Innovative Designs Inc (IVDN)

[searay2701]

No release on anything in awhile , like many more orders still coming in , things are jelling together better, etc.

[pitcook]

I know Joey is on top of it expediting its release. I have major excitement waiting for it to come out so the stock starts trading again. If the third quarter comes close or even is greater than the second quarter increase of sales versus last years,

I can’t wait to buy more shares at these ridiculously low costs. And of course, then we will anxiously be waiting for the year-end report which was the end of October, and hopefully the sales momentum continued. As I have mentioned before with our disruptive technology, unique to the rest of the construction world , that once somebody learns about the properties of the evacuated cells. The reason is, this is not a hard sell, it is not even a sell, it is just an education.

Once somebody learns and buys it, I would guess if not 100% at least a high 90 percentile of people will continue to use it, which means our sales also should continue to rocket. This is such an esoteric company/product that really nobody knows about it. But the fact that once properly managed, etc. etc. it should dominate both the moisture barrier and insulation industries.

Again, the very few of us who know about this company and it’s material are going to be able to buy it dirt sheep relative to when the rest of Wall Street learns about it, and really could be a once in a lifetime stock buying opportunity

Once we get the updated certification that the material indeed has it’s R-Value, and all of the home builders will be able to use our material, while saving so much construction costs, with about 30% less Insulation needed, no Insulation Boards (Zip Board) needed, less lumber needed, there will be an auction to pay double digit dollars to license exclusively our Insultex Housewrap.

[searay2701]

Even with getting another auditing compamy to get the figures together already, the third quarter is now three months over due, if it is not one thing with this company it is another.

[BlazingStocks]

Things are progressing... It's nice to see. $IVDN

[ProfitScout]

IVDN has made made up all but one overdue financial filing now, which is the fiscal Q3 that was due on September 15th. We should see that filed soon, especially since the new management is in place now and working hard to get all the bases covered. We already know that IVDN is having a banner sales year in 2024 from the strong surge in revenues that was reported in the Q2 financial filing (below):

$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.

*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.

[searay2701]

BlazingStocks, throughout the history of this company, IVDN has been very slow in what it does, after so many years it is still a small company and all we can do is to hope that some day a person running this business will have the youth, knowledge, with the perseverance to really move it along.

[BlazingStocks]

Hopefully we'll get some good News from the company shortly.

[searay2701]

This company has been quiet for a long time.

[searay2701]

pitcook and ProfitScout I am trying to hold onto your thoughts I was in another stock twenty years ago in a different field of business that went through the same kind of problems and when it finally got into a better business position with a better advanced product in their field three large corporations did a final job in stopping the growing company from further advancing and it finally sold out for almost peanuts. I am watching ever so carefully with capital on the side so if and when IVDN does further prove by way of constant increasing revenues, I will be ready to add a chunk more stock to add to what I already have. Again thank you both and others here on this board for your input.

[ProfitScout]

And,of course, the IVDN team includes much more than just the people at the company headquarters in Pittsburgh. The manufacturing operations and sales associates covering all parts of the country complete the operation and are currently being ramped-up to meet the accelerating demand for Insultex products that we are seeing at this time.

The 2024 IVDN financial results are already starting to demonstrate the success of all the pieces coming together here. IVDN is set up now to deliver record breaking growth results for 2025. Patient and well informed investors will be in a position to reap the benefits.

[pitcook]

Perhaps you’re not aware of the history of the company. Years ago business was booming Home Depot and Lowe’s were selling it like crazy. A major homebuilder was laying 6 figure dollar orders out for monthly deliveries. Once they started taking a little bit of market share the competition called out their Lobbyist Dogs and had the FTC do their dirty deeds.

They tried to put our little company out of business with more than $1 million worth of legal fees to fight the case. Our former CEO literally put his house up to pay for this and keep the lights on. Once all of our customers, at least the ones that were national chains, lawyer’s heard that the USA Government said that we do not have this incredible disruptive technology with an R- Value, that nobody else in the world had, they told their buyers you must stop buying this.

Having said this Independent Customers like Lindus that used it on their own homes and saw the immediate energy savings value, continued to buy, although that was a small percentage. The stock price fell, and once the case finally came to the federal court, their expert witness confirmed, indeed our material is what we claimed that is.

Slowly, but surely our 2–3 men team fought against adversity and are continuing to drive incredible sales that will take our stock to new heights. As I stated before, this is not a hard sell,. It is not even a sell. It is just an education. Once somebody understands how the evacuated sells creates this unique patented insulation property, they buy it and continue to re-order.

That is what’s happening now and I’m sure when our next quarterly earnings come out we should continue to see increases. This is based on that we have something that nobody else in the world has, and just literally a handful or two of us know about this esoteric company. As Profit-Scout stated once the quarterly earnings come out and people learn the stock will take off, and buying it whenever it starts trading, will be steal.

I’m sure the company will grow with more employees, more distributors, etc., etc. Once we get finally newly certified, there will be an auction from every company that has a moisture barrier, or insulation to buy us out! Whoever gets that license in those industries will dominate and have the sufficient funds to manufacture, advertise, set up International Sales teams, etc. and do Billions of dollars of business.

And oh, by the way, that’ll just be in the construction industry. We can do similar and greater business back in the clothing industry, the roofing industry, sleeping bags and many others looking for this Golden Goose.

TO INFINITY AND BEYOND!!!!!!!! Well hopefully at least to $100 per share lol

[searay2701]

I sure wish this was not a two person employed company, watching this day after day drastic sunken stock price while the market does it thing is getting hard to take, it is real and really had no reason why it should have become this way if it had been handled right in the first place. Oh well, it is what it is, $ .40 to $ .02 for now. MOO

[ProfitScout]

IVDN only needs one more financial filing to get back to Current status again which is the company's fiscal Q3 that was due on September 15th. We should see this filing soon and after that the status can return to its normal OTC trading. The few trades that are going through at this time while the stock is on temporary EM listing are not retail orders but just swaps between market makers who are the only ones who can execute anything right now. When the OTC listing is restored and retail investors can trade again the stock will be able to start reflecting the strong business success that the company is experiencing in 2024.

[searay2701]

It would have been good, if IVDN had been off of The Expert Market to have been able to participate in todays huge market rally.
IVDN needs to get things cleared up as far as being current on The OTC. MOO

[budfoxfun]

$IVDN time to buy!

[ProfitScout]

IVDN has already demonstrated that its business plan is succeeding now, as we saw in the Q2 financial filing that was recently made. We should see the overdue Q3 filing soon and then a relisting to normal trading again so the stock can start reflecting the growing business success here. Investors who are patient and paying attention to the actual facts will be in the best position benefit, of course.

$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.

*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.

[searay2701]

Thank you ProfitScout and pitcook for getting me back up to speed here. Let’s hope that 2025 rewards all of us here with IVDN being able to change its stock’s direction for the future big time.

[pitcook]

He is the son. He has been with the company from the beginning, and has been instrumental in finding multiple sources to combine the two materials, creating our incredible INSULTEX HOUSE-WRAP product. This is imperative for keeping up with the dramatic increase in orders, as shown by the last quarterly report.

Whether this is a temporary or permanent CEO position, we are fortunate to have somebody that knows the material, business, and all of the relationships for manufacturing. and has more technically knowledge to update our website. Joey understands the key of us getting our material updated certified, which would open the floodgates for Major Home Builder orders, and our stock taking off and making all of us smart share holders that understand what our disruptive technology material represents, very rich!

[ProfitScout]

Be sure to read the October 9th 8K filing which details the current management structure of IVDN:

INNOVATIVE DESIGNS INC (Form: 8-K, Received: 10/09/2024 13:13:18)
https://www.otcmarkets.com/filing/html?id=17887459&guid=gVL-kaSFt2dfJth

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.

[searay2701]

Can anyone tell me if Joseph A. Riccelli is the original CEO of IVDN or the son of the original CEO of IVDN. Thank you.

[searay2701]

IVDN’s Fiscal year is over, will its next Fiscal year be much better still remains to be seen. Our record of not keeping up with our financial releases also did damage here. We need to get off of The Expert Market ASAP, and IVDN needs to perform consistently positive going into 2025 and beyond or it might as well shut down what has been up to not long ago, a company of which has gone nowhere and done nothing but watch it’s stock also prove its past real worth keep plummeting for a long time. MOO.

[tigerpac]

Also lost of member of the BOD.

https://www.otcmarkets.com/filing/html?id=17926716&guid=neL-k6iT9kDUdth

[searay2701]

Form 3 out today on OTC Website.

[searay2701]

Has anyone been in touch with IVDN’s current management lately and if so, what is your take away from that contact? Let’s hope that this long delay is because management is making current real progress with this Company’s near coming future.

[searay2701]

The third quarter financial release should be out soon, as the fourth quarter is almost finished. Hoping they really get their act together going into their 2025 business year and get out from being stuck in The Expert Market no trading zone.

[budfoxfun]

Great to hear, thanks for the post!

$IVDN

[searay2701]

Seventeen more days until the end of October 2024, hopefully we will get even better news by then. They need to get us off of The Expert Market situation and this stock back to being able to be traded again ASAP.

[Trooperstocks]

Very well put ProfitScout "IVDN is now turning the corner to profitability which is a major milestone accomplishment to the credit of company management and their very effective distributor sales associates."

[tigerpac]

What is confounding is that BuiltLink Solutions in Grand Rapids, MI (the distributor leading the revenue charge) only has a webpage that is not close to being completed yet. It’s former site, Compound Construction hasn’t posted anything since 2022.

These days it’s hard to move beyond “local contractor and distributor” without a webpage. To me, it’s still a small potatoes company. Liga Assets threw out a couple big PR’s saying they were selling for Innovative Designs. No surprise that nothing has panned out yet (as very little ever does
for LIGA).

[tigerpac]

They had $300k in sales for the q ending 4/30 but AR balance was only 132k so they definite collected some of that money (either thru deposits or terms payment). They have $550k inventory to satisfy the backlog orders.

Now mind you that we are almost 6 months past the report date so business could have slowed or possibly picked up.

It’s going to cost about $200k for a CEO , although in this case it could be a little less but with a boatload of free incentive stock…..a million shares seems about right….

[ProfitScout]

The facts are officially posted on the rapidly growing sales success that IVDN is experiencing this year and set up to continue to accelerate in 2025. The company's fiscal Q2 filing that has been made and it speaks for itself. The upcoming fiscal Q3 fling will be even better. IVDN is now turning the corner to profitability which is a major milestone accomplishment to the credit of company management and their very effective distributor sales associates.

$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.

*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.

[NevoTX]

I don't have any problem with Joe Jr. running the show temporarily while the board searches for a permanent CEO. I don't, however, want "Somebody that has been with the company since it’s inception, and knows every aspect of the company" as a permanent CEO like Pitcook does.

I do want the board to conduct a serious, zealous search for a CEO to take over permanently. I have very little confidence that they will do that. (Is there any evidence that the board of directors of this company has ever acted in the best interests of the shareholders?)

I don't know where this $550k number is coming from, either. All I know for sure is what's recorded in the company's SEC filings. And those are not entirely good news, as I explained in post 5891.

This company is still in serious financial doo-doo. A quarter of good sales ($366K according to the most recent 10Q) is fantastic, but we don't know if the company has the product to satisfy that order, or if not whether they have the cash to order product to satisfy that order, or if they do whether the manufacturer will honor such an order, or if they will when such an order will be delivered, and if it can be, whether the customer is willing to wait that long.

As the financial report shows, the customer hasn't actually paid that $366k yet.

So, yes, increased sales is a piece of good news, but it's hardly the whole story. Anyone who thinks otherwise is counting chickens that haven't yet hatched.

[NevoTX]

I'm curious: what, exactly, am I lying about?

What is it, exactly, that you think I should shut up about?

Are you really so soft skinned that my desire for a CEO that can sell offends you enough that you want to personally attack me?

I will, however, address the question you asked: "What more do I want?" I want a profit on my investment. That is, after, all why each of us has invested in this company: to make a profit. This company hasn't made a profit in over 20 years and yet we have cheerleaders on this forum who do nothing but lavish praise on the company and the CEO who NEVER MADE A DIME OF PROFIT FOR THEIR SHAREHOLDERS. (Which is particularly rich when it comes from a guy with the handle "ProfitScout.")

I continue to believe that the surest, shortest, and most reliable way for IVDN to return a profit to shareholders is to find a CEO who can sell product into the residential construction industry. The fact that this is somehow a controversial statement is utterly baffling to me.

[tigerpac]

It’s hard for me to figure out exactly what is meant by saying one distributor has $550k in sales ?

Certainly not for the last six months reported by it could be thru Sept, although that would likely mean that no other distributor has sold anything. Could it mean $550k in retail sales by the distributor? $550k in last 12 months? Don’t really know until more filings are made.

We do know that Joe Jr was first hired on as a consultant in Feb for $1k per week….then hired as CEO recently. That’s a crash course especially if he was just on the periphery before taking the consulting job.

Sometimes it works, sometimes it doesn’t when son succeeds Dad. I have particular experience with this as my aging majority partner just retired and his son took his spot . Universally hated by employees and communication and empathy skills lacking by his know it all attitude even though he only worked as a salesman for a few years twenty years ago. It’s created resentment within upper management, something we don’t need at this stage of company’s life.

Think IVDN will need a few more quarters to figure out exactly how things shake out. Will stay on my radar.

[greendolphin11]

Nevotx you are a liar

The sales in Q2 alone were almost as much of all last year

Then there is a line in that report that explains that Build Link alone did 550k in Q3

What more do you want?

Clearly sales are booming

Shut up

Clearly sales are booming

[ProfitScout]

Pitcook- thanks again for another extremely insightful and informative post. IVDN has all the pieces coming together now and we are already seeing the success of the process in the dramatically rising sales and revenues in the company's fiscal Q2 report that was late but is now officially filed. The company's fiscal Q3 report was due on September 15th but should also be filed soon. This report will show even more rapid sales growth as IVDN management has already commented on in the filings we have seen so far.

Just a matter of time to get the stock restored to its normal OTCQB status and then we should start to see market recognition of the break-out sales and revenue growth curve that is taking place right now for the superior Insultex House Wrap product that is patented and available only from IVDN.

[NevoTX]

Education is absolutely part of the sales process. But educating someone without asking for the sale doesn't do us any good. And don't kid yourself: introducing a new product into a market that is resistant to change can ABSOLUTELY be a hard sell. No matter how great the new product is.

Without sales, there's no reason to buy additional product from the supplier.

Without sales, there's no money to buy additional product from the supplier.

Without sales, there's no income.

Without sales, there's no company.

IVDN shouldn't be selling product through one aggressive distributor. It should be selling through all the distributors we can find. (And let me clarify: when I say I want a CEO who can sell, I'm talking about selling to distributors, not to end users.)

My opinion is unchanged: the only trait I want to see in a new CEO is the ability to sell product. Once sales start rolling in, the CEO can hire a COO to oversee manufacturing and distribution of product. Until we get sales, those business functions don't matter. I want our CEO to be someone who knows a guy at every construction supply house in the nation and can start calling in favors.

[Dickmo]

Pitcook - your latest post hits the nail on the head. IVDN is a small business for multiple reasons, but there is reason to believe that this will change going forward. Innovative Designs doesn't need to become an industry giant. It just needs to be large enough to create brand awareness among the larger players. Admittedly, the company has work to do to make that happen, but it has taken steps in that direction. As a shareholder, I am very encouraged by what I am reading and hearing. Miracles take minutes in movies, but they take longer in real life. I support the moves that have been made and look forward to being a shareholder in a company that will soon enough make us all money.

[pitcook]

NevoTX, I get your point, but my thought is that the tremendous growth in sales, was due to a very aggressive Distributor, who understands the amazing unique qualities of the R-6 Insultex. As I have stated previously, selling this disruptive technology product is not a hard sell. It is not even a sell. It is merely an education.

Once somebody learns that by using our material when building new structures, it is saving tremendous amounts of capital. You need less in insulation (about 30%). You no longer need the expense of an insulation board, or as much wood to build it. When our material is used on outside surface remodeling jobs, by adding our material before putting on the new aluminum siding or whatever products, you are adding an R-6 to the original building code quantity, saving tremendous amounts on their energy bills. Not only the economic savings, but helping to create less carbon emissions.

So from just one distributor who realizes the upside in billions of dollars in the moisture barrier business, and now with the continuous insulation building code requirements, making our product 10 times more valuable, he is setting the world on fire relative to our tremendous increase in business. Again once other distributors are EDUCATED they will see what the profit potential will be for their business. I do not want the management of Innovative Designs to be doing at this point, anything else than finding additional companies that are able to adhere our material to the outside product to not only keep up with the sales currently, but better to be proactive in building up inventory as these sales domino’s continue to fall.

That’s the reason there is Distributor pricing discounts, to let them make money with the impetus to grow ours and their business. I don’t want or CEO to be a sales person, I want them to make sure once more of the world understands we have the proverbial Golden Goose, to make sure that we have the product available to sell.

Additionally, they (the management) needs to expedite us updating our material with current quantitative ICC testing/certification results. This will set the stage for companies, both in the moisture barrier, and installation industries, to have an auction for the license of our material. Just in, the building industry, that whoever has our product will be king of the hill. The smallest companies now in terms of their market share will move to the front of the line, because anybody doing any kind of construction or remodeling that is not using our material is doing CONSTRUCTION MALPRACTICE!!!

[NevoTX]

I have no idea what Joe Jr. has or has not done for the company. But given the company's consistent poor performance in the market, he clearly hasn't done anything remarkably good for the company. If he had done anything tremendously good for the company, the company would probably have at least had a period or two of profitability.

I would prefer that the board find a CEO that has experience selling to the residential construction industry. I don't care if the CEO has any experience with insulation, or physics, or house wrap. I want a CEO that has a big fat Rolodex full of contacts in the residential construction industry, and the ability to sell.

[ProfitScout]

You are spot-on in all your posts, Pitcook. All the issues with IVDN look like they are getting resolved now. Best of all, one of the two overdue financial reports has now been filed. The accelerating sales and revenue growth that IVDN management has been talking about in its 2024 press releases are starting to be reflected in the SEC financial filings. This company is very clearly having strong sales success with the superior Insultex House Wrap product line in 2024.

$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.

*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.

[pitcook]

You must not have fully read the last Quarterly report.

[searay2701]

When will this IVDN situation ever straighten out. Just when something comes to the forefront something right after it throws another monkey wrench into the whole situation. Either you know what you are doing or you do not, this company needs a different kind of help of which seems not to be falling into place orderly here, thus everything slows down and real progress gets hampered anew. MOO

[greendolphin11]

Great post pitcook!

[greendolphin11]

Great post pitcook!

[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?

[NevoTX]

The company hasn't made a summer in profit since inception, but you want a leader who's been with the company from the start.

Is cause and effect a foreign concept to you?

[pitcook]

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.

[ProfitScout]

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

[NevoTX]

It is the board's responsibility to find a new CEO. If you wish to address your concerns to the board of directors, The board, according to the 10-K filed 2/23/24, are:


Name Age Position Term
Joseph Riccelli 72 Chief Executive Officer 1 year
Constantine “Dean” P. Kolocouris 54 Director 1 year
Daniel P. Rains 71 Director 1 year
Donald V. Garlotta, PhD. 63 Director 1 year
Robert K. Adams 67 Director 1 year

If you have concerns about finding a new CEO, these are the individuals to whom you should address your concerns. The mailing address for IVDN is:

124 Cherry St
Pittsburgh, PA 15223

The board has certain legal obligations to the shareholders. I have seen no evidence that IVDN's board has EVER met these obligations, such as having an annual meeting. I suspect that the current board feels complacent that the shareholders of IVDN will let them do whatever they want because... well... we have so far.

I encourage all of you to sit down and write and send a letter to the members of the board expressing your frustration with their lack of governance, and to encourage them to change their ways.