0001144204-12-029408.txt : 20120515 0001144204-12-029408.hdr.sgml : 20120515 20120515151534 ACCESSION NUMBER: 0001144204-12-029408 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 9 CONFORMED PERIOD OF REPORT: 20120331 FILED AS OF DATE: 20120515 DATE AS OF CHANGE: 20120515 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Mojo Organics, Inc. CENTRAL INDEX KEY: 0001414953 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-RETAIL STORES, NEC [5990] IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 333-148190 FILM NUMBER: 12843924 BUSINESS ADDRESS: STREET 1: 836 GRUNDY AVENUE CITY: HOLBROOK STATE: NY ZIP: 11741 BUSINESS PHONE: (631) 750-3195 MAIL ADDRESS: STREET 1: 836 GRUNDY AVENUE CITY: HOLBROOK STATE: NY ZIP: 11741 FORMER COMPANY: FORMER CONFORMED NAME: Mojo Ventures, Inc. DATE OF NAME CHANGE: 20110518 FORMER COMPANY: FORMER CONFORMED NAME: Mojo Ventures, Inc DATE OF NAME CHANGE: 20110506 FORMER COMPANY: FORMER CONFORMED NAME: Mojo Ventures, Inc. DATE OF NAME CHANGE: 20110506 10-Q 1 v313374_10-q.htm FORM 10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

x	Quarterly Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

	For the quarterly period ended March 31, 2012

¨	Transition Report pursuant to 13 or 15(d) of the Securities Exchange Act of 1934

	For the transition period from __________ to__________

	Commission File Number: 333-148190

Mojo Organics, Inc.

(Exact name of registrant as specified in its charter)

Delaware	26-0884348
(State or other jurisdiction of incorporation or organization)	(IRS Employer Identification No.)

101 Hudson Street, 21^st Floor, Jersey City, New Jersey 07302

(Address of principal executive offices)

(201) 633-2300

(Registrant’s telephone number)

560 Lexington Ave., 16th Fl., New York, New York 10022

(Former name, former address and former fiscal year, if changed since last report)

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 preceding 12 months (or for such shorter period that the registrant was required to file such reports), 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). x Yes ¨ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.

¨ Large accelerated filer Accelerated filer	¨ Accelerated filer
¨ Non-accelerated filer (Do not check if a smaller reporting company)	x Smaller reporting company

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

State the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: 39,620,253 shares of common stock as of May 15, 2012.

	TABLE OF CONTENTS
		Page
PART I - FINANCIAL INFORMATION
Item 1:	Condensed Financial Statements (unaudited)	3

	Condensed Consolidated Balance Sheets as of March 31, 2012 and December 31, 2011;	3

	Condensed Consolidated Statements of Operations for the three months ended March 31, 2012 and 2011;	4

	Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2012 and 2011 ;	5

	Notes to Condensed Consolidated Financial Statements;	6

Item 2:	Management’s Discussion and Analysis of Financial Condition and Results of Operations	10

Item 4:	Controls and Procedures	13
PART II - OTHER INFORMATION
Item 2:	Unregistered Sales of Equity Securities and Use of Proceeds	15

Item 6:	Exhibits	15

	Signatures	16

PART I – ITEM 1

MOJO ORGANICS, INC

Condensed Consolidated Balance Sheets

(unaudited)

ASSETS
	March 31,			December 31,
	2012			2011
CURRENT ASSETS:
	$	-		$	-

Total Current Assets		-			-

		-			-
TOTAL ASSETS	$	-		$	-

LIABILITIES AND STOCKHOLDERS' DEFICIT

CURRENT LIABILITIES:
Accounts payable	$	244,999		$	165,994
Due to related party		15,000			-
Total Current Liabilities		259,999			165,994

		-			-
Commitments and Contingencies

STOCKHOLDERS' DEFICIT
Preferred stock, 10,000,000 authorized at $0.001
par value, respectively, 0 shares issued or outstanding		-			-
Common stock, 190,000,000 shares authorized at $0.001,
par value, 39,620,253 and 38,620,253 shares issued and outstanding,
respectively,		39,620			38,620
Common stock subscription		(1,143	)		(1,143	)
Additional paid in capital		8,667,617			8,538,617
Accumulated deficit		(8,966,093	)		(8,742,088	)
Total Stockholders' deficit		(259,999	)		(165,994	)

TOTAL LIABILITIES AND
STOCKHOLDERS' DEFICIT	$	-		$	-

The accompanying notes are an integral part of these condensed consolidated financial statements.

MOJO ORGANICS, INC

Condensed Consolidated Statements of Operations

For the Three Months Ended March 31, 2012 and 2011

(unaudited)

	Three Months Ended
	March 31,
	2012			2011

Revenues	$	-		$	-

Cost of Revenues		-			-

Gross Profit		-			-

Operating Expenses
General and administrative		224,005			-
Total Operating Expenses		224,005			-

Loss from Continuing Operations		(224,005	)		-

Discontinued Operations
Loss from discontinued operations		-			(498,391	)

Net Loss	$	(224,005	)	$	(498,391	)

Net loss from continuing operations per common share, basic and fully diluted	$	(0.01	)	$	(0.00	)

Net loss from discontinued operations per common share, basic and fully diluted	$	(0.00	)	$	(0.01	)

Basic and diluted weighted average number of common shares outstanding		39,092,780			44,528,761

The accompanying notes are an integral part of these condensed consolidated financial statements.

MOJO ORGANICS, INC
Condensed Consolidated Statements of Cash Flows
For the three moths ended March 31, 2012 and 2011
(unaudited)

	For the Three Months Ended
	March 31,
	2012			2011
Cash flows from operating activities
Net loss		(224,005	)		(498,391	)
Loss from discontinued operations		-			498,391
Loss from continuing operations		(224,005	)		-

Stock issued for compensation		130,000			-

Adjustments to reconcile net loss to net cash used in operating activities:
Changes in assets and liabilities:
Increase in accounts payable and accrued expenses		79,005			-
Net cash used in operating activities		(15,000	)		-

Cash flows from financing activities:
Due to related party		15,000			-

Net cash provided by financing activities		15,000			-

Net increase (decrease) in cash and cash equivalents		-			-

Cash and cash equivalents at beginning of period		-			-

Cash and cash equivalents at end of period	$	-		$	-


SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Interest paid	$	-		$	-
Taxes paid	$	-		$	-

The accompanying notes are an integral part of these condensed consolidated financial statements.

MOJO ORGANICS, INC.

Notes to Condensed Consolidated Financial Statements

(unaudited)

NOTE 1 – ORGANIZATION AND BASIS OF PRESENTATION

Corporate Changes and History of Company

Mojo Organics, Inc. (the “Company”) was incorporated in the State of Delaware on August 2, 2007.

On May 13, 2011, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Specialty Beverage and Supplement, Inc., a privately held Nevada corporation (“SBSI”) and SBSI Acquisition Corp., a Nevada corporation and wholly-owned subsidiary of the Company (“Acquisition Sub”), pursuant to which SBSI merged with and into Acquisition Sub (the “Merger”) with the filing of the Articles of Merger with the Nevada Secretary of State on May 13, 2011. The Merger was accounted for as a reverse acquisition and recapitalization in which SBSI became the acquirer for accounting purposes and the Company became the issuer. The value of Mojo’s common stock that was issued was the historical cost of Mojo’s net tangible assets, which did not differ materially from their fair value. As a result of the acquisition of SBSI through the reverse merger transaction, the board of directors approved a change in the Company’s fiscal year end from September 30 to December 31.

In accordance with the terms of the Merger Agreement, at the closing, an aggregate of 19,552,128 shares of the Company’s common stock were issued to the holders of SBSI’s common stock in exchange for their shares of SBSI.

On May 13, 2011, simultaneously with the consummation of the Merger, the Company issued 7,462,848 shares of common stock to retire certain debt in SBSI held by the holders of 9% subordinated convertible debentures.

On May 13, 2011, simultaneously with the consummation of the Merger, in a separate transaction, the Company entered into a Membership Interest Purchase Agreement (the “Purchase Agreement”) with its former Chief Executive Officer and sole director. Pursuant to the Purchase Agreement, the Company transferred all of its membership interests in Mojo Shopping, LLC, a wholly owned subsidiary of the Company (the “LLC”), to the former Chief Executive Officer in exchange for the assumption of Company account payables in the amount of approximately $200,000, the cancellation of 80,000,000 of the former Chief Executive Officer’s shares of the Company’s common stock, and the cancellation of indebtedness owed by the Company to the former Chief Executive Officer in the amount of $2,759. Also, simultaneously with the consummation of the Merger, the Company cancelled an aggregate of 8,000,000 shares of the Company’s common stock held by two shareholders.

On October 27, 2011 the board of directors approved a Split-Off agreement with Acquisition Sub. In the Split-Off, the Company assigned and transferred to Acquisition Sub all of the issued and outstanding shares of capital stock of SBSI in exchange for the surrender by certain stockholders to the Company for cancellation an aggregate to 23,307,748 shares (the “Shares”) of the Company’s common stock.

In the Split-Off, SBSI assigned the Dispensing Cap and Pinch assets (including all related intellectual property (patent pending and trademarks)) to Mojo Organics, Inc., the Company’s wholly owned subsidiary newly organized to receive these assets, and retained all of its other assets and all liabilities, including its (and the Company’s former) principal office and distribution facilities in Holbrook, New York, as well as the Company’s other subsidiary, Graphic Gorilla LLC.

The financial position and activity of the Company prior to Split-Off were accounted for as a discontinued operations (See Note 4).

Corporate Name Changes

On April 28, 2011, the Company filed an amendment to its Certificate of Incorporation in Delaware to change its name from Mojo Shopping, Inc. to Mojo Ventures, Inc.

On December 21, 2011, the board of directors adopted resolutions authorizing an amendment to the Company’s Certificate of Incorporation to change its name from Mojo Ventures, Inc. to Mojo Organics, Inc. On December 28, 2011, the Company filed the amendment with the Secretary of State of the State of Delaware effecting the name change. Additionally, the name change was submitted to The Financial Industry Regulatory Authority (“FINRA”). The Company has not asked FINRA to authorize a new trading symbol and thus, its trading symbol will remain “MOJO”.

On December 27, 2011, the Company’s wholly owned operating subsidiary, Mojo Organics, Inc. changed its name to Mojo Organics Operating Company, Inc.

Line of Business

The Company is currently evaluating its plans with respect to the further development of its Dispensing Cap Technology and Pinch zero-calorie natural and organic sweetener. In addition, the Company is evaluating other marketing and branding opportunities.

Basis of Presentation

For 2011, the accompanying condensed consolidated financial statements include the accounts of the Company and its formerly wholly-owned subsidiaries, SBSI Acquisition Corp, Specialty Beverage and Supplement Inc. and Graphic Gorilla LLC. For 2012, the accompanying condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiary, Mojo Organics Operating Company, Inc. All significant inter-company accounts and transactions were eliminated in consolidation.

Interim Consolidated Financial Statements

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with Accounting principles accepted in the United States of America (“GAAP”) and in conformity with the instructions to form 10-Q and article 10 of Regulation S-X and the related rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, certain information and note disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations, However, we believe that the disclosures included in these financial statements are adequate to make the information presented not misleading. The unaudited condensed consolidated financial statements included in this document have been prepared on the same basis as the annual consolidated financial statements, and in our opinion reflect all adjustments, which include normal recurring adjustments necessary for a fair presentation in accordance with GAAP and SEC regulations for interim financial statements. The results for the three months ended March 31, 2012 are not necessarily indicative of the results that we will have for any subsequent period. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the notes to those statements for the year ended December 31, 2011 included in our Annual Report on form

10-K.

NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.

Cash and Cash Equivalents

Cash equivalents include investment instruments, CD’s and time deposits purchased with a maturity of three months or less.

Net Loss Per Common Share

The Company computes per share amounts in accordance with Statement of Financial Accounting Standards ASC Topic 260, “Earnings per Share”. ASC Topic 260 requires presentation of basic and diluted EPS. Basic EPS is computed by dividing the income (loss) available to Common Stockholders by the weighted-average number of common shares outstanding for the period. Diluted EPS is based on the weighted-average number of shares of common stock and common stock equivalents outstanding during the periods.

Income Taxes

The Company provides for income taxes under ASC 740 which requires the use of an asset and liability approach in accounting for income taxes. Deferred tax assets and liabilities are recorded based on the differences between the financial statement and tax bases of assets and liabilities and the tax rates in effect when these differences are expected to reverse. The Company’s predecessor operated as entity exempt from Federal and State income taxes.

ASC 740 also requires the reduction of deferred tax assets by a valuation allowance if, based on the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized.

Tax returns for the years from 2009 to 2011 are subject to examination by tax authorities.

Stock-Based Compensation

ASC Topic 718, “Accounting for Stock-Based Compensation” prescribes accounting and reporting standards for all stock-based compensation plans, including employee stock options, restricted stock, employee stock purchase plans and stock appreciation rights.

ASC Topic 718 requires employee compensation expense to be recorded using the fair value method. The Company accounts for employee stock based compensation in accordance with the provisions of ASC Topic 718. For non-employee options and warrants, the company uses the fair value method as prescribed in ASC Topic 718.

NOTE 3 - GOING CONCERN

The Company's financial statements are prepared using generally accepted accounting principles in the United States of America applicable to a going concern which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company has not yet established an ongoing source of revenues sufficient to cover its operating costs and allow it to continue as a going concern. As of March 31, 2012, the Company incurred net loss from continuing operations of $224,005. At March 31, 2012, the Company had a working capital deficit of $259,999 and accumulated losses of $8,966,093 which includes accumulated losses from discontinued operations of $8,576,094. The ability of the Company to continue as a going concern is dependent on the Company obtaining adequate capital to fund operating losses until it becomes profitable. These conditions raise substantial doubt about the Company’s ability to continue as going concern.

In order to continue as a going concern, the Company will need, among other things, additional capital resources. Management's plan is to obtain such resources for the Company by obtaining capital from management and significant shareholders sufficient to meet its minimal operating expenses and seeking equity and/or debt financing. However management cannot provide any assurances that the Company will be successful in accomplishing any of its plans.

The ability of the Company to continue as a going concern is dependent upon its ability to successfully accomplish the plans described in the preceding paragraph and eventually secure other sources of financing and attain profitable operations. The accompanying financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.

NOTE 4 – DISCONTINUED OPERATIONS

In connection with the Split-Off discussed in Note 1, the following table summarizes the loss from discontinued operations for the period ended March 31, 2011:

Loss from discontinued operations

498,391

There were no assets or liabilities from discontinued operations at December 31, 2011

NOTE 5 – INCOME TAX

The Company accounts for income taxes under the assets and liability method. Deferred tax assets are recognized for deductible temporary differences and operating loss and tax credit carry forwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. 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 be realized.

The reported provision for income tax differs from the amount computed by applying the statutory U.S. federal income tax rate of 34% to the loss before income tax as follows:

	Three Months Ended March 31,
	2012			2011
Income tax expense at statutory rate	$	76,000			-
Valuation allowance		(76,000	)		-
Income tax expense	$	-			-

The Tax Reform Act of 1986 contains provisions that limit the utilization of net operating loss and tax credit carryforwards if there has been a change of ownership as described in Section 382 of the Internal Revenue Code. A limitation under these provisions would reduce the amount of losses available to offset future taxable income of the Company. Management believes that at March 31, 2012, the Company has available for federal income tax purposes a net operating loss carry forward of approximately $390,000 expiring through the year 2031 that may be used to offset future taxable income.

NOTE 6 –RELATED PARTY TRANSACTIONS

During the year, various expenses of the Company, including advances for operating purposes, have been paid for or made by the officers and shareholders of the Company. At March 31, 2012, amounts due to related parties totaled $15,000. Those amounts bare no interest and are due on demand.

NOTE 7 – COMMITMENTS AND CONTINGENCIES

Under the terms of the Split-Off agreement, Acquisition Sub assumed liability for $72,500 in professional fees for which the Company may be liable in the event that Acquisition Sub does not satisfy its obligation.

NOTE 8 – SHAREHOLDERS EQUITY

On February 17th, 2012 the Company issued 1,000,000 shares of common stock to a director. The shares were valued at $0.13 per share.

Stock incentive plans

In May 2011, the Company adopted the 2011 Stock Incentive Plan. The 2011 Plan is a shareholder approved plan that provides for broad-based equity grants to employees, officers, directors, consultants, agents, advisors and independent contractors of the Company. The 2011 Plan allows for the granting of awards including options, stock appreciation rights, stock awards, restricted stock, performance based awards, cash-based awards or other incentive payable in cash or in shares of common stock.

The 2011 Plan provides for the granting of options to purchase up to 8,000,000 shares of common stock. There were 7,770,264 options granted and exercised to date. Options granted under the 2011 Plan have a 1-year term and may be incentive stock options or non-qualified stock options. The awards that have been granted to date are at an exercise price equal to $.001 vest immediately. The Company recognized $2,711,822 in compensation expense. At December 31, 2011, there were no options outstanding under the 2011 Plan.

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

This report includes a number of forward looking statements that reflect our current views with respect to future events and financial performance. Forward looking statements are often identified by words like: believe, expect, estimate, anticipate, intend, project and similar expressions, or words which, by their nature, refer to future events. You should not place undue certainty on these forward looking statements, which apply only as of the date of this quarterly report. These forward looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from historical results or our predictions.

Company Overview

We were incorporated in the State of Delaware on August 2, 2007 under the name Mojo Shopping, Inc. for the purpose of developing an online retail business focused on merchandise for young professionals. We discontinued that business due to a lack of financial resources and decided to seek a new business opportunity for our shareholders.

Recent History

Merger with Specialty Beverage and Supplement, Inc.

On May 13, 2011, we closed a merger (the “Merger”) with Specialty Beverage and Supplement, Inc., a privately held Nevada corporation (“Specialty Beverage”), pursuant to which Specialty Beverage merged with and into SBSI Acquisition Corp., a Nevada corporation and our wholly-owned subsidiary (“SBSI”). Specialty Beverage, incorporated in the State of Nevada on April 3, 2008, was engaged in the development of beverage products and vitamin supplements, such as energy drinks, sports drinks, wellness beverages, ready to drink iced teas and vitamin enhanced kids drinks.

Upon the closing of the Merger, Ms. Janieszewski resigned as our President, Secretary, Chief Executive Officer and Chief Financial Officer and sole director. Peter Scalise III was appointed as Chief Executive Officer and Chairman, Scott Ferrari was appointed President and Chief Operating Officer and Neil Rosenberg was appointed Secretary and Treasurer. Simultaneous with the closing, Peter Scalise, Scott Ferrari, Neil Rosenberg, Duncan Weir and Rich Hall were appointed as directors.

As a result of the Merger, the offices of Specialty Beverage at 836 Grundy Avenue, Holbrook, New York 11741 became our corporate headquarters. We intended to carry on Specialty Beverage’s business as our sole line of business.

Split-Off of SBSI

In October 2011, we determined to restructure our business to focus our activities on the continued development of our Dispensing Cap Technology and our Pinch zero-calorie natural and organic sweetener, as well as other marketing and branding opportunities. To this end, we split off (the “Split-Off”) SBSI and our other products in development to certain of our stockholders (the “Buyers”).

In the Split-Off which closed on October 26, 2011, SBSI assigned the Dispensing Cap and Pinch assets (including all related intellectual property (patent pending and trademarks)) to us and retained all of its other assets and all liabilities, including its (and the Company’s former) principal office and distribution facilities in Holbrook, New York, as well as our other former subsidiary, Graphic Gorilla LLC.

In the Split-Off, we assigned and transferred to the Buyers all of the issued and outstanding shares of capital stock of the SBSI in exchange for the surrender by the Buyers to us for cancellation an aggregate to 23,307,748 shares of our common stock, which constituted approximately 38% of the issued and outstanding shares of our common stock prior to the Split-Off.

Prior to the closing of the Split-Off, our Board of Directors appointed Glenn Simpson as a director and our Chief Executive Officer, effective as of the closing of the Split-Off. At the closing of the Split-Off, Peter Scalise III, Scott Ferrari, Neil Rosenberg, Duncan Weir and Richard Hall, all of whom were among the Buyers that repurchased SBSI, resigned as members of our Board of Directors, and Mr. Scalise resigned as our Chief Executive Officer, Mr. Ferrari resigned as our President and Mr. Rosenberg resigned as our Secretary and Treasurer.

Current Developments

On December 28, 2011, we changed our name to Mojo Organics, Inc. from Mojo Ventures, Inc. We also changed the name of Specialty Beverage, our wholly owned operating subsidiary, to Mojo Organics Operating Company, Inc. We effected these name changes to better reflect our focus on the organic beverage market.

On January 27, 2012, we appointed Jeffrey A. Devlin and J. Robert LeShufy to serve as members of our Board of Directors.

RESULTS OF OPERATIONS

Three Months Ended March 31, 2012 and Three Months Ended March 31, 2011

Revenues

We did not generate any revenues from product sales for the three months ended March 31, 2012 and 2011.

Total operating expenses

For the three months ended March 31, 2012 and 2011, total operating expenses were $224,005 and $0, respectively. Operating expenses increased $224,005 during the first quarter of 2012 compared to the same period of 2011. This increase was due primarily to increased professional fees. We expect that our operating expenses will increase as we are able to locate funds and pursue business operations.

Discontinued Operations

In connection with the Split-Off, we incurred a loss from discontinued operations of $498,391 for the three months ended March 31, 2011.

Net loss

For the three months ended March 31, 2012 and 2011, net loss was $224,005 and $498,391, respectively.

LIQUIDITY AND CAPITAL RESOURCES

We presently do not have any available credit, bank financing or other external sources of liquidity other than the remaining net proceeds from the sale of the Debentures. Due to our brief history and historical operating losses, our operations have not been a source of liquidity. We believe that, at our current level of operation, we do not have sufficient cash to meet our expenses for the next six months. We expect that we will need to obtain additional capital in order to maintain our public company regulatory requirements and execute our business plan, build our operations and become profitable. In order to obtain capital, we may need to sell additional shares of our common stock or debt securities, or borrow funds from private lenders or banking institutions. We have not made any decisions with respect to any such financing. There can be no assurance that we will be successful in obtaining additional funding in amounts or on terms acceptable to us, if at all. If we are unable to raise additional funding as necessary, we may have to suspend our operations temporarily or cease operations entirely.

OFF-BALANCE SHEET ARRANGEMENTS

We have no off-balance sheet arrangements.

Going Concern

Our financial statements are prepared using generally accepted accounting principles in the United States of America applicable to a going concern which contemplates the realization of assets and liquidation of liabilities in the normal course of business. We have not yet established an ongoing source of revenues sufficient to cover our operating costs and allow us to continue as a going concern. Our auditors have indicated that our ability to continue as a going concern is dependent on our obtaining adequate capital to fund operating losses until we become profitable. If we are unable to obtain adequate capital, we could be forced to cease operations.

In order to continue as a going concern, we will need, among other things, additional capital resources. Management’s plan is to obtain such resources for the Company by obtaining capital from management, significant shareholders and third parties through the sale of equity and/or debt financing sufficient to meet our minimal operating expenses. However management cannot provide any assurances that will be successful in accomplishing any of our plans.

Our ability to continue as a going concern is dependent upon our ability to successfully accomplish the plans described in the preceding paragraph and eventually secure other sources of financing and attain profitable operations. The accompanying financial statements do not include any adjustments that might be necessary if we are unable to continue as a going concern.

ITEM 4. CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by an issuer in the reports that it files or submits under the Exchange Act of 1934 (the “Exchange Act”) is accumulated and communicated to the issuer's management, including its principal executive and principal financial officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure. It should be noted that the design of any system of controls is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions, regardless of how remote.

The management of Mojo Organics, Inc. is responsible for establishing and maintaining an adequate system of internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act. Under the supervision and with the participation of our senior management, consisting of Glenn Simpson, our principal executive and financial officer, we conducted an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act as of the end of the period covered by this report (the “Evaluation Date”). Based on this evaluation, our principal executive and financial officer concluded, as of the Evaluation Date, that our disclosure controls and procedures were not effective because of the identification of what might be deemed a material weakness in our internal control over financial reporting which is identified below.

Our internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes of accounting principles generally accepted in the United States. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Therefore, even those systems determined to be effective can provide only reasonable assurance of achieving their control objectives. In evaluating the effectiveness of our internal control over financial reporting, our management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control—Integrated Framework. Based on this evaluation, our sole officer concluded that, during the period covered by this quarterly report, our internal controls over financial reporting were not operating effectively. Management did not identify any material weaknesses in our internal control over financial reporting as of March 31, 2012; however, it has identified the following deficiencies that, when aggregated, may possibly be viewed as a material weakness in our internal control over financial reporting as of that date:

	1.	We do not have an audit committee. While we are not currently obligated to have an audit committee, including a member who is an “audit committee financial expert,” as defined in Item 407 of Regulation S-K, under applicable regulations or listing standards, it is management’s view that such a committee is an important internal control over financial reporting, the lack of which may result in ineffective oversight in the establishment and monitoring of internal controls and procedures.

	2.	We did not maintain proper segregation of duties for the preparation of our financial statements. We currently only have one officer overseeing all transactions. This has resulted in several deficiencies including the lack of control over preparation of financial statements, and proper application of accounting policies:

Management believes that the two material weaknesses set forth above did not have an effect on our financial results. However, management believes the two material weaknesses set forth above could result in a material misstatement in our financial statements in future periods.

Management's Remediation Initiatives

In an effort to remediate the identified material weaknesses and other deficiencies and enhance our internal controls, we plan to initiate the following series of measures once we have the financial resources to do so:

We will create a position to segregate duties consistent with control objectives and will increase our personnel resources and technical accounting expertise within the accounting function. Additionally, we plan to appoint one or more outside directors to our board of directors who shall be appointed to an audit committee resulting in a fully functioning audit committee who will undertake the oversight in the establishment and monitoring of required internal controls and procedures such as reviewing and approving estimates and assumptions made by management.

Management believes that the appointment of one or more outside Directors, who shall be appointed to a fully functioning audit committee, would remedy the lack of a functioning audit committee and a lack of a majority of outside directors on our Board.

Changes in Internal Controls over Financial Reporting

There was no change in our internal controls over financial reporting that occurred during the period covered by this report, which has materially affected, or is reasonably likely to materially affect, our internal controls over financial reporting.

PART II - OTHER INFORMATION

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

None

Item 6. Exhibits

The following Exhibits are being filed with this Quarterly Report on Form 10-Q:

Exhibit No.				Description

31				Certification pursuant to SEC Rules 13a-14(a) and 15d-14(a), adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

32				Certification pursuant to 18 U.S.C. Section 1350, adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

SIGNATURES

In accordance with the requirements of the Securities and Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	Mojo Organics, Inc.


Date:	May 15, 2012

By:	/s/ Glenn Simpson
Name:	Glenn Simpson
Title:	Chief Executive Officer and Director

EX-31 2 v313374_ex31.htm EXHIBIT 31

EXHIBIT 31.1/31.2

CERTIFICATIONS

I, Glenn Simpson, certify that;

I have reviewed this quarterly report on Form 10-Q for the quarter ended March 31, 2012 of Mojo Organics, Inc. (the registrant”);

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;

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;

The registrant’s other certifying officer 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 13a-15(f) and 15d-15(f)) for the registrant and have:

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;

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;

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

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

EXHIBIT 31.1/31.2

The registrant’s other certifying officer 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):

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

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: May 15, 2012

/s/ Glenn Simpson
By: Glenn Simpson
Title: Chief Executive and Chief Financial Officer

EX-32 3 v313374_ex32.htm EXHIBIT 32

EXHIBIT 32.1/32.2

CERTIFICATION OF CHIEF EXECUTIVE OFFICER AND

CHIEF FINANCIAL OFFICER

PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the quarterly report of Mojo Organics, Inc. (the Company”) on Form 10-Q for the quarter ended March 31, 2012 filed with the Securities and Exchange Commission (the Report”), I, Glenn Simpson, Principal Executive and Principal Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

The Report fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934; and

The information contained in the Report fairly presents, in all material respects, the consolidated financial condition of the Company as of the dates presented and the consolidated result of operations of the Company for the periods presented.

	By:	/s/ Glenn Simpson
	Name:	Glenn Simpson
	Title:	Principal Executive and Principal Financial Officer
	Date:	May 15, 2012

A signed original of this written statement, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement, has been provided to Mojo Organics, Inc., and will be retained by Mojo Organics, Inc., and furnished to the Securities and Exchange Commission or its staff upon request.

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<div style="FONT: 10pt Times New Roman, Times, Serif"> NOTE 8 – SHAREHOLDERS EQUITY   On February 17th, 2012 the Company issued 1,000,000 shares of common stock to a director. The shares were valued at $0.13 per share.   Stock incentive plans   In May 2011, the Company adopted the 2011 Stock Incentive Plan. The 2011 Plan is a shareholder approved plan that provides for broad-based equity grants to employees, officers, directors, consultants, agents, advisors and independent contractors of the Company.  The 2011 Plan allows for the granting of awards including options, stock appreciation rights, stock awards, restricted stock, performance based awards, cash-based awards or other incentive payable in cash or in shares of common stock.   The 2011 Plan provides for the granting of options to purchase up to 8,000,000 shares of common stock.  There were 7,770,264 options granted and exercised to date.  Options granted under the 2011 Plan have a 1-year term and may be incentive stock options or non-qualified stock options. The awards that have been granted to date are at an exercise price equal to $.001 vest immediately. The Company recognized $2,711,822 in compensation expense.  At December 31, 2011, there were no options outstanding under the 2011 Plan. </div>

<div style="font: 10pt Times New Roman, Times, Serif"> NOTE 7 – COMMITMENTS AND CONTINGENCIES   Under the terms of the Split-Off agreement, Acquisition Sub assumed liability for $72,500 in professional fees for which the Company may be liable in the event that Acquisition Sub does not satisfy its obligation. </div>

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<div style="font: 10pt Times New Roman, Times, Serif"> NOTE 1 – ORGANIZATION AND BASIS OF PRESENTATION   Corporate Changes and History of Company Mojo Organics, Inc. (the “Company”) was incorporated in the State of Delaware on August 2, 2007.   On May 13, 2011, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Specialty Beverage and Supplement, Inc., a privately held Nevada corporation (“SBSI”) and SBSI Acquisition Corp., a Nevada corporation and wholly-owned subsidiary of the Company (“Acquisition Sub”), pursuant to which SBSI merged with and into Acquisition Sub (the “Merger”) with the filing of the Articles of Merger with the Nevada Secretary of State on May 13, 2011. The Merger was accounted for as a reverse acquisition and recapitalization in which SBSI became the acquirer for accounting purposes and the Company became the issuer. The value of Mojo’s common stock that was issued was the historical cost of Mojo’s net tangible assets, which did not differ materially from their fair value. As a result of the acquisition of SBSI through the reverse merger transaction, the board of directors approved a change in the Company’s fiscal year end from September 30 to December 31.   In accordance with the terms of the Merger Agreement, at the closing, an aggregate of 19,552,128 shares of the Company’s common stock were issued to the holders of SBSI’s common stock in exchange for their shares of SBSI.   On May 13, 2011, simultaneously with the consummation of the Merger, the Company issued 7,462,848 shares of common stock to retire certain debt in SBSI held by the holders of 9% subordinated convertible debentures.   On May 13, 2011, simultaneously with the consummation of the Merger, in a separate transaction, the Company entered into a Membership Interest Purchase Agreement (the “Purchase Agreement”) with its former Chief Executive Officer and sole director. Pursuant to the Purchase Agreement, the Company transferred all of its membership interests in Mojo Shopping, LLC, a wholly owned subsidiary of the Company (the “LLC”), to the former Chief Executive Officer in exchange for the assumption of Company account payables in the amount of approximately $200,000, the cancellation of 80,000,000 of the former Chief Executive Officer’s shares of the Company’s common stock, and the cancellation of indebtedness owed by the Company to the former Chief Executive Officer in the amount of $2,759.  Also, simultaneously with the consummation of the Merger, the Company cancelled an aggregate of 8,000,000 shares of the Company’s common stock held by two shareholders.   On October 27, 2011 the board of directors approved a Split-Off agreement with Acquisition Sub. In the Split-Off, the Company assigned and transferred to Acquisition Sub all of the issued and outstanding shares of capital stock of SBSI in exchange for the surrender by certain stockholders to the Company for cancellation an aggregate to 23,307,748 shares (the “Shares”) of the Company’s common stock.   In the Split-Off, SBSI assigned the Dispensing Cap and Pinch assets (including all related intellectual property (patent pending and trademarks)) to Mojo Organics, Inc., the Company’s wholly owned subsidiary newly organized to receive these assets, and retained all of its other assets and all liabilities, including its (and the Company’s former) principal office and distribution facilities in Holbrook, New York, as well as the Company’s other subsidiary, Graphic Gorilla LLC.   The financial position and activity of the Company prior to Split-Off were accounted for as a discontinued operations (See Note 4).   Corporate Name Changes On April 28, 2011, the Company filed an amendment to its Certificate of Incorporation in Delaware to change its name from Mojo Shopping, Inc. to Mojo Ventures, Inc.    On December 21, 2011, the board of directors adopted resolutions authorizing an amendment to the Company’s Certificate of Incorporation to change its name from Mojo Ventures, Inc. to Mojo Organics, Inc.  On December 28, 2011, the Company filed the amendment with the Secretary of State of the State of Delaware effecting the name change. Additionally, the name change was submitted to The Financial Industry Regulatory Authority (“FINRA”). The Company has not asked FINRA to authorize a new trading symbol and thus, its trading symbol will remain “MOJO”.   On December 27, 2011, the Company’s wholly owned operating subsidiary, Mojo Organics, Inc. changed its name to Mojo Organics Operating Company, Inc.   Line of Business The Company is currently evaluating its plans with respect to the further development of its Dispensing Cap Technology and Pinch zero-calorie natural and organic sweetener. In addition, the Company is evaluating other marketing and branding opportunities.   Basis of Presentation For 2011, the accompanying condensed consolidated financial statements include the accounts of the Company and its formerly wholly-owned subsidiaries, SBSI Acquisition Corp, Specialty Beverage and Supplement Inc. and Graphic Gorilla LLC. For 2012, the accompanying condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiary, Mojo Organics Operating Company, Inc. All significant inter-company accounts and transactions were eliminated in consolidation.   Interim Consolidated Financial Statements   The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with Accounting principles accepted in the United States of America (“GAAP”) and in conformity with the instructions to form 10-Q and article 10 of Regulation S-X and the related rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, certain information and note disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations, However, we believe that the disclosures included in these financial statements are adequate to make the information presented not misleading. The unaudited condensed consolidated financial statements included in this document have been prepared on the same basis as the annual consolidated financial statements, and in our opinion reflect all adjustments, which include normal recurring adjustments necessary for a fair presentation in accordance with GAAP and SEC regulations for interim financial statements. The results for the three months ended March 31, 2012 are not necessarily indicative of the results that we will have for any subsequent period. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the notes to those statements for the year ended December 31, 2011 included in our Annual Report on form 10-K. </div>

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<div style="font: 10pt Times New Roman, Times, Serif"> NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES   Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.   Cash and Cash Equivalents Cash equivalents include investment instruments, CD’s and time deposits purchased with a maturity of three months or less.   Net Loss Per Common Share The Company computes per share amounts in accordance with Statement of Financial Accounting Standards ASC Topic 260, “Earnings per Share”.  ASC Topic 260 requires presentation of basic and diluted EPS.  Basic EPS is computed by dividing the income (loss) available to Common Stockholders by the weighted-average number of common shares outstanding for the period.  Diluted EPS is based on the weighted-average number of shares of common stock and common stock equivalents outstanding during the periods.    Income Taxes The Company provides for income taxes under ASC 740 which requires the use of an asset and liability approach in accounting for income taxes. Deferred tax assets and liabilities are recorded based on the differences between the financial statement and tax bases of assets and liabilities and the tax rates in effect when these differences are expected to reverse. The Company’s predecessor operated as entity exempt from Federal and State income taxes.   ASC 740 also requires the reduction of deferred tax assets by a valuation allowance if, based on the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized.   Tax returns for the years from 2009 to 2011 are subject to examination by tax authorities.   Stock-Based Compensation ASC Topic 718, “Accounting for Stock-Based Compensation” prescribes accounting and reporting standards for all stock-based compensation plans, including employee stock options, restricted stock, employee stock purchase plans and stock appreciation rights.   ASC Topic 718 requires employee compensation expense to be recorded using the fair value method. The Company accounts for employee stock based compensation in accordance with the provisions of ASC Topic 718. For non-employee options and warrants, the company uses the fair value method as prescribed in ASC Topic 718. </div>

<div style="font: 10pt Times New Roman, Times, Serif"> NOTE 5 – INCOME TAX   The Company accounts for income taxes under the assets and liability method.  Deferred tax assets are recognized for deductible temporary differences and operating loss and tax credit carry forwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases.  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 be realized.   The reported provision for income tax differs from the amount computed by applying the statutory U.S. federal income tax rate of 34% to the loss before income tax as follows:   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td colspan="6" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid"> Three Months Ended March 31,</td> <td style="padding-bottom: 1pt; font-size: 10pt"> </td> </tr> <tr style="vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td colspan="2" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid"> 2012</td> <td style="padding-bottom: 1pt; font-size: 10pt"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td colspan="2" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid"> 2011</td> <td style="padding-bottom: 1pt; font-size: 10pt"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="width: 62%; font-size: 10pt; text-align: left; padding-left: 0"> Income tax expense at statutory rate</td> <td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 15%; font-size: 10pt; text-align: right"> 76,000</td> <td style="width: 1%; font-size: 10pt; text-align: left">  </td> <td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">  </td> <td style="width: 15%; font-size: 10pt; text-align: right">-</td> <td style="width: 1%; font-size: 10pt; text-align: left">  </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-left: 0"> Valuation allowance</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid">  </td> <td style="font-size: 10pt; text-align: right; border-bottom: Black 1pt solid"> (76,000</td> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt"> )</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="font-size: 10pt; text-align: right; border-bottom: Black 1pt solid">  </td> <td style="font-size: 10pt; text-align: right; border-bottom: Black 1pt solid"> -</td> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">  </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="font-size: 10pt; text-align: left; padding-left: 0"> Income tax expense</td> <td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="font-size: 10pt; text-align: left; border-bottom: Black 2.5pt double"> $</td> <td style="font-size: 10pt; text-align: right; border-bottom: Black 2.5pt double"> -</td> <td style="font-size: 10pt; text-align: left; padding-bottom: 2.5pt">  </td> <td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="font-size: 10pt; text-align: right; border-bottom: Black 2.5pt double">  </td> <td style="font-size: 10pt; text-align: right; border-bottom: Black 2.5pt double"> -</td> <td style="font-size: 10pt; text-align: left; padding-bottom: 2.5pt">  </td> </tr> </table>   The Tax Reform Act of 1986 contains provisions that limit the utilization of net operating loss and tax credit carryforwards if there has been a change of ownership as described in Section 382 of the Internal Revenue Code. A limitation under these provisions would reduce the amount of losses available to offset future taxable income of the Company. Management believes that at March 31, 2012, the Company has available for federal income tax purposes a net operating loss carry forward of approximately $390,000 expiring through the year 2031 that may be used to offset future taxable income. </div>

224005

<div style="font: 10pt Times New Roman, Times, Serif"> NOTE 6 –RELATED PARTY TRANSACTIONS   During the year, various expenses of the Company, including advances for operating purposes, have been paid for or made by the officers and shareholders of the Company. At March 31, 2012, amounts due to related parties totaled $15,000. Those amounts bare no interest and are due on demand. </div>

224005

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39092780 <div style="font: 10pt Times New Roman, Times, Serif"> NOTE 3 - GOING CONCERN   The Company's financial statements are prepared using generally accepted accounting principles in the United States of America applicable to a going concern which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company has not yet established an ongoing source of revenues sufficient to cover its operating costs and allow it to continue as a going concern. As of March 31, 2012, the Company incurred net loss from continuing operations of $224,005. At March 31, 2012, the Company had a working capital deficit of $259,999 and accumulated losses of $8,966,093 which includes accumulated losses from discontinued operations of $8,576,094. The ability of the Company to continue as a going concern is dependent on the Company obtaining adequate capital to fund operating losses until it becomes profitable. These conditions raise substantial doubt about the Company’s ability to continue as going concern.   In order to continue as a going concern, the Company will need, among other things, additional capital resources. Management's plan is to obtain such resources for the Company by obtaining capital from management and significant shareholders sufficient to meet its minimal operating expenses and seeking equity and/or debt financing. However management cannot provide any assurances that the Company will be successful in accomplishing any of its plans.   The ability of the Company to continue as a going concern is dependent upon its ability to successfully accomplish the plans described in the preceding paragraph and eventually secure other sources of financing and attain profitable operations. The accompanying financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. </div> <div style="FONT: 10pt Times New Roman, Times, Serif"> NOTE 4 – DISCONTINUED OPERATIONS   In connection with the Split-Off discussed in Note 1, the following table summarizes the loss from discontinued operations for the period ended March 31, 2011:   <table style="WIDTH: 60%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 0px; WIDTH: 81%; FONT-SIZE: 10pt"> Loss from discontinued operations</td> <td style="PADDING-BOTTOM: 2.5pt; WIDTH: 2%; FONT-SIZE: 10pt">  </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; WIDTH: 15%; FONT-SIZE: 10pt"> 498,391</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; WIDTH: 1%; FONT-SIZE: 10pt">  </td> </tr> </table>   There were no assets or liabilities from discontinued operations at December 31, 2011 </div> 0001414953 2012-01-01 2012-03-31 0001414953 2011-01-01 2011-03-31 0001414953 2011-12-31 0001414953 2010-12-31 0001414953 2012-03-31 0001414953 2011-03-31 0001414953 2012-05-15 shares iso4217:USD iso4217:USD shares

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DISCONTINUED OPERATIONS

3 Months Ended

Mar. 31, 2012

DISCONTINUED OPERATIONS

NOTE 4 – DISCONTINUED OPERATIONS

In connection with the Split-Off discussed in Note 1, the following table summarizes the loss from discontinued operations for the period ended March 31, 2011:

Loss from discontinued operations

498,391

There were no assets or liabilities from discontinued operations at December 31, 2011

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GOING CONCERN

3 Months Ended

Mar. 31, 2012

GOING CONCERN

NOTE 3 - GOING CONCERN

XML 14 R2.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Balance Sheets (USD $)	Mar. 31, 2012	Dec. 31, 2011
CURRENT ASSETS:
Total Current Assets
TOTAL ASSETS
CURRENT LIABILITIES:
Accounts payable	244,999	165,994
Due to related party	15,000
Total Current Liabilities	259,999	165,994
Commitments and Contingencies
STOCKHOLDERS' DEFICIT
Preferred stock, 10,000,000 authorized at $0.001 par value, respectively, 0 shares issued or outstanding
Common stock, 190,000,000 shares authorized at $0.001, par value, 39,620,253 and 38,620,253 shares issued and outstanding, respectively,	39,620	38,620
Common stock subscription	(1,143)	(1,143)
Additional paid in capital	8,667,617	8,538,617
Accumulated deficit	(8,966,093)	(8,742,088)
Total Stockholders' deficit	(259,999)	(165,994)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT

XML 15 R6.htm IDEA: XBRL DOCUMENT

ORGANIZATION AND BASIS OF PRESENTATION

3 Months Ended

Mar. 31, 2012

ORGANIZATION AND BASIS OF PRESENTATION

NOTE 1 – ORGANIZATION AND BASIS OF PRESENTATION

Corporate Changes and History of Company

Mojo Organics, Inc. (the “Company”) was incorporated in the State of Delaware on August 2, 2007.

The financial position and activity of the Company prior to Split-Off were accounted for as a discontinued operations (See Note 4).

Corporate Name Changes

On April 28, 2011, the Company filed an amendment to its Certificate of Incorporation in Delaware to change its name from Mojo Shopping, Inc. to Mojo Ventures, Inc.

On December 27, 2011, the Company’s wholly owned operating subsidiary, Mojo Organics, Inc. changed its name to Mojo Organics Operating Company, Inc.

Line of Business

Basis of Presentation

Interim Consolidated Financial Statements

10-K.

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

3 Months Ended

Mar. 31, 2012

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Use of Estimates

Cash and Cash Equivalents

Cash equivalents include investment instruments, CD’s and time deposits purchased with a maturity of three months or less.

Net Loss Per Common Share

Income Taxes

Tax returns for the years from 2009 to 2011 are subject to examination by tax authorities.

Stock-Based Compensation

- Definition

The entire disclosure for all significant accounting policies of the reporting entity.

+ References+ Details

XML 18 R3.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Balance Sheets (Parenthetical) (USD $)	Mar. 31, 2012	Dec. 31, 2011
Preferred stock, authorized	10,000,000	10,000,000
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, shares authorized	190,000,000	190,000,000
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares issued	39,620,253	38,620,253
Common stock, shares outstanding	39,620,253	38,620,253

- Definition

Total number of shares of common stock held by shareholders. May be all or portion of the number of common shares authorized. These shares represent the ownership interest of the common shareholders. Shares outstanding equals shares issued minus shares held in treasury and other adjustments, if any.

+ References+ Details

- Definition

Face amount or stated value per share of nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer); generally not indicative of the fair market value per share.

+ References+ Details

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Document and Entity Information	3 Months Ended
Document and Entity Information	Mar. 31, 2012	May 15, 2012
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2012
Document Fiscal Year Focus	2012
Document Fiscal Period Focus	Q1
Trading Symbol	MOJO
Entity Registrant Name	MOJO ORGANICS, INC.
Entity Central Index Key	0001414953
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		39,620,253

XML 21 R4.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Statements of Operations (USD $)	3 Months Ended
Condensed Consolidated Statements of Operations (USD $)	Mar. 31, 2012	Mar. 31, 2011
Revenues
Cost of Revenues
Gross Profit
Operating Expenses
General and administrative	224,005
Total Operating Expenses	224,005
Loss from Continuing Operations	(224,005)
Discontinued Operations
Loss from discontinued operations		(498,391)
Net Loss	$ (224,005)	$ (498,391)
Net loss from continuing operations per common share, basic and fully diluted	$ (0.01)	$ 0.00
Net loss from discontinued operations per common share, basic and fully diluted	$ 0.00	$ (0.01)
Basic and diluted weighted average number of common shares outstanding	39,092,780	44,528,761

XML 22 R12.htm IDEA: XBRL DOCUMENT

COMMITMENTS AND CONTINGENCIES	3 Months Ended
COMMITMENTS AND CONTINGENCIES	Mar. 31, 2012
COMMITMENTS AND CONTINGENCIES	NOTE 7 – COMMITMENTS AND CONTINGENCIES Under the terms of the Split-Off agreement, Acquisition Sub assumed liability for $72,500 in professional fees for which the Company may be liable in the event that Acquisition Sub does not satisfy its obligation.

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RELATED PARTY TRANSACTIONS	3 Months Ended
RELATED PARTY TRANSACTIONS	Mar. 31, 2012
RELATED PARTY TRANSACTIONS	NOTE 6 –RELATED PARTY TRANSACTIONS During the year, various expenses of the Company, including advances for operating purposes, have been paid for or made by the officers and shareholders of the Company. At March 31, 2012, amounts due to related parties totaled $15,000. Those amounts bare no interest and are due on demand.

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The entire disclosure for related party transactions, including the nature of the relationship(s), a description of the transactions, the amount of the transactions, the effects of any change in the method of establishing the terms of the transaction from the previous period, stated interest rate, expiration date, terms and manner of settlement per the agreement with the related party, and amounts due to or from related parties. If the entity and one or more other entities are under common ownership or management control and this control affects the operating results or financial position, disclosure includes the nature of the control relationship even if there are no transactions between the entities. Disclosure may also include the aggregate amount of current and deferred tax expense for each statement of earnings presented where the entity is a member of a group that files a consolidated tax return, the amount of any tax related balances due to or from affiliates as of the date of each statement of financial position presented, the principal provisions of the method by which the consolidated amount of current and deferred tax expense is allocated to the members of the group and the nature and effect of any changes in that method. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

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SHAREHOLDERS EQUITY

3 Months Ended

Mar. 31, 2012

SHAREHOLDERS EQUITY

NOTE 8 – SHAREHOLDERS EQUITY

On February 17th, 2012 the Company issued 1,000,000 shares of common stock to a director. The shares were valued at $0.13 per share.

Stock incentive plans

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Condensed Consolidated Statements of Cash Flows (USD $)	3 Months Ended
Condensed Consolidated Statements of Cash Flows (USD $)	Mar. 31, 2012	Mar. 31, 2011
Cash flows from operating activities
Net loss	$ (224,005)	$ (498,391)
Loss from discontinued operations		498,391
Loss from continuing operations	(224,005)
Stock issued for compensation	130,000
Changes in assets and liabilities:
Increase in accounts payable and accrued expenses	79,005
Net cash used in operating activities	(15,000)
Cash flows from financing activities:
Due to related party	15,000
Net cash provided by financing activities	15,000
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Interest paid
Taxes paid

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INCOME TAX

3 Months Ended

Mar. 31, 2012

INCOME TAX

NOTE 5 – INCOME TAX

The reported provision for income tax differs from the amount computed by applying the statutory U.S. federal income tax rate of 34% to the loss before income tax as follows:

	Three Months Ended March 31,
	2012			2011
Income tax expense at statutory rate	$	76,000			-
Valuation allowance		(76,000	)		-
Income tax expense	$	-			-

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