JanOne Inc. Files 10-Q for Period Ending March 30, 2024

TL;DR

<b>JanOne Inc. has filed its quarterly report (10-Q) for the period ending March 30, 2024, detailing its financial performance and business activities.</b>

AI Summary

JanOne Inc. (ALTS) filed a Quarterly Report (10-Q) with the SEC on May 3, 2024. JanOne Inc. filed its 10-Q report for the quarterly period ended March 30, 2024. The company's fiscal year ends on December 31st. The filing covers the period from January 1, 2024, to March 30, 2024. JanOne Inc. was formerly known as APPLIANCE RECYCLING CENTERS OF AMERICA INC /MN. The company's business address is located in Las Vegas, Nevada.

Why It Matters

For investors and stakeholders tracking JanOne Inc., this filing contains several important signals. This filing provides investors with an update on JanOne Inc.'s financial health and operational status for the first quarter of 2024. Understanding the details within this 10-Q is crucial for assessing the company's current trajectory and future prospects in the pharmaceutical preparations sector.

Risk Assessment

Risk Level: medium — JanOne Inc. shows moderate risk based on this filing. The company's financial performance and strategic initiatives, particularly related to acquisitions like Soin Therapeutics, present inherent risks that require careful monitoring. Specific financial figures and growth rates are not detailed in the provided header information, necessitating a review of the full filing for a comprehensive risk assessment.

Analyst Insight

Review the full 10-Q filing to analyze JanOne Inc.'s revenue, net income, and debt levels for Q1 2024 to understand its financial performance and identify any significant operational or financial risks.

Key Numbers

• 2024-03-30 — Reporting Period End Date (The end date for the quarterly report.)
• 2024-05-03 — Filing Date (The date the 10-Q was filed.)
• 2024-01-01 — Reporting Period Start Date (The start date for the quarterly report.)
• 2023-03-30 — Prior Year Comparable Period End Date (End date for the comparable period in the prior year.)

Key Players & Entities

• JanOne Inc. (company) — Filer of the 10-Q report.
• APPLIANCE RECYCLING CENTERS OF AMERICA INC /MN (company) — Former name of JanOne Inc.
• Soin Therapeutics LLC (company) — Mentioned in relation to business acquisition considerations.

FAQ

Industry Context

JanOne Inc. operates within the Pharmaceutical Preparations industry, which involves the manufacturing and distribution of drugs and medicines.

Regulatory Implications

Companies in the pharmaceutical sector are subject to stringent regulations from bodies like the FDA regarding drug development, manufacturing, and marketing.

What Investors Should Do

1. Analyze the detailed financial statements within the 10-Q for revenue, expenses, and profitability.
2. Examine the Management's Discussion and Analysis (MD&A) section for insights into operational performance and future outlook.
3. Review any disclosed risk factors and legal proceedings to understand potential challenges facing the company.

Key Dates

• 2024-03-30: Quarterly Period End — The period covered by the 10-Q filing.
• 2024-05-03: Filing Date — Date the 10-Q was officially submitted to the SEC.

Year-Over-Year Comparison

This filing represents the quarterly update for March 30, 2024, following previous filings which would include annual reports (10-K) and prior quarterly reports (10-Q).

Key Financial Figures

• $0.001 — ange on which registered Common Stock, $0.001 par value per share JAN The Nasdaq Stoc
• $000 — 2023, respectively, were as follows (in $000's): March 30, 2024 December 30, 2023

Filing Documents

• jan-20240330.htm (10-Q) — 789KB
• jan-20240330xexx311.htm (EX-31.1) — 9KB
• jan-20240330xexx312.htm (EX-31.2) — 9KB
• jan-20240330xexx321.htm (EX-32.1) — 4KB
• jan-20240330xexx322.htm (EX-32.2) — 4KB
• 0001628280-24-020286.txt (&nbsp;) — 5617KB
• jan-20240330.xsd (EX-101.SCH) — 52KB
• jan-20240330_cal.xml (EX-101.CAL) — 70KB
• jan-20240330_def.xml (EX-101.DEF) — 270KB
• jan-20240330_lab.xml (EX-101.LAB) — 551KB
• jan-20240330_pre.xml (EX-101.PRE) — 415KB
• jan-20240330_htm.xml (XML) — 614KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Item 1. Condensed Consolidated Financial Statements 3 Unaudited Condensed Consolidated Balance Sheets as of March 30 , 202 4 and December 3 0 , 202 3 3 Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income for the 13 weeks ended March 30 , 202 4 and April 1 , 202 3 4 Unaudited Condensed Consolidated Statements of Cash Flows for the 13 weeks ended March 30 , 202 4 and April 1 , 202 3 5 Unaudited Condensed Consolidated Statements of Stockholders' Equity for the 13 weeks ended March 30 , 202 4 and April 1 , 202 3 6 Notes to Unaudited Condensed Consolidated Financial Statements 8 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 22 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 25 Item 4.

Controls and Procedures

Controls and Procedures 26

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 28 Item 1A.

Risk Factors

Risk Factors 28 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 28 Item 3. Defaults Upon Senior Securities 28 Item 4. Mine Safety Disclosures 28 Item 5 Other Information 28 Item 6. Exhibits 28

SIGNATURES

SIGNATURES 30 2 Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Condensed Consolidated Financial Statements

ITEM 1. Condensed Consolidated Financial Statements JANONE INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Dollars in thousands, except per-share amounts) March 30, 2024 December 30, 2023 (Unaudited) Assets Cash and cash equivalents $ 61 $ 5 Trade and other receivables, net 331 266 Prepaid expenses and other current assets 799 75 Total current assets 1,191 346 Intangible assets - Soin, net 17,203 17,842 Other intangible assets, net 4 4 Marketable securities 180 286 Deposits and other assets — 9 Total assets $ 18,578 $ 18,487 Liabilities and Stockholders' Equity Liabilities: Accounts payable $ 2,034 $ 2,272 Accrued liabilities - other 2,541 3,633 Due to Soin 2,900 — Related party notes payable 600 — Total current liabilities 8,075 5,905 Deferred income taxes, net 564 639 Related party note payable 504 707 Notes payable 1,806 — Other noncurrent liabilities — 34 Total liabilities 10,949 7,285 Commitments and contingencies (Note 12) Mezzanine equity Convertible preferred stock, series S - par value $ 0.001 per share 200,000 authorized, 100,000 and 100,000 shares issued and outstanding at March 30, 2024 and December 30, 2023, respectively 3,856 14,510 Stockholders' equity: Preferred stock, series A - par value $ 0.001 per share 2,000,000 authorized, 193,730 and 193,730 shares issued and outstanding at March 30, 2024 and December 30, 2023, respectively — — Common stock, par value $ 0.001 per share, 200,000,000 shares authorized, 7,551,379 and 4,957,647 shares issued and outstanding at March 30, 2024 and at December 30, 2023, respectively 5 3 Convertible preferred stock, series S - par value $ 0.001 per share 200,000 authorized, 100,000 and 100,000 shares issued and outstanding at March 30, 2024 and December 30, 2023, respectively 7,993 — Additional paid-in capital 48,553 47,323 Accumulated deficit ( 52,778 ) ( 50,634 ) Total stockholders' equity (deficit) 3,773 ( 3,308 ) Total liabilities and stockholders' equity $ 18,578 $ 18,487

View Full Filing

View this 10-Q filing on SEC EDGAR