10-Q Filing

CADIZ INC CIK: 727273 Q1 2021

Filing Information

Form Type	10-Q
Accession Number	`0001437749-21-012533`
Period End Date	20210331
Filing Date	20210517
Fiscal Year	2021
Fiscal Period	Q1
XBRL Instance	cdzi20210331_10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 75 Income Statement 28 Cash Flow Statement 56 Stockholders Equity 16

Balance Sheet 75 line items

Line Item	Tag	Value	Unit	Period
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Preferred stock, shares authorized (in shares)	`PreferredStockSharesAuthorized`	100,000.00	shares	Point-in-time
Preferred stock, shares authorized (in shares)	`PreferredStockSharesAuthorized`	100,000.00	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$7.29M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$10.52M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$18.67M	USD	Point-in-time
Preferred stock, shares issued (in shares)	`PreferredStockSharesIssued`	7,531.00	shares	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$55.00K	USD	Point-in-time
Preferred stock, shares issued (in shares)	`PreferredStockSharesIssued`	7,531.00	shares	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$18.00K	USD	Point-in-time
Preferred stock, shares outstanding (in shares)	`PreferredStockSharesOutstanding`	7,531.00	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$691.00K	USD	Point-in-time
Preferred stock, shares outstanding (in shares)	`PreferredStockSharesOutstanding`	7,531.00	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$818.00K	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Total current assets	`AssetsCurrent`	$8.04M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Total current assets	`AssetsCurrent`	$19.51M	USD	Point-in-time
Property, plant, equipment and water programs, net	`PropertyPlantAndEquipmentNet`	$53.48M	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	70.00M	shares	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	70.00M	shares	Point-in-time
Property, plant, equipment and water programs, net	`PropertyPlantAndEquipmentNet`	$53.70M	USD	Point-in-time
Long-term deposit/prepaid expenses	`PrepaidExpenseNoncurrent`	$3.00M	USD	Point-in-time
Long-term deposit/prepaid expenses	`PrepaidExpenseNoncurrent`	$3.00M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	36.90M	shares	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	38.34M	shares	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	38.34M	shares	Point-in-time
Equity-method investments	`EquityMethodInvestments`	$1.35M	USD	Point-in-time
Equity-method investments	`EquityMethodInvestments`	$1.29M	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	36.90M	shares	Point-in-time
Goodwill	`Goodwill`	$3.81M	USD	Point-in-time
Goodwill	`Goodwill`	$3.81M	USD	Point-in-time
Right-of-use asset	`OperatingLeaseRightOfUseAsset`	$3.30M	USD	Point-in-time
Right-of-use asset	`OperatingLeaseRightOfUseAsset`	$15.00K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$4.94M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$4.66M	USD	Point-in-time
Total assets	`Assets`	$89.55M	USD	Point-in-time
Total assets	`Assets`	$74.36M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$177.00K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$548.00K	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$674.00K	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$2.07M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$47.00K	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$51.00K	USD	Point-in-time
Warrant derivative liabilities	`DerivativeLiabilitiesCurrent`	-	USD	Point-in-time
Warrant derivative liabilities	`DerivativeLiabilitiesCurrent`	$1.85M	USD	Point-in-time
Operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$26.00K	USD	Point-in-time
Operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$15.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$2.32M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$3.13M	USD	Point-in-time
Long-term debt, net	`LongTermDebtNoncurrent`	$78.92M	USD	Point-in-time
Long-term debt, net	`LongTermDebtNoncurrent`	$78.60M	USD	Point-in-time
Long-term lease obligations with related parties, net	`LessorOperatingLeaseDepositLiabilities`	$17.18M	USD	Point-in-time
Long-term lease obligations with related parties, net	`LessorOperatingLeaseDepositLiabilities`	$17.58M	USD	Point-in-time
Deferred revenue	`DeferredRevenueNoncurrent`	$750.00K	USD	Point-in-time
Deferred revenue	`DeferredRevenueNoncurrent`	$750.00K	USD	Point-in-time
Long-term operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	-	USD	Point-in-time
Long-term operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$3.04M	USD	Point-in-time
Total liabilities	`Liabilities`	$99.66M	USD	Point-in-time
Total liabilities	`Liabilities`	$102.60M	USD	Point-in-time
Preferred stock - $.01 par value; 100,000 shares authorized at March 31 31, 2021 and December 31, 2020; shares issued and outstanding 7,531 at March 31, 2021 and 7,531 at December 31, 2020	`PreferredStockValue`	$1.00K	USD	Point-in-time
Preferred stock - $.01 par value; 100,000 shares authorized at March 31 31, 2021 and December 31, 2020; shares issued and outstanding 7,531 at March 31, 2021 and 7,531 at December 31, 2020	`PreferredStockValue`	$1.00K	USD	Point-in-time
Common stock - $.01 par value; 70,000,000 shares authorized at March 31, 2021 and December 31, 2020; shares issued and outstanding 38,342,952 at March 31, 2021 and 36,902,361 at December 31, 2020	`CommonStockValue`	$382.00K	USD	Point-in-time
Common stock - $.01 par value; 70,000,000 shares authorized at March 31, 2021 and December 31, 2020; shares issued and outstanding 38,342,952 at March 31, 2021 and 36,902,361 at December 31, 2020	`CommonStockValue`	$368.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$531.92M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$513.74M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-545.36M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-539.41M	USD	Point-in-time
Total stockholders deficit	`StockholdersEquity`	$-82.12M	USD	Point-in-time
Total stockholders deficit	`StockholdersEquity`	$-13.05M	USD	Point-in-time
Total stockholders deficit	`StockholdersEquity`	$-25.30M	USD	Point-in-time
Total stockholders deficit	`StockholdersEquity`	$-19.69M	USD	Point-in-time
Total liabilities and stockholders deficit	`LiabilitiesAndStockholdersEquity`	$89.55M	USD	Point-in-time
Total liabilities and stockholders deficit	`LiabilitiesAndStockholdersEquity`	$74.36M	USD	Point-in-time

Income Statement 28 line items

Line Item	Tag	Value	Unit	Period
Total revenues	`Revenues`	$139.00K	USD	1 Quarter
Total revenues	`Revenues`	$114.00K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$3.23M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$3.98M	USD	1 Quarter
Depreciation	`DepreciationAndAmortization`	$79.00K	USD	1 Quarter
Depreciation	`DepreciationAndAmortization`	$103.00K	USD	1 Quarter
Total costs and expenses	`CostsAndExpenses`	$3.34M	USD	1 Quarter
Total costs and expenses	`CostsAndExpenses`	$4.06M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-3.20M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-3.94M	USD	1 Quarter
Interest expense, net	`InterestExpense`	$2.54M	USD	1 Quarter
Interest expense, net	`InterestExpense`	$3.57M	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	-	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$22.00K	USD	1 Quarter
Loss on extinguishment of debt	`GainsLossesOnExtinguishmentOfDebt`	-	USD	1 Quarter
Loss on extinguishment of debt	`GainsLossesOnExtinguishmentOfDebt`	$-12.39M	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-5.74M	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-19.89M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$2.00K	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$2.00K	USD	1 Quarter
Loss from equity-method investments	`IncomeLossFromEquityMethodInvestments`	$-203.00K	USD	1 Quarter
Loss from equity-method investments	`IncomeLossFromEquityMethodInvestments`	$-626.00K	USD	1 Quarter
Net loss and comprehensive loss applicable to common stock	`NetIncomeLoss`	$-20.51M	USD	1 Quarter
Net loss and comprehensive loss applicable to common stock	`NetIncomeLoss`	$-5.94M	USD	1 Quarter
Basic and diluted net loss per common share (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.16	USD	1 Quarter
Basic and diluted net loss per common share (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.66	USD	1 Quarter
Basic and diluted weighted average shares outstanding (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	37,834.00	shares	1 Quarter
Basic and diluted weighted average shares outstanding (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	31,113.00	shares	1 Quarter

Cash Flow Statement 56 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-20.51M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-5.94M	USD	1 Quarter
Depreciation	`DepreciationDepletionAndAmortizationExcludingAmortizationOfRightOfUseAssets`	$79.00K	USD	1 Quarter
Depreciation	`DepreciationDepletionAndAmortizationExcludingAmortizationOfRightOfUseAssets`	$103.00K	USD	1 Quarter
Amortization of debt discount and issuance costs	`AmortizationOfDebtDiscountPremium`	$351.00K	USD	1 Quarter
Amortization of debt discount and issuance costs	`AmortizationOfDebtDiscountPremium`	$453.00K	USD	1 Quarter
Amortization of right-of-use asset	`OperatingLeaseRightOfUseAssetAmortizationExpense`	$15.00K	USD	1 Quarter
Amortization of right-of-use asset	`OperatingLeaseRightOfUseAssetAmortizationExpense`	-	USD	1 Quarter
Interest expense added to loan principal	`PaidInKindInterestAddedToLoanPrincipal`	$1.85M	USD	1 Quarter
Interest expense added to loan principal	`PaidInKindInterestAddedToLoanPrincipal`	$1.79M	USD	1 Quarter
Interest expense added to lease liability	`PaidInKindInterestAddedToLeaseLiability`	$390.00K	USD	1 Quarter
Interest expense added to lease liability	`PaidInKindInterestAddedToLeaseLiability`	$347.00K	USD	1 Quarter
Loss on equity method investments	`IncomeLossFromEquityMethodInvestmentsExcludingInvestingActivities`	$-626.00K	USD	1 Quarter
Loss on equity method investments	`IncomeLossFromEquityMethodInvestmentsExcludingInvestingActivities`	$-203.00K	USD	1 Quarter
Loss on debt conversion and extinguishment of debt	`GainsLossesOnDebtConversionAndExtinguishmentOfDebt`	$-12.40M	USD	1 Quarter
Loss on debt conversion and extinguishment of debt	`GainsLossesOnDebtConversionAndExtinguishmentOfDebt`	-	USD	1 Quarter
Compensation charge for stock and share option awards	`ShareBasedCompensation`	$147.00K	USD	1 Quarter
Compensation charge for stock and share option awards	`ShareBasedCompensation`	$1.25M	USD	1 Quarter
Unrealized (gain) loss on warrant derivative liabilities	`FairValueAdjustmentOfWarrants`	$561.00K	USD	1 Quarter
Unrealized (gain) loss on warrant derivative liabilities	`FairValueAdjustmentOfWarrants`	$-573.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$27.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-37.00K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$127.00K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$246.00K	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$272.00K	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$271.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$738.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-188.00K	USD	1 Quarter
Lease liabilities	`IncreaseDecreaseInOperatingLeaseLiability`	-	USD	1 Quarter
Lease liabilities	`IncreaseDecreaseInOperatingLeaseLiability`	$-255.00K	USD	1 Quarter
Other accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-1.52M	USD	1 Quarter
Other accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$1.40M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-4.38M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-2.82M	USD	1 Quarter
Additions to property, plant and equipment and water programs	`PaymentsToAcquirePropertyPlantAndEquipment`	$3.45M	USD	1 Quarter
Additions to property, plant and equipment and water programs	`PaymentsToAcquirePropertyPlantAndEquipment`	$513.00K	USD	1 Quarter
Contributions to equity-method investments	`PaymentsToAcquireInterestInJointVenture`	$1.24M	USD	1 Quarter
Contributions to equity-method investments	`PaymentsToAcquireInterestInJointVenture`	$137.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-4.69M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-650.00K	USD	1 Quarter
Net proceeds from issuance of stock	`ProceedsFromIssuanceOfCommonStock`	$3.92M	USD	1 Quarter
Net proceeds from issuance of stock	`ProceedsFromIssuanceOfCommonStock`	$14.87M	USD	1 Quarter
Principal payments on long-term debt	`RepaymentsOfLongTermDebt`	$15.00K	USD	1 Quarter
Principal payments on long-term debt	`RepaymentsOfLongTermDebt`	$13.00K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$3.91M	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$14.85M	USD	1 Quarter
Net increase (decrease) increase in cash, cash equivalents and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-5.16M	USD	1 Quarter
Net increase (decrease) increase in cash, cash equivalents and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$11.38M	USD	1 Quarter
Cash, cash equivalents and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$15.82M	USD	Point-in-time
Cash, cash equivalents and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$7.42M	USD	Point-in-time
Cash, cash equivalents and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$10.65M	USD	Point-in-time
Cash, cash equivalents and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$18.80M	USD	Point-in-time
Cash, cash equivalents and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$15.82M	USD	Point-in-time
Cash, cash equivalents and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$7.42M	USD	Point-in-time
Cash, cash equivalents and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$10.65M	USD	Point-in-time
Cash, cash equivalents and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$18.80M	USD	Point-in-time

Stockholders Equity 16 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$-82.12M	USD	Point-in-time
Balance	`StockholdersEquity`	$-13.05M	USD	Point-in-time
Balance	`StockholdersEquity`	$-25.30M	USD	Point-in-time
Balance	`StockholdersEquity`	$-19.69M	USD	Point-in-time
Stock-based compensation expense	`StockIssuedDuringPeriodValueShareBasedCompensation`	$148.00K	USD	1 Quarter
Stock-based compensation expense	`StockIssuedDuringPeriodValueShareBasedCompensation`	$1.25M	USD	1 Quarter
Reclassification of warrant liability	`CurrentPeriodReclassificationAdjustment`	$-865.00K	USD	1 Quarter
Reclassification of warrant liability	`CurrentPeriodReclassificationAdjustment`	$3.18M	USD	1 Quarter
Issuance of shares pursuant to ATM offerings	`StockIssuedDuringPeriodValueNewIssues`	$14.87M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-20.51M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-5.94M	USD	1 Quarter
Issuance of shares pursuant to bond conversion	`StockIssuedDuringPeriodValueConversionOfConvertibleSecurities`	$38.90M	USD	1 Quarter
Balance	`StockholdersEquity`	$-82.12M	USD	Point-in-time
Balance	`StockholdersEquity`	$-13.05M	USD	Point-in-time
Balance	`StockholdersEquity`	$-25.30M	USD	Point-in-time
Balance	`StockholdersEquity`	$-19.69M	USD	Point-in-time

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