10-K Filing

VERITAS FARMS, INC. CIK: 1669400 FY 2017

Filing Information

Form Type	10-K
Accession Number	`0001615774-18-002828`
Period End Date	20171231
Filing Date	20180423
Fiscal Year	2017
Fiscal Period	FY
XBRL Instance	sswh-20171231.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 56 Income Statement 36 Cash Flow Statement 58 Stockholders Equity 15

Balance Sheet 56 line items

Line Item	Tag	Value	Unit	Period
Accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$306.04K	USD	Point-in-time
Accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$73.32K	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Cash and Cash Equivalents	`CashAndCashEquivalentsAtCarryingValue`	$27.80K	USD	Point-in-time
Common stock, authorized	`CommonStockSharesAuthorized`	200.00M	shares	Point-in-time
Cash and Cash Equivalents	`CashAndCashEquivalentsAtCarryingValue`	$17.79K	USD	Point-in-time
Cash and Cash Equivalents	`CashAndCashEquivalentsAtCarryingValue`	$95.59K	USD	Point-in-time
Common stock, authorized	`CommonStockSharesAuthorized`	200.00M	shares	Point-in-time
Inventories	`InventoryNet`	$546.62K	USD	Point-in-time
Common stock, issued	`CommonStockSharesIssued`	59.90M	shares	Point-in-time
Inventories	`InventoryNet`	$1.43M	USD	Point-in-time
Common stock, issued	`CommonStockSharesIssued`	58.50M	shares	Point-in-time
Common stock, outstanding	`CommonStockSharesOutstanding`	58.50M	shares	Point-in-time
Common stock, outstanding	`CommonStockSharesOutstanding`	59.90M	shares	Point-in-time
Accounts Receivable	`AccountsReceivableNetCurrent`	-	USD	Point-in-time
Accounts Receivable	`AccountsReceivableNetCurrent`	$79.90K	USD	Point-in-time
Prepaid Expenses	`PrepaidExpenseCurrent`	$42.09K	USD	Point-in-time
Prepaid Expenses	`PrepaidExpenseCurrent`	-	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$1.58M	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$642.21K	USD	Point-in-time
PROPERTY PLANT AND EQUIPMENT, net of accumulated depreciation of $306,038 and $73,318, respectively	`PropertyPlantAndEquipmentNet`	$4.28M	USD	Point-in-time
PROPERTY PLANT AND EQUIPMENT, net of accumulated depreciation of $306,038 and $73,318, respectively	`PropertyPlantAndEquipmentNet`	$3.61M	USD	Point-in-time
Deposits	`DepositsAssetsNoncurrent`	-	USD	Point-in-time
Deposits	`DepositsAssetsNoncurrent`	$23.00K	USD	Point-in-time
Other Assets	`AssetsNoncurrent`	$23.00K	USD	Point-in-time
Other Assets	`AssetsNoncurrent`	-	USD	Point-in-time
TOTAL ASSETS	`Assets`	$4.92M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$5.21M	USD	Point-in-time
Accounts Payable	`AccountsPayableCurrent`	$245.08K	USD	Point-in-time
Accounts Payable	`AccountsPayableCurrent`	$51.65K	USD	Point-in-time
Accrued Expenses	`AccruedLiabilitiesCurrent`	$159.90K	USD	Point-in-time
Accrued Expenses	`AccruedLiabilitiesCurrent`	$6.76K	USD	Point-in-time
Accrued Interest - Related Parties	`AccruedInterestRelatedParties`	$16.23K	USD	Point-in-time
Accrued Interest - Related Parties	`AccruedInterestRelatedParties`	-	USD	Point-in-time
Notes Payable - Related Parties	`NotesPayableRelatedPartiesClassifiedCurrent`	$1.03M	USD	Point-in-time
Notes Payable - Related Parties	`NotesPayableRelatedPartiesClassifiedCurrent`	-	USD	Point-in-time
Current Portion of Long Term Debt	`DebtCurrent`	$390.60K	USD	Point-in-time
Current Portion of Long Term Debt	`DebtCurrent`	$551.19K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$449.01K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$2.00M	USD	Point-in-time
LONG-TERM DEBT	`LongTermDebtNoncurrent`	$323.41K	USD	Point-in-time
LONG-TERM DEBT	`LongTermDebtNoncurrent`	$99.97K	USD	Point-in-time
Total Liabilities	`Liabilities`	$2.10M	USD	Point-in-time
Total Liabilities	`Liabilities`	$772.41K	USD	Point-in-time
Common Stock $0.001 par value, 200,000,000 shares authorized, 59,895,000 and 58,500,000 shares issued and outstanding at December 31, 2017 and 2016 respectively	`CommonStockValue`	$59.90K	USD	Point-in-time
Common Stock $0.001 par value, 200,000,000 shares authorized, 59,895,000 and 58,500,000 shares issued and outstanding at December 31, 2017 and 2016 respectively	`CommonStockValue`	$58.50K	USD	Point-in-time
Additional Paid in Capital	`AdditionalPaidInCapitalCommonStock`	$7.14M	USD	Point-in-time
Additional Paid in Capital	`AdditionalPaidInCapitalCommonStock`	$5.73M	USD	Point-in-time
Accumulated Deficit	`RetainedEarningsAccumulatedDeficit`	$-4.09M	USD	Point-in-time
Accumulated Deficit	`RetainedEarningsAccumulatedDeficit`	$-1.64M	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$3.11M	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$1.02M	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$4.15M	USD	Point-in-time
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$5.21M	USD	Point-in-time
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$4.92M	USD	Point-in-time

Income Statement 36 line items

Line Item	Tag	Value	Unit	Period
Sales	`SalesRevenueNet`	$1.11M	USD	Annual
Sales	`SalesRevenueNet`	$76.23K	USD	Annual
Cost of sales	`CostOfGoodsAndServicesSold`	$720.34K	USD	Annual
Cost of sales	`CostOfGoodsAndServicesSold`	$42.79K	USD	Annual
Plant Inventory Write-off	`ProductionRelatedImpairmentsOrCharges`	$478.71K	USD	Annual
Plant Inventory Write-off	`ProductionRelatedImpairmentsOrCharges`	$202.92K	USD	Annual
Total cost of sales	`CostOfRevenue`	$521.50K	USD	Annual
Total cost of sales	`CostOfRevenue`	$923.26K	USD	Annual
Gross profit (loss)	`GrossProfit`	$191.41K	USD	Annual
Gross profit (loss)	`GrossProfit`	$-445.27K	USD	Annual
Selling, General and Administrative	`GeneralAndAdministrativeExpense`	$984.14K	USD	Annual
Selling, General and Administrative	`GeneralAndAdministrativeExpense`	$1.52M	USD	Annual
Total operating expenses	`OperatingExpenses`	$984.14K	USD	Annual
Total operating expenses	`OperatingExpenses`	$1.52M	USD	Annual
Operating loss	`OperatingIncomeLoss`	$-1.33M	USD	Annual
Operating loss	`OperatingIncomeLoss`	$-1.43M	USD	Annual
Merger Expenses	`NoncashMergerRelatedCosts`	$260.75K	USD	Annual
Merger Expenses	`NoncashMergerRelatedCosts`	-	USD	Annual
Loss on Disposal of Property and Equipment	`GainLossOnDispositionOfAssets1`	-	USD	Annual
Loss on Disposal of Property and Equipment	`GainLossOnDispositionOfAssets1`	$-818.59K	USD	Annual
Interest Expense - Related Party	`InterestExpenseRelatedParty`	-	USD	Annual
Interest Expense - Related Party	`InterestExpenseRelatedParty`	$16.23K	USD	Annual
Interest Expense - Other	`InterestExpenseOther`	$28.72K	USD	Annual
Interest Expense - Other	`InterestExpenseOther`	$25.54K	USD	Annual
Total Other Income	`NonoperatingIncomeExpense`	$-1.12M	USD	Annual
Total Other Income	`NonoperatingIncomeExpense`	$-28.72K	USD	Annual
Loss before Provision for Income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-1.46M	USD	Annual
Loss before Provision for Income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-2.45M	USD	Annual
Income Tax Provision	`IncomeTaxExpenseBenefit`	-	USD	Annual
Income Tax Provision	`IncomeTaxExpenseBenefit`	-	USD	Annual
NET LOSS	`NetIncomeLoss`	$-2.45M	USD	Annual
NET LOSS	`NetIncomeLoss`	$-1.46M	USD	Annual
Net Loss per Share (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.04	USD	Annual
Net Loss per Share (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.02	USD	Annual
Weighted average shares outstanding (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	58.50M	shares	Annual
Weighted average shares outstanding (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	58.68M	shares	Annual

Cash Flow Statement 58 line items

Line Item	Tag	Value	Unit	Period
Net Loss	`NetIncomeLoss`	$-2.45M	USD	Annual
Net Loss	`NetIncomeLoss`	$-1.46M	USD	Annual
Depreciation	`Depreciation`	$232.72K	USD	Annual
Depreciation	`Depreciation`	$71.97K	USD	Annual
Stock-based Compensation	`ShareBasedCompensation`	$194.20K	USD	Annual
Stock-based Compensation	`ShareBasedCompensation`	-	USD	Annual
Loss on Disposal of Property and Equipment	`GainLossOnDispositionOfAssets`	$818.59K	USD	Annual
Loss on Disposal of Property and Equipment	`GainLossOnDispositionOfAssets`	-	USD	Annual
Inventories	`IncreaseDecreaseInInventories`	$539.12K	USD	Annual
Inventories	`IncreaseDecreaseInInventories`	$882.13K	USD	Annual
Prepaid Expenses	`IncreaseDecreaseInPrepaidExpense`	$42.09K	USD	Annual
Prepaid Expenses	`IncreaseDecreaseInPrepaidExpense`	$-19.85K	USD	Annual
Accounts Receivable	`IncreaseDecreaseInAccountsReceivable`	$3.25K	USD	Annual
Accounts Receivable	`IncreaseDecreaseInAccountsReceivable`	$-79.90K	USD	Annual
Deposits	`IncreaseDecreaseInDeposits`	$-23.00K	USD	Annual
Deposits	`IncreaseDecreaseInDeposits`	-	USD	Annual
Accrued Interest - Shareholders	`IncreaseDecreaseInAccruedInterestShareholders`	-	USD	Annual
Accrued Interest - Shareholders	`IncreaseDecreaseInAccruedInterestShareholders`	$16.23K	USD	Annual
Accrued Expenses	`IncreaseDecreaseInAccruedLiabilities`	$6.76K	USD	Annual
Accrued Expenses	`IncreaseDecreaseInAccruedLiabilities`	$153.15K	USD	Annual
Accounts Payable	`IncreaseDecreaseInAccountsPayable`	$19.10K	USD	Annual
Accounts Payable	`IncreaseDecreaseInAccountsPayable`	$193.43K	USD	Annual
NET CASH USED IN OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivities`	$-1.87M	USD	Annual
NET CASH USED IN OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivities`	$-1.88M	USD	Annual
Purchase of Property and Equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$447.07K	USD	Annual
Purchase of Property and Equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$2.34M	USD	Annual
NET CASH USED IN INVESTING ACTIVITIES	`NetCashProvidedByUsedInInvestingActivities`	$-2.34M	USD	Annual
NET CASH USED IN INVESTING ACTIVITIES	`NetCashProvidedByUsedInInvestingActivities`	$-447.07K	USD	Annual
Payment on Capital Lease	`RepaymentsOfLongTermCapitalLeaseObligations`	$276.93K	USD	Annual
Payment on Capital Lease	`RepaymentsOfLongTermCapitalLeaseObligations`	-	USD	Annual
Payments on Long-term Debt	`RepaymentsOfLongTermDebt`	$12.25K	USD	Annual
Payments on Long-term Debt	`RepaymentsOfLongTermDebt`	$14.96K	USD	Annual
Distributions to Shareholders	`PaymentsOfDividends`	$41.43K	USD	Annual
Distributions to Shareholders	`PaymentsOfDividends`	$88.98K	USD	Annual
Proceeds from Note Payable Shareholders	`ProceedsFromRepaymentsOfNotesPayable`	$1.03M	USD	Annual
Proceeds from Note Payable Shareholders	`ProceedsFromRepaymentsOfNotesPayable`	-	USD	Annual
Capital Contribution from Shareholders	`ProceedsFromPartnershipContribution`	$575.20K	USD	Annual
Capital Contribution from Shareholders	`ProceedsFromPartnershipContribution`	$4.68M	USD	Annual
Proceeds from Issuance of Common Stock	`ProceedsFromIssuanceOfCommonStock`	$700.50K	USD	Annual
Proceeds from Issuance of Common Stock	`ProceedsFromIssuanceOfCommonStock`	-	USD	Annual
NET CASH PROVIDED BY FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivities`	$4.30M	USD	Annual
NET CASH PROVIDED BY FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivities`	$2.25M	USD	Annual
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-67.79K	USD	Annual
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$77.80K	USD	Annual
CASH AND CASH EQUIVALENTS - Beginning of Year	`CashAndCashEquivalentsAtCarryingValue`	$27.80K	USD	Point-in-time
CASH AND CASH EQUIVALENTS - Beginning of Year	`CashAndCashEquivalentsAtCarryingValue`	$17.79K	USD	Point-in-time
CASH AND CASH EQUIVALENTS - Beginning of Year	`CashAndCashEquivalentsAtCarryingValue`	$95.59K	USD	Point-in-time
CASH AND CASH EQUIVALENTS - End of Year	`CashAndCashEquivalentsAtCarryingValue`	$27.80K	USD	Point-in-time
CASH AND CASH EQUIVALENTS - End of Year	`CashAndCashEquivalentsAtCarryingValue`	$17.79K	USD	Point-in-time
CASH AND CASH EQUIVALENTS - End of Year	`CashAndCashEquivalentsAtCarryingValue`	$95.59K	USD	Point-in-time
Cash Paid for Interest	`InterestPaid`	$28.72K	USD	Annual
Cash Paid for Interest	`InterestPaid`	$7.18K	USD	Annual
Cash Paid for Income Taxes	`IncomeTaxesPaid`	-	USD	Annual
Cash Paid for Income Taxes	`IncomeTaxesPaid`	-	USD	Annual
Acquisition Property and Equipment for a Capital Lease	`PaymentsToAcquireOtherPropertyPlantAndEquipment`	$599.57K	USD	Annual
Acquisition Property and Equipment for a Capital Lease	`PaymentsToAcquireOtherPropertyPlantAndEquipment`	-	USD	Annual
Distribution of Land Held for Investment	`ProceedsFromSaleOfLandHeldforinvestment`	$18.40K	USD	Annual
Distribution of Land Held for Investment	`ProceedsFromSaleOfLandHeldforinvestment`	-	USD	Annual

Stockholders Equity 15 line items

Line Item	Tag	Value	Unit	Period
Beginning balance, Amount	`StockholdersEquity`	$3.11M	USD	Point-in-time
Beginning balance, Amount	`StockholdersEquity`	$1.02M	USD	Point-in-time
Beginning balance, Amount	`StockholdersEquity`	$4.15M	USD	Point-in-time
Contribution from Shareholders	`ProceedsFromPartnershipContribution`	$575.20K	USD	Annual
Contribution from Shareholders	`ProceedsFromPartnershipContribution`	$4.68M	USD	Annual
Distribution to Shareholders	`PaymentsOfCapitalDistribution`	$59.83K	USD	Annual
Distribution to Shareholders	`PaymentsOfCapitalDistribution`	$88.98K	USD	Annual
Issuance of common stock, Amount	`StockIssuedDuringPeriodValueNewIssues`	$700.50K	USD	Annual
Stock-based Compensation	`ShareBasedCompensation`	$194.20K	USD	Annual
Stock-based Compensation	`ShareBasedCompensation`	-	USD	Annual
Net loss for the year	`NetIncomeLoss`	$-2.45M	USD	Annual
Net loss for the year	`NetIncomeLoss`	$-1.46M	USD	Annual
Ending balance, Amount	`StockholdersEquity`	$3.11M	USD	Point-in-time
Ending balance, Amount	`StockholdersEquity`	$1.02M	USD	Point-in-time
Ending balance, Amount	`StockholdersEquity`	$4.15M	USD	Point-in-time

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