2024 Q3 Form 10-Q Financial Statement

#000149315224031355 Filed on August 12, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2 2023 Q2
Revenue $45.68K $104.1K
YoY Change -56.1%
Cost Of Revenue $25.55K $103.9K
YoY Change -75.41%
Gross Profit $20.13K $170.00
YoY Change 11741.18%
Gross Profit Margin 44.07% 0.16%
Selling, General & Admin $1.032M $1.476M
YoY Change -30.08%
% of Gross Profit 5127.5% 868364.71%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $22.41K $17.77K
YoY Change 26.08%
% of Gross Profit 111.3% 10452.94%
Operating Expenses $1.080M $1.494M
YoY Change -27.7%
Operating Profit -$1.034M -$1.494M
YoY Change -30.75%
Interest Expense $17.79K -$16.37K
YoY Change -208.67%
% of Operating Profit
Other Income/Expense, Net $44.20K -$1.630K
YoY Change -2811.9%
Pretax Income -$1.051M -$1.512M
YoY Change -30.49%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$1.065M -$1.467M
YoY Change -27.41%
Net Earnings / Revenue -2330.68% -1409.55%
Basic Earnings Per Share -$0.05 -$0.08
Diluted Earnings Per Share -$0.05 -$0.07
COMMON SHARES
Basic Shares Outstanding 20.75M shares 20.75M shares 18.22M shares
Diluted Shares Outstanding 20.75M shares 18.22M shares

Balance Sheet

Concept 2024 Q3 2024 Q2 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.891M $113.4K
YoY Change 1568.05%
Cash & Equivalents $1.527M $1.891M $113.4K
Short-Term Investments
Other Short-Term Assets $316.4K $535.9K
YoY Change -40.97%
Inventory $333.1K $338.4K $966.1K
Prepaid Expenses
Receivables $195.7K
Other Receivables $0.00 $25.13K
Total Short-Term Assets $2.289M $2.546M $1.836M
YoY Change 92.5% 38.63%
LONG-TERM ASSETS
Property, Plant & Equipment $1.301M $1.187M $1.239M
YoY Change 49.56% -4.2%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $9.851K $9.851K $39.70K
YoY Change -80.12% -75.19%
Total Long-Term Assets $1.881M $1.828M $1.279M
YoY Change 38.6% 42.91%
TOTAL ASSETS
Total Short-Term Assets $2.289M $2.546M $1.836M
Total Long-Term Assets $1.881M $1.828M $1.279M
Total Assets $4.169M $4.373M $3.115M
YoY Change 63.78% 40.39%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $381.7K $1.252M
YoY Change -69.52%
Accrued Expenses $72.03K $120.1K
YoY Change -40.01%
Deferred Revenue $590.3K $605.3K
YoY Change -48.12%
Short-Term Debt $50.00K $50.00K $560.0K
YoY Change -93.67% -91.07%
Long-Term Debt Due $51.90K $51.29K $48.81K
YoY Change 5.07% 5.07%
Total Short-Term Liabilities $1.313M $1.279M $3.626M
YoY Change -68.0% -64.72%
LONG-TERM LIABILITIES
Long-Term Debt $72.13K $123.4K
YoY Change -41.55%
Other Long-Term Liabilities $7.550K $258.4K
YoY Change -97.08%
Total Long-Term Liabilities $58.95K $79.67K $381.8K
YoY Change -84.75% -79.13%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.313M $1.279M $3.626M
Total Long-Term Liabilities $58.95K $79.67K $381.8K
Total Liabilities $1.372M $1.359M $3.778M
YoY Change -69.44% -64.04%
SHAREHOLDERS EQUITY
Retained Earnings -$7.739M -$7.451M
YoY Change 71.03%
Common Stock $0.00 $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.225M -$663.2K
YoY Change
Total Liabilities & Shareholders Equity $4.169M $4.373M $3.115M
YoY Change 63.78% 40.39%

Cashflow Statement

Concept 2024 Q3 2024 Q2 2023 Q2
OPERATING ACTIVITIES
Net Income -$1.065M -$1.467M
YoY Change -27.41%
Depreciation, Depletion And Amortization $22.41K $17.77K
YoY Change 26.08%
Cash From Operating Activities -$1.731M -$392.6K
YoY Change 340.99%
INVESTING ACTIVITIES
Capital Expenditures $154.0K $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities $11.00K
YoY Change
Cash From Investing Activities -$143.0K $0.00
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -280.4K 340.6K
YoY Change -182.33%
NET CHANGE
Cash From Operating Activities -1.731M -392.6K
Cash From Investing Activities -143.0K 0.000
Cash From Financing Activities -280.4K 340.6K
Net Change In Cash -2.155M -51.94K
YoY Change 4048.13%
FREE CASH FLOW
Cash From Operating Activities -$1.731M -$392.6K
Capital Expenditures $154.0K $0.00
Free Cash Flow -$1.885M -$392.6K
YoY Change 380.22%

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-817264 usd
CY2023Q4 us-gaap Stock Issued During Period Value Other
StockIssuedDuringPeriodValueOther
7859534 usd
CY2023Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
5098684 usd
CY2024Q1 us-gaap Profit Loss
ProfitLoss
-1093927 usd
CY2024Q1 us-gaap Noncontrolling Interest Increase From Subsidiary Equity Issuance
NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance
73715 usd
CY2024Q1 us-gaap Adjustments To Additional Paid In Capital Warrant Issued
AdjustmentsToAdditionalPaidInCapitalWarrantIssued
13000 usd
CY2024Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
4065472 usd
CY2024Q2 us-gaap Profit Loss
ProfitLoss
-1050881 usd
CY2024Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
3014591 usd
CY2022Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1054618 usd
CY2022Q4 us-gaap Profit Loss
ProfitLoss
-871028 usd
CY2022Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
183590 usd
CY2023Q1 us-gaap Profit Loss
ProfitLoss
-588895 usd
CY2023Q1 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
900000 usd
CY2023Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
494695 usd
CY2023Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
494695 usd
CY2023Q2 us-gaap Profit Loss
ProfitLoss
-1511805 usd
CY2023Q2 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
125000 usd
CY2023Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
-892110 usd
CY2023Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
-892110 usd
CY2023Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
200000000 shares
CY2023Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
100000000 shares
us-gaap Profit Loss
ProfitLoss
-2962072 usd
us-gaap Profit Loss
ProfitLoss
-2971728 usd
us-gaap Depreciation
Depreciation
65728 usd
us-gaap Depreciation
Depreciation
50547 usd
us-gaap Share Based Compensation
ShareBasedCompensation
83333 usd
us-gaap Share Based Compensation
ShareBasedCompensation
10417 usd
us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
163848 usd
us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
85148 usd
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
59935 usd
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
1267960 usd
INHD Gain Loss On Settlement
GainLossOnSettlement
-28796 usd
us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
-5035 usd
INHD Subsidiary Disposal Loss
SubsidiaryDisposalLoss
-23715 usd
us-gaap Impairment Of Leasehold
ImpairmentOfLeasehold
23911 usd
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-10500 usd
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-443600 usd
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-55863 usd
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
636190 usd
INHD Increase Decrease In Deferred Offering Costs
IncreaseDecreaseInDeferredOfferingCosts
51701 usd
INHD Increase Decrease In Deferred Offering Costs
IncreaseDecreaseInDeferredOfferingCosts
399305 usd
us-gaap Increase Decrease In Prepaid Expenses Other
IncreaseDecreaseInPrepaidExpensesOther
219214 usd
us-gaap Increase Decrease In Prepaid Expenses Other
IncreaseDecreaseInPrepaidExpensesOther
-129413 usd
us-gaap Increase Decrease In Accounts Payable Trade
IncreaseDecreaseInAccountsPayableTrade
-370686 usd
us-gaap Increase Decrease In Accounts Payable Trade
IncreaseDecreaseInAccountsPayableTrade
244969 usd
us-gaap Increase Decrease In Accounts Payable Related Parties
IncreaseDecreaseInAccountsPayableRelatedParties
-485595 usd
us-gaap Increase Decrease In Accounts Payable Related Parties
IncreaseDecreaseInAccountsPayableRelatedParties
50000 usd
us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
-532566 usd
us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
659553 usd
us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-710017 usd
us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-81971 usd
us-gaap Increase Decrease In Other Accounts Payable And Accrued Liabilities
IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities
-48380 usd
us-gaap Increase Decrease In Other Accounts Payable And Accrued Liabilities
IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities
83577 usd
us-gaap Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
-2457 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-4859567 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-1066467 usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
424800 usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
226900 usd
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
12569 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-412231 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-226900 usd
us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
740000 usd
us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
502372 usd
us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
98861 usd
us-gaap Repayments Of Short Term Debt
RepaymentsOfShortTermDebt
740000 usd
us-gaap Repayments Of Short Term Debt
RepaymentsOfShortTermDebt
150000 usd
us-gaap Repayments Of Other Long Term Debt
RepaymentsOfOtherLongTermDebt
36825 usd
us-gaap Repayments Of Other Long Term Debt
RepaymentsOfOtherLongTermDebt
35043 usd
us-gaap Payments For Repurchase Of Warrants
PaymentsForRepurchaseOfWarrants
13000 usd
INHD Proceeds From Shares Issued For Cash
ProceedsFromSharesIssuedForCash
8450000 usd
INHD Proceeds From Shares Issued For Cash
ProceedsFromSharesIssuedForCash
900000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
7157803 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
1356096 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
1886005 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
62729 usd
CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
4898 usd
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
50628 usd
CY2024Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1890903 usd
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
113357 usd
us-gaap Income Taxes Paid
IncomeTaxesPaid
800 usd
us-gaap Interest Paid Net
InterestPaidNet
22145 usd
us-gaap Interest Paid Net
InterestPaidNet
51446 usd
INHD Noncash Deferred Offering Costs Offset To Apic Upon Ipo Completion
NoncashDeferredOfferingCostsOffsetToApicUponIpoCompletion
590466 usd
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
356741 usd
us-gaap Liabilities Assumed1
LiabilitiesAssumed1
39699 usd
us-gaap Nature Of Operations
NatureOfOperations
<p id="xdx_80A_eus-gaap--NatureOfOperations_zwwaouQpMwQ7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 1 — <span id="xdx_826_zhUiRVj3U4u3">Nature of business and organization</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">INNO HOLDINGS, INC., a Texas corporation (the “Company”), was incorporated on September 8, 2021. The Company is principally engaged in the marketing and sale of construction products along with full-scope construction services in the US.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On January 18, 2022, the Company formed a limited liability company, Castor Building Tech LLC (“CBT”), in California. The Company owned <span id="xdx_908_eus-gaap--MinorityInterestOwnershipPercentageByParent_iI_pid_dp_uPure_c20220118__srt--OwnershipAxis__custom--CastorBuildingTechLLCMember_zUXhrnJ4eEzc">53</span>% of the equity interest in CBT. On October 16, 2023, the Company and the noncontrolling interest parties reached a new ownership agreement that the Company’s ownership increased to <span id="xdx_90E_eus-gaap--MinorityInterestOwnershipPercentageByParent_iI_pid_dp_uPure_c20231016__srt--OwnershipAxis__custom--CastorBuildingTechLLCMember__us-gaap--TypeOfArrangementAxis__custom--NewOwnershipAgreementMember_zf3xugKX2DKe">55</span>%. According to the new ownership agreement, the ownership percentage change is retroactively effective from January 18, 2022. The impact of historical noncontrolling interest allocation from this ownership percentage change is immaterial.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Effective as of January 21, 2022, the Company acquired <span id="xdx_903_eus-gaap--BusinessAcquisitionPercentageOfVotingInterestsAcquired_iI_pid_dp_uPure_c20220121__us-gaap--BusinessAcquisitionAxis__custom--InnoMetalStudsCorpMember_zlE9US4ZSsGf" title="Acquired percentage of ordinary shares">100</span>% of the ordinary shares of Inno Metal Studs Corp. (“IMSC”), a Texas corporation incorporated on October 31, 2019. Pursuant to the terms of the Share Purchase Agreement with IMSC’s former sole owner and CEO of the Company, Mr. Dekui Liu, the Company issued <span id="xdx_90D_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20220121__20220121__srt--TitleOfIndividualAxis__custom--MrDekuiLiuMember_zQoNVie3dZof" title="Stock issued of common stock, shares">15,170,000</span> shares of its common stock to Mr. Dekui Liu in exchange for his <span id="xdx_901_eus-gaap--MinorityInterestOwnershipPercentageByParent_iI_pid_dp_uPure_c20220121__srt--TitleOfIndividualAxis__custom--MrDekuiLiuMember__srt--OwnershipAxis__custom--InnoMetalStudsCorpMember_zydtnx6ShYcd" title="Owned subsidiary percentage">100</span>% ownership in IMSC. Upon completion of the transaction, IMSC became a <span id="xdx_904_eus-gaap--MinorityInterestOwnershipPercentageByParent_iI_pid_dp_uPure_c20220121__srt--TitleOfIndividualAxis__custom--MrDekuiLiuMember__srt--OwnershipAxis__custom--InnoMetalStudsCorpMember_zHINxWEMbfGj" title="Owned subsidiary percentage">100</span>% owned subsidiary of the Company.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inno Research Institute LLC (“IRI”), a Texas limited liability company was formed on September 8, 2021, is a <span id="xdx_905_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20210908__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--InnoResearchInstituteLLCMember__us-gaap--BusinessAcquisitionAxis__custom--InnoMetalStudsCorpMember_zjr9LjcXuBqk" title="Owned subsidiary percentage">65</span>% owned subsidiary of IMSC. On January 27, 2024, IRI was voluntarily terminated and resulted in a disposal loss of $<span id="xdx_90E_ecustom--SubsidiaryDisposalLoss_c20240127__20240127_zrbQegwAc3Lg" title="Disposal loss">23,715</span>. The R&amp;D activities carried out by IRI will be transferred to Inno AI Tech Corp, a new subsidiary of the Company.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On January 21, 2024, the Company incorporated Inno Disrupts Inc., a wholly owned subsidiary in Texas. The purpose of Inno Disrupts Inc. is to remodel buildings using the Company’s framing steel products, enhance producing and marketing capabilities, manage the designated buildings in US, and other activities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On February 11, 2024, the Company incorporated Inno AI Tech Corp., a wholly owned entity to conduct AI tech research and consulting activities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2024Q1 INHD Subsidiary Disposal Loss
SubsidiaryDisposalLoss
23715 usd
CY2024Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
1890903 usd
CY2024Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-7451492 usd
us-gaap Profit Loss
ProfitLoss
-2962072 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-4859567 usd
us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_841_eus-gaap--UseOfEstimates_z1toTSnbXFZ2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_86B_z3MjjddueD1">Use of estimates and assumptions</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts of assets and liabilities reported and disclosures of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the periods presented. Actual results could differ from these estimates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2024Q2 us-gaap Interest Bearing Deposit Liabilities
InterestBearingDepositLiabilities
250000 usd
CY2024Q2 us-gaap Investment Owned Balance Principal Amount
InvestmentOwnedBalancePrincipalAmount
995787 usd
CY2024Q2 us-gaap Investment Acquisition Date
InvestmentAcquisitionDate
2024-06-20
CY2024Q2 us-gaap Investment Maturity Date
InvestmentMaturityDate
2024-07-30
CY2024Q2 us-gaap Unrealized Gain Loss On Investments
UnrealizedGainLossOnInvestments
415 usd
us-gaap Impairment Of Leasehold
ImpairmentOfLeasehold
23911 usd
CY2023Q3 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
1338395 usd
CY2023Q3 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
1267960 usd
CY2023Q3 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
70435 usd
CY2023Q3 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
1267960 usd
us-gaap Provision For Other Credit Losses
ProvisionForOtherCreditLosses
59935 usd
us-gaap Provision For Other Credit Losses
ProvisionForOtherCreditLosses
1267960 usd
us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
1327895 usd
CY2023Q2 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
1267960 usd
us-gaap Provision For Loan Lease And Other Losses
ProvisionForLoanLeaseAndOtherLosses
59935 usd
CY2023Q2 us-gaap Provision For Loan Lease And Other Losses
ProvisionForLoanLeaseAndOtherLosses
867360 usd
us-gaap Provision For Loan Lease And Other Losses
ProvisionForLoanLeaseAndOtherLosses
1267960 usd
CY2024Q2 us-gaap Inventory Raw Materials And Supplies
InventoryRawMaterialsAndSupplies
73452 usd
CY2023Q3 us-gaap Inventory Raw Materials And Supplies
InventoryRawMaterialsAndSupplies
134299 usd
CY2024Q2 us-gaap Inventory Work In Process
InventoryWorkInProcess
264978 usd
CY2023Q3 us-gaap Inventory Work In Process
InventoryWorkInProcess
259994 usd
CY2024Q2 us-gaap Inventory Net
InventoryNet
338430 usd
CY2023Q3 us-gaap Inventory Net
InventoryNet
394293 usd
CY2024Q2 INHD Inventory Allowance For Obsolescence
InventoryAllowanceForObsolescence
0 usd
CY2023Q3 INHD Inventory Allowance For Obsolescence
InventoryAllowanceForObsolescence
0 usd
CY2023Q3 us-gaap Deferred Costs Current
DeferredCostsCurrent
538765 usd
CY2024Q2 us-gaap Prepaid Advertising
PrepaidAdvertising
128368 usd
CY2024Q2 INHD Advance To Other Service Providers
AdvanceToOtherServiceProviders
66748 usd
CY2024Q2 us-gaap Supplies
Supplies
25127 usd
CY2023Q3 us-gaap Supplies
Supplies
87217 usd
CY2024Q2 us-gaap Prepaid Insurance
PrepaidInsurance
79840 usd
CY2023Q3 us-gaap Prepaid Insurance
PrepaidInsurance
3663 usd
CY2023Q3 INHD Prepaid For Services By Stock Grants
PrepaidForServicesByStockGrants
83333 usd
CY2024Q2 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
16265 usd
CY2023Q3 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
6254 usd
CY2024Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
316348 usd
CY2023Q3 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
180467 usd
CY2024Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
1323294 usd
CY2023Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
967519 usd
CY2024Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
1323294 usd
CY2023Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
967519 usd
CY2024Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
136153 usd
CY2023Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
97935 usd
CY2024Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1187141 usd
CY2023Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
869584 usd
us-gaap Operating Lease Impairment Loss
OperatingLeaseImpairmentLoss
23911 usd
CY2024Q2 us-gaap Depreciation
Depreciation
22405 usd
CY2023Q2 us-gaap Depreciation
Depreciation
17764 usd
us-gaap Depreciation
Depreciation
65728 usd
us-gaap Depreciation
Depreciation
50547 usd
CY2022Q3 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
1000000 usd
CY2022Q3 INHD Floating Prime Rate Percentage
FloatingPrimeRatePercentage
0.010 pure
CY2023Q3 us-gaap Line Of Credit Facility Fair Value Of Amount Outstanding
LineOfCreditFacilityFairValueOfAmountOutstanding
560000 usd
CY2021Q4 INHD Unsecured Promissory Note Percentage
UnsecuredPromissoryNotePercentage
0.0475 pure
CY2021Q4 us-gaap Debt Instrument Periodic Payment
DebtInstrumentPeriodicPayment
4661 usd
CY2021Q4 us-gaap Debt Instrument Issued Principal
DebtInstrumentIssuedPrincipal
248500 usd
CY2024Q2 us-gaap Interest Expense Debt
InterestExpenseDebt
1563 usd
CY2023Q2 us-gaap Interest Expense Debt
InterestExpenseDebt
2882 usd
us-gaap Interest Expense Debt
InterestExpenseDebt
5359 usd
us-gaap Interest Expense Debt
InterestExpenseDebt
6907 usd
CY2024Q2 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
123414 usd
CY2023Q3 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
160239 usd
CY2024Q2 us-gaap Long Term Debt Current
LongTermDebtCurrent
51287 usd
CY2023Q3 us-gaap Long Term Debt Current
LongTermDebtCurrent
49393 usd
CY2024Q2 us-gaap Long Term Notes Payable
LongTermNotesPayable
72127 usd
CY2023Q3 us-gaap Long Term Notes Payable
LongTermNotesPayable
110846 usd
CY2021Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
200000000 shares
CY2022Q4 us-gaap Stockholders Equity Note Stock Split
StockholdersEquityNoteStockSplit
On November 30, 2022, the Company effected a forward stock split (the “Stock Split”) of the Company’s issued and outstanding shares of the common stock at a split ratio of 2-for-1.
CY2023Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
200000000 shares
CY2023Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
100000000 shares
CY2024Q2 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
20751726 shares
CY2024Q2 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
20751726 shares
CY2023Q3 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
18251726 shares
CY2023Q3 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
18251726 shares
CY2024Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
100000000 shares
CY2023Q2 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
3.80
CY2024Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
20833 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
83333 usd
CY2023Q3 us-gaap Prepaid Expense And Other Assets
PrepaidExpenseAndOtherAssets
83333 usd
CY2024Q2 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
4.80
CY2024Q2 us-gaap Warrants And Rights Outstanding Maturity Date
WarrantsAndRightsOutstandingMaturityDate
2028-12-18
CY2024Q1 us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
10000000 usd
CY2024Q1 us-gaap Sale Of Stock Consideration Received On Transaction
SaleOfStockConsiderationReceivedOnTransaction
2140466 usd
CY2024Q1 us-gaap Payments For Underwriting Expense
PaymentsForUnderwritingExpense
700000 usd
CY2024Q1 us-gaap Other Underwriting Expense
OtherUnderwritingExpense
345876 usd
CY2024Q1 us-gaap Legal Fees
LegalFees
595000 usd
CY2024Q1 us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
499590 usd
CY2024Q1 us-gaap Sale Of Stock Consideration Received On Transaction
SaleOfStockConsiderationReceivedOnTransaction
2140466 usd
CY2024Q1 INHD Payment For Offering Transaction Costs
PaymentForOfferingTransactionCosts
590466 usd
CY2023Q4 us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
8450000 usd
CY2024Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
1890903 usd
CY2023Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
4898 usd
CY2024Q2 us-gaap Cash Uninsured Amount
CashUninsuredAmount
1199883 usd
CY2024Q1 us-gaap Area Of Land
AreaOfLand
15000 sqft
CY2024Q1 us-gaap Area Of Land
AreaOfLand
2.5 acre
CY2023Q3 us-gaap Gain Loss On Termination Of Lease
GainLossOnTerminationOfLease
24710 usd
CY2023Q3 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
251953 usd
CY2023Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
221156 usd
CY2023Q3 us-gaap Lease Deposit Liability
LeaseDepositLiability
39699 usd
CY2024Q2 us-gaap Operating Lease Payments
OperatingLeasePayments
55000 usd
CY2024Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
44204 usd
us-gaap Lease Cost
LeaseCost
770676 usd
CY2024Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
630663 usd
CY2023Q3 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
437770 usd
CY2024Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
79578 usd
CY2023Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
488094 usd
CY2024Q2 us-gaap Operating Lease Payments
OperatingLeasePayments
588334 usd
CY2023Q2 us-gaap Operating Lease Payments
OperatingLeasePayments
35644 usd
us-gaap Operating Lease Payments
OperatingLeasePayments
701146 usd
us-gaap Operating Lease Payments
OperatingLeasePayments
105875 usd
CY2024Q2 us-gaap Lessee Operating Lease Discount Rate
LesseeOperatingLeaseDiscountRate
0.095 pure
CY2023Q2 us-gaap Lessee Operating Lease Discount Rate
LesseeOperatingLeaseDiscountRate
0.08 pure
CY2024Q2 us-gaap Lessee Operating Lease Discount Rate
LesseeOperatingLeaseDiscountRate
0.095 pure
CY2023Q2 us-gaap Lessee Operating Lease Discount Rate
LesseeOperatingLeaseDiscountRate
0.08 pure
CY2024Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
630663 usd
CY2023Q3 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
437770 usd
CY2024Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
72032 usd
CY2023Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
212277 usd
CY2024Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
7546 usd
CY2023Q3 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
275817 usd
CY2024Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
79578 usd
CY2023Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
488094 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
21081 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
62792 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
4295 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
79578 usd
CY2024Q1 us-gaap Area Of Land
AreaOfLand
120776 sqft
CY2024Q1 us-gaap Payments To Acquire Buildings
PaymentsToAcquireBuildings
14600000 usd
CY2024Q1 us-gaap Escrow Deposit
EscrowDeposit
440000 usd
CY2024Q1 us-gaap Payments Of Loan Costs
PaymentsOfLoanCosts
9700000 usd
CY2024Q2 us-gaap Escrow Deposit
EscrowDeposit
440000 usd

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inhd-20240630_cal.xml Edgar Link unprocessable
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