$IVDN
INNOVATIVE DESIGNS INC

2023 Q3 Form 10-Q Financial Statement

#000173112223001281 Filed on July 07, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2 2022 Q2
Revenue $124.7K $27.25K $37.72K
YoY Change -7.7% -27.76% 45.64%
Cost Of Revenue $76.48K $13.35K $21.31K
YoY Change 36.03% -37.35% 136.51%
Gross Profit $48.17K $13.90K $16.41K
YoY Change -38.89% -15.3% -2.84%
Gross Profit Margin 38.64% 51.01% 43.5%
Selling, General & Admin $124.9K $121.9K $280.0K
YoY Change 7.94% -56.47% 118.82%
% of Gross Profit 259.38% 876.69% 1706.03%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $769.00 $770.00 $380.00
YoY Change 107.84% 102.63% -95.43%
% of Gross Profit 1.6% 5.54% 2.32%
Operating Expenses $201.4K $121.9K $280.0K
YoY Change 17.12% -56.47% 118.82%
Operating Profit -$76.77K -$108.0K -$263.6K
YoY Change 107.87% -59.04% 137.33%
Interest Expense $6.421K -$4.630K -$12.26K
YoY Change -40.05% -62.23% -1.37%
% of Operating Profit
Other Income/Expense, Net -$7.190K $0.00 $0.00
YoY Change -102.88%
Pretax Income -$83.96K -$112.6K -$275.8K
YoY Change -139.54% -59.18% 123.35%
Income Tax
% Of Pretax Income
Net Earnings -$83.96K -$112.6K -$275.8K
YoY Change -139.54% -59.18% 123.35%
Net Earnings / Revenue -67.36% -413.17% -731.23%
Basic Earnings Per Share $0.00 $0.00 -$0.01
Diluted Earnings Per Share $0.00 $0.00 -$8.149K
COMMON SHARES
Basic Shares Outstanding 36.18M shares 35.18M shares 33.85M shares
Diluted Shares Outstanding 36.63M shares 35.91M shares 34.90M shares

Balance Sheet

Concept 2023 Q3 2023 Q2 2022 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $178.8K $65.01K $219.8K
YoY Change 12.11% -70.42% -0.51%
Cash & Equivalents $178.8K $65.01K $219.8K
Short-Term Investments
Other Short-Term Assets $20.76K
YoY Change -47.9%
Inventory $588.9K $630.0K $562.3K
Prepaid Expenses
Receivables $82.00 $1.910K $7.980K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $767.8K $696.9K $810.8K
YoY Change -20.93% -14.05% -3.43%
LONG-TERM ASSETS
Property, Plant & Equipment $24.25K $25.02K $6.710K
YoY Change 282.93% 272.88% -90.32%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $733.1K $660.1K $639.8K
YoY Change 11.56% 3.17% -4.1%
Total Long-Term Assets $757.4K $685.2K $646.5K
YoY Change 14.15% 5.97% -12.21%
TOTAL ASSETS
Total Short-Term Assets $767.8K $696.9K $810.8K
Total Long-Term Assets $757.4K $685.2K $646.5K
Total Assets $1.525M $1.382M $1.457M
YoY Change -6.69% -5.17% -7.53%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $275.5K $210.8K $252.4K
YoY Change -6.39% -16.49% 20.08%
Accrued Expenses $3.778K $69.50K $74.76K
YoY Change -27.67% -7.04% 4.68%
Deferred Revenue
YoY Change
Short-Term Debt $71.67K $79.67K $175.6K
YoY Change -40.09% -54.64% -41.88%
Long-Term Debt Due $20.27K $19.95K $18.63K
YoY Change 8.8% 7.09% 0.0%
Total Short-Term Liabilities $425.3K $379.9K $521.5K
YoY Change -12.99% -27.14% -13.45%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $54.80K $140.2K
YoY Change -100.0% -60.92% 33.06%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $49.53K $54.80K $140.2K
YoY Change -64.05% -60.92% 11.16%
TOTAL LIABILITIES
Total Short-Term Liabilities $425.3K $379.9K $521.5K
Total Long-Term Liabilities $49.53K $54.80K $140.2K
Total Liabilities $474.8K $434.7K $661.7K
YoY Change -24.22% -34.3% -9.19%
SHAREHOLDERS EQUITY
Retained Earnings -$10.59M -$10.51M
YoY Change 2.77%
Common Stock $11.64M $11.45M
YoY Change 2.9%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.050M $947.3K $795.7K
YoY Change
Total Liabilities & Shareholders Equity $1.525M $1.382M $1.457M
YoY Change -6.69% -5.17% -7.53%

Cashflow Statement

Concept 2023 Q3 2023 Q2 2022 Q2
OPERATING ACTIVITIES
Net Income -$83.96K -$112.6K -$275.8K
YoY Change -139.54% -59.18% 123.35%
Depreciation, Depletion And Amortization $769.00 $770.00 $380.00
YoY Change 107.84% 102.63% -95.43%
Cash From Operating Activities $48.76K -$42.92K -$73.98K
YoY Change 207.63% -41.98% 88.39%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$73.00K -$39.58K $0.00
YoY Change 890.5%
Cash From Investing Activities -$73.00K -$39.58K $0.00
YoY Change 890.5%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00 $25.20K
YoY Change -100.0% -64.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 138.0K -21.88K 3.820K
YoY Change -300.84% -672.77% -92.49%
NET CHANGE
Cash From Operating Activities 48.76K -42.92K -73.98K
Cash From Investing Activities -73.00K -39.58K 0.000
Cash From Financing Activities 138.0K -21.88K 3.820K
Net Change In Cash 113.8K -104.4K -70.16K
YoY Change -288.88% 48.77% -704.31%
FREE CASH FLOW
Cash From Operating Activities $48.76K -$42.92K -$73.98K
Capital Expenditures $0.00 $0.00
Free Cash Flow $48.76K -$42.92K
YoY Change

Facts In Submission

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us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
86200 usd
us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
0 usd
us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
0 usd
ivdn Payments On Shareholder Advances
PaymentsOnShareholderAdvances
97630 usd
ivdn Payments On Shareholder Advances
PaymentsOnShareholderAdvances
-79666 usd
ivdn Payment On Lease Liability
PaymentOnLeaseLiability
-0 usd
ivdn Payment On Lease Liability
PaymentOnLeaseLiability
20200 usd
ivdn Proceeds On Notes Payable
ProceedsOnNotesPayable
-0 usd
ivdn Proceeds On Notes Payable
ProceedsOnNotesPayable
-1818 usd
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
9925 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
2445 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-11848 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
-198286 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
-260684 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
263293 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
480451 usd
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
65007 usd
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
219767 usd
us-gaap Interest Paid Net
InterestPaidNet
5813 usd
us-gaap Interest Paid Net
InterestPaidNet
19817 usd
us-gaap Income Taxes Paid
IncomeTaxesPaid
0 usd
us-gaap Income Taxes Paid
IncomeTaxesPaid
0 usd
us-gaap Basis Of Accounting
BasisOfAccounting
<p id="xdx_802_eus-gaap--BasisOfAccounting_zEofviy8s7wh" style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"> </span></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: 10pt Times New Roman, Times, Serif">NOTE 1.</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><span style="text-decoration: underline"><span id="xdx_828_zTiZnk1oPNd6">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> <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 financial statements contain all adjustments necessary to present fairly Innovative Designs, Inc.’s financial position as of April 30, 2023, the changes therein for the three and six month periods then ended and the results of operations for the three and six month periods ended April 30, 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 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 and six month periods ended April 30, 2023 and 2022 are not necessarily indicative of operating results for the full year.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"> </span></p>
us-gaap Profit Loss
ProfitLoss
-171686 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
-198286 usd
CY2023Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-10507265 usd
CY2023Q2 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
CY2023Q2 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
1909 usd
CY2023Q2 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
75468 usd
CY2022Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
75468 usd
us-gaap Adjustments To Additional Paid In Capital Warrant Issued
AdjustmentsToAdditionalPaidInCapitalWarrantIssued
994000 usd
us-gaap Adjustments To Additional Paid In Capital Warrant Issued
AdjustmentsToAdditionalPaidInCapitalWarrantIssued
994000 usd
ivdn Shipping And Handling Costs
ShippingAndHandlingCosts
19444 usd
ivdn Shipping And Handling Costs
ShippingAndHandlingCosts
13390 usd
ivdn Deposits On Equipments
DepositsOnEquipments
39274 usd
CY2023Q2 us-gaap Deposits Assets Noncurrent
DepositsAssetsNoncurrent
646944 usd
CY2022Q2 us-gaap Deposits Assets Noncurrent
DepositsAssetsNoncurrent
600000 usd
CY2023Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0550 pure
us-gaap Revenue Not From Contract With Customer
RevenueNotFromContractWithCustomer
98896 usd
us-gaap Revenue Not From Contract With Customer
RevenueNotFromContractWithCustomer
100116 usd
us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
1382055 usd
us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
1457367 usd
us-gaap Depreciation
Depreciation
1537 usd
us-gaap Depreciation
Depreciation
745 usd
CY2022Q2 us-gaap Payments For Legal Settlements
PaymentsForLegalSettlements
260000 usd

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