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Document and Entity Information
6 Months Ended
Jun. 30, 2013
Aug. 12, 2013
Document and Entity Information [Abstract]    
Document Type 10-Q  
Amendment Flag false  
Document Period End Date Jun. 30, 2013  
Entity Registrant Name STERLING CONSOLIDATED Corp  
Entity Central Index Key 0001555972  
Current Fiscal Year End Date --12-31  
Document Fiscal Period Focus Q2  
Document Fiscal Year Focus 2013  
Entity Filer Category Smaller Reporting Company  
Entity Common Stock, Shares Outstanding   37,199,040
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CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)
Jun. 30, 2013
Dec. 31, 2012
Current assets    
Cash and cash equivalents $ 108,027 $ 115,489
Account receivable, net 843,066 871,132
Inventory, net 2,376,072 2,307,413
Notes receivable 43,201 40,601
Investment 100 75
Other current assets      
Total current assets 3,370,466 3,334,710
Property and equipment, net 2,628,691 2,684,299
Intangible asset, net      
Deferred tax asset 7,776 7,776
Total assets 6,006,933 6,026,785
Current liabilities    
Accounts payable and accrued expenses 1,100,151 1,139,681
Notes payable (current portion) 138,031 130,905
Notes payable related party (current portion) 50,083 62,151
Bank line of credit 834,591 839,591
Interest rate swap contract 14,708 1,724
Other liabilities 150,263 76,971
Total current liabilities 2,287,827 2,251,023
Other liabilities    
Notes payable 833,267 900,761
Notes payable (related party) 1,606,865 1,614,952
Total other liabilities 2,440,132 2,515,713
Total liabilities 4,727,959 4,766,736
Stockholders' equity    
Preferred stock, $0.001 par value; 10,000,000 shares authorized, no shares issued      
Common stock, $0.001 par value; 200,000,000 shares authorized, 37,199,040 shares issued and outstanding as of June 30, 2013 and December 31, 2012; 37,199 37,074
Subscription receivable      
Accumulated other comprehensive loss (14,708) (1,724)
Additional paid-in capital 1,203,392 1,175,079
Retained earnings 53,091 49,620
Total stockholders' equity 1,278,974 1,260,049
Total liabilities and stockholders' equity $ 6,006,933 $ 6,026,785
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CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)
Jun. 30, 2013
Dec. 31, 2012
CONDENSED CONSOLIDATED BALANCE SHEETS [Abstract]    
Preferred stock, par value per share $ 0.001 $ 0.001
Preferred stock, shares authorized 10,000,000 10,000,000
Preferred stock, shares issued 0 0
Common stock, par value per share $ 0.001 $ 0.001
Common stock, shares authorized 200,000,000 200,000,000
Common stock, shares issued 37,199,040 37,199,040
Common stock outstanding, shares 37,199,040 37,199,040
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)
3 Months Ended 6 Months Ended
Jun. 30, 2013
Jun. 30, 2012
Jun. 30, 2013
Jun. 30, 2012
Revenues        
O-rings and rubber product sales $ 1,448,750 $ 1,382,072 $ 3,076,636 $ 3,123,504
Freight services 42,039 57,101 64,253 57,101
Rental services 10,020 32,146 23,070 32,146
Total revenues 1,500,809 1,471,319 3,163,959 3,212,751
Cost of sales        
Cost of goods 939,521 1,012,671 2,039,343 2,124,045
Cost of services 76,376 64,066 136,859 134,429
Total cost of sales 1,015,897 1,076,737 2,176,202 2,258,474
Gross profit 484,912 394,582 987,757 954,277
Operating expenses        
Sales and marketing 11,356 10,293 24,977 20,731
General and administrative 614,174 270,469 922,438 677,089
Total operating expenses 625,530 280,762 947,415 697,820
Operating income (loss) (140,618) 113,820 40,342 256,457
Other income and expense        
Other income 3,312 10,124 7,610 20,227
Other expense            
Interest expense (32,854) (18,330) (62,234) (55,271)
Total other expense (29,542) (8,206) (54,624) (35,044)
Income (loss) before provision for income taxes (170,160) 105,614 (14,282) 221,413
Provision for income taxes (62,709) 67,287 (17,753) 90,447
Net income (loss) (107,451) 38,327 3,471 130,966
Other comprehensive income (loss)        
Unrealized gain (loss) on interest rate swap contract 4,622    (12,984) (4,699)
Comprehensive income (loss) $ (102,829) $ 38,327 $ (9,513) $ 126,267
Net income (Loss) per share of common stock:        
Basic and diluted $ 0.00 $ 0.00 $ 0.00 $ 0.00
Weighted average number of shares outstanding        
Basic and diluted 37,097,521 36,687,700 37,074,040 36,643,134
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CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (USD $)
Total
Common Stock [Member]
Subscription Receivable [Member]
Additional Paid-in Capital [Member]
Retained Earnings [Member]
Accumulated Other Comprehensive Loss [Member]
Balance at Dec. 31, 2010 $ (141,075) $ 33,120    $ 79,425 $ (216,351) $ (37,269)
Balance, shares at Dec. 31, 2010   33,120,000        
Distribution to shareholders (45,000)          (45,000)   
Stock issued for services 2,880 2,880            
Stock issued for services, shares   2,880,000        
Shareholder contribution of property       (672,715) 672,715      
Contribution of tax effect related to C-corp conversion 105,659       105,659      
Other comprehensive loss (11,567)             (11,567)
Eliminate retained earnings of Sterling Consolidated Corp. prior to acquisition          (3,858) 3,858   
Net Income/(Loss) 247,313          247,313   
Balance at Dec. 31, 2011 158,210 36,000 (672,715) 853,941 (10,180) (48,836)
Balance, shares at Dec. 31, 2011   36,000,000        
Stock sold for cash 274,212 914    273,298      
Stock sold for cash, shares   914,040        
Stock issued for services 48,000 160    47,840      
Stock issued for services, shares   160,000        
Receipt of subscribed property 672,715    672,715         
Other comprehensive loss 47,112             47,112
Net Income/(Loss) 59,800          59,800   
Balance at Dec. 31, 2012 1,260,049 37,074    1,175,079 49,620 (1,724)
Balance, shares at Dec. 31, 2012 37,199,040 37,074,040        
Stock issued for services 28,438 125    28,313      
Stock issued for services, shares   125,000        
Other comprehensive loss (12,984)             (12,984)
Net Income/(Loss) 3,471          3,471   
Balance at Jun. 30, 2013 $ 1,278,974 $ 37,199    $ 1,203,392 $ 53,091 $ (1,724)
Balance, shares at Jun. 30, 2013 37,199,040 37,199,040        
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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
6 Months Ended
Jun. 30, 2013
Jun. 30, 2012
Cash flows from operating activities    
Net Income $ 3,471 $ 130,966
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 55,608 53,487
Stock issued for services 28,438   
Changes in operating assets and liabilities:    
Account receivable 28,066 145,802
Inventory (68,659) (29,593)
Other assets (25) (37,061)
Accounts payable and accrued interest payable (39,530) (243,690)
Other liabilities 73,292 23,808
Net cash used in operating activities 80,661 43,719
Cash flows from investing activities    
Net cash (used) in investing activities      
Cash flows from financing activities    
Net paydown on bank line of credit (5,000) (20,000)
Payments on notes payable (60,368) (70,010)
Net loan paid- related party (20,155) (49,889)
Proceeds from sale of common stock    239,212
Advances to employees (2,600)   
Net cash provided by used in by financing activities (88,123) 99,313
Net change in cash and cash equivalent (7,462) 143,032
Cash and cash equivalent at the beginning of period 115,489 29,676
Cash and cash equivalent at the end of period 108,027 172,708
Supplemental disclosures of cash flow Information    
Cash paid for interest 61,827 55,271
Cash paid for taxes $ 750 $ 750
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BASIS OF PRESENTATION
6 Months Ended
Jun. 30, 2013
BASIS OF PRESENTATION [Abstract]  
BASIS OF PRESENTATION

NOTE 1 - BASIS OF PRESENTATION

 

The accompanying interim financial statements have been prepared by the Company without audit.  In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations, and cash flows as of and for the period ended June 30, 2013, and for all periods presented herein, have been made.

  

Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted.  It is suggested that these condensed financial statements be read in conjunction with the financial statements and notes thereto included in the Company's December 31, 2012 audited financial statements.  The results of operations for the periods ended June 30, 2013 and June 30, 2012 are not necessarily indicative of the operating results for the full years.

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SIGNIFICANT ACCOUNTING POLICIES
6 Months Ended
Jun. 30, 2013
SIGNIFICANT ACCOUNTING POLICIES [Abstract]  
SIGNIFICANT ACCOUNTING POLICIES

NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES

 

The accounting policies applied by the Company in these condensed interim financial statements are the same as those applied by the Company in its audited consolidated financial statements as at and for the year ended December 31, 2012.

 

There have been no changes in the Company's significant accounting policies for the periods ended June 30, 2013 as compared to those disclosed in the Company's Annual Report on Form 10-K for the year ended December 31, 2012.

 

Use of Estimates

The preparation of consolidated financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the amounts reported and disclosed in the financial statements and the accompanying notes. Actual results could differ materially from these estimates. On an ongoing basis, we evaluate our estimates, including those related to the accounts receivable and sales allowances, fair values of financial instruments, useful lives of intangible assets and property and equipment, inventory valuations, income taxes, and contingent liabilities, among others. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and
liabilities.

 

Basic and Diluted Earnings (Loss) per Share

 

The computation of basic earnings (loss) per share of common stock is based on the weighted average number of shares outstanding during the periods presented. The computation of fully diluted earnings (loss) per share includes common stock equivalents outstanding at the balance sheet date. The Company had no stock options and warrants that would have been included in the fully diluted earnings per share for the three and six month periods ended June 30, 2013 and 2012, respectively.  

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STOCK ISSUANCE
6 Months Ended
Jun. 30, 2013
STOCK ISSUANCE [Abstract]  
STOCK ISSUANCE

NOTE 3- STOCK ISSUANCE

 

On May 28, 2013 the Company entered into an agreement whereby it can "put" stock to a hedge fund at a 10% discount to the average of the lowest 3 bids during a 5 day lookback period. This stock is currently pending registration via an S-1 registration statement filing with the Securities & Exchange Commission. As an integral part of this Agreement, the Company has issued 125,000 shares of common stock at $0.2275/share as a commitment fee to the counterparty. $28,438 has been charged to operations for the quarter ended June 30, 2013.

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SALE OF CLIFFWOOD BEACH PROPERTY
6 Months Ended
Jun. 30, 2013
SALE OF CLIFFWOOD BEACH PROPERTY [Abstract]  
SALE OF CLIFFWOOD BEACH PROPERTY

NOTE 4- SALE OF CLIFFWOOD BEACH PROPERTY

 

In the second quarter of 2013 the Company entered into a sale contract for its former headquarters, in Cliffwood Beach. The Company has a book value of $655,081 and the contract price is $650,000.

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BASIS OF PRESENTATION (Policy)
6 Months Ended
Jun. 30, 2013
BASIS OF PRESENTATION [Abstract]  
Use of Estimates
Use of Estimates

The preparation of consolidated financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the amounts reported and disclosed in the financial statements and the accompanying notes. Actual results could differ materially from these estimates. On an ongoing basis, we evaluate our estimates, including those related to the accounts receivable and sales allowances, fair values of financial instruments, useful lives of intangible assets and property and equipment, inventory valuations, income taxes, and contingent liabilities, among others. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and
liabilities.

Basic and Diluted Earnings (Loss) per Share

Basic and Diluted Earnings (Loss) per Share

 

The computation of basic earnings (loss) per share of common stock is based on the weighted average number of shares outstanding during the periods presented. The computation of fully diluted earnings (loss) per share includes common stock equivalents outstanding at the balance sheet date. The Company had no stock options and warrants that would have been included in the fully diluted earnings per share for the three and six month periods ended June 30, 2013 and 2012, respectively.  

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STOCK ISSUANCE (Details) (USD $)
1 Months Ended 6 Months Ended
May 28, 2013
Jun. 30, 2013
Jun. 30, 2012
STOCK ISSUANCE [Abstract]      
Stock issued for services, shares 125,000    
Shares issued price per share $ 0.2275    
Stock issued for services   $ 28,438   
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SALE OF CLIFFWOOD BEACH PROPERTY (Details) (USD $)
Jun. 30, 2013
SALE OF CLIFFWOOD BEACH PROPERTY [Abstract]  
The book value of the company's headquarters currently under sales contract $ 655,081
The contract price of the company's headquarters currently under sales contract $ 650,000