A UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

☒

QUARTERLY REPORT PURSUANT TO SECTION 13l OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.

For the quarterly period ended ~~April~~July 3031, 2023

☐

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.

For the transition period from _______ to ________.

Commission File Number: 000-51791

INNOVATIVE DESIGNS, INC.

(Exact Name of Registrant as Specified in its Charter)

Delaware	03-0465528
(State or other jurisdiction of	(I.R.S. Employer
incorporation or organization)	Identification No.)

124 Cherry Street

Pittsburgh, Pennsylvania 15223

(Address of Principal Executive Offices, Zip Code)

(412) 799-0350

(Issuer’s Phone Number Including Area Code)

N/A

(Former Name or Former Address, if changed since last report)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities and Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ~~☐ No~~ ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of regulation S-T during the preceding 12 months (or such shorter period that the registrant was required to submit and post such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definitions of “large accelerated filer”, “accelerated filer” and “smaller reporting Company” in Rule 12b-2 of the Exchange Act.

(Check One)

Large Accelerated Filer ☐	Accelerated Filer ☐

Non-accelerated Filer ☐	Smaller reporting company ☒

☐

(Do not check if a smaller reporting company)

Indicate by check mark whether the registrant is is a shell company (as defined in Rule 12b-2 of the Exchange Act). ~~YES~~ Yes ☐ NONo ☒

As of ~~July~~September 522, 2023, there were 36,~~177~~417,560 shares of the Registrant’s common stock, par value $.0001 per share, outstanding.

Transitional Small Business Disclosure Format: ~~YES~~Yes ☐ NO No ☒

Innovative Designs, Inc.

Index

Form 10-Q for the Quarter Ended ~~April~~July 3031, 2023

	Part I -- Financial Information	Page No.
Item 1.	Condensed Financial Statements (Unaudited)	1
	Condensed Balance Sheets as of April 30, 2023 (Unaudited) And October 31, 2022	2
	Condensed Balance Sheets as of July 31, 2023 (Unaudited) and October 31, 2022	3
	Condensed Statements of Operations for the Six-Month Periods Ended April 30, 2023 and 2022 (Unaudited)	4
	Condensed Statements of Operations for the Three And Nine Month Periods Ended July 31, 2023 and 2022 (Unaudited)	4
	Condensed Statements of Changes in Stockholders’ Equity as of April 30, 2023 (Unaudited) and October 31, 2022	5
	Condensed Statements of Changes Stockholders’ Equity as of July 31, 2023 (Unaudited) and October 31, 2022	5
	Condensed Statements of Cash Flows for the Six-Month Periods Ended April 30, 2023 and 2022 (Unaudited)	6
	Condensed Statements of Cash Flows for the Nine Month Periods Ended July 31, 2023 and 2022 (Unaudited)	6
	Notes to the Condensed Financial Statements	7~~- 11~~
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	~~12 - 14~~13
	Part II -- Other Information	17
Items 1, 2, 3, 4, 4T and 5.		15 - 16
Items 1, 2, 3, and 4T.		17-18
Item 6.	Exhibits	1719

ITEM 1. CONDENSED FINANCIAL STATEMENTS

INNOVATIVE DESIGNS, INC. ~~CONDENSED BALANCE SHEETS APRIL 30, 2023 (UNAUDITED) AND OCTOBER 31, 2022~~

	April 30, 2023		October 31, 2022
ASSETS
CURRENT ASSETS
Cash	$	65,007	$	263,293
Accounts receivable		1,909		11,203
Inventory - net of obsolete inventory reserve of $75,468		629,980		494,580
Total current assets		696,896		769,076
PROPERTY AND EQUIPMENT - NET		25,015		5,960
OTHER ASSETS
Inventory on consignment		—		1,625
Deposits on inventory		—		80,000
Advance to employees		13,200		13,200
Deposits on equipment		646,944		607,370
Total other assets		660,144		702,195
TOTAL ASSETS	$	1,382,055	$	1,477,231

FINANCIAL STATEMENTS
FOR THE QUARTER ENDED

~~The~~JULY ~~accompanying~~31, ~~notes are an integral part of these condensed financial statements.~~2023

2-1-

~~INNOVATIVE~~TABLE ~~DESIGNS,~~OF ~~INC. CONDENSED BALANCE SHEETS APRIL 30, 2023 (UNAUDITED) AND OCTOBER 31, 2022~~CONTENTS

		April 30, 2023			October 31, 2022
	PAGE
LIABILITIES AND STOCKHOLDERS’ EQUITY
FINANCIAL STATEMENTS:	1
CURRENT LIABILITIES
CONDENSED BALANCE SHEETS	3
Accounts payable		$	210,806		$	162,063
CONDENSED STATEMENTS OF OPERATIONS	4
Current portion of notes payable			19,949			20,128
CONDENSED STATEMENTS OF CHANGES IN STOCKHOLDER’S EQUITY	5
Accrued interest expense			51,763			46,345
CONDENSED STATEMENTS OF CASH FLOWS	6
Due to stockholders			79,668			110,631
NOTES TO FINANCIAL STATEMENTS	7
Accrued expenses			17,741			3,778
Total current liabilities			379,927			342,945
LONG-TERM LIABILITIES
Long-term portion of due to stockholders			—			66,667
Long-term portion of notes payable			54,801			64,547
Total long-term liabilities			54,801			131,214
TOTAL LIABILITIES			434,728			474,159
STOCKHOLDERS’ EQUITY
Preferred stock, $0.0001 par value, 25,000,000 shares authorized			—			—
Common stock, $0.0001 par value, 100,800,000 shares authorized, and 35,177,560 and 34,650,560 issued and outstanding			3,520			3,467
Common stock to be issued			—			—
Additional paid-in capital			11,451,072			11,335,184
Accumulated deficit			(10,507,265	)		(10,335,579	)
Total stockholders’ equity			947,327			1,003,072
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY		$	1,382,055		$	1,477,231

~~The accompanying notes are an integral part of these condensed financial statements.~~-2-

3INNOVATIVE DESIGNS, INC. CONDENSED BALANCE SHEETS JULY 31, 2023 (UNAUDITED) AND OCTOBER 31, 2022

INNOVATIVE DESIGNS, INC. CONDENSED STATEMENTS OF OPERATIONS THREE AND SIX MONTHS ENDED APRIL 30, 2023 AND 2022 (UNAUDITED)


	July 31, 2023			October 31, 2022

ASSETS

CURRENT ASSETS:
Cash	$	178,817			263,293
Accounts receivable, net		82			11,203
Inventory, net		588,874			494,580

Total current assets		767,773			769,076

PROPERTY AND EQUIPMENT, net		24,247			5,960

OTHER ASSETS:
Inventory on consignment		—			1,625
Deposits on inventory		—			80,000
Advance to employees		13,200			13,200
Deposits on equipment		719,944			607,370

Total other assets		733,144			702,195

TOTAL	$	1,525,164		$	1,477,231

LIABILITIES AND STOCKHOLDERS’ EQUITY

CURRENT LIABILITIES:
Accounts payable	$	275,487		$	162,063
Current portion of note payable		20,265			20,128
Accrued interest of stockholder loans		54,073			46,345
Current portion of stockholder loans		71,668			110,631
Accrued expenses		3,778			3,778

Total current liabilities		425,271			342,945

LONG-TERM LIABILITIES:
Long-term portion of note payable		49,530			64,547
Long-term portion of stockholder loans		—			66,667

Total long-term liabilities		49,530			131,214

STOCKHOLDERS’ EQUITY:
Preferred stock, $0.0001 par value,
25,000,000 shares authorized		—			—
Common stock, $0.0001 par value, 100,800,000 shares authorized, and 36,092,560 and 34,650,560 issued and outstanding		3,612			3,467
Common stock to be issued		—			—
Additional paid-in capital		11,637,980			11,335,184
Accumulated deficit		(10,591,228	)		(10,335,579	)

Total stockholders’ equity		1,050,363			1,003,072

TOTAL	$	1,525,164		$	1,477,231

	Three Months Ended April 30,						Six Months Ended April 30,
	2023			2022			2023			2022
REVENUES - NET	$	27,249		$	37,717		$	98,896		$	100,116
OPERATING EXPENSES:
Cost of sales		13,349			21,314			30,359			53,659
Selling, general and administrative expenses		121,859			279,955			236,511			430,574
Total Operating Expenses		135,208			301,269			266,870			484,233
LOSS FROM OPERATIONS		(107,959	)		(263,552	)		(167,974	)		(384,117	)
OTHER INCOME (EXPENSE)
Miscellaneous income (expense)		—			—			7,519			—
Interest expense		(4,632	)		(12,264	)		(11,231	)		(23,740	)
Total other income (expense)		(4,632	)		(12,264	)		(3,712	)		(23,740	)
NET LOSS	$	(112,591	)	$	(275,816	)	$	(171,686	)	$	(407,857	)
PER SHARE INFORMATION - UNDILUTED
Net Loss Per Common Share	$	(0.003	)	$	(0.008	)	$	(0.005	)	$	(0.012	)
Weighted Average Number of Common Shares Outstanding		35,177,560			33,845,560			35,177,560			33,845,560
PER SHARE INFORMATION - DILUTED
Net Loss Per Common Share	$	(0.003	)	$	(0.008	)	$	(0.005	)	$	(0.012	)
Weighted Average Number of Common Shares Outstanding		35,908,060			34,902,893			35,908,060			34,902,893

The accompanying notes are an integral part of these condensed financial statements.

~~The accompanying notes are an integral part of these condensed financial statements.~~-3-

4INNOVATIVE DESIGNS, INC. CONDENSED STATEMENTS OF OPERATIONS THREE AND NINE MONTHS ENDED JULY 31, 2023 AND 2022 (UNAUDITED)

INNOVATIVE DESIGNS, INC. CONDENSED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY THREE AND SIX MONTHS ENDED APRIL 30, 2023 AND 2022 (UNAUDITED)


	Three Months Ended July 31,						Nine Months Ended July 31,
	2023			2022			2023			2022

REVENUES, net	$	124,650		$	135,048		$	223,546		$	235,164

OPERATING EXPENSES:
Cost of sales		76,480			56,224			106,839			109,884
Selling, general and administrative expenses		124,944			115,384			359,917			545,212

Total operating expenses		201,424			171,608			466,756			655,096

Income (loss) from operations		(76,774	)		(36,560	)		(243,210	)		(419,932	)

OTHER INCOME (EXPENSE):
Miscellaneous income (expense)		—			260,000			7,519			260,000
Interest expense		(6,421	)		(10,710	)		(17,652	)		(34,450	)
Depreciation		(769	)		(373	)		(2,306	)		(1,118	)

Total other income (expense)		(7,190	)		248,917			(12,439	)		224,432

Net income (loss)	$	(83,964	)	$	212,357		$	(255,649	)	$	(195,500	)

PER SHARE INFORMATION - UNDILUTED:
Net income (loss) per common share		(0.002	)		0.006		$	(0.007	)	$	(0.006	)

Weighted average number of common shares outstanding		35,656,821			33,845,560			35,339,663			33,845,560

PER SHARE INFORMATION - DILUTED:
Net income (loss) per common share		(0.002	)		0.006		$	(0.007	)	$	(0.006	)

Weighted average number of common shares outstanding		36,633,430			34,902,893			36,153,406			34,902,893

	Common Stock				Common Stock To be		Additional Paid-in		Accumulated
	Shares		Amount		Issued		Capital		Deficit			Total
Balance at October 31, 2022		34,650,560	$	3,467	$	—	$	11,335,184	$	(10,335,579	)	$	1,003,072
Sale of stock		500,000		50		—		109,950		—			110,000
Shares issued for services		27,000		3				5,937					5,940
Net loss		—		—		—		—		(59,094	)		(59,094	)
Balance at January 31, 2023		35,177,560		3,520		—		11,451,071		(10,394,673	)		1,059,918
Sale of stock		—		—				—					—
Shares issued for services		—		—				—					—
Net loss		—		—		—		—		(112,591	)		(112,591	)
Balance at April 30, 2023		35,177,560	$	3,520	$	—	$	11,451,071	$	(10,507,264	)	$	947,327
Balance at October 31, 2021		33,315,560	$	3,333	$	—	$	11,039,118	$	(10,110,090	)	$	932,361
Sale of stock		340,000.00		34.00		—		60,966.00		—			61,000
Shares issued for services		50,000		5				9,995					10,000
Net loss		—		—		—		—		(132,040	)		(132,040	)
Balance at January 31, 2022		33,705,560		3,372		—		11,110,079		(10,242,130	)		871,321
Sale of stock		120,000		12				25,188					25,200
Shares issued for services		700,000		70				174,930					175,000
Net loss		—		—		—		—		(275,816	)		(275,816	)
Balance at April 30, 2022		34,525,560	$	3,454	$	—	$	11,310,197	$	(10,517,946	)	$	795,705

The accompanying notes are an integral part of these condensed financial statements.

~~The accompanying notes are an integral part of these condensed financial statements.~~-4-

5INNOVATIVE DESIGNS, INC. CONDENSED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY THREE AND NINE MONTHS ENDED JULY 31, 2023 AND 2022 (UNAUDITED)

INNOVATIVE DESIGNS, INC. CONDENSED STATEMENTS OF CASH FLOWS SIX MONTHS ENDED APRIL 30, 2023 AND 2022 (UNAUDITED)


	Common Stock				Common Stock		Additional Paid-In		Accumulated
	Shares		Amount		To Be Issued		Capital		Deficit			Total

Balance at October 31, 2022		34,650,560	$	3,467	$	—	$	11,335,184	$	(10,335,579	)	$	1,003,072

Sale of stock		500,000		50		—		109,950		—			110,000

Shares issued for services		27,000		3		—		5,937		—			5,940

Net income (loss)		—		—		—		—		(59,094	)		(59,094	)

Balance at January 31, 2023		35,177,560		3,520		—		11,451,071		(10,394,673	)		1,059,918

Sale of stock		—		—		—		—		—			—

Shares issued for services		—		—		—		—		—			—

Net income (loss)		—		—		—		—		(112,591	)		(112,591	)

Balance at April 30, 2023		35,177,560		3,520		—		11,451,071		(10,507,264	)		947,327

Sale of stock		695,000		70		—		140,931		—			141,000

Exercise of warrants		40,000		4		—		9,996		—			10,000

Shares issued for services		180,000		18		—		35,982		—			36,000

Net income (loss)		—		—		—		—		(83,964	)		(83,964	)

Balance at July 31, 2023		36,092,560		3,612		—		11,637,980		(10,591,228	)		1,050,363

Balance at October 31, 2021		33,315,560	$	3,333	$	—	$	11,039,118	$	(10,110,090	)	$	932,361

Sale of stock		340,000		34		—		60,966		—			61,000

Shares issued for services		50,000		5		—		9,995		—			10,000

Net income (loss)		—		—		—		—		(132,040	)		(132,040	)

Balance at January 31, 2022		33,705,560		3,372		—		11,110,079		(10,242,130	)		871,321

Sale of stock		120,000		12		—		25,188		—			25,200

Shares issued for services		700,000		70		—		174,930		—			175,000

Net income (loss)						—		—		(275,816	)		(275,816	)

Balance at April 30, 2022		34,525,560		3,454		—		11,310,197		(10,517,946	)		795,705

Sale of stock		—		—		—		—		—			—

Shares issued for services		—		—		—		—		—			—

Net income (loss)		—		—		—		—		212,357			212,357

Balance at July 31, 2022		34,525,560	$	3,454	$	—	$	11,310,197	$	(10,305,589	)	$	1,008,062

	Six Months Ended April 30,
	2023			2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$	(171,686	)	$	(407,857	)
Adjustments to reconcile net loss to net cash used in operating activities:
Allowance for doubtful accounts		—			—
Common stock issued for services		5,940			185,000
Depreciation		1,537			745
Amortization of right of use asset		—			20,200
Gain on sale of asset		(7,519	)		—
(Increase) decrease from changes in:
Accounts receivable		9,294			(6,774	)
Inventory		(133,775	)		(19,745	)
Deposits on inventory		80,000			(30,000	)
Increase (decrease) from changes in:
Accounts payable and accrued expenses		62,707			5,672
Accrued interest expense		5,418			3,923
Net cash used in operating activities		(148,084	)		(248,836	)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of equipment		(20,592	)		—
Deposits on equipment		(39,574	)		—
Gain on sale of equipment		7,519			—
Net cash used in investing activities		(52,647	)		—
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from sale of stock		110,000			86,200
Proceeds from shareholder advances		—			—
Payments on shareholder advances		(97,630	)		(79,666	)
Payment on lease liability		—			(20,200	)
Proceeds on notes payable		—			1,818
Payments on notes payable		(9,925	)		—
Net cash provided by financing activities		2,445			(11,848	)
Net change in cash		(198,286	)		(260,684	)
CASH, BEGINNING OF YEAR		263,293			480,451
CASH, END OF THE PERIOD	$	65,007		$	219,767
Supplemental disclosure of cash flow information:
Cash paid for interest	$	5,813		$	19,817
Cash paid for taxes	$	—		$	—

The accompanying notes are an integral part of these condensed financial statements.

~~The accompanying notes are an integral part of these condensed financial statements.~~-5-

6INNOVATIVE DESIGNS, INC. CONDENSED STATEMENTS OF CASH FLOWS NINE MONTHS ENDED JULY 31, 2023 AND 2022 (UNAUDITED)

INNOVATIVE DESIGNS, INC.


	Nine Months Ended July 31,
	2023			2022

CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$	(255,649	)	$	(195,500	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Bad debt expense		—			—
Common stock issued for services		41,940			185,000
Depreciation		2,306			1,118
Amortization of right of use asset		—			30,510
Gain on sale of asset		(7,519	)		—
(Increase) decrease from changes in:
Accounts receivable		11,121			(8,412	)
Inventory		(92,669	)		11,104
Deposits on inventory		80,000			(40,000	)
Receivable due		—			(260,000	)
Increase (decrease) from changes in:
Accounts payable and accrued expenses		113,424			45,826
Accrued interest expense		7,728			(2,640	)

Net cash provided by (used in) operating activities		(99,318	)		(232,994	)

CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of equpment		(20,593	)		—
Deposits on equipment		(112,574	)		(7,370	)
Proceeds from sale of equipment		7,519			—

Net cash provided by (used in) investing activities		(125,648	)		(7,370	)

CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from sale of stock		261,000			86,200
Payments on shareholder advances		(105,630	)		(135,667	)
Payments on lease liability		—			(30,510	)
Proceeds on notes payable		—			1,818
Payments on notes payable		(14,880	)		(2,418	)

Net cash provided by (used in) financing activities		140,490			(80,577	)

NET INCREASE (DECREASE) IN CASH		(84,476	)		(320,941	)

CASH, BEGINNING OF YEAR		263,293			480,451

CASH, END OF THE PERIOD	$	178,817		$	159,510

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:

Cash paid for interest	$	9,924		$	37,090

Non-cash financing activities - common stock issued for services	$	41,940		$	185,000

~~NOTES~~The TOaccompanying ~~THE~~notes are ~~CONDENSED~~an ~~FINANCIAL~~integral ~~STATEMENTS~~ part of these condensed financial statements.

~~Three and Six Month Periods Ended April 30, 2023 and 2022 (Unaudited)~~-6-

~~NOTE~~INNOVATIVE DESIGNS, 1INC. ~~BASIS OF PRESENTATION~~

InNOTES ~~the~~TO ~~opinion~~FINANCIAL of management, the accompanying unaudited financial statements contain all adjustments necessary to present fairly Innovative Designs, Inc.’s financial position as of April 30, 2023, the changes therein for the three and six month periods then ended and the results of operations for the three and six month periods ended April 30, 2023 and 2022.STATEMENTS

The financial statements included in the Form 10-Q are presented in accordance with the requirements of the Form and do not include all of the disclosures required by accounting principles generally accepted in the United States of America1. ~~For~~BASIS ~~additional~~OF information, reference is made to the Innovative Designs, Inc.’s annual report on Form 10-K for the fiscal year ended October 31, 2022. The results of operations for the three and six month periods ended April 30, 2023 and 2022 are not necessarily indicative of operating results for the full year.PRESENTATION

~~NOTE~~In 2the opinion of management, the accompanying unaudited financial statements contain all adjustments necessary to present fairly Innovative Designs, Inc.’s (the ~~RIGHT~~“Company”) OFfinancial ~~USE~~position ~~ASSETS~~as ~~AND~~of ~~LEASE~~July ~~LIABILITIES~~31, 2023, the changes therein for the three and nine month periods then ended and the results of operations for the three and nine month periods ended July 31, 2023 and 2022.

~~During~~The financial ~~the~~statements ~~quarter ended April 30, 2019,~~included in the ~~Company implemented Accounting Standards Update 2016~~Form 10-~~02,~~Q ~~Leases. Under~~ (the ~~new~~“Form”) are ~~guidance,~~presented ~~a lessee must be recorded a liability for~~in ~~lease~~accordance ~~payments~~with ~~(referred~~the torequirements asof the ~~lease~~Form ~~liability)~~ and ando ~~asset~~not ~~for~~include ~~the~~all ~~right~~of ~~to use~~ the ~~leased~~disclosures ~~asset~~required ~~during~~by ~~the~~accounting ~~lease term (referred~~principles togenerally ataccepted in the ~~right~~United States of ~~use~~America. ~~asset)~~For ~~for~~additional ~~all leases~~information, ~~regardless~~reference ofis ~~whether~~made ~~they~~to ~~are~~the ~~designated~~Company’s asannual report ~~finance~~on orForm ~~operating~~10-K ~~leases.~~for ~~This election requires~~ the ~~lessee~~fiscal toyear ~~recognize~~ended ~~lease~~October ~~expense~~31, ~~on a straight-line basis over the lease term~~2022. The ~~right~~results of ~~use assets and corresponding~~operations ~~right~~for ofthe ~~use~~three ~~liabilities~~and ~~have~~nine ~~been~~month ~~recorded~~periods ~~using~~ended ~~the~~July ~~present~~31, ~~value~~2023 ofand ~~the~~2022 ~~leases.~~are ~~See~~not ~~Notes~~necessarily 11indicative ~~and~~of 12operating ~~within~~results ~~the financial statement~~ for ~~additional~~the ~~disclosure on leases~~full year.

~~NOTE 3~~2. GOING CONCERN

These financial statements have been prepared on a going concern basis, which implies that the Company will continue to realize its assets and discharge its liabilities in the ~~normal~~ normal course of business. The Company had a net loss of $(~~171~~$255,~~686~~649) and a negative cash flow of $(~~198~~$84,~~286~~476) for the ~~six~~nine month period ended ~~April~~July 3031, 2023. In addition, the Company has an accumulated deficit of $($10,~~507~~591,~~265~~228). Management’s plans include cash receipts through sales, sales of Company stock, and borrowings from private parties. These factors raise substantial doubt regarding the Company’s ability to continue as a going concern for a period of one year from the issuance of these financial statements. These financial statements do not include any adjustments to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

~~NOTE 4~~3. ACCOUNTS RECEIVABLE

~~Management~~Accounts receivable are reported at their net realizable value. The Company evaluates its receivables on a quarterly basis to assess the validity of remaining receivables. Management has determined that there is significant doubt regarding the receivable balance over 90 days. ofThere were ~~$-0-~~no ~~and~~balances over ~~$5,860~~90 days as ofJuly ~~the April 30~~31, 2023. ~~and~~As of October 31, 2022., balances ~~Management~~over ~~has~~90 ~~applied~~days antotaled ~~allowance on~~$5,860 ~~all~~which ~~balances~~have inbeen ~~excess~~recorded ofas ~~90 days~~an allowance.

-7-

INNOVATIVE DESIGNS, INC. NOTES TO FINANCIAL STATEMENTS

~~NOTES~~4. TOOPENING ~~THE~~AND ~~CONDENSED~~CLOSING ~~FINANCIAL~~BALANCE ~~STATEMENTS~~OF RECEIVABLES

~~Three~~The ~~and~~opening ~~Six~~balance ~~Month~~of ~~Periods~~accounts receivable ~~Ended~~was ~~April~~$11,203 30which was net of the allowance for doubtful accounts of $5,860. The ending balance of accounts receivable for the nine month period ended July 31, 2023 ~~and~~was ~~2022~~$82. ~~(Unaudited)~~There was not an allowance for doubtful accounts at the end of the period.

~~NOTE~~ 5. ~~OPENING AND CLOSING BALANCE OF RECEIVABLES~~INVENTORY

~~The~~Inventory ~~opening~~consists ~~balance~~ principally of ~~accounts~~purchased ~~receivables was~~apparel ~~$11,203~~inventory and house wrap which ~~was~~is ~~net~~manufactured ofby the ~~allowance~~Company. Inventory ~~for~~is ~~doubtful~~stated ~~accounts~~at the lower of $5cost or net realizable value on a first-in,~~860~~ first-out basis. The ~~ending~~Company ~~balance~~has decided to discontinue the manufacturing of ~~accounts~~its ~~receivable~~Artic ~~for~~Armor, ~~the~~hunting ~~six~~and ~~month~~swimming line of ~~period~~apparel. ~~ending~~The ~~April~~Company 30has booked a reserve against apparel inventory as of July 31, 2023 and ~~was~~October 31, 2022 of $175,~~909~~468. Management ~~There~~has ~~was~~determined ~~not~~that anno allowance ~~for~~is ~~doubtful~~currently ~~accounts~~necessary aton the ~~end~~house ofwrap inventory. Management will continue to evaluate its obsolete inventory reserve throughout the ~~period~~year and make adjustments as needed.

~~NOTE~~ 6. ~~INVENTORY~~WARRANTIES

~~Inventory~~The ~~consists~~Company ~~principally~~provides ofa ~~purchased~~ten-year ~~apparel~~limited ~~inventory~~warranty ~~and~~covering ~~House~~defects ~~Wrap~~in ~~which is manufactured by the Company~~workmanship. ~~Inventory~~These iswarranties ~~stated~~are included atin the contract ~~lower~~and ofdo not ~~cost~~provide ~~or net realizable value~~customers onwith a ~~first-~~service in, ~~first-out~~addition ~~basis. The Company has decided~~ to ~~discontinue the manufacturing~~ assurance of ~~its~~compliance ~~Artic Armor, hunting and swimming line~~with ofagreed-upon ~~apparel~~specifications. The Company ~~has~~does ~~booked a reserve against apparel inventory at April 30, 2023 and October 31, 2022 of $75,468. Management has~~not ~~determined~~consider ~~that~~these noassurance-type ~~allowance~~warranties ~~is currently necessary on their House Wrap Inventory. Management will continue~~ to ~~evaluate~~be ~~its~~separate ~~obsolete~~performance ~~inventory reserve throughout the year and make adjustments as needed~~obligations.

~~NOTE~~Management 7has determined that no warranty reserve is currently necessary on the Company’s products. ~~EARNINGS~~Management ~~PER~~will ~~SHARE~~continue to evaluate the need for a warranty reserve throughout the year and make adjustments as needed.

~~The Company calculates net income (loss) per share in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standard Codification (“ASC”) Topic 260 ”Earnings per Share”~~7. ~~Basic~~NOTE earnings (loss) per share is calculated by dividing income (loss) by the weighted average number of common shares outstanding for the period. During the periods presented, the Company only has common stock outstanding. In 2021 the Company issued a convertible debt instrument. In addition, the Company also has stock warrants of 994,000 as of April 30, 2023 and 2022. The Company has calculated diluted earnings per share utilizing the outstanding stock warrants and convertible debt.PAYABLE

~~NOTE~~During 82005, the Company entered into an agreement with the U.S. ~~INCOME~~Small ~~TAXES~~Business Association. The note is payable in monthly installments of $1,820 with the balance due and payable in November 2026, at an interest rate of 2.60%.

~~The~~8. ~~Company~~STOCKHOLDER ~~accounts for income taxes in accordance with ASC Topic 740 ”Income Taxes”, which requires an asset and liability approach for financial reporting purposes.~~LOANS

~~Deferred income taxes are provided for differences~~Stockholder ~~between~~loans ~~the~~to ~~tax bases of assets and liabilities and~~ the Company, ~~financial~~including accrued ~~reporting~~interest ~~amounts at the end of the period~~totaled $125,741 and ~~for~~$226,793 ~~net~~as ~~operating~~of ~~loss~~July ~~and~~31, ~~tax~~2023 ~~credit carryforwards available to offset future taxable income. Changes in enacted tax rates or laws result in adjustments to recorded deferred tax assets~~ and ~~liabilities~~2022, ~~in the periods in which the tax laws are enacted or tax rates are changed~~respectively. The ~~Company~~loans ~~will continue~~bear tointerest ~~evaluate~~between ~~its~~10% ~~income tax obligation throughout the year~~ and ~~will record a tax provision when it is necessary~~12%.

~~NOTE 9. SHIPPING AND HANDLING COSTS~~-8-

~~The~~INNOVATIVE Company pays shipping and handling costs on behalf of customers for purchased apparel merchandise. These costs are billed back to the customer through the billing invoice. The shipping and handling costs associated with merchandise ordered by the Company are included as part of inventory as these costs are allocated across the merchandise received. With House Wrap ordersDESIGNS, ~~the customer pays the shipping cost~~INC. ~~The~~NOTES ~~shipping~~TO ~~and~~FINANCIAL ~~handling costs associated with customer orders was approximately $19,444 and $13,390 for the six month periods ended April 30, 2023 and 2022, respectively.~~STATEMENTS

89. REVENUES

~~INNOVATIVE~~Revenues ~~DESIGNS~~are measured based on the amount of consideration specified in a contract with a customer. The Company recognizes revenue when and as performance obligations (i.e., ~~INC~~obligations to transfer goods and/or services) are satisfied, which generally occurs with the transfer of control of the goods or services to the customer.

~~NOTES~~To determine TOproper ~~THE~~revenue ~~CONDENSED~~recognition, ~~FINANCIAL~~the ~~STATEMENTS~~Company evaluates whether two or more contracts should be combined and accounted for as a single contract and whether a combined or single contract should be accounted for as more than one performance obligation. This evaluation requires significant judgment, and the decision to combine contracts or separate a combined or single contract into multiple performance obligations could change the amount of revenue and profit recorded in a given period. Contracts are considered to contain a single performance obligation if the promise to transfer individual goods or services is not separately identifiable from other promises in the contracts.

~~Three~~For ~~and~~contracts ~~Six~~with ~~Month~~multiple performance ~~Periods~~obligations, ~~Ended~~the ~~April~~Company ~~30,~~allocates ~~2023~~the transaction price to ~~and~~each ~~2022~~performance ~~(Unaudited)~~obligation using the best estimate of the standalone selling price of each distinct good or service in the contract.

~~NOTE~~ 10. ~~COMMON~~EARNINGS ~~STOCK~~PER SHARE

~~During~~The Company calculates net loss per share in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standard Codification (“ASC”) Topic 260, “Earnings per Share”. Basic earnings (loss) per share is calculated by dividing income (loss) by the ~~six~~weighted ~~month~~average number of common shares outstanding for the period. ~~ended~~During the ~~April~~periods 30presented, ~~2023,~~ the Company only ~~sold~~has ~~500~~common stock outstanding. In 2021,~~000~~ the ~~shares~~Company ofissued a ~~common~~convertible ~~stock~~debt toinstrument. ~~one~~In ~~investor~~addition, ~~for~~the ~~total~~Company ~~proceeds~~also has stock warrants of ~~$110~~954,000 and ~~issued 27~~994,000 ~~shares~~as toof ~~one~~July ~~investor~~31, ~~for~~2023 ~~services~~and 2022, respectively. The Company ~~stock~~has ~~was~~calculated ~~issued~~diluted earnings ~~at $0.22~~ per share utilizing the outstanding stock warrants and convertible debt.

During the six month period ended April 30, 2022, the Company sold 460,000 shares of common stock to seven investors for total proceeds of $86,200 and issued 750,000 shares to eight individuals for services11. ~~The~~INCOME ~~stock was issued between $0.17 and $0.25 per share.~~TAXES

~~NOTE~~The ~~11.~~Company ~~DEPOSITS~~accounts ONfor ~~EQUIPMENT~~income taxes in accordance with FASB ASC Topic 740 “Income Taxes”, which requires an asset and liability approach for financial reporting purposes.

OnDeferred ~~July~~income ~~12,~~taxes ~~2015,~~are ~~the Company reached an~~provided ~~agreement~~for ~~with~~differences ~~Ketut~~between ~~Jaya~~the totax ~~purchase~~bases ~~the~~of ~~machinery~~assets and ~~equipment~~liabilities ~~utilized~~and ~~to produce~~ the ~~INSULTEX~~financial ~~material.~~reporting ~~The~~amounts ~~purchase price is $700,000 and to be made in four installments. The first installment of $300,000 is to be made~~ at the ~~execution~~end of the ~~agreement.~~period, ~~The second installment~~and offor ~~$200,000~~net isoperating toloss ~~be made when the machinery~~ and ~~equipment~~tax credit iscarryforwards ~~ready~~ available to beoffset ~~shipped~~future taxable ~~to the United States~~income. ~~The third installment of $100,000~~Changes isin toenacted betax ~~made~~rates ~~once~~or ~~the~~laws ~~machinery~~result ~~and~~in ~~equipment~~adjustments ~~is producing INSULTEX, and the fourth and final installment of $100,000 is~~ to berecorded ~~made~~deferred ~~after~~tax ~~the~~assets ~~first~~and ~~commercial~~liabilities ~~production~~in ~~run of INSULTEX is completed. As of October 31, 2018,~~ the ~~Company~~periods ~~has made payments of $500,000~~ in ~~accordance~~which ~~with~~ the ~~agreement~~tax ~~and~~laws are ~~made~~enacted aor tax ~~$100,000~~rates ~~pre-payment as the machine is not yet producing INSULTEX~~are changed. InThe ~~February 2023, the~~ Company ~~made an~~ ~~additional~~will ~~prepayment~~continue ofto ~~$10,000~~evaluate onits ~~the~~income ~~equipment~~tax ~~and~~obligation ~~owes~~throughout ~~an additional $73,000 for~~ the ~~installation~~year ~~of the equipment. In During 2019,~~and ~~the~~will ~~Company~~record ~~determined~~a ~~the~~tax ~~shipping~~provision ~~costs~~when ofit ~~$17,000~~is ~~were impaired and these costs were written down~~necessary.

During the fiscal year ending October 31, 2022 the Company made deposits on a separate piece of equipment of $7,370. During the two quarters ending April 30, 2023, the Company made additional deposits of $29,274 on this piece of equipment. Total deposits for this piece equipment as April 30, 2023 total $36,644.-9-

~~Total~~INNOVATIVE ~~deposits~~DESIGNS, ~~made~~INC. ~~for~~NOTES ~~the~~TO ~~two~~FINANCIAL ~~quarters ending April 30, 2023 total $39,274.~~STATEMENTS

~~Total~~12. ~~overall~~SHIPPING ~~deposits~~AND onHANDLING ~~Equipment as of April 30, 2023 and April 30, 2022 were $646,944 and $600,000, respectively.~~COSTS

~~NOTE~~The Company 12pays shipping and handling costs on behalf of customers for purchased apparel merchandise. ~~RIGHT~~These OFcosts ~~USE~~are ~~ASSETS~~billed back to the customer through the billing invoice. The shipping and handling costs associated with merchandise ordered by the Company are included as part of inventory as these costs are allocated across the merchandise received. With house wrap orders, the customer pays the shipping cost. The shipping and handling costs associated with customer orders was approximately $27,070 and $21,199 for the nine month periods ended July 31, 2023 and 2022, respectively.

~~The Company entered lease at the time the Company was formed that is classified as right of use asset and lease liability~~13. ~~The~~COMMON lease for the Company’s office space is estimated to be through June 2022. In accordance with ASU 2016-02, the Company calculated the present value of the leases using the average commercial real estate interest rate of 5.50% at the commencement of the office lease. Effective July 2022, the Company is leasing the property on a month to month basis.STOCK

9During the nine month period ended July 31, 2023, the Company sold 645,000 shares of common stock to four investors for total proceeds of $131,000, one investor exercised 40,000 warrants for stock for total proceeds of $10,000, and 230,000 shares were issued to two investors for services. The stock was issued between $0.20 and $0.25 per share.

~~INNOVATIVE~~During ~~DESIGNS~~the nine month period ended July 31, ~~INC~~2022, the Company sold 460,000 shares of common stock to seven investors for total proceeds of $86,200 and issued 750,000 shares to eight individuals for services. The stock was issued between $0.17 and $0.25 per share.

~~NOTES~~14. TODEPOSITS ~~THE~~ON ~~CONDENSED FINANCIAL STATEMENTS~~EQUIPMENT

~~Three~~On July 12, 2015, the Company reached an agreement with Ketut Jaya to purchase the machinery and ~~Six~~equipment ~~Month~~utilized ~~Periods~~to ~~Ended~~produce ~~April~~the 30INSULTEX material. The purchase price is $700,000 ~~2023~~and to be made in four installments. The first installment of $300,000 is to be made at the execution of the agreement. The second installment of $200,000 is to be made when the machinery and ~~2022~~equipment ~~(Unaudited)~~is ready to be shipped to the United States. The third installment of $100,000 is to be made once the machinery and equipment is producing INSULTEX, and the fourth and final installment of $100,000 is to be made after the first commercial production run of INSULTEX is completed. As of October 31, 2018, the Company has made payments of $500,000 in accordance with the agreement and made a $100,000 pre-payment as the machine is not yet producing INSULTEX. Additionally, the Company has incurred $17,000 of additional expenses related to shipping, site improvements and installation of the equipment. During 2019, the Company determined the shipping costs of $17,000 were impaired and these costs were written off the balance due. In February 2023, the Company made an additional prepayment of $10,000 on the equipment and owes an additional $73,000 for the installation of the equipment.

~~NOTE~~During 13the fiscal year ending October 31, 2022, the Company made deposits on a separate piece of equipment of $7,370. ~~SEGMENT~~During ~~INFORMATION~~the three quarters ended July 31, 2023, the Company made additional deposits of $29,574 on this piece of equipment. Total deposits for this piece equipment as of July 31, 2023 total $36,944.

WeTotal ~~have~~deposits ~~organized~~made ~~our~~for ~~operations~~the ~~into two~~three ~~segments.~~quarters Weended ~~rely~~July on31, an2023 ~~internal~~total ~~management reporting process that provides segment information for purposes of making financial decisions and allocating resources~~$112,574.

~~The following tables present our business segment information for the six month periods ended April 30, 2023 and 2022:~~-10-

Schedule of business segment information
	2023		2022
Revenues:
Apparel	$	30,403	$	52,685
House Wrap		68,493		47,431
Total Revenues	$	98,896	$	100,116
Assets:
Apparel	$	90,746	$	109,614
House Wrap		1,291,309		1,347,753
Total	$	1,382,055	$	1,457,367
Depreciation:
Apparel	$	-0-	$	-0-
House Wrap		1,537		745
Total	$	1,537	$	745

INNOVATIVE DESIGNS, INC.
NOTES TO FINANCIAL STATEMENTS

10Total overall deposits on equipment as of July 31, 2023 and 2022 were $719,944 and $607,370, respectively.

~~INNOVATIVE DESIGNS, INC~~15. LEASE

~~NOTES~~FASB ASC TOTopic 842, ~~THE~~“Leases”, ~~CONDENSED~~establishes a ~~FINANCIAL~~right ~~STATEMENTS~~of use (“ROU”) model that requires a lessee to recognize a ROU asset and lease liability on the condensed balance sheets. ROU assets and lease liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. ROU assets are reduced each period by an amount equal to the difference between the lease expense and the amount of interest expense on the lease liability, using the effective interest method. The Company used the average commercial real estate interest rate of 5.50% to calculate the present value of the lease. The Company recognizes lease expense on a straight-line basis over the leased term on the condensed statements of operations.

~~Three~~The ~~and~~Company ~~Six~~entered ~~Month~~into ~~Periods~~a ~~Ended~~lease for ~~April~~office 30space at the time the Company was formed through June 2022. Effective July 2022, ~~2023~~the Company is leasing the office space on a month to month basis. As a result, the Company has elected to apply the short-term lease exemption to its lease of the facilities and ~~2022~~therefore ~~(Unaudited)~~has not recorded a ROU asset and related lease liability.

~~NOTE 14~~16. ~~LEGAL~~SEGMENT ~~PROCEEDINGS~~INFORMATION

~~On November 4, 2016, the FTC filed a complaint~~The ~~against the~~ Company inhas ~~the~~organized operations ~~U.S.~~into ~~District~~two segments ~~Court~~based ~~Western District of Pennsylvania, Case number 16-1669. In the complaint, the FTC alleges~~on ~~that,~~an ~~among~~internal ~~other~~management ~~matters, the Company did not have substantiation of claims made by the Company regarding the R value and energy efficiency~~reporting ofprocess ~~its~~that ~~INSULTEX~~provides ~~House~~segment ~~Wrap~~information ~~products.~~for ~~The~~purposes ~~complaint asks as to redress a rescission~~ of ~~revenue~~making ~~the~~financial ~~Company~~decisions ~~received from the sale of House Wrap~~ and ~~a permanent injunction. On September 24, 2020, a judgment was entered in favor of the Company as to all claims set forth in the~~allocating ~~FTC complaint~~resources. ~~It was further ordered that as there were no remaining claims in the action the case shall be marked as closed.~~

~~On November 23, 2020, the Company was informed~~The ~~that~~following ~~the~~tables ~~FTC had filed a notice of appeal in regard to the case. The appeal is from the District Court’s September 24, 2020, Order~~present ~~granting~~ the Company’s ~~Motion~~business segment ~~for~~information ~~Judgment on Partial Findings Pursuant to Fed. R. Civ. P. 52(c) and subsequent Judgment in favor~~for of the ~~Company~~nine ~~and~~month ~~from~~period ~~the~~ended ~~District Court’s February 14~~July 31, ~~2020,~~2023 ~~striking Dr. David Yarbrough’s expert testimony made on behalf of the FTC. The FTC filed its appeal~~ and ~~on March 24, 2021, the Company filed its answer.~~2023:

On July 22, 2021, the Registrant was informed that the United States Court of Appeals for the Third District affirmed the District Court’s ruling in favor of the Registrant. The ruling was in connection with the Federal Trade Commission complaint filed against the Registrant in November 2016, alleging, among other matters, that the Registrant did not have substantiation for claims made by the Registrant regarding the R-value and energy efficiency of its INSULTIX House Wrap products.


	2023		2022
Revenues:
Apparel	$	31,105	$	59,126
House wrap		192,441		176,038

Total revenues	$	223,546	$	235,164

Assets:
Apparel	$	167,822	$	81,045
House wrap		1,318,342		1,546,171

Total assets	$	1,486,164		1,627,216

Depreciation:
Apparel	$	—	$	—
House wrap		2,306		1,118

Total depreciation	$	2,306	$	1,118

In November 2021, in connection with the FTC litigation, the Company filed an application for attorney fees, expenses and cost in the U.S. District Court for the Western District of Pennsylvania, Case No.2:16-cv11-01669-NBF. On June 29, 2022, a settlement order was signed by the Court. Pursuant to the Order, the FTC paid the Company $260,000 to resolve all such claims. The parties agreed to waive all rights to appeal or otherwise challenge or contest the validity of the Order.

~~NOTE~~INNOVATIVE 15DESIGNS, INC. ~~SUBSEQUENT~~NOTES ~~EVENTS~~TO FINANCIAL STATEMENTS

~~The Company has evaluated subsequent events in accordance with ASC Topic 855, “Subsequent Events”, through June 28, 2023 which is the date financial statements were available to be issued~~17. ~~The~~LEGAL ~~Company identified no material subsequent events that require recognition or additional disclosure in these financial statements.~~PROCEEDINGS

11On November 4, 2016, the Federal Trade Commission (“FTC”) filed a complaint against the Company in the U.S. District Court Western District of Pennsylvania, Case number 16-1669. In the complaint, the FTC alleges that, among other matters, the Company did not have substantiation of claims made by the Company regarding the R value and energy efficiency of its INSULTEX house wrap products. The complaint asks to redress a rescission of revenue the Company received from the sale of the house wrap and a permanent injunction. On September 24, 2020, a judgment was entered in favor of the Company as to all claims set forth in the FTC complaint. It was further ordered that as there were no remaining claims in the action the case shall be marked as closed.

~~INNOVATIVE~~On November ~~DESIGNS~~23, ~~INC~~2020, the Company was informed that the FTC had filed a notice of appeal in regard to the case. The appeal is from the District Court’s September 24, 2020, Order granting the Company’s Motion for Judgment on Partial Findings Pursuant to Fed. R. Civ. P. 52(c) and subsequent Judgment in favor of the Company and from the District Court’s February 14, 2020, striking Dr. David Yarbrough’s expert testimony made on behalf of the FTC. The FTC filed its appeal and on March 24, 2021, the Company filed its answer.

~~ITEM~~On 2July 22, 2021, the Registrant was informed that the U.S. ~~MANAGEMENT~~Court of Appeals for the Third District affirmed the District Court’Ss ~~DISCUSSION~~ruling ~~AND~~in ~~ANALYSIS~~favor OFof ~~FINANCIAL~~the ~~CONDITION~~Registrant. The ~~AND~~ruling ~~RESULTS~~was OFin ~~OPERATIONS~~connection with the FTC complaint filed against the Registrant in November 2016, alleging, among other matters, that the Registrant did not have substantiation for claims made by the Registrant regarding the R-value and energy efficiency of its INSULTEX house wrap products.

~~General~~In November 2021, in connection with the FTC litigation, the Company filed an application for attorney fees, expenses and cost in the U.S. District Court for the Western District of Pennsylvania, Case No.2:16-cv-01669-NBF. On June 29, 2022, a settlement order was signed by the Court. Pursuant to the Order, the FTC paid the Company $260,000 to resolve all such claims. The parties agreed to waive all rights to appeal or otherwise challenge or contest the validity of the Order.

~~The~~18. ~~following~~SUBSEQUENT information should be read in conjunction with the financial statements and the notes thereto and in conjunction with Management’s Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K for the fiscal year ended October 31, 2022.EVENTS

~~Forward-Looking~~The ~~Statements~~Company has evaluated subsequent events in accordance with ASC Topic 855, “Subsequent Events”, through September 20, 2023 which is the date financial statements were available to be issued. The Company identified no material subsequent events that require recognition or additional disclosure in these financial statements.

~~This Quarterly Report on Form 10~~-~~Q includes forward~~12-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact, including statements regarding future results of operation, made in this Quarterly Report on Form 10-Q are forward-looking statements. We use words such as expects, believes, intends, and similar expressions to identify forward-looking statements. Forward-looking statements reflect management’s current expectations and are inherently uncertain. Actual results could differ materially for a variety of reasons, including, among others, competition in our cold weather markets, our ability to sell out HouseWrap product line, our inability to secure sufficient funding to maintain and/or expand our current level of operations and the seasonality of our cold weather product line. These risks and uncertainties, as well as other risks and uncertainties that could cause our actual results to differ significantly from management’s expectations, are described in greater detail in our Annual Report on Form 10-K for the fiscal year ended October 31, 2022. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise except as required by law.

~~Background~~ INNOVATIVE DESIGNS, INC.

~~Innovative~~ITEM ~~Desings, Inc~~2. ~~(herein after referred to as the “Company”,~~ “we” or “our”) was formed on June 25, 2002. We produce, market and sell products made from Insultex, which is a low-density polyethylene semi-crystalline, closed cell foam in which the cells are totally evacuated with buoyancy and thermal resistant properties. Other than Korea and Japan, we are the sole worldwide supplier/ distributor of the Insultex material. Our main product line is a house wrap, Insultex House Wrap, for the building construction industry. Insultex House Wrap is a multi-ply weatherization membrane that provides a protective layer under a buildingMANAGEMENT’sS ~~outer~~DISCUSSION ~~covering~~AND ~~that~~ANALYSIS ~~resists~~OF ~~water~~FINANCIAL ~~and~~CONDITION ~~air~~AND ~~infiltration, preventing~~RESULTS ~~mold~~OF and mildew buildup that can cause structural rotting. What differentiates Insultex House Wrap from its competition is the fact that it offers an R-Value of R-6. R-value is a term used to measure thermal resistance and is most commonly used when referring to the insulating qualities of a building structure, thus increasing energy efficiency. We also sell a cold weather line of outdoor apparel and cold weather gear call Artic Armor made using Insultex. We no longer produce this line and are only selling from our remaining inventory. The fact that Insultex is a thermal insulation means it has many other applications such as other clothing apparel, tents and sleeping bags. It can also be used in refrigerated environments where keeping the temperature low is a requirement.OPERATIONS

12General

The following information should be read in conjunction with the financial statements and the notes thereto and in conjunction with Management’s Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K for the fiscal year ended October 31, 2022.

~~Comparison of the Three~~Forward-~~Month~~Looking ~~Period Ended April 30, 2023, with the Three Month Period Ended April 30, 2022.~~Statements

~~The~~This ~~following~~Quarterly ~~table~~Report ~~shows~~on aForm ~~comparison~~10-Q includes forward-looking statements within the meaning of the Private Securities Reform Act of 1995. All statements other than statements of historical fact, including statements regarding future results of operation, made in this Quarterly Report on Form 10-Q are forward-looking statements. We use words such as expects, believes, intends, and similar expressions to identify forward-looking statements. Forward looking-looking statements reflect management’s current expectations and are inherently uncertain. Actual results could differ materially for a variety of reasons, including, among others, an adverse outcome in our legal matter with the Federal Trade Commission, competition in our cold weather markets, our inability to secure sufficient funding to maintain and/or expand our current level of operations ~~between~~and the ~~three~~seasonality ~~month~~of ~~periods~~our ~~ended~~cold ~~April~~weather 30product line. These risks and uncertainties, ~~2023~~as well as other risks and ~~April~~uncertainties 30that could cause our actual results to differ significantly from management’s expectations, are ~~2022:~~described in greater detail in our Annual Report on Form 10-K for the fiscal year ended October 31, 2017. The Company undertakes no obligation to publicity update or revise any forward-looking statement, whether as a result of new information, future events or otherwise except as required by law.

	Three Month						Three Month
	Period Ended						Period Ended
	April 30,			% of			April 30,			% of			Increase
	2023			Sales			2022			Sales			(Decrease)			% Change
REVENUE - NET	$	27,249			100	%	$	37,717			100	%	$	(10,468	)		-28	%
OPERATING EXPENSES
Cost of sales		13,349			49	%		21,314			57	%		(7,965	)		-37	%
Selling, general and administrative expenses		121,091			444	%		279,582			741	%		(158,491	)		-57	%
		134,440			493	%		300,896			798	%		(166,456	)		-55	%
(Loss) Income from operations		(107,191	)		-393	%		(263,179	)		-698	%		155,988			-59	%
Other income (expense)					0	%					0	%		—			0	%
Other Expense
Interest expense		(4,632	)		-17	%		(12,264	)		-33	%		7,632			-62	%
Depreciation expense		(768	)		-3	%		(373	)		-1	%		(395	)		106	%
Net (Loss) Income	$	(112,591	)		-413	%	$	(275,816	)		-731	%	$	163,225			-59	%

Background

~~Revenues~~Innovative ~~for~~Desings, Inc. (herein after referred to as the ~~three~~“Company”, ~~month~~“we” ~~period~~or ~~ended~~“our”) ~~April~~was formed on June 25, 2002. We produce, market 30and sell products made from Insultex, ~~2022~~which is a low-density polyethylene semi-crystalline, ~~were~~closed ~~$27~~cell foam in which the cells are totally evacuated with buoyancy and thermal resistant properties. Other than Korea and Japan,~~249~~ ~~compared~~we toare ~~revenues~~the sole worldwide supplier/ distributor of ~~$37~~the Insultex material. Our main product line is a house wrap,~~717~~ Insultex House Wrap, for the ~~three~~building ~~month~~construction industry. ~~period~~Insultex ~~ended~~House ~~April~~Wrap 30is a multi-ply weatherization membrane that provides a protective layer under a building’s outer covering that resists water and air infiltration, ~~2022~~preventing mold and mildew buildup that can cause structural rotting. ~~The~~What differentiates ~~decrease~~Insultex inHouse ~~revenue~~Wrap from its competition is the fact that it offers an R-Value of R-6. R-value is a term used to measure thermal resistance and is ~~attributable~~most commonly used when referring to ~~fewer~~the ~~sales~~insulating qualities of a building structure, thus increasing energy efficiency. We also sell a cold weather line of outdoor apparel and cold weather gear call Artic Armor made using Insultex. We no longer produce this line and are only selling from our remaining inventory. The fact that Insultex is a thermal insulation means it has many other applications such as other clothing apparel, ~~products~~tents and sleeping bags. It can also be used in refrigerated environments where keeping the temperature low is a requirement.

Revenues for the first part of the third quarter of 2023 through June 26, 2023, are approximately 437% higher than revenues for the second quarter. We expect revenues to continue to increase primarily from sales of our House Wrap product line as we increase our distribution network, get repeat orders from existing distributors and customers and increase sales to contractors and builders.-13-

~~Our~~ INNOVATIVE ~~selling~~DESIGNS, ~~general and administrative expenses~~ ~~(“SG&A”) were $121,091 for the three months ended April 30, 2023, compared to $279,582 for the three month period ended April 30, 2022~~INC. ~~Professional fees for the period ended April 30, 2023, were $21,982 compared to $36,595 for the three month period ended April 30, 2022. Travel expenses were $16,422 for the period.~~

13Results of Operations

~~INNOVATIVE~~Comparison ~~DESIGNS~~of the Three Month Period Ended July 31, ~~INC~~2023 with the Three Month Period Ended July 31, 2022.

Results of Operations

	Three Month Period Ended 31-Jul 2023		% of Sales			Three Month Period Ended 31-Jul 2022		% of Sales			Increase (Decrease)		% Change

REVENUE - NET	$	124,650.00				$	135,048.00				$	-10,398.00		-8.3	%

OPERATING EXPENSES
Cost of sales	$	76,480.00		61.4	%	$	56,224.00		41.6	%	$	20,256.00		26.5	%
Selling, general and
administrative expenses	$	124,944.00		100.2	%	$	115,384.00		85.4	%	$	9,560.00		7.7	%
Total Operating Expenses	$	201,424.00				$	171,608.00
Loss from operations	$	-76,774.00		-61.6	%	$	-36,560.00		-27.1	%	$	-40,214.00		52.4	%

Other income (expense)
Miscellaneous Income (expense)	$	0.00				$	260,000.00		100.0	%	$	-260,000.00		100.0	%
Interest expense	$	-6,421.00		-5.2	%	$	-10,710.00		-7.9	%	$	4,289.00		-66.8	%
Depreciation	$	-769.00				$	-373.00		-0.3	%	$	-396.00		51.5	%
Total other income (expense)	$	-7,190.00				$	248,917.00		184.3	%	$	-256,107.00		3562.0	%
Net Loss	$	-83,964.00		-7.4	%	$	212,357.00		157.2	%	$	-296,321.00		352.9	%

~~Comparison~~Revenues offor the ~~Six-Month~~three ~~Period~~month ~~Ended~~period ~~April~~ended 30July 31, 2023 were $124,650 ~~with~~compared to revenues of $135,048 for the ~~Six~~three month period ended July 31, 2021. See Note 16 of the Notes to the Condensed Financial Statements appearing elsewhere in this Report for a description of our segment products sales. Our net loss for the three-~~Month~~month ~~Period~~period ~~Ended~~ended ~~April~~July 3031, ~~2022~~2023, was ($83,964).

	Six Month						Six Month
	Period Ended						Period Ended
	April 30,			% of			April 30,			% of			Increase
	2023			Sales			2022			Sales			(Decrease)			% Change
REVENUE - NET	$	98,896			100	%	$	100,116			100	%	$	(1,220	)		-1	%
OPERATING EXPENSES
Cost of sales		30,359			31	%		53,659			54	%		(23,300	)		-43	%
Selling, general and administrative expenses		234,974			238	%		429,829			429	%		(194,855	)		-45	%
		265,333			268	%		483,488			483	%		(218,155	)		-45	%
Loss from operations		(166,437	)		-168	%		(383,372	)		-383	%		216,935			-57	%
Other income (expense)		7,519			8	%		—			0	%		7,519			0	%
Other Expense
Interest expense		(11,231	)		-11	%		(23,740	)		-24	%		12,509			-53	%
Depreciation expense		(1,537	)		-2	%		(745	)		-1	%		(792	)		106	%
Net Loss	$	(171,686	)		-174	%	$	(407,857	)		-407	%	$	236,171			-58	%

Our cost of sales was $76,480 for the three months ended July 31, 2023, compared to $56,224 for the three months ended July 31, 2022. The increase is largely on account of the increase in the price we pay to our supplier of the House Wrap product line.

~~Revenues~~Our ~~for~~selling, ~~the~~general ~~six-month~~and ~~period ended April~~administrative ~~30,~~expenses ~~2023,~~ were $98124,~~896~~944 ~~compared to revenues of $100,116~~ for the ~~six~~three month period ended ~~April~~July 3031, ~~2022.~~2023 ~~See~~compared ~~Note 13 of the Notes~~ to ~~the~~$115,384 ~~Condensed Financial Statements appearing elsewhere in this Report~~ for athe ~~description~~three ofmonth ~~our~~period ~~segment~~ended ~~products~~July 31, ~~sales~~2022.

SG&A expenses were $234,974 for the six month period ended April 30, 2023, compared to $429,829 for the six month period ended April 30, 2022. Professional fees for the six month period ended April 30, 2023, were $40,610 compared to $41,463 for the six month period ended April 30, 2022.-14-

14 INNOVATIVE DESIGNS, INC.

~~INNOVATIVE~~ Comparison ~~DESIGNS~~of the Nine Month Period Ended July 31, ~~INC~~2023, with the Nine Month Period Ended July 31, 2022.

~~Liquidity~~The following table shows a comparison of the results of operations between the nine month periods ended July 31, 2023 and ~~Capital~~July ~~Resources~~31, 2022:

During the three month period ended April 30, 2023, we funded our operations from revenues.

	Nine Month Period Ended 31-Jul 2023		% of Sales			Nine Month Period Ended 31-Jul 2022		% of Sales			Increase (Decrease)		% Change

REVENUE - NET	$	223,546.00				$	235,164.00				$	-11,618.00		-5.2	%

OPERATING EXPENSES
Cost of sales	$	106,839.00		47.8	%	$	109,884.00		46.7	%	$	-3,045.00		-2.9	%
Selling, general and
administrative expenses	$	359,917.00		161.0	%	$	545,212.00		231.8	%	$	-185,295.00		-51.5	%
Total Operating Expenses	$	466,756.00				$	655,096.00
Loss from operations	$	-243,210.00		-108.8	%	$	-419,932.00		-178.6	%	$	176,722.00		-72.7	%

Other income (expense)
Miscellaneous Income (expense)	$	7,519.00				$	260,000.00		100.0	%	$	-252,481.00		100.0	%
Interest expense	$	-17,652.00		-7.9	%	$	-34,450.00		-14.6	%	$	16,798.00		-95.2	%
Depreciation	$	-2,306.00				$	-1,118.00		-0.5	%	$	-1,188.00		51.5	%
Total other income (expense)	$	-12,439.00				$	224,432.00		95.4	%	$	-236,871.00		1904.3	%
Net Loss	$	-255,649.00		-114.4	%	$	-195,500.00		-83.1	%	$	-60,149.00		23.5	%

~~Subsequent~~Revenues for the nine month period ended July 31, 2023 were $223,546 compared to revenues of $235,164 for the nine month period ended July 31, in2021. ~~May~~The decrease is caused, weby ~~sold~~the decrease in our ~~common~~ ~~stock~~apparel sales and ~~raised~~the sales in our House Wrap product line. The apparel sales were adversely affected by warm weather. During the nine month period ended July 31, 2023 House Wrap sales totaled $~~100~~192,~~000~~441 in ~~proceeds.~~comparison Inwith $176,038 ~~June~~during anthe ~~investor~~nine ~~exercised~~month ~~warrants~~period toended ~~purchase~~July 4031,~~000~~ ~~shares~~2022. See Note 16 of ~~our~~the ~~common~~Notes ~~stock~~to the Condensed Financial Statements appearing elsewhere in this Report for ~~total~~a ~~proceeds~~description of our segment product sales. Our net loss for the nine month period ended July 31, 2023 was ($18255,~~000~~649).

~~Short~~Our ~~Term:~~selling, Wegeneral ~~will continue to fund our operations from sales~~ and ~~the~~ ~~sale of our securities. We continue to pay our creditors when payments are due. We will require more funds to be able to order~~administrative ~~the~~expenses ~~material~~were ~~for~~$106,839 ~~our INSULTEX products and to purchase equipment needed~~ for the ~~manufacture~~nine ofmonths ~~the~~ended ~~INSULTEX~~July ~~product.~~31, ~~The~~2023, ~~Company reached~~compared ~~an agreement with the manufacturer of the INSULTEX material~~ to ~~purchase~~$109,884 afor ~~machine capable of producing~~ the ~~INSULTEX~~nine ~~material. Also~~month ~~included~~period inended ~~the~~July ~~proposed~~31, ~~agreement will be the propriety formula that creates Insultex~~2022. ~~The Company took delivery of the equipment~~ inProfessional ~~December~~fees ~~2015.~~for ~~The Company will have to have~~ the ~~machine~~period ~~installed~~were ~~and~~approximately ensure that it can be operated in compliance with all environmental rules and regulations. It is the Company intentions to have the equipment operational but cannot currently provide a time estimate. Among the factors affecting the time estimate are the financial resources available to the Company, finding a suitable facility and bringing technical personnel from abroad to install the equipment. The Company has currently made deposits of $~~600~~63,000 ~~on the equipment~~. ~~The~~Salaries ~~Company~~were ~~has~~approximately ~~incurred~~ $17107,000, oftravel ~~additional~~ expenses ~~related~~were ~~to shipping. During the period our~~approximately ~~CEO~~$20,000 traveled to Indonesia to inspect the manufacturing facility of the Ketut Group where Insultex is currently produced. He also discussed with Ketut management the plans for the Company to install in the United States the machinery and ~~equipment~~rent ~~utilized to~~expense ~~produce~~was ~~the Insultex material and for Ketut to arrange for the technical personal needed to assist in the installation~~$21,000. The Company is currently looking for a suitable site for the onshore manufacturing of Insultex. It is also seeking the financing needed to accomplish the installation which is estimated to cost between 1.5 to 2 million dollars.

~~The Company will produce INSULTEX under its own brand name. See Note 11 of the Notes to the Condensed Financial Statements.~~-15-

We INNOVATIVE must purchase new quality control testing equipment for our products. The vendor is currently working on the project. It is expected that the equipment will be ready for beta testing in approximately the next three to four weeksDESIGNS, ~~although no assurance can be given. After such testing is complete~~ ~~the certification process can begin~~INC. ~~We have paid approximately $39,000 as of June 26, 2023, for the equipment.~~

~~Long~~Liquidity ~~Term: The Company will continue to fund its operations from revenues, borrowings from private parties~~ and ~~the possible sale of our securities. Should we not be able to~~ ~~rely~~Capital on the private sources for borrowing and /or increased sales, our operations would be severely affected as we would not be able to fund our purchase orders to our suppliers for finished goods and our efforts to produce our own Insultex would be delayed.Resources

~~PART~~During IIthe –period ~~OTHER~~ended ~~INFORMATION~~July 31, 2023, we funded our operations from revenues and from sales of our securities.

~~ITEM~~Subsequent ~~1. LEGAL~~to ~~PROCEEDING~~the period we raised $60,000 from the sale of our securities.

~~See~~Short ~~Note~~Term: 14We will continue to fund our operations from sales and the sale of our securities. We continue to pay our creditors when payments are due. We will require more funds to be able to order the ~~Notes~~material for our Insultex products and to purchase equipment needed for the manufacture of the Insultex product. The Company reached an agreement with the manufacturer of the Insultex material to purchase a machine capable of producing the Insultex ~~Condensed~~material. ~~Financial~~Also ~~Statements~~included ~~appearing~~in ~~elsewhere~~the proposed agreement will be the propriety formula that creates Insultex. The Company took delivery of the equipment in December 2015. The Company will have to have the machine installed and ensure that it can be operated in compliance with all environmental rules and regulations. It is the Company intentions to have the equipment operational but cannot currently provide a time estimate. Among the factors affecting the time estimate are the financial resources available to the Company, finding a suitable facility and bringing technical personnel from abroad to install the equipment. The Company has currently made deposits of $600,000 on the equipment. The Company has incurred $17,000 of additional expenses related to shipping. Earlier this ~~Report~~year, our CEO traveled to Indonesia to inspect the manufacturing facility of the Ketut Group where Insultex is currently produced. He also discussed with Ketut management the plans for the Company to install in the United States the machinery and equipment utilized to produce the Insultex material and for Ketut to arrange for the technical personal needed to assist in the installation. The Company is currently looking for a suitable site for the onshore manufacturing of Insultex. It is also seeking the financing needed to accomplish the installation which is estimated to cost between 1.5 to 2 million dollars.

~~ITEM~~The 1ACompany ~~Risk~~will ~~Factors~~produce Insultex under its own brand name. See Note 14 of the Notes to the Condensed Financial Statements.

~~See~~We ~~Risk~~must ~~factors~~purchase ~~set~~new ~~forth~~quality control testing inequipment ~~Part~~for Iour ~~Item~~products. 1AThe vendor is currently working on the project and we expect delivery of the ~~Company’s~~equipment ~~Annual~~within ~~report~~the onnext few ~~Form~~weeks. ~~10-K~~After ~~for~~such testing is complete the ~~fiscal~~certification ~~year~~process ~~ended~~can ~~October~~begin. We have paid approximately $39,000 as of July 31, 2023, ~~2022~~for the equipment.

15Long Term: The Company will continue to fund its operations from revenues, borrowings from private parties and the possible sale of our securities. Should we not be able to rely on the private sources for borrowing and /or increased sales, our operations would be severely affected as we would not be able to fund our purchase orders to our suppliers for finished goods and our efforts to produce our own Insultex would be delayed.

~~INNOVATIVE DESIGNS, INC.~~-16-

~~ITEM~~ INNOVATIVE ~~2. UNREGISTERED SALES OF EQUITY SECURITIES~~DESIGNS, ~~AND USE OF PROCEEDS~~INC.

OnPART ~~May~~II ~~30,~~– ~~2023,~~OTHER we sold 500,000 Units to one investor. Each Unit consists of one share of common stock and one common stock purchase warrant. The warrants have a term of three years and an exercise price of $.20 per warrant. We received $100,000 in proceeds from the sale. On June 23, 2023, an investor exercised warrants and was issued 40,000 shares of our common stock. We received $18,000 in total proceeds.INFORMATION

WeITEM ~~relied on Section 4(2) of the Securities Act of 1933, as amended and Regulation D, Rule 506 (c)) promulgated thereunder~~1. LEGAL PROCEEDING

~~ITEM~~See ~~3. Defaults~~Note ~~upon~~17 ~~Senior~~of ~~Securities~~the Notes to Condensed Financial Statements appearing elsewhere in this Report.

~~None~~ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

~~Item~~On May 417, ~~Mine~~2023, ~~Safety~~we ~~Disclosures~~issued 185,000 shares of our common stock to a consultant for services pursuant to an agreement dated April 17, 2023. Also on May 17, 2023, we sold 50,000 Units to one investor at a price of $.20 per Unit. Each Unit contained one share of common stock and a warrant with a two year term to purchase one share of common stock. The warrant has an exercise price of $.20 per warrant. We received $10,000 in proceeds.

~~Not~~On ~~applicable~~June 2, 2023, , we sold 40,000 Units each to one investors at a price of $.25 per Unit. The warrant had an exercise price of $.25. We received $10,000 in total proceeds.

~~ITEM~~On 4TJune 23, 2023, a warrant holder exercised warrants to purchase 40,000 shares of common stock at an exercise price of $. ~~CONTROLS~~25. ~~AND~~We ~~PROCEDURES~~received $10,000 in proceeds.

~~Management~~Between ~~has developed and implemented a~~August ~~policy and procedures for reviewing~~16, ~~on a quarterly basis~~2023, ~~our disclosure controls~~ and ~~procedures.~~August ~~During the period ended April 30~~24, 2023, ~~our~~we ~~principal~~sold ~~executive/financial~~a ~~officer~~total ~~concluded~~of ~~that these controls and procedures were ineffective. At this time~~180, we000 doUnites ~~not~~to ~~have~~five ~~the~~investors ~~financial~~at ~~resources to employ~~ a ~~financial~~price ~~staff~~of ~~with~~$.25 ~~accounting~~per ~~and financial expertise~~Unit. ~~Once~~The wewarrant ~~have the necessary~~had ~~financial resources, we plan to hire and designate~~ an ~~individual~~exercise ~~responsible~~price ~~for~~of ~~identifying~~$0.25 ~~reportable~~per ~~developments~~warrant. ~~and~~Total toproceeds ~~implement procedures~~were ~~designed to remediate the material weakness by focusing additional attention and resources in our internal accounting functions~~$45,000.

~~Changes~~On inSeptember ~~Internal~~6, 2023, ~~Control~~we ~~Over~~sold ~~Financial Reporting~~20,000 Units each to three investors at a price of $.25 per Unit. The warrant had an exercise price of $.25 per warrant.

~~During~~We ~~the~~relied ~~most~~on ~~recent fiscal quarter, there~~Rule ~~were~~506 noof ~~changes~~Regulation inD ~~the~~promulgated ~~Company’s~~under ~~internal control over financial reporting identified in connection with~~ the ~~evaluation~~Securities ~~required by~~Act ~~paragraph (d)~~ of ~~Exchange Act Rules 13(a)-15 or 15d-15 that have materially affected~~1933, oras ~~are reasonably likely to materially affect, the Company’s internal control over financial reporting~~amended.

Until the Company has the financial resources to employ a financial staff with accounting and financial expertise, to be able to properly account for internal financial reporting, errors that may have a material effect on the financial statements have the potential to occur.-17-

~~ITEM~~ INNOVATIVE ~~5. Other~~DESIGNS, ~~Information~~INC.

~~None~~ITEM 3. QUANTITATATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

16As a smaller reporting company, we are not required to provide the information otherwise required by this Item.

~~INNOVATIVE~~ITEM ~~DESIGNS, INC~~4T. CONTROLS AND PROCEDURES

~~ITEM~~Management 6has developed and implemented a policy and procedures for reviewing, on a quarterly basis, our disclosure controls and procedures. ~~EXHIBITS~~ During the period ended July 31, 2023, our principal executive/financial officer concluded that these controls and procedures were ineffective. At this time, we do not have the financial resources to employ a financial staff with accounting and financial expertise. Once we have the necessary financial resources, we plan to hire and designate an individual responsible for identifying reportable developments and to implement procedures designed to remediate the material weakness by focusing additional attention and resources in our internal accounting functions.

*3.1	Revised Certificate of Incorporation
**3.2	By-Laws
31.1	Rule 13a - 14a Certification of Chief Executive Officer
31.2	Rule 13a-14a Certification of Chief Financial Officer and Principal Accounting Officer
32.1	Section 1350 Certification of Chief Executive Officer and Chief Financial Officer
32.2	Section 1350 Certification of Chief Financial Officer and Chief Accounting Officer
*	Incorporated by reference to the Company’s Form 10-K filed February 12, 2015
**	Incorporated by reference to the Company’s registration statement on Form SB-2, filed March 11, 2003
99***	Incorporated by reference to the Company’s Current Report on Form 8-k, filed November 4, 2016

Changes in Internal Control Over Financial Reporting

17During the most recent fiscal quarter, there were no changes in the Company’s internal control over financial reporting identified in connection with the evaluation required by paragraph (d) of Exchange Act Rules 13(a)-15 or 15d-15 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

~~SIGNATURES~~Until the Company has the financial resources to employ a financial staff with accounting and financial expertise, to be able to properly account for internal financial reporting, errors that may have a material effect on the financial statements have the potential to occur.

~~Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.~~-18-

		Innovative Designs, Inc.
		Registrant
Date: July 7, 2023	by:	/s/ Joseph Riccelli
		Joseph Riccelli, Chief Executive Officer
		and Chief Financial Officer

INNOVATIVE DESIGNS, INC.

18ITEM 6. EXHIBITS

*3.1		Revised Certificate of Incorporation

**3.2		By-Laws

31.1		Rule 13a - 14a Certification of Chief Executive Officer and Chief Financial Officer

31.2		Rule 13a-14a Certification of Chief Executive Officer and Chief Financial Officer

32.1		Section 1350 Certification of Chief Executive Officer and Chief Financial Officer

31.2		Section 1350 Certification of Chief Financial Officer and Chief Accounting Officer

	*	Incorporated by reference to the Company’s Form 10-K filed February 12, 2015

	**	Incorporated by reference to the Company’s registration statement on Form SB-2, filed March 11, 2003

	99***	Incorporated by reference to the Company’s Current Report on Form 8-k, filed November 4, 2016

-19-

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	Innovative Designs, Inc.
	Registrant

Date: September 25, 2023	By: /s/ Joseph Riccelli
	Joseph Riccelli, Chief Executive Officer
	and Chief Financial Officer

-20-

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