Reborn Coffee, Inc. engaged BF Borgers CPA, PC as its auditor.
“On May 1, 2023, the Company’s board of directors and audit committee approved the engagement of BF Borgers CPA, PC ("BF Borgers") as the Company’s new independent registered public accounting firm.”
Auditor Changes
Reborn Coffee, Inc. dismissed Kreit & Chiu CPA LLP as its auditor.
“On May 1, 2023, the Company amicably terminated the engagement of Kreit & Chiu CPA LLP ("K&C") (formerly known as Paris, Kreit & Chiu CPA LLP), the Company’s independent registered public accounting firm.”
Listing & Compliance Notices
Reborn Coffee, Inc. received a nasdaq deficiency notice notice regarding minimum bid price (rules 5550(a)(2)).
“April 28, 2023, Reborn Coffee, Inc., a Delaware corporation (the “Company”) received a notification letter from the Nasdaq Listing Qualifications Staff of The Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company that the minimum bid price per share for its common stock has been below $1.00 for a period of 32 consecutive business days and the Company therefore no longer meets the minimum bid price requirements set forth in Nasdaq Listing Rule 5550(a)(2). The notification received has no immediate effect on the listing of the Company’s common stock on Nasdaq. Under Nasdaq Listing Rule 5810(c”
Hannah Goh resigned as Director at Reborn Coffee, Inc..
“On January 10, 2023, the Board of Directors of Reborn Coffee, Inc., a Delaware corporation (the “Company”) accepted the formal resignation of independent director Hannah Goh, effective immediately.”
Earnings Releases
Reborn Coffee, Inc. reported the third quarter ended September 30, 2022 results: revenue approximately $0.8 million, net income approximately $0.9 million.
“Revenues were approximately $0.8 million for the three-month period ended September 30, 2022, compared to approximately $0.7 million for the comparable period in 2021, representing an increase of 22%. Revenue increased 52% in the nine months ending September 30, 2022 to approximately $2.4 million, up from approximately $1.6 million for the comparable period in 2021. The increase in sales for the periods was primarily driven by the opening of the Laguna Woods, Riverside and San Francisco locations, and to the continued focus on marketing efforts to grow brand recognition. Total operating costs and expenses for the three-month period ended September 30, 2022, were approximately $1.7 million compared to approximately $1.8 million for the comparable period in 2021, representing a decrease of approximately 1%. Net loss for the third quarter of 2022 was approximately $0.9 million, compared to a net loss of approximately $1.9 million for the third quarter of 2021.”
Facts are extracted by an LLM and gated to those whose source quote is present verbatim in the filing text. Coverage is best-effort while backfill and monitoring mature; this is not yet a full-market index. See methodology.