$REED
REED'S, INC.

2022 Q3 Form 10-Q Financial Statement

#000149315222022882 Filed on August 15, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022 Q1
Revenue $12.09M $13.73M $12.18M
YoY Change -9.76% 21.78% 0.26%
Cost Of Revenue $9.659M $10.43M $9.250M
YoY Change 1.35% 30.31% 11.58%
Gross Profit $2.435M $3.299M $2.932M
YoY Change -37.11% 0.92% -23.84%
Gross Profit Margin 20.13% 24.04% 24.07%
Selling, General & Admin $2.640M $4.003M $4.299M
YoY Change -40.43% -10.45% -10.81%
% of Gross Profit 108.42% 121.34% 146.62%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $28.00K $26.00K $25.00K
YoY Change -55.56% -54.39% -58.33%
% of Gross Profit 1.15% 0.79% 0.85%
Operating Expenses $4.889M $7.835M $7.111M
YoY Change -35.03% 12.28% -12.32%
Operating Profit -$2.454M -$4.536M -$4.179M
YoY Change -32.82% 22.3% -1.9%
Interest Expense $777.0K $541.0K -$801.0K
YoY Change -432.05% 167.82% 208.08%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$3.231M -$5.077M -$4.980M
YoY Change -16.88% 61.64% 10.42%
Income Tax
% Of Pretax Income
Net Earnings -$3.231M -$5.077M -$4.980M
YoY Change -16.88% 61.64% 10.42%
Net Earnings / Revenue -26.72% -36.99% -40.88%
Basic Earnings Per Share -$0.03 -$0.05 -$2.56
Diluted Earnings Per Share -$28.66K -$45.08K -$51.14K
COMMON SHARES
Basic Shares Outstanding 112.7M shares 112.6M shares 1.948M shares
Diluted Shares Outstanding 2.254M shares 2.252M shares

Balance Sheet

Concept 2022 Q3 2022 Q2 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $25.00K $280.0K $122.0K
YoY Change -97.34% -57.19% -23.75%
Cash & Equivalents $25.00K $280.0K $122.0K
Short-Term Investments
Other Short-Term Assets $1.394M $1.440M $1.561M
YoY Change -30.13% -27.53% -26.02%
Inventory $19.92M $24.19M $20.85M
Prepaid Expenses
Receivables $6.008M $7.704M $5.161M
Other Receivables $1.502M $1.000M $1.135M
Total Short-Term Assets $28.85M $34.62M $28.83M
YoY Change 10.01% 60.08% 41.03%
LONG-TERM ASSETS
Property, Plant & Equipment $826.0K $885.0K $940.0K
YoY Change 0.24% -0.11% -1.05%
Goodwill
YoY Change
Intangibles $674.0K $672.0K
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $1.452M $1.509M $1.564M
YoY Change -3.97% -4.13% -4.63%
TOTAL ASSETS
Total Short-Term Assets $28.85M $34.62M $28.83M
Total Long-Term Assets $1.452M $1.509M $1.564M
Total Assets $30.30M $36.13M $30.39M
YoY Change 9.25% 55.72% 37.64%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $9.575M $12.68M $16.36M
YoY Change 7.95% 93.75% 101.22%
Accrued Expenses $228.0K $737.0K $856.0K
YoY Change -79.96% -15.48% 45.08%
Deferred Revenue
YoY Change
Short-Term Debt $9.103M $11.09M $7.475M
YoY Change 10.27% 277.48% 75.47%
Long-Term Debt Due $4.414M $1.786M
YoY Change
Total Short-Term Liabilities $25.31M $27.80M $25.43M
YoY Change 32.39% 149.22% 72.37%
LONG-TERM LIABILITIES
Long-Term Debt $8.165M $8.441M $0.00
YoY Change -100.0%
Other Long-Term Liabilities $257.0K $304.0K $350.0K
YoY Change -41.19% -36.4% -32.69%
Total Long-Term Liabilities $8.422M $8.745M $350.0K
YoY Change 1827.23% 1729.5% -37.5%
TOTAL LIABILITIES
Total Short-Term Liabilities $25.31M $27.80M $25.43M
Total Long-Term Liabilities $8.422M $8.745M $350.0K
Total Liabilities $33.73M $36.55M $25.78M
YoY Change 72.49% 214.15% 68.35%
SHAREHOLDERS EQUITY
Retained Earnings -$116.4M -$113.2M
YoY Change
Common Stock $11.00K $11.00K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$3.436M -$419.0K $4.616M
YoY Change
Total Liabilities & Shareholders Equity $30.30M $36.13M $30.39M
YoY Change 9.25% 55.72% 37.64%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022 Q1
OPERATING ACTIVITIES
Net Income -$3.231M -$5.077M -$4.980M
YoY Change -16.88% 61.64% 10.42%
Depreciation, Depletion And Amortization $28.00K $26.00K $25.00K
YoY Change -55.56% -54.39% -58.33%
Cash From Operating Activities -$177.0K -$14.12M -$2.207M
YoY Change -96.46% 169.06% -56.38%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities -$2.000K $0.00 $0.00
YoY Change -100.0%
Cash From Investing Activities -$2.000K $0.00
YoY Change -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -76.00K 14.28M 2.280M
YoY Change -101.44% 148.41% -51.69%
NET CHANGE
Cash From Operating Activities -177.0K -14.12M -2.207M
Cash From Investing Activities -2.000K 0.000
Cash From Financing Activities -76.00K 14.28M 2.280M
Net Change In Cash -255.0K 158.0K $0.00
YoY Change -188.85% -68.34% -100.0%
FREE CASH FLOW
Cash From Operating Activities -$177.0K -$14.12M -$2.207M
Capital Expenditures $0.00 $0.00
Free Cash Flow -$177.0K -$14.12M -$2.207M
YoY Change -96.46% 168.8% -55.5%

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CY2021Q2 REED Adjustments To Additional Paid In Capital Share Based Compensation Stock Options Vested
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsVested
528000 usd
CY2021Q2 us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
71000 usd
CY2021Q2 us-gaap Stock Issued During Period Value Stock Dividend
StockIssuedDuringPeriodValueStockDividend
5000 usd
CY2021Q2 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
15000 usd
CY2021Q2 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
26000 usd
CY2021Q2 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
7333000 usd
CY2021Q2 us-gaap Net Income Loss
NetIncomeLoss
-3141000 usd
CY2021Q2 us-gaap Stockholders Equity
StockholdersEquity
11566000 usd
CY2020Q4 us-gaap Stockholders Equity
StockholdersEquity
10404000 usd
REED Adjustments To Additional Paid In Capital Share Based Compensation Stock Options Vested
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsVested
828000 usd
us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
169000 usd
us-gaap Stock Issued During Period Value Stock Dividend
StockIssuedDuringPeriodValueStockDividend
5000 usd
us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
15000 usd
us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
29000 usd
us-gaap Stock Issued During Period Value Other
StockIssuedDuringPeriodValueOther
472000 usd
us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
7333000 usd
us-gaap Net Income Loss
NetIncomeLoss
-7649000 usd
CY2021Q2 us-gaap Stockholders Equity
StockholdersEquity
11566000 usd
us-gaap Net Income Loss
NetIncomeLoss
-10057000 usd
us-gaap Net Income Loss
NetIncomeLoss
-7649000 usd
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
51000 usd
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
69000 usd
us-gaap Gain Loss On Termination Of Lease
GainLossOnTerminationOfLease
2000 usd
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
770000 usd
us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
164000 usd
us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
162000 usd
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
431000 usd
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
147000 usd
REED Fair Value Of Vested Options
FairValueOfVestedOptions
-263000 usd
REED Fair Value Of Vested Options
FairValueOfVestedOptions
-828000 usd
REED Fair Value Of Vested Restricted Shares Granted To Directors And Officers For Services
FairValueOfVestedRestrictedSharesGrantedToDirectorsAndOfficersForServices
-108000 usd
REED Fair Value Of Vested Restricted Shares Granted To Directors And Officers For Services
FairValueOfVestedRestrictedSharesGrantedToDirectorsAndOfficersForServices
-169000 usd
REED Common Shares Issued As Financing Costs
CommonSharesIssuedAsFinancingCosts
37000 usd
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
10000 usd
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
-83000 usd
us-gaap Inventory Write Down
InventoryWriteDown
-3000 usd
us-gaap Inventory Write Down
InventoryWriteDown
-30000 usd
REED Accrued Interest On Convertible Note
AccruedInterestOnConvertibleNote
160000 usd
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
2532000 usd
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-258000 usd
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
7141000 usd
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
2552000 usd
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
495000 usd
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
483000 usd
REED Increase Decrease In Amortization Of Right Of Use Assets
IncreaseDecreaseInAmortizationOfRightOfUseAssets
56000 usd
REED Increase Decrease In Amortization Of Right Of Use Assets
IncreaseDecreaseInAmortizationOfRightOfUseAssets
48000 usd
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
2249000 usd
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-200000 usd
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
446000 usd
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-178000 usd
us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-77000 usd
us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-43000 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-16330000 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-10309000 usd
us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
6000 usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
95000 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-101000 usd
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
29292000 usd
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
33798000 usd
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
27934000 usd
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
30859000 usd
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
483000 usd
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
5034000 usd
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
7334000 usd
us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
10008000 usd
us-gaap Proceeds From Repayments Of Related Party Debt
ProceedsFromRepaymentsOfRelatedPartyDebt
646000 usd
us-gaap Proceeds From Repayments Of Related Party Debt
ProceedsFromRepaymentsOfRelatedPartyDebt
184000 usd
REED Payments On Capital Lease Obligation
PaymentsOnCapitalLeaseObligation
-2000 usd
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
29000 usd
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
2000 usd
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
15000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
16561000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
10469000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
231000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
59000 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
49000 usd
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
595000 usd
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
280000 usd
CY2021Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
654000 usd
us-gaap Interest Paid Net
InterestPaidNet
621000 usd
us-gaap Interest Paid Net
InterestPaidNet
149000 usd
REED Dividends On Series Convertible Preferred Stock Value
DividendsOnSeriesConvertiblePreferredStockValue
5000 usd
REED Dividends On Series Convertible Preferred Stock Value
DividendsOnSeriesConvertiblePreferredStockValue
5000 usd
us-gaap Net Income Loss
NetIncomeLoss
-10057000 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-16330000 usd
CY2022Q2 us-gaap Cash
Cash
280000 usd
CY2022Q2 us-gaap Line Of Credit Facility Current Borrowing Capacity
LineOfCreditFacilityCurrentBorrowingCapacity
969000 usd
CY2022Q2 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
1361000 usd
us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_842_eus-gaap--UseOfEstimates_zzjzFG7W8yHd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><b><span id="xdx_862_zjNiOJiWm2p5">Use of Estimates</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">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 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"> </p>
CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
561000 usd
CY2022Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
885000 usd
CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
992000 usd
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
45679956 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
15533844 shares
CY2022Q2 us-gaap Advertising Expense
AdvertisingExpense
111000 usd
CY2021Q2 us-gaap Advertising Expense
AdvertisingExpense
353000 usd
us-gaap Advertising Expense
AdvertisingExpense
423000 usd
us-gaap Advertising Expense
AdvertisingExpense
702000 usd
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p id="xdx_841_eus-gaap--ConcentrationRiskCreditRisk_z6q7Q7yDLEVl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><b><span id="xdx_867_zU0QarH2d1gg">Concentrations</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><i>Net sales.</i> During the three months ended June 30, 2022, three customers accounted for <span id="xdx_904_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20220401__20220630__srt--MajorCustomersAxis__custom--CustomerOneMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--ProductConcentrationRiskMember_zJ3cDzX0PXJ" title="Concentration risk percentage">23</span>%, <span id="xdx_90D_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20220401__20220630__srt--MajorCustomersAxis__custom--CustomerTwoMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--ProductConcentrationRiskMember_zkXzRG1cb7ok">11</span>%, and <span id="xdx_904_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20220401__20220630__srt--MajorCustomersAxis__custom--CustomerThreeMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--ProductConcentrationRiskMember_zgs8GCUJXRQk">10</span>% of gross billing, respectively, and during the six months ended June 30, 2022, three customers accounted for <span id="xdx_908_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20220101__20220630__srt--MajorCustomersAxis__custom--CustomerOneMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--ProductConcentrationRiskMember_zZ8X1PHGrfh3">21</span>%, <span id="xdx_903_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20220101__20220630__srt--MajorCustomersAxis__custom--CustomerTwoMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--ProductConcentrationRiskMember_zJCjZT52jmi4">11</span>%, and <span id="xdx_907_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20220101__20220630__srt--MajorCustomersAxis__custom--CustomerThreeMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--ProductConcentrationRiskMember_z1S54OzjiB29">10</span>% of gross billing, respectively. During the three months ended June 30, 2021, two customers accounted for <span id="xdx_90E_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20210401__20210630__srt--MajorCustomersAxis__custom--CustomerOneMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--ProductConcentrationRiskMember_zFqCPx9r0XE4">19</span>% and <span id="xdx_901_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20210401__20210630__srt--MajorCustomersAxis__custom--CustomerTwoMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--ProductConcentrationRiskMember_z5f4K47UWWji">12</span>% of gross billing, respectively, and during the six months ended June 30, 2021, two customers accounted for <span id="xdx_906_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20210101__20210630__srt--MajorCustomersAxis__custom--CustomerOneMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--ProductConcentrationRiskMember_z6tA0oXdx95k">20</span>% and <span id="xdx_90B_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20210101__20210630__srt--MajorCustomersAxis__custom--CustomerTwoMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--ProductConcentrationRiskMember_zuIPyZKsBcyc">12</span>% of gross billing, respectively. No other customers exceeded 10% of sales in either period.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><i>Accounts receivable.</i> As of June 30, 2022, the Company had accounts receivable from two customers which comprised <span id="xdx_901_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20220101__20220630__srt--MajorCustomersAxis__custom--CustomerOneMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_z6IRqBUtfue8" title="Concentration risk, percentage">29</span>% and <span id="xdx_902_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20220101__20220630__srt--MajorCustomersAxis__custom--CustomerTwoMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_z0bszeBMCjAg" title="Concentration risk, percentage">10</span>% of its gross accounts receivable. As of December 31, 2021, the Company had accounts receivable from one customer which comprised <span id="xdx_90E_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20210101__20211231__srt--MajorCustomersAxis__custom--OneCustomerMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_zR28fuBjqLx" title="Concentration risk, percentage">18</span>% of its gross accounts receivable. No other customers exceeded 10% of gross accounts receivable in either period.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><i> </i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><i>Purchases from vendors.</i> During the three months ended June 30, 2022, one vendor accounted for <span id="xdx_90D_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20220401__20220630__srt--MajorCustomersAxis__custom--OneVendorMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--ProductConcentrationRiskMember_zL4cezJfMYih" title="Percentage of sale accounted to customer">14</span>% of all purchases. During the six months ended June 30, 2022, one vendor accounted for <span id="xdx_90B_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20220101__20220630__srt--MajorCustomersAxis__custom--OneVendorMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--ProductConcentrationRiskMember_zLu2z3auoQ0b">14</span>% of all purchases. During the three months ended June 30, 2021, two vendors accounted for <span id="xdx_901_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20210401__20210630__srt--MajorCustomersAxis__custom--VendorOneMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--ProductConcentrationRiskMember_zSQq2DfsCXW3" title="Percentage of sale accounted to customer">13</span>% and <span id="xdx_90A_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20210401__20210630__srt--MajorCustomersAxis__custom--VendorTwoMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--ProductConcentrationRiskMember_zg4gPjPIgEV3">12</span>% of all purchases, respectively. During the six months ended June 30, 2021, two vendors accounted for <span id="xdx_90C_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20210101__20210630__srt--MajorCustomersAxis__custom--VendorOneMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--ProductConcentrationRiskMember_zUfuAWdQb657">13</span>% and <span id="xdx_909_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20210101__20210630__srt--MajorCustomersAxis__custom--VendorTwoMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--ProductConcentrationRiskMember_z85xu40mG78i">12</span>% of all purchases, respectively. No other vendors exceeded 10% of all purchases in either period.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><i>Accounts payable.</i> As of June 30, 2022, the Company’s had one vendor which comprised <span id="xdx_90F_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20220101__20220630__srt--MajorCustomersAxis__custom--OneVendorMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsPayableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--ProductConcentrationRiskMember_zYzZbW1mWC4f">11</span>% of total accounts payable. As of December 31, 2021, no vendor accounted for more than <span id="xdx_901_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20210101__20211231__srt--MajorCustomersAxis__custom--NoVendorMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsPayableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--ProductConcentrationRiskMember_zAlpkTKZgLsl" title="Concentration risk, percentage">10</span>% the total accounts payable. No other vendors exceeded 10% of gross accounts payable in either period.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"> </p>
CY2022Q2 us-gaap Inventory Raw Materials
InventoryRawMaterials
12990000 usd
CY2021Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
11221000 usd
CY2022Q2 us-gaap Inventory Finished Goods
InventoryFinishedGoods
11203000 usd
CY2021Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
5828000 usd
CY2022Q2 us-gaap Inventory Net
InventoryNet
24193000 usd
CY2021Q4 us-gaap Inventory Net
InventoryNet
17049000 usd
CY2022Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
1553000 usd
CY2021Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
1553000 usd
CY2022Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
668000 usd
CY2022Q2 us-gaap Secured Debt
SecuredDebt
11250000 usd
CY2022Q2 us-gaap Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
160000 usd
us-gaap Depreciation
Depreciation
51000 usd
us-gaap Depreciation
Depreciation
69000 usd
us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
56000 usd
us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
48000 usd
CY2022Q2 us-gaap Indefinite Lived Trade Names
IndefiniteLivedTradeNames
576000 usd
CY2021Q4 us-gaap Indefinite Lived Trade Names
IndefiniteLivedTradeNames
576000 usd
CY2022Q2 us-gaap Indefinite Lived Trademarks
IndefiniteLivedTrademarks
48000 usd
CY2021Q4 us-gaap Indefinite Lived Trademarks
IndefiniteLivedTrademarks
48000 usd
CY2022Q2 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
IndefiniteLivedIntangibleAssetsExcludingGoodwill
624000 usd
CY2021Q4 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
IndefiniteLivedIntangibleAssetsExcludingGoodwill
624000 usd
CY2022Q2 us-gaap Deferred Finance Costs Current Net
DeferredFinanceCostsCurrentNet
443000 usd
CY2022Q2 us-gaap Lines Of Credit Current
LinesOfCreditCurrent
11094000 usd
CY2021Q4 us-gaap Lines Of Credit Current
LinesOfCreditCurrent
10229000 usd
CY2022Q2 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
1183000 usd
CY2022Q2 us-gaap Convertible Notes Payable
ConvertibleNotesPayable
10227000 usd
CY2022Q2 us-gaap Convertible Notes Payable Current
ConvertibleNotesPayableCurrent
1786000 usd
CY2022Q2 us-gaap Convertible Long Term Notes Payable
ConvertibleLongTermNotesPayable
8441000 usd
us-gaap Lease Cost
LeaseCost
56000 usd
us-gaap Lease Cost
LeaseCost
48000 usd
CY2021Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
555000 usd
us-gaap Operating Lease Payments
OperatingLeasePayments
77000 usd
CY2022Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
478000 usd
CY2022Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P2Y6M3D
CY2022Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.1260 pure
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice
0.24
us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Exercisable Options Weighted Average Remaining Contractual Term2
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageRemainingContractualTerm2
P10Y
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
59000 usd
CY2022Q2 us-gaap Share Price
SharePrice
0.24
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.82 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0282 pure

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