2021 Q3 Form 10-Q Financial Statement

#000089109221006212 Filed on August 19, 2021

View on sec.gov

Income Statement

Concept 2021 Q3 2021 Q2 2020 Q4
Revenue $1.651M $1.710M $1.169M
YoY Change 66.2% 41.84% 26.85%
Cost Of Revenue $1.114M $915.8K $573.1K
YoY Change 98.24% 21.83% -37.49%
Gross Profit $537.0K $793.9K $596.2K
YoY Change 24.47% 74.99% 11613.56%
Gross Profit Margin 32.52% 46.43% 50.99%
Selling, General & Admin $489.1K $457.9K $468.0K
YoY Change 24.38% 22.88% -16.94%
% of Gross Profit 91.07% 57.68% 78.49%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $0.00
YoY Change -100.0%
% of Gross Profit 0.0%
Operating Expenses $489.1K $457.9K $468.0K
YoY Change 24.38% 22.87% -16.94%
Operating Profit $47.96K $336.0K $128.3K
YoY Change 25.35% 314.69% -122.97%
Interest Expense -$96.37K -$71.22K -$117.4K
YoY Change -31.61% -45.79% -16.5%
% of Operating Profit -200.94% -21.2% -91.56%
Other Income/Expense, Net -$96.37K -$71.22K
YoY Change -45.79%
Pretax Income -$48.41K $264.8K $10.82K
YoY Change -52.84% -625.9% -101.55%
Income Tax
% Of Pretax Income
Net Earnings -$48.41K $264.8K $10.82K
YoY Change -52.84% -625.85% -101.55%
Net Earnings / Revenue -2.93% 15.49% 0.93%
Basic Earnings Per Share $0.00
Diluted Earnings Per Share -$563.10 $0.00 $133.70
COMMON SHARES
Basic Shares Outstanding 85.98M shares 85.98M shares
Diluted Shares Outstanding 85.98M shares 86.91M shares

Balance Sheet

Concept 2021 Q3 2021 Q2 2020 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $7.860K $16.83K
YoY Change -32.24% -89.0%
Cash & Equivalents $7.858K $16.83K
Short-Term Investments
Other Short-Term Assets $270.2K $112.9K $140.2K
YoY Change 285.97% 2.61% 153.18%
Inventory $442.1K $509.4K $457.7K
Prepaid Expenses
Receivables $276.6K $221.0K $19.16K
Other Receivables $5.913K $0.00 $0.00
Total Short-Term Assets $996.7K $860.1K $617.1K
YoY Change 8492.41% 462.13% -32.15%
LONG-TERM ASSETS
Property, Plant & Equipment $235.9K $254.6K $291.3K
YoY Change -23.91% -22.84% -19.7%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $235.9K $254.6K $291.3K
YoY Change -74.59% -73.39% -19.7%
TOTAL ASSETS
Total Short-Term Assets $996.7K $860.1K $617.1K
Total Long-Term Assets $235.9K $254.6K $291.3K
Total Assets $1.233M $1.115M $908.3K
YoY Change 31.13% 0.42% -28.6%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $105.3K $57.67K $86.51K
YoY Change -74.31% -85.21% -59.14%
Accrued Expenses $66.10K $66.10K $58.70K
YoY Change 10.17% 32.2% 26.84%
Deferred Revenue
YoY Change
Short-Term Debt $2.091M $1.913M $2.034M
YoY Change 1.51% -11.42% -13.47%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $2.579M $2.397M $2.509M
YoY Change 51477.0% -7.79% -4.01%
LONG-TERM LIABILITIES
Long-Term Debt $553.6K $553.6K $363.6K
YoY Change 53.78% 58.18%
Other Long-Term Liabilities $227.4K $242.5K $277.5K
YoY Change -21.59% -21.78% -17.46%
Total Long-Term Liabilities $781.0K $796.1K $641.1K
YoY Change 20.16% 20.62% 90.69%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.579M $2.397M $2.509M
Total Long-Term Liabilities $781.0K $796.1K $641.1K
Total Liabilities $3.360M $3.194M $3.150M
YoY Change 5.32% -2.04% 6.78%
SHAREHOLDERS EQUITY
Retained Earnings -$10.23M -$10.18M -$10.34M
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$2.127M -$2.079M -$2.242M
YoY Change
Total Liabilities & Shareholders Equity $1.233M $1.115M $908.3K
YoY Change 31.13% 0.42% -28.6%

Cashflow Statement

Concept 2021 Q3 2021 Q2 2020 Q4
OPERATING ACTIVITIES
Net Income -$48.41K $264.8K $10.82K
YoY Change -52.84% -625.85% -101.55%
Depreciation, Depletion And Amortization $0.00
YoY Change -100.0%
Cash From Operating Activities -$186.7K $86.04K $18.17K
YoY Change 221.02% -1146.72% -107.26%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 177.8K -75.00K -29.78K
YoY Change -313.58% -147.9% -112.09%
NET CHANGE
Cash From Operating Activities -186.7K 86.04K 18.17K
Cash From Investing Activities
Cash From Financing Activities 177.8K -75.00K -29.78K
Net Change In Cash -8.980K 11.04K -11.61K
YoY Change -93.65% -92.56% 184.56%
FREE CASH FLOW
Cash From Operating Activities -$186.7K $86.04K $18.17K
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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us-gaap Nature Of Operations
NatureOfOperations
<p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:9pt; margin-bottom:0pt; "> <span style="font-weight:bold; ">NOTE 1. ORGANIZATION</span></p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:11pt; margin-bottom:0pt; ">VPR Brands, LP (the “Company”, “we”, “our”) was incorporated in New York on July 19, 2004, as Jobsinsite.com, Inc. On August 5, 2004, we changed our name to Jobsinsite, Inc. On June 18, 2009, we merged with a Delaware corporation and became Jobsinsite, Inc. On July 1, 2009, we filed articles of conversion with the secretary of state of Delaware and became Soleil Capital L.P., a Delaware limited partnership. On September 2, 2015, we changed our name to VPR Brands, LP. We are managed by Soleil Capital Management LLC, a Delaware limited liability company.</p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:11pt; margin-bottom:0pt; ">The Company is engaged in various monetization strategies of a U.S. patent that the Company owns covering electronic cigarette, electronic cigar and personal vaporizer patents, as well as a patent for an inverted pocket lighter. The Company also designs, develops, markets and distributes products (the HoneyStick brand of vaporizers and the Goldline CBD products) oriented toward the cannabis markets. This allows us to capitalize on the rapidly growing expansion within the cannabis markets. The Company is also identifying electronic cigarette companies that may be infringing our patents and exploring options to license and or enforce our patents. The Company is now also selling DISSIM brand pocket lighters for which it holds a U.S. patent and patents pending. </p>
us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:9pt; margin-bottom:0pt; "> <span style="font-weight:bold; font-style:italic; ">Use of Estimates</span></p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:11pt; margin-bottom:0pt; ">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. </p>
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
205405 USD
VPRB Weighted Average Limited Partnership And General Partnership Units Outstanding Convertible Debt
WeightedAverageLimitedPartnershipAndGeneralPartnershipUnitsOutstandingConvertibleDebt
933705 shares
CY2021Q2 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
13106 USD
CY2020Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
112017 USD
us-gaap Provision For Other Losses
ProvisionForOtherLosses
78264 USD
CY2020 us-gaap Provision For Other Losses
ProvisionForOtherLosses
73350 USD
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
10179322 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
10179322 shares
CY2020Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
10179322 shares
CY2021Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
10179322 shares
CY2021Q2 us-gaap Weighted Average Limited Partnership And General Partnership Units Outstanding Basic
WeightedAverageLimitedPartnershipAndGeneralPartnershipUnitsOutstandingBasic
85975911 shares
CY2021Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
307056 USD
CY2021Q2 VPRB Weighted Average Limited Partnership And General Partnership Units Outstanding Convertible Debt
WeightedAverageLimitedPartnershipAndGeneralPartnershipUnitsOutstandingConvertibleDebt
933705 shares
CY2021Q2 VPRB Net Income Convertible Debt
NetIncomeConvertibleDebt
750 USD
CY2021Q2 us-gaap Weighted Average Limited Partnership Units Outstanding Diluted
WeightedAverageLimitedPartnershipUnitsOutstandingDiluted
86909616 shares
CY2021Q2 VPRB Net Income Diluted
NetIncomeDiluted
307806 USD
us-gaap Weighted Average Limited Partnership And General Partnership Units Outstanding Basic
WeightedAverageLimitedPartnershipAndGeneralPartnershipUnitsOutstandingBasic
85975911 shares
CY2019Q4 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
455100 USD
CY2021Q2 us-gaap Notes Payable Related Parties Classified Current
NotesPayableRelatedPartiesClassifiedCurrent
565764 USD
VPRB Net Income Convertible Debt
NetIncomeConvertibleDebt
1500 USD
us-gaap Weighted Average Limited Partnership Units Outstanding Diluted
WeightedAverageLimitedPartnershipUnitsOutstandingDiluted
86909616 shares
VPRB Net Income Diluted
NetIncomeDiluted
206905 USD
CY2021Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-10179038 USD
CY2021Q2 VPRB Working Capital Deficit
WorkingCapitalDeficit
1537607 USD
CY2020Q4 us-gaap Other Notes Payable
OtherNotesPayable
765055 USD
us-gaap Proceeds From Issuance Of Other Long Term Debt
ProceedsFromIssuanceOfOtherLongTermDebt
190057 USD
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
78855 USD
CY2021Q2 us-gaap Other Notes Payable
OtherNotesPayable
876257 USD
CY2021Q2 us-gaap Other Notes Payable Current
OtherNotesPayableCurrent
322638 USD
CY2021Q2 us-gaap Other Long Term Notes Payable
OtherLongTermNotesPayable
553619 USD
CY2020Q4 us-gaap Notes Payable Related Parties Classified Current
NotesPayableRelatedPartiesClassifiedCurrent
607919 USD
us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
310000 USD
us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
352155 USD
CY2019Q4 us-gaap Operating Leases Future Minimum Payments Remainder Of Fiscal Year
OperatingLeasesFutureMinimumPaymentsRemainderOfFiscalYear
66600 USD
CY2019Q4 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
133200 USD
CY2019Q4 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
133200 USD
CY2019Q4 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
122100 USD
us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
378426 USD
VPRB Amortized Operating Lease Right To Use Asset
AmortizedOperatingLeaseRightToUseAsset
36865 USD
us-gaap Lease And Rental Expense
LeaseAndRentalExpense
65838 USD
us-gaap Lease And Rental Expense
LeaseAndRentalExpense
86768 USD

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