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(“FII”), Food New Media Group, Inc.
−Removed: (“FNM”), Organic Food Brokers, LLC (“OFB”), Gourmet Food Service Group, Inc.
−Removed: (“GFG”), Gourmet Foodservice Warehouse, Inc.
+Added: (“FNM”), Organic Food Brokers, LLC (“OFB”), Gourmet Foodservice Group, Inc.
+Added: (“GFG”), Gourmet Foodservice Group Warehouse, Inc.
(“GFW”), Gourmeting, Inc.
−Removed: (“Gourmeting”), The Haley Group, Inc.
+Added: (“Gourmeting”), Haley Food Group, Inc.
(“Haley”), Oasis Sales Corp.
(“Oasis”), 4 The Gourmet, Inc.
−Removed: (d/b/a For The Gourmet, Inc.), (“Gourmet”), Innovative Food Properties LLC (“IFP”), Innovative Gourmet, LLC (“Innovative Gourmet” or “igourmet”), Food Funding, LLC (“Food Funding”), Logistics Innovations, LLC (“L Innovations”), M Innovations, LLC (“M Innovations” or “Mouth”), P Innovations, LLC “P Innovations”), and collectively with IVFH and its other subsidiaries, the “Company” or “IVFH” have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission.
+Added: (d/b/a For The Gourmet, Inc.), (“Gourmet”), Innovative Food Properties LLC (“IFP”), Innovative Gourmet, LLC (“Innovative Gourmet” or “igourmet”), Food Funding, LLC (“Food Funding”), Logistics Innovations, LLC (“L Innovations”), M Innovations, LLC (“M Innovations” or “Mouth”), P Innovations, LLC “P Innovations”), MI Foods, LLC (“MIF”), M Foods Innovations, LLC (“M Foods”), PlantBelly, LLC (“PlantBelly”), Innovative Foods, Inc.
+Added: (“IFI”), Innovative Gourmet Partnerships, LLC (“IGP”) and Plant Innovations, Inc.
+Added: (“Plant Innovations”), and collectively with IVFH and its other subsidiaries, the “Company” or “IVFH” have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission.
All material intercompany transactions have been eliminated upon consolidation of these entities.
−Removed: Overall, our business activities are focused around the creation and growth of a platform which provides distribution or the enabling of distribution of high quality, unique specialty food and food related products ranging from specialty foodservice products to Consumer-Packaged Goods (“CPG”) products through a variety of sales channels ranging from national partnership based and regionally based foodservice related sales channels to e-commerce sales channels offering products both direct to consumers (“D2C”) and direct to business (“B2B”).
+Added: Overall, our business activities are focused around the creation and growth of platforms which provides distribution or the enabling of distribution of high quality, unique specialty food and food related products ranging from specialty foodservice products to Consumer-Packaged Goods (“CPG”) products through a variety of sales channels ranging from national partnership based and regionally based foodservice related sales channels to e-commerce sales channels offering products both direct to consumers (“D2C”) and direct to business (“B2B”).
In our business model, we receive orders from our customers and then work closely with our suppliers and our warehouse facilities to have the orders fulfilled.
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P Innovations’ focus is to leverage acquired assets to expand the Company’s subscription-based e-commerce business activities.
+Added: Plant Innovations is focused on plant-based D2C brands and online retail within the e-commerce space.
L Innovations provides 3rd party warehouse and fulfillment services, out of its first location at the Company’s Mountaintop, Pennsylvania facility.
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Our logistics manager works directly with our suppliers on an ongoing basis, to ensure that the appropriate packaging and shipping specifications are in place at all times.
−Removed: At the beginning of March 2020, as early signs were beginning to emerge that Covid-19 might potentially be a significant issue in the United states, we initiated additional preventative safety measure in our facilities and we continued adding additional preventative safety measures including protective gear for employees, temperature testing, ongoing onsite team of cleaning and sanitizing specialists, social distancing, special no contact package handling protocols and we continue to assess and add additional measures targeted towards the safety of our employees and the safety of our facilities and our products.
+Added: At the beginning of March 2020, as early signs were beginning to emerge that Covid-19 might potentially be a significant issue in the United states, we initiated additional preventative safety measure in our facilities and we continued adding additional preventative safety measures including protective gear for employees, temperature testing, ongoing onsite team of cleaning and sanitizing specialists, social distancing, special no contact package handling protocols and we continue to assess and modify as appropriate, measures targeted towards the safety of our employees and the safety of our facilities and our products.
Relationship with U.S.
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Due to the COVID-19 outbreak in the United States the economic outlook for restaurant-based specialty food remains unclear.
−Removed: According to Technomic, a leading foodservice research provider, despite their expressed excitement and love for restaurants and the experience they provide, consumers report a growing reluctance to quickly return to normal restaurant behaviors.
−Removed: In addition, according to Technomic, food establishment operators are also showing drops in optimism about the pace of reopening.
−Removed: Despite potentially experiencing the bottom of the sales drop, many operators are reporting that they do not expect a quick recovery and expect a prolonged ramp-up period and Technomic is estimating that despite the significant decline in 2020 US restaurant sales, the U.S.
−Removed: restaurant industry sales will grow by 21% in 2021 depending on the length of the shutdown and any subsequent recession.
−Removed: Credit Suisse Group estimates that 80% of U.S.
+Added: According to National Restaurant Association, restaurant and foodservice sales are expected to grow from $799 billion in 2021 to $898 Billion in 2022.
+Added: This projection would exceed the $846 in restaurant and foodservice sales for pre-Covid 2019 In addition, according to the National Restaurant Association, eating food that is not prepared at home continues to be a strong part of consumers lifestyles with 54% of adults and 72% of millennials saying that take out or food delivery is essential to the way they live.
+Added: Credit Suisse Group had also previously estimated that 80% of U.S.
household food spend now goes towards food-at-home vs.
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This is greater than the food-at-home spending share in 2018 of 47.6% and post-Great Recession peak of 50%, as per the United States Department of Agriculture’s Economic Research Service.
−Removed: In addition, recent commentary from Neilsen indicates that with improvements in technology, infrastructure and experience, coupled with a reduction in barriers to trial, such as delivery length or shipping costs, buyer adoption of online CPG shopping has consistently increased over the last two years.
+Added: In addition, commentary from Neilsen indicates that with improvements in technology, infrastructure and experience, coupled with a reduction in barriers to trial, such as delivery length or shipping costs, buyer adoption of online CPG shopping has consistently increased over the last two years.
Yet while those changes have increased adoption of online ordering, COVID-19 has caused another step change in the way consumers shop.
+Added: These consumer behaviors have also accelerated e-commerce trends.
+Added: According to Satisa.com revenue from the e-commerce food and beverage industry in the United States stood at 34.2 billion U.S dollars in 2021.
+Added: The Statista Digital Market Outlook estimates further that by 2025, this figure will rise to 47.6 billion dollars.
+Added: In addition, The National Retail Federation predicts online sales will make up 20% of the grocery business within five years.
Prior to the onset of the COVID-19 outbreak, industry trends were very favorable towards market acceptance and continued growth of specialty food brands, which was a trend that boded well for us and our products.
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Leveraging igourmet.com and mouth.com toward further expansion of our sales and distribution channels either organically or through acquisition.
−Removed: Leveraging our platform to partner with both foodservice and other consumer oriented entities such as stores and celebrity brands, to offer unique product offerings related to specialty food and specialty food gifting.
−Removed: In addition to attempting to grow our current business, we believe that there are lateral opportunities in the food industry.
−Removed: We may consider the possibility of acquiring specialty food manufacturers, specialty food distributors, small specialty food brands, or specialty food e-commerce businesses.
+Added: Leveraging our platforms to partner, build and/or acquire both foodservice brands and other consumer oriented entities and consumer brands such as D2C digitally native brands including stand alone brands and online retailer brands.
+Added: In addition to attempting to grow our current business, we believe that there are lateral opportunities in the food industry and related markets.
+Added: We may consider the possibility of acquiring specialty food manufacturers, specialty food distributors, small specialty food brands especially digitally native D2C brands, or e-commerce retailers and other business.
We anticipate that, given our current cash flow levels, any acquisition could potentially involve the issuance of additional shares of our common stock or third party financing, which may not be available on acceptable terms.
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No assurance can be given that we will be able to identify and successfully conclude negotiations with any potential target.
−Removed: While we face intense competition in the marketing of our products and services, it is our belief that there are few companies offering such a broad range of customer service oriented, quality, chef driven products and specialty gourmet products, for delivery from same day to 72 hours.
+Added: While we face intense competition in the marketing of our products and services, it is our belief that there are few companies offering a platform similar to ours, which include expansive backend and front end capabilities in both ecommerce and foodservice in addition there are few companies offering a broad range of customer service oriented, quality, chef driven products and specialty gourmet products, for nationwide delivery from same day, depending on market location to 72 hours.
Our primary competition is from local purveyors that supply a limited local market and have a limited range of products and from the other specialty gourmet distributors and specialty food retail stores or ecommerce stores, and from the national, regional or local expansion of specialty and non-specialty food distributers and food stores and food focused ecommerce sites.
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Various federal and state laws currently exist, and more are sure to be adopted, regulating the delivery of fresh food products.
−Removed: We require specialty foodservice third-party vendors to certify that they maintain at least $3,000,000 liability insurance coverage and compliance with Hazard Analysis and Critical Control Point (HACCP), an FDA- and USDA-mandated food safety program, or a similar standard.
+Added: We require specialty foodservice third-party vendors to certify that they maintain at least $3,000,000 liability insurance coverage in aggregate and compliance with Hazard Analysis and Critical Control Point (HACCP), an FDA- and USDA-mandated food safety program, or a similar standard.
Any changes in the government regulation of delivering of fresh food products that hinders our current ability and/or cost to deliver fresh products, could adversely impact our net revenues and gross margins and, therefore, our profitability and cash flows could also be adversely affected.
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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.