0001213900-18-009701.txt : 20180726 0001213900-18-009701.hdr.sgml : 20180726 20180726163142 ACCESSION NUMBER: 0001213900-18-009701 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 61 CONFORMED PERIOD OF REPORT: 20180630 FILED AS OF DATE: 20180726 DATE AS OF CHANGE: 20180726 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Healthier Choices Management Corp. CENTRAL INDEX KEY: 0000844856 STANDARD INDUSTRIAL CLASSIFICATION: TOBACCO PRODUCTS [2100] IRS NUMBER: 841070932 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-36469 FILM NUMBER: 18972128 BUSINESS ADDRESS: STREET 1: 3800 NORTH 28TH WAY CITY: HOLLYWOOD STATE: FL ZIP: 33020 BUSINESS PHONE: 888-766-5351 MAIL ADDRESS: STREET 1: 3800 NORTH 28TH WAY CITY: HOLLYWOOD STATE: FL ZIP: 33020 FORMER COMPANY: FORMER CONFORMED NAME: VAPOR CORP. DATE OF NAME CHANGE: 20100108 FORMER COMPANY: FORMER CONFORMED NAME: MILLER DIVERSIFIED CORP DATE OF NAME CHANGE: 19920703 10-Q 1 f10q0618_healthierchoices.htm QUARTERLY REPORT

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

Form 10-Q

 

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

 

For the quarterly period ended June 30, 2018

 

Or

 

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

 

For the transition period from           to           

 

Commission file number: 001-36469

 

HEALTHIER CHOICES MANAGEMENT CORP.

(Exact name of Registrant as specified in its charter)

 

Delaware   84-1070932
(State or other jurisdiction of   (I.R.S. Employer
incorporation or organization)   Identification No.)
     
3800 North 28Th Way    
Hollywood, FL   33020
(Address of principal executive offices)   (Zip Code)

 

Registrant’s telephone number, including area code: 305-600-5004

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

 

☒ Yes ☐ No

 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

 

☒ Yes ☐ No

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, 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 ☐ (Do not check if a smaller reporting company) Smaller reporting company ☒
  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

 

As of July 26, 2018, there were 29,348,867,108 shares of the registrant’s common stock, par value $0.0001 per share, outstanding.

 

 

 

 

 

 

TABLE OF CONTENTS

 

  PAGE
   
PART I FINANCIAL INFORMATION 1
   
ITEM 1. Financial Statements 1
   
Consolidated Balance Sheets as of June 30, 2018 (Unaudited) and December 31, 2017 1
   
Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2018 and 2017 (Unaudited) 2
   
Consolidated Statement of Changes in Stockholders’ Equity for the Six Months ended June 30, 2018 (Unaudited) 3
   
Consolidated Statements of Cash Flows for the Six Months ended June 30, 2018 and 2017 (Unaudited) 4
   
Notes to Consolidated Financial Statements (Unaudited) 5
   
ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 15
   
ITEM 3. Quantitative and Qualitative Disclosures about Market Risk 20
   
ITEM 4. Controls and Procedures 20
   
PART II OTHER INFORMATION 22
   
ITEM 1. Legal Proceedings 22
   
ITEM 1A. Risk Factors 22
   
ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 22
   
ITEM 3. Defaults Upon Senior Securities 22
   
ITEM 4. Mine Safety Disclosures 22
   
ITEM 5. Other Information 22
   
ITEM 6. Exhibits 22
   
Signatures 23
   
Exhibit 31.1  
   
Exhibit 31.2  
   
Exhibit 32.1  
   
Exhibit 32.2  

 

i

 

 

PART I

FINANCIAL INFORMATION

 

Item 1. Financial Statements

 

HEALTHIER CHOICES MANAGEMENT CORP.

CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

 

   June 30,
2018		   December 31, 2017 
ASSETS        
CURRENT ASSETS        
Cash and cash equivalents  $7,420,207   $7,883,191 
Due from merchant credit card processors, net of reserves   12,795    28,410 
Accounts receivable, net of allowance of approximately $32,000 and $19,000, respectively   50,211    75,568 
Inventories   885,536    861,650 
Prepaid expenses and vendor deposits   91,236    63,808 
Other current assets   -    41,183 
TOTAL CURRENT ASSETS   8,459,985    8,953,810 
           
Property and equipment, net of accumulated depreciation of $490,354 and $393,771, respectively   525,643    589,506 
Intangible assets, net of accumulated amortization of $370,858 and $289,969, respectively   1,503,642    1,559,531 
Goodwill   481,314    481,314 
Other assets   116,914    117,244 
           
TOTAL ASSETS  $11,087,498   $11,701,405 
           
LIABILITIES AND STOCKHOLDERS’ EQUITY          
CURRENT LIABILITIES          
Accounts payable  $652,762   $512,395 
Accrued expenses   286,860    439,133 
Contract liabilities   30,612    61,312 
Current portion of loan payable   2,167    2,111 
Derivative liabilities – warrants   10,231,697    10,231,697 
TOTAL CURRENT LIABILITIES   11,204,098    11,246,648 
           
Loan payable, net of current portion   9,361    10,459 
           
TOTAL LIABILITIES   11,213,459    11,257,107 
           
COMMITMENTS AND CONTINGENCIES (SEE NOTE 9)          
           
STOCKHOLDERS’ EQUITY          
Common Stock, $0.0001 par value per share, 750,000,000,000 shares authorized; 29,348,867,108 shares issued and outstanding as of June 30, 2018 and December 31, 2017, respectively   2,934,887    2,934,887 
Additional paid-in capital   11,238,744    10,080,238 
Accumulated deficit   (14,299,592)   (12,570,827)
TOTAL STOCKHOLDERS’ EQUITY   (125,961)   444,298 
           
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY  $11,087,498   $11,701,405 

 

See notes to unaudited consolidated financial statements

 

1

 

 

HEALTHIER CHOICES MANAGEMENT CORP.

CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

 

   Three Months Ended
June 30,		   Six Months Ended
June 30,		 
   2018   2017   2018   2017 
SALES                
Vapor sales, net  $1,140,640   $1,507,301   $2,449,534   $2,986,932 
Grocery sales, net   2,137,281    1,800,829    4,435,792    3,891,882 
TOTAL SALES, NET   3,277,921    3,308,130    6,885,326    6,878,814 
                     
Cost of sales vapor   565,054    624,750    1,141,715    1,168,241 
Cost of sales grocery   1,281,687    1,007,852    2,667,965    2,224,725 
GROSS PROFIT   1,431,180    1,675,528    3,075,646    3,485,848 
                     
OPERATING EXPENSES                    
Advertising   43,701    32,203    81,464    58,659 
Selling, general and administrative   1,975,482    4,412,187    5,073,209    7,951,951 
Total operating expenses   2,019,183    4,444,390    5,154,673    8,010,610 
LOSS FROM OPERATIONS   (588,003)   (2,768,862)   (2,079,027)   (4,524,762)
                     
OTHER INCOME (EXPENSE)                    
Loss on repurchase of Series A warrants    -    -    -    (74,795)
Other income    107,500    (30,000)   317,500    10,461 
Interest income   21,373    2,301    32,761    18,845 
Total other income (expense), net   128,873    (27,699)   350,261    (45,489)
                     
Net loss from continuing operations   (459,130)   (2,796,561)   (1,728,766)   (4,570,251)
Net income from discontinued operations   -    84,459    -    76,977 
NET LOSS  $(459,130)  $(2,712,102)  $(1,728,766)  $(4,493,274)
                     
NET LOSS PER SHARE-BASIC AND DILUTED                    
Continuing operations  $0.00   $0.00   $0.00   $0.00 
Discontinued operations  $0.00   $0.00   $0.00   $0.00 
NET LOSS PER SHARE -BASIC AND DILUTED  $0.00   $0.00   $0.00   $0.00 
                     
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING-BASIC AND DILUTED   29,348,867,108    28,196,705,036    29,348,867,108    23,009,685,517 

  

See notes to unaudited consolidated financial statements

 

2

 

 

HEALTHIER CHOICES MANAGEMENT CORP.

CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY

SIX MONTHS ENDED JUNE 30, 2018

(UNAUDITED)

 

   Common Stock   Additional
Paid-In		   Accumulated     
   Shares   Amount   Capital   Deficit   Total 
Balance – January 1, 2018   29,348,867,108   $2,934,887   $10,080,238   $(12,570,827)  $444,298 
                          
Stock-based compensation expense   -    -    1,158,506    -    1,158,506 
Net loss   -    -    -    (1,728,766)   (1,728,766)
Balance – June 30, 2018   29,348,867,108   $2,934,887   $11,238,744   $(14,299,592)  $(125,961)

 

See notes to unaudited consolidated financial statements

 

Note: Amounts may not be additive due to rounding

 

3

 

 

HEALTHIER CHOICES MANAGEMENT CORP.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

 

   Six Months Ended
June 30,		 
   2018   2017 
OPERATING ACTIVITIES        
Net loss  $(1,728,766)  $(4,493,274)
Adjustments to reconcile net loss to net cash used in operating activities:          
Income from discontinued operations   -    (76,977)
Change in allowances for bad debt   12,695    (22,633)
Depreciation and amortization   177,472    170,440 
Loss on repurchase of Series A warrants   -    74,795 
Write-down of obsolete and slow-moving inventory   179,108    112,577 
Stock-based compensation expense   1,158,506    3,300,532 
Stock-based expense in connection with professional services   -    4,501 
Net cash used in discontinued operations   -    (52,731)
Changes in operating assets and liabilities:          
Due from merchant credit card processors   15,615    1,862 
Accounts receivable   12,662    (31,990)
Inventories   (202,994)   (423,775)
Prepaid expenses and vendor deposits   (27,428)   (331)
Other assets   41,513    7,455 
Accounts payable   140,367    (13,362)
Accrued expenses   (152,273)   (293,986)
Contract liabilities   (30,699)   (3,717)
NET CASH USED IN OPERATING ACTIVITIES   (404,222)   (1,740,614)
           
INVESTING ACTIVITIES          
Purchases of patent   (25,000)   (25,000)
Purchases of property and equipment   (32,720)   (104,756)
NET CASH USED IN INVESTING ACTIVITIES   (57,720)   (129,756)
           
FINANCING ACTIVITIES          
Proceeds from loan payable   -    13,977 
Principal payments on loan payable   (1,041)   (393)
Payments for repurchase of Series A warrants   -    (2,382,467)
Principal payments of capital lease obligations   -    (34,670)
Proceeds from exercise of stock options   -    1,000 
NET CASH USED IN FINANCING ACTIVITIES   (1,041)   (2,402,553)
           
DECREASE IN CASH   (462,984)   (4,272,923)
CASH AND CASH EQUIVALENTS — BEGINNING OF PERIOD   7,883,191    13,366,272 
CASH AND CASH EQUIVALENTS — END OF PERIOD  $7,420,207   $9,093,349 
           
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION          
Cash paid for interest  $360   $3,133 
           
NON-CASH INVESTING AND FINANCING ACTIVITIES          
Issuance of common stock in connection with cashless exercise of Series A warrants  $-   $299,115 

 

See notes to unaudited consolidated financial statements 

 

4

 

 

HEALTHIER CHOICES MANAGEMENT CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

 

Note 1. ORGANIZATION, GOING CONCERN, AND BASIS OF PRESENTATION

 

Organization 

 

Healthier Choices Management Corp. (the “Company”) is a holding company focused on providing consumers with healthier daily choices with respect to nutrition and other lifestyle alternatives. The Company currently operates twelve retail vape stores in the Southeast region of the United States, through which it offers e-liquids, vaporizers and related products. The Company also operates Ada’s Natural Market, a natural and organic grocery store, through its wholly owned subsidiary Healthy Choice Markets, Inc. Ada’s Natural Market offers fresh produce, bulk foods, vitamins and supplements, packaged groceries, meat and seafood, deli, baked goods, dairy products, frozen foods, health & beauty products and natural household items.

 

Going Concern and Liquidity

 

The accompanying unaudited consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”), which contemplate continuation of the Company as a going concern and realization of assets and satisfaction of liabilities in the normal course of business and do not include any adjustments that might result from the outcome of any uncertainties related to our going concern assessment. The carrying amounts of assets and liabilities presented in the financial statements do not necessarily purport to represent realizable or settlement values.

 

The Company currently and historically has reported net losses and cash outflows from operations. As of June 30, 2018, cash and cash equivalents totaled approximately $7.4 million. While we anticipate that our current cash, cash equivalents, and cash to be generated from operations will be sufficient to meet our projected operating plans for the foreseeable future through a year and a day from the issuance of these unaudited consolidated financial statements. During the second quarter of 2018, the company entered into a $2 million line of credit agreement with a financial institution that is subject to annual renewal with a variable interest rate subject to customary events of default and that no amounts have been drawn down on its. The ability to raise additional financing may have a positive effect on the future performance of the Company.

 

Basis of Presentation and Principles of Consolidation

 

The Company’s unaudited consolidated financial statements are prepared in accordance with GAAP. The unaudited consolidated financial statements include the accounts of all subsidiaries in which the Company holds a controlling financial interest as of the financial statement date. 

 

The unaudited consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. The terms “we,” “us,” “our,” and the “Company” refer to Healthier Choices Management Corp. and its wholly-owned subsidiaries, Vaporin, Inc., The Vape Store, Inc. (“Vape Store”), Smoke Anywhere U.S.A., Inc. (“Smoke”), Emagine the Vape Store, LLC (“Emagine”), IVGI Acquisition, Inc., Vapormax Franchising LLC, Vaporin LLC, Vaporin Florida, Inc., and Healthy Choice Markets, Inc. All intercompany accounts and transactions have been eliminated in consolidation.

 

5

 

 

HEALTHIER CHOICES MANAGEMENT CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

 

Unaudited Interim Financial Information

 

The unaudited consolidated financial statements have been prepared by the Company and reflect all normal, recurring adjustments that, in the opinion of management, are necessary for a fair presentation of the interim financial information. The results of operations for the interim periods presented are not necessarily indicative of the results to be expected for any subsequent quarter or for the year ending December 31, 2018. Certain information and footnotes normally included in financial statements prepared in accordance with GAAP have been omitted under the instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities and Exchange Commission (“SEC”). These unaudited consolidated financial statements and notes included herein should be read in conjunction with the audited consolidated financial statements and related notes thereto as of and for the year ended December 31, 2017 included in the Company’s Annual Report on Form 10-K for such year as filed with the SEC on March 15, 2018. 

 

Note 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Use of Estimates in the Preparation of the Financial Statements

 

The preparation of unaudited consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited consolidated financial statements, and the reported amounts of net revenue and expenses during the reporting periods. Actual results could differ from those estimates. These estimates and assumptions include allowances, reserves and write-downs of receivables and inventory, valuing equity securities and hybrid instruments, share-based payment arrangements, deferred taxes and related valuation allowances, and the valuation of assets and liabilities acquired in business combinations. Certain of management’s estimates could be affected by external conditions, including those unique to the Company’s industry, and general economic conditions. It is possible that these external factors could have an effect on the Company’s estimates that could cause actual results to differ from those estimates. The Company re-evaluates all accounting estimates at least quarterly based on these conditions and records adjustments when necessary.

 

Shipping and Handling

 

Shipping charges billed to customers are included in net sales and the related shipping and handling costs are included in cost of sales. For the six months ended June 30, 2018 and 2017, shipping and handling costs of approximately $27,000 and $66,000, respectively, were included in cost of sales.

 

Concentration of Risk

 

Our cash balances are kept liquid to support our growing acquisition and infrastructure needs for operational expansion. The majority of the Company’s cash and cash equivalents are concentrated in one large financial institution, which is in excess of Federal Deposit Insurance Corporation (FDIC) coverage. At June 30, 2018 and December 31, 2017, cash in excess of FDIC limits of $250,000 per financial institution were approximately $6.9 million and $7.1 million, respectively. The Company continually monitors its positions with, and the credit quality of, the financial institutions with which it invests, as deposits are held in excess of federally insured limits. The Company’s cash equivalents at June 30, 2018 and December 31, 2017 were money market accounts. The Company has not experienced any losses in such accounts.

 

6

 

 

HEALTHIER CHOICES MANAGEMENT CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

 

Inventories

 

Inventories are stated at average cost. If the cost of the inventories exceeds their net realizable value, provisions are recorded to write down excess inventories to their net realizable value. The Company’s inventories consist primarily of merchandise available for resale, such as fresh produce, perishable grocery items and non-perishable consumable goods.

 

Revenue Recognition

 

Revenues from product sales and services rendered, net of promotional discounts, manufacturer coupons and rebates, return allowances, and sales and consumption taxes, are recorded when products are delivered, title passes to customers and collection is likely to occur. Title passes to customers at the point of sale for retail and at upon delivery of products for wholesale. Return allowances, which reduce revenue, are estimated using historical experience.

 

The Company recognizes revenue in accordance with the following five-step model:

 

  ●identify arrangements with customers;
    
  ●identify performance obligations;
    
  ●determine transaction price;
    
  ●allocate transaction price to the separate performance obligations in the arrangement, if more than one exists; and
    
  ●recognize revenue as performance obligations are satisfied.

 

Accounting Standards Update (“ASU”) No. 2014-9, Revenue from Contracts with Customers (“ASU 2014-9”), is a comprehensive revenue recognition standard that superseded nearly all existing revenue recognition guidance. The Company adopted the standard on January 1, 2018 using the retrospective transition method, which requires reporting entities to apply the standard as of the earliest period presented in their financial statements. The adoption of the new standard resulted in an immaterial impact to the consolidated statements of operations for reclassifying $12,951 to net loss and an immaterial impact to the consolidated balance sheets for reclassifying $61,312 of contract liabilities from accrued expenses as of December 31, 2017. Contract liabilities consist of gift card and loyalty point program liabilities. See “Accounts Receivable, Contract Assets, and Deferred Revenue” significant accounting policy.

 

Adoption of ASU 2014-09 impacted the previously reported results for the quarter ended June 30, 2017 as follows:

 

   As reported       After adoption 
   Quarter Ended June 30,
2017		   ASU2014-09 Impact   Quarter Ended June 30,
2017		 
Vapor sales, net  $1,507,574   $(273)  $1,507,301 
Grocery sales, net  $1,798,135   $2,694   $1,800,829 
Gross profit  $1,673,107   $2,421   $1,675,528 
Net loss  $(2,714,523)  $2,421   $(2,712,102)

 

7

 

 

HEALTHIER CHOICES MANAGEMENT CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

 

Adoption of ASU 2014-09 impacted the previously reported balance sheet as of December 31, 2017 as follows:

 

   As reported
December 31, 2017		   ASU 2014-09 Impact  After adoption
December 31, 2017		 
Accrued Expenses  $538,204   $(99,071)  $439,133 
Contract liabilities  $-   $61,312   $61,312 
Total current liabilities  $11,284,407   $(37,759)  $11,246,648 
Accumulated deficit  $(12,608,586)  $37,759   $(12,570,827)
Total stockholders’ equity  $406,539   $37,759   $444,298 

 

Accounts Receivable, Contract Assets, and Contract Liabilities

 

Accounts receivable are claims to consideration which are unconditional; meaning no performance obligations remain for the Company and only the passage of time is necessary before collection. Contract assets are distinguished from accounts receivable as performance obligations remain before claims to consideration become unconditional. By nature of the Company’s operations, contract assets are typically not recognized. Contract liabilities are recorded when customers transfer consideration in advance of delivery of products or services, which the Company records for gift cards and loyalty reward programs. When one party to an arrangement performs before the other(s), the Company records an accounts receivable, contract asset or contract liability.

 

The majority of arrangements with customers contain one performance obligation; to provide a distinct set of products or services. Most performance obligations are satisfied simultaneously as the Company exchanges products or services for customer payment. Exceptions include gift cards and loyalty rewards, for which the Company has a performance obligation to deliver products or services at a future date. As gift cards are purchased and loyalty points earned, contract liabilities are recorded until the performance obligations are satisfied through delivery of products or services or breakage based on gift card and loyalty reward program term limits. The Company’s breakage policy is twenty-four months for gift cards, twelve months for Grocery loyalty rewards, and six months for Vapor loyalty rewards. Loyalty rewards are earned at five percent on qualifying purchases and the reward functions as an allocation of transaction price from the period earned by the customer to the period the performance obligation is satisfied by the Company. As such, all contract liabilities are expected to be recognized within a twenty-four month period.

 

Recently Issued Accounting Pronouncements

 

In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842)” (“ASU 2016-02”). ASU 2016-02 establishes a right-of-use (“ROU”) model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. ASU 2016-02 is effective for annual periods beginning after December 15, 2018, and annual and interim periods thereafter, with early adoption permitted. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. The Company is currently evaluating the impact that the adoption of this new standard will have on its consolidated financial statements.

 

8

 

 

HEALTHIER CHOICES MANAGEMENT CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

 

In July 2017, the FASB issued a two-part ASU No. 2017-11, I “Accounting for Certain Financial Instruments With Down Round Features” and II “Replacement of the Indefinite Deferral for Mandatorily Redeemable Financial Instruments of Certain Nonpublic Entities and Certain Mandatorily Redeemable Noncontrolling Interests With a Scope Exception”. The ASU is effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Early adoption is permitted. The Company is currently evaluating the impact that the adoption of this new standard will have on its consolidated financial statements.

 

Note 3. SEGMENT INFORMATION

 

Management determines the reportable segments based on the internal reporting used by our executives to evaluate performance and to assess where to allocate resources. The Company evaluates segment performance based on the segment gross profit before corporate expenses.

 

Summarized below are the total net sales and segment operating loss for each reporting segment:

 

   Three Months Ended 
   Net Sales   Segment Gross Profit 
   June 30,
2018		   June 30,
2017		   June 30,
2018		   June 30,
2017		 
Vapor sales, net  $1,140,640   $1,507,301   $575,586   $882,551 
Grocery sales, net   2,137,281    1,800,829    855,594    792,977 
Total Sales  $3,277,921   $3,308,130    1,431,180    1,675,528 
                     
Operating expenses             2,019,183    4,444,390 
Operating loss             (588,003)   (2,768,862)
Other income (expense), net             128,873    (27,699)
Net loss from continuing operations             (459,130)   (2,796,561)
Net income from discontinued operations             -    84,459 
Net loss            $(459,130)  $(2,712,102)

 

For the three months ended June 30, 2018, depreciation and amortization was $18,029 and $69,429 for Vapor and Grocery, respectively. For the three months ended June 30, 2017, depreciation and amortization was $16,524 and $66,678 for Vapor and Grocery, respectively.

 

9

 

 

HEALTHIER CHOICES MANAGEMENT CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

 

   Six Months Ended 
   Net Sales   Segment Gross Profit 
   June 30,
2018		   June 30,
2017		   June 30,
2018		   June 30,
2017		 
Vapor sales, net  $2,449,534   $2,986,932   $1,307,819   $1,818,691 
Grocery sales, net   4,435,792    3,891,882    1,767,827    1,667,157 
Total Sales  $6,885,326   $6,878,814    3,075,646    3,485,848 
                     
Operating expenses             5,154,673    8,010,610 
Operating loss             (2,079,027)   (4,524,762)
Other income (expense), net             350,261    (45,489)
Net loss from continuing operations             (1,728,766)   (4,570,251)
Net income from discontinued operations             -    76,977 
Net loss            $(1,728,766)  $(4,493,274)

 

For the six months ended June 30, 2018, depreciation and amortization was $33,555 and $138,787 for Vapor and Grocery, respectively. For the six months ended June 30, 2017, depreciation and amortization was $33,259 and $129,860 for Vapor and Grocery, respectively.

 

Note 4. NOTES RECEIVABLE FROM RELATED PARTY AND OTHER INCOME

 

Management determined both notes receivable were uncollectable based on payment history and recorded a valuation allowance to fully reserve both notes receivable on December 31, 2016. A summary of the notes receivable as of June 30, 2018 is presented below:

 

Description  Due Date  Interest Rate  Remaining Principal   Allowance 
Acquisition Note  In Default  4.5%  $45,519   $(45,519)
Promissory Note  In Default  Prime rate plus 2.0%  $105,938   $(105,938)

 

During the first half of 2018, the Company had notes receivable collections of $315,000, recorded to other income in the Consolidate Statement of Operations. Management believes the valuation allowance is appropriate at June 30, 2018.

 

Note 5. INTANGIBLE ASSETS

 

Intangible assets, net are as follows: 

 

June 30, 2018 

Useful Lives

(Years)

 

Gross

Carrying Amount

  

Accumulated

Amortization

  

Net Carrying

Amount

 
Favorable lease  15 years  $890,000   $(121,400)  $768,600 
Trade names  10 years   820,000    (210,500)   609,500 
Customer relationships  5 years   60,000    (25,000)   35,000 
Technology  20 years   100,000    (10,833)   89,167 
Website  3 years   4,500    (3,125)   1,375 
Intangible assets, net     $1,874,500   $(370,858)  $1,503,642 

 

10

 

 

HEALTHIER CHOICES MANAGEMENT CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

 

December 31, 2017 

Useful Lives

(Years)

 

Gross

Carrying Amount

  

Accumulated

Amortization

  

Net Carrying

Amount

 
Favorable lease  15 years  $890,000   $(92,219)  $797,781 
Trade names  10 years   820,000    (169,500)   650,500 
Customer relationships  5 years   60,000    (19,000)   41,000 
Technology  20 years   75,000    (6,875)   68,125 
Website  3 years   4,500    (2,375)   2,125 
Intangible assets, net     $1,849,500   $(289,969)  $1,559,531 

 

Intangible assets are amortized on a straight-line basis over their estimated useful lives. Amortization expense amounted to $82,243 and $78,076 for the six months ended June 30, 2018 and 2017, respectively. Future annual estimated amortization expense is as follows:

 

Years ending December 31,    
2018 (remaining six months)  $81,930 
2019   162,986 
2020   162,361 
2021   155,361 
2022   150,361 
Thereafter   790,644 
Total  $1,503,642 

 

Note 6. CONTRACT LIABILITIES

 

The Company’s contract liabilities consists of gift cards and loyalty rewards, for which the Company has a performance obligation to deliver products when customers redeem balances or terms expire through breakage. Our breakage policy is twenty-four months for gift cards, twelve months for Grocery loyalty rewards, and six months for Vapor loyalty rewards. As such, all contract liabilities are expected to be recognized within a twenty-four month period.

 

A summary of the contract liabilities activity for the six months ended June 30, 2018 and 2017 is presented below:

 

   Six month ended
June 30,		 
   2018   2017 
Beginning balance as January1,  $61,312   $34,564 
Issued   80,126    97,317 
Redeemed   (111,173)   (104,365)
Breakage recognized   347    3,330 
Ending balance as of June 30,  $30,612   $30,847 

 

11

 

 

HEALTHIER CHOICES MANAGEMENT CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

 

Note 7. STOCKHOLDERS’ EQUITY

 

Series A Warrants

 

Through June 30, 2018, there were no Series A Warrants exercised through the cashless exercise provision of such warrants. As a result, the Company’s outstanding common stock remained unchanged for the first half of 2018.

        

Pursuant to the Series A Warrant agreement, the Black Scholes value is calculated by a third-party and utilized in calculating the warrant common stock equivalents at the point of cashless exercise. As such, the number of warrant common stock equivalents outstanding are computed at the end of each reporting period using the formula below:

 

(Series A Warrants exercised * Black Scholes Value) / closing common stock bid price as of two trading days prior.

 

A summary of the outstanding warrant common stock equivalents at January 1, 2018 and June 30, 2018, is presented below:

 

   June 30,
2018		   January 1,
2018		 
Warrants outstanding   33    33 
Black Scholes value   1,523,599    1,520,919 
Closing bid stock price  $0.0001   $0.0001 
Warrant common stock equivalent   506,136,603,028    505,246,312,541 

 

Stock Options

 

During the three months ended June 30, 2018 and 2017, the Company recognized stock-based compensation of $0.1 million and $2.1 million, respectively, in connection with the amortization of stock options, net of recovery of stock-based charges for forfeited unvested stock options. During the six months ended June 30, 2018 and 2017, the Company recognized stock-based compensation of $1.2 million and $3.3 million, respectively. Stock-based compensation expense is included as part of selling, general and administrative expense in the accompanying consolidated statements of operations.

 

At June 30, 2018, the amount of unamortized stock-based compensation expense associated with unvested stock options granted to employees, directors and consultants was approximately $0.2 million, which will be amortized over a weighted average period of 0.84 years. At December 31, 2017, the amount of unamortized stock-based compensation expense associated with unvested stock options granted to employees, directors and consultants was approximately $1.3 million, which will be amortized over a weighted average period of 0.43 years.

 

Loss per Share

 

Basic loss per share is computed by dividing the net loss by the weighted average number of shares of common stock outstanding during the period. Diluted loss per share is computed using the weighted average number of shares of common stock outstanding and, if dilutive, potential shares of common stock outstanding during the period. Potential common shares consist of incremental shares of common stock issuable upon (a) the exercise of stock options (using the treasury stock method), and (b) the exercise of warrants (using the if-converted method). For the three and six months ended June 31, 2018 and 2017, diluted loss per share excludes the potential shares of common stock, as their effect is antidilutive.

 

12

 

 

HEALTHIER CHOICES MANAGEMENT CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

 

The following table summarizes the Company’s securities, in common share equivalents, that have been excluded from the calculation of dilutive loss per share as their effect would be anti-dilutive:

 

   June 30,
2018		   June 30,
2017		 
         
Stock options   89,568,899,200    82,911,261,360 
Warrants   506,136,603,028    505,949,795,210 
Total   595,705,502,228    588,861,056,570 

 

Note 8. FAIR VALUE MEASUREMENTS

 

The fair value framework under FASB’s guidance requires the categorization of assets and liabilities into three levels based upon the assumptions used to measure the assets or liabilities. Level 1 provides the most reliable measure of fair value, whereas Level 3, if applicable, would generally require significant management judgment. The three levels for categorizing assets and liabilities under the fair value measurement requirements are as follows:

 

  ● Level 1: Fair value measurement of the asset or liability using observable inputs such as quoted prices in active markets for identical assets or liabilities;
     
  ● Level 2: Fair value measurement of the asset or liability using inputs other than quoted prices that are observable for the applicable asset or liability, either directly or indirectly, such as quoted prices for similar (as opposed to identical) assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active; and
     
  ● Level 3: Fair value measurement of the asset or liability using unobservable inputs that reflect the Company’s own assumptions regarding the applicable asset or liability.

 

Nonfinancial assets such as goodwill, other intangible assets, and long-lived assets held and used are measured at fair value when there is an indicator of impairment and recorded at fair value when impairment is recognized or for a business combination.

 

The following table summarizes the liabilities measured at fair value on a recurring basis as of June 30, 2018 and December 2017:

 

   Level 1   Level 2   Level 3   Total 
LIABILITIES                
Derivative liabilities – warrants  $    -   $10,231,697   $    -   $10,231,697 
Total derivative liabilities – warrants  $-   $10,231,697   $-   $10,231,697 

 

13

 

 

HEALTHIER CHOICES MANAGEMENT CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

 

Note 9. COMMITMENTS AND CONTINGENCIES

 

Fontem License Agreement

 

The Company has a non-exclusive license to certain products with Fontem Ventures B.V. “Fontem”. The Company will make quarterly license and royalty payments in perpetuity to Fontem based on the sale of qualifying products as defined in the license agreement at a royalty rate of 5.25%.

 

   Three Months Ended
June 30,		   Six Months Ended
June 30,		 
   2018   2017   2018   2017 
Royalty expenses  $13,579   $(14,650)  $34,007   $(14,650)

 

For the three and six months ended 2017, the credit balance for the royalty expenses was due to a true-up adjustment in the liability.

 

Legal Proceedings

 

From time to time the Company may be involved in various claims and legal actions arising in the ordinary course of our business. With respect to legal costs, we record such costs as incurred.

 

Note 10. DISAGGREGATION OF REVENUES

 

The Company reports the following segments in accordance with management guidance: Vapor and Grocery. When the Company prepares its internal management reporting to evaluate business performance, we disaggregate revenue into the following categories that depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors.

 

   Three Months Ended   Six Months Ended 
   June 30,
2018		   June 30,
2017		   June 30,
2018		   June 30,
2017		 
Vapor  $1,140,640   $1,507,301   $2,449,534   $2,986,932 
Grocery   2,137,281    1,800,828    4,435,792    3,891,882 
Total revenue  $3,277,921   $3,308,129   $6,885,326   $6,878,814 
                     
Retail Vapor  $1,139,621   $1,431,587   $2,442,476   $2,783,543 
Retail Grocery   1,526,587    1,395,173    3,173,222    3,062,019 
Food service/restaurant   398,835    406,358    796,399    829,863 
Online/eCommerce   206,904    (703)   457,864    - 
Wholesale Grocery   4,955    -    8,307    - 
Wholesale Vapor   1,019    75,714    7,058    203,389 
Total revenue  $3,277,921   $3,308,129   $6,885,326   $6,878,814 

 

14

 

 

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

 

The following discussion and analysis should be read in conjunction with our unaudited interim consolidated financial statements and related notes appearing elsewhere in this report on Form 10-Q. In addition to historical information, this discussion and analysis contains forward-looking statements that involve risks, uncertainties, and assumptions. Our actual results may differ materially from those anticipated in these forward-looking statements. The terms “we,” “us,” “our,” and the “Company” refer to Healthier Choices Management Corp. and its wholly-owned subsidiaries, Healthy Choice Markets, Inc., Vaporin, Inc., Vape Store, Smoke, Emagine, IVGI Acquisition, Inc., Vapormax Franchising LLC, Vaporin LLC, and Vaporin Florida, Inc. All intercompany accounts and transactions have been eliminated in consolidation. 

 

Company Overview

 

The Company is a holding company focused on providing consumers with healthier daily choices with respect to nutrition and other lifestyle alternatives. The Company operates twelve vape retail stores in the Southeast region of the United States of America. The Company offers e-liquids vaporizers and related products through its vape retail stores. The Company sold its wholesale business on July 31, 2016. The sale of the wholesale business was not contemplated prior to July 1, 2016. The sale of the wholesale business qualifies as a discontinued operation and accordingly the Company has excluded results for the wholesale business operations from the Company’s continuing operations in the unaudited Consolidated Statements of Operations for all periods presented.

 

Going Concern and Liquidity

 

The unaudited consolidated financial statements included elsewhere in this Form 10-Q have been prepared in conformity with GAAP, which contemplate continuation of the Company as a going concern and realization of assets and satisfaction of liabilities in the normal course of business and do not include any adjustments that might result from the outcome of any uncertainties related to our going concern assessment. The carrying amounts of assets and liabilities presented in the financial statements do not necessarily purport to represent realizable or settlement values. The unaudited consolidated financial statements do not include any adjustments that might result from the outcome of these uncertainties.

 

The Company incurred a loss from operations of approximately $0.6 million and $2.1 million, respectively for the three months and six months ended June 30, 2018. As of June 30, 2018, cash and cash equivalents totaled approximately $7.4 million. While we anticipate that our current cash, cash equivalents, and cash to be generated from operations will be sufficient to meet our projected operating plans for the foreseeable future through a year and a day from the issuance of these audited consolidated financial statements, should we require additional funds (either through equity or debt financings, collaborative agreements or from other sources) we have no commitments to obtain such additional financing, and we may not be able to obtain any such additional financing on terms favorable to us, or at all. If adequate financing is not available, the Company will further delay, postpone or terminate product and service expansion and curtail certain selling, general and administrative operations. The inability to raise additional financing may have a material adverse effect on the future performance of the Company.

 

Factors Affecting Our Performance  

 

We believe the following factors affect our performance:

 

Retail: We believe the operating performance of our retail stores will affect our revenue and financial performance. The Company has a total of twelve retail stores, which are located in Florida, Georgia and Alabama. The Company has ceased plans to increase the number of retail vape stores due to adverse industry trends and increasing federal and state regulations that, if implemented, may negatively impact future retail revenues.

 

Inventory Management: Our revenue trends are affected by an evolving product acceptance and consumer demand. We are creating and offering new products to our retail customers. Evolving product development and technology impacts our licensing and intellectual properties spending. We expect the transition to vaporizer and advanced technology and enhanced performance products to continue and will impact our operating results in the future.

 

15

 

 

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS – (Continued)

 

Increased Competition: The launch by national competitors of branded vaporizer and e-cigarette products have made it more difficult to compete on prices and to secure business. We expect increased vaporizer product supply and downward pressure on prices to continue and impact our operating results in the future. We market and sell the similar vaporizers and e-liquids as our competitors and we sell our products at substantially similar prices as our competitors; accordingly, the key competitive factors for our success is to maintain the quality of service we offer our customers and effective marketing efforts.

 

Results of Operations

 

The following table sets forth our unaudited consolidated Statements of Operations for the three months ended June 30, 2018 and 2017, that is used in the following discussions of our results of operations:

 

   Three Months Ended
June 30,		   2017 to 2018 
   2018   2017   Change $ 
SALES            
Vapor sales, net  $1,140,640   $1,507,574   $(366,661)
Grocery sales, net   2,137,281    1,800,829    336,452 
TOTAL SALES, NET   3,277,921    3,308,130    (30,209)
                
Cost of sales vapor   565,054    624,750    (59,696)
Cost of sales grocery   1,281,687    1,007,852    273,835 
GROSS PROFIT   1,431,180    1,675,528    (2,44,348)
                
OPERATING EXPENSES               
Advertising   43,701    32,203    11,498 
Selling, general and administrative   1,975,482    4,412,187    (2,436,705)
Total operating expenses   2,019,183    4,444,390    (2,425,207)
LOSS FROM OPERATIONS   (588,003)   (2,768,862)   2,180,859 
                
OTHER INCOME (EXPENSE)               
Other income   107,500    (30,000)   137,500 
Interest income   21,529    3,557    17,972 
Interest expense   (156)   (1,256)   1,100 
Total other income (expense), net   128,873    (27,699)   156,572 
                
Net loss from continuing operations   (459,130)   (2,796,561)   2,337,431 
Income from discontinued operations   -    84,459    (84,459)
NET LOSS  $(459,130)  $(2,712,102)  $2,252,972 

 

Net Vapor sales decreased $366,661 to $1,140,640 for the three months ended June 30, 2018 as compared to $1,507,301 for the same period in 2017. The decrease in sales is primarily due to the decreased number of stores – twelve; and one wholesale location open during the three months ended June 30, 2018 as compared to thirteen retail stores and two wholesale locations for the same period in 2017.

 

Net Grocery sales increased $336,452 to $2,137,281 for the three months ended June 30, 2018 as compared to $1,800,829 for the same period in 2017. The increase in sales is primarily due to the online Amazon sales of $206,904 from Healthy U Wholesale.

 

16

 

 

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS – (Continued)

 

Vapor cost of goods sold for the three months ended June 30, 2018 and 2017 were $565,054 and $624,750, respectively, a decrease of $59,696. The decrease is primarily due to decreases in product costs during the three months ended June 30, 2018 as compared to the same period in 2017. Gross profit was $575,586 and $855,594 for the three months ended June 30, 2018 and 2017, respectively. 

 

Grocery cost of goods sold for the three months ended June 30, 2018 and 2017 were $1,281,687 and $1,007,852, respectively, an increase of $273,835. The increase is primarily due to increases in sales and cost of goods sold from Healthy U Wholesale. Gross profit as $855,594 and $792,977 for the three months ended June 30, 2018 and 2017, respectively.

 

Selling, general and administrative expenses decreased $2,436,705 to $1,975,482 for the three months ended June 30, 2018 compared to $4,412,187 for the same period in 2017. The decrease is primarily attributable to decreases in stock-based compensation of $2,016,722, payroll and employee related cost of $183,668, professional fee of $123,186, occupancy costs of $36,296, and insurance of $27,414.

 

Net other income of $128,873 for the three months ended June 30, 2018 includes other income of $170,500, and interest income of $21,529, offset by interest expense of $156. Net other expense of $27,699 for the three months ended June 30, 2017 includes other income of $30,000, and interest expense of $1,256, offset by interest income of $3,557.

 

The company did not incur activity from discontinued operations for the three months ended June 30, 2018 as compared to net income of $84,459 for the same period in 2017.

 

The following table sets forth our unaudited consolidated Statements of Operations for the six months ended June 30, 2018 and 2017 that is used in the following discussions of our results of operations:

 

   Six Months Ended
June 30,		   2017 to 2018 
   2018   2017   Change $ 
SALES            
Vapor sales, net  $2,449,534   $2,986,932   $(537,398)
Grocery sales, net   4,435,792    3,891,882    543,910 
TOTAL SALES, NET   6,885,326    6,878,814    6,512 
                
Cost of sales vapor   1,141,715    1,168,241    (26,526)
Cost of sales grocery   2,667,965    2,224,725    443,240 
GROSS PROFIT   3,075,646    3,485,848    (410,202)
                
OPERATING EXPENSES               
Advertising   81,464    58,659    22,805 
Selling, general and administrative   5,073,209    7,951,951    (2,878,742)
Total operating expenses   5,154,673    8,010,610    (2,855,937)
LOSS FROM OPERATIONS   (2,079,027)   (4,524,762)   2,445,735 
                
OTHER INCOME (EXPENSE)               
Loss on repurchases of Series A Warrants   -    (74,795)   74,795 
Other income   317,500    10,461    307,039 
Interest income   33,121    21,978    11,143 
Interest expense   (360)   (3,133)   2,773 
Total other income (expense), net   350,261    (45,489)   395,750 
                
Net loss from continuing operations   (1,728,766)   (4,570,251)   2,841,485 
Income from discontinued operations   -    76,977    (76,977)
NET LOSS  $(1,728,766)  $(4,493,274)  $2,764,508 

 

17

 

 

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS – (Continued)

 

Net Vapor sales decreased $537,398 to $2,449,534 for the six months ended June 30, 2018 as compared to $2,986,932 for the same period in 2017. The decrease in sales is primarily due to twelve stores and one wholesale location open during the six months ended June 30, 2018 as compared to thirteen retail stores and two wholesale locations for the same period in 2017.

 

Net Grocery sales increased $543,910 to $4,435,792 for the six months ended June 30, 2018 as compared to $3,891,882 for the same period in 2017. The increase in sales is primarily due to the online Amazon sales of $457,864 from Healthy U Wholesale.

 

Vapor cost of goods sold for the six months ended June 30, 2018 and 2017 were $1,141,715 and $1,168,241, respectively, a decrease of $26,526. The decrease in sales is primarily due to the decreased number of twelve stores and one wholesale location open during the six months ended June 30, 2018 as compared to thirteen retail stores and two wholesale locations for the same period in 2017. Gross profit was $1,307,819 and $1,818,691 for the six months ended June 30, 2018 and 2017, respectively.

 

Grocery cost of goods sold for the six months ended June 30, 2018 and 2017 were $2,667,965 and $2,224,725, respectively, an increase of $443,240. The increase is primarily due to increases in sales and cost of goods sold from Healthy U Wholesale. Gross profit was $1,767,827 and $1,667,157 for the six months ended June 30, 2018 and 2017, respectively.

 

Selling, general and administrative expenses decreased $2,878,742 to $5,073,209 for the six months ended June 30, 2018 compared to $7,951,951 for the same period in 2017. The decrease is primarily attributable to decreases in stock-based compensation of $2,142,026, professional fees of $327,383, payroll and benefits of $204,254, and taxes, licenses and permits of $118,859.

 

Net other income of $350,261 for the six months ended June 30, 2018 includes other income of $317,500, and interest income of $33,121, offset by interest expense of $360. Net other expense of $45,489 for the six months ended June 30, 2017 includes a loss on repurchase of Series A warrants of $74,795, and interest expense of $3,133, offset by interest income of $21,978, and other income of $10,461.

 

The company did not incur activity from discontinued operations for the six months ended June 30, 2018 as compared to net income of $76,977 for the same period in 2017.

 

Liquidity and Capital Resources

 

  

Six Months Ended

June 30,

 
   2018   2017 
         
Net cash used in operating activities  $(404,722)  $(1,740,614)
Net cash used in investing activities   (57,720)   (129,756)
Net cash used in financing activities   (1,041)   (2,402,553)
   $(462,984)  $(4,272,923)

 

Our net cash used in operating activities of $404,222 for the six months ended June 30, 2018 resulted from our net loss of $1,728,766, a net cash usage of $203,237 from changes in operating assets and liabilities offset by share-based compensation expense of $1,158,506. Our net cash used in operating activities of $1,740,614 for the six months ended June 30, 2017 resulted from our net loss of $4,570,251, a net cash usage of $757,844 from changes in operating assets and liabilities offset by non-cash adjustments of $3,510,504. Our net cash used in discontinued operations of $52,731 for the six months ended June 30, 2017 resulted from our net income from discontinued operations of $76,977, offset by a net cash usage of $129,708 from changes in assets and liabilities from discontinued operations.

 

The net cash used in investing activities of $57,720 for the six months ended June 30, 2018 resulted from the purchases of a patent and property and equipment. The net cash used in investing activities of $129,756 for the six months ended June 30, 2017 resulted from the purchases of a patent and property and equipment.

 

18

 

 

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS – (Continued)

 

The net cash used in financing activities of $1,041 for the six months ended June 30, 2018 is due to payment of $1,041 of loan principle. The net cash used in financing activities of $2,402,553 for the six months ended June 30, 2017 is due to repurchases of Series A warrants totaling $2,382,467, payment of $34,670 of capital lease obligation and payment of $393 in loan payments, offset by proceeds from a loan payable of $13,977 and exercise of stock options of $1,000.

 

At June 30, 2018 and December 31, 2017, we did not have any material financial guarantees or other contractual commitments with vendors that are reasonably likely to have an adverse effect on liquidity.

 

Our cash balances are kept liquid to support our growing acquisition and infrastructure needs for operational expansion. The majority of our cash and cash equivalents are concentrated in three financial institutions and are generally in excess of the FDIC insurance limit. The Company has not experienced any losses on its cash and cash equivalents. The following table presents the Company's cash position as of June 30, 2018 and December 31, 2017.

 

   June 30,
2018		   December 31, 2017 
         
Cash  $7,420,207   $7,883,191 
Total assets  $11,087,498   $11,701,405 
Percentage of total assets   66.9%   67.4%

 

The Company reported a net loss of $1.7 million for the six months ended June 30, 2018. The Company also had negative working capital of $2.7 million. The Company expects to continue incurring losses for the foreseeable future and may need to raise additional capital to satisfy warrant obligations, and to continue as a going concern.

 

Off-Balance Sheet Arrangements

 

We do not have any off-balance sheet arrangements.

 

Critical Accounting Policies and Estimates

 

Our management’s discussion and analysis of financial condition and results of operations is based on our consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States, or U.S. GAAP. The preparation of these consolidated financial statements requires us to exercise considerable judgment with respect to establishing sound accounting policies and in making estimates and assumptions that affect the reported amounts of our assets and liabilities, our recognition of revenues and expenses, and disclosure of commitments and contingencies at the date of the consolidated financial statements.

 

We base our estimates on our historical experience, knowledge of our business and industry, current and expected economic conditions, the attributes of our products, the regulatory environment, and in certain cases, the results of outside appraisals. We periodically re-evaluate our estimates and assumptions with respect to these judgments and modify our approach when circumstances indicate that modifications are necessary. These estimates and assumptions form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources.

 

While we believe that the factors we evaluate provide us with a meaningful basis for establishing and applying sound accounting policies, we cannot guarantee that the results will always be accurate. Since the determination of these estimates requires the exercise of judgment, actual results could differ from such estimates.

 

There have been no material changes except to the Company’s critical accounting policies and estimates as compared to the critical accounting policies and estimates described in the Company’s 2017 Annual Report, which we believe are the most critical to our business and the understanding of our results of operations and affect the more significant judgments and estimates that we use in the preparation of our consolidated financial statements.

 

19

 

 

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS – (Continued)

 

Seasonality

 

We do not consider our business to be seasonal.

 

Cautionary Note Regarding Forward-Looking Statements

 

This report includes forward-looking statements including statements regarding retail expansion, the future demand for our products, the transition to vaporizer and other products, competition, the adequacy of our cash resources and our authorized Common Stock, and our continued ability to raise capital.

 

The words “believe,” “may,” “estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,” “could,” “target,” “potential,” “is likely,” “will,” “expect” and similar expressions, as they relate to us, are intended to identify forward-looking statements. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs.

 

The results anticipated by any or all of these forward-looking statements might not occur. Important factors that could cause actual results to differ from those in the forward-looking statements include our future common stock price, the timing of future warrant exercises and stock sales, having the authorized capital to issue stock to exercising Series A warrant holders, customer acceptance of our products, and proposed federal and state regulation. We undertake no obligation to publicly update or revise any forward-looking statements, whether as the result of new information, future events or otherwise.

 

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

 

Not applicable to smaller reporting companies.

 

ITEM 4. CONTROLS AND PROCEDURES

 

Evaluation of Disclosure Controls and Procedures

 

Our management, including our Principal Executive Officer and Principal Financial Officer, did not carry out an evaluation on internal controls as of June 30, 2018 in regard to the effectiveness of our disclosure controls and procedures as defined in Rule 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, or the Exchange Act. As an evaluation was not carried out, our Principal Executive Officer and Principal Financial Officer concluded that our disclosure controls and procedures were ineffective as of the end of the period covered by this report.

 

In planning and performing its audit of our financial statements for the year ended December 31, 2017 in accordance with standards of the Public Company Accounting Oversight Board, our independent registered public accounting firm noted material weaknesses in internal control over financial reporting. A list of our material weaknesses are as follows:

 

  ●Failure to have properly documented and designed disclosure controls and procedures and testing of the operating effectiveness of our internal control over financial reporting
    
  ●Weakness around our inventory count procedures
    
  ●Segregation of duties due to lack of personnel

 

Our management concluded that considering internal control deficiencies that, in the aggregate, rise to the level of material weaknesses, we did not maintain effective internal control over financial reporting as of June 30, 2018 based on the criteria set forth in Internal Control-Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”). 

 

20

 

 

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS – (Continued)

 

Changes in Internal Control over Financial Reporting

 

Following this assessment and during the first and second quarters of fiscal year 2018, we have undertaken an action plan to strengthen internal controls and procedures:

 

  ● We continue to improve the process around inventory counts and during the second quarter of 2018, we performed a blind-count in 70% of our stores with the purpose of validating our inventory records and increasing the staff knowledge around the importance of the new inventory procedures implemented.
     
  ● Our management has increased its focus on the Company’s purchase order process in order to better manage inventory thereby improving cash management and ultimately leading to more reliable and precise financial reporting.

 

Our management continues to review ways in which we can make improvements in internal control over financial reporting.

 

21

 

 

PART II - OTHER INFORMATION

 

ITEM 1. LEGAL PROCEEDINGS.

 

From time to time the Company may be involved in various claims and legal actions arising in the ordinary course of our business. We do not have any legal proceedings which have a material impact to the financial statements as of June 30, 2018.

 

ITEM 1A. RISK FACTORS.

 

Not Applicable.

 

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

 

None.

 

ITEM 3. DEFAULTS UPON SENIOR SECURITIES.

 

None. 

 

ITEM 4. MINE SAFETY DISCLOSURES.

 

Not Applicable.

 

ITEM 5. OTHER INFORMATION.

 

Not Applicable.

 

ITEM 6. EXHIBITS.

 

See the exhibits listed in the accompanying “Index to Exhibits.”

 

22

 

 

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.

 

  HEALTHIER CHOICES MANAGEMENT CORP.
     
Date: July 26, 2018 By: /s/ Jeffrey Holman
    Jeffrey Holman
    Chief Executive Officer
     
Date: July 26, 2018 By: /s/ John Ollet
    John Ollet
    Chief Financial Officer

 

23

 

 

INDEX TO EXHIBITS

 

Exhibit       Incorporated by Reference   Filed or
Furnished
No.   Exhibit Description   Form   Date   Number   Herewith
31.1   Certification of Principal Executive Officer (302)               Filed
31.2   Certification of Principal Financial Officer (302)               Filed
32.1   Certification of Principal Executive Officer (906)               Furnished *
32.2   Certification of Principal Financial Officer (906)               Furnished *
101.INS   XBRL Instance Document               Filed
101.SCH   XBRL Taxonomy Extension Schema Document               Filed
101.CAL   XBRL Taxonomy Extension Calculation Linkbase Document               Filed
101.DEF   XBRL Taxonomy Extension Definition Linkbase Document               Filed
101.LAB   XBRL Taxonomy Extension Label Linkbase Document               Filed
101.PRE   XBRL Taxonomy Extension Presentation Linkbase Document               Filed

 

* This exhibit is being furnished rather than filed and shall not be deemed incorporated by reference into any filing, in accordance with Item 601 of Regulation S-K.

 

 

24

 

 

 EX-31.1 2 f10q0618ex31-1_healthier.htm CERTIFICATION

Exhibit 31.1

 

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER

 

I, Jeffrey Holman, certify that:

 

1. I have reviewed this quarterly report on Form 10-Q of Healthier Choices Management Corp.;

 

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

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

 

4. The registrant’s other certifying officer(s) 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(s) 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: July 26, 2018

 

  /s/ Jeffrey Holman
  Jeffrey Holman
  Chief Executive Officer
  (Principal Executive Officer)

 EX-31.2 3 f10q0618ex31-2_healthier.htm CERTIFICATION

Exhibit 31.2

 

CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER

 

I, John Ollet, certify that:

 

1. I have reviewed this quarterly report on Form 10-Q of Healthier Choices Management Corp.;

 

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

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

 

4. The registrant’s other certifying officer(s) 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(s) 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: July 26, 2018

 

  /s/ John Ollet
  John Ollet
  Chief Financial Officer
  (Principal Financial Officer)

 

 EX-32.1 4 f10q0618ex32-1_healthier.htm CERTIFICATION

  Exhibit 32.1

 

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

In connection with the quarterly report of Healthier Choices Management Corp. (the “Company”) on Form 10-Q for the quarter ending June 30, 2018, as filed with the Securities and Exchange Commission on the date hereof, I, Jeffrey Holman, certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

 

  1. The quarterly report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934 and
     
  2. The information contained in the quarterly report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

Date: July 26, 2018

 

  /s/ Jeffrey Holman
  Jeffrey Holman
  Chief Executive Officer
  (Principal Executive Officer)

 

 EX-32.2 5 f10q0618ex32-2_healthier.htm CERTIFICATION

Exhibit 32.2

 

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

In connection with the quarterly report of Healthier Choices Management Corp. (the “Company”) on Form 10-Q for the quarter ending June 30, 2018, as filed with the Securities and Exchange Commission on the date hereof, I, John Ollet, certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

 

  1. The quarterly report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934 and
     
  2. The information contained in the quarterly report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

Date: July 26, 2018

 

  /s/ John Ollet
  John Ollet
  Chief Financial Officer
  (Principal Financial Officer)

 

 

 

 

 

 

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Document and Entity Information - shares
 6 Months Ended
Jun. 30, 2018
Jul. 26, 2018
Document and Entity Information [Abstract]    
Entity Registrant Name Healthier Choices Management Corp.  
Entity Central Index Key 0000844856  
Trading Symbol HCMC  
Amendment Flag false  
Current Fiscal Year End Date --12-31  
Document Type 10-Q  
Document Period End Date Jun. 30, 2018  
Document Fiscal Year Focus 2018  
Document Fiscal Period Focus Q2  
Entity Filer Category Smaller Reporting Company  
Entity Common Stock, Shares Outstanding   29,348,867,108
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Consolidated Balance Sheets (Unaudited) - USD ($)
Jun. 30, 2018
Dec. 31, 2017
CURRENT ASSETS    
Cash and cash equivalents $ 7,420,207 $ 7,883,191
Due from merchant credit card processors, net of reserves 12,795 28,410
Accounts receivable, net of allowance of approximately $32,000 and $19,000, respectively 50,211 75,568
Inventories 885,536 861,650
Prepaid expenses and vendor deposits 91,236 63,808
Other current assets 41,183
TOTAL CURRENT ASSETS 8,459,985 8,953,810
Property and equipment, net of accumulated depreciation of $490,354 and $393,771, respectively 525,643 589,506
Intangible assets, net of accumulated amortization of $370,858 and $289,969, respectively 1,503,642 1,559,531
Goodwill 481,314 481,314
Other assets 116,914 117,244
TOTAL ASSETS 11,087,498 11,701,405
CURRENT LIABILITIES    
Accounts payable 652,762 512,395
Accrued expenses 286,860 439,133
Contract liabilities 30,612 61,312
Current portion of loan payable 2,167 2,111
Derivative liabilities - warrants 10,231,697 10,231,697
TOTAL CURRENT LIABILITIES 11,204,098 11,246,648
Loan payable, net of current portion 9,361 10,459
TOTAL LIABILITIES 11,213,459 11,257,107
COMMITMENTS AND CONTINGENCIES (SEE NOTE 9)
STOCKHOLDERS' EQUITY    
Common Stock, $0.0001 par value per share, 750,000,000,000 shares authorized; 29,348,867,108 shares issued and outstanding as of June 30, 2018 and December 31, 2017, respectively 2,934,887 2,934,887
Additional paid-in capital 11,238,744 10,080,238
Accumulated deficit (14,299,592) (12,570,827)
TOTAL STOCKHOLDERS' EQUITY (125,961) 444,298
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 11,087,498 $ 11,701,405
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Consolidated Balance Sheets (Parenthetical) (Unaudited) - USD ($)
Jun. 30, 2018
Dec. 31, 2017
Statement of Financial Position [Abstract]    
Accounts receivable, net allowance $ 32,000 $ 19,000
Property and equipment, net of accumulated depreciation 490,354 393,771
Intangible assets, net of accumulated amortization $ 370,858 $ 289,969
Common stock, par value $ 0.0001 $ 0.0001
Common stock, shares authorized 750,000,000,000 750,000,000,000
Common stock, shares issued 29,348,867,108 29,348,867,108
Common stock, shares outstanding 29,348,867,108 29,348,867,108
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Consolidated Statements of Operations (Unaudited) - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
SALES        
Vapor sales, net $ 1,140,640 $ 1,507,301 $ 2,449,534 $ 2,986,932
Grocery sales, net 2,137,281 1,800,829 4,435,792 3,891,882
TOTAL SALES, NET 3,277,921 3,308,130 6,885,326 6,878,814
Cost of sales vapor 565,054 624,750 1,141,715 1,168,241
Cost of sales grocery 1,281,687 1,007,852 2,667,965 2,224,725
GROSS PROFIT 1,431,180 1,675,528 3,075,646 3,485,848
OPERATING EXPENSES        
Advertising 43,701 32,203 81,464 58,659
Selling, general and administrative 1,975,482 4,412,187 5,073,209 7,951,951
Total operating expenses 2,019,183 4,444,390 5,154,673 8,010,610
LOSS FROM OPERATIONS (588,003) (2,768,862) (2,079,027) (4,524,762)
OTHER INCOME (EXPENSE)        
Loss on repurchase of Series A warrants (74,795)
Other income 107,500 (30,000) 317,500 10,461
Interest income 21,373 2,301 32,761 18,845
Total other income (expense), net 128,873 (27,699) 350,261 (45,489)
Net loss from continuing operations (459,130) (2,796,561) (1,728,766) (4,570,251)
Net income from discontinued operations 84,459 76,977
NET LOSS $ (459,130) $ (2,712,102) $ (1,728,766) $ (4,493,274)
NET LOSS PER SHARE-BASIC AND DILUTED        
Continuing operations $ 0.00 $ 0.00 $ 0.00 $ 0.00
Discontinued operations 0.00 0.00 0.00 0.00
NET LOSS PER SHARE -BASIC AND DILUTED $ 0.00 $ 0.00 $ 0.00 $ 0.00
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING-BASIC AND DILUTED 29,348,867,108 28,196,705,036 29,348,867,108 23,009,685,517
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Consolidated Statement of Changes in Stockholders' Equity (Unaudited) - 6 months ended Jun. 30, 2018 - USD ($)
Total
Common Stock
Additional Paid-In Capital
Accumulated Deficit
Beginning balance at Dec. 31, 2017 $ 444,298 $ 2,934,887 $ 10,080,238 $ (12,570,827)
Beginning balance, shares at Dec. 31, 2017   29,348,867,108    
Stock-based compensation expenses 1,158,506 1,158,506
Net loss (1,728,766) (1,728,766)
Ending balance at Jun. 30, 2018 $ (125,961) $ 2,934,887 $ 11,238,744 $ (14,299,592)
Ending balance, shares at Jun. 30, 2018   29,348,867,108    
XML 17 R6.htm IDEA: XBRL DOCUMENT v3.10.0.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
OPERATING ACTIVITIES    
Net loss $ (1,728,766) $ (4,493,274)
Adjustments to reconcile net loss to net cash used in operating activities:    
Income from discontinued operations (76,977)
Change in allowances for bad debt 12,695 (22,633)
Depreciation and amortization 177,472 170,440
Loss on repurchase of Series A warrants 74,795
Write-down of obsolete and slow-moving inventory 179,108 112,577
Stock-based compensation expense 1,158,506 3,300,532
Stock-based expense in connection with professional services 4,501
Net cash used in discontinued operations (52,731)
Changes in operating assets and liabilities:    
Due from merchant credit card processors 15,615 1,862
Accounts receivable 12,662 (31,990)
Inventories (202,994) (423,775)
Prepaid expenses and vendor deposits (27,428) (331)
Other assets 41,513 7,455
Accounts payable 140,367 (13,362)
Accrued expenses (152,273) (293,986)
Contract liabilities (30,699) (3,717)
NET CASH USED IN OPERATING ACTIVITIES (404,222) (1,740,614)
INVESTING ACTIVITIES    
Purchases of patent (25,000) (25,000)
Purchases of property and equipment (32,720) (104,756)
NET CASH USED IN INVESTING ACTIVITIES (57,720) (129,756)
FINANCING ACTIVITIES    
Proceeds from loan payable 13,977
Principal payments on loan payable (1,041) (393)
Payments for repurchase of Series A warrants (2,382,467)
Principal payments of capital lease obligations (34,670)
Proceeds from exercise of stock options 1,000
NET CASH USED IN FINANCING ACTIVITIES (1,041) (2,402,553)
DECREASE IN CASH (462,984) (4,272,923)
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD 7,883,191 13,366,272
CASH AND CASH EQUIVALENTS - END OF PERIOD 7,420,207 9,093,349
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION    
Cash paid for interest 360 3,133
NON-CASH INVESTING AND FINANCING ACTIVITIES    
Issuance of common stock in connection with cashless exercise of Series A warrants $ 299,115
XML 18 R7.htm IDEA: XBRL DOCUMENT v3.10.0.1
Organization, Going Concern, and Basis of Presentation
 6 Months Ended
Jun. 30, 2018
Organization, Going Concern, and Basis of Presentation [Abstract]  
ORGANIZATION, GOING CONCERN, AND BASIS OF PRESENTATION

Note 1. ORGANIZATION, GOING CONCERN, AND BASIS OF PRESENTATION

 

Organization 

 

Healthier Choices Management Corp. (the “Company”) is a holding company focused on providing consumers with healthier daily choices with respect to nutrition and other lifestyle alternatives. The Company currently operates twelve retail vape stores in the Southeast region of the United States, through which it offers e-liquids, vaporizers and related products. The Company also operates Ada’s Natural Market, a natural and organic grocery store, through its wholly owned subsidiary Healthy Choice Markets, Inc. Ada’s Natural Market offers fresh produce, bulk foods, vitamins and supplements, packaged groceries, meat and seafood, deli, baked goods, dairy products, frozen foods, health & beauty products and natural household items.

 

Going Concern and Liquidity

 

The accompanying unaudited consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”), which contemplate continuation of the Company as a going concern and realization of assets and satisfaction of liabilities in the normal course of business and do not include any adjustments that might result from the outcome of any uncertainties related to our going concern assessment. The carrying amounts of assets and liabilities presented in the financial statements do not necessarily purport to represent realizable or settlement values.

 

The Company currently and historically has reported net losses and cash outflows from operations. As of June 30, 2018, cash and cash equivalents totaled approximately $7.4 million. While we anticipate that our current cash, cash equivalents, and cash to be generated from operations will be sufficient to meet our projected operating plans for the foreseeable future through a year and a day from the issuance of these unaudited consolidated financial statements. During the second quarter of 2018, the company entered into a $2 million line of credit agreement with a financial institution that is subject to annual renewal with a variable interest rate subject to customary events of default and that no amounts have been drawn down on its. The ability to raise additional financing may have a positive effect on the future performance of the Company.

 

Basis of Presentation and Principles of Consolidation

 

The Company’s unaudited consolidated financial statements are prepared in accordance with GAAP. The unaudited consolidated financial statements include the accounts of all subsidiaries in which the Company holds a controlling financial interest as of the financial statement date. 

 

The unaudited consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. The terms “we,” “us,” “our,” and the “Company” refer to Healthier Choices Management Corp. and its wholly-owned subsidiaries, Vaporin, Inc., The Vape Store, Inc. (“Vape Store”), Smoke Anywhere U.S.A., Inc. (“Smoke”), Emagine the Vape Store, LLC (“Emagine”), IVGI Acquisition, Inc., Vapormax Franchising LLC, Vaporin LLC, Vaporin Florida, Inc., and Healthy Choice Markets, Inc. All intercompany accounts and transactions have been eliminated in consolidation.

  

Unaudited Interim Financial Information

 

The unaudited consolidated financial statements have been prepared by the Company and reflect all normal, recurring adjustments that, in the opinion of management, are necessary for a fair presentation of the interim financial information. The results of operations for the interim periods presented are not necessarily indicative of the results to be expected for any subsequent quarter or for the year ending December 31, 2018. Certain information and footnotes normally included in financial statements prepared in accordance with GAAP have been omitted under the instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities and Exchange Commission (“SEC”). These unaudited consolidated financial statements and notes included herein should be read in conjunction with the audited consolidated financial statements and related notes thereto as of and for the year ended December 31, 2017 included in the Company’s Annual Report on Form 10-K for such year as filed with the SEC on March 15, 2018.
XML 19 R8.htm IDEA: XBRL DOCUMENT v3.10.0.1
Summary of Significant Accounting Policies
 6 Months Ended
Jun. 30, 2018
Summary of Significant Accounting Policies [Abstract]  
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Note 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Use of Estimates in the Preparation of the Financial Statements

 

The preparation of unaudited consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited consolidated financial statements, and the reported amounts of net revenue and expenses during the reporting periods. Actual results could differ from those estimates. These estimates and assumptions include allowances, reserves and write-downs of receivables and inventory, valuing equity securities and hybrid instruments, share-based payment arrangements, deferred taxes and related valuation allowances, and the valuation of assets and liabilities acquired in business combinations. Certain of management’s estimates could be affected by external conditions, including those unique to the Company’s industry, and general economic conditions. It is possible that these external factors could have an effect on the Company’s estimates that could cause actual results to differ from those estimates. The Company re-evaluates all accounting estimates at least quarterly based on these conditions and records adjustments when necessary.

 

Shipping and Handling

 

Shipping charges billed to customers are included in net sales and the related shipping and handling costs are included in cost of sales. For the six months ended June 30, 2018 and 2017, shipping and handling costs of approximately $27,000 and $66,000, respectively, were included in cost of sales.

 

Concentration of Risk

 

Our cash balances are kept liquid to support our growing acquisition and infrastructure needs for operational expansion. The majority of the Company’s cash and cash equivalents are concentrated in one large financial institution, which is in excess of Federal Deposit Insurance Corporation (FDIC) coverage. At June 30, 2018 and December 31, 2017, cash in excess of FDIC limits of $250,000 per financial institution were approximately $6.9 million and $7.1 million, respectively. The Company continually monitors its positions with, and the credit quality of, the financial institutions with which it invests, as deposits are held in excess of federally insured limits. The Company’s cash equivalents at June 30, 2018 and December 31, 2017 were money market accounts. The Company has not experienced any losses in such accounts.

  

Inventories

 

Inventories are stated at average cost. If the cost of the inventories exceeds their net realizable value, provisions are recorded to write down excess inventories to their net realizable value. The Company’s inventories consist primarily of merchandise available for resale, such as fresh produce, perishable grocery items and non-perishable consumable goods.

 

Revenue Recognition

 

Revenues from product sales and services rendered, net of promotional discounts, manufacturer coupons and rebates, return allowances, and sales and consumption taxes, are recorded when products are delivered, title passes to customers and collection is likely to occur. Title passes to customers at the point of sale for retail and at upon delivery of products for wholesale. Return allowances, which reduce revenue, are estimated using historical experience.

 

The Company recognizes revenue in accordance with the following five-step model:

 

  ● identify arrangements with customers;
     
  ● identify performance obligations;
     
  ● determine transaction price;
     
  ● allocate transaction price to the separate performance obligations in the arrangement, if more than one exists; and
     
  ● recognize revenue as performance obligations are satisfied.

 

Accounting Standards Update (“ASU”) No. 2014-9, Revenue from Contracts with Customers (“ASU 2014-9”), is a comprehensive revenue recognition standard that superseded nearly all existing revenue recognition guidance. The Company adopted the standard on January 1, 2018 using the retrospective transition method, which requires reporting entities to apply the standard as of the earliest period presented in their financial statements. The adoption of the new standard resulted in an immaterial impact to the consolidated statements of operations for reclassifying $12,951 to net loss and an immaterial impact to the consolidated balance sheets for reclassifying $61,312 of contract liabilities from accrued expenses as of December 31, 2017. Contract liabilities consist of gift card and loyalty point program liabilities. See “Accounts Receivable, Contract Assets, and Deferred Revenue” significant accounting policy.

 

Adoption of ASU 2014-09 impacted the previously reported results for the quarter ended June 30, 2017 as follows:

 

    As reported           After adoption  
    Quarter Ended June 30,
2017		     ASU2014-09 Impact     Quarter Ended June 30,
2017		  
Vapor sales, net   $ 1,507,574     $ (273 )   $ 1,507,301  
Grocery sales, net   $ 1,798,135     $ 2,694     $ 1,800,829  
Gross profit   $ 1,673,107     $ 2,421     $ 1,675,528  
Net loss   $ (2,714,523 )   $ 2,421     $ (2,712,102 )

 

Adoption of ASU 2014-09 impacted the previously reported balance sheet as of December 31, 2017 as follows:

 

    As reported
December 31, 2017		     ASU 2014-09 Impact   After adoption
December 31, 2017		  
Accrued Expenses   $ 538,204     $ (99,071 )   $ 439,133  
Contract liabilities   $ -     $ 61,312     $ 61,312  
Total current liabilities   $ 11,284,407     $ (37,759 )   $ 11,246,648  
Accumulated deficit   $ (12,608,586 )   $ 37,759     $ (12,570,827 )
Total stockholders’ equity   $ 406,539     $ 37,759     $ 444,298  

 

Accounts Receivable, Contract Assets, and Contract Liabilities

 

Accounts receivable are claims to consideration which are unconditional; meaning no performance obligations remain for the Company and only the passage of time is necessary before collection. Contract assets are distinguished from accounts receivable as performance obligations remain before claims to consideration become unconditional. By nature of the Company’s operations, contract assets are typically not recognized. Contract liabilities are recorded when customers transfer consideration in advance of delivery of products or services, which the Company records for gift cards and loyalty reward programs. When one party to an arrangement performs before the other(s), the Company records an accounts receivable, contract asset or contract liability.

 

The majority of arrangements with customers contain one performance obligation; to provide a distinct set of products or services. Most performance obligations are satisfied simultaneously as the Company exchanges products or services for customer payment. Exceptions include gift cards and loyalty rewards, for which the Company has a performance obligation to deliver products or services at a future date. As gift cards are purchased and loyalty points earned, contract liabilities are recorded until the performance obligations are satisfied through delivery of products or services or breakage based on gift card and loyalty reward program term limits. The Company’s breakage policy is twenty-four months for gift cards, twelve months for Grocery loyalty rewards, and six months for Vapor loyalty rewards. Loyalty rewards are earned at five percent on qualifying purchases and the reward functions as an allocation of transaction price from the period earned by the customer to the period the performance obligation is satisfied by the Company. As such, all contract liabilities are expected to be recognized within a twenty-four month period.

 

Recently Issued Accounting Pronouncements

 

In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842)” (“ASU 2016-02”). ASU 2016-02 establishes a right-of-use (“ROU”) model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. ASU 2016-02 is effective for annual periods beginning after December 15, 2018, and annual and interim periods thereafter, with early adoption permitted. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. The Company is currently evaluating the impact that the adoption of this new standard will have on its consolidated financial statements.

 

In July 2017, the FASB issued a two-part ASU No. 2017-11, I “Accounting for Certain Financial Instruments With Down Round Features” and II “Replacement of the Indefinite Deferral for Mandatorily Redeemable Financial Instruments of Certain Nonpublic Entities and Certain Mandatorily Redeemable Noncontrolling Interests With a Scope Exception”. The ASU is effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Early adoption is permitted. The Company is currently evaluating the impact that the adoption of this new standard will have on its consolidated financial statements.
XML 20 R9.htm IDEA: XBRL DOCUMENT v3.10.0.1
Segment Information
 6 Months Ended
Jun. 30, 2018
Segment Information [Abstract]  
SEGMENT INFORMATION

Note 3. SEGMENT INFORMATION

 

Management determines the reportable segments based on the internal reporting used by our executives to evaluate performance and to assess where to allocate resources. The Company evaluates segment performance based on the segment gross profit before corporate expenses.

 

Summarized below are the total net sales and segment operating loss for each reporting segment:

 

    Three Months Ended  
    Net Sales     Segment Gross Profit  
    June 30,
2018		     June 30,
2017		     June 30,
2018		     June 30,
2017		  
Vapor sales, net   $ 1,140,640     $ 1,507,301     $ 575,586     $ 882,551  
Grocery sales, net     2,137,281       1,800,829       855,594       792,977  
Total Sales   $ 3,277,921     $ 3,308,130       1,431,180       1,675,528  
                                 
Operating expenses                     2,019,183       4,444,390  
Operating loss                     (588,003 )     (2,768,862 )
Other income (expense), net                     128,873       (27,699 )
Net loss from continuing operations                     (459,130 )     (2,796,561 )
Net income from discontinued operations                     -       84,459  
Net loss                   $ (459,130 )   $ (2,712,102 )

 

For the three months ended June 30, 2018, depreciation and amortization was $18,029 and $69,429 for Vapor and Grocery, respectively. For the three months ended June 30, 2017, depreciation and amortization was $16,524 and $66,678 for Vapor and Grocery, respectively.

 

    Six Months Ended  
    Net Sales     Segment Gross Profit  
    June 30,
2018		     June 30,
2017		     June 30,
2018		     June 30,
2017		  
Vapor sales, net   $ 2,449,534     $ 2,986,932     $ 1,307,819     $ 1,818,691  
Grocery sales, net     4,435,792       3,891,882       1,767,827       1,667,157  
Total Sales   $ 6,885,326     $ 6,878,814       3,075,646       3,485,848  
                                 
Operating expenses                     5,154,673       8,010,610  
Operating loss                     (2,079,027 )     (4,524,762 )
Other income (expense), net                     350,261       (45,489 )
Net loss from continuing operations                     (1,728,766 )     (4,570,251 )
Net income from discontinued operations                     -       76,977  
Net loss                   $ (1,728,766 )   $ (4,493,274 )

 

For the six months ended June 30, 2018, depreciation and amortization was $33,555 and $138,787 for Vapor and Grocery, respectively. For the six months ended June 30, 2017, depreciation and amortization was $33,259 and $129,860 for Vapor and Grocery, respectively.
XML 21 R10.htm IDEA: XBRL DOCUMENT v3.10.0.1
Notes Receivable from Related Party and Other Income
 6 Months Ended
Jun. 30, 2018
Notes Receivable from Related Party and Other Income [Abstract]  
NOTES RECEIVABLE FROM RELATED PARTY AND OTHER INCOME

Note 4. NOTES RECEIVABLE FROM RELATED PARTY AND OTHER INCOME

 

Management determined both notes receivable were uncollectable based on payment history and recorded a valuation allowance to fully reserve both notes receivable on December 31, 2016. A summary of the notes receivable as of June 30, 2018 is presented below:

 

Description   Due Date   Interest Rate   Remaining Principal     Allowance  
Acquisition Note   In Default   4.5%   $ 45,519     $ (45,519 )
Promissory Note   In Default   Prime rate plus 2.0%   $ 105,938     $ (105,938 )

 

During the first half of 2018, the Company had notes receivable collections of $315,000, recorded to other income in the Consolidate Statement of Operations. Management believes the valuation allowance is appropriate at June 30, 2018.
XML 22 R11.htm IDEA: XBRL DOCUMENT v3.10.0.1
Intangible Assets
 6 Months Ended
Jun. 30, 2018
Intangible Assets [Abstract]  
INTANGIBLE ASSETS

Note 5. INTANGIBLE ASSETS

 

Intangible assets, net are as follows: 

 

June 30, 2018  

Useful Lives

(Years)

  

Gross

Carrying Amount

    

Accumulated

Amortization

    

Net Carrying

Amount

  
Favorable lease   15 years   $ 890,000     $ (121,400 )   $ 768,600  
Trade names   10 years     820,000       (210,500 )     609,500  
Customer relationships   5 years     60,000       (25,000 )     35,000  
Technology   20 years     100,000       (10,833 )     89,167  
Website   3 years     4,500       (3,125 )     1,375  
Intangible assets, net       $ 1,874,500     $ (370,858 )   $ 1,503,642  

 

December 31, 2017  

Useful Lives

(Years)

  

Gross

Carrying Amount

    

Accumulated

Amortization

    

Net Carrying

Amount

  
Favorable lease   15 years   $ 890,000     $ (92,219 )   $ 797,781  
Trade names   10 years     820,000       (169,500 )     650,500  
Customer relationships   5 years     60,000       (19,000 )     41,000  
Technology   20 years     75,000       (6,875 )     68,125  
Website   3 years     4,500       (2,375 )     2,125  
Intangible assets, net       $ 1,849,500     $ (289,969 )   $ 1,559,531  

 

Intangible assets are amortized on a straight-line basis over their estimated useful lives. Amortization expense amounted to $82,243 and $78,076 for the six months ended June 30, 2018 and 2017, respectively. Future annual estimated amortization expense is as follows:

 

Years ending December 31,      
2018 (remaining six months)   $ 81,930  
2019     162,986  
2020     162,361  
2021     155,361  
2022     150,361  
Thereafter     790,644  
Total   $ 1,503,642  

XML 23 R12.htm IDEA: XBRL DOCUMENT v3.10.0.1
Contract Liabilities
 6 Months Ended
Jun. 30, 2018
Contract Liabilities [Abstract]  
CONTRACT LIABILITIES

Note 6. CONTRACT LIABILITIES

 

The Company’s contract liabilities consists of gift cards and loyalty rewards, for which the Company has a performance obligation to deliver products when customers redeem balances or terms expire through breakage. Our breakage policy is twenty-four months for gift cards, twelve months for Grocery loyalty rewards, and six months for Vapor loyalty rewards. As such, all contract liabilities are expected to be recognized within a twenty-four month period.

 

A summary of the contract liabilities activity for the six months ended June 30, 2018 and 2017 is presented below:

 

    Six month ended 
June 30,		  
    2018     2017  
Beginning balance as January1,   $ 61,312     $ 34,564  
Issued     80,126       97,317  
Redeemed     (111,173 )     (104,365 )
Breakage recognized     347       3,330  
Ending balance as of June 30,   $ 30,612     $ 30,847  
XML 24 R13.htm IDEA: XBRL DOCUMENT v3.10.0.1
Stockholders' Equity
 6 Months Ended
Jun. 30, 2018
Stockholders' Equity [Abstract]  
STOCKHOLDERS' EQUITY

Note 7. STOCKHOLDERS’ EQUITY

 

Series A Warrants

 

Through June 30, 2018, there were no Series A Warrants exercised through the cashless exercise provision of such warrants. As a result, the Company’s outstanding common stock remained unchanged for the first half of 2018.

        

Pursuant to the Series A Warrant agreement, the Black Scholes value is calculated by a third-party and utilized in calculating the warrant common stock equivalents at the point of cashless exercise. As such, the number of warrant common stock equivalents outstanding are computed at the end of each reporting period using the formula below:

 

(Series A Warrants exercised * Black Scholes Value) / closing common stock bid price as of two trading days prior.

 

A summary of the outstanding warrant common stock equivalents at January 1, 2018 and June 30, 2018, is presented below:

 

    June 30, 
2018		     January 1,
2018		  
Warrants outstanding     33       33  
Black Scholes value     1,523,599       1,520,919  
Closing bid stock price   $ 0.0001     $ 0.0001  
Warrant common stock equivalent     506,136,603,028       505,246,312,541  

 

Stock Options

 

During the three months ended June 30, 2018 and 2017, the Company recognized stock-based compensation of $0.1 million and $2.1 million, respectively, in connection with the amortization of stock options, net of recovery of stock-based charges for forfeited unvested stock options. During the six months ended June 30, 2018 and 2017, the Company recognized stock-based compensation of $1.2 million and $3.3 million, respectively. Stock-based compensation expense is included as part of selling, general and administrative expense in the accompanying consolidated statements of operations.

 

At June 30, 2018, the amount of unamortized stock-based compensation expense associated with unvested stock options granted to employees, directors and consultants was approximately $0.2 million, which will be amortized over a weighted average period of 0.84 years. At December 31, 2017, the amount of unamortized stock-based compensation expense associated with unvested stock options granted to employees, directors and consultants was approximately $1.3 million, which will be amortized over a weighted average period of 0.43 years.

 

Loss per Share

 

Basic loss per share is computed by dividing the net loss by the weighted average number of shares of common stock outstanding during the period. Diluted loss per share is computed using the weighted average number of shares of common stock outstanding and, if dilutive, potential shares of common stock outstanding during the period. Potential common shares consist of incremental shares of common stock issuable upon (a) the exercise of stock options (using the treasury stock method), and (b) the exercise of warrants (using the if-converted method). For the three and six months ended June 31, 2018 and 2017, diluted loss per share excludes the potential shares of common stock, as their effect is antidilutive.

 

The following table summarizes the Company’s securities, in common share equivalents, that have been excluded from the calculation of dilutive loss per share as their effect would be anti-dilutive:

 

    June 30, 
2018		     June 30, 
2017		  
             
Stock options     89,568,899,200       82,911,261,360  
Warrants     506,136,603,028       505,949,795,210  
Total     595,705,502,228       588,861,056,570  
XML 25 R14.htm IDEA: XBRL DOCUMENT v3.10.0.1
Fair Value Measurements
 6 Months Ended
Jun. 30, 2018
Fair Value Measurements [Abstract]  
FAIR VALUE MEASUREMENTS

Note 8. FAIR VALUE MEASUREMENTS

 

The fair value framework under FASB’s guidance requires the categorization of assets and liabilities into three levels based upon the assumptions used to measure the assets or liabilities. Level 1 provides the most reliable measure of fair value, whereas Level 3, if applicable, would generally require significant management judgment. The three levels for categorizing assets and liabilities under the fair value measurement requirements are as follows:

 

  ● Level 1: Fair value measurement of the asset or liability using observable inputs such as quoted prices in active markets for identical assets or liabilities;
     
  ● Level 2: Fair value measurement of the asset or liability using inputs other than quoted prices that are observable for the applicable asset or liability, either directly or indirectly, such as quoted prices for similar (as opposed to identical) assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active; and
     
  ● Level 3: Fair value measurement of the asset or liability using unobservable inputs that reflect the Company’s own assumptions regarding the applicable asset or liability.

 

Nonfinancial assets such as goodwill, other intangible assets, and long-lived assets held and used are measured at fair value when there is an indicator of impairment and recorded at fair value when impairment is recognized or for a business combination.

 

The following table summarizes the liabilities measured at fair value on a recurring basis as of June 30, 2018 and December 2017:

 

    Level 1     Level 2     Level 3     Total  
LIABILITIES                        
Derivative liabilities – warrants   $     -     $ 10,231,697     $     -     $ 10,231,697  
Total derivative liabilities – warrants   $ -     $ 10,231,697     $ -     $ 10,231,697  

XML 26 R15.htm IDEA: XBRL DOCUMENT v3.10.0.1
Commitments and Contingencies
 6 Months Ended
Jun. 30, 2018
Commitments and Contingencies [Abstract]  
COMMITMENTS AND CONTINGENCIES

Note 9. COMMITMENTS AND CONTINGENCIES

 

Fontem License Agreement

 

The Company has a non-exclusive license to certain products with Fontem Ventures B.V. “Fontem”. The Company will make quarterly license and royalty payments in perpetuity to Fontem based on the sale of qualifying products as defined in the license agreement at a royalty rate of 5.25%.

 

    Three Months Ended 
June 30,		     Six Months Ended 
June 30,		  
    2018     2017     2018     2017  
Royalty expenses   $ 13,579     $ (14,650 )   $ 34,007     $ (14,650 )

 

For the three and six months ended 2017, the credit balance for the royalty expenses was due to a true-up adjustment in the liability.

 

Legal Proceedings

 

From time to time the Company may be involved in various claims and legal actions arising in the ordinary course of our business. With respect to legal costs, we record such costs as incurred.
XML 27 R16.htm IDEA: XBRL DOCUMENT v3.10.0.1
Disaggregation of Revenues
 6 Months Ended
Jun. 30, 2018
Disaggregation of Revenues [Abstract]  
DISAGGREGATION OF REVENUES

Note 10. DISAGGREGATION OF REVENUES

 

The Company reports the following segments in accordance with management guidance: Vapor and Grocery. When the Company prepares its internal management reporting to evaluate business performance, we disaggregate revenue into the following categories that depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors.

 

    Three Months Ended     Six Months Ended  
    June 30,
2018		     June 30,
2017		     June 30,
2018		     June 30,
2017		  
Vapor   $ 1,140,640     $ 1,507,301     $ 2,449,534     $ 2,986,932  
Grocery     2,137,281       1,800,828       4,435,792       3,891,882  
Total revenue   $ 3,277,921     $ 3,308,129     $ 6,885,326     $ 6,878,814  
                                 
Retail Vapor   $ 1,139,621     $ 1,431,587     $ 2,442,476     $ 2,783,543  
Retail Grocery     1,526,587       1,395,173       3,173,222       3,062,019  
Food service/restaurant     398,835       406,358       796,399       829,863  
Online/eCommerce     206,904       (703 )     457,864       -  
Wholesale Grocery     4,955       -       8,307       -  
Wholesale Vapor     1,019       75,714       7,058       203,389  
Total revenue   $ 3,277,921     $ 3,308,129     $ 6,885,326     $ 6,878,814  

XML 28 R17.htm IDEA: XBRL DOCUMENT v3.10.0.1
Summary of Significant Accounting Policies (Policies)
 6 Months Ended
Jun. 30, 2018
Summary of Significant Accounting Policies [Abstract]  
Use of Estimates in the Preparation of the Financial Statements

Use of Estimates in the Preparation of the Financial Statements

 

The preparation of unaudited consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited consolidated financial statements, and the reported amounts of net revenue and expenses during the reporting periods. Actual results could differ from those estimates. These estimates and assumptions include allowances, reserves and write-downs of receivables and inventory, valuing equity securities and hybrid instruments, share-based payment arrangements, deferred taxes and related valuation allowances, and the valuation of assets and liabilities acquired in business combinations. Certain of management’s estimates could be affected by external conditions, including those unique to the Company’s industry, and general economic conditions. It is possible that these external factors could have an effect on the Company’s estimates that could cause actual results to differ from those estimates. The Company re-evaluates all accounting estimates at least quarterly based on these conditions and records adjustments when necessary.
Shipping and Handling

Shipping and Handling

 

Shipping charges billed to customers are included in net sales and the related shipping and handling costs are included in cost of sales. For the six months ended June 30, 2018 and 2017, shipping and handling costs of approximately $27,000 and $66,000, respectively, were included in cost of sales.
Concentration of Risk

Concentration of Risk

 

Our cash balances are kept liquid to support our growing acquisition and infrastructure needs for operational expansion. The majority of the Company’s cash and cash equivalents are concentrated in one large financial institution, which is in excess of Federal Deposit Insurance Corporation (FDIC) coverage. At June 30, 2018 and December 31, 2017, cash in excess of FDIC limits of $250,000 per financial institution were approximately $6.9 million and $7.1 million, respectively. The Company continually monitors its positions with, and the credit quality of, the financial institutions with which it invests, as deposits are held in excess of federally insured limits. The Company’s cash equivalents at June 30, 2018 and December 31, 2017 were money market accounts. The Company has not experienced any losses in such accounts.
Inventories

Inventories

 

Inventories are stated at average cost. If the cost of the inventories exceeds their net realizable value, provisions are recorded to write down excess inventories to their net realizable value. The Company’s inventories consist primarily of merchandise available for resale, such as fresh produce, perishable grocery items and non-perishable consumable goods.
Revenue Recognition

Revenue Recognition

 

Revenues from product sales and services rendered, net of promotional discounts, manufacturer coupons and rebates, return allowances, and sales and consumption taxes, are recorded when products are delivered, title passes to customers and collection is likely to occur. Title passes to customers at the point of sale for retail and at upon delivery of products for wholesale. Return allowances, which reduce revenue, are estimated using historical experience.

 

The Company recognizes revenue in accordance with the following five-step model:

 

  ● identify arrangements with customers;
     
  ● identify performance obligations;
     
  ● determine transaction price;
     
  ● allocate transaction price to the separate performance obligations in the arrangement, if more than one exists; and
     
  ● recognize revenue as performance obligations are satisfied.

 

Accounting Standards Update (“ASU”) No. 2014-9, Revenue from Contracts with Customers (“ASU 2014-9”), is a comprehensive revenue recognition standard that superseded nearly all existing revenue recognition guidance. The Company adopted the standard on January 1, 2018 using the retrospective transition method, which requires reporting entities to apply the standard as of the earliest period presented in their financial statements. The adoption of the new standard resulted in an immaterial impact to the consolidated statements of operations for reclassifying $12,951 to net loss and an immaterial impact to the consolidated balance sheets for reclassifying $61,312 of contract liabilities from accrued expenses as of December 31, 2017. Contract liabilities consist of gift card and loyalty point program liabilities. See “Accounts Receivable, Contract Assets, and Deferred Revenue” significant accounting policy.

 

Adoption of ASU 2014-09 impacted the previously reported results for the quarter ended June 30, 2017 as follows:

 

    As reported           After adoption  
    Quarter Ended June 30,
2017		     ASU2014-09 Impact     Quarter Ended June 30,
2017		  
Vapor sales, net   $ 1,507,574     $ (273 )   $ 1,507,301  
Grocery sales, net   $ 1,798,135     $ 2,694     $ 1,800,829  
Gross profit   $ 1,673,107     $ 2,421     $ 1,675,528  
Net loss   $ (2,714,523 )   $ 2,421     $ (2,712,102 )

 

Adoption of ASU 2014-09 impacted the previously reported balance sheet as of December 31, 2017 as follows:

 

    As reported
December 31, 2017		     ASU 2014-09 Impact   After adoption
December 31, 2017		  
Accrued Expenses   $ 538,204     $ (99,071 )   $ 439,133  
Contract liabilities   $ -     $ 61,312     $ 61,312  
Total current liabilities   $ 11,284,407     $ (37,759 )   $ 11,246,648  
Accumulated deficit   $ (12,608,586 )   $ 37,759     $ (12,570,827 )
Total stockholders’ equity   $ 406,539     $ 37,759     $ 444,298  

Accounts Receivable, Contract Assets, and Contract Liabilities

Accounts Receivable, Contract Assets, and Contract Liabilities

 

Accounts receivable are claims to consideration which are unconditional; meaning no performance obligations remain for the Company and only the passage of time is necessary before collection. Contract assets are distinguished from accounts receivable as performance obligations remain before claims to consideration become unconditional. By nature of the Company’s operations, contract assets are typically not recognized. Contract liabilities are recorded when customers transfer consideration in advance of delivery of products or services, which the Company records for gift cards and loyalty reward programs. When one party to an arrangement performs before the other(s), the Company records an accounts receivable, contract asset or contract liability.

 

The majority of arrangements with customers contain one performance obligation; to provide a distinct set of products or services. Most performance obligations are satisfied simultaneously as the Company exchanges products or services for customer payment. Exceptions include gift cards and loyalty rewards, for which the Company has a performance obligation to deliver products or services at a future date. As gift cards are purchased and loyalty points earned, contract liabilities are recorded until the performance obligations are satisfied through delivery of products or services or breakage based on gift card and loyalty reward program term limits. The Company’s breakage policy is twenty-four months for gift cards, twelve months for Grocery loyalty rewards, and six months for Vapor loyalty rewards. Loyalty rewards are earned at five percent on qualifying purchases and the reward functions as an allocation of transaction price from the period earned by the customer to the period the performance obligation is satisfied by the Company. As such, all contract liabilities are expected to be recognized within a twenty-four month period.
Recently Issued Accounting Pronouncements

Recently Issued Accounting Pronouncements

 

In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842)” (“ASU 2016-02”). ASU 2016-02 establishes a right-of-use (“ROU”) model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. ASU 2016-02 is effective for annual periods beginning after December 15, 2018, and annual and interim periods thereafter, with early adoption permitted. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. The Company is currently evaluating the impact that the adoption of this new standard will have on its consolidated financial statements.

 

In July 2017, the FASB issued a two-part ASU No. 2017-11, I “Accounting for Certain Financial Instruments With Down Round Features” and II “Replacement of the Indefinite Deferral for Mandatorily Redeemable Financial Instruments of Certain Nonpublic Entities and Certain Mandatorily Redeemable Noncontrolling Interests With a Scope Exception”. The ASU is effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Early adoption is permitted. The Company is currently evaluating the impact that the adoption of this new standard will have on its consolidated financial statements.
XML 29 R18.htm IDEA: XBRL DOCUMENT v3.10.0.1
Summary of Significant Accounting Policies (Tables)
 6 Months Ended
Jun. 30, 2018
Summary of Significant Accounting Policies [Abstract]  
Schedule of previously reported results
    As reported           After adoption  
    Quarter Ended June 30,
2017		     ASU2014-09 Impact     Quarter Ended June 30,
2017		  
Vapor sales, net   $ 1,507,574     $ (273 )   $ 1,507,301  
Grocery sales, net   $ 1,798,135     $ 2,694     $ 1,800,829  
Gross profit   $ 1,673,107     $ 2,421     $ 1,675,528  
Net loss   $ (2,714,523 )   $ 2,421     $ (2,712,102 )

 

    As reported
December 31, 2017		     ASU 2014-09 Impact   After adoption
December 31, 2017		  
Accrued Expenses   $ 538,204     $ (99,071 )   $ 439,133  
Contract liabilities   $ -     $ 61,312     $ 61,312  
Total current liabilities   $ 11,284,407     $ (37,759 )   $ 11,246,648  
Accumulated deficit   $ (12,608,586 )   $ 37,759     $ (12,570,827 )
Total stockholders’ equity   $ 406,539     $ 37,759     $ 444,298  
XML 30 R19.htm IDEA: XBRL DOCUMENT v3.10.0.1
Segment Information (Tables)
 6 Months Ended
Jun. 30, 2018
Segment Information [Abstract]  
Schedule of net sales and segment operating loss

    Three Months Ended  
    Net Sales     Segment Gross Profit  
    June 30,
2018		     June 30,
2017		     June 30,
2018		     June 30,
2017		  
Vapor sales, net   $ 1,140,640     $ 1,507,301     $ 575,586     $ 882,551  
Grocery sales, net     2,137,281       1,800,829       855,594       792,977  
Total Sales   $ 3,277,921     $ 3,308,130       1,431,180       1,675,528  
                                 
Operating expenses                     2,019,183       4,444,390  
Operating loss                     (588,003 )     (2,768,862 )
Other income (expense), net                     128,873       (27,699 )
Net loss from continuing operations                     (459,130 )     (2,796,561 )
Net income from discontinued operations                     -       84,459  
Net loss                   $ (459,130 )   $ (2,712,102 )

 

    Six Months Ended  
    Net Sales     Segment Gross Profit  
    June 30,
2018		     June 30,
2017		     June 30,
2018		     June 30,
2017		  
Vapor sales, net   $ 2,449,534     $ 2,986,932     $ 1,307,819     $ 1,818,691  
Grocery sales, net     4,435,792       3,891,882       1,767,827       1,667,157  
Total Sales   $ 6,885,326     $ 6,878,814       3,075,646       3,485,848  
                                 
Operating expenses                     5,154,673       8,010,610  
Operating loss                     (2,079,027 )     (4,524,762 )
Other income (expense), net                     350,261       (45,489 )
Net loss from continuing operations                     (1,728,766 )     (4,570,251 )
Net income from discontinued operations                     -       76,977  
Net loss                   $ (1,728,766 )   $ (4,493,274 )

XML 31 R20.htm IDEA: XBRL DOCUMENT v3.10.0.1
Notes Receivable from Related Party and Other Income (Tables)
 6 Months Ended
Jun. 30, 2018
Notes Receivable from Related Party and Other Income [Abstract]  
Summary of notes receivable

Description   Due Date   Interest Rate   Remaining Principal     Allowance  
Acquisition Note   In Default   4.5%   $ 45,519     $ (45,519 )
Promissory Note   In Default   Prime rate plus 2.0%   $ 105,938     $ (105,938 )

XML 32 R21.htm IDEA: XBRL DOCUMENT v3.10.0.1
Intangible Assets (Tables)
 6 Months Ended
Jun. 30, 2018
Intangible Assets [Abstract]  
Schedule of intangible assets, net

June 30, 2018  

Useful Lives

(Years)

  

Gross

Carrying Amount

    

Accumulated

Amortization

    

Net Carrying

Amount

  
Favorable lease   15 years   $ 890,000     $ (121,400 )   $ 768,600  
Trade names   10 years     820,000       (210,500 )     609,500  
Customer relationships   5 years     60,000       (25,000 )     35,000  
Technology   20 years     100,000       (10,833 )     89,167  
Website   3 years     4,500       (3,125 )     1,375  
Intangible assets, net       $ 1,874,500     $ (370,858 )   $ 1,503,642  

December 31, 2017  

Useful Lives

(Years)

  

Gross

Carrying Amount

    

Accumulated

Amortization

    

Net Carrying

Amount

  
Favorable lease   15 years   $ 890,000     $ (92,219 )   $ 797,781  
Trade names   10 years     820,000       (169,500 )     650,500  
Customer relationships   5 years     60,000       (19,000 )     41,000  
Technology   20 years     75,000       (6,875 )     68,125  
Website   3 years     4,500       (2,375 )     2,125  
Intangible assets, net       $ 1,849,500     $ (289,969 )   $ 1,559,531  

Schedule of future annual estimated amortization expense
Years ending December 31,      
2018 (remaining six months)   $ 81,930  
2019     162,986  
2020     162,361  
2021     155,361  
2022     150,361  
Thereafter     790,644  
Total   $ 1,503,642  

XML 33 R22.htm IDEA: XBRL DOCUMENT v3.10.0.1
Contract Liabilities (Tables)
 6 Months Ended
Jun. 30, 2018
Contract Liabilities [Abstract]  
Schedule of contract liabilities

    Six month ended 
June 30,		  
    2018     2017  
Beginning balance as January1,   $ 61,312     $ 34,564  
Issued     80,126       97,317  
Redeemed     (111,173 )     (104,365 )
Breakage recognized     347       3,330  
Ending balance as of June 30,   $ 30,612     $ 30,847  
XML 34 R23.htm IDEA: XBRL DOCUMENT v3.10.0.1
Stockholders' Equity (Tables)
 6 Months Ended
Jun. 30, 2018
Stockholders' Equity [Abstract]  
Summary of the outstanding warrant common stock equivalents

    June 30, 
2018		     January 1,
2018		  
Warrants outstanding     33       33  
Black Scholes value     1,523,599       1,520,919  
Closing bid stock price   $ 0.0001     $ 0.0001  
Warrant common stock equivalent     506,136,603,028       505,246,312,541  
Summary of anti-dilutive activities excluded from basic and dilutive loss per share

    June 30, 
2018		     June 30, 
2017		  
             
Stock options     89,568,899,200       82,911,261,360  
Warrants     506,136,603,028       505,949,795,210  
Total     595,705,502,228       588,861,056,570  
XML 35 R24.htm IDEA: XBRL DOCUMENT v3.10.0.1
Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2018
Fair Value Measurements [Abstract]  
Schedule of liabilities measured at fair value on a recurring basis

    Level 1     Level 2     Level 3     Total  
LIABILITIES                        
Derivative liabilities – warrants   $     -     $ 10,231,697     $     -     $ 10,231,697  
Total derivative liabilities – warrants   $ -     $ 10,231,697     $ -     $ 10,231,697  

XML 36 R25.htm IDEA: XBRL DOCUMENT v3.10.0.1
Commitments and Contingencies (Tables)
 6 Months Ended
Jun. 30, 2018
Commitments and Contingencies [Abstract]  
Summarry of royalty expenses
    Three Months Ended 
June 30,		     Six Months Ended 
June 30,		  
    2018     2017     2018     2017  
Royalty expenses   $ 13,579     $ (14,650 )   $ 34,007     $ (14,650 )
XML 37 R26.htm IDEA: XBRL DOCUMENT v3.10.0.1
Disaggregation of Revenues (Tables)
 6 Months Ended
Jun. 30, 2018
Disaggregation of Revenues [Abstract]  
Summary of disaggregate revenue

    Three Months Ended     Six Months Ended  
    June 30,
2018		     June 30,
2017		     June 30,
2018		     June 30,
2017		  
Vapor   $ 1,140,640     $ 1,507,301     $ 2,449,534     $ 2,986,932  
Grocery     2,137,281       1,800,828       4,435,792       3,891,882  
Total revenue   $ 3,277,921     $ 3,308,129     $ 6,885,326     $ 6,878,814  
                                 
Retail Vapor   $ 1,139,621     $ 1,431,587     $ 2,442,476     $ 2,783,543  
Retail Grocery     1,526,587       1,395,173       3,173,222       3,062,019  
Food service/restaurant     398,835       406,358       796,399       829,863  
Online/eCommerce     206,904       (703 )     457,864       -  
Wholesale Grocery     4,955       -       8,307       -  
Wholesale Vapor     1,019       75,714       7,058       203,389  
Total revenue   $ 3,277,921     $ 3,308,129     $ 6,885,326     $ 6,878,814  

XML 38 R27.htm IDEA: XBRL DOCUMENT v3.10.0.1
Organization, Going Concern, and Basis of Presentation (Details) - USD ($)
Jun. 30, 2018
Dec. 31, 2017
Jun. 30, 2017
Dec. 31, 2016
Organization, Going Concern, and Basis of Presentation (Textual)        
Cash and cash equivalents $ 7,420,207 $ 7,883,191 $ 9,093,349 $ 13,366,272
Long-term Line of Credit $ 2,000,000      
XML 39 R28.htm IDEA: XBRL DOCUMENT v3.10.0.1
Summary of Significant Accounting Policies (Details) - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Vapor sales, net $ 1,140,640 $ 1,507,301 $ 2,449,534 $ 2,986,932
Grocery sales, net 2,137,281 1,800,829 4,435,792 3,891,882
Gross profit 1,431,180 1,675,528 3,075,646 3,485,848
Net loss $ (459,130) (2,712,102) $ (1,728,766) $ (4,493,274)
ASU 2014-09 Impact [Member]        
Vapor sales, net   (273)    
Grocery sales, net   2,694    
Gross profit   2,421    
Net loss   2,421    
As reported [Member]        
Vapor sales, net   1,507,574    
Grocery sales, net   1,798,135    
Gross profit   1,673,107    
Net loss   $ (2,714,523)    
XML 40 R29.htm IDEA: XBRL DOCUMENT v3.10.0.1
Summary of Significant Accounting Policies (Details 1) - USD ($)
Jun. 30, 2018
Dec. 31, 2017
Jun. 30, 2017
Dec. 31, 2016
Accrued Expenses $ 286,860 $ 439,133    
Contract liabilities 30,612 61,312 $ 30,847 $ 34,564
Total current liabilities 11,204,098 11,246,648    
Accumulated deficit (14,299,592) (12,570,827)    
Total stockholders' equity $ (125,961) 444,298    
ASU 2014-09 Impact [Member]        
Accrued Expenses   (99,071)    
Contract liabilities   61,312    
Total current liabilities   (37,759)    
Accumulated deficit   37,759    
Total stockholders' equity   37,759    
As reported [Member]        
Accrued Expenses   538,204    
Contract liabilities      
Total current liabilities   11,284,407    
Accumulated deficit   (12,608,586)    
Total stockholders' equity   $ 406,539    
XML 41 R30.htm IDEA: XBRL DOCUMENT v3.10.0.1
Summary of Significant Accounting Policies (Details Textual) - USD ($)
 6 Months Ended 12 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Dec. 31, 2017
Summary of Significant Accounting Policies (Textual)      
Shipping and handling costs $ 27,000 $ 66,000  
Cash in excess of FDIC limits 250,000   $ 250,000
Cash in excess of financial institution $ 6,900,000   7,100,000
Contract liabilities from accrued expenses     61,312
Net loss and an immaterial impact     $ 12,951
XML 42 R31.htm IDEA: XBRL DOCUMENT v3.10.0.1
Segment Information (Details) - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Segment Reporting Information [Line Items]        
Net sales $ 3,277,921 $ 3,308,130 $ 6,885,326 $ 6,878,814
Segment Gross Profit 1,431,180 1,675,528 3,075,646 3,485,848
Operating expenses 2,019,183 4,444,390 5,154,673 8,010,610
Operating loss (588,003) (2,768,862) (2,079,027) (4,524,762)
Other income (expense), net 128,873 (27,699) 350,261 (45,489)
Net loss from continuing operations     (1,728,766) (4,570,251)
Net income (loss) from discontinued operations 84,459 76,977
Net loss (459,130) (2,712,102) (1,728,766) (4,493,274)
Operating segment [Member]        
Segment Reporting Information [Line Items]        
Operating expenses 2,019,183 4,444,390 5,154,673 8,010,610
Operating loss (588,003) (2,768,862) (2,079,027) (4,524,762)
Other income (expense), net 128,873 (27,699) 350,261 (45,489)
Net loss from continuing operations (459,130) (2,796,561) (1,728,766) (4,570,251)
Net income (loss) from discontinued operations 84,459 76,977
Net loss (459,130) (2,712,102) (1,728,766) (4,493,274)
Vapor [Member] | Operating segment [Member]        
Segment Reporting Information [Line Items]        
Net sales 1,140,640 1,507,301 2,449,534 2,986,932
Segment Gross Profit 575,586 882,551 1,307,819 1,818,691
Grocery [Member] | Operating segment [Member]        
Segment Reporting Information [Line Items]        
Net sales 2,137,281 1,800,829 4,435,792 3,891,882
Segment Gross Profit $ 855,594 $ 792,977 $ 1,767,827 $ 1,667,157
XML 43 R32.htm IDEA: XBRL DOCUMENT v3.10.0.1
Segment Information (Details Textual) - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Vapor [Member]        
Segment Information (Textual)        
Depreciation and amortization $ 18,029 $ 16,524 $ 33,555 $ 33,259
Grocery [Member]        
Segment Information (Textual)        
Depreciation and amortization $ 69,429 $ 66,678 $ 138,787 $ 129,860
XML 44 R33.htm IDEA: XBRL DOCUMENT v3.10.0.1
Notes Receivable from Related Party and Other Income (Details)
 6 Months Ended
Jun. 30, 2018
USD ($)
Acquisition Note [Member]  
Short-term Debt [Line Items]  
Due Date In Default
Interest Rate 4.50%
Remaining Principal $ 45,519
Allowance $ (45,519)
Promissory Note [Member]  
Short-term Debt [Line Items]  
Due Date In Default
Interest Rate 2.00%
Remaining Principal $ 105,938
Allowance $ (105,938)
XML 45 R34.htm IDEA: XBRL DOCUMENT v3.10.0.1
Notes Receivable from Related Party and Other Income (Details Textual)
Jun. 30, 2018
USD ($)
Notes Receivable from Related Party and Other Income (Abstract)  
Other income $ 315,000
XML 46 R35.htm IDEA: XBRL DOCUMENT v3.10.0.1
Intangible Assets (Details) - USD ($)
 6 Months Ended 12 Months Ended
Jun. 30, 2018
Dec. 31, 2017
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount $ 1,874,500 $ 1,849,500
Accumulated Amortization (370,858) (289,969)
Net Carrying Amount $ 1,503,642 $ 1,559,531
Favorable lease [Member]    
Finite-Lived Intangible Assets [Line Items]    
Useful Lives (Years) 15 years 15 years
Gross Carrying Amount $ 890,000 $ 890,000
Accumulated Amortization (121,400) (92,219)
Net Carrying Amount $ 768,600 $ 797,781
Trade names [Member]    
Finite-Lived Intangible Assets [Line Items]    
Useful Lives (Years) 10 years 10 years
Gross Carrying Amount $ 820,000 $ 820,000
Accumulated Amortization (210,500) (169,500)
Net Carrying Amount $ 609,500 $ 650,500
Customer relationships [Member]    
Finite-Lived Intangible Assets [Line Items]    
Useful Lives (Years) 5 years 5 years
Gross Carrying Amount $ 60,000 $ 60,000
Accumulated Amortization (25,000) (19,000)
Net Carrying Amount $ 35,000 $ 41,000
Technology [Member]    
Finite-Lived Intangible Assets [Line Items]    
Useful Lives (Years) 20 years 20 years
Gross Carrying Amount $ 100,000 $ 75,000
Accumulated Amortization (10,833) (6,875)
Net Carrying Amount $ 89,167 $ 68,125
Website [Member]    
Finite-Lived Intangible Assets [Line Items]    
Useful Lives (Years) 3 years 3 years
Gross Carrying Amount $ 4,500 $ 4,500
Accumulated Amortization (3,125) (2,375)
Net Carrying Amount $ 1,375 $ 2,125
XML 47 R36.htm IDEA: XBRL DOCUMENT v3.10.0.1
Intangible Assets (Details 1) - USD ($)
Jun. 30, 2018
Dec. 31, 2017
Intangible Assets [Abstract]    
2018 (remaining six months) $ 81,930  
2019 162,986  
2020 162,361  
2021 155,361  
2022 150,361  
Thereafter 790,644  
Total $ 1,503,642 $ 1,559,531
XML 48 R37.htm IDEA: XBRL DOCUMENT v3.10.0.1
Intangible Assets (Details Textual) - USD ($)
 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Intangible Assets (Textual)    
Amortization expense $ 82,243 $ 78,076
XML 49 R38.htm IDEA: XBRL DOCUMENT v3.10.0.1
Contract Liabilities (Details) - USD ($)
 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Contract Liabilities [Abstract]    
Beginning balance as January 1, $ 61,312 $ 34,564
Issued 80,126 97,317
Redeemed (111,173) (104,365)
Breakage recognized 347 3,330
Ending balance as of June 30, $ 30,612 $ 30,847
XML 50 R39.htm IDEA: XBRL DOCUMENT v3.10.0.1
Stockholders' Equity (Details) - $ / shares
Jun. 30, 2018
Dec. 31, 2017
Stockholders' Equity [Abstract]    
Warrants outstanding 33 33
Black Scholes value 1,523,599 1,520,919
Closing bid stock price $ 0.0001 $ 0.0001
Warrant common stock equivalent 506,136,603,028 505,246,312,541
XML 51 R40.htm IDEA: XBRL DOCUMENT v3.10.0.1
Stockholders' Equity (Details 1) - shares
 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Securities excluded from calculation of dilutive loss per share 595,705,502,228 588,861,056,570
Stock options [Member]    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Securities excluded from calculation of dilutive loss per share 89,568,899,200 82,911,261,360
Warrants [Member]    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Securities excluded from calculation of dilutive loss per share 506,136,603,028 505,949,795,210
XML 52 R41.htm IDEA: XBRL DOCUMENT v3.10.0.1
Stockholders' Equity (Details Textual) - Stock Options [Member] - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Dec. 31, 2017
Stockholders' Equity (Textual)          
Stock-based compensation expense $ 0.1 $ 2.1 $ 1.2 $ 3.3  
Unamortized stock based compensation expense on unvested stock options $ 0.2   $ 0.2   $ 1.3
Amortized over a weighted average period     10 months 3 days   5 months 5 days
XML 53 R42.htm IDEA: XBRL DOCUMENT v3.10.0.1
Fair Value Measurements (Details) - USD ($)
Jun. 30, 2018
Dec. 31, 2017
LIABILITIES    
Derivative liabilities - warrants $ 10,231,697 $ 10,231,697
Total derivative liabilities - warrants 10,231,697 10,231,697
Recurring basis [Member] | Level 1 [Member]    
LIABILITIES    
Derivative liabilities - warrants
Total derivative liabilities - warrants
Recurring basis [Member] | Level 2 [Member]    
LIABILITIES    
Derivative liabilities - warrants 10,231,697 10,231,697
Total derivative liabilities - warrants 10,231,697 10,231,697
Recurring basis [Member] | Level 3 [Member]    
LIABILITIES    
Derivative liabilities - warrants
Total derivative liabilities - warrants
XML 54 R43.htm IDEA: XBRL DOCUMENT v3.10.0.1
Commitments and Contingencies (Details) - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Commitments and Contingencies [Abstract]        
Royalty expenses $ 13,579 $ (14,650) $ 34,007 $ (14,650)
XML 55 R44.htm IDEA: XBRL DOCUMENT v3.10.0.1
Commitments and Contingencies (Details Textual)
 6 Months Ended
Jun. 30, 2018
Commitments and Contingencies (Textual)  
Royalty rate, percentage 5.25%
XML 56 R45.htm IDEA: XBRL DOCUMENT v3.10.0.1
Disaggregation of Revenues (Details) - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Disaggregation of Revenue [Line Items]        
Total revenue $ 3,277,921 $ 3,308,130 $ 6,885,326 $ 6,878,814
Vapor [Member]        
Disaggregation of Revenue [Line Items]        
Total revenue 1,140,640 1,507,301 2,449,534 2,986,932
Grocery [Member]        
Disaggregation of Revenue [Line Items]        
Total revenue 2,137,281 1,800,828 4,435,792 3,891,882
Retail Vapor [Member]        
Disaggregation of Revenue [Line Items]        
Total revenue 1,139,621 1,431,587 2,442,476 2,783,543
Retail Grocery [Member]        
Disaggregation of Revenue [Line Items]        
Total revenue 1,526,587 1,395,173 3,173,222 3,062,019
Food Service Restaurant [Member]        
Disaggregation of Revenue [Line Items]        
Total revenue 398,835 406,358 796,399 829,863
Online Ecommerce [Member]        
Disaggregation of Revenue [Line Items]        
Total revenue 206,904 (703) 457,864
Wholesale Grocery [Member]        
Disaggregation of Revenue [Line Items]        
Total revenue 4,955 8,307
Wholesale Vapor [Member]        
Disaggregation of Revenue [Line Items]        
Total revenue $ 1,019 $ 75,714 $ 7,058 $ 203,389
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