10-Q Filing

CADIZ INC CIK: 727273 Q1 2020

Filing Information

Form Type	10-Q
Accession Number	`0000727273-20-000023`
Period End Date	20200331
Filing Date	20200507
Fiscal Year	2020
Fiscal Period	Q1
XBRL Instance	cdzi-20200331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 74 Income Statement 30 Cash Flow Statement 54 Stockholders Equity 20

Balance Sheet 74 line items

Line Item	Tag	Value	Unit	Period
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$15.68M	USD	Point-in-time
Preferred stock, shares authorized (in shares)	`PreferredStockSharesAuthorized`	100,000.00	shares	Point-in-time
Preferred stock, shares authorized (in shares)	`PreferredStockSharesAuthorized`	100,000.00	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$10.52M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$16.23M	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$76.00K	USD	Point-in-time
Preferred stock, shares issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred stock, shares issued (in shares)	`PreferredStockSharesIssued`	10,000.00	shares	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$49.00K	USD	Point-in-time
Preferred stock, shares outstanding (in shares)	`PreferredStockSharesOutstanding`	10,000.00	shares	Point-in-time
Preferred stock, shares outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$632.00K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$386.00K	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Total current assets	`AssetsCurrent`	$11.23M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$16.12M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Property, plant, equipment and water programs, net	`PropertyPlantAndEquipmentNet`	$51.63M	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	70.00M	shares	Point-in-time
Property, plant, equipment and water programs, net	`PropertyPlantAndEquipmentNet`	$49.95M	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	70.00M	shares	Point-in-time
Long-term deposit/prepaid expenses	`PrepaidExpenseNoncurrent`	$2.00M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	28.48M	shares	Point-in-time
Long-term deposit/prepaid expenses	`PrepaidExpenseNoncurrent`	$2.00M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	34.77M	shares	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	28.48M	shares	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	34.77M	shares	Point-in-time
Equity-method investments	`EquityMethodInvestments`	$1.03M	USD	Point-in-time
Equity-method investments	`EquityMethodInvestments`	$729.00K	USD	Point-in-time
Goodwill	`Goodwill`	$3.81M	USD	Point-in-time
Goodwill	`Goodwill`	$3.81M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$4.12M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$4.38M	USD	Point-in-time
Total assets	`Assets`	$76.72M	USD	Point-in-time
Total assets	`Assets`	$74.07M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$961.00K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$194.00K	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$4.54M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$975.00K	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$20.00K	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$31.00K	USD	Point-in-time
Warrant derivative liabilities	`DerivativeLiabilitiesCurrent`	$2.00M	USD	Point-in-time
Warrant derivative liabilities	`DerivativeLiabilitiesCurrent`	$2.55M	USD	Point-in-time
Warrant derivative liabilities	`DerivativeLiabilitiesCurrent`	-	USD	Point-in-time
Other liabilities	`OtherLiabilitiesCurrent`	$45.00K	USD	Point-in-time
Other liabilities	`OtherLiabilitiesCurrent`	$44.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$4.55M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$4.80M	USD	Point-in-time
Long-term debt, net	`LongTermDebtNoncurrent`	$137.56M	USD	Point-in-time
Long-term debt, net	`LongTermDebtNoncurrent`	$72.40M	USD	Point-in-time
Long-term lease obligations, net	`OperatingLeaseLiabilityNoncurrent`	$15.71M	USD	Point-in-time
Long-term lease obligations, net	`OperatingLeaseLiabilityNoncurrent`	$16.06M	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	`OtherLiabilitiesNoncurrent`	$15.00K	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$3.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$93.76M	USD	Point-in-time
Total liabilities	`Liabilities`	$158.84M	USD	Point-in-time
Preferred stock - $.01 par value; 100,000 shares authorized at March 31, 2020 and December 31, 2019; shares issued 10,000 at March 31, 2020 and 0 at December 31, 2019	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock - $.01 par value; 100,000 shares authorized at March 31, 2020 and December 31, 2019; shares issued 10,000 at March 31, 2020 and 0 at December 31, 2019	`PreferredStockValue`	$1.00K	USD	Point-in-time
Common stock - $.01 par value; 70,000,000 shares authorized at March 31, 2020 and December 31, 2019; shares issued and outstanding 34,772,030 at March 31, 2020 and 28,480,567 at December 31, 2019	`CommonStockValue`	$285.00K	USD	Point-in-time
Common stock - $.01 par value; 70,000,000 shares authorized at March 31, 2020 and December 31, 2019; shares issued and outstanding 34,772,030 at March 31, 2020 and 28,480,567 at December 31, 2019	`CommonStockValue`	$347.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$502.08M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$419.19M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-522.11M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-501.60M	USD	Point-in-time
Total stockholders deficit	`StockholdersEquity`	$-86.24M	USD	Point-in-time
Total stockholders deficit	`StockholdersEquity`	$-82.12M	USD	Point-in-time
Total stockholders deficit	`StockholdersEquity`	$-19.69M	USD	Point-in-time
Total stockholders deficit	`StockholdersEquity`	$-81.42M	USD	Point-in-time
Total liabilities and stockholders deficit	`LiabilitiesAndStockholdersEquity`	$74.07M	USD	Point-in-time
Total liabilities and stockholders deficit	`LiabilitiesAndStockholdersEquity`	$76.72M	USD	Point-in-time

Income Statement 30 line items

Line Item	Tag	Value	Unit	Period
Total revenues	`Revenues`	$114.00K	USD	1 Quarter
Total revenues	`Revenues`	$109.00K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$2.92M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$3.98M	USD	1 Quarter
Depreciation	`DepreciationAndAmortization`	$79.00K	USD	1 Quarter
Depreciation	`DepreciationAndAmortization`	$66.00K	USD	1 Quarter
Total costs and expenses	`CostsAndExpenses`	$4.06M	USD	1 Quarter
Total costs and expenses	`CostsAndExpenses`	$2.99M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-2.88M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-3.94M	USD	1 Quarter
Interest expense, net	`InterestExpense`	$3.57M	USD	1 Quarter
Interest expense, net	`InterestExpense`	$4.23M	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$22.00K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$53.00K	USD	1 Quarter
Debt conversion expense	`InducedConversionOfConvertibleDebtExpense`	-	USD	1 Quarter
Debt conversion expense	`InducedConversionOfConvertibleDebtExpense`	$197.00K	USD	1 Quarter
Loss on extinguishment of debt	`GainsLossesOnExtinguishmentOfDebt`	-	USD	1 Quarter
Loss on extinguishment of debt	`GainsLossesOnExtinguishmentOfDebt`	$-12.40M	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-7.26M	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-19.89M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$2.00K	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$1.00K	USD	1 Quarter
Loss from equity-method investments	`IncomeLossFromEquityMethodInvestments`	$-626.00K	USD	1 Quarter
Loss from equity-method investments	`IncomeLossFromEquityMethodInvestments`	-	USD	1 Quarter
Net loss and comprehensive loss applicable to common stock	`NetIncomeLoss`	$-20.51M	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`	$-0.66	USD	1 Quarter
Basic and diluted net loss per common share (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.29	USD	1 Quarter
Basic and diluted weighted average shares outstanding (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	31,113.00	shares	1 Quarter
Basic and diluted weighted average shares outstanding (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	25,327.00	shares	1 Quarter

Cash Flow Statement 54 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-20.51M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-7.26M	USD	1 Quarter
Depreciation	`DepreciationDepletionAndAmortization`	$79.00K	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`	$351.00K	USD	1 Quarter
Interest expense added to loan principal	`PaidInKindInterestAddedToLoanPrincipal`	$1.85M	USD	1 Quarter
Interest expense added to loan principal	`PaidInKindInterestAddedToLoanPrincipal`	$2.49M	USD	1 Quarter
Interest expense added to lease liability	`PaidInKindInterestAddedToLeaseLiability`	$300.00K	USD	1 Quarter
Interest expense added to lease liability	`PaidInKindInterestAddedToLeaseLiability`	$347.00K	USD	1 Quarter
Loss on equity method investments	`IncomeLossFromEquityMethodInvestments`	$-626.00K	USD	1 Quarter
Loss on equity method investments	`IncomeLossFromEquityMethodInvestments`	-	USD	1 Quarter
Loss on debt conversion and extinguishment of debt	`GainsLossesOnExtinguishmentOfDebt`	-	USD	1 Quarter
Loss on debt conversion and extinguishment of debt	`GainsLossesOnExtinguishmentOfDebt`	$-12.40M	USD	1 Quarter
Debt conversion expense	`InducedConversionOfConvertibleDebtExpense`	-	USD	1 Quarter
Debt conversion expense	`InducedConversionOfConvertibleDebtExpense`	$197.00K	USD	1 Quarter
Compensation charge for stock and share option awards	`ShareBasedCompensation`	$1.25M	USD	1 Quarter
Compensation charge for stock and share option awards	`ShareBasedCompensation`	$122.00K	USD	1 Quarter
Unrealized loss on warrant derivative liabilities	`FairValueAdjustmentOfWarrants`	-	USD	1 Quarter
Unrealized loss on warrant derivative liabilities	`FairValueAdjustmentOfWarrants`	$561.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$21.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$27.00K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$246.00K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$244.00K	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$271.00K	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$284.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$663.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$738.00K	USD	1 Quarter
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-1.07M	USD	1 Quarter
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-1.52M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-4.38M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-4.04M	USD	1 Quarter
Contributions to equity-method investments	`PaymentsToAcquireInterestInJointVenture`	$1.24M	USD	1 Quarter
Contributions to equity-method investments	`PaymentsToAcquireInterestInJointVenture`	-	USD	1 Quarter
Additions to property, plant and equipment and water programs	`PaymentsToAcquirePropertyPlantAndEquipment`	$3.45M	USD	1 Quarter
Additions to property, plant and equipment and water programs	`PaymentsToAcquirePropertyPlantAndEquipment`	$165.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-4.69M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-165.00K	USD	1 Quarter
Net proceeds from issuance of stock	`ProceedsFromIssuanceOfCommonStock`	$3.92M	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`	$15.00K	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`	$3.91M	USD	1 Quarter
Net (decrease) increase in cash, cash equivalents and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-5.16M	USD	1 Quarter
Net (decrease) increase in cash, cash equivalents and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$3.68M	USD	1 Quarter
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`	$10.65M	USD	Point-in-time
Cash, cash equivalents and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$15.82M	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`	$10.65M	USD	Point-in-time
Cash, cash equivalents and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$15.82M	USD	Point-in-time

Stockholders Equity 20 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$-86.24M	USD	Point-in-time
Balance	`StockholdersEquity`	$-82.12M	USD	Point-in-time
Balance	`StockholdersEquity`	$-19.69M	USD	Point-in-time
Balance	`StockholdersEquity`	$-81.42M	USD	Point-in-time
Issuance of shares pursuant to bond conversion (in shares)	`StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities`	5.77M	shares	1 Quarter
Issuance of shares pursuant to bond conversion	`StockIssuedDuringPeriodValueConversionOfConvertibleSecurities`	$38.90M	USD	1 Quarter
Issuance of shares pursuant to bond conversion	`StockIssuedDuringPeriodValueConversionOfConvertibleSecurities`	$3.20M	USD	1 Quarter
Stock-based Compensation expense	`StockIssuedDuringPeriodValueShareBasedCompensation`	$122.00K	USD	1 Quarter
Stock-based Compensation expense	`StockIssuedDuringPeriodValueShareBasedCompensation`	$1.25M	USD	1 Quarter
Issuance of shares	`StockIssuedDuringPeriodValueNewIssues`	$3.92M	USD	1 Quarter
Issuance of shares	`StockIssuedDuringPeriodValueNewIssues`	$7.89M	USD	1 Quarter
Reclassification of warrant liability	`CurrentPeriodReclassificationAdjustment`	$-865.00K	USD	1 Quarter
Issuance of shares	`StockIssuedDuringPeriodValueNewIssues`	$3.92M	USD	1 Quarter
Issuance of shares	`StockIssuedDuringPeriodValueNewIssues`	$7.89M	USD	1 Quarter
Net loss and comprehensive loss	`NetIncomeLoss`	$-20.51M	USD	1 Quarter
Net loss and comprehensive loss	`NetIncomeLoss`	$-7.26M	USD	1 Quarter
Balance	`StockholdersEquity`	$-86.24M	USD	Point-in-time
Balance	`StockholdersEquity`	$-82.12M	USD	Point-in-time
Balance	`StockholdersEquity`	$-19.69M	USD	Point-in-time
Balance	`StockholdersEquity`	$-81.42M	USD	Point-in-time

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