10-Q Filing

CADIZ INC CIK: 727273 Q2 2016

Filing Information

Form Type	10-Q
Accession Number	`0000727273-16-000066`
Period End Date	20160630
Filing Date	20160808
Fiscal Year	2016
Fiscal Period	Q2
XBRL Instance	cdzi-20160630.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 56 Income Statement 60 Cash Flow Statement 48 Stockholders Equity 9

Balance Sheet 56 line items

Line Item	Tag	Value	Unit	Period
Common stock - par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Common stock - par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Common stock - shares authorized (in shares)	`CommonStockSharesAuthorized`	70.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$16.21M	USD	Point-in-time
Common stock - shares authorized (in shares)	`CommonStockSharesAuthorized`	70.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$2.69M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$10.61M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$5.92M	USD	Point-in-time
Common stock - shares issued (in shares)	`CommonStockSharesIssued`	17.88M	shares	Point-in-time
Common stock - shares issued (in shares)	`CommonStockSharesIssued`	18.68M	shares	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$187.00K	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$58.00K	USD	Point-in-time
Prepaid expenses and other	`PrepaidExpenseAndOtherAssetsCurrent`	$331.00K	USD	Point-in-time
Common stock - shares outstanding (in shares)	`CommonStockSharesOutstanding`	17.88M	shares	Point-in-time
Common stock - shares outstanding (in shares)	`CommonStockSharesOutstanding`	18.68M	shares	Point-in-time
Prepaid expenses and other	`PrepaidExpenseAndOtherAssetsCurrent`	$309.00K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$3.19M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$6.31M	USD	Point-in-time
Property, plant, equipment and water programs, net	`PropertyPlantAndEquipmentNet`	$44.33M	USD	Point-in-time
Property, plant, equipment and water programs, net	`PropertyPlantAndEquipmentNet`	$44.47M	USD	Point-in-time
Goodwill	`Goodwill`	$3.81M	USD	Point-in-time
Goodwill	`Goodwill`	$3.81M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$3.67M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$3.32M	USD	Point-in-time
Total assets	`Assets`	$54.79M	USD	Point-in-time
Total assets	`Assets`	$58.12M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$246.00K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$309.00K	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$1.16M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$1.67M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$49.00K	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$167.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$2.02M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.58M	USD	Point-in-time
Long-term debt, net	`LongTermDebtNoncurrent`	$107.59M	USD	Point-in-time
Long-term debt, net	`LongTermDebtNoncurrent`	$109.28M	USD	Point-in-time
Long-term lease obligations with related party, net	`CapitalLeaseObligationsNoncurrent`	$11.85M	USD	Point-in-time
Long-term lease obligations with related party, net	`CapitalLeaseObligationsNoncurrent`	-	USD	Point-in-time
Deferred revenue	`DeferredRevenueNoncurrent`	$750.00K	USD	Point-in-time
Deferred revenue	`DeferredRevenueNoncurrent`	$750.00K	USD	Point-in-time
Other long-term liabilities	`OtherLongTermDebtNoncurrent`	$1.37M	USD	Point-in-time
Other long-term liabilities	`OtherLongTermDebtNoncurrent`	$923.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$111.29M	USD	Point-in-time
Total liabilities	`Liabilities`	$124.83M	USD	Point-in-time
Contingencies (Note 7)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Contingencies (Note 7)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock - $.01 par value; 70,000,000 shares authorized; shares issued and outstanding 18,677,053 at June 30, 2016 and 17,876,016 at December 31, 2015	`CommonStockValue`	$187.00K	USD	Point-in-time
Common stock - $.01 par value; 70,000,000 shares authorized; shares issued and outstanding 18,677,053 at June 30, 2016 and 17,876,016 at December 31, 2015	`CommonStockValue`	$179.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$331.08M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$326.86M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-397.97M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-383.53M	USD	Point-in-time
Total stockholders deficit	`StockholdersEquity`	$-66.71M	USD	Point-in-time
Total stockholders deficit	`StockholdersEquity`	$-56.50M	USD	Point-in-time
Total liabilities and stockholders deficit	`LiabilitiesAndStockholdersEquity`	$58.12M	USD	Point-in-time
Total liabilities and stockholders deficit	`LiabilitiesAndStockholdersEquity`	$54.79M	USD	Point-in-time

Income Statement 60 line items

Line Item	Tag	Value	Unit	Period
Revenues	`Revenues`	$183.00K	USD	2 Qtrs
Revenues	`Revenues`	$108.00K	USD	1 Quarter
Revenues	`Revenues`	$56.00K	USD	2 Qtrs
Revenues	`Revenues`	$38.00K	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	-	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	-	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	-	USD	2 Qtrs
Cost of sales	`CostOfGoodsAndServicesSold`	-	USD	2 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$6.40M	USD	2 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$2.64M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$5.00M	USD	2 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$3.72M	USD	1 Quarter
Depreciation	`DepreciationAndAmortization`	$146.00K	USD	2 Qtrs
Depreciation	`DepreciationAndAmortization`	$126.00K	USD	2 Qtrs
Depreciation	`DepreciationAndAmortization`	$65.00K	USD	1 Quarter
Depreciation	`DepreciationAndAmortization`	$73.00K	USD	1 Quarter
Total costs and expenses	`CostsAndExpenses`	$6.53M	USD	2 Qtrs
Total costs and expenses	`CostsAndExpenses`	$2.71M	USD	1 Quarter
Total costs and expenses	`CostsAndExpenses`	$5.14M	USD	2 Qtrs
Total costs and expenses	`CostsAndExpenses`	$3.79M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-4.96M	USD	2 Qtrs
Operating loss	`OperatingIncomeLoss`	$-3.75M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-6.47M	USD	2 Qtrs
Operating loss	`OperatingIncomeLoss`	$-2.61M	USD	1 Quarter
Interest expense, net	`InterestIncomeExpenseNet`	$-4.43M	USD	2 Qtrs
Interest expense, net	`InterestIncomeExpenseNet`	$-3.04M	USD	1 Quarter
Interest expense, net	`InterestIncomeExpenseNet`	$-7.23M	USD	2 Qtrs
Interest expense, net	`InterestIncomeExpenseNet`	$-2.24M	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-5.64M	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-10.83M	USD	2 Qtrs
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-14.44M	USD	2 Qtrs
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-5.99M	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$2.00K	USD	2 Qtrs
Income tax provision	`IncomeTaxExpenseBenefit`	$2.00K	USD	2 Qtrs
Income tax provision	`IncomeTaxExpenseBenefit`	$1.00K	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$1.00K	USD	1 Quarter
Net loss and comprehensive loss applicable to common stock	`NetIncomeLossAvailableToCommonStockholdersDiluted`	$-10.83M	USD	2 Qtrs
Net loss and comprehensive loss applicable to common stock	`NetIncomeLossAvailableToCommonStockholdersDiluted`	$-5.64M	USD	1 Quarter
Net loss and comprehensive loss applicable to common stock	`NetIncomeLossAvailableToCommonStockholdersDiluted`	$-14.44M	USD	2 Qtrs
Net loss and comprehensive loss applicable to common stock	`NetIncomeLossAvailableToCommonStockholdersDiluted`	$-5.99M	USD	1 Quarter
Basic and diluted net loss per common share (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.34	USD	1 Quarter
Basic and diluted net loss per common share (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.81	USD	2 Qtrs
Basic and diluted net loss per common share (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.61	USD	2 Qtrs
Basic and diluted net loss per common share (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.31	USD	1 Quarter
Basic and diluted weighted average shares outstanding (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	17.73M	shares	1 Quarter
Basic and diluted weighted average shares outstanding (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	17.92M	shares	2 Qtrs
Basic and diluted weighted average shares outstanding (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	17.95M	shares	1 Quarter
Basic and diluted weighted average shares outstanding (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	17.72M	shares	2 Qtrs
Revenues	`Revenues`	$183.00K	USD	2 Qtrs
Revenues	`Revenues`	$108.00K	USD	1 Quarter
Revenues	`Revenues`	$56.00K	USD	2 Qtrs
Revenues	`Revenues`	$38.00K	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-4.96M	USD	2 Qtrs
Operating loss	`OperatingIncomeLoss`	$-3.75M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-6.47M	USD	2 Qtrs
Operating loss	`OperatingIncomeLoss`	$-2.61M	USD	1 Quarter
Loss on extinguishment of debt and debt refinancing	`GainsLossesOnExtinguishmentOfDebt`	$-2.25M	USD	2 Qtrs
Loss on extinguishment of debt and debt refinancing	`GainsLossesOnExtinguishmentOfDebt`	-	USD	2 Qtrs
Other income	`OtherNonoperatingIncome`	-	USD	2 Qtrs
Other income	`OtherNonoperatingIncome`	$70.00K	USD	2 Qtrs

Cash Flow Statement 48 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-14.44M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-10.83M	USD	2 Qtrs
Depreciation	`DepreciationDepletionAndAmortization`	$126.00K	USD	2 Qtrs
Depreciation	`DepreciationDepletionAndAmortization`	$146.00K	USD	2 Qtrs
Amortization of debt discount and issuance costs	`AmortizationOfFinancingCostsAndDiscounts`	$449.00K	USD	2 Qtrs
Amortization of debt discount and issuance costs	`AmortizationOfFinancingCostsAndDiscounts`	$2.57M	USD	2 Qtrs
Interest expense added to loan principal	`PaidInKindInterest`	$4.52M	USD	2 Qtrs
Interest expense added to loan principal	`PaidInKindInterest`	$3.98M	USD	2 Qtrs
Loss on early extinguishment of debt	`GainsLossesOnExtinguishmentOfDebt`	$-2.25M	USD	2 Qtrs
Loss on early extinguishment of debt	`GainsLossesOnExtinguishmentOfDebt`	-	USD	2 Qtrs
Compensation charge for stock and share option awards	`ShareBasedCompensation`	$759.00K	USD	2 Qtrs
Compensation charge for stock and share option awards	`ShareBasedCompensation`	$510.00K	USD	2 Qtrs
Decrease in accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-144.00K	USD	2 Qtrs
Decrease in accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-129.00K	USD	2 Qtrs
Increase in prepaid expenses and other	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$379.00K	USD	2 Qtrs
Increase in prepaid expenses and other	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$22.00K	USD	2 Qtrs
Increase in other assets	`IncreaseDecreaseInOtherOperatingAssets`	$357.00K	USD	2 Qtrs
Increase in other assets	`IncreaseDecreaseInOtherOperatingAssets`	$243.00K	USD	2 Qtrs
(Decrease) increase in accounts payable	`IncreaseDecreaseInAccountsPayable`	$324.00K	USD	2 Qtrs
(Decrease) increase in accounts payable	`IncreaseDecreaseInAccountsPayable`	$-63.00K	USD	2 Qtrs
(Decrease) increase in accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-315.00K	USD	2 Qtrs
(Decrease) increase in accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$571.00K	USD	2 Qtrs
Net cash used for operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-4.82M	USD	2 Qtrs
Net cash used for operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-5.35M	USD	2 Qtrs
Additions to property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$240.00K	USD	2 Qtrs
Additions to property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	-	USD	2 Qtrs
Net cash used for investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-240.00K	USD	2 Qtrs
Net cash used for investing activities	`NetCashProvidedByUsedInInvestingActivities`	-	USD	2 Qtrs
Up-front payment related to lease liability with related party	`ProceedsFromLongTermCapitalLeaseObligations`	$11.51M	USD	2 Qtrs
Up-front payment related to lease liability with related party	`ProceedsFromLongTermCapitalLeaseObligations`	-	USD	2 Qtrs
Proceeds from the issuance of long-term debt	`ProceedsFromIssuanceOfLongTermDebt`	-	USD	2 Qtrs
Proceeds from the issuance of long-term debt	`ProceedsFromIssuanceOfLongTermDebt`	$7.60M	USD	2 Qtrs
Debt Issuance costs	`PaymentsOfDebtIssuanceCosts`	-	USD	2 Qtrs
Debt Issuance costs	`PaymentsOfDebtIssuanceCosts`	$102.00K	USD	2 Qtrs
Principal payments on long-term debt	`RepaymentsOfLongTermDebt`	$12.00K	USD	2 Qtrs
Principal payments on long-term debt	`RepaymentsOfLongTermDebt`	$10.96M	USD	2 Qtrs
Net cash provided by (used for) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-12.00K	USD	2 Qtrs
Net cash provided by (used for) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$8.05M	USD	2 Qtrs
Net increase (decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-5.60M	USD	2 Qtrs
Net increase (decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$3.23M	USD	2 Qtrs
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$16.21M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$2.69M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$10.61M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$5.92M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$16.21M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$2.69M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$10.61M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$5.92M	USD	Point-in-time

Stockholders Equity 9 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$-66.71M	USD	Point-in-time
Balance	`StockholdersEquity`	$-56.50M	USD	Point-in-time
Stock-based compensation expense	`StockIssuedDuringPeriodValueShareBasedCompensation`	$499.00K	USD	2 Qtrs
Issuance of stock to lenders	`StockIssuedDuringPeriodValueNewIssues`	$2.25M	USD	2 Qtrs
Beneficial conversion feature	`AdjustmentsToAdditionalPaidInCapitalConvertibleDebtWithConversionFeature`	$1.48M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-14.44M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-10.83M	USD	2 Qtrs
Balance	`StockholdersEquity`	$-66.71M	USD	Point-in-time
Balance	`StockholdersEquity`	$-56.50M	USD	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.