10-Q Filing

VERITAS FARMS, INC. CIK: 1669400 Q1 2019

Filing Information

Form Type	10-Q
Accession Number	`0001615774-19-008041`
Period End Date	20190331
Filing Date	20190516
Fiscal Year	2019
Fiscal Period	Q1
XBRL Instance	vfrm-20190331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 68 Income Statement 34 Cash Flow Statement 61 Stockholders Equity 17

Balance Sheet 68 line items

Line Item	Tag	Value	Unit	Period
Accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$664.23K	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`	$110.08K	USD	Point-in-time
Cash and Cash Equivalents	`CashAndCashEquivalentsAtCarryingValue`	$164.09K	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
Common stock, authorized	`CommonStockSharesAuthorized`	200.00M	shares	Point-in-time
Cash and Cash Equivalents	`CashAndCashEquivalentsAtCarryingValue`	-	USD	Point-in-time
Inventories	`InventoryNet`	$2.51M	USD	Point-in-time
Inventories	`InventoryNet`	$2.66M	USD	Point-in-time
Common stock, issued	`CommonStockSharesIssued`	111.50M	shares	Point-in-time
Common stock, issued	`CommonStockSharesIssued`	112.27M	shares	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`	$543.83K	USD	Point-in-time
Common stock, outstanding	`CommonStockSharesOutstanding`	112.27M	shares	Point-in-time
Prepaid Expenses	`PrepaidExpenseCurrent`	$116.40K	USD	Point-in-time
Prepaid Expenses	`PrepaidExpenseCurrent`	$74.31K	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$3.03M	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$3.39M	USD	Point-in-time
PROPERTY PLANT AND EQUIPMENT, net of accumulated depreciation of $664,230 and $580,232, respectively	`PropertyPlantAndEquipmentNet`	$4.24M	USD	Point-in-time
PROPERTY PLANT AND EQUIPMENT, net of accumulated depreciation of $664,230 and $580,232, respectively	`PropertyPlantAndEquipmentNet`	$3.93M	USD	Point-in-time
Right of Use Assets	`OperatingLeaseRightOfUseAsset`	$194.80K	USD	Point-in-time
Right of Use Assets	`OperatingLeaseRightOfUseAsset`	-	USD	Point-in-time
Deposits	`DepositsAssetsNoncurrent`	$48.03K	USD	Point-in-time
Deposits	`DepositsAssetsNoncurrent`	$48.03K	USD	Point-in-time
TOTAL ASSETS	`Assets`	$7.87M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$7.01M	USD	Point-in-time
Accounts Payable	`AccountsPayableCurrent`	$372.66K	USD	Point-in-time
Accounts Payable	`AccountsPayableCurrent`	$189.43K	USD	Point-in-time
Accrued Expenses	`AccruedLiabilitiesCurrent`	$198.35K	USD	Point-in-time
Accrued Expenses	`AccruedLiabilitiesCurrent`	$165.68K	USD	Point-in-time
Accrued Interest - Related Parties	`AccruedInterestRelatedParties`	$20.14K	USD	Point-in-time
Accrued Interest - Related Parties	`AccruedInterestRelatedParties`	$17.95K	USD	Point-in-time
Notes Payable - Related Parties	`NotesPayableRelatedPartiesClassifiedCurrent`	$472.92K	USD	Point-in-time
Notes Payable - Related Parties	`NotesPayableRelatedPartiesClassifiedCurrent`	$262.92K	USD	Point-in-time
Deferred Rent	`DeferredRentCreditCurrent`	$7.04K	USD	Point-in-time
Deferred Rent	`DeferredRentCreditCurrent`	$7.04K	USD	Point-in-time
Deferred Revenue	`DeferredRevenueCurrent`	$45.02K	USD	Point-in-time
Deferred Revenue	`DeferredRevenueCurrent`	$406.00	USD	Point-in-time
Advances for Stock Warrants - Shareholders	`AdvancesForStockWarrantsShareholders`	-	USD	Point-in-time
Advances for Stock Warrants - Shareholders	`AdvancesForStockWarrantsShareholders`	$1.34M	USD	Point-in-time
Current Portion of Right of Use Lease Liability	`OperatingLeaseLiabilityCurrent`	$80.69K	USD	Point-in-time
Current Portion of Right of Use Lease Liability	`OperatingLeaseLiabilityCurrent`	-	USD	Point-in-time
Current Portion of Long Term Debt	`DebtCurrent`	$50.43K	USD	Point-in-time
Current Portion of Long Term Debt	`DebtCurrent`	$133.23K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$2.63M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$738.48K	USD	Point-in-time
Long-term Debt, net of current portion	`LongTermDebtNoncurrent`	$100.92K	USD	Point-in-time
Long-term Debt, net of current portion	`LongTermDebtNoncurrent`	$196.26K	USD	Point-in-time
Right of Use Lease Liability, net of current portion	`OperatingLeaseLiabilityNoncurrent`	-	USD	Point-in-time
Right of Use Lease Liability, net of current portion	`OperatingLeaseLiabilityNoncurrent`	$112.72K	USD	Point-in-time
Total Liabilities	`Liabilities`	$934.74K	USD	Point-in-time
Total Liabilities	`Liabilities`	$2.84M	USD	Point-in-time
Common Stock, $0.001 par value, 200,000,000 shares authorized, 112,271,499 and 111,504,833 shares issued and outstanding at March 31, 2019 and December 31, 2018 respectively	`CommonStockValue`	$112.27K	USD	Point-in-time
Common Stock, $0.001 par value, 200,000,000 shares authorized, 112,271,499 and 111,504,833 shares issued and outstanding at March 31, 2019 and December 31, 2018 respectively	`CommonStockValue`	$111.50K	USD	Point-in-time
Additional Paid in Capital	`AdditionalPaidInCapitalCommonStock`	$13.89M	USD	Point-in-time
Additional Paid in Capital	`AdditionalPaidInCapitalCommonStock`	$14.67M	USD	Point-in-time
Accumulated Deficit	`RetainedEarningsAccumulatedDeficit`	$-9.75M	USD	Point-in-time
Accumulated Deficit	`RetainedEarningsAccumulatedDeficit`	$-7.93M	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 Stockholders' Equity	`StockholdersEquity`	$2.91M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$5.03M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$7.01M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$7.87M	USD	Point-in-time

Income Statement 34 line items

Line Item	Tag	Value	Unit	Period
Sales	`Revenues`	$331.42K	USD	1 Quarter
Sales	`Revenues`	$1.52M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$820.11K	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$198.00K	USD	1 Quarter
Plant Inventory Write-off	`InventoryWriteDown`	$77.39K	USD	1 Quarter
Plant Inventory Write-off	`InventoryWriteDown`	-	USD	1 Quarter
Total Cost of sales	`CostOfRevenue`	$198.00K	USD	1 Quarter
Total Cost of sales	`CostOfRevenue`	$897.50K	USD	1 Quarter
Gross profit	`GrossProfit`	$627.43K	USD	1 Quarter
Gross profit	`GrossProfit`	$133.41K	USD	1 Quarter
Selling, General and Administrative	`GeneralAndAdministrativeExpense`	$500.94K	USD	1 Quarter
Selling, General and Administrative	`GeneralAndAdministrativeExpense`	$2.45M	USD	1 Quarter
Total Operating Expenses	`OperatingExpenses`	$500.94K	USD	1 Quarter
Total Operating Expenses	`OperatingExpenses`	$2.45M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-367.53K	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-1.82M	USD	1 Quarter
Other Income	`OtherIncome`	-	USD	1 Quarter
Other Income	`OtherIncome`	$23.93K	USD	1 Quarter
Interest Expense - Related Party	`InterestExpenseRelatedParty`	$6.39K	USD	1 Quarter
Interest Expense - Related Party	`InterestExpenseRelatedParty`	$2.28K	USD	1 Quarter
Interest Expense - Other	`InterestExpenseOther`	$3.30K	USD	1 Quarter
Interest Expense - Other	`InterestExpenseOther`	$4.62K	USD	1 Quarter
Total Other Expenses	`NonoperatingIncomeExpense`	$14.24K	USD	1 Quarter
Total Other Expenses	`NonoperatingIncomeExpense`	$-6.90K	USD	1 Quarter
Loss before Provision for Income Taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-1.83M	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`	$-1.83M	USD	1 Quarter
NET LOSS	`NetIncomeLoss`	$-353.30K	USD	1 Quarter
Net Loss per Share (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.02	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`	112.02M	shares	1 Quarter

Cash Flow Statement 61 line items

Line Item	Tag	Value	Unit	Period
Repayments	`RepaymentsOfNotesPayable`	$360.00K	USD	1 Quarter
Net Loss	`NetIncomeLoss`	$-1.83M	USD	1 Quarter
Net Loss	`NetIncomeLoss`	$-353.30K	USD	1 Quarter
Depreciation	`Depreciation`	$84.00K	USD	1 Quarter
Depreciation	`Depreciation`	$63.26K	USD	1 Quarter
Amortization of Right of Use Assets	`FinanceLeaseRightOfUseAssetAmortization`	-	USD	1 Quarter
Amortization of Right of Use Assets	`FinanceLeaseRightOfUseAssetAmortization`	$20.15K	USD	1 Quarter
Stock-based Compensation	`ShareBasedCompensation`	$71.01K	USD	1 Quarter
Stock-based Compensation	`ShareBasedCompensation`	$661.30K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$56.48K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$149.63K	USD	1 Quarter
Prepaid Expenses	`IncreaseDecreaseInPrepaidExpense`	$-11.72K	USD	1 Quarter
Prepaid Expenses	`IncreaseDecreaseInPrepaidExpense`	$-42.09K	USD	1 Quarter
Accounts Receivable	`IncreaseDecreaseInAccountsReceivable`	$-5.99K	USD	1 Quarter
Accounts Receivable	`IncreaseDecreaseInAccountsReceivable`	$-299.68K	USD	1 Quarter
Deferred Revenue	`IncreaseDecreaseInDeferredRevenue`	$-44.61K	USD	1 Quarter
Deferred Revenue	`IncreaseDecreaseInDeferredRevenue`	-	USD	1 Quarter
Accrued Interest - Related Parties	`IncreaseDecreaseInAccruedInterestRelatedParties`	$6.39K	USD	1 Quarter
Accrued Interest - Related Parties	`IncreaseDecreaseInAccruedInterestRelatedParties`	$2.19K	USD	1 Quarter
Right of Use Lease Liability	`RightOfUseLeaseLiability`	-	USD	1 Quarter
Right of Use Lease Liability	`RightOfUseLeaseLiability`	$-21.54K	USD	1 Quarter
Accrued Expenses	`IncreaseDecreaseInAccruedLiabilities`	$32.68K	USD	1 Quarter
Accrued Expenses	`IncreaseDecreaseInAccruedLiabilities`	$60.10K	USD	1 Quarter
Accounts Payable	`IncreaseDecreaseInAccountsPayable`	$67.34K	USD	1 Quarter
Accounts Payable	`IncreaseDecreaseInAccountsPayable`	$183.23K	USD	1 Quarter
NET CASH USED IN OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivities`	$-1.32M	USD	1 Quarter
NET CASH USED IN OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivities`	$-135.93K	USD	1 Quarter
Purchase of Property and Equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$392.85K	USD	1 Quarter
NET CASH USED IN INVESTING ACTIVITIES	`NetCashProvidedByUsedInInvestingActivities`	$-392.85K	USD	1 Quarter
NET CASH USED IN INVESTING ACTIVITIES	`NetCashProvidedByUsedInInvestingActivities`	-	USD	1 Quarter
Payments of Long-term Debt	`RepaymentsOfLongTermDebt`	$3.18K	USD	1 Quarter
Payments of Long-term Debt	`RepaymentsOfLongTermDebt`	$12.55K	USD	1 Quarter
Advances for Stock Warrants - Shareholders	`IncreaseDecreaseInAdvancesForStockWarrantsShareholders`	-	USD	1 Quarter
Advances for Stock Warrants - Shareholders	`IncreaseDecreaseInAdvancesForStockWarrantsShareholders`	$-1.34M	USD	1 Quarter
Proceeds from Notes Payable - Related Parties net of repayments of $360,000	`ProceedsFromNotesPayable`	-	USD	1 Quarter
Proceeds from Notes Payable - Related Parties net of repayments of $360,000	`ProceedsFromNotesPayable`	$210.00K	USD	1 Quarter
Proceeds from Stock Warrants Exercised	`ProceedsFromStockWarrantsExercised`	$115.00K	USD	1 Quarter
Proceeds from Stock Warrants Exercised	`ProceedsFromStockWarrantsExercised`	-	USD	1 Quarter
Proceeds from Note Payable Stockholders	`ProceedsFromRepaymentsOfNotesPayable`	-	USD	1 Quarter
Proceeds from Note Payable Stockholders	`ProceedsFromRepaymentsOfNotesPayable`	$29.21K	USD	1 Quarter
Proceeds from Issuance of Common Stock	`ProceedsFromIssuanceOfCommonStock`	$5.53M	USD	Annual
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`	$1.66M	USD	1 Quarter
NET CASH PROVIDED BY FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivities`	$108.13K	USD	1 Quarter
NET (DECREASE) IN CASH AND CASH EQUIVALENTS	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-54.01K	USD	1 Quarter
NET (DECREASE) IN CASH AND CASH EQUIVALENTS	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-27.80K	USD	1 Quarter
CASH AND CASH EQUIVALENTS - Beginning of Period	`CashAndCashEquivalentsAtCarryingValue`	$110.08K	USD	Point-in-time
CASH AND CASH EQUIVALENTS - Beginning of Period	`CashAndCashEquivalentsAtCarryingValue`	$164.09K	USD	Point-in-time
CASH AND CASH EQUIVALENTS - Beginning of Period	`CashAndCashEquivalentsAtCarryingValue`	$27.80K	USD	Point-in-time
CASH AND CASH EQUIVALENTS - Beginning of Period	`CashAndCashEquivalentsAtCarryingValue`	-	USD	Point-in-time
CASH AND CASH EQUIVALENTS - End of Period	`CashAndCashEquivalentsAtCarryingValue`	$110.08K	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`	$27.80K	USD	Point-in-time
CASH AND CASH EQUIVALENTS - End of Period	`CashAndCashEquivalentsAtCarryingValue`	-	USD	Point-in-time
Cash Paid for Interest	`InterestPaidNet`	$1.68K	USD	1 Quarter
Cash Paid for Interest	`InterestPaidNet`	$3.00K	USD	1 Quarter
Cash Paid for Income Taxes	`IncomeTaxesPaidNet`	-	USD	1 Quarter
Cash Paid for Income Taxes	`IncomeTaxesPaidNet`	-	USD	1 Quarter
Operating Lease Right of Use Asset Obtained in Exchange for Lease Obligations	`OperatingLeaseRightOfUseAssetObtainedInExchangeForLeaseObligations`	$214.95K	USD	1 Quarter
Operating Lease Right of Use Asset Obtained in Exchange for Lease Obligations	`OperatingLeaseRightOfUseAssetObtainedInExchangeForLeaseObligations`	-	USD	1 Quarter

Stockholders Equity 17 line items

Line Item	Tag	Value	Unit	Period
Beginning balance, Amount	`StockholdersEquity`	$3.11M	USD	Point-in-time
Beginning balance, Amount	`StockholdersEquity`	$6.08M	USD	Point-in-time
Beginning balance, Amount	`StockholdersEquity`	$2.91M	USD	Point-in-time
Beginning balance, Amount	`StockholdersEquity`	$5.03M	USD	Point-in-time
Warrants Excercised, Amount	`StockIssuedDuringPeriodValueStockOptionsExercised`	$115.00K	USD	1 Quarter
Warrants Excercised, Shares	`StockIssuedDuringPeriodSharesStockOptionsExercised`	-	shares	1 Quarter
Issuance of Common Stock for Cash, Amount	`StockIssuedDuringPeriodValueNewIssues`	$82.05K	USD	1 Quarter
Issuance of Common Stock for Cash, Shares	`StockIssuedDuringPeriodSharesNewIssues`	50.38M	shares	Annual
Issuance of Common Stock for Services, Amount	`StockIssuedDuringPeriodValueIssuedForServices`	$20.50K	USD	1 Quarter
Stock-based Compensation	`AllocatedShareBasedCompensationExpense`	$661.30K	USD	1 Quarter
Stock-based Compensation	`AllocatedShareBasedCompensationExpense`	$50.56K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.83M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-353.30K	USD	1 Quarter
Ending balance, Amount	`StockholdersEquity`	$3.11M	USD	Point-in-time
Ending balance, Amount	`StockholdersEquity`	$6.08M	USD	Point-in-time
Ending balance, Amount	`StockholdersEquity`	$2.91M	USD	Point-in-time
Ending balance, Amount	`StockholdersEquity`	$5.03M	USD	Point-in-time

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