Innovative Food Holdings Files Q2 2024 10-Q
Ticker: IVFH · Form: 10-Q · Filed: Aug 14, 2024 · CIK: 312257
Sentiment: neutral
Topics: 10-Q, quarterly-report, company-information
TL;DR
INNOVATIVE FOOD HOLDINGS INC filed their 10-Q for Q2 2024. Check financials.
AI Summary
Innovative Food Holdings, Inc. filed its quarterly report for the period ended June 30, 2024. The company, formerly known as Alpha Solarco Inc. until July 3, 1992, is incorporated in Florida and operates in the wholesale groceries sector. Its principal executive offices are located at 9696 Bonita Beach Road, Suite 208, Bonita Springs, Florida.
Why It Matters
This filing provides investors with an update on the financial performance and operational status of Innovative Food Holdings, Inc. for the second quarter of 2024.
Risk Assessment
Risk Level: low — This is a standard quarterly filing with no immediate red flags or significant new disclosures.
Key Players & Entities
- INNOVATIVE FOOD HOLDINGS, INC. (company) — Registrant
- ALPHA SOLARCO INC (company) — Former company name
- 20240630 (date) — Quarterly period end date
- 0000312257 (company) — Central Index Key
- 20-1167761 (company) — IRS Employer I.D. No.
- 9696 Bonita Beach Road, Ste. 208, Bonita Springs, Florida 34135 (company) — Business address
FAQ
What is the reporting period for this 10-Q filing?
The quarterly report is for the period ended June 30, 2024.
What was Innovative Food Holdings, Inc. formerly known as?
The company was formerly known as ALPHA SOLARCO INC.
In which state was Innovative Food Holdings, Inc. incorporated?
The company was incorporated in Florida.
What is the primary business address of Innovative Food Holdings, Inc.?
The primary business address is 9696 Bonita Beach Road, Suite 208, Bonita Springs, Florida 34135.
What is the SIC code for Innovative Food Holdings, Inc.?
The Standard Industrial Classification code is 5141 for Wholesale-Groceries & General Line.
Filing Stats: 4,476 words · 18 min read · ~15 pages · Grade level 14.2 · Accepted 2024-08-14 12:00:43
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
- innovfood20240630_10q.htm (10-Q) — 1560KB
- ex_711107.htm (EX-31.1) — 7KB
- ex_711108.htm (EX-31.2) — 7KB
- ex_711109.htm (EX-32.1) — 4KB
- ex_711110.htm (EX-32.2) — 4KB
- ivfh_logo1.jpg (GRAPHIC) — 4KB
- 0001185185-24-000799.txt ( ) — 9146KB
- ivfh-20240630.xsd (EX-101.SCH) — 87KB
- ivfh-20240630_cal.xml (EX-101.CAL) — 53KB
- ivfh-20240630_def.xml (EX-101.DEF) — 370KB
- ivfh-20240630_lab.xml (EX-101.LAB) — 580KB
- ivfh-20240630_pre.xml (EX-101.PRE) — 370KB
- innovfood20240630_10q_htm.xml (XML) — 1708KB
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) 27 Item 4.
Controls and Procedures
Controls and Procedures 34 PART II. OTHER INFORMATION Item 1.
Legal Proceedings
Legal Proceedings 35 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 35 Item 3. Defaults Upon Senior Securities 35 Item 4. Mine Safety Disclosures 35 Item 5. Other Information 35 Item 6. Exhibits 36
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION
- CONSOLIDATED FINANCIAL STATEMENTS
ITEM 1 - CONSOLIDATED FINANCIAL STATEMENTS Innovative Food Holdings, Inc. Consolidated Balance Sheets June 30, December 31, 2024 2023 (unaudited) ASSETS Current assets Cash and cash equivalents $ 3,866,448 $ 5,327,016 Accounts receivable, net 5,198,153 4,307,726 Inventory, net 2,762,071 2,973,134 Other current assets 299,424 287,528 Assets held for sale 5,941,933 649,884 Current assets - discontinued operations 20,284 95,861 Total current assets 18,088,313 13,641,149 Property and equipment, net 934,353 7,000,015 Right of use assets, operating leases, net 20,098 28,519 Right of use assets, finance leases, net 407,427 436,403 Tradenames and other unamortizable intangible assets 217,000 217,000 Total assets $ 19,667,191 $ 21,323,086 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Accounts payable and accrued liabilities $ 3,222,324 $ 6,252,951 Accrued separation costs, related parties, current portion 342,666 463,911 Accrued interest 89,990 95,942 Deferred revenue 1,440,803 1,312,837 Stock appreciation rights liability 786,768 255,020 Notes payable, net of discount - current portion 122,717 121,041 Lease liability - operating leases, current 15,927 17,131 Lease liability - finance leases, current 154,392 115,738 Current liabilities - discontinued operations 2,522 6,422 Total current liabilities 6,178,109 8,640,993 Note payable, net of discount 8,459,439 8,855,000 Accrued separation costs, related parties, non-current 624,359 791,025 Lease liability - operating leases, non-current 4,171 11,388 Lease liability - finance leases, non-current 85,771 219,266 Total liabilities 15,351,849 18,517,672 Commitments & Contingencies (see note 18) Stockholders' equity Common stock: $ 0.0001 par value; 500,000,000 shares authorized; 52,562,238 and 52,538,100 shares issued, and 49,717,941 and 49,714,929 shares outstan