CCA Industries, Inc.
Financial Statements (Unaudited)
As of and For the Three and Six Months Ended May 31, 2022 and 2021
CCA INDUSTRIES, INC.
FINANCIAL STATEMENTS
INDEX
Page | |
Number | |
Financial Statements: | |
Balance Sheets as of May 31, 2022 (unaudited) and November 30, 2021 | 3 - 4 |
Statements of Operations (unaudited) for the three months and six months ended | |
May 31, 2022 and 2021 | 5 |
Statements of Shareholders' Equity for the six months ended May 31, 2022 (unaudited) | 6 |
Statements of Cash Flows (unaudited) for the six months ended May 31, 2022 and | 7 - 8 |
2021 | |
Notes to Financial Statements | 9 |
CCA INDUSTRIES, INC.
BALANCE SHEETS
May 31, | November 30, | ||||||
ASSETS | 2022 | 2021 | |||||
(Unaudited) | |||||||
Current assets: | |||||||
Cash | $ | 118 | $ | 553,426 | |||
Accounts receivable, net of allowances of | |||||||
$4,594 and $4,126, respectively | 1,934,933 | 1,501,947 | |||||
Inventories | 2,663,423 | 1,998,453 | |||||
Prepaid expenses and sundry receivables | 175,670 | 97,173 | |||||
Prepaid and refundable income taxes | 16,282 | 10,389 | |||||
Total Current Assets | 4,790,426 | 4,161,388 | |||||
Property and equipment, net of accumulated depreciation | 13,150 | 260,879 | |||||
Intangible assets, net of accumulated amortization | 1,951,496 | 1,946,529 | |||||
Deferred financing fees, net of accumulated amortization | 5,534 | 15,599 | |||||
Deferred income taxes | 5,838,302 | 5,944,738 | |||||
Other | 354,550 | 354,550 | |||||
Total Assets | $ | 12,953,458 | $ | 12,683,683 | |||
LIABILITIES AND CAPITAL | |||||||
Current Liabilities: | |||||||
Accounts payable and accrued liabilities | $ | 1,341,113 | $ | 1,896,664 | |||
Line of credit | 1,036,524 | - | |||||
Deferred revenue | - | 202,950 | |||||
Lease liability - right of use assets | - | 267,433 | |||||
Notes payable - current portion | 162,084 | 162,084 | |||||
Total Current Liabilities | 2,539,721 | 2,529,131 | |||||
Notes payable | 136,088 | 217,903 | |||||
Long-term lease liability - right of use assets | - | - | |||||
Long-term - other | 147,853 | 146,750 | |||||
Total Liabilities | 2,823,662 | 2,893,784 |
3
CCA INDUSTRIES, INC.
BALANCE SHEETS
Shareholders' Equity:
Preferred stock, $1.00 par, authorized | |||||
20,000,000 shares, Senior Redeemable Series | |||||
B, 175,000 and 155,000 shares designated, | |||||
160,000 and 155,000 shares issued and | |||||
outstanding, respectively | 160,000 | 155,000 | |||
Common stock, $0.01 par, authorized | |||||
15,000,000 shares, issued and outstanding | |||||
6,593,982 and 6,593,982 shares, respectively | 65,940 | 65,940 | |||
Class A common stock, $0.01 par, authorized | |||||
5,000,000 shares, issued and outstanding | |||||
967,702 and 967,702 shares, respectively | 9,677 | 9,677 | |||
Additional paid-in capital | 7,682,075 | 7,600,829 | |||
Retained earnings | 2,212,104 | 1,958,453 | |||
Total Shareholders' Equity | 10,129,796 | 9,789,899 | |||
Total Liabilities and Shareholders' Equity | $ | 12,953,458 | $ | 12,683,683 | |
See Notes to Financial Statements.
4
CCA INDUSTRIES, INC.
STATEMENTS OF OPERATIONS (UNAUDITED)
Three Months Ended May 31, | Six Months Ended May 31, | ||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||
Revenues: | |||||||||||||
Sales of health and beauty aid products - net | $ | 4,291,232 | $ | 4,371,849 | $ | 7,337,486 | $ | 7,278,440 | |||||
Other income | - | - | - | 3,000 | |||||||||
Total Revenues | 4,291,232 | 4,371,849 | 7,337,486 | 7,281,440 | |||||||||
Costs and Expenses: | |||||||||||||
Cost of sales | 1,827,633 | 1,760,261 | 3,019,348 | 2,930,376 | |||||||||
Selling, general and administrative expenses | 1,859,115 | 1,964,689 | 3,497,739 | 3,759,130 | |||||||||
Advertising, cooperative and promotional expenses | 283,710 | 193,194 | 429,938 | 376,884 | |||||||||
Research and development | 56 | 15,000 | 5,374 | 30,000 | |||||||||
Gain on extinguishment of debt | - | - | - | (316,400) | |||||||||
Interest expense | 6,877 | 24,136 | 24,267 | 68,138 | |||||||||
Total Costs and Expenses | 3,977,391 | 3,957,280 | 6,976,666 | 6,848,128 | |||||||||
Income before provision for income taxes | 313,841 | 414,569 | 360,820 | 433,312 | |||||||||
Provision for income taxes | 84,766 | 132,535 | 107,169 | 77,758 | |||||||||
Net Income | $ | 229,075 | $ | 282,034 | $ | 253,651 | $ | 355,554 | |||||
Earnings per Share: | |||||||||||||
Basic | $ | 0.03 | $ | 0.04 | $ | 0.03 | $ | 0.05 | |||||
Diluted | $ | 0.03 | $ | 0.04 | $ | 0.03 | $ | 0.05 | |||||
Weighted Average Common Shares Outstanding: | |||||||||||||
Basic | 7,561,684 | 7,546,684 | 7,561,684 | 7,541,409 | |||||||||
Diluted | 7,601,379 | 7,594,583 | 7,619,864 | 7,573,266 |
See Notes to Financial Statements.
5
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CCA Industries Inc. published this content on 15 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 July 2022 13:23:02 UTC.