Document and Entity Information
Document and Entity Information | 3 Months Ended |
Mar. 31, 2017shares | |
Entity Registrant Name | THANKSGIVING COFFEE CO INC |
Entity Central Index Key | 949,852 |
Trading Symbol | cik0000949852 |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
Document Type | 10-Q |
Document Period End Date | Mar. 31, 2017 |
Document Fiscal Year Focus | 2,017 |
Document Fiscal Period Focus | Q1 |
Entity Filer Category | Smaller Reporting Company |
Class A common stock | |
Entity Common Stock, Shares Outstanding | 1,236,744 |
Class B common stock | |
Entity Common Stock, Shares Outstanding |
Balance Sheets
Balance Sheets - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 |
Current assets | ||
Cash | $ 94,802 | $ 149,936 |
Accounts receivable, net of allowance | 225,002 | 239,738 |
Inventories | 341,044 | 279,751 |
Prepaid expenses | 75,117 | 109,974 |
Total current assets | 735,965 | 779,399 |
Property and equipment | ||
Property and equipment | 1,431,006 | 1,418,820 |
Accumulated depreciation | (1,024,095) | (992,441) |
Total property and equipment | 406,911 | 426,379 |
Other assets | ||
Deposits and other assets | 8,800 | 12,242 |
Other intangibles, net of amortization | 30,402 | 29,728 |
Total other assets | 39,202 | 41,970 |
Total assets | 1,182,078 | 1,247,748 |
Current liabilities | ||
Accounts payable | 272,234 | 286,852 |
Accued Liabilities | 47,087 | 67,344 |
Current portion of long term debt | 38,004 | 38,004 |
Total current liabilities | 357,325 | 392,200 |
Long term debt | ||
Long-term debt | 120,777 | 130,297 |
Less current portion of long term debt | (38,004) | (38,004) |
Total long term debt | 82,773 | 92,293 |
Total liabilities | 440,098 | 484,493 |
Shareholders' equity | ||
Common stock, no par value, 1,960,000 shares authorized, 1,236,744 shares issued and outstanding | 861,816 | 861,816 |
Additional paid in capital | 24,600 | 24,600 |
Accumulated deficit | (144,430) | (123,161) |
Total shareholders' equity | 741,986 | 763,255 |
Total liabilities and shareholders' equity | $ 1,182,084 | $ 1,247,748 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | ||
Common stock, shares authorized | 1,960,000 | 1,960,000 |
Common stock, shares issued | 1,236,744 | 1,236,744 |
Common stock, shares outstanding | 1,236,744 | 1,236,744 |
Statements of Operations (Unaud
Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Income | ||
Net sales | $ 819,286 | $ 866,396 |
Cost of sales | 454,925 | 533,594 |
Gross profit | 364,361 | 332,802 |
Operating expenses | ||
Selling, general and administrative expenses | 362,658 | 358,418 |
Depreciation and amortization | 22,176 | 20,111 |
Total operating expenses | 384,834 | 378,529 |
Operating loss | (20,473) | (45,727) |
Loss before income taxes | (20,473) | (45,727) |
Income tax expense | (800) | (800) |
Net loss | $ (21,273) | $ (46,527) |
Loss per share (basic) | $ (0.017) | $ (0.038) |
Loss per share (dilutive) | $ (0.017) | $ (0.038) |
Weighted average number of shares | 1,236,744 | 1,236,744 |
Statements of Cash Flows (Unaud
Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Operating activities | ||
Net loss | $ (21,273) | $ (46,527) |
Adjustments to reconcile net loss to cash flows from operating activities: | ||
Depreciation and amortization | 31,654 | 29,281 |
(Increase) decrease in: | ||
Accounts receivable | 14,736 | 2,632 |
Inventories | (61,293) | (13,652) |
Prepaid expenses | 34,857 | 31,264 |
Deposits and other assets | 3,442 | |
Increase (decrease) in: | ||
Accounts payable | (14,618) | 50,703 |
Accrued liabilities | (20,257) | (23,252) |
Net cash provided by (used in) operating activities | (32,752) | 30,449 |
Investing activities | ||
Purchases of property and equipment | (12,186) | (44,277) |
Net cash (used in) investing activities | (12,186) | (44,277) |
Financing activities | ||
(Repayments) issuances of notes payable and capital leases | (10,194) | 30,413 |
Net cash (used in) financing activities | (10,194) | 30,413 |
Increase (decrease) in cash | (55,132) | 16,585 |
Cash at beginning of period | 149,936 | 213,193 |
Cash at end of period | $ 94,802 | $ 229,778 |
Statements of Cash Flows (Paren
Statements of Cash Flows (Parenthetical) (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Statement of Cash Flows [Abstract] | ||
Cash paid for income taxes | $ 800 | $ 800 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2017 | |
Basis of Presentation [Abstract] | |
Basis of Presentation | 1. Basis of Presentation The unaudited condensed financial statements in this Form 10-Q have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. We have continued to follow the accounting policies disclosed in the financial statements included in our 2016 Form 10-K filed with the Securities and Exchange Commission (SEC). It is suggested that these statements be read in conjunction with the December 31, 2016 audited financial statements and the accompanying notes on Form 10-K, as filed with the SEC. The interim financial information in this Form 10-Q reflects all adjustments (consisting of normal recurring accruals) necessary for a fair presentation of our results of operations for the interim periods. The results of operations for the three months ended March 31, 2017 are not necessarily indicative of results to be expected for the full year. Concentration of Risk In the first quarter of fiscal 2017, one customer accounted for 10.9% of the Company’s revenue. The account has purchased from the Company since 2009. The account has serving locations and is a distributor of the Company’s product. A loss of this account or any other large account, or a significant reduction in sales to any of the Company’s principal customers, could have an adverse impact on the Company. Income Taxes The Company accounts for income taxes under the asset and liability method as prescribed by ASC 740, Accounting for Income Taxes A valuation allowance is established, when necessary, to reduce deferred tax assets to the amount expected to be realized. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Accordingly, actual results could differ from those estimates. |
Accounts Receivable
Accounts Receivable | 3 Months Ended |
Mar. 31, 2017 | |
Accounts Receivable [Abstract] | |
Accounts Receivable | 2. Accounts Receivable Accounts receivable consist of the following: 3/31/2017 12/31/2016 Accounts receivable $ 230,617 $ 246,616 Less: allowance for doubtful accounts (5,615 ) (6,878 ) Net accounts receivable $ 225,002 $ 239,738 The Company utilizes a percentage method to establish the allowance for doubtful accounts. The estimated allowance ranges from 1% to 10% of outstanding receivables based on factors pertaining to the credit risk of specific customers, historical trends and other information. Delinquent accounts are written off when it is determined that amounts are uncollectible. Bad debt expense (recovery) for the three months ended March 31, 2017 and 2016 was $(1263) and (233) respectively. |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2017 | |
Inventories [Abstract] | |
Inventories | 3. Inventories Inventories consist of the following: 3/31/2017 12/31/2016 Coffee Unroasted $ 226,222 $ 168,003 Roasted 51,661 55,066 Tea 1,996 1,690 Packaging, supplies and other merchandise held for sale 61,165 54,992 Total inventories $ 341,044 $ 279,751 |
Property and Equipment
Property and Equipment | 3 Months Ended |
Mar. 31, 2017 | |
Property and Equipment [Abstract] | |
Property and Equipment | 4. Property and Equipment Property and equipment consist of the following: 3/31/2017 12/31/2016 Equipment $ 519,125 $ 506,939 Furniture and fixtures 138,715 138,715 Leasehold improvements 352,237 352,237 Transportation equipment 146,133 146,133 Pacakge design 41,000 41,000 Capitalized website development costs 19,000 19,000 Property held under capital leases 214,796 214,796 Total property and equipment 1,431,006 1,418,820 Accumulated depreciation (1,024,095 ) (992,441 ) Property and equipment, net $ 406,911 $ 426,379 Depreciation expense for the three months ended March 31, 2017 and 2016 was $22,176 and $20,112 respectively. |
Long Term Debt
Long Term Debt | 3 Months Ended |
Mar. 31, 2017 | |
Long Term Debt [Abstract] | |
Long Term Debt | 5. Long Term Debt (continued) Capital Lease Obligations 3/31/2017 12/31/2016 Bank of the West payable in monthly installments of $787.03, including interest at 9.234% collateralized by equipment, final payment due on January 1, 2021 $ 29,839 $ 31,486 Bank of the West payable in monthly installments of $1,465, including interest at 9.227%, colateralized by equipment, final payment due on January 1, 2020 43,685 47,020 Hansel Ford, payable in monthly installments of $385, including interest at .90%, collateralized by equipment, final payment due on March 14, 2019. 9,157 10,290 Hansel Ford, payable in monthly installments of $385, including interest at .90%, collateralized by equipment, final payment due on March 14, 2019. 9,157 10,290 Hansel Ford, payable in monthly installments of $806.38, including interest at 1.939%, collateralized by equipment, final payment due on April 10, 2020. 28,939 31,211 $ 120,777 $ 130,297 Less current portion (38,004 ) (38,004 ) Long term portion of notes payable $ 82,773 $ 92,293 Interest paid for the three months ended March 31, 2017 and 2016 was $1,966 and $2,277, respectively. As of March 31, 2017, maturities of notes payable and capital lease obligations for each of the next five years and in the aggregate were as follows: Years Ending March 31, 2017 $ 32,194 2018 40,534 2019 35,855 2020 12,194 $ 120,777 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2017 | |
Income Taxes [Abstract] | |
Income Taxes | 6. Income Taxes Deferred income taxes arise from temporary timing differences in the recognition of income and expenses for financial reporting and tax purposes. The Company’s deferred tax assets consist of the benefit from net operating loss (NOL) carryforwards and temporary differences. The net operating loss carryforwards expire in various years through 2030. The Company’s deferred tax assets are offset by a valuation allowance due to the uncertainty of the realization of the net operation loss carryforwards. Net operating loss carryforwards may be further limited by a change in company ownership and other provisions of the tax laws. |
Operating Leases
Operating Leases | 3 Months Ended |
Mar. 31, 2017 | |
Operating Leases [Abstract] | |
Operating Leases | 7. Operating Leases The Company leases some office equipment under non-cancelable operating leases with terms ranging from three to five years. As of March 31, 2010, minimum annual lease payments due under these agreements for each of the next five years and in the aggregate were: Years Ending March 31, 2017 8,135 2018 7,154 2019 1,754 2020 - 2021 - $ 17,043 Total operating lease payments for the three months ended March 31, 2017 and 2016 was $2,278 and $1,580 respectively. |
Long Term Leases
Long Term Leases | 3 Months Ended |
Mar. 31, 2017 | |
Long Term Leases [Abstract] | |
Long Term Leases | 8. Long Term Leases The Company leases its corporate headquarters, warehouse and waterfront facilities from Paul and Joan Katzeff (the Company’s majority shareholders, directors and officers). The lease is classified as an operating lease and provides for monthly rental payments of $8,600. The Company is responsible for all real estate taxes, insurance and maintenance costs related to the facilities. The ten-year lease term ends May 31, 2025. As of March 31, 2017, minimum future rental payments under non-cancelable facilities operating leases for each of the next five years and in the aggregate are as follows: Years ending March 31, 2017 $ 103,200 2018 103,200 2019 103,200 2020 103,200 2021 103,200 Thereafter 309,600 $ 825,600 |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2017 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 9. Related Party Transactions As of March 31, 2017, the Company has green contract with three cooperatives in Nicaragua, Ethical trading and Investment Company of Nicaragua (ETICO) is the importer for the transaction. Nicolas Hoskyns, a director of the company, is the managing director of ETICO. At March 31, 2017, amounts owed to ETICO totaled $37,168. All the amounts owed are current and were paid accordance with our standard vendor payment policies. The loss of the ETICO relationship could have an adverse effect on the Company’s business in the short term. Management believes other options are available that could be utilized in the event the ETICO relationship was terminated.. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2017 | |
Basis of Presentation [Abstract] | |
Concentration of Risk | Concentration of Risk In the first quarter of fiscal 2017, one customer accounted for 10.9% of the Company’s revenue. The account has purchased from the Company since 2009. The account has serving locations and is a distributor of the Company’s product. A loss of this account or any other large account, or a significant reduction in sales to any of the Company’s principal customers, could have an adverse impact on the Company. |
Income Taxes | Income Taxes The Company accounts for income taxes under the asset and liability method as prescribed by ASC 740, Accounting for Income Taxes A valuation allowance is established, when necessary, to reduce deferred tax assets to the amount expected to be realized. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Accordingly, actual results could differ from those estimates. |
Accounts Receivable (Tables)
Accounts Receivable (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Accounts Receivable [Abstract] | |
Schedule of accounts receivable | 3/31/2017 12/31/2016 Accounts receivable $ 230,617 $ 246,616 Less: allowance for doubtful accounts (5,615 ) (6,878 ) Net accounts receivable $ 225,002 $ 239,738 |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Inventories [Abstract] | |
Schedule of inventories | 3/31/2017 12/31/2016 Coffee Unroasted $ 226,222 $ 168,003 Roasted 51,661 55,066 Tea 1,996 1,690 Packaging, supplies and other merchandise held for sale 61,165 54,992 Total inventories $ 341,044 $ 279,751 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Property and Equipment [Abstract] | |
Schedule of property and equipment | 3/31/2017 12/31/2016 Equipment $ 519,125 $ 506,939 Furniture and fixtures 138,715 138,715 Leasehold improvements 352,237 352,237 Transportation equipment 146,133 146,133 Pacakge design 41,000 41,000 Capitalized website development costs 19,000 19,000 Property held under capital leases 214,796 214,796 Total property and equipment 1,431,006 1,418,820 Accumulated depreciation (1,024,095 ) (992,441 ) Property and equipment, net $ 406,911 $ 426,379 |
Long Term Debt (Tables)
Long Term Debt (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Long Term Debt [Abstract] | |
Schedule of long-term debt | Capital Lease Obligations 3/31/2017 12/31/2016 Bank of the West payable in monthly installments of $787.03, including interest at 9.234% collateralized by equipment, final payment due on January 1, 2021 $ 29,839 $ 31,486 Bank of the West payable in monthly installments of $1,465, including interest at 9.227%, colateralized by equipment, final payment due on January 1, 2020 43,685 47,020 Hansel Ford, payable in monthly installments of $385, including interest at .90%, collateralized by equipment, final payment due on March 14, 2019. 9,157 10,290 Hansel Ford, payable in monthly installments of $385, including interest at .90%, collateralized by equipment, final payment due on March 14, 2019. 9,157 10,290 Hansel Ford, payable in monthly installments of $806.38, including interest at 1.939%, collateralized by equipment, final payment due on April 10, 2020. 28,939 31,211 $ 120,777 $ 130,297 Less current portion (38,004 ) (38,004 ) Long term portion of notes payable $ 82,773 $ 92,293 |
Schedule of maturities of notes payable and capital lease obligations | Years Ending March 31, 2017 $ 32,194 2018 40,534 2019 35,855 2020 12,194 $ 120,777 |
Operating Leases (Tables)
Operating Leases (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Operating Leases [Abstract] | |
Schedule of minimum annual lease payments due under these agreements | Years Ending March 31, 2017 8,135 2018 7,154 2019 1,754 2020 - 2021 - $ 17,043 |
Long Term Leases (Tables)
Long Term Leases (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Long Term Leases [Abstract] | |
Schedule of minimum future rental payments under non-cancelable facilities operating leases | Years ending March 31, 2017 $ 103,200 2018 103,200 2019 103,200 2020 103,200 2021 103,200 Thereafter 309,600 $ 825,600 |
Basis of Presentation (Details)
Basis of Presentation (Details) - Revenue [Member] | 3 Months Ended |
Mar. 31, 2017Customer | |
Basis of Presentation (Textual) | |
Concentration risk, percentage | 10.90% |
Numeber of customer | 1 |
Accounts Receivable (Details)
Accounts Receivable (Details) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 |
Accounts Receivable [Abstract] | ||
Accounts receivable | $ 230,617 | $ 246,616 |
Less: allowance for doubtful accounts | (5,615) | (6,878) |
Net accounts receivable | $ 225,002 | $ 239,738 |
Accounts Receivable (Details Te
Accounts Receivable (Details Textual) - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Accounts Receivable (Textual) | ||
Percentage method to establish the allowance for doubtful accounts, Description | The estimated allowance ranges from 1% to 10% of outstanding receivables based on factors pertaining to the credit risk of specific customers, historical trends and other information. | |
Bad debt expense (recovery) | $ (1,263) | $ (233) |
Inventories (Details)
Inventories (Details) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 |
Inventory [Line Items] | ||
Total inventories | $ 341,044 | $ 279,751 |
Coffee: Unroasted [Member] | ||
Inventory [Line Items] | ||
Total inventories | 226,222 | 168,003 |
Coffee: Roasted [Member] | ||
Inventory [Line Items] | ||
Total inventories | 51,661 | 55,066 |
Tea [Member] | ||
Inventory [Line Items] | ||
Total inventories | 1,996 | 1,690 |
Packaging, supplies and other merchandise held for sale [Member] | ||
Inventory [Line Items] | ||
Total inventories | $ 61,165 | $ 54,992 |
Property and Equipment (Details
Property and Equipment (Details) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 |
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | $ 1,431,006 | $ 1,418,820 |
Accumulated depreciation | (1,024,095) | (992,441) |
Property and equipment, net | 406,911 | 426,379 |
Package design [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 41,000 | 41,000 |
Capitalized website development costs [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 19,000 | 19,000 |
Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 519,125 | 506,939 |
Furniture and fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 138,715 | 138,715 |
Leasehold improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 352,237 | 352,237 |
Transportation equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 146,133 | 146,133 |
Property held under capital leases [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | $ 214,796 | $ 214,796 |
Property and Equipment (Detai28
Property and Equipment (Details Textual) - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Property and Equipment (Textual) | ||
Depreciation expense | $ 22,176 | $ 20,112 |
Long Term Debt (Details)
Long Term Debt (Details) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||
Long-term debt | $ 120,777 | $ 130,297 |
Less current portion of long term debt | (38,004) | (38,004) |
Less current portion of long term debt | 82,773 | 92,293 |
Bank of West due on January 1, 2021[Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | ||
Less current portion of long term debt | 29,839 | 31,486 |
Bank of West due on January 1, 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Less current portion of long term debt | 43,685 | 47,020 |
Hansel Ford due on March 14, 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Less current portion of long term debt | 9,157 | 10,290 |
Hansel Ford due on March 14, 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | ||
Less current portion of long term debt | 9,157 | 10,290 |
Hansel Ford due on April 10, 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | ||
Less current portion of long term debt | $ 28,939 | $ 31,211 |
Long Term Debt (Details 1)
Long Term Debt (Details 1) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 |
Maturities of long-term debt | ||
2,017 | $ 32,194 | |
2,018 | 40,534 | |
2,019 | 35,855 | |
2,020 | 12,194 | |
Long-term debt | $ 120,777 | $ 130,297 |
Long Term Debt (Details Textual
Long Term Debt (Details Textual) - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Long Term Debt (Textual) | ||
Interest expense | $ 1,966 | $ 2,277 |
Bank of West due on January 1, 2021[Member] | ||
Long Term Debt (Textual) | ||
Long term debt monthly installments payable | $ 787.03 | |
Interest rate | 9.234% | |
Long term debt maturity date | Jan. 1, 2021 | |
Bank of West due on January 1, 2020 [Member] | ||
Long Term Debt (Textual) | ||
Long term debt monthly installments payable | $ 1,465 | |
Interest rate | 9.227% | |
Long term debt maturity date | Jan. 1, 2020 | |
Hansel Ford due on March 14, 2019 [Member] | ||
Long Term Debt (Textual) | ||
Long term debt monthly installments payable | $ 385 | |
Interest rate | 0.90% | |
Long term debt maturity date | Mar. 14, 2019 | |
Hansel Ford due on March 14, 2019 [Member] | ||
Long Term Debt (Textual) | ||
Long term debt monthly installments payable | $ 385 | |
Interest rate | 0.90% | |
Long term debt maturity date | Mar. 14, 2019 | |
Hansel Ford due on April 10, 2020 [Member] | ||
Long Term Debt (Textual) | ||
Long term debt monthly installments payable | $ 806.38 | |
Interest rate | 1.939% | |
Long term debt maturity date | Apr. 10, 2020 |
Income Taxes (Details)
Income Taxes (Details) | 3 Months Ended |
Mar. 31, 2017 | |
Income Taxes (Textual) | |
Net operating loss carryforwards expire, description | The net operating loss carryforwards expire in various years through 2030. |
Operating Leases (Details)
Operating Leases (Details) - Office equipment [Member] | Mar. 31, 2017USD ($) |
Years Ending March 31, | |
2,017 | $ 8,135 |
2,018 | 7,154 |
2,019 | 1,754 |
2,020 | |
2,021 | |
Total future minimum lease payments | $ 17,043 |
Operating Leases (Details Textu
Operating Leases (Details Textual) - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Operating Leases (Textual) | ||
Non-cancelable operating leases terms | Three to five years. | |
Office equipment [Member] | ||
Operating Leases (Textual) | ||
Total operating lease payments | $ 2,278 | $ 1,580 |
Long Term Leases (Details)
Long Term Leases (Details) - Directors and Officers [Member] | Mar. 31, 2017USD ($) |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |
2,017 | $ 103,200 |
2,018 | 103,200 |
2,019 | 103,200 |
2,020 | 103,200 |
2,021 | 103,200 |
Thereafter | 309,600 |
Total future minimum lease payments | $ 825,600 |
Long Term Leases (Details Textu
Long Term Leases (Details Textual) | 3 Months Ended |
Mar. 31, 2017USD ($) | |
Long Term Leases (Textual) | |
Operating lease maturity term | The ten-year lease term ends May 31, 2025 |
Directors and Officers [Member] | |
Long Term Leases (Textual) | |
Operating leases, rent payment | $ 8,600 |
Related Party Transactions (Det
Related Party Transactions (Details) | 3 Months Ended |
Mar. 31, 2017USD ($) | |
Related Party Transactions (Textual) | |
Amounts owed to ETICO | $ 37,168 |