10-Q Filing

REED'S, INC. CIK: 1140215 Q1 2022

Filing Information

Form Type	10-Q
Accession Number	`0001493152-22-013855`
Period End Date	20220331
Filing Date	20220516
Fiscal Year	2022
Fiscal Period	Q1
XBRL Instance	form10-q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 70 Income Statement 26 Cash Flow Statement 69 Stockholders Equity 19

Balance Sheet 70 line items

Line Item	Tag	Value	Unit	Period
Accounts receivable, net of allowance	`AllowanceForDoubtfulAccountsReceivableCurrent`	$234.00K	USD	Point-in-time
Accounts receivable, net of allowance	`AllowanceForDoubtfulAccountsReceivableCurrent`	$277.00K	USD	Point-in-time
Property and equipment, accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$561.00K	USD	Point-in-time
Property and equipment, accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$613.00K	USD	Point-in-time
Capitalized financing costs	`CapitalizedFinancingCosts`	$470.00K	USD	Point-in-time
Cash	`Cash`	$49.00K	USD	Point-in-time
Capitalized financing costs	`CapitalizedFinancingCosts`	-	USD	Point-in-time
Cash	`Cash`	$122.00K	USD	Point-in-time
Series A convertible preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$10.00	USD	Point-in-time
Accounts receivable, net of allowance of $277 and $234, respectively	`AccountsReceivableNetCurrent`	$5.16M	USD	Point-in-time
Series A convertible preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$10.00	USD	Point-in-time
Accounts receivable, net of allowance of $277 and $234, respectively	`AccountsReceivableNetCurrent`	$5.18M	USD	Point-in-time
Inventory	`InventoryNet`	$17.05M	USD	Point-in-time
Series A convertible preferred stock, shares authorized	`PreferredStockSharesAuthorized`	500,000.00	shares	Point-in-time
Inventory	`InventoryNet`	$20.85M	USD	Point-in-time
Series A convertible preferred stock, shares authorized	`PreferredStockSharesAuthorized`	500,000.00	shares	Point-in-time
Receivable from related party	`DueFromRelatedPartiesCurrent`	$1.14M	USD	Point-in-time
Series A convertible preferred stock, shares issued	`PreferredStockSharesIssued`	9,411.00	shares	Point-in-time
Receivable from related party	`DueFromRelatedPartiesCurrent`	$933.00K	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
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$1.56M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$1.49M	USD	Point-in-time
Series A convertible preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	9,411.00	shares	Point-in-time
Total current assets	`AssetsCurrent`	$28.83M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$24.70M	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
Common stock, shares authorized	`CommonStockSharesAuthorized`	180.00M	shares	Point-in-time
Property and equipment, net of accumulated depreciation of $613 and $561, respectively	`PropertyPlantAndEquipmentNet`	$940.00K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	180.00M	shares	Point-in-time
Property and equipment, net of accumulated depreciation of $613 and $561, respectively	`PropertyPlantAndEquipmentNet`	$992.00K	USD	Point-in-time
Intangible assets	`IntangibleAssetsNetExcludingGoodwill`	$624.00K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	93.73M	shares	Point-in-time
Intangible assets	`IntangibleAssetsNetExcludingGoodwill`	$624.00K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	112.55M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	93.73M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	112.55M	shares	Point-in-time
Total assets	`Assets`	$30.39M	USD	Point-in-time
Total assets	`Assets`	$26.32M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$10.43M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$16.36M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$689.00K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$286.00K	USD	Point-in-time
Revolving line of credit, net of capitalized financing costs of $470 and $0, respectively	`LinesOfCreditCurrent`	$10.23M	USD	Point-in-time
Revolving line of credit, net of capitalized financing costs of $470 and $0, respectively	`LinesOfCreditCurrent`	$7.47M	USD	Point-in-time
Payable to related party	`DueToRelatedPartiesCurrent`	$614.00K	USD	Point-in-time
Payable to related party	`DueToRelatedPartiesCurrent`	$735.00K	USD	Point-in-time
Current portion of lease liabilities	`OperatingLeaseLiabilityCurrent`	$167.00K	USD	Point-in-time
Current portion of lease liabilities	`OperatingLeaseLiabilityCurrent`	$161.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$21.72M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$25.43M	USD	Point-in-time
Lease liabilities, less current portion	`OperatingLeaseLiabilityNoncurrent`	$394.00K	USD	Point-in-time
Lease liabilities, less current portion	`OperatingLeaseLiabilityNoncurrent`	$350.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$25.77M	USD	Point-in-time
Total liabilities	`Liabilities`	$22.12M	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, 180,000,000 shares authorized; 112,551,890 and 93,733,975 shares issued and outstanding, respectively	`CommonStockValue`	$11.00K	USD	Point-in-time
Common stock, $.0001 par value, 180,000,000 shares authorized; 112,551,890 and 93,733,975 shares issued and outstanding, respectively	`CommonStockValue`	$9.00K	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$107.24M	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$112.63M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-108.12M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-103.14M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$6.77M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$10.40M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$4.62M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$4.20M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$26.32M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$30.39M	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`	$12.18M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$9.25M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$8.29M	USD	1 Quarter
Gross profit	`GrossProfit`	$3.85M	USD	1 Quarter
Gross profit	`GrossProfit`	$2.93M	USD	1 Quarter
Delivery and handling expense	`DeliveryAndHandlingExpense`	$3.29M	USD	1 Quarter
Delivery and handling expense	`DeliveryAndHandlingExpense`	$2.81M	USD	1 Quarter
Selling and marketing expense	`SellingAndMarketingExpense`	$2.18M	USD	1 Quarter
Selling and marketing expense	`SellingAndMarketingExpense`	$2.21M	USD	1 Quarter
General and administrative expense	`GeneralAndAdministrativeExpense`	$2.60M	USD	1 Quarter
General and administrative expense	`GeneralAndAdministrativeExpense`	$2.12M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$8.10M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$7.11M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-4.25M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-4.18M	USD	1 Quarter
Other income (expense)	`OtherIncome`	-	USD	1 Quarter
Other income (expense)	`OtherIncome`	-	USD	1 Quarter
Interest expense	`InterestExpense`	$801.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$256.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-4.98M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-4.51M	USD	1 Quarter
Net loss per share basic and diluted	`EarningsPerShareBasic`	$-0.05	USD	1 Quarter
Net loss per share basic and diluted	`EarningsPerShareBasic`	$-0.05	USD	1 Quarter
Weighted average number of shares outstanding basic and diluted	`WeightedAverageNumberOfSharesOutstandingBasic`	97.38M	shares	1 Quarter
Weighted average number of shares outstanding basic and diluted	`WeightedAverageNumberOfSharesOutstandingBasic`	86.63M	shares	1 Quarter

Cash Flow Statement 69 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-4.98M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-4.51M	USD	1 Quarter
Depreciation	`DepreciationDepletionAndAmortization`	$25.00K	USD	1 Quarter
Depreciation	`DepreciationDepletionAndAmortization`	$32.00K	USD	1 Quarter
Amortization of debt discount	`AmortizationOfDebtDiscountPremium`	$162.00K	USD	1 Quarter
Amortization of debt discount	`AmortizationOfDebtDiscountPremium`	$65.00K	USD	1 Quarter
Amortization of prepaid financing costs	`AmortizationOfFinancingCosts`	$25.00K	USD	1 Quarter
Amortization of prepaid financing costs	`AmortizationOfFinancingCosts`	$431.00K	USD	1 Quarter
Fair value of vested options	`FairValueOfVestedOptions`	$-292.00K	USD	1 Quarter
Fair value of vested options	`FairValueOfVestedOptions`	$-225.00K	USD	1 Quarter
Fair value of vested restricted shares granted to officers	`FairValueOfVestedRestrictedSharesGrantedToDirectorsAndOfficersForServices`	$-106.00K	USD	1 Quarter
Fair value of vested restricted shares granted to officers	`FairValueOfVestedRestrictedSharesGrantedToDirectorsAndOfficersForServices`	$-66.00K	USD	1 Quarter
Fair value of common shares issued as financing costs	`FairValueOfCommonSharesIssuedAsFinancingCosts`	$-37.00K	USD	1 Quarter
Change in allowance for doubtful accounts	`ProvisionForDoubtfulAccounts`	$62.00K	USD	1 Quarter
Change in allowance for doubtful accounts	`ProvisionForDoubtfulAccounts`	$-69.00K	USD	1 Quarter
Inventory write-downs	`InventoryWriteDown`	$10.00K	USD	1 Quarter
Inventory write-downs	`InventoryWriteDown`	$-20.00K	USD	1 Quarter
Gain on termination of leases	`GainLossOnTerminationOfLease`	$3.00K	USD	1 Quarter
Gain on termination of leases	`GainLossOnTerminationOfLease`	-	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$244.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$40.00K	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$3.81M	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$1.31M	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$617.00K	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$484.00K	USD	1 Quarter
Decrease in right of use assets	`IncreaseDecreaseInAmortizationOfRightOfUseAssets`	$27.00K	USD	1 Quarter
Decrease in right of use assets	`IncreaseDecreaseInAmortizationOfRightOfUseAssets`	$24.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$1.39M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$5.93M	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-446.00K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$403.00K	USD	1 Quarter
Lease liability	`IncreaseDecreaseInOperatingLeaseLiability`	$-8.00K	USD	1 Quarter
Lease liability	`IncreaseDecreaseInOperatingLeaseLiability`	$-37.00K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-5.06M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-2.21M	USD	1 Quarter
Patent costs	`PaymentsToAcquireIntangibleAssets`	-	USD	1 Quarter
Patent costs	`PaymentsToAcquireIntangibleAssets`	$2.00K	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$95.00K	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	-	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-97.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	-	USD	1 Quarter
Proceeds from line of credit	`ProceedsFromLinesOfCredit`	$14.51M	USD	1 Quarter
Proceeds from line of credit	`ProceedsFromLinesOfCredit`	$16.15M	USD	1 Quarter
Payments on line of credit	`RepaymentsOfLinesOfCredit`	$17.21M	USD	1 Quarter
Payments on line of credit	`RepaymentsOfLinesOfCredit`	$11.90M	USD	1 Quarter
Proceeds from sale of common stock	`ProceedsFromIssuanceOfCommonStock`	$5.07M	USD	1 Quarter
Proceeds from sale of common stock	`ProceedsFromIssuanceOfCommonStock`	-	USD	1 Quarter
Repurchase of common stock	`PaymentsForRepurchaseOfCommonStock`	$2.00K	USD	1 Quarter
Repurchase of common stock	`PaymentsForRepurchaseOfCommonStock`	-	USD	1 Quarter
Amounts from related party, net	`ProceedsFromRepaymentsOfRelatedPartyDebt`	$459.00K	USD	1 Quarter
Amounts from related party, net	`ProceedsFromRepaymentsOfRelatedPartyDebt`	$-81.00K	USD	1 Quarter
Payments on capital lease obligation	`PaymentsOnCapitalLeaseObligation`	-	USD	1 Quarter
Payments on capital lease obligation	`PaymentsOnCapitalLeaseObligation`	$-2.00K	USD	1 Quarter
Proceeds from exercise of options	`ProceedsFromStockOptionsExercised`	-	USD	1 Quarter
Proceeds from exercise of options	`ProceedsFromStockOptionsExercised`	$3.00K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$4.72M	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$2.28M	USD	1 Quarter
Net increase (decrease) in cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$73.00K	USD	1 Quarter
Net increase (decrease) in cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-440.00K	USD	1 Quarter
Cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$595.00K	USD	Point-in-time
Cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$122.00K	USD	Point-in-time
Cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$155.00K	USD	Point-in-time
Cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$49.00K	USD	Point-in-time
Cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$595.00K	USD	Point-in-time
Cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$122.00K	USD	Point-in-time
Cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$155.00K	USD	Point-in-time
Cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$49.00K	USD	Point-in-time
Cash paid for interest	`InterestPaidNet`	$256.00K	USD	1 Quarter
Cash paid for interest	`InterestPaidNet`	$70.00K	USD	1 Quarter

Stockholders Equity 19 line items

Line Item	Tag	Value	Unit	Period
Beginning balance, value	`StockholdersEquity`	$6.77M	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$10.40M	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$4.62M	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$4.20M	USD	Point-in-time
Fair value of vested options	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsVested`	$300.00K	USD	1 Quarter
Fair value of vested options	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsVested`	$225.00K	USD	1 Quarter
Fair value of vested restricted shares granted to officers	`StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures`	$66.00K	USD	1 Quarter
Fair value of vested restricted shares granted to officers	`StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures`	$98.00K	USD	1 Quarter
Repurchase of common stock	`StockRepurchasedDuringPeriodValue`	$2.00K	USD	1 Quarter
Common shares issued for financing costs	`StockIssuedDuringPeriodValueOther`	$37.00K	USD	1 Quarter
Common shares issued for financing costs	`StockIssuedDuringPeriodValueOther`	$472.00K	USD	1 Quarter
Common shares issued for cash, net of offering costs	`StockIssuedDuringPeriodValueNewIssues`	$5.07M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-4.98M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-4.51M	USD	1 Quarter
Common shares issued on exercise of options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$3.00K	USD	1 Quarter
Ending balance, value	`StockholdersEquity`	$6.77M	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$10.40M	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$4.62M	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$4.20M	USD	Point-in-time

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