Fitlife Brands, Inc. Files 10-K/A Amendment for Fiscal Year Ended December 31, 2023

TL;DR

<b>Fitlife Brands, Inc. has filed an amendment to its 2023 annual report, providing updated financial and operational details.</b>

AI Summary

FITLIFE BRANDS, INC. (FTLF) filed a Amended Annual Report (10-K/A) with the SEC on April 22, 2024. Fitlife Brands, Inc. filed an amendment (10-K/A) to its annual report for the fiscal year ended December 31, 2023. The company's common stock trades under the symbol FTLF on The Nasdaq Capital Market. Fitlife Brands, Inc. is incorporated in Nevada and its principal executive offices are located in Omaha, Nebraska. The filing indicates the company is a smaller reporting company and not a well-known seasoned issuer. The amendment was filed on April 22, 2024.

Why It Matters

For investors and stakeholders tracking FITLIFE BRANDS, INC., this filing contains several important signals. This amendment provides updated information for the fiscal year ending December 31, 2023, which is crucial for investors to assess the company's current financial health and performance. As a smaller reporting company, this filing is important for understanding its regulatory status and disclosure level compared to larger entities.

Risk Assessment

Risk Level: low — FITLIFE BRANDS, INC. shows low risk based on this filing. The filing is an amendment to a previous report, suggesting potential corrections or additions rather than new material events, thus posing a low immediate risk.

Analyst Insight

Investors should review the specific changes and additions made in this 10-K/A filing to understand any updated financial or operational information for Fitlife Brands, Inc.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reported Fiscal Year End)
• 2024-04-22 — Filing Date (Date of 10-K/A Filing)

Key Players & Entities

• FITLIFE BRANDS, INC. (company) — Registrant
• FTLF (company) — Trading Symbol
• 2023-12-31 (date) — Fiscal Year End
• 2024-04-22 (date) — Filing Date
• The Nasdaq Capital Market (company) — Exchange
• Omaha, NE (location) — Principal Executive Offices

FAQ

Industry Context

The company operates within the medicinal chemicals and botanical products industry, as indicated by its SIC code.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring adherence to SEC regulations for public companies.

What Investors Should Do

1. Review the specific amendments made in the 10-K/A filing.
2. Analyze the company's financial performance and disclosures for the fiscal year 2023.
3. Monitor future filings for any significant changes or updates from Fitlife Brands, Inc.

Year-Over-Year Comparison

This is an amended filing (10-K/A), indicating updates or corrections to previously submitted information for the fiscal year 2023.

Key Financial Figures

• $0.01 — ch registered Common Stock, par value $0.01 per share FTLF The Nasdaq Capital M
• $500 million — ration, where he had accountability for $500 million in revenue, 300 stores and 7,000 people
• $100,000 — and whose annual compensation exceeded $100,000 during such year (collectively the " Na
• $364,000 — d an increase of Mr. Judd's salary from $364,000 to $390,000. Effective August 29, 2022,
• $390,000 — e of Mr. Judd's salary from $364,000 to $390,000. Effective August 29, 2022, the Board a
• $330,000 — e of Mr. Judd's annual base salary from $330,000 to $364,000. Mr. Judd serves as an at-w
• $135,000 — increase of Mr. Ryan's base salary from $135,000 to $14
• $14 — Mr. Ryan's base salary from $135,000 to $14

Filing Documents

• ftlf20231231_10ka.htm (10-K/A) — 281KB
• ex_657300.htm (EX-14.1) — 27KB
• ex_657301.htm (EX-23.1) — 2KB
• ex_657302.htm (EX-31.1) — 18KB
• ex_657303.htm (EX-31.2) — 18KB
• 0001437749-24-012657.txt (&nbsp;) — 576KB
• ftlf-20231231.xsd (EX-101.SCH) — 3KB
• ftlf-20231231_def.xml (EX-101.DEF) — 16KB
• ftlf-20231231_lab.xml (EX-101.LAB) — 22KB
• ftlf-20231231_pre.xml (EX-101.PRE) — 17KB
• ftlf20231231_10ka_htm.xml (XML) — 7KB

Executive Compensation

Executive Compensation 6 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 8 ITEM 13. Certain Relationships and Related Transactions, and Director Independence 10 ITEM 14. Principal Accountant Fees and Services 10 PART IV 11 ITEM 15. Exhibits and Financial Statement Schedules 11 ITEM 16. Form 10-K Summary 12

SIGNATURES

SIGNATURES 13 CERTIFICATIONS Exhibit 31 – Certification pursuant to Rule 13a-14(a) and 15d-14(a) PART III

DIRECTORS AND EXECUTIVE OFFICERS

ITEM 10. DIRECTORS AND EXECUTIVE OFFICERS Directors and Executive Officers Set forth below is information regarding each of the Company's current directors and executive officers. There are no family relationships between any of our directors or executive officers. Stockholders elect the directors annually. The executive officers serve at the by appointment of the Board of Directors (the " Board "). Name Age Title Dayton Judd 52 Chief Executive Officer and Chairman Lewis Jaffe 67 Director Grant Dawson 55 Director Seth Yakatan 53 Director Todd Ordal 67 Director Jakob York 47 Chief Financial Officer Patrick Ryan 45 Chief Retail Officer Jenna Sinnett 44 Chief Operating Officer Each of the Company's executive officers and directors will hold office until their successors are duly elected and qualified. The background and principal occupations of each officer and director are as follows: Dayton Judd has served as a director of the Company since June 2017, is currently the Chairman of the Company's Board of Directors and began serving as the Company's Chief Executive Officer on February 18, 2018. Mr. Judd is the founder and Managing Partner of Sudbury Capital Management (" Sudbury "). Prior to founding Sudbury, Mr. Judd worked from 2007 through 2011 as a Portfolio Manager at Q Investments, a multi-billion dollar hedge fund in Fort Worth, Texas. Prior to Q Investments, he worked with McKinsey & Company from 1996 through 1998, and again from 2000 through 2007. He graduated from Brigham Young University in 1995 with a Bachelors Degree, summa cum laude, and a Masters Degree, both in accounting. He also earned an M.B.A. with high distinction from Harvard Business School in 2000, where he was a Baker Scholar. Mr. Judd is a Certified Public Accountant. He currently serves on the Board of Directors of LifeVantage Corp (Nasdaq: LFVN) and Optex Systems Holdings Inc. (Nasdaq: OPXS). The Company's Nominating and Corporate Governance Committee beli

EXECUTIVE COMPENSATION

ITEM 11. EXECUTIVE COMPENSATION Summary Compensation Table The following table sets forth information concerning the compensation paid to the Company's Chief Executive Officer, and the Company's two most highly compensated executive officers other than its Chief Executive Officer, who were serving as executive officers as of December 31, 2023 and whose annual compensation exceeded $100,000 during such year (collectively the " Named Executive Officers "). Name and principal position Year Salary Bonus Stock awards Warrants/ option awards (1) All other compensation (2) Total Dayton Judd 2023 $ 372,000 $ 160,000 $ - $ - $ - $ 532,000 Chief Executive Officer and Chair of the Board 2022 $ 340,462 $ 135,000 $ - $ - $ - $ 475,462 Patrick Ryan 2023 $ 148,077 $ 5,000 $ - $ - $ 151,669 $ 304,746 Chief Retail Officer 2022 $ 138,077 $ - $ - $ - $ 186,045 $ 324,122 Jakob York 2023 $ 204,616 $ 40,000 $ - $ 16,060 $ - $ 260,676 Chief Financial Officer 2022 (3) $ 69,230 $ - $ - $ 89,700 $ - $ 158,930 (1) The amounts in this column represent the grant date fair value of stock option awards computed in accordance with FASB guidance, excluding the effect of estimated forfeitures under which the Named Executive Officer has the right to purchase, subject to vesting, shares of the Company's Common Stock. (2) (3) Amounts reflect commissions paid to the Named Executive Officer. Jakob York was hired as CFO on August 15, 2022. Employment Agreements Dayton Judd. Dayton Judd currently serves as the Company's Chief Executive Officer. Effective August 28, 2023, the Board approved an increase of Mr. Judd's salary from $364,000 to $390,000. Effective August 29, 2022, the Board approved an increase of Mr. Judd's annual base salary from $330,000 to $364,000. Mr. Judd serves as an at-will employee without a formal employment agreement. Patrick Rya

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