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Innovative Designs Inc (IVDN-3.23%). has submitted its 10-Q filing for the quarterly period ended July 31, 2024.
The filing includes financial statements for the quarter, showing an increase in revenues to $278,279 from $124,650 in the same quarter the previous year. This increase is attributed to higher sales of the House Wrap product line.
Cost of sales for the quarter was $189,978, representing 68.3% of sales, compared to 61.4% in the same quarter of the previous year. Selling, general, and administrative expenses were $142,223, up from $124,944.
The company reported a net loss of $59,083 for the quarter, compared to a loss of $83,964 in the previous year.
Cash and cash equivalents increased to $284,342 as of July 31, 2024, from $238,677 as of October 31, 2023.
The company has a backlog of approximately $247,000 in orders for its House Wrap product line as of September 27, 2024.
Innovative Designs relies on a single source for its Insultex material and highlights the risk of losing this supplier.
The company plans to fund its operations through sales, stock sales, and borrowings, with a focus on increasing sales of its Insultex products.
The filing also notes a change in executive leadership, with Joseph A. Riccelli appointed as CEO and CFO on October 3, 2024.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Innovative Designs Inc quarterly 10-Q report dated December 23, 2024. To report an error, please email earnings@qz.com.