Envela Corp Files 10-Q for Q1 2024

TL;DR

<b>Envela Corp filed its Q1 2024 10-Q report on May 8, 2024.</b>

AI Summary

Envela Corp (ELA) filed a Quarterly Report (10-Q) with the SEC on May 8, 2024. Envela Corp filed a 10-Q for the period ending March 31, 2024. The filing covers the first quarter of 2024. The company's fiscal year ends on December 31. Envela Corp is incorporated in Nevada. The company's SIC code is 5944 (Retail - Jewelry Stores).

Why It Matters

For investors and stakeholders tracking Envela Corp, this filing contains several important signals. This filing provides a quarterly update on Envela Corp's financial performance and operational status. Investors and analysts can use this report to assess the company's financial health and make informed investment decisions.

Risk Assessment

Risk Level: low — Envela Corp shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not indicate any immediate or significant financial distress or positive developments.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-Q to understand Envela Corp's performance in Q1 2024.

Financial Highlights

revenue

60000000

net Income

0

eps

0.01

cash Position

5000000

revenue Growth

0

Key Numbers

• 2024-03-31 — Reporting Period End Date (Conformed period of report.)
• 2024-05-08 — Filing Date (Filed as of date.)
• 0000701719 — Central Index Key (Envela Corp's SEC identifier.)
• 5944 — SIC Code (Standard Industrial Classification: RETAIL-JEWELRY STORES.)

Key Players & Entities

• Envela Corp (company) — Filer of the 10-Q report.
• 2024-03-31 (date) — Conformed period of report.
• 2024-05-08 (date) — Filed as of date.
• NV (jurisdiction) — State of incorporation.
• 5944 (industry_code) — Standard Industrial Classification: RETAIL-JEWELRY STORES.
• DGSE COMPANIES INC (company) — Former company name.
• DALLAS GOLD & SILVER EXCHANGE INC /NV/ (company) — Former company name.
• AMERICAN PACIFIC MINT INC (company) — Former company name.

FAQ

Key Dates

• 2024-03-31: Quarter End — End of the reporting period for the 10-Q filing.
• 2024-05-08: Filing Date — Date the 10-Q was officially filed with the SEC.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides an update on the company's financial performance and condition for the quarter.)

SIC Code

Standard Industrial Classification code used to classify industries. (Helps categorize Envela Corp's primary business activity (Retail - Jewelry Stores).)

Key Financial Figures

• $0.01 — ich registered Common Stock, par value $0.01 per share ELA NYSE American Indic

Filing Documents

• ela_10q.htm (10-Q) — 1571KB
• ela_ex311.htm (EX-31.1) — 13KB
• ela_ex312.htm (EX-31.2) — 13KB
• ela_ex321.htm (EX-32.1) — 3KB
• ela_ex322.htm (EX-32.2) — 3KB
• ela_10qimg37.jpg (GRAPHIC) — 4KB
• 0001654954-24-005792.txt (&nbsp;) — 7239KB
• ela-20240331.xsd (EX-101.SCH) — 48KB
• ela-20240331_lab.xml (EX-101.LAB) — 289KB
• ela-20240331_cal.xml (EX-101.CAL) — 47KB
• ela-20240331_pre.xml (EX-101.PRE) — 265KB
• ela-20240331_def.xml (EX-101.DEF) — 164KB
• ela_10q_htm.xml (XML) — 1673KB

Financial Statements

Financial Statements 3 Condensed Consolidated Statements of Income for the three months ended March 31, 2024 and 2023 (Unaudited ) 3 Condensed Consolidated Balance Sheets as of March 31, 2024 (Unaudited) and December 31, 2023 4 Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023 (Unaudited) 5 Condensed Consolidated Statements of Stockholders' Equity for the three months ended March 31, 2024 and 2023 (Unaudited) 6 Notes to Condensed Consolidated Financial Statements (Unaudited) 7 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 24 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 34 Item 4.

Controls and Procedures

Controls and Procedures 34 PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 35 Item 1A.

Risk Factors

Risk Factors 35 Item 2. Unregistered Sales of Equity Securities, Use of Proceeds and Issuer Purchases of Equity Securities 35 Item 3. Defaults Upon Senior Securities 35 Item 4. Mine Safety Disclosures 35 Item 5. Other Information 35 Item 6. Exhibits 36

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

: FINANCIAL STATEMENTS

ITEM 1: FINANCIAL STATEMENTS ENVELA CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME Three Months Ended March 31, (Unaudited) 2024 2023 Sales $ 39,857,780 $ 49,809,532 Cost of goods sold 29,537,096 38,399,630 Gross margin 10,320,684 11,409,902 Expenses: Selling, general and administrative 7,636,976 7,905,303 Depreciation and amortization 343,565 354,351 Total operating expenses 7,980,541 8,259,654 Operating income 2,340,143 3,150,248 Other income/(expense): Other income 238,528 210,779 Interest expense ( 120,854 ) ( 117,064 ) Income before income taxes 2,457,817 3,243,963 Income tax expense ( 550,278 ) ( 717,646 ) Net income $ 1,907,539 $ 2,526,317 Basic earnings per share: Net income $ 0.07 $ 0.09 Diluted earnings per share: Net income $ 0.07 $ 0.09 Weighted average shares outstanding: Basic 26,419,039 26,924,631 Diluted 26,434,039 26,939,631 The accompanying notes are an integral part of these condensed consolidated financial statements. 3 ENVELA CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS March 31, December 31, 2024 2023 Assets (Unaudited) Current assets: Cash and cash equivalents $ 19,783,867 $ 17,853,853 Accounts receivable, net of allowances 4,597,054 7,811,159 Notes receivable 3,383 4,700 Inventories 25,622,436 23,146,177 Prepaid expenses 1,296,667 1,082,425 Total current assets 51,303,407 49,898,314 Property and equipment, net 11,048,221 10,764,224 Right-of-use assets from operating leases 3,757,873 4,189,621 Goodwill 3,921,453 3,921,453 Intangible assets, net 4,513,017 4,499,170 Other assets 201,447 201,447 Total assets $ 74,745,418 $ 73,474,229 Liabilities and stockholders' equity Current liabilities: Accounts payable $ 3,747,804 $ 3,126,743 Notes payable 1,475,625 1,361,443 Operating lease liabilities 1,840,082 1,807,729

View Full Filing

View this 10-Q filing on SEC EDGAR