10-K Filing

REED'S, INC. CIK: 1140215 FY 2011

Filing Information

Form Type	10-K
Accession Number	`0001019687-12-001062`
Period End Date	20111231
Filing Date	20120326
Fiscal Year	2011
Fiscal Period	FY
XBRL Instance	reed-20111231.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 76 Income Statement 30 Cash Flow Statement 68 Stockholders Equity 23

Balance Sheet 76 line items

Line Item	Tag	Value	Unit	Period
Allowance for Doubtful Accounts and returns and discounts (in Dollars)	`AllowanceForDoubtfulAccountsReceivableCurrent`	$135.00K	USD	Point-in-time
Allowance for Doubtful Accounts and returns and discounts (in Dollars)	`AllowanceForDoubtfulAccountsReceivableCurrent`	$105.00K	USD	Point-in-time
Accumulated Depreciation (in Dollars)	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$1.18M	USD	Point-in-time
Accumulated Depreciation (in Dollars)	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$1.74M	USD	Point-in-time
Accumulated Amortization, deferred financing fees (in Dollars)	`AccumulatedAmortizationOfNoncurrentDeferredFinanceCosts`	$8.00K	USD	Point-in-time
Cash	`Cash`	$1.08M	USD	Point-in-time
Cash	`Cash`	$713.00K	USD	Point-in-time
Accumulated Amortization, deferred financing fees (in Dollars)	`AccumulatedAmortizationOfNoncurrentDeferredFinanceCosts`	$50.00K	USD	Point-in-time
Inventory	`InventoryNet`	$6.10M	USD	Point-in-time
Discount, long term financing obligation (in Dollars)	`DebtInstrumentUnamortizedDiscountPremiumNet`	$626.00K	USD	Point-in-time
Discount, long term financing obligation (in Dollars)	`DebtInstrumentUnamortizedDiscountPremiumNet`	$677.00K	USD	Point-in-time
Inventory	`InventoryNet`	$4.55M	USD	Point-in-time
Trade accounts receivable, net of allowance for doubtful accounts and returns and discounts of $135,000 and $105,000, respectively	`AccountsReceivableNetCurrent`	$1.29M	USD	Point-in-time
Trade accounts receivable, net of allowance for doubtful accounts and returns and discounts of $135,000 and $105,000, respectively	`AccountsReceivableNetCurrent`	$1.63M	USD	Point-in-time
Prepaid inventory	`OtherInventory`	$138.00K	USD	Point-in-time
Prepaid inventory	`OtherInventory`	$168.00K	USD	Point-in-time
Prepaid and other current assets	`PrepaidExpenseAndOtherAssets`	$78.00K	USD	Point-in-time
Prepaid and other current assets	`PrepaidExpenseAndOtherAssets`	$123.00K	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$8.73M	USD	Point-in-time
(in Dollars per share)	`PreferredStockParOrStatedValuePerShare`	$10.00	USD	Point-in-time
(in Dollars per share)	`PreferredStockParOrStatedValuePerShare`	$10.00	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$7.15M	USD	Point-in-time
Common stock par value (in Dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Property and equipment, net of accumulated depreciation of $1,739,000 and $1,178,000, respectively	`PropertyPlantAndEquipmentNet`	$3.51M	USD	Point-in-time
Property and equipment, net of accumulated depreciation of $1,739,000 and $1,178,000, respectively	`PropertyPlantAndEquipmentNet`	$3.65M	USD	Point-in-time
Common stock par value (in Dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	19.50M	shares	Point-in-time
Brand names	`IndefiniteLivedIntangibleAssets`	$1.03M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	19.50M	shares	Point-in-time
Brand names	`IndefiniteLivedIntangibleAssets`	$1.03M	USD	Point-in-time
Deferred financing fees, net of amortization of $50,000 and $8,000, respectively	`DeferredFinanceCostsNoncurrentNet`	$85.00K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	10.45M	shares	Point-in-time
Deferred financing fees, net of amortization of $50,000 and $8,000, respectively	`DeferredFinanceCostsNoncurrentNet`	$47.00K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	10.89M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	10.45M	shares	Point-in-time
Total assets	`Assets`	$11.88M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	10.89M	shares	Point-in-time
Total assets	`Assets`	$13.36M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$2.59M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$2.31M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$162.00K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$196.00K	USD	Point-in-time
Dividends payable	`DividendsPayableAmount`	$83.00K	USD	Point-in-time
Dividends payable	`DividendsPayableAmount`	$44.00K	USD	Point-in-time
Recycling fees payable	`AccountsPayableOtherCurrent`	$111.00K	USD	Point-in-time
Recycling fees payable	`AccountsPayableOtherCurrent`	$325.00K	USD	Point-in-time
Line of credit	`LinesOfCreditCurrent`	$3.10M	USD	Point-in-time
Line of credit	`LinesOfCreditCurrent`	$2.04M	USD	Point-in-time
Current portion of long term financing obligation	`LongTermDebtCurrent`	$55.00K	USD	Point-in-time
Current portion of long term financing obligation	`LongTermDebtCurrent`	$71.00K	USD	Point-in-time
Current portion of capital leases payable	`CapitalLeaseObligationsCurrent`	$39.00K	USD	Point-in-time
Current portion of capital leases payable	`CapitalLeaseObligationsCurrent`	$56.00K	USD	Point-in-time
Current portion of note payable	`NotesPayableCurrent`	$71.00K	USD	Point-in-time
Current portion of term loan	`OtherLongTermDebtCurrent`	$152.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$6.07M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$5.32M	USD	Point-in-time
Long term financing obligation, less current portion, net of discount of $626,000 and $677,000, respectively	`LongTermDebtNoncurrent`	$2.25M	USD	Point-in-time
Long term financing obligation, less current portion, net of discount of $626,000 and $677,000, respectively	`LongTermDebtNoncurrent`	$2.27M	USD	Point-in-time
Capital leases payable, less current portion	`CapitalLeaseObligationsNoncurrent`	$146.00K	USD	Point-in-time
Capital leases payable, less current portion	`CapitalLeaseObligationsNoncurrent`	$153.00K	USD	Point-in-time
Term loan, less current portion	`OtherLongTermDebtNoncurrent`	$576.00K	USD	Point-in-time
Total Liabilities	`Liabilities`	$9.05M	USD	Point-in-time
Total Liabilities	`Liabilities`	$7.73M	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock, $.0001 par value, 19,500,000 shares authorized, 10,885,833 and 10,446,090 shares issued and outstanding, respectively	`CommonStockValue`	$1.00K	USD	Point-in-time
Common stock, $.0001 par value, 19,500,000 shares authorized, 10,885,833 and 10,446,090 shares issued and outstanding, respectively	`CommonStockValue`	$1.00K	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapitalCommonStock`	$21.70M	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapitalCommonStock`	$22.92M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-19.89M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-18.88M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$4.30M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$4.38M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$4.14M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$11.88M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$13.36M	USD	Point-in-time

Income Statement 30 line items

Line Item	Tag	Value	Unit	Period
Sales	`SalesRevenueNet`	$20.38M	USD	Annual
Sales	`SalesRevenueNet`	$25.01M	USD	Annual
Cost of tangible goods sold	`CostOfGoodsAndServicesSold`	$13.12M	USD	Annual
Cost of tangible goods sold	`CostOfGoodsAndServicesSold`	$15.85M	USD	Annual
Cost of goods sold idle capacity	`CostOfGoodsSold`	$1.20M	USD	Annual
Cost of goods sold idle capacity	`CostOfGoodsSold`	$1.76M	USD	Annual
Gross profit	`GrossProfit`	$6.06M	USD	Annual
Gross profit	`GrossProfit`	$7.41M	USD	Annual
Delivery and handling expenses	`ShippingHandlingAndTransportationCosts`	$2.31M	USD	Annual
Delivery and handling expenses	`ShippingHandlingAndTransportationCosts`	$1.73M	USD	Annual
Selling and marketing expense	`SellingAndMarketingExpense`	$2.47M	USD	Annual
Selling and marketing expense	`SellingAndMarketingExpense`	$2.32M	USD	Annual
General and administrative expense	`GeneralAndAdministrativeExpense`	$2.74M	USD	Annual
General and administrative expense	`GeneralAndAdministrativeExpense`	$2.88M	USD	Annual
Total operating expenses	`OperatingExpenses`	$6.79M	USD	Annual
Total operating expenses	`OperatingExpenses`	$7.66M	USD	Annual
Loss from operations	`OperatingIncomeLoss`	$-250.00K	USD	Annual
Loss from operations	`OperatingIncomeLoss`	$-724.00K	USD	Annual
Interest expense	`InterestExpense`	$691.00K	USD	Annual
Interest expense	`InterestExpense`	$586.00K	USD	Annual
Net loss	`NetIncomeLoss`	$-1.31M	USD	Annual
Net loss	`NetIncomeLoss`	$-941.00K	USD	Annual
Preferred stock dividend	`PreferredStockDividendsAndOtherAdjustments`	$65.00K	USD	Annual
Preferred stock dividend	`PreferredStockDividendsAndOtherAdjustments`	$73.00K	USD	Annual
Net loss attributable to common stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-1.01M	USD	Annual
Net loss attributable to common stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-1.38M	USD	Annual
Loss per share available to common stockholders - basic and diluted (in Dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.14	USD	Annual
Loss per share available to common stockholders - basic and diluted (in Dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.09	USD	Annual
Weighted average number of shares outstanding - basic and diluted (in Shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	10.79M	shares	Annual
Weighted average number of shares outstanding - basic and diluted (in Shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	10.19M	shares	Annual

Cash Flow Statement 68 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-1.31M	USD	Annual
Net loss	`NetIncomeLoss`	$-941.00K	USD	Annual
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$653.00K	USD	Annual
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$616.00K	USD	Annual
Fair value of stock options issued to employees	`EmployeeServiceShareBasedCompensationCashReceivedFromExerciseOfStockOptions`	$198.00K	USD	Annual
Fair value of stock options issued to employees	`EmployeeServiceShareBasedCompensationCashReceivedFromExerciseOfStockOptions`	$258.00K	USD	Annual
Fair value of warrants issued for services	`IssuanceOfStockAndWarrantsForServicesOrClaims`	$42.00K	USD	Annual
Fair value of common stock issued for services	`ShareBasedGoodsAndNonemployeeServicesTransactionCashFlowEffects`	$131.00K	USD	Annual
Fair value of common stock issued for services	`ShareBasedGoodsAndNonemployeeServicesTransactionCashFlowEffects`	$366.00K	USD	Annual
Increase in allowance for doubtful accounts	`ProvisionForDoubtfulAccounts`	$30.00K	USD	Annual
Increase in allowance for doubtful accounts	`ProvisionForDoubtfulAccounts`	$15.00K	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-444.00K	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-361.00K	USD	Annual
Inventory	`IncreaseDecreaseInInventories`	$-1.54M	USD	Annual
Inventory	`IncreaseDecreaseInInventories`	$-1.67M	USD	Annual
Prepaid expenses and inventory and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-75.00K	USD	Annual
Prepaid expenses and inventory and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-117.00K	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-276.00K	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$1.63M	USD	Annual
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$34.00K	USD	Annual
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$35.00K	USD	Annual
Recycling fees payable	`IncreaseDecreaseInOtherAccountsPayable`	$-215.00K	USD	Annual
Recycling fees payable	`IncreaseDecreaseInOtherAccountsPayable`	$-131.00K	USD	Annual
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-811.00K	USD	Annual
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-2.26M	USD	Annual
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$383.00K	USD	Annual
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$356.00K	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-383.00K	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-356.00K	USD	Annual
Proceeds from issuance of common stock in shelf offering, net of offering costs	`ProceedsFromIssuanceOfCommonStockInShelfOfferingNet`	$432.00K	USD	Annual
Proceeds from issuance of common stock in private placement, net of offering costs	`ProceedsFromIssuanceOfCommonStockInPrivatePlacementNet`	$672.00K	USD	Annual
Proceeds from stock option and warrant exercises	`ProceedsFromWarrantExercises`	$25.00K	USD	Annual
Proceeds from stock option and warrant exercises	`ProceedsFromWarrantExercises`	$6.00K	USD	Annual
Proceeds from the issuance of Series B preferred stock, net of offering costs	`ProceedsFromIssuanceOfPreferredStockAndPreferenceStock`	$117.00K	USD	Annual
Payments for deferred financing fees	`PaymentsOfFinancingCosts`	$30.00K	USD	Annual
Payments for deferred financing fees	`PaymentsOfFinancingCosts`	$65.00K	USD	Annual
Proceeds received from term loan	`ProceedsFromLoans`	$750.00K	USD	Annual
Principal repayments on term loan	`RepaymentsOfNotesPayable`	$22.00K	USD	Annual
Principal repayments on long term financing obligation	`RepaymentsOfLongTermDebt`	$54.00K	USD	Annual
Principal repayments on long term financing obligation	`RepaymentsOfLongTermDebt`	$42.00K	USD	Annual
Principal repayments on capital lease obligation	`RepaymentsOfLongTermCapitalLeaseObligations`	$32.00K	USD	Annual
Principal repayments on capital lease obligation	`RepaymentsOfLongTermCapitalLeaseObligations`	$43.00K	USD	Annual
Net borrowings on existing line of credit	`ProceedsFromLinesOfCredit`	$3.40M	USD	Annual
Net (payoff) borrowings on former line of credit	`RepaymentsOfOtherDebt`	$2.35M	USD	Annual
Net (payoff) borrowings on former line of credit	`RepaymentsOfOtherDebt`	$-623.00K	USD	Annual
Principal repayments on note payable	`RepaymentsOfOtherLongTermDebt`	$71.00K	USD	Annual
Principal repayments on note payable	`RepaymentsOfOtherLongTermDebt`	$102.00K	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$2.25M	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$972.00K	USD	Annual
Net decrease in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-222.00K	USD	Annual
Net decrease in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-371.00K	USD	Annual
Cash at beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$1.31M	USD	Point-in-time
Cash at beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$1.08M	USD	Point-in-time
Cash at beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$713.00K	USD	Point-in-time
Cash at end of year	`CashAndCashEquivalentsAtCarryingValue`	$1.31M	USD	Point-in-time
Cash at end of year	`CashAndCashEquivalentsAtCarryingValue`	$1.08M	USD	Point-in-time
Cash at end of year	`CashAndCashEquivalentsAtCarryingValue`	$713.00K	USD	Point-in-time
Interest	`InterestPaidNet`	$671.00K	USD	Annual
Interest	`InterestPaidNet`	$561.00K	USD	Annual
Taxes	`IncomeTaxesPaidNet`	-	USD	Annual
Taxes	`IncomeTaxesPaidNet`	-	USD	Annual
Common Stock issued in settlement of Series A and Series B preferred stock dividend	`DividendsPayableInCommonStock`	$26.00K	USD	Annual
Common Stock issued in settlement of Series A and Series B preferred stock dividend	`DividendsPayableInCommonStock`	$29.00K	USD	Annual
Series B preferred stock dividend payable in common stock	`SeriesBPreferredStockDividendPayableInCommonStock`	$42.00K	USD	Annual
Series B preferred stock dividend payable in common stock	`SeriesBPreferredStockDividendPayableInCommonStock`	$50.00K	USD	Annual
Property and equipment acquired through capital lease obligation	`PropertyAndEquipmentAcquiredThroughCapitalLeases`	$67.00K	USD	Annual
Property and equipment acquired through capital lease obligation	`PropertyAndEquipmentAcquiredThroughCapitalLeases`	$64.00K	USD	Annual
Common stock issued for deferred financing fees	`CommonStockIssuedForDeferredFinancingFees`	$15.00K	USD	Annual

Stockholders Equity 23 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$4.30M	USD	Point-in-time
Balance	`StockholdersEquity`	$4.38M	USD	Point-in-time
Balance	`StockholdersEquity`	$4.14M	USD	Point-in-time
Fair value of common stock issued for services and finance fees	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$146.00K	USD	Annual
Fair Value of Common Stock issued for bonuses and services	`StockIssuedDuringPeriodValueShareBasedCompensation`	$366.00K	USD	Annual
Sale of common stock in private offering	`ProceedsFromIssuanceOfCommonStock`	$672.00K	USD	Annual
Exercise of warrants	`ProceedsFromWarrantExercises`	$25.00K	USD	Annual
Exercise of warrants	`ProceedsFromWarrantExercises`	$6.00K	USD	Annual
Sale of common stock in shelf offering	`ProceedsFromIssuanceOfCommonStockInShelfOfferingNet`	$432.00K	USD	Annual
Sale of Series B preferred stock, net of offering costs	`ProceedsFromIssuanceOfPreferredStockAndPreferenceStock`	$117.00K	USD	Annual
Exercise of stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$6.00K	USD	Annual
Fair value vesting of options issued to employees	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationAndExerciseOfStockOptions`	$198.00K	USD	Annual
Fair value vesting of options issued to employees	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationAndExerciseOfStockOptions`	$258.00K	USD	Annual
Fair value of warrants issued for services	`AdjustmentsToAdditionalPaidInCapitalWarrantIssued`	$42.00K	USD	Annual
Series A and Series B preferred stock dividend	`DividendsPreferredStock`	$-65.00K	USD	Annual
Series A and Series B preferred stock dividend	`DividendsPreferredStock`	$-73.00K	USD	Annual
Common stock paid for Series A and Series B dividends	`StockIssuedDuringPeriodValueStockDividend`	$29.00K	USD	Annual
Common stock paid for Series A and Series B dividends	`StockIssuedDuringPeriodValueStockDividend`	$26.00K	USD	Annual
Net Loss	`NetIncomeLoss`	$-1.31M	USD	Annual
Net Loss	`NetIncomeLoss`	$-941.00K	USD	Annual
Balance	`StockholdersEquity`	$4.30M	USD	Point-in-time
Balance	`StockholdersEquity`	$4.38M	USD	Point-in-time
Balance	`StockholdersEquity`	$4.14M	USD	Point-in-time

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