Innovative Designs Inc. Files Q2 2024 10-Q

TL;DR

Innovative Designs Inc. 10-Q filed for period ending 04/30/24. Check financials.

AI Summary

Innovative Designs Inc. filed its 10-Q for the period ending April 30, 2024. The company, based in Pittsburgh, PA, operates in the miscellaneous fabricated textile products sector. The filing covers financial information for the fiscal quarter and year-to-date periods, with a fiscal year end of October 31st.

Why It Matters

This filing provides investors with the latest financial performance and position of Innovative Designs Inc., crucial for understanding the company's health and future prospects.

Risk Assessment

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

Key Numbers

• 20240430 — Period End Date (Financial reporting period)
• 1031 — Fiscal Year End (Company's annual reporting cycle)

Key Players & Entities

• INNOVATIVE DESIGNS INC (company) — Filer
• PITTSBURGH (location) — Business Address City
• PA (location) — Business Address State
• 10-Q (document) — Filing Type

FAQ

Key Financial Figures

• $143,218 — $ 41,165 ) and a negative cash flow of ($143,218) from operation activities for the six-
• $10,000 — k to one investor for total proceeds of $10,000. The stock was issued at $0.18 per shar
• $0.18 — eds of $10,000. The stock was issued at $0.18 per share. 14. DEPOSITS ON EQUIPMENT
• $300,000 — installments. The first installment of $300,000 is to be made at the execution of the a
• $200,000 — he agreement. The second installment of $200,000 is to be made when the machinery and eq
• $100,000 — United States. The third installment of $100,000 is to be made once the machinery and eq
• $300,331 — month period ended April 30, 2024, were $300,331 compared to revenues of $27,249 for the
• $27,249 — , were $300,331 compared to revenues of $27,249 for the th

Filing Documents

• e5922_10q.htm (10-Q) — 348KB
• e5922_ex31-1.htm (EX-31.1) — 11KB
• e5922_ex31-2.htm (EX-31.2) — 10KB
• e5922_ex32-1.htm (EX-32.1) — 6KB
• e5922_ex32-2.htm (EX-32.2) — 6KB
• 0001731122-24-001521.txt ( ) — 2109KB
• ivdn-20240430.xsd (EX-101.SCH) — 26KB
• ivdn-20240430_cal.xml (EX-101.CAL) — 31KB
• ivdn-20240430_def.xml (EX-101.DEF) — 41KB
• ivdn-20240430_lab.xml (EX-101.LAB) — 188KB
• ivdn-20240430_pre.xml (EX-101.PRE) — 144KB
• e5922_10q_htm.xml (XML) — 127KB

-- Financial

Part I -- Financial Information Page No. Item 1. Condensed Financial Statements (Unaudited) Condensed Balance Sheets as of April 30, 2024 (Unaudited) And October 31, 2023 2 Condensed Statements of Operations for the Six-Month Periods Ended April 30, 2024 and 2023 (Unaudited) 3 Condensed Statements of Changes in Stockholders' Equity as of April 30, 2024 (Unaudited) and October 31, 2023 4 Condensed Statements of Cash Flows for the Six-Month Periods Ended April 30, 2024 and 2023 (Unaudited) 5 Notes to the Condensed Financial Statements 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 12

-- Other Information

Part II -- Other Information 15 Items 1, 2, 3, 4, 4T and 5. 15 - 16 Item 6. Exhibits 17 INNOVATIVE DESIGNS, INC CONDENSED BALANCE SHEET AS OF APRIL 30, 2024 AND OCTOBER 31, 2023 ASSETS April 30, 2024 October 31, 2023 Current Assets Cash and Cash Equivalents $ 241,712 $ 238,677 Accounts Receivable, Net $ 123,170 $ 31,050 Inventory, Net $ 523,443 $ 549,276 Other Current Receivables $ 16,541 $ 8,200 Total Current Assets $ 904,866 $ 827,203 Long-Term Assets Property, Plant, and Equipment, Net $ 21,150 $ 23,479 Deposits on Equipment $ 652,944 $ 652,944 Total Long-Term Assets $ 674,094 $ 676,423 Total Assets $ 1,578,960 $ 1,503,626 LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) Liabilities Current Liabilities Credit Cards $ 72,317 $ 71,659 Accounts Payable $ 60,646 $ 144,967 Other Current Liabilities $ 98,847 $ 121,938 Total Current Liabilities $ 231,810 $ 338,564 Long-Term Liabilities Notes Payable $ 42,362 $ 56,429 Total Long-Term Liabilities $ 42,362 $ 56,429 Total Liabilities $ 274,172 $ 394,993 Stockholders Equity Common Stock; $ 0.0001 par value; 100,000,000 shares authorized; 37,839,003 and 36,532,560 shares issued and outstanding as of April 30, 2024 and October 31, 2023 respectively $ 3,784 $ 3,653 Paid-In Capital $ 11,979,124 $ 11,741,935 Retained Earnings (Deficit) $ ( 10,636,955 ) $ ( 10,335,578 ) Net Income (Loss) $ ( 41,165 ) $ ( 301,377 ) Total Stockholders' Equity (Deficit) $ 1,304,788 $ 1,108,633 Total Liabilities and Stockholders Equity (Deficit) $ 1,578,960 $ 1,503,626 -2- INNOVATIVE DESIGNS, INC. CONDENSED STATEMENT OF OPERATIONS PERIOD ENDING APRIL 30, 2024 Six-Month Ended April 30, Three-Month Ended April 30, 2024 2023 2024 2023 Revenues $ 366,217 $ 98,896 $ 300,331 $ 27,249 Cost of Goods Sold $ 186,384 $

Notes to Financial Statements

Notes to Financial Statements 1. BASIS OF PRESENTATION In the opinion of management, the accompanying unaudited financial position as of April 30, 2024, the changes therein for the six-month periods that ended and the results of operations for the six-month periods ended April 30, 2024. The condensed financial statements included in the Form 10-Q (the "Form") are presented in accordance with the requirements of the Form and do not include all of the disclosures required by generally accepted accounting principles in the United States of America. For additional information, reference is made to the Company's annual report on Form 10-K for the fiscal year ending October 31, 2023. The results of operations for the six-month period ending April 30, 2024 are not necessarily indicative of operating results for the full year. The Company's unaudited consolidated financial statements have been prepared in accordance with GAAP and pursuant to the rules and regulations of the SEC. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted from this report, as is permitted by such rules and regulations. Accordingly, these consolidated financial statements should be read in conjunction with the audited financial statements as of and for the year ended October 31, 2023, and the notes thereto included in the Company's Annual Report on Form 10-K for the year ended October 31, 2023, filed with the SEC on ???? the "2023 Annual Report"). The results for any interim period are not necessarily indicative of results for any future period. The unaudited consolidated financial statements have been prepared on the same basis as the audited financial statements. In the opinion of the Company's management, the accompanying unaudited consolidated financial statements contain all ad

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS General The following information should be read in conjunction with the financial statements and the notes thereto and in conjunction with Management's Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K for the fiscal year ended October 31, 2021.

Forward-Looking Statements

Forward-Looking Statements This Quarterly Report on Form 10-Q includes forward-looking fact, including statements regarding future results of operation, made in this Quarterly Report on Form 10-Q are forward-looking statements. We use words such as expects, believes, intends, and similar expressions to identify forward-looking statements. Forward looking-looking variety of reasons, including, among others, competition in our cold weather markets, our ability to sell out HouseWrap product line, our inability to secure sufficient funding to maintain and/or expand our current level of operations and the seasonality of our cold weather product line. These risks and uncertainties, as well as other risks and uncertainties that could cause our actual results to differ significantly from management's expectations, are described in greater detail in our Annual Report on Form 10-K for the fiscal year ended October 31, 2021. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise except as required by law. Background Innovative Designs, Inc. (hereinafter referred to as the "Company", "we" or "our") was formed on June 25, 2002. We market and sell clothing products such as outdoor apparel, and cold weather gear called "Arctic Armor" that are made from IINSULTEX, a material with buoyancy, scent block and thermal resistant properties. We also market our House Wrap product line, which is a building material with thermal qualities. House Wrap is also made from IINSULTEX. We obtain IINSULTEX through a license agreement with the owner and manufacturer of the material. Since our formation we have devoted our effor

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