10-K Filing

VERITAS FARMS, INC. CIK: 1669400 FY 2018

Filing Information

Form Type	10-K
Accession Number	`0001615774-19-005896`
Period End Date	20181231
Filing Date	20190417
Fiscal Year	2018
Fiscal Period	FY
XBRL Instance	vfrm-20181231.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 58 Income Statement 34 Cash Flow Statement 65 Stockholders Equity 16

Balance Sheet 58 line items

Line Item	Tag	Value	Unit	Period
Accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$306.04K	USD	Point-in-time
Accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$580.23K	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`	$164.09K	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
Common stock, authorized	`CommonStockSharesAuthorized`	200.00M	shares	Point-in-time
Cash and Cash Equivalents	`CashAndCashEquivalentsAtCarryingValue`	$27.80K	USD	Point-in-time
Common stock, issued	`CommonStockSharesIssued`	111.50M	shares	Point-in-time
Common stock, issued	`CommonStockSharesIssued`	59.90M	shares	Point-in-time
Inventories	`InventoryNet`	$1.43M	USD	Point-in-time
Inventories	`InventoryNet`	$2.51M	USD	Point-in-time
Common stock, outstanding	`CommonStockSharesOutstanding`	111.50M	shares	Point-in-time
Accounts Receivable	`AccountsReceivableNetCurrent`	$244.15K	USD	Point-in-time
Accounts Receivable	`AccountsReceivableNetCurrent`	$79.90K	USD	Point-in-time
Common stock, outstanding	`CommonStockSharesOutstanding`	59.90M	shares	Point-in-time
Prepaid Expenses	`PrepaidExpenseCurrent`	$42.09K	USD	Point-in-time
Prepaid Expenses	`PrepaidExpenseCurrent`	$116.40K	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$1.58M	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$3.03M	USD	Point-in-time
PROPERTY PLANT AND EQUIPMENT, net of accumulated depreciation of $580,232 and $306,038, respectively	`PropertyPlantAndEquipmentNet`	$3.93M	USD	Point-in-time
PROPERTY PLANT AND EQUIPMENT, net of accumulated depreciation of $580,232 and $306,038, respectively	`PropertyPlantAndEquipmentNet`	$3.61M	USD	Point-in-time
Deposits	`DepositsAssetsNoncurrent`	$23.00K	USD	Point-in-time
Deposits	`DepositsAssetsNoncurrent`	$48.03K	USD	Point-in-time
TOTAL ASSETS	`Assets`	$7.01M	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`	$189.43K	USD	Point-in-time
Accrued Expenses	`AccruedLiabilitiesCurrent`	$165.68K	USD	Point-in-time
Accrued Expenses	`AccruedLiabilitiesCurrent`	$159.90K	USD	Point-in-time
Accrued Interest - Related Parties	`AccruedInterestRelatedParties`	$16.23K	USD	Point-in-time
Accrued Interest - Related Parties	`AccruedInterestRelatedParties`	$17.95K	USD	Point-in-time
Notes Payable - Related Parties	`NotesPayableRelatedPartiesClassifiedCurrent`	$262.92K	USD	Point-in-time
Notes Payable - Related Parties	`NotesPayableRelatedPartiesClassifiedCurrent`	$1.03M	USD	Point-in-time
Deferred Rent	`DeferredRentCreditCurrent`	$7.04K	USD	Point-in-time
Deferred Rent	`DeferredRentCreditCurrent`	-	USD	Point-in-time
Deferred Revenue	`DeferredRevenueCurrent`	$45.02K	USD	Point-in-time
Deferred Revenue	`DeferredRevenueCurrent`	-	USD	Point-in-time
Current Portion of Long Term Debt	`DebtCurrent`	$551.19K	USD	Point-in-time
Current Portion of Long Term Debt	`DebtCurrent`	$50.43K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$738.48K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$2.00M	USD	Point-in-time
LONG-TERM DEBT	`LongTermDebtNoncurrent`	$196.26K	USD	Point-in-time
LONG-TERM DEBT	`LongTermDebtNoncurrent`	$99.97K	USD	Point-in-time
Total Liabilities	`Liabilities`	$934.74K	USD	Point-in-time
Total Liabilities	`Liabilities`	$2.10M	USD	Point-in-time
Common Stock, $0.001 par value, 200,000,000 shares authorized, 111,504,833 and 59,895,000 shares issued and outstanding at December 31, 2018 and 2017 respectively	`CommonStockValue`	$59.90K	USD	Point-in-time
Common Stock, $0.001 par value, 200,000,000 shares authorized, 111,504,833 and 59,895,000 shares issued and outstanding at December 31, 2018 and 2017 respectively	`CommonStockValue`	$111.50K	USD	Point-in-time
Additional Paid in Capital	`AdditionalPaidInCapitalCommonStock`	$13.89M	USD	Point-in-time
Additional Paid in Capital	`AdditionalPaidInCapitalCommonStock`	$7.14M	USD	Point-in-time
Accumulated Deficit	`RetainedEarningsAccumulatedDeficit`	$-7.93M	USD	Point-in-time
Accumulated Deficit	`RetainedEarningsAccumulatedDeficit`	$-4.09M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$4.15M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$3.11M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$6.08M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$7.01M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$5.21M	USD	Point-in-time

Income Statement 34 line items

Line Item	Tag	Value	Unit	Period
Sales	`Revenues`	$2.08M	USD	Annual
Sales	`Revenues`	$1.11M	USD	Annual
Cost of sales	`CostOfRevenue`	$923.26K	USD	Annual
Cost of sales	`CostOfRevenue`	$1.20M	USD	Annual
Gross profit	`GrossProfit`	$876.31K	USD	Annual
Gross profit	`GrossProfit`	$191.41K	USD	Annual
Selling, General and Administrative	`GeneralAndAdministrativeExpense`	$1.52M	USD	Annual
Selling, General and Administrative	`GeneralAndAdministrativeExpense`	$5.28M	USD	Annual
Total Operating Expenses	`OperatingExpenses`	$5.28M	USD	Annual
Total Operating Expenses	`OperatingExpenses`	$1.52M	USD	Annual
Operating loss	`OperatingIncomeLoss`	$-1.33M	USD	Annual
Operating loss	`OperatingIncomeLoss`	$-4.41M	USD	Annual
Merger Expenses	`NoncashMergerRelatedCosts`	-	USD	Annual
Merger Expenses	`NoncashMergerRelatedCosts`	$260.75K	USD	Annual
Loss on Disposal of Property and Equipment	`GainLossOnDispositionOfAssets1`	$-818.59K	USD	Annual
Loss on Disposal of Property and Equipment	`GainLossOnDispositionOfAssets1`	-	USD	Annual
Interest Expense - Related Party	`InterestExpenseRelatedParty`	$22.05K	USD	Annual
Interest Expense - Related Party	`InterestExpenseRelatedParty`	$16.23K	USD	Annual
Interest Expense - Other	`InterestExpenseOther`	$25.54K	USD	Annual
Interest Expense - Other	`InterestExpenseOther`	$6.42K	USD	Annual
Gain on Forgiveness of Debt	`GainOnForgivenessOfDebt`	$-598.91K	USD	Annual
Gain on Forgiveness of Debt	`GainOnForgivenessOfDebt`	-	USD	Annual
Total Other Expenses (Income)	`NonoperatingIncomeExpense`	$-1.12M	USD	Annual
Total Other Expenses (Income)	`NonoperatingIncomeExpense`	$570.45K	USD	Annual
Loss before Provision for Income Taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-3.84M	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`	$-3.84M	USD	Annual
Net Loss per Share (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.05	USD	Annual
Net Loss per Share (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.04	USD	Annual
Weighted Average Shares Outstanding (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	78.98M	shares	Annual
Weighted Average Shares Outstanding (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	58.68M	shares	Annual

Cash Flow Statement 65 line items

Line Item	Tag	Value	Unit	Period
Net Loss	`NetIncomeLoss`	$-2.45M	USD	Annual
Net Loss	`NetIncomeLoss`	$-3.84M	USD	Annual
Depreciation	`Depreciation`	$232.72K	USD	Annual
Depreciation	`Depreciation`	$274.19K	USD	Annual
Stock-based Compensation	`ShareBasedCompensation`	$194.20K	USD	Annual
Stock-based Compensation	`ShareBasedCompensation`	$1.27M	USD	Annual
Loss on Disposal of Property and Equipment	`GainLossOnDispositionOfAssets`	-	USD	Annual
Loss on Disposal of Property and Equipment	`GainLossOnDispositionOfAssets`	$818.59K	USD	Annual
Gain on Forgiveness of Debt	`DebtInstrumentDecreaseForgiveness`	$598.91K	USD	Annual
Gain on Forgiveness of Debt	`DebtInstrumentDecreaseForgiveness`	-	USD	Annual
Inventories	`IncreaseDecreaseInInventories`	$882.13K	USD	Annual
Inventories	`IncreaseDecreaseInInventories`	$1.08M	USD	Annual
Prepaid Expenses	`IncreaseDecreaseInPrepaidExpense`	$74.31K	USD	Annual
Prepaid Expenses	`IncreaseDecreaseInPrepaidExpense`	$42.09K	USD	Annual
Accounts Receivable	`IncreaseDecreaseInAccountsReceivable`	$-79.90K	USD	Annual
Accounts Receivable	`IncreaseDecreaseInAccountsReceivable`	$-164.25K	USD	Annual
Deposits	`IncreaseDecreaseInDeposits`	$-25.03K	USD	Annual
Deposits	`IncreaseDecreaseInDeposits`	$-23.00K	USD	Annual
Deferred Rent	`IncreaseDecreaseInDeferredCharges`	-	USD	Annual
Deferred Rent	`IncreaseDecreaseInDeferredCharges`	$7.04K	USD	Annual
Deferred Revenue	`IncreaseDecreaseInDeferredRevenue`	$45.02K	USD	Annual
Deferred Revenue	`IncreaseDecreaseInDeferredRevenue`	-	USD	Annual
Accrued Interest - Related Parties	`IncreaseDecreaseInAccruedInterestRelatedParties`	$1.72K	USD	Annual
Accrued Interest - Related Parties	`IncreaseDecreaseInAccruedInterestRelatedParties`	$16.23K	USD	Annual
Accrued Expenses	`IncreaseDecreaseInAccruedLiabilities`	$153.15K	USD	Annual
Accrued Expenses	`IncreaseDecreaseInAccruedLiabilities`	$5.77K	USD	Annual
Accounts Payable	`IncreaseDecreaseInAccountsPayable`	$-55.65K	USD	Annual
Accounts Payable	`IncreaseDecreaseInAccountsPayable`	$193.43K	USD	Annual
NET CASH USED IN OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivities`	$-4.17M	USD	Annual
NET CASH USED IN OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivities`	$-1.87M	USD	Annual
Purchase of Property and Equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$447.07K	USD	Annual
Purchase of Property and Equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$597.47K	USD	Annual
Settlement of Capital Lease	`SettlementOfCapitalLease`	-	USD	Annual
Settlement of Capital Lease	`SettlementOfCapitalLease`	-	USD	Annual
NET CASH USED IN INVESTING ACTIVITIES	`NetCashProvidedByUsedInInvestingActivities`	$-447.07K	USD	Annual
NET CASH USED IN INVESTING ACTIVITIES	`NetCashProvidedByUsedInInvestingActivities`	$-597.47K	USD	Annual
Payments on Long-term Debt	`RepaymentsOfLongTermDebt`	$12.25K	USD	Annual
Payments on Long-term Debt	`RepaymentsOfLongTermDebt`	$13.00K	USD	Annual
Distributions to Shareholders	`PaymentsOfDividends`	-	USD	Annual
Distributions to Shareholders	`PaymentsOfDividends`	$41.43K	USD	Annual
Repayment of Notes Payable - Related Parties	`RepaymentsOfNotesPayable`	-	USD	Annual
Repayment of Notes Payable - Related Parties	`RepaymentsOfNotesPayable`	$767.16K	USD	Annual
Proceeds from Note Payable	`ProceedsFromNotesPayable`	$146.79K	USD	Annual
Proceeds from Note Payable Stockholders	`ProceedsFromRepaymentsOfNotesPayable`	$1.03M	USD	Annual
Proceeds from Note Payable Stockholders	`ProceedsFromRepaymentsOfNotesPayable`	-	USD	Annual
Capital Contribution from Shareholders	`ProceedsFromPartnershipContribution`	-	USD	Annual
Capital Contribution from Shareholders	`ProceedsFromPartnershipContribution`	$575.20K	USD	Annual
Proceeds from Issuance of Common Stock	`ProceedsFromIssuanceOfCommonStock`	$700.50K	USD	Annual
Proceeds from Issuance of Common Stock	`ProceedsFromIssuanceOfCommonStock`	$5.53M	USD	Annual
NET CASH PROVIDED BY FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivities`	$4.90M	USD	Annual
NET CASH PROVIDED BY FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivities`	$2.25M	USD	Annual
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$136.28K	USD	Annual
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-67.79K	USD	Annual
CASH AND CASH EQUIVALENTS - Beginning of Period	`CashAndCashEquivalentsAtCarryingValue`	$164.09K	USD	Point-in-time
CASH AND CASH EQUIVALENTS - Beginning of Period	`CashAndCashEquivalentsAtCarryingValue`	$95.59K	USD	Point-in-time
CASH AND CASH EQUIVALENTS - Beginning of Period	`CashAndCashEquivalentsAtCarryingValue`	$27.80K	USD	Point-in-time
CASH AND CASH EQUIVALENTS - End of Period	`CashAndCashEquivalentsAtCarryingValue`	$164.09K	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`	$27.80K	USD	Point-in-time
Cash Paid for Interest	`InterestPaidNet`	$26.75K	USD	Annual
Cash Paid for Interest	`InterestPaidNet`	$7.18K	USD	Annual
Cash Paid for Income Taxes	`IncomeTaxesPaidNet`	-	USD	Annual
Cash Paid for Income Taxes	`IncomeTaxesPaidNet`	-	USD	Annual
Distribution of Land Held for Investment	`ProceedsFromSaleOfLandHeldforinvestment`	-	USD	Annual
Distribution of Land Held for Investment	`ProceedsFromSaleOfLandHeldforinvestment`	$18.40K	USD	Annual

Stockholders Equity 16 line items

Line Item	Tag	Value	Unit	Period
Beginning balance, Amount	`StockholdersEquity`	$4.15M	USD	Point-in-time
Beginning balance, Amount	`StockholdersEquity`	$3.11M	USD	Point-in-time
Beginning balance, Amount	`StockholdersEquity`	$6.08M	USD	Point-in-time
Contribution from Shareholders	`ProceedsFromPartnershipContribution`	-	USD	Annual
Contribution from Shareholders	`ProceedsFromPartnershipContribution`	$575.20K	USD	Annual
Distribution to Shareholders	`PaymentsOfCapitalDistribution`	$59.83K	USD	Annual
Issuance of common stock, Amount	`StockIssuedDuringPeriodValueNewIssues`	$700.50K	USD	Annual
Issuance of common stock, Amount	`StockIssuedDuringPeriodValueNewIssues`	$5.53M	USD	Annual
Issuance of Common Stock for Services, Amount	`StockIssuedDuringPeriodValueIssuedForServices`	$388.00K	USD	Annual
Stock-based Compensation	`AllocatedShareBasedCompensationExpense`	$194.20K	USD	Annual
Stock-based Compensation	`AllocatedShareBasedCompensationExpense`	$886.19K	USD	Annual
Net loss for the year	`NetIncomeLoss`	$-2.45M	USD	Annual
Net loss for the year	`NetIncomeLoss`	$-3.84M	USD	Annual
Ending balance, Amount	`StockholdersEquity`	$4.15M	USD	Point-in-time
Ending balance, Amount	`StockholdersEquity`	$3.11M	USD	Point-in-time
Ending balance, Amount	`StockholdersEquity`	$6.08M	USD	Point-in-time

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