10-K Filing

CADIZ INC CIK: 727273 FY 2021

Filing Information

Form Type	10-K
Accession Number	`0001437749-22-007512`
Period End Date	20211231
Filing Date	20220329
Fiscal Year	2021
Fiscal Period	FY
XBRL Instance	cdzi20211231_10k_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 81 Income Statement 32 Cash Flow Statement 69 Stockholders Equity 21

Balance Sheet 81 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
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$7.29M	USD	Point-in-time
Preferred stock, shares authorized (in shares)	`PreferredStockSharesAuthorized`	100,000.00	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$10.96M	USD	Point-in-time
Preferred stock, shares authorized (in shares)	`PreferredStockSharesAuthorized`	100,000.00	shares	Point-in-time
Preferred stock, shares issued (in shares)	`PreferredStockSharesIssued`	329.00	shares	Point-in-time
Restricted Cash	`RestrictedCashCurrent`	-	USD	Point-in-time
Preferred stock, shares issued (in shares)	`PreferredStockSharesIssued`	7,531.00	shares	Point-in-time
Restricted Cash	`RestrictedCashCurrent`	$1.29M	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$55.00K	USD	Point-in-time
Preferred stock, shares outstanding (in shares)	`PreferredStockSharesOutstanding`	329.00	shares	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$270.00K	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, dividend rate	`PreferredStockDividendRatePercentage`	0.09	pure	Annual
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$691.00K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$8.04M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$13.21M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	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
Property, plant, equipment and water programs, net	`PropertyPlantAndEquipmentNet`	$78.89M	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	70.00M	shares	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	36.90M	shares	Point-in-time
Long-term deposit/prepaid expenses	`PrepaidExpenseNoncurrent`	$3.00M	USD	Point-in-time
Long-term deposit/prepaid expenses	`PrepaidExpenseNoncurrent`	$420.00K	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	43.66M	shares	Point-in-time
Equity-method investments	`EquityMethodInvestments`	$976.00K	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	36.90M	shares	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	43.66M	shares	Point-in-time
Equity-method investments	`EquityMethodInvestments`	$1.35M	USD	Point-in-time
Goodwill	`Goodwill`	$3.81M	USD	Point-in-time
Goodwill	`Goodwill`	$3.81M	USD	Point-in-time
Goodwill	`Goodwill`	$7.01M	USD	Point-in-time
Right-of-use asset	`OperatingLeaseRightOfUseAsset`	$15.00K	USD	Point-in-time
Right-of-use asset	`OperatingLeaseRightOfUseAsset`	$3.28M	USD	Point-in-time
Long-term restricted cash	`RestrictedCashNoncurrent`	$7.60M	USD	Point-in-time
Long-term restricted cash	`RestrictedCashNoncurrent`	$134.00K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$4.30M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$4.53M	USD	Point-in-time
Total assets	`Assets`	$112.49M	USD	Point-in-time
Total assets	`Assets`	$74.36M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$548.00K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$286.00K	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$674.00K	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$808.00K	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$107.00K	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$51.00K	USD	Point-in-time
Warrant derivative liabilities	`DerivativeLiabilitiesCurrent`	$1.85M	USD	Point-in-time
Warrant derivative liabilities	`DerivativeLiabilitiesCurrent`	-	USD	Point-in-time
Dividend payable	`DividendsPayableCurrent`	$1.29M	USD	Point-in-time
Dividend payable	`DividendsPayableCurrent`	-	USD	Point-in-time
Operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$24.00K	USD	Point-in-time
Operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$15.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$2.51M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$3.13M	USD	Point-in-time
Long-term debt, net	`LongTermDebtNoncurrent`	$46.48M	USD	Point-in-time
Long-term debt, net	`LongTermDebtNoncurrent`	$78.60M	USD	Point-in-time
Long-term lease obligations with related party, net	`LessorOperatingLeaseDepositLiabilities`	$17.18M	USD	Point-in-time
Long-term lease obligations with related party, net	`LessorOperatingLeaseDepositLiabilities`	$18.86M	USD	Point-in-time
Long-term operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	-	USD	Point-in-time
Long-term operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$3.26M	USD	Point-in-time
Deferred revenue	`DeferredRevenueNoncurrent`	$750.00K	USD	Point-in-time
Deferred revenue	`DeferredRevenueNoncurrent`	$750.00K	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	-	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$32.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$99.66M	USD	Point-in-time
Total liabilities	`Liabilities`	$71.88M	USD	Point-in-time
Preferred stock	`PreferredStockValue`	$1.00K	USD	Point-in-time
Preferred stock	`PreferredStockValue`	$1.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$613.57M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$513.74M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-539.41M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-573.40M	USD	Point-in-time
Total stockholders' equity (deficit)	`StockholdersEquity`	$40.61M	USD	Point-in-time
Total stockholders' equity (deficit)	`StockholdersEquity`	$-25.30M	USD	Point-in-time
Total stockholders' equity (deficit)	`StockholdersEquity`	$-82.12M	USD	Point-in-time
Total liabilities and stockholders' equitu (deficit)	`LiabilitiesAndStockholdersEquity`	$74.36M	USD	Point-in-time
Total liabilities and stockholders' equitu (deficit)	`LiabilitiesAndStockholdersEquity`	$112.49M	USD	Point-in-time

Income Statement 32 line items

Line Item	Tag	Value	Unit	Period
Total revenues (rental income)	`Revenues`	$541.00K	USD	Annual
Total revenues (rental income)	`Revenues`	$564.00K	USD	Annual
General and administrative	`GeneralAndAdministrativeExpense`	$11.91M	USD	Annual
General and administrative	`GeneralAndAdministrativeExpense`	$17.65M	USD	Annual
Depreciation	`DepreciationNonproduction`	$381.00K	USD	Annual
Depreciation	`DepreciationNonproduction`	$423.00K	USD	Annual
Total costs and expenses	`CostsAndExpenses`	$12.29M	USD	Annual
Total costs and expenses	`CostsAndExpenses`	$18.08M	USD	Annual
Operating loss	`OperatingIncomeLoss`	$-17.51M	USD	Annual
Operating loss	`OperatingIncomeLoss`	$-11.75M	USD	Annual
Interest expense, net	`InterestExpense`	$11.53M	USD	Annual
Interest expense, net	`InterestExpense`	$11.39M	USD	Annual
Other income	`InvestmentIncomeInterest`	-	USD	Annual
Other income	`InvestmentIncomeInterest`	$33.00K	USD	Annual
Loss on extinguishment of debt	`GainsLossesOnExtinguishmentOfDebt`	$-12.39M	USD	Annual
Loss on extinguishment of debt	`GainsLossesOnExtinguishmentOfDebt`	$-1.40M	USD	Annual
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-35.64M	USD	Annual
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-30.30M	USD	Annual
Income tax expense	`IncomeTaxExpenseBenefit`	$10.00K	USD	Annual
Income tax expense	`IncomeTaxExpenseBenefit`	$7.00K	USD	Annual
Loss from equity-method investments	`IncomeLossFromEquityMethodInvestments`	$-2.17M	USD	Annual
Loss from equity-method investments	`IncomeLossFromEquityMethodInvestments`	$-942.00K	USD	Annual
Net loss and comprehensive loss	`NetIncomeLoss`	$-31.25M	USD	Annual
Net loss and comprehensive loss	`NetIncomeLoss`	$-37.82M	USD	Annual
Less: Preferred stock dividend requirements	`PreferredStockDividendsIncomeStatementImpact`	-	USD	Annual
Less: Preferred stock dividend requirements	`PreferredStockDividendsIncomeStatementImpact`	$2.74M	USD	Annual
Net loss and comprehensive loss applicable to common stock	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-37.82M	USD	Annual
Net loss and comprehensive loss applicable to common stock	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-33.99M	USD	Annual
Basic and diluted net loss per common share (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.84	USD	Annual
Basic and diluted net loss per common share (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-1.11	USD	Annual
Basic and diluted weighted-average shares outstanding (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	40,561.00	shares	Annual
Basic and diluted weighted-average shares outstanding (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	34,188.00	shares	Annual

Cash Flow Statement 69 line items

Line Item	Tag	Value	Unit	Period
Preferred stock, dividend rate	`PreferredStockDividendRatePercentage`	0.09	pure	Annual
Net loss	`NetIncomeLoss`	$-31.25M	USD	Annual
Net loss	`NetIncomeLoss`	$-37.82M	USD	Annual
Depreciation, Total	`Depreciation`	$381.00K	USD	Annual
Depreciation, Total	`Depreciation`	$423.00K	USD	Annual
Amortization of debt discount and issuance costs	`AmortizationOfDebtDiscountPremium`	$1.06M	USD	Annual
Amortization of debt discount and issuance costs	`AmortizationOfDebtDiscountPremium`	$3.48M	USD	Annual
Amortization of right-of-use asset	`OperatingLeaseRightOfUseAssetAmortizationExpense`	$15.00K	USD	Annual
Amortization of right-of-use asset	`OperatingLeaseRightOfUseAssetAmortizationExpense`	-	USD	Annual
Interest expense added to loan principal	`PaidInKindInterestAddedToLoanPrincipal`	$4.27M	USD	Annual
Interest expense added to loan principal	`PaidInKindInterestAddedToLoanPrincipal`	$7.27M	USD	Annual
Interest expense added to lease liability	`PaidInKindInterestAddedToLeaseLiability`	$1.65M	USD	Annual
Interest expense added to lease liability	`PaidInKindInterestAddedToLeaseLiability`	$1.45M	USD	Annual
Loss on equity method investments	`IncomeLossFromEquityMethodInvestmentsExcludingInvestingActivities`	$-2.17M	USD	Annual
Loss on equity method investments	`IncomeLossFromEquityMethodInvestmentsExcludingInvestingActivities`	$-942.00K	USD	Annual
Loss on debt conversion and extinguishment of debt	`GainsLossesOnDebtConversionAndExtinguishmentOfDebt`	$-1.40M	USD	Annual
Loss on debt conversion and extinguishment of debt	`GainsLossesOnDebtConversionAndExtinguishmentOfDebt`	$-12.39M	USD	Annual
Compensation charge for stock and share option awards	`ShareBasedCompensation`	$2.10M	USD	Annual
Compensation charge for stock and share option awards	`ShareBasedCompensation`	$4.75M	USD	Annual
Unrealized gain on warrant derivative liabilities	`FairValueAdjustmentOfWarrants`	$-139.00K	USD	Annual
Unrealized gain on warrant derivative liabilities	`FairValueAdjustmentOfWarrants`	$-573.00K	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$215.00K	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$6.00K	USD	Annual
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$305.00K	USD	Annual
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$420.00K	USD	Annual
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$-234.00K	USD	Annual
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$605.00K	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-92.00K	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$129.00K	USD	Annual
Accrued and other liabilities	`IncreaseDecreaseInAccruedLiabilities`	$126.00K	USD	Annual
Accrued and other liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-1.51M	USD	Annual
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-13.43M	USD	Annual
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-15.27M	USD	Annual
Additions to property, plant and equipment and water programs	`PaymentsToAcquirePropertyPlantAndEquipment`	$22.91M	USD	Annual
Additions to property, plant and equipment and water programs	`PaymentsToAcquirePropertyPlantAndEquipment`	$5.73M	USD	Annual
Contributions to equity-method investments	`PaymentsToAcquireInterestInJointVenture`	$3.11M	USD	Annual
Contributions to equity-method investments	`PaymentsToAcquireInterestInJointVenture`	$564.00K	USD	Annual
Additions to long-term investments	`PaymentsToAcquireInvestments`	-	USD	Annual
Additions to long-term investments	`PaymentsToAcquireInvestments`	$1.00M	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-9.84M	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-23.47M	USD	Annual
Net proceeds from issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	$32.46M	USD	Annual
Net proceeds from issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	$14.77M	USD	Annual
Net proceeds from the issuance of 8.875% series A cumulative, perpetual preferred stock	`ProceedsFromIssuanceOfPreferredStockAndPreferenceStock`	-	USD	Annual
Net proceeds from the issuance of 8.875% series A cumulative, perpetual preferred stock	`ProceedsFromIssuanceOfPreferredStockAndPreferenceStock`	$54.21M	USD	Annual
Dividend payment	`PaymentsOfDividends`	-	USD	Annual
Dividend payment	`PaymentsOfDividends`	$1.45M	USD	Annual
Proceeds from the issuance of long-term debt	`ProceedsFromIssuanceOfDebt`	$150.00K	USD	Annual
Proceeds from the issuance of long-term debt	`ProceedsFromIssuanceOfDebt`	$50.14M	USD	Annual
Issuance costs of long-term debt	`PaymentsOfDebtIssuanceCosts`	-	USD	Annual
Issuance costs of long-term debt	`PaymentsOfDebtIssuanceCosts`	$2.88M	USD	Annual
Principal payments on long-term debt	`RepaymentsOfLongTermDebt`	$77.59M	USD	Annual
Principal payments on long-term debt	`RepaymentsOfLongTermDebt`	$43.00K	USD	Annual
Costs for extinguishment of debt	`PaymentsOfDebtExtinguishmentCosts`	-	USD	Annual
Costs for extinguishment of debt	`PaymentsOfDebtExtinguishmentCosts`	$2.52M	USD	Annual
Taxes paid related to net share settlement of equity awards	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$1.18M	USD	Annual
Taxes paid related to net share settlement of equity awards	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	-	USD	Annual
Other	`ProceedsFromPaymentsForOtherFinancingActivities`	$4.00K	USD	Annual
Other	`ProceedsFromPaymentsForOtherFinancingActivities`	-	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$14.87M	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$51.18M	USD	Annual
Net increase (decrease) in cash, cash equivalents and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-8.39M	USD	Annual
Net increase (decrease) in cash, cash equivalents and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$12.43M	USD	Annual
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`	$19.86M	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`	$19.86M	USD	Point-in-time

Stockholders Equity 21 line items

Line Item	Tag	Value	Unit	Period
Preferred stock, dividend rate	`PreferredStockDividendRatePercentage`	0.09	pure	Annual
Dividends declared (in dollars per share)	`PreferredStockDividendsPerShareDeclared`	$1.19K	USD	Annual
Balance	`StockholdersEquity`	$40.61M	USD	Point-in-time
Balance	`StockholdersEquity`	$-25.30M	USD	Point-in-time
Balance	`StockholdersEquity`	$-82.12M	USD	Point-in-time
Issuance of shares	`StockIssuedDuringPeriodValueNewIssues`	$39.74M	USD	Annual
Reclassification of warrant liability	`AdjustmentsToAdditionalPaidInCapitalReclassificationOfWarrantLiability`	$-865.00K	USD	Annual
Reclassification of warrant liability	`AdjustmentsToAdditionalPaidInCapitalReclassificationOfWarrantLiability`	$3.18M	USD	Annual
Stock-based compensation expense	`StockIssuedDuringPeriodValueShareBasedCompensation`	$2.10M	USD	Annual
Stock-based compensation expense	`StockIssuedDuringPeriodValueShareBasedCompensation`	$4.75M	USD	Annual
Net loss and comprehensive loss	`NetIncomeLoss`	$-31.25M	USD	Annual
Net loss and comprehensive loss	`NetIncomeLoss`	$-37.82M	USD	Annual
Issuance of restricted stock units	`StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures`	$1.00K	USD	Annual
Net settlement for taxes related to equity awards	`AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation`	$1.18M	USD	Annual
Issuance of shares pursuant to exercise of warrants	`StockIssuedDuringPeriodValueExerciseOfWarrants`	$4.00K	USD	Annual
Issuance of warrants	`AdjustmentsToAdditionalPaidInCapitalWarrantIssued`	$1.79M	USD	Annual
Dividends paid and declared	`DividendsPreferredStockCash`	$2.74M	USD	Annual
Cancellation of stock options to consultants	`StockGrantedDuringPeriodValueSharebasedCompensationForfeited`	$71.00K	USD	Annual
Balance	`StockholdersEquity`	$40.61M	USD	Point-in-time
Balance	`StockholdersEquity`	$-25.30M	USD	Point-in-time
Balance	`StockholdersEquity`	$-82.12M	USD	Point-in-time

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