NOTE 1 - CONDENSED FINANCIAL STATEMENTS: Inventory, Policy (Policies)

3 Months Ended

Mar. 31, 2020

Policies

Inventory, Policy

Inventory - Inventory consists of bottled tequila acquired in the acquisition of the Tequila Alebrijes products and intangibles (Note 2) and is held by a third-party tequila production warehouse in Tequila Jalisco, Mexico. Inventory is stated at lower of cost or net realizable value, with cost being determined on the first-in, first-out (“FIFO”) method. As of March 31, 2020, and December 31, 2019, the Company had finished goods inventory on-hand totaling $80,404.  As of December 31, 2019, the Company had not received all the inventory acquired in the acquisition and therefore recorded an impairment loss on prepaid inventory of $69,530 due to the unlikelihood of ever receiving the inventory. The Company has determined that no reserve for obsolete or slow-moving inventory is necessary as of March 31, 2020 or December 31, 2019.