Mama's Creations Inc. 2025年季度报告

FORM10-Q xQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 PART I - FINANCIAL INFORMATION Item 1. Financial Statements. Mama’s Creations, Inc.Condensed Consolidated Balance Sheets Mama’s Creations, Inc.Condensed Consolidated Statements of Operations(Unaudited) Mama’s Creations, Inc.Notes to Condensed Consolidated Financial Statements Note 1 -Nature of Operations and Basis of Presentation Nature of Operations Mama's Creations, Inc. (together with its subsidiaries, the “Company”, "we', "us" or "our"), (formerly known as MamaMancini'sHoldings, Inc. and Mascot Properties, Inc.) was organized on July 22, 2009 as a Nevada corporation. The Company has a fiscal year- Our subsidiary, MamaMancini’s Inc. (“MamaMancinis”), is a marketer, manufacturer and distributor of beef and turkey meatballs withsauce, grilled, roasted and breaded chicken; sausage and peppers; and other similar meats and sauces. In addition, the Companycontinues to diversify its product line by introducing new products such as ready-to-serve meals, single-size pasta and rice bowls, bulkdeli, and packaged refrigerated protein products. MamaMancini's products feature many all-natural meals that were submitted to the Our Subsidiary T&L Acquisition Corp. ("T&L") is a premier gourmet food manufacturer based in New York. T&L doing business asT&L Creative Salads and Olive Branch, offers a full line of foods for retail food chains and club stores, delis, bagel stores, caterers andprovision distributors. Our Creative Salads brand uses high-quality meats, seafood and vegetables, prepared to meet the standards setforth by the USDA and the Food and Drug Administration ("FDA"). Our Olive Branch brand concentrates on selling olives, olive On June28, 2022, the Company acquired a24% minority interest in Chef Inspirational Foods, LLC (“CIF”), a leading developer,innovator, marketer and sales company selling prepared foods, for an investment of $1.2 million. The investment consists of$500thousand in cash and $700thousand in the Company’s common stock. The acquisition of the interest in CIF was accounted forunder the equity method of accounting for investments until the Company acquired the remaining interest of CIF. On June 28, 2023,the Company completed the acquisition of the remaining76% of CIF, in accordance with the terms of the Membership InterestPurchase Agreement dated June 28, 2023 by and among the Company, Siegel Suffolk Family, LLC, and R&I Loeb Family, LLC (the Note 2 -Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited Condensed Consolidated Financial Statements include the accounts of the Company and its whollyowned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. The Company's financialstatements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S.GAAP") for interim financial information. In the opinion of management, all adjustments (consisting of normal recurring adjustments)considered necessary for a fair presentation have been included. The preparation of financial statements in conformity with U.S. The accompanying unaudited Condensed Consolidated Financial Statements of the Company have been prepared pursuant to the rulesand regulations of the Securities and Exchange Commission (the "SEC"), including the instructions to Form 10-Q and Article 10 ofRegulation S-X. Certain information and footnote disclosures normally included in the Company's Consolidated Financial Statementsin an annual report on Form 10-K have been condensed or omitted. The Condensed Consolidated Balance Sheet as of January31, Table of Contents Company's audited Consolidated Financial Statements included in the Company's annual report on Form 10-K for the fiscal year Use of Estimates The preparation of the Condensed Consolidated Financial Statements in conformity with U.S. GAAP requires management to makeestimates and assumptions that affect the amounts reported in the Condensed Consolidated Financial Statements and accompanyingnotes. Such estimates and assumptions impact, among other items, the following: allowance for credit losses,the fair value of stock- Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effectof a condition, situation or set of circumstances that existed at the date of the Condensed Consolidated Financial Statements, whichmanagement considered in formulating its estimate, could change in the near term due to one or more future confirming events. Risks and Uncertainties The Company operates in an industry that is subject to intense competition and changes in consumer demand. The Company’soperations are subject to significant risk and uncertainties including financial and operational risks and the potential risk of business The Company has experienced, and in the future e