Innovative Medtech Files Q3 2024 10-Q

TL;DR

IMTH filed its 10-Q for Q3 2024. Check financials.

AI Summary

Innovative Medtech, Inc. filed its quarterly report on Form 10-Q for the period ended September 30, 2024. The company, formerly known as Fresh Harvest Products, Inc., is incorporated in Delaware and headquartered in Blue Island, IL. The filing details its financial performance and operational status for the specified quarter.

Why It Matters

This filing provides investors with an update on Innovative Medtech's financial health and operational progress during the third quarter of 2024.

Risk Assessment

Risk Level: low — This is a standard quarterly filing with no immediate red flags or significant new information presented in the provided snippet.

Key Players & Entities

• INNOVATIVE MEDTECH, INC. (company) — Registrant
• Fresh Harvest Products, Inc. (company) — Former company name
• 20240930 (date) — Quarterly period end date
• 20241119 (date) — Filing date
• 000-51390 (other) — SEC File Number
• Blue Island, IL (location) — Principal executive office location

FAQ

Key Financial Figures

• $0.000001 — were 27,918,963 shares of Common Stock, $0.000001 par value per share, issued and outstan
• $9,553 — 32,773 Notes payable, current, net of $9,553 and $0 in unamortized discount, respect
• $0 — tes payable, current, net of $9,553 and $0 in unamortized discount, respectively
• $883,531 — 023, the Company reported a net loss of $883,531 and $165,063, respectively. As of Sep
• $165,063 — any reported a net loss of $883,531 and $165,063, respectively. As of September 30, 20
• $1,278,836 — the Company maintained total assets of $1,278,836, total liabilities including long-term
• $6,304,538 — liabilities including long-term debt of $6,304,538 along with an accumulated deficit of $4
• $45,444,741 — 38 along with an accumulated deficit of $45,444,741. The Company continues to have limited
• $174,293 — of September 30, 2024, the Company had $174,293 cash available for operations and had a
• $250,000 — t-bearing account that does not exceeds $250,000 at September 30, 2024. For the purpose
• $3,123,204 — airment expense of intangible assets of $3,123,204. Revenue Recognition Revenue is reco

Filing Documents

• imth_10q.htm (10-Q) — 678KB
• imth_ex311.htm (EX-31.1) — 10KB
• imth_ex312.htm (EX-31.2) — 13KB
• imth_ex321.htm (EX-32.1) — 4KB
• imth_ex322.htm (EX-32.2) — 4KB
• 0001477932-24-007423.txt ( ) — 710KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION 4 Item 1.

Financial Statements (unaudited)

Financial Statements (unaudited) 4 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 27 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 29 Item 4.

Controls and Procedures

Controls and Procedures 29

- OTHER INFORMATION

PART II - OTHER INFORMATION 31 Item 1.

Legal Proceedings

Legal Proceedings 31 Item 1A.

Risk Factors

Risk Factors 31 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 31 Item 3. Defaults Upon Senior Securities 31 Item 4. Mine Safety Disclosures 31 Item 5. Other Information 31 Item 6. Exhibits 32 Exhibit Index 32

Signatures

Signatures 33 2 Table of Contents NOTE REGARDING FORWARD-LOOKING STATEMENTS Unless stated otherwise or the context otherwise requires, the words "we," "us," "our," the "Company," "Innovative MedTech" or "Innovative" in this Quarterly Report on Form 10-Q collectively refers to Innovative MedTech, Inc., a Delaware corporation (the "Company"), and its subsidiaries. The information in this Quarterly Report on Form 10-Q contains "forward-looking statements" relating to the Company, within the meaning of Section 27 as of the Securities Act of 1933, as amended (the "Securities Act"), and Section 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 i

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

FINANCIAL STATEMENTS

Item 1. FINANCIAL STATEMENTS INNOVATIVE MEDTECH, INC. (FORMERLY FRESH HARVEST PRODUCTS, INC.) AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS September 30, 2024 June 30, 2024 Unaudited Assets Current assets Cash and cash equivalents $ 174,293 $ 113,489 Accounts receivable, net 166,449 160,996 Notes receivable, related party 9,294 9,294 Prepaid expenses 9,088 - Total current assets 359,124 283,779 Deposits 7,961 7,961 Deposit on business acquisition 540,800 - Right-of-use asset 249,784 241,210 Finance lease asset, net 10,327 11,475 Property, plant and equipment, net of accumulated depreciation 110,840 107,456 Total Assets $ 1,278,836 $ 651,881 Liabilities & Stockholders' Deficit Current liabilities Accounts payable and accrued expenses $ 1,463,934 $ 1,394,888 Accrued interest 664,770 648,771 Accrued interest, related parties 225,357 203,711 Notes payable, related parties, current 832,773 832,773 Notes payable, current, net of $9,553 and $0 in unamortized discount, respectively 372,859 317,546 Convertible notes payable, current 266,900 266,900 SBA Loan, current 5,145 5,359 Line of credit 71,442 72,810 Derivative liability 200,000 193,557 Finance lease liability 28,334 27,809 Operating lease liability 136,183 144,182 Total current liabilities 4,267,697 4,108,306 Royalty liability 1,500,000 1,500,000 Finance lease liability, non-current 38,530 45,814 Operating lease liability, non-current 118,510 97,886 Notes payable, non-current 62,036 60,048 SBA Loan, non-current 317,765 322,789 Total Liabilities 6,304,538 6,134,843 Commitments and contingencies (Note 14) Stockholders' Deficit Series A Preferred stock, $0.000001 par value; 500,000,000 authorized: 367,500 shares issued and outstanding - - Common stock, $0.000001 par value; 130,000,000 shares authorized; 27,918,963 and 23,882,297 shares issued and

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDING SEPTEMBER 30, 2024 (UNAUDITED) NOTE 1. GENERAL ORGANIZATION AND BUSINESS Innovative MedTech, Inc. (the "Company"), a Delaware corporation, 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 franchisor 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 or about April 16, 2024, the Company entered into a distribution agreement (the "Agreement") with Near Infrared Imaging, Inc. ("NII") for Vein-Eye Carry, a patent-pending vein illumination technology which employs advanced optics and real-time imaging to precisely identify veins, reducing the need for multiple attempts and enhancing procedural accuracy. The Agreement gives the Company the non-exclusive right to distribute NII's product(s) with no limitations on the territory. NII's Vein-Eye Carry is a Class 1, 510-k exempt medical device, is TAA and FAR compliant, and is designed, engineered and manufactured in the U.S. The Vein-Eye Carry is lightweight and portable and can be successfully carried into a home, up flights of stairs, carried into a clinic nursing home, placed in an ambulance or another emergency medical vehicle. On or about May 17, 2024, the Company entered into an Exclusive License Agreement (the " Exclusive License Agreement ") with Shear Kershman Labs, a Missouri corporation (" SKL "). SKL has develope

View Full Filing

View this 10-Q filing on SEC EDGAR