10-K Filing

VERITAS FARMS, INC. CIK: 1669400 FY 2019

Filing Information

Form Type	10-K
Accession Number	`0001213900-20-012373`
Period End Date	20191231
Filing Date	20200515
Fiscal Year	2019
Fiscal Period	FY
XBRL Instance	vfrm-20191231.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 66 Income Statement 34 Cash Flow Statement 66 Stockholders Equity 15

Balance Sheet 66 line items

Line Item	Tag	Value	Unit	Period
Accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$580.23K	USD	Point-in-time
Accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$976.00K	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Cash and Cash Equivalents	`CashAndCashEquivalentsAtCarryingValue`	$164.09K	USD	Point-in-time
Cash and Cash Equivalents	`CashAndCashEquivalentsAtCarryingValue`	$27.80K	USD	Point-in-time
Common stock, authorized	`CommonStockSharesAuthorized`	50.00M	shares	Point-in-time
Common stock, authorized	`CommonStockSharesAuthorized`	50.00M	shares	Point-in-time
Cash and Cash Equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.08M	USD	Point-in-time
Common stock, issued	`CommonStockSharesIssued`	27.88M	shares	Point-in-time
Inventories	`InventoryNet`	$2.51M	USD	Point-in-time
Inventories	`InventoryNet`	$6.60M	USD	Point-in-time
Common stock, issued	`CommonStockSharesIssued`	41.42M	shares	Point-in-time
Accounts Receivable	`AccountsReceivableNetCurrent`	$523.03K	USD	Point-in-time
Accounts Receivable	`AccountsReceivableNetCurrent`	$244.15K	USD	Point-in-time
Common stock, outstanding	`CommonStockSharesOutstanding`	27.88M	shares	Point-in-time
Common stock, outstanding	`CommonStockSharesOutstanding`	41.42M	shares	Point-in-time
Prepaid Expenses	`PrepaidExpenseCurrent`	$116.40K	USD	Point-in-time
Prepaid Expenses	`PrepaidExpenseCurrent`	$622.92K	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$8.82M	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$3.03M	USD	Point-in-time
PROPERTY PLANT AND EQUIPMENT, net of accumulated depreciation of $976,005 and $580,232 respectively	`PropertyPlantAndEquipmentNet`	$4.91M	USD	Point-in-time
PROPERTY PLANT AND EQUIPMENT, net of accumulated depreciation of $976,005 and $580,232 respectively	`PropertyPlantAndEquipmentNet`	$3.93M	USD	Point-in-time
Intellectual Property	`LeaseholdImprovementsGross`	-	USD	Point-in-time
Intellectual Property	`LeaseholdImprovementsGross`	$55.00K	USD	Point-in-time
Right of Use Assets, net of accumulated amortization	`OperatingLeaseRightOfUseAsset`	$134.34K	USD	Point-in-time
Right of Use Assets, net of accumulated amortization	`OperatingLeaseRightOfUseAsset`	-	USD	Point-in-time
Deposits	`DepositsAssetsNoncurrent`	$48.03K	USD	Point-in-time
Deposits	`DepositsAssetsNoncurrent`	$292.20K	USD	Point-in-time
TOTAL ASSETS	`Assets`	$7.01M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$14.22M	USD	Point-in-time
Accounts Payable	`AccountsPayableCurrent`	$189.43K	USD	Point-in-time
Accounts Payable	`AccountsPayableCurrent`	$1.57M	USD	Point-in-time
Accrued Expenses	`AccruedLiabilitiesCurrent`	$165.68K	USD	Point-in-time
Accrued Expenses	`AccruedLiabilitiesCurrent`	$51.24K	USD	Point-in-time
Accrued Interest - Related Parties	`AccruedInterestRelatedParties`	$17.95K	USD	Point-in-time
Accrued Interest - Related Parties	`AccruedInterestRelatedParties`	$18.83K	USD	Point-in-time
Notes Payable - Related Parties	`NotesPayableRelatedPartiesClassifiedCurrent`	-	USD	Point-in-time
Notes Payable - Related Parties	`NotesPayableRelatedPartiesClassifiedCurrent`	$262.92K	USD	Point-in-time
Deferred Rent	`DeferredRentCreditCurrent`	-	USD	Point-in-time
Deferred Rent	`DeferredRentCreditCurrent`	$7.04K	USD	Point-in-time
Deferred Revenue	`DeferredRevenueCurrent`	$45.02K	USD	Point-in-time
Deferred Revenue	`DeferredRevenueCurrent`	-	USD	Point-in-time
Current Portion of Right of Use Lease Liability	`OperatingLeaseLiabilityCurrent`	$80.05K	USD	Point-in-time
Current Portion of Right of Use Lease Liability	`OperatingLeaseLiabilityCurrent`	-	USD	Point-in-time
Current Portion of Long Term Debt	`DebtCurrent`	$50.43K	USD	Point-in-time
Current Portion of Long Term Debt	`DebtCurrent`	$68.00K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$738.48K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$1.79M	USD	Point-in-time
Long-term Debt, net of current portion	`LongTermDebtNoncurrent`	$184.83K	USD	Point-in-time
Long-term Debt, net of current portion	`LongTermDebtNoncurrent`	$196.26K	USD	Point-in-time
Right of Use Lease Liability, net of current portion	`OperatingLeaseLiabilityNoncurrent`	-	USD	Point-in-time
Right of Use Lease Liability, net of current portion	`OperatingLeaseLiabilityNoncurrent`	$52.80K	USD	Point-in-time
Total Liabilities	`Liabilities`	$934.74K	USD	Point-in-time
Total Liabilities	`Liabilities`	$2.02M	USD	Point-in-time
Common Stock, $0.004 par value, 50,000,000 shares authorized, 41,421,698 and 27,876,208 shares issued and outstanding at December 31, 2019 and 2018 respectively	`CommonStockValue`	$165.45K	USD	Point-in-time
Common Stock, $0.004 par value, 50,000,000 shares authorized, 41,421,698 and 27,876,208 shares issued and outstanding at December 31, 2019 and 2018 respectively	`CommonStockValue`	$111.50K	USD	Point-in-time
Additional Paid in Capital	`AdditionalPaidInCapitalCommonStock`	$31.10M	USD	Point-in-time
Additional Paid in Capital	`AdditionalPaidInCapitalCommonStock`	$13.89M	USD	Point-in-time
Accumulated Deficit	`RetainedEarningsAccumulatedDeficit`	$-7.93M	USD	Point-in-time
Accumulated Deficit	`RetainedEarningsAccumulatedDeficit`	$-19.07M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$6.08M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$3.11M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$12.20M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS EQUITY	`LiabilitiesAndStockholdersEquity`	$7.01M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS EQUITY	`LiabilitiesAndStockholdersEquity`	$14.22M	USD	Point-in-time

Income Statement 34 line items

Line Item	Tag	Value	Unit	Period
Sales	`Revenues`	$2.08M	USD	Annual
Sales	`Revenues`	$7.29M	USD	Annual
Cost of sales	`CostOfGoodsAndServicesSold`	$3.75M	USD	Annual
Cost of sales	`CostOfGoodsAndServicesSold`	$1.20M	USD	Annual
Plant Inventory Write-off	`InventoryWriteDown`	$77.39K	USD	Annual
Plant Inventory Write-off	`InventoryWriteDown`	-	USD	Annual
Total Cost of sales	`CostOfRevenue`	$1.20M	USD	Annual
Total Cost of sales	`CostOfRevenue`	$3.83M	USD	Annual
Gross profit	`GrossProfit`	$3.46M	USD	Annual
Gross profit	`GrossProfit`	$876.31K	USD	Annual
Selling, General and Administrative	`GeneralAndAdministrativeExpense`	$5.28M	USD	Annual
Selling, General and Administrative	`GeneralAndAdministrativeExpense`	$14.59M	USD	Annual
Total Operating Expenses	`OperatingExpenses`	$14.59M	USD	Annual
Total Operating Expenses	`OperatingExpenses`	$5.28M	USD	Annual
Operating loss	`OperatingIncomeLoss`	$-4.41M	USD	Annual
Operating loss	`OperatingIncomeLoss`	$-11.13M	USD	Annual
Interest Expense - Related Party	`InterestExpenseRelatedParty`	$-22.05K	USD	Annual
Interest Expense - Related Party	`InterestExpenseRelatedParty`	$-5.71K	USD	Annual
Interest Expense - Other	`InterestExpenseOther`	$-6.42K	USD	Annual
Interest Expense - Other	`InterestExpenseOther`	$-12.45K	USD	Annual
Gain on Forgiveness of Debt	`GainsLossesOnExtinguishmentOfDebt`	$-598.91K	USD	Annual
Gain on Forgiveness of Debt	`GainsLossesOnExtinguishmentOfDebt`	-	USD	Annual
Total Other Expenses (Income)	`NonoperatingIncomeExpense`	$18.17K	USD	Annual
Total Other Expenses (Income)	`NonoperatingIncomeExpense`	$-570.45K	USD	Annual
Loss before Provision for Income Taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-11.15M	USD	Annual
Loss before Provision for Income Taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-3.84M	USD	Annual
Income Tax Provision	`IncomeTaxExpenseBenefit`	-	USD	Annual
Income Tax Provision	`IncomeTaxExpenseBenefit`	-	USD	Annual
NET LOSS	`NetIncomeLoss`	$-11.15M	USD	Annual
NET LOSS	`NetIncomeLoss`	$-3.84M	USD	Annual
Net Loss per Share - Basic and fully diluted	`EarningsPerShareBasicAndDiluted`	$-0.19	USD	Annual
Net Loss per Share - Basic and fully diluted	`EarningsPerShareBasicAndDiluted`	$-0.32	USD	Annual
Weighted Average Shares Outstanding - Basic and fully diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	19.74M	shares	Annual
Weighted Average Shares Outstanding - Basic and fully diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	34.71M	shares	Annual

Cash Flow Statement 66 line items

Line Item	Tag	Value	Unit	Period
Net Loss	`NetIncomeLoss`	$-11.15M	USD	Annual
Net Loss	`NetIncomeLoss`	$-3.84M	USD	Annual
Depreciation	`Depreciation`	$274.19K	USD	Annual
Depreciation	`Depreciation`	$404.62K	USD	Annual
Amortization of Right of Use Assets	`FinanceLeaseRightOfUseAssetAmortization`	-	USD	Annual
Amortization of Right of Use Assets	`FinanceLeaseRightOfUseAssetAmortization`	$80.61K	USD	Annual
Stock-based Compensation	`ShareBasedCompensation`	$2.38M	USD	Annual
Stock-based Compensation	`ShareBasedCompensation`	$1.27M	USD	Annual
Gain on Forgiveness of Debt	`DebtInstrumentDecreaseForgiveness`	$-538.25K	USD	Annual
Gain on Forgiveness of Debt	`DebtInstrumentDecreaseForgiveness`	-	USD	Annual
Loss on Disposal of Property and Equipment	`GainLossOnDispositionOfAssets1`	$-2.21K	USD	Annual
Loss on Disposal of Property and Equipment	`GainLossOnDispositionOfAssets1`	-	USD	Annual
Inventories	`IncreaseDecreaseInInventories`	$1.08M	USD	Annual
Inventories	`IncreaseDecreaseInInventories`	$4.09M	USD	Annual
Prepaid Expenses	`IncreaseDecreaseInPrepaidExpense`	$74.31K	USD	Annual
Prepaid Expenses	`IncreaseDecreaseInPrepaidExpense`	$506.52K	USD	Annual
Accounts Receivable	`IncreaseDecreaseInAccountsReceivable`	$278.88K	USD	Annual
Accounts Receivable	`IncreaseDecreaseInAccountsReceivable`	$164.25K	USD	Annual
Deposits	`IncreaseDecreaseInDepositOtherAssets`	$25.03K	USD	Annual
Deposits	`IncreaseDecreaseInDepositOtherAssets`	$244.16K	USD	Annual
Deferred Rent	`IncreaseDecreaseInDeferredCharges`	$-7.04K	USD	Annual
Deferred Rent	`IncreaseDecreaseInDeferredCharges`	$7.04K	USD	Annual
Deferred Revenue	`IncreaseDecreaseInDeferredRevenue`	$-45.02K	USD	Annual
Deferred Revenue	`IncreaseDecreaseInDeferredRevenue`	$45.02K	USD	Annual
Accrued Interest - Related Parties	`IncreaseDecreaseInAccruedInterestRelatedParties`	$-1.72K	USD	Annual
Accrued Interest - Related Parties	`IncreaseDecreaseInAccruedInterestRelatedParties`	$-879.00	USD	Annual
Right of Use Lease Liability	`RightOfUseLeaseLiability`	-	USD	Annual
Right of Use Lease Liability	`RightOfUseLeaseLiability`	$82.11K	USD	Annual
Accrued Expenses	`IncreaseDecreaseInAccruedLiabilities`	$5.77K	USD	Annual
Accrued Expenses	`IncreaseDecreaseInAccruedLiabilities`	$-114.44K	USD	Annual
Accounts Payable	`IncreaseDecreaseInAccountsPayable`	$-55.65K	USD	Annual
Accounts Payable	`IncreaseDecreaseInAccountsPayable`	$1.38M	USD	Annual
NET CASH USED IN OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivities`	$-12.27M	USD	Annual
NET CASH USED IN OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivities`	$-4.17M	USD	Annual
Purchase of Property and Equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$597.47K	USD	Annual
Purchase of Property and Equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$1.39M	USD	Annual
Purchase of Intangible Asset	`PaymentsToAcquireIntangibleAssets`	$55.00K	USD	Annual
Purchase of Intangible Asset	`PaymentsToAcquireIntangibleAssets`	-	USD	Annual
NET CASH USED IN INVESTING ACTIVITIES	`NetCashProvidedByUsedInInvestingActivities`	$-597.47K	USD	Annual
NET CASH USED IN INVESTING ACTIVITIES	`NetCashProvidedByUsedInInvestingActivities`	$-1.44M	USD	Annual
Payments of Long-term Debt	`RepaymentsOfLongTermDebt`	$-6.13K	USD	Annual
Payments of Long-term Debt	`RepaymentsOfLongTermDebt`	$13.00K	USD	Annual
Repayment of Notes Payable - Related Parties	`RepaymentsOfRelatedPartyDebt`	$767.16K	USD	Annual
Repayment of Notes Payable - Related Parties	`RepaymentsOfRelatedPartyDebt`	$262.92K	USD	Annual
Proceeds from Note Payable	`ProceedsFromNotesPayable`	-	USD	Annual
Proceeds from Note Payable	`ProceedsFromNotesPayable`	$146.79K	USD	Annual
Proceeds from Stock Warrants Exercised	`ProceedsFromStockWarrantsExercised`	-	USD	Annual
Proceeds from Stock Warrants Exercised	`ProceedsFromStockWarrantsExercised`	$1.52M	USD	Annual
Proceeds from Issuance of Common Stock	`ProceedsFromIssuanceOfCommonStock`	$5.53M	USD	Annual
Proceeds from Issuance of Common Stock	`ProceedsFromIssuanceOfCommonStock`	$13.36M	USD	Annual
NET CASH PROVIDED BY FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivities`	$4.90M	USD	Annual
NET CASH PROVIDED BY FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivities`	$14.62M	USD	Annual
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$912.46K	USD	Annual
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$136.28K	USD	Annual
CASH AND CASH EQUIVALENTS - Beginning of Period	`CashAndCashEquivalentsAtCarryingValue`	$164.09K	USD	Point-in-time
CASH AND CASH EQUIVALENTS - Beginning of Period	`CashAndCashEquivalentsAtCarryingValue`	$27.80K	USD	Point-in-time
CASH AND CASH EQUIVALENTS - Beginning of Period	`CashAndCashEquivalentsAtCarryingValue`	$1.08M	USD	Point-in-time
CASH AND CASH EQUIVALENTS - End of Period	`CashAndCashEquivalentsAtCarryingValue`	$164.09K	USD	Point-in-time
CASH AND CASH EQUIVALENTS - End of Period	`CashAndCashEquivalentsAtCarryingValue`	$27.80K	USD	Point-in-time
CASH AND CASH EQUIVALENTS - End of Period	`CashAndCashEquivalentsAtCarryingValue`	$1.08M	USD	Point-in-time
Cash Paid for Interest	`InterestPaidNet`	$26.75K	USD	Annual
Cash Paid for Interest	`InterestPaidNet`	$12.50K	USD	Annual
Cash Paid for Income Taxes	`IncomeTaxesPaidNet`	-	USD	Annual
Cash Paid for Income Taxes	`IncomeTaxesPaidNet`	-	USD	Annual
Operating Lease Right of Use Asset Obtained in Exchange for Lease Obligations	`OperatingLeaseRightOfUseAssetObtainedInExchangeForLeaseObligations`	-	USD	Annual
Operating Lease Right of Use Asset Obtained in Exchange for Lease Obligations	`OperatingLeaseRightOfUseAssetObtainedInExchangeForLeaseObligations`	$214.95K	USD	Annual

Stockholders Equity 15 line items

Line Item	Tag	Value	Unit	Period
Balance at beginning	`StockholdersEquity`	$6.08M	USD	Point-in-time
Balance at beginning	`StockholdersEquity`	$3.11M	USD	Point-in-time
Balance at beginning	`StockholdersEquity`	$12.20M	USD	Point-in-time
Issuance of Common Stock for Cash	`StockIssuedDuringPeriodValueNewIssues`	$13.36M	USD	Annual
Issuance of Common Stock for Cash	`StockIssuedDuringPeriodValueNewIssues`	$5.53M	USD	Annual
Issuance of Common Stock for Services	`StockIssuedDuringPeriodValueIssuedForServices`	$16.88K	USD	Annual
Issuance of Common Stock for Services	`StockIssuedDuringPeriodValueIssuedForServices`	$388.00K	USD	Annual
Stock-based Compensation	`AllocatedShareBasedCompensationExpense`	$2.37M	USD	Annual
Stock-based Compensation	`AllocatedShareBasedCompensationExpense`	$886.19K	USD	Annual
Warrants Exercised	`StockIssuedDuringPeriodValueStockOptionsExercised`	$1.52M	USD	Annual
Net Loss	`NetIncomeLoss`	$-11.15M	USD	Annual
Net Loss	`NetIncomeLoss`	$-3.84M	USD	Annual
Balance at end	`StockholdersEquity`	$6.08M	USD	Point-in-time
Balance at end	`StockholdersEquity`	$3.11M	USD	Point-in-time
Balance at end	`StockholdersEquity`	$12.20M	USD	Point-in-time

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