10-Q Filing

CADIZ INC CIK: 727273 Q1 2017

Filing Information

Form Type	10-Q
Accession Number	`0000727273-17-000012`
Period End Date	20170331
Filing Date	20170509
Fiscal Year	2017
Fiscal Period	Q1
XBRL Instance	cdzi-20170331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 54 Income Statement 24 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
Common stock - shares authorized (in shares)	`CommonStockSharesAuthorized`	70.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$9.41M	USD	Point-in-time
Common stock - shares authorized (in shares)	`CommonStockSharesAuthorized`	70.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$2.10M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$12.17M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$2.69M	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$84.00K	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$39.00K	USD	Point-in-time
Common stock - shares issued (in shares)	`CommonStockSharesIssued`	21.77M	shares	Point-in-time
Common stock - shares issued (in shares)	`CommonStockSharesIssued`	22.21M	shares	Point-in-time
Prepaid expenses and other	`PrepaidExpenseAndOtherAssetsCurrent`	$663.00K	USD	Point-in-time
Common stock - shares outstanding (in shares)	`CommonStockSharesOutstanding`	21.77M	shares	Point-in-time
Prepaid expenses and other	`PrepaidExpenseAndOtherAssetsCurrent`	$3.39M	USD	Point-in-time
Common stock - shares outstanding (in shares)	`CommonStockSharesOutstanding`	22.21M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$10.15M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$15.60M	USD	Point-in-time
Property, plant, equipment and water programs, net	`PropertyPlantAndEquipmentNet`	$44.24M	USD	Point-in-time
Property, plant, equipment and water programs, net	`PropertyPlantAndEquipmentNet`	$44.18M	USD	Point-in-time
Goodwill	`Goodwill`	$3.81M	USD	Point-in-time
Goodwill	`Goodwill`	$3.81M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$3.50M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$3.77M	USD	Point-in-time
Total assets	`Assets`	$61.98M	USD	Point-in-time
Total assets	`Assets`	$67.10M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$853.00K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$439.00K	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$739.00K	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$3.95M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$170.00K	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$1.50M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$3.10M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$4.56M	USD	Point-in-time
Long-term debt, net	`LongTermDebtNoncurrent`	$101.85M	USD	Point-in-time
Long-term debt, net	`LongTermDebtNoncurrent`	$102.37M	USD	Point-in-time
Long-term lease obligations, net	`CapitalLeaseObligationsNoncurrent`	$12.52M	USD	Point-in-time
Long-term lease obligations, net	`CapitalLeaseObligationsNoncurrent`	$12.29M	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`	$1.44M	USD	Point-in-time
Total liabilities	`Liabilities`	$121.42M	USD	Point-in-time
Total liabilities	`Liabilities`	$119.65M	USD	Point-in-time
Common stock - $.01 par value; 70,000,000 shares authorized; shares issued and outstanding 22,205,685 at March 31, 2017 and 21,768,864 at December 31, 2016	`CommonStockValue`	$222.00K	USD	Point-in-time
Common stock - $.01 par value; 70,000,000 shares authorized; shares issued and outstanding 22,205,685 at March 31, 2017 and 21,768,864 at December 31, 2016	`CommonStockValue`	$218.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$359.20M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$355.34M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-417.10M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-409.87M	USD	Point-in-time
Total stockholders deficit	`StockholdersEquity`	$-57.67M	USD	Point-in-time
Total stockholders deficit	`StockholdersEquity`	$-54.32M	USD	Point-in-time
Total liabilities and stockholders deficit	`LiabilitiesAndStockholdersEquity`	$61.98M	USD	Point-in-time
Total liabilities and stockholders deficit	`LiabilitiesAndStockholdersEquity`	$67.10M	USD	Point-in-time

Income Statement 24 line items

Line Item	Tag	Value	Unit	Period
Total Revenues	`Revenues`	$75.00K	USD	1 Quarter
Total Revenues	`Revenues`	$108.00K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$4.15M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$2.35M	USD	1 Quarter
Depreciation	`DepreciationAndAmortization`	$73.00K	USD	1 Quarter
Depreciation	`DepreciationAndAmortization`	$71.00K	USD	1 Quarter
Total costs and expenses	`CostsAndExpenses`	$4.22M	USD	1 Quarter
Total costs and expenses	`CostsAndExpenses`	$2.43M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-2.35M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-4.11M	USD	1 Quarter
Interest expense, net	`InterestIncomeExpenseNet`	$-3.11M	USD	1 Quarter
Interest expense, net	`InterestIncomeExpenseNet`	$-4.19M	USD	1 Quarter
Loss on extinguishment of debt and debt refinancing	`GainsLossesOnExtinguishmentOfDebt`	$-2.25M	USD	1 Quarter
Loss on extinguishment of debt and debt refinancing	`GainsLossesOnExtinguishmentOfDebt`	-	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-8.79M	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-7.23M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$1.00K	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$1.00K	USD	1 Quarter
Net loss and comprehensive loss applicable to common stock	`NetIncomeLoss`	$-7.23M	USD	1 Quarter
Net loss and comprehensive loss applicable to common stock	`NetIncomeLoss`	$-8.79M	USD	1 Quarter
Basic and diluted net loss per common share (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.33	USD	1 Quarter
Basic and diluted net loss per common share (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.49	USD	1 Quarter
Basic and diluted weighted average shares outstanding (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	22.10M	shares	1 Quarter
Basic and diluted weighted average shares outstanding (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	17.90M	shares	1 Quarter

Cash Flow Statement 48 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-7.23M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-8.79M	USD	1 Quarter
Depreciation	`DepreciationDepletionAndAmortization`	$71.00K	USD	1 Quarter
Depreciation	`DepreciationDepletionAndAmortization`	$73.00K	USD	1 Quarter
Amortization of debt discount and issuance costs	`AmortizationOfFinancingCostsAndDiscounts`	$742.00K	USD	1 Quarter
Amortization of debt discount and issuance costs	`AmortizationOfFinancingCostsAndDiscounts`	$1.95M	USD	1 Quarter
Interest expense added to loan principal	`PaidInKindInterestAddedToLoanPrincipal`	$2.04M	USD	1 Quarter
Interest expense added to loan principal	`PaidInKindInterestAddedToLoanPrincipal`	$2.06M	USD	1 Quarter
Interest expense added to lease liability	`PaidInKindInterestAddedToLeaseLiability`	$120.00K	USD	1 Quarter
Interest expense added to lease liability	`PaidInKindInterestAddedToLeaseLiability`	$226.00K	USD	1 Quarter
Loss on early extinguishment of debt	`GainLossOnEarlyExtinguishmentOfDebtAndDebtRefinancing`	-	USD	1 Quarter
Loss on early extinguishment of debt	`GainLossOnEarlyExtinguishmentOfDebtAndDebtRefinancing`	$-2.25M	USD	1 Quarter
Compensation charge for stock and share option awards	`ShareBasedCompensation`	$1.82M	USD	1 Quarter
Compensation charge for stock and share option awards	`ShareBasedCompensation`	$165.00K	USD	1 Quarter
(Increase) decrease in accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$45.00K	USD	1 Quarter
(Increase) decrease in accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-149.00K	USD	1 Quarter
Decrease (increase) in prepaid expenses and other	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-2.73M	USD	1 Quarter
Decrease (increase) in prepaid expenses and other	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$253.00K	USD	1 Quarter
Increase in other assets	`IncreaseDecreaseInOtherOperatingAssets`	$271.00K	USD	1 Quarter
Increase in other assets	`IncreaseDecreaseInOtherOperatingAssets`	$271.00K	USD	1 Quarter
Increase in accounts payable	`IncreaseDecreaseInAccountsPayable`	$195.00K	USD	1 Quarter
Increase in accounts payable	`IncreaseDecreaseInAccountsPayable`	$414.00K	USD	1 Quarter
(Decrease) increase in accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-3.13M	USD	1 Quarter
(Decrease) increase in accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$876.00K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-2.63M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.48M	USD	1 Quarter
Additions to property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	-	USD	1 Quarter
Additions to property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$116.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-116.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	-	USD	1 Quarter
Up-front payment related to lease liability	`ProceedsFromLongTermCapitalLeaseObligations`	$11.51M	USD	1 Quarter
Up-front payment related to lease liability	`ProceedsFromLongTermCapitalLeaseObligations`	-	USD	1 Quarter
Debt issuance costs	`PaymentsOfDebtIssuanceCosts`	$102.00K	USD	1 Quarter
Debt issuance costs	`PaymentsOfDebtIssuanceCosts`	-	USD	1 Quarter
Principal payments on long-term debt	`RepaymentsOfLongTermDebt`	$14.00K	USD	1 Quarter
Principal payments on long-term debt	`RepaymentsOfLongTermDebt`	$10.51M	USD	1 Quarter
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$893.00K	USD	1 Quarter
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-14.00K	USD	1 Quarter
Net decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-2.77M	USD	1 Quarter
Net decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-587.00K	USD	1 Quarter
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$9.41M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$2.10M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$12.17M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$2.69M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$9.41M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$2.10M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$12.17M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$2.69M	USD	Point-in-time

Stockholders Equity 10 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$-57.67M	USD	Point-in-time
Balance	`StockholdersEquity`	$-54.32M	USD	Point-in-time
Issuance of shares to lenders (in shares)	`StockIssuedDuringPeriodSharesNewIssues`	29,706.00	shares	1 Quarter
Issuance of shares pursuant to bond conversion (in shares)	`StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities`	212,476.00	shares	1 Quarter
Issuance of shares pursuant to bond conversion	`StockIssuedDuringPeriodValueConversionOfConvertibleSecurities`	$1.52M	USD	1 Quarter
Stock-based compensation expense	`StockIssuedDuringPeriodValueShareBasedCompensation`	$1.92M	USD	1 Quarter
Net loss and comprehensive loss	`NetIncomeLoss`	$-7.23M	USD	1 Quarter
Net loss and comprehensive loss	`NetIncomeLoss`	$-8.79M	USD	1 Quarter
Balance	`StockholdersEquity`	$-57.67M	USD	Point-in-time
Balance	`StockholdersEquity`	$-54.32M	USD	Point-in-time

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