Innovative Designs Inc. Files Q3 10-Q Report

TL;DR

Innovative Designs Inc. 10-Q filed, covering Q3 ending 07/31/24. Financials inside.

AI Summary

Innovative Designs Inc. filed its 10-Q for the period ending July 31, 2024. The filing covers the third quarter and provides financial data for the company. Specific financial figures and operational details are presented within the report.

Why It Matters

This 10-Q filing provides investors and analysts with the latest financial performance and operational updates for Innovative Designs Inc., crucial for assessing the company's current health and future prospects.

Risk Assessment

Risk Level: low — This filing is a routine quarterly report and does not contain any immediately apparent high-risk disclosures.

Key Numbers

• 07/31/2024 — Period End Date (The report covers financial data up to this date.)
• 10-Q — Form Type (This is a quarterly report filed with the SEC.)
• 2390 — SIC Code (Standard Industrial Classification for Miscellaneous Fabricated Textile Products.)

Key Players & Entities

• INNOVATIVE DESIGNS INC (company) — Filer
• 2024-07-31 (date) — Period of Report
• 2024-12-23 (date) — Filed as of Date
• PITTSBURGH (location) — Business Address City
• DE (location) — State of Incorporation

FAQ

Key Financial Figures

• $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. NOTE 12 – DEPOSITS ON EQUIP
• $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

Filing Documents

• e6233_10q.htm (10-Q) — 360KB
• e6233_ex31-1.htm (EX-31.1) — 7KB
• e6233_ex31-2.htm (EX-31.2) — 8KB
• e6233_ex32-1.htm (EX-32.1) — 4KB
• e6233_ex32-2.htm (EX-32.2) — 4KB
• 0001731122-24-002036.txt ( ) — 2093KB
• ivdn-20240731.xsd (EX-101.SCH) — 22KB
• ivdn-20240731_cal.xml (EX-101.CAL) — 32KB
• ivdn-20240731_def.xml (EX-101.DEF) — 40KB
• ivdn-20240731_lab.xml (EX-101.LAB) — 195KB
• ivdn-20240731_pre.xml (EX-101.PRE) — 146KB
• e6233_10q_htm.xml (XML) — 134KB

-- Financial Information

Part I -- Financial Information 3

Condensed Financial Statements (Unaudited)

Item 1. Condensed Financial Statements (Unaudited) 3 Condensed Balance Sheets as of April 30, 2024 (Unaudited) And October 31, 2023 3 Condensed Statements of Operations for the Six-Month Periods Ended April 30, 2024 and 2023 (Unaudited) 4 Condensed Statements of Changes in Stockholders' Equity as of April 30, 2024 (Unaudited) and October 31, 2023 5 Condensed Statements of Cash Flows for the Six-Month Periods Ended April 30, 2024 and 2023 (Unaudited) 6 Notes to the Condensed Financial Statements 7

Management's Discussion and Analy sis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analy sis 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

Exhibits

Item 6. Exhibits 16 2

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS (UNAUDITED)

ITEM 1. FINANCIAL STATEMENTS (UNAUDITED) INNOVATIVE DESIGNS, INC. Condensed Balance Sheets As of July 31, 2024 (Unaudited) and October 31, 2023 (Audited) July 31, 2024 October 31, 2023 Assets Current assets Cash and Cash Equivalents $ 284,342 $ 238,677 Accounts Receivable, Net 57,272 31,050 Inventory, Net 471,078 549,276 Other current assets 34,000 8,200 Total current assets 846,692 827,203 Long-Term Assets Property, Plant, and Equipment, Net 29,384 23,479 Deposits on Equipment 652,944 652,944 Total Long-Term Assets 682,328 676,423 Total assets $ 1,529,020 $ 1,503,626 Liabilities and Stockholders' Deficit Current liabilities Credit Cards $ 67,634 $ 71,659 Accounts Payable 79,694 144,967 Other current Liabilities 98,748 121,938 Total current liabilities 246,076 338,564 Long-Term Liabilities Notes Payable 37,239 56,429 Total Long-Term Liabilities 37,239 56,429 Total liabilities 283,315 394,993 Stockholders' deficit Common stock, $ 0.0001 par value; 100,000,000 shares authorized; 37,839,560 and 36,532,560 shares issued and outstanding as of July 31, 2024 and October 31, 2023, respectively 3,784 3,653 Additional paid-in capital 11,979,124 11,741,935 Accumulated deficit ( 10,737,203 ) ( 10,335,578 ) Total stockholders' deficit 1,245,705 1,108,633 Total liabilities and stockholders' deficit $ 1,529,020 $ 1,503,626 See accompanying notes to financial statements. 3 INNOVATIVE DESIGNS, INC. Condensed Statements of Operations For the Three and Nine Months Ended July 31, 2024 and 2023 (Unaudited) For the Three months ended July 31, For the Nine months ended July 31, 2024 REVENUES, net $ 278,279 $ 124,650 $ 644,497 $ 223,546 OPERATING EXPENSES Cost of sales 189,978 76,480 376,362 106,839 Selling, general and administrative expenses 142,224 124,944 348,946 359,917 Total operating expenses 332,202 201,424 725,308 466,756 Income (loss)

financial statements contain all adjustments necessary to present fairly Innovative Designs, Inc.'s (the "Company")

financial statements contain all adjustments necessary to present fairly Innovative Designs, Inc.'s (the "Company") financial position as of July 31, 2024, the changes therein for the nine-month periods that ended and the results of operations for the nine-month periods ended July 31, 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 nine-month period ending July 31, 2024 are not necessarily indicative of operating results for the full year. The Company's unaudited condensed 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 February 23, 2024 (the "2023 Annual Report"). The results for any interim period are not necessarily indicative of results for any future period. The unaudited condensed financial the accompanying unaudited consolidated financial statements contain all adjustments that are necessary to present fairly the Company's financial position and results of operations fo

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION

ITEM 2. 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 This Quarterly Report on Form 10-Q includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All 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 statements reflect management's current expectations and are inherently uncertain. Actual results could differ materially for a variety of reasons, including, among others, competition in our cold weather markets, our ability to sell out House Wrap 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

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