10-Q Filing

REED'S, INC. CIK: 1140215 Q1 2017

Filing Information

Form Type	10-Q
Accession Number	`0001493152-17-005335`
Period End Date	20170331
Filing Date	20170515
Fiscal Year	2017
Fiscal Period	Q1
XBRL Instance	reed-20170331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 80 Income Statement 25 Cash Flow Statement 56 Stockholders Equity 7

Balance Sheet 80 line items

Line Item	Tag	Value	Unit	Period
Trade accounts receivable, allowance for doubtful accounts and returns and discounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$282.00K	USD	Point-in-time
Trade accounts receivable, allowance for doubtful accounts and returns and discounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$256.00K	USD	Point-in-time
Inventory, reserve for obsolescence net	`InventoryValuationReserves`	$165.00K	USD	Point-in-time
Inventory, reserve for obsolescence net	`InventoryValuationReserves`	$115.00K	USD	Point-in-time
Cash	`Cash`	$197.00K	USD	Point-in-time
Cash	`Cash`	$451.00K	USD	Point-in-time
Property and equipment, accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$4.72M	USD	Point-in-time
Property and equipment, accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$4.98M	USD	Point-in-time
Cash	`Cash`	$1.82M	USD	Point-in-time
Cash	`Cash`	$648.00K	USD	Point-in-time
Trade accounts receivable, net of allowance for doubtful accounts and returns and discounts of $282,000 and $256,000, respectively	`AccountsReceivableNetCurrent`	$2.48M	USD	Point-in-time
Long term financing obligation, discount	`DebtInstrumentUnamortizedDiscountPremiumNet`	$825.00K	USD	Point-in-time
Long term financing obligation, discount	`DebtInstrumentUnamortizedDiscountPremiumNet`	$797.00K	USD	Point-in-time
Trade accounts receivable, net of allowance for doubtful accounts and returns and discounts of $282,000 and $256,000, respectively	`AccountsReceivableNetCurrent`	$2.41M	USD	Point-in-time
Bank notes, discount	`BankNotesDiscount`	$78.00K	USD	Point-in-time
Bank notes, discount	`BankNotesDiscount`	$32.00K	USD	Point-in-time
Inventory, net of reserve for obsolescence of $165,000 and $115,000, respectively	`InventoryNet`	$5.52M	USD	Point-in-time
Inventory, net of reserve for obsolescence of $165,000 and $115,000, respectively	`InventoryNet`	$6.88M	USD	Point-in-time
Prepaid and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$377.00K	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
Prepaid and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$500.00K	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
Total Current Assets	`AssetsCurrent`	$10.32M	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$8.50M	USD	Point-in-time
Property and equipment, net of accumulated depreciation of $4,984,000 and $4,719,000, respectively	`PropertyPlantAndEquipmentNet`	$7.73M	USD	Point-in-time
Property and equipment, net of accumulated depreciation of $4,984,000 and $4,719,000, respectively	`PropertyPlantAndEquipmentNet`	$7.93M	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 assets	`Assets`	$18.85M	USD	Point-in-time
Series A Convertible Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	9,411.00	shares	Point-in-time
Total assets	`Assets`	$17.24M	USD	Point-in-time
Series A Convertible Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	9,411.00	shares	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	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
Accounts payable	`AccountsPayableCurrent`	$5.96M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	13.98M	shares	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$6.62M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	13.98M	shares	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$191.00K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$215.00K	USD	Point-in-time
Advances from officers	`DueFromRelatedParties`	$380.00K	USD	Point-in-time
Advances from officers	`DueFromRelatedParties`	-	USD	Point-in-time
Line of credit	`LinesOfCreditCurrent`	$4.38M	USD	Point-in-time
Line of credit	`LinesOfCreditCurrent`	$3.53M	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`	$197.00K	USD	Point-in-time
Current portion of capital leases payable	`CapitalLeaseObligationsCurrent`	$187.00K	USD	Point-in-time
Current portion of capital leases payable	`CapitalLeaseObligationsCurrent`	$183.00K	USD	Point-in-time
Current portion of bank notes	`NotesPayableToBankCurrent`	$953.00K	USD	Point-in-time
Current portion of bank notes	`NotesPayableToBankCurrent`	$953.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$12.05M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$11.88M	USD	Point-in-time
Other liabilities	`OtherLiabilities`	$129.00K	USD	Point-in-time
Other liabilities	`OtherLiabilities`	$130.00K	USD	Point-in-time
Long term financing obligation, less current portion, net of discount of $797,000 and $825,000, respectively	`LongTermDebtNoncurrent`	$1.36M	USD	Point-in-time
Long term financing obligation, less current portion, net of discount of $797,000 and $825,000, respectively	`LongTermDebtNoncurrent`	$1.34M	USD	Point-in-time
Capital leases payable, less current portion	`CapitalLeaseObligationsNoncurrent`	$389.00K	USD	Point-in-time
Capital leases payable, less current portion	`CapitalLeaseObligationsNoncurrent`	$438.00K	USD	Point-in-time
Bank notes, net of discount $32,000 and $78,000, respectively	`NotesPayableToBankNoncurrent`	$5.92M	USD	Point-in-time
Bank notes, net of discount $32,000 and $78,000, respectively	`NotesPayableToBankNoncurrent`	$6.08M	USD	Point-in-time
Warrant liability	`WarrantLiability`	$766.00K	USD	Point-in-time
Warrant liability	`WarrantLiability`	$775.00K	USD	Point-in-time
Total Liabilities	`Liabilities`	$20.51M	USD	Point-in-time
Total Liabilities	`Liabilities`	$20.75M	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 outstanding	`CommonStockValue`	$1.00K	USD	Point-in-time
Common stock, $.0001 par value, 19,500,000 shares authorized, 13,982,230 outstanding	`CommonStockValue`	$1.00K	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$30.11M	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$29.97M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-33.72M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-31.72M	USD	Point-in-time
Total stockholders' deficiency	`StockholdersEquity`	$-1.66M	USD	Point-in-time
Total stockholders' deficiency	`StockholdersEquity`	$-3.51M	USD	Point-in-time
Total liabilities and stockholders' deficiency	`LiabilitiesAndStockholdersEquity`	$18.85M	USD	Point-in-time
Total liabilities and stockholders' deficiency	`LiabilitiesAndStockholdersEquity`	$17.24M	USD	Point-in-time

Income Statement 25 line items

Line Item	Tag	Value	Unit	Period
Net Sales	`SalesRevenueNet`	$8.29M	USD	1 Quarter
Net Sales	`SalesRevenueNet`	$10.00M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsSold`	$7.24M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsSold`	$8.11M	USD	1 Quarter
Gross profit	`GrossProfit`	$1.89M	USD	1 Quarter
Gross profit	`GrossProfit`	$1.06M	USD	1 Quarter
Delivery and handling expenses	`ShippingHandlingAndTransportationCosts`	$743.00K	USD	1 Quarter
Delivery and handling expenses	`ShippingHandlingAndTransportationCosts`	$849.00K	USD	1 Quarter
Selling and marketing expense	`SellingAndMarketingExpense`	$788.00K	USD	1 Quarter
Selling and marketing expense	`SellingAndMarketingExpense`	$1.04M	USD	1 Quarter
General and administrative expense	`GeneralAndAdministrativeExpense`	$1.21M	USD	1 Quarter
General and administrative expense	`GeneralAndAdministrativeExpense`	$1.11M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$3.10M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$2.64M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-1.59M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-1.20M	USD	1 Quarter
Interest expense	`InterestExpense`	$378.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$416.00K	USD	1 Quarter
Change in fair value of warrant liability	`FairValueAdjustmentOfWarrants`	$192.00K	USD	1 Quarter
Net loss attributable to common stockholders	`NetIncomeLoss`	$-1.58M	USD	1 Quarter
Net loss attributable to common stockholders	`NetIncomeLoss`	$-1.99M	USD	1 Quarter
Loss per share - basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.12	USD	1 Quarter
Loss per share - basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.14	USD	1 Quarter
Weighted average number of shares outstanding - basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	13.18M	shares	1 Quarter
Weighted average number of shares outstanding - basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	13.98M	shares	1 Quarter

Cash Flow Statement 56 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-1.58M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.99M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$261.00K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$194.00K	USD	1 Quarter
Fair value of vested stock options issued to employees and directors	`ShareBasedCompensation`	$140.00K	USD	1 Quarter
Fair value of vested stock options issued to employees and directors	`ShareBasedCompensation`	$169.00K	USD	1 Quarter
Increase (decrease) in allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivablePeriodIncreaseDecrease`	$26.00K	USD	1 Quarter
Increase (decrease) in allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivablePeriodIncreaseDecrease`	$-93.00K	USD	1 Quarter
Increase in reserve for inventory	`DecreaseIncreaseInReserveForImpairmentOfAssets`	$-50.00K	USD	1 Quarter
Change in fair value of warrant liability	`FairValueAdjustmentOfWarrants`	$192.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-45.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-313.00K	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$415.00K	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$-1.32M	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-312.00K	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-124.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$656.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$263.00K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$6.00K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$15.00K	USD	1 Quarter
Increase in other long term obligations	`IncreaseDecreaseInLongTermReceivablesCurrent`	-	USD	1 Quarter
Net cash provided (used) by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$527.00K	USD	1 Quarter
Net cash provided (used) by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-755.00K	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$186.00K	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$41.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-186.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-41.00K	USD	1 Quarter
Advances from officers	`ProceedsFromRelatedPartyDebt`	-	USD	1 Quarter
Advances from officers	`ProceedsFromRelatedPartyDebt`	$380.00K	USD	1 Quarter
Proceeds from stock option and warrant exercises	`ProceedsFromWarrantExercises`	-	USD	1 Quarter
Proceeds from stock option and warrant exercises	`ProceedsFromWarrantExercises`	$45.00K	USD	1 Quarter
Principal payments on capital expansion loan	`PaymentsOnCapitalExpansionLoan`	$-177.00K	USD	1 Quarter
Principal repayments on long term financial obligation	`RepaymentsOfLongTermDebt`	$44.00K	USD	1 Quarter
Principal repayments on long term financial 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`	$45.00K	USD	1 Quarter
Net repayments on existing line of credit	`ProceedsFromRepaymentsOfLinesOfCredit`	$-854.00K	USD	1 Quarter
Net repayments on existing line of credit	`ProceedsFromRepaymentsOfLinesOfCredit`	$-193.00K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-227.00K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-740.00K	USD	1 Quarter
Net decrease in cash	`CashPeriodIncreaseDecrease`	$-254.00K	USD	1 Quarter
Net decrease in cash	`CashPeriodIncreaseDecrease`	$-1.17M	USD	1 Quarter
Cash at beginning of period	`Cash`	$197.00K	USD	Point-in-time
Cash at beginning of period	`Cash`	$451.00K	USD	Point-in-time
Cash at beginning of period	`Cash`	$1.82M	USD	Point-in-time
Cash at beginning of period	`Cash`	$648.00K	USD	Point-in-time
Cash at end of period	`Cash`	$197.00K	USD	Point-in-time
Cash at end of period	`Cash`	$451.00K	USD	Point-in-time
Cash at end of period	`Cash`	$1.82M	USD	Point-in-time
Cash at end of period	`Cash`	$648.00K	USD	Point-in-time
Interest	`InterestPaidNet`	$400.00K	USD	1 Quarter
Interest	`InterestPaidNet`	$364.00K	USD	1 Quarter
Property and equipment acquired through capital expansion loan	`PropertyAndEquipmentAcquiredThroughCapitalizedLeases`	$288.00K	USD	1 Quarter
Property and equipment acquired through capital expansion loan	`PropertyAndEquipmentAcquiredThroughCapitalizedLeases`	$354.00K	USD	1 Quarter
Property and equipment acquired through capital lease obligations	`CapitalExpendituresIncurredButNotYetPaid`	-	USD	1 Quarter
Property and equipment acquired through capital lease obligations	`CapitalExpendituresIncurredButNotYetPaid`	$86.00K	USD	1 Quarter

Stockholders Equity 7 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$-1.66M	USD	Point-in-time
Balance	`StockholdersEquity`	$-3.51M	USD	Point-in-time
Fair value of vesting of options to employees and directors	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition`	$140.00K	USD	1 Quarter
Net Loss	`NetIncomeLoss`	$-1.58M	USD	1 Quarter
Net Loss	`NetIncomeLoss`	$-1.99M	USD	1 Quarter
Balance	`StockholdersEquity`	$-1.66M	USD	Point-in-time
Balance	`StockholdersEquity`	$-3.51M	USD	Point-in-time

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