Document And Entity Information
Document And Entity Information | 6 Months Ended |
Jun. 30, 2019shares | |
Document Information [Line Items] | |
Entity Registrant Name | THANKSGIVING COFFEE CO INC |
Entity Central Index Key | 0000949852 |
Trading Symbol | tcci |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Non-accelerated Filer |
Entity Current Reporting Status | Yes |
Entity Emerging Growth Company | false |
Entity Small Business | true |
Entity Common Stock, Shares Outstanding (in shares) | 1,236,744 |
Entity Shell Company | false |
Document Type | 10-Q |
Document Period End Date | Jun. 30, 2019 |
Document Fiscal Year Focus | 2019 |
Document Fiscal Period Focus | Q2 |
Amendment Flag | false |
Title of 12(b) Security | Common Stock, no par value |
Balance Sheets (Current Period
Balance Sheets (Current Period Unaudited) - USD ($) | Jun. 30, 2019 | Dec. 31, 2018 |
Current assets | ||
Cash | $ 380,272 | $ 153,646 |
Accounts receivable, net of allowance | 257,462 | 218,789 |
Inventories | 249,054 | 237,708 |
Prepaid expenses | 70,915 | 90,431 |
Total current assets | 957,703 | 700,574 |
Property and equipment | 2,125,989 | 1,470,182 |
Accumulated depreciation | (1,242,935) | (1,161,533) |
Total property and equipment | 883,054 | 308,649 |
Deposits and other assets | 14,168 | 4,168 |
Total other assets | 14,168 | 4,168 |
Total assets | 1,854,925 | 1,013,391 |
Current liabilities | ||
Accounts payable | 221,727 | 217,828 |
Accrued Liabilities | 68,283 | 62,817 |
Current Operating Lease Liabilities | 95,990 | |
Current portion of long term debt | 36,597 | 48,262 |
Total current liabilities | 422,597 | 328,907 |
Long term debt | ||
Long-term debt | 60,692 | 84,564 |
Less current portion of long term debt | (36,597) | (48,262) |
Operating Lease | 495,228 | |
Total long term debt | 519,323 | 36,302 |
Total liabilities | 941,920 | 365,209 |
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 |
Retaine earnings (deficit) | 26,589 | (238,234) |
Total shareholders' equity | 913,005 | 648,182 |
Total liabilities and shareholders' equity | 1,854,925 | 1,013,391 |
Property and Equipment [Member] | ||
Current assets | ||
Property and equipment | 1,486,895 | 1,470,182 |
Right of Use [Member] | ||
Current assets | ||
Property and equipment | $ 639,094 |
Balance Sheets (Current Perio_2
Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares $ / shares in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Common stock, no par value (in dollars per share) | $ 0 | $ 0 |
Common stock, authorized (in shares) | 1,960,000 | 1,960,000 |
Common stock, issued (in shares) | 1,236,744 | 1,236,744 |
Common stock, outstanding (in shares) | 1,236,744 | 1,236,744 |
Statements of Operations (Unaud
Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Income | ||||
Net sales | $ 1,161,644 | $ 818,755 | $ 2,253,779 | $ 1,613,791 |
Cost of sales | 641,348 | 454,435 | 1,235,720 | 937,512 |
Gross profit | 520,296 | 364,320 | 1,018,059 | 676,279 |
Operating expenses | ||||
Selling, general and administrative expenses | 347,206 | 318,373 | 714,859 | 683,864 |
Depreciation and amortization | 16,409 | 25,886 | 34,671 | 47,268 |
Total operating expenses | 363,615 | 344,259 | 749,530 | 731,132 |
Operating profit/ (loss) | 156,681 | 20,061 | 268,529 | (54,853) |
Other Expense | ||||
Interest expense | (1,433) | (1,745) | (3,069) | (3,404) |
Miscellaneous expense | 186 | (1,562) | 199 | 67 |
Total other income (expense) | (1,247) | (3,307) | (2,870) | (3,337) |
Profit/ (loss) before income taxes | 155,434 | 16,754 | 265,659 | (58,190) |
Income tax expense | (37) | (800) | (837) | (800) |
Net profit/ (loss) | $ 155,397 | $ 15,954 | $ 264,822 | $ (58,990) |
Profit/ (loss) per share (basic and dilutive) (in dollars per share) | $ 0.126 | $ 0.013 | $ 0.214 | $ (0.048) |
Weighted average number of shares (in shares) | 1,236,744 | 1,236,744 | 1,236,744 | 1,236,744 |
Statements of Cash Flows (Unaud
Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Operating activities | ||
Net Income (loss) | $ 264,822 | $ (58,990) |
Adjustments to reconcile net loss to cash flows from operating activities: | ||
Depreciation and amortization | 34,671 | 47,268 |
(Increase) decrease in: | ||
Accounts receivable | (38,673) | 12,344 |
Inventories | (11,346) | 61,136 |
Prepaid expenses | 19,516 | (23,195) |
Deposits and other assets | (10,000) | (1,056) |
Increase (decrease) in: | ||
Accounts payable | 3,899 | (43,429) |
Accrued liabilities | 5,466 | (1,729) |
Net cash provided by (used in) operating activities | 268,355 | (7,651) |
Investing activities | ||
Purchases of property and equipment | (723) | (20,808) |
Net cash (used in) investing activities | (723) | (20,808) |
Financing activities | ||
(Repayments) issuances of notes payable and capital leases | (41,006) | (4,298) |
Net cash (used in) financing activities | (41,006) | (4,298) |
Increase (decrease) in cash | 226,626 | (32,757) |
Cash at beginning of period | 153,646 | 160,392 |
Cash at end of period | 380,272 | 127,635 |
Supplemental disclosure of cash flow information: | ||
Interest | 3,069 | 3,404 |
Income taxes | 837 | 800 |
Non-cash additions to property and equipment | $ 652,306 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 1. Basis of Presentation The unaudited condensed financial statements in this Form 10 10 10 X. 2018 10 December 31, 2018 10 The interim financial information in this Form 10 six June 30, 2019 not Concentration of Risk In the second 2019, one 39.08% first six June 30, 2019 one 39.05%. 1992 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. Revenue Recognition On January 1, 2019, 2014 09, not 2014 09 not The Company has evaluated the provisions of ASU 2014 09 2014 09 not The Company’s accounting policy for revenue was updated as a result of the adoption of ASU 2014 09. five 2014 09 2014 09, five 1 2 3 4 5 In May 2014, No. 2014 09, 2014 09“ 2014 09 August 12, 2015, No. 2015 14, 606 2014 09 one January 1, 2017. December 15, 2017, 2014 09 January 1, 2019. No. 2016 02— Leases (Topic 842 January 01, 2019, The Company has evaluated the provisions of ASU 2014 09 2014 09 not 2014 09 not The Company’s primary source of revenue is sales of coffee and complementary products. The Company recognizes revenue when control of the promised good or service is transferred to the ASC 840 7 8. 842 2. no six 2019 |
Note 2 - Accounts Receivable
Note 2 - Accounts Receivable | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | 2. Accounts Receivable Accounts receivable consist of the following: 6/30/2019 12/31/2018 Accounts receivable $ 262,652 $ 226,104 Less: allowance for doubtful accounts (5,190 ) (7,315 ) Net accounts receivable $ 257,462 $ 218,789 The Company utilizes a percentage method to establish the allowance for doubtful accounts. The estimated allowance ranges from 1% 10% six June 30, 2019 2018 $6,130 $316 As of June 30, 2019 $1,192 $4,642. |
Note 3 - Inventories
Note 3 - Inventories | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 3. Inventories Inventories consist of the following: 6/30/2019 12/31/2018 Coffee Unroasted $ 146,670 $ 161,355 Roasted 57,301 34,420 Tea 2,408 1,723 Packaging, supplies and other merchandise held for sale 42,675 40,210 Total inventories $ 249,054 $ 237,708 |
Note 4 - Property and Equipment
Note 4 - Property and Equipment | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 4. Property and Equipment Property and equipment consist of the following: 6/30/2019 12/31/2018 Furniture and fixtures 148,693 148,693 Leasehold improvements 368,954 366,698 Transportation equipment 64,202 178,497 Right of Use 639,094 - Finance Lease Asset 241,113 - Pacakge design 41,000 41,000 Capitalized website development costs 19,000 19,000 Property held under capital leases 99,046 225,864 Total property and equipment 2,125,989 1,470,182 Accumulated depreciation (1,242,935 ) (1,161,533 ) Property and equipment, net $ 883,054 $ 308,649 Depreciation expense for the six June 30, 2019 2018 $34,671 $47,268 |
Note 5 - Finance Lease and Oper
Note 5 - Finance Lease and Operating Lease | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Finance Lease and Operating Lease Disclosure [Text Block] | 5. We applied the hindsight practical expedient for measurement of lease assets and liabilities, and associated leasehold improvement assets, in our adoption of ASU No. 2016 02— Leases (Topic 842 $591,218 June 30, 2019. $60,692 June 30, 2019. We adopted ASU No. 2016 02— Leases (Topic 842 January 1, 2019, In addition, we elected the hindsight practical expedient to determine the lease term for existing leases. In our application of hindsight, we evaluated the performance of the leased warehouse and office equipment, which resulted in the determination that most renewal options would not Adoption of the new standard resulted in the recording of additional net lease assets and lease liabilities of approximately $2,063,211 $969,442 June 30, 2019. not no ASU No. 2016 02, 842 twelve January 1, 2019. not not We lease a warehouse, heavy machinery, and office equipment under finance and operating leases. As of June 30, 2019, three five one six 12 not None not Lease Position as of June 30, 2019 The table below presents the lease-related assets and liabilities recorded on the balance sheet. Classification on the Balance Sheet June 30, 2019 Assets Operating lease assets Operating lease right-of-use assets 591,218 Finance lease assets Property and equipment, net 60,692 Total lease assets 651,910 Liabilities Current Operating Current maturities of operating leases 95,990 Finance Current maturities of finance leases 36,597 Noncurrent Operating Noncurrent operating leases 495,228 Finance Long-term finance leases 24,095 Total lease liabilities 651,910 Weighted-average remaining lease term Operating leases (in years) 4.76 Finance leases (in years) 1.61 Weighted-average discount rate Operating leases 2.45 % Finance leases 7.96 % Lease Costs The table below presents certain information related to the lease costs for finance and operating leases during Q1 Q2 2019. Quarter Ended June 30, 2019 Finance lease cost: $ 24,632 Amortization of assets $ 21,563 Interest on lease liabilities $ 3,069 Operating lease cost: $ 54,104 Short-term lease cost $ 840 Variable lease cost $ 0 Total lease cost $ 79,576 Other Information The table below presents supplemental cash flow information related to leases through Q2 2019. Cash paid for amounts included in the measurement of lease liabilities: Quarter Ended June 30, 2019 Operating cash flows for operating leases $ 54,104 Operating cash flows for finance leases $ 3,069 Financing cash flows for finance leases $ 21,563 Undiscounted Cash Flows The table below reconciles the undiscounted cash flows for each of the first five Operating Leases Finance Leases 2019 54,984 24,628 2020 109,968 26,690 2021 109,968 12,555 2022 109,221 2,633 2023 105,544 0 2024 104,342 - Thereafter 43,000 - Total minimum lease payments 637,027 66,506 Less: amount of lease payments representing interest (45,809 ) (5,814 ) Present value of future minimum lease payments 591,218 60,692 Less: current obligations under leases (95,990 ) (36,597 ) Long-term lease obligations 495,228 24,095 |
Note 6 - Income Taxes
Note 6 - Income Taxes | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 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 2034. may |
Note 7 - Related Party Transact
Note 7 - Related Party Transactions | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 7 . Related Party Transactions As of June 30, 2019, three June 30, 2019, $31,452. first six June 30, 2019 2018 $290,930 $313,800 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of Risk In the second 2019, one 39.08% first six June 30, 2019 one 39.05%. 1992 |
Income Tax, Policy [Policy Text Block] | 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, Policy [Policy Text Block] | 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. |
Revenue from Contract with Customer [Policy Text Block] | Revenue Recognition On January 1, 2019, 2014 09, not 2014 09 not The Company has evaluated the provisions of ASU 2014 09 2014 09 not The Company’s accounting policy for revenue was updated as a result of the adoption of ASU 2014 09. five 2014 09 2014 09, five 1 2 3 4 5 In May 2014, No. 2014 09, 2014 09“ 2014 09 August 12, 2015, No. 2015 14, 606 2014 09 one January 1, 2017. December 15, 2017, 2014 09 January 1, 2019. No. 2016 02— Leases (Topic 842 January 01, 2019, The Company has evaluated the provisions of ASU 2014 09 2014 09 not 2014 09 not The Company’s primary source of revenue is sales of coffee and complementary products. The Company recognizes revenue when control of the promised good or service is transferred to the ASC 840 7 8. 842 2. no six 2019 |
Note 2 - Accounts Receivable (T
Note 2 - Accounts Receivable (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | 6/30/2019 12/31/2018 Accounts receivable $ 262,652 $ 226,104 Less: allowance for doubtful accounts (5,190 ) (7,315 ) Net accounts receivable $ 257,462 $ 218,789 |
Note 3 - Inventories (Tables)
Note 3 - Inventories (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | 6/30/2019 12/31/2018 Coffee Unroasted $ 146,670 $ 161,355 Roasted 57,301 34,420 Tea 2,408 1,723 Packaging, supplies and other merchandise held for sale 42,675 40,210 Total inventories $ 249,054 $ 237,708 |
Note 4 - Property and Equipme_2
Note 4 - Property and Equipment (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | 6/30/2019 12/31/2018 Furniture and fixtures 148,693 148,693 Leasehold improvements 368,954 366,698 Transportation equipment 64,202 178,497 Right of Use 639,094 - Finance Lease Asset 241,113 - Pacakge design 41,000 41,000 Capitalized website development costs 19,000 19,000 Property held under capital leases 99,046 225,864 Total property and equipment 2,125,989 1,470,182 Accumulated depreciation (1,242,935 ) (1,161,533 ) Property and equipment, net $ 883,054 $ 308,649 |
Note 5 - Finance Lease and Op_2
Note 5 - Finance Lease and Operating Lease (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Lease-related Assets and Liabilities [Table Text Block] | Classification on the Balance Sheet June 30, 2019 Assets Operating lease assets Operating lease right-of-use assets 591,218 Finance lease assets Property and equipment, net 60,692 Total lease assets 651,910 Liabilities Current Operating Current maturities of operating leases 95,990 Finance Current maturities of finance leases 36,597 Noncurrent Operating Noncurrent operating leases 495,228 Finance Long-term finance leases 24,095 Total lease liabilities 651,910 Weighted-average remaining lease term Operating leases (in years) 4.76 Finance leases (in years) 1.61 Weighted-average discount rate Operating leases 2.45 % Finance leases 7.96 % |
Lease, Cost [Table Text Block] | Quarter Ended June 30, 2019 Finance lease cost: $ 24,632 Amortization of assets $ 21,563 Interest on lease liabilities $ 3,069 Operating lease cost: $ 54,104 Short-term lease cost $ 840 Variable lease cost $ 0 Total lease cost $ 79,576 |
Finance Lease and Operating Lease, Other Information [Table Text Block] | Cash paid for amounts included in the measurement of lease liabilities: Quarter Ended June 30, 2019 Operating cash flows for operating leases $ 54,104 Operating cash flows for finance leases $ 3,069 Financing cash flows for finance leases $ 21,563 |
Finance and Operating Lease, Liability, Maturity [Table Text Block] | Operating Leases Finance Leases 2019 54,984 24,628 2020 109,968 26,690 2021 109,968 12,555 2022 109,221 2,633 2023 105,544 0 2024 104,342 - Thereafter 43,000 - Total minimum lease payments 637,027 66,506 Less: amount of lease payments representing interest (45,809 ) (5,814 ) Present value of future minimum lease payments 591,218 60,692 Less: current obligations under leases (95,990 ) (36,597 ) Long-term lease obligations 495,228 24,095 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation (Details Textual) - Customer Concentration Risk [Member] - Revenue Benchmark [Member] | 3 Months Ended | 6 Months Ended |
Jun. 30, 2019 | Jun. 30, 2019 | |
Number of Major Customers | 1 | 1 |
One Customer [Member] | ||
Concentration Risk, Percentage | 39.08% | 39.05% |
Note 2 - Accounts Receivable (D
Note 2 - Accounts Receivable (Details Textual) - USD ($) | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Provision (Recovery) for Doubtful Accounts | $ 6,130 | $ 316 |
Company A [Member] | ||
Accounts Receivable, before Allowance for Credit Loss, Noncurrent, Total | 1,192 | |
Company B [Member] | ||
Accounts Receivable, before Allowance for Credit Loss, Noncurrent, Total | $ 4,642 | |
Minimum [Member] | ||
Allowance for Doubtful Accounts Receivable, Percent | 1.00% | |
Maximum [Member] | ||
Allowance for Doubtful Accounts Receivable, Percent | 10.00% |
Note 2 - Accounts Receivable -
Note 2 - Accounts Receivable - Summary of Accounts Receivable (Details) - USD ($) | Jun. 30, 2019 | Dec. 31, 2018 |
Accounts receivable | $ 262,652 | $ 226,104 |
Less: allowance for doubtful accounts | (5,190) | (7,315) |
Net accounts receivable | $ 257,462 | $ 218,789 |
Note 3 - Inventories - Summary
Note 3 - Inventories - Summary of Inventories (Details) - USD ($) | Jun. 30, 2019 | Dec. 31, 2018 |
Inventories | $ 249,054 | $ 237,708 |
Coffee, Unroasted [Member] | ||
Inventories | 146,670 | 161,355 |
Coffee, Roasted [Member] | ||
Inventories | 57,301 | 34,420 |
Tea [Member] | ||
Inventories | 2,408 | 1,723 |
Packaging, Supplies and Other Merchandise Held for Sale [Member] | ||
Inventories | $ 42,675 | $ 40,210 |
Note 4 - Property and Equipme_3
Note 4 - Property and Equipment (Details Textual) - USD ($) | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Depreciation, Total | $ 34,671 | $ 47,268 |
Note 4 - Property and Equipme_4
Note 4 - Property and Equipment - Summary of Property and Equipment (Details) - USD ($) | Jun. 30, 2019 | Dec. 31, 2018 |
Property and equipment | $ 2,125,989 | $ 1,470,182 |
Accumulated depreciation | (1,242,935) | (1,161,533) |
Property and equipment, net | 883,054 | 308,649 |
Furniture and Fixtures [Member] | ||
Property and equipment | 148,693 | 148,693 |
Leasehold Improvements [Member] | ||
Property and equipment | 368,954 | 366,698 |
Transportation Equipment [Member] | ||
Property and equipment | 64,202 | 178,497 |
Right of Use [Member] | ||
Property and equipment | 639,094 | |
Finance Lease Asset [Member] | ||
Property and equipment | 241,113 | |
Package Design [Member] | ||
Property and equipment | 41,000 | 41,000 |
Capitalized Website Development Costs [Member] | ||
Property and equipment | 19,000 | 19,000 |
Assets Held under Capital Leases [Member] | ||
Property and equipment | $ 99,046 | $ 225,864 |
Note 5 - Finance Lease and Op_3
Note 5 - Finance Lease and Operating Lease (Details Textual) | Jun. 30, 2019USD ($) |
Operating Lease, Right-of-Use Asset | $ 591,218 |
Finance Lease, Right-of-Use Asset | 60,692 |
Net Lease Assets | 2,063,211 |
Net Lease Liabilities | 969,442 |
Operating Lease, Liability, Total | 591,218 |
Finance Lease, Liability, Total | $ 60,692 |
Note 5 - Finance Lease and Op_4
Note 5 - Finance Lease and Operating Lease - Lease-related Assets and Liabilities (Details) - USD ($) | Jun. 30, 2019 | Dec. 31, 2018 |
Operating lease assets | $ 591,218 | |
Finance lease assets | 60,692 | |
Total lease assets | 651,910 | |
Operating | 95,990 | |
Finance | 36,597 | |
Long-term lease obligations, operating lease | 495,228 | |
Finance | 24,095 | |
Total lease liabilities | $ 651,910 | |
Operating leases (in years) (Year) | 4 years 277 days | |
Finance leases (in years) (Year) | 1 year 222 days | |
Operating leases | 2.45% | |
Finance leases | 7.96% |
Note 5 - Finance Lease and Op_5
Note 5 - Finance Lease and Operating Lease - Lease Cost (Details) | 3 Months Ended |
Jun. 30, 2019USD ($) | |
Finance lease cost: | $ 24,632 |
Amortization of assets | 21,563 |
Interest on lease liabilities | 3,069 |
Operating lease cost: | 54,104 |
Short-term lease cost | 840 |
Variable lease cost | 0 |
Total lease cost | $ 79,576 |
Note 5 - Finance Lease and Op_6
Note 5 - Finance Lease and Operating Lease - Other Information (Details) | 3 Months Ended |
Jun. 30, 2019USD ($) | |
Operating cash flows for operating leases | $ 54,104 |
Operating cash flows for finance leases | 3,069 |
Financing cash flows for finance leases | $ 21,563 |
Note 5 - Finance Lease and Op_7
Note 5 - Finance Lease and Operating Lease - Undiscounted Cash Flows (Details) - USD ($) | Jun. 30, 2019 | Dec. 31, 2018 |
2019, operating lease | $ 54,984 | |
2019, finance lease | 24,628 | |
2020, operating lease | 109,968 | |
2020, finance lease | 26,690 | |
2021, operating lease | 109,968 | |
2021, finance lease | 12,555 | |
2022, operating lease | 109,221 | |
2022, finance lease | 2,633 | |
2023, operating lease | 105,544 | |
2023, finance lease | 0 | |
2024, operating lease | 104,342 | |
2024, finance lease | ||
Thereafter, operating lease | 43,000 | |
Thereafter, finance lease | ||
Total minimum lease payments, operating lease | 637,027 | |
Total minimum lease payments, finance lease | 66,506 | |
Less: amount of lease payments representing interest, operating lease | (45,809) | |
Less: amount of lease payments representing interest, finance lease | (5,814) | |
Present value of future minimum lease payments, operating lease | 591,218 | |
Present value of future minimum lease payments, finance lease | 60,692 | |
Less: current obligations under leases, operating lease | (95,990) | |
Less: current obligations under leases, finance lease | (36,597) | |
Long-term lease obligations, operating lease | 495,228 | |
Long-term lease obligations, finance lease | $ 24,095 |
Note 7 - Related Party Transa_2
Note 7 - Related Party Transactions (Details Textual) - ETICO [Member] - USD ($) | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Due to Related Parties, Current, Total | $ 31,452 | |
Repayments of Related Party Debt | $ 290,930 | $ 313,800 |