Leatt Corp. Files Quarterly Report on Form 10-Q for Period Ending March 31, 2024

TL;DR

<b>Leatt Corp. has filed its Q1 2024 10-Q report detailing financial performance and operational updates.</b>

AI Summary

Leatt Corp (LEAT) filed a Quarterly Report (10-Q) with the SEC on May 13, 2024. Leatt Corp. filed its Form 10-Q for the period ending March 31, 2024. The filing covers the first quarter of fiscal year 2024. Key financial statement information and disclosures are included. The company operates in the Motorcycles, Bicycles & Parts industry (SIC 3751). Leatt Corp. is incorporated in Nevada.

Why It Matters

For investors and stakeholders tracking Leatt Corp, this filing contains several important signals. This 10-Q provides investors with the latest financial data for Leatt Corp., enabling informed investment decisions. Understanding the company's performance in Q1 2024 is crucial for assessing its trajectory within the competitive motorcycle and bicycle parts market.

Risk Assessment

Risk Level: medium — Leatt Corp shows moderate risk based on this filing. The filing is a standard quarterly report (10-Q), which typically contains routine financial information and disclosures. However, specific financial performance details are not yet available in this header data, requiring a deeper dive into the full document for a comprehensive risk assessment.

Analyst Insight

Review the full 10-Q filing to analyze Leatt Corp.'s Q1 2024 financial results, including revenue breakdown, profitability, and debt levels, to assess operational performance and future outlook.

Key Numbers

• 2024-03-31 — Period End Date (Conformed Period of Report)
• 2024-05-13 — Filing Date (Filed as of Date)

Key Players & Entities

• Leatt Corp. (company) — Filer name
• 0001456189 (company) — Central Index Key
• 3751 (industry) — Standard Industrial Classification
• NV (state) — State of Incorporation
• 2024-03-31 (date) — Conformed Period of Report
• 2024-05-13 (date) — Filed as of Date

FAQ

Industry Context

Leatt Corp. operates within the Motorcycles, Bicycles & Parts industry, a sector focused on safety equipment and apparel for extreme sports enthusiasts.

Regulatory Implications

The company is subject to standard SEC reporting requirements for publicly traded companies, including the filing of quarterly (10-Q) and annual (10-K) reports.

What Investors Should Do

1. Analyze the detailed financial statements within the 10-Q for revenue trends, cost of goods sold, and operating expenses.
2. Examine the Management's Discussion and Analysis (MD&A) section for insights into the company's performance drivers and outlook.
3. Review any new risk factors or legal proceedings disclosed in the filing.

Key Dates

• 2024-03-31: Quarter End — End of the reporting period for the 10-Q filing.
• 2024-05-13: Filing Date — Date the 10-Q was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial header data for the Q1 2024 10-Q filing. Comparative data from the previous filing (Q1 2023) will be available within the full document.

Key Financial Figures

• $0.001 — s Shares Outstanding Common Stock , $0.001 par value 6,215,440 LEATT CORPORATIO

Filing Documents

• form10q.htm (10-Q) — 670KB
• exhibit31-1.htm (EX-31.1) — 13KB
• exhibit31-2.htm (EX-31.2) — 13KB
• exhibit32-1.htm (EX-32.1) — 3KB
• exhibit32-2.htm (EX-32.2) — 3KB
• 0001062993-24-009960.txt (&nbsp;) — 3252KB
• leat-20240331.xsd (EX-101.SCH) — 39KB
• leat-20240331_cal.xml (EX-101.CAL) — 44KB
• leat-20240331_def.xml (EX-101.DEF) — 38KB
• leat-20240331_lab.xml (EX-101.LAB) — 480KB
• leat-20240331_pre.xml (EX-101.PRE) — 164KB
• form10q_htm.xml (XML) — 265KB

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS. 1 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. 11 ITEM 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK. 22 ITEM 4.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES. 22 PART II OTHER INFORMATION 22 ITEM 1. LEGAL PROCEEDINGS. 22 ITEM 1A. RISK FACTORS. 22 ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS. 22 ITEM 3. DEFAULTS UPON SENIOR SECURITIES. 23 ITEM 4. MINE SAFETY DISCLOSURES. 23 ITEM 5. OTHER INFORMATION. 23 ITEM 6. EXHIBITS. 23 - i - PART I FINANCIAL INFORMATION LEATT CORPORATION CONSOLIDATED BALANCE SHEETS ASSETS March 31, 2024 December 31, 2023 Unaudited Audited Current Assets Cash and cash equivalents $ 13,531,642 $ 11,347,420 Accounts receivable, net 4,768,328 6,970,322 Inventory, net 17,069,387 20,391,873 Payments in advance 1,000,512 664,754 Deferred asset, net 9,601 9,601 Income tax refunds receivable 526,441 623,081 Prepaid expenses and other current assets 2,236,990 2,297,934 Total current assets 39,142,901 42,304,985 Property and equipment, net 3,743,534 4,026,821 Operating lease right-of-use assets, net 771,387 845,209 Accounts receivable, net 229,474 309,947 Deferred tax asset, net 84,200 84,200 Other Assets Deposits 37,284 36,210 Total Assets $ 44,008,780 $ 47,607,372 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities Accounts payable and accrued expenses $ 3,123,838 $ 5,202,368 Notes payable, current 98,190 112,858 Operating lease liabilities, current 288,917 299,432 Short term loan, net of finance charges 667,797 1,135,761 Total current liabilities 4,178,742 6,750,419 Notes payable, net of current portion 17,523 30,652 Operating lease liabilities, net of current portion 482,470 545,777 Commitments and contingencies Stockholders' Equity Preferred stock, $ .001 par value, 1,120,000 shares authorized, 120,000 shares issued and outstanding 3,000 3,000 Common stock, $ .001 par value, 28,000,000 shares authorized, 6,215,440 and 6,215,440 shares issued and outstanding

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) Note 1 - Basis of presentation The consolidated balance sheet as of December 31, 2023 was audited and appears in the Form 10-K filed by the Company with the Securities and Exchange Commission on March 13, 2024. The consolidated balance sheet as of March 31, 2024 and the consolidated statements of operations and comprehensive income (loss) for the three months ended March 31, 2024 and 2023, changes in stockholders' equity for the three months ended March 31, 2024, cash flows for the three months ended March 31, 2024 and 2023, and the related information contained in these notes have been prepared by management without audit. In the opinion of management, all adjustments (which include only normal recurring items) necessary to present fairly the financial position, results of operations and cash flows in conformity with generally accepted accounting principles as of March 31, 2024 and for all periods presented have been made. Interim operating results are not necessarily indicative of operating results for a full year. Certain information and note disclosures normally included in the Company's annual financial statements prepared in accordance with U.S. generally accepted accounting principles have been condensed or omitted. While management of the Company believes that the disclosures presented are adequate to make the information not misleading, it is suggested that these condensed consolidated financial statements be read in conjunction with the audited financial statements and notes thereto for the year ended December 31, 2023 as filed with the Securities and Exchange Commission in the Company's Form 10-K. Note 2 - Inventory Inventory is stated at the lower of cost or net realizable value. Cost is determined using the first-in first-out (FIFO) method. Inventory consists primarily of finished goods. Shipping and handling costs are included in the cost of inventory. In assessing the inventory value, the

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