Innovative Designs Inc (IVDN)

[NevoTX]

No debt!?!?!? Loans from the CEO are the only thing keeping this company afloat! (Well, that and stock sales that dilute our shares, which frankly bothers me much more than debt does.)

Note 5 in the 10K says there's an SBA loan that was originally $280k, was amended to $430k, and that Joe had to sell real estate to make the loan payment. The loan now has a balance of $65k which certainly is going in the right direction. However, with $20k payments due in 2024, 2025, and 2026, I don't see how this loan is going to be paid.

Note 6 in the 10K lists stockholder loans from five shareholders, with 10% and 12% interest rates, currently totaling $70k.

Don't give me this "no debt" bullshit. This company has $135k in debt on $348k in revenue and a net loss of $284k last year.

This company is in deep, deep financial trouble. I don't understand how berigud and I seem to be the only investors calling for the CEO's ouster.