10-Q Filing

VERITAS FARMS, INC. CIK: 1669400 Q1 2020

Filing Information

Form Type	10-Q
Accession Number	`0001213900-20-016262`
Period End Date	20200331
Filing Date	20200630
Fiscal Year	2020
Fiscal Period	Q1
XBRL Instance	vfrm-20200331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 66 Income Statement 34 Cash Flow Statement 58 Stockholders Equity 20

Balance Sheet 66 line items

Line Item	Tag	Value	Unit	Period
Accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$1.10M	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`	$110.08K	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`	$164.09K	USD	Point-in-time
Cash and Cash Equivalents	`CashAndCashEquivalentsAtCarryingValue`	$137.54K	USD	Point-in-time
Cash and Cash Equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.08M	USD	Point-in-time
Common stock, issued	`CommonStockSharesIssued`	41.33M	shares	Point-in-time
Common stock, issued	`CommonStockSharesIssued`	41.57M	shares	Point-in-time
Inventories	`InventoryNet`	$6.66M	USD	Point-in-time
Inventories	`InventoryNet`	$6.60M	USD	Point-in-time
Common stock, outstanding	`CommonStockSharesOutstanding`	41.33M	shares	Point-in-time
Common stock, outstanding	`CommonStockSharesOutstanding`	41.57M	shares	Point-in-time
Accounts Receivable	`AccountsReceivableNetCurrent`	$482.08K	USD	Point-in-time
Accounts Receivable	`AccountsReceivableNetCurrent`	$523.03K	USD	Point-in-time
Prepaid Expenses	`PrepaidExpenseCurrent`	$333.54K	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`	$7.62M	USD	Point-in-time
PROPERTY PLANT AND EQUIPMENT, net of accumulated depreciation of $1,104,663 and $976,005 respectively	`PropertyPlantAndEquipmentNet`	$4.86M	USD	Point-in-time
PROPERTY PLANT AND EQUIPMENT, net of accumulated depreciation of $1,104,663 and $976,005 respectively	`PropertyPlantAndEquipmentNet`	$4.91M	USD	Point-in-time
Intellectual Property	`IntellectualProperty`	$55.00K	USD	Point-in-time
Intellectual Property	`IntellectualProperty`	$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`	$1.15M	USD	Point-in-time
Deposits	`DepositsAssetsNoncurrent`	$281.21K	USD	Point-in-time
Deposits	`DepositsAssetsNoncurrent`	$292.20K	USD	Point-in-time
TOTAL ASSETS	`Assets`	$13.96M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$14.22M	USD	Point-in-time
Accounts Payable	`AccountsPayableCurrent`	$1.88M	USD	Point-in-time
Accounts Payable	`AccountsPayableCurrent`	$1.57M	USD	Point-in-time
Accrued Expenses	`AccruedLiabilitiesCurrent`	$126.53K	USD	Point-in-time
Accrued Expenses	`AccruedLiabilitiesCurrent`	$51.24K	USD	Point-in-time
Accrued Interest - Related Parties	`AccruedInterestRelatedParties`	$18.83K	USD	Point-in-time
Accrued Interest - Related Parties	`AccruedInterestRelatedParties`	-	USD	Point-in-time
Convertible notes payable	`NotesPayableRelatedPartiesClassifiedCurrent`	-	USD	Point-in-time
Convertible notes payable	`NotesPayableRelatedPartiesClassifiedCurrent`	$201.64K	USD	Point-in-time
Deferred Revenue	`ContractWithCustomerLiabilityCurrent`	-	USD	Point-in-time
Deferred Revenue	`ContractWithCustomerLiabilityCurrent`	$15.56K	USD	Point-in-time
Current Portion of Right of Use Lease Liability	`CurrentPortionOfRightOfUseLeaseLiability`	$255.77K	USD	Point-in-time
Current Portion of Right of Use Lease Liability	`CurrentPortionOfRightOfUseLeaseLiability`	$80.05K	USD	Point-in-time
Current Portion of Long Term Debt	`DebtCurrent`	$68.00K	USD	Point-in-time
Current Portion of Long Term Debt	`DebtCurrent`	$68.00K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$2.54M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$1.79M	USD	Point-in-time
Long-term Debt, net of current portion	`LongTermDebtNoncurrent`	$167.83K	USD	Point-in-time
Long-term Debt, net of current portion	`LongTermDebtNoncurrent`	$184.83K	USD	Point-in-time
Right of Use Lease Liability, net of current portion	`OperatingLeaseLiabilityNoncurrent`	$906.02K	USD	Point-in-time
Right of Use Lease Liability, net of current portion	`OperatingLeaseLiabilityNoncurrent`	$52.80K	USD	Point-in-time
Total Liabilities	`Liabilities`	$2.02M	USD	Point-in-time
Total Liabilities	`Liabilities`	$3.62M	USD	Point-in-time
Common Stock, $0.004 par value, 50,000,000 shares authorized, 41,574,977 and 41,330,268 shares issued and outstanding at March 31, 2020 and December 31, 2019 respectively	`CommonStockValue`	$166.06K	USD	Point-in-time
Common Stock, $0.004 par value, 50,000,000 shares authorized, 41,574,977 and 41,330,268 shares issued and outstanding at March 31, 2020 and December 31, 2019 respectively	`CommonStockValue`	$165.45K	USD	Point-in-time
Additional Paid in Capital	`AdditionalPaidInCapitalCommonStock`	$31.58M	USD	Point-in-time
Additional Paid in Capital	`AdditionalPaidInCapitalCommonStock`	$31.10M	USD	Point-in-time
Accumulated Deficit	`RetainedEarningsAccumulatedDeficit`	$-21.40M	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`	$10.34M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$5.03M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$12.20M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$13.96M	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`	$1.52M	USD	1 Quarter
Sales	`Revenues`	$1.15M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$676.70K	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$820.11K	USD	1 Quarter
Plant Inventory Write-off	`InventoriesWriteDown`	-	USD	1 Quarter
Plant Inventory Write-off	`InventoriesWriteDown`	$77.39K	USD	1 Quarter
Total Cost of sales	`CostOfRevenue`	$676.70K	USD	1 Quarter
Total Cost of sales	`CostOfRevenue`	$897.50K	USD	1 Quarter
Gross profit	`GrossProfit`	$627.43K	USD	1 Quarter
Gross profit	`GrossProfit`	$477.61K	USD	1 Quarter
Selling, General and Administrative	`GeneralAndAdministrativeExpense`	$2.45M	USD	1 Quarter
Selling, General and Administrative	`GeneralAndAdministrativeExpense`	$2.80M	USD	1 Quarter
Total Operating Expenses	`OperatingExpenses`	$2.45M	USD	1 Quarter
Total Operating Expenses	`OperatingExpenses`	$2.80M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-2.32M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-1.82M	USD	1 Quarter
Interest Expense - Related Party	`InterestExpenseRelatedParty`	$2.28K	USD	1 Quarter
Interest Expense - Related Party	`InterestExpenseRelatedParty`	$1.64K	USD	1 Quarter
Interest Expense - Other	`InterestExpenseOther`	$4.62K	USD	1 Quarter
Interest Expense - Other	`InterestExpenseOther`	$5.42K	USD	1 Quarter
Gain on Forgiveness of Debt	`GainsLossesOnExtinguishmentOfDebt`	-	USD	1 Quarter
Gain on Forgiveness of Debt	`GainsLossesOnExtinguishmentOfDebt`	-	USD	1 Quarter
Total Other Expenses (Income)	`NonoperatingIncomeExpense`	$-6.90K	USD	1 Quarter
Total Other Expenses (Income)	`NonoperatingIncomeExpense`	$-7.06K	USD	1 Quarter
Loss before Provision for Income Taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-1.83M	USD	1 Quarter
Loss before Provision for Income Taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-2.33M	USD	1 Quarter
Income Tax Provision	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Income Tax Provision	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
NET LOSS	`NetIncomeLoss`	$-2.33M	USD	1 Quarter
NET LOSS	`NetIncomeLoss`	$-1.83M	USD	1 Quarter
Net Loss per Share, Basic and Diluted	`EarningsPerShareBasicAndDiluted`	$-0.07	USD	1 Quarter
Net Loss per Share, Basic and Diluted	`EarningsPerShareBasicAndDiluted`	$-0.06	USD	1 Quarter
Weighted Average Shares Outstanding, Basic and Diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	28.00M	shares	1 Quarter
Weighted Average Shares Outstanding, Basic and Diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	41.55M	shares	1 Quarter

Cash Flow Statement 58 line items

Line Item	Tag	Value	Unit	Period
Net Loss	`NetIncomeLoss`	$-2.33M	USD	1 Quarter
Net Loss	`NetIncomeLoss`	$-1.83M	USD	1 Quarter
Depreciation	`Depreciation`	$84.00K	USD	1 Quarter
Depreciation	`Depreciation`	$128.66K	USD	1 Quarter
Amortization of Right of Use Assets	`FinanceLeaseRightOfUseAssetAmortization`	$20.15K	USD	1 Quarter
Amortization of Right of Use Assets	`FinanceLeaseRightOfUseAssetAmortization`	$37.35K	USD	1 Quarter
Stock-based Compensation	`ShareBasedCompensation`	$472.73K	USD	1 Quarter
Stock-based Compensation	`ShareBasedCompensation`	$661.30K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$62.14K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$149.63K	USD	1 Quarter
Prepaid Expenses	`IncreaseDecreaseInPrepaidExpense`	$-42.09K	USD	1 Quarter
Prepaid Expenses	`IncreaseDecreaseInPrepaidExpense`	$-289.38K	USD	1 Quarter
Accounts Receivable	`IncreaseDecreaseInAccountsReceivable`	$299.68K	USD	1 Quarter
Accounts Receivable	`IncreaseDecreaseInAccountsReceivable`	$-40.95K	USD	1 Quarter
Deposits	`IncreaseDecreaseInDepositOtherAssets`	-	USD	1 Quarter
Deposits	`IncreaseDecreaseInDepositOtherAssets`	$-10.98K	USD	1 Quarter
Deferred Revenue	`IncreaseDecreaseInDeferredRevenue`	$-44.61K	USD	1 Quarter
Deferred Revenue	`IncreaseDecreaseInDeferredRevenue`	$15.56K	USD	1 Quarter
Accrued Interest - Related Parties	`IncreaseDecreasedAccruedInterestsRelatedParties`	-	USD	1 Quarter
Accrued Interest - Related Parties	`IncreaseDecreasedAccruedInterestsRelatedParties`	$2.19K	USD	1 Quarter
Right of Use Lease Liability	`RightOfUseLeaseLiability`	$20.12K	USD	1 Quarter
Right of Use Lease Liability	`RightOfUseLeaseLiability`	$21.54K	USD	1 Quarter
Accrued Expenses	`IncreaseDecreaseInAccruedLiabilities`	$56.46K	USD	1 Quarter
Accrued Expenses	`IncreaseDecreaseInAccruedLiabilities`	$32.68K	USD	1 Quarter
Accounts Payable	`IncreaseDecreaseInAccountsPayable`	$309.24K	USD	1 Quarter
Accounts Payable	`IncreaseDecreaseInAccountsPayable`	$183.23K	USD	1 Quarter
NET CASH USED IN OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivities`	$-1.05M	USD	1 Quarter
NET CASH USED IN OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivities`	$-1.32M	USD	1 Quarter
Purchase of Property and Equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$77.42K	USD	1 Quarter
Purchase of Property and Equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$392.85K	USD	1 Quarter
NET CASH USED IN INVESTING ACTIVITIES	`NetCashProvidedByUsedInInvestingActivities`	$-392.85K	USD	1 Quarter
NET CASH USED IN INVESTING ACTIVITIES	`NetCashProvidedByUsedInInvestingActivities`	$-77.42K	USD	1 Quarter
Payments of Long-term Debt	`RepaymentsOfLongTermDebt`	$12.55K	USD	1 Quarter
Payments of Long-term Debt	`RepaymentsOfLongTermDebt`	$17.00K	USD	1 Quarter
Advances for Stock Warrants - Shareholders	`AdvancesForStockWarrantsShareholders`	$1.34M	USD	1 Quarter
Advances for Stock Warrants - Shareholders	`AdvancesForStockWarrantsShareholders`	-	USD	1 Quarter
Notes Payable - Related Parties	`ProceedsFromNotesPayable`	$201.64K	USD	1 Quarter
Notes Payable - Related Parties	`ProceedsFromNotesPayable`	$210.00K	USD	1 Quarter
Proceeds from Stock Warrants Exercised	`ProceedsFromStockWarrantsExercised`	-	USD	1 Quarter
Proceeds from Stock Warrants Exercised	`ProceedsFromStockWarrantsExercised`	$115.00K	USD	1 Quarter
NET CASH PROVIDED BY FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivities`	$1.66M	USD	1 Quarter
NET CASH PROVIDED BY FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivities`	$184.65K	USD	1 Quarter
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-54.01K	USD	1 Quarter
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-939.00K	USD	1 Quarter
CASH AND CASH EQUIVALENTS - Beginning of Period	`CashAndCashEquivalentsAtCarryingValue`	$110.08K	USD	Point-in-time
CASH AND CASH EQUIVALENTS - Beginning of Period	`CashAndCashEquivalentsAtCarryingValue`	$164.09K	USD	Point-in-time
CASH AND CASH EQUIVALENTS - Beginning of Period	`CashAndCashEquivalentsAtCarryingValue`	$137.54K	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`	$110.08K	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`	$137.54K	USD	Point-in-time
CASH AND CASH EQUIVALENTS - End of Period	`CashAndCashEquivalentsAtCarryingValue`	$1.08M	USD	Point-in-time
Cash Paid for Interest	`InterestPaidNet`	$3.00K	USD	1 Quarter
Cash Paid for Interest	`InterestPaidNet`	$3.67K	USD	1 Quarter
Cash Paid for Income Taxes	`IncomeTaxesPaidNet`	-	USD	1 Quarter
Cash Paid for Income Taxes	`IncomeTaxesPaidNet`	-	USD	1 Quarter
Operating Lease Right of Use Asset Obtained in Exchange for Lease Obligations	`OperatingLeaseRightOfUseAssetObtainedInExchangeForLeaseObligations`	$214.95K	USD	1 Quarter
Operating Lease Right of Use Asset Obtained in Exchange for Lease Obligations	`OperatingLeaseRightOfUseAssetObtainedInExchangeForLeaseObligations`	$1.05M	USD	1 Quarter

Stockholders Equity 20 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$6.08M	USD	Point-in-time
Balance	`StockholdersEquity`	$10.34M	USD	Point-in-time
Balance	`StockholdersEquity`	$5.03M	USD	Point-in-time
Balance	`StockholdersEquity`	$12.20M	USD	Point-in-time
Issuance of Common Stock for Cash	`StockIssuedDuringPeriodValueNewIssues`	-	USD	1 Quarter
Issuance of Common Stock for Cash	`StockIssuedDuringPeriodValueNewIssues`	-	USD	1 Quarter
Issuance of Common Stock for Cash (in shares)	`StockIssuedDuringPeriodSharesNewIssues`	-	shares	1 Quarter
Issuance of Common Stock for Services	`StockIssuedDuringPeriodValueIssuedForServices`	-	USD	1 Quarter
Issuance of Common Stock for Services	`StockIssuedDuringPeriodValueIssuedForServices`	-	USD	1 Quarter
Stock-based Compensation	`AllocatedShareBasedCompensationExpense`	$661.30K	USD	1 Quarter
Stock-based Compensation	`AllocatedShareBasedCompensationExpense`	$472.73K	USD	1 Quarter
Warrants Exercised	`StockIssuedDuringPeriodValueStockOptionsExercised`	$115.00K	USD	1 Quarter
Warrants Exercised	`StockIssuedDuringPeriodValueStockOptionsExercised`	-	USD	1 Quarter
Warrants Exercised (in shares)	`StockIssuedDuringPeriodSharesStockOptionsExercised`	-	shares	1 Quarter
Net Loss	`NetIncomeLoss`	$-2.33M	USD	1 Quarter
Net Loss	`NetIncomeLoss`	$-1.83M	USD	1 Quarter
Balance	`StockholdersEquity`	$6.08M	USD	Point-in-time
Balance	`StockholdersEquity`	$10.34M	USD	Point-in-time
Balance	`StockholdersEquity`	$5.03M	USD	Point-in-time
Balance	`StockholdersEquity`	$12.20M	USD	Point-in-time

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