What changed in this filing

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Item 1. Financial Statements

2021-07-07 compared with 2021-05-11 · 238 added, 420 removed, 92 unchanged (88% of the section changed)

2 unchanged sentences

Balance Sheets (Unaudited)

of March 31, 2021 and December 31, 2020

of June 30, 2021 and December 31, 2020

CURRENT ASSETS:

cash equivalents

Accounts receivable,

Cash and cash equivalents

Accounts receivable, net

Supplier deposits

Prepaid expenses

Current Assets

LIABILITIES AND STOCKHOLDERS’

CURRENT LIABILITIES:

Accounts payable and

accrued expenses

Accrued payroll to related

Security deposit

Total Current Assets

LIABILITIES AND STOCKHOLDERS’ EQUITY

CURRENT LIABILITIES:

STOCKHOLDERS’

Common stock, 190,000,000

shares authorized at $0.001 par value, 30,904,990 and 30,610,240 shares issued and outstanding, at March 31, 2021 and December 31,

2020, respectively

Accounts payable and accrued expenses

Accrued payroll to related parties

Total Current Liabilities

STOCKHOLDERS’ EQUITY

Common stock, 40,000,000 shares authorized at $ 0.001 par value, 31,278,906 and 30,610,240 shares issued and outstanding, at June 30, 2021 and December 31, 2020, respectively

Additional paid in capital

Accumulated deficit

( 23,336,522 )

( 23,430,337 )

Stockholders’

LIABILITIES AND STOCKHOLDERS’

Total Stockholders’ Equity

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

accompanying notes are an integral part of these financial statements.

1 unchanged sentence

Statements of Operations (Unaudited)

the Three Months Ended March 31, 2021 and 2020

the Three Months Ended June 30, 2021 and 2020

Cost of Revenue

Operating Expenses

Selling, general and

administrative

Loss from Operations

Income/(Loss) Before Provision for Income

Provision for Income

Net Income/(Loss)

Selling, general and administrative

Income from Operations

Income Before Provision for Income Taxes

Provision for Income Taxes

Net Income per common share, basic and diluted

Weighted average number of common shares outstanding, basic and diluted

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

ORGANICS, INC.

Statements of Operations (Unaudited)

the Six Months Ended June 30, 2021 and 2020

Cost of Revenue

Operating Expenses

Selling, general and administrative

Income/(Loss) from Operations

Income/(Loss) Before Provision for Income Taxes

Provision for Income Taxes

Net Income/(Loss)

per common share, basic and diluted

Weighted average

number of common shares outstanding, basic and diluted

Net Income/(Loss) per common share, basic and diluted

Weighted average number of common shares outstanding, basic and diluted

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

1 unchanged sentence

Statements of Cash Flows (Unaudited)

the Three Months Ended March 31, 2021 and 2020

the Six Months Ended June 30, 2021 and 2020

Cash flows from operating activities:

Net income/(loss)

Adjustments to reconcile net loss to net

cash used in operating activities:

Stock issued to directors

and employees

Adjustments to reconcile net loss to net cash used in operating activities:

Stock issued to directors and employees

SBA Loan Forgiveness

Changes in assets and liabilities:

Increase in accounts

Increase in accounts receivable

Increase in inventory

(Increase)/decrease

in supplier deposits

Decrease in prepaid

Increase in accounts

payable and accrued expenses

Increase/(decrease)

in accrued payroll to officers

cash (used in)/provided by operating activities

Net cash provided by/

(used in) financing activities:

repurchased for cancellation

cash provided by/ (used in) financing activities

Net (decrease)/increase in cash and cash

Cash and cash equivalents

at beginning of period

Cash and cash equivalents

at end of periods

Increase in supplier deposits

Decrease/(Increase) in prepaid expenses and security deposit

Increase/(Decrease) in accounts payable and accrued expenses

Increase/(Decrease) in accrued payroll to officers

Net cash (used in)/provided by operating activities

Net cash provided by/ (used in) financing activities:

Proceeds from SBA Loan

Shares repurchased for cancellation

Net cash provided by/ (used in) financing activities

Net (decrease)/increase in cash and cash equivalents

Cash and cash equivalents at beginning of period

Cash and cash equivalents at end of periods

of non-cash investing and financing activity:

During the three-month period ended March 31, 2021 the Company issued a total of 294,750

Restricted and Non-Trading shares with an implied value of $50,175 to directors and officers to settle obligations payable.

During the six-month period ended June 30, 2021 the Company issued a total of 668,666

Restricted and Non-Trading shares with an implied

value of $ 110,470

to directors and officers to settle obligations

accompanying notes are an integral part of these financial statements.

ORGANICS, INC.

Statements of Changes in Stockholders’

Equity (Unaudited)

the Three Months Ended March 31, 2021

Paid-In Capital

Stockholder’s

Balance, December 31, 2020

Statements of Changes in Stockholders’ Equity (Unaudited)

the Six Months Ended June 30, 2021

Stockholders’

December 31, 2020

$ ( 23,430,337 )

Stock issued to Directors and employees

Balance, March 31, 2021

issued to Directors and employees

June 30, 2021

$ ( 23,336,522 )

3 unchanged sentences

Organics, Inc.

(“MOJO”

or the “Company”) is a Delaware Corporation headquartered in Jersey City, NJ.

(“MOJO” or the “Company”) is a Delaware Corporation headquartered in Jersey City, NJ.

engages in new product development, production, marketing, distribution and sales of beverage brands that are Non-GMO Project Verified.

Company’s flagship product is MOJO Pure Coconut Water.

In addition to Pure Coconut Water, the Company produces Sparkling Coconut

8 unchanged sentences

and Distribution

Company’s flagship product is MOJO Pure Coconut Water.

In addition to Pure Coconut Water, the Company produces Sparkling Coconut

8 unchanged sentences

Company has multiple sources for its production.

The Company’s fruit sources are of high quality.

The fruit is part of the overall

7 unchanged sentences

the United States, beverages are governed by the U.S.

Food and Drug Administration (the “FDA”).

As such, it is necessary

1 unchanged sentence

that meet FDA requirements.

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

of March 31, 2021, the Company has two employees.

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

of June 30, 2021, the Company has two employees.

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

8 unchanged sentences

and our internet site is www.MojoOrganicsInc.com.

MOJO’s stock is traded on the OTC Markets under the symbol MOJO.

Interim Financial Statements

The accompanying unaudited interim condensed financial

statements have been prepared pursuant to the rules and regulations for reporting on Form 10-Q and article 10 of Regulation S-X and the

related rules and regulations of the Securities and Exchange Commission (“SEC”).

Accordingly, certain information and disclosures

required by accounting principles generally accepted in the United States of America (“GAAP”) for complete financial statements

have been condensed or omitted pursuant to such rules and regulations.

However, the Company believes that the disclosures included in

these financial statements are adequate to make the information presented not misleading.

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

The results for the three months ended March 31, 2021 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, 2020 included in the Company’s Annual Report on Form

NOTE 2 –

SUMMARY OF SIGNIFICANT ACCOUNTING

Use of Estimates

MOJO’s stock is traded on the OTC Markets under the symbol MOJO.

Financial Statements

accompanying unaudited interim condensed financial statements have been prepared pursuant to the rules and regulations for reporting

on Form 10-Q and article 10 of Regulation S-X and the related rules and regulations of the Securities and Exchange Commission (“SEC”).

Accordingly, certain information and disclosures required by accounting principles generally accepted in the United States of America

(“GAAP”) for complete financial statements have been condensed or omitted pursuant to such rules and regulations.

the Company believes that the disclosures included in these financial statements are adequate to make the information presented not misleading.

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 three months ended June 30, 2021 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, 2020 included in

the Company’s Annual Report on Form 10-K.

2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

financial statements are prepared in conformity with GAAP.

3 unchanged sentences

Actual results could differ from those estimates.

Cash and Cash Equivalents

Cash equivalents include investment instruments

and time deposits purchased with a maturity of three months or less.

As of March 31, 2021, and March 31, 2020, the Company did not have

any cash equivalents.

Accounts Receivable

Accounts receivable are stated at the amount management

expects to collect from outstanding balances.

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

March 31, 2021 and 2020 was zero.

Inventories, consisting solely of finished goods,

are stated at the lower of 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.

There were no such adjustments in 2021 or 2020.

Revenue Recognition

Revenue from sales of products is recognized when

the related performance obligation is satisfied.

The Company’s performance obligation is satisfied upon the shipment or delivery

of products to customers.

The Company’s products are sold on cash and credit terms which are established in accordance with standardized

industry practices and typically require payment within 30 days of delivery.

Costs incurred for sales incentives and discounts are accounted

for as reductions in revenue.

Deductions from Revenue

Costs incurred for sales incentives and discounts

are accounted for as reductions in revenue.

These costs include payments to customers for performing merchandising activities on our

behalf, including in store displays, promotions for new items and obtaining optimum shelf space.

Shipping and Handling Costs

Shipping and Handling Costs incurred to move finished

goods from our sales distribution centers to customer locations are included in the line Selling, General and Administrative Expenses

in our Statements of Operations.

Net Income/(Loss) Per Common Share

The Company computes per share amounts in accordance

with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 260, “Earnings

per Share”.

ASC Topic 260 requires presentation of basic and diluted EPS.

Basic EPS is computed by dividing the loss available

to common stockholders by the weighted-average number of common shares outstanding for the period.

Diluted EPS is based on the weighted

average number of shares of common stock and common stock equivalents outstanding during the periods.

The following potentially dilutive securities

have been excluded from the computation of weighted average shares outstanding as they would have had an anti-dilutive impact on the

Company’s net income/(loss) per common share:

and Cash Equivalents

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

As of June 30, 2021,

and June 30, 2020, the Company did no t have any cash equivalents.

receivable are stated at the amount management expects to collect from outstanding balances.

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, 2021 and 2020 was zero .

consisting solely of finished goods, are stated at the lower of 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.

no such adjustments in 2021 or 2020.

from sales of products is recognized when the related performance obligation is satisfied.

The Company’s performance obligation

is satisfied upon the shipment or delivery of products to customers.

The Company’s products are sold on cash and credit terms which

are established in accordance with standardized industry practices and typically require payment within 30 days of delivery.

Costs incurred

for sales incentives and discounts are accounted for as reductions in revenue.

incurred for sales incentives and discounts are accounted for as reductions in revenue.

These costs include payments to customers for

performing merchandising activities on our behalf, including in store displays, promotions for new items and obtaining optimum shelf

and Handling Costs

and Handling Costs incurred to move finished goods from our sales distribution centers to customer locations are included in the line

Selling, General and Administrative Expenses in our Statements of Operations.

Income/(Loss) Per Common Share

Company computes per share amounts in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards

Codification (“ASC”) Topic 260, “Earnings per Share”.

ASC Topic 260 requires presentation of basic and

Basic EPS is computed by dividing the loss available to common stockholders by the weighted-average number of common shares

outstanding for the period.

Diluted EPS is based on the weighted average number of shares of common stock and common stock equivalents

outstanding during the periods.

following potentially dilutive securities have been excluded from the computation of weighted average shares outstanding as they would

have had an anti-dilutive impact on the Company’s net income/(loss) per common share:

SCHEDULE OF ANTIDILUTIVE SECURITIES EXCLUDED FROM COMPUTATION OF EARNINGS PER SHARE

As of June 30,

Shares underlying options outstanding

Glenn Simpson

The Net Operating Loss Carryforwards for federal

taxes was $3,872,658 at March 31, 2021 and $3,872,658 for the State of New Jersey.

The Deferred Tax Assets for federal taxes was $813,250

at March 31, 2021 and $348,539 for the State of New Jersey.

The total Deferred Tax Assets was $1,161,797 at March 31, 2021.

Tax assets have been fully reserved by valuation allowances beyond that portion which is expected to offset current taxes.

31, 2021, the Company’s Federal income tax payable at the corporate tax rate of 21% would be $13,192 and State Income Tax payable

at 9% tax rate would be $5,654 if this had not been offset by the deferred tax assets.

The Company provides for income taxes using the

asset and liability approach in accounting for income taxes.

Deferred tax assets and liabilities are recorded based on the differences

between the financial statement and tax bases of assets and liabilities and the tax rates in effect when these differences are expected

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 March

31, 2021 and March 31, 2020.

As of March 31, 2021 and March 31, 2020, the Company

had no accrued interest or penalties because there were none.

The Company had no Federal or State tax examinations in the past nor does

it have any at the current time.

Stock-Based Compensation

The Company accounts for equity based transactions

under the provisions of ASC Topic 718, “

Accounting for Stock-Based Compensation”.

The ASC prescribes accounting and

reporting standards for stock-based compensation plans, including employee stock options, restricted stock, employee stock purchase plans

and stock appreciation rights.

ASC Topic 718 requires employee compensation expense to be recorded using the fair value method.

Share based payment awards are measured at the

month-end volume weighted average price (VWAP) of the equity instrument that an entity is obligated to issue when the service has been

rendered and any other conditions necessary to earn the right to benefit from the instruments have been satisfied.

Fair value of financial instruments

The carrying amounts of financial instruments,

which include cash, accounts receivable, accounts payable and accrued expense, approximate their fair values due to their short-term

Recent Accounting Pronouncements

In December 2019, the Financial Accounting Standards

Board (“FASB”) issued Accounting Standards Update No.

2019-12, “Income Taxes (Topic 740):

Simplifying the Accounting

for Income Taxes”.

The ASC aims to identify, evaluate, and improve areas of generally accepted accounting principles (GAAP)

for which cost and complexity can be reduced while maintaining or improving the usefulness of the information provided to users of financial

The Company is still assessing the impact of this pronouncement to the financial statements.

NOTE 3 –

Net Operating Loss Carryforwards for federal taxes was $ 3,729,852

at June 30, 2021 and $ 3,729,852

for the State of New Jersey.

Tax Assets for federal taxes was $ 783,269

at June 30, 2021 and $ 335,687

for the State of New Jersey.

The total Deferred

Tax Assets was $ 1,118,956 at

June 30, 2021.

The Deferred Tax assets have been fully reserved by valuation allowances beyond that portion which is expected to offset

current taxes.

As of June 30, 2021, the Company’s Federal income tax payable at the corporate tax rate of 21 %

would be $ 43,181

and State Income Tax payable at 9 %

tax rate would be $ 18,506

if this had not been offset by the deferred

Company provides for income taxes using the asset and liability approach in accounting for income taxes.

Deferred tax assets and liabilities

are recorded based on the differences between the financial statement and tax bases of assets and liabilities and the tax rates in effect

when these differences are expected to reverse.

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 no t have a deferred

tax liability at June 30, 2021 and June 30, 2020.

of June 30, 2021 and June 30, 2020, the Company had no accrued interest or penalties because there were none.

The Company had no Federal

or State tax examinations in the past nor does it have any at the current time.

Company accounts for equity based transactions under the provisions of ASC Topic 718, “ Accounting for Stock-Based Compensation”.

The ASC prescribes accounting and reporting standards for stock-based compensation plans, including employee stock options, restricted

stock, employee stock purchase plans and stock appreciation rights.

ASC Topic 718 requires employee compensation expense to be recorded

using the fair value method.

based payment awards are measured at the month-end volume weighted average price (VWAP) of the equity instrument that an entity is obligated

to issue when the service has been rendered and any other conditions necessary to earn the right to benefit from the instruments have

been satisfied.

value of financial instruments

carrying amounts of financial instruments, which include cash, accounts receivable, accounts payable and accrued expense, approximate

their fair values due to their short-term nature.

3 – COMMITMENTS AND CONTINGENCIES

The global coronavirus (COVID-19) pandemic has

caused disruptions in supply chains, affecting production and sales across a range of industries.

While this disruption is currently

expected to be temporary, there is considerable uncertainty around the duration.

The extent of the impact of COVID-19 on our operational

and financial performance will depend on the effect on our customers and vendors –

all of which are uncertain and cannot be predicted.

The related financial impact cannot be reasonably estimated at this time.

Employment Agreements

Pursuant to the Amended and Restated Employment

Agreement (“the Agreement”) dated April 6, 2017 date, Mr.

Simpson is paid a salary of $5,000 per month in cash and the Company

is obligated to grant 67,000 shares of non-trading, restricted Common Stock per month.

Additionally, Mr.

Simpson is entitled to an annual

bonus comprised of cash and non-trading, restricted Common Stock based on the achievement of performance goals established by the Board

of Directors of the Company and set forth in the Agreement.

The cash bonus is established at $44,400 per year.

The stock bonus is set

at 200,000 shares of non-trading, restricted Common Stock per year through March 31, 2025.

The term of the Agreement is through April 1,

In the event that the Agreement is terminated for good reason, the Company shall pay Mr.

Simpson any accrued but unpaid salary

for services rendered to the date of termination, and an amount equal to the salary at the time of termination, payable for the remainder

of the current term.

As of March 31, 2021, there are 48 months remaining on the Agreement.

The Company’s liability on the remainder

of the Agreement is $240,000 for the cash portion of Mr.

Simpson’s salary, and 3,216,000 shares of non-trading, restricted Common

During the three months ended March 31, 2021,

Simpson was issued 201,000 Restricted and Non-Trading shares of Common Stock under the terms of the Agreement for the stock portion

of his compensation.

Refer to Note 4 –

Restricted Stock Issuances.

Lease Commitment

The Company maintains office space in Jersey City,

The initial lease agreement was for the period March 1, 2020 to February 28, 2021.

In April 2020, the Company was given a 50% discount

on the rent for April and May 2020 as well as an optional lease extension for an additional three months under the same terms.

rent under this agreement is $2,343 per month, and expires May 31, 2021.

Lease expense amounted to $7,029 and $7,029 for the three months

ended March 31, 2021 and 2020 respectively.

The security deposit for the lease agreement is $4,518 and the lease expires on May 31, 2021.

NOTE 4 –

STOCKHOLDERS’

The Company has authorized 190,000,000 shares

of Common Stock having a par value of $0.001.

Restricted Stock Issuances

During the three months ended March 31, 2021,

294,750 shares of Restricted and Non-Trading Common Stock were issued to Directors and Officers of the Company.

These shares have full

voting rights but are restricted for sale or transfer.

The CEO exercised options to purchase 93,750 shares at $0.16 per share for a total

exercise price of $15,000 which reduced the accrued salary payable to the CEO by the same amount.

The CEO was also issued 201,000 shares of Restricted

and Non-Trading Common Stock for the stock portion of his annual salary.

Advisory Services

On October 3, 2013, the Company entered into an

agreement for strategic business advisory services, public relations services and investor relations services with Ian Thompson from

Carricklee House, Strabane, Northern Ireland.

In connection with this agreement, the Company

issued 167,204 shares of restricted Common Stock and recorded consulting fees of $501,612 during 2013, which was the fair market value

of the stock on the date of issue.

to the Amended and Restated Employment Agreement (“the Agreement”) dated April 6, 2017 date, Mr.

Simpson is paid a salary

of $ 5,000 per month in cash and the Company is obligated to grant 67,000 shares of non-trading, restricted Common Stock per month.

Additionally,

Simpson is entitled to an annual bonus comprised of cash and non-trading, restricted Common Stock based on the achievement of performance

goals established by the Board of Directors of the Company and set forth in the Agreement.

The cash bonus is established at $ 44,400 per

The stock bonus is set at 200,000 shares of non-trading, restricted Common Stock per year through March 31, 2025.

term of the Agreement is through April 1, 2025.

In the event that the Agreement is terminated for good reason, the Company shall pay

Simpson any accrued but unpaid salary for services rendered to the date of termination, and an amount equal to the salary at the

time of termination, payable for the remainder of the current term.

As of June 30, 2021, there are 45 months remaining on the Agreement.

The Company’s liability on the remainder of the Agreement is $ 225,000 for the cash portion of Mr.

Simpson’s salary, and 3,203,700

shares of non-trading, restricted Common Stock.

the six months ended June 30, 2021, the Mr.

Simpson was issued 402,000 Restricted and Non-Trading shares of Common Stock under the terms

of the Agreement for the stock portion of his compensation.

Refer to Note 4 – Restricted Stock Issuances.

4 – STOCKHOLDERS’ EQUITY

June 2021, the Company decreased its Authorized Shares from

190,000,000 to 40,000,000 shares.

Currently, there are 31,278,906 shares outstanding and no other classes of stock.

Stock Issuances

the six months ended June 30, 2021, 668,666 shares of Restricted and Non-Trading Common Stock were issued to Directors and Officers of

These shares have full voting rights but are restricted for sale or transfer.

The CEO exercised options to purchase 187,500

shares at $ 0.16 per share for a total exercise price of $ 30,000 which reduced the accrued salary payable to the CEO by the same amount.

CEO was also issued 402,000 shares of Restricted and Non-Trading Common Stock for the stock portion of his salary.

October 3, 2013, the Company entered into an agreement for strategic business advisory services, public relations services and investor

relations services with Ian Thompson from Carricklee House, Strabane, Northern Ireland.

connection with this agreement, the Company issued 167,204 shares of restricted Common Stock and recorded consulting fees of $ 501,612

during 2013, which was the fair market value of the stock on the date of issue.

The stock is vested;

however, it is restricted from trading.

Ian Thompson was also issued 200,000

shares of restricted Common Stock, which was to vest quarterly based upon the Company reaching certain market capitalization and revenue

goals, in addition to providing the above services, with the last tranche vesting on June 30, 2014.

Consulting fees amounting to $105,000

and $280,000 were recorded in 2014 and 2013, respectively, related to the 200,000 shares of Common Stock.

Throughout the term of the

agreement, the Company requested that Ian Thompson to render performance under the agreement and to provide evidence of same.

failed to perform in all material respects under the terms of the agreement and refused to provide evidence.

On June 27, 2014, the Company terminated the agreement.

Empire Stock Transfer, Inc, the Company’s transfer agent was directed to process cancellation requests regarding the certificates

listed below.

The Board of Directors approved the Company’s irrevocable agreement to indemnify the Transfer Agent for all loss,

liability or expense in carrying out the authority and direction contained on the terms of the Unanimous Written Consent to terminate

the Thompson Agreement.

The Transfer Agent shall maintain the right to uphold the transfer in the event of forgery.

Stock Purchased for Cancellation

There were no stock purchased for cancellation

during the three months ended March 31, 2021.

NOTE 5 –

Ian Thompson was also issued 200,000 shares of restricted Common Stock, which was to vest quarterly based upon the Company reaching certain

market capitalization and revenue goals, in addition to providing the above services, with the last tranche vesting on June 30, 2014.

Consulting fees amounting to $ 105,000 and $ 280,000 were recorded in 2014 and 2013, respectively, related to the 200,000 shares of Common

Throughout the term of the agreement, the Company requested that Ian Thompson to render performance under the agreement and to

provide evidence of same.

Ian Thompson failed to perform in all material respects under the terms of the agreement and refused to provide

June 27, 2014, the Company terminated the agreement.

Empire Stock Transfer, Inc, the Company’s transfer agent was directed to process

cancellation requests regarding the certificates listed below.

The Board of Directors approved the Company’s irrevocable agreement

to indemnify the Transfer Agent for all loss, liability or expense in carrying out the authority and direction contained on the terms

of the Unanimous Written Consent to terminate the Thompson Agreement.

The Transfer Agent shall maintain the right to uphold the transfer

in the event of forgery.

(Ian Thompson has not complied with the Company’s demand to have the physical certificates returned.)

SCHEDULE OF CANCELLATION OF SHARES

Certificate No(s)

Registered To

5 – STOCK OPTIONS

Stock Option Activity

On March 24, 2021, Mr.

Simpson exercised options

to purchase 93,750 Restricted and Non-trading shares at $0.16 per share.

The total exercise value was $15,000 and this reduced the accrued

salary payable to the CEO by the same amount.

The following table summarizes stock option activity

under the Plans:

to Expiration

Option Activity

May 19, 2021, Mr.

Simpson exercised options to purchase 93,750 Restricted and Non-trading shares at $ 0.16 per share.

The total exercise

value was $ 15,000 and this reduced the accrued salary payable to the CEO by the same amount.

March 24, 2021, Mr.

Simpson exercised options to purchase 93,750 Restricted and Non-trading shares at $ 0.16 per share.

The total exercise

value was $ 15,000 and this reduced the accrued salary payable to the CEO by the same amount.

following table summarizes stock option activity under the Plans:

SCHEDULE OF STOCK OPTIONS ACTIVITY

Days to Expiration

Outstanding, December 31, 2020

1 unchanged sentence

Glenn Simpson

Outstanding, March 31, 2021

Glenn Simpson

Exercisable, March 31, 2021

Exercisable, June 30, 2021

Glenn Simpson

During the quarters ended March 31, 2021 and 2020,

compensation expense related to stock options was $0.

As of March 31, 2021, there was no unrecognized compensation cost related to non-vested

stock options.

NOTE 6 –

the six months ended June 30, 2021 and 2020, compensation expense related to stock options was $ 0 .

As of June 30, 2021, there was no

unrecognized compensation cost related to non-vested stock options.

6 – RELATED PARTY TRANSACTIONS

On March 24, 2021 the CEO of the Company exercised

93,750 stock options at an exercise price of $0.16.

The Company issued 93,750 Restricted and Non-Trading shares of Common Stock, and

the accrued payroll owed to him was reduced by $15,000.

As of March 31, 2021, accrued payroll of $8,886

was owed to employees.

NOTE 7 –

SBA LOANS “CARES ACT”

On May 5, 2020, the Company received loan proceeds

in the amount of $35,508 under the Paycheck Protection Program (“PPP”).

On December 18, 2020, the Company applied for the

loan forgiveness for the loan proceeds amounting $35,508 under the Paycheck Protection Program.

The Company received the loan forgiveness

decision from the SBA in January 2021.

The full amount of the loan proceeds amounting $35,508 was forgiven.

MANAGEMENT’S DISCUSSION AND ANALYSIS

OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Our Management’s Discussion and Analysis

of Financial Condition and Results of Operations (“MD&A”) is provided in addition to the accompanying financial statements

and notes to assist readers in understanding our results of operations, financial condition and cash flows.

MD&A is organized as

Significant Accounting Policies —

Accounting policies that

we believe are important to understanding the assumptions and judgments incorporated in our reported financial results and forecasts.

Results of Operations —

Analysis of our financial results

comparing the quarter ended March 31, 2021 to 2020.

Liquidity and Capital Resources —

Analysis of changes in our

cash flows, and discussion of our financial condition and potential sources of liquidity.

This report includes a number of forward looking

statements that reflect our current views with respect to future events and financial performance.

Forward looking statements are often

identified by words like:

believe, expect, estimate, anticipate, intend, project and similar expressions, or words which, by their nature,

refer to future events.

You should not place undue certainty on these forward looking statements, which apply only as of the date of

this annual report.

These forward looking statements are subject to certain risks and uncertainties that could cause actual results to

differ materially from historical results or our predictions.

Significant Accounting Policies

We have prepared our financial statements in conformity

with accounting principles generally accepted in the United States, which requires management to make significant judgments and estimates

that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial

statements and the reported amounts of expenses during the reporting period.

We base these significant judgments and estimates on historical

experience and other applicable assumptions we believe to be reasonable based upon information presently available.

These estimates may

change as new events occur, as additional information is obtained and as our operating environment changes.

These changes have historically

been minor and have been included in the financial statements as soon as they became known.

Actual results could materially differ from

our estimates under different assumptions, judgments or conditions.

All of our significant accounting policies are

discussed in Note 2, Summary of Significant Accounting Policies, to our financial statements, included elsewhere in this Annual Report.

We have identified the following as our critical accounting policies and estimates, which are defined as those that are reflective of

significant judgments and uncertainties, are the most pervasive and important to the presentation of our financial condition and results

of operations and could potentially result in materially different results under different assumptions, judgments or conditions.

We believe the following critical accounting policies

reflect our more significant estimates and assumptions used in the preparation of our financial statements:

Use of Estimates —

The financial

statements are prepared in conformity with accounting principles generally accepted in the United States (“GAAP”).

is required to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial

statements and the reported amounts of revenue and expenses during the reporting period.

Actual results could differ from those estimates.

Fair Value of Financial Instruments

Our short-term financial instruments, including cash, accounts receivable, accounts payable and other liabilities, consist primarily

of instruments without extended maturities.

We believe that the fair values of our current assets and current liabilities approximate

their reported carrying amounts.

Recent Accounting Pronouncements

New Accounting Pronouncements

In December 2019, the Financial Accounting Standards

Board (“FASB”) issued Accounting Standards Update No.

2019-12, “Income Taxes (Topic 740):

Simplifying the Accounting

for Income Taxes”.

The ASC aims to identify, evaluate, and improve areas of generally accepted accounting principles (GAAP)

for which cost and complexity can be reduced while maintaining or improving the usefulness of the information provided to users of financial

The Company is still assessing the impact of this pronouncement to the financial statements.

COMPANY OVERVIEW

MOJO Organics, Inc.

(“MOJO”

“Company”) is a Delaware corporation headquartered in Jersey City, NJ.

The Company engages in new product development, production,

marketing, distribution and sales of beverage brands that are natural, Non-GMO Project verified, and USDA Organic.

The Company’s

flagship product is MOJO Pure Coconut Water.

In addition to Pure Coconut Water, the Company produces Sparkling Coconut Water, Coconut

Water + Mango Juice, Coconut Water + Pineapple Juice and Pure Organic Coconut Water.

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 improved

broker network, and new products and packaging in 2021.

The company predominantly packages its beverages in 100% recyclable, Eco-Friendly

packaging that can be recycled infinite times and is not made from carbon oil-based packaging.

The packaging has a very low impact on

the environment, and does not contribute to landfills and the pollution of our bodies of water.

Results of Operations

Three Months Ended March 31, 2021 and 2020

For the three months ended March 31, 2021, the

Company reported revenue of $403,766 a decrease of $36,324 from revenue of $440,090 for the three months ended March 31, 2020.

in revenue was due to the COVID-19 pandemic which caused several channels of our business to be shut down.

Cost of Revenue

Cost of revenue includes finished goods purchase

costs, production costs, raw material costs and freight in costs.

Also included in cost of revenue are adjustments made to inventory

carrying amounts, including markdowns to market.

For the three months ended March 31, 2021, cost

of revenue was $208,401 or 52% of revenue.

For the three months ended March 31, 2020, cost of revenue was $237,050 or 54% of revenue.

The 2% decrease in cost of revenue was due to lower product costs.

Operating Expenses

For the three months ended March 31, 2021, the

selling, general and administrative expenses was $218,230 a decrease of $41,423 from the three months ended March 31, 2020 of $259,653.

This decrease in operating expenses was primarily

due to lower compensation expenses coupled with lower selling expenses.

Compensation expenses decreased by $23,672 compared to the same

period last year.

Selling expenses were $98,653 for the three months ended March 31, 2021 compared to $114,141 for the three months ended

March 31, 2021.

This $15,488 decrease is attributable to the lower Amazon selling fees offset by an increase in shipping fees and commissions.

For the three months ended March 31, 2021, the

net income was 12,643, a $69,256 improvement from a net loss of ($56,513) for the three months ended March 31, 2020.

Liquidity and Capital Resources

As of March 31, 2021, the Company had working

capital of $303,845.

Net cash used in operating activities was $18,586 for the three months ended March 31, 2021, compared to net cash

provided by operating activities for the three months ended March 31, 2020 of $335.

Net cash used in financing activities was $0 for

the three months ended March 31, 2021 compared to $5,250 Net cash used in financing activities to repurchase 25,000 MOJO Restricted Common

Stock at an average stock price of $0.21 for the three months ended March 31, 2020.

Working Capital Needs

Our working capital requirements increase as demand

grows for our products.

During 2021 and 2020, the Company did not require additional funding.

If the Company requires additional working

capital during the next twelve months, it may seek to raise additional funds.

Financing transactions may include the issuance of equity,

debt securities and obtaining credit facilities.

OFF BALANCE SHEET ARRANGEMENTS

QUANTITATIVE AND QUALITATIVE DISCLOSURE

ABOUT MARKET RISKS

Not applicable.

March 24, 2021 the CEO of the Company exercised 93,750 stock options at an exercise price of $ 0.16 .

The Company issued 93,750 Restricted

and Non-Trading shares of Common Stock, and the accrued payroll owed to him was reduced by $ 15,000 .

May 19, 2021 the CEO of the Company exercised 93,750 stock options at an exercise price of $ 0.16 .

The Company issued 93,750 Restricted

and Non-Trading shares of Common Stock, and the accrued payroll owed to him was reduced by $ 15,000 .

of June 30, 2021, the Company owes the CEO $ 19,000 for a non-interest bearing loan.

This was subsequently paid in July.

7 – SBA LOANS “CARES ACT”

May 5, 2020, the Company received loan proceeds in the amount of $ 35,508 under the Paycheck Protection Program (“PPP”).

December 18, 2020, the Company applied for the loan forgiveness for the loan proceeds amounting $ 35,508 under the Paycheck Protection

The Company received the loan forgiveness decision from the SBA in January 2021.

The full amount of the loan proceeds amounting

$ 35,508 was forgiven.

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