10-K/A: FitLife Brands Files Amendment to 10-K Annual Report
10-K/A Amendment
FitLife Brands, Inc. files an amendment to its 2024 Annual Report on Form 10-K to restate information required by Items 10 through 15.
Summary
- FitLife Brands, Inc. has filed Amendment No. 1 to its Annual Report on Form 10-K for the fiscal year ended December 31, 2024.
- The amendment restates information required by Items 10, 11, 12, 13, and 14 of Part III and Item 15 of Part IV of the original filing.
- The original filing was submitted on March 27, 2025.
- The amendment includes new certifications from the principal executive officer and principal financial officer as required by Section 302 of the Sarbanes-Oxley Act of 2002.
- The amendment does not reflect events occurring after the filing of the Original Filing and no attempt has been made in this Amendment to modify or update other disclosures as presented in the Original Filing.
Sentiment
Score: 7
Explanation: The document is a routine regulatory filing, so the sentiment is neutral to slightly positive due to the company's adherence to reporting requirements and transparency.
Positives
- The company has a Code of Business Conduct and Ethics in place.
- The company has an Insider Trading and Unauthorized Disclosure Policy.
- The Board believes that a majority of its members are independent directors.
Industry Context
This filing is a standard regulatory requirement for publicly traded companies to ensure transparency and provide updated information to investors.
Comparison to Industry Standards
- The director compensation and audit fees appear to be within the typical range for companies of similar size and complexity in the consumer goods industry.
- Comparing FitLife Brands to similar companies like LifeVantage Corp (Nasdaq: LFVN) and Optex Systems Holdings Inc. (Nasdaq: OPXS), where Dayton Judd also serves on the board, could provide further insights into compensation and governance practices.
Stakeholder Impact
- The filing provides updated information to shareholders regarding the company's governance, executive compensation, and financial oversight.
- Employees are indirectly impacted through the disclosure of executive compensation and the company's commitment to ethical business conduct.
Key Dates
| Date | Description |
|---|---|
| November 2013 | Grant Dawson appointed as a director of the Company. |
| September 2015 | Seth Yakatan appointed as a director of the Company. |
| June 2017 | Dayton Judd appointed as a director of the Company. |
| February 18, 2018 | Dayton Judd began serving as the Company's Chief Executive Officer. |
| June 13, 2019 | Employment Agreement between FitLife Brands, Inc. and Patrick Ryan. |
| August 16, 2019 | The 2019 Omnibus Incentive Plan was approved by a majority of the Company's stockholders at the annual meeting of stockholders. |
| August 2022 | Jakob York joined the Company as Chief Financial Officer. |
| November 2023 | Ryan Hansen joined the Company as Executive Vice President. |
| November 8, 2023 | Compensation paid to non-employee directors increased to $50,000 per annum. |
| August 29, 2024 | The Director Stock Purchase Program was adopted by the Board. |
| August 29, 2024 | The Board approved an increase of Mr. Judd's salary from $390,000 to $416,000. |
| August 29, 2024 | The Board approved an increase of Mr. Hansen's base salary from $250,000 to $262,000. |
| August 29, 2024 | The Board approved an increase of Mr. Ryan's base salary from $155,000 to $160,000. |
| August 2024 | Matthew Lingenbrink appointed as a director of the Company. |
| April 2025 | Shannon Pappas began serving as a director of the Company. |
| April 25, 2025 | There were 9,384,144 shares of common stock outstanding. |
| April 28, 2025 | Date of the filing of the Amendment No. 1 to the Annual Report on Form 10-K. |
Keywords
Form 10-K/A, Annual Report, Amendment, Executive Compensation, Corporate Governance, FitLife Brands, Financial Statements
Disclaimer:The information provided here is for general informational purposes only and does not constitute financial advice, recommendation, or endorsement of any kind. It may contain errors or omissions. You should not rely on this information to make financial decisions. Always seek the advice of a qualified financial professional before making any investment or financial decisions. Use of this information is at your own risk.