EQUATOR Beverage Co Files 10-Q for Q1 2024

TL;DR

<b>EQUATOR Beverage Co has filed its Q1 2024 10-Q report.</b>

AI Summary

EQUATOR Beverage Co (MOJO) filed a Quarterly Report (10-Q) with the SEC on May 10, 2024. EQUATOR Beverage Co filed a 10-Q for the quarterly period ended March 31, 2024. The company was formerly known as MOJO Organics, Inc. and Mojo Ventures, Inc. Principal executive offices are located at 185 Hudson Street, Floor 25, Jersey City, New Jersey. The filing is pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. The company's IRS Employer Identification No. is 26-0884348.

Why It Matters

For investors and stakeholders tracking EQUATOR Beverage Co, this filing contains several important signals. This 10-Q filing provides an update on the company's financial performance and operational status for the first quarter of 2024. Understanding the details within this report is crucial for investors and stakeholders to assess the company's current financial health and future prospects.

Risk Assessment

Risk Level: low — EQUATOR Beverage Co shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain immediate, significant financial or operational disclosures that would indicate high risk.

Analyst Insight

Review the detailed financial statements and management discussion within the 10-Q to understand EQUATOR Beverage Co's Q1 2024 performance.

Key Numbers

• 2024-03-31 — Quarterly Period End Date (Report period)
• 2024-05-10 — Filing Date (Date the report was filed)
• 000-55269 — Commission File Number (SEC file number)
• 26-0884348 — IRS Employer Identification No. (Company's IRS number)

Key Players & Entities

• EQUATOR Beverage Co (company) — Registrant name
• MOJO Organics, Inc. (company) — Former company name
• Mojo Ventures, Inc. (company) — Former company name
• Securities Exchange Act of 1934 (regulator) — Act under which the report is filed
• March 31, 2024 (date) — Quarterly period ended date
• 26-0884348 (identifier) — IRS Employer Identification No.
• 185 Hudson Street, Floor 25, Jersey City, New Jersey 07302 (address) — Principal executive offices address

FAQ

Industry Context

EQUATOR Beverage Co operates within the beverage industry, a sector characterized by consumer demand, competition, and evolving market trends.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to disclose material information to investors.

What Investors Should Do

1. Analyze the financial statements for revenue, expenses, and profitability in Q1 2024.
2. Review any management discussion and analysis (MD&A) for insights into operational performance and future outlook.
3. Check for any new risk factors or updates to existing ones disclosed in the filing.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q
• 2024-05-10: Filing Date — Date the 10-Q was officially submitted to the SEC

Year-Over-Year Comparison

This is the first 10-Q filing for the fiscal year 2024, providing the initial quarterly update.

Key Financial Figures

• $0 — he registrant's common stock, par value $0.001, issued and outstanding. DOCUMENTS
• $122,610 — trading shares with an implied value of $122,610 to directors and officers as a result o
• $13,992 — trading shares with an implied value of $13,992 to directors and officers as a result o
• $640,653 — , 2024, the Company reported revenue of $640,653 an increase of $125,020 or 24% from rev
• $125,020 — rted revenue of $640,653 an increase of $125,020 or 24% from revenue of $515,633 for the
• $515,633 — ease of $125,020 or 24% from revenue of $515,633 for the quarter ended March 31, 2023. T
• $370,070 — ded March 31, 2024, cost of revenue was $370,070 or 58% of revenue, an improvement of 3
• $313,457 — ded March 31, 2023, cost of revenue was $313,457 or 61% of revenue. The improvement in t
• $230,758 — nses for the first quarter of 2024 were $230,758 compared to $178,720 for the same perio
• $178,720 — arter of 2024 were $230,758 compared to $178,720 for the same period in 2023 excluding r
• $52,038 — issued to officers and directors. This $52,038 or 29% increase was primarily due to in
• $0.61 — stricted, non-trading common shares was $0.61 per share compared to $0.06 per share f
• $0.06 — shares was $0.61 per share compared to $0.06 per share for the first quarter of 2023
• $290,462 — 024, the Company had working capital of $290,462 compared to $164,342 for the first quar
• $164,342 — working capital of $290,462 compared to $164,342 for the first quarter of 2023. Net cash

Filing Documents

• mojo_10q.htm (10-Q) — 415KB
• mojo_ex311.htm (EX-31.1) — 12KB
• mojo_ex321.htm (EX-32.1) — 5KB
• 0001477932-24-002677.txt (&nbsp;) — 1842KB
• mojo-20240331.xsd (EX-101.SCH) — 18KB
• mojo-20240331_lab.xml (EX-101.LAB) — 115KB
• mojo-20240331_cal.xml (EX-101.CAL) — 23KB
• mojo-20240331_pre.xml (EX-101.PRE) — 87KB
• mojo-20240331_def.xml (EX-101.DEF) — 31KB
• mojo_10q_htm.xml (XML) — 183KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION ITEM 1.

FINANCIAL STATEMENTS (Unaudited)

FINANCIAL STATEMENTS (Unaudited) F-1 Condensed Balance Sheets as of March 31, 2024 and December 31, 2023 F-1 Condensed Statements of Operations for the three months ended March 31, 2024 and March 31, 2023 F-2 Condensed Statements of Cash Flows for the three months ended March 31, 2024 and March 31, 2023 F-3 Condensed Statements of Changes in Stockholders' Equity for the three months ended March 31, 2024 and March 31, 2023 F-4 Notes to the Condensed Financial Statements F-5 ITEM 2.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 3 ITEM 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 5 ITEM 4.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 5 PART II ITEM 1.

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 6 ITEM 1a.

RISK FACTORS

RISK FACTORS 6 ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 13 ITEM 3. UNRESOLVED STAFF COMMENTS 13 ITEM 4. MINE SAFETY DISCLOSURE 13 ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 14 ITEM 6.

SELECTED FINANCIAL DATA

SELECTED FINANCIAL DATA 14 PART III ITEM 7. Directors, Executive Officer and Corporate Governance 15 ITEM 8.

Executive Compensation

Executive Compensation 16 ITEM 9.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 17 PART IV ITEM 10. Exhibits, Financial Statement Schedules 18

SIGNATURES

SIGNATURES 19 2 Table of Contents

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

FINANCIAL STATEMENTS (Unaudited)

ITEM 1. FINANCIAL STATEMENTS (Unaudited) EQUATOR BEVERAGE COMPANY Condensed Balance Sheets (Unaudited) As of March 31, 2024 and December 31, 2023 March 31, 2024 December 31, 2023 Assets Current Assets Cash and cash equivalents $ 55,098 $ 87,339 Accounts receivable, net 271,377 135,061 Inventory 491,011 270,788 Supplier deposits - 52,655 Prepaid expenses 23,196 35,650 Total Current Assets $ 840,682 $ 581,493 Total Assets $ 840,682 $ 581,493 Liabilities and Stockholders' Equity Current Liabilities Accounts payable and accrued expenses $ 190,220 $ 80,621 Related party loans 360,000 230,000 Total Current Liabilities 550,220 310,621 Commitments and Contingencies – Refer to Note 3 Stockholders' Equity Common stock, 20,000,000 shares authorized at $ 0.001 par value, 17,134,346 and 16,933,346 shares issued and outstanding, at March 31, 2024 and December 31, 2023, respectively 17,135 16,934 Additional paid-in capital 24,185,585 24,063,176 Accumulated deficit ( 23,912,258 ) ( 23,809,238 ) Total Stockholders' Equity 290,462 270,872 Total Liabilities and Stockholders' Equity $ 840,682 $ 581,493 The accompanying notes are an integral part of these condensed financial statements. F-1 Table of Contents EQUATOR BEVERAGE COMPANY Condensed Statements of Operations (Unaudited) For the Three Months Ended March 31, 2024 and March 31, 2023 2024 2023 Revenue $ 640,653 $ 515,633 Cost of Revenue 370,070 313,457 Gross Profit 270,583 202,176 Operating Expenses Selling, general and administrative 368,743 194,912 Total Operating Expenses 368,743 194,912 Income / (Loss) from Operations ( 98,160 ) 7,264 Interest Expense ( 4,219 ) ( 2,780 ) Income / (Loss) Before Provision for Income Taxes $ ( 102,379 ) $ 4,485 Provision for Income Taxes ( 10,682 ) - Benefit from Deferred Tax Asset 10,041 - Net Income / (Loss) $ ( 103,020 ) $ 4,

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Our Management's Discussion and Analysis of Financial Condition and Results of Operations ("MD&A") is provided in addition to the accompanying financial statements and notes to assist readers in understanding our results of operations, financial condition and cash flows. MD&A is organized as follows: Significant Accounting Policies — Accounting policies that we believe are important to understanding the assumptions and judgments incorporated in our reported financial results and forecasts. Results of Operations — Analysis of our financial results comparing the quarter ended March 31, 2024 to March 31, 2023. Liquidity and Capital Resources — Analysis of changes in our cash flows, and discussion of our financial condition and potential sources of liquidity. This report includes a number of forward-looking statements that reflect our current views with respect to future events and financial performance. Forward looking statements are often identified by words like: believe, expect, estimate, anticipate, intend, project and similar expressions, or words which, by their nature, refer to future events. You should not place undue certainty on these forward-looking statements, which apply only as of the date of this annual report. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from historical results or our predictions. Significant Accounting Policies We have prepared our financial statements in conformity with accounting principles generally accepted in the United States, which requires management to make significant judgments and estimates that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. We base these significant judgmen

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