10-Q Filing

REED'S, INC. CIK: 1140215 Q1 2021

Filing Information

Form Type	10-Q
Accession Number	`0001493152-21-011893`
Period End Date	20210331
Filing Date	20210517
Fiscal Year	2021
Fiscal Period	Q1
XBRL Instance	form10-q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 80 Income Statement 26 Cash Flow Statement 68 Stockholders Equity 17

Balance Sheet 80 line items

Line Item	Tag	Value	Unit	Period
Accounts receivable, net of allowance	`AllowanceForDoubtfulAccountsReceivableCurrent`	$165.00K	USD	Point-in-time
Accounts receivable, net of allowance	`AllowanceForDoubtfulAccountsReceivableCurrent`	$234.00K	USD	Point-in-time
Inventory Valuation Reserves	`InventoryValuationReserves`	$174.00K	USD	Point-in-time
Inventory Valuation Reserves	`InventoryValuationReserves`	$194.00K	USD	Point-in-time
Property and equipment, accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$379.00K	USD	Point-in-time
Property and equipment, accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$361.00K	USD	Point-in-time
Cash	`Cash`	$155.00K	USD	Point-in-time
Cash	`Cash`	$595.00K	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 $165 and $234, respectively	`AccountsReceivableNetCurrent`	$4.72M	USD	Point-in-time
Accounts receivable, net of allowance for doubtful accounts and returns and discounts of $165 and $234, respectively	`AccountsReceivableNetCurrent`	$5.03M	USD	Point-in-time
Equipment, impairment reserves	`EquipmentImpairmentReserves`	$96.00K	USD	Point-in-time
Receivable from related party	`DueFromRelatedPartiesCurrent`	$682.00K	USD	Point-in-time
Series A convertible preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$10.00	USD	Point-in-time
Receivable from related party	`DueFromRelatedPartiesCurrent`	$701.00K	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
Series A convertible preferred stock, shares authorized	`PreferredStockSharesAuthorized`	500,000.00	shares	Point-in-time
Inventory, net of reserve for obsolescence of $174 and $194, respectively	`InventoryNet`	$11.12M	USD	Point-in-time
Inventory, net of reserve for obsolescence of $174 and $194, respectively	`InventoryNet`	$12.45M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$2.11M	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`	$1.34M	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 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`	$20.44M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$18.45M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Property and equipment, net of accumulated depreciation of $379 and $361, respectively	`PropertyPlantAndEquipmentNet`	$949.00K	USD	Point-in-time
Property and equipment, net of accumulated depreciation of $379 and $361, respectively	`PropertyPlantAndEquipmentNet`	$920.00K	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
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`	120.00M	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	120.00M	shares	Point-in-time
Intangible assets	`IntangibleAssetsNetExcludingGoodwill`	$617.00K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	86.81M	shares	Point-in-time
Intangible assets	`IntangibleAssetsNetExcludingGoodwill`	$615.00K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	86.32M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	86.32M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	86.81M	shares	Point-in-time
Total assets	`Assets`	$22.08M	USD	Point-in-time
Total assets	`Assets`	$20.06M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$6.75M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$8.13M	USD	Point-in-time
Payable to related party	`DueToRelatedPartiesCurrent`	$557.00K	USD	Point-in-time
Payable to related party	`DueToRelatedPartiesCurrent`	$1.03M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$895.00K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$449.00K	USD	Point-in-time
Revolving line of credit	`LinesOfCreditCurrent`	-	USD	Point-in-time
Revolving line of credit	`LinesOfCreditCurrent`	$4.26M	USD	Point-in-time
Current portion of note payable	`NotesPayableCurrent`	$727.00K	USD	Point-in-time
Current portion of note payable	`NotesPayableCurrent`	$599.00K	USD	Point-in-time
Current portion of leases payable	`FinanceLeaseLiabilityCurrent`	$145.00K	USD	Point-in-time
Current portion of leases payable	`FinanceLeaseLiabilityCurrent`	$130.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$14.74M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$8.93M	USD	Point-in-time
Leases payable, less current portion	`FinanceLeaseLiabilityNoncurrent`	$518.00K	USD	Point-in-time
Leases payable, less current portion	`FinanceLeaseLiabilityNoncurrent`	$555.00K	USD	Point-in-time
Note payable, less current portion	`LongTermNotesPayable`	$43.00K	USD	Point-in-time
Note payable, less current portion	`LongTermNotesPayable`	$171.00K	USD	Point-in-time
Warrant liability	`WarrantLiabilityNoncurrent`	-	USD	Point-in-time
Warrant liability	`WarrantLiabilityNoncurrent`	-	USD	Point-in-time
Total liabilities	`Liabilities`	$15.31M	USD	Point-in-time
Total liabilities	`Liabilities`	$9.65M	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, 120,000,000 shares authorized, 86,807,905 and 86,317,096 shares issued and outstanding, respectively	`CommonStockValue`	$9.00K	USD	Point-in-time
Common stock, $.0001 par value, 120,000,000 shares authorized, 86,807,905 and 86,317,096 shares issued and outstanding, respectively	`CommonStockValue`	$9.00K	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$97.90M	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$97.03M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-91.24M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-86.73M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$1.15M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$-653.00K	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$10.40M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$6.77M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$22.08M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$20.06M	USD	Point-in-time

Income Statement 26 line items

Line Item	Tag	Value	Unit	Period
Net Sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$12.15M	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`	$8.29M	USD	1 Quarter
Gross profit	`GrossProfit`	$3.85M	USD	1 Quarter
Gross profit	`GrossProfit`	$2.87M	USD	1 Quarter
Delivery and handling expense	`DeliveryAndHandlingExpense`	$3.29M	USD	1 Quarter
Delivery and handling expense	`DeliveryAndHandlingExpense`	$1.26M	USD	1 Quarter
Selling and marketing expense	`SellingAndMarketingExpense`	$1.93M	USD	1 Quarter
Selling and marketing expense	`SellingAndMarketingExpense`	$2.21M	USD	1 Quarter
General and administrative expense	`GeneralAndAdministrativeExpense`	$1.93M	USD	1 Quarter
General and administrative expense	`GeneralAndAdministrativeExpense`	$2.60M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$5.12M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$8.10M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-2.25M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-4.25M	USD	1 Quarter
Interest expense	`InterestExpense`	$256.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$336.00K	USD	1 Quarter
Change in fair value of warrant liability	`FairValueAdjustmentOfWarrants`	$-6.00K	USD	1 Quarter
Change in fair value of warrant liability	`FairValueAdjustmentOfWarrants`	-	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-2.58M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-4.51M	USD	1 Quarter
Net loss per share basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.05	USD	1 Quarter
Net loss per share basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.05	USD	1 Quarter
Weighted average number of shares outstanding basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	47.60M	shares	1 Quarter
Weighted average number of shares outstanding basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	86.63M	shares	1 Quarter

Cash Flow Statement 68 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-2.58M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-4.51M	USD	1 Quarter
Depreciation	`DepreciationDepletionAndAmortization`	$32.00K	USD	1 Quarter
Depreciation	`DepreciationDepletionAndAmortization`	$12.00K	USD	1 Quarter
Gain on sale on termination of leases	`GainLossOnTerminationOfLease`	$3.00K	USD	1 Quarter
Gain on sale on termination of leases	`GainLossOnTerminationOfLease`	-	USD	1 Quarter
Amortization of debt discount	`AmortizationOfDebtDiscountPremium`	$162.00K	USD	1 Quarter
Amortization of debt discount	`AmortizationOfDebtDiscountPremium`	$96.00K	USD	1 Quarter
Amortization of prepaid financing costs	`AmortizationOfFinancingCosts`	-	USD	1 Quarter
Amortization of prepaid financing costs	`AmortizationOfFinancingCosts`	$25.00K	USD	1 Quarter
Amortization of right of use assets	`OperatingLeaseRightOfUseAssetAmortizationExpense`	$37.00K	USD	1 Quarter
Amortization of right of use assets	`OperatingLeaseRightOfUseAssetAmortizationExpense`	$24.00K	USD	1 Quarter
Fair value of vested options	`FairValueOfVestedOptions`	$-495.00K	USD	1 Quarter
Fair value of vested options	`FairValueOfVestedOptions`	$-292.00K	USD	1 Quarter
Fair value of vested restricted shares granted to officers	`FairValueOfVestedRestrictedSharesGrantedToDirectorsAndOfficersForServices`	$-285.00K	USD	1 Quarter
Fair value of vested restricted shares granted to officers	`FairValueOfVestedRestrictedSharesGrantedToDirectorsAndOfficersForServices`	$-106.00K	USD	1 Quarter
Decrease in allowance for doubtful accounts	`DecreaseInAllowanceForDoubtfulAccounts`	$-93.00K	USD	1 Quarter
Decrease in allowance for doubtful accounts	`DecreaseInAllowanceForDoubtfulAccounts`	$-69.00K	USD	1 Quarter
Decrease in inventory reserve	`IncreaseDecreaseInInventoryReserve`	$20.00K	USD	1 Quarter
Decrease in inventory reserve	`IncreaseDecreaseInInventoryReserve`	$384.00K	USD	1 Quarter
Change in fair value of warrant liability	`FairValueAdjustmentOfWarrants`	$-6.00K	USD	1 Quarter
Change in fair value of warrant liability	`FairValueAdjustmentOfWarrants`	-	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`	-	USD	1 Quarter
Lease liability	`OperatingLeasePayments`	$8.00K	USD	1 Quarter
Lease liability	`OperatingLeasePayments`	$7.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$244.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$1.83M	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$1.31M	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$-2.90M	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$484.00K	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`	$1.39M	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-22.00K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-446.00K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-5.06M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-2.35M	USD	1 Quarter
Patent costs	`PaymentsToAcquireIntangibleAssets`	$2.00K	USD	1 Quarter
Patent costs	`PaymentsToAcquireIntangibleAssets`	-	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$95.00K	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$22.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-97.00K	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`	$16.15M	USD	1 Quarter
Repayments of line of credit	`RepaymentsOfLinesOfCredit`	$7.68M	USD	1 Quarter
Repayments of line of credit	`RepaymentsOfLinesOfCredit`	$11.90M	USD	1 Quarter
Amounts from related party	`ProceedsFromRelatedPartyDebt`	$459.00K	USD	1 Quarter
Amounts from related party	`ProceedsFromRelatedPartyDebt`	-	USD	1 Quarter
Principal repayments on capital lease obligation	`RepaymentsOfLongTermCapitalLeaseObligations`	$2.00K	USD	1 Quarter
Principal repayments on capital lease obligation	`RepaymentsOfLongTermCapitalLeaseObligations`	$22.00K	USD	1 Quarter
Exercise of options	`ProceedsFromStockOptionsExercised`	-	USD	1 Quarter
Exercise of options	`ProceedsFromStockOptionsExercised`	$3.00K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$1.49M	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$4.72M	USD	1 Quarter
Net increase (decrease) in cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-885.00K	USD	1 Quarter
Net increase (decrease) in cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-440.00K	USD	1 Quarter
Cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$28.00K	USD	Point-in-time
Cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$155.00K	USD	Point-in-time
Cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$595.00K	USD	Point-in-time
Cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$913.00K	USD	Point-in-time
Cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$28.00K	USD	Point-in-time
Cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$155.00K	USD	Point-in-time
Cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$595.00K	USD	Point-in-time
Cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$913.00K	USD	Point-in-time
Cash paid for interest	`InterestPaidNet`	$98.00K	USD	1 Quarter
Cash paid for interest	`InterestPaidNet`	$70.00K	USD	1 Quarter

Stockholders Equity 17 line items

Line Item	Tag	Value	Unit	Period
Beginning balance, value	`StockholdersEquity`	$1.15M	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$-653.00K	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$10.40M	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$6.77M	USD	Point-in-time
Fair value of vested options	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsVested`	$300.00K	USD	1 Quarter
Fair value of vested options	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsVested`	$495.00K	USD	1 Quarter
Fair value of vested restricted shares granted to an officer	`StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures`	$98.00K	USD	1 Quarter
Fair value of vested restricted shares granted to an officer	`StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures`	$285.00K	USD	1 Quarter
Common shares issued on exercise of options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$3.00K	USD	1 Quarter
Common shares issued on exercise of options, shares	`StockIssuedDuringPeriodSharesStockOptionsExercised`	6,000.00	shares	1 Quarter
Common shares issued for financing costs	`StockIssuedDuringPeriodValueOther`	$472.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-2.58M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-4.51M	USD	1 Quarter
Ending balance, value	`StockholdersEquity`	$1.15M	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$-653.00K	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$10.40M	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$6.77M	USD	Point-in-time

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