2024 Q4 Form 10-Q Financial Statement

#000182912624007427 Filed on November 12, 2024

View on sec.gov

Income Statement

Concept 2024 Q4 2024 Q3
Revenue $253.6K
YoY Change 14.3%
Cost Of Revenue $194.3K
YoY Change 37.25%
Gross Profit $59.34K
YoY Change -26.14%
Gross Profit Margin 23.4%
Selling, General & Admin $1.655M
YoY Change 14.18%
% of Gross Profit 2788.89%
Research & Development $131.4K
YoY Change -31.83%
% of Gross Profit 221.37%
Depreciation & Amortization $23.96K
YoY Change 40.78%
% of Gross Profit 40.37%
Operating Expenses $1.821M
YoY Change 8.6%
Operating Profit -$1.762M
YoY Change 10.35%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $41.39K
YoY Change -9.42%
Pretax Income -$1.721M
YoY Change 10.93%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$1.721M
YoY Change 10.93%
Net Earnings / Revenue -678.5%
Basic Earnings Per Share -$0.99
Diluted Earnings Per Share -$0.99
COMMON SHARES
Basic Shares Outstanding 2.442M shares 1.571M shares
Diluted Shares Outstanding 1.737M shares

Balance Sheet

Concept 2024 Q4 2024 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $9.439M
YoY Change 61.27%
Cash & Equivalents $4.544M
Short-Term Investments $4.895M
Other Short-Term Assets $59.45K
YoY Change 14.7%
Inventory $915.2K
Prepaid Expenses $324.8K
Receivables $80.89K
Other Receivables $0.00
Total Short-Term Assets $10.99M
YoY Change 46.54%
LONG-TERM ASSETS
Property, Plant & Equipment $106.7K
YoY Change -40.22%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $66.97K
YoY Change 23.77%
Total Long-Term Assets $604.7K
YoY Change -1.66%
TOTAL ASSETS
Total Short-Term Assets $10.99M
Total Long-Term Assets $604.7K
Total Assets $11.60M
YoY Change 42.89%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $608.0K
YoY Change 226.94%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $653.0K
YoY Change 51.44%
LONG-TERM LIABILITIES
Long-Term Debt $0.00
YoY Change
Other Long-Term Liabilities $12.95K
YoY Change -69.53%
Total Long-Term Liabilities $12.95K
YoY Change -69.53%
TOTAL LIABILITIES
Total Short-Term Liabilities $653.0K
Total Long-Term Liabilities $12.95K
Total Liabilities $665.9K
YoY Change 40.58%
SHAREHOLDERS EQUITY
Retained Earnings -$22.61M
YoY Change 55.12%
Common Stock $24.00
YoY Change -81.4%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $10.93M
YoY Change
Total Liabilities & Shareholders Equity $11.60M
YoY Change 42.89%

Cashflow Statement

Concept 2024 Q4 2024 Q3
OPERATING ACTIVITIES
Net Income -$1.721M
YoY Change 10.93%
Depreciation, Depletion And Amortization $23.96K
YoY Change 40.78%
Cash From Operating Activities -$1.400M
YoY Change 2.89%
INVESTING ACTIVITIES
Capital Expenditures $91.74K
YoY Change 2.54%
Acquisitions
YoY Change
Other Investing Activities -$4.895M
YoY Change -611997.5%
Cash From Investing Activities -$4.987M
YoY Change 5523.51%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 5.034M
YoY Change 322562.82%
NET CHANGE
Cash From Operating Activities -1.400M
Cash From Investing Activities -4.987M
Cash From Financing Activities 5.034M
Net Change In Cash -1.353M
YoY Change -6.52%
FREE CASH FLOW
Cash From Operating Activities -$1.400M
Capital Expenditures $91.74K
Free Cash Flow -$1.491M
YoY Change 2.87%

Facts In Submission

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us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-4425294 usd
LUCY Purchases Of Debt Securities
PurchasesOfDebtSecurities
4895184 usd
LUCY Purchases Of Debt Securities
PurchasesOfDebtSecurities
1949204 usd
LUCY Loan Made To Tekcapital Europe Ltd.See Note6
LoanMadeToTekcapitalEuropeLtd.SeeNote6
767940 usd
LUCY Repayment Of Amounts Loaned To Tekcapital Europe Ltd.See Note6
RepaymentOfAmountsLoanedToTekcapitalEuropeLtd.SeeNote6
-767940 usd
LUCY Payment To Acquire Patent Costs
PaymentToAcquirePatentCosts
169804 usd
LUCY Payment To Acquire Patent Costs
PaymentToAcquirePatentCosts
154752 usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
35748 usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
104722 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-5100736 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-2208678 usd
LUCY Proceeds From Offerings Of Common Stock And Warrants
ProceedsFromOfferingsOfCommonStockAndWarrants
2871351 usd
LUCY Proceeds From Offerings Of Common Stock And Warrants
ProceedsFromOfferingsOfCommonStockAndWarrants
4115688 usd
LUCY Proceeds From Atthemarket Offerings Of Common Stock
ProceedsFromAtthemarketOfferingsOfCommonStock
3723134 usd
us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
3803877 usd
us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
3127718 usd
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
17650 usd
us-gaap Repayments Of Convertible Debt
RepaymentsOfConvertibleDebt
109499 usd
LUCY Repayment Of Amounts Due To Tekcapital And Affiliates
RepaymentOfAmountsDueToTekcapitalAndAffiliates
244886 usd
LUCY Repayment Of Amounts Due To Tekcapital And Affiliates
RepaymentOfAmountsDueToTekcapitalAndAffiliates
205026 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
10153476 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
6946531 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
256379 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
312559 usd
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
4287447 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
3591109 usd
CY2024Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
4543826 usd
CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
3903668 usd
LUCY Expenses Paid For By Parent Reported As Increase In Due To Parent And Affiliates And Related Party Convertible Debt
ExpensesPaidForByParentReportedAsIncreaseInDueToParentAndAffiliatesAndRelatedPartyConvertibleDebt
217368 usd
LUCY Expenses Paid For By Parent Reported As Increase In Due To Parent And Affiliates And Related Party Convertible Debt
ExpensesPaidForByParentReportedAsIncreaseInDueToParentAndAffiliatesAndRelatedPartyConvertibleDebt
222459 usd
LUCY Issuance Of Shares From Conversion Of Related Party Convertible Debt
IssuanceOfSharesFromConversionOfRelatedPartyConvertibleDebt
81900 usd
LUCY Issuance Of Shares For Prepayment To Brand Ambassador
IssuanceOfSharesForPrepaymentToBrandAmbassador
21690 usd
us-gaap Nature Of Operations
NatureOfOperations
<p id="xdx_80A_eus-gaap--NatureOfOperations_zUdWN1ItN56j" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>NOTE 1 – <span id="xdx_82C_z5YYmA3WYMfl">GENERAL INFORMATION</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Innovative Eyewear, Inc. (the “Company,” “us,” “we,” or “our”) is a corporation organized under the laws of the State of Florida that develops and sells cutting-edge eyeglasses and sunglasses, which are designed to allow our customers to remain connected to their digital lives, while also offering prescription eyewear and sun protection. The Company was founded by Lucyd Ltd., a portfolio company of Tekcapital Plc through Tekcapital Europe, Ltd. (collectively, together with Lucyd Ltd., “Tekcapital and Affiliates”), which owned approximately 10.8% of our issued and outstanding shares of common stock as of September 30, 2024. Innovative Eyewear has licensed the exclusive rights to the Lucyd<sup>®</sup> brand from Lucyd Ltd., which includes the exclusive use of all of Lucyd’s intellectual property, including our main product, Lucyd Lyte<sup>®</sup> glasses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_847_eus-gaap--UseOfEstimates_zsBZfWecMpp6" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i><span id="xdx_865_z7gPtwKzNSYe">Use of Estimates</span></i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates, particularly given the significant uncertainties associated with the current geopolitical and economic environment.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
us-gaap Amortization Of Acquisition Costs
AmortizationOfAcquisitionCosts
4895184 usd
us-gaap Unrealized Gain Loss On Investments
UnrealizedGainLossOnInvestments
6116 usd
LUCY Schedule Of Allowance For Doubtful Accounts Table Text Blok
ScheduleOfAllowanceForDoubtfulAccountsTableTextBlok
<table cellpadding="0" cellspacing="0" id="xdx_896_ecustom--ScheduleOfAllowanceForDoubtfulAccountsTableTextBlok_zrNnIk1HxdT2" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)"> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left"><span style="display: none"><span id="xdx_8B1_zvoORaNeXHzg">Schedule of allowance for doubtful accounts</span></span></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; width: 76%; vertical-align: top">Balance at January 1</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td id="xdx_98D_eus-gaap--AllowanceForDoubtfulAccountsReceivable_iS_pp0p0_c20240101__20240930_zpGiJCUk4IOd" style="width: 9%; text-align: right" title="Balance at begining">25,772</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td id="xdx_98C_eus-gaap--AllowanceForDoubtfulAccountsReceivable_iS_pp0p0_c20230101__20230930_zorhFVtMNNT5" style="width: 9%; text-align: right" title="Balance at begining">92,646</td> <td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left">Bad debt expense (recovery)</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_980_eus-gaap--ProvisionForDoubtfulAccounts_c20240101__20240930_pp0p0" style="text-align: right" title="Bad debt expense (recovery)">(2,605</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_98F_eus-gaap--ProvisionForDoubtfulAccounts_c20230101__20230930_pp0p0" style="text-align: right" title="Bad debt expense (recovery)">19,879</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left">Write-offs<sup>(1)</sup></td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_980_eus-gaap--AllowanceForDoubtfulAccountsReceivableWriteOffs_iN_pp0p0_di_c20240101__20240930_fKDEp_zKnCmgpEgZr1" style="text-align: right" title="Write-offs"><span style="-sec-ix-hidden: xdx2ixbrl0628">-</span></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_981_eus-gaap--AllowanceForDoubtfulAccountsReceivableWriteOffs_iN_pp0p0_di_c20230101__20230930_fKDEp_zRLwj2audPCl" style="text-align: right" title="Write-offs">(47,813</td> <td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 1pt; vertical-align: top; text-align: left">Other<sup>(1)</sup></td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_986_ecustom--AllowanceForDoubtfulAccountsReceivableOther_pp0p0_c20240101__20240930_fKDEp_z5usOhYbpGy1" style="border-bottom: Black 1pt solid; text-align: right" title="Other">218</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td id="xdx_988_ecustom--AllowanceForDoubtfulAccountsReceivableOther_pp0p0_c20230101__20230930_fKDEp_zKDJibu1RhHi" style="border-bottom: Black 1pt solid; text-align: right" title="Other">(45,000</td> <td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 2.5pt; vertical-align: top; text-align: left">Balance at September 30</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td id="xdx_98A_eus-gaap--AllowanceForDoubtfulAccountsReceivable_iE_pp0p0_c20240101__20240930_zcaWdseYEfW4" style="border-bottom: Black 2.5pt double; text-align: right" title="Balance at end">23,385</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td id="xdx_981_eus-gaap--AllowanceForDoubtfulAccountsReceivable_iE_pp0p0_c20230101__20230930_zhLXRia7Npx5" style="border-bottom: Black 2.5pt double; text-align: right" title="Balance at end">19,712</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <div style="width: 25%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td> <td id="xdx_F0F_zHgwjIVqBfwc" style="width: 0.25in; text-align: left">(1)</td> <td id="xdx_F19_zlyynrf8f3Y7" style="text-align: justify">During the nine months ended September 30, 2023, the Company entered into a settlement agreement with a former wholesale customer. As a result of this settlement, $47,646 of accounts receivable were written-off as uncollectible, while the $45,000 collected under the settlement agreement was reflected as a gain within general and administrative expenses in the condensed statement of operations.</td> </tr> </table>
CY2023Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
25772 usd
CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
92646 usd
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
-2605 usd
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
19879 usd
us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
47813 usd
LUCY Allowance For Doubtful Accounts Receivable Other
AllowanceForDoubtfulAccountsReceivableOther
218 usd
LUCY Allowance For Doubtful Accounts Receivable Other
AllowanceForDoubtfulAccountsReceivableOther
-45000 usd
CY2024Q3 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
23385 usd
CY2023Q3 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
19712 usd
us-gaap Inventory Write Down
InventoryWriteDown
0 usd
CY2023 us-gaap Inventory Write Down
InventoryWriteDown
31637 usd
CY2024Q3 LUCY Inventory Prepayment
InventoryPrepayment
139065 usd
CY2023Q4 LUCY Inventory Prepayment
InventoryPrepayment
323520 usd
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
22500 usd
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
22500 usd
CY2024Q3 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
2513 usd
CY2024Q1 LUCY Restocking Fee
RestockingFee
15 usd
CY2024Q3 LUCY Allowance For Sales Returns
AllowanceForSalesReturns
5302 usd
CY2023Q4 LUCY Allowance For Sales Returns
AllowanceForSalesReturns
40933 usd
CY2024Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0 usd
CY2023Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0 usd
CY2024Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
271573 usd
CY2023Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
235825 usd
CY2024Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
164884 usd
CY2023Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
80977 usd
CY2024Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
106689 usd
CY2023Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
154848 usd
CY2024Q3 us-gaap Depreciation
Depreciation
23956 usd
CY2023Q3 us-gaap Depreciation
Depreciation
17017 usd
us-gaap Depreciation
Depreciation
83907 usd
us-gaap Depreciation
Depreciation
45996 usd
CY2024Q3 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
499036 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
329232 usd
CY2024Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
68002 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
42803 usd
CY2024Q3 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
431034 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
286429 usd
CY2024Q3 us-gaap Adjustment For Amortization
AdjustmentForAmortization
9902 usd
CY2023Q3 us-gaap Adjustment For Amortization
AdjustmentForAmortization
2214 usd
us-gaap Adjustment For Amortization
AdjustmentForAmortization
25199 usd
us-gaap Adjustment For Amortization
AdjustmentForAmortization
20030 usd
CY2023Q1 us-gaap Convertible Debt Current
ConvertibleDebtCurrent
61356 usd
CY2023Q1 us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
48143 usd
CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
436000 usd
CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
834000 usd
CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
1290000 usd
CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
1543000 usd
CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
9907000 usd
CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
14010000 usd
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
144726 shares
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
41.60
CY2023 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P2Y2M19D
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
500 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
8.40
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
50426 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
42.13
CY2024Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
94800 shares
CY2024Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
41.15
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P2Y3M18D
CY2024Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
64816 shares
CY2024Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
52.60
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P1Y7M9D
CY2024Q3 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
100000 usd
us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
495309 usd
CY2024Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
0 usd
CY2024Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
0 usd
CY2024Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
193000 usd
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P1Y1M6D
CY2024Q3 us-gaap Restricted Stock Expense
RestrictedStockExpense
5075 usd
us-gaap Restricted Stock Expense
RestrictedStockExpense
15225 usd
CY2024Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Share Based Awards Other Than Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptions
3383 usd
CY2024Q1 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
81900 usd
CY2024Q3 LUCY Stock Grants Expenses
StockGrantsExpenses
40950 usd
LUCY Stock Grants Expenses
StockGrantsExpenses
81900 usd
CY2024Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
50000000 shares
CY2024Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.00001
CY2024Q2 us-gaap Sale Of Stock Number Of Shares Issued In Transaction
SaleOfStockNumberOfSharesIssuedInTransaction
2828 shares
CY2024Q2 us-gaap Sale Of Stock Consideration Received Per Transaction
SaleOfStockConsiderationReceivedPerTransaction
13000 usd
CY2024Q2 us-gaap Sale Of Stock Consideration Received On Transaction
SaleOfStockConsiderationReceivedOnTransaction
12000 usd
CY2024Q3 LUCY Description Of Warrant Exercise
DescriptionOfWarrantExercise
one of the holders of the Series A and Series B warrants exercised an aggregate of 40,000 warrants on a cashless basis and received 20,482 shares of common stock.
CY2024Q3 LUCY Description Of Warrant Exercise
DescriptionOfWarrantExercise
one of the holders of the warrants issued in connection with the First Registered Direct Offering elected to exercise their warrants to purchase an aggregate of 61,475 shares of common stock. The Company received approximately $300,000 of gross proceeds from this exercise.
CY2024Q3 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
1569840 shares
LUCY Release Payment
ReleasePayment
325000 usd
CY2024Q3 us-gaap Net Income Loss
NetIncomeLoss
-1720677 usd
CY2023Q3 us-gaap Net Income Loss
NetIncomeLoss
-1551105 usd
us-gaap Net Income Loss
NetIncomeLoss
-5640387 usd
us-gaap Net Income Loss
NetIncomeLoss
-4269717 usd
CY2024Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
1736803 shares
CY2024Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
1736803 shares
CY2023Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
747416 shares
CY2023Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
747416 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
1178768 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
1178768 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
586807 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
586807 shares
CY2024Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.99
CY2024Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.99
CY2023Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-2.08
CY2023Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-2.08
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-4.78
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-4.78
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-7.28
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-7.28
CY2024Q3 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q3 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q3 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q3 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

Files In Submission

Name View Source Status
lucy-20240930_lab.xml Edgar Link unprocessable
0001829126-24-007427-index-headers.html Edgar Link pending
0001829126-24-007427-index.html Edgar Link pending
0001829126-24-007427.txt Edgar Link pending
0001829126-24-007427-xbrl.zip Edgar Link pending
Financial_Report.xlsx Edgar Link pending
img_001.jpg Edgar Link pending
innovative_10q.htm Edgar Link pending
innovative_ex31-1.htm Edgar Link pending
innovative_ex31-2.htm Edgar Link pending
innovative_ex32-1.htm Edgar Link pending
innovative_ex32-2.htm Edgar Link pending
lucy-20240930.xsd Edgar Link pending
FilingSummary.xml Edgar Link unprocessable
lucy-20240930_cal.xml Edgar Link unprocessable
lucy-20240930_def.xml Edgar Link unprocessable
innovative_10q_htm.xml Edgar Link completed
MetaLinks.json Edgar Link pending
R1.htm Edgar Link pending
R10.htm Edgar Link pending
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R9.htm Edgar Link pending
report.css Edgar Link pending
Show.js Edgar Link pending
lucy-20240930_pre.xml Edgar Link unprocessable