CCA Industries : Financial Statements (unaudited) as of and for the Three and Six Months ended May 31, 2022 and 2021

CCA Industries, Inc.

Financial Statements (Unaudited)

As of and For the Three and Six Months Ended May 31, 2022 and 2021

CCA INDUSTRIES, INC.

FINANCIAL STATEMENTS

INDEX

	Page
	Number
Financial Statements:
Balance Sheets as of May 31, 2022 (unaudited) and November 30, 2021	3 - 4
Statements of Operations (unaudited) for the three months and six months ended
May 31, 2022 and 2021	5
Statements of Shareholders' Equity for the six months ended May 31, 2022 (unaudited)	6
Statements of Cash Flows (unaudited) for the six months ended May 31, 2022 and	7 - 8
2021
Notes to Financial Statements	9

CCA INDUSTRIES, INC.

BALANCE SHEETS

		May 31,				November 30,
ASSETS		2022				2021
	(Unaudited)
Current assets:
Cash	$	118	$		553,426
Accounts receivable, net of allowances of
$4,594 and $4,126, respectively		1,934,933				1,501,947
Inventories		2,663,423				1,998,453
Prepaid expenses and sundry receivables		175,670				97,173
Prepaid and refundable income taxes		16,282				10,389
Total Current Assets		4,790,426				4,161,388
Property and equipment, net of accumulated depreciation		13,150				260,879
Intangible assets, net of accumulated amortization		1,951,496				1,946,529
Deferred financing fees, net of accumulated amortization		5,534				15,599
Deferred income taxes		5,838,302				5,944,738
Other		354,550				354,550
Total Assets	$	12,953,458	$			12,683,683
LIABILITIES AND CAPITAL
Current Liabilities:
Accounts payable and accrued liabilities	$	1,341,113	$		1,896,664
Line of credit		1,036,524				-
Deferred revenue		-				202,950
Lease liability - right of use assets		-				267,433
Notes payable - current portion		162,084				162,084
Total Current Liabilities		2,539,721				2,529,131
Notes payable		136,088				217,903
Long-term lease liability - right of use assets		-				-
Long-term - other		147,853				146,750
Total Liabilities		2,823,662				2,893,784

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CCA INDUSTRIES, INC.

BALANCE SHEETS

Shareholders' Equity:

Preferred stock, $1.00 par, authorized
20,000,000 shares, Senior Redeemable Series
B, 175,000 and 155,000 shares designated,
160,000 and 155,000 shares issued and
outstanding, respectively		160,000			155,000
Common stock, $0.01 par, authorized
15,000,000 shares, issued and outstanding
6,593,982 and 6,593,982 shares, respectively		65,940			65,940
Class A common stock, $0.01 par, authorized
5,000,000 shares, issued and outstanding
967,702 and 967,702 shares, respectively		9,677			9,677
Additional paid-in capital		7,682,075			7,600,829
Retained earnings		2,212,104			1,958,453
Total Shareholders' Equity		10,129,796			9,789,899
Total Liabilities and Shareholders' Equity	$	12,953,458	$	12,683,683

See Notes to Financial Statements.

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CCA INDUSTRIES, INC.

STATEMENTS OF OPERATIONS (UNAUDITED)

				Three Months Ended May 31,			Six Months Ended May 31,
				2022			2021			2022			2021
Revenues:
Sales of health and beauty aid products - net	$	4,291,232	$	4,371,849	$	7,337,486	$	7,278,440
Other income		-			-			-			3,000
Total Revenues			4,291,232			4,371,849			7,337,486			7,281,440
Costs and Expenses:
Cost of sales		1,827,633			1,760,261			3,019,348			2,930,376
Selling, general and administrative expenses		1,859,115			1,964,689			3,497,739			3,759,130
Advertising, cooperative and promotional expenses		283,710			193,194			429,938			376,884
Research and development		56			15,000			5,374			30,000
Gain on extinguishment of debt		-			-			-			(316,400)
Interest expense		6,877			24,136			24,267			68,138
Total Costs and Expenses		3,977,391			3,957,280			6,976,666			6,848,128
Income before provision for income taxes		313,841			414,569			360,820			433,312
Provision for income taxes		84,766			132,535			107,169			77,758
Net Income	$	229,075	$	282,034	$	253,651	$	355,554
Earnings per Share:
Basic	$	0.03	$	0.04	$	0.03	$	0.05
Diluted	$	0.03	$	0.04	$	0.03	$	0.05
Weighted Average Common Shares Outstanding:
Basic		7,561,684			7,546,684			7,561,684			7,541,409
Diluted		7,601,379			7,594,583			7,619,864			7,573,266

See Notes to Financial Statements.

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