basic $ 0.00 $ (0.00) $ (0.00) $ (0.00)
========== ========== ========== ==========
Net (loss) per
share from
discontinued
operations -
diluted $ 0.00 $ (0.00) $ (0.00) $ (0.00)
========== ========== ========== ==========
Weighted average
shares
outstanding -
basic 50,995,008 49,193,476 50,518,152 48,909,277
========== ========== ========== ==========
Weighted average
shares
outstanding -
diluted 51,639,238 49,235,998 51,162,382 48,909,277
========== ========== ========== ==========
Innovative Food Holdings, Inc.
Consolidated Statements of Cash Flows
(unaudited)
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 disposition 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 provided by (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
disposition of asset, net of
loan payoff 2,101,185 -
Cash received from
disposition 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 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) 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 period 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 common stock for
severance agreement previously
accrued $ - $ -
=========== ===========
Reclassify fixed assets as held
for sale $ 5,941,933 $ -
=========== ===========
Issuance of stock for cashless
exercise of options $ 2 $ -
=========== ===========
Innovative Food Holdings, Inc.
Reconciliation of GAAP to Non-GAAP Measures
Adjusted EBITDA Calculations
(unaudited)
Q3 2024 Q3 2023 2024 YTD 2023 YTD
----------- ----------- ----------- -----------
Net Income (Loss)
From Continuing
Operations
(GAAP) $ 1,334,830 $ 123,544 $ 2,674,573 $(2,580,411)
Depreciation &
Amortization (1) $ 42,926 $ 142,179 $ 211,488 $ 429,048
Interest expense -
net $ 217,275 $ 260,994 $ 642,212 $ 643,355
Income tax
provision $ - $ - $ - $ 15,834
---------- ---------- ---------- ----------
EBITDA (Non-GAAP)
(2) $ 1,595,031 $ 526,717 $ 3,528,273 $(1,492,174)
Adjustments:
Separation Costs $ - $ 18,675 $ 68,791 $ 1,970,735
Unaccrued 2022
Leadership Bonus'
Expensed & Paid
in 2023 $ - $ - $ - $ 125,923
Other
Restructuring
Costs $ 5,000 $ 5,297 $ 185,087 $ 613,332
Stock Compensation
Expense (3) $ 49,682 $ 350,053 $ 791,968 $ 601,309
Legal Fees - JIT
Lawsuit $ - $ 19,996 $ 26,325 $ 76,476
Gain on Sale of
Subsidiaries $ - $ - $ (21,126) $ -
Other Legal &
Transactional $ 182,103 $ - $ 223,926 $ -
Commission on Sale
of Asset $ - $ 247,300
Gain on sale of
assets $ (834,463) $ - $(2,763,735) $ -
---------- ---------- ---------- ----------
Adjusted EBITDA
(Non-GAAP) (4) $ 997,353 $ 920,738 $ 2,286,809 $ 1,895,601
Adjustments:
Depreciation $ (42,926) $ (131,847) $ (211,488) $ (398,054)
Interest expense -
net $ (217,275) $ (260,994) $ (642,212) $ (643,355)
Income tax
provision $ - $ - $ - $ (15,834)
---------- ---------- ---------- ----------
Adjusted Net
Income (Non-GAAP)
(5) $ 737,152 $ 527,897 $ 1,433,109 $ 838,358
Adjusted Diluted
EPS (Non-GAAP) $ 0.014 $ 0.011 $ 0.028 $ 0.017
Weighted-average
diluted shares
outstanding
(Non-GAAP) (6) 51,162,382 49,235,998 51,162,382 48,909,277
Q3 2024 Q3 2023 2024 YTD 2023 YTD
----------- ----------- ----------- -----------
Revenue (GAAP) $17,009,771 $16,958,489 $49,398,874 $52,154,339
Gross profit (GAAP) $ 4,284,234 $ 4,539,164 $12,085,971 $12,800,268
Inventory Reserve $ - $ - $ 129,287 $ -
Adjusted Gross profit
(Non-GAAP) (7) $ 4,284,234 $ 4,539,164 $12,215,258 $12,800,268
Adjusted Gross profit
margin % (Non-GAAP) 25.19% 26.77% 24.73% 24.54%
(MORE TO FOLLOW) Dow Jones Newswires
November 13, 2024 09:31 ET (14:31 GMT)
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