What changed in this filing

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Item 1. Financial Statements

2022-05-16 compared with 2021-11-15 · 135 added, 159 removed, 173 unchanged (63% of the section changed)

2 unchanged sentences

Balance Sheets (Unaudited)

of September 30, 2021 and December 31, 2020

September 30,

of March 31, 2022 and December 31, 2021

CURRENT ASSETS:

8 unchanged sentences

Accounts payable and accrued expenses

Accrued payroll to related parties

Related party

Total Current Liabilities

STOCKHOLDERS’ EQUITY

Common stock, 40,000,000 shares authorized at $ 0.001 par value, 30,809,080 and 30,610,240 shares issued and outstanding, at September 30, 2021 and December 31, 2020, respectively

Common stock, 40,000,000 shares authorized at $ 0.001 par value, 31,711,080 and 31,097,580 shares issued and outstanding, at March 31, 2022 and December 31, 2021, respectively

Additional paid in capital

7 unchanged sentences

Statements of Operations (Unaudited)

the Three Months Ended September 30, 2021 and 2020

the Three Months Ended March 31, 2022 and 2021

Cost of Revenue

1 unchanged sentence

Selling, general and administrative

Income/(Loss) from Operations

Income/(Loss) Before Provision for Income Taxes

(Loss)/Income from Operations

Other (Expense)/ Income

(Loss)/ Income Before Provision for Income Taxes

Benefit/(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

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

ORGANICS, INC.

Statements of Operations (Unaudited)

the Nine Months Ended September 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)

$ ( 135,379 )

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

3 unchanged sentences

Statements of Cash Flows (Unaudited)

the Nine Months Ended September 30, 2021 and 2020

the Three Months Ended March 31, 2022 and 2021

Cash flows from operating activities:

Net income/(loss)

$ ( 135,379 )

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

4 unchanged sentences

Increase in inventory

Decrease/(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 provided by/(used in) operating activities

Increase in supplier deposits

Decrease in prepaid expenses and security deposit

Increase in accounts payable and accrued expenses

Increase in accrued payroll to officers

Net cash used in operating activities

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

Proceeds from SBA Loan

Proceeds from related party loan

Repayments of from related party loan

Shares repurchased for cancellation

Net cash provided by/ (used in) financing activities

Net (decrease)/increase in cash and cash equivalents

Net cash provided by financing activities

Net decrease in cash and cash equivalents

Cash and cash equivalents at beginning of period

1 unchanged sentence

of non-cash investing and financing activity:

During the nine-month period ended September 30, 2021 the Company issued a total of

During the three-month period ended March 31, 2022 the Company issued a total of 1,363,500

Restricted and Non-Trading shares with an implied value of $ 112,005 to directors and officers to settle obligations payable.

2 unchanged sentences

Statements of Changes in Stockholders’ Equity (Unaudited)

the Nine Months Ended September 30, 2021

the Three Months Ended March 31, 2022

Additional Paid-In

2 unchanged sentences

$ ( 23,390,445 )

Beginning Balance

$ (23,390,445 )

Stock issued to Directors and employees

Stock repurchased and returned to Treasury

Balance, September 30, 2021

Balance, March 31, 2022

$ ( 23,525,824 )

Ending Balance

$ (23,525,824 )

accompanying notes are an integral part of these financial statements.

2 unchanged sentences

Organics, Inc.

(“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

and USDA Organic.

Company’s flagship product is MOJO Coconut Water.

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

Water + Mango Juice, Coconut Water + Pineapple Juice and 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 broker

network, and new products and packaging.

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

The Company’s business is new product

development, beverage production, marketing, distribution and the sale of beverages that are, Non-GMO Project verified, and USDA Organic.

The Company’s flagship product is MOJO Coconut Water.

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

Coconut Water + Mango Juice and Coconut Water + Pineapple Juice and USDA 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, third party partners and

our broker network, and add new products and packaging including pH7 water (pH is a scale of acidity) and energy beverages which are

the two largest sectors of the beverage industry.

The Company 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.

packaging has a low impact on the environment when recycled.

and Distribution

3 unchanged sentences

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.

The company 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.

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.

The company 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.

Company has multiple sources for its production.

14 unchanged sentences

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

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

of March 31, 2022, the Company had two employees.

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

8 unchanged sentences

New Jersey and our internet site is www.MojoOrganicsInc.com.

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

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

Financial Statements

7 unchanged sentences

GAAP and SEC regulations for interim financial statements.

The results for the three and nine months ended September 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.

The results for the three months ended March 31, 2022 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, 2021 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.

Management 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.

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

Management 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

and Cash Equivalents

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

As of September 30, 2021,

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

As of March 31, 2022,

and March 31, 2021, the Company did no t have any cash equivalents.

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

1 unchanged sentence

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, 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.

There were no such adjustments in 2021 or 2020.

The allowance for doubtful accounts as of March 31, 2022 and 2021 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 2022 or 2021.

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

9 unchanged sentences

and Handling Costs

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

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

and Handling Costs incurred to move finished goods from our distribution center to customer locations are included in the line Selling,

General and Administrative Expenses in our Statements of Operations.

Income/(Loss) Per Common Share

8 unchanged sentences

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 September 30

SCHEDULE OF ANTI-DILUTIVE SECURITIES EXCLUDED FROM COMPUTATION OF EARNINGS PER SHARE

As of March 31

Shares underlying options outstanding

Glenn Simpson

Net Operating Loss Carryforwards for federal taxes was $ 3,695,829 at September 30, 2021 and $ 3,695,829 for the State of New Jersey.

Deferred Tax Assets for federal taxes was $ 776,124 at September 30, 2021 and $ 332,625 for the State of New Jersey.

Net Operating Loss Carryforwards for federal taxes was $ 3,770,126

at March 31, 2022 and $ 3,770,126

for the State of New Jersey.

Tax Assets for federal taxes was $ 791,727

at March 31, 2022 and $ 339,312

for the State of New Jersey.

The total Deferred

Tax Assets was $ 1,108,749 at September 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 September 30, 2021, the Company’s Federal income tax payable at the corporate

tax rate of 21 % would be $ 50,326 and State Income Tax payable at 9 % tax rate would be $ 21,568 if this had not been offset by the deferred

Tax Assets was $ 1,131,038 at

March 31, 2022.

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

current taxes.

As of March 31, 2022, the Company’s Federal income tax payable and State Income Tax payable is zero .

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

5 unchanged sentences

The Company did no t have a deferred

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

of September 30, 2021 and September 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.

tax liability at March 31, 2022 and March 31, 2021.

of March 31, 2022, and March 31, 2021, 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.

SCHEDULE OF DEFERRED TAX ASSETS

Deferred Tax Asset as of March 31,

State of New Jersey

value of financial instruments

14 unchanged sentences

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

As of September 30, 2021, there are 42 months remaining on the Agreement.

As of March 31, 2022, there are 36 months remaining on the Agreement.

The Company’s liability on the remainder of the Agreement is $ 180,000 for the cash portion of Mr.

1 unchanged sentence

shares of non-trading, restricted Common Stock.

the nine months ended September 30, 2021, the Mr.

Simpson was issued 603,000 Restricted and Non-Trading shares of Common Stock under

the terms of the Agreement for the stock portion of his compensation.

the quarter ended March 31, 2022, the Mr.

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.

4 – STOCKHOLDERS’ EQUITY

June 2021, the Company decreased its Authorized Shares from 190,000,000

to 40,000,000

Currently, there are 30,809,080

shares outstanding and no other classes of stock.

This was a reduction of 150,000,000 in Authorized Shares.

June 2021, the Company decreased its Authorized Shares from 190,000,000 to 40,000,000 shares.

This was a reduction of 150,000,000 in

Authorized Shares.

As of March 31, 2022 there are 31,711,080 shares outstanding and no other classes of stock.

Stock Issuances

the nine months ended September 30, 2021, 929,666

shares of Restricted and Non-Trading Common Stock

were issued to Directors and Officers of the Company.

the quarter ended March 31, 2021, 1,363,500 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 and transfer.

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 603,000 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

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.)

OF CANCELLATION OF SHARES

Registered To

February 4, 2022, the board of Directors approved the issuance of 1,050,000 shares of Restricted and Non-Trading Common Stock to Mr.

Devlin and Ms.

Cudia for their continued service to the Company.

Simpson was issued 700,000 shares of Restricted and

Non-Trading Common Stock.

Devlin and Ms.

Cudia were each issued 175,000 shares of Restricted and Non-Trading Common Stock.

of these shares was recorded as a component of compensation expense.

Additionally,

Simpson was issued 201,000 shares of Restricted and Non-Trading Common Stock for the stock portion of his annual salary.

was issued 37,500 shares of Restricted and Non-Trading Common Stock as for continuing to serve as a Director of the Company.

was issued 75,000 shares of Restricted and Non-Trading Common Stock for her annual stock bonus.

The value of these shares was recorded

as a component of compensation expense.

Purchased for Cancellation

the quarter ended March 31, 2021 the Company purchased 750,000 shares of its Restricted Common Stock from shareholders at a cost of $ 101,250 .

The shares were cancelled.

the year ended December 31, 2021 the Company purchased 765,826 shares of its Restricted Common Stock from shareholders at a cost of $ 765,826 .

The shares were cancelled.

5 – STOCK OPTIONS

Option Activity

February 4, 2022, the Company adjusted the exercise price of the options granted to Mr.

Simpson from $ 0.16

per share to $ 0.08

September 24, 2021, the Company extended the expiration date of the options granted to Mr.

Glenn Simpson from April 6, 2022

to April 6, 2024.

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:

Simpson from April 6, 2022 to April

the year ended December 31, 2021, Mr.

Simpson exercised options to purchase 187,500 shares of Restricted and Non-Trading shares at $ 0.16

The total exercise value was $ 30,000 and this reduced the accrued salary payable to Mr.

Simpson to $ 0 .

following table summarizes stock option activity:

SCHEDULE OF STOCK OPTIONS ACTIVITY

Expiration Date

Days to Expiration

2 unchanged sentences

Glenn Simpson

Exercisable, September 30, 2021

Exercisable, March 31, 2022

Glenn Simpson

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

As of September 30, 2021,

there was no unrecognized compensation cost related to non-vested stock options.

the three months ended March 31, 2022 and 2021, compensation expense related to stock options was $ 0 .

As of March 31, 2022, there was

no unrecognized compensation cost related to non-vested stock options.

6 – RELATED PARTY TRANSACTIONS

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 .

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 .

the quarter ended March 31, 2022, Mr.

lent $ 192,000 to the Company.

As of March 31, 2022, the loan payable to Mr.

Simpson was $ 127,402 .

the year ended December 31, 2021, Mr.

Simpson exercised 187,500 stock options at an exercise price of $ 0.16 .

The Company issued 187,500

Restricted and Non-Trading shares of Common Stock, and the accrued payroll owed to him was reduced by $ 30,000 .

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.

January 2021, the Company received the loan forgiveness decision from the SBA for the loan proceeds under the Paycheck Protection Program.

The full amount of the loan amounting $ 35,508

was forgiven in January 2021.

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