2023 Q4 Form 10-Q Financial Statement

#000121390023086997 Filed on November 14, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue $1.323M $3.540M
YoY Change -23.12% 187.59%
Cost Of Revenue $1.031M $569.5K
YoY Change -20.34% -29.97%
Gross Profit $291.7K $2.971M
YoY Change -31.56% 611.07%
Gross Profit Margin 22.05% 83.91%
Selling, General & Admin $818.8K $530.0K
YoY Change 85.47% 29.01%
% of Gross Profit 280.73% 17.84%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $170.00
YoY Change
% of Gross Profit 0.06%
Operating Expenses $818.8K $533.7K
YoY Change 85.48% 29.91%
Operating Profit -$527.2K $2.437M
YoY Change 3343.17% 34742.04%
Interest Expense $427.5K $65.00K
YoY Change -829.94% -204.83%
% of Operating Profit 2.67%
Other Income/Expense, Net $6.160K $514.0K
YoY Change -440.33% -935.58%
Pretax Income -$92.25K $2.950M
YoY Change 21.91% -5510.86%
Income Tax $879.8K
% Of Pretax Income
Net Earnings -$972.1K $2.951M
YoY Change 1184.59% -5512.99%
Net Earnings / Revenue -73.48% 83.36%
Basic Earnings Per Share $0.03
Diluted Earnings Per Share -$0.01 $0.03
COMMON SHARES
Basic Shares Outstanding 88.80M shares 88.80M shares
Diluted Shares Outstanding 94.69M shares

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.767M $1.830M
YoY Change 7782.52% 52790.17%
Cash & Equivalents $1.767M $1.833M
Short-Term Investments
Other Short-Term Assets $286.2K $270.0K
YoY Change -55.01% 49.22%
Inventory $563.5K $533.1K
Prepaid Expenses
Receivables $426.1K $578.5K
Other Receivables $0.00 $106.1K
Total Short-Term Assets $3.043M $3.323M
YoY Change 104.41% 242.75%
LONG-TERM ASSETS
Property, Plant & Equipment $118.4K $120.0K
YoY Change -17.67% -19.87%
Goodwill
YoY Change
Intangibles $29.83K
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $148.3K $122.9K
YoY Change 3.08% -17.93%
TOTAL ASSETS
Total Short-Term Assets $3.043M $3.323M
Total Long-Term Assets $148.3K $122.9K
Total Assets $3.191M $3.446M
YoY Change 95.48% 207.87%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $254.6K $90.00K
YoY Change -47.86% -54.46%
Accrued Expenses $27.90K $110.0K
YoY Change 24.83% 421.33%
Deferred Revenue
YoY Change
Short-Term Debt $668.8K $1.120M
YoY Change -71.44% -48.93%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $2.084M $1.362M
YoY Change -39.2% -51.91%
LONG-TERM LIABILITIES
Long-Term Debt $397.2K $400.0K
YoY Change -0.67% 0.03%
Other Long-Term Liabilities $96.07K $100.0K
YoY Change -97.2% -23.12%
Total Long-Term Liabilities $493.3K $500.0K
YoY Change -87.51% -5.65%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.084M $1.362M
Total Long-Term Liabilities $493.3K $500.0K
Total Liabilities $2.577M $1.860M
YoY Change -34.78% -44.69%
SHAREHOLDERS EQUITY
Retained Earnings -$7.486M -$6.514M
YoY Change -28.15% -37.02%
Common Stock $8.065M $8.065M
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $614.3K $1.590M
YoY Change
Total Liabilities & Shareholders Equity $3.191M $3.446M
YoY Change 95.48% 207.87%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income -$972.1K $2.951M
YoY Change 1184.59% -5512.99%
Depreciation, Depletion And Amortization $170.00
YoY Change
Cash From Operating Activities $421.4K $1.770M
YoY Change 22194.18% 3112.92%
INVESTING ACTIVITIES
Capital Expenditures $30.00K
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$30.00K
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 -456.5K -660.0K
YoY Change -2774.4% 1055.26%
NET CHANGE
Cash From Operating Activities 421.4K 1.770M
Cash From Investing Activities -30.00K
Cash From Financing Activities -456.5K -660.0K
Net Change In Cash -65.16K 1.110M
YoY Change -443.67% -54511.76%
FREE CASH FLOW
Cash From Operating Activities $421.4K $1.770M
Capital Expenditures $30.00K
Free Cash Flow $391.4K
YoY Change

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<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; 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>
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CY2022Q3 us-gaap Revenue Remaining Performance Obligation Percentage
RevenueRemainingPerformanceObligationPercentage
1 pure
us-gaap Payments For Royalties
PaymentsForRoyalties
3000000 usd
CY2023Q1 vprb Gross Sales Percentage
GrossSalesPercentage
0.05 pure
vprb Minimum Royalty Payment
MinimumRoyaltyPayment
500000 usd
CY2023Q1 vprb Gross Sales Percentage
GrossSalesPercentage
0.05 pure
CY2023Q2 vprb Minimum Royalty Payment
MinimumRoyaltyPayment
250000 usd
CY2023Q3 us-gaap Prepaid Royalties
PrepaidRoyalties
3000000 usd
CY2022Q4 us-gaap Accounts Receivable Noncurrent Nonaccrual
AccountsReceivableNoncurrentNonaccrual
355280 usd
CY2023Q3 us-gaap Accounts Receivable Noncurrent Nonaccrual
AccountsReceivableNoncurrentNonaccrual
578461 usd
CY2023Q3 us-gaap Other Receivables Net Current
OtherReceivablesNetCurrent
106113 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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">During the three and nine months ended September 30, 2023, 86% and 82%, respectively, of the Company’s net revenues were generated from four customers. 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 and royalty receivable due from these customers as of September 30, 2023 and December 31, 2022 totaled $460,280 and $178,796, respectively.</span>  </p>
vprb Number Of Customers
NumberOfCustomers
4 pure
vprb Number Of Customers
NumberOfCustomers
2 pure
CY2023Q3 vprb Accounts Receivable And Royalty Receivable Due From Customers
AccountsReceivableAndRoyaltyReceivableDueFromCustomers
460280 usd
CY2022Q4 vprb Accounts Receivable And Royalty Receivable Due From Customers
AccountsReceivableAndRoyaltyReceivableDueFromCustomers
178796 usd
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
8607440 shares
us-gaap Stock Issued During Period Shares Conversion Of Convertible Securities
StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities
5890170 shares
CY2022Q4 vprb Interest Related Party
InterestRelatedParty
31790 usd
CY2023Q3 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
88804035 shares
CY2023Q3 vprb Net Income Basicin Dollars Per Share
NetIncomeBasicinDollarsPerShare
2951216 usd
CY2023Q3 vprb Average Shares Convertible Debt
AverageSharesConvertibleDebt
5890170 shares
CY2023Q3 vprb Net Income Convertible Debt
NetIncomeConvertibleDebt
34420 usd
CY2023Q3 vprb Weighted Average Units Diluted
WeightedAverageUnitsDiluted
94694205 shares
CY2023Q3 vprb Net Income Diluted
NetIncomeDiluted
2985636 usd
CY2023Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.03
us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
88804035 shares
vprb Net Income Basicin Dollars Per Share
NetIncomeBasicinDollarsPerShare
3904852 usd
vprb Average Shares Convertible Debt
AverageSharesConvertibleDebt
5890170 shares
vprb Net Income Convertible Debt
NetIncomeConvertibleDebt
133571 usd
vprb Weighted Average Units Diluted
WeightedAverageUnitsDiluted
94694205 shares
vprb Net Income Diluted
NetIncomeDiluted
4038423 usd
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.04
us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
88804035 shares
vprb Net Income Basicin Dollars Per Share
NetIncomeBasicinDollarsPerShare
-128029 usd
vprb Weighted Average Units Diluted
WeightedAverageUnitsDiluted
88804035 shares
vprb Net Income Diluted
NetIncomeDiluted
-128029 usd
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0
CY2022Q3 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
88804035 shares
CY2022Q3 vprb Net Income Basicin Dollars Per Share
NetIncomeBasicinDollarsPerShare
-54521 usd
CY2022Q3 vprb Weighted Average Units Diluted
WeightedAverageUnitsDiluted
88804035 shares
CY2022Q3 vprb Net Income Diluted
NetIncomeDiluted
-54521 usd
CY2022Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0
CY2022Q4 us-gaap Common Unit Issued
CommonUnitIssued
88804035 shares
CY2022Q4 vprb Common Units To Be Issued
CommonUnitsToBeIssued
578723 shares
vprb Beneficial Ownership Percentage
BeneficialOwnershipPercentage
0.0499 pure
CY2020Q1 vprb Aggregate Purchase Price
AggregatePurchasePrice
5000000 usd
vprb Weighted Average Price
WeightedAveragePrice
0.85 pure
CY2023Q3 vprb Put Notice Aggregarte Value
PutNoticeAggregarteValue
25000 usd
us-gaap Net Income Loss
NetIncomeLoss
3904852 usd
CY2023Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-6513844 usd
CY2023Q3 vprb Working Capital Deficit
WorkingCapitalDeficit
1961188 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
CY2022Q4 us-gaap Long Term Debt Percentage Bearing Fixed Interest Rate
LongTermDebtPercentageBearingFixedInterestRate
0.1856 pure
CY2022Q2 us-gaap Investment Owned Balance Principal Amount
InvestmentOwnedBalancePrincipalAmount
250000 usd
CY2022Q2 us-gaap Accounts Payable Interest Bearing Interest Rate
AccountsPayableInterestBearingInterestRate
0.18 pure
CY2023Q3 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
us-gaap Proceeds From Repayments Of Notes Payable
ProceedsFromRepaymentsOfNotesPayable
381003 usd
CY2023Q3 us-gaap Other Notes Payable
OtherNotesPayable
453957 usd
CY2023Q3 us-gaap Notes Payable Current
NotesPayableCurrent
57374 usd
CY2023Q3 us-gaap Notes Payable To Bank Noncurrent
NotesPayableToBankNoncurrent
396583 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 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 December 31, 2022 was $43,550, which was repaid during the nine months ended September 30, 2023.</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 December 31, 2022 was $68,760, which was repaid during the nine months ended September 30, 2023. </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 December 31, 2022 was $87,099, which was repaid during the nine months ended September 30, 2023.</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 December 31, 2022 was $<span style="-sec-ix-hidden: hidden-fact-30">1001,001</span>, which was repaid during the nine months ended September 30, 2023.</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 December 31, 2022 was $100,001, which was repaid during the nine months ended September 30, 2023.</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 December 31, 2022 was $100,001, which was repaid during the nine months ended September 30, 2023.</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 December 31, 2022 was $100,001, which was repaid during the nine months ended September 30, 2023.</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 September 30, 2023 and December 31, 2022 was $71,775 and $100,001, respectively.</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 September 30, 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 September 30, 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 September 30, 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 September 30, 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 September 30, 2023 and December 31, 2022 was $15,000.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following is a summary of notes payable – related parties activity for the nine months ended September 30, 2023:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%">Balance at December 31, 2022</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</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">(627,639</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 September 30, 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">486,779</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 Party</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, 2023, accounts payable - related party of $82,766 includes $78,660 of interest on related party loans and $3,106 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. </p>
CY2022Q4 us-gaap Notes And Loans Payable
NotesAndLoansPayable
1114418 usd
us-gaap Repayments Of Other Debt
RepaymentsOfOtherDebt
627639 usd
CY2023Q3 us-gaap Notes And Loans Payable
NotesAndLoansPayable
486779 usd
us-gaap Increase Decrease In Accounts Payable Related Parties
IncreaseDecreaseInAccountsPayableRelatedParties
82766 usd
CY2023Q3 vprb Due On Lease Agreement
DueOnLeaseAgreement
78660 usd
CY2023Q3 vprb Interest Related Party
InterestRelatedParty
3106 usd
CY2022 us-gaap Increase Decrease In Accounts Payable Related Parties
IncreaseDecreaseInAccountsPayableRelatedParties
237049 usd
CY2022Q4 vprb Due On Lease Agreement
DueOnLeaseAgreement
205259 usd
CY2023Q3 vprb Percentage Of Average Daily Trading Value
PercentageOfAverageDailyTradingValue
1.50 pure
vprb Percentage Of Issued And Outstanding Shares
PercentageOfIssuedAndOutstandingShares
0.0499 pure
vprb Subsequent Financing
SubsequentFinancing
0.50 pure
CY2022Q1 vprb Monthly Rent Increased
MonthlyRentIncreased
15500 usd
us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
378426 usd
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
109993 usd
CY2023Q3 us-gaap Finance Lease Right Of Use Asset Before Accumulated Amortization
FinanceLeaseRightOfUseAssetBeforeAccumulatedAmortization
157363 usd
CY2022Q4 us-gaap Finance Lease Right Of Use Asset Before Accumulated Amortization
FinanceLeaseRightOfUseAssetBeforeAccumulatedAmortization
157363 usd
CY2023Q3 us-gaap Finance Lease Right Of Use Asset Accumulated Amortization
FinanceLeaseRightOfUseAssetAccumulatedAmortization
34465 usd
CY2022Q4 us-gaap Finance Lease Right Of Use Asset Accumulated Amortization
FinanceLeaseRightOfUseAssetAccumulatedAmortization
13508 usd
CY2023Q3 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
122898 usd
CY2022Q4 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
143855 usd
CY2023Q3 vprb Lease Liabilities Related To Warehouse And Office Lease Rightofuse Assets
LeaseLiabilitiesRelatedToWarehouseAndOfficeLeaseRightofuseAssets
128059 usd
CY2022Q4 vprb Lease Liabilities Related To Warehouse And Office Lease Rightofuse Assets
LeaseLiabilitiesRelatedToWarehouseAndOfficeLeaseRightofuseAssets
146325 usd
CY2023Q3 vprb Current Portion Of Lease Liability
CurrentPortionOfLeaseLiability
-26916 usd
CY2022Q4 vprb Current Portion Of Lease Liability
CurrentPortionOfLeaseLiability
-22354 usd
CY2023Q3 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
101143 usd
CY2022Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
123971 usd
CY2023Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P3Y8M8D
CY2023Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.14 pure
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
7053 usd
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
43549 usd
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
45727 usd
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
48013 usd
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
20410 usd
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
164752 usd
CY2023Q3 vprb Discount To Fair Value
DiscountToFairValue
36693 usd
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
128059 usd
vprb Amortized Operating Lease Right To Use Asset
AmortizedOperatingLeaseRightToUseAsset
20957 usd
vprb Amortized Operating Lease Right To Use Asset
AmortizedOperatingLeaseRightToUseAsset
63162 usd
us-gaap Payments For Rent
PaymentsForRent
50330 usd
us-gaap Payments For Rent
PaymentsForRent
127866 usd
CY2023Q3 us-gaap Payments For Rent
PaymentsForRent
17097 usd
CY2022Q3 us-gaap Payments For Rent
PaymentsForRent
16618 usd
us-gaap Legal Fees
LegalFees
291544 usd
CY2022Q4 us-gaap Other Receivables Net Current
OtherReceivablesNetCurrent
usd
us-gaap Other Income
OtherIncome
usd
CY2022Q3 us-gaap Interest Income Operating
InterestIncomeOperating
usd
us-gaap Interest Income Operating
InterestIncomeOperating
usd
us-gaap Gain Loss On Termination Of Lease
GainLossOnTerminationOfLease
usd
us-gaap Increase Decrease In Other Receivables
IncreaseDecreaseInOtherReceivables
usd
us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
usd
us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
usd
us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
usd
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
usd
us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability
usd
vprb Right Of Use Asset Obligation For New Lease
RightOfUseAssetObligationForNewLease
usd
CY2023Q3 us-gaap Other Liabilities
OtherLiabilities
usd
CY2022Q4 us-gaap Other Receivables Net Current
OtherReceivablesNetCurrent
usd
CY2022Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
usd
CY2023Q3 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
usd
CY2022Q3 vprb Average Shares Convertible Debt
AverageSharesConvertibleDebt
shares
CY2022Q3 vprb Net Income Convertible Debt
NetIncomeConvertibleDebt
usd
us-gaap Debt Instrument Repaid Principal
DebtInstrumentRepaidPrincipal
1001001 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

Files In Submission

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0001213900-23-086997-index-headers.html Edgar Link pending
0001213900-23-086997-index.html Edgar Link pending
0001213900-23-086997.txt Edgar Link pending
0001213900-23-086997-xbrl.zip Edgar Link pending
f10q0923ex31-1_vprbrands.htm Edgar Link pending
f10q0923ex31-2_vprbrands.htm Edgar Link pending
f10q0923ex32-1_vprbrands.htm Edgar Link pending
f10q0923_vprbrands.htm Edgar Link pending
Financial_Report.xlsx Edgar Link pending
MetaLinks.json Edgar Link pending
R1.htm Edgar Link pending
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FilingSummary.xml Edgar Link unprocessable
f10q0923_vprbrands_htm.xml Edgar Link completed
R3.htm Edgar Link pending
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report.css Edgar Link pending
Show.js Edgar Link pending
vprb-20230930.xsd Edgar Link pending
vprb-20230930_cal.xml Edgar Link unprocessable
vprb-20230930_def.xml Edgar Link unprocessable
vprb-20230930_lab.xml Edgar Link unprocessable
vprb-20230930_pre.xml Edgar Link unprocessable