10-Q Filing

REED'S, INC. CIK: 1140215 Q1 2016

Filing Information

Form Type	10-Q
Accession Number	`0001493152-16-009631`
Period End Date	20160331
Filing Date	20160511
Fiscal Year	2016
Fiscal Period	Q1
XBRL Instance	reed-20160331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 84 Income Statement 24 Cash Flow Statement 52 Stockholders Equity 10

Balance Sheet 84 line items

Line Item	Tag	Value	Unit	Period
Trade accounts receivable, allowance for doubtful accounts, returns and discounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$356.00K	USD	Point-in-time
Trade accounts receivable, allowance for doubtful accounts, returns and discounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$263.00K	USD	Point-in-time
Inventory, reserve for obsolescence net	`InventoryValuationReserves`	$220.00K	USD	Point-in-time
Inventory, reserve for obsolescence net	`InventoryValuationReserves`	$290.00K	USD	Point-in-time
Property and equipment, accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$4.22M	USD	Point-in-time
Cash	`Cash`	$959.00K	USD	Point-in-time
Cash	`Cash`	$1.22M	USD	Point-in-time
Cash	`Cash`	$648.00K	USD	Point-in-time
Cash	`Cash`	$1.82M	USD	Point-in-time
Property and equipment, accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$4.42M	USD	Point-in-time
Trade accounts receivable, net of allowance for doubtful accounts and returns and discounts of $263,000 and $356,000, respectively	`AccountsReceivableNetCurrent`	$2.89M	USD	Point-in-time
Long term financing obligation, net of discount	`DebtInstrumentUnamortizedDiscountPremiumNet`	$907.00K	USD	Point-in-time
Trade accounts receivable, net of allowance for doubtful accounts and returns and discounts of $263,000 and $356,000, respectively	`AccountsReceivableNetCurrent`	$2.67M	USD	Point-in-time
Long term financing obligation, net of discount	`DebtInstrumentUnamortizedDiscountPremiumNet`	$953.00K	USD	Point-in-time
Inventory, net of reserve for obsolescence of $220,000 and $290,000, respectively	`InventoryNet`	$7.93M	USD	Point-in-time
Term loan net of discount	`TermLoanPayableUnamortizedDiscountNet`	$132.00K	USD	Point-in-time
Term loan net of discount	`TermLoanPayableUnamortizedDiscountNet`	$106.00K	USD	Point-in-time
Inventory, net of reserve for obsolescence of $220,000 and $290,000, respectively	`InventoryNet`	$8.19M	USD	Point-in-time
Prepaid inventory	`Supplies`	$47.00K	USD	Point-in-time
Prepaid inventory	`Supplies`	$203.00K	USD	Point-in-time
Series A Convertible Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$10.00	USD	Point-in-time
Series A Convertible Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$10.00	USD	Point-in-time
Series A Convertible Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	500,000.00	shares	Point-in-time
Series A Convertible Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	500,000.00	shares	Point-in-time
Prepaid and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$456.00K	USD	Point-in-time
Prepaid and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$769.00K	USD	Point-in-time
Series A Convertible Preferred stock, shares issued	`PreferredStockSharesIssued`	9,411.00	shares	Point-in-time
Series A Convertible Preferred stock, shares issued	`PreferredStockSharesIssued`	9,411.00	shares	Point-in-time
Total Current Assets	`AssetsCurrent`	$13.45M	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$12.17M	USD	Point-in-time
Series A Convertible Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	9,411.00	shares	Point-in-time
Property and equipment, net of accumulated depreciation of $4,416,000 and $4,216,000, respectively	`PropertyPlantAndEquipmentNet`	$5.37M	USD	Point-in-time
Series A Convertible Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	9,411.00	shares	Point-in-time
Property and equipment, net of accumulated depreciation of $4,416,000 and $4,216,000, respectively	`PropertyPlantAndEquipmentNet`	$5.79M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Brand names	`IndefiniteLivedIntangibleAssetsExcludingGoodwill`	$1.03M	USD	Point-in-time
Brand names	`IndefiniteLivedIntangibleAssetsExcludingGoodwill`	$1.03M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	19.50M	shares	Point-in-time
Total assets	`Assets`	$18.98M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	19.50M	shares	Point-in-time
Total assets	`Assets`	$19.85M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	13.16M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	13.18M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	13.16M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	13.18M	shares	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$7.46M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$7.72M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$183.00K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$168.00K	USD	Point-in-time
Line of credit	`LinesOfCreditCurrent`	$4.25M	USD	Point-in-time
Line of credit	`LinesOfCreditCurrent`	$4.44M	USD	Point-in-time
Current portion of long term financing obligations	`LongTermDebtCurrent`	$160.00K	USD	Point-in-time
Current portion of long term financing obligations	`LongTermDebtCurrent`	$167.00K	USD	Point-in-time
Current portion of capital leases payable	`CapitalLeaseObligationsCurrent`	$153.00K	USD	Point-in-time
Current portion of capital leases payable	`CapitalLeaseObligationsCurrent`	$151.00K	USD	Point-in-time
Current portion of term loans	`LoansPayableToBankCurrent`	$341.00K	USD	Point-in-time
Current portion of term loans	`LoansPayableToBankCurrent`	$341.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$12.72M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$12.81M	USD	Point-in-time
Long term financing obligation, less current portion, net of discount of $907,000 and $953,000, respectively	`LongTermDebtNoncurrent`	$1.43M	USD	Point-in-time
Long term financing obligation, less current portion, net of discount of $907,000 and $953,000, respectively	`LongTermDebtNoncurrent`	$1.44M	USD	Point-in-time
Capital leases payable, less current portion	`CapitalLeaseObligationsNoncurrent`	$490.00K	USD	Point-in-time
Capital leases payable, less current portion	`CapitalLeaseObligationsNoncurrent`	$536.00K	USD	Point-in-time
Capital expansion loan	`LongTermLoansPayable`	$1.90M	USD	Point-in-time
Capital expansion loan	`LongTermLoansPayable`	$1.54M	USD	Point-in-time
Term loan, less current portion, net of discount $106,000 and $132,000, respectively	`LongTermLoansFromBank`	$2.89M	USD	Point-in-time
Term loan, less current portion, net of discount $106,000 and $132,000, respectively	`LongTermLoansFromBank`	$2.87M	USD	Point-in-time
Total Liabilities	`Liabilities`	$19.57M	USD	Point-in-time
Total Liabilities	`Liabilities`	$19.07M	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Series A Convertible Preferred stock, $10 par value, 500,000 shares authorized, 9,411 shares issued and outstanding	`PreferredStockValue`	$94.00K	USD	Point-in-time
Series A Convertible Preferred stock, $10 par value, 500,000 shares authorized, 9,411 shares issued and outstanding	`PreferredStockValue`	$94.00K	USD	Point-in-time
Common stock, $.0001 par value, 19,500,000 shares authorized, 13,184,331 and 13,160,860 shares issued and outstanding, respectively	`CommonStockValue`	$1.00K	USD	Point-in-time
Common stock, $.0001 par value, 19,500,000 shares authorized, 13,184,331 and 13,160,860 shares issued and outstanding, respectively	`CommonStockValue`	$1.00K	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$27.61M	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$27.40M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-26.71M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-28.29M	USD	Point-in-time
Total stockholders' equity (deficiency)	`StockholdersEquity`	$785.00K	USD	Point-in-time
Total stockholders' equity (deficiency)	`StockholdersEquity`	$-581.00K	USD	Point-in-time
Total liabilities and stockholders' equity (deficiency)	`LiabilitiesAndStockholdersEquity`	$19.85M	USD	Point-in-time
Total liabilities and stockholders' equity (deficiency)	`LiabilitiesAndStockholdersEquity`	$18.98M	USD	Point-in-time

Income Statement 24 line items

Line Item	Tag	Value	Unit	Period
Sales	`SalesRevenueNet`	$10.67M	USD	1 Quarter
Sales	`SalesRevenueNet`	$10.00M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsSold`	$8.11M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsSold`	$7.41M	USD	1 Quarter
Gross profit	`GrossProfit`	$3.26M	USD	1 Quarter
Gross profit	`GrossProfit`	$1.89M	USD	1 Quarter
Delivery and handling expenses	`ShippingHandlingAndTransportationCosts`	$1.17M	USD	1 Quarter
Delivery and handling expenses	`ShippingHandlingAndTransportationCosts`	$849.00K	USD	1 Quarter
Selling and marketing expenses	`SellingAndMarketingExpense`	$1.19M	USD	1 Quarter
Selling and marketing expenses	`SellingAndMarketingExpense`	$1.04M	USD	1 Quarter
General and administrative expense	`GeneralAndAdministrativeExpense`	$914.00K	USD	1 Quarter
General and administrative expense	`GeneralAndAdministrativeExpense`	$1.21M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$3.10M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$3.28M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-1.20M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-17.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$254.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$378.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.58M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-271.00K	USD	1 Quarter
Loss per share - basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.12	USD	1 Quarter
Loss per share - basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.02	USD	1 Quarter
Weighted average number of shares outstanding - basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	13.07M	shares	1 Quarter
Weighted average number of shares outstanding - basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	13.18M	shares	1 Quarter

Cash Flow Statement 52 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-1.58M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-271.00K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$213.00K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$261.00K	USD	1 Quarter
Fair value of stock options issued to employees	`FairValueOptionChangesInFairValueGainLoss1`	$-212.00K	USD	1 Quarter
Fair value of stock options issued to employees	`FairValueOptionChangesInFairValueGainLoss1`	$-169.00K	USD	1 Quarter
(Decrease) increase in allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivablePeriodIncreaseDecrease`	$1.00K	USD	1 Quarter
(Decrease) increase in allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivablePeriodIncreaseDecrease`	$-93.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$479.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-313.00K	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$2.05M	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$259.00K	USD	1 Quarter
Prepaid Inventory	`IncreaseDecreaseInPrepaidInventory`	$156.00K	USD	1 Quarter
Prepaid Inventory	`IncreaseDecreaseInPrepaidInventory`	$-474.00K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-168.00K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-312.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$263.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$1.27M	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$11.00K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$15.00K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-755.00K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-458.00K	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$186.00K	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$351.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-186.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-351.00K	USD	1 Quarter
Proceeds from warrant exercises	`ProceedsFromWarrantExercises`	$45.00K	USD	1 Quarter
Proceeds from warrant exercises	`ProceedsFromWarrantExercises`	$31.00K	USD	1 Quarter
Principal repayments on long term financing obligation	`RepaymentsOfLongTermDebt`	$31.00K	USD	1 Quarter
Principal repayments on long term financing obligation	`RepaymentsOfLongTermDebt`	$37.00K	USD	1 Quarter
Principal repayments on capital lease obligation	`RepaymentsOfLongTermCapitalLeaseObligations`	$42.00K	USD	1 Quarter
Principal repayments on capital lease obligation	`RepaymentsOfLongTermCapitalLeaseObligations`	$33.00K	USD	1 Quarter
Net draw down (repayment) on line of credit	`ProceedsFromLongTermLinesOfCredit`	$-193.00K	USD	1 Quarter
Net draw down (repayment) on line of credit	`ProceedsFromLongTermLinesOfCredit`	$1.10M	USD	1 Quarter
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$1.07M	USD	1 Quarter
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-227.00K	USD	1 Quarter
Net increase (decrease) in cash	`CashPeriodIncreaseDecrease`	$262.00K	USD	1 Quarter
Net increase (decrease) in cash	`CashPeriodIncreaseDecrease`	$-1.17M	USD	1 Quarter
Cash at beginning of period	`Cash`	$959.00K	USD	Point-in-time
Cash at beginning of period	`Cash`	$1.22M	USD	Point-in-time
Cash at beginning of period	`Cash`	$648.00K	USD	Point-in-time
Cash at beginning of period	`Cash`	$1.82M	USD	Point-in-time
Cash at end of period	`Cash`	$959.00K	USD	Point-in-time
Cash at end of period	`Cash`	$1.22M	USD	Point-in-time
Cash at end of period	`Cash`	$648.00K	USD	Point-in-time
Cash at end of period	`Cash`	$1.82M	USD	Point-in-time
Interest	`InterestPaidNet`	$364.00K	USD	1 Quarter
Interest	`InterestPaidNet`	$201.00K	USD	1 Quarter
Property and equipment acquired through capital expansion loan	`PropertyAndEquipmentAcquiredThroughCapexLoan`	$311.00K	USD	1 Quarter
Property and equipment acquired through capital expansion loan	`PropertyAndEquipmentAcquiredThroughCapexLoan`	$354.00K	USD	1 Quarter
Property and equipment acquired through capitalized leases	`PropertyAndEquipmentAcquiredThroughCapitalizedLeases`	$86.00K	USD	1 Quarter
Property and equipment acquired through capitalized leases	`PropertyAndEquipmentAcquiredThroughCapitalizedLeases`	$250.00K	USD	1 Quarter

Stockholders Equity 10 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$785.00K	USD	Point-in-time
Balance	`StockholdersEquity`	$-581.00K	USD	Point-in-time
Common shares issued upon exercise of warrants	`StockIssuedDuringPeriodValueWarrantsExercised`	$45.00K	USD	1 Quarter
Common shares issued upon exercise of options	`StockIssuedDuringPeriodValueStockOptionsExercised`	-	USD	1 Quarter
Common shares issued upon exercise of options, Shares	`StockIssuedDuringPeriodSharesStockOptionsExercised`	7,211.00	shares	1 Quarter
Fair value vesting of options issued to employees	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition`	$169.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.58M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-271.00K	USD	1 Quarter
Balance	`StockholdersEquity`	$785.00K	USD	Point-in-time
Balance	`StockholdersEquity`	$-581.00K	USD	Point-in-time

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