10-Q Filing

CADIZ INC CIK: 727273 Q2 2019

Filing Information

Form Type	10-Q
Accession Number	`0000727273-19-000020`
Period End Date	20190630
Filing Date	20190808
Fiscal Year	2019
Fiscal Period	Q2
XBRL Instance	cdzi-20190630.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 63 Income Statement 52 Cash Flow Statement 54 Stockholders Equity 33

Balance Sheet 63 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`	$20.24M	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`	$12.56M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$19.48M	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$108.00K	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	24.65M	shares	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$38.00K	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	26.94M	shares	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	26.94M	shares	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	24.65M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$408.00K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$572.00K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$13.00M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$20.16M	USD	Point-in-time
Property, plant, equipment and water programs, net	`PropertyPlantAndEquipmentNet`	$47.36M	USD	Point-in-time
Property, plant, equipment and water programs, net	`PropertyPlantAndEquipmentNet`	$46.62M	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`	$4.20M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$3.87M	USD	Point-in-time
Total assets	`Assets`	$77.53M	USD	Point-in-time
Total assets	`Assets`	$69.31M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$225.00K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.09M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$2.07M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$1.37M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$53.00K	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`	$923.00K	USD	Point-in-time
Other liabilities	`OtherLiabilitiesCurrent`	$966.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$3.47M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$4.14M	USD	Point-in-time
Long-term debt, net	`LongTermDebtNoncurrent`	$137.99M	USD	Point-in-time
Long-term debt, net	`LongTermDebtNoncurrent`	$136.25M	USD	Point-in-time
Long-term lease obligations, net	`OperatingLeaseLiabilityNoncurrent`	$14.41M	USD	Point-in-time
Long-term lease obligations, net	`OperatingLeaseLiabilityNoncurrent`	$15.04M	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`	$37.00K	USD	Point-in-time
Other long-term liabilities	`OtherLongTermDebtNoncurrent`	-	USD	Point-in-time
Total liabilities	`Liabilities`	$157.29M	USD	Point-in-time
Total liabilities	`Liabilities`	$155.55M	USD	Point-in-time
Common stock - $.01 par value; 70,000,000 shares authorized at June 30, 2019 and December 31, 2018; shares issued and outstanding 26,942,085 at June 30, 2019 and 24,654,911 at December 31, 2018	`CommonStockValue`	$269.00K	USD	Point-in-time
Common stock - $.01 par value; 70,000,000 shares authorized at June 30, 2019 and December 31, 2018; shares issued and outstanding 26,942,085 at June 30, 2019 and 24,654,911 at December 31, 2018	`CommonStockValue`	$247.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$406.76M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$383.52M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-470.01M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-486.80M	USD	Point-in-time
Total stockholders deficit	`StockholdersEquity`	$-73.94M	USD	Point-in-time
Total stockholders deficit	`StockholdersEquity`	$-82.89M	USD	Point-in-time
Total stockholders deficit	`StockholdersEquity`	$-86.24M	USD	Point-in-time
Total stockholders deficit	`StockholdersEquity`	$-81.42M	USD	Point-in-time
Total stockholders deficit	`StockholdersEquity`	$-79.77M	USD	Point-in-time
Total stockholders deficit	`StockholdersEquity`	$-78.70M	USD	Point-in-time
Total liabilities and stockholders deficit	`LiabilitiesAndStockholdersEquity`	$77.53M	USD	Point-in-time
Total liabilities and stockholders deficit	`LiabilitiesAndStockholdersEquity`	$69.31M	USD	Point-in-time

Income Statement 52 line items

Line Item	Tag	Value	Unit	Period
Total revenues	`Revenues`	$111.00K	USD	1 Quarter
Total revenues	`Revenues`	$109.00K	USD	1 Quarter
Total revenues	`Revenues`	$220.00K	USD	2 Qtrs
Total revenues	`Revenues`	$217.00K	USD	2 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$3.29M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$4.83M	USD	2 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$6.21M	USD	2 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$2.30M	USD	1 Quarter
Depreciation	`DepreciationAndAmortization`	$64.00K	USD	1 Quarter
Depreciation	`DepreciationAndAmortization`	$66.00K	USD	1 Quarter
Depreciation	`DepreciationAndAmortization`	$130.00K	USD	2 Qtrs
Depreciation	`DepreciationAndAmortization`	$132.00K	USD	2 Qtrs
Total costs and expenses	`CostsAndExpenses`	$4.96M	USD	2 Qtrs
Total costs and expenses	`CostsAndExpenses`	$3.35M	USD	1 Quarter
Total costs and expenses	`CostsAndExpenses`	$2.36M	USD	1 Quarter
Total costs and expenses	`CostsAndExpenses`	$6.34M	USD	2 Qtrs
Operating loss	`OperatingIncomeLoss`	$-4.74M	USD	2 Qtrs
Operating loss	`OperatingIncomeLoss`	$-6.12M	USD	2 Qtrs
Operating loss	`OperatingIncomeLoss`	$-2.25M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-3.24M	USD	1 Quarter
Interest expense, net	`InterestExpense`	$8.54M	USD	2 Qtrs
Interest expense, net	`InterestExpense`	$7.34M	USD	2 Qtrs
Interest expense, net	`InterestExpense`	$3.82M	USD	1 Quarter
Interest expense, net	`InterestExpense`	$4.30M	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$80.00K	USD	2 Qtrs
Interest income	`InvestmentIncomeInterest`	$69.00K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$122.00K	USD	2 Qtrs
Interest income	`InvestmentIncomeInterest`	$48.00K	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-14.73M	USD	2 Qtrs
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-7.47M	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-6.03M	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-12.00M	USD	2 Qtrs
Income tax expense	`IncomeTaxExpenseBenefit`	$3.00K	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$3.00K	USD	2 Qtrs
Income tax expense	`IncomeTaxExpenseBenefit`	$4.00K	USD	2 Qtrs
Income tax expense	`IncomeTaxExpenseBenefit`	$2.00K	USD	1 Quarter
Net loss and comprehensive loss applicable to common stock	`NetIncomeLoss`	$-14.74M	USD	2 Qtrs
Net loss and comprehensive loss applicable to common stock	`NetIncomeLoss`	$-7.48M	USD	1 Quarter
Net loss and comprehensive loss applicable to common stock	`NetIncomeLoss`	$-7.26M	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`	$-6.03M	USD	1 Quarter
Net loss and comprehensive loss applicable to common stock	`NetIncomeLoss`	$-12.00M	USD	2 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`	$-0.57	USD	2 Qtrs
Basic and diluted net loss per common share (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.51	USD	2 Qtrs
Basic and diluted net loss per common share (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.25	USD	1 Quarter
Basic and diluted weighted average shares outstanding (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	23,883.00	shares	1 Quarter
Basic and diluted weighted average shares outstanding (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	25,906.00	shares	2 Qtrs
Basic and diluted weighted average shares outstanding (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	23,482.00	shares	2 Qtrs
Basic and diluted weighted average shares outstanding (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	26,479.00	shares	1 Quarter
Debt conversion expense	`InducedConversionOfConvertibleDebtExpense`	$197.00K	USD	2 Qtrs
Debt conversion expense	`InducedConversionOfConvertibleDebtExpense`	-	USD	2 Qtrs

Cash Flow Statement 54 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-14.74M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-7.48M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-7.26M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-5.97M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-6.03M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-12.00M	USD	2 Qtrs
Depreciation	`DepreciationDepletionAndAmortization`	$132.00K	USD	2 Qtrs
Depreciation	`DepreciationDepletionAndAmortization`	$130.00K	USD	2 Qtrs
Amortization of debt discount and issuance costs	`AmortizationOfFinancingCostsAndDiscounts`	$2.03M	USD	2 Qtrs
Amortization of debt discount and issuance costs	`AmortizationOfFinancingCostsAndDiscounts`	$1.99M	USD	2 Qtrs
Interest expense added to loan principal	`PaidInKindInterestAddedToLoanPrincipal`	$4.77M	USD	2 Qtrs
Interest expense added to loan principal	`PaidInKindInterestAddedToLoanPrincipal`	$4.98M	USD	2 Qtrs
Interest expense added to lease liability	`PaidInKindInterestAddedToLeaseLiability`	$622.00K	USD	2 Qtrs
Interest expense added to lease liability	`PaidInKindInterestAddedToLeaseLiability`	$543.00K	USD	2 Qtrs
Loss on debt conversion	`GainLossOnConversionOfDebt`	$-27.00K	USD	2 Qtrs
Loss on debt conversion	`GainLossOnConversionOfDebt`	$-57.00K	USD	2 Qtrs
Debt conversion expense	`InducedConversionOfConvertibleDebtExpense`	$197.00K	USD	2 Qtrs
Debt conversion expense	`InducedConversionOfConvertibleDebtExpense`	-	USD	2 Qtrs
Compensation charge for stock and share option awards	`ShareBasedCompensation`	$245.00K	USD	2 Qtrs
Compensation charge for stock and share option awards	`ShareBasedCompensation`	$227.00K	USD	2 Qtrs
Unrealized gain on warrant derivative liabilities	`FairValueAdjustmentOfWarrants`	$-859.00K	USD	2 Qtrs
Unrealized gain on warrant derivative liabilities	`FairValueAdjustmentOfWarrants`	-	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$70.00K	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`	$164.00K	USD	2 Qtrs
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$-16.00K	USD	2 Qtrs
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$243.00K	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$114.00K	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$668.00K	USD	2 Qtrs
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-1.14M	USD	2 Qtrs
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-559.00K	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-6.87M	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-6.42M	USD	2 Qtrs
Additions to property, plant and equipment and water programs	`PaymentsToAcquirePropertyPlantAndEquipment`	$818.00K	USD	2 Qtrs
Additions to property, plant and equipment and water programs	`PaymentsToAcquirePropertyPlantAndEquipment`	$927.00K	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-818.00K	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-927.00K	USD	2 Qtrs
Net proceeds from issuance of stock	`ProceedsFromIssuanceOfCommonStock`	$14.64M	USD	2 Qtrs
Net proceeds from issuance of stock	`ProceedsFromIssuanceOfCommonStock`	$14.58M	USD	2 Qtrs
Principal payments on long-term debt	`RepaymentsOfLongTermDebt`	$28.00K	USD	2 Qtrs
Principal payments on long-term debt	`RepaymentsOfLongTermDebt`	$29.00K	USD	2 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$14.55M	USD	2 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$14.61M	USD	2 Qtrs
Net increase in cash, cash equivalents and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$7.21M	USD	2 Qtrs
Net increase in cash, cash equivalents and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$6.92M	USD	2 Qtrs
Cash, cash equivalents and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$19.61M	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, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$12.69M	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, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$19.61M	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`	$12.69M	USD	Point-in-time
Cash, cash equivalents and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$20.37M	USD	Point-in-time

Stockholders Equity 33 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$-73.94M	USD	Point-in-time
Balance	`StockholdersEquity`	$-82.89M	USD	Point-in-time
Balance	`StockholdersEquity`	$-86.24M	USD	Point-in-time
Balance	`StockholdersEquity`	$-81.42M	USD	Point-in-time
Balance	`StockholdersEquity`	$-79.77M	USD	Point-in-time
Balance	`StockholdersEquity`	$-78.70M	USD	Point-in-time
Issuance of shares pursuant to bond conversion (in shares)	`StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities`	821,917.00	shares	2 Qtrs
Issuance of shares pursuant to bond conversion	`StockIssuedDuringPeriodValueConversionOfConvertibleSecurities`	$3.20M	USD	1 Quarter
Issuance of shares pursuant to bond conversion	`StockIssuedDuringPeriodValueConversionOfConvertibleSecurities`	$284.00K	USD	1 Quarter
Issuance of shares pursuant to bond conversion	`StockIssuedDuringPeriodValueConversionOfConvertibleSecurities`	$1.67M	USD	1 Quarter
Issuance of shares pursuant to bond conversion	`StockIssuedDuringPeriodValueConversionOfConvertibleSecurities`	$2.25M	USD	1 Quarter
Stock-based compensation expense	`StockIssuedDuringPeriodValueShareBasedCompensation`	$105.00K	USD	1 Quarter
Stock-based compensation expense	`StockIssuedDuringPeriodValueShareBasedCompensation`	$123.00K	USD	1 Quarter
Stock-based compensation expense	`StockIssuedDuringPeriodValueShareBasedCompensation`	$122.00K	USD	1 Quarter
Stock-based compensation expense	`StockIssuedDuringPeriodValueShareBasedCompensation`	$122.00K	USD	1 Quarter
Net loss and comprehensive loss	`NetIncomeLoss`	$-14.74M	USD	2 Qtrs
Net loss and comprehensive loss	`NetIncomeLoss`	$-7.48M	USD	1 Quarter
Net loss and comprehensive loss	`NetIncomeLoss`	$-7.26M	USD	1 Quarter
Net loss and comprehensive loss	`NetIncomeLoss`	$-5.97M	USD	1 Quarter
Net loss and comprehensive loss	`NetIncomeLoss`	$-6.03M	USD	1 Quarter
Net loss and comprehensive loss	`NetIncomeLoss`	$-12.00M	USD	2 Qtrs
Issuance of shares pursuant to ATM offering	`StockIssuedDuringPeriodValueNewIssues`	$6.75M	USD	1 Quarter
Issuance of shares pursuant to ATM offering	`StockIssuedDuringPeriodValueNewIssues`	$7.89M	USD	1 Quarter
Issuance of shares pursuant to ATM offering	`StockIssuedDuringPeriodValueNewIssues`	$14.58M	USD	1 Quarter
Reclassification of warrant liability to additional paid-in capital(1)	`CurrentPeriodReclassificationAdjustment`	$865.00K	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`	-	USD	1 Quarter
Balance	`StockholdersEquity`	$-73.94M	USD	Point-in-time
Balance	`StockholdersEquity`	$-82.89M	USD	Point-in-time
Balance	`StockholdersEquity`	$-86.24M	USD	Point-in-time
Balance	`StockholdersEquity`	$-81.42M	USD	Point-in-time
Balance	`StockholdersEquity`	$-79.77M	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.