Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2015 | Nov. 20, 2015 | |
Document And Entity Information | ||
Entity Registrant Name | Pacific Ventures Group, Inc. | |
Entity Central Index Key | 882,800 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2015 | |
Amendment Flag | true | |
Current Fiscal Year End Date | --12-31 | |
Is Entity a Well-known Seasoned Issuer? | No | |
Is Entity a Voluntary Filer? | No | |
Is Entity's Reporting Status Current? | Yes | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 25,415,000 | |
Amendment Description | Solely to furnish Exhibit 101 to the Form 10-Q in accordance with Rule 405 of Regulation S-T. Exhibit 101 to this report provides the consolidated financial statements and related notes from the Form 10-Q formatted in XBRL (eXtensible Business Reporting L | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2,015 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 |
Current Assets: | ||
Cash and cash equivalents | ||
Accounts receivable | $ 12,721 | |
Inventory, net | $ 120,346 | 58,256 |
Deposits | 1,500 | 1,500 |
Total Current Assets | 121,846 | 72,477 |
Fixed Assets | ||
Fixed assets, net | 39,823 | 106,740 |
Total Fixed Assets | 39,823 | 106,740 |
TOTAL ASSETS | 161,669 | 179,217 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ||
Bank overdraft | 1,441 | 2,589 |
Accounts payable | 306,399 | 358,867 |
Accrued expenses | 163,009 | $ 891,532 |
Deferred exclusive distribution fee | 66,667 | |
Current portion, notes payable | 550,333 | $ 550,333 |
Current portion, notes payable - related party | 169,838 | 278,821 |
Current portion, leases payable | 42,565 | 36,012 |
Total Current Liabilities | 1,300,252 | 2,118,154 |
Long-Term Liabilities: | ||
Notes payable - related party | $ 386,036 | 324,522 |
Leases payable | 6,553 | |
Total Long-Term Liabilities | $ 386,036 | 331,075 |
Total Liabilities | 1,686,288 | 2,449,229 |
STOCKHOLDERS' EQUITY (DEFICIT) | ||
Preferred stock, $.001 par value, 10,000,000 shares authorized, 1,000,000 issued and outstanding | 1,000 | 1,000 |
Common stock, $.001 par value, 30,000,000 shares authorized, 25,384,031 and 22,884,031 issued and outstanding, respectively | 25,384 | 22,884 |
Additional paid in capital | 4,523,606 | 3,126,535 |
Accumulated deficit | 6,074,609 | (5,420,431) |
Total Stockholders' Equity (Deficit) | (1,524,619) | (2,270,012) |
Total Liabilities and Stockholders' Equity (Deficit) | $ 161,669 | $ 179,217 |
CONDENSED CONSOLIDATED BALANCE3
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Sep. 30, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Common Stock, par value | $ 0.001 | $ 0.001 |
Common Stock, shares authorized | 30,000,000 | 30,000,000 |
Common Stock, shares issued | 25,384,031 | 22,884,031 |
Common Stock, shares outstanding | 25,384,031 | 22,884,031 |
Preferred Stock, par value | $ 0.001 | $ 0.001 |
Preferred Stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred Stock, shares issued | 0 | 0 |
Preferred Stock, shares outstanding | 0 | 0 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Income Statement [Abstract] | ||||
Sales, net of discounts | $ 17,957 | $ 22,326 | $ 244,176 | $ 97,436 |
Cost of Goods Sold | (2,248) | (17,323) | (91,500) | (43,567) |
Gross Profit | 15,709 | 5,003 | 152,676 | 53,869 |
Operating Expenses | ||||
Selling, general and administrative | 431,052 | 142,249 | 513,683 | 605,797 |
Depreciation expense | 22,306 | 21,134 | 66,917 | 63,401 |
Salaries and wages | 38,721 | 62,898 | 178,721 | 283,293 |
Operating Expenses/(Loss) | 492,079 | 226,281 | 759,321 | 952,491 |
Loss from Operations | (476,370) | (221,278) | (606,645) | (898,622) |
Interest expense | (13,200) | (25,038) | (47,533) | (52,479) |
Net Income/(Loss) before Income Taxes | $ (489,570) | $ (246,316) | $ (654,178) | $ (951,101) |
Provision for income taxes | ||||
Net Income/(Loss) | $ (489,570) | $ (246,316) | $ (654,178) | $ (951,101) |
Basic and Diluted Loss per Share - Common Stock | $ (0.02) | $ (0.01) | $ (0.03) | $ (0.04) |
Weighted Average Number of Shares Outstanding: Basic and Diluted Common Stock | 23,019,901 | 22,884,031 | 22,929,819 | 22,884,031 |
CONDENSED CONSOLIDATED STATEME5
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
OPERATING ACTIVITIES | ||
Net loss | $ (654,178) | $ (951,101) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Shares issued for services | 461,903 | |
Depreciation | $ 66,917 | $ 63,401 |
Changes in operating assets and liabilities | ||
Accounts receivable | 12,721 | 5,848 |
Inventory | $ (62,090) | (57,388) |
Loans Receivable | (3,566) | |
Deposits | 4,053 | |
Accounts payable | $ (52,468) | $ 71,947 |
Deferred exclusive distribution fee | 66,667 | |
Accrued expenses | 163,009 | $ 891,532 |
Net Cash Used in Operating Activities | $ (36,197) | (740,980) |
INVESTING ACTIVITIES | ||
Security Deposits | 6,478 | |
Acquisition of fixed assets | 53,646 | |
Net Cash Provided By (Used In) Investing Activities | 60,124 | |
FINANCING ACTIVITIES | ||
Bank overdraft | $ (1,148) | 4,810 |
Proceeds from notes payable | $ 500,000 | |
Proceeds from notes payable - related party | $ 53,838 | |
Repayment of notes payable | (108,983) | |
Common stock issued for cash | $ 92,490 | $ 160,107 |
Repayment on the leases payable | (14,085) | |
Net Cash Provided by Financing Activities | $ 36,197 | 650,832 |
NET INCREASE (DECREASE) IN CASH | (30,024) | |
CASH AT BEGINNING OF PERIOD | 30,024 | |
CASH AT END OF PERIOD | ||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ||
CASH PAID FOR: Interest | $ 47,533 | 52,479 |
NON CASH FINANCING ACTIVITIES: | ||
Issuance of shares for debt conversion | 21,675 | $ 160,000 |
Issuance of shares for accrued wages | $ 225,000 |