2023 Q1 Form 10-K Financial Statement

#000118518523000284 Filed on March 31, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $17.00M $23.88M $80.10M
YoY Change 8.64% 14.52% 28.76%
Cost Of Revenue $12.91M $17.88M $61.41M
YoY Change 8.32% 20.87% 35.69%
Gross Profit $4.087M $6.000M $18.69M
YoY Change 9.68% -0.99% 10.25%
Gross Profit Margin 24.05% 25.13% 23.33%
Selling, General & Admin $4.799M $4.710M $19.73M
YoY Change -7.22% -21.85% -3.97%
% of Gross Profit 117.44% 78.51% 105.55%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $145.4K $138.2K $562.1K
YoY Change 5.08% 16.01% 6.69%
% of Gross Profit 3.56% 2.3% 3.01%
Operating Expenses $6.745M $4.710M $19.73M
YoY Change 30.4% -21.85% -3.97%
Operating Profit -$2.658M $1.289M -$1.037M
YoY Change 83.77% 3941.94% -71.1%
Interest Expense $172.4K -$206.9K $586.2K
YoY Change -18.29% 117.86% -266.12%
% of Operating Profit -16.05%
Other Income/Expense, Net -$170.5K $3.060K -$312.6K
YoY Change -3450.51% 61.05% -2983.84%
Pretax Income -$2.829M $1.094M -$1.350M
YoY Change 129.91% -35.55% 88.46%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income 0.0%
Net Earnings -$2.829M $1.094M -$1.350M
YoY Change 129.91% -35.55% 88.46%
Net Earnings / Revenue -16.64% 4.58% -1.69%
Basic Earnings Per Share -$0.06 -$0.03
Diluted Earnings Per Share -$0.06 $0.02 -$0.03
COMMON SHARES
Basic Shares Outstanding 48.76M shares 47.78M shares 47.13M shares
Diluted Shares Outstanding 48.46M shares 47.13M shares

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.650M $4.899M $4.899M
YoY Change -46.96% -19.98% -19.98%
Cash & Equivalents $1.650M $4.899M $4.899M
Short-Term Investments
Other Short-Term Assets $372.9K $289.4K $289.4K
YoY Change -4.28% -7.86% -7.86%
Inventory $3.021M $3.054M $3.054M
Prepaid Expenses
Receivables $4.830M $4.969M $4.969M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $9.874M $13.21M $13.21M
YoY Change -2.55% 3.19% 3.19%
LONG-TERM ASSETS
Property, Plant & Equipment $7.828M $7.922M $8.644M
YoY Change -12.77% -3.23% -4.88%
Goodwill
YoY Change
Intangibles $20.66K $30.99K
YoY Change -57.08%
Long-Term Investments $0.00 $0.00
YoY Change -100.0% -100.0%
Other Assets
YoY Change
Total Long-Term Assets $10.05M $10.21M $10.21M
YoY Change -7.38% -7.02% -7.02%
TOTAL ASSETS
Total Short-Term Assets $9.874M $13.21M $13.21M
Total Long-Term Assets $10.05M $10.21M $10.21M
Total Assets $19.93M $23.42M $23.42M
YoY Change -5.05% -1.53% -1.53%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.577M $6.600M $6.600M
YoY Change 8.61% 21.89% 21.89%
Accrued Expenses $861.2K $336.4K $336.4K
YoY Change 135.54% -14.09% -14.09%
Deferred Revenue
YoY Change
Short-Term Debt $2.014M $2.014M $2.014M
YoY Change 0.72% 0.72% 0.72%
Long-Term Debt Due $5.709M $5.712M $5.904M
YoY Change 859.25% 1144.47% 930.72%
Total Short-Term Liabilities $14.59M $16.41M $16.41M
YoY Change 69.44% 60.95% 60.95%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $333.1K
YoY Change -100.0% -100.0% -94.36%
Other Long-Term Liabilities $1.114M $87.44K $87.44K
YoY Change 355.09% -67.24% -67.24%
Total Long-Term Liabilities $0.00 $0.00 $420.5K
YoY Change -100.0% -100.0% -93.19%
TOTAL LIABILITIES
Total Short-Term Liabilities $14.59M $16.41M $16.41M
Total Long-Term Liabilities $0.00 $0.00 $420.5K
Total Liabilities $15.99M $16.83M $16.83M
YoY Change 9.12% -36.65% 2.81%
SHAREHOLDERS EQUITY
Retained Earnings -$37.29M -$34.47M
YoY Change 4.08%
Common Stock $5.052K $5.088K
YoY Change 4.16%
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.141M $1.141M
YoY Change 0.0%
Treasury Stock Shares
Shareholders Equity $3.936M $6.587M $6.587M
YoY Change
Total Liabilities & Shareholders Equity $19.93M $23.42M $23.42M
YoY Change -5.05% -1.53% -1.53%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income -$2.829M $1.094M -$1.350M
YoY Change 129.91% -35.55% 88.46%
Depreciation, Depletion And Amortization $145.4K $138.2K $562.1K
YoY Change 5.08% 16.01% 6.69%
Cash From Operating Activities -$3.192M $2.204M -$599.1K
YoY Change 11.08% -3.58% -83.64%
INVESTING ACTIVITIES
Capital Expenditures $7.995K $7.920K $115.0K
YoY Change -267.96% -181.65% -569.06%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$7.995K -$7.920K -$115.0K
YoY Change 67.96% -18.35% 369.06%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$49.56K -48.76K -$509.2K
YoY Change -62.86% -71.58% -110.72%
NET CHANGE
Cash From Operating Activities -$3.192M 2.204M -$599.1K
Cash From Investing Activities -$7.995K -7.920K -$115.0K
Cash From Financing Activities -$49.56K -48.76K -$509.2K
Net Change In Cash -$3.249M 2.147M -$1.223M
YoY Change 7.9% 2.03% -215.11%
FREE CASH FLOW
Cash From Operating Activities -$3.192M $2.204M -$599.1K
Capital Expenditures $7.995K $7.920K $115.0K
Free Cash Flow -$3.200M $2.196M -$714.1K
YoY Change 11.55% -4.34% -80.37%

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IncreaseDecreaseInDeferredRevenue
-73251 usd
CY2021 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
-1286270 usd
CY2022 us-gaap Increase Decrease In Other Accrued Liabilities
IncreaseDecreaseInOtherAccruedLiabilities
0 usd
CY2021 us-gaap Increase Decrease In Other Accrued Liabilities
IncreaseDecreaseInOtherAccruedLiabilities
-8000 usd
CY2022 us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
-66740 usd
CY2021 us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
-102715 usd
CY2022 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-599086 usd
CY2021 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-3661569 usd
CY2022 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
114966 usd
CY2021 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
24511 usd
CY2022 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-114966 usd
CY2021 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-24511 usd
CY2022 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
50000 usd
CY2021 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
0 usd
CY2021 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
3580372 usd
CY2022 us-gaap Proceeds From Loans
ProceedsFromLoans
0 usd
CY2021 us-gaap Proceeds From Loans
ProceedsFromLoans
1748414 usd
CY2022 us-gaap Repayments Of Debt
RepaymentsOfDebt
172422 usd
CY2021 us-gaap Repayments Of Debt
RepaymentsOfDebt
433087 usd
CY2022 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
176494 usd
CY2021 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
146963 usd
CY2022 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
110305 usd
CY2021 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
0 usd
CY2022 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-509221 usd
CY2021 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
4748736 usd
CY2022 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
-1223273 usd
CY2021 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
1062656 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
6122671 usd
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
5060015 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
4899398 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
6122671 usd
CY2022 us-gaap Interest Paid Net
InterestPaidNet
461563 usd
CY2021 us-gaap Interest Paid Net
InterestPaidNet
298481 usd
CY2022 us-gaap Income Taxes Paid
IncomeTaxesPaid
0 usd
CY2021 us-gaap Income Taxes Paid
IncomeTaxesPaid
0 usd
CY2022 ivfh Increase In Right Of Use Assets Liabilities
IncreaseInRightOfUseAssetsLiabilities
-13216 usd
CY2021 ivfh Increase In Right Of Use Assets Liabilities
IncreaseInRightOfUseAssetsLiabilities
88359 usd
CY2022 us-gaap Capital Lease Obligations Incurred
CapitalLeaseObligationsIncurred
42500 usd
CY2021 us-gaap Capital Lease Obligations Incurred
CapitalLeaseObligationsIncurred
21885 usd
CY2022 us-gaap Other Significant Noncash Transaction Value Of Consideration Given1
OtherSignificantNoncashTransactionValueOfConsiderationGiven1
7686481 usd
CY2021 us-gaap Other Significant Noncash Transaction Value Of Consideration Given1
OtherSignificantNoncashTransactionValueOfConsiderationGiven1
0 usd
CY2022 us-gaap Other Significant Noncash Transaction Value Of Consideration Received1
OtherSignificantNoncashTransactionValueOfConsiderationReceived1
0 usd
CY2021 us-gaap Other Significant Noncash Transaction Value Of Consideration Received1
OtherSignificantNoncashTransactionValueOfConsiderationReceived1
22380 usd
CY2022 us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><span style="text-decoration:underline">Use of Estimates</span></p><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"> </p><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">The preparation of these consolidated financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. On an on-going basis, we evaluate these estimates, including those related to revenue recognition and concentration of credit risk. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Accounts subject to estimate and judgements are accounts receivable reserves, inventory reserves, income taxes, intangible assets, contingent liabilities, operating and finance right of use assets and liabilities, and equity-based instruments. Actual results may differ from these estimates under different assumptions or conditions. We believe our estimates have not been materially inaccurate in past years, and our assumptions are not likely to change in the foreseeable future.</p><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"> </p>
CY2022 us-gaap Revenues
Revenues
80102964 usd
CY2021 us-gaap Revenues
Revenues
62212148 usd
CY2022 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><span style="text-decoration:underline">Concentrations of Credit Risk</span></p><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"> </p><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">Financial instruments and related items, which potentially subject the Company to concentrations of credit risk, consist primarily of cash, cash equivalents and trade receivables. The Company places its cash and temporary cash in investments with credit quality institutions. At times, such investments may be in excess of applicable government mandated insurance limit. At December 31, 2022 and 2021, trade receivables from the Company’s largest customer amounted to 20% and 28%, respectively, of total trade receivables. During the year ended December 31, 2022 and 2021, sales from the Company’s largest customer amounted to 49% and 46% of total sales, respectively.</p><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"> </p><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">The Company maintains cash balances in excess of Federal Deposit Insurance Corporation limits. At December 31, 2022 and 2021, the total cash in excess of these limits was $3,205,568 and $4,555,032, respectively.</p><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"> </p>
CY2022Q4 us-gaap Cash Uninsured Amount
CashUninsuredAmount
3205568 usd
CY2021Q4 us-gaap Cash Uninsured Amount
CashUninsuredAmount
4555032 usd
CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
340225 usd
CY2021Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
375931 usd
CY2022 us-gaap Property Plant And Equipment Useful Life
PropertyPlantAndEquipmentUsefulLife
P5Y
CY2020Q4 us-gaap Deferred Revenue
DeferredRevenue
2917676 usd
CY2021 us-gaap Deferred Revenue Additions
DeferredRevenueAdditions
2392745 usd
CY2021 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
-3679015 usd
CY2021Q4 us-gaap Deferred Revenue
DeferredRevenue
1631406 usd
CY2022 us-gaap Deferred Revenue Additions
DeferredRevenueAdditions
1833947 usd
CY2022 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
-1907198 usd
CY2022Q4 us-gaap Deferred Revenue
DeferredRevenue
1558155 usd
CY2022 us-gaap Impairment Of Investments
ImpairmentOfInvestments
286725 usd
CY2022 us-gaap Stock Issued During Period Shares Share Based Compensation Gross
StockIssuedDuringPeriodSharesShareBasedCompensationGross
2149384 shares
CY2021 ivfh Option Exercise Price
OptionExercisePrice
0.99
CY2021Q4 us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Number Of Outstanding Options
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfOutstandingOptions
2100000 shares
CY2021 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Outstanding Options Weighted Average Remaining Contractual Term2
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageRemainingContractualTerm2
P2Y3D
CY2022Q4 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
5309620 usd
CY2021Q4 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
3632695 usd
CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
340225 usd
CY2021Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
375931 usd
CY2022Q4 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
4969395 usd
CY2021Q4 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
3256764 usd
CY2022 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
-1915 usd
CY2021 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
31756 usd
CY2021 us-gaap Increase Decrease In Notes Receivables
IncreaseDecreaseInNotesReceivables
22380 usd
CY2021Q4 us-gaap Debt Instrument Interest Rate Stated Percentage
DebtInstrumentInterestRateStatedPercentage
0.05 pure
CY2022Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
3053852 usd
CY2021Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
3109984 usd
CY2022Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
0 usd
CY2021Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
0 usd
CY2022Q4 us-gaap Inventory Net
InventoryNet
3053852 usd
CY2021Q4 us-gaap Inventory Net
InventoryNet
3109984 usd
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
10567243 usd
CY2021Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
10472253 usd
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
2645682 usd
CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
2286026 usd
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
7921561 usd
CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
8186227 usd
CY2022 us-gaap Depreciation
Depreciation
379632 usd
CY2021 us-gaap Depreciation
Depreciation
388657 usd
CY2022 us-gaap Operating Lease Expense
OperatingLeaseExpense
78849 usd
CY2021 us-gaap Operating Lease Expense
OperatingLeaseExpense
120304 usd
CY2022 us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
66740 usd
CY2021 us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
102715 usd
CY2022Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
152425 usd
CY2021Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
232381 usd
CY2022Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
152425 usd
CY2021Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
232381 usd
CY2022Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
64987 usd
CY2021Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
74088 usd
CY2022Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
87438 usd
CY2021Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
158293 usd
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
72031 usd
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
72294 usd
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
20689 usd
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
165014 usd
CY2022Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
12589 usd
CY2022Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
152425 usd
CY2022 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
0 usd
CY2021 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
88359 usd
CY2022 us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
13216 usd
CY2022 ivfh Lease Cost Table Text Block1
LeaseCostTableTextBlock1
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">The Company has financing leases for vehicles and warehouse equipment. (See note 15.) Right of use asset – financing leases are summarized below:</p><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"> </p><table border="0" cellpadding="0" cellspacing="0" class="finTable" style="margin-right: 10%; margin-left: 10%; width: 80%; font-size: 10pt; font-family: &quot;Times New Roman&quot;; text-indent: 0px;"> <tr style="vertical-align: bottom;"> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> </td> <td id="new_id-2087" style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> </td> <td colspan="2" id="new_id-2088" style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>December 31,</b></p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>2022</b></p> </td> <td id="new_id-2089" style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; padding-bottom: 1px;"> </td> <td id="new_id-2090" style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> </td> <td colspan="2" id="new_id-2091" style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>December 31,</b></p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>2021</b></p> </td> <td id="new_id-2092" style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; padding-bottom: 1px;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; width: 62%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Vehicles</p> </td> <td id="new_id-2093" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> </td> <td id="new_id-2094" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> </td> <td id="new_id-2095" style="width: 16%; text-align: right; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">404,858</td> <td id="new_id-2096" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2097" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> </td> <td id="new_id-2098" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> </td> <td id="new_id-2099" style="width: 16%; text-align: right; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">362,358</td> <td id="new_id-2100" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Warehouse Equipment</p> </td> <td id="new_id-2101" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> </td> <td id="new_id-2102" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td id="new_id-2103" style="width: 16%; text-align: right; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">555,416</td> <td id="new_id-2104" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2105" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> </td> <td id="new_id-2106" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td id="new_id-2107" style="width: 16%; text-align: right; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">555,416</td> <td id="new_id-2108" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Total before accumulated depreciation</p> </td> <td id="new_id-2109" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> </td> <td id="new_id-2110" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> </td> <td id="new_id-2111" style="width: 16%; text-align: right; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">960,274</td> <td id="new_id-2112" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2113" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> </td> <td id="new_id-2114" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> </td> <td id="new_id-2115" style="width: 16%; text-align: right; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">917,774</td> <td id="new_id-2116" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Less: accumulated depreciation</p> </td> <td id="new_id-2117" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> </td> <td id="new_id-2118" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td id="new_id-2119" style="width: 16%; text-align: right; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">(389,951</td> <td id="new_id-2120" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px; white-space: nowrap;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">)</p> </td> <td id="new_id-2121" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> </td> <td id="new_id-2122" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td id="new_id-2123" style="width: 16%; text-align: right; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">(248,735</td> <td id="new_id-2124" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px; white-space: nowrap;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">)</p> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Total</p> </td> <td id="new_id-2125" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> </td> <td id="new_id-2126" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td id="new_id-2127" style="width: 16%; text-align: right; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">570,323</td> <td id="new_id-2128" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2129" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> </td> <td id="new_id-2130" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td id="new_id-2131" style="width: 16%; text-align: right; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">669,039</td> <td id="new_id-2132" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; white-space: nowrap;"> </td> </tr> </table><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"> </p>
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CY2021Q4 us-gaap Finance Lease Right Of Use Asset Accumulated Amortization
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CY2022Q4 us-gaap Finance Lease Right Of Use Asset
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CY2021Q4 us-gaap Finance Lease Right Of Use Asset
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CY2021 us-gaap Finance Lease Right Of Use Asset Amortization
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CY2022 us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
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CY2021 us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
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CY2022Q4 us-gaap Finance Lease Liability
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CY2021Q4 us-gaap Finance Lease Liability
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CY2021Q4 us-gaap Finance Lease Liability Current
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CY2022Q4 us-gaap Finance Lease Liability Noncurrent
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CY2021Q4 us-gaap Finance Lease Liability Noncurrent
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CY2022Q4 us-gaap Finance Lease Liability
FinanceLeaseLiability
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CY2021Q4 us-gaap Finance Lease Liability
FinanceLeaseLiability
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CY2022Q4 us-gaap Finance Lease Liability Payments Due Next Twelve Months
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CY2022Q4 us-gaap Finance Lease Liability Payments Due Year Two
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CY2022Q4 us-gaap Finance Lease Liability Payments Due Year Three
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CY2022Q4 us-gaap Finance Lease Liability Payments Due Year Four
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CY2022Q4 us-gaap Finance Lease Liability Payments Due Year Five
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CY2022Q4 us-gaap Finance Lease Liability Payments Due After Year Five
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CY2022Q4 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
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CY2022 us-gaap Equity Method Investment Additional Information
EquityMethodInvestmentAdditionalInformation
the Company had investments in seven food related companies
CY2021Q4 us-gaap Long Term Investments
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CY2022 us-gaap Impairment Of Investments
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CY2021 us-gaap Impairment Of Investments
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CY2022Q4 us-gaap Finite Lived Intangible Assets Gross
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CY2022 us-gaap Amortization Of Intangible Assets
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CY2021 us-gaap Amortization Of Intangible Assets
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CY2022Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
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30994 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Net
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CY2022Q4 us-gaap Debt Instrument Carrying Amount
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CY2021Q4 us-gaap Debt Instrument Carrying Amount
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CY2022Q4 us-gaap Debt Instrument Unamortized Discount
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CY2021Q4 us-gaap Debt Instrument Unamortized Discount
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CY2022Q4 us-gaap Long Term Debt
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CY2021Q4 us-gaap Long Term Debt
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CY2022Q4 us-gaap Long Term Debt Current
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CY2021Q4 us-gaap Long Term Debt Current
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CY2022Q4 us-gaap Long Term Debt Noncurrent
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CY2021Q4 us-gaap Long Term Debt Noncurrent
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CY2022Q4 us-gaap Debt Instrument Carrying Amount
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CY2021Q4 us-gaap Debt Instrument Carrying Amount
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CY2022 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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CY2022 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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CY2021 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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CY2022 us-gaap Income Tax Reconciliation Other Reconciling Items
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CY2022Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
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CY2022Q4 us-gaap Debt Instrument Carrying Amount
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CY2021Q3 us-gaap Proceeds From Issuance Of Common Stock
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CY2022Q4 us-gaap Operating Loss Carryforwards
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CY2022Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards Subject To Expiration
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CY2022 us-gaap Current Income Tax Expense Benefit
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CY2021 us-gaap Current Income Tax Expense Benefit
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CY2022 us-gaap Deferred Income Tax Expense Benefit
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CY2021 us-gaap Deferred Income Tax Expense Benefit
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CY2022 us-gaap Other Income Tax Expense Benefit Continuing Operations
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CY2021 us-gaap Other Income Tax Expense Benefit Continuing Operations
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CY2022 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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CY2022 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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CY2021 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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CY2022 us-gaap Income Tax Reconciliation Change In Enacted Tax Rate
IncomeTaxReconciliationChangeInEnactedTaxRate
-219136 usd
CY2021 us-gaap Income Tax Reconciliation Change In Enacted Tax Rate
IncomeTaxReconciliationChangeInEnactedTaxRate
8765 usd
CY2022 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
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416136 usd
CY2021 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
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CY2022 us-gaap Other Income Tax Expense Benefit Continuing Operations
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CY2021 us-gaap Other Income Tax Expense Benefit Continuing Operations
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CY2022Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
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CY2021Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
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CY2022Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Returns And Allowances
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94000 usd
CY2021Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Returns And Allowances
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsReturnsAndAllowances
104000 usd
CY2022Q4 us-gaap Deferred Tax Assets Property Plant And Equipment
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158200 usd
CY2021Q4 us-gaap Deferred Tax Assets Property Plant And Equipment
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CY2022Q4 us-gaap Deferred Tax Assets Goodwill And Intangible Assets
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607500 usd
CY2021Q4 us-gaap Deferred Tax Assets Goodwill And Intangible Assets
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607500 usd
CY2022Q4 us-gaap Deferred Tax Assets Gross
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CY2021Q4 us-gaap Deferred Tax Assets Gross
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CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
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5222700 usd
CY2021Q4 us-gaap Deferred Tax Assets Valuation Allowance
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4886100 usd
CY2022Q4 us-gaap Deferred Tax Assets Liabilities Net
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0 usd
CY2021Q4 us-gaap Deferred Tax Assets Liabilities Net
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0 usd
CY2022Q4 ivfh Common Stock Issued But Not Outstanding
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2837580 shares
CY2021Q4 ivfh Common Stock Issued But Not Outstanding
CommonStockIssuedButNotOutstanding
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CY2022Q2 us-gaap Stock Issued During Period Shares Share Based Compensation
StockIssuedDuringPeriodSharesShareBasedCompensation
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CY2022Q2 us-gaap Stock Issued During Period Value Share Based Compensation Gross
StockIssuedDuringPeriodValueShareBasedCompensationGross
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CY2022Q2 us-gaap Stock Issued During Period Shares Issued For Services
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CY2022Q2 us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
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CY2022Q4 us-gaap Common Stock Shares Outstanding
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48089657 shares
CY2022Q4 ivfh Stock Shares Vested But Not Yet Issued
StockSharesVestedButNotYetIssued
1319940 shares
CY2021Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
46041751 shares
CY2021Q4 ivfh Stock Shares Vested But Not Yet Issued
StockSharesVestedButNotYetIssued
584774 shares
CY2022Q4 us-gaap Share Price
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0.21
CY2021Q4 us-gaap Share Price
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CY2021 ivfh Exercise Price Lower Than Market Price
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0
CY2021 ivfh Exercise Price Equal To Market Price
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0
CY2022Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares
0 shares
CY2021Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares
87500 shares
CY2019Q3 us-gaap Loss Contingency Damages Sought Value
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50000000 usd
CY2022Q4 us-gaap Debt Current
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7695866 usd
CY2022Q4 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
3000000 usd
CY2022Q4 us-gaap Land And Land Improvements
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19900000 usd
CY2022Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
1895000 usd
CY2022Q1 us-gaap Accounts Receivable Net
AccountsReceivableNet
4262000 usd
CY2022 dei Entity Incorporation State Country Code
EntityIncorporationStateCountryCode
FL
CY2022 dei Entity Voluntary Filers
EntityVoluntaryFilers
No
CY2022 dei Amendment Flag
AmendmentFlag
false
CY2022 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
FY
CY2022 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2022
CY2022 dei Entity Central Index Key
EntityCentralIndexKey
0000312257

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