10-Q Filing

CADIZ INC CIK: 727273 Q2 2018

Filing Information

Form Type	10-Q
Accession Number	`0000727273-18-000015`
Period End Date	20180630
Filing Date	20180806
Fiscal Year	2018
Fiscal Period	Q2
XBRL Instance	cdzi-20180630.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 55 Income Statement 56 Cash Flow Statement 56 Stockholders Equity 13

Balance Sheet 55 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`	$13.03M	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	70.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$20.24M	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	70.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$19.43M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	24.43M	shares	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$36.00K	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$106.00K	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	22.99M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$411.00K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$604.00K	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	22.99M	shares	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	24.43M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$20.95M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$13.48M	USD	Point-in-time
Property, plant, equipment and water programs, net	`PropertyPlantAndEquipmentNet`	$46.02M	USD	Point-in-time
Property, plant, equipment and water programs, net	`PropertyPlantAndEquipmentNet`	$45.27M	USD	Point-in-time
Goodwill	`Goodwill`	$3.81M	USD	Point-in-time
Goodwill	`Goodwill`	$3.81M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$3.95M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$3.93M	USD	Point-in-time
Total assets	`Assets`	$74.71M	USD	Point-in-time
Total assets	`Assets`	$66.50M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$649.00K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$411.00K	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$2.28M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$972.00K	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$57.00K	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$1.41M	USD	Point-in-time
Warrant derivative liabilities	`DerivativeLiabilitiesCurrent`	$2.39M	USD	Point-in-time
Warrant derivative liabilities	`DerivativeLiabilitiesCurrent`	$1.53M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$6.49M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$3.21M	USD	Point-in-time
Long-term debt, net	`LongTermDebtNoncurrent`	$123.77M	USD	Point-in-time
Long-term debt, net	`LongTermDebtNoncurrent`	$129.94M	USD	Point-in-time
Long-term lease obligations, net	`CapitalLeaseObligationsNoncurrent`	$13.28M	USD	Point-in-time
Long-term lease obligations, net	`CapitalLeaseObligationsNoncurrent`	$13.83M	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`	$923.00K	USD	Point-in-time
Other long-term liabilities	`OtherLongTermDebtNoncurrent`	$923.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$145.20M	USD	Point-in-time
Total liabilities	`Liabilities`	$148.65M	USD	Point-in-time
Common stock - $.01 par value; 70,000,000 shares authorized at June 30, 2018 and December 31, 2017; shares issued and outstanding 24,425,296 at June 30, 2018 and 22,987,434 at December 31, 2017	`CommonStockValue`	$230.00K	USD	Point-in-time
Common stock - $.01 par value; 70,000,000 shares authorized at June 30, 2018 and December 31, 2017; shares issued and outstanding 24,425,296 at June 30, 2018 and 22,987,434 at December 31, 2017	`CommonStockValue`	$244.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$381.56M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$364.81M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-455.74M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-443.74M	USD	Point-in-time
Total stockholders deficit	`StockholdersEquity`	$-73.94M	USD	Point-in-time
Total stockholders deficit	`StockholdersEquity`	$-78.70M	USD	Point-in-time
Total liabilities and stockholders deficit	`LiabilitiesAndStockholdersEquity`	$74.71M	USD	Point-in-time
Total liabilities and stockholders deficit	`LiabilitiesAndStockholdersEquity`	$66.50M	USD	Point-in-time

Income Statement 56 line items

Line Item	Tag	Value	Unit	Period
Total revenues	`Revenues`	$216.00K	USD	2 Qtrs
Total revenues	`Revenues`	$109.00K	USD	1 Quarter
Total revenues	`Revenues`	$108.00K	USD	1 Quarter
Total revenues	`Revenues`	$217.00K	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`	$4.83M	USD	2 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$2.30M	USD	1 Quarter
Depreciation	`DepreciationAndAmortization`	$64.00K	USD	1 Quarter
Depreciation	`DepreciationAndAmortization`	$130.00K	USD	2 Qtrs
Depreciation	`DepreciationAndAmortization`	$72.00K	USD	1 Quarter
Depreciation	`DepreciationAndAmortization`	$143.00K	USD	2 Qtrs
Total costs and expenses	`CostsAndExpenses`	$6.43M	USD	2 Qtrs
Total costs and expenses	`CostsAndExpenses`	$4.96M	USD	2 Qtrs
Total costs and expenses	`CostsAndExpenses`	$2.21M	USD	1 Quarter
Total costs and expenses	`CostsAndExpenses`	$2.36M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-4.74M	USD	2 Qtrs
Operating loss	`OperatingIncomeLoss`	$-2.10M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-2.25M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-6.22M	USD	2 Qtrs
Interest expense, net	`InterestExpense`	$7.96M	USD	1 Quarter
Interest expense, net	`InterestExpense`	$3.82M	USD	1 Quarter
Interest expense, net	`InterestExpense`	$11.08M	USD	2 Qtrs
Interest expense, net	`InterestExpense`	$7.34M	USD	2 Qtrs
Interest income	`InvestmentIncomeInterest`	-	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$48.00K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$80.00K	USD	2 Qtrs
Interest income	`InvestmentIncomeInterest`	-	USD	2 Qtrs
Loss on extinguishment of debt and debt refinancing	`GainsLossesOnExtinguishmentOfDebt`	-	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	1 Quarter
Loss on extinguishment of debt and debt refinancing	`GainsLossesOnExtinguishmentOfDebt`	$-3.50M	USD	2 Qtrs
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-12.00M	USD	2 Qtrs
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-20.80M	USD	2 Qtrs
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-13.57M	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-6.03M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$1.00K	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$4.00K	USD	2 Qtrs
Income tax expense	`IncomeTaxExpenseBenefit`	$2.00K	USD	2 Qtrs
Income tax expense	`IncomeTaxExpenseBenefit`	$3.00K	USD	1 Quarter
Net loss and comprehensive loss applicable to common stock	`NetIncomeLoss`	$-6.03M	USD	1 Quarter
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`	$-12.00M	USD	2 Qtrs
Net loss and comprehensive loss applicable to common stock	`NetIncomeLoss`	$-13.57M	USD	1 Quarter
Basic and diluted net loss per common share (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-250.00	USD	1 Quarter
Basic and diluted net loss per common share (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-510.00	USD	2 Qtrs
Basic and diluted net loss per common share (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-600.00	USD	1 Quarter
Basic and diluted net loss per common share (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-930.00	USD	2 Qtrs
Basic and diluted weighted average shares outstanding (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	23.88M	shares	1 Quarter
Basic and diluted weighted average shares outstanding (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	22.45M	shares	1 Quarter
Basic and diluted weighted average shares outstanding (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	23.48M	shares	2 Qtrs
Basic and diluted weighted average shares outstanding (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	22.27M	shares	2 Qtrs
Total revenues	`Revenues`	$216.00K	USD	2 Qtrs
Total revenues	`Revenues`	$109.00K	USD	1 Quarter
Total revenues	`Revenues`	$108.00K	USD	1 Quarter
Total revenues	`Revenues`	$217.00K	USD	2 Qtrs

Cash Flow Statement 56 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-6.03M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-20.80M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-12.00M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-13.57M	USD	1 Quarter
Depreciation	`DepreciationDepletionAndAmortization`	$143.00K	USD	2 Qtrs
Depreciation	`DepreciationDepletionAndAmortization`	$130.00K	USD	2 Qtrs
Amortization of debt discount and issuance costs	`AmortizationOfFinancingCostsAndDiscounts`	$1.99M	USD	2 Qtrs
Amortization of debt discount and issuance costs	`AmortizationOfFinancingCostsAndDiscounts`	$1.83M	USD	2 Qtrs
Interest expense added to loan principal	`PaidInKindInterestAddedToLoanPrincipal`	$4.77M	USD	2 Qtrs
Interest expense added to loan principal	`PaidInKindInterestAddedToLoanPrincipal`	$4.53M	USD	2 Qtrs
Interest expense added to lease liability	`PaidInKindInterestAddedToLeaseLiability`	$543.00K	USD	2 Qtrs
Interest expense added to lease liability	`PaidInKindInterestAddedToLeaseLiability`	$471.00K	USD	2 Qtrs
Gain on debt conversion	`GainLossOnConversionOfDebt`	$-55.00K	USD	2 Qtrs
Gain on debt conversion	`GainLossOnConversionOfDebt`	$-57.00K	USD	2 Qtrs
Loss on early extinguishment of debt	`GainLossOnEarlyExtinguishmentOfDebtAndDebtRefinancing`	-	USD	2 Qtrs
Loss on early extinguishment of debt	`GainLossOnEarlyExtinguishmentOfDebtAndDebtRefinancing`	$-3.50M	USD	2 Qtrs
Compensation charge for stock and share option awards	`ShareBasedCompensation`	$227.00K	USD	2 Qtrs
Compensation charge for stock and share option awards	`ShareBasedCompensation`	$1.92M	USD	2 Qtrs
Unrealized gain on warrant derivative liabilities	`FairValueAdjustmentOfWarrants`	-	USD	2 Qtrs
Unrealized gain on warrant derivative liabilities	`FairValueAdjustmentOfWarrants`	$-859.00K	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$11.00K	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$70.00K	USD	2 Qtrs
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$193.00K	USD	2 Qtrs
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-2.88M	USD	2 Qtrs
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$243.00K	USD	2 Qtrs
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$-16.00K	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$40.00K	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$114.00K	USD	2 Qtrs
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-1.14M	USD	2 Qtrs
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$1.46M	USD	2 Qtrs
Other long-term liabilities	`IncreaseDecreaseInOtherNoncurrentLiabilities`	-	USD	2 Qtrs
Other long-term liabilities	`IncreaseDecreaseInOtherNoncurrentLiabilities`	$-655.00K	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-6.42M	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-4.87M	USD	2 Qtrs
Additions to property, plant and equipment and water programs	`PaymentsToAcquirePropertyPlantAndEquipment`	$927.00K	USD	2 Qtrs
Additions to property, plant and equipment and water programs	`PaymentsToAcquirePropertyPlantAndEquipment`	$161.00K	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-927.00K	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-161.00K	USD	2 Qtrs
Net proceeds from the issuance of stock	`ProceedsFromIssuanceOfCommonStock`	-	USD	2 Qtrs
Net proceeds from the issuance of stock	`ProceedsFromIssuanceOfCommonStock`	$14.58M	USD	2 Qtrs
Net proceeds from the issuance of long-term debt	`ProceedsFromIssuanceOfLongTermDebt`	-	USD	2 Qtrs
Net proceeds from the issuance of long-term debt	`ProceedsFromIssuanceOfLongTermDebt`	$57.19M	USD	2 Qtrs
Principal payments on long-term debt	`RepaymentsOfLongTermDebt`	$28.00K	USD	2 Qtrs
Principal payments on long-term debt	`RepaymentsOfLongTermDebt`	$44.90M	USD	2 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$14.55M	USD	2 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$12.29M	USD	2 Qtrs
Net increase in cash, cash equivalents and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$7.26M	USD	2 Qtrs
Net increase in cash, cash equivalents and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$7.21M	USD	2 Qtrs
Cash, cash equivalents and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$13.16M	USD	Point-in-time
Cash, cash equivalents and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$12.30M	USD	Point-in-time
Cash, cash equivalents and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$20.37M	USD	Point-in-time
Cash, cash equivalents and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$19.57M	USD	Point-in-time
Cash, cash equivalents and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$13.16M	USD	Point-in-time
Cash, cash equivalents and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$12.30M	USD	Point-in-time
Cash, cash equivalents and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$20.37M	USD	Point-in-time
Cash, cash equivalents and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$19.57M	USD	Point-in-time

Stockholders Equity 13 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$-73.94M	USD	Point-in-time
Balance	`StockholdersEquity`	$-78.70M	USD	Point-in-time
Issuance of shares pursuant to ATM Offering	`StockIssuedDuringPeriodValueNewIssues`	$14.58M	USD	2 Qtrs
Issuance of shares pursuant to bond conversion (in shares)	`StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities`	257,923.00	shares	2 Qtrs
Issuance of shares pursuant to bond conversion	`StockIssuedDuringPeriodValueConversionOfConvertibleSecurities`	$1.96M	USD	2 Qtrs
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$227.00K	USD	2 Qtrs
Issuance of shares pursuant to stock awards	`StockIssuedDuringPeriodValueShareBasedCompensationGross`	-	USD	2 Qtrs
Net loss and comprehensive loss	`NetIncomeLoss`	$-6.03M	USD	1 Quarter
Net loss and comprehensive loss	`NetIncomeLoss`	$-20.80M	USD	2 Qtrs
Net loss and comprehensive loss	`NetIncomeLoss`	$-12.00M	USD	2 Qtrs
Net loss and comprehensive loss	`NetIncomeLoss`	$-13.57M	USD	1 Quarter
Balance	`StockholdersEquity`	$-73.94M	USD	Point-in-time
Balance	`StockholdersEquity`	$-78.70M	USD	Point-in-time

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