10-Q Filing

22ND CENTURY GROUP, INC. CIK: 1347858 Q1 2016

Filing Information

Form Type	10-Q
Accession Number	`0001144204-16-100417`
Period End Date	20160331
Filing Date	20160510
Fiscal Year	2016
Fiscal Period	Q1
XBRL Instance	xxii-20160331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 69 Income Statement 42 Cash Flow Statement 68 Stockholders Equity 12

Balance Sheet 69 line items

Line Item	Tag	Value	Unit	Period
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	-	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	-	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	300.00M	shares	Point-in-time
Cash	`Cash`	$6.40M	USD	Point-in-time
Cash	`Cash`	$3.84M	USD	Point-in-time
Cash	`Cash`	$6.05M	USD	Point-in-time
Cash	`Cash`	$3.76M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	300.00M	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$102.91K	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	-	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$51.23K	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	-	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	76.02M	shares	Point-in-time
Inventory, net	`InventoryNet`	$2.92M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	71.01M	shares	Point-in-time
Inventory, net	`InventoryNet`	$2.71M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	76.02M	shares	Point-in-time
Prepaid expenses and other assets	`PrepaidExpenseAndOtherAssetsCurrent`	$636.00K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	71.01M	shares	Point-in-time
Prepaid expenses and other assets	`PrepaidExpenseAndOtherAssetsCurrent`	$529.30K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$9.60M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$7.15M	USD	Point-in-time
Machinery and equipment, net	`PropertyPlantAndEquipmentNet`	$2.48M	USD	Point-in-time
Machinery and equipment, net	`PropertyPlantAndEquipmentNet`	$2.56M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$7.38M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$7.36M	USD	Point-in-time
Equity investment	`EquityMethodInvestments`	$1.14M	USD	Point-in-time
Equity investment	`EquityMethodInvestments`	$250.00K	USD	Point-in-time
Equity investment	`EquityMethodInvestments`	$1.22M	USD	Point-in-time
Total other assets	`AssestsNoncurrentExcludingPropertyPlantAndEquipmentNet`	$8.52M	USD	Point-in-time
Total other assets	`AssestsNoncurrentExcludingPropertyPlantAndEquipmentNet`	$8.59M	USD	Point-in-time
Total assets	`Assets`	$20.60M	USD	Point-in-time
Total assets	`Assets`	$18.30M	USD	Point-in-time
Current portion of note payable	`NotesPayableCurrent`	$314.71K	USD	Point-in-time
Current portion of note payable	`NotesPayableCurrent`	$308.58K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.73M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.28M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$1.35M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$1.22M	USD	Point-in-time
Accrued severance	`AccruedSeveranceLiabilitiesCurrent`	$220.66K	USD	Point-in-time
Accrued severance	`AccruedSeveranceLiabilitiesCurrent`	$212.01K	USD	Point-in-time
Accrued severance	`AccruedSeveranceLiabilitiesCurrent`	$218.83K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$3.16M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$3.49M	USD	Point-in-time
Long-term portion of note payable	`LongTermNotesPayable`	$307.94K	USD	Point-in-time
Long-term portion of note payable	`LongTermNotesPayable`	$307.94K	USD	Point-in-time
Long-term portion of accrued severance	`AccountsPayableAndAccruedLiabilitiesNoncurrent`	$199.66K	USD	Point-in-time
Long-term portion of accrued severance	`AccountsPayableAndAccruedLiabilitiesNoncurrent`	$412.31K	USD	Point-in-time
Long-term portion of accrued severance	`AccountsPayableAndAccruedLiabilitiesNoncurrent`	$145.15K	USD	Point-in-time
Warrant liability	`DerivativeLiabilitiesNoncurrent`	$2.90M	USD	Point-in-time
Warrant liability	`DerivativeLiabilitiesNoncurrent`	$3.04M	USD	Point-in-time
Warrant liability	`DerivativeLiabilitiesNoncurrent`	$17.23K	USD	Point-in-time
Warrant liability	`DerivativeLiabilitiesNoncurrent`	$3.78M	USD	Point-in-time
Total liabilities	`Liabilities`	$3.96M	USD	Point-in-time
Total liabilities	`Liabilities`	$6.57M	USD	Point-in-time
Commitments and contingencies (Note 11)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Note 11)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common shares value	`CommonStockValue`	$760.00	USD	Point-in-time
Common shares value	`CommonStockValue`	$710.00	USD	Point-in-time
Capital in excess of par value	`AdditionalPaidInCapital`	$78.28M	USD	Point-in-time
Capital in excess of par value	`AdditionalPaidInCapital`	$86.45M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-69.81M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-66.56M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$11.73M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$16.64M	USD	Point-in-time
Total liabilities and shareholders' equity	`LiabilitiesAndStockholdersEquity`	$20.60M	USD	Point-in-time
Total liabilities and shareholders' equity	`LiabilitiesAndStockholdersEquity`	$18.30M	USD	Point-in-time

Income Statement 42 line items

Line Item	Tag	Value	Unit	Period
Sale of products	`SalesRevenueGoodsNet`	$616.14K	USD	1 Quarter
Sale of products	`SalesRevenueGoodsNet`	$329.32K	USD	Point-in-time
Sale of products	`SalesRevenueGoodsNet`	$242.66K	USD	1 Quarter
Sale of products	`SalesRevenueGoodsNet`	$3.02M	USD	1 Quarter
Products	`CostOfGoodsSold`	$2.90M	USD	1 Quarter
Products	`CostOfGoodsSold`	$632.58K	USD	1 Quarter
Gross profit (loss)	`GrossProfit`	$123.65K	USD	1 Quarter
Gross profit (loss)	`GrossProfit`	$-16.44K	USD	1 Quarter
Research and development (including equity based compensation of $45,056 and $45,563, respectively)	`ResearchAndDevelopmentExpense`	$597.39K	USD	1 Quarter
Research and development (including equity based compensation of $45,056 and $45,563, respectively)	`ResearchAndDevelopmentExpense`	$158.47K	USD	1 Quarter
General and administrative (including equity based compensation of $226,175 and $2,390,821, respectively)	`GeneralAndAdministrativeExpense`	$3.65M	USD	1 Quarter
General and administrative (including equity based compensation of $226,175 and $2,390,821, respectively)	`GeneralAndAdministrativeExpense`	$1.85M	USD	1 Quarter
Sales and marketing (including equity based compensation of $11,636 and $4,821, respectively)	`SellingAndMarketingExpense`	$702.61K	USD	1 Quarter
Sales and marketing (including equity based compensation of $11,636 and $4,821, respectively)	`SellingAndMarketingExpense`	$115.23K	USD	1 Quarter
Depreciation	`Depreciation`	$80.60K	USD	1 Quarter
Depreciation	`Depreciation`	$78.81K	USD	1 Quarter
Amortization	`OtherAmortizationOfDeferredCharges`	$124.84K	USD	1 Quarter
Amortization	`OtherAmortizationOfDeferredCharges`	$106.59K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$4.11M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$3.35M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-4.13M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-3.23M	USD	1 Quarter
Warrant liability gain - net	`GainLossFromWarrantLiability`	$71.06K	USD	1 Quarter
Warrant liability gain - net	`GainLossFromWarrantLiability`	$59.21K	USD	1 Quarter
Loss on equity investment	`EquityMethodInvestmentRealizedGainLossOnDisposal`	$-87.23K	USD	1 Quarter
Loss on equity investment	`EquityMethodInvestmentRealizedGainLossOnDisposal`	$-50.98K	USD	1 Quarter
Interest income	`InvestmentIncomeNonoperating`	$7.79K	USD	1 Quarter
Interest income	`InvestmentIncomeNonoperating`	$2.49K	USD	1 Quarter
Interest expense	`InterestExpense`	$5.51K	USD	1 Quarter
Interest expense	`InterestExpense`	$10.37K	USD	1 Quarter
Total other income (expense)	`NonoperatingIncomeExpense`	$10.52K	USD	1 Quarter
Total other income (expense)	`NonoperatingIncomeExpense`	$-24.05K	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-3.25M	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-4.12M	USD	1 Quarter
Income taxes	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Income taxes	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-4.12M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-3.25M	USD	1 Quarter
Loss per common share - basic and diluted (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.06	USD	1 Quarter
Loss per common share - basic and diluted (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.04	USD	1 Quarter
Common shares used in basic earnings per share calculation (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	74.03M	shares	1 Quarter
Common shares used in basic earnings per share calculation (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	64.19M	shares	1 Quarter

Cash Flow Statement 68 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-4.12M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-3.25M	USD	1 Quarter
Amortization and depreciation	`DepreciationDepletionAndAmortization`	$180.93K	USD	1 Quarter
Amortization and depreciation	`DepreciationDepletionAndAmortization`	$160.89K	USD	1 Quarter
Amortization of license fees	`AmortizationOfLicenseFees`	$24.51K	USD	1 Quarter
Amortization of license fees	`AmortizationOfLicenseFees`	$24.51K	USD	1 Quarter
Loss on equity investment	`EquityMethodInvestmentRealizedGainLossOnDisposal`	$-87.23K	USD	1 Quarter
Loss on equity investment	`EquityMethodInvestmentRealizedGainLossOnDisposal`	$-50.98K	USD	1 Quarter
Accretion of interest on note payable and accrued severance	`AccretionExpense`	$10.37K	USD	1 Quarter
Accretion of interest on note payable and accrued severance	`AccretionExpense`	-	USD	1 Quarter
Warrant liability gain	`GainLossFromWarrantLiability`	$71.06K	USD	1 Quarter
Warrant liability gain	`GainLossFromWarrantLiability`	$59.21K	USD	1 Quarter
Equity based employee compensation expense	`ShareBasedCompensation`	$354.09K	USD	1 Quarter
Equity based employee compensation expense	`ShareBasedCompensation`	$259.99K	USD	1 Quarter
Equity based payments for outside services	`IssuanceOfStockAndWarrantsForServicesOrClaims`	$22.87K	USD	1 Quarter
Equity based payments for outside services	`IssuanceOfStockAndWarrantsForServicesOrClaims`	$2.09M	USD	1 Quarter
Increase in inventory reserve	`InventoryReserveAdjustments`	-	USD	1 Quarter
Increase in inventory reserve	`InventoryReserveAdjustments`	$-60.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$51.68K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$209.03K	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$214.55K	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$558.54K	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidExpense`	$151.71K	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidExpense`	$-90.04K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$316.75K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$301.95K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-126.74K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-448.87K	USD	1 Quarter
Accrued severance	`IncreaseDecreaseInAccruedSeverance`	$-30.86K	USD	1 Quarter
Accrued severance	`IncreaseDecreaseInAccruedSeverance`	$-60.58K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-2.52M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-2.80M	USD	1 Quarter
Acquisition machinery and equipment	`PaymentsToAcquireMachineryAndEquipment`	$3.72K	USD	1 Quarter
Acquisition machinery and equipment	`PaymentsToAcquireMachineryAndEquipment`	$1.52K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-1.52K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-3.72K	USD	1 Quarter
Net proceeds from exercise of warrants	`ProceedsFromWarrantExercises`	$196.00	USD	1 Quarter
Net proceeds from exercise of warrants	`ProceedsFromWarrantExercises`	-	USD	1 Quarter
Net proceeds from February 2016 registered direct offering	`ProceedsFromIssuanceOrSaleOfEquity`	-	USD	1 Quarter
Net proceeds from February 2016 registered direct offering	`ProceedsFromIssuanceOrSaleOfEquity`	$5.09M	USD	1 Quarter
Stock cancellation	`PaymentsForRepurchaseOfOtherEquity`	$34.50K	USD	1 Quarter
Stock cancellation	`PaymentsForRepurchaseOfOtherEquity`	-	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$-34.50K	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$5.09M	USD	1 Quarter
Net increase (decrease) in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$2.29M	USD	1 Quarter
Net increase (decrease) in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-2.56M	USD	1 Quarter
Cash - beginning of period	`Cash`	$6.40M	USD	Point-in-time
Cash - beginning of period	`Cash`	$3.84M	USD	Point-in-time
Cash - beginning of period	`Cash`	$6.05M	USD	Point-in-time
Cash - beginning of period	`Cash`	$3.76M	USD	Point-in-time
Cash - end of period	`Cash`	$6.40M	USD	Point-in-time
Cash - end of period	`Cash`	$3.84M	USD	Point-in-time
Cash - end of period	`Cash`	$6.05M	USD	Point-in-time
Cash - end of period	`Cash`	$3.76M	USD	Point-in-time
Cash paid during the period for interest	`InterestPaidNet`	$5.51K	USD	1 Quarter
Cash paid during the period for interest	`InterestPaidNet`	$10.37K	USD	1 Quarter
Cash paid during the period for income taxes	`IncomeTaxesPaid`	-	USD	1 Quarter
Cash paid during the period for income taxes	`IncomeTaxesPaid`	-	USD	1 Quarter
Patent and trademark additions included in accounts payable	`PatentAndTrademarkAdditionsIncludedInAccountsPayable`	$143.83K	USD	1 Quarter
Patent and trademark additions included in accounts payable	`PatentAndTrademarkAdditionsIncludedInAccountsPayable`	$194.33K	USD	1 Quarter
Machinery and equipment additions included in accounts payable	`MachineryAndEquipmentAdditionsIncludedInAccountsPayable`	$18.08K	USD	1 Quarter
Machinery and equipment additions included in accounts payable	`MachineryAndEquipmentAdditionsIncludedInAccountsPayable`	-	USD	1 Quarter
Reclassification of warrant liability to capital in excess of par due to voiding of exchange rights clause in Crede Tranche 1A warrant	`ReclassificationOfWarrantsLiabilityToCapitalInExcessOfParValue`	$2.81M	USD	1 Quarter
Reclassification of warrant liability to capital in excess of par due to voiding of exchange rights clause in Crede Tranche 1A warrant	`ReclassificationOfWarrantsLiabilityToCapitalInExcessOfParValue`	-	USD	1 Quarter
Issuance of common stock in satisfaction of accrued expense	`StockRepurchasedDuringPeriodValue`	$325.00K	USD	1 Quarter
Issuance of common stock in satisfaction of accrued expense	`StockRepurchasedDuringPeriodValue`	-	USD	1 Quarter
Issuance of common stock for services recorded as prepaid expense	`StockIssuedForServicesRecordedInPrepaidExpense`	-	USD	1 Quarter
Issuance of common stock for services recorded as prepaid expense	`StockIssuedForServicesRecordedInPrepaidExpense`	$91.67K	USD	1 Quarter

Stockholders Equity 12 line items

Line Item	Tag	Value	Unit	Period
Beginning balance	`StockholdersEquity`	$11.73M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$16.64M	USD	Point-in-time
Common stock issued in February 2016 registered direct offering	`StockIssuedDuringPeriodValueNewIssues`	$5.58M	USD	Point-in-time
Common stock issued in February 2016 registered direct offering	`StockIssuedDuringPeriodValueNewIssues`	$5.09M	USD	1 Quarter
Common stock issued in February 2016 registered direct offering (in shares)	`StockIssuedDuringPeriodSharesNewIssues`	2,618.00	shares	Point-in-time
Reclassification of warrant liability to capital in excess of par (see Note 4)	`AdjustmentToAdditionalPaidInCapitalWarrantLiabilityReclassified`	$2.81M	USD	1 Quarter
Stock based compensation	`StockIssuedDuringPeriodValueShareBasedCompensation`	$266.20K	USD	1 Quarter
Stock issued in connection with warrant exercise	`StockIssuedDuringPeriodWarrantsExcercisedValue`	$196.00	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-4.12M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-3.25M	USD	1 Quarter
Ending balance	`StockholdersEquity`	$11.73M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$16.64M	USD	Point-in-time

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