$IVFH
INNOVATIVE FOOD HOLDINGS INC

2023 Q3 Form 10-Q Financial Statement

#000118518523000791 Filed on August 10, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $17.30M $18.83M
YoY Change -13.76% -8.23%
Cost Of Revenue $12.42M $14.04M
YoY Change -20.08% -12.65%
Gross Profit $4.876M $4.793M
YoY Change 8.03% 7.73%
Gross Profit Margin 28.19% 25.45%
Selling, General & Admin $4.483M $4.556M
YoY Change 3.75% -17.49%
% of Gross Profit 91.94% 95.06%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $98.37K $97.67K
YoY Change 1.78% 6.61%
% of Gross Profit 2.02% 2.04%
Operating Expenses $4.483M $4.556M
YoY Change 3.75% -17.49%
Operating Profit $393.1K $236.8K
YoY Change 103.79% -122.06%
Interest Expense $260.7K $209.4K
YoY Change 41.76% 86.31%
% of Operating Profit 66.33% 88.43%
Other Income/Expense, Net -$258.3K -$207.5K
YoY Change 41.06% 37.72%
Pretax Income $134.7K $29.31K
YoY Change 1282.44% -102.39%
Income Tax $0.00 $15.83K
% Of Pretax Income 0.0% 54.03%
Net Earnings $134.7K $13.47K
YoY Change 1282.44% -101.1%
Net Earnings / Revenue 0.78% 0.07%
Basic Earnings Per Share $0.00 $0.00
Diluted Earnings Per Share $0.00 $0.00
COMMON SHARES
Basic Shares Outstanding 48.98M shares 48.96M shares
Diluted Shares Outstanding 49.24M shares 49.06M shares

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.710M $6.172M
YoY Change 34.79% 161.49%
Cash & Equivalents $3.712M $6.172M
Short-Term Investments
Other Short-Term Assets $339.4K $390.1K
YoY Change 0.91% 14.5%
Inventory $2.986M $2.620M
Prepaid Expenses
Receivables $4.969M $4.605M
Other Receivables $0.00 $0.00
Total Short-Term Assets $12.01M $13.79M
YoY Change 12.25% 28.0%
LONG-TERM ASSETS
Property, Plant & Equipment $7.683M $7.755M
YoY Change -4.06% -4.15%
Goodwill
YoY Change
Intangibles $0.00 $10.33K
YoY Change -100.0% -80.0%
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $9.790M $9.922M
YoY Change -7.99% -8.02%
TOTAL ASSETS
Total Short-Term Assets $12.01M $13.79M
Total Long-Term Assets $9.790M $9.922M
Total Assets $21.80M $23.71M
YoY Change 2.15% 9.98%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.020M $5.232M
YoY Change -13.98% -13.0%
Accrued Expenses $710.0K $690.1K
YoY Change 124.7% 81.29%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $2.014M
YoY Change -100.0% 0.0%
Long-Term Debt Due $139.1K $119.6K
YoY Change -97.56% -97.91%
Total Short-Term Liabilities $7.405M $9.330M
YoY Change -51.61% -40.27%
LONG-TERM LIABILITIES
Long-Term Debt $8.861M $8.935M
YoY Change 466525.22% 189193.62%
Other Long-Term Liabilities $910.0K $1.013M
YoY Change 326.47% 344.46%
Total Long-Term Liabilities $8.861M $8.935M
YoY Change -44.27% -45.13%
TOTAL LIABILITIES
Total Short-Term Liabilities $7.405M $9.330M
Total Long-Term Liabilities $8.861M $8.935M
Total Liabilities $17.39M $19.52M
YoY Change -44.26% -38.82%
SHAREHOLDERS EQUITY
Retained Earnings -$37.15M -$37.28M
YoY Change 4.46% 4.81%
Common Stock $5.159K $5.092K
YoY Change 2.02% 1.9%
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.141M $1.141M
YoY Change 0.0% 0.0%
Treasury Stock Shares
Shareholders Equity $4.403M $4.191M
YoY Change
Total Liabilities & Shareholders Equity $21.80M $23.71M
YoY Change 2.15% 9.98%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income $134.7K $13.47K
YoY Change 1282.44% -101.1%
Depreciation, Depletion And Amortization $98.37K $97.67K
YoY Change 1.78% 6.61%
Cash From Operating Activities -$320.0K $1.312M
YoY Change -170.43% -441.74%
INVESTING ACTIVITIES
Capital Expenditures $30.00K $24.47K
YoY Change -308.04% -127.85%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$30.00K -$24.47K
YoY Change 108.04% -72.15%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -2.120M 3.235M
YoY Change 4318.51% -1259.45%
NET CHANGE
Cash From Operating Activities -320.0K 1.312M
Cash From Investing Activities -30.00K -24.47K
Cash From Financing Activities -2.120M 3.235M
Net Change In Cash -2.470M 4.522M
YoY Change -730.23% -702.42%
FREE CASH FLOW
Cash From Operating Activities -$320.0K $1.312M
Capital Expenditures $30.00K $24.47K
Free Cash Flow -$350.0K $1.287M
YoY Change -174.67% -534.95%

Facts In Submission

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dei Document Type
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dei Document Quarterly Report
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dei Document Period End Date
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2023-06-30
dei Document Fiscal Year Focus
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dei Document Transition Report
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dei Entity File Number
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dei Entity Registrant Name
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INNOVATIVE FOOD HOLDINGS, INC.
dei Entity Incorporation State Country Code
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dei Entity Tax Identification Number
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4190619 usd
us-gaap Profit Loss
ProfitLoss
-2815295 usd
us-gaap Profit Loss
ProfitLoss
-2454163 usd
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
286869 usd
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
279735 usd
us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
31850 usd
us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
35162 usd
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
0 usd
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
20582 usd
us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
729 usd
us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
0 usd
us-gaap Share Based Compensation
ShareBasedCompensation
250851 usd
us-gaap Share Based Compensation
ShareBasedCompensation
367492 usd
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
0 usd
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-40556 usd
ivfh Gain On Valuation Of Stock Appreciation Rights
GainOnValuationOfStockAppreciationRights
419 usd
ivfh Gain On Valuation Of Stock Appreciation Rights
GainOnValuationOfStockAppreciationRights
0 usd
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
50905 usd
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
8056 usd
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-313618 usd
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
1779184 usd
us-gaap Increase Decrease In Inventories And Other Operating Assets
IncreaseDecreaseInInventoriesAndOtherOperatingAssets
-333422 usd
us-gaap Increase Decrease In Inventories And Other Operating Assets
IncreaseDecreaseInInventoriesAndOtherOperatingAssets
-41607 usd
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-1303268 usd
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
627395 usd
us-gaap Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
1476482 usd
us-gaap Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
0 usd
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
-474033 usd
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
-409159 usd
us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
-31850 usd
us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
-35162 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-1880139 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-3257083 usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
32473 usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
92633 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-32473 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-92633 usd
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
0 usd
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
50000 usd
us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
3285588 usd
us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
0 usd
us-gaap Repayments Of Debt
RepaymentsOfDebt
0 usd
us-gaap Repayments Of Debt
RepaymentsOfDebt
167001 usd
us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
99942 usd
us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
85176 usd
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
0 usd
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
110305 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
3185646 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-412482 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
1273034 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
-3762198 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
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
6172432 usd
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
2360473 usd
us-gaap Interest Paid Net
InterestPaidNet
342081 usd
us-gaap Interest Paid Net
InterestPaidNet
128798 usd
us-gaap Income Taxes Paid
IncomeTaxesPaid
0 usd
us-gaap Income Taxes Paid
IncomeTaxesPaid
0 usd
ivfh Increase In Right Of Use Assets Liabilities
IncreaseInRightOfUseAssetsLiabilities
0 usd
ivfh Increase In Right Of Use Assets Liabilities
IncreaseInRightOfUseAssetsLiabilities
-13216 usd
us-gaap Capital Lease Obligations Incurred
CapitalLeaseObligationsIncurred
0 usd
us-gaap Capital Lease Obligations Incurred
CapitalLeaseObligationsIncurred
42500 usd
us-gaap Other Significant Noncash Transaction Value Of Consideration Given1
OtherSignificantNoncashTransactionValueOfConsiderationGiven1
0 usd
us-gaap Other Significant Noncash Transaction Value Of Consideration Given1
OtherSignificantNoncashTransactionValueOfConsiderationGiven1
7686481 usd
us-gaap Stock Issued1
StockIssued1
168000 usd
us-gaap Stock Issued1
StockIssued1
0 usd
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;text-align:justify;margin:0pt;">The preparation of these unaudited 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, 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>
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;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;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 June 30, 2023 and 2022, trade receivables from the Company’s largest customer amounted to 26% and 28%, respectively, of total trade receivables. During the three months ended June 30, 2023 and 2022, sales from the Company’s largest customer amounted to 47% and 50% of total sales, respectively. During the six months ended June 30, 2023 and 2022, sales from the Company’s largest customer amounted to 47% and 51% of total sales, respectively.</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 June 30, 2023 and December 31, 2022, the total cash in excess of these limits was $2,934,733 and $3,205,568, respectively.</p>
CY2023Q2 us-gaap Cash Uninsured Amount
CashUninsuredAmount
2934733 usd
CY2022Q4 us-gaap Cash Uninsured Amount
CashUninsuredAmount
3205568 usd
us-gaap Revenues
Revenues
36166267 usd
CY2021Q4 us-gaap Deferred Revenue
DeferredRevenue
1631406 usd
CY2022Q1 us-gaap Deferred Revenue Additions
DeferredRevenueAdditions
700582 usd
CY2022Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
-1081044 usd
CY2022Q1 us-gaap Deferred Revenue
DeferredRevenue
1250944 usd
CY2022Q2 us-gaap Deferred Revenue Additions
DeferredRevenueAdditions
99989 usd
CY2022Q2 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
-128686 usd
CY2022Q2 us-gaap Deferred Revenue
DeferredRevenue
1222247 usd
CY2022Q4 us-gaap Deferred Revenue
DeferredRevenue
1558155 usd
CY2023Q1 us-gaap Deferred Revenue Additions
DeferredRevenueAdditions
215346 usd
CY2023Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
-534711 usd
CY2023Q1 us-gaap Deferred Revenue
DeferredRevenue
1238790 usd
CY2023Q2 us-gaap Deferred Revenue Additions
DeferredRevenueAdditions
361151 usd
CY2023Q2 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
-515819 usd
CY2023Q2 us-gaap Deferred Revenue
DeferredRevenue
1084122 usd
CY2023Q2 us-gaap Revenues
Revenues
18833321 usd
CY2022Q2 us-gaap Revenues
Revenues
20523156 usd
us-gaap Revenues
Revenues
35828521 usd
CY2023Q2 us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Number Of Outstanding Options
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfOutstandingOptions
2200000 shares
us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Outstanding Options Weighted Average Remaining Contractual Term2
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageRemainingContractualTerm2
P0Y7M13D
CY2023Q2 ivfh Number Of Directors
NumberOfDirectors
2 pure
CY2023Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
72804 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
250851 usd
CY2022Q2 us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Number Of Outstanding Options
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfOutstandingOptions
2350000 shares
us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Outstanding Options Weighted Average Remaining Contractual Term2
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageRemainingContractualTerm2
P1Y6M18D
ivfh Number Of Directors
NumberOfDirectors
2 pure
us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
59949 usd
us-gaap Stock Issued During Period Shares Issued For Services
StockIssuedDuringPeriodSharesIssuedForServices
176302 shares
us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
2092 usd
CY2022Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
214766 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
367492 usd
CY2023Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-37281421 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-1880139 usd
ivfh Working Capital Deficit
WorkingCapitalDeficit
4456676 usd
CY2023Q2 us-gaap Net Income Loss
NetIncomeLoss
13471 usd
us-gaap Net Income Loss
NetIncomeLoss
-2815295 usd
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
-1223786 usd
CY2023Q2 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
4660309 usd
CY2022Q4 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
5309620 usd
CY2023Q2 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
55437 usd
CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
340225 usd
CY2023Q2 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
4604872 usd
CY2022Q4 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
4969395 usd
CY2023Q2 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
335693 usd
CY2023Q2 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
46239 usd
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
50905 usd
CY2022Q2 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
9171 usd
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
8056 usd
CY2023Q2 us-gaap Inventory Finished Goods
InventoryFinishedGoods
2619771 usd
CY2022Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
3053852 usd
CY2023Q2 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
0 usd
CY2022Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
0 usd
CY2023Q2 us-gaap Inventory Net
InventoryNet
2619771 usd
CY2022Q4 us-gaap Inventory Net
InventoryNet
3053852 usd
CY2023Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
10599716 usd
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
10567243 usd
CY2023Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
2844929 usd
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
2645682 usd
CY2023Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
7754787 usd
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
7921561 usd
CY2023Q2 us-gaap Depreciation
Depreciation
97671 usd
CY2022Q2 us-gaap Depreciation
Depreciation
91616 usd
us-gaap Depreciation
Depreciation
199247 usd
us-gaap Depreciation
Depreciation
188565 usd
CY2023Q2 us-gaap Operating Lease Expense
OperatingLeaseExpense
17746 usd
CY2022Q2 us-gaap Operating Lease Expense
OperatingLeaseExpense
15471 usd
us-gaap Operating Lease Expense
OperatingLeaseExpense
36536 usd
us-gaap Operating Lease Expense
OperatingLeaseExpense
35162 usd
CY2023Q2 us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
16314 usd
CY2022Q2 us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
19691 usd
us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
31850 usd
us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
35162 usd
CY2023Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
120575 usd
CY2022Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
152425 usd
CY2023Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
120575 usd
CY2022Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
152425 usd
CY2023Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
65356 usd
CY2022Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
64987 usd
CY2023Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
55219 usd
CY2022Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
87438 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
71509 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
54547 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
2418 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
128474 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
7899 usd
CY2023Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
120575 usd
CY2022 us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
13216 usd
ivfh Lease Cost Table Text Block1
LeaseCostTableTextBlock1
The Company has financing leases for vehicles and warehouse equipment. Right of use asset – financing leases are summarized below:<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-3131" style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> </td> <td colspan="2" id="new_id-3132" 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>June 30,</b></p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>2023</b></p> </td> <td id="new_id-3133" style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; padding-bottom: 1px;"> </td> <td id="new_id-3134" style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> </td> <td colspan="2" id="new_id-3135" 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>June 30,</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-3136" style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; padding-bottom: 1px;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> </td> <td id="new_id-3137" style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> </td> <td colspan="2" id="new_id-3138" style="text-align: center; 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;text-align:center;margin:0pt;">(unaudited)</p> </td> <td id="new_id-3139" style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> </td> <td id="new_id-3140" style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> </td> <td id="new_id-3141" style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> </td> <td id="new_id-3142" style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> </td> <td id="new_id-3143" style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> </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; width: 62%;"> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">Vehicles</p> </td> <td id="new_id-3144" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> </td> <td id="new_id-3145" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">$</td> <td id="new_id-3146" 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-3147" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-3148" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> </td> <td id="new_id-3149" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;">$</td> <td id="new_id-3150" 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-3151" 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;"> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">Warehouse Equipment</p> </td> <td id="new_id-3152" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> </td> <td id="new_id-3153" 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-3154" 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-3155" 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-3156" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> </td> <td id="new_id-3157" 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-3158" 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-3159" 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;"> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">Total before accumulated depreciation</p> </td> <td id="new_id-3160" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> </td> <td id="new_id-3161" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> </td> <td id="new_id-3162" 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-3163" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-3164" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> </td> <td id="new_id-3165" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> </td> <td id="new_id-3166" 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-3167" 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;"> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">Less: accumulated depreciation</p> </td> <td id="new_id-3168" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> </td> <td id="new_id-3169" 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-3170" 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);">(456,911</td> <td id="new_id-3171" 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-3172" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> </td> <td id="new_id-3173" 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-3174" 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-3175" 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;"> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">Total</p> </td> <td id="new_id-3176" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> </td> <td id="new_id-3177" 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-3178" 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);">503,363</td> <td id="new_id-3179" 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-3180" style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> </td> <td id="new_id-3181" 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-3182" 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-3183" 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>
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FinanceLeaseRightOfUseAssetBeforeAccumulatedAmortization
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CY2022Q4 us-gaap Finance Lease Right Of Use Asset Before Accumulated Amortization
FinanceLeaseRightOfUseAssetBeforeAccumulatedAmortization
960274 usd
CY2023Q2 us-gaap Finance Lease Right Of Use Asset Accumulated Amortization
FinanceLeaseRightOfUseAssetAccumulatedAmortization
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CY2022Q4 us-gaap Finance Lease Right Of Use Asset Accumulated Amortization
FinanceLeaseRightOfUseAssetAccumulatedAmortization
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CY2023Q2 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
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CY2022Q4 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
570323 usd
CY2023Q2 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
33480 usd
CY2022Q2 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
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us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
66960 usd
us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
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us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability
0 usd
us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
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42500 usd
CY2023Q2 us-gaap Finance Lease Liability
FinanceLeaseLiability
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CY2022Q4 us-gaap Finance Lease Liability
FinanceLeaseLiability
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CY2023Q2 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
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FinanceLeaseLiabilityCurrent
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CY2023Q2 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
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FinanceLeaseLiabilityNoncurrent
333092 usd
CY2023Q2 us-gaap Finance Lease Liability
FinanceLeaseLiability
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FinanceLeaseLiability
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CY2023Q2 us-gaap Amortization Of Intangible Assets
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AmortizationOfIntangibleAssets
10231 usd
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
20662 usd
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
20562 usd
CY2023Q2 us-gaap Accounts Payable Trade Current
AccountsPayableTradeCurrent
5231786 usd
CY2022Q4 us-gaap Accounts Payable Trade Current
AccountsPayableTradeCurrent
6599903 usd
CY2023Q2 us-gaap Accrued Salaries Current
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212853 usd
CY2022Q4 us-gaap Accrued Salaries Current
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253350 usd
CY2023Q2 us-gaap Accounts Payable And Accrued Liabilities Current
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5444639 usd
CY2022Q4 us-gaap Accounts Payable And Accrued Liabilities Current
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CY2023Q1 ivfh Payments Of Separation Costs
PaymentsOfSeparationCosts
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us-gaap Severance Costs1
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ivfh Payments Of Separation Costs
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CY2023Q2 us-gaap Employee Related Liabilities Current And Noncurrent
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350590 usd
CY2023Q2 us-gaap Other Employee Related Liabilities Current And Noncurrent
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957892 usd
CY2023Q2 us-gaap Debt Instrument Interest Rate Stated Percentage
DebtInstrumentInterestRateStatedPercentage
0.085 pure
CY2023Q2 us-gaap Lines Of Credit Current
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2014333 usd
CY2022Q4 us-gaap Lines Of Credit Current
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CY2023Q2 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
9439360 usd
CY2022Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
5711800 usd
CY2023Q2 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
385074 usd
CY2022Q4 us-gaap Debt Instrument Unamortized Discount
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0 usd
CY2023Q2 us-gaap Long Term Debt
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CY2022Q4 us-gaap Long Term Debt
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5711800 usd
CY2023Q2 us-gaap Long Term Debt Current
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119627 usd
CY2022Q4 us-gaap Long Term Debt Current
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5711800 usd
CY2023Q2 us-gaap Long Term Debt Noncurrent
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8934659 usd
CY2022Q4 us-gaap Long Term Debt Noncurrent
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CY2023Q2 us-gaap Long Term Debt
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CY2022Q4 us-gaap Long Term Debt
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5711800 usd
CY2023Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
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CY2023Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
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CY2023Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
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CY2023Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
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CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Five
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CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
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CY2023Q2 us-gaap Debt Instrument Carrying Amount
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CY2023Q2 ivfh Common Stock Issued But Not Outstanding
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2837580 shares
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2837580 shares
CY2023Q1 us-gaap Stock Issued During Period Shares Issued For Services
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CY2023Q2 us-gaap Common Stock Shares Issued
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CY2022Q2 ivfh Stock Shares Vested But Not Yet Issued
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0.24
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dei Amendment Flag
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