10-Q Filing

FRESHPET, INC. CIK: 1611647 Q2 2018

Filing Information

Form Type	10-Q
Accession Number	`0001564590-18-020472`
Period End Date	20180630
Filing Date	20180808
Fiscal Year	2018
Fiscal Period	Q2
XBRL Instance	frpt-20180630.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 55 Income Statement 72 Cash Flow Statement 58

Balance Sheet 55 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
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$2.18M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.13M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	35.13M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	35.32M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	35.13M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	35.30M	shares	Point-in-time
Accounts receivable, net of allowance for doubtful accounts	`AccountsReceivableNetCurrent`	$11.12M	USD	Point-in-time
Accounts receivable, net of allowance for doubtful accounts	`AccountsReceivableNetCurrent`	$12.72M	USD	Point-in-time
Inventories, net	`InventoryNet`	$10.12M	USD	Point-in-time
Inventories, net	`InventoryNet`	$10.29M	USD	Point-in-time
Treasury stock, at cost, shares	`TreasuryStockCommonShares`	0.00	shares	Point-in-time
Treasury stock, at cost, shares	`TreasuryStockCommonShares`	14,169.00	shares	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$1.20M	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$1.06M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$732.96K	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$1.14M	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$26.96M	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$24.74M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$100.60M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$102.70M	USD	Point-in-time
Deposits on equipment	`DepositsOnPropertyPlantAndEquipmentNet`	$3.85M	USD	Point-in-time
Deposits on equipment	`DepositsOnPropertyPlantAndEquipmentNet`	$4.37M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$1.97M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$2.09M	USD	Point-in-time
Total Assets	`Assets`	$133.38M	USD	Point-in-time
Total Assets	`Assets`	$133.90M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$9.17M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$10.52M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$7.52M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$5.55M	USD	Point-in-time
Borrowings under Credit Facilities	`ShortTermBorrowings`	$4.00M	USD	Point-in-time
Borrowings under Credit Facilities	`ShortTermBorrowings`	-	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$16.69M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$20.07M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$304.84K	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$289.85K	USD	Point-in-time
Total Liabilities	`Liabilities`	$20.36M	USD	Point-in-time
Total Liabilities	`Liabilities`	$17.00M	USD	Point-in-time
Common stock voting, $0.001 par value, 200,000,000 shares authorized, 35,317,520 issued and 35,303,351 outstanding on June 30, 2018, and 35,132,548 issued and outstanding on December 31, 2017	`CommonStockValue`	$35.32K	USD	Point-in-time
Common stock voting, $0.001 par value, 200,000,000 shares authorized, 35,317,520 issued and 35,303,351 outstanding on June 30, 2018, and 35,132,548 issued and outstanding on December 31, 2017	`CommonStockValue`	$35.13K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$312.78M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$316.18M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-195.99M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-203.01M	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$76.13K	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$74.50K	USD	Point-in-time
Treasury stock, at cost 14,169 shares on June 30, 2018 and no shares on December 31, 2017	`TreasuryStockCommonValue`	$256.23K	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$116.90M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$113.02M	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$133.38M	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$133.90M	USD	Point-in-time

Income Statement 72 line items

Line Item	Tag	Value	Unit	Period
NET SALES	`RevenueFromContractWithCustomerExcludingAssessedTax`	$90.79M	USD	2 Qtrs
NET SALES	`RevenueFromContractWithCustomerExcludingAssessedTax`	$38.73M	USD	1 Quarter
NET SALES	`RevenueFromContractWithCustomerExcludingAssessedTax`	$47.62M	USD	1 Quarter
NET SALES	`RevenueFromContractWithCustomerExcludingAssessedTax`	$72.41M	USD	2 Qtrs
COST OF GOODS SOLD	`CostOfGoodsAndServicesSold`	$20.56M	USD	1 Quarter
COST OF GOODS SOLD	`CostOfGoodsAndServicesSold`	$47.79M	USD	2 Qtrs
COST OF GOODS SOLD	`CostOfGoodsAndServicesSold`	$38.43M	USD	2 Qtrs
COST OF GOODS SOLD	`CostOfGoodsAndServicesSold`	$24.75M	USD	1 Quarter
GROSS PROFIT	`GrossProfit`	$22.88M	USD	1 Quarter
GROSS PROFIT	`GrossProfit`	$18.17M	USD	1 Quarter
GROSS PROFIT	`GrossProfit`	$33.97M	USD	2 Qtrs
GROSS PROFIT	`GrossProfit`	$43.01M	USD	2 Qtrs
SELLING, GENERAL, AND ADMINISTRATIVE EXPENSES	`SellingGeneralAndAdministrativeExpense`	$26.29M	USD	1 Quarter
SELLING, GENERAL, AND ADMINISTRATIVE EXPENSES	`SellingGeneralAndAdministrativeExpense`	$38.54M	USD	2 Qtrs
SELLING, GENERAL, AND ADMINISTRATIVE EXPENSES	`SellingGeneralAndAdministrativeExpense`	$20.00M	USD	1 Quarter
SELLING, GENERAL, AND ADMINISTRATIVE EXPENSES	`SellingGeneralAndAdministrativeExpense`	$49.83M	USD	2 Qtrs
LOSS FROM OPERATIONS	`OperatingIncomeLoss`	$-4.57M	USD	2 Qtrs
LOSS FROM OPERATIONS	`OperatingIncomeLoss`	$-1.83M	USD	1 Quarter
LOSS FROM OPERATIONS	`OperatingIncomeLoss`	$-3.41M	USD	1 Quarter
LOSS FROM OPERATIONS	`OperatingIncomeLoss`	$-6.82M	USD	2 Qtrs
Other Income/(Expenses), net	`OtherNonoperatingIncomeExpense`	$-556.91K	USD	2 Qtrs
Other Income/(Expenses), net	`OtherNonoperatingIncomeExpense`	$-614.59K	USD	1 Quarter
Other Income/(Expenses), net	`OtherNonoperatingIncomeExpense`	$26.07K	USD	1 Quarter
Other Income/(Expenses), net	`OtherNonoperatingIncomeExpense`	$3.09K	USD	2 Qtrs
Interest Expense	`InterestExpense`	$166.93K	USD	2 Qtrs
Interest Expense	`InterestExpense`	$189.70K	USD	1 Quarter
Interest Expense	`InterestExpense`	$365.68K	USD	2 Qtrs
Interest Expense	`InterestExpense`	$97.92K	USD	1 Quarter
Other Income/(Expenses), Total	`NonoperatingIncomeExpense`	$-71.86K	USD	1 Quarter
Other Income/(Expenses), Total	`NonoperatingIncomeExpense`	$-922.59K	USD	2 Qtrs
Other Income/(Expenses), Total	`NonoperatingIncomeExpense`	$-163.84K	USD	2 Qtrs
Other Income/(Expenses), Total	`NonoperatingIncomeExpense`	$-804.29K	USD	1 Quarter
LOSS BEFORE INCOME TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-6.98M	USD	2 Qtrs
LOSS BEFORE INCOME TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-5.49M	USD	2 Qtrs
LOSS BEFORE INCOME TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-3.48M	USD	1 Quarter
LOSS BEFORE INCOME TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-2.63M	USD	1 Quarter
INCOME TAX EXPENSE	`IncomeTaxExpenseBenefit`	$41.51K	USD	2 Qtrs
INCOME TAX EXPENSE	`IncomeTaxExpenseBenefit`	$20.75K	USD	1 Quarter
INCOME TAX EXPENSE	`IncomeTaxExpenseBenefit`	$19.03K	USD	1 Quarter
INCOME TAX EXPENSE	`IncomeTaxExpenseBenefit`	$38.06K	USD	2 Qtrs
NET LOSS	`NetIncomeLoss`	$-3.50M	USD	1 Quarter
NET LOSS	`NetIncomeLoss`	$-7.02M	USD	2 Qtrs
NET LOSS	`NetIncomeLoss`	$-5.53M	USD	2 Qtrs
NET LOSS	`NetIncomeLoss`	$-2.65M	USD	1 Quarter
NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-7.02M	USD	2 Qtrs
NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-5.53M	USD	2 Qtrs
NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-2.65M	USD	1 Quarter
NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-3.50M	USD	1 Quarter
Change in foreign currency translation	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-201.19K	USD	1 Quarter
Change in foreign currency translation	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-1.63K	USD	2 Qtrs
TOTAL OTHER COMPREHENSIVE LOSS	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$-201.19K	USD	1 Quarter
TOTAL OTHER COMPREHENSIVE LOSS	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$-1.63K	USD	2 Qtrs
TOTAL COMPREHENSIVE LOSS	`ComprehensiveIncomeNetOfTax`	$-5.53M	USD	2 Qtrs
TOTAL COMPREHENSIVE LOSS	`ComprehensiveIncomeNetOfTax`	$-7.02M	USD	2 Qtrs
TOTAL COMPREHENSIVE LOSS	`ComprehensiveIncomeNetOfTax`	$-3.70M	USD	1 Quarter
TOTAL COMPREHENSIVE LOSS	`ComprehensiveIncomeNetOfTax`	$-2.65M	USD	1 Quarter
-BASIC	`EarningsPerShareBasic`	$-0.08	USD	1 Quarter
-BASIC	`EarningsPerShareBasic`	$-0.10	USD	1 Quarter
-BASIC	`EarningsPerShareBasic`	$-0.16	USD	2 Qtrs
-BASIC	`EarningsPerShareBasic`	$-0.20	USD	2 Qtrs
-DILUTED	`EarningsPerShareDiluted`	$-0.20	USD	2 Qtrs
-DILUTED	`EarningsPerShareDiluted`	$-0.16	USD	2 Qtrs
-DILUTED	`EarningsPerShareDiluted`	$-0.10	USD	1 Quarter
-DILUTED	`EarningsPerShareDiluted`	$-0.08	USD	1 Quarter
-BASIC	`WeightedAverageNumberOfSharesOutstandingBasic`	34.29M	shares	1 Quarter
-BASIC	`WeightedAverageNumberOfSharesOutstandingBasic`	35.24M	shares	1 Quarter
-BASIC	`WeightedAverageNumberOfSharesOutstandingBasic`	34.14M	shares	2 Qtrs
-BASIC	`WeightedAverageNumberOfSharesOutstandingBasic`	35.19M	shares	2 Qtrs
-DILUTED	`WeightedAverageNumberOfDilutedSharesOutstanding`	34.29M	shares	1 Quarter
-DILUTED	`WeightedAverageNumberOfDilutedSharesOutstanding`	35.24M	shares	1 Quarter
-DILUTED	`WeightedAverageNumberOfDilutedSharesOutstanding`	35.19M	shares	2 Qtrs
-DILUTED	`WeightedAverageNumberOfDilutedSharesOutstanding`	34.16M	shares	2 Qtrs

Cash Flow Statement 58 line items

Line Item	Tag	Value	Unit	Period
Net loss	`ProfitLoss`	$-7.02M	USD	2 Qtrs
Net loss	`ProfitLoss`	$-5.53M	USD	2 Qtrs
Provision for loss/(gains) on accounts receivable	`ProvisionForRecoveryOfLossesGainsOnAccountsReceivable`	$47.57K	USD	2 Qtrs
Provision for loss/(gains) on accounts receivable	`ProvisionForRecoveryOfLossesGainsOnAccountsReceivable`	$-17.44K	USD	2 Qtrs
Loss on disposal of equipment and deposits on equipment	`GainLossOnDispositionOfAssets`	$-90.87K	USD	2 Qtrs
Loss on disposal of equipment and deposits on equipment	`GainLossOnDispositionOfAssets`	$-76.26K	USD	2 Qtrs
Share-based compensation	`ShareBasedCompensation`	$2.39M	USD	2 Qtrs
Share-based compensation	`ShareBasedCompensation`	$2.16M	USD	2 Qtrs
Fair value adjustment for outstanding warrants	`FairValueAdjustmentOfWarrants`	$378.68K	USD	2 Qtrs
Change in reserve for inventory obsolescence	`ChangeInReserveForInventoryObsolescence`	$104.57K	USD	2 Qtrs
Change in reserve for inventory obsolescence	`ChangeInReserveForInventoryObsolescence`	$69.07K	USD	2 Qtrs
Depreciation and amortization	`DepreciationAndAmortization`	$6.20M	USD	2 Qtrs
Depreciation and amortization	`DepreciationAndAmortization`	$6.80M	USD	2 Qtrs
Amortization of deferred financing costs and loan discount	`AmortizationOfFinancingCostsAndDiscounts`	$81.50K	USD	2 Qtrs
Amortization of deferred financing costs and loan discount	`AmortizationOfFinancingCostsAndDiscounts`	$57.55K	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-1.62M	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$2.68M	USD	2 Qtrs
Inventories	`IncreaseDecreaseInInventories`	$241.15K	USD	2 Qtrs
Inventories	`IncreaseDecreaseInInventories`	$2.39M	USD	2 Qtrs
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$262.53K	USD	2 Qtrs
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$336.63K	USD	2 Qtrs
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$14.37K	USD	2 Qtrs
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$147.20K	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$1.37M	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$1.67M	USD	2 Qtrs
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$542.84K	USD	2 Qtrs
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-1.96M	USD	2 Qtrs
Other liabilities	`IncreaseDecreaseInOtherNoncurrentLiabilities`	$-14.99K	USD	2 Qtrs
Net cash flows provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-107.76K	USD	2 Qtrs
Net cash flows provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$3.14M	USD	2 Qtrs
Acquisitions of property, plant and equipment, software and deposits on equipment	`PaymentsToAcquireProductiveAssets`	$8.93M	USD	2 Qtrs
Acquisitions of property, plant and equipment, software and deposits on equipment	`PaymentsToAcquireProductiveAssets`	$7.17M	USD	2 Qtrs
Net cash flows used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-8.93M	USD	2 Qtrs
Net cash flows used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-7.17M	USD	2 Qtrs
Exercise of options to purchase common stock	`ProceedsFromStockOptionsExercised`	$999.29K	USD	2 Qtrs
Exercise of options to purchase common stock	`ProceedsFromStockOptionsExercised`	$3.54M	USD	2 Qtrs
Purchase of stock for tax withholding	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$300.00K	USD	1 Quarter
Purchase of stock for tax withholding	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$256.23K	USD	2 Qtrs
Proceeds from borrowings under Credit Facilities	`ProceedsFromLinesOfCredit`	$2.00M	USD	2 Qtrs
Proceeds from borrowings under Credit Facilities	`ProceedsFromLinesOfCredit`	$6.00M	USD	2 Qtrs
Repayment of borrowings under Credit Facilities	`RepaymentsOfLinesOfCredit`	$2.00M	USD	2 Qtrs
Repayment of borrowings under Credit Facilities	`RepaymentsOfLinesOfCredit`	$1.50M	USD	2 Qtrs
Net cash flows provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$4.04M	USD	2 Qtrs
Net cash flows provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$4.74M	USD	2 Qtrs
NET CHANGE IN CASH AND CASH EQUIVALENTS	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-3.23M	USD	2 Qtrs
NET CHANGE IN CASH AND CASH EQUIVALENTS	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-1.05M	USD	2 Qtrs
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$3.91M	USD	Point-in-time
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$1.13M	USD	Point-in-time
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$2.18M	USD	Point-in-time
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$675.18K	USD	Point-in-time
CASH AND CASH EQUIVALENTS, END OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$3.91M	USD	Point-in-time
CASH AND CASH EQUIVALENTS, END OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$1.13M	USD	Point-in-time
CASH AND CASH EQUIVALENTS, END OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$2.18M	USD	Point-in-time
CASH AND CASH EQUIVALENTS, END OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$675.18K	USD	Point-in-time
Interest paid	`InterestPaidNet`	$296.12K	USD	2 Qtrs
Interest paid	`InterestPaidNet`	$104.76K	USD	2 Qtrs
Property, plant and equipment purchases in accounts payable	`NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1`	$696.02K	USD	2 Qtrs
Property, plant and equipment purchases in accounts payable	`NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1`	$769.83K	USD	2 Qtrs

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