What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2024-11-01 compared with 2024-08-05 · 39 added, 37 removed, 211 unchanged (26% of the section changed)

2 unchanged sentences

Condensed Balance Sheets (Unaudited)

As of June 30, 2024 and December 31, 2023

As of September 30, 2024 and December 31, 2023

September 30,

Current Assets

11 unchanged sentences

Stockholders’ Equity

Common stock, 20,000,000 shares authorized at $ 0.001 par value, 17,410,346 and 16,933,346 shares issued and outstanding, at June 30, 2024 and December 31, 2023, respectively

Common stock, 20,000,000 shares authorized at $ 0.001 par value, 17,410,346 and 16,933,346 shares issued and outstanding, at September 30, 2024 and December 31, 2023, respectively

Additional paid-in capital

7 unchanged sentences

Condensed Statements of Operations (Unaudited)

For the Three Months Ended June 30, 2024 and June 30, 2023

For the Three Months Ended September 30, 2024 and 2023

Cost of Revenue

12 unchanged sentences

Condensed Statements of Operations (Unaudited)

For the Six Months Ended June 30, 2024 and June 30, 2023

For the Nine Months Ended September 30, 2024 and 2023

Cost of Revenue

5 unchanged sentences

Income / (Loss) Before Provision for Income Taxes

$ ( 161,802 )

Provision for Income Taxes

Net Income / (Loss)

$ ( 163,158 )

Net Income / (Loss) Per Common Share, Basic and Diluted

3 unchanged sentences

Condensed Statements of Cash Flows (Unaudited)

For the Six Months Ended June 30, 2024 and 2023

For the Nine Months Ended September 30, 2024 and 2023

Cash Flows from Operating Activities:

Net income / (loss)

$ ( 163,158 )

Adjustments to Reconcile Net Income / (Loss) to Net Cash Provided by / (Used In) Operating Activities:

11 unchanged sentences

Shares purchased for cancellation

Net Cash Provided by Financing Activities

Net Cash Provided by / (Used in) Financing Activities

Net Increase / (Decrease) in Cash and Cash Equivalents

4 unchanged sentences

Summary of non-cash investing and financing activity:

During the six-month period ended June 30, 2024 the Company issued a total of 477,000 restricted and non-trading shares with an implied value of $237,780 to directors and officers as a result of contractual stock awards.

During the three-month period ended June 30, 2023 the Company issued a total of 276,000 restricted and non-trading shares with an implied value of $115,170 to directors and officers as a result of contractual stock awards.

During the nine-month period ended September 30, 2024 the Company issued a total of 477,000 restricted and non-trading shares with an implied value of $237,780 to directors and officers as a result of contractual stock awards.

During the three-month period ended September 30, 2023 the Company issued a total of 790,500 restricted and non-trading shares with an implied value of $158,567 to directors and officers as a result of contractual stock awards.

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

1 unchanged sentence

Condensed Statements of Changes in Stockholders’ Equity (Unaudited)

For the Six Months Ended June 30, 2024 and 2023

For the Nine Months Ended September 30, 2024 and 2023

Balance, December 31, 2023

1 unchanged sentence

Restricted, Non-Trading Stock issued to Directors and employees

Stock Retired to Treasury

Balance, March 31, 2024

1 unchanged sentence

Restricted, Non-Trading Stock issued to Directors and employees

Stock Retired to Treasury

Balance, June 30, 2024

$ ( 23,972,396 )

Balance, September 30, 2024

$ ( 23,903,369 )

Balance, December 31, 2022

1 unchanged sentence

Restricted, Non-Trading Stock issued to Directors and employees

Stock Retired to Treasury

Balance, March 31, 2023

4 unchanged sentences

$ ( 23,605,966 )

Restricted, Non-Trading Stock issued to Directors and employees

Balance, September 30, 2023

$ ( 23,659,877 )

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

1 unchanged sentence

Notes to Condensed Financial Statements (Unaudited)

June 30, 2024

September 30, 2024

NOTE 1 – BUSINESS

33 unchanged sentences

The Company’s production facilities are subject to FDA regulation.

As of June 30, 2024, the Company had two employees.

As of September 30, 2024, the Company had two employees.

The Company also uses the services of contractors, consultants and other third-parties.

1 unchanged sentence

We also use trucking and logistics companies to transport and store our products.

We use brokers to sell our product and other professionals for accounting, legal and marketing support, to do all these functions internally would take hundreds of employees and not be cost effective.

CORPORATE HISTORY AND DEVELOPMENT

7 unchanged sentences

The unaudited interim condensed financial statements included in this document have been prepared on the same basis as the annual audited financial statements, and in the Company’s opinion, reflect all adjustments necessary for a fair presentation in accordance with GAAP and SEC regulations for interim financial statements.

The results for the six months ended June 30, 2024 are not necessarily indicative of the results that the Company will have for any subsequent period.

The results for the nine months ended September 30, 2024 are not necessarily indicative of the results that the Company will have for any subsequent period.

These unaudited condensed financial statements should be read in conjunction with the audited financial statements and the notes to those statements for the year ended December 31, 2023 included in the Company’s Annual Report on Form 10-K.

6 unchanged sentences

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

As of June 30, 2024, and June 30, 2023, the Company did not have any cash equivalents.

As of September 30, 2024, and December 31, 2023, the Company did not have any cash equivalents.

Accounts Receivable

1 unchanged sentence

The Company provides for probable uncollectible amounts based upon its assessment of the current status of the individual receivables and after using reasonable collection efforts.

The allowance for doubtful accounts as of June 30, 2024 and 2023 was zero.

The allowance for doubtful accounts as of September 30, 2024 and December 31, 2023 was zero.

Inventory, consisting solely of finished goods, are stated at the lower of cost (first-in, first-out method) or net realizable value (“NRV”).

15 unchanged sentences

Deferred tax assets are reduced by a valuation allowance if, based on the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized.

The Company did not have a deferred tax liability at June 30, 2024 and 2023.

As of June 30, 2024, and June 30, 2023, the Company had no accrued interest or penalties.

The Company did not have a deferred tax liability at September 30, 2024 and 2023.

As of September 30, 2024, and September 30, 2023, the Company had no accrued interest or penalties.

The Company had no Federal or State tax examinations in the past nor does it have any at the current time.

1 unchanged sentence

Net Operating Loss Carryforward, January 1

Taxable Income, January 1 to June 30

Net Operating Loss Carryforward, June 30

Taxable Income, January 1 to September 30

Net Operating Loss Carryforward, September 30

Federal Deferred Tax Asset, January 1

Federal Tax Expense as of June 30 (21% Tax Rate)

Federal Deferred Tax Asset, June 30

Federal Tax Expense as of September 30 (21% Tax Rate)

Federal Deferred Tax Asset, September 30

State of New Jersey Deferred Tax Asset, January 1

State of New Jersey Tax Expense as of June 30 (9% Tax Rate)

State of New Jersey Deferred Tax Asset, June 30

Total Deferred Tax Asset, June 30

State of New Jersey Tax Expense as of September 30 (9% Tax Rate)

State of New Jersey Deferred Tax Asset, September 30

Total Deferred Tax Asset, September 30

Total Tax Expense

1 unchanged sentence

Net Income/(Loss) before Taxes

$ ( 161,802 )

Taxable Net Income

10 unchanged sentences

Simpson all amounts from the contract immediately for the remaining term of 63 months.

At June 30, 2024, the potential liability to EQUATOR Beverage Company was $ 627,000 and 4,422,000 shares of non-trading, restricted Common Stock.

At September 30, 2024, the potential liability to EQUATOR Beverage Company was $ 598,500 and 4,221,000 shares of non-trading, restricted Common Stock.

NOTE 4 – STOCKHOLDERS’ EQUITY

1 unchanged sentence

Restricted Stock Issuances

The table below summarizes the restricted, non-trading stock awards during the first six months of 2024 and 2023:

The table below summarizes the restricted, non-trading stock awards during the first nine months of 2024 and 2023:

Restricted, Non-trading Stock Awards

Officers and Directors

January 1 to June 30

January 1 to September 30

Glenn Simpson

4 unchanged sentences

Jeffrey Devlin

Glenn Simpson

Jeffrey Devlin

Stock Purchased for Cancellation

During the six months ended June 30, 2024, the Company did not purchase any shares of its Common Stock from shareholders.

During the nine months ended September 30, 2024, the Company did not purchase any shares of its Common Stock from shareholders.

During the year ended December 31, 2023, the Company purchased 401,269 shares of its Common Stock from shareholders at a cost of $ 51,814 .

3 unchanged sentences

The principal and any accrued interest are due and payable on demand, and the Company has the right to pay back the loan in full or make payments without penalty.

As of June 30, 2024, the loan payable to Mr.

As of September 30, 2024, the loan payable to Mr.

Simpson was $ 310,000 .

As of June 30, 2023, the loan payable to Mr.

As of September 30, 2023, the loan payable to Mr.

Simpson was $ 290,000 .

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements