$REED
REED'S, INC.

2022 Q4 Form 10-Q Financial Statement

#000149315222032238 Filed on November 14, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3 2021 Q3
Revenue $15.04M $12.09M $13.40M
YoY Change 17.67% -9.76% 26.91%
Cost Of Revenue $11.59M $9.659M $9.530M
YoY Change 13.92% 1.35% 32.73%
Gross Profit $3.446M $2.435M $3.872M
YoY Change 32.33% -37.11% 14.22%
Gross Profit Margin 22.91% 20.13% 28.89%
Selling, General & Admin $3.562M $2.640M $4.432M
YoY Change -8.9% -40.43% 28.09%
% of Gross Profit 103.37% 108.42% 114.46%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $29.00K $28.00K $63.00K
YoY Change -178.38% -55.56% 57.5%
% of Gross Profit 0.84% 1.15% 1.63%
Operating Expenses $6.272M $4.889M $7.525M
YoY Change -9.9% -35.03% 32.95%
Operating Profit -$2.826M -$2.454M -$3.653M
YoY Change -35.14% -32.82% 60.93%
Interest Expense -$3.104M $777.0K -$234.0K
YoY Change 509.82% -432.05% -24.52%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$5.930M -$3.231M -$3.887M
YoY Change 21.87% -16.88% 50.08%
Income Tax
% Of Pretax Income
Net Earnings -$5.930M -$3.231M -$3.887M
YoY Change 21.87% -16.88% 50.08%
Net Earnings / Revenue -39.43% -26.72% -29.0%
Basic Earnings Per Share -$0.03 -$0.04
Diluted Earnings Per Share -$2.49 -$28.66K -$41.51K
COMMON SHARES
Basic Shares Outstanding 118.2M shares 112.7M shares 93.64M shares
Diluted Shares Outstanding 2.254M shares

Balance Sheet

Concept 2022 Q4 2022 Q3 2021 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $533.0K $25.00K $941.0K
YoY Change 987.76% -97.34% 6.93%
Cash & Equivalents $533.0K $25.00K $941.0K
Short-Term Investments
Other Short-Term Assets $1.142M $1.394M $1.995M
YoY Change -23.41% -30.13% 185.0%
Inventory $16.18M $19.92M $15.51M
Prepaid Expenses
Receivables $5.671M $6.008M $6.945M
Other Receivables $1.412M $1.502M $826.0K
Total Short-Term Assets $24.93M $28.85M $26.22M
YoY Change 0.92% 10.01% 63.37%
LONG-TERM ASSETS
Property, Plant & Equipment $766.0K $826.0K $824.0K
YoY Change -22.78% 0.24% -15.92%
Goodwill
YoY Change
Intangibles $676.0K $674.0K
YoY Change 0.6%
Long-Term Investments
YoY Change
Other Assets $67.00K
YoY Change -4.29%
Total Long-Term Assets $1.392M $1.452M $1.512M
YoY Change -13.86% -3.97% -9.46%
TOTAL ASSETS
Total Short-Term Assets $24.93M $28.85M $26.22M
Total Long-Term Assets $1.392M $1.452M $1.512M
Total Assets $26.33M $30.30M $27.73M
YoY Change 0.02% 9.25% 56.51%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $9.805M $9.575M $8.870M
YoY Change -6.03% 7.95% 63.05%
Accrued Expenses $419.0K $228.0K $1.138M
YoY Change 46.5% -79.96% 19.79%
Deferred Revenue
YoY Change
Short-Term Debt $10.97M $9.103M $8.255M
YoY Change 7.28% 10.27% 93.33%
Long-Term Debt Due $2.434M $4.414M $0.00
YoY Change -100.0%
Total Short-Term Liabilities $25.66M $25.31M $19.12M
YoY Change 18.1% 32.39% 17.58%
LONG-TERM LIABILITIES
Long-Term Debt $8.092M $8.165M $0.00
YoY Change -100.0%
Other Long-Term Liabilities $207.0K $257.0K $437.0K
YoY Change -47.46% -41.19% -27.17%
Total Long-Term Liabilities $8.299M $8.422M $437.0K
YoY Change 2006.35% 1827.23% -51.44%
TOTAL LIABILITIES
Total Short-Term Liabilities $25.66M $25.31M $19.12M
Total Long-Term Liabilities $8.299M $8.422M $437.0K
Total Liabilities $33.96M $33.73M $19.56M
YoY Change 53.52% 72.49% 13.96%
SHAREHOLDERS EQUITY
Retained Earnings -$123.2M -$116.4M
YoY Change 19.45%
Common Stock $0.00 $11.00K
YoY Change -100.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$7.631M -$3.436M $8.177M
YoY Change
Total Liabilities & Shareholders Equity $26.33M $30.30M $27.73M
YoY Change 0.02% 9.25% 56.51%

Cashflow Statement

Concept 2022 Q4 2022 Q3 2021 Q3
OPERATING ACTIVITIES
Net Income -$5.930M -$3.231M -$3.887M
YoY Change 21.87% -16.88% 50.08%
Depreciation, Depletion And Amortization $29.00K $28.00K $63.00K
YoY Change -178.38% -55.56% 57.5%
Cash From Operating Activities $1.074M -$177.0K -$4.996M
YoY Change -147.02% -96.46% 187.13%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00 $0.00
YoY Change -100.0% -100.0%
Acquisitions
YoY Change
Other Investing Activities $0.00 -$2.000K $0.00
YoY Change -100.0% -100.0%
Cash From Investing Activities $0.00 -$2.000K $0.00
YoY Change -100.0% -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net -$4.000K
YoY Change -140.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -566.0K -76.00K 5.283M
YoY Change -134.81% -101.44% 240.84%
NET CHANGE
Cash From Operating Activities 1.074M -177.0K -4.996M
Cash From Investing Activities 0.000 -2.000K 0.000
Cash From Financing Activities -566.0K -76.00K 5.283M
Net Change In Cash 508.0K -255.0K 287.0K
YoY Change -156.95% -188.85% -224.78%
FREE CASH FLOW
Cash From Operating Activities $1.074M -$177.0K -$4.996M
Capital Expenditures $0.00 $0.00 $0.00
Free Cash Flow $1.074M -$177.0K -$4.996M
YoY Change -152.31% -96.46% 190.47%

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CY2021Q3 us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
65000 usd
CY2021Q3 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
3000 usd
CY2021Q3 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
-6000 usd
CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
-3887000 usd
CY2021Q3 us-gaap Stockholders Equity
StockholdersEquity
8177000 usd
CY2020Q4 us-gaap Stockholders Equity
StockholdersEquity
10404000 usd
REED Adjustments To Additional Paid In Capital Share Based Compensation Stock Options Vested
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsVested
1264000 usd
us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
234000 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
32000 usd
us-gaap Stock Issued During Period Value Other
StockIssuedDuringPeriodValueOther
472000 usd
us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
7327000 usd
us-gaap Net Income Loss
NetIncomeLoss
-11536000 usd
CY2021Q3 us-gaap Stockholders Equity
StockholdersEquity
8177000 usd
us-gaap Net Income Loss
NetIncomeLoss
-13288000 usd
us-gaap Net Income Loss
NetIncomeLoss
-11536000 usd
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
79000 usd
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
106000 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
307000 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
-448000 usd
REED Fair Value Of Vested Options
FairValueOfVestedOptions
-1264000 usd
REED Fair Value Of Vested Restricted Shares Granted To Directors And Officers For Services
FairValueOfVestedRestrictedSharesGrantedToDirectorsAndOfficersForServices
-137000 usd
REED Fair Value Of Vested Restricted Shares Granted To Directors And Officers For Services
FairValueOfVestedRestrictedSharesGrantedToDirectorsAndOfficersForServices
-234000 usd
REED Common Shares Issued As Financing Costs
CommonSharesIssuedAsFinancingCosts
37000 usd
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
-152000 usd
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
-95000 usd
us-gaap Inventory Write Down
InventoryWriteDown
35000 usd
us-gaap Inventory Write Down
InventoryWriteDown
-64000 usd
REED Accrued Interest On Convertible Note
AccruedInterestOnConvertibleNote
386000 usd
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
673000 usd
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
2132000 usd
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
2901000 usd
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
4332000 usd
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
399000 usd
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
491000 usd
REED Increase Decrease In Amortization Of Right Of Use Assets
IncreaseDecreaseInAmortizationOfRightOfUseAssets
86000 usd
REED Increase Decrease In Amortization Of Right Of Use Assets
IncreaseDecreaseInAmortizationOfRightOfUseAssets
74000 usd
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-860000 usd
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
2126000 usd
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-62000 usd
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
82000 usd
us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-118000 usd
us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-78000 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-16507000 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-15305000 usd
us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
2000 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
-2000 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-101000 usd
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
40576000 usd
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
49940000 usd
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
41299000 usd
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
41685000 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
7327000 usd
us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
12430000 usd
us-gaap Repayments Of Convertible Debt
RepaymentsOfConvertibleDebt
400000 usd
us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
629000 usd
us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
155000 usd
us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
2000 usd
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
32000 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
16485000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
15752000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-24000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
346000 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
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
25000 usd
us-gaap Interest Paid Net
InterestPaidNet
1051000 usd
us-gaap Interest Paid Net
InterestPaidNet
258000 usd
CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
941000 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
-13288000 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-16507000 usd
CY2022Q3 us-gaap Cash
Cash
25000 usd
CY2022Q3 us-gaap Line Of Credit Facility Current Borrowing Capacity
LineOfCreditFacilityCurrentBorrowingCapacity
151000 usd
CY2022Q3 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
3494000 usd
us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_847_eus-gaap--UseOfEstimates_zu69bbKFBRE2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Use of Estimates</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p>
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
44055017 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
14569638 shares
CY2022Q3 us-gaap Advertising Expense
AdvertisingExpense
116000 usd
CY2021Q3 us-gaap Advertising Expense
AdvertisingExpense
347000 usd
us-gaap Advertising Expense
AdvertisingExpense
536000 usd
us-gaap Advertising Expense
AdvertisingExpense
1050000 usd
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p id="xdx_84C_eus-gaap--ConcentrationRiskCreditRisk_z2usOe44DJu2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Concentrations</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Net sales.</i> During the three months ended September 30, 2022, three customers accounted for <span id="xdx_906_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20220701__20220930__srt--MajorCustomersAxis__custom--CustomerOneMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--ProductConcentrationRiskMember_zLJg0d3pFnnc" title="Concentration risk percentage">16</span>%, <span id="xdx_90B_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20220701__20220930__srt--MajorCustomersAxis__custom--CustomerTwoMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--ProductConcentrationRiskMember_zX1NAJqljOud">11</span>%, and <span id="xdx_90A_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20220701__20220930__srt--MajorCustomersAxis__custom--CustomerThreeMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--ProductConcentrationRiskMember_zflYkHDlYZvj">10</span>% of sales, respectively, and during the nine months ended September 30, 2022, three customers accounted for <span id="xdx_904_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20220101__20220930__srt--MajorCustomersAxis__custom--CustomerOneMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--ProductConcentrationRiskMember_zmOuOKBFUJya" title="Concentration risk percentage">19</span>%, <span id="xdx_905_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20220101__20220930__srt--MajorCustomersAxis__custom--CustomerTwoMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--ProductConcentrationRiskMember_zZ0avLA9Nk6a">11</span>%, and <span id="xdx_90C_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20220101__20220930__srt--MajorCustomersAxis__custom--CustomerThreeMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--ProductConcentrationRiskMember_ziZ53HfdAJHl">10</span>% of sales, respectively. During the three months ended September 30, 2021, one customer accounted for <span id="xdx_90B_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20210701__20210930__srt--MajorCustomersAxis__custom--CustomerOneMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--ProductConcentrationRiskMember_zqNAEI8NSAG2" title="Concentration risk percentage">24</span>% of sales, and during the nine months ended September 30, 2021, two customers accounted for <span id="xdx_90E_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20210101__20210930__srt--MajorCustomersAxis__custom--CustomerOneMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--ProductConcentrationRiskMember_zSXxkvU0WcD2">21</span>% and <span id="xdx_901_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20210101__20210930__srt--MajorCustomersAxis__custom--CustomerTwoMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--ProductConcentrationRiskMember_znUsiAMzXFUl">11</span>% of sales, respectively. No other customers exceeded 10% of sales in either period.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Accounts receivable.</i> As of September 30, 2022, the Company had accounts receivable from three customers which comprised <span id="xdx_903_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20220101__20220930__srt--MajorCustomersAxis__custom--CustomerOneMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_zpcC10jquESe" title="Concentration risk, percentage">18</span>%, <span id="xdx_904_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20220101__20220930__srt--MajorCustomersAxis__custom--CustomerTwoMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_znMttVJ0xMl8" title="Concentration risk, percentage">13</span>%, and <span id="xdx_90F_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20220101__20220930__srt--MajorCustomersAxis__custom--CustomerThreeMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_zkUb46CyNZ5g" title="Concentration risk, percentage">10</span>% of its accounts receivable. As of December 31, 2021, the Company had accounts receivable from one customer which comprised <span id="xdx_904_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20210101__20211231__srt--MajorCustomersAxis__custom--CustomerOneMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_zf0igM5eXCWa" title="Concentration risk, percentage">18</span>% of its accounts receivable. No other customers exceeded 10% of accounts receivable in either period.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Purchases from vendors.</i> During the three months ended September 30, 2022, one vendor accounted for <span id="xdx_90F_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20220701__20220930__srt--MajorCustomersAxis__custom--OneVendorMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--ProductConcentrationRiskMember_z22FcjN8CxY9" title="Percentage of sale accounted to customer">18</span>% of purchases. During the nine months ended September 30, 2022, one vendor accounted for <span id="xdx_907_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20220101__20220930__srt--MajorCustomersAxis__custom--OneVendorMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--ProductConcentrationRiskMember_zUUnyCNv5bgg" title="Percentage of sale accounted to customer">15</span>% of purchases. During the three months ended September 30, 2021, two vendors accounted for <span id="xdx_900_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20210701__20210930__srt--MajorCustomersAxis__custom--VendorOneMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--ProductConcentrationRiskMember_zJV716kRrY0l" title="Percentage of sale accounted to customer">13</span>% and <span id="xdx_908_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20210701__20210930__srt--MajorCustomersAxis__custom--VendorTwoMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--ProductConcentrationRiskMember_z1TIacBTy4mf">12</span>% of purchases, respectively. During the nine months ended September 30, 2021, two vendors accounted for <span id="xdx_903_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20210101__20210930__srt--MajorCustomersAxis__custom--VendorOneMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--ProductConcentrationRiskMember_zq9z089BA2gf" title="Percentage of sale accounted to customer">12</span>% and <span id="xdx_901_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20210101__20210930__srt--MajorCustomersAxis__custom--VendorTwoMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--ProductConcentrationRiskMember_znsOdK4Lg7q7">12</span>% of purchases, respectively. No other vendors exceeded 10% of purchases in either period.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Accounts payable.</i> As of September 30, 2022, the Company’s had one vendor which comprised <span id="xdx_90A_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20220101__20220930__srt--MajorCustomersAxis__custom--OneVendorMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsPayableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--ProductConcentrationRiskMember_zDreUaQn0qK4">13</span>% of total accounts payable. As of December 31, 2021, no vendor accounted for more than <span id="xdx_907_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20210101__20211231__srt--MajorCustomersAxis__custom--NoVendorMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsPayableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--ProductConcentrationRiskMember_zsTnlIitTyQa" title="Concentration risk, percentage">10</span>% the total accounts payable. No other vendors exceeded 10% of gross accounts payable in either period.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2022Q3 us-gaap Inventory Raw Materials
InventoryRawMaterials
10396000 usd
CY2021Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
11221000 usd
CY2022Q3 us-gaap Inventory Finished Goods
InventoryFinishedGoods
9520000 usd
CY2021Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
5828000 usd
CY2022Q3 us-gaap Inventory Net
InventoryNet
19916000 usd
CY2021Q4 us-gaap Inventory Net
InventoryNet
17049000 usd
CY2022Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
1553000 usd
CY2021Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
1553000 usd
CY2022Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
727000 usd
CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
561000 usd
CY2022Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
826000 usd
CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
992000 usd
us-gaap Depreciation
Depreciation
79000 usd
us-gaap Depreciation
Depreciation
106000 usd
us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
86000 usd
us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
74000 usd
CY2022Q3 us-gaap Convertible Long Term Notes Payable
ConvertibleLongTermNotesPayable
8165000 usd
CY2022Q3 us-gaap Indefinite Lived Trade Names
IndefiniteLivedTradeNames
578000 usd
CY2021Q4 us-gaap Indefinite Lived Trade Names
IndefiniteLivedTradeNames
576000 usd
CY2022Q3 us-gaap Indefinite Lived Trademarks
IndefiniteLivedTrademarks
48000 usd
CY2021Q4 us-gaap Indefinite Lived Trademarks
IndefiniteLivedTrademarks
48000 usd
CY2022Q3 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
IndefiniteLivedIntangibleAssetsExcludingGoodwill
626000 usd
CY2021Q4 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
IndefiniteLivedIntangibleAssetsExcludingGoodwill
624000 usd
CY2022Q3 us-gaap Deferred Finance Costs Current Net
DeferredFinanceCostsCurrentNet
403000 usd
CY2021Q4 us-gaap Deferred Finance Costs Current Net
DeferredFinanceCostsCurrentNet
0 usd
CY2022Q3 us-gaap Lines Of Credit Current
LinesOfCreditCurrent
9103000 usd
CY2021Q4 us-gaap Lines Of Credit Current
LinesOfCreditCurrent
10229000 usd
CY2022Q3 us-gaap Secured Debt
SecuredDebt
13350000 usd
CY2022Q3 us-gaap Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
386000 usd
CY2022Q3 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
1157000 usd
CY2022Q3 us-gaap Convertible Notes Payable
ConvertibleNotesPayable
12579000 usd
CY2022Q3 us-gaap Convertible Notes Payable Current
ConvertibleNotesPayableCurrent
4414000 usd
us-gaap Lease Cost
LeaseCost
86000 usd
us-gaap Lease Cost
LeaseCost
71000 usd
CY2021Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
555000 usd
us-gaap Operating Lease Payments
OperatingLeasePayments
118000 usd
CY2022Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
437000 usd
CY2022Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P2Y3M
CY2022Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.1260 pure
CY2022Q3 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
CY2022Q3 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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0001493152-22-032238.txt Edgar Link pending
0001493152-22-032238-xbrl.zip Edgar Link pending
ex10-3.htm Edgar Link pending
ex31-1.htm Edgar Link pending
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Financial_Report.xlsx Edgar Link pending
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form10-q_htm.xml Edgar Link completed
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reed-20220930.xsd Edgar Link pending
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reed-20220930_def.xml Edgar Link unprocessable
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