WEB NEWS Legal Insights
Pittsburgh, PA, March 03, 2020 (GLOBE NEWSWIRE)
Innovative Designs CEO, Joseph Riccelli, commented about how IDI’s legal representative, Mr. Anthony Patterson, concluded that the FTC’s expert witness had failed to meet the legal standard set by Daubert, which is the precedent governing the admissibility of an expert’s testimony. Mr. Riccelli stated, “IDI is now working on a motion to request that the Court enter a judgement against the FTC under Rule 52(c), which will then allow me and my staff the opportunity to become 100% focused upon IDI’s business interests.”
Comments & Business Outlook
CONDENSED STATEMENTS OF OPERATIONS
Three and Six Month Periods Ended April 30, 2016 and 2015 (Unaudited)
Three Month Periods Ended April 30,
Six Month Periods Ended April 30,
2016
2015
2016
2015
REVENUES - NET
$
110,278
$
216,377
$
338,164
$
502,781
OPERATING EXPENSES:
Cost of sales
84,197
120,178
182,951
252,914
Selling, general and administrative expenses
152,090
164,874
395,954
316,781
236,287
285,052
578,905
569,695
LOSS FROM OPERATIONS
(126,009
)
(68,675
)
(240,741
)
(66,914
)
OTHER INCOME/(EXPENSE)
Miscellaneous income
-
-
-
385
Interest expense
(19,526
)
(21,773
)
(38,006
)
(39,509
)
Total other expense
(19,526
)
(21,773
)
(38,006
)
(39,124
)
NET LOSS
$
(145,535
)
$
(90,448
)
$
(278,747
)
$
(106,038
)
PER SHARE INFORMATION
Net Loss Per Common Share
$
(0.006
)
$
(0.004
)
$
(0.011
)
$
(0.005
)
Weighted Average Number of Common Shares Outstanding
25,185,643
23,108,564
24,896,722
22,870,758
Comments & Business Outlook
PITTSBURGH, PA--(Marketwired - May 11, 2016) - Innovative Designs Inc. (OTCQB: IVDN) has begun the permitting process necessary to begin domestic production of its Insultex™ insulation. Insultex™ is used in the production of both the IDIGear line of apparel and the Insultex House Wrap™.
Third quarter sales, beginning May 1st, have gotten off to a fast pace. Vendor agreements have been submitted, in the first week of May, to two major accounts, at their request, to begin carrying Innovative Designs' products.
Innovative Designs CEO, Joseph Riccelli, commented, "You reach a milestone when companies seek out your product at a higher pace then you seek them out. This is what we are starting to see. It cannot be misconstrued for anything but a positive sign going forward."
Comments & Business Outlook
CONDENSED STATEMENTS OF OPERATIONS
Three Month Periods Ended January 31, 2016 and 2015 (Unaudited)
Three Month Periods Ended January 31,
2016
2015
REVENUES - NET
$
227,886
$
286,404
OPERATING EXPENSES:
Cost of sales
98,754
132,736
Selling, general and administrative expenses
243,864
151,907
342,618
284,643
(LOSS) INCOME FROM OPERATIONS
(114,732
)
1,761
OTHER INCOME/(EXPENSE)
Miscellaneous income
-
385
Interest expense
(18,480
)
(17,736
)
Total other expense
(18,480
)
(17,351
)
NET LOSS
$
(133,212
)
$
(15,590
)
PER SHARE INFORMATION
Net Loss Per Common Share
$
(0.005
)
$
(0.001
)
Weighted Average Number of Common Shares Outstanding
24,614,082
22,640,706
Comments & Business Outlook
INNOVATIVE DESIGNS, INC.
STATEMENTS OF OPERATIONS
For the Fiscal Years Ended October 31, 2015 and 2014
2015
2014
REVENUES - NET OF RETURNS AND ALLOWANCES
$
772,900
$
771,184
OPERATING EXPENSES
Cost of sales
371,715
433,861
Selling, general and administrative expenses
816,235
646,932
LOSS FROM OPERATIONS
(415,050
)
(309,609
)
OTHER INCOME (EXPENSE)
Loss on sale of equipment
(3,363
)
-
Misc. - Other Income
385
-
Interest expense
(93,572
)
(124,461
)
TOTAL OTHER INCOME (EXPENSE)
(96,550
)
(124,461
)
NET LOSS
$
(511,600
)
$
(434,070
)
PER SHARE INFORMATION
Basic
Net Loss Per Common Share
$
(0.022
)
$
(0.021
)
Weighted Average Number of Common Shares Outstanding
23,438,254
20,397,432
Comments & Business Outlook
PITTSBURGH, PA--(Marketwired - Nov 4, 2015) - Innovative Designs Inc. (OTCQB : IVDN) Foreign assembly has been completed on machinery to produce Innovative Designs' insulation Insultex�. Shipping will occur within a few weeks. Upon arrival and set-up, Innovative Designs will begin domestic production of its Insultex� insulation. Three major benefits that will occur are (1) The ability to now market and sell Insultex� to Canadian accounts through the NAFTA Agreement, (2) Work with governmental contracts that specify products are required to be "Made in the U.S.A." and (3) Eliminate the high cost of shipping full containers into the United States. Innovative Designs CEO, Joseph Riccelli commented, "It's all positives when it came to making this decision. The production capabilities of the machine are amazing. We will never be caught in an Insultex� shortage with the ability to react and produce at a moment's notice. Our Insultex House Wrap� will now become price competitive outside of the U.S. market through the NAFTA agreement, eliminating the tariffs that currently exist."
Comments & Business Outlook
Three and Nine Month Periods Ended July 31, 2015 and 2014 (Unaudited)
Three Month Periods Ended July 31, Nine Month Periods Ended July 31,
2015 2014 2015 2014
REVENUES - NET $ 46,593 $ 195,035 $ 549,374 $ 635,457
OPERATING EXPENSES:
Cost of sales 24,903 123,782 277,817 322,938
Selling, general and administrative expenses 224,426 169,690 541,207 515,252
249,329 293,472 819,024 838,190
LOSS FROM OPERATIONS (202,736 ) (98,437 ) (269,650 ) (202,733 )
OTHER INCOME/(EXPENSE)
Miscellaneous income 5 — 390 —
Interest expense (31,227 ) (24,812 ) (70,736 ) (88,485 )
Total other expense (31,222 ) (24,812 ) (70,346 ) (88,485 )
NET LOSS $ (233,958 ) $ (123,249 ) $ (339,996 ) $ (291,218 )
PER SHARE INFORMATION
Net Loss Per Common Share $ (0.010 ) $ (0.006 ) $ (0.015 ) $ (0.015 )
Weighted Average Number of Common Shares Outstanding 23,708,444 20,444,578 23,153,055 19,888,248
Management Discussion and Analysis
Revenues for the quarter ended July 31, 2015 were $46,593 compared to revenues of $195,035 for the quarter ended July 31, 2014. The decrease is caused, primarily, by the fact that during the quarter ended July 31, 2014, a distributor of our House Wrap product purchased approximately $160,000 of the product. We are focusing most of our resources and efforts toward the development of a market for our House Wrap product line. During the three month period ended July 31, 2015 House Wrap sales totaled $43,389 in comparison with $174,388 during the three month period ended July 31, 2014. Our net loss for the three months ended July 31, 2015 was ($233,958).
Comments & Business Outlook
CONDENSED STATEMENTS OF OPERATIONS
Three and Six Month Periods Ended April 30, 2015 and 2014 (Unaudited)
Three Month Periods Ended April 30,
Six Month Periods Ended April 30,
2015
2014
2015
2014
REVENUES - NET
$
216,377
$
66,670
$
502,781
$
440,422
OPERATING EXPENSES:
Cost of sales
120,178
29,204
252,914
199,156
Selling, general and administrative expenses
164,874
204,726
316,781
345,562
285,052
233,930
569,695
544,718
LOSS FROM OPERATIONS
(68,675
)
(167,260
)
(66,914
)
(104,296
)
OTHER INCOME/(EXPENSE)
Miscellaneous income
-
-
385
-
Interest expense
(21,773
)
(35,403
)
(39,509
)
(63,673
)
Total other expense
(21,773
)
(35,403
)
(39,124
)
(63,673
)
NET LOSS
$
(90,448
)
$
(202,663
)
$
(106,038
)
$
(167,969
)
PER SHARE INFORMATION
Net Loss Per Common Share
$
(0.004
)
$
(0.010
)
$
(0.005
)
$
(0.009
)
Weighted Average Number of Common Shares Outstanding
23,108,564
19,776,232
22,870,758
19,605,472
Management Discussion and Analysis
Revenues for the period ended April 30, 2015 were $502,781 compared to revenues of $440,422 for the period ended April 30, 2014. The increase in revenue was largely the result of increased sales of our House Wrap product line. We are also focusing most of our resources and efforts toward the development of a market for our House Wrap product line. During the six month period ended April 30, 2015 House Wrap sales totaled $177,165 in comparison with $22,481 during the six month period ended April 30, 2014. Our net loss for the six months ended April 30, 2015 was $(106,038).
Comments & Business Outlook
CONDENSED STATEMENTS OF OPERATIONS
Three Month Periods Ended January 31, 2015 and 2014 (Unaudited)
Three Month Periods Ended January 31,
2015
2014
REVENUES - NET
$
286,404
$
373,752
OPERATING EXPENSES:
Cost of sales
132,736
169,952
Selling, general and
administrative expenses
151,907
140,836
284,643
310,788
INCOME FROM OPERATIONS
1,761
62,964
OTHER INCOME/(EXPENSE)
Miscellaneous income
385
-
Interest expense
(17,736
)
(28,270
)
Total other income/(expense)
(17,351
)
(28,270
)
NET INCOME/(LOSS)
$
(15,590
)
$
34,694
PER SHARE INFORMATION
Net Income/(Loss) Per Common Share
$
(0.001
)
$
0.002
Weighted Average Number of
Common Shares Outstanding
22,640,706
19,440,281
Management Discussion and Analysis
Revenues for the quarter ended January 31, 2015 were $286,404 compared to revenues of $373,252 for the quarter ended January 31, 2014, the decrease in revenue was largely the result of decreased sales of our Arctic Armor product line. The decrease is caused, in part, by increased competition in this product area. We are also focusing most of our resources and efforts toward the development of a market for our House Wrap product line. During the three month period ended January 31, 2015 House Wrap sales totaled $7,605 in comparison with $6,851 during the three month period ended January 31, 2014. Our net loss for the three months ended January 31, 2015 was $(15,590). In February 2015, we announced that the laboratory which we use for testing our House Wrap product passed international accreditation which can now be documented on lab results. This allows the Company to begin an aggressive marketing program to national home builders who require the type of accreditation recently achieved.
Comments & Business Outlook
INNOVATIVE DESIGNS, INC.
STATEMENTS OF OPERATIONS
For the Fiscal Years Ended October 31, 2014 and 2013
2014
2013
REVENUES
$
771,184
$
484,299
OPERATING EXPENSES
Cost of sales
433,861
206,939
Selling, general and administrative expenses
646,932
507,868
LOSS FROM OPERATIONS
(309,609
)
(230,508
)
OTHER INCOME (EXPENSE)
Loss contingency
-
190,000
Interest expense
(124,461
)
(102,253
)
TOTAL OTHER INCOME (EXPENSE)
(124,461
)
87,747
NET LOSS
$
(434,070
)
$
(142,761
)
PER SHARE INFORMATION
Basic
Net Loss Per Common Share
$
(0.021
)
$
(0.008
)
Weighted Average Number of Common Shares Outstanding
20,397,432
18,974,811
Comments & Business Outlook
INNOVATIVE DESIGNS, INC.
CONDENSED STATEMENTS OF OPERATIONS
Nine Month Periods Ended July 31, 2014 and 2013 (Unaudited)
Three Month Periods Ended July 31,
Nine Month Periods Ended July 31,
2014
2013
2014
2013
REVENUES - NET
$
195,035
$
11,117
$
635,457
$
361,173
OPERATING EXPENSES:
Cost of sales
123,782
5,460
322,938
148,275
Selling, general and administrative expenses
169,690
113,527
515,252
400,634
293,472
118,987
838,190
548,909
LOSS FROM OPERATIONS
(98,437
)
(107,870
)
(202,733
)
(187,736
)
OTHER INCOME/(EXPENSE)
Interest expense
(24,812
)
(26,814
)
(88,485
)
(71,080
)
Settlement of contingent liability
-
190,000
-
190,000
Total other income/(expense)
(24,812
)
163,186
(88,485
)
118,920
NET INCOME/(LOSS)
$
(123,249
)
$
55,316
$
(291,218
)
$
(68,816
)
PER SHARE INFORMATION
Net Income/(Loss) Per Common Share
$
(0.006
)
$
0.003
$
(0.015
)
$
(0.004
)
Weighted Average Number of Common Shares Outstanding
20,444,578
18,980,091
19,888,248
18,960,118
Management Discussion and Analysis
Revenues for the quarter ended July 31, 2014 were $195,035 compared to revenues of $11,117 for the quarter ended July 31, 2013, as a result of the increase in sales in House Wrap during the three month period ended July 31, 2014. During the three month period ended July 31, 2014 House Wrap sales totaled $192,041 in comparison with $3,019 during the three month period ended July 31, 2013. Our net loss for the three months ended July 31, 2014 was $(123,249). The majority of the House Wrap was purchased by our mid-west distributor, A Team Lindus.
Deal Flow
ITEM 3.02 UNREGISTERED SALE OF EQUITY SECURITIES
From the period April 22, 2014 through July 23, 2014, the registrant sold its Common Stock to 26 investors in various private placements. The Common Stock was sold at prices ranging from $.40 per share to $.70 per share. A total of 1,080,680 shares were sold. The total proceeds received were $632,340. No sales commissions were paid. The registrant intends to use the proceeds from the sales to purchase raw material inventory, invest in new equipment and general working capital purposes. We believe the sales were exempt from the registration requirements of the Securities Act of 1933, as amended by virtue of Section 4(2) of the Act. All of the purchasers were sophisticated investors and no general solicitation or advertising was used. Except for one entity all of the investors were for the benefit of individuals. The vast majority of the purchasers were existing stockholders of the registrant.
Also, on June 20, 2014, we exchange shares of our Common Stock in return for the debt held by a stockholder; we issued 20,800 shares of our Common Stock in exchange for $12,500 of debt.
On May 5, 2014, we issued 15,000 shares of our Common Stock to one person for consulting services valued at $6,000. On June 4, 2014, we issued 40,000 shares of our Common Stock to one person for professional services valued at $16,000. On June 30, 2014 we issued 10,000 shares of our Common Stock to a stockholder in exchange for services valued at $5,000. And on June 24, 2014, we issued 15,000 shares of our Common Stock to one person for consulting services valued at $7,500. We believe that all of these transactions were exempt from the registration requirement of the 1933 Securities Act, as amended, by virtue of Section 4(2) of the act as all persons receiving the shares were sophisticated persons.
Comments & Business Outlook
INNOVATIVE DESIGNS, INC.
CONDENSED STATEMENTS OF OPERATIONS
Three and Six Month Periods Ended April 30, 2014 and 2013 (Unaudited)
Three Month Periods Ended April 30,
Six Month Periods Ended April 30,
2014
2013
2014
2013
REVENUES - NET
$
66,670
$
55,010
$
440,422
$
350,056
OPERATING EXPENSES:
Cost of sales
29,204
15,184
199,156
142,815
Selling, general and administrative expenses
204,726
137,043
345,562
287,107
233,930
152,227
544,718
429,922
LOSS FROM OPERATIONS
(167,260
)
(97,217
)
(104,296
)
(79,866
)
OTHER EXPENSE
INTEREST EXPENSE
(35,403
)
(19,943
)
(63,673
)
(44,266
)
NET LOSS
$
(202,663
)
$
(117,160
)
$
(167,969
)
$
(124,132
)
PER SHARE INFORMATION
Net Loss Per Common Share
$
(0.010
)
$
(0.006
)
$
(0.009
)
$
(0.007
)
Weighted Average Number of Common Shares Outstanding
19,776,232
18,964,732
19,605,472
18,949,997
Management Discussion and Analysis
Revenues for the quarter ended April 30, 2014 were $66,670 compared to revenues of $55,010 for the quarter ended April 30, 2013. As a result of the colder winter that was experienced, our customers are ordering later in the year. Approximately 76% of our sales for the period were for our Arctic Armor products, and House Wrap accounted for approximately 23% of sales for the period. Our net loss for the three months ended April 30, 2014 was $(202,663).
Our House Wrap product continues to await the International Code Council’s certification of the lab which certifies the R value of House Wrap. Once such certification is obtained, we believe that the R value of House Wrap will be increased such that large national home builders will be able to use the product in their home construction. We cannot predict with any degree of accuracy as to when such certification will be obtained. We are currently supplying smaller contractors with the product. House Wrap is currently being offered, online, by Lowes, Home Depot and Tool King.
Comments & Business Outlook
INNOVATIVE DESIGNS, INC.
CONDENSED STATEMENTS OF OPERATIONS
Three Month Period Ended January 31, 2014 and 2013 (Unaudited)
Three Month Period Ended January 31,
2014
2013
REVENUES - NET
$
373,752
$
295,046
OPERATING EXPENSES:
Cost of Sales
169,952
127,631
Selling, general and administrative expenses
140,836
150,064
TOTAL OPERATING EXPENSES
310,788
277,695
INCOME FROM OPERATIONS
62,964
17,351
INTEREST EXPENSE
(28,270
)
(24,323
)
NET INCOME/(LOSS)
$
34,694
$
(6,972
)
PER SHARE INFORMATION
Net Income/(Loss) Per Common Share
$
0.002
$
(0.000
)
Weighted Average Number of Common Shares Outstanding
19,440,281
18,935,743
Management Discussion and Analysis
Results of Operations
Revenues for the quarter ended January 31, 2014 were $373,752 compared to revenues of $295,046 for the quarter ended January 31, 2013. As a result of the colder winter that was experienced, our customers are ordering later in the year. Approximately 91% of our sales for the period were for our Arctic Armor products, hunting apparel accounted for approximately 3% of sales and House Wrap for approximately 2% of sales for the period. Our net income from operations for the three months ended January 31, 2014 was $34,694.
Our selling, general and administrative expenses were $140,836 for the three months ended January 31, 2014 compared to $150,064 for the three months ended January 31, 2013.
Comments & Business Outlook
INNOVATIVE DESIGNS, INC.
CONDENSED STATEMENTS OF OPERATIONS
Three and Six Month Periods Ended April 30, 2013 and 2012 (Unaudited)
Three Month Periods Ended April 30,
Six Month Periods Ended April 30,
2013
2012
2013
2012
REVENUES - NET
$
55,010
$
45,471
$
350,056
$
597,242
OPERATING EXPENSES:
Cost of sales
15,184
20,657
142,815
227,029
Selling, general and administrative expenses
137,043
194,288
287,107
409,972
152,227
214,945
429,922
637,001
LOSS FROM OPERATIONS
(97,217
)
(169,474
)
(79,866
)
(39,759
)
OTHER EXPENSE:
Interest expense
(19,943
)
(14,455
)
(44,266
)
(36,151
)
Total other expense
(19,943
)
(14,455
)
(44,266
)
(36,151
)
NET LOSS
$
(117,160
)
$
(183,929
)
$
(124,132
)
$
(75,910
)
PER SHARE INFORMATION
Basic and fully diluted
Net Loss Per Common Share
$
(0.006
)
$
(0.010
)
$
(0.007
)
$
(0.004
)
Weighted Average Number of Common Shares Outstanding
18,964,732
18,783,132
18,949,997
18,779,397
Comments & Business Outlook
PITTSBURGH, April 4, 2013 /PRNewswire/ -- Innovative Designs Inc. (IVDN) has entered into an agreement with Edgetech Solar Energenx Company to begin representing its products in China, Hong Kong, Macau and Taiwan. Edgetech Solar Energenx Company has been involved in environmental technologies since 1994. Through direct relationships with manufacturers in China and Taiwan, they provide factory direct pricing on photovoltaic modules, solar hot water systems, LED lighting and advanced Alternative Energy systems for environmentally responsible solutions. The agreement states that Edgetech must place aggregate business of at least $4,000,000.00 per annum with yearly increases of 10%. Innovative Designs CEO Joseph Riccelli stated, "There has been a lot of interest in our products from the Asian market and we are looking forward to our new business relationship with Edgetech. They (Edgetech) currently do business with private enterprises and government agencies. Our products have already been presented to various private enterprises and government agencies which have resulted in a definite interest going forward."
