10-Q Filing

CADIZ INC CIK: 727273 Q3 2017

Filing Information

Form Type	10-Q
Accession Number	`0000727273-17-000024`
Period End Date	20170930
Filing Date	20171108
Fiscal Year	2017
Fiscal Period	Q3
XBRL Instance	cdzi-20170930.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 56 Income Statement 50 Cash Flow Statement 56 Stockholders Equity 12

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
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$3.89M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$2.69M	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	70.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$12.17M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$16.05M	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	70.00M	shares	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$39.00K	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	22.53M	shares	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$56.00K	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	21.77M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$525.00K	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	22.53M	shares	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	21.77M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$3.39M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$15.60M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$16.64M	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`	$44.72M	USD	Point-in-time
Goodwill	`Goodwill`	$3.81M	USD	Point-in-time
Goodwill	`Goodwill`	$3.81M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$3.72M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$3.50M	USD	Point-in-time
Total assets	`Assets`	$68.89M	USD	Point-in-time
Total assets	`Assets`	$67.10M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$439.00K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$418.00K	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$3.95M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$597.00K	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$1.38M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$170.00K	USD	Point-in-time
Warrant liabilites	`DerivativeLiabilitiesCurrent`	$6.64M	USD	Point-in-time
Warrant liabilites	`DerivativeLiabilitiesCurrent`	-	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$9.04M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$4.56M	USD	Point-in-time
Long-term debt, net	`LongTermDebtNoncurrent`	$120.93M	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`	$13.02M	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`	$145.18M	USD	Point-in-time
Total liabilities	`Liabilities`	$121.42M	USD	Point-in-time
Common stock - $.01 par value; 70,000,000 shares authorized at September 30, 2017 and December 31, 2016; shares issued and outstanding 22,530,376 at September 30, 2017 and 21,768,864 at December 31, 2016	`CommonStockValue`	$225.00K	USD	Point-in-time
Common stock - $.01 par value; 70,000,000 shares authorized at September 30, 2017 and December 31, 2016; shares issued and outstanding 22,530,376 at September 30, 2017 and 21,768,864 at December 31, 2016	`CommonStockValue`	$218.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$355.34M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$360.14M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-436.66M	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`	$-76.29M	USD	Point-in-time
Total liabilities and stockholders deficit	`LiabilitiesAndStockholdersEquity`	$67.10M	USD	Point-in-time
Total liabilities and stockholders deficit	`LiabilitiesAndStockholdersEquity`	$68.89M	USD	Point-in-time

Income Statement 50 line items

Line Item	Tag	Value	Unit	Period
Revenues	`Revenues`	$111.00K	USD	1 Quarter
Revenues	`Revenues`	$303.00K	USD	3 Qtrs
Revenues	`Revenues`	$120.00K	USD	1 Quarter
Revenues	`Revenues`	$327.00K	USD	3 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$2.46M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$1.98M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$8.75M	USD	3 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$6.97M	USD	3 Qtrs
Depreciation	`DepreciationAndAmortization`	$73.00K	USD	1 Quarter
Depreciation	`DepreciationAndAmortization`	$212.00K	USD	3 Qtrs
Depreciation	`DepreciationAndAmortization`	$69.00K	USD	1 Quarter
Depreciation	`DepreciationAndAmortization`	$219.00K	USD	3 Qtrs
Total costs and expenses	`CostsAndExpenses`	$8.96M	USD	3 Qtrs
Total costs and expenses	`CostsAndExpenses`	$7.19M	USD	3 Qtrs
Total costs and expenses	`CostsAndExpenses`	$2.52M	USD	1 Quarter
Total costs and expenses	`CostsAndExpenses`	$2.05M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-6.89M	USD	3 Qtrs
Operating loss	`OperatingIncomeLoss`	$-2.41M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-8.63M	USD	3 Qtrs
Operating loss	`OperatingIncomeLoss`	$-1.93M	USD	1 Quarter
Interest expense, net	`InterestIncomeExpenseNet`	$-3.58M	USD	1 Quarter
Interest expense, net	`InterestIncomeExpenseNet`	$-3.24M	USD	1 Quarter
Interest expense, net	`InterestIncomeExpenseNet`	$-14.65M	USD	3 Qtrs
Interest expense, net	`InterestIncomeExpenseNet`	$-10.47M	USD	3 Qtrs
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-19.61M	USD	3 Qtrs
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-5.99M	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-5.17M	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-26.79M	USD	3 Qtrs
Income tax expense (provision)	`IncomeTaxExpenseBenefit`	$3.00K	USD	3 Qtrs
Income tax expense (provision)	`IncomeTaxExpenseBenefit`	$3.00K	USD	3 Qtrs
Income tax expense (provision)	`IncomeTaxExpenseBenefit`	$1.00K	USD	1 Quarter
Income tax expense (provision)	`IncomeTaxExpenseBenefit`	$1.00K	USD	1 Quarter
Net loss and comprehensive loss applicable to common stock	`NetIncomeLoss`	$-26.79M	USD	3 Qtrs
Net loss and comprehensive loss applicable to common stock	`NetIncomeLoss`	$-19.61M	USD	3 Qtrs
Net loss and comprehensive loss applicable to common stock	`NetIncomeLoss`	$-5.99M	USD	1 Quarter
Net loss and comprehensive loss applicable to common stock	`NetIncomeLoss`	$-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`	$-1.19	USD	3 Qtrs
Basic and diluted net loss per common share (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.26	USD	1 Quarter
Basic and diluted weighted average shares outstanding (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	22.86M	shares	1 Quarter
Basic and diluted weighted average shares outstanding (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	22.47M	shares	3 Qtrs
Basic and diluted weighted average shares outstanding (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	18.81M	shares	1 Quarter
Basic and diluted weighted average shares outstanding (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	18.32M	shares	3 Qtrs
Revenues	`Revenues`	$111.00K	USD	1 Quarter
Revenues	`Revenues`	$303.00K	USD	3 Qtrs
Revenues	`Revenues`	$120.00K	USD	1 Quarter
Revenues	`Revenues`	$327.00K	USD	3 Qtrs
Loss on extinguishment of debt and debt refinancing	`GainsLossesOnExtinguishmentOfDebt`	$-3.50M	USD	3 Qtrs
Loss on extinguishment of debt and debt refinancing	`GainsLossesOnExtinguishmentOfDebt`	$-2.25M	USD	3 Qtrs

Cash Flow Statement 56 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-26.79M	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-19.61M	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-5.99M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-5.17M	USD	1 Quarter
Depreciation	`DepreciationDepletionAndAmortization`	$219.00K	USD	3 Qtrs
Depreciation	`DepreciationDepletionAndAmortization`	$212.00K	USD	3 Qtrs
Amortization of debt discount and issuance costs	`AmortizationOfFinancingCostsAndDiscounts`	$2.83M	USD	3 Qtrs
Amortization of debt discount and issuance costs	`AmortizationOfFinancingCostsAndDiscounts`	$3.28M	USD	3 Qtrs
Interest expense added to loan principal	`PaidInKindInterestAddedToLoanPrincipal`	$6.40M	USD	3 Qtrs
Interest expense added to loan principal	`PaidInKindInterestAddedToLoanPrincipal`	$6.88M	USD	3 Qtrs
Interest expense added to lease liability	`PaidInKindInterestAddedToLeaseLiability`	$543.00K	USD	3 Qtrs
Interest expense added to lease liability	`PaidInKindInterestAddedToLeaseLiability`	$718.00K	USD	3 Qtrs
Loss on debt conversion	`GainLossOnConversionOfDebt`	-	USD	3 Qtrs
Loss on debt conversion	`GainLossOnConversionOfDebt`	$-56.00K	USD	3 Qtrs
Loss on early extinguishment of debt	`GainLossOnEarlyExtinguishmentOfDebtAndDebtRefinancing`	$-2.25M	USD	3 Qtrs
Loss on early extinguishment of debt	`GainLossOnEarlyExtinguishmentOfDebtAndDebtRefinancing`	$-3.50M	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`	$2.03M	USD	3 Qtrs
(Increase) decrease in accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-121.00K	USD	3 Qtrs
(Increase) decrease in accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$17.00K	USD	3 Qtrs
Decrease (increase) in prepaid expenses and other	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$3.15M	USD	3 Qtrs
Decrease (increase) in prepaid expenses and other	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-2.87M	USD	3 Qtrs
(Increase) in other assets	`IncreaseDecreaseInOtherOperatingAssets`	$214.00K	USD	3 Qtrs
(Increase) in other assets	`IncreaseDecreaseInOtherOperatingAssets`	$214.00K	USD	3 Qtrs
(Decrease) increase in accounts payable	`IncreaseDecreaseInAccountsPayable`	$350.00K	USD	3 Qtrs
(Decrease) increase in accounts payable	`IncreaseDecreaseInAccountsPayable`	$-53.00K	USD	3 Qtrs
(Decrease) increase in accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$2.43M	USD	3 Qtrs
(Decrease) increase in accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-3.49M	USD	3 Qtrs
Increase in warrant liabilities	`IncreaseDecreaseInDerivativeLiabilities`	$3.75M	USD	3 Qtrs
Increase in warrant liabilities	`IncreaseDecreaseInDerivativeLiabilities`	-	USD	3 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-6.41M	USD	3 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-7.73M	USD	3 Qtrs
Additions to property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	-	USD	3 Qtrs
Additions to property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$671.00K	USD	3 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-671.00K	USD	3 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	-	USD	3 Qtrs
Up-front payment related to lease liability	`ProceedsFromLongTermCapitalLeaseObligations`	$11.51M	USD	3 Qtrs
Up-front payment related to lease liability	`ProceedsFromLongTermCapitalLeaseObligations`	-	USD	3 Qtrs
Net proceeds from the issuance of long-term debt	`ProceedsFromIssuanceOfLongTermDebt`	$57.19M	USD	3 Qtrs
Net proceeds from the issuance of long-term debt	`ProceedsFromIssuanceOfLongTermDebt`	$7.60M	USD	3 Qtrs
Debt issuance costs	`PaymentsOfDebtIssuanceCosts`	$97.00K	USD	3 Qtrs
Debt issuance costs	`PaymentsOfDebtIssuanceCosts`	-	USD	3 Qtrs
Principal payments on long-term debt	`RepaymentsOfLongTermDebt`	$44.91M	USD	3 Qtrs
Principal payments on long-term debt	`RepaymentsOfLongTermDebt`	$11.40M	USD	3 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$7.61M	USD	3 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$12.28M	USD	3 Qtrs
Net increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$1.20M	USD	3 Qtrs
Net increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$3.88M	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`	$2.69M	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`	$16.05M	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`	$2.69M	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`	$16.05M	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`	$-76.29M	USD	Point-in-time
Issuance of shares to lenders (in shares)	`StockIssuedDuringPeriodSharesNewIssues`	29,706.00	shares	3 Qtrs
Issuance of shares pursuant to bond conversion (in shares)	`StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities`	326,163.00	shares	3 Qtrs
Issuance of shares pursuant to bond conversion	`StockIssuedDuringPeriodValueConversionOfConvertibleSecurities`	$2.26M	USD	3 Qtrs
Stock-based compensation expense	`StockIssuedDuringPeriodValueShareBasedCompensation`	$2.13M	USD	3 Qtrs
Net loss and comprehensive loss	`NetIncomeLoss`	$-26.79M	USD	3 Qtrs
Net loss and comprehensive loss	`NetIncomeLoss`	$-19.61M	USD	3 Qtrs
Net loss and comprehensive loss	`NetIncomeLoss`	$-5.99M	USD	1 Quarter
Net loss and comprehensive loss	`NetIncomeLoss`	$-5.17M	USD	1 Quarter
Balance	`StockholdersEquity`	$-54.32M	USD	Point-in-time
Balance	`StockholdersEquity`	$-76.29M	USD	Point-in-time

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