0001607062-17-000181.txt : 20170501 0001607062-17-000181.hdr.sgml : 20170501 20170501172051 ACCESSION NUMBER: 0001607062-17-000181 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 40 CONFORMED PERIOD OF REPORT: 20170331 FILED AS OF DATE: 20170501 DATE AS OF CHANGE: 20170501 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MOJO Organics, Inc. CENTRAL INDEX KEY: 0001414953 STANDARD INDUSTRIAL CLASSIFICATION: CANNED, FROZEN & PRESERVED FRUIT, VEG & FOOD SPECIALTIES [2030] IRS NUMBER: 260884348 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-55269 FILM NUMBER: 17801950 BUSINESS ADDRESS: STREET 1: 185 HUDSON STREET STREET 2: FLOOR 25 CITY: JERSEY CITY STATE: NJ ZIP: 07302 BUSINESS PHONE: (201) 633-6519 MAIL ADDRESS: STREET 1: 185 HUDSON STREET STREET 2: FLOOR 25 CITY: JERSEY CITY STATE: NJ ZIP: 07302 FORMER COMPANY: FORMER CONFORMED NAME: Mojo Organics, Inc. DATE OF NAME CHANGE: 20120209 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 10-Q 1 mojo033117form10q.htm FORM 10-Q

U.S. SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-Q 

 

(Mark One)

 

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the Quarterly Period Ended: March 31, 2017

 

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: 000-55269

 

MOJO Organics, Inc.
(Exact name of registrant as specified in its charter)

 

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

 

185 Hudson Street, Floor 25    
Jersey City, New Jersey   07302

(Address of principal executive

offices)

   (Postal Code)

 

Registrant’s telephone number: 201 633 6519

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding past 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  ☒  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  ☒  No  ☐

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a smaller reporting company. See the definitions of the “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 ☒
(Do not check if a 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  ☐  No  ☒

 

On May 1, 2017, there were 22,768,576 shares of the registrant's common stock, par value $0.001, issued and outstanding.

 

DOCUMENTS INCORPORATED BY REFERENCE

None. 

 

i
 

  

TABLE OF CONTENTS

 

PART I – FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS (Unaudited)  
     
  Condensed Balance Sheets as of  March 31, 2017 and December 31, 2016 1
     
  Condensed Statements of Operations for the three months ended March 31, 2017 and March 31, 2016 2
     
  Condensed Statements of Cash Flows for the three months ended March 31, 2017 and March 31, 2016 3
     
  Condensed Statement of Changes in Stockholders’ Deficit as of March 31, 2017 5
     
  Notes to the Condensed Financial Statements 6
     
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 14
     
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 17
     
ITEM 4. CONTROLS AND PROCEDURES 17
     
PART II – OTHER INFORMATION  
     
ITEM 1. LEGAL PROCEEDINGS 18
     
ITEM 1. RISK FACTORS 18
     
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 18
     
ITEM 3. DEFAULTS UPON SENIOR SECURITIES 18
     
ITEM 4. MINE SAFETY DISCLOSURE 18
     
ITEM 5. OTHER INFORMATION 18
     
ITEM 6. EXHIBITS 19
     
SIGNATURES 20

 

ii
 

 

MOJO ORGANICS, INC.
Condensed Balance Sheets
As of March 31, 2017 and December 31, 2016
       
ASSETS
       
    

March 31, 2017

(unaudited)

    December 31, 2016 
CURRENT ASSETS:          
Cash and cash equivalents  $11,215   $38,668 
Accounts receivable, net   58,748    29,872 
Inventory   271,130    312,029 
Supplier deposits   75,670    —   
Prepaid expenses   7,203    29,709 
Total Current Assets   423,966    410,278 
Security deposit   4,461    4,461 
TOTAL ASSETS  $428,427   $414,739 
           
           
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
           
CURRENT LIABILITIES:          
Accounts payable and accrued expenses  $62,262   $39,329 
Accrued payroll to related parties   588,100    484,600 
 Total Current Liabilities   650,362    523,929 
           
 Commitments and Contingencies          
           
  STOCKHOLDERS'  DEFICIT          
Preferred stock, 10,000,000 shares authorized at $0.001 par value, no shares issued and outstanding   —      —   
Common stock, 190,000,000 shares authorized at $0.001 par value, 18,380,326 shares issued and outstanding at March 31, 2017 and December 31, 2016, respectively   18,380    18,380 
Additional paid in capital   21,265,926    21,265,200 
Accumulated deficit   (21,506,241)   (21,392,770)
Total Stockholders'  Deficit   (221,935)   (109,190)
           
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT  $428,427   $414,739 
           
 The accompanying notes are an integral part of these condensed financial statements.

 

1
 

 

MOJO ORGANICS, INC.
Condensed Statements of Operations
For the Three Months  Ended March 31, 2017 and 2016
(unaudited)
       
    2017    2016 
 Revenue  $241,960   $250,712 
           
 Cost of Revenue   143,794    146,134 
           
 Gross Profit   98,166    104,578 
           
 Operating Expenses          
Selling, general and administrative   213,817    486,140 
Total Operating Expenses   213,817    486,140 
           
Loss from Operations   (115,651)   (381,562)
           
Other Income   2,180    —   
           
 Loss Before Provision for Income Taxes   (113,471)   (381,562)
           
 Provision for Income Taxes   —      —   
           
 Net Loss  $(113,471)  $(381,562)
           
 Net loss per common share, basic and diluted  $(0.01)  $(0.02)
           
 Basic and diluted weighted average number of common shares outstanding   18,380,326    17,889,257 
           
 The  accompanying notes are an integral part of these condensed financial statements.

 

2
 

 

MOJO ORGANICS, INC.
Condensed Statements of Cash Flows
For the Three Months Ended March 31, 2017 and 2016
(unaudited)
 
   2017  2016
Cash flows from operating activities:          
Net loss  $(113,471)  $(381,562)
           
Adjustments to reconcile net loss to net cash used in operating activities:          
Stock-based compensation - stock options   726    18,810 
Stock and warrants issued to directors and employees   —      231,984 
           
Changes in assets and  liabilities:          
Increase in accounts receivable   (28,876)   (213,855)
Decrease (increase) in inventory   40,899    (59,699)
Increase in supplier deposits   (75,670)   (18,419)
Decrease in prepaid expenses   22,506    7,330 
Increase in accounts payable and accrued expenses   22,933    24,226 
Increase in accrued payroll to related parties   103,500    92,450 
Net cash used in operating activities   (27,453)   (298,735)
           
 Net cash from financing activities:          
Sale of common stock, net   —      337,500 
 Net cash provided by financing activities   —      337,500 
           
 Net (decrease) increase in cash and cash equivalents   (27,453)   38,765 
           
 Cash and cash equivalents at beginning of period   38,668    15,442 
           
 Cash and cash equivalents at end of period  $11,215   $54,207 
           
           
 SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:          
Interest paid  $—     $—   
Taxes paid  $—     $—   
           
SUPPLEMENTAL DISCLOSURE OF NON-CASH FINANCING ACTIVITIES:          
Accrued payroll to related parties converted to additional paid-in capital  $—     $95,500 
           
 The accompanying notes are an integral part of these condensed financial statements.

 

3
 

 

MOJO ORGANICS, INC.
Condensed Statements of Changes in Stockholders' Deficit
For the Three Months Ended March 31, 2017
(unaudited)
                
         Additional      
   Common Stock  Paid-In  Accumulated  Stockholders'
   Shares  Amount  Capital  Deficit  Deficit
Balance, December 31, 2016   18,380,326   $18,380   $21,265,200   $(21,392,770)  $(109,190)
                          
Stock based compensation                         
Stock options   —      —      726    —      726 
                          
Net loss   —      —      —      (113,471)   (113,471)
                          
Balance, March 31, 2017   18,380,326   $18,380   $21,265,926   $(21,506,241)  $(221,935)
                          
The accompanying notes are an integral part of these condensed financial statements.

 

4
 

 

MOJO ORGANICS, INC.

Notes to Condensed Financial Statements

March 31, 2017

 

NOTE 1 – BUSINESS

 

Overview

MOJO Organics, Inc. (“MOJO” or the “Company”) was incorporated in the State of Delaware on August 2, 2007. Headquartered in Jersey City, NJ, the Company engages in new product development, production, marketing, distribution and sales of beverage brands that are natural, USDA Organic and Non GMO Project verified.

 

Interim Financial Statements

The accompanying unaudited interim condensed financial statements have been prepared pursuant to the rules and regulations for reporting on Form 10-Q  and article 10 of Regulation S-X and the related rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, certain information and disclosures required by accounting principles generally accepted in the United States of America (“GAAP”) for complete financial statements have been condensed or omitted pursuant to such rules and regulations. However, the Company believes that the disclosures included in these financial statements are adequate to make the information presented not misleading. The unaudited interim condensed financial statements included in this document have been prepared on the same basis as the annual audited financial statements, and in the Company’s opinion, reflect all adjustments necessary for a fair presentation in accordance with GAAP and SEC regulations for interim financial statements. The results for the three months ended March 31, 2017 are not necessarily indicative of the results that the Company will have for any subsequent period. These unaudited condensed financial statements should be read in conjunction with the audited financial statements and the notes to those statements for the year ended December 31, 2016 included in the Company’s Annual  Report on Form 10-K. 

 

NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Use of Estimates

The financial statements are prepared in conformity with GAAP. Management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.

 

Cash and Cash Equivalents

Cash equivalents include investment instruments and time deposits purchased with a maturity of three months or less. As of March 31, 2017 and December 31, 2016, the Company did not have any cash equivalents.

 

Accounts Receivable

Accounts receivable are stated at the amount management expects to collect from outstanding balances. The Company provides for probable uncollectible amounts based upon its assessment of the current status of the individual receivables and after using reasonable collection efforts. The allowance for doubtful accounts as of March 31, 2017 and December 31, 2016 was zero.

 

Inventories

Inventories, consisting solely of finished goods, are stated at the lower of cost (first-in, first-out method) or market. When necessary, the Company provides allowances to adjust the carrying value of its inventories to the lower of cost or net realizable value. 

 

Supplier Deposits

Supplier Deposits consist of payments to manufacturers for future production.

 

5
 

 

Revenue Recognition

Revenue from sales of products is recognized when persuasive evidence of an arrangement exists, delivery of products has occurred, the sales price is fixed or determinable and collectability is reasonably assured. Costs incurred for sales incentives and discounts are accounted for as a reduction in revenue.

 

Shipping and Handling Costs

Shipping and Handling Costs incurred to move finished goods from our sales distribution centers to customer locations are included in the line Selling, General and Administrative Expenses in our Statements of Operations.

 

Net Loss Per Common Share

 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.

 

The following potentially dilutive securities have been excluded from the computation of weighted average shares outstanding for the three months ended March 31, 2017 and 2016, as they would have had an anti-dilutive impact on the Company’s net loss per common share:

 

   2017  2016
Shares underlying options outstanding   620,000    620,000 
Shares underlying warrants outstanding   4,012,366    3,096,919 
Total   4,632,366    3,716,919 

 

Income Taxes

The Company provides for income taxes using the asset and liability approach in accounting for income taxes. Deferred tax assets and liabilities are recorded based on the differences between the financial statement and tax bases of assets and liabilities and the tax rates in effect when these differences are expected to reverse. Deferred tax assets are reduced by a valuation allowance if, based on the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized.

 

The Company recognizes interest and/or penalties related to income tax matters in income tax expense. As of March 31, 2017 and December 31, 2016, the Company had no accrued interest or penalties. The Company has had no Federal or state tax examinations in the past nor does it have any at the current time.

 

Stock-Based Compensation

ASC Topic 718, “Accounting for Stock-Based Compensation” prescribes accounting and reporting standards for 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.

 

The Company accounts for equity based transactions with non-employees under the provisions of ASC Subtopic 505-50, “Equity-Based Payments to Non-Employees.”  ASC Subtopic 505-50 establishes that equity-based payment transactions with non-employees shall be measured at the fair value of the consideration received or the fair value of the equity instruments issued, whichever is more reliably measurable. When the equity instrument is utilized for measurement the fair value of (i) common stock issued for payments to non-employees is measured at the market price on the date of grant; (ii) equity instruments, other than common stock, is estimated using the Black-Scholes option valuation model. In general, we recognize an asset or expense in the same manner as if it is to pay cash or services instead of paying with or using the equity instrument.

 

Fair value of financial instruments

The carrying amounts of financial instruments, which include cash, accounts receivable, accounts payable, accrued expenses and debt obligations, approximate their fair values due to their short-term nature.

 

6
 

 

New Accounting Pronouncements

Management does not believe that any recently issued, but not yet effective accounting standards, if currently adopted, would have a material effect on the accompanying financial statements. 

 

Reclassifications

Certain amounts in the March 31, 2016 Financial Statements have been reclassified to conform to the presentation used in the March 31, 2017 Financial Statements.

 

NOTE 3 – COMMITMENTS AND CONTINGENCIES

 

Employment Agreements

On June 15, 2015, the Company entered into an Amended and Restated Employment Agreement (the "Simpson Agreement") with Glenn Simpson pursuant to which Mr. Simpson will continue to act as the Company's Chief Executive Officer (“CEO”) and Chairman for a term of five (5) years as extended in consideration of (i) a base salary of $5,000 per month from June 2015 through September 2015 and then increasing to $18,500 per month, (ii) 1,544,737 shares of common stock of the Company to be issued to Mr. Simpson upon the Company generating revenue of $3,000,000 during any consecutive twelve month period during the term (the “Simpson Shares”) and (iii) an annual bonus comprised of cash and Common Stock based on performance goals established by the Board of Directors of the Company as set forth in the Simpson Agreement.  The cash bonus is established at 20% of the annual salary. The stock bonus is set at 200,000 shares of Common Stock per year through December 31, 2021 based upon revenue performance goals. The revenue goals range from $900,000 to $19,200,000 per year. The bonus awards may be accelerated should revenue exceed the annual target amounts. On December 15, 2015, the Company and Mr. Simpson entered into an amendment to the Simpson Agreement increasing the Simpson Shares by 337,500.

On June 15, 2015, the Company entered into an Amended and Restated Employment Agreement (the "Spinner Agreement") with Peter Spinner pursuant to which Mr. Spinner will continue to act as the Company's Chief Operating Officer (“COO”) for a term of five (5) years as extended in consideration of (i) a base salary of $8,000 per month from June 2015 through September 2015 and then increasing to $16,000 per month, (ii) 252,632 shares of common stock of the Company to be issued to Mr. Spinner upon the Company generating revenue of $3,000,000 during any consecutive twelve month period during the term (the “Spinner Shares”) and (iii) an annual bonus comprised of cash and Common Stock based on performance goals established by the Board of Directors of the Company as set forth in the Spinner Agreement.  The cash bonus is established at 20% of the annual salary. The stock bonus is set at 375,000 shares of Common Stock per year through December 31, 2018 and 200,000 shares of Common Stock per year from 2019 through December 31, 2021 based upon revenue performance goals. The revenue goals range from $900,000 to $19,200,000 per year. The bonus awards may be accelerated should revenue exceed the annual target amounts. On December 15, 2015, the Company and Mr. Spinner entered into an amendment to the Spinner Agreement increasing the number of Spinner Shares by 345,000. 

On March 3, 2017, the Company amended the Spinner Agreement, reducing the eligible bonus shares by 1,500,000.

Lease Commitment

The Company maintains office space in Jersey City, New Jersey. The Company leases the space from a third-party pursuant to a lease agreement dated September 15, 2016 at a rate of $2,230 per month.  The lease agreement was terminated on February 28, 2017. The Company signed a new lease agreement for the period March 1, 2017 to February 28, 2018. The new rent under this agreement is $2,259 per month. Lease expense amounted to $8,146 and $5,389 for the three months ended March 31, 2017 and 2016, respectively.

 

NOTE 4 – STOCKHOLDERS’ EQUITY

 

The Company has authorized 190,000,000 shares of common stock (“Common Stock”) and 10,000,000 shares of preferred stock (“Preferred Stock”), each having a par value of $0.001.

 

In October 2015, the Company approved the 2015 Incentive Stock Plan, which provides the Company with the ability to issue stock options, stock awards and/or restricted stock purchase offers for up to an aggregate of 1,500,000 shares of Common Stock.

 

7
 

 

In March 2013, the Company approved the 2012 Long-Term Incentive Equity Plan (the “2012 Plan”), which provides the Company with the ability to issue stock options, stock appreciation rights, restricted stock and/or stock based awards for up to an aggregate of 2,050,000 shares of Common Stock.

 

Private Placement Offerings

On January 20, 2016, the Company approved a subscription agreement (the “2016 Subscription”) whereby 1,428,572 shares of Common Stock were offered to accredited investors for $0.35 per share. For every two shares purchased, the investor received a warrant to acquire one share of Common Stock at an exercise price of $0.70 per share exercisable for a period of two years from the date of issuance representing a potential aggregate of 714,286 shares of Common Stock. The Company issued a total of 964,286 shares of Common Stock and two year purchase warrants to acquire a total 482,143 shares of Common Stock to four accredited investors in consideration of $337,500.

 

Restricted Stock Compensation

The Company issued shares of restricted Common Stock to certain of its directors, executive officers and employees. Unvested restricted shares are subject to forfeiture. With the exception of 1,726,485 shares issued to employees and directors and 582,626 shares issued to a former director, which vest based upon achieving certain milestones, the Company records compensation expense over the vesting period based upon the fair market value on the date of grant for each share, adjusted for forfeitures.

 

A summary of the restricted stock issuances to directors, executive officers and employees is as follows:

 

   Number of Shares 

Weighted Average

Grant Date Fair Value

 Unvested share balance, January 1, 2016    4,210,306   $0.75 
    Granted    —      —   
    Vested    (1,901,193)   1.33 
    Forfeited    —      —   
 Unvested share balance, December 31, 2016    2,309,113   $0.21 
    Granted    —      —   
    Vested    —      —   
    Forfeited    —      —   
 Unvested share balance, March 31, 2017    2,309,113   $0.21 

 

 

In connection with the issuance of restricted stock, the Company recorded no share-based compensation expense for the three months ended March 31, 2017 and $231,984 for the three months ended March 31, 2016.  As of March 31, 2017, there was $490,426 of total unrecognized compensation cost, net of estimated forfeitures, related to unvested share-based compensation which vests only upon the achievement of certain performance criteria.

   

Stock Warrants

In connection with two private placement offerings in March 2014 (the “2014 Offerings”), investors received one purchase warrant at $0.91 per share for each share of Common Stock purchased. The warrants issued to Wyatts Torch Equity Partners, LP (“Wyatts”) were incorrectly calculated. On March 6, 2017, the Company issued warrants to purchase 915,447 shares of Common Stock at $0.91 per share to Wyatts to correct for this error. There was no financial impact resulting from this warrant understatement other than an understatement of potentially dilutive shares.

 

In connection with the 2016 Subscription, warrants to purchase 482,143 shares of Common Stock were issued at a price of $0.70 per share and are exercisable for a period of two years from the date of issuance.

 

8
 

 

The following table summarizes warrant activity during the period:

 

Outstanding at January 1, 2016   2,614,776 
Issued in connection with the 2016 Subscription   482,143 
Outstanding at December 31, 2016   3,096,919 
Issued in connection with the 2014 Offerings   915,447 
Outstanding at March 31, 2017   4,012,366 
Exercisable at March 31, 2017   4,012,366 

 

Advisory Services

On October 3, 2013, the Company entered into an agreement with Ian Thompson for strategic business advisory services, public relations services and investor relations services with Ian Thompson.  In connection with this agreement, the Company issued 167,204 shares of restricted Common Stock and recorded consulting fees of $501,612 during 2013, which was the fair market value of the stock on the date of issue.  The stock is vested; however it is restricted from trading. Ian Thompson was also issued 200,000 shares of restricted Common Stock, which was to vest quarterly based upon the Company reaching certain market capitalization and revenue goals, in addition to providing the above services, with the last tranche vesting scheduled to vest on June 30, 2014. Consulting fees amounting to $105,000 and $280,000 were recorded in 2014 and 2013, respectively, related to the 200,000 shares of Common Stock.  Throughout the term of the agreement, the Company requested that Ian Thompson render performance under the agreement and to provide evidence of same. Ian Thompson failed to perform in all material respects under the terms of the agreement and refused to provide evidence.

 

On June 27, 2014, the Company terminated the agreement.  The Company is taking all necessary steps for the cancellation of the 367,204 shares, due to lack of delivery of consideration and material breach of the agreement.

 

NOTE 5 – STOCK OPTIONS

 

During the three months ended March 31, 2017 and 2016, compensation expense related to stock options of $726 and $18,809, respectively, was recorded. As of March 31, 2017, there was $604 of total unrecognized compensation cost related to non-vested stock options. That remaining cost is expected to be recognized by June 30, 2017.

 

NOTE 6 – RELATED PARTY TRANSACTIONS

 

As of March 31, 2017, accrued payroll of $588,100 was payable to the CEO and the COO of the Company. This amount included unpaid salary as well as unpaid bonus. As of December 31, 2016, accrued payroll of $484,600 was payable to the CEO and COO, and such amount included unpaid salary as well as unpaid bonus.

 

During 2016, the CEO and the COO forgave unpaid salary due to them of $96,000 and $81,000, respectively.

 

In January 2016, the Company sold 285,715 shares of Common Stock and warrants to purchase 142,857 shares of Common Stock at $0.70 per share to Wyatts for $100,000 pursuant to the 2016 Subscription. The managing member of Wyatts is the COO of the Company, as well as a Director of the Company.

 

NOTE 7 – SUBSEQUENT EVENTS

 

In accordance with ASC Topic 855, “Subsequent Events,” the Company evaluates events and transactions that occur after the balance sheet date for potential recognition in the financial statements. The effects of all subsequent events that provide additional evidence of conditions that existed at the balance sheet date are recognized in the financial statements as of March 31, 2017. In preparing these financial statements, the Company evaluated the events and transactions that occurred through the date these financial statements were issued. 

 

9
 

 

On April 6, 2017, the Company amended the Simpson Agreement. Effective April 1, 2017, Mr. Simpson will no longer be paid at a rate of $22,000 per month. He has agreed to a reduction in salary to $5,000 per month payable in cash and the right to receive 67,000 shares of restricted Common Stock per month. These restricted shares have no voting rights, are not eligible for dividends and are non-transferable. The restriction shall be lifted only upon the generation of $3,000,000 in revenue by the Company during a consecutive twelve month period. The Company also granted immediately exercisable stock options to purchase 995,546 shares of Common Stock at the fair market value on the date of grant of $0.16 per share.

 

On April 6, 2017, the Company amended the Spinner Agreement. Effective April 1, 2017, Mr. Spinner will no longer be paid at a rate of $18,500 per month. He has agreed to a reduction in salary to $5,000 per month payable in cash and the right to receive 55,000 shares of restricted Common Stock per month. These restricted shares have no voting rights, are not eligible for dividends and are non-transferable. The restriction shall be lifted only upon the generation of $3,000,000 in revenue by the Company during a consecutive twelve month period. The Company also granted immediately exercisable stock options to purchase 861,013 shares of Common Stock at the fair market value on the date of grant of $0.16 per share.

 

The CEO and COO also agreed to receive shares of restricted Common Stock as payment for amounts owed to them as of March 31, 2017. They also agreed to receive shares of restricted Common Stock as payment for their cash salary for April 2017. On May 1, 2017, the Company issued 2,165,750 and 1, 822,500 shares of restricted Common Stock to the CEO and COO, respectively. Additionally, the Company issued 400,000 shares of restricted Common Stock to Mr. Simpson as payment for his stock bonus earned in 2016. All of the aforementioned shares issued have no voting rights, are not eligible for dividends and are non-transferable. The restrictions shall be lifted only upon the generation of $3,000,000 in revenue by the Company during a consecutive twelve month period. These issuances served, in part, as payment in full of the accrued payroll balance of $588,100 at March 31, 2017.

 

10
 

  

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

 

Our Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) is provided in addition to the accompanying financial statements and notes to assist readers in understanding our results of operations, financial condition and cash flows. MD&A is organized as follows:

 

  • Critical Accounting Policies — Accounting policies that we believe are important to understanding the assumptions and judgments incorporated in our reported financial results and forecasts.

 

  • Results of Operations — Analysis of our financial results comparing the three months ended March 31, 2017 to March 31, 2016.

 

  • Liquidity and Capital Resources — Analysis of changes in our cash flows, and discussion of our financial condition and potential sources of liquidity.

 

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 annual 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.

 

Critical Accounting Policies

 

We have prepared our financial statements in conformity with accounting principles generally accepted in the United States, which requires management to make significant judgments and estimates that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. We base these significant judgments and estimates on historical experience and other applicable assumptions we believe to be reasonable based upon information presently available. These estimates may change as new events occur, as additional information is obtained and as our operating environment changes. These changes have historically been minor and have been included in the financial statements as soon as they became known. Actual results could materially differ from our estimates under different assumptions, judgments or conditions.

 

All of our significant accounting policies are discussed in Note 2, Summary of Significant Accounting Policies, to our financial statements, included elsewhere in this Annual Report. We have identified the following as our critical accounting policies and estimates, which are defined as those that are reflective of significant judgments and uncertainties, are the most pervasive and important to the presentation of our financial condition and results of operations and could potentially result in materially different results under different assumptions, judgments or conditions.

 

We believe the following critical accounting policies reflect our more significant estimates and assumptions used in the preparation of our financial statements:

 

Use of Estimates — The financial statements are prepared in conformity with accounting principles generally accepted in the United States ("GAAP"). Management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.

 

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

 

11
 

 

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.

 

Determining the appropriate fair value of the stock-based compensation requires the input of subjective assumptions, including the expected life of the stock-based payment and stock price volatility. The Company uses the Black-Scholes option-pricing option model to value its stock option awards which incorporate the Company’s stock price, volatility, U.S. risk-free rate, dividend rate, and estimated life.

 

The Company accounts for equity based transactions with non-employees under the provisions of ASC Topic 505-50, “Equity-Based Payments to Non-Employees.”  ASC Topic 505-50 establishes that equity-based payment transactions with non-employees shall be measured at the fair value of the consideration received or the fair value of the equity instruments issued, whichever is more reliably measurable. When the equity instrument is utilized for measurement the fair value of (i) common stock issued for payments to non-employees is measured at the market price on the date of grant; (ii) equity instruments, other than common stock, is estimated using the Black-Scholes option valuation model. In general, we recognize an asset or expense in the same manner as if it is to pay cash or services instead of paying with or using the equity instrument.

 

Fair Value of Financial Instruments — Our short-term financial instruments, including cash, accounts receivable, accounts payable and other liabilities, consist primarily of instruments without extended maturities. We believe that the fair values of our current assets and current liabilities approximate their reported carrying amounts.

 

Recent Accounting Pronouncements

 

Recent accounting pronouncements issued by the FASB (including its Emerging Issues Task Force), the AICPA, and the SEC, did not, or are not believed by management, to have a material impact on the Company's present or future financial statements.

 

COMPANY OVERVIEW

 

Headquartered in Jersey City, New Jersey, the Company engages in new product development, production, marketing, distribution and sales of beverage brands that are natural, USDA Organic and Non GMO Project Verified.

 

Results of Operations

 

Three Months Ended March 31, 2017 and 2016

 

Revenue

 

During the three months ended March 31, 2017, the Company reported revenue of $241,960, a decrease of $8,752 over revenue of $250,712 for the three months ended March 31, 2016.  

 

Cost of Revenue

 

Cost of revenue includes finished goods purchase costs, production costs, raw material costs and freight in costs. Also included in cost of revenue are adjustments made to inventory carrying amounts, including markdowns to market.

 

For the three months ended March 31, 2017, cost of revenue was $143,794 or 59% of revenue. For the three months ended March 31, 2016, cost of revenue was $146,134 or 58% of revenue.

 

Operating Expenses

 

For the three months ended March 31, 2017, operating expenses were $213,817, a decrease of $272,323 over operating expenses of $486,140 for the three months ended March 31, 2016.

 

12
 

 

This decrease in operating expenses was primarily comprised of a decrease in stock-based compensation costs of $250,067 and a decrease in selling costs of $23,250. Stock-based compensation costs to directors and employees, which consist of charges to income for vesting in connection with restricted stock issuances, stock options and warrants, were $726 for the three months ended March 31, 2017 compared to $250,793 for the three months ended March 31, 2016. Selling expenses, including freight and delivery expenses, broker fees and outside sales fees were $52,195 for the three months ended March 31, 2017 compared to $75,445 for the three months ended March 31, 2016.

 

Liquidity and Capital Resources

 

Liquidity

 

As of March 31, 2017, the Company had a working capital deficiency of $226,396. Net cash used in operating activities was $27,453 for the three months ended March 31, 2017, a decrease of $271,282 over net cash used in operating activities for the three months ended March 31, 2016. Net cash provided by financing activities was zero for the three months ended March 31, 2017 compared to $337,500 for the three months ended March 31, 2016.

 

As a result of the settlement and subsequent payment of accrued payroll through restricted stock equity issuances in April 2017, the Company’s liabilities were reduced by $588,100. As discussed in Note 9 to the Notes to Condensed Financial Statements, the issuances are restricted, non-transferable, non-voting, and not eligible for dividends. The restriction will be lifted when the Company generates over $3,000,000 in revenue in a consecutive twelve month period. If these issuances had occurred on March 31, 2017, the Company’s working capital would have been in excess of $350,000 and not a deficit of $226,396.

 

Working Capital Needs

 

Our working capital requirements increase as demand grows for our products. If during the next twelve months the Company requires additional working capital, it may seek to raise funds.  Financing transactions may include the issuance of equity or debt securities or obtaining credit facilities.

  

OFF-BALANCE SHEET ARRANGEMENTS

 

The Company had no off-balance sheet arrangements as of March 31, 2017.  

 

ITEM 3.  QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISKS

 

Not applicable.

 

13
 

 

ITEM 4.  CONTROLS AND PROCEDURES

 

Disclosure 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.

 

Under the supervision and with the participation of the Company’s senior management, consisting of the Company’s principal executive and financial officer and the Company’s principal accounting officer, the Company conducted an evaluation of the effectiveness of the design and operation of its 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, the Company’s principal executive and financial officer concluded, as of the Evaluation Date, that the Company’s disclosure controls and procedures were effective.

 

Management’s Annual Report on Internal Control over Financial Reporting

 

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. 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 officers concluded that, during the period covered by this annual report, our internal controls over financial reporting were operating effectively.

 

Changes in Internal Control over Financial Reporting

 

There was no change in our internal controls over financial reporting during the three months ended March 31, 2017 that have materially affected, or are reasonably likely to materially affect, our internal controls over financial reporting.

  

14
 

 

PART II – OTHER INFORMATION

  

ITEM 1.  LEGAL PROCEEDINGS

 

We are currently not a party to any material legal or administrative proceedings and are not aware of any pending or threatened material legal or administrative proceedings arising in the ordinary course of business.  We may from time to time become a party to various legal or administrative proceedings arising in the ordinary course of our business.

 

ITEM 1A.  RISK FACTORS

 

As a smaller reporting company, as defined in Rule 12b-2 of the Exchange Act, we are not required to provide the information required by this Item.

   

ITEM 2.  UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

 

None.

  

ITEM 3.  DEFAULTS UPON SENIOR SECURITIES

 

None. 

 

ITEM 4.  MINE SAFETY DISCLOSURE

 

Not applicable.

 

ITEM 5.  OTHER INFORMATION

 

15
 

 

ITEM 6.  EXHIBITS

 

Exhibit No. SEC Report Reference Number Description
2.1 2.1 Agreement and Plan of Merger by and among Specialty Beverage and Supplement, Inc., SBSI Acquisition Corp.  and MOJO Ventures, Inc. dated May 13, 2011 (1)
     
2.2 2.1 Split-Off Agreement, dated as of October 27, 2011, by and among MOJO Ventures, Inc., SBSI Acquisition Corp., MOJO Organics, Inc., and the Buyers party thereto (2)
     
3.1 3.1 Certificate of Incorporation of MOJO Shopping, Inc. (3)
     
3.2 3.1 Amendment to Certificate of Incorporation of MOJO Ventures, Inc. (4)
     
3.3 3.1 Certificate of Amendment to Certificate of Incorporation of MOJO Ventures, Inc. (5)
     
3.4 3.4 Articles of Merger (1)
     
3.5 3.1 Certificate of Amendment to Certificate of Incorporation of MOJO Organics, Inc. (9)
     
3.6 3.1 Certificate of Designations, Preferences and Rights of Series A Convertible Preferred Stock (11)
     
3.7 3.1 Amended and Restated Bylaws of MOJO Ventures, Inc. (6)
     
3.8 3.8 Amendment No. 1 to Amended and Restated Bylaws of MOJO Organics, Inc. (13)
     
4.1 4.1 Subscription Agreement by and between MOJO Organics, Inc. and Wyatts Torch Equity Partners, LP (17)
     
4.2 4.2 Warrants issued to Wyatts Torch Equity Partners, (LP (17)
     
4.3 4.3 Form of Common Stock Purchase Warrant issued to the March 2016 Investors*
     
10.1 10.1 Form of Second Amended and Restated Restricted Stock Agreement (14)
     
10.2 10.6 2012 Long-Term Incentive Equity Plan (13)
     
10.3 10.7 Form of Stock Option Agreement under the 2012 Long-Term Incentive Equity Plan (13) †
     
10.4 10.8 Form of Indemnification Agreement with officers and directors (13)
     
10.5 10.1 Form of Promissory Note issued to OmniView Capital LLC and Paul Sweeney (11)
     
10.6 10.2 Advisor Agreement with OmniView Capital LLC (11)
     
10.7 10.3 Amended and Restated Securities Purchase Agreement (11)
     
10.8 10.4 Registration Rights Agreement (11)
     
10.9 10.5 Commitment letter executed by each of Glenn Simpson, Jeffrey Devlin and Richard Seet (11)
     
10.10 10.6 Amendment to Richard X. Seet Restricted Stock Agreement (11)

 

16
 

 

10.11 10.7 Letter Agreement relating to nominee right of OmniView Capital LLC (11)
     
10.12 10.1 Juice License Agreement between Chiquita Brands L.L.C. and MOJO Organics, Inc. dated as of August 15, 2012 (12)
     
10.13 10.17 Form of Subscription Agreement for 2013 Offering (13)
     
10.14 10.18 Employment Agreement dated March 1, 2013 between MOJO Organics, Inc. and Glenn Simpson (13) †
     
10.15 10.15 Form of Advisor Agreement (14)
     
10.16 10.16 Form of Restricted Stock Agreement, dated December 4, 2014, between MOJO Organics, Inc. and each of Glenn Simpson, Richard Seet, Jeffrey Devlin and Nicholas Giannuzzi.  (14) †
     
10.17 10.17 Form of Restricted Stock Agreement, dated March 2014, between MOJO Organics, Inc. and each of Glenn Simpson, Richard Seet, Jeffrey Devlin, Peter Spinner and Marianne Vignone. (14) †
     
10.18 10.18 Form of Subscription Agreement for March 2014 Stock (with Warrants) Offering (14)
     
10.19 10.18 Form of Warrant (14)
     
10.20 10.20 Form of Subscription Agreement for March 2014 Stock Offering (14)
     
10.21 10.21 Form of Distribution Agreement
     
10.22 10.2 Form of Stock Option Agreement under the 2012 Long-Term Incentive Equity Plan, dated August 14, 2014, between MOJO Organics, Inc. and each of Glenn Simpson, Peter Spinner, Richard Seet, Jeffery Devlin and Marianne Vignone. (15)
     
10.23 10.3 Employment Agreement, dated August 12, 2014, between MOJO Organics, Inc. and Peter Spinner. (15)
     
10.24 10.1 Form of Restricted Stock Agreement, dated August 12, 2014, between MOJO organics, Inc. and Peter Spinner. (15)
     
10.25 10.25 Amended and Restated Employment Agreement by and between MOJO Organics, Inc. and Glenn Simpson dated June 15, 2015 (16)
     
10.26 10.26 Amended and Restated Employment Agreement by and between MOJO Organics, Inc. and Peter Spinner dated June 15, 2015 (16)
     
10.27 10.1 Letter Agreement by and between MOJO Organics Inc. and Peter Spinner dated December 15, 2015(18)
     
16.1 16.1 Letter from Liggett, Vogt & Webb, P.A. (16)
     
16.2 16.1 Letter from Cowan, Gunteski & Co., P.C. dated April 21, 2016 (19)
     
31.1 31.1 Certification of Chief Executive Officer and Chief Financial Officer pursuant to Rule 13a-14(a) or Rule 15d-14(a) as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
     
32.1 32.1 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

 

17
 

 

*  Filed herewith.

† Management compensatory plan, contract or arrangement.

 

  (1) Incorporated by reference to the Registrant’s Current Report on Form 8-K as an exhibit, numbered as indicated above, filed with the Securities and Exchange Commission (the “SEC”) on May 18, 2011.

 

  (2) Incorporated by reference to the Registrant’s Current Report on Form 8-K as an exhibit, numbered as indicated above, filed with the SEC on November 2, 2011.

 

  (3) Incorporated by reference to the Registrant's Registration Statement on Form SB-2 as an exhibit, numbered as indicated above, filed with the SEC on December 19, 2007.

 

  (4) Incorporated by reference to the Registrant’s Current Report on Form 8-K as an exhibit, numbered as indicated above, filed with the SEC on May 4, 2011.

 

  (5) Incorporated by reference to the Registrant’s Current Report on Form 8-K as an exhibit, numbered as indicated above, filed with the SEC on January 4, 2012.

 

  (6) Incorporated by reference to the Registrant’s Current Report on Form 8-K as an exhibit, numbered as indicated above, filed with the SEC on October 31, 2011.

 

  (7) Incorporated by reference to the Registrant’s Current Report on Form 8-K as an exhibit, numbered as indicated above, filed with the SEC on August 12, 2011.

 

  (8) Incorporated by reference to the Registrant’s Current Report on Form 8-K as an exhibit, numbered as indicated above, filed with the SEC on June 8, 2011.

 

  (9) Incorporated by reference to the Registrant’s Current Report on Form 8-K as an exhibit, numbered as indicated above, filed with the SEC on April 2, 2013.

 

  (10) Incorporated by reference to the Registrant’s Quarterly Report on Form 10-Q as an exhibit, numbered as indicated above, filed with the SEC on June 25, 2013.

 

  (11) Incorporated by reference to the Registrant’s Current Report on Form 8-K as an exhibit, numbered as indicated above, filed with the SEC on February 1, 2013.

 

  (12) Incorporated by reference to the Registrant’s Current Report on Form 8-K/A as an exhibit, numbered as indicated above, filed with the SEC on February 7, 2013.  Portions of the exhibit and/or related schedules or exhibits thereto have been omitted pursuant to a request for confidential treatment, which has been granted by the Commission. 

 

  (13) Incorporated by reference to the Registrant’s Current Report on Form 10-K as an exhibit, numbered as indicated above, filed with the SEC on September 24, 2013.

 

  (14) Incorporated by reference to the Registrant’s Annual Report on Form 10-K as an exhibit, numbered as indicated above, filed with the SEC on April 16, 2014.

 

  (15) Incorporated by reference to the Registrant’s Annual Report on Form 10-Q as an exhibit, numbered as indicated above, filed with the SEC on October 2, 2014.
     
  (16) Incorporated by reference to the Registrant’s Annual Report on Form 8-K as an exhibit, numbered as indicated above, filed with the SEC on June 30, 2015.
     
  (17) Incorporated by reference to the Registrant’s Annual Report on Form 8-K as an exhibit, numbered as indicated above, filed with the SEC on August 25, 2015.
     
  (18) Incorporated by reference to the Registrant’s Current Report on Form 8-K as an exhibit, numbered as indicated above, filed with the SEC on December 15, 2015.
     
  (19)

Incorporated by reference to the Registrant’s Current Report on Form 8-K as an exhibit, numbered as indicated above, filed with the SEC on April 22, 2016.

  

18
 

 

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.
     
Dated: May 1, 2017 By: /s/ Glenn Simpson
   

Glenn Simpson, Chief

Executive Officer and Chairman

(Principal Executive and Principal

Financial Officer)

 

19
 

 EX-31.1 2 ex31_1.htm EXHIBIT 31_1

Exhibit 31.1

 

 

FORM OF CERTIFICATION

PURSUANT TO RULE 13a-14 AND 15d-14

UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED

 

CERTIFICATIONS

 

I, Glenn Simpson, certify that:

 

1.         I have reviewed this Quarterly Report on Form 10-Q of MOJO Organics, 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 issuer as of, and for, the periods presented in this report;

 

4.         I am 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:

 

(a)           Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under my supervision, to ensure that material information relating to the issuer is made known to me 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 issuer's disclosure controls and procedures and presented in this report my 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 issuer's internal control over financial reporting that occurred during the issuer's most recent fiscal quarter (the issuer's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the issuer's internal control over financial reporting; and

 

5.         I have disclosed, based on my most recent evaluation of internal control over financial reporting, to the issuer's auditors and the audit committee of the issuer'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 issuer'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 issuer's internal control over financial reporting.

 

 

  MOJO ORGANICS, INC.
     
Dated: May 1, 2017 By: /s/ Glenn Simpson
   

Glenn Simpson, Chief

Executive Officer and Chairman

(Principal Executive and Principal

Financial Officer)

 

 

 1 
 
 EX-32.1 3 ex32_1.htm EXHIBIT 32_1

 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 the Quarterly Report of MOJO Organics, Inc. (the “Company”) on Form 10-Q for the period ended March 31, 2017 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), each of the undersigned, in the capacities and on the dates indicated below, hereby certifies pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

 

1.           The Report 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 the Report fairly presents, in all material respects, the financial condition and results of operation of the Company.

 

  MOJO ORGANICS, INC.
     
Dated: May 1, 2017 By: /s/ Glenn Simpson
   

Glenn Simpson, Chief

Executive Officer and Chairman

(Principal Executive and Principal

Financial Officer)

 

 25 
 

 

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Assets Operating Expenses [Default Label] Income (Loss) from Continuing Operations before Income Taxes, Domestic Net Income (Loss) Attributable to Parent Earnings Per Share, Basic and Diluted Shares, Outstanding Commitments and Contingencies Disclosure [Text Block] Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period EX-101.PRE 9 mojo-20170331_pre.xml XBRL PRESENTATION FILE XML 10 R1.htm IDEA: XBRL DOCUMENT v3.7.0.1
Document and Entity Information - shares
 3 Months Ended
Mar. 31, 2017
May 01, 2017
Document And Entity Information    
Entity Registrant Name Mojo Organics, Inc.  
Entity Central Index Key 0001414953  
Document Type 10-Q  
Document Period End Date Mar. 31, 2017  
Amendment Flag false  
Current Fiscal Year End Date --12-31  
Is Entity a Well-known Seasoned Issuer? No  
Is Entity a Voluntary Filer? No  
Is Entity's Reporting Status Current? Yes  
Entity Filer Category Smaller Reporting Company  
Entity Common Stock, Shares Outstanding   22,768,576
Document Fiscal Period Focus Q1  
Document Fiscal Year Focus 2017  
XML 11 R2.htm IDEA: XBRL DOCUMENT v3.7.0.1
Condensed Balance Sheets (Unaudited) - USD ($)
Mar. 31, 2017
Dec. 31, 2016
Current Assets    
Cash and cash equivalents $ 11,215 $ 38,668
Accounts Receivable, net 58,748 29,872
Inventory 271,130 312,029
Supplier deposits 75,670
Prepaid expenses 7,203 29,709
Total Current Assets 423,966 410,278
Security deposit 4,461 4,461
Total Assets 428,427 414,739
Current Liabilities    
Accounts payable and accrued expenses 62,262 39,329
Accrued payroll to related parties 588,100 484,600
Total Current Liabilities 650,362 523,929
Stockholders Equity/ (Deficit)    
Preferred stock, 10,000,000 shares authorized at $0.001 par value, no shares issued and outstanding
Common stock, 190,000,000 shares authorized at $0.001 par value, 18,380,326 shares issued and outstanding at March 31, 2017 and December 31, 2016, respectively 18,380 18,380
Additional paid in capital 21,265,926 21,265,200
Accumulated deficit (21,506,241) (21,392,770)
Total Stockholders Equity/ Deficit (221,935) (109,190)
Total Liabilities and Stockholders Equity/ Deficit $ 428,427 $ 414,739
XML 12 R3.htm IDEA: XBRL DOCUMENT v3.7.0.1
Condensed Balance Sheets (Parenthetical) - $ / shares
Mar. 31, 2017
Dec. 31, 2016
Statement of Financial Position [Abstract]    
Preferred stock, par value $ 0.001 $ 0.001
Preferred stock, authorized 10,000,000 10,000,000
Preferred stock, issued 0 0
Preferred stock, outstanding 0 0
Common stock, par value $ 0.001 $ 0.001
Common stock, authorized 190,000,000 190,000,000
Common stock, issued 18,380,326 18,380,326
Common stock, outstanding 18,380,326 18,380,326
XML 13 R4.htm IDEA: XBRL DOCUMENT v3.7.0.1
Condensed Statements of Operations (Unaudited) (Restated) - USD ($)
 3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Income Statement [Abstract]    
Revenue $ 241,960 $ 250,712
Cost of Revenues 143,794 146,134
Gross Profit 98,166 104,578
Operating Expenses    
Selling, general and administrative 213,817 486,140
Total Operating Expenses 213,817 486,140
Loss from Operations (115,651) (381,562)
Other Income 2,180
Loss Before Provision for Income Taxes (113,471) (381,562)
Provision for Income Taxes
Net Loss $ (113,471) $ (381,562)
Net loss per common share, basic and fully diluted $ (0.01) $ (0.02)
Basic and diluted weighted average number of common shares outstanding 18,380,326 17,889,257
XML 14 R5.htm IDEA: XBRL DOCUMENT v3.7.0.1
Condensed Statements of Cash Flows (Unaudited) - USD ($)
 3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Cash flows from operating activities    
Net Loss $ (113,471) $ (381,562)
Adjustments to reconcile net loss to cash used by operating activitites:    
Stock-based compensation - stock options 726 18,810
Stock and warrants issued to directors and employees 231,984
Change in assets and liabilites:    
Increase in accounts receivable (28,876) (213,855)
Decrease (increase) in inventory 40,899 (59,699)
Increase in supplier deposits (75,670) (18,419)
Decrease in prepaid expenses 22,506 7,330
Increase in accounts payable and accrued expenses 22,933 24,226
Increase in accrued payroll to related parties 103,500 92,450
Net cash used in operating activities (27,453) (298,735)
Net cash from financing activities:    
Sale of common stock, net 337,500
Net cash provided by financing activities 337,500
Net increase (decrease) in cash and cash equivalents (27,453) 38,765
Cash and cash equivalents at beginning of period 38,668 15,442
Cash and cash equivalents at end of period 11,215 54,207
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:    
Interest paid
Taxes paid
SUPPLEMENTAL DISCLOSURE OF NON-CASH FINANCING ACTIVITIES    
Accrued payroll to related parties converted to additional paid-in capital $ 95,500
XML 15 R6.htm IDEA: XBRL DOCUMENT v3.7.0.1
Condensed Statements of Changes in Stockholders' Deficit (Unaudited) - 3 months ended Mar. 31, 2017 - USD ($)
Common Stock
Additional Paid-In Capital
Accumulated Deficit
Total
Beginning balance, Shares at Dec. 31, 2016 18,380,326      
Beginning balance, Amount at Dec. 31, 2016 $ 18,380 $ 21,265,200 $ (21,392,770) $ (109,190)
Stock based compensation        
Stock options 726 726
Net loss (113,471) (113,471)
Ending balance, Shares at Mar. 31, 2017 18,380,326      
Ending balance, Amount at Mar. 31, 2017 $ 18,380 $ 21,265,926 $ (21,506,241) $ (221,935)
XML 16 R7.htm IDEA: XBRL DOCUMENT v3.7.0.1
Business
 3 Months Ended
Mar. 31, 2017
Accounting Policies [Abstract]  
Business and Basis of Presentation

NOTE 1 – BUSINESS

 

Overview

MOJO Organics, Inc. (“MOJO” or the “Company”) was incorporated in the State of Delaware on August 2, 2007. Headquartered in Jersey City, NJ, the Company engages in new product development, production, marketing, distribution and sales of beverage brands that are natural, USDA Organic and Non GMO Project verified.

 

Interim Financial Statements

The accompanying unaudited interim condensed financial statements have been prepared pursuant to the rules and regulations for reporting on Form 10-Q  and article 10 of Regulation S-X and the related rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, certain information and disclosures required by accounting principles generally accepted in the United States of America (“GAAP”) for complete financial statements have been condensed or omitted pursuant to such rules and regulations. However, the Company believes that the disclosures included in these financial statements are adequate to make the information presented not misleading. The unaudited interim condensed financial statements included in this document have been prepared on the same basis as the annual audited financial statements, and in the Company’s opinion, reflect all adjustments necessary for a fair presentation in accordance with GAAP and SEC regulations for interim financial statements. The results for the three months ended March 31, 2017 are not necessarily indicative of the results that the Company will have for any subsequent period. These unaudited condensed financial statements should be read in conjunction with the audited financial statements and the notes to those statements for the year ended December 31, 2016 included in the Company’s Annual  Report on Form 10-K. 
XML 17 R8.htm IDEA: XBRL DOCUMENT v3.7.0.1
Summary of Significant Accounting Policies
 3 Months Ended
Mar. 31, 2017
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies

NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Use of Estimates

The financial statements are prepared in conformity with GAAP. Management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.

 

Cash and Cash Equivalents

Cash equivalents include investment instruments and time deposits purchased with a maturity of three months or less. As of March 31, 2017 and December 31, 2016, the Company did not have any cash equivalents.

 

Accounts Receivable

Accounts receivable are stated at the amount management expects to collect from outstanding balances. The Company provides for probable uncollectible amounts based upon its assessment of the current status of the individual receivables and after using reasonable collection efforts. The allowance for doubtful accounts as of March 31, 2017 and December 31, 2016 was zero.

 

Inventories

Inventories, consisting solely of finished goods, are stated at the lower of cost (first-in, first-out method) or market. When necessary, the Company provides allowances to adjust the carrying value of its inventories to the lower of cost or net realizable value. 

 

Supplier Deposits

Supplier Deposits consist of payments to manufacturers for future production.

  

Revenue Recognition

Revenue from sales of products is recognized when persuasive evidence of an arrangement exists, delivery of products has occurred, the sales price is fixed or determinable and collectability is reasonably assured. Costs incurred for sales incentives and discounts are accounted for as a reduction in revenue.

 

Shipping and Handling Costs

Shipping and Handling Costs incurred to move finished goods from our sales distribution centers to customer locations are included in the line Selling, General and Administrative Expenses in our Statements of Operations.

 

Net Loss Per Common Share

 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.

 

The following potentially dilutive securities have been excluded from the computation of weighted average shares outstanding for the three months ended March 31, 2017 and 2016, as they would have had an anti-dilutive impact on the Company’s net loss per common share:

 

    2017   2016
Shares underlying options outstanding     620,000       620,000  
Shares underlying warrants outstanding     4,012,366       3,096,919  
Total     4,632,366       3,716,919  

 

Income Taxes

The Company provides for income taxes using the asset and liability approach in accounting for income taxes. Deferred tax assets and liabilities are recorded based on the differences between the financial statement and tax bases of assets and liabilities and the tax rates in effect when these differences are expected to reverse. Deferred tax assets are reduced by a valuation allowance if, based on the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized.

 

The Company recognizes interest and/or penalties related to income tax matters in income tax expense. As of March 31, 2017 and December 31, 2016, the Company had no accrued interest or penalties. The Company has had no Federal or state tax examinations in the past nor does it have any at the current time.

 

Stock-Based Compensation

ASC Topic 718, “Accounting for Stock-Based Compensation” prescribes accounting and reporting standards for 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.

 

The Company accounts for equity based transactions with non-employees under the provisions of ASC Subtopic 505-50, “Equity-Based Payments to Non-Employees.”  ASC Subtopic 505-50 establishes that equity-based payment transactions with non-employees shall be measured at the fair value of the consideration received or the fair value of the equity instruments issued, whichever is more reliably measurable. When the equity instrument is utilized for measurement the fair value of (i) common stock issued for payments to non-employees is measured at the market price on the date of grant; (ii) equity instruments, other than common stock, is estimated using the Black-Scholes option valuation model. In general, we recognize an asset or expense in the same manner as if it is to pay cash or services instead of paying with or using the equity instrument.

 

Fair value of financial instruments

The carrying amounts of financial instruments, which include cash, accounts receivable, accounts payable, accrued expenses and debt obligations, approximate their fair values due to their short-term nature.

  

New Accounting Pronouncements

Management does not believe that any recently issued, but not yet effective accounting standards, if currently adopted, would have a material effect on the accompanying financial statements. 

 

Reclassifications

Certain amounts in the March 31, 2016 Financial Statements have been reclassified to conform to the presentation used in the March 31, 2017 Financial Statements.
XML 18 R9.htm IDEA: XBRL DOCUMENT v3.7.0.1
Commitments and Contingencies
 3 Months Ended
Mar. 31, 2017
Commitments and Contingencies  
Commitments and Contingencies

NOTE 3 – COMMITMENTS AND CONTINGENCIES

 

Employment Agreements

On June 15, 2015, the Company entered into an Amended and Restated Employment Agreement (the "Simpson Agreement") with Glenn Simpson pursuant to which Mr. Simpson will continue to act as the Company's Chief Executive Officer (“CEO”) and Chairman for a term of five (5) years as extended in consideration of (i) a base salary of $5,000 per month from June 2015 through September 2015 and then increasing to $18,500 per month, (ii) 1,544,737 shares of common stock of the Company to be issued to Mr. Simpson upon the Company generating revenue of $3,000,000 during any consecutive twelve month period during the term (the “Simpson Shares”) and (iii) an annual bonus comprised of cash and Common Stock based on performance goals established by the Board of Directors of the Company as set forth in the Simpson Agreement.  The cash bonus is established at 20% of the annual salary. The stock bonus is set at 200,000 shares of Common Stock per year through December 31, 2021 based upon revenue performance goals. The revenue goals range from $900,000 to $19,200,000 per year. The bonus awards may be accelerated should revenue exceed the annual target amounts. On December 15, 2015, the Company and Mr. Simpson entered into an amendment to the Simpson Agreement increasing the Simpson Shares by 337,500.

On June 15, 2015, the Company entered into an Amended and Restated Employment Agreement (the "Spinner Agreement") with Peter Spinner pursuant to which Mr. Spinner will continue to act as the Company's Chief Operating Officer (“COO”) for a term of five (5) years as extended in consideration of (i) a base salary of $8,000 per month from June 2015 through September 2015 and then increasing to $16,000 per month, (ii) 252,632 shares of common stock of the Company to be issued to Mr. Spinner upon the Company generating revenue of $3,000,000 during any consecutive twelve month period during the term (the “Spinner Shares”) and (iii) an annual bonus comprised of cash and Common Stock based on performance goals established by the Board of Directors of the Company as set forth in the Spinner Agreement.  The cash bonus is established at 20% of the annual salary. The stock bonus is set at 375,000 shares of Common Stock per year through December 31, 2018 and 200,000 shares of Common Stock per year from 2019 through December 31, 2021 based upon revenue performance goals. The revenue goals range from $900,000 to $19,200,000 per year. The bonus awards may be accelerated should revenue exceed the annual target amounts. On December 15, 2015, the Company and Mr. Spinner entered into an amendment to the Spinner Agreement increasing the number of Spinner Shares by 345,000. 

On March 3, 2017, the Company amended the Spinner Agreement, reducing the eligible bonus shares by 1,500,000.

Lease Commitment

The Company maintains office space in Jersey City, New Jersey. The Company leases the space from a third-party pursuant to a lease agreement dated September 15, 2016 at a rate of $2,230 per month.  The lease agreement was terminated on February 28, 2017. The Company signed a new lease agreement for the period March 1, 2017 to February 28, 2018. The new rent under this agreement is $2,259 per month. Lease expense amounted to $8,146 and $5,389 for the three months ended March 31, 2017 and 2016, respectively.
XML 19 R10.htm IDEA: XBRL DOCUMENT v3.7.0.1
Stockholders' Equity
 3 Months Ended
Mar. 31, 2017
Stockholders' Equity Note [Abstract]  
Stockholders' Equity Note Disclosure [Text Block]

NOTE 4 – STOCKHOLDERS’ EQUITY

 

The Company has authorized 190,000,000 shares of common stock (“Common Stock”) and 10,000,000 shares of preferred stock (“Preferred Stock”), each having a par value of $0.001.

 

In October 2015, the Company approved the 2015 Incentive Stock Plan, which provides the Company with the ability to issue stock options, stock awards and/or restricted stock purchase offers for up to an aggregate of 1,500,000 shares of Common Stock.

  

In March 2013, the Company approved the 2012 Long-Term Incentive Equity Plan (the “2012 Plan”), which provides the Company with the ability to issue stock options, stock appreciation rights, restricted stock and/or stock based awards for up to an aggregate of 2,050,000 shares of Common Stock.

 

Private Placement Offerings

On January 20, 2016, the Company approved a subscription agreement (the “2016 Subscription”) whereby 1,428,572 shares of Common Stock were offered to accredited investors for $0.35 per share. For every two shares purchased, the investor received a warrant to acquire one share of Common Stock at an exercise price of $0.70 per share exercisable for a period of two years from the date of issuance representing a potential aggregate of 714,286 shares of Common Stock. The Company issued a total of 964,286 shares of Common Stock and two year purchase warrants to acquire a total 482,143 shares of Common Stock to four accredited investors in consideration of $337,500.

 

Restricted Stock Compensation

The Company issued shares of restricted Common Stock to certain of its directors, executive officers and employees. Unvested restricted shares are subject to forfeiture. With the exception of 1,726,485 shares issued to employees and directors and 582,626 shares issued to a former director, which vest based upon achieving certain milestones, the Company records compensation expense over the vesting period based upon the fair market value on the date of grant for each share, adjusted for forfeitures.

 

A summary of the restricted stock issuances to directors, executive officers and employees is as follows:

 

    Number of Shares  

Weighted Average

Grant Date Fair Value

  Unvested share balance, January 1, 2016       4,210,306     $ 0.75  
     Granted       —         —    
     Vested       (1,901,193 )     1.33  
     Forfeited       —         —    
  Unvested share balance, December 31, 2016       2,309,113     $ 0.21  
     Granted       —         —    
     Vested       —         —    
     Forfeited       —         —    
  Unvested share balance, March 31, 2017       2,309,113     $ 0.21  

 

 

In connection with the issuance of restricted stock, the Company recorded no share-based compensation expense for the three months ended March 31, 2017 and $231,984 for the three months ended March 31, 2016.  As of March 31, 2017, there was $490,426 of total unrecognized compensation cost, net of estimated forfeitures, related to unvested share-based compensation which vests only upon the achievement of certain performance criteria.

   

Stock Warrants

In connection with two private placement offerings in March 2014 (the “2014 Offerings”), investors received one purchase warrant at $0.91 per share for each share of Common Stock purchased. The warrants issued to Wyatts Torch Equity Partners, LP (“Wyatts”) were incorrectly calculated. On March 6, 2017, the Company issued warrants to purchase 915,447 shares of Common Stock at $0.91 per share to Wyatts to correct for this error. There was no financial impact resulting from this warrant understatement other than an understatement of potentially dilutive shares.

 

In connection with the 2016 Subscription, warrants to purchase 482,143 shares of Common Stock were issued at a price of $0.70 per share and are exercisable for a period of two years from the date of issuance.

  

The following table summarizes warrant activity during the period:

 

Outstanding at January 1, 2016     2,614,776  
Issued in connection with the 2016 Subscription     482,143  
Outstanding at December 31, 2016     3,096,919  
Issued in connection with the 2014 Offerings     915,447  
Outstanding at March 31, 2017     4,012,366  
Exercisable at March 31, 2017     4,012,366  

 

Advisory Services

On October 3, 2013, the Company entered into an agreement with Ian Thompson for strategic business advisory services, public relations services and investor relations services with Ian Thompson.  In connection with this agreement, the Company issued 167,204 shares of restricted Common Stock and recorded consulting fees of $501,612 during 2013, which was the fair market value of the stock on the date of issue.  The stock is vested; however it is restricted from trading. Ian Thompson was also issued 200,000 shares of restricted Common Stock, which was to vest quarterly based upon the Company reaching certain market capitalization and revenue goals, in addition to providing the above services, with the last tranche vesting scheduled to vest on June 30, 2014. Consulting fees amounting to $105,000 and $280,000 were recorded in 2014 and 2013, respectively, related to the 200,000 shares of Common Stock.  Throughout the term of the agreement, the Company requested that Ian Thompson render performance under the agreement and to provide evidence of same. Ian Thompson failed to perform in all material respects under the terms of the agreement and refused to provide evidence.

 

On June 27, 2014, the Company terminated the agreement.  The Company is taking all necessary steps for the cancellation of the 367,204 shares, due to lack of delivery of consideration and material breach of the agreement.
XML 20 R11.htm IDEA: XBRL DOCUMENT v3.7.0.1
Stock Options
 3 Months Ended
Mar. 31, 2017
Other Liabilities Disclosure [Abstract]  
Stock Options

NOTE 5 – STOCK OPTIONS

 

During the three months ended March 31, 2017 and 2016, compensation expense related to stock options of $726 and $18,809, respectively, was recorded. As of March 31, 2017, there was $604 of total unrecognized compensation cost related to non-vested stock options. That remaining cost is expected to be recognized by June 30, 2017.
XML 21 R12.htm IDEA: XBRL DOCUMENT v3.7.0.1
Related Party Transactions
 3 Months Ended
Mar. 31, 2017
Related Party Transactions [Abstract]  
Related Party Transactions

NOTE 6 – RELATED PARTY TRANSACTIONS

 

As of March 31, 2017, accrued payroll of $588,100 was payable to the CEO and the COO of the Company. This amount included unpaid salary as well as unpaid bonus. As of December 31, 2016, accrued payroll of $484,600 was payable to the CEO and COO, and such amount included unpaid salary as well as unpaid bonus.

 

During 2016, the CEO and the COO forgave unpaid salary due to them of $96,000 and $81,000, respectively.

 

In January 2016, the Company sold 285,715 shares of Common Stock and warrants to purchase 142,857 shares of Common Stock at $0.70 per share to Wyatts for $100,000 pursuant to the 2016 Subscription. The managing member of Wyatts is the COO of the Company, as well as a Director of the Company.
XML 22 R13.htm IDEA: XBRL DOCUMENT v3.7.0.1
Subsequent Events
 3 Months Ended
Mar. 31, 2017
Subsequent Events [Abstract]  
Subsequent Events

NOTE 7 – SUBSEQUENT EVENTS

 

In accordance with ASC Topic 855, “Subsequent Events,” the Company evaluates events and transactions that occur after the balance sheet date for potential recognition in the financial statements. The effects of all subsequent events that provide additional evidence of conditions that existed at the balance sheet date are recognized in the financial statements as of March 31, 2017. In preparing these financial statements, the Company evaluated the events and transactions that occurred through the date these financial statements were issued. 

 

9
 

 

On April 6, 2017, the Company amended the Simpson Agreement. Effective April 1, 2017, Mr. Simpson will no longer be paid at a rate of $22,000 per month. He has agreed to a reduction in salary to $5,000 per month payable in cash and the right to receive 67,000 shares of restricted Common Stock per month. These restricted shares have no voting rights, are not eligible for dividends and are non-transferable. The restriction shall be lifted only upon the generation of $3,000,000 in revenue by the Company during a consecutive twelve month period. The Company also granted immediately exercisable stock options to purchase 995,546 shares of Common Stock at the fair market value on the date of grant of $0.16 per share.

 

On April 6, 2017, the Company amended the Spinner Agreement. Effective April 1, 2017, Mr. Spinner will no longer be paid at a rate of $18,500 per month. He has agreed to a reduction in salary to $5,000 per month payable in cash and the right to receive 55,000 shares of restricted Common Stock per month. These restricted shares have no voting rights, are not eligible for dividends and are non-transferable. The restriction shall be lifted only upon the generation of $3,000,000 in revenue by the Company during a consecutive twelve month period. The Company also granted immediately exercisable stock options to purchase 861,013 shares of Common Stock at the fair market value on the date of grant of $0.16 per share.

 

The CEO and COO also agreed to receive shares of restricted Common Stock as payment for amounts owed to them as of March 31, 2017. They also agreed to receive shares of restricted Common Stock as payment for their cash salary for April 2017. On May 1, 2017, the Company issued 2,165,750 and 1, 822,500 shares of restricted Common Stock to the CEO and COO, respectively. Additionally, the Company issued 400,000 shares of restricted Common Stock to Mr. Simpson as payment for his stock bonus earned in 2016. All of the aforementioned shares issued have no voting rights, are not eligible for dividends and are non-transferable. The restrictions shall be lifted only upon the generation of $3,000,000 in revenue by the Company during a consecutive twelve month period. These issuances served, in part, as payment in full of the accrued payroll balance of $588,100 at March 31, 2017.
XML 23 R14.htm IDEA: XBRL DOCUMENT v3.7.0.1
Summary of Significant Accounting Policies (Policies)
 3 Months Ended
Mar. 31, 2017
Accounting Policies [Abstract]  
Use of Estimates

Use of Estimates

The financial statements are prepared in conformity with GAAP. Management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.
Cash and Cash Equivalents

Cash and Cash Equivalents

Cash equivalents include investment instruments and time deposits purchased with a maturity of three months or less. As of March 31, 2017 and December 31, 2016, the Company did not have any cash equivalents.
Accounts Receivable

Accounts Receivable

Accounts receivable are stated at the amount management expects to collect from outstanding balances. The Company provides for probable uncollectible amounts based upon its assessment of the current status of the individual receivables and after using reasonable collection efforts. The allowance for doubtful accounts as of March 31, 2017 and December 31, 2016 was zero.
Inventories

Inventories

Inventories, consisting solely of finished goods, are stated at the lower of cost (first-in, first-out method) or market. When necessary, the Company provides allowances to adjust the carrying value of its inventories to the lower of cost or net realizable value. 
Supplier Deposits

Supplier Deposits

Supplier Deposits consist of payments to manufacturers for future production.
Revenue Recognition

Revenue Recognition

Revenue from sales of products is recognized when persuasive evidence of an arrangement exists, delivery of products has occurred, the sales price is fixed or determinable and collectability is reasonably assured. Costs incurred for sales incentives and discounts are accounted for as a reduction in revenue.
Shipping and Handling Costs

Shipping and Handling Costs

Shipping and Handling Costs incurred to move finished goods from our sales distribution centers to customer locations are included in the line Selling, General and Administrative Expenses in our Statements of Operations.
Net Loss Per Common Share

Net Loss Per Common Share

 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.

 

The following potentially dilutive securities have been excluded from the computation of weighted average shares outstanding for the three months ended March 31, 2017 and 2016, as they would have had an anti-dilutive impact on the Company’s net loss per common share:

 

    2017   2016
Shares underlying options outstanding     620,000       620,000  
Shares underlying warrants outstanding     4,012,366       3,096,919  
Total     4,632,366       3,716,919  
Income Taxes

Income Taxes

The Company provides for income taxes using the asset and liability approach in accounting for income taxes. Deferred tax assets and liabilities are recorded based on the differences between the financial statement and tax bases of assets and liabilities and the tax rates in effect when these differences are expected to reverse. Deferred tax assets are reduced by a valuation allowance if, based on the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized.

 

The Company recognizes interest and/or penalties related to income tax matters in income tax expense. As of March 31, 2017 and December 31, 2016, the Company had no accrued interest or penalties. The Company has had no Federal or state tax examinations in the past nor does it have any at the current time.
Stock-Based Compensation

Stock-Based Compensation

ASC Topic 718, “Accounting for Stock-Based Compensation” prescribes accounting and reporting standards for 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.

 

The Company accounts for equity based transactions with non-employees under the provisions of ASC Subtopic 505-50, “Equity-Based Payments to Non-Employees.”  ASC Subtopic 505-50 establishes that equity-based payment transactions with non-employees shall be measured at the fair value of the consideration received or the fair value of the equity instruments issued, whichever is more reliably measurable. When the equity instrument is utilized for measurement the fair value of (i) common stock issued for payments to non-employees is measured at the market price on the date of grant; (ii) equity instruments, other than common stock, is estimated using the Black-Scholes option valuation model. In general, we recognize an asset or expense in the same manner as if it is to pay cash or services instead of paying with or using the equity instrument.
Fair value of financial instruments

Fair value of financial instruments

The carrying amounts of financial instruments, which include cash, accounts receivable, accounts payable, accrued expenses and debt obligations, approximate their fair values due to their short-term nature.
New Accounting Pronouncements

New Accounting Pronouncements

Management does not believe that any recently issued, but not yet effective accounting standards, if currently adopted, would have a material effect on the accompanying financial statements. 
Reclassifications

Reclassifications

Certain amounts in the March 31, 2016 Financial Statements have been reclassified to conform to the presentation used in the March 31, 2017 Financial Statements.
XML 24 R15.htm IDEA: XBRL DOCUMENT v3.7.0.1
Summary of Significant Accounting Policies (Tables)
 3 Months Ended
Mar. 31, 2017
Accounting Policies [Abstract]  
Schedule Of Antidilutive Securities Excluded From Computation Of Earnings Per Share

    2017   2016
Shares underlying options outstanding     620,000       620,000  
Shares underlying warrants outstanding     4,012,366       3,096,919  
Total     4,632,366       3,716,919  
XML 25 R16.htm IDEA: XBRL DOCUMENT v3.7.0.1
Stockholders' Equity (Deficit) (Tables)
 3 Months Ended
Mar. 31, 2017
Stockholders' Equity Note [Abstract]  
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block]

    Number of Shares  

Weighted Average

Grant Date Fair Value

  Unvested share balance, January 1, 2016       4,210,306     $ 0.75  
     Granted       —         —    
     Vested       (1,901,193 )     1.33  
     Forfeited       —         —    
  Unvested share balance, December 31, 2016       2,309,113     $ 0.21  
     Granted       —         —    
     Vested       —         —    
     Forfeited       —         —    
  Unvested share balance, March 31, 2017       2,309,113     $ 0.21  
Schedule Of Stockholders Equity Note Warrants Or Rights

Outstanding at January 1, 2016     2,614,776  
Issued in connection with the 2016 Subscription     482,143  
Outstanding at December 31, 2016     3,096,919  
Issued in connection with the 2014 Offerings     915,447  
Outstanding at March 31, 2017     4,012,366  
Exercisable at March 31, 2017     4,012,366  
XML 26 R17.htm IDEA: XBRL DOCUMENT v3.7.0.1
Restatement (Tables)
 3 Months Ended
Mar. 31, 2017
Notes to Financial Statements  
Restatement

The net effect of the error and its restatement for the nine months ended September 30, 2015 is set forth as follows:

 

    As     Net     As  
    Reported     Change     Restated  
Selling, general and administrative expenses   $ 1,294,660     $ 337,532     $ 1,632,192  
                         
Total operating expenses   $ 877,437     $ 337,532     $ 1,214,969  
                         
Net loss   $ 1,007,003     $ 337,532     $ 1,344,535  
                         
Net loss available to common stockholders, basic and fully diluted     $  0.06     $ 0.02     $ 0.08  

  

The net effect of the error and its restatement for the three months ended September 30, 2015 is set forth as follows:

 

    As     Net     As  
    Reported     Change     Restated  
Selling, general and administrative expenses   $ 312,629     $ 39,000     $ 351,629  
                         
Total operating expenses   $ 372,629     $ 39,000     $ 411,629  
                         
Net loss   $ 410,989     $ 39,000     $ 449,989  
                         
Net loss available to common stockholders, basic and fully diluted     $  0.02     $ 0.01     $ 0.03  

 

 
XML 27 R18.htm IDEA: XBRL DOCUMENT v3.7.0.1
Summary of Significant Accounting Policies - Antidilutive Securities Excluded From Computation Of Earnings Per Share (Details) - shares
 3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Accounting Policies [Abstract]    
Shares underlying options outstanding 620,000 620,000
Shares underlying warrants outstanding 4,012,366 3,096,919
Total 4,632,366 3,716,919
XML 28 R19.htm IDEA: XBRL DOCUMENT v3.7.0.1
Summary of Significant Accounting Policies (Details Narrative) - USD ($)
Mar. 31, 2017
Dec. 31, 2016
Accounting Policies [Abstract]    
Allowance for doubtful accounts $ 0 $ 0
XML 29 R20.htm IDEA: XBRL DOCUMENT v3.7.0.1
Commitments and Contingencies (Details Narrative) - USD ($)
 3 Months Ended
Apr. 06, 2017
Mar. 31, 2017
Mar. 31, 2016
Sep. 15, 2016
Monthly office fee   $ 2,259   $ 2,230
Lease expense   $ 8,146 $ 5,389  
CEO        
Employment Agreement terms

On April 6, 2017, the Company amended the Simpson Agreement. Effective April 1, 2017, Mr. Simpson will no longer be paid at a rate of $22,000 per month. He has agreed to a reduction in salary to $5,000 per month payable in cash and the right to receive 67,000 shares of restricted Common Stock per month. These restricted shares have no voting rights, are not eligible for dividends and are non-transferable. The restriction shall be lifted only upon the generation of $3,000,000 in revenue by the Company during a consecutive twelve month period. The Company also granted immediately exercisable stock options to purchase 995,546 shares of Common Stock at the fair market value on the date of grant of $0.16 per share.

On June 15, 2015, the Company entered into an Amended and Restated Employment Agreement (the "Simpson Agreement") with Glenn Simpson pursuant to which Mr. Simpson will continue to act as the Company's CEO and Chairman for a term of five (5) years as extended in consideration of (i) a base salary of $5,000 per month from June 2015 through September 2015 and then increasing to $18,500 per month, (ii) 1,544,737 shares of common stock of the Company to be issued to Mr. Simpson upon the Company generating revenue of $3,000,000 during any consecutive twelve month period during the term (the “Simpson Shares”) and (iii) an annual bonus comprised of cash and Common Stock based on performance goals established by the Board of Directors of the Company as set forth in the Simpson Agreement.  The cash bonus is established at 20% of the annual salary. The stock bonus is set at 200,000 shares of Common Stock per year through December 31, 2021 based upon revenue performance goals. The revenue goals range from $900,000 to $19,200,000 per year. The bonus awards may be accelerated should revenue exceed the annual target amounts. On December 15, 2015, the Company and Mr. Simpson entered into an amendment to the Simpson Agreement increasing the Simpson Shares by 337,500.

    
COO        
Employment Agreement terms

On April 6, 2017, the Company amended the Spinner Agreement. Effective April 1, 2017, Mr. Spinner will no longer be paid at a rate of $18,500 per month. He has agreed to a reduction in salary to $5,000 per month payable in cash and the right to receive 55,000 shares of restricted Common Stock per month. These restricted shares have no voting rights, are not eligible for dividends and are non-transferable. The restriction shall be lifted only upon the generation of $3,000,000 in revenue by the Company during a consecutive twelve month period. The Company also granted immediately exercisable stock options to purchase 861,013 shares of Common Stock at the fair market value on the date of grant of $0.16 per share.

  

On June 15, 2015, the Company entered into an Amended and Restated Employment Agreement (the "Spinner Agreement") with Peter Spinner pursuant to which Mr. Spinner will continue to act as the Company's COO for a term of five (5) years as extended in consideration of (i) a base salary of $8,000 per month from June 2015 through September 2015 and then increasing to $16,000 per month, (ii) 252,632 shares of common stock of the Company to be issued to Mr. Spinner upon the Company generating revenue of $3,000,000 during any consecutive twelve month period during the term (the “Spinner Shares”) and (iii) an annual bonus comprised of cash and Common Stock based on performance goals established by the Board of Directors of the Company as set forth in the Spinner Agreement.  The cash bonus is established at 20% of the annual salary. The stock bonus is set at 375,000 shares of Common Stock per year through December 31, 2018 and 200,000 shares of Common Stock per year from 2019 through December 31, 2021 based upon revenue performance goals. The revenue goals range from $900,000 to $19,200,000 per year. The bonus awards may be accelerated should revenue exceed the annual target amounts. On December 15, 2015, the Company and Mr. Spinner entered into an amendment to the Spinner Agreement increasing the number of Spinner Shares by 345,000. 

  
XML 30 R21.htm IDEA: XBRL DOCUMENT v3.7.0.1
Stockholders' Equity (Deficit) - Schedule of Share-based Compensation, Restricted Stock Activity (Details) - $ / shares
 3 Months Ended 12 Months Ended
Mar. 31, 2017
Dec. 31, 2016
Stockholders' Equity Note [Abstract]    
Unvested share balance 2,309,113 4,210,306
Weighted Average Grant Date Fair Value, balance, Beginning $ 0.21 $ 0.75
Weighted Average Grant Date Fair Value, balance, End $ 0.21 $ 0.21
Number of Shares, Granted
Weighted Average Grant Date Fair Value, Granted
Number of Shares, Vested (1,901,193)
Weighted Average Grant Date Fair Value, Vested $ 1.33
Number of Shares, Forfeited
Weighted Average Grant Date Fair Value, Forfeited
XML 31 R22.htm IDEA: XBRL DOCUMENT v3.7.0.1
Stockholders' Equity (Deficit) - Schedule Of Stockholders Equity Note Warrants Or Rights (Details) - USD ($)
 3 Months Ended 12 Months Ended
Mar. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Stockholders' Equity Note [Abstract]      
Warrants Outstanding $ 4,012,366 $ 3,096,919 $ 2,614,776
Warrants Issued 915,447 482,143  
Warrants Exercisable 4,012,366    
XML 32 R23.htm IDEA: XBRL DOCUMENT v3.7.0.1
Stockholders' Equity (Details) - USD ($)
 1 Months Ended 3 Months Ended 12 Months Ended
Oct. 03, 2013
Jan. 20, 2016
Mar. 31, 2017
Mar. 31, 2016
Dec. 31, 2014
Dec. 31, 2013
Mar. 06, 2017
Dec. 31, 2016
Oct. 31, 2015
Oct. 03, 2014
Mar. 31, 2013
Preferred Stock, Shares Authorized     10,000,000         10,000,000      
Common Stock, Shares Authorized     190,000,000         190,000,000      
Preferred Stock, Par or Stated Value Per Share (in Dollars per share)     $ 0.001         $ 0.001      
Common Stock, Par or Stated Value Per Share (in Dollars per share)     $ 0.001         $ 0.001      
Consideration for Stock issued (in Dollars)     $ 337,500                
Warrants issued             915,447        
Exercise price, per share             $ .91        
Share-Based Compensation Arrangement By Share Based Payment Award Award Shares Which Vest Based Upon Certain Milestones     2,026,884                
Recorded Share-based Compensation Expense, in connection with restriced stock     $ 0 $ 231,984              
Unrecognized compensation expense related to unvested share-based compensation     $ 490,426                
Agreement with Mr. Ian Thompson                      
Share-Based Compensation Arrangement By Share Based Payment Award Award Shares Which Vest Based Upon Certain Milestones                   200,000  
Shares issued for consulting work 167,204                    
Consulting fees $ 501,612       $ 105,000 $ 280,000          
Shares pending cancellation due to lack of delivery of consideration and break of the agreement         367,204            
Employees and Directors                      
Share-Based Compensation Arrangement By Share Based Payment Award Award Shares Which Vest Based Upon Certain Milestones       1,726,485              
Former Director                      
Share-Based Compensation Arrangement By Share Based Payment Award Award Shares Which Vest Based Upon Certain Milestones       582,626              
2016 Subscription                      
Consideration for Stock issued (in Dollars)   $ 337,500                  
Stock Issued During Period, Shares, New Issues   1,428,572   964,286              
Sale of Stock, Price Per Share (in Dollars per share)   $ .35                  
Aggregate shares of common stock   714,286   482,143              
Warrants issued   482,143                  
Exercise price, per share   $ .70   $ .70              
Employee Stock Option | Long Term Incentive Equity Plan 2015                      
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized                 1,500,000    
Employee Stock Option | Long Term Incentive Equity Plan 2012                      
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized                     2,050,000
XML 33 R24.htm IDEA: XBRL DOCUMENT v3.7.0.1
Stock Options (Details Narrative) - USD ($)
 3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Other Liabilities Disclosure [Abstract]    
Compensation expense $ 726 $ 18,809
Total unrecognized compensation cost related to non-vested stock options $ 604  
XML 34 R25.htm IDEA: XBRL DOCUMENT v3.7.0.1
Related Party Transactions (Details Narrative) - USD ($)
 3 Months Ended 12 Months Ended
Mar. 31, 2017
Dec. 31, 2016
Mar. 06, 2017
Jan. 31, 2016
Common stock issued, value $ 18,380 $ 18,380    
Warrants issued     915,447  
Common stock issued, per share $ 0.001 $ 0.001    
CEO        
Accrued Payroll $ 588,100 $ 484,600    
Forgiveness of unpaid salary 96,000      
COO        
Accrued Payroll $ 588,100 484,600    
Forgiveness of unpaid salary   $ 81,000    
Wyatts Torch Equity Partners, L.P.        
Common stock issued       285,714
Common stock issued, value       $ 100,000
Warrants issued       142,857
Common stock issued, per share       $ 0.70
XML 35 R26.htm IDEA: XBRL DOCUMENT v3.7.0.1
Subsequent Events (Details Narrative) - USD ($)
 1 Months Ended 3 Months Ended
May 01, 2017
Apr. 06, 2017
Mar. 31, 2017
Mar. 31, 2016
Accrued payroll     $ 588,100  
Restrictions on restricted Common Stock revenue threshold     $ 3,000,000  
CEO        
Employment Agreement terms  

On April 6, 2017, the Company amended the Simpson Agreement. Effective April 1, 2017, Mr. Simpson will no longer be paid at a rate of $22,000 per month. He has agreed to a reduction in salary to $5,000 per month payable in cash and the right to receive 67,000 shares of restricted Common Stock per month. These restricted shares have no voting rights, are not eligible for dividends and are non-transferable. The restriction shall be lifted only upon the generation of $3,000,000 in revenue by the Company during a consecutive twelve month period. The Company also granted immediately exercisable stock options to purchase 995,546 shares of Common Stock at the fair market value on the date of grant of $0.16 per share.

On June 15, 2015, the Company entered into an Amended and Restated Employment Agreement (the "Simpson Agreement") with Glenn Simpson pursuant to which Mr. Simpson will continue to act as the Company's CEO and Chairman for a term of five (5) years as extended in consideration of (i) a base salary of $5,000 per month from June 2015 through September 2015 and then increasing to $18,500 per month, (ii) 1,544,737 shares of common stock of the Company to be issued to Mr. Simpson upon the Company generating revenue of $3,000,000 during any consecutive twelve month period during the term (the “Simpson Shares”) and (iii) an annual bonus comprised of cash and Common Stock based on performance goals established by the Board of Directors of the Company as set forth in the Simpson Agreement.  The cash bonus is established at 20% of the annual salary. The stock bonus is set at 200,000 shares of Common Stock per year through December 31, 2021 based upon revenue performance goals. The revenue goals range from $900,000 to $19,200,000 per year. The bonus awards may be accelerated should revenue exceed the annual target amounts. On December 15, 2015, the Company and Mr. Simpson entered into an amendment to the Simpson Agreement increasing the Simpson Shares by 337,500.

  
Restricted Common Stock issued 2,165,750      
COO        
Employment Agreement terms  

On April 6, 2017, the Company amended the Spinner Agreement. Effective April 1, 2017, Mr. Spinner will no longer be paid at a rate of $18,500 per month. He has agreed to a reduction in salary to $5,000 per month payable in cash and the right to receive 55,000 shares of restricted Common Stock per month. These restricted shares have no voting rights, are not eligible for dividends and are non-transferable. The restriction shall be lifted only upon the generation of $3,000,000 in revenue by the Company during a consecutive twelve month period. The Company also granted immediately exercisable stock options to purchase 861,013 shares of Common Stock at the fair market value on the date of grant of $0.16 per share.

  

On June 15, 2015, the Company entered into an Amended and Restated Employment Agreement (the "Spinner Agreement") with Peter Spinner pursuant to which Mr. Spinner will continue to act as the Company's COO for a term of five (5) years as extended in consideration of (i) a base salary of $8,000 per month from June 2015 through September 2015 and then increasing to $16,000 per month, (ii) 252,632 shares of common stock of the Company to be issued to Mr. Spinner upon the Company generating revenue of $3,000,000 during any consecutive twelve month period during the term (the “Spinner Shares”) and (iii) an annual bonus comprised of cash and Common Stock based on performance goals established by the Board of Directors of the Company as set forth in the Spinner Agreement.  The cash bonus is established at 20% of the annual salary. The stock bonus is set at 375,000 shares of Common Stock per year through December 31, 2018 and 200,000 shares of Common Stock per year from 2019 through December 31, 2021 based upon revenue performance goals. The revenue goals range from $900,000 to $19,200,000 per year. The bonus awards may be accelerated should revenue exceed the annual target amounts. On December 15, 2015, the Company and Mr. Spinner entered into an amendment to the Spinner Agreement increasing the number of Spinner Shares by 345,000. 
Restricted Common Stock issued 1,822,500      
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