Hot Mamas Foods, Inc.

CIK:0001339256|SEC Filings

Condensed Consolidated Statements of Operations (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Net revenues	$ 7,074	$ 7,291
Cost of goods sold	7,333	6,789
Gross profit	(259)	502
Operating expenses:
Selling, general and administrative	829	788
Restructuring charge	0	50
Total operating expenses	829	838
Loss from operations	(1,088)	(336)
Other income (expense):
Gain on sale of fixed assets	0	16
Interest expense	(31)	(40)
Total other income (expense)	(31)	(24)
Loss before income taxes	(1,119)	(360)
Benefit for income taxes	0	139
Net loss	(1,119)	(221)
Net income (loss) attributable to non-controlling interest	32	(11)
Net loss attributable to Hot Mama’s Foods, Inc.	$ (1,151)	$ (210)
Basic and diluted loss per common share (in dollars per share)	$ (0.05)	$ (0.01)
Weighted average number of shares outstanding
Basic and diluted (in shares)	23,314,512	18,512,203

Condensed Consolidated Statements of Cash Flows (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Cash flows from operating activities:
Net loss	$ (1,119)	$ (221)
Adjustments to reconcile net loss to net cash Provided by operating activities:
Allowance for doubtful accounts	0	35
Depreciation and amortization	137	148
Gain on sale of fixed assets	0	(16)
Share based compensation expense	41	0
Deferred income taxes	0	(139)
Interest expense - related party	0	2
Changes in assets and liabilities:
Accounts receivable	(647)	(707)
Inventories	(553)	(26)
Prepaid expenses and other current assets	73	(80)
Intangible assets	0	(18)
Accounts payable	2,124	740
Bank overdraft	(519)	520
Accrued expenses	79	198
Net cash (used in) provided by operating activities	(384)	436
Cash flows from investing activities:
Proceeds from sale of fixed asset	0	31
Acquisition of equipment	(704)	(281)
Net cash used in investing activities	(704)	(250)
Cash flows from financing activities:
Activity in line of credit, net	(394)	(405)
Repayment of capitalized lease obligations	(5)	(63)
Proceeds from notes payable - other	897	0
Repayment of notes payable - other	(52)	(28)
Proceeds from issuance common stock and warrants	560	0
Proceeds from issuance of mortgage, net of deferred financing costs	0	544
Repayment of mortgage payable	(11)	(537)
Net cash provided by (used in) financing activities	995	(489)
Net decrease in cash	(93)	(303)
Cash, beginning of period	150	328
Cash, end of period	57	25
Supplemental cash flow information:
Taxes paid	0	0
Interest paid	$ 31	$ 37

Condensed Consolidated Balance Sheets (USD $) In Thousands, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013
Current assets:
Cash	$ 57	$ 150
Accounts receivable, net of allowance of $35	2,062	1,415
Inventories	2,273	1,720
Prepaid expenses and other current assets	105	178
Deferred tax assets	364	364
Total current assets	4,861	3,827
Property, plant and equipment, net	5,535	4,962
Intangibles, net	85	64
Other assets	14	14
Deferred income tax	206	206
Total assets	10,701	9,073
Current liabilities:
Bank and equipment lines of credit	264	658
Cash overdraft	317	836
Accounts payable	3,681	1,557
Accrued expenses	602	523
Capital leases - current portion	11	16
Notes payable - other - current portion	653	570
Mortgage payable - current portion	36	36
Total current liabilities	5,564	4,196
Capital leases	6	6
Notes payable - other	1,356	567
Mortgage payable	1,125	1,136
Total liabilities	8,051	5,905
Commitments and contingencies
Stockholders’ Equity:
Convertible preferred stock, 1,000,000 shares authorized, $0.001 par value, Series A 6% convertible preferred stock, $0.001 par value, 44,623 Shares issued and outstanding as of March 31, 2014 and December 31, 2013	0	0
Common stock, 300,000,000 shares authorized, $0.001 par value, 23,532,290 and 22,832,290 shares issued and outstanding at March 31, 2014 and December 31, 2013	24	23
Additional paid-in capital	3,905	3,305
Accumulated deficit	(1,528)	(377)
Total Hot Mama’s Foods, Inc. stockholder’s equity	2,401	2,951
Non-controlling interest	249	217
Total equity	2,650	3,168
Total liabilities and equity	$ 10,701	$ 9,073