INVISA INC

CIK:0001172706|SEC Filings

Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended
	Apr. 03, 2022	Apr. 04, 2021
Income Statement [Abstract]
NET SALES	$ 20,070,551	$ 21,896,001
COST OF GOODS SOLD	17,405,495	18,658,664
Gross Profit	2,665,056	3,237,337
OPERATING EXPENSES:
Selling	724,321	898,712
General and administrative	1,800,218	1,579,027
Research and development	389,108	327,458
Total Operating Expenses	2,913,647	2,805,197
Operating (Loss) Income	(248,591)	432,140
OTHER (EXPENSE) INCOME:
Interest expense	(438,508)	(403,746)
Funding from Paycheck Protection Program		838,864
Other (expense) income	(14,396)	206,304
Net Other (Expense) Income	(452,904)	641,422
(LOSS) INCOME BEFORE TAX (BENEFIT) PROVISION	(701,495)	1,073,562
TAX (BENEFIT) PROVISION	(156,139)	37,561
NET (LOSS) INCOME	(545,356)	1,036,001
Preferred stock dividend		(816,414)
NET (LOSS) INCOME ALLOCABLE TO COMMON SHAREHOLDERS	$ (545,356)	$ 219,587
(LOSS) EARNINGS PER COMMON SHARE:
Basic and Diluted (in Dollars per share)	$ (0.15)	$ 0.06
WEIGHTED AVERAGE SHARES OUTSTANDING:
Basic and Diluted (in Shares)	3,736,006	3,736,006

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Apr. 03, 2022	Apr. 04, 2021
Statement of Cash Flows [Abstract]
Net (loss) income	$ (545,356)	$ 1,036,001
Adjustments to reconcile net (loss) income to net cash flows from operating activities:
Depreciation and amortization	569,138	619,375
Deferred tax (benefit) provision	(156,139)	37,062
Amortization of debt issuance costs	30,163	6,633
Loss on disposal of property and equipment	7,396	23,083
Funding from Paycheck Protection Program recognized as income		(838,864)
Deferred interest on loan from Main Street Lending Program		24,242
Noncash lease adjustment	23,391	24,060
Changes in assets and liabilities:
Accounts receivable	(3,290,761)	(3,048,143)
Inventories	(2,526,727)	(784,585)
Other current assets	(362,850)	(176,348)
Related party receivable	(34,313)	(29,366)
Other long-term assets	(1,914)	11,500
Accounts payable	2,543,264	1,032,380
Accrued expenses and other liabilities	236,696	280,844
Postretirement benefit liability - health and life	(11,239)	(12,508)
Cash used in operating activities	(3,519,251)	(1,794,634)
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures	(186,177)	(202,778)
Payments on life insurance policies	(11,941)	(49,901)
Cash used in investing activities	(198,118)	(252,679)
CASH FLOWS FROM FINANCING ACTIVITIES
Net change in checks issued in excess of bank balance	165,877	(166,621)
Net advances on lines of credit	3,843,578	782,781
Payments on long-term debt	(347,642)	(314,631)
Proceeds from issuance of long-term debt - Paycheck Protection Program		2,000,000
Proceeds from issuance of long-term debt - other	38,290
Payments on finance lease liabilities	(59,262)	(72,812)
Payments on related party obligations	(38,483)	(34,302)
Cash provided by financing activities	3,602,358	2,194,415
Net change in cash and cash equivalents	(115,011)	147,102
Cash and cash equivalents - beginning of period	444,973	1,656,882
Effects of currency translation on cash and cash equivalents	(5,463)	16,520
CASH AND CASH EQUIVALENTS - END OF PERIOD	$ 324,499	$ 1,820,504

Consolidated Balance Sheets - USD ($)	Apr. 03, 2022	Jan. 02, 2022
CURRENT ASSETS
Cash and cash equivalents	$ 324,499	$ 444,973
Accounts receivable, net	11,692,484	8,561,227
Inventories, net	24,142,917	21,840,404
Other current assets	2,503,150	2,196,322
Related party receivable	34,766	453
Total Current Assets	38,697,816	33,043,379
PROPERTY AND EQUIPMENT, NET	16,437,509	17,047,606
OPERATING LEASE RIGHT-OF-USE ASSETS, NET	5,367,004	5,626,542
OTHER ASSETS
Intangible assets	3,277,356	3,336,068
Goodwill	1,079,175	1,079,175
Other long-term assets	4,463,198	4,322,855
Total Other Assets	8,819,729	8,738,098
TOTAL ASSETS	69,322,058	64,455,625
CURRENT LIABILITIES
Checks issued in excess of bank balance	242,011	76,134
Lines of credit	21,443,596	17,816,919
Current maturities of long-term debt	3,489,646	2,365,905
Current maturities of finance lease liabilities	165,828	210,007
Accounts payable	11,379,971	8,959,467
Accrued expenses and other liabilities	3,829,926	3,658,612
Current maturities of related party finance lease liabilities	172,278	167,389
Current portion of postretirement benefit liability - health and life	169,749	169,749
Total Current Liabilities	40,893,005	33,424,182
LONG-TERM LIABILITIES
Long-term debt, less current portion	5,273,656	6,854,257
Finance lease liabilities, less current portion	21,288	36,372
Operating lease liabilities, less current portion	5,158,797	5,391,395
Related party finance lease liabilities, less current portion	2,300,866	2,344,239
Long-term debt to related parties	4,216,566	4,216,566
Postretirement benefit liability - health and life, less current portion	2,572,371	2,583,610
Other long-term liabilities	937,735	960,526
Total Long-Term Liabilities	20,481,279	22,386,965
Total Liabilities	61,374,284	55,811,147
STOCKHOLDERS' EQUITY
Preferred units, Series A UEP Holdings, LLC, 20,000,000 units authorized; 200,000 units issued and outstanding ($100 issue price)	617,571	617,571
Preferred units, Series B UEP Holdings, LLC, 15,000,000 units authorized; 150,000 units issued and outstanding ($100 issue price)	463,179	463,179
Preferred stock, Uniroyal Global (Europe) Limited, 50 shares issued and outstanding ($1.51 stated value)	75	75
Common stock, 95,000,000 shares authorized ($.001 par value) 3,736,006 shares issued and outstanding as of April 3, 2022 and January 2, 2022	3,736	3,736
Additional paid-in capital	35,290,590	35,290,590
Accumulated deficit	(27,004,546)	(26,459,190)
Accumulated other comprehensive loss	(1,422,831)	(1,271,483)
Total Stockholders' Equity	7,947,774	8,644,478
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 69,322,058	$ 64,455,625