10-Q Filing

VERITAS FARMS, INC. CIK: 1669400 Q1 2018

Filing Information

Form Type	10-Q
Accession Number	`0001615774-18-004213`
Period End Date	20180331
Filing Date	20180522
Fiscal Year	2018
Fiscal Period	Q1
XBRL Instance	sswh-20180331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 54 Income Statement 31 Cash Flow Statement 56

Balance Sheet 54 line items

Line Item	Tag	Value	Unit	Period
Accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$306.04K	USD	Point-in-time
Accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$369.30K	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`	$95.59K	USD	Point-in-time
Cash and Cash Equivalents	`CashAndCashEquivalentsAtCarryingValue`	$541.44K	USD	Point-in-time
Common stock, authorized	`CommonStockSharesAuthorized`	200.00M	shares	Point-in-time
Cash and Cash Equivalents	`CashAndCashEquivalentsAtCarryingValue`	$27.80K	USD	Point-in-time
Cash and Cash Equivalents	`CashAndCashEquivalentsAtCarryingValue`	-	USD	Point-in-time
Common stock, authorized	`CommonStockSharesAuthorized`	200.00M	shares	Point-in-time
Inventories	`InventoryNet`	$1.43M	USD	Point-in-time
Inventories	`InventoryNet`	$1.49M	USD	Point-in-time
Common stock, issued	`CommonStockSharesIssued`	59.90M	shares	Point-in-time
Common stock, issued	`CommonStockSharesIssued`	60.17M	shares	Point-in-time
Common stock, outstanding	`CommonStockSharesOutstanding`	60.17M	shares	Point-in-time
Common stock, outstanding	`CommonStockSharesOutstanding`	59.90M	shares	Point-in-time
Accounts Receivable	`AccountsReceivableNetCurrent`	$79.90K	USD	Point-in-time
Accounts Receivable	`AccountsReceivableNetCurrent`	$85.89K	USD	Point-in-time
Prepaid Expenses	`PrepaidExpenseCurrent`	$42.09K	USD	Point-in-time
Prepaid Expenses	`PrepaidExpenseCurrent`	$30.37K	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$1.60M	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$1.58M	USD	Point-in-time
PROPERTY PLANT AND EQUIPMENT, net of accumulated depreciation of $369,300 and $306,038, respectively	`PropertyPlantAndEquipmentNet`	$3.55M	USD	Point-in-time
PROPERTY PLANT AND EQUIPMENT, net of accumulated depreciation of $369,300 and $306,038, respectively	`PropertyPlantAndEquipmentNet`	$3.61M	USD	Point-in-time
Deposits	`DepositsAssetsNoncurrent`	$23.00K	USD	Point-in-time
Deposits	`DepositsAssetsNoncurrent`	$23.00K	USD	Point-in-time
TOTAL ASSETS	`Assets`	$5.17M	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`	$312.42K	USD	Point-in-time
Accrued Expenses	`AccruedLiabilitiesCurrent`	$159.90K	USD	Point-in-time
Accrued Expenses	`AccruedLiabilitiesCurrent`	$220.00K	USD	Point-in-time
Accrued Interest - Related Parties	`AccruedInterestRelatedParties`	$22.62K	USD	Point-in-time
Accrued Interest - Related Parties	`AccruedInterestRelatedParties`	$16.23K	USD	Point-in-time
Notes Payable - Related Parties	`NotesPayableRelatedPartiesClassifiedCurrent`	$1.06M	USD	Point-in-time
Notes Payable - Related Parties	`NotesPayableRelatedPartiesClassifiedCurrent`	$1.03M	USD	Point-in-time
Current Portion of Long Term Debt	`DebtCurrent`	$548.08K	USD	Point-in-time
Current Portion of Long Term Debt	`DebtCurrent`	$551.19K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$2.00M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$2.16M	USD	Point-in-time
LONG-TERM DEBT	`LongTermDebtNoncurrent`	$99.90K	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`	$2.26M	USD	Point-in-time
Common Stock, $0.001 par value, 200,000,000 shares authorized, 60,169,000 and 59,895,000 shares issued and outstanding at March 31, 2018 and December 31, 2017 respectively	`CommonStockValue`	$59.90K	USD	Point-in-time
Common Stock, $0.001 par value, 200,000,000 shares authorized, 60,169,000 and 59,895,000 shares issued and outstanding at March 31, 2018 and December 31, 2017 respectively	`CommonStockValue`	$60.17K	USD	Point-in-time
Additional Paid in Capital	`AdditionalPaidInCapitalCommonStock`	$7.14M	USD	Point-in-time
Additional Paid in Capital	`AdditionalPaidInCapitalCommonStock`	$7.29M	USD	Point-in-time
Accumulated Deficit	`RetainedEarningsAccumulatedDeficit`	$-4.09M	USD	Point-in-time
Accumulated Deficit	`RetainedEarningsAccumulatedDeficit`	$-4.44M	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$2.91M	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$3.11M	USD	Point-in-time
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$5.17M	USD	Point-in-time
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$5.21M	USD	Point-in-time

Income Statement 31 line items

Line Item	Tag	Value	Unit	Period
Sales	`Revenues`	$331.42K	USD	1 Quarter
Sales	`Revenues`	$264.45K	USD	1 Quarter
Cost of sales	`CostOfRevenue`	$198.00K	USD	1 Quarter
Cost of sales	`CostOfRevenue`	$131.19K	USD	1 Quarter
Gross profit	`GrossProfit`	$133.26K	USD	1 Quarter
Gross profit	`GrossProfit`	$133.41K	USD	1 Quarter
Operating Expenses Selling, General and Administrative	`GeneralAndAdministrativeExpense`	$373.41K	USD	1 Quarter
Operating Expenses Selling, General and Administrative	`GeneralAndAdministrativeExpense`	$500.94K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$500.94K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$373.41K	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-240.15K	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-367.53K	USD	1 Quarter
Merger Expenses	`NoncashMergerRelatedCosts`	$163.40K	USD	1 Quarter
Interest Expense - Related Party	`InterestExpenseRelatedParty`	$6.39K	USD	1 Quarter
Interest Expense - Related Party	`InterestExpenseRelatedParty`	-	USD	1 Quarter
Interest Expense - Other	`InterestExpenseOther`	$3.30K	USD	1 Quarter
Interest Expense - Other	`InterestExpenseOther`	$8.21K	USD	1 Quarter
Other Income	`OtherIncome`	-	USD	1 Quarter
Other Income	`OtherIncome`	$23.93K	USD	1 Quarter
Total Other Expense (Income)	`NonoperatingIncomeExpense`	$14.24K	USD	1 Quarter
Total Other Expense (Income)	`NonoperatingIncomeExpense`	$-171.61K	USD	1 Quarter
Loss before Provision for Income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-411.76K	USD	1 Quarter
Loss before Provision for Income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-353.30K	USD	1 Quarter
Income Tax Provision	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Income Tax Provision	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
NET LOSS	`NetIncomeLoss`	$-353.30K	USD	1 Quarter
NET LOSS	`NetIncomeLoss`	$-411.76K	USD	1 Quarter
Net Loss per Share (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.01	USD	1 Quarter
Net Loss per Share (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.01	USD	1 Quarter
Weighted average shares outstanding (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	60.06M	shares	1 Quarter
Weighted average shares outstanding (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	58.50M	shares	1 Quarter

Cash Flow Statement 56 line items

Line Item	Tag	Value	Unit	Period
Net Loss	`ProfitLoss`	$-353.30K	USD	1 Quarter
Net Loss	`ProfitLoss`	$-411.76K	USD	1 Quarter
Depreciation	`Depreciation`	$49.61K	USD	1 Quarter
Depreciation	`Depreciation`	$63.26K	USD	1 Quarter
Stock-based Compensation	`ShareBasedCompensation`	-	USD	1 Quarter
Stock-based Compensation	`ShareBasedCompensation`	$71.01K	USD	1 Quarter
Loss on Disposal of Property and Equipment	`GainLossOnDispositionOfAssets`	-	USD	1 Quarter
Loss on Disposal of Property and Equipment	`GainLossOnDispositionOfAssets`	$3.41K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$56.48K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$264.84K	USD	1 Quarter
Prepaid Expenses	`IncreaseDecreaseInPrepaidExpense`	$-11.72K	USD	1 Quarter
Prepaid Expenses	`IncreaseDecreaseInPrepaidExpense`	$27.36K	USD	1 Quarter
Accounts Receivable	`IncreaseDecreaseInAccountsReceivable`	-	USD	1 Quarter
Accounts Receivable	`IncreaseDecreaseInAccountsReceivable`	$-5.99K	USD	1 Quarter
Deposits	`IncreaseDecreaseInDeposits`	$-23.00K	USD	1 Quarter
Deposits	`IncreaseDecreaseInDeposits`	-	USD	1 Quarter
Accrued Interest - Shareholders	`IncreaseDecreaseInAccruedInterestShareholders`	$6.39K	USD	1 Quarter
Accrued Interest - Shareholders	`IncreaseDecreaseInAccruedInterestShareholders`	$6.34K	USD	1 Quarter
Accrued Expenses	`IncreaseDecreaseInAccruedLiabilities`	$175.92K	USD	1 Quarter
Accrued Expenses	`IncreaseDecreaseInAccruedLiabilities`	$60.10K	USD	1 Quarter
Accounts Payable	`IncreaseDecreaseInAccountsPayable`	$-1.53K	USD	1 Quarter
Accounts Payable	`IncreaseDecreaseInAccountsPayable`	$67.34K	USD	1 Quarter
NET CASH USED IN OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivities`	$-493.22K	USD	1 Quarter
NET CASH USED IN OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivities`	$-135.93K	USD	1 Quarter
Purchase of Property and Equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	-	USD	1 Quarter
Purchase of Property and Equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$192.86K	USD	1 Quarter
NET CASH USED IN INVESTING ACTIVITIES	`NetCashProvidedByUsedInInvestingActivities`	-	USD	1 Quarter
NET CASH USED IN INVESTING ACTIVITIES	`NetCashProvidedByUsedInInvestingActivities`	$-192.86K	USD	1 Quarter
Payments on Long-term Debt	`RepaymentsOfLongTermDebt`	$2.99K	USD	1 Quarter
Payments on Long-term Debt	`RepaymentsOfLongTermDebt`	$3.18K	USD	1 Quarter
Distributions to Shareholders	`PaymentsOfDividends`	$26.43K	USD	1 Quarter
Distributions to Shareholders	`PaymentsOfDividends`	-	USD	1 Quarter
Proceeds from Note Payable Shareholders	`ProceedsFromRepaymentsOfNotesPayable`	$29.21K	USD	1 Quarter
Proceeds from Note Payable Shareholders	`ProceedsFromRepaymentsOfNotesPayable`	-	USD	1 Quarter
Capital Contribution from Shareholders	`ProceedsFromPartnershipContribution`	-	USD	1 Quarter
Capital Contribution from Shareholders	`ProceedsFromPartnershipContribution`	$1.16M	USD	1 Quarter
Proceeds from Issuance of Common Stock	`ProceedsFromIssuanceOfCommonStock`	-	USD	1 Quarter
Proceeds from Issuance of Common Stock	`ProceedsFromIssuanceOfCommonStock`	$82.10K	USD	1 Quarter
NET CASH PROVIDED BY FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivities`	$1.13M	USD	1 Quarter
NET CASH PROVIDED BY FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivities`	$108.13K	USD	1 Quarter
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-27.80K	USD	1 Quarter
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$445.85K	USD	1 Quarter
CASH AND CASH EQUIVALENTS - Beginning of Year	`CashAndCashEquivalentsAtCarryingValue`	$95.59K	USD	Point-in-time
CASH AND CASH EQUIVALENTS - Beginning of Year	`CashAndCashEquivalentsAtCarryingValue`	$541.44K	USD	Point-in-time
CASH AND CASH EQUIVALENTS - Beginning of Year	`CashAndCashEquivalentsAtCarryingValue`	$27.80K	USD	Point-in-time
CASH AND CASH EQUIVALENTS - Beginning of Year	`CashAndCashEquivalentsAtCarryingValue`	-	USD	Point-in-time
CASH AND CASH EQUIVALENTS - End of Period	`CashAndCashEquivalentsAtCarryingValue`	$95.59K	USD	Point-in-time
CASH AND CASH EQUIVALENTS - End of Period	`CashAndCashEquivalentsAtCarryingValue`	$541.44K	USD	Point-in-time
CASH AND CASH EQUIVALENTS - End of Period	`CashAndCashEquivalentsAtCarryingValue`	$27.80K	USD	Point-in-time
CASH AND CASH EQUIVALENTS - End of Period	`CashAndCashEquivalentsAtCarryingValue`	-	USD	Point-in-time
Cash Paid for Interest	`InterestPaid`	$1.86K	USD	1 Quarter
Cash Paid for Interest	`InterestPaid`	$1.68K	USD	1 Quarter
Cash Paid for Income Taxes	`IncomeTaxesPaid`	-	USD	1 Quarter
Cash Paid for Income Taxes	`IncomeTaxesPaid`	-	USD	1 Quarter
Distribution of Land Held for Investment	`ProceedsFromSaleOfLandHeldforinvestment`	-	USD	1 Quarter
Distribution of Land Held for Investment	`ProceedsFromSaleOfLandHeldforinvestment`	$18.40K	USD	1 Quarter

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