2024 Q3 Form 10-Q Financial Statement

#000118518524000799 Filed on August 14, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2 2023 Q2
Revenue $17.01M $16.66M $18.83M
YoY Change -1.68% -11.55% -8.23%
Cost Of Revenue $12.73M $12.69M $14.04M
YoY Change 2.43% -9.61% -12.65%
Gross Profit $4.284M $3.967M $4.793M
YoY Change -12.14% -17.22% 7.73%
Gross Profit Margin 25.19% 23.82% 25.45%
Selling, General & Admin $3.570M $3.863M $4.556M
YoY Change -20.36% -15.22% -17.49%
% of Gross Profit 83.34% 97.36% 95.06%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $47.86K $53.37K $97.67K
YoY Change -51.34% -45.36% 6.61%
% of Gross Profit 1.12% 1.35% 2.04%
Operating Expenses $3.570M $3.863M $4.556M
YoY Change -20.36% -15.22% -17.49%
Operating Profit $713.9K $104.6K $236.8K
YoY Change 81.63% -55.81% -122.06%
Interest Expense -$217.3K -$209.5K $209.4K
YoY Change -183.34% -200.06% 86.31%
% of Operating Profit -30.44% -200.22% 88.43%
Other Income/Expense, Net $619.1K -$207.6K -$207.5K
YoY Change -339.66% 0.06% 37.72%
Pretax Income $1.333M -$103.0K $29.31K
YoY Change 889.35% -451.33% -102.39%
Income Tax $0.00 $0.00 $15.83K
% Of Pretax Income 0.0% 54.03%
Net Earnings $1.335M -$103.3K $13.47K
YoY Change 890.72% -867.01% -101.1%
Net Earnings / Revenue 7.85% -0.62% 0.07%
Basic Earnings Per Share $0.03 $0.00 $0.00
Diluted Earnings Per Share $0.03 $0.00 $0.00
COMMON SHARES
Basic Shares Outstanding 49.72M shares 49.69M shares 48.96M shares
Diluted Shares Outstanding 51.64M shares 49.70M shares 49.06M shares

Balance Sheet

Concept 2024 Q3 2024 Q2 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $4.821M $3.866M $6.172M
YoY Change 29.95% -37.36% 161.49%
Cash & Equivalents $4.821M $3.866M $6.172M
Short-Term Investments
Other Short-Term Assets $519.6K $299.4K $390.1K
YoY Change 53.1% -23.24% 14.5%
Inventory $3.134M $2.762M $2.620M
Prepaid Expenses
Receivables $4.965M $5.198M $4.605M
Other Receivables $92.00K $0.00 $0.00
Total Short-Term Assets $19.38M $18.09M $13.79M
YoY Change 61.42% 31.2% 28.0%
LONG-TERM ASSETS
Property, Plant & Equipment $1.228M $934.4K $7.755M
YoY Change -84.02% -87.95% -4.15%
Goodwill
YoY Change
Intangibles $10.33K
YoY Change -80.0%
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $1.825M $1.579M $9.922M
YoY Change -81.36% -84.09% -8.02%
TOTAL ASSETS
Total Short-Term Assets $19.38M $18.09M $13.79M
Total Long-Term Assets $1.825M $1.579M $9.922M
Total Assets $21.21M $19.67M $23.71M
YoY Change -2.71% -17.05% 9.98%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.832M $3.049M $5.232M
YoY Change -23.67% -41.72% -13.0%
Accrued Expenses $698.8K $621.7K $690.1K
YoY Change -1.57% -9.91% 81.29%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $2.014M
YoY Change -100.0% 0.0%
Long-Term Debt Due $125.3K $122.7K $119.6K
YoY Change -9.97% 2.58% -97.91%
Total Short-Term Liabilities $6.426M $6.178M $9.330M
YoY Change -13.22% -33.79% -40.27%
LONG-TERM LIABILITIES
Long-Term Debt $8.437M $8.459M $8.935M
YoY Change -4.79% -5.32% 189193.62%
Other Long-Term Liabilities $541.9K $628.5K $1.013M
YoY Change -40.45% -37.96% 344.46%
Total Long-Term Liabilities $8.437M $8.459M $8.935M
YoY Change -4.79% -5.32% -45.13%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.426M $6.178M $9.330M
Total Long-Term Liabilities $8.437M $8.459M $8.935M
Total Liabilities $15.45M $15.35M $19.52M
YoY Change -11.17% -21.35% -38.82%
SHAREHOLDERS EQUITY
Retained Earnings -$36.16M -$37.50M -$37.28M
YoY Change -2.65% 0.58% 4.81%
Common Stock $5.395K $5.251K $5.092K
YoY Change 4.57% 3.12% 1.9%
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.141M $1.141M $1.141M
YoY Change 0.0% 0.0% 0.0%
Treasury Stock Shares
Shareholders Equity $5.755M $4.315M $4.191M
YoY Change
Total Liabilities & Shareholders Equity $21.21M $19.67M $23.71M
YoY Change -2.71% -17.05% 9.98%

Cashflow Statement

Concept 2024 Q3 2024 Q2 2023 Q2
OPERATING ACTIVITIES
Net Income $1.335M -$103.3K $13.47K
YoY Change 890.72% -867.01% -101.1%
Depreciation, Depletion And Amortization $47.86K $53.37K $97.67K
YoY Change -51.34% -45.36% 6.61%
Cash From Operating Activities $765.9K -$326.0K $1.312M
YoY Change -339.34% -124.86% -441.74%
INVESTING ACTIVITIES
Capital Expenditures $293.4K $14.45K $24.47K
YoY Change 878.0% -40.95% -127.85%
Acquisitions
YoY Change
Other Investing Activities $525.0K $0.00
YoY Change
Cash From Investing Activities $231.6K -$14.45K -$24.47K
YoY Change -871.97% -40.95% -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 -62.57K -65.70K 3.235M
YoY Change -97.05% -102.03% -1259.45%
NET CHANGE
Cash From Operating Activities 765.9K -326.0K 1.312M
Cash From Investing Activities 231.6K -14.45K -24.47K
Cash From Financing Activities -62.57K -65.70K 3.235M
Net Change In Cash 934.9K -406.2K 4.522M
YoY Change -137.85% -108.98% -702.42%
FREE CASH FLOW
Cash From Operating Activities $765.9K -$326.0K $1.312M
Capital Expenditures $293.4K $14.45K $24.47K
Free Cash Flow $472.5K -$340.5K $1.287M
YoY Change -235.0% -126.45% -534.95%

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us-gaap Proceeds From Sale Of Productive Assets
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
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us-gaap Interest Paid Net
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us-gaap Other Significant Noncash Transaction Value Of Consideration Given1
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us-gaap Stock Issued1
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us-gaap Prior Period Reclassification Adjustment Description
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<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>
us-gaap Use Of Estimates
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<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 allowances for doubtful accounts, allowances for slow moving &amp; obsolete inventory, 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>
us-gaap Concentration Risk Credit Risk
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<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. The Company’s largest customer, U.S. Foods, Inc. and its affiliates, accounted for approximately 48% and 47% of total sales in the three months ended June 30, 2024 and 2023, respectively, and 49% and 47% of total sales in the six months ended June 30, 2024 and 2023, 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, 2024 and December 31, 2023, the total cash in excess of these limits was $916,816 and $988,825, respectively.</p>
CY2024Q2 us-gaap Cash Uninsured Amount
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us-gaap Revenues
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us-gaap Disposal Group Including Discontinued Operation General And Administrative Expense
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CY2024Q2 us-gaap Assets Held For Sale Long Lived Fair Value Disclosure
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CY2024Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
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CY2024Q2 us-gaap Operating Lease Liability
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CY2024Q2 us-gaap Finance Lease Right Of Use Asset Before Accumulated Amortization
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CY2023Q2 us-gaap Finance Lease Right Of Use Asset Amortization
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us-gaap Finance Lease Right Of Use Asset Amortization
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us-gaap Finance Lease Right Of Use Asset Amortization
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CY2024Q2 us-gaap Finance Lease Liability
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CY2023Q4 us-gaap Finance Lease Liability
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CY2024Q2 us-gaap Finance Lease Liability Current
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CY2024Q2 us-gaap Finance Lease Liability Noncurrent
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CY2023Q4 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
219266 usd
CY2024Q2 us-gaap Finance Lease Liability
FinanceLeaseLiability
240163 usd
CY2023Q4 us-gaap Finance Lease Liability
FinanceLeaseLiability
335004 usd
CY2024Q2 us-gaap Finance Lease Liability Payments Due Next Twelve Months
FinanceLeaseLiabilityPaymentsDueNextTwelveMonths
154392 usd
CY2024Q2 us-gaap Finance Lease Liability Payments Due Year Two
FinanceLeaseLiabilityPaymentsDueYearTwo
67475 usd
CY2024Q2 us-gaap Finance Lease Liability Payments Due Year Three
FinanceLeaseLiabilityPaymentsDueYearThree
18296 usd
CY2024Q2 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
240163 usd
CY2024Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
0 usd
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
0 usd
CY2024Q2 us-gaap Accounts Payable Trade Current
AccountsPayableTradeCurrent
3049201 usd
CY2023Q4 us-gaap Accounts Payable Trade Current
AccountsPayableTradeCurrent
6046396 usd
CY2024Q2 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
173123 usd
CY2023Q4 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
206555 usd
CY2024Q2 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
3222324 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
CY2024Q2 ivfh Accumulated Payments Of Separation Costs
AccumulatedPaymentsOfSeparationCosts
-1107038 usd
CY2024Q2 us-gaap Employee Related Liabilities Current And Noncurrent
EmployeeRelatedLiabilitiesCurrentAndNoncurrent
967025 usd
CY2024Q2 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
342666 usd
CY2024Q2 us-gaap Other Employee Related Liabilities Current And Noncurrent
OtherEmployeeRelatedLiabilitiesCurrentAndNoncurrent
624359 usd
CY2024Q2 us-gaap Notes Payable
NotesPayable
8962094 usd
CY2023Q4 us-gaap Notes Payable
NotesPayable
9358547 usd
CY2024Q2 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
379938 usd
CY2023Q4 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
382506 usd
CY2024Q2 us-gaap Long Term Debt
LongTermDebt
8582156 usd
CY2023Q4 us-gaap Long Term Debt
LongTermDebt
8976041 usd
CY2024Q2 us-gaap Long Term Debt Current
LongTermDebtCurrent
122717 usd
CY2023Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
121041 usd
CY2024Q2 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
8459439 usd
CY2023Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
8855000 usd
CY2024Q2 us-gaap Long Term Debt
LongTermDebt
8582156 usd
CY2023Q4 us-gaap Long Term Debt
LongTermDebt
8976041 usd
CY2024Q2 us-gaap Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
91329 usd
CY2023Q4 us-gaap Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
95942 usd
CY2024Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
122717 usd
CY2024Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
113267 usd
CY2024Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
124900 usd
CY2024Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
137728 usd
CY2024Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
151874 usd
CY2024Q2 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive
8311608 usd
CY2024Q2 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
8962094 usd
CY2024Q2 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
52562238 shares
CY2024Q2 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
49717941 shares
CY2023Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
52538100 shares
CY2023Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
49714929 shares
CY2023Q4 ivfh Common Stock Issued But Not Outstanding
CommonStockIssuedButNotOutstanding
2844297 shares
CY2024Q2 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
CY2024Q2 us-gaap Stock Issued During Period Value Stock Options Exercised Net Of Tax Benefit Expense
StockIssuedDuringPeriodValueStockOptionsExercisedNetOfTaxBenefitExpense
24138 usd
CY2024Q2 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
50000 shares
CY2024Q2 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
0.6
CY2024Q2 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
1.16
CY2023Q1 us-gaap Restricted Stock Shares Issued Net Of Shares For Tax Withholdings
RestrictedStockSharesIssuedNetOfSharesForTaxWithholdings
875000 shares
CY2023Q1 us-gaap Shares Paid For Tax Withholding For Share Based Compensation
SharesPaidForTaxWithholdingForShareBasedCompensation
207839 shares
CY2023Q1 us-gaap Stock Issued During Period Shares Issued For Services
StockIssuedDuringPeriodSharesIssuedForServices
267030 shares
CY2023Q1 us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
112169 usd
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Payments
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendPayments
0 usd
CY2024Q2 us-gaap Share Price
SharePrice
1.22
CY2024Q3 us-gaap Proceeds From Sale Of Intangible Assets
ProceedsFromSaleOfIntangibleAssets
700000 usd
CY2024Q3 us-gaap Other Significant Noncash Transaction Value Of Consideration Received1
OtherSignificantNoncashTransactionValueOfConsiderationReceived1
330000 usd
CY2024Q3 us-gaap Gain Loss On Disposition Of Intangible Assets
GainLossOnDispositionOfIntangibleAssets
700000 usd
ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
dei Entity Central Index Key
EntityCentralIndexKey
0000312257

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