$REED
REED'S, INC.

2023 Q3 Form 10-Q Financial Statement

#000149315223027566 Filed on August 10, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2 2022 Q2
Revenue $11.86M $10.01M $13.73M
YoY Change -1.97% -27.1% 21.78%
Cost Of Revenue $7.823M $7.496M $10.43M
YoY Change -19.01% -28.1% 30.31%
Gross Profit $4.033M $2.509M $3.299M
YoY Change 65.63% -23.95% 0.92%
Gross Profit Margin 34.02% 25.08% 24.04%
Selling, General & Admin $2.268M $2.570M $4.003M
YoY Change -14.09% -35.8% -10.45%
% of Gross Profit 56.24% 102.43% 121.34%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $32.00K $32.00K $26.00K
YoY Change 14.29% 23.08% -54.39%
% of Gross Profit 0.79% 1.28% 0.79%
Operating Expenses $4.176M $4.256M $7.835M
YoY Change -14.58% -45.68% 12.28%
Operating Profit -$143.0K -$1.747M -$4.536M
YoY Change -94.17% -61.49% 22.3%
Interest Expense $1.293M $1.387M $541.0K
YoY Change 66.41% 156.38% 167.82%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$1.436M -$3.134M -$5.077M
YoY Change -55.56% -38.27% 61.64%
Income Tax
% Of Pretax Income
Net Earnings -$1.436M -$3.134M -$5.077M
YoY Change -55.56% -38.27% 61.64%
Net Earnings / Revenue -12.11% -31.32% -36.99%
Basic Earnings Per Share -$0.34 -$0.99 -$0.05
Diluted Earnings Per Share -$0.34 -$0.99 -$45.08K
COMMON SHARES
Basic Shares Outstanding 4.169M shares 2.602M shares 112.6M shares
Diluted Shares Outstanding 4.169M shares 3.180M shares 2.252M shares

Balance Sheet

Concept 2023 Q3 2023 Q2 2022 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.004M $447.0K $280.0K
YoY Change 3916.0% 59.64% -57.19%
Cash & Equivalents $1.004M $447.0K $280.0K
Short-Term Investments
Other Short-Term Assets $489.0K $880.0K $1.440M
YoY Change -64.92% -38.89% -27.53%
Inventory $15.96M $13.69M $24.19M
Prepaid Expenses
Receivables $5.267M $3.734M $7.704M
Other Receivables $777.0K $777.0K $1.000M
Total Short-Term Assets $23.50M $19.53M $34.62M
YoY Change -18.53% -43.59% 60.08%
LONG-TERM ASSETS
Property, Plant & Equipment $559.0K $543.0K $885.0K
YoY Change -32.32% -38.64% -0.11%
Goodwill
YoY Change
Intangibles $678.0K $678.0K $672.0K
YoY Change 0.59% 0.89%
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $1.186M $1.170M $1.509M
YoY Change -18.32% -22.47% -4.13%
TOTAL ASSETS
Total Short-Term Assets $23.50M $19.53M $34.62M
Total Long-Term Assets $1.186M $1.170M $1.509M
Total Assets $24.69M $20.70M $36.13M
YoY Change -18.52% -42.71% 55.72%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $9.067M $7.201M $12.68M
YoY Change -5.31% -43.21% 93.75%
Accrued Expenses $873.0K $798.0K $737.0K
YoY Change 282.89% 8.28% -15.48%
Deferred Revenue
YoY Change
Short-Term Debt $9.697M $6.560M $11.09M
YoY Change 6.53% -40.87% 277.48%
Long-Term Debt Due $7.380M $7.241M $1.786M
YoY Change 67.2% 305.43%
Total Short-Term Liabilities $27.68M $23.11M $27.80M
YoY Change 9.35% -16.86% 149.22%
LONG-TERM LIABILITIES
Long-Term Debt $9.721M $8.945M $8.441M
YoY Change 19.06% 5.97%
Other Long-Term Liabilities $48.00K $103.0K $304.0K
YoY Change -81.32% -66.12% -36.4%
Total Long-Term Liabilities $9.769M $9.048M $8.745M
YoY Change 15.99% 3.46% 1729.5%
TOTAL LIABILITIES
Total Short-Term Liabilities $27.68M $23.11M $27.80M
Total Long-Term Liabilities $9.769M $9.048M $8.745M
Total Liabilities $37.45M $32.16M $36.55M
YoY Change 11.01% -12.0% 214.15%
SHAREHOLDERS EQUITY
Retained Earnings -$132.1M -$130.7M -$113.2M
YoY Change 13.49% 15.46%
Common Stock $0.00 $0.00 $11.00K
YoY Change -100.0% -100.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$12.76M -$11.46M -$419.0K
YoY Change
Total Liabilities & Shareholders Equity $24.69M $20.70M $36.13M
YoY Change -18.52% -42.71% 55.72%

Cashflow Statement

Concept 2023 Q3 2023 Q2 2022 Q2
OPERATING ACTIVITIES
Net Income -$1.436M -$3.134M -$5.077M
YoY Change -55.56% -38.27% 61.64%
Depreciation, Depletion And Amortization $32.00K $32.00K $26.00K
YoY Change 14.29% 23.08% -54.39%
Cash From Operating Activities -$1.794M -$3.405M -$14.12M
YoY Change 913.56% -75.89% 169.06%
INVESTING ACTIVITIES
Capital Expenditures $85.00K $0.00
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities -$2.000K $67.00K $0.00
YoY Change 0.0% -100.0%
Cash From Investing Activities -$87.00K $67.00K $0.00
YoY Change 4250.0% -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 2.432M 3.318M 14.28M
YoY Change -3300.0% -76.77% 148.41%
NET CHANGE
Cash From Operating Activities -1.794M -3.405M -14.12M
Cash From Investing Activities -87.00K 67.00K 0.000
Cash From Financing Activities 2.432M 3.318M 14.28M
Net Change In Cash 551.0K -20.00K 158.0K
YoY Change -316.08% -112.66% -68.34%
FREE CASH FLOW
Cash From Operating Activities -$1.794M -$3.405M -$14.12M
Capital Expenditures $85.00K $0.00
Free Cash Flow -$1.879M -$14.12M
YoY Change 961.58% 168.8%

Facts In Submission

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CY2021Q4 us-gaap Stockholders Equity
StockholdersEquity
4203000 usd
CY2021Q4 us-gaap Stockholders Equity
StockholdersEquity
4203000 usd
REED Adjustments To Additional Paid In Capital Share Based Compensation Stock Options Vested
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsVested
263000 usd
us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
108000 usd
us-gaap Dividends Preferred Stock
DividendsPreferredStock
5000 usd
us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
2000 usd
us-gaap Stock Issued During Period Value Other
StockIssuedDuringPeriodValueOther
37000 usd
us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
5034000 usd
us-gaap Net Income Loss
NetIncomeLoss
-10057000 usd
CY2022Q2 us-gaap Stockholders Equity
StockholdersEquity
-419000 usd
CY2022Q2 us-gaap Stockholders Equity
StockholdersEquity
-419000 usd
us-gaap Net Income Loss
NetIncomeLoss
-7491000 usd
us-gaap Net Income Loss
NetIncomeLoss
-10057000 usd
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
79000 usd
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
51000 usd
us-gaap Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
-9000 usd
us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
712000 usd
us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
164000 usd
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
431000 usd
REED Fair Value Of Vested Options
FairValueOfVestedOptions
-213000 usd
REED Fair Value Of Vested Options
FairValueOfVestedOptions
-263000 usd
REED Fair Value Of Vested Restricted Shares Granted To Officers
FairValueOfVestedRestrictedSharesGrantedToOfficers
-3000 usd
REED Fair Value Of Vested Restricted Shares Granted To Officers
FairValueOfVestedRestrictedSharesGrantedToOfficers
-108000 usd
REED Fair Value Of Common Shares Issued As Financing Costs
FairValueOfCommonSharesIssuedAsFinancingCosts
37000 usd
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
54000 usd
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
10000 usd
us-gaap Inventory Write Down
InventoryWriteDown
-207000 usd
us-gaap Inventory Write Down
InventoryWriteDown
-3000 usd
REED Accrual Of Interest On Convertible Note
AccrualOfInterestOnConvertibleNote
1773000 usd
REED Accrual Of Interest On Convertible Note
AccrualOfInterestOnConvertibleNote
160000 usd
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-1882000 usd
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
2532000 usd
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-2692000 usd
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
7141000 usd
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-59000 usd
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
495000 usd
REED Increase Decrease In Amortization Of Right Of Use Assets
IncreaseDecreaseInAmortizationOfRightOfUseAssets
67000 usd
REED Increase Decrease In Amortization Of Right Of Use Assets
IncreaseDecreaseInAmortizationOfRightOfUseAssets
56000 usd
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-2603000 usd
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
2249000 usd
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
565000 usd
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
446000 usd
REED Increase Decrease In Accrued Dividend
IncreaseDecreaseInAccruedDividend
-5000 usd
us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-90000 usd
us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-77000 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-2288000 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-16330000 usd
us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
1000 usd
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
68000 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
67000 usd
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
19099000 usd
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
29292000 usd
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
23594000 usd
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
27934000 usd
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
483000 usd
us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
3797000 usd
us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
10008000 usd
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
268000 usd
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
4016000 usd
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
5034000 usd
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
1000 usd
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
2000 usd
us-gaap Proceeds From Repayments Of Related Party Debt
ProceedsFromRepaymentsOfRelatedPartyDebt
-914000 usd
us-gaap Proceeds From Repayments Of Related Party Debt
ProceedsFromRepaymentsOfRelatedPartyDebt
646000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
2135000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
16561000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-86000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
231000 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
533000 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
49000 usd
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
447000 usd
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
280000 usd
us-gaap Interest Paid Net
InterestPaidNet
658000 usd
us-gaap Interest Paid Net
InterestPaidNet
621000 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
-7491000 usd
CY2023Q2 us-gaap Stockholders Equity
StockholdersEquity
-11463000 usd
CY2023Q2 us-gaap Cash
Cash
447000 usd
CY2023Q2 us-gaap Line Of Credit Facility Current Borrowing Capacity
LineOfCreditFacilityCurrentBorrowingCapacity
0 usd
CY2023Q2 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
6158000 usd
CY2023Q2 REED Carrying Cost Property And Exploration Rights
CarryingCostPropertyAndExplorationRights
3.04 pure
CY2022Q2 REED Carrying Cost Property And Exploration Rights
CarryingCostPropertyAndExplorationRights
5.00 pure
REED Carrying Cost Property And Exploration Rights
CarryingCostPropertyAndExplorationRights
3.26 pure
REED Carrying Cost Property And Exploration Rights
CarryingCostPropertyAndExplorationRights
4.47 pure
CY2023Q1 us-gaap Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
1-for-50 reverse stock split
CY2023Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_84F_eus-gaap--UseOfEstimates_zZHPbu9K1Ha2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><span id="xdx_861_z6Uscs5W4wM6">Use of Estimates</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"> </span></p>
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2117906000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
913599000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2117906000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
913599000 shares
CY2023Q2 us-gaap Advertising Expense
AdvertisingExpense
27000 usd
CY2022Q2 us-gaap Advertising Expense
AdvertisingExpense
111000 usd
us-gaap Advertising Expense
AdvertisingExpense
83000 usd
us-gaap Advertising Expense
AdvertisingExpense
423000 usd
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p id="xdx_84C_eus-gaap--ConcentrationRiskCreditRisk_zOBYe6prwJFc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><span id="xdx_86B_zUTYT75qAryh">Concentrations</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><i>Net sales.</i> During the three months ended June 30, 2023, three customers accounted for <span id="xdx_90A_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20230401__20230630__srt--MajorCustomersAxis__custom--CustomerOneMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--ProductConcentrationRiskMember_zZUn6xfat686" title="Concentration risk percentage">18%</span>, <span id="xdx_90A_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20230401__20230630__srt--MajorCustomersAxis__custom--CustomerTwoMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--ProductConcentrationRiskMember_zV5UPWuB1hxi" title="Concentration risk percentage">12%</span>, and <span id="xdx_902_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20230401__20230630__srt--MajorCustomersAxis__custom--CustomerThreeMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--ProductConcentrationRiskMember_zi8CrVS0xz6h" title="Concentration risk percentage">12%</span> of gross billing, respectively, and during the six months ended June 30, 2023, two customers accounted for <span id="xdx_905_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20230101__20230630__srt--MajorCustomersAxis__custom--CustomerOneMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--ProductConcentrationRiskMember_zJtbOvrSi7m7" title="Concentration risk percentage">18%</span> and <span id="xdx_908_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20230101__20230630__srt--MajorCustomersAxis__custom--CustomerTwoMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--ProductConcentrationRiskMember_z2MwVx2W1jRl" title="Concentration risk percentage">12%</span> of gross billing, respectively. During the three months ended June 30, 2022, three customers accounted for <span id="xdx_909_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20220401__20220630__srt--MajorCustomersAxis__custom--CustomerOneMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--ProductConcentrationRiskMember_zfaBQJkwCVg8" title="Concentration risk percentage">23%</span>, <span id="xdx_90E_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20220401__20220630__srt--MajorCustomersAxis__custom--CustomerTwoMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--ProductConcentrationRiskMember_ze6E5IvRc1S8" title="Concentration risk percentage">11%</span>, and <span id="xdx_90A_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20220401__20220630__srt--MajorCustomersAxis__custom--CustomerThreeMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--ProductConcentrationRiskMember_zzYlHpYZvFve" title="Concentration risk percentage">10%</span> of gross billing, respectively, and during the six months ended June 30, 2022, three customers accounted for <span id="xdx_909_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20220101__20220630__srt--MajorCustomersAxis__custom--CustomerOneMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--ProductConcentrationRiskMember_z1tZVl2uixg" title="Concentration risk percentage">21%</span>, <span id="xdx_90B_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20220101__20220630__srt--MajorCustomersAxis__custom--CustomerTwoMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--ProductConcentrationRiskMember_zkV1kX91MHI7" title="Concentration risk percentage">11%</span>, and <span id="xdx_902_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20220101__20220630__srt--MajorCustomersAxis__custom--CustomerThreeMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--ProductConcentrationRiskMember_zz9UfiP2X7Pc" title="Concentration risk percentage">10%</span> of gross billing, respectively. No other customers exceeded 10% of sales in either period.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><i>Accounts receivable.</i> As of June 30, 2023, the Company had accounts receivable from three customers which comprised <span id="xdx_901_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20230101__20230630__srt--MajorCustomersAxis__custom--CustomerOneMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_zB0ThGQH5kwa" title="Concentration risk, percentage">17%</span>, <span id="xdx_909_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20230101__20230630__srt--MajorCustomersAxis__custom--CustomerTwoMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_zgxJUP7ADzk5" title="Concentration risk, percentage">16%</span>, and <span id="xdx_901_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20230101__20230630__srt--MajorCustomersAxis__custom--CustomerThreeMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_zggVNP2qaE3d" title="Concentration risk, percentage">11%</span> of its gross accounts receivable. As of December 31, 2022, the Company had accounts receivable from two customers which comprised <span id="xdx_909_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20220101__20221231__srt--MajorCustomersAxis__custom--CustomerOneMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_z2uNpubYn0Z9" title="Concentration risk, percentage">19%</span> and <span id="xdx_904_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20220101__20221231__srt--MajorCustomersAxis__custom--CustomerTwoMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_zTWkaN7Metef" title="Concentration risk, percentage">11%</span> of its gross accounts receivable, respectively. No other customers exceeded 10% of gross accounts receivable in either period.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><i>The Company utilizes co-packers to produce 100% of its products.</i> During the six months ended June 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><i>Purchases from vendors.</i> During the three months ended June 30, 2023, one vendor accounted for <span id="xdx_90C_eus-gaap--ConcentrationRiskPercentage1_pid_dp_c20230401__20230630__srt--MajorCustomersAxis__custom--VendorOneMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--ProductConcentrationRiskMember_zUA6mKJ24av9">11%</span> of all purchases. During the six months ended June 30, 2023, one vendor accounted for <span id="xdx_904_eus-gaap--ConcentrationRiskPercentage1_pid_dp_c20230101__20230630__srt--MajorCustomersAxis__custom--VendorOneMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--ProductConcentrationRiskMember_zxEhwkVFUxb2">10%</span> of all purchases. During the three months ended June 30, 2022, one vendor accounted for <span id="xdx_90B_eus-gaap--ConcentrationRiskPercentage1_pid_dp_c20220401__20220630__srt--MajorCustomersAxis__custom--VendorOneMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--ProductConcentrationRiskMember_zxLM8FWnD2bh">14%</span> of all purchases. During the six months ended June 30, 2022, one vendor accounted for <span id="xdx_907_eus-gaap--ConcentrationRiskPercentage1_pid_dp_c20220101__20220630__srt--MajorCustomersAxis__custom--VendorOneMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--ProductConcentrationRiskMember_z4HrtMnaiF5k">14%</span> of all purchases. No other vendors exceeded 10% of all purchases in either period.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><i>Accounts payable.</i> As of June 30, 2023, the Company’s had one vendor which comprised <span id="xdx_900_eus-gaap--ConcentrationRiskPercentage1_pid_dp_c20230401__20230630__srt--MajorCustomersAxis__custom--VendorOneMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsPayableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_zRACELnkM0nd">10%</span> 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 <span id="xdx_904_eus-gaap--ConcentrationRiskPercentage1_pid_dp_c20220101__20221231__srt--MajorCustomersAxis__custom--VendorOneMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsPayableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_zLh2QePz0Fhl">10%</span> of gross accounts payable in either period.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p>
CY2023Q2 us-gaap Inventory Raw Materials
InventoryRawMaterials
8475000 usd
CY2022Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
8526000 usd
CY2023Q2 us-gaap Inventory Finished Goods
InventoryFinishedGoods
5215000 usd
CY2022Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
7649000 usd
CY2023Q2 us-gaap Inventory Net
InventoryNet
13690000 usd
CY2022Q4 us-gaap Inventory Net
InventoryNet
16175000 usd
CY2023Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
1476000 usd
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
1553000 usd
CY2023Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
933000 usd
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
787000 usd
CY2023Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
543000 usd
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
766000 usd
us-gaap Depreciation
Depreciation
79000 usd
us-gaap Depreciation
Depreciation
51000 usd
us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
67000 usd
us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
56000 usd
CY2023Q2 us-gaap Indefinite Lived Trade Names
IndefiniteLivedTradeNames
576000 usd
CY2022Q4 us-gaap Indefinite Lived Trade Names
IndefiniteLivedTradeNames
576000 usd
CY2023Q2 us-gaap Indefinite Lived Trademarks
IndefiniteLivedTrademarks
51000 usd
CY2022Q4 us-gaap Indefinite Lived Trademarks
IndefiniteLivedTrademarks
50000 usd
CY2023Q2 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
IndefiniteLivedIntangibleAssetsExcludingGoodwill
627000 usd
CY2022Q4 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
IndefiniteLivedIntangibleAssetsExcludingGoodwill
626000 usd
CY2023Q2 us-gaap Deferred Finance Costs Current Net
DeferredFinanceCostsCurrentNet
282000 usd
CY2022Q4 us-gaap Deferred Finance Costs Current Net
DeferredFinanceCostsCurrentNet
363000 usd
CY2023Q2 us-gaap Lines Of Credit Current
LinesOfCreditCurrent
6560000 usd
CY2022Q4 us-gaap Lines Of Credit Current
LinesOfCreditCurrent
10974000 usd
CY2023Q2 us-gaap Secured Debt
SecuredDebt
14500000 usd
CY2022Q4 us-gaap Secured Debt
SecuredDebt
10450000 usd
CY2023Q2 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
1672000 usd
CY2022Q4 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
648000 usd
CY2023Q2 us-gaap Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
2557000 usd
CY2022Q4 us-gaap Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
1052000 usd
CY2023Q2 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
871000 usd
CY2022Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
976000 usd
CY2023Q2 us-gaap Convertible Notes Payable
ConvertibleNotesPayable
16186000 usd
CY2022Q4 us-gaap Convertible Notes Payable
ConvertibleNotesPayable
10526000 usd
CY2023Q2 us-gaap Convertible Notes Payable Current
ConvertibleNotesPayableCurrent
7241000 usd
CY2022Q4 us-gaap Convertible Notes Payable Current
ConvertibleNotesPayableCurrent
2434000 usd
CY2023Q2 us-gaap Convertible Long Term Notes Payable
ConvertibleLongTermNotesPayable
8945000 usd
CY2022Q4 us-gaap Convertible Long Term Notes Payable
ConvertibleLongTermNotesPayable
8092000 usd
CY2023Q2 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
600000 usd
CY2023Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
2400000 usd
CY2023Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
1000000 usd
CY2023Q2 us-gaap Loans Payable
LoansPayable
6000 usd
CY2023Q2 us-gaap Debt Instrument Fee Amount
DebtInstrumentFeeAmount
1672 usd
REED Repurchase Price Percentage
RepurchasePricePercentage
1.10 pure
CY2023Q1 us-gaap Convertible Notes Payable Current
ConvertibleNotesPayableCurrent
4050000 usd
CY2023Q2 us-gaap Convertible Notes Payable Current
ConvertibleNotesPayableCurrent
4050000 usd
CY2022Q2 us-gaap Convertible Notes Payable Current
ConvertibleNotesPayableCurrent
4050000 usd
CY2022Q4 us-gaap Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
1052000 usd
CY2023Q2 us-gaap Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
2557000 usd
CY2022Q4 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
976000 usd
REED Debt Issuance Costs
DebtIssuanceCosts
253000 usd
us-gaap Debt Conversion Converted Instrument Shares Issued1
DebtConversionConvertedInstrumentSharesIssued1
82438 shares
us-gaap Stock Issued1
StockIssued1
273000 usd
CY2023Q2 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
642000 usd
CY2023Q2 REED Remaining Unamortized Debt Discount
RemainingUnamortizedDebtDiscount
860000 usd
us-gaap Lease Cost
LeaseCost
67000 usd
us-gaap Lease Cost
LeaseCost
56000 usd
CY2022Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
394000 usd
us-gaap Operating Lease Payments
OperatingLeasePayments
90000 usd
CY2023Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
304000 usd
CY2023Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P1Y6M3D
CY2023Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.1260 pure
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares
5016 shares
us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Upper Range Limit
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeUpperRangeLimit
4.50
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
32000 usd
CY2023Q2 us-gaap Share Price
SharePrice
4.50
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
0.0359 pure
REED Provision For Receivable With Former Related Party
ProvisionForReceivableWithFormerRelatedParty
538000 usd
CY2022 REED Provision For Receivable With Former Related Party
ProvisionForReceivableWithFormerRelatedParty
538000 usd
CY2022 REED Provision For Receivable With Former Related Party
ProvisionForReceivableWithFormerRelatedParty
538000 usd

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