INNOVATIVE FOOD HOLDINGS INC
For the period ended Mar 31, 2024. Filed May 14, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 14, 2024
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Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Statements of Cash Flows
| For the Three · For the Three | ||||
|---|---|---|---|---|
| Months Ended · Months Ended | ||||
| March 31, · March 31, | ||||
| 2024 · 2023 | ||||
| (unaudited) · (unaudited) | ||||
| Cash flows from operating activities: | ||||
| Net income (loss) | $1,425,874 | $(2,828,766) | ||
| Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||||
| Gain on disposition of asset | (1,807,516) | - | ||
| Gain on sale of subsidiary | (21,126) | - | ||
| Depreciation and amortization | 110,260 | 145,387 | ||
| Amortization of right of use asset | 4,175 | 16,314 | ||
| Amortization of discount on notes payable | 1,283 | - | ||
| Stock based compensation | 103,235 | 178,048 | ||
| Loss on value of stock appreciation rights | 118,898 | - | ||
| Provision for doubtful accounts | 22,882 | 4,666 | ||
| Changes in assets and liabilities: | ||||
| Accounts receivable, net | 175,436 | 135,020 | ||
| Inventory and other current assets, net | 71,054 | (51,038) | ||
| Accounts payable and accrued liabilities | (3,144,335) | (2,056,459) | ||
| Accrued separation costs - related parties | (128,610) | 1,600,795 | ||
| Deferred revenue | (84,548) | (319,365) | ||
| Operating lease liability | (4,175) | (16,314) | ||
| Net cash used in operating activities | (3,157,213) | (3,191,712) | ||
| Cash flows from investing activities: | ||||
| Acquisition of property and equipment | (1,406) | (7,995) | ||
| Cash received from disposition of asset, net of loan payoff | 2,101,185 | - | ||
| Net cash from (used in) investing activities | 2,099,779 | (7,995) | ||
| Cash flows from financing activities: | ||||
| Principal payments on debt | (22,708) | (2,757) | ||
| Principal payments financing leases | (49,977) | (46,807) | ||
| Net cash (used in) financing activities | (72,685) | (49,564) | ||
| Decrease in cash and cash equivalents | (1,130,119) | (3,249,271) | ||
| Cash and cash equivalents at beginning of period | 5,422,335 | 4,899,398 | ||
| Cash and cash equivalents at end of period - continuing operations | $4,272,243 | $1,435,561 | ||
| Cash and cash equivalents at end of period - discontinued operations | $19,973 | $214,566 | ||
| Cash and cash equivalents at end of period | $4,292,216 | $1,650,127 | ||
| Supplemental disclosure of cash flow information: | ||||
| Cash paid during the period for: | ||||
| Interest | $228,970 | $174,410 | ||
| Taxes | $ | - | $ | - |
| Non-cash investing and financing activities: | ||||
| Reclassify fixed assets as held for sale | $5,941,933 | $ | - | |
| Principal and accrued interest paid from escrow to Maple Mark Bank | $353,815 | $ | - | |
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