10-Q Filing

CADIZ INC CIK: 727273 Q3 2016

Filing Information

Form Type	10-Q
Accession Number	`0000727273-16-000070`
Period End Date	20160930
Filing Date	20161109
Fiscal Year	2016
Fiscal Period	Q3
XBRL Instance	cdzi-20160930.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 54 Income Statement 60 Cash Flow Statement 48 Stockholders Equity 10

Balance Sheet 54 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
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$3.89M	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
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$2.69M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$6.39M	USD	Point-in-time
Common stock - shares authorized (in shares)	`CommonStockSharesAuthorized`	70.00M	shares	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$66.00K	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$187.00K	USD	Point-in-time
Common stock - shares issued (in shares)	`CommonStockSharesIssued`	19.01M	shares	Point-in-time
Common stock - shares issued (in shares)	`CommonStockSharesIssued`	17.88M	shares	Point-in-time
Common stock - shares outstanding (in shares)	`CommonStockSharesOutstanding`	17.88M	shares	Point-in-time
Common stock - shares outstanding (in shares)	`CommonStockSharesOutstanding`	19.01M	shares	Point-in-time
Prepaid expenses and other	`PrepaidExpenseAndOtherAssetsCurrent`	$309.00K	USD	Point-in-time
Prepaid expenses and other	`PrepaidExpenseAndOtherAssetsCurrent`	$3.46M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$3.19M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$7.41M	USD	Point-in-time
Property, plant, equipment and water programs, net	`PropertyPlantAndEquipmentNet`	$44.26M	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`	$3.32M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$3.53M	USD	Point-in-time
Total assets	`Assets`	$54.79M	USD	Point-in-time
Total assets	`Assets`	$59.01M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$659.00K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$309.00K	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$1.67M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$3.91M	USD	Point-in-time
Current portion of long-term debt, net	`LongTermDebtCurrent`	$49.00K	USD	Point-in-time
Current portion of long-term debt, net	`LongTermDebtCurrent`	$42.56M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$2.02M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$47.13M	USD	Point-in-time
Long-term debt, net	`LongTermDebtNoncurrent`	$67.85M	USD	Point-in-time
Long-term debt, net	`LongTermDebtNoncurrent`	$107.59M	USD	Point-in-time
Long-term lease obligations with related party, net	`CapitalLeaseObligationsNoncurrent`	$12.07M	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`	$1.44M	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`	$129.24M	USD	Point-in-time
Common stock - $.01 par value; 70,000,000 shares authorized; shares issued and outstanding 19,014,953 at September 30, 2016 and 17,876,016 at December 31, 2015	`CommonStockValue`	$190.00K	USD	Point-in-time
Common stock - $.01 par value; 70,000,000 shares authorized; shares issued and outstanding 19,014,953 at September 30, 2016 and 17,876,016 at December 31, 2015	`CommonStockValue`	$179.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$326.86M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$332.73M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-383.53M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-403.15M	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$-70.23M	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$-56.50M	USD	Point-in-time
Total liabilities and stockholders' deficit	`LiabilitiesAndStockholdersEquity`	$59.01M	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`	$120.00K	USD	1 Quarter
Revenues	`Revenues`	$283.00K	USD	3 Qtrs
Revenues	`Revenues`	$227.00K	USD	1 Quarter
Revenues	`Revenues`	$303.00K	USD	3 Qtrs
Cost of sales	`CostOfGoodsAndServicesSold`	$291.00K	USD	3 Qtrs
Cost of sales	`CostOfGoodsAndServicesSold`	-	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$291.00K	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	-	USD	3 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$3.52M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$6.97M	USD	3 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$1.98M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$9.91M	USD	3 Qtrs
Depreciation	`DepreciationAndAmortization`	$73.00K	USD	1 Quarter
Depreciation	`DepreciationAndAmortization`	$219.00K	USD	3 Qtrs
Depreciation	`DepreciationAndAmortization`	$198.00K	USD	3 Qtrs
Depreciation	`DepreciationAndAmortization`	$72.00K	USD	1 Quarter
Total costs and expenses	`CostsAndExpenses`	$2.05M	USD	1 Quarter
Total costs and expenses	`CostsAndExpenses`	$10.40M	USD	3 Qtrs
Total costs and expenses	`CostsAndExpenses`	$7.19M	USD	3 Qtrs
Total costs and expenses	`CostsAndExpenses`	$3.88M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-1.93M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-3.65M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-6.89M	USD	3 Qtrs
Operating loss	`OperatingIncomeLoss`	$-10.12M	USD	3 Qtrs
Interest expense, net	`InterestIncomeExpenseNet`	$-6.74M	USD	3 Qtrs
Interest expense, net	`InterestIncomeExpenseNet`	$-2.31M	USD	1 Quarter
Interest expense, net	`InterestIncomeExpenseNet`	$-10.47M	USD	3 Qtrs
Interest expense, net	`InterestIncomeExpenseNet`	$-3.24M	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-5.96M	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-5.17M	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-19.61M	USD	3 Qtrs
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-16.79M	USD	3 Qtrs
Income tax provision	`IncomeTaxExpenseBenefit`	$3.00K	USD	3 Qtrs
Income tax provision	`IncomeTaxExpenseBenefit`	$3.00K	USD	3 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`	$-5.96M	USD	1 Quarter
Net loss and comprehensive loss applicable to common stock	`NetIncomeLossAvailableToCommonStockholdersDiluted`	$-19.61M	USD	3 Qtrs
Net loss and comprehensive loss applicable to common stock	`NetIncomeLossAvailableToCommonStockholdersDiluted`	$-16.80M	USD	3 Qtrs
Net loss and comprehensive loss applicable to common stock	`NetIncomeLossAvailableToCommonStockholdersDiluted`	$-5.17M	USD	1 Quarter
Basic and diluted net loss per common share (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-1.07	USD	3 Qtrs
Basic and diluted net loss per common share (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.28	USD	1 Quarter
Basic and diluted net loss per common share (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.95	USD	3 Qtrs
Basic and diluted net loss per common share (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.33	USD	1 Quarter
Basic and diluted weighted average shares outstanding (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	18.81M	shares	1 Quarter
Basic and diluted weighted average shares outstanding (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	17.82M	shares	1 Quarter
Basic and diluted weighted average shares outstanding (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	17.75M	shares	3 Qtrs
Basic and diluted weighted average shares outstanding (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	18.32M	shares	3 Qtrs
Revenues	`Revenues`	$120.00K	USD	1 Quarter
Revenues	`Revenues`	$283.00K	USD	3 Qtrs
Revenues	`Revenues`	$227.00K	USD	1 Quarter
Revenues	`Revenues`	$303.00K	USD	3 Qtrs
Operating loss	`OperatingIncomeLoss`	$-1.93M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-3.65M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-6.89M	USD	3 Qtrs
Operating loss	`OperatingIncomeLoss`	$-10.12M	USD	3 Qtrs
Loss on extinguishment of debt and debt refinancing	`GainsLossesOnExtinguishmentOfDebt`	$-2.25M	USD	3 Qtrs
Loss on extinguishment of debt and debt refinancing	`GainsLossesOnExtinguishmentOfDebt`	-	USD	3 Qtrs
Other income	`OtherNonoperatingIncome`	$70.00K	USD	3 Qtrs
Other income	`OtherNonoperatingIncome`	-	USD	3 Qtrs

Cash Flow Statement 48 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-16.80M	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-19.61M	USD	3 Qtrs
Depreciation	`DepreciationDepletionAndAmortization`	$198.00K	USD	3 Qtrs
Depreciation	`DepreciationDepletionAndAmortization`	$219.00K	USD	3 Qtrs
Amortization of debt discount and issuance costs	`AmortizationOfFinancingCostsAndDiscounts`	$679.00K	USD	3 Qtrs
Amortization of debt discount and issuance costs	`AmortizationOfFinancingCostsAndDiscounts`	$3.28M	USD	3 Qtrs
Interest expense added to loan principal	`PaidInKindInterest`	$6.07M	USD	3 Qtrs
Interest expense added to loan principal	`PaidInKindInterest`	$6.94M	USD	3 Qtrs
Loss on early extinguishment of debt	`GainsLossesOnExtinguishmentOfDebt`	$-2.25M	USD	3 Qtrs
Loss on early extinguishment of debt	`GainsLossesOnExtinguishmentOfDebt`	-	USD	3 Qtrs
Compensation charge for stock and share option awards	`ShareBasedCompensation`	$974.00K	USD	3 Qtrs
Compensation charge for stock and share option awards	`ShareBasedCompensation`	$721.00K	USD	3 Qtrs
Decrease (increase) in accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-121.00K	USD	3 Qtrs
Decrease (increase) in accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$44.00K	USD	3 Qtrs
Increase in prepaid expenses and other	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$3.15M	USD	3 Qtrs
Increase in prepaid expenses and other	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$147.00K	USD	3 Qtrs
Increase in other assets	`IncreaseDecreaseInOtherOperatingAssets`	$214.00K	USD	3 Qtrs
Increase in other assets	`IncreaseDecreaseInOtherOperatingAssets`	$214.00K	USD	3 Qtrs
Increase in accounts payable	`IncreaseDecreaseInAccountsPayable`	$253.00K	USD	3 Qtrs
Increase in accounts payable	`IncreaseDecreaseInAccountsPayable`	$350.00K	USD	3 Qtrs
Increase (decrease) in accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-147.00K	USD	3 Qtrs
Increase (decrease) in accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$2.43M	USD	3 Qtrs
Net cash used for operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-9.43M	USD	3 Qtrs
Net cash used for operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-6.41M	USD	3 Qtrs
Additions to property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$351.00K	USD	3 Qtrs
Additions to property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	-	USD	3 Qtrs
Net cash used for investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-351.00K	USD	3 Qtrs
Net cash used for investing activities	`NetCashProvidedByUsedInInvestingActivities`	-	USD	3 Qtrs
Up-front payment related to lease liability with related party	`ProceedsFromLongTermCapitalLeaseObligations`	$11.51M	USD	3 Qtrs
Up-front payment related to lease liability with related party	`ProceedsFromLongTermCapitalLeaseObligations`	-	USD	3 Qtrs
Proceeds from the issuance of long-term debt	`ProceedsFromIssuanceOfLongTermDebt`	$7.60M	USD	3 Qtrs
Proceeds from the issuance of long-term debt	`ProceedsFromIssuanceOfLongTermDebt`	-	USD	3 Qtrs
Debt Issuance costs	`PaymentsOfDebtIssuanceCosts`	-	USD	3 Qtrs
Debt Issuance costs	`PaymentsOfDebtIssuanceCosts`	$97.00K	USD	3 Qtrs
Principal payments on long-term debt	`RepaymentsOfLongTermDebt`	$11.40M	USD	3 Qtrs
Principal payments on long-term debt	`RepaymentsOfLongTermDebt`	$27.00K	USD	3 Qtrs
Net cash provided by (used for) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-27.00K	USD	3 Qtrs
Net cash provided by (used for) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$7.61M	USD	3 Qtrs
Net increase (decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-9.81M	USD	3 Qtrs
Net increase (decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$1.20M	USD	3 Qtrs
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$3.89M	USD	Point-in-time
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`	$6.39M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$3.89M	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`	$6.39M	USD	Point-in-time

Stockholders Equity 10 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$-70.23M	USD	Point-in-time
Balance	`StockholdersEquity`	$-56.50M	USD	Point-in-time
Stock-based compensation expense	`StockIssuedDuringPeriodValueShareBasedCompensation`	$640.00K	USD	3 Qtrs
Issuance of stock to lenders	`StockIssuedDuringPeriodValueNewIssues`	$2.25M	USD	3 Qtrs
Beneficial conversion feature	`AdjustmentsToAdditionalPaidInCapitalConvertibleDebtWithConversionFeature`	$1.48M	USD	3 Qtrs
Issuance of stock pursuant to bond conversion	`StockIssuedDuringPeriodValueConversionOfConvertibleSecurities`	$1.51M	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-16.80M	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-19.61M	USD	3 Qtrs
Balance	`StockholdersEquity`	$-70.23M	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.