Tofutti Brands Inc. Files Q3 2024 10-Q

TL;DR

Tofutti Brands Q3 10-Q filed. Financials updated.

AI Summary

Tofutti Brands Inc. filed its 10-Q for the period ending September 28, 2024. The company, based in Edison, NJ, operates in the ice cream and frozen desserts sector. This filing provides financial updates for the third quarter and year-to-date, detailing its financial position and performance.

Why It Matters

This 10-Q filing provides investors and stakeholders with the latest financial performance and position of Tofutti Brands Inc., crucial for understanding the company's operational health and future prospects in the frozen dessert market.

Risk Assessment

Risk Level: medium — As a public company filing regular financial reports, Tofutti Brands Inc. faces inherent market and operational risks, but the 10-Q itself is a standard disclosure, not an indicator of immediate crisis.

Key Players & Entities

• TOFUTTI BRANDS INC (company) — Filer of the 10-Q
• 2024-09-28 (date) — End of the reporting period
• 105 NEWFIELD AVENUE, SUITE H, EDISON, NJ 08837 (location) — Company's business and mailing address
• 9082722400 (phone_number) — Company's business phone number

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) — 515KB
• ex31-1.htm (EX-31.1) — 13KB
• ex31-2.htm (EX-31.2) — 12KB
• ex32-1.htm (EX-32.1) — 7KB
• ex32-2.htm (EX-32.2) — 7KB
• 0001493152-24-046519.txt ( ) — 3157KB
• tofb-20240928.xsd (EX-101.SCH) — 25KB
• tofb-20240928_cal.xml (EX-101.CAL) — 34KB
• tofb-20240928_def.xml (EX-101.DEF) — 61KB
• tofb-20240928_lab.xml (EX-101.LAB) — 258KB
• tofb-20240928_pre.xml (EX-101.PRE) — 193KB
• form10-q_htm.xml (XML) — 392KB

- Financial Information

Part I - Financial Information: Item 1. Unaudited Condensed Financial Statements 3 Unaudited Condensed Balance Sheets – September 28, 2024 and December 30, 2023 3 Unaudited Condensed Statements of Operations -Thirteen and Thirty-nine weeks ended September 28, 2024 and September 30, 2023 4 Unaudited Condensed Statements of Changes in Stockholders' Equity - Thirteen and Thirty-nine weeks ended September 28, 2024 and September 30, 2023 5 Unaudited Condensed Statements of Cash Flows - Thirty-nine weeks ended September 28, 2024 and September 30, 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) September 28, 2024 (Unaudited) December 30, 2023 Assets Current assets: Cash $ 176 $ 837 Accounts receivable, net of allowance for doubtful accounts and sales promotions of $ 495 and $ 525 , respectively 821 828 Inventories 2,130 2,475 Prepaid expenses and other current assets 126 93 Total current assets 3,253 4,233 Operating lease right-of-use asset 355 81 Finance lease right-of-use asset 25 36 Deferred tax assets 246 246 Other assets 31 19 Total assets $ 3,910 $ 4,615 Liabilities and Stockholders' Equity Current liabilities: Accounts payable — 237 Accrued expenses 284 541 Finance lease liability, current portion 8 15 Total current liabilities 292 793 Operating lease liabilities, net of current portion 308 7 Finance lease liability, net of current portion 20 23 Total liabilities 620 823 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 363 323 Retained earnings 2,875 3,417 Total stockholders' equity 3,290 3,792 Total liabilities and stockholders' equity $ 3,910 $ 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 September 28, 2024 Thirteen weeks ended September 30, 2023 Thirty-nine weeks ended September 28, 2024 Thirty-nine weeks ended September 30, 2023 Net sales $ 1,986 $ 2,515 $ 6,481 $ 7,724 Cost of sales 1,501 1,729 4,860 5,665 Gross profit 485 786 1,621 2,059 O

View Full Filing

View this 10-Q filing on SEC EDGAR