10-K Filing

VERITAS FARMS, INC. CIK: 1669400 FY 2020

Filing Information

Form Type	10-K
Accession Number	`0001213900-21-022151`
Period End Date	20201231
Filing Date	20210420
Fiscal Year	2020
Fiscal Period	FY
XBRL Instance	vfrm-20201231.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 66 Income Statement 32 Cash Flow Statement 62 Stockholders Equity 19

Balance Sheet 66 line items

Line Item	Tag	Value	Unit	Period
Accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$976.00K	USD	Point-in-time
Accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$1.48M	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`	$1.08M	USD	Point-in-time
Common stock, authorized	`CommonStockSharesAuthorized`	200.00M	shares	Point-in-time
Common stock, authorized	`CommonStockSharesAuthorized`	200.00M	shares	Point-in-time
Cash and Cash Equivalents	`CashAndCashEquivalentsAtCarryingValue`	$107.69K	USD	Point-in-time
Common stock, issued	`CommonStockSharesIssued`	41.42M	shares	Point-in-time
Common stock, issued	`CommonStockSharesIssued`	45.78M	shares	Point-in-time
Inventories	`InventoryNet`	$6.60M	USD	Point-in-time
Inventories	`InventoryNet`	$5.89M	USD	Point-in-time
Accounts Receivable	`AccountsReceivableNetCurrent`	$523.03K	USD	Point-in-time
Common stock, outstanding	`CommonStockSharesOutstanding`	45.78M	shares	Point-in-time
Accounts Receivable	`AccountsReceivableNetCurrent`	$386.38K	USD	Point-in-time
Common stock, outstanding	`CommonStockSharesOutstanding`	41.42M	shares	Point-in-time
Prepaid Expenses	`PrepaidExpenseCurrent`	$622.92K	USD	Point-in-time
Prepaid Expenses	`PrepaidExpenseCurrent`	$270.56K	USD	Point-in-time
Net of discount	`DebtInstrumentUnamortizedDiscount`	$23.75K	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$8.82M	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$6.66M	USD	Point-in-time
PROPERTY PLANT AND EQUIPMENT, net of accumulated depreciation of $1,483,736 and $976,005 respectively	`PropertyPlantAndEquipmentNet`	$4.49M	USD	Point-in-time
PROPERTY PLANT AND EQUIPMENT, net of accumulated depreciation of $1,483,736 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`	$930.83K	USD	Point-in-time
Deposits	`DepositsAssetsNoncurrent`	$271.21K	USD	Point-in-time
Deposits	`DepositsAssetsNoncurrent`	$292.20K	USD	Point-in-time
TOTAL ASSETS	`Assets`	$12.41M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$14.22M	USD	Point-in-time
Accounts Payable	`AccountsPayableCurrent`	$2.02M	USD	Point-in-time
Accounts Payable	`AccountsPayableCurrent`	$1.57M	USD	Point-in-time
Accrued Expenses	`AccruedLiabilitiesCurrent`	$414.78K	USD	Point-in-time
Accrued Expenses	`AccruedLiabilitiesCurrent`	$51.24K	USD	Point-in-time
Accrued Interest - Non Related Party	`AccruedInterestNonRelatedPartyCurrent`	$13.68K	USD	Point-in-time
Accrued Interest - Non Related Party	`AccruedInterestNonRelatedPartyCurrent`	$18.83K	USD	Point-in-time
Convertible Notes Payable, net of discount of $23,750	`NotesPayableRelatedPartiesClassifiedCurrent`	$176.25K	USD	Point-in-time
Convertible Notes Payable, net of discount of $23,750	`NotesPayableRelatedPartiesClassifiedCurrent`	-	USD	Point-in-time
Deferred Revenue	`ContractWithCustomerLiabilityCurrent`	$16.26K	USD	Point-in-time
Deferred Revenue	`ContractWithCustomerLiabilityCurrent`	-	USD	Point-in-time
Right of Use Lease Liability, current portion	`CurrentPortionOfRightOfUseLeaseLiability`	$80.05K	USD	Point-in-time
Right of Use Lease Liability, current portion	`CurrentPortionOfRightOfUseLeaseLiability`	$240.32K	USD	Point-in-time
PPP Loan, current portion	`CurrentPortionOfPppLoan`	$803.99K	USD	Point-in-time
PPP Loan, current portion	`CurrentPortionOfPppLoan`	-	USD	Point-in-time
Long-term Debt, current portion	`DebtCurrent`	$68.00K	USD	Point-in-time
Long-term Debt, current portion	`DebtCurrent`	$66.08K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$3.75M	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`	$278.53K	USD	Point-in-time
Right of Use Lease Liability, net of current portion	`OperatingLeaseLiabilityNoncurrent`	$730.16K	USD	Point-in-time
Right of Use Lease Liability, net of current portion	`OperatingLeaseLiabilityNoncurrent`	$52.80K	USD	Point-in-time
Total Liabilities	`Liabilities`	$4.76M	USD	Point-in-time
Total Liabilities	`Liabilities`	$2.02M	USD	Point-in-time
Common Stock, $0.001 par value, 200,000,000 shares authorized, 45,784,977 and 41,421,698 shares issued and outstanding at December 31, 2020 and 2019 respectively	`CommonStockValue`	$41.42K	USD	Point-in-time
Common Stock, $0.001 par value, 200,000,000 shares authorized, 45,784,977 and 41,421,698 shares issued and outstanding at December 31, 2020 and 2019 respectively	`CommonStockValue`	$45.78K	USD	Point-in-time
Additional Paid in Capital	`AdditionalPaidInCapitalCommonStock`	$34.27M	USD	Point-in-time
Additional Paid in Capital	`AdditionalPaidInCapitalCommonStock`	$31.23M	USD	Point-in-time
Accumulated Deficit	`RetainedEarningsAccumulatedDeficit`	$-26.67M	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`	$7.65M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$12.20M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$14.22M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$12.41M	USD	Point-in-time

Income Statement 32 line items

Line Item	Tag	Value	Unit	Period
Sales	`Revenues`	$7.29M	USD	Annual
Sales	`Revenues`	$6.23M	USD	Annual
Cost of sales	`CostOfGoodsAndServicesSold`	$3.75M	USD	Annual
Cost of sales	`CostOfGoodsAndServicesSold`	$3.27M	USD	Annual
Plant Inventory Write-off	`InventoriesWriteDown`	$77.39K	USD	Annual
Plant Inventory Write-off	`InventoriesWriteDown`	-	USD	Annual
Total Cost of sales	`CostOfRevenue`	$3.27M	USD	Annual
Total Cost of sales	`CostOfRevenue`	$3.83M	USD	Annual
Gross profit	`GrossProfit`	$2.96M	USD	Annual
Gross profit	`GrossProfit`	$3.46M	USD	Annual
Selling, General and Administrative	`GeneralAndAdministrativeExpense`	$10.42M	USD	Annual
Selling, General and Administrative	`GeneralAndAdministrativeExpense`	$14.59M	USD	Annual
Total Operating Expenses	`OperatingExpenses`	$10.42M	USD	Annual
Total Operating Expenses	`OperatingExpenses`	$14.59M	USD	Annual
Operating loss	`OperatingIncomeLoss`	$-7.46M	USD	Annual
Operating loss	`OperatingIncomeLoss`	$-11.13M	USD	Annual
Interest Expense - Related Party	`InterestExpenseRelatedParty`	$5.71K	USD	Annual
Interest Expense - Related Party	`InterestExpenseRelatedParty`	-	USD	Annual
Interest Expense - Non Related Party	`InterestExpenseOther`	$12.45K	USD	Annual
Interest Expense - Non Related Party	`InterestExpenseOther`	$129.57K	USD	Annual
Total Other Expenses (Income)	`InterestExpense`	$18.17K	USD	Annual
Total Other Expenses (Income)	`InterestExpense`	$129.57K	USD	Annual
Loss before Provision for Income Taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-7.59M	USD	Annual
Loss before Provision for Income Taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-11.15M	USD	Annual
Income Tax Provision	`IncomeTaxExpenseBenefit`	-	USD	Annual
Income Tax Provision	`IncomeTaxExpenseBenefit`	-	USD	Annual
Net Loss	`NetIncomeLoss`	$-11.15M	USD	Annual
Net Loss	`NetIncomeLoss`	$-7.59M	USD	Annual
Net Loss per Share - Basic and fully diluted	`EarningsPerShareBasicAndDiluted`	$-0.32	USD	Annual
Net Loss per Share - Basic and fully diluted	`EarningsPerShareBasicAndDiluted`	$-0.18	USD	Annual
Weighted Average Shares Outstanding - Basic and fully diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	42.59M	shares	Annual
Weighted Average Shares Outstanding - Basic and fully diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	34.71M	shares	Annual

Cash Flow Statement 62 line items

Line Item	Tag	Value	Unit	Period
Net Loss	`NetIncomeLoss`	$-11.15M	USD	Annual
Net Loss	`NetIncomeLoss`	$-7.59M	USD	Annual
Depreciation	`Depreciation`	$507.73K	USD	Annual
Depreciation	`Depreciation`	$404.62K	USD	Annual
Amortization of Right of Use Assets	`FinanceLeaseRightOfUseAssetAmortization`	$80.61K	USD	Annual
Amortization of Right of Use Assets	`FinanceLeaseRightOfUseAssetAmortization`	$252.59K	USD	Annual
Stock-based Compensation	`ShareBasedCompensation`	$2.38M	USD	Annual
Stock-based Compensation	`ShareBasedCompensation`	$2.03M	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`	$4.09M	USD	Annual
Inventories	`IncreaseDecreaseInInventories`	$-708.47K	USD	Annual
Prepaid Expenses	`IncreaseDecreaseInPrepaidExpense`	$-313.74K	USD	Annual
Prepaid Expenses	`IncreaseDecreaseInPrepaidExpense`	$506.52K	USD	Annual
Accounts Receivable	`IncreaseDecreaseInAccountsReceivable`	$-144.77K	USD	Annual
Accounts Receivable	`IncreaseDecreaseInAccountsReceivable`	$278.88K	USD	Annual
Deposits	`IncreaseDecreaseInDepositOtherAssets`	$244.16K	USD	Annual
Deposits	`IncreaseDecreaseInDepositOtherAssets`	$-51.49K	USD	Annual
Deferred Rent	`IncreaseDecreaseInDeferredCharges`	-	USD	Annual
Deferred Rent	`IncreaseDecreaseInDeferredCharges`	$7.04K	USD	Annual
Deferred Revenue	`IncreaseDecreaseInDeferredRevenue`	-	USD	Annual
Deferred Revenue	`IncreaseDecreaseInDeferredRevenue`	$-45.02K	USD	Annual
Accrued Interest	`IncreaseDecreaseInAccruedInterestReceivableNet`	$-879.00	USD	Annual
Accrued Interest	`IncreaseDecreaseInAccruedInterestReceivableNet`	$-13.68K	USD	Annual
Right of Use Lease Liability	`IncreaseDecreaseInRightOfUseLeaseLiability`	$211.42K	USD	Annual
Right of Use Lease Liability	`IncreaseDecreaseInRightOfUseLeaseLiability`	$82.11K	USD	Annual
Accrued Expenses	`IncreaseDecreaseInAccruedLiabilities`	$360.96K	USD	Annual
Accrued Expenses	`IncreaseDecreaseInAccruedLiabilities`	$-114.44K	USD	Annual
Accounts Payable	`IncreaseDecreaseInAccountsPayable`	$453.00K	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`	$-2.97M	USD	Annual
Purchase of Property and Equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$88.04K	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`	$-88.04K	USD	Annual
NET CASH USED IN INVESTING ACTIVITIES	`NetCashProvidedByUsedInInvestingActivities`	$-1.44M	USD	Annual
Payments of Long-term Debt	`ProceedsFromRepaymentsOfOtherLongTermDebt`	$6.13K	USD	Annual
Payments of Long-term Debt	`ProceedsFromRepaymentsOfOtherLongTermDebt`	$-68.12K	USD	Annual
Repayment of Notes Payable - Related Parties	`RepaymentsOfRelatedPartyDebt`	-	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`	$1.14M	USD	Annual
Proceeds from Stock Warrants Exercised	`ProceedsFromStockWarrantsExercised`	$1.52M	USD	Annual
Proceeds from Stock Warrants Exercised	`ProceedsFromStockWarrantsExercised`	-	USD	Annual
Proceeds from Issuance of Common Stock	`ProceedsFromIssuanceOfCommonStock`	$1.02M	USD	Annual
Proceeds from Issuance of Common Stock	`ProceedsFromIssuanceOfCommonStock`	$13.36M	USD	Annual
NET CASH PROVIDED BY FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivities`	$2.09M	USD	Annual
NET CASH PROVIDED BY FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivities`	$14.62M	USD	Annual
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$912.46K	USD	Annual
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-968.85K	USD	Annual
CASH AND CASH EQUIVALENTS - Beginning of Period	`Cash`	$164.09K	USD	Point-in-time
CASH AND CASH EQUIVALENTS - Beginning of Period	`Cash`	$107.69K	USD	Point-in-time
CASH AND CASH EQUIVALENTS - Beginning of Period	`Cash`	$1.08M	USD	Point-in-time
CASH AND CASH EQUIVALENTS - End of Period	`Cash`	$164.09K	USD	Point-in-time
CASH AND CASH EQUIVALENTS - End of Period	`Cash`	$107.69K	USD	Point-in-time
CASH AND CASH EQUIVALENTS - End of Period	`Cash`	$1.08M	USD	Point-in-time
Cash Paid for Interest	`InterestPaidNet`	$115.89K	USD	Annual
Cash Paid for Interest	`InterestPaidNet`	$12.50K	USD	Annual
Operating Lease Right of Use Asset Obtained in Exchange for Lease Obligations	`OperatingLeaseRightOfUseAssetObtainedInExchangeForLeaseObligations`	$214.95K	USD	Annual
Operating Lease Right of Use Asset Obtained in Exchange for Lease Obligations	`OperatingLeaseRightOfUseAssetObtainedInExchangeForLeaseObligations`	-	USD	Annual

Stockholders Equity 19 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$6.08M	USD	Point-in-time
Balance	`StockholdersEquity`	$7.65M	USD	Point-in-time
Balance	`StockholdersEquity`	$12.20M	USD	Point-in-time
Issuance of Common Stock for Cash	`StockIssuedDuringPeriodValueNewIssues`	$885.03K	USD	Annual
Issuance of Common Stock for Cash	`StockIssuedDuringPeriodValueNewIssues`	$13.36M	USD	Annual
Issuance of Common Stock for Services	`StockIssuedDuringPeriodValueIssuedForServices`	$16.88K	USD	Annual
Issuance of Common Stock for Services	`StockIssuedDuringPeriodValueIssuedForServices`	$36.20K	USD	Annual
Issuance of Common Stock for Services	`StockIssuedDuringPeriodValueIssuedForServices`	$36.20K	USD	Point-in-time
Issuance of Common Stock for Services, shares	`StockIssuedDuringPeriodSharesIssuedForServices`	50,000.00	shares	Point-in-time
Stock-based Compensation	`AllocatedShareBasedCompensationExpense`	$2.37M	USD	Annual
Stock-based Compensation	`AllocatedShareBasedCompensationExpense`	$2.03M	USD	Annual
Warrants Exercised	`StockIssuedDuringPeriodValueStockOptionsExercised`	-	USD	Annual
Warrants Exercised	`StockIssuedDuringPeriodValueStockOptionsExercised`	$1.52M	USD	Annual
Beneficial Conversion Feature	`BeneficialConversionFeature`	$95.00K	USD	Annual
Net Loss	`ProfitLoss`	$-11.15M	USD	Annual
Net Loss	`ProfitLoss`	$-7.59M	USD	Annual
Balance	`StockholdersEquity`	$6.08M	USD	Point-in-time
Balance	`StockholdersEquity`	$7.65M	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.