Leatt Corp. Files 10-Q for Q2 2024

TL;DR

Leatt Corp. 10-Q filed. Financials for Q2 2024 out.

AI Summary

Leatt Corp. filed its 10-Q for the period ending June 30, 2024. The filing details the company's financial position and operations, including its fiscal year end of December 31st. Specific financial figures and operational details are not provided in this header information.

Why It Matters

This filing provides investors with an update on Leatt Corp.'s financial health and operational performance for the second quarter of 2024.

Risk Assessment

Risk Level: low — This is a standard quarterly filing and does not contain immediate, high-impact news.

Key Numbers

• 20240630 — Reporting Period End Date (Indicates the end of the fiscal quarter covered by the report.)
• 20240809 — Filing Date (The date the report was officially submitted to the SEC.)

Key Players & Entities

• Leatt Corp. (company) — Filer
• 20240630 (date) — Reporting Period End Date
• 20240809 (date) — Filing Date
• 0001456189 (company) — Central Index Key

FAQ

Key Financial Figures

• $0.001 — s Shares Outstanding Common Stock , $0.001 par value 6,215,440 Quarterly Report

Filing Documents

• form10q.htm (10-Q) — 816KB
• exhibit31-1.htm (EX-31.1) — 10KB
• exhibit31-2.htm (EX-31.2) — 10KB
• exhibit32-1.htm (EX-32.1) — 3KB
• exhibit32-2.htm (EX-32.2) — 3KB
• 0001062993-24-014732.txt ( ) — 3438KB
• leat-20240630.xsd (EX-101.SCH) — 39KB
• leat-20240630_cal.xml (EX-101.CAL) — 44KB
• leat-20240630_def.xml (EX-101.DEF) — 38KB
• leat-20240630_lab.xml (EX-101.LAB) — 481KB
• leat-20240630_pre.xml (EX-101.PRE) — 164KB
• form10q_htm.xml (XML) — 274KB

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. 25 ITEM 4.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES. 25 PART II OTHER INFORMATION 25 ITEM 1. LEGAL PROCEEDINGS. 25 ITEM 1A. RISK FACTORS. 25 ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS. 25 ITEM 3. DEFAULTS UPON SENIOR SECURITIES. 25 ITEM 4. MINE SAFETY DISCLOSURES. 26 ITEM 5. OTHER INFORMATION. 26 ITEM 6. EXHIBITS. 26 - i - PART I FINANCIAL INFORMATION LEATT CORPORATION CONSOLIDATED BALANCE SHEETS ASSETS June 30, 2024 December 31, 2023 Unaudited Audited Current Assets Cash and cash equivalents $ 13,329,948 $ 11,347,420 Accounts receivable, net 5,733,601 6,970,322 Inventory, net 14,738,542 20,391,873 Payments in advance 1,168,433 664,754 Deferred asset, net 9,601 9,601 Income tax refunds receivable 521,088 623,081 Prepaid expenses and other current assets 2,592,893 2,297,934 Total current assets 38,094,106 42,304,985 Property and equipment, net 3,678,621 4,026,821 Operating lease right-of-use assets, net 699,260 845,209 Accounts receivable, net 244,383 309,947 Deferred tax asset, net 84,200 84,200 Other Assets Deposits 37,527 36,210 Total Assets $ 42,838,097 $ 47,607,372 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities Accounts payable and accrued expenses $ 3,217,573 $ 5,202,368 Notes payable, current 72,025 112,858 Operating lease liabilities, current 282,581 299,432 Short term loans, net of finance charges 400,398 1,135,761 Total current liabilities 3,972,577 6,750,419 Notes payable, net of current portion 15,595 30,652 Operating lease liabilities, net of current portion 416,679 545,777 Commitments and contingencies 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 130,553 130,553 Ad

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 June 30, 2024 and the consolidated statements of operations and comprehensive income (loss) for the three and six months ended June 30, 2024 and 2023, changes in stockholders' equity for the six months ended June 30, 2024, cash flows for the six months ended June 30, 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 June 30, 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 C

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