10-Q Filing

VERITAS FARMS, INC. CIK: 1669400 Q1 2023

Filing Information

Form Type	10-Q
Accession Number	`0001213900-23-038766`
Period End Date	20230331
Filing Date	20230512
Fiscal Year	2023
Fiscal Period	Q1
XBRL Instance	f10q0323_veritasfarms_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 84 Income Statement 43 Cash Flow Statement 54 Stockholders Equity 14

Balance Sheet 84 line items

Line Item	Tag	Value	Unit	Period
Cash	`Cash`	$55.27K	USD	Point-in-time
Cash	`Cash`	$364.01K	USD	Point-in-time
Inventories	`InventoryNet`	$2.15M	USD	Point-in-time
Inventories	`InventoryNet`	$2.24M	USD	Point-in-time
Accounts receivable, net of allowance for doubtful accounts	`AccountsReceivableNetCurrent`	$37.07K	USD	Point-in-time
Accounts receivable, net of allowance for doubtful accounts	`AccountsReceivableNetCurrent`	$34.45K	USD	Point-in-time
Employee retention credit receivable	`AccountsAndOtherReceivablesNetCurrent`	$36.30K	USD	Point-in-time
Employee retention credit receivable	`AccountsAndOtherReceivablesNetCurrent`	$623.91K	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	20.00M	shares	Point-in-time
Assets held for sale	`AssetsHeldForSaleNotPartOfDisposalGroupCurrent`	$502.71K	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	20.00M	shares	Point-in-time
Assets held for sale	`AssetsHeldForSaleNotPartOfDisposalGroupCurrent`	$502.71K	USD	Point-in-time
Preferred stock, shares undesignated	`PreferredStockSharesUndesignated`	15.00M	shares	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$73.43K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$93.49K	USD	Point-in-time
Preferred stock, shares undesignated	`PreferredStockSharesUndesignated`	15.00M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$3.18M	USD	Point-in-time
Preferred stock, par value (in Dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Total current assets	`AssetsCurrent`	$3.53M	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`	$2.81M	USD	Point-in-time
Property and equipment, net of accumulated depreciation	`PropertyPlantAndEquipmentNet`	$2.75M	USD	Point-in-time
Intangible assets, net of accumulated amortization	`FiniteLivedIntangibleAssetsNet`	$55.00K	USD	Point-in-time
Intangible assets, net of accumulated amortization	`FiniteLivedIntangibleAssetsNet`	$55.00K	USD	Point-in-time
Right of use assets, net of accumulated amortization	`OperatingLeaseRightOfUseAsset`	$264.18K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	800.00M	shares	Point-in-time
Right of use assets, net of accumulated amortization	`OperatingLeaseRightOfUseAsset`	$224.63K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	800.00M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	41.63M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	41.62M	shares	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$136.21K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$136.41K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	41.63M	shares	Point-in-time
TOTAL ASSETS	`Assets`	$6.35M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$6.79M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	41.62M	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`	$1.25M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.24M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$337.63K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$250.16K	USD	Point-in-time
Accrued interest	`AccruedInterestNonRelatedParties`	$407.40K	USD	Point-in-time
Accrued interest	`AccruedInterestNonRelatedParties`	$297.45K	USD	Point-in-time
Dividends payable	`DividendsPayableCurrent`	$694.46K	USD	Point-in-time
Dividends payable	`DividendsPayableCurrent`	$595.83K	USD	Point-in-time
Convertible notes payable	`ConvertibleNotesPayableNetOfDiscount`	$200.00K	USD	Point-in-time
Convertible notes payable	`ConvertibleNotesPayableNetOfDiscount`	$200.00K	USD	Point-in-time
Contract liability	`ContractWithCustomerLiability`	$422.92K	USD	Point-in-time
Contract liability	`ContractWithCustomerLiability`	$449.85K	USD	Point-in-time
Operating lease liability	`OperatingLeaseLiability`	$144.68K	USD	Point-in-time
Operating lease liability	`OperatingLeaseLiability`	$150.05K	USD	Point-in-time
Notes payable, current portion	`NotesPayableCurrent`	$3.28K	USD	Point-in-time
Notes payable, current portion	`NotesPayableCurrent`	$1.33K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$3.17M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$3.48M	USD	Point-in-time
Notes payable, long term, net of current portion	`LongTermDebtNoncurrent`	$150.00K	USD	Point-in-time
Notes payable, long term, net of current portion	`LongTermDebtNoncurrent`	$150.00K	USD	Point-in-time
Related party convertible notes payable, long term, net of discount	`ConvertibleNotesPayablesNoncurrent`	$3.97M	USD	Point-in-time
Related party convertible notes payable, long term, net of discount	`ConvertibleNotesPayablesNoncurrent`	$4.26M	USD	Point-in-time
Operating lease liability, net of current portion	`OperatingLeaseLiabilityNoncurrent`	$79.95K	USD	Point-in-time
Operating lease liability, net of current portion	`OperatingLeaseLiabilityNoncurrent`	$114.13K	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$7.40M	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$7.97M	USD	Point-in-time
COMMITMENTS AND CONTINGENCIES (See Note 11)	`CommitmentsAndContingencies`	-	USD	Point-in-time
COMMITMENTS AND CONTINGENCIES (See Note 11)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preferred stock, 20,000,000 shares authorized, 15,000,000 shares undesignated at $0.001 par value	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, 20,000,000 shares authorized, 15,000,000 shares undesignated 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, 800,000,000 shares authorized, 41,623,366 shares issued and 41,625,331 shares outstanding, at March 31, 2023 and December 31, 2022, respectively, at $0.001 par value respectively, at $0.001 par value	`CommonStockValue`	$41.62K	USD	Point-in-time
Common stock, 800,000,000 shares authorized, 41,623,366 shares issued and 41,625,331 shares outstanding, at March 31, 2023 and December 31, 2022, respectively, at $0.001 par value respectively, at $0.001 par value	`CommonStockValue`	$41.62K	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$38.83M	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$38.82M	USD	Point-in-time
Accumulated (deficit)	`RetainedEarningsAccumulatedDeficit`	$-39.47M	USD	Point-in-time
Accumulated (deficit)	`RetainedEarningsAccumulatedDeficit`	$-40.49M	USD	Point-in-time
TOTAL SHAREHOLDERS EQUITY/(DEFICIT)	`StockholdersEquity`	$3.47M	USD	Point-in-time
TOTAL SHAREHOLDERS EQUITY/(DEFICIT)	`StockholdersEquity`	$-606.28K	USD	Point-in-time
TOTAL SHAREHOLDERS EQUITY/(DEFICIT)	`StockholdersEquity`	$-1.62M	USD	Point-in-time
TOTAL SHAREHOLDERS EQUITY/(DEFICIT)	`StockholdersEquity`	$4.83M	USD	Point-in-time
TOTAL LIABILITIES AND SHAREHOLDERS EQUITY/(DEFICIT)	`LiabilitiesAndStockholdersEquity`	$6.35M	USD	Point-in-time
TOTAL LIABILITIES AND SHAREHOLDERS EQUITY/(DEFICIT)	`LiabilitiesAndStockholdersEquity`	$6.79M	USD	Point-in-time

Income Statement 43 line items

Line Item	Tag	Value	Unit	Period
Revenues	`Revenues`	$420.91K	USD	1 Quarter
Revenues	`Revenues`	$209.79K	USD	1 Quarter
Cost of goods sold	`CostOfRevenue`	$160.31K	USD	1 Quarter
Cost of goods sold	`CostOfRevenue`	$318.83K	USD	1 Quarter
Gross margin/(expense)	`GrossProfit`	$102.08K	USD	1 Quarter
Gross margin/(expense)	`GrossProfit`	$49.48K	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$799.36K	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$1.29M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$1.29M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$799.36K	USD	1 Quarter
Operating (loss)	`OperatingIncomeLoss`	$-749.88K	USD	1 Quarter
Operating (loss)	`OperatingIncomeLoss`	$-1.19M	USD	1 Quarter
Interest expense, related parties	`FinancingInterestExpense`	$68.61K	USD	1 Quarter
Interest expense, related parties	`FinancingInterestExpense`	$150.87K	USD	1 Quarter
Interest expense	`InterestExpense`	$12.03K	USD	1 Quarter
Interest expense	`InterestExpense`	$21.46K	USD	1 Quarter
Gain/(loss) on disposal	`MarketableSecuritiesGainLoss`	$-8.45K	USD	1 Quarter
Total other income/(expense)	`OtherNonoperatingIncomeExpense`	$-171.35K	USD	1 Quarter
Total other income/(expense)	`OtherNonoperatingIncomeExpense`	$-90.08K	USD	1 Quarter
(Loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-1.28M	USD	1 Quarter
(Loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-921.23K	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Net (loss)	`NetIncomeLoss`	$-1.28M	USD	1 Quarter
Net (loss)	`NetIncomeLoss`	$-921.23K	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`	$78.90K	USD	1 Quarter
Series A preferred stock	`SeriesAPreferredStock`	$78.90K	USD	1 Quarter
Series B preferred stock	`DividendsPreferredStockBStock`	$19.73K	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`	$98.63K	USD	1 Quarter
Net (loss) attributable to common shareholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-1.38M	USD	1 Quarter
Net (loss) attributable to common shareholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-1.02M	USD	1 Quarter
Basic (in Dollars per share)	`EarningsPerShareBasic`	$-0.03	USD	1 Quarter
Basic (in Dollars per share)	`EarningsPerShareBasic`	$-0.02	USD	1 Quarter
Diluted (in Dollars per share)	`EarningsPerShareDiluted`	$-0.03	USD	1 Quarter
Diluted (in Dollars per share)	`EarningsPerShareDiluted`	$-0.02	USD	1 Quarter
Basic (in Shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	41.63M	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`	41.63M	shares	1 Quarter

Cash Flow Statement 54 line items

Line Item	Tag	Value	Unit	Period
Net (loss)	`NetIncomeLoss`	$-1.28M	USD	1 Quarter
Net (loss)	`NetIncomeLoss`	$-921.23K	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$50.38K	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`	$4.82K	USD	1 Quarter
Amortization of debt discount	`AmortizationOfFinancingCosts`	$40.12K	USD	1 Quarter
Amortization of debt discount	`AmortizationOfFinancingCosts`	$40.12K	USD	1 Quarter
Loss on disposal of property and equipment	`LossonDisposalofPropertyAndEquipment`	-	USD	1 Quarter
Loss on disposal of property and equipment	`LossonDisposalofPropertyAndEquipment`	$-8.45K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$-93.15K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$121.67K	USD	1 Quarter
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$-42.75K	USD	1 Quarter
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$20.06K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$12.43K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$2.62K	USD	1 Quarter
Employee retention credit receivable	`IncreaseDecreaseInAccountsAndOtherReceivables`	$-587.61K	USD	1 Quarter
Employee retention credit receivable	`IncreaseDecreaseInAccountsAndOtherReceivables`	-	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherCurrentAssets`	$-49.11K	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherCurrentAssets`	$200.00	USD	1 Quarter
Contract liability	`ContractLiability`	$-42.02K	USD	1 Quarter
Contract liability	`ContractLiability`	$-26.93K	USD	1 Quarter
Accrued interest	`IncreaseDecreaseInAccruedLiabilities`	$109.95K	USD	1 Quarter
Accrued interest	`IncreaseDecreaseInAccruedLiabilities`	$31.86K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities`	$35.15K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities`	$87.47K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-4.08K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-60.10K	USD	1 Quarter
Net cash provided by/(used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.09M	USD	1 Quarter
Net cash provided by/(used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$60.68K	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	-	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$5.07K	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	`RepaymentsOfNotesPayable`	$1.95K	USD	1 Quarter
Repayments of notes payable	`RepaymentsOfNotesPayable`	$14.94K	USD	1 Quarter
Proceeds from convertible notes payable	`ProceedsFromConvertibleDebt`	$1.00M	USD	1 Quarter
Proceeds from convertible notes payable	`ProceedsFromConvertibleDebt`	$250.00K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$248.06K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$985.06K	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`	$308.73K	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`	$364.01K	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`	$55.27K	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`	$364.01K	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`	$55.27K	USD	Point-in-time
Income taxes	`IncomeTaxesPaid`	-	USD	1 Quarter
Income taxes	`IncomeTaxesPaid`	-	USD	1 Quarter
Interest	`InterestPaidNet`	$4.99K	USD	1 Quarter
Interest	`InterestPaidNet`	$4.93K	USD	1 Quarter

Stockholders Equity 14 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$3.47M	USD	Point-in-time
Balance	`StockholdersEquity`	$-606.28K	USD	Point-in-time
Balance	`StockholdersEquity`	$-1.62M	USD	Point-in-time
Balance	`StockholdersEquity`	$4.83M	USD	Point-in-time
Stock-based compensation	`StockIssuedDuringPeriodValueShareBasedCompensation`	$4.82K	USD	1 Quarter
Stock-based compensation	`StockIssuedDuringPeriodValueShareBasedCompensation`	$27.67K	USD	1 Quarter
Preferred stock dividends	`DividendsPreferredStockStock`	$98.63K	USD	1 Quarter
Preferred stock dividends	`DividendsPreferredStockStock`	$98.63K	USD	1 Quarter
Net (loss)	`NetIncomeLoss`	$-1.28M	USD	1 Quarter
Net (loss)	`NetIncomeLoss`	$-921.23K	USD	1 Quarter
Balance	`StockholdersEquity`	$3.47M	USD	Point-in-time
Balance	`StockholdersEquity`	$-606.28K	USD	Point-in-time
Balance	`StockholdersEquity`	$-1.62M	USD	Point-in-time
Balance	`StockholdersEquity`	$4.83M	USD	Point-in-time

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