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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 June 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 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)June 30,
    
    
    December 31,2007
    
    
    2006(unaudited)
    
    
    (audited)ASSETSCURRENT ASSETS:Cash and cash equivalents
    
    $
    357,403
    
    
    $
    1,164,736Restricted cash
    
    
    998,456
    
    
    
    1,167,954Trade receivables
    
    
    358,594
    
    
    
    401,714Inventory
    
    
    82,800
    
    
    
    62,126Prepaid expenses and other
    
    
    35,887
    
    
    
    37,148TOTAL CURRENT ASSETS
    
    
    1,833,140
    
    
    
    2,833,678Property and equipment, net of accumulated depreciation
    
    
    14,816
    
    
    
    12,167Loans receivable
    
    
    142,251
    
    
    
    142,251Equity investment & notes receivable in Biorem (see Note 4)
    
    
    305,615
    
    
    
    487,546Holdings available for sale, at market
    
    
    16,017
    
    
    
    18,628Security Deposit, long-term
    
    
    1,560
    
    
    
    1,426Note receivable
    
    
    444,591
    
    
    
    406,461TOTAL ASSETS
    
    $
    2,757,990
    
    
    $
    3,902,157LIABILITIES AND STOCKHOLDERS (DEFICIT) EQUITYCURRENT LIABILITIES:Accounts payables and accrued liabilities
    
    $
    982,303
    
    
    $
    2,322,857IRS Audit Settlement
    
    
    876,788
    
    
    
    TOTAL CURRENT LIABILITIES
    
    
    1,859,091
    
    
    
    2,322,857LONG-TERM LIABILITIES:Deferred income taxes
    
    
    93,070
    
    
    
    87,195Minority interest
    
    
    861,686
    
    
    
    832,111Pension obligation
    
    
    628,598
    
    
    
    588,540TOTAL LONG-TERM LIABILITIES
    
    
    1,583,354
    
    
    
    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
    
    
    
    29,0543,471,499
    
    
    
    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
    
    
    29,752,262
    
    
    
    29,643,702Treasury stock
    
    
    (3,208,392
    )
    
    
    (3,208,392
    )Accumulated other comprehensive loss
    
    
    (220,264
    )
    
    
    (271,606
    )Accumulated deficit
    
    
    (27,164,171
    )
    
    
    (26,248,360
    )TOTAL STOCKHOLDERS (DEFICIT) EQUITY
    
    
    (713,509
    )
    
    
    42,400TOTAL LIABILITIES AND STOCKHOLDERS (DEFICIT) EQUITY
    
    $
    2,757,990
    
    
    $
    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 June 30,
    
    
    Six months ended June 30,2007
    
    
    2006
    
    
    2007
    
    
    2006SALES
    
    $
    635,903
    
    
    $
    179,652
    
    
    $
    1,317,582
    
    
    $
    200,320Royalty Income
    
    
    5,908
    
    
    
    7,707
    
    
    
    5,908
    
    
    
    8,100Cost of sales
    
    
    476,344
    
    
    
    113,327
    
    
    
    1,013,520
    
    
    
    128,207GROSS MARGIN
    
    
    165,467
    
    
    
    74,032
    
    
    
    309,970
    
    
    
    80,213EXPENSES:Selling, general and administrative
    
    
    560,227
    
    
    
    616,416
    
    
    
    1,097,311
    
    
    
    1,111,259TOTAL EXPENSES
    
    
    560,227
    
    
    
    616,416
    
    
    
    1,097,311
    
    
    
    1,111,259(Loss) from continuing operations before under noted items
    
    
    (394,760
    )
    
    
    (542,384
    )
    
    
    (787,341
    )
    
    
    (1,031,046
    )OTHER (EXPENSES) INCOMEInterest income, net
    
    
    11,341
    
    
    
    29,597
    
    
    
    17,647
    
    
    
    80,181(Loss) from equity investees
    
    
    (165,545
    )
    
    
    (143,355
    )
    
    
    (241,219
    )
    
    
    (190,607
    )Other (expense), net
    
    
    (23,035
    )
    
    
    (140,043
    )
    
    
    (10,796
    )
    
    
    (144,917
    )TOTAL OTHER (EXPENSE)
    
    
    (177,239
    )
    
    
    (253,801
    )
    
    
    (234,368
    )
    
    
    (255,343
    )(Loss) before income taxes and minority interest
    
    
    (571,999
    )
    
    
    (796,185
    )
    
    
    (1,021,709
    )
    
    
    (1,286,389
    )(Recovery of) Income taxes
    
    
    (132,826
    )
    
    
    589
    
    
    
    (132,056
    )
    
    
    2,332(Loss) before minority interest
    
    
    (439,173
    )
    
    
    (796,774
    )
    
    
    (889,653
    )
    
    
    (1,288,721
    )Minority interest in loss
    
    
    33,104
    
    
    
    49,220
    
    
    
    45,676
    
    
    
    60,333NET (LOSS)
    
    $
    (406,069
    )
    
    $
    (747,554
    )
    
    $
    (843,977
    )
    
    $
    (1,228,388
    )BASIC (LOSS) PER SHARE
    
    $
    (0.03
    )
    
    $
    (0.06
    )
    
    $
    (0.07
    )
    
    $
    (0.09
    )DILUTED (LOSS) PER SHARE
    
    $
    (0.03
    )
    
    $
    (0.06
    )
    
    $
    (0.07
    )
    
    $
    (0.09
    )WEIGHTED SHARES USED IN COMPUTATION  BASIC
    
    
    12,637,735
    
    
    
    12,942,638
    
    
    
    12,637,735
    
    
    
    13,177,491WEIGHTED SHARES USED IN COMPUTATION  DILUTED
    
    
    12,637,735
    
    
    
    12,942,638
    
    
    
    12,637,735
    
    
    
    13,177,491




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CONSOLIDATED STATEMENT OF CASH FLOWS
 (UNAUDITED)
 (Expressed in U.S. Currency)Six Months Ended June 30,2007
    
    
    2006CASH FLOW FROM OPERATING ACTIVITIES:Net (loss) from continuing operations
    
    $
    (843,977
    )
    
    $
    (1,228,388
    )Adjustments to reconcile net loss
from operating activities:Depreciation and amortization
    
    
    2,129
    
    
    
    1,593Equity based compensation
    
    
    19,800
    
    
    
    Minority interest in losses of subsidiaries
    
    
    (45,676
    )
    
    
    (60,333
    )Pension expense
    
    
    40,058
    
    
    
    12,142Deferred income tax
    
    
    5,875
    
    
    
    4,778Stock option compensation
    
    
    393
    
    
    
    (4,200
    )Loss from equity investees
    
    
    241,219
    
    
    
    190,607Issuance of restricted stock
    
    
    
    
    
    
    53,950Changes in non-cash working capital itemsDecrease (Increase) in trade receivables
    
    
    43,120
    
    
    
    (63,643
    )(Increase) in loans receivable
    
    
    
    
    
    
    (16,126
    )(Increase) in inventory
    
    
    (20,674
    )
    
    
    (133,367
    )Decrease (Increase) in prepaid expenses and other
    
    
    1,261
    
    
    
    (45,334
    )(Decrease) in trade payables and accrued liabilities
    
    
    (457,891
    )
    
    
    (228,655
    )(170,386
    )
    
    
    (288,588
    )CASH (USED IN) OPERATING ACTIVITIES
    
    
    (1,014,363
    )
    
    
    (1,516,976
    )CASH FLOWS FROM FINANCING ACTIVITIES:Redemption of Series C preferred shares
    
    
    
    
    
    
    (1,121,667
    )Purchase of treasury shares
    
    
    
    
    
    
    (453,554
    )Repayment of debt
    
    
    
    
    
    
    (25,000
    )Purchase of public company shares
    
    
    
    
    
    
    (51,586
    )CASH (USED) IN FINANCING ACTIVITIES
    
    
    
    
    
    
    (1,651,807
    )EFFECT OF EXCHANGE RATE CHANGES ON CASH AND
CASH EQUIVALENTS
    
    
    37,532
    
    
    
    86,989NET (DECREASE) IN CASH AND CASH EQUIVALENTS
    
    
    (976,831
    )
    
    
    (3,081,794
    )CASH AND CASH EQUIVALENTS  beginning of period
    
    
    2,332,690
    
    
    
    6,517,893CASH AND CASH EQUIVALENTS  end of period
    
    $
    1,355,859
    
    
    $
    3,436,099




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CVF TECHNOLOGIES CORPORATION AND SUBSIDIARIES
 STATEMENT OF COMPREHENSIVE INCOME
 (UNAUDITED)
 (Expressed in U.S. Currency)Three months ended June 30,
    
    
    Six months ended June 30,2007
    
    
    2006
    
    
    2007
    
    
    2006Net (loss)
    
    $
    (406,069
    )
    
    $
    (747,554
    )
    
    $
    (843,977
    )
    
    $
    (1,228,388
    )Other comprehensive income, net of tax:Foreign currency translation adjustments
    
    
    25,639
    
    
    
    (1,855
    )
    
    
    56,103
    
    
    
    76,232Unrealized holding gains:Unrealized holding (losses) gain arising during period (see note below)
    
    
    (2,986
    )
    
    
    967
    
    
    
    (4,761
    )
    
    
    1,079Total other comprehensive income
    
    
    22,653
    
    
    
    (888
    )
    
    
    51,342
    
    
    
    77,311Comprehensive (loss) during period
    
    $
    (383,416
    )
    
    $
    (748,442
    )
    
    $
    (792,635
    )
    
    $
    (1,151,077
    )




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CVF TECHNOLOGIES CORPORATION AND SUBSIDIARIES
 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
 SIX MONTHS ENDED JUNE 30, 2007 AND 2006  (UNAUDITED)
  1.
    
    BASIS OF PRESENTATION
    2.
    
    ACCOUNTING POLICIESStock Based Compensation Plans




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3.
    
    SUBSIDIARY ANNUAL SHAREHOLDERS MEETING
  4.
    
    SUBSIDIARY BIOREM GOES PUBLIC
  5.
    
    EQUITY AND DEBT INVESTMENT IN XYLODYNE CORPORATION




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6.
    
    INCOME (LOSS) PER SHARE
  7.
    
    INVENTORYInventory consists of the following:
 June 30, 2007
    
    December 31, 2006Finished goods
    
    $
    82,800
    
    
    $
    62,126
 8.
    
    INVESTMENTS
  Six Months Ended June 30,2007
    
    2006Net Sales
    
    $
    3,570,851
    
    
    $
    5,363,351Gross profit on sales
    
    
    1,237,291
    
    
    
    1,327,024Net (loss)
    
    $
    (1,142,881
    )
    
    $
    (830,435
    )




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9.
    
    CONCENTRATION OF CREDIT RISK
  10.
    
    DEPENDENCY ON SUPPLIER
  11.
    
    SETTLEMENT WITH THE INTERNAL REVENUE SERVICE




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12.
    
    SERIES C PREFERRED STOCK REDEMPTION
   13.
    
    REDEEMABLE SERIES A PREFERRED STOCK REDEMPTION
  14.
    
    STOCK BUYBACK PLAN
  15.
    
    ISSUANCE OF RESTRICTED CVF COMMON SHARES




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16.
    
    INTERIM FINANCIAL STATEMENT DISCLOSURES
  17.
    
    IMPACT OF RECENTLY ISSUED ACCOUNTING STANDARDSThe Company has implemented new accounting standards as follows:FIN 48  Accounting for Uncertainty in Income TaxesIn June 2006, the FASB issued Interpretation No. 48, Accounting for Uncertainty in Income
Taxes- an interpretation of FASB Statement No. 109, Accounting for Income Taxes. The
Statement clarifies the accounting for uncertainty in income taxes recognized in an
enterprises financial statements, and prescribes a recognition threshold and measurement
attribute for the financial statement recognition and measurement of a tax position taken
or expected to be taken in a tax return. This interpretation also provides guidance on
derecognition, classification, interest and penalties, accounting in interim periods,
disclosure, and transition. FIN 48 is effective for fiscal years beginning after December
15, 2006. Management believes this Statement will have no impact on the financial
statements of the Company once adopted.FASB 157  Fair Value MeasuresIn September 2006, the FASB issued FASB Statement No. 157. This Statement defines fair
value, establishes a framework for measuring fair value in generally accepted accounting
principles (GAAP), and expands disclosures about fair value measurements. This Statement
applies under other accounting pronouncements that require or permit fair value
measurements, the Board having previously concluded in those accounting pronouncements that
fair value is a relevant measurement attribute. Accordingly, this Statement does not
require any new fair value measurements. However, for some entities, the application of
this Statement will change current practices. This Statement is effective for financial
statements for fiscal years beginning after November 15, 2007. Earlier application is
permitted provided that the reporting entity has not yet issued financial statements for
that fiscal year. Management believes this Statement will have significant positive impact
on the financial statements of the Company once adopted.




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FASB 159  Fair Value Option for Financial Assets and Financial LiabilitiesIn February 2007, the FASB issued FASB Statement No. 159, The Fair Value Option for
Financial Assets and Financial Liabilities  Including an Amendment of FASB Statement No.
115 (SFAS 159). This Statement provides companies with an option to measure, at specified
election dates, many financial instruments and certain other items at fair value that are
not currently measured at fair value. A company that adopts SFAS 159 will report unrealized
gains and losses on items for which the fair value option has been elected in earnings at
each subsequent reporting date. This Statement also establishes presentation and disclosure
requirements designed to facilitate comparisons between entities that choose different
measurement attributes for similar types of assets and liabilities. This Statement is
effective for fiscal years beginning after November 15, 2007, which for us is the first
quarter of fiscal 2008. We do not believe that the adoption of SFAS 159 will have a
material impact on our results of operations or financial condition.18.
    
    SEGMENTED INFORMATION




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ElectricIdentification
    
    
    Natural
    
    
    Vehicles
    
    
    CorporateSystems
    
    
    Horticultural
    
    
    & Parts
    
    
    Administration
    
    
    Total2007Sales
    
    $
    
    
    
    $
    149,064
    
    
    $
    1,174,426
    
    
    $
    
    
    
    $
    1,323,490Income (Loss) from
continuing operations
before other income
    
    
    (44,093
    )
    
    
    (137,483
    )
    
    
    19,826
    
    
    
    (625,591
    )
    
    
    (787,341
    )Other income (expense)
    
    
    (86,410
    )
    
    
    135,671
    
    
    
    12,211
    
    
    
    (295,840
    )
    
    
    (234,368
    )Income (Loss) from
continuing operations
before income taxes
and minority interest
    
    
    (130,503
    )
    
    
    (1,812
    )
    
    
    32,037
    
    
    
    (921,431
    )
    
    
    (1,021,709
    )2006Sales
    
    
    
    
    
    
    140,086
    
    
    
    68,334
    
    
    
    
    
    
    
    208,420(Loss) from
continuing operations
before other income
(expense)
    
    
    (102,445
    )
    
    
    (55,369
    )
    
    
    (113,080
    )
    
    
    (760,152
    )
    
    
    (1,031,046
    )Other income (expense)
    
    
    (69,935
    )
    
    
    46,102
    
    
    
    
    
    
    
    (231,510
    )
    
    
    (255,343
    )(Loss) from
continuing operations
before income taxes
    
    
    (172,380
    )
    
    
    (9,267
    )
    
    
    (113,080
    )
    
    
    (991,662
    )
    
    
    (1,286,389
    )
 19.
    
    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




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
    
    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.(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-
    
    
    $
    38,781.14TOTAL
    
    
    1,182,661
    
    
    $
    0.38
    
    
    
    1,182,661
    
    
    $
    38,781.14
 
  (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:
    
    /s/ Jeffrey I. DrebenName:
    
    Jeffrey I. DrebenTitle:
    
    Chairman of the Board, President and 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.