10-Q Filing

CADIZ INC CIK: 727273 Q1 2022

Filing Information

Form Type	10-Q
Accession Number	`0001437749-22-012159`
Period End Date	20220331
Filing Date	20220512
Fiscal Year	2022
Fiscal Period	Q1
XBRL Instance	cdzi20220331_10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 84 Income Statement 28 Cash Flow Statement 57 Stockholders Equity 17

Balance Sheet 84 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`	$10.96M	USD	Point-in-time
Preferred stock, shares authorized (in shares)	`PreferredStockSharesAuthorized`	100,000.00	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$18.82M	USD	Point-in-time
Preferred stock, shares authorized (in shares)	`PreferredStockSharesAuthorized`	100,000.00	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$18.67M	USD	Point-in-time
Preferred stock, shares issued (in shares)	`PreferredStockSharesIssued`	329.00	shares	Point-in-time
Restricted cash	`RestrictedCashCurrent`	$1.26M	USD	Point-in-time
Preferred stock, shares issued (in shares)	`PreferredStockSharesIssued`	329.00	shares	Point-in-time
Restricted cash	`RestrictedCashCurrent`	$1.29M	USD	Point-in-time
Restricted cash	`RestrictedCashCurrent`	-	USD	Point-in-time
Preferred stock, shares outstanding (in shares)	`PreferredStockSharesOutstanding`	329.00	shares	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$124.00K	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, dividend rate	`PreferredStockDividendRatePercentage`	0.09	pure	1 Quarter
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$793.00K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$691.00K	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
Total current assets	`AssetsCurrent`	$21.00M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$13.21M	USD	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 authorized (in shares)	`CommonStockSharesAuthorized`	70.00M	shares	Point-in-time
Property, plant, equipment and water programs, net	`PropertyPlantAndEquipmentNet`	$79.38M	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
Long-term deposit/prepaid expenses	`PrepaidExpenseNoncurrent`	$420.00K	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	50.75M	shares	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	43.66M	shares	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	50.75M	shares	Point-in-time
Equity-method investments	`EquityMethodInvestments`	$976.00K	USD	Point-in-time
Equity-method investments	`EquityMethodInvestments`	$942.00K	USD	Point-in-time
Goodwill	`Goodwill`	$3.81M	USD	Point-in-time
Goodwill	`Goodwill`	$3.81M	USD	Point-in-time
Right-of-use asset	`OperatingLeaseRightOfUseAsset`	$3.27M	USD	Point-in-time
Right-of-use asset	`OperatingLeaseRightOfUseAsset`	$3.28M	USD	Point-in-time
Long-term restricted cash	`RestrictedCashNoncurrent`	$134.00K	USD	Point-in-time
Long-term restricted cash	`RestrictedCashNoncurrent`	$6.34M	USD	Point-in-time
Long-term restricted cash	`RestrictedCashNoncurrent`	$7.60M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$4.57M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$4.30M	USD	Point-in-time
Total assets	`Assets`	$112.49M	USD	Point-in-time
Total assets	`Assets`	$119.74M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$286.00K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.09M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$808.00K	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$1.54M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$107.00K	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$82.00K	USD	Point-in-time
Dividend payable	`DividendsPayableCurrent`	$1.26M	USD	Point-in-time
Dividend payable	`DividendsPayableCurrent`	$1.29M	USD	Point-in-time
Operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$25.00K	USD	Point-in-time
Operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$24.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$2.51M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$4.01M	USD	Point-in-time
Long-term debt, net	`LongTermDebtNoncurrent`	$46.48M	USD	Point-in-time
Long-term debt, net	`LongTermDebtNoncurrent`	$47.03M	USD	Point-in-time
Long-term lease obligations with related party, net	`LessorOperatingLeaseDepositLiabilities`	$18.86M	USD	Point-in-time
Long-term lease obligations with related party, net	`LessorOperatingLeaseDepositLiabilities`	$19.30M	USD	Point-in-time
Long-term operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$3.01M	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`	$33.00K	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$32.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$74.13M	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
Common stock - $.01 par value; 70,000,000 shares authorized at March 31, 2022 and December 31, 2021; shares issued and outstanding 50,750,304 at March 31, 2022 and 43,656,169 at December 31, 2021	`CommonStockValue`	$506.00K	USD	Point-in-time
Common stock - $.01 par value; 70,000,000 shares authorized at March 31, 2022 and December 31, 2021; shares issued and outstanding 50,750,304 at March 31, 2022 and 43,656,169 at December 31, 2021	`CommonStockValue`	$436.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$613.57M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$625.67M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-573.40M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-580.58M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$-25.30M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$45.61M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$-13.05M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$40.61M	USD	Point-in-time
Total liabilities and stockholders deficit	`LiabilitiesAndStockholdersEquity`	$112.49M	USD	Point-in-time
Total liabilities and stockholders deficit	`LiabilitiesAndStockholdersEquity`	$119.74M	USD	Point-in-time

Income Statement 28 line items

Line Item	Tag	Value	Unit	Period
Total revenues	`Revenues`	$142.00K	USD	1 Quarter
Total revenues	`Revenues`	$139.00K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$3.81M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$3.23M	USD	1 Quarter
Depreciation	`DepreciationNonproduction`	$103.00K	USD	1 Quarter
Depreciation	`DepreciationNonproduction`	$121.00K	USD	1 Quarter
Total costs and expenses	`CostsAndExpenses`	$3.93M	USD	1 Quarter
Total costs and expenses	`CostsAndExpenses`	$3.34M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-3.20M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-3.79M	USD	1 Quarter
Interest expense, net	`InterestExpense`	$2.54M	USD	1 Quarter
Interest expense, net	`InterestExpense`	$1.99M	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-5.74M	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-5.78M	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`	$-134.00K	USD	1 Quarter
Loss from equity-method investments	`IncomeLossFromEquityMethodInvestments`	$-203.00K	USD	1 Quarter
Net loss and comprehensive loss	`NetIncomeLoss`	$-5.91M	USD	1 Quarter
Net loss and comprehensive loss	`NetIncomeLoss`	$-5.94M	USD	1 Quarter
Less: Preferred stock dividend	`PreferredStockDividendsIncomeStatementImpact`	-	USD	1 Quarter
Less: Preferred stock dividend	`PreferredStockDividendsIncomeStatementImpact`	$1.26M	USD	1 Quarter
Net loss and comprehensive loss applicable to common stock	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-5.94M	USD	1 Quarter
Net loss and comprehensive loss applicable to common stock	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-7.18M	USD	1 Quarter
Basic and diluted net loss per common share (in dollars per share)	`EarningsPerShareBasic`	$-0.16	USD	1 Quarter
Basic and diluted net loss per common share (in dollars per share)	`EarningsPerShareBasic`	$-0.16	USD	1 Quarter
Basic and diluted weighted average shares outstanding (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	44.43M	shares	1 Quarter
Basic and diluted weighted average shares outstanding (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	37.83M	shares	1 Quarter

Cash Flow Statement 57 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-5.91M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-5.94M	USD	1 Quarter
Depreciation, Total	`Depreciation`	$121.00K	USD	1 Quarter
Depreciation, Total	`Depreciation`	$103.00K	USD	1 Quarter
Amortization of debt discount and issuance costs	`AmortizationOfDebtDiscountPremium`	$568.00K	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`	$6.00K	USD	1 Quarter
Interest expense added to loan principal	`PaidInKindInterestAddedToLoanPrincipal`	$1.79M	USD	1 Quarter
Interest expense added to loan principal	`PaidInKindInterestAddedToLoanPrincipal`	-	USD	1 Quarter
Interest expense added to lease liability	`PaidInKindInterestAddedToLeaseLiability`	$442.00K	USD	1 Quarter
Interest expense added to lease liability	`PaidInKindInterestAddedToLeaseLiability`	$390.00K	USD	1 Quarter
Loss on equity method investments	`IncomeLossFromEquityMethodInvestmentsExcludingInvestingActivities`	$-134.00K	USD	1 Quarter
Loss on equity method investments	`IncomeLossFromEquityMethodInvestmentsExcludingInvestingActivities`	$-203.00K	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`	$433.00K	USD	1 Quarter
Unrealized (gain) loss on warrant derivative liabilities	`FairValueAdjustmentOfWarrants`	$-573.00K	USD	1 Quarter
Unrealized (gain) loss on warrant derivative liabilities	`FairValueAdjustmentOfWarrants`	-	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-146.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-37.00K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$102.00K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$127.00K	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$272.00K	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$271.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-188.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$664.00K	USD	1 Quarter
Lease liabilities	`IncreaseDecreaseInOperatingLeaseLiability`	$-246.00K	USD	1 Quarter
Lease liabilities	`IncreaseDecreaseInOperatingLeaseLiability`	$-255.00K	USD	1 Quarter
Other accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$795.00K	USD	1 Quarter
Other accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$1.40M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-3.22M	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`	$530.00K	USD	1 Quarter
Additions to property, plant and equipment and water programs	`PaymentsToAcquirePropertyPlantAndEquipment`	$513.00K	USD	1 Quarter
Contributions to equity-method investments	`PaymentsToAcquireInterestInJointVenture`	$137.00K	USD	1 Quarter
Contributions to equity-method investments	`PaymentsToAcquireInterestInJointVenture`	$100.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-630.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-650.00K	USD	1 Quarter
Net proceeds from issuance of stock	`ProceedsFromIssuanceOfCommonStock`	$11.74M	USD	1 Quarter
Net proceeds from issuance of stock	`ProceedsFromIssuanceOfCommonStock`	$14.87M	USD	1 Quarter
Dividend payments	`PaymentsOfDividends`	$1.29M	USD	1 Quarter
Dividend payments	`PaymentsOfDividends`	$2.74M	USD	3 Qtrs
Dividend payments	`PaymentsOfDividends`	-	USD	1 Quarter
Principal payments on long-term debt	`RepaymentsOfLongTermDebt`	$13.00K	USD	1 Quarter
Principal payments on long-term debt	`RepaymentsOfLongTermDebt`	$35.00K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$10.42M	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$14.85M	USD	1 Quarter
Net increase in cash, cash equivalents and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$11.38M	USD	1 Quarter
Net increase in cash, cash equivalents and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$6.57M	USD	1 Quarter
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`	$18.80M	USD	Point-in-time
Cash, cash equivalents and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$26.42M	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`	$7.42M	USD	Point-in-time
Cash, cash equivalents and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$18.80M	USD	Point-in-time
Cash, cash equivalents and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$26.42M	USD	Point-in-time
Cash, cash equivalents and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$19.86M	USD	Point-in-time

Stockholders Equity 17 line items

Line Item	Tag	Value	Unit	Period
Dividends declared (in dollars per share)	`PreferredStockDividendsPerShareDeclared`	$550.00	USD	1 Quarter
Preferred stock, dividend rate	`PreferredStockDividendRatePercentage`	0.09	pure	1 Quarter
Balance	`StockholdersEquity`	$-25.30M	USD	Point-in-time
Balance	`StockholdersEquity`	$45.61M	USD	Point-in-time
Balance	`StockholdersEquity`	$-13.05M	USD	Point-in-time
Balance	`StockholdersEquity`	$40.61M	USD	Point-in-time
Stock-based compensation expense	`StockIssuedDuringPeriodValueShareBasedCompensation`	$433.00K	USD	1 Quarter
Stock-based compensation expense	`StockIssuedDuringPeriodValueShareBasedCompensation`	$148.00K	USD	1 Quarter
Issuance of shares pursuant to direct offerings	`StockIssuedDuringPeriodValueNewIssues`	$11.74M	USD	1 Quarter
Dividends paid and declared	`DividendsPreferredStockCash`	$1.26M	USD	1 Quarter
Net loss and comprehensive loss	`NetIncomeLoss`	$-5.91M	USD	1 Quarter
Net loss and comprehensive loss	`NetIncomeLoss`	$-5.94M	USD	1 Quarter
Reclassification of warrant liability	`AdjustmentsToAdditionalPaidInCapitalReclassificationOfWarrantLiability`	$3.18M	USD	1 Quarter
Balance	`StockholdersEquity`	$-25.30M	USD	Point-in-time
Balance	`StockholdersEquity`	$45.61M	USD	Point-in-time
Balance	`StockholdersEquity`	$-13.05M	USD	Point-in-time
Balance	`StockholdersEquity`	$40.61M	USD	Point-in-time

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