Innovative Designs Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Innovative Designs Inc. has filed its annual 10-K report for the fiscal year ending October 31, 2023.</b>

AI Summary

INNOVATIVE DESIGNS INC (IVDN) filed a Annual Report (10-K) with the SEC on February 23, 2024. Innovative Designs Inc. filed its 10-K report for the fiscal year ending October 31, 2023. The filing covers the period from November 1, 2022, to October 31, 2023. The company's principal business address is 124 Cherry St., Ste 1, Pittsburgh, PA 15223. The company is incorporated in Delaware. The SIC code for Innovative Designs Inc. is 2390 (Miscellaneous Fabricated Textile Products).

Why It Matters

For investors and stakeholders tracking INNOVATIVE DESIGNS INC, this filing contains several important signals. This 10-K filing provides a comprehensive overview of the company's financial performance, business operations, and risk factors for the fiscal year 2023. Investors and stakeholders can use this report to assess the company's financial health, strategic direction, and potential future performance.

Risk Assessment

Risk Level: low — INNOVATIVE DESIGNS INC shows low risk based on this filing. The filing is a standard annual report (10-K) and does not contain immediate, significant new information that would drastically alter the company's risk profile.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to understand Innovative Designs Inc.'s performance and outlook for fiscal year 2023.

Key Numbers

• 2023-10-31 — Fiscal Year End (CONFORMED PERIOD OF REPORT)
• 2024-02-23 — Filing Date (FILED AS OF DATE)
• 2023-10-31 — Reporting Period End (2023-10-31)
• 2022-11-01 — Reporting Period Start (2022-11-01)

Key Players & Entities

• INNOVATIVE DESIGNS INC (company) — COMPANY CONFORMED NAME
• 2390 (dollar_amount) — STANDARD INDUSTRIAL CLASSIFICATION
• DE (company) — STATE OF INCORPORATION
• 124 CHERRY ST. STE 1 (company) — BUSINESS ADDRESS
• PITTSBURGH (company) — CITY
• PA (company) — STATE
• 15223 (company) — ZIP
• 4127990350 (company) — BUSINESS PHONE

FAQ

Industry Context

Innovative Designs Inc. operates within the Miscellaneous Fabricated Textile Products industry, as indicated by its SIC code 2390.

Regulatory Implications

The filing is a standard 10-K annual report, adhering to the disclosure requirements of the Securities Exchange Act of 1934.

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and other key metrics.
2. Review the 'Risk Factors' section for potential challenges and uncertainties.
3. Examine management's discussion and analysis (MD&A) for insights into business performance and strategy.

Key Dates

• 2023-10-31: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-02-23: Filing Date — Date the 10-K report was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial filing analyzed for the fiscal year 2023, so a comparison to a previous filing is not applicable based on the provided data.

Key Financial Figures

• $100,000 — product line which we estimate may cost $100,000. In the past, we have depended on borro
• $5.00 — ty securities with a price of less than $5.00. Our shares may be subject to rules tha

Filing Documents

• e5442_10-k.htm (10-K) — 638KB
• e5442_ex23-1.htm (EX-23.1) — 4KB
• e5442_ex31-1.htm (EX-31.1) — 8KB
• e5442_ex31-2.htm (EX-31.2) — 8KB
• e5442_ex32-1.htm (EX-32.1) — 5KB
• e5442_ex32-2.htm (EX-32.2) — 4KB
• image_001.jpg (GRAPHIC) — 31KB
• image_002.jpg (GRAPHIC) — 31KB
• 0001731122-24-000304.txt (&nbsp;) — 3535KB
• ivdn-20231031.xsd (EX-101.SCH) — 37KB
• ivdn-20231031_cal.xml (EX-101.CAL) — 43KB
• ivdn-20231031_def.xml (EX-101.DEF) — 96KB
• ivdn-20231031_lab.xml (EX-101.LAB) — 226KB
• ivdn-20231031_pre.xml (EX-101.PRE) — 194KB
• e5442_10-k_htm.xml (XML) — 371KB

From the Filing

U.S. SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K Annual report under section 13 or 15(d) of the Securities Act of 1934. For the fiscal year ended October 31 , 2023 Transition report under section 13 or 15(d) of the Securities Act of 1934. For the Transition period from _______ to ________. Commission file number: 000-51791 Innovative Designs, Inc. (Exact name of registrant as specified in its charter) Delaware 03-0465528 (State or other Jurisdiction of Incorporation or Organization) (I.R.S. Employer Identification Number) 124 Cherry Street 15223 Pittsburgh , Pennsylvania (Address of Principal Executive Offices) (Zip Code) (412) 799-0350 (Registrant's telephone number including area code) Securities to be registered pursuant to Section 12(b) of the Exchange Act: ________________ Title of each class Trading Symbol(s) Name of each exchange on which registered ________________ Securities registered or to be registered pursuant to Section 12(g) of the Exchange Act: (Title of Class) Common Stock, $.0001 par value per share 1 Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes No Indicate by check mark if the registrant is not required to file reports pursuant to section 13 or Section 15 (d) of the Act. Yes No Check whether the issuer (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities and Exchange Act of 1934 during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No Indicate by check mark whether the registrant has submitted electronically and posted on its corporate web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes No Indicate by check mark if disclosure of delinquent knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. (Check One) Large accelerated filer Accelerated filer Non-accelerated filer Smaller reporting company Emerging reporting Company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. No Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No The issuer's revenues for its most recent fiscal year were $ 347,763. The aggregate market value of the voting and non-voting stock held by non-affiliates of the registrant computed by reference to the price at which the common equity was sold, or the average bid and asked price of such common equity, as of the last business day of the registrant's most recently completed second fiscal quarter was $ 6,706,230 . This calculation does not reflect a determination that certain persons are affiliates of the registrant for any other purposes. The number of shares of the registrant's common stock outstanding on February 13, 2024, was 37,924,003 . Transitional Small Business Disclosure Format: Yes No 2 ITEM 1. DESCRIPTION OF BUSINESS. The Company was incorporated in the State of Delaware on June 25, 2002. We operate in two separate business segments: a house wrap for the building construction industry and cold weather clothing. Both of our segment lines use products made from Insultex, which is a low-density polyethylene semi-crystalline, closed cell foam in which the cells are totally evacuated. with buoyancy, scent block, and thermal resistant properties. We have a license agreement directly with the owner of the Insultex technology. In December 2015, we took delivery of equipment capable of producing Insultex. Given the time and cost of bringing the equipment into production mode and our current financial condition until we are able to begin manufacturing Insultex, we will continue to operate under the license agreement for the manufacture of Insultex used in our products. Other companies are free to purchase Insultex from us assuming that it is a company within the distribution jurisdiction that we have, which is worldwide with the exception of Korea and Japan. Other than Korea and Japan, we are the sole worldwide supplier/distributor of the Insultex material. We offer the following products containing Insultex: House Wrap : Our house wrap product is designed for the home building construction industry. Thi

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