Innovative Food Holdings Files Q3 2024 10-Q
Ticker: IVFH · Form: 10-Q · Filed: Nov 13, 2024 · CIK: 312257
Sentiment: neutral
Topics: 10-Q, financials, company-info
TL;DR
INVF 10-Q filed for Q3 2024. Check financials.
AI Summary
Innovative Food Holdings, Inc. filed its 10-Q report for the quarterly period ended September 30, 2024. The company, formerly known as Alpha Solarco Inc., 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 for the third quarter of 2024.
Risk Assessment
Risk Level: low — This is a standard quarterly financial 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
- September 30, 2024 (date) — Quarterly period end date
- 9696 Bonita Beach Road, Ste. 208, Bonita Springs, Florida 34135 (address) — Principal executive address
FAQ
What is the primary business of Innovative Food Holdings, Inc.?
Innovative Food Holdings, Inc. operates in the Wholesale - Groceries & General Line sector, as indicated by its SIC code 5141.
When was the company formerly known as?
The company was formerly known as ALPHA SOLARCO INC, with a date of name change on July 3, 1992.
Where is the company's principal executive office located?
The company's principal executive office is located at 9696 Bonita Beach Road, Suite 208, Bonita Springs, Florida 34135.
What is the fiscal year end for Innovative Food Holdings, Inc.?
The fiscal year end for Innovative Food Holdings, Inc. is December 31.
What type of report is this filing?
This filing is a Form 10-Q, which is a quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.
Filing Stats: 4,438 words · 18 min read · ~15 pages · Grade level 15.6 · Accepted 2024-11-13 13:01:51
Key Financial Figures
- $2.00 — upon the attainment of a stock price of $2.00 per share for 20 straight trading days
Filing Documents
- innovfood20240930_10q.htm (10-Q) — 1613KB
- ex_741026.htm (EX-31.1) — 8KB
- ex_741027.htm (EX-31.2) — 8KB
- ex_741028.htm (EX-32.1) — 4KB
- ex_741029.htm (EX-32.2) — 4KB
- innovfood20240930_10qimg001.jpg (GRAPHIC) — 4KB
- 0001185185-24-001098.txt ( ) — 9344KB
- ivfh-20240930.xsd (EX-101.SCH) — 79KB
- ivfh-20240930_cal.xml (EX-101.CAL) — 54KB
- ivfh-20240930_def.xml (EX-101.DEF) — 370KB
- ivfh-20240930_lab.xml (EX-101.LAB) — 561KB
- ivfh-20240930_pre.xml (EX-101.PRE) — 378KB
- innovfood20240930_10q_htm.xml (XML) — 1753KB
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION Item 1.
Financial Statements
Financial Statements 4 Consolidated Balance Sheets 4 Consolidated Statements of Operations 5 Consolidated Statement of Stockholders' Equity 6 Consolidated Statements of Cash Flows 7 Condensed Notes to the Consolidated Financial Statements 8 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 29 Item 3.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 37 Item 4.
Controls and Procedures
Controls and Procedures 37
OTHER INFORMATION
PART II. OTHER INFORMATION Item 1.
Legal Proceedings
Legal Proceedings 38 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 38 Item 3. Defaults Upon Senior Securities 38 Item 4. Mine Safety Disclosures 38 Item 5. Other Information 38 Item 6. Exhibits 39
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION
Financial Statements
Item 1. Financial Statements Innovative Food Holdings, Inc. Consolidated Balance Sheets September 30, December 31, 2024 2023 (unaudited) ASSETS Current assets Cash and cash equivalents $ 4,820,970 $ 5,327,016 Accounts receivable, net 4,965,381 4,307,726 Inventory, net 3,134,237 2,973,134 Other current assets 519,624 287,528 Assets held for sale 5,941,933 649,884 Current assets - discontinued operations - 95,861 Total current assets 19,382,145 13,641,149 Property and equipment, net 1,227,880 7,000,015 Right of use assets, operating leases, net 15,779 28,519 Right of use assets, finance leases, net 364,379 436,403 Tradenames and other unamortizable intangible assets 217,000 217,000 Total assets $ 21,207,183 $ 21,323,086 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Accounts payable and accrued liabilities $ 4,090,153 $ 6,252,951 Accrued separation costs, related parties, current portion 334,532 463,911 Accrued interest 91,251 95,942 Deferred revenue 886,787 1,312,837 Stock appreciation rights liability 731,181 255,020 Notes payable - current portion 125,259 121,041 Lease liability - operating leases, current 14,898 17,131 Lease liability - finance leases, current 151,984 115,738 Current liabilities - discontinued operations - 6,422 Total current liabilities 6,426,045 8,640,993 Note payable, net of discount 8,436,849 8,855,000 Accrued separation costs, related parties, non-current 541,025 791,025 Lease liability - operating leases, non-current 881 11,388 Lease liability - finance leases, non-current 46,942 219,266 Total liabilities 15,451,742 18,517,672 Commitments & Contingencies (see Note 18) Stockholders' equity Common stock: $ 0.0001 par value; 500,000,000 shares authorized; 53,977,782 and 52,538,100 shares issued, and 51,133,485 and 49,714,929 shares outstanding at September 30, 2024 and Decemb