What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2025-05-07 compared with 2024-11-01 · 42 added, 71 removed, 179 unchanged (39% of the section changed)

2 unchanged sentences

Condensed Balance Sheets (Unaudited)

As of September 30, 2024 and December 31, 2023

September 30,

As of March 31, 2025 and December 31, 2024

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 September 30, 2024 and December 31, 2023, respectively

Common stock, 20,000,000 shares authorized at $ 0.001 par value, 18,220,316 and 18,218,634 shares issued and outstanding, at March 31, 2025 and December 31, 2024, respectively

Additional paid-in capital

7 unchanged sentences

Condensed Statements of Operations (Unaudited)

For the Three Months Ended September 30, 2024 and 2023

Cost of Revenue

Operating Expenses

Selling, general and administrative

Total Operating Expenses

Income / (Loss) from Operations

Interest Expense

Income / (Loss) Before Provision for Income Taxes

Provision for Income Taxes

Net Income / (Loss)

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

Weighted Average Number of Common Shares Outstanding, Basic and Diluted

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

EQUATOR BEVERAGE COMPANY

Condensed Statements of Operations (Unaudited)

For the Nine Months Ended September 30, 2024 and 2023

For the Three Months Ended March 31, 2025 and 2024

Cost of Revenue

5 unchanged sentences

Income / (Loss) Before Provision for Income Taxes

$ ( 102,379 )

Provision for Income Taxes

Net Income / (Loss)

$ ( 103,020 )

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

3 unchanged sentences

Condensed Statements of Cash Flows (Unaudited)

For the Nine Months Ended September 30, 2024 and 2023

For the Three Months Ended March 31, 2025 and 2024

Cash Flows from Operating Activities:

Net income / (loss)

$ ( 103,020 )

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

10 unchanged sentences

Repayments of related party loan

Shares purchased for cancellation

Net Cash Provided by / (Used in) Financing Activities

5 unchanged sentences

Summary of non-cash investing and financing activity:

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.

During the three-month period ended March 31, 2025 the Company issued a total of 1,682 restricted and non-trading shares with an implied value of $840 to an unrelated party for marketing services.

During the three-month period ended March 31, 2024 the Company issued a total of 201,000 restricted and non-trading shares with an implied value of $122,610 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 Nine Months Ended September 30, 2024 and 2023

For the Three Months Ended March 31, 2025 and 2024

Balance, December 31, 2024

18,218,634 $ 18,219 $ 24,928,464 $ ( 24,610,382 ) $ 336,301

Restricted, Non-Trading Stock issued to Directors and employees

Balance, March 31, 2024

Restricted, Non-Trading Stock issued to Directors, employees and unrelated parties

1,682 1 839 840

Restricted, Non-Trading Stock issued to Directors and employees

Balance, June 30, 2024

Net Income / (Loss)

84,034 84,034

Balance, September 30, 2024

Balance, March 31, 2025

18,220,316 $ 18,220 $ 24,929,303 $ ( 24,526,348 ) $ 421,175

1 unchanged sentence

$ ( 23,809,238 )

Restricted, Non-Trading Stock issued to Directors and employees

Restricted, Non-Trading Stock issued to Directors, employees and unrelated parties

Net Income / (Loss)

Balance, March 31, 2024

$ ( 23,912,258 )

Restricted, Non-Trading Stock issued to Directors and employees

Stock Retired to Treasury

Balance, June 30, 2023

$ ( 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)

September 30, 2024

March 31, 2025

NOTE 1 – BUSINESS

16 unchanged sentences

The Company’s main product is MOJO Coconut Water.

In addition to Coconut Water, the Company produces Coconut Water + Pineapple Juice, Coconut Water + Mango Juice, Organic Coconut Water, Sparkling Coconut Water Citrus, Sparkling Coconut Water Blood Orange, Sparkling Coconut Water Pink Grapefruit, Energy Sparkling Citrus, Energy Sparkling Blood Orange, Energy Sparkling Pink Grapefruit, Cubano Blue Agave Tequila Organic Sparkling Coconut Water Citrus and Cubano Blue Agave Tequila Organic Sparkling Coconut Water Blood Orange.

In addition to Coconut Water, the Company produces Coconut Water + Pineapple Juice, Coconut Water + Mango Juice, Organic Coconut Water, Sparkling Coconut Water Citrus, Sparkling Coconut Water Blood Orange, Sparkling Coconut Water Pink Grapefruit, Energy Sparkling Citrus, Energy Sparkling Blood Orange, Energy Sparkling Pink Grapefruit, EQUATOR Sparkling Coconut Water + Tequila Citrus, EQUATOR Sparkling Coconut Water + Tequila Blood Orange, EQUATOR Sparkling Coconut Water + Tequila Pink Grapefruit, and EQUATOR Sparkling Coconut Water + Tequila Watermelon.

We seek to grow the market share of our products by expanding our hybrid distribution network through the relationships and efforts of our management and third-party partners and broker network, and new products and packaging.

14 unchanged sentences

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

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

As of March 31, 2025, the Company had two employees.

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

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

The results for the three months ended March 31, 2025 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, 2024 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 September 30, 2024, and December 31, 2023, the Company did not have any cash equivalents.

As of March 31, 2025, and December 31, 2024, 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 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”).

The allowance for doubtful accounts as of March 31, 2025 and December 31, 2024 was zero.

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

If necessary, the Company provides allowances to adjust the carrying value of its inventories to NRV when NRV is below cost.

14 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 September 30, 2024 and 2023.

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

The Company did not have a deferred tax liability at March 31, 2025 and 2024.

As of March 31, 2025, and March 31, 2024, 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 September 30

Net Operating Loss Carryforward, September 30

Taxable Income, January 1 to March 31

Net Operating Loss Carryforward, March 31

Federal Deferred Tax Asset, January 1

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

Federal Deferred Tax Asset, September 30

Federal Tax Expense as of March 31 (21% Tax Rate)

Federal Deferred Tax Asset, March 31

State of New Jersey Deferred Tax Asset, January 1

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

State of New Jersey Tax Expense as of March 31 (9% Tax Rate)

State of New Jersey Deferred Tax Asset, March 31

Total Deferred Tax Asset, March 31

Total Tax Expense

1 unchanged sentence

Net Income/(Loss) before Taxes

$ ( 102,378 )

Taxable Net Income

4 unchanged sentences

Pursuant to Mr.

Simpson’s Employment Agreement (“the Agreement”) dated January 1, 2024 Mr.

Simpson is paid a salary of $ 9,500 per month and a stock award of 67,000 shares of non-trading, restricted Common Stock.

The employment agreement expires on December 31, 2029.

Simpson’s Employment Agreement (“the Agreement”) effective January 1, 2025 Mr.

Simpson is paid a salary of $ 9,500 per month.

Pursuant to the Agreement, should Mr.

1 unchanged sentence

Simpson all amounts from the contract immediately for the remaining term of 69 months.

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.

At March 31, 2025, the potential liability to EQUATOR Beverage Company was $ 1,104,000 .

NOTE 4 – STOCKHOLDERS’ EQUITY

1 unchanged sentence

Restricted Stock Issuances

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

The table below summarizes the restricted, non-trading stock awards during the first three months of 2025 and 2024:

Restricted, Non-trading Stock Awards

Officers and Directors

January 1 to September 30

Glenn Simpson

Jeffrey Devlin

Glenn Simpson

Jeffrey Devlin

January 1 to March 31

Glenn Simpson

Jeffrey Devlin

Stock Purchased for Cancellation

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 .

Stock Transactions

During the three months ended March 31, 2025, the Company issued 1,682 shares of its restricted, non-trading common shares for marketing services.

During the quarters ended March 31, 2025 and 2024, the Company did not purchase any shares of its common stock from shareholders.

NOTE 5 – RELATED PARTY TRANSACTIONS

2 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 September 30, 2024, the loan payable to Mr.

As of March 31, 2025, the loan payable to Mr.

Simpson was $ 288,000 .

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

As of March 31, 2024, the loan payable to Mr.

Simpson was $ 360,000 .

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