10-Q Filing

CADIZ INC CIK: 727273 Q2 2017

Filing Information

Form Type	10-Q
Accession Number	`0000727273-17-000018`
Period End Date	20170630
Filing Date	20170809
Fiscal Year	2017
Fiscal Period	Q2
XBRL Instance	cdzi-20170630.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 54 Income Statement 48 Cash Flow Statement 56 Stockholders Equity 12

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
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`	$19.43M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$5.92M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$12.17M	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$50.00K	USD	Point-in-time
Common stock - shares issued (in shares)	`CommonStockSharesIssued`	21.77M	shares	Point-in-time
Common stock - shares issued (in shares)	`CommonStockSharesIssued`	22.48M	shares	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$39.00K	USD	Point-in-time
Common stock - shares outstanding (in shares)	`CommonStockSharesOutstanding`	21.77M	shares	Point-in-time
Common stock - shares outstanding (in shares)	`CommonStockSharesOutstanding`	22.48M	shares	Point-in-time
Prepaid expenses and other	`PrepaidExpenseAndOtherAssetsCurrent`	$3.39M	USD	Point-in-time
Prepaid expenses and other	`PrepaidExpenseAndOtherAssetsCurrent`	$516.00K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$15.60M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$20.00M	USD	Point-in-time
Property, plant, equipment and water programs, net	`PropertyPlantAndEquipmentNet`	$44.18M	USD	Point-in-time
Property, plant, equipment and water programs, net	`PropertyPlantAndEquipmentNet`	$44.66M	USD	Point-in-time
Goodwill	`Goodwill`	$3.81M	USD	Point-in-time
Goodwill	`Goodwill`	$3.81M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$3.75M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$3.50M	USD	Point-in-time
Total assets	`Assets`	$67.10M	USD	Point-in-time
Total assets	`Assets`	$72.22M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$642.00K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$439.00K	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$5.80M	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`	$1.40M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$7.84M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$4.56M	USD	Point-in-time
Long-term debt, net	`LongTermDebtNoncurrent`	$117.84M	USD	Point-in-time
Long-term debt, net	`LongTermDebtNoncurrent`	$102.37M	USD	Point-in-time
Long-term lease obligations, net	`CapitalLeaseObligationsNoncurrent`	$12.29M	USD	Point-in-time
Long-term lease obligations, net	`CapitalLeaseObligationsNoncurrent`	$12.77M	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`	$3.68M	USD	Point-in-time
Other long-term liabilities	`OtherLongTermDebtNoncurrent`	$1.44M	USD	Point-in-time
Total liabilities	`Liabilities`	$142.88M	USD	Point-in-time
Total liabilities	`Liabilities`	$121.42M	USD	Point-in-time
Common stock - $.01 par value; 70,000,000 shares authorized; shares issued and outstanding 22,483,122 at June 30, 2017 and 21,768,864 at December 31, 2016	`CommonStockValue`	$218.00K	USD	Point-in-time
Common stock - $.01 par value; 70,000,000 shares authorized; shares issued and outstanding 22,483,122 at June 30, 2017 and 21,768,864 at December 31, 2016	`CommonStockValue`	$225.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$355.34M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$359.78M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-430.67M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-409.87M	USD	Point-in-time
Total stockholders deficit	`StockholdersEquity`	$-54.32M	USD	Point-in-time
Total stockholders deficit	`StockholdersEquity`	$-70.67M	USD	Point-in-time
Total liabilities and stockholders deficit	`LiabilitiesAndStockholdersEquity`	$72.22M	USD	Point-in-time
Total liabilities and stockholders deficit	`LiabilitiesAndStockholdersEquity`	$67.10M	USD	Point-in-time

Income Statement 48 line items

Line Item	Tag	Value	Unit	Period
Revenues	`Revenues`	$216.00K	USD	2 Qtrs
Revenues	`Revenues`	$108.00K	USD	1 Quarter
Revenues	`Revenues`	$108.00K	USD	1 Quarter
Revenues	`Revenues`	$183.00K	USD	2 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$6.29M	USD	2 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$2.14M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$5.00M	USD	2 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$2.64M	USD	1 Quarter
Depreciation	`DepreciationAndAmortization`	$143.00K	USD	2 Qtrs
Depreciation	`DepreciationAndAmortization`	$73.00K	USD	1 Quarter
Depreciation	`DepreciationAndAmortization`	$146.00K	USD	2 Qtrs
Depreciation	`DepreciationAndAmortization`	$72.00K	USD	1 Quarter
Total costs and expenses	`CostsAndExpenses`	$2.21M	USD	1 Quarter
Total costs and expenses	`CostsAndExpenses`	$2.71M	USD	1 Quarter
Total costs and expenses	`CostsAndExpenses`	$6.43M	USD	2 Qtrs
Total costs and expenses	`CostsAndExpenses`	$5.14M	USD	2 Qtrs
Operating loss	`OperatingIncomeLoss`	$-2.10M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-2.61M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-4.96M	USD	2 Qtrs
Operating loss	`OperatingIncomeLoss`	$-6.22M	USD	2 Qtrs
Interest expense, net	`InterestIncomeExpenseNet`	$-3.04M	USD	1 Quarter
Interest expense, net	`InterestIncomeExpenseNet`	$-11.08M	USD	2 Qtrs
Interest expense, net	`InterestIncomeExpenseNet`	$-7.96M	USD	1 Quarter
Interest expense, net	`InterestIncomeExpenseNet`	$-7.23M	USD	2 Qtrs
Loss on extinguishment of debt and debt refinancing	`GainsLossesOnExtinguishmentOfDebt`	-	USD	1 Quarter
Loss on extinguishment of debt and debt refinancing	`GainsLossesOnExtinguishmentOfDebt`	$-3.50M	USD	2 Qtrs
Loss on extinguishment of debt and debt refinancing	`GainsLossesOnExtinguishmentOfDebt`	$-2.25M	USD	2 Qtrs
Loss on extinguishment of debt and debt refinancing	`GainsLossesOnExtinguishmentOfDebt`	$-3.50M	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-13.57M	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-14.44M	USD	2 Qtrs
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-5.64M	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-20.80M	USD	2 Qtrs
Income tax expense (provision)	`IncomeTaxExpenseBenefit`	$2.00K	USD	2 Qtrs
Income tax expense (provision)	`IncomeTaxExpenseBenefit`	$1.00K	USD	1 Quarter
Income tax expense (provision)	`IncomeTaxExpenseBenefit`	$2.00K	USD	2 Qtrs
Income tax expense (provision)	`IncomeTaxExpenseBenefit`	$1.00K	USD	1 Quarter
Net loss and comprehensive loss applicable to common stock	`NetIncomeLoss`	$-14.44M	USD	2 Qtrs
Net loss and comprehensive loss applicable to common stock	`NetIncomeLoss`	$-20.80M	USD	2 Qtrs
Net loss and comprehensive loss applicable to common stock	`NetIncomeLoss`	$-13.57M	USD	1 Quarter
Net loss and comprehensive loss applicable to common stock	`NetIncomeLoss`	$-5.64M	USD	1 Quarter
Basic and diluted net loss per common share (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.31	USD	1 Quarter
Basic and diluted net loss per common share (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.93	USD	2 Qtrs
Basic and diluted net loss per common share (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.60	USD	1 Quarter
Basic and diluted net loss per common share (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.81	USD	2 Qtrs
Basic and diluted weighted average shares outstanding (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	22.27M	shares	2 Qtrs
Basic and diluted weighted average shares outstanding (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	17.92M	shares	2 Qtrs
Basic and diluted weighted average shares outstanding (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	17.95M	shares	1 Quarter
Basic and diluted weighted average shares outstanding (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	22.45M	shares	1 Quarter

Cash Flow Statement 56 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-14.44M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-20.80M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-13.57M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-5.64M	USD	1 Quarter
Depreciation	`DepreciationDepletionAndAmortization`	$146.00K	USD	2 Qtrs
Depreciation	`DepreciationDepletionAndAmortization`	$143.00K	USD	2 Qtrs
Amortization of debt discount and issuance costs	`AmortizationOfFinancingCostsAndDiscounts`	$1.83M	USD	2 Qtrs
Amortization of debt discount and issuance costs	`AmortizationOfFinancingCostsAndDiscounts`	$2.57M	USD	2 Qtrs
Interest expense added to loan principal	`PaidInKindInterestAddedToLoanPrincipal`	$4.53M	USD	2 Qtrs
Interest expense added to loan principal	`PaidInKindInterestAddedToLoanPrincipal`	$4.19M	USD	2 Qtrs
Interest expense added to lease liability	`PaidInKindInterestAddedToLeaseLiability`	$471.00K	USD	2 Qtrs
Interest expense added to lease liability	`PaidInKindInterestAddedToLeaseLiability`	$330.00K	USD	2 Qtrs
Gain on debt conversion	`GainLossOnConversionOfDebt`	-	USD	2 Qtrs
Gain on debt conversion	`GainLossOnConversionOfDebt`	$-55.00K	USD	2 Qtrs
Loss on early extinguishment of debt	`GainLossOnEarlyExtinguishmentOfDebtAndDebtRefinancing`	$-2.25M	USD	2 Qtrs
Loss on early extinguishment of debt	`GainLossOnEarlyExtinguishmentOfDebtAndDebtRefinancing`	$-3.50M	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`	$1.92M	USD	2 Qtrs
(Increase) decrease in accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$11.00K	USD	2 Qtrs
(Increase) decrease in accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-129.00K	USD	2 Qtrs
Decrease (increase) in prepaid expenses and other	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-2.88M	USD	2 Qtrs
Decrease (increase) in prepaid expenses and other	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$22.00K	USD	2 Qtrs
Increase in other assets	`IncreaseDecreaseInOtherOperatingAssets`	$243.00K	USD	2 Qtrs
Increase in other assets	`IncreaseDecreaseInOtherOperatingAssets`	$357.00K	USD	2 Qtrs
Increase (decrease) in accounts payable	`IncreaseDecreaseInAccountsPayable`	$-63.00K	USD	2 Qtrs
Increase (decrease) in accounts payable	`IncreaseDecreaseInAccountsPayable`	$40.00K	USD	2 Qtrs
Increase (decrease) in accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$1.46M	USD	2 Qtrs
Increase (decrease) in accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-315.00K	USD	2 Qtrs
(Decrease) in other long-term liabilities	`IncreaseDecreaseInOtherNoncurrentLiabilities`	-	USD	2 Qtrs
(Decrease) in other long-term liabilities	`IncreaseDecreaseInOtherNoncurrentLiabilities`	$-655.00K	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-4.82M	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-4.87M	USD	2 Qtrs
Additions to property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$161.00K	USD	2 Qtrs
Additions to property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	-	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	-	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-161.00K	USD	2 Qtrs
Up-front payment related to lease liability	`ProceedsFromLongTermCapitalLeaseObligations`	$11.51M	USD	2 Qtrs
Up-front payment related to lease liability	`ProceedsFromLongTermCapitalLeaseObligations`	-	USD	2 Qtrs
Net Proceeds from the issuance of long-term debt	`ProceedsFromIssuanceOfLongTermDebt`	$57.19M	USD	2 Qtrs
Net Proceeds from the issuance of long-term debt	`ProceedsFromIssuanceOfLongTermDebt`	$7.60M	USD	2 Qtrs
Debt issuance costs	`PaymentsOfDebtIssuanceCosts`	$102.00K	USD	2 Qtrs
Debt issuance costs	`PaymentsOfDebtIssuanceCosts`	-	USD	2 Qtrs
Principal payments on long-term debt	`RepaymentsOfLongTermDebt`	$44.90M	USD	2 Qtrs
Principal payments on long-term debt	`RepaymentsOfLongTermDebt`	$10.96M	USD	2 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$12.29M	USD	2 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$8.05M	USD	2 Qtrs
Net increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$7.26M	USD	2 Qtrs
Net increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$3.23M	USD	2 Qtrs
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$2.69M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$19.43M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$5.92M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$12.17M	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`	$19.43M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$5.92M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$12.17M	USD	Point-in-time

Stockholders Equity 12 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$-54.32M	USD	Point-in-time
Balance	`StockholdersEquity`	$-70.67M	USD	Point-in-time
Issuance of shares to lenders (in shares)	`StockIssuedDuringPeriodSharesNewIssues`	29,706.00	shares	2 Qtrs
Issuance of shares pursuant to bond conversion (in shares)	`StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities`	285,480.00	shares	2 Qtrs
Issuance of shares pursuant to bond conversion	`StockIssuedDuringPeriodValueConversionOfConvertibleSecurities`	$1.99M	USD	2 Qtrs
Stock-based compensation expense	`StockIssuedDuringPeriodValueShareBasedCompensation`	$2.02M	USD	2 Qtrs
Net loss and comprehensive loss	`NetIncomeLoss`	$-14.44M	USD	2 Qtrs
Net loss and comprehensive loss	`NetIncomeLoss`	$-20.80M	USD	2 Qtrs
Net loss and comprehensive loss	`NetIncomeLoss`	$-13.57M	USD	1 Quarter
Net loss and comprehensive loss	`NetIncomeLoss`	$-5.64M	USD	1 Quarter
Balance as of June 30, 2017	`StockholdersEquity`	$-54.32M	USD	Point-in-time
Balance as of June 30, 2017	`StockholdersEquity`	$-70.67M	USD	Point-in-time

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