Janel Corp Files 10-Q for Q3 2024

TL;DR

JANEL CORP 10-Q FILED FOR Q3 2024. CHECK FINANCIALS.

AI Summary

Janel Corp filed its 10-Q for the period ending June 30, 2024. The filing covers the third quarter of their fiscal year, which ends on September 30. The company is incorporated in Nevada and its principal business address is in New York City.

Why It Matters

This filing provides investors with a quarterly update on Janel Corp's financial performance and operational status, crucial for understanding the company's trajectory.

Risk Assessment

Risk Level: low — This is a standard quarterly filing with no immediate red flags or significant new disclosures.

Key Players & Entities

• JANEL CORP (company) — Filer
• 2024-06-30 (date) — Reporting Period End Date
• 2024-08-02 (date) — Filing Date
• 80 EIGHTH AVENUE, NEW YORK, NY 10011 (location) — Business Address
• NV (location) — State of Incorporation
• 0930 (date) — Fiscal Year End

FAQ

Filing Documents

• ef20029676_10q.htm (10-Q) — 1760KB
• ef20029676_ex10-1.htm (EX-10.1) — 116KB
• ef20029676_ex31-1.htm (EX-31.1) — 12KB
• ef20029676_ex31-2.htm (EX-31.2) — 12KB
• ef20029676_ex32-1.htm (EX-32.1) — 5KB
• ef20029676_ex32-2.htm (EX-32.2) — 5KB
• 0001140361-24-035574.txt ( ) — 8646KB
• janl-20240630.xsd (EX-101.SCH) — 50KB
• janl-20240630_cal.xml (EX-101.CAL) — 70KB
• janl-20240630_def.xml (EX-101.DEF) — 284KB
• janl-20240630_lab.xml (EX-101.LAB) — 671KB
• janl-20240630_pre.xml (EX-101.PRE) — 417KB
• ef20029676_10q_htm.xml (XML) — 1605KB

- Financial Information

Part I - Financial Information 3 Item 1.

Financial Statements

Financial Statements 3 Condensed Consolidated Balance Sheets as of June 30, 2024 (unaudited) and September 30, 2023 3 Condensed Consolidated Statements of Operations for the three and nine months ended June 30, 2024 and 2023 (unaudited) 4 Condensed Consolidated Statement of Stockholders' Equity for the three and nine months ended June 30, 2024 and 2023 (unaudited) 5 Condensed Consolidated Statements of Cash Flows for the nine months ended June 30, 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 19 Item 4.

Controls and Procedures

Controls and Procedures 28

- Other Information

Part II - Other Information 29 Item 1.

Legal Proceedings

Legal Proceedings 29 Item 1A.

Risk Factors

Risk Factors 29 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 29 Item 6. Exhibit Index 29

Signatures

Signatures 30 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) June 30, 2024 September 30, 2023 ASSETS Current Assets: Cash $ 3,054 $ 2,461 Accounts receivable, net of allowance for doubtful accounts 32,627 27,518 Inventory, net 4,556 4,850 Prepaid expenses and other current assets 4,477 4,459 Total current assets 44,714 39,288 Property and Equipment, net 5,296 4,922 Other Assets: Intangible assets, net 23,830 22,683 Goodwill 23,946 20,317 Restricted cash 250 — Investment in Rubicon at fair value 831 1,573 Operating lease right of use asset 9,113 7,460 Security deposits and other long-term assets 586 591 Total other assets 58,556 52,624 Total assets $ 108,566 $ 96,834 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Lines of credit $ 22,081 $ 19,709 Accounts payable - trade 32,058 25,447 Accrued expenses and other current liabilities 6,973 6,337 Dividends payable 2,271 2,029 Current portion of earnout 1,149 592 Current portion of long-term debt 716 715 Current portion of subordinated promissory notes-related party 1,683 1,988 Current portion of operating lease liabilities 2,445 2,020 Total current liabilities 69,376 58,837 Other Liabilities: Long-term debt 4,282 5,784 Long-term portion of earnout 2,011 1,738 Subordinated promissory notes-related party 3,790 3,424 Mandatorily redeemable non-controlling interest 965 565 Deferred income taxes 1,341 1,341 Long-term operating lease liabilities 7,034 5,689 Other liabilities 529 483 Total other liabilities 19,952 19,024 Total liabilities 89,328 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 June 30, 2024 and Septem

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View this 10-Q filing on SEC EDGAR