Envela Corp. Files Q3 2024 10-Q Financials

TL;DR

Envela's Q3 2024 10-Q is in: Equity details updated, check financials for 9/30/24.

AI Summary

Envela Corp. filed its 10-Q for the period ending September 30, 2024. The filing details financial information for the third quarter and the first nine months of the year, including changes in treasury stock, retained earnings, preferred stock, and additional paid-in capital. Specific dollar amounts and comparative periods from 2023 and 2024 are presented.

Why It Matters

This filing provides investors with a detailed look at Envela Corp's financial health and changes in its equity structure during the third quarter of 2024, crucial for investment decisions.

Risk Assessment

Risk Level: low — This filing is a routine quarterly financial report and does not contain immediate, significant risk-altering information.

Key Numbers

• 2024-09-30 — Reporting Period End Date (Indicates the end of the financial period covered by the report.)
• 2024-11-05 — Filing Date (The date the 10-Q was officially submitted to the SEC.)
• Q3 2024 — Quarterly Period (Specifies the fiscal quarter for which financial data is reported.)

Key Players & Entities

• Envela Corp. (company) — Filer of the 10-Q report
• 2024-09-30 (date) — End of the reporting period
• 2024-11-05 (date) — Date the filing was made
• 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 Financial Figures

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

Filing Documents

• ela-20240930x10q.htm (10-Q) — 3947KB
• ela-20240930xex31d1.htm (EX-31.1) — 16KB
• ela-20240930xex31d2.htm (EX-31.2) — 16KB
• ela-20240930xex32d1.htm (EX-32.1) — 6KB
• ela-20240930xex32d2.htm (EX-32.2) — 6KB
• ela-20240930x10q004.jpg (GRAPHIC) — 6KB
• 0001558370-24-014451.txt ( ) — 14029KB
• ela-20240930.xsd (EX-101.SCH) — 51KB
• ela-20240930_cal.xml (EX-101.CAL) — 62KB
• ela-20240930_def.xml (EX-101.DEF) — 179KB
• ela-20240930_lab.xml (EX-101.LAB) — 396KB
• ela-20240930_pre.xml (EX-101.PRE) — 341KB
• ela-20240930x10q_htm.xml (XML) — 3545KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION PAGE Item 1.

Financial Statements

Financial Statements 4 Condensed Consolidated Statements of Income for the Three and Nine Months Ended September 30, 2024 and 2023 (Unaudited) 4 Condensed Consolidated Balance Sheets as of September 30, 2024 (Unaudited) and December 31, 2023 5 Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2024 and 2023 (Unaudited) 6 Condensed Consolidated Statements of Stockholders' Equity for the Three Months Ended September 30, 2024 and 2023 (Unaudited) 7 Condensed Consolidated Statements of Stockholders' Equity for the Nine Months Ended September 30, 2024 and 2023 (Unaudited) 8 Notes to Condensed Consolidated Financial Statements (Unaudited) 9 Note 1 – Basis of Presentation 9 Note 2 – Principles of Consolidation and Nature of Operations 9 Note 3 – Accounting Policies and Estimates 10 Note 4 – Changes in Business 16 Note 5 – Inventories 18 Note 6 – Goodwill 18 Note 7 – Property and Equipment, Net 19 Note 8 – Intangible Assets, Net 20 Note 9 – Accrued Expenses 21 Note 10 – Segment Information 22 Note 11 – Revenue 24 Note 12 – Leases 26 Note 13 – Basic and Diluted Average Shares 27 Note 14 – Debt 29 Note 15 – Stock-Based Compensation 31 Note 16 – Related Party Transactions 31 Note 17 – Contingencies 31 Note 18 – Subsequent Events 31 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 32 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 51 Item 4.

Controls and Procedures

Controls and Procedures 51

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 52 Item 1A.

Risk Factors

Risk Factors 52 Item 2. Unregistered Sales of Equity Securities, Use of Proceeds and Issuer Purchases of Equity Securities 52 2 Table of Contents Item 3. Defaults Upon Senior Securities 52 Item 4. Mine Safety Disclosures 52 Item 5. Other Information 52 Item 6. Exhibits 53 Signature 54 3 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 September 30, Nine Months Ended September 30, (Unaudited) 2024 2023 2024 2023 Sales $ 46,899,559 $ 36,876,486 $ 132,054,341 $ 137,781,895 Cost of goods sold 35,435,320 27,142,204 98,879,961 105,875,664 Gross margin 11,464,239 9,734,282 33,174,380 31,906,231 Expenses: Selling, general and administrative 9,028,988 7,446,380 25,784,012 23,714,237 Depreciation and amortization 414,779 337,713 1,120,611 1,028,238 Total operating expenses 9,443,767 7,784,093 26,904,623 24,742,475 Operating income 2,020,472 1,950,189 6,269,757 7,163,756 Other income (expense): Other income 340,351 192,437 804,296 556,868 Interest expense ( 106,139 ) ( 117,166 ) ( 336,134 ) ( 348,918 ) Income before income taxes 2,254,684 2,025,460 6,737,919 7,371,706 Income tax expense ( 569,645 ) ( 317,967 ) ( 1,581,162 ) ( 1,534,187 ) Net income $ 1,685,039 $ 1,707,493 $ 5,156,757 $ 5,837,519 Basic earnings per share: Net income $ 0.06 $ 0.06 $ 0.20 $ 0.22 Diluted earnings per share: Net income $ 0.06 $ 0.06 $ 0.20 $ 0.22 Weighted average shares outstanding: Basic 26,061,748 26,809,778 26,242,452 26,884,221 Diluted 26,076,748 26,824,778 26,257,452 26,899,221 The accompanying notes are an integral part of these condensed consolidated financial statements. 4 Table of Contents ENVELA CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS September 30, December 31, 2024 2023 Assets (Unaudited) Current assets: Cash and cash equivalents $ 17,752,199 $ 17,853,853 Accounts receivable, net of allowances 3,881,479 7,811,159 Notes receivable 3,000 4,700 Inventories 29,073,234 23,146,177 Prepaid expenses 750,412 1,082,425 Other current assets 75,590

View Full Filing

View this 10-Q filing on SEC EDGAR