IVDN paying off all long term debt is another very positive development in this record growth year for the company. I am especially pleased to see that they accomplished this goal due to increased revenue collections and without issuing any new shares.
From this week's news:
In addition to the record setting revenue results and profitability this year, Innovative Designs is becoming a financially stronger entity with other significant balance sheet improvements. The Company has now paid off its long term and convertible debt obligations with over $85,000 in debt satisfied and without issuing any new shares for this purpose. Management is committed to maintaining a low share structure for IVDN which currently stands at only about 38 million shares outstanding and a 17 million public float.
The debt resolution has been made possible by our rising revenue stream and increasing accounts receivables collections which have also significantly boosted on-hand cash reserves. For this reason, IVDN is no longer seeking private placement investments and recommends that interested persons make their stock purchases in the open market.
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