2022 Q4 Form 10-Q Financial Statement

#000121390022072191 Filed on November 14, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3 2021 Q3
Revenue $1.721M $1.231M $1.651M
YoY Change 6.89% -25.45% 66.2%
Cost Of Revenue $1.294M $813.3K $1.114M
YoY Change -3.89% -27.01% 98.24%
Gross Profit $426.2K $417.8K $537.0K
YoY Change 62.2% -22.2% 24.47%
Gross Profit Margin 24.77% 33.94% 32.52%
Selling, General & Admin $441.5K $410.8K $489.1K
YoY Change -1.56% -16.0% 24.38%
% of Gross Profit 103.59% 98.33% 91.07%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $441.5K $410.8K $489.1K
YoY Change -1.56% -16.0% 24.38%
Operating Profit -$15.31K $6.995K $47.96K
YoY Change -91.76% -85.41% 25.35%
Interest Expense -$58.56K -$62.01K -$96.37K
YoY Change -145.97% -35.65% -31.61%
% of Operating Profit -886.49% -200.94%
Other Income/Expense, Net -$1.810K -$61.52K -$96.37K
YoY Change -98.58% -36.16%
Pretax Income -$75.67K -$54.52K -$48.41K
YoY Change -707.79% 12.62% -52.84%
Income Tax
% Of Pretax Income
Net Earnings -$75.67K -$54.52K -$48.41K
YoY Change -707.79% 12.61% -52.84%
Net Earnings / Revenue -4.4% -4.43% -2.93%
Basic Earnings Per Share $0.00
Diluted Earnings Per Share $0.00 $0.00 -$563.10
COMMON SHARES
Basic Shares Outstanding 88.80M shares 88.80M shares 85.98M shares
Diluted Shares Outstanding 88.80M shares 85.98M shares

Balance Sheet

Concept 2022 Q4 2022 Q3 2021 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $22.42K $3.460K $7.860K
YoY Change 765.64% -55.98% -32.24%
Cash & Equivalents $22.42K $3.463K $7.858K
Short-Term Investments
Other Short-Term Assets $636.1K $180.9K $270.2K
YoY Change 630.21% -33.03% 285.97%
Inventory $474.9K $536.6K $442.1K
Prepaid Expenses
Receivables $355.3K $248.5K $276.6K
Other Receivables $0.00 $0.00 $5.913K
Total Short-Term Assets $1.489M $969.5K $996.7K
YoY Change 43.04% -2.73% 8492.41%
LONG-TERM ASSETS
Property, Plant & Equipment $143.9K $149.8K $235.9K
YoY Change -32.79% -36.52% -23.91%
Goodwill
YoY Change
Intangibles $0.00
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $143.9K $149.8K $235.9K
YoY Change -32.8% -36.52% -74.59%
TOTAL ASSETS
Total Short-Term Assets $1.489M $969.5K $996.7K
Total Long-Term Assets $143.9K $149.8K $235.9K
Total Assets $1.633M $1.119M $1.233M
YoY Change 30.11% -9.2% 31.13%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $488.4K $197.6K $105.3K
YoY Change 354.67% 87.59% -74.31%
Accrued Expenses $22.35K $21.10K $66.10K
YoY Change -83.25% -68.08% 10.17%
Deferred Revenue
YoY Change
Short-Term Debt $2.342M $2.193M $2.091M
YoY Change 10.07% 4.87% 1.51%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $3.427M $2.832M $2.579M
YoY Change 19.18% 9.82% 51477.0%
LONG-TERM LIABILITIES
Long-Term Debt $399.9K $399.9K $553.6K
YoY Change 14.27% -27.77% 53.78%
Other Long-Term Liabilities $3.427M $130.1K $227.4K
YoY Change 2279.47% -42.8% -21.59%
Total Long-Term Liabilities $3.951M $530.0K $781.0K
YoY Change 699.82% -32.14% 20.16%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.427M $2.832M $2.579M
Total Long-Term Liabilities $3.951M $530.0K $781.0K
Total Liabilities $3.951M $3.362M $3.360M
YoY Change 17.26% 0.07% 5.32%
SHAREHOLDERS EQUITY
Retained Earnings -$10.42M -$10.34M -$10.23M
YoY Change 1.99% 1.13%
Common Stock $8.065M $8.065M
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$2.318M -$2.243M -$2.127M
YoY Change
Total Liabilities & Shareholders Equity $1.633M $1.119M $1.233M
YoY Change 30.11% -9.2% 31.13%

Cashflow Statement

Concept 2022 Q4 2022 Q3 2021 Q3
OPERATING ACTIVITIES
Net Income -$75.67K -$54.52K -$48.41K
YoY Change -707.79% 12.61% -52.84%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities $1.890K $55.09K -$186.7K
YoY Change -104.51% -129.5% 221.02%
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 17.07K -57.13K 177.8K
YoY Change -53.46% -132.14% -313.58%
NET CHANGE
Cash From Operating Activities 1.890K 55.09K -186.7K
Cash From Investing Activities
Cash From Financing Activities 17.07K -57.13K 177.8K
Net Change In Cash 18.96K -2.040K -8.980K
YoY Change -459.77% -77.28% -93.65%
FREE CASH FLOW
Cash From Operating Activities $1.890K $55.09K -$186.7K
Capital Expenditures
Free Cash Flow
YoY Change

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<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"> </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"><b><i>Use of Estimates</i></b></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">The preparation of financial statements in conformity with generally accepted accounting principles generally accepted in the United States of America 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"> </p>
us-gaap Regulatory Asset Amortization Period
RegulatoryAssetAmortizationPeriod
P1Y
vprb Company Revenues Percentage
CompanyRevenuesPercentage
1 pure
CY2022Q3 vprb Company Revenues Percentage
CompanyRevenuesPercentage
1 pure
CY2021Q3 vprb Company Revenues Percentage
CompanyRevenuesPercentage
1 pure
vprb Company Revenues Percentage
CompanyRevenuesPercentage
1 pure
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
8607440 shares
CY2022Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
8607440 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
10542704 shares
CY2021Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
10542704 shares
us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
85975911 shares
vprb Net Income Basicin Dollars Per Share
NetIncomeBasicinDollarsPerShare
114721 usd
vprb Weighted Average Shares Convertible Debt
WeightedAverageSharesConvertibleDebt
373382 shares
vprb Net Income Convertible Debt
NetIncomeConvertibleDebt
1125 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 nine months ended September 30, 2022, 35% and 38%, respectively, of the Company’s net revenues were generated from two customers. Accounts receivable due from these customers as of September 30, 2022 totaled $94,449. During the three and nine months ended September 30, 2021, 36% and 29%, respectively, of the Company’s net revenues were generated from three customers. Accounts receivable due from these customers as of September 30, 2021 totaled $179,405.</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
94449 usd
us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
179405 usd
us-gaap Profit Loss
ProfitLoss
-128029 usd
CY2022Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-10343028 usd
CY2022Q3 vprb Workings Capital Deficit
WorkingsCapitalDeficit
1862609 usd
CY2019Q3 us-gaap Intercompany Agreements Description
IntercompanyAgreementsDescription
On September 24, 2019, 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 September 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
CY2022Q3 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
225485 usd
CY2022Q3 us-gaap Other Notes Payable
OtherNotesPayable
631768 usd
CY2022Q3 us-gaap Notes Payable Current
NotesPayableCurrent
231868 usd
CY2022Q3 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 September 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 September 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 September 30, 2022 and December 31, 2021 was $43,550 and $89,920.</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">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 September 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 $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 September 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 $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 September 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 $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 September 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 $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 September 30, 2022 and December 31, 2021 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 December 2021, the Company received $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 September 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 September 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 September 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 September 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 September 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 $52,000 and in September 2022 received $48,001 of advances 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 September 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 September 2022, the Company received a $1,000 pursuant to a promissory note in the principal amount of $100,001 (the “September 2022 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 stockholder of the Company. The principal amount due under the September 2022 Note bears interest at the rate of 24% per annum, and the September 2022 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 September 20, 2023. The September 2022 Note is unsecured. The balance of the September 2022 Note as of September 30, 2022 was $1,000.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following is a summary of notes payable – related parties activity for the nine months ended September 30, 2022:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%">Balance at December 31, 2021</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</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">541,006</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>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> </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">1,100,418</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table><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"><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 September 30, 2022, accounts payable related parties of $197,606 included $21,939 due on a lease agreement with an affiliate of an officer, $165,678 of interest on related party loans to an officer, $3,289 for merchandise purchases from an affiliate of an officer and $6,700 of commissions due to an officer.</p>
CY2022Q2 us-gaap Proceeds From Issuance Of Secured Debt
ProceedsFromIssuanceOfSecuredDebt
100001 usd
CY2021Q4 us-gaap Notes Payable Related Parties Current And Noncurrent
NotesPayableRelatedPartiesCurrentAndNoncurrent
670492 usd
CY2022Q3 us-gaap Other Short Term Borrowings
OtherShortTermBorrowings
541006 usd
us-gaap Repayments Of Other Debt
RepaymentsOfOtherDebt
111080 usd
CY2022Q3 us-gaap Notes Payable Related Parties Current And Noncurrent
NotesPayableRelatedPartiesCurrentAndNoncurrent
1100418 usd
CY2022Q3 us-gaap Accounts Payable Related Parties Current And Noncurrent
AccountsPayableRelatedPartiesCurrentAndNoncurrent
197606 usd
CY2022Q3 vprb Due On Lease Agreement
DueOnLeaseAgreement
21939 usd
us-gaap Interest Expense Other
InterestExpenseOther
165678 usd
CY2022Q3 us-gaap Retail Related Inventory Merchandise
RetailRelatedInventoryMerchandise
3289 usd
us-gaap Labor And Related Expense
LaborAndRelatedExpense
6700 usd
CY2021Q4 vprb Convertible Note Payable Current
ConvertibleNotePayableCurrent
200000 usd
CY2022Q3 vprb Monthly Basis Rate
MonthlyBasisRate
0.0499 pure
CY2020Q1 vprb Aggregate Purchase Price
AggregatePurchasePrice
5000000 usd
vprb Weighted Average Price
WeightedAveragePrice
0.85 pure
CY2022Q3 vprb Put Notice Aggregarte Value
PutNoticeAggregarteValue
25000 usd
CY2022Q3 vprb 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
CY2019Q4 vprb Monthly Rent Increased
MonthlyRentIncreased
15500 usd
us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
378426 usd
CY2022Q3 us-gaap Finance Lease Right Of Use Asset Accumulated Amortization
FinanceLeaseRightOfUseAssetAccumulatedAmortization
109993 usd
CY2022Q3 vprb Operating Leases Future Minimum Payment Due Current
OperatingLeasesFutureMinimumPaymentDueCurrent
10075 usd
CY2022Q3 vprb Operating Leases Future Minimum Payment Due In Three Years
OperatingLeasesFutureMinimumPaymentDueInThreeYears
41475 usd
CY2022Q3 vprb Operating Leases Future Minimum Payment Due In Four Years
OperatingLeasesFutureMinimumPaymentDueInFourYears
43549 usd
CY2022Q3 vprb Operating Leases Future Minimum Payment Due In Five Years
OperatingLeasesFutureMinimumPaymentDueInFiveYears
45727 usd
CY2022Q3 vprb Operating Leases Future Minimum Payment Due In Six Years
OperatingLeasesFutureMinimumPaymentDueInSixYears
48013 usd
CY2022Q3 vprb Operating Leases Future Minimum Payment Due Thereafter
OperatingLeasesFutureMinimumPaymentDueThereafter
20410 usd
CY2022Q3 vprb Operating Leases Future Minimum Payment Due
OperatingLeasesFutureMinimumPaymentDue
209249 usd
vprb Amortized Operating Lease Right To Use Asset
AmortizedOperatingLeaseRightToUseAsset
63162 usd
vprb Amortized Operating Lease Right To Use Asset
AmortizedOperatingLeaseRightToUseAsset
55400 usd
vprb Rent Expense
RentExpense
127866 usd
vprb Rent Expense
RentExpense
99447 usd
us-gaap Increase Decrease In Accounts Payable Related Parties
IncreaseDecreaseInAccountsPayableRelatedParties
21939 usd
vprb Description Of Settlement Agreement
DescriptionOfSettlementAgreement
Pursuant to the terms of the Settlement Agreement, the Company and MONQ agreed to settle the Action, and MONQ agreed to pay the Company $275,000 by December 2023 comprised of six installments of $25,000, seven installments of $15,000 and two installments of $10,000.
CY2022Q3 us-gaap Interest Receivable
InterestReceivable
300000 usd
vprb Purchase Price
PurchasePrice
250000 usd
CY2021Q4 vprb Customer Deposits
CustomerDeposits
usd
CY2021Q3 us-gaap Other Income
OtherIncome
usd
us-gaap Other Income
OtherIncome
usd
CY2021Q3 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
usd
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
usd
CY2021Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
CY2021Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
usd
us-gaap Gain Loss On Termination Of Lease
GainLossOnTerminationOfLease
usd
us-gaap Payments Of Debt Extinguishment Costs
PaymentsOfDebtExtinguishmentCosts
usd
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
usd
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
dei Entity Central Index Key
EntityCentralIndexKey
0001376231

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0001213900-22-072191.txt Edgar Link pending
0001213900-22-072191-xbrl.zip Edgar Link pending
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f10q0922_vprbrandslp_htm.xml Edgar Link completed
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vprb-20220930.xsd Edgar Link pending
vprb-20220930_def.xml Edgar Link unprocessable
vprb-20220930_pre.xml Edgar Link unprocessable
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