Cover
Cover | 3 Months Ended |
Mar. 31, 2024 shares | |
Cover [Abstract] | |
Entity Registrant Name | EQUATOR Beverage Company |
Entity Central Index Key | 0001414953 |
Document Type | 10-Q |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
Entity Small Business | true |
Entity Shell Company | false |
Entity Emerging Growth Company | false |
Entity Current Reporting Status | Yes |
Document Period End Date | Mar. 31, 2024 |
Entity Filer Category | Non-accelerated Filer |
Document Fiscal Period Focus | Q1 |
Document Fiscal Year Focus | 2024 |
Entity Common Stock Shares Outstanding | 17,134,346 |
Entity File Number | 000-55269 |
Entity Incorporation State Country Code | DE |
Entity Tax Identification Number | 26-0884348 |
Entity Address Address Line 1 | 185 Hudson Street |
Entity Address Address Line 2 | Floor 25 |
Entity Address City Or Town | Jersey City |
Entity Address State Or Province | NJ |
Entity Address Postal Zip Code | 07302 |
City Area Code | 929 |
Local Phone Number | 264-7944 |
Document Quarterly Report | true |
Document Transition Report | false |
Entity Interactive Data Current | Yes |
Condensed Balance Sheets
Condensed Balance Sheets - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Current Assets | ||
Cash and cash equivalents | $ 55,098 | $ 87,339 |
Accounts receivable, net | 271,377 | 135,061 |
Inventory | 491,011 | 270,788 |
Supplier deposits | 0 | 52,655 |
Prepaid expenses | 23,196 | 35,650 |
Total Current Assets | 840,682 | 581,493 |
Total Assets | 840,682 | 581,493 |
Current Liabilities | ||
Accounts payable and accrued expenses | 190,220 | 80,621 |
Related party loans | 360,000 | 230,000 |
Total Current Liabilities | 550,220 | 310,621 |
Stockholders' Equity | ||
Common stock, 20,000,000 shares authorized at $0.001 par value, 17,134,346 and 16,933,346 shares issued and outstanding, at March 31, 2024 and December 31, 2023, respectively | 17,135 | 16,934 |
Additional paid-in capital | 24,185,585 | 24,063,176 |
Accumulated deficit | (23,912,258) | (23,809,238) |
Total Stockholders' Equity | 290,462 | 270,872 |
Total Liabilities and Stockholders' Equity | $ 840,682 | $ 581,493 |
Condensed Balance Sheets (Paren
Condensed Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2024 | Dec. 31, 2023 |
Condensed Balance Sheets | ||
Common stock, shares authorized | 20,000,000 | 20,000,000 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares issued | 17,134,346 | 16,933,346 |
Common stock, shares outstanding | 17,134,346 | 16,933,346 |
Condensed Statements of Operati
Condensed Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Condensed Statements of Operations (Unaudited) | ||
Revenue | $ 640,653 | $ 515,633 |
Cost of Revenue | 370,070 | 313,457 |
Gross Profit | 270,583 | 202,176 |
Operating Expenses | ||
Selling, general and administrative | 368,743 | 194,912 |
Total Operating Expenses | 368,743 | 194,912 |
Income / (Loss) from Operations | (98,160) | 7,264 |
Interest Expense | (4,219) | (2,780) |
Income / (Loss) Before Provision for Income Taxes | (102,379) | 4,485 |
Provision for Income Taxes | (10,682) | 0 |
Benefit from Deferred Tax Asset | 10,041 | 0 |
Net Income / (Loss) | $ (103,020) | $ 4,485 |
Net Income / (Loss) Per Common Share, Basic and Diluted | $ (0.01) | $ 0 |
Weighted Average Number of Common Shares Outstanding, Basic and Diluted | 17,129,928 | 16,461,165 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Cash Flows from Operating Activities: | ||
Net income / (loss) | $ (103,020) | $ 4,485 |
Adjustments to Reconcile Net Income / (Loss) to Net Cash Provided by / (Used In) Operating Activities: | ||
Restricted, non-trading common stock issued to directors and employees | 122,610 | 13,992 |
Changes in Assets and Liabilities: | ||
Increase in accounts receivable | (136,316) | (66,268) |
(Increase) / decrease in inventory | (220,223) | 38,879 |
Decrease in supplier deposits | 52,655 | 14,352 |
Decrease in prepaid expenses | 12,454 | 6,475 |
Increase in accounts payable and accrued expenses | 109,599 | 7,993 |
Net Cash Provided by / (Used in) Operating Activities | (162,241) | 19,908 |
Net Cash Provided by / (Used in) Financing Activities: | ||
Proceeds from related party loan | 130,000 | 70,000 |
Repayments of related party loan | 0 | (60,000) |
Net Cash Provided by Financing Activities | 130,000 | 10,000 |
Net Increase / (Decrease) in Cash and Cash Equivalents | (32,241) | 29,908 |
Cash and Cash Equivalents at Beginning of Period | 87,339 | 10,738 |
Cash and Cash Equivalents at End of Periods | 55,098 | 40,646 |
Supplemental Disclosure of Cash Flow Information: | ||
Cash Paid for Interest | $ 4,219 | $ 2,780 |
Condensed Statements of Changes
Condensed Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) | Total | Common Stock | Additional Paid-In Capital | Retained Earnings (Accumulated Deficit) |
Balance, shares at Dec. 31, 2022 | 16,230,615 | |||
Balance, amount at Dec. 31, 2022 | $ 145,867 | $ 16,231 | $ 23,758,917 | $ (23,629,281) |
Restricted, Non-Trading Stock issued to Directors and employees, shares | 238,500 | |||
Restricted, Non-Trading Stock issued to Directors and employees, amount | 13,992 | $ 239 | 13,753 | |
Stock Retired to Treasury | 0 | |||
Net Income / (Loss) | 4,485 | 4,485 | ||
Balance, shares at Mar. 31, 2023 | 16,469,115 | |||
Balance, amount at Mar. 31, 2023 | 164,344 | $ 16,470 | 23,772,670 | (23,624,796) |
Balance, shares at Dec. 31, 2023 | 16,933,346 | |||
Balance, amount at Dec. 31, 2023 | 270,872 | $ 16,934 | 24,063,176 | (23,809,238) |
Restricted, Non-Trading Stock issued to Directors and employees, shares | 201,000 | |||
Restricted, Non-Trading Stock issued to Directors and employees, amount | 122,610 | $ 201 | 122,409 | |
Stock Retired to Treasury | 0 | |||
Net Income / (Loss) | (103,020) | (103,020) | ||
Balance, shares at Mar. 31, 2024 | 17,134,346 | |||
Balance, amount at Mar. 31, 2024 | $ 290,462 | $ 17,135 | $ 24,185,585 | $ (23,912,258) |
BUSINESS
BUSINESS | 3 Months Ended |
Mar. 31, 2024 | |
BUSINESS | |
BUSINESS | NOTE 1 – BUSINESS Overview EQUATOR Beverage Company, headquartered in Jersey City, NJ, is a Delaware corporation that specializes in developing, producing, distributing, and marketing new beverage products. Our beverages have been certified Non-GMO Project Verified and USDA Organic, and we offer both nonalcoholic and ready-to-drink alcoholic options. In addition, we have a line of sparkling energy beverages. Our beverages can be found in North America, the Caribbean, and Bermuda. We are committed to sustainability and use 100% recyclable, eco-friendly packaging that has a minimal impact on the environment. Furthermore, our products are plant-based, renewable, and eco-friendly. Coconut water is nature's super hydration drink for skin and body. In each 11 oz serving, there are five essential electrolytes totaling 1043 mg more than other sports drinks. It is a fast rehydration recovery drink which performs faster than water. Coconut water has natural nutrients for skin and hair and vitamins B & C natural - not added. Coconut water is plant based and renewable; great for vegan, kosher, paleo keto and low carb diets. All this comes with a fresh crisp coconut taste. There are no preservatives in this coconut water and it is packaged in an eco-friendly container. CURRENT OPERATIONS Sales and Distribution The Company’s main product is MOJO Coconut Water. In addition to Coconut Water, the Company produces Coconut Water + Pineapple Juice, Coconut Water + Mango Juice, Organic Coconut Water, Sparkling Coconut Water Citrus, Sparkling Coconut Water Blood Orange, Sparkling Coconut Water Pink Grapefruit, Energy Sparkling Citrus, Energy Sparkling Blood Orange, Energy Sparkling Pink Grapefruit, Cubano Blue Agave Tequila Organic Sparkling Coconut Water Citrus and Cubano Blue Agave Tequila Organic Sparkling Coconut Water Blood Orange. We seek to grow the market share of our products by expanding our hybrid distribution network through the relationships and efforts of our management and third-party partners and broker network, and new products and packaging. The Company packages its beverages in 100% recyclable, Eco-Friendly packaging that can be recycled infinite times and is not made from carbon oil-based packaging. The packaging has a very low impact on the environment, and does not contribute to landfills and the pollution of our bodies of water. Also, our products are plant-based, Eco-friendly and renewable. Production The Company has multiple sources for its production. The Company’s fruit sources are of high quality. The fruit is part of the overall taste and quality of our products. Currently, the Company has multiple production facilities that it could source products from, each of the facilities could supply our forecasted demand. Competition The beverage industry is competitive. Competitors in our market compete for brand recognition, ingredient sourcing, product shelf space, and e-commerce page rankings. Our competitors have similar distribution channels and retailers to deliver and sell their products. Government Regulation Within the United States, beverages are governed by the U.S. Food and Drug Administration (the “FDA”). As such, it is necessary for the Company to establish, maintain and make available for inspection records as well as to develop labels (including nutrition information) that meet FDA requirements. The Company’s production facilities are subject to FDA regulation. Employees As of March 31, 2024, the Company had two employees. The Company also uses the services of contractors, consultants and other third-parties. The Company uses third party bottlers to produce its products which is standard industry practice for every beverage company. We also use trucking and logistics companies to transport and store our products. We use brokers to sell our product and other professionals for accounting, legal and marketing support, to do all these functions internally would take hundreds of employees and not be cost effective. CORPORATE HISTORY AND DEVELOPMENT The Company began producing MOJO branded products in 2015. EQUATOR Beverage Company is headquartered in Jersey City, New Jersey and our internet site is www.EquatorBeverage.com. EQUATOR’s stock is traded on the OTCQB under the symbol MOJO. Interim Financial Statements The accompanying unaudited interim condensed financial statements have been prepared pursuant to the rules and regulations for reporting on Form 10-Q and article 10 of Regulation S-X and the related rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, certain information and disclosures required by accounting principles generally accepted in the United States of America (“GAAP”) for complete financial statements have been condensed or omitted pursuant to such rules and regulations. However, the Company believes that the disclosures included in these financial statements are adequate to make the information presented not misleading. The unaudited interim condensed financial statements included in this document have been prepared on the same basis as the annual audited financial statements, and in the Company’s opinion, reflect all adjustments necessary for a fair presentation in accordance with GAAP and SEC regulations for interim financial statements. The results for the three months ended March 31, 2024 are not necessarily indicative of the results that the Company will have for any subsequent period. These unaudited condensed financial statements should be read in conjunction with the audited financial statements and the notes to those statements for the year ended December 31, 2023 included in the Company’s Annual Report on Form 10-K. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Mar. 31, 2024 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Use of Estimates The financial statements are prepared in conformity with accounting principles generally accepted in the United States (“GAAP”). Management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Cash and Cash Equivalents Cash equivalents include investment instruments and time deposits purchased with a maturity of three months or less. As of March 31, 2024, and March 31, 2023, the Company did not have any cash equivalents. Accounts Receivable Accounts receivable are stated at the amount management expects to collect from outstanding balances. The Company provides for probable uncollectible amounts based upon its assessment of the current status of the individual receivables and after using reasonable collection efforts. The allowance for doubtful accounts as of March 31, 2024 and 2023 was zero. Inventory Inventory, consisting solely of finished goods, are stated at the lower of cost (first-in, first-out method) or net realizable value (“NRV”). If necessary, the Company provides allowances to adjust the carrying value of its inventories to NRV when NRV is below cost. There were no such adjustments in 2024 or 2023. Revenue Recognition Revenue from sales of products is recognized when the related performance obligation is satisfied. The Company’s performance obligation is satisfied upon the shipment or delivery of products to customers. The Company’s products are sold on cash and credit terms which are established in accordance with standardized industry practices and typically require payment within 30 days of delivery. Shipping and Handling Costs Shipping and Handling Costs incurred to move finished goods from our distribution center to customer locations are included in the line Selling, General and Administrative Expenses in our Statements of Operations. Net Income/(Loss) Per Common Share The Company computes per share amounts in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 260, “ Income Taxes The Company provides for income taxes using the asset and liability approach in accounting for income taxes. Deferred tax assets and liabilities are recorded based on the differences between the financial statement and tax bases of assets and liabilities and the tax rates in effect when these differences are expected to reverse. Deferred tax assets are reduced by a valuation allowance if, based on the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. The Company did not have a deferred tax liability at March 31, 2024 and 2023. As of March 31, 2024, and March 31, 2023, the Company had no accrued interest or penalties. The Company had no Federal or State tax examinations in the past nor does it have any at the current time. The table below shows the details of the Net Operating Loss Carryforward and Deferred Tax Assets for 2024 and 2023: 2024 2023 Net Operating Loss Carryforward, January 1 $ 3,616,513 $ 3,796,573 Taxable Income, January 1 to March 31 35,607 18,477 Net Operating Loss Carryforward, March 31 $ 3,580,906 $ 3,778,096 Federal Deferred Tax Asset, January 1 759,468 797,280 Federal Tax Expense as of March 31 (21% Tax Rate) (7,477 ) (3,880 ) Federal Deferred Tax Asset, March 31 $ 751,991 $ 793,400 State of New Jersey Deferred Tax Asset, January 1 324,678 341,692 State of New Jersey Tax Expense as of March 31 (9% Tax Rate) (3,205 ) (1,663 ) State of New Jersey Deferred Tax Asset, March 31 $ 321,473 $ 340,029 Total Deferred Tax Asset, March 31 $ 1,073,464 $ 1,133,429 Total Tax Expense $ 10,682 5,543 The table below shows the reconciliation of Net Income / (Loss) per Books to Taxable Income: 2024 2023 Net Income/(Loss) before Taxes $ (102,378 ) $ 4,485 Stock Awards 137,985 13,992 Taxable Net Income $ 35,607 $ 18,477 Fair value of financial instruments The carrying amounts of financial instruments, which include cash, accounts receivable, accounts payable and accrued expense, approximate their fair values due to their short-term nature. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
Mar. 31, 2024 | |
COMMITMENTS AND CONTINGENCIES | |
COMMITMENTS AND CONTINGENCIES | NOTE 3 – COMMITMENTS AND CONTINGENCIES Employment Agreement Pursuant to Mr. Simpson’s Employment Agreement (“the Agreement”) dated January 1, 2024 Mr. Simpson is paid a salary of $9,000 per month and a stock award of 67,000 shares of non-trading, restricted Common Stock. The employment agreement expires on December 31, 2029. Pursuant to the Agreement, should Mr. Simpson’s employment be terminated without cause, the Company is obligated to pay Mr. Simpson all amounts from the contract immediately for the remaining term of 69 months. At March 31, 2024, the potential liability to EQUATOR Beverage Company was $621,000 and 4,623,000 shares of non-trading, restricted Common Stock. |
STOCKHOLDERS EQUITY
STOCKHOLDERS EQUITY | 3 Months Ended |
Mar. 31, 2024 | |
STOCKHOLDERS EQUITY | |
STOCKHOLDERS' EQUITY | NOTE 4 – STOCKHOLDERS’ EQUITY The Company has authorized 20,000,000 shares of Common Stock having a par value of $0.001. Restricted Stock Issuances The table below summarizes the restricted, non-trading stock awards during the first three months of 2024 and 2023: Restricted, Non-trading Stock Awards Officers and Directors January 1 to March 31 2024 2023 Price Shares Amount Price Shares Amount Glenn Simpson $ 0.61 201,000 $ 122,610 Glenn Simpson $ 0.06 201,000 $ 11,792 - $ - - - Jeffrey Devlin $ 0.06 37,500 2,200 Total 201,000 $ 122,610 Total 276,000 $ 13,992 Stock Purchased for Cancellation During the quarter ended March 31, 2024, the Company did not purchase any shares of its Common Stock from shareholders. During the year ended December 31, 2023, the Company purchased 401,269 shares of its Common Stock from shareholders at a cost of $51,814. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 3 Months Ended |
Mar. 31, 2024 | |
RELATED PARTY TRANSACTIONS | |
RELATED PARTY TRANSACTIONS | NOTE 5 – RELATED PARTY TRANSACTIONS Mr. Simpson lent funds to the Company for a revolving loan with a principal amount up to $300,000. The loan bears a 6% simple interest per year. The principal and any accrued interest are due and payable on demand, and the Company has the right to pay back the loan in full or make payments without penalty. As of March 31, 2024, the loan payable to Mr. Simpson was $360,000. As of March 31, 2023, the loan payable to Mr. Simpson was $235,000. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Use of Estimates | The financial statements are prepared in conformity with accounting principles generally accepted in the United States (“GAAP”). Management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. |
Cash and Cash Equivalents | Cash equivalents include investment instruments and time deposits purchased with a maturity of three months or less. As of March 31, 2024, and March 31, 2023, the Company did not have any cash equivalents. |
Accounts Receivable | Accounts receivable are stated at the amount management expects to collect from outstanding balances. The Company provides for probable uncollectible amounts based upon its assessment of the current status of the individual receivables and after using reasonable collection efforts. The allowance for doubtful accounts as of March 31, 2024 and 2023 was zero. |
Inventory | Inventory, consisting solely of finished goods, are stated at the lower of cost (first-in, first-out method) or net realizable value (“NRV”). If necessary, the Company provides allowances to adjust the carrying value of its inventories to NRV when NRV is below cost. There were no such adjustments in 2024 or 2023. |
Revenue Recognition | Revenue from sales of products is recognized when the related performance obligation is satisfied. The Company’s performance obligation is satisfied upon the shipment or delivery of products to customers. The Company’s products are sold on cash and credit terms which are established in accordance with standardized industry practices and typically require payment within 30 days of delivery. |
Shipping and Handling Costs | Shipping and Handling Costs incurred to move finished goods from our distribution center to customer locations are included in the line Selling, General and Administrative Expenses in our Statements of Operations. |
Net Income/(Loss) Per Common Share | The Company computes per share amounts in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 260, “ |
Income Taxes | The Company provides for income taxes using the asset and liability approach in accounting for income taxes. Deferred tax assets and liabilities are recorded based on the differences between the financial statement and tax bases of assets and liabilities and the tax rates in effect when these differences are expected to reverse. Deferred tax assets are reduced by a valuation allowance if, based on the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. The Company did not have a deferred tax liability at March 31, 2024 and 2023. As of March 31, 2024, and March 31, 2023, the Company had no accrued interest or penalties. The Company had no Federal or State tax examinations in the past nor does it have any at the current time. The table below shows the details of the Net Operating Loss Carryforward and Deferred Tax Assets for 2024 and 2023: 2024 2023 Net Operating Loss Carryforward, January 1 $ 3,616,513 $ 3,796,573 Taxable Income, January 1 to March 31 35,607 18,477 Net Operating Loss Carryforward, March 31 $ 3,580,906 $ 3,778,096 Federal Deferred Tax Asset, January 1 759,468 797,280 Federal Tax Expense as of March 31 (21% Tax Rate) (7,477 ) (3,880 ) Federal Deferred Tax Asset, March 31 $ 751,991 $ 793,400 State of New Jersey Deferred Tax Asset, January 1 324,678 341,692 State of New Jersey Tax Expense as of March 31 (9% Tax Rate) (3,205 ) (1,663 ) State of New Jersey Deferred Tax Asset, March 31 $ 321,473 $ 340,029 Total Deferred Tax Asset, March 31 $ 1,073,464 $ 1,133,429 Total Tax Expense $ 10,682 5,543 The table below shows the reconciliation of Net Income / (Loss) per Books to Taxable Income: 2024 2023 Net Income/(Loss) before Taxes $ (102,378 ) $ 4,485 Stock Awards 137,985 13,992 Taxable Net Income $ 35,607 $ 18,477 |
Fair value of financial instruments | The carrying amounts of financial instruments, which include cash, accounts receivable, accounts payable and accrued expense, approximate their fair values due to their short-term nature. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
SCHEDULE OF DEFERRED TAX ASSETS | 2024 2023 Net Operating Loss Carryforward, January 1 $ 3,616,513 $ 3,796,573 Taxable Income, January 1 to March 31 35,607 18,477 Net Operating Loss Carryforward, March 31 $ 3,580,906 $ 3,778,096 Federal Deferred Tax Asset, January 1 759,468 797,280 Federal Tax Expense as of March 31 (21% Tax Rate) (7,477 ) (3,880 ) Federal Deferred Tax Asset, March 31 $ 751,991 $ 793,400 State of New Jersey Deferred Tax Asset, January 1 324,678 341,692 State of New Jersey Tax Expense as of March 31 (9% Tax Rate) (3,205 ) (1,663 ) State of New Jersey Deferred Tax Asset, March 31 $ 321,473 $ 340,029 Total Deferred Tax Asset, March 31 $ 1,073,464 $ 1,133,429 Total Tax Expense $ 10,682 5,543 |
Schedule of reconciliation of Net Income (Loss) | 2024 2023 Net Income/(Loss) before Taxes $ (102,378 ) $ 4,485 Stock Awards 137,985 13,992 Taxable Net Income $ 35,607 $ 18,477 |
STOCKHOLDERS EQUITY (Tables)
STOCKHOLDERS EQUITY (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
STOCKHOLDERS EQUITY | |
Schedule of Restricted Stock Issuances | Restricted, Non-trading Stock Awards Officers and Directors January 1 to March 31 2024 2023 Price Shares Amount Price Shares Amount Glenn Simpson $ 0.61 201,000 $ 122,610 Glenn Simpson $ 0.06 201,000 $ 11,792 - $ - - - Jeffrey Devlin $ 0.06 37,500 2,200 Total 201,000 $ 122,610 Total 276,000 $ 13,992 |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||
Net Operating Loss Carryforward, January 1, beginning | $ 3,616,513 | $ 3,796,573 |
Taxable Income, January 1 to March 31 | 35,607 | 18,477 |
Net Operating Loss Carryforward, March 31 | 3,580,906 | 3,778,096 |
Federal Deferred Tax Asset, January 1, beginning | 759,468 | 797,280 |
Federal Tax Expense as of March 31 (21% Tax Rate) | (7,477) | (3,880) |
Federal Deferred Tax Asset, March 31 | 751,991 | 793,400 |
State of New Jersey Deferred Tax Asset, January 1, beginning | 324,678 | 341,692 |
State of New Jersey Tax Expense as of March 31 (9% Tax Rate) | (3,205) | (1,663) |
State of New Jersey Deferred Tax Asset, March 31 | 321,473 | 340,029 |
Total Deferred Tax Asset, March 31 | 1,073,464 | 1,133,429 |
Total Tax Expense | $ 10,682 | $ 5,543 |
SUMMARY OF SIGNIFICANT ACCOUN_5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 1) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||
Net Income/(Loss) before Taxes | $ (102,378) | $ 4,485 |
Stock Awards | 137,985 | 13,992 |
Taxable Net Income | $ 35,607 | $ 18,477 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details Narrative) - Glenn Simpson [Member] - Employment Agreements [Member] - USD ($) | 3 Months Ended | |
Jan. 02, 2022 | Mar. 31, 2024 | |
Monthly salary | $ 9,000 | |
Number of shares of non trading, restricted common stock, shares | 67,000 | |
Non Trading Restricted Common Stock [Member] | ||
Issuance of restricted and non-trading, amount | $ 621,000 | |
Issuance of restricted and non-trading, shares | 4,623,000 | |
Loan payment term | 69 months |
STOCKHOLDERS EQUITY (Details)
STOCKHOLDERS EQUITY (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Restricted stock no of share | 201,000 | 276,000 |
Restricted stock issuances amount | $ 122,610 | $ 13,992 |
Restricted Stock [Member] | Glenn Simpson [Member] | ||
Volume weighted adjusted price per share | $ 0.61 | $ 0.06 |
Restricted stock no of share | 201,000 | 201,000 |
Restricted stock issuances amount | $ 122,610 | $ 11,792 |
Restricted Stock [Member] | Jeffrey Devlin [Member] | ||
Volume weighted adjusted price per share | $ 0 | $ 0.06 |
Restricted stock no of share | 0 | 37,500 |
Restricted stock issuances amount | $ 0 | $ 2,200 |
STOCKHOLDERS EQUITY (Details Na
STOCKHOLDERS EQUITY (Details Narrative) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Dec. 31, 2023 | |
STOCKHOLDERS EQUITY | ||
Common stock shares authorized | 20,000,000 | 20,000,000 |
Common stock par value | $ 0.001 | $ 0.001 |
Stock repurchased during period shares | 401,269 | |
Stock repurchased and returned to Treasury | $ 51,814 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - Mr. Simpson [Member] - USD ($) | Mar. 31, 2024 | Mar. 31, 2023 |
Loan payable | $ 360,000 | $ 235,000 |
Revolving loan principal amount | $ 300,000 | |
Loan bears interest rate | 6% |