2024 Q2 Form 10-Q Financial Statement

#000118518524000501 Filed on May 14, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $16.66M $15.73M
YoY Change -11.55% -7.44%
Cost Of Revenue $12.69M $11.90M
YoY Change -9.61% -7.85%
Gross Profit $3.967M $3.834M
YoY Change -17.22% -6.17%
Gross Profit Margin 23.82% 24.38%
Selling, General & Admin $3.863M $4.013M
YoY Change -15.22% -16.37%
% of Gross Profit 97.36% 104.67%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $53.37K $110.3K
YoY Change -45.36% -24.16%
% of Gross Profit 1.35% 2.88%
Operating Expenses $3.863M $4.013M
YoY Change -15.22% -40.5%
Operating Profit $104.6K -$179.1K
YoY Change -55.81% -93.26%
Interest Expense -$209.5K $215.5K
YoY Change -200.06% 24.94%
% of Operating Profit -200.22%
Other Income/Expense, Net -$207.6K $1.615M
YoY Change 0.06% -1047.04%
Pretax Income -$103.0K $1.436M
YoY Change -451.33% -150.76%
Income Tax $0.00 $0.00
% Of Pretax Income 0.0%
Net Earnings -$103.3K $1.426M
YoY Change -867.01% -150.41%
Net Earnings / Revenue -0.62% 9.06%
Basic Earnings Per Share $0.00 $0.03
Diluted Earnings Per Share $0.00 $0.03
COMMON SHARES
Basic Shares Outstanding 49.69M shares 49.71M shares
Diluted Shares Outstanding 49.70M shares 50.60M shares

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.866M $4.272M
YoY Change -37.36% 158.9%
Cash & Equivalents $3.866M $4.272M
Short-Term Investments
Other Short-Term Assets $299.4K $348.9K
YoY Change -23.24% -6.42%
Inventory $2.762M $2.841M
Prepaid Expenses
Receivables $5.198M $4.109M
Other Receivables $0.00 $0.00
Total Short-Term Assets $18.09M $17.53M
YoY Change 31.2% 77.57%
LONG-TERM ASSETS
Property, Plant & Equipment $934.4K $974.1K
YoY Change -87.95% -87.56%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $1.579M $1.627M
YoY Change -84.09% -83.82%
TOTAL ASSETS
Total Short-Term Assets $18.09M $17.53M
Total Long-Term Assets $1.579M $1.627M
Total Assets $19.67M $19.16M
YoY Change -17.05% -3.85%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.049M $2.955M
YoY Change -41.72% -35.43%
Accrued Expenses $621.7K $686.4K
YoY Change -9.91% -20.3%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change -100.0% -100.0%
Long-Term Debt Due $122.7K $100.2K
YoY Change 2.58% -98.24%
Total Short-Term Liabilities $6.178M $5.482M
YoY Change -33.79% -62.43%
LONG-TERM LIABILITIES
Long-Term Debt $8.459M $8.501M
YoY Change -5.32%
Other Long-Term Liabilities $628.5K $714.6K
YoY Change -37.96% -35.83%
Total Long-Term Liabilities $8.459M $8.501M
YoY Change -5.32%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.178M $5.482M
Total Long-Term Liabilities $8.459M $8.501M
Total Liabilities $15.35M $14.85M
YoY Change -21.35% -7.16%
SHAREHOLDERS EQUITY
Retained Earnings -$37.50M -$37.40M
YoY Change 0.58% 0.27%
Common Stock $5.251K $5.249K
YoY Change 3.12% 3.9%
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.141M $1.141M
YoY Change 0.0% 0.0%
Treasury Stock Shares
Shareholders Equity $4.315M $4.313M
YoY Change
Total Liabilities & Shareholders Equity $19.67M $19.16M
YoY Change -17.05% -3.85%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income -$103.3K $1.426M
YoY Change -867.01% -150.41%
Depreciation, Depletion And Amortization $53.37K $110.3K
YoY Change -45.36% -24.16%
Cash From Operating Activities -$326.0K -$3.157M
YoY Change -124.86% -1.08%
INVESTING ACTIVITIES
Capital Expenditures $14.45K $1.406K
YoY Change -40.95% -82.41%
Acquisitions
YoY Change
Other Investing Activities $0.00 $2.101M
YoY Change
Cash From Investing Activities -$14.45K $2.100M
YoY Change -40.95% -26363.65%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -65.70K -$72.69K
YoY Change -102.03% 46.65%
NET CHANGE
Cash From Operating Activities -326.0K -$3.157M
Cash From Investing Activities -14.45K $2.100M
Cash From Financing Activities -65.70K -$72.69K
Net Change In Cash -406.2K -$1.130M
YoY Change -108.98% -65.22%
FREE CASH FLOW
Cash From Operating Activities -$326.0K -$3.157M
Capital Expenditures $14.45K $1.406K
Free Cash Flow -$340.5K -$3.159M
YoY Change -126.45% -1.28%

Facts In Submission

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-319365 usd
CY2024Q1 us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
-4175 usd
CY2023Q1 us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
-16314 usd
CY2024Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-3157213 usd
CY2023Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-3191712 usd
CY2024Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1406 usd
CY2023Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
7995 usd
CY2024Q1 us-gaap Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
2101185 usd
CY2023Q1 us-gaap Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
0 usd
CY2024Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
2099779 usd
CY2023Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-7995 usd
CY2024Q1 us-gaap Repayments Of Debt
RepaymentsOfDebt
22708 usd
CY2023Q1 us-gaap Repayments Of Debt
RepaymentsOfDebt
2757 usd
CY2024Q1 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
49977 usd
CY2023Q1 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
46807 usd
CY2024Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-72685 usd
CY2023Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-49564 usd
CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
-1130119 usd
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
-3249271 usd
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
5422335 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
4899398 usd
CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
4272243 usd
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1435561 usd
CY2024Q1 us-gaap Disposal Group Including Discontinued Operation Cash And Cash Equivalents
DisposalGroupIncludingDiscontinuedOperationCashAndCashEquivalents
19973 usd
CY2023Q1 us-gaap Disposal Group Including Discontinued Operation Cash And Cash Equivalents
DisposalGroupIncludingDiscontinuedOperationCashAndCashEquivalents
214566 usd
CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
4292216 usd
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
1650127 usd
CY2024Q1 us-gaap Interest Paid Net
InterestPaidNet
228970 usd
CY2023Q1 us-gaap Interest Paid Net
InterestPaidNet
174410 usd
CY2024Q1 us-gaap Income Taxes Paid
IncomeTaxesPaid
0 usd
CY2023Q1 us-gaap Income Taxes Paid
IncomeTaxesPaid
0 usd
CY2024Q1 ivfh Reclassify Fixed Assets As Held For Sale
ReclassifyFixedAssetsAsHeldForSale
5941933 usd
CY2023Q1 ivfh Reclassify Fixed Assets As Held For Sale
ReclassifyFixedAssetsAsHeldForSale
0 usd
CY2024Q1 us-gaap Other Significant Noncash Transaction Value Of Consideration Given1
OtherSignificantNoncashTransactionValueOfConsiderationGiven1
353815 usd
CY2023Q1 us-gaap Other Significant Noncash Transaction Value Of Consideration Given1
OtherSignificantNoncashTransactionValueOfConsiderationGiven1
0 usd
CY2024Q1 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><span style="text-decoration:underline">Reclassifications</span></p><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">Certain amounts presented in the financial statements of the prior period have been reclassified to conform with the current period presentation of discontinued operations. See note 2.</p>
CY2024Q1 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><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"> </p>
CY2024Q1 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 March 31, 2024 and 2023, trade receivables from the Company’s largest customer amounted to 32% and 23%, respectively, of total trade receivables. During the three months ended March 31, 2024 and 2023, sales from the Company’s largest customer amounted to 49% and 47% 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 March 31, 2024 and December 31, 2023, the total cash in excess of these limits was $931,857 and $988,825, respectively.</p>
CY2024Q1 us-gaap Cash Uninsured Amount
CashUninsuredAmount
931857 usd
CY2023Q4 us-gaap Cash Uninsured Amount
CashUninsuredAmount
988825 usd
CY2024Q1 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
69359 usd
CY2023Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
46477 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
CY2023Q4 us-gaap Deferred Revenue
DeferredRevenue
1312837 usd
CY2024Q1 us-gaap Deferred Revenue Additions
DeferredRevenueAdditions
4033077 usd
CY2024Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
-4117978 usd
CY2024Q1 us-gaap Deferred Revenue
DeferredRevenue
1227936 usd
CY2024Q1 us-gaap Revenues
Revenues
15730113 usd
CY2023Q1 us-gaap Revenues
Revenues
16674759 usd
CY2024Q1 us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Number Of Outstanding Options
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfOutstandingOptions
610000 shares
CY2024Q1 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Outstanding Options Weighted Average Remaining Contractual Term2
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageRemainingContractualTerm2
P1Y3M7D
CY2023Q1 us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Number Of Outstanding Options
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfOutstandingOptions
2200000 shares
CY2023Q1 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Outstanding Options Weighted Average Remaining Contractual Term2
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageRemainingContractualTerm2
P0Y10M13D
CY2024Q1 us-gaap Stock Issued During Period Shares Acquisitions
StockIssuedDuringPeriodSharesAcquisitions
21126 shares
CY2024Q1 us-gaap Share Price
SharePrice
1
CY2024Q1 us-gaap Income Loss From Subsidiaries Net Of Tax
IncomeLossFromSubsidiariesNetOfTax
21126 usd
CY2024Q1 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
4178633 usd
CY2023Q1 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
4354203 usd
CY2024Q1 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
69359 usd
CY2023Q1 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
46477 usd
CY2024Q1 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
4109274 usd
CY2023Q1 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
4307726 usd
CY2024Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
22882 usd
CY2023Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
4666 usd
CY2024Q1 us-gaap Inventory Finished Goods
InventoryFinishedGoods
2840682 usd
CY2023Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
2973134 usd
CY2024Q1 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
0 usd
CY2023Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
0 usd
CY2024Q1 us-gaap Inventory Net
InventoryNet
2840682 usd
CY2023Q4 us-gaap Inventory Net
InventoryNet
2973134 usd
CY2024Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
2995194 usd
CY2023Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
9725245 usd
CY2024Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
2021051 usd
CY2023Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
2725230 usd
CY2024Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
974143 usd
CY2023Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
7000015 usd
CY2024Q1 us-gaap Depreciation
Depreciation
85345 usd
CY2023Q1 us-gaap Depreciation
Depreciation
101576 usd
CY2024Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1406 usd
CY2023Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
7995 usd
CY2024Q1 us-gaap Assets Held For Sale Long Lived Fair Value Disclosure
AssetsHeldForSaleLongLivedFairValueDisclosure
5941933 usd
CY2023Q4 us-gaap Assets Held For Sale Long Lived Fair Value Disclosure
AssetsHeldForSaleLongLivedFairValueDisclosure
649844 usd
CY2024Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
8165 usd
CY2023Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
18790 usd
CY2024Q1 us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
4175 usd
CY2023Q1 us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
16314 usd
CY2024Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
24344 usd
CY2023Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
28519 usd
CY2024Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
24344 usd
CY2023Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
28519 usd
CY2024Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
17422 usd
CY2023Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
17131 usd
CY2024Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
6922 usd
CY2023Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
11388 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
18532 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
7051 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
25583 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
1239 usd
CY2024Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
24344 usd
CY2024Q1 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;, Times, serif; text-indent: 0px;"> <tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> </td> <td id="new_id-2530" style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-2531" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>March 31, </b></p> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>2024</b></p> </td> <td id="new_id-2532" style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td id="new_id-2533" style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-2534" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>December 31,</b></p> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>2023</b></p> </td> <td id="new_id-2535" style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> </tr> <tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> </td> <td id="new_id-2536" style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-2537" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;">(unaudited)</p> </td> <td id="new_id-2538" style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> </td> <td id="new_id-2539" style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> </td> <td id="new_id-2540" style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> </td> <td id="new_id-2541" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> </td> <td id="new_id-2542" style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; width: 62%;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Vehicles</p> </td> <td id="new_id-2543" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> </td> <td id="new_id-2544" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td id="new_id-2545" style="width: 16%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">404,858</td> <td id="new_id-2546" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2547" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> </td> <td id="new_id-2548" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td id="new_id-2549" style="width: 16%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">404,858</td> <td id="new_id-2550" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Warehouse Equipment</p> </td> <td id="new_id-2551" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> </td> <td id="new_id-2552" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td id="new_id-2553" style="width: 16%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">555,416</td> <td id="new_id-2554" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2555" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> </td> <td id="new_id-2556" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td id="new_id-2557" style="width: 16%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">555,416</td> <td id="new_id-2558" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Total before accumulated depreciation</p> </td> <td id="new_id-2559" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> </td> <td id="new_id-2560" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> </td> <td id="new_id-2561" style="width: 16%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">960,274</td> <td id="new_id-2562" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2563" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> </td> <td id="new_id-2564" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> </td> <td id="new_id-2565" style="width: 16%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">960,274</td> <td id="new_id-2566" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Less: accumulated depreciation</p> </td> <td id="new_id-2567" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> </td> <td id="new_id-2568" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td id="new_id-2569" style="width: 16%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">(548,786</td> <td id="new_id-2570" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px; white-space: nowrap;">)</td> <td id="new_id-2571" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> </td> <td id="new_id-2572" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td id="new_id-2573" style="width: 16%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">(523,871</td> <td id="new_id-2574" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px; white-space: nowrap;">)</td> </tr> <tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Total</p> </td> <td id="new_id-2575" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> </td> <td id="new_id-2576" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td id="new_id-2577" style="width: 16%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">411,488</td> <td id="new_id-2578" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2579" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> </td> <td id="new_id-2580" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td id="new_id-2581" style="width: 16%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">436,403</td> <td id="new_id-2582" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; white-space: nowrap;"> </td> </tr> </table>
CY2024Q1 us-gaap Finance Lease Right Of Use Asset Before Accumulated Amortization
FinanceLeaseRightOfUseAssetBeforeAccumulatedAmortization
960274 usd
CY2023Q4 us-gaap Finance Lease Right Of Use Asset Before Accumulated Amortization
FinanceLeaseRightOfUseAssetBeforeAccumulatedAmortization
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CY2024Q1 us-gaap Finance Lease Right Of Use Asset Accumulated Amortization
FinanceLeaseRightOfUseAssetAccumulatedAmortization
548786 usd
CY2023Q4 us-gaap Finance Lease Right Of Use Asset Accumulated Amortization
FinanceLeaseRightOfUseAssetAccumulatedAmortization
523871 usd
CY2024Q1 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
411488 usd
CY2023Q4 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
436403 usd
CY2024Q1 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
24915 usd
CY2023Q1 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
33480 usd
CY2024Q1 us-gaap Finance Lease Liability
FinanceLeaseLiability
285027 usd
CY2023Q4 us-gaap Finance Lease Liability
FinanceLeaseLiability
335004 usd
CY2024Q1 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
136096 usd
CY2023Q4 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
115738 usd
CY2024Q1 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
148931 usd
CY2023Q4 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
219266 usd
CY2024Q1 us-gaap Finance Lease Liability
FinanceLeaseLiability
285027 usd
CY2023Q4 us-gaap Finance Lease Liability
FinanceLeaseLiability
335004 usd
CY2024Q1 us-gaap Finance Lease Liability Payments Due Next Twelve Months
FinanceLeaseLiabilityPaymentsDueNextTwelveMonths
160993 usd
CY2024Q1 us-gaap Finance Lease Liability Payments Due Year Two
FinanceLeaseLiabilityPaymentsDueYearTwo
96060 usd
CY2024Q1 us-gaap Finance Lease Liability Payments Due Year Three
FinanceLeaseLiabilityPaymentsDueYearThree
27974 usd
CY2024Q1 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
285027 usd
CY2024Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
0 usd
CY2023Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
0 usd
CY2024Q1 us-gaap Accounts Payable Trade Current
AccountsPayableTradeCurrent
2955157 usd
CY2023Q4 us-gaap Accounts Payable Trade Current
AccountsPayableTradeCurrent
6046396 usd
CY2024Q1 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
156514 usd
CY2023Q4 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
206555 usd
CY2024Q1 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
3111671 usd
CY2023Q4 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
6252951 usd
CY2023Q1 ivfh Payments Of Separation Costs
PaymentsOfSeparationCosts
250000 usd
CY2023Q4 us-gaap Employee Related Liabilities Current And Noncurrent
EmployeeRelatedLiabilitiesCurrentAndNoncurrent
2074063 usd
CY2024Q1 ivfh Payments Of Separation Costs
PaymentsOfSeparationCosts
-947736 usd
CY2024Q1 us-gaap Employee Related Liabilities Current And Noncurrent
EmployeeRelatedLiabilitiesCurrentAndNoncurrent
1126327 usd
CY2024Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
418635 usd
CY2024Q1 us-gaap Other Employee Related Liabilities Current And Noncurrent
OtherEmployeeRelatedLiabilitiesCurrentAndNoncurrent
707692 usd
CY2024Q1 us-gaap Notes Payable
NotesPayable
8982933 usd
CY2023Q4 us-gaap Notes Payable
NotesPayable
9358547 usd
CY2024Q1 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
381222 usd
CY2023Q4 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
382506 usd
CY2024Q1 us-gaap Long Term Debt
LongTermDebt
8601711 usd
CY2023Q4 us-gaap Long Term Debt
LongTermDebt
8976041 usd
CY2024Q1 us-gaap Long Term Debt Current
LongTermDebtCurrent
100237 usd
CY2023Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
121041 usd
CY2024Q1 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
8501474 usd
CY2023Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
8855000 usd
CY2024Q1 us-gaap Long Term Debt
LongTermDebt
8601711 usd
CY2023Q4 us-gaap Long Term Debt
LongTermDebt
8976041 usd
CY2024Q1 us-gaap Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
93829 usd
CY2023Q4 us-gaap Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
95942 usd
CY2024Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
120237 usd
CY2024Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
110532 usd
CY2024Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
121884 usd
CY2024Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
134403 usd
CY2024Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
148207 usd
CY2024Q1 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive
8347670 usd
CY2024Q1 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
8982933 usd
CY2024Q1 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
52516974 shares
CY2024Q1 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
49693803 shares
CY2023Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
52538100 shares
CY2023Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
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CY2023Q4 ivfh Common Stock Issued But Not Outstanding
CommonStockIssuedButNotOutstanding
2823171 shares
CY2024Q1 us-gaap Stock Issued During Period Shares Acquisitions
StockIssuedDuringPeriodSharesAcquisitions
21126 shares
CY2024Q1 us-gaap Share Price
SharePrice
1
CY2024Q1 us-gaap Income Loss From Subsidiaries Net Of Tax
IncomeLossFromSubsidiariesNetOfTax
21126 usd
CY2023Q1 us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
112152 usd
CY2023Q1 ivfh Number Of Directors
NumberOfDirectors
2 pure
CY2023Q1 us-gaap Share Based Compensation
ShareBasedCompensation
178048 usd
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
52919 usd
CY2023Q4 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
678302 shares
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Payments
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendPayments
0 usd
CY2024Q1 us-gaap Share Price
SharePrice
1
CY2024Q1 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2024Q1 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q1 dei Amendment Flag
AmendmentFlag
false
CY2024Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2024Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2024Q1 dei Entity Central Index Key
EntityCentralIndexKey
0000312257

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