v3.8.0.1
Condensed Consolidated Balance Sheets - USD ($)
Apr. 30, 2018
Oct. 31, 2017
CURRENT ASSETS:    
Cash $ 3,232,113 $ 2,325,650
Accounts receivable, net of allowances of $144,000 for 2018 and 2017 13,931,417 13,441,802
Inventories 16,345,937 16,310,572
Prepaid green coffee 112,397 171,350
Prepaid expenses and other current assets 350,294 593,825
Prepaid and refundable income taxes 447,351 472,814
Due from broker 642,046
TOTAL CURRENT ASSETS 35,061,555 33,316,013
Machinery and equipment, at cost, net of accumulated depreciation of $5,895,426 and $5,557,899 for 2018 and 2017, respectively 2,831,939 2,439,338
Customer list and relationships, net of accumulated amortization of $87,500 and $72,250 for 2018 and 2017, respectively 352,500 367,750
Trademarks 820,000 820,000
Other intangible assets 331,124 331,124
Non-compete 150,000
Goodwill 2,548,969 1,794,265
Equity method investments 90,085 94,643
Deferred income tax asset 13,968 339,748
Deposits and other assets 522,633 497,529
TOTAL ASSETS 42,722,773 40,000,410
CURRENT LIABILITIES:    
Accounts payable and accrued expenses 2,917,399 4,430,626
Line of credit 12,207,727 8,407,527
Due to broker 210,862
Note payable 150,000
Income taxes payable 300 1,346
TOTAL CURRENT LIABILITIES 15,275,426 13,050,361
Deferred income tax liabilities 366,054 629,680
Deferred rent payable 241,261 240,379
Deferred compensation payable 513,633 488,529
TOTAL LIABILITIES 16,396,374 14,408,949
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; 5,702,342 and 5,805,935 shares outstanding as of April 30 2018 and October 31, 2017, respectively 6,494 6,494
Additional paid-in capital 16,103,283 16,104,075
Retained earnings 13,287,726 12,345,490
Less: Treasury stock, 792,338 and 688,745 common shares, at cost as of April 30, 2018 and October 31, 2017, respectively (3,942,508) (3,504,510)
Total Coffee Holding Co., Inc. Stockholders’ Equity 25,454,995 24,951,549
Noncontrolling interest 871,404 639,912
TOTAL EQUITY 26,326,399 25,591,461
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 42,722,773 $ 40,000,410
v3.8.0.1
Condensed Consolidated Statements of Income (Unaudited) - USD ($)
3 Months Ended 6 Months Ended
Apr. 30, 2018
Apr. 30, 2017
Apr. 30, 2018
Apr. 30, 2017
Income Statement [Abstract]        
NET SALES $ 22,193,898 $ 17,787,103 $ 44,277,116 $ 37,419,469
COST OF SALES (including $4.4 and $2.2 million of related party costs for the six months ended April 30, 2018 and 2017, respectively. Including $3.0 and $1.4 million for the three months ended April 30, 2018 and 2017, respectively.) 18,326,914 15,144,534 36,614,421 31,645,614
GROSS PROFIT 3,866,984 2,642,569 7,662,695 5,773,855
OPERATING EXPENSES:        
Selling and administrative 2,833,248 2,365,395 5,570,082 4,715,679
Officers' salaries 170,250 179,250 340,500 347,840
TOTAL 3,003,498 2,544,645 5,910,582 5,063,519
INCOME FROM OPERATIONS 863,486 97,924 1,752,113 710,336
OTHER INCOME (EXPENSE)        
Interest income 4,690 10,958 7,737 23,389
Gain (loss) from equity method investment 257 (1,067) (4,558) 252
Interest expense (94,141) (66,495) (186,649) (124,239)
TOTAL (89,194) (56,604) (183,470) (100,598)
INCOME BEFORE PROVISION (BENEFIT) FOR INCOME TAXES AND NON-CONTROLLING INTEREST IN SUBSIDIARY 774,292 41,320 1,568,643 609,738
Provision (benefit) for income taxes 181,152 (35,893) 394,916 135,220
NET INCOME BEFORE NON-CONTROLLING INTEREST IN SUBSIDIARY 593,140 77,213 1,173,727 474,518
Less: Net (income) attributable to the non-controlling interest (82,291) (75,476) (231,491) (96,999)
NET INCOME ATTRIBUTABLE TO COFFEE HOLDING CO., INC. $ 510,849 $ 1,737 $ 942,236 $ 377,519
Basic and diluted earnings per share $ 0.09 $ 0.00 $ 0.16 $ 0.06
Weighted average common shares outstanding: Basic and diluted 5,721,635 5,862,123 5,743,967 5,862,722
v3.8.0.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Apr. 24, 2018
Apr. 30, 2018
Apr. 30, 2017
OPERATING ACTIVITIES:      
Net income   $ 1,173,727 $ 474,518
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization   352,777 372,962
Unrealized (gain) loss on commodities   (852,908) 735,331
(Gain) loss on equity method investments   4,558 (252)
Deferred rent   882 4,582
Deferred income taxes   307,450 (340,077)
Changes in operating assets and liabilities:      
Accounts receivable   (403,173) 3,024,956
Inventories   1,105,528 (407,059)
Prepaid expenses and other current assets   306,413 94,304
Prepaid green coffee   58,953 45,756
Prepaid and refundable income taxes   25,463 363,156
Accounts payable and accrued expenses   (1,513,226) (1,298,619)
Deposits and other assets   4,156
Income taxes payable   (1,046) 25,511
Net cash provided by operating activities   565,398 3,099,225
INVESTING ACTIVITIES:      
Cash paid for investment in subsidiary, net of cash acquired   (2,893,275)
Purchases of machinery and equipment   (280,128) (386,666)
Cash paid for business acquisition   (2,740,217)
Net cash used in investing activities   (3,020,345) (3,279,941)
FINANCING ACTIVITIES:      
Advances under bank line of credit   3,800,200 3,900,200
Purchase of treasury stock   (438,790) (15,829)
Principal payments under bank line of credit   (3,465,000)
Net cash provided by financing activities   3,361,410 419,371
NET INCREASE IN CASH   906,463 238,655
CASH, BEGINNING OF PERIOD   2,325,650 3,227,981
CASH, END OF PERIOD   3,232,113 3,466,636
SUPPLEMENTAL DISCLOSURE OF CASH FLOW DATA:      
Interest paid   178,293 121,000
Income taxes paid   $ 26,863 $ 74,826
Steep & Brew, Inc [Member]      
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:      
Accounts receivable $ 86,442    
Inventory 1,140,893    
Equipment 450,000    
Prepaid expenses 62,882    
Non-compete 150,000    
Goodwill 1,000,000    
Less: Note payable 150,000    
Net cash paid $ 2,740,217