Company: KAVL
Filing Date: 2025-03-17
Form Type: 10-Q
Source: 0001731122-25-000399
Chunk: 64

Company: Kaival Brands Innovations Group, Inc.
Filing Date: 2025-03-17
Form: 10-Q
Item: Item 8
Chunk 64
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 The aggregate intrinsic value of these outstanding options as of
January 31, 2025, was $0.

Warrants

Warrant information as of the periods indicated is
as follows:

Schedule of warrant information

Weighted

Aggregate
 
Aggregate
 
Exercise Price
 
Average

Number
 
Exercise Price
 
Range
 
Exercise Price

Outstanding, October 31, 2024

5,754,686

$
19,826,116

$ 
1.16-126.00

$
3.45

Granted

—

—

—

—

Exercised

—

—

—

—

Cancelled, forfeited, or expired

—

—

—

—

Outstanding, January 31, 2025

5,754,686

$
19,826,116

$ 
1.16-126.00

$
3.45

Exercisable, January 31, 2025

5,754,686

$
19,826,116

$ 
1.16-126.00

$
3.45

The weighted average remaining contractual life is
approximately 4.31 years for common stock warrants outstanding as of January 31, 2025. As of January 31, 2025, the intrinsic value of
outstanding stock warrants was $1,511,006.

Note 8 – Related-Party Transactions

In March 2020, the Company commenced business operations
as a result of becoming the exclusive distributor of certain ENDS and related components (the “Products”) manufactured by
Bidi, a related party company that was also owned by Nirajkumar Patel, the former Chief Executive Officer and Director of the Company.

    F-19 

Revenue and Accounts Receivable

During the three months ended January 31, 2024,
the Company recognized revenue of $1,900 from one
company owned by Nirajkumar Patel, the former Chief Executive Officer and Director of the Company, and/or his wife. There was   no
accounts receivable balance for these transactions as of October 31, 2024.

Purchases and Accounts Payable

During the three months ended January 31, 2024, 100%
of the inventories of Products, consisting solely of the BIDI® Stick, were purchased from Bidi, a related party controlled by Nirajkumar
Patel, the former Chief Executive Officer and Director of the Company, in the amount of $273,060. This amount reflects the