Tofutti Brands Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Tofutti Brands Inc. has filed its annual 10-K report for the fiscal year ending December 30, 2023, detailing its business operations and financial standing.</b>

AI Summary

TOFUTTI BRANDS INC (TOFB) filed a Annual Report (10-K) with the SEC on April 3, 2024. Tofutti Brands Inc. filed its 10-K for the fiscal year ending December 30, 2023. The company's principal executive offices are located at 50 Jackson Drive, Cranford, NJ. Tofutti Brands Inc. was formerly known as Tofu Time Inc., with a name change on June 19, 1986. The filing references the Paycheck Protection Program, with activity noted in 2020, 2021, and 2022. The company has an equity incentive plan established in 2014.

Why It Matters

For investors and stakeholders tracking TOFUTTI BRANDS INC, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Tofutti Brands Inc.'s financial performance, operational risks, and strategic direction for the fiscal year 2023, which is crucial for investors to assess the company's health and future prospects. The inclusion of details regarding supplier and customer concentration risks highlights potential vulnerabilities in Tofutti Brands Inc.'s supply chain and revenue streams, which could impact its stability and growth.

Risk Assessment

Risk Level: medium — TOFUTTI BRANDS INC shows moderate risk based on this filing. The company faces medium risk due to supplier and customer concentration, as indicated by references to 'OneSupplierMember', 'AnotherSupplierMember', and 'TwoCustomerMember' in the filing, suggesting potential disruptions if these key partners are lost.

Analyst Insight

Investors should closely monitor Tofutti Brands Inc.'s strategies for mitigating supplier and customer concentration risks and evaluate their impact on future revenue and operational stability.

Key Numbers

• 2023-12-30 — Fiscal Year End (Conformed period of report)
• 2024-04-03 — Filing Date (As of date)
• 0000730349 — Central Index Key (Filer's identifier)
• 2020-05-02 — Paycheck Protection Program Date (PPP loan date)
• 2014 — Equity Incentive Plan Year (TwoThousandFourteenEquityIncentivePlanMember)

Key Players & Entities

• TOFUTTI BRANDS INC (company) — Filer name
• TOFB (company) — Ticker symbol
• 2023-12-30 (date) — Fiscal year end
• 2024-04-03 (date) — Filing date
• 50 Jackson Dr, Cranford, NJ 07016 (address) — Business address
• Tofu Time Inc. (company) — Former company name
• 1986-06-19 (date) — Date of name change
• Paycheck Protection Program (program) — Mentioned in filing

FAQ

Risk Factors

• Supplier Concentration Risk [medium — financial]: The company relies on a limited number of suppliers for its raw materials, and a disruption with any of these suppliers could adversely affect its business.
• Customer Concentration Risk [medium — financial]: A significant portion of the company's sales revenue and accounts receivable is concentrated with a small number of customers, making it vulnerable to changes in demand or business relationships with these key customers.

Key Dates

• 2023-12-30: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-04-03: Filing Date — Date the 10-K was officially submitted to the SEC.

Key Financial Figures

• $0.01 — ch registered Common Stock, par value $0.01 per share TOFB None Indicate by c
• $0 — 3,706 shares of common stock, par value $0.01, outstanding. TABLE OF CONTENTS
• $4,476,000 — od accounts in fiscal 2023 decreased to $4,476,000 from approximately $6,527,000 in fiscal
• $6,527,000 — reased to $4,476,000 from approximately $6,527,000 in fiscal 2022. Sales to health food ac
• $1,219,000 — es to foreign distributors decreased to $1,219,000, or 12% of sales, in fiscal 2023, from
• $1,572,000 — , or 12% of sales, in fiscal 2023, from $1,572,000, or 12% of sales, in fiscal 2022. Our s
• $711,000 — sales to the Kosher market decreased to $711,000 in fiscal 2023, from sales of approxima
• $754,000 — iscal 2023, from sales of approximately $754,000 in fiscal 2022. Sales to Kosher market
• $166,000 — development expenses were approximately $166,000 and $143,000, respectively. We currentl
• $143,000 — xpenses were approximately $166,000 and $143,000, respectively. We currently do not inte

Filing Documents

• form10-k.htm (10-K) — 825KB
• ex23-1.htm (EX-23.1) — 3KB
• ex31-1.htm (EX-31.1) — 13KB
• ex31-2.htm (EX-31.2) — 13KB
• ex32-1.htm (EX-32.1) — 8KB
• ex32-2.htm (EX-32.2) — 8KB
• 0001493152-24-012992.txt (&nbsp;) — 3952KB
• tofb-20231230.xsd (EX-101.SCH) — 30KB
• tofb-20231230_cal.xml (EX-101.CAL) — 49KB
• tofb-20231230_def.xml (EX-101.DEF) — 79KB
• tofb-20231230_lab.xml (EX-101.LAB) — 269KB
• tofb-20231230_pre.xml (EX-101.PRE) — 202KB
• form10-k_htm.xml (XML) — 476KB

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations. 18 Item 7A.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk. 23 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data. 24 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure. 25 Item 9A.

Controls and Procedures

Controls and Procedures. 25 Item 9B. Other Information. 26 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections. 26 PART III 27 Item 10. Directors, Executive Officers and Corporate Governance. 27 Item 11.

Executive Compensation

Executive Compensation. 29 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters. 31 Item 13. Certain Relationships and Related Transactions, and Director Independence. 32 Item 14. Principal Accounting Fees and Services. 32 PART IV 33 Item 15. Exhibits, Financial Statement Schedules. 33 Item 16. Form 10-K Summary. 34

SIGNATURES

SIGNATURES 35 2 INTRODUCTION We are engaged in the development, production and marketing of TOFUTTI brand plant-based, dairy free frozen desserts and cheese products, which contain no butterfat, cholesterol or lactose. As used in this annual report, the terms "we," "us" and "our" mean Tofutti Brands Inc., unless otherwise indicated. Statements made in this annual report concerning the contents of any contract, agreement or other document are summaries of such contracts, agreements or documents and are not complete descriptions of all of their terms. If we filed any of these documents as an exhibit to this annual report or to any previous filling with the Securities and Exchange Commission, you may read the document itself for a complete recitation of its terms. Except for the historical information contained in this annual report, the statements contained in this annual report are "forward-looking Act of 1934, or the Exchange Act, as amended, and the Private Securities Litigation Reform Act of 1995, as amended, with respect to our business, financial condition and results of operations. Such forward-looking statements reflect our current view with respect to future events and financial results. We urge you to consider that statements which use the terms "anticipate," "believe," "do not believe," "expect," "plan," "intend," "estimate," "anticipate" and similar expressions are intended to identify forward-looking statements. We remind readers that forward-looking statements are merely predictions and therefore inherently subject to uncertainties and other factors and involve known and unknown risks that could cause the actual results, performance, levels of activity, or our achievements, or industry results, to be materially different from any future results, performance, levels of activity, or our achievements expressed or im

View Full Filing

View this 10-K filing on SEC EDGAR