Healthier Choices Management Corp. Files Q2 2024 10-Q
Ticker: HCMC · Form: 10-Q · Filed: Aug 6, 2024 · CIK: 844856
Sentiment: neutral
Topics: 10-Q, financials, tobacco
TL;DR
HCMC filed its Q2 10-Q. Financials and operations detailed.
AI Summary
Healthier Choices Management Corp. filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and operational updates for the second quarter. Specific financial figures and operational highlights are presented within the report.
Why It Matters
This filing provides investors and stakeholders with the latest financial health and operational status of Healthier Choices Management Corp., crucial for investment decisions.
Risk Assessment
Risk Level: medium — The company operates in the tobacco products sector, which carries inherent regulatory and health-related risks.
Key Numbers
- 20240630 — Period End Date (Indicates the end of the reporting quarter.)
- 20240806 — Filing Date (Shows when the report was submitted to the SEC.)
Key Players & Entities
- Healthier Choices Management Corp. (company) — Filer of the 10-Q
- 20240630 (date) — End of reporting period
- 20240806 (date) — Filing date
- VAPOR CORP. (company) — Former company name
- MILLER DIVERSIFIED CORP (company) — Former company name
FAQ
What is the reporting period for this 10-Q filing?
The reporting period for this 10-Q filing is the quarter ended June 30, 2024.
When was this 10-Q filed with the SEC?
This 10-Q was filed on August 6, 2024.
What was the company formerly known as?
The company was formerly known as VAPOR CORP. and prior to that, MILLER DIVERSIFIED CORP.
What is the primary industry classification for Healthier Choices Management Corp.?
The company's Standard Industrial Classification is TOBACCO PRODUCTS [2100].
Where is Healthier Choices Management Corp. located?
The company's business address is 3800 NORTH 28TH WAY, HOLLYWOOD, FL 33020.
Filing Stats: 4,493 words · 18 min read · ~15 pages · Grade level 16.5 · Accepted 2024-08-06 14:55:50
Key Financial Figures
- $0.0001 — ch registered Common Stock, par value $0.0001 per share HCMC OTC Pink Marketplace
Filing Documents
- form10-q.htm (10-Q) — 924KB
- ex31-1.htm (EX-31.1) — 19KB
- ex31-2.htm (EX-31.2) — 18KB
- ex32-1.htm (EX-32.1) — 8KB
- ex32-2.htm (EX-32.2) — 8KB
- 0001493152-24-030401.txt ( ) — 4750KB
- hcmc-20240630.xsd (EX-101.SCH) — 38KB
- hcmc-20240630_cal.xml (EX-101.CAL) — 56KB
- hcmc-20240630_def.xml (EX-101.DEF) — 165KB
- hcmc-20240630_lab.xml (EX-101.LAB) — 307KB
- hcmc-20240630_pre.xml (EX-101.PRE) — 251KB
- form10-q_htm.xml (XML) — 608KB
FINANCIAL INFORMATION
PART I FINANCIAL INFORMATION 3
Financial Statements
ITEM 1. Financial Statements 3 Condensed Consolidated Balance Sheets as of June 30, 2024 (Unaudited) and December 31, 2023 3 Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2024 and 2023 (Unaudited) 4 Condensed Consolidated Statements of Changes in Convertible Preferred Stock and Stockholders' Equity for the Three and Six Months Ended June 30, 2024 and 2023 (Unaudited) 5 Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2024 and 2023 (Unaudited) 6 Notes to Condensed Consolidated Financial Statements (Unaudited) 7
Management's Discussion and Analysis of Financial Condition and Results of Operations
ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 18
Quantitative and Qualitative Disclosures about Market Risk
ITEM 3. Quantitative and Qualitative Disclosures about Market Risk 22
Controls and Procedures
ITEM 4. Controls and Procedures 22
OTHER INFORMATION
PART II OTHER INFORMATION 24
Legal Proceedings
ITEM 1. Legal Proceedings 24
Risk Factors
ITEM 1A. Risk Factors 24
Unregistered Sales of Equity Securities and Use of Proceeds
ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 24
Defaults Upon Senior Securities
ITEM 3. Defaults Upon Senior Securities 24
Mine Safety Disclosures
ITEM 4. Mine Safety Disclosures 24
Other Information
ITEM 5. Other Information 24
Exhibits
ITEM 6. Exhibits 24
Signatures
Signatures 26 Exhibit 31.1 Exhibit 31.2 Exhibit 32.1 Exhibit 32.2 2 PART I - FINANCIAL INFORMATION Item 1. Financial Statements HEALTHIER CHOICES MANAGEMENT CORP. CONDENSED CONSOLIDATED BALANCE SHEETS June 30, 2024 December 31, 2023 (Unaudited) ASSETS CURRENT ASSETS Cash and cash equivalent $ 3,353,326 $ 5,081,086 Accounts receivable, net 157,335 128,171 Inventories 3,997,246 4,228,889 Prepaid expenses and vendor deposits 2,338,846 1,668,324 Assets held for sale 543,854 - Other current assets 97,142 65,556 Restricted cash 553,232 553,232 TOTAL CURRENT ASSETS 11,040,981 11,725,258 Property, plant, and equipment, net of accumulated depreciation 2,078,451 2,735,252 Intangible assets, net of accumulated amortization 3,896,098 4,376,682 Right of use asset – operating lease, net 10,017,442 11,511,002 Other assets 579,419 621,385 TOTAL ASSETS $ 27,612,391 $ 30,969,579 LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable and accrued expenses $ 7,853,149 $ 8,024,664 Contract liabilities 123,375 207,513 Line of credit 453,232 453,232 Current portion of loan payment 2,495,340 702,701 Operating lease liability, current 2,705,382 2,842,829 TOTAL CURRENT LIABILITIES 13,630,478 12,230,939 Loan payable, net of current portion 2,036,367 2,403,807 Operating lease liability, net of current 7,182,322 8,465,617 TOTAL LIABILITIES 22,849,167 23,100,363 COMMITMENTS AND CONTINGENCIES (SEE NOTE 13) - - CONVERTIBLE PREFERRED STOCK Series E redeemable convertible preferred stock, $ 1,000 par value per share, 14,722 shares authorized, 1,111 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively; aggregate liquidation preference of $ 1.1 million as of June 30, 2024 and December 31, 2023, respectively. 1,111,100 1,111,100 STOCKHOLDERS' EQUITY Common Stock, $ 0.0001 par value per share,