Janel Corp Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Janel Corp has filed its quarterly report (10-Q) for the period ending March 31, 2024.</b>

AI Summary

JANEL CORP (JANL) filed a Quarterly Report (10-Q) with the SEC on May 3, 2024. Janel Corp filed a 10-Q report for the period ending March 31, 2024. The company's fiscal year ends on September 30. Janel Corp is incorporated in Nevada. The company's business and mailing address is 80 Eighth Avenue, New York, NY 10011. The filing was made on May 3, 2024.

Why It Matters

For investors and stakeholders tracking JANEL CORP, this filing contains several important signals. This filing provides an update on Janel Corp's financial performance and operational status for the most recent quarter. Investors and analysts can use this report to assess the company's financial health, identify trends, and make informed investment decisions.

Risk Assessment

Risk Level: low — JANEL CORP shows low risk based on this filing. The filing is a standard 10-Q, which is a routine quarterly report and does not contain significant new risks or material changes.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-Q to understand Janel Corp's current financial position and future outlook.

Key Numbers

• 2024-03-31 — Period of Report (Conformed period of report)
• 2024-05-03 — Filing Date (Filed as of date)
• 0930 — Fiscal Year End (Fiscal year end)
• 7389 — SIC Code (Standard Industrial Classification)

Key Players & Entities

• JANEL CORP (company) — Filer name
• 2024-03-31 (date) — Period of report
• 2024-05-03 (date) — Filing date
• NV (location) — State of incorporation
• 80 EIGHTH AVENUE (address) — Business address street 1
• NEW YORK (location) — Business address city
• 10011 (postal_code) — Business address zip
• 718-527-3800 (phone_number) — Business phone

FAQ

Industry Context

Janel Corp operates within the Services-Business Services, NEC (SIC 7389) industry.

Regulatory Implications

The filing is a 10-Q, a standard quarterly report required by the Securities Exchange Act of 1934.

What Investors Should Do

1. Review the financial statements for the quarter ended March 31, 2024.
2. Analyze any disclosures or updates provided in the Management's Discussion and Analysis section.
3. Compare current quarter performance to previous periods and industry benchmarks.

Key Dates

• 2024-03-31: Quarter End — End of the reporting period for the 10-Q filing.
• 2024-05-03: Filing Date — Date the 10-Q was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial 10-Q filing for the period ending March 31, 2024, and no prior period comparison data is available within this specific document.

Filing Documents

• ef20026267_10q.htm (10-Q) — 1660KB
• ef20026267_ex10-1.htm (EX-10.1) — 29KB
• ef20026267_ex31-1.htm (EX-31.1) — 12KB
• ef20026267_ex31-2.htm (EX-31.2) — 12KB
• ef20026267_ex32-1.htm (EX-32.1) — 5KB
• ef20026267_ex32-2.htm (EX-32.2) — 5KB
• 0001140361-24-024369.txt (&nbsp;) — 8197KB
• janl-20240331.xsd (EX-101.SCH) — 48KB
• janl-20240331_cal.xml (EX-101.CAL) — 70KB
• janl-20240331_def.xml (EX-101.DEF) — 273KB
• janl-20240331_lab.xml (EX-101.LAB) — 644KB
• janl-20240331_pre.xml (EX-101.PRE) — 404KB
• ef20026267_10q_htm.xml (XML) — 1553KB

- Financial Information

Part I - Financial Information 3 Item 1.

Financial Statements

Financial Statements 3 Condensed Consolidated Balance Sheets as of March 31, 2024 (unaudited) and September 30, 2023 3 Condensed Consolidated Statements of Operations for the three and six months ended March 31, 2024 and 2023 (unaudited) 4 Condensed Consolidated Statement of Stockholders' Equity for the three and six months ended March 31, 2024 and 2023 (unaudited) 5 Condensed Consolidated Statements of Cash Flows for the six months ended March 31, 2024 and 2023 (unaudited) 6 Notes to Condensed Consolidated Financial Statements (unaudited) 7 Item 2.

Management's Discussion and Analysis of Financial

Management's Discussion and Analysis of Financial Condition and Results of Operations 17 Item 4.

Controls and Procedures

Controls and Procedures 25

- Other Information

Part II - Other Information 26 Item 1.

Legal Proceedings

Legal Proceedings 26 Item 1A.

Risk Factors

Risk Factors 26 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 26 Item 6. Exhibit Index 26

Signatures

Signatures 27 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) March 31, 2024 September 30, 2023 ASSETS Current Assets: Cash $ 1,781 $ 2,461 Accounts receivable, net of allowance for doubtful accounts 27,272 27,518 Inventory, net 4,697 4,850 Prepaid expenses and other current assets 4,695 4,459 Total current assets 38,445 39,288 Property and Equipment, net 5,103 4,922 Other Assets: Intangible assets, net 22,015 22,683 Goodwill 20,392 20,317 Restricted cash 250 — Investment in Rubicon at fair value 931 1,573 Operating lease right of use asset 9,313 7,460 Security deposits and other long-term assets 455 591 Total other assets 53,356 52,624 Total assets $ 96,904 $ 96,834 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Lines of credit $ 18,523 $ 19,709 Accounts payable - trade 25,636 25,447 Accrued expenses and other current liabilities 6,739 6,337 Dividends payable 2,185 2,029 Current portion of earnout 1,012 592 Current portion of long-term debt 716 715 Current portion of subordinated promissory note-related party 1,339 1,988 Current portion of operating lease liabilities 2,384 2,020 Total current liabilities 58,534 58,837 Other Liabilities: Long-term debt 4,752 5,784 Long-term portion of earnout 1,078 1,738 Subordinated promissory notes-related party 3,235 3,424 Mandatorily redeemable non-controlling interest 711 565 Deferred income taxes 1,341 1,341 Long-term operating lease liabilities 7,284 5,689 Other liabilities 522 483 Total other liabilities 18,923 19,024 Total liabilities 77,457 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 March 31, 2024 and Septem

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View this 10-Q filing on SEC EDGAR