INNOVATIVE FOOD HOLDINGS INC
For the period ended Sep 30, 2024. Filed Nov 13, 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.
Sep 30, 2024 · Filed Nov 13, 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 Nine · For the Nine | ||||
|---|---|---|---|---|
| Months Ended · Months Ended | ||||
| September 30, · September 30, | ||||
| 2024 · 2023 | ||||
| (unaudited) · (unaudited) | ||||
| Cash flows used in operating activities: | ||||
| Net income (loss) | $2,657,380 | $(2,680,562) | ||
| Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||||
| Gain on sale of assets | (2,641,979) | - | ||
| Gain on sale of subsidiary | (21,126) | - | ||
| Depreciation and amortization | 211,488 | 429,048 | ||
| Amortization of right of use asset | 12,740 | 47,650 | ||
| Amortization of discount on notes payable | 3,850 | 2,013 | ||
| Stock based compensation | 313,773 | 328,177 | ||
| Value of stock appreciation rights | 476,161 | 274,755 | ||
| Provision for doubtful accounts | 40,667 | 108,694 | ||
| Changes in assets and liabilities: | ||||
| Accounts receivable, net | (697,821) | (108,673) | ||
| Inventory and other current assets, net | (301,158) | 17,616 | ||
| Accounts payable and accrued liabilities | (2,281,618) | (1,489,017) | ||
| Accrued separation costs - related parties | (379,380) | 1,385,503 | ||
| Deferred revenue | (97,569) | (463,833) | ||
| Operating lease liability | (12,740) | (47,650) | ||
| Net cash used in operating activities | (2,717,332) | (2,196,279) | ||
| Cash flows from investing activities: | ||||
| Acquisition of property and equipment | (309,262) | (58,949) | ||
| Cash received from sale land and building, net of loan payoff | 2,101,185 | - | ||
| Cash received from sale of intangible assets, net of costs | 525,000 | - | ||
| Net cash provided by (used in) investing activities | 2,316,923 | (58,949) | ||
| Cash flows from financing activities: | ||||
| Cash received from issuance of notes payable, net of costs | - | 3,285,588 | ||
| Principal payments on debt | (64,878) | (52,405) | ||
| Principal payments financing leases | (136,078) | (151,133) | ||
| Principal payments on line of credit | - | (2,014,333) | ||
| Net cash (used in) provided by financing activities | (200,956) | 1,067,717 | ||
| Decrease in cash and cash equivalents | (601,365) | (1,187,511) | ||
| Cash and cash equivalents at beginning of year | 5,422,335 | 4,899,398 | ||
| Cash and cash equivalents at end of period - continuing operations | $4,820,970 | $3,535,862 | ||
| Cash and cash equivalents at end of period - discontinued operations | $ | - | $176,025 | |
| Cash and cash equivalents at end of period | $4,820,970 | $3,711,887 | ||
| Supplemental disclosure of cash flow information: | ||||
| Cash paid during the period for: | ||||
| Interest | $456,062 | $572,879 | ||
| Taxes | $ | - | $ | - |
| Non-cash investing and financing activities: | ||||
| Reclassify fixed assets as held for sale | $5,941,933 | $ | - | |
| Debt to Fifth Third Bank paid directly by Maple Mark Bank | $353,815 | $ | - | |
| Issuance of common stock for severance agreement previously accrued | $ | - | $168,000 | |
| Par value of shares issued, previously accrued | $ | - | $66 | |
| Issuance of stock for cashless exercise of options | $2 | $ | - | |
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