Tofutti Brands Inc. Files 10-Q for Period Ending March 30, 2024

TL;DR

<b>Tofutti Brands Inc. filed its Q1 2024 10-Q, detailing financial performance and segment data.</b>

AI Summary

TOFUTTI BRANDS INC (TOFB) filed a Quarterly Report (10-Q) with the SEC on May 14, 2024. Tofutti Brands Inc. filed a 10-Q report for the period ending March 30, 2024. The filing includes financial data for the first quarter of 2024. Key financial statement information such as common stock, additional paid-in capital, and retained earnings are detailed. The report references equity incentive plans and nonqualified stock options. Segment information for Frozen Desserts and Foods, and Cheeses is provided for the Americas, Europe, Asia Pacific & Africa, and Middle East regions.

Why It Matters

For investors and stakeholders tracking TOFUTTI BRANDS INC, this filing contains several important signals. This filing provides investors with the latest quarterly financial snapshot of Tofutti Brands Inc., crucial for assessing performance and making investment decisions. The detailed segment information allows for an understanding of which product categories and geographic regions are contributing to the company's revenue and operations.

Risk Assessment

Risk Level: low — TOFUTTI BRANDS INC shows low risk based on this filing. The filing is a standard 10-Q, providing routine financial disclosures without immediate red flags.

Analyst Insight

Monitor future filings for trends in segment performance and any changes in equity incentive plan activity.

Revenue Breakdown

Key Numbers

• 2024-03-30 — Period End Date (Conformed Period of Report)
• 2024-05-14 — Filing Date (Filed as of Date)
• Q1 — Reporting Quarter (Form Type)

Key Players & Entities

• TOFUTTI BRANDS INC (company) — Filer
• 0000730349 (company) — Central Index Key
• 2024-03-30 (date) — Conformed Period of Report
• 2024-05-14 (date) — Filed as of Date
• ICE CREAM & FROZEN DESSERTS (industry) — Standard Industrial Classification
• TOFB (company) — Ticker Symbol

FAQ

Industry Context

Tofutti Brands Inc. operates in the frozen desserts and dairy alternatives market, a segment of the broader food industry.

Regulatory Implications

The filing is a standard 10-Q, adhering to SEC regulations for quarterly financial reporting.

What Investors Should Do

1. Review the full 10-Q for detailed financial statements and footnotes.
2. Analyze segment performance for trends in revenue and profitability.
3. Compare Q1 2024 results to previous periods to identify growth or decline.

Key Dates

• 2024-03-30: Quarter End — End of the reporting period for the 10-Q filing.
• 2024-05-14: Filing Date — Date the 10-Q was officially filed with the SEC.

Year-Over-Year Comparison

This filing represents the first quarterly report of 2024, providing updated financial information compared to the previous year's filings.

Key Financial Figures

• $0.01 — ch registered Common Stock, par value $0.01 per share TOFB None N/A (Former
• $0 — 3,706 shares of Common Stock, par value $0.01, outstanding. TOFUTTI BRANDS INC.

Filing Documents

• form10-q.htm (10-Q) — 387KB
• ex31-1.htm (EX-31.1) — 12KB
• ex31-2.htm (EX-31.2) — 13KB
• ex32-1.htm (EX-32.1) — 7KB
• ex32-2.htm (EX-32.2) — 7KB
• 0001493152-24-019312.txt (&nbsp;) — 2535KB
• tofb-20240330.xsd (EX-101.SCH) — 22KB
• tofb-20240330_cal.xml (EX-101.CAL) — 31KB
• tofb-20240330_def.xml (EX-101.DEF) — 55KB
• tofb-20240330_lab.xml (EX-101.LAB) — 193KB
• tofb-20240330_pre.xml (EX-101.PRE) — 143KB
• form10-q_htm.xml (XML) — 281KB

- Financial Information

Part I - Financial Information: Item 1. Unaudited Condensed Financial Statements 3 Unaudited Condensed Balance Sheets – March 30, 2024 and December 30, 2023 3 Unaudited Condensed Statements of Operations - Thirteen Weeks ended March 30, 2024 and April 1, 2023 4 Unaudited Condensed Statements of Changes in Stockholders' Equity - Thirteen Weeks ended March 30, 2024 and April 1, 2023 5 Unaudited Condensed Statements of Cash Flows - Thirteen Weeks ended March 30, 2024 and April 1, 2023 6 Notes to Unaudited Condensed Financial Statements 7 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 12 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 16 Item 4.

Controls and Procedures

Controls and Procedures 16

- Other Information

Part II - Other Information: Item 1.

Legal Proceedings

Legal Proceedings 17 Item 1A.

Risk Factors

Risk Factors 17 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 17 Item 3. Defaults Upon Senior Securities 17 Item 4. Mine Safety Disclosures 17 Item 5. Other Information 17 Item 6. Exhibits 17

Signatures

Signatures 18 2 PART I - FINANCIAL INFORMATION Item 1. Financial Statements TOFUTTI BRANDS INC. Unaudited Condensed Balance Sheets (in thousands, except share and per share figures) March 30, 2024 December 30, 2023 Assets Current assets: Cash $ 351 $ 837 Accounts receivable, net of allowance for doubtful accounts and sales promotions of $ 495 and $ 525 . 889 828 Inventories 2,453 2,475 Prepaid expenses and other current assets 97 93 Total current assets 3,790 4,233 Operating lease right-of-use assets 66 81 Finance lease right-of-use asset 32 36 Deferred tax assets 246 246 Other assets 19 19 Total assets $ 4,153 $ 4,615 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 209 $ 237 Accrued expenses 407 541 Finance lease liability, current portion 15 15 Total current liabilities 631 793 Operating lease liabilities, net of current portion — 7 Finance lease liability, net of current portion 19 23 Total liabilities 650 823 Stockholders' equity: Preferred stock - par value $ .01 per share; authorized 100,000 shares, none issued and outstanding — — Common stock - par value $ .01 per share; authorized 15,000,000 shares, 5,153,706 shares issued and outstanding 52 52 Additional paid-in capital 337 323 Retained earnings 3,114 3,417 Total stockholders' equity 3,503 3,792 Total liabilities and stockholders' equity $ 4,153 $ 4,615 See accompanying notes to unaudited condensed financial statements. 3 TOFUTTI BRANDS, INC. Unaudited Condensed Statements of Operations (in thousands, except per share figures) Thirteen weeks ended March 30, 2024 Thirteen weeks ended April 1, 2023 Net sales $ 2,212 $ 2,490 Cost of sales 1,742 1,884 Gross profit 470 606 Operating expenses: Selling and warehouse 214 271 Marketing 134 95 Research and development 42 28 General and administrative 382 302 Total operating

View Full Filing

View this 10-Q filing on SEC EDGAR