10-Q Filing

FRESHPET, INC. CIK: 1611647 Q3 2014

Filing Information

Form Type	10-Q
Accession Number	`0001564590-14-006154`
Period End Date	20140930
Filing Date	20141210
Fiscal Year	2014
Fiscal Period	Q3
XBRL Instance	frpt-20140930.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 63 Income Statement 68 Cash Flow Statement 57

Balance Sheet 63 line items

Line Item	Tag	Value	Unit	Period
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$243.78K	USD	Point-in-time
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$314.54K	USD	Point-in-time
Cash and equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.76M	USD	Point-in-time
Cash and equivalents	`CashAndCashEquivalentsAtCarryingValue`	$2.44M	USD	Point-in-time
Cash and equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.59M	USD	Point-in-time
Cash and equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.63M	USD	Point-in-time
Redeemable preferred stock, shares authorized	`TemporaryEquitySharesAuthorized`	20.25M	shares	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $314,543 on September 30, 2014 and $243,777 on December 31, 2013	`AccountsReceivableNetCurrent`	$3.50M	USD	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $314,543 on September 30, 2014 and $243,777 on December 31, 2013	`AccountsReceivableNetCurrent`	$4.23M	USD	Point-in-time
Inventories, net	`InventoryNet`	$6.87M	USD	Point-in-time
Redeemable preferred stock, shares outstanding	`TemporaryEquitySharesOutstanding`	12.60M	shares	Point-in-time
Inventories, net	`InventoryNet`	$5.51M	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
Deferred offering costs	`DeferredOfferingCosts`	$1.61M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	60.00M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$214.80K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$173.79K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	54.00M	shares	Point-in-time
Total Current Assets	`AssetsCurrent`	$11.63M	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$14.68M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	10.42M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	10.42M	shares	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$55.85M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$48.76M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	10.42M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	10.42M	shares	Point-in-time
Deposits on equipment	`DepositsOnPropertyPlantAndEquipmentNet`	$1.18M	USD	Point-in-time
Deposits on equipment	`DepositsOnPropertyPlantAndEquipmentNet`	$3.70M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$1.04M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$1.03M	USD	Point-in-time
Total Assets	`Assets`	$75.26M	USD	Point-in-time
Total Assets	`Assets`	$62.62M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$10.66M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$6.29M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$3.62M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$1.91M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$14.28M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$8.19M	USD	Point-in-time
Long-term debt	`LongTermDebt`	$1.15M	USD	Point-in-time
Long-term debt	`LongTermDebt`	$1.11M	USD	Point-in-time
Notes payable	`LongTermNotesPayable`	$75.00M	USD	Point-in-time
Notes payable	`LongTermNotesPayable`	$84.50M	USD	Point-in-time
Accrued fees on debt guarantee	`AccruedFeesOnDebtGuarantee`	$17.60M	USD	Point-in-time
Accrued fees on debt guarantee	`AccruedFeesOnDebtGuarantee`	$7.14M	USD	Point-in-time
Accrued interest on long term debt	`InterestPayableCurrentAndNoncurrent`	$667.11K	USD	Point-in-time
Accrued interest on long term debt	`InterestPayableCurrentAndNoncurrent`	$828.45K	USD	Point-in-time
Other Liabilities	`OtherLiabilitiesNoncurrent`	$369.56K	USD	Point-in-time
Other Liabilities	`OtherLiabilitiesNoncurrent`	$369.56K	USD	Point-in-time
Total Liabilities	`LiabilitiesNoncurrent`	$92.48M	USD	Point-in-time
Total Liabilities	`LiabilitiesNoncurrent`	$118.74M	USD	Point-in-time
COMMITMENTS AND CONTINGENCIES	`CommitmentsAndContingencies`	-	USD	Point-in-time
COMMITMENTS AND CONTINGENCIES	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stockvoting, $0.001 par value, 60,000,000 and 54,000,000 shares authorized, 10,421,419 issued and outstanding on September 30, 2014 and December 31, 2013	`CommonStockValue`	$10.42K	USD	Point-in-time
Common stockvoting, $0.001 par value, 60,000,000 and 54,000,000 shares authorized, 10,421,419 issued and outstanding on September 30, 2014 and December 31, 2013	`CommonStockValue`	$10.42K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$7.43M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$16.45M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-168.41M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-147.52M	USD	Point-in-time
Total Stockholders Deficit	`StockholdersEquity`	$-131.06M	USD	Point-in-time
Total Stockholders Deficit	`StockholdersEquity`	$-160.97M	USD	Point-in-time
Total Liabilities and Stockholders Deficit	`LiabilitiesAndStockholdersEquity`	$75.26M	USD	Point-in-time
Total Liabilities and Stockholders Deficit	`LiabilitiesAndStockholdersEquity`	$62.62M	USD	Point-in-time

Income Statement 68 line items

Line Item	Tag	Value	Unit	Period
NET SALES	`SalesRevenueNet`	$22.52M	USD	1 Quarter
NET SALES	`SalesRevenueNet`	$16.70M	USD	1 Quarter
NET SALES	`SalesRevenueNet`	$45.43M	USD	3 Qtrs
NET SALES	`SalesRevenueNet`	$62.26M	USD	3 Qtrs
COST OF GOODS SOLD	`CostOfGoodsSold`	$24.66M	USD	3 Qtrs
COST OF GOODS SOLD	`CostOfGoodsSold`	$32.02M	USD	3 Qtrs
COST OF GOODS SOLD	`CostOfGoodsSold`	$9.42M	USD	1 Quarter
COST OF GOODS SOLD	`CostOfGoodsSold`	$11.65M	USD	1 Quarter
GROSS PROFIT	`GrossProfit`	$20.77M	USD	3 Qtrs
GROSS PROFIT	`GrossProfit`	$7.28M	USD	1 Quarter
GROSS PROFIT	`GrossProfit`	$10.87M	USD	1 Quarter
GROSS PROFIT	`GrossProfit`	$30.24M	USD	3 Qtrs
SELLING, GENERAL, AND ADMINISTRATIVE EXPENSES	`SellingGeneralAndAdministrativeExpense`	$31.31M	USD	3 Qtrs
SELLING, GENERAL, AND ADMINISTRATIVE EXPENSES	`SellingGeneralAndAdministrativeExpense`	$11.46M	USD	1 Quarter
SELLING, GENERAL, AND ADMINISTRATIVE EXPENSES	`SellingGeneralAndAdministrativeExpense`	$37.21M	USD	3 Qtrs
SELLING, GENERAL, AND ADMINISTRATIVE EXPENSES	`SellingGeneralAndAdministrativeExpense`	$12.21M	USD	1 Quarter
LOSS FROM OPERATIONS	`OperatingIncomeLoss`	$-4.18M	USD	1 Quarter
LOSS FROM OPERATIONS	`OperatingIncomeLoss`	$-1.34M	USD	1 Quarter
LOSS FROM OPERATIONS	`OperatingIncomeLoss`	$-10.54M	USD	3 Qtrs
LOSS FROM OPERATIONS	`OperatingIncomeLoss`	$-6.97M	USD	3 Qtrs
Other Expenses	`OtherNonoperatingExpense`	$63.76K	USD	1 Quarter
Other Expenses	`OtherNonoperatingExpense`	$108.87K	USD	1 Quarter
Other Expenses	`OtherNonoperatingExpense`	$193.95K	USD	3 Qtrs
Other Expenses	`OtherNonoperatingExpense`	$93.10K	USD	3 Qtrs
Fees on Debt Guarantee	`FeesOnDebtGuarantee`	$10.46M	USD	3 Qtrs
Fees on Debt Guarantee	`FeesOnDebtGuarantee`	$3.30M	USD	3 Qtrs
Fees on Debt Guarantee	`FeesOnDebtGuarantee`	$1.26M	USD	1 Quarter
Fees on Debt Guarantee	`FeesOnDebtGuarantee`	$6.82M	USD	1 Quarter
Interest expense	`InterestExpense`	$978.82K	USD	1 Quarter
Interest expense	`InterestExpense`	$1.21M	USD	1 Quarter
Interest expense	`InterestExpense`	$3.24M	USD	3 Qtrs
Interest expense	`InterestExpense`	$2.52M	USD	3 Qtrs
Other Expenses, Total	`OtherNonoperatingIncomeExpense`	$-8.14M	USD	1 Quarter
Other Expenses, Total	`OtherNonoperatingIncomeExpense`	$-5.91M	USD	3 Qtrs
Other Expenses, Total	`OtherNonoperatingIncomeExpense`	$-13.90M	USD	3 Qtrs
Other Expenses, Total	`OtherNonoperatingIncomeExpense`	$-2.31M	USD	1 Quarter
LOSS BEFORE INCOME TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-16.44M	USD	3 Qtrs
LOSS BEFORE INCOME TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-9.48M	USD	1 Quarter
LOSS BEFORE INCOME TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-20.87M	USD	3 Qtrs
LOSS BEFORE INCOME TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-6.49M	USD	1 Quarter
INCOME TAX EXPENSE	`IncomeTaxExpenseBenefit`	$23.64K	USD	3 Qtrs
INCOME TAX EXPENSE	`IncomeTaxExpenseBenefit`	$8.00K	USD	1 Quarter
INCOME TAX EXPENSE	`IncomeTaxExpenseBenefit`	$7.88K	USD	1 Quarter
INCOME TAX EXPENSE	`IncomeTaxExpenseBenefit`	$24.00K	USD	3 Qtrs
NET LOSS	`NetIncomeLoss`	$-9.48M	USD	1 Quarter
NET LOSS	`NetIncomeLoss`	$-20.89M	USD	3 Qtrs
NET LOSS	`NetIncomeLoss`	$-6.50M	USD	1 Quarter
NET LOSS	`NetIncomeLoss`	$-16.47M	USD	3 Qtrs
NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-12.38M	USD	1 Quarter
NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-30.64M	USD	3 Qtrs
NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-8.65M	USD	1 Quarter
NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-22.76M	USD	3 Qtrs
-BASIC	`EarningsPerShareBasic`	$-0.83	USD	1 Quarter
-BASIC	`EarningsPerShareBasic`	$-2.19	USD	3 Qtrs
-BASIC	`EarningsPerShareBasic`	$-2.94	USD	3 Qtrs
-BASIC	`EarningsPerShareBasic`	$-1.19	USD	1 Quarter
-DILUTED	`EarningsPerShareDiluted`	$-2.94	USD	3 Qtrs
-DILUTED	`EarningsPerShareDiluted`	$-0.83	USD	1 Quarter
-DILUTED	`EarningsPerShareDiluted`	$-1.19	USD	1 Quarter
-DILUTED	`EarningsPerShareDiluted`	$-2.19	USD	3 Qtrs
-BASIC	`WeightedAverageNumberOfSharesOutstandingBasic`	10.42M	shares	3 Qtrs
-BASIC	`WeightedAverageNumberOfSharesOutstandingBasic`	10.42M	shares	1 Quarter
-BASIC	`WeightedAverageNumberOfSharesOutstandingBasic`	10.41M	shares	3 Qtrs
-BASIC	`WeightedAverageNumberOfSharesOutstandingBasic`	10.41M	shares	1 Quarter
-DILUTED	`WeightedAverageNumberOfDilutedSharesOutstanding`	10.41M	shares	3 Qtrs
-DILUTED	`WeightedAverageNumberOfDilutedSharesOutstanding`	10.41M	shares	1 Quarter
-DILUTED	`WeightedAverageNumberOfDilutedSharesOutstanding`	10.42M	shares	1 Quarter
-DILUTED	`WeightedAverageNumberOfDilutedSharesOutstanding`	10.42M	shares	3 Qtrs

Cash Flow Statement 57 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-9.48M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-20.89M	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-6.50M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-16.47M	USD	3 Qtrs
Provision for losses on accounts receivable	`ProvisionForDoubtfulAccounts`	$220.73K	USD	3 Qtrs
Provision for losses on accounts receivable	`ProvisionForDoubtfulAccounts`	$90.33K	USD	3 Qtrs
Loss on disposal of equipment and deposits on equipment	`GainLossOnDispositionOfAssets`	$-42.76K	USD	3 Qtrs
Loss on disposal of equipment and deposits on equipment	`GainLossOnDispositionOfAssets`	$-146.84K	USD	3 Qtrs
Fees on debt guarantee	`GuaranteeExpenses`	$3.30M	USD	3 Qtrs
Fees on debt guarantee	`GuaranteeExpenses`	$10.46M	USD	3 Qtrs
Share-based compensation	`ShareBasedCompensation`	$728.78K	USD	3 Qtrs
Share-based compensation	`ShareBasedCompensation`	$731.47K	USD	3 Qtrs
Change in reserve for inventory obsolescence	`ValuationAllowancesAndReservesChargedToCostAndExpense`	$95.17K	USD	3 Qtrs
Change in reserve for inventory obsolescence	`ValuationAllowancesAndReservesChargedToCostAndExpense`	$7.49K	USD	3 Qtrs
Depreciation and amortization	`DepreciationAndAmortization`	$4.74M	USD	3 Qtrs
Depreciation and amortization	`DepreciationAndAmortization`	$3.29M	USD	3 Qtrs
Amortization of loan discount and deferred financing costs	`AmortizationOfFinancingCostsAndDiscounts`	$140.84K	USD	3 Qtrs
Amortization of loan discount and deferred financing costs	`AmortizationOfFinancingCostsAndDiscounts`	$189.07K	USD	3 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$953.14K	USD	3 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-186.62K	USD	3 Qtrs
Inventories	`IncreaseDecreaseInInventories`	$1.26M	USD	3 Qtrs
Inventories	`IncreaseDecreaseInInventories`	$1.45M	USD	3 Qtrs
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$41.02K	USD	3 Qtrs
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$9.67K	USD	3 Qtrs
Other assets and deferred offering costs	`IncreaseDecreaseInOtherOperatingAssets`	$1.68M	USD	3 Qtrs
Other assets and deferred offering costs	`IncreaseDecreaseInOtherOperatingAssets`	$50.00K	USD	3 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$1.18M	USD	3 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$3.07M	USD	3 Qtrs
Accrued expenses and accrued interest on long-term debt	`IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities`	$1.88M	USD	3 Qtrs
Accrued expenses and accrued interest on long-term debt	`IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities`	$326.52K	USD	3 Qtrs
Net cash flows used in operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-8.70M	USD	3 Qtrs
Net cash flows used in operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-3.48M	USD	3 Qtrs
Acquisitions of property, plant and equipment, software and deposits on equipment	`PaymentsToAcquireProductiveAssets`	$22.03M	USD	3 Qtrs
Acquisitions of property, plant and equipment, software and deposits on equipment	`PaymentsToAcquireProductiveAssets`	$13.42M	USD	3 Qtrs
Proceeds from sale of equipment	`ProceedsFromSaleOfMachineryAndEquipment`	$162.04K	USD	3 Qtrs
Net cash flows used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-13.25M	USD	3 Qtrs
Net cash flows used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-22.03M	USD	3 Qtrs
Borrowings on notes payable	`ProceedsFromNotesPayable`	$9.50M	USD	3 Qtrs
Borrowings on notes payable	`ProceedsFromNotesPayable`	$31.00M	USD	3 Qtrs
Financing fees paid in connection with note payable	`PaymentsOfDebtIssuanceCosts`	$319.31K	USD	3 Qtrs
Proceeds from issuance of preferred stockSeries C	`ProceedsFromIssuanceOfPreferredStockAndPreferenceStock`	$6.55M	USD	3 Qtrs
Net cash flows from financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$30.68M	USD	3 Qtrs
Net cash flows from financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$16.05M	USD	3 Qtrs
NET CHANGE IN CASH AND EQUIVALENTS	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-686.55K	USD	3 Qtrs
NET CHANGE IN CASH AND EQUIVALENTS	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-44.54K	USD	3 Qtrs
CASH AND EQUIVALENTS, BEGINNING OF YEAR	`CashAndCashEquivalentsAtCarryingValue`	$1.76M	USD	Point-in-time
CASH AND EQUIVALENTS, BEGINNING OF YEAR	`CashAndCashEquivalentsAtCarryingValue`	$2.44M	USD	Point-in-time
CASH AND EQUIVALENTS, BEGINNING OF YEAR	`CashAndCashEquivalentsAtCarryingValue`	$1.59M	USD	Point-in-time
CASH AND EQUIVALENTS, BEGINNING OF YEAR	`CashAndCashEquivalentsAtCarryingValue`	$1.63M	USD	Point-in-time
CASH AND EQUIVALENTS, END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$1.76M	USD	Point-in-time
CASH AND EQUIVALENTS, END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$2.44M	USD	Point-in-time
CASH AND EQUIVALENTS, END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$1.59M	USD	Point-in-time
CASH AND EQUIVALENTS, END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$1.63M	USD	Point-in-time
Interest paid	`InterestPaid`	$2.37M	USD	3 Qtrs
Interest paid	`InterestPaid`	$2.93M	USD	3 Qtrs
Preferred stock dividend accretion	`AccretionOfPreferredStockDividends`	$6.29M	USD	3 Qtrs
Preferred stock dividend accretion	`AccretionOfPreferredStockDividends`	$9.74M	USD	3 Qtrs

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