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 | 000-54584 |
Entity Registrant Name | PACIFIC VENTURES GROUP, INC. |
Entity Central Index Key | 0000882800 |
Entity Tax Identification Number | 75-2100622 |
Entity Incorporation, State or Country Code | DE |
Entity Address, Address Line One | 117 West 9th Street |
Entity Address, Address Line Two | Suite 316 |
Entity Address, City or Town | Los Angeles |
Entity Address, State or Province | CA |
Entity Address, Postal Zip Code | 90015 |
City Area Code | 310 |
Local Phone Number | 392-5606 |
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 | 18,125,488 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Current Assets: | ||
Cash and cash equivalents | $ 433,164 | $ 58,234 |
Accounts receivable | 1,732,180 | 1,213,991 |
Inventory Asset | 1,407,026 | 1,216,562 |
Other Current Asset | 115,020 | 34,379 |
Right to Use Asset | 213,000 | 249,000 |
Deposits | 16,845 | 16,845 |
Total Current Assets | 3,917,235 | 2,789,011 |
Fixed Assets | ||
Fixed assets, net | 1,003,787 | 1,169,441 |
Total Fixed Assets | 1,003,787 | 1,169,441 |
Other Assets | ||
Intangible Assets | 3,349,670 | 3,468,222 |
Right to Use Asset | 755,752 | 755,752 |
Rent & Utilities Deposit | 11,520 | 11,520 |
Total Other Assets | 4,116,942 | 4,235,494 |
TOTAL ASSETS | 9,037,964 | 8,193,946 |
Current Liabilities: | ||
Accounts payable | 2,968,321 | 2,809,136 |
Accrued expenses | 1,122,626 | 902,442 |
Lease Liability | 213,000 | 249,000 |
Current portion, notes payable | 2,175,294 | 2,891,023 |
Current portion, notes payable - related party | 405,320 | 437,995 |
Current portion, leases payable | 77,967 | 88,417 |
Total Current Liabilities | 6,962,527 | 7,378,012 |
Long-Term Liabilities: | ||
Notes payable | 13,556,718 | 10,541,853 |
Notes payable - related party | 42,000 | 42,000 |
Lease Liability | 745,000 | 745,000 |
Total Long-Term Liabilities | 14,343,718 | 11,328,853 |
Total Liabilities | 21,306,245 | 18,706,866 |
STOCKHOLDERS’ EQUITY (DEFICIT) | ||
Common stock, $0.498 par value, 900,000,000 shares authorized, and 18,125,488 issued and outstanding at June 30, 2021, which reflects the 1-for-500 reverse stock split that occurred on Apr 13, 2020 | 9,041,007 | 8,415,444 |
Additional paid in capital | (3,084,047) | (2,869,593) |
Accumulated deficit | (18,230,251) | (16,063,780) |
Total Stockholders’ Equity (Deficit) | (12,268,280) | (10,512,919) |
Total Liabilities and Stockholders’ Equity (Deficit) | 9,037,965 | 8,193,945 |
Series E Preferred Stock [Member] | ||
STOCKHOLDERS’ EQUITY (DEFICIT) | ||
Preferred stock, value | 5,000 | 5,000 |
Series F Preferred Stock [Member] | ||
STOCKHOLDERS’ EQUITY (DEFICIT) | ||
Preferred stock, value | $ 10 | $ 10 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Apr. 13, 2020 | Jun. 30, 2021 | Dec. 31, 2020 |
Preferred stock, par value | $ 0.001 | $ 0.001 | |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 | |
Common stock, par value | $ 0.498 | $ 0.498 | |
Common stock, shares authorized | 900,000,000 | 900,000,000 | 900,000,000 |
Common Stock, Shares, Outstanding | 18,125,488 | ||
Common stock, shares issued | 18,125,488 | ||
Reverse stock split | 1-for-500 reverse stock split | ||
Series E Preferred Stock [Member] | |||
Preferred stock, shares authorized | 6,000,000 | ||
Preferred stock, shares issued | 5,000,000 | 5,000,000 | |
Preferred stock, shares outstanding | 5,000,000 | 5,000,000 | |
Series F Preferred Stock [Member] | |||
Preferred stock, shares issued | 10,000 | 10,000 | |
Preferred stock, shares outstanding | 10,000 | 10,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Income Statement [Abstract] | ||||
Sales, net of discounts | $ 11,580,733 | $ 8,688,557 | $ 18,841,559 | $ 15,388,665 |
Cost of Goods Sold | 10,221,382 | 7,682,194 | 16,598,617 | 13,368,829 |
Gross Profit | 1,359,350 | 1,006,363 | 2,242,942 | 2,019,836 |
Operating Expenses | ||||
Selling, general and administrative | 1,515,351 | 1,162,266 | 2,575,562 | 2,136,086 |
Marketing and Advertising | 106,368 | 4,425 | 199,148 | 19,143 |
Amortization and Depreciation expense | 193,094 | 162,130 | 386,187 | 324,022 |
Professional fees | 210,313 | 263,366 | 346,894 | 453,622 |
Officer Compensation | 75,000 | 75,000 | 150,000 | 150,000 |
Operating Expenses/(Loss) | 2,100,126 | 1,667,187 | 3,657,791 | 3,082,873 |
Income/ (Loss) from Operations | (740,776) | (660,824) | (1,414,849) | (1,063,036) |
Other Non-Operating Income and Expenses | ||||
Interest expense | (942,284) | (418,134) | (1,438,000) | (808,134) |
Net Income/(Loss) before Income Taxes | (1,683,060) | (1,078,958) | (2,852,849) | (1,871,170) |
Provision for income taxes | ||||
Net Ordinary Income/(Loss) | (1,683,060) | (1,078,958) | (2,852,849) | (1,871,170) |
Other Income / Expense | ||||
Other Income - Other | 522,540 | 4,868 | 530,347 | 9,524 |
Net Income/(Loss) | $ (1,160,520) | $ (1,074,090) | $ (2,322,502) | $ (1,861,646) |
Basic and Diluted Loss per Share - Common Stock | $ (0.06403) | $ (0.93989) | $ (0.12813) | $ (1.62905) |
Weighted Average Number of Shares Outstanding: | ||||
Basic and Diluted Class A Common Stock | 18,125,488 | 1,142,781 | 18,125,488 | 1,142,781 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
OPERATING ACTIVITIES | ||
Net loss | $ (2,322,502) | $ (1,861,646) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Shares issued for services | (5,000) | |
Depreciation & Amortization Expense | 386,187 | 324,022 |
Changes in operating assets and liabilities | ||
Accounts receivable | (483,189) | (630,596) |
Inventory | (190,464) | (869,967) |
Other Current Assets | (80,641) | 53,412 |
Other Assets | ||
Accounts payable | 144,467 | 1,647,070 |
Accrued expenses | 224,065 | 96,954 |
Other Current liabilities | 3,082 | (63,556) |
Capitalized interest or penalty fees | 905,303 | 121,086 |
Other Changes in Assets | ||
Net Cash Provided by / (Used in) Operating Activities | (1,413,692) | (1,188,222) |
INVESTING ACTIVITIES | ||
Receivable - Related | (35,687) | |
Purchase of equipment, building & improvements & fixed assets | (101,982) | |
Goodwill and Intangible Assets | ||
Net Cash Provided by / (Used In) Investing Activities | (101,982) | (35,687) |
FINANCING ACTIVITIES | ||
Proceeds from notes payable | 2,357,000 | 669,600 |
Proceeds from notes payable - Related | ||
Repayment of notes payable | (911,023) | (188,395) |
Repayment of notes payable - Related | (100,083) | (125) |
Proceeds from long-term loans | 231,023 | 2,838,868 |
Repayment of long-term loans | (50,000) | (1,959,900) |
Repayment of debt by Shares | (168,500) | |
Shares Issued for Debt | 178,610 | |
Shares Issued for Services | 232,500 | |
Preferred Stocks issued | 5,000 | |
Prior period adjustment to retained earnings | 121,080 | |
Net Cash Provided by / (Used in) Financing Activities | 1,890,608 | 1,365,047 |
NET INCREASE (DECREASE) IN CASH | 374,934 | 141,139 |
CASH AT BEGINNING OF PERIOD | 58,233 | 315,956 |
CASH AT END OF PERIOD | 433,164 | 457,096 |
CASH PAID FOR: | ||
Interest fees | 276,815 | 203,672 |
NON CASH FINANCING ACTIVITIES: | ||
Issuance of shares for debt conversion | $ 168,500 |
NATURE OF OPERATIONS
NATURE OF OPERATIONS | 6 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
NATURE OF OPERATIONS | 1. NATURE OF OPERATIONS Pacific Ventures Group, Inc. (the “Company,” “we,” “us” or “our”) was incorporated under the laws of the state of Delaware on October 3, 1986, under the name AOA Corporation. On November 12, 1991, the Company changed its name to American Eagle Group, Inc. On October 22, 2012, the Company changed its name to “Pacific Ventures Group, Inc.”. The current structure of the Company resulted from a share exchange with Snöbar Holdings, Inc. (“Snöbar Holdings”), which was treated as a reverse merger for accounting purposes. On August 14, 2015, the Company entered into a share exchange agreement (the “Share Exchange Agreement”) with Snöbar Holdings, pursuant to which the Company acquired 100 22,500,000 2,500,000 As the result of the Share Exchange, Snöbar Holdings became the Company’s wholly owned operating subsidiary and the business of Snöbar Holdings became the Company’s sole business operations and MAS Global Distributors, Inc., a California corporation (“MGD”), became an indirect subsidiary of the Company. Prior to the Share Exchange, the Company operated as an insurance holding company and through its subsidiaries, which marketed and underwrote specialized property and casualty coverage in the general aviation insurance marketplace. However, in 1997, after selling several of its divisions, the Company’s remaining insurance operations were placed into receivership and the Company ceased operating its insurance business. Since the Share Exchange represented a change in control of the Company and a change in business operations, the Company’s business operations changed to that of Snöbar Holdings and the discussions of business operations accompanying this filing are solely that of Snöbar Holdings and its affiliates and subsidiaries comprising of Snöbar Trust, International Production Impex Corporation, a California corporation (“IPIC”) , and MGD. Snöbar Holdings was formed under the laws of the State of Delaware on January 7, 2013. Snöbar Holdings is the trustor and sole beneficiary of Snöbar Trust, a California trust (“Trust”), which was formed in June 1, 2013. The Trust owns 100 99.9 The Trust and IPIC are considered variable interest entities (“VIEs”) and Snöbar Holdings is identified as the primary beneficiary of the Trust and IPIC. Under the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 810, Snöbar Holdings performs ongoing reassessments of whether it is the primary beneficiary of a VIE. As the assessment of Snöbar Holdings’ management is that Snöbar Holdings has the power to direct the activities of a VIE that most significantly impact the VIE’s activities (it is responsible for establishing and operating IPIC), and the obligation to absorb losses of the VIE that could potentially be significant to the VIE and the right to receive benefits from the VIE that could potentially be significant to the VIE’s economic performance, it was therefore concluded by management that Snöbar Holdings is the primary beneficiary of the Trust and IPIC. As such, the Trust and IPIC were consolidated in the financial statements of Snöbar Holdings since the inception of the Trust, in the case of the Trust, and since the inception of Snöbar Holdings, in the case of IPIC. On May 1, 2018, Royalty Foods Partners, LLC – a Florida Limited Liability Corporation and a subsidiary of Pacific Ventures Group, Inc. – completed an asset acquisition of San Diego Farmers Outlet, Inc. (SDFO), a California Corporation. San Diego Farmers Outlet was started over thirty-five years ago to provide primarily restaurant customers in southern California’s three largest counties with quality food and produce and does business under the name of Farmers Outlet and San Diego Farmers Outlet. On December 17, 2019, Seaport Group Enterprises, LLC—a California Limited Liability Corporation and a subsidiary of Pacific Ventures Group, Inc.— completed an asset acquisition of Seaport Meat Company, (Seaport Meat), a California Corporation with over thirty (30) years in business servicing restaurant and retail, and institutional customers in Southern California and Arizona. Seaport Meat is a USDA meat processing plant that supplies quality meats, seafood, dry goods, dairy and produce. Seaport Meat Company built a state-of-the-art food distribution and manufacturing facility in Spring Valley, California their 12,000 square foot facility is HACCP-compliant and is a USDA Licensed processing facility with on-site daily inspections. HACCP is a management system in which food safety is addressed through the analysis and control of biological, chemical, and physical hazards from raw material production, procurement and handling, to manufacturing, distribution and consumption of the finished product. Having a USDA certified facility allows consumers to be confident that the Food Safety and Inspection Service (FSIS), the public health agency in the USDA, ensured that meat and poultry products are safe, wholesome, and correctly labeled and packaged The Company’s customers range from a wide variety of restaurants, including many well known in Southern CA, to institutions, schools (UCSD, SDSU, etc.) and re-distributors such as US Foods and Sysco as well as to local distributors. They supply wholesale food and restaurant supplies to San Diego, Los Angeles, Orange and Riverside and offer same day service. In addition, they have clients in Arizona and Colorado that come to their facility to pick up their orders. Because Seaport Meat Company of America can efficiently add new product lines, they can easily expand the distribution of Pacific Ventures’ San Diego Farmers Outlet and SnoBar product line, thereby accelerating Pacific Ventures’ revenue growth. The combination of a distribution and product company is unique in the San Diego area and will position the company for rapid growth. They manufacture and wholesale custom processed beef, pork, chicken, lamb, veal and seafood. In addition, they are redistributors of a wide variety of dry goods, frozen foods, disposables and janitorial products. Their sales, distribution and finance processes are very efficient and can be expanded to add new product lines, including fresh produce and dairy Principles of Consolidation The consolidated financial statements include the accounts of the Company, Snöbar Holdings and its subsidiaries, in which Snöbar Holdings has a controlling voting interest and entities consolidated under the variable interest entities (“VIE”) provisions of ASC 810, “Consolidation” (“ASC 810”). Inter-company balances and transactions have been eliminated upon consolidation. The Company applies the provisions of ASC 810 which provides a framework for identifying VIEs and determining when a company should include the assets, liabilities, non-controlling interests and results of activities of a VIE in its consolidated financial statements. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation The consolidated financial statements include the Company, Snöbar Holdings, San Diego Farmers Outlet, MGD, IPIC and the Trust, which was established to hold IPIC, which in turn holds liquor licenses. All inter-company accounts have been eliminated during consolidation. See the discussion in Note 1 above for variable interest entity treatment of the Trust and IPIC. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities, at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates. Revenue Recognition The Company recognizes revenue in accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers, which requires that five basic steps be followed to recognize revenue: (1) a legally enforceable contract that meets criteria standards as to composition and substance is identified; (2) performance obligations relating to provision of goods or services to the customer are identified; (3) the transaction price, with consideration given to any variable, noncash, or other relevant consideration, is determined; (4) the transaction price is allocated to the performance obligations; and (5) revenue is recognized when control of goods or services is transferred to the customer with consideration given, whether that control happens over time or not. Determination of criteria (3) and (4) are based on our management’s judgments regarding the fixed nature of the selling prices of the products and services delivered and the collectability of those amounts. The adoption of ASC 606 did not result in a change to the accounting for any of the in-scope revenue streams; as such, no cumulative effect adjustment was recorded. Unearned Revenue Certain amounts are received pursuant to agreements or contracts and may only be used in the conduct of specified transactions, or the related services are yet to be performed. These amounts are recorded as unearned or deferred revenue and are recognized as revenue in the year/period the related expenses are incurred, or services are performed. As of June 30, 2021, the Company has $ 0 0 Leases ASC 842, Leases, was required to be adopted for all financial years beginning after December 15, 2018, and requires long term leases (longer than 12 month) to be capitalized with a corresponding liability for the term of the lease and expensed over that term. Currently the Company has 2 long-term leases SDFO & Seaport Meat Company. Shipping and Handling Costs The Company’s shipping costs are all recorded as operating expenses for all periods presented. Disputed Liabilities The Company is involved in a variety of disputes, claims, and proceedings concerning its business operations and certain liabilities. We determine whether an estimated loss from a contingency should be accrued by assessing whether a loss is deemed probable and can be reasonably estimated. We assess our potential liability by analyzing our litigation and regulatory matters using available information. We develop our views on estimated losses in consultation with outside counsel handling our defense in these matters, which involves an analysis of potential results, assuming a combination of litigation and settlement strategies. Should developments in any of these matters cause a change in our determination as to an unfavorable outcome and result in the need to recognize a material accrual or should any of these matters result in a final adverse judgment or be settled for significant amounts, they could have a material adverse effect on our results of operations, cash flows and financial position in the period or periods in which such change in determination, judgment or settlement occurs. As of June 30, 2021, the Company has $ 0 Cash Equivalents The Company considers highly liquid instruments with original maturity of three months or less to be cash equivalents. As of June 30, 2021, the Company has a cash balance of $ 433,164 58,234 Accounts Receivable As of June 30, 2021, Accounts Receivable are stated at net realizable value of $ 1,732,180 14,588 588 Inventories Inventories are stated at the lower of cost or market value. Cost has been determined using the first-in, first-out method. Inventory quantities on-hand are regularly reviewed, and where necessary, reserves for excess and unusable inventories are recorded. Inventory consists of finished goods and includes ice cream, popsicles and the related packaging materials. As of December 30, 2020, the Company had total inventory assets of $ 1,216,562 1,407,026 Income Taxes Deferred taxes are provided on an asset and liability method whereby deferred tax assets are recognized for deductible temporary differences and operating loss carry forwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the difference between the reported amounts of assets and liabilities and their tax basis. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. Net Income/(Loss) Per Common Share Income/(loss) per share of common stock is calculated by dividing the net income/(loss) by the weighted average number of shares of common stock outstanding during the period. The Company has no potentially dilutive securities. Accordingly, basic and dilutive income/(loss) per common share are the same. Property and Equipment Property and equipment are carried at cost less accumulated depreciation and includes expenditures that substantially increase the useful lives of existing property and equipment. Maintenance, repairs, and minor renovations are expensed as incurred. Upon sale or retirement of property and equipment, the cost and related accumulated depreciation are eliminated from the respective accounts and the resulting gain or loss is included in the results of operations. The Company provides for depreciation of property and equipment using the straight-line method over the estimated useful lives or the term of the lease, as appropriate. The estimated useful lives are as follows: vehicles, five years three fifteen years three years Identifiable Intangible Assets As of June 30, 2021, the Company’s Identifiable Intangible Assets are as follows: Intangible Assets Identifiable Intangible Assets Trade Name (San Diego Farmers Outlet) $ 193,000 Trade Name (Seaport Meat) $ 449,000 Wholesale Customer Relationships (San Diego Farmers Outlet) $ 266,000 Wholesale Customer Relationships (Seaport Meat) $ 2,334,239 Total Identifiable Intangible Assets $ 3,349,670 Goodwill Assembled Workforce $ 21,000 Unidentified Intangible Value $ 470,000 Total Goodwill $ 491,000 Total Intangible Assets $ 3,349,670 Total Accumulated Amortization 383,569 Management does not believe that there is an impairment as of 2021. Fair Value of Financial Instruments The carrying amounts of the Company’s financial instruments, which include cash, accounts receivable, accounts payable, and accrued expenses are representative of their fair values due to the short-term maturity of these instruments. Concentration of Credit Risk Financial instruments that potentially subject the Company to concentration of credit risk consist primarily of cash and accounts receivable. The Company maintains cash balances at financial institutions within the United States which are insured by the Federal Deposit Insurance Corporation (“FDIC”) up to limits of approximately $ 250,000 Critical Accounting Policies The Company considers revenue recognition and the valuation of accounts receivable, allowance for doubtful accounts, and inventory and reserves as its significant accounting policies. Some of these policies require management to make estimates and assumptions that may affect the reported amounts in the Company’s financial statements. Recent Accounting Pronouncements In June 2009, the FASB established the Accounting Standards Codification (“Codification” or “ASC”) as the source of authoritative accounting principles recognized by the FASB to be applied by nongovernmental entities in the preparation of financial statements in accordance with generally accepted accounting principles in the United States (“GAAP”). Rules and interpretive releases of the Securities and Exchange Commission (the “SEC”) issued under authority of federal securities laws are also sources of GAAP for SEC registrants. Existing GAAP was not intended to be changed as a result of the Codification, and accordingly the change did not impact our financial statements. The ASC does change the way the guidance is organized and presented. In April 2015, FASB issued Accounting Standards Update (“ASU”) No. 2015-03, “Interest – Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs”, to simplify presentation of debt issuance costs by requiring that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The ASU does not affect the recognition and measurement guidance for debt issuance costs. For public companies, the ASU is effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early application is permitted. In April 2015, FASB issued ASU No. 2015-04, “Compensation – Retirement Benefits (Topic 715): Practical Expedient for the Measurement Date of an Employer’s Defined Benefit Obligation and Plan Assets”, which permits the entity to measure defined benefit plan assets and obligations using the month-end that is closest to the entity’s fiscal year-end and apply that practical expedient consistently from year to year. The ASU is effective for public business entities for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early application is permitted. In April 2015, FASB issued ASU No. 2015-05, “Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement”, which provides guidance to customers about whether a cloud computing arrangement includes a software license. If such includes a software license, then the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If the arrangement does not include a software license, the customer should account for it as a service contract. For public business entities, the ASU is effective for annual periods, including interim periods within those annual periods, beginning after December 15, 2015. Early application is permitted. We are currently reviewing the provisions of this ASU to determine if there will be any impact on our results of operations, cash flows or financial condition. In April 2015, FASB issued ASU No. 2015-06, “Earnings Per Share (Topic 260): Effects on Historical Earnings per Unit of Master Limited Partnership Dropdown Transactions”, which specifies that, for purposes of calculating historical earnings per unit under the two-class method, the earnings (losses) of a transferred business before the date of a drop down transaction should be allocated entirely to the general partner. In that circumstance, the previously reported earnings per unit of the limited partners (which is typically the earnings per unit measure presented in the financial statements) would not change as a result of the dropdown transaction. Qualitative disclosures about how the rights to the earnings (losses) differ before and after the dropdown transaction occurs for purposes of computing earnings per unit under the two-class method also are required. The ASU is effective for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Earlier application is permitted. In June 2014, FASB issued ASU No. 2014-10, “Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements, Including an Amendment to Variable Interest Entities Guidance in Topic 810, Consolidation”. The update removes all incremental financial reporting requirements from GAAP for development stage entities, including the removal of Topic 915 from the FASB Accounting Standards Codification. In addition, the update adds an example disclosure in Risks and Uncertainties (Topic 275) to illustrate one way that an entity that has not begun planned principal operations could provide information about the risks and uncertainties related to the company’s current activities. Furthermore, the update removes an exception provided to development stage entities in Consolidations (Topic 810) for determining whether an entity is a variable interest entity-which may change the consolidation analysis, consolidation decision, and disclosure requirements for a company that has an interest in a company in the development stage. The update is effective for the annual reporting periods beginning after December 15, 2014, including interim periods therein. Early application is permitted with the first annual reporting period or interim period for which the entity’s financial statements have not yet been issued (Public business entities) or made available for issuance (other entities). Our company adopted this pronouncement. In June 2014, FASB issued ASU No. 2014-12, “Compensation – Stock Compensation (Topic 718); Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period”. The amendments in this ASU apply to all reporting entities that grant their employees share-based payments in which the terms of the award provide that a performance target that affects vesting could be achieved after the requisite service period. The amendments require that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. A reporting entity should apply existing guidance in Topic 718 as it relates to awards with performance conditions that affect vesting to account for such awards. For all entities, the amendments in this ASU are effective for annual periods and interim periods within those annual periods beginning after December 15, 2015. Earlier adoption is permitted. Entities may apply the amendments in this ASU either (a) prospectively to all awards granted or modified after the effective date or (b) retrospectively to all awards with performance targets that are outstanding as of the beginning of the earliest annual period presented in the financial statements and to all new or modified awards thereafter. If retrospective transition is adopted, the cumulative effect of applying this Update as of the beginning of the earliest annual period presented in the financial statements should be recognized as an adjustment to the opening retained earnings balance at that date. Additionally, if retrospective transition is adopted, an entity may use hindsight in measuring and recognizing the compensation cost. This updated guidance is not expected to have a material impact on our results of operations, cash flows or financial condition. In August 2014, the FASB issued ASU 2014-15 on “Presentation of Financial Statements Going Concern (Subtopic 205-40) – Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern”. Currently, there is no guidance in GAAP about management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern or to provide related footnote disclosures. The amendments in this Update provide that guidance. In doing so, the amendments are intended to reduce diversity in the timing and content of footnote disclosures. The amendments require management to assess an entity’s ability to continue as a going concern by incorporating and expanding upon certain principles that are currently in U.S. auditing standards. Specifically, the amendments (1) provide a definition of the term substantial doubt, (2) require an evaluation every reporting period including interim periods, (3) provide principles for considering the mitigating effect of management’s plans, (4) require certain disclosures when substantial doubt is alleviated as a result of consideration of management’s plans, (5) require an express statement and other disclosures when substantial doubt is not alleviated, and (6) require an assessment for a period of one year after the date that the financial statements are issued (or available to be issued). All other newly issued accounting pronouncements which are not yet effective have been deemed either immaterial or not applicable. We reviewed all other recently issued accounting pronouncements and determined these have no current applicability to the Company or their effect on the financial statements would not have been significant. |
GOING CONCERN
GOING CONCERN | 6 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
GOING CONCERN | 3. GOING CONCERN The accompanying consolidated financial statements have been prepared assuming the Company will continue as a going concern. As shown in the accompanying consolidated financial statements, the Company has incurred a net loss of $ 2,322,502 18,230,251 In order to continue as a going concern, the Company will need, among other things, additional capital resources. The Company is significantly dependent upon its ability, and will continue to attempt, to secure equity and/or additional debt financing. There are no assurances that the Company will be successful and without sufficient financing it would be unlikely for the Company to continue as a going concern. The unaudited consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts of and classification of liabilities that might be necessary in the event the Company cannot continue in existence. These conditions raise substantial doubt about the Company’s ability to continue as a going concern. These unaudited consolidated financial statements do not include any adjustments that might arise from this uncertainty. |
INVENTORIES
INVENTORIES | 6 Months Ended |
Jun. 30, 2021 | |
Inventory Disclosure [Abstract] | |
INVENTORIES | 4. INVENTORIES As of June 30, 2021, the Company had inventory assets for a total of $ 1,407,026 1,216,562 |
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 6 Months Ended |
Jun. 30, 2021 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY, PLANT AND EQUIPMENT | 5. PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment on June 30, 2021, and December 31, 2020, consisted of: SCHEDULE OF PROPERTY, PLANT AND EQUIPMENT June 30, 2021 December 31, 2020 Computers 11,788 $ 11,788 Office Furniture 23,908 23,908 Building & Improvement 29,673 29,673 Forklift 1 3,000 3,000 Forklift 2 2,871 2,871 Truck 2019 Hino 155 3710 24,865 24,865 Truck 2019 Hino 155 7445 34,213 34,213 Truck 2018 Hino 155 5347 30,181 30,181 Truck 2018 Hino 155 5647 30,181 30,181 Truck 2019 Hino 155 5680 29,592 29,592 Machinery & Equipment 1,096,522 994,540 Leasehold Improvements 66,932 66,932 Office Equipment 62,400 62,400 Vehicles 409,108 409,108 Accumulated Depreciation (851,446 ) (583,810 ) Property, plant and equipment, net $ 1,003,787 $ 1,169,441 Depreciation and Amortization expenses for the six (6) months ended June 30, 2021, was $ 386,187 324,022 |
ACCRUED EXPENSE
ACCRUED EXPENSE | 6 Months Ended |
Jun. 30, 2021 | |
Payables and Accruals [Abstract] | |
ACCRUED EXPENSE | 6. ACCRUED EXPENSE As of June,30, 2021, the Company had accrued expenses of $ 1,122,626 902,442 |
INCOME TAX
INCOME TAX | 6 Months Ended |
Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
INCOME TAX | 7. INCOME TAX The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 6 Months Ended |
Jun. 30, 2021 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | 8. RELATED PARTY TRANSACTIONS The following table presents a summary of the Company’s promissory notes issued to related parties as of June 30, 2021: SCHEDULE OF PROMISSORY NOTES ISSUED TO RELATED PARTIES Noteholder Note Amount Issuance Date Unpaid Amount S. Masjedi $ 150,000 12/10/2010 $ - A. Masjedi 500,000 6/1/2013 405,320 M. Shenkman 10,000 2/21/2012 10,000 M. Shenkman 10,000 2/23/2012 10,000 M. Shenkman 10,000 3/14/2013 6,000 M. Shenkman (Entrust) 16,000 9/9/2014 16,000 $ 696,000 $ 447,320 The following description represent note payable-related party transaction pre-Share Exchange that were assumed by the Company as a condition to the Share Exchange: In January 2011, MGD, which is now a majority owned subsidiary of Snöbar Holdings, entered into an unsecured promissory note with Mrs. Masjedi, who is now the Company’s President, Chief Executive Officer, Interim Chief Financial Officer, director and majority stockholder. The note had a principal balance of $ 150,000 3 December 31, 2022 0 On February 21, 2012, Snöbar Holdings entered into an unsecured promissory note with Mr. Shenkman, who is Chairman of the Board of Directors and a shareholder of the Company. The note had a principal balance of $ 10,000 5 December 31, 2022 10,000 On February 23, 2012, Snöbar Holdings entered into a promissory note with Mr. Shenkman for $ 10,000 8 December 31, 2022 10,000 On March 14, 2013, Snöbar Holdings entered into an unsecured promissory note with a Mr. Shenkman, the Company’s Chairman of the Board of Directors. The note had a principal balance of $ 10,000 5 an original maturity date of March 14, 2014 December 31, 2022 2 6,000 On June 1, 2013, Snöbar Holdings entered into a promissory note with Azizollah Masjedi, father-in-law to Shannon Masjedi who’s the Company’s President, Chief Executive Officer, Interim Chief Financial Officer, director and majority stockholder, in an amount of $ 500,000 June 31, 2017 405,320 On September 9, 2014, Snobar Holdings entered into a second unsecured promissory note with Mr. Shenkman, through his affiliate company Entrust Group for a total amount of $ 6,000 10,000 2 December 31, 2022 16,000 |
NOTES PAYABLE
NOTES PAYABLE | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
NOTES PAYABLE | 9. NOTES PAYABLE The following table presents a summary of the Company’s promissory notes issued to unrelated third parties as of June 30, 2021: SCHEDULE OF PROMISSORY NOTES ISSUED TO UNRELATED THIRD PARTIES Non-Related Note Amount Issuance Date Balance A. Rodriguez $ 86,821 3/14/2013 $ 86,821 A. Rodriguez 15,000 7/22/2013 15,000 A. Rodriguez 10,000 2/21/2014 10,000 Henry Mahgerefteh 144,000 2/15/2015 135,726 TRA Capital 106,112 3 loans 125,247 BNA Inv 223,449 6 loans 134,253 Brian Berg 30,000 2/1/2012 25,000 Classic Bev 73,473 5/1/2017 272,574 JSJ, Investments 75,000 7/12/2017 2,697 PowerUp 168,500 8/7/2020 257,000 TysAdco Partners 250,000 3/11/2021 1,300,000 LGH Investments 800,000 5/1/2021 800,000 PNC, Inc. 850,000 12/19/2020 850,000 PPP 509,700 5/20/2020 431,000 SBA Loan 309,900 4/1/2020 417,600 Dicer 64,678 7/20/2020 150,154 TCA Global fund 2,150,000 5/1/2018 3,180,884 TCA Global fund 2 3,000,000 12/17/2019 6,721,260 $ 8,866,633 $ 14,915,214 SCHEDULE OF PURCHASE RECEIVABLES Purchase Receivables Amount Issuance Date Balance Cap Call 1,000,000 3 loans - 2020 804,648 Fox Capital 607,500 12/1/2020 12,150 $ 1,607,500 $ 816,798 The following description represent unrelated notes payable transactions pre-reverse merger between Snöbar and the Company that were assumed by the Company as a condition to the Share Exchange Agreement: In February 2012, MGD entered into an unsecured promissory note with a certain unrelated party, now a shareholder of the Company for a principal balance of $ 30,000 8 December 31, 2020 25,000 On March 14, 2013, Snöbar Holdings entered into an unsecured promissory note with a certain unrelated third party, now a shareholder of the Company. The note had a principal balance of $ 86,821 5 March 14, 2014 February 1, 2020 On July 22, 2013, Snöbar Holdings entered into an unsecured promissory note with a certain unrelated third party. The note had a principal balance of $ 15,000 5 December 31, 2018 2 15,000 The following description represents unrelated note payable transactions post-merger between Snöbar and the Company: On July 12, 2017, the issued a Convertible Promissory Note to JSJ Investments Inc. for total gross proceeds of $ 75,000 3,359.90 2,697 Effective September 25, 2020, the Company entered into a settlement agreement with BNA/TRA in the amount of $ 400,000 30,000 30,000 st 11,500 In March 2021, the Company entered into a financing arrangement with Power Up Lending pursuant to which the Company borrowed a total principal of $ 257,000 257,000 Over the past year Classic Beverage has periodically issued loans to the Company. The Company has agreed to pay interest 10 272,574 On May 1, 2018, Pacific Ventures Group entered into a secured promissory note with TCA Global Master Fund. The note was secured by interests in tangible and intangible property of Pacific Ventures Group. The effective interest rate on the note is 16 3,180,884 On December 17, 2019, Pacific Ventures Group entered into a secured promissory note with TCA Special Situations Credit Strategies ICAV. The note was secured by interests in tangible and intangible property of Pacific Ventures Group. The effective interest rate is 16 6,721,260 On May 20, 2020, The Company entered into a SBA loan and SBA PPP note in the amounts of $ 417,600 431,000 On July 20,2020, Seaport Group Enterprises LLC entered into a note in the amount of $ 64,678.00 for a new piece of machinery in order to upgrade the processing line. The note is payable monthly in installment payments of $ 1500.00 . As of June 30, 2021, the note is current. On December 8, 2019, The Company entered into a Seller Carryback note with PNC Inc in the amount of $ 850,000 The note was due in three installment payments over 18 months In September 2020, Seaport Group Enterprises LLC entered into a revenue based factoring agreement with Cap Call and received an aggregate of $ 500,000 (less origination fees of $ 15,000 ) in exchange for $ 650,000 of future receipts relating to monies collected from customers or other third-party payors. Under the terms of the agreement, the Company is required to make weekly payments equal to $ 21,500 for 30 weeks. The Company received net proceeds of $ 485,000 . In the second quarter 2021, The Company entered into a note with Tysadro Partners in the amount of $ 1,300,000 In May of 2021, The Company entered into a note with LGH Financial in the amount of $ 1,300,000 As of June 30, 2021, the Company had short-term notes payable of $ 1,763,816 13,598,718 816,798 |
STOCKHOLDERS_ EQUITY
STOCKHOLDERS’ EQUITY | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
STOCKHOLDERS’ EQUITY | 10. STOCKHOLDERS’ EQUITY Share Exchange On August 14, 2015, Snöbar Holdings entered into the Share Exchange Agreement with the Company and Snöbar Holdings’ shareholders (the “Snöbar Shareholders”) who held of record (i) at least 99% and up to 100% of the total issued and outstanding shares of Class A Common Stock and (ii) 100% of the total issued and outstanding shares of Class B Common Stock, of Snöbar Holding. In accordance with the terms and provisions of the Share Exchange Agreement, the Company acquired all of the issued and outstanding shares of Snöbar Holdings’ Class A and Class B Common Stock from Snöbar Shareholders, with Snöbar Holdings becoming a wholly owned subsidiary of the Company, in exchange for the issuance to the Snöbar Shareholders of 22,500,000 2,500,000 Common Stock and Preferred Stock The Company is authorized to issue up to 10,000,000 shares of its preferred stock, $ 0.001 par value per share. The Company designated 6,000,000 shares of preferred stock as Series E Preferred Stock (the “Series E Preferred Stock”). Under the rights, preferences and privileges of the Series E Preferred Stock, for every share of Series E Preferred Stock held, the holder thereof has the voting rights equal to 10 shares of common stock. As of December 31, 2019, there were 6,000,000 shares of Series E Preferred Stock issued and outstanding. Additionally, Company has designated 10,000 shares of Series F Preferred Stock and 10,000 Each share of Series F Preferred Stock is convertible into 0.1% of the issued and outstanding stock at the time of conversion. From January 1, 2021, through June 30, 2021, the Company issued 1,254,137 The Company is authorized to issue up to 900,000,000 shares of its common stock, $ 0.001 par value per share. Holders of common stock have one vote per share. As of June 30, 2020, and the same period in 2021, there were 18,125,488 and 1,142,781 On April 13, 2020, the Company effected a 500 for 1 reverse split of its common stock. The number of authorized common shares remained 900,000,000 |
COMMITMENTS, CONTINGENCIES AND
COMMITMENTS, CONTINGENCIES AND UNCERTAINTIES | 6 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS, CONTINGENCIES AND UNCERTAINTIES | 11. COMMITMENTS, CONTINGENCIES AND UNCERTAINTIES Operating Lease The Company is currently obligated under two 450 330 SDFO operations are located at 10407 Friars Rd, San Diego, CA 92110, where they occupy an aggregate of approximately 10,000 5 6,000 Seaport Group Enterprise LLC is located at 2533 Folex Way, Spring Valley CA 91978, where they occupy an aggregate of approximately 12,000 5 14,750.00 San Diego Farmers Outlet and Seaport Meat Company Operating Leases The Company on May 1, 2018, assumed a lease agreement for a facility site and entered into a lease agreement for office space for San Diego Farmers Outlet. The lease has a term of five years expiring on April 30, 2023 Future minimum lease payments, as set forth in the lease, are below: SCHEDULE OF FUTURE MINIMUM RENTAL PAYMENTS FOR OPERATING LEASES YEAR AMOUNT 2020 $ 72,000 2021 $ 72,000 2022 $ 72,000 2023 $ 24,000 The Company on December 1, 2019, entered into a lease agreement for a facility site for office space for Seaport Meat Company. The lease has a term of five years expiring on November 30, 2024 Future minimum lease payments, as set forth in the lease, are below: SCHEDULE OF FUTURE MINIMUM RENTAL PAYMENTS FOR OPERATING LEASES YEAR AMOUNT 2020 $ 177,000 2021 $ 177,000 2022 $ 177,000 2023 $ 177,000 2024 $ 162,250 Concentration Risk The Company is potentially subject to concentration risk in its sales revenue and from a major supplier of goods for sale. Major Customer The Company has one major customer that accounted for approximately 40.28% 4,386,470 Major Vendor The Company has one major vendor that accounted for approximately 36% 3,428,094 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Jun. 30, 2021 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | 12. SUBSEQUENT EVENTS ASC 855-16-50-4 establishes accounting and disclosure requirements for subsequent events. ASC 855 details the period after the balance sheet date during which we should evaluate events or transactions that occur for potential recognition or disclosure in the financial statements, the circumstances under which we should recognize events or transactions occurring after the balance sheet date in its financial statements and the required disclosures for such events. In July of 2021, The Company entered into a settlement agreement with PNC Inc. The Company agreed to pay a total of $ 700,000 200,000 500,000 |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the Company, Snöbar Holdings, San Diego Farmers Outlet, MGD, IPIC and the Trust, which was established to hold IPIC, which in turn holds liquor licenses. All inter-company accounts have been eliminated during consolidation. See the discussion in Note 1 above for variable interest entity treatment of the Trust and IPIC. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities, at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Revenue Recognition | Revenue Recognition The Company recognizes revenue in accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers, which requires that five basic steps be followed to recognize revenue: (1) a legally enforceable contract that meets criteria standards as to composition and substance is identified; (2) performance obligations relating to provision of goods or services to the customer are identified; (3) the transaction price, with consideration given to any variable, noncash, or other relevant consideration, is determined; (4) the transaction price is allocated to the performance obligations; and (5) revenue is recognized when control of goods or services is transferred to the customer with consideration given, whether that control happens over time or not. Determination of criteria (3) and (4) are based on our management’s judgments regarding the fixed nature of the selling prices of the products and services delivered and the collectability of those amounts. The adoption of ASC 606 did not result in a change to the accounting for any of the in-scope revenue streams; as such, no cumulative effect adjustment was recorded. |
Unearned Revenue | Unearned Revenue Certain amounts are received pursuant to agreements or contracts and may only be used in the conduct of specified transactions, or the related services are yet to be performed. These amounts are recorded as unearned or deferred revenue and are recognized as revenue in the year/period the related expenses are incurred, or services are performed. As of June 30, 2021, the Company has $ 0 0 |
Leases | Leases ASC 842, Leases, was required to be adopted for all financial years beginning after December 15, 2018, and requires long term leases (longer than 12 month) to be capitalized with a corresponding liability for the term of the lease and expensed over that term. Currently the Company has 2 long-term leases SDFO & Seaport Meat Company. |
Shipping and Handling Costs | Shipping and Handling Costs The Company’s shipping costs are all recorded as operating expenses for all periods presented. |
Disputed Liabilities | Disputed Liabilities The Company is involved in a variety of disputes, claims, and proceedings concerning its business operations and certain liabilities. We determine whether an estimated loss from a contingency should be accrued by assessing whether a loss is deemed probable and can be reasonably estimated. We assess our potential liability by analyzing our litigation and regulatory matters using available information. We develop our views on estimated losses in consultation with outside counsel handling our defense in these matters, which involves an analysis of potential results, assuming a combination of litigation and settlement strategies. Should developments in any of these matters cause a change in our determination as to an unfavorable outcome and result in the need to recognize a material accrual or should any of these matters result in a final adverse judgment or be settled for significant amounts, they could have a material adverse effect on our results of operations, cash flows and financial position in the period or periods in which such change in determination, judgment or settlement occurs. As of June 30, 2021, the Company has $ 0 |
Cash Equivalents | Cash Equivalents The Company considers highly liquid instruments with original maturity of three months or less to be cash equivalents. As of June 30, 2021, the Company has a cash balance of $ 433,164 58,234 |
Accounts Receivable | Accounts Receivable As of June 30, 2021, Accounts Receivable are stated at net realizable value of $ 1,732,180 14,588 588 |
Inventories | Inventories Inventories are stated at the lower of cost or market value. Cost has been determined using the first-in, first-out method. Inventory quantities on-hand are regularly reviewed, and where necessary, reserves for excess and unusable inventories are recorded. Inventory consists of finished goods and includes ice cream, popsicles and the related packaging materials. As of December 30, 2020, the Company had total inventory assets of $ 1,216,562 1,407,026 |
Income Taxes | Income Taxes Deferred taxes are provided on an asset and liability method whereby deferred tax assets are recognized for deductible temporary differences and operating loss carry forwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the difference between the reported amounts of assets and liabilities and their tax basis. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. |
Net Income/(Loss) Per Common Share | Net Income/(Loss) Per Common Share Income/(loss) per share of common stock is calculated by dividing the net income/(loss) by the weighted average number of shares of common stock outstanding during the period. The Company has no potentially dilutive securities. Accordingly, basic and dilutive income/(loss) per common share are the same. |
Property and Equipment | Property and Equipment Property and equipment are carried at cost less accumulated depreciation and includes expenditures that substantially increase the useful lives of existing property and equipment. Maintenance, repairs, and minor renovations are expensed as incurred. Upon sale or retirement of property and equipment, the cost and related accumulated depreciation are eliminated from the respective accounts and the resulting gain or loss is included in the results of operations. The Company provides for depreciation of property and equipment using the straight-line method over the estimated useful lives or the term of the lease, as appropriate. The estimated useful lives are as follows: vehicles, five years three fifteen years three years |
Identifiable Intangible Assets | Identifiable Intangible Assets As of June 30, 2021, the Company’s Identifiable Intangible Assets are as follows: Intangible Assets Identifiable Intangible Assets Trade Name (San Diego Farmers Outlet) $ 193,000 Trade Name (Seaport Meat) $ 449,000 Wholesale Customer Relationships (San Diego Farmers Outlet) $ 266,000 Wholesale Customer Relationships (Seaport Meat) $ 2,334,239 Total Identifiable Intangible Assets $ 3,349,670 Goodwill Assembled Workforce $ 21,000 Unidentified Intangible Value $ 470,000 Total Goodwill $ 491,000 Total Intangible Assets $ 3,349,670 Total Accumulated Amortization 383,569 Management does not believe that there is an impairment as of 2021. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The carrying amounts of the Company’s financial instruments, which include cash, accounts receivable, accounts payable, and accrued expenses are representative of their fair values due to the short-term maturity of these instruments. |
Concentration of Credit Risk | Concentration of Credit Risk Financial instruments that potentially subject the Company to concentration of credit risk consist primarily of cash and accounts receivable. The Company maintains cash balances at financial institutions within the United States which are insured by the Federal Deposit Insurance Corporation (“FDIC”) up to limits of approximately $ 250,000 |
Critical Accounting Policies | Critical Accounting Policies The Company considers revenue recognition and the valuation of accounts receivable, allowance for doubtful accounts, and inventory and reserves as its significant accounting policies. Some of these policies require management to make estimates and assumptions that may affect the reported amounts in the Company’s financial statements. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In June 2009, the FASB established the Accounting Standards Codification (“Codification” or “ASC”) as the source of authoritative accounting principles recognized by the FASB to be applied by nongovernmental entities in the preparation of financial statements in accordance with generally accepted accounting principles in the United States (“GAAP”). Rules and interpretive releases of the Securities and Exchange Commission (the “SEC”) issued under authority of federal securities laws are also sources of GAAP for SEC registrants. Existing GAAP was not intended to be changed as a result of the Codification, and accordingly the change did not impact our financial statements. The ASC does change the way the guidance is organized and presented. In April 2015, FASB issued Accounting Standards Update (“ASU”) No. 2015-03, “Interest – Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs”, to simplify presentation of debt issuance costs by requiring that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The ASU does not affect the recognition and measurement guidance for debt issuance costs. For public companies, the ASU is effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early application is permitted. In April 2015, FASB issued ASU No. 2015-04, “Compensation – Retirement Benefits (Topic 715): Practical Expedient for the Measurement Date of an Employer’s Defined Benefit Obligation and Plan Assets”, which permits the entity to measure defined benefit plan assets and obligations using the month-end that is closest to the entity’s fiscal year-end and apply that practical expedient consistently from year to year. The ASU is effective for public business entities for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early application is permitted. In April 2015, FASB issued ASU No. 2015-05, “Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement”, which provides guidance to customers about whether a cloud computing arrangement includes a software license. If such includes a software license, then the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If the arrangement does not include a software license, the customer should account for it as a service contract. For public business entities, the ASU is effective for annual periods, including interim periods within those annual periods, beginning after December 15, 2015. Early application is permitted. We are currently reviewing the provisions of this ASU to determine if there will be any impact on our results of operations, cash flows or financial condition. In April 2015, FASB issued ASU No. 2015-06, “Earnings Per Share (Topic 260): Effects on Historical Earnings per Unit of Master Limited Partnership Dropdown Transactions”, which specifies that, for purposes of calculating historical earnings per unit under the two-class method, the earnings (losses) of a transferred business before the date of a drop down transaction should be allocated entirely to the general partner. In that circumstance, the previously reported earnings per unit of the limited partners (which is typically the earnings per unit measure presented in the financial statements) would not change as a result of the dropdown transaction. Qualitative disclosures about how the rights to the earnings (losses) differ before and after the dropdown transaction occurs for purposes of computing earnings per unit under the two-class method also are required. The ASU is effective for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Earlier application is permitted. In June 2014, FASB issued ASU No. 2014-10, “Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements, Including an Amendment to Variable Interest Entities Guidance in Topic 810, Consolidation”. The update removes all incremental financial reporting requirements from GAAP for development stage entities, including the removal of Topic 915 from the FASB Accounting Standards Codification. In addition, the update adds an example disclosure in Risks and Uncertainties (Topic 275) to illustrate one way that an entity that has not begun planned principal operations could provide information about the risks and uncertainties related to the company’s current activities. Furthermore, the update removes an exception provided to development stage entities in Consolidations (Topic 810) for determining whether an entity is a variable interest entity-which may change the consolidation analysis, consolidation decision, and disclosure requirements for a company that has an interest in a company in the development stage. The update is effective for the annual reporting periods beginning after December 15, 2014, including interim periods therein. Early application is permitted with the first annual reporting period or interim period for which the entity’s financial statements have not yet been issued (Public business entities) or made available for issuance (other entities). Our company adopted this pronouncement. In June 2014, FASB issued ASU No. 2014-12, “Compensation – Stock Compensation (Topic 718); Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period”. The amendments in this ASU apply to all reporting entities that grant their employees share-based payments in which the terms of the award provide that a performance target that affects vesting could be achieved after the requisite service period. The amendments require that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. A reporting entity should apply existing guidance in Topic 718 as it relates to awards with performance conditions that affect vesting to account for such awards. For all entities, the amendments in this ASU are effective for annual periods and interim periods within those annual periods beginning after December 15, 2015. Earlier adoption is permitted. Entities may apply the amendments in this ASU either (a) prospectively to all awards granted or modified after the effective date or (b) retrospectively to all awards with performance targets that are outstanding as of the beginning of the earliest annual period presented in the financial statements and to all new or modified awards thereafter. If retrospective transition is adopted, the cumulative effect of applying this Update as of the beginning of the earliest annual period presented in the financial statements should be recognized as an adjustment to the opening retained earnings balance at that date. Additionally, if retrospective transition is adopted, an entity may use hindsight in measuring and recognizing the compensation cost. This updated guidance is not expected to have a material impact on our results of operations, cash flows or financial condition. In August 2014, the FASB issued ASU 2014-15 on “Presentation of Financial Statements Going Concern (Subtopic 205-40) – Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern”. Currently, there is no guidance in GAAP about management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern or to provide related footnote disclosures. The amendments in this Update provide that guidance. In doing so, the amendments are intended to reduce diversity in the timing and content of footnote disclosures. The amendments require management to assess an entity’s ability to continue as a going concern by incorporating and expanding upon certain principles that are currently in U.S. auditing standards. Specifically, the amendments (1) provide a definition of the term substantial doubt, (2) require an evaluation every reporting period including interim periods, (3) provide principles for considering the mitigating effect of management’s plans, (4) require certain disclosures when substantial doubt is alleviated as a result of consideration of management’s plans, (5) require an express statement and other disclosures when substantial doubt is not alleviated, and (6) require an assessment for a period of one year after the date that the financial statements are issued (or available to be issued). All other newly issued accounting pronouncements which are not yet effective have been deemed either immaterial or not applicable. We reviewed all other recently issued accounting pronouncements and determined these have no current applicability to the Company or their effect on the financial statements would not have been significant. |
PROPERTY, PLANT AND EQUIPMENT (
PROPERTY, PLANT AND EQUIPMENT (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Property, Plant and Equipment [Abstract] | |
SCHEDULE OF PROPERTY, PLANT AND EQUIPMENT | Property, plant and equipment on June 30, 2021, and December 31, 2020, consisted of: SCHEDULE OF PROPERTY, PLANT AND EQUIPMENT June 30, 2021 December 31, 2020 Computers 11,788 $ 11,788 Office Furniture 23,908 23,908 Building & Improvement 29,673 29,673 Forklift 1 3,000 3,000 Forklift 2 2,871 2,871 Truck 2019 Hino 155 3710 24,865 24,865 Truck 2019 Hino 155 7445 34,213 34,213 Truck 2018 Hino 155 5347 30,181 30,181 Truck 2018 Hino 155 5647 30,181 30,181 Truck 2019 Hino 155 5680 29,592 29,592 Machinery & Equipment 1,096,522 994,540 Leasehold Improvements 66,932 66,932 Office Equipment 62,400 62,400 Vehicles 409,108 409,108 Accumulated Depreciation (851,446 ) (583,810 ) Property, plant and equipment, net $ 1,003,787 $ 1,169,441 |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Related Party Transactions [Abstract] | |
SCHEDULE OF PROMISSORY NOTES ISSUED TO RELATED PARTIES | The following table presents a summary of the Company’s promissory notes issued to related parties as of June 30, 2021: SCHEDULE OF PROMISSORY NOTES ISSUED TO RELATED PARTIES Noteholder Note Amount Issuance Date Unpaid Amount S. Masjedi $ 150,000 12/10/2010 $ - A. Masjedi 500,000 6/1/2013 405,320 M. Shenkman 10,000 2/21/2012 10,000 M. Shenkman 10,000 2/23/2012 10,000 M. Shenkman 10,000 3/14/2013 6,000 M. Shenkman (Entrust) 16,000 9/9/2014 16,000 $ 696,000 $ 447,320 |
NOTES PAYABLE (Tables)
NOTES PAYABLE (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
SCHEDULE OF PROMISSORY NOTES ISSUED TO UNRELATED THIRD PARTIES | The following table presents a summary of the Company’s promissory notes issued to unrelated third parties as of June 30, 2021: SCHEDULE OF PROMISSORY NOTES ISSUED TO UNRELATED THIRD PARTIES Non-Related Note Amount Issuance Date Balance A. Rodriguez $ 86,821 3/14/2013 $ 86,821 A. Rodriguez 15,000 7/22/2013 15,000 A. Rodriguez 10,000 2/21/2014 10,000 Henry Mahgerefteh 144,000 2/15/2015 135,726 TRA Capital 106,112 3 loans 125,247 BNA Inv 223,449 6 loans 134,253 Brian Berg 30,000 2/1/2012 25,000 Classic Bev 73,473 5/1/2017 272,574 JSJ, Investments 75,000 7/12/2017 2,697 PowerUp 168,500 8/7/2020 257,000 TysAdco Partners 250,000 3/11/2021 1,300,000 LGH Investments 800,000 5/1/2021 800,000 PNC, Inc. 850,000 12/19/2020 850,000 PPP 509,700 5/20/2020 431,000 SBA Loan 309,900 4/1/2020 417,600 Dicer 64,678 7/20/2020 150,154 TCA Global fund 2,150,000 5/1/2018 3,180,884 TCA Global fund 2 3,000,000 12/17/2019 6,721,260 $ 8,866,633 $ 14,915,214 |
SCHEDULE OF PURCHASE RECEIVABLES | SCHEDULE OF PURCHASE RECEIVABLES Purchase Receivables Amount Issuance Date Balance Cap Call 1,000,000 3 loans - 2020 804,648 Fox Capital 607,500 12/1/2020 12,150 $ 1,607,500 $ 816,798 |
COMMITMENTS, CONTINGENCIES AN_2
COMMITMENTS, CONTINGENCIES AND UNCERTAINTIES (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
San Diego Farmers Outlet, Inc. [Member] | |
Entity Listings [Line Items] | |
SCHEDULE OF FUTURE MINIMUM RENTAL PAYMENTS FOR OPERATING LEASES | Future minimum lease payments, as set forth in the lease, are below: SCHEDULE OF FUTURE MINIMUM RENTAL PAYMENTS FOR OPERATING LEASES YEAR AMOUNT 2020 $ 72,000 2021 $ 72,000 2022 $ 72,000 2023 $ 24,000 |
Seaport Meat Company's [Member] | |
Entity Listings [Line Items] | |
SCHEDULE OF FUTURE MINIMUM RENTAL PAYMENTS FOR OPERATING LEASES | Future minimum lease payments, as set forth in the lease, are below: SCHEDULE OF FUTURE MINIMUM RENTAL PAYMENTS FOR OPERATING LEASES YEAR AMOUNT 2020 $ 177,000 2021 $ 177,000 2022 $ 177,000 2023 $ 177,000 2024 $ 162,250 |
NATURE OF OPERATIONS (Details N
NATURE OF OPERATIONS (Details Narrative) - shares | Aug. 14, 2015 | Jun. 30, 2021 |
International Production Impex Corporation [Member] | ||
Acquired Indefinite-lived Intangible Assets [Line Items] | ||
Ownership percentage | 100.00% | |
MGD [Member] | ||
Acquired Indefinite-lived Intangible Assets [Line Items] | ||
Ownership percentage | 99.90% | |
Snobar Holdings Inc [Member] | ||
Acquired Indefinite-lived Intangible Assets [Line Items] | ||
Acquisition percentage | 100.00% | |
Exchange for restricted shares to common stock, number of shares | 22,500,000 | |
Issuing shares of restricted common stock to certain other persons | 2,500,000 |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | 6 Months Ended | |
Jun. 30, 2021 | Dec. 31, 2020 | |
Property, Plant and Equipment [Line Items] | ||
Deferred revenue | $ 0 | $ 0 |
Disputed liabilities | 0 | |
Cash and cash equivalents | 433,164 | 58,234 |
Accounts receivable | 1,732,180 | 1,213,991 |
Bad debts | 588 | 14,588 |
Inventories | 1,407,026 | 1,216,562 |
Total identifiable intangible assets | 3,349,670 | |
Total goodwill | 491,000 | |
Total intangible assets | 3,349,670 | $ 3,468,222 |
Total accumulated amortization | 383,569 | |
Federal deposit insurance corporation (FDIC), amount | 250,000 | |
Trade Name [Member] | San Diego Farmers Outlet, Inc. [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total identifiable intangible assets | 193,000 | |
Trade Name [Member] | Seaport Meat Company's [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total identifiable intangible assets | 449,000 | |
Wholesale Customer Relationships [Member] | San Diego Farmers Outlet, Inc. [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total identifiable intangible assets | 266,000 | |
Wholesale Customer Relationships [Member] | Seaport Meat Company's [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total identifiable intangible assets | 2,334,239 | |
Assembled Workforce [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total goodwill | 21,000 | |
Unidentified Intangible Value [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total goodwill | $ 470,000 | |
Vehicles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives | 5 years | |
Office Equipment [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives, description | three | |
Office Equipment [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives | 15 years | |
Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives | 3 years |
GOING CONCERN (Details Narrativ
GOING CONCERN (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||
Net loss | $ 1,160,520 | $ 1,074,090 | $ 2,322,502 | $ 1,861,646 | |
Accumulated deficit | $ 18,230,251 | $ 18,230,251 | $ 16,063,780 |
INVENTORIES (Details Narrative)
INVENTORIES (Details Narrative) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Inventory Disclosure [Abstract] | ||
Inventory assets | $ 1,407,026 | $ 1,216,562 |
SCHEDULE OF PROPERTY, PLANT AND
SCHEDULE OF PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment [Abstract] | ||
Computers | $ 11,788 | $ 11,788 |
Office Furniture | 23,908 | 23,908 |
Building & Improvement | 29,673 | 29,673 |
Forklift 1 | 3,000 | 3,000 |
Forklift 2 | 2,871 | 2,871 |
Truck 2019 Hino 155 3710 | 24,865 | 24,865 |
Truck 2019 Hino 155 7445 | 34,213 | 34,213 |
Truck 2018 Hino 155 5347 | 30,181 | 30,181 |
Truck 2018 Hino 155 5647 | 30,181 | 30,181 |
Truck 2019 Hino 155 5680 | 29,592 | 29,592 |
Machinery & Equipment | 1,096,522 | 994,540 |
Leasehold Improvements | 66,932 | 66,932 |
Office Equipment | 62,400 | 62,400 |
Vehicles | 409,108 | 409,108 |
Accumulated Depreciation | (851,446) | (583,810) |
Property, plant and equipment, net | $ 1,003,787 | $ 1,169,441 |
PROPERTY, PLANT AND EQUIPMENT_2
PROPERTY, PLANT AND EQUIPMENT (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Property, Plant and Equipment [Abstract] | ||||
Depreciation and amortization expense | $ 193,094 | $ 162,130 | $ 386,187 | $ 324,022 |
ACCRUED EXPENSE (Details Narrat
ACCRUED EXPENSE (Details Narrative) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Payables and Accruals [Abstract] | ||
Accrued expenses | $ 1,122,626 | $ 902,442 |
SCHEDULE OF PROMISSORY NOTES IS
SCHEDULE OF PROMISSORY NOTES ISSUED TO RELATED PARTIES (Details) - USD ($) | 6 Months Ended | ||
Jun. 30, 2021 | Nov. 01, 2020 | Oct. 01, 2020 | |
Related Party Transaction [Line Items] | |||
Unpaid amount | $ 8,866,633 | $ 30,000 | $ 30,000 |
Related Parties [Member] | |||
Related Party Transaction [Line Items] | |||
Note amount | 696,000 | ||
Unpaid amount | 447,320 | ||
S Masjedi [Member] | Promissory Note [Member] | |||
Related Party Transaction [Line Items] | |||
Note amount | $ 150,000 | ||
Issuance date | Dec. 10, 2010 | ||
Unpaid amount | |||
A Masjedi [Member] | Promissory Note [Member] | |||
Related Party Transaction [Line Items] | |||
Note amount | $ 500,000 | ||
Issuance date | Jun. 1, 2013 | ||
Unpaid amount | $ 405,320 | ||
M Shenkman [Member] | Promissory Note One [Member] | |||
Related Party Transaction [Line Items] | |||
Note amount | $ 10,000 | ||
Issuance date | Feb. 21, 2012 | ||
Unpaid amount | $ 10,000 | ||
M Shenkman [Member] | Promissory Note Two [Member] | |||
Related Party Transaction [Line Items] | |||
Note amount | $ 10,000 | ||
Issuance date | Feb. 23, 2012 | ||
Unpaid amount | $ 10,000 | ||
M Shenkman [Member] | Promissory Note Three [Member] | |||
Related Party Transaction [Line Items] | |||
Note amount | $ 10,000 | ||
Issuance date | Mar. 14, 2013 | ||
Unpaid amount | $ 6,000 | ||
M Shenkman [Member] | Promissory Note Four [Member] | |||
Related Party Transaction [Line Items] | |||
Note amount | $ 16,000 | ||
Issuance date | Sep. 9, 2014 | ||
Unpaid amount | $ 16,000 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - Snobar Holdings Inc [Member] - USD ($) | Sep. 09, 2014 | Mar. 14, 2013 | Feb. 23, 2012 | Feb. 21, 2012 | Jan. 31, 2011 | Jun. 30, 2021 | Jun. 01, 2013 |
Unsecured Promissory Note [Member] | Mrs. Masjedi [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Debt instrument principal balance | $ 150,000 | $ 0 | |||||
Note, interest rate | 3.00% | ||||||
Debt maturity date | Dec. 31, 2022 | ||||||
Unsecured Promissory Note [Member] | Mr.Shenkman [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Debt instrument principal balance | $ 10,000 | 10,000 | |||||
Note, interest rate | 5.00% | ||||||
Debt maturity date | Dec. 31, 2022 | ||||||
Promissory Note [Member] | Mr.Shenkman [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Debt instrument principal balance | $ 10,000 | 10,000 | |||||
Note, interest rate | 8.00% | ||||||
Debt maturity date | Dec. 31, 2022 | ||||||
Promissory Note [Member] | Azizolla Masjedi [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Debt instrument principal balance | 405,320 | $ 500,000 | |||||
Unsecured Promissor yNote One [Member] | Mr.Shenkman [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Debt instrument principal balance | $ 10,000 | 6,000 | |||||
Note, interest rate | 5.00% | ||||||
Debt maturity date | Dec. 31, 2022 | ||||||
Maturity date description | an original maturity date of March 14, 2014 | ||||||
Unsecured Promissor yNote One [Member] | Mr.Shenkman [Member] | Minimum [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Note, interest rate | 200.00% | ||||||
Second Unsecured Promissory Note [Member] | Mr.Shenkman [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Debt instrument principal balance | $ 6,000 | ||||||
Note, interest rate | 2.00% | ||||||
Debt maturity date | Dec. 31, 2022 | ||||||
Third Unsecured Promissory Note [Member] | Mr.Shenkman [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Debt instrument principal balance | $ 10,000 | ||||||
Note, interest rate | 2.00% | ||||||
Debt maturity date | Dec. 31, 2022 | ||||||
Second And Third Unsecured Promissory Note [Member] | Mr.Shenkman [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Debt instrument principal balance | $ 16,000 |
SCHEDULE OF PROMISSORY NOTES _2
SCHEDULE OF PROMISSORY NOTES ISSUED TO UNRELATED THIRD PARTIES (Details) - USD ($) | 6 Months Ended | ||
Jun. 30, 2021 | Nov. 01, 2020 | Oct. 01, 2020 | |
Short-term Debt [Line Items] | |||
Note Amount | $ 8,866,633 | $ 30,000 | $ 30,000 |
Balance | 14,915,214 | ||
Paycheck Protection Program [Member] | |||
Short-term Debt [Line Items] | |||
Note Amount | $ 509,700 | ||
Issuance Date | May 20, 2020 | ||
Balance | $ 431,000 | ||
Small Business Administration Loan [Member] | |||
Short-term Debt [Line Items] | |||
Note Amount | $ 309,900 | ||
Issuance Date | Apr. 1, 2020 | ||
Balance | $ 417,600 | ||
A. Rodriguez [Member] | Promissory Note [Member] | |||
Short-term Debt [Line Items] | |||
Note Amount | $ 86,821 | ||
Issuance Date | Mar. 14, 2013 | ||
Balance | $ 86,821 | ||
A. Rodriguez [Member] | Promissory Note One [Member] | |||
Short-term Debt [Line Items] | |||
Note Amount | 15,000 | ||
Balance | 15,000 | ||
A. Rodriguez [Member] | Promissory Note Two [Member] | |||
Short-term Debt [Line Items] | |||
Note Amount | $ 10,000 | ||
Issuance Date | Feb. 21, 2014 | ||
Balance | $ 10,000 | ||
A. Rodriguez One [Member] | A. Rodriguez [Member] | |||
Short-term Debt [Line Items] | |||
Issuance Date | Jul. 22, 2013 | ||
Henry Mahgerefteh [Member] | Promissory Note [Member] | |||
Short-term Debt [Line Items] | |||
Note Amount | $ 144,000 | ||
Issuance Date | Feb. 15, 2015 | ||
Balance | $ 135,726 | ||
TRA Capital [Member] | Promissory Note [Member] | |||
Short-term Debt [Line Items] | |||
Note Amount | 106,112 | ||
Balance | $ 125,247 | ||
Number of loans and issuance date, description | 3 loans | ||
BNA Inv [Member] | Promissory Note [Member] | |||
Short-term Debt [Line Items] | |||
Note Amount | $ 223,449 | ||
Balance | $ 134,253 | ||
Number of loans and issuance date, description | 6 loans | ||
Brian Berg [Member] | Promissory Note [Member] | |||
Short-term Debt [Line Items] | |||
Note Amount | $ 30,000 | ||
Issuance Date | Feb. 1, 2012 | ||
Balance | $ 25,000 | ||
Classic Bev [Member] | Promissory Note [Member] | |||
Short-term Debt [Line Items] | |||
Note Amount | $ 73,473 | ||
Issuance Date | May 1, 2017 | ||
Balance | $ 272,574 | ||
JSJ Investments [Member] | Promissory Note [Member] | |||
Short-term Debt [Line Items] | |||
Note Amount | $ 75,000 | ||
Issuance Date | Jul. 12, 2017 | ||
Balance | $ 2,697 | ||
Power Up [Member] | Promissory Note [Member] | |||
Short-term Debt [Line Items] | |||
Note Amount | $ 168,500 | ||
Issuance Date | Aug. 7, 2020 | ||
Balance | $ 257,000 | ||
TysAdco Partners [Member] | Promissory Note [Member] | |||
Short-term Debt [Line Items] | |||
Note Amount | $ 250,000 | ||
Issuance Date | Mar. 11, 2021 | ||
Balance | $ 1,300,000 | ||
LGH Investments [Member] | Promissory Note [Member] | |||
Short-term Debt [Line Items] | |||
Note Amount | $ 800,000 | ||
Issuance Date | May 1, 2021 | ||
PNC Inc [Member] | Promissory Note [Member] | |||
Short-term Debt [Line Items] | |||
Note Amount | $ 850,000 | ||
Issuance Date | Dec. 19, 2020 | ||
Balance | $ 850,000 | ||
Dicer [Member] | Promissory Note [Member] | |||
Short-term Debt [Line Items] | |||
Note Amount | $ 64,678 | ||
Issuance Date | Jul. 20, 2020 | ||
Balance | $ 150,154 | ||
TCA Global Fund [Member] | Promissory Note [Member] | |||
Short-term Debt [Line Items] | |||
Note Amount | $ 2,150,000 | ||
Issuance Date | May 1, 2018 | ||
Balance | $ 3,180,884 | ||
TCA Global Fund Two [Member] | Promissory Note [Member] | |||
Short-term Debt [Line Items] | |||
Note Amount | $ 3,000,000 | ||
Issuance Date | Dec. 17, 2019 | ||
Balance | $ 6,721,260 |
SCHEDULE OF PURCHASE RECEIVABLE
SCHEDULE OF PURCHASE RECEIVABLES (Details) | 6 Months Ended |
Jun. 30, 2021USD ($) | |
Entity Listings [Line Items] | |
Factoring amount | $ 1,607,500 |
Outstanding balance | 816,798 |
CapCall [Member] | |
Entity Listings [Line Items] | |
Factoring amount | $ 1,000,000 |
Number of loans and issuance date, description | 3 loans - 2020 |
Outstanding balance | $ 804,648 |
Fox Capital [Member] | |
Entity Listings [Line Items] | |
Factoring amount | 607,500 |
Outstanding balance | $ 12,150 |
Issuance Date | Dec. 1, 2020 |
NOTES PAYABLE (Details Narrativ
NOTES PAYABLE (Details Narrative) - USD ($) | Nov. 01, 2020 | Oct. 01, 2020 | Jul. 20, 2020 | Dec. 08, 2019 | Jul. 12, 2017 | Jul. 22, 2013 | Mar. 14, 2013 | Sep. 30, 2020 | Feb. 28, 2012 | Jun. 30, 2021 | Jun. 30, 2020 | May 31, 2021 | Mar. 31, 2021 | Sep. 25, 2020 | May 20, 2020 |
Short-term Debt [Line Items] | |||||||||||||||
Notes payable | $ 30,000 | $ 30,000 | $ 8,866,633 | ||||||||||||
Proceeds from convertible promissory note | 178,610 | ||||||||||||||
Debt periodic payment on interest | $ 11,500 | $ 11,500 | |||||||||||||
Short-term notes payable | 1,763,816 | ||||||||||||||
Long-term notes payable | 13,598,718 | ||||||||||||||
Purchase receivables | 816,798 | ||||||||||||||
Classic Beverage [Member] | |||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||
Principal balance | $ 272,574 | ||||||||||||||
Interest rate | 10.00% | ||||||||||||||
Financing Arrangement [Member] | |||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||
Principal balance | $ 257,000 | ||||||||||||||
Notes payable | $ 257,000 | ||||||||||||||
TCA Global Fund [Member] | |||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||
Interest rate | 16.00% | ||||||||||||||
Secured promissory note | $ 3,180,884 | ||||||||||||||
TCA Special Situations Credit Strategies ICAV [Member] | |||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||
Interest rate | 16.00% | ||||||||||||||
Secured promissory note | $ 6,721,260 | ||||||||||||||
Unsecured Promissory Note [Member] | MGD [Member] | |||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||
Principal balance | $ 30,000 | ||||||||||||||
Interest rate | 8.00% | ||||||||||||||
Debt maturity date | Dec. 31, 2020 | ||||||||||||||
Notes payable | 25,000 | ||||||||||||||
Unsecured Promissory Note [Member] | Unrelated Third Party [Member] | |||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||
Principal balance | $ 86,821 | ||||||||||||||
Interest rate | 5.00% | ||||||||||||||
Debt maturity date | Mar. 14, 2014 | ||||||||||||||
Unsecured Promissory Note [Member] | Unrelated Third Party [Member] | Extended Maturity [Member] | |||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||
Debt maturity date | Feb. 1, 2020 | ||||||||||||||
Unsecured Promissor yNote One [Member] | Unrelated Third Party [Member] | |||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||
Principal balance | $ 15,000 | ||||||||||||||
Interest rate | 5.00% | ||||||||||||||
Debt maturity date | Dec. 31, 2018 | ||||||||||||||
Notes payable | 15,000 | ||||||||||||||
Reduced interest rate | 2.00% | ||||||||||||||
Convertible Promissory Note [Member] | JSJ Investments Inc [Member] | |||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||
Notes payable | 2,697 | ||||||||||||||
Proceeds from convertible promissory note | $ 75,000 | ||||||||||||||
Debt periodic payment on interest | $ 3,359.90 | ||||||||||||||
Promissory Notes [Member] | BNA and TRA [Member] | |||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||
Notes payable | $ 400,000 | ||||||||||||||
Small Business Administration Loan [Member] | |||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||
Principal balance | $ 417,600 | ||||||||||||||
Notes payable | 309,900 | ||||||||||||||
Paycheck Protection Program [Member] | |||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||
Principal balance | $ 431,000 | ||||||||||||||
Notes payable | 509,700 | ||||||||||||||
Promissory Note [Member] | Seaport Group Enterprises LLC [Member] | |||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||
Principal balance | $ 64,678 | ||||||||||||||
Debt Instrument, Periodic Payment, Principal | $ 1,500 | ||||||||||||||
Promissory Note [Member] | PNC Inc [Member] | |||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||
Principal balance | $ 850,000 | ||||||||||||||
Maturity date description | The note was due in three installment payments over 18 months | ||||||||||||||
Promissory Note [Member] | Seaport Group Enterpirses LLC [Member] | |||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||
Principal balance | $ 500,000 | ||||||||||||||
Proceeds from convertible promissory note | 485,000 | ||||||||||||||
Debt periodic payment on interest | 21,500 | ||||||||||||||
[custom:OriginationFees] | 15,000 | ||||||||||||||
Long-term Debt, Gross | $ 650,000 | ||||||||||||||
Promissory Note [Member] | Tysadro Partners [Member] | |||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||
Principal balance | $ 1,300,000 | ||||||||||||||
Promissory Note [Member] | LGH Financial [Member] | |||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||
Principal balance | $ 1,300,000 |
STOCKHOLDERS_ EQUITY (Details N
STOCKHOLDERS’ EQUITY (Details Narrative) - $ / shares | Aug. 14, 2015 | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | Apr. 13, 2020 | Dec. 31, 2019 |
Class of Stock [Line Items] | ||||||
Preferred stock, shares authorized | 10,000,000 | 10,000,000 | ||||
Preferred Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 | ||||
Preferred Stock, Voting Rights | the voting rights equal to 10 shares of common stock. | |||||
Preferred Stock, Conversion Basis | Each share of Series F Preferred Stock is convertible into 0.1% of the issued and outstanding stock at the time of conversion. | |||||
Number of common stock issued | 1,254,137 | |||||
Common stock, shares authorized | 900,000,000 | 900,000,000 | 900,000,000 | |||
Common Stock, Voting Rights | Holders of common stock have one vote per share. | |||||
Common stock, shares issued | 18,125,488 | 1,142,781 | ||||
Common stock, shares outstanding | 18,125,488 | 1,142,781 | ||||
Series E Preferred Stock [Member] | ||||||
Class of Stock [Line Items] | ||||||
Preferred stock, shares authorized | 6,000,000 | |||||
Preferred stock, shares issued | 5,000,000 | 5,000,000 | 6,000,000 | |||
Preferred stock, shares outstanding | 5,000,000 | 5,000,000 | 6,000,000 | |||
Series F Preferred Stock [Member] | ||||||
Class of Stock [Line Items] | ||||||
Preferred stock, shares authorized | 10,000 | |||||
Preferred stock, shares issued | 10,000 | 10,000 | 10,000 | |||
Preferred stock, shares outstanding | 10,000 | 10,000 | 10,000 | |||
Share Exchange Agreement [Member] | Snobar Holdings' shareholders [Member] | ||||||
Class of Stock [Line Items] | ||||||
Share exchange agreement, description | (i) at least 99% and up to 100% of the total issued and outstanding shares of Class A Common Stock and (ii) 100% of the total issued and outstanding shares of Class B Common Stock, of Snöbar Holding. In accordance with the terms and provisions of the Share Exchange Agreement, the Company acquired all of the issued and outstanding shares of Snöbar Holdings’ Class A and Class B Common Stock from Snöbar Shareholders, with Snöbar Holdings becoming a wholly owned subsidiary of the Company, in exchange for the issuance to the Snöbar Shareholders of 22,500,000 shares of restricted common stock of the Company and the issuance of 2,500,000 restricted shares of the Company’s common stock to certain other persons | |||||
Stock issued during period, shares, restricted stock | 22,500,000 | |||||
Share Exchange Agreement [Member] | Snobar Holdings' shareholders [Member] | Restricted Stock [Member] | ||||||
Class of Stock [Line Items] | ||||||
Stock issued during period, shares, restricted stock | 2,500,000 |
SCHEDULE OF FUTURE MINIMUM RENT
SCHEDULE OF FUTURE MINIMUM RENTAL PAYMENTS FOR OPERATING LEASES (Details) | Jun. 30, 2021USD ($) |
San Diego Farmers Outlet, Inc. [Member] | |
Entity Listings [Line Items] | |
2020 | $ 72,000 |
2021 | 72,000 |
2022 | 72,000 |
2023 | 24,000 |
Seaport Meat Company's [Member] | |
Entity Listings [Line Items] | |
2020 | 177,000 |
2021 | 177,000 |
2022 | 177,000 |
2023 | 177,000 |
2024 | $ 162,250 |
COMMITMENTS, CONTINGENCIES AN_3
COMMITMENTS, CONTINGENCIES AND UNCERTAINTIES (Details Narrative) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021USD ($)ft² | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($)ft²Integer | Jun. 30, 2020USD ($) | |
Entity Listings [Line Items] | ||||
Number of operating leases | Integer | 2 | |||
Operating lease payment | $ 450 | |||
Building expenses | 330 | |||
Sales revenue | $ 11,580,733 | $ 8,688,557 | 18,841,559 | $ 15,388,665 |
Cost of sales | $ 10,221,382 | $ 7,682,194 | $ 16,598,617 | $ 13,368,829 |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | One Major Customer [Member] | ||||
Entity Listings [Line Items] | ||||
Concentration risk, percentage | 40.28% | |||
Sales revenue | $ 4,386,470 | |||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | One Major Vendor [Member] | ||||
Entity Listings [Line Items] | ||||
Concentration risk, percentage | 36.00% | |||
Cost of sales | $ 3,428,094 | |||
San Diego Farmers Outlet, Inc. [Member] | ||||
Entity Listings [Line Items] | ||||
Area Of Land | ft² | 10,000 | 10,000 | ||
Operating lease, term of contract | 5 years | 5 years | ||
Operating lease, liability, payments monthly | $ 6,000 | $ 6,000 | ||
Lease Expiration Date | Apr. 30, 2023 | |||
Seaport Meat Company's [Member] | ||||
Entity Listings [Line Items] | ||||
Area Of Land | ft² | 12,000 | 12,000 | ||
Operating lease, term of contract | 5 years | 5 years | ||
Operating lease, liability, payments monthly | $ 14,750 | $ 14,750 | ||
Lease Expiration Date | Nov. 30, 2024 |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) - USD ($) | 1 Months Ended | 6 Months Ended | 24 Months Ended | |||
Jul. 31, 2021 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2023 | Nov. 01, 2020 | Oct. 01, 2020 | |
Subsequent Event [Line Items] | ||||||
Notes payable | $ 8,866,633 | $ 30,000 | $ 30,000 | |||
Repayment of debt | $ 911,023 | $ 188,395 | ||||
Settlement Agreement [Member] | PNC Inc [Member] | Forecast [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Repayment of debt | $ 500,000 | |||||
Subsequent Event [Member] | Settlement Agreement [Member] | PNC Inc [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Notes payable | $ 700,000 | |||||
Repayment of debt | $ 200,000 |