Document And Entity Information
Document And Entity Information | 6 Months Ended |
Jun. 30, 2020shares | |
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 | No |
Entity Emerging Growth Company | false |
Entity Small Business | true |
Entity Interactive Data Current | No |
Entity Common Stock, Shares Outstanding (in shares) | 1,236,744 |
Entity Shell Company | false |
Document Type | 10-Q |
Document Period End Date | Jun. 30, 2020 |
Document Fiscal Year Focus | 2020 |
Document Fiscal Period Focus | Q2 |
Amendment Flag | false |
Title of 12(b) Security | Common Equity, no par value |
Condensed Balance Sheets (Unaud
Condensed Balance Sheets (Unaudited) - USD ($) | Jun. 30, 2020 | Dec. 31, 2019 |
Current assets | ||
Cash | $ 554,549 | $ 410,974 |
Accounts receivable, net of allowance | 177,764 | 218,454 |
Inventories | 222,148 | 236,258 |
Prepaid expenses | 62,346 | 49,534 |
Total current assets | 1,016,807 | 915,220 |
Property and equipment, net | 242,047 | 259,490 |
Right of use leased assets | 495,438 | 543,465 |
Deposits and other assets | 945 | 1,056 |
Total assets | 1,755,237 | 1,719,231 |
Current liabilities | ||
Accounts payable | 283,091 | 165,743 |
Notes payable | 25,000 | |
Accrued liabilities | 29,415 | 44,996 |
Current portion of operating lease liabilities | 98,830 | 96,566 |
Current portion of long term debt and equipment financing | 17,096 | 25,949 |
Total current liabilities | 453,432 | 333,254 |
Long term liabilities | ||
Noncurrent long-term debt and equipment financing | 18,061 | 22,096 |
Noncurrent operating lease liabilities | 396,608 | 446,899 |
Total liabilities | 1,057,329 | 802,249 |
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 |
Retained earnings (accumulated deficit) | (188,508) | 30,566 |
Total shareholders' equity | 697,908 | 916,982 |
Total liabilities and shareholders' equity | $ 1,755,237 | $ 1,719,231 |
Condensed Balance Sheets (Una_2
Condensed Balance Sheets (Unaudited) (Parentheticals) - $ / shares $ / shares in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Common stock, par value (in dollars per share) | $ 0 | $ 0 |
Common stock, shares authorized (in shares) | 1,960,000 | 1,960,000 |
Common stock, shares issued (in shares) | 1,236,744 | 1,236,744 |
Common stock, shares outstanding (in shares) | 1,236,744 | 1,236,744 |
Condensed Statements of Operati
Condensed Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Income | ||||
Net sales | $ 844,590 | $ 1,161,644 | $ 1,619,116 | $ 2,253,779 |
Cost of sales | 510,197 | 641,348 | 958,619 | 1,235,720 |
Gross profit | 334,393 | 520,296 | 660,497 | 1,018,059 |
Operating expenses | ||||
Selling, general, and administrative expenses | 420,028 | 363,615 | 894,810 | 749,530 |
Operating profit (loss) | (85,635) | 156,681 | (234,313) | 268,529 |
Other Income (expense) | ||||
Interest expense | (760) | (1,433) | (1,860) | (3,069) |
Other income, net | 172 | 186 | 17,899 | 199 |
Total other income (expense), net | (588) | (1,247) | 16,039 | (2,870) |
Income (loss) before income taxes | (86,223) | 155,434 | (218,274) | 265,659 |
Income tax expense | 0 | (37) | (800) | (837) |
Net Income (loss) | $ (86,223) | $ 155,397 | $ (219,074) | $ 264,822 |
Earnings (loss) per share (basic and diluted) (in dollars per share) | $ (0.07) | $ 0.126 | $ (0.177) | $ 0.214 |
Weighted average number of shares (in shares) | 1,236,744 | 1,236,744 | 1,236,744 | 1,236,744 |
Condensed Statements of Retaine
Condensed Statements of Retained Earnings (Accumulated Deficit) (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Retained earnings (accumulated deficit), beginning of period | $ (102,285) | $ (128,808) | $ 30,566 | $ (238,234) |
Net income (loss) | (86,223) | 155,397 | (219,074) | 264,822 |
Retained earnings (accumulated deficit), end of period | $ (188,508) | $ 26,588 | $ (188,508) | $ 26,588 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Operating activities | ||
Net income (loss) | $ (219,074) | $ 264,822 |
Adjustments to reconcile net income (loss) to cash flows from operating activities: | ||
Depreciation and amortization | 39,455 | 34,671 |
Net gain on disposal of property and equipment | (5,759) | |
(Increase) decrease in: | ||
Accounts receivable | 40,690 | (38,673) |
Inventories | 14,110 | (11,346) |
Prepaid expenses | (12,812) | 19,516 |
Deposits and other assets | 111 | (10,000) |
Increase (decrease) in: | ||
Accounts payable | 117,348 | 3,899 |
Accrued liabilities | (15,581) | 5,466 |
Net cash provided by (used in) operating activities | (41,512) | 268,355 |
Investing activities | ||
Purchases of property and equipment | (32,762) | (723) |
Proceeds from insurance recovery | 16,509 | |
Net cash used in investing activities | (16,253) | (723) |
Financing activities | ||
Proceeds from borrowings | 214,228 | |
Repayments of long term debt | (12,888) | (41,006) |
Net cash provided by (used in) financing activities | 201,340 | (41,006) |
Increase in cash | 143,575 | 226,626 |
Cash at beginning of period | 410,974 | 153,646 |
Cash at end of period | 554,549 | 380,272 |
Supplemental disclosure of cash flow information: | ||
Interest | 1,860 | 3,069 |
Income taxes | $ 800 | $ 837 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 6 Months Ended |
Jun. 30, 2020 | |
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. 2019 10 December 31, 2019, 10 “2019 not six June 30, 2019 not December 31, 2020 not Concentration of Risk For the three June 30, 2020, 25%, six June 30, 2020, 16%, As of June 30, 2020, one 30% December 31, 2019, one 21% Income Taxes Deferred income tax assets and liabilities are recognized for the future tax consequences of the differences between the financial statement carrying amount of existing assets and liabilities and their respective tax bases. Deferred income tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. 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 The Company recognizes revenue in accordance with the five 606, 606, five 1 2 3 4 5 The Company recognizes revenue once its performance obligation to the customer is completed and control of the product or service is transferred to the customer. Revenue reflects the total amount the Company receives, or expects to receive, from the customer and includes shipping costs that are billed and included in the consideration. The Company's contractual obligations to customers generally have a single point of obligation and are short term in nature. For sales through distributors, the Company recognizes revenue when the product is shipped, and title passes to the distributor. The Company's standard terms are 'FOB' shipping point, with no No no not The Company sells coffee directly to customers through its direct delivery, retail web site and wholesale mail order customers. Additionally, the Company sells other coffee related merchandise through its website. Web site sales are paid for and recognized as revenue at the point of sale. Retail orders are billed to the customer's credit card, at the time of shipment, and revenue is then recognized. The Company periodically sells special bulk orders of products that are in excess of production requirements. These sales are recognized when ownership transfers to the buyer, which occurs at the point of shipment. Leases Our leases consist of both operating and equipment financing. We categorize leases as either operating leases or equipment financing at the commencement date of the agreement. We recognize a right-of-use (“ROU”) asset and lease liability for each operating and equipment financing with a contractual term greater than 12 not 12 Our lease liability represents the present value of future lease payments over the lease term. We cannot determine the interest rate implicit in all of our leases. Therefore, we use market and term-specific incremental borrowing rates when the rate is not not Total lease costs recorded as rent and other occupancy costs include fixed operating lease costs, variable lease costs and short-term lease costs, as applicable. We recognize operating lease costs on a straight-line basis over the lease term. Our lease agreements do not The ROU asset is measured at the initial amount of the lease liability adjusted for lease payments made at or before the lease commencement date. For operating leases, ROU assets are reduced over the lease term by the recognized straight-line lease expense less the amount of accretion of the lease liability determined using the effective interest method. For equipment financing, ROU assets are amortized on a straight-line basis over the shorter of the useful life of the leased asset or the lease term. Interest expense on each equipment financing liability is recognized utilizing the effective interest method. ROU assets are tested for impairment in the same manner as long-lived assets. Additionally, we monitor for events or changes in circumstances that may one Earnings (Loss) per S hare The Company computes basic earnings (loss) per share ("EPS") by dividing net earnings (loss) for the period (adjusted for any cumulative dividends for the period) by the weighted average number of common shares outstanding during the period. Diluted EPS includes the determinants of basic EPS and, in addition, reflects the dilutive effect, if any, of the common stock deliverable pursuant to stock options or common stock issuable upon the conversion of convertible stock. We have no three six June 30, 2020 2019. |
Note 2 - Accounts Receivable
Note 2 - Accounts Receivable | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | 2. Accounts Receivable Accounts receivable consist of the following: 6/30/2020 12/31/2019 Accounts receivable $ 181,696 $ 223,116 Less: allowance for doubtful accounts (3,932 ) (4,662 ) Net accounts receivable $ 177,764 $ 218,454 The Company utilizes a percentage method to establish the allowance for doubtful accounts. The estimated allowance ranges from 1% 10% three June 30, 2020 2019 3 $5,206, six June 30, 2020 2019 $730 $6,130, |
Note 3 - Inventories
Note 3 - Inventories | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 3. Inventories Inventories consist of the following: 6/30/2020 12/31/2019 Coffee Unroasted $ 138,097 $ 142,095 Roasted 39,187 35,141 Tea 1,445 1,616 Packaging, supplies, and other merchandise held for sale 43,419 57,406 Total inventories $ 222,148 $ 236,258 |
Note 4 - Properties and Equipme
Note 4 - Properties and Equipment | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 4. and Equipment Property and equipment, consist of the following: 6/30/2020 12/31/2019 Equipment $ 494,611 $ 488,189 Furniture and fixtures 154,512 151,093 Leasehold improvements 368,954 368,954 Transportation equipment 45,792 50,217 Pacakge design 41,000 41,000 Capitalized website development costs 32,708 19,000 Property held under finance leases 325,437 362,280 Total property and equipment 1,463,014 1,480,733 Accumulated depreciation (1,220,967 ) (1,221,243 ) Property and equipment, net $ 242,047 $ 259,490 Depreciation and amortization expense for the six June 30, 2020 2019 $39,455 $34,671, three June 30, 2020 2019 $17,330 $16,409 |
Note 5 - Operating Leases, and
Note 5 - Operating Leases, and Long-term Debt and Equipment Financing | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Finance Lease and Operating Lease Disclosure [Text Block] | 5. Operating Leases, and Long-term Debt and Equipment Financing ASC 842, 842 twelve We lease a warehouse, heavy machinery, and office equipment under finance and operating leases. As of June 30, 2020, three four one five 12 not None not Lease Position as of June 30, 2020 The table below presents the lease-related assets and liabilities recorded on the balance sheet. Classification on the Balance Sheet June 30, 2020 Assets Operating lease assets Operating lease right-of-use assets $ 495,438 Equipment financing assets Property and equipment, net 83,202 Total lease assets $ 578,640 Liabilities Current Operating Current portions of operating leases $ 98,830 Equipment financing Current portion of long-term debt and equipment financing 17,096 Noncurrent Operating Noncurrent operating leases 396,608 Equipment financing and long-term debt Noncurrent long-term debt and equipment financing 18,061 Total lease liabilities $ 530,595 Weighted-average remaining lease term Operating leases (in years) 3.75 Equipment financing (in years) 2.07 Weighted-average discount rate Operating leases 2.45 % Equipment financing 8.64 % Lease Costs The table below presents certain information related to the lease costs for finance and operating leases for the six June 30, 2020. Six Months Ended June 30, 2020 Equipment financing $ 16,563 Amortization of assets $ 14,703 Interest on equipment financing and long-term debt 1,860 Operating lease cost: 54,984 Short-term lease cost - Variable lease cost - Total lease cost $ 71,547 Other Information The table below presents supplemental cash flow information related to operating leases and equipment financing and long-term debt for the six June 30, 2020. Cash paid for amounts included in the measurement of lease liabilities: Six Months Ended June 30, 2020 Operating cash flows for operating leases $ 54,984 Operating cash flows for equipment financing and long-term debt $ 1,860 Financing cash flows for equipment financing and long-term debt $ 12,888 Undiscounted Cash Flows The table below reconciles the undiscounted cash flows for each of the first five Operating Leases Equipment Financing Period Ending December 31, 2020 $ 54,984 $ 10,864 2021 112,928 15,393 2022 109,221 8,581 2023 105,484 2,838 2024 105,342 1,654 2025 43,000 - Total minimum lease payments and equipment financing 530,959 39,330 Less: amount of lease payments representing interest (35,521 ) (4,173 ) Present value of future minimum lease payments and equipment financing 495,438 35,157 Less: current obligations under leases and equipment financing (98,830 ) (17,096 ) Long-term lease and equipment financing obligations $ 396,608 $ 18,061 |
Note 6 - Disaggregated Revenue
Note 6 - Disaggregated Revenue by Routes, Direct and Mail Order | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 6. Disaggregated information of revenue recognized as follows: For the Three months ended June 30 Sales by department 2020 2019 Routes-wholesale $ 232,904 $ 305,043 Direct-wholesale 382,809 755,386 Mailorder-retail 228,877 101,215 Total $ 844,590 $ 1,161,644 For the Six months ended June 30 Sales by department 2020 2019 Routes-wholesale $ 531,159 $ 587,968 Direct-wholesale 690,680 1,457,787 Mailorder-retail 397,277 208,024 Total $ 1,619,116 $ 2,253,779 |
Note 7 - Income Taxes
Note 7 - Income Taxes | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 7 . 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 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 |
Note 8 - Related Party Transact
Note 8 - Related Party Transactions | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 8 . Related Party Transactions As of June 30, 2020, three June 30, 2020 December 31, 2019, $40,726 $37,333, first six June 30, 2020 2019, $257,558 $290,930, The Company leases its corporate headquarters, warehouse and waterfront facilities from Paul and Joan Katzeff (the Company's majority shareholders). The lease is classified as an operating lease and provides for monthly rental payments of $8,600. ten May 2025. In September 2020, $17,200 July August 2020. not |
Note 9 - Business Segment
Note 9 - Business Segment | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 9. The Company operates in one |
Note 10 - COVID-19 Uncertainty
Note 10 - COVID-19 Uncertainty | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Effect of Covid-19 Pandemic [Text Block] | 10. 19 and Related Activity During the first 2020, 19 March 27, 2020, two 19. eight may The future impact of the global emergence of COVID- 19 19 In April 2020, $189,228 may not 40% 24 10 1.00% 2 not not $113,537 $75,691 December 31, 2021 2022, The SBA loan is being accounted for under ASC 470, none In April 2020, $25,000 April 16, 2021 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2020 | |
Accounting Policies [Abstract] | |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of Risk For the three June 30, 2020, 25%, six June 30, 2020, 16%, As of June 30, 2020, one 30% December 31, 2019, one 21% |
Income Tax, Policy [Policy Text Block] | Income Taxes Deferred income tax assets and liabilities are recognized for the future tax consequences of the differences between the financial statement carrying amount of existing assets and liabilities and their respective tax bases. Deferred income tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. 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 The Company recognizes revenue in accordance with the five 606, 606, five 1 2 3 4 5 The Company recognizes revenue once its performance obligation to the customer is completed and control of the product or service is transferred to the customer. Revenue reflects the total amount the Company receives, or expects to receive, from the customer and includes shipping costs that are billed and included in the consideration. The Company's contractual obligations to customers generally have a single point of obligation and are short term in nature. For sales through distributors, the Company recognizes revenue when the product is shipped, and title passes to the distributor. The Company's standard terms are 'FOB' shipping point, with no No no not The Company sells coffee directly to customers through its direct delivery, retail web site and wholesale mail order customers. Additionally, the Company sells other coffee related merchandise through its website. Web site sales are paid for and recognized as revenue at the point of sale. Retail orders are billed to the customer's credit card, at the time of shipment, and revenue is then recognized. The Company periodically sells special bulk orders of products that are in excess of production requirements. These sales are recognized when ownership transfers to the buyer, which occurs at the point of shipment. |
Lessee, Leases [Policy Text Block] | Leases Our leases consist of both operating and equipment financing. We categorize leases as either operating leases or equipment financing at the commencement date of the agreement. We recognize a right-of-use (“ROU”) asset and lease liability for each operating and equipment financing with a contractual term greater than 12 not 12 Our lease liability represents the present value of future lease payments over the lease term. We cannot determine the interest rate implicit in all of our leases. Therefore, we use market and term-specific incremental borrowing rates when the rate is not not Total lease costs recorded as rent and other occupancy costs include fixed operating lease costs, variable lease costs and short-term lease costs, as applicable. We recognize operating lease costs on a straight-line basis over the lease term. Our lease agreements do not The ROU asset is measured at the initial amount of the lease liability adjusted for lease payments made at or before the lease commencement date. For operating leases, ROU assets are reduced over the lease term by the recognized straight-line lease expense less the amount of accretion of the lease liability determined using the effective interest method. For equipment financing, ROU assets are amortized on a straight-line basis over the shorter of the useful life of the leased asset or the lease term. Interest expense on each equipment financing liability is recognized utilizing the effective interest method. ROU assets are tested for impairment in the same manner as long-lived assets. Additionally, we monitor for events or changes in circumstances that may one |
Earnings Per Share, Policy [Policy Text Block] | Earnings (Loss) per S hare The Company computes basic earnings (loss) per share ("EPS") by dividing net earnings (loss) for the period (adjusted for any cumulative dividends for the period) by the weighted average number of common shares outstanding during the period. Diluted EPS includes the determinants of basic EPS and, in addition, reflects the dilutive effect, if any, of the common stock deliverable pursuant to stock options or common stock issuable upon the conversion of convertible stock. We have no three six June 30, 2020 2019. |
Note 2 - Accounts Receivable (T
Note 2 - Accounts Receivable (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | 6/30/2020 12/31/2019 Accounts receivable $ 181,696 $ 223,116 Less: allowance for doubtful accounts (3,932 ) (4,662 ) Net accounts receivable $ 177,764 $ 218,454 |
Note 3 - Inventories (Tables)
Note 3 - Inventories (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | 6/30/2020 12/31/2019 Coffee Unroasted $ 138,097 $ 142,095 Roasted 39,187 35,141 Tea 1,445 1,616 Packaging, supplies, and other merchandise held for sale 43,419 57,406 Total inventories $ 222,148 $ 236,258 |
Note 4 - Properties and Equip_2
Note 4 - Properties and Equipment (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | 6/30/2020 12/31/2019 Equipment $ 494,611 $ 488,189 Furniture and fixtures 154,512 151,093 Leasehold improvements 368,954 368,954 Transportation equipment 45,792 50,217 Pacakge design 41,000 41,000 Capitalized website development costs 32,708 19,000 Property held under finance leases 325,437 362,280 Total property and equipment 1,463,014 1,480,733 Accumulated depreciation (1,220,967 ) (1,221,243 ) Property and equipment, net $ 242,047 $ 259,490 |
Note 5 - Operating Leases, an_2
Note 5 - Operating Leases, and Long-term Debt and Equipment Financing (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Lease-related Assets and Liabilities [Table Text Block] | Classification on the Balance Sheet June 30, 2020 Assets Operating lease assets Operating lease right-of-use assets $ 495,438 Equipment financing assets Property and equipment, net 83,202 Total lease assets $ 578,640 Liabilities Current Operating Current portions of operating leases $ 98,830 Equipment financing Current portion of long-term debt and equipment financing 17,096 Noncurrent Operating Noncurrent operating leases 396,608 Equipment financing and long-term debt Noncurrent long-term debt and equipment financing 18,061 Total lease liabilities $ 530,595 Weighted-average remaining lease term Operating leases (in years) 3.75 Equipment financing (in years) 2.07 Weighted-average discount rate Operating leases 2.45 % Equipment financing 8.64 % |
Lease, Cost [Table Text Block] | Six Months Ended June 30, 2020 Equipment financing $ 16,563 Amortization of assets $ 14,703 Interest on equipment financing and long-term debt 1,860 Operating lease cost: 54,984 Short-term lease cost - Variable lease cost - Total lease cost $ 71,547 |
Finance Lease and Operating Lease, Other Information [Table Text Block] | Cash paid for amounts included in the measurement of lease liabilities: Six Months Ended June 30, 2020 Operating cash flows for operating leases $ 54,984 Operating cash flows for equipment financing and long-term debt $ 1,860 Financing cash flows for equipment financing and long-term debt $ 12,888 |
Finance and Operating Lease, Liability, Maturity [Table Text Block] | Operating Leases Equipment Financing Period Ending December 31, 2020 $ 54,984 $ 10,864 2021 112,928 15,393 2022 109,221 8,581 2023 105,484 2,838 2024 105,342 1,654 2025 43,000 - Total minimum lease payments and equipment financing 530,959 39,330 Less: amount of lease payments representing interest (35,521 ) (4,173 ) Present value of future minimum lease payments and equipment financing 495,438 35,157 Less: current obligations under leases and equipment financing (98,830 ) (17,096 ) Long-term lease and equipment financing obligations $ 396,608 $ 18,061 |
Note 6 - Disaggregated Revenu_2
Note 6 - Disaggregated Revenue by Routes, Direct and Mail Order (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | For the Three months ended June 30 Sales by department 2020 2019 Routes-wholesale $ 232,904 $ 305,043 Direct-wholesale 382,809 755,386 Mailorder-retail 228,877 101,215 Total $ 844,590 $ 1,161,644 For the Six months ended June 30 Sales by department 2020 2019 Routes-wholesale $ 531,159 $ 587,968 Direct-wholesale 690,680 1,457,787 Mailorder-retail 397,277 208,024 Total $ 1,619,116 $ 2,253,779 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation (Details Textual) shares in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2020shares | Jun. 30, 2019shares | Jun. 30, 2020shares | Jun. 30, 2019shares | Dec. 31, 2019 | |
Weighted Average Number Diluted Shares Outstanding Adjustment, Total (in shares) | 0 | 0 | 0 | 0 | |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Customer A [Member] | |||||
Concentration Risk, Percentage | 25.00% | 16.00% | |||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | |||||
Number of Major Customers | 1 | 1 | |||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | One Customer [Member] | |||||
Concentration Risk, Percentage | 30.00% | 21.00% |
Note 2 - Accounts Receivable (D
Note 2 - Accounts Receivable (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Provision (Recovery) for Doubtful Accounts | $ (3) | $ 5,206 | $ 730 | $ 6,130 | |
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, 2020 | Dec. 31, 2019 |
Accounts receivable | $ 181,696 | $ 223,116 |
Less: allowance for doubtful accounts | (3,932) | (4,662) |
Net accounts receivable | $ 177,764 | $ 218,454 |
Note 3 - Inventories - Summary
Note 3 - Inventories - Summary of Inventories (Details) - USD ($) | Jun. 30, 2020 | Dec. 31, 2019 |
Inventories | $ 222,148 | $ 236,258 |
Coffee, Unroasted [Member] | ||
Inventories | 138,097 | 142,095 |
Coffee, Roasted [Member] | ||
Inventories | 39,187 | 35,141 |
Tea [Member] | ||
Inventories | 1,445 | 1,616 |
Packaging, Supplies and Other Merchandise Held for Sale [Member] | ||
Inventories | $ 43,419 | $ 57,406 |
Note 4 - Properties and Equip_3
Note 4 - Properties and Equipment (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Depreciation, Total | $ 17,330 | $ 16,409 | $ 39,455 | $ 34,671 |
Note 4 - Properties and Equip_4
Note 4 - Properties and Equipment - Summary of Property and Equipment (Details) - USD ($) | Jun. 30, 2020 | Dec. 31, 2019 |
Property and equipment | $ 1,463,014 | $ 1,480,733 |
Accumulated depreciation | (1,220,967) | (1,221,243) |
Property and equipment, net | 242,047 | 259,490 |
Equipment [Member] | ||
Property and equipment | 494,611 | 488,189 |
Furniture and Fixtures [Member] | ||
Property and equipment | 154,512 | 151,093 |
Leasehold Improvements [Member] | ||
Property and equipment | 368,954 | 368,954 |
Transportation Equipment [Member] | ||
Property and equipment | 45,792 | 50,217 |
Package Design [Member] | ||
Property and equipment | 41,000 | 41,000 |
Capitalized Website Development Costs [Member] | ||
Property and equipment | 32,708 | 19,000 |
Finance Lease Asset [Member] | ||
Property and equipment | $ 325,437 | $ 362,280 |
Note 5 - Operating Leases, an_3
Note 5 - Operating Leases, and Long-term Debt and Equipment Financing (Details Textual) | Jun. 30, 2020 |
Minimum [Member] | |
Lessee, Operating Lease, Remaining Lease Term (Year) | 1 year |
Lessee, Finance Lease, Remaining Lease Term (Year) | 1 year |
Maximum [Member] | |
Lessee, Operating Lease, Remaining Lease Term (Year) | 5 years |
Lessee, Finance Lease, Remaining Lease Term (Year) | 5 years |
Note 5 - Operating Leases, an_4
Note 5 - Operating Leases, and Long-term Debt and Equipment Financing - Lease-related Assets and Liabilities (Details) - USD ($) | Jun. 30, 2020 | Dec. 31, 2019 |
Operating lease assets | $ 495,438 | |
Equipment financing assets | 83,202 | |
Total lease assets | 578,640 | |
Operating | 98,830 | $ 96,566 |
Equipment financing | 17,096 | |
Operating | 396,608 | 446,899 |
Equipment financing and long-term debt | 18,061 | $ 22,096 |
Total lease liabilities | $ 530,595 | |
Operating leases (in years) (Year) | 3 years 273 days | |
Equipment financing (in years) (Year) | 2 years 25 days | |
Operating leases | 2.45% | |
Equipment financing | 8.64% |
Note 5 - Operating Leases, an_5
Note 5 - Operating Leases, and Long-term Debt and Equipment Financing - Lease Cost (Details) | 6 Months Ended |
Jun. 30, 2020USD ($) | |
Equipment financing and long-term debt costs: | $ 16,563 |
Amortization of assets | 14,703 |
Interest on equipment financing and long-term debt | 1,860 |
Operating lease cost: | 54,984 |
Short-term lease cost | |
Variable lease cost | |
Total lease cost | $ 71,547 |
Note 5 - Operating Leases, an_6
Note 5 - Operating Leases, and Long-term Debt and Equipment Financing - Other Information (Details) | 6 Months Ended |
Jun. 30, 2020USD ($) | |
Operating cash flows for operating leases | $ 54,984 |
Operating cash flows for equipment financing and long-term debt | 1,860 |
Financing cash flows for equipment financing and long-term debt | $ 12,888 |
Note 5 - Operating Leases, an_7
Note 5 - Operating Leases, and Long-term Debt and Equipment Financing - Undiscounted Cash Flows (Details) - USD ($) | Jun. 30, 2020 | Dec. 31, 2019 |
2020, operating lease | $ 54,984 | |
2020, finance lease | 10,864 | |
2021, operating lease | 112,928 | |
2021, finance lease | 15,393 | |
2022, operating lease | 109,221 | |
2022, finance lease | 8,581 | |
2023, operating lease | 105,484 | |
2023, finance lease | 2,838 | |
2024, operating lease | 105,342 | |
2024, finance lease | 1,654 | |
2025, operating lease | 43,000 | |
2025, finance lease | ||
Total minimum lease payments and equipment financing | 530,959 | |
Total minimum lease payments and equipment financing | 39,330 | |
Less: amount of lease payments representing interest, operating lease | (35,521) | |
Less: amount of lease payments representing interest, finance lease | (4,173) | |
Present value of future minimum lease payments and equipment financing | 495,438 | |
Present value of future minimum lease payments and equipment financing | 35,157 | |
Less: current obligations under leases and equipment financing | (98,830) | $ (96,566) |
Less: current obligations under leases and equipment financing | (17,096) | |
Operating | 396,608 | $ 446,899 |
Long-term lease and equipment financing obligations | $ 18,061 |
Note 6 - Disaggregated Revenu_3
Note 6 - Disaggregated Revenue by Routes, Direct and Mail Order - Disaggregation of Revenue (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Revenue | $ 844,590 | $ 1,161,644 | $ 1,619,116 | $ 2,253,779 |
Routes-wholesale [Member] | ||||
Revenue | 232,904 | 305,043 | 531,159 | 587,968 |
Direct-wholesale [Member] | ||||
Revenue | 382,809 | 755,386 | 690,680 | 1,457,787 |
Mailorder-retail [Member] | ||||
Revenue | $ 228,877 | $ 101,215 | $ 397,277 | $ 208,024 |
Note 8 - Related Party Transa_2
Note 8 - Related Party Transactions (Details Textual) - USD ($) | 6 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Sep. 30, 2020 | Dec. 31, 2019 | |
Operating Leases, Monthly Rental Payment | $ 8,600 | |||
Lessee, Operating Lease, Term of Contract (Year) | 10 years | |||
Forecast [Member] | ||||
Accrued Rent | $ 17,200 | |||
ETICO [Member] | ||||
Due to Related Parties, Current, Total | $ 40,726 | $ 37,333 | ||
Repayments of Related Party Debt | $ 257,558 | $ 290,930 |
Note 9 - Business Segment (Deta
Note 9 - Business Segment (Details Textual) | 6 Months Ended |
Jun. 30, 2020 | |
Number of Reportable Segments | 1 |
Note 10 - COVID-19 Uncertainty
Note 10 - COVID-19 Uncertainty (Details Textual) | 1 Months Ended |
Apr. 30, 2020USD ($) | |
SBA CARES Act Paycheck Protection Program [Member] | |
Proceeds from Issuance of Long-term Debt, Total | $ 189,228 |
Long-Term Debt, Maturity, Year One | 113,537 |
Long-Term Debt, Maturity, Year Two | 75,691 |
Non-interest Bearing Emergency COVID-19 Commercial Loan [Member] | |
Proceeds from Issuance of Long-term Debt, Total | $ 25,000 |