Cover
Cover - shares | 3 Months Ended | |
Mar. 31, 2024 | May 13, 2024 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Interactive Data Current | Yes | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2024 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 | |
Entity Information [Line Items] | ||
Entity Registrant Name | PACIFIC HEALTH CARE ORGANIZATION, INC. | |
Entity Central Index Key | 0001138476 | |
Entity File Number | 000-50009 | |
Entity Tax Identification Number | 87-0285238 | |
Entity Incorporation, State or Country Code | UT | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Shell Company | false | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Contact Personnel [Line Items] | ||
Entity Address, Address Line One | 19800 MacArthur Boulevard, Suites 306 & 307 | |
Entity Address, City or Town | Irvine | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 92612 | |
Entity Phone Fax Numbers [Line Items] | ||
City Area Code | 949 | |
Local Phone Number | 721-8272 | |
Entity Listings [Line Items] | ||
Title of 12(b) Security | None | |
No Trading Symbol Flag | true | |
Security Exchange Name | NONE | |
Entity Common Stock, Shares Outstanding | 12,800,000 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Current Assets | ||
Cash | $ 2,839,036 | $ 2,565,992 |
Investments | 7,976,997 | 7,877,752 |
Accounts receivable (net of allowance $32,850 and $32,814) | 879,119 | 1,020,580 |
Deferred tax asset | 38,871 | 38,871 |
Prepaid expenses | 179,879 | 179,702 |
Total current assets | 11,913,902 | 11,682,897 |
Property and Equipment, net | ||
Computer equipment | 259,532 | 255,783 |
Furniture and fixtures | 21,620 | 21,620 |
Total property and equipment | 281,152 | 277,403 |
Less: accumulated depreciation and amortization | (209,436) | (200,009) |
Net property and equipment | 71,716 | 77,394 |
Operating lease right-of-use assets, net | 46,890 | 56,489 |
Other assets | 7,110 | 7,110 |
Total Assets | 12,039,618 | 11,823,890 |
Current Liabilities | ||
Accounts payable | 148,069 | 159,789 |
Accrued expenses | 336,185 | 367,609 |
Income tax payable | 373,487 | 296,452 |
Dividends payable | 94,858 | 109,013 |
Operating lease liabilities, current portion | 34,920 | 44,519 |
Unearned revenue | 39,107 | 30,919 |
Total current liabilities | 1,026,626 | 1,008,301 |
Long Term Liabilities | ||
Operating lease liabilities, long term portion | 11,970 | 11,970 |
Total Liabilities | 1,038,596 | 1,020,271 |
Commitments and Contingencies | 0 | 0 |
Stockholders’ Equity | ||
Convertible preferred stock, $0.001 par value, 5,000,000 shares authorized of which 40,000 shares designated as Series A preferred and 16,000 shares issued and outstanding | 16 | 16 |
Common stock, $0.001 par value, 800,000,000 shares authorized, 12,800,000 shares issued and outstanding | 12,800 | 12,800 |
Additional paid-in capital | 416,057 | 416,057 |
Retained earnings | 10,572,149 | 10,374,746 |
Total stockholders’ equity | 11,001,022 | 10,803,619 |
Total Liabilities and Stockholders’ Equity | $ 12,039,618 | $ 11,823,890 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parentheticals) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Accounts receivable, allowance (in Dollars) | $ 32,850 | $ 32,814 |
Convertible Preferred stock, par value (in Dollars per share) | $ 0.001 | $ 0.001 |
Convertible Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Convertible Preferred stock, shares issued | 16,000 | 16,000 |
Convertible Preferred stock, shares outstanding | 16,000 | 16,000 |
Common stock par value (in Dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares issued | 12,800,000 | 12,800,000 |
Common stock, outstanding | 12,800,000 | 12,800,000 |
Common stock, shares authorized | 800,000,000 | 800,000,000 |
Series A Preferred Stock [Member] | ||
Convertible Preferred stock, shares authorized | 40,000 | 40,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Revenues: | ||
Revenues | $ 1,397,831 | $ 1,312,643 |
Expenses: | ||
Depreciation and amortization | 9,427 | 9,379 |
Bad debt provision | 36 | 230 |
Consulting fees | 61,399 | 56,254 |
Salaries and wages | 672,054 | 662,224 |
Professional fees | 85,493 | 73,102 |
Insurance | 79,456 | 83,481 |
Outsource service fees | 168,205 | 177,759 |
Data maintenance | 10,732 | 34,002 |
General and administrative | 135,836 | 133,756 |
Total expenses | 1,222,638 | 1,230,187 |
Income from operations | 175,193 | 82,456 |
Other income: | ||
Interest income | 99,245 | 99,816 |
Total other income | 99,245 | 99,816 |
Income before taxes | 274,438 | 182,272 |
Income tax provision | (77,035) | (51,163) |
Net income | $ 197,403 | $ 131,109 |
Basic earnings per share: | ||
Earnings per share amount (in Dollars per share) | $ 0.02 | $ 0.01 |
Basic common shares outstanding (in Shares) | 12,800,000 | 12,800,000 |
Fully diluted earnings per share: | ||
Earnings per share amount (in Dollars per share) | $ 0.02 | $ 0.01 |
Fully diluted common shares outstanding (in Shares) | 12,816,000 | 12,816,000 |
HCO [Member] | ||
Revenues: | ||
Revenues | $ 287,295 | $ 278,322 |
MPN [Member] | ||
Revenues: | ||
Revenues | 147,981 | 129,094 |
Medical bill review [Member] | ||
Revenues: | ||
Revenues | 99,988 | 89,785 |
Utilization review [Member] | ||
Revenues: | ||
Revenues | 498,654 | 445,712 |
Medical case management [Member] | ||
Revenues: | ||
Revenues | 335,167 | 332,373 |
Other Revenues [Member] | ||
Revenues: | ||
Revenues | $ 28,746 | $ 37,357 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' Equity - USD ($) | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance at Dec. 31, 2022 | $ 16 | $ 12,800 | $ 416,057 | $ 10,888,418 | $ 11,317,291 |
Balance (in Shares) at Dec. 31, 2022 | 16,000 | 12,800,000 | |||
Net income | 131,109 | 131,109 | |||
Balance at Mar. 31, 2023 | $ 16 | $ 12,800 | 416,057 | 11,019,527 | 11,448,400 |
Balance (in Shares) at Mar. 31, 2023 | 16,000 | 12,800,000 | |||
Balance at Dec. 31, 2023 | $ 16 | $ 12,800 | 416,057 | 10,374,746 | 10,803,619 |
Balance (in Shares) at Dec. 31, 2023 | 16,000 | 12,800,000 | |||
Net income | 197,403 | 197,403 | |||
Balance at Mar. 31, 2024 | $ 16 | $ 12,800 | $ 416,057 | $ 10,572,149 | $ 11,001,022 |
Balance (in Shares) at Mar. 31, 2024 | 16,000 | 12,800,000 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Statement of Cash Flows [Abstract] | ||
Net income | $ 197,403 | $ 131,109 |
Depreciation | 9,427 | 9,379 |
Bad debt provision | 36 | 230 |
Noncash interest on investments | (99,245) | (99,816) |
Changes in operating assets and liabilities: | ||
Decrease (increase) in accounts receivable | 141,425 | (62,971) |
(Increase) decrease in prepaid expenses | (177) | 5,157 |
Increase in other assets | 0 | (508) |
(Decrease) in accounts payable | (11,720) | (35,700) |
(Decrease) in accrued expenses | (31,424) | (44,988) |
Increase in unearned revenue | 8,188 | 5,563 |
Increase in income tax payable | 77,035 | 51,163 |
Net cash provided by (used in) operating activities | 290,948 | (41,382) |
Cash flows from investing activities: | ||
Purchase of furniture and office equipment | (3,749) | (209) |
Net cash used in investing activities | (3,749) | (209) |
Cash flows from financing activities: | ||
Issuance of cash dividend | (14,155) | 0 |
Net cash used in financing activities | (14,155) | 0 |
Net increase (decrease) in cash | 273,044 | (41,591) |
Cash at beginning of period | 2,565,992 | 2,036,432 |
Cash at end of period | 2,839,036 | 1,994,841 |
Cash paid for: | ||
Interest | 0 | 0 |
Income taxes | 138,000 | 0 |
Non-cash investing and financing activities: | ||
Dividends payable | 57,858 | 0 |
Initial recognition of operating lease right-of-use assets and operating lease liabilities | $ 46,890 | $ 41,198 |
BASIS OF FINANCIAL STATEMENT PR
BASIS OF FINANCIAL STATEMENT PRESENTATION | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Significant Accounting Policies [Text Block] | NOTE 1 - BASIS OF FINANCIAL STATEMENT PRESENTATION The accompanying unaudited condensed consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (the “Commission”) and in accordance with accounting principles generally accepted in the United States (“GAAP”). Certain information and footnote disclosures normally included in consolidated financial statements have been condensed or omitted in accordance with GAAP rules and regulations. The information furnished in these unaudited condensed consolidated financial statements includes normal recurring adjustments and reflects all adjustments, which, in the opinion of management, are necessary for a fair presentation of such financial statements. The preparation of condensed consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect both the recorded values of assets and liabilities at the date of the condensed consolidated financial statements and the revenues recognized and expenses incurred during the reporting period. These estimates and assumptions affect the Company’s recognition of deferred expenses, bad debts, income taxes, the carrying value of its long-lived assets and its provision for certain contingencies. The reasonableness of these estimates and assumptions is evaluated continually based on a combination of historical and other information that comes to the Company’s attention that may vary its outlook for the future. While management believes the disclosures and information presented are adequate to make the information not misleading, the Company recommends these unaudited condensed consolidated financial statements be read in conjunction with its audited financial statements and notes thereto included in its annual report on Form 10-K for the year ended December 31, 2023. Operating results for the three months ended March 31, 2024, are not necessarily indicative of the results to be expected for the year ending December 31, 2024. Principles of Consolidation Basis of Accounting Revenue Recognition ASC 606 requires the use of a five-step model to recognize revenue from customer contracts. The five-step model requires that the Company (i) identify the contract with the customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, including variable consideration to the extent that it is probable that a significant future reversal will not occur, (iv) allocate the transaction price to the respective performance obligations in the contract, and (v) recognize revenue when (or as) the Company satisfies the performance obligation. Revenues are generated as services are provided to the customer based on the sales price agreed and collected. The Company recognizes revenue as the time is worked or as units of production are completed, which is when the revenue is earned and realized. Labor costs are recognized as the costs are incurred. The Company derives its revenue from fees charged for HCO notifications, HCO/MPN program administration, HCO/MPN custom networks, HCO/MPN claim network fees, medical bill review, utilization review services, medical case management and employee advocate services, Medicare set-asides, and network access. These services are billed individually as separate components to our customers. Services from which we generate fees include monthly and/or annual HCO and/or MPN administration, claim and network access, medical bill review, medical case management, employee advocate, utilization review, workers’ compensation carve-outs, and Medicare set-aside. The Company enters arrangements for bundled managed care, standalone services, or add-on ancillary services which include various units of accounting such as network solutions and patient management, and managed care. Such elements are considered separate units of accounting due to each element having value to the customer on a stand-alone basis and are billed separately. The selling price for each unit of accounting is determined using the contract price. When the Company’s customers purchase several services the pricing of the service sold is generally the same as if the services were sold on an individual basis. Revenue is recognized as the work is performed in accordance with the Company’s customer contracts. Based upon the nature of the Company’s services, bundled managed care elements are generally delivered in the same accounting period. The Company recognizes revenue for patient management services ratably over the life of the customer contract. Based upon prior experience in managed care, the Company estimates the deferral amount from when the customer’s claim is received to when the customer contract expires. Advance payments from subscribers and billings made in advance are recorded on the balance sheet as deferred revenue. Accounts Receivable and Bad Debt Allowance The percentages of the amounts due from major customers to total accounts receivable as of March 31, 2024 and December 31, 2023, are as follows: 3/31/2024 12/31/2023 Customer A 21 % 23 % Customer B 12 % 17 % Customer C 11 % - % Significant Customers - During the periods ended March 31, 2024 and 2023, the Company had three customers, respectively, that individually accounted for more than 10% of its total sales. The following table sets forth the percentages of total sales attributable to those customers during those periods: 3/31/2024 3/31/2023 Customer A 20 % 24 % Customer B 12 % 10 % Customer C 11 % - % Leases |
OPERATING LEASES
OPERATING LEASES | 3 Months Ended |
Mar. 31, 2024 | |
Disclosure Text Block [Abstract] | |
Lessee, Operating Leases [Text Block] | NOTE 2 - OPERATING LEASES The Company rents office space at 19800 MacArthur Boulevard, Suites 306 & 307, in Irvine, California. This lease was to expire as of March 31, 2024, but was renewed on December 28, 2023, for an additional 12-months, with a new expiration of March 31, 2025. The Company elected to exclude from its balance sheet the recognition of leases having a term of 12 months or less. The components of lease expense and supplemental cash flow information related to leases are as follows: Three Months Ended Three Months Ended Lease Cost March 31, 2024 March 31, 2023 Operating lease cost (included in general and administrative in the Company’s consolidated statement of operations) $ 48,552 $ 42,660 Other Information Cash paid for amounts included in the measurement of lease liabilities for the three months ended March 31, 2024 $ 10,665 $ 9,903 Weighted average remaining lease term – operating leases (in years) 1.00 year 1.00 year Average discount rate – operating leases 5.75 % 5.75 % The supplemental balance sheet information related to leases for the period is as follows: At March 31, 2024 At December 31, 2023 Operating leases Remaining right-of-use assets $ 46,890 $ 56,489 Short-term operating lease liabilities $ 34,920 $ 44,519 Long-term operating lease liabilities 11,970 11,970 Total operating lease liabilities $ 46,890 $ 56,489 Maturities of the Company’s undiscounted lease liabilities are as follows: Year Ending Operating Leases 2024 $ 36,414 2025 12,138 Total lease payments 48,552 Less: Imputed interest/present value discount 1,662 Present value of lease liabilities $ 46,890 Lease expenses were $10,665 and $9,903 during the three-month periods ended March 31, 2024 and 2023, respectively. |
SHAREHOLDERS' EQUITY
SHAREHOLDERS' EQUITY | 3 Months Ended |
Mar. 31, 2024 | |
Stockholders' Equity Note [Abstract] | |
Equity [Text Block] | NOTE 3 SHAREHOLDERS EQUITY During the quarter ended June 30, 2023, our board of directors declared a special one-time cash dividend of $0.10 per share on each share of Company common stock outstanding at the record date of June 5, 2023. Pursuant to the rights provided in the Designation of Rights, Privileges and Preferences of Series A Preferred Stock dated December 27, 2019, holders of the Company’s Series A Preferred Stock participated in the dividend payment based on the number of shares of Series A Preferred Stock held on the record date. On the record date, June 5, 2023, we had 12,800,000 shares of common stock and 16,000 shares of Series A Preferred stock issued and outstanding. As of March 31, 2024, we issued $1,281,600 in dividends with $57,858 of that amount remaining payable. This payable has been accrued and included in the dividends payable on the balance sheet. |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | NOTE 4 - SIGNIFICANT ACCOUNTING POLICIES Earnings Per Share of Common Stock The computation of earnings per share of common stock is based on the weighted average number of shares outstanding at the date of these audited consolidated financial statements. The fully diluted earnings per share includes 16,000 shares of Series A convertible preferred stock. For the Three Months Ended March 31, 2024 2023 Basic Earnings per share: Income (numerator) $ 197,403 $ 131,109 Shares (denominator) 12,800,000 12,800,000 Per share amount $ 0.02 $ 0.01 Fully Diluted Earnings per share: Income (numerator) $ 197,403 $ 131,109 Shares (denominator) 12,816,000 12,816,000 Per share amount $ 0.02 $ 0.01 |
RECENTLY ISSUED ACCOUNTING STAN
RECENTLY ISSUED ACCOUNTING STANDARDS | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
Accounting Standards Update and Change in Accounting Principle [Text Block] | NOTE 5 RECENTLY ISSUED ACCOUNTING STANDARDS Recently Issued Accounting Standards The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and does not believe the future adoption of any such pronouncements will be expected to cause a material impact on its financial statements. |
INCOME TAXES
INCOME TAXES | 3 Months Ended |
Mar. 31, 2024 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | NOTE 6 INCOME TAXES For the three months ended March 31, 2024, the Company recognized expense from income taxes of $77,035, representing an effective tax rate of 28.1%. The Company’s effective tax rate will generally differ from the U.S. Federal statutory rate of 21.0% due to state taxes, permanent items, and discrete items. For the three months ended March 31, 2023, the Company recognized expense from income taxes of $51,163. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 3 Months Ended |
Mar. 31, 2024 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | NOTE 7 SUBSEQUENT EVENTS In accordance with ASC 855-10 Company management reviewed all material events through the date of issuance and has determined that there are no material subsequent events to report. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Pay vs Performance Disclosure | ||
Net Income (Loss) | $ 197,403 | $ 131,109 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation |
Basis of Accounting, Policy [Policy Text Block] | Basis of Accounting |
Revenue [Policy Text Block] | Revenue Recognition ASC 606 requires the use of a five-step model to recognize revenue from customer contracts. The five-step model requires that the Company (i) identify the contract with the customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, including variable consideration to the extent that it is probable that a significant future reversal will not occur, (iv) allocate the transaction price to the respective performance obligations in the contract, and (v) recognize revenue when (or as) the Company satisfies the performance obligation. Revenues are generated as services are provided to the customer based on the sales price agreed and collected. The Company recognizes revenue as the time is worked or as units of production are completed, which is when the revenue is earned and realized. Labor costs are recognized as the costs are incurred. The Company derives its revenue from fees charged for HCO notifications, HCO/MPN program administration, HCO/MPN custom networks, HCO/MPN claim network fees, medical bill review, utilization review services, medical case management and employee advocate services, Medicare set-asides, and network access. These services are billed individually as separate components to our customers. Services from which we generate fees include monthly and/or annual HCO and/or MPN administration, claim and network access, medical bill review, medical case management, employee advocate, utilization review, workers’ compensation carve-outs, and Medicare set-aside. The Company enters arrangements for bundled managed care, standalone services, or add-on ancillary services which include various units of accounting such as network solutions and patient management, and managed care. Such elements are considered separate units of accounting due to each element having value to the customer on a stand-alone basis and are billed separately. The selling price for each unit of accounting is determined using the contract price. When the Company’s customers purchase several services the pricing of the service sold is generally the same as if the services were sold on an individual basis. Revenue is recognized as the work is performed in accordance with the Company’s customer contracts. Based upon the nature of the Company’s services, bundled managed care elements are generally delivered in the same accounting period. The Company recognizes revenue for patient management services ratably over the life of the customer contract. Based upon prior experience in managed care, the Company estimates the deferral amount from when the customer’s claim is received to when the customer contract expires. Advance payments from subscribers and billings made in advance are recorded on the balance sheet as deferred revenue. |
Receivable [Policy Text Block] | Accounts Receivable and Bad Debt Allowance The percentages of the amounts due from major customers to total accounts receivable as of March 31, 2024 and December 31, 2023, are as follows: 3/31/2024 12/31/2023 Customer A 21 % 23 % Customer B 12 % 17 % Customer C 11 % - % |
Concentration Risk, Customer Risk, Policy [Policy Text Block] | Significant Customers - During the periods ended March 31, 2024 and 2023, the Company had three customers, respectively, that individually accounted for more than 10% of its total sales. The following table sets forth the percentages of total sales attributable to those customers during those periods: 3/31/2024 3/31/2023 Customer A 20 % 24 % Customer B 12 % 10 % Customer C 11 % - % |
Lessee, Leases [Policy Text Block] | Leases |
BASIS OF FINANCIAL STATEMENT _2
BASIS OF FINANCIAL STATEMENT PRESENTATION (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Schedules of Concentration of Risk, by Risk Factor [Table Text Block] | The percentages of the amounts due from major customers to total accounts receivable as of March 31, 2024 and December 31, 2023, are as follows: 3/31/2024 12/31/2023 Customer A 21 % 23 % Customer B 12 % 17 % Customer C 11 % - % 3/31/2024 3/31/2023 Customer A 20 % 24 % Customer B 12 % 10 % Customer C 11 % - % |
OPERATING LEASES (Tables)
OPERATING LEASES (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Disclosure Text Block [Abstract] | |
Lease, Cost [Table Text Block] | The components of lease expense and supplemental cash flow information related to leases are as follows: Three Months Ended Three Months Ended Lease Cost March 31, 2024 March 31, 2023 Operating lease cost (included in general and administrative in the Company’s consolidated statement of operations) $ 48,552 $ 42,660 Other Information Cash paid for amounts included in the measurement of lease liabilities for the three months ended March 31, 2024 $ 10,665 $ 9,903 Weighted average remaining lease term – operating leases (in years) 1.00 year 1.00 year Average discount rate – operating leases 5.75 % 5.75 % At March 31, 2024 At December 31, 2023 Operating leases Remaining right-of-use assets $ 46,890 $ 56,489 Short-term operating lease liabilities $ 34,920 $ 44,519 Long-term operating lease liabilities 11,970 11,970 Total operating lease liabilities $ 46,890 $ 56,489 |
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block] | Maturities of the Company’s undiscounted lease liabilities are as follows: Year Ending Operating Leases 2024 $ 36,414 2025 12,138 Total lease payments 48,552 Less: Imputed interest/present value discount 1,662 Present value of lease liabilities $ 46,890 |
SIGNIFICANT ACCOUNTING POLICI_2
SIGNIFICANT ACCOUNTING POLICIES (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | The computation of earnings per share of common stock is based on the weighted average number of shares outstanding at the date of these audited consolidated financial statements. The fully diluted earnings per share includes 16,000 shares of Series A convertible preferred stock. For the Three Months Ended March 31, 2024 2023 Basic Earnings per share: Income (numerator) $ 197,403 $ 131,109 Shares (denominator) 12,800,000 12,800,000 Per share amount $ 0.02 $ 0.01 Fully Diluted Earnings per share: Income (numerator) $ 197,403 $ 131,109 Shares (denominator) 12,816,000 12,816,000 Per share amount $ 0.02 $ 0.01 |
BASIS OF FINANCIAL STATEMENT _3
BASIS OF FINANCIAL STATEMENT PRESENTATION (Details) | 3 Months Ended | |
Mar. 31, 2024 USD ($) | Dec. 31, 2023 USD ($) | |
Accounting Policies [Abstract] | ||
Accounts Receivable, Allowance for Credit Loss | $ 32,850 | $ 32,814 |
Number of Customers | 3 |
BASIS OF FINANCIAL STATEMENT _4
BASIS OF FINANCIAL STATEMENT PRESENTATION (Details) - Schedules of Concentration of Risk, by Risk Factor - Customer Concentration Risk [Member] | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Accounts Receivable [Member] | Customer A [Member] | ||
Concentration Risk [Line Items] | ||
Concentration Risk, Percentage | 21% | 23% |
Accounts Receivable [Member] | Customer B [Member] | ||
Concentration Risk [Line Items] | ||
Concentration Risk, Percentage | 12% | 17% |
Accounts Receivable [Member] | Customer C [Member] | ||
Concentration Risk [Line Items] | ||
Concentration Risk, Percentage | 11% | 0% |
Revenue Benchmark [Member] | Customer A [Member] | ||
Concentration Risk [Line Items] | ||
Concentration Risk, Percentage | 20% | 24% |
Revenue Benchmark [Member] | Customer B [Member] | ||
Concentration Risk [Line Items] | ||
Concentration Risk, Percentage | 12% | 10% |
Revenue Benchmark [Member] | Customer C [Member] | ||
Concentration Risk [Line Items] | ||
Concentration Risk, Percentage | 11% | 0% |
OPERATING LEASES (Details)
OPERATING LEASES (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Dec. 31, 2023 | Dec. 28, 2023 | |
Disclosure Text Block [Abstract] | |||
Lessee, Operating Lease, Term of Contract | 12 months | ||
Operating Lease, Expense | $ 10,665 | $ 9,903 |
OPERATING LEASES (Details) - Le
OPERATING LEASES (Details) - Lease, Cost - USD ($) | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Lease, Cost [Abstract] | |||
Operating lease cost (included in general and administrative in the Company’s consolidated statement of operations) | $ 48,552 | $ 42,660 | |
Cash paid for amounts included in the measurement of lease liabilities for the three months ended March 31, 2024 | $ 10,665 | $ 9,903 | |
Weighted average remaining lease term – operating leases (in years) | 1 year | 1 year | |
Average discount rate – operating leases | 5.75% | 5.75% | |
Remaining right-of-use assets | $ 46,890 | $ 56,489 | |
Short-term operating lease liabilities | 34,920 | 44,519 | |
Long-term operating lease liabilities | 11,970 | 11,970 | |
Total operating lease liabilities | $ 46,890 | $ 56,489 |
OPERATING LEASES (Details) - _2
OPERATING LEASES (Details) - Lessee, Operating Lease, Liability, Maturity - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Lessee Operating Lease Liability Maturity Abstract | ||
2024 | $ 36,414 | |
2025 | 12,138 | |
Total lease payments | 48,552 | |
Less: Imputed interest/present value discount | 1,662 | |
Present value of lease liabilities | $ 46,890 | $ 56,489 |
SHAREHOLDERS' EQUITY (Details)
SHAREHOLDERS' EQUITY (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | Jun. 05, 2023 | |
SHAREHOLDERS' EQUITY (Details) [Line Items] | ||||
Common Stock, Dividends, Per Share, Declared (in Dollars per share) | $ 0.1 | |||
Dividends Payable, Date of Record | Jun. 05, 2023 | |||
Common Stock, Shares, Outstanding | 12,800,000 | 12,800,000 | 12,800,000 | |
Common Stock, Shares, Issued | 12,800,000 | 12,800,000 | 12,800,000 | |
Preferred Stock, Shares Outstanding | 16,000 | 16,000 | 16,000 | |
Preferred Stock, Shares Issued | 16,000 | 16,000 | 16,000 | |
Dividends, Cash (in Dollars) | $ 1,281,600 | |||
Dividends Payable, Current (in Dollars) | 94,858 | $ 109,013 | ||
Dividend Declared [Member] | ||||
SHAREHOLDERS' EQUITY (Details) [Line Items] | ||||
Dividends Payable, Current (in Dollars) | $ 57,858 |
SIGNIFICANT ACCOUNTING POLICI_3
SIGNIFICANT ACCOUNTING POLICIES (Details) | 3 Months Ended |
Mar. 31, 2024 shares | |
Earnings Per Share [Abstract] | |
Incremental Common Shares Attributable to Dilutive Effect of Conversion of Preferred Stock | 16,000 |
SIGNIFICANT ACCOUNTING POLICI_4
SIGNIFICANT ACCOUNTING POLICIES (Details) - Schedule of Earnings Per Share, Basic and Diluted - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Basic Earnings per share: | ||
Income (numerator) | $ 197,403 | $ 131,109 |
Shares (denominator) | 12,816,000 | 12,816,000 |
Per share amount | $ 0.02 | $ 0.01 |
Shares (denominator) | 12,800,000 | 12,800,000 |
Per share amount | $ 0.02 | $ 0.01 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Income Tax Disclosure [Abstract] | ||
Income Tax Expense (Benefit) | $ 77,035 | $ 51,163 |
Effective Income Tax Rate Reconciliation, Percent | 28.10% | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21% |