10-Q Filing

CADIZ INC CIK: 727273 Q1 2019

Filing Information

Form Type	10-Q
Accession Number	`0000727273-19-000012`
Period End Date	20190331
Filing Date	20190509
Fiscal Year	2019
Fiscal Period	Q1
XBRL Instance	cdzi-20190331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 61 Income Statement 26 Cash Flow Statement 50 Stockholders Equity 19

Balance Sheet 61 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`	$12.56M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$16.23M	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`	$8.58M	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$59.00K	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$38.00K	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	24.65M	shares	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	25.94M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$408.00K	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	25.94M	shares	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	24.65M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$652.00K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$13.00M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$16.95M	USD	Point-in-time
Property, plant, equipment and water programs, net	`PropertyPlantAndEquipmentNet`	$46.62M	USD	Point-in-time
Property, plant, equipment and water programs, net	`PropertyPlantAndEquipmentNet`	$46.92M	USD	Point-in-time
Long-term deposit/prepaid expenses	`PrepaidExpenseNoncurrent`	$2.00M	USD	Point-in-time
Long-term deposit/prepaid expenses	`PrepaidExpenseNoncurrent`	$2.00M	USD	Point-in-time
Goodwill	`Goodwill`	$3.81M	USD	Point-in-time
Goodwill	`Goodwill`	$3.81M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$4.25M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$3.87M	USD	Point-in-time
Total assets	`Assets`	$73.93M	USD	Point-in-time
Total assets	`Assets`	$69.31M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.04M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$225.00K	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$2.07M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$1.05M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$60.00K	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$59.00K	USD	Point-in-time
Warrant derivative liabilities	`DerivativeLiabilitiesCurrent`	-	USD	Point-in-time
Warrant derivative liabilities	`DerivativeLiabilitiesCurrent`	$865.00K	USD	Point-in-time
Other liabilities	`OtherLiabilitiesCurrent`	$965.00K	USD	Point-in-time
Other liabilities	`OtherLiabilitiesCurrent`	$923.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$3.12M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$4.14M	USD	Point-in-time
Long-term debt, net	`LongTermDebtNoncurrent`	$136.72M	USD	Point-in-time
Long-term debt, net	`LongTermDebtNoncurrent`	$136.25M	USD	Point-in-time
Long-term lease obligations	`OperatingLeaseLiabilityNoncurrent`	$48.00K	USD	Point-in-time
Long-term lease obligations	`OperatingLeaseLiabilityNoncurrent`	$14.41M	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`	-	USD	Point-in-time
Other long-term liabilities	`OtherLongTermDebtNoncurrent`	$48.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$155.55M	USD	Point-in-time
Total liabilities	`Liabilities`	$155.35M	USD	Point-in-time
Common stock - $.01 par value; 70,000,000 shares authorized at March 31, 2019 and December 31, 2018; shares issued and outstanding 25,940,052 at March 31, 2019 and 24,654,911 at December 31, 2018	`CommonStockValue`	$247.00K	USD	Point-in-time
Common stock - $.01 par value; 70,000,000 shares authorized at March 31, 2019 and December 31, 2018; shares issued and outstanding 25,940,052 at March 31, 2019 and 24,654,911 at December 31, 2018	`CommonStockValue`	$259.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$383.52M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$397.62M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-479.30M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-470.01M	USD	Point-in-time
Total stockholders deficit	`StockholdersEquity`	$-78.70M	USD	Point-in-time
Total stockholders deficit	`StockholdersEquity`	$-82.89M	USD	Point-in-time
Total stockholders deficit	`StockholdersEquity`	$-81.42M	USD	Point-in-time
Total stockholders deficit	`StockholdersEquity`	$-86.24M	USD	Point-in-time
Total liabilities and stockholders deficit	`LiabilitiesAndStockholdersEquity`	$73.93M	USD	Point-in-time
Total liabilities and stockholders deficit	`LiabilitiesAndStockholdersEquity`	$69.31M	USD	Point-in-time

Income Statement 26 line items

Line Item	Tag	Value	Unit	Period
Total revenues	`Revenues`	$109.00K	USD	1 Quarter
Total revenues	`Revenues`	$108.00K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$2.92M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$2.53M	USD	1 Quarter
Depreciation	`DepreciationAndAmortization`	$66.00K	USD	1 Quarter
Depreciation	`DepreciationAndAmortization`	$66.00K	USD	1 Quarter
Total costs and expenses	`CostsAndExpenses`	$2.99M	USD	1 Quarter
Total costs and expenses	`CostsAndExpenses`	$2.59M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-2.88M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-2.49M	USD	1 Quarter
Interest expense, net	`InterestExpense`	$3.52M	USD	1 Quarter
Interest expense, net	`InterestExpense`	$4.23M	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$32.00K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$53.00K	USD	1 Quarter
Debt conversion expense	`InducedConversionOfConvertibleDebtExpense`	$197.00K	USD	1 Quarter
Debt conversion expense	`InducedConversionOfConvertibleDebtExpense`	-	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-7.26M	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-5.97M	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`	$-5.97M	USD	1 Quarter
Net loss and comprehensive loss applicable to common stock	`NetIncomeLoss`	$-7.26M	USD	1 Quarter
Basic and diluted net loss per common share (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.29	USD	1 Quarter
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`	23,075.00	shares	1 Quarter
Basic and diluted weighted average shares outstanding (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	25,327.00	shares	1 Quarter

Cash Flow Statement 50 line items

Line Item	Tag	Value	Unit	Period
Net loss and comprehensive loss	`NetIncomeLoss`	$-5.97M	USD	1 Quarter
Net loss and comprehensive loss	`NetIncomeLoss`	$-7.26M	USD	1 Quarter
Depreciation	`DepreciationDepletionAndAmortization`	$66.00K	USD	1 Quarter
Depreciation	`DepreciationDepletionAndAmortization`	$66.00K	USD	1 Quarter
Amortization of debt discount and issuance costs	`AmortizationOfFinancingCostsAndDiscounts`	$1.01M	USD	1 Quarter
Amortization of debt discount and issuance costs	`AmortizationOfFinancingCostsAndDiscounts`	$992.00K	USD	1 Quarter
Interest expense added to loan principal	`PaidInKindInterestAddedToLoanPrincipal`	$2.49M	USD	1 Quarter
Interest expense added to loan principal	`PaidInKindInterestAddedToLoanPrincipal`	$2.36M	USD	1 Quarter
Interest expense added to lease liability	`PaidInKindInterestAddedToLeaseLiability`	$262.00K	USD	1 Quarter
Interest expense added to lease liability	`PaidInKindInterestAddedToLeaseLiability`	$300.00K	USD	1 Quarter
Loss on debt conversion	`GainLossOnConversionOfDebt`	$-1.00K	USD	1 Quarter
Loss on debt conversion	`GainLossOnConversionOfDebt`	-	USD	1 Quarter
Debt conversion expense	`InducedConversionOfConvertibleDebtExpense`	$197.00K	USD	1 Quarter
Debt conversion expense	`InducedConversionOfConvertibleDebtExpense`	-	USD	1 Quarter
Compensation charge for stock and share option awards	`ShareBasedCompensation`	$122.00K	USD	1 Quarter
Compensation charge for stock and share option awards	`ShareBasedCompensation`	$105.00K	USD	1 Quarter
Unrealized gain on warrant derivative liabilities	`FairValueAdjustmentOfWarrants`	$-516.00K	USD	1 Quarter
Unrealized gain on warrant derivative liabilities	`FairValueAdjustmentOfWarrants`	-	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$2.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$21.00K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$291.00K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$244.00K	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$284.00K	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$13.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$528.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$663.00K	USD	1 Quarter
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-1.07M	USD	1 Quarter
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-1.46M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-3.94M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-4.04M	USD	1 Quarter
Additions to property, plant and equipment and water programs	`PaymentsToAcquirePropertyPlantAndEquipment`	$165.00K	USD	1 Quarter
Additions to property, plant and equipment and water programs	`PaymentsToAcquirePropertyPlantAndEquipment`	$502.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-502.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-165.00K	USD	1 Quarter
Net proceeds from issuance of stock	`ProceedsFromIssuanceOfCommonStock`	-	USD	1 Quarter
Net proceeds from issuance of stock	`ProceedsFromIssuanceOfCommonStock`	$7.89M	USD	1 Quarter
Principal payments on long-term debt	`RepaymentsOfLongTermDebt`	$14.00K	USD	1 Quarter
Principal payments on long-term debt	`RepaymentsOfLongTermDebt`	$14.00K	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$7.88M	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-14.00K	USD	1 Quarter
Net decrease in cash, cash equivalents and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$3.68M	USD	1 Quarter
Net decrease in cash, cash equivalents and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-4.45M	USD	1 Quarter
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`	$16.37M	USD	Point-in-time
Cash, cash equivalents and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$12.69M	USD	Point-in-time
Cash, cash equivalents and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$8.71M	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`	$16.37M	USD	Point-in-time
Cash, cash equivalents and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$12.69M	USD	Point-in-time
Cash, cash equivalents and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$8.71M	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`	$-82.89M	USD	Point-in-time
Balance	`StockholdersEquity`	$-81.42M	USD	Point-in-time
Balance	`StockholdersEquity`	$-86.24M	USD	Point-in-time
Issuance of shares pursuant to bond conversion (in shares)	`StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities`	485,020.00	shares	1 Quarter
Issuance of shares pursuant to bond conversion	`StockIssuedDuringPeriodValueConversionOfConvertibleSecurities`	$3.20M	USD	1 Quarter
Issuance of shares pursuant to bond conversion	`StockIssuedDuringPeriodValueConversionOfConvertibleSecurities`	$1.67M	USD	1 Quarter
Stock-based compensation expense	`StockIssuedDuringPeriodValueShareBasedCompensation`	$105.00K	USD	1 Quarter
Stock-based compensation expense	`StockIssuedDuringPeriodValueShareBasedCompensation`	$122.00K	USD	1 Quarter
Issuance of shares	`StockIssuedDuringPeriodValueNewIssues`	-	USD	1 Quarter
Issuance of shares	`StockIssuedDuringPeriodValueNewIssues`	$7.89M	USD	1 Quarter
Net loss and comprehensive loss	`NetIncomeLoss`	$-5.97M	USD	1 Quarter
Net loss and comprehensive loss	`NetIncomeLoss`	$-7.26M	USD	1 Quarter
Balance	`StockholdersEquity`	$-78.70M	USD	Point-in-time
Balance	`StockholdersEquity`	$-82.89M	USD	Point-in-time
Balance	`StockholdersEquity`	$-81.42M	USD	Point-in-time
Balance	`StockholdersEquity`	$-86.24M	USD	Point-in-time
Reclassification of warrant liability to additional paid-in capital(1)	`CurrentPeriodReclassificationAdjustment`	$865.00K	USD	1 Quarter
Reclassification of warrant liability to additional paid-in capital(1)	`CurrentPeriodReclassificationAdjustment`	$865.00K	USD	Point-in-time

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