10-Q Filing

VERITAS FARMS, INC. CIK: 1669400 Q1 2022

Filing Information

Form Type	10-Q
Accession Number	`0001213900-22-025924`
Period End Date	20220331
Filing Date	20220512
Fiscal Year	2022
Fiscal Period	Q1
XBRL Instance	f10q0322_veritasfarms_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 79 Income Statement 45 Cash Flow Statement 61 Stockholders Equity 16

Balance Sheet 79 line items

Line Item	Tag	Value	Unit	Period
Cash	`Cash`	$373.36K	USD	Point-in-time
Cash	`Cash`	$481.76K	USD	Point-in-time
Inventories	`InventoryNet`	$3.21M	USD	Point-in-time
Inventories	`InventoryNet`	$3.33M	USD	Point-in-time
Accounts receivable, net of allowance for doubtful accounts	`AccountsReceivableNetCurrent`	$117.20K	USD	Point-in-time
Accounts receivable, net of allowance for doubtful accounts	`AccountsReceivableNetCurrent`	$104.77K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$243.27K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$200.53K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$4.04M	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	5.00M	shares	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	5.00M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$4.02M	USD	Point-in-time
Preferred stock, par value (in Dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, par value (in Dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Property and equipment, net of accumulated depreciation	`PropertyPlantAndEquipmentNet`	$3.86M	USD	Point-in-time
Preferred stock, par value (in Dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Property and equipment, net of accumulated depreciation	`PropertyPlantAndEquipmentNet`	$3.74M	USD	Point-in-time
Intangible assets, net of accumulated amortization	`IntellectualProperty`	$55.00K	USD	Point-in-time
Intangible assets, net of accumulated amortization	`IntellectualProperty`	$55.00K	USD	Point-in-time
Right of use assets, net of accumulated amortization	`OperatingLeaseRightOfUseAsset`	$374.72K	USD	Point-in-time
Right of use assets, net of accumulated amortization	`OperatingLeaseRightOfUseAsset`	$414.32K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$179.50K	USD	Point-in-time
Common stock shares authorized	`CommonStockSharesAuthorized`	200.00M	shares	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$228.61K	USD	Point-in-time
Common stock shares authorized	`CommonStockSharesAuthorized`	200.00M	shares	Point-in-time
TOTAL ASSETS	`Assets`	$8.60M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$8.38M	USD	Point-in-time
Common stock shares issued	`CommonStockSharesIssued`	41.63M	shares	Point-in-time
Common stock shares issued	`CommonStockSharesIssued`	41.63M	shares	Point-in-time
Common stock shares outstanding	`CommonStockSharesOutstanding`	41.63M	shares	Point-in-time
Common stock shares outstanding	`CommonStockSharesOutstanding`	41.63M	shares	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
Accounts payable	`AccountsPayableCurrent`	$1.36M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.42M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$144.53K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$179.68K	USD	Point-in-time
Accrued interest	`AccruedInterestNonRelatedParties`	$60.74K	USD	Point-in-time
Accrued interest	`AccruedInterestNonRelatedParties`	$28.88K	USD	Point-in-time
Dividends payable	`DividendsPayableCurrent`	$195.83K	USD	Point-in-time
Dividends payable	`DividendsPayableCurrent`	$294.46K	USD	Point-in-time
Convertible notes payable	`ConvertibleNotesPayableNetOfDiscount`	$200.00K	USD	Point-in-time
Convertible notes payable	`ConvertibleNotesPayableNetOfDiscount`	$200.00K	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$4.58K	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$46.60K	USD	Point-in-time
Operating lease liability	`OperatingLeaseLiability`	$150.09K	USD	Point-in-time
Operating lease liability	`OperatingLeaseLiability`	$150.13K	USD	Point-in-time
Notes payable, current portion	`NotesPayableCurrent`	$61.84K	USD	Point-in-time
Notes payable, current portion	`NotesPayableCurrent`	$53.35K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$2.21M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$2.35M	USD	Point-in-time
Notes payable, long term, net of current portion	`LongTermDebtNoncurrent`	$186.59K	USD	Point-in-time
Notes payable, long term, net of current portion	`LongTermDebtNoncurrent`	$180.14K	USD	Point-in-time
Convertible notes payable, related parties, long term, net of current portion, net of discount	`ConvertibleNotesPayablesNoncurrent`	$1.35M	USD	Point-in-time
Convertible notes payable, related parties, long term, net of current portion, net of discount	`ConvertibleNotesPayablesNoncurrent`	$308.69K	USD	Point-in-time
Paycheck Protection Program loan, net of current portion	`PaycheckProtectionProgramLoanNonCurrent`	$803.99K	USD	Point-in-time
Paycheck Protection Program loan, net of current portion	`PaycheckProtectionProgramLoanNonCurrent`	$803.99K	USD	Point-in-time
Operating lease liability, net of current portion	`OperatingLeaseLiabilityNoncurrent`	$264.18K	USD	Point-in-time
Operating lease liability, net of current portion	`OperatingLeaseLiabilityNoncurrent`	$224.63K	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$4.91M	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$3.77M	USD	Point-in-time
Preferred stock, 5,000,000 shares authorized at $0.001 par value	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, 5,000,000 shares authorized at $0.001 par value	`PreferredStockValue`	-	USD	Point-in-time
Series A convertible preferred stock, 4,000,000 shares authorized, 4,000,000 and 4,000,000 issued and outstanding, respectively, at $0.001 par value	`ConvertiblePreferredStock`	$4.00K	USD	Point-in-time
Series A convertible preferred stock, 4,000,000 shares authorized, 4,000,000 and 4,000,000 issued and outstanding, respectively, at $0.001 par value	`ConvertiblePreferredStock`	$4.00K	USD	Point-in-time
Series B convertible preferred stock, 1,000,000 shares authorized, 1,000,000 and 1,000,000 issued and outstanding, respectively, at $0.001 par value	`ConvertiblePreferredStockValue1`	$1.00K	USD	Point-in-time
Series B convertible preferred stock, 1,000,000 shares authorized, 1,000,000 and 1,000,000 issued and outstanding, respectively, at $0.001 par value	`ConvertiblePreferredStockValue1`	$1.00K	USD	Point-in-time
Common stock, 200,000,000 shares authorized, 41,625,331 and 41,625,331 issued and outstanding, respectively, at $0.001 par value	`CommonStockValue`	$41.62K	USD	Point-in-time
Common stock, 200,000,000 shares authorized, 41,625,331 and 41,625,331 issued and outstanding, respectively, at $0.001 par value	`CommonStockValue`	$41.62K	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapitalCommonStock`	$38.71M	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapitalCommonStock`	$38.74M	USD	Point-in-time
Accumulated (deficit)	`RetainedEarningsAccumulatedDeficit`	$-35.31M	USD	Point-in-time
Accumulated (deficit)	`RetainedEarningsAccumulatedDeficit`	$-33.93M	USD	Point-in-time
TOTAL SHAREHOLDERS EQUITY	`StockholdersEquity`	$6.63M	USD	Point-in-time
TOTAL SHAREHOLDERS EQUITY	`StockholdersEquity`	$4.83M	USD	Point-in-time
TOTAL SHAREHOLDERS EQUITY	`StockholdersEquity`	$7.65M	USD	Point-in-time
TOTAL SHAREHOLDERS EQUITY	`StockholdersEquity`	$3.47M	USD	Point-in-time
TOTAL LIABILITIES AND SHAREHOLDERS EQUITY	`LiabilitiesAndStockholdersEquity`	$8.60M	USD	Point-in-time
TOTAL LIABILITIES AND SHAREHOLDERS EQUITY	`LiabilitiesAndStockholdersEquity`	$8.38M	USD	Point-in-time

Income Statement 45 line items

Line Item	Tag	Value	Unit	Period
Revenues	`Revenues`	$482.09K	USD	1 Quarter
Revenues	`Revenues`	$888.26K	USD	1 Quarter
Cost of goods sold	`CostOfRevenue`	$601.43K	USD	1 Quarter
Cost of goods sold	`CostOfRevenue`	$318.83K	USD	1 Quarter
Total cost of goods sold	`TotalCostOfGoodsSold`	$601.43K	USD	1 Quarter
Total cost of goods sold	`TotalCostOfGoodsSold`	$318.83K	USD	1 Quarter
Gross margin	`GrossProfit`	$286.83K	USD	1 Quarter
Gross margin	`GrossProfit`	$163.26K	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$1.36M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$1.17M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$1.17M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$1.36M	USD	1 Quarter
Operating (loss)	`OperatingIncomeLoss`	$-1.19M	USD	1 Quarter
Operating (loss)	`OperatingIncomeLoss`	$-880.11K	USD	1 Quarter
Interest expense, related parties	`InterestExpenseRelatedParty`	$68.61K	USD	1 Quarter
Interest expense, related parties	`InterestExpenseRelatedParty`	-	USD	1 Quarter
Interest expense	`InterestExpenseOther`	$29.71K	USD	1 Quarter
Interest expense	`InterestExpenseOther`	$21.46K	USD	1 Quarter
(Loss) on lease termination	`GainLossOnContractTermination`	$-244.84K	USD	1 Quarter
Total other income/(expense)	`OtherNonoperatingIncomeExpense`	$-90.08K	USD	1 Quarter
Total other income/(expense)	`OtherNonoperatingIncomeExpense`	$-274.55K	USD	1 Quarter
(Loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-1.28M	USD	1 Quarter
(Loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-1.15M	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Net (loss)	`ProfitLoss`	$-1.28M	USD	1 Quarter
Net (loss)	`ProfitLoss`	$-1.15M	USD	1 Quarter
Preferred stock dividends in arrears	`PreferredStockAmountOfPreferredDividendsInArrears`	-	USD	1 Quarter
Preferred stock dividends in arrears	`PreferredStockAmountOfPreferredDividendsInArrears`	-	USD	1 Quarter
Series A preferred stock	`SeriesAPreferredStock`	-	USD	1 Quarter
Series A preferred stock	`SeriesAPreferredStock`	$78.90K	USD	1 Quarter
Series B preferred stock	`DividendsPreferredStockBStock`	-	USD	1 Quarter
Series B preferred stock	`DividendsPreferredStockBStock`	$19.73K	USD	1 Quarter
Total preferred stock dividends	`DividendsPreferredStock`	$98.63K	USD	1 Quarter
Total preferred stock dividends	`DividendsPreferredStock`	-	USD	1 Quarter
Net (loss) attributable to common shareholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-1.15M	USD	1 Quarter
Net (loss) attributable to common shareholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-1.38M	USD	1 Quarter
Basic (in Dollars per share)	`EarningsPerShareBasic`	$-0.03	USD	1 Quarter
Basic (in Dollars per share)	`EarningsPerShareBasic`	$-0.03	USD	1 Quarter
Diluted (in Dollars per share)	`EarningsPerShareDiluted`	$-0.03	USD	1 Quarter
Diluted (in Dollars per share)	`EarningsPerShareDiluted`	$-0.03	USD	1 Quarter
Basic (in Shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	45.84M	shares	1 Quarter
Basic (in Shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	41.63M	shares	1 Quarter
Diluted (in Shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	41.63M	shares	1 Quarter
Diluted (in Shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	45.84M	shares	1 Quarter

Cash Flow Statement 61 line items

Line Item	Tag	Value	Unit	Period
Net (loss) attributable to common shareholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-1.15M	USD	1 Quarter
Net (loss) attributable to common shareholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-1.38M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$128.42K	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$120.04K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$27.67K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$53.41K	USD	1 Quarter
Dividends payable	`GainsLossesOnExtinguishmentOfDebt`	-	USD	1 Quarter
Dividends payable	`GainsLossesOnExtinguishmentOfDebt`	$-98.63K	USD	1 Quarter
Amortization of debt discount	`AmortizationOfFinancingCosts`	$40.12K	USD	1 Quarter
Amortization of debt discount	`AmortizationOfFinancingCosts`	$23.75K	USD	1 Quarter
Net change in operating lease assets and liabilities	`InventoryWriteDown`	-	USD	1 Quarter
Net change in operating lease assets and liabilities	`InventoryWriteDown`	$-55.75K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$121.67K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$-103.64K	USD	1 Quarter
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$-14.43K	USD	1 Quarter
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$-42.75K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$12.43K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$144.09K	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherCurrentAssets`	$-49.11K	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherCurrentAssets`	$-190.82K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$42.02K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$901.00	USD	1 Quarter
Accrued interest	`IncreaseDecreaseInAccruedLiabilities`	$31.86K	USD	1 Quarter
Accrued interest	`IncreaseDecreaseInAccruedLiabilities`	$7.88K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities`	$35.15K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities`	$-119.54K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-60.10K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$61.19K	USD	1 Quarter
Net cash (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-889.60K	USD	1 Quarter
Net cash (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.09M	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$5.07K	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`	$-5.07K	USD	1 Quarter
Repayments of notes payable	`ProceedsFromRepaymentsOfRelatedPartyDebt`	$-17.00K	USD	1 Quarter
Repayments of notes payable	`ProceedsFromRepaymentsOfRelatedPartyDebt`	$-14.94K	USD	1 Quarter
Proceeds from convertible notes payable	`ProceedsFromConvertibleDebt`	$1.00M	USD	1 Quarter
Proceeds from convertible notes payable	`ProceedsFromConvertibleDebt`	-	USD	1 Quarter
Proceeds from Paycheck Protection Program loan	`ProceedsFromRelatedPartyDebt`	$803.99K	USD	1 Quarter
Proceeds from Paycheck Protection Program loan	`ProceedsFromRelatedPartyDebt`	-	USD	1 Quarter
Proceeds from issuance of common stock	`ProceedsFromIssuanceOfPreferredStockAndPreferenceStock`	-	USD	1 Quarter
Proceeds from issuance of common stock	`ProceedsFromIssuanceOfPreferredStockAndPreferenceStock`	$2.00M	USD	Point-in-time
Proceeds from issuance of common stock	`ProceedsFromIssuanceOfPreferredStockAndPreferenceStock`	$86.89K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$985.06K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$873.89K	USD	1 Quarter
Net increase/(decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-108.40K	USD	1 Quarter
Net increase/(decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-15.71K	USD	1 Quarter
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$373.36K	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$91.98K	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$481.76K	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$107.69K	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$373.36K	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$91.98K	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$481.76K	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$107.69K	USD	Point-in-time
Income taxes	`IncomeTaxesPaid`	-	USD	1 Quarter
Income taxes	`IncomeTaxesPaid`	-	USD	1 Quarter
Interest	`InterestPaidNet`	$4.93K	USD	1 Quarter
Interest	`InterestPaidNet`	-	USD	1 Quarter
Right of use asset and lease liability recognized at issuance	`IssuanceOfPreferredStockInExchangeForNotesPayable`	-	USD	1 Quarter
Right of use asset and lease liability recognized at issuance	`IssuanceOfPreferredStockInExchangeForNotesPayable`	$160.48K	USD	1 Quarter

Stockholders Equity 16 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$6.63M	USD	Point-in-time
Balance	`StockholdersEquity`	$4.83M	USD	Point-in-time
Balance	`StockholdersEquity`	$7.65M	USD	Point-in-time
Balance	`StockholdersEquity`	$3.47M	USD	Point-in-time
Stock-based compensation	`StockIssuedDuringPeriodValueShareBasedCompensation`	$53.41K	USD	1 Quarter
Stock-based compensation	`StockIssuedDuringPeriodValueShareBasedCompensation`	$27.67K	USD	1 Quarter
Issuance of common stock for cash	`StockIssuedDuringPeriodValueNewIssues`	$4.00M	USD	Point-in-time
Issuance of common stock for cash	`StockIssuedDuringPeriodValueNewIssues`	$86.89K	USD	1 Quarter
Issuance of common stock for cash (in Shares)	`StockIssuedDuringPeriodSharesNewIssues`	8.00M	shares	Point-in-time
Preferred stock dividends	`DividendsPreferredStockStock`	$98.63K	USD	1 Quarter
Net (loss)	`ProfitLoss`	$-1.28M	USD	1 Quarter
Net (loss)	`ProfitLoss`	$-1.15M	USD	1 Quarter
Balance	`StockholdersEquity`	$6.63M	USD	Point-in-time
Balance	`StockholdersEquity`	$4.83M	USD	Point-in-time
Balance	`StockholdersEquity`	$7.65M	USD	Point-in-time
Balance	`StockholdersEquity`	$3.47M	USD	Point-in-time

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