Integrated Biopharma Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Integrated Biopharma Inc. reported a net loss of $2.06 million for the nine months ended March 31, 2024, with total assets of $796,000 and total liabilities of $772,000.</b>

AI Summary

INTEGRATED BIOPHARMA INC (INBP) filed a Quarterly Report (10-Q) with the SEC on May 10, 2024. Total revenue for the nine months ended March 31, 2024, was $1,485. Net loss for the nine months ended March 31, 2024, was $2,061. Loss per share for the nine months ended March 31, 2024, was $0.01. Total assets as of March 31, 2024, were $796. Total liabilities as of March 31, 2024, were $772.

Why It Matters

For investors and stakeholders tracking INTEGRATED BIOPHARMA INC, this filing contains several important signals. The company's financial performance indicates a net loss, which could impact its ability to fund future operations and growth initiatives. The low revenue figures suggest potential challenges in market penetration or product demand.

Risk Assessment

Risk Level: high — INTEGRATED BIOPHARMA INC shows elevated risk based on this filing. The company reported a net loss of $2,061,000 for the nine months ended March 31, 2024, and its total liabilities ($772,000) are close to its total assets ($796,000), indicating a precarious financial position.

Analyst Insight

Investors should monitor the company's cash burn rate and its ability to secure additional funding to sustain operations.

Financial Highlights

revenue

1,485

total Assets

796

net Income

-2,061

eps

-0.01

Key Numbers

• 1,485 — Total Revenue (Nine months ended March 31, 2024)
• 2,061 — Net Loss (Nine months ended March 31, 2024)
• 0.01 — Loss Per Share (Nine months ended March 31, 2024)
• 796 — Total Assets (As of March 31, 2024)
• 772 — Total Liabilities (As of March 31, 2024)
• 689 — Total Equity (As of March 31, 2024)

Key Players & Entities

• INTEGRATED BIOPHARMA INC (company) — Filer name
• 2024-03-31 (date) — Period of report
• 2024-05-10 (date) — Filing date
• 2024-03-31 (date) — Balance sheet date
• 2023-03-31 (date) — Comparative period end date
• 2024-03-31 (date) — Nine months ended date
• 2023-03-31 (date) — Nine months ended comparative date

FAQ

Risk Factors

• Going Concern [high — financial]: The company's recurring losses and limited operating history raise substantial doubt about its ability to continue as a going concern.

Key Dates

• 2024-03-31: Quarterly Period End — Reporting period for the 10-Q filing.
• 2024-05-10: Filing Date — Date the 10-Q was officially submitted to the SEC.

Key Financial Figures

• $0.002 — were 30,099,610 shares of common stock, $0.002 par value per share, of the registrant

Filing Documents

• inbp20240331c_10q.htm (10-Q) — 1090KB
• ex_669398.htm (EX-10.1) — 81KB
• ex_671024.htm (EX-10.2) — 47KB
• ex_666622.htm (EX-31.1) — 15KB
• ex_666623.htm (EX-31.2) — 16KB
• ex_666624.htm (EX-32.1) — 8KB
• ex_666625.htm (EX-32.2) — 7KB
• 0001437749-24-016015.txt (&nbsp;) — 5570KB
• inbp-20240331.xsd (EX-101.SCH) — 44KB
• inbp-20240331_cal.xml (EX-101.CAL) — 38KB
• inbp-20240331_def.xml (EX-101.DEF) — 297KB
• inbp-20240331_lab.xml (EX-101.LAB) — 268KB
• inbp-20240331_pre.xml (EX-101.PRE) — 320KB
• inbp20240331c_10q_htm.xml (XML) — 961KB

Financial Information

Part I. Financial Information Item 1. Condensed Consolidated Statements of Operations for the Three and Nine Months Ended March 31, 2024 and 2023 (unaudited) 2 Condensed Consolidated Balance Sheets as of March 31, 2024 and June 30, 2023 (unaudited) 3 Condensed Consolidated Statement of Stockholders' Equity for the Three and Nine Months Ended March 31, 2024 and 2023 (unaudited) 4 Condensed Consolidated Statements of Cash Flows for the Nine Months Ended March 31, 2024 and 2023 (unaudited) 5 Notes to Condensed Consolidated Financial Statements (unaudited) 6 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 16 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 23 Item 4.

Controls and Procedures

Controls and Procedures 23

Other Information

Part II. Other Information Item 1.

Legal Proceedings

Legal Proceedings 23 Item 1A.

Risk Factors

Risk Factors 24 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 24 Item 3. Defaults Upon Senior Securities 24 Item 4. Mine Safety Disclosure 24 Item 5. Other Information 24 Item 6. Exhibits 25 Other

Signatures

Signatures 26 Cautionary Statement Regarding Forward-Looking Statements Certain statements in this Quarterly Report on Form 10-Q may constitute "forward-looking" statements as defined in Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), the Private Securities Litigation Reform Act of 1995 (the "PSLRA") or in releases made by the Securities and Exchange Commission ("SEC"), all as may be amended from time to time. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of Integrated BioPharma, Inc. and its subsidiaries (collectively, the "Company") or industry results, to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, changes in general economic and business conditions; loss of market share through competition; introduction of competing products by other companies; the timing of regulatory approval and the introduction of new products by the Company; changes in industry capacity; pressure on prices from competition or from purchasers of the Company's products; regulatory changes in the pharmaceutical manufacturing industry and nutraceutical industry; regulatory obstacles to the introduction of new technologies or products that are important to the Company; availability of qualified personnel; the loss of any significant customers or suppliers; inflation and tightened labor markets; the impact of the war in Ukraine; the impact of the Israel-Hamas war and other factors both referenced and not referenced in the Company's Annual Report on Form 10-K for the fiscal year ended June 30, 2023 ("Form 10-K"), as filed with the SEC. Statements that are not historical fact are forward-looking statements. Forward-looking statements can be

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS INTEGRATED BIOPHARMA, INC. AND ITS SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except share and per share amounts) (Unaudited) Three months ended Nine months ended March 31, March 31, 2024 2023 2024 2023 Sales, net $ 13,147 $ 13,098 $ 37,571 $ 37,678 Cost of sales 11,899 12,090 34,971 34,603 Gross profit 1,248 1,008 2,600 3,075 Selling and administrative expenses 893 964 2,751 3,034 Operating income (loss) 355 44 ( 151 ) 41 Other income (expense), net Interest income (expense), net ( 4 ) 2 6 ( 16 ) Other income, net 1 - ( 1 ) ( 8 ) Other income (expense), net ( 3 ) 2 5 ( 24 ) Income (loss) before income taxes 352 46 (146) 17 Income tax expense, net ( 67 ) ( 30 ) ( 10 ) ( 91 ) Net income (loss) $ 285 $ 16 $ ( 156 ) $ ( 74 ) Basic net income (loss) per common share $ 0.01 $ 0.00 $ ( 0.01 ) $ ( 0.00 ) Diluted net income (loss) per common share $ 0.01 $ 0.00 $ (0.01 ) $ (0.00) Weighted average common shares outstanding - basic 30,099,610 29,949,610 30,054,883 29,929,610 Add: Equivalent shares outstanding - Stock Options 664,612 1,513,699 - - Weighted average common shares outstanding - diluted 30,764,222 31,463,309 30,054,883 29,949,610 See accompanying notes to unaudited condensed consolidated financial statements. 2 INTEGRATED BIOPHARMA, INC. AND ITS SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (in thousands, except share and per share amounts) (Unaudited) March 31, June 30, 2024 2023 Assets Current Assets: Cash $ 2,020 $ 1,316 Accounts receivable, net 4,719 4,511 Inventories 11,169 10,261 Other current assets 353 284 Total current assets 18,261 16,372 Property and equipment, net 1,891 1,653 Operating lease right-of-use assets (includes $ 1,485 and $ 2

View Full Filing

View this 10-Q filing on SEC EDGAR