UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2021 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT For the transition period from N/A to N/A Commission File No. 000-52369 FITLIFE BRANDS, INC. (Name of small business issuer as specified in its charter) (State or other jurisdiction of incorporation) (IRS Em ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2021 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT For the transition period from N/A to N/A Commission File No. 000-52369 FITLIFE BRANDS, INC. (Name of small business issuer as specified in its charter) Nevada 20-3464383 (State or other jurisdiction of incorpora ...

PART I - FINANCIAL INFORMATION [Item 1. Condensed Consolidated Financial Statements (unaudited)](index=5&type=section&id=Item%201.%20Condensed%20Consolidated%20Financial%20Statements%20(unaudited)) The unaudited Q1 2021 financial statements show stable revenue, increased profitability, and a strengthened balance sheet [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets increased to $18.35 million, liabilities decreased due to PPP loan forgiveness, and stockholders' equity grew Condensed Consolidated Balance Sheet Highlights (in thousands) | Balance Sheet Item | March 31, 2021 | December 31, 2020 | | :--- | :--- | :--- | | **Total Current Assets** | $13,797 | $11,873 | | **Total Assets** | $18,349 | $16,774 | | **Total Current Liabilities** | $4,356 | $4,129 | | **Total Liabilities** | $4,500 | $4,740 | | **Total Stockholders' Equity** | $13,849 | $12,034 | - The decrease in total liabilities was significantly impacted by the forgiveness of the PPP loan, which was $453,000 as of December 31, 2020, and zero as of March 31, 2021[13](index=13&type=chunk) [Condensed Consolidated Statements of Operations](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Revenue remained flat, while gross profit increased and net income rose 18% to $1.68 million, aided by PPP loan forgiveness Q1 2021 vs Q1 2020 Performance (in thousands, except per share data) | Metric | Q1 2021 | Q1 2020 | | :--- | :--- | :--- | | Revenue | $6,158 | $6,151 | | Gross Profit | $3,077 | $2,737 | | Operating Income | $1,543 | $1,321 | | Pre-Tax Net Income | $2,002 | $1,387 | | Net Income | $1,684 | $1,428 | | Diluted EPS | $1.43 | $1.27 | - A significant contributor to net income in Q1 2021 was a $453,000 gain on debt forgiveness, which was absent in the prior year[15](index=15&type=chunk) [Condensed Consolidated Statements of Stockholders' Equity](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Stockholders%27%20Equity) Stockholders' equity increased to $13.85 million, primarily driven by net income of $1.68 million and stock-based compensation - The primary drivers for the increase in stockholders' equity during Q1 2021 were net income of **$1,684,000** and stock-based compensation of **$131,000**[17](index=17&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash provided by operating activities significantly improved to $289,000, increasing the cash balance to $6.63 million Cash Flow Summary (in thousands) | Cash Flow Activity | Q1 2021 | Q1 2020 | | :--- | :--- | :--- | | Net Cash from Operating Activities | $289 | $1 | | Net Cash from Investing Activities | $0 | $0 | | Net Cash from Financing Activities | $0 | $2,400 | | **Change in Cash** | **$289** | **$2,401** | | **Cash, End of Period** | **$6,625** | **$2,666** | - The significant cash provided by financing activities in Q1 2020 was due to **$2.5 million** in proceeds from a line of credit, which was not repeated in Q1 2021[20](index=20&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Key notes highlight the Tax Benefits Preservation Plan, expanded share repurchase, customer concentration, PPP loan forgiveness, and post-quarter acquisitions - The company adopted a Tax Benefits Preservation Plan to protect its valuable Net Operating Losses (NOLs) from being limited by an "ownership change" as defined in Section 382 of the IRC[26](index=26&type=chunk) - On February 1, 2021, the Board increased the authorized amount for the Share Repurchase Program to **$5.0 million**[27](index=27&type=chunk) - Sales to GNC represented **66% of total net revenue** in Q1 2021, a decrease from 76% in Q1 2020. Concurrently, online sales grew to **26% of net revenue** in Q1 2021, up from 14% in the prior year period[43](index=43&type=chunk)[44](index=44&type=chunk) - The full balance of the company's **$449,700 Paycheck Protection Program (PPP) loan**, including accrued interest, was forgiven on January 15, 2021[31](index=31&type=chunk)[64](index=64&type=chunk) - Subsequent to the quarter end, on April 7, 2021, the company acquired the assets of Nutrology, a nutritional supplement company focused on all-natural and plant-based products[24](index=24&type=chunk)[81](index=81&type=chunk) [Item 2. Management's Discussion & Analysis of Financial Condition and Results of Operations](index=20&type=section&id=Item%202.%20Management%27s%20Discussion%20%26%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management reports flat revenue but significantly improved profitability in Q1 2021, driven by expanded gross margins and PPP loan forgiveness, with strong liquidity [Results of Operations](index=23&type=section&id=Results%20of%20Operations) Revenue remained flat, while gross profit increased 12% and net income rose 18% to $1.68 million, driven by improved margins and PPP loan forgiveness Q1 2021 vs Q1 2020 Operational Results (in thousands) | Metric | Q1 2021 | Q1 2020 | Change ($) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Revenue | $6,158 | $6,151 | $7 | 0% | | Gross Profit | $3,077 | $2,737 | $340 | 12% | | Income from Operations | $1,543 | $1,321 | $222 | 17% | | Net Income | $1,684 | $1,428 | $256 | 18% | - The increase in gross margin to **50.0%** from 44.5% in the prior year is principally attributed to a greater mix of online sales[100](index=100&type=chunk)[101](index=101&type=chunk) - Adjusted EBITDA, a non-GAAP measure, increased to **$1.68 million** in Q1 2021 from $1.36 million in Q1 2020[108](index=108&type=chunk) [Liquidity and Capital Resources](index=25&type=section&id=Liquidity%20and%20Capital%20Resources) Liquidity strengthened with working capital at $9.4 million, supported by $6.6 million cash and an undrawn $2.5 million line of credit, with the PPP loan forgiven - As of March 31, 2021, the company had positive working capital of approximately **$9,441,000** and cash of **$6,625,000**[109](index=109&type=chunk) - The company maintains a **$2.5 million revolving line of credit** with CIT Bank N.A., which was undrawn as of the quarter's end[110](index=110&type=chunk) - Cash provided by operating activities for Q1 2021 was **$289,000**, compared to just $1,000 in Q1 2020[117](index=117&type=chunk) [Critical Accounting Policies and Estimates](index=26&type=section&id=Critical%20Accounting%20Policies%20and%20Estimates) Key accounting policies requiring significant judgment include estimates for receivables, inventories, deferred tax assets, goodwill impairment, and revenue recognition - Critical accounting policies requiring significant management estimates include those related to accounts receivable, inventories, goodwill, revenue, costs, and the valuation of long-term assets and deferred tax assets[123](index=123&type=chunk) - The company recognizes revenue under ASC 606, with control of products transferring to customers upon shipment from its facilities, at which point performance obligations are satisfied[127](index=127&type=chunk)[129](index=129&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=27&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's market risk is not material, with no significant foreign currency or interest rate risk, and no use of derivative instruments - The company's financial results are not materially affected by changes in foreign currency exchange rates as its business is conducted principally in the United States[133](index=133&type=chunk) - Interest rate risk is primarily related to borrowings under the Line of Credit, which had a zero balance as of March 31, 2021[135](index=135&type=chunk) - The company does not hold any derivative instruments or engage in hedging activities[137](index=137&type=chunk) [Item 4. Controls and Procedures](index=28&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and internal control over financial reporting were effective, with no material changes reported during the quarter - The Chief Executive Officer and Chief Financial Officer concluded that the company's disclosure controls and procedures were effective at the reasonable assurance level as of the end of the period[138](index=138&type=chunk) - Based on an assessment using the COSO framework, management concluded that the company's internal control over financial reporting was effective as of March 31, 2021[139](index=139&type=chunk) - There were no changes in internal controls over financial reporting during the quarter that materially affected, or are reasonably likely to materially affect, these controls[140](index=140&type=chunk) PART II - OTHER INFORMATION [Item 1. Legal Proceedings](index=29&type=section&id=Item%201.%20Legal%20Proceedings) The company is not involved in any material litigation expected to adversely affect its financial condition or operations - The company is not involved in any material litigation[142](index=142&type=chunk) [Item 1A. Risk Factors](index=29&type=section&id=Item%201A.%20Risk%20Factors) This section refers to risk factors in the 2020 Form 10-K, with no material changes or additions reported - The company's risks and uncertainties are described in its Annual Report on Form 10-K for the fiscal year ended December 31, 2020[143](index=143&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=29&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reported no unregistered sales of equity securities during the period - None[144](index=144&type=chunk) [Item 3. Defaults Upon Senior Securities](index=29&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The company reported no defaults upon senior securities during the three-month period - There were no defaults upon senior securities during the quarter[145](index=145&type=chunk) [Item 5. Other Information](index=29&type=section&id=Item%205.%20Other%20Information) The company reported no other information for this item - None[146](index=146&type=chunk) [Item 6. Exhibits](index=29&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including certifications and XBRL data files - Exhibits filed include the Tax Benefit Preservation Plan, Certifications pursuant to Sarbanes-Oxley Act Sections 302 and 906, and XBRL Instance Documents[147](index=147&type=chunk)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K [X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended December 31, 2020 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number: 000-52369 FITLIFE BRANDS, INC. (Exact name of Registrant as specified in its charter) Nevada 20-3464383 (State of Incorporation) (IRS Employer Identification No.) 5214 S. 136th ...

FITLIFE BRANDS, INC. (Name of small business issuer as specified in its charter) UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2020 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT For the transition period from N/A to N/A Commission File No. 000-52369 (State or other jurisdiction of incorporation) (IRS Em ...

Nevada 20-3464383 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2020 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT For the transition period from N/A to N/A Commission File No. 000-52369 FITLIFE BRANDS, INC. (Name of small business issuer as specified in its charter) (State or other jurisdiction of incorporation) (IRS Employer Identification No.) UNITED STATES SECURITIES AND EXC ...

Financial Performance - Revenue for the three months ended March 31, 2020, was $6,151,000, an increase of 4.6% compared to $5,878,000 for the same period in 2019[17] - Gross profit for the same period was $2,737,000, representing a gross margin of 44.4%, up from $2,541,000 and a gross margin of 43.2% in 2019[17] - Net income for the three months ended March 31, 2020, was $1,428,000, compared to $1,187,000 in 2019, reflecting a year-over-year increase of 20.3%[17] - Basic net income per share available to common shareholders increased to $1.36 in Q1 2020 from $1.07 in Q1 2019, a rise of 27.1%[17] - Operating income for the three months ended March 31, 2020, was $1,321,000, an increase from $1,202,000 in the same period of 2019[17] - Net income available to common shareholders for the three months ended March 31, 2020, was $1,428,000, compared to $1,187,000 for the same period in 2019, representing a 20.3% increase[45] - Basic earnings per share increased to $1.36 for the three months ended March 31, 2020, from $1.07 in the same period of 2019, a 27.1% increase[45] - Cash provided by operating activities was $1,000 for the three months ended March 31, 2020, a significant improvement from cash used in operations of $(121,000) for the same period in 2019[119] - Cash provided by financing activities was $2,400,000 for the three months ended March 31, 2020, compared to $300,000 for the same period in 2019[120] - Net income for the three-month period ended March 31, 2020 was $1,428,000, compared to $1,187,000 for the same period in 2019, reflecting an increase primarily due to higher revenue and lower operating expenses[111] Assets and Liabilities - Total current assets as of March 31, 2020, were $10,406,000, significantly higher than $5,701,000 as of December 31, 2019[15] - Total liabilities increased to $6,306,000 as of March 31, 2020, compared to $2,984,000 as of December 31, 2019[15] - The company reported a total stockholders' equity of $4,698,000 as of March 31, 2020, compared to $3,342,000 at the end of 2019[15] - As of March 31, 2020, the company had positive working capital of approximately $4,296,000, an increase from $2,925,000 at December 31, 2019[112] - The company owed $2.5 million under its existing Line of Credit as of March 31, 2020[137] Cash and Liquidity - Cash at the end of the period was $2,666,000, up from $438,000 at the end of Q1 2019, indicating a substantial liquidity improvement[23] - The company anticipates that cash derived from operations and existing cash resources will be sufficient to meet liquidity needs for the next twelve months[113] - The Company drew $2.5 million from the line of credit on March 20, 2020, to maintain financial flexibility amid COVID-19 uncertainties[31] - The Company received a loan of approximately $449,700 under the Paycheck Protection Program as part of the CARES Act[90] Sales and Revenue Sources - Sales to GNC accounted for 76% of total net revenue in Q1 2020, down from 82% in Q1 2019, with net sales of $4,697,000 compared to $4,864,000[50] - Online sales represented 14% of the Company's net revenue in Q1 2020, up from 10% in Q1 2019[51] - Online revenue accounted for approximately 14% of total revenue during the three months ended March 31, 2020, up from roughly 10% in the same period in 2019[104] Shareholder Activities - The Company repurchased 11,900 shares of Common Stock during Q1 2020, approximately 1% of the issued and outstanding shares[38] - The Company repurchased 11,900 shares of Common Stock for an aggregate purchase price of $171,000 during the three-month period ended March 31, 2020[78] - The Company repurchased 11,900 shares of Common Stock, approximately 1% of the issued and outstanding shares, at an average price of $14.35 per share[147] - The Share Repurchase Program was amended to allow for up to $2.5 million in repurchases over 24 months[36] - The Company issued a total of 123,222 shares of Common Stock following the conversion of 550 shares of Series A Preferred Stock on December 23, 2019[39] - The Company issued 417 shares of Common Stock with a fair value of $4,000 to directors for services rendered during the three-month period ended March 31, 2020[76] Operational Efficiency - General and administrative expenses decreased to $733,000 for the three months ended March 31, 2020, down from $774,000 in the same period last year, due to cost-reduction initiatives[108] - Selling and marketing expenses increased to $671,000 for the three months ended March 31, 2020, compared to $550,000 for the same period in 2019, reflecting increased marketing investments[109] - The Company allows for product returns, with less than 5% of products being returned, indicating a low risk of revenue reversal[57] Tax and Deferred Assets - The Company reported a federal net operating loss carryforward of approximately $26.6 million as of December 31, 2019, which can offset future taxable income[59] - During the quarter ended March 31, 2020, the Company received a tax refund of $41,000 related to alternative minimum tax carryforward[60] - The Company recorded a 100% valuation allowance against its net deferred tax assets as of March 31, 2020, due to uncertainties in future profitability[61] Inventory and Receivables - As of March 31, 2020, the Company's total inventories amounted to $3,023,000, a slight increase from $2,998,000 as of December 31, 2019[65] - Gross accounts receivable attributable to GNC as of March 31, 2020, were $4,186,000, representing 91% of total accounts receivable[50] Internal Controls - The Chief Executive Officer and Chief Financial Officer concluded that the internal control over financial reporting was effective as of March 31, 2020[141] - There have been no changes in internal controls over financial reporting during the quarter ended March 31, 2020[142]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K [X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended December 31, 2019 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number: 000-52369 FITLIFE BRANDS, INC. (Exact name of Registrant as specified in its charter) Nevada 20-3464383 (State of Incorporation) (IRS Employer Identification No.) 5214 S. 136th ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2019 ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT For the transition period from N/A to N/A Commission File No. 000-52369 FITLIFE BRANDS, INC. (Name of small business issuer as specified in its charter) (State or other jurisdiction of incorporation) (IRS Empl ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2019 ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT For the transition period from N/A to N/A Commission File No. 000-52369 FITLIFE BRANDS, INC. (Name of small business issuer as specified in its charter) If an emerging growth company, indicate by check mark if the ...