10-Q/A

FORM 10-Q/A

______________

AMENDED REPORT

_______________

U.S. SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

______________

x Quarterly report pursuant to section 13 or 15(d) of the Securities Act of 1934.

For the quarterly period ended March 31, 2018

or

¨ Transition report pursuant to section 13 or 15(d) of the Securities Act of 1934.

Commission File No. 000-03026

__________________

PARADISE, INC.

________________

INCORPORATED IN FLORIDA

I.R.S. EMPLOYER IDENTIFICATION NO. 59-1007583

1200 W. DR. MARTIN LUTHER KING, JR. BLVD.,

PLANT CITY, FLORIDA 33563

(813) 752-1155

__________________

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities and Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.       Yes    x       No   ¨

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

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

Large accelerated filer         ¨       Accelerated filer         ¨         Non-accelerated filer         ¨         Smaller reporting company         x

Emerging growth company       ¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

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

The number of shares outstanding of each of the issuer’s classes of common stock as of August 20, 2018 was 519,600 shares.

Explanatory Note

This Amended Report on Form 10-Q/A (this “Form 10Q/A”) amends and restates certain items noted below in the Quarterly Report on Form 10-Q of Paradise, Inc. (the “Company”) for the three months ended March 31, 2018, as originally filed with the Securities and Exchange Commission (the “SEC”) on May 15, 2018 (the “Original Filing”). This Form 10Q/A restates the Company’s Consolidated Financial Statements and related disclosures as of and for the three months ended March 31, 2018 to reflect the correction of an error caused by a material weakness in internal control in the previously reported financial statements related to the Company’s timeliness in issuing credit memos for customer product returns, allowances, discounts and incentives.

Background and Effect of Restatement

In connection with preparing its financial statements for the quarter ending June 30, 2018, the Company determined that this material weakness in internal control in recording the timeliness of credit memos related to customer returns, allowances, discounts and incentives resulted in an overstatement of year end December 31, 2017 income before provision for income taxes of approximately $445,000. Additionally, this error resulted in an overstatement of the loss before income tax benefit for March 31, 2018 of approximately $90,000. The Company is currently reviewing its internal control procedures and based upon the results of this review will implement additional internal control procedures that will strengthen the Company’s ability to prevent this material weakness from occurring in the future.

See Note 2 to the Consolidated Financial Statements included in this Form 10-Q/A for additional information and a reconciliation of the previously reported amounts in the Original Filing to the restated amounts this Form 10-Q/A.

Items Amended in this Filing

For the convenience of the reader, this Form 10-Q/A sets forth the Original Filing, as amended, in its entirety; however, this Form 10-Q/A amends and restates the following Items to the extent necessary to reflect the adjustments discussed above and make corresponding revisions to the Company’s financial data cited elsewhere in this Form 10-Q/A:

· Part I, Item 1 – Financial Statements

· Part I, Item 2 – Management’s Discussion and Analysis of Financial Condition and Results of Operations

· Part I, Item 4 – Controls and Procedures

· Part II, Item 6 – Exhibits

· Signatures

Except as described above, no other changes have been made to the Original Filing. This Form 10-Q/A speaks as of the date of the Original Filing and does not reflect events that may have occurred after the date of the Original Filing or modify or update any disclosures that may have been affected by subsequent events.

The Company is also concurrently filing an amended Annual Report on Form 10-K/A for its fiscal year ended December 31, 2017 to amend and restate the previously issued annual and interim financial statements as a result of the same accounting error described above.

PARADISE, INC.

FORM 10-Q - A

FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2018

INDEX

		PAGE
PART I.	FINANCIAL INFORMATION
	ITEM 1.
	CONSOLIDATED BALANCE SHEETS:
	Assets
	As of March 31, 2018 (Unaudited), December 31, 2017 and March 31, 2017 (Unaudited)	2
	Liabilities and Stockholders’ Equity
	As of March 31, 2018 (Unaudited), December 31, 2017 and March 31, 2017 (Unaudited)	3
	CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED):
	For the three-month periods ended March 31, 2018 and 2017	4
	CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED):
	For the three-month periods ended March 31, 2018 and 2017	5
	NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)	6 – 13
	ITEM 2.
	MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	14 – 17
	ITEM 3.
	QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK – N/A	18
	ITEM 4.
	CONTROLS AND PROCEDURES	18
PART II.	OTHER INFORMATION
	ITEMS 1 – 6.	19
SIGNATURES		20

PARADISE, INC. COMMISSION FILE NO. 0-3026

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

PARADISE, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

	AS OF				AS OF
	MARCH 31,		AS OF		MARCH 31,
	2018		DECEMBER 31,		2017
	(UNAUDITED)		2017		(UNAUDITED)
	( Restated )		( Restated )
ASSETS
CURRENT ASSETS:
Cash	$	7,272,479	$	8,668,012	$	7,633,002
Accounts Receivable,
Less, Allowances of $0 (03/31/18), $1,138,431 (12/31/17) and $0 (03/31/17)		1,163,303		1,870,649		1,492,633
Inventories:
Raw Materials		8,466,419		5,855,658		8,030,485
Work in Process		11,265		1,077,718		12,472
Supplies		194,346		194,346		165,446
Finished Goods		2,557,545		2,400,924		1,875,841
Income Tax Receivable		334,956		209,616		257,752
Prepaid Expenses and Other Current Assets		116,404		224,384		179,015
Total Current Assets		20,116,717		20,501,307		19,646,646
Property, Plant and Equipment,
Less, Accumulated Depreciation of $19,146,653 (03/31/18), $19,045,405 (12/31/17) and $18,766,538 (03/31/17)		4,236,170		4,271,727		4,508,209
Goodwill		413,280		413,280		413,280
Other Assets		406,549		345,415		316,242
TOTAL ASSETS	$	25,172,716	$	25,531,729	$	24,884,377

See Accompanying Notes to these Consolidated Financial Statements (Unaudited)

2

	AS OF						AS OF
	MARCH 31,			AS OF			MARCH 31,
	2018			DECEMBER 31,			2017
	(UNAUDITED)			2017			(UNAUDITED)
	( Restated )			( Restated )
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Short Term Debt	$	797,254		$	541,572		$	656,653
Accounts Payable		569,533			638,896			934,874
Accrued Expenses		709,165			828,914			451,557
Total Current Liabilities		2,075,952			2,009,382			2,043,084
DEFERRED INCOME TAX LIABILITY		83,687			83,687			126,482
Total Liabilities		2,159,639			2,093,069			2,169,566
STOCKHOLDERS’ EQUITY:
Common Stock:  $0.30 Par Value,  2,000,000 Shares Authorized,  583,094 Shares Issued,  519,600 Shares Outstanding		174,928			174,928			174,928
Capital in Excess of Par Value		1,288,793			1,288,793			1,288,793
Retained Earnings		21,822,575			22,248,158			21,524,309
Treasury Stock, at Cost,  63,494 Shares		(273,219	)		(273,219	)		(273,219	)
Total Stockholders’ Equity		23,013,077			23,438,660			22,714,811
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	25,172,716		$	25,531,729		$	24,884,377

See Accompanying Notes to these Consolidated Financial Statements (Unaudited)

3

PARADISE, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

	FOR THE THREE MONTHS ENDED
	MARCH 31,
	2018			2017
	( Restated )
Net Sales	$	2,126,278		$	2,448,600
Costs and Expenses:
Cost of Goods Sold		1,813,782			2,256,181
Selling, General and Administrative Expense		779,515			878,693
Amortization Expense		4,500			-
Total Costs and Expenses		2,597,797			3,134,874
Loss from Operations		(471,519	)		(686,274	)
Other (Expense) Income		(1,464	)		18,202
Loss Before Income Taxes		(472,983	)		(668,072	)
Income Tax Benefit		125,340			259,036
Net Loss	$	(347,643	)	$	(409,036	)
Loss per Common Share (Basic and Diluted)	$	(0.67	)	$	(0.79	)
Dividend per Common Share	$	0.15		$	0.25

See Accompanying Notes to these Consolidated Financial Statements (Unaudited)

4

PARADISE, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

	FOR THE THREE MONTHS ENDED
	MARCH 31,
	2018			2017
	( Restated )
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Loss	$	(347,643	)	$	(409,036	)
Adjustments to Reconcile Net Loss to Net Cash
Used in Operating Activities:
Depreciation and Amortization		105,749			115,717
Decrease (Increase) in:
Accounts Receivable		707,346			615,975
Inventories		(1,700,930	)		(1,779,211	)
Prepaid Expenses and Other Current Assets		107,980			117,836
Income Tax Receivable		(125,340	)		(257,752	)
Other Assets		(61,134	)		77,752
Increase (Decrease) in:
Accounts Payable		(69,360	)		45,178
Accrued Liabilities		(197,691	)		(367,520	)
Net Cash Used in Operating Activities		(1,581,023	)		(1,841,061	)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of Property and Equipment		(65,692	)		(380,290	)
Net Cash Used in Investing Activities		(65,692	)		(380,290	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from Short Term Debt		382,330			656,653
Payments on Short Term Debt		(131,148	)		(42,938	)
Net Cash Provided by Financing Activities		251,182			613,715
NET DECREASE IN CASH		(1,395,533	)		(1,607,636	)
CASH, AT BEGINNING OF PERIOD		8,668,012			9,240,638
CASH, AT END OF PERIOD	$	7,272,479		$	7,633,002
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for:
Income Tax	$	-		$	-
Noncash financing activity:
Dividends Declared	$	77,940		$	129,900
Noncash investing activity:
Property and Equipment included in Accounts Payable	$	-		$	81,000

See Accompanying Notes to these Consolidated Financial Statements (Unaudited)

5

PARADISE, INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

NOTE 1 BASIS OF PRESENTATION

The accompanying unaudited consolidated financial statements of Paradise, Inc. (the “Company”) have been prepared by the Company in accordance with accounting principles generally accepted in the United States of America for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission. Accordingly, they do not include all the information and footnotes required by accounting principles generally accepted in the United States of America for annual financial statements.

The information furnished herein reflects only the adjustments and accruals of a normal recurring nature management believes are necessary to fairly state the operating results for the respective periods. The notes to the unaudited consolidated financial statements should be read in conjunction with the notes to the consolidated financial statements contained in the Company’s Form 10-K for the year ended December 31, 2017. The Company’s management believes that the disclosures are sufficient for interim financial reporting purposes.

Consumer demand for glace’ fruit product is traditionally strongest during the Thanksgiving and Christmas season. Almost 80% of glace’ fruit product sales are recorded during an eight to ten week period beginning in mid September. Therefore, the operating results for the three months ended March 31, 2018 are not necessarily indicative of the results that may be expected for the current year.

Certain minor reclassifications have been made to the consolidated unaudited financial statements for the quarter ended March 31, 2017 to conform to the classifications used for the quarter ended March 31, 2018.

NOTE 2: RESTATEMENT OF CONSOLIDATED UNAUDITED FINANCIAL STATEMENTS

The Company is filing this Amendment to our Quarterly Report on Form 10-Q/A for the three months ended March 31, 2018 due to the fact that the Company has determined that a material weakness in internal control relating to the recording of customer returns, allowances, discounts and incentives has resulted in an overstatement of year end income before provision of income taxes of approximately $445,000 as of December 31, 2017 and an overstatement of loss before income taxes of approximately $90,000 for the first quarter ending March 31, 2018. As of the date of this filing, the Company is working diligently to determine the impact of this material weakness will have on the Company’s Form 10-Q/A for the second quarter report ending June 30, 2018.

6

PARADISE, INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(UNAUDITED)

NOTE 2: RESTATEMENT OF CONSOLIDATED UNAUDITED FINANCIAL STATEMENTS (CONTINUED)

Following is the effect of the restatement on the Company’s March 31, 2018 unaudited financial statements:

	As Previously
Balance Sheet	Reported		Adjustment		As Restated
Current Assets:
Cash	$	7,272,479	$	-	$	7,272,479
Accounts Receivable		1,163,303		-		1,163,303
Inventories:
Raw Materials		8,466,419		-		8,466,419
Work in Process		11,265		-		11,265
Supplies		194,346		-		194,346
Finished Goods		2,557,545		-		2,557,545
Income Tax Receivable		242,044		92,912		334,956
Prepaid Expenses and Other Current Assets		116,404		-		116,404
Total Current Assets		20,023,805		92,912		20,116,717
Property, Plant and Equipment		4,236,170		-		4,236,170
Goodwill		413,280		-		413,280
Other Assets		406,549		-		406,549
TOTAL ASSETS	$	25,079,804	$	92,912	$	25,172,716

7

PARADISE, INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(UNAUDITED)

NOTE 2: RESTATEMENT OF CONSOLIDATED UNAUDITED FINANCIAL STATEMENTS (CONTINUED)

	As Previously
Balance Sheet	Reported			Adjustment			As Restated
Current Liabilities:
Short-Term Debt	$	797,254		$	-		$	797,254
Accounts Payable		569,533			-			569,533
Accrued Expenses		353,266			355,899			709,165
Total Current Liabilities		1,720,053			355,899			2,075,952
Deferred Income Tax Liability		111,983			(28,296	)		83,687
Total Liabilities		1,832,036			327,603			2,159,639
Stockholders’ Equity:
Common Stock, $.30 Par Value, 2,000,000 Shares Authorized, 583,094 Shares Issued and  519,600 Shares Outstanding		174,928			-			174,928
Capital in Excess of Par Value		1,288,793			-			1,288,793
Retained Earnings		22,057,266			(234,691	)		21,822,575
Treasury Stock, at Cost, 63,494 Shares		(273,219	)		-			(273,219	)
Total Stockholders’ Equity		23,247,768			(234,691	)		23,013,077
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	25,079,804		$	92,912		$	25,172,716

8

PARADISE, INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(UNAUDITED)

NOTE 2: RESTATEMENT OF CONSOLIDATED UNAUDITED FINANCIAL STATEMENTS (CONTINUED)

	As Previously
Income Statement	Reported			Adjustment			As Restated
Net Sales	$	2,036,263		$	90,015		$	2,126,278
Costs and Expenses:
Cost of Goods Sold		1,813,782			-			1,813,782
Selling, General and Administrative Expenses		779,515			-			779,515
Amortization Expense		4,500			-			4,500
Total Costs and Expenses		2,597,797			-			2,597,797
Loss from Operations		(561,534	)		90,015			(471,519	)
Other (Expense) Income		(1,464	)		-			(1,464	)
Loss Before Income Taxes		(562,998	)		90,015			(472,983	)
Income Tax Benefit		149,194			(23,854	)		125,340
Net Loss	$	(413,804	)	$	66,161		$	(347,643	)
Loss per Common Share (Basic and Diluted)	$	(0.80	)	$	0.13		$	(0.67	)
Dividend per Common Share	$	0.15		$	-		$	0.15

9

PARADISE, INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(UNAUDITED)

NOTE 2:   RESTATEMENT OF CONSOLIDATED UNAUDITED FINANCIAL STATEMENTS (CONTINUED)

	As Previously
Cash Flow	Reported			Adjustment			As Restated
Cash Flows from Operating Activities:
Net Loss	$	(413,804	)	$	66,161		$	(347,643	)
Adjustments to Reconcile Net Loss to Net
Cash Used in Operating Activities:
Depreciation and Amortization		105,749			-			105,749
Decrease (Increase) in:
Accounts Receivable		1,135,493			(428,147	)		707,346
Inventories		(2,022,296	)		321,366			(1,700,930	)
Prepaid Expenses and Other Current Assets		107,980			-			107,980
Income Tax Receivable		(149,194	)		23,854			(125,340	)
Other Assets		(61,134	)		-			(61,134	)
Increase (Decrease) in:
Accounts Payable		(69,360	)		-			(69,360	)
Accrued Liabilities		(214,457	)		16,766			(197,691	)
Net Cash Used in Operating Activities		(1,581,023	)		-			(1,581,023	)
Cash Flows from Investing Activities:
Purchase of Property, Plant and Equipment		(65,692	)		-			(65,692	)
Net Cash Used in Investing Activities		(65,692	)		-			(65,692	)
Cash Flows from Financing Activities:
Proceeds from Short-Term Debt		382,330			-			382,330
Payments on Short-Term Debt		(131,148	)		-			(131,148	)
Net Cash Provided by
Financing Activities		251,182			-			251,182
Net Decrease in Cash		(1,395,533	)		-			(1,395,533	)
Cash, at Beginning of Period		8,668,012			-			8,668,012
Cash, at End of Period	$	7,272,479		$	-		$	7,272,479
Supplemental Cash Flow Information:
Noncash financing activity:
Dividends Declared	$	77,940		$	-		$	77,940

10

PARADISE, INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(UNAUDITED)

NOTE 3 IMPACT OF RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS

In May 2014, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The revenue guidance is effective for annual reporting periods beginning after December 15, 2017, with early adoption permitted as of the original effective date (annual reporting periods beginning after December 15, 2016). The ASU may be applied retrospectively to historical periods presented or as a cumulative-effect adjustment as of the date of adoption. The Company adopted the new standard on January 1, 2018 on a full retrospective basis. There was no material financial impact from adopting the new revenue standard.

In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842)(ASU 2016-02). Under ASU No. 2016-2, an entity will be required to recognize right-of-use assets and lease liabilities on its balance sheet and disclose key information about leasing arrangements. ASU No. 2016-02 offers specific accounting guidance for a lessee, a lessor and sale and leaseback transactions. Lessees and lessors are required to disclose qualitative and quantitative information about leasing arrangements to enable a user of the financial statements to assess the amount, timing and uncertainty of cash flows arising from leases. ASU No. 2016-02 is effective for annual reporting periods beginning after December 15, 2018, including interim periods within that reporting period, and requires a modified retrospective adoption, with early adoption permitted. The Company continues to make progress in their due diligence and assessment of the impact of the new standard across its operations and the consolidated financial statements, which will consist primarily of recording right of use assets and corresponding lease liabilities on the balance sheet for operating leases.

Except as noted above, the Company’s management does not believe that recent codified pronouncements by the Financial Accounting Standards Board (“FASB”) (including its EITF), the AICPA or the Securities and Exchange Commission will have a material impact on the Company’s current or future consolidated financial statements.

NOTE 4 LOSS PER COMMON SHARE

Basic and diluted loss per common share are based on the weighted average number of shares outstanding and assumed to be outstanding of 519,600. There are no dilutive securities outstanding.

NOTE 5 REVENUE

The Company recognizes revenue from the sale of candied fruit products which are sold to manufacturing bakers, institutional users and retailers. The Company also recognizes revenue from the sale of molded plastics to unaffiliated customers. Revenue is recognized upon the shipment or delivery of goods depending on the agreed upon terms with the customer and is reported net of applicable provisions for discounts, returns, incentives and allowances.

11

PARADISE, INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(UNAUDITED)

NOTE 5 REVENUE (CONTINUED)

The Company recognizes revenue when performance obligations are satisfied by transferring control of the goods to customers. Control is transferred upon shipment or delivery of the goods to the customer. At the time of delivery, the customer is invoiced with payment terms which are commensurate with the customer’s credit profile. Shipping and/or handling costs that occur before the customer obtains control of the goods are deemed to be fulfillment activities and are accounted for as fulfillment costs.

The Company assesses the goods and services promised in its customers’ purchase orders and identifies a performance obligation for each promise to transfer a good or service (or bundle of goods or services) that is distinct. To identify the performance obligations, the Company considers all the goods or services promised, whether explicitly stated or implied based on customary business practices.

NOTE 6 BUSINESS SEGMENT DATA

The Company’s operations are conducted through two business segments. These segments, and the primary operations of each, are as follows:

Business Segment	Operation
Fruit	Production of candied fruit, a basic fruitcake ingredient, sold to manufacturing bakers, institutional users, and retailers for use in home baking.  Also, based on market conditions, the processing of frozen strawberry products, for sale to commercial and institutional users such as preservers, dairies, drink manufacturers, etc.
Molded Plastics	Production of plastics containers and other molded plastics for sale to various food processors and others.

	March 31,		March 31,
	2018		2017
	(Restated)
Net Sales in Each Segment
Fruit:
Sales to Unaffiliated Customers	$	592,618	$	932,519
Molded Plastics:
Sales to Unaffiliated Customers		1,533,660		1,516,081
Net Sales	$	2,126,278	$	2,448,600

The Company does not prepare operating profit or loss information on a segment basis for internal use, until the end of each year. Due to the seasonal nature of the fruit segment, management believes that it is not practical to prepare this information for interim reporting purposes. Therefore, reporting is not required by accounting principles generally accepted in the United States of America.

12

PARADISE, INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(UNAUDITED)

NOTE 6 BUSINESS SEGMENT DATA (CONTINUED)

	March 31,		March 31,
	2018		2017
	(Restated)
Identifiable Assets of Each Segment are Listed Below:
Fruit	$	11,812,208	$	11,474,015
Molded Plastics		4,416,137		4,266,196
Identifiable Assets		16,228,345		15,740,211
General Corporate Assets		8,944,371		9,144,166
Total Assets	$	25,172,716	$	24,884,377

Identifiable assets by segment are those assets that are principally used in the operations of each segment. General corporate assets are principally cash, prepaid expenses, other current assets, land and income tax assets.

13

PARADISE, INC. COMMISSION FILE NO. 0-3026

PART I. FINANCIAL INFORMATION

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

Forward–Looking Statements

This Quarterly Report on Form 10-Q contains “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact should be considered “forward-looking statements” for the purpose of these provisions, including statements that include projections of, or expectations about, earnings, revenues or other financial items, statements about our plans and objectives for future operations, statements concerning proposed new products or services  , statements regarding future economic conditions or performance, statements concerning our expectations regarding the attraction and retention of customers, statements about market risk and statements underlying any of the foregoing. In some cases, forward-looking statements can be identified by the use of such terminology as “may”, “will”, “expects”, “potential”, or “continue”, or the negative thereof or other similar words. Although we believe that the expectations reflected in our forward-looking statements are reasonable, we can give no assurance that such expectations or any of our forward-looking statements will prove to be correct. Actual results and developments are likely to be different from, and may be materially different from, those expressed or implied by our forward-looking statements. Forward-looking statements are subject to inherent risks and uncertainties.

Overview

Paradise, Inc.’s main business segment, glace’ fruit, a prime ingredient of fruitcakes and other holiday confections, represented 77% of total net sales during 2017. These products are sold to manufacturing bakers, institutional users, supermarkets and other retailers throughout the country. Consumer demand for glace’ fruit product is traditionally strongest during the Thanksgiving and Christmas season. Almost 80% of glace’ fruit product sales are recorded during an eight to ten week period beginning in mid-September.

Since the majority of the Company’s customers require delivery of glace’ candied fruit products during this relatively short period of time, Paradise, Inc. must operate at consistent levels of production from as early as January through the middle of November of each year in order to meet peak demands. Furthermore, the Company must make substantial borrowings of short-term working capital to cover the cost of raw materials, factory overhead and labor expense associated with production for inventory. This combination of building and financing inventories during the year, without the opportunity to record any significant fruit product income, results in the generation of operating losses well into the third quarter of each year. Therefore, it is the opinion of management that meaningful forecasts of annual net sales or profit levels require analysis of a full year’s operations.

In addition, comparison of current quarterly results to the preceding quarter produces an incomplete picture on the Company’s performance due to year-to-year changes in production schedules, seasonal harvests and availability of raw materials, and in the timing of customer orders and shipments. Thus, the discussion of information presented within this report is focused on the review of the Company’s current year-to-date results as compared to the similar period last year.

Paradise, Inc.’s other business segment, Paradise Plastics, Inc., a wholly owned subsidiary of Paradise, Inc. producing custom molding products, is not subject to the seasonality of the glace’ fruit business. This segment represents all injection molding and thermoforming operations, including the packaging for the Company’s fruit products. Only sales to unaffiliated customers are reported.

14

PARADISE, INC. COMMISSION FILE NO. 0-3026

PART I. FINANCIAL INFORMATION

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

The First Quarter

Paradise, Inc.’s fruit segment net sales for the first quarter of 2018 totaled $592,618 compared to net sales of $932,519 for the similar reporting period of 2017 representing a decrease of $339,901. The primary reason for this decrease relates to less sales of finished strawberry product produced and sold exclusively to a local distributor beginning in early March and running through mid-April of each year. As in previous years, Paradise, Inc., based on a negotiated price (i.e. tolling fee) will receive and process fresh strawberries through its production facilities on behalf of this distributor. With unfavorable market conditions and a shortage of available labor during the first quarter of 2018, tolling fees to this local distributor totaled $275,211 for the three months ended March 31, 2018 compared to $526,417 for the three months ended March 31, 2017. With strawberry tolling fees account for less than 5% of annual fruit segment net sales and were 54.8% of fruit segment sales during the first quarter of 2018 compared to 56.5% of first quarter 2017, no trend or forecast can be annual fruit segment sales can be projected based on this information.

Paradise Plastics, Inc., a wholly owned company of Paradise, Inc., which accounted for 23% of total net sales to unaffiliated customers for the previous year, generated net sales of $1,533,660 for the three months ended March 31, 2018 compared to $1,516,081 for the three months ended March 31, 2017. Plastics net sales continued to rebound from the negative impact absorbed from the loss of a portion of business from a major plastics customer’s decision to transfer production to another supplier that could produce these parts in a more cost effective method via injection molding. Paradise’s management offered to invest $3 million to construct a building and purchase the necessary equipment to retain this business, however, the offer was declined. With production of these parts ending in the latter stages of the first quarter of 2017, net sales decreased $1.6 million for the remainder of 2017. However, with increased demand from this major customer along with recent successes in developing new accounts over the past two operating quarters, management is confident it has taken the necessary actions to provide additional revenue for the remainder of 2018.

Consolidated cost of sales as a percentage of net sales decreased 6.8% for the first quarter of 2018 compared to the similar reporting period of 2017 as higher value retail returns received from fruit segment customers represented a greater percentage of overall inventory as of March 31, 2018 compared to March 31, 2017. It is important to note that since annual fruit production is not scheduled to commence until June 1, 2018, management allocates a percentage of operating expenses back into inventory based on a percentage of completion calculation. As of March 31, 2018, as no production cost has begun, 100% of fruit segment operating expenses totaling $1,187,446 have been allocated to inventory compared to 100% of fruit segment operating expenses totaling $1,046,598 as of March 31, 2017.

Selling, general & administrative expenses for the first three months of 2018 decreased 11.3% to $779,515 from $878,693 for the first three months of 2017 as Paradise, Inc. continued to receive savings from management’s decision to outsource all payroll and employee benefit program administration to a national provider of these services during the first quarter of 2017.

Other Significant Items

Accounts Receivable as of March 31, 2018 totaled $1,163,303 compared to $1,492,633 as of March 31, 2017. This decrease of $329,330 is primarily related to the decrease in tolling fees earned for the production of fresh strawberry products processed on behalf of a local distributor of these products.

15

PARADISE, INC. COMMISSION FILE NO. 0-3026

PART I. FINANCIAL INFORMATION

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

Other Significant Items (Continued)

Inventory levels as of March 31, 2018 increased $1,145,331 or 11.4% to $11,229,575 from $10,084,244 as of March 31, 2017. The primary reason for this was due to an increase in retail returns of approximately $500,000 during the first quarter of 2018. In addition, increased sales demand during the fourth quarter of 2017 and the first quarter of 2018 for plastics custom molding parts resulted in an additional $300,000 of plastics inventory as of March 31, 2018 compared to March 31, 2017. The remaining increase of approximately $150,000 was related to the receipt of raw fruit materials from the Company’s overseas supplier during the first quarter of 2018 compared to the first quarter of 2017.

Short Term Debt as of March 31, 2018 increased $140,601 to $797,254 from $656,653 and primarily consist of letters of credit issued by the Company’s banking institution to Paradise, Inc.’s overseas supplier of certain raw fruit materials. The bank makes direct payments to the overseas supplier and then charges Paradise, Inc. after receipt of this raw fruit materials with term extending out 180 days. As the terms in payments are consistent from period to period, the increase balance as of March 31, 2018 compared to the balance as of March 31, 2017 is a function of timing as a greater percentage of product was received during the fourth quarter of 2017.

Accounts Payable as of March 31, 2018 decreased to $569,533 compared to $934,874 as of March 31, 2017 as several major suppliers of domestic fruit and plastics raw inventory were received in April of 2018 compared to March of 2017.

We finance our ongoing operations primarily with cash provided by our operating activities. Our principal sources of liquidity are our cash flows provided by operating activities, our existing cash, and a line of credit facility. At March 31, 2018 and December 31, 2017, we had $7.3 million and $8.7 million, respectively, in cash. The decrease in cash during the first quarter of 2018 of $1.4 million is consistent with prior years as we will continue to use available cash reserves until we start to receive payments from our fruit customers after the start of our shipping season beginning in the fourth quarter of the year. Additionally, we have a revolving line of credit with a maximum limit of $12 million and a borrowing limit of 80% of the Company’s eligible receivables plus 50% of the Company’s eligible inventory from January 1 to May 31 and 60% from June 1 to December 31 of each year, of which $0 was outstanding at March 31, 2018 and December 31, 2017. Within this agreement, there are letters of credit with a limit of $1,750,000, of which $797,254 was outstanding at March 31, 2018 and $541,572 at December 31, 2017. The line of credit agreement expires on July 31, 2019.

Summary

Paradise, Inc.’s consolidated net sales for the three months ended March 31, 2018 decreased $322,322 to $2,126,278 from $2,448,600 for the similar reporting period of 2017, representing a decrease of 13.2%. This decrease is primarily related to the decline in strawberry tolling fees caused by unfavorable market conditions and a shortage of available labor resulted in tolling fees of $275,211. Correspondingly, cost of sales as a percentage of sales decreased 6.8% as increased returns of higher valued retail glace’ fruit represented a greater percentage of ending inventory as of March 31, 2018 compared to March 31, 2017. Selling, general and administrative expenses decreased 11.4% as of March 31, 2018 compared to March 31, 2017 as savings continued to be achieved from outsourcing payroll and employee benefits to a national provider of these services during the first quarter of 2017. Thus, the combination of these events, after applying income tax benefits at March 31, 2018 and March 31, 2017 of $125,340 and $259,036, respectfully, resulted in a consolidated first quarter 2018 loss of $347,643 compared to a first quarter 2017 loss of $409,036.

16

PARADISE, INC. COMMISSION FILE NO. 0-3026

PART I. FINANCIAL INFORMATION

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

Summary (Continued)

However, it’s important to note that with less than 10% of anticipated 2018 fruit segment net sales processed and shipped as of March 31, 2018 and based on historical sales data which indicates that more than 80% of the Company’s annual fruit segment’s sales will occur during the months of September through November of each year, no realistic forecast or trend as to year end results can be developed as of the date of this filing.

Critical Accounting Estimates

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make assessments, estimates and assumptions that affect the amounts reported in the consolidated financial statements. We evaluate the accounting policies and estimates used to prepare the consolidated financial statements on an ongoing basis. Critical accounting estimates are those that require management’s most difficult, complex, or subjective judgments and have the most potential to impact our financial position and operating results. For a detailed discussion of our critical accounting estimates, see our Annual Report on Form 10-K for the year ended December 31, 2017. There have been no material changes to our critical accounting estimates during the three months ended March 31, 2018.

Impact of Recently Issued Accounting Pronouncements

In May 2014, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The revenue guidance is effective for annual reporting periods beginning after December 15, 2017, with early adoption permitted as of the original effective date (annual reporting periods beginning after December 15, 2016). The ASU may be applied retrospectively to historical periods presented or as a cumulative-effect adjustment as of the date of adoption. The Company adopted the new standard on January 1, 2018 on a full retrospective basis. There was no material financial impact from adopting the new revenue standard.

In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842)(ASU 2016-02). Under ASU No. 2016-2, an entity will be required to recognize right-of-use assets and lease liabilities on its balance sheet and disclose key information about leasing arrangements. ASU No. 2016-02 offers specific accounting guidance for a lessee, a lessor and sale and leaseback transactions. Lessees and lessors are required to disclose qualitative and quantitative information about leasing arrangements to enable a user of the financial statements to assess the amount, timing and uncertainty of cash flows arising from leases. ASU No. 2016-02 is effective for annual reporting periods beginning after December 15, 2018, including interim periods within that reporting period, and requires a modified retrospective adoption, with early adoption permitted. The Company continues to make progress in their due diligence and assessment of the impact of the new standard across its operations and the consolidated financial statements, which will consist primarily of recording right of use assets and corresponding lease liabilities on the balance sheet for operating leases.

Except as noted above, the Company’s management does not believe that recent codified pronouncements by the Financial Accounting Standards Board (“FASB”) (including its EITF), the AICPA or the Securities and Exchange Commission will have a material impact on the Company’s current or future consolidated financial statements.

17

PARADISE, INC. COMMISSION FILE NO. 0-3026

PART I. FINANCIAL INFORMATION

Item 3. Quantitative and Qualitative Disclosure and Market Risk – N/A

Item 4. Controls and Procedures

(a) Evaluation of Disclosure Controls and Procedures.

Pursuant to Rule 13a-15(b) under the Exchange Act, the Company carried out an evaluation, with the participation of the Company’s management, including the Company’s President and Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”), of the effectiveness of the Company’s disclosure controls and procedures (as defined under Rule 13a-15(e) under the Exchange Act) as of the end of the period covered by this report.

Subsequent to the initial filing of the Company’s annual report on Form 10-K for the year ended December 31, 2017, management identified a material weakness in internal control relevant to the Company’s timeliness of the issuance and related year end accrual of credit memos for the customer returns, allowances, discounts and incentives that related to 2017 sale. This material weakness in internal control resulted in a material misstatement of the financial statements and required restatement of the financial statements included in the Company’s Form 10-K for the year ended December 31, 2017 and in the Company’s Form 10-Q for the quarterly period ended March 31, 2018. These misstatements, which were not detected timely by management, were the result of inadequate design of controls pertaining to the Company’s review and ongoing monitoring of its procedures. The deficiency represents a material weakness in the Company’s internal control over financial reporting. 

As of June 30, 2018 and based upon that evaluation, including the fact that the Company has had to file restatements of its consolidated financial statements, the Company’s CEO and CFO concluded that the Company’s disclosure controls and procedures were not effective to ensure that information required to be disclosed by the Company in the reports that the Company files or submits under the Exchange Act, are recorded, processed, summarized and reported, within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to the Company’s management, including the Company’s CEO and CFO, as appropriate, to allow timely decisions regarding required disclosure. Management is actively engaged in the planning for and implementation of remediation efforts to address the material weakness identified above.

(b) Changes in Internal Control over Financial Reporting.

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

Disclosure controls and procedures mean the methods designed to ensure that information that the Company is required to disclose in the reports that it files with the Securities and Exchange Commission is recorded, processed, summarized and reported within the time periods required. Our controls and procedures are designed to ensure that all information required to be disclosed is accumulated and communicated to our management to allow timely decisions regarding disclosure. Our controls and procedures are also designed to provide reasonable assurance of the reliability of our financial reporting and accurate recording of our financial transactions.

A control system, however well designed and operated, can provide only reasonable, not absolute, assurance that the control system’s objectives will be met. There are inherent limitations in all control systems, and no evaluation of controls can provide absolute assurance that all control gaps or instances of fraud have been detected. These inherent limitations include the realities that the judgments in decision-making can be faulty, and that simple errors or mistakes can occur.

18

PARADISE, INC. COMMISSION FILE NO. 0-3026

PART II.	OTHER INFORMATION
Item 1.	Legal Proceedings – N/A
Item 1A.	Risk Factors – N/A
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds – N/A
Item 3.	Defaults Upon Senior Securities – N/A
Item 4.	Mine Safety Disclosures – N/A
Item 5.	Other Information – N/A
Item 6.	Exhibits

Exhibit
Number	Description
31.1	Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2	Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1	Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2	Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

EX-101.INS	XBRL Instance Document
EX-101.SCH	XBRL Taxonomy Extension Schema
EX-101.CAL	XBRL Taxonomy Extension Calculation Linkbase
EX-101.DEF	XBRL Taxonomy Extension Definition Linkbase
EX-101.LAB	XBRL Taxonomy Extension Label Linkbase
EX-101.PRE	XBRL Taxonomy Extension Presentation Linkbase

19

PARADISE, INC. COMMISSION FILE NO. 0-3026

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

PARADISE, INC.
A Florida Corporation
/s/ Randy S. Gordon	Date:	August 20, 2018
Randy S. Gordon
President and Chief Executive Officer
/s/ Jack M. Laskowitz	Date:	August 20, 2018
Jack M. Laskowitz
Chief Financial Officer and Treasurer

20

EX-31.1

Exhibit 31.1

Sarbanes-Oxley Section 302

Certification of Chief Executive Officer

I, Randy S. Gordon, certify that:

1. I have reviewed this quarterly report on Form 10-Q/A of Paradise, Inc.

2. Based on my knowledge, this quarterly 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 quarterly report;

3. Based on my knowledge, the financial statements, and other financial information included in this quarterly report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this quarterly report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

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

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:  August 20, 2018

/s/ Randy S. Gordon

Randy S. Gordon

President and Chief Executive Officer

EX-31.2

Exhibit 31.2

Sarbanes-Oxley Section 302

Certification of Chief Financial Officer

I, Jack M. Laskowitz, certify that:

1. I have reviewed this quarterly report on Form 10-Q/A of Paradise, Inc.

2. Based on my knowledge, this quarterly 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 quarterly report;

3. Based on my knowledge, the financial statements, and other financial information included in this quarterly report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this quarterly report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

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

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:  August 20, 2018

/s/ Jack M. Laskowitz

Jack M. Laskowitz

Chief Financial Officer and Treasurer

EX-32.1

Exhibit 32.1

Certification of CEO 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 Paradise, Inc. on Form 10-Q/A for the period ending March 31, 2018 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Randy S. Gordon, as President and Chief Executive Officer of Paradise, Inc., certify pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities and Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of Paradise, Inc.

/s/ Randy S. Gordon	Date:  August 20, 2018
Randy S. Gordon
President and Chief Executive Officer

EX-32.2

Exhibit 32.2

Certification of CFO 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 Paradise, Inc. on Form 10-Q/A for the period ending March 31, 2018 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Jack M. Laskowitz, as Chief Financial Officer of Paradise, Inc., certify pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities and Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of Paradise, Inc.

/s/ Jack M. Laskowitz	Date:  August 20, 2018
Jack M. Laskowitz
Chief Financial Officer and Treasurer

XML

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2018	Aug. 20, 2018
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	true
Document Period End Date	Mar. 31, 2018
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	Q1
Entity Registrant Name	PARADISE INC
Entity Central Index Key	0000076149
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Trading Symbol	PARF
Entity Common Stock, Shares Outstanding		519,600
Amendment Description	This Amended Report on Form 10-Q / A (this “Form 10Q/A”) amends and restates certain items noted below in the Quarterly Report on Form 10-Q of Paradise, Inc. (the “Company”) for the three months ended March 31, 2018, as originally filed with the Securities and Exchange Commission (the “SEC”) on May 15, 2018 (the “Original Filing”). This Form 10Q/A restates the Company’s Consolidated Financial Statements and related disclosures as of and for the three months ended March 31, 2018 to reflect the correction of an error caused by a material weakness in internal control in the previously reported financial statements related to the Company’s timeliness in issuing credit memos for customer product returns, allowances, discounts and incentives. Background and Effect of Restatement In connection with preparing its financial statements for the quarter ending June 30, 2018, the Company determined that this material weakness in internal control in recording the timeliness of credit memos related to customer returns, allowances, discounts and incentives resulted in an overstatement of year end December 31, 2017 income before provision for income taxes of approximately $445,000. Additionally, this error resulted in an overstatement of the loss before income tax benefit for March 31, 2018 of approximately $90,000. The Company is currently reviewing its internal control procedures and based upon the results of this review will implement additional internal control procedures that will strengthen the Company’s ability to prevent this material weakness from occurring in the future. See Note 2 to the Consolidated Financial Statements included in this Form 10-Q/A for additional information and a reconciliation of the previously reported amounts in the Original Filing to the restated amounts this Form 10-Q / A.

XML

CONSOLIDATED BALANCE SHEETS - USD ($)	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017
CURRENT ASSETS:
Cash	$ 7,272,479	$ 8,668,012	$ 7,633,002
Accounts Receivable, Less, Allowances of $0 (03/31/18), $1,138,431 (12/31/17) and $0 (03/31/17)	1,163,303	1,870,649	1,492,633
Inventories:
Raw Materials	8,466,419	5,855,658	8,030,485
Work in Process	11,265	1,077,718	12,472
Supplies	194,346	194,346	165,446
Finished Goods	2,557,545	2,400,924	1,875,841
Income Tax Receivable	334,956	209,616	257,752
Prepaid Expenses and Other Current Assets	116,404	224,384	179,015
Total Current Assets	20,116,717	20,501,307	19,646,646
Property, Plant and Equipment, Less, Accumulated Depreciation of $19,146,653 (03/31/18), $19,045,405 (12/31/17) and $18,766,538 (03/31/17)	4,236,170	4,271,727	4,508,209
Goodwill	413,280	413,280	413,280
Other Assets	406,549	345,415	316,242
TOTAL ASSETS	25,172,716	25,531,729	24,884,377
CURRENT LIABILITIES:
Short Term Debt	797,254	541,572	656,653
Accounts Payable	569,533	638,896	934,874
Accrued Expenses	709,165	828,914	451,557
Total Current Liabilities	2,075,952	2,009,382	2,043,084
DEFERRED INCOME TAX LIABILITY	83,687	83,687	126,482
Total Liabilities	2,159,639	2,093,069	2,169,566
STOCKHOLDERS’ EQUITY:
Common Stock: $0.30 Par Value, 2,000,000 Shares Authorized, 583,094 Shares Issued, 519,600 Shares Outstanding	174,928	174,928	174,928
Capital in Excess of Par Value	1,288,793	1,288,793	1,288,793
Retained Earnings	21,822,575	22,248,158	21,524,309
Treasury Stock, at Cost, 63,494 Shares	(273,219)	(273,219)	(273,219)
Total Stockholders’ Equity	23,013,077	23,438,660	22,714,811
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 25,172,716	$ 25,531,729	$ 24,884,377

XML

CONSOLIDATED BALANCE SHEETS [Parenthetical] - USD ($)	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017
Allowance for Doubtful Accounts (in dollars)	$ 0	$ 1,138,431	$ 0
Accumulated depreciation (in dollars)	$ 19,146,653	$ 19,045,405	$ 18,766,538
Common stock, par value (in dollars per share)	$ 0.30	$ 0.30	$ 0.30
Common stock, shares authorized	2,000,000	2,000,000	2,000,000
Common stock, shares issued	583,094	583,094	583,094
Common stock, shares outstanding	519,600	519,600	519,600
Treasury stock, shares	63,494	63,494	63,494

XML

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Net Sales	$ 2,126,278	$ 2,448,600
Costs and Expenses:
Cost of Goods Sold	1,813,782	2,256,181
Selling, General and Administrative Expense	779,515	878,693
Amortization Expense	4,500	0
Total Costs and Expenses	2,597,797	3,134,874
Loss from Operations	(471,519)	(686,274)
Other (Expense) Income	(1,464)	18,202
Loss Before Income Taxes	(472,983)	(668,072)
Income Tax Benefit	125,340	259,036
Net Loss	$ (347,643)	$ (409,036)
Loss per Common Share (Basic and Diluted)	$ (0.67)	$ (0.79)
Dividend per Common Share (in dollars per share)	$ 0.15	$ 0.25

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Loss	$ (347,643)	$ (409,036)
Adjustments to Reconcile Net Loss to Net Cash Used in Operating Activities:
Depreciation and Amortization	105,749	115,717
Decrease (Increase) in:
Accounts Receivable	707,346	615,975
Inventories	(1,700,930)	(1,779,211)
Prepaid Expenses and Other Current Assets	107,980	117,836
Income Tax Receivable	(125,340)	(257,752)
Other Assets	(61,134)	77,752
Increase (Decrease) in:
Accounts Payable	(69,360)	45,178
Accrued Liabilities	(197,691)	(367,520)
Net Cash Used in Operating Activities	(1,581,023)	(1,841,061)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of Property and Equipment	(65,692)	(380,290)
Net Cash Used in Investing Activities	(65,692)	(380,290)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from Short Term Debt	382,330	656,653
Payments on Short Term Debt	(131,148)	(42,938)
Net Cash Provided by Financing Activities	251,182	613,715
NET DECREASE IN CASH	(1,395,533)	(1,607,636)
CASH, AT BEGINNING OF PERIOD	8,668,012	9,240,638
CASH, AT END OF PERIOD	7,272,479	7,633,002
Cash paid for:
Income Tax	0	0
Noncash financing activity:
Dividends Declared	77,940	129,900
Noncash investing activity:
Property and Equipment included in Accounts Payable	$ 0	$ 81,000

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BASIS OF PRESENTATION

3 Months Ended

Mar. 31, 2018

Accounting Policies [Abstract]

Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block]

NOTE 1 BASIS OF PRESENTATION

The accompanying unaudited consolidated financial statements of Paradise, Inc. (the “Company”) have been prepared by the Company in accordance with accounting principles generally accepted in the United States of America for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission. Accordingly, they do not include all the information and footnotes required by accounting principles generally accepted in the United States of America for annual financial statements.

The information furnished herein reflects only the adjustments and accruals of a normal recurring nature management believes are necessary to fairly state the operating results for the respective periods. The notes to the unaudited consolidated financial statements should be read in conjunction with the notes to the consolidated financial statements contained in the Company’s Form 10-K for the year ended December 31, 2017. The Company’s management believes that the disclosures are sufficient for interim financial reporting purposes.

Consumer demand for glace’ fruit product is traditionally strongest during the Thanksgiving and Christmas season. Almost 80% of glace’ fruit product sales are recorded during an eight to ten week period beginning in mid September. Therefore, the operating results for the three months ended March 31, 2018 are not necessarily indicative of the results that may be expected for the current year.

Certain minor reclassifications have been made to the consolidated unaudited financial statements for the quarter ended March 31, 2017 to conform to the classifications used for the quarter ended March 31, 2018. 

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RESTATEMENT OF CONSOLIDATED UNAUDITED FINANCIAL STATEMENTS

3 Months Ended

Mar. 31, 2018

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]

NOTE 2: RESTATEMENT OF CONSOLIDATED UNAUDITED FINANCIAL STATEMENTS

The Company is filing this Amendment to our Quarterly Report on Form 10-Q/A for the three months ended March 31, 2018 due to the fact that the Company has determined that a material weakness in internal control relating to the recording of customer returns, allowances, discounts and incentives has resulted in an overstatement of year end income before provision of income taxes of approximately $445,000 as of December 31, 2017 and an overstatement of loss before income taxes of approximately $90,000 for the first quarter ending March 31, 2018. As of the date of this filing, the Company is working diligently to determine the impact of this material weakness will have on the Company’s Form 10-Q/A for the second quarter report ending June 30, 2018.

Following is the effect of the restatement on the Company’s March 31, 2018 unaudited financial statements:

	As Previously
Balance Sheet	Reported		Adjustment		As Restated
Current Assets:
Cash	$	7,272,479	$	-	$	7,272,479
Accounts Receivable		1,163,303		-		1,163,303
Inventories:
Raw Materials		8,466,419		-		8,466,419
Work in Process		11,265		-		11,265
Supplies		194,346		-		194,346
Finished Goods		2,557,545		-		2,557,545
Income Tax Receivable		242,044		92,912		334,956
Prepaid Expenses and Other Current Assets		116,404		-		116,404
Total Current Assets		20,023,805		92,912		20,116,717
Property, Plant and Equipment		4,236,170		-		4,236,170
Goodwill		413,280		-		413,280
Other Assets		406,549		-		406,549
TOTAL ASSETS	$	25,079,804	$	92,912	$	25,172,716

	As Previously
Balance Sheet	Reported		Adjustment		As Restated
Current Liabilities:
Short-Term Debt	$	797,254	$	-	$	797,254
Accounts Payable		569,533		-		569,533
Accrued Expenses		353,266		355,899		709,165
Total Current Liabilities		1,720,053		355,899		2,075,952
Deferred Income Tax Liability		111,983		(28,296)		83,687
Total Liabilities		1,832,036		327,603		2,159,639
Stockholders’ Equity:
Common Stock, $.30 Par Value, 2,000,000 Shares Authorized, 583,094 Shares Issued and 519,600 Shares Outstanding		174,928		-		174,928
Capital in Excess of Par Value		1,288,793		-		1,288,793
Retained Earnings		22,057,266		(234,691)		21,822,575
Treasury Stock, at Cost, 63,494 Shares		(273,219)		-		(273,219)
Total Stockholders’ Equity		23,247,768		(234,691)		23,013,077
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	25,079,804	$	92,912	$	25,172,716

	As Previously
Income Statement	Reported		Adjustment		As Restated
Net Sales	$	2,036,263	$	90,015	$	2,126,278
Costs and Expenses:
Cost of Goods Sold		1,813,782		-		1,813,782
Selling, General and Administrative Expenses		779,515		-		779,515
Amortization Expense		4,500		-		4,500
Total Costs and Expenses		2,597,797		-		2,597,797
Loss from Operations		(561,534)		90,015		(471,519)
Other (Expense) Income		(1,464)		-		(1,464)
Loss Before Income Taxes		(562,998)		90,015		(472,983)
Income Tax Benefit		149,194		(23,854)		125,340
Net Loss	$	(413,804)	$	66,161	$	(347,643)
Loss per Common Share (Basic and Diluted)	$	(0.80)	$	0.13	$	(0.67)
Dividend per Common Share	$	0.15	$	-	$	0.15

	As Previously
Cash Flow	Reported		Adjustment		As Restated
Cash Flows from Operating Activities:
Net Loss	$	(413,804)	$	66,161	$	(347,643)
Adjustments to Reconcile Net Loss to Net
Cash Used in Operating Activities:
Depreciation and Amortization		105,749		-		105,749
Decrease (Increase) in:
Accounts Receivable		1,135,493		(428,147)		707,346
Inventories		(2,022,296)		321,366		(1,700,930)
Prepaid Expenses and Other Current Assets		107,980		-		107,980
Income Tax Receivable		(149,194)		23,854		(125,340)
Other Assets		(61,134)		-		(61,134)
Increase (Decrease) in:
Accounts Payable		(69,360)		-		(69,360)
Accrued Liabilities		(214,457)		16,766		(197,691)
Net Cash Used in Operating Activities		(1,581,023)		-		(1,581,023)
Cash Flows from Investing Activities:
Purchase of Property, Plant and Equipment		(65,692)		-		(65,692)
Net Cash Used in Investing Activities		(65,692)		-		(65,692)
Cash Flows from Financing Activities:
Proceeds from Short-Term Debt		382,330		-		382,330
Payments on Short-Term Debt		(131,148)		-		(131,148)
Net Cash Provided by
Financing Activities		251,182		-		251,182
Net Decrease in Cash		(1,395,533)		-		(1,395,533)
Cash, at Beginning of Period		8,668,012		-		8,668,012
Cash, at End of Period	$	7,272,479	$	-	$	7,272,479
Supplemental Cash Flow Information:
Noncash financing activity:
Dividends Declared	$	77,940	$	-	$	77,940

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IMPACT OF RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS

3 Months Ended

Mar. 31, 2018

New Accounting Pronouncements and Changes in Accounting Principles [Abstract]

New Accounting Pronouncements and Changes in Accounting Principles [Text Block]

NOTE 3 IMPACT OF RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS

In May 2014, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The revenue guidance is effective for annual reporting periods beginning after December 15, 2017, with early adoption permitted as of the original effective date (annual reporting periods beginning after December 15, 2016). The ASU may be applied retrospectively to historical periods presented or as a cumulative-effect adjustment as of the date of adoption. The Company adopted the new standard on January 1, 2018 on a full retrospective basis. There was no material financial impact from adopting the new revenue standard.

In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842)(ASU 2016-02). Under ASU No. 2016-2, an entity will be required to recognize right-of-use assets and lease liabilities on its balance sheet and disclose key information about leasing arrangements. ASU No. 2016-02 offers specific accounting guidance for a lessee, a lessor and sale and leaseback transactions. Lessees and lessors are required to disclose qualitative and quantitative information about leasing arrangements to enable a user of the financial statements to assess the amount, timing and uncertainty of cash flows arising from leases. ASU No. 2016-02 is effective for annual reporting periods beginning after December 15, 2018, including interim periods within that reporting period, and requires a modified retrospective adoption, with early adoption permitted. The Company continues to make progress in their due diligence and assessment of the impact of the new standard across its operations and the consolidated financial statements, which will consist primarily of recording right of use assets and corresponding lease liabilities on the balance sheet for operating leases.

Except as noted above, the Company’s management does not believe that recent codified pronouncements by the Financial Accounting Standards Board (“FASB”) (including its EITF), the AICPA or the Securities and Exchange Commission will have a material impact on the Company’s current or future consolidated financial statements.

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LOSS PER COMMON SHARE

3 Months Ended

Mar. 31, 2018

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

NOTE 4 LOSS PER COMMON SHARE

 

Basic and diluted loss per common share are based on the weighted average number of shares outstanding and assumed to be outstanding of 519,600. There are no dilutive securities outstanding.

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REVENUE

3 Months Ended

Mar. 31, 2018

Revenue from Contract with Customer [Abstract]

Revenue from Contract with Customer [Text Block]

NOTE 5 REVENUE

 

The Company recognizes revenue from the sale of candied fruit products which are sold to manufacturing bakers, institutional users and retailers. The Company also recognizes revenue from the sale of molded plastics to unaffiliated customers. Revenue is recognized upon the shipment or delivery of goods depending on the agreed upon terms with the customer and is reported net of applicable provisions for discounts, returns, incentives and allowances.

The Company recognizes revenue when performance obligations are satisfied by transferring control of the goods to customers. Control is transferred upon shipment or delivery of the goods to the customer. At the time of delivery, the customer is invoiced with payment terms which are commensurate with the customer’s credit profile. Shipping and/or handling costs that occur before the customer obtains control of the goods are deemed to be fulfillment activities and are accounted for as fulfillment costs.

The Company assesses the goods and services promised in its customers’ purchase orders and identifies a performance obligation for each promise to transfer a good or service (or bundle of goods or services) that is distinct. To identify the performance obligations, the Company considers all the goods or services promised, whether explicitly stated or implied based on customary business practices.

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BUSINESS SEGMENT DATA

3 Months Ended

Mar. 31, 2018

Segment Reporting [Abstract]

Segment Reporting Disclosure [Text Block]

NOTE 6 BUSINESS SEGMENT DATA

 

The Company’s operations are conducted through two business segments. These segments, and the primary operations of each, are as follows:

Business Segment	Operation
Fruit	Production of candied fruit, a basic fruitcake ingredient, sold to manufacturing bakers, institutional users, and retailers for use in home baking.  Also, based on market conditions, the processing of frozen strawberry products, for sale to commercial and institutional users such as preservers, dairies, drink manufacturers, etc.
Molded Plastics	Production of plastics containers and other molded plastics for sale to various food processors and others.

	March 31,		March 31,
	2018		2017
	(Restated)
Net Sales in Each Segment
Fruit:
Sales to Unaffiliated Customers	$	592,618	$	932,519
Molded Plastics:
Sales to Unaffiliated Customers		1,533,660		1,516,081
Net Sales	$	2,126,278	$	2,448,600

The Company does not prepare operating profit or loss information on a segment basis for internal use, until the end of each year. Due to the seasonal nature of the fruit segment, management believes that it is not practical to prepare this information for interim reporting purposes. Therefore, reporting is not required by accounting principles generally accepted in the United States of America. 

	March 31,		March 31,
	2018		2017
	(Restated)
Identifiable Assets of Each Segment are Listed Below:
Fruit	$	11,812,208	$	11,474,015
Molded Plastics		4,416,137		4,266,196
Identifiable Assets		16,228,345		15,740,211
General Corporate Assets		8,944,371		9,144,166
Total Assets	$	25,172,716	$	24,884,377

Identifiable assets by segment are those assets that are principally used in the operations of each segment. General corporate assets are principally cash, prepaid expenses, other current assets, land and income tax assets.

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RESTATEMENT OF CONSOLIDATED UNAUDITED FINANCIAL STATEMENTS (Tables)

3 Months Ended

Mar. 31, 2018

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Condensed Balance Sheet [Table Text Block]

Following is the effect of the restatement on the Company’s March 31, 2018 unaudited financial statements:

	As Previously
Balance Sheet	Reported		Adjustment		As Restated
Current Assets:
Cash	$	7,272,479	$	-	$	7,272,479
Accounts Receivable		1,163,303		-		1,163,303
Inventories:
Raw Materials		8,466,419		-		8,466,419
Work in Process		11,265		-		11,265
Supplies		194,346		-		194,346
Finished Goods		2,557,545		-		2,557,545
Income Tax Receivable		242,044		92,912		334,956
Prepaid Expenses and Other Current Assets		116,404		-		116,404
Total Current Assets		20,023,805		92,912		20,116,717
Property, Plant and Equipment		4,236,170		-		4,236,170
Goodwill		413,280		-		413,280
Other Assets		406,549		-		406,549
TOTAL ASSETS	$	25,079,804	$	92,912	$	25,172,716

	As Previously
Balance Sheet	Reported		Adjustment		As Restated
Current Liabilities:
Short-Term Debt	$	797,254	$	-	$	797,254
Accounts Payable		569,533		-		569,533
Accrued Expenses		353,266		355,899		709,165
Total Current Liabilities		1,720,053		355,899		2,075,952
Deferred Income Tax Liability		111,983		(28,296)		83,687
Total Liabilities		1,832,036		327,603		2,159,639
Stockholders’ Equity:
Common Stock, $.30 Par Value, 2,000,000 Shares Authorized, 583,094 Shares Issued and 519,600 Shares Outstanding		174,928		-		174,928
Capital in Excess of Par Value		1,288,793		-		1,288,793
Retained Earnings		22,057,266		(234,691)		21,822,575
Treasury Stock, at Cost, 63,494 Shares		(273,219)		-		(273,219)
Total Stockholders’ Equity		23,247,768		(234,691)		23,013,077
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	25,079,804	$	92,912	$	25,172,716

Condensed Income Statement [Table Text Block]

	As Previously
Income Statement	Reported		Adjustment		As Restated
Net Sales	$	2,036,263	$	90,015	$	2,126,278
Costs and Expenses:
Cost of Goods Sold		1,813,782		-		1,813,782
Selling, General and Administrative Expenses		779,515		-		779,515
Amortization Expense		4,500		-		4,500
Total Costs and Expenses		2,597,797		-		2,597,797
Loss from Operations		(561,534)		90,015		(471,519)
Other (Expense) Income		(1,464)		-		(1,464)
Loss Before Income Taxes		(562,998)		90,015		(472,983)
Income Tax Benefit		149,194		(23,854)		125,340
Net Loss	$	(413,804)	$	66,161	$	(347,643)
Loss per Common Share (Basic and Diluted)	$	(0.80)	$	0.13	$	(0.67)
Dividend per Common Share	$	0.15	$	-	$	0.15

Condensed Cash Flow Statement [Table Text Block]

	As Previously
Cash Flow	Reported		Adjustment		As Restated
Cash Flows from Operating Activities:
Net Loss	$	(413,804)	$	66,161	$	(347,643)
Adjustments to Reconcile Net Loss to Net
Cash Used in Operating Activities:
Depreciation and Amortization		105,749		-		105,749
Decrease (Increase) in:
Accounts Receivable		1,135,493		(428,147)		707,346
Inventories		(2,022,296)		321,366		(1,700,930)
Prepaid Expenses and Other Current Assets		107,980		-		107,980
Income Tax Receivable		(149,194)		23,854		(125,340)
Other Assets		(61,134)		-		(61,134)
Increase (Decrease) in:
Accounts Payable		(69,360)		-		(69,360)
Accrued Liabilities		(214,457)		16,766		(197,691)
Net Cash Used in Operating Activities		(1,581,023)		-		(1,581,023)
Cash Flows from Investing Activities:
Purchase of Property, Plant and Equipment		(65,692)		-		(65,692)
Net Cash Used in Investing Activities		(65,692)		-		(65,692)
Cash Flows from Financing Activities:
Proceeds from Short-Term Debt		382,330		-		382,330
Payments on Short-Term Debt		(131,148)		-		(131,148)
Net Cash Provided by
Financing Activities		251,182		-		251,182
Net Decrease in Cash		(1,395,533)		-		(1,395,533)
Cash, at Beginning of Period		8,668,012		-		8,668,012
Cash, at End of Period	$	7,272,479	$	-	$	7,272,479
Supplemental Cash Flow Information:
Noncash financing activity:
Dividends Declared	$	77,940	$	-	$	77,940

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BUSINESS SEGMENT DATA (Tables)

3 Months Ended

Mar. 31, 2018

Net Sales [Member]

Schedule of Segment Reporting Information, by Segment [Table Text Block]

The Company’s operations are conducted through two business segments. These segments, and the primary operations of each, are as follows:

Business Segment	Operation
Fruit	Production of candied fruit, a basic fruitcake ingredient, sold to manufacturing bakers, institutional users, and retailers for use in home baking.  Also, based on market conditions, the processing of frozen strawberry products, for sale to commercial and institutional users such as preservers, dairies, drink manufacturers, etc.
Molded Plastics	Production of plastics containers and other molded plastics for sale to various food processors and others.

	March 31,		March 31,
	2018		2017
	(Restated)
Net Sales in Each Segment
Fruit:
Sales to Unaffiliated Customers	$	592,618	$	932,519
Molded Plastics:
Sales to Unaffiliated Customers		1,533,660		1,516,081
Net Sales	$	2,126,278	$	2,448,600

Identifiable Assets [Member]

Schedule of Segment Reporting Information, by Segment [Table Text Block]

Therefore, reporting is not required by accounting principles generally accepted in the United States of America. 

	March 31,		March 31,
	2018		2017
	(Restated)
Identifiable Assets of Each Segment are Listed Below:
Fruit	$	11,812,208	$	11,474,015
Molded Plastics		4,416,137		4,266,196
Identifiable Assets		16,228,345		15,740,211
General Corporate Assets		8,944,371		9,144,166
Total Assets	$	25,172,716	$	24,884,377

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BASIS OF PRESENTATION (Details Textual)	3 Months Ended
	Mar. 31, 2018
Basis Of Presentation [Line Items]
Concentration Risk, Percentage	80.00%

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RESTATEMENT OF CONSOLIDATED UNAUDITED FINANCIAL STATEMENTS (Details) - USD ($)	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017	Dec. 31, 2016
Current Assets:
Cash	$ 7,272,479	$ 8,668,012	$ 7,633,002	$ 9,240,638
Accounts Receivable	1,163,303	1,870,649	1,492,633
Inventories:
Raw Materials	8,466,419	5,855,658	8,030,485
Work in Process	11,265	1,077,718	12,472
Supplies	194,346	194,346	165,446
Finished Goods	2,557,545	2,400,924	1,875,841
Income Tax Receivable	334,956	209,616	257,752
Prepaid Expenses and Other Current Assets	116,404	224,384	179,015
Total Current Assets	20,116,717	20,501,307	19,646,646
Property, Plant and Equipment, Net	4,236,170	4,271,727	4,508,209
Goodwill	413,280	413,280	413,280
Other Assets	406,549	345,415	316,242
TOTAL ASSETS	25,172,716	25,531,729	24,884,377
Current Liabilities:
Short-Term Debt	797,254	541,572	656,653
Accounts Payable	569,533
Accrued Expenses	709,165
Total Current Liabilities	2,075,952	2,009,382	2,043,084
Deferred Income Tax Liability	83,687	83,687	126,482
Total Liabilities	2,159,639	2,093,069	2,169,566
Stockholders’ Equity:
Common Stock, $.30 Par Value, 2,000,000 Shares Authorized, 583,094 Shares Issued and 519,600 Shares Outstanding	174,928	174,928	174,928
Capital in Excess of Par Value	1,288,793	1,288,793	1,288,793
Retained Earnings	21,822,575	22,248,158	21,524,309
Treasury Stock, at Cost, 63,494 Shares	(273,219)	(273,219)	(273,219)
Total Stockholders’ Equity	23,013,077	23,438,660	22,714,811
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	25,172,716	25,531,729	$ 24,884,377
As Previously Reported [Member]
Current Assets:
Cash	7,272,479	8,668,012
Accounts Receivable	1,163,303
Inventories:
Raw Materials	8,466,419
Work in Process	11,265
Supplies	194,346
Finished Goods	2,557,545
Income Tax Receivable	242,044
Prepaid Expenses and Other Current Assets	116,404
Total Current Assets	20,023,805
Property, Plant and Equipment, Net	4,236,170
Goodwill	413,280
Other Assets	406,549
TOTAL ASSETS	25,079,804
Current Liabilities:
Short-Term Debt	797,254
Accounts Payable	569,533
Accrued Expenses	353,266
Total Current Liabilities	1,720,053
Deferred Income Tax Liability	111,983
Total Liabilities	1,832,036
Stockholders’ Equity:
Common Stock, $.30 Par Value, 2,000,000 Shares Authorized, 583,094 Shares Issued and 519,600 Shares Outstanding	174,928
Capital in Excess of Par Value	1,288,793
Retained Earnings	22,057,266
Treasury Stock, at Cost, 63,494 Shares	(273,219)
Total Stockholders’ Equity	23,247,768
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	25,079,804
Adjustment [Member]
Current Assets:
Cash	0	$ 0
Accounts Receivable	0
Inventories:
Raw Materials	0
Work in Process	0
Supplies	0
Finished Goods	0
Income Tax Receivable	92,912
Prepaid Expenses and Other Current Assets	0
Total Current Assets	92,912
Property, Plant and Equipment, Net	0
Goodwill	0
Other Assets	0
TOTAL ASSETS	92,912
Current Liabilities:
Short-Term Debt	0
Accounts Payable	0
Accrued Expenses	355,899
Total Current Liabilities	355,899
Deferred Income Tax Liability	(28,296)
Total Liabilities	327,603
Stockholders’ Equity:
Common Stock, $.30 Par Value, 2,000,000 Shares Authorized, 583,094 Shares Issued and 519,600 Shares Outstanding	0
Capital in Excess of Par Value	0
Retained Earnings	(234,691)
Treasury Stock, at Cost, 63,494 Shares	0
Total Stockholders’ Equity	(234,691)
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 92,912

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RESTATEMENT OF CONSOLIDATED UNAUDITED FINANCIAL STATEMENTS (Details) (Parenthetical) - USD ($)	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Common Stock, Par or Stated Value Per Share	$ 0.30	$ 0.30	$ 0.30
Common Stock, Shares Authorized	2,000,000	2,000,000	2,000,000
Common Stock, Shares, Issued	583,094	583,094	583,094
Common Stock, Value, Outstanding	$ 519,600
Treasury Stock, Shares	63,494	63,494	63,494

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RESTATEMENT OF CONSOLIDATED UNAUDITED FINANCIAL STATEMENTS (Details 1) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Net Sales	$ 2,126,278	$ 2,448,600
Costs and Expenses [Abstract]
Cost of Goods Sold	1,813,782	2,256,181
Selling, General and Administrative Expenses	779,515	878,693
Amortization Expense	4,500	0
Total Costs and Expenses	2,597,797	3,134,874
Loss from Operations	(471,519)	(686,274)
Other (Expense) Income	(1,464)	18,202
Loss Before Income Taxes	(472,983)	(668,072)
Income Tax Benefit	125,340	259,036
Net Loss	$ (347,643)	$ (409,036)
Loss per Common Share (Basic and Diluted)	$ (0.67)	$ (0.79)
Dividend per Common Share	$ 0.15	$ 0.25
As Previously Reported [Member]
Net Sales	$ 2,036,263
Costs and Expenses [Abstract]
Cost of Goods Sold	1,813,782
Selling, General and Administrative Expenses	779,515
Amortization Expense	4,500
Total Costs and Expenses	2,597,797
Loss from Operations	(561,534)
Other (Expense) Income	(1,464)
Loss Before Income Taxes	(562,998)
Income Tax Benefit	149,194
Net Loss	$ (413,804)
Loss per Common Share (Basic and Diluted)	$ (0.80)
Dividend per Common Share	$ 0.15
Adjustment [Member]
Net Sales	$ 90,015
Costs and Expenses [Abstract]
Cost of Goods Sold	0
Selling, General and Administrative Expenses	0
Amortization Expense	0
Total Costs and Expenses	0
Loss from Operations	90,015
Other (Expense) Income	0
Loss Before Income Taxes	90,015		$ 445,000
Income Tax Benefit	(23,854)
Net Loss	$ 66,161
Loss per Common Share (Basic and Diluted)	$ 0.13
Dividend per Common Share	$ 0

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RESTATEMENT OF CONSOLIDATED UNAUDITED FINANCIAL STATEMENTS (Details 2) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Cash Flows from Operating Activities:
Net Loss	$ (347,643)	$ (409,036)
Adjustments to Reconcile Net Loss to Net Cash Used in Operating Activities:
Depreciation, Depletion and Amortization	105,749	115,717
Decrease (Increase) in:
Accounts Receivable	707,346	615,975
Inventories	(1,700,930)	(1,779,211)
Prepaid Expenses and Other Current Assets	107,980	117,836
Income Tax Receivable	(125,340)	(257,752)
Other Assets	(61,134)	77,752
Increase (Decrease) in:
Accounts Payable	(69,360)	45,178
Accrued Liabilities	(197,691)	(367,520)
Net Cash Used in Operating Activities	(1,581,023)	(1,841,061)
Cash Flows from Investing Activities:
Purchase of Property, Plant and Equipment	(65,692)	(380,290)
Net Cash Used in Investing Activities	(65,692)	(380,290)
Cash Flows from Financing Activities:
Proceeds from Short-Term Debt	382,330	656,653
Payments on Short Term Debt	(131,148)	(42,938)
Net Cash Provided by Financing Activities	251,182	613,715
Net Decrease in Cash	(1,395,533)	(1,607,636)
CASH, AT BEGINNING OF PERIOD	8,668,012	9,240,638
CASH, AT END OF PERIOD	7,272,479	7,633,002
Noncash financing activity:
Dividends Declared	77,940	$ 129,900
As Previously Reported [Member]
Cash Flows from Operating Activities:
Net Loss	(413,804)
Adjustments to Reconcile Net Loss to Net Cash Used in Operating Activities:
Depreciation, Depletion and Amortization	105,749
Decrease (Increase) in:
Accounts Receivable	1,135,493
Inventories	(2,022,296)
Prepaid Expenses and Other Current Assets	107,980
Income Tax Receivable	(149,194)
Other Assets	(61,134)
Increase (Decrease) in:
Accounts Payable	(69,360)
Accrued Liabilities	(214,457)
Net Cash Used in Operating Activities	(1,581,023)
Cash Flows from Investing Activities:
Purchase of Property, Plant and Equipment	(65,692)
Net Cash Used in Investing Activities	(65,692)
Cash Flows from Financing Activities:
Proceeds from Short-Term Debt	382,330
Payments on Short Term Debt	(131,148)
Net Cash Provided by Financing Activities	251,182
Net Decrease in Cash	(1,395,533)
CASH, AT BEGINNING OF PERIOD	8,668,012
CASH, AT END OF PERIOD	7,272,479
Noncash financing activity:
Dividends Declared	77,940
Adjustment [Member]
Cash Flows from Operating Activities:
Net Loss	66,161
Adjustments to Reconcile Net Loss to Net Cash Used in Operating Activities:
Depreciation, Depletion and Amortization	0
Decrease (Increase) in:
Accounts Receivable	(428,147)
Inventories	321,366
Prepaid Expenses and Other Current Assets	0
Income Tax Receivable	23,854
Other Assets	0
Increase (Decrease) in:
Accounts Payable	0
Accrued Liabilities	16,766
Net Cash Used in Operating Activities	0
Cash Flows from Investing Activities:
Purchase of Property, Plant and Equipment	0
Net Cash Used in Investing Activities	0
Cash Flows from Financing Activities:
Proceeds from Short-Term Debt	0
Payments on Short Term Debt	0
Net Cash Provided by Financing Activities	0
Net Decrease in Cash	0
CASH, AT BEGINNING OF PERIOD	0
CASH, AT END OF PERIOD	0
Noncash financing activity:
Dividends Declared	$ 0

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RESTATEMENT OF CONSOLIDATED UNAUDITED FINANCIAL STATEMENTS (Details Textual) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest, Total	$ (472,983)	$ (668,072)
Restatement Adjustment [Member]
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest, Total	$ 90,015		$ 445,000

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LOSS PER COMMON SHARE (Details Textual)	3 Months Ended
	Mar. 31, 2018 shares
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Weighted Average Number of Shares Outstanding, Basic and Diluted	519,600

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BUSINESS SEGMENT DATA (Details) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Business Combination Segment Allocation [Line Items]
Sales to Unaffiliated Customers	$ 2,126,278	$ 2,448,600
Fruit:
Business Combination Segment Allocation [Line Items]
Sales to Unaffiliated Customers	592,618	932,519
Molded Plastics:
Business Combination Segment Allocation [Line Items]
Sales to Unaffiliated Customers	$ 1,533,660	$ 1,516,081

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BUSINESS SEGMENT DATA (Details 1) - USD ($)	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017
Business Combination Segment Allocation [Line Items]
Total Assets	$ 25,172,716	$ 25,531,729	$ 24,884,377
Fruit
Business Combination Segment Allocation [Line Items]
Total Assets	11,812,208		11,474,015
Molded Plastics
Business Combination Segment Allocation [Line Items]
Total Assets	4,416,137		4,266,196
Identifiable Assets
Business Combination Segment Allocation [Line Items]
Total Assets	16,228,345		15,740,211
General Corporate Assets
Business Combination Segment Allocation [Line Items]
Total Assets	$ 8,944,371		$ 9,144,166