0001493152-18-013282.txt : 20180914 0001493152-18-013282.hdr.sgml : 20180914 20180914165139 ACCESSION NUMBER: 0001493152-18-013282 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 65 CONFORMED PERIOD OF REPORT: 20180731 FILED AS OF DATE: 20180914 DATE AS OF CHANGE: 20180914 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MamaMancini's Holdings, Inc. CENTRAL INDEX KEY: 0001520358 STANDARD INDUSTRIAL CLASSIFICATION: SAUSAGE, OTHER PREPARED MEAT PRODUCTS [2013] IRS NUMBER: 270607116 STATE OF INCORPORATION: NV FISCAL YEAR END: 0131 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-54954 FILM NUMBER: 181071661 BUSINESS ADDRESS: STREET 1: 25 BRANCA ROAD CITY: EAST RUTHERFORD STATE: NJ ZIP: 07073 BUSINESS PHONE: 201-531-1212 MAIL ADDRESS: STREET 1: 25 BRANCA ROAD CITY: EAST RUTHERFORD STATE: NJ ZIP: 07073 FORMER COMPANY: FORMER CONFORMED NAME: MASCOT PROPERTIES, INC. DATE OF NAME CHANGE: 20110510 10-Q 1 form10q.htm

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 

FORM 10-Q

 

[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarter ended: July 31, 2018

 

OR

 

[  ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the Transition Period from ___________ to ____________

 

Commission File Number: 000-54954

 

MamaMancini’s Holdings, Inc.

(Exact name of Registrant as specified in its charter)

 

Nevada   27-067116
(State or other jurisdiction
of incorporation)		   (IRS Employer
I.D. No.)

 

25 Branca Road

East Rutherford, NJ 07073

(Address of principal executive offices and zip Code)

 

(201) 531-1212

(Registrant’s telephone number, including area code)

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by section 13 or 15(d) of the Securities Exchange Act of 1934 during the past 12 months, and (2) has been subject to such filing requirements for the past 90 days. Yes [X] No [  ]

 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files. Yes [X] No [  ]

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act:

 

Large accelerated filer [  ] Accelerated filer [  ]
       
Non-accelerated filer [  ] Smaller reporting company [X]

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes [  ] No [X]

 

As of September 14, 2018, there were 31,866,241 shares outstanding of the registrant’s common stock.

 

 

 

 
 

 

TABLE OF CONTENTS

 

  Page
PART I – FINANCIAL INFORMATION  
     
Item 1. Financial Statements. F-1
     
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations. 3
     
Item 3. Quantitative and Qualitative Disclosures About Market Risk. 7
     
Item 4. Controls and Procedures. 7
     
PART II – OTHER INFORMATION  
     
Item 1. Legal Proceedings. 8
     
Item 1A. Risk Factors. 8
     
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds. 8
     
Item 3. Defaults Upon Senior Securities. 8
     
Item 4. Mine Safety Disclosures. 8
     
Item 5. Other Information 8
     
Item 6. Exhibits. 8
     
Signatures   8

 

2
 

 

PART I - FINANCIAL INFORMATION

 

Item 1. Financial Statements.

 

MAMAMANCINI’S HOLDINGS, INC.

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

July 31, 2018

 

  Page(s)
   
Condensed Consolidated Balance Sheets as of July 31, 2018 (unaudited) and January 31, 2018 F-2
   
Condensed Consolidated Statements of Operations For the Three and Six Months ended July 31, 2018 and 2017 (unaudited) F-3
   
Condensed Consolidated Statements of Changes in Stockholders’ Deficit For the Period from February 1, 2018 through July 31, 2018 (unaudited) F-4
   
Condensed Consolidated Statements of Cash Flows For the Six Months ended July 31, 2018 and 2017 (unaudited) F-5
   
Notes to Condensed Consolidated Financial Statements (unaudited) F-6

 

F-1
 

 

MamaMancini’s Holdings, Inc.

Condensed Consolidated Balance Sheets

 

    July 31, 2018     January 31, 2018  
      (unaudited)          
Assets                
                 
Current Assets:                
Cash   $ 347,032     $ 581,322  
Accounts receivable, net     1,749,977       3,084,715  
Inventories     1,279,557       824,276  
Prepaid expenses     318,756       261,980  
Total current assets     3,695,322       4,752,293  
                 
Property and equipment, net     3,096,001       2,499,875  
                 
Deposits     20,177       20,177  
Total Assets   $ 6,811,500     $ 7,272,345  
                 
Liabilities and Stockholders’ Deficit                
                 
Liabilities:                
Current Liabilities:                
Accounts payable and accrued expenses   $ 3,061,229     $ 3,456,918  
Line of credit, net     1,984,965       2,688,764  
Term loans     315,540       106,938  
Capital leases payable     53,730       -  
Notes payable – related party     109,844       -  
Notes payable – net     1,630,625       1,403,082  
Total current liabilities     7,155,933       7,655,702  
                 
Term loans - net of current     647,805       651,677  
Capital leases payable – net of current     177,483       -  
Note payable - net of current     -       250,000  
Notes payable - related party     532,000       649,656  
Total long-term liabilities     1,357,288       1,551,333  
                 
Total Liabilities     8,513,221       9,207,035  
                 
Commitments and contingencies                
                 
Stockholders’ Deficit:                
Series A Preferred stock, $0.00001 par value; 120,000 shares authorized; 23,400 issued as of July 31, 2018 and January 31, 2018, 0 and 23,400 shares outstanding as of July 31, 2018 and January 31, 2018     -       -  
Preferred stock, $0.00001 par value; 19,880,000 shares authorized; no shares issued and outstanding     -       -  
Common stock, $0.00001 par value; 250,000,000 shares authorized; 31,866,241 and 31,753,437 shares issued and outstanding as of July 31, 2018 and January 31, 2018, respectively     320       319  
Additional paid in capital     16,463,956       16,344,794  
Accumulated deficit     (18,016,497 )     (18,130,303 )
Less: Treasury stock, 230,000 shares, respectively     (149,500 )     (149,500 )
Total Stockholders’ Deficit     (1,701,721 )     (1,934,690 )
Total Liabilities and Stockholders’ Deficit   $ 6,811,500     $ 7,272,345  

 

See accompanying notes to the condensed consolidated financial statements

 

F-2
 

 

MamaMancini’s Holdings, Inc.

Condensed Consolidated Statements of Operations

(unaudited)

 

    For the Three Months Ended July 31,     For the Six Months Ended
July 31,		  
    2018     2017     2018     2017  
                         
Sales-net of slotting fees and discounts   $ 5,640,830     $ 7,005,434     $ 13,382,824     $ 12,362,735  
                                 
Costs of Sales     3,578,840       4,652,820       8,492,288       8,067,627  
                                 
Gross profit     2,061,990       2,352,614       4,890,536       4,295,108  
                                 
Operating expenses:                                
Research and development     37,083       33,333       67,179       67,331  
General and administrative     1,895,081       1,953,961       4,140,018       3,664,678  
Total operating expenses     1,932,164       1,987,294       4,207,197       3,732,009  
                                 
Income from operations     129,826       365,320       683,339       563,099  
                                 
Other expenses                                
Interest expense     (291,441 )     (188,230 )     (479,582 )     (372,962 )
Amortization of debt discount     (48,580 )     (8,730 )     (89,951 )     (26,010 )
Total other expenses     (340,021 )     (196,960 )     (569,533 )     (398,972 )
                                 
Net income (loss)     (210,195 )     168,360       113,806       164,127  
                                 
Less: preferred dividends     -       (44,765 )     -       (91,565 )
                                 
Net income (loss) available to common stockholders   $ (210,195 )   $ 123,595     $ 113,806     $ 72,562  
                                 
Net income (loss) per common share - basic   $ (0.01 )   $ 0.00     $ 0.00     $ 0.00  
Net income (loss) per common share - diluted   $ (0.01 )   $ 0.00     $ 0.00     $ 0.00  
Weighted average common shares outstanding – basic     31,859,812       28,100,066       31,820,898       27,957,789  
Weighted average common shares outstanding – diluted     31,859,812       30,817,281       32,564,932       30,675,004  

 

See accompanying notes to the condensed consolidated financial statements

 

F-3
 

 

MamaMancini’s Holdings, Inc.

Condensed Consolidated Statements of Changes in Stockholders’ Deficit

For the Period from February 1, 2018 through July 31, 2018

(unaudited)

 

   Series A Preferred Stock   Common Stock   Treasury Stock   Additional
Paid In		   Accumulated   Stockholders’ 
   Shares   Amount   Shares   Amount   Shares   Amount   Capital   Deficit   Deficit 
                                     
Balance, February 1, 2018   -   $-    31,753,437   $319    (230,000)  $(149,500)  $16,344,794   $(18,130,303)  $(1,934,690)
                                              
Share-based compensation   -    -    -    -    -    -    79,163    -    79,163 
                                              
Common stock issued for the exercise of options   -    -    40,000    -    -    -    40,000    -    40,000 
                                              
Common stock issued for the exercise of warrants   -    -    72,804    1    -    -    (1)   -    - 
                                              
Net income   -    -    -    -    -    -    -    113,806    113,806 
Balance, July 31, 2018       -   $       -    31,866,241   $320    (230,000)  $(149,500)  $16,463,956   $(18,016,497)  $

(1,701,721

)

 

See accompanying notes to the condensed consolidated financial statements

 

F-4
 

 

MamaMancini’s Holdings, Inc.

Condensed Consolidated Statements of Cash Flows

(unaudited)

 

    For the Six Months Ended  
    July 31, 2018     July 31, 2017  
             
CASH FLOWS FROM OPERATING ACTIVITIES:                
Net income   $ 113,806     $ 164,127  
Adjustments to reconcile net income to net cash provided by operating activities:                
Depreciation     337,833       240,205  
Amortization of debt discount     89,951       26,011  
Share-based compensation     79,163       147,499  
Changes in operating assets and liabilities:                
(Increase) Decrease in:                
Accounts receivable     1,334,738       (1,246,756 )
Inventories     (455,281 )     (174,834 )
Prepaid expenses     (56,776 )     (545,598 )
Increase (Decrease) in:                
Accounts payable and accrued expenses     (2,987 )      1,717,514  
Net Cash Provided by Operating Activities     1,440,447       328,168  
                 
CASH FLOWS FROM INVESTING ACTIVITIES:                
Cash paid for fixed assets     (903,959 )     (765,740 )
Net Cash Used in Investing Activities     (903,959 )     (765,740 )
                 
CASH FLOWS FROM FINANCING ACTIVITIES:                
Repayment of note payable - related party     (7,812 )     -  
Repayment of term loan     (95,270 )     (70,002 )
Borrowings from term loan     300,000       -  
Repayment of note payable     (500,000 )     (600,000 )
Borrowings (repayments) of line of credit, net     (708,909 )     1,091,006  
Proceeds from capital lease     213,250       -  
Repayment of capital lease obligations     (12,037 )     -  
Proceeds from exercise of options     40,000       -  
Net Cash Provided by (Used in) Financing Activities     (770,778 )     421,004  
                 
Net Decrease in Cash     (234,290 )     (16,568 )
                 
Cash - Beginning of Period     581,322       670,807  
                 
Cash - End of Period   $ 347,032     $ 654,239  
                 
SUPPLEMENTARY CASH FLOW INFORMATION:                
Cash Paid During the Period for:                
Income taxes   $ -     $ -  
Interest   $ 302,034     $ 212,182  
                 
SUPPLEMENTARY DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:                
Accrued interest on note payable reclassified to principal   $  392,702     $  -   
Stock issued for Series A Preferred dividends   $ -     $ 91,565  
Debt issuance costs included in principal balance of note   $ -     $ 52,236  
Capital lease asset additions   $ 30,000     $ -  

 

See accompanying notes to the condensed consolidated financial statements

 

F-5
 

 

MamaMancini’s Holdings, Inc.

Notes to Condensed Consolidated Financial Statements

July 31, 2018

 

Note 1 - Nature of Operations and Basis of Presentation

 

Nature of Operations

 

MamaMancini’s Holdings, Inc. (the “Company”), (formerly known as Mascot Properties, Inc.) was organized on July 22, 2009 as a Nevada corporation. The Company has a year-end of January 31.

 

The Company is a manufacturer and distributor of beef meatballs with sauce, turkey meatballs with sauce, beef meat loaf and other similar meats and sauces. The Company’s customers are located throughout the United States, with a large concentration in the Northeast and Southeast.

 

Note 2 - Summary of Significant Accounting Policies

 

Basis of Presentation

 

The condensed consolidated financial statements and related notes have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) and include the accounts of the Company and its wholly-owned subsidiaries. All material intercompany balances and transactions have been eliminated in consolidation.

 

Following the closing of the merger with Joseph Epstein Food Enterprises, Inc. (“JEFE”) on November 1, 2017, the financial statements of JEFE are consolidated with that of the Company. The prior period financial statements included in the condensed consolidated financial statements have been adjusted to reflect this transaction.

 

The unaudited financial information furnished herein reflects all adjustments, consisting solely of normal recurring items, which in the opinion of management are necessary to fairly state the financial position of the Company and the results of its operations for the periods presented. This report should be read in conjunction with the Company’s consolidated financial statements and notes thereto included in the Company’s Form 10-K for the year ended January 31, 2018 filed on May 16, 2018. The Company assumes that the users of the interim financial information herein have read or have access to the audited financial statements for the preceding fiscal year and that the adequacy of additional disclosure needed for a fair presentation may be determined in that context. The condensed consolidated balance sheet at January 31, 2018 was derived from audited financial statements but does not include all disclosures required by accounting principles generally accepted in the United States of America. The results of operations for the interim periods presented are not necessarily indicative of results for the year ending January 31, 2019.

 

Use of Estimates

 

The preparation of condensed consolidated financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Such estimates and assumptions impact, among others, the following: allowance for doubtful accounts, inventory obsolescence and the fair value of share-based payments.

 

Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the consolidated financial statements, which management considered in formulating its estimate could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from our estimates.

  

Risks and Uncertainties

 

The Company operates in an industry that is subject to intense competition and change in consumer demand. The Company’s operations are subject to significant risk and uncertainties including financial and operational risks including the potential risk of business failure.

 

F-6
 

 

The Company has experienced, and in the future expects to continue to experience, variability in sales and earnings. The factors expected to contribute to this variability include, among others, (i) the cyclical nature of the grocery industry, (ii) general economic conditions in the various local markets in which the Company competes, including a potential general downturn in the economy, and (iii) the volatility of prices pertaining to food and beverages in connection with the Company’s distribution of the product. These factors, among others, make it difficult to project the Company’s operating results on a consistent basis.

 

Cash

 

The Company considers all highly liquid instruments purchased with a maturity of three months or less to be cash equivalents. The Company held no cash equivalents at July 31, 2018 and January 31, 2018.

 

The Company minimizes its credit risk associated with cash by periodically evaluating the credit quality of its primary financial institution. The balance at times may exceed federally insured limits.

 

Accounts Receivable and Allowance for Doubtful Accounts

 

Accounts receivable are stated at the amount management expects to collect from outstanding balances. The Company generally does not require collateral to support customer receivables. The Company provides an allowance for doubtful accounts based upon a review of the outstanding accounts receivable, historical collection information and existing economic conditions. The Company determines if receivables are past due based on days outstanding, and amounts are written off when determined to be uncollectible by management. The maximum accounting loss from the credit risk associated with accounts receivable is the amount of the receivable recorded, which is the face amount of the receivable net of the allowance for doubtful accounts. As of July 31, 2018 and January 31, 2018, the Company had reserves of $2,000.

 

Inventories

 

Inventories are stated at the lower of cost or net realizable value using the first-in, first-out (FIFO) valuation method. Inventory was comprised of the following at July 31, 2018 and January 31, 2018:

 

   July 31, 2018   January 31, 2018 
Raw Materials  $512,869   $486,917 
Work in Process   25,513    21,387 
Finished goods   741,175    315,972 
   $1,279,557   $824,276 

 

Property and Equipment

 

Property and equipment are recorded at cost. Depreciation expense is computed using straight-line methods over the estimated useful lives.

 

Asset lives for financial statement reporting of depreciation are:

 

Machinery and equipment     2-7 years  
Furniture and fixtures     3 years  
Leasehold improvements     *  

 

(*) Amortized on a straight-line basis over the term of the lease or the estimated useful lives, whichever period is shorter.

 

Upon sale or retirement of property and equipment, the related cost and accumulated depreciation are removed from the accounts and any gain or loss is reflected in the consolidated statements of operations.

 

F-7
 

 

Fair Value of Financial Instruments

 

For purpose of this disclosure, the fair value of a financial instrument is the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced sale or liquidation. The carrying amount of the Company’s short-term financial instruments approximates fair value due to the relatively short period to maturity for these instruments.

  

Research and Development

 

Research and development is expensed as incurred. Research and development expenses for the three months ended July 31, 2018 and 2017 were $37,083 and $33,333, respectively. Research and development expenses for the six months ended July 31, 2018 and 2017 were $67,179 and $67,331, respectively.

 

Shipping and Handling Costs

 

The Company classifies freight billed to customers as sales revenue and the related freight costs as general and administrative expenses.

 

Revenue Recognition

 

In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606). ASU 2014-09 supersedes the revenue recognition requirements under Topic 605, Revenue Recognition, and most industry-specific guidance throughout the Industry Topics of the ASC. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which an entity expects to be entitled in exchange for those goods or services. Under the new guidance, an entity is required to perform the following five steps: (1) identify the contract(s) with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract, and (5) recognize revenue when (or as) the entity satisfies a performance obligation. The new guidance will significantly enhance comparability of revenue recognition practices across entities, industries, jurisdictions and capital markets. Additionally, the guidance requires improved disclosures as to the nature, amount, timing and uncertainty of revenue that is recognized. In May 2016, the FASB issued ASU No. 2016-12, Revenue from Contracts with Customers (Topic 606)—Narrow-Scope Improvements and Practical Expedients. This ASU clarified guidance on assessing collectability, presenting sales tax, measuring noncash consideration, and certain transition matters.

 

The Company adopted this guidance and related amendments as of the first quarter of fiscal 2019, applying the full retrospective transition method. The Company has determined that there are no material changes to the recognition, timing and classification of revenues and expenses; additionally, the adoption of ASU 2014-09 did not have a significant impact to pretax income upon adoption or on the consolidated financial statement disclosures.

 

The Company’s sales predominantly contain a single performance obligation and revenue is recognized at a single point in time when ownership, risks and rewards transfer. Typically, this occurs when the goods are shipped to the customer. Revenues are recognized in an amount that reflects the net consideration the Company expects to receive in exchange for the goods. The Company reports all amounts billed to a customer in a sale transaction as revenue, including those amounts related to shipping and handling. Shipping and handling costs are included in cost of goods sold. Under the new revenue guidance, the Company recognizes shipping and handling activities as a fulfillment of the Company’s promise to transfer products to its customers.

 

The Company promotes its products with advertising, consumer incentives and trade promotions. These programs include discounts, slotting fees, coupons, rebates, in-store display incentives and volume-based incentives. Customer trade promotion and consumer incentive activities are recorded as a reduction to the sale price based on amounts estimated as being due to customers and consumers at the end of a period. The Company derives these estimates principally on historical utilization and redemption rates.

 

F-8
 

 

Payment terms in the Company’s invoices are based on the billing schedule established in contracts and purchase orders with customers. The Company generally recognizes the related trade receivable when the goods are shipped.

 

Expenses such as slotting fees, sales discounts, and allowances are accounted for as a direct reduction of revenues as follows:

 

   Six Months
Ended
July 31, 2018		   Six Months
Ended
July 31, 2017		 
Gross Sales  $13,585,549   $12,587,604 
Less: Slotting, Discounts, Allowances   202,725    224,869 
Net Sales  $13,382,824   $12,362,735 

 

Cost of Sales

 

Cost of sales represents costs directly related to the production and manufacturing of the Company’s products. Costs include product development, freight, packaging, and print production costs.

  

Advertising

 

Costs incurred for producing and communicating advertising for the Company are charged to operations as incurred. Producing and communicating advertising expenses for the three months ended July 31, 2018 and 2017 were $391,026 and $412,849, respectively. Producing and communicating advertising expenses for the six months ended July 31, 2018 and 2017 were $906,183 and $738,943, respectively.

 

Stock-Based Compensation

 

The Company accounts for stock-based compensation in accordance with ASC Topic 718, “Compensation – Stock Compensation” (“ASC 718”) which establishes financial accounting and reporting standards for stock-based employee compensation. It defines a fair value-based method of accounting for an employee stock option or similar equity instrument. The Company accounts for compensation cost for stock option plans in accordance with ASC 718. The Company accounts for share-based payments to non-employees in accordance with ASC 505-50 “Equity Based Payments to Non-Employees”.

 

The Company recognizes all forms of share-based payments, including stock option grants, warrants and restricted stock grants, at their fair value on the grant date, which are based on the estimated number of awards that are ultimately expected to vest.

 

Share-based payments, excluding restricted stock, are valued using a Black-Scholes option pricing model. Grants of share-based payment awards issued to non-employees for services rendered have been recorded at the fair value of the share-based payment, which is the more readily determinable value. The grants are amortized on a straight-line basis over the requisite service periods, which is generally the vesting period. If an award is granted, but vesting does not occur, any previously recognized compensation cost is reversed in the period related to the termination of service. Stock-based compensation expenses are included in cost of goods sold or selling, general and administrative expenses, depending on the nature of the services provided, in the consolidated statement of operations. Share-based payments issued to placement agents are classified as a direct cost of a stock offering and are recorded as a reduction in additional paid in capital.

 

For the three months ended July 31, 2018, share-based compensation amounted to $36,945 relating to options issued to employees and consultants for services rendered.

 

For the three months ended July 31, 2017, share-based compensation amounted to $57,349 for options and common stock issued to employees and consultants for services rendered.

 

For the six months ended July 31, 2018, share-based compensation amounted to $79,163 relating to options issued to employees and consultants for services rendered.

 

F-9
 

 

For the six months ended July 31, 2017, share-based compensation amounted to $147,499 for options and common stock issued to employees and consultants for services rendered.

 

For the six months ended July 31, 2018 and 2017, when computing fair value of share-based payments, the Company has considered the following variables:

 

    July 31, 2018     July 31, 2017  
Risk-free interest rate     1.99 %     1.18 %
Expected life of grants     2.0 years       3.76 years  
Expected volatility of underlying stock     172 %     298 %
Dividends     0 %     0 %

 

The expected option term is computed using the “simplified” method as permitted under the provisions of ASC 718-10-S99. The Company uses the simplified method to calculate expected term of share options and similar instruments as the Company does not have sufficient historical exercise data to provide a reasonable basis upon which to estimate expected term.

 

The expected stock price volatility for the Company’s stock options was estimated using the historical volatilities of the Company’s common stock. Risk free interest rates were obtained from U.S. Treasury rates for the applicable periods.

  

Earnings (Loss) Per Share

 

Earnings per share (“EPS”) is the amount of earnings attributable to each share of common stock. For convenience, the term is used to refer to either earnings or loss per share. EPS is computed pursuant to Section 260-10-45 of the FASB Accounting Standards Codification. Pursuant to ASC Paragraphs 260-10-45-10 through 260-10-45-16, basic EPS shall be computed by dividing income available to common stockholders (the numerator) by the weighted-average number of common shares outstanding (the denominator) during the period. Income available to common stockholders shall be computed by deducting both the dividends declared in the period on preferred stock (whether or not paid) and the dividends accumulated for the period on cumulative preferred stock (whether or not earned) from income from continuing operations (if that amount appears in the income statement) and also from net income. The computation of diluted EPS is similar to the computation of basic EPS except that the denominator is increased to include the number of additional common shares that would have been outstanding if the dilutive potential common shares had been issued during the period to reflect the potential dilution that could occur from common shares issuable through contingent shares issuance arrangement, stock options or warrants.

 

The following table provides a reconciliation of the numerator and denominator used in computing basic and diluted net income (loss) attributable to common stockholders per common share.

 

    For the Three Months Ended  
    July 31, 2018     July 31, 2017  
Numerator:            
Net (loss) income attributable to common stockholders   $ (210,195 )   $ 123,595  
Effect of dilutive securities:     -       -  
                 
Diluted net (loss) income   $ (210,195 )   $ 123,595  
                 
Denominator:                
Weighted average common shares outstanding - basic     31,859,812       28,100,066  
Dilutive securities (a):                
Series A Preferred     -       -  
Options     -       347,949  
Warrants     -       2,369,266  
                 
Weighted average common shares outstanding and assumed conversion – diluted     31,859,812       30,817,281  
                 
Basic net (loss) income per common share   $ (0.01 )   $ 0.00  
                 
Diluted net (loss) income per common share   $ (0.01 )   $ 0.00  
                 
(a) - Anti-dilutive securities excluded:     7,216,665       3,110,149  

 

F-10
 

 

    For the Six Months Ended  
    July 31, 2018     July 31, 2017  
Numerator:            
Net income attributable to common stockholders   $ 113,806     $ 72,562  
Effect of dilutive securities:     -       -  
                 
Diluted net income   $ 113,806     $ 72,562  
                 
Denominator:                
Weighted average common shares outstanding - basic     31,820,898       27,957,789  
Dilutive securities (a):                
Series A Preferred     -       -  
Options     166,259       347,949  
Warrants     577,775       2,369,266  
                 
Weighted average common shares outstanding and assumed conversion – diluted     32,564,932       30,675,004  
                 
Basic net income per common share   $ 0.00     $ 0.00  
                 
Diluted net income per common share   $ 0.00     $ 0.00  
                 
(a) - Anti-dilutive securities excluded:     3,365,001       3,779,884  

 

Income Taxes

 

Income taxes are provided in accordance with ASC No. 740, “Accounting for Income Taxes”. A deferred tax asset or liability is recorded for all temporary differences between financial and tax reporting and net operating loss carryforwards. Deferred tax expense (benefit) results from the net change during the period of deferred tax assets and liabilities.

 

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 of 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.

 

The Company is no longer subject to tax examinations by tax authorities for years prior to 2014.

 

Related Parties

 

The Company follows subtopic ASC 850-10 for the identification of related parties and disclosure of related party transactions.

  

Pursuant to Section 850-10-20, the related parties include: (a) affiliates of the Company (“Affiliate” means, with respect to any specified person, any other person that, directly or indirectly through one or more intermediaries, controls, is controlled by or is under common control with such person, as such terms are used in and construed under Rule 405 under the Securities Act); (b) entities for which investments in their equity securities would be required, absent the election of the fair value option under the Fair Value Option Subsection of Section 825-10-15, to be accounted for by the equity method by the investing entity; (c) trusts for the benefit of employees, such as pension and profit-sharing trusts that are managed by or under the trusteeship of management; (d) principal owners of the Company; (e) management of the Company; (f) other parties with which the Company may deal if one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests; and (g) other parties that can significantly influence the management or operating policies of the transacting parties or that have an ownership interest in one of the transacting parties and can significantly influence the other to an extent that one or more of the transacting parties might be prevented from fully pursuing its own separate interests.

 

F-11
 

 

Recent Accounting Pronouncements

 

In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842).” Under ASU 2016-02, lessees will be required to recognize, for all leases of 12 months or more, a liability to make lease payments and a right-of-use asset representing the right to use the underlying asset for the lease term. Additionally, the guidance requires improved disclosures to help users of financial statements better understand the nature of an entity’s leasing activities. This ASU is effective for public reporting companies for interim and annual periods beginning after December 15, 2018, with early adoption permitted, and must be adopted using a modified retrospective approach. The Company is in the process of evaluating the effect of the new guidance on its condensed consolidated financial statements and disclosures.

 

Management does not believe that any recently issued, but not yet effective accounting pronouncements, when adopted, will have a material effect on the accompanying condensed consolidated financial statements.

 

Reclassification

 

Certain prior period amounts have been reclassified to conform to current period presentation.

 

Subsequent Events

 

The Company evaluates subsequent events and transactions that occur after the balance sheet date for potential recognition or disclosure. Any material events that occur between the balance sheet date and the date that the financial statements were issued are disclosed as subsequent events, while the financial statements are adjusted to reflect any conditions that existed at the balance sheet date.

 

Note 3 - Property and Equipment:

 

Property and equipment on July 31, 2018 and January 31, 2018 are as follows:

 

   July 31, 2018   January 31, 2018 
Machinery and Equipment  $2,639,550   $2,431,589 
Furniture and Fixtures   81,099    71,969 
Leasehold Improvements   2,788,037    2,071,169 
    5,508,686    4,574,727 
Less: Accumulated Depreciation   2,412,685    2,074,852 
   $3,096,001   $2,499,875 

 

During the six months ended July 31, 2018, leasehold improvements increase by approximately $717,000 in relation to the continued plant expansion in progress since 2017.

 

Depreciation expense charged to income for the three months ended July 31, 2018 and 2017 amounted to $203,591 and $133,124, respectively. Depreciation expense charged to income for the six months ended July 31, 2018 and 2017 amounted to $337,833 and $240,205, respectively.

 

Note 4 - Investment in Meatball Obsession, LLC

 

During 2011, the Company acquired a 34.62% interest in Meatball Obsession, LLC (“MO”) for a total investment of $27,032. This investment is accounted for using the equity method of accounting. Accordingly, investments are recorded at acquisition cost plus the Company’s equity in the undistributed earnings or losses of the entity.

 

At December 31, 2011, the investment was written down to $0 due to losses incurred by MO.

 

F-12
 

 

The Company’s ownership interest in MO has decreased due to dilution. At July 31, 2018 and January 31, 2018, the Company’s ownership interest in MO was 12% and 12%, respectively.

 

Note 5 - Related Party Transactions

 

Meatball Obsession, LLC

 

A current director of the Company is the chairman of the board and shareholder of Meatball Obsession LLC (“MO”).

 

For the three months ended July 31, 2018 and 2017, the Company generated approximately $11,972 and $10,468 in revenues from MO, respectively. For the six months ended July 31, 2018 and 2017, the Company generated approximately $40,710 and $33,039 in revenues from MO, respectively.

 

As of July 31, 2018 and January 31, 2018, the Company had a receivable of $21,410 and $32,869 due from MO, respectively.

 

WWS, Inc.

 

A current director of the Company is the president of WWS, Inc.

 

For the three months ended July 31, 2018 and 2017, the Company recorded $12,000 in commission expense from WWS, Inc. generated sales. For the six months ended July 31, 2018 and 2017, the Company recorded $24,000 in commission expense from WWS, Inc. generated sales.

 

Notes Payable – Related Party

 

During the year ended January 31, 2016, the Company received aggregate proceeds of $125,000 from notes payable with the CEO of the Company. The notes bear interest at a rate of 4% per annum and matured on December 31, 2016. The notes were subsequently extended until February 2019. As of July 31, 2018 and January 31, 2018, the outstanding principal balance of the notes was $109,844 and $117,656, respectively.

 

The Company received advances from the CEO of the Company which bear interest at 8%. The advances are due on February 1, 2020. At July 31, 2018 and January 31, 2018, there was $400,000 of principal outstanding, respectively.

 

The Company received advances from an entity 100% owned by the CEO of the Company, which bear interest at 8%. The advances are due on February 1, 2020. At July 31, 2018 and January 31, 2018 and 2017, there was $132,000 of principal outstanding, respectively.

 

For the three months ended July 31, 2018 and 2017, the Company recorded interest expense of $19,601 and $15,694, respectively, related to the above related party notes payable. For the six months ended July 31, 2018 and 2017, the Company recorded interest expense of $32,687 and $31,424, respectively, related to the above related party notes payable.

 

Note 6 - Loan and Security Agreement

 

On September 3, 2014, the Company entered into a Loan and Security Agreement (“Loan and Security Agreement”) with Entrepreneur Growth Capital, LLC (“EGC”) which contains a line of credit. In September 2016, the agreement was amended and the total facility increased to an aggregate principal amount of up to $3,200,000. In June 2018, the line was increased by $300,000. The increase was personally guaranteed by the CEO of the Company. As of July 31, 2018 and January 31, 2018, the outstanding balance on the line of credit was $1,993,481 and $2,702,390, respectively. In May 2018, the agreement was amended to extend the termination date to October 1, 2020.

 

F-13
 

 

On September 3, 2014, the Company also entered into a 5-year $600,000 Secured Promissory Note (“EGC Note”) with EGC. In September 2016, the ECG Note was increased to $700,000 with an extended maturity date of September 30, 2021. The amended EGC Note is payable in 60 monthly installments of $11,667. The EGC Note was further amended in October 2017 to increase the note to $800,000 with principal payments of $13,795. The EGC Note bears interest at the prime rate plus 4.0% and is payable monthly, in arrears. In the event of default, the Company shall pay 10% above the stated rates of interest per the Loan and Security Agreement. The EGC Note is secured by all of the assets of the Company.

 

Effective June 6, 2018, the Company executed a Secured Promissory Note with EGC which provides for $300,000 in financing with a maturity date of June 1, 2020. The Note provides for 24 monthly payments of $12,500 together with interest on the outstanding balance at Four percent (4%) over the applicable prime rate.

 

The outstanding balance on the term loans was $963,345 and $758,615 as of July 31, 2018 and January 31, 2018, respectively.

 

Note 7 – Notes Payable

 

On December 19, 2014, the Company entered into a securities purchase agreement (the “Manatuck Purchase Agreement”) with Manatuck Hill Partners, LLC (“Manatuck”) whereby the Company issued a convertible redeemable debenture (the “Manatuck Debenture”) in favor of Manatuck. Subsequent to issuance, the note was amended to extend the maturity date and also removed the convertible feature of the note. On January 22, 2018, the Company further extended the maturity date to November 1, 2018.

 

On July 17, 2018, the Company further extended the maturity date to May 1, 2019. The Company paid to Manatuck a cash fee equal to two percent (2%) of the mutually-agreed pro-forma balance payable on account of the note as of July 17, 2018, which shall include all interest which would be accrued on the note through July 17, 2018. Total accrued interest of $392,702 was added to the outstanding principal balance as of the extension date. The 2% fee was expensed in accordance with debt extinguishment accounting.

 

There was unamortized debt discount of $0 and $84,841 as of July 31, 2018 and January 31, 2018, respectively.

 

The outstanding principal net of debt discount at July 31, 2018 and January 31, 2018 was $1,380,625 and $1,403,082, respectively.

 

On April 29, 2015, the Company entered into a note payable with a bank for $250,000, which was used to pay down and replace a prior note payable. The note bears interest at 3.75%, with interest being due monthly. The note is due in full on the maturity date of April 1, 2019. The note is fully guaranteed by the Company’s Chief Executive Officer. The outstanding balance on the note was $250,000 as of July 31, 2018 and January 31, 2018.

 

Note 8 – Capital Leases Payable

 

Capital lease obligations consisted of the following at July 31, 2018:

 

      July 31, 2018    
           
(i) Capital lease obligation to a financing company for a term of four (4) years, collateralized by equipment, with interest at 7.5% per annum, with principal and interest due and payable in monthly installments of $5,152 and buyout purchase option of $31,988 at end of lease   $ 201,643    
             
(ii) Capital lease obligation to a financing company for a term of five (5) years, collateralized by kitchen equipment, with interest at 5.9% per annum, with principal and interest due and payable in monthly installments of $610 and buyout purchase option of $1 at end of lease     29,570    
             
        231,213    
             
  Less current maturities     53,730    
             
  Capital lease obligation, net of current maturities   $ 177,483    

 

(i)

In May 2018, the Company executed a sale-leaseback arrangement with an unrelated third party whereby the Company sold its equipment and leased it back for a period of 4 years. Pursuant to the agreement, the Company received gross proceeds of $213,250. This transaction is recorded as a financing transaction with the assets and related financing obligation on the condensed consolidated balance sheet. The lease expires in April 2022 and includes purchase, renewal and return options and certain default provisions requiring the Company to perform repairs and maintenance, make timely rent payments and insure the equipment.

 

F-14
 

 

Future maturities of all debt and capital leases (including debt discussed above in Notes 5, 6, 7 and 8) are as follows:

 

For the Twelve Months Ending July 31,      
2019   $ 4,103,220  
2020     892,837  
2021     227,714  
2022     216,871  
2023     19,866  
    $ 5,460,508  

 

Note 9- Concentrations

 

Revenues

 

During the six months ended July 31, 2018, the Company earned revenues from one customer representing approximately 52% of gross sales. During the six months ended July 31, 2017, the Company earned revenues from three customers representing approximately 39%, 11% and 10% of gross sales.

 

As of July 31, 2018, this one customer represented approximately 49% of total gross outstanding receivables, respectively. As of July 31, 2017, these three customers represented approximately 43%, 11% and 19% of total gross outstanding receivables, respectively.

 

Note 10 - Stockholders’ Deficit

 

(A) Options

 

The following is a summary of the Company’s option activity:

 

    Options     Weighted
Average
Exercise Price		  
             
Outstanding – January 31, 2018     866,000     $ 0.87  
Exercisable – January 31, 2018     699,000     $ 0.78  
Granted     30,000     $ 1.21  
Exercised     (40,000 )   $ 1.00  
Forfeited/Cancelled     (218,000 )   $ -  
Outstanding – July 31, 2018     638,000     $ 0.79  
Exercisable – July 31, 2018     532,000     $ 0.68  

 

      Options Outstanding         Options Exercisable  
Exercise
Price		     Number
Outstanding		     Weighted
Average
Remaining
Contractual
Life
(in years)		   Weighted
Average
Exercise Price		     Number
Exercisable		     Weighted
Average
Exercise Price		  
                                         
$ 0.39 – 2.97       638,000     2.64 years   $ 0.79       532,000     $ 0.68  

 

F-15
 

 

At July 31, 2018 the total intrinsic value of options outstanding and exercisable was $134,670.

 

For the six months ended July 31, 2018 and 2017, the Company recognized share-based compensation related to options of an aggregate of $79,163 and $8,999, respectively. At July 31, 2018, unrecognized share-based compensation was $62,345.

 

(D) Warrants

 

The following is a summary of the Company’s warrant activity:

 

   Warrants   Weighted Average
Exercise Price		 
         
Outstanding – January 31, 2018   7,061,399   $1.06 
Exercisable – January 31, 2018   7,061,399   $1.06 
Granted   -   $- 
Exercised   (467,496)  $1.00 
Forfeited/Cancelled   (15,238)  $- 
Outstanding – July 31, 2018   6,578,665   $1.06 
Exercisable – July 31, 2018   6,578,665   $1.06 

 

Warrants Outstanding     Warrants Exercisable  
Exercise
Price		     Number
Outstanding		     Weighted
Average
Remaining
Contractual
Life
(in years)		     Weighted
Average
Exercise Price		     Number
Exercisable		     Weighted
Average
Exercise Price		  
                                             
$ 0.68 – 2.50       6,578,665       2.22 years     $ 1.06       6,578,665     $ 1.06  

 

At July 31, 2018, the total intrinsic value of warrants outstanding and exercisable was $468,000 and $468,000, respectively.

 

During the six months ended July 31, 2018, 467,496 warrants were exercised by the warrant holders on a cashless basis. The Company issued 72,804 shares of common stock as a result of this exercise.

 

Note 11 - Commitments and Contingencies

 

Litigation, Claims and Assessments

 

From time to time, the Company may become involved in various lawsuits and legal proceedings, which arise in the ordinary course of business. Litigation is subject to inherent uncertainties, and an adverse result in these or other matters may arise from time to time that may harm its business. The Company is currently not aware of any such legal proceedings or claims that they believe will have, individually or in the aggregate, a material adverse effect on its business, financial condition or operating results.

 

Licensing and Royalty Agreements

 

On March 1, 2010, the Company was assigned a Development and License agreement (the “Agreement”). Under the terms of the Agreement the Licensor shall develop for the Company a line of beef meatballs with sauce, turkey meatballs with sauce and other similar meats and sauces for commercial manufacture, distribution and sale (each a “Licensor Product” and collectively the “Licensor Products”). Licensor shall work with Licensee to develop Licensor Products that are acceptable to Licensee. Upon acceptance of a Licensor Product by Licensee, Licensor’s trade secret recipes, formulas methods and ingredients for the preparation and production of such Licensor Products (the “Recipes”) shall be subject to this Development and License Agreement.

 

F-16
 

 

The Exclusive Term began on January 1, 2009 (the “Effective Date”) and ends on the 50th anniversary of the Effective Date.

 

The Royalty Rate shall be: 6% of net sales up to $500,000 of net sales for each Agreement year; 4% of Net Sales from $500,000 up to $2,500,000 of Net Sales for each Agreement year; 2% of Net Sales from $2,500,000 up to $20,000,000 of Net Sales for each Agreement year; and 1% of Net Sales in excess of $20,000,000 of Net Sales for each Agreement year.

 

In order to continue the Exclusive term, the Company shall pay a minimum royalty with respect to the preceding Agreement year as follows:

 

Agreement Year  Minimum
Royalty
to be Paid with
Respect to Such
Agreement Year		 
1st and 2nd  $- 
3rd and 4th  $50,000 
5th, 6th and 7th  $75,000 
8th and 9th  $100,000 
10th and thereafter  $125,000 

 

The Company incurred $70,993 and $89,061 of royalty expenses for the three months ended July 31, 2018 and 2017. The Company incurred $200,856 and $206,191 of royalty expenses for the six months ended July 31, 2018 and 2017. Royalty expenses are included in general and administrative expenses on the condensed consolidated statement of operations.

  

Agreements with Placement Agents and Finders

 

The Company entered into a fourth Financial Advisory and Investment Banking Agreement with Spartan Capital Securities, LLC (“Spartan”) effective April 1, 2015 (the “Spartan Advisory Agreement”). Pursuant to the Spartan Advisory Agreement, the Company shall pay to Spartan a non-refundable monthly fee of $10,000 through October 1, 2015. The monthly fee shall survive any termination of the Agreement. Additionally, (i) if at least $4,000,000 is raised in the Financing, the Company shall pay to Spartan a non-refundable fee of $5,000 per month from November 1, 2015 through October 2017; and (ii) if at least $5,000,000 is raised in the Financing, the Company shall pay to Spartan a non-refundable fee of $5,000 per month from November 1, 2017 through October 2019. If $10,000,000 or more is raised in the Financing, the Company shall issue to Spartan shares of its common stock having an aggregate value of $5,000 (as determined by reference to the average volume weighted average trading price for the last five trading days of the immediately preceding month) on the first day of each month during the period from November 1, 2015 through October 1, 2019.

 

The Company, upon closing of the Financing, shall pay consideration to Spartan, in cash, a fee in an amount equal to 10% of the aggregate gross proceeds raised in the Financing and 3% of the aggregate gross proceeds raised in the Financing for expenses incurred by Spartan. The Company shall grant and deliver to Spartan at the closing of the Financing, for nominal consideration, five-year warrants to purchase a number of shares of the Company’s common stock equal to 10% of the number of shares of common stock (and/or shares of common stock issuable upon exercise of securities or upon conversion or exchange of convertible or exchangeable securities) sold at such closing. The warrants shall be exercisable at any time during the five-year period commencing on the closing to which they relate at an exercise price equal to the purchase price per share of common stock paid by investors in the Financing or, in the case of exercisable, convertible, or exchangeable securities, the exercise, conversion or exchange price thereof. If the Financing is consummated by means of more than one closing, Spartan shall be entitled to the fees provided herein with respect to each such closing.

 

If the Company enters into a change of control transaction during the term of the agreement through October 1, 2022, the Company shall pay to Spartan a fee equal to 3% of the consideration paid or received by the Company and/or its stockholders in such transaction.

 

During the six months ended July 31, 2018, no payments were made to Spartan.

 

F-17
 

 

Operating Lease

 

The Company has a lease for office, manufacturing, and warehouse space in East Rutherford, NJ. The lease expires on March 31, 2024, with a 5-year renewal option. The Company leases additional office space in East Rutherford, NJ. This lease is for a 51-month term expiring on March 31, 2019 with annual payments of $18,847.

 

Rent expense for the six months ended July 31, 2018 and 2017 was $124,174 and $145,557, respectively.

 

Total future minimum payments required under the lease as of July 31, 2018 are as follows:

 

Twelve Months Ending January 31,      
2019 (remaining)   $ 114,831  
2020     201,599  
2021     199,757  
2022     209,846  
2023     211,864  
Thereafter     247,174  
Total   $ 1,185,071  

 

Note 12 – Subsequent Events

 

The Company has evaluated subsequent events through the date the financial statements were available to be issued.

 

F-18
 

 

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

 

THE FOLLOWING DISCUSSION OF OUR PLAN OF OPERATION AND RESULTS OF OPERATIONS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND RELATED NOTES TO THE FINANCIAL STATEMENTS INCLUDED ELSEWHERE IN THIS REPORT. THIS DISCUSSION CONTAINS FORWARD-LOOKING STATEMENTS THAT RELATE TO FUTURE EVENTS OR OUR FUTURE FINANCIAL PERFORMANCE. THESE STATEMENTS INVOLVE KNOWN AND UNKNOWN RISKS, UNCERTAINTIES AND OTHER FACTORS THAT MAY CAUSE OUR ACTUAL RESULTS, LEVELS OF ACTIVITY, PERFORMANCE OR ACHIEVEMENTS TO BE MATERIALLY DIFFERENT FROM ANY FUTURE RESULTS, LEVELS OF ACTIVITY, PERFORMANCE OR ACHIEVEMENTS EXPRESSED OR IMPLIED BY THESE FORWARD- LOOKING STATEMENTS. THESE RISKS AND OTHER FACTORS INCLUDE, AMONG OTHERS, THOSE LISTED UNDER “FORWARD-LOOKING STATEMENTS” AND “RISK FACTORS” DETAILED IN PRIOR COMPANY FILINGS AND THOSE INCLUDED ELSEWHERE IN THIS REPORT.

 

Plan of Operations

 

The Company’s product lines include, Italian Sauce and Beef Meatballs, and Turkey Meatballs; Italian Sauce and Cheese Stuffed Meatballs, Chicken Parmigiana and Florentine Style Stuffed Meatballs, Gluten Free Beef and Turkey Meatballs, Antibiotic Free Beef and Turkey Meatballs, Cocktail Beef and Turkey Meatballs, Original Beef and Original Turkey Meat Loaves, Chicken Parmigiana, Sausage n Peppers, Sausage and Sauce, Pasta meals and Beef Stuffed Pepper Mix. This line is available in bulk food service pack, retail packages in fresh varieties, and club store pack in fresh varieties. Additionally, the Company plans to continue expansion into various new retailers with placement of its existing product line. The Company plans to introduce additional pasta-based entrees in late fiscal year 2019. The Company plans to introduce Authentic Italian Sauces and Vegetarian Meatballs in fiscal year 2019 on a limited test basis.

 

The Company has key sales personnel and a sales network of paid broker representatives. We currently work with approximately 35 retail food brokers who sell to Supermarket and Club Store customers.

 

The Company had a supply agreement with Joseph Epstein Food Enterprises, Inc. (“JEFE”), a related party. On November 1, 2017, the Company acquired JEFE through a merger transaction whereby JEFE became a wholly-owned subsidiary of the Company. Under the terms of the Merger Agreement and in connection with the merger, the Company acquired all assets of JEFE. The consideration for the transaction was (a) the extinguishment of the Inter-Company Loan between the parties, (b) the assumption by the Company of all JEFE accounts payable and accrued expenses, (c) the assumption by the Company of certain third-party loans to JEFE and (d) the indemnification of Carl Wolf with respect to his collateralization of a bank loan to JEFE. As a result of the transaction, JEFE’s financial statements have been consolidated with the financial statements of the Company. No cash or stock was exchanged in connection with the transaction.

 

Management believes the merger of JEFE into the Company has had a positive effect upon operations. Management believes that gross margin, operating profit, and net income has increased in this quarter and will increase in the future as a result due to plant efficiencies with higher volume and plant overhead reduction as a percentage of sales. 

 

We believe that MamaMancini’s products have the ability to expand sales and deliver more products within several areas of consumption by consumers such as fresh meat, prepared foods, hot bars, cold bars in delis, and sandwich sections of supermarkets and other food retailers. In addition, we believe that MamaMancini’s products can be sold into food service channels, mass market, and exported or as a component of other products.

 

3
 

 

Results of Operations for the Three Months ended July 31, 2018 and 2017

 

The following table sets forth the summary statements of operations for the three months ended July 31, 2018 and 2017:

 

    Three Months Ended  
    July 31, 2018     July 31, 2017  
Sales - Net of Slotting Fees and Discounts   $ 5,640,830     $ 7,005,434  
Gross Profit   $ 2,061,990     $ 2,352,614  
Operating Expenses   $ (1,932,164 )   $ (1,987,294 )
Other Expenses   $ (340,021 )   $ (196,960 )
Net Income (Loss)   $ (210,195 )   $ 168,360  

 

For the three months ended July 31, 2018 and 2017, the Company reported a net income (loss) of $(210,195) and $168,360, respectively. The change in net income (loss) between the three months ended July 31, 2018 and 2017 was primarily attributable to a decrease in sales of 19%. The Company also incurred non-recurring interest charges of approximately $112,500 in relation to the extension of the Manatuck note and the corresponding accounting for debt modification which resulted in additional interest expense, finance charges and the write-off of debt discount related to prior debt.

 

Sales: Sales, net of slotting fees and discounts decreased by approximately 19% to $5,640,830 during the three months ended July 31, 2018, from $7,005,434 during the three months ended July 31, 2017. The Company has sold into approximately 42,300 SKU’s in 12,500 retail and grocery locations at July 31, 2018 as compared to approximately 40,600 SKU’s in 11,900 retail and grocery locations at July 31, 2017. Sales for the quarter were negatively impacted by changes in the purchasing offices in a number of our major retailer customers - not reflective of our product quality, trade relationships or consumer acceptance. Also, during last year’s second quarter we had an extraordinarily high one-time customer inventory build with new programs that went into effect. We believe that this was a short-term situation and sales growth has resumed in the current quarter over the current quarter and prior year.  

 

Gross Profit: The gross profit margin was 37% for the three months ended July 31, 2018 compared to 34% for the three months ended July 31, 2017. The Company believes its gross margin as a percentage of sales will increase in future operating periods due more efficient operations.

 

Operating Expenses: Operating expenses decreased by 3% during the three months ended July 31, 2018, as compared to the three months ended July 31, 2017. The $55,130 decrease in total operating expenses is primarily attributable to the following approximate increase in operating expenses:

 

● Payroll and related expenses of $72,118;

 

● Depreciation expense of $70,467 due to new fixed asset purchases during the period; and

 

● Other general and Administration expenses of $29,863.

 

These expense increases were offset by decreases in the following as well as minimal decreases in other expense categories:

 

● Advertising, social media and promotional expenses of $21,323 related to a decrease in sales and demos;
   
● Stock-based compensation for services rendered by employees and consultants decreased by of $20,405 compared to the prior year;
   
● Trade show and travel expense of $23,589 related to decrease in sales;
   
● Commission expenses of $22,922 related to increased sales; and
   
● Postage and freight of $79,226 due to lower sales this fiscal year.

 

Other Expense: Other expenses increased by $143,061 to $340,021 for the three months ended July 31, 2018 as compared to $196,960 during the three months ended July 31, 2017. For three months ended July 31, 2018, other expenses consisted of $291,441 in interest expense incurred on the Company’s financing arrangements. In addition, the Company recorded $48,580 of amortization expense related to the debt discount. During the three months ended July 31, 2018, the Company also incurred non-recurring interest charges of approximately $112,500 in relation to the extension of the Manatuck note and the corresponding accounting for debt modification which resulted in additional interest expense, finance charges and the write-off of debt discount related to prior debt. For the three months ended July 31, 2017, other expenses consisted of $188,230 in interest expense incurred on the Company’s finance arrangements. In addition, during the three months ended July 31, 2017, the Company recorded $8,730 of amortization expense related to the debt discount and finance arrangements.

 

4
 

 

Results of Operations for the Six Months ended July 31, 2018 and 2017

 

The following table sets forth the summary statements of operations for the six months ended July 31, 2018 and 2017:

 

    Six Months Ended  
    July 31, 2018     July 31, 2017  
Sales - Net of Slotting Fees and Discounts   $ 13,382,824     $ 12,362,735  
Gross Profit   $ 4,890,536     $ 4,295,108  
Operating Expenses   $ (4,207,197 )   $ (3,732,009 )
Other Expenses   $ (569,533 )   $ (398,972 )
Net Income   $ 113,806     $ 164,127  

 

For the six months ended July 31, 2018 and 2017, the Company reported a net income of $113,806 and $164,127, respectively. The change in net income between the six months ended July 31, 2018 and 2017 was primarily attributable to an increase in sales of 8% offset by an increase in other expenses of approximately 43%.

 

Sales: Sales, net of slotting fees and discounts increased by approximately 8% to $13,382,824 during the six months ended July 31, 2018, from $12,362,735 during the six months ended July 31, 2017. During the six months ended July 31, 2018, the Company sold into higher volume locations compared to the six months ended July 31, 2017. The Company has sold into approximately 42,300 SKU’s in 12,500 retail and grocery locations at July 31, 2018 as compared to approximately 40,600 SKU’s in 11,900 retail and grocery locations at July 31, 2017. In addition, during the six months ended July 31, 2018, the Company was able to increase its sales through new customers as well as its existing customer base. A merchandising event with one customer during the six months ended July 31, 2018 also contributed to the increase in sales.

 

Gross Profit: The gross profit margin was 37% for the six months ended July 31, 2018 compared to 35% for the six months ended July 31, 2017. The increase in gross profit margin is attributable to manufacturing efficiencies and cost control. The Company believes its gross margin as a percentage of sales will increase in future operating periods due more efficient operations.

 

Operating Expenses: Operating expenses increased by 13% during the six months ended July 31, 2018, as compared to the six months ended July 31, 2017. The $475,188 increase in total operating expenses is primarily attributable to the following approximate increases in operating expenses:

 

● Advertising, social media and promotional expenses of $167,240 related to an increase in sales and demos;
   
● Payroll and related expenses of $182,535;
   
● Postage and freight of $39,030 due to higher sales;
   
● Commission expenses of $25,920 related to increased sales; and
   
● Depreciation expense of $97,628 due to new fixed asset purchases during the period.

 

These expense increases were offset by decreases in the following as well as minimal decreases in other expense categories:

 

● Stock-based compensation for services rendered by employees and consultants decreased by of $68,337 compared to the prior year.

 

Other Expense: Other expenses increased by $170,561 to $569,533 for the six months ended July 31, 2018 as compared to $398,972 during the six months ended July 31, 2017. For six months ended July 31, 2018, other expenses consisted of $479,582 in interest expense incurred on the Company’s financing arrangements. In addition, the Company recorded $89,951 of amortization expense related to the debt discount. During the six months ended July 31, 2018, the Company also incurred non-recurring interest charges of approximately $112,500 in relation to the extension of the Manatuck note and the corresponding accounting for debt modification which resulted in additional interest expense, finance charges and the write-off of debt discount related to prior debt. For the six months ended July 31, 2017, other expenses consisted of $372,962 in interest expense incurred on the Company’s finance arrangements. In addition, during the six months ended July 31, 2018, the Company recorded $26,010 of amortization expense related to the debt discount and finance arrangements.

 

5
 

 

Liquidity and Capital Resources

 

The following table summarizes total current assets, liabilities and working capital at July 31, 2018 compared to January 31, 2018:

 

    July 31, 2018     January 31, 2018     Increase/(Decrease)  
Current Assets   $ 3,695,322     $ 4,752,293     $ (1,056,971 )
Current Liabilities   $ 7,155,933     $ 7,655,702     $ (499,769 )
Working Capital Deficit   $ 3,460,611     $ 2,903,409     $ 557,202  

 

As of July 31, 2018, we had a working capital deficit of $3,460,611 as compared to a working capital deficit of $2,903,409 as of January 31, 2018, an increase of $557,202. The increase in working capital deficit is primarily attributable to a decrease in cash balances of approximately $234,000 and a decrease in accounts receivable of approximately $1,335,000. These amounts were offset by an increase in inventories of $455,300, a decrease in accounts payable and accrued expenses of approximately $395,700, and an approximate $104,000 decrease in the current portion of debt.

 

Net cash provided by operating activities for the six months ended July 31, 2018 and 2017 was $1,440,447 and $328,168, respectively. The net income for the six months ended July 31, 2018 and 2017 was $113,806 and $164,127, respectively.

 

Net cash used in all investing activities for the six months ended July 31, 2018 was $903,959 as compared to $765,740 for the six months ended July 31, 2017, respectively, to acquire new machinery and equipment and leasehold improvements. Our capital expenditures are attributed to a Plant Expansion Project in progress since mid-2017 to expand plant capacity and efficiency to meet growing demand.

 

Net cash used in all financing activities for the six months ended July 31, 2018 was $770,778 as compared to $421,004 provided by financing activities for the six months ended July 31, 2017. During the six months ended July 31, 2018, the Company had net borrowings decrease of $708,909 for transactions pursuant to the line of credit in addition to proceeds of $40,000 received from the exercise of options, proceeds of $213,250 from a capital leaseback transaction and proceeds of $300,000 from term loan. These net proceeds were offset by $95,270 and $500,000 paid for repayments on a term loan and net payments of the note payable to Manatuck Hill Partners, respectively. During the six months ended July 31, 2017 the Company had net borrowings of $1,091,006 for transactions pursuant to the line of credit. These decreases were offset by $70,002 and $600,000 paid for repayments on a term loan and repayments of notes payable, respectively.

 

As reflected in the accompanying condensed consolidated financial statements, the Company has a net income and net cash provided by operations of $113,806 and $1,440,447, respectively, for the six months ended July 31, 2018.

 

Although the continued revenue growth coupled with improved gross margins and control of expenses leads management to believe that it is probable that the Company’s cash resources will be sufficient to meet our cash requirements through the third quarter of fiscal year ended January 31, 2019, the Company may require additional funding to finance the growth of its current and expected future operations as well as to achieve its strategic objectives. There can be no assurance that financing will be available in amounts or terms acceptable to the Company, if at all. In that event, the Company would be required to change its growth strategy and seek funding on that basis, though there is no guarantee it will be able to do so.

 

Subsequent to July 31, 2018, the Company collected a net amount of $2.4 million on outstanding receivables.

 

Recent Accounting Pronouncements

 

In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842).” Under ASU 2016-02, lessees will be required to recognize, for all leases of 12 months or more, a liability to make lease payments and a right-of-use asset representing the right to use the underlying asset for the lease term. Additionally, the guidance requires improved disclosures to help users of financial statements better understand the nature of an entity’s leasing activities. This ASU is effective for public reporting companies for interim and annual periods beginning after December 15, 2018, with early adoption permitted, and must be adopted using a modified retrospective approach. The Company is in the process of evaluating the effect of the new guidance on its condensed consolidated financial statements and disclosures.

 

6
 

 

Management does not believe that any recently issued, but not yet effective accounting pronouncements, when adopted, will have a material effect on the accompanying condensed consolidated financial statements.

 

Critical Accounting Policies

 

Our condensed consolidated financial statements and related public financial information are based on the application of accounting principles generally accepted in the United States (“GAAP”). GAAP requires the use of estimates; assumptions, judgments and subjective interpretations of accounting principles that have an impact on the assets, liabilities, revenues and expense amounts reported. These estimates can also affect supplemental information contained in our external disclosures including information regarding contingencies, risk and financial condition. We believe our use of estimates and underlying accounting assumptions adhere to GAAP and are consistently and conservatively applied. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances. Actual results may differ materially from these estimates under different assumptions or conditions. We continue to monitor significant estimates made during the preparation of our financial statements.

 

Our significant accounting policies are summarized in Note 2 of our consolidated financial statements.

 

There have been no material changes to our critical accounting policies and estimates from the information provided in Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” included in our January 31, 2018 Annual Report.

 

Off Balance Sheet Arrangements:

 

We do not have any off-balance sheet arrangements, financings, or other relationships with unconsolidated entities or other persons, also known as “special purpose entities” (SPEs).

 

Item 3. Quantitative and Qualitative Disclosures About Market Risk

 

We do not hold any derivative instruments and do not engage in any hedging activities.

 

Item 4. Controls and Procedures

 

(a) Evaluation of Disclosure Controls and Procedures

 

Based on evaluation as of the end of the period covered by this Form 10-Q, our principal executive officer and principal financial officer have concluded that our disclosure controls and procedures (as defined in Rules 13a-15(c) and 15d-15(e) under the Exchange Act) are effective to ensure that information required to be disclosed by us in report that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the U.S. Securities and Exchange Commission’s rules and forms and to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is accumulated and communicated to our management, including our chief executive officer and chief financial officer, as appropriate to allow timely decisions regarding required disclosure.

 

(b) Changes in Internal Control over Financial Reporting

 

There were no changes in our internal control over financial reporting, as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act, during our most recently completed fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

 

7
 

 

PART II - OTHER INFORMATION

 

Item 1. Legal Proceedings.

 

We are currently not involved in any litigation that we believe could have a material adverse effect on our financial condition or results of operations. There is no action, suit, proceeding, inquiry or investigation before or by any court, public board, government agency, self-regulatory organization or body pending or, to the knowledge of the executive officers of our company or any of our subsidiaries, threatened against or affecting our company, our common stock, any of our subsidiaries or of our companies or our subsidiaries’ officers or directors in their capacities as such, in which an adverse decision could have a material adverse effect.

 

Item 1A. Risk Factors.

 

Smaller reporting companies are not required to provide the information required by this item. 

 

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

 

During the period between February 1, 2018 and September 10, 2018 the Company issued an aggregate of 112,804 shares of its Common stock as follows:

 

Warrant Exercises 72,804 shares
Stock Option Exercises 40,000 shares

 

In addition, 15,000 shares previously issued to a director of the Company in lieu of compensation were cancelled.

 

The securities issued in the abovementioned transactions were issued in connection with transactions which were exempt from the registration requirements of Section 5 of the Securities Act of 1933, as amended, pursuant to the terms of Section 4(2) of that Act.

 

Item 3. Defaults upon Senior Securities.

 

There has been no default in payment of principal, interest, sinking or purchase fund installment, or any other material default, with respect to any indebtedness of the Company.

 

Item 4. Mine Safety Disclosures.

 

Not applicable.

 

Item 5. Other Information.

 

There is no other information required to be disclosed under this item which was not previously disclosed.

 

Item 6. Exhibits.

 

Exhibit No.   Description
     
31.1   Certification of Principal Executive Officer, pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 302 of 2002*
     
31.2   Certification of Principal Financial Officer, pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 302 of 2002*
     
32.1   Certification of Principal Executive Officer, pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002*
     
32.2   Certification of Principal Financial Officer, pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002*
     
101.INS   XBRL Instance Document**
101.SCH   XBRL Taxonomy Extension Schema Document**
101.CAL   XBRL Taxonomy Extension Calculation Linkbase Document**
101.DEF   XBRL Taxonomy Extension Definition Linkbase Document**
101.LAB   XBRL Taxonomy Extension Label Linkbase Document**
101.PRE   XBRL Taxonomy Extension Presentation Linkbase Document**

 

* Filed herewith.

** Furnished herewith.

 

8
 

 

SIGNATURES

 

In accordance with the requirements of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

  MAMAMANCINI’S HOLDINGS, INC.
     
Date: September 14, 2018 By: /s/ Carl Wolf
  Name: Carl Wolf
  Title: Chief Executive Officer
    (Principal Executive Officer)                    

 

9
 

 EX-31.1 2 ex31-1.htm

 

EXHIBIT 31.1

 

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER

PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO SECTION 302 OF

THE SARBANES-OXLEY ACT OF 2002

 

I, Carl Wolf, certify that:

 

1. I have reviewed this Form 10-Q of MamaMancini’s Holdings, Inc.;
   
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
   
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
   
4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13-a-15(f) and 15d-15(f)) for the registrant and have:

 

  a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
     
  b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
     
  c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
     
  d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

  a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
     
  b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: September 14, 2018 By: /s/ Carl Wolf
    Carl Wolf
    Principal Executive Officer
    MamaMancini’s Holdings, Inc.

 

 
 

 

 EX-31.2 3 ex31-2.htm

 

EXHIBIT 31.2

 

CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER

PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO SECTION 302 OF

THE SARBANES-OXLEY ACT OF 2002

 

I, Lawrence Morgenstein, certify that:

 

1. I have reviewed this Form 10-Q of MamaMancini’s Holdings, Inc.;
   
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
   
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
   
4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13-a-15(f) and 15d-15(f)) for the registrant and have:

 

  a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
     
  b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
     
  c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
     
  d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

  a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
     
  b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: September 14, 2018 By: /s/ Lawrence Morgenstein
    Lawrence Morgenstein
    Principal Financial Officer
    MamaMancini’s Holdings, Inc.

 

 
 

 

 EX-32.1 4 ex32-1.htm

 

EXHIBIT 32.1

 

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO SECTION 906 OF

THE SARBANES-OXLEY ACT OF 2002

 

In connection with this Quarterly Report of MamaMancini’s Holdings, Inc. (the “Company”), on Form 10-Q for the period ended July 31, 2018, as filed with the U.S. Securities and Exchange Commission on the date hereof, I, Carl Wolf, Principal Executive Officer of the Company, certify to the best of my knowledge, pursuant to 18 U.S.C. Sec. 1350, as adopted pursuant to Sec. 906 of the Sarbanes-Oxley Act of 2002, that:

 

  (1) Such Quarterly Report on Form 10-Q for the period ended July 31, 2018, fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
     
  (2) The information contained in such Quarterly Report on Form 10-Q for the period ended July 31, 2018, fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

Date: September 14, 2018 By: /s/ Carl Wolf
    Carl Wolf
    Principal Executive Officer
    MamaMancini’s Holdings, Inc.

 

 
 

 

 EX-32.2 5 ex32-2.htm

 

EXHIBIT 32.2

 

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO SECTION 906 OF

THE SARBANES-OXLEY ACT OF 2002

 

In connection with this Quarterly Report of MamaMancini’s Holdings, Inc. (the “Company”), on Form 10-Q for the period ended July 31, 2018, as filed with the U.S. Securities and Exchange Commission on the date hereof, I, Lawrence Morgenstein, Principal Financial Officer of the Company, certify to the best of my knowledge, pursuant to 18 U.S.C. Sec. 1350, as adopted pursuant to Sec. 906 of the Sarbanes-Oxley Act of 2002, that:

 

  (1) Such Quarterly Report on Form 10-Q for the period ended July 31, 2018, fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
     
  (2) The information contained in such Quarterly Report on Form 10-Q for the period ended July 31, 2018, fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

Date: September 14, 2018 By: /s/ Lawrence Morgenstein
    Lawrence Morgenstein
    Principal Financial Officer
    MamaMancini’s Holdings, Inc.

 

 
 

 

 

 

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related party Notes payable - net Total current liabilities Term loans - net of current Capital leases payable - net of current Note payable - net of current Notes payable - related party Total long-term liabilities Total Liabilities Commitments and contingencies Stockholders' Deficit: Preferred stock value Common stock, $0.00001 par value; 250,000,000 shares authorized; 31,866,241 and 31,753,437 shares issued and outstanding as of July 31, 2018 and January 31, 2018, respectively Additional paid in capital Accumulated deficit Less: Treasury stock, 230,000 shares, respectively Total Stockholders' Deficit Total Liabilities and Stockholders' Deficit Preferred stock, par value Preferred stock, shares authorized Preferred stock, shares issued Preferred stock, shares outstanding Common stock, par value Common stock, shares authorized Common stock, shares issued Common stock, shares outstanding Treasury stock, shares Income Statement [Abstract] Sales-net of slotting fees and discounts Costs of Sales Gross profit Operating expenses: Research and development General and administrative Total operating expenses Income from operations Other expenses Interest expense Amortization of debt discount Total other expenses Net income (loss) Less: preferred dividends Net income (loss) available to common stockholders Net income (loss) per common share - basic Net income (loss) per common share - diluted Weighted average common shares outstanding - basic Weighted average common shares outstanding - diluted Balance Balance, shares Share-based compensation Common stock issued for the exercise of options Common stock issued for the exercise of options, shares Common stock issued for the exercise of warrants Common stock issued for the exercise of warrants, shares Net income Balance Balance, shares Statement of Cash Flows [Abstract] CASH FLOWS FROM OPERATING ACTIVITIES: Adjustments to reconcile net income to net cash provided by operating activities: Depreciation Amortization of debt discount Changes in operating assets and liabilities: (Increase) Decrease in: Accounts receivable Inventories Prepaid expenses Increase (Decrease) in: Accounts payable and accrued expenses Net Cash Provided by Operating Activities CASH FLOWS FROM INVESTING ACTIVITIES: Cash paid for fixed assets Net Cash Used in Investing Activities CASH FLOWS FROM FINANCING ACTIVITIES: Repayment of note payable - related party Repayment of term loan Borrowings from term loan Repayment of note payable Borrowings (repayments) of line of credit, net Proceeds from capital lease Repayment of capital lease obligations Proceeds from exercise of options Net Cash Provided by (Used in) Financing Activities Net Decrease in Cash Cash - Beginning of Period Cash - End of Period SUPPLEMENTARY CASH FLOW INFORMATION: Cash Paid During the Period for: Income taxes Interest SUPPLEMENTARY DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES: Accrued interest on note payable reclassified to principal Stock issued for Series A Preferred dividends Debt issuance costs included in principal balance of note Capital lease asset additions Organization, Consolidation and Presentation of Financial Statements [Abstract] Nature of Operations and Basis of Presentation Accounting Policies [Abstract] Summary of Significant Accounting Policies Property, Plant and Equipment [Abstract] Property and Equipment Investments in and Advances to Affiliates, Schedule of Investments [Abstract] Investment in Meatball Obsession, LLC Related Party Transactions [Abstract] Related Party Transactions Debt Disclosure [Abstract] Loan and Security Agreement Notes Payable Capital Leases Payable Risks and Uncertainties [Abstract] Concentrations Equity [Abstract] Stockholders' Deficit Commitments and Contingencies Disclosure [Abstract] Commitments and Contingencies Subsequent Events [Abstract] Subsequent Events Basis of Presentation Use of Estimates Risks and Uncertainties Cash Accounts Receivable and Allowance for Doubtful Accounts Inventories Property and Equipment Fair Value of Financial Instruments Research and Development Shipping and Handling Costs Revenue Recognition Cost of Sales Advertising Stock-Based Compensation Earnings (Loss) Per Share Income Taxes Related Parties Recent Accounting Pronouncements Reclassification Subsequent Events Schedule of Inventories Schedule of Property and Equipment Estimated Useful Lives Schedule of Expenses of Slotting Fees, Sales Discounts and Allowances are Accounted as Direct Reduction of Revenues Schedule of Fair Value of Share-Based Payments Schedule of Earnings Per Share, Basic and Diluted Schedule of Property and Equipment Schedule of Capital Lease Obligations Schedule of Future Maturities of Long Term Debt Summary of Option Activity Summary of Option Outstanding and Exercisable Schedule of Warrants Activity Schedule of Warrants Outstanding and Exercisable Schedule of Royalty Minimum Payment by Preceding Agreement Year Schedule of Future Minimum Payments Under Operating Leases Cash equivalents Accounts receivable reserves Research and development expense Advertising expenses Raw Materials Work in Process Finished goods Inventories Property and equipment estimated useful lives Gross Sales Less: Slotting, Discounts, Allowances Net Sales Risk-free interest rate Expected life of grants Expected volatility of underlying stock Dividends Net (loss) income attributable to common stockholders Effect of dilutive securities: Diluted net (loss) income Series A Preferred Options Warrants Weighted average common shares outstanding and assumed conversion - 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Common stock warrants equivalents. Debt extension fee included in principal balance of note. Entrepreneur Growth Capital LLC [Member] Growth Capital LLC [Member] Loan And Security Agreement Disclosure [Text Block] Loan And Security Agreement [Member]. Manatuck Hill Partners LLC [Member] Meatball Obsession LLC [Member]. More Raised Financing [Member] Notes Payable [Member] Notes Payable One [Member] Notes Payable Two [Member] Office Space [Member] Operating Lease [Member] Reduction In Investment Due To Losses In Affiliates. Related Parties [Policy Text Block] Schedule Of Expenses Of Slotting Fees And Sales Discounts Accounted For Direct Reduction In Revenues [Table Text Block] Schedule Of Minimum Royalty Payment [Table Text Block] Schedule of property and equipment estimated useful lives [Table Text Block] Schedule of share-based compensation, shares authorized under stock warrant plans, by exercise price range. Secured Promissory Note [Member]. Series A Preferred Shares. 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Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Exercisable Number Share Based Compensation Arrangement By Share Based Payment Award Warrants Outstanding Weighted Average Exercise Price Equity Instruments Other Than Options Nonvested Number Share Based Compensation Arrangement By Share Based Payment Award Warrants Exercisable Weighted Average Exercise Price Equity Instruments Other Than Options Nonvested Number Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Weighted Average Exercise Price. Share Based Compensation Arrangements By Share Based Payment Award Warrants Exercises In Period Weighted Average Exercise Price Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeitures Weighted Average Exercise Price. Share based compensation shares authorized under stock warrant plans exercise price range lower range limit. Share Based Compensation Shares Authorized Under Stock Warrant Plans Exercise Price Range Upper Range Limit Share based Compensation Arrangement By Share based Payment Award Warrants Outstanding Weighted Average Remaining Contractual Term. Weighted average exercise price warrants outstanding. Percentage of royalty on net sales. Nonrefundable monthly fee amount. Non refundable monthly fee term. Aggregate gross proceeds fee. Percentage Of Fee Equal To Aggregate Gross Proceeds Percentage of fees equal to aggregate gross proceeds for expenses. Percentage Of Common Stock Issuable Stock issued for Series A Preferred dividends. Capital lease asset additions. Schedule of Capital Lease Obligatiions [Table Text Block] Customer Three [Member] Debt extended maturity date. Purchase option. 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Document and Entity Information - shares
 6 Months Ended
Jul. 31, 2018
Sep. 14, 2018
Document And Entity Information    
Entity Registrant Name MamaMancini's Holdings, Inc.  
Entity Central Index Key 0001520358  
Document Type 10-Q  
Document Period End Date Jul. 31, 2018  
Amendment Flag false  
Current Fiscal Year End Date --01-31  
Entity Filer Category Smaller Reporting Company  
Entity Common Stock, Shares Outstanding   31,866,241
Trading Symbol MMMB  
Document Fiscal Period Focus Q2  
Document Fiscal Year Focus 2019  
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Condensed Consolidated Balance Sheets - USD ($)
Jul. 31, 2018
Jan. 31, 2018
Current Assets:    
Cash $ 347,032 $ 581,322
Accounts receivable, net 1,749,977 3,084,715
Inventories 1,279,557 824,276
Prepaid expenses 318,756 261,980
Total current assets 3,695,322 4,752,293
Property and equipment, net 3,096,001 2,499,875
Deposits 20,177 20,177
Total Assets 6,811,500 7,272,345
Current Liabilities:    
Accounts payable and accrued expenses 3,061,229 3,456,918
Line of credit, net 1,984,965 2,688,764
Term loans 315,540 106,938
Capital leases payable 53,730
Notes payable - related party 109,844
Notes payable - net 1,630,625 1,403,082
Total current liabilities 7,155,933 7,655,702
Term loans - net of current 647,805 651,677
Capital leases payable - net of current 177,483
Note payable - net of current 250,000
Notes payable - related party 532,000 649,656
Total long-term liabilities 1,357,288 1,551,333
Total Liabilities 8,513,221 9,207,035
Commitments and contingencies
Stockholders' Deficit:    
Preferred stock value
Common stock, $0.00001 par value; 250,000,000 shares authorized; 31,866,241 and 31,753,437 shares issued and outstanding as of July 31, 2018 and January 31, 2018, respectively 320 319
Additional paid in capital 16,463,956 16,344,794
Accumulated deficit (18,016,497) (18,130,303)
Less: Treasury stock, 230,000 shares, respectively (149,500) (149,500)
Total Stockholders' Deficit (1,701,721) (1,934,690)
Total Liabilities and Stockholders' Deficit 6,811,500 7,272,345
Series A Preferred Stock [Member]    
Stockholders' Deficit:    
Preferred stock value
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Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares
Jul. 31, 2018
Jan. 31, 2018
Preferred stock, par value $ 0.00001 $ 0.00001
Preferred stock, shares authorized 19,880,000 19,880,000
Preferred stock, shares issued
Preferred stock, shares outstanding
Common stock, par value $ 0.00001 $ 0.00001
Common stock, shares authorized 250,000,000 250,000,000
Common stock, shares issued 31,866,241 31,753,437
Common stock, shares outstanding 31,866,241 31,753,437
Treasury stock, shares 230,000 230,000
Series A Preferred Stock [Member]    
Preferred stock, par value $ 0.00001 $ 0.00001
Preferred stock, shares authorized 120,000 120,000
Preferred stock, shares issued 23,400 23,400
Preferred stock, shares outstanding 0 23,400
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Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
 3 Months Ended 6 Months Ended
Jul. 31, 2018
Jul. 31, 2017
Jul. 31, 2018
Jul. 31, 2017
Income Statement [Abstract]        
Sales-net of slotting fees and discounts $ 5,640,830 $ 7,005,434 $ 13,382,824 $ 12,362,735
Costs of Sales 3,578,840 4,652,820 8,492,288 8,067,627
Gross profit 2,061,990 2,352,614 4,890,536 4,295,108
Operating expenses:        
Research and development 37,083 33,333 67,179 67,331
General and administrative 1,895,081 1,953,961 4,140,018 3,664,678
Total operating expenses 1,932,164 1,987,294 4,207,197 3,732,009
Income from operations 129,826 365,320 683,339 563,099
Other expenses        
Interest expense (291,441) (188,230) (479,582) (372,962)
Amortization of debt discount (48,580) (8,730) (89,951) (26,010)
Total other expenses (340,021) (196,960) (569,533) (398,972)
Net income (loss) (210,195) 168,360 113,806 164,127
Less: preferred dividends (44,765) (91,565)
Net income (loss) available to common stockholders $ (210,195) $ 123,595 $ 113,806 $ 72,562
Net income (loss) per common share - basic $ (0.01) $ 0.00 $ 0.00 $ 0.00
Net income (loss) per common share - diluted $ (0.01) $ 0.00 $ 0.00 $ 0.00
Weighted average common shares outstanding - basic 31,859,812 28,100,066 31,820,898 27,957,789
Weighted average common shares outstanding - diluted 31,859,812 30,817,281 32,564,932 30,675,004
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Condensed Consolidated Statements of Changes in Stockholders' Deficit (Unaudited) - 6 months ended Jul. 31, 2018 - USD ($)
Series A Preferred Stock [Member]
Common Stock [Member]
Treasury Stock [Member]
Additional Paid In Capital [Member]
Accumulated Deficit [Member]
Total
Balance at Jan. 31, 2018 $ 319 $ (149,500) $ 16,344,794 $ (18,130,303) $ (1,934,690)
Balance, shares at Jan. 31, 2018 31,753,437 (230,000)      
Share-based compensation 79,163 79,163
Common stock issued for the exercise of options 40,000 $ 40,000
Common stock issued for the exercise of options, shares 40,000       40,000
Common stock issued for the exercise of warrants $ 1 (1)
Common stock issued for the exercise of warrants, shares 72,804        
Net income 113,806 113,806
Balance at Jul. 31, 2018 $ 320 $ (149,500) $ 16,463,956 $ (18,016,497) $ (1,701,721)
Balance, shares at Jul. 31, 2018 31,866,241 (230,000)      
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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 6 Months Ended
Jul. 31, 2018
Jul. 31, 2017
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 113,806 $ 164,127
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 337,833 240,205
Amortization of debt discount 89,951 26,010
Share-based compensation 79,163 147,499
(Increase) Decrease in:    
Accounts receivable 1,334,738 (1,246,756)
Inventories (455,281) (174,834)
Prepaid expenses (56,776) (545,598)
Increase (Decrease) in:    
Accounts payable and accrued expenses (2,987) 1,717,514
Net Cash Provided by Operating Activities 1,440,447 328,168
CASH FLOWS FROM INVESTING ACTIVITIES:    
Cash paid for fixed assets (903,959) (765,740)
Net Cash Used in Investing Activities (903,959) (765,740)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Repayment of note payable - related party (7,812)
Repayment of term loan (95,270) (70,002)
Borrowings from term loan 300,000
Repayment of note payable (500,000) (600,000)
Borrowings (repayments) of line of credit, net (708,909) 1,091,006
Proceeds from capital lease 213,250
Repayment of capital lease obligations (12,037)
Proceeds from exercise of options 40,000
Net Cash Provided by (Used in) Financing Activities (770,778) 421,004
Net Decrease in Cash (234,290) (16,568)
Cash - Beginning of Period 581,322 670,807
Cash - End of Period 347,032 654,239
SUPPLEMENTARY CASH FLOW INFORMATION:    
Income taxes
Interest 302,034 212,182
SUPPLEMENTARY DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Accrued interest on note payable reclassified to principal 392,702
Stock issued for Series A Preferred dividends 91,565
Debt issuance costs included in principal balance of note 52,236
Capital lease asset additions $ 30,000
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Nature of Operations and Basis of Presentation
 6 Months Ended
Jul. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Nature of Operations and Basis of Presentation

Note 1 - Nature of Operations and Basis of Presentation

 

Nature of Operations

 

MamaMancini’s Holdings, Inc. (the “Company”), (formerly known as Mascot Properties, Inc.) was organized on July 22, 2009 as a Nevada corporation. The Company has a year-end of January 31.

 

The Company is a manufacturer and distributor of beef meatballs with sauce, turkey meatballs with sauce, beef meat loaf and other similar meats and sauces. The Company’s customers are located throughout the United States, with a large concentration in the Northeast and Southeast.
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Summary of Significant Accounting Policies
 6 Months Ended
Jul. 31, 2018
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies

Note 2 - Summary of Significant Accounting Policies

 

Basis of Presentation

 

The condensed consolidated financial statements and related notes have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) and include the accounts of the Company and its wholly-owned subsidiaries. All material intercompany balances and transactions have been eliminated in consolidation.

 

Following the closing of the merger with Joseph Epstein Food Enterprises, Inc. (“JEFE”) on November 1, 2017, the financial statements of JEFE are consolidated with that of the Company. The prior period financial statements included in the condensed consolidated financial statements have been adjusted to reflect this transaction.

 

The unaudited financial information furnished herein reflects all adjustments, consisting solely of normal recurring items, which in the opinion of management are necessary to fairly state the financial position of the Company and the results of its operations for the periods presented. This report should be read in conjunction with the Company’s consolidated financial statements and notes thereto included in the Company’s Form 10-K for the year ended January 31, 2018 filed on May 16, 2018. The Company assumes that the users of the interim financial information herein have read or have access to the audited financial statements for the preceding fiscal year and that the adequacy of additional disclosure needed for a fair presentation may be determined in that context. The condensed consolidated balance sheet at January 31, 2018 was derived from audited financial statements but does not include all disclosures required by accounting principles generally accepted in the United States of America. The results of operations for the interim periods presented are not necessarily indicative of results for the year ending January 31, 2019.

 

Use of Estimates

 

The preparation of condensed consolidated financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Such estimates and assumptions impact, among others, the following: allowance for doubtful accounts, inventory obsolescence and the fair value of share-based payments.

 

Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the consolidated financial statements, which management considered in formulating its estimate could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from our estimates.

  

Risks and Uncertainties

 

The Company operates in an industry that is subject to intense competition and change in consumer demand. The Company’s operations are subject to significant risk and uncertainties including financial and operational risks including the potential risk of business failure.

 

The Company has experienced, and in the future expects to continue to experience, variability in sales and earnings. The factors expected to contribute to this variability include, among others, (i) the cyclical nature of the grocery industry, (ii) general economic conditions in the various local markets in which the Company competes, including a potential general downturn in the economy, and (iii) the volatility of prices pertaining to food and beverages in connection with the Company’s distribution of the product. These factors, among others, make it difficult to project the Company’s operating results on a consistent basis.

 

Cash

 

The Company considers all highly liquid instruments purchased with a maturity of three months or less to be cash equivalents. The Company held no cash equivalents at July 31, 2018 and January 31, 2018.

 

The Company minimizes its credit risk associated with cash by periodically evaluating the credit quality of its primary financial institution. The balance at times may exceed federally insured limits.

 

Accounts Receivable and Allowance for Doubtful Accounts

 

Accounts receivable are stated at the amount management expects to collect from outstanding balances. The Company generally does not require collateral to support customer receivables. The Company provides an allowance for doubtful accounts based upon a review of the outstanding accounts receivable, historical collection information and existing economic conditions. The Company determines if receivables are past due based on days outstanding, and amounts are written off when determined to be uncollectible by management. The maximum accounting loss from the credit risk associated with accounts receivable is the amount of the receivable recorded, which is the face amount of the receivable net of the allowance for doubtful accounts. As of July 31, 2018 and January 31, 2018, the Company had reserves of $2,000.

 

Inventories

 

Inventories are stated at the lower of cost or net realizable value using the first-in, first-out (FIFO) valuation method. Inventory was comprised of the following at July 31, 2018 and January 31, 2018:

 

    July 31, 2018     January 31, 2018  
Raw Materials   $ 512,869     $ 486,917  
Work in Process     25,513       21,387  
Finished goods     741,175       315,972  
    $ 1,279,557     $ 824,276  

 

Property and Equipment

 

Property and equipment are recorded at cost. Depreciation expense is computed using straight-line methods over the estimated useful lives.

 

Asset lives for financial statement reporting of depreciation are:

 

Machinery and equipment     2-7 years  
Furniture and fixtures     3 years  
Leasehold improvements     *  

 

(*) Amortized on a straight-line basis over the term of the lease or the estimated useful lives, whichever period is shorter.

 

Upon sale or retirement of property and equipment, the related cost and accumulated depreciation are removed from the accounts and any gain or loss is reflected in the consolidated statements of operations.

 

Fair Value of Financial Instruments

 

For purpose of this disclosure, the fair value of a financial instrument is the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced sale or liquidation. The carrying amount of the Company’s short-term financial instruments approximates fair value due to the relatively short period to maturity for these instruments.

  

Research and Development

 

Research and development is expensed as incurred. Research and development expenses for the three months ended July 31, 2018 and 2017 were $37,083 and $33,333, respectively. Research and development expenses for the six months ended July 31, 2018 and 2017 were $67,179 and $67,331, respectively.

 

Shipping and Handling Costs

 

The Company classifies freight billed to customers as sales revenue and the related freight costs as general and administrative expenses.

 

Revenue Recognition

 

In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606). ASU 2014-09 supersedes the revenue recognition requirements under Topic 605, Revenue Recognition, and most industry-specific guidance throughout the Industry Topics of the ASC. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which an entity expects to be entitled in exchange for those goods or services. Under the new guidance, an entity is required to perform the following five steps: (1) identify the contract(s) with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract, and (5) recognize revenue when (or as) the entity satisfies a performance obligation. The new guidance will significantly enhance comparability of revenue recognition practices across entities, industries, jurisdictions and capital markets. Additionally, the guidance requires improved disclosures as to the nature, amount, timing and uncertainty of revenue that is recognized. In May 2016, the FASB issued ASU No. 2016-12, Revenue from Contracts with Customers (Topic 606)—Narrow-Scope Improvements and Practical Expedients. This ASU clarified guidance on assessing collectability, presenting sales tax, measuring noncash consideration, and certain transition matters.

 

The Company adopted this guidance and related amendments as of the first quarter of fiscal 2019, applying the full retrospective transition method. The Company has determined that there are no material changes to the recognition, timing and classification of revenues and expenses; additionally, the adoption of ASU 2014-09 did not have a significant impact to pretax income upon adoption or on the consolidated financial statement disclosures.

 

The Company’s sales predominantly contain a single performance obligation and revenue is recognized at a single point in time when ownership, risks and rewards transfer. Typically, this occurs when the goods are shipped to the customer. Revenues are recognized in an amount that reflects the net consideration the Company expects to receive in exchange for the goods. The Company reports all amounts billed to a customer in a sale transaction as revenue, including those amounts related to shipping and handling. Shipping and handling costs are included in cost of goods sold. Under the new revenue guidance, the Company recognizes shipping and handling activities as a fulfillment of the Company’s promise to transfer products to its customers.

 

The Company promotes its products with advertising, consumer incentives and trade promotions. These programs include discounts, slotting fees, coupons, rebates, in-store display incentives and volume-based incentives. Customer trade promotion and consumer incentive activities are recorded as a reduction to the sale price based on amounts estimated as being due to customers and consumers at the end of a period. The Company derives these estimates principally on historical utilization and redemption rates.

 

Payment terms in the Company’s invoices are based on the billing schedule established in contracts and purchase orders with customers. The Company generally recognizes the related trade receivable when the goods are shipped.

 

Expenses such as slotting fees, sales discounts, and allowances are accounted for as a direct reduction of revenues as follows:

 

    Six Months
Ended
July 31, 2018		     Six Months
Ended
July 31, 2017		  
Gross Sales   $ 13,585,549     $ 12,587,604  
Less: Slotting, Discounts, Allowances     202,725       224,869  
Net Sales   $ 13,382,824     $ 12,362,735  

 

Cost of Sales

 

Cost of sales represents costs directly related to the production and manufacturing of the Company’s products. Costs include product development, freight, packaging, and print production costs.

  

Advertising

 

Costs incurred for producing and communicating advertising for the Company are charged to operations as incurred. Producing and communicating advertising expenses for the three months ended July 31, 2018 and 2017 were $391,026 and $412,849, respectively. Producing and communicating advertising expenses for the six months ended July 31, 2018 and 2017 were $906,183 and $738,943, respectively.

 

Stock-Based Compensation

 

The Company accounts for stock-based compensation in accordance with ASC Topic 718, “Compensation – Stock Compensation” (“ASC 718”) which establishes financial accounting and reporting standards for stock-based employee compensation. It defines a fair value-based method of accounting for an employee stock option or similar equity instrument. The Company accounts for compensation cost for stock option plans in accordance with ASC 718. The Company accounts for share-based payments to non-employees in accordance with ASC 505-50 “Equity Based Payments to Non-Employees”.

 

The Company recognizes all forms of share-based payments, including stock option grants, warrants and restricted stock grants, at their fair value on the grant date, which are based on the estimated number of awards that are ultimately expected to vest.

 

Share-based payments, excluding restricted stock, are valued using a Black-Scholes option pricing model. Grants of share-based payment awards issued to non-employees for services rendered have been recorded at the fair value of the share-based payment, which is the more readily determinable value. The grants are amortized on a straight-line basis over the requisite service periods, which is generally the vesting period. If an award is granted, but vesting does not occur, any previously recognized compensation cost is reversed in the period related to the termination of service. Stock-based compensation expenses are included in cost of goods sold or selling, general and administrative expenses, depending on the nature of the services provided, in the consolidated statement of operations. Share-based payments issued to placement agents are classified as a direct cost of a stock offering and are recorded as a reduction in additional paid in capital.

 

For the three months ended July 31, 2018, share-based compensation amounted to $36,945 relating to options issued to employees and consultants for services rendered.

 

For the three months ended July 31, 2017, share-based compensation amounted to $57,349 for options and common stock issued to employees and consultants for services rendered.

 

For the six months ended July 31, 2018, share-based compensation amounted to $79,163 relating to options issued to employees and consultants for services rendered.

 

For the six months ended July 31, 2017, share-based compensation amounted to $147,499 for options and common stock issued to employees and consultants for services rendered.

 

For the six months ended July 31, 2018 and 2017, when computing fair value of share-based payments, the Company has considered the following variables:

 

    July 31, 2018     July 31, 2017  
Risk-free interest rate     1.99 %     1.18 %
Expected life of grants     2.0 years       3.76 years  
Expected volatility of underlying stock     172 %     298 %
Dividends     0 %     0 %

 

The expected option term is computed using the “simplified” method as permitted under the provisions of ASC 718-10-S99. The Company uses the simplified method to calculate expected term of share options and similar instruments as the Company does not have sufficient historical exercise data to provide a reasonable basis upon which to estimate expected term.

 

The expected stock price volatility for the Company’s stock options was estimated using the historical volatilities of the Company’s common stock. Risk free interest rates were obtained from U.S. Treasury rates for the applicable periods.

  

Earnings (Loss) Per Share

 

Earnings per share (“EPS”) is the amount of earnings attributable to each share of common stock. For convenience, the term is used to refer to either earnings or loss per share. EPS is computed pursuant to Section 260-10-45 of the FASB Accounting Standards Codification. Pursuant to ASC Paragraphs 260-10-45-10 through 260-10-45-16, basic EPS shall be computed by dividing income available to common stockholders (the numerator) by the weighted-average number of common shares outstanding (the denominator) during the period. Income available to common stockholders shall be computed by deducting both the dividends declared in the period on preferred stock (whether or not paid) and the dividends accumulated for the period on cumulative preferred stock (whether or not earned) from income from continuing operations (if that amount appears in the income statement) and also from net income. The computation of diluted EPS is similar to the computation of basic EPS except that the denominator is increased to include the number of additional common shares that would have been outstanding if the dilutive potential common shares had been issued during the period to reflect the potential dilution that could occur from common shares issuable through contingent shares issuance arrangement, stock options or warrants.

 

The following table provides a reconciliation of the numerator and denominator used in computing basic and diluted net income (loss) attributable to common stockholders per common share.

 

    For the Three Months Ended  
    July 31, 2018     July 31, 2017  
Numerator:            
Net (loss) income attributable to common stockholders   $ (210,195 )   $ 123,595  
Effect of dilutive securities:     -       -  
                 
Diluted net (loss) income   $ (210,195 )   $ 123,595  
                 
Denominator:                
Weighted average common shares outstanding - basic     31,859,812       28,100,066  
Dilutive securities (a):                
Series A Preferred     -       -  
Options     -       347,949  
Warrants     -       2,369,266  
                 
Weighted average common shares outstanding and assumed conversion – diluted     31,859,812       30,817,281  
                 
Basic net (loss) income per common share   $ (0.01 )   $ 0.00  
                 
Diluted net (loss) income per common share   $ (0.01 )   $ 0.00  
                 
(a) - Anti-dilutive securities excluded:     7,216,665       3,110,149  

  

    For the Six Months Ended  
    July 31, 2018     July 31, 2017  
Numerator:            
Net income attributable to common stockholders   $ 113,806     $ 72,562  
Effect of dilutive securities:     -       -  
                 
Diluted net income   $ 113,806     $ 72,562  
                 
Denominator:                
Weighted average common shares outstanding - basic     31,820,898       27,957,789  
Dilutive securities (a):                
Series A Preferred     -       -  
Options     166,259       347,949  
Warrants     577,775       2,369,266  
                 
Weighted average common shares outstanding and assumed conversion – diluted     32,564,932       30,675,004  
                 
Basic net income per common share   $ 0.00     $ 0.00  
                 
Diluted net income per common share   $ 0.00     $ 0.00  
                 
(a) - Anti-dilutive securities excluded:     3,365,001       3,779,884  

 

Income Taxes

 

Income taxes are provided in accordance with ASC No. 740, “Accounting for Income Taxes”. A deferred tax asset or liability is recorded for all temporary differences between financial and tax reporting and net operating loss carryforwards. Deferred tax expense (benefit) results from the net change during the period of deferred tax assets and liabilities.

 

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 of 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.

 

The Company is no longer subject to tax examinations by tax authorities for years prior to 2014.

 

Related Parties

 

The Company follows subtopic ASC 850-10 for the identification of related parties and disclosure of related party transactions.

  

Pursuant to Section 850-10-20, the related parties include: (a) affiliates of the Company (“Affiliate” means, with respect to any specified person, any other person that, directly or indirectly through one or more intermediaries, controls, is controlled by or is under common control with such person, as such terms are used in and construed under Rule 405 under the Securities Act); (b) entities for which investments in their equity securities would be required, absent the election of the fair value option under the Fair Value Option Subsection of Section 825-10-15, to be accounted for by the equity method by the investing entity; (c) trusts for the benefit of employees, such as pension and profit-sharing trusts that are managed by or under the trusteeship of management; (d) principal owners of the Company; (e) management of the Company; (f) other parties with which the Company may deal if one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests; and (g) other parties that can significantly influence the management or operating policies of the transacting parties or that have an ownership interest in one of the transacting parties and can significantly influence the other to an extent that one or more of the transacting parties might be prevented from fully pursuing its own separate interests.

 

Recent Accounting Pronouncements

 

In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842).” Under ASU 2016-02, lessees will be required to recognize, for all leases of 12 months or more, a liability to make lease payments and a right-of-use asset representing the right to use the underlying asset for the lease term. Additionally, the guidance requires improved disclosures to help users of financial statements better understand the nature of an entity’s leasing activities. This ASU is effective for public reporting companies for interim and annual periods beginning after December 15, 2018, with early adoption permitted, and must be adopted using a modified retrospective approach. The Company is in the process of evaluating the effect of the new guidance on its condensed consolidated financial statements and disclosures.

 

Management does not believe that any recently issued, but not yet effective accounting pronouncements, when adopted, will have a material effect on the accompanying condensed consolidated financial statements.

 

Reclassification

 

Certain prior period amounts have been reclassified to conform to current period presentation.

 

Subsequent Events

 

The Company evaluates subsequent events and transactions that occur after the balance sheet date for potential recognition or disclosure. Any material events that occur between the balance sheet date and the date that the financial statements were issued are disclosed as subsequent events, while the financial statements are adjusted to reflect any conditions that existed at the balance sheet date.
XML 20 R9.htm IDEA: XBRL DOCUMENT v3.10.0.1
Property and Equipment
 6 Months Ended
Jul. 31, 2018
Property, Plant and Equipment [Abstract]  
Property and Equipment

Note 3 - Property and Equipment:

 

Property and equipment on July 31, 2018 and January 31, 2018 are as follows:

 

    July 31, 2018     January 31, 2018  
Machinery and Equipment   $ 2,639,550     $ 2,431,589  
Furniture and Fixtures     81,099       71,969  
Leasehold Improvements     2,788,037       2,071,169  
      5,508,686       4,574,727  
Less: Accumulated Depreciation     2,412,685       2,074,852  
    $ 3,096,001     $ 2,499,875  

 

During the six months ended July 31, 2018, leasehold improvements increase by approximately $717,000 in relation to the continued plant expansion in progress since 2017.

 

Depreciation expense charged to income for the three months ended July 31, 2018 and 2017 amounted to $203,591 and $133,124, respectively. Depreciation expense charged to income for the six months ended July 31, 2018 and 2017 amounted to $337,833 and $240,205, respectively.
XML 21 R10.htm IDEA: XBRL DOCUMENT v3.10.0.1
Investment in Meatball Obsession, LLC
 6 Months Ended
Jul. 31, 2018
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]  
Investment in Meatball Obsession, LLC

Note 4 - Investment in Meatball Obsession, LLC

 

During 2011, the Company acquired a 34.62% interest in Meatball Obsession, LLC (“MO”) for a total investment of $27,032. This investment is accounted for using the equity method of accounting. Accordingly, investments are recorded at acquisition cost plus the Company’s equity in the undistributed earnings or losses of the entity.

 

At December 31, 2011, the investment was written down to $0 due to losses incurred by MO.

 

The Company’s ownership interest in MO has decreased due to dilution. At July 31, 2018 and January 31, 2018, the Company’s ownership interest in MO was 12% and 12%, respectively.
XML 22 R11.htm IDEA: XBRL DOCUMENT v3.10.0.1
Related Party Transactions
 6 Months Ended
Jul. 31, 2018
Related Party Transactions [Abstract]  
Related Party Transactions

Note 5 - Related Party Transactions

 

Meatball Obsession, LLC

 

A current director of the Company is the chairman of the board and shareholder of Meatball Obsession LLC (“MO”).

 

For the three months ended July 31, 2018 and 2017, the Company generated approximately $11,972 and $10,468 in revenues from MO, respectively. For the six months ended July 31, 2018 and 2017, the Company generated approximately $40,710 and $33,039 in revenues from MO, respectively.

 

As of July 31, 2018 and January 31, 2018, the Company had a receivable of $21,410 and $32,869 due from MO, respectively.

 

WWS, Inc.

 

A current director of the Company is the president of WWS, Inc.

 

For the three months ended July 31, 2018 and 2017, the Company recorded $12,000 in commission expense from WWS, Inc. generated sales. For the six months ended July 31, 2018 and 2017, the Company recorded $24,000 in commission expense from WWS, Inc. generated sales.

 

Notes Payable – Related Party

 

During the year ended January 31, 2016, the Company received aggregate proceeds of $125,000 from notes payable with the CEO of the Company. The notes bear interest at a rate of 4% per annum and matured on December 31, 2016. The notes were subsequently extended until February 2019. As of July 31, 2018 and January 31, 2018, the outstanding principal balance of the notes was $109,844 and $117,656, respectively.

 

The Company received advances from the CEO of the Company which bear interest at 8%. The advances are due on February 1, 2020. At July 31, 2018 and January 31, 2018, there was $400,000 of principal outstanding, respectively.

 

The Company received advances from an entity 100% owned by the CEO of the Company, which bear interest at 8%. The advances are due on February 1, 2020. At July 31, 2018 and January 31, 2018 and 2017, there was $132,000 of principal outstanding, respectively.

 

For the three months ended July 31, 2018 and 2017, the Company recorded interest expense of $19,601 and $15,694, respectively, related to the above related party notes payable. For the six months ended July 31, 2018 and 2017, the Company recorded interest expense of $32,687 and $31,424, respectively, related to the above related party notes payable.
XML 23 R12.htm IDEA: XBRL DOCUMENT v3.10.0.1
Loan and Security Agreement
 6 Months Ended
Jul. 31, 2018
Debt Disclosure [Abstract]  
Loan and Security Agreement

Note 6 - Loan and Security Agreement

 

On September 3, 2014, the Company entered into a Loan and Security Agreement (“Loan and Security Agreement”) with Entrepreneur Growth Capital, LLC (“EGC”) which contains a line of credit. In September 2016, the agreement was amended and the total facility increased to an aggregate principal amount of up to $3,200,000. In June 2018, the line was increased by $300,000. The increase was personally guaranteed by the CEO of the Company. As of July 31, 2018 and January 31, 2018, the outstanding balance on the line of credit was $1,993,481 and $2,702,390, respectively. In May 2018, the agreement was amended to extend the termination date to October 1, 2020.

 

On September 3, 2014, the Company also entered into a 5-year $600,000 Secured Promissory Note (“EGC Note”) with EGC. In September 2016, the ECG Note was increased to $700,000 with an extended maturity date of September 30, 2021. The amended EGC Note is payable in 60 monthly installments of $11,667. The EGC Note was further amended in October 2017 to increase the note to $800,000 with principal payments of $13,795. The EGC Note bears interest at the prime rate plus 4.0% and is payable monthly, in arrears. In the event of default, the Company shall pay 10% above the stated rates of interest per the Loan and Security Agreement. The EGC Note is secured by all of the assets of the Company.

 

Effective June 6, 2018, the Company executed a Secured Promissory Note with EGC which provides for $300,000 in financing with a maturity date of June 1, 2020. The Note provides for 24 monthly payments of $12,500 together with interest on the outstanding balance at Four percent (4%) over the applicable prime rate.

 

The outstanding balance on the term loans was $963,345 and $758,615 as of July 31, 2018 and January 31, 2018, respectively.
XML 24 R13.htm IDEA: XBRL DOCUMENT v3.10.0.1
Notes Payable
 6 Months Ended
Jul. 31, 2018
Debt Disclosure [Abstract]  
Notes Payable

Note 7 – Notes Payable

 

On December 19, 2014, the Company entered into a securities purchase agreement (the “Manatuck Purchase Agreement”) with Manatuck Hill Partners, LLC (“Manatuck”) whereby the Company issued a convertible redeemable debenture (the “Manatuck Debenture”) in favor of Manatuck. Subsequent to issuance, the note was amended to extend the maturity date and also removed the convertible feature of the note. On January 22, 2018, the Company further extended the maturity date to November 1, 2018.

 

On July 17, 2018, the Company further extended the maturity date to May 1, 2019. The Company paid to Manatuck a cash fee equal to two percent (2%) of the mutually-agreed pro-forma balance payable on account of the note as of July 17, 2018, which shall include all interest which would be accrued on the note through July 17, 2018. Total accrued interest of $392,702 was added to the outstanding principal balance as of the extension date. The 2% fee was expensed in accordance with debt extinguishment accounting.

 

There was unamortized debt discount of $0 and $84,841 as of July 31, 2018 and January 31, 2018, respectively.

 

The outstanding principal net of debt discount at July 31, 2018 and January 31, 2018 was $1,380,625 and $1,403,082, respectively.

 

On April 29, 2015, the Company entered into a note payable with a bank for $250,000, which was used to pay down and replace a prior note payable. The note bears interest at 3.75%, with interest being due monthly. The note is due in full on the maturity date of April 1, 2019. The note is fully guaranteed by the Company’s Chief Executive Officer. The outstanding balance on the note was $250,000 as of July 31, 2018 and January 31, 2018.
XML 25 R14.htm IDEA: XBRL DOCUMENT v3.10.0.1
Capital Leases Payable
 6 Months Ended
Jul. 31, 2018
Debt Disclosure [Abstract]  
Capital Leases Payable

Note 8 – Capital Leases Payable

 

Capital lease obligations consisted of the following at July 31, 2018:

 

      July 31, 2018    
           
(i) Capital lease obligation to a financing company for a term of four (4) years, collateralized by equipment, with interest at 7.5% per annum, with principal and interest due and payable in monthly installments of $5,152 and buyout purchase option of $31,988 at end of lease   $ 201,643    
             
(ii) Capital lease obligation to a financing company for a term of five (5) years, collateralized by kitchen equipment, with interest at 5.9% per annum, with principal and interest due and payable in monthly installments of $610 and buyout purchase option of $1 at end of lease     29,570    
             
        231,213    
             
  Less current maturities     53,730    
             
  Capital lease obligation, net of current maturities   $ 177,483    

 

  (i) In May 2018, the Company executed a sale-leaseback arrangement with an unrelated third party whereby the Company sold its equipment and leased it back for a period of 4 years. Pursuant to the agreement, the Company received gross proceeds of $213,250. This transaction is recorded as a financing transaction with the assets and related financing obligation on the condensed consolidated balance sheet. The lease expires in April 2022 and includes purchase, renewal and return options and certain default provisions requiring the Company to perform repairs and maintenance, make timely rent payments and insure the equipment.

 

Future maturities of all debt and capital leases (including debt discussed above in Notes 5, 6, 7 and 8) are as follows:

 

For the Twelve Months Ending July 31,      
2019   $ 4,103,220  
2020     892,837  
2021     227,714  
2022     216,871  
2023     19,866  
    $ 5,460,508  
XML 26 R15.htm IDEA: XBRL DOCUMENT v3.10.0.1
Concentrations
 6 Months Ended
Jul. 31, 2018
Risks and Uncertainties [Abstract]  
Concentrations

Note 9- Concentrations

 

Revenues

 

During the six months ended July 31, 2018, the Company earned revenues from one customer representing approximately 52% of gross sales. During the six months ended July 31, 2017, the Company earned revenues from three customers representing approximately 39%, 11% and 10% of gross sales.

 

As of July 31, 2018, this one customer represented approximately 49% of total gross outstanding receivables, respectively. As of July 31, 2017, these three customers represented approximately 43%, 11% and 19% of total gross outstanding receivables, respectively.
XML 27 R16.htm IDEA: XBRL DOCUMENT v3.10.0.1
Stockholders' Deficit
 6 Months Ended
Jul. 31, 2018
Equity [Abstract]  
Stockholders' Deficit

Note 10 - Stockholders’ Deficit

 

(A) Options

 

The following is a summary of the Company’s option activity:

 

    Options     Weighted
Average
Exercise Price		  
             
Outstanding – January 31, 2018     866,000     $ 0.87  
Exercisable – January 31, 2018     699,000     $ 0.78  
Granted     30,000     $ 1.21  
Exercised     (40,000 )   $ 1.00  
Forfeited/Cancelled     (218,000 )   $ -  
Outstanding – July 31, 2018     638,000     $ 0.79  
Exercisable – July 31, 2018     532,000     $ 0.68  

 

      Options Outstanding         Options Exercisable  
Exercise
Price		     Number
Outstanding		     Weighted
Average
Remaining
Contractual
Life
(in years)		   Weighted
Average
Exercise Price		     Number
Exercisable		     Weighted
Average
Exercise Price		  
                                         
$ 0.39 – 2.97       638,000     2.64 years   $ 0.79       532,000     $ 0.68  

 

At July 31, 2018 the total intrinsic value of options outstanding and exercisable was $134,670.

 

For the six months ended July 31, 2018 and 2017, the Company recognized share-based compensation related to options of an aggregate of $79,163 and $8,999, respectively. At July 31, 2018, unrecognized share-based compensation was $62,345.

 

(D) Warrants

 

The following is a summary of the Company’s warrant activity:

 

    Warrants     Weighted Average
Exercise Price		  
             
Outstanding – January 31, 2018     7,061,399     $ 1.06  
Exercisable – January 31, 2018     7,061,399     $ 1.06  
Granted     -     $ -  
Exercised     (467,496 )   $ 1.00  
Forfeited/Cancelled     (15,238 )   $ -  
Outstanding – July 31, 2018     6,578,665     $ 1.06  
Exercisable – July 31, 2018     6,578,665     $ 1.06  

 

Warrants Outstanding     Warrants Exercisable  
Exercise
Price		     Number
Outstanding		     Weighted
Average
Remaining
Contractual
Life
(in years)		     Weighted
Average
Exercise Price		     Number
Exercisable		     Weighted
Average
Exercise Price		  
                                             
$ 0.68 – 2.50       6,578,665       2.22 years     $ 1.06       6,578,665     $ 1.06  

 

At July 31, 2018, the total intrinsic value of warrants outstanding and exercisable was $468,000 and $468,000, respectively.

 

During the six months ended July 31, 2018, 467,496 warrants were exercised by the warrant holders on a cashless basis. The Company issued 72,804 shares of common stock as a result of this exercise.
XML 28 R17.htm IDEA: XBRL DOCUMENT v3.10.0.1
Commitments and Contingencies
 6 Months Ended
Jul. 31, 2018
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies

Note 11 - Commitments and Contingencies

 

Litigation, Claims and Assessments

 

From time to time, the Company may become involved in various lawsuits and legal proceedings, which arise in the ordinary course of business. Litigation is subject to inherent uncertainties, and an adverse result in these or other matters may arise from time to time that may harm its business. The Company is currently not aware of any such legal proceedings or claims that they believe will have, individually or in the aggregate, a material adverse effect on its business, financial condition or operating results.

 

Licensing and Royalty Agreements

 

On March 1, 2010, the Company was assigned a Development and License agreement (the “Agreement”). Under the terms of the Agreement the Licensor shall develop for the Company a line of beef meatballs with sauce, turkey meatballs with sauce and other similar meats and sauces for commercial manufacture, distribution and sale (each a “Licensor Product” and collectively the “Licensor Products”). Licensor shall work with Licensee to develop Licensor Products that are acceptable to Licensee. Upon acceptance of a Licensor Product by Licensee, Licensor’s trade secret recipes, formulas methods and ingredients for the preparation and production of such Licensor Products (the “Recipes”) shall be subject to this Development and License Agreement.

 

The Exclusive Term began on January 1, 2009 (the “Effective Date”) and ends on the 50th anniversary of the Effective Date.

 

The Royalty Rate shall be: 6% of net sales up to $500,000 of net sales for each Agreement year; 4% of Net Sales from $500,000 up to $2,500,000 of Net Sales for each Agreement year; 2% of Net Sales from $2,500,000 up to $20,000,000 of Net Sales for each Agreement year; and 1% of Net Sales in excess of $20,000,000 of Net Sales for each Agreement year.

 

In order to continue the Exclusive term, the Company shall pay a minimum royalty with respect to the preceding Agreement year as follows:

 

Agreement Year   Minimum 
Royalty 
to be Paid with
Respect to Such
Agreement Year		  
1st and 2nd   $ -  
3rd and 4th   $ 50,000  
5th, 6th and 7th   $ 75,000  
8th and 9th   $ 100,000  
10th and thereafter   $ 125,000  

 

The Company incurred $70,993 and $89,061 of royalty expenses for the three months ended July 31, 2018 and 2017. The Company incurred $200,856 and $206,191 of royalty expenses for the six months ended July 31, 2018 and 2017. Royalty expenses are included in general and administrative expenses on the condensed consolidated statement of operations.

  

Agreements with Placement Agents and Finders

 

The Company entered into a fourth Financial Advisory and Investment Banking Agreement with Spartan Capital Securities, LLC (“Spartan”) effective April 1, 2015 (the “Spartan Advisory Agreement”). Pursuant to the Spartan Advisory Agreement, the Company shall pay to Spartan a non-refundable monthly fee of $10,000 through October 1, 2015. The monthly fee shall survive any termination of the Agreement. Additionally, (i) if at least $4,000,000 is raised in the Financing, the Company shall pay to Spartan a non-refundable fee of $5,000 per month from November 1, 2015 through October 2017; and (ii) if at least $5,000,000 is raised in the Financing, the Company shall pay to Spartan a non-refundable fee of $5,000 per month from November 1, 2017 through October 2019. If $10,000,000 or more is raised in the Financing, the Company shall issue to Spartan shares of its common stock having an aggregate value of $5,000 (as determined by reference to the average volume weighted average trading price for the last five trading days of the immediately preceding month) on the first day of each month during the period from November 1, 2015 through October 1, 2019.

 

The Company, upon closing of the Financing, shall pay consideration to Spartan, in cash, a fee in an amount equal to 10% of the aggregate gross proceeds raised in the Financing and 3% of the aggregate gross proceeds raised in the Financing for expenses incurred by Spartan. The Company shall grant and deliver to Spartan at the closing of the Financing, for nominal consideration, five-year warrants to purchase a number of shares of the Company’s common stock equal to 10% of the number of shares of common stock (and/or shares of common stock issuable upon exercise of securities or upon conversion or exchange of convertible or exchangeable securities) sold at such closing. The warrants shall be exercisable at any time during the five-year period commencing on the closing to which they relate at an exercise price equal to the purchase price per share of common stock paid by investors in the Financing or, in the case of exercisable, convertible, or exchangeable securities, the exercise, conversion or exchange price thereof. If the Financing is consummated by means of more than one closing, Spartan shall be entitled to the fees provided herein with respect to each such closing.

 

If the Company enters into a change of control transaction during the term of the agreement through October 1, 2022, the Company shall pay to Spartan a fee equal to 3% of the consideration paid or received by the Company and/or its stockholders in such transaction.

 

During the six months ended July 31, 2018, no payments were made to Spartan.

 

Operating Lease

 

The Company has a lease for office, manufacturing, and warehouse space in East Rutherford, NJ. The lease expires on March 31, 2024, with a 5-year renewal option. The Company leases additional office space in East Rutherford, NJ. This lease is for a 51-month term expiring on March 31, 2019 with annual payments of $18,847.

 

Rent expense for the six months ended July 31, 2018 and 2017 was $124,174 and $145,557, respectively.

 

Total future minimum payments required under the lease as of July 31, 2018 are as follows:

 

Twelve Months Ending January 31,      
2019 (remaining)   $ 114,831  
2020     201,599  
2021     199,757  
2022     209,846  
2023     211,864  
Thereafter     247,174  
Total   $ 1,185,071  
XML 29 R18.htm IDEA: XBRL DOCUMENT v3.10.0.1
Subsequent Events
 6 Months Ended
Jul. 31, 2018
Subsequent Events [Abstract]  
Subsequent Events

Note 12 – Subsequent Events

 

The Company has evaluated subsequent events through the date the financial statements were available to be issued.
XML 30 R19.htm IDEA: XBRL DOCUMENT v3.10.0.1
Summary of Significant Accounting Policies (Policies)
 6 Months Ended
Jul. 31, 2018
Accounting Policies [Abstract]  
Basis of Presentation

Basis of Presentation

 

The condensed consolidated financial statements and related notes have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) and include the accounts of the Company and its wholly-owned subsidiaries. All material intercompany balances and transactions have been eliminated in consolidation.

 

Following the closing of the merger with Joseph Epstein Food Enterprises, Inc. (“JEFE”) on November 1, 2017, the financial statements of JEFE are consolidated with that of the Company. The prior period financial statements included in the condensed consolidated financial statements have been adjusted to reflect this transaction.

 

The unaudited financial information furnished herein reflects all adjustments, consisting solely of normal recurring items, which in the opinion of management are necessary to fairly state the financial position of the Company and the results of its operations for the periods presented. This report should be read in conjunction with the Company’s consolidated financial statements and notes thereto included in the Company’s Form 10-K for the year ended January 31, 2018 filed on May 16, 2018. The Company assumes that the users of the interim financial information herein have read or have access to the audited financial statements for the preceding fiscal year and that the adequacy of additional disclosure needed for a fair presentation may be determined in that context. The condensed consolidated balance sheet at January 31, 2018 was derived from audited financial statements but does not include all disclosures required by accounting principles generally accepted in the United States of America. The results of operations for the interim periods presented are not necessarily indicative of results for the year ending January 31, 2019.
Use of Estimates

Use of Estimates

 

The preparation of condensed consolidated financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Such estimates and assumptions impact, among others, the following: allowance for doubtful accounts, inventory obsolescence and the fair value of share-based payments.

 

Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the consolidated financial statements, which management considered in formulating its estimate could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from our estimates.
Risks and Uncertainties

Risks and Uncertainties

 

The Company operates in an industry that is subject to intense competition and change in consumer demand. The Company’s operations are subject to significant risk and uncertainties including financial and operational risks including the potential risk of business failure.

 

The Company has experienced, and in the future expects to continue to experience, variability in sales and earnings. The factors expected to contribute to this variability include, among others, (i) the cyclical nature of the grocery industry, (ii) general economic conditions in the various local markets in which the Company competes, including a potential general downturn in the economy, and (iii) the volatility of prices pertaining to food and beverages in connection with the Company’s distribution of the product. These factors, among others, make it difficult to project the Company’s operating results on a consistent basis.
Cash

Cash

 

The Company considers all highly liquid instruments purchased with a maturity of three months or less to be cash equivalents. The Company held no cash equivalents at July 31, 2018 and January 31, 2018.

 

The Company minimizes its credit risk associated with cash by periodically evaluating the credit quality of its primary financial institution. The balance at times may exceed federally insured limits.
Accounts Receivable and Allowance for Doubtful Accounts

Accounts Receivable and Allowance for Doubtful Accounts

 

Accounts receivable are stated at the amount management expects to collect from outstanding balances. The Company generally does not require collateral to support customer receivables. The Company provides an allowance for doubtful accounts based upon a review of the outstanding accounts receivable, historical collection information and existing economic conditions. The Company determines if receivables are past due based on days outstanding, and amounts are written off when determined to be uncollectible by management. The maximum accounting loss from the credit risk associated with accounts receivable is the amount of the receivable recorded, which is the face amount of the receivable net of the allowance for doubtful accounts. As of July 31, 2018 and January 31, 2018, the Company had reserves of $2,000.
Inventories

Inventories

 

Inventories are stated at the lower of cost or net realizable value using the first-in, first-out (FIFO) valuation method. Inventory was comprised of the following at July 31, 2018 and January 31, 2018:

 

    July 31, 2018     January 31, 2018  
Raw Materials   $ 512,869     $ 486,917  
Work in Process     25,513       21,387  
Finished goods     741,175       315,972  
    $ 1,279,557     $ 824,276  
Property and Equipment

Property and Equipment

 

Property and equipment are recorded at cost. Depreciation expense is computed using straight-line methods over the estimated useful lives.

 

Asset lives for financial statement reporting of depreciation are:

 

Machinery and equipment     2-7 years  
Furniture and fixtures     3 years  
Leasehold improvements     *  

 

(*) Amortized on a straight-line basis over the term of the lease or the estimated useful lives, whichever period is shorter.

 

Upon sale or retirement of property and equipment, the related cost and accumulated depreciation are removed from the accounts and any gain or loss is reflected in the consolidated statements of operations.
Fair Value of Financial Instruments

Fair Value of Financial Instruments

 

For purpose of this disclosure, the fair value of a financial instrument is the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced sale or liquidation. The carrying amount of the Company’s short-term financial instruments approximates fair value due to the relatively short period to maturity for these instruments.
Research and Development

Research and Development

 

Research and development is expensed as incurred. Research and development expenses for the three months ended July 31, 2018 and 2017 were $37,083 and $33,333, respectively. Research and development expenses for the six months ended July 31, 2018 and 2017 were $67,179 and $67,331, respectively.
Shipping and Handling Costs

Shipping and Handling Costs

 

The Company classifies freight billed to customers as sales revenue and the related freight costs as general and administrative expenses.
Revenue Recognition

Revenue Recognition

 

In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606). ASU 2014-09 supersedes the revenue recognition requirements under Topic 605, Revenue Recognition, and most industry-specific guidance throughout the Industry Topics of the ASC. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which an entity expects to be entitled in exchange for those goods or services. Under the new guidance, an entity is required to perform the following five steps: (1) identify the contract(s) with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract, and (5) recognize revenue when (or as) the entity satisfies a performance obligation. The new guidance will significantly enhance comparability of revenue recognition practices across entities, industries, jurisdictions and capital markets. Additionally, the guidance requires improved disclosures as to the nature, amount, timing and uncertainty of revenue that is recognized. In May 2016, the FASB issued ASU No. 2016-12, Revenue from Contracts with Customers (Topic 606)—Narrow-Scope Improvements and Practical Expedients. This ASU clarified guidance on assessing collectability, presenting sales tax, measuring noncash consideration, and certain transition matters.

 

The Company adopted this guidance and related amendments as of the first quarter of fiscal 2019, applying the full retrospective transition method. The Company has determined that there are no material changes to the recognition, timing and classification of revenues and expenses; additionally, the adoption of ASU 2014-09 did not have a significant impact to pretax income upon adoption or on the consolidated financial statement disclosures.

 

The Company’s sales predominantly contain a single performance obligation and revenue is recognized at a single point in time when ownership, risks and rewards transfer. Typically, this occurs when the goods are shipped to the customer. Revenues are recognized in an amount that reflects the net consideration the Company expects to receive in exchange for the goods. The Company reports all amounts billed to a customer in a sale transaction as revenue, including those amounts related to shipping and handling. Shipping and handling costs are included in cost of goods sold. Under the new revenue guidance, the Company recognizes shipping and handling activities as a fulfillment of the Company’s promise to transfer products to its customers.

 

The Company promotes its products with advertising, consumer incentives and trade promotions. These programs include discounts, slotting fees, coupons, rebates, in-store display incentives and volume-based incentives. Customer trade promotion and consumer incentive activities are recorded as a reduction to the sale price based on amounts estimated as being due to customers and consumers at the end of a period. The Company derives these estimates principally on historical utilization and redemption rates.

 

Payment terms in the Company’s invoices are based on the billing schedule established in contracts and purchase orders with customers. The Company generally recognizes the related trade receivable when the goods are shipped.

 

Expenses such as slotting fees, sales discounts, and allowances are accounted for as a direct reduction of revenues as follows:

 

    Six Months
Ended
July 31, 2018		     Six Months
Ended
July 31, 2017		  
Gross Sales   $ 13,585,549     $ 12,587,604  
Less: Slotting, Discounts, Allowances     202,725       224,869  
Net Sales   $ 13,382,824     $ 12,362,735  
Cost of Sales

Cost of Sales

 

Cost of sales represents costs directly related to the production and manufacturing of the Company’s products. Costs include product development, freight, packaging, and print production costs.
Advertising

Advertising

 

Costs incurred for producing and communicating advertising for the Company are charged to operations as incurred. Producing and communicating advertising expenses for the three months ended July 31, 2018 and 2017 were $391,026 and $412,849, respectively. Producing and communicating advertising expenses for the six months ended July 31, 2018 and 2017 were $906,183 and $738,943, respectively.
Stock-Based Compensation

Stock-Based Compensation

 

The Company accounts for stock-based compensation in accordance with ASC Topic 718, “Compensation – Stock Compensation” (“ASC 718”) which establishes financial accounting and reporting standards for stock-based employee compensation. It defines a fair value-based method of accounting for an employee stock option or similar equity instrument. The Company accounts for compensation cost for stock option plans in accordance with ASC 718. The Company accounts for share-based payments to non-employees in accordance with ASC 505-50 “Equity Based Payments to Non-Employees”.

 

The Company recognizes all forms of share-based payments, including stock option grants, warrants and restricted stock grants, at their fair value on the grant date, which are based on the estimated number of awards that are ultimately expected to vest.

 

Share-based payments, excluding restricted stock, are valued using a Black-Scholes option pricing model. Grants of share-based payment awards issued to non-employees for services rendered have been recorded at the fair value of the share-based payment, which is the more readily determinable value. The grants are amortized on a straight-line basis over the requisite service periods, which is generally the vesting period. If an award is granted, but vesting does not occur, any previously recognized compensation cost is reversed in the period related to the termination of service. Stock-based compensation expenses are included in cost of goods sold or selling, general and administrative expenses, depending on the nature of the services provided, in the consolidated statement of operations. Share-based payments issued to placement agents are classified as a direct cost of a stock offering and are recorded as a reduction in additional paid in capital.

 

For the three months ended July 31, 2018, share-based compensation amounted to $36,945 relating to options issued to employees and consultants for services rendered.

 

For the three months ended July 31, 2017, share-based compensation amounted to $57,349 for options and common stock issued to employees and consultants for services rendered.

 

For the six months ended July 31, 2018, share-based compensation amounted to $79,163 relating to options issued to employees and consultants for services rendered.

  

For the six months ended July 31, 2017, share-based compensation amounted to $147,499 for options and common stock issued to employees and consultants for services rendered.

 

For the six months ended July 31, 2018 and 2017, when computing fair value of share-based payments, the Company has considered the following variables:

 

    July 31, 2018     July 31, 2017  
Risk-free interest rate     1.99 %     1.18 %
Expected life of grants     2.0 years       3.76 years  
Expected volatility of underlying stock     172 %     298 %
Dividends     0 %     0 %

 

The expected option term is computed using the “simplified” method as permitted under the provisions of ASC 718-10-S99. The Company uses the simplified method to calculate expected term of share options and similar instruments as the Company does not have sufficient historical exercise data to provide a reasonable basis upon which to estimate expected term.

 

The expected stock price volatility for the Company’s stock options was estimated using the historical volatilities of the Company’s common stock. Risk free interest rates were obtained from U.S. Treasury rates for the applicable periods.
Earnings (Loss) Per Share

Earnings (Loss) Per Share

 

Earnings per share (“EPS”) is the amount of earnings attributable to each share of common stock. For convenience, the term is used to refer to either earnings or loss per share. EPS is computed pursuant to Section 260-10-45 of the FASB Accounting Standards Codification. Pursuant to ASC Paragraphs 260-10-45-10 through 260-10-45-16, basic EPS shall be computed by dividing income available to common stockholders (the numerator) by the weighted-average number of common shares outstanding (the denominator) during the period. Income available to common stockholders shall be computed by deducting both the dividends declared in the period on preferred stock (whether or not paid) and the dividends accumulated for the period on cumulative preferred stock (whether or not earned) from income from continuing operations (if that amount appears in the income statement) and also from net income. The computation of diluted EPS is similar to the computation of basic EPS except that the denominator is increased to include the number of additional common shares that would have been outstanding if the dilutive potential common shares had been issued during the period to reflect the potential dilution that could occur from common shares issuable through contingent shares issuance arrangement, stock options or warrants.

 

The following table provides a reconciliation of the numerator and denominator used in computing basic and diluted net income (loss) attributable to common stockholders per common share.

 

    For the Three Months Ended  
    July 31, 2018     July 31, 2017  
Numerator:            
Net (loss) income attributable to common stockholders   $ (210,195 )   $ 123,595  
Effect of dilutive securities:     -       -  
                 
Diluted net (loss) income   $ (210,195 )   $ 123,595  
                 
Denominator:                
Weighted average common shares outstanding - basic     31,859,812       28,100,066  
Dilutive securities (a):                
Series A Preferred     -       -  
Options     -       347,949  
Warrants     -       2,369,266  
                 
Weighted average common shares outstanding and assumed conversion – diluted     31,859,812       30,817,281  
                 
Basic net (loss) income per common share   $ (0.01 )   $ 0.00  
                 
Diluted net (loss) income per common share   $ (0.01 )   $ 0.00  
                 
(a) - Anti-dilutive securities excluded:     7,216,665       3,110,149  

  

    For the Six Months Ended  
    July 31, 2018     July 31, 2017  
Numerator:            
Net income attributable to common stockholders   $ 113,806     $ 72,562  
Effect of dilutive securities:     -       -  
                 
Diluted net income   $ 113,806     $ 72,562  
                 
Denominator:                
Weighted average common shares outstanding - basic     31,820,898       27,957,789  
Dilutive securities (a):                
Series A Preferred     -       -  
Options     166,259       347,949  
Warrants     577,775       2,369,266  
                 
Weighted average common shares outstanding and assumed conversion – diluted     32,564,932       30,675,004  
                 
Basic net income per common share   $ 0.00     $ 0.00  
                 
Diluted net income per common share   $ 0.00     $ 0.00  
                 
(a) - Anti-dilutive securities excluded:     3,365,001       3,779,884  
Income Taxes

Income Taxes

 

Income taxes are provided in accordance with ASC No. 740, “Accounting for Income Taxes”. A deferred tax asset or liability is recorded for all temporary differences between financial and tax reporting and net operating loss carryforwards. Deferred tax expense (benefit) results from the net change during the period of deferred tax assets and liabilities.

 

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 of 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.

 

The Company is no longer subject to tax examinations by tax authorities for years prior to 2014.
Related Parties

Related Parties

 

The Company follows subtopic ASC 850-10 for the identification of related parties and disclosure of related party transactions.

  

Pursuant to Section 850-10-20, the related parties include: (a) affiliates of the Company (“Affiliate” means, with respect to any specified person, any other person that, directly or indirectly through one or more intermediaries, controls, is controlled by or is under common control with such person, as such terms are used in and construed under Rule 405 under the Securities Act); (b) entities for which investments in their equity securities would be required, absent the election of the fair value option under the Fair Value Option Subsection of Section 825-10-15, to be accounted for by the equity method by the investing entity; (c) trusts for the benefit of employees, such as pension and profit-sharing trusts that are managed by or under the trusteeship of management; (d) principal owners of the Company; (e) management of the Company; (f) other parties with which the Company may deal if one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests; and (g) other parties that can significantly influence the management or operating policies of the transacting parties or that have an ownership interest in one of the transacting parties and can significantly influence the other to an extent that one or more of the transacting parties might be prevented from fully pursuing its own separate interests.
Recent Accounting Pronouncements

Recent Accounting Pronouncements

 

In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842).” Under ASU 2016-02, lessees will be required to recognize, for all leases of 12 months or more, a liability to make lease payments and a right-of-use asset representing the right to use the underlying asset for the lease term. Additionally, the guidance requires improved disclosures to help users of financial statements better understand the nature of an entity’s leasing activities. This ASU is effective for public reporting companies for interim and annual periods beginning after December 15, 2018, with early adoption permitted, and must be adopted using a modified retrospective approach. The Company is in the process of evaluating the effect of the new guidance on its condensed consolidated financial statements and disclosures.

 

Management does not believe that any recently issued, but not yet effective accounting pronouncements, when adopted, will have a material effect on the accompanying condensed consolidated financial statements.
Reclassification

Reclassification

 

Certain prior period amounts have been reclassified to conform to current period presentation.
Subsequent Events

Subsequent Events

 

The Company evaluates subsequent events and transactions that occur after the balance sheet date for potential recognition or disclosure. Any material events that occur between the balance sheet date and the date that the financial statements were issued are disclosed as subsequent events, while the financial statements are adjusted to reflect any conditions that existed at the balance sheet date.
XML 31 R20.htm IDEA: XBRL DOCUMENT v3.10.0.1
Summary of Significant Accounting Policies (Tables)
 6 Months Ended
Jul. 31, 2018
Accounting Policies [Abstract]  
Schedule of Inventories

Inventories are stated at the lower of cost or net realizable value using the first-in, first-out (FIFO) valuation method. Inventory was comprised of the following at July 31, 2018 and January 31, 2018:

 

    July 31, 2018     January 31, 2018  
Raw Materials   $ 512,869     $ 486,917  
Work in Process     25,513       21,387  
Finished goods     741,175       315,972  
    $ 1,279,557     $ 824,276  
Schedule of Property and Equipment Estimated Useful Lives

Asset lives for financial statement reporting of depreciation are:

 

Machinery and equipment     2-7 years  
Furniture and fixtures     3 years  
Leasehold improvements     *  

 

(*) Amortized on a straight-line basis over the term of the lease or the estimated useful lives, whichever period is shorter.
Schedule of Expenses of Slotting Fees, Sales Discounts and Allowances are Accounted as Direct Reduction of Revenues

Expenses such as slotting fees, sales discounts, and allowances are accounted for as a direct reduction of revenues as follows:

 

    Six Months
Ended
July 31, 2018		     Six Months
Ended
July 31, 2017		  
Gross Sales   $ 13,585,549     $ 12,587,604  
Less: Slotting, Discounts, Allowances     202,725       224,869  
Net Sales   $ 13,382,824     $ 12,362,735  
Schedule of Fair Value of Share-Based Payments

For the six months ended July 31, 2018 and 2017, when computing fair value of share-based payments, the Company has considered the following variables:

 

    July 31, 2018     July 31, 2017  
Risk-free interest rate     1.99 %     1.18 %
Expected life of grants     2.0 years       3.76 years  
Expected volatility of underlying stock     172 %     298 %
Dividends     0 %     0 %
Schedule of Earnings Per Share, Basic and Diluted

The following table provides a reconciliation of the numerator and denominator used in computing basic and diluted net income (loss) attributable to common stockholders per common share.

 

    For the Three Months Ended  
    July 31, 2018     July 31, 2017  
Numerator:            
Net (loss) income attributable to common stockholders   $ (210,195 )   $ 123,595  
Effect of dilutive securities:     -       -  
                 
Diluted net (loss) income   $ (210,195 )   $ 123,595  
                 
Denominator:                
Weighted average common shares outstanding - basic     31,859,812       28,100,066  
Dilutive securities (a):                
Series A Preferred     -       -  
Options     -       347,949  
Warrants     -       2,369,266  
                 
Weighted average common shares outstanding and assumed conversion – diluted     31,859,812       30,817,281  
                 
Basic net (loss) income per common share   $ (0.01 )   $ 0.00  
                 
Diluted net (loss) income per common share   $ (0.01 )   $ 0.00  
                 
(a) - Anti-dilutive securities excluded:     7,216,665       3,110,149  

  

    For the Six Months Ended  
    July 31, 2018     July 31, 2017  
Numerator:            
Net income attributable to common stockholders   $ 113,806     $ 72,562  
Effect of dilutive securities:     -       -  
                 
Diluted net income   $ 113,806     $ 72,562  
                 
Denominator:                
Weighted average common shares outstanding - basic     31,820,898       27,957,789  
Dilutive securities (a):                
Series A Preferred     -       -  
Options     166,259       347,949  
Warrants     577,775       2,369,266  
                 
Weighted average common shares outstanding and assumed conversion – diluted     32,564,932       30,675,004  
                 
Basic net income per common share   $ 0.00     $ 0.00  
                 
Diluted net income per common share   $ 0.00     $ 0.00  
                 
(a) - Anti-dilutive securities excluded:     3,365,001       3,779,884  
XML 32 R21.htm IDEA: XBRL DOCUMENT v3.10.0.1
Property and Equipment (Tables)
 6 Months Ended
Jul. 31, 2018
Property, Plant and Equipment [Abstract]  
Schedule of Property and Equipment

Property and equipment on July 31, 2018 and January 31, 2018 are as follows:

 

    July 31, 2018     January 31, 2018  
Machinery and Equipment   $ 2,639,550     $ 2,431,589  
Furniture and Fixtures     81,099       71,969  
Leasehold Improvements     2,788,037       2,071,169  
      5,508,686       4,574,727  
Less: Accumulated Depreciation     2,412,685       2,074,852  
    $ 3,096,001     $ 2,499,875  
XML 33 R22.htm IDEA: XBRL DOCUMENT v3.10.0.1
Capital Leases Payable (Tables)
 6 Months Ended
Jul. 31, 2018
Debt Disclosure [Abstract]  
Schedule of Capital Lease Obligations

Capital lease obligations consisted of the following at July 31, 2018:

 

      July 31, 2018    
           
(i) Capital lease obligation to a financing company for a term of four (4) years, collateralized by equipment, with interest at 7.5% per annum, with principal and interest due and payable in monthly installments of $5,152 and buyout purchase option of $31,988 at end of lease   $ 201,643    
             
(ii) Capital lease obligation to a financing company for a term of five (5) years, collateralized by kitchen equipment, with interest at 5.9% per annum, with principal and interest due and payable in monthly installments of $610 and buyout purchase option of $1 at end of lease     29,570    
             
        231,213    
             
  Less current maturities     53,730    
             
  Capital lease obligation, net of current maturities   $ 177,483    
Schedule of Future Maturities of Long Term Debt

Future maturities of all debt and capital leases (including debt discussed above in Notes 5, 6, 7 and 8) are as follows:

 

For the Twelve Months Ending July 31,      
2019   $ 4,103,220  
2020     892,837  
2021     227,714  
2022     216,871  
2023     19,866  
    $ 5,460,508  
XML 34 R23.htm IDEA: XBRL DOCUMENT v3.10.0.1
Stockholders' Deficit (Tables)
 6 Months Ended
Jul. 31, 2018
Equity [Abstract]  
Summary of Option Activity

The following is a summary of the Company’s option activity:

 

    Options     Weighted 
Average
Exercise Price		  
             
Outstanding – January 31, 2018     866,000     $ 0.87  
Exercisable – January 31, 2018     699,000     $ 0.78  
Granted     30,000     $ 1.21  
Exercised     (40,000 )   $ 1.00  
Forfeited/Cancelled     (218,000 )   $ -  
Outstanding – July 31, 2018     638,000     $ 0.79  
Exercisable – July 31, 2018     532,000     $ 0.68  
Summary of Option Outstanding and Exercisable

      Options Outstanding         Options Exercisable  
Exercise
Price		     Number 
Outstanding		     Weighted 
Average
Remaining 
Contractual 
Life
(in years)		   Weighted 
Average 
Exercise Price		     Number
Exercisable		     Weighted 
Average 
Exercise Price		  
                                         
$ 0.39 – 2.97       638,000     2.64 years   $ 0.79       532,000     $ 0.68  
Schedule of Warrants Activity

The following is a summary of the Company’s warrant activity:

 

    Warrants     Weighted Average
Exercise Price		  
             
Outstanding – January 31, 2018     7,061,399     $ 1.06  
Exercisable – January 31, 2018     7,061,399     $ 1.06  
Granted     -     $ -  
Exercised     (467,496 )   $ 1.00  
Forfeited/Cancelled     (15,238 )   $ -  
Outstanding – July 31, 2018     6,578,665     $ 1.06  
Exercisable – July 31, 2018     6,578,665     $ 1.06  
Schedule of Warrants Outstanding and Exercisable

Warrants Outstanding     Warrants Exercisable  
Exercise
Price		     Number
Outstanding		     Weighted
Average
Remaining
Contractual
Life
(in years)		     Weighted
Average
Exercise Price		     Number
Exercisable		     Weighted
Average
Exercise Price		  
                                             
$ 0.68 – 2.50       6,578,665       2.22 years     $ 1.06       6,578,665     $ 1.06  
XML 35 R24.htm IDEA: XBRL DOCUMENT v3.10.0.1
Commitments and Contingencies (Tables)
 6 Months Ended
Jul. 31, 2018
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Royalty Minimum Payment by Preceding Agreement Year

In order to continue the Exclusive term, the Company shall pay a minimum royalty with respect to the preceding Agreement year as follows:

 

Agreement Year   Minimum 
Royalty 
to be Paid with
Respect to Such
Agreement Year		  
1st and 2nd   $ -  
3rd and 4th   $ 50,000  
5th, 6th and 7th   $ 75,000  
8th and 9th   $ 100,000  
10th and thereafter   $ 125,000  
Schedule of Future Minimum Payments Under Operating Leases

Total future minimum payments required under the lease as of July 31, 2018 are as follows:

 

Twelve Months Ending January 31,      
2019 (remaining)   $ 114,831  
2020     201,599  
2021     199,757  
2022     209,846  
2023     211,864  
Thereafter     247,174  
Total   $ 1,185,071  
XML 36 R25.htm IDEA: XBRL DOCUMENT v3.10.0.1
Summary of Significant Accounting Policies (Details Narrative) - USD ($)
 3 Months Ended 6 Months Ended
Jul. 31, 2018
Jul. 31, 2017
Jul. 31, 2018
Jul. 31, 2017
Jan. 31, 2018
Accounting Policies [Abstract]          
Cash equivalents    
Accounts receivable reserves 2,000   2,000   $ 2,000
Research and development expense 37,083 $ 33,333 67,179 $ 67,331  
Advertising expenses 391,026 412,849 906,183 738,943  
Share-based compensation $ 36,945 $ 57,349 $ 79,163 $ 147,499  
XML 37 R26.htm IDEA: XBRL DOCUMENT v3.10.0.1
Summary of Significant Accounting Policies - Schedule of Inventories (Details) - USD ($)
Jul. 31, 2018
Jan. 31, 2018
Accounting Policies [Abstract]    
Raw Materials $ 512,869 $ 486,917
Work in Process 25,513 21,387
Finished goods 741,175 315,972
Inventories $ 1,279,557 $ 824,276
XML 38 R27.htm IDEA: XBRL DOCUMENT v3.10.0.1
Summary of Significant Accounting Policies - Schedule of Property and Equipment Estimated Useful Lives (Details)
 6 Months Ended
Jul. 31, 2018
Furniture and Fixtures [Member]  
Property and equipment estimated useful lives 3 years
Leasehold Improvements [Member]  
Property and equipment estimated useful lives 0 years [1]
Minimum [Member] | Machinery and Equipment [Member]  
Property and equipment estimated useful lives 2 years
Maximum [Member] | Machinery and Equipment [Member]  
Property and equipment estimated useful lives 7 years
[1] Amortized on a straight-line basis over the term of the lease or the estimated useful lives, whichever period is shorter.
XML 39 R28.htm IDEA: XBRL DOCUMENT v3.10.0.1
Summary of Significant Accounting Policies - Schedule of Expenses of Slotting Fees, Sales Discounts and Allowances are Accounted as Direct Reduction of Revenues (Details) - USD ($)
 3 Months Ended 6 Months Ended
Jul. 31, 2018
Jul. 31, 2017
Jul. 31, 2018
Jul. 31, 2017
Accounting Policies [Abstract]        
Gross Sales     $ 13,585,549 $ 12,587,604
Less: Slotting, Discounts, Allowances     202,725 224,869
Net Sales $ 5,640,830 $ 7,005,434 $ 13,382,824 $ 12,362,735
XML 40 R29.htm IDEA: XBRL DOCUMENT v3.10.0.1
Summary of Significant Accounting Policies - Schedule of Fair Value of Share-Based Payments (Details)
 6 Months Ended
Jul. 31, 2018
Jul. 31, 2017
Risk-free interest rate 1.99% 1.18%
Expected life of grants   3 years 9 months 3 days
Expected volatility of underlying stock 172.00% 298.00%
Dividends 0.00% 0.00%
Minimum [Member]    
Expected life of grants 2 years  
XML 41 R30.htm IDEA: XBRL DOCUMENT v3.10.0.1
Summary of Significant Accounting Policies - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($)
 3 Months Ended 6 Months Ended
Jul. 31, 2018
Jul. 31, 2017
Jul. 31, 2018
Jul. 31, 2017
Accounting Policies [Abstract]        
Net (loss) income attributable to common stockholders $ (210,195) $ 123,595 $ 113,806 $ 72,562
Effect of dilutive securities:
Diluted net (loss) income $ (210,195) $ 123,595 $ 113,806 $ 72,562
Weighted average common shares outstanding - basic 31,859,812 28,100,066 31,820,898 27,957,789
Series A Preferred
Options 347,949 166,259 347,949
Warrants 2,369,266 577,775 2,369,266
Weighted average common shares outstanding and assumed conversion - diluted 31,859,812 30,817,281 32,564,932 30,675,004
Basic net (loss) income per common share $ (0.01) $ 0.00 $ 0.00 $ 0.00
Diluted net (loss) income per common share $ (0.01) $ 0.00 $ 0.00 $ 0.00
(a) - Anti-dilutive securities excluded: 7,216,665 3,110,149 3,365,001 3,779,884
XML 42 R31.htm IDEA: XBRL DOCUMENT v3.10.0.1
Property and Equipment (Details Narrative) - USD ($)
 3 Months Ended 6 Months Ended
Jul. 31, 2018
Jul. 31, 2017
Jul. 31, 2018
Jul. 31, 2017
Property, Plant and Equipment [Abstract]        
Increase in leasehold improvements     $ 717,000  
Depreciation expense $ 203,591 $ 133,124 $ 337,833 $ 240,205
XML 43 R32.htm IDEA: XBRL DOCUMENT v3.10.0.1
Property and Equipment - Schedule of Property and Equipment (Details) - USD ($)
Jul. 31, 2018
Jan. 31, 2018
Property, Plant and Equipment [Abstract]    
Machinery and Equipment $ 2,639,550 $ 2,431,589
Furniture and Fixtures 81,099 71,969
Leasehold Improvements 2,788,037 2,071,169
Property and Equipment, Gross 5,508,686 4,574,727
Less: Accumulated Depreciation 2,412,685 2,074,852
Property and Equipment, Net $ 3,096,001 $ 2,499,875
XML 44 R33.htm IDEA: XBRL DOCUMENT v3.10.0.1
Investment in Meatball Obsession, LLC (Details Narrative) - Meatball Obsession, LLC [Member] - USD ($)
Dec. 31, 2011
Jul. 31, 2018
Jan. 31, 2018
Percentage of equity interest acquired in business combination 34.62%    
Investment in business combination $ 27,032    
Reduction in investment due to losses in affiliates $ 0    
Ownership interest percentage   12.00% 12.00%
XML 45 R34.htm IDEA: XBRL DOCUMENT v3.10.0.1
Related Party Transactions (Details Narrative) - USD ($)
 3 Months Ended 6 Months Ended 12 Months Ended
Apr. 29, 2015
Jul. 31, 2018
Jul. 31, 2017
Jul. 31, 2018
Jul. 31, 2017
Jan. 31, 2016
Jan. 31, 2018
Jan. 31, 2017
Interest expense related party   $ 19,601 $ 15,694 $ 32,687 $ 31,424      
Notes Payable [Member]                
Note bears interest rate per annum 3.75%              
Debt maturity date Apr. 01, 2019              
Meatball Obsession, LLC [Member]                
Revenue from related parties   11,972 10,468 40,710 33,039      
Due from related party   21,410   21,410     $ 32,869  
WWS, Inc [Member]                
Commission expense   12,000 $ 12,000 24,000 $ 24,000      
CEO [Member]                
Proceeds from notes payable with related party           $ 125,000    
Note bears interest rate per annum           4.00%    
Debt maturity date           Dec. 31, 2016    
CEO [Member] | Notes Payable [Member]                
Note principal balance amount   $ 109,844   $ 109,844     117,656  
CEO [Member] | Notes Payable One [Member]                
Note bears interest rate per annum   8.00%   8.00%        
Debt maturity date       Feb. 01, 2020        
Note principal balance amount   $ 400,000   $ 400,000     400,000  
CEO [Member] | Notes Payable Two [Member]                
Note bears interest rate per annum   8.00%   8.00%        
Debt maturity date       Feb. 01, 2020        
Note principal balance amount   $ 132,000   $ 132,000     $ 132,000 $ 132,000
Ownership percentage   100.00%   100.00%        
CEO [Member] | Extended Maturity [Member]                
Debt maturity date           Feb. 28, 2019    
XML 46 R35.htm IDEA: XBRL DOCUMENT v3.10.0.1
Loan and Security Agreement (Details Narrative) - USD ($)
 1 Months Ended
Jun. 06, 2018
May 31, 2018
Sep. 03, 2014
May 31, 2018
Oct. 31, 2017
Sep. 30, 2016
Jul. 31, 2018
Jun. 30, 2018
Jan. 31, 2018
Line of credit             $ 1,993,481   $ 2,702,390
Term of loan       4 years          
Debt instrument face amount             1,380,625   1,403,082
Term loan outstanding             $ 963,345   $ 758,615
Entrepreneur Growth Capital, LLC [Member]                  
Extended maturity date   Oct. 01, 2020              
Entrepreneur Growth Capital, LLC [Member] | Secured Promissory Note [Member]                  
Extended maturity date Jun. 01, 2020                
Repayment of secured debt, monthly instalment basis $ 12,500                
Secured promissory note $ 300,000                
Monthly payment description Note provides for 24 monthly payments                
Entrepreneur Growth Capital, LLC [Member] | Secured Promissory Note [Member] | Prime Rate [Member]                  
Debt interest rate 4.00%                
Loan and Security Agreement [Member] | Entrepreneur Growth Capital, LLC [Member] | CEO [Member]                  
Line of credit               $ 300,000  
Loan and Security Agreement [Member] | Entrepreneur Growth Capital, LLC [Member] | Maximum [Member]                  
Line of credit           $ 3,200,000      
Secured Promissory Note [Member] | Entrepreneur Growth Capital LLC [Member]                  
Extended maturity date           Sep. 30, 2021      
Term of loan     5 years            
Line of credit aggregate value     $ 600,000            
Debt instrument, increase         $ 800,000 $ 700,000      
Repayment of secured debt, monthly instalment basis     $ 11,667   $ 13,795        
Line of credit interest rate description     The EGC Note bears interest at the prime rate plus 4.0% and is payable monthly, in arrears. In the event of default, the Company shall pay 10% above the stated rates of interest per the Loan and Security Agreement.            
Line of credit default stated rates of interest     10.00%            
XML 47 R36.htm IDEA: XBRL DOCUMENT v3.10.0.1
Notes Payable (Details Narrative) - USD ($)
 6 Months Ended
Jan. 22, 2018
Apr. 29, 2015
Jul. 31, 2018
Jul. 31, 2017
Jul. 17, 2018
Jan. 31, 2018
Unamortized debt discount, net     $ 0     $ 84,841
Outstanding principal debt     1,380,625     1,403,082
Repayable of note payable     500,000 $ 600,000    
Notes Payable [Member]            
Debt, interest rate percentage   3.75%        
Outstanding principal debt     $ 250,000     $ 250,000
Repayable of note payable   $ 250,000        
Debt maturity date   Apr. 01, 2019        
Manatuck Hill Partners, LLC [Member]            
Debt extended maturity date Nov. 01, 2018          
Debt, interest rate percentage         2.00%  
Accrued interest         $ 392,702  
Debt extinguishment fee percentage         2.00%  
XML 48 R37.htm IDEA: XBRL DOCUMENT v3.10.0.1
Capital Leases Payable - (Details Narrative)
 1 Months Ended
May 31, 2018
USD ($)
Debt Disclosure [Abstract]  
Debt instrument term 4 years
Gross proceeds form lease $ 213,250
Lease expiration date Apr. 30, 2022
XML 49 R38.htm IDEA: XBRL DOCUMENT v3.10.0.1
Capital Leases Payable - Schedule of Capital Lease Obligations (Details) - USD ($)
Jul. 31, 2018
Jan. 31, 2018
Less current maturities $ 53,730
Capital lease obligation, net of current maturities 177,483
Capital Lease Obligation One [Member]    
Total Capital lease obligation 201,643  
Capital Lease Obligation Two [Member]    
Total Capital lease obligation 29,570  
Capital Lease Obligation [Member]    
Total Capital lease obligation 231,213  
Less current maturities 53,730  
Capital lease obligation, net of current maturities $ 177,483  
XML 50 R39.htm IDEA: XBRL DOCUMENT v3.10.0.1
Capital Leases Payable - Schedule of Capital Lease Obligations (Details) (Parenthetical) - USD ($)
 1 Months Ended 6 Months Ended
May 31, 2018
Jul. 31, 2018
Debt instrument term 4 years  
Capital Lease Obligation One [Member]    
Debt instrument term   4 years
Debt interest rate   7.50%
Debt instrument monthly instalments   $ 5,152
Purchase option   $ 31,988
Capital Lease Obligation Two [Member]    
Debt instrument term   5 years
Debt interest rate   5.90%
Debt instrument monthly instalments   $ 610
Purchase option   $ 1
XML 51 R40.htm IDEA: XBRL DOCUMENT v3.10.0.1
Capital Leases Payable - Schedule of Future Maturities of Long Term Debt (Details)
Jul. 31, 2018
USD ($)
Debt Disclosure [Abstract]  
2019 $ 4,103,220
2020 892,837
2021 227,714
2022 216,871
2023 19,866
Future maturities of long term debt total $ 5,460,508
XML 52 R41.htm IDEA: XBRL DOCUMENT v3.10.0.1
Concentrations (Details Narrative)
 6 Months Ended
Jul. 31, 2018
Jul. 31, 2017
Sales Revenue [Member] | Customer One [Member]    
Concentrations of risk percentage 52.00% 39.00%
Sales Revenue [Member] | Customer Two [Member]    
Concentrations of risk percentage   11.00%
Sales Revenue [Member] | Customer Three [Member]    
Concentrations of risk percentage   10.00%
Accounts Receivable [Member] | Customer One [Member]    
Concentrations of risk percentage 49.00% 43.00%
Accounts Receivable [Member] | Customer Two [Member]    
Concentrations of risk percentage   11.00%
Accounts Receivable [Member] | Customer Three [Member]    
Concentrations of risk percentage   19.00%
XML 53 R42.htm IDEA: XBRL DOCUMENT v3.10.0.1
Stockholders' Deficit (Details Narrative) - USD ($)
 6 Months Ended
Jul. 31, 2018
Jul. 31, 2017
Total intrinsic value of options outstanding $ 134,670  
Total intrinsic value of options exercisable 134,670  
Recognized stock options 79,163 $ 8,999
Unrecognized stock based compensation 62,345  
Warrant [Member]    
Total intrinsic value of warrants outstanding 468,000  
Total intrinsic value of warrants exercisable $ 468,000  
Number of warrants exercised 467,496  
Number of shares issued for warrants exercises 72,804  
XML 54 R43.htm IDEA: XBRL DOCUMENT v3.10.0.1
Stockholders' Deficit - Summary of Option Activity (Details)
 6 Months Ended
Jul. 31, 2018
$ / shares
shares
Equity [Abstract]  
Options, Outstanding, Beginning balance | shares 866,000
Options, Exercisable, Beginning balance | shares 699,000
Options, Granted | shares 30,000
Options, Exercised | shares (40,000)
Options, Forfeited/Cancelled | shares (218,000)
Options, Outstanding, Ending balance | shares 638,000
Options, Exercisable, Ending balance | shares 532,000
Options Outstanding, Weighted Average Exercise Price, Beginning balance | $ / shares $ 0.87
Options Exercisable, Weighted Average Exercise Price, Beginning balance | $ / shares 0.78
Weighted Average Exercise Price, Granted | $ / shares 1.21
Weighted Average Exercise Price, Exercised | $ / shares 1.00
Weighted Average Exercise Price, Forfeited/Cancelled | $ / shares
Options Outstanding, Weighted Average Exercise Price, Ending balance | $ / shares 0.79
Options Exercisable, Weighted Average Exercise Price, Ending balance | $ / shares $ 0.68
XML 55 R44.htm IDEA: XBRL DOCUMENT v3.10.0.1
Stockholders' Deficit - Summary of Option Outstanding and Exercisable (Details)
 6 Months Ended
Jul. 31, 2018
$ / shares
shares
Equity [Abstract]  
Range of exercise price lower range limit $ 0.39
Range of exercise price upper range limit $ 2.97
Number of Options Outstanding | shares 638,000
Weighted Average Remaining Contractual Life (in years), Options Outstanding 2 years 7 months 21 days
Weighted Average Exercise Price, Options Outstanding $ 0.79
Number of Options Exercisable | shares 532,000
Weighted Average Exercise Price, Options Exercisable $ 0.68
XML 56 R45.htm IDEA: XBRL DOCUMENT v3.10.0.1
Stockholders' Deficit - Schedule of Warrants Activity (Details) - Warrant [Member]
 6 Months Ended
Jul. 31, 2018
$ / shares
shares
Warrants Outstanding, Beginning balance | shares 7,061,399
Warrants Exercisable, Beginning balance | shares 7,061,399
Warrants, Granted | shares
Warrants, Exercised | shares (467,496)
Warrants, Forfeited/Cancelled | shares (15,238)
Warrants Outstanding, Ending balance | shares 6,578,665
Warrants Exercisable, Ending balance | shares 6,578,665
Warrants Outstanding, Weighted Average Exercise Price, Beginning balance | $ / shares $ 1.06
Warrants Exercisable, Weighted Average Exercise Price, Beginning balance | $ / shares 1.06
Weighted Average Exercise Price, Granted | $ / shares
Weighted Average Exercise Price, Exercised | $ / shares 1.00
Weighted Average Exercise Price, Forfeited/Cancelled | $ / shares
Warrants Outstanding, Weighted Average Exercise Price, Ending balance | $ / shares 1.06
Warrants Exercisable, Weighted Average Exercise Price, Ending balance | $ / shares $ 1.06
XML 57 R46.htm IDEA: XBRL DOCUMENT v3.10.0.1
Stockholders' Deficit - Schedule of Warrants Outstanding and Exercisable (Details) - Warrant [Member] - $ / shares
 6 Months Ended
Jul. 31, 2018
Jan. 31, 2018
Range of Exercise Price, lower limit $ 0.68  
Range of Exercise Price, upper limit $ 2.50  
Number of Warrants Outstanding 6,578,665 7,061,399
Weighted Average Remaining Contractual Life (in Years) 2 years 2 months 19 days  
Weighted Average Exercise Price, Warrants Outstanding $ 1.06  
Number of Warrants Exercisable 6,578,665 7,061,399
Weighted Average Exercise Price, Warrants Exercisable $ 1.06 $ 1.06
XML 58 R47.htm IDEA: XBRL DOCUMENT v3.10.0.1
Commitments and Contingencies (Details Narrative) - USD ($)
 1 Months Ended 3 Months Ended 6 Months Ended
May 31, 2018
Jul. 31, 2018
Jul. 31, 2017
Jul. 31, 2018
Jul. 31, 2017
Royalty expenses   $ 70,993 $ 89,061 $ 200,856 $ 206,191
Lease agreement expire date Apr. 30, 2022        
Year 1 [Member]          
Percentage of royalty on net sales       6.00%  
Royalty revenue       $ 500,000  
Year 2 [Member]          
Percentage of royalty on net sales       4.00%  
Year 2 [Member] | Minimum [Member]          
Royalty revenue       $ 500,000  
Year 2 [Member] | Maximum [Member]          
Royalty revenue       $ 2,500,000  
Year 3 [Member]          
Percentage of royalty on net sales       2.00%  
Year 3 [Member] | Minimum [Member]          
Royalty revenue       $ 2,500,000  
Year 3 [Member] | Maximum [Member]          
Royalty revenue       $ 20,000,000  
Year 4 [Member]          
Percentage of royalty on net sales       1.00%  
Royalty revenue       $ 20,000,000  
Spartan Capital Securities, LLC [Member]          
Percentage of fee equal to aggregate gross proceeds       10.00%  
Percentage of fees equal to aggregate gross proceeds for expenses       3.00%  
Percentage of common stock issuable       10.00%  
Percentage of fee equal to consideration paid       3.00%  
Agreement term description       If the Company enters into a change of control transaction during the term of the agreement through October 1, 2022, the Company shall pay to Spartan a fee equal to 3% of the consideration paid or received by the Company and/or its stockholders in such transaction.  
Spartan Capital Securities, LLC [Member] | Advisory Agreement [Member]          
Nonrefundable monthly fee amount       $ 10,000  
Spartan Capital Securities, LLC [Member] | Advisory Agreement [Member] | At least $4,000,000 Raised Financing [Member]          
Nonrefundable monthly fee amount       $ 5,000  
Nonrefundable monthly fee term       November 1, 2015 through October 2017  
Aggregate gross proceeds fee       $ 4,000,000  
Spartan Capital Securities, LLC [Member] | Advisory Agreement [Member] | At least $5,000,000 Raised Financing [Member]          
Nonrefundable monthly fee amount       $ 5,000  
Nonrefundable monthly fee term       November 1, 2017 through October 2019  
Aggregate gross proceeds fee       $ 5,000,000  
Spartan Capital Securities, LLC [Member] | Advisory Agreement [Member] | $10,000,000 or More Raised Financing [Member]          
Nonrefundable monthly fee amount       $ 5,000  
Nonrefundable monthly fee term       November 1, 2015 through October 1, 2019  
Aggregate gross proceeds fee       $ 10,000,000  
Operating Lease [Member]          
Lease agreement expire date       Mar. 31, 2024  
Operating lease expiration term   5 years   5 years  
Office Space [Member]          
Lease agreement expire date       Mar. 31, 2019  
Operating lease expiration term   51 months   51 months  
Operating lease annual payments       $ 18,847  
Rent expense       $ 124,174 $ 145,557
XML 59 R48.htm IDEA: XBRL DOCUMENT v3.10.0.1
Commitments and Contingencies - Schedule of Royalty Minimum Payment by Preceding Agreement Year (Details) - USD ($)
 3 Months Ended 6 Months Ended
Jul. 31, 2018
Jul. 31, 2017
Jul. 31, 2018
Jul. 31, 2017
Minimum Royalty to be Paid $ 70,993 $ 89,061 $ 200,856 $ 206,191
Agreement Year 1st and 2nd [Member]        
Minimum Royalty to be Paid      
Agreement Year 3rd and 4th [Member]        
Minimum Royalty to be Paid     50,000  
Agreement Year 5th, 6th and 7th [Member]        
Minimum Royalty to be Paid     75,000  
Agreement Year 8th and 9th [Member]        
Minimum Royalty to be Paid     100,000  
Agreement Year 10th and thereafter [Member]        
Minimum Royalty to be Paid     $ 125,000  
XML 60 R49.htm IDEA: XBRL DOCUMENT v3.10.0.1
Commitments and Contingencies - Schedule of Future Minimum Payments Under Operating Leases (Details)
Jul. 31, 2018
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
2019 (remaining) $ 114,831
2020 201,599
2021 199,757
2022 209,846
2023 211,864
Thereafter 247,174
Total $ 1,185,071
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