10-Q Filing

REED'S, INC. CIK: 1140215 Q1 2023

Filing Information

Form Type	10-Q
Accession Number	`0001493152-23-019742`
Period End Date	20230331
Filing Date	20230601
Fiscal Year	2023
Fiscal Period	Q1
XBRL Instance	form10-q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 75 Income Statement 24 Cash Flow Statement 64 Stockholders Equity 19

Balance Sheet 75 line items

Line Item	Tag	Value	Unit	Period
Accounts receivable, net of allowance	`AllowanceForDoubtfulAccountsReceivableCurrent`	$213.00K	USD	Point-in-time
Accounts receivable, net of allowance	`AllowanceForDoubtfulAccountsReceivableCurrent`	$252.00K	USD	Point-in-time
Property and equipment, accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$867.00K	USD	Point-in-time
Property and equipment, accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$787.00K	USD	Point-in-time
Capitalized financing costs	`DeferredFinanceCostsCurrentNet`	$363.00K	USD	Point-in-time
Capitalized financing costs	`DeferredFinanceCostsCurrentNet`	$322.00K	USD	Point-in-time
Debt discount current	`DebtInstrumentUnamortizedDiscountCurrent`	$414.00K	USD	Point-in-time
Debt discount current	`DebtInstrumentUnamortizedDiscountCurrent`	$670.00K	USD	Point-in-time
Debt discount, noncurrent	`DebtInstrumentUnamortizedDiscountNoncurrent`	$562.00K	USD	Point-in-time
Debt discount, noncurrent	`DebtInstrumentUnamortizedDiscountNoncurrent`	$484.00K	USD	Point-in-time
Series A convertible preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$10.00	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
Cash	`Cash`	$467.00K	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 issued	`PreferredStockSharesIssued`	9,411.00	shares	Point-in-time
Cash	`Cash`	$533.00K	USD	Point-in-time
Series A convertible preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	9,411.00	shares	Point-in-time
Accounts receivable, net of allowance of $213 and $252, respectively	`AccountsReceivableNetCurrent`	$4.67M	USD	Point-in-time
Accounts receivable, net of allowance of $213 and $252, respectively	`AccountsReceivableNetCurrent`	$5.67M	USD	Point-in-time
Series A convertible preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	9,411.00	shares	Point-in-time
Inventory, net	`InventoryNet`	$16.18M	USD	Point-in-time
Inventory, net	`InventoryNet`	$15.30M	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, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	180.00M	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	180.00M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$939.00K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	2.52M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$601.00K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	2.60M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	2.52M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$24.09M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$21.81M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	2.60M	shares	Point-in-time
Property and equipment, net of accumulated depreciation of $867 and $787, respectively	`PropertyPlantAndEquipmentNet`	$686.00K	USD	Point-in-time
Property and equipment, net of accumulated depreciation of $867 and $787, respectively	`PropertyPlantAndEquipmentNet`	$766.00K	USD	Point-in-time
Intangible assets	`IntangibleAssetsNetExcludingGoodwill`	$626.00K	USD	Point-in-time
Intangible assets	`IntangibleAssetsNetExcludingGoodwill`	$626.00K	USD	Point-in-time
Total assets	`Assets`	$23.12M	USD	Point-in-time
Total assets	`Assets`	$25.49M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$11.16M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$9.80M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$467.00K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$233.00K	USD	Point-in-time
Revolving line of credit, net of capitalized financing costs of $322 and $363, respectively	`LinesOfCreditCurrent`	$7.59M	USD	Point-in-time
Revolving line of credit, net of capitalized financing costs of $322 and $363, respectively	`LinesOfCreditCurrent`	$10.97M	USD	Point-in-time
Current portion of convertible notes payable, net of debt discount of $670 and $414, respectively	`ConvertibleNotesPayableCurrent`	$5.49M	USD	Point-in-time
Current portion of convertible notes payable, net of debt discount of $670 and $414, respectively	`ConvertibleNotesPayableCurrent`	$2.43M	USD	Point-in-time
Current portion of lease liabilities	`OperatingLeaseLiabilityCurrent`	$194.00K	USD	Point-in-time
Current portion of lease liabilities	`OperatingLeaseLiabilityCurrent`	$187.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$25.66M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$26.76M	USD	Point-in-time
Convertible note payable, net of debt discount of $484 and $562, respectively, less current portion	`ConvertibleLongTermNotesPayable`	$8.09M	USD	Point-in-time
Convertible note payable, net of debt discount of $484 and $562, respectively, less current portion	`ConvertibleLongTermNotesPayable`	$8.53M	USD	Point-in-time
Lease liabilities, less current portion	`OperatingLeaseLiabilityNoncurrent`	$156.00K	USD	Point-in-time
Lease liabilities, less current portion	`OperatingLeaseLiabilityNoncurrent`	$207.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$35.45M	USD	Point-in-time
Total liabilities	`Liabilities`	$33.96M	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; 2,602,399 and 2,519,485 shares issued and outstanding, respectively	`CommonStockValue`	-	USD	Point-in-time
Common stock, $.0001 par value, 180,000,000 shares authorized; 2,602,399 and 2,519,485 shares issued and outstanding, respectively	`CommonStockValue`	-	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$114.64M	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$115.14M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-127.56M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-123.20M	USD	Point-in-time
Total stockholders deficit	`StockholdersEquity`	$-12.32M	USD	Point-in-time
Total stockholders deficit	`StockholdersEquity`	$4.20M	USD	Point-in-time
Total stockholders deficit	`StockholdersEquity`	$-8.47M	USD	Point-in-time
Total stockholders deficit	`StockholdersEquity`	$4.62M	USD	Point-in-time
Total liabilities and stockholders deficit	`LiabilitiesAndStockholdersEquity`	$25.49M	USD	Point-in-time
Total liabilities and stockholders deficit	`LiabilitiesAndStockholdersEquity`	$23.12M	USD	Point-in-time

Income Statement 24 line items

Line Item	Tag	Value	Unit	Period
Net Sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$12.18M	USD	1 Quarter
Net Sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$11.16M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$9.25M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$8.46M	USD	1 Quarter
Gross profit	`GrossProfit`	$2.70M	USD	1 Quarter
Gross profit	`GrossProfit`	$2.93M	USD	1 Quarter
Delivery and handling expense	`DeliveryAndHandlingExpense`	$2.81M	USD	1 Quarter
Delivery and handling expense	`DeliveryAndHandlingExpense`	$2.12M	USD	1 Quarter
Selling and marketing expense	`SellingAndMarketingExpense`	$1.45M	USD	1 Quarter
Selling and marketing expense	`SellingAndMarketingExpense`	$2.18M	USD	1 Quarter
General and administrative expense	`GeneralAndAdministrativeExpense`	$1.71M	USD	1 Quarter
General and administrative expense	`GeneralAndAdministrativeExpense`	$2.12M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$5.28M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$7.11M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-2.58M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-4.18M	USD	1 Quarter
Interest expense	`InterestExpense`	$1.78M	USD	1 Quarter
Interest expense	`InterestExpense`	$801.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-4.98M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-4.36M	USD	1 Quarter
Net loss per share basic and diluted	`EarningsPerShareBasic`	$-1.70	USD	1 Quarter
Net loss per share basic and diluted	`EarningsPerShareBasic`	$-2.56	USD	1 Quarter
Weighted average number of shares outstanding basic and diluted	`WeightedAverageNumberOfSharesOutstandingBasic`	2.56M	shares	1 Quarter
Weighted average number of shares outstanding basic and diluted	`WeightedAverageNumberOfSharesOutstandingBasic`	1.95M	shares	1 Quarter

Cash Flow Statement 64 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-4.98M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-4.36M	USD	1 Quarter
Depreciation	`DepreciationDepletionAndAmortization`	$25.00K	USD	1 Quarter
Depreciation	`DepreciationDepletionAndAmortization`	$47.00K	USD	1 Quarter
Amortization of debt discount	`AmortizationOfDebtDiscountPremium`	$65.00K	USD	1 Quarter
Amortization of debt discount	`AmortizationOfDebtDiscountPremium`	$281.00K	USD	1 Quarter
Amortization of prepaid financing costs	`AmortizationOfFinancingCosts`	$431.00K	USD	1 Quarter
Amortization of prepaid financing costs	`AmortizationOfFinancingCosts`	-	USD	1 Quarter
Fair value of vested options	`FairValueOfVestedOptions`	$-229.00K	USD	1 Quarter
Fair value of vested options	`FairValueOfVestedOptions`	$-225.00K	USD	1 Quarter
Fair value of vested restricted shares granted to officers	`FairValueOfVestedRestrictedSharesGrantedToOfficers`	$-4.00K	USD	1 Quarter
Fair value of vested restricted shares granted to officers	`FairValueOfVestedRestrictedSharesGrantedToOfficers`	$-66.00K	USD	1 Quarter
Fair value of common shares issued as financing costs	`FairValueOfCommonSharesIssuedAsFinancingCosts`	-	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`	$-39.00K	USD	1 Quarter
Change in allowance for doubtful accounts	`ProvisionForDoubtfulAccounts`	$62.00K	USD	1 Quarter
Inventory write-downs	`InventoryWriteDown`	$10.00K	USD	1 Quarter
Inventory write-downs	`InventoryWriteDown`	$-228.00K	USD	1 Quarter
Accrued interest	`AccrualOfInterestOnConvertibleNote`	-	USD	1 Quarter
Accrued interest	`AccrualOfInterestOnConvertibleNote`	$1.11M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-1.04M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$40.00K	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$-1.10M	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$3.81M	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$617.00K	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-338.00K	USD	1 Quarter
Decrease in right of use assets	`IncreaseDecreaseInAmortizationOfRightOfUseAssets`	$32.00K	USD	1 Quarter
Decrease in right of use assets	`IncreaseDecreaseInAmortizationOfRightOfUseAssets`	$27.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$5.93M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$1.36M	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$403.00K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$235.00K	USD	1 Quarter
Lease liabilities	`IncreaseDecreaseInOperatingLeaseLiability`	$-37.00K	USD	1 Quarter
Lease liabilities	`IncreaseDecreaseInOperatingLeaseLiability`	$-44.00K	USD	1 Quarter
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-2.21M	USD	1 Quarter
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$1.12M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	-	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	-	USD	1 Quarter
Proceeds from line of credit	`ProceedsFromLinesOfCredit`	$8.70M	USD	1 Quarter
Proceeds from line of credit	`ProceedsFromLinesOfCredit`	$14.51M	USD	1 Quarter
Payments on line of credit	`RepaymentsOfLinesOfCredit`	$12.12M	USD	1 Quarter
Payments on line of credit	`RepaymentsOfLinesOfCredit`	$17.21M	USD	1 Quarter
Proceeds from convertible note payable, net of expenses	`ProceedsFromConvertibleDebt`	$2.40M	USD	1 Quarter
Proceeds from convertible note payable, net of expenses	`ProceedsFromConvertibleDebt`	-	USD	1 Quarter
Proceeds from sale of common stock	`ProceedsFromIssuanceOfCommonStock`	-	USD	1 Quarter
Proceeds from sale of common stock	`ProceedsFromIssuanceOfCommonStock`	$5.07M	USD	1 Quarter
Repurchase of common stock	`PaymentsForRepurchaseOfCommonStock`	$2.00K	USD	1 Quarter
Repurchase of common stock	`PaymentsForRepurchaseOfCommonStock`	$1.00K	USD	1 Quarter
Amounts from former related party, net	`ProceedsFromRepaymentsOfRelatedPartyDebt`	$-166.00K	USD	1 Quarter
Amounts from former related party, net	`ProceedsFromRepaymentsOfRelatedPartyDebt`	$-81.00K	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$2.28M	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-1.18M	USD	1 Quarter
Net increase (decrease) in cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-66.00K	USD	1 Quarter
Net increase (decrease) in cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$73.00K	USD	1 Quarter
Cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$49.00K	USD	Point-in-time
Cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$533.00K	USD	Point-in-time
Cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$122.00K	USD	Point-in-time
Cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$467.00K	USD	Point-in-time
Cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$49.00K	USD	Point-in-time
Cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$533.00K	USD	Point-in-time
Cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$122.00K	USD	Point-in-time
Cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$467.00K	USD	Point-in-time
Cash paid for interest	`InterestPaidNet`	$256.00K	USD	1 Quarter
Cash paid for interest	`InterestPaidNet`	$390.00K	USD	1 Quarter

Stockholders Equity 19 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$-12.32M	USD	Point-in-time
Balance	`StockholdersEquity`	$4.20M	USD	Point-in-time
Balance	`StockholdersEquity`	$-8.47M	USD	Point-in-time
Balance	`StockholdersEquity`	$4.62M	USD	Point-in-time
Fair value of vested options	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsVested`	$225.00K	USD	1 Quarter
Fair value of vested options	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsVested`	$229.00K	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`	$4.00K	USD	1 Quarter
Repurchase of common stock	`StockRepurchasedDuringPeriodValue`	$1.00K	USD	1 Quarter
Repurchase of common stock	`StockRepurchasedDuringPeriodValue`	$2.00K	USD	1 Quarter
Common shares issued for financing costs	`StockIssuedDuringPeriodValueOther`	$273.00K	USD	1 Quarter
Common shares issued for financing costs	`StockIssuedDuringPeriodValueOther`	$37.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-4.98M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-4.36M	USD	1 Quarter
Common shares issued for cash, net of offering costs	`StockIssuedDuringPeriodValueNewIssues`	$5.07M	USD	1 Quarter
Balance	`StockholdersEquity`	$-12.32M	USD	Point-in-time
Balance	`StockholdersEquity`	$4.20M	USD	Point-in-time
Balance	`StockholdersEquity`	$-8.47M	USD	Point-in-time
Balance	`StockholdersEquity`	$4.62M	USD	Point-in-time

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