[PART I - FINANCIAL INFORMATION](index=4&type=section&id=PART%20I%20-%20FINANCIAL%20INFORMATION) [Financial Statements](index=5&type=section&id=Item%201.%20Financial%20Statements) This section presents the unaudited consolidated financial statements for Q1 2025, highlighting a reduced net loss and auditor's going concern doubt due to a $6.34 million accumulated deficit - The company's auditors have raised doubt about its ability to continue as a going concern due to accumulated deficits of **$6.34 million** and cash flow used in operations[31](index=31&type=chunk) Consolidated Balance Sheet Highlights (Unaudited) | Account | March 31, 2025 ($) | December 31, 2024 ($) | | :--- | :--- | :--- | | **Total Current Assets** | $3,030,587 | $3,462,457 | | **Total Assets** | **$5,810,762** | **$6,307,303** | | **Total Liabilities** | $828,046 | $1,016,352 | | **Total Shareholders' Equity** | **$4,982,716** | **$5,290,951** | Consolidated Statement of Operations Highlights (Unaudited) | Metric | Three Months Ended Mar 31, 2025 ($) | Three Months Ended Mar 31, 2024 ($) | | :--- | :--- | :--- | | Sales | $1,089,634 | $1,006,357 | | Gross Profit | $266,535 | $163,547 | | Operating Expenses | $913,910 | $1,878,553 | | **Net Loss** | **($646,586)** | **($1,710,004)** | | **Basic & Diluted Loss Per Share** | **($0.04)** | **($0.17)** | Consolidated Statement of Cash Flows Highlights (Unaudited) | Cash Flow Activity | Three Months Ended Mar 31, 2025 ($) | Three Months Ended Mar 31, 2024 ($) | | :--- | :--- | :--- | | Net Cash Used in Operating Activities | ($206,514) | ($1,170,367) | | Net Cash Used in Financing Activities | ($249,929) | $0 | | **Net Decrease in Cash** | **($456,443)** | **($1,170,367)** | | **Cash at End of Period** | **$895,930** | **$1,810,374** | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=20&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q1 2025 performance, highlighting an 8.3% revenue increase, reduced operating expenses, a decreased net loss, and recent corporate activities including financing and a Nasdaq listing deficiency - The company received a deficiency letter from Nasdaq on October 21, 2024, for its stock price falling below the **$1.00** minimum bid requirement, with a deadline of April 21, 2025, to regain compliance[104](index=104&type=chunk)[106](index=106&type=chunk) - On September 3, 2024, the company acquired assets related to the movie "The Kid" from Suretone Entertainment, Inc., a related party, for **$2.89 million**, paid through cash, stock, and a secured promissory note[67](index=67&type=chunk)[110](index=110&type=chunk) - The company raised approximately **$1.7 million** in a registered direct offering in December 2024 and approximately **$1.04 million** in another offering in October 2024[101](index=101&type=chunk)[109](index=109&type=chunk) Q1 2025 vs Q1 2024 Performance | Metric | Three Months ended March 31, 2025 ($) | Three Months ended March 31, 2024 ($) | | :--- | :--- | :--- | | Sales | $1,089,634 | $1,006,357 | | Gross Profit | $266,535 | $163,547 | | Operating Expense | ($913,910) | ($1,878,553) | | Net Loss | ($646,586) | ($1,710,004) | - The decrease in operating expenses was primarily due to a significant reduction in stock-based compensation, which was **$147,780** in Q1 2025 compared to **$1,022,455** in Q1 2024[137](index=137&type=chunk) - As of March 31, 2025, the company had **$895,930** in cash and cash equivalents, a decrease of **$456,443** from December 31, 2024, with working capital at **$2.2 million**[141](index=141&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=29&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company is exempt from this disclosure requirement as it qualifies as a "smaller reporting company" - As a "smaller reporting company", SRM Entertainment, Inc. is not required to provide the information required by this Item[144](index=144&type=chunk) [Controls and Procedures](index=29&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded the company's disclosure controls and procedures were effective as of March 31, 2025, with no material changes to internal control over financial reporting during the quarter - The Company's certifying officers have concluded that the Company's disclosure controls and procedures are effective in reaching a reasonable level of assurance[146](index=146&type=chunk) - There were no changes in internal control over financial reporting during the three months ended March 31, 2025, that materially affected, or are reasonably likely to materially affect, internal controls[147](index=147&type=chunk) [PART II - OTHER INFORMATION](index=31&type=section&id=PART%20II%20-%20OTHER%20INFORMATION) [Legal Proceedings](index=31&type=section&id=Item%201.%20Legal%20Proceedings) The company reports no legal proceedings - None[150](index=150&type=chunk) [Risk Factors](index=31&type=section&id=Item%201A.%20Risk%20Factors) The company is exempt from this disclosure requirement as it qualifies as a "smaller reporting company" - As a "smaller reporting company", SRM Entertainment, Inc. is not required to provide the information required by this Item[151](index=151&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=31&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reports no unregistered sales of equity securities during the period - None[152](index=152&type=chunk) [Defaults Upon Senior Securities](index=32&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The company reports no defaults upon senior securities - None[154](index=154&type=chunk) [Mine Safety Disclosures](index=32&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company's business - Not applicable[155](index=155&type=chunk) [Other Information](index=32&type=section&id=Item%205.%20Other%20Information) The company reports no other information - None[156](index=156&type=chunk) [Exhibits](index=32&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including officer certifications and Interactive Data Files (XBRL) for financial reporting - The exhibits filed with this report include Section 302 and Section 906 certifications by the Principal Executive Officer and Principal Financial Officer, as well as Interactive Data Files (Inline XBRL)[157](index=157&type=chunk)

Core Insights - SRM Entertainment has secured three major new toy programs with a leading theme park, based on a global movie franchise that has grossed over $5 billion globally [1] - The partnership was awarded due to SRM's existing product successes, creativity, innovation, and competitive pricing [1] - The new movie-themed products will be exclusive to the theme park's global locations, enhancing SRM's reputation as a trusted manufacturing partner [1] Company Overview - SRM Entertainment designs, develops, and manufactures custom merchandise, including toys and souvenirs for major theme parks and entertainment venues [3] - The company’s products are based on award-winning multi-billion-dollar entertainment franchises and are distributed worldwide at various attractions, including Walt Disney Parks and Resorts and Universal Parks and Destinations [3] - SRM's design team has created specialty dolls, plush toys, and other products for notable landmarks and events, showcasing their ability to deliver high-quality merchandise [3] Product Development - The new line of collectible toys is inspired by an acclaimed film franchise, ensuring authenticity and global appeal [2] - SRM's design team is recognized for bringing characters and toys to life, providing unique merchandise experiences for millions of visitors [2] - The exclusive products are expected to resonate with fans worldwide, highlighting SRM's creative manufacturing capabilities [3]

Core Viewpoint - SRM Entertainment, Inc. has received a 180-day extension from Nasdaq to regain compliance with the minimum bid price requirement of $1 per share, allowing the company until October 20, 2025, to meet this requirement [1][2] Company Overview - SRM Entertainment designs, develops, and manufactures custom merchandise, including toys and souvenirs for major theme parks and entertainment venues [3] - The company’s products are based on multi-billion-dollar entertainment franchises and are distributed globally at various attractions, including Walt Disney Parks and Resorts and Universal Parks and Destinations [3] - SRM's design team has created specialty products for notable landmarks and events, including exclusive items like the Sip With Me cups featuring licensed characters [3] Strategic Focus - The company is committed to executing its strategic roadmap, which includes expanding product lines, entering new distribution channels, and driving consistent revenue growth [2] - The CEO emphasized that this focused approach should positively impact SRM's stock price in the long run [2]

Core Viewpoint - SRM Entertainment, Inc. maintains a robust business model that allows it to navigate current trade conditions effectively, particularly through its manufacturing in China and the transfer of shipping responsibilities to customers [1][2][4]. Group 1: Business Model and Operations - SRM's business model includes passing the title of products to customers, which mitigates the impact of shipping, tariffs, and other duty-related expenses [1]. - The company holds approximately $800,000 in inventory of proprietary products in the U.S., which includes popular items like plush toys and drinkware, providing a buffer against supply chain disruptions [1]. - SRM services a diverse customer base across various entertainment sectors, which aids in managing trade-related disruptions [2]. Group 2: Customer Demand and Product Popularity - The company continues to receive re-orders from major theme park customers, indicating strong demand for its themed merchandise [3]. - International theme park customers are not affected by U.S. tariffs, further supporting SRM's sales [3]. Group 3: Strategic Initiatives - SRM is actively expanding its manufacturing capacity into new countries and exploring domestic manufacturing solutions to enhance product quality and supply chain efficiency [4]. - The company is confident in maintaining strong customer relationships despite the evolving trade landscape, with a focus on flexibility through its domestic inventory [5]. Group 4: Product Offerings - SRM designs and manufactures custom merchandise for major theme parks and entertainment venues, with products based on popular multi-billion-dollar franchises [6]. - The company has developed exclusive products like the Sip With Me cups, featuring licensed characters, which are positioned for success in the market [6].

Winter Park, FL, April 16, 2025 (GLOBE NEWSWIRE) -- SRM Entertainment, Inc. (Nasdaq: SRM) SRM Entertainment maintains a favorable business model for current trade conditions. SRM manufactures products in China and more importantly SRM “passes title” of our products to our largest customers in China. Shipping, tariffs and other duty related expenses are the responsibility of our customers. This business model provides SRM with the ability to mitigate changing trade conditions. In addition, SRM carries invent ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended: December 31, 2024 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number: 01-41768 SRM Entertainment, Inc. (Exact name of registrant as specified in its charter) (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification) ...

Winter Park, FL, Feb. 27, 2025 (GLOBE NEWSWIRE) -- SRM Entertainment, Inc. (Nasdaq: SRM) (the “Company”), a leading designer, developer, and manufacturer of custom merchandise, will be at the 119th Toy Fair®, at the Javits Center in New York City from March 1st thru March 4th. SRM Entertainment will be showcasing its latest innovations in toys, including the dynamic interactive light sticks controlled with a custom app, light-up bracelets designed for concerts, special events, and theme parks, and a new lin ...

Winter Park, FL, Feb. 19, 2025 (GLOBE NEWSWIRE) -- SRM Entertainment, Inc. (NASDAQ:SRM) (the "Company") today announced, despite receiving numerous inquiries from investors, SRM Entertainment has no immediate plans to raise capital. The Company also announced the relocation of its headquarters to Winter Park, Florida, a strategic move to better serve our key theme park customers. To enhance communication with shareholders and provide updates on the Company's developments, SRM Entertainment launched its offi ...

Core Viewpoint - SRM Entertainment, Inc. has entered into a lock-up agreement with Safety Shot, Inc. for 2,347,142 shares, representing approximately 13.7% of its outstanding shares, effective February 10, 2025, which restricts sales until January 1, 2026, indicating a commitment to long-term stability and growth [1][2][3]. Group 1 - The lock-up agreement aims to create an orderly trading market for SRM Entertainment's shares and reflects the shareholder's confidence in the company's future prospects [2]. - This agreement aligns the interests of Safety Shot, Inc. with other shareholders, promoting long-term value creation [2]. - CEO Rich Miller emphasized that the agreement is a significant vote of confidence in SRM Entertainment's strategic direction and growth potential, reinforcing the company's commitment to building long-term value [3]. Group 2 - SRM Entertainment designs, develops, and manufactures custom merchandise, including toys and souvenirs for major theme parks and entertainment venues, with products based on multi-billion-dollar franchises [4]. - The company's products are distributed globally at renowned locations such as Walt Disney Parks and Resorts and Universal Parks and Destinations, enhancing its market presence [4]. - SRM's design team has created specialty products for various attractions, showcasing its innovative capabilities in the entertainment merchandise sector [4].

Winter Park, FL, Feb. 13, 2025 (GLOBE NEWSWIRE) -- SRM Entertainment, Inc. (Nasdaq: SRM) (the “Company,” or “SRM”), a leading designer, developer, and manufacturer of custom merchandise, including toys and souvenirs, announced today that SRM will showcase its creative product line at Toy Fest Vegas, beginning Monday, February 17, 2025. Visit SRM Entertainment: R-Biz Showroom # C-972 Las Vegas Market This strategic move emphasizes SRM's focus on developing high-margin products for 2025, independent of its tr ...