Healthier Choices Management Corp. Files Q3 2024 10-Q

TL;DR

HCMC Q3 10-Q filed. Financials updated, stock changes detailed.

AI Summary

Healthier Choices Management Corp. filed its Q3 10-Q report for the period ending September 30, 2024. The company, formerly Vapor Corp. and Miller Diversified Corp., is based in Hollywood, Florida. Key financial data points and changes in preferred and common stock, additional paid-in capital, and retained earnings are detailed within the filing.

Why It Matters

This filing provides investors with an update on the financial health and operational status of Healthier Choices Management Corp. for the third quarter of 2024.

Risk Assessment

Risk Level: medium — The filing is a standard quarterly report, but the company's history and industry can present inherent risks.

Key Numbers

• 20240930 — Reporting Period End Date (Indicates the end of the fiscal quarter covered by the report.)
• 20241114 — Filing Date (The date the 10-Q was officially submitted to the SEC.)

Key Players & Entities

• Healthier Choices Management Corp. (company) — Filer of the 10-Q
• Vapor Corp. (company) — Former company name
• Miller Diversified Corp (company) — Former company name
• Hollywood, Florida (location) — Company's business address

FAQ

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) — 808KB
• ex31-1.htm (EX-31.1) — 11KB
• ex31-2.htm (EX-31.2) — 11KB
• ex32-1.htm (EX-32.1) — 4KB
• ex32-2.htm (EX-32.2) — 4KB
• 0001493152-24-045775.txt ( ) — 4262KB
• hcmc-20240930.xsd (EX-101.SCH) — 38KB
• hcmc-20240930_cal.xml (EX-101.CAL) — 84KB
• hcmc-20240930_def.xml (EX-101.DEF) — 104KB
• hcmc-20240930_lab.xml (EX-101.LAB) — 327KB
• hcmc-20240930_pre.xml (EX-101.PRE) — 223KB
• form10-q_htm.xml (XML) — 522KB

FINANCIAL INFORMATION

PART I FINANCIAL INFORMATION 3

Financial Statements

ITEM 1. Financial Statements 3 Condensed Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023 (Unaudited) 3 Condensed Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2024 and 2023 (Unaudited) 4 Condensed Consolidated Statements of Changes in Convertible Preferred Stock and Stockholders' Equity for the Three and Nine Months Ended September 30, 2024 and 2023 (Unaudited) 5 Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2024 and 2023 (Unaudited) 7 Notes to Condensed Consolidated Financial Statements (Unaudited) 8

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 (Unaudited) September 30, 2024 December 31, 2023 ASSETS CURRENT ASSETS Cash and cash equivalent $ 2,533,980 $ 3,658,506 Inventories 66,585 66,671 Prepaid expenses and vendor deposits 196,846 1,493,354 Other current assets 40,530 8,714 Restricted cash 553,232 553,232 Current assets of discontinued operations - 5,944,781 TOTAL CURRENT ASSETS 3,391,173 11,725,258 Property, plant, and equipment, net of accumulated depreciation 86,964 58,613 Intangible assets, net of accumulated amortization 167,932 198,163 Right of use asset – operating lease, net 14,479 98,440 Other assets 124,100 154,329 Other assets of discontinued operations - 18,734,776 TOTAL ASSETS $ 3,784,648 $ 30,969,579 LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable and accrued expenses $ 2,619,248 $ 3,104,253 Line of credit 453,232 453,232 Operating lease liability, current 12,363 94,005 Due to related party 106,841 - Current liabilities of discontinued operations - 8,579,449 TOTAL CURRENT LIABILITIES 3,191,684 12,230,939 Due to related party - 3,753,003 Operating lease liability, net of current 2,117 4,435 Other Long-term Liabilities of Discontinued Operations - 7,111,986 TOTAL LIABILITIES 3,193,801 23,100,363 COMMITMENTS AND CONTINGENCIES (SEE NOTE 11) - - 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 September 30, 2024 and December 31, 2023, respectively; aggregate liquidation preference of $ 1.1 million as of September 30, 2024 and December 31, 2023, respectively. 1,111,100 1,111,100 STOCKHOLDER

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