2023 Q1 Form 10-Q Financial Statement
#000121390023040914 Filed on May 17, 2023
Income Statement
Concept | 2023 Q1 | 2022 Q4 | 2022 Q1 |
---|---|---|---|
Revenue | $3.081M | $1.721M | $1.055M |
YoY Change | 191.98% | 6.89% | -15.72% |
Cost Of Revenue | $2.557M | $1.294M | $629.1K |
YoY Change | 306.5% | -3.89% | -11.45% |
Gross Profit | $523.7K | $426.2K | $426.1K |
YoY Change | 22.9% | 62.2% | -21.32% |
Gross Profit Margin | 17.0% | 24.77% | 40.38% |
Selling, General & Admin | $404.7K | $441.5K | $515.4K |
YoY Change | -21.49% | -1.56% | -4.18% |
% of Gross Profit | 77.28% | 103.59% | 120.96% |
Research & Development | |||
YoY Change | |||
% of Gross Profit | |||
Depreciation & Amortization | |||
YoY Change | |||
% of Gross Profit | |||
Operating Expenses | $404.7K | $441.5K | $515.4K |
YoY Change | -21.49% | -1.56% | -4.18% |
Operating Profit | $119.0K | -$15.31K | -$89.33K |
YoY Change | -233.22% | -91.76% | -2540.71% |
Interest Expense | $10.04K | -$58.56K | -$28.16K |
YoY Change | -135.67% | -145.97% | -73.26% |
% of Operating Profit | 8.44% | ||
Other Income/Expense, Net | -$93.69K | -$1.810K | -$29.75K |
YoY Change | 214.94% | -98.58% | |
Pretax Income | $25.31K | -$75.67K | -$147.2K |
YoY Change | -117.19% | -707.79% | 44.85% |
Income Tax | |||
% Of Pretax Income | |||
Net Earnings | $25.31K | -$75.67K | -$147.2K |
YoY Change | -117.19% | -707.79% | 44.85% |
Net Earnings / Revenue | 0.82% | -4.4% | -13.95% |
Basic Earnings Per Share | $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 | 85.98M shares |
Balance Sheet
Concept | 2023 Q1 | 2022 Q4 | 2022 Q1 |
---|---|---|---|
SHORT-TERM ASSETS | |||
Cash & Short-Term Investments | $103.4K | $22.42K | $6.080K |
YoY Change | 1600.99% | 765.64% | 4.65% |
Cash & Equivalents | $103.4K | $22.42K | $6.083K |
Short-Term Investments | |||
Other Short-Term Assets | $158.4K | $636.1K | $79.87K |
YoY Change | 98.28% | 630.21% | -73.99% |
Inventory | $620.5K | $474.9K | $595.8K |
Prepaid Expenses | |||
Receivables | $380.0K | $355.3K | $163.3K |
Other Receivables | $0.00 | $0.00 | $0.00 |
Total Short-Term Assets | $1.262M | $1.489M | $845.0K |
YoY Change | 49.38% | 43.04% | 13.39% |
LONG-TERM ASSETS | |||
Property, Plant & Equipment | $137.8K | $143.9K | $296.3K |
YoY Change | -53.5% | -32.79% | 8.54% |
Goodwill | |||
YoY Change | |||
Intangibles | $0.00 | ||
YoY Change | |||
Long-Term Investments | |||
YoY Change | |||
Other Assets | |||
YoY Change | |||
Total Long-Term Assets | $137.8K | $143.9K | $296.3K |
YoY Change | -53.5% | -32.8% | 8.54% |
TOTAL ASSETS | |||
Total Short-Term Assets | $1.262M | $1.489M | $845.0K |
Total Long-Term Assets | $137.8K | $143.9K | $296.3K |
Total Assets | $1.400M | $1.633M | $1.141M |
YoY Change | 22.67% | 30.11% | 12.09% |
SHORT-TERM LIABILITIES | |||
YoY Change | |||
Accounts Payable | $291.0K | $488.4K | $87.16K |
YoY Change | 233.85% | 354.67% | 9.66% |
Accrued Expenses | $236.4K | $22.35K | $110.3K |
YoY Change | 114.27% | -83.25% | 77.09% |
Deferred Revenue | $458.3K | ||
YoY Change | |||
Short-Term Debt | $2.043M | $2.342M | $2.262M |
YoY Change | -9.68% | 10.07% | 13.74% |
Long-Term Debt Due | |||
YoY Change | |||
Total Short-Term Liabilities | $3.067M | $3.427M | $2.800M |
YoY Change | 9.53% | 19.18% | 9.9% |
LONG-TERM LIABILITIES | |||
Long-Term Debt | $508.9K | $399.9K | $350.0K |
YoY Change | 45.42% | 14.27% | -36.79% |
Other Long-Term Liabilities | $3.067M | $3.427M | $253.5K |
YoY Change | 1109.97% | 2279.47% | -2.71% |
Total Long-Term Liabilities | $3.067M | $3.951M | $603.4K |
YoY Change | 408.22% | 699.82% | -25.88% |
TOTAL LIABILITIES | |||
Total Short-Term Liabilities | $3.067M | $3.427M | $2.800M |
Total Long-Term Liabilities | $3.067M | $3.951M | $603.4K |
Total Liabilities | $3.693M | $3.951M | $3.403M |
YoY Change | 8.52% | 17.26% | 1.24% |
SHAREHOLDERS EQUITY | |||
Retained Earnings | -$10.39M | -$10.42M | |
YoY Change | 1.99% | ||
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 | -$2.293M | -$2.318M | -$2.262M |
YoY Change | |||
Total Liabilities & Shareholders Equity | $1.400M | $1.633M | $1.141M |
YoY Change | 22.67% | 30.11% | 12.09% |
Cashflow Statement
Concept | 2023 Q1 | 2022 Q4 | 2022 Q1 |
---|---|---|---|
OPERATING ACTIVITIES | |||
Net Income | $25.31K | -$75.67K | -$147.2K |
YoY Change | -117.19% | -707.79% | 44.85% |
Depreciation, Depletion And Amortization | |||
YoY Change | |||
Cash From Operating Activities | $281.5K | $1.890K | -$130.3K |
YoY Change | -316.14% | -104.51% | -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 | -$200.5K | 17.07K | 133.7K |
YoY Change | -249.94% | -53.46% | -7.16% |
NET CHANGE | |||
Cash From Operating Activities | $281.5K | 1.890K | -130.3K |
Cash From Investing Activities | |||
Cash From Financing Activities | -$200.5K | 17.07K | 133.7K |
Net Change In Cash | $81.00K | 18.96K | 3.490K |
YoY Change | 2220.83% | -459.77% | -39.83% |
FREE CASH FLOW | |||
Cash From Operating Activities | $281.5K | $1.890K | -$130.3K |
Capital Expenditures | |||
Free Cash Flow | |||
YoY Change |
Facts In Submission
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|
-83750 | usd |
CY2023Q1 | us-gaap |
Repayments Of Notes Payable
RepaymentsOfNotesPayable
|
78589 | usd |
CY2022Q1 | us-gaap |
Repayments Of Notes Payable
RepaymentsOfNotesPayable
|
78182 | usd |
CY2023Q1 | us-gaap |
Payments Of Debt Extinguishment Costs
PaymentsOfDebtExtinguishmentCosts
|
69529 | usd |
CY2022Q1 | us-gaap |
Payments Of Debt Extinguishment Costs
PaymentsOfDebtExtinguishmentCosts
|
17000 | usd |
CY2023Q1 | us-gaap |
Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
|
42338 | usd |
CY2022Q1 | us-gaap |
Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
|
111080 | usd |
CY2023Q1 | us-gaap |
Finance Lease Principal Payments
FinanceLeasePrincipalPayments
|
10075 | usd |
CY2022Q1 | us-gaap |
Finance Lease Principal Payments
FinanceLeasePrincipalPayments
|
46500 | usd |
CY2022Q1 | us-gaap |
Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
|
340004 | usd |
CY2023Q1 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
-200531 | usd |
CY2022Q1 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
144052 | usd |
CY2023Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
|
80997 | usd |
CY2022Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
|
3493 | usd |
CY2022Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
22421 | usd |
CY2021Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
2590 | usd |
CY2023Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
103418 | usd |
CY2022Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
6083 | usd |
CY2023Q1 | us-gaap |
Interest Paid Net
InterestPaidNet
|
101145 | usd |
CY2022Q1 | us-gaap |
Interest Paid Net
InterestPaidNet
|
113160 | usd |
CY2022Q1 | us-gaap |
Right Of Use Asset Obtained In Exchange For Finance Lease Liability
RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability
|
109993 | usd |
CY2023Q1 | 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 (“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"><b><i> </i></b></p> | |
CY2022Q4 | us-gaap |
Accounts And Other Receivables Net Current
AccountsAndOtherReceivablesNetCurrent
|
355280 | usd |
CY2023Q1 | vprb |
Company Revenues Percentage
CompanyRevenuesPercentage
|
1 | pure |
CY2023Q1 | us-gaap |
Accounts And Other Receivables Net Current
AccountsAndOtherReceivablesNetCurrent
|
379950 | usd |
CY2023Q1 | us-gaap |
Deposit Contracts Liabilities
DepositContractsLiabilities
|
458333 | usd |
CY2023Q1 | us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
7412194 | shares |
CY2022Q1 | us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
10419733 | shares |
CY2023Q1 | us-gaap |
Profit Loss
ProfitLoss
|
25314 | usd |
CY2023Q1 | us-gaap |
Retained Earnings Appropriated
RetainedEarningsAppropriated
|
10393382 | usd |
CY2023Q1 | vprb |
Working Capital Deficit
WorkingCapitalDeficit
|
1804398 | usd |
CY2022Q4 | us-gaap |
Proceeds From Interest Received
ProceedsFromInterestReceived
|
250000 | usd |
CY2022Q4 | us-gaap |
Amount Of Impairment To Carrying Amount Of Regulatory Assets
AmountOfImpairmentToCarryingAmountOfRegulatoryAssets
|
1140 | usd |
CY2022Q2 | us-gaap |
Investment Owned Balance Principal Amount
InvestmentOwnedBalancePrincipalAmount
|
250000 | usd |
CY2022Q2 | us-gaap |
Accounts Payable Interest Bearing Interest Rate
AccountsPayableInterestBearingInterestRate
|
0.18 | pure |
CY2023Q1 | us-gaap |
Notes And Loans Payable Current
NotesAndLoansPayableCurrent
|
250000 | usd |
CY2022Q4 | us-gaap |
Notes And Loans Payable Current
NotesAndLoansPayableCurrent
|
250000 | usd |
CY2022Q4 | us-gaap |
Other Notes Payable
OtherNotesPayable
|
834960 | usd |
CY2023Q1 | us-gaap |
Proceeds From Repayments Of Notes Payable
ProceedsFromRepaymentsOfNotesPayable
|
78589 | usd |
CY2023Q1 | us-gaap |
Other Notes Payable
OtherNotesPayable
|
756371 | usd |
CY2023Q1 | us-gaap |
Notes Payable Current
NotesPayableCurrent
|
247467 | usd |
CY2023Q1 | us-gaap |
Convertible Notes Payable Current
ConvertibleNotesPayableCurrent
|
508904 | usd |
CY2023Q1 | vprb |
Notes And Accounts Payable Related Parties
NotesAndAccountsPayableRelatedParties
|
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>NOTE 5: NOTES AND ACCOUNTS PAYABLE – RELATED PARTIES</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">On February 25, 2021, the Company received $75,000 pursuant to a promissory note in the principal amount of $100,001 issued in May 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 March 31, 2023 and December 31, 2022 was $1,211 and $43,550, 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 May and June 2021, the Company received $100,001 pursuant to a promissory note in the principal amount of $100,001 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 March 31, 2023 and December 31, 2022 was $68,760.</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 $100,001 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 March 31, 2023 and December 31, 2022 was $87,099.</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 on November 2, 2021. The November 2021 Frija Note is unsecured. The balance of the November 2021 Frija Note as of March 31, 2023 and December 31, 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 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 on November 2, 2021. The November 2021 2nd Frija Note is unsecured. The balance of the November 2021 2<sup>nd</sup> Frija Note as of March 31, 2023 and December 31, 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">On December 8, 2021, the Company issued a promissory note in the principal amount of $100,001 (the “December 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 December 2021 Note bears interest at the rate of 24% per annum, and the December 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 December 8, 2022. The December 2021 Note is unsecured. The balance of the December 2021 Note as of March 31, 2023 and December 31, 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 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 March 31, 2023 and December 31, 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 $100,001 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 2022B Frija Note is unsecured. The balance of the January 2022B Frija Note as of March 31, 2023 and December 31, 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 January 2022, the Company received $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 2022C Frija Note is unsecured. The balance of the January 2022C Frija Note as of March 31, 2023 and December 31, 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 $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 March 31, 2023 and December 31, 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 $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 March 31, 2023 and December 31, 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 March 31, 2023 and December 31, 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 $1,000 and in October 2022 received $14,000 of advances 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 March 31, 2023 and December 31, 2022 was $15,000.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following is a summary of notes payable – related parties activity for the three months ended March 31, 2023:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%">Balance at December 31, 2022</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,114,418</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <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">(42,338</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 4pt">Balance at March 31, 2023</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">1,072,080</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: 0; text-align: justify"><i>Accounts Payable - Related Party</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">As of March 31, 2023, accounts payable - related party of $220,386 includes $212,709 of interest on related party loans and $7,677 of other accounts payable due to an officer and a related party. As of December 31, 2022, accounts payable - related party of $237,049 includes $205,259 of interest on related party loans and $31,790 of other accounts payable due to an officer and a related party.</span> </p> | |
CY2022Q4 | us-gaap |
Other Notes Payable Current
OtherNotesPayableCurrent
|
1114418 | usd |
CY2023Q1 | us-gaap |
Repayments Of Other Debt
RepaymentsOfOtherDebt
|
42338 | usd |
CY2023Q1 | us-gaap |
Other Notes Payable Current
OtherNotesPayableCurrent
|
1072080 | usd |
CY2023Q1 | us-gaap |
Increase Decrease In Accounts Payable Related Parties
IncreaseDecreaseInAccountsPayableRelatedParties
|
220386 | usd |
CY2023Q1 | vprb |
Due On Lease Agreement
DueOnLeaseAgreement
|
212709 | usd |
CY2023Q1 | vprb |
Interest Related Party
InterestRelatedParty
|
7677 | usd |
CY2022 | us-gaap |
Increase Decrease In Accounts Payable Related Parties
IncreaseDecreaseInAccountsPayableRelatedParties
|
237049 | usd |
CY2022Q4 | vprb |
Due On Lease Agreement
DueOnLeaseAgreement
|
205259 | usd |
CY2022Q4 | vprb |
Interest Related Party
InterestRelatedParty
|
31790 | usd |
CY2023Q1 | us-gaap |
Shares Issued Price Per Share
SharesIssuedPricePerShare
|
0.1 | |
CY2022Q1 | us-gaap |
Debt Instrument Annual Principal Payment
DebtInstrumentAnnualPrincipalPayment
|
1860 | usd |
CY2022Q1 | vprb |
Annual Interest Rate Percentage
AnnualInterestRatePercentage
|
0.264 | pure |
CY2023Q1 | us-gaap |
Interest Expense
InterestExpense
|
10044 | usd |
CY2022Q1 | us-gaap |
Interest Expense
InterestExpense
|
13038 | usd |
CY2022Q1 | us-gaap |
Other Notes Payable
OtherNotesPayable
|
1860 | usd |
CY2023Q1 | vprb |
Annual Interest Rate Percentage
AnnualInterestRatePercentage
|
0.264 | pure |
CY2023Q1 | us-gaap |
Notes And Loans Payable
NotesAndLoansPayable
|
144396 | usd |
CY2022Q4 | us-gaap |
Common Stock Shares Issued
CommonStockSharesIssued
|
578723 | shares |
CY2022Q4 | us-gaap |
Common Stock Shares Outstanding
CommonStockSharesOutstanding
|
578723 | shares |
CY2023Q1 | vprb |
Beneficial Ownership Percentage
BeneficialOwnershipPercentage
|
0.0499 | pure |
CY2020Q1 | vprb |
Aggregate Purchase Price
AggregatePurchasePrice
|
5000000 | usd |
CY2023Q1 | vprb |
Weighted Average Price
WeightedAveragePrice
|
0.85 | pure |
CY2023Q1 | vprb |
Put Notice Aggregarte Value
PutNoticeAggregarteValue
|
25000 | usd |
CY2023Q1 | vprb |
Percentage Of Average Daily Trading Value
PercentageOfAverageDailyTradingValue
|
1.50 | pure |
CY2023Q1 | us-gaap |
Debt Instrument Convertible Threshold Trading Days
DebtInstrumentConvertibleThresholdTradingDays
|
5 | pure |
CY2023Q1 | vprb |
Percentage Of Issued And Outstanding Shares
PercentageOfIssuedAndOutstandingShares
|
0.0499 | pure |
CY2023Q1 | vprb |
Subsequent Financing
SubsequentFinancing
|
0.50 | pure |
CY2022Q1 | vprb |
Monthly Rent Increased
MonthlyRentIncreased
|
15500 | usd |
CY2023Q1 | us-gaap |
Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
|
378426 | usd |
CY2023Q1 | us-gaap |
Finance Lease Right Of Use Asset Accumulated Amortization
FinanceLeaseRightOfUseAssetAccumulatedAmortization
|
109993 | usd |
CY2023Q1 | us-gaap |
Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
|
31400 | usd |
CY2023Q1 | us-gaap |
Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
|
43549 | usd |
CY2023Q1 | us-gaap |
Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
|
45727 | usd |
CY2023Q1 | us-gaap |
Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
|
48013 | usd |
CY2023Q1 | us-gaap |
Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
|
20410 | usd |
CY2023Q1 | us-gaap |
Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
|
189099 | usd |
CY2023Q1 | vprb |
Amortized Operating Lease Right To Use Asset
AmortizedOperatingLeaseRightToUseAsset
|
6072 | usd |
CY2022Q1 | vprb |
Amortized Operating Lease Right To Use Asset
AmortizedOperatingLeaseRightToUseAsset
|
27776 | usd |
CY2023Q1 | vprb |
Rent Expense
RentExpense
|
16701 | usd |
CY2022Q1 | vprb |
Rent Expense
RentExpense
|
53578 | usd |
CY2023Q1 | vprb |
Customer Concentration Percentage
CustomerConcentrationPercentage
|
0.72 | pure |
CY2022Q1 | vprb |
Customer Concentration Percentage
CustomerConcentrationPercentage
|
0.44 | pure |
CY2023Q1 | vprb |
Accounts Receivable Related Partie
AccountsReceivableRelatedPartie
|
218600 | usd |
CY2022Q1 | vprb |
Accounts Receivable Related Partie
AccountsReceivableRelatedPartie
|
178796 | usd |
CY2023Q1 | dei |
Entity Registrant Name
EntityRegistrantName
|
VPR Brands, LP. | |
CY2023Q1 | dei |
Security Exchange Name
SecurityExchangeName
|
NONE | |
CY2022Q4 | us-gaap |
Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
|
usd | |
CY2022Q1 | vprb |
Royalty Revenue
RoyaltyRevenue
|
usd | |
CY2023Q1 | vprb |
Settlement Income
SettlementIncome
|
usd | |
CY2022Q1 | us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
||
CY2022Q1 | us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
||
CY2022Q1 | us-gaap |
Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
|
usd | |
CY2022Q1 | us-gaap |
Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
|
usd | |
CY2023Q1 | us-gaap |
Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
|
usd | |
CY2023Q1 | us-gaap |
Income Taxes Paid Net
IncomeTaxesPaidNet
|
usd | |
CY2022Q1 | us-gaap |
Income Taxes Paid Net
IncomeTaxesPaidNet
|
usd | |
CY2023Q1 | us-gaap |
Right Of Use Asset Obtained In Exchange For Finance Lease Liability
RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability
|
usd | |
CY2022Q4 | us-gaap |
Deposit Contracts Liabilities
DepositContractsLiabilities
|
usd | |
CY2023Q1 | dei |
Amendment Flag
AmendmentFlag
|
false | |
CY2023Q1 | dei |
Current Fiscal Year End Date
CurrentFiscalYearEndDate
|
--12-31 | |
CY2023Q1 | dei |
Document Fiscal Period Focus
DocumentFiscalPeriodFocus
|
Q1 | |
CY2023Q1 | dei |
Entity Central Index Key
EntityCentralIndexKey
|
0001376231 |