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x
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QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934.
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¨
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TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934.
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Delaware
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03-0465528
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(State or other jurisdiction of
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(I.R.S. Employer
|
|
incorporation or organization)
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Identification No.)
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Large Accelerated Filer
¨
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Accelerated Filer
¨
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Non-accelerated Filer
¨
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Smaller
reporting company
x
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Page No
.
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Item 1.
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Condensed
Financial Statements
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|
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Condensed
Balance Sheets at April 30, 2010 (Unaudited) and October 31,
2009
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1
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|
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Condensed
Statements of Operations for the Three Months Ended April 30, 2010 and
2009, Six Months Ended April 30, 2010 and 2009
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2
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|
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Condensed
Statement of Changes in Stockholders’ Equity at April 30, 2010 (Unaudited)
and October 31, 2009
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3
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|
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Condensed
Statements of Cash Flows for the Six Months Ended April 30, 2010 and
2009
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4
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||
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Notes
to Condensed Financial Statements
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5 -
7
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Item 2.
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Management’s
Discussion and Analysis of Financial Condition and Results of
Operations
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8 -
11
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Item T.
|
Controls
and Procedures
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11
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|
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||
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Item 6.
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Exhibits
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12
- 15
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|
2010
|
2009
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|||||||
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ASSETS
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||||||||
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CURRENT
ASSETS:
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||||||||
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Cash
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$ | 109,613 | $ | 26,872 | ||||
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Accounts
receivable
|
61,247 | 119,123 | ||||||
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Inventory
|
520,004 | 811,730 | ||||||
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Deposits
on inventory
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354,917 | 123,312 | ||||||
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Total
current assets
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1,045,781 | 1,081,037 | ||||||
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LONG-TERM
ASSETS
|
||||||||
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Net
deferred income tax asset
|
- | - | ||||||
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Property
and equipment - net
|
812 | 4,642 | ||||||
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Total
long-term assets
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812 | 4,642 | ||||||
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TOTAL
ASSETS
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$ | 1,046,593 | $ | 1,085,679 | ||||
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LIABILITIES AND STOCKHOLDERS'
EQUITY
|
||||||||
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CURRENT
LIABILITIES:
|
||||||||
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Accounts
payable
|
$ | 32,601 | $ | 53,983 | ||||
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Current
portion of notes payable
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54,191 | 177,029 | ||||||
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Accrued
interest expense
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92,000 | 98,300 | ||||||
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Accounts
payable - related party
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28,220 | 28,620 | ||||||
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Related
party debt
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55,000 | 84,000 | ||||||
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Shareholders
advances
|
206,364 | 214,764 | ||||||
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Accrued
expenses
|
896 | 896 | ||||||
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Total
current liabilities
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469,272 | 657,692 | ||||||
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LONG-TERM
LIABILITIES:
|
||||||||
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Net
deferred income tax liability
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- | - | ||||||
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Long-term
portion of notes payable
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380,930 | 388,928 | ||||||
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Total
long term liabilities
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380,930 | 388,928 | ||||||
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TOTAL
LIABILITIES
|
850,202 | 1,046,620 | ||||||
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STOCKHOLDERS'
EQUITY:
|
||||||||
|
Preferred
stock, $.0001 par value, 100,000,000 shares authorized
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||||||||
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Common
stock, $.0001 par value, 500,000,000 shares authorized, 18,703,743
and 18,703,743 shares issued and outstanding
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1,873 | 1,873 | ||||||
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Additional
paid in capital
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5,638,018 | 5,638,018 | ||||||
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Accumulated
deficit
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(5,443,500 | ) | (5,600,832 | ) | ||||
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Total
stockholders' equity
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196,391 | 39,059 | ||||||
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TOTAL
LIABILITIES AND STOCKHOLDERS' EQUITY
|
$ | 1,046,593 | $ | 1,085,679 | ||||
|
Three Months Ended April 30,
|
Six Months Ended April 30,
|
|||||||||||||||
|
2010
|
2009
|
2010
|
2009
|
|||||||||||||
|
REVENUE
|
$ | 118,414 | $ | 57,666 | $ | 755,090 | $ | 648,830 | ||||||||
|
OPERATING
EXPENSES:
|
||||||||||||||||
|
Cost
of sales
|
59,591 | 31,514 | 324,163 | 286,213 | ||||||||||||
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Non-stock
compensation
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- | 52,850 | - | 53,300 | ||||||||||||
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Selling,
general and administrative expenses
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107,878 | 114,868 | 257,402 | 220,307 | ||||||||||||
| 167,469 | 199,232 | 581,565 | 559,820 | |||||||||||||
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(Loss)/income
from operations
|
(49,055 | ) | (141,566 | ) | 173,525 | 89,010 | ||||||||||
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OTHER
EXPENSE:
|
||||||||||||||||
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Interest
expense
|
(4,295 | ) | (2,907 | ) | (16,193 | ) | (8,372 | ) | ||||||||
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Total
other expense
|
(4,295 | ) | (2,907 | ) | (16,193 | ) | (8,372 | ) | ||||||||
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Net
(loss)/income before
income taxes
|
(53,350 | ) | (144,473 | ) | 157,332 | 80,638 | ||||||||||
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Income
taxes
|
- | - | - | - | ||||||||||||
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NET
(LOSS)/INCOME
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$ | (53,350 | ) | $ | (144,473 | ) | $ | 157,332 | $ | 80,638 | ||||||
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Weighted
Average Shares Outstanding
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18,646,743 | 18,846,743 | 18,425,802 | 18,883,085 | ||||||||||||
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Net
income/(loss) per share
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$ | (.003 | ) | $ | (.008 | ) | $ | .009 | $ | .004 | ||||||
|
Common Stock
|
Additional
|
|||||||||||||||||||
|
Shares
|
Amount
|
Paid in Capital
|
Retained Deficit
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Total
|
||||||||||||||||
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Balance
at October 31, 2008
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18,455,243 | $ | 1,846 | $ | 5,565,045 | $ | (5,622,832 | ) | $ | (55,941 | ) | |||||||||
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Shares
issued for services
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185,500 | 21 | 54,779 | - | 54,800 | |||||||||||||||
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Shares
issued for cash
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90,000 | 9 | 28,991 | - | 29,000 | |||||||||||||||
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Return
of shares for non- performance of services
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(27,000 | ) | (3 | ) | (10,797 | ) | - | (10,800 | ) | |||||||||||
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Net
income
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- | - | - | 22,000 | 22,000 | |||||||||||||||
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Balance
at October 31, 2009
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18,703,743 | 1,873 | 5,638,018 | (5,600,832 | ) | 39,059 | ||||||||||||||
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Net
Income
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- | - | - | 157, 332 | 157, 332 | |||||||||||||||
|
Balance
at April 30, 2010
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18,703,743 | $ | 1,8 73 | $ | 5, 638,018 | $ | ( 5, 443,500 | ) | $ | 196,391 | ||||||||||
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For the Six Months Ended
|
||||||||
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April 30, 2010
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April 30, 2009
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|||||||
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CASH
FLOWS FROM OPERATING ACTIVITIES:
|
||||||||
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Net
income
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$ | 157,332 | $ | 80,638 | ||||
|
Adjustments
to reconcile net income to cash
provided
by operating activities:
|
||||||||
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Common
stock issued for services
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- | 53,300 | ||||||
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Depreciation
and amortization
|
3,830 | 2,394 | ||||||
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Changes
in operating assets and liabilities:
|
||||||||
|
Accounts
receivable
|
57,876 | 123,813 | ||||||
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Inventory
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291,726 | (53,518 | ) | |||||
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Deposits
on inventory
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(231,605 | ) | 196,450 | |||||
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Accounts
payable
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(21,382 | ) | (54,550 | ) | ||||
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Accrued
expenses
|
- | (16,804 | ) | |||||
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Customer
deposits
|
- | (9,823 | ) | |||||
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Accrued
interest on notes payable
|
(6,800 | ) | (26,000 | ) | ||||
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Net
cash provided by operating activities
|
250,977 | 295,900 | ||||||
|
CASH
FLOWS FROM FINANCING ACTIVITIES:
|
||||||||
|
Payments
on note payable
|
(130,836 | ) | (161,367 | ) | ||||
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Payment
on note payable - related party
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(29,000 | ) | (63,000 | ) | ||||
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Payment
of shareholder advances
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(8,400 | ) | (18,935 | ) | ||||
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Common
stock issued for cash
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- | 29,000 | ||||||
|
Net
cash used in financing activities
|
(168,236 | ) | (214,302 | ) | ||||
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Net
increase in cash
|
$ | 82,741 | $ | 81,598 | ||||
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Cash
- beginning of year
|
$ | 26,872 | $ | 22,523 | ||||
|
Cash
- end of period
|
$ | 109,613 | $ | 104,121 | ||||
|
Supplemental
cash flow information:
|
||||||||
|
Cash
paid for interest
|
$ | 16,193 | $ | 8,572 | ||||
|
1.
|
BASIS OF PRESENTATION
- INTERIM FINANCIAL
STATEMENTS
|
|
|
The
accompanying unaudited condensed financial statements have been prepared
in accordance with accounting principles generally accepted in the United
States of America (“GAAP”) for interim financial information and the
general instructions to Form 10-Q. Accordingly, they do not
include all information and footnotes required by GAAP for complete
financial statements. These interim financial statements should
be read in conjunction with our audited financial statements and notes
thereto included in our Annual Report on Form 10-K for the fiscal year
ended October 31, 2009. The preparation of financial statements
in conformity with GAAP requires management to make estimates and
assumptions that affect the reported amounts of assets, liabilities,
revenues and expenses. Actual results could differ from those
estimates. In the opinion of management, all adjustments
(consisting of normal recurring adjustments) considered necessary for a
fair presentation have been included. The results of operations
for the periods presented are not necessarily indicative of the results
that may be expected for the year ending October 31, 2010 or any future
period.
|
|
2.
|
FASB ACCOUNTING
STANDARDS CODIFICATION TOPIC 718 SHARE-BASED PAYMENT (FASB ASC
718)
|
|
3.
|
EARNINGS PER
SHARE
|
|
4.
|
GOING CONCERN AND
LEGAL PROCEEDINGS
|
|
5.
|
INCOME
TAXES
|
|
6.
|
SUBSEQUENT
EVENTS
|
|
|
·
|
Completing
the development, design and prototypes of our
products,
|
|
|
·
|
Obtaining
retail stores or sales agents to offer and sell our products,
and
|
|
|
·
|
Developing
our website to sell more of our
products.
|
|
Three
Months
Ended
April 30,
2010
|
% of
Sales
|
Three Months
Ended
April 30, 2009
|
% of
Sales
|
$ Increase
(Decrease)
|
% Change
|
|||||||||||||||||||
|
REVENUE
|
$ | 118,414 | 100 | % | $ | 57,666 | 100 | % | $ | 60,748 | 105.3 | % | ||||||||||||
|
OPERATING
EXPENSES
|
||||||||||||||||||||||||
|
Cost
of sales
|
59,591 | 50.3 | % | 31,514 | 54.6 | % | 28,077 | 89.1 | % | |||||||||||||||
|
Non-stock
compensation
|
- | - | 52,850 | 91.6 | % | (52,850 | ) | (100 | )% | |||||||||||||||
|
Selling,
general and administrative expenses
|
107,878 | 91.1 | % | 114,868 | 199.2 | % | (6,990 | ) | (6.1 | )% | ||||||||||||||
| 167,469 | 141.4 | % | 199,232 | 345.5 | % | (31,763 | ) | (15.9 | )% | |||||||||||||||
|
Loss
from operations
|
(49,055 | ) | (41.4 | )% | (141,566 | ) | (245.5 | )% | 92,511 | 65.3 | % | |||||||||||||
|
OTHER
INCOME (EXPENSE)
|
||||||||||||||||||||||||
|
INTEREST
EXPENSE
|
(4,295 | ) | (3.63 | )% | (2,907 | ) | (5.0 | )% | (1,388 | ) | (47.7 | )% | ||||||||||||
| (4,295 | ) | (3.63 | )% | (2,907 | ) | (5.0 | )% | (1,388 | ) | (47.7 | )% | |||||||||||||
|
Net
(loss)/income
|
$ | (53,350 | ) | 45.1 | % | $ | (144,473 | ) | (250.5 | )% | $ | 91,123 | 63.1 | % | ||||||||||
|
Six Months
Ended
April 30,
2010
|
% of
Sales
|
Six Months
Ended
April 30, 2009
|
% of
Sales
|
$ Increase
(Decrease)
|
% Change
|
|||||||||||||||||||
|
REVENUE
|
$ | 755,090 | 100 | % | $ | 648,830 | 100 | % | $ | 106,260 | 16.4 | % | ||||||||||||
|
OPERATING
EXPENSES
|
||||||||||||||||||||||||
|
Cost
of sales
|
324,163 | 42.9 | % | 286,213 | 44.1 | % | 37,950 | 13.3 | % | |||||||||||||||
|
Non-stock
compensation
|
- | - | 53,300 | 8.2 | % | (53,300 | ) | (100 | )% | |||||||||||||||
|
Selling,
general and administrative expenses
|
257,402 | 34.1 | % | 220,307 | 34.0 | % | 37,095 | 16.8 | % | |||||||||||||||
| 581,565 | 77.0 | % | 559,820 | 86.3 | % | 21,745 | 3.9 | % | ||||||||||||||||
|
Income
from operations
|
173,525 | 23.0 | % | 89,010 | 13.7 | % | 84,515 | 95.0 | % | |||||||||||||||
|
OTHER
INCOME (EXPENSE)
|
||||||||||||||||||||||||
|
INTEREST
INCOME (EXPENSE)
|
(16,193 | ) | (2.1 | )% | (8,372 | ) | (1.3 | )% | (7,821 | ) | (93.4 | )% | ||||||||||||
| (16,193 | ) | (2.1 | )% | (8,372 | ) | (1.3 | )% | (7,821 | ) | (93.4 | )% | |||||||||||||
|
Net
income
|
$ | 157,332 | 20.8 | % | $ | 80,638 | 12.4 | % | $ | 76,694 | 95.1 | % | ||||||||||||
|
*3.1
|
Certificate
of Incorporation
|
|
|
*3.2
|
By
Laws
|
|
|
31.1
|
Rule
13a - 14a Certification of Chief Executive Office and Chief Financial
Officer
|
|
|
32.1
|
Section
1350 Certification of Chief Executive Officer and Chief Financial
officer
|
|
|
*
|
Incorporated
by reference to the Company’s registration statement on Form SB-2, filed
March 11, 2003
|
|
Innovative
Designs, Inc.
|
||
|
Registrant
|
||
|
Date:
June 11, 2010
|
by:
|
/s/
Joseph Riccelli
|
|
Joseph
Riccelli, Chief Executive Officer
|
||
|
and
Chief Financial
Officer
|
No information found
* THE VALUE IS THE MARKET VALUE AS OF THE LAST DAY OF THE QUARTER FOR WHICH THE 13F WAS FILED.
| FUND | NUMBER OF SHARES | VALUE ($) | PUT OR CALL |
|---|
| DIRECTORS | AGE | BIO | OTHER DIRECTOR MEMBERSHIPS |
|---|
No information found
No Customers Found
No Suppliers Found
Price
Yield
| Owner | Position | Direct Shares | Indirect Shares |
|---|