HONG KONG, June 4, 2025 /PRNewswire/ -- FiEE, Inc. (NASDAQ:MINM) ("FiEE, Inc." or the "Company"), a technology company integrating IoT, connectivity and AI to redefine brand management solutions in the digital era, is pleased to announce significant business updates.Recently, FiEE, Inc. has entered into a strategic agency and cooperation agreement with Beijing Yilian World Expo Business Management Group Co., Ltd. ("Beijing Yilian"). The Company is appointed as the agent to introduce businesses to participat ...

Company resumed trading under its existing symbol "MINM" HONG KONG, June 2, 2025 /PRNewswire/ -- FiEE, Inc. (NASDAQ:MINM) ("FiEE, Inc." or the "Company"), a technology company integrating IoT, connectivity and AI to redefine brand management solutions in the digital era, commenced the trading of its common stock on Monday, June 2, 2025 on the Nasdaq Capital Market under the ticker symbol "MINM".With the vision of growing Key Opinion Leaders ("KOLs") in the market, FiEE, Inc. is currently strategically trans ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (Exact Name of Registrant as Specified in its Charter) Delaware 04-2621506 (State or Other Jurisdiction of Incorporation or Organization) Flat A1, 29/F, Block A, TML Tower, 3 Hoi Shing Road, Tsuen Wan, Hong Kong (Address of Principal Executive Of ices) (Zip Code) For the quarterly period ended March 31, 2025 or Registrant's Tel ...

Business Transition and Strategy - The company transitioned from its legacy business to a digital service provider focused on integrating artificial intelligence and data analytics into content creation and brand management as of April 10, 2025[21][45]. - The company has stopped substantially all of its legacy business operations as of April 10, 2025, marking a complete transition to new business offerings[21]. - The company is in the early stages of its new business model, which may result in limited revenue generation and operational challenges[45]. - The company plans to pursue acquisitions to grow its business, which may involve risks related to identifying suitable candidates and securing financing[49]. - A potential transaction is being evaluated for acquiring 100% equity interests in Suzhou Yixuntong Network Technology Co., Ltd., which may generate operational cash flow[162]. Financial Performance - Total net sales decreased by $25.5 million or 97.5%, from $26.1 million in 2023 to $0.6 million in 2024, primarily due to decreased sales of Motorola branded cable modems and gateways[107]. - The company reported a net loss of $4.2 million in 2024, compared to a net loss of $17.6 million in 2023, reflecting an improvement of $15.6 million or 88.5%[104]. - The company reported a net loss of $4,224,278 for 2024, compared to a net loss of $17,633,924 in 2023, representing a reduction in losses of about 76.01%[151]. - Cash used in operating activities was $3.8 million in 2024, compared to cash provided of $4.8 million in 2023, reflecting a significant operational cash flow decline[122]. - The company has substantial doubt about its ability to continue as a going concern, requiring additional liquidity to sustain operations beyond the next 12 months[120][128]. Operational Challenges - The company is currently under suspended trading status on the Nasdaq due to failing to meet the minimum stockholders' equity requirement of at least $2,500,000[28]. - The company has received a stay of delisting from the SEC pending further review, indicating ongoing regulatory challenges[31]. - The company may experience difficulties in scaling operations, which could affect service quality and employee retention[51]. - The company faces risks related to integrating acquired companies, including potential over-valuation and litigation from acquired entities[53]. Cost Management and Expenses - Selling and marketing expenses dropped by $9.4 million or 99.3%, from $9.5 million in 2023 to $66.2 thousand in 2024, mainly due to a reduction in Motorola royalty fees and marketing programs[111]. - General and administrative expenses decreased by $2.7 million to $2.1 million in 2024, a reduction of 56.7% compared to 2023[112]. - Research and development expenses decreased by $3.3 million or 96.7%, from $3.4 million in 2023 to $113.3 thousand in 2024[104]. - The company incurred total operating expenses of $4,442,835 in 2024, down from $17,677,479 in 2023, a decrease of approximately 74.88%[151]. Shareholder and Equity Information - The company has authorized the issuance of 60,000,000 shares of common stock, which may lead to substantial dilution for existing investors[72]. - The company has committed to increasing the Stated Value of its Series A Convertible Preferred Stock from $1.40 to $2.75 as part of the Securities Purchase Agreement[37]. - The company has never declared or paid any cash dividends and does not intend to do so in the foreseeable future[74]. - The company currently trades on the Pink Tier of OTC Markets, which may limit liquidity and market quotations for its shares[60]. Assets and Liabilities - Total current assets decreased to $164,919 in 2024 from $11,399,114 in 2023, a decline of approximately 98.55%[148]. - Total liabilities decreased to $437,027 in 2024 from $12,244,048 in 2023, a reduction of approximately 96.43%[148]. - Cash and cash equivalents decreased from $709 thousand in 2023 to $30 thousand in 2024[90]. - The accumulated deficit increased to $96,693,056 in 2024 from $92,468,778 in 2023, an increase of about 4.83%[154]. Compliance and Governance - The company plans to establish an independent audit committee, compensation committee, and nomination committee to comply with Nasdaq listing standards[54]. - The company has not maintained effective internal controls over financial reporting, which could impair investor confidence and affect stock price[75].

Sales Performance - The company reported net sales of $0 million for the three months ended September 30, 2024, a decrease of $6.7 million or 100% compared to $6.7 million in the same period of 2023[101] - For the nine months ended September 30, 2024, net sales were $0.6 million, down $24.0 million or 97.4% from $24.6 million in the prior year[101] - The decline in sales is primarily attributed to decreased sales of Motorola branded cable modems and gateways, with sales in this category dropping to $0 from $6.4 million year-over-year[108] - Net sales for September 30, 2024, were $30,000, a decrease of $6,696,000 or 100.0% compared to $24,643,000 for September 30, 2023[111] Profitability - The gross profit for the three months ended September 30, 2024 was negative $2.998 million, compared to a gross profit of $0.207 million in the same period of 2023[105] - Gross margin for the three months ended September 30, 2024, was -44.8%, a significant decline from 32.4% for the same period in 2023[111] - The company reported a net loss of $4,400,000 for the nine months ended September 30, 2024, compared to a net loss of $16,500,000 for the same period in 2023[126] Operating Expenses - Total operating expenses for the three months ended September 30, 2024 were $3.724 million, a decrease of $11.6 million or 71.7% from $16.204 million in the prior year[105] - Selling and marketing expenses decreased to $0 for the three months ended September 30, 2024, down from $2,074,000, representing a 100.0% change[114] - General and administrative expenses decreased by $338,000 or 35.1% to $625,000 for the three months ended September 30, 2024, compared to $963,000 in 2023[116] - Research and development expenses were $0 for the three months ended September 30, 2024, down from $687,000, a decrease of 100.0%[119] Liquidity and Cash Position - The company had cash and cash equivalents of $0.2 million as of September 30, 2024, down from $0.7 million on December 31, 2023[98] - Working capital was negative $0.8 million as of September 30, 2024, indicating liquidity challenges[98] - The company has a negative working capital of $800,000 as of September 30, 2024, indicating liquidity concerns[121] - Cash used in operating activities for the nine months ended September 30, 2024, was $3,783,000, reflecting a significant operational challenge[126] Future Considerations - The company is evaluating options related to its liquidity and will continue to monitor costs in relation to sales[99] - The company has approximately $79.4 million in federal net operating loss carryforwards available to reduce future taxable income[136] - The company is classified as a smaller reporting company and is not required to provide detailed market risk disclosures[139] Operating Loss - The operating loss for the three months ended September 30, 2024 was $0.625 million, a significant improvement compared to a loss of $6.722 million in the same period of 2023[105] Revenue Geography - The majority of the company's revenues are generated in North America, with significant declines in sales outside this region due to regulatory variations[108]

Core Points - Nasdaq Stock Market announced the delisting of Minim, Inc.'s common stock, which has been suspended since July 24, 2024 [1] - Nasdaq will file a Form 25 with the Securities and Exchange Commission to finalize the delisting process, effective ten days after the filing [1] - Additional information regarding the delisting and the trading status of Minim, Inc.'s securities can be found in the company's public filings or by contacting the company directly [1] Company Information - Minim, Inc.'s securities have not traded on Nasdaq since their suspension on July 24, 2024 [1] - The delisting process is governed by Nasdaq's rules, specifically the Nasdaq Rule 5800 Series [1]

Financial Performance - The company reported net sales of $0 million for the three months ended June 30, 2024, a decrease of $7.2 million or 100% compared to $7.2 million in the same period of 2023[76]. - For the six months ended June 30, 2024, net sales decreased by $17.3 million or 296.0% compared to $17.9 million in the same period of 2023[84]. - The gross profit for the three months ended June 30, 2024 was $0, down from $486 thousand in the same period of 2023, representing a decrease of 100%[80]. - The company experienced a net loss of $(488) thousand for the three months ended June 30, 2024, compared to a net loss of $(5,559) thousand in the same period of 2023, reflecting a 91.3% improvement[80]. - Cash used in operating activities was $2.88 million for the first half of 2024, reflecting a net loss of $3.7 million adjusted for non-cash expenses[99]. Operating Expenses - Total operating expenses for the three months ended June 30, 2024 were $489 thousand, a decrease of 91.8% compared to $5,947 thousand in the same period of 2023[80]. - Selling and marketing expenses decreased by 99.1% to $66,000 in the first half of 2024 compared to $7.31 million in the same period of 2023, driven by reductions in personnel and marketing campaign costs[88]. - General and administrative expenses decreased by 51.6% to $567,000 in Q2 2024 compared to $1.17 million in Q2 2023, mainly due to lower personnel and software subscription expenses[90]. - Research and development expenses fell by 96.5% to $41,000 in Q2 2024 compared to $1.19 million in Q2 2023, attributed to decreases in personnel and contract labor costs[93]. Liquidity and Cash Position - The company had cash and cash equivalents of $0.6 million as of June 30, 2024, down from $0.7 million on December 31, 2023[73]. - As of June 30, 2024, cash and cash equivalents were $0.6 million, down from $0.7 million on December 31, 2023, with negative working capital of $0.7 million[95]. - The company is evaluating options related to its liquidity and will continue to monitor costs in relation to sales[74]. - The company has substantial doubt about its ability to continue as a going concern without additional liquidity to support operations beyond the next 12 months[97]. Sales and Market Trends - The decrease in net sales is primarily attributed to reduced sales of Motorola branded cable modems and gateways[84]. - Sales related to SaaS offerings were $0 thousand for the three months ended June 30, 2024, down from $74 thousand in the same period of 2023[84]. - The company expects future selling and marketing expenses to decrease compared to the first half of 2024, contingent on sales levels achieved[89]. - Future research and development expenses are anticipated to decrease compared to the first half of 2024, depending on the timing and number of development activities[94]. Tax Considerations - Federal and state net operating loss carryforwards amount to approximately $79.2 million and $47.9 million, respectively, available to reduce future taxable income[107].

Core Viewpoint - Minim, Inc. has received a notification from Nasdaq indicating non-compliance with the minimum stockholders' equity requirement of $2,500,000 for continued listing on The Nasdaq Capital Market [1] Group 1: Nasdaq Notification and Appeal - The company was informed by Nasdaq's Listing Qualifications Department that it does not meet the stockholders' equity requirement [1] - Minim has appealed the determination to a Hearings Panel, which will stay the suspension of its securities pending the Panel's decision [2] - The company has requested that the Staff determination be stayed while the appeal is resolved [2] Group 2: Compliance Strategy - Minim intends to regain compliance with the stockholders' equity requirement through a direct equity investment and/or business combination before the hearing [3] - There is no assurance that the company will successfully execute this plan [3] Group 3: Company Overview - Minim, Inc. was established in 1977 and specializes in intelligent software for enhancing WiFi connections [4] - The company's cloud platform supports various routers and apps, focusing on customer control over their connected experience and privacy [4]

Company Overview - Minim, Inc. is a networking company founded in 1977, now focused on delivering intelligent software to enhance WiFi connections for users [4] - The company is headquartered in Manchester, N.H., and its cloud platform supports various routers and apps to improve user experience and privacy [4] Compliance and Regulatory Issues - Minim received a notification from Nasdaq's Listing Qualifications Department indicating that it does not meet the minimum stockholders' equity requirement of at least $2,500,000 for continued listing on The Nasdaq Capital Market [2] - The company has appealed this determination to a Hearings Panel, seeking to stay the suspension of its securities pending the Panel's decision [1][2] - To regain compliance with the stockholders' equity requirement, the company plans to pursue a direct equity investment and/or a business combination before the hearing [3]

Financial Performance - For the three months ended March 31, 2024, net sales were $640,000, a decrease of $10.1 million or 94% compared to $10.8 million in the same period of 2023[89][96]. - Gross profit for the same period was $207,000, representing a gross margin of 32.4%, compared to $2.6 million and a gross margin of 24.3% in 2023[94][99]. - Operating loss for the three months ended March 31, 2024, was $3.27 million, a slight improvement from a loss of $3.93 million in the prior year[94]. - Selling and marketing expenses decreased by 99.4% to $21,000, primarily due to reductions in personnel expenses and marketing campaigns[101]. - General and administrative expenses decreased by 23.2% to $1.02 million, mainly due to a reduction in personnel expenses and other administrative costs[103]. - Research and development expenses for Q1 2024 were $72,000, a decrease of $1.4 million or 95.1% compared to Q1 2023[105]. Cash and Liquidity - The company had cash and cash equivalents of $1.0 million as of March 31, 2024, up from $0.7 million at the end of 2023[87]. - As of March 31, 2024, cash and cash equivalents were $1.0 million, up from $0.7 million on December 31, 2023, with negative working capital of $0.3 million[107]. - Cash used in operating activities for Q1 2024 was $2.5 million, reflecting a net loss of $3.3 million[111]. - Cash provided by financing activities in Q1 2024 included proceeds from the issuance of preferred stock totaling $2.8 million[113]. - The company has substantial doubt about its ability to continue as a going concern and will require additional liquidity to continue operations beyond the next 12 months[109]. - Future liquidity needs will be influenced by operating losses, sales timing, and expenditures related to product development and marketing[119]. - The company will continue to monitor costs in relation to sales and adjust accordingly to manage cash flow[118]. Revenue Challenges - The company continues to experience losses attributed to declining revenues, particularly from Motorola branded products[89][96]. - The majority of revenues are generated in North America, with significant challenges in sales outside the U.S. due to regulatory variations[96]. - Future gross margin is expected to be subject to variabilities similar to those experienced in Q1 2024, with several risks affecting its maintenance[100].