Innovative Food Holdings Inc. Files Quarterly Report on Form 10-Q

TL;DR

<b>Innovative Food Holdings Inc. filed its quarterly report (10-Q) for the period ending March 31, 2024, confirming compliance with SEC filing requirements.</b>

AI Summary

INNOVATIVE FOOD HOLDINGS INC (IVFH) filed a Quarterly Report (10-Q) with the SEC on May 14, 2024. The filing is a quarterly report (Form 10-Q) for the period ended March 31, 2024. Innovative Food Holdings Inc. is incorporated in Florida and has its principal executive offices in Bonita Springs, Florida. The company is registered under the SIC code 5141 for Wholesale - Groceries & General Line. The report indicates the company has filed all required reports for the preceding 12 months and has been subject to filing requirements for the past 90 days. The company has submitted electronically every Interactive Data File required for the preceding 12 months.

Why It Matters

For investors and stakeholders tracking INNOVATIVE FOOD HOLDINGS INC, this filing contains several important signals. This 10-Q filing provides investors with an update on the company's financial performance and operational status for the first quarter of 2024. The confirmation of meeting filing requirements suggests a level of operational stability and adherence to regulatory standards.

Risk Assessment

Risk Level: low — INNOVATIVE FOOD HOLDINGS INC shows low risk based on this filing. The filing is a standard 10-Q report and does not contain specific financial results or forward-looking statements that would indicate immediate risk.

Analyst Insight

Monitor future filings for detailed financial performance and operational updates from Innovative Food Holdings Inc.

Key Numbers

• 20240331 — Quarterly Period End Date (Form 10-Q)
• 000-09376 — Commission File Number (Form 10-Q)
• 20-1167761 — IRS Employer I.D. No. (Form 10-Q)

Key Players & Entities

• INNOVATIVE FOOD HOLDINGS INC (company) — Filer name
• 0001185185-24-000501 (other) — Accession Number
• 20240331 (date) — Quarterly period ended
• 0000312257 (other) — Central Index Key
• 5141 (other) — Standard Industrial Classification
• FL (location) — State of Incorporation
• 9696 BONITA BEACH ROAD, STE 208 (address) — Business Address
• 239-596-0204 (phone) — Business Phone

FAQ

Industry Context

The company operates in the wholesale grocery and general line sector.

Regulatory Implications

The company is subject to the reporting requirements of the Securities Exchange Act of 1934, including filing quarterly reports (10-Q).

What Investors Should Do

1. Review the full 10-Q filing for detailed financial statements and management discussion.
2. Track future filings for performance trends and any significant operational changes.
3. Analyze the company's position within the wholesale grocery sector.

Year-Over-Year Comparison

This is the initial filing analyzed for the period ending March 31, 2024. No prior period comparison is available from this specific document.

Key Financial Figures

• $2.00 — upon the attainment of a stock price of $2.00 per share for 20 straight trading days
• $3.00 — upon the attainment of a stock price of $3.00 per share for 20 straight trading days

Filing Documents

• innovfood20240331_10q.htm (10-Q) — 1338KB
• ex_671236.htm (EX-31.1) — 8KB
• ex_671237.htm (EX-31.2) — 8KB
• ex_671238.htm (EX-32.1) — 4KB
• ex_671239.htm (EX-32.2) — 4KB
• innovfood20240331_10qimg001.jpg (GRAPHIC) — 4KB
• 0001185185-24-000501.txt (&nbsp;) — 8543KB
• ivfh-20240331.xsd (EX-101.SCH) — 88KB
• ivfh-20240331_cal.xml (EX-101.CAL) — 46KB
• ivfh-20240331_def.xml (EX-101.DEF) — 365KB
• ivfh-20240331_lab.xml (EX-101.LAB) — 563KB
• ivfh-20240331_pre.xml (EX-101.PRE) — 361KB
• innovfood20240331_10q_htm.xml (XML) — 1601KB

Management's Discussion and Analysis of Financial Condition and Results of Operations (including cautionary statement)

Management's Discussion and Analysis of Financial Condition and Results of Operations (including cautionary statement) 26 Item 4.

Controls and Procedures

Controls and Procedures 32 PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 33 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 33 Item 3. Defaults Upon Senior Securities 33 Item 4. Mine Safety Disclosures 33 Item 5. Other Information 33 Item 6. Exhibits 34

Signatures

Signatures 35 Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

- CONSOLIDATED FINANCIAL STATEMENTS

ITEM 1 - CONSOLIDATED FINANCIAL STATEMENTS Innovative Food Holdings, Inc. Consolidated Balance Sheets March 31, December 31, 2024 2023 (unaudited) ASSETS Current assets Cash and cash equivalents $ 4,272,243 $ 5,327,016 Accounts receivable, net 4,109,274 4,307,726 Inventory, net 2,840,682 2,973,134 Other current assets 348,926 287,528 Assets held for sale 5,941,933 649,884 Current assets - discontinued operations 20,649 95,861 Total current assets 17,533,707 13,641,149 Property and equipment, net 974,143 7,000,015 Right of use assets, operating leases, net 24,344 28,519 Right of use assets, finance leases, net 411,488 436,403 Tradenames and other unamortizable intangible assets 217,000 217,000 Total assets $ 19,160,682 $ 21,323,086 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Accounts payable and accrued liabilities $ 3,111,671 6,252,951 Accrued separation costs, related parties, current portion 418,635 463,911 Accrued interest 93,829 95,942 Deferred revenue 1,227,936 1,312,837 Stock appreciation rights liability 373,918 255,020 Notes payable - current portion 100,237 121,041 Lease liability - operating leases, current 17,422 17,131 Lease liability - finance leases, current 136,096 115,738 Current liabilities - discontinued operations 2,522 6,422 Total current liabilities 5,482,266 8,640,993 Note payable, net of discount 8,501,474 8,855,000 Accrued separation costs, related parties, non-current 707,692 791,025 Lease liability - operating leases, non-current 6,922 11,388 Lease liability - finance leases, non-current 148,931 219,266 Total liabilities 14,847,285 18,517,672 Commitments & Contingencies (see note 18) Stockholders' equity Common stock: $ 0.0001 par value; 500,000,000 shares authorized; 52,516,974 and 52,538,100 shares issued, and 49,693,803 and 49,714,929 shares outstanding at March 31,

View Full Filing

View this 10-Q filing on SEC EDGAR