cause actual results to differ materially
from those in the forward-looking statements include, among other things: (i) the Company’s
ability to grow its net sales and operations, including expanding internationally,
and perform in accordance with any guidance; (ii) our ability to generate sufficient revenue to support the Company’s operations
and to raise additional funds or obtain other forms of financing as needed on acceptable terms, or at all; (iii) potential difficulties
or delays the Company may experience in implementing its cost savings and efficiency initiatives; (iv) the Company’s ability to
compete effectively with other hair and skincare companies and hearing enhancement and protection companies; (v) the concentration of
the Company’s customers, potentially increasing the negative impact to the Company by changing purchasing or selling patterns; (vi)
changes in laws or regulations in the United States and/or in other major markets, such as China, in which the Company operates, including,
without limitation, with respect to taxes, tariffs, trade policies or product safety, which may increase the Company product costs and
other costs of doing business, and reduce the Company’s earnings; (vii) our ability to engage in strategic partnerships and expand
our distribution and retail channels; and (viii) the impact of unstable market and general economic conditions on the Company’s
business, financial condition and stock price, including inflationary cost pressures, the possibility of an economic recession and other macroeconomic factors, geopolitical events, and uncertainty, decreased
discretionary consumer spending, supply chain disruptions and constraints, labor shortages, ongoing economic disruption, including the
effects of the Ukraine-Russia conflict and the Israel-Hamas conflict, and other downturns in the business cycle or the economy. There
can be no assurance as to any of these matters, and potential investors are urged to consider these factors carefully in evaluating the
forward-looking statements. Other important factors that may cause actual results to differ materially from those expressed in the forward-looking
statements are discussed in the Company’s filings with the U.S. Securities and Exchange
Commission. These forward-looking statements speak only as of the date hereof. Except as
required by law, the Company does not assume any obligation to update or revise these forward-looking statements for any reason, even if new information becomes available in
the future.
Investor Relations:
AXIL Investor Relations Team
(888) 638-8883
investors@axilbrands.com
v3.24.2.u1
Cover
|
Aug. 15, 2024 |
Cover [Abstract] |
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8-K
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false
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Document Period End Date |
Aug. 15, 2024
|
Entity File Number |
001-41958
|
Entity Registrant Name |
AXIL BRANDS,
INC.
|
Entity Central Index Key |
0001718500
|
Entity Tax Identification Number |
47-4125218
|
Entity Incorporation, State or Country Code |
DE
|
Entity Address, Address Line One |
901 Fremont Avenue
|
Entity Address, Address Line Two |
Unit 158
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Entity Address, City or Town |
Alhambra
|
Entity Address, State or Province |
CA
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Entity Address, Postal Zip Code |
91803
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(888)
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638-8883
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Reviv3 Procare (QB) (USOTC:RVIV)
過去 株価チャート
から 7 2024 まで 8 2024
Reviv3 Procare (QB) (USOTC:RVIV)
過去 株価チャート
から 8 2023 まで 8 2024