2022 Q3 Form 10-Q Financial Statement
#000121390022048042 Filed on August 15, 2022
Income Statement
Concept | 2022 Q3 | 2022 Q2 | 2022 Q1 |
---|---|---|---|
Revenue | $1.231M | $920.7K | $1.055M |
YoY Change | -25.45% | -46.15% | -15.72% |
Cost Of Revenue | $813.3K | $553.1K | $629.1K |
YoY Change | -27.01% | -39.6% | -11.45% |
Gross Profit | $417.8K | $367.6K | $426.1K |
YoY Change | -22.2% | -53.7% | -21.32% |
Gross Profit Margin | 33.94% | 39.92% | 40.38% |
Selling, General & Admin | $410.8K | $460.5K | $515.4K |
YoY Change | -16.0% | 0.56% | -4.18% |
% of Gross Profit | 98.33% | 125.27% | 120.96% |
Research & Development | |||
YoY Change | |||
% of Gross Profit | |||
Depreciation & Amortization | |||
YoY Change | |||
% of Gross Profit | |||
Operating Expenses | $410.8K | $460.5K | $515.4K |
YoY Change | -16.0% | 0.56% | -4.18% |
Operating Profit | $6.995K | -$92.89K | -$89.33K |
YoY Change | -85.41% | -127.64% | -2540.71% |
Interest Expense | -$62.01K | -$13.81K | -$28.16K |
YoY Change | -35.65% | -80.61% | -73.26% |
% of Operating Profit | -886.49% | ||
Other Income/Expense, Net | -$61.52K | $166.6K | -$29.75K |
YoY Change | -36.16% | -333.94% | |
Pretax Income | -$54.52K | $73.73K | -$147.2K |
YoY Change | 12.62% | -72.16% | 44.85% |
Income Tax | |||
% Of Pretax Income | |||
Net Earnings | -$54.52K | $73.73K | -$147.2K |
YoY Change | 12.61% | -72.15% | 44.85% |
Net Earnings / Revenue | -4.43% | 8.01% | -13.95% |
Basic Earnings Per Share | $0.00 | $0.00 | |
Diluted Earnings Per Share | $0.00 | $0.00 | -$1.713K |
COMMON SHARES | |||
Basic Shares Outstanding | 88.80M shares | 88.80M shares | 85.98M shares |
Diluted Shares Outstanding | 88.80M shares | 88.80M shares | 85.98M shares |
Balance Sheet
Concept | 2022 Q3 | 2022 Q2 | 2022 Q1 |
---|---|---|---|
SHORT-TERM ASSETS | |||
Cash & Short-Term Investments | $3.460K | $5.510K | $6.080K |
YoY Change | -55.98% | -67.26% | 4.65% |
Cash & Equivalents | $3.463K | $5.506K | $6.083K |
Short-Term Investments | |||
Other Short-Term Assets | $180.9K | $195.7K | $79.87K |
YoY Change | -33.03% | 73.42% | -73.99% |
Inventory | $536.6K | $688.6K | $595.8K |
Prepaid Expenses | |||
Receivables | $248.5K | $213.5K | $163.3K |
Other Receivables | $0.00 | $0.00 | $0.00 |
Total Short-Term Assets | $969.5K | $1.103M | $845.0K |
YoY Change | -2.73% | 28.28% | 13.39% |
LONG-TERM ASSETS | |||
Property, Plant & Equipment | $149.8K | $155.5K | $296.3K |
YoY Change | -36.52% | -38.93% | 8.54% |
Goodwill | |||
YoY Change | |||
Intangibles | |||
YoY Change | |||
Long-Term Investments | |||
YoY Change | |||
Other Assets | |||
YoY Change | |||
Total Long-Term Assets | $149.8K | $155.5K | $296.3K |
YoY Change | -36.52% | -38.94% | 8.54% |
TOTAL ASSETS | |||
Total Short-Term Assets | $969.5K | $1.103M | $845.0K |
Total Long-Term Assets | $149.8K | $155.5K | $296.3K |
Total Assets | $1.119M | $1.259M | $1.141M |
YoY Change | -9.2% | 12.93% | 12.09% |
SHORT-TERM LIABILITIES | |||
YoY Change | |||
Accounts Payable | $197.6K | $159.5K | $87.16K |
YoY Change | 87.59% | 176.61% | 9.66% |
Accrued Expenses | $21.10K | $35.38K | $110.3K |
YoY Change | -68.08% | -46.48% | 77.09% |
Deferred Revenue | |||
YoY Change | |||
Short-Term Debt | $2.193M | $2.266M | $2.262M |
YoY Change | 4.87% | 18.41% | 13.74% |
Long-Term Debt Due | |||
YoY Change | |||
Total Short-Term Liabilities | $2.832M | $2.911M | $2.800M |
YoY Change | 9.82% | 21.43% | 9.9% |
LONG-TERM LIABILITIES | |||
Long-Term Debt | $399.9K | $399.9K | $350.0K |
YoY Change | -27.77% | -27.77% | -36.79% |
Other Long-Term Liabilities | $130.1K | $136.0K | $253.5K |
YoY Change | -42.8% | -43.93% | -2.71% |
Total Long-Term Liabilities | $530.0K | $535.9K | $603.4K |
YoY Change | -32.14% | -32.69% | -25.88% |
TOTAL LIABILITIES | |||
Total Short-Term Liabilities | $2.832M | $2.911M | $2.800M |
Total Long-Term Liabilities | $530.0K | $535.9K | $603.4K |
Total Liabilities | $3.362M | $3.447M | $3.403M |
YoY Change | 0.07% | 7.94% | 1.24% |
SHAREHOLDERS EQUITY | |||
Retained Earnings | -$10.34M | -$10.29M | |
YoY Change | 1.13% | 1.08% | |
Common Stock | $8.065M | $8.065M | |
YoY Change | |||
Preferred Stock | |||
YoY Change | |||
Treasury Stock (at cost) | |||
YoY Change | |||
Treasury Stock Shares | |||
Shareholders Equity | -$2.243M | -$2.188M | -$2.262M |
YoY Change | |||
Total Liabilities & Shareholders Equity | $1.119M | $1.259M | $1.141M |
YoY Change | -9.2% | 12.93% | 12.09% |
Cashflow Statement
Concept | 2022 Q3 | 2022 Q2 | 2022 Q1 |
---|---|---|---|
OPERATING ACTIVITIES | |||
Net Income | -$54.52K | $73.73K | -$147.2K |
YoY Change | 12.61% | -72.15% | 44.85% |
Depreciation, Depletion And Amortization | |||
YoY Change | |||
Cash From Operating Activities | $55.09K | -$239.2K | -$130.3K |
YoY Change | -129.5% | -377.95% | -5.79% |
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 | -57.13K | 238.6K | 133.7K |
YoY Change | -132.14% | -418.09% | -7.16% |
NET CHANGE | |||
Cash From Operating Activities | 55.09K | -239.2K | -130.3K |
Cash From Investing Activities | |||
Cash From Financing Activities | -57.13K | 238.6K | 133.7K |
Net Change In Cash | -2.040K | -580.0 | 3.490K |
YoY Change | -77.28% | -105.25% | -39.83% |
FREE CASH FLOW | |||
Cash From Operating Activities | $55.09K | -$239.2K | -$130.3K |
Capital Expenditures | |||
Free Cash Flow | |||
YoY Change |
Facts In Submission
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---|---|---|---|---|
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true | ||
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2022-06-30 | ||
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2022 | ||
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000-54545 | ||
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VPR Brands, LP | ||
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DE | ||
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45-1740641 | ||
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1141 Sawgrass Corporate Parkway | ||
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Sunrise | ||
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FL | ||
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33312 | ||
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(954) | ||
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715-7001 | ||
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CY2021Q4 | us-gaap |
Partners Capital
PartnersCapital
|
-2114795 | usd |
CY2022Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-147241 | usd |
CY2022Q1 | us-gaap |
Partners Capital
PartnersCapital
|
-2262036 | usd |
CY2022Q2 | us-gaap |
Net Income Loss
NetIncomeLoss
|
73733 | usd |
CY2022Q2 | us-gaap |
Partners Capital
PartnersCapital
|
-2188303 | usd |
us-gaap |
Net Income Loss
NetIncomeLoss
|
-73508 | usd | |
us-gaap |
Net Income Loss
NetIncomeLoss
|
163135 | usd | |
us-gaap |
Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
|
200057 | usd | |
us-gaap |
Gain Loss On Termination Of Lease
GainLossOnTerminationOfLease
|
54587 | usd | |
us-gaap |
Increase Decrease In Inventories
IncreaseDecreaseInInventories
|
67598 | usd | |
us-gaap |
Increase Decrease In Inventories
IncreaseDecreaseInInventories
|
51617 | usd | |
us-gaap |
Increase Decrease In Deposit Other Assets
IncreaseDecreaseInDepositOtherAssets
|
93072 | usd | |
us-gaap |
Increase Decrease In Deposit Other Assets
IncreaseDecreaseInDepositOtherAssets
|
-27292 | usd | |
us-gaap |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
-116560 | usd | |
us-gaap |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
201837 | usd | |
us-gaap |
Increase Decrease In Customer Deposits
IncreaseDecreaseInCustomerDeposits
|
122589 | usd | |
us-gaap |
Increase Decrease In Assets Held For Sale
IncreaseDecreaseInAssetsHeldForSale
|
-7016 | usd | |
us-gaap |
Increase Decrease In Assets Held For Sale
IncreaseDecreaseInAssetsHeldForSale
|
-9056 | usd | |
us-gaap |
Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
|
-126741 | usd | |
us-gaap |
Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
|
1757 | usd | |
us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-369398 | usd | |
us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-52214 | usd | |
us-gaap |
Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
|
492005 | usd | |
us-gaap |
Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
|
310000 | usd | |
us-gaap |
Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
|
250000 | usd | |
us-gaap |
Repayments Of Notes Payable
RepaymentsOfNotesPayable
|
164684 | usd | |
us-gaap |
Repayments Of Notes Payable
RepaymentsOfNotesPayable
|
78855 | usd | |
us-gaap |
Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
|
111081 | usd | |
us-gaap |
Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
|
352155 | usd | |
us-gaap |
Payments Of Debt Extinguishment Costs
PaymentsOfDebtExtinguishmentCosts
|
78367 | usd | |
vprb |
Payments Of Lease Security Deposits
PaymentsOfLeaseSecurityDeposits
|
15559 | usd | |
us-gaap |
Proceeds From Issuance Of Other Long Term Debt
ProceedsFromIssuanceOfOtherLongTermDebt
|
190057 | usd | |
us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
372314 | usd | |
us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
69047 | usd | |
us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
|
2916 | usd | |
us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
|
16833 | usd | |
CY2021Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
2590 | usd |
CY2022Q2 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
5506 | usd |
CY2021Q2 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
16833 | usd |
us-gaap |
Interest Paid Net
InterestPaidNet
|
165133 | usd | |
us-gaap |
Interest Paid Net
InterestPaidNet
|
208065 | usd | |
us-gaap |
Right Of Use Asset Obtained In Exchange For Finance Lease Liability
RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability
|
109993 | usd | |
us-gaap |
Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
|
157363 | usd | |
us-gaap |
Nature Of Operations
NatureOfOperations
|
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>NOTE 1. ORGANIZATION</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b> </b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Use of Estimates</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i> </i></b></p> | ||
us-gaap |
Regulatory Asset Amortization Period
RegulatoryAssetAmortizationPeriod
|
P1Y | ||
vprb |
Company Revenues Percentage
CompanyRevenuesPercentage
|
1 | pure | |
vprb |
Company Revenues Percentage
CompanyRevenuesPercentage
|
1 | pure | |
CY2022Q2 | vprb |
Company Revenues Percentage
CompanyRevenuesPercentage
|
1 | pure |
CY2021Q2 | vprb |
Company Revenues Percentage
CompanyRevenuesPercentage
|
1 | pure |
us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
11716340 | shares | |
CY2022Q2 | us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
11716340 | shares |
us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
9216328 | shares | |
CY2021Q2 | us-gaap |
Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
|
85975911 | shares |
CY2021Q2 | vprb |
Net Income Basicin Dollars Per Share
NetIncomeBasicinDollarsPerShare
|
307056 | usd |
CY2021Q2 | vprb |
Weighted Average Shares Convertible Debt
WeightedAverageSharesConvertibleDebt
|
933705 | shares |
CY2021Q2 | vprb |
Net Income Convertible Debt
NetIncomeConvertibleDebt
|
750 | usd |
CY2021Q2 | us-gaap |
Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
|
86909616 | shares |
CY2021Q2 | vprb |
Net Income Diluted
NetIncomeDiluted
|
307806 | usd |
us-gaap |
Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
|
85975911 | shares | |
vprb |
Net Income Basicin Dollars Per Share
NetIncomeBasicinDollarsPerShare
|
205405 | usd | |
vprb |
Weighted Average Shares Convertible Debt
WeightedAverageSharesConvertibleDebt
|
933705 | shares | |
vprb |
Net Income Convertible Debt
NetIncomeConvertibleDebt
|
1500 | usd | |
us-gaap |
Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
|
86909616 | shares | |
vprb |
Net Income Diluted
NetIncomeDiluted
|
206905 | usd | |
us-gaap |
Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
|
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Customer Concentration</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i> </i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the three and six months ended June 30, 2022, 36% and 40%, respectively, of the Company’s net revenues were generated from two customers. Accounts receivable due from these customers as of June 30, 2022 totaled $111,171. During the three and six months ended June 30, 2021, 31% and 24%, respectively, of the Company’s net revenues were generated from three customers. Accounts receivable due from these customers as of June 30, 2021 totaled $122,119.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> | ||
us-gaap |
Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
|
111171 | usd | |
us-gaap |
Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
|
122119 | usd | |
us-gaap |
Profit Loss
ProfitLoss
|
-73508 | usd | |
CY2022Q2 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
-10288507 | usd |
CY2022Q2 | vprb |
Workings Capital Deficit
WorkingsCapitalDeficit
|
1807934 | usd |
CY2019Q3 | us-gaap |
Intercompany Agreements Description
IntercompanyAgreementsDescription
|
the Company entered into a working capital account agreement with Paypal Working Capital (“Paypal Note”), pursuant to which the Company borrowed $37,000, requiring repayment in amounts equal to 30% of sales collections processed through Paypal, but no less than $4,143, every 90 days, until the total amount of payments equals $41,430. The balance of the loan as of June 30, 2022 and December 31, 2021 was $21,797. | |
CY2021Q3 | us-gaap |
Other Receivables Net Current
OtherReceivablesNetCurrent
|
5913 | usd |
CY2021Q4 | us-gaap |
Other Notes Payable
OtherNotesPayable
|
807310 | usd |
CY2022Q2 | us-gaap |
Convertible Notes Payable
ConvertibleNotesPayable
|
250000 | usd |
us-gaap |
Proceeds From Repayments Of Related Party Debt
ProceedsFromRepaymentsOfRelatedPartyDebt
|
-200057 | usd | |
us-gaap |
Proceeds From Repayments Of Notes Payable
ProceedsFromRepaymentsOfNotesPayable
|
164684 | usd | |
CY2022Q2 | us-gaap |
Other Notes Payable
OtherNotesPayable
|
692569 | usd |
CY2022Q2 | us-gaap |
Notes Payable Current
NotesPayableCurrent
|
292669 | usd |
CY2022Q2 | us-gaap |
Notes And Loans Payable Current
NotesAndLoansPayableCurrent
|
399900 | usd |
vprb |
Notes And Accounts Payable Related Parties
NotesAndAccountsPayableRelatedParties
|
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>NOTE 5: NOTES PAYABLE – RELATED PARTIES</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On December 17, 2020, the Company received $95,000 pursuant to a promissory note in the principal amount of $100,000 issued on January 14, 2021, to Kevin Frija (“January 14, 2021 Frija Note”), the Company’s Chief Executive Officer, President, principal financial officer, principal accounting officer and Chairman of the Board, and a significant unitholder of the Company. An additional amount of $5,000 was received in January 2021. The principal amount due under the January 14, 2021 Frija Note bears interest at the rate of 24% per annum, and permits Mr. Frija to deduct one ACH payment from the Company’s bank account in the amount of $500 per business day until the principal amount due and accrued interest is repaid. Any unpaid principal amount and any accrued interest is due on January 14, 2022. The December 17, 2020 Frija Note is unsecured. The balance of the January 14, 2021 Frija Note as of June 30, 2022 and December 31, 2021 was $0 and $5,243, respectively.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On February 25, 2021, the Company issued a promissory note in the principal amount of $100,001 (the “February 25, 2021 Note”) to Kevin Frija, who is the Company’s Chief Executive Officer, President, principal financial officer, principal accounting officer and Chairman of the Board, and a significant stockholder of the Company. The principal amount due under the January 14, 2021 Note bears interest at the rate of 24% per annum, and the February 25, 2021 Note permits Mr. Frija to deduct one ACH payment from the Company’s bank account in the amount of $500 per business day until the principal amount due and accrued interest is repaid. Any unpaid principal amount and any accrued interest is due on February 25, 2022. The January 14, 2021 Note is unsecured. The balance of the February 25, 2021 Note as of June 30, 2022 and December 31, 2021 was $0 and $15,234.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On February 25, 2021, the Company received $75,000 pursuant to a promissory note in the principal amount of $100,000 issued in April 2021, to Kevin Frija (“April 2021 Frija Note”), the Company’s Chief Executive Officer, President, principal financial officer, principal accounting officer and Chairman of the Board, and a significant unitholder of the Company. An additional amount of $5,000 was received in January 2021. The principal amount due under the April 2021 Frija Note bears interest at the rate of 24% per annum, and permits Mr. Frija to deduct one ACH payment from the Company’s bank account in the amount of $500 per business day until the principal amount due and accrued interest is repaid. Any unpaid principal amount and any accrued interest is due in April 2022. The April 2021 Frija Note is unsecured. The balance of the April 2021 Frija Note as of June 30, 2022 and December 31, 2021 was $43,550 and $89,920.</p><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">From May and June 2021, the Company received $100,001 pursuant to a promissory note in the principal amount of $100,000 issued in June 2021, to Kevin Frija (“June 2021 Frija Note”), the Company’s Chief Executive Officer, President, principal financial officer, principal accounting officer and Chairman of the Board, and a significant unitholder of the Company. The principal amount due under the June 2021 Frija Note bears interest at the rate of 24% per annum, and permits Mr. Frija to deduct one ACH payment from the Company’s bank account in the amount of $500 per business day until the principal amount due and accrued interest is repaid. Any unpaid principal amount and any accrued interest is due in June 2022. The June 2021 Frija Note is unsecured. The balance of the June 2021 Frija Note as of June 30, 2022 and December 31, 2021 was $68,760 and $100,001, respectively.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">From June through September 2021, the Company received a $100,001 pursuant to a promissory note in the principal amount of $100,000 issued in September 2021, to Kevin Frija (“September 2021 Frija Note”), the Company’s Chief Executive Officer, President, principal financial officer, principal accounting officer and Chairman of the Board, and a significant unitholder of the Company. The principal amount due under the September 2021 Frija Note bears interest at the rate of 24% per annum, and permits Mr. Frija to deduct one ACH payment from the Company’s bank account in the amount of $500 per business day until the principal amount due and accrued interest is repaid. Any unpaid principal amount and any accrued interest is due in September 2022. The June 2021 Frija Note is unsecured. The balance of the September 2021 Frija Note as of June 30, 2022 and December 31, 2021 was $87,099 and $100,001, respectively.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In September and November 2021, the Company received a $100,001 pursuant to a promissory note in the principal amount of $100,001 (the “November 2021 Frija Note”) to Kevin Frija, the Company’s Chief Executive Officer, President, principal financial officer, principal accounting officer and Chairman of the Board, and a significant unitholder of the Company. The principal amount due under the November 2021 Frija Note bears interest at the rate of 24% per annum, and permits Mr. Frija to deduct one ACH payment from the Company’s bank account in the amount of $500 per business day until the principal amount due and accrued interest is repaid. Any unpaid principal amount and any accrued interest is due in November 2022. The November 2021 Frija Note is unsecured. The balance of the November 2021 Frija Note as of June 30, 2022 and December 31, 2021 was $100,001.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In October 2021, the Company received a $100,001 pursuant to a promissory note in the principal amount of $100,001 (the “October 2021 Frija Note”) to Kevin Frija, the Company’s Chief Executive Officer, President, principal financial officer, principal accounting officer and Chairman of the Board, and a significant unitholder of the Company. The principal amount due under the November 2021 Frija Note bears interest at the rate of 24% per annum, and permits Mr. Frija to deduct one ACH payment from the Company’s bank account in the amount of $500 per business day until the principal amount due and accrued interest is repaid. Any unpaid principal amount and any accrued interest is due in October 2022. The October 2021 Frija Note is unsecured. The balance of the October 2021 Frija Note as of June 30, 2022 and December 31, 2021 was $100,001.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In November 2021, the Company received a $100,001 pursuant to a promissory note in the principal amount of $100,001 (the “November 2021 2<sup>nd</sup> Frija Note”) to Kevin Frija, the Company’s Chief Executive Officer, President, principal financial officer, principal accounting officer and Chairman of the Board, and a significant unitholder of the Company. The principal amount due under the November 2021 Frija Note bears interest at the rate of 24% per annum, and permits Mr. Frija to deduct one ACH payment from the Company’s bank account in the amount of $500 per business day until the principal amount due and accrued interest is repaid. Any unpaid principal amount and any accrued interest is due in November 2, 2022. The November 2021 2nd Frija Note is unsecured. The balance of the November 2021 2<sup>nd</sup> Frija Note as of June 30, 2022 and December 31, 2021 was $100,001.</p><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In December 2021, the Company received a $60,000 and in January 2022 received $40,001 of advances pursuant to a promissory note in the principal amount of $100,001 (the “January 2022 Frija Note”) to Kevin Frija, the Company’s Chief Executive Officer, President, principal financial officer, principal accounting officer and Chairman of the Board, and a significant unitholder of the Company. The principal amount due under the January 2022 Frija Note bears interest at the rate of 24% per annum, and permits Mr. Frija to deduct one ACH payment from the Company’s bank account in the amount of $500 per business day until the principal amount due and accrued interest is repaid. Any unpaid principal amount and any accrued interest is due on January 2023. The January 2022 Frija Note is unsecured. The balance of the January 2022 Frija Note as of June 30, 2022 and December 31, 2021 was $100,001 and $60,000, respectively.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In January 2022, the Company received a $101,000 pursuant to a promissory note in the principal amount of $100,001 (the “January 2022B Frija Note”) to Kevin Frija, the Company’s Chief Executive Officer, President, principal financial officer, principal accounting officer and Chairman of the Board, and a significant unitholder of the Company. The principal amount due under the January 2022B Frija Note bears interest at the rate of 24% per annum, and permits Mr. Frija to deduct one ACH payment from the Company’s bank account in the amount of $500 per business day until the principal amount due and accrued interest is repaid. Any unpaid principal amount and any accrued interest is due on January 2023. The January 2022 Frija Note is unsecured. The balance of the January 2022B Frija Note as of June 30, 2022 was $100,001.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In January 2022, the Company received a $101,000 pursuant to a promissory note in the principal amount of $100,001 (the “January 2022C Frija Note”) to Kevin Frija, the Company’s Chief Executive Officer, President, principal financial officer, principal accounting officer and Chairman of the Board, and a significant unitholder of the Company. The principal amount due under the January 2022C Frija Note bears interest at the rate of 24% per annum, and permits Mr. Frija to deduct one ACH payment from the Company’s bank account in the amount of $500 per business day until the principal amount due and accrued interest is repaid. Any unpaid principal amount and any accrued interest is due in January 2023. The January 2022 Frija Note is unsecured. The balance of the January 2022C Frija Note as of June 30, 2022 was $100,001.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In March 2022, the Company received a $101,000 pursuant to a promissory note in the principal amount of $100,001 (the “March 2022 Frija Note”) to Kevin Frija, the Company’s Chief Executive Officer, President, principal financial officer, principal accounting officer and Chairman of the Board, and a significant unitholder of the Company. The principal amount due under the March 2022 Frija Note bears interest at the rate of 24% per annum, and permits Mr. Frija to deduct one ACH payment from the Company’s bank account in the amount of $500 per business day until the principal amount due and accrued interest is repaid. Any unpaid principal amount and any accrued interest is due in March 2023. The March 2022 Frija Note is unsecured. The balance of the March 2022 Frija Note as of June 30, 2022 was $100,001.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In April 2022, the Company received a $100,001 pursuant to a promissory note in the principal amount of $100,001 (the “April 2022 Frija Note”) to Kevin Frija, the Company’s Chief Executive Officer, President, principal financial officer, principal accounting officer and Chairman of the Board, and a significant unitholder of the Company. The principal amount due under the April 2022 Frija Note bears interest at the rate of 24% per annum, and permits Mr. Frija to deduct one ACH payment from the Company’s bank account in the amount of $500 per business day until the principal amount due and accrued interest is repaid. Any unpaid principal amount and any accrued interest is due on April 7, 2023. The April 2022 Frija Note is unsecured. The balance of the April 2022 Frija Note as of June 30, 2022 was $100,001.</p><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In April 2022, the Company received a 52,000 pursuant to a promissory note in the principal amount of $100,001 (the “June 2022 Frija Note”) to Kevin Frija, the Company’s Chief Executive Officer, President, principal financial officer, principal accounting officer and Chairman of the Board, and a significant unitholder of the Company. The principal amount due under the May 2022 Frija Note bears interest at the rate of 24% per annum, and permits Mr. Frija to deduct one ACH payment from the Company’s bank account in the amount of $500 per business day until the principal amount due and accrued interest is repaid. Any unpaid principal amount and any accrued interest is due in May 2023. The May 2022 Frija Note is unsecured. The balance of the May 2022 Frija Note as of June 30, 2022 was $52,000.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following is a summary of notes payable – related parties activity for the six months ended June 30, 2022:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%">Balance at December 31, 2021</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">670,492</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">New borrowings</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">492,005</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1.5pt">Repayments of principal</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(111,080</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 4pt">Balance at June 30, 2022</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">1,051,417</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Accounts Payable – Related Parties</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of June 30, 2022, accounts payable related parties of $159,520 included $41,219 due on a lease agreement with an affiliate of an officer, $109,936 of interest on related party loans to an officer, $3,487 for merchandise purchases from an affiliate of an officer and $4,878 of commissions due to an officer.</p> | ||
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Proceeds From Issuance Of Secured Debt
ProceedsFromIssuanceOfSecuredDebt
|
100001 | usd |
CY2021Q4 | us-gaap |
Notes Payable Related Parties Current And Noncurrent
NotesPayableRelatedPartiesCurrentAndNoncurrent
|
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CY2022Q2 | us-gaap |
Other Short Term Borrowings
OtherShortTermBorrowings
|
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us-gaap |
Repayments Of Other Debt
RepaymentsOfOtherDebt
|
111080 | usd | |
CY2022Q2 | us-gaap |
Notes Payable Related Parties Current And Noncurrent
NotesPayableRelatedPartiesCurrentAndNoncurrent
|
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CY2022Q2 | us-gaap |
Accounts Payable Related Parties Current And Noncurrent
AccountsPayableRelatedPartiesCurrentAndNoncurrent
|
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Due On Lease Agreement
DueOnLeaseAgreement
|
41219 | usd |
us-gaap |
Interest Expense Other
InterestExpenseOther
|
109936 | usd | |
CY2022Q2 | us-gaap |
Retail Related Inventory Merchandise
RetailRelatedInventoryMerchandise
|
3487 | usd |
us-gaap |
Labor And Related Expense
LaborAndRelatedExpense
|
4878 | usd | |
CY2021Q4 | vprb |
Convertible Note Payable Current
ConvertibleNotePayableCurrent
|
200000 | usd |
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Monthly Basis Rate
MonthlyBasisRate
|
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Aggregate Purchase Price
AggregatePurchasePrice
|
5000000 | usd |
vprb |
Weighted Average Price
WeightedAveragePrice
|
0.85 | pure | |
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Put Notice Aggregarte Value
PutNoticeAggregarteValue
|
25000 | usd |
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Percentage Of Average Daily Trading Value
PercentageOfAverageDailyTradingValue
|
1.50 | pure |
us-gaap |
Debt Instrument Convertible Threshold Trading Days
DebtInstrumentConvertibleThresholdTradingDays
|
5 | pure | |
vprb |
Percentage Of Issued And Outstanding Shares
PercentageOfIssuedAndOutstandingShares
|
0.0499 | pure | |
vprb |
Subsequent Financing
SubsequentFinancing
|
0.50 | pure | |
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Monthly Rent Increased
MonthlyRentIncreased
|
15500 | usd |
us-gaap |
Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
|
378426 | usd | |
CY2022Q2 | us-gaap |
Finance Lease Right Of Use Asset Accumulated Amortization
FinanceLeaseRightOfUseAssetAccumulatedAmortization
|
109993 | usd |
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Operating Leases Future Minimum Payment Due Current
OperatingLeasesFutureMinimumPaymentDueCurrent
|
35650 | usd |
CY2022Q2 | vprb |
Operating Leases Future Minimum Payment Due In Three Years
OperatingLeasesFutureMinimumPaymentDueInThreeYears
|
41475 | usd |
CY2022Q2 | vprb |
Operating Leases Future Minimum Payment Due In Four Years
OperatingLeasesFutureMinimumPaymentDueInFourYears
|
43549 | usd |
CY2022Q2 | vprb |
Operating Leases Future Minimum Payment Due In Five Years
OperatingLeasesFutureMinimumPaymentDueInFiveYears
|
45727 | usd |
CY2022Q2 | vprb |
Operating Leases Future Minimum Payment Due In Six Years
OperatingLeasesFutureMinimumPaymentDueInSixYears
|
48013 | usd |
CY2022Q2 | vprb |
Operating Leases Future Minimum Payment Due Thereafter
OperatingLeasesFutureMinimumPaymentDueThereafter
|
20410 | usd |
CY2022Q2 | vprb |
Operating Leases Future Minimum Payment Due
OperatingLeasesFutureMinimumPaymentDue
|
234824 | usd |
vprb |
Amortized Operating Lease Right To Use Asset
AmortizedOperatingLeaseRightToUseAsset
|
57428 | usd | |
vprb |
Amortized Operating Lease Right To Use Asset
AmortizedOperatingLeaseRightToUseAsset
|
36865 | usd | |
vprb |
Rent Expense
RentExpense
|
111248 | usd | |
vprb |
Rent Expense
RentExpense
|
65838 | usd | |
us-gaap |
Increase Decrease In Accounts Payable Related Parties
IncreaseDecreaseInAccountsPayableRelatedParties
|
41219 | usd | |
CY2021Q2 | us-gaap |
Other Income
OtherIncome
|
usd | |
vprb |
Payments Of Lease Security Deposits
PaymentsOfLeaseSecurityDeposits
|
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Payments Of Debt Extinguishment Costs
PaymentsOfDebtExtinguishmentCosts
|
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Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
|
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Gain Loss On Termination Of Lease
GainLossOnTerminationOfLease
|
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Increase Decrease In Customer Deposits
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|
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Increase Decrease In Security Deposits
IncreaseDecreaseInSecurityDeposits
|
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us-gaap |
Increase Decrease In Security Deposits
IncreaseDecreaseInSecurityDeposits
|
usd | ||
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Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
|
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us-gaap |
Proceeds From Issuance Of Other Long Term Debt
ProceedsFromIssuanceOfOtherLongTermDebt
|
usd | ||
CY2020Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
usd | |
us-gaap |
Income Taxes Paid Net
IncomeTaxesPaidNet
|
usd | ||
us-gaap |
Right Of Use Asset Obtained In Exchange For Finance Lease Liability
RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability
|
usd | ||
us-gaap |
Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
|
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dei |
Amendment Flag
AmendmentFlag
|
false | ||
dei |
Current Fiscal Year End Date
CurrentFiscalYearEndDate
|
--12-31 | ||
dei |
Document Fiscal Period Focus
DocumentFiscalPeriodFocus
|
Q2 | ||
dei |
Entity Central Index Key
EntityCentralIndexKey
|
0001376231 |