10-K Filing

REED'S, INC. CIK: 1140215 FY 2016

Filing Information

Form Type	10-K
Accession Number	`0001493152-17-004310`
Period End Date	20161231
Filing Date	20170424
Fiscal Year	2016
Fiscal Period	FY
XBRL Instance	reed-20161231.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 82 Income Statement 32 Cash Flow Statement 70 Stockholders Equity 23

Balance Sheet 82 line items

Line Item	Tag	Value	Unit	Period
Trade accounts receivable, allowance for doubtful accounts and returns and discounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$256.00K	USD	Point-in-time
Trade accounts receivable, allowance for doubtful accounts and returns and discounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$356.00K	USD	Point-in-time
Inventory, reserve for obsolescence net	`InventoryValuationReserves`	$290.00K	USD	Point-in-time
Inventory, reserve for obsolescence net	`InventoryValuationReserves`	$115.00K	USD	Point-in-time
Property and equipment, accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$4.22M	USD	Point-in-time
Property and equipment, accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$4.72M	USD	Point-in-time
Cash	`Cash`	$451.00K	USD	Point-in-time
Cash	`Cash`	$959.00K	USD	Point-in-time
Cash	`Cash`	$1.82M	USD	Point-in-time
Trade accounts receivable, net of allowance for doubtful accounts and returns and discounts of $256,000 and $356,000, respectively	`AccountsReceivableNetCurrent`	$2.89M	USD	Point-in-time
Trade accounts receivable, net of allowance for doubtful accounts and returns and discounts of $256,000 and $356,000, respectively	`AccountsReceivableNetCurrent`	$2.48M	USD	Point-in-time
Long term financing obligation, discount	`DebtInstrumentUnamortizedDiscountPremiumNet`	$935.00K	USD	Point-in-time
Long term financing obligation, discount	`DebtInstrumentUnamortizedDiscountPremiumNet`	$825.00K	USD	Point-in-time
Inventory, net of reserve for obsolescence of $115,000 and $290,000, respectively	`InventoryNet`	$6.88M	USD	Point-in-time
Bank notes, discount	`BankNotesDiscount`	$78.00K	USD	Point-in-time
Inventory, net of reserve for obsolescence of $115,000 and $290,000, respectively	`InventoryNet`	$7.97M	USD	Point-in-time
Bank notes, discount	`BankNotesDiscount`	$132.00K	USD	Point-in-time
Series A Convertible Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$10.00	USD	Point-in-time
Prepaid and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$769.00K	USD	Point-in-time
Prepaid and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$500.00K	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
Total Current Assets	`AssetsCurrent`	$13.45M	USD	Point-in-time
Series A Convertible Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	500,000.00	shares	Point-in-time
Total Current Assets	`AssetsCurrent`	$10.32M	USD	Point-in-time
Series A Convertible Preferred stock, shares issued	`PreferredStockSharesIssued`	9,411.00	shares	Point-in-time
Property and equipment, net of accumulated depreciation of $4,719,000 and $4,216,000, respectively	`PropertyPlantAndEquipmentNet`	$7.73M	USD	Point-in-time
Property and equipment, net of accumulated depreciation of $4,719,000 and $4,216,000, respectively	`PropertyPlantAndEquipmentNet`	$5.37M	USD	Point-in-time
Series A Convertible Preferred stock, shares issued	`PreferredStockSharesIssued`	9,411.00	shares	Point-in-time
Brand names	`IntangibleAssetsNetExcludingGoodwill`	$1.03M	USD	Point-in-time
Series A Convertible Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	9,411.00	shares	Point-in-time
Brand names	`IntangibleAssetsNetExcludingGoodwill`	$805.00K	USD	Point-in-time
Series A Convertible Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	9,411.00	shares	Point-in-time
Total assets	`Assets`	$18.85M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Total assets	`Assets`	$19.85M	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
Common stock, shares authorized	`CommonStockSharesAuthorized`	19.50M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	13.98M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	13.16M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	13.98M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	13.16M	shares	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$7.46M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$5.96M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$215.00K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$168.00K	USD	Point-in-time
Line of credit	`LinesOfCreditCurrent`	$4.44M	USD	Point-in-time
Line of credit	`LinesOfCreditCurrent`	$4.38M	USD	Point-in-time
Current portion of long term financing obligations	`LongTermDebtCurrent`	$190.00K	USD	Point-in-time
Current portion of long term financing obligations	`LongTermDebtCurrent`	$160.00K	USD	Point-in-time
Current portion of capital leases payable	`CapitalLeaseObligationsCurrent`	$183.00K	USD	Point-in-time
Current portion of capital leases payable	`CapitalLeaseObligationsCurrent`	$153.00K	USD	Point-in-time
Current portion of bank notes	`NotesPayableToBankCurrent`	$341.00K	USD	Point-in-time
Current portion of bank notes	`NotesPayableToBankCurrent`	$953.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$11.88M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$12.72M	USD	Point-in-time
Other Long Term Liabilities	`OtherLiabilitiesNoncurrent`	$130.00K	USD	Point-in-time
Other Long Term Liabilities	`OtherLiabilitiesNoncurrent`	-	USD	Point-in-time
Long term financing obligation, less current portion, net of discount of $825,000 and $935,000, respectively	`LongTermDebtNoncurrent`	$1.44M	USD	Point-in-time
Long term financing obligation, less current portion, net of discount of $825,000 and $935,000, respectively	`LongTermDebtNoncurrent`	$1.36M	USD	Point-in-time
Capital leases payable, less current portion	`CapitalLeaseObligationsNoncurrent`	$438.00K	USD	Point-in-time
Capital leases payable, less current portion	`CapitalLeaseObligationsNoncurrent`	$490.00K	USD	Point-in-time
Bank notes, net of discount $78,000 and $132,000, respectively	`NotesPayableToBankNoncurrent`	$4.41M	USD	Point-in-time
Bank notes, net of discount $78,000 and $132,000, respectively	`NotesPayableToBankNoncurrent`	$5.92M	USD	Point-in-time
Warrant liability	`WarrantLiability`	-	USD	Point-in-time
Warrant liability	`WarrantLiability`	$775.00K	USD	Point-in-time
Total Liabilities	`Liabilities`	$19.07M	USD	Point-in-time
Total Liabilities	`Liabilities`	$20.51M	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, 13,982,230 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, 13,982,230 and 13,160,860 shares issued and outstanding, respectively	`CommonStockValue`	$1.00K	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$27.40M	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$29.97M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-31.72M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-26.71M	USD	Point-in-time
Total stockholders' equity (deficit)	`StockholdersEquity`	$785.00K	USD	Point-in-time
Total stockholders' equity (deficit)	`StockholdersEquity`	$3.65M	USD	Point-in-time
Total stockholders' equity (deficit)	`StockholdersEquity`	$-1.66M	USD	Point-in-time
Total liabilities and stockholders' equity (deficit)	`LiabilitiesAndStockholdersEquity`	$19.85M	USD	Point-in-time
Total liabilities and stockholders' equity (deficit)	`LiabilitiesAndStockholdersEquity`	$18.85M	USD	Point-in-time

Income Statement 32 line items

Line Item	Tag	Value	Unit	Period
Net Sales	`SalesRevenueNet`	$45.95M	USD	Annual
Net Sales	`SalesRevenueNet`	$42.47M	USD	Annual
Cost of goods sold	`CostOfGoodsSold`	$34.34M	USD	Annual
Cost of goods sold	`CostOfGoodsSold`	$33.49M	USD	Annual
Gross profit	`GrossProfit`	$8.98M	USD	Annual
Gross profit	`GrossProfit`	$11.61M	USD	Annual
Delivery and handling expenses	`ShippingHandlingAndTransportationCosts`	$5.10M	USD	Annual
Delivery and handling expenses	`ShippingHandlingAndTransportationCosts`	$3.90M	USD	Annual
Selling and marketing expense	`SellingAndMarketingExpense`	$3.70M	USD	Annual
Selling and marketing expense	`SellingAndMarketingExpense`	$4.87M	USD	Annual
General and administrative expense	`GeneralAndAdministrativeExpense`	$4.21M	USD	Annual
General and administrative expense	`GeneralAndAdministrativeExpense`	$4.37M	USD	Annual
Impairment of assets	`AssetImpairmentCharges`	-	USD	Annual
Impairment of assets	`AssetImpairmentCharges`	$224.00K	USD	Annual
Total operating expenses	`OperatingExpenses`	$12.04M	USD	Annual
Total operating expenses	`OperatingExpenses`	$14.34M	USD	Annual
Loss from operations	`OperatingIncomeLoss`	$-3.05M	USD	Annual
Loss from operations	`OperatingIncomeLoss`	$-2.73M	USD	Annual
Interest expense	`InterestExpense`	$1.23M	USD	Annual
Interest expense	`InterestExpense`	$1.72M	USD	Annual
Change in fair value of warrant liability	`FairValueAdjustmentOfWarrants`	$232.00K	USD	Annual
Change in fair value of warrant liability	`FairValueAdjustmentOfWarrants`	-	USD	Annual
Net loss	`NetIncomeLoss`	$-3.96M	USD	Annual
Net loss	`NetIncomeLoss`	$-5.01M	USD	Annual
Preferred Stock Dividends	`PreferredStockDividendsIncomeStatementImpact`	$5.00K	USD	Annual
Preferred Stock Dividends	`PreferredStockDividendsIncomeStatementImpact`	$5.00K	USD	Annual
Net loss attributable to common stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-3.97M	USD	Annual
Net loss attributable to common stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-5.01M	USD	Annual
Loss per share - basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.30	USD	Annual
Loss per share - basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.37	USD	Annual
Weighted average number of shares outstanding - basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	13.15M	shares	Annual
Weighted average number of shares outstanding - basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	13.62M	shares	Annual

Cash Flow Statement 70 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-3.96M	USD	Annual
Net loss	`NetIncomeLoss`	$-5.01M	USD	Annual
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$642.00K	USD	Annual
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$933.00K	USD	Annual
Fair value of vested stock options issued to employees	`ShareBasedCompensation`	$658.00K	USD	Annual
Fair value of vested stock options issued to employees	`ShareBasedCompensation`	$877.00K	USD	Annual
Fair value of common stock issued for services	`FairValueOfCommonStockIssuedForServices`	$1.00K	USD	Annual
Fair value of common stock issued for services	`FairValueOfCommonStockIssuedForServices`	$15.00K	USD	Annual
(Decrease) increase in allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivablePeriodIncreaseDecrease`	$-100.00K	USD	Annual
(Decrease) increase in allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivablePeriodIncreaseDecrease`	$103.00K	USD	Annual
(Decrease) increase in reserve for impairment of assets	`DecreaseIncreaseInReserveForImpairmentOfAssets`	$-484.00K	USD	Annual
(Decrease) increase in reserve for impairment of assets	`DecreaseIncreaseInReserveForImpairmentOfAssets`	-	USD	Annual
Change in fair value of warrant liability	`FairValueAdjustmentOfWarrants`	$232.00K	USD	Annual
Change in fair value of warrant liability	`FairValueAdjustmentOfWarrants`	-	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$497.00K	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-509.00K	USD	Annual
Inventory	`IncreaseDecreaseInInventories`	$381.00K	USD	Annual
Inventory	`IncreaseDecreaseInInventories`	$-1.09M	USD	Annual
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-269.00K	USD	Annual
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$25.00K	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$1.56M	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-1.50M	USD	Annual
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$38.00K	USD	Annual
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$17.00K	USD	Annual
Increase in other long term obligations	`IncreaseDecreaseInLongTermReceivablesCurrent`	-	USD	Annual
Increase in other long term obligations	`IncreaseDecreaseInLongTermReceivablesCurrent`	$-160.00K	USD	Annual
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-2.53M	USD	Annual
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.35M	USD	Annual
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$532.00K	USD	Annual
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$410.00K	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-410.00K	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-532.00K	USD	Annual
Proceeds from stock option and warrant exercises	`ProceedsFromWarrantExercises`	$116.00K	USD	Annual
Proceeds from stock option and warrant exercises	`ProceedsFromWarrantExercises`	$75.00K	USD	Annual
Principal payments on capital expansion loan	`PaymentsOnCapitalExpansionLoan`	-	USD	Annual
Principal payments on capital expansion loan	`PaymentsOnCapitalExpansionLoan`	$-375.00K	USD	Annual
Proceeds from sale of common stock	`ProceedsFromIssuanceOfCommonStock`	$2.23M	USD	Annual
Proceeds from sale of common stock	`ProceedsFromIssuanceOfCommonStock`	-	USD	Annual
Proceeds from borrowing on Term Loan B	`ProceedsFromShortTermDebt`	-	USD	Annual
Proceeds from borrowing on Term Loan B	`ProceedsFromShortTermDebt`	$1.50M	USD	Annual
Principal repayments on long term financial obligation	`RepaymentsOfLongTermDebt`	$160.00K	USD	Annual
Principal repayments on long term financial obligation	`RepaymentsOfLongTermDebt`	$134.00K	USD	Annual
Principal repayments on capital lease obligation	`RepaymentsOfLongTermCapitalLeaseObligations`	$138.00K	USD	Annual
Principal repayments on capital lease obligation	`RepaymentsOfLongTermCapitalLeaseObligations`	$174.00K	USD	Annual
Net borrowings (repayments) on existing line of credit	`ProceedsFromRepaymentsOfLinesOfCredit`	$-59.00K	USD	Annual
Net borrowings (repayments) on existing line of credit	`ProceedsFromRepaymentsOfLinesOfCredit`	$1.43M	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$2.74M	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$1.58M	USD	Annual
Net increase (decrease) in cash	`CashPeriodIncreaseDecrease`	$-1.36M	USD	Annual
Net increase (decrease) in cash	`CashPeriodIncreaseDecrease`	$857.00K	USD	Annual
Cash at beginning of period	`Cash`	$451.00K	USD	Point-in-time
Cash at beginning of period	`Cash`	$959.00K	USD	Point-in-time
Cash at beginning of period	`Cash`	$1.82M	USD	Point-in-time
Cash at end of period	`Cash`	$451.00K	USD	Point-in-time
Cash at end of period	`Cash`	$959.00K	USD	Point-in-time
Cash at end of period	`Cash`	$1.82M	USD	Point-in-time
Interest	`InterestPaidNet`	$1.75M	USD	Annual
Interest	`InterestPaidNet`	$1.19M	USD	Annual
Property and equipment acquired through capital expansion loan	`PropertyAndEquipmentAcquiredThroughCapitalizedLeases`	$915.00K	USD	Annual
Property and equipment acquired through capital expansion loan	`PropertyAndEquipmentAcquiredThroughCapitalizedLeases`	$2.44M	USD	Annual
Property and equipment acquired through capital lease obligations	`CapitalExpendituresIncurredButNotYetPaid`	$152.00K	USD	Annual
Property and equipment acquired through capital lease obligations	`CapitalExpendituresIncurredButNotYetPaid`	$179.00K	USD	Annual
Other current assets acquired through capital expansion loan	`OtherCurrentAssetsAcquiredThroughCapitalExpansionLoan`	$297.00K	USD	Annual
Other current assets acquired through capital expansion loan	`OtherCurrentAssetsAcquiredThroughCapitalExpansionLoan`	-	USD	Annual
Fair value of warrants granted as debt discount	`FairValueOfWarrantsGrantedAsDebtDiscount`	$141.00K	USD	Annual
Fair value of warrants granted as debt discount	`FairValueOfWarrantsGrantedAsDebtDiscount`	$91.00K	USD	Annual
Dividends payable in common stock	`DividendsPayableInCommonStock`	$5.00K	USD	Annual
Dividends payable in common stock	`DividendsPayableInCommonStock`	$5.00K	USD	Annual
Warrant liability from private financing	`WarrantLiabilityFromPrivateFinancing`	-	USD	Annual
Warrant liability from private financing	`WarrantLiabilityFromPrivateFinancing`	$543.00K	USD	Annual

Stockholders Equity 23 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$785.00K	USD	Point-in-time
Balance	`StockholdersEquity`	$3.65M	USD	Point-in-time
Balance	`StockholdersEquity`	$-1.66M	USD	Point-in-time
Fair Value of common stock issued for services	`StockIssuedDuringPeriodValueIssuedForServices`	$15.00K	USD	Annual
Fair Value of common stock issued for services	`StockIssuedDuringPeriodValueIssuedForServices`	$1.00K	USD	Annual
Common shares issued upon exercise of warrants	`CommonSharesIssuedUponExerciseOfWarrants`	-	USD	Annual
Common shares issued upon exercise of warrants	`CommonSharesIssuedUponExerciseOfWarrants`	$45.00K	USD	Annual
Common shares issued upon exercise of options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$75.00K	USD	Annual
Common shares issued upon exercise of options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$71.00K	USD	Annual
Common shares issued upon exercise of options, Shares	`StockIssuedDuringPeriodSharesStockOptionsExercised`	135,833.00	shares	Annual
Common shares issued upon exercise of options, Shares	`StockIssuedDuringPeriodSharesStockOptionsExercised`	84,000.00	shares	Annual
Fair value of warrants granted as valuation discount	`AdjustmentsToAdditionalPaidInCapitalWarrantIssued`	$141.00K	USD	Annual
Fair value vesting of warrants issued as debt discount	`FairValueVestingOfWarrantsIssuedAsDebtDiscount`	$91.00K	USD	Annual
Fair value vesting of options issued to employees	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition`	$877.00K	USD	Annual
Fair value of vested options	`FairValueOfVestedOptions`	$658.00K	USD	Annual
Common shares issued upon sale of securities	`SaleOfStockConsiderationReceivedOnTransaction`	$1.69M	USD	Annual
Series A preferred stock dividend	`DividendsPreferredStockStock`	-	USD	Annual
Series A preferred stock dividend	`DividendsPreferredStockStock`	-	USD	Annual
Net loss	`NetIncomeLoss`	$-3.96M	USD	Annual
Net loss	`NetIncomeLoss`	$-5.01M	USD	Annual
Balance	`StockholdersEquity`	$785.00K	USD	Point-in-time
Balance	`StockholdersEquity`	$3.65M	USD	Point-in-time
Balance	`StockholdersEquity`	$-1.66M	USD	Point-in-time

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