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Innovative Designs Inc (IVDN0.00%) has submitted its 10-Q filing for the quarterly period ended January 31, 2025.
The filing includes financial statements for the quarter, showing an increase in revenues to $543,916 from $65,886 in the same quarter the previous year. The increase is attributed to higher sales of the House Wrap product line.
Cost of sales for the quarter was $231,030, representing 42.5% of sales, compared to 52.9% in the same quarter of the previous year. Selling, general, and administrative expenses increased to $272,099 from $85,682, primarily due to hiring a consultant.
The company reported a net income of $36,202 for the quarter, compared to a net loss of $63,393 in the previous year.
Cash used in operating activities was $162,155, while cash provided by financing activities was $86,512.
Innovative Designs had a working capital of $972,343 as of January 31, 2025. The company acknowledges its dependence on sales and the sale of securities to fund operations.
The filing also details various financial agreements, including a convertible promissory note and a note payable to the U.S. Small Business Association.
Innovative Designs does not anticipate significant changes in its operations or business strategy in the near future.
The company identified no material changes in its significant accounting policies from those disclosed in the previous annual report.
Innovative Designs continues to focus on marketing its products and highlights its dependence on a single source for the Insultex material used in its products.
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 March 20, 2025. To report an error, please email earnings@qz.com.