AXIL Brands (AXIL) 8-K 13 Oct 23 REVIV3 Procare Company Reports Financial Results for the First Quarter of Fiscal Year 2024 Financial data

Cover

Cover	Oct. 13, 2023
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Oct. 13, 2023
Entity File Number	001-38112
Entity Registrant Name	REVIV3 PROCARE COMPANY
Entity Central Index Key	0001718500
Entity Tax Identification Number	43-1985966
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	901 Fremont Avenue
Entity Address, Address Line Two	Unit 158
Entity Address, City or Town	Alhambra
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	91803
City Area Code	(888)
Local Phone Number	638-8883
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false

CONSOLIDATED BALANCE SHEETS (Un

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)	Aug. 31, 2023	May 31, 2023
CURRENT ASSETS:
Cash	$ 5,061,723	$ 4,832,682
Accounts receivable, net	455,886	417,016
Inventory, net	2,069,968	1,311,864
Prepaid expenses and other current assets	485,609	801,360
Total Current Assets	8,073,186	7,362,922
OTHER ASSETS:
Property and equipment, net	199,561	157,463
Intangible assets, net	363,299	382,674
Right of use asset	86,111	101,845
Other assets	12,194	12,195
Goodwill	2,152,215	2,152,215
Total Other Assets	2,813,380	2,806,392
TOTAL ASSETS	10,886,566	10,169,314
CURRENT LIABILITIES:
Accounts payable	1,077,005	908,606
Customer deposits	92,817	183,688
Equipment payable, current	1,375	2,200
Contract liabilities, current	909,883	827,106
Notes payable	155,334	172,588
Due to related party	58,980	158,072
Lease Liability, current	68,558	65,824
Income Tax Liability	296,902	230,913
Other current liabilities	768,185	305,664
Total Current Liabilities	3,429,039	2,854,661
LONG TERM LIABILITIES:
Lease liability, long term	18,650	36,752
Contract liabilities, long term	561,359	605,942
Total Long Term Liabilities	580,009	642,694
Total Liabilities	4,009,048	3,497,355
Commitments and contingencies
STOCKHOLDERS’ EQUITY:
Preferred stock, $0.0001 par value; 300,000,000 shares authorized; 250,000,000 and no shares issued and outstanding as of August 31, 2023 and May 31, 2023	25,000	25,000
Common stock, $0.0001 par value: 450,000,000 shares authorized; 117,076,949 shares issued, and outstanding as of August 31, 2023 and May 31, 2023	11,708	11,708
Additional paid-in capital	10,153,350	10,102,243
Accumulated deficit	(3,312,540)	(3,466,992)
Total Stockholders’ Equity	6,877,518	6,671,959
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 10,886,566	$ 10,169,314

CONSOLIDATED BALANCE SHEETS (_2

CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Aug. 31, 2023	May 31, 2023
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	300,000,000	300,000,000
Preferred stock, shares issued	250,000,000	0
Preferred stock, shares outstanding	250,000,000	0
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	450,000,000	450,000,000
Common stock, shares issued	117,076,949	117,076,949
Common stock, shares outstanding	117,076,949	117,076,949

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)	3 Months Ended
	Aug. 31, 2023	Aug. 31, 2022
Income Statement [Abstract]
Sales, net	$ 6,106,269	$ 4,237,358
Cost of sales	1,458,703	954,704
Gross profit	4,647,566	3,282,654
OPERATING EXPENSES:
Marketing and selling expenses	3,206,841	1,977,976
Compensation and related taxes	279,989	280,688
Professional and consulting expenses	426,775	466,450
General and administrative	560,204	358,139
Total Operating Expenses	4,473,809	3,083,253
INCOME FROM OPERATIONS	173,757	199,401
OTHER INCOME (EXPENSE):
Gain on debt settlement		50,500
Other income	9,835
Interest income	38,493	1,837
Interest expense and other finance charges	(1,644)	(1,458)
Other Income (Expense), Net	46,684	50,879
INCOME BEFORE PROVISION FOR INCOME TAXES	220,441	250,280
Provision for income taxes	65,989	74,753
NET INCOME	$ 154,452	$ 175,527
NET INCOME PER COMMON SHARE:
Basic	$ 0	$ 0
Diluted	$ 0	$ 0
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
Basic	117,076,949	102,402,140
Diluted	372,451,949	314,223,880

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)	3 Months Ended
	Aug. 31, 2023	Aug. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	$ 154,452	$ 175,527
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	28,237	19,669
Bad debts	52,866
Stock based compensation	51,107	97,283
Gain on debt forgiveness		(50,500)
Change in operating assets and liabilities:
Accounts receivable	(91,736)	(93,901)
Inventory	(758,104)	432,998
Prepaid expenses and other current assets	315,751	(204,130)
Accounts payable and accrued expenses	168,399	52,247
Other current liabilities	438,006	296,106
Contract liabilities	38,194	82,334
NET CASH PROVIDED BY OPERATING ACTIVITIES	397,172	807,633
CASH FLOWS FROM INVESTING ACTIVITIES
Cash acquired on business acquisition		1,066,414
Purchase of property and equipment	(50,960)	(6,400)
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES	(50,960)	1,060,014
CASH FLOWS FROM FINANCING ACTIVITIES
Repayment of equipment financing	(825)	(825)
Repayment of note payable	(17,254)
Advances (payments) from a related party	(99,092)	2,732
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES	(117,171)	1,907
NET INCREASE IN CASH	229,041	1,869,554
CASH - Beginning of period	4,832,682	373,731
CASH - End of period	5,061,723	2,243,285
Cash paid during the period for:
Interest	1,644	125
Income taxes
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:
Stock issued for asset purchase agreement		4,007,480
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