Fitlife Brands Files Q3 2024 10-Q Report
Ticker: FTLF · Form: 10-Q · Filed: Nov 14, 2024 · CIK: 1374328
Sentiment: neutral
Topics: 10-Q, financials, reporting
Related Tickers: FTLF
TL;DR
Fitlife Brands (FTLF) Q3 2024 10-Q filed. Check financials.
AI Summary
Fitlife Brands, Inc. filed its Q3 2024 10-Q report on November 14, 2024, for the period ending September 30, 2024. The company, formerly known as Bond Laboratories, Inc., is based in Omaha, NE. The filing details financial performance and operational updates for the third quarter of 2024.
Why It Matters
This report provides investors with a detailed look at Fitlife Brands' financial health and operational performance for the third quarter of 2024, influencing investment decisions.
Risk Assessment
Risk Level: medium — As a publicly traded company, Fitlife Brands is subject to market fluctuations and regulatory requirements, making its risk level medium.
Key Players & Entities
- FITLIFE BRANDS, INC. (company) — Filer
- BOND LABORATORIES, INC. (company) — Former Company Name
- 20240930 (date) — Reporting Period End Date
- 20241114 (date) — Filing Date
- 5214 S. 136TH STREET (address) — Business and Mail Address
- OMAHA (location) — City
- NE (location) — State
- 68137 (zip_code) — Zip Code
- 402-884-1894 (phone_number) — Business Phone
FAQ
What is the reporting period for this 10-Q filing?
The reporting period for this 10-Q filing is for the period ending September 30, 2024.
When was this 10-Q filed with the SEC?
This 10-Q was filed on November 14, 2024.
What was Fitlife Brands, Inc. formerly known as?
Fitlife Brands, Inc. was formerly known as Bond Laboratories, Inc.
What is the business address of Fitlife Brands, Inc.?
The business address of Fitlife Brands, Inc. is 5214 S. 136th Street, Omaha, NE 68137.
What is the Standard Industrial Classification code for Fitlife Brands, Inc.?
The Standard Industrial Classification code for Fitlife Brands, Inc. is 2833, which corresponds to Medicinal Chemicals & Botanical Products.
Filing Stats: 4,553 words · 18 min read · ~15 pages · Grade level 15.6 · Accepted 2024-11-14 07:30:26
Key Financial Figures
- $0.01 — registered Common Stock, par value $0.01 per share FTLF The Nasdaq Capital M
Filing Documents
- ftlf20240930_10q.htm (10-Q) — 1096KB
- ex_741593.htm (EX-31.1) — 12KB
- ex_741594.htm (EX-31.2) — 13KB
- ex_741595.htm (EX-32.1) — 4KB
- ex_741596.htm (EX-32.2) — 4KB
- 0001437749-24-035027.txt ( ) — 4781KB
- ftlf-20240930.xsd (EX-101.SCH) — 37KB
- ftlf-20240930_def.xml (EX-101.DEF) — 284KB
- ftlf-20240930_lab.xml (EX-101.LAB) — 261KB
- ftlf-20240930_pre.xml (EX-101.PRE) — 309KB
- ftlf-20240930_cal.xml (EX-101.CAL) — 38KB
- ftlf20240930_10q_htm.xml (XML) — 603KB
- FINANCIAL INFORMATION
PART I - FINANCIAL INFORMATION Item 1.
Financial Statements
Financial Statements Condensed Consolidated Balance Sheets (unaudited) 1 Condensed Consolidated Statements of Income and Comprehensive Income (unaudited) 2 Condensed Consolidated Statements of Stockholders' Equity (unaudited) 3 Condensed Consolidated Statements of Cash Flows (unaudited) 4 Notes to Condensed Consolidated Financial Statements (unaudited) 5 Item 2. Management's Discussion & Analysis of Financial Condition and Results of Operations 15 Item 3.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 25 Item 4.
Controls and Procedures
Controls and Procedures 26
- OTHER INFORMATION
PART II - OTHER INFORMATION Item 1.
Legal Proceedings
Legal Proceedings 27 Item 1A.
Risk Factors
Risk Factors 27 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 27 Item 3. Defaults Upon Senior Securities 27 Item 5. Other Information 27 Item 6. Exhibits 27 Special Note Regarding Forward-Looking Statements This Quarterly Report on Form 10-Q ( " Quarterly Report " ), including " Management ' s Discussion and Analysis of Financial Condition and Results of Operations " in Item 2 of Part I of this Quarterly Report, includes forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance, or achievements expressed or implied by forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as " may " , " should " , " expects " , " plans " , " anticipates " , " believes " , " estimates " , " predicts " , " potential " , " proposed " , " intended " , or " continue " or the negative of these terms or other comparable terminology. You should read statements that contain these words carefully, because they discuss our expectations about our future operating results or our future financial condition or state other " forward-looking " information. There may be events in the future that we are not able to accurately predict or control. Before you invest in our securities, you should be aware that the occurrence of any of the events described in this Quarterly Report could substantially harm our business, results of operations and financial condition, and that upon the occurrence of any of these events, the trading price of our securities could decline and you could lose all or part of your investment. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, growth rates, levels of activity, performance or a
FINANCIAL STATEMENTS
ITEM 1. FINANCIAL STATEMENTS FITLIFE BRANDS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except per share data) September 30, 2024 December 31, 2023 (Unaudited) ASSETS: CURRENT ASSETS Cash and cash equivalents $ 4,664 $ 1,139 Restricted cash 56 759 Accounts receivable, net of allowance of doubtful accounts of $ 19 and $ 17 , respectively 2,008 2,046 Inventories, net of allowance for obsolescence of $ 86 and $ 162 , respectively 10,371 9,091 Sales tax receivable 58 1,019 Prepaid expense and other current assets 942 639 Total current assets 18,099 14,693 Property and equipment, net 91 137 Right of use asset 431 121 Intangibles, net of amortization of $ 143 and $ 113 , respectively 26,314 26,309 Goodwill 13,130 13,294 Deferred tax asset 522 792 TOTAL ASSETS $ 58,587 $ 55,346 LIABILITIES AND STOCKHOLDERS' EQUITY: CURRENT LIABILITIES: Accounts payable $ 4,078 $ 3,261 Accrued expense and other liabilities 957 1,026 Income taxes payable 1,861 892 Product returns 570 571 Term loan – current portion 4,500 4,500 Lease liability - current portion 89 87 Total current liabilities 12,055 10,337 Term loan, net of current portion and unamortized deferred finance costs 9,664 15,509 Long-term lease liability, net of current portion 352 51 Deferred tax liability 2,358 2,413 TOTAL LIABILITIES 24,429 28,310 STOCKHOLDERS' EQUITY: Preferred stock, $ 0.01 par value, 10,000 shares authorized, none outstanding as of September 30, 2024 and December 31, 2023 - - Common stock, $ 0.01 par value, 60,000 shares authorized; 4,598 issued and outstanding as of September 30, 2024 and December 31, 2023 46 46 Additional paid-in capital 31,043 30,699 Retained earnings (accumulated deficit) 3,497 ( 3,417 ) Foreign currency translation adjustment ( 428 ) ( 292 ) TOTAL STOCKHOLDERS' EQUITY 34,158 27,036 TOTAL LIABILIT