10-Q Filing

CADIZ INC CIK: 727273 Q3 2018

Filing Information

Form Type	10-Q
Accession Number	`0000727273-18-000020`
Period End Date	20180930
Filing Date	20181108
Fiscal Year	2018
Fiscal Period	Q3
XBRL Instance	cdzi-20180930.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 57 Income Statement 54 Cash Flow Statement 54 Stockholders Equity 19

Balance Sheet 57 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`	$13.03M	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
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$17.67M	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$36.00K	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	22.99M	shares	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$106.00K	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	24.45M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$535.00K	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	22.99M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$411.00K	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	24.45M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$18.31M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$13.48M	USD	Point-in-time
Property, plant, equipment and water programs, net	`PropertyPlantAndEquipmentNet`	$45.27M	USD	Point-in-time
Property, plant, equipment and water programs, net	`PropertyPlantAndEquipmentNet`	$46.30M	USD	Point-in-time
Goodwill	`Goodwill`	$3.81M	USD	Point-in-time
Goodwill	`Goodwill`	$3.81M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$3.90M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$3.95M	USD	Point-in-time
Total assets	`Assets`	$72.32M	USD	Point-in-time
Total assets	`Assets`	$66.50M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.09M	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`	$889.00K	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$1.41M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$58.00K	USD	Point-in-time
Warrant derivative liabilities	`DerivativeLiabilitiesCurrent`	$2.39M	USD	Point-in-time
Warrant derivative liabilities	`DerivativeLiabilitiesCurrent`	$1.12M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$6.49M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$3.15M	USD	Point-in-time
Long-term debt, net	`LongTermDebtNoncurrent`	$133.29M	USD	Point-in-time
Long-term debt, net	`LongTermDebtNoncurrent`	$123.77M	USD	Point-in-time
Long-term lease obligations, net	`CapitalLeaseObligationsNoncurrent`	$14.12M	USD	Point-in-time
Long-term lease obligations, net	`CapitalLeaseObligationsNoncurrent`	$13.28M	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`	$152.23M	USD	Point-in-time
Common stock - $.01 par value; 70,000,000 shares authorized at September 30, 2018 and December 31, 2017; shares issued and outstanding 24,453,358 at September 30, 2018 and 22,987,434 at December 31, 2017	`CommonStockValue`	$245.00K	USD	Point-in-time
Common stock - $.01 par value; 70,000,000 shares authorized at September 30, 2018 and December 31, 2017; shares issued and outstanding 24,453,358 at September 30, 2018 and 22,987,434 at December 31, 2017	`CommonStockValue`	$230.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$381.82M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$364.81M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-461.98M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-443.74M	USD	Point-in-time
Total stockholders deficit	`StockholdersEquity`	$-78.70M	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 stockholders deficit	`StockholdersEquity`	$-79.91M	USD	Point-in-time
Total liabilities and stockholders deficit	`LiabilitiesAndStockholdersEquity`	$72.32M	USD	Point-in-time
Total liabilities and stockholders deficit	`LiabilitiesAndStockholdersEquity`	$66.50M	USD	Point-in-time

Income Statement 54 line items

Line Item	Tag	Value	Unit	Period
Total revenues	`Revenues`	$111.00K	USD	1 Quarter
Total revenues	`Revenues`	$327.00K	USD	3 Qtrs
Total revenues	`Revenues`	$112.00K	USD	1 Quarter
Total revenues	`Revenues`	$329.00K	USD	3 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$8.75M	USD	3 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$2.46M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$2.54M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$7.36M	USD	3 Qtrs
Depreciation	`DepreciationAndAmortization`	$212.00K	USD	3 Qtrs
Depreciation	`DepreciationAndAmortization`	$69.00K	USD	1 Quarter
Depreciation	`DepreciationAndAmortization`	$194.00K	USD	3 Qtrs
Depreciation	`DepreciationAndAmortization`	$64.00K	USD	1 Quarter
Total costs and expenses	`CostsAndExpenses`	$2.52M	USD	1 Quarter
Total costs and expenses	`CostsAndExpenses`	$8.96M	USD	3 Qtrs
Total costs and expenses	`CostsAndExpenses`	$2.60M	USD	1 Quarter
Total costs and expenses	`CostsAndExpenses`	$7.56M	USD	3 Qtrs
Operating loss	`OperatingIncomeLoss`	$-7.23M	USD	3 Qtrs
Operating loss	`OperatingIncomeLoss`	$-2.49M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-2.41M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-8.63M	USD	3 Qtrs
Interest expense, net	`InterestExpense`	$14.66M	USD	3 Qtrs
Interest expense, net	`InterestExpense`	$3.59M	USD	1 Quarter
Interest expense, net	`InterestExpense`	$11.17M	USD	3 Qtrs
Interest expense, net	`InterestExpense`	$3.83M	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$77.00K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$9.00K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$9.00K	USD	3 Qtrs
Interest income	`InvestmentIncomeInterest`	$157.00K	USD	3 Qtrs
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-6.24M	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-18.24M	USD	3 Qtrs
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-5.99M	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-26.79M	USD	3 Qtrs
Income tax expense	`IncomeTaxExpenseBenefit`	$1.00K	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$3.00K	USD	3 Qtrs
Income tax expense	`IncomeTaxExpenseBenefit`	$4.00K	USD	3 Qtrs
Net loss and comprehensive loss applicable to common stock	`NetIncomeLoss`	$-18.24M	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`	$-26.79M	USD	3 Qtrs
Net loss and comprehensive loss applicable to common stock	`NetIncomeLoss`	$-6.24M	USD	1 Quarter
Basic and diluted net loss per common share (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-1.19K	USD	3 Qtrs
Basic and diluted net loss per common share (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-770.00	USD	3 Qtrs
Basic and diluted net loss per common share (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-260.00	USD	1 Quarter
Basic and diluted net loss per common share (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-260.00	USD	1 Quarter
Basic and diluted weighted average shares outstanding (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	23.81M	shares	3 Qtrs
Basic and diluted weighted average shares outstanding (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	24.45M	shares	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
Total revenues	`Revenues`	$111.00K	USD	1 Quarter
Total revenues	`Revenues`	$327.00K	USD	3 Qtrs
Total revenues	`Revenues`	$112.00K	USD	1 Quarter
Total revenues	`Revenues`	$329.00K	USD	3 Qtrs
Loss on extinguishment of debt and debt refinancing	`GainsLossesOnExtinguishmentOfDebt`	-	USD	3 Qtrs
Loss on extinguishment of debt and debt refinancing	`GainsLossesOnExtinguishmentOfDebt`	$-3.50M	USD	3 Qtrs

Cash Flow Statement 54 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-18.24M	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-5.99M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-26.79M	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-6.24M	USD	1 Quarter
Depreciation	`DepreciationDepletionAndAmortization`	$212.00K	USD	3 Qtrs
Depreciation	`DepreciationDepletionAndAmortization`	$194.00K	USD	3 Qtrs
Amortization of debt discount and issuance costs	`AmortizationOfFinancingCostsAndDiscounts`	$3.00M	USD	3 Qtrs
Amortization of debt discount and issuance costs	`AmortizationOfFinancingCostsAndDiscounts`	$2.83M	USD	3 Qtrs
Interest expense added to loan principal	`PaidInKindInterestAddedToLoanPrincipal`	$7.25M	USD	3 Qtrs
Interest expense added to loan principal	`PaidInKindInterestAddedToLoanPrincipal`	$6.88M	USD	3 Qtrs
Interest expense added to lease liability	`PaidInKindInterestAddedToLeaseLiability`	$827.00K	USD	3 Qtrs
Interest expense added to lease liability	`PaidInKindInterestAddedToLeaseLiability`	$718.00K	USD	3 Qtrs
Loss on debt conversion	`GainLossOnConversionOfDebt`	$-83.00K	USD	3 Qtrs
Loss on debt conversion	`GainLossOnConversionOfDebt`	$-56.00K	USD	3 Qtrs
Loss on early extinguishment of debt	`GainLossOnEarlyExtinguishmentOfDebtAndDebtRefinancing`	-	USD	3 Qtrs
Loss on early extinguishment of debt	`GainLossOnEarlyExtinguishmentOfDebtAndDebtRefinancing`	$-3.50M	USD	3 Qtrs
Compensation charge for stock and share option awards	`ShareBasedCompensation`	$350.00K	USD	3 Qtrs
Compensation charge for stock and share option awards	`ShareBasedCompensation`	$2.03M	USD	3 Qtrs
Unrealized (gain) loss on warrant derivative liabilities	`FairValueAdjustmentOfWarrants`	$3.75M	USD	3 Qtrs
Unrealized (gain) loss on warrant derivative liabilities	`FairValueAdjustmentOfWarrants`	$-1.27M	USD	3 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$70.00K	USD	3 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$17.00K	USD	3 Qtrs
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$124.00K	USD	3 Qtrs
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-2.87M	USD	3 Qtrs
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$-45.00K	USD	3 Qtrs
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$214.00K	USD	3 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-53.00K	USD	3 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$502.00K	USD	3 Qtrs
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-3.49M	USD	3 Qtrs
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-1.19M	USD	3 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-8.64M	USD	3 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-7.73M	USD	3 Qtrs
Additions to property, plant and equipment and water programs	`PaymentsToAcquirePropertyPlantAndEquipment`	$1.26M	USD	3 Qtrs
Additions to property, plant and equipment and water programs	`PaymentsToAcquirePropertyPlantAndEquipment`	$671.00K	USD	3 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-1.26M	USD	3 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-671.00K	USD	3 Qtrs
Net proceeds from the issuance of stock	`ProceedsFromIssuanceOfCommonStock`	$14.58M	USD	3 Qtrs
Net proceeds from the issuance of stock	`ProceedsFromIssuanceOfCommonStock`	-	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`	-	USD	3 Qtrs
Principal payments on long-term debt	`RepaymentsOfLongTermDebt`	$44.91M	USD	3 Qtrs
Principal payments on long-term debt	`RepaymentsOfLongTermDebt`	$42.00K	USD	3 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$14.54M	USD	3 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$12.28M	USD	3 Qtrs
Net increase in cash, cash equivalents and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$3.88M	USD	3 Qtrs
Net increase in cash, cash equivalents and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$4.64M	USD	3 Qtrs
Cash, cash equivalents and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$17.80M	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`	$16.19M	USD	Point-in-time
Cash, cash equivalents and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$13.16M	USD	Point-in-time
Cash, cash equivalents and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$17.80M	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`	$16.19M	USD	Point-in-time
Cash, cash equivalents and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$13.16M	USD	Point-in-time

Stockholders Equity 19 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$-78.70M	USD	Point-in-time
Balance	`StockholdersEquity`	$-54.32M	USD	Point-in-time
Balance	`StockholdersEquity`	$-76.29M	USD	Point-in-time
Balance	`StockholdersEquity`	$-79.91M	USD	Point-in-time
Issuance of shares	`StockIssuedDuringPeriodValueNewIssues`	$14.58M	USD	3 Qtrs
Issuance of shares pursuant to bond conversion (in shares)	`StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities`	279,480.00	shares	3 Qtrs
Issuance of shares pursuant to bond conversion	`StockIssuedDuringPeriodValueConversionOfConvertibleSecurities`	$2.26M	USD	3 Qtrs
Issuance of shares pursuant to bond conversion	`StockIssuedDuringPeriodValueConversionOfConvertibleSecurities`	$2.10M	USD	3 Qtrs
Stock-based compensation expense	`StockIssuedDuringPeriodValueShareBasedCompensation`	$2.13M	USD	3 Qtrs
Net loss and comprehensive loss	`NetIncomeLoss`	$-18.24M	USD	3 Qtrs
Net loss and comprehensive loss	`NetIncomeLoss`	$-5.99M	USD	1 Quarter
Net loss and comprehensive loss	`NetIncomeLoss`	$-26.79M	USD	3 Qtrs
Net loss and comprehensive loss	`NetIncomeLoss`	$-6.24M	USD	1 Quarter
Stock-based Compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$350.00K	USD	3 Qtrs
Issuance of shares pursuant to stock awards	`StockIssuedDuringPeriodValueShareBasedCompensationGross`	-	USD	3 Qtrs
Balance	`StockholdersEquity`	$-78.70M	USD	Point-in-time
Balance	`StockholdersEquity`	$-54.32M	USD	Point-in-time
Balance	`StockholdersEquity`	$-76.29M	USD	Point-in-time
Balance	`StockholdersEquity`	$-79.91M	USD	Point-in-time

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