10-Q Filing

REED'S, INC. CIK: 1140215 Q1 2020

Filing Information

Form Type	10-Q
Accession Number	`0001493152-20-008289`
Period End Date	20200331
Filing Date	20200512
Fiscal Year	2020
Fiscal Period	Q1
XBRL Instance	reed-20200331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 80 Income Statement 28 Cash Flow Statement 70 Stockholders Equity 17

Balance Sheet 80 line items

Line Item	Tag	Value	Unit	Period
Accounts receivable, allowance for doubtful accounts and returns and discounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$375.00K	USD	Point-in-time
Accounts receivable, allowance for doubtful accounts and returns and discounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$282.00K	USD	Point-in-time
Inventory, reserve for obsolescence net	`InventoryValuationReserves`	$646.00K	USD	Point-in-time
Inventory, reserve for obsolescence net	`InventoryValuationReserves`	$262.00K	USD	Point-in-time
Property and equipment, accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$482.00K	USD	Point-in-time
Cash	`Cash`	$913.00K	USD	Point-in-time
Property and equipment, accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$520.00K	USD	Point-in-time
Cash	`Cash`	$28.00K	USD	Point-in-time
Equipment, impairment reserves	`EquipmentImpairmentReserves`	$96.00K	USD	Point-in-time
Accounts receivable, net of allowance for doubtful accounts and returns and discounts of $282 and $375, respectively	`AccountsReceivableNetCurrent`	$2.10M	USD	Point-in-time
Equipment, impairment reserves	`EquipmentImpairmentReserves`	$96.00K	USD	Point-in-time
Accounts receivable, net of allowance for doubtful accounts and returns and discounts of $282 and $375, respectively	`AccountsReceivableNetCurrent`	$4.02M	USD	Point-in-time
Series A convertible preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$10.00	USD	Point-in-time
Receivable from related party	`DueFromRelatedPartiesCurrent`	$230.00K	USD	Point-in-time
Receivable from related party	`DueFromRelatedPartiesCurrent`	$356.00K	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
Inventory, net of reserve for obsolescence of $262 and $646, respectively	`InventoryNet`	$10.51M	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 $262 and $646, respectively	`InventoryNet`	$7.99M	USD	Point-in-time
Series A convertible preferred stock, shares issued	`PreferredStockSharesIssued`	9,411.00	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$420.00K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$911.00K	USD	Point-in-time
Series A convertible preferred stock, shares issued	`PreferredStockSharesIssued`	9,411.00	shares	Point-in-time
Total current assets	`AssetsCurrent`	$14.30M	USD	Point-in-time
Series A convertible preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	9,411.00	shares	Point-in-time
Series A convertible preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	9,411.00	shares	Point-in-time
Total current assets	`AssetsCurrent`	$13.18M	USD	Point-in-time
Property and equipment, net of accumulated depreciation of $520 and $482, respectively	`PropertyPlantAndEquipmentNet`	$1.03M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Property and equipment, net of accumulated depreciation of $520 and $482, respectively	`PropertyPlantAndEquipmentNet`	$1.05M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Equipment held for sale, net of impairment reserves of $96 and $96, respectively	`AssetsHeldForSaleNotPartOfDisposalGroup`	$67.00K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Equipment held for sale, net of impairment reserves of $96 and $96, respectively	`AssetsHeldForSaleNotPartOfDisposalGroup`	$67.00K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	47.60M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	47.60M	shares	Point-in-time
Intangible assets	`IntangibleAssetsNetExcludingGoodwill`	$576.00K	USD	Point-in-time
Intangible assets	`IntangibleAssetsNetExcludingGoodwill`	$576.00K	USD	Point-in-time
Total assets	`Assets`	$14.85M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	47.60M	shares	Point-in-time
Total assets	`Assets`	$15.99M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	47.60M	shares	Point-in-time
Common stock, shares issuable	`CommonStockSharesSubscribedButUnissued`	350,000.00	shares	Point-in-time
Common stock, shares issuable	`CommonStockSharesSubscribedButUnissued`	-	shares	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$5.54M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$4.50M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$624.00K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$646.00K	USD	Point-in-time
Revolving line of credit	`LinesOfCreditCurrent`	$3.18M	USD	Point-in-time
Revolving line of credit	`LinesOfCreditCurrent`	$4.79M	USD	Point-in-time
Current portion of leases payable	`FinanceLeaseLiabilityCurrent`	$95.00K	USD	Point-in-time
Current portion of leases payable	`FinanceLeaseLiabilityCurrent`	$49.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$10.00M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$9.41M	USD	Point-in-time
Leases payable, less current portion	`FinanceLeaseLiabilityNoncurrent`	$662.00K	USD	Point-in-time
Leases payable, less current portion	`FinanceLeaseLiabilityNoncurrent`	$737.00K	USD	Point-in-time
Convertible note to a related party	`ConvertibleDebtNoncurrent`	$4.83M	USD	Point-in-time
Convertible note to a related party	`ConvertibleDebtNoncurrent`	$4.69M	USD	Point-in-time
Warrant liability	`WarrantLiabilityNoncurrent`	$8.00K	USD	Point-in-time
Warrant liability	`WarrantLiabilityNoncurrent`	$2.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$14.85M	USD	Point-in-time
Total liabilities	`Liabilities`	$15.50M	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, 100,000,000 and 100,000,000 shares authorized, respectively; 47,595,206 and 47,595,206 shares issued and outstanding, respectively	`CommonStockValue`	$5.00K	USD	Point-in-time
Common stock, $.0001 par value, 100,000,000 and 100,000,000 shares authorized, respectively; 47,595,206 and 47,595,206 shares issued and outstanding, respectively	`CommonStockValue`	$5.00K	USD	Point-in-time
Common stock issuable, 350,000 shares at March 31, 2020	`CommonStockIssuable`	$-285.00K	USD	Point-in-time
Common stock issuable, 350,000 shares at March 31, 2020	`CommonStockIssuable`	-	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$78.09M	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$77.60M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-76.55M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-79.13M	USD	Point-in-time
Total stockholders' equity (deficit)	`StockholdersEquity`	$5.51M	USD	Point-in-time
Total stockholders' equity (deficit)	`StockholdersEquity`	$-6.74M	USD	Point-in-time
Total stockholders' equity (deficit)	`StockholdersEquity`	$1.15M	USD	Point-in-time
Total stockholders' equity (deficit)	`StockholdersEquity`	$-653.00K	USD	Point-in-time
Total liabilities and stockholders' equity (deficit)	`LiabilitiesAndStockholdersEquity`	$14.85M	USD	Point-in-time
Total liabilities and stockholders' equity (deficit)	`LiabilitiesAndStockholdersEquity`	$15.99M	USD	Point-in-time

Income Statement 28 line items

Line Item	Tag	Value	Unit	Period
Net Sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$8.45M	USD	1 Quarter
Net Sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$9.52M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$6.65M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$5.95M	USD	1 Quarter
Gross profit	`GrossProfit`	$2.87M	USD	1 Quarter
Gross profit	`GrossProfit`	$2.50M	USD	1 Quarter
Delivery and handling expense	`DeliveryAndHandlingExpense`	$1.26M	USD	1 Quarter
Delivery and handling expense	`DeliveryAndHandlingExpense`	$1.03M	USD	1 Quarter
Selling and marketing expense	`SellingAndMarketingExpense`	$1.93M	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`	$1.93M	USD	1 Quarter
Gain on sale of assets	`GainLossOnSaleOfPropertyPlantEquipment`	$30.00K	USD	1 Quarter
Gain on sale of assets	`GainLossOnSaleOfPropertyPlantEquipment`	-	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$5.39M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$5.12M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-2.88M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-2.25M	USD	1 Quarter
Interest expense	`InterestExpense`	$336.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$335.00K	USD	1 Quarter
Change in fair value of warrant liability	`FairValueAdjustmentOfWarrants`	$-6.00K	USD	1 Quarter
Change in fair value of warrant liability	`FairValueAdjustmentOfWarrants`	$47.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-2.58M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-3.26M	USD	1 Quarter
Net loss per share - basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.05	USD	1 Quarter
Net loss per share - basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.11	USD	1 Quarter
Weighted average number of shares outstanding - basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	29.10M	shares	1 Quarter
Weighted average number of shares outstanding - basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	47.60M	shares	1 Quarter

Cash Flow Statement 70 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-2.58M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-3.26M	USD	1 Quarter
Depreciation	`DepreciationDepletionAndAmortization`	$12.00K	USD	1 Quarter
Depreciation	`DepreciationDepletionAndAmortization`	$13.00K	USD	1 Quarter
Gain on sale of property & equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$30.00K	USD	1 Quarter
Gain on sale of property & equipment	`GainLossOnSaleOfPropertyPlantEquipment`	-	USD	1 Quarter
Amortization of debt discount	`AmortizationOfDebtDiscountPremium`	$96.00K	USD	1 Quarter
Amortization of debt discount	`AmortizationOfDebtDiscountPremium`	$75.00K	USD	1 Quarter
Amortization of right of use assets	`OperatingLeaseRightOfUseAssetAmortizationExpense`	$23.00K	USD	1 Quarter
Amortization of right of use assets	`OperatingLeaseRightOfUseAssetAmortizationExpense`	$37.00K	USD	1 Quarter
Fair value of vested options	`FairValueOfVestedOptions`	$-495.00K	USD	1 Quarter
Fair value of vested options	`FairValueOfVestedOptions`	$-412.00K	USD	1 Quarter
Fair value of vested restricted shares granted to officers	`FairValueOfVestedRestrictedSharesIssuedForServices`	$-285.00K	USD	1 Quarter
Fair value of vested restricted shares granted to officers	`FairValueOfVestedRestrictedSharesIssuedForServices`	-	USD	1 Quarter
Common stock issued for services	`IssuanceOfStockAndWarrantsForServicesOrClaims`	$194.00K	USD	1 Quarter
Common stock issued for services	`IssuanceOfStockAndWarrantsForServicesOrClaims`	-	USD	1 Quarter
Decrease in allowance for doubtful accounts	`DecreaseInAllowanceForDoubtfulAccounts`	$-93.00K	USD	1 Quarter
Decrease in allowance for doubtful accounts	`DecreaseInAllowanceForDoubtfulAccounts`	$-175.00K	USD	1 Quarter
Decrease in inventory reserve	`IncreaseDecreaseInInventoryReserve`	$384.00K	USD	1 Quarter
Decrease in inventory reserve	`IncreaseDecreaseInInventoryReserve`	$84.00K	USD	1 Quarter
Change in fair value of warrant liability	`FairValueAdjustmentOfWarrants`	$-6.00K	USD	1 Quarter
Change in fair value of warrant liability	`FairValueAdjustmentOfWarrants`	$47.00K	USD	1 Quarter
Accrual of interest on convertible note to a related party	`AccrualOfInterestOnConvertibleNoteToRelatedParty`	$142.00K	USD	1 Quarter
Accrual of interest on convertible note to a related party	`AccrualOfInterestOnConvertibleNoteToRelatedParty`	$126.00K	USD	1 Quarter
Lease liability	`OperatingLeasePayments`	$7.00K	USD	1 Quarter
Lease liability	`OperatingLeasePayments`	$4.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$1.83M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$668.00K	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$3.27M	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$-2.90M	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$314.00K	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$365.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-1.04M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-1.46M	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-22.00K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-380.00K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-2.35M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-8.76M	USD	1 Quarter
Proceeds from sale of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$30.00K	USD	1 Quarter
Proceeds from sale of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	-	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$52.00K	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$22.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-22.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-22.00K	USD	1 Quarter
Borrowings on line of credit	`ProceedsFromLinesOfCredit`	$9.19M	USD	1 Quarter
Borrowings on line of credit	`ProceedsFromLinesOfCredit`	$18.70M	USD	1 Quarter
Repayments of line of credit	`RepaymentsOfLinesOfCredit`	$7.68M	USD	1 Quarter
Repayments of line of credit	`RepaymentsOfLinesOfCredit`	$22.99M	USD	1 Quarter
Repayment of amounts due to/from officers	`ProceedsFromRepaymentsOfRelatedPartyDebt`	-	USD	1 Quarter
Repayment of amounts due to/from officers	`ProceedsFromRepaymentsOfRelatedPartyDebt`	$195.00K	USD	1 Quarter
Principal repayments on capital lease obligation	`RepaymentsOfLongTermCapitalLeaseObligations`	$8.00K	USD	1 Quarter
Principal repayments on capital lease obligation	`RepaymentsOfLongTermCapitalLeaseObligations`	$22.00K	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 financing activities	`NetCashProvidedByUsedInFinancingActivities`	$1.49M	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$10.80M	USD	1 Quarter
Net increase (decrease) in cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$2.03M	USD	1 Quarter
Net increase (decrease) in cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-885.00K	USD	1 Quarter
Cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$2.65M	USD	Point-in-time
Cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$913.00K	USD	Point-in-time
Cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$624.00K	USD	Point-in-time
Cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$28.00K	USD	Point-in-time
Cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$2.65M	USD	Point-in-time
Cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$913.00K	USD	Point-in-time
Cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$624.00K	USD	Point-in-time
Cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$28.00K	USD	Point-in-time
Cash paid for interest	`InterestPaidNet`	$98.00K	USD	1 Quarter
Cash paid for interest	`InterestPaidNet`	$135.00K	USD	1 Quarter

Stockholders Equity 17 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$5.51M	USD	Point-in-time
Balance	`StockholdersEquity`	$-6.74M	USD	Point-in-time
Balance	`StockholdersEquity`	$1.15M	USD	Point-in-time
Balance	`StockholdersEquity`	$-653.00K	USD	Point-in-time
Fair value of vested options	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsVested`	$412.00K	USD	1 Quarter
Fair value of vested options	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsVested`	$495.00K	USD	1 Quarter
Fair value of vested restricted shares granted to officers	`StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures`	$150.00K	USD	1 Quarter
Fair value of vested restricted shares granted to officers	`StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures`	$285.00K	USD	1 Quarter
Shares granted to Directors for services	`StockIssuedDuringPeriodValueRestrictedStockAwardGrantedToDirectorsForServices`	$44.00K	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`	$-2.58M	USD	1 Quarter
Net Loss	`NetIncomeLoss`	$-3.26M	USD	1 Quarter
Balance	`StockholdersEquity`	$5.51M	USD	Point-in-time
Balance	`StockholdersEquity`	$-6.74M	USD	Point-in-time
Balance	`StockholdersEquity`	$1.15M	USD	Point-in-time
Balance	`StockholdersEquity`	$-653.00K	USD	Point-in-time

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