v3.7.0.1
Condensed Consolidated Balance Sheets - USD ($)
Jul. 31, 2017
Oct. 31, 2016
CURRENT ASSETS:    
Cash $ 2,687,724 $ 3,227,981
Accounts receivable, net of allowances of $144,000 for 2017 and 2016 10,418,086 13,517,892
Inventories 15,663,719 14,276,290
Prepaid green coffee 280,254 435,577
Prepaid expenses and other current assets 621,877 535,456
Prepaid and refundable income taxes 797,939 481,977
Due from broker 778,556 134,722
Deferred income tax asset 81,545
TOTAL CURRENT ASSETS 31,248,155 32,691,440
Machinery and equipment, at cost, net of accumulated depreciation of $5,377,379 and $4,819,828 for 2017 and 2016, respectively 2,526,486 2,269,863
Customer list and relationships, net of accumulated amortization of $64,625 and $50,250 for the periods ended July 31, 2017 and 2016, respectively 375,375 219,750
Trademarks 180,000 180,000
Goodwill 2,377,407 1,017,905
Equity method investments 95,528 95,598
Deposits and other assets 535,750 549,337
TOTAL ASSETS 37,338,701 37,023,893
CURRENT LIABILITIES:    
Accounts payable and accrued expenses 3,254,991 4,062,573
Line of credit 7,406,325 6,958,375
Deferred income tax liabilities 60,785
Income taxes payable 1,050
TOTAL CURRENT LIABILITIES 10,722,101 11,021,998
Deferred income tax liabilities 203,600 167,470
Deferred rent payable 238,088 231,216
Deferred compensation payable 509,170 489,668
TOTAL LIABILITIES 11,672,959 11,910,352
Common stock subject to possible redemption, at $200,004; 38,364 shares issued and outstanding at redemption value as of July 31, 2017 and October 31, 2016 200,004 200,004
Coffee Holding Co., Inc. stockholders’ equity:    
Preferred stock, par value $.001 per share; 10,000,000 shares authorized; no shares issued and outstanding
Common stock, par value $.001 per share; 30,000,000 shares authorized, 6,494,680 shares issued; 5,821,554 and 5,824,938 shares outstanding as of July 31 2017 and October 31, 2016, respectively 6,456 6,456
Additional paid-in capital 15,904,109 15,904,109
Retained earnings 12,288,547 11,878,228
Less: Treasury stock, 634,762 and 631,378 common shares, at cost as of July 31, 2017 and October 31, 2016, respectively (3,265,419) (3,249,590)
Total Coffee Holding Co., Inc. Stockholders’ Equity 25,133,697 24,539,203
Noncontrolling interest 532,045 374,334
TOTAL EQUITY 25,665,742 24,913,537
TOTAL LIABILITIES, REDEEMABLE COMMON STOCK AND STOCKHOLDERS’ EQUITY $ 37,338,701 $ 37,023,893
v3.7.0.1
Condensed Consolidated Statements of Income (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Jul. 31, 2017
Jul. 31, 2016
Jul. 31, 2017
Jul. 31, 2016
Income Statement [Abstract]        
NET SALES $ 17,979,068 $ 17,354,533 $ 55,398,538 $ 61,566,868
COST OF SALES (including $4.8 and $7.4 million of related party costs for the nine months ended July 31, 2017 and 2016, respectively. Including $2.6 and $1.9 million for the three months ended July 31, 2017 and 2016, respectively.) 14,903,594 14,203,343 46,469,896 52,455,081
GROSS PROFIT 3,075,474 3,151,190 8,928,642 9,111,787
OPERATING EXPENSES:        
Selling and administrative 2,716,393 1,704,373 7,517,062 5,170,915
Officers' salaries 179,250 163,850 527,090 491,550
TOTAL 2,895,643 1,868,223 8,044,152 5,662,465
INCOME FROM OPERATIONS 179,831 1,282,967 884,490 3,449,322
OTHER INCOME (EXPENSE)        
Interest income 5,993 9,890 29,381 30,889
Loss from equity method investment (322) (805) (71) (1,049)
Interest expense (68,079) (42,671) (192,317) (116,114)
TOTAL (62,408) (33,586) (163,007) (86,304)
INCOME BEFORE PROVISION FOR INCOME TAXES AND NON-CONTROLLING INTEREST IN SUBSIDIARY 117,423 1,249,381 721,483 3,363,018
Provision for income taxes 23,911 448,399 153,453 1,236,319
NET INCOME BEFORE NON-CONTROLLING INTEREST IN SUBSIDIARY 93,512 800,982 568,030 2,126,699
Less: Net income attributable to the non-controlling interest (60,712) (45,464) (157,711) (100,811)
NET INCOME ATTRIBUTABLE TO COFFEE HOLDING CO., INC. $ 32,800 $ 755,518 $ 410,319 $ 2,025,888
Basic and diluted earnings per share $ 0.01 $ 0.12 $ .07 $ 0.33
Weighted average common shares outstanding: Basic and diluted 5,859,918 6,056,420 5,861,777 6,117,610
v3.7.0.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Jul. 31, 2017
Jul. 31, 2016
OPERATING ACTIVITIES:    
Net income $ 568,030 $ 2,126,699
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 573,447 425,977
Unrealized (gain) on commodities (643,834) (591,566)
Loss on equity method investments 70 1,049
Deferred rent 6,872 6,872
Deferred income taxes 178,460 890,750
Changes in operating assets and liabilities:    
Accounts receivable 3,684,724 (4,766,640)
Inventories (270,523) 1,432,701
Prepaid expenses and other current assets (53,740) (262,707)
Prepaid green coffee 155,323 58,310
Prepaid and refundable income taxes (315,962) 931,250
Accounts payable and accrued expenses (1,434,462) (1,554,385)
Deposits and other assets 59,640 31,558
Income taxes payable (1,050) 925
Net cash provided by (used in) operating activities 2,506,995 (1,269,207)
INVESTING ACTIVITIES:    
Purchase of business net of cash acquired (2,893,275) (856,904)
Purchases of machinery and equipment (586,098) (661,591)
Net cash used in investing activities (3,479,373) (1,518,495)
FINANCING ACTIVITIES:    
Advances under bank line of credit 4,512,950 5,204,254
Payment of dividend (100,000)
Purchase of treasury stock (15,829) (839,927)
Principal payments under bank line of credit (4,065,000) (3,500,000)
Net cash provided by financing activities 432,121 764,327
NET DECREASE IN CASH (540,257) (2,023,375)
CASH, BEGINNING OF PERIOD 3,227,981 3,853,816
CASH, END OF PERIOD 2,687,724 1,830,441
SUPPLEMENTAL DISCLOSURE OF CASH FLOW DATA:    
Interest paid 189,933 111,060
Income taxes paid $ 281,538 26,582
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Accounts receivable   584,918
Inventory   1,116,906
Equipment   229,597
Prepaid expenses   32,681
Customer lists   170,000
Goodwill   1,359,502
Other asset   26,551
Less: liabilities   626,880
Net cash paid   $ 2,893,275