Leatt Corp Q3 2024 10-Q Filed

TL;DR

Leatt Corp Q3 2024 10-Q filed. Revenue details and customer risk info inside.

AI Summary

Leatt Corp. filed its Q3 2024 10-Q report, covering the period ending September 30, 2024. The filing details revenue streams including Consumer & Athlete Direct, Dealer Direct, and International Distributor revenues. Specific financial figures and comparative data for the same period in 2023 are presented, alongside information on customer concentration risk.

Why It Matters

This filing provides investors with a quarterly update on Leatt Corp.'s financial performance and revenue breakdown, crucial for understanding business trends and potential risks.

Risk Assessment

Risk Level: medium — The filing mentions customer concentration risk, indicating potential reliance on a few key customers.

Key Numbers

• Q3 2024 — Reporting Period (Covers the third quarter of 2024)
• 2023-09-30 — Prior Year Period End (For comparative financial analysis)

Key Players & Entities

• Leatt Corp. (company) — Filer of the 10-Q
• September 30, 2024 (date) — End of reporting period
• 20240930 (date) — Conformed period of report
• 20241029 (date) — Filing date

FAQ

Key Financial Figures

• $0.001 — Shares Outstanding Common Stock , $0.001 par value 6,215,440 1 LEATT CORPO

Filing Documents

• form10q.htm (10-Q) — 819KB
• exhibit31-1.htm (EX-31.1) — 6KB
• exhibit31-2.htm (EX-31.2) — 6KB
• exhibit32-1.htm (EX-32.1) — 3KB
• exhibit32-2.htm (EX-32.2) — 3KB
• 0001062993-24-018053.txt ( ) — 3441KB
• leat-20240930.xsd (EX-101.SCH) — 39KB
• leat-20240930_cal.xml (EX-101.CAL) — 44KB
• leat-20240930_def.xml (EX-101.DEF) — 38KB
• leat-20240930_lab.xml (EX-101.LAB) — 483KB
• leat-20240930_pre.xml (EX-101.PRE) — 164KB
• form10q_htm.xml (XML) — 276KB

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS. 3 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. 13 ITEM 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK. 27 ITEM 4.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES. 27 PART II OTHER INFORMATION 27 ITEM 1. LEGAL PROCEEDINGS. 27 ITEM 1A. RISK FACTORS. 27 ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS. 27 ITEM 3. DEFAULTS UPON SENIOR SECURITIES. 27 ITEM 4. MINE SAFETY DISCLOSURES. 28 ITEM 5. OTHER INFORMATION. 28 ITEM 6. EXHIBITS. 28 - i - 2 PART I FINANCIAL INFORMATION LEATT CORPORATION CONSOLIDATED BALANCE SHEETS ASSETS September 30, 2024 December 31, 2023 Unaudited Audited Current Assets Cash and cash equivalents $ 12,470,005 $ 11,347,420 Accounts receivable, net 7,862,982 6,970,322 Inventory, net 15,772,146 20,391,873 Payments in advance 977,703 664,754 Deferred asset, net - 9,601 Income tax refunds receivable 523,888 623,081 Prepaid expenses and other current assets 2,846,213 2,297,934 Total current assets 40,452,937 42,304,985 Property and equipment, net 4,055,879 4,026,821 Operating lease right-of-use assets, net 626,949 845,209 Accounts receivable, net 146,477 309,947 Deferred tax asset, net 84,200 84,200 Other Assets Deposits 37,960 36,210 Total Assets $ 45,404,402 $ 47,607,372 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities Accounts payable and accrued expenses $ 5,889,080 $ 5,202,368 Notes payable, current 52,078 112,858 Operating lease liabilities, current 276,062 299,432 Short term loans, net of finance charges 5,795 1,135,761 Total current liabilities 6,223,015 6,750,419 Notes payable, net of current portion 7,147 30,652 Operating lease liabilities, net of current portion 350,887 545,777 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 A

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

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