Cover
Cover | 3 Months Ended |
Mar. 31, 2022shares | |
Cover [Abstract] | |
Document Type | 10-Q |
Amendment Flag | false |
Document Quarterly Report | true |
Document Transition Report | false |
Document Period End Date | Mar. 31, 2022 |
Document Fiscal Period Focus | Q1 |
Document Fiscal Year Focus | 2022 |
Current Fiscal Year End Date | --12-31 |
Entity File Number | 000-55269 |
Entity Registrant Name | MOJO Organics, Inc. |
Entity Central Index Key | 0001414953 |
Entity Tax Identification Number | 26-0884348 |
Entity Incorporation, State or Country Code | DE |
Entity Address, Address Line One | 185 Hudson Street |
Entity Address, Address Line Two | 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 |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Small Business | true |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding | 31,711,080 |
Condensed Balance Sheets
Condensed Balance Sheets - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 24,686 | $ 46,481 |
Accounts receivable, net | 113,506 | 108,635 |
Inventory | 364,065 | 234,566 |
Supplier deposits | 40,000 | 28,000 |
Prepaid expenses | 10,320 | 11,702 |
Security deposit | 113 | 113 |
Total Current Assets | 552,690 | 429,497 |
CURRENT LIABILITIES: | ||
Accounts payable and accrued expenses | 179,359 | 58,944 |
Related party loans | 127,402 | |
SBA Loans | ||
Total Current Liabilities | 306,761 | 58,944 |
STOCKHOLDERS’ EQUITY | ||
Common stock, 40,000,000 shares authorized at $0.001 par value, 31,711,080 and 31,097,580 shares issued and outstanding, at March 31, 2022 and December 31, 2021, respectively | 31,711 | 31,098 |
Additional paid in capital | 23,740,042 | 23,729,900 |
Accumulated deficit | (23,525,824) | (23,390,445) |
Total Stockholders’ Equity | 245,929 | 370,553 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 552,690 | $ 429,497 |
Condensed Balance Sheets (Paren
Condensed Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Common stock, shares authorized | 40,000,000 | 40,000,000 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares issued | 31,711,080 | 31,097,580 |
Common stock, shares outstanding | 31,711,080 | 31,097,580 |
Condensed Statements of Operati
Condensed Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Income Statement [Abstract] | ||
Revenue | $ 379,657 | $ 403,766 |
Cost of Revenue | 232,584 | 208,401 |
Gross Profit | 147,073 | 195,365 |
Operating Expenses | ||
Selling, general and administrative | 281,566 | 218,230 |
(Loss)/Income from Operations | (134,493) | (22,865) |
Other (Expense)/ Income | (886) | 35,508 |
(Loss)/ Income Before Provision for Income Taxes | (135,379) | 12,643 |
Benefit/(Provision) for Income Taxes | ||
Net Income/(Loss) | $ (135,379) | $ 12,643 |
Net Income/(Loss) per common share, basic and diluted | $ 0 | $ 0 |
Weighted average number of common shares outstanding, basic and diluted | 31,025,790 | 30,809,598 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Cash flows from operating activities: | ||
Net income/(loss) | $ (135,379) | $ 12,643 |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Stock issued to directors and employees | 112,005 | 50,175 |
SBA Loan Forgiveness | (35,508) | |
Changes in assets and liabilities: | ||
Increase in accounts receivable | (4,871) | (20,009) |
Increase in inventory | (129,499) | (88,460) |
Increase in supplier deposits | (12,000) | (33,000) |
Decrease in prepaid expenses and security deposit | 1,382 | 4,738 |
Increase in accounts payable and accrued expenses | 120,817 | 81,949 |
Increase in accrued payroll to officers | 8,886 | |
Net cash used in operating activities | (47,545) | (18,586) |
Net cash provided by/ (used in) financing activities: | ||
Proceeds from related party loan | 192,000 | |
Repayments of from related party loan | (65,000) | |
Shares repurchased for cancellation | (101,250) | |
Net cash provided by financing activities | 25,750 | |
Net decrease in cash and cash equivalents | (21,795) | (18,586) |
Cash and cash equivalents at beginning of period | 46,481 | 50,233 |
Cash and cash equivalents at end of periods | $ 24,686 | $ 31,647 |
Condensed Statements of Cash _2
Condensed Statements of Cash Flows (Unaudited) (Parenthetical) | 3 Months Ended |
Mar. 31, 2022USD ($)shares | |
Statement of Cash Flows [Abstract] | |
Stock issued to directors and officers, shares | shares | 1,363,500 |
Stock issued to directors and officers, value | $ | $ 112,005 |
Condensed Statements of Changes
Condensed Statements of Changes in Stockholders' Equity (Unaudited) - 3 months ended Mar. 31, 2022 - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Beginning balance, value at Dec. 31, 2021 | $ 31,098 | $ 23,729,900 | $ (23,390,445) | $ 370,553 |
Begining balance, shares at Dec. 31, 2021 | 31,097,580 | |||
Stock issued to Directors and employees | $ 1,363 | 110,642 | $ 112,005 | |
Stock issued to Directors and employees, shares | 1,363,500 | 1,363,500 | ||
Stock repurchased and returned to Treasury | $ (750) | (100,500) | $ (101,250) | |
Stock repurchased and returned to Treasury, shares | (750,000) | (750,000) | ||
Net Loss | (135,379) | $ (135,379) | ||
Ending balance, value at Mar. 31, 2022 | $ 31,711 | $ 23,740,042 | $ (23,525,824) | $ 245,929 |
Ending balance, shares at Mar. 31, 2022 | 31,711,080 |
BUSINESS
BUSINESS | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
BUSINESS | NOTE 1 – BUSINESS Overview MOJO Organics, Inc. (“MOJO”) is a Delaware corporation headquartered in Jersey City, NJ. The Company’s business is new product development, beverage production, marketing, distribution and the sale of beverages that are, Non-GMO Project verified, and USDA Organic. The Company’s flagship product is MOJO Coconut Water. In addition to Coconut Water, the Company produces Sparkling Coconut Water, Coconut Water + Mango Juice and Coconut Water + Pineapple Juice and USDA Organic Coconut Water. We seek to grow the market share of our products by expanding our hybrid distribution network through the relationships and efforts of our management, third party partners and our broker network, and add new products and packaging including pH7 water (pH is a scale of acidity) and energy beverages which are the two largest sectors of the beverage industry. The Company packages its beverages in 100% recyclable, Eco-Friendly packaging. The packaging has a low impact on the environment when recycled. CURRENT OPERATIONS Sales and Distribution The Company’s flagship product is MOJO Coconut Water. In addition to Coconut Water, the Company produces Sparkling Coconut Water, Coconut Water + Mango Juice, Coconut Water + Pineapple Juice, and Organic Coconut Water. 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. 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, 2022, the Company had two employees. The Company also uses the services of contractors, consultants and other third-parties. We contract with food brokers to represent our products to specific specialized sales channels. We utilize the services of direct sales and distribution companies that deliver and sell our products to their customers. We contract with manufacturing facilities to produce our products and outsource the storage and transportation of our products. CORPORATE HISTORY AND DEVELOPMENT The Company was incorporated in 2007 and began producing MOJO branded products in 2016. MOJO Organics Inc is headquartered in Jersey City, New Jersey and our internet site is www.MojoOrganicsInc.com. MOJO’s stock is traded on the OTC Markets 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, 2022 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, 2021 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, 2022 | |
Accounting Policies [Abstract] | |
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, 2022, and March 31, 2021, the Company did no 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, 2022 and 2021 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 2022 or 2021. 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. Costs incurred for sales incentives and discounts are accounted for as reductions in revenue. Deductions from Revenue Costs incurred for sales incentives and discounts are accounted for as reductions in revenue. These costs include payments to customers for performing merchandising activities on our behalf, including in store displays, promotions for new items and obtaining optimum shelf space. 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, “ The following potentially dilutive securities have been excluded from the computation of weighted average shares outstanding as they would have had an anti-dilutive impact on the Company’s net income/(loss) per common share: SCHEDULE OF ANTI-DILUTIVE SECURITIES EXCLUDED FROM COMPUTATION OF EARNINGS PER SHARE Expiration Days to Exercise As of March 31 Issued To Date Expiration Price 2022 2021 Shares underlying options outstanding Glenn Simpson 4/6/2024 737 $ 0.08 318,108 411,858 Income Taxes The Net Operating Loss Carryforwards for federal taxes was $ 3,770,126 at March 31, 2022 and $ 3,770,126 for the State of New Jersey. The Deferred Tax Assets for federal taxes was $ 791,727 at March 31, 2022 and $ 339,312 for the State of New Jersey. The total Deferred Tax Assets was $ 1,131,038 at March 31, 2022. The Deferred Tax assets have been fully reserved by valuation allowances beyond that portion which is expected to offset current taxes. As of March 31, 2022, the Company’s Federal income tax payable and State Income Tax payable is zero . 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 no As of March 31, 2022, and March 31, 2021, the Company had no SCHEDULE OF DEFERRED TAX ASSETS Tax Rate 2022 2021 Deferred Tax Asset as of March 31, Tax Rate 2022 2021 Federal 21 $ 791,727 $ 813,250 State of New Jersey 9 $ 339,312 $ 348,539 Total $ 1,131,038 1,161,789 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, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 3 – COMMITMENTS AND CONTINGENCIES Employment Agreements Pursuant to the Amended and Restated Employment Agreement (“the Agreement”) dated April 6, 2017 date, Mr. Simpson is paid a salary of $ 5,000 67,000 44,400 200,000 The term of the Agreement is through April 1, 2025. In the event that the Agreement is terminated for good reason, the Company shall pay Mr. Simpson any accrued but unpaid salary for services rendered to the date of termination, and an amount equal to the salary at the time of termination, payable for the remainder of the current term. As of March 31, 2022, there are 36 months remaining on the Agreement. The Company’s liability on the remainder of the Agreement is $ 180,000 2,412,000 During the quarter ended March 31, 2022, the Mr. Simpson was issued 201,000 |
STOCKHOLDERS_ EQUITY
STOCKHOLDERS’ EQUITY | 3 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
STOCKHOLDERS’ EQUITY | NOTE 4 – STOCKHOLDERS’ EQUITY In June 2021, the Company decreased its Authorized Shares from 190,000,000 40,000,000 150,000,000 31,711,080 Restricted Stock Issuances During the quarter ended March 31, 2021, 1,363,500 On February 4, 2022, the board of Directors approved the issuance of 1,050,000 700,000 175,000 Additionally, Mr. Simpson was issued 201,000 37,500 75,000 Stock Purchased for Cancellation During the quarter ended March 31, 2021 the Company purchased 750,000 101,250 During the year ended December 31, 2021 the Company purchased 765,826 765,826 |
STOCK OPTIONS
STOCK OPTIONS | 3 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
STOCK OPTIONS | NOTE 5 – STOCK OPTIONS On February 4, 2022, the Company adjusted the exercise price of the options granted to Mr. Simpson from $ 0.16 0.08 On September 24, 2021, the Company extended the expiration date of the options granted to Mr. Simpson from April 6, 2022 to April 6, 2024 During the year ended December 31, 2021, Mr. Simpson exercised options to purchase 187,500 0.16 30,000 0 The following table summarizes stock option activity: SCHEDULE OF STOCK OPTIONS ACTIVITY Issued To Expiration Date Days to Expiration Exercise Price Options Outstanding, December 31, 2021 Glenn Simpson 4/6/2024 827 $ 0.08 318,108 Exercisable, March 31, 2022 Glenn Simpson 4/6/2024 737 $ 0.08 318,108 During the three months ended March 31, 2022 and 2021, compensation expense related to stock options was $ 0 no |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 3 Months Ended |
Mar. 31, 2022 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 6 – RELATED PARTY TRANSACTIONS During the quarter ended March 31, 2022, Mr. Simpson lent $ 192,000 127,402 . During the year ended December 31, 2021, Mr. Simpson exercised 187,500 0.16 187,500 30,000 |
SBA LOANS _CARES ACT_
SBA LOANS “CARES ACT” | 3 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
SBA LOANS “CARES ACT” | NOTE 7 – SBA LOANS “CARES ACT” In January 2021, the Company received the loan forgiveness decision from the SBA for the loan proceeds under the Paycheck Protection Program. The full amount of the loan amounting $ 35,508 was forgiven in January 2021. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Use of Estimates | 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 and Cash Equivalents Cash equivalents include investment instruments and time deposits purchased with a maturity of three months or less. As of March 31, 2022, and March 31, 2021, the Company did no |
Accounts Receivable | 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, 2022 and 2021 was zero |
Inventory | 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 2022 or 2021. |
Revenue Recognition | 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. Costs incurred for sales incentives and discounts are accounted for as reductions in revenue. |
Deductions from Revenue | Deductions from Revenue Costs incurred for sales incentives and discounts are accounted for as reductions in revenue. These costs include payments to customers for performing merchandising activities on our behalf, including in store displays, promotions for new items and obtaining optimum shelf space. |
Shipping and Handling Costs | 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 | 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, “ The following potentially dilutive securities have been excluded from the computation of weighted average shares outstanding as they would have had an anti-dilutive impact on the Company’s net income/(loss) per common share: SCHEDULE OF ANTI-DILUTIVE SECURITIES EXCLUDED FROM COMPUTATION OF EARNINGS PER SHARE Expiration Days to Exercise As of March 31 Issued To Date Expiration Price 2022 2021 Shares underlying options outstanding Glenn Simpson 4/6/2024 737 $ 0.08 318,108 411,858 |
Income Taxes | Income Taxes The Net Operating Loss Carryforwards for federal taxes was $ 3,770,126 at March 31, 2022 and $ 3,770,126 for the State of New Jersey. The Deferred Tax Assets for federal taxes was $ 791,727 at March 31, 2022 and $ 339,312 for the State of New Jersey. The total Deferred Tax Assets was $ 1,131,038 at March 31, 2022. The Deferred Tax assets have been fully reserved by valuation allowances beyond that portion which is expected to offset current taxes. As of March 31, 2022, the Company’s Federal income tax payable and State Income Tax payable is zero . 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 no As of March 31, 2022, and March 31, 2021, the Company had no SCHEDULE OF DEFERRED TAX ASSETS Tax Rate 2022 2021 Deferred Tax Asset as of March 31, Tax Rate 2022 2021 Federal 21 $ 791,727 $ 813,250 State of New Jersey 9 $ 339,312 $ 348,539 Total $ 1,131,038 1,161,789 |
Fair value of financial instruments | 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, 2022 | |
Accounting Policies [Abstract] | |
SCHEDULE OF ANTI-DILUTIVE SECURITIES EXCLUDED FROM COMPUTATION OF EARNINGS PER SHARE | The following potentially dilutive securities have been excluded from the computation of weighted average shares outstanding as they would have had an anti-dilutive impact on the Company’s net income/(loss) per common share: SCHEDULE OF ANTI-DILUTIVE SECURITIES EXCLUDED FROM COMPUTATION OF EARNINGS PER SHARE Expiration Days to Exercise As of March 31 Issued To Date Expiration Price 2022 2021 Shares underlying options outstanding Glenn Simpson 4/6/2024 737 $ 0.08 318,108 411,858 |
SCHEDULE OF DEFERRED TAX ASSETS | SCHEDULE OF DEFERRED TAX ASSETS Tax Rate 2022 2021 Deferred Tax Asset as of March 31, Tax Rate 2022 2021 Federal 21 $ 791,727 $ 813,250 State of New Jersey 9 $ 339,312 $ 348,539 Total $ 1,131,038 1,161,789 |
STOCK OPTIONS (Tables)
STOCK OPTIONS (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
SCHEDULE OF STOCK OPTIONS ACTIVITY | The following table summarizes stock option activity: SCHEDULE OF STOCK OPTIONS ACTIVITY Issued To Expiration Date Days to Expiration Exercise Price Options Outstanding, December 31, 2021 Glenn Simpson 4/6/2024 827 $ 0.08 318,108 Exercisable, March 31, 2022 Glenn Simpson 4/6/2024 737 $ 0.08 318,108 |
SCHEDULE OF ANTI-DILUTIVE SECUR
SCHEDULE OF ANTI-DILUTIVE SECURITIES EXCLUDED FROM COMPUTATION OF EARNINGS PER SHARE (Details) - Glenn Simpson [Member] - $ / shares | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Expiration date | Apr. 6, 2024 | |
Days to Expiration | 737 days | |
Exercise price | $ 0.08 | |
Shares underlying options outstanding | 318,108 | 411,858 |
SCHEDULE OF DEFERRED TAX ASSETS
SCHEDULE OF DEFERRED TAX ASSETS (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Operating Loss Carryforwards [Line Items] | ||
Total | $ 1,131,038 | $ 1,161,789 |
Domestic Tax Authority [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Total | $ 791,727 | 813,250 |
Income tax rate | 21.00% | |
State and Local Jurisdiction [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Total | $ 339,312 | $ 348,539 |
Income tax rate | 9.00% |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | Mar. 31, 2022 | Mar. 31, 2021 |
Operating Loss Carryforwards [Line Items] | ||
Cash equivalents | $ 0 | $ 0 |
Allowance for doubtful accounts | 0 | 0 |
Deferred tax assets | 1,131,038 | 1,161,789 |
Deferred tax liabilities | 0 | 0 |
Accrued interest or penalties | 0 | 0 |
Domestic Tax Authority [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating loss carryforwards | 3,770,126 | |
Deferred tax assets | 791,727 | 813,250 |
Tax payable | 0 | |
State and Local Jurisdiction [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating loss carryforwards | 3,770,126 | |
Deferred tax assets | 339,312 | $ 348,539 |
Tax payable | $ 0 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details Narrative) - USD ($) | Feb. 04, 2022 | Apr. 06, 2017 | Mar. 31, 2022 |
Mr. Simpson [Member] | |||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
Issuance of restricted and non-trading, shares | 700,000 | 201,000 | |
Employment Agreements [Member] | Glenn Simpson [Member] | |||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
Monthly salary | $ 5,000 | ||
Shares available for grant | 67,000 | ||
Employee bonus | $ 44,400 | ||
Stock bonus, shares | 200,000 | ||
Accrued salaries | $ 180,000 | ||
Employment Agreements [Member] | Glenn Simpson [Member] | Non Trading Restricted Common Stock [Member] | |||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
Issuance of restricted and non-trading, shares | 2,412,000 |
STOCKHOLDERS_ EQUITY (Details N
STOCKHOLDERS’ EQUITY (Details Narrative) - USD ($) | Feb. 04, 2022 | Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | Jun. 30, 2021 | May 31, 2021 |
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | ||||||
Common stock, shares authorized | 40,000,000 | 40,000,000 | 40,000,000 | 190,000,000 | ||
Reduction in common stock shares authorized | 150,000,000 | |||||
Common stock, shares outstanding | 31,711,080 | 31,097,580 | ||||
Stock repurchased during period shares | 750,000 | 765,826 | ||||
Stock repurchased during period value | $ 101,250 | $ 765,826 | ||||
Director and Officers [Member] | Restricted and Non Trading Shares [Member] | ||||||
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | ||||||
Issuance of restricted and non-trading, shares | 1,363,500 | |||||
Board of Directors Chairman [Member] | ||||||
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | ||||||
Issuance of restricted and non-trading, shares | 1,050,000 | |||||
Mr. Simpson [Member] | ||||||
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | ||||||
Issuance of restricted and non-trading, shares | 700,000 | 201,000 | ||||
Ms. Cudia [Member] | ||||||
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | ||||||
Issuance of restricted and non-trading, shares | 175,000 | 75,000 | ||||
Devlin [Member] | ||||||
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | ||||||
Issuance of restricted and non-trading, shares | 37,500 |
SCHEDULE OF STOCK OPTIONS ACTIV
SCHEDULE OF STOCK OPTIONS ACTIVITY (Details) - Glenn Simpson [Member] - $ / shares | Sep. 24, 2021 | Mar. 31, 2022 |
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | ||
Stock Options, Expiration Date | Apr. 6, 2024 | |
Equity Option [Member] | ||
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | ||
Stock Options, Expiration Date | Apr. 6, 2024 | |
Stock Option, Outstanding, Days to Expiration | 827 days | |
Stock Options, Outstanding, Exercise Price | $ 0.08 | |
Stock Options, Outstanding Options | 318,108 | |
Stock Options, Exercisable, Days to Expiration | 737 days | |
Stock Options, Exercisable, Exercise Price | $ 0.08 | |
Stock Options, Exercisable Options | 318,108 |
STOCK OPTIONS (Details Narrativ
STOCK OPTIONS (Details Narrative) - USD ($) | Feb. 04, 2022 | Sep. 24, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 |
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | |||||
Share-based compensation expense | $ 0 | $ 0 | |||
Unrecognized compensation cost | $ 0 | ||||
Glenn Simpson [Member] | |||||
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | |||||
Stock Options, Expiration Date | Apr. 6, 2024 | ||||
Glenn Simpson [Member] | Restricted and Non Trading Shares [Member] | |||||
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | |||||
Exercise price | $ 0.16 | ||||
Stock issued during period shares stock options exercised | 187,500 | ||||
Stock issued during period shares stock options exercised, value | $ 30,000 | ||||
Accrued salaries | $ 0 | ||||
Glenn Simpson [Member] | Minimum [Member] | |||||
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | |||||
Exercise price | $ 0.16 | ||||
Glenn Simpson [Member] | Maximum [Member] | |||||
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | |||||
Exercise price | $ 0.08 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | ||
Proceeds from related party debt | $ 192,000 | |
Mr. Simpson [Member] | ||
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | ||
Proceeds from related party debt | 192,000 | |
Loan payable | $ 127,402 | |
Glenn Simpson [Member] | Restricted and Non Trading Shares [Member] | ||
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | ||
Stock issued during period shares stock options exercised | 187,500 | |
Exercise price | $ 0.16 | |
Accrued payroll | $ 30,000 |
SBA LOANS _CARES ACT_ (Details
SBA LOANS “CARES ACT” (Details Narrative) | 1 Months Ended |
Jan. 31, 2021USD ($) | |
Paycheck Protection Program [Member] | |
Short-Term Debt [Line Items] | |
Debt forgiveness | $ 35,508 |