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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
10-Q
☒
QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For
the quarterly period ended September 30, 2023
☐
TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT OF 1934
For
the transition period from _______ to _______
Commission
file number: 001-32501
REED’S,
INC.
(Exact
name of registrant as specified in its charter)
Delaware
|
|
35-2177773 |
(State
of
incorporation) |
|
(I.R.S.
Employer
Identification
No.) |
201
Merritt 7, Norwalk, CT. 06851
(Address
of principal executive offices) (Zip Code)
(800)
997-3337
(Registrant’s
telephone number, including area code)
Securities
registered pursuant to Section 12(b) of the Act: None
Title
of Each Class |
|
Trading
Symbol |
|
Names
of each exchange on which registered |
|
|
|
|
|
Indicate
the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: There were
a total of 4,169,131 shares of Common Stock outstanding as of October 31, 2023.
Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days.
Yes
☒ No ☐
Indicate
by check mark whether the registrant has submitted electronically, every Interactive Data File required to be submitted pursuant to Rule
405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant
was required to submit such files). Yes ☒ No ☐
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting
company or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller
reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.:
Large
Accelerated Filer ☐ |
Accelerated
Filer ☐ |
Non-Accelerated
Filer ☒ |
Smaller
Reporting Company ☒ |
Emerging
Growth Company ☐ |
|
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate
by check mark whether the issuer is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
TABLE
OF CONTENTS
CAUTIONARY
STATEMENT REGARDING FORWARD-LOOKING STATEMENTS AND INFORMATION
This
Quarterly Report on Form 10-Q as well as our other public filings or public statements include forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are identified by terms and phrases such
as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,”
“intend,” “may,” “plan,” “predict,” “project,” “should,” and
“will” and similar expressions and include references to assumptions and relate to our future prospects, developments, and
business strategies.
These
forward-looking statements involve known and unknown risks, assumptions and uncertainties and other factors that may cause our actual
results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance,
or achievements expressed or implied by forward-looking statements. Management cautions that these forward-looking statements are qualified
by their terms and/or important factors, many of which are outside of our control, and involve a number of risks, uncertainties and other
factors that could cause actual results and events to differ materially from the statements made, including, but not limited to, the
following risk factors:
●
We have a history of operating losses. Our estimates regarding the sufficiency of our cash resource and capital requirements and needs
for additional financing raises substantial doubt about our ability to continue as a going concern.
●
We may not be able to extend or repay our indebtedness owed to our secured lenders, which would have a material adverse effect on our
financial condition and ability to continue as a going concern.
●
We require additional financing to support our working capital and execute our operating plans for fiscal 2023, which may not be available
or may be costly and dilutive.
●
Our ability to absorb, mitigate or pass on cost increases to our bottlers/distributors and/or customers;
●
The impact of rising costs, interest rates, and inflation on the discretionary income of our consumers, particularly the rising cost
of energy;
●
Uncertainties associated with an economic slowdown or recession that could negatively impact the financial condition of our customers
and could result in a reduced demand for our products;
●
The impact of the military conflicts in Ukraine and Israel, volatility in commodity prices, increased economic uncertainty and escalating
geopolitical tensions;
●
The impact of logistical issues and delays;
●
Our ability to effectively manage our inventories and/or our accounts receivables;
●
Our ability to continue to generate sufficient cash flows to support our expansion plans and general operating activities;
●
Changes in demand that are weather, or season related and/or for other reasons, including changes in product category and/or package
consumption and changes in cost and availability of certain key ingredients including aluminum cans, as well as disruptions to the supply
chain, as a result of climate change and poor or extreme weather conditions;
●
The impact on our business of competitive products and pricing pressures and our ability to gain or maintain our share of sales in the
marketplace as a result of actions by competitors;
●
Our ability to implement and/or maintain price increases, including through reductions in promotional allowances;
●
The effectiveness of sales and/or marketing efforts by us and/or by distributors of our products, most of whom distribute products that
may be regarded as competitive with our products;
●
The costs and/or effectiveness, now or in the future, of our advertising, marketing and promotional strategies;
●
The failure of our co-packers to manufacture our products on a timely basis or at all;
●
Our ability to make suitable arrangements and/or procure sufficient capacity for the co-packing of any of our products, the timely replacement
of discontinued co-packing arrangements and/or limitations on co-packing availability;
●
Volatility of stock prices which may restrict stock sales, stock purchases or other opportunities as well as negatively impact the motivation
of equity award grantees;
●
Any disruption in and/or lack of effectiveness of our information technology systems, including a breach of cyber security, which disrupts
our business or negatively impacts customer relationships, as well as cybersecurity incidents involving data shared with third parties;
●
The imposition of additional regulation imposing excise taxes and/or sales taxes on sweetened beverages or alcoholic beverages; and
●
Recruitment and retention of senior management, other key employees and our employee base in general.
We
undertake no obligation to update or revise the forward-looking statements included in this report, whether as a result of new information,
future events or otherwise, after the date of this report. Our actual results, performance or achievements could differ materially from
the results expressed in, or implied by, these forward-looking statements.
Part
I – FINANCIAL INFORMATION
Item
1. Financial Statements
REED’S,
INC,
CONDENSED
BALANCE SHEETS
(Amounts
in thousands, except share amounts)
| |
September
30, 2023 | | |
December
31, 2022 | |
| |
(Unaudited) | | |
| |
ASSETS | |
| | | |
| | |
Current
assets: | |
| | | |
| | |
Cash | |
$ | 1,004 | | |
$ | 533 | |
Accounts
receivable, net of allowance of $514 and $252, respectively | |
| 5,267 | | |
| 5,671 | |
Inventory,
net | |
| 15,964 | | |
| 16,175 | |
Receivable
from former related party | |
| 777 | | |
| 777 | |
Prepaid
expenses and other current assets | |
| 489 | | |
| 939 | |
Total
current assets | |
| 23,501 | | |
| 24,095 | |
| |
| | | |
| | |
Property
and equipment, net of accumulated depreciation of $1,001 and $787, respectively | |
| 559 | | |
| 766 | |
Intangible
assets | |
| 627 | | |
| 626 | |
Total
assets | |
$ | 24,687 | | |
$ | 25,487 | |
| |
| | | |
| | |
LIABILITIES
AND STOCKHOLDERS’ DEFICIT | |
| | | |
| | |
Current
liabilities: | |
| | | |
| | |
Accounts
payable | |
$ | 9,067 | | |
$ | 9,805 | |
Accrued
expenses | |
| 873 | | |
| 233 | |
Revolving
line of credit, net of capitalized financing costs of $242 and $363, respectively | |
| 9,697 | | |
| 10,974 | |
Convertible
notes payable, current portion, net of debt discount of $0 and $414, respectively | |
| 7,380 | | |
| 2,434 | |
Payable
to former related party | |
| 452 | | |
| 2,025 | |
Current
portion of lease liabilities | |
| 209 | | |
| 187 | |
Total
current liabilities | |
| 27,678 | | |
| 25,658 | |
| |
| | | |
| | |
Convertible
note payable, net of debt discount of $252 and $562, respectively, less current portion | |
| 9,721 | | |
| 8,092 | |
Lease
liabilities, less current portion | |
| 48 | | |
| 207 | |
Total
liabilities | |
| 37,447 | | |
| 33,957 | |
| |
| | | |
| | |
Stockholders’
deficit: | |
| | | |
| | |
Series
A Convertible Preferred stock, $10 par value, 500,000 shares authorized, 9,411 shares issued and outstanding | |
| 94 | | |
| 94 | |
Common
stock, $.0001 par value, 180,000,000 shares authorized; 4,169,131 and 2,519,485 shares issued and outstanding, respectively | |
| - | | |
| - | |
Additional
paid in capital | |
| 119,277 | | |
| 114,635 | |
Accumulated
deficit | |
| (132,131 | ) | |
| (123,199 | ) |
Total
stockholders’ deficit | |
| (12,760 | ) | |
| (8,470 | ) |
Total
liabilities and stockholders’ deficit | |
$ | 24,687 | | |
$ | 25,487 | |
The
accompanying notes are an integral part of these condensed financial statements.
REED’S,
INC.
CONDENSED
STATEMENTS OF OPERATIONS
For
the Three and Nine Months Ended September 30, 2023 and 2022
(Unaudited)
(Amounts
in thousands, except share and per share amounts)
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
Three
Months Ended September
30, | | |
Nine
Months Ended September
30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Net
Sales | |
$ | 11,856 | | |
$ | 12,094 | | |
$ | 33,018 | | |
$ | 38,001 | |
Cost
of goods sold | |
| 7,823 | | |
| 9,659 | | |
| 23,778 | | |
| 29,335 | |
Gross
profit | |
| 4,033 | | |
| 2,435 | | |
| 9,240 | | |
| 8,666 | |
| |
| | | |
| | | |
| | | |
| | |
Operating
expenses: | |
| | | |
| | | |
| | | |
| | |
Delivery
and handling expense | |
| 1,908 | | |
| 2,249 | | |
| 5,714 | | |
| 8,893 | |
Selling
and marketing expense | |
| 861 | | |
| 1,220 | | |
| 3,567 | | |
| 5,623 | |
General
and administrative expense | |
| 1,407 | | |
| 1,420 | | |
| 4,427 | | |
| 5,319 | |
Total
operating expenses | |
| 4,176 | | |
| 4,889 | | |
| 13,708 | | |
| 19,835 | |
| |
| | | |
| | | |
| | | |
| | |
Loss
from operations | |
| (143 | ) | |
| (2,454 | ) | |
| (4,468 | ) | |
| (11,169 | ) |
| |
| | | |
| | | |
| | | |
| | |
Interest
expense | |
| (1,293 | ) | |
| (777 | ) | |
| (4,459 | ) | |
| (2,119 | ) |
| |
| | | |
| | | |
| | | |
| | |
Net
loss | |
| (1,436 | ) | |
| (3,231 | ) | |
| (8,927 | ) | |
| (13,288 | ) |
| |
| | | |
| | | |
| | | |
| | |
Dividends
on Series A Convertible Preferred Stock | |
| - | | |
| - | | |
| (5 | ) | |
| (5 | ) |
| |
| | | |
| | | |
| | | |
| | |
Net
Loss Attributable to Common Stockholders | |
$ | (1,436 | ) | |
$ | (3,231 | ) | |
$ | (8,932 | ) | |
$ | (13,293 | ) |
| |
| | | |
| | | |
| | | |
| | |
Loss
per share – basic and diluted | |
$ | (0.34 | ) | |
$ | (1.43 | ) | |
$ | (2.69 | ) | |
$ | (6.54 | ) |
| |
| | | |
| | | |
| | | |
| | |
Weighted average
number of shares outstanding – basic and diluted | |
| 4,169,131 | | |
| 2,254,356 | | |
| 3,322,959 | | |
| 2,030,503 | |
The
accompanying notes are an integral part of these condensed financial statements.
REED’S,
INC.
CONDENSED
STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (DEFICIT)
For
the Three and Nine Months Ended September 30, 2023 and 2022
(Unaudited)
(Amounts
in thousands except share amounts)
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Deficit | |
| |
Common
Stock | | |
Preferred
Stock | | |
Additional
Paid
In | | |
Accumulated | | |
Total
Stockholders’ | |
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Deficit | |
Balance,
June 30, 2023 | |
| 4,169,131 | | |
$ | - | | |
| 9,411 | | |
$ | 94 | | |
$ | 119,138 | | |
$ | (130,695 | ) | |
$ | (11,463 | ) |
Fair value of vested
options | |
| | | |
| | | |
| | | |
| | | |
| 139 | | |
| | | |
| 139 | |
Net
loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (1,436 | ) | |
| (1,436 | ) |
Balance,
September 30, 2023 | |
| 4,169,131 | | |
$ | - | | |
| 9,411 | | |
$ | 94 | | |
$ | 119,277 | | |
$ | (132,131 | ) | |
$ | (12,760 | ) |
| |
Common
Stock | | |
Preferred
Stock | | |
Additional
Paid
In | | |
Accumulated | | |
Total
Stockholders’ | |
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Deficit | |
Balance,
December 31, 2022 | |
| 2,519,485 | | |
$ | - | | |
| 9,411 | | |
$ | 94 | | |
$ | 114,635 | | |
$ | (123,199 | ) | |
$ | (8,470 | ) |
Fair value of vested
options | |
| | | |
| | | |
| | | |
| | | |
| 351 | | |
| | | |
| 351 | |
Fair
value of vested restricted shares granted to officers | |
| 750 | | |
| | | |
| | | |
| | | |
| 3 | | |
| | | |
| 3 | |
Repurchase
of common stock | |
| (274 | ) | |
| | | |
| | | |
| | | |
| (1 | ) | |
| | | |
| (1 | ) |
Common
shares issued for financing costs | |
| 82,438 | | |
| | | |
| | | |
| | | |
| 273 | | |
| | | |
| 273 | |
Issuance
of shares for dividends on Series A Convertible Preferred Stock | |
| - | | |
| - | | |
| | | |
| - | | |
| | | |
| (5 | ) | |
| (5 | ) |
Common
shares issued for cash, net of offering costs | |
| 1,566,732 | | |
| - | | |
| | | |
| | | |
| 4,016 | | |
| | | |
| 4,016 | |
Net
loss | |
| | | |
| | | |
| - | | |
| - | | |
| - | | |
| (8,927 | ) | |
| (8,927 | ) |
Balance,
September 30, 2023 | |
| 4,169,131 | | |
$ | - | | |
| 9,411 | | |
$ | 94 | | |
$ | 119,277 | | |
$ | (132,131 | ) | |
$ | (12,760 | ) |
| |
Common
Stock | | |
Preferred
Stock | | |
Additional
Paid
In | | |
Accumulated | | |
Total
Stockholders’
Equity | |
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
(Deficit) | |
Balance,
June 30, 2022 | |
| 2,253,047 | | |
$ | - | | |
| 9,411 | | |
$ | 94 | | |
$ | 112,686 | | |
$ | (113,199 | ) | |
$ | (419 | ) |
Fair value of vested
options | |
| | | |
| | | |
| | | |
| | | |
| 185 | | |
| | | |
| 185 | |
Fair
value of vested restricted shares granted to officers | |
| 2,010 | | |
| | | |
| | | |
| | | |
| 29 | | |
| | | |
| 29 | |
Issuance
of shares for dividends on Series A Convertible Preferred Stock | |
| - | | |
| - | | |
| | | |
| - | | |
| | | |
| | | |
| - | |
Common
shares issued for cash, net of offering costs | |
| (2 | ) | |
| - | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net
loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (3,231 | ) | |
| (3,231 | ) |
Balance,
September 30, 2022 | |
| 2,255,055 | | |
$ | - | | |
| 9,411 | | |
$ | 94 | | |
$ | 112,900 | | |
$ | (116,430 | ) | |
$ | (3,436 | ) |
| |
Common
Stock | | |
Preferred
Stock | | |
Additional
Paid In | | |
Accumulated | | |
Total
Stockholders’ Equity | |
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
(Deficit) | |
Balance,
December 31, 2021 | |
| 1,874,679 | | |
$ | - | | |
| 9,411 | | |
$ | 94 | | |
$ | 107,246 | | |
$ | (103,137 | ) | |
$ | 4,203 | |
Balance | |
| 1,874,679 | | |
$ | - | | |
| 9,411 | | |
$ | 94 | | |
$ | 107,246 | | |
$ | (103,137 | ) | |
$ | 4,203 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Fair value of vested
options | |
| | | |
| | | |
| | | |
| | | |
| 448 | | |
| | | |
| 448 | |
Fair
value of vested restricted shares granted to officers | |
| 6,748 | | |
| | | |
| | | |
| | | |
| 137 | | |
| | | |
| 137 | |
Issuance
of shares for dividends on Series A Convertible Preferred Stock | |
| - | | |
| | | |
| | | |
| | | |
| | | |
| (5 | ) | |
| (5 | ) |
Repurchase
of common stock | |
| (265 | ) | |
| | | |
| | | |
| | | |
| (2 | ) | |
| | | |
| (2 | ) |
Common
shares issued for financing costs | |
| 2,000 | | |
| | | |
| | | |
| | | |
| 37 | | |
| | | |
| 37 | |
Common
shares issued for cash, net of offering costs | |
| 371,893 | | |
| | | |
| | | |
| | | |
| 5,034 | | |
| | | |
| 5,034 | |
Net
loss | |
| | | |
| | | |
| - | | |
| - | | |
| | | |
| (13,288 | ) | |
| (13,288 | ) |
Balance,
September 30, 2022 | |
| 2,255,055 | | |
$ | - | | |
| 9,411 | | |
$ | 94 | | |
$ | 112,900 | | |
$ | (116,430 | ) | |
$ | (3,436 | ) |
Balance | |
| 2,255,055 | | |
$ | - | | |
| 9,411 | | |
$ | 94 | | |
$ | 112,900 | | |
$ | (116,430 | ) | |
$ | (3,436 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
The
accompanying notes are an integral part of these condensed financial statements.
REED’S,
INC.
CONDENSED
STATEMENTS OF CASH FLOWS
For
the Nine Months Ended September 30, 2023 and 2022
(Unaudited)
(Amounts
in thousands)
| |
September 30,
2023 | | |
September 30,
2022 | |
Cash
flows from operating activities: | |
| | | |
| | |
Net
loss | |
$ | (8,927 | ) | |
$ | (13,288 | ) |
Adjustments
to reconcile net loss to net cash used in operating activities: | |
| | | |
| | |
Depreciation | |
| 112 | | |
| 79 | |
Loss
on disposal of property and equipment | |
| 9 | | |
| - | |
Amortization
of debt discount | |
| 958 | | |
| 307 | |
Amortization
of prepaid financing costs | |
| - | | |
| 431 | |
Fair
value of vested options | |
| 351 | | |
| 448 | |
Fair
value of vested restricted shares granted to officers | |
| 3 | | |
| 137 | |
Fair
value of common shares issued as financing costs | |
| - | | |
| 37 | |
Change
in allowance for doubtful accounts | |
| 262 | | |
| (152 | ) |
Inventory
write-downs | |
| (205 | ) | |
| 35 | |
Accrued
interest | |
| 2,483 | | |
| 386 | |
Changes
in operating assets and liabilities: | |
| | | |
| | |
Accounts
receivable | |
| 142 | | |
| (673 | ) |
Inventory | |
| 417 | | |
| (2,901 | ) |
Prepaid
expenses and other assets | |
| 450 | | |
| (399 | ) |
Decrease
in right of use assets | |
| 102 | | |
| 86 | |
Accounts
payable | |
| (738 | ) | |
| (860 | ) |
Accrued
expenses | |
| 639 | | |
| (62 | ) |
Accrued
dividend | |
| (5 | ) | |
| - | |
Lease
liabilities | |
| (137 | ) | |
| (118 | ) |
Net
cash used in operating activities | |
| (4,084 | ) | |
| (16,507 | ) |
| |
| | | |
| | |
Cash
flows from investing activities: | |
| | | |
| | |
Trademark
costs | |
| (1 | ) | |
| (2 | ) |
Purchase
of property and equipment | |
| (84 | ) | |
| | |
Proceeds
from sale of property and equipment | |
| 68 | | |
| - | |
Net
cash used in investing activities | |
| (17 | ) | |
| (2 | ) |
| |
| | | |
| | |
Cash
flows from financing activities: | |
| | | |
| | |
Proceeds
from line of credit | |
| 32,686 | | |
| 40,576 | |
Payments
on line of credit | |
| (34,085 | ) | |
| (41,299 | ) |
Payments
of debt issuance costs | |
| - | | |
| (483 | ) |
Proceeds
from sale of common stock | |
| 4,016 | | |
| 5,034 | |
Proceeds
from convertible note payable, net of expenses | |
| 3,797 | | |
| 12,430 | |
Payment
of convertible note payable | |
| (268 | ) | |
| (400 | ) |
Repurchase
of common stock | |
| (1 | ) | |
| (2 | ) |
Amounts
from former related party, net | |
| (1,573 | ) | |
| 629 | |
Net
cash provided by financing activities | |
| 4,572 | | |
| 16,485 | |
| |
| | | |
| | |
Net
increase (decrease) in cash | |
| 471 | | |
| (24 | ) |
Cash
at beginning of period | |
| 533 | | |
| 49 | |
Cash
at end of period | |
$ | 1,004 | | |
$ | 25 | |
| |
| | | |
| | |
Supplemental
disclosures of cash flow information: | |
| | | |
| | |
Cash
paid for interest | |
$ | 548 | | |
$ | 1,051 | |
| |
| | | |
| | |
Non
-cash investing and financing activities | |
| | | |
| | |
Dividends
on Series A Convertible Preferred Stock | |
$ | 5 | | |
$ | 5 | |
The
accompanying notes are an integral part of these condensed financial statements.
REED’S,
INC.
NOTES
TO CONDENSED FINANCIAL STATEMENTS
Three
and Nine Months Ended September 30, 2023 and 2022 (Unaudited)
(In
thousands, except share and per share amounts)
1.
Summary of Significant Accounting Policies
Basis
of Presentation
The
accompanying condensed financial statements of Reed’s, Inc. (the “Company”, “we”, “us”, or
“our”), have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S.
GAAP”) and the applicable rules and regulations of the Securities and Exchange Commission (the “SEC”) regarding interim
financial reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with
U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. We believe that the disclosures contained in these condensed
financial statements are adequate to make the information presented herein not misleading. These condensed financial statements should
be read in conjunction with the financial statements contained in the Company’s Annual Report on Form 10-K for the year ended December
31, 2022, filed with the SEC on May 15, 2023. The accompanying condensed financial statements are unaudited, but in the opinion of management
contain all adjustments, including normal recurring adjustments, necessary to present fairly the Company’s financial position as
of September 30, 2023, and the results of its operations and its cash flows for the nine months ended September 30, 2023 and 2022. The
balance sheet as of December 31, 2022 is derived from the Company’s audited financial statements.
The
results of operations for the nine months ended September 30, 2023 are not necessarily indicative of the results of operations to be
expected for the full fiscal year ending December 31, 2023.
Going
Concern
The
accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the settlement
of liabilities and commitments in the normal course of business. As reflected in the accompanying financial statements, for the nine
months ended September 30, 2023, the Company recorded a net loss of $8,927, and at September 30, 2023, had a stockholders’ deficit
of $12,760. These factors raise substantial doubt about the Company’s ability to continue as a going concern within one year of
the date that the financial statements are issued. In addition, the Company’s independent registered public accounting firm, in
its report on the Company’s December 31, 2022, financial statements, raised substantial doubt about the Company’s ability
to continue as a going concern. The financial statements do not include any adjustments that might be necessary if the Company is unable
to continue as a going concern.
As
of September 30, 2023, we had a cash balance of $1,004, with $14 of current availability on the line of credit, and $3,062 of additional
borrowing capacity from the credit facility.
Historically,
we have financed our operations through public and private sales of common stock, issuance of preferred and common stock, convertible
debt instruments, term loans and credit lines from financial institutions, and cash generated from operations. To alleviate these conditions,
management is currently evaluating various funding alternatives and may seek to raise additional funds through the issuance of equity,
mezzanine or debt securities, through arrangements with strategic partners or through obtaining credit from financial institutions. As
we seek additional sources of financing, there can be no assurance that such financing would be available to us on favorable terms or
at all. Our ability to obtain additional financing in the debt and equity capital markets is subject to several factors, including market
and economic conditions, our performance and investor sentiment with respect to us and our industry.
We
have also taken decisive action to improve our margins, including fully outsourcing our manufacturing process, streamlining our product
portfolio, negotiating improved vendor contracts and restructuring our selling prices.
Recent
Trends - Market Conditions
Although
the U.S. economy continued to grow during the third quarter of 2023, the higher inflation, the actions by the Federal Reserve to address
inflation, and rising energy prices create uncertainty about the future economic environment which will continue to evolve and may impact
our business in future periods. We have experienced supply chain challenges, including increased lead times, as well as inflation of
raw materials, logistics and labor costs due to availability constraints and high demand. Although we regularly monitor companies in
our supply chain, and use alternative suppliers when necessary and available, supply chain constraints could cause a disruption in our
ability to obtain raw materials required to manufacture our products and adversely affect our operations. We expect the inflationary
trends and supply chain pressures to continue throughout 2023.
During
the three and nine period ended September 30, 2023, the Company experienced moderation from the elevated freight costs experienced in
2022. The average cost of shipping and handling for the three month period ended September 30, 2023, was $2.98 per case, as compared
to $3.38 per case for the three month period ended September 30, 2022. The average cost of shipping and handling for the nine month period
ended September 30, 2023, was $3.17 per case, as compared to $4.13 per case for the nine month period ended September 30, 2022. Although
the Company has experienced decreases in freight costs over the last three quarters, in the Company’s opinion there remains a volatile
environment and the Company will continue to monitor pricing and availability in transportation. Mitigation plans have been implemented
to manage this risk. The Company has been negatively impacted by supply chain challenges impacting our ability to benefit from strong
demand for, and increased sales of our product. The disruption caused by labor shortages, significant raw material cost inflation, logistics
issues and increased freight costs, and ongoing port congestion, resulted in suppressed margins. The Company has experienced moderation
in inflation and anticipates this to continue throughout 2023.
Reverse
Stock Split
At
a special meeting of shareholders held on January 24, 2023, the Company’s shareholders granted the Company’s board of directors
the discretion to effect a reverse stock split of the common stock through an amendment to the Company’s Certificate of Incorporation,
as amended, at a ratio of any ratio not less than 1-for-6 and not more than 1-for-50, at any time on or prior to January 24, 2024, with
the exact ratio to be set at a whole number within this range by the board of directors in its sole discretion. On January 25, 2023,
the Company announced that its board of directors approved a 1-for-50 reverse stock split of the Company’s issued and outstanding
shares of common stock, par value $0.0001 per share.
The
authorized number of shares of common stock were not affected by the reverse stock split. No fractional shares were issued in connection
with the reverse stock split, as all fractional shares were rounded up to the next whole share. Accordingly, all share and per share
amounts presented herein with respect to common stock have been retroactively adjusted to reflect the above-described reverse stock split
for all periods presented.
Use
of Estimates
The
preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates
and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date
of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ
from those estimates. Those estimates and assumptions include estimates for credit loss reserves for accounts receivable, assumptions
used in valuing inventories at net realizable value, impairment testing of recorded long-term tangible and intangible assets, the valuation
allowance for deferred tax assets, accruals for potential liabilities, assumptions made in valuing stock instruments issued for services,
and assumptions used in valuing warrant liabilities, and assumptions used in the determination of the Company’s liquidity.
Revenue
Recognition
The
Company recognizes revenue in accordance with Accounting Standards Codification (ASC) 606, Revenue from Contracts with Customers
(“ASC 606”). Revenue and costs of sales are recognized when control of the products transfers to our customer, which generally
occurs upon shipment from our facilities. The Company’s performance obligations are satisfied at that time. The Company does not
have any significant contracts with customers requiring performance beyond delivery, and contracts with customers contain no incentives
or discounts that could cause revenue to be allocated or adjusted over time. Shipping and handling activities are performed before the
customer obtains control of the goods and therefore represent a fulfilment activity rather than a promised service to the customer. All
of the Company’s products are offered for sale as finished goods only, and there are no performance obligations required post-shipment
for customers to derive the expected value from them.
The
Company does not allow for returns, except for damaged products when the damage occurred pre-fulfilment. Damaged product returns have
historically been insignificant. Because of this, the stand-alone nature of our products, and our assessment of performance obligations
and transaction pricing for our sales contracts, we do not currently maintain a contract asset or liability balance for obligations.
We assess our contracts and the reasonableness of our conclusions on a quarterly basis.
Loss
per Common Share
Basic
earnings (loss) per share is computed by dividing the net income (loss) applicable to common stockholders by the weighted average number
of shares of common stock outstanding during the year, excluding shares of unvested restricted common stock. Shares of restricted stock
are included in the basic weighted average number of common shares outstanding from the time they vest. Diluted earnings (loss) per share
is computed by dividing the net income applicable to common stockholders by the weighted average number of common shares outstanding
plus the number of additional common shares that would have been outstanding if all dilutive potential common shares had been issued,
using the treasury stock method. Shares of restricted stock are included in the diluted weighted average number of common shares outstanding
from the date they are granted. Potential common shares are excluded from the computation when their effect is antidilutive.
For
the periods ended September 30, 2023 and 2022, the calculations of basic and diluted loss per share are the same because potential dilutive
securities would have had an anti-dilutive effect. The potentially dilutive securities consisted of the following:
Schedule
of Potentially Dilutive Securities
| |
September
30,
2023 | | |
September
30, 2022 | |
Warrants | |
| 549,292 | | |
| 250,946 | |
Options | |
| 145,012 | | |
| 176,737 | |
Convertible
note payable | |
| 1,475,725 | | |
| 449,156 | |
Unvested
restricted common stock | |
| - | | |
| 3,509 | |
Common
stock equivalent of Series A Convertible Preferred stock | |
| 753 | | |
| 753 | |
Total | |
| 2,170,782 | | |
| 881,100 | |
Antidilutive Securities | |
| 2,170,782 | | |
| 881,100 | |
Stock
Compensation Expense
The
Company periodically issues stock options and restricted stock awards to employees and non-employees in non-capital raising transactions
for services and for financing costs. The Company accounts for such grants issued and vesting based on ASC 718, Compensation-Stock
Compensation whereby the value of the award is measured on the date of grant and recognized for employees as compensation expense
on the straight-line basis over the vesting period. Recognition of compensation expense for non-employees is in the same period and manner
as if the Company had paid cash for the services. The Company recognizes the fair value of stock-based compensation within its Statements
of Operations with classification depending on the nature of the services rendered.
The
fair value of the Company’s stock options is estimated using the Black-Scholes-Merton Option Pricing model, which uses certain
assumptions related to risk-free interest rates, expected volatility, expected life of the stock options or restricted stock, and future
dividends. Compensation expense is recorded based upon the value derived from the Black-Scholes-Merton Option Pricing model and based
on actual experience. The assumptions used in the Black-Scholes-Merton Option Pricing model could materially affect compensation expense
recorded in future periods.
Advertising
Costs
Advertising
costs are expensed as incurred and are included in selling and marketing expense. Advertising costs for the three months ended September
30, 2023 and 2022, aggregated $22 and $116, respectively. Advertising costs for the nine months ended September 30, 2023 and 2022, aggregated
$82 and $539, respectively.
Concentrations
Net
sales. During the three months ended September 30, 2023, three customers accounted for 22%, 14%, and 12% of gross billing, respectively,
and during the nine months ended September 30, 2023, two customers accounted for 19% and 13% of gross billing, respectively. During the
three months ended September 30, 2022, three customers accounted for 16%, 11%, and 10% of sales, respectively, and during the nine months
ended September 30, 2022, three customers accounted for 19%, 11%, and 10% of sales, respectively. No other customers exceeded 10% of
sales in either period.
Accounts
receivable. As of September 30, 2023, the Company had accounts receivable from four customers which comprised 16%, 14%, 13%, and
10% of its gross accounts receivable. As of December 31, 2022, the Company had accounts receivable from two customers which comprised
19% and 11% of its gross accounts receivable, respectively. No other customers exceeded 10% of gross accounts receivable in either period.
The
Company utilizes co-packers to produce 100% of its products. During the nine months ended September 30, 2023 and the year ended December
31, 2022, the Company utilized six separate co-packers for most its production and bottling of beverage products in the United States.
The Company has long-standing relationships with two different co-packers, and a third co-packing agreement with California Custom Beverage
LLC (“CCB”), a former related party (see Note 11). Although there are other packers, a change in co-packers may cause a delay
in the production process, which could ultimately affect operating results.
Purchases
from vendors. During the three and nine months ended September 30, 2023 and 2022, no vendor accounted for more than 10% of all purchases.
During the three months ended September 30, 2022, one vendor accounted for 18% of purchases. During the nine months ended September 30,
2022, one vendor accounted for 15% of purchases. No other vendors exceeded 10% of all purchases in either period.
Accounts
payable. As of September 30, 2023, the Company’s had one vendor which comprised 10% of total accounts payable. As of December
31, 2022, no vendor accounted for more than 10% of the total accounts payable. No other vendors exceeded 10% of gross accounts payable
in either period.
Fair
Value of Financial Instruments
The
Company uses various inputs in determining the fair value of its financial assets and liabilities and measures these assets on a recurring
basis. Financial assets recorded at fair value are categorized by the level of subjectivity associated with the inputs used to measure
their fair value. ASC 820 defines the following levels of subjectivity associated with the inputs:
Level
1—Quoted prices in active markets for identical assets or liabilities.
Level
2—Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly.
Level
3—Unobservable inputs based on the Company’s assumptions.
The
carrying amounts of financial assets and liabilities, such as cash and cash equivalents, accounts receivable, short-term bank loans,
accounts payable, notes payable and other payables, approximate their fair values because of the short maturity of these instruments.
The carrying values of capital lease obligations and long-term financing obligations approximate their fair values because interest rates
on these obligations are based on prevailing market interest rates.
Recent
Accounting Pronouncements
In
May 2021, the FASB issued ASU 2021-04 “Earnings Per Share (Topic 260), Debt—Modifications and Extinguishments (Subtopic 470-50),
Compensation— Stock Compensation (Topic 718), and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic
815- 40) Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options”
(“ASU 2021-04”). ASU 2021-04 provides guidance as to how an issuer should account for a modification of the terms or conditions
or an exchange of a freestanding equity-classified written call option (i.e., a warrant) that remains equity classified after modification
or exchange as an exchange of the original instrument for a new instrument. An issuer should measure the effect of a modification or
exchange as the difference between the fair value of the modified or exchanged warrant and the fair value of that warrant immediately
before modification or exchange and then apply a recognition model that comprises four categories of transactions and the corresponding
accounting treatment for each category (equity issuance, debt origination, debt modification, and modifications unrelated to equity issuance
and debt origination or modification). ASU 2021-04 is effective for all entities for fiscal years beginning after December 15, 2021,
including interim periods within those fiscal years. An entity should apply the guidance provided in ASU 2021-04 prospectively to modifications
or exchanges occurring on or after the effective date. The Company adopted ASU 2021-04 effective January 1, 2022. The adoption of ASU
2021-04 did not have any impact on the Company’s financial statement presentation or disclosures.
In
September 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments. ASU 2016-13 requires entities
to use a forward-looking approach based on current expected credit losses (“CECL”) to estimate credit losses on certain types
of financial instruments, including trade receivables. This may result in the earlier recognition of allowances for losses. ASU 2016-13
is effective for the Company beginning January 1, 2023, and early adoption is permitted. The Company adopted this standard effective
January 1, 2023 and there was no material impact of adopting this standard on the Company’s financial statements and related disclosures.
Other
recent accounting pronouncements and guidance issued by the FASB, its Emerging Issues Task Force, the American Institute of Certified
Public Accountants, and the Securities and Exchange Commission did not or are not believed by management to have a material impact on
the Company’s present or future financial statements.
2.
Inventory
Inventory
is valued at the lower of cost (first-in, first-out) or net realizable value, net of write downs, and is comprised of the following (in
thousands):
Schedule
of Inventory
| |
September
30,
2023 | | |
December
31,
2022 | |
Raw
materials and packaging | |
$ | 8,732 | | |
$ | 8,526 | |
Finished
products | |
| 7,232 | | |
| 7,649 | |
3.
Property and Equipment
Property
and equipment is comprised of the following (in thousands):
Schedule of Property and Equipment
| |
September
30,
2023 | | |
December
31,
2022 | |
Right-of-use
assets under operating leases | |
$ | 724 | | |
$ | 724 | |
Computer
hardware and software | |
| 400 | | |
| 400 | |
Machinery
and equipment | |
| 414 | | |
| 429 | |
Construction
in progress | |
| 22 | | |
| - | |
Total
cost | |
| 1,560 | | |
| 1,553 | |
Accumulated
depreciation and amortization | |
| (1,001 | ) | |
| (787 | ) |
Net
book value | |
$ | 559 | | |
$ | 766 | |
Depreciation
expense for the nine months ended September 30, 2023 and 2022 was $112 and $79, respectively, and amortization of right-of-use assets
for the nine months ended September 30, 2023 and 2022 was $102 and $86, respectively.
4.
Intangible Assets
Intangible
assets consist of the following (in thousands):
Summary of Intangible Assets
| |
September
30,
2023 | | |
December
31,
2022 | |
Brand
names | |
$ | 576 | | |
$ | 576 | |
Trademarks | |
| 51 | | |
| 50 | |
Total | |
$ | 627 | | |
$ | 626 | |
5.
Line of Credit
Amounts
outstanding under the Company’s credit facilities are as follows (in thousands):
Schedule of Amount Outstanding Under Credit Facilities
| |
September
30,
2023 | | |
December
31,
2022 | |
Line
of credit – Alterna Capital Solutions | |
$ | 9,939 | | |
$ | 11,337 | |
Capitalized
financing costs | |
| (242 | ) | |
| (363 | ) |
Total | |
$ | 9,697 | | |
$ | 10,974 | |
In
March, 2022, the Company entered into a financing agreement with Alterna Capital Solutions (“ACS”), for a line of credit
to replace its former credit facility. The ACS line of credit is for a term of 3 years, provides for borrowings of up to $13,000, and
is secured by eligible accounts receivable and inventory. An over advance rider provides for up to $400 of additional borrowing above
the collateralized base (the “Over Advance”) up to a total borrowing of $13,000. At September 30, 2023, $14 of current availability
and $3,062 of borrowing capacity was available under the financing agreement.
Borrowings
based on receivables bears an interest of prime plus 4.75% but not less than 8.0% (13.25% at September 30, 2023 and 12.25% at December
31, 2022). Borrowings based on inventory bears an interest of prime plus 5.25% but not less than 8.5% (13.90 % at September 30, 2023
and 12.90% at December 31, 2022). The additional over advance rider bears a rate of prime plus 12.75%, but not less than 16.00% (18.00%
at September 30, 2023 and 18.00% at December 31, 2022). Additionally, the line of credit is subject to monthly monitoring fee of $1 with
a minimum usage requirement on the credit facility. A loan balance of less than $1,500 will bear interest at a rate in line with account
receivables advances plus the monthly monitoring fee of $1.
The
company incurred $483 of direct costs of the transaction, consisting primarily of broker, bank and legal fees. These costs have been
capitalized and are being amortized over the 3-year life of the ACS agreement. The unamortized debt discount balance was $363 at December
31, 2022. For the nine months ended September 30, 2023, amortization of debt discount was $121, and as of September 30, 2023, the remaining
unamortized debt discount balance is $242.
6.
Secured Convertible Notes Payable
Amounts
outstanding under secured convertible notes payable are as follows (in thousands):
Schedule
of Debt
| |
September
30,
2023 | | |
December
31,
2022 | |
Secured
Convertible Note Payable | |
$ | 14,500 | | |
$ | 10,450 | |
Accrued
interest (includes excess ABL fees of $2,152 and $648) | |
| 3,267 | | |
| 1,052 | |
Capitalized
financing costs | |
| (666 | ) | |
| (976 | ) |
Total | |
$ | 17,101 | | |
$ | 10,526 | |
Current
portion | |
| (7,380 | ) | |
| (2,434 | ) |
Long
term portion | |
$ | 9,721 | | |
$ | 8,092 | |
Secured
Convertible Note Payable
In
May 2022, the Company issued $11,250 of convertible notes payable to entities affiliated with Whitebox Advisors, LLC (collectively, “Whitebox”).
The notes bear interest at a rate of 10% per annum (with 5% per annum payable in cash and 5% per annum payable in kind (“PIK”)
by adding such PIK interest to the principal amount of the notes), are secured by substantially all of the Company’s assets (including
all of its intellectual property) and are subject to a collateral sharing agreement with ACS, the Company’s existing secured lender
(see Note 5). The notes mature on May 9, 2025. In September 2022, the Company issued an additional $2,500 of convertible notes payable
to Whitebox, which were repaid in full in November 2022.
Beginning
in August 2022, the convertible notes payable have an amortization feature which requires the Company to make monthly payments of
principal of $200
plus accrued interest, payable in cash or in shares of the Company’s common stock at the option of the Company, based on 90%
of the average prices of the Company’s common stock, as defined. In February 2023, May 2023, and again in September 2023, Whitebox
waived the requirement for the December 2022 to October 2023 monthly amortization payments, and they are to resume November 1,
2023. Remaining amortization payments of principal are scheduled to total approximately $400
in 2023, $2,400
in 2024, and $1,000
in 2025, leaving a principal balance of the convertible notes of approximately $7.9
million due at maturity on May
9, 2025.
The
convertible notes permit indebtedness to ASC (see Note 5) as an asset based loan (“ABL”) up to $8,000.
In February 2023, May 2023 and again in September 2023, Whitebox waived the Company’s covenant violation of excess ABL amounts and
deferred payment of such ABL fees. At September 30, 2023, the excess ABL fees totaled $2,152
and are due November 28, 2023.
If
the Company experiences a fundamental change as defined in the convertible notes, the holders of the notes have the right to require
the Company to repurchase the notes for cash at a repurchase price equal to 110% (amended from 100%) of the principal amount, plus accrued
interest, and among other amendments.
At
December 31, 2022, the principal balance of the Notes was $10,450. In February 2023 and May 2023, the Company issued an aggregate of
$4,050 of additional convertible notes to Whitebox that substantially have the same terms as the notes issued in May 2022, except the
$4,050 convertible notes do not require any amortization payments, and are due November 28, 2023. At September 30, 2023, the balance
of all convertible notes payable to Whitebox was $14,500.
At
December 31, 2022, the balance of accrued interest was $1,052. During the nine months ended September 30, 2023, the Company recorded
interest of $2,483, made up of $979 of interest on the convertible notes, and $1,504 related to the excess ABL fees. In addition, accrued
interest of $268 was paid. At September 30, 2023, the balance of accrued interest was $3,267.
At
December 31, 2022, the unamortized debt discount was $976. During the nine months ended September 30, 2023, the Company incurred $253
of direct costs of issuing loans and issued 82,438 shares of the Company’s common stock valued at $273 as inducement for the aforementioned
waivers. These costs have been capitalized and are being amortized over the term of the convertible notes or waiver period. For the nine
months ended September 30, 2023, amortization of debt discount was $820, and as of September 30, 2023, the remaining unamortized debt
discount balance is $666.
The
convertible notes are convertible at an initial conversion rate of 0.08306 shares of the Company’s common stock per one dollar
of principal converted, or approximately $12.04 per share, subject to customary anti-dilution adjustments. In addition, if certain corporate
events occur that constitute a make-whole fundamental change as defined, then the note holders are, under certain circumstances, are
entitled to an increase in the conversion rate, limited to 0.12155 shares of Common Stock per one dollar of principal, or approximately
$8.23 per share.
Upon
conversion, holders of the convertible notes are entitled to receive an interest make-whole payment, as defined. The make-whole amount
is equal to the sum of the remaining scheduled payments of interest on the convertible notes to be converted that would be due at maturity,
payable, at the Company’s option in cash or in shares of common stock. The Company’s ability to settle conversions and make
amortization payments and interest make-whole payments using shares of the Company’s common stock is subject to certain limitations
set forth in the convertible notes.
At
September 30, 2023, the Notes, including accrued interest, are convertible into 1,475,725 shares of the Company’s common stock.
For clarity, under the terms of the Notes, a holder
may not convert or be issued shares of common stock to the extent such conversion or issuance would cause such holder, together with its
affiliates and attribution parties and any group of which it is a member, to beneficially own a number of shares of common stock which
would exceed 9.9% of our then outstanding common stock following such conversion or issuance.
The Company is subject to a registration rights agreement
with Whitebox dated May 9, 2023 pursuant to which the Company registered for resale by holders all shares potentially issuable upon conversion
of, or in satisfaction of amortization or interest make-whole payments with respect to the Notes.
7.
Leases Liabilities
During
the nine months ended September 30, 2023 and 2022, lease costs totaled $67 and $56, respectively.
As
of December 31, 2022, the operating lease liability totaled $394. During the nine months ended September 30, 2023, the Company made payments
of $138 towards its operating lease liability. As of September 30, 2023, the operating lease liability totaled $256.
As
of September 30, 2023, the weighted average remaining lease terms for an operating lease are 1.25 years. As of September 30, 2023, the
weighted average discount rate on the operating lease is 12.60%.
8.
Stockholder’s Equity
Common
stock issuances
On
May 25, 2023, the Company entered into a Securities Purchase Agreement with D&D Source of Life Holding Ltd., as the lead investor,
and certain of Reed’s affiliates pursuant to which the investors agreed to purchase an aggregate of 1,566,732 shares of Reed’s
common stock and warrants to purchase 313,346 shares of Common Stock. The purchase price was $2.585 per share of Common Stock with the
associated warrant. The net proceeds to the Company, after deducting offering expenses, was $4,016. The warrants are exercisable for
a term of three years at an exercise price of $2.50 per share.
On
May 25, 2023, in order to induce the lead investor to subscribe, the Company granted the lead investor certain preemptive rights and
agreed to support the lead investor’s nomination of two board designees, one of which shall be an independent director.
Common
stock repurchases
During
the nine months ended September 30, 2023, the Company repurchased 274 shares of common stock from an officer for $1 based on the market
value of share on the date repurchased. The Company retired the shares.
9.
Stock-Based Compensation
Restricted
common stock
The
following table summarizes restricted stock activity during the nine months ended September 30, 2023:
Summary
of Non-vested Restricted Stock Activity
| |
Unvested
Shares | | |
Issuable
Shares | | |
Fair
Value at Date of Issuance | | |
Weighted
Average Grant Date Fair Value | |
Balance,
December 31, 2022 | |
| 1,500 | | |
| - | | |
$ | 26.00 | | |
| 44.75 | |
Granted | |
| - | | |
| - | | |
| - | | |
| - | |
Vested | |
| (750 | ) | |
| 750 | | |
| - | | |
| - | |
Forfeited | |
| (750 | ) | |
| - | | |
| - | | |
| - | |
Issued | |
| - | | |
| (750 | ) | |
| (3.00 | ) | |
| - | |
Balance,
September 30, 2023 | |
| - | | |
| - | | |
$ | - | | |
$ | - | |
The
total fair value of restricted common stock vesting during the nine months ended September 30, 2023 and 2022, was $3 and $137, respectively,
and is included in general and administrative expenses in the accompanying statements of operations. As of September 30, 2023, the amount
of unvested compensation related to issuances of restricted common stock was $0. When calculating basic loss per share, these shares
are included in weighted average common shares outstanding from the time they vest. When calculating diluted net income per share, these
shares are included in weighted average common shares outstanding as of their grant date.
Stock
options
The
following table summarizes stock option activity during the nine months ended September 30, 2023:
Schedule
of Stock Option Activity
| |
Shares | | |
Weighted-
Average Exercise Price | | |
Weighted-
Average Remaining Contractual Terms (Years) | | |
Aggregate
Intrinsic Value | |
Outstanding
at December 31, 2022 | |
| 164,423 | | |
$ | 48.90 | | |
| 7.58 | | |
$ | - | |
Granted | |
| 10,037 | | |
| 4.50 | | |
| | | |
| | |
Exercised | |
| - | | |
| - | | |
| | | |
| | |
Unvested
forfeited | |
| (10,497 | ) | |
| 48.74 | | |
| | | |
| | |
Vested
forfeited | |
| (18,951 | ) | |
| 54.59 | | |
| | | |
| | |
Outstanding
at September 30, 2023 | |
| 145,012 | | |
$ | 45.09 | | |
| 7.00 | | |
$ | - | |
Exercisable
at September 30, 2023 | |
| 92,711 | | |
$ | 52.71 | | |
| 6.40 | | |
$ | - | |
During
the nine months ended September 30, 2023, the Company approved options exercisable into 10,037 shares to be issued pursuant to Reed’s
2020 Equity Incentive Plan. 10,037 options were issued to employees, 5,016 options vesting annually over a four-year vesting period,
and 5,021 options vesting based on performance criteria to be established by the board of directors.
The
stock options are exercisable at a price of $4.50 per share and expire in ten years. The total fair value of these options at grant date
was approximately $32, which was determined using a Black-Scholes-Merton option pricing model with the following average assumption:
stock price of $4.50 share, expected term of six years, volatility of 82%, dividend rate of 0%, and weighted average risk-free interest
rate of 3.59%. The expected term represents the weighted-average period of time that share option awards granted are expected to be outstanding
giving consideration to vesting schedules and historical participant exercise behavior; the expected volatility is based upon historical
volatility of the Company’s common stock; the expected dividend yield is based on the fact that the Company has not paid dividends
in the past and does not expect to pay dividends in the future; and the risk-free interest rate is based on the U.S. Treasury yield curve
in effect at the time of measurement corresponding with the expected term of the share option award.
During
the nine months ended September 30, 2023 and 2022, the Company recognized $351 and $448 of compensation expense relating to vested stock
options. As of September 30, 2023, the aggregate amount of unvested compensation related to stock options was approximately $582 which
will be recognized as an expense as the options vest in future periods through March 28, 2027.
As
of September 30, 2023, the outstanding and exercisable options have no intrinsic value. The aggregate intrinsic value was calculated
as the difference between the closing market price as of September 30, 2023, which was $3.26, and the exercise price of the outstanding
stock options.
10.
Stock Warrants
The
Company’s warrant activity during the nine months ended September 30, 2023 is as follows:
Schedule
of Warrant Activity
| |
Shares | | |
Weighted- Average
Exercise Price | | |
Weighted- Average
Remaining Contractual Terms (Years) | | |
Aggregate
Intrinsic Value | |
| |
| | |
| | |
| | |
| |
Outstanding
at December 31, 2022 | |
| 235,946 | | |
$ | 16.99 | | |
| 4.20 | | |
$ | - | |
Granted | |
| 313,346 | | |
| 2.59 | | |
| 2.64 | | |
| - | |
Exercised | |
| - | | |
| - | | |
| - | | |
| | |
Forfeited | |
| - | | |
| - | | |
| - | | |
| | |
Outstanding
at September 30, 2023 | |
| 549,292 | | |
$ | 8.77 | | |
| 3.09 | | |
$ | 238 | |
Exercisable
at September 30, 2023 | |
| 549,292 | | |
$ | 8.77 | | |
| 3.09 | | |
$ | 238 | |
As
of September 30, 2023, the outstanding and exercisable warrants have an aggregate intrinsic value of $238. The aggregate intrinsic value
was calculated as the difference between the closing market price as of September 30, 2023, which was $3.26, and the exercise price of
the Company’s warrants to purchase common stock.
On
May 25, 2023, the Company entered into a Securities Purchase Agreement with D&D Source of Life Holding Ltd., as the lead investor,
and certain of Reed’s affiliates pursuant to which the investors agreed to purchase an aggregate of 1,566,732 shares of Reed’s
common stock and warrants to purchase 313,346 shares of Common Stock. The purchase price per share of Common Stock and associated warrant
was $2.585. The warrants are exercisable for a term of three years at a per share exercise price of $2.50.
11.
Transactions with California Custom Beverage, LLC, former related party
In
December 2018, the Company signed a co-packing agreement with California Custom Beverage, LLC’s (“CCB”), an entity
owned by Christopher J. Reed, a former related party, pursuant to which CCB agreed to produce certain products for the Company for agreed
fees. The co-packing agreement, as amended, includes certain provisions for product inputs, shrinkage, and quality assurance. Also beginning
in 2019, CCB agreed to pay the Company a 5% royalty through 2021 on certain private label sales made by CCB.
During
the nine months ended September 30, 2023 and 2022, the Company incurred co-packing fees due to CCB of $1,127 and $2,611, respectively.
As of September 30, 2023 and 2022, the aggregate of co-packing fees payable to CCB were $452 and $2,025, respectively. At September 30,
2023 and December 31, 2022, the Company had also recorded receivables from CCB of $1,315 and $1,315, respectively, including royalty
receivable of $297 and $297, and charge backs of certain costs management determined were permittable under the co-packing agreement
of $1,018 and $1,018, respectively.
At
September 30, 2023 and December 31, 2022, accounts receivable due from and accounts payable due to CCB were as follows:
Schedule
of Related Parties
| |
September
30,
2023 | | |
December
31,
2022 | |
Accounts
receivable, net of provision of $538 and $538 at September 30, 2023 and December 31, 2022, respectively | |
| 777 | | |
| 777 | |
Accounts
payable | |
| (452 | ) | |
| (2,025 | ) |
Net
(payable) receivable | |
| 325 | | |
| (1,248 | ) |
At
December 31, 2022, CCB disputes that it owes $1,043 of the $1,315 recorded as receivable by the Company. The Company believes that it
will prevail in this dispute, however, as of September 30, 2023 and December 31, 2022, due to the uncertainty about the ultimate amount
that will be settled, the Company has provided a reserve for $538 based on management’s estimate. In addition, on April 19, 2023,
the Company received a letter from CCB demanding payment of various amounts, including the $452 and $2,025 outstanding at September 30,
2023 and December 31, 2022, respectively. The Company has determined that the probability of realizing any loss on the demand from CCB
is remote and therefore has not recorded any additional accruals related to the demand.
12.
Commitments and Contingencies
In
2018, CCB assumed the monthly payments on our lease obligation for a Los Angeles manufacturing plant, and our release from the obligation
by the lessor, however, is dependent upon CCB’s deposit of $1,200 of security with the lessor. As of September 30, 2023, $800 has
been deposited with the lessor and Chris J. Reed has placed approximately 7,260 shares of the Company’s common stock valued at
$24 that remain in escrow with the lessor.
From
time to time, we are a party to claims and legal proceedings arising in the ordinary course of business. Our management evaluates our
exposure to these claims and proceedings individually and in the aggregate and provides for potential losses on such litigation if the
amount of the loss is estimable and the loss is probable.
We
believe that there are no material litigation matters at the current time. Although the results of such litigation matters and claims
cannot be predicted with certainty, we believe that the final outcome of such claims and proceedings will not have a material adverse
impact on our financial position, liquidity, or results of operations.
Item
2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Cautionary
Statement Regarding Forward-Looking Statements and Information
The
following discussion and analysis of our financial condition and results of operations should be read in conjunction with our financial
statements and the related notes appearing elsewhere in this report.
In
addition to our GAAP results, the following discussion includes Modified EBITDA as a supplemental measure of our performance. We present
Modified EBITDA because we believe it assists investors and analysts in comparing our performance across reporting periods on a consistent
basis by excluding items that we do not believe are indicative of our core operating performance. In addition, we use Modified EBITDA
in developing our internal budgets, forecasts, and strategic plan; in analyzing the effectiveness of our business strategies in evaluating
potential acquisitions; making compensation decisions; and in communications with our board of directors concerning our financial performance.
Modified EBITDA is not a recognized measurement under GAAP and should not be considered as an alternative to net income, income from
operations or any other performance measure derived in accordance with GAAP, or as an alternative to cash flow from operating activities
as a measure of liquidity. We define Modified EBITDA as net income (loss), plus interest expense, depreciation and amortization, stock-based
compensation, changes in fair value of warrant expense, and one-time restructuring-related costs including employee severance and asset
impairment.
The
following discussion also includes the use of gross billing, a key performance indicator and metric. Gross billing represents invoiced
amounts to distributors and retailers, excluding sales adjustments. Gross billing may include deductions from MSRP or “list price”,
where applicable, and excludes promotional costs of generating such sales. Management utilizes gross billing to monitor operating performance
of products and salespersons, which performance can be masked by the effect of promotional or other allowances. Management believes that
the presentation of gross billing provides a useful measure of Reed’s operating performance.
Overview
During
the period ended September 30, 2023, the Company continued to strengthen its supply chain, implement gross margin enhancement initiatives,
drive efficiencies in transportation and warehouse costs and reduce operating expenses. In addition, it continues to build its innovation
pipeline with sustained growth in Reed’s Real Ginger Ale, Virgil’s Zero Sugar handcrafted sodas, Reed’s Classic and
Stormy Mule, and Reed’s Hard Ginger Ale.
The
Company remains focused on driving sales growth, improving gross margin, and reducing freight costs. The sales growth focus is on channel
expansion, increase in store placements, new product introduction and improved sales execution. The margin enhancement initiative is
driven by packaging savings, co-packer upgrades, and better leveraged purchasing and improved efficiency. Underpinning these initiatives
is a focus on strategically reducing operating costs particularly delivery and handling expenses.
Recent Trends - Market Conditions
Although
the U.S. economy continued to grow during the third quarter of 2023, the higher inflation, the actions by the Federal Reserve to address
inflation, and rising energy prices create uncertainty about the future economic environment which will continue to evolve and may impact
our business in future periods. We have experienced supply chain challenges, including increased lead times, as well as inflation of
raw materials, logistics and labor costs due to availability constraints and high demand. Although we regularly monitor companies in
our supply chain, and use alternative suppliers when necessary and available, supply chain constraints could cause a disruption in our
ability to obtain raw materials required to manufacture our products and adversely affect our operations. We expect the inflationary
trends and supply chain pressures to continue throughout 2023.
During
the three and nine month period ended September 30, 2023, the Company experienced moderation from the elevated freight costs experienced
in 2022. The average cost of shipping and handling for the three month period ended September 30, 2023, was $2.98 per case, as compared
to $3.38 per case for the three month period ended September 30, 2022. The average cost of shipping and handling for the nine month period
ended September 30, 2023, was $3.17 per case, as compared to $4.13 per case for the nine month period ended September 30, 2022. Although
the Company has experienced decreases in freight costs over the last three quarters, in the Company’s opinion there remains a volatile
environment and the Company will continue to monitor pricing and availability in transportation. Mitigation plans have been implemented
to manage this risk. The Company has been negatively impacted by supply chain challenges impacting our ability to benefit from strong
demand for, and increased sales of our product. The disruption caused by labor shortages, significant raw material cost inflation, logistics
issues and increased freight costs, and ongoing port congestion, resulted in suppressed margins. The Company has experienced moderation
in inflation and anticipates this to continue throughout 2023.
Through
September 30, 2023, we continued to generate cash flows to meet our short-term liquidity needs, and we expected to maintain access to
the capital markets.
Results
of Operations – Three Months Ended September 30, 2023, as compared to Three Months Ended September 30, 2022
The
following table sets forth key statistics for the three months ended September 30, 2023 and 2022, respectively, in thousands.
| |
Three
Months Ended September 30, | | |
Pct. | |
| |
2023 | | |
2022 | | |
Change | |
Gross
billing (A) | |
$ | 13,219 | | |
$ | 14,101 | | |
| -6 | % |
Less:
Promotional and other allowances (B) | |
| 1,363 | | |
| 2,007 | | |
| -32 | % |
Net
sales | |
$ | 11,856 | | |
$ | 12,094 | | |
| -2 | % |
| |
| | | |
| | | |
| | |
Cost
of goods sold | |
| 7,823 | | |
| 9,659 | | |
| -19 | % |
%
of Gross billing | |
| 59 | % | |
| 68 | % | |
| | |
%
of Net sales | |
| 66 | % | |
| 80 | % | |
| | |
Gross
profit | |
$ | 4,033 | | |
$ | 2,435 | | |
| 66 | % |
%
of Net sales | |
| 34 | % | |
| 20 | % | |
| | |
| |
| | | |
| | | |
| | |
Expenses | |
| | | |
| | | |
| | |
Delivery
and handling | |
$ | 1,908 | | |
$ | 2,249 | | |
| -15 | % |
%
of Net sales | |
| 16 | % | |
| 19 | % | |
| | |
Dollar
per case ($) | |
$ | 2.98 | | |
$ | 3.38 | | |
| | |
Selling
and marketing | |
| 861 | | |
| 1,220 | | |
| -29 | % |
%
of Net sales | |
| 7 | % | |
| 10 | % | |
| | |
General
and administrative | |
| 1,407 | | |
| 1,420 | | |
| -1 | % |
%
of Net sales | |
| 12 | % | |
| 12 | % | |
| | |
Total
operating expenses | |
| 4,176 | | |
| 4,889 | | |
| -15 | % |
| |
| | | |
| | | |
| | |
Loss
from operations | |
$ | (143 | ) | |
$ | (2,454 | ) | |
| -94 | % |
| |
| | | |
| | | |
| | |
Interest
expense | |
$ | (1,293 | ) | |
$ | (777 | ) | |
| 66 | % |
| |
| | | |
| | | |
| | |
Net
loss | |
$ | (1,436 | ) | |
$ | (3,231 | ) | |
| -56 | % |
| |
| | | |
| | | |
| | |
Loss
per share – basic and diluted | |
$ | (0.34 | ) | |
$ | (1.43 | ) | |
| -76 | % |
| |
| | | |
| | | |
| | |
Weighted average
shares outstanding - basic & diluted | |
| 4,169,131 | | |
| 2,254,356 | | |
| 85 | % |
(A)
We define gross billing as the total sales for the Company unadjusted for costs related to generating those sales. Management utilizes
gross billing as an indicator of and to monitor operating performance of products and salespersons before the effect of any promotional
or other allowances, which are determined in accordance with GAAP, and can mask certain performance issues. We believe that the presentation
of gross billing provides a useful measure of our operating performance. Additionally, gross billing may not be comparable to similarly
titled measures used by other companies, as gross billing has been defined by our internal reporting practices.
(B)
We define promotional and other allowances as costs deducted from gross billing which are associated with generating those sales. Management
utilizes promotional and other allowances as an indicator of and to monitor operating performance of products, salespersons, and customer
agreements. We believe that the presentation of promotional and other allowances provides a useful measure of our operating performance.
The presentation of promotional and other allowances facilitates an evaluation of their impact on the determination of net sales and
the spending levels incurred or correlated with such sales. The expenditures described in this line item are determined in accordance
with GAAP and meet GAAP requirements, the disclosure thereof does not conform to GAAP presentation requirements. Additionally, our definition
of promotional and other allowances may not be comparable to similar items presented by other companies. Promotional and other allowances
primarily include consideration given to the Company’s distributors or retail customers including, but not limited to the following:
(i) reimbursements given to the Company’s distributors for agreed portions of their promotional spend with retailers, including
slotting, shelf space allowances and other fees for both new and existing products; (ii) the Company’s agreed share of fees given
to distributors and/or directly to retailers for in-store marketing and promotional activities; (iii) the Company’s agreed share
of slotting, shelf space allowances and other fees given directly to retailers; (iv) incentives given to the Company’s distributors
and/or retailers for achieving or exceeding certain predetermined sales goals; and (v) discounted or free products. Promotional and other
allowances constitute a material portion of our marketing activities. The Company’s promotional allowance programs with its numerous
distributors and/or retailers are executed through separate agreements in the ordinary course of business. These agreements generally
provide for one or more of the arrangements described above and are of varying durations, ranging from one week to one year.
Sales,
Cost of Sales, and Gross Margins
The
following chart sets forth key statistics for the transition of the Company’s top line activity from the third quarter of 2022
through the third quarter of 2023.
| |
| |
2023 | | |
2022 | | |
Q3 Per Case | | |
Sept YTD Per Case | | |
| |
| |
| |
Q1 | | |
Q2 | | |
Q3 | | |
YTD | | |
Q3 vs PY | | |
YTD vs PY | | |
Q1 | | |
Q2 | | |
Q3 | | |
YTD | | |
2023 | | |
2022 | | |
vs PY | | |
2023 | | |
2022 | | |
vs PY | |
Cases: | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| |
Reed’s | |
| 370 | | |
| 355 | | |
| 402 | | |
| 1,127 | | |
| -13 | % | |
| -5 | % | |
| 415 | | |
| 410 | | |
| 357 | | |
| 1,182 | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| |
Virgil’s | |
| 241 | | |
| 197 | | |
| 238 | | |
| 676 | | |
| -22 | % | |
| -29 | % | |
| 302 | | |
| 351 | | |
| 304 | | |
| 957 | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| |
Total Core | |
| 611 | | |
| 552 | | |
| 640 | | |
| 1,803 | | |
| -3 | % | |
| -16 | % | |
| 717 | | |
| 761 | | |
| 661 | | |
| 2,139 | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| |
Non Core | |
| 2 | | |
| - | | |
| - | | |
| 2 | | |
| -100 | % | |
| -85 | % | |
| 4 | | |
| 5 | | |
| 4 | | |
| 13 | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| |
Total | |
| 613 | | |
| 552 | | |
| 640 | | |
| 1,805 | | |
| -4 | % | |
| -16 | % | |
| 721 | | |
| 766 | | |
| 665 | | |
| 2,152 | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Gross Billing: | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| |
Core | |
$ | 12,333 | | |
$ | 11,095 | | |
$ | 13,197 | | |
$ | 36,626 | | |
| -5 | % | |
| -13 | % | |
$ | 13,287 | | |
$ | 14,972 | | |
$ | 13,876 | | |
$ | 42,135 | | |
$ | 20.6 | | |
$ | 21.0 | | |
| -2 | % | |
$ | 20.3 | | |
$ | 19.7 | | |
| 3 | % |
| |
Non Core | |
| 120 | | |
| 69 | | |
| 22 | | |
| 211 | | |
| -90 | % | |
| -72 | % | |
| 274 | | |
| 167 | | |
| 178 | | |
| 619 | | |
$ | - | | |
$ | 56.3 | | |
| - | % | |
| 105.5 | | |
| 58.2 | | |
| 81 | % |
| |
Total | |
$ | 12,453 | | |
$ | 11,164 | | |
$ | 13,219 | | |
$ | 36,837 | | |
| -6 | % | |
| -14 | % | |
$ | 13,636 | | |
$ | 15,155 | | |
$ | 14,101 | | |
$ | 42,892 | | |
$ | 20.7 | | |
$ | 21.2 | | |
| -3 | % | |
| 20.4 | | |
| 19.9 | | |
| 2 | % |
| |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Discounts: | |
Total | |
$ | (1,296 | ) | |
$ | (1,159 | ) | |
$ | (1,363 | ) | |
$ | (3,819 | ) | |
| -32 | % | |
| -22 | % | |
$ | (1,454 | ) | |
$ | (1,430 | ) | |
$ | (2,007 | ) | |
$ | (4,891 | ) | |
$ | (2.1 | ) | |
$ | (3.0 | ) | |
| -29 | % | |
$ | (2.1 | ) | |
$ | (2.3 | ) | |
| -7 | % |
| |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
COGS: | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| |
Core | |
$ | (8,422 | ) | |
$ | (7,408 | ) | |
$ | (7,820 | ) | |
$ | (23,650 | ) | |
| -18 | % | |
| -18 | % | |
$ | (9,150 | ) | |
$ | (10,286 | ) | |
$ | (9,548 | ) | |
$ | (28,984 | ) | |
$ | (12.2 | ) | |
$ | (14.4 | ) | |
| -15 | % | |
$ | (13.1 | ) | |
$ | (13.6 | ) | |
| -3 | % |
| |
Non Core | |
| (87 | ) | |
| (88 | ) | |
| (3 | ) | |
| (128 | ) | |
| -97 | % | |
| -64 | % | |
| (87 | ) | |
| (126 | ) | |
| (106 | ) | |
| (319 | ) | |
| - | | |
| (27.8 | ) | |
| - | % | |
| (64.0 | ) | |
| (27.0 | ) | |
| - | % |
| |
Total | |
$ | (8,459 | ) | |
$ | (7,496 | ) | |
$ | (7,823 | ) | |
$ | (23,778 | ) | |
| -19 | % | |
| -19 | % | |
$ | (9,250 | ) | |
$ | (10,426 | ) | |
$ | (9,659 | ) | |
$ | (29,335 | ) | |
$ | (12.2 | ) | |
$ | (14.5 | ) | |
| -16 | % | |
$ | (13.2 | ) | |
$ | (13.6 | ) | |
| -3 | % |
| |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Gross Margin: | |
| |
$ | 2,698 | | |
$ | 2,509 | | |
$ | 4,033 | | |
$ | 9,240 | | |
| 66 | % | |
| 7 | % | |
$ | 2,932 | | |
$ | 3,299 | | |
$ | 2,435 | | |
$ | 8,666 | | |
$ | 6.3 | | |
$ | 3.7 | | |
| 72 | % | |
$ | 5.1 | | |
$ | 4.0 | | |
| 27 | % |
as % Net Sales | |
| |
| 24 | % | |
| 25 | % | |
| 34 | % | |
| 28 | % | |
| | | |
| | | |
| 24 | % | |
| 24 | % | |
| 20 | % | |
| 23 | % | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Sales,
Cost of Sales, and Gross Margins
As
part of the Company’s ongoing initiative to simplify and streamline operations the Company has identified core products on which
to place its strategic focus. These core products consist of Reed’s and Virgil’s branded beverages. Non-core products consist
primarily of Wellness Shots, candy and slower selling discontinued Reed’s and Virgil’s SKUs.
Core
beverage volume for the three months ended September 30, 2023, represents 99% of all beverage volume.
Core
brand gross billing decreased by 5% to $13,197 compared to $13,876 during the same period last year, driven by a Reed’s volume
increase of 13% and Virgil’s volume decline of 22%. The result is a decrease in total gross billing of 5%, to $13,219 during the
three months ended September 30, 2023, from $14,101 in the same period last year. Price on our core brands decreased 2% to $20.62 per
case. The decrease was a result of volume declines that have impacted the CSD segment as a result of price increases coupled with the
Company’s inability to produce sufficient levels of inventory to meet current demand as a result of tighter credit terms from suppliers.
Discounts
as a percentage of gross sales was 10% compared to 14% in the same period last year. As a result, net sales revenue decreased 2% in the
three months ended September 30, 2023, to $11,856, compared to $12,094 in the same period last year.
Cost
of Goods Sold
Cost
of goods sold decreased $1,836 during the three months ended September 30, 2023, as compared to the same period last year. As a
percentage of net sales, cost of goods sold for the three months ended September 30, 2023, was 66% as compared to 80% for the same
period last year. The decrease was primarily driven by lower supply chain and input costs.
The
total cost of goods per case decreased to $12.22 per case in the three months ended September 30, 2023, from $14.52 per case for the
same period last year. The cost of goods sold per case on core brands was $12.22 during the three months ended September 30, 2023, compared
to $14.44 for the same period last year.
Gross
Margin
Gross
margin was 34% for the three months ended September 30, 2023, compared to 20% for the same period last year.
Operating
Expenses
Delivery
and Handling Expenses
Delivery
and handling expenses consist of delivery costs to customers and warehousing costs incurred for handling our finished goods after production.
Delivery and handling expenses decreased by $341 in the three months ended September 30, 2023, to $1,908 from $2,249 in the same period
last year, driven by our efforts to mitigate inflationary costs. Delivery costs in the three months ended September 30, 2023, were 16%
of net sales and $2.98 per case, compared to 19% of net sales and $3.38 per case during the same period last year.
Selling
and Marketing Expenses
Marketing
expenses consist of direct marketing, marketing labor, and marketing support costs. Selling expenses consist of all other
selling-related expenses including personnel and contractor support. Total selling and marketing expenses were $861 during the three
months ended September 30, 2023, compared to $1,220 during the same period last year. As a percentage of net sales, selling and
marketing costs was 7% during the three months ended September 30, 2023, as compared to 10% during the same period last year. The
decrease was primarily driven by lower marketing expenditures, broker commissions, IT related charges, and travel and entertainment
expenses, partially offset by higher employee related costs.
General
and Administrative Expenses
General
and administrative expenses consist primarily of the cost of executive, administrative, and finance personnel, as well as
professional fees. General and administrative expenses decreased in the three months ended September 30, 2023, to $1,407 from
$1,420, a decrease of $13 over the same period last year. As a percentage of net sales, general and administrative expenses were 12%
during the three months ended September 30, 2023, as compared to 12% during the same period last year. The decrease was driven by
lower stock compensation, consultant fees, investor relation expenses and information technology expenditures, partially offset by
higher employee related costs.
Loss
from Operations
The
loss from operations was $143 for the three months ended September 30, 2023, as compared to a loss of $2,454 in the same period last
year driven by increased gross profit offset by decreases in operating expenses discussed above.
Interest
Expense
Interest
expense for the three months ended September 30, 2023, consisted of $1,293 of interest expense. During the same period last year, interest
expense consisted of $777 of interest expense.
Modified
EBITDA
In
addition to our GAAP results, we present Modified EBITDA as a supplemental measure of our performance. However, Modified EBITDA is not
a recognized measurement under GAAP and should not be considered as an alternative to net income, income from operations or any other
performance measure derived in accordance with GAAP, or as an alternative to cash flow from operating activities as a measure of liquidity.
We define Modified EBITDA as net income (loss), plus interest expense, depreciation and amortization, stock-based compensation, changes
in fair value of warrant expense, legal settlements, and one-time restructuring-related costs including employee severance and asset
impairment.
Management
considers our core operating performance to be that which our managers can affect in any particular period through their management of
the resources that affect our underlying revenue and profit generating operations during that period. Non-GAAP adjustments to our results
prepared in accordance with GAAP are itemized below. You are encouraged to evaluate these adjustments and the reasons we consider them
appropriate for supplemental analysis. In evaluating Modified EBITDA, you should be aware that in the future we may incur expenses that
are the same as or similar to some of the adjustments in this presentation. Our presentation of Modified EBITDA should not be construed
as an inference that our future results will be unaffected by unusual or non-recurring items.
Set
forth below is a reconciliation of net loss to Modified EBITDA for the three months ended September 30, 2023 and 2022 (unaudited; in
thousands):
| |
Three
Months Ended
September
30 | |
| |
| 2023 | | |
| 2022 | |
Net
loss | |
$ | (1,436 | ) | |
$ | (3,231 | ) |
| |
| | | |
| | |
Modified
EBITDA adjustments: | |
| | | |
| | |
Depreciation
and amortization | |
| 68 | | |
| 58 | |
Interest
expense | |
| 1,293 | | |
| 777 | |
Stock
option and other noncash compensation | |
| 139 | | |
| 214 | |
Severance | |
| 85 | | |
| - | |
Legal
settlements | |
| 12 | | |
| - | |
Total
EBITDA adjustments | |
$ | 1,597 | | |
$ | 1,049 | |
| |
| | | |
| | |
Modified
EBITDA | |
$ | 161 | | |
$ | (2,182 | ) |
We
present Modified EBITDA because we believe it assists investors and analysts in comparing our performance across reporting periods on
a consistent basis by excluding items that we do not believe are indicative of our core operating performance. In addition, we use Modified
EBITDA in developing our internal budgets, forecasts and strategic plan; in analyzing the effectiveness of our business strategies in
evaluating potential acquisitions; making compensation decisions; and in communications with our board of directors concerning our financial
performance. Modified EBITDA has limitations as an analytical tool, which includes, among others, the following:
|
● |
Modified
EBITDA does not reflect our cash expenditures, or future requirements, for capital expenditures or contractual commitments; |
|
|
|
|
● |
Modified
EBITDA does not reflect changes in, or cash requirements for, our working capital needs; |
|
|
|
|
● |
Modified
EBITDA does not reflect future interest expense, or the cash requirements necessary to service interest or principal payments, on
our debts; and |
|
|
|
|
●
|
Although
depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in
the future, and Modified EBITDA does not reflect any cash requirements for such replacements. |
Results
of Operations – Nine Months ended September 30, 2023, as compared to Nine Months Ended September 30, 2022
The
following table sets forth key statistics for the nine months ended September 30, 2023 and 2022, respectively, in thousands.
| |
Nine
months Ended September 30, | | |
Pct. | |
| |
| 2023 | | |
| 2022 | | |
| Change | |
Gross
billing (A) | |
$ | 36,837 | | |
$ | 42,892 | | |
| -14 | % |
Less:
Promotional and other allowances (B) | |
| 3,819 | | |
| 4,891 | | |
| -22 | % |
Net
sales | |
$ | 33,018 | | |
$ | 38,001 | | |
| -13 | % |
| |
| | | |
| | | |
| | |
Cost
of goods sold | |
| 23,778 | | |
| 29,335 | | |
| -19 | % |
%
of Gross billing | |
| 65 | % | |
| 68 | % | |
| | |
%
of Net sales | |
| 72 | % | |
| 77 | % | |
| | |
Gross
profit | |
$ | 9,240 | | |
$ | 8,666 | | |
| 7 | % |
%
of Net sales | |
| 28 | % | |
| 23 | % | |
| | |
| |
| | | |
| | | |
| | |
Expenses | |
| | | |
| | | |
| | |
Delivery
and handling | |
$ | 5,714 | | |
$ | 8,893 | | |
| -36 | % |
%
of Net sales | |
| 17 | % | |
| 23 | % | |
| | |
Dollar
per case ($) | |
| 3.17 | | |
| 4.13 | | |
| | |
Selling
and marketing | |
| 3,567 | | |
| 5,523 | | |
| -37 | % |
%
of Net sales | |
| 11 | % | |
| 15 | % | |
| | |
General
and administrative | |
| 4,427 | | |
| 5,319 | | |
| -17 | % |
%
of Net sales | |
| 13 | % | |
| 14 | % | |
| | |
Total
operating expenses | |
| 13,708 | | |
| 19,835 | | |
| -31 | % |
| |
| | | |
| | | |
| | |
Loss
from operations | |
$ | (4,468 | ) | |
$ | (11,169 | ) | |
| -60 | % |
| |
| | | |
| | | |
| | |
Interest
expense | |
| (4,459 | ) | |
| (2,119 | ) | |
| 110 | % |
| |
| | | |
| | | |
| | |
Net
loss | |
$ | (8,927 | ) | |
$ | (13,288 | ) | |
| -33 | % |
| |
| | | |
| | | |
| | |
Loss
per share – basic and diluted | |
$ | (2.69 | ) | |
$ | (6.54 | ) | |
| -59 | % |
| |
| | | |
| | | |
| | |
Weighted average
shares outstanding - basic & diluted | |
| 3,322,959 | | |
| 2,030,503 | | |
| 64 | % |
|
(A) |
We
define gross billing as the total sales for the Company unadjusted for costs related to generating those sales. Management utilizes
gross billing as an indicator of and to monitor operating performance of products and salespersons before the effect of any promotional
or other allowances, which are determined in accordance with GAAP, and can mask certain performance issues. We believe that the presentation
of gross billing provides a useful measure of our operating performance. Additionally, gross billing may not be comparable to similarly
titled measures used by other companies, as gross billing has been defined by our internal reporting practices. |
|
(B) |
We
define promotional and other allowances as costs deducted from gross billing which are associated with generating those sales. Management
utilizes promotional and other allowances as an indicator of and to monitor operating performance of products, salespersons, and
customer agreements. We believe that the presentation of promotional and other allowances provides a useful measure of our operating
performance. The presentation of promotional and other allowances facilitates an evaluation of their impact on the determination
of net sales and the spending levels incurred or correlated with such sales. The expenditures described in this line item are determined
in accordance with GAAP and meet GAAP requirements, the disclosure thereof does not conform to GAAP presentation requirements. Additionally,
our definition of promotional and other allowances may not be comparable to similar items presented by other companies. Promotional
and other allowances primarily include consideration given to the Company’s distributors or retail customers including, but
not limited to the following: (i) reimbursements given to the Company’s distributors for agreed portions of their promotional
spend with retailers, including slotting, shelf space allowances and other fees for both new and existing products; (ii) the Company’s
agreed share of fees given to distributors and/or directly to retailers for in-store marketing and promotional activities; (iii)
the Company’s agreed share of slotting, shelf space allowances and other fees given directly to retailers; (iv) incentives
given to the Company’s distributors and/or retailers for achieving or exceeding certain predetermined sales goals; and (v)
discounted or free products. Promotional and other allowances constitute a material portion of our marketing activities. The Company’s
promotional allowance programs with its numerous distributors and/or retailers are executed through separate agreements in the ordinary
course of business. These agreements generally provide for one or more of the arrangements described above and are of varying durations,
ranging from one week to one year. |
Sales,
Cost of Sales, and Gross Margins
As
part of the Company’s ongoing initiative to simplify and streamline operations the Company has identified core products on which
to place its strategic focus. These core products consist of Reed’s and Virgil’s branded beverages. Non-core products consist
primarily of Wellness Shots, candy and slower selling discontinued Reed’s and Virgil’s SKUs.
Core
beverage volume for the nine months ended September 30, 2023, represents 99% of all beverage volume.
Core
brand gross billing decreased by 5% to $36,626 compared to $42,135 during the same period last year, driven by Reed’s volume decline
of 5% and Virgil’s volume decline of 29%. The result is a decrease in total gross billing of 14%, to $36,837 during the nine months
ended September 30, 2022, from $42,892 in the same period last year. Price on our core brands increased 3% to $20.3 per case. The decrease
was a result of volume declines that have impacted the CSD segment as a result of price increases coupled with the Company’s inability
to produce sufficient levels of inventory to meet current demand as a result of tighter credit terms from suppliers.
Discounts
as a percentage of gross sales was 10% compared to 11% in the same period last year. As a result, net sales revenue decreased 13% in
the nine months ended September 30, 2023, to $33,018, compared to $38,001 in the same period last year.
Cost
of Goods Sold
Cost
of goods sold decreased $5,557 during the nine months ended September 30, 2023, as compared to the same period last year. As a
percentage of net sales, cost of goods sold for the nine months ended September 30, 2022, was 72% as compared to 77% for the same
period last year. The decrease was primarily driven by lower supply chain and input costs.
The
total cost of goods per case increased to $13.17 per case in the nine months ended September 30, 2023, from $13.63 per case for the same
period last year. The cost of goods sold per case on core brands was $13.12 during the nine months ended September 30, 2023, compared
to $13.55 for the same period last year.
Gross
Margin
Gross
margin increased to 28% for the nine months ended September 30, 2023, compared to 23% for the same period last year.
Operating
Expenses
Delivery
and Handling Expenses
Delivery
and handling expenses consist of delivery costs to customers and warehousing costs incurred for handling our finished goods after production.
Delivery and handling expenses decreased by $3,179 in the nine months ended September 30, 2023, to $5,714 from $8,893 in the same period
last year, driven by our efforts to mitigate inflationary costs. Delivery costs in the nine months ended September 30, 2023, were 17%
of net sales and $3.17 per case, compared to 23% of net sales and $4.13 per case during the same period last year.
Selling
and Marketing Expenses
Marketing
expenses consist of direct marketing, marketing labor, and marketing support costs. Selling expenses consist of all other
selling-related expenses including personnel and contractor support. Total selling and marketing expenses were $3,567 during the
nine months ended September 30, 2023, compared to $5,623 during the same period last year. As a percentage of net sales, selling and
marketing were 11% of net sales during the nine months ended September 30, 2023, as compared to 15% of net sales during the same
period last year. The decrease was driven by lower marketing related expenditures, headcount, broker commissions, information technology charges, travel and entertainment expenses partially offset by stock compensation and
trade show expenses.
General
and Administrative Expenses
General
and administrative expenses consist primarily of the cost of executive, administrative, and finance personnel, as well as professional
fees. General and administrative expenses decreased in the nine months ended September 30, 2023, to $4,427 from $5,319, a decrease of
$892 over the same period last year. The decrease was driven by lower stock compensation, employee related expenses, information technology
charges, consulting fees, and investor relation charges.
Loss
from Operations
The
loss from operations was $4,468 for the nine months ended September 30, 2023, as compared to a loss of $11,169 in the same period last
year driven by increased gross profit offset by decreases in operating expenses discussed above.
Interest
Expense
Interest
expense for the nine months ended September 30, 2023, consisted of $4,459 of interest expense. During the same period last year, interest
expense consisted of $2,119 of interest expense.
Modified
EBITDA
In
addition to our GAAP results, we present Modified EBITDA as a supplemental measure of our performance. However, Modified EBITDA is not
a recognized measurement under GAAP and should not be considered as an alternative to net income, income from operations or any other
performance measure derived in accordance with GAAP, or as an alternative to cash flow from operating activities as a measure of liquidity.
We define Modified EBITDA as net income (loss), plus interest expense, depreciation and amortization, stock-based compensation, changes
in fair value of warrant expense, and one-time restructuring-related costs including employee severance and asset impairment.
Management
considers our core operating performance to be that which our managers can affect in any particular period through their management of
the resources that affect our underlying revenue and profit generating operations during that period. Non-GAAP adjustments to our results
prepared in accordance with GAAP are itemized below. You are encouraged to evaluate these adjustments and the reasons we consider them
appropriate for supplemental analysis. In evaluating Modified EBITDA, you should be aware that in the future we may incur expenses that
are the same as or similar to some of the adjustments in this presentation. Our presentation of Modified EBITDA should not be construed
as an inference that our future results will be unaffected by unusual or non-recurring items.
Set
forth below is a reconciliation of net loss to Modified EBITDA for the nine months ended September 30, 2022 and 2021 (unaudited; in thousands):
| |
Nine
months Ended September 30, | |
| |
| 2023 | | |
| 2022 | |
Net
loss | |
$ | (8,927 | ) | |
$ | (13,288 | ) |
| |
| | | |
| | |
Modified
EBITDA adjustments: | |
| | | |
| | |
Depreciation
and amortization | |
| 214 | | |
| 165 | |
Interest
expense | |
| 4,459 | | |
| 2,119 | |
Stock
option and other noncash compensation | |
| 354 | | |
| 585 | |
Severance | |
| 177 | | |
| 66 | |
Legal
settlements | |
| 12 | | |
| - | |
Total
EBITDA adjustments | |
$ | 5,216 | | |
$ | 2,935 | |
| |
| | | |
| | |
Modified
EBITDA | |
$ | (3,711 | ) | |
$ | (10,353 | ) |
We
present Modified EBITDA because we believe it assists investors and analysts in comparing our performance across reporting periods on
a consistent basis by excluding items that we do not believe are indicative of our core operating performance. In addition, we use Modified
EBITDA in developing our internal budgets, forecasts and strategic plan; in analyzing the effectiveness of our business strategies in
evaluating potential acquisitions; making compensation decisions; and in communications with our board of directors concerning our financial
performance. Modified EBITDA has limitations as an analytical tool, which includes, among others, the following:
|
● |
Modified
EBITDA does not reflect our cash expenditures, or future requirements, for capital expenditures or contractual commitments; |
|
|
|
|
● |
Modified
EBITDA does not reflect changes in, or cash requirements for, our working capital needs; |
|
|
|
|
● |
Modified
EBITDA does not reflect future interest expense, or the cash requirements necessary to service interest or principal payments, on
our debts; and |
|
|
|
|
●
|
Although
depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in
the future, and Modified EBITDA does not reflect any cash requirements for such replacements. |
Liquidity
and Capital Resources
The
accompanying financial statements have been prepared under the assumption that the Company will continue as a going concern. Such assumption
contemplates the realization of assets and satisfaction of liabilities in the normal course of business.
For
the nine months ended September 30, 2023, we recorded a net loss of $8,927. As of September 30, 2023, we had a cash balance of $1,004,
with $14 of current availability, and $3,062 of additional borrowing capacity, a stockholder’s deficit of $12,760 and negative
working capital of $4,177, compared to a cash balance of $533, with $110 of current availability, and $1,633 of additional borrowing
capacity, a stockholder’s deficit of $8,470 and negative working capital of $1,563 at December 31, 2022.
Historically,
we have financed our operations through public and private sales of common stock, issuance of preferred and common stock, convertible
debt instruments, term loans and credit lines from financial institutions, and cash generated from operations. To alleviate these conditions,
management is currently evaluating various funding alternatives and may seek to raise additional funds through the issuance of equity,
mezzanine or debt securities, through arrangements with strategic partners or through obtaining credit from financial institutions. As
we seek additional sources of financing, there can be no assurance that such financing will be available to us on favorable terms or
at all. Our ability to obtain additional financing in the debt and equity capital markets is subject to several factors, including market
and economic conditions, our performance and investor sentiment with respect to us and our industry.
We
have taken decisive action to improve our margins, including fully outsourcing our manufacturing process, streamlining our product portfolio,
negotiating improved vendor contracts and restructuring our selling prices.
Critical
Accounting Policies and Estimates
The
preparation of the Company’s financial statements in conformity with generally accepted accounting principles in the United States
(“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities
at the date of the financial statements and the reported amounts of expenses during the reporting period. Some of those judgments can
be subjective and complex, and therefore, actual results could differ materially from those estimates under different assumptions or
conditions. Management bases its estimates on historical experience and on various assumptions that are believed to be reasonable in
relation to the financial statements taken as a whole under the circumstances, the results of which form the basis for making judgments
about the carrying values of assets and liabilities that are not readily apparent from other sources. Management regularly evaluates
the key factors and assumptions used to develop the estimates utilizing currently available information, changes in facts and circumstances,
historical experience and reasonable assumptions. After such evaluations, if deemed appropriate, those estimates are adjusted accordingly.
Actual results could differ from those estimates. Significant estimates include those related to assumptions used in estimates for reserves
of uncollectible accounts, inventory obsolescence, depreciable lives of property and equipment, analysis of impairments of recorded long-term
tangible and intangible assets, realization of deferred tax assets, accruals for potential liabilities and assumptions made in valuing
stock instruments issued for services. There were no changes to our critical accounting policies described in the condensed financial
statements included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022, that impacted our condensed financial
statements and related notes included herein.
Recent
Accounting Pronouncements
See
Note 2 of the Notes to Condensed Financial Statements for a discussion of recent accounting pronouncements.
Item
3. Quantitative and Qualitative Disclosures About Market Risk.
A
smaller reporting company is not required to provide the information required by this Item.
Item
4. Controls and Procedures.
Evaluation
of Disclosure Controls and Procedures
Under
the supervision and with the participation of our management, including our Chief Executive Officer and our Chief Financial Officer,
we conducted an evaluation of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities
Exchange Act of 1934, as amended (the “Exchange Act”). Based on this evaluation, our Chief Executive Officer and our Chief
Financial Officer concluded that the Company’s disclosure controls and procedures were effective as of September 30, 2023, to provide
reasonable assurance that information required to be disclosed in the reports that we file or submit under the Exchange Act is recorded,
processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is
accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to
allow timely decisions regarding required disclosures.
Changes
in Internal Control Over Financial Reporting
There
have been no changes in the Company’s internal control over financial reporting during the three months ended September 30, 2023
that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.
PART
II – OTHER INFORMATION
Item
1. Legal Proceedings
We
are subject to various legal proceedings from time to time in the ordinary course of business, none of which are required to be disclosed
under this Item 1.
Item
1A. Risk Factors
In
addition to other information set forth in this Quarterly Report on Form 10-Q, you should carefully consider the risk factors discussed
in Part I, Item 1A of our Annual Report on Form 10-K (our Form 10-K) for the year ended December 31, 2022 and any subsequent filings
with the Securities and Exchange Commission (SEC) made prior to the date hereof, which could materially affect our business, financial
condition, results of operations or future results. These risks and uncertainties discussed in our Form 10-K and in any subsequent filings
with the SEC made prior to the date hereof are not the only ones facing our business. Additional risks and uncertainties not currently
known to us or that we currently deem to be immaterial may materially adversely affect our business, cash flows, financial condition
and/or results of operations. Please also read the Cautionary Notice Regarding Forward-Looking Statements and Information of this Quarterly
Report on Form 10-Q.
Item
2. Unregistered Sales of Equity Securities and Use of Proceeds
None
that have not been previously disclosed in a Current Report on Form 8-K.
Item
3. Defaults Upon Senior Securities
None.
Item
4. Mine Safety Disclosures
Not
applicable.
Item
5. Other Information
None.
Item
6. Exhibits
+Certain
portions of this exhibit have been redacted pursuant to Item 601(b)(10)(iv) of Regulations S-K. The Company will furnish supplementally
an unredacted copy of such exhibit to the Securities and Exchange Commission or its staff upon request.
In
accordance with SEC Release 33-8238, Exhibits 32.1 and 32.2 are being furnished and not filed.
Furnished
herewith, XBRL (Extensive Business Reporting Language) information is furnished and not filed or a part of a registration statement or
prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, is deemed not filed for purposes of Section 18
of the Securities Exchange Act of 1934, as amended, and otherwise is not subject to liability under these sections.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned thereunto duly authorized.
|
Reed’s,
Inc.
(Registrant) |
|
|
Date:
November 9, 2023 |
/s/
Norman E. Snyder, Jr. |
|
Norman
E. Snyder, Jr. |
|
Chief
Executive Officer |
|
(Principal
Executive Officer) |
|
|
Date:
November 9, 2023 |
/s/
Joann Tinnelly |
|
Joann
Tinnelly |
|
Chief Financial Officer |
|
(Principal
Financial Officer) |
EXHIBIT 31.1
CERTIFICATION OF CHIEF EXECUTIVE OFFICER PURSUANT
TO SECTION 302
OF THE SARBANES-OXLEY ACT OF 2002
I, Norman E. Snyder, Jr., certify that:
1. |
I have reviewed this Quarterly Report on Form 10-Q of Reed’s, Inc.; |
|
|
2. |
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
|
|
3. |
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
|
|
4. |
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
|
a. |
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
|
|
|
|
b. |
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under my supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
|
|
|
|
c. |
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
|
|
|
|
d. |
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. |
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
|
a. |
All significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
|
|
|
|
b. |
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: November 9, 2023 |
/s/ Norman E. Snyder, Jr. |
|
Norman E. Snyder, Jr. |
|
Chief Executive Officer |
|
(Principal Executive Officer) |
EXHIBIT
31.2
CERTIFICATION
OF CHIEF FINANCIAL OFFICER PURSUANT TO SECTION 302
OF
THE SARBANES-OXLEY ACT OF 2002
I,
Joann Tinnelly, certify that:
1. |
I
have reviewed this Quarterly Report on Form 10-Q of Reed’s, Inc.; |
|
|
2. |
Based
on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to
the period covered by this report; |
|
|
3. |
Based
on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in
this report; |
|
|
4. |
The
registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange
Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
|
a. |
Designed
such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared; |
|
|
|
|
b. |
Designed
such internal control over financial reporting, or caused such internal control over financial reporting to be designed under my
supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles; |
|
|
|
|
c. |
Evaluated
the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about
the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;
and |
|
|
|
|
d. |
Disclosed
in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s
most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected,
or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. |
The
registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial
reporting to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing
the equivalent functions): |
|
a. |
All
significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are
reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information;
and |
|
|
|
|
b. |
Any
fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s
internal control over financial reporting. |
Date:
November 9, 2023 |
/s/
Joann Tinnelly |
|
Joann
Tinnelly |
|
Chief Financial Officer |
|
(Principal
Financial Officer) |
EXHIBIT
32.1
CERTIFICATION
OF CHIEF EXECUTIVE OFFICER PURSUANT TO
18
U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO
SECTION
906 OF THE SARBANES-OXLEY ACT OF 2002
In
connection with the Quarterly Report on Form 10-Q of Reed’s, Inc., a Delaware corporation (the “Company”) for the period
ending September 30, 2023 as filed with the U.S. Securities and Exchange Commission on the date hereof (the “Report”), Norman
E. Snyder, Jr., Chief Executive Officer of the Company, hereby certifies, pursuant to 18 U.S.C. § 1350, as adopted pursuant to §
906 of the Sarbanes-Oxley Act of 2002, that, to the best of his knowledge and belief:
(1)
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
(2)
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the Company.
|
REED’S,
INC. |
|
|
|
Date:
November 9, 2023 |
By:
|
/s/
Norman E. Snyder, Jr. |
|
|
Norman
E. Snyder, Jr. |
|
|
Chief
Executive Officer |
|
|
(Principal
Executive Officer) |
EXHIBIT 32.2
CERTIFICATION OF CHIEF FINANCIAL OFFICER PURSUANT
TO
18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report on Form 10-Q
of Reed’s, Inc., a Delaware corporation (the “Company”) for the period ending September 30, 2023 as filed with the U.S.
Securities and Exchange Commission on the date hereof (the “Report”), Joann Tinnelly, Interim Chief Financial Officer of the
Company, hereby certifies, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that,
to the best of her knowledge and belief:
(1) The Report fully complies with the requirements
of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
(2) The information contained in the Report fairly
presents, in all material respects, the financial condition and results of operations of the Company.
|
REED’S, INC. |
|
|
|
Date: November 9, 2023 |
By: |
/s/ Joann Tinnelly |
|
|
Joann Tinnelly |
|
|
Chief Financial Officer |
|
|
(Principal Financial Officer) |
v3.23.3
Cover - shares
|
9 Months Ended |
|
Sep. 30, 2023 |
Oct. 31, 2023 |
Cover [Abstract] |
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Document Fiscal Period Focus |
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Document Fiscal Year Focus |
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|
|
Current Fiscal Year End Date |
--12-31
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Entity File Number |
001-32501
|
|
Entity Registrant Name |
REED’S,
INC.
|
|
Entity Central Index Key |
0001140215
|
|
Entity Tax Identification Number |
35-2177773
|
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Entity Incorporation, State or Country Code |
DE
|
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Entity Address, Address Line One |
201
Merritt 7
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Entity Address, Postal Zip Code |
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City Area Code |
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997-3337
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v3.23.3
Condensed Balance Sheets - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
Current assets: |
|
|
Cash |
$ 1,004
|
$ 533
|
Accounts receivable, net of allowance of $514 and $252, respectively |
5,267
|
5,671
|
Inventory, net |
15,964
|
16,175
|
Prepaid expenses and other current assets |
489
|
939
|
Total current assets |
23,501
|
24,095
|
Property and equipment, net of accumulated depreciation of $1,001 and $787, respectively |
559
|
766
|
Intangible assets |
627
|
626
|
Total assets |
24,687
|
25,487
|
Current liabilities: |
|
|
Accounts payable |
9,067
|
9,805
|
Accrued expenses |
873
|
233
|
Revolving line of credit, net of capitalized financing costs of $242 and $363, respectively |
9,697
|
10,974
|
Convertible notes payable, current portion, net of debt discount of $0 and $414, respectively |
7,380
|
2,434
|
Current portion of lease liabilities |
209
|
187
|
Total current liabilities |
27,678
|
25,658
|
Convertible note payable, net of debt discount of $252 and $562, respectively, less current portion |
9,721
|
8,092
|
Lease liabilities, less current portion |
48
|
207
|
Total liabilities |
37,447
|
33,957
|
Stockholders’ deficit: |
|
|
Series A Convertible Preferred stock, $10 par value, 500,000 shares authorized, 9,411 shares issued and outstanding |
94
|
94
|
Common stock, $.0001 par value, 180,000,000 shares authorized; 4,169,131 and 2,519,485 shares issued and outstanding, respectively |
|
|
Additional paid in capital |
119,277
|
114,635
|
Accumulated deficit |
(132,131)
|
(123,199)
|
Total stockholders’ deficit |
(12,760)
|
(8,470)
|
Total liabilities and stockholders’ deficit |
24,687
|
25,487
|
Related Party [Member] |
|
|
Current assets: |
|
|
Receivable from former related party |
777
|
777
|
Current liabilities: |
|
|
Payable to former related party |
$ 452
|
$ 2,025
|
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v3.23.3
Condensed Balance Sheets (Parenthetical) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
Statement of Financial Position [Abstract] |
|
|
Accounts receivable, net of allowance |
$ 514
|
$ 252
|
Property and equipment, accumulated depreciation |
1,001
|
787
|
Capitalized financing costs |
242
|
363
|
Debt discount current |
0
|
414
|
Debt discount, noncurrent |
$ 252
|
$ 562
|
Series A convertible preferred stock, par value |
$ 10
|
$ 10
|
Series A convertible preferred stock, shares authorized |
500,000
|
500,000
|
Series A convertible preferred stock, shares issued |
9,411
|
9,411
|
Series A convertible preferred stock, shares issued |
9,411
|
9,411
|
Common stock, par value |
$ 0.0001
|
$ 0.0001
|
Common stock, shares authorized |
180,000,000
|
180,000,000
|
Common stock, shares issued |
4,169,131
|
2,519,485
|
Common stock, shares outstanding |
4,169,131
|
2,519,485
|
X |
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v3.23.3
Condensed Statements of Operations (Unaudited) - USD ($) $ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Income Statement [Abstract] |
|
|
|
|
Net Sales |
$ 11,856
|
$ 12,094
|
$ 33,018
|
$ 38,001
|
Cost of goods sold |
7,823
|
9,659
|
23,778
|
29,335
|
Gross profit |
4,033
|
2,435
|
9,240
|
8,666
|
Operating expenses: |
|
|
|
|
Delivery and handling expense |
1,908
|
2,249
|
5,714
|
8,893
|
Selling and marketing expense |
861
|
1,220
|
3,567
|
5,623
|
General and administrative expense |
1,407
|
1,420
|
4,427
|
5,319
|
Total operating expenses |
4,176
|
4,889
|
13,708
|
19,835
|
Loss from operations |
(143)
|
(2,454)
|
(4,468)
|
(11,169)
|
Interest expense |
(1,293)
|
(777)
|
(4,459)
|
(2,119)
|
Net loss |
(1,436)
|
(3,231)
|
(8,927)
|
(13,288)
|
Dividends on Series A Convertible Preferred Stock |
|
|
(5)
|
(5)
|
Net Loss Attributable to Common Stockholders |
$ (1,436)
|
$ (3,231)
|
$ (8,932)
|
$ (13,293)
|
Loss per share - basic |
$ (0.34)
|
$ (1.43)
|
$ (2.69)
|
$ (6.54)
|
Loss per share - diluted |
$ (0.34)
|
$ (1.43)
|
$ (2.69)
|
$ (6.54)
|
Weighted average number of shares outstanding - basic |
4,169,131
|
2,254,356
|
3,322,959
|
2,030,503
|
Weighted average number of shares outstanding - diluted |
4,169,131
|
2,254,356
|
3,322,959
|
2,030,503
|
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v3.23.3
Condensed Statements of Changes in Stockholders' Equity (Deficit) (Unaudited) - USD ($) $ in Thousands |
Common Stock [Member] |
Preferred Stock [Member] |
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
Total |
Balance at Dec. 31, 2021 |
|
$ 94
|
$ 107,246
|
$ (103,137)
|
$ 4,203
|
Balance, shares at Dec. 31, 2021 |
1,874,679
|
9,411
|
|
|
|
Fair value of vested options |
|
|
448
|
|
448
|
Net loss |
|
|
|
(13,288)
|
(13,288)
|
Fair value of vested restricted shares granted to officers |
|
|
137
|
|
137
|
Fair value of vested restricted shares granted to officers, shares |
6,748
|
|
|
|
|
Repurchase of common stock |
|
|
(2)
|
|
(2)
|
Repurchase of common stock, shares |
(265)
|
|
|
|
|
Common shares issued for financing costs |
|
|
37
|
|
37
|
Common shares issued for financing costs, shares |
2,000
|
|
|
|
|
Issuance of shares for dividends on Series A Convertible Preferred Stock |
|
|
|
(5)
|
(5)
|
Issuance of shares for dividends on Series A Convertible Preferred Stock, shares |
|
|
|
|
|
Common shares issued for cash, net of offering costs |
|
|
5,034
|
|
5,034
|
Common shares issued for cash, net of offering costs, shares |
371,893
|
|
|
|
|
Balance at Sep. 30, 2022 |
|
$ 94
|
112,900
|
(116,430)
|
(3,436)
|
Balance, shares at Sep. 30, 2022 |
2,255,055
|
9,411
|
|
|
|
Balance at Jun. 30, 2022 |
|
$ 94
|
112,686
|
(113,199)
|
(419)
|
Balance, shares at Jun. 30, 2022 |
2,253,047
|
9,411
|
|
|
|
Fair value of vested options |
|
|
185
|
|
185
|
Net loss |
|
|
|
(3,231)
|
(3,231)
|
Fair value of vested restricted shares granted to officers |
|
|
29
|
|
29
|
Fair value of vested restricted shares granted to officers, shares |
2,010
|
|
|
|
|
Issuance of shares for dividends on Series A Convertible Preferred Stock |
|
|
|
|
|
Issuance of shares for dividends on Series A Convertible Preferred Stock, shares |
|
|
|
|
|
Common shares issued for cash, net of offering costs |
|
|
|
|
|
Common shares issued for cash, net of offering costs, shares |
(2)
|
|
|
|
|
Balance at Sep. 30, 2022 |
|
$ 94
|
112,900
|
(116,430)
|
(3,436)
|
Balance, shares at Sep. 30, 2022 |
2,255,055
|
9,411
|
|
|
|
Balance at Dec. 31, 2022 |
|
$ 94
|
114,635
|
(123,199)
|
(8,470)
|
Balance, shares at Dec. 31, 2022 |
2,519,485
|
9,411
|
|
|
|
Fair value of vested options |
|
|
351
|
|
351
|
Net loss |
|
|
|
(8,927)
|
(8,927)
|
Fair value of vested restricted shares granted to officers |
|
|
3
|
|
3
|
Fair value of vested restricted shares granted to officers, shares |
750
|
|
|
|
|
Repurchase of common stock |
|
|
(1)
|
|
(1)
|
Repurchase of common stock, shares |
(274)
|
|
|
|
|
Common shares issued for financing costs |
|
|
273
|
|
273
|
Common shares issued for financing costs, shares |
82,438
|
|
|
|
|
Issuance of shares for dividends on Series A Convertible Preferred Stock |
|
|
|
(5)
|
(5)
|
Issuance of shares for dividends on Series A Convertible Preferred Stock, shares |
|
|
|
|
|
Common shares issued for cash, net of offering costs |
|
|
4,016
|
|
4,016
|
Common shares issued for cash, net of offering costs, shares |
1,566,732
|
|
|
|
|
Balance at Sep. 30, 2023 |
|
$ 94
|
119,277
|
(132,131)
|
(12,760)
|
Balance, shares at Sep. 30, 2023 |
4,169,131
|
9,411
|
|
|
|
Balance at Jun. 30, 2023 |
|
$ 94
|
119,138
|
(130,695)
|
(11,463)
|
Balance, shares at Jun. 30, 2023 |
4,169,131
|
9,411
|
|
|
|
Fair value of vested options |
|
|
139
|
|
139
|
Net loss |
|
|
|
(1,436)
|
(1,436)
|
Balance at Sep. 30, 2023 |
|
$ 94
|
$ 119,277
|
$ (132,131)
|
$ (12,760)
|
Balance, shares at Sep. 30, 2023 |
4,169,131
|
9,411
|
|
|
|
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v3.23.3
Condensed Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands |
3 Months Ended |
9 Months Ended |
12 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Dec. 31, 2022 |
Cash flows from operating activities: |
|
|
|
|
|
Net loss |
$ (1,436)
|
$ (3,231)
|
$ (8,927)
|
$ (13,288)
|
|
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
|
|
Depreciation |
|
|
112
|
79
|
|
Loss on disposal of property and equipment |
|
|
9
|
|
|
Amortization of debt discount |
|
|
958
|
307
|
|
Amortization of prepaid financing costs |
|
|
|
431
|
|
Fair value of vested options |
|
|
351
|
448
|
|
Fair value of vested restricted shares granted to officers |
|
|
3
|
137
|
|
Fair value of common shares issued as financing costs |
|
|
|
37
|
|
Change in allowance for doubtful accounts |
|
|
262
|
(152)
|
|
Inventory write-downs |
|
|
(205)
|
35
|
|
Accrued interest |
|
|
2,483
|
386
|
|
Changes in operating assets and liabilities: |
|
|
|
|
|
Accounts receivable |
|
|
142
|
(673)
|
|
Inventory |
|
|
417
|
(2,901)
|
|
Prepaid expenses and other assets |
|
|
450
|
(399)
|
|
Decrease in right of use assets |
|
|
102
|
86
|
|
Accounts payable |
|
|
(738)
|
(860)
|
|
Accrued expenses |
|
|
639
|
(62)
|
|
Accrued dividend |
|
|
(5)
|
|
|
Lease liabilities |
|
|
(137)
|
(118)
|
|
Net cash used in operating activities |
|
|
(4,084)
|
(16,507)
|
|
Cash flows from investing activities: |
|
|
|
|
|
Trademark costs |
|
|
(1)
|
(2)
|
|
Purchase of property and equipment |
|
|
(84)
|
|
|
Proceeds from sale of property and equipment |
|
|
68
|
|
|
Net cash used in investing activities |
|
|
(17)
|
(2)
|
|
Cash flows from financing activities: |
|
|
|
|
|
Proceeds from line of credit |
|
|
32,686
|
40,576
|
|
Payments on line of credit |
|
|
(34,085)
|
(41,299)
|
|
Payments of debt issuance costs |
|
|
|
(483)
|
|
Proceeds from sale of common stock |
|
|
4,016
|
5,034
|
|
Proceeds from convertible note payable, net of expenses |
|
|
3,797
|
12,430
|
|
Payment of convertible note payable |
|
|
(268)
|
(400)
|
|
Repurchase of common stock |
|
|
(1)
|
(2)
|
|
Amounts from former related party, net |
|
|
(1,573)
|
629
|
|
Net cash provided by financing activities |
|
|
4,572
|
16,485
|
|
Net increase (decrease) in cash |
|
|
471
|
(24)
|
|
Cash at beginning of period |
|
|
533
|
49
|
$ 49
|
Cash at end of period |
$ 1,004
|
$ 25
|
1,004
|
25
|
$ 533
|
Supplemental disclosures of cash flow information: |
|
|
|
|
|
Cash paid for interest |
|
|
548
|
1,051
|
|
Non -cash investing and financing activities |
|
|
|
|
|
Dividends on Series A Convertible Preferred Stock |
|
|
$ 5
|
$ 5
|
|
X |
- DefinitionAccrual of interest on convertible note.
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v3.23.3
Summary of Significant Accounting Policies
|
9 Months Ended |
Sep. 30, 2023 |
Accounting Policies [Abstract] |
|
Summary of Significant Accounting Policies |
1.
Summary of Significant Accounting Policies
Basis
of Presentation
The
accompanying condensed financial statements of Reed’s, Inc. (the “Company”, “we”, “us”, or
“our”), have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S.
GAAP”) and the applicable rules and regulations of the Securities and Exchange Commission (the “SEC”) regarding interim
financial reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with
U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. We believe that the disclosures contained in these condensed
financial statements are adequate to make the information presented herein not misleading. These condensed financial statements should
be read in conjunction with the financial statements contained in the Company’s Annual Report on Form 10-K for the year ended December
31, 2022, filed with the SEC on May 15, 2023. The accompanying condensed financial statements are unaudited, but in the opinion of management
contain all adjustments, including normal recurring adjustments, necessary to present fairly the Company’s financial position as
of September 30, 2023, and the results of its operations and its cash flows for the nine months ended September 30, 2023 and 2022. The
balance sheet as of December 31, 2022 is derived from the Company’s audited financial statements.
The
results of operations for the nine months ended September 30, 2023 are not necessarily indicative of the results of operations to be
expected for the full fiscal year ending December 31, 2023.
Going
Concern
The
accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the settlement
of liabilities and commitments in the normal course of business. As reflected in the accompanying financial statements, for the nine
months ended September 30, 2023, the Company recorded a net loss of $8,927, and at September 30, 2023, had a stockholders’ deficit
of $12,760. These factors raise substantial doubt about the Company’s ability to continue as a going concern within one year of
the date that the financial statements are issued. In addition, the Company’s independent registered public accounting firm, in
its report on the Company’s December 31, 2022, financial statements, raised substantial doubt about the Company’s ability
to continue as a going concern. The financial statements do not include any adjustments that might be necessary if the Company is unable
to continue as a going concern.
As
of September 30, 2023, we had a cash balance of $1,004, with $14 of current availability on the line of credit, and $3,062 of additional
borrowing capacity from the credit facility.
Historically,
we have financed our operations through public and private sales of common stock, issuance of preferred and common stock, convertible
debt instruments, term loans and credit lines from financial institutions, and cash generated from operations. To alleviate these conditions,
management is currently evaluating various funding alternatives and may seek to raise additional funds through the issuance of equity,
mezzanine or debt securities, through arrangements with strategic partners or through obtaining credit from financial institutions. As
we seek additional sources of financing, there can be no assurance that such financing would be available to us on favorable terms or
at all. Our ability to obtain additional financing in the debt and equity capital markets is subject to several factors, including market
and economic conditions, our performance and investor sentiment with respect to us and our industry.
We
have also taken decisive action to improve our margins, including fully outsourcing our manufacturing process, streamlining our product
portfolio, negotiating improved vendor contracts and restructuring our selling prices.
Recent
Trends - Market Conditions
Although
the U.S. economy continued to grow during the third quarter of 2023, the higher inflation, the actions by the Federal Reserve to address
inflation, and rising energy prices create uncertainty about the future economic environment which will continue to evolve and may impact
our business in future periods. We have experienced supply chain challenges, including increased lead times, as well as inflation of
raw materials, logistics and labor costs due to availability constraints and high demand. Although we regularly monitor companies in
our supply chain, and use alternative suppliers when necessary and available, supply chain constraints could cause a disruption in our
ability to obtain raw materials required to manufacture our products and adversely affect our operations. We expect the inflationary
trends and supply chain pressures to continue throughout 2023.
During
the three and nine period ended September 30, 2023, the Company experienced moderation from the elevated freight costs experienced in
2022. The average cost of shipping and handling for the three month period ended September 30, 2023, was $2.98 per case, as compared
to $3.38 per case for the three month period ended September 30, 2022. The average cost of shipping and handling for the nine month period
ended September 30, 2023, was $3.17 per case, as compared to $4.13 per case for the nine month period ended September 30, 2022. Although
the Company has experienced decreases in freight costs over the last three quarters, in the Company’s opinion there remains a volatile
environment and the Company will continue to monitor pricing and availability in transportation. Mitigation plans have been implemented
to manage this risk. The Company has been negatively impacted by supply chain challenges impacting our ability to benefit from strong
demand for, and increased sales of our product. The disruption caused by labor shortages, significant raw material cost inflation, logistics
issues and increased freight costs, and ongoing port congestion, resulted in suppressed margins. The Company has experienced moderation
in inflation and anticipates this to continue throughout 2023.
Reverse
Stock Split
At
a special meeting of shareholders held on January 24, 2023, the Company’s shareholders granted the Company’s board of directors
the discretion to effect a reverse stock split of the common stock through an amendment to the Company’s Certificate of Incorporation,
as amended, at a ratio of any ratio not less than 1-for-6 and not more than 1-for-50, at any time on or prior to January 24, 2024, with
the exact ratio to be set at a whole number within this range by the board of directors in its sole discretion. On January 25, 2023,
the Company announced that its board of directors approved a 1-for-50 reverse stock split of the Company’s issued and outstanding
shares of common stock, par value $0.0001 per share.
The
authorized number of shares of common stock were not affected by the reverse stock split. No fractional shares were issued in connection
with the reverse stock split, as all fractional shares were rounded up to the next whole share. Accordingly, all share and per share
amounts presented herein with respect to common stock have been retroactively adjusted to reflect the above-described reverse stock split
for all periods presented.
Use
of Estimates
The
preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates
and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date
of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ
from those estimates. Those estimates and assumptions include estimates for credit loss reserves for accounts receivable, assumptions
used in valuing inventories at net realizable value, impairment testing of recorded long-term tangible and intangible assets, the valuation
allowance for deferred tax assets, accruals for potential liabilities, assumptions made in valuing stock instruments issued for services,
and assumptions used in valuing warrant liabilities, and assumptions used in the determination of the Company’s liquidity.
Revenue
Recognition
The
Company recognizes revenue in accordance with Accounting Standards Codification (ASC) 606, Revenue from Contracts with Customers
(“ASC 606”). Revenue and costs of sales are recognized when control of the products transfers to our customer, which generally
occurs upon shipment from our facilities. The Company’s performance obligations are satisfied at that time. The Company does not
have any significant contracts with customers requiring performance beyond delivery, and contracts with customers contain no incentives
or discounts that could cause revenue to be allocated or adjusted over time. Shipping and handling activities are performed before the
customer obtains control of the goods and therefore represent a fulfilment activity rather than a promised service to the customer. All
of the Company’s products are offered for sale as finished goods only, and there are no performance obligations required post-shipment
for customers to derive the expected value from them.
The
Company does not allow for returns, except for damaged products when the damage occurred pre-fulfilment. Damaged product returns have
historically been insignificant. Because of this, the stand-alone nature of our products, and our assessment of performance obligations
and transaction pricing for our sales contracts, we do not currently maintain a contract asset or liability balance for obligations.
We assess our contracts and the reasonableness of our conclusions on a quarterly basis.
Loss
per Common Share
Basic
earnings (loss) per share is computed by dividing the net income (loss) applicable to common stockholders by the weighted average number
of shares of common stock outstanding during the year, excluding shares of unvested restricted common stock. Shares of restricted stock
are included in the basic weighted average number of common shares outstanding from the time they vest. Diluted earnings (loss) per share
is computed by dividing the net income applicable to common stockholders by the weighted average number of common shares outstanding
plus the number of additional common shares that would have been outstanding if all dilutive potential common shares had been issued,
using the treasury stock method. Shares of restricted stock are included in the diluted weighted average number of common shares outstanding
from the date they are granted. Potential common shares are excluded from the computation when their effect is antidilutive.
For
the periods ended September 30, 2023 and 2022, the calculations of basic and diluted loss per share are the same because potential dilutive
securities would have had an anti-dilutive effect. The potentially dilutive securities consisted of the following:
Schedule
of Potentially Dilutive Securities
| |
September
30,
2023 | | |
September
30, 2022 | |
Warrants | |
| 549,292 | | |
| 250,946 | |
Options | |
| 145,012 | | |
| 176,737 | |
Convertible
note payable | |
| 1,475,725 | | |
| 449,156 | |
Unvested
restricted common stock | |
| - | | |
| 3,509 | |
Common
stock equivalent of Series A Convertible Preferred stock | |
| 753 | | |
| 753 | |
Total | |
| 2,170,782 | | |
| 881,100 | |
Antidilutive Securities | |
| 2,170,782 | | |
| 881,100 | |
Stock
Compensation Expense
The
Company periodically issues stock options and restricted stock awards to employees and non-employees in non-capital raising transactions
for services and for financing costs. The Company accounts for such grants issued and vesting based on ASC 718, Compensation-Stock
Compensation whereby the value of the award is measured on the date of grant and recognized for employees as compensation expense
on the straight-line basis over the vesting period. Recognition of compensation expense for non-employees is in the same period and manner
as if the Company had paid cash for the services. The Company recognizes the fair value of stock-based compensation within its Statements
of Operations with classification depending on the nature of the services rendered.
The
fair value of the Company’s stock options is estimated using the Black-Scholes-Merton Option Pricing model, which uses certain
assumptions related to risk-free interest rates, expected volatility, expected life of the stock options or restricted stock, and future
dividends. Compensation expense is recorded based upon the value derived from the Black-Scholes-Merton Option Pricing model and based
on actual experience. The assumptions used in the Black-Scholes-Merton Option Pricing model could materially affect compensation expense
recorded in future periods.
Advertising
Costs
Advertising
costs are expensed as incurred and are included in selling and marketing expense. Advertising costs for the three months ended September
30, 2023 and 2022, aggregated $22 and $116, respectively. Advertising costs for the nine months ended September 30, 2023 and 2022, aggregated
$82 and $539, respectively.
Concentrations
Net
sales. During the three months ended September 30, 2023, three customers accounted for 22%, 14%, and 12% of gross billing, respectively,
and during the nine months ended September 30, 2023, two customers accounted for 19% and 13% of gross billing, respectively. During the
three months ended September 30, 2022, three customers accounted for 16%, 11%, and 10% of sales, respectively, and during the nine months
ended September 30, 2022, three customers accounted for 19%, 11%, and 10% of sales, respectively. No other customers exceeded 10% of
sales in either period.
Accounts
receivable. As of September 30, 2023, the Company had accounts receivable from four customers which comprised 16%, 14%, 13%, and
10% of its gross accounts receivable. As of December 31, 2022, the Company had accounts receivable from two customers which comprised
19% and 11% of its gross accounts receivable, respectively. No other customers exceeded 10% of gross accounts receivable in either period.
The
Company utilizes co-packers to produce 100% of its products. During the nine months ended September 30, 2023 and the year ended December
31, 2022, the Company utilized six separate co-packers for most its production and bottling of beverage products in the United States.
The Company has long-standing relationships with two different co-packers, and a third co-packing agreement with California Custom Beverage
LLC (“CCB”), a former related party (see Note 11). Although there are other packers, a change in co-packers may cause a delay
in the production process, which could ultimately affect operating results.
Purchases
from vendors. During the three and nine months ended September 30, 2023 and 2022, no vendor accounted for more than 10% of all purchases.
During the three months ended September 30, 2022, one vendor accounted for 18% of purchases. During the nine months ended September 30,
2022, one vendor accounted for 15% of purchases. No other vendors exceeded 10% of all purchases in either period.
Accounts
payable. As of September 30, 2023, the Company’s had one vendor which comprised 10% of total accounts payable. As of December
31, 2022, no vendor accounted for more than 10% of the total accounts payable. No other vendors exceeded 10% of gross accounts payable
in either period.
Fair
Value of Financial Instruments
The
Company uses various inputs in determining the fair value of its financial assets and liabilities and measures these assets on a recurring
basis. Financial assets recorded at fair value are categorized by the level of subjectivity associated with the inputs used to measure
their fair value. ASC 820 defines the following levels of subjectivity associated with the inputs:
Level
1—Quoted prices in active markets for identical assets or liabilities.
Level
2—Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly.
Level
3—Unobservable inputs based on the Company’s assumptions.
The
carrying amounts of financial assets and liabilities, such as cash and cash equivalents, accounts receivable, short-term bank loans,
accounts payable, notes payable and other payables, approximate their fair values because of the short maturity of these instruments.
The carrying values of capital lease obligations and long-term financing obligations approximate their fair values because interest rates
on these obligations are based on prevailing market interest rates.
Recent
Accounting Pronouncements
In
May 2021, the FASB issued ASU 2021-04 “Earnings Per Share (Topic 260), Debt—Modifications and Extinguishments (Subtopic 470-50),
Compensation— Stock Compensation (Topic 718), and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic
815- 40) Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options”
(“ASU 2021-04”). ASU 2021-04 provides guidance as to how an issuer should account for a modification of the terms or conditions
or an exchange of a freestanding equity-classified written call option (i.e., a warrant) that remains equity classified after modification
or exchange as an exchange of the original instrument for a new instrument. An issuer should measure the effect of a modification or
exchange as the difference between the fair value of the modified or exchanged warrant and the fair value of that warrant immediately
before modification or exchange and then apply a recognition model that comprises four categories of transactions and the corresponding
accounting treatment for each category (equity issuance, debt origination, debt modification, and modifications unrelated to equity issuance
and debt origination or modification). ASU 2021-04 is effective for all entities for fiscal years beginning after December 15, 2021,
including interim periods within those fiscal years. An entity should apply the guidance provided in ASU 2021-04 prospectively to modifications
or exchanges occurring on or after the effective date. The Company adopted ASU 2021-04 effective January 1, 2022. The adoption of ASU
2021-04 did not have any impact on the Company’s financial statement presentation or disclosures.
In
September 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments. ASU 2016-13 requires entities
to use a forward-looking approach based on current expected credit losses (“CECL”) to estimate credit losses on certain types
of financial instruments, including trade receivables. This may result in the earlier recognition of allowances for losses. ASU 2016-13
is effective for the Company beginning January 1, 2023, and early adoption is permitted. The Company adopted this standard effective
January 1, 2023 and there was no material impact of adopting this standard on the Company’s financial statements and related disclosures.
Other
recent accounting pronouncements and guidance issued by the FASB, its Emerging Issues Task Force, the American Institute of Certified
Public Accountants, and the Securities and Exchange Commission did not or are not believed by management to have a material impact on
the Company’s present or future financial statements.
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- DefinitionThe entire disclosure for all significant accounting policies of the reporting entity.
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v3.23.3
Inventory
|
9 Months Ended |
Sep. 30, 2023 |
Inventory Disclosure [Abstract] |
|
Inventory |
2.
Inventory
Inventory
is valued at the lower of cost (first-in, first-out) or net realizable value, net of write downs, and is comprised of the following (in
thousands):
Schedule
of Inventory
| |
September
30,
2023 | | |
December
31,
2022 | |
Raw
materials and packaging | |
$ | 8,732 | | |
$ | 8,526 | |
Finished
products | |
| 7,232 | | |
| 7,649 | |
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v3.23.3
Property and Equipment
|
9 Months Ended |
Sep. 30, 2023 |
Property, Plant and Equipment [Abstract] |
|
Property and Equipment |
3.
Property and Equipment
Property
and equipment is comprised of the following (in thousands):
Schedule of Property and Equipment
| |
September
30,
2023 | | |
December
31,
2022 | |
Right-of-use
assets under operating leases | |
$ | 724 | | |
$ | 724 | |
Computer
hardware and software | |
| 400 | | |
| 400 | |
Machinery
and equipment | |
| 414 | | |
| 429 | |
Construction
in progress | |
| 22 | | |
| - | |
Total
cost | |
| 1,560 | | |
| 1,553 | |
Accumulated
depreciation and amortization | |
| (1,001 | ) | |
| (787 | ) |
Net
book value | |
$ | 559 | | |
$ | 766 | |
Depreciation
expense for the nine months ended September 30, 2023 and 2022 was $112 and $79, respectively, and amortization of right-of-use assets
for the nine months ended September 30, 2023 and 2022 was $102 and $86, respectively.
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- DefinitionThe entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections.
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v3.23.3
Line of Credit
|
9 Months Ended |
Sep. 30, 2023 |
Line Of Credit |
|
Line of Credit |
5.
Line of Credit
Amounts
outstanding under the Company’s credit facilities are as follows (in thousands):
Schedule of Amount Outstanding Under Credit Facilities
| |
September
30,
2023 | | |
December
31,
2022 | |
Line
of credit – Alterna Capital Solutions | |
$ | 9,939 | | |
$ | 11,337 | |
Capitalized
financing costs | |
| (242 | ) | |
| (363 | ) |
Total | |
$ | 9,697 | | |
$ | 10,974 | |
In
March, 2022, the Company entered into a financing agreement with Alterna Capital Solutions (“ACS”), for a line of credit
to replace its former credit facility. The ACS line of credit is for a term of 3 years, provides for borrowings of up to $13,000, and
is secured by eligible accounts receivable and inventory. An over advance rider provides for up to $400 of additional borrowing above
the collateralized base (the “Over Advance”) up to a total borrowing of $13,000. At September 30, 2023, $14 of current availability
and $3,062 of borrowing capacity was available under the financing agreement.
Borrowings
based on receivables bears an interest of prime plus 4.75% but not less than 8.0% (13.25% at September 30, 2023 and 12.25% at December
31, 2022). Borrowings based on inventory bears an interest of prime plus 5.25% but not less than 8.5% (13.90 % at September 30, 2023
and 12.90% at December 31, 2022). The additional over advance rider bears a rate of prime plus 12.75%, but not less than 16.00% (18.00%
at September 30, 2023 and 18.00% at December 31, 2022). Additionally, the line of credit is subject to monthly monitoring fee of $1 with
a minimum usage requirement on the credit facility. A loan balance of less than $1,500 will bear interest at a rate in line with account
receivables advances plus the monthly monitoring fee of $1.
The
company incurred $483 of direct costs of the transaction, consisting primarily of broker, bank and legal fees. These costs have been
capitalized and are being amortized over the 3-year life of the ACS agreement. The unamortized debt discount balance was $363 at December
31, 2022. For the nine months ended September 30, 2023, amortization of debt discount was $121, and as of September 30, 2023, the remaining
unamortized debt discount balance is $242.
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v3.23.3
Secured Convertible Notes Payable
|
9 Months Ended |
Sep. 30, 2023 |
Debt Disclosure [Abstract] |
|
Secured Convertible Notes Payable |
6.
Secured Convertible Notes Payable
Amounts
outstanding under secured convertible notes payable are as follows (in thousands):
Schedule
of Debt
| |
September
30,
2023 | | |
December
31,
2022 | |
Secured
Convertible Note Payable | |
$ | 14,500 | | |
$ | 10,450 | |
Accrued
interest (includes excess ABL fees of $2,152 and $648) | |
| 3,267 | | |
| 1,052 | |
Capitalized
financing costs | |
| (666 | ) | |
| (976 | ) |
Total | |
$ | 17,101 | | |
$ | 10,526 | |
Current
portion | |
| (7,380 | ) | |
| (2,434 | ) |
Long
term portion | |
$ | 9,721 | | |
$ | 8,092 | |
Secured
Convertible Note Payable
In
May 2022, the Company issued $11,250 of convertible notes payable to entities affiliated with Whitebox Advisors, LLC (collectively, “Whitebox”).
The notes bear interest at a rate of 10% per annum (with 5% per annum payable in cash and 5% per annum payable in kind (“PIK”)
by adding such PIK interest to the principal amount of the notes), are secured by substantially all of the Company’s assets (including
all of its intellectual property) and are subject to a collateral sharing agreement with ACS, the Company’s existing secured lender
(see Note 5). The notes mature on May 9, 2025. In September 2022, the Company issued an additional $2,500 of convertible notes payable
to Whitebox, which were repaid in full in November 2022.
Beginning
in August 2022, the convertible notes payable have an amortization feature which requires the Company to make monthly payments of
principal of $200
plus accrued interest, payable in cash or in shares of the Company’s common stock at the option of the Company, based on 90%
of the average prices of the Company’s common stock, as defined. In February 2023, May 2023, and again in September 2023, Whitebox
waived the requirement for the December 2022 to October 2023 monthly amortization payments, and they are to resume November 1,
2023. Remaining amortization payments of principal are scheduled to total approximately $400
in 2023, $2,400
in 2024, and $1,000
in 2025, leaving a principal balance of the convertible notes of approximately $7.9
million due at maturity on May
9, 2025.
The
convertible notes permit indebtedness to ASC (see Note 5) as an asset based loan (“ABL”) up to $8,000.
In February 2023, May 2023 and again in September 2023, Whitebox waived the Company’s covenant violation of excess ABL amounts and
deferred payment of such ABL fees. At September 30, 2023, the excess ABL fees totaled $2,152
and are due November 28, 2023.
If
the Company experiences a fundamental change as defined in the convertible notes, the holders of the notes have the right to require
the Company to repurchase the notes for cash at a repurchase price equal to 110% (amended from 100%) of the principal amount, plus accrued
interest, and among other amendments.
At
December 31, 2022, the principal balance of the Notes was $10,450. In February 2023 and May 2023, the Company issued an aggregate of
$4,050 of additional convertible notes to Whitebox that substantially have the same terms as the notes issued in May 2022, except the
$4,050 convertible notes do not require any amortization payments, and are due November 28, 2023. At September 30, 2023, the balance
of all convertible notes payable to Whitebox was $14,500.
At
December 31, 2022, the balance of accrued interest was $1,052. During the nine months ended September 30, 2023, the Company recorded
interest of $2,483, made up of $979 of interest on the convertible notes, and $1,504 related to the excess ABL fees. In addition, accrued
interest of $268 was paid. At September 30, 2023, the balance of accrued interest was $3,267.
At
December 31, 2022, the unamortized debt discount was $976. During the nine months ended September 30, 2023, the Company incurred $253
of direct costs of issuing loans and issued 82,438 shares of the Company’s common stock valued at $273 as inducement for the aforementioned
waivers. These costs have been capitalized and are being amortized over the term of the convertible notes or waiver period. For the nine
months ended September 30, 2023, amortization of debt discount was $820, and as of September 30, 2023, the remaining unamortized debt
discount balance is $666.
The
convertible notes are convertible at an initial conversion rate of 0.08306 shares of the Company’s common stock per one dollar
of principal converted, or approximately $12.04 per share, subject to customary anti-dilution adjustments. In addition, if certain corporate
events occur that constitute a make-whole fundamental change as defined, then the note holders are, under certain circumstances, are
entitled to an increase in the conversion rate, limited to 0.12155 shares of Common Stock per one dollar of principal, or approximately
$8.23 per share.
Upon
conversion, holders of the convertible notes are entitled to receive an interest make-whole payment, as defined. The make-whole amount
is equal to the sum of the remaining scheduled payments of interest on the convertible notes to be converted that would be due at maturity,
payable, at the Company’s option in cash or in shares of common stock. The Company’s ability to settle conversions and make
amortization payments and interest make-whole payments using shares of the Company’s common stock is subject to certain limitations
set forth in the convertible notes.
At
September 30, 2023, the Notes, including accrued interest, are convertible into 1,475,725 shares of the Company’s common stock.
For clarity, under the terms of the Notes, a holder
may not convert or be issued shares of common stock to the extent such conversion or issuance would cause such holder, together with its
affiliates and attribution parties and any group of which it is a member, to beneficially own a number of shares of common stock which
would exceed 9.9% of our then outstanding common stock following such conversion or issuance.
The Company is subject to a registration rights agreement
with Whitebox dated May 9, 2023 pursuant to which the Company registered for resale by holders all shares potentially issuable upon conversion
of, or in satisfaction of amortization or interest make-whole payments with respect to the Notes.
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- DefinitionThe entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.
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v3.23.3
Leases Liabilities
|
9 Months Ended |
Sep. 30, 2023 |
Leases Liabilities |
|
Leases Liabilities |
7.
Leases Liabilities
During
the nine months ended September 30, 2023 and 2022, lease costs totaled $67 and $56, respectively.
As
of December 31, 2022, the operating lease liability totaled $394. During the nine months ended September 30, 2023, the Company made payments
of $138 towards its operating lease liability. As of September 30, 2023, the operating lease liability totaled $256.
As
of September 30, 2023, the weighted average remaining lease terms for an operating lease are 1.25 years. As of September 30, 2023, the
weighted average discount rate on the operating lease is 12.60%.
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- DefinitionThe entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability.
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v3.23.3
Stockholder’s Equity
|
9 Months Ended |
Sep. 30, 2023 |
Equity [Abstract] |
|
Stockholder’s Equity |
8.
Stockholder’s Equity
Common
stock issuances
On
May 25, 2023, the Company entered into a Securities Purchase Agreement with D&D Source of Life Holding Ltd., as the lead investor,
and certain of Reed’s affiliates pursuant to which the investors agreed to purchase an aggregate of 1,566,732 shares of Reed’s
common stock and warrants to purchase 313,346 shares of Common Stock. The purchase price was $2.585 per share of Common Stock with the
associated warrant. The net proceeds to the Company, after deducting offering expenses, was $4,016. The warrants are exercisable for
a term of three years at an exercise price of $2.50 per share.
On
May 25, 2023, in order to induce the lead investor to subscribe, the Company granted the lead investor certain preemptive rights and
agreed to support the lead investor’s nomination of two board designees, one of which shall be an independent director.
Common
stock repurchases
During
the nine months ended September 30, 2023, the Company repurchased 274 shares of common stock from an officer for $1 based on the market
value of share on the date repurchased. The Company retired the shares.
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v3.23.3
Stock-Based Compensation
|
9 Months Ended |
Sep. 30, 2023 |
Share-Based Payment Arrangement [Abstract] |
|
Stock-Based Compensation |
9.
Stock-Based Compensation
Restricted
common stock
The
following table summarizes restricted stock activity during the nine months ended September 30, 2023:
Summary
of Non-vested Restricted Stock Activity
| |
Unvested
Shares | | |
Issuable
Shares | | |
Fair
Value at Date of Issuance | | |
Weighted
Average Grant Date Fair Value | |
Balance,
December 31, 2022 | |
| 1,500 | | |
| - | | |
$ | 26.00 | | |
| 44.75 | |
Granted | |
| - | | |
| - | | |
| - | | |
| - | |
Vested | |
| (750 | ) | |
| 750 | | |
| - | | |
| - | |
Forfeited | |
| (750 | ) | |
| - | | |
| - | | |
| - | |
Issued | |
| - | | |
| (750 | ) | |
| (3.00 | ) | |
| - | |
Balance,
September 30, 2023 | |
| - | | |
| - | | |
$ | - | | |
$ | - | |
The
total fair value of restricted common stock vesting during the nine months ended September 30, 2023 and 2022, was $3 and $137, respectively,
and is included in general and administrative expenses in the accompanying statements of operations. As of September 30, 2023, the amount
of unvested compensation related to issuances of restricted common stock was $0. When calculating basic loss per share, these shares
are included in weighted average common shares outstanding from the time they vest. When calculating diluted net income per share, these
shares are included in weighted average common shares outstanding as of their grant date.
Stock
options
The
following table summarizes stock option activity during the nine months ended September 30, 2023:
Schedule
of Stock Option Activity
| |
Shares | | |
Weighted-
Average Exercise Price | | |
Weighted-
Average Remaining Contractual Terms (Years) | | |
Aggregate
Intrinsic Value | |
Outstanding
at December 31, 2022 | |
| 164,423 | | |
$ | 48.90 | | |
| 7.58 | | |
$ | - | |
Granted | |
| 10,037 | | |
| 4.50 | | |
| | | |
| | |
Exercised | |
| - | | |
| - | | |
| | | |
| | |
Unvested
forfeited | |
| (10,497 | ) | |
| 48.74 | | |
| | | |
| | |
Vested
forfeited | |
| (18,951 | ) | |
| 54.59 | | |
| | | |
| | |
Outstanding
at September 30, 2023 | |
| 145,012 | | |
$ | 45.09 | | |
| 7.00 | | |
$ | - | |
Exercisable
at September 30, 2023 | |
| 92,711 | | |
$ | 52.71 | | |
| 6.40 | | |
$ | - | |
During
the nine months ended September 30, 2023, the Company approved options exercisable into 10,037 shares to be issued pursuant to Reed’s
2020 Equity Incentive Plan. 10,037 options were issued to employees, 5,016 options vesting annually over a four-year vesting period,
and 5,021 options vesting based on performance criteria to be established by the board of directors.
The
stock options are exercisable at a price of $4.50 per share and expire in ten years. The total fair value of these options at grant date
was approximately $32, which was determined using a Black-Scholes-Merton option pricing model with the following average assumption:
stock price of $4.50 share, expected term of six years, volatility of 82%, dividend rate of 0%, and weighted average risk-free interest
rate of 3.59%. The expected term represents the weighted-average period of time that share option awards granted are expected to be outstanding
giving consideration to vesting schedules and historical participant exercise behavior; the expected volatility is based upon historical
volatility of the Company’s common stock; the expected dividend yield is based on the fact that the Company has not paid dividends
in the past and does not expect to pay dividends in the future; and the risk-free interest rate is based on the U.S. Treasury yield curve
in effect at the time of measurement corresponding with the expected term of the share option award.
During
the nine months ended September 30, 2023 and 2022, the Company recognized $351 and $448 of compensation expense relating to vested stock
options. As of September 30, 2023, the aggregate amount of unvested compensation related to stock options was approximately $582 which
will be recognized as an expense as the options vest in future periods through March 28, 2027.
As
of September 30, 2023, the outstanding and exercisable options have no intrinsic value. The aggregate intrinsic value was calculated
as the difference between the closing market price as of September 30, 2023, which was $3.26, and the exercise price of the outstanding
stock options.
|
X |
- DefinitionThe entire disclosure for share-based payment arrangement.
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v3.23.3
Stock Warrants
|
9 Months Ended |
Sep. 30, 2023 |
Stock Warrants |
|
Stock Warrants |
10.
Stock Warrants
The
Company’s warrant activity during the nine months ended September 30, 2023 is as follows:
Schedule
of Warrant Activity
| |
Shares | | |
Weighted- Average
Exercise Price | | |
Weighted- Average
Remaining Contractual Terms (Years) | | |
Aggregate
Intrinsic Value | |
| |
| | |
| | |
| | |
| |
Outstanding
at December 31, 2022 | |
| 235,946 | | |
$ | 16.99 | | |
| 4.20 | | |
$ | - | |
Granted | |
| 313,346 | | |
| 2.59 | | |
| 2.64 | | |
| - | |
Exercised | |
| - | | |
| - | | |
| - | | |
| | |
Forfeited | |
| - | | |
| - | | |
| - | | |
| | |
Outstanding
at September 30, 2023 | |
| 549,292 | | |
$ | 8.77 | | |
| 3.09 | | |
$ | 238 | |
Exercisable
at September 30, 2023 | |
| 549,292 | | |
$ | 8.77 | | |
| 3.09 | | |
$ | 238 | |
As
of September 30, 2023, the outstanding and exercisable warrants have an aggregate intrinsic value of $238. The aggregate intrinsic value
was calculated as the difference between the closing market price as of September 30, 2023, which was $3.26, and the exercise price of
the Company’s warrants to purchase common stock.
On
May 25, 2023, the Company entered into a Securities Purchase Agreement with D&D Source of Life Holding Ltd., as the lead investor,
and certain of Reed’s affiliates pursuant to which the investors agreed to purchase an aggregate of 1,566,732 shares of Reed’s
common stock and warrants to purchase 313,346 shares of Common Stock. The purchase price per share of Common Stock and associated warrant
was $2.585. The warrants are exercisable for a term of three years at a per share exercise price of $2.50.
|
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v3.23.3
Transactions with California Custom Beverage, LLC, former related party
|
9 Months Ended |
Sep. 30, 2023 |
Related Party Transactions [Abstract] |
|
Transactions with California Custom Beverage, LLC, former related party |
11.
Transactions with California Custom Beverage, LLC, former related party
In
December 2018, the Company signed a co-packing agreement with California Custom Beverage, LLC’s (“CCB”), an entity
owned by Christopher J. Reed, a former related party, pursuant to which CCB agreed to produce certain products for the Company for agreed
fees. The co-packing agreement, as amended, includes certain provisions for product inputs, shrinkage, and quality assurance. Also beginning
in 2019, CCB agreed to pay the Company a 5% royalty through 2021 on certain private label sales made by CCB.
During
the nine months ended September 30, 2023 and 2022, the Company incurred co-packing fees due to CCB of $1,127 and $2,611, respectively.
As of September 30, 2023 and 2022, the aggregate of co-packing fees payable to CCB were $452 and $2,025, respectively. At September 30,
2023 and December 31, 2022, the Company had also recorded receivables from CCB of $1,315 and $1,315, respectively, including royalty
receivable of $297 and $297, and charge backs of certain costs management determined were permittable under the co-packing agreement
of $1,018 and $1,018, respectively.
At
September 30, 2023 and December 31, 2022, accounts receivable due from and accounts payable due to CCB were as follows:
Schedule
of Related Parties
| |
September
30,
2023 | | |
December
31,
2022 | |
Accounts
receivable, net of provision of $538 and $538 at September 30, 2023 and December 31, 2022, respectively | |
| 777 | | |
| 777 | |
Accounts
payable | |
| (452 | ) | |
| (2,025 | ) |
Net
(payable) receivable | |
| 325 | | |
| (1,248 | ) |
At
December 31, 2022, CCB disputes that it owes $1,043 of the $1,315 recorded as receivable by the Company. The Company believes that it
will prevail in this dispute, however, as of September 30, 2023 and December 31, 2022, due to the uncertainty about the ultimate amount
that will be settled, the Company has provided a reserve for $538 based on management’s estimate. In addition, on April 19, 2023,
the Company received a letter from CCB demanding payment of various amounts, including the $452 and $2,025 outstanding at September 30,
2023 and December 31, 2022, respectively. The Company has determined that the probability of realizing any loss on the demand from CCB
is remote and therefore has not recorded any additional accruals related to the demand.
|
X |
- DefinitionThe entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.
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v3.23.3
Commitments and Contingencies
|
9 Months Ended |
Sep. 30, 2023 |
Commitments and Contingencies Disclosure [Abstract] |
|
Commitments and Contingencies |
12.
Commitments and Contingencies
In
2018, CCB assumed the monthly payments on our lease obligation for a Los Angeles manufacturing plant, and our release from the obligation
by the lessor, however, is dependent upon CCB’s deposit of $1,200 of security with the lessor. As of September 30, 2023, $800 has
been deposited with the lessor and Chris J. Reed has placed approximately 7,260 shares of the Company’s common stock valued at
$24 that remain in escrow with the lessor.
From
time to time, we are a party to claims and legal proceedings arising in the ordinary course of business. Our management evaluates our
exposure to these claims and proceedings individually and in the aggregate and provides for potential losses on such litigation if the
amount of the loss is estimable and the loss is probable.
We
believe that there are no material litigation matters at the current time. Although the results of such litigation matters and claims
cannot be predicted with certainty, we believe that the final outcome of such claims and proceedings will not have a material adverse
impact on our financial position, liquidity, or results of operations.
|
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- DefinitionThe entire disclosure for commitments and contingencies.
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v3.23.3
Summary of Significant Accounting Policies (Policies)
|
9 Months Ended |
Sep. 30, 2023 |
Accounting Policies [Abstract] |
|
Basis of Presentation |
Basis
of Presentation
The
accompanying condensed financial statements of Reed’s, Inc. (the “Company”, “we”, “us”, or
“our”), have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S.
GAAP”) and the applicable rules and regulations of the Securities and Exchange Commission (the “SEC”) regarding interim
financial reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with
U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. We believe that the disclosures contained in these condensed
financial statements are adequate to make the information presented herein not misleading. These condensed financial statements should
be read in conjunction with the financial statements contained in the Company’s Annual Report on Form 10-K for the year ended December
31, 2022, filed with the SEC on May 15, 2023. The accompanying condensed financial statements are unaudited, but in the opinion of management
contain all adjustments, including normal recurring adjustments, necessary to present fairly the Company’s financial position as
of September 30, 2023, and the results of its operations and its cash flows for the nine months ended September 30, 2023 and 2022. The
balance sheet as of December 31, 2022 is derived from the Company’s audited financial statements.
The
results of operations for the nine months ended September 30, 2023 are not necessarily indicative of the results of operations to be
expected for the full fiscal year ending December 31, 2023.
|
Going Concern |
Going
Concern
The
accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the settlement
of liabilities and commitments in the normal course of business. As reflected in the accompanying financial statements, for the nine
months ended September 30, 2023, the Company recorded a net loss of $8,927, and at September 30, 2023, had a stockholders’ deficit
of $12,760. These factors raise substantial doubt about the Company’s ability to continue as a going concern within one year of
the date that the financial statements are issued. In addition, the Company’s independent registered public accounting firm, in
its report on the Company’s December 31, 2022, financial statements, raised substantial doubt about the Company’s ability
to continue as a going concern. The financial statements do not include any adjustments that might be necessary if the Company is unable
to continue as a going concern.
As
of September 30, 2023, we had a cash balance of $1,004, with $14 of current availability on the line of credit, and $3,062 of additional
borrowing capacity from the credit facility.
Historically,
we have financed our operations through public and private sales of common stock, issuance of preferred and common stock, convertible
debt instruments, term loans and credit lines from financial institutions, and cash generated from operations. To alleviate these conditions,
management is currently evaluating various funding alternatives and may seek to raise additional funds through the issuance of equity,
mezzanine or debt securities, through arrangements with strategic partners or through obtaining credit from financial institutions. As
we seek additional sources of financing, there can be no assurance that such financing would be available to us on favorable terms or
at all. Our ability to obtain additional financing in the debt and equity capital markets is subject to several factors, including market
and economic conditions, our performance and investor sentiment with respect to us and our industry.
We
have also taken decisive action to improve our margins, including fully outsourcing our manufacturing process, streamlining our product
portfolio, negotiating improved vendor contracts and restructuring our selling prices.
|
Recent Trends - Market Conditions |
Recent
Trends - Market Conditions
Although
the U.S. economy continued to grow during the third quarter of 2023, the higher inflation, the actions by the Federal Reserve to address
inflation, and rising energy prices create uncertainty about the future economic environment which will continue to evolve and may impact
our business in future periods. We have experienced supply chain challenges, including increased lead times, as well as inflation of
raw materials, logistics and labor costs due to availability constraints and high demand. Although we regularly monitor companies in
our supply chain, and use alternative suppliers when necessary and available, supply chain constraints could cause a disruption in our
ability to obtain raw materials required to manufacture our products and adversely affect our operations. We expect the inflationary
trends and supply chain pressures to continue throughout 2023.
During
the three and nine period ended September 30, 2023, the Company experienced moderation from the elevated freight costs experienced in
2022. The average cost of shipping and handling for the three month period ended September 30, 2023, was $2.98 per case, as compared
to $3.38 per case for the three month period ended September 30, 2022. The average cost of shipping and handling for the nine month period
ended September 30, 2023, was $3.17 per case, as compared to $4.13 per case for the nine month period ended September 30, 2022. Although
the Company has experienced decreases in freight costs over the last three quarters, in the Company’s opinion there remains a volatile
environment and the Company will continue to monitor pricing and availability in transportation. Mitigation plans have been implemented
to manage this risk. The Company has been negatively impacted by supply chain challenges impacting our ability to benefit from strong
demand for, and increased sales of our product. The disruption caused by labor shortages, significant raw material cost inflation, logistics
issues and increased freight costs, and ongoing port congestion, resulted in suppressed margins. The Company has experienced moderation
in inflation and anticipates this to continue throughout 2023.
|
Reverse Stock Split |
Reverse
Stock Split
At
a special meeting of shareholders held on January 24, 2023, the Company’s shareholders granted the Company’s board of directors
the discretion to effect a reverse stock split of the common stock through an amendment to the Company’s Certificate of Incorporation,
as amended, at a ratio of any ratio not less than 1-for-6 and not more than 1-for-50, at any time on or prior to January 24, 2024, with
the exact ratio to be set at a whole number within this range by the board of directors in its sole discretion. On January 25, 2023,
the Company announced that its board of directors approved a 1-for-50 reverse stock split of the Company’s issued and outstanding
shares of common stock, par value $0.0001 per share.
The
authorized number of shares of common stock were not affected by the reverse stock split. No fractional shares were issued in connection
with the reverse stock split, as all fractional shares were rounded up to the next whole share. Accordingly, all share and per share
amounts presented herein with respect to common stock have been retroactively adjusted to reflect the above-described reverse stock split
for all periods presented.
|
Use of Estimates |
Use
of Estimates
The
preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates
and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date
of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ
from those estimates. Those estimates and assumptions include estimates for credit loss reserves for accounts receivable, assumptions
used in valuing inventories at net realizable value, impairment testing of recorded long-term tangible and intangible assets, the valuation
allowance for deferred tax assets, accruals for potential liabilities, assumptions made in valuing stock instruments issued for services,
and assumptions used in valuing warrant liabilities, and assumptions used in the determination of the Company’s liquidity.
|
Revenue Recognition |
Revenue
Recognition
The
Company recognizes revenue in accordance with Accounting Standards Codification (ASC) 606, Revenue from Contracts with Customers
(“ASC 606”). Revenue and costs of sales are recognized when control of the products transfers to our customer, which generally
occurs upon shipment from our facilities. The Company’s performance obligations are satisfied at that time. The Company does not
have any significant contracts with customers requiring performance beyond delivery, and contracts with customers contain no incentives
or discounts that could cause revenue to be allocated or adjusted over time. Shipping and handling activities are performed before the
customer obtains control of the goods and therefore represent a fulfilment activity rather than a promised service to the customer. All
of the Company’s products are offered for sale as finished goods only, and there are no performance obligations required post-shipment
for customers to derive the expected value from them.
The
Company does not allow for returns, except for damaged products when the damage occurred pre-fulfilment. Damaged product returns have
historically been insignificant. Because of this, the stand-alone nature of our products, and our assessment of performance obligations
and transaction pricing for our sales contracts, we do not currently maintain a contract asset or liability balance for obligations.
We assess our contracts and the reasonableness of our conclusions on a quarterly basis.
|
Loss per Common Share |
Loss
per Common Share
Basic
earnings (loss) per share is computed by dividing the net income (loss) applicable to common stockholders by the weighted average number
of shares of common stock outstanding during the year, excluding shares of unvested restricted common stock. Shares of restricted stock
are included in the basic weighted average number of common shares outstanding from the time they vest. Diluted earnings (loss) per share
is computed by dividing the net income applicable to common stockholders by the weighted average number of common shares outstanding
plus the number of additional common shares that would have been outstanding if all dilutive potential common shares had been issued,
using the treasury stock method. Shares of restricted stock are included in the diluted weighted average number of common shares outstanding
from the date they are granted. Potential common shares are excluded from the computation when their effect is antidilutive.
For
the periods ended September 30, 2023 and 2022, the calculations of basic and diluted loss per share are the same because potential dilutive
securities would have had an anti-dilutive effect. The potentially dilutive securities consisted of the following:
Schedule
of Potentially Dilutive Securities
| |
September
30,
2023 | | |
September
30, 2022 | |
Warrants | |
| 549,292 | | |
| 250,946 | |
Options | |
| 145,012 | | |
| 176,737 | |
Convertible
note payable | |
| 1,475,725 | | |
| 449,156 | |
Unvested
restricted common stock | |
| - | | |
| 3,509 | |
Common
stock equivalent of Series A Convertible Preferred stock | |
| 753 | | |
| 753 | |
Total | |
| 2,170,782 | | |
| 881,100 | |
Antidilutive Securities | |
| 2,170,782 | | |
| 881,100 | |
|
Stock Compensation Expense |
Stock
Compensation Expense
The
Company periodically issues stock options and restricted stock awards to employees and non-employees in non-capital raising transactions
for services and for financing costs. The Company accounts for such grants issued and vesting based on ASC 718, Compensation-Stock
Compensation whereby the value of the award is measured on the date of grant and recognized for employees as compensation expense
on the straight-line basis over the vesting period. Recognition of compensation expense for non-employees is in the same period and manner
as if the Company had paid cash for the services. The Company recognizes the fair value of stock-based compensation within its Statements
of Operations with classification depending on the nature of the services rendered.
The
fair value of the Company’s stock options is estimated using the Black-Scholes-Merton Option Pricing model, which uses certain
assumptions related to risk-free interest rates, expected volatility, expected life of the stock options or restricted stock, and future
dividends. Compensation expense is recorded based upon the value derived from the Black-Scholes-Merton Option Pricing model and based
on actual experience. The assumptions used in the Black-Scholes-Merton Option Pricing model could materially affect compensation expense
recorded in future periods.
|
Advertising Costs |
Advertising
Costs
Advertising
costs are expensed as incurred and are included in selling and marketing expense. Advertising costs for the three months ended September
30, 2023 and 2022, aggregated $22 and $116, respectively. Advertising costs for the nine months ended September 30, 2023 and 2022, aggregated
$82 and $539, respectively.
|
Concentrations |
Concentrations
Net
sales. During the three months ended September 30, 2023, three customers accounted for 22%, 14%, and 12% of gross billing, respectively,
and during the nine months ended September 30, 2023, two customers accounted for 19% and 13% of gross billing, respectively. During the
three months ended September 30, 2022, three customers accounted for 16%, 11%, and 10% of sales, respectively, and during the nine months
ended September 30, 2022, three customers accounted for 19%, 11%, and 10% of sales, respectively. No other customers exceeded 10% of
sales in either period.
Accounts
receivable. As of September 30, 2023, the Company had accounts receivable from four customers which comprised 16%, 14%, 13%, and
10% of its gross accounts receivable. As of December 31, 2022, the Company had accounts receivable from two customers which comprised
19% and 11% of its gross accounts receivable, respectively. No other customers exceeded 10% of gross accounts receivable in either period.
The
Company utilizes co-packers to produce 100% of its products. During the nine months ended September 30, 2023 and the year ended December
31, 2022, the Company utilized six separate co-packers for most its production and bottling of beverage products in the United States.
The Company has long-standing relationships with two different co-packers, and a third co-packing agreement with California Custom Beverage
LLC (“CCB”), a former related party (see Note 11). Although there are other packers, a change in co-packers may cause a delay
in the production process, which could ultimately affect operating results.
Purchases
from vendors. During the three and nine months ended September 30, 2023 and 2022, no vendor accounted for more than 10% of all purchases.
During the three months ended September 30, 2022, one vendor accounted for 18% of purchases. During the nine months ended September 30,
2022, one vendor accounted for 15% of purchases. No other vendors exceeded 10% of all purchases in either period.
Accounts
payable. As of September 30, 2023, the Company’s had one vendor which comprised 10% of total accounts payable. As of December
31, 2022, no vendor accounted for more than 10% of the total accounts payable. No other vendors exceeded 10% of gross accounts payable
in either period.
|
Fair Value of Financial Instruments |
Fair
Value of Financial Instruments
The
Company uses various inputs in determining the fair value of its financial assets and liabilities and measures these assets on a recurring
basis. Financial assets recorded at fair value are categorized by the level of subjectivity associated with the inputs used to measure
their fair value. ASC 820 defines the following levels of subjectivity associated with the inputs:
Level
1—Quoted prices in active markets for identical assets or liabilities.
Level
2—Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly.
Level
3—Unobservable inputs based on the Company’s assumptions.
The
carrying amounts of financial assets and liabilities, such as cash and cash equivalents, accounts receivable, short-term bank loans,
accounts payable, notes payable and other payables, approximate their fair values because of the short maturity of these instruments.
The carrying values of capital lease obligations and long-term financing obligations approximate their fair values because interest rates
on these obligations are based on prevailing market interest rates.
|
Recent Accounting Pronouncements |
Recent
Accounting Pronouncements
In
May 2021, the FASB issued ASU 2021-04 “Earnings Per Share (Topic 260), Debt—Modifications and Extinguishments (Subtopic 470-50),
Compensation— Stock Compensation (Topic 718), and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic
815- 40) Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options”
(“ASU 2021-04”). ASU 2021-04 provides guidance as to how an issuer should account for a modification of the terms or conditions
or an exchange of a freestanding equity-classified written call option (i.e., a warrant) that remains equity classified after modification
or exchange as an exchange of the original instrument for a new instrument. An issuer should measure the effect of a modification or
exchange as the difference between the fair value of the modified or exchanged warrant and the fair value of that warrant immediately
before modification or exchange and then apply a recognition model that comprises four categories of transactions and the corresponding
accounting treatment for each category (equity issuance, debt origination, debt modification, and modifications unrelated to equity issuance
and debt origination or modification). ASU 2021-04 is effective for all entities for fiscal years beginning after December 15, 2021,
including interim periods within those fiscal years. An entity should apply the guidance provided in ASU 2021-04 prospectively to modifications
or exchanges occurring on or after the effective date. The Company adopted ASU 2021-04 effective January 1, 2022. The adoption of ASU
2021-04 did not have any impact on the Company’s financial statement presentation or disclosures.
In
September 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments. ASU 2016-13 requires entities
to use a forward-looking approach based on current expected credit losses (“CECL”) to estimate credit losses on certain types
of financial instruments, including trade receivables. This may result in the earlier recognition of allowances for losses. ASU 2016-13
is effective for the Company beginning January 1, 2023, and early adoption is permitted. The Company adopted this standard effective
January 1, 2023 and there was no material impact of adopting this standard on the Company’s financial statements and related disclosures.
Other
recent accounting pronouncements and guidance issued by the FASB, its Emerging Issues Task Force, the American Institute of Certified
Public Accountants, and the Securities and Exchange Commission did not or are not believed by management to have a material impact on
the Company’s present or future financial statements.
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v3.23.3
Summary of Significant Accounting Policies (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Accounting Policies [Abstract] |
|
Schedule of Potentially Dilutive Securities |
Schedule
of Potentially Dilutive Securities
| |
September
30,
2023 | | |
September
30, 2022 | |
Warrants | |
| 549,292 | | |
| 250,946 | |
Options | |
| 145,012 | | |
| 176,737 | |
Convertible
note payable | |
| 1,475,725 | | |
| 449,156 | |
Unvested
restricted common stock | |
| - | | |
| 3,509 | |
Common
stock equivalent of Series A Convertible Preferred stock | |
| 753 | | |
| 753 | |
Total | |
| 2,170,782 | | |
| 881,100 | |
Antidilutive Securities | |
| 2,170,782 | | |
| 881,100 | |
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v3.23.3
Inventory (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Inventory Disclosure [Abstract] |
|
Schedule of Inventory |
Inventory
is valued at the lower of cost (first-in, first-out) or net realizable value, net of write downs, and is comprised of the following (in
thousands):
Schedule
of Inventory
| |
September
30,
2023 | | |
December
31,
2022 | |
Raw
materials and packaging | |
$ | 8,732 | | |
$ | 8,526 | |
Finished
products | |
| 7,232 | | |
| 7,649 | |
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v3.23.3
Property and Equipment (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Property, Plant and Equipment [Abstract] |
|
Schedule of Property and Equipment |
Property
and equipment is comprised of the following (in thousands):
Schedule of Property and Equipment
| |
September
30,
2023 | | |
December
31,
2022 | |
Right-of-use
assets under operating leases | |
$ | 724 | | |
$ | 724 | |
Computer
hardware and software | |
| 400 | | |
| 400 | |
Machinery
and equipment | |
| 414 | | |
| 429 | |
Construction
in progress | |
| 22 | | |
| - | |
Total
cost | |
| 1,560 | | |
| 1,553 | |
Accumulated
depreciation and amortization | |
| (1,001 | ) | |
| (787 | ) |
Net
book value | |
$ | 559 | | |
$ | 766 | |
|
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v3.23.3
X |
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v3.23.3
Line of Credit (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Line Of Credit |
|
Schedule of Amount Outstanding Under Credit Facilities |
Amounts
outstanding under the Company’s credit facilities are as follows (in thousands):
Schedule of Amount Outstanding Under Credit Facilities
| |
September
30,
2023 | | |
December
31,
2022 | |
Line
of credit – Alterna Capital Solutions | |
$ | 9,939 | | |
$ | 11,337 | |
Capitalized
financing costs | |
| (242 | ) | |
| (363 | ) |
Total | |
$ | 9,697 | | |
$ | 10,974 | |
|
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v3.23.3
Secured Convertible Notes Payable (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Debt Disclosure [Abstract] |
|
Schedule of Debt |
Amounts
outstanding under secured convertible notes payable are as follows (in thousands):
Schedule
of Debt
| |
September
30,
2023 | | |
December
31,
2022 | |
Secured
Convertible Note Payable | |
$ | 14,500 | | |
$ | 10,450 | |
Accrued
interest (includes excess ABL fees of $2,152 and $648) | |
| 3,267 | | |
| 1,052 | |
Capitalized
financing costs | |
| (666 | ) | |
| (976 | ) |
Total | |
$ | 17,101 | | |
$ | 10,526 | |
Current
portion | |
| (7,380 | ) | |
| (2,434 | ) |
Long
term portion | |
$ | 9,721 | | |
$ | 8,092 | |
|
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v3.23.3
Stock-Based Compensation (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Share-Based Payment Arrangement [Abstract] |
|
Summary of Non-vested Restricted Stock Activity |
The
following table summarizes restricted stock activity during the nine months ended September 30, 2023:
Summary
of Non-vested Restricted Stock Activity
| |
Unvested
Shares | | |
Issuable
Shares | | |
Fair
Value at Date of Issuance | | |
Weighted
Average Grant Date Fair Value | |
Balance,
December 31, 2022 | |
| 1,500 | | |
| - | | |
$ | 26.00 | | |
| 44.75 | |
Granted | |
| - | | |
| - | | |
| - | | |
| - | |
Vested | |
| (750 | ) | |
| 750 | | |
| - | | |
| - | |
Forfeited | |
| (750 | ) | |
| - | | |
| - | | |
| - | |
Issued | |
| - | | |
| (750 | ) | |
| (3.00 | ) | |
| - | |
Balance,
September 30, 2023 | |
| - | | |
| - | | |
$ | - | | |
$ | - | |
|
Schedule of Stock Option Activity |
The
following table summarizes stock option activity during the nine months ended September 30, 2023:
Schedule
of Stock Option Activity
| |
Shares | | |
Weighted-
Average Exercise Price | | |
Weighted-
Average Remaining Contractual Terms (Years) | | |
Aggregate
Intrinsic Value | |
Outstanding
at December 31, 2022 | |
| 164,423 | | |
$ | 48.90 | | |
| 7.58 | | |
$ | - | |
Granted | |
| 10,037 | | |
| 4.50 | | |
| | | |
| | |
Exercised | |
| - | | |
| - | | |
| | | |
| | |
Unvested
forfeited | |
| (10,497 | ) | |
| 48.74 | | |
| | | |
| | |
Vested
forfeited | |
| (18,951 | ) | |
| 54.59 | | |
| | | |
| | |
Outstanding
at September 30, 2023 | |
| 145,012 | | |
$ | 45.09 | | |
| 7.00 | | |
$ | - | |
Exercisable
at September 30, 2023 | |
| 92,711 | | |
$ | 52.71 | | |
| 6.40 | | |
$ | - | |
|
X |
- DefinitionTabular disclosure of the changes in outstanding nonvested restricted stock shares.
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v3.23.3
Stock Warrants (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Stock Warrants |
|
Schedule of Warrant Activity |
The
Company’s warrant activity during the nine months ended September 30, 2023 is as follows:
Schedule
of Warrant Activity
| |
Shares | | |
Weighted- Average
Exercise Price | | |
Weighted- Average
Remaining Contractual Terms (Years) | | |
Aggregate
Intrinsic Value | |
| |
| | |
| | |
| | |
| |
Outstanding
at December 31, 2022 | |
| 235,946 | | |
$ | 16.99 | | |
| 4.20 | | |
$ | - | |
Granted | |
| 313,346 | | |
| 2.59 | | |
| 2.64 | | |
| - | |
Exercised | |
| - | | |
| - | | |
| - | | |
| | |
Forfeited | |
| - | | |
| - | | |
| - | | |
| | |
Outstanding
at September 30, 2023 | |
| 549,292 | | |
$ | 8.77 | | |
| 3.09 | | |
$ | 238 | |
Exercisable
at September 30, 2023 | |
| 549,292 | | |
$ | 8.77 | | |
| 3.09 | | |
$ | 238 | |
|
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v3.23.3
Transactions with California Custom Beverage, LLC, former related party (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Related Party Transactions [Abstract] |
|
Schedule of Related Parties |
At
September 30, 2023 and December 31, 2022, accounts receivable due from and accounts payable due to CCB were as follows:
Schedule
of Related Parties
| |
September
30,
2023 | | |
December
31,
2022 | |
Accounts
receivable, net of provision of $538 and $538 at September 30, 2023 and December 31, 2022, respectively | |
| 777 | | |
| 777 | |
Accounts
payable | |
| (452 | ) | |
| (2,025 | ) |
Net
(payable) receivable | |
| 325 | | |
| (1,248 | ) |
|
X |
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v3.23.3
Schedule of Potentially Dilutive Securities (Details) - shares shares in Thousands |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Antidilutive Securities |
2,170,782
|
881,100
|
Warrant [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Antidilutive Securities |
549,292
|
250,946
|
Equity Option [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Antidilutive Securities |
145,012
|
176,737
|
Convertible Notes Payable [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Antidilutive Securities |
1,475,725
|
449,156
|
Unvested Restricted Common Stock [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Antidilutive Securities |
|
3,509
|
Common Stock Equivalent of Series A Convertible Preferred Stock [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Antidilutive Securities |
753
|
753
|
X |
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v3.23.3
Summary of Significant Accounting Policies (Details Narrative) $ / shares in Units, $ in Thousands |
|
|
3 Months Ended |
9 Months Ended |
12 Months Ended |
|
|
|
Jan. 24, 2024 |
Jan. 25, 2023
$ / shares
|
Sep. 30, 2023
USD ($)
$ / shares
|
Sep. 30, 2022
USD ($)
|
Sep. 30, 2023
USD ($)
$ / shares
|
Sep. 30, 2022
USD ($)
|
Dec. 31, 2022
USD ($)
$ / shares
|
Jun. 30, 2023
USD ($)
|
Jun. 30, 2022
USD ($)
|
Dec. 31, 2021
USD ($)
|
Product Information [Line Items] |
|
|
|
|
|
|
|
|
|
|
Net loss |
|
|
$ 1,436
|
$ 3,231
|
$ 8,927
|
$ 13,288
|
|
|
|
|
Stockholders' deficit |
|
|
12,760
|
$ 3,436
|
12,760
|
$ 3,436
|
$ 8,470
|
$ 11,463
|
$ 419
|
$ (4,203)
|
Cash |
|
|
1,004
|
|
1,004
|
|
$ 533
|
|
|
|
Line of credit facility, borrowing capacity |
|
|
14
|
|
14
|
|
|
|
|
|
Line of credit facility, additional borrowing capacity |
|
|
$ 3,062
|
|
$ 3,062
|
|
|
|
|
|
Shipping and handling costs |
|
|
2.98
|
3.38
|
3.17
|
4.13
|
|
|
|
|
Reverse stock split |
1-for-6 and not more than 1-for-50
|
1-for-50 reverse stock split
|
|
|
|
|
|
|
|
|
Common stock par value | $ / shares |
|
$ 0.0001
|
$ 0.0001
|
|
$ 0.0001
|
|
$ 0.0001
|
|
|
|
Advertising costs |
|
|
$ 22
|
$ 116
|
$ 82
|
$ 539
|
|
|
|
|
Customer One [Member] | Revenue Benchmark [Member] | Product Concentration Risk [Member] |
|
|
|
|
|
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
|
|
|
|
|
Concentration risk, percentage |
|
|
22.00%
|
16.00%
|
19.00%
|
19.00%
|
|
|
|
|
Customer One [Member] | Accounts Receivable [Member] | Customer Concentration Risk [Member] |
|
|
|
|
|
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
|
|
|
|
|
Concentration risk, percentage |
|
|
|
|
16.00%
|
|
19.00%
|
|
|
|
Customer Two [Member] | Revenue Benchmark [Member] | Product Concentration Risk [Member] |
|
|
|
|
|
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
|
|
|
|
|
Concentration risk, percentage |
|
|
14.00%
|
11.00%
|
13.00%
|
11.00%
|
|
|
|
|
Customer Two [Member] | Accounts Receivable [Member] | Customer Concentration Risk [Member] |
|
|
|
|
|
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
|
|
|
|
|
Concentration risk, percentage |
|
|
|
|
14.00%
|
|
11.00%
|
|
|
|
Customer Three [Member] | Revenue Benchmark [Member] | Product Concentration Risk [Member] |
|
|
|
|
|
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
|
|
|
|
|
Concentration risk, percentage |
|
|
12.00%
|
10.00%
|
|
10.00%
|
|
|
|
|
Customer Three [Member] | Accounts Receivable [Member] | Customer Concentration Risk [Member] |
|
|
|
|
|
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
|
|
|
|
|
Concentration risk, percentage |
|
|
|
|
13.00%
|
|
|
|
|
|
Customer Four [Member] | Accounts Receivable [Member] | Customer Concentration Risk [Member] |
|
|
|
|
|
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
|
|
|
|
|
Concentration risk, percentage |
|
|
|
|
10.00%
|
|
|
|
|
|
Vendor One [Member] | Revenue Benchmark [Member] | Product Concentration Risk [Member] |
|
|
|
|
|
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
|
|
|
|
|
Concentration risk, percentage |
|
|
|
18.00%
|
|
15.00%
|
|
|
|
|
Vendor One [Member] | Accounts Payable [Member] | Customer Concentration Risk [Member] |
|
|
|
|
|
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
|
|
|
|
|
Concentration risk, percentage |
|
|
|
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v3.23.3
Schedule of Property and Equipment (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] |
|
|
Total cost |
$ 1,560
|
$ 1,553
|
Accumulated depreciation and amortization |
(1,001)
|
(787)
|
Net book value |
559
|
766
|
Right-of-use Assets Under Operating Leases [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Total cost |
724
|
724
|
Computer Hardware and Software [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Total cost |
400
|
400
|
Machinery and Equipment [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Total cost |
414
|
429
|
Construction in Progress [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Total cost |
$ 22
|
|
X |
- DefinitionAmount of accumulated depreciation, depletion and amortization for physical assets used in the normal conduct of business to produce goods and services.
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v3.23.3
Line of Credit (Details Narrative) - USD ($)
|
1 Months Ended |
9 Months Ended |
12 Months Ended |
|
Mar. 31, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Dec. 31, 2022 |
Mar. 31, 2023 |
Line of Credit Facility [Line Items] |
|
|
|
|
|
Line of credit maximum borrowing capacity |
|
$ 3,062,000
|
|
|
|
Line of credit facility current borrowing capacity |
|
14,000
|
|
|
|
Amortization of debt discount |
|
958,000
|
$ 307,000
|
|
|
Alterna Capital Solutions [Member] |
|
|
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
|
|
Debt instrument term |
3 years
|
|
|
|
|
Line of credit maximum borrowing capacity |
$ 13,000,000
|
3,062,000
|
|
|
|
Line of credit maximum borrowing amount outstanding |
$ 400,000
|
|
|
|
|
Line of credit facility current borrowing capacity |
|
14,000
|
|
|
|
Line of credit facility, interest rate description |
Borrowings
based on receivables bears an interest of prime plus 4.75% but not less than 8.0% (13.25% at September 30, 2023 and 12.25% at December
31, 2022). Borrowings based on inventory bears an interest of prime plus 5.25% but not less than 8.5% (13.90 % at September 30, 2023
and 12.90% at December 31, 2022). The additional over advance rider bears a rate of prime plus 12.75%, but not less than 16.00% (18.00%
at September 30, 2023 and 18.00% at December 31, 2022). Additionally, the line of credit is subject to monthly monitoring fee of $1 with
a minimum usage requirement on the credit facility
|
|
|
|
|
Line of credit |
|
|
|
|
$ 1,500
|
Line of credit monitoring fee |
$ 1,000
|
|
|
|
|
Direct operating costs |
$ 483,000
|
|
|
|
|
Amortization of line of credit period |
3 years
|
|
|
|
|
Amortization of debt discount |
|
121,000
|
|
$ 363,000
|
|
Remaining unamortized debt discount amount |
|
$ 242,000
|
|
|
|
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v3.23.3
Schedule of Debt (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
Debt Disclosure [Abstract] |
|
|
Secured Convertible Note Payable |
$ 14,500
|
$ 10,450
|
Accrued interest (includes excess ABL fees of $2,152 and $648) |
3,267
|
1,052
|
Capitalized financing costs |
(666)
|
(976)
|
Total |
17,101
|
10,526
|
Current portion |
(7,380)
|
(2,434)
|
Long term portion |
$ 9,721
|
$ 8,092
|
X |
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v3.23.3
Secured Convertible Notes Payable (Details Narrative) - USD ($) $ in Thousands |
1 Months Ended |
9 Months Ended |
12 Months Ended |
|
|
Aug. 31, 2022 |
May 31, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Dec. 31, 2022 |
May 31, 2023 |
Feb. 28, 2023 |
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
Principal amount |
|
|
$ 2,152
|
|
$ 648
|
|
|
Convertible notes |
|
|
17,101
|
|
10,526
|
|
|
Convertiable notes payable |
|
|
7,380
|
|
2,434
|
|
|
Accrued interest |
|
|
3,267
|
|
1,052
|
|
|
Amortization of debt discount |
|
|
$ 958
|
$ 307
|
|
|
|
Convertible Notes Payable [Member] | Whitebox Advisors LLC [Member] |
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
Principal amount |
|
$ 11,250
|
|
|
$ 10,450
|
|
|
Debt instrument rate terms |
May
9, 2025
|
The notes bear interest at a rate of 10% per annum (with 5% per annum payable in cash and 5% per annum payable in kind (“PIK”)
by adding such PIK interest to the principal amount of the notes)
|
November 28, 2023
|
|
November 28, 2023
|
|
|
Debt interest rate |
|
10.00%
|
|
|
|
|
|
Debt instrument maturity date |
|
May 09, 2025
|
|
|
|
|
|
Convertible notes |
$ 7,900
|
|
|
$ 2,500
|
|
|
|
Monthly payment |
$ 200
|
|
|
|
|
|
|
Weighted average interest |
90.00%
|
|
|
|
|
|
|
2023 |
$ 400
|
|
|
|
|
|
|
2024 |
2,400
|
|
|
|
|
|
|
2025 |
$ 1,000
|
|
|
|
|
|
|
Loans Payable |
|
|
$ 8,000
|
|
|
|
|
Debt fees |
|
|
$ 2,152
|
|
|
|
|
Repurchase price percentage |
|
|
110.00%
|
|
|
|
|
Convertiable notes payable |
|
$ 4,050
|
$ 14,500
|
|
|
$ 4,050
|
$ 4,050
|
Accrued interest |
|
|
3,267
|
|
$ 1,052
|
|
|
Interest expenses |
|
|
2,483
|
|
|
|
|
Interest on convertible notes |
|
|
979
|
|
|
|
|
Excess of asset base loan fees |
|
|
1,504
|
|
|
|
|
Accrued interest paid |
|
|
268
|
|
|
|
|
Unamortized debt discount |
|
|
666
|
|
$ 976
|
|
|
Direct costs of issuing loans |
|
|
$ 253
|
|
|
|
|
Common shares issued for financing costs, shares |
|
|
82,438
|
|
|
|
|
Common shares issued for financing costs |
|
|
$ 273
|
|
|
|
|
Amortization of debt discount |
|
|
$ 820
|
|
|
|
|
Debt instrument conversion, description |
|
|
The
convertible notes are convertible at an initial conversion rate of 0.08306 shares of the Company’s common stock per one dollar
of principal converted, or approximately $12.04 per share, subject to customary anti-dilution adjustments. In addition, if certain corporate
events occur that constitute a make-whole fundamental change as defined, then the note holders are, under certain circumstances, are
entitled to an increase in the conversion rate, limited to 0.12155 shares of Common Stock per one dollar of principal, or approximately
$8.23 per share.
|
|
|
|
|
Debt conversion into shares |
|
|
1,475,725
|
|
|
|
|
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v3.23.3
Stockholder’s Equity (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands |
|
9 Months Ended |
May 25, 2023 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
Share price |
|
$ 4.50
|
|
Stock repurchased, value |
|
$ 1
|
$ 2
|
Officer [Member] |
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
Stock repurchased, shares |
|
274
|
|
Stock repurchased, value |
|
$ 1
|
|
Securities Purchase Agreement [Member] | DD Source of Life Holding Ltd [Member] |
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
Common shares issued for cash |
1,566,732
|
|
|
Warrants to purchase stock |
313,346
|
|
|
Share price |
$ 2.585
|
|
|
Proceeds from issuance of private placement |
$ 4,016
|
|
|
Exercise price of warrants |
$ 2.50
|
|
|
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- DefinitionExercise price per share or per unit of warrants or rights outstanding.
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v3.23.3
Summary of Non-vested Restricted Stock Activity (Details) $ / shares in Units, $ in Thousands |
9 Months Ended |
Sep. 30, 2023
USD ($)
$ / shares
shares
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
Unvested Shares, Vested |
(5,016)
|
Fair Value at Date of Issuance, Vested | $ |
$ 32
|
Restricted Stock [Member] |
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
Unvested Shares, beginning balance |
1,500
|
Issuable Shares, beginning balance |
|
Fair Value at Date of Issuance, beginning balance | $ |
$ 26
|
Weighted Average Grant Date Fair Value, Unvested, beginning balance | $ / shares |
$ 44.75
|
Unvested Shares, Granted |
|
Issuable Shares, Granted |
|
Fair Value at Date of Issuance, Granted | $ |
|
Unvested Shares, Vested |
(750)
|
Issuable Shares, Vested |
750
|
Fair Value at Date of Issuance, Vested | $ |
|
Unvested Shares, Forfeited |
(750)
|
Issuable Shares, Forfeited |
|
Fair Value at Date of Issuance, Forfeited | $ |
|
Unvested Shares, Issued |
|
Issuable Shares, Issued |
(750)
|
Fair Value at Date of Issuance, Issued | $ |
$ (3)
|
Unvested Shares, ending balance |
|
Issuable Shares, ending balance |
|
Fair Value at Date of Issuance, ending balance | $ |
|
Weighted Average Grant Date Fair Value, Unvested, ending balance | $ / shares |
|
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v3.23.3
Schedule of Stock Option Activity (Details) - Equity Option [Member] - USD ($)
|
9 Months Ended |
12 Months Ended |
Sep. 30, 2023 |
Dec. 31, 2022 |
Offsetting Assets [Line Items] |
|
|
Shares Outstanding, Beginning balance |
164,423
|
|
Weighted-Average Exercise Price, Outstanding, Beginning |
$ 48.90
|
|
Weighted-Average Remaining Contractual Terms (Years), Outstanding Ending |
7 years
|
7 years 6 months 29 days
|
Aggregate Intrinsic Value, Shares Outstanding, Beginning |
|
|
Shares, Granted |
10,037
|
|
Weighted-Average Exercise Price, Granted |
$ 4.50
|
|
Shares, Exercised |
|
|
Weighted-Average Exercise Price, Exercised |
|
|
Shares, Unvested forfeited |
(10,497)
|
|
Weighted-Average Exercise Price, Unvested forfeited |
$ 48.74
|
|
Shares, Vested forfeited |
(18,951)
|
|
Weighted-Average Exercise Price, Vested forfeited |
$ 54.59
|
|
Shares Outstanding, Ending Balance |
145,012
|
164,423
|
Weighted-Average Exercise Price, Outstanding, Ending |
$ 45.09
|
$ 48.90
|
Aggregate Intrinsic Value, Shares Outstanding, Ending |
|
|
Shares, Exercisable |
92,711
|
|
Weighted-Average Exercise Price, Exercisable Ending Balance |
$ 52.71
|
|
Weighted-Average Remaining Contractual Terms (Years), Exercisable Ending Balance |
6 years 4 months 24 days
|
|
Aggregate Intrinsic Value, Ending balance |
|
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v3.23.3
Schedule of Warrant Activity (Details) - Warrant [Member] $ / shares in Units, $ in Thousands |
9 Months Ended |
Sep. 30, 2023
USD ($)
$ / shares
shares
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
Shares Outstanding, Beginning Balance | shares |
235,946
|
Weighted-Average Exercise Price, Outstanding Beginning Balance | $ / shares |
$ 16.99
|
Weighted-Average Remaining Contractual Terms (Years), Outstanding Beginning Balance |
4 years 2 months 12 days
|
Aggregate Intrinsic Value, Outstanding Beginning | $ |
|
Shares, Granted | shares |
313,346
|
Weighted-Average Exercise Price, Granted | $ / shares |
$ 2.59
|
Weighted-Average Remaining Contractual Terms (Years), Outstanding Granted |
2 years 7 months 20 days
|
Shares, Exercised | shares |
|
Weighted-Average Exercise Price, Exercised | $ / shares |
|
Shares, Forfeited | shares |
|
Weighted-Average Exercise Price, Forfeited | $ / shares |
|
Shares Outstanding, Ending Balance | shares |
549,292
|
Weighted-Average Exercise Price, Outstanding Ending Balance | $ / shares |
$ 8.77
|
Weighted-Average Remaining Contractual Terms (Years), Outstanding Ending Balance |
3 years 1 month 2 days
|
Aggregate Intrinsic Value, Outstanding Ending | $ |
$ 238
|
Shares Exercisable, Ending Balance | shares |
549,292
|
Weighted-Average Exercise Price, Exercisable Ending Balance | $ / shares |
$ 8.77
|
Weighted-Average Remaining Contractual Terms (Years), Exercisable Ending Balance |
3 years 1 month 2 days
|
Aggregate Intrinsic Value, Exercisable | $ |
$ 238
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v3.23.3
v3.23.3
Transactions with California Custom Beverage, LLC, former related party (Details Narrative) - USD ($) $ in Thousands |
9 Months Ended |
12 Months Ended |
|
|
Sep. 30, 2023 |
Dec. 31, 2022 |
Sep. 30, 2022 |
Dec. 31, 2018 |
Related Party Transaction [Line Items] |
|
|
|
|
Provision for disputed receivable with former related party |
$ 538
|
$ 538
|
|
|
California Custom Beverage, LLC [Member] |
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
Receivables |
|
1,315
|
|
|
Related Party [Member] |
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
Accounts payable |
452
|
2,025
|
|
|
Related Party [Member] | California Custom Beverage, LLC [Member] |
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
Net receivable |
|
1,043
|
|
|
Christopher J. Reed [Member] | California Custom Beverage, LLC [Member] |
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
Royalty percentage |
|
|
|
5.00%
|
Notes payable |
452
|
|
$ 2,025
|
|
Receivables |
1,315
|
1,315
|
|
|
Royalty receivable |
297
|
297
|
|
|
Copacking fees |
1,018
|
$ 1,018
|
|
|
Christopher J. Reed [Member] | California Custom Beverage, LLC [Member] | Related Party [Member] |
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
Copacking fees |
$ 1,127
|
|
$ 2,611
|
|
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v3.23.3
Commitments and Contingencies (Details Narrative) - USD ($) $ in Thousands |
9 Months Ended |
|
Sep. 30, 2023 |
Sep. 30, 2022 |
Dec. 31, 2018 |
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] |
|
|
|
Value of stock placed |
$ 4,016
|
$ 5,034
|
|
Chris Reed [Member] | California Custom Beverage, LLC [Member] |
|
|
|
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] |
|
|
|
Deposit of security with lessor |
$ 800
|
|
$ 1,200
|
Number of common stock value placed |
7,260
|
|
|
Value of stock placed |
$ 24
|
|
|
X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
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