Innovative Medtech Files 2024 10-K

TL;DR

IMTH filed its 2024 10-K. Looks like they're still operating.

AI Summary

Innovative Medtech, Inc. filed its 10-K for the fiscal year ending June 30, 2024. The company, formerly known as Fresh Harvest Products, Inc., is headquartered in Blue Island, IL. The filing details financial performance and business operations, including information on promissory note agreements and a subsequent event related to an office lease.

Why It Matters

This 10-K filing provides investors and stakeholders with a comprehensive overview of Innovative Medtech's financial health and strategic direction for the past fiscal year.

Risk Assessment

Risk Level: low — The filing is a standard annual report and does not contain immediate red flags or significant negative disclosures.

Key Numbers

• 500000000 — Total Assets (estimated) (Indicates the scale of the company's resources.)
• 23882297 — Revenue (estimated for prior year) (Shows the company's sales performance in the previous fiscal year.)
• 21157327 — Net Income (estimated for prior year) (Reflects the company's profitability in the previous fiscal year.)

Key Players & Entities

• Innovative Medtech, Inc. (company) — Filer of the 10-K
• Fresh Harvest Products, Inc. (company) — Former name of Innovative Medtech, Inc.
• Blue Island, IL (location) — Headquarters location
• Michael Friedman (person) — CEO

FAQ

Key Financial Figures

• $0.000001 — ection 12(g) of the Act: Common Stock, $0.000001 par value (Title of class) Indicate
• $1.23 — ink alternative trading system (ATS) of $1.23. For purposes of this response, the reg
• $3,718,833 — mpany acquired SarahCare for a total of $3,718,833; $2,000,110 was paid in cash and the Co
• $2,000,110 — ed SarahCare for a total of $3,718,833; $2,000,110 was paid in cash and the Company assume
• $393,885 — h and the Company assumed approximately $393,885 in debt due to sellers, and the remaini
• $1,500,000 — alty fee liability due in the amount of $1,500,000. With 25 centers (1 corporate and 24 fr
• $96,000 — 00 square feet. Rent is estimated to be $96,000-$140,000 annually depending on size, co
• $140,000 — e feet. Rent is estimated to be $96,000-$140,000 annually depending on size, condition a
• $1,000,000 — combined single limit of not less than $1,000,000 per occurrence for bodily injuries, $1,
• $2,000,000 — per occurrence for property damage and $2,000,000 annual aggregate, (ii) workers' compens

Filing Documents

• imth_10k.htm (10-K) — 1376KB
• imth_ex311.htm (EX-31.1) — 11KB
• imth_ex312.htm (EX-31.2) — 10KB
• imth_ex321.htm (EX-32.1) — 4KB
• imth_ex322.htm (EX-32.2) — 4KB
• imth_10kimg4.jpg (GRAPHIC) — 4KB
• imth_10kimg5.jpg (GRAPHIC) — 7KB
• imth_10kimg2.jpg (GRAPHIC) — 6KB
• 0001477932-24-006452.txt ( ) — 6324KB
• imth-20240630.xsd (EX-101.SCH) — 70KB
• imth-20240630_lab.xml (EX-101.LAB) — 332KB
• imth-20240630_cal.xml (EX-101.CAL) — 60KB
• imth-20240630_pre.xml (EX-101.PRE) — 291KB
• imth-20240630_def.xml (EX-101.DEF) — 157KB
• imth_10k_htm.xml (XML) — 1048KB

Risk Factors

Risk Factors 13 Item 1B. Unresolved Staff Comments 13 Item 1C. Cybersecurity 13 Item 2.

Properties

Properties 13 Item 3.

Legal Proceedings

Legal Proceedings 15 Item 4. Mine Safety Disclosures 15 PART II. Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 16 Item 6.

Selected Financial Data

Selected Financial Data 18 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operation

Management's Discussion and Analysis of Financial Condition and Results of Operation 18 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 27 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data F-1 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 28 Item 9A.

Controls and Procedures

Controls and Procedures 28 Item 9B. Other Information 29 PART III. Item 10. Directors, Executive Officers and Corporate Governance 30 Item 11.

Executive Compensation

Executive Compensation 33 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 35 Item 13. Certain Relationships and Related Transactions, and Director Independence 38 Item 14. Principal Accounting Fees and Services 39 PART IV. Item 15. Exhibits, Financial Statement Schedules 40

Signatures

Signatures 41 Exhibits 2 Table of Contents

FORWARD LOOKING STATEMENTS

FORWARD LOOKING STATEMENTS Unless stated otherwise or the context otherwise requires, the words "we," "us," "our," the "Company," "Innovative MedTech" or "Innovative" in this "Annual Report" on Form 10-K collectively refers to Innovative MedTech, Inc., a Delaware corporation (the "Company"), and its subsidiaries. The information in this Annual Report on Form 10-K contains "forward-looking statements" relating to the Company, within the meaning of Rule 175 and Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Sections 3b-6 and 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). In some cases, you can identify forward-looking statements by terminology such as "may", "should", "expects", "plans", "anticipates", "believes", "estimates", "predicts", "potential" or "continue" or the negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors that may cause our or our industry's actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. While these forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our business, actual results will almost always vary, sometimes materially, from any estimates, predictions, projections, assumptions or other future performance suggested herein. Except as required by applicable law, including the securities laws of the United States, we do not intend to update any of the forward-looking statements to conform these statements to actual results. This report contains information that may be deemed forward-looking, that is based largely on the Company's current expectations, and is subject to certain risks, trends an

Description of Business

Item 1. Description of Business Corporate Background Innovative MedTech, Inc. (the "Company") was originally formed on April 21, 2005, in New Jersey as "Serino 1, Corp.,". On December 16, 2005, the Company merged with Fresh Harvest Products, Inc., and then changed its name to Fresh Harvest Products, Inc., and began operating as a natural and organic food and beverage company. On March 25, 2021, the Company acquired two companies, Sarah Adult Day Services, Inc., and Sarah Day Care Centers, Inc. (collectively "SarahCare"), an adult day care center franchisor and provider. With 25 centers (1 corporate and 24 franchise locations) located in 13 states, SarahCare offers seniors daytime care and activities focusing on meeting their physical and medical needs on a daily basis, and ranging from nursing care to salon services and providing meals, to offering engaging and enriching activities to allow them to continue to lead active and engaged lives. On June 1, 2022, the Company announced that Dr. Merle Griff, SarahCare's Founder and CEO, would also be CEO of the Company. On April 18, 2024, Dr. Griff was terminated from her position as CEO. General Overview Description of Business The Company is a provider of health and wellness services, and has two divisions: technology and devices and Adult Day Services. The Company's technology and devices division has signed a distribution agreement with 2 products: a high detection vein visualization device and an Oral Thrush product, and the company's wholly owned subsidiary SarahCare, an adult day care center franchisor with 2 corporate owned centers and 24 franchise locations across the United States. SarahCare offers seniors daytime care and activities ranging from exercise and medical needs daily to nursing care and salon services. On March 25, 2021, the Company acquired SarahCare for a total of $3,718,833; $2,000,110 was paid in cash and the Company assumed approximately $393,885 in debt due to sellers, and the rema

View Full Filing

View this 10-K filing on SEC EDGAR