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Great post pitcook!
Great post pitcook!
So let’s see, you would rather have an 84 year old man running the company from New Jersey with no experience or involvement in any aspects of the company, other than filing SEC reports? Also, do you understand just because he has the same name that he is a different person, possibly without any direct input on how the company had been running?
According to everybody here with daily complaints, everything was about his father. If you have insight into what or what not Joe Jr. has done with or for the company, please let us know?
OK that is exactly what I was hoping for. Somebody that has been with the company since it’s inception, and knows every aspect of the company. I know he will bring new ideas and strategies to continue what appears to be strong sales, and make this stock at this price, the steal of the century.
IVDN 8K Filing on October 9, 2024: Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
On October 3, 2024, the Board of Directors of the registrant (the “Board”) held a special meeting for the purpose of formally invalidating a meeting of the Board purportedly held on September 26, 2024, due to the fact that proper notice of a meeting of the Board on September 26, 2024 was not given as set forth in Section 2.4 of the of the registrant’s bylaws. Accordingly, the actions described as having been taken by the Board on September 26, 2024 in the registrant’s Current Report on Form 8-K filed on September 27, 2024 have been voided ab initio.
Also on October 3, 2024, the Board accepted the resignation of Joseph Riccelli, Sr. as the registrant’s Chief Executive Officer, Chief Financial Officer and Principal Accounting Officer, effective immediately. The Board also appointed Joseph A. Riccelli to serve as the registrant’s Chief Executive Officer, Chief Financial Officer and Principal Accounting Officer, effective immediately. Joseph A. Riccelli has served as the registrant’s Vice President of Operations for over fifteen years and was with the registrant at its inception. He will serve in these capacities on an interim basis while the board interviews candidates for the positions. Joseph A. Riccelli’s compensation will be $2,000 per week. He will also receive a warrant to purchase 100,000 shares of the registrant’s common stock with an exercise price of $0.12 per share for a term of three years.
In addition, on October 3, 2024, the Board of Directors determined that Joseph Riccelli, Sr. will continue to serve as Chairman of the Board of Directors. It is expected that the registrant will retain Joseph Riccelli, Sr. as a consultant to facilitate a smooth transition and for his vast knowledge of the production and products, and the relationships with the registrant’s most important vendors.
There are no arrangements or understandings between Joseph A. Riccelli and any other persons pursuant to which he was appointed as described above. Joseph A. Riccelli is the son of Joseph Riccelli, Sr. Joseph A. Riccelli does not have any family relationship with any of the Company’s other directors or executive officers. Joseph A. Riccelli has no direct or indirect material interest in any transaction or proposed transaction required to be reported under Item 404(a) of Regulation S-K.
INNOVATIVE DESIGNS INC (Form: 8-K, Received: 10/09/2024 13:13:18)
Link:
https://www.otcmarkets.com/filing/html?id=17887459&guid=gVL-kaSFt2dfJth
From what I have read, Mr. Thomas is an 84 year old SEC attorney, and has no experience at all running a company, let alone one with such an esoteric product. From the most recent earnings report, in spite of wherever the history may have been, the company is doing a booming business and growing percentage wise with very impressive numbers. I want somebody that at a minimum has years in the building, or home construction industry, an architect, or anyone who has either been buying, selling or using our Insultex House wrap.
With the new government required building code requiring a continuous insulation, as valuable as or material was when I first invested in it, it now is at least twice as valuable. What I mean is if we have an R –6 and the requirements are an R-20, an insulation company like Corning and their Pink Panther would be losing 30% of their business on many many billions of dollars construction per year.
If at some point an insulation company would buy the license to use our material not only would they be saving 30%, but they now would have the best product in the moisture barrier industry, also worth billions of dollars a year.
Now, after whatever the reasons our stock price has gone down to where it is now, with the great distributor driving sales across the country, and the new building code requirements, we literally have a Golden Goose. I would say 99% of the industry that would benefit by Selling/Specifying/Using our material has no clue who we are. To me, the publicly known information that just a small percentage of us who own the stock know about, that whoever controls this material, and is a major company with all the money needed to expand production, advertise, and sales within the industry, will be completely dominate.
Again what we know about this Insultex material, with the evacuated cells creating the R –6 insulation, it’s like knowing before it came out that Apple was going to come out with a smart phone, or somebody in a garage was coming out with a computer, or somebody named Musk was coming out with an electric vehicle. The best thing about this is, as our new distributor is proving, this is not a hard sell. It is not even a sell, it is just an education. Once somebody learns about our material, they are sold, (as it saves significant money and times etc,) and will continue to use it.
By the way, all of the potential riches as described above are only for the building industry. If we once again reconnect to the clothing industry, there probably are more profitable dollars there than in building. We also can be in many other industries like the roofing industry, whereby using our product, it will not be released as much Carbon, saving tremendous amounts of energy. Before the bogus lawsuit, a major retailer was looking for us to make the thinnest, lightest and warmest sleeping bag in the world. So just licensing our material in these, and if you think about it, so many other industries that not only would save money, but would be achieving great input and lowering carbon emissions and helping to save the earth.
I want us to have the CEO that is making the day-to-day decisions, to be somebody who is either deeply involved in the industry, or even better yet, somebody with great knowledge of our Insultex material!
Thanks for the link to the the IVDN fiscal Q2 report which has been officially filed this week. The accelerating sales and revenue growth that IVDN management has been talking about in its 2024 press releases are now starting to be reflected in the SEC financial filings. This once again illustrates that official news from company management has real credibility.
$IVDN Form 10-Q Filed - For the quarterly period ended April 30, 2024
https://www.sec.gov/ix?doc=/Archives/edgar/data/1190370/000173112224001521/e5922_10q.htm
IVDN Revenues for the three-month period ended April 30, 2024, were $300,331 compared to revenues of $27,249 for the three-month period ended April 30, 2023. The increase in revenue is attributable solely to an increase in sales of our Houswrap product line.
Fiscal year ends in 29 days
This will be the breakout year
IMHO
GD11
Things will move faster now
3rd qtr report will be filed with even better numbers
Stock will be relisted
After that there is nowhere to go but higher
Much higher
IMHO
GD11
A very impressive filing. A tad late, but impressive nonetheless. The increase in sales is a very welcome sight. Finally, with a new CEO and an expectation of growing sales, IVDN appears to have turned the corner. Let's get this thing trading, catch up on the filings and move forward. Very exciting and most welcome for all shareholders.
$IVDN More info from 10-Q - Filing (Quarterly Report):
*As of September 27,2024, we have a backlog of approximately $247,000 in orders for our Housewrap product line.
*As of August 30, 2024, one of our Distributors has generated approximately $550,000 in sales.
*SG&A expenses were $206,722 for the six month period ended April 30, 2024, compared to $234,974 for the six month period ended April 30, 2023.
*In the period starting May 1, 2024, to September 3, 2024, our sales have increased 158% over the period beginning November 1, 2023, to April 30, 2024.
$IVDN Revenues for the three-month period ended April 30, 2024, were $300,331 compared to revenues of $27,249 for the three-month period ended April 30, 2023. The increase in revenue is attributable solely to an increase in sales of our Houswrap product line.
$IVDN Form 10-Q Filed - For the quarterly period ended April 30, 2024
https://www.sec.gov/ix?doc=/Archives/edgar/data/1190370/000173112224001521/e5922_10q.htm
Well said, pitcook!
Welcome back!
I’m sure the IVDN faithful are glad to see your compensated, undisclosed tout crew back in action.
Can we expect the rest of your IVDN team to ramp up the rhetoric once again?
Respect to Mr. Joseph Riccelli. He has single-handedly fought the Federal Trade Commission when they tried to put the company out of business, because a competitor was starting to lose market share. He was willing to mortgage his own home to raise the million plus dollars, to pay for legal representation, because he believed in the amazing powers of Insultex. After years of delays, and loss of a then booming business, he actually won the case, something a very low percentage of corporations, or individuals do!!!
He made the brilliant decision to take this disruptive technology material from the clothing industry, that every year you had to change your complete attire line (with new Fashions, Designs, Pantones, etc.), into the more stable, and much larger and lucrative building industry.
The stress of this no doubt has adversely affected his health, yet he persevered. Basically starting from scratch, he and his team has continually grown the business, to based on previous PR’s could lead to all-time record sales.
May he now take the time to get into the best health that he can, sit back and hopefully watch this new management team continue the extremely positive momentum that he has created, and get the share price to rocket to great heights, and reward him and all of the shareholders, to take the company to where he knows it was going.
God bless you, Mr. Riccelli and thank you for all the years that you fought to literally keep the lights on, and put us in position to lead this major industry, that needs our CONTINUOUS (R-6 Value) INSULATION!,
IVDN Filing on September 27, 2024: Item 5.02 Departure of Directors or Certain Officers: Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
On September 26. 2024, the Board of Directors of the registrant terminated Mr. Joseph Riccelli as the registrant’s Chief Executive Officer and Chief Financial Officer effective immediately.
On the same date the Board of Directors appointed John L. Thomas, Esq as the registrant’s Chief Executor Officer, Chief Financial Officer and corporate counsel. Mr. Thomas has served as the registrant’s securities counsel for over fifteen years.
Mr. Thomas has been a practicing lawyer for over forty years. He is a former Senior Attorney at the U.S. Securities and Exchange Commission, Division of Corporation Finance. He received his law degree from Franklin Piere Laws Center and a master’s in business administration from New Hampshire College.
He will serve on a part-time basis. for a six-month period. His compensation will be $2,000 per week. He will also receive a warrant to purchase 100,000 shares of common stock with an exercise price of $.12 per share for a term of three years. The warrants have a cashless exercise feature.
On the same date, the Borad of Directors appointed Mr. Robert K. Adams as Chairman of the Board of Directors.
LINKS:
https://www.sec.gov/ix?doc=/Archives/edgar/data/0001190370/000173112224001507/e5991_8-k.htm
https://ih.advfn.com/stock-market/USOTC/innovative-designs-ce-IVDN/stock-news/94626293/form-8-k-current-report
AI
