We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Innovative Food Holdings Inc (QB) | USOTC:IVFH | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.0001 | 0.01% | 0.97 | 0.9301 | 0.9997 | 0.97 | 0.936085 | 0.9699 | 11,299 | 21:00:06 |
Florida
(State or Other Jurisdiction of Incorporation or Organization)
|
20-1167761
(IRS Employer I.D. No.)
|
Large Accelerated filer
☐
|
Accelerated filer
☐
|
Non-accelerated filer
☐
(Do not check if a smaller reporting company)
|
Smaller reporting company
☒
|
Emerging growth company
☐
|
|
|
|
Page
|
PART I.
|
FINANCIAL INFORMATION
|
|
|
|
|
Item 1.
|
3
|
|
|
3
|
|
|
4
|
|
|
5
|
|
|
6
|
|
Item 2.
|
23
|
|
Item 4.
|
29
|
|
|
|
|
PART II.
|
OTHER INFORMATION
|
|
|
|
|
Item 1.
|
30
|
|
Item 2.
|
30
|
|
Item 3.
|
30
|
|
Item 4.
|
30
|
|
Item 5.
|
31
|
|
Item 6.
|
31
|
|
|
32
|
|
September 30,
|
December 31,
|
||||||
|
2017
|
2016
|
||||||
ASSETS
|
(unaudited)
|
|||||||
|
||||||||
Current assets
|
||||||||
Cash and cash equivalents
|
$
|
4,337,662
|
$
|
3,764,053
|
||||
Accounts receivable, net
|
2,417,104
|
1,538,395
|
||||||
Inventory
|
983,733
|
815,033
|
||||||
Other current assets
|
64,367
|
55,393
|
||||||
Due from related parties
|
-
|
-
|
||||||
Total current assets
|
7,802,866
|
6,172,874
|
||||||
|
||||||||
Property and equipment, net
|
1,988,055
|
2,068,110
|
||||||
Investment
|
201,525
|
208,983
|
||||||
Intangible assets, net
|
1,419,233
|
707,684
|
||||||
Total assets
|
$
|
11,411,679
|
$
|
9,157,651
|
||||
|
||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
||||||||
|
||||||||
Current liabilities
|
||||||||
Accounts payable and accrued liabilities
|
$
|
2,088,148
|
$
|
3,119,533
|
||||
Accrued liabilities - related parties
|
-
|
65,000
|
||||||
Accrued interest
|
15,674
|
626,873
|
||||||
Notes payable - related party, current portion
|
-
|
164,650
|
||||||
Notes payable - current portion, net of discount
|
547,183
|
1,424,432
|
||||||
Contingent liability - current portion
|
200,000
|
-
|
||||||
Total current liabilities
|
2,851,005
|
5,400,488
|
||||||
|
||||||||
Contingent liability - long term
|
200,000
|
-
|
||||||
Other long-term liabilities
|
200,000
|
-
|
||||||
Note payable - long term portion, net of discount
|
918,646
|
1,137,811
|
||||||
Total liabilities
|
4,169,651
|
6,538,299
|
||||||
|
||||||||
Stockholders’ equity
|
||||||||
Common stock: $0.0001 par value; 500,000,000 shares authorized; 35,086,659 and 25,301,816 shares issued, and 32,595,547 and 24,568,157 shares outstanding at September 30, 2017 and December 31, 2016, respectively
|
3,506
|
2,528
|
||||||
Additional paid-in capital
|
35,931,641
|
33,974,470
|
||||||
Treasury stock: 2,276,703 and 519,254 shares outstanding at September 30, 2017 and December 31, 2016, respectively
|
(992,313
|
)
|
(174,949
|
)
|
||||
Accumulated deficit
|
(27,700,806
|
)
|
(31,182,697
|
)
|
||||
Total stockholders’ equity
|
7,242,028
|
2,619,352
|
||||||
|
||||||||
Total liabilities and stockholders’ equity
|
$
|
11,411,679
|
$
|
9,157,651
|
|
For the Three
|
For the Three
|
For the Nine
|
For the Nine
|
||||||||||||
|
Months Ended
|
Months Ended
|
Months Ended
|
Months Ended
|
||||||||||||
|
September 30,
|
September 30,
|
September 30,
|
September 30,
|
||||||||||||
|
2017
|
2016
|
2017
|
2016
|
||||||||||||
|
||||||||||||||||
Revenue
|
$
|
10,495,637
|
$
|
9,094,443
|
$
|
30,494,462
|
$
|
25,413,011
|
||||||||
Cost of goods sold
|
7,052,018
|
6,404,185
|
20,585,273
|
17,979,553
|
||||||||||||
Gross margin
|
3,443,619
|
2,690,258
|
9,909,189
|
7,433,458
|
||||||||||||
|
||||||||||||||||
Selling, general and administrative expenses
|
1,894,588
|
1,702,425
|
6,269,386
|
5,245,178
|
||||||||||||
Total operating expenses
|
1,894,588
|
1,702,425
|
6,269,386
|
5,245,178
|
||||||||||||
|
||||||||||||||||
Operating income
|
1,549,031
|
987,833
|
3,639,803
|
2,188,280
|
||||||||||||
|
||||||||||||||||
Other (income) expense:
|
||||||||||||||||
Interest expense, net
|
16,139
|
121,226
|
157,912
|
365,764
|
||||||||||||
Total other (income) expense
|
16,139
|
121,226
|
157,912
|
365,764
|
||||||||||||
|
||||||||||||||||
Net income before taxes
|
1,532,892
|
866,607
|
3,481,891
|
1,822,516
|
||||||||||||
|
||||||||||||||||
Income tax expense
|
-
|
-
|
-
|
-
|
||||||||||||
|
||||||||||||||||
Net income from continuing operations
|
$
|
1,532,892
|
$
|
866,607
|
$
|
3,481,891
|
$
|
1,822,516
|
||||||||
|
||||||||||||||||
Net income from discontinued operations
|
-
|
-
|
-
|
4,447,279
|
||||||||||||
|
||||||||||||||||
Consolidated net income
|
$
|
1,532,892
|
$
|
866,607
|
$
|
3,481,891
|
$
|
6,269,795
|
||||||||
|
||||||||||||||||
Net income per share from continuing operations - basic
|
$
|
0.047
|
$
|
0.035
|
$
|
0.117
|
$
|
0.073
|
||||||||
|
||||||||||||||||
Net income per share from discontinued operations - basic
|
$
|
-
|
$
|
$
|
-
|
$
|
0.178
|
|||||||||
|
||||||||||||||||
Net income per share from continuing operations - diluted
|
$
|
0.046
|
$
|
0.030
|
$
|
0.113
|
$
|
0.066
|
||||||||
|
||||||||||||||||
Net income per share from discontinued operations - diluted
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
0.139
|
||||||||
|
||||||||||||||||
|
||||||||||||||||
Weighted average shares outstanding - basic
|
32,333,108
|
25,047,134
|
29,779,904
|
24,980,317
|
||||||||||||
|
||||||||||||||||
Weighted average shares outstanding - diluted
|
33,476,756
|
31,619,778
|
30,842,167
|
32,044,762
|
|
For the Nine
|
For the Nine
|
||||||
|
Months Ended
|
Months Ended
|
||||||
|
September 30,
|
September 30,
|
||||||
|
2017
|
2016
|
||||||
Cash flows from operating activities:
|
||||||||
Net income
|
$
|
3,481,891
|
$
|
6,269,795
|
||||
Gain on sale of discontinued operations
|
-
|
(7,201,196
|
)
|
|||||
Adjustments to reconcile net income to net cash provided by operating activities:
|
||||||||
Depreciation and amortization
|
409,283
|
409,228
|
||||||
Stock based compensation
|
315,968
|
673,523
|
||||||
Stock based compensation for TFD employees
|
-
|
1,028,908
|
||||||
Amortization of discount on notes payable
|
185,018
|
277,529
|
||||||
Allowance for doubtful accounts
|
-
|
11,963
|
||||||
|
||||||||
Changes in assets and liabilities:
|
||||||||
Accounts receivable, net
|
(878,709
|
)
|
(237,265
|
)
|
||||
Deferred revenue
|
-
|
289,254
|
||||||
Inventory and other current assets, net
|
(177,674
|
)
|
81,012
|
|||||
Accounts payable and accrued expenses - related party
|
-
|
(146,018
|
)
|
|||||
Accounts payable and accrued liabilities
|
(1,199,680
|
)
|
197,603
|
|||||
Accrued liabilities - related party
|
(65,000
|
)
|
-
|
|||||
Due from related party
|
-
|
110
|
||||||
Contingent liability
|
-
|
(91,000
|
)
|
|||||
Net cash provided by operating activities
|
2,071,097
|
1,563,446
|
||||||
|
||||||||
Cash flows from investing activities:
|
||||||||
Cash decrease due to sale of discontinued operations
|
-
|
(470,482
|
)
|
|||||
Acquisition of property and equipment
|
(40,777
|
)
|
(10,512
|
)
|
||||
Cash paid in the acquisition of Oasis
|
(300,000
|
)
|
-
|
|||||
Net cash (used in) investing activities
|
(340,777
|
)
|
(480,994
|
)
|
||||
|
||||||||
Cash flows from financing activities:
|
||||||||
Common stock sold for exercise of warrants
|
196,741
|
-
|
||||||
Payments made on revolving credit facilities
|
-
|
(841,831
|
)
|
|||||
Purchase of stock options from officers, directors, and employees
|
(163,925
|
)
|
-
|
|||||
Cash received from exercise of stock options
|
70,000
|
-
|
||||||
Purchase of treasury stock
|
(505,660
|
)
|
(14,850
|
)
|
||||
Borrowings on revolving credit facilities
|
-
|
805,959
|
||||||
Principal payments on debt
|
(746,941
|
)
|
(1,021,829
|
)
|
||||
Principal payments capital leases
|
(6,926
|
)
|
(8,094
|
)
|
||||
Net cash (used in) financing activities
|
(1,156,711
|
)
|
(1,080,645
|
)
|
||||
|
||||||||
Increase in cash and cash equivalents
|
573,609
|
1,807
|
||||||
|
||||||||
Cash and cash equivalents at beginning of period
|
3,764,053
|
2,137,289
|
||||||
|
||||||||
Cash and cash equivalents at end of period
|
$
|
4,337,662
|
$
|
2,139,096
|
||||
|
||||||||
Supplemental disclosure of cash flow information:
|
||||||||
|
||||||||
Cash paid during the period for:
|
||||||||
Interest
|
$
|
64,198
|
$
|
96,318
|
||||
|
||||||||
Taxes
|
$
|
-
|
$
|
-
|
||||
|
||||||||
Common stock issued for conversion of note payable by related party
|
$
|
164,650
|
$
|
-
|
||||
Equipment acquired under capital lease
|
$
|
-
|
$
|
9,217
|
||||
Fair value of 25,000 shares of common stock issued to a service provider, previously accrued
|
$
|
-
|
$
|
34,000
|
Weighted
|
||||||||||
Average
|
||||||||||
Remaining
|
||||||||||
Exercise
|
Number
|
Contractual
|
||||||||
Price
|
of Options
|
Life (years)
|
||||||||
$
|
0.35
|
470,000
|
0.31
|
|||||||
$
|
0.57
|
225,000
|
0.25
|
|||||||
$
|
1.31
|
200,000
|
0.69
|
|||||||
$
|
1.42
|
100,000
|
0.72
|
|||||||
$
|
1.43
|
50,000
|
1.25
|
|||||||
$
|
1.46
|
100,000
|
0.75
|
|||||||
$
|
1.60
|
310,000
|
0.25
|
|||||||
$
|
1.70
|
75,000
|
0.54
|
|||||||
$
|
1.90
|
190,000
|
1.60
|
|||||||
$
|
2.00
|
50,000
|
0.54
|
|||||||
$
|
2.40
|
20,000
|
0.67
|
|||||||
$
|
2.50
|
37,500
|
0.54
|
|||||||
$
|
3.40
|
30,000
|
0.67
|
|||||||
$
|
3.50
|
37,500
|
0.54
|
|||||||
1,895,000
|
0.57
|
Weighted
|
||||||||||
Average
|
||||||||||
Remaining
|
||||||||||
Exercise
|
Number of
|
Contractual
|
||||||||
Prices
|
Options
|
Life (years)
|
||||||||
$
|
0.350
|
1,170,000
|
1.17
|
|||||||
$
|
0.380
|
92,500
|
0.50
|
|||||||
$
|
0.400
|
275,000
|
0.51
|
|||||||
$
|
0.450
|
92,500
|
0.50
|
|||||||
$
|
0.474
|
92,500
|
0.50
|
|||||||
$
|
0.480
|
92,500
|
0.50
|
|||||||
$
|
0.570
|
225,000
|
1.51
|
|||||||
$
|
1.310
|
75,000
|
2.17
|
|||||||
$
|
1.440
|
15,000
|
0.34
|
|||||||
$
|
1.460
|
100,000
|
2.00
|
|||||||
$
|
1.600
|
310,000
|
1.51
|
|||||||
$
|
1.900
|
15,000
|
1.34
|
|||||||
$
|
2.000
|
500,000
|
0.67
|
|||||||
$
|
2.400
|
20,000
|
1.92
|
|||||||
$
|
3.400
|
30,000
|
1.92
|
|||||||
3,105,000
|
1.07
|
|
For the Nine Months Ended
|
|||
|
September 30,
|
|||
|
2016
|
|||
Revenue
|
$
|
2,389,950
|
||
Cost of goods sold
|
1,764,834
|
|||
Gross margin
|
625,116
|
|||
|
||||
Selling, general and administrative expenses
|
3,368,213
|
|||
Total operating expenses
|
3,368,213
|
|||
|
||||
Operating loss
|
(2,743,097
|
)
|
||
|
||||
Other (income) expense:
|
||||
Gain on sale of discontinued operations
|
(7,201,196
|
)
|
||
Interest expense, net
|
10,820
|
|||
Total other (income) expense
|
(7,190,376
|
)
|
||
|
||||
Income from discontinued operations, net of tax
|
$
|
4,447,279
|
|
|
For the Nine Months Ended
September 30,
|
|
|
|
|
2016
|
|
|
Cash Flow: Major line items
|
|
|
|
|
|
|
|
|
|
Depreciation and Amortization
|
|
|
107,009
|
|
Non-cash compensation
|
|
|
1,028,908
|
|
Purchase of equipment
|
|
|
(6,296
|
)
|
Cash from revolving credit facilities
|
|
|
685,959
|
|
Payments made on revolving credit facilities
|
|
|
(641,831
|
)
|
Principal payments made on notes payable
|
|
|
(7,074
|
)
|
Principal payments made on capital leases
|
|
|
(8,094
|
)
|
|
February 22, 2016
|
|||
|
||||
Receivable due from buyer, net of reserve of $8,700,000
|
$
|
-
|
||
Net proceeds from sale of assets and liabilities
|
-
|
|||
|
||||
Assets sold
|
(6,225,073
|
)
|
||
Liabilities sold
|
13,426,269
|
|||
Net liabilities sold
|
7,201,196
|
|||
|
||||
Gain on sale
|
7,201,196
|
|||
|
||||
Loss from discontinued operations before income tax
|
(2,753,917
|
)
|
||
Income tax expense
|
-
|
|||
|
||||
Income from discontinued operations
|
$
|
4,447,279
|
|
September 30,
2017
|
December 31,
2016
|
||||||
Accounts receivable from customers
|
$
|
2,422,540
|
$
|
1,546,518
|
||||
Allowance for doubtful accounts
|
(5,436
|
)
|
(8,123
|
)
|
||||
Accounts receivable, net
|
$
|
2,417,104
|
$
|
1,538,395
|
|
September 30,
2017
|
December 31,
2016
|
||||||
Finished Goods Inventory
|
$
|
983,733
|
$
|
815,033
|
|
September 30,
2017
|
December 31,
2016
|
||||||
Land
|
$
|
385,523
|
$
|
385,523
|
||||
Building
|
1,326,165
|
1,326,165
|
||||||
Computer and Office Equipment
|
497,191
|
466,177
|
||||||
Warehouse Equipment
|
226,953
|
226,953
|
||||||
Furniture, Fixtures
|
464,502
|
454,743
|
||||||
Vehicles
|
40,064
|
40,064
|
||||||
Total before accumulated depreciation
|
2,940,398
|
2,899,625
|
||||||
Less: accumulated depreciation
|
(952,343
|
)
|
(831,515
|
)
|
||||
Total
|
$
|
1,988,055
|
$
|
2,068,110
|
|
September 30, 2017
|
|||||||||||
|
Accumulated
|
|||||||||||
|
Gross
|
Amortization
|
Net
|
|||||||||
Trade Name
|
$
|
217,000
|
$
|
-
|
$
|
217,000
|
||||||
Non-Compete Agreement
|
444,000
|
(281,500
|
)
|
162,500
|
||||||||
Customer Relationships
|
1,930,994
|
(1,042,261
|
)
|
888,733
|
||||||||
Goodwill
|
151,000
|
-
|
151,000
|
|||||||||
Total
|
$
|
2,742,994
|
$
|
(1,323,761
|
)
|
$
|
1,419,233
|
|
December 31, 2016
|
|||||||||||
|
Accumulated
|
|||||||||||
|
Gross
|
Amortization
|
Net
|
|||||||||
Trade Name
|
$
|
217,000
|
$
|
-
|
$
|
217,000
|
||||||
Non-Compete Agreement
|
244,000
|
(244,000
|
)
|
-
|
||||||||
Customer Relationships
|
1,130,994
|
(791,310
|
)
|
339,684
|
||||||||
Goodwill
|
151,000
|
-
|
151,000
|
|||||||||
Total
|
$
|
1,742,994
|
$
|
(1,035,310
|
)
|
$
|
707,684
|
|
September 30,
2017
|
December 31,
2016
|
||||||
Trade payables
|
$
|
1,921,920
|
$
|
1,547,603
|
||||
Accrued costs of discontinued operations
|
18,765
|
1,478,887
|
||||||
Accrued payroll and commissions
|
147,463
|
93,043
|
||||||
Total
|
$
|
2,088,148
|
$
|
3,119,533
|
|
September 30,
2017
|
December 31,
2016
|
||||||
|
||||||||
Line of credit facility with Fifth Third Bank in the original amount of $1,000,000 with an interest rate of LIBOR plus 3.25%. In August 2015, the amount of the credit facility was increased to $1,500,000 and the due date was extended to August 1, 2016. In August 2016, this credit facility was extended to August 1, 2017. On August 1, 2017 this credit facility was increased to $2,000,000 and the due date was extended to August 1, 2018. During the twelve months ended December 31, 2016, the Company made net borrowings in the amount of $120,000 from this facility, and transferred principal in the amount of $1,200,000 from this credit facility to a new term loan established with Fifth Third Bank. There was no activity on this credit facility during the nine months ended September 30, 2017.
|
$
|
-
|
$
|
-
|
||||
|
||||||||
Total
|
$
|
-
|
$
|
-
|
|
September 30,
2017
|
December 31,
2016
|
||||||
|
||||||||
Term loan dated as of August 5, 2016 in the original amount of $1,200,000 payable to Fifth Third Bank. This loan is secured by the Company’s tangible and intangible personal property and bears interest at the rate of LIBOR plus 4.5%. Principal payments in the amount of $66,667 are due monthly along with accrued interest beginning September 5, 2016. The entire principal balance and all accrued interest is due on the maturity date of February 5, 2018. During the twelve months ended December 31, 2016, the Company transferred principal in the amount of $1,200,000 from the line of credit facility with Fifth Third Bank into this term loan. During the three months ended September 30, 2017, the Company made principal and interest payments on this loan in the amounts of $200,000 and $5,594, respectively. During the nine months ended September 30, 2017, the Company made principal and interest payments on this loan in the amounts of $600,000 and $24,187, respectively.
|
$
|
314,033
|
$
|
914,033
|
||||
|
||||||||
Secured mortgage note payable for the acquisition of land and building in Bonita Springs, Florida in the amount of $546,000. Principal payments of $4,550 and interest at the rate of Libor plus 3% are due monthly. The balance of the principal amount will be due February 28, 2018. During the three months ended September 30, 2017, the Company made payments of principal and interest on this note in the amounts of $13,650 and $3,288, respectively. During the nine months ended September 30, 2017, the Company made payments of principal and interest on this note in the amounts of $40,950 and $9,663, respectively.
|
295,750
|
336,700
|
||||||
|
||||||||
Secured mortgage note payable for the acquisition of land and building in Broadview, Illinois in the amount of $980,000. Payments of $8,167 including principal and interest at the rate of LIBOR plus 2.75% are due monthly through April 2020, the remaining principal balance in the amount of $490,000 will be due May 29, 2020. During the three months ended September 30, 2017, the Company made payments of principal and interest on this note in the amounts of $24,500 and $7,845, respectively. During the nine months ended September 30, 2017, the Company made payments of principal and interest on this note in the amounts of $73,500 and $22,919, respectively.
|
751,333
|
824,833
|
||||||
|
||||||||
A total of 16 convertible notes payable in the aggregate amount of $627,565 (the “Convertible Notes Payable”). Certain of the Convertible Notes Payable contain cross default provisions, and are secured by subordinated interest in a majority of the Company’s assets. The Convertible Notes Payable bear interest at the rate of 1.9% per annum; principal and accrued interest are convertible into common stock of the Company at a conversion price of $0.25 per share; however, the interest may be paid in cash by the Company and certain limited amounts of principle may also be prepaid in cash. Effective May 13, 2014, the due date of these notes was extended from May 15, 2014 to December 31, 2015, and a discount to the notes in the aggregate amount of $712,565 was recorded to recognize the value of the beneficial conversion feature embedded in the extension of the term of the notes. In March 2015 the notes were further extended to January 1, 2016. On September 30, 2015, the notes in the amount of $627,565 were further extended to July 1, 2017, and a discount in the amount of $627,565 was recorded to recognize the value of the beneficial conversion featured embedded in the extension of the term of the notes. During the three and nine months ended September 30, 2017, $0 and $185,018, respectively, of this discount was charged to operations. During the three and nine months ended September 30, 2017, the Company accrued interest in the amount of $0 and $179,304, respectively, on these notes.
During the three months ended June 30, 2017, holders of the Convertible Notes Payable converted principal in the amount of $627,565 and accrued interest in the amount of $528,242 into an aggregate of 1,155,807 shares of common stock, and accrued interest in the amount of $86,089 was forgiven. The amount of $86,809 is recorded as a decrease in interest expense during the three and six months ended June 30, 2017.
|
-
|
627,565
|
||||||
|
||||||||
A convertible note payable in the amount of $20,000 The Note was due in January 2006 and the Company is currently accruing interest on this note at 1.9%. The principal is convertible into common stock of the Company at a conversion price of $0.25 per share. During the three and nine months ended September 30, 2017, the Company accrued interest in the amount of $93 and $279, respectively, on this note.
|
20,000
|
20,000
|
|
September 30,
2017
|
December 31,
2016
|
||||||
|
||||||||
Unsecured note to Sam Klepfish for $164,650 which may not be prepaid without Mr. Klepfish’s consent, originally carrying an interest rate of 8% per annum and no due date. As of July 1, 2014, the interest rate was reduced to 1.9% and as of November 17, 2014 the interest rate was further reduced to 0%. During the three months ended December 31, 2015, interest in the amount of $54,150 was capitalized, and the aggregate principal amount of $164,650 was extended to July 1, 2017. This note and accrued interest are convertible into common stock of the Company at a conversion price of $0.25 per share. During the three months ended March 31, 2017, the entire principal balance of this note in the amount of $164,650 was converted into 658,600 shares of the Company’s common stock.
|
-
|
164,650
|
||||||
|
||||||||
Unsecured promissory note in the amount of $100,000 dated January 1, 2017 bearing interest at the rate of 2.91% per annum issued in connection with the Oasis acquisition. Payments in the amount of $4,297 consisting of principal and interest are to be made monthly beginning February 15, 2017 for twenty-four months until paid in full. During the three and nine months ended September 30, 2017, the Company made principal payments on this note in the amount of $12,361 and $530, respectively; during the three and nine months ended September 30, 2017, the Company made interest payments on this note in the amount of rest payments on this note in the amounts of $32,496, and $1,880, respectively.
|
67,504
|
-
|
||||||
|
||||||||
Capital lease obligations under a lease agreement for a forklift payable in thirty-six monthly installments of $274 including interest at the rate of 4.46%. During the three and nine months ended September 30, 2017, the Company made principal payments in the amount of $778 and $2,307, respectively. During the three and nine months ended September 30, 2017, the Company made interest payments on this lease obligation in the amounts of $45 and $159, respectively.
|
3,471
|
5,778
|
||||||
|
||||||||
Capital lease obligations under a lease agreement for a forklift payable in thirty-six monthly installments of $579 including interest at the rate of 4.83%. During the three and nine months ended September 30, 2017, the Company made principal payments in the amounts of $1,558 and $4,617, respectively. During the three and nine months end September 30, 2017, the Company made interest payments on this lease obligation in the amounts of $178 and $591, respectively.
|
13,738
|
18,354
|
||||||
|
||||||||
Total
|
$
|
1,465,829
|
$
|
2,911,913
|
||||
|
||||||||
Less: Discount
|
-
|
(185,020
|
)
|
|||||
|
||||||||
Net
|
$
|
1,465,829
|
$
|
2,726,893
|
||||
Current maturities, net of discount
|
$
|
547,183
|
$
|
1,589,082
|
||||
Long-term portion, net of discount
|
918,646
|
1,137,811
|
||||||
Total
|
$
|
1,465,829
|
$
|
2,726,893
|
|
For the Three Months Ended
September 30,
|
|||||||
|
2017
|
2016
|
||||||
Discount on Notes Payable amortized to interest expense:
|
$
|
-
|
$
|
92,509
|
|
For the Nine Months Ended
September 30,
|
|||||||
|
2017
|
2016
|
||||||
Discount on Notes Payable amortized to interest expense:
|
$
|
185,018
|
$
|
277,527
|
2018
|
$
|
547,183
|
||
2019
|
177,038
|
|||
2020
|
609,933
|
|||
2021
|
54,600
|
|||
2022
|
54,600
|
|||
Thereafter
|
22,475
|
|||
Total
|
$
|
1,465,829
|
Range of
exercise
Prices
|
Number of
warrants
Outstanding
|
Weighted
average
remaining
contractual
life (years)
|
Weighted
average
exercise
price of
outstanding
Warrants
|
Number of
warrants
Exercisable
|
Weighted
average
exercise
price of
exercisable
Warrants
|
|||||||||||||||||
$
|
0.010
|
700,000
|
2.63
|
$
|
0.01
|
700,000
|
$
|
0.01
|
||||||||||||||
700,000
|
2.63
|
$
|
0.01
|
700,000
|
$
|
0.01
|
|
Number of
|
Weighted Average
|
||||||
|
Warrants
|
Exercise Price
|
||||||
Warrants outstanding at December 31, 2016
|
3,537,284
|
$
|
0.45
|
|||||
|
||||||||
Granted
|
-
|
-
|
||||||
Exercised
|
(2,837,284
|
)
|
$
|
0.56
|
||||
Cancelled / Expired
|
-
|
-
|
||||||
|
||||||||
Warrants outstanding at September 30, 2017
|
700,000
|
$
|
0.01
|
Weighted
|
Weighted
|
|||||||||||||||||||||
Weighted
|
average
|
average
|
||||||||||||||||||||
average
|
exercise
|
exercise
|
||||||||||||||||||||
Range of
|
Number of
|
Remaining
|
price of
|
Number of
|
price of
|
|||||||||||||||||
exercise
|
options
|
contractual
|
outstanding
|
options
|
exercisable
|
|||||||||||||||||
Prices
|
Outstanding
|
life (years)
|
Options
|
Exercisable
|
Options
|
|||||||||||||||||
$
|
0.35
|
470,000
|
0.31
|
$
|
0.35
|
470,000
|
$
|
0.35
|
||||||||||||||
$
|
0.57
|
225,000
|
0.25
|
$
|
0.57
|
225,000
|
$
|
0.57
|
||||||||||||||
$
|
1.31
|
200,000
|
0.69
|
$
|
1.31
|
200,000
|
$
|
1.31
|
||||||||||||||
$
|
1.42
|
100,000
|
0.72
|
$
|
1.42
|
100,000
|
$
|
1.42
|
||||||||||||||
$
|
1.43
|
50,000
|
1.25
|
$
|
1.43
|
50,000
|
$
|
1.50
|
||||||||||||||
$
|
1.46
|
100,000
|
0.75
|
$
|
1.46
|
100,000
|
$
|
1.46
|
||||||||||||||
$
|
1.60
|
310,000
|
0.25
|
$
|
1.60
|
310,000
|
$
|
1.60
|
||||||||||||||
$
|
1.70
|
75,000
|
0.54
|
$
|
1.70
|
75,000
|
$
|
1.70
|
||||||||||||||
$
|
1.90
|
190,000
|
1.60
|
$
|
1.90
|
190,000
|
$
|
1.90
|
||||||||||||||
$
|
2.00
|
50,000
|
0.54
|
$
|
2.00
|
50,000
|
$
|
2.00
|
||||||||||||||
$
|
2.40
|
20,000
|
0.67
|
$
|
2.40
|
20,000
|
$
|
2.40
|
||||||||||||||
$
|
2.50
|
37,500
|
0.54
|
$
|
2.50
|
37,500
|
$
|
0.79
|
||||||||||||||
$
|
3.40
|
30,000
|
0.67
|
$
|
3.40
|
30,000
|
$
|
3.40
|
||||||||||||||
$
|
3.50
|
37,500
|
0.54
|
$
|
3.50
|
37,500
|
$
|
3.50
|
||||||||||||||
1,895,000
|
0.57
|
$
|
1.25
|
1,895,000
|
$
|
1.25
|
|
Number of Shares
|
Weighted Average
Exercise Price
|
||||||
Options outstanding at December 31, 2016
|
2,445,000
|
$
|
1.01
|
|||||
|
||||||||
Granted
|
650,000
|
$
|
1.73
|
|||||
Exercised
|
(200,000
|
)
|
$
|
0.35
|
||||
Cancelled / Expired
|
(1,000,000
|
)
|
$
|
1.18
|
||||
|
||||||||
Options outstanding at September 30, 2017
|
1,895,000
|
$
|
1.25
|
|
September 30,
|
|||
|
2017
|
|||
Volatility
|
56.9
|
%
|
||
Dividends
|
$
|
-
|
||
Risk-free interest rates
|
0.87
|
%
|
||
Term (years)
|
0.78-2.44
|
|
September 30,
|
|||||||
|
2017
|
2016
|
||||||
|
||||||||
RSUs expense – Continuing operations
|
$
|
-
|
$
|
190,692
|
||||
RSUs expense – Discontinued operations
|
-
|
-
|
||||||
Total
|
$
|
-
|
$
|
190,692
|
|
September 30,
|
|||||||
|
2017
|
2016
|
||||||
|
||||||||
RSUs expense – Continuing operations
|
$
|
-
|
$
|
658,709
|
||||
RSUs expense – Discontinued operations
|
-
|
813,908
|
||||||
Total
|
$
|
-
|
$
|
1,472,617
|
●
|
Our ability to raise capital necessary to sustain our anticipated operations and implement our business plan,
|
|
|
●
|
Our ability to implement our business plan,
|
●
|
Our ability to generate sufficient cash to pay our lenders and other creditors,
|
●
|
Our dependence on one major customer,
|
|
|
●
|
Our ability to employ and retain qualified management and employees,
|
●
|
Our dependence on the efforts and abilities of our current employees and executive officers,
|
●
|
Changes in government regulations that are applicable to our current or anticipated business,
|
●
|
Changes in the demand for our services and different food trends,
|
●
|
The degree and nature of our competition,
|
●
|
The lack of diversification of our business plan,
|
●
|
The general volatility of the capital markets and the establishment of a market for our shares, and
|
●
|
Disruption in the economic and financial conditions primarily from the impact of past terrorist attacks in the United States, threats of future attacks, police and military activities overseas and other disruptive worldwide political and economic events and environmental weather conditions.
|
Period
|
(a)
Total number of shares purchased
|
(b)
Average price paid per share
|
(c)
Total number of shares purchased
as part of publicly announced plans or programs
|
(d)
Maximum number (or approximate dollar value) of shares that may yet be purchased under the plans or programs
|
||||||||||||
|
||||||||||||||||
January 2017
|
37,000
|
$
|
0.502
|
N/A
|
N/A
|
|||||||||||
February 2017
|
642,688
|
$
|
0.485
|
N/A
|
N/A
|
|||||||||||
May 2017
|
639,383
|
$
|
0.368
|
N/A
|
N/A
|
|||||||||||
June 2017
|
438,379
|
$
|
0.575
|
N/A
|
N/A
|
SIGNATURE
|
|
TITLE
|
|
DATE
|
|
|
|
|
|
/s/ Sam Klepfish
|
|
Chief Executive Officer
|
|
November 14, 2017
|
Sam Klepfish
|
|
|
|
|
|
|
|
|
|
/s/ John McDonald
|
|
Principal Financial Officer
|
|
November 14, 2017
|
John McDonald
|
|
|
|
|
1 Year Innovative Food (QB) Chart |
1 Month Innovative Food (QB) Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions