$JSDA
JONES SODA CO

2020 Q1 Form 10-K Financial Statement

#000108352220000010 Filed on March 30, 2020

View on sec.gov

Income Statement

Concept 2020 Q1 2019 2018 Q4
Revenue $2.792M $11.51M $2.340M
YoY Change -1.13% -8.36% 4.98%
Cost Of Revenue $2.210M $9.125M $1.920M
YoY Change -2.08% -7.1% -4.95%
Gross Profit $582.0K $2.383M $420.0K
YoY Change 2.65% -12.9% 99.05%
Gross Profit Margin 20.85% 20.71% 17.95%
Selling, General & Admin $1.461M $4.735M $1.154M
YoY Change 14.77% 3.77% 21.47%
% of Gross Profit 251.03% 198.7% 274.76%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $26.00K $316.0K $40.00K
YoY Change -36.59% 156.91%
% of Gross Profit 4.47% 13.26% 9.52%
Operating Expenses $1.461M $4.735M $1.154M
YoY Change 14.77% 3.77% 21.47%
Operating Profit -$879.0K -$2.352M -$734.0K
YoY Change 24.5% 28.74% -0.94%
Interest Expense $38.00K $442.0K -$86.00K
YoY Change -57.3% 63.1% 330.0%
% of Operating Profit
Other Income/Expense, Net $13.00K -$5.000K $1.000K
YoY Change 550.0% -111.63% -102.0%
Pretax Income -$887.0K -$2.749M -$819.0K
YoY Change 11.85% 33.77% 1.11%
Income Tax $4.000K $29.00K $3.000K
% Of Pretax Income
Net Earnings -$891.0K -$2.778M -$822.0K
YoY Change 11.93% 33.62% 1.73%
Net Earnings / Revenue -31.91% -24.14% -35.13%
Basic Earnings Per Share
Diluted Earnings Per Share -$14.45K -$54.35K -$19.82K
COMMON SHARES
Basic Shares Outstanding 61.67M 41.46M
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q1 2019 2018 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $4.904M $5.969M $991.0K
YoY Change 968.41% 502.32% 147.75%
Cash & Equivalents $4.904M $5.969M $991.0K
Short-Term Investments
Other Short-Term Assets $169.0K $310.0K $245.0K
YoY Change 6.29% 26.53% 75.0%
Inventory $2.293M $1.788M $1.349M
Prepaid Expenses
Receivables $2.024M $1.573M $1.362M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $9.390M $9.640M $3.947M
YoY Change 117.46% 144.24% 18.1%
LONG-TERM ASSETS
Property, Plant & Equipment $153.0K $179.0K $88.00K
YoY Change 80.0% 103.41% 125.64%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $33.00K $33.00K $33.00K
YoY Change 0.0% 0.0% 312.5%
Total Long-Term Assets $733.0K $212.0K $121.0K
YoY Change 250.72% 75.21% 157.45%
TOTAL ASSETS
Total Short-Term Assets $9.390M $9.640M $3.947M
Total Long-Term Assets $733.0K $212.0K $121.0K
Total Assets $10.12M $9.852M $4.068M
YoY Change 123.61% 142.18% 20.04%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.234M $554.0K $1.058M
YoY Change -15.31% -47.64% 11.49%
Accrued Expenses $639.0K $681.0K $614.0K
YoY Change -8.32% 10.91% -1.92%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $428.0K
YoY Change -100.0% -100.0% -50.23%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.970M $1.245M $2.100M
YoY Change -38.51% -40.71% -13.72%
LONG-TERM LIABILITIES
Long-Term Debt $1.346M $1.333M $2.528M
YoY Change -44.75% -47.27%
Other Long-Term Liabilities $620.0K $147.0K $143.0K
YoY Change 280.37% 2.8% 1330.0%
Total Long-Term Liabilities $1.966M $1.480M $2.671M
YoY Change -24.36% -44.59% 26610.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.970M $1.245M $2.100M
Total Long-Term Liabilities $1.966M $1.480M $2.671M
Total Liabilities $3.936M $2.725M $4.771M
YoY Change -32.17% -42.88% 94.73%
SHAREHOLDERS EQUITY
Retained Earnings -$67.88M -$64.21M
YoY Change 4.42% 3.35%
Common Stock $73.81M $72.60M
YoY Change 16.39% 719.32%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $6.187M $7.127M -$703.0K
YoY Change
Total Liabilities & Shareholders Equity $10.12M $9.852M $4.068M
YoY Change 123.61% 142.18% 20.04%

Cashflow Statement

Concept 2020 Q1 2019 2018 Q4
OPERATING ACTIVITIES
Net Income -$891.0K -$2.778M -$822.0K
YoY Change 11.93% 33.62% 1.73%
Depreciation, Depletion And Amortization $26.00K $316.0K $40.00K
YoY Change -36.59% 156.91%
Cash From Operating Activities -$1.030M -$3.344M -$235.0K
YoY Change -3.74% 96.24% -12.96%
INVESTING ACTIVITIES
Capital Expenditures $121.0K $1.000K
YoY Change 57.14%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change -100.0%
Cash From Investing Activities -$121.0K $1.000K
YoY Change 195.12%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -6.000K 8.417M -4.000K
YoY Change -101.15% 257.71% -94.29%
NET CHANGE
Cash From Operating Activities -1.030M -3.344M -235.0K
Cash From Investing Activities -121.0K 1.000K
Cash From Financing Activities -6.000K 8.417M -4.000K
Net Change In Cash -1.036M 4.952M -238.0K
YoY Change 88.36% 714.47% -30.0%
FREE CASH FLOW
Cash From Operating Activities -$1.030M -$3.344M -$235.0K
Capital Expenditures $121.0K $1.000K
Free Cash Flow -$1.030M -$3.465M -$236.0K
YoY Change -4.1% 94.55% -12.59%

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CY2019Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
1120000
CY2018Q4 us-gaap Inventory Net
InventoryNet
1349000
CY2019Q4 us-gaap Inventory Net
InventoryNet
1788000
CY2018Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
401000
CY2019Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
668000
CY2019 us-gaap Lease Expiration Date1
LeaseExpirationDate1
2020-02-28
CY2019Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
616000
CY2019Q4 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
22000
CY2019Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
97000
CY2019Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
130000
CY2019Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
126000
CY2019Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
122000
CY2019Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
119000
CY2019 us-gaap Lessee Operating Lease Option To Extend
LesseeOperatingLeaseOptionToExtend
option to extend for additional one-year terms, indefinitely
CY2018Q4 us-gaap Liabilities Current
LiabilitiesCurrent
2100000
CY2019Q4 us-gaap Liabilities Current
LiabilitiesCurrent
1245000
CY2018Q4 us-gaap Liability For Uncertain Tax Positions Current
LiabilityForUncertainTaxPositionsCurrent
0
CY2019Q4 us-gaap Liability For Uncertain Tax Positions Current
LiabilityForUncertainTaxPositionsCurrent
0
CY2018Q4 us-gaap Lines Of Credit Current
LinesOfCreditCurrent
428000
CY2018 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
2353000
CY2019 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
8417000
CY2019Q4 us-gaap Lessee Operating Lease Term Of Contract
LesseeOperatingLeaseTermOfContract
P5Y
CY2018Q4 us-gaap Liabilities
Liabilities
4771000
CY2019Q4 us-gaap Liabilities
Liabilities
2725000
CY2018Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
4068000
CY2019Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
9852000
CY2018 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-41000
CY2019 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-121000
CY2018 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-1704000
CY2019 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-3344000
CY2018 us-gaap Net Income Loss
NetIncomeLoss
-2079000
CY2019 us-gaap Net Income Loss
NetIncomeLoss
-2778000
CY2018 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
43000
CY2019 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-5000
CY2019 us-gaap Notes Issued1
NotesIssued1
1558000
CY2018 us-gaap Operating Expenses
OperatingExpenses
4563000
CY2019 us-gaap Operating Expenses
OperatingExpenses
4735000
CY2018 us-gaap Operating Income Loss
OperatingIncomeLoss
-1827000
CY2019 us-gaap Operating Income Loss
OperatingIncomeLoss
-2352000
CY2019Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
18000
CY2019Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
17000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
124000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
106000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
18000
CY2018 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
135000
CY2019 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
133000
CY2019Q4 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
57800000
CY2018Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
217000
CY2019Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
319000
CY2018Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
33000
CY2019Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
33000
CY2018 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
-95000
CY2019 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
46000
CY2018 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-95000
CY2019 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
46000
CY2018 us-gaap Payments For Rent
PaymentsForRent
139000
CY2019 us-gaap Payments For Rent
PaymentsForRent
139000
CY2018 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
77000
CY2019 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
121000
CY2018Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
245000
CY2019Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
310000
CY2018 us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
2783000
CY2018 us-gaap Proceeds From Insurance Settlement Investing Activities
ProceedsFromInsuranceSettlementInvestingActivities
36000
CY2019 us-gaap Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
8817000
CY2019 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
28000
CY2018 us-gaap Production Related Impairments Or Charges
ProductionRelatedImpairmentsOrCharges
6000
CY2019 us-gaap Production Related Impairments Or Charges
ProductionRelatedImpairmentsOrCharges
9000
CY2018Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
577000
CY2019Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
646000
CY2018Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
88000
CY2019Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
162000
CY2018 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
33000
CY2019 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
4000
CY2018 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
430000
CY2019 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
428000
CY2018Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-64210000
CY2019Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-66988000
CY2018 us-gaap Revenues
Revenues
12558000
CY2019 us-gaap Revenues
Revenues
11508000
CY2019 us-gaap Sale Of Stock Consideration Received On Transaction
SaleOfStockConsiderationReceivedOnTransaction
8817000
CY2018 us-gaap Share Based Compensation
ShareBasedCompensation
178000
CY2019 us-gaap Share Based Compensation
ShareBasedCompensation
141000
CY2019Q4 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Exercisable Options Weighted Average Exercise Price1
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageExercisePrice1
0.47
CY2019 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Exercisable Options Weighted Average Remaining Contractual Term2
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageRemainingContractualTerm2
P4Y11M1D
CY2019Q4 us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Number Of Exercisable Options
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfExercisableOptions
2946079
CY2019Q4 us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Number Of Outstanding Options
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfOutstandingOptions
3495601
CY2019Q4 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Outstanding Options Weighted Average Exercise Price Beginning Balance1
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1
0.46
CY2019 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Outstanding Options Weighted Average Remaining Contractual Term2
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageRemainingContractualTerm2
P5Y5M23D
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
943000
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
-703000
CY2019 us-gaap Stock Issued During Period Value Conversion Of Convertible Securities
StockIssuedDuringPeriodValueConversionOfConvertibleSecurities
1558000
CY2018 us-gaap Stock Issued During Period Value Share Based Compensation Gross
StockIssuedDuringPeriodValueShareBasedCompensationGross
178000
CY2019 us-gaap Stock Issued During Period Value Share Based Compensation Gross
StockIssuedDuringPeriodValueShareBasedCompensationGross
141000
CY2019 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
28000
CY2019Q4 us-gaap Taxes Payable Current
TaxesPayableCurrent
10000
CY2019 us-gaap Use Of Estimates
UseOfEstimates
<div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:0pt;text-indent:14pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-style:italic;">Use of estimates</font> </p> <p style="margin:0pt;text-indent:14pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&#xFEFF;</font> </p> <p style="margin:0pt;text-indent:23.05pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">The preparation of the consolidated financial statements requires management to make a number of estimates and assumptions relating to the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Significant items subject to such estimates and assumptions include, but are not limited to, inventory valuation, depreciable lives and valuation of capital assets, valuation allowances for receivables, trade promotion liabilities, stock-based compensation expense, valuation allowance for deferred income tax assets, contingencies, and forecasts supporting the going concern assumption and related disclosures. Actual results could differ from those estimates.</font> </p> <p style="margin:0pt;text-indent:23.05pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&#xFEFF;</font> </p> <p><font size="1"> </font></p> </div> </div>
CY2018 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
434000
CY2019 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
592000
CY2018 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
41464373
CY2019 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
51109086

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