Such statements may involve risks anduncertainties, including but not limited to those relating to productdemand, pricing, market acceptance, the effect of economic conditions,intellectual property rights, the outcome of competitive products, risks inproduct development, the results of financing efforts, the ability tocomplete transactions, and other factors discussed from time to time in theCompany's Securities and Exchange Commission filings. The Companyundertakes no obligation to update or revise any forward-looking statementfor events or circumstances after the date on which such statement is made.
COFFEE HOLDING CO., INC. CONDENSED CONSOLIDATED BALANCE SHEETS APRIL 30, 2008 AND OCTOBER 31, 2007
April 30, October 31, 2008 2007 ------------ ------------ (unaudited) (audited) - ASSETS -CURRENT ASSETS: Cash $ 1,617,413 $ 890,649 Commodities held at broker 832,218 3,468,530 Accounts receivable, net of allowance for doubtful accounts of $127,464 and $136,781 for 2008 and 2007, respectively 5,651,787 7,130,467 Inventories 4,471,463 4,472,097 Prepaid expenses and other current assets 346,740 502,240 Prepaid and refundable taxes 267,462 236,406 Deferred income tax asset 1,331,000 279,000 ------------ ------------TOTAL CURRENT ASSETS 14,518,083 16,979,389
Property and equipment, at cost, net of accumulated depreciation of $4,731,184 and $4,542,490 for 2008 and 2007, respectively 2,953,925 2,651,960Deposits and other assets 489,066 765,368 ------------ ------------ TOTAL ASSETS $ 17,961,074 $ 20,396,717 ============ ============
- LIABILITIES AND STOCKHOLDERS' EQUITY -CURRENT LIABILITIES: Accounts payable and accrued expenses $ 6,326,167 $ 6,791,690 Line of credit borrowings 2,556,762 897,191 Income taxes payable - 9,161 ------------ ------------TOTAL CURRENT LIABILITIES 8,882,929 7,698,042
Deferred income tax liabilities 27,000 145,000Deferred compensation payable 394,020 351,332 ------------ ------------TOTAL LIABILITIES 9,303,949 8,194,374 ------------ ------------
MINORITY INTEREST - -
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY: Preferred stock, par value $.001 per share; 10,000,000 shares authorized; none issued - - Common stock, par value $.001 per share; 30,000,000 shares authorized, 5,529,830 shares issued; 5,480,216 shares outstanding for 2008 and 5,514,930 shares outstanding in 2007 5,530 5,530 Additional paid-in capital 7,327,023 7,327,023 Retained earnings 1,539,986 4,946,467 Less: Treasury stock, 49,614 and 14,900 common shares, at cost for 2008 and 2007, respectively (215,414) (76,677) ------------ ------------TOTAL STOCKHOLDERS' EQUITY 8,657,125 12,202,343 ------------ ------------ TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 17,961,074 $ 20,396,717 ============ ============
COFFEE HOLDING CO., INC.
