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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
 Washington, D.C. 20549
 FORM 10-QSB
 QUARTERLY REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
 For the quarterly period ended September 30, 2007
 CVF TECHNOLOGIES CORPORATION
  NEVADA
    
    0-29266
    
    87-0429335(State or other jurisdiction
    
    (Commission File
    
    (I.R.S. Employerof incorporation or organization)
    
    Number)
    
    Identification No.)
 
 þ o
 o þ
  o þ




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TABLE OF CONTENTS  PART I  FINANCIAL INFORMATIONItem 1. Financial StatementsItem 2. MANAGEMENTS DISCUSSION AND ANALYSIS OR PLAN OF OPERATIONItem 3. Controls and ProceduresPART II  OTHER INFORMATIONItem 2. Unregistered Sales of Equity Securities and Use of ProceedsItem 5. Other InformationItem 6. ExhibitsSIGNATURESEXHIBIT INDEXEX-11EX-31.1EX-31.2EX-32    Table of Contents  
  
  CVF TECHNOLOGIES CORPORATION AND SUBSIDIARIES
 CONSOLIDATED BALANCE SHEETS
 (Expressed in U.S. Currency)September 30,
    
    
    December 31,2007
    
    
    2006(unaudited)
    
    
    (audited)ASSETSCURRENT ASSETS:Cash and cash equivalents
    
    $
    548,213
    
    
    $
    1,164,736Restricted cash
    
    
    633,664
    
    
    
    1,167,954Trade receivables
    
    
    97,757
    
    
    
    401,714Inventory
    
    
    79,879
    
    
    
    62,126Prepaid expenses and other
    
    
    18,947
    
    
    
    37,148TOTAL CURRENT ASSETS
    
    
    1,378,460
    
    
    
    2,833,678Property and equipment, net of accumulated depreciation
    
    
    14,576
    
    
    
    12,167Loans receivable
    
    
    142,251
    
    
    
    142,251Equity investment & notes receivable in Biorem (see Note 4)
    
    
    
    
    
    
    487,546Holdings available for sale, at market
    
    
    1,796
    
    
    
    18,628Security Deposit, long-term
    
    
    1,671
    
    
    
    1,426Note receivable
    
    
    476,138
    
    
    
    406,461TOTAL ASSETS
    
    $
    2,014,892
    
    
    $
    3,902,157LIABILITIES AND STOCKHOLDERS (DEFICIT) EQUITYCURRENT LIABILITIES:Accounts payables and accrued liabilities
    
    $
    1,062,693
    
    
    $
    2,322,857IRS Audit SettlementTax
    
    
    515,030
    
    
    
    IRS Audit Settlement-Interest
    
    
    331,273
    
    
    
    TOTAL CURRENT LIABILITIES
    
    
    1,908,996
    
    
    
    2,322,857LONG-TERM LIABILITIES:Deferred income taxes
    
    
    102,466
    
    
    
    87,195Minority interest
    
    
    902,115
    
    
    
    832,111Pension obligation
    
    
    664,725
    
    
    
    588,540TOTAL LONG-TERM LIABILITIES
    
    
    1,669,306
    
    
    
    1,507,846Redeemable Series A preferred stock, $0.001 par value,
redeemable at $18.25 per share, authorized 500,000 shares,
issued and outstanding 1,592 shares
    
    
    29,054
    
    
    
    29,0543,607,356
    
    
    
    3,859,757STOCKHOLDERS (DEFICIT) EQUITY:Common stock, $0.001 par value, authorized 50,000,000 shares,
14,302,096 issued and in treasury 1,664,361
    
    
    15,962
    
    
    
    15,962Warrants
    
    
    111,094
    
    
    
    111,094Additional paid in capital
    
    
    29,806,212
    
    
    
    29,643,702Treasury stock
    
    
    (3,208,392
    )
    
    
    (3,208,392
    )Accumulated other comprehensive loss
    
    
    (342,762
    )
    
    
    (271,606
    )Accumulated deficit
    
    
    (27,974,578
    )
    
    
    (26,248,360
    )TOTAL STOCKHOLDERS (DEFICIT) EQUITY
    
    
    (1,592,464
    )
    
    
    42,400TOTAL LIABILITIES AND STOCKHOLDERS
(DEFICIT) EQUITY
    
    $
    2,014,892
    
    
    $
    3,902,157




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CVF TECHNOLOGIES CORPORATION AND SUBSIDIARIES
 CONSOLIDATED STATEMENT OF OPERATIONS
 (UNAUDITED)
 (Expressed in U.S. Currency)Three months ended September 30,
    
    
    Nine months ended September 30,2007
    
    
    2006
    
    
    2007
    
    
    2006SALES
    
    $
    222,331
    
    
    $
    802,975
    
    
    $
    1,539,913
    
    
    $
    1,003,295Royalty Income
    
    
    15,485
    
    
    
    
    
    
    
    21,393
    
    
    
    8,100Cost of sales
    
    
    177,463
    
    
    
    636,142
    
    
    
    1,190,983
    
    
    
    764,349GROSS MARGIN
    
    
    60,353
    
    
    
    166,833
    
    
    
    370,323
    
    
    
    247,046EXPENSES:Selling, general and administrative
    
    
    527,701
    
    
    
    537,742
    
    
    
    1,625,012
    
    
    
    1,649,001TOTAL EXPENSES
    
    
    527,701
    
    
    
    537,742
    
    
    
    1,625,012
    
    
    
    1,649,001(Loss) from continuing operations before under noted items
    
    
    (467,348
    )
    
    
    (370,909
    )
    
    
    (1,254,689
    )
    
    
    (1,401,955
    )OTHER (EXPENSES) INCOMEInterest income, net
    
    
    13,876
    
    
    
    26,743
    
    
    
    31,523
    
    
    
    106,924(Loss) from equity investees
    
    
    (314,438
    )
    
    
    (76,054
    )
    
    
    (555,657
    )
    
    
    (266,661
    )Other (expense), net
    
    
    (50,208
    )
    
    
    (216
    )
    
    
    (61,004
    )
    
    
    (145,133
    )TOTAL OTHER (EXPENSE)
    
    
    (350,770
    )
    
    
    (49,527
    )
    
    
    (585,138
    )
    
    
    (304,870
    )(Loss) before income taxes and minority interest
    
    
    (818,118
    )
    
    
    (420,436
    )
    
    
    (1,839,827
    )
    
    
    (1,706,825
    )(Recovery of) Income taxes
    
    
    11,654
    
    
    
    10,951
    
    
    
    (120,402
    )
    
    
    13,283(Loss) before minority interest
    
    
    (829,772
    )
    
    
    (431,387
    )
    
    
    (1,719,425
    )
    
    
    (1,720,108
    )Minority interest in loss
    
    
    19,731
    
    
    
    11,271
    
    
    
    65,407
    
    
    
    71,604NET (LOSS)
    
    $
    (810,041
    )
    
    $
    (420,116
    )
    
    $
    (1,654,018
    )
    
    $
    (1,648,504
    )BASIC (LOSS) PER SHARE
    
    $
    (0.06
    )
    
    $
    (0.03
    )
    
    $
    (0.13
    )
    
    $
    (0.13
    )DILUTED (LOSS) PER SHARE
    
    $
    (0.06
    )
    
    $
    (0.03
    )
    
    $
    (0.13
    )
    
    $
    (0.13
    )WEIGHTED SHARES USED IN COMPUTATION  BASIC
    
    
    12,637,735
    
    
    
    12,671,613
    
    
    
    12,637,735
    
    
    
    13,007,012WEIGHTED SHARES USED IN COMPUTATION  DILUTED
    
    
    12,637,735
    
    
    
    12,671,613
    
    
    
    12,637,735
    
    
    
    13,007,012




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CVF
TECHNOLOGIES CORPORATION AND SUBSIDIARIES
 CONSOLIDATED
STATEMENT OF CASH FLOWS
 (UNAUDITED)
 (Expressed in U.S. Currency)Nine Months Ended September 30,2007
    
    
    2006CASH FLOW FROM OPERATING ACTIVITIES:Net (loss) from continuing operations
    
    $
    (1,654,018
    )
    
    $
    (1,648,504
    )Adjustments to reconcile net loss
from operating activities:Depreciation and amortization
    
    
    3,269
    
    
    
    2,077Equity based compensation
    
    
    19,800
    
    
    
    Minority interest in losses of subsidiaries
    
    
    (65,407
    )
    
    
    (71,604
    )Pension expense
    
    
    76,185
    
    
    
    4,151Deferred income tax
    
    
    15,271
    
    
    
    2,628Stock option compensation
    
    
    393
    
    
    
    (7,000
    )Loss from equity investees
    
    
    555,657
    
    
    
    266,661Issuance of restricted stock
    
    
    
    
    
    
    107,900Changes in non-cash working capital itemsDecrease (Increase) in trade receivables
    
    
    303,957
    
    
    
    (579,634
    )(Increase) in loans receivable
    
    
    
    
    
    
    (16,105
    )(Increase) in inventory
    
    
    (17,753
    )
    
    
    (40,130
    )Decrease (Increase) in prepaid expenses and other
    
    
    18,201
    
    
    
    (58,149
    )Increase
(Decrease) in trade payables and accrued liabilities
    
    
    (398,590
    )
    
    
    178,684510,983
    
    
    
    (210,521
    )CASH (USED IN) OPERATING ACTIVITIES
    
    
    (1,143,035
    )
    
    
    (1,859,025
    )CASH FLOWS (USED IN) FROM INVESTING ACTIVITIES:Proceeds from sale of holdings
    
    
    19,877
    
    
    
    CASH PROVIDED BY INVESTING ACTIVITIES
    
    
    19,877
    
    
    
    CASH FLOWS FROM FINANCING ACTIVITIES:Redemption of Series A preferred shares
    
    
    
    
    
    
    (34,401
    )Redemption of Series C preferred shares
    
    
    
    
    
    
    (1,121,667
    )Purchase of treasury shares
    
    
    
    
    
    
    (457,418
    )Repayment of debt
    
    
    
    
    
    
    (25,000
    )Purchase of public company shares
    
    
    
    
    
    
    (60,369
    )CASH (USED) IN FINANCING ACTIVITIES
    
    
    
    
    
    
    (1,698,855
    )EFFECT OF EXCHANGE RATE CHANGES ON CASH AND
CASH EQUIVALENTS
    
    
    (27,655
    )
    
    
    74,132NET (DECREASE) IN CASH AND CASH EQUIVALENTS
    
    
    (1,150,813
    )
    
    
    (3,483,748
    )CASH AND CASH EQUIVALENTS  beginning of period
    
    
    2,332,690
    
    
    
    6,517,893CASH AND CASH EQUIVALENTS  end of period
    
    $
    1,181,877
    
    
    $
    3,034,145




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CVF TECHNOLOGIES CORPORATION AND SUBSIDIARIES
 STATEMENT OF COMPREHENSIVE INCOME
 (UNAUDITED)
 (Expressed in U.S. Currency)Three months ended September 30,
    
    
    Nine months ended September 30,2007
    
    
    2006
    
    
    2007
    
    
    2006Net (loss)
    
    $
    (810,041
    )
    
    $
    (420,116
    )
    
    $
    (1,654,018
    )
    
    $
    (1,648,504
    )Other comprehensive income, net of tax:Foreign currency translation adjustments
    
    
    (125,362
    )
    
    
    6
    
    
    
    (69,259
    )
    
    
    76,238Unrealized holding gains:Unrealized
holding (losses) gain arising during period (see note below)
    
    
    2,864
    
    
    
    (3,023
    )
    
    
    (1,897
    )
    
    
    (1,944
    )Total other comprehensive income
    
    
    (122,498
    )
    
    
    (3,017
    )
    
    
    (71,156
    )
    
    
    74,294Comprehensive (loss) during period
    
    $
    (932,539
    )
    
    $
    (423,133
    )
    
    $
    (1,725,174
    )
    
    $
    (1,574,210
    )




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CVF TECHNOLOGIES CORPORATION AND SUBSIDIARIES
 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
 NINE MONTHS ENDED SEPTEMBER 30, 2007 AND 2006  (UNAUDITED)
  BASIS OF PRESENTATION
    ACCOUNTING POLICIES




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SUBSIDIARY ANNUAL SHAREHOLDERS MEETING
  SUBSIDIARY BIOREM GOES PUBLIC
  EQUITY AND DEBT INVESTMENT IN XYLODYNE CORPORATION




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INCOME (LOSS) PER SHARE
  7.
    
    INVENTORYInventory consists of the following:
 September 30, 2007
    
    December 31, 2006Finished goods
    
    $
    79,879
    
    
    $
    62,126
 INVESTMENTS
  Nine Months Ended September 30,2007
    
    2006Net Sales
    
    $
    5,982,455
    
    
    $
    7,885,807Gross profit on sales
    
    
    1,971,389
    
    
    
    2,293,760Net (loss)
    
    $
    (2,827,107
    )
   
    $
    (1,157,225
    )




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CONCENTRATION OF CREDIT RISK
  DEPENDENCY ON SUPPLIER
  SETTLEMENT WITH THE INTERNAL REVENUE SERVICE




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SERIES C PREFERRED STOCK REDEMPTION
   REDEEMABLE SERIES A PREFERRED STOCK REDEMPTION
  STOCK BUYBACK PLAN
  ISSUANCE OF RESTRICTED CVF COMMON SHARES




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INTERIM FINANCIAL STATEMENT DISCLOSURES
  IMPACT OF RECENTLY ISSUED ACCOUNTING STANDARDS




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SEGMENTED INFORMATION




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ElectricIdentification
    
    Natural
    
    Vehicles
    
    CorporateSystems
    
    Horticultural
    
    & Parts
    
    Administration
    
    Total2007
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $Sales
    
    
    
    
    
    
    169,547
    
    
    
    1,391,759
    
    
    
    
    
    
    
    1,561,306Income
(Loss) from continuing operations
before other income
    
    
    (49,759
    )
    
    
    (242,944
    )
    
    
    (34,006
    )
    
    
    (927,980
    )
    
    
    (1,254,689
    )Other income (expense) *
    
    
    (137,118
    )
    
    
    241,286
    
    
    
    29,100
    
    
    
    (718,406
    )
    
    
    (585,138
    )Income
(Loss) from continuing operations
before income taxes and minority interest
    
    
    (186,877
    )
    
    
    (1,658
    )
    
    
    (4,906
    )
    
    
    (1,646,386
    )
    
    
    (1,839,827
    )*Included in Other
(expense) for
Identification
Systems is foreign
exchange loss of
$166,0282006Sales
    
    
    
    
    
    
    156,195
    
    
    
    855,200
    
    
    
    
    
    
    
    1,011,395(Loss) from
continuing operations before other
income (expense)
    
    
    (119,213
    )
    
    
    (122,760
    )
    
    
    (44,926
    )
    
    
    (1,115,056
    )
    
    
    (1,401,955
    )Other income (expense)
    
    
    (39,897
    )
    
    
    44,041
    
    
    
    (4,180
    )
    
    
    (304,834
    )
    
    
    (304,870
    )(Loss) from
continuing operations before
income taxes
    
    
    (159,110
    )
    
    
    (78,719
    )
    
    
    (49,106
    )
    
    
    (1,419,890
    )
    
    
    (1,706,825
    )
 CONTINGENCIES
  SUBSEQUENT EVENTS




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MANAGEMENTS DISCUSSION AND ANALYSIS OR PLAN OF OPERATION




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
    
    general economic and business conditions;
    
    foreign currency fluctuations, particularly involving the Canadian dollar:
    
    the Companys ability to find additional suitable investments and the ability of those
investments to generate an acceptable return on invested capital; and
    
    the uncertainties and risks involved in investing in early-stage development companies
which can arise because of the lack of a customer base, lack of name recognition and
credibility, the need to locate and retain experienced management and the need to develop and
refine the business and its operations, among other reasons.
    
    the Companys ability to obtain capital to fund its operations and those of its investees.
  
  (a)
    
    The Company carried out an evaluation, under the supervision and with the
participation of the Companys management, including the Companys Chief Executive Officer
and Chief




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Financial Officer, of the effectiveness of the design and operation of the
Companys disclosure controls and procedures. Based upon that evaluation, the Companys
Chief Executive Officer and Chief Financial Officer concluded that the Companys
disclosure controls and procedures are effective as of the end of the period covered by
this report.
 (b)
    
    There has been no significant change in the Companys internal controls over
financial reporting that occurred during the last fiscal quarter that has materially
affected, or is reasonably likely to materially affect, the Companys internal control
over financial reporting.




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Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
 Small Business Issuer Purchases of Equity Securities
 Total No. of shares
    
    Maximum Approximate DollarTotal Number
    
    Average
    
    purchased as part of
    
    Value of shares that may yetof Shares
    
    Price Paid
    
    publicly announced plans
    
    be purchased under publiclyPERIOD
    
    Purchased
    
    per Share
    
    or programs
    
    announced plans or programsJanuary 2006
    
    
    84,100
    
    
    $
    0.33
    
    
    
    84,100
    
    
    $
    470,543.00February 2006
    
    
    49,300
    
    
    $
    0.36
    
    
    
    49,300
    
    
    $
    451,889.50March 2006
    
    
    38,100
    
    
    $
    0.38
    
    
    
    38,100
    
    
    $
    436,875.60April 2006
    
    
    879,961
    
    
    $
    0.40
    
    
    
    879,961
    
    
    $
    82,733.95May 2006
    
    
    89,800
    
    
    $
    0.37
    
    
    
    89,800
    
    
    $
    47,940.14June 2006
    
    
    4,600
    
    
    $
    0.33
    
    
    
    4,600
    
    
    $
    46,445.14September 2006
    
    
    16,800
    
    
    $
    0.23
    
    
    
    16,800
    
    
    $
    42,581.14October 2006
    
    
    4,200
    
    
    $
    0.19
    
    
    
    4,200
    
    
    $
    41,783.14November 2006
    
    
    15,800
    
    
    $
    0.19
    
    
    
    15,800
    
    
    $
    38,781.14December 2006
    
    
    -0-
    
    
    
    -0-
    
    
    
    -0-
    
    
    $
    38,781.14January 2007
    
    
    -0-
    
    
    
    -0-
    
    
    
    -0-
    
    
    $
    38,781.14February 2007
    
    
    -0-
    
    
    
    -0-
    
    
    
    -0-
    
    
    $
    38,781.14March 2007
    
    
    -0-
    
    
    
    -0-
    
    
    
    -0-
    
    
    $
    38,781.14April 2007
    
    
    -0-
    
    
    
    -0-
    
    
    
    -0-
    
    
    $
    38,781.14May 2007
    
    
    -0-
    
    
    
    -0-
    
    
    
    -0-
    
    
    $
    38,781.14June 2007
    
    
    -0-
    
    
    
    -0-
    
    
    
    -0-
    
    
    $
    38,781.14July 2007
    
    
    -0-
    
    
    
    -0-
    
    
    
    -0-
    
    
    $
    38,781.14August 2007
    
    
    -0-
    
    
    
    -0-
    
    
    
    -0-
    
    
    $
    38,781.14September 2007
    
    
    -0-
    
    
    
    -0-
    
    
    
    -0-
    
    
    $
    38,781.14TOTAL
    
    
    1,182,661
    
    
    $
    0.38
    
    
    
    1,182,661
    
    
    $
    38,781.14
 
   Jeffrey I. Dreben
    
    
    
    100,000 sharesRobert B. Nally
    
    
    
    0 sharesRobert L. Miller
    
    
    
    60,000 sharesRobert H. Glazier
    
    
    
    100,000 shares
 
  (11)
    
    Statement re computation of per share earnings(31.1)
    
    Certification of Chief Executive Officer Pursuant to Section 302 of the
Sarbanes-Oxley Act of 2002.(31.2)
    
    Certification of Chief Financial Officer Pursuant to Section 302 of the
Sarbanes-Oxley Act of 2002.(32)
    
    Certifications Pursuant to 18 U.S.C. 1350 As Adopted Pursuant to
Section 906 of the Sarbanes-Oxley Act of 2002




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CVF TECHNOLOGIES CORPORATIONBy:
Name:
    
    /s/ Jeffrey I. Dreben

Jeffrey I. DrebenTitle:
    
    Chairman of the Board, President
and Chief Executive OfficerBy:
Name:
    
    /s/ Robert L. Miller

Robert L. MillerTitle:
    
    Chief Financial Officer




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No.
    
    Description(11)
    
    Statement re computation of per share earnings.(31.1)
    
    Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act
of 2002.(31.2)
    
    Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act
of 2002.(32)
    
    Certifications Pursuant to 18 U.S.C. 1350 As Adopted Pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002.