Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2018 | Aug. 14, 2018 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | FOREVERGREEN WORLDWIDE CORP | |
Entity Central Index Key | 1,091,983 | |
Trading Symbol | fvrg | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 29,192,286 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2018 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q2 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Jun. 30, 2018 | Dec. 31, 2017 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 147,633 | $ 108,112 |
Restricted cash | 56,976 | 56,976 |
Accounts receivable | 153,699 | 215,445 |
Prepaid expenses and other assets | 155,430 | 127,339 |
Inventory, net | 547,939 | 718,775 |
Total Current Assets | 1,061,677 | 1,226,647 |
PROPERTY AND EQUIPMENT, net | 2,354,783 | 2,679,638 |
TOTAL ASSETS | 3,416,460 | 3,906,285 |
CURRENT LIABILITIES | ||
Accounts payable | 1,886,702 | 2,179,096 |
Accrued expenses | 2,795,601 | 2,429,495 |
Deferred revenue | 22,367 | 14,409 |
Current portion of notes payable | 7,533 | 101,247 |
Current portion of convertible notes payable, related parties, net | 896,756 | 963,577 |
Current portion of convertible notes payable | 1,102,936 | 781,756 |
Total Current Liabilities | 6,711,895 | 6,469,580 |
LONG-TERM DEBT | ||
Notes payable, net of current portion | 533,000 | 658,000 |
Convertible notes payable, related parties, net of current portion | 1,718,000 | 1,718,000 |
Convertible notes payable, net of current portion | 3,423,277 | 3,416,768 |
TOTAL LIABILITIES | 12,386,172 | 12,262,348 |
COMMITMENTS AND CONTINGENCIES | ||
STOCKHOLDERS' DEFICIT | ||
Preferred stock; no stated par value; authorized 10,000,000 shares; no shares issued and outstanding at June 30, 2018 and December 31, 2017, respectively | ||
Common stock, par value $0.001 per share; authorized 100,000,000 shares; 26,692,286 shares issued and 25,692,286 outstanding at June 30, 2018 and December 31, 2017 | 26,692 | 26,692 |
Additional paid-in capital | 37,118,264 | 37,118,264 |
Treasury stock | (1,000,000) | (1,000,000) |
Accumulated other comprehensive income | 493,042 | 401,344 |
Accumulated deficit | (45,607,710) | (44,902,363) |
Total Stockholders' Deficit | (8,969,712) | (8,356,063) |
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | $ 3,416,460 | $ 3,906,285 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parentheticals) - $ / shares | Jun. 30, 2018 | Dec. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Preferred stock, no stated par value (in dollars per share) | $ 0 | $ 0 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 26,692,286 | 26,692,286 |
Common stock, shares outstanding | 25,692,286 | 25,692,286 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Income Statement [Abstract] | ||||
TOTAL REVENUES, net | $ 2,727,213 | $ 4,775,470 | $ 5,941,525 | $ 10,880,381 |
COST OF SALES, net | 619,995 | 1,274,193 | 1,419,963 | 2,812,294 |
GROSS PROFIT | 2,107,218 | 3,501,277 | 4,521,562 | 8,068,087 |
OPERATING EXPENSES | ||||
Sales and marketing | 1,094,198 | 1,993,430 | 2,376,427 | 4,550,598 |
General and administrative | 903,727 | 1,786,120 | 1,874,020 | 3,909,367 |
Depreciation and amortization | 240,887 | 230,212 | 475,116 | 458,069 |
Total Operating Expenses | 2,238,812 | 4,009,762 | 4,725,563 | 8,918,034 |
NET OPERATING INCOME (LOSS) | (131,594) | (508,485) | (204,001) | (849,947) |
OTHER INCOME (EXPENSE) | ||||
Other income (expense) | 13,042 | 1,939 | 42,847 | (17,154) |
Interest expense | (295,627) | (189,868) | (544,193) | (337,119) |
Total Other Income (Expense) | (282,585) | (187,929) | (501,346) | (354,273) |
Loss before income tax provision | (414,179) | (696,414) | (705,347) | (1,204,220) |
Income Tax Provision | 0 | 0 | 0 | 0 |
NET LOSS | $ (414,179) | $ (696,414) | $ (705,347) | $ (1,204,220) |
BASIC AND DILUTED LOSS PER COMMON SHARE (in dollars per share) | $ (0.02) | $ (0.03) | $ (0.03) | $ (0.05) |
BASIC AND DILUTED WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING (in shares) | 26,692,285 | 26,692,285 | 26,692,285 | 26,692,285 |
A summary of the components of other comprehensive loss for the fiscal years ended June 30, 2018 and 2017 is as follows: | ||||
Net Loss | $ (414,179) | $ (696,414) | $ (705,347) | $ (1,204,220) |
Other Comprehensive Income (Loss) - foreign currency translation | 218,081 | 38,901 | 91,698 | 267,663 |
Comprehensive Loss | $ (196,098) | $ (657,513) | $ (613,649) | $ (936,557) |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (705,347) | $ (1,204,220) |
Adjustments to reconcile net loss to net cash provided (used) by operating activities: | ||
Depreciation | 475,116 | 454,085 |
Amortization of debt discount | 187,204 | 58,959 |
Expense paid on behalf of the Company | 345,000 | |
Changes in operating assets and liabilities: | ||
Restricted cash | 303 | |
Accounts receivable | 61,746 | 110,887 |
Prepaid expenses and other assets | (28,091) | 201,608 |
Inventory | 170,836 | 474,608 |
Accounts payable | (292,394) | (208,410) |
Deferred revenue | 7,958 | 8,913 |
Accrued expenses | 366,106 | (1,099,685) |
Net Cash Provided (Used In) Operating Activities | 243,134 | (857,952) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchases of property and equipment | (150,261) | (65,526) |
Net Cash Used in Investing Activities | (150,261) | (65,526) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from bank overdraft | 219,250 | |
Proceeds from convertible notes payable - unrelated parties | 655,000 | |
Proceeds from convertible notes payable | 115,000 | |
Repayments on notes payable | (218,714) | (256,321) |
Repayments on convertible notes payable | (41,336) | (57,524) |
Net Cash Provided by (Used In) Financing Activities | (145,050) | 560,405 |
Effect of Foreign Currency on Cash | 91,698 | 267,663 |
NET CHANGE IN CASH | 39,521 | (95,410) |
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 108,112 | 187,136 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 147,633 | 91,726 |
SUPPLEMENTAL CASH FLOW INFORMATION | ||
Cash paid for interest | 45,999 | 60,365 |
Cash paid for income taxes | $ 0 | 0 |
NON-CASH INVESTING AND FINANCING ACTIVITIES: | ||
Beneficial conversion feature | $ 482,250 |
CONDENSED CONSOLIDATED FINANCIA
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS | 6 Months Ended |
Jun. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS | NOTE 1 – CONDENSED CONSOLIDATED FINANCIAL STATEMENTS The accompanying consolidated financial statements have been prepared by the Company without audit. In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows as of and for the six-month period ended June 30, 2018 and for all periods presented have been made. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted. It is suggested that these condensed financial statements be read in conjunction with the financial statements and notes thereto included in the Company’s December 31, 2017 audited financial statements as reported in its Form 10-K. The results of operations for the six-month period ended June 30, 2018 are not necessarily indicative of the operating results for the full year ended December 31, 2018. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Jun. 30, 2018 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying consolidated financial statements are prepared on the basis of accounting principles generally accepted in the United States of America. Principles of Consolidation The consolidated balance sheets and statement of operations at June 30, 2018 include the books of ForeverGreen Worldwide Corporation (Nevada) and its wholly owned subsidiaries. All intercompany transactions and balances have been eliminated in the consolidation. Recognition of Revenue In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) The Company’s sources of revenue are from the sale of various food and other natural product sales and royalties earned. The Company recognizes the sale upon shipment of such goods. The Company offers a 100% satisfaction guarantee against defects for 30 days after the sale of their product except for a few circumstances. The Company extends this return policy to its members for a 30-day period and the consumer has the same return policy in effect against the member. Returns are less than 2.0% of sales for both years presented. Revenues are reported net of returns. All conditions of ASC 606 are met and the revenue is recorded upon sale, with an estimated allowance for returns where material. Foreign Currency Translation The Company’s functional currency is recorded in various currencies, corresponding to the various foreign subsidiaries and its reporting currency is the United States dollar. Management has adopted ASC 830-20, “Foreign Currency Matters – Foreign Currency Transactions.” All assets and liabilities denominated in foreign currencies are translated using the exchange rate prevailing at the balance sheet date. For revenues and expenses, the weighted average exchange rate for the period is used. Gains and losses arising on translation or settlement of foreign currency denominated transactions or balances are included in other comprehensive loss. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make assumptions that affect the amounts reported in the financial statements and accompanying notes. In these financial statements, assets, liabilities and earnings involve extensive reliance on management’s estimates. Actual results could differ from those estimates. Fair Value of Financial Instruments The carrying amounts reported in the balance sheets for accounts receivable, accounts payable and accrued liabilities approximate fair value because of the immediate or short-term nature of these financial instruments. The carrying amounts reported for notes payable approximate fair value because the underlying instruments are at interest rates which approximate current market rates. Reclassification Certain balances in previously issued financial statements have been reclassified to be consistent with the current period presentation. Basic and Diluted Loss Per Share Basic loss per share is computed by dividing net loss by the weighted-average number of common shares outstanding during the period. Diluted loss per share is computed by dividing net loss by the weighted-average number of common shares and dilutive potential common shares outstanding during the period. As of June 30, 2018, there were 40,379,504 common stock equivalents from convertible notes that were excluded from the diluted EPS (earnings per share) calculation as their effect is anti-dilutive. New Accounting Pronouncements After evaluating the recent accounting pronouncements through the date of this filing, the Company has concluded that application of these pronouncements will have no material impact on the Company’s financial results. |
DEBT
DEBT | 6 Months Ended |
Jun. 30, 2018 | |
NOTES PAYABLE [Abstract] | |
DEBT | NOTE 3 – DEBT Notes Payable: Balance December 31, 2017 $ 759,247 Cash additions -- Expense additions -- Cash payments (218,714) Balance June 30, 2018 $ 540,533 Less current portion June 30, 2018 (7,533) Total long-term June 30, 2018 533,000 Convertible Notes Payable: Balance December 31, 2017, net $ 4,198,524 Cash additions 115,000 Expense additions -- Cash payments (41,336) Conversions -- Amortization of debt discounts 47,845 Balance June 30, 2018, net $ 4,320,033 Less current portion June 30, 2018 (896,756) Total long-term June 30, 2018 3,423,277 Convertible Notes Payable – Related Parties: Balance December 31, 2017, net $ 2,681,577 Cash additions -- Expense additions -- Cash payments -- Conversions -- Amortization of debt discounts 139,359 Balance June 30, 2018, net $ 2,820,936 Less current portion June 30, 2018 (1,102,936) Total long-term June 30, 2018 1,718,000 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 6 Months Ended |
Jun. 30, 2018 | |
COMMITMENTS AND CONTINGENCIES [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 4 – COMMITMENTS AND CONTINGENCIES The Company leases facilities and warehouses under operating leases with terms ranging from 12 months to 120 months. The total rent expense recorded during the six-months ended June 30, 2018 was $188,601. The future annual non-cancelable operating lease payments on these leases are as follows: Total Lease Commitments: 2018 - remaining $ 129,593 2019 330,865 2020 339,373 2021 348,106 2022 356,831 Thereafter 1,095,455 Total $ 2,600,223 The Company has evaluated commitments and contingencies from the balance sheet date through the date the financial statements were issued and has determined that there are no such commitments and contingencies that would be a material impact on the financial statements. |
INVENTORY
INVENTORY | 6 Months Ended |
Jun. 30, 2018 | |
INVENTORY [Abstract] | |
INVENTORY | NOTE 5 – INVENTORY June 30, 2018 December 31, 2017 Raw Materials $ 191,387 $ 433,463 Finished Goods 396,552 325,312 Total Inventory 587,939 758,775 Less Reserve for Obsolete Inventory (40,000) (40,000) Total Inventory (net of reserve) $ 547,939 $ 718,775 |
GOING CONCERN
GOING CONCERN | 6 Months Ended |
Jun. 30, 2018 | |
Going Concern [Abstract] | |
GOING CONCERN | NOTE 6 – GOING CONCERN The accompanying financial statements have been prepared using generally accepted accounting principles applicable to a going concern which contemplates the realization of assets and liquidation of liabilities in the normal course of business. As reported in the accompanying consolidated financial statements, the Company has a working capital deficit of $5,650,218 and accumulated deficit of $45,607,710 at June 30, 2018, negative cash flows from operations, and has experienced cash flow difficulties. These factors combined, raise substantial doubt about the Company’s ability to continue as a going concern. Management’s plans to address and alleviate these concerns are as follows: The Company continues to monitor its cost structure and implements cost saving measures deemed to be effective. The Company has initiated some new marketing initiatives to stimulate growth in its monthly revenues, which combined with some new equity financing is allowing the Company to continue to invest in its expansion plan. This plan has involved hosting a number of industry leaders who are performing their due diligence on our Company. Additionally, we expect we will take advantage of some international expansion opportunities. These expansion opportunities will continue to be evaluated and those which provide the best opportunity for success will be pursued on a priority basis. New products have been and will continue to be introduced to bolster Member recruiting and sales. Management will make improvements to the marketing plan to enhance the success that is developed. The Company intends to seek debt and equity financing as necessary. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Jun. 30, 2018 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 7 – SUBSEQUENT EVENTS On July 7, 2018 the Company received a draw of $15,000 from a promissory note issued in June of 2018 from a non-related party with a 10% interest rate and a repayment date of September 30, 2018. The note holder has the option to convert the note into common stock at a conversion rate of $0.12 per share. On July 25, 2018 the Company converted $699,690 of debt to 3,500,000 shares of common stock. |
SUMMARY OF SIGNIFICANT ACCOUN13
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Jun. 30, 2018 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying consolidated financial statements are prepared on the basis of accounting principles generally accepted in the United States of America. |
Principles of Consolidation | Principles of Consolidation The consolidated balance sheets and statement of operations at June 30, 2018 include the books of ForeverGreen Worldwide Corporation (Nevada) and its wholly owned subsidiaries. All intercompany transactions and balances have been eliminated in the consolidation. |
Recognition of Revenue | Recognition of Revenue In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) The Company’s sources of revenue are from the sale of various food and other natural product sales and royalties earned. The Company recognizes the sale upon shipment of such goods. The Company offers a 100% satisfaction guarantee against defects for 30 days after the sale of their product except for a few circumstances. The Company extends this return policy to its members for a 30-day period and the consumer has the same return policy in effect against the member. Returns are less than 2.0% of sales for both years presented. Revenues are reported net of returns. All conditions of ASC 606 are met and the revenue is recorded upon sale, with an estimated allowance for returns where material. |
Foreign Currency Translation | Foreign Currency Translation The Company’s functional currency is recorded in various currencies, corresponding to the various foreign subsidiaries and its reporting currency is the United States dollar. Management has adopted ASC 830-20, “Foreign Currency Matters – Foreign Currency Transactions.” All assets and liabilities denominated in foreign currencies are translated using the exchange rate prevailing at the balance sheet date. For revenues and expenses, the weighted average exchange rate for the period is used. Gains and losses arising on translation or settlement of foreign currency denominated transactions or balances are included in other comprehensive loss. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make assumptions that affect the amounts reported in the financial statements and accompanying notes. In these financial statements, assets, liabilities and earnings involve extensive reliance on management’s estimates. Actual results could differ from those estimates. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The carrying amounts reported in the balance sheets for accounts receivable, accounts payable and accrued liabilities approximate fair value because of the immediate or short-term nature of these financial instruments. The carrying amounts reported for notes payable approximate fair value because the underlying instruments are at interest rates which approximate current market rates. |
Reclassification | Reclassification Certain balances in previously issued financial statements have been reclassified to be consistent with the current period presentation. |
Basic and Diluted Loss Per Share | Basic and Diluted Loss Per Share Basic loss per share is computed by dividing net loss by the weighted-average number of common shares outstanding during the period. Diluted loss per share is computed by dividing net loss by the weighted-average number of common shares and dilutive potential common shares outstanding during the period. As of June 30, 2018, there were 40,379,504 common stock equivalents from convertible notes that were excluded from the diluted EPS (earnings per share) calculation as their effect is anti-dilutive. |
New Accounting Pronouncements | New Accounting Pronouncements After evaluating the recent accounting pronouncements through the date of this filing, the Company has concluded that application of these pronouncements will have no material impact on the Company’s financial results. |
DEBT (Tables)
DEBT (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Notes Payable | |
Debt Instrument [Line Items] | |
Schedule of notes payable | Balance December 31, 2017 $ 759,247 Cash additions -- Expense additions -- Cash payments (218,714) Balance June 30, 2018 $ 540,533 Less current portion June 30, 2018 (7,533) Total long-term June 30, 2018 533,000 |
Convertible Notes Payable | |
Debt Instrument [Line Items] | |
Schedule of notes payable | Balance December 31, 2017, net $ 4,198,524 Cash additions 115,000 Expense additions -- Cash payments (41,336) Conversions -- Amortization of debt discounts 47,845 Balance June 30, 2018, net $ 4,320,033 Less current portion June 30, 2018 (896,756) Total long-term June 30, 2018 3,423,277 |
Convertible Notes Payable - Related Parties | |
Debt Instrument [Line Items] | |
Schedule of notes payable | Balance December 31, 2017, net $ 2,681,577 Cash additions -- Expense additions -- Cash payments -- Conversions -- Amortization of debt discounts 139,359 Balance June 30, 2018, net $ 2,820,936 Less current portion June 30, 2018 (1,102,936) Total long-term June 30, 2018 1,718,000 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
COMMITMENTS AND CONTINGENCIES [Abstract] | |
Schedule of operating leases | Total Lease Commitments: 2018 - remaining $ 129,593 2019 330,865 2020 339,373 2021 348,106 2022 356,831 Thereafter 1,095,455 Total $ 2,600,223 |
INVENTORY (Tables)
INVENTORY (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
INVENTORY [Abstract] | |
Schedule of inventories | June 30, 2018 December 31, 2017 Raw Materials $ 191,387 $ 433,463 Finished Goods 396,552 325,312 Total Inventory 587,939 758,775 Less Reserve for Obsolete Inventory (40,000) (40,000) Total Inventory (net of reserve) $ 547,939 $ 718,775 |
SUMMARY OF SIGNIFICANT ACCOUN17
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Detail Textuals) | 6 Months Ended |
Jun. 30, 2018shares | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Satisfaction guarantee against defects by company | 100.00% |
Extended return policy period | 30 days |
Return products under product return policy | less than 2.0% |
Potentially dilutive shares excluded from computation of diluted net loss per share | 40,379,504 |
DEBT (Details)
DEBT (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Long Term Debt [Roll Forward] | ||
Amortization of debt discounts | $ 187,204 | $ 58,959 |
Notes Payable | ||
Long Term Debt [Roll Forward] | ||
Balance | 759,247 | |
Cash additions | 0 | |
Expense additions | 0 | |
Cash payments | (218,714) | |
Balance | 540,533 | |
Less current portion June 30, 2018 | (7,533) | |
Total long-term June 30, 2018 | 533,000 | |
Convertible Notes Payable | ||
Long Term Debt [Roll Forward] | ||
Balance | 4,198,524 | |
Cash additions | 115,000 | |
Expense additions | 0 | |
Cash payments | (41,336) | |
Conversions | 0 | |
Amortization of debt discounts | 47,845 | |
Balance | 4,320,033 | |
Less current portion June 30, 2018 | (896,756) | |
Total long-term June 30, 2018 | 3,423,277 | |
Convertible Notes Payable - Related Parties | ||
Long Term Debt [Roll Forward] | ||
Balance | 2,681,577 | |
Cash additions | 0 | |
Expense additions | 0 | |
Cash payments | 0 | |
Conversions | 0 | |
Amortization of debt discounts | 139,359 | |
Balance | 2,820,936 | |
Less current portion June 30, 2018 | (1,102,936) | |
Total long-term June 30, 2018 | $ 1,718,000 |
COMMITMENTS AND CONTINGENCIES19
COMMITMENTS AND CONTINGENCIES (Details) | Jun. 30, 2018USD ($) |
COMMITMENTS AND CONTINGENCIES [Abstract] | |
2018 - remaining | $ 129,593 |
2,019 | 330,865 |
2,020 | 339,373 |
2,021 | 348,106 |
2,022 | 356,831 |
Thereafter | 1,095,455 |
Total | $ 2,600,223 |
COMMITMENTS AND CONTINGENCIES20
COMMITMENTS AND CONTINGENCIES (Detail Textuals) | 6 Months Ended |
Jun. 30, 2018USD ($) | |
Commitments And Contingencies [Line Items] | |
Total rent expense recorded | $ 188,601 |
Minimum | |
Commitments And Contingencies [Line Items] | |
Operating lease term | 12 months |
Maximum | |
Commitments And Contingencies [Line Items] | |
Operating lease term | 120 months |
INVENTORY - Summary of inventor
INVENTORY - Summary of inventories (Details) - USD ($) | Jun. 30, 2018 | Dec. 31, 2017 |
INVENTORY [Abstract] | ||
Raw Materials | $ 191,387 | $ 433,463 |
Finished Goods | 396,552 | 325,312 |
Total Inventory | 587,939 | 758,775 |
Less Reserve for Obsolete Inventory | (40,000) | (40,000) |
Total Inventory (net of reserve) | $ 547,939 | $ 718,775 |
GOING CONCERN (Detail Textuals)
GOING CONCERN (Detail Textuals) - USD ($) | Jun. 30, 2018 | Dec. 31, 2017 |
Going Concern [Abstract] | ||
Working capital deficit | $ 5,650,218 | |
Accumulated deficit | $ (45,607,710) | $ (44,902,363) |
SUBSEQUENT EVENTS (Detail Textu
SUBSEQUENT EVENTS (Detail Textuals) - Subsequent event - USD ($) | 2 Months Ended | |
Jul. 25, 2018 | Jul. 07, 2018 | |
Subsequent Event [Line Items] | ||
Value of convertible promissory note issued to non-related party | $ 15,000 | |
Annual interest rate | 10.00% | |
Conversion rate per share | $ 0.12 | |
Conversion of debt to common stock | $ 699,690 | |
Conversion of debt to common stock (in shares) | 3,500,000 |