10-Q Filing

REED'S, INC. CIK: 1140215 Q1 2019

Filing Information

Form Type	10-Q
Accession Number	`0001493152-19-007072`
Period End Date	20190331
Filing Date	20190514
Fiscal Year	2019
Fiscal Period	Q1
XBRL Instance	reed-20190331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 78 Income Statement 28 Cash Flow Statement 80 Stockholders Equity 18

Balance Sheet 78 line items

Line Item	Tag	Value	Unit	Period
Accounts receivable, allowance for doubtful accounts and returns and discounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$623.00K	USD	Point-in-time
Accounts receivable, allowance for doubtful accounts and returns and discounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$447.00K	USD	Point-in-time
Inventory, reserve for obsolescence net	`InventoryValuationReserves`	$113.00K	USD	Point-in-time
Inventory, reserve for obsolescence net	`InventoryValuationReserves`	$197.00K	USD	Point-in-time
Cash	`Cash`	$624.00K	USD	Point-in-time
Cash	`Cash`	$3.38M	USD	Point-in-time
Property and equipment, accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$378.00K	USD	Point-in-time
Cash	`Cash`	$2.65M	USD	Point-in-time
Property and equipment, accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$342.00K	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 $447 and $623, respectively	`AccountsReceivableNetCurrent`	$3.45M	USD	Point-in-time
Equipment, impairment reserves	`EquipmentImpairmentReserves`	$118.00K	USD	Point-in-time
Accounts receivable, net of allowance for doubtful accounts and returns and discounts of $447 and $623, respectively	`AccountsReceivableNetCurrent`	$2.61M	USD	Point-in-time
Equipment, impairment reserves	`EquipmentImpairmentReserves`	$118.00K	USD	Point-in-time
Series A convertible preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$10.00	USD	Point-in-time
Receivable from related party	`DueFromRelatedPartiesCurrent`	$195.00K	USD	Point-in-time
Receivable from related party	`DueFromRelatedPartiesCurrent`	-	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
Inventory, net of reserve for obsolescence of $113 and $197, respectively	`InventoryNet`	$10.73M	USD	Point-in-time
Inventory, net of reserve for obsolescence of $113 and $197, respectively	`InventoryNet`	$7.38M	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`	$131.00K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$445.00K	USD	Point-in-time
Series A convertible preferred stock, shares issued	`PreferredStockSharesIssued`	9,412.00	shares	Point-in-time
Series A convertible preferred stock, shares issued	`PreferredStockSharesIssued`	9,412.00	shares	Point-in-time
Series A convertible preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	9,412.00	shares	Point-in-time
Total Current Assets	`AssetsCurrent`	$10.94M	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$17.28M	USD	Point-in-time
Series A convertible preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	9,412.00	shares	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Property and equipment, net of accumulated depreciation of $378 and $342, respectively	`PropertyPlantAndEquipmentNet`	$912.00K	USD	Point-in-time
Property and equipment, net of accumulated depreciation of $378 and $342, respectively	`PropertyPlantAndEquipmentNet`	$896.00K	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	40.00M	shares	Point-in-time
Equipment held for sale, net of impairment reserves of $118 and $118, respectively	`AssetsHeldForSaleNotPartOfDisposalGroup`	$82.00K	USD	Point-in-time
Equipment held for sale, net of impairment reserves of $118 and $118, respectively	`AssetsHeldForSaleNotPartOfDisposalGroup`	$82.00K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	70.00M	shares	Point-in-time
Intangible assets	`IntangibleAssetsNetExcludingGoodwill`	$576.00K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	33.51M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	25.73M	shares	Point-in-time
Intangible assets	`IntangibleAssetsNetExcludingGoodwill`	$576.00K	USD	Point-in-time
Total Assets	`Assets`	$18.85M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	33.51M	shares	Point-in-time
Total Assets	`Assets`	$12.49M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	25.73M	shares	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$4.26M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$5.72M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$1.48M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$1.10M	USD	Point-in-time
Revolving line of credit	`LinesOfCreditCurrent`	$2.76M	USD	Point-in-time
Revolving line of credit	`LinesOfCreditCurrent`	$6.98M	USD	Point-in-time
Current portion of leases payable	`FinanceLeaseLiabilityCurrent`	$53.00K	USD	Point-in-time
Current portion of leases payable	`FinanceLeaseLiabilityCurrent`	$51.00K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$8.18M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$14.23M	USD	Point-in-time
Leases payable, less current portion	`FinanceLeaseLiabilityNoncurrent`	$801.00K	USD	Point-in-time
Leases payable, less current portion	`FinanceLeaseLiabilityNoncurrent`	$787.00K	USD	Point-in-time
Convertible note to a related party	`ConvertibleDebtNoncurrent`	$4.29M	USD	Point-in-time
Convertible note to a related party	`ConvertibleDebtNoncurrent`	$4.16M	USD	Point-in-time
Warrant liability	`WarrantLiabilityNoncurrent`	$38.00K	USD	Point-in-time
Warrant liability	`WarrantLiabilityNoncurrent`	$85.00K	USD	Point-in-time
Total Liabilities	`Liabilities`	$13.34M	USD	Point-in-time
Total Liabilities	`Liabilities`	$19.23M	USD	Point-in-time
Series A Convertible Preferred stock, $10 par value, 500,000 shares authorized, 9,412 shares issued and outstanding	`PreferredStockValue`	$94.00K	USD	Point-in-time
Series A Convertible Preferred stock, $10 par value, 500,000 shares authorized, 9,412 shares issued and outstanding	`PreferredStockValue`	$94.00K	USD	Point-in-time
Common stock, $.0001 par value, 70,000,000 and 40,000,000 shares authorized, 33,513,947 and 25,729,461 shares issued and outstanding, respectively	`CommonStockValue`	$3.00K	USD	Point-in-time
Common stock, $.0001 par value, 70,000,000 and 40,000,000 shares authorized, 33,513,947 and 25,729,461 shares issued and outstanding, respectively	`CommonStockValue`	$3.00K	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$53.59M	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$69.11M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-60.43M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-63.70M	USD	Point-in-time
Total stockholders' equity (deficit)	`StockholdersEquity`	$-833.00K	USD	Point-in-time
Total stockholders' equity (deficit)	`StockholdersEquity`	$-6.74M	USD	Point-in-time
Total stockholders' equity (deficit)	`StockholdersEquity`	$5.51M	USD	Point-in-time
Total stockholders' equity (deficit)	`StockholdersEquity`	$508.00K	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$12.49M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$18.85M	USD	Point-in-time

Income Statement 28 line items

Line Item	Tag	Value	Unit	Period
Net Sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$8.29M	USD	1 Quarter
Net Sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$8.45M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$5.95M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$5.99M	USD	1 Quarter
Gross profit	`GrossProfit`	$2.50M	USD	1 Quarter
Gross profit	`GrossProfit`	$2.30M	USD	1 Quarter
Delivery and handling expense	`DeliveryAndHandlingExpense`	$956.00K	USD	1 Quarter
Delivery and handling expense	`DeliveryAndHandlingExpense`	$1.03M	USD	1 Quarter
Selling and marketing expense	`SellingAndMarketingExpense`	$1.01M	USD	1 Quarter
Selling and marketing expense	`SellingAndMarketingExpense`	$2.02M	USD	1 Quarter
General and administrative expense	`GeneralAndAdministrativeExpense`	$2.37M	USD	1 Quarter
General and administrative expense	`GeneralAndAdministrativeExpense`	$1.43M	USD	1 Quarter
(Gain)/Loss on sale of assets	`GainLossOnDispositionOfAssets1`	$30.00K	USD	1 Quarter
(Gain)/Loss on sale of assets	`GainLossOnDispositionOfAssets1`	$-26.00K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$5.39M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$3.43M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-1.12M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-2.88M	USD	1 Quarter
Interest expense	`InterestExpense`	$485.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$335.00K	USD	1 Quarter
Change in fair value of warrant liability	`FairValueAdjustmentOfWarrants`	$5.00K	USD	1 Quarter
Change in fair value of warrant liability	`FairValueAdjustmentOfWarrants`	$47.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-3.26M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.61M	USD	1 Quarter
Loss per share - basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.11	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`	24.99M	shares	1 Quarter
Weighted average number of shares outstanding - basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	29.10M	shares	1 Quarter

Cash Flow Statement 80 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-3.26M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.61M	USD	1 Quarter
Depreciation	`DepreciationDepletionAndAmortization`	$177.00K	USD	1 Quarter
Depreciation	`DepreciationDepletionAndAmortization`	$13.00K	USD	1 Quarter
(Gain)/loss on sale of property & equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$-26.00K	USD	1 Quarter
(Gain)/loss on sale of property & equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$30.00K	USD	1 Quarter
Amortization of debt discount	`AmortizationOfDebtDiscountPremium`	$75.00K	USD	1 Quarter
Amortization of debt discount	`AmortizationOfDebtDiscountPremium`	$28.00K	USD	1 Quarter
Amortization of right of use assets	`AmortizationOfIntangibleAssets`	$23.00K	USD	1 Quarter
Amortization of right of use assets	`AmortizationOfIntangibleAssets`	-	USD	1 Quarter
Stock options issued to employees for services	`StockOptionsIssuedToEmployeesForServices`	$-412.00K	USD	1 Quarter
Stock options issued to employees for services	`StockOptionsIssuedToEmployeesForServices`	$-161.00K	USD	1 Quarter
Common stock issued for services	`IssuanceOfStockAndWarrantsForServicesOrClaims`	$194.00K	USD	1 Quarter
Common stock issued for services	`IssuanceOfStockAndWarrantsForServicesOrClaims`	$113.00K	USD	1 Quarter
Decrease in allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivablePeriodIncreaseDecrease1`	$175.00K	USD	1 Quarter
Decrease in allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivablePeriodIncreaseDecrease1`	$32.00K	USD	1 Quarter
Decrease in inventory reserve	`DecreaseIncreaseInInventoryReserve`	$58.00K	USD	1 Quarter
Decrease in inventory reserve	`DecreaseIncreaseInInventoryReserve`	$84.00K	USD	1 Quarter
Increase in fair value of warrant liability	`FairValueAdjustmentOfWarrants`	$5.00K	USD	1 Quarter
Increase in fair value of warrant liability	`FairValueAdjustmentOfWarrants`	$47.00K	USD	1 Quarter
Accrual of interest on convertible note to a related party	`AccrualOfInterestOnConvertibleNoteToRelatedParty`	$112.00K	USD	1 Quarter
Accrual of interest on convertible note to a related party	`AccrualOfInterestOnConvertibleNoteToRelatedParty`	$126.00K	USD	1 Quarter
Lease Liability	`LeaseLiability`	$4.00K	USD	1 Quarter
Lease Liability	`LeaseLiability`	-	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-259.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$668.00K	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$3.27M	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`	$314.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-2.83M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-1.46M	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-13.00K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-380.00K	USD	1 Quarter
Other long term obligations	`IncreaseDecreaseInLongTermReceivablesCurrent`	$7.00K	USD	1 Quarter
Other long term obligations	`IncreaseDecreaseInLongTermReceivablesCurrent`	-	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-8.76M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-4.64M	USD	1 Quarter
Proceeds from sale of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$30.00K	USD	1 Quarter
Proceeds from sale of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$69.00K	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$52.00K	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	-	USD	1 Quarter
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-22.00K	USD	1 Quarter
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$69.00K	USD	1 Quarter
Borrowings on line of credit	`ProceedsFromLinesOfCredit`	$18.70M	USD	1 Quarter
Borrowings on line of credit	`ProceedsFromLinesOfCredit`	$5.19M	USD	1 Quarter
Repayments of line of credit	`RepaymentsOfLinesOfCredit`	$22.99M	USD	1 Quarter
Repayments of line of credit	`RepaymentsOfLinesOfCredit`	$8.49M	USD	1 Quarter
Principal repayments on capital expansion loan	`PaymentsOnCapitalExpansionLoan`	$-507.00K	USD	1 Quarter
Principal repayments on capital expansion loan	`PaymentsOnCapitalExpansionLoan`	-	USD	1 Quarter
Principal repayments on long term financial obligation	`RepaymentsOfLongTermDebt`	-	USD	1 Quarter
Principal repayments on long term financial obligation	`RepaymentsOfLongTermDebt`	$50.00K	USD	1 Quarter
Repayment of amounts due to/from officers	`ProceedsFromRepaymentsOfRelatedPartyDebt`	$-277.00K	USD	1 Quarter
Repayment of amounts due to/from officers	`ProceedsFromRepaymentsOfRelatedPartyDebt`	$195.00K	USD	1 Quarter
Principal repayments on capital lease obligation	`RepaymentsOfLongTermCapitalLeaseObligations`	$49.00K	USD	1 Quarter
Principal repayments on capital lease obligation	`RepaymentsOfLongTermCapitalLeaseObligations`	$8.00K	USD	1 Quarter
Exercise of warrants	`ProceedsFromWarrantExercises`	-	USD	1 Quarter
Exercise of warrants	`ProceedsFromWarrantExercises`	$46.00K	USD	1 Quarter
Proceeds from sale of common stock	`ProceedsFromSaleOfCommonStock`	-	USD	1 Quarter
Proceeds from sale of common stock	`ProceedsFromSaleOfCommonStock`	$14.87M	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-4.18M	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$10.80M	USD	1 Quarter
Net increase/(decrease) in cash	`CashPeriodIncreaseDecrease`	$-8.75M	USD	1 Quarter
Net increase/(decrease) in cash	`CashPeriodIncreaseDecrease`	$2.03M	USD	1 Quarter
Cash at beginning of period	`Cash`	$624.00K	USD	Point-in-time
Cash at beginning of period	`Cash`	$3.38M	USD	Point-in-time
Cash at beginning of period	`Cash`	$2.65M	USD	Point-in-time
Cash at beginning of period	`Cash`	$12.13M	USD	Point-in-time
Cash at end of period	`Cash`	$624.00K	USD	Point-in-time
Cash at end of period	`Cash`	$3.38M	USD	Point-in-time
Cash at end of period	`Cash`	$2.65M	USD	Point-in-time
Cash at end of period	`Cash`	$12.13M	USD	Point-in-time
Cash paid for interest	`InterestPaidNet`	$135.00K	USD	1 Quarter
Cash paid for interest	`InterestPaidNet`	$334.00K	USD	1 Quarter
Property and equipment acquired through capital lease	`CapitalExpendituresIncurredButNotYetPaid`	$44.00K	USD	1 Quarter
Property and equipment acquired through capital lease	`CapitalExpendituresIncurredButNotYetPaid`	-	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 18 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$-833.00K	USD	Point-in-time
Balance	`StockholdersEquity`	$-6.74M	USD	Point-in-time
Balance	`StockholdersEquity`	$5.51M	USD	Point-in-time
Balance	`StockholdersEquity`	$508.00K	USD	Point-in-time
Fair value of vested options	`FairValueOfVestedOptions`	$412.00K	USD	1 Quarter
Fair value of vested options	`FairValueOfVestedOptions`	$161.00K	USD	1 Quarter
Fair value of vested restricted shares granted to an officer for services	`SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1`	$150.00K	USD	1 Quarter
Fair value vesting of restricted common stock	`StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures`	$113.00K	USD	1 Quarter
Common shares issued/granted to Directors for services	`StockIssuedDuringPeriodValueIssuedForServices`	$44.00K	USD	1 Quarter
Common shares issued/granted to Directors for services	`StockIssuedDuringPeriodValueIssuedForServices`	-	USD	1 Quarter
Common shares issued pursuant to the rights offering, net of offering costs	`StockIssuedDuringPeriodValueOther`	$14.87M	USD	1 Quarter
Exercise of warrants	`CommonSharesIssuedUponExerciseOfWarrants`	$46.00K	USD	1 Quarter
Net Loss	`NetIncomeLoss`	$-3.26M	USD	1 Quarter
Net Loss	`NetIncomeLoss`	$-1.61M	USD	1 Quarter
Balance	`StockholdersEquity`	$-833.00K	USD	Point-in-time
Balance	`StockholdersEquity`	$-6.74M	USD	Point-in-time
Balance	`StockholdersEquity`	$5.51M	USD	Point-in-time
Balance	`StockholdersEquity`	$508.00K	USD	Point-in-time

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