What changed in this filing

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Item 1. Financial Statements

2022-09-14 compared with 2022-06-14 · 80 added, 84 removed, 406 unchanged (29% of the section changed)

2 unchanged sentences

CONSOLIDATED BALANCE SHEETS

April 30, 2022

July 31, 2022

October 31, 2021

24 unchanged sentences

Lease liabilities

Line of credit net of current portion

Note payable – long term

7 unchanged sentences

10,000,000 shares authorized;

Common stock, par value $ .001 per

30,000,000 shares authorized, 6,633,930 shares

issued as of April 30, 2022 and October 31, 2021;

5,708,599 shares

outstanding as of April 30, 2022 and October 31, 2021

Common stock, par value $ .001 per share;

30,000,000 shares authorized, 6,633,930 shares issued as of July 31, 2022 and October 31, 2021;

5,708,599 shares outstanding as of July 31, 2022 and October 31, 2021

Additional paid-in capital

Retained earnings

Treasury stock, 925,331

common shares, at cost as of April 30, 2022 and October 31, 2021

Treasury stock, 925,331 common shares, at cost as of July 31, 2022 and October 31, 2021

( 4,633,560 )

7 unchanged sentences

CONSOLIDATED STATEMENTS OF OPERATIONS

AND THREE MONTHS ENDED APRIL 30, 2022 AND 2021

Six Months Ended

AND THREE MONTHS ENDED JULY 31, 2022 AND 2021

Nine Months Ended

Three Months Ended

4 unchanged sentences

(LOSS) INCOME FROM OPERATIONS

( 1,373,469 )

OTHER (EXPENSE) INCOME

3 unchanged sentences

(LOSS) INCOME BEFORE (BENEFIT) PROVISION FOR INCOME TAXES AND NON-CONTROLLING INTEREST IN SUBSIDIARY

( 1,424,671 )

(Benefit) provision for income taxes

NET (LOSS) INCOME BEFORE NON-CONTROLLING INTEREST IN SUBSIDIARY

( 1,038,990 )

Net loss (income) attributable to the non-controlling interest

Net loss attributable to the non-controlling interest

NET INCOME (LOSS) ATTRIBUTABLE TO COFFEE HOLDING CO., INC.

6 unchanged sentences

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

AND SIX MONTHS ENDED APRIL 30, 2022 AND 2021

AND NINE MONTHS ENDED JULY 31, 2022 AND 2021

Treasury Stock

11 unchanged sentences

$ ( 4,633,560 )

Stock Compensation

Non-Controlling Interest

Balance, July 31, 2021

$ ( 4,633,560 )

Balance, October 31, 2021

10 unchanged sentences

$ ( 4,633,560 )

Stock Compensation

Balance, July 31, 2022

$ ( 4,633,560 )

Notes to Condensed Consolidated Financial Statements

1 unchanged sentence

CONSOLIDATED STATEMENTS OF CASH FLOWS

MONTHS ENDED APRIL 30, 2022 AND 2021

MONTHS ENDED JULY 31, 2022 AND 2021

OPERATING ACTIVITIES:

4 unchanged sentences

Stock-based compensation

Unrealized gain on commodities

Unrealized loss (gain) on commodities

Loss on equity method investments

5 unchanged sentences

Accounts receivable

( 4,215,991 )

Prepaid expenses and other current assets

1 unchanged sentence

Accounts payable and accrued expenses

( 2,423,835 )

Deposits and other assets

5 unchanged sentences

Purchases of machinery and equipment

( 1,357,066 )

( 1,491,233 )

Net cash used in investing activities

( 1,357,066 )

( 1,491,233 )

FINANCING ACTIVITIES:

7 unchanged sentences

NET (DECREASE) INCREASE IN CASH

( 2,265,798 )

CASH, BEGINNING OF PERIOD

3 unchanged sentences

CONSOLIDATED STATEMENTS OF CASH FLOWS

MONTHS ENDED APRIL 30, 2022 AND 2021

MONTHS ENDED JULY 31, 2022 AND 2021

SUPPLEMENTAL DISCLOSURE OF CASH FLOW DATA:

36 unchanged sentences

Thus, the Company considers the three product lines to be one single reporting segment.

Company during the quarter ended April 30, 2022 has begun a restructuring process with its Generations subsidiary.

Company during the quarter ended April 30, 2022 had begun a restructuring process with its Generations subsidiary.

As part of this restructuring

47 unchanged sentences

significant accounting policies used in the preparation of these condensed consolidated financial statements are disclosed in our 2021

10-K, and there have been no changes to the Company’s significant accounting policies during the three and six months ended April

10-K, and there have been no changes to the Company’s significant accounting policies during the three and nine months ended July

Company recognizes revenue in accordance with the five-step model as prescribed by the Financial Accounting Standards Board (“FASB”)

10 unchanged sentences

2 - BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICY (cont’d):

following table presents revenues by stream for the six and three months ended April 30, 2022 and 2021.

SCHEDULE OF REVENUE

April 30, 2022

April 30, 2021

following table presents revenues by stream for the nine and three months ended July 31, 2022 and 2021.

July 31, 2022

July 31, 2021

3 - INVENTORIES :

at April 30, 2022 and October 31, 2021 consisted of the following:

SCHEDULE OF INVENTORIES

at July 31, 2022 and October 31, 2021 consisted of the following:

OF INVENTORIES

October 31, 2021

Packed coffee

20 unchanged sentences

Company recorded realized and unrealized gains and losses respectively, on these contracts as follows:

SCHEDULE OF REALIZED AND UNREALIZED GAINS AND LOSSES ON CONTRACTS

Three Months Ended April 30,

OF REALIZED AND UNREALIZED GAINS AND LOSSES ON CONTRACTS

Three Months Ended July 31,

Gross realized gains

Gross realized losses

Unrealized gain

Six Months Ended April 30,

Unrealized loss

Nine Months Ended July 31,

Gross realized gains

1 unchanged sentence

( 1,257,359 )

Unrealized gain (loss)

Unrealized (loss) gain

HOLDING CO., INC.

9 unchanged sentences

the new agreement, among other things:

(i) provided for a new maturity date of March

31, 2022 and (ii) decreased the interest rate

per annum to LIBOR plus 1.75 %

(with such interest rate not to be lower than 3.50 %).

All other terms of the A&R Loan Agreement and A&R Loan Facility remain substantially the same.

On March 17, 2022, the Company

reached an agreement for a new loan modification agreement and credit facility which extended the maturity date to June 29, 2022.

facility has been approved for a two year extension and the related documents are currently being prepared.

All other terms of the

A&R Loan Agreement and A&R Loan Facility remain the same.

(i) provided for a new maturity date of March 31, 2022 and (ii) decreased the interest rate per

annum to LIBOR plus 1.75 % (with such interest rate not to be lower than 3.50 %).

All other terms of the A&R Loan Agreement and A&R

Loan Facility remain substantially the same.

On June 28, 2022, the Company reached an agreement for a new loan modification agreement

and credit facility with Webster Bank.

The terms of the new agreement, among other things:

(i) provided for a new maturity date of June

30, 2024, and (ii) changed the interest rate per annum to SOFR plus 1.75 % (with such interest rate not to be lower than 3.50 %).

terms of the A&R Loan Agreement and A&R Loan Facility remain the same.

of the A&R Loan Facility and A&R Loan Agreement contains covenants, subject to certain exceptions, that place annual restrictions

2 unchanged sentences

and preferred stock), and restrictions on intercompany transactions.

The Company was in compliance with all covenants as of April 30,

The Company was in compliance with all covenants as of July 31,

2022 and October 31, 2021.

The outstanding balance on the Company’s lines of credit were $ 5,900,000 and $ 3,800,850 as of April

The outstanding balance on the Company’s lines of credit were $ 6,114,000 and $ 3,800,850 as of July 31,

2022 and October 31, 2021, respectively.

8 unchanged sentences

deferred tax assets and liabilities.

of April 30, 2022 and October 31, 2021, the Company did no t have any unrecognized tax benefits or open tax positions.

of July 31, 2022 and October 31, 2021, the Company did no t have any unrecognized tax benefits or open tax positions.

The Company’s

practice is to recognize interest and/or penalties related to income tax matters in income tax expense.

As of April 30, 2022 and October

As of July 31, 2022 and October

31, 2021, the Company had no accrued interest or penalties related to income taxes.

21 unchanged sentences

effect of common shares issuable upon exercise of potential sources of dilution.

weighted average common shares outstanding used in the computation of basic and diluted earnings per share were 5,708,599 for the six

and three months ended April 30, 2022 and 2021.

weighted average common shares outstanding used in the computation of basic and diluted earnings per share were 5,708,599 for the nine

and three months ended July 31, 2022 and 2021.

The Company had granted 1,000,000 options in the second quarter of 2019, which have not

37 unchanged sentences

in principle and have reported the agreement in principle to the Massachusetts District Court.

After the end of the period, the

parties finalized the details of a settlement agreement.

The final settlement amount was immaterial to the Company’s operations

and results of operations.

After the end of the period, the parties

finalized the details of a settlement agreement.

The final settlement amount was immaterial to the Company’s operations and results

of operations.

HOLDING CO., INC.

5 unchanged sentences

and 50% of aggregate contribution of the next 2% of compensation .

Contributions to the plan aggregated $ 35,793 and $ 72,558 for the six

months ended April 30, 2022 and for the year ended October 31, 2021, respectively.

Contributions to the plan aggregated $ 56,038 and $ 72,558 for the nine months ended July 31, 2022 and for the year ended October 31, 2021,

respectively.

following summarizes the Company’s operating leases:

SCHEDULE OF OPERATING LEASES

OF OPERATING LEASES

Right-of-use operating lease assets

2 unchanged sentences

Total lease liability

amortization of the right-of-use asset for the three months ended April 30, 2022 and 2021 was $ 77,268 and $ 112,587 , respectively.

amortization of the right-of-use asset for the six months ended April 30, 2022 and 2021 was $ 179,949 and $ 226,155 , respectively.

amortization of the right-of-use asset for the three months ended July 31, 2022 and 2021 was $ 78,079 and $ 95,766 , respectively.

The amortization

of the right-of-use asset for the nine months ended July 31, 2022 and 2021 was $ 258,028 and $ 321,921 , respectively.

Weighted average remaining lease term

1 unchanged sentence

of lease liabilities by year for our operating leases are as follows:

SCHEDULE OF MINIMUM FUTURE LEASE PAYMENTS

OF MINIMUM FUTURE LEASE PAYMENTS

2022 remaining

Total lease payments

13 unchanged sentences

Included in contract labor expense are

expenses incurred from the Partner during the three and six months ended April 30, 2022 and 2021 of $ 94,037 and $ 152,471 and $ 74,693

expenses incurred from the Partner during the three and nine months ended July 31, 2022 and 2021 of $ 58,490 and $ 210,961 and $ 91,207

and $ 253,932 , respectively, for the processing of finished goods.

An employee of one of

the top five vendors was a director of the Company.

Purchases from that vendor totaled approximately $ 1,159,000

and $ 734,000

for the three and six months ended April 30, 2022 and 2021 respectively.

The corresponding accounts payable balance to this vendor

was approximately $ 4,000

and $ 199,000

at April 30, 2022 and 2021, respectively.

January 2005, the Company established the “Coffee Holding Co., Inc.

7 unchanged sentences

the liability due to the Chief Executive Officer of the Company.

The assets were $ 302,412 and $ 311,872 at April 30, 2022 and October

The assets were $ 300,013 and $ 311,872 at July 31, 2022 and October 31,

2021, respectively, and are included in the Deposits and other assets in the accompanying balance sheets.

The deferred compensation

liability at April 30, 2022 and October 31, 2021 were $ 302,412 and $ 311,872 , respectively.

The deferred compensation liability

at July 31, 2022 and October 31, 2021 were $ 300,013 and $ 311,872 , respectively.

11 - STOCKHOLDERS’ EQUITY :

3 unchanged sentences

first-out method.

The Company did not purchase any shares during the three and six months ended April 30, 2022 and the year ended

The Company did not purchase any shares during the three and nine months ended July 31, 2022 and the year ended

October 31, 2021.

4 unchanged sentences

Administrator at the time of grant.

No options were granted, forfeited or expired during the three and six months ended April 30,

No options were granted, forfeited or expired during the three and nine months ended July 31,

2022 or for the year ended October 31, 2021.

Company recorded $ 174,241

and $ 364,009

of stock-based compensation for the three

and six months ended April 30, 2022 and $ 189,769

and $ 379,537

for the three and six months ended April

The unrecognized stock

compensation expense as of April 30, 2022 was approximately $ 41,812 and is expected to be recognized as compensation expense over

the next quarter.

The Company recorded $ 41,812

and $ 405,821 of stock-based compensation for the three and nine months ended July 31, 2022 and $ 189,768 and $ 569,305 for the three

and nine months ended July 31, 2021.

Stock compensation expense

was fully recognized as of July 31, 2022.

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.

What changed 10-Q

Item 1. Financial Statements