$IVDN
INNOVATIVE DESIGNS INC

2024 Q4 Form 10-Q Financial Statement

#000173112224002036 Filed on December 23, 2024

View on sec.gov

Income Statement

Concept 2024 Q4 2024 Q3 2023 Q4
Revenue $278.3K $124.2K
YoY Change 123.25% 427.03%
Cost Of Revenue $60.95K
YoY Change 64.6%
Gross Profit $63.27K
YoY Change -570.06%
Gross Profit Margin 50.93%
Selling, General & Admin $142.2K $104.2K
YoY Change 13.83% -13.14%
% of Gross Profit 164.61%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.324K $760.00
YoY Change 72.17% 105.41%
% of Gross Profit 1.2%
Operating Expenses $332.2K $104.1K
YoY Change 64.93% -13.14%
Operating Profit -$53.92K -$40.88K
YoY Change -29.77% -69.35%
Interest Expense -$7.160K
YoY Change -6.04%
% of Operating Profit
Other Income/Expense, Net -$5.161K -$5.210K
YoY Change -28.22% -104.69%
Pretax Income -$45.73K
YoY Change 52.48%
Income Tax
% Of Pretax Income
Net Earnings -$59.08K -$45.73K
YoY Change -29.63% 52.48%
Net Earnings / Revenue -21.23% -36.81%
Basic Earnings Per Share $0.00
Diluted Earnings Per Share $0.00 $0.00
COMMON SHARES
Basic Shares Outstanding 37.92M shares 37.92M shares
Diluted Shares Outstanding 37.84M shares

Balance Sheet

Concept 2024 Q4 2024 Q3 2023 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $238.7K
YoY Change -9.35%
Cash & Equivalents $284.3K $238.7K
Short-Term Investments
Other Short-Term Assets $34.00K $8.200K
YoY Change
Inventory $471.1K $549.3K
Prepaid Expenses
Receivables $57.27K $31.05K
Other Receivables $0.00
Total Short-Term Assets $846.7K $819.0K
YoY Change 10.28% 6.49%
LONG-TERM ASSETS
Property, Plant & Equipment $29.38K $23.48K
YoY Change 21.19% 293.94%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $661.1K
YoY Change -5.85%
Total Long-Term Assets $682.3K $684.6K
YoY Change -9.91% -3.32%
TOTAL ASSETS
Total Short-Term Assets $846.7K $819.0K
Total Long-Term Assets $682.3K $684.6K
Total Assets $1.529M $1.504M
YoY Change 0.25% 1.79%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $79.69K $216.6K
YoY Change -71.07% 33.67%
Accrued Expenses $0.00
YoY Change -100.0%
Deferred Revenue
YoY Change
Short-Term Debt $70.67K
YoY Change -36.12%
Long-Term Debt Due $20.40K
YoY Change -84.45%
Total Short-Term Liabilities $246.1K $350.6K
YoY Change -42.14% 2.22%
LONG-TERM LIABILITIES
Long-Term Debt $44.43K
YoY Change -33.36%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $37.24K $44.43K
YoY Change -24.82% -66.14%
TOTAL LIABILITIES
Total Short-Term Liabilities $246.1K $350.6K
Total Long-Term Liabilities $37.24K $44.43K
Total Liabilities $283.3K $395.0K
YoY Change -40.33% -16.7%
SHAREHOLDERS EQUITY
Retained Earnings -$10.74M -$10.64M
YoY Change 1.38% 2.92%
Common Stock $11.98M $11.75M
YoY Change 2.93% 3.59%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.246M $1.109M
YoY Change
Total Liabilities & Shareholders Equity $1.529M $1.504M
YoY Change 0.25% 1.79%

Cashflow Statement

Concept 2024 Q4 2024 Q3 2023 Q4
OPERATING ACTIVITIES
Net Income -$59.08K -$45.73K
YoY Change -29.63% 52.48%
Depreciation, Depletion And Amortization $1.324K $760.00
YoY Change 72.17% 105.41%
Cash From Operating Activities -$110.2K
YoY Change -182.65%
INVESTING ACTIVITIES
Capital Expenditures $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities $72.00K
YoY Change -1540.0%
Cash From Investing Activities $72.00K
YoY Change -1540.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 98.03K
YoY Change -499.8%
NET CHANGE
Cash From Operating Activities -110.2K
Cash From Investing Activities 72.00K
Cash From Financing Activities 98.03K
Net Change In Cash 59.86K
YoY Change -42.32%
FREE CASH FLOW
Cash From Operating Activities -$110.2K
Capital Expenditures $0.00
Free Cash Flow -$110.2K
YoY Change

Facts In Submission

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INNOVATIVE DESIGNS, INC.
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dei Entity Tax Identification Number
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us-gaap Basis Of Accounting
BasisOfAccounting
<p id="xdx_800_eus-gaap--BasisOfAccounting_zRatSuDnkUJ1" style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>NOTE 1 - <span id="xdx_82F_zq2jpuOZEXGj">BASIS OF PRESENTATION</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: #212529">In the opinion of management, the accompanying unaudited financial statements contain all adjustments necessary to present fairly Innovative Designs, Inc.’s (the “Company”) financial position as of July 31, 2024, the changes therein for the nine-month periods that ended and the results of operations for the nine-month periods ended July 31, 2024.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: #212529"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: #212529">The condensed financial statements included in the Form 10-Q (the “Form”) are presented in accordance with the requirements of the Form and do not include all of the disclosures required by generally accepted accounting principles in the United States of America. For additional information, reference is made to the Company’s annual report on Form 10-K for the fiscal year ending October 31, 2023. The results of operations for the nine-month period ending July 31, 2024 are not necessarily indicative of operating results for the full year.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: #212529"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #212529">The Company’s unaudited condensed financial statements have been prepared in accordance with GAAP and pursuant to the rules and regulations of the SEC. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted from this report, as is permitted by such rules and regulations. Accordingly, these consolidated financial statements should be read in conjunction with the audited financial statements as of and for the year ended October 31, 2023, and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended October 31, 2023, filed with the SEC on February 23, 2024 (the “2023 Annual Report”). The results for any interim period are not necessarily indicative of results for any future period.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #212529"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #212529">The unaudited condensed financial statements have been prepared on the same basis as the audited financial statements. In the opinion of the Company’s management, the accompanying unaudited consolidated financial statements contain all adjustments that are necessary to present fairly the Company’s financial position and results of operations for the interim periods presented. The results for the three and nine months ended July 31, 2024, are not necessarily indicative of the results for the year ending October 31, 2024 , or for any future period.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #212529"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #212529">As of July 31 2024, there have been no material changes in the Company’s significant accounting policies from those that were disclosed in the 2023 annual report.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #212529"> </p>
ivdn Negative Cash Flow
NegativeCashFlow
29296 usd
ivdn Operation Activities
OperationActivities
41507 usd
CY2024Q3 ivdn Retained Earning Accumulated Deficit
RetainedEarningAccumulatedDeficit
10707203 usd
CY2024Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
150 usd
CY2024Q3 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
57272 usd
CY2024Q3 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
65600 usd
CY2023Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
65600 usd
CY2024Q3 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
536678 usd
CY2023Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
471078 usd
CY2023Q4 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
50000 usd
CY2023Q4 us-gaap Debt Instrument Interest Rate During Period
DebtInstrumentInterestRateDuringPeriod
0.060 pure
CY2023Q4 us-gaap Secured Debt
SecuredDebt
100000 usd
CY2023Q4 us-gaap Debt Instrument Convertible Conversion Price1
DebtInstrumentConvertibleConversionPrice1
0.20
CY2024Q3 us-gaap Convertible Notes Payable
ConvertibleNotesPayable
47903 usd
CY2024Q3 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
2429443 shares
CY2023Q4 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
2373888 shares
CY2024Q3 ivdn Shipping And Handling Costs
ShippingAndHandlingCosts
34332 usd
CY2023Q3 ivdn Shipping And Handling Costs
ShippingAndHandlingCosts
27070 usd
CY2024Q3 ivdn Deposits On Equipments
DepositsOnEquipments
652944 usd
CY2023Q4 ivdn Deposits On Equipments
DepositsOnEquipments
652944 usd
CY2024Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0550 pure
ivdn Lease Rou Description
LeaseROUDescription
The Company entered into a lease for office space at the time the Company was formed through June 2022. 
CY2022Q2 us-gaap Payments For Legal Settlements
PaymentsForLegalSettlements
260000 usd

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