Sterling Consolidated (STCC) 10-Q 20 Aug 18 2018 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2018	Aug. 20, 2018
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q2
Entity Registrant Name	STERLING CONSOLIDATED Corp
Entity Central Index Key	1,555,972
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Trading Symbol	STCC
Entity Common Stock, Shares Outstanding		41,465,540

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Jun. 30, 2018	Dec. 31, 2017
Current assets
Cash and cash equivalents	$ 30,082	$ 36,888
Account receivable, net	853,299	756,914
Inventory, Net	2,203,824	2,505,175
Notes receivable and other current assets	20,380	37,861
Derivative asset	632	0
Total current assets	3,108,217	3,336,838
Property and equipment, net	1,668,213	1,751,216
Intangible assets, net	77,379	86,007
Deferred tax asset	585,375	533,581
Total assets	5,439,184	5,707,642
Current liabilities
Accounts payable and accrued expenses	1,179,567	1,272,926
Bank line of credit	828,858	828,858
Other liabilities	20,661	62,393
Derivative liability	0	2,176
Current portion of long-term notes payable, related parties	52,702	52,702
Current portion of long-term notes payable	1,075,950	1,089,578
Total current liabilities	3,157,738	3,308,633
Other liabilities
Long-term notes payable, related parties	1,536,313	1,628,579
Long-term notes payable	13,632	15,577
Total other liabilities	1,549,945	1,644,156
Total liabilities	4,707,683	4,952,789
Stockholders' equity
Preferred stock, $0.001 par value; 10,000,000 shares authorized, no shares issued	0	0
Common stock, $0.001 par value; 200,000,000 shares authorized, 41,465,540 and 40,715,540 shares issued and outstanding as of June 30, 2018 and December 31, 2017, respectively	41,466	40,716
Additional paid-in capital	2,060,068	1,963,318
Accumulated deficit	(1,370,033)	(1,249,181)
Total stockholders' equity	731,501	754,853
Total liabilities and stockholders' equity	$ 5,439,184	$ 5,707,642

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2018	Dec. 31, 2017
Preferred Stock, Par or Stated Value Per Share	$ 0.001	$ 0.001
Preferred Stock, Shares Authorized	10,000,000	10,000,000
Preferred Stock, Shares Issued	0	0
Common Stock, Par or Stated Value Per Share	$ 0.001	$ 0.001
Common Stock, Shares Authorized	200,000,000	200,000,000
Common Stock, Shares, Issued	41,465,540	40,715,540
Common Stock, Shares, Outstanding	41,465,540	40,715,540

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Revenues
Total revenues	$ 1,521,363	$ 1,569,702	$ 3,318,819	$ 3,353,046
Cost of sales
Total cost of sales	1,155,900	1,185,386	2,486,155	2,405,373
Gross profit	365,463	384,316	832,664	947,673
Operating expenses
Sales and marketing	60,460	59,772	150,637	108,814
General and administrative	305,834	314,038	663,862	658,419
Research and development	0	0	112,500	0
Total operating expenses	366,294	373,810	926,999	767,233
Operating income (loss)	(831)	10,506	(94,335)	180,440
Other income (expense)
Other income	1,404	5,108	4,516	14,494
Loss on sale of vehicle		(2,502)		2,502
Gain on interest rate swap	436	2,390	2,809	7,429
Loss on disposal of software	0	0	(20,498)	0
Interest expense	(32,921)	(39,161)	(65,138)	(75,256)
Total other expense	(31,081)	(34,165)	(78,311)	(55,835)
Income (loss) before provision for income taxes	(31,912)	(23,659)	(172,646)	124,605
Provision (benefit) for income taxes	(10,762)	(9,201)	(51,794)	50,104
Net income (loss)	$ (21,150)	$ (14,458)	$ (120,852)	$ 74,501
Net income (loss) per share of common stock:
Basic and diluted	$ 0	$ 0	$ 0	$ 0
Weighted average number of shares outstanding
Basic and diluted	41,465,540	40,715,540	41,216,921	40,715,540
O-rings and rubber product sales [Member]
Revenues
Total revenues	$ 1,480,441	$ 1,513,824	$ 3,234,797	$ 3,257,283
Cost of sales
Total cost of sales	1,115,133	1,115,889	2,375,164	2,275,733
Freight services [Member]
Revenues
Total revenues	40,922	55,878	84,022	95,763
Cost of sales
Total cost of sales	$ 40,767	$ 69,497	$ 110,991	$ 129,640

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Cash flows from operating activities
Net income (loss)	$ (120,852)	$ 74,501
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	71,133	60,288
Loss on disposal of software	20,498	0
Loss on sale of vehicle		(2,502)
Gain on swap	(2,809)	(7,429)
Stock for services	97,500	0
Changes in operating assets and liabilities:
Accounts receivable	(96,385)	(234,409)
Inventory	301,351	(104,323)
Prepaids and other current assets	17,481	0
Deferred tax asset	(51,794)	50,104
Other assets	0	(53,474)
Accounts payable and accrued interest payable	(93,359)	285,536
Other liabilities	(41,732)	702
Net cash provided by operating activities	101,033	73,998
Cash flows from investing activities
Purchase of fixed and intangible assets	0	(19,840)
Net cash used in investing activities	0	(19,840)
Cash flows from financing activities
Net borrowing of bank line of credit	0	30,000
Payments on notes payable	(15,573)	(57,322)
Net payments on related party note	(92,266)	(11,302)
Net cash used in financing activities	(107,839)	(38,624)
Net change in cash and cash equivalents	(6,806)	15,534
Cash and cash equivalents at the beginning of period	36,888	6,814
Cash and cash equivalents at the end of period	30,082	22,348
Supplemental disclosures of cash flow information:
Cash paid for interest	65,138	72,929
Cash paid for taxes	$ 750	$ 750

BASIS OF PRESENTATION

BASIS OF PRESENTATION	6 Months Ended
	Jun. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	NOTE 1 – BASIS OF PRESENTATION The accompanying interim financial statements have been prepared by the Company without audit. In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations, and cash flows as of and for the period ended, and for all periods presented herein, have been made. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted. It is suggested that these condensed financial statements be read in conjunction with the financial statements and notes thereto included in the Company’s December 31, 2017 audited financial statements. The results of operations for the periods ended June 30, 2018 and June 30, 2017 are not necessarily indicative of the operating results for the full years.

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2018
Accounting Policies [Abstract]
Significant Accounting Policies [Text Block]	NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES The accounting policies applied by the Company in these condensed interim financial statements are the same as those applied by the Company in its audited consolidated financial statements as at and for the year ended December 31, 2017. On January 1, 2018, we adopted the new accounting standard ASC 606, Revenue from Contracts with Customers The impact of recording this change as of January 1, 2018 resulted in no change to deferred revenue at that date and no corresponding change in retained earnings,. The impact of adopting the new revenue standard in 2018 did not create a material impact on our financial statements. Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the amounts reported and disclosed in the financial statements and the accompanying notes. Actual results could differ materially from these estimates. On an ongoing basis, we evaluate our estimates, including those related to the accounts receivable and sales allowances, fair values of financial instruments, useful lives of intangible assets and property and equipment, inventory valuations, income taxes, and contingent liabilities, among others. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Inventories Inventories, which are entirely comprised of finished goods, are stated at the lower of cost (based on the first in, first out method) or market. Cost does not include shipping and handling fees, which are charged directly to income. The Company provides for estimated losses from obsolete or slow-moving inventories, which is approximately 20% of the total inventory, and writes down the cost of inventory at the time such determinations are made. Reserves are estimated based upon inventory on hand, historical sales activity, industry trends, the business environment, and the expected net realizable value. The net realizable value is determined based upon current awareness of market prices. Inventory Type June 30, 2018 Dec. 31, 2017 Finished goods $ 2,789,588 $ 3,090,939 Raw materials - - Work-in-progress - - Inventory Reserve (585,764 ) (585,764 ) Net Inventory $ 2,203,824 $ 2,505,175 Stock-based Transactions The Company records stock-based compensation at fair value of the stock provided for services. The 10,800,000 of the stock options outstanding as of June 30, 2018 were fully vested and therefore, no compensation expense was recorded in the quarter ended June 30, 2018. Revenue Recognition The Company recognizes revenue based on Account Standards Codification (“ASC”) 606, Revenue from Contracts with Customers Research and Development The Company currently is engaged in the research and development of the DiMO marketplace and its own cryptocurrency, also called, “DiMO”. The DiMO marketplace is being planned by the Company to serve the o-ring industry and intends to utilize blockchain technology. The DiMO currency will be the currency used in this marketplace once the marketplace is built out. Currently, the Company is expensing all technical costs related to the development of DiMO and the DiMO marketplace to research and development. The Company has recognized $112,500 and $0 in these research and development costs and for the 6 months ended June 30, 2018 and June 30, 2017, respectively. Basic and Diluted Earnings per Share The Company has adopted ASC Update 2017-11 , Earnings Per Share (Topic 260), (the “new pronouncement”) for the period ended June 30, 2018. This new pronouncement calls for a change in the accounting for “down round” feature equity linked instruments such as option, warrants and convertible notes. “Down round” features are features that result in the strike price being reduced on the basis of the pricing of future equity offerings. Previous accounting guidance required a fair value measurement each accounting period on an ongoing basis and treatment of the instrument as a derivative liability with the change in the value of the liability recognized on the income statement. The new pronouncement requires that the effect of the down round feature is treated as a dividend and as a reduction of income available to commons shareholders in basic EPS. While the Company has 10,800,000 options currently outstanding as of June 30, 2018, all of these options are at a fixed price and were fully vested upon issuance on December 27, 2017. Consequently, they do not have “down round” features and the earnings per share calculations are unaffected by the new pronouncement. The computation of basic earnings (loss) per share of common stock is based on the weighted average number of shares outstanding during the periods presented. The computation of fully diluted earnings (loss) per share includes common stock equivalents outstanding at the balance sheet date unless anti-dilutive. The Company had 10,800,000 and of June 30, 2018 and 2017, respectively.

STOCK TRANSACTIONS

STOCK TRANSACTIONS	6 Months Ended
	Jun. 30, 2018
Stockholders' Equity Note [Abstract]
Stockholders' Equity Note Disclosure [Text Block]	NOTE 3 – STOCK TRANSACTIONS On January 29, 2018, the of 750,000 shares of stock to a consultant at a valuation of $.13/share related to its development of DiMO, the Company’s proprietary cryptocurrency. $97,500 was expensed to research and development for the 3 months ended March 31, 2018 and zero was expensed in the second quarter of 2018. In the second quarter of 2018, these 750,000 shares authorized and subscribed in the first quarter of 2018, were issued. R egulation A Offering and Property Dividend On February 14, 2018, the Company declared a property dividend of its internally developed cryptocurrency, DiMO. The dividend called for 950 DiMO per share of common stock to be distributed to shareholders of record as of October 26, 2018 with a payment date of December 14, 2018. Additional Cryptocurrency Dividend Metrics Forfeiture of Dividend by Company Executives: In order to not skew the metrics of the crypto dividend distribution, Angelo and Darren DeRosa, the Company’s Chairman of the Board and Chief Executive Officer and Director, respectively, have agreed to forego the rights to receive the dividend on all but 4,100,000 shares each of their common stock. Company Holdbacks The Company plans to retain 9,858,851,528 DiMO tokens as an initial reserve to be used for working capital and general business purposes. Additionally, the Company plans to retain a number of DiMO tokens equal to 25% of the total DiMO tokens distributed on the planned dividend payment date of December 14, 2018. Since it still has not been distributed, the Company has assigned a zero value to the internally developed cryptocurrency and therefore has $0 recorded for Dividend Payable and has recorded a $0 gain/loss on the dividend from declaration date of February 14 to June 30, 2018. Consequently, the cryptodividend payable is not currently creating any adjustment to net income available for common shareholders or the calculated EPS. On February 14, 2018, the Company filed a registration statement under Regulation A to offer up to 55,555,555 shares of common stock at an offering price of $0.90/share. The Company has received 15 comments on this offering from the SEC which it is currently addressing. Until such time as the offering is approved by the SEC, no Regulation A stock will be sold.

NOTES PAYABLE

NOTES PAYABLE	6 Months Ended
	Jun. 30, 2018
Debt Disclosure [Abstract]
Debt Disclosure [Text Block]	NOTE 4 – NOTES PAYABLE The mortgage on the Company’s headquarters in Neptune, NJ matures in October of 2018 at which time the Company would require a full refinance of the principal balance due. As of June 30, 2018 the principal balance due was $1,075,950. The Company has been served a notice of default in August 2018 prior to the re-finance due to failing to meet its net income financial covenant. The Company is currently working with the noteholder to re-finance the mortgage.

REVISION OF PRIOR YEAR FINANCIA

REVISION OF PRIOR YEAR FINANCIAL STATEMENTS:	6 Months Ended
	Jun. 30, 2018
Accounting Changes and Error Corrections [Abstract]
Accounting Changes and Error Corrections [Text Block]	NOTE 5 – REVISION OF PRIOR YEAR FINANCIAL STATEMENTS: The Company’s reclassification of its mortgage from non-current to current as of the year ended December 31, 2017 based on the fact that it requires a mandatory re-finance in October 2018, resulted in no change of net income. In accordance with the guidance provided by the SEC’s Staff Accounting Bulletin 99, Materiality Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements As a result of the aforementioned correction of accounting , the relevant annual financial statements have been revised as follows: Effects on financials for the year ended December 31, 2017: December 31, 2017 As Adjustment As Revised Balance Sheet Current Liabilities Current portion of long-term notes payable, related parties $ - $ 52,702 $ 52.702 Current portion of long-term notes payable 31,183 1,058,395 1,089,578 Total Current Liabilities 2,197,536 1,111,097 3,308,633 Other Liabilities Long-term notes payable, related parties 1,681,281 (52,702 ) 1,628,579 Long-term notes payable 1,073,972 (1,058,395 ) 15,577 Total Liabilities $ 4,952,789 $ - $ 4,952,789

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2018
Subsequent Events [Abstract]
Subsequent Events [Text Block]	NOTE 6 – SUBSEQUENT EVENTS The Company reviewed any significant transactions that would qualify for subsequent event reporting up through August 20, 2018. None were noted.

SIGNIFICANT ACCOUNTING POLICI12

SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2018
Accounting Policies [Abstract]
Use of Estimates, Policy [Policy Text Block]	Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the amounts reported and disclosed in the financial statements and the accompanying notes. Actual results could differ materially from these estimates. On an ongoing basis, we evaluate our estimates, including those related to the accounts receivable and sales allowances, fair values of financial instruments, useful lives of intangible assets and property and equipment, inventory valuations, income taxes, and contingent liabilities, among others. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities.
Inventory, Policy [Policy Text Block]	Inventories Inventories, which are entirely comprised of finished goods, are stated at the lower of cost (based on the first in, first out method) or market. Cost does not include shipping and handling fees, which are charged directly to income. The Company provides for estimated losses from obsolete or slow-moving inventories, which is approximately 20% of the total inventory, and writes down the cost of inventory at the time such determinations are made. Reserves are estimated based upon inventory on hand, historical sales activity, industry trends, the business environment, and the expected net realizable value. The net realizable value is determined based upon current awareness of market prices. Inventory Type June 30, 2018 Dec. 31, 2017 Finished goods $ 2,789,588 $ 3,090,939 Raw materials - - Work-in-progress - - Inventory Reserve (585,764 ) (585,764 ) Net Inventory $ 2,203,824 $ 2,505,175
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block]	Stock-based Transactions The Company records stock-based compensation at fair value of the stock provided for services. The 10,800,000 of the stock options outstanding as of June 30, 2018 were fully vested and therefore, no compensation expense was recorded in the quarter ended June 30, 2018.
Revenue Recognition, Policy [Policy Text Block]	Revenue Recognition The Company recognizes revenue based on Account Standards Codification (“ASC”) 606, Revenue from Contracts with Customers
Research and Development Expense, Policy [Policy Text Block]	Research and Development The Company currently is engaged in the research and development of the DiMO marketplace and its own cryptocurrency, also called, “DiMO”. The DiMO marketplace is being planned by the Company to serve the o-ring industry and intends to utilize blockchain technology. The DiMO currency will be the currency used in this marketplace once the marketplace is built out. Currently, the Company is expensing all technical costs related to the development of DiMO and the DiMO marketplace to research and development. The Company has recognized $112,500 and $0 in these research and development costs and for the 6 months ended June 30, 2018 and June 30, 2017, respectively.
Earnings Per Share, Policy [Policy Text Block]	Basic and Diluted Earnings per Share The Company has adopted ASC Update 2017-11 , Earnings Per Share (Topic 260), (the “new pronouncement”) for the period ended June 30, 2018. This new pronouncement calls for a change in the accounting for “down round” feature equity linked instruments such as option, warrants and convertible notes. “Down round” features are features that result in the strike price being reduced on the basis of the pricing of future equity offerings. Previous accounting guidance required a fair value measurement each accounting period on an ongoing basis and treatment of the instrument as a derivative liability with the change in the value of the liability recognized on the income statement. The new pronouncement requires that the effect of the down round feature is treated as a dividend and as a reduction of income available to commons shareholders in basic EPS. While the Company has 10,800,000 options currently outstanding as of June 30, 2018, all of these options are at a fixed price and were fully vested upon issuance on December 27, 2017. Consequently, they do not have “down round” features and the earnings per share calculations are unaffected by the new pronouncement. The computation of basic earnings (loss) per share of common stock is based on the weighted average number of shares outstanding during the periods presented. The computation of fully diluted earnings (loss) per share includes common stock equivalents outstanding at the balance sheet date unless anti-dilutive. The Company had 10,800,000 and of June 30, 2018 and 2017, respectively.

SIGNIFICANT ACCOUNTING POLICI13

SIGNIFICANT ACCOUNTING POLICIES (Tables)	6 Months Ended
	Jun. 30, 2018
Accounting Policies [Abstract]
Schedule of Inventory, Current [Table Text Block]	Inventory Type June 30, 2018 Dec. 31, 2017 Finished goods $ 2,789,588 $ 3,090,939 Raw materials - - Work-in-progress - - Inventory Reserve (585,764 ) (585,764 ) Net Inventory $ 2,203,824 $ 2,505,175

REVISION OF PRIOR YEAR FINANC14

REVISION OF PRIOR YEAR FINANCIAL STATEMENTS: (Tables)	6 Months Ended
	Jun. 30, 2018
Accounting Changes and Error Corrections [Abstract]
Schedule of Error Corrections and Prior Period Adjustments [Table Text Block]	As a result of the aforementioned correction of accounting , the relevant annual financial statements have been revised as follows: Effects on financials for the year ended December 31, 2017: December 31, 2017 As Adjustment As Revised Balance Sheet Current Liabilities Current portion of long-term notes payable, related parties $ - $ 52,702 $ 52.702 Current portion of long-term notes payable 31,183 1,058,395 1,089,578 Total Current Liabilities 2,197,536 1,111,097 3,308,633 Other Liabilities Long-term notes payable, related parties 1,681,281 (52,702 ) 1,628,579 Long-term notes payable 1,073,972 (1,058,395 ) 15,577 Total Liabilities $ 4,952,789 $ - $ 4,952,789

SIGNIFICANT ACCOUNTING POLICI15

SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($)	Jun. 30, 2018	Dec. 31, 2017
Finished goods	$ 2,789,588	$ 3,090,939
Raw materials	0	0
Work-in-progress	0	0
Inventory Reserve	(585,764)	(585,764)
Net Inventory	$ 2,203,824	$ 2,505,175

SIGNIFICANT ACCOUNTING POLICI16

SIGNIFICANT ACCOUNTING POLICIES (Details Textual) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Summary Of Significant Accounting Policies [Line Items]
Estimated Losses of Obsolete or Slow Moving Inventory Percent			20.00%
Incremental Common Shares Attributable to Dilutive Effect of Call Options and Warrants			10,800,000	0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number	10,800,000		10,800,000
Share Based Payment Award Options Vested Issuance Date			Dec. 27, 2017
Research and Development Expense	$ 0	$ 0	$ 112,500	$ 0

STOCK TRANSACTIONS (Details Tex

STOCK TRANSACTIONS (Details Textual) - USD ($)	1 Months Ended		3 Months Ended			5 Months Ended	6 Months Ended
	Feb. 14, 2018	Jan. 29, 2018	Jun. 30, 2018	Mar. 31, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Stockholders Equity Note [Line Items]
Dividend Called On Shares	950
Dividends Payable, Date of Record	Oct. 26, 2018
Dividends Payable, Date to be Paid	Dec. 14, 2018
Common Stock, Par or Stated Value Per Share			$ 0.001			$ 0.001	$ 0.001		$ 0.001
Research and Development Expense			$ 0		$ 0		$ 112,500	$ 0
Dividend Payment Description							The Company plans to retain 9,858,851,528 DiMO tokens as an initial reserve to be used for working capital and general business purposes. Additionally, the Company plans to retain a number of DiMO tokens equal to 25% of the total DiMO tokens distributed on the planned dividend payment date of December 14, 2018.
Dividends Payable			$ 0			$ 0	$ 0
Gain (Loss) on Dividends Payable						$ 0
Consultant [Member]
Stockholders Equity Note [Line Items]
Stock Issued During Period, Shares, Issued for Services			750,000
Regulation A [Member]
Stockholders Equity Note [Line Items]
Stock Issued During Period, Shares, New Issues	55,555,555
Sale of Stock, Price Per Share	$ 0.90
proprietary cryptocurrency [Member]
Stockholders Equity Note [Line Items]
Dividend Called On Shares							4,100,000
Common Stock, Par or Stated Value Per Share		$ 0.13
Research and Development Expense			$ 0	$ 97,500
Stock Issued During Period, Shares, Issued for Services		750,000

NOTES PAYABLE (Details Textual)

NOTES PAYABLE (Details Textual) - USD ($)	Jun. 30, 2018	Dec. 31, 2017
Debt Disclosure [Abstract]
Notes Payable, Current	$ 1,075,950	$ 1,089,578

REVISION OF PRIOR YEAR FINANC19

REVISION OF PRIOR YEAR FINANCIAL STATEMENTS: (Details) - USD ($)	Jun. 30, 2018	Dec. 31, 2017
Current Liabilities
Current portion of long-term notes payable, related parties	$ 52,702	$ 52,702
Current portion of long-term notes payable	1,075,950	1,089,578
Total Current Liabilities	3,157,738	3,308,633
Other Liabilities
Long-term notes payable, related parties	1,536,313	1,628,579
Long-term notes payable	13,632	15,577
Total Liabilities	$ 4,707,683	4,952,789
Previously Reported [Member]
Current Liabilities
Current portion of long-term notes payable, related parties		0
Current portion of long-term notes payable		31,183
Total Current Liabilities		2,197,536
Other Liabilities
Long-term notes payable, related parties		1,681,281
Long-term notes payable		1,073,972
Total Liabilities		4,952,789
Restatement Adjustment [Member]
Current Liabilities
Current portion of long-term notes payable, related parties		52,702
Current portion of long-term notes payable		1,058,395
Total Current Liabilities		1,111,097
Other Liabilities
Long-term notes payable, related parties		(52,702)
Long-term notes payable		(1,058,395)
Total Liabilities		$ 0