INNO HOLDINGS INC. Files Q1 2024 10-Q Report

TL;DR

<b>INNO HOLDINGS INC. (INHD) has filed its Q1 2024 10-Q report detailing financial performance for the quarter ending December 31, 2023.</b>

AI Summary

INNO HOLDINGS INC. (INHD) filed a Quarterly Report (10-Q) with the SEC on February 16, 2024. INNO HOLDINGS INC. filed its Q1 2024 10-Q report on February 16, 2024. The filing covers the period ending December 31, 2023. The company's fiscal year ends on September 30. INNO HOLDINGS INC. is incorporated in Texas. The company's primary business is in Steel Pipe & Tubes.

Why It Matters

For investors and stakeholders tracking INNO HOLDINGS INC., this filing contains several important signals. This filing provides investors with an update on INHD's financial health and operational performance for the first quarter of their fiscal year. Understanding the details within this 10-Q is crucial for assessing the company's current standing and future prospects in the steel pipe and tubes industry.

Risk Assessment

Risk Level: low — INNO HOLDINGS INC. shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain immediate, significant financial or operational disclosures that would alter the risk profile.

Analyst Insight

Review the detailed financial statements and management discussion within the 10-Q to understand the company's performance trends and identify any emerging risks or opportunities.

Key Numbers

• 2023-12-31 — Period End Date (Quarterly report period)
• 2024-02-16 — Filing Date (Date the report was filed)
• 0930 — Fiscal Year End (Company's fiscal year end)
• 3317 — SIC Code (Steel Pipe & Tubes industry classification)

Key Players & Entities

• INNO HOLDINGS INC. (company) — Filer name
• INHD (company) — Ticker symbol
• 2023-12-31 (date) — Period of report
• 2024-02-16 (date) — Filing date
• Texas (location) — State of incorporation
• Steel Pipe & Tubes (industry) — Standard Industrial Classification

FAQ

Industry Context

INNO HOLDINGS INC. operates within the Steel Pipe & Tubes manufacturing sector, a segment of the broader industrial manufacturing industry.

Regulatory Implications

The filing is made in accordance with the Securities Exchange Act of 1934, specifically Form 10-Q for quarterly reporting.

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and cash flow trends.
2. Review any management discussion and analysis (MD&A) for insights into operational performance and future outlook.
3. Check for any new risk factors or updates to existing ones disclosed in the report.

Key Dates

• 2023-12-31: Quarter End — End of the reporting period for the 10-Q filing.
• 2024-02-16: Filing Date — Date INNO HOLDINGS INC. submitted the 10-Q to the SEC.

Year-Over-Year Comparison

This is the Q1 2024 10-Q filing, providing an update from the previous fiscal year's filings.

Filing Documents

• form10-q.htm (10-Q) — 918KB
• ex31-1.htm (EX-31.1) — 17KB
• ex31-2.htm (EX-31.2) — 17KB
• ex32-1.htm (EX-32.1) — 8KB
• ex32-2.htm (EX-32.2) — 8KB
• 0001493152-24-007003.txt (&nbsp;) — 4803KB
• inhd-20231231.xsd (EX-101.SCH) — 36KB
• inhd-20231231_cal.xml (EX-101.CAL) — 56KB
• inhd-20231231_def.xml (EX-101.DEF) — 155KB
• inhd-20231231_lab.xml (EX-101.LAB) — 283KB
• inhd-20231231_pre.xml (EX-101.PRE) — 240KB
• form10-q_htm.xml (XML) — 648KB

Financial Statements

Financial Statements 1 Condensed Consolidated Balance Sheets - December 31, 2023 (Unaudited) and September 30, 2023 1 Condensed Consolidated Statements of Operations - Three Months Ended December 31, 2023 and 2022 (Unaudited) 3 Condensed Consolidated Statements of Changes in Stockholders' Equity - Three Months Ended December 31, 2023 and 2022 (Unaudited) 4 Condensed Consolidated Statements of Cash Flows - Three Months Ended December 31, 2023 and 2022 (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 20 ITEM 4.

Controls and Procedures

Controls and Procedures 25 PART II OTHER INFORMATION ITEM 1:

Legal Proceedings

Legal Proceedings 26 ITEM 2: Unregistered Sales of Equity Securities and Use of Proceeds 26 ITEM 3: Defaults Upon Senior Securities 26 ITEM 6: Exhibits 26

SIGNATURES

SIGNATURES 27 i SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS This quarterly report contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements may appear throughout this quarterly report, including in "Management's Discussion and Analysis of Financial Condition and Results of Operations." Forward-looking statements are based on current expectations and assumptions that are subject to risks and uncertainties that may cause actual results to differ materially. When used in this annual report, the words "anticipate," "believe," "estimate," "expect," "future," "intend," "plan," or the negative of these terms and similar expressions, as they relate to us or our management, identify forward-looking statements. Such statements include, but are not limited to, statements contained in this annual report relating to our business strategy, our future operating results, and our liquidity and capital-resources outlook. Forward-looking statements are based on our current expectations and assumptions regarding our business, the economy, and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks, and changes in circumstances that are difficult to predict. Our actual results may differ materially from those contemplated by the forward-looking statements. They are neither statements of historical fact nor guarantees of assurance of future performance. We caution you, therefore, against relying on any of these forward-looking statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements include, without limitation: our ability to effectively operate our business segments; our ability to manage our research, development, expansion, growth, and operating

financial statements have been retroactively adjusted

financial statements have been retroactively adjusted. The accompanying notes are an integral part of these Condensed Consolidated financial statements 2 INNO HOLDINGS INC. AND SUBSIDIARIES Condensed Consolidated Statements of Operations For the Three Months Ended December 31, 2023 and 2022 (unaudited) 2023 2022 For the Three Month Ended December 31, 2023 2022 REVENUES $ 166,617 $ 309,001 COSTS AND EXPENSES: Costs of materials and labor 169,617 283,812 Selling, general and administrative expenses (exclusive of depreciation and bad debt expense shown separately below) 785,536 462,101 Depreciation 21,060 15,019 Bad debt expense - 400,600 Total costs and expenses 976,213 1,161,532 LOSS FROM OPERATIONS ( 809,596 ) ( 852,531 ) OTHER INCOME (EXPENSE) Interest expenses, net ( 6,629 ) ( 18,988 ) Other non-operating (expense) income ( 239 ) 491 Total other expenses, net ( 6,868 ) ( 18,497 ) LOSS BEFORE INCOME TAXES ( 816,464 ) ( 871,028 ) PROVISION FOR INCOME TAXES 800 - NET LOSS ( 817,264 ) ( 871,028 ) Non-controlling interest ( 15,746 ) ( 30,023 ) NET LOSS ATTRIBUTABLE TO INNO HOLDINGS INC. $ ( 801,518 ) $ ( 841,005 ) WEIGHTED AVERAGE NUMBER OF COMMON STOCK Basic and diluted 18,604,987 17,988,634 LOSSES PER SHARE Basic and diluted $ ( 0.04 ) $ ( 0.05 ) * On November 30, 2022, the Company implemented a 2-for-1 forward split of the issued and outstanding shares of Common Stock of the Company. Further on July 24, 2023, the Company effected a reverse stock split (the "Reverse Stock Split") of the Company's issued and outstanding shares of the common stock at a split ratio of 1-for-2 such that every holder of common stock of the Company shall receive one share of common stock for every two shares of common stock held and to reduce the number of authorized shares of common stock from 200,000,000 to 100,000,000 . The computation of basic and diluted losses per share were retroactive

financial statements have been retroactively adjusted

financial statements have been retroactively adjusted. The accompanying notes are an integral part of these Condensed Consolidated financial statements 4 INNO HOLDINGS INC. AND SUBSIDIARIES Condensed Consolidated Statements of Cash Flows 2023 2022 For the Three Months Ended December 31, (unaudited) 2023 2022 CASH FLOWS FROM OPERATING ACTIVITIES: Net loss $ ( 817,264 ) $ ( 871,028 ) Adjustments to reconcile net income to cash (used in) provided by operating activities: Depreciation expense 21,060 15,019 Stock-based compensation expense 31,250 — Non-cash operating lease expense 21,877 1,235 Bad debt expense — 400,600 Fixed assets disposal loss 250 — Change in operating assets and liabilities Accounts receivable — 410,892 Inventories 5,382 ( 290,437 ) Deferred offering costs ( 51,701 ) ( 87,500 ) Prepayments and other current assets ( 1,603 ) 97,900 Accounts payable 115,463 342,475 Unearned revenue ( 118,303 ) 99,757 Other current liabilities 598,392 13,232 Other non-current liabilities — ( 2,457 ) Net cash (used in) provided by operating activities ( 195,197 ) 129,688 CASH FLOWS FROM INVESTING ACTIVITIES: Fixed assets additions ( 54,452 ) ( 226,900 ) Proceed from fixed assets disposal 1,569 — Net cash used in investing activities ( 52,883 ) ( 226,900 ) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from related parties 91,000 2,867 Payments to related parties ( 325,372 ) — Proceeds from short-term loans — 500,000 Payments to short-term loans ( 287,089 ) — Payment to long-term note ( 8,087 ) ( 11,522 ) Proceeds from IPO 8,450,000 — Net cash provided by financing activities 7,920,452 491,345 CHANGES IN CASH 7,672,372 394,133 CASH AND CASH EQUIVALENT, beginning of period 4,898 50,628 CASH AND CASH EQUIVALENT, ending of period $ 7,677,270 $ 444,761 SUPPLEMENTAL CASH FLOW INFORMATION: Cash paid for income tax $ — $ — Cash pai

View Full Filing

View this 10-Q filing on SEC EDGAR