Janel Corp Files 10-Q for Period Ending December 31, 2023

TL;DR

<b>Janel Corp has filed its quarterly report (10-Q) for the period ending December 31, 2023, detailing its financial performance and operational status.</b>

AI Summary

JANEL CORP (JANL) filed a Quarterly Report (10-Q) with the SEC on February 2, 2024. Janel Corp filed a 10-Q report for the period ending December 31, 2023. The filing covers the first quarter of fiscal year 2024. The company's fiscal year ends on September 30th. Janel Corp is incorporated in Nevada. The company's primary business address is in New York, NY.

Why It Matters

For investors and stakeholders tracking JANEL CORP, this filing contains several important signals. This 10-Q filing provides investors with an update on Janel Corp's financial health and operational activities for the most recent quarter. Understanding the details within this report is crucial for assessing the company's performance and making informed investment decisions.

Risk Assessment

Risk Level: low — JANEL CORP shows low risk based on this filing. The filing is a standard 10-Q, providing routine financial updates without immediate red flags, indicating a low level of immediate risk from this specific document.

Analyst Insight

Review the detailed financial statements and segment performance within the 10-Q to identify trends and potential areas of growth or concern for Janel Corp.

Key Numbers

• 2023-12-31 — Period End Date (Conformed period of report)
• 2024-02-02 — Filing Date (Filed as of date)
• 09-30 — Fiscal Year End (Fiscal year end)
• 7389 — SIC Code (Standard Industrial Classification)

Key Players & Entities

• JANEL CORP (company) — Filer name
• 20231231 (date) — Period of report
• 20240202 (date) — Filed as of date
• NV (state) — State of incorporation
• NEW YORK (city) — Business address city
• NY (state) — Business address state
• 718-527-3800 (phone) — Business phone
• JANEL WORLD TRADE LTD (company) — Former company name

FAQ

Industry Context

Janel Corp operates within the business services sector, specifically classified under 'SERVICES-BUSINESS SERVICES, NEC'. This indicates a broad range of service-oriented activities.

Regulatory Implications

The filing is a Form 10-Q, which is a mandatory quarterly report filed by public companies with the SEC, providing a continuation of the information contained in the annual report.

What Investors Should Do

1. Analyze the financial statements for the quarter ending December 31, 2023.
2. Review any disclosures regarding changes in business operations or risks.
3. Compare the current quarter's performance to previous periods.

Key Dates

• 2023-12-31: Quarter End — End of the reporting period for the 10-Q filing.
• 2024-02-02: Filing Date — Date the 10-Q report was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial 10-Q filing for the period ending December 31, 2023, and comparative data from a prior 10-Q for the same period in the previous year is not directly available in this extract.

Filing Documents

• ef20016434_10q.htm (10-Q) — 1242KB
• ef20016434_ex10-1.htm (EX-10.1) — 37KB
• ef20016434_ex10-2.htm (EX-10.2) — 40KB
• ef20016434_ex31-1.htm (EX-31.1) — 13KB
• ef20016434_ex31-2.htm (EX-31.2) — 13KB
• ef20016434_ex32-1.htm (EX-32.1) — 6KB
• ef20016434_ex32-2.htm (EX-32.2) — 6KB
• 0001140361-24-005372.txt (&nbsp;) — 7028KB
• janl-20231231.xsd (EX-101.SCH) — 47KB
• janl-20231231_cal.xml (EX-101.CAL) — 69KB
• janl-20231231_def.xml (EX-101.DEF) — 280KB
• janl-20231231_lab.xml (EX-101.LAB) — 648KB
• janl-20231231_pre.xml (EX-101.PRE) — 411KB
• ef20016434_10q_htm.xml (XML) — 1114KB

- Financial Information

Part I - Financial Information 3 Item 1.

Financial Statements

Financial Statements 3 Condensed Consolidated Balance Sheets as of December 31, 2023 (unaudited) and September 30, 2023 3 Condensed Consolidated Statements of Operations for the three months ended December 31, 2023 and 2022 (unaudited) 4 Condensed Consolidated Statement of Stockholders' Equity for the three months ended December 31, 2023 and 2022 (unaudited) 5 Condensed Consolidated Statements of Cash Flows for the three months ended December 31, 2023 and 2022 (unaudited) 6 Notes to Condensed Consolidated Financial Statements (unaudited) 7 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 17 Item 4.

Controls and Procedures

Controls and Procedures 24

- Other Information

Part II - Other Information 25 Item 1.

Legal Proceedings

Legal Proceedings 25 Item 1A.

Risk Factors

Risk Factors 25 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 25 Item 5. Other Information 25 Item 6. Exhibit Index 25

Signatures

Signatures 26 Table of Contents

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION ITEM 1.

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS JANEL CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except share and per share data) (Unaudited) December 31, 2023 September 30, 2023 ASSETS Current Assets: Cash $ 1,579 $ 2,461 Accounts receivable, net of allowance for doubtful accounts 25,965 27,518 Inventory, net 4,628 4,850 Prepaid expenses and other current assets 3,844 4,459 Total current assets 36,016 39,288 Property and Equipment, net 4,845 4,922 Other Assets: Intangible assets, net 22,145 22,683 Goodwill 20,317 20,317 Investment in Rubicon at fair value 864 1,573 Operating lease right of use asset 6,853 7,460 Security deposits and other long-term assets 462 591 Total other assets 50,641 52,624 Total assets $ 91,502 $ 96,834 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Lines of credit $ 17,002 $ 19,709 Accounts payable - trade 24,058 25,447 Accrued expenses and other current liabilities 5,856 6,337 Dividends payable 2,100 2,029 Current portion of earnout 740 592 Current portion of long-term debt 716 715 Current portion of subordinated promissory note-related party 1,395 1,988 Current portion of operating lease liabilities 1,935 2,020 Total current liabilities 53,802 58,837 Other Liabilities: Long-term debt 5,197 5,784 Long-term portion of earnout 1,996 1,738 Subordinated promissory notes-related party 3,480 3,424 Mandatorily redeemable non-controlling interest 711 565 Deferred income taxes 1,341 1,341 Long-term operating lease liabilities 5,221 5,689 Other liabilities 509 483 Total other liabilities 18,455 19,024 Total liabilities 72,257 77,861 Stockholders' Equity: Preferred Stock, $ 0.001 par value; 100,000 shares authorized Series C; 30,000 shares authorized and 11,368 shares issued and outstanding at December 31, 2023 and September 30, 2023, liquidat

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View this 10-Q filing on SEC EDGAR