Minim(MINM) - 2025 Q2 - Quarterly Report

PART I - FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS This section presents FIEE's unaudited condensed consolidated financial statements, including balance sheets, operations, equity, cash flows, and key accounting policies Condensed Consolidated Balance Sheets The company's financial position shows significant growth in assets and cash equivalents, alongside an improved equity position | ASSETS (Unaudited) | June 30, 2025 | December 31, 2024 | | :----------------------- | :------------ | :------------------ | | Cash and cash equivalents | $4,504,079 | $30,162 | | Total current assets | $5,203,643 | $164,919 | | Total assets | $7,050,617 | $307,035 | | LIABILITIES AND EQUITY (DEFICIT) | | | | Total current liabilities | $4,117,237 | $437,027 | | Total liabilities | $4,117,237 | $437,027 | | Total stockholders' equity (deficit) | $2,933,380 | $(129,992) | | Total liabilities and stockholders' equity (deficit) | $7,050,617 | $307,035 | - Cash and cash equivalents significantly increased to $4,504,079 as of June 30, 2025, from $30,162 at December 31, 2024[11] - Total assets grew substantially to $7,050,617 by June 30, 2025, from $307,035 at December 31, 2024, driven by increases in cash, other receivables, and intangible assets[11] Condensed Consolidated Statements of Operations The company's operations show initial revenue generation from new SaaS business and a reduced net loss compared to the prior year | (Unaudited) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Net sales | $44,993 | $- | $45,118 | $639,893 | | Gross profit | $1,063 | $- | $438 | $207,259 | | Operating loss | $(636,911) | $(488,486) | $(1,008,032) | $(3,758,165) | | Net loss | $(639,680) | $(487,912) | $(1,013,590) | $(3,746,867) | | Net loss per share (Basic and diluted) | $(0.13) | $(0.16) | $(0.20) | $(1.27) | - Net sales for the three months ended June 30, 2025, were $44,993, a significant increase from $0 in the prior-year period, reflecting the company's new SaaS business[13] - Net loss for the six months ended June 30, 2025, decreased to $(1,013,590) from $(3,746,867) in the same period last year, indicating an improvement in financial performance[13] Condensed Consolidated Statements of Stockholders' Equity (deficit) Stockholders' equity improved significantly, transitioning from a deficit to a positive balance primarily due to common stock issuance | (Unaudited) | Preferred Stock Shares | Preferred Stock Amount | Common Stock Shares | Common Stock Amount | Additional Paid In Capital | Accumulated Deficit | Accumulated Other Comprehensive Income | Total | | :------------------------ | :--------------------- | :--------------------- | :------------------ | :------------------ | :------------------------- | :------------------ | :------------------------------------- | :---------- | | Balance at Dec 31, 2024 | 2,305,357 | $1,639,779 | 3,713,792 | $37,138 | $94,886,147 | $(96,694,013) | $957 | $(129,992) | | Net loss (6 months 2025) | - | - | - | - | - | $(1,013,590) | - | $(1,013,590)| | Common Stock Issuance (6 months 2025) | - | - | 2,510,597 | $25,106 | $4,049,894 | - | - | $4,075,000 | | Balance at June 30, 2025 | 2,305,357 | $1,639,779 | 6,224,389 | $62,244 | $98,936,041 | $(97,707,603) | $2,919 | $2,933,380 | - Total stockholders' equity (deficit) improved significantly from a deficit of $(129,992) at December 31, 2024, to a positive $2,933,380 at June 30, 2025, primarily due to common stock issuance[16] - Common stock issuance during the six months ended June 30, 2025, contributed $4,075,000 to equity[16] Condensed Consolidated Statements of Cash Flows Operating activities generated cash, and financing activities increased significantly, leading to a substantial net increase in cash and cash equivalents | (Unaudited) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------------------------------- | :----------------------------- | :----------------------------- | | Cash provided by (used in) operating activities | $171,955 | $(2,878,506) | | Cash used in investing activities | $- | $- | | Cash provided by financing activities | $4,300,000 | $2,800,000 | | Net increase (decrease) in cash and cash equivalents | $4,473,917 | $(78,506) | | Cash and cash equivalents - Ending | $4,504,079 | $630,816 | - Operating activities generated $171,955 in cash for the six months ended June 30, 2025, a significant improvement from a cash usage of $(2,878,506) in the prior-year period[19] - Cash provided by financing activities increased to $4,300,000 in 2025 from $2,800,000 in 2024, primarily due to proceeds from common stock issuance[19] Notes to Condensed Consolidated Financial Statements These notes provide essential context and detail for the condensed consolidated financial statements, covering the company's business transformation, accounting policies, and significant financial events Nature of Operations and Basis of Presentation This section details the company's business pivot, name change, going concern considerations, and recent asset acquisition - FIEE, Inc. (formerly Minim, Inc.) pivoted from a networking company to a digital service provider focused on integrating AI and data analytics into content creation and brand management, offering SaaS solutions[21][24] - The company changed its name from Minim, Inc. to FiEE, Inc. effective February 27, 2025[26] - As of June 30, 2025, the company had an accumulated deficit of $98 million and cash and cash equivalents of $4.5 million, raising substantial doubt about its ability to continue as a going concern[30] - On June 30, 2025, FIEE (HK) Limited acquired certain fixed assets and intellectual property, including patents and copyrights, from Suzhou Yixuntong Network Technology Co., Ltd. for $1.4 million, accounted for as an asset acquisition[39][40] Summary of Significant Accounting Policies This section outlines the company's functional currency, deferred offering costs, intangible asset amortization, and single operating segment reporting - The functional currency of FiEE HK is the Hong Kong dollar (HKD), while all other entities use the US Dollar (USD)[42] - Offering costs directly attributable to a potential