A slide presentation will accompany management’s remarks and will be accessible five minutes prior to the start of the call via the following link: https://ir.minim.com. A recording of the call will also be made available afterwards through the investor information section of the company’s website.
About Minim
Minim, Inc. (NASDAQ: MINM) is the creator of intelligent networking products that dependably connect people to the information they need and the people they love. Headquartered in Manchester, NH, the company delivers smart software-driven communications products under the globally recognized Motorola brand. Minim end users benefit from a personalized and secure WiFi experience, leading to happy and safe homes where things just work. To learn more, visit https://www.minim.com.
MOTOROLA and the Stylized M Logo are trademarks or registered trademarks of Motorola Trademark Holdings, LLC and are used under license.
Media Contact:
Grace McElroy at (914) 643-5260 or grace@minim.com
Investor Relations Contact:
James Carbonara, Hayden IR at (646) 755-7412 or james@haydenir.com
About Motorola Strategic Brand Partnerships
For over 90 years the Motorola brand has been known around the world for high quality, innovative and trusted products. Motorola’s Strategic Brand Partnership program seeks to leverage the power of this iconic brand by teaming with dynamic companies who offer unique, high quality products that enrich consumers’ lives. Strategic brand partners work closely with Motorola engineers while developing and manufacturing their products, ensuring that their products meet the exacting safety, quality, and reliability standards that consumers have come to expect from Motorola. To learn more about Motorola strategic brand partnerships, follow us @ShopMotorola.
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 merger; the potential increase in tariffs on the company’s imports; potential difficulties and supply interruptions from moving the manufacturing of most of the company’s products to 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; 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.
| MINIM INC. | |||||||
| Consolidated Balance Sheet | |||||||
| (Unaudited) | |||||||
| (in thousands, except share data) | |||||||
| ASSETS | June 30, | December 31, | |||||
| 2021 | 2020 | ||||||
| (Unaudited) | |||||||
| Current assets | |||||||
| Cash and cash equivalents | $ | 812 | $ | 772 | |||
| Restricted cash | 750 | 800 | |||||
| Accounts receivable, net | 9,255 | 9,203 | |||||
| Inventories, net | 19,579 | 16,505 | |||||
| Prepaid expenses and other current assets | 304 | 399 | |||||
| Total current assets | 30,700 | 27,679 | |||||
| Equipment, net | 634 | 455 | |||||
| Operating lease right-of-use assets, net | 91 | 87 | |||||
| Goodwill | 59 | 59 | |||||
| Intangible assets, net | 333 | 389 | |||||
| Other assets | 846 | 942 | |||||
| Total assets | $ | 32,663 | $ | 29,611 | |||
| LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||
| Current liabilities | |||||||
| Bank credit line | $ | 7,229 | $ | 2,442 | |||
| Accounts payable | 12,205 | 11,745 | |||||
| Current maturities of long-term debt | 60 | 65 | |||||
| Current maturities of operating lease liabilities | 93 | 66 | |||||
| Accrued expenses | 5,045 | 7,465 | |||||
| Deferred revenue, current | 350 | –– | |||||
| Total current liabilities | $ | 24,982 | $ | 21,783 | |||
| Long-term debt, less current maturities | –– | 15 | |||||
| Operating lease liabilities, less current maturities | –– | 22 | |||||
| Deferred revenue noncurrent | 653 | –– | |||||
| Total liabilities | $ | 25,635 | $ | 21,820 | |||
| Stockholders' equity | |||||||
| Common stock: Authorized: 40,000,000 shares at $0.01 par | |||||||
| value; issued and outstanding: 35,631,239 shares at June 30, | |||||||
| 2021 and 35,074,922 shares at December 31, 2020, respectively | 356 | 351 | |||||
| Additional paid in capital | 65,858 | 64,527 | |||||
| Accumulated deficit | (59,186) | (57,087) | |||||
| Total stockholders' equity | 7,028 | 7,791 | |||||
| Total liabilities and stockholders' equity | $ | 32,663 | $ | 29,611 | |||
