Cover
Cover | 6 Months Ended |
Jun. 30, 2021shares | |
Cover [Abstract] | |
Document Type | 10-Q |
Amendment Flag | false |
Document Quarterly Report | true |
Document Transition Report | false |
Document Period End Date | Jun. 30, 2021 |
Document Fiscal Period Focus | Q2 |
Document Fiscal Year Focus | 2021 |
Current Fiscal Year End Date | --12-31 |
Entity File Number | 000-55269 |
Entity Registrant Name | MOJO Organics, Inc. |
Entity Central Index Key | 0001414953 |
Entity Tax Identification Number | 26-0884348 |
Entity Incorporation, State or Country Code | DE |
Entity Address, Address Line One | 185 Hudson Street |
Entity Address, Address Line Two | Floor 25 |
Entity Address, City or Town | Jersey City |
Entity Address, State or Province | NJ |
Entity Address, Postal Zip Code | 07302 |
City Area Code | 929 |
Local Phone Number | 264 7944 |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Small Business | true |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding | 31,278,906 |
Condensed Balance Sheets (Unaud
Condensed Balance Sheets (Unaudited) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 7,354 | $ 50,233 |
Accounts receivable, net | 219,234 | 73,562 |
Inventory | 346,345 | 174,171 |
Supplier deposits | 24,000 | 24,000 |
Prepaid expenses | 11,062 | 15,104 |
Security deposit | 113 | 4,518 |
Total Current Assets | 608,108 | 341,588 |
CURRENT LIABILITIES: | ||
Accounts payable and accrued expenses | 153,910 | 56,167 |
Accrued payroll to related parties | ||
SBA Loans | 35,508 | |
Total Current Liabilities | 153,910 | 91,675 |
STOCKHOLDERS’ EQUITY | ||
Common stock, 40,000,000 shares authorized at $0.001 par value, 31,278,906 and 30,610,240 shares issued and outstanding, at June 30, 2021 and December 31, 2020, respectively | 31,279 | 30,610 |
Additional paid in capital | 23,759,441 | 23,649,640 |
Accumulated deficit | (23,336,522) | (23,430,337) |
Total Stockholders’ Equity | 454,198 | 249,913 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 608,108 | $ 341,588 |
Condensed Balance Sheets (Una_2
Condensed Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Jun. 30, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Common stock, shares authorized | 40,000,000 | 40,000,000 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares issued | 31,278,906 | 30,610,240 |
Common stock, shares outstanding | 31,278,906 | 30,610,240 |
Condensed Statements of Operati
Condensed Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Income Statement [Abstract] | ||||
Revenue | $ 614,279 | $ 437,878 | $ 1,018,045 | $ 877,867 |
Cost of Revenue | 329,567 | 209,412 | 537,968 | 446,362 |
Gross Profit | 284,712 | 228,466 | 480,077 | 431,505 |
Operating Expenses | ||||
Selling, general and administrative | 203,540 | 223,981 | 421,770 | 483,633 |
Income/(Loss) from Operations | 81,172 | 4,485 | 58,307 | (52,128) |
Other Income | 2,219 | 35,508 | 2,219 | |
Income/(Loss) Before Provision for Income Taxes | 81,172 | 6,704 | 93,815 | (49,909) |
Provision for Income Taxes | (1,994) | (1,994) | ||
Net Income/(Loss) | $ 81,172 | $ 4,710 | $ 93,815 | $ (51,903) |
Net Income/(Loss) per common share, basic and diluted | $ 0 | $ 0 | $ 0 | $ 0 |
Weighted average number of common shares outstanding, basic and diluted | 31,361,617 | 29,889,203 | 30,988,004 | 29,690,570 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Cash flows from operating activities: | ||
Net income/(loss) | $ 93,815 | $ (51,903) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Stock issued to directors and employees | 110,470 | 97,389 |
SBA Loan Forgiveness | (35,508) | |
Changes in assets and liabilities: | ||
Increase in accounts receivable | (145,672) | (21,540) |
Increase in inventory | (172,174) | (37,424) |
Increase in supplier deposits | (27,461) | |
Decrease/(Increase) in prepaid expenses and security deposit | 8,447 | (3,720) |
Increase/(Decrease) in accounts payable and accrued expenses | 97,743 | (15,440) |
Increase/(Decrease) in accrued payroll to officers | (11,259) | |
Net cash (used in)/provided by operating activities | (42,879) | (71,358) |
Net cash provided by/ (used in) financing activities: | ||
Proceeds from SBA Loan | 35,508 | |
Shares repurchased for cancellation | (5,250) | |
Net cash provided by/ (used in) financing activities | 30,258 | |
Net (decrease)/increase in cash and cash equivalents | (42,879) | (41,100) |
Cash and cash equivalents at beginning of period | 50,233 | 55,978 |
Cash and cash equivalents at end of periods | $ 7,354 | $ 14,878 |
Condensed Statements of Cash _2
Condensed Statements of Cash Flows (Unaudited) (Parenthetical) | 6 Months Ended |
Jun. 30, 2021USD ($)shares | |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | |
Stock Issued During Period, Value, New Issues | $ 110,470 |
Directors and Officers [Member] | |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | |
Stock Issued During Period, Shares, New Issues | shares | 668,666 |
Stock Issued During Period, Value, New Issues | $ 110,470 |
Condensed Statements of Changes
Condensed Statements of Changes in Stockholders' Equity (Unaudited) - 6 months ended Jun. 30, 2021 - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Beginning balance, value at Dec. 31, 2020 | $ 30,610 | $ 23,649,640 | $ (23,430,337) | $ 249,913 |
Balance, shares at Dec. 31, 2020 | 30,610,240 | |||
Stock issued to Directors and employees | $ 669 | 109,802 | 110,470 | |
Stock issued to Directors and employees, shares | 668,666 | |||
Net Income | 93,815 | 93,815 | ||
Ending balance, value at Jun. 30, 2021 | $ 31,279 | $ 23,759,442 | $ (23,336,522) | $ 454,198 |
Balance, shares at Jun. 30, 2021 | 31,278,906 |
BUSINESS
BUSINESS | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
BUSINESS | NOTE 1 – BUSINESS Overview MOJO Organics, Inc. (“MOJO” or the “Company”) is a Delaware Corporation headquartered in Jersey City, NJ. The Company engages in new product development, production, marketing, distribution and sales of beverage brands that are Non-GMO Project Verified. The Company’s flagship product is MOJO Pure Coconut Water. In addition to Pure Coconut Water, the Company produces Sparkling Coconut Water, Coconut Water + Mango Juice, Coconut Water + Pineapple Juice and Pure Organic Coconut Water. We seek to grow the market share of our products by expanding our hybrid distribution network through the relationships and efforts of our management and third-party partners and improved broker network, and new products and packaging in 2021. The company predominantly packages its beverages in 100% recyclable, Eco-Friendly packaging that can be recycled infinite times and is not made from carbon oil-based packaging. The packaging has a very low impact on the environment, and does not contribute to landfills and the pollution of our bodies of water. CURRENT OPERATIONS Sales and Distribution The Company’s flagship product is MOJO Pure Coconut Water. In addition to Pure Coconut Water, the Company produces Sparkling Coconut Water, Coconut Water + Mango Juice, Coconut Water + Pineapple Juice, and Pure Organic Coconut Water. We seek to grow the market share of our products by expanding our hybrid distribution network through the relationships and efforts of our management and third-party partners an improved broker network, and new products and packaging in 2021. The company packages its beverages in 100% recyclable, Eco-Friendly packaging that can be recycled infinite times and is not made from carbon oil-based packaging. The packaging has a very low impact on the environment, and does not contribute to landfills and the pollution of our bodies of water. Production The Company has multiple sources for its production. The Company’s fruit sources are of high quality. The fruit is part of the overall taste and quality of our products. Currently, the Company has multiple production facilities that it could source products from, each of the facilities could supply our forecasted demand for 2021. Competition The beverage industry is competitive. Competitors in our market compete for brand recognition, ingredient sourcing, product shelf space, and e-commerce page rankings. Our competitors have similar distribution channels and retailers to deliver and sell their products. Government Regulation Within the United States, beverages are governed by the U.S. Food and Drug Administration (the “FDA”). As such, it is necessary for the Company to establish, maintain and make available for inspection records as well as to develop labels (including nutrition information) that meet FDA requirements. The Company’s production facilities are subject to FDA regulation. Employees As of June 30, 2021, the Company has two employees. The Company also uses the services of contractors, consultants and other third-parties. We contract with food brokers to represent our products to specific specialized sales channels. We utilize the services of direct sales and distribution companies that deliver and sell our products to their customers. We contract with manufacturing facilities to produce our products and outsource the storage and transportation of our products. CORPORATE HISTORY AND DEVELOPMENT The Company was incorporated in 2007 and began producing MOJO branded products in 2016. MOJO Organics Inc is headquartered in Jersey City, and our internet site is www.MojoOrganicsInc.com. MOJO’s stock is traded on the OTC Markets under the symbol MOJO. Interim Financial Statements The accompanying unaudited interim condensed financial statements have been prepared pursuant to the rules and regulations for reporting on Form 10-Q and article 10 of Regulation S-X and the related rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, certain information and disclosures required by accounting principles generally accepted in the United States of America (“GAAP”) for complete financial statements have been condensed or omitted pursuant to such rules and regulations. However, the Company believes that the disclosures included in these financial statements are adequate to make the information presented not misleading. The unaudited interim condensed financial statements included in this document have been prepared on the same basis as the annual audited financial statements, and in the Company’s opinion, reflect all adjustments necessary for a fair presentation in accordance with GAAP and SEC regulations for interim financial statements. The results for the three months ended June 30, 2021 are not necessarily indicative of the results that the Company will have for any subsequent period. These unaudited condensed financial statements should be read in conjunction with the audited financial statements and the notes to those statements for the year ended December 31, 2020 included in the Company’s Annual Report on Form 10-K. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Use of Estimates The financial statements are prepared in conformity with GAAP. Management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Cash and Cash Equivalents Cash equivalents include investment instruments and time deposits purchased with a maturity of three months or less. As of June 30, 2021, and June 30, 2020, the Company did no Accounts Receivable Accounts receivable are stated at the amount management expects to collect from outstanding balances. The Company provides for probable uncollectible amounts based upon its assessment of the current status of the individual receivables and after using reasonable collection efforts. The allowance for doubtful accounts as of June 30, 2021 and 2020 was zero Inventories Inventories, consisting solely of finished goods, are stated at the lower of cost (first-in, first-out method) or net realizable value (“NRV”). If necessary, the Company provides allowances to adjust the carrying value of its inventories to NRV when NRV is below cost. There were no such adjustments in 2021 or 2020. Revenue Recognition Revenue from sales of products is recognized when the related performance obligation is satisfied. The Company’s performance obligation is satisfied upon the shipment or delivery of products to customers. The Company’s products are sold on cash and credit terms which are established in accordance with standardized industry practices and typically require payment within 30 days of delivery. Costs incurred for sales incentives and discounts are accounted for as reductions in revenue. Deductions from Revenue Costs incurred for sales incentives and discounts are accounted for as reductions in revenue. These costs include payments to customers for performing merchandising activities on our behalf, including in store displays, promotions for new items and obtaining optimum shelf space. Shipping and Handling Costs Shipping and Handling Costs incurred to move finished goods from our sales distribution centers to customer locations are included in the line Selling, General and Administrative Expenses in our Statements of Operations. Net Income/(Loss) Per Common Share The Company computes per share amounts in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 260, “Earnings per Share”. The following potentially dilutive securities have been excluded from the computation of weighted average shares outstanding as they would have had an anti-dilutive impact on the Company’s net income/(loss) per common share: SCHEDULE OF ANTIDILUTIVE SECURITIES EXCLUDED FROM COMPUTATION OF EARNINGS PER SHARE Expiration Days to Exercise As of June 30, Issued To Date Expiration Price 2021 2020 Shares underlying options outstanding Glenn Simpson 4/6/2022 296 $ 0.16 318,108 505,608 Income Taxes The Net Operating Loss Carryforwards for federal taxes was $ 3,729,852 at June 30, 2021 and $ 3,729,852 for the State of New Jersey. The Deferred Tax Assets for federal taxes was $ 783,269 at June 30, 2021 and $ 335,687 for the State of New Jersey. The total Deferred Tax Assets was $ 1,118,956 at June 30, 2021. The Deferred Tax assets have been fully reserved by valuation allowances beyond that portion which is expected to offset current taxes. As of June 30, 2021, the Company’s Federal income tax payable at the corporate tax rate of 21% would be $ 43,181 and State Income Tax payable at 9% tax rate would be $ 18,506 if this had not been offset by the deferred tax assets. The Company provides for income taxes using the asset and liability approach in accounting for income taxes. Deferred tax assets and liabilities are recorded based on the differences between the financial statement and tax bases of assets and liabilities and the tax rates in effect when these differences are expected to reverse. Deferred tax assets are reduced by a valuation allowance if, based on the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. The Company did no As of June 30, 2021 and June 30, 2020, the Company had no Stock-Based Compensation The Company accounts for equity based transactions under the provisions of ASC Topic 718, “ Accounting for Stock-Based Compensation”. Share based payment awards are measured at the month-end volume weighted average price (VWAP) of the equity instrument that an entity is obligated to issue when the service has been rendered and any other conditions necessary to earn the right to benefit from the instruments have been satisfied. Fair value of financial instruments The carrying amounts of financial instruments, which include cash, accounts receivable, accounts payable and accrued expense, approximate their fair values due to their short-term nature. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 6 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 3 – COMMITMENTS AND CONTINGENCIES Employment Agreements Pursuant to the Amended and Restated Employment Agreement (“the Agreement”) dated April 6, 2017 date, Mr. Simpson is paid a salary of $ 5,000 67,000 44,400 200,000 The term of the Agreement is through April 1, 2025. In the event that the Agreement is terminated for good reason, the Company shall pay Mr. Simpson any accrued but unpaid salary for services rendered to the date of termination, and an amount equal to the salary at the time of termination, payable for the remainder of the current term. As of June 30, 2021, there are 45 months remaining on the Agreement. The Company’s liability on the remainder of the Agreement is $ 225,000 3,203,700 During the six months ended June 30, 2021, the Mr. Simpson was issued 402,000 |
STOCKHOLDERS_ EQUITY
STOCKHOLDERS’ EQUITY | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
STOCKHOLDERS’ EQUITY | NOTE 4 – STOCKHOLDERS’ EQUITY In June 2021, the Company decreased its Authorized Shares from 190,000,000 40,000,000 31,278,906 Restricted Stock Issuances During the six months ended June 30, 2021, 668,666 187,500 0.16 30,000 The CEO was also issued 402,000 Advisory Services On October 3, 2013, the Company entered into an agreement for strategic business advisory services, public relations services and investor relations services with Ian Thompson from Carricklee House, Strabane, Northern Ireland. In connection with this agreement, the Company issued 167,204 501,612 200,000 105,000 280,000 200,000 On June 27, 2014, the Company terminated the agreement. Empire Stock Transfer, Inc, the Company’s transfer agent was directed to process cancellation requests regarding the certificates listed below. The Board of Directors approved the Company’s irrevocable agreement to indemnify the Transfer Agent for all loss, liability or expense in carrying out the authority and direction contained on the terms of the Unanimous Written Consent to terminate the Thompson Agreement. The Transfer Agent shall maintain the right to uphold the transfer in the event of forgery. (Ian Thompson has not complied with the Company’s demand to have the physical certificates returned.) SCHEDULE OF CANCELLATION OF SHARES Certificate No(s) Registered To No. of Shares CANCELLED No. of Shares 605 Ian Thompson 50,000 CANCELLED 50,000 606 Ian Thompson 50,000 CANCELLED 50,000 607 Ian Thompson 50,000 CANCELLED 50,000 608 Ian Thompson 50,000 CANCELLED 50,000 610 Ian Thompson 167,204 CANCELLED 167,204 |
STOCK OPTIONS
STOCK OPTIONS | 6 Months Ended |
Jun. 30, 2021 | |
Other Liabilities Disclosure [Abstract] | |
STOCK OPTIONS | NOTE 5 – STOCK OPTIONS Stock Option Activity On May 19, 2021, Mr. Simpson exercised options to purchase 93,750 0.16 15,000 On March 24, 2021, Mr. Simpson exercised options to purchase 93,750 0.16 15,000 The following table summarizes stock option activity under the Plans: SCHEDULE OF STOCK OPTIONS ACTIVITY Issued To Expiration Date Days to Expiration Exercise Price Options Outstanding, December 31, 2020 Glenn Simpson 4/6/2022 461 $ 0.16 505,608 Exercised Glenn Simpson 4/6/2022 296 0.16 (187,500 ) Exercisable, June 30, 2021 Glenn Simpson 4/6/2022 296 $ 0.16 318,108 During the six months ended June 30, 2021 and 2020, compensation expense related to stock options was $ 0 no |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 6 Months Ended |
Jun. 30, 2021 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 6 – RELATED PARTY TRANSACTIONS On March 24, 2021 the CEO of the Company exercised 93,750 0.16 93,750 15,000 On May 19, 2021 the CEO of the Company exercised 93,750 0.16 93,750 15,000 As of June 30, 2021, the Company owes the CEO $ 19,000 |
SBA LOANS _CARES ACT_
SBA LOANS “CARES ACT” | 6 Months Ended |
Jun. 30, 2021 | |
Sba Loans Cares Act | |
SBA LOANS “CARES ACT” | NOTE 7 – SBA LOANS “CARES ACT” On May 5, 2020, the Company received loan proceeds in the amount of $ 35,508 35,508 35,508 |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Use of Estimates | Use of Estimates The financial statements are prepared in conformity with GAAP. Management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash equivalents include investment instruments and time deposits purchased with a maturity of three months or less. As of June 30, 2021, and June 30, 2020, the Company did no |
Accounts Receivable | Accounts Receivable Accounts receivable are stated at the amount management expects to collect from outstanding balances. The Company provides for probable uncollectible amounts based upon its assessment of the current status of the individual receivables and after using reasonable collection efforts. The allowance for doubtful accounts as of June 30, 2021 and 2020 was zero |
Inventories | Inventories Inventories, consisting solely of finished goods, are stated at the lower of cost (first-in, first-out method) or net realizable value (“NRV”). If necessary, the Company provides allowances to adjust the carrying value of its inventories to NRV when NRV is below cost. There were no such adjustments in 2021 or 2020. |
Revenue Recognition | Revenue Recognition Revenue from sales of products is recognized when the related performance obligation is satisfied. The Company’s performance obligation is satisfied upon the shipment or delivery of products to customers. The Company’s products are sold on cash and credit terms which are established in accordance with standardized industry practices and typically require payment within 30 days of delivery. Costs incurred for sales incentives and discounts are accounted for as reductions in revenue. |
Deductions from Revenue | Deductions from Revenue Costs incurred for sales incentives and discounts are accounted for as reductions in revenue. These costs include payments to customers for performing merchandising activities on our behalf, including in store displays, promotions for new items and obtaining optimum shelf space. |
Shipping and Handling Costs | Shipping and Handling Costs Shipping and Handling Costs incurred to move finished goods from our sales distribution centers to customer locations are included in the line Selling, General and Administrative Expenses in our Statements of Operations. |
Net Income/(Loss) Per Common Share | Net Income/(Loss) Per Common Share The Company computes per share amounts in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 260, “Earnings per Share”. The following potentially dilutive securities have been excluded from the computation of weighted average shares outstanding as they would have had an anti-dilutive impact on the Company’s net income/(loss) per common share: SCHEDULE OF ANTIDILUTIVE SECURITIES EXCLUDED FROM COMPUTATION OF EARNINGS PER SHARE Expiration Days to Exercise As of June 30, Issued To Date Expiration Price 2021 2020 Shares underlying options outstanding Glenn Simpson 4/6/2022 296 $ 0.16 318,108 505,608 |
Income Taxes | Income Taxes The Net Operating Loss Carryforwards for federal taxes was $ 3,729,852 at June 30, 2021 and $ 3,729,852 for the State of New Jersey. The Deferred Tax Assets for federal taxes was $ 783,269 at June 30, 2021 and $ 335,687 for the State of New Jersey. The total Deferred Tax Assets was $ 1,118,956 at June 30, 2021. The Deferred Tax assets have been fully reserved by valuation allowances beyond that portion which is expected to offset current taxes. As of June 30, 2021, the Company’s Federal income tax payable at the corporate tax rate of 21% would be $ 43,181 and State Income Tax payable at 9% tax rate would be $ 18,506 if this had not been offset by the deferred tax assets. The Company provides for income taxes using the asset and liability approach in accounting for income taxes. Deferred tax assets and liabilities are recorded based on the differences between the financial statement and tax bases of assets and liabilities and the tax rates in effect when these differences are expected to reverse. Deferred tax assets are reduced by a valuation allowance if, based on the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. The Company did no As of June 30, 2021 and June 30, 2020, the Company had no |
Stock-Based Compensation | Stock-Based Compensation The Company accounts for equity based transactions under the provisions of ASC Topic 718, “ Accounting for Stock-Based Compensation”. Share based payment awards are measured at the month-end volume weighted average price (VWAP) of the equity instrument that an entity is obligated to issue when the service has been rendered and any other conditions necessary to earn the right to benefit from the instruments have been satisfied. |
Fair value of financial instruments | Fair value of financial instruments The carrying amounts of financial instruments, which include cash, accounts receivable, accounts payable and accrued expense, approximate their fair values due to their short-term nature. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
SCHEDULE OF ANTIDILUTIVE SECURITIES EXCLUDED FROM COMPUTATION OF EARNINGS PER SHARE | The following potentially dilutive securities have been excluded from the computation of weighted average shares outstanding as they would have had an anti-dilutive impact on the Company’s net income/(loss) per common share: SCHEDULE OF ANTIDILUTIVE SECURITIES EXCLUDED FROM COMPUTATION OF EARNINGS PER SHARE Expiration Days to Exercise As of June 30, Issued To Date Expiration Price 2021 2020 Shares underlying options outstanding Glenn Simpson 4/6/2022 296 $ 0.16 318,108 505,608 |
STOCKHOLDERS_ EQUITY (Tables)
STOCKHOLDERS’ EQUITY (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
SCHEDULE OF CANCELLATION OF SHARES | SCHEDULE OF CANCELLATION OF SHARES Certificate No(s) Registered To No. of Shares CANCELLED No. of Shares 605 Ian Thompson 50,000 CANCELLED 50,000 606 Ian Thompson 50,000 CANCELLED 50,000 607 Ian Thompson 50,000 CANCELLED 50,000 608 Ian Thompson 50,000 CANCELLED 50,000 610 Ian Thompson 167,204 CANCELLED 167,204 |
STOCK OPTIONS (Tables)
STOCK OPTIONS (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Other Liabilities Disclosure [Abstract] | |
SCHEDULE OF STOCK OPTIONS ACTIVITY | The following table summarizes stock option activity under the Plans: SCHEDULE OF STOCK OPTIONS ACTIVITY Issued To Expiration Date Days to Expiration Exercise Price Options Outstanding, December 31, 2020 Glenn Simpson 4/6/2022 461 $ 0.16 505,608 Exercised Glenn Simpson 4/6/2022 296 0.16 (187,500 ) Exercisable, June 30, 2021 Glenn Simpson 4/6/2022 296 $ 0.16 318,108 |
SCHEDULE OF ANTIDILUTIVE SECURI
SCHEDULE OF ANTIDILUTIVE SECURITIES EXCLUDED FROM COMPUTATION OF EARNINGS PER SHARE (Details) - Glenn Simpson [Member] - $ / shares | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items] | ||
Expiration Date | Apr. 6, 2022 | |
Days to Expiration | 296 days | |
Exercise Price | $ 0.16 | |
Shares underlying options outstanding | 318,108 | 505,608 |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Income Tax Examination [Line Items] | ||
Cash equivalents | $ 0 | $ 0 |
Allowance for doubtful accounts | 0 | 0 |
Deferred Tax Assets, Net | $ 1,118,956 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | |
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent | 9.00% | |
Deferred tax liabilities | $ 0 | 0 |
Accrued interest or penalties | 0 | $ 0 |
Federal [Member] | ||
Income Tax Examination [Line Items] | ||
Operating Loss Carryforwards, Valuation Allowance | 3,729,852 | |
Deferred Tax Assets, Net | 783,269 | |
Taxes Payable | 43,181 | |
New Jersey Division of Taxation [Member] | ||
Income Tax Examination [Line Items] | ||
Operating Loss Carryforwards, Valuation Allowance | 3,729,852 | |
Deferred Tax Assets, Net | 335,687 | |
State [Member] | ||
Income Tax Examination [Line Items] | ||
Taxes Payable | $ 18,506 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details Narrative) | 6 Months Ended |
Jun. 30, 2021USD ($)shares | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |
Issuance of restricted and non-trading, shares | 402,000 |
Non-trading, Restricted Common Stock [Member] | Glenn Simpson [Member] | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |
Issuance of restricted and non-trading, shares | 402,000 |
Employment Agreements [Member] | Glenn Simpson [Member] | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |
Salary paid out in cash | $ | $ 5,000 |
Yearly cash bonus | $ | $ 44,400 |
Employment Agreements [Member] | Glenn Simpson [Member] | Non-trading, Restricted Common Stock [Member] | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |
Shares grant each month | 67,000 |
Yearly stock bonus | 200,000 |
Salary | $ | $ 225,000 |
Issuance of restricted and non-trading, shares | 3,203,700 |
SCHEDULE OF CANCELLATION OF SHA
SCHEDULE OF CANCELLATION OF SHARES (Details) | 6 Months Ended |
Jun. 30, 2021shares | |
Certificate #605 [Member] | |
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items] | |
Shares cancelled | 50,000 |
Certificate #606 [Member] | |
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items] | |
Shares cancelled | 50,000 |
Certificate #607 [Member] | |
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items] | |
Shares cancelled | 50,000 |
Certificate #608 [Member] | |
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items] | |
Shares cancelled | 50,000 |
Certificate #610 [Member] | |
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items] | |
Shares cancelled | 167,204 |
STOCKHOLDERS_ EQUITY (Details N
STOCKHOLDERS’ EQUITY (Details Narrative) - USD ($) | May 19, 2021 | Mar. 24, 2021 | Dec. 31, 2014 | Dec. 31, 2013 | Oct. 03, 2013 | Jun. 30, 2021 | Jun. 29, 2021 | Dec. 31, 2020 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Common stock, shares authorized | 40,000,000 | 190,000,000 | 40,000,000 | |||||
Common stock, shares outstanding | 31,278,906 | 30,610,240 | ||||||
Issuance of restricted and non-trading, shares | 402,000 | |||||||
Issuance of restricted common stock, shares | 167,204 | |||||||
Common stock, shares issued | 31,278,906 | 30,610,240 | ||||||
Ian Thompson [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Issuance of restricted common stock, shares | 200,000 | |||||||
Consulting fees | $ 105,000 | $ 280,000 | $ 501,612 | |||||
Common stock, shares issued | 200,000 | |||||||
Chief Executive Officer [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Stock issued during period shares stock options exercised | 187,500 | |||||||
Exercise price, per share | $ 0.16 | |||||||
Exercised stock options, value | $ 30,000 | |||||||
Restricted and Non-Trading Shares [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Issuance of restricted and non-trading, shares | 668,666 | |||||||
Restricted and Non-Trading Shares [Member] | Chief Executive Officer [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Stock issued during period shares stock options exercised | 93,750 | 93,750 | ||||||
Exercised stock options, value | $ 15,000 | $ 15,000 | ||||||
Issuance of restricted common stock, shares | 93,750 | 93,750 |
SCHEDULE OF STOCK OPTIONS ACTIV
SCHEDULE OF STOCK OPTIONS ACTIVITY (Details) - Equity Option [Member] - Glenn Simpson [Member] | 6 Months Ended |
Jun. 30, 2021$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock Options Outstanding Beginning, Expiration Date | Apr. 6, 2022 |
Stock Options Outstanding Beginning, Days to Expiration | 461 days |
Stock Options Outstanding Beginning, Exercise Price | $ / shares | $ 0.16 |
Stock Options Outstanding Beginning, Options | shares | 505,608 |
Stock Options Exercised, Expiration Date | Apr. 6, 2022 |
Stock Options Exercised, Days to Expiration | 296 days |
Stock Options Exercised, Exercise Price | $ / shares | $ 0.16 |
Stock Options Exercised, Options | shares | (187,500) |
Stock Options Exercisable, Expiration Date | Apr. 6, 2022 |
Stock Options Exercisable, Days to Expiration | 296 days |
Stock Options Exercisable, Exercise Price | $ / shares | $ 0.16 |
Stock Options Exercisable, Options | shares | 318,108 |
STOCK OPTIONS (Details Narrativ
STOCK OPTIONS (Details Narrative) - USD ($) | May 19, 2021 | Mar. 24, 2021 | Jun. 30, 2021 | Jun. 30, 2020 |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ||||
Compensation expense | $ 110,470 | $ 97,389 | ||
Equity Option [Member] | ||||
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ||||
Compensation expense | 0 | $ 0 | ||
Share-based payment arrangement, nonvested award, amount | $ 0 | |||
Chief Executive Officer [Member] | ||||
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ||||
Stock issued during period shares stock options exercised | 187,500 | |||
Stock issued during period value stock options exercised | $ 30,000 | |||
Chief Executive Officer [Member] | Restricted and Non-Trading Shares [Member] | ||||
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ||||
Stock issued during period shares stock options exercised | 93,750 | 93,750 | ||
Exercise price | $ 0.16 | $ 0.16 | ||
Stock issued during period value stock options exercised | $ 15,000 | $ 15,000 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | May 19, 2021 | Mar. 24, 2021 | Oct. 03, 2013 | Jun. 30, 2021 |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ||||
Stock issued during period shares restricted stock | 167,204 | |||
Chief Executive Officer [Member] | ||||
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ||||
Stock issued during period stock options exercised, shares | 187,500 | |||
Accrued payroll/salary | $ 19,000 | |||
Chief Executive Officer [Member] | Restricted and Non-Trading Shares [Member] | ||||
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ||||
Stock issued during period stock options exercised, shares | 93,750 | 93,750 | ||
Exercise price | $ 0.16 | $ 0.16 | ||
Stock issued during period shares restricted stock | 93,750 | 93,750 | ||
Accrued payroll/salary | $ 15,000 | $ 15,000 |
SBA LOANS _CARES ACT_ (Details
SBA LOANS “CARES ACT” (Details Narrative) - Paycheck Protection Program [Member] - USD ($) | Jan. 31, 2021 | Dec. 18, 2020 | May 05, 2020 |
Schedule of Capitalization, Long-term Debt [Line Items] | |||
Proceeds from loan | $ 35,508 | $ 35,508 | |
Forgiveness of loan | $ 35,508 |