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

TL;DR

<b>Fitlife Brands, Inc. has filed its annual 10-K report for the fiscal year ending December 31, 2023.</b>

AI Summary

FITLIFE BRANDS, INC. (FTLF) filed a Annual Report (10-K) with the SEC on March 29, 2024. Fitlife Brands, Inc. reported its fiscal year 2023 results, ending December 31, 2023. The company's filing is a 10-K annual report. The filing was submitted on March 29, 2024. The company was formerly known as Bond Laboratories, Inc., with a name change on August 31, 2006. Fitlife Brands, Inc. is incorporated in Nevada.

Why It Matters

For investors and stakeholders tracking FITLIFE BRANDS, INC., this filing contains several important signals. This 10-K filing provides a comprehensive overview of the company's financial performance, strategic initiatives, and risk factors for the fiscal year 2023. Investors and stakeholders can use this report to assess the company's financial health, operational efficiency, and future outlook.

Risk Assessment

Risk Level: low — FITLIFE BRANDS, INC. shows low risk based on this filing. The filing is a standard 10-K report, indicating routine disclosure rather than an immediate event requiring high risk assessment.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to understand Fitlife Brands' performance and potential challenges.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reported period)
• 2024-03-29 — Filing Date (Date of submission)
• 0001374328 — Central Index Key (Company identifier)
• 2833 — Standard Industrial Classification (Industry code)

Key Players & Entities

• FITLIFE BRANDS, INC. (company) — Filer name
• 20231231 (date) — Fiscal year end
• 20240329 (date) — Filing date
• BOND LABORATORIES, INC. (company) — Former company name
• 0001374328 (company) — Central Index Key
• 2833 (industry) — Standard Industrial Classification
• NV (state) — State of incorporation
• OMAHA (location) — Business address city

FAQ

Industry Context

Fitlife Brands, Inc. operates within the medicinal chemicals and botanical products industry.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to disclose material information.

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and cash flow.
2. Review the Management's Discussion and Analysis for insights into business performance and strategy.
3. Examine the risk factors section for potential challenges and uncertainties.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-03-29: Filing Date — Date the 10-K was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial 10-K filing provided for analysis; no prior filing data is available for comparison.

Key Financial Figures

• $0.01 — registered Common Stock, par value $0.01 per share FTLF The Nasdaq Capital M
• $17,099 — deration for the acquisition of MRC was $17,099, of which $12,500 was funded using proc
• $12,500 — cquisition of MRC was $17,099, of which $12,500 was funded using proceeds from a new te
• $4,599 — sing proceeds from a new term loan, and $4,599 from the Company's available cash. See
• $18,500 — n for the acquisition was approximately $18,500 cash. Of this amount, $10,000 was funde
• $10,000 — oximately $18,500 cash. Of this amount, $10,000 was funded using proceeds from a new te

Filing Documents

• ftlf20231231_10k.htm (10-K) — 1281KB
• ex_630109.htm (EX-21) — 15KB
• ex_630111.htm (EX-31.1) — 13KB
• ex_630112.htm (EX-31.2) — 13KB
• ex_630113.htm (EX-32.1) — 8KB
• 0001437749-24-010119.txt (&nbsp;) — 6498KB
• ftlf-20231231.xsd (EX-101.SCH) — 54KB
• ftlf-20231231_cal.xml (EX-101.CAL) — 57KB
• ftlf-20231231_def.xml (EX-101.DEF) — 412KB
• ftlf-20231231_lab.xml (EX-101.LAB) — 376KB
• ftlf-20231231_pre.xml (EX-101.PRE) — 440KB
• ftlf20231231_10k_htm.xml (XML) — 961KB

Business

Business 1 ITEM 1A.

Risk Factors

Risk Factors 7 ITEM 1B. Unresolved Staff Comments 13 ITEM 1C. Cybersecurity 13 ITEM 2.

Properties

Properties 13 ITEM 3.

Legal Proceedings

Legal Proceedings 13 ITEM 4. Mine Safety Disclosures 13 PART II ITEM 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 14 ITEM 6.

Selected Financial Data

Selected Financial Data 15 ITEM 7.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 16 ITEM 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 24 ITEM 8. Consolidated Financial Statements and Supplementary Data 24 ITEM 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 24 ITEM 9A.

Controls and Procedures

Controls and Procedures 24 ITEM 9B. Other Information 25 PART III ITEM 10. Directors, Executive Officers, and Corporate Governance 26 ITEM 11.

Executive Compensation

Executive Compensation 26 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 26 ITEM 13. Certain Relationships and Related Transactions, and Director Independence 26 ITEM 14. Principal Accountant Fees and Services 26 PART IV ITEM 15. Exhibits and Financial Statement Schedules 26 ITEM 16. Form 10-K Summary 28

SIGNATURES

SIGNATURES 29 CERTIFICATIONS Exhibit 31 – Certification pursuant to Rule 13a-14(a) and 15d-14(a) Exhibit 32 – Certification pursuant to 18 U.S.C 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

Forward Looking Statements — Cautionary Language

Forward Looking Statements — Cautionary Language This Annual Report on Form 10-K (the " Annual Report " ) contains various " forward looking statements " within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, regarding future events or the future financial performance of the Company that involve risks and uncertainties. Certain statements included herein, including, without limitation, statements related to anticipated cash flow sources and uses, and words including but not limited to " anticipates " , " believes " , " plans " , " expects " , " future " and similar statements or expressions, identify forward looking statements. Any forward-looking statements herein are subject to certain risks and uncertainties in the Company ' s business, including but not limited to, reliance on key customers and competition in its markets, market demand, product performance, technological developments, maintenance of relationships with key suppliers, difficulties of hiring or retaining key personnel and any changes in current accounting rules, all of which may be beyond the control of the Company. The Company ' s actual results could differ materially from those anticipated in these forward-looking statements as a result of certain factors, including those set forth herein. This Annual Report, quarterly reports on Form 10-Q, current reports on Form 8-K and other documents filed with the SEC include additional factors, which could impact FitLife Brands, Inc. ' s business and financial performance. Moreover, FitLife Brands, Inc. operates in a rapidly changing and competitive environment. New risks emerge from time to time and it is not possible for management to predict all such risks. Further, it is not possible to assess the impact of all risks on FitLife Brands, Inc. ' s business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Giv

BUSINESS

ITEM 1. BUSINESS FitLife Brands, Inc. (the " Company ") is a national provider of innovative and proprietary nutritional supplements and wellness products for health-conscious consumers marketed under the following brand names: (i) NDS Nutrition, PMD Sports, SirenLabs, Core Active, Nutrology, and Metis Nutrition (together, " NDS Products "); (ii) iSatori, BioGenetic Laboratories, and Energize (together, the " iSatori Products "); (iii) Dr. Tobias, All Natural Advice, and Maritime Naturals (together, the " MRC Products "); and (iv) MusclePharm. Overview FitLife Brands, Inc. (the " Company ") is a national provider of innovative and proprietary nutritional supplements and wellness products for health-conscious consumers marketed under the following brand names: (i) NDS Nutrition, PMD Sports, SirenLabs, CoreActive, Nutrology, and Metis Nutrition (together, " NDS Products "); (ii) iSatori, BioGenetic Laboratories, and Energize (together, the " iSatori Products "); (iii) Dr. Tobias, All Natural Advice, and Maritime Naturals (together, the " MRC Products "); and (iv) MusclePharm. The Company distributes the NDS Products principally through franchised General Nutrition Centers, Inc. (" GNC ") stores located both domestically and internationally, and, with the launch of Metis Nutrition, through corporate GNC stores in the United States. The iSatori Products are sold through more than 17,000 retail locations, which include specialty, mass, and online. The Company distributes the MRC Products primarily online. MusclePharm's products are sold to wholesale customers as well as online directly to the end consumer. FitLife Brands is headquartered in Omaha, Nebraska. For more information on the Company, please go to www.fitlifebrands.com. The Company's common stock, par value $0.01 per share (" Common Stock "), trades under the symbol "FTLF" on the Nasdaq Capital Market. Recent Developments Acquisition of Mimi ' s Rock Corp On December 4, 2022, the Company entered into

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View this 10-K filing on SEC EDGAR