10-Q Filing

REED'S, INC. CIK: 1140215 Q1 2018

Filing Information

Form Type	10-Q
Accession Number	`0001493152-18-007092`
Period End Date	20180331
Filing Date	20180515
Fiscal Year	2018
Fiscal Period	Q1
XBRL Instance	reed-20180331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 88 Income Statement 26 Cash Flow Statement 72 Stockholders Equity 9

Balance Sheet 88 line items

Line Item	Tag	Value	Unit	Period
Accounts receivable, allowance for doubtful accounts and returns and discounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$601.00K	USD	Point-in-time
Accounts receivable, allowance for doubtful accounts and returns and discounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$569.00K	USD	Point-in-time
Inventory, reserve for obsolescence net	`InventoryValuationReserves`	$509.00K	USD	Point-in-time
Inventory, reserve for obsolescence net	`InventoryValuationReserves`	$451.00K	USD	Point-in-time
Property and equipment, accumulated depreciation and impairment reserves	`PropertyAndEquipmentAccumulatedDepreciationAndImpairmentReserves`	$9.34M	USD	Point-in-time
Property and equipment, accumulated depreciation and impairment reserves	`PropertyAndEquipmentAccumulatedDepreciationAndImpairmentReserves`	$9.51M	USD	Point-in-time
Cash	`Cash`	$197.00K	USD	Point-in-time
Cash	`Cash`	$3.38M	USD	Point-in-time
Cash	`Cash`	$451.00K	USD	Point-in-time
Cash	`Cash`	$12.13M	USD	Point-in-time
Accounts receivable, net of allowance for doubtful accounts and returns and discounts of $569,000 and $601,000, respectively	`AccountsReceivableNetCurrent`	$2.46M	USD	Point-in-time
Accounts receivable, net of allowance for doubtful accounts and returns and discounts of $569,000 and $601,000, respectively	`AccountsReceivableNetCurrent`	$2.69M	USD	Point-in-time
Long term financing obligation, discount	`DebtInstrumentUnamortizedDiscountPremiumNet`	$687.00K	USD	Point-in-time
Long term financing obligation, discount	`DebtInstrumentUnamortizedDiscountPremiumNet`	$714.00K	USD	Point-in-time
Inventory, net of reserve for obsolescence of $451,000 and $509,000, respectively	`InventoryNet`	$6.83M	USD	Point-in-time
Series A Convertible Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$10.00	USD	Point-in-time
Inventory, net of reserve for obsolescence of $451,000 and $509,000, respectively	`InventoryNet`	$5.93M	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
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$316.00K	USD	Point-in-time
Series A Convertible Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	500,000.00	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$199.00K	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$12.99M	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`	$20.95M	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 and impairment reserves of $9,506,000 and $9,339,000, respectively	`PropertyPlantAndEquipmentNet`	$203.00K	USD	Point-in-time
Property and equipment, net of accumulated depreciation and impairment reserves of $9,506,000 and $9,339,000, respectively	`PropertyPlantAndEquipmentNet`	$353.00K	USD	Point-in-time
Series A Convertible Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	9,411.00	shares	Point-in-time
Equipment held for sale	`AssetsHeldForSaleNotPartOfDisposalGroup`	$2.37M	USD	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
Equipment held for sale	`AssetsHeldForSaleNotPartOfDisposalGroup`	$2.18M	USD	Point-in-time
Intangible assets	`IntangibleAssetsNetExcludingGoodwill`	$805.00K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	40.00M	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	40.00M	shares	Point-in-time
Intangible assets	`IntangibleAssetsNetExcludingGoodwill`	$805.00K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	24.62M	shares	Point-in-time
Total assets	`Assets`	$16.18M	USD	Point-in-time
Total assets	`Assets`	$24.48M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	25.04M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	24.62M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	25.04M	shares	Point-in-time
Common stock issuable shares	`CommonStockSharesSubscribedButUnissued`	400,000.00	shares	Point-in-time
Common stock issuable shares	`CommonStockSharesSubscribedButUnissued`	838,140.00	shares	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$7.48M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$4.54M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$220.00K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$207.00K	USD	Point-in-time
Advances from officers	`DueToRelatedPartiesCurrent`	$277.00K	USD	Point-in-time
Advances from officers	`DueToRelatedPartiesCurrent`	-	USD	Point-in-time
Line of credit	`LinesOfCreditCurrent`	-	USD	Point-in-time
Line of credit	`LinesOfCreditCurrent`	$3.30M	USD	Point-in-time
Current portion of capital leases payable	`CapitalLeaseObligationsCurrent`	$186.00K	USD	Point-in-time
Current portion of capital leases payable	`CapitalLeaseObligationsCurrent`	$198.00K	USD	Point-in-time
Current portion of long term financing obligation	`LongTermDebtCurrent`	$222.00K	USD	Point-in-time
Current portion of long term financing obligation	`LongTermDebtCurrent`	$231.00K	USD	Point-in-time
Bank notes	`NotesPayableToBankCurrent`	$6.44M	USD	Point-in-time
Bank notes	`NotesPayableToBankCurrent`	$6.95M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$18.64M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$11.61M	USD	Point-in-time
Capital leases payable, less current portion	`CapitalLeaseObligationsNoncurrent`	$243.00K	USD	Point-in-time
Capital leases payable, less current portion	`CapitalLeaseObligationsNoncurrent`	$236.00K	USD	Point-in-time
Long term financing obligation, less current portion, net of discount of $687,000 and $714,000, respectively	`LongTermDebtNoncurrent`	$1.22M	USD	Point-in-time
Long term financing obligation, less current portion, net of discount of $687,000 and $714,000, respectively	`LongTermDebtNoncurrent`	$1.25M	USD	Point-in-time
Convertible note to a related party	`ConvertibleDebtNoncurrent`	$3.80M	USD	Point-in-time
Convertible note to a related party	`ConvertibleDebtNoncurrent`	$3.69M	USD	Point-in-time
Warrant liability	`WarrantLiability`	$36.00K	USD	Point-in-time
Warrant liability	`WarrantLiability`	$41.00K	USD	Point-in-time
Other long term liabilities	`OtherLiabilitiesNoncurrent`	$111.00K	USD	Point-in-time
Other long term liabilities	`OtherLiabilitiesNoncurrent`	$104.00K	USD	Point-in-time
Total Liabilities	`Liabilities`	$17.02M	USD	Point-in-time
Total Liabilities	`Liabilities`	$23.97M	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, 40,000,000 shares authorized, 25,036,043 and 24,619,591 shares issued and outstanding, respectively	`CommonStockValue`	$2.00K	USD	Point-in-time
Common stock, $.0001 par value, 40,000,000 shares authorized, 25,036,043 and 24,619,591 shares issued and outstanding, respectively	`CommonStockValue`	$2.00K	USD	Point-in-time
Common stock issuable, 838,140 and 400,000 shares, respectively	`CommonStockShareSubscribedButUnissuedSubscriptionsReceivable`	$-84.00K	USD	Point-in-time
Common stock issuable, 838,140 and 400,000 shares, respectively	`CommonStockShareSubscribedButUnissuedSubscriptionsReceivable`	$-680.00K	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$50.70M	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$49.83M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-50.10M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-51.72M	USD	Point-in-time
Total stockholders equity (deficit)	`StockholdersEquity`	$508.00K	USD	Point-in-time
Total stockholders equity (deficit)	`StockholdersEquity`	$-833.00K	USD	Point-in-time
Total liabilities and stockholders equity (deficit)	`LiabilitiesAndStockholdersEquity`	$16.18M	USD	Point-in-time
Total liabilities and stockholders equity (deficit)	`LiabilitiesAndStockholdersEquity`	$24.48M	USD	Point-in-time

Income Statement 26 line items

Line Item	Tag	Value	Unit	Period
Net Sales	`SalesRevenueNet`	$8.29M	USD	1 Quarter
Net Sales	`SalesRevenueNet`	$8.29M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsSold`	$5.99M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsSold`	$7.24M	USD	1 Quarter
Gross profit	`GrossProfit`	$2.30M	USD	1 Quarter
Gross profit	`GrossProfit`	$1.06M	USD	1 Quarter
Delivery and handling expense	`ShippingHandlingAndTransportationCosts`	$743.00K	USD	1 Quarter
Delivery and handling expense	`ShippingHandlingAndTransportationCosts`	$956.00K	USD	1 Quarter
Selling and marketing expense	`SellingAndMarketingExpense`	$1.01M	USD	1 Quarter
Selling and marketing expense	`SellingAndMarketingExpense`	$788.00K	USD	1 Quarter
General and administrative expense	`GeneralAndAdministrativeExpense`	$1.46M	USD	1 Quarter
General and administrative expense	`GeneralAndAdministrativeExpense`	$1.11M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$3.43M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$2.64M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-1.12M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-1.59M	USD	1 Quarter
Interest expense	`InterestExpense`	$485.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$416.00K	USD	1 Quarter
Change in fair value of warrant liability	`FairValueAdjustmentOfWarrants`	$5.00K	USD	1 Quarter
Change in fair value of warrant liability	`FairValueAdjustmentOfWarrants`	$-9.00K	USD	1 Quarter
Net loss attributable to common stockholders	`NetIncomeLoss`	$-1.99M	USD	1 Quarter
Net loss attributable to common stockholders	`NetIncomeLoss`	$-1.61M	USD	1 Quarter
Loss per share basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.14	USD	1 Quarter
Loss per share basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.06	USD	1 Quarter
Weighted average number of shares outstanding basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	13.98M	shares	1 Quarter
Weighted average number of shares outstanding basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	24.99M	shares	1 Quarter

Cash Flow Statement 72 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-1.99M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.61M	USD	1 Quarter
Depreciation	`DepreciationDepletionAndAmortization`	$121.00K	USD	1 Quarter
Depreciation	`DepreciationDepletionAndAmortization`	$177.00K	USD	1 Quarter
Amortization of debt discount	`AmortizationOfDebtDiscountPremium`	$73.00K	USD	1 Quarter
Amortization of debt discount	`AmortizationOfDebtDiscountPremium`	$28.00K	USD	1 Quarter
Loss on sale of property and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$-26.00K	USD	1 Quarter
Loss on sale of property and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	-	USD	1 Quarter
Fair value of vested stock options issued to employees	`ShareBasedCompensation`	$161.00K	USD	1 Quarter
Fair value of vested stock options issued to employees	`ShareBasedCompensation`	$140.00K	USD	1 Quarter
Fair value of common stock issuable for services	`IssuanceOfStockAndWarrantsForServicesOrClaims`	-	USD	1 Quarter
Fair value of common stock issuable for services	`IssuanceOfStockAndWarrantsForServicesOrClaims`	$113.00K	USD	1 Quarter
(Decrease) increase in allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivablePeriodIncreaseDecrease`	$-32.00K	USD	1 Quarter
(Decrease) increase in allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivablePeriodIncreaseDecrease`	$26.00K	USD	1 Quarter
(Decrease) increase in inventory reserve	`DecreaseIncreaseInInventoryReserve`	$58.00K	USD	1 Quarter
(Decrease) increase in inventory reserve	`DecreaseIncreaseInInventoryReserve`	$-50.00K	USD	1 Quarter
(Decrease) increase in fair value of warrant liability	`FairValueAdjustmentOfWarrants`	$5.00K	USD	1 Quarter
(Decrease) increase in fair value of warrant liability	`FairValueAdjustmentOfWarrants`	$-9.00K	USD	1 Quarter
Accrual of interest on Convertible Note Payable	`AccrualOfInterestOnConvertibleNotePayable`	-	USD	1 Quarter
Accrual of interest on Convertible Note Payable	`AccrualOfInterestOnConvertibleNotePayable`	$112.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-45.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-259.00K	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$-1.32M	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$846.00K	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$117.00K	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`	$-2.83M	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$6.00K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-13.00K	USD	1 Quarter
Other long term obligations	`IncreaseDecreaseInLongTermReceivablesCurrent`	$7.00K	USD	1 Quarter
Other long term obligations	`IncreaseDecreaseInLongTermReceivablesCurrent`	$31.00K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-4.64M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$527.00K	USD	1 Quarter
Proceeds from sale of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$69.00K	USD	1 Quarter
Proceeds from sale of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	-	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$41.00K	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	-	USD	1 Quarter
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-41.00K	USD	1 Quarter
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$69.00K	USD	1 Quarter
Repayments on line of credit	`ProceedsFromRepaymentsOfLinesOfCredit`	$-854.00K	USD	1 Quarter
Repayments on line of credit	`ProceedsFromRepaymentsOfLinesOfCredit`	$-3.30M	USD	1 Quarter
Principal repayments on capital expansion loan	`PaymentsOnCapitalExpansionLoan`	$-177.00K	USD	1 Quarter
Principal repayments on capital expansion loan	`PaymentsOnCapitalExpansionLoan`	$-507.00K	USD	1 Quarter
Principal repayments on long term financial obligation	`RepaymentsOfLongTermDebt`	$50.00K	USD	1 Quarter
Principal repayments on long term financial obligation	`RepaymentsOfLongTermDebt`	$44.00K	USD	1 Quarter
Net borrowings (repayments) on advances	`ProceedsFromRepaymentsOfDebt`	$-277.00K	USD	1 Quarter
Net borrowings (repayments) on advances	`ProceedsFromRepaymentsOfDebt`	$380.00K	USD	1 Quarter
Principal repayments on capital lease obligation	`RepaymentsOfLongTermCapitalLeaseObligations`	$49.00K	USD	1 Quarter
Principal repayments on capital lease obligation	`RepaymentsOfLongTermCapitalLeaseObligations`	$45.00K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-4.18M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-740.00K	USD	1 Quarter
Net decrease in cash	`CashPeriodIncreaseDecrease`	$-8.75M	USD	1 Quarter
Net decrease in cash	`CashPeriodIncreaseDecrease`	$-254.00K	USD	1 Quarter
Cash at beginning of period	`Cash`	$197.00K	USD	Point-in-time
Cash at beginning of period	`Cash`	$3.38M	USD	Point-in-time
Cash at beginning of period	`Cash`	$451.00K	USD	Point-in-time
Cash at beginning of period	`Cash`	$12.13M	USD	Point-in-time
Cash at end of period	`Cash`	$197.00K	USD	Point-in-time
Cash at end of period	`Cash`	$3.38M	USD	Point-in-time
Cash at end of period	`Cash`	$451.00K	USD	Point-in-time
Cash at end of period	`Cash`	$12.13M	USD	Point-in-time
Interest	`InterestPaidNet`	$334.00K	USD	1 Quarter
Interest	`InterestPaidNet`	$400.00K	USD	1 Quarter
Property and equipment acquired through capital expansion loan	`CapitalExpendituresIncurredButNotYetPaid`	-	USD	1 Quarter
Property and equipment acquired through capital expansion loan	`CapitalExpendituresIncurredButNotYetPaid`	$288.00K	USD	1 Quarter
Property and equipment acquired through capital lease	`PropertyAndEquipmentAcquiredThroughCapitalizedLeases`	-	USD	1 Quarter
Property and equipment acquired through capital lease	`PropertyAndEquipmentAcquiredThroughCapitalizedLeases`	$44.00K	USD	1 Quarter
Vendor credits issued for fixed asset purchases	`VendorCreditsIssuedForFixedAssetPurchases`	-	USD	1 Quarter
Vendor credits issued for fixed asset purchases	`VendorCreditsIssuedForFixedAssetPurchases`	$108.00K	USD	1 Quarter
Assets sold to third parties at cost	`AssetsSoldToThirdPartiesAtCost`	-	USD	1 Quarter
Assets sold to third parties at cost	`AssetsSoldToThirdPartiesAtCost`	$69.00K	USD	1 Quarter

Stockholders Equity 9 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$508.00K	USD	Point-in-time
Balance	`StockholdersEquity`	$-833.00K	USD	Point-in-time
Fair value of vested options	`FairValueOfVestedOptions`	$161.00K	USD	1 Quarter
Fair value vesting of restricted common stock	`FairValueVestingOfRestrictedCommonStock`	$113.00K	USD	1 Quarter
Common shares issued to Directors for services provided in 2018	`StockIssuedDuringPeriodValueIssuedToDirectorsForServices`	-	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.99M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.61M	USD	1 Quarter
Balance	`StockholdersEquity`	$508.00K	USD	Point-in-time
Balance	`StockholdersEquity`	$-833.00K	USD	Point-in-time

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