10-Q Filing

VERITAS FARMS, INC. CIK: 1669400 Q1 2021

Filing Information

Form Type	10-Q
Accession Number	`0001213900-21-028867`
Period End Date	20210331
Filing Date	20210524
Fiscal Year	2021
Fiscal Period	Q1
XBRL Instance	vfrm-20210331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 68 Income Statement 29 Cash Flow Statement 54 Stockholders Equity 14

Balance Sheet 68 line items

Line Item	Tag	Value	Unit	Period
Accumulated depreciation (in Dollars)	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$1.48M	USD	Point-in-time
Accumulated depreciation (in Dollars)	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$1.61M	USD	Point-in-time
Net of discount (in Dollars)	`DebtInstrumentUnamortizedDiscount`	$23.75K	USD	Point-in-time
Cash	`Cash`	$91.98K	USD	Point-in-time
Net of discount (in Dollars)	`DebtInstrumentUnamortizedDiscount`	-	USD	Point-in-time
Cash	`Cash`	$107.69K	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
Inventories	`InventoryNet`	$5.79M	USD	Point-in-time
Inventories	`InventoryNet`	$5.89M	USD	Point-in-time
Accounts Receivable	`AccountsReceivableNetCurrent`	$386.38K	USD	Point-in-time
Common stock shares authorized	`CommonStockSharesAuthorized`	200.00M	shares	Point-in-time
Common stock shares authorized	`CommonStockSharesAuthorized`	200.00M	shares	Point-in-time
Accounts Receivable	`AccountsReceivableNetCurrent`	$530.47K	USD	Point-in-time
Prepaid Expenses	`PrepaidExpenseCurrent`	$256.13K	USD	Point-in-time
Common stock shares issued	`CommonStockSharesIssued`	46.18M	shares	Point-in-time
Common stock shares issued	`CommonStockSharesIssued`	45.78M	shares	Point-in-time
Prepaid Expenses	`PrepaidExpenseCurrent`	$270.56K	USD	Point-in-time
Common stock shares outstanding	`CommonStockSharesOutstanding`	46.18M	shares	Point-in-time
Total Current Assets	`AssetsCurrent`	$6.67M	USD	Point-in-time
Common stock shares outstanding	`CommonStockSharesOutstanding`	45.78M	shares	Point-in-time
Total Current Assets	`AssetsCurrent`	$6.66M	USD	Point-in-time
PROPERTY PLANT AND EQUIPMENT, net of accumulated depreciation of $1,612,153 and $1,483,736 respectively	`PropertyPlantAndEquipmentNet`	$4.37M	USD	Point-in-time
PROPERTY PLANT AND EQUIPMENT, net of accumulated depreciation of $1,612,153 and $1,483,736 respectively	`PropertyPlantAndEquipmentNet`	$4.49M	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`	$930.83K	USD	Point-in-time
Right of Use Assets, net of accumulated amortization	`OperatingLeaseRightOfUseAsset`	$200.08K	USD	Point-in-time
Deposits	`DepositsAssetsNoncurrent`	$271.21K	USD	Point-in-time
Deposits	`DepositsAssetsNoncurrent`	$80.39K	USD	Point-in-time
TOTAL ASSETS	`Assets`	$12.41M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$11.37M	USD	Point-in-time
Accounts Payable	`AccountsPayableCurrent`	$2.08M	USD	Point-in-time
Accounts Payable	`AccountsPayableCurrent`	$2.02M	USD	Point-in-time
Accrued Expenses	`AccruedLiabilitiesCurrent`	$295.24K	USD	Point-in-time
Accrued Expenses	`AccruedLiabilitiesCurrent`	$414.78K	USD	Point-in-time
Accrued Interest, non related parties	`AccruedInterestNonRelatedParties`	$13.68K	USD	Point-in-time
Accrued Interest, non related parties	`AccruedInterestNonRelatedParties`	$21.56K	USD	Point-in-time
Convertible Notes Payable, net of discount of $-0- and $23,750 respectively	`NotesPayableRelatedPartiesClassifiedCurrent`	$200.00K	USD	Point-in-time
Convertible Notes Payable, net of discount of $-0- and $23,750 respectively	`NotesPayableRelatedPartiesClassifiedCurrent`	$176.25K	USD	Point-in-time
Deferred Revenue	`ContractWithCustomerLiabilityCurrent`	$16.26K	USD	Point-in-time
Deferred Revenue	`ContractWithCustomerLiabilityCurrent`	$17.16K	USD	Point-in-time
Operating Lease Liability, current portion	`CurrentPortionOfRightOfUseLeaseLiability`	$86.25K	USD	Point-in-time
Operating 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`	$1.61M	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`	$4.38M	USD	Point-in-time
Long-term Debt, net of current portion	`LongTermDebtNoncurrent`	$278.53K	USD	Point-in-time
Long-term Debt, net of current portion	`LongTermDebtNoncurrent`	$259.61K	USD	Point-in-time
Operating Lease Liability, net of current portion	`OperatingLeaseLiabilityNoncurrent`	$97.74K	USD	Point-in-time
Operating Lease Liability, net of current portion	`OperatingLeaseLiabilityNoncurrent`	$730.16K	USD	Point-in-time
Total Liabilities	`Liabilities`	$4.76M	USD	Point-in-time
Total Liabilities	`Liabilities`	$4.74M	USD	Point-in-time
Common Stock, $0.001 par value, 200,000,000 shares authorized, 46,184,977 and 45,784,977 shares issued and outstanding at March 31, 2021 and December 31, 2020 respectively	`CommonStockValue`	$45.78K	USD	Point-in-time
Common Stock, $0.001 par value, 200,000,000 shares authorized, 46,184,977 and 45,784,977 shares issued and outstanding at March 31, 2021 and December 31, 2020 respectively	`CommonStockValue`	$46.19K	USD	Point-in-time
Additional Paid in Capital	`AdditionalPaidInCapitalCommonStock`	$34.41M	USD	Point-in-time
Additional Paid in Capital	`AdditionalPaidInCapitalCommonStock`	$34.27M	USD	Point-in-time
Accumulated Deficit	`RetainedEarningsAccumulatedDeficit`	$-26.67M	USD	Point-in-time
Accumulated Deficit	`RetainedEarningsAccumulatedDeficit`	$-27.82M	USD	Point-in-time
Total Stockholders Equity	`StockholdersEquity`	$12.20M	USD	Point-in-time
Total Stockholders Equity	`StockholdersEquity`	$6.63M	USD	Point-in-time
Total Stockholders Equity	`StockholdersEquity`	$10.34M	USD	Point-in-time
Total Stockholders Equity	`StockholdersEquity`	$7.65M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS EQUITY	`LiabilitiesAndStockholdersEquity`	$11.37M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS EQUITY	`LiabilitiesAndStockholdersEquity`	$12.41M	USD	Point-in-time

Income Statement 29 line items

Line Item	Tag	Value	Unit	Period
Sales	`Revenues`	$888.26K	USD	1 Quarter
Sales	`Revenues`	$1.15M	USD	1 Quarter
Cost of Sales	`CostOfRevenue`	$601.43K	USD	1 Quarter
Cost of Sales	`CostOfRevenue`	$676.70K	USD	1 Quarter
Gross profit	`GrossProfit`	$286.83K	USD	1 Quarter
Gross profit	`GrossProfit`	$477.61K	USD	1 Quarter
Selling, General and Administrative	`SellingGeneralAndAdministrativeExpense`	$1.17M	USD	1 Quarter
Selling, General and Administrative	`SellingGeneralAndAdministrativeExpense`	$2.80M	USD	1 Quarter
Total Operating Expenses	`OperatingExpenses`	$2.80M	USD	1 Quarter
Total Operating Expenses	`OperatingExpenses`	$1.17M	USD	1 Quarter
Operating Loss	`OperatingIncomeLoss`	$-2.32M	USD	1 Quarter
Operating Loss	`OperatingIncomeLoss`	$-880.11K	USD	1 Quarter
Loss on Lease Termination	`IncomeLossFromEquityMethodInvestments`	$-244.84K	USD	1 Quarter
Interest Expense Related Party	`InterestExpenseRelatedParty`	$1.64K	USD	1 Quarter
Interest Expense Related Party	`InterestExpenseRelatedParty`	-	USD	1 Quarter
Interest Expense Non Related Party	`InterestExpenseOther`	$5.42K	USD	1 Quarter
Interest Expense Non Related Party	`InterestExpenseOther`	$29.71K	USD	1 Quarter
Total Other Expenses	`InterestExpense`	$274.55K	USD	1 Quarter
Total Other Expenses	`InterestExpense`	$7.06K	USD	1 Quarter
Loss before Provision for Income Taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-1.15M	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`	$-1.15M	USD	1 Quarter
Net Loss per Share, Basic and Diluted (in Dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.06	USD	1 Quarter
Net Loss per Share, Basic and Diluted (in Dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.03	USD	1 Quarter
Weighted Average Shares Outstanding, Basic and Diluted (in Shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	45.84M	shares	1 Quarter
Weighted Average Shares Outstanding, Basic and Diluted (in Shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	41.55M	shares	1 Quarter

Cash Flow Statement 54 line items

Line Item	Tag	Value	Unit	Period
Net Loss	`NetIncomeLoss`	$-2.33M	USD	1 Quarter
Net Loss	`NetIncomeLoss`	$-1.15M	USD	1 Quarter
Depreciation	`DepreciationAndAmortization`	$128.66K	USD	1 Quarter
Depreciation	`DepreciationAndAmortization`	$128.42K	USD	1 Quarter
Stock-based Compensation	`ShareBasedCompensation`	$472.73K	USD	1 Quarter
Stock-based Compensation	`ShareBasedCompensation`	$53.41K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$-103.65K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$62.14K	USD	1 Quarter
Prepaid Expenses	`IncreaseDecreaseInPrepaidExpensesOther`	$-289.38K	USD	1 Quarter
Prepaid Expenses	`IncreaseDecreaseInPrepaidExpensesOther`	$-14.43K	USD	1 Quarter
Accounts Receivable	`IncreaseDecreaseInAccountsReceivableRelatedParties`	$143.19K	USD	1 Quarter
Accounts Receivable	`IncreaseDecreaseInAccountsReceivableRelatedParties`	$-40.95K	USD	1 Quarter
Deposits	`IncreaseDecreaseInDepositsOutstanding`	$-190.82K	USD	1 Quarter
Deposits	`IncreaseDecreaseInDepositsOutstanding`	$-10.98K	USD	1 Quarter
Deferred Revenue	`IncreaseDecreaseInDeferredRevenue`	-	USD	1 Quarter
Deferred Revenue	`IncreaseDecreaseInDeferredRevenue`	$15.56K	USD	1 Quarter
Accrued Interest, non related parties	`IncreaseDecreaseInOtherAccruedLiability`	-	USD	1 Quarter
Accrued Interest, non related parties	`IncreaseDecreaseInOtherAccruedLiability`	$7.88K	USD	1 Quarter
Net change in Operating Lease Assets and Liabilities	`IncreaseDecreaseInOperatingLeaseAssetsAndLiabilities`	$55.75K	USD	1 Quarter
Net change in Operating Lease Assets and Liabilities	`IncreaseDecreaseInOperatingLeaseAssetsAndLiabilities`	$20.12K	USD	1 Quarter
Accrued Expenses	`IncreaseDecreaseInAccruedLiabilities`	$56.46K	USD	1 Quarter
Accrued Expenses	`IncreaseDecreaseInAccruedLiabilities`	$-119.53K	USD	1 Quarter
Accounts Payable	`IncreaseDecreaseInAccountsPayable`	$309.24K	USD	1 Quarter
Accounts Payable	`IncreaseDecreaseInAccountsPayable`	$61.18K	USD	1 Quarter
NET CASH USED IN OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivities`	$-913.35K	USD	1 Quarter
NET CASH USED IN OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivities`	$-1.05M	USD	1 Quarter
Purchase of Property and Equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$77.42K	USD	1 Quarter
Purchase of Property and Equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	-	USD	1 Quarter
NET CASH USED IN INVESTING ACTIVITIES	`NetCashProvidedByUsedInInvestingActivities`	-	USD	1 Quarter
NET CASH USED IN INVESTING ACTIVITIES	`NetCashProvidedByUsedInInvestingActivities`	$-77.42K	USD	1 Quarter
Payments of Long-term Debt	`RepaymentsOfLongTermDebt`	$17.00K	USD	1 Quarter
Payments of Long-term Debt	`RepaymentsOfLongTermDebt`	$17.00K	USD	1 Quarter
Notes Payable	`IncreaseDecreaseInNotesPayableCurrent`	-	USD	1 Quarter
Notes Payable	`IncreaseDecreaseInNotesPayableCurrent`	$201.64K	USD	1 Quarter
Proceeds from Note Payable	`ProceedsFromNotesPayable`	-	USD	1 Quarter
Proceeds from Note Payable	`ProceedsFromNotesPayable`	$827.74K	USD	1 Quarter
Proceeds from Issuance of Common Stock	`ProceedsFromIssuanceOfCommonStock`	-	USD	1 Quarter
Proceeds from Issuance of Common Stock	`ProceedsFromIssuanceOfCommonStock`	$86.89K	USD	1 Quarter
NET CASH PROVIDED BY FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivities`	$184.65K	USD	1 Quarter
NET CASH PROVIDED BY FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivities`	$897.64K	USD	1 Quarter
NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-939.00K	USD	1 Quarter
NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-15.71K	USD	1 Quarter
CASH AND CASH EQUIVALENTS - Beginning of Period	`CashAndCashEquivalentsAtCarryingValue`	$1.08M	USD	Point-in-time
CASH AND CASH EQUIVALENTS - Beginning of Period	`CashAndCashEquivalentsAtCarryingValue`	$107.69K	USD	Point-in-time
CASH AND CASH EQUIVALENTS - Beginning of Period	`CashAndCashEquivalentsAtCarryingValue`	$91.98K	USD	Point-in-time
CASH AND CASH EQUIVALENTS - Beginning of Period	`CashAndCashEquivalentsAtCarryingValue`	$137.54K	USD	Point-in-time
CASH AND CASH EQUIVALENTS - End of Period	`CashAndCashEquivalentsAtCarryingValue`	$1.08M	USD	Point-in-time
CASH AND CASH EQUIVALENTS - End of Period	`CashAndCashEquivalentsAtCarryingValue`	$107.69K	USD	Point-in-time
CASH AND CASH EQUIVALENTS - End of Period	`CashAndCashEquivalentsAtCarryingValue`	$91.98K	USD	Point-in-time
CASH AND CASH EQUIVALENTS - End of Period	`CashAndCashEquivalentsAtCarryingValue`	$137.54K	USD	Point-in-time
Cash Paid for Interest	`InterestPaidNet`	-	USD	1 Quarter
Cash Paid for Interest	`InterestPaidNet`	$3.67K	USD	1 Quarter
Operating Lease Right of Use Asset Obtained in Exchange for Lease Obligations	`OperatingLeaseRightOfUseAssetObtainedInExchangeForLeaseObligations`	-	USD	1 Quarter
Operating Lease Right of Use Asset Obtained in Exchange for Lease Obligations	`OperatingLeaseRightOfUseAssetObtainedInExchangeForLeaseObligations`	$1.05M	USD	1 Quarter

Stockholders Equity 14 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$12.20M	USD	Point-in-time
Balance	`StockholdersEquity`	$6.63M	USD	Point-in-time
Balance	`StockholdersEquity`	$10.34M	USD	Point-in-time
Balance	`StockholdersEquity`	$7.65M	USD	Point-in-time
Issuance of Common Stock for Cash	`StockIssuedDuringPeriodValueNewIssues`	$86.89K	USD	1 Quarter
Stock-based Compensation	`AllocatedShareBasedCompensationExpense`	$53.41K	USD	1 Quarter
Stock-based Compensation	`AllocatedShareBasedCompensationExpense`	$472.73K	USD	1 Quarter
Warrants Exercised	`ProceedsFromWarrantExercises`	-	USD	1 Quarter
Net Loss	`ProfitLoss`	$-2.33M	USD	1 Quarter
Net Loss	`ProfitLoss`	$-1.15M	USD	1 Quarter
Balance	`StockholdersEquity`	$12.20M	USD	Point-in-time
Balance	`StockholdersEquity`	$6.63M	USD	Point-in-time
Balance	`StockholdersEquity`	$10.34M	USD	Point-in-time
Balance	`StockholdersEquity`	$7.65M	USD	Point-in-time

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