10-Q Filing

22ND CENTURY GROUP, INC. CIK: 1347858 Q1 2022

Filing Information

Form Type	10-Q
Accession Number	`0001558370-22-007204`
Period End Date	20220331
Filing Date	20220505
Fiscal Year	2022
Fiscal Period	Q1
XBRL Instance	xxii-20220331x10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 79 Income Statement 42 Cash Flow Statement 70 Stockholders Equity 16

Balance Sheet 79 line items

Line Item	Tag	Value	Unit	Period
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	-	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	-	USD	Point-in-time
Cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.58M	USD	Point-in-time
Cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.27M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	300.00M	shares	Point-in-time
Cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.03M	USD	Point-in-time
Cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.34M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	300.00M	shares	Point-in-time
Short-term investment securities	`ShortTermInvestments`	$47.40M	USD	Point-in-time
Short-term investment securities	`ShortTermInvestments`	$37.04M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	-	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	-	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$1.22M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$585.00K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	164.54M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	162.87M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	162.87M	shares	Point-in-time
Inventory, net	`InventoryNet`	$2.88M	USD	Point-in-time
Inventory, net	`InventoryNet`	$3.75M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	164.54M	shares	Point-in-time
Prepaid expenses and other assets	`PrepaidExpenseAndOtherAssetsCurrent`	$1.39M	USD	Point-in-time
Prepaid expenses and other assets	`PrepaidExpenseAndOtherAssetsCurrent`	$2.18M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$44.98M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$54.38M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$5.84M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$5.95M	USD	Point-in-time
Operating leases right-of-use assets, net	`OperatingLeaseRightOfUseAsset`	$1.63M	USD	Point-in-time
Operating leases right-of-use assets, net	`OperatingLeaseRightOfUseAsset`	$1.72M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$7.93M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$7.92M	USD	Point-in-time
Investments	`LongTermInvestments`	$2.21M	USD	Point-in-time
Investments	`LongTermInvestments`	$2.35M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$3.74M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$3.77M	USD	Point-in-time
Total assets	`Assets`	$66.48M	USD	Point-in-time
Total assets	`Assets`	$75.95M	USD	Point-in-time
Notes payable	`NotesPayableCurrent`	$596.00K	USD	Point-in-time
Operating lease obligations	`OperatingLeaseLiabilityCurrent`	$359.00K	USD	Point-in-time
Operating lease obligations	`OperatingLeaseLiabilityCurrent`	$308.00K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$2.17M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.51M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$1.49M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$2.23M	USD	Point-in-time
Accrued payroll	`EmployeeRelatedLiabilitiesCurrent`	$405.00K	USD	Point-in-time
Accrued payroll	`EmployeeRelatedLiabilitiesCurrent`	$2.25M	USD	Point-in-time
Accrued excise taxes and fees	`SalesAndExciseTaxPayableCurrent`	$1.27M	USD	Point-in-time
Accrued excise taxes and fees	`SalesAndExciseTaxPayableCurrent`	$2.01M	USD	Point-in-time
Accrued severance	`PostemploymentBenefitsLiabilityCurrent`	$187.00K	USD	Point-in-time
Accrued severance	`PostemploymentBenefitsLiabilityCurrent`	$217.00K	USD	Point-in-time
Deferred income	`ContractWithCustomerLiabilityCurrent`	$483.00K	USD	Point-in-time
Deferred income	`ContractWithCustomerLiabilityCurrent`	$119.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$8.43M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$7.18M	USD	Point-in-time
Operating lease obligations	`OperatingLeaseLiabilityNoncurrent`	$1.43M	USD	Point-in-time
Operating lease obligations	`OperatingLeaseLiabilityNoncurrent`	$1.33M	USD	Point-in-time
Severance obligations	`PostemploymentBenefitsLiabilityNoncurrent`	$21.00K	USD	Point-in-time
Severance obligations	`PostemploymentBenefitsLiabilityNoncurrent`	-	USD	Point-in-time
Total liabilities	`Liabilities`	$8.51M	USD	Point-in-time
Total liabilities	`Liabilities`	$9.88M	USD	Point-in-time
Commitments and contingencies (Note 11)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Note 11)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preferred stock, $.00001 par value, 10,000,000 shares authorized	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, $.00001 par value, 10,000,000 shares authorized	`PreferredStockValue`	-	USD	Point-in-time
Common stock, par value	`CommonStockValue`	$2.00K	USD	Point-in-time
Common stock, par value	`CommonStockValue`	$2.00K	USD	Point-in-time
Capital in excess of par value	`AdditionalPaidInCapital`	$244.25M	USD	Point-in-time
Capital in excess of par value	`AdditionalPaidInCapital`	$245.46M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-162.00K	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-562.00K	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-186.93M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-178.01M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$57.97M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$66.07M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$52.49M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$44.11M	USD	Point-in-time
Total liabilities and shareholders' equity	`LiabilitiesAndStockholdersEquity`	$66.48M	USD	Point-in-time
Total liabilities and shareholders' equity	`LiabilitiesAndStockholdersEquity`	$75.95M	USD	Point-in-time

Income Statement 42 line items

Line Item	Tag	Value	Unit	Period
Sale of products, net	`RevenueFromContractWithCustomerExcludingAssessedTax`	$6.81M	USD	1 Quarter
Sale of products, net	`RevenueFromContractWithCustomerExcludingAssessedTax`	$9.04M	USD	1 Quarter
Products	`CostOfGoodsAndServiceExcludingDepreciationDepletionAndAmortization`	$6.16M	USD	1 Quarter
Products	`CostOfGoodsAndServiceExcludingDepreciationDepletionAndAmortization`	$8.59M	USD	1 Quarter
Gross profit	`GrossProfitExcludingDepreciation`	$647.00K	USD	1 Quarter
Gross profit	`GrossProfitExcludingDepreciation`	$460.00K	USD	1 Quarter
Sales, general and administrative	`SellingGeneralAndAdministrativeExpense`	$4.83M	USD	1 Quarter
Sales, general and administrative	`SellingGeneralAndAdministrativeExpense`	$7.30M	USD	1 Quarter
Depreciation	`Depreciation`	$168.00K	USD	1 Quarter
Depreciation	`Depreciation`	$138.00K	USD	1 Quarter
Amortization	`AdjustmentForAmortization`	$150.00K	USD	1 Quarter
Amortization	`AdjustmentForAmortization`	$161.00K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$8.61M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$5.82M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-8.15M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-5.17M	USD	1 Quarter
Unrealized gain (loss) on investments	`UnrealizedGainLossOnInvestments`	$-817.00K	USD	1 Quarter
Unrealized gain (loss) on investments	`UnrealizedGainLossOnInvestments`	$36.00K	USD	1 Quarter
Interest income, net	`InvestmentIncomeNet`	$50.00K	USD	1 Quarter
Interest income, net	`InvestmentIncomeNet`	$112.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$5.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$7.00K	USD	1 Quarter
Total other income (expense)	`NonoperatingIncomeExpense`	$-772.00K	USD	1 Quarter
Total other income (expense)	`NonoperatingIncomeExpense`	$141.00K	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-8.92M	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-5.03M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-5.03M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-8.92M	USD	1 Quarter
Unrealized loss on short-term investment securities	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$-32.00K	USD	1 Quarter
Unrealized loss on short-term investment securities	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$-400.00K	USD	1 Quarter
Other comprehensive income loss	`OtherComprehensiveIncomeLossNetOfTax`	$-400.00K	USD	1 Quarter
Other comprehensive income loss	`OtherComprehensiveIncomeLossNetOfTax`	$-32.00K	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-9.32M	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-5.06M	USD	1 Quarter
Net loss per common share - basic	`EarningsPerShareBasic`	$-0.05	USD	1 Quarter
Net loss per common share - basic	`EarningsPerShareBasic`	$-0.03	USD	1 Quarter
Net loss per common share - diluted	`EarningsPerShareDiluted`	$-0.05	USD	1 Quarter
Net loss per common share - diluted	`EarningsPerShareDiluted`	$-0.03	USD	1 Quarter
Weighted average common shares outstanding - basic	`WeightedAverageNumberOfSharesOutstandingBasic`	144.26M	shares	1 Quarter
Weighted average common shares outstanding - basic	`WeightedAverageNumberOfSharesOutstandingBasic`	163.16M	shares	1 Quarter
Weighted average common shares outstanding - diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	144.26M	shares	1 Quarter
Weighted average common shares outstanding - diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	163.16M	shares	1 Quarter

Cash Flow Statement 70 line items

Line Item	Tag	Value	Unit	Period
Net loss	`ProfitLoss`	$-5.03M	USD	1 Quarter
Net loss	`ProfitLoss`	$-8.92M	USD	1 Quarter
Amortization and depreciation	`AmortizationAndDepreciationExcludingAmortizationOfIntangibles`	$267.00K	USD	1 Quarter
Amortization and depreciation	`AmortizationAndDepreciationExcludingAmortizationOfIntangibles`	$226.00K	USD	1 Quarter
Amortization of license fees	`AmortizationOfLicenseFees`	$62.00K	USD	1 Quarter
Amortization of license fees	`AmortizationOfLicenseFees`	$62.00K	USD	1 Quarter
Amortization of ROU Asset	`OperatingLeaseCost`	$65.00K	USD	1 Quarter
Amortization of ROU Asset	`OperatingLeaseCost`	$92.00K	USD	1 Quarter
Unrealized (gain) loss on investment	`UnrealizedGainLossOnInvestments`	$-817.00K	USD	1 Quarter
Unrealized (gain) loss on investment	`UnrealizedGainLossOnInvestments`	$36.00K	USD	1 Quarter
Accretion of non-cash interest expense (income)	`AccretionIncome`	$39.00K	USD	1 Quarter
Accretion of non-cash interest expense (income)	`AccretionIncome`	$-119.00K	USD	1 Quarter
Equity-based employee compensation expense	`ShareBasedCompensation`	$507.00K	USD	1 Quarter
Equity-based employee compensation expense	`ShareBasedCompensation`	$1.21M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-135.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$635.00K	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$872.00K	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$103.00K	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidExpense`	$-794.00K	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidExpense`	$-526.00K	USD	1 Quarter
Operating lease obligations	`IncreaseDecreaseInOperatingLeaseLiability`	$-66.00K	USD	1 Quarter
Operating lease obligations	`IncreaseDecreaseInOperatingLeaseLiability`	$-55.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-661.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$381.00K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$647.00K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-196.00K	USD	1 Quarter
Accrued payroll	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$214.00K	USD	1 Quarter
Accrued payroll	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-1.85M	USD	1 Quarter
Accrued excise taxes and fees	`IncreaseDecreaseInAccruedTaxesPayable`	$-166.00K	USD	1 Quarter
Accrued excise taxes and fees	`IncreaseDecreaseInAccruedTaxesPayable`	$739.00K	USD	1 Quarter
Accrued severance	`IncreaseDecreaseInDeferredCompensation`	$-119.00K	USD	1 Quarter
Accrued severance	`IncreaseDecreaseInDeferredCompensation`	$-51.00K	USD	1 Quarter
Deferred income	`IncreaseDecreaseInContractWithCustomerLiability`	$-272.00K	USD	1 Quarter
Deferred income	`IncreaseDecreaseInContractWithCustomerLiability`	$364.00K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-3.91M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-7.93M	USD	1 Quarter
Acquisition of patents, trademarks, and licenses	`PaymentsToAcquireIntangibleAssets`	$105.00K	USD	1 Quarter
Acquisition of patents, trademarks, and licenses	`PaymentsToAcquireIntangibleAssets`	$20.00K	USD	1 Quarter
Acquisition of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$258.00K	USD	1 Quarter
Acquisition of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$100.00K	USD	1 Quarter
Sales and maturities of short-term investment securities	`ProceedsFromSaleAndMaturityOfTradingSecuritiesHeldforinvestment`	$4.95M	USD	1 Quarter
Sales and maturities of short-term investment securities	`ProceedsFromSaleAndMaturityOfTradingSecuritiesHeldforinvestment`	$13.60M	USD	1 Quarter
Purchase of short-term investment securities	`PaymentsToAcquireShortTermInvestments`	$3.78M	USD	1 Quarter
Purchase of short-term investment securities	`PaymentsToAcquireShortTermInvestments`	$13.37M	USD	1 Quarter
Investment in Change Agronomy	`PaymentsToAcquireInvestmentIncludingReceivableAndEquitySecurities`	$682.00K	USD	1 Quarter
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$8.77M	USD	1 Quarter
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-8.54M	USD	1 Quarter
Payment on note payable	`RepaymentsOfNotesPayable`	$246.00K	USD	1 Quarter
Payment on note payable	`RepaymentsOfNotesPayable`	$596.00K	USD	1 Quarter
Net proceeds from option exercise	`ProceedsFromStockOptionsExercised`	$1.15M	USD	1 Quarter
Net proceeds from warrant exercise	`ProceedsFromWarrantExercises`	$11.78M	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-596.00K	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$12.69M	USD	1 Quarter
Net increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$243.00K	USD	1 Quarter
Net increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$248.00K	USD	1 Quarter
Cash and cash equivalents - beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.58M	USD	Point-in-time
Cash and cash equivalents - beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.27M	USD	Point-in-time
Cash and cash equivalents - beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.03M	USD	Point-in-time
Cash and cash equivalents - beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.34M	USD	Point-in-time
Cash and cash equivalents - end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.58M	USD	Point-in-time
Cash and cash equivalents - end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.27M	USD	Point-in-time
Cash and cash equivalents - end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.03M	USD	Point-in-time
Cash and cash equivalents - end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.34M	USD	Point-in-time
Cash paid during the period for interest	`InterestPaidNet`	$1.00K	USD	1 Quarter
Cash paid during the period for interest	`InterestPaidNet`	$3.00K	USD	1 Quarter
Patent and trademark additions included in accounts payable	`PatentAndTrademarkAdditionsIncludedInAccountsPayable`	$29.00K	USD	1 Quarter
Property, plant and equipment additions included in accounts payable	`PropertyPlantAndEquipmentAdditionsIncludedInAccountsPayable`	-	USD	1 Quarter
Property, plant and equipment additions included in accounts payable	`PropertyPlantAndEquipmentAdditionsIncludedInAccountsPayable`	$43.00K	USD	1 Quarter
Property, plant and equipment additions included in accrued expenses	`PropertyPlantAndEquipmentAdditionsIncludedInAccruedExpenses`	$18.00K	USD	1 Quarter
Patent and trademark additions included in accrued expenses	`PatentAndTrademarkAdditionsIncludedInAccruedLiabilitiesCurrent`	$73.00K	USD	1 Quarter

Stockholders Equity 16 line items

Line Item	Tag	Value	Unit	Period
Beginning balance	`StockholdersEquity`	$57.97M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$66.07M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$52.49M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$44.11M	USD	Point-in-time
Stock issued in connection with option exercises	`StockIssuedDuringPeriodValueStockOptionsExercised`	$1.15M	USD	1 Quarter
Stock issued in connection with warrant exercises	`StockIssuedDuringPeriodValueWarrantsExercise`	$11.78M	USD	1 Quarter
Equity-based compensation	`StockIssuedDuringPeriodValueShareBasedCompensation`	$1.21M	USD	1 Quarter
Equity-based compensation	`StockIssuedDuringPeriodValueShareBasedCompensation`	$507.00K	USD	1 Quarter
Unrealized gain (loss) on short-term investment securities	`OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentBeforeReclassificationAdjustmentsNetOfTax`	$-400.00K	USD	1 Quarter
Unrealized gain (loss) on short-term investment securities	`OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentBeforeReclassificationAdjustmentsNetOfTax`	$-32.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-5.03M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-8.92M	USD	1 Quarter
Ending balance	`StockholdersEquity`	$57.97M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$66.07M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$52.49M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$44.11M	USD	Point-in-time

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