$IVDN
INNOVATIVE DESIGNS INC

2023 Q1 Form 10-Q Financial Statement

#000173112223000381 Filed on March 15, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q1
Revenue $71.65K $62.40K
YoY Change 14.82% 55.92%
Cost Of Revenue $17.01K $32.35K
YoY Change -47.42% 73.55%
Gross Profit $54.64K $30.05K
YoY Change 81.82% 40.55%
Gross Profit Margin 76.26% 48.16%
Selling, General & Admin $114.7K $150.6K
YoY Change -23.88% 85.47%
% of Gross Profit 209.84% 501.23%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $769.00 $370.00
YoY Change 107.84% -95.56%
% of Gross Profit 1.41% 1.23%
Operating Expenses $131.7K $150.6K
YoY Change -12.58% 85.46%
Operating Profit -$60.01K -$120.6K
YoY Change -50.22% 101.5%
Interest Expense $6.599K -$11.48K
YoY Change -157.48% 131.45%
% of Operating Profit
Other Income/Expense, Net $920.00 $0.00
YoY Change -100.0%
Pretax Income -$59.09K -$132.0K
YoY Change -55.25% 267.08%
Income Tax
% Of Pretax Income
Net Earnings -$59.09K -$132.0K
YoY Change -55.25% 267.08%
Net Earnings / Revenue -82.48% -211.6%
Basic Earnings Per Share $0.00 $0.00
Diluted Earnings Per Share $0.00 -$3.940K
COMMON SHARES
Basic Shares Outstanding 35.26M shares 33.51M shares
Diluted Shares Outstanding 35.91M shares 34.88M shares

Balance Sheet

Concept 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $169.4K $289.9K
YoY Change -41.57% 38.53%
Cash & Equivalents $169.4K $289.9K
Short-Term Investments
Other Short-Term Assets $30.93K
YoY Change -21.32%
Inventory $643.3K $548.3K
Prepaid Expenses
Receivables $8.067K $9.480K
Other Receivables $0.00 $0.00
Total Short-Term Assets $820.8K $878.6K
YoY Change -6.58% 4.69%
LONG-TERM ASSETS
Property, Plant & Equipment $25.78K $7.080K
YoY Change 264.18% -91.94%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $620.6K $639.8K
YoY Change -3.01% -4.1%
Total Long-Term Assets $646.4K $646.9K
YoY Change -0.09% -14.31%
TOTAL ASSETS
Total Short-Term Assets $820.8K $878.6K
Total Long-Term Assets $646.4K $646.9K
Total Assets $1.467M $1.526M
YoY Change -3.83% -4.31%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $176.2K $238.3K
YoY Change -26.09% 1.73%
Accrued Expenses $3.778K $80.21K
YoY Change -95.29% 21.96%
Deferred Revenue
YoY Change
Short-Term Debt $96.46K $178.6K
YoY Change -46.0% -40.89%
Long-Term Debt Due $20.31K $18.63K
YoY Change 9.02% 0.0%
Total Short-Term Liabilities $347.7K $515.8K
YoY Change -32.59% -16.92%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $138.4K
YoY Change -100.0% 31.34%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $59.54K $138.4K
YoY Change -56.98% 1.53%
TOTAL LIABILITIES
Total Short-Term Liabilities $347.7K $515.8K
Total Long-Term Liabilities $59.54K $138.4K
Total Liabilities $407.2K $654.2K
YoY Change -37.75% -13.6%
SHAREHOLDERS EQUITY
Retained Earnings -$10.39M
YoY Change
Common Stock $11.45M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.060M $871.3K
YoY Change
Total Liabilities & Shareholders Equity $1.467M $1.526M
YoY Change -3.83% -4.31%

Cashflow Statement

Concept 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income -$59.09K -$132.0K
YoY Change -55.25% 267.08%
Depreciation, Depletion And Amortization $769.00 $370.00
YoY Change 107.84% -95.56%
Cash From Operating Activities -$105.2K -$174.9K
YoY Change -39.86% 373.88%
INVESTING ACTIVITIES
Capital Expenditures $20.59K $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities $7.520K $0.00
YoY Change
Cash From Investing Activities -$13.07K $0.00
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $61.00K
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $24.33K -15.67K
YoY Change -255.28% -107.91%
NET CHANGE
Cash From Operating Activities -$105.2K -174.9K
Cash From Investing Activities -$13.07K 0.000
Cash From Financing Activities $24.33K -15.67K
Net Change In Cash -$93.90K -190.5K
YoY Change -50.72%
FREE CASH FLOW
Cash From Operating Activities -$105.2K -$174.9K
Capital Expenditures $20.59K $0.00
Free Cash Flow -$125.7K -$174.9K
YoY Change -28.09% 373.88%

Facts In Submission

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CY2023Q1 us-gaap Basis Of Accounting
BasisOfAccounting
<p id="xdx_804_eus-gaap--BasisOfAccounting_zS7vHpUrj1L6" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="width: 100%"> <tr style="vertical-align: top"> <td style="width: 0px"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 60px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">NOTE 1.</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_82E_zOzPe0wVtr">BASIS OF PRESENTATION</span></span></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: justify"/> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: justify">In the opinion of management, the accompanying unaudited condensed financial statements contain all adjustments necessary to present fairly Innovative Designs, Inc.’s financial position as of January 31, 2023, the changes therein for the three periods then ended and the results of operations for the three periods ended January, 2023 and 2022.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: justify">The condensed financial statements included in the Form 10-Q are presented in accordance with the requirements of the Form and do not include all of the disclosures required by accounting principles generally accepted in the United States of America. For additional information, reference is made to the Innovative Designs, Inc.’s annual report on Form 10-K for the fiscal year ended October 31, 2022. The results of operations for the three periods ended January, 2023 and 2022 are not necessarily indicative of operating results for the full year.</p>
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
-59094 usd
CY2023Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-105156 usd
CY2023Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-10394673 usd
CY2023Q1 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
0 usd
CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
5860 usd
CY2022Q4 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
11203 usd
CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
5860 usd
CY2023Q1 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
8067 usd
CY2023Q1 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
0 usd
CY2023Q1 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
75468 usd
CY2022Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
75468 usd
CY2023Q1 us-gaap Adjustments To Additional Paid In Capital Warrant Issued
AdjustmentsToAdditionalPaidInCapitalWarrantIssued
994000 usd
CY2022Q1 us-gaap Adjustments To Additional Paid In Capital Warrant Issued
AdjustmentsToAdditionalPaidInCapitalWarrantIssued
1254000 usd
CY2023Q1 ivdn Shipping And Handling Costs
ShippingAndHandlingCosts
15125 usd
CY2022Q1 ivdn Shipping And Handling Costs
ShippingAndHandlingCosts
8647 usd
CY2023Q1 ivdn Description Of Purchase Price Payment Terms
DescriptionOfPurchasePricePaymentTerms
The first installment of $300,000 is to be made at the execution of the agreement. The second installment of $200,000 is to be made when the machinery and equipment is ready to be shipped to the United States. The third installment of $100,000 is to be made once the machinery and equipment is producing INSULTEX, and the fourth and final installment of $100,000 is to be made after the first commercial production run of INSULTEX is completed.
CY2018 ivdn Purchase Price Machinery And Equipment
PurchasePriceMachineryAndEquipment
500000 usd
CY2018 ivdn Advance Payment For Machinery And Equipment
AdvancePaymentForMachineryAndEquipment
100000 usd
CY2022Q3 ivdn Deposits On Flight Equipments
DepositsOnFlightEquipments
7370 usd
CY2023Q1 us-gaap Deposits Assets Noncurrent
DepositsAssetsNoncurrent
607370 usd
CY2022Q1 us-gaap Deposits Assets Noncurrent
DepositsAssetsNoncurrent
600000 usd
CY2023Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0550 pure
CY2023Q1 us-gaap Revenue Not From Contract With Customer
RevenueNotFromContractWithCustomer
71647 usd
CY2022Q1 us-gaap Revenue Not From Contract With Customer
RevenueNotFromContractWithCustomer
62400 usd
CY2023Q1 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
1467145 usd
CY2022Q1 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
1525515 usd
CY2023Q1 us-gaap Depreciation
Depreciation
769 usd
CY2022Q1 us-gaap Depreciation
Depreciation
373 usd
CY2022Q2 us-gaap Payments For Legal Settlements
PaymentsForLegalSettlements
260000 usd

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