10-Q Filing

FRESHPET, INC. CIK: 1611647 Q3 2015

Filing Information

Form Type	10-Q
Accession Number	`0001564590-15-010613`
Period End Date	20150930
Filing Date	20151112
Fiscal Year	2015
Fiscal Period	Q3
XBRL Instance	frpt-20150930.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 49 Income Statement 66 Cash Flow Statement 62

Balance Sheet 49 line items

Line Item	Tag	Value	Unit	Period
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`	200.00M	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	200.00M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	33.47M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$36.26M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$15.25M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$2.44M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	33.51M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.76M	USD	Point-in-time
Short-term investments	`ShortTermInvestments`	$3.75M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	33.47M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	33.51M	shares	Point-in-time
Accounts receivable, less allowance for doubtful accounts	`AccountsReceivableNetCurrent`	$7.03M	USD	Point-in-time
Accounts receivable, less allowance for doubtful accounts	`AccountsReceivableNetCurrent`	$5.36M	USD	Point-in-time
Inventories, net	`InventoryNet`	$7.31M	USD	Point-in-time
Inventories, net	`InventoryNet`	$6.80M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$295.56K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$1.29M	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$33.13M	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$50.23M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$57.83M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$73.88M	USD	Point-in-time
Deposits on equipment	`DepositsOnPropertyPlantAndEquipmentNet`	$3.37M	USD	Point-in-time
Deposits on equipment	`DepositsOnPropertyPlantAndEquipmentNet`	$2.88M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$1.53M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$1.58M	USD	Point-in-time
Total Assets	`Assets`	$112.46M	USD	Point-in-time
Total Assets	`Assets`	$111.96M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$6.72M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$5.42M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$2.94M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$2.17M	USD	Point-in-time
Accrued warrants	`AccruedWarrantsCurrent`	$301.86K	USD	Point-in-time
Accrued warrants	`AccruedWarrantsCurrent`	$706.94K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$9.19M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$9.07M	USD	Point-in-time
Total Liabilities	`Liabilities`	$9.07M	USD	Point-in-time
Total Liabilities	`Liabilities`	$9.19M	USD	Point-in-time
Common stock voting, $0.001 par value, 200,000,000 shares authorized, 33,512,774 and 33,468,342 issued and outstanding on September 30, 2015 and December 31, 2014, respectively	`CommonStockValue`	$33.47K	USD	Point-in-time
Common stock voting, $0.001 par value, 200,000,000 shares authorized, 33,512,774 and 33,468,342 issued and outstanding on September 30, 2015 and December 31, 2014, respectively	`CommonStockValue`	$33.51K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$288.22M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$294.08M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-191.35M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-184.86M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$102.77M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$103.39M	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$111.96M	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$112.46M	USD	Point-in-time

Income Statement 66 line items

Line Item	Tag	Value	Unit	Period
NET SALES	`SalesRevenueNet`	$85.98M	USD	3 Qtrs
NET SALES	`SalesRevenueNet`	$22.52M	USD	1 Quarter
NET SALES	`SalesRevenueNet`	$30.57M	USD	1 Quarter
NET SALES	`SalesRevenueNet`	$62.26M	USD	3 Qtrs
COST OF GOODS SOLD	`CostOfGoodsSold`	$32.02M	USD	3 Qtrs
COST OF GOODS SOLD	`CostOfGoodsSold`	$11.65M	USD	1 Quarter
COST OF GOODS SOLD	`CostOfGoodsSold`	$45.02M	USD	3 Qtrs
COST OF GOODS SOLD	`CostOfGoodsSold`	$16.52M	USD	1 Quarter
GROSS PROFIT	`GrossProfit`	$40.96M	USD	3 Qtrs
GROSS PROFIT	`GrossProfit`	$14.05M	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`	$47.07M	USD	3 Qtrs
SELLING, GENERAL, AND ADMINISTRATIVE EXPENSES	`SellingGeneralAndAdministrativeExpense`	$15.58M	USD	1 Quarter
SELLING, GENERAL, AND ADMINISTRATIVE EXPENSES	`SellingGeneralAndAdministrativeExpense`	$12.21M	USD	1 Quarter
SELLING, GENERAL, AND ADMINISTRATIVE EXPENSES	`SellingGeneralAndAdministrativeExpense`	$37.21M	USD	3 Qtrs
LOSS FROM OPERATIONS	`OperatingIncomeLoss`	$-1.34M	USD	1 Quarter
LOSS FROM OPERATIONS	`OperatingIncomeLoss`	$-1.54M	USD	1 Quarter
LOSS FROM OPERATIONS	`OperatingIncomeLoss`	$-6.97M	USD	3 Qtrs
LOSS FROM OPERATIONS	`OperatingIncomeLoss`	$-6.11M	USD	3 Qtrs
Other Expenses, net	`OtherNonoperatingExpense`	$108.87K	USD	1 Quarter
Other Expenses, net	`OtherNonoperatingExpense`	$193.95K	USD	3 Qtrs
Other Expenses, net	`OtherNonoperatingExpense`	$8.08K	USD	1 Quarter
Other Expenses, net	`OtherNonoperatingExpense`	$72.76K	USD	3 Qtrs
Fees on Debt Guarantee	`DebtInstrumentCollateralFee`	$6.82M	USD	1 Quarter
Fees on Debt Guarantee	`DebtInstrumentCollateralFee`	$10.46M	USD	3 Qtrs
Interest Expense	`InterestExpense`	$113.82K	USD	1 Quarter
Interest Expense	`InterestExpense`	$262.04K	USD	3 Qtrs
Interest Expense	`InterestExpense`	$3.24M	USD	3 Qtrs
Interest Expense	`InterestExpense`	$1.21M	USD	1 Quarter
Other Expenses, Total	`OtherNonoperatingIncomeExpense`	$-121.90K	USD	1 Quarter
Other Expenses, Total	`OtherNonoperatingIncomeExpense`	$-8.14M	USD	1 Quarter
Other Expenses, Total	`OtherNonoperatingIncomeExpense`	$-13.90M	USD	3 Qtrs
Other Expenses, Total	`OtherNonoperatingIncomeExpense`	$-334.80K	USD	3 Qtrs
LOSS BEFORE INCOME TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-9.48M	USD	1 Quarter
LOSS BEFORE INCOME TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-6.45M	USD	3 Qtrs
LOSS BEFORE INCOME TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-20.87M	USD	3 Qtrs
LOSS BEFORE INCOME TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-1.66M	USD	1 Quarter
INCOME TAX EXPENSE	`IncomeTaxExpenseBenefit`	$15.00K	USD	1 Quarter
INCOME TAX EXPENSE	`IncomeTaxExpenseBenefit`	$8.00K	USD	1 Quarter
INCOME TAX EXPENSE	`IncomeTaxExpenseBenefit`	$24.00K	USD	3 Qtrs
INCOME TAX EXPENSE	`IncomeTaxExpenseBenefit`	$45.00K	USD	3 Qtrs
NET LOSS	`NetIncomeLoss`	$-6.49M	USD	3 Qtrs
NET LOSS	`NetIncomeLoss`	$-9.48M	USD	1 Quarter
NET LOSS	`NetIncomeLoss`	$-1.68M	USD	1 Quarter
NET LOSS	`NetIncomeLoss`	$-20.89M	USD	3 Qtrs
NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-6.49M	USD	3 Qtrs
NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-30.64M	USD	3 Qtrs
NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-12.38M	USD	1 Quarter
NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-1.68M	USD	1 Quarter
-BASIC	`EarningsPerShareBasic`	$-2.94	USD	3 Qtrs
-BASIC	`EarningsPerShareBasic`	$-0.05	USD	1 Quarter
-BASIC	`EarningsPerShareBasic`	$-0.19	USD	3 Qtrs
-BASIC	`EarningsPerShareBasic`	$-1.19	USD	1 Quarter
-DILUTED	`EarningsPerShareDiluted`	$-0.05	USD	1 Quarter
-DILUTED	`EarningsPerShareDiluted`	$-0.19	USD	3 Qtrs
-DILUTED	`EarningsPerShareDiluted`	$-2.94	USD	3 Qtrs
-DILUTED	`EarningsPerShareDiluted`	$-1.19	USD	1 Quarter
-BASIC	`WeightedAverageNumberOfSharesOutstandingBasic`	10.42M	shares	3 Qtrs
-BASIC	`WeightedAverageNumberOfSharesOutstandingBasic`	33.51M	shares	1 Quarter
-BASIC	`WeightedAverageNumberOfSharesOutstandingBasic`	33.49M	shares	3 Qtrs
-BASIC	`WeightedAverageNumberOfSharesOutstandingBasic`	10.42M	shares	1 Quarter
-DILUTED	`WeightedAverageNumberOfDilutedSharesOutstanding`	10.42M	shares	1 Quarter
-DILUTED	`WeightedAverageNumberOfDilutedSharesOutstanding`	33.51M	shares	1 Quarter
-DILUTED	`WeightedAverageNumberOfDilutedSharesOutstanding`	10.42M	shares	3 Qtrs
-DILUTED	`WeightedAverageNumberOfDilutedSharesOutstanding`	33.49M	shares	3 Qtrs

Cash Flow Statement 62 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-6.49M	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-9.48M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.68M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-20.89M	USD	3 Qtrs
Provision for (gains) losses on accounts receivable	`ProvisionForRecoveryOfLossesGainsOnAccountsReceivable`	$220.73K	USD	3 Qtrs
Provision for (gains) losses on accounts receivable	`ProvisionForRecoveryOfLossesGainsOnAccountsReceivable`	$-2.78K	USD	3 Qtrs
Loss on disposal of equipment and deposits on equipment	`GainLossOnDispositionOfAssets`	$-83.32K	USD	3 Qtrs
Loss on disposal of equipment and deposits on equipment	`GainLossOnDispositionOfAssets`	$-146.84K	USD	3 Qtrs
Fees on debt guarantee	`DebtInstrumentCollateralFee`	$6.82M	USD	1 Quarter
Fees on debt guarantee	`DebtInstrumentCollateralFee`	$10.46M	USD	3 Qtrs
Share based compensation	`ShareBasedCompensation`	$5.49M	USD	3 Qtrs
Share based compensation	`ShareBasedCompensation`	$728.78K	USD	3 Qtrs
Fair value adjustment for outstanding warrants	`FairValueAdjustmentOfWarrants`	$-405.08K	USD	3 Qtrs
Change in reserve for inventory obsolescence	`ChangeInReserveForInventoryObsolescence`	$-95.17K	USD	3 Qtrs
Change in reserve for inventory obsolescence	`ChangeInReserveForInventoryObsolescence`	$32.88K	USD	3 Qtrs
Depreciation and amortization	`DepreciationAndAmortization`	$5.54M	USD	3 Qtrs
Depreciation and amortization	`DepreciationAndAmortization`	$4.74M	USD	3 Qtrs
Amortization of deferred financing costs and loan discount	`AmortizationOfFinancingCosts`	$189.07K	USD	3 Qtrs
Amortization of deferred financing costs and loan discount	`AmortizationOfFinancingCosts`	$108.96K	USD	3 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$1.67M	USD	3 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$953.14K	USD	3 Qtrs
Inventories	`IncreaseDecreaseInInventories`	$-479.25K	USD	3 Qtrs
Inventories	`IncreaseDecreaseInInventories`	$1.26M	USD	3 Qtrs
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-995.82K	USD	3 Qtrs
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$41.02K	USD	3 Qtrs
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$164.80K	USD	3 Qtrs
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$1.68M	USD	3 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$3.07M	USD	3 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$1.70M	USD	3 Qtrs
Accrued expenses and accrued interest on long-term debt	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$-732.02K	USD	3 Qtrs
Accrued expenses and accrued interest on long-term debt	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$1.88M	USD	3 Qtrs
Net cash flows provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$4.97M	USD	3 Qtrs
Net cash flows provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-3.48M	USD	3 Qtrs
Purchases of short-term investments	`PaymentsToAcquireShortTermInvestments`	$7.50M	USD	3 Qtrs
Proceeds from maturities of short-term investments	`ProceedsFromMaturitiesPrepaymentsAndCallsOfShorttermInvestments`	$3.75M	USD	3 Qtrs
Acquisitions of property, plant and equipment, software and deposits on equipment	`PaymentsToAcquireProductiveAssets`	$13.42M	USD	3 Qtrs
Acquisitions of property, plant and equipment, software and deposits on equipment	`PaymentsToAcquireProductiveAssets`	$17.57M	USD	3 Qtrs
Acquisitions of land and building	`PaymentsToAcquireRealEstate`	$4.98M	USD	3 Qtrs
Proceeds from sale of equipment	`ProceedsFromSaleOfMachineryAndEquipment`	$29.40K	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`	$-26.27M	USD	3 Qtrs
Borrowings on long-term debt	`ProceedsFromIssuanceOfLongTermDebt`	$9.50M	USD	3 Qtrs
Exercise of options to purchase common stock	`ProceedsFromStockOptionsExercised`	$291.75K	USD	3 Qtrs
Proceeds from preferred stock - Series C issued	`ProceedsFromIssuanceOfPreferredStockAndPreferenceStock`	$6.55M	USD	3 Qtrs
Net cash flows provided by financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$291.75K	USD	3 Qtrs
Net cash flows provided by financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$16.05M	USD	3 Qtrs
NET CHANGE IN CASH AND CASH EQUIVALENTS	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-686.55K	USD	3 Qtrs
NET CHANGE IN CASH AND CASH EQUIVALENTS	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-21.01M	USD	3 Qtrs
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR	`CashAndCashEquivalentsAtCarryingValue`	$36.26M	USD	Point-in-time
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR	`CashAndCashEquivalentsAtCarryingValue`	$15.25M	USD	Point-in-time
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR	`CashAndCashEquivalentsAtCarryingValue`	$2.44M	USD	Point-in-time
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR	`CashAndCashEquivalentsAtCarryingValue`	$1.76M	USD	Point-in-time
CASH AND CASH EQUIVALENTS, END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$36.26M	USD	Point-in-time
CASH AND CASH EQUIVALENTS, END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$15.25M	USD	Point-in-time
CASH AND CASH EQUIVALENTS, END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$2.44M	USD	Point-in-time
CASH AND CASH EQUIVALENTS, END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$1.76M	USD	Point-in-time
Interest paid	`InterestPaid`	$2.93M	USD	3 Qtrs
Interest paid	`InterestPaid`	$175.58K	USD	3 Qtrs
Preferred stock dividend accretion	`AccretionOfPreferredStockDividends`	$9.74M	USD	3 Qtrs
Property, plant and equipment purchases in accounts payable	`NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1`	$577.69K	USD	3 Qtrs
Property, plant and equipment purchases in accounts payable	`NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1`	$1.55M	USD	3 Qtrs

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