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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.
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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
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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
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Page No
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Item 1.
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Condensed Financial Statements (unaudited)
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Condensed Balance Sheets at January 31, 2011 (Unaudited)
and October 31, 2010
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1
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Condensed Statements of Operations for the Three Months Ended
January 31, 2011 and 2010
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2
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Condensed Statement of Changes in Stockholders’ Equity at
January 31, 2011 and October 31, 2010
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3
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Condensed Statements of Cash Flows for the Three Months
Ended January 31, 2011 and 2010
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4
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Notes to Condensed Financial Statements
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5 - 6
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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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7 - 9
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Item T.
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Controls and Procedures
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9
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Item 6.
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Exhibits
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10 - 14
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ASSETS
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2011
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2010
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CURRENT ASSETS:
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Cash
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$ | 213,896 | $ | 116,950 | ||||
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Accounts receivable
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269,279 | 152,207 | ||||||
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Inventory - net of obsolete inventory reserve of $126,192
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553,222 | 904,487 | ||||||
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Deposits on inventory
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120,244 | - | ||||||
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Total current assets
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1,156,641 | 1,173,644 | ||||||
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PROPERTY AND EQUIPMENT, NET
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1,670 | 1,805 | ||||||
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TOTAL ASSETS
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$ | 1,158,311 | $ | 1,175,449 | ||||
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LIABILITIES AND STOCKHOLDERS’ EQUITY
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CURRENT LIABILITIES:
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Accounts payable
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$ | 51,489 | $ | 43,511 | ||||
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Current portion of notes payable
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108,859 | 280,859 | ||||||
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Accrued interest expense
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100,701 | 104,620 | ||||||
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Accounts payable - related party
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28,220 | 28,220 | ||||||
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Related party debt
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23,416 | 41,416 | ||||||
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Due to shareholders
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180,364 | 209,364 | ||||||
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Accrued expenses
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812 | 896 | ||||||
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Total current liabilities
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493,861 | 708,886 | ||||||
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LONG-TERM LIABILITIES
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Long-term portion of notes payable
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371,224 | 373,277 | ||||||
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Total long term liabilities
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371,224 | 373,277 | ||||||
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TOTAL LIABILITIES
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865,085 | 1,082,163 | ||||||
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STOCKHOLDERS' EQUITY:
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Preferred stock, $.0001 par value, 100,000,000 shares authorized
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Common stock, $.0001 par value, 500,000,000
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shares authorized, 18,730,743 and 18,703,743
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issued and outstanding
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1,875 | 1,875 | ||||||
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Additional paid in capital
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5,643,667 | 5,643,666 | ||||||
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Accumulated deficit
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(5,352,316 | ) | (5,552,255 | ) | ||||
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Total stockholders' equity
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293,226 | 93,286 | ||||||
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TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
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$ | 1,158,311 | $ | 1,175,449 | ||||
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For the Three Months Ended
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January 31, 2011
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January 31, 2010
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REVENUE
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$ | 681,009 | $ | 636,676 | ||||
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OPERATING EXPENSES:
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Cost of sales
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299,297 | 264,572 | ||||||
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Selling, general and
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administrative expenses
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159,371 | 149,528 | ||||||
| 458,668 | 414,100 | |||||||
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Income from operations
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222,341 | 222,576 | ||||||
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INTEREST EXPENSE
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(22,401 | ) | (11,898 | ) | ||||
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Net income
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$ | 199,940 | $ | 210,678 | ||||
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Per share information -
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basic and fully diluted
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Weighted Average
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Shares Outstanding
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18,722,743 | 18,646,743 | ||||||
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Net income per share
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.011 | .011 | ||||||
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Common Stock
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Additional
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Shares
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Amount
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Paid in Capital
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Retained Deficit
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Total
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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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Shares issued for services
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32,000 | 3 | 7,397 | - | 7,400 | |||||||||||||||
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Return of shares for non-performance of services
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(5,000 | ) | (1 | ) | (1,749 | ) | - | (1,750 | ) | |||||||||||
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Net income
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- | - | - | 48,577 | 48,577 | |||||||||||||||
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Balance at October 31, 2010
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18,730,743 | 1,875 | 5,643,666 | (5,552,255 | ) | 93,286 | ||||||||||||||
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Net income
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- | - | - | 199,940 | 199,940 | |||||||||||||||
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Balance at January 31, 2011
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18,730,743 | $ | 1,875 | $ | 5,643,666 | $ | ( 5,352,315 | ) | $ | 293,226 | ||||||||||
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For the Three Months Ended
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January 31, 2011
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January 31, 2010
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CASH FLOWS FROM OPERATING ACTIVITIES
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Net income
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$ | 199,940 | $ | 210,678 | ||||
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Adjustments to reconcile net income to cash
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provided by operating activities:
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Depreciation
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135 | 3,240 | ||||||
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Changes in operating assets and liabilities:
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Accounts receivable
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(117,072 | ) | (75,444 | ) | ||||
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Inventory
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351,265 | 181,308 | ||||||
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Deposit on inventory
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(120,244 | ) | (13,446 | ) | ||||
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Accounts payable
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7,978 | 7,420 | ||||||
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Accrued interest expense
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(3,919 | ) | (4,800 | ) | ||||
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Accrued expenses
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(84 | ) | - | |||||
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Net cash provided by operating activities
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317,999 | 308,956 | ||||||
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CASH FLOWS FROM FINANCING ACTIVITIES:
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Payments on note payable
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(174,053 | ) | (88,253 | ) | ||||
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Payment on related party debt
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(47,000 | ) | (21,000 | ) | ||||
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Payment of shareholder advances
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- | (8,400 | ) | |||||
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Net cash used in financing activities
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(221,053 | ) | (117,653 | ) | ||||
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Net increase in cash
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$ | 96,946 | $ | 191,303 | ||||
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Cash - beginning of year
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$ | 116,950 | $ | 26,872 | ||||
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Cash - end of period
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$ | 213,896 | $ | 218,175 | ||||
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Supplemental cash flow information:
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Cash paid for interest
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$ | 26,320 | $ | 11,898 | ||||
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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, 2010. 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, 2011 or any future period.
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2.
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FASB ACCOUNTING STANDARDS CODIFICATION TOPIC 718 SHARE-BASED PAYMENT (FASB ASC 718)
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·
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Completing the development, design and prototypes of our products,
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·
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Obtaining retail stores or sales agents to offer and sell our products, and
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·
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Developing our website to sell more of our products.
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Three Months
Ended
January 31, 2011
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% of
Sales
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Three Months
Ended
January 31, 2010
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% of
Sales
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$ Increase
(Decrease)
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% Change
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REVENUE
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$ | 681,009 | 100 | % | $ | 636,676 | 100 | % | $ | 44,333 | 6.7 | % | ||||||||||||
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OPERATING EXPENSES
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Cost of sales
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299,297 | 43.9 | % | 264,572 | 41.6 | % | 34,725 | 13.1 | % | |||||||||||||||
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Selling,
general and
administrative
expenses
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159,371 | 23.4 | % | 149,528 | 23.5 | % | 9,843 | 6.6 | % | |||||||||||||||
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Income from
operations
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222,341 | 32.6 | % | 414,100 | 65.0 | % | (191,759 | ) | (46.3 | )% | ||||||||||||||
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INTEREST
EXPENSE
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(22,401 | ) | (3.3 | )% | (11,898 | ) | (1.9 | )% | (10,503 | ) | (88.3 | )% | ||||||||||||
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Net income
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$ | 199,940 | 29.4 | % | $ | 210,678 | 33.1 | % | $ | (10,738 | ) | (10,738 | )% | |||||||||||
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*3.1
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Certificate of Incorporation
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*3.2
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By Law
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31.1
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Rule 13a - 14a Certification of Chief Executive Office and Chief Financial Officer
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32.1
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Section 1350 Certification of Chief Executive Officer and Chief Financial Officer
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*
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Incorporated by reference to the Company’s registration statement on Form SB-2, filed March 11, 2003
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Innovative Designs, Inc.
Registrant
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Date: March 17, 2011
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By:
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/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 |
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| DIRECTORS | AGE | BIO | OTHER DIRECTOR MEMBERSHIPS |
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No information found
No Customers Found
No Suppliers Found
Price
Yield
| Owner | Position | Direct Shares | Indirect Shares |
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