Innovative Designs, Inc.,(IVDN) a leading design company, has released its condensed financial statements for the six months ended April 30, 2023. The company reported a net loss of $171,686 for the period, reflecting challenging market conditions. Additionally, the company's revenue declined to $98,896 during the same period. Let's take a closer look at the company's financial performance.
Despite its innovative designs, Innovative Designs, Inc. faced a net loss of $171,686 for the six months ended April 30, 2023. This loss is attributed to increased operating expenses and decreased revenue. The company's total assets stood at $1,382,055 as of April 30, 2023, showing a slight decrease compared to the previous fiscal year.
During the six months ended April 30, 2023, Innovative Designs, Inc. generated a total revenue of $98,896. This figure represents a decrease compared to the corresponding period last year. The decline in revenue is mainly due to challenging market conditions and increased competition.
The company's total liabilities as of April 30, 2023, amounted to $434,728. This includes both current and long-term liabilities. Current liabilities, including accounts payable and accrued expenses, amounted to $379,927. Long-term liabilities stood at $54,801, primarily consisting of long-term notes payable.
Innovative Designs, Inc. experienced negative cash flows from operating activities, amounting to $148,084 for the six months ended April 30, 2023. This negative cash flow was mainly due to the net loss and changes in working capital. The company's stockholders' equity, which represents the residual interest in the assets after deducting liabilities, totaled $947,327 as of April 30, 2023. This figure reflects the shareholders' ownership stake in the company and includes common stock, additional paid-in capital, and accumulated deficit.
Despite the challenging market conditions and net loss incurred, Innovative Designs, Inc. remains focused on improving its financial position and exploring strategies to enhance revenue growth. These condensed financial statements provide a snapshot of Innovative Designs, Inc.'s financial performance for the six months ended April 30, 2023. The company continues to adapt to market challenges and work towards improving its financial results in the coming months.