RESTATEMENT:

12 Months Ended

Oct. 31, 2020

Accounting Changes and Error Corrections [Abstract]

RESTATEMENT:

NOTE 3 - RESTATEMENT:

The Company is restating its consolidated statement of operations for the years ended October 31, 2020 and 2019 to correct its accounting for certain intercompany transactions that should have been eliminated in consolidation. The restatement is being made in accordance with ASC 250, “Accounting Changes and Error Corrections.” The disclosure provision of ASC 250 requires a company that corrects an error to disclose that its previously issued financial statements have been restated, a description of the nature of the error, the effect of the correction on each financial statement line item and any per share amount affected for each prior period presented, and the cumulative effect on retained earnings in the statement of financial position as of the beginning of each period presented.

COFFEE HOLDING CO., INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

OCTOBER 31, 2020 AND 2019

NOTE 3 – RESTATEMENT (cont’d):

The effects of the adjustment on the Company’s previously issued October 31, 2020 and 2019 consolidated statement is summarized as follows:

Selected Consolidated Statement of Operations for the years ended October 31, 2020 and 2019.

	Previously Reported October 31, 2020			Increase (Decrease)			As Restated
Net Sales	$	74,335,815		$	(8,303,862	)	$	66,031,953
Cost of Sales	$	(61,256,926	)	$	8,303,862		$	(52,953,064	)
Gross Profit	$	13,078,889		$	-		$	13,078,889

	Previously Reported October 31, 2019			Increase (Decrease)			As Restated
Net Sales	$	86,467,432		$	(9,859,897	)	$	76,607,535
Cost of Sales	$	(70,708,100	)	$	9,859,897		$	(60,848,203	)
Gross Profit	$	15,759,332		$	-		$	15,759,332