JanOne Inc. Files 2023 Annual Report (10-K)

Ticker: ALTS · Form: 10-K · Filed: Apr 8, 2024 · CIK: 862861

Sentiment: neutral

Topics: 10-K, Annual Report, JanOne Inc., Financials, SEC Filing

TL;DR

<b>JanOne Inc. has filed its 2023 10-K report, detailing its financial performance and corporate information.</b>

AI Summary

JanOne Inc. (ALTS) filed a Annual Report (10-K) with the SEC on April 8, 2024. JanOne Inc. filed its 10-K report for the fiscal year ending December 30, 2023. The company was formerly known as APPLIANCE RECYCLING CENTERS OF AMERICA INC /MN until March 28, 1993. JanOne Inc. is incorporated in Nevada (NV) and its fiscal year ends on December 31. The company's business and mailing address is 325 E. WARM SPRINGS ROAD, SUITE 102, LAS VEGAS, NV 89119. The filing includes data related to various stock classes including Series S, Series A1, Preferred Stock, and Common Stock.

Why It Matters

For investors and stakeholders tracking JanOne Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of JanOne Inc.'s financial health, operational activities, and strategic positioning for the fiscal year 2023, which is crucial for investors to assess the company's performance and future prospects. Understanding the company's historical name changes and corporate structure, as detailed in the filing, is important for tracking its evolution and potential impact on current business strategies and market perception.

Risk Assessment

Risk Level: low — JanOne Inc. shows low risk based on this filing. The filing is a standard 10-K annual report, which typically contains routine financial and operational disclosures, indicating a low level of immediate risk from the filing itself.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to understand JanOne Inc.'s performance and outlook for the upcoming fiscal year.

Key Numbers

Key Players & Entities

FAQ

When did JanOne Inc. file this 10-K?

JanOne Inc. filed this Annual Report (10-K) with the SEC on April 8, 2024.

What is a 10-K filing?

A 10-K is a comprehensive annual financial report required by the SEC, covering audited financials, business operations, risk factors, and management discussion. This particular 10-K was filed by JanOne Inc. (ALTS).

Where can I read the original 10-K filing from JanOne Inc.?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by JanOne Inc..

What are the key takeaways from JanOne Inc.'s 10-K?

JanOne Inc. filed this 10-K on April 8, 2024. Key takeaways: JanOne Inc. filed its 10-K report for the fiscal year ending December 30, 2023.. The company was formerly known as APPLIANCE RECYCLING CENTERS OF AMERICA INC /MN until March 28, 1993.. JanOne Inc. is incorporated in Nevada (NV) and its fiscal year ends on December 31..

Is JanOne Inc. a risky investment based on this filing?

Based on this 10-K, JanOne Inc. presents a relatively low-risk profile. The filing is a standard 10-K annual report, which typically contains routine financial and operational disclosures, indicating a low level of immediate risk from the filing itself.

What should investors do after reading JanOne Inc.'s 10-K?

Review the detailed financial statements and risk factors within the 10-K to understand JanOne Inc.'s performance and outlook for the upcoming fiscal year. The overall sentiment from this filing is neutral.

Key Dates

Glossary

10-K
An annual report required by the U.S. Securities and Exchange Commission (SEC), which gives a comprehensive summary of a company's financial performance. (This filing provides the official annual financial and operational overview of JanOne Inc.)
Fiscal Year End
The last day of a company's fiscal year, used for financial reporting. (Defines the period covered by the financial statements in the 10-K filing.)

Filing Stats: 4,515 words · 18 min read · ~15 pages · Grade level 12.8 · Accepted 2024-04-08 16:21:09

Key Financial Figures

Filing Documents

Business

Business 1 Item 1A.

Risk Factors

Risk Factors 37 Item 2.

Properties

Properties 48 Item 3.

Legal Proceedings

Legal Proceedings 48 Item 4. Mine Safety Disclosures 48 PART II Item 5. Market for Our Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities 49 Item 6.

Selected Financial Data

Selected Financial Data 49 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 50 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 55 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 56 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 57 Item 9A.

Controls and Procedures

Controls and Procedures 57 Item 9B. Other Information 58 Item 9C Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 58 PART III Item 10. Directors, Executive Officers, and Corporate Governance 59 Item 11.

Executive Compensation

Executive Compensation 61 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters 63 Item 13. Certain Relationships and Related Transactions, and Director Independence 64 Item 14. Principal Accounting Fees and Services 66 PART IV Item 15. Exhibits and Financial Statement Schedules 67 Item 16. Form 10-K Summary 67 Index to Exhibits 68

Signatures

Signatures 74 Table of Contents PART I

BUSINESS

ITEM 1. BUSINESS General JanOne Inc. (formerly known as Appliance Recycling Centers of America, Inc.) and subsidiaries (collectively, "we," the "Company," or "JanOne") is focused on being a clinical-stage pharmaceutical company committed to finding treatments for conditions that cause severe pain and bringing drugs to market with non-addictive pain-relieving properties. One of the Company's goals is to reduce the need for prescriptions for dangerous opioid drugs by treating underlying diseases that cause severe pain. The Company's first drug candidate is a treatment for Peripheral Artery Disease ("PAD"), a condition that can cause severe pain and affects over 8.5 million people in the United States. The Company intends to champion new initiatives—digital technologies, educational advocacy, and revolutionary painkilling drugs that address what we believe is a multibillion dollar a year market—to help combat the opioid crisis, which claims tens of thousands of lives each year. On December 28, 2022, we entered into a Purchase Agreement (the "Soin Purchase Agreement") with Soin Therapeutics, LLC. Under the Soin Purchase Agreement, the Company acquired Soin Therapeutics and its LDN product, now known as JAN123. JAN123 is a novel formulation of 2.0 mg of LDN that results in a biphasic release of the product. The release properties of JAN123 provide for an immediate release of less than half the product with a slow, sustained release of the remaining product. Importantly, the rapid release of LDN has been reported to lead to vivid and lucid unpleasant dreams, which should be eliminated with the formulation of JAN123. Initially, a single tablet of JAN123 will be administered orally, once a day before sleep, with eventual titration up to two tablets (4 mg) before sleep. The name of the Company, JanOne Inc., was strategically chosen to express the start of a new day in the fight against the opioid epidemic. January one is the first day of a New Year—universally considere

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