Tofutti Brands Inc. Files Q2 2024 10-Q Report

TL;DR

**TOFUTTI BRANDS (TOFT) FILED Q2 10-Q - FINANCIALS OUT NOW!**

AI Summary

Tofutti Brands Inc. filed its 10-Q for the period ending June 29, 2024. The filing details the company's financial performance and position, including its balance sheet, income statement, and cash flow statement for the relevant periods. Specific financial figures and operational details are presented within the report.

Why It Matters

This filing provides investors and stakeholders with a crucial update on Tofutti Brands' financial health and operational performance, impacting investment decisions and market perception.

Risk Assessment

Risk Level: medium — As a publicly traded company, Tofutti Brands Inc. is subject to market fluctuations and regulatory requirements, making its financial reporting inherently medium risk.

Key Numbers

• 2024-06-29 — Reporting Period End Date (Indicates the end of the fiscal quarter covered by the report.)
• 2024-08-15 — Filing Date (The date the 10-Q was officially submitted to the SEC.)

Key Players & Entities

• TOFUTTI BRANDS INC (company) — Filer of the 10-Q report
• 20240629 (date) — End of the reporting period for the 10-Q
• 20240815 (date) — Filing date of the 10-Q
• 0000730349 (company) — Central Index Key for Tofutti Brands Inc.

FAQ

Key Financial Figures

• $0.01 — ch registered Common Stock, par value $0.01 per share TOFB None N/A (Former

Filing Documents

• form10-q.htm (10-Q) — 479KB
• ex31-1.htm (EX-31.1) — 12KB
• ex31-2.htm (EX-31.2) — 12KB
• ex32-1.htm (EX-32.1) — 7KB
• ex32-2.htm (EX-32.2) — 7KB
• 0001493152-24-032653.txt ( ) — 2835KB
• tofb-20240629.xsd (EX-101.SCH) — 24KB
• tofb-20240629_cal.xml (EX-101.CAL) — 34KB
• tofb-20240629_def.xml (EX-101.DEF) — 56KB
• tofb-20240629_lab.xml (EX-101.LAB) — 200KB
• tofb-20240629_pre.xml (EX-101.PRE) — 150KB
• form10-q_htm.xml (XML) — 364KB

- Financial Information

Part I - Financial Information: Item 1. Unaudited Condensed Financial Statements 3 Unaudited Condensed Balance Sheets – June 29, 2024 and December 30, 2023 3 Unaudited Condensed Statements of Operations -Thirteen and Twenty-Six Weeks ended June 29, 2024 and July 1, 2023 4 Unaudited Condensed Statements of Changes in Stockholders' Equity -Thirteen and Twenty-Six Weeks ended June 29, 2024 and July 1, 2023 5 Unaudited Condensed Statements of Cash Flows -Twenty-Six Weeks ended June 29, 2024 and July 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 17

- Other Information

Part II - Other Information: Item 1.

Legal Proceedings

Legal Proceedings 18 Item 1A.

Risk Factors

Risk Factors 18 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 18 Item 3. Defaults Upon Senior Securities 18 Item 4. Mine Safety Disclosures 18 Item 5. Other Information 18 Item 6. Exhibits 18

Signatures

Signatures 19 2 PART I - FINANCIAL INFORMATION Item 1. Financial Statements TOFUTTI BRANDS INC. Condensed Balance Sheets (in thousands, except share and per share figures) June 29, 2024 (Unaudited) December 30, 2023 Assets Current assets: Cash $ 489 $ 837 Accounts receivable, net of allowance for doubtful accounts and sales promotions of $ 505 and $ 525 , respectively 817 828 Inventories 2,171 2,475 Prepaid expenses and other current assets 75 93 Total current assets 3,552 4,233 Operating lease right-of-use asset 47 81 Finance lease right-of-use asset 29 36 Deferred tax assets 246 246 Other assets 40 19 Total assets $ 3,914 $ 4,615 Liabilities and Stockholders' Equity Current liabilities: Accounts payable 12 237 Accrued expenses 387 541 Finance lease liability, current portion 11 15 Total current liabilities 410 793 Operating lease liabilities, net of current portion — 7 Finance lease liability, net of current portion 20 23 Total liabilities 430 823 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 350 323 Retained earnings 3,082 3,417 Total stockholders' equity 3,484 3,792 Total liabilities and stockholders' equity $ 3,914 $ 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 June 29, 2024 Thirteen weeks ended July 1, 2023 Twenty-six weeks ended June 29, 2024 Twenty-six weeks ended July 1, 2023 Net sales $ 2,283 $ 2,719 $ 4,495 $ 5,208 Cost of sales 1,616 2,052 3,359 3,935 Gross profit 667 667 1,136 1,273 Operating expenses: Selling a

View Full Filing

View this 10-Q filing on SEC EDGAR