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BASIS OF PRESENTATION, RESTATEMENT AND SIGNIFICANT ACCOUNTING POLICY: (Policies)
 9 Months Ended
Jul. 31, 2021
Accounting Policies [Abstract]  
Revenue Recognition

Revenue Recognition

 

The Company recognizes revenue in accordance with the five-step model as prescribed by the Financial Accounting Standards Board (“FASB”) Accounting Codification (“ASC”) Topic 606 (“ASC 606”) in which the Company evaluates the transfer of promised goods or services and recognizes revenue when its customer obtains control of promised goods or services in an amount that reflects the consideration which the Company expects to be entitled to receive in exchange for those goods or services. To determine revenue recognition for the arrangements that the Company determines are within the scope of ASC 606, the Company performs the following five steps: (1) identify the contract(s) with a customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract and (5) recognize revenue when (or as) the entity satisfies a performance obligation.

 

 

COFFEE HOLDING CO., INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

JULY 31, 2021

(UNAUDITED)

 

NOTE 2 - BASIS OF PRESENTATION, RESTATEMENT AND SIGNIFICANT ACCOUNTING POLICY (cont’d):

 

The following table presents revenues by stream for the nine and three months ended July 31, 2021 and 2020. 

 

 

   Nine Months Ended July 31, 2021    Three Months Ended July 31, 2021 
Green  $18,054,298   $6,003,521 
Packaged   28,182,410    7,630,792 
Totals  $46,236,708   $13,634,313 

 

  

(As previously reported) Nine Months Ended

July 31, 2020

  

(Restated) Nine Months

Ended

July 31, 2020

  

(As previously reported)

Three Months Ended

July 31, 2020

  

(Restated)

Three Months

Ended

July 31, 2020

 
Green  $18,453,377   $17,000,407   $5,765,246   $5,451,723 
Packaged   38,272,009    32,984,082    11,578,763    10,059,872 
Totals  $56,725,386   $49,984,489   $17,344,009   $15,511,595