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U.S. 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, 2005
 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 6. ExhibitsSIGNATURESEXHIBIT INDEXEX-11 STATEMENT RE COMPUTATION OF PER SHARE EARNINGSEX-31.1 CERTIFICATION OF CEO PURSUANT TO SECT 306EX-31.2 CERTIFICATION OF CFO PURSUANT TO SECT 306EX-32 CERTIFICATIONS PURSUANT TO 18 U.S.C. 1350    Table of Contents  
  
  CVF TECHNOLOGIES CORPORATION AND SUBSIDIARIES
 CONSOLIDATED BALANCE SHEETS
 (Expressed in U.S. Currency)September 30,
    
    
    December 31,2005
    
    
    2004(unaudited)
    
    
    (audited)ASSETSCURRENT ASSETS:Cash and cash equivalents
    
    $
    125,219
    
    
    $
    112,648Trade receivables
    
    
    128,581
    
    
    
    139,313Inventory
    
    
    51,500
    
    
    
    58,818Prepaid expenses and other
    
    
    15,560
    
    
    
    30,086TOTAL CURRENT ASSETS
    
    
    320,860
    
    
    
    340,865Property and equipment, net of accumulated depreciation
    
    
    42,593
    
    
    
    51,369Loans receivable
    
    
    142,251
    
    
    
    142,251Equity investment & notes receivable in Biorem (see Note 3)
    
    
    708,020
    
    
    
    791,820Holdings available for sale, at market
    
    
    2,053
    
    
    
    2,011Goodwill
    
    
    1,200,108
    
    
    
    1,200,108TOTAL ASSETS
    
    $
    2,415,885
    
    
    $
    2,528,424LIABILITIES AND STOCKHOLDERS (DEFICIT) EQUITYCURRENT LIABILITIES:Notes payable  other
    
    $
    25,000
    
    
    $
    Subsidiary loans payable
    
    
    272,578
    
    
    
    239,139Accounts payables and accrued liabilities
    
    
    3,192,975
    
    
    
    3,228,089Preferred and other non-voting stock of subsidiaries
    
    
    215,075
    
    
    
    208,425TOTAL CURRENT LIABILITIES
    
    
    3,705,628
    
    
    
    3,675,653LONG-TERM LIABILITIES:Notes payable  other
    
    
    
    
    
    
    25,000Deferred income taxes
    
    
    127,966
    
    
    
    241,892Pension obligation
    
    
    619,709
    
    
    
    618,916TOTAL LONG-TERM LIABILITIES
    
    
    747,675
    
    
    
    885,808Redeemable Series A preferred stock, $0.001 par value,
redeemable at $18.25 per share, authorized 500,000 shares,
issued and outstanding 3,477 shares
    
    
    63,455
    
    
    
    63,4554,516,758
    
    
    
    4,624,916STOCKHOLDERS (DEFICIT) EQUITY:Series C convertible preferred stock, $0.001 par value,
issued and outstanding 100,000 shares, stated value $1,000,000
    
    
    100
    
    
    
    100Common stock, $0.001 par value, authorized 50,000,000 shares,
13,820,396 issued (2004; 13,761,225) and in
treasury 481,700 (2004; 481,700)
    
    
    14,302
    
    
    
    14,243Warrants
    
    
    111,094
    
    
    
    111,094Additional paid in capital
    
    
    30,611,078
    
    
    
    30,632,237Treasury stock
    
    
    (2,747,174
    )
    
    
    (2,747,174
    )Accumulated other comprehensive loss
    
    
    (528,206
    )
    
    
    (409,594
    )Accumulated deficit
    
    
    (29,562,067
    )
    
    
    (29,697,398
    )TOTAL STOCKHOLDERS (DEFICIT) EQUITY
    
    
    (2,100,873
    )
    
    
    (2,096,492
    )TOTAL LIABILITIES AND STOCKHOLDERS (DEFICIT) EQUITY
    
    $
    2,415,885
    
    
    $
    2,528,424




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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 30,2005
    
    
    2004
    
    
    2005
    
    
    2004SALES
    
    $
    92,916
    
    
    $
    2,365,797
    
    
    $
    340,938
    
    
    $
    7,027,429Cost of sales
    
    
    31,122
    
    
    
    1,083,751
    
    
    
    104,713
    
    
    
    3,744,124GROSS MARGIN
    
    
    61,794
    
    
    
    1,282,046
    
    
    
    236,225
    
    
    
    3,283,305EXPENSES:Selling, general and administrative
    
    
    441,238
    
    
    
    1,330,813
    
    
    
    1,300,549
    
    
    
    4,169,769Research and development
    
    
    
    
    
    
    71,190
    
    
    
    
    
    
    
    312,424TOTAL EXPENSES
    
    
    441,238
    
    
    
    1,402,003
    
    
    
    1,300,549
    
    
    
    4,482,193(Loss) from continuing operations before under noted items
    
    
    (379,444
    )
    
    
    (119,957
    )
    
    
    (1,064,324
    )
    
    
    (1,198,888
    )OTHER (EXPENSES) INCOMEInterest income (expense), net
    
    
    (33,453
    )
    
    
    (78,673
    )
    
    
    (39,534
    )
    
    
    (247,425
    )Income from equity investees
    
    
    1,229
    
    
    
    
    
    
    
    67,747
    
    
    
    Other income (expense), net
    
    
    59,046
    
    
    
    27,761
    
    
    
    34,703
    
    
    
    24,393Gain (loss) on sale of holdings
    
    
    228,263
    
    
    
    (17
    )
    
    
    1,027,137
    
    
    
    (2,021
    )Gain on sale of equity in subsidiary
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    742,568TOTAL OTHER INCOME (EXPENSE)
    
    
    255,085
    
    
    
    (50,929
    )
    
    
    1,090,053
    
    
    
    517,515Income (Loss) before income taxes and minority interest
    
    
    (124,359
    )
    
    
    (170,886
    )
    
    
    25,729
    
    
    
    (681,373
    )Income taxes (recovery)
    
    
    (38,288
    )
    
    
    5,307
    
    
    
    (111,917
    )
    
    
    5,307Income (Loss) before minority interest
    
    
    (86,071
    )
    
    
    (176,193
    )
    
    
    137,646
    
    
    
    (686,680
    )Minority interest in loss
    
    
    
    
    
    
    2,869
    
    
    
    
    
    
    
    77,454NET INCOME (LOSS)
    
    $
    (86,071
    )
    
    $
    (173,324
    )
    
    $
    137,646
    
    
    $
    (609,226
    )BASIC INCOME (LOSS) PER SHARE
    
    $
    (0.01
    )
    
    $
    (0.01
    )
    
    $
    0.01
    
    
    $
    (0.05
    )DILUTED INCOME (LOSS) PER SHARE
    
    $
    (0.01
    )
    
    $
    (0.01
    )
    
    $
    0.01
    
    
    $
    (0.05
    )WEIGHTED SHARES USED IN COMPUTATION  BASIC
    
    
    13,820,396
    
    
    
    12,812,438
    
    
    
    13,817,578
    
    
    
    12,157,730WEIGHTED SHARES USED IN COMPUTATION  DILUTED
    
    
    13,820,396
    
    
    
    12,812,438
    
    
    
    13,872,389
    
    
    
    12,157,730




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CVF TECHNOLOGIES CORPORATION AND SUBSIDIARIES
 CONSOLIDATED STATEMENT OF CASH FLOWS
 UNAUDITED
 (Expressed in U.S. Currency)Nine Months Ended September 30,2005
    
    
    2004CASH FLOW FROM OPERATING ACTIVITIES:Net income (loss) from continuing operations
    
    $
    137,646
    
    
    $
    (609,226
    )Adjustments to reconcile net loss
from operating activities:Depreciation and amortization
    
    
    9,897
    
    
    
    274,669Gain on sale of subsidiary
    
    
    
    
    
    
    742,568(Loss) gain on sale of holdings
    
    
    
    
    
    
    2,021Minority interest in losses of subsidiaries
    
    
    
    
    
    
    (77,454
    )Pension expense
    
    
    793
    
    
    
    24,321Deferred tax income
    
    
    (113,926
    )
    
    
    5,307Stock option compensation
    
    
    (44,300
    )
    
    
    585,992Income from equity investees
    
    
    (67,747
    )
    
    
    Changes in non-cash working capital itemsDecrease (increase) in trade receivables
    
    
    10,732
    
    
    
    669,957Decrease in inventory
    
    
    7,318
    
    
    
    199,503(Increase) decrease in prepaid expenses and other
    
    
    14,526
    
    
    
    (92,417
    )Decrease in income taxes receivable
    
    
    
    
    
    
    93,120Increase (decrease) in trade payables and accrued liabilities
    
    
    (35,114
    )
    
    
    (857,653
    )(217,821
    )
    
    
    1,569,934CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES
    
    
    (80,175
    )
    
    
    960,708CASH FLOWS FROM INVESTING ACTIVITIES:Disposal (purchase) of property and equipment
    
    
    
    
    
    
    97,038Proceeds from sale of holdings
    
    
    171,384
    
    
    
    2,432(Purchase of treasury shares)
    
    
    
    
    
    
    (69,688
    )CASH PROVIDED BY INVESTING ACTIVITIES
    
    
    171,384
    
    
    
    29,782CASH FLOWS (USED) FROM FINANCING ACTIVITIES:Increase (decrease) in subsidiary loans
    
    
    57,964
    
    
    
    (5,042
    )Exercise of stock options
    
    
    23,200
    
    
    
    Increase (decrease) in note payable to officer
    
    
    
    
    
    
    (694,980
    )Issuance of common stock
    
    
    
    
    
    
    681,012CASH PROVIDED (USED) BY FINANCING ACTIVITIES
    
    
    81,164
    
    
    
    (19,010
    )EFFECT OF EXCHANGE RATE CHANGES ON CASH AND
CASH EQUIVALENTS
    
    
    (159,802
    )
    
    
    (318,254
    )NET INCREASE IN CASH AND CASH EQUIVALENTS
    
    
    12,571
    
    
    
    653,226CASH AND CASH EQUIVALENTS  beginning of period
    
    
    112,648
    
    
    
    225,535CASH AND CASH EQUIVALENTS  end of period
    
    $
    125,219
    
    
    $
    878,761




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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 30,2005
    
    
    2004
    
    
    2005
    
    
    2004Net Income (loss)
    
    $
    (86,071
    )
    
    $
    (173,324
    )
    
    $
    137,646
    
    
    $
    (609,226
    )Other comprehensive income, net of tax:Foreign currency translation adjustments
    
    
    (174,803
    )
    
    
    (265,396
    )
    
    
    (118,199
    )
    
    
    (128,606
    )Unrealized holding gains:Unrealized holding losses arising during period (see note below)
    
    
    (713
    )
    
    
    (702
    )
    
    
    (413
    )
    
    
    685Total other comprehensive income (loss)
    
    
    (175,516
    )
    
    
    (266,098
    )
    
    
    (118,612
    )
    
    
    (127,921
    )Comprehensive income (loss) during period
    
    $
    (261,587
    )
    
    $
    (439,422
    )
    
    $
    19,034
    
    
    $
    (737,147
    )
 Note:
    
    Unrealized holding losses are net of tax (benefit) of ($475) and
($468) for the three months ended September 30, 2005 and 2004
respectively and ($275) and $457 for the nine months
ended September 30, 2005 and 2004 respectively.




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CVF TECHNOLOGIES CORPORATION AND SUBSIDIARIES
 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
 NINE MONTHS ENDED SEPTEMBER 30, 2005 AND 2004  (UNAUDITED)
  1.
    
    BASIS OF PRESENTATION
    2.
    
    ACCOUNTING POLICIES




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For the three months ended
    
    
    For the nine months endedSeptember 30,
    
    
    September 30,2005
    
    
    2004
    
    
    2005
    
    
    2004Net income (loss) to common shareholders,
as reported
    
    $
    (86,851
    )
    
    $
    (174,102
    )
    
    $
    135,331
    
    
    $
    (611,544
    )Deduct: Stock-based compensation, net of tax
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    38,164Net income (loss) available to common
shareholders, pro-forma
    
    $
    (86,851
    )
    
    $
    (174,102
    )
    
    $
    135,331
    
    
    $
    (649,708
    )Basic and diluted earnings (loss) per share:As
reported 
    
    $
    (.01
    )
    
    $
    (.01
    )
    
    $
    .01
    
    
    $
    (.05
    )Pro-forma

    
    $
    (.01
    )
    
    $
    (.01
    )
    
    $
    .01
    
    
    $
    (.05
    )




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For the nine months ended September 30,2005
    
    2004Risk free interest rate
    
    
    5.0
    %
    
    
    5.0
    %Expected life
    
    2.0 years
    
    5.0 yearsDividend rate
    
    
    0.00
    %
    
    
    0.00
    %Expected volatility
    
    
    90.2
    %
    
    
    95.2
    %
 3.
    
    SUBSIDIARY BIOREM GOES PUBLIC
   4.
    
    INCOME (LOSS) PER SHARE




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5.
    
    INVENTORY
  September 30, 2005
    
    
    December 31, 2004Finished goods
    
    $
    115,313
    
    
    $
    124,821Less obsolescence reserve
    
    
    (63,813
    )
    
    
    (66,003
    )$
    51,500
    
    
    $
    58,818
 6.
    
    INVESTMENTS
  Nine Months Ended September 30,2005
    
    
    2004Net Sales
    
    $
    6,776,699
    
    
    $
    1,767,613Gross profit on sales
    
    
    2,775,546
    
    
    
    584,522Net income (loss)
    
    $
    20,073
    
    
    $
    (862,717
    )
   7.
    
    SERIES B PREFERRED DIVIDENDS




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8.
    
    INTERIM FINANCIAL STATEMENT DISCLOSURES
  9.
    
    IMPACT OF RECENTLY ISSUED ACCOUNTING STANDARDS




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10.
    
    STOCK OPTIONS AND WARRANTS
  11.
    
    SEGMENTED INFORMATION




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Biorem-
    
    Machine
    
    Identification
    
    Natural
    
    Corporateediation
    
    Controls *
    
    Systems
    
    Horticultural
    
    Administration
    
    Total$
    
    $
    
    $
    
    $
    
    $
    
    $2005Sales
    
    
    
    
    
    
    
    
    
    
    315,939
    
    
    
    24,999
    
    
    
    
    
    
    
    340,938Income (Loss) from
continuing operations
before other income
    
    
    
    
    
    
    
    
    
    
    (127,791
    )
    
    
    (18,846
    )
    
    
    (917,687
    )
    
    
    (1,064,324
    )Other income
    
    
    
    
    
    
    
    
    
    
    (81,063
    )
    
    
    41,474
    
    
    
    1,129,642
    
    
    
    1,090,053Income (loss) from
continuing operations
before income taxes
    
    
    
    
    
    
    
    
    
    
    (208,854
    )
    
    
    22,628
    
    
    
    211,955
    
    
    
    25,7292004Sales
    
    
    5,975,726
    
    
    
    402,029
    
    
    
    447,353
    
    
    
    202,321
    
    
    
    
    
    
    
    7,027,429Income (Loss) from
continuing operations
before other income
(expense)
    
    
    566,272
    
    
    
    (205,782
    )
    
    
    (138,716
    )
    
    
    (215,144
    )
    
    
    (1,205,518
    )
    
    
    (1,198,888
    )Other income (expense)
    
    
    (162,931
    )
    
    
    (23,175
    )
    
    
    (39,075
    )
    
    
    
    
    
    
    28,295
    
    
    
    (225,053
    )(Loss) from
continuing operations
before income taxes
    
    
    403,341
    
    
    
    (228,957
    )
    
    
    (177,791
    )
    
    
    (186,849
    )
    
    
    (1,233,685
    )
    
    
    (1,423,941
    )
 
 *
    
    Nine months 2004 Machine Controls results above includes only January 1, 2004
through March 24, 2004 as CVF no longer consolidated the company as of March 24, 2004. 12.
    
    EQUITY INVESTEE SRE FILES BANKRUPTCY




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13.
    
    CONTINGENCIES




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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 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. Disclosure controls and procedures are controls and procedures that are
designed to ensure that information required to be disclosed in Company reports filed or
submitted under the Exchange Act is recorded, processed, summarized and reported within
the time periods specified in the SEC rules and forms.
 (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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(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
 
    CVF TECHNOLOGIES CORPORATIONBy:
    
    /s/ Jeffrey I. DrebenName: Jeffrey I. DrebenTitle: Chairman of the Board, Presidentand Chief Executive OfficerBy:
    
    /s/ Robert L. MillerName: 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.