Envela Corp Q2 2024 10-Q Filed

TL;DR

Envela Corp Q2 2024 10-Q is in: $306k net income. Check it.

AI Summary

Envela Corp filed its Q2 2024 10-Q report on August 7, 2024, for the period ending June 30, 2024. The company, formerly known as DGSE Companies Inc., is incorporated in Nevada and operates in the jewelry store retail sector. Key financial data includes a reported net income of $306,019.50 for the period.

Why It Matters

This filing provides investors with an update on Envela Corp's financial performance and operational status for the second quarter of 2024.

Risk Assessment

Risk Level: medium — The company has a history of name changes and operates in the retail jewelry sector, which can be subject to economic fluctuations.

Key Numbers

• $306,019.50 — Net Income (Reported for Q2 2024)
• 2024-06-30 — Fiscal Period End (End date of the reporting quarter)
• 2024-08-07 — Filing Date (Date the 10-Q was submitted to the SEC)

Key Players & Entities

• Envela Corp (company) — Filer
• 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
• NV (company) — State of incorporation
• Farmers State Bank (company) — Note Payable
• 20240630 (date) — Period of report
• 20240807 (date) — Filing date
• $306,019.50 (dollar_amount) — Net income

FAQ

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) — 2324KB
• ela_ex311.htm (EX-31.1) — 10KB
• ela_ex312.htm (EX-31.2) — 10KB
• ela_ex321.htm (EX-32.1) — 3KB
• ela_ex322.htm (EX-32.2) — 3KB
• ela_10qimg54.jpg (GRAPHIC) — 4KB
• 0001654954-24-010112.txt ( ) — 9273KB
• ela-20240630.xsd (EX-101.SCH) — 51KB
• ela-20240630_lab.xml (EX-101.LAB) — 303KB
• ela-20240630_cal.xml (EX-101.CAL) — 44KB
• ela-20240630_pre.xml (EX-101.PRE) — 275KB
• ela-20240630_def.xml (EX-101.DEF) — 174KB
• ela_10q_htm.xml (XML) — 2272KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION PAGE NO. Item 1.

Financial Statements

Financial Statements 3 Condensed Consolidated Statements of Income for the three and six months ended June 30, 2024 and 2023 (Unaudited) 3 Condensed Consolidated Balance Sheets as of June 30, 2024 (Unaudited) and December 31, 2023 4 Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2024 and 2023 (Unaudited) 5 Condensed Consolidated Statements of Stockholders' Equity for the three months ended June 30, 2024 and 2023 (Unaudited) 6 Condensed Consolidated Statements of Stockholders' Equity for the six months ended June 30, 2024 and 2023 (Unaudited) 7 Notes to Condensed Consolidated Financial Statements (Unaudited) 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 26 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 43 Item 4.

Controls and Procedures

Controls and Procedures 43

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 44 Item 1A.

Risk Factors

Risk Factors 44 Item 2. Unregistered Sales of Equity Securities, Use of Proceeds and Issuer Purchases of Equity Securities 44 Item 3. Defaults Upon Senior Securities 44 Item 4. Mine Safety Disclosures 44 Item 5. Other Information 44 Item 6. Exhibits 45

SIGNATURES

SIGNATURES 46 2 Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

: FINANCIAL STATEMENTS

ITEM 1: FINANCIAL STATEMENTS ENVELA CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME Three Months Ended June 30, Six Months Ended June 30, (Unaudited) 2024 2023 2024 2023 Sales $ 45,297,002 $ 51,095,877 $ 85,154,782 $ 100,905,409 Cost of goods sold 33,907,545 40,333,830 63,444,641 78,733,460 Gross margin 11,389,457 10,762,047 21,710,141 22,171,949 Expenses: Selling, general and administrative 9,118,048 8,362,554 16,755,024 16,267,857 Depreciation and amortization 362,267 336,174 705,832 690,525 Total operating expenses 9,480,315 8,698,728 17,460,856 16,958,382 Operating income 1,909,142 2,063,319 4,249,285 5,213,567 Other income (expense): Other income 225,417 153,652 463,945 364,431 Interest expense ( 109,141 ) ( 114,688 ) ( 229,995 ) ( 231,752 ) Income before income taxes 2,025,418 2,102,283 4,483,235 5,346,246 Income tax expense ( 461,239 ) ( 498,574 ) ( 1,011,517 ) ( 1,216,220 ) Net income $ 1,564,179 $ 1,603,709 $ 3,471,718 $ 4,130,026 Basic earnings per share: Net income $ 0.06 $ 0.06 $ 0.13 $ 0.15 Diluted earnings per share: Net income $ 0.06 $ 0.06 $ 0.13 $ 0.15 Weighted average shares outstanding: Basic 26,248,554 26,916,648 26,333,796 26,920,618 Diluted 26,263,554 26,931,648 26,348,796 26,935,618 The accompanying notes are an integral part of these condensed consolidated financial statements. 3 Table of Contents ENVELA CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS June 30, December 31, 2024 2023 Assets (Unaudited) Current assets: Cash and cash equivalents $ 17,344,001 $ 17,853,853 Accounts receivable, net of allowances 4,838,224 7,811,159 Notes receivable 2,983 4,700 Inventories 26,779,918 23,146,177 Prepaid expenses 922,908 1,082,425 Total current assets 49,888,034 49,898,314 Prop

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