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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
10-Q
☒
QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For
the quarterly period ended September 30, 2024
☐
TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT OF 1934
For
the transition period from _______ to _______
Commission
file number: 001-32501
REED’S,
INC.
(Exact
name of registrant as specified in its charter)
Delaware |
|
35-2177773 |
(State
of
incorporation) |
|
(I.R.S.
Employer
Identification No.) |
201
Merritt 7, Norwalk, CT. 06851
(Address
of principal executive offices) (Zip Code)
(800)
997-3337
(Registrant’s
telephone number, including area code)
Securities
registered pursuant to Section 12(b) of the Act: None
Title
of Each Class |
|
Trading
Symbol |
|
Names
of each exchange on which registered |
|
|
|
|
|
Indicate
the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: There were
a total of 4,187,291 shares of Common Stock outstanding as of May 10, 2024.
Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days.
Yes
☒ No ☐
Indicate
by check mark whether the registrant has submitted electronically, every Interactive Data File required to be submitted pursuant to Rule
405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant
was required to submit such files). Yes ☒ No ☐
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting
company or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller
reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.:
Large
Accelerated Filer ☐ |
Accelerated
Filer ☐ |
Non-Accelerated
Filer ☒ |
Smaller
Reporting Company ☒ |
Emerging
Growth Company ☐ |
|
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate
by check mark whether the issuer is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
There
are 8,187,291 shares outstanding as of November 13, 2024.
TABLE
OF CONTENTS
CAUTIONARY
STATEMENT REGARDING FORWARD-LOOKING STATEMENTS AND INFORMATION
This
report contains statements reflecting our views about our future performance that constitute “forward-looking statements”
within the meaning of the Private Securities Litigation Reform Act of 1995 (Reform Act). Statements that constitute forward-looking statements
within the meaning of the Reform Act are generally identified through the inclusion of words such as “aim,” “anticipate,”
“believe,” “drive,” “estimate,” “expect,” “expressed confidence,” “forecast,”
“future,” “goal,” “guidance,” “intend,” “may,” “objective,” “outlook,”
“plan,” “position,” “potential,” “project,” “seek,” “should,”
“strategy,” “target,” “will” or similar statements or variations of such words and other similar
expressions. All statements addressing our future operating performance, and statements addressing events and developments that we expect
or anticipate will occur in the future, are forward-looking statements within the meaning of the Reform Act. These forward-looking statements
are based on currently available information, operating plans and projections about future events and trends. They inherently involve
risks and uncertainties that could cause actual results to differ materially from those predicted in any such forward-looking statement.
These risks and uncertainties include, but are not limited to, those described in “Part I, Item 1A. Risk Factors” of our
Annual Report on Form 10-K for the fiscal year ended December 31, 2023 (“2023 Form 10-K”) as updated by “Part II, Item
1A” of this report should be considered when evaluating our trends and future results. Investors are cautioned not to place undue
reliance on any such forward-looking statements, which speak only as of the date they are made. We undertake no obligation to update
any forward-looking statement, whether as a result of new information, future events or otherwise. The discussion of risks in this report
is by no means all-inclusive but is designed to highlight what we believe are important factors to consider when evaluating our future
performance.
Part
I – FINANCIAL INFORMATION
Item
1. Financial Statements
REED’S,
INC.
CONDENSED
BALANCE SHEETS
(Amounts
in thousands, except share amounts)
| |
September 30, 2024 | | |
December 31, 2023 | |
| |
| (Unaudited) | | |
| | |
ASSETS | |
| | | |
| | |
Current assets: | |
| | | |
| | |
Cash | |
$ | 306 | | |
$ | 603 | |
Accounts receivable, net of allowance of $577 and $860, respectively | |
| 2,770 | | |
| 3,571 | |
Inventory | |
| 9,251 | | |
| 11,300 | |
Receivable from former related party | |
| 259 | | |
| 259 | |
Prepaid expenses and other current assets | |
| 1,476 | | |
| 2,028 | |
Total current assets | |
| 14,062 | | |
| 17,761 | |
| |
| | | |
| | |
Property and equipment, net of accumulated depreciation of $1,277 and $1,068, respectively | |
| 335 | | |
| 493 | |
Intangible assets | |
| 636 | | |
| 629 | |
Total assets | |
$ | 15,033 | | |
$ | 18,883 | |
| |
| | | |
| | |
LIABILITIES AND STOCKHOLDERS’ DEFICIT | |
| | | |
| | |
Current liabilities: | |
| | | |
| | |
Accounts payable | |
$ | 8,313 | | |
$ | 9,133 | |
Accrued expenses | |
| 1,274 | | |
| 1,096 | |
Revolving line of credit, net of capitalized financing costs of $81 and $201, respectively | |
| 5,390 | | |
| 9,758 | |
Payable to former related party | |
| 211 | | |
| 259 | |
Current portion of convertible notes payable, net of debt discount of $459 and $572, respectively | |
| 21,751 | | |
| 6,737 | |
Current portion of lease liabilities | |
| 47 | | |
| 207 | |
Total current liabilities | |
| 36,986 | | |
| 27,190 | |
| |
| | | |
| | |
Convertible note payable, net of debt discount of $0 and $148, respectively, less current portion | |
| - | | |
| 10,874 | |
Total liabilities | |
| 36,986 | | |
| 38,064 | |
| |
| | | |
| | |
Stockholders’ deficit: | |
| | | |
| | |
Series A Convertible Preferred stock, $10 par value, 500,000 shares authorized, 9,411 shares issued and outstanding | |
| 94 | | |
| 94 | |
Common stock, $.0001 par value, 180,000,000 shares authorized; 8,187,291 and 4,187,291 shares issued and outstanding, respectively | |
| 1 | | |
| - | |
Additional paid in capital | |
| 125,719 | | |
| 119,452 | |
Accumulated deficit | |
| (147,767 | ) | |
| (138,727 | ) |
Total stockholders’ deficit | |
| (21,953 | ) | |
| (19,181 | ) |
Total liabilities and stockholders’ deficit | |
$ | 15,033 | | |
$ | 18,883 | |
The
accompanying notes are an integral part of these condensed financial statements.
REED’S,
INC.
CONDENSED
STATEMENTS OF OPERATIONS
For
the Three and Nine Months Ended September 30, 2024 and 2023
(Unaudited)
(Amounts
in thousands, except share and per share amounts)
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| |
Three Months Ended September 30, | | |
Nine Months Ended September 30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
Net Sales | |
$ | 6,752 | | |
$ | 11,856 | | |
$ | 28,221 | | |
$ | 33,018 | |
Cost of goods sold | |
| 5,537 | | |
| 7,823 | | |
| 19,762 | | |
| 23,778 | |
Gross profit | |
| 1,215 | | |
| 4,033 | | |
| 8,459 | | |
| 9,240 | |
| |
| | | |
| | | |
| | | |
| | |
Operating expenses: | |
| | | |
| | | |
| | | |
| | |
Delivery and handling expense | |
| 1,279 | | |
| 1,908 | | |
| 4,204 | | |
| 5,714 | |
Selling and marketing expense | |
| 1,283 | | |
| 861 | | |
| 3,473 | | |
| 3,567 | |
General and administrative expense | |
| 1,791 | | |
| 1,407 | | |
| 5,239 | | |
| 4,427 | |
Total operating expenses | |
| 4,353 | | |
| 4,176 | | |
| 12,916 | | |
| 13,708 | |
| |
| | | |
| | | |
| | | |
| | |
Loss from operations | |
| (3,138 | ) | |
| (143 | ) | |
| (4,457 | ) | |
| (4,468 | ) |
| |
| | | |
| | | |
| | | |
| | |
Interest expense | |
| (2,405 | ) | |
| (1,293 | ) | |
| (4,578 | ) | |
| (4,459 | ) |
Change in fair value of SAFE investments | |
| 1,393 | | |
| - | | |
| - | | |
| - | |
| |
| | | |
| | | |
| | | |
| | |
Net loss | |
| (4,150 | ) | |
| (1,436 | ) | |
| (9,035 | ) | |
| (8,927 | ) |
| |
| | | |
| | | |
| | | |
| | |
Dividends on Series A Convertible Preferred Stock | |
| - | | |
| - | | |
| (5 | ) | |
| (5 | ) |
| |
| | | |
| | | |
| | | |
| | |
Net Loss Attributable to Common Stockholders | |
$ | (4,150 | ) | |
$ | (1,436 | ) | |
$ | (9,040 | ) | |
$ | (8,932 | ) |
| |
| | | |
| | | |
| | | |
| | |
Loss per share – basic and diluted | |
$ | (0.82 | ) | |
$ | (0.34 | ) | |
$ | (2.02 | ) | |
$ | (2.69 | ) |
| |
| | | |
| | | |
| | | |
| | |
Weighted average number of shares outstanding – basic and diluted | |
| 5,066,412 | | |
| 4,169,131 | | |
| 4,483,587 | | |
| 3,322,959 | |
The
accompanying notes are an integral part of these condensed financial statements.
REED’S,
INC.
CONDENSED
STATEMENTS OF CHANGES IN STOCKHOLDERS’ DEFICIT
For
the Three and Nine Months Ended September 30, 2024 and 2023
(Unaudited)
(Amounts
in thousands except share amounts)
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Deficit | |
| |
Common Stock | | |
Preferred Stock | | |
Additional Paid In | | |
Accumulated | | |
Total Stockholders’ | |
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Deficit | |
Balance, June 30, 2024 | |
| 4,187,291 | | |
$ | - | | |
| 9,411 | | |
$ | 94 | | |
$ | 119,674 | | |
$ | (143,617 | ) | |
$ | (23,849 | ) |
Fair value of vested options | |
| | | |
| | | |
| | | |
| | | |
| 46 | | |
| | | |
| 46 | |
Common shares issued for cash | |
| 1,268,795 | | |
| | | |
| | | |
| | | |
| 1,903 | | |
| | | |
| 1,903 | |
Common shares issued upon conversion of SAFE agreement | |
| 2,731,205 | | |
| 1 | | |
| | | |
| | | |
| 4,096 | | |
| | | |
| 4,097 | |
Net loss | |
| | | |
| | | |
| - | | |
| - | | |
| - | | |
| (4,150 | ) | |
| (4,150 | ) |
Balance, September 30, 2024 | |
| 8,187,291 | | |
$ | 1 | | |
| 9,411 | | |
$ | 94 | | |
$ | 125,719 | | |
$ | (147,767 | ) | |
$ | (21,953 | ) |
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Deficit | |
| |
Common Stock | | |
Preferred Stock | | |
Additional Paid In | | |
Accumulated | | |
Total Stockholders’ | |
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Deficit | |
Balance, December 31, 2023 | |
| 4,187,291 | | |
$ | - | | |
| 9,411 | | |
$ | 94 | | |
$ | 119,452 | | |
$ | (138,727 | ) | |
$ | (19,181 | ) |
Fair value of vested options | |
| | | |
| | | |
| | | |
| | | |
| 268 | | |
| | | |
| 268 | |
Dividends on Series A Convertible Preferred Stock | |
| - | | |
| - | | |
| | | |
| - | | |
| | | |
| (5 | ) | |
| (5 | ) |
Common shares issued for cash | |
| 1,268,795 | | |
| | | |
| | | |
| | | |
| 1,903 | | |
| | | |
| 1,903 | |
Common
shares issued upon conversion of SAFE agreement | |
| 2,731,205 | | |
| 1 | | |
| | | |
| - | | |
| 4,096 | | |
| | | |
| 4,097 | |
Net loss | |
| | | |
| | | |
| - | | |
| - | | |
| - | | |
| (9,035 | ) | |
| (9,035 | ) |
Balance, September 30, 2024 | |
| 8,187,291 | | |
$ | 1 | | |
| 9,411 | | |
$ | 94 | | |
$ | 125,719 | | |
$ | (147,767 | ) | |
$ | (21,953 | ) |
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Deficit | |
| |
Common Stock | | |
Preferred Stock | | |
Additional Paid In | | |
Accumulated | | |
Total Stockholders’ | |
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Deficit | |
Balance, June 30, 2023 | |
| 4,169,131 | | |
$ | - | | |
| 9,411 | | |
$ | 94 | | |
$ | 119,138 | | |
$ | (130,695 | ) | |
$ | (11,463 | ) |
Fair value of vested options | |
| - | | |
| - | | |
| | | |
| | | |
| 139 | | |
| | | |
| 139 | |
Net loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (1,436 | ) | |
| (1,436 | ) |
Balance, September 30, 2023 | |
| 4,169,131 | | |
$ | - | | |
| 9,411 | | |
$ | 94 | | |
$ | 119,277 | | |
$ | (132,131 | ) | |
$ | (12,760 | ) |
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Deficit | |
| |
Common Stock | | |
Preferred Stock | | |
Additional Paid In | | |
Accumulated | | |
Total Stockholders’ | |
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Deficit | |
Balance, December 31, 2022 | |
| 2,519,485 | | |
$ | - | | |
| 9,411 | | |
$ | 94 | | |
$ | 114,635 | | |
$ | (123,199 | ) | |
$ | (8,470 | ) |
Balance | |
| 2,519,485 | | |
$ | - | | |
| 9,411 | | |
$ | 94 | | |
$ | 114,635 | | |
$ | (123,199 | ) | |
$ | (8,470 | ) |
Fair value of vested options | |
| | | |
| | | |
| | | |
| | | |
| 351 | | |
| | | |
| 351 | |
Fair value of vested restricted shares granted to officers | |
| 750 | | |
| | | |
| | | |
| | | |
| 3 | | |
| | | |
| 3 | |
Repurchase of common stock | |
| (274 | ) | |
| | | |
| | | |
| | | |
| (1 | ) | |
| | | |
| (1 | ) |
Common shares issued for financing costs | |
| 82,438 | | |
| | | |
| | | |
| | | |
| 273 | | |
| | | |
| 273 | |
Dividends on Series A Convertible Preferred Stock | |
| - | | |
| - | | |
| | | |
| - | | |
| | | |
| (5 | ) | |
| (5 | ) |
Common shares issued for cash, net of offering costs | |
| 1,566,732 | | |
| - | | |
| | | |
| | | |
| 4,016 | | |
| | | |
| 4,016 | |
Net loss | |
| | | |
| | | |
| - | | |
| - | | |
| - | | |
| (8,927 | ) | |
| (8,927 | ) |
Balance, September 30, 2023 | |
| 4,169,131 | | |
$ | - | | |
| 9,411 | | |
$ | 94 | | |
$ | 119,277 | | |
$ | (132,131 | ) | |
$ | (12,760 | ) |
Balance | |
| 4,169,131 | | |
$ | - | | |
| 9,411 | | |
$ | 94 | | |
$ | 119,277 | | |
$ | (132,131 | ) | |
$ | (12,760 | ) |
The
accompanying notes are an integral part of these condensed financial statements.
REED’S,
INC.
CONDENSED
STATEMENTS OF CASH FLOWS
For
the Nine Months Ended September 30, 2024 and 2023
(Unaudited)
(Amounts
in thousands)
| |
September 30, 2024 | | |
September 30, 2023 | |
Cash flows from operating activities: | |
| | | |
| | |
Net loss | |
$ | (9,035 | ) | |
$ | (8,927 | ) |
Adjustments to reconcile net loss to net cash used in operating activities: | |
| | | |
| | |
Depreciation | |
| 88 | | |
| 112 | |
Loss on disposal of property and equipment | |
| | | |
| 9 | |
Amortization of debt discount | |
| 568 | | |
| 958 | |
Fair value of vested options | |
| 268 | | |
| 351 | |
Fair value of vested restricted shares granted to officers | |
| - | | |
| 3 | |
Product quality hold write-down | |
| (29 | ) | |
| | |
Change in allowance for doubtful accounts | |
| (282 | ) | |
| 262 | |
Inventory write-downs | |
| (825 | ) | |
| (205 | ) |
Accrued interest | |
| 3,141 | | |
| 2,483 | |
Changes in operating assets and liabilities: | |
| | | |
| | |
Accounts receivable | |
| 1,084 | | |
| 142 | |
Inventory | |
| 2,903 | | |
| 417 | |
Prepaid expenses and other assets | |
| (449 | ) | |
| 450 | |
Decrease in right of use assets | |
| 121 | | |
| 102 | |
Accounts payable | |
| 180 | | |
| (738 | ) |
Accrued dividend | |
| - | | |
| (5 | ) |
Accrued expenses | |
| 173 | | |
| 639 | |
Lease liabilities | |
| (160 | ) | |
| (137 | ) |
Net cash used in operating activities | |
| (2,254 | ) | |
| (4,084 | ) |
Cash flows from investing activities: | |
| | | |
| | |
Trademark costs | |
| (7 | ) | |
| (1 | ) |
Purchase of property and equipment | |
| (51 | ) | |
| (84 | ) |
Sale of property and equipment | |
| - | | |
| 68 | |
Net cash used in investing activities | |
| (58 | ) | |
| (17 | ) |
Cash flows from financing activities: | |
| | | |
| | |
Proceeds from line of credit | |
| 24,878 | | |
| 32,686 | |
Payments on line of credit | |
| (29,367 | ) | |
| (34,085 | ) |
Proceeds from convertible note payable, net of expenses | |
| - | | |
| 3,797 | |
Payment of accrued interest on convertible note payable | |
| (513 | ) | |
| (268 | ) |
Proceeds from sale of common stock | |
| 1,903 | | |
| 4,016 | |
Proceeds from convertible notes | |
| 1,400 | | |
| - | |
Proceeds from issuance of SAFE agreement | |
| 4,097 | | |
| (1 | ) |
Payment of cash recorded as debt discount | |
| (335 | ) | |
| - | |
Amounts from former related party, net | |
| (48 | ) | |
| (1,573 | ) |
Net cash provided by financing activities | |
| 2,015 | | |
| 4,572 | |
| |
| | | |
| | |
Net decrease in cash | |
| (297 | ) | |
| 471 | |
Cash at beginning of period | |
| 603 | | |
| 533 | |
Cash at end of period | |
$ | 306 | | |
$ | 1,004 | |
| |
| | | |
| | |
Supplemental disclosures of cash flow information: | |
| | | |
| | |
Cash paid for interest | |
$ | 238 | | |
$ | 548 | |
Non-cash investing and financing activities: | |
| | | |
| | |
Dividends on Series A Convertible Preferred Stock | |
$ | 5 | | |
$ | 5 | |
Reclass of prepaid expenses and accounts payable | |
| 1,000 | | |
| | |
The
accompanying notes are an integral part of these condensed financial statements.
REED’S,
INC.
NOTES
TO CONDENSED FINANCIAL STATEMENTS
Three
and Nine Months Ended September 30, 2024 and 2023 (Unaudited)
(In
thousands, except share and per share amounts)
1.
Summary of Significant Accounting Policies
Basis
of Presentation
The
accompanying condensed financial statements of Reed’s, Inc. (the “Company”, “we”, “us”, or
“our”), have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S.
GAAP”) and the applicable rules and regulations of the Securities and Exchange Commission (the “SEC”) regarding interim
financial reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with
U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. We believe that the disclosures contained in these condensed
financial statements are adequate to make the information presented herein not misleading. These condensed financial statements should
be read in conjunction with the financial statements contained in the Company’s Annual Report on Form 10-K for the year ended December
31, 2023, filed with the SEC on April 1, 2024. The accompanying condensed financial statements are unaudited, but in the opinion of management,
contain all adjustments, including normal recurring adjustments, necessary to present fairly the Company’s financial position as
of September 30, 2024, and the results of its operations and its cash flows for the nine months ended September 30, 2024 and 2023. The
balance sheet as of December 31, 2023 is derived from the Company’s audited financial statements.
The
results of operations for the nine months ended September 30, 2024, are not necessarily indicative of the results of operations to be
expected for the full fiscal year ending December 31, 2024.
Going
Concern
The
accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the settlement
of liabilities and commitments in the normal course of business. As reflected in the accompanying financial statements, for the nine
months ended September 30, 2024, the Company recorded a net loss of $9,035,
and utilized $2,254
of cash in operations and at September 30, 2024,
had a working capital deficiency of $22,923
and a stockholders’ deficit of $21,953.
As of September 30, 2024, the Company borrowed $5,471
on its line of credit and owed $22,210 on its Notes (See Note 5 and Note 6 for further
detail). These factors raise substantial doubt about the Company’s ability to continue as a going concern within one year of the
date that the financial statements are issued. The financial statements do not include any adjustments related to the recoverability
and classification of recorded asset amounts or the amounts and classification of liabilities that might be necessary should the Company
be unable to continue as a going concern. The Company’s independent registered public accounting firm, in its report on the Company’s
consolidated financial statements for the year ended December 31, 2023, has also expressed substantial doubt about the Company’s ability
to continue as a going concern.
As
of September 30, 2024, we had a cash balance of $306, no availability under our line of credit and $7,529 of additional borrowing capacity
from the credit facility assuming there is availability under the terms.
Historically,
we have financed our operations through public and private sales of common stock, issuance of preferred and common stock, convertible
debt instruments, term loans and credit lines from financial institutions, and cash generated from operations. To alleviate these conditions,
management is currently evaluating various funding alternatives and may seek to raise additional funds through the issuance of equity,
mezzanine or debt securities, through arrangements with strategic partners or through obtaining credit from financial institutions. The
Company is continuing to discuss restructuring of debt with existing lenders and is exploring new financing opportunities to address
the line of credit which comes due in March 2025 (see Note 5) and the portion of the debt under the Notes which comes due on December
15, 2024 (see Note 6). As we seek additional sources of financing, there can be no assurance that such financing would be available to
us on favorable terms or at all. Our ability to obtain additional financing in the debt and equity capital markets is subject to several
factors, including market and economic conditions, our performance and investor sentiment with respect to us and our industry.
We
have also taken decisive action to improve our margins, including fully outsourcing our manufacturing process, streamlining our product
portfolio, negotiating improved vendor contracts and restructuring our selling prices.
Recent
Trends - Market Conditions
Although
the U.S. economy continued to grow throughout 2023 and into Q3 2024, the higher inflation, the actions by the Federal Reserve to address
inflation, and rising energy prices create uncertainty about the future economic environment which will continue to evolve and may impact
our business in future periods. We have experienced supply chain challenges, including increased lead times, as well as inflation of
raw materials, logistics and labor costs due to availability constraints and high demand. Although we regularly monitor companies in
our supply chain, and use alternative suppliers when necessary and available, supply chain constraints could cause a disruption in our
ability to obtain raw materials required to manufacture our products and adversely affect our operations.
During
the three months ending September 30, 2024, the Company continued to experience moderation from the elevated freight costs experienced
in 2023. The average cost of shipping and handling for the three months ended September 30, 2024, was $2.99 as compared to $2.98 in the
three months ended September 30, 2023. During the nine months ended September 30, 2024, the average cost of shipping and handling was
$2.66 per case, as compared to $3.17 per case for the nine months ended September 30, 2023. Although the Company has experienced decreases
in freight costs over the last four quarters, in the Company’s opinion there remains a volatile environment and the Company will
continue to monitor pricing and availability in transportation. Mitigation plans have been implemented to manage this risk. The Company
has been negatively impacted by supply chain challenges affecting our ability to benefit from strong demand for, and increased sales
of our product. The disruption caused by labor shortages, significant raw material cost inflation, logistics issues and increased freight
costs, and ongoing port congestion, resulted in suppressed margins. The Company has experienced moderation in inflation and anticipates
this continuing throughout 2024.
Use
of Estimates
The
preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates
and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date
of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ
from those estimates. Those estimates and assumptions include estimates for credit loss reserves for accounts receivable, assumptions
used in valuing inventories at net realizable value, impairment testing of recorded long-term tangible and intangible assets, the valuation
allowance for deferred tax assets, accruals for potential liabilities, assumptions made in valuing stock instruments issued for services,
assumptions in determining the fair value of our SAFE investments and assumptions used in the determination of the Company’s liquidity.
Revenue
Recognition
The
Company recognizes revenue in accordance with Accounting Standards Codification (ASC) 606, Revenue from Contracts with Customers
(“ASC 606”). Revenue and costs of sales are recognized when control of the products transfers to our customer, which generally
occurs upon shipment from our facilities. The Company’s performance obligations are satisfied at that time. The Company does not
have any significant contracts with customers requiring performance beyond delivery, and contracts with customers contain no incentives
or discounts that could cause revenue to be allocated or adjusted over time. Shipping and handling activities are performed before the
customer obtains control of the goods and therefore represent a fulfilment activity rather than a promised service to the customer. All
of the Company’s products are offered for sale as finished goods only, and there are no performance obligations required post-shipment
for customers to derive the expected value from them.
The
Company does not allow for returns, except for damaged products when damage occurred pre-fulfilment. Damaged product returns have historically
been insignificant. Because of this, the stand-alone nature of our products, and our assessment of performance obligations and transaction
pricing for our sales contracts, we do not currently maintain a contract asset or liability balance for obligations. We assess our contracts
and the reasonableness of our conclusions on a quarterly basis.
Loss
per Common Share
Basic
earnings (loss) per share is computed by dividing the net income (loss) applicable to common stockholders by the weighted average number
of shares of common stock outstanding during the year, excluding shares of unvested restricted common stock. Shares of restricted stock
are included in the basic weighted average number of common shares outstanding from the time they vest. Diluted earnings (loss) per share
is computed by dividing the net income applicable to common stockholders by the weighted average number of common shares outstanding
plus the number of additional common shares that would have been outstanding if all dilutive potential common shares had been issued,
using the treasury stock method. Shares of restricted stock are included in the diluted weighted average number of common shares outstanding
from the date they are granted. Potential common shares are excluded from computation when their effect is antidilutive.
For
the periods ended September 30, 2024 and 2023, the calculations of basic and diluted loss per share are the same because potential dilutive
securities would have had an anti-dilutive effect. The potentially dilutive securities consisted of the following:
Schedule
of Potentially Dilutive Securities
| |
September 30, 2024 | | |
September 30, 2023 | |
Warrants | |
| 549,292 | | |
| 549,292 | |
Options | |
| 128,309 | | |
| 145,012 | |
Convertible note payable | |
| 1,844,829 | | |
| 1,475,725 | |
Common stock equivalent of Series A Convertible Preferred stock | |
| 753 | | |
| 753 | |
Total | |
| 2,523,183 | | |
| 2,170,782 | |
Stock
Compensation Expense
The
Company periodically issues stock options and restricted stock awards to employees and non-employees in non-capital raising transactions
for services and for financing costs. The Company accounts for such grants issued and vesting based on ASC 718, Compensation-Stock
Compensation whereby the value of the award is measured on the date of grant and recognized for employees as compensation expense
on the straight-line basis over the vesting period. Recognition of compensation expenses for non-employees is in the same period and
manner as if the Company had paid cash for the services. The Company recognizes the fair value of stock-based compensation within its
Statements of Operations with classification depending on the nature of the services rendered.
The
fair value of the Company’s stock options is estimated using the Black-Scholes-Merton Option Pricing model, which uses certain
assumptions related to risk-free interest rates, expected volatility, expected life of the stock options or restricted stock, and future
dividends. Compensation expense is recorded based upon the value derived from the Black-Scholes-Merton Option Pricing model and based
on actual experience. The assumptions used in the Black-Scholes-Merton Option Pricing model could materially affect compensation expense
recorded in future periods.
Advertising
Costs
Advertising
costs are expensed as incurred and are included in selling and marketing expense. Advertising costs for the three months ended September
30, 2024, and 2023, aggregated $8 and $22, respectively. Advertising costs for the nine months ended September 30, 2024, and 2023, aggregated
$38 and $82, respectively.
Concentrations
Net
sales. During the three months ended September 30, 2024, two customers accounted for 18% and 15% of gross billing, respectively,
and during the nine months ended September 30, 2024, three customers accounted for 18%, 15%, and 11% of gross billing, respectively.
During the three months ended September 30, 2023, three customers accounted for 22%, 14%, and 12% of gross billing, respectively, and
during the nine months ended September 30, 2023, two customers accounted for 19% and 13% of gross billing, respectively. No other customers
exceeded 10% of sales in either period.
Accounts
receivable. As of September 30, 2024, the Company had accounts receivable from two customers which comprised 32% and 13% of its gross
accounts receivable, respectively. As of December 31, 2023, the Company had accounts receivable from three customers which comprised
24%, 15% and 11% of its gross accounts receivable, respectively. No other customers exceeded 10% of gross accounts receivable in either
period.
The
Company utilizes co-packers to produce 100% of its products. During the nine months ended September 30, 2024 and the year ended December
31, 2023, the Company utilized nine separate co-packers for most its production and bottling of beverage products in the United States.
The Company has long-standing relationships with two different co-packers, and a third co-packing agreement with California Custom Beverage
LLC (“CCB”), a former related party (see Note 11). Although there are other packers, a change in co-packers may cause a delay
in the production process, which could ultimately affect operating results.
Purchases
from vendors. During the nine months ended September 30, 2024, the Company’s two largest vendors accounted for approximately
11% and 10% of all purchases. During the nine months ended September 30, 2023, the Company’s largest vendor accounted for approximately
9% of all purchases. No other vendors exceeded 10% of all purchases in either period.
Accounts
payable. As of September 30, 2024, no vendor accounted for more than 10% of total accounts payable. As of December 31, 2023, two
vendors accounted for 10% and 10% of total accounts payable, respectively. No other vendors exceeded 10% of accounts payable in either
period.
Fair
Value of Financial Instruments
The
Company uses various inputs in determining the fair value of its financial assets and liabilities and measures these assets on a recurring
basis. Financial assets recorded at fair value are categorized by the level of subjectivity associated with the inputs used to measure
their fair value. ASC 820 defines the following levels of subjectivity associated with the inputs:
Level
1—Quoted prices in active markets for identical assets or liabilities.
Level
2—Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly.
Level
3—Unobservable inputs based on the Company’s assumptions.
The
carrying amounts of financial assets and liabilities, such as cash and cash equivalents, accounts receivable, short-term bank loans,
accounts payable, notes payable and other payables, approximate their fair values because of the short maturity of these instruments.
The carrying values of capital lease obligations and long-term financing obligations approximate their fair values because interest rates
on these obligations are based on prevailing market interest rates.
The
fair value of our liability under our SAFE investments were determined using level 3 inputs. (Note 8)
Reclassifications
Certain
prior year amounts have been reclassified for consistency with the current period presentation. Collection from customers amounting to
$1,217 that was previously presented as a deduction from prepaid expenses at December 31, 2023 have been reclassed as an offset against
accounts receivable. This reclassification had no effect on the reported results of operations or cash flows.
Recent
Accounting Pronouncements
In
November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosure, which
is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expense
categories that are regularly provided to the chief operating decision maker and included in each reported measure of a segment’s
profit or loss. The update also requires all annual disclosures about a reportable segment’s profit or loss and assets to be provided
in interim periods and for entities with a single reportable segment to provide all the disclosures required by ASC 280, Segment Reporting,
including the significant segment expense disclosures. This standard became effective for the Company on January 1, 2024. to The adoption
of 2023-7 did not have a material impact on the Company’s results of operations, financial position or cash flows.
Other
recent accounting pronouncements and guidance issued by the FASB, its Emerging Issues Task Force, the American Institute of Certified
Public Accountants, and the Securities and Exchange Commission did not or are not believed by management to have a material impact on
the Company’s present or future financial statements.
2.
Inventory
Inventory
is valued at the lower of cost (first-in, first-out) or net realizable value, net of write downs, and is comprised of the following (in
thousands):
Schedule
of Inventory
| |
September 30, 2024 | | |
December 31, 2023 | |
Raw materials and packaging | |
$ | 6,143 | | |
$ | 6,445 | |
Finished products | |
| 3,108 | | |
| 4,855 | |
Total | |
$ | 9,251 | | |
$ | 11,300 | |
3.
Property and Equipment
Property
and equipment are comprised of the following (in thousands):
Schedule of Property and Equipment
| |
September 30, 2024 | | |
December 31, 2023 | |
Right-of-use assets under operating leases | |
$ | 724 | | |
$ | 724 | |
Computer hardware and software | |
| 400 | | |
| 400 | |
Machinery and equipment | |
| 352 | | |
| 352 | |
Construction in progress | |
| 136 | | |
| 85 | |
Total cost | |
| 1,612 | | |
| 1,561 | |
Accumulated depreciation and amortization | |
| (1,277 | ) | |
| (1,068 | ) |
Net value | |
$ | 335 | | |
$ | 493 | |
Depreciation
expense for the nine months ended September 30, 2024 and 2023 was $88 and $112, respectively, and amortization of right-of-use assets
for the nine months ended September 30, 2024 and 2023 was $121 and $102, respectively.
4.
Intangible Assets
Intangible
assets consist of the following (in thousands):
Summary
of Intangible Assets
| |
September 30, 2024 | | |
December 31, 2023 | |
Brand names | |
$ | 576 | | |
$ | 576 | |
Trademarks | |
| 60 | | |
| 53 | |
Total | |
$ | 636 | | |
$ | 629 | |
5.
Line of Credit
The
Company’s credit facility consisted of the following (in thousands):
Schedule
of Amount Outstanding Under Credit Facilities
| |
September 30, 2024 | | |
December 31, 2023 | |
Line of credit – Alterna Capital Solutions | |
$ | 5,471 | | |
$ | 9,959 | |
Less: capitalized financing costs | |
| (81 | ) | |
| (201 | ) |
Total | |
$ | 5,390 | | |
$ | 9,758 | |
In
March, 2022, the Company entered into a financing agreement for a line of credit with Alterna Capital Solutions (“ACS”). The
ACS line of credit is for a term of 3 years, provides for borrowings of up to $13,000, and is secured by eligible accounts receivable
and inventory, and are subject to a collateral sharing agreement with Whitebox, another secured lender (see Note 6). An over advance
rider provides for up to $500 of additional borrowing above the collateralized base (the “Over Advance”) up to a total borrowing
of $13,500. As of September 30, 2024, there was no remaining availability under the line of credit, and $7,529 of borrowing capacity
available.
Borrowings
based on receivables bears an interest of prime plus 4.75% but not less than 8.0% (13.25% at September 30, 2024 and 13.25% at December
31, 2023). Borrowings based on inventory bears an interest of prime plus 5.25% but not less than 8.5% (13.90% at September 30, 2024 and
13.90% at December 31, 2023). The additional over advance rider bears a rate of prime plus 12.75%, but not less than 16.00% (25.00% at
September 30, 2024 and 18.00% at December 31, 2023). Additionally, the line of credit is subject to a monthly monitoring fee of $1 with
a minimum usage requirement on the credit facility. A loan balance of less than $1,500 will bear interest at a rate in line with account
receivables advances plus the monthly monitoring fee of $1.
The
Company incurred $483 of direct costs of the transaction, consisting primarily of broker, bank and legal fees. These costs have been
capitalized and are being amortized over the 3-year life of the ACS agreement. The unamortized debt discount balance was $201 at December
31, 2023. For the nine months ended September 30, 2024, amortization of debt discount was $120, and as of September 30, 2024, the remaining
unamortized debt discount balance is $81.
On
July 26, 2024, Norman E. Snyder Jr, CEO of the Company, provided a personal guaranty for $500 over advance on our existing line of credit.
The over advance was repaid by September 30, 2024.
6.
Secured Notes Payable
Amounts
outstanding under the Company’s secured convertible notes payable are as follows (amounts in 000’s except share amounts):
Schedule
of Secured Convertible Notes Payable
| |
September 30, 2024 | | |
December 31, 2023 | |
Secured Convertible “Original” Notes Payable (A) | |
$ | 10,250 | | |
$ | 10,250 | |
Secured “Option” Notes Payable (B) | |
| 6,504 | | |
| 4,050 | |
Secured Convertible “Option”
Notes Payable | |
| 6,504 | | |
| 4,050 | |
| |
| | | |
| | |
Accrued interest | |
| 2,222 | | |
| 1,059 | |
Accrued interest on excess debt borrowing | |
| 3,234 | | |
| 2,824 | |
Capitalized financing costs | |
| (459 | ) | |
| (572 | ) |
Total | |
$ | 21,751 | | |
$ | 17,611 | |
Secured
Notes
|
(A) |
In
May 2022, the Company issued $11,250 of convertible notes payable (the “Original Notes”) to entities affiliated with
Whitebox Advisors, LLC (collectively, “Whitebox”). The Original Notes bear interest at 10% per annum (with 5% per annum
payable in cash and 5% per annum payable in kind (“PIK”) by adding such PIK interest to the principal amount of the notes),
are secured by substantially all of the Company’s assets (including all of its intellectual property) and are subject to a
collateral sharing agreement with Alterna Capital (ACS), the Company’s existing secured lender. The Original Notes mature the
earlier of September 30, 2025 or the scheduled maturity of any unsecured indebtedness incurred by the Company that is junior in right
of payment to Note obligations. At each of September 30, 2024 and December 31, 2023, the principal balance of the Original Notes
was $10,250.
Upon
conversion or early payment, holders of the Original Notes are entitled to receive an interest make-whole payment, as defined, equal
to the sum of the remaining scheduled payments of interest on the Original Notes that would be due at maturity, payable, at the Company’s
option, in cash or in shares of common stock. On August 1, 2022, the Original Notes were amended to add a 10% fee (“Excess
ABL Fee’) commencing with the fiscal month ending October 31, 2022 for the amount that the Company’s line of credit with
ACS exceeds (i) (x) prior to November 30, 2024, $9,500 and (y) on and after November 30, 2024, $6,500, if the Company has
not publicly announced or is not actively pursuing a proposed transaction as a result of which the Company reasonably believes that
its Common Stock will be listed on a national securities exchange) or $9,500 otherwise, minus (ii) any amounts repaid to ACS
pursuant to the Option Notes (not to exceed $500) plus (iii) the aggregate principal amount of Original Notes voluntarily converted
into Conversion Consideration (as defined therein), in each case subject to the terms of the collateral sharing agreement; provided
that the sum of the amounts in clauses (i), (ii) and (ii) above shall not exceed $10,500 minus any amounts repaid ACS as contemplated
by the Option Notes (not to exceed $500). |
The
Original Notes have an amortization feature which requires the Company to make monthly payments of principal of $200 plus accrued interest,
payable in cash or in shares of the Company’s common stock at the option of the Company, based on 90% of the average prices of
the Company’s common stock, as defined. During 2023, Whitebox waived the requirement for the Company to pay the December 2022 to
October 2023 monthly amortization payments on the Original Notes. The November 2023 amortization payment of $200 principal was paid,
and the amortization payment for December 2023 to May 2024 was waived. The amortization period resumed on June 1, 2024.
|
(B) |
At the time of issuance of
the Original Notes, the Company also granted the investors an option to purchase up to an additional $12,000 aggregate principal
amount of “Option Notes”. At December 31, 2023, the principal balance of the Option Notes was $4,050. |
|
|
On August 1, 2024, the Company
entered into an Option Exercise and Nineth Amendment (“Exercise and Amendment Agreement”) to the Notes with Whitebox. Pursuant
to the Exercise and Amendment Agreement, holders of the Original Notes exercised an option to purchase an aggregate of approximately
$6,504
Option Notes, which consisted of (i) an exchange
of $4,050 of existing notes, (ii) additional cash proceeds to the Company of $1,400,
and (iii) an additional finance cost of $1,054 The
Option Notes mature on the earlier of December 15, 2024, and ninety one days before the schedule maturity of any unsecured indebtedness
incurred by the Company that is junior in right of payment to its Note obligations. The
Option Notes bear interest in arrears on the outstanding principal amount at a rate of 11.13%
per annum, payable in cash. The Option Notes may be prepaid without premium or penalty. Unless $1,400
of the principal amount is prepaid, payment of
any Option Note on the maturity date (or due to an acceleration (whether declared or automatic)) shall be accompanied by an additional
amount (such amount, the “MOIC Deficiency Amount”), if any, sufficient to achieve a 1.13:1.00 multiple of invested capital
since August 1, 2024 (the “MOIC”) on the aggregate principal amount of the Option Notes being paid. The MOIC Deficiency Amount
shall be calculated based on (i) the sum of all fees, original issue discount, interest, premiums, principal and other payments received
in cash by the applicable holders in respect of the Option Notes since August 1, 2024 (excluding any reimbursement of out-of-pocket costs
or expenses reimbursed and any indemnification payments made to the applicable Holders in respect of the Option Notes), as the numerator,
and (ii) the aggregate principal amount of the Option Notes on August 1, 2024, as the denominator. |
Pursuant
to the Exercise and Amendment Agreement, Whitebox temporarily waived the specified events of default under the Notes and temporarily
waived any requirement that the Company conduct a repurchase of Original Notes in the event of a Make-Whole Fundamental Change (as
defined in the Original Notes), subject to the terms and conditions therein.
Waiver
of Default
On
August 1, 2024, the Whitebox waived the specified events of default under the Original Notes and Option Notes (collectively referred
to herein as the “Notes”) and temporarily waived any requirement that the Company conduct a repurchase of Original Notes
in the event of a Make-Whole Fundamental Change (as defined in the Original Notes) through December 15, 2024 (See Note 13).
Accrued
Interest
At
December 31, 2023, the balance of accrued interest was $3,883.
During the period ended September 30, 2024, the Company recorded interest of $3,141,
made up of $1,832
of interest on the Notes, and $1,309
related to the excess ABL fees and made payments of $514
towards accrued interest and $1,054 was added to the principal of the Option Notes. At September 30, 2024, the balance of accrued
interest was $5,456.
Debt
Discount
At
December 31, 2023, the unamortized debt discount was $572. During the period ended September 30, 2024, the Company incurred $335 of costs
for the aforementioned waivers. These costs have been capitalized and are being amortized over the term of the Notes or waiver period.
For the nine months ended September 30, 2024, amortization of debt discount was $448, and as of September 30, 2024, the remaining unamortized
debt discount balance is $459.
7.
Leases Liabilities
During
the nine months ended September 30, 2024 and 2023, lease costs totaled $89 and $67, respectively.
As
of December 31, 2023, operating lease liabilities totaled $207. During the nine months ended September 30, 2024, the Company made payments
of $160 towards its operating lease liability. As of September 30, 2024, operating lease liabilities totaled $47.
As
of September 30, 2024, the weighted average remaining lease terms for an operating lease are 0.25
years. As of September 30, 2024, the weighted
average discount rate on the operating lease is 12.60%.
On May 10 2024, the Company entered into a new lease
with Merritt 7 Ventures LLC, for commercial office space for its corporate headquarters. The lease has an 11-year term and is expected
to commence in December 2024. Aggregate monthly base rent for the first year of the lease shall be $8,590. Base rent shall increase incrementally
on an annual basis by approximately 3.6%. Customary tax and electricity rent assessments in addition to base rent are payable. In year
one, the aggregate of these charges is $7,409 per month. Total payments over the life of the lease are expected to be $2,129.
8.
Issuance of Common Stock
During
the first quarter of 2024, the Company received $4,097
in gross proceeds from three significant stockholders of the Company, D&D Source of Life Holding LTD (“D&D”) and
Union Square Park Partners LP, and John J. Bello, the Company’s former Chairman, pursuant to Simple Agreements for Future
Equity (“SAFE”) investments. The SAFE investments were to convert into the next equity financing of Reed’s on the
same terms and conditions as investors in Reed’s next equity financing at the lesser of $1.50 per
share or the per share price in the financing. D&D was given the right to designate a second independent director nominee to the
board of directors of Reed’s and the company agreed to limit the size of its board of directors to nine (9) for so long as
D&D owns 25% or more of the equity securities of the Company. The Company initially recorded the SAFE investments as a liability
at $5,490
which was reflected on its June 30, 2024 balance sheet, and reflected a loss from change in fair value of SAFE investments of $1,393.
On
September 9, 2024, the Company entered into a Securities Purchase Agreement with various purchasers for the issuance of 4,000,000 common
shares for total consideration of $6,000. The various purchasers also held the investment in the Company’s SAFEs. As part of the
total capital raise, 2,731,205 shares of common stock valued at $4,097 upon conversion of the SAFEs , an additional 1,268,795 common
shares were issued to D&D Source of Life Holding Ltd. for consideration of $1,903.
Upon
conversion of the SAFE instruments during the three months ended September 30, 2024, the Company recorded a gain from change in fair value of SAFE investments of $1,393.
9.
Stock-Based Compensation
Stock
Options
The
following table summarizes stock option activity during the nine months ended September 30, 2024:
Schedule
of Stock Option Activity
| |
Shares | | |
Weighted- Average Exercise Price | | |
Weighted- Average Remaining Contractual Terms (Years) | | |
Aggregate Intrinsic Value | |
Outstanding at December 31, 2023 | |
| 143,000 | | |
$ | 45.09 | | |
| 6.75 | | |
$ | - | |
Granted | |
| - | | |
$ | - | | |
| | | |
| | |
Exercised | |
| - | | |
$ | - | | |
| | | |
| | |
Unvested forfeited | |
| (5,178 | ) | |
$ | 16,61 | | |
| | | |
| | |
Vested forfeited | |
| (9,513 | ) | |
$ | 44.98 | | |
| | | |
| | |
Outstanding at September 30, 2024 | |
| 128,309 | | |
$ | 46.18 | | |
| 5.97 | | |
$ | - | |
Exercisable at September 30, 2024 | |
| 112,447 | | |
$ | 50.06 | | |
| 5.70 | | |
$ | - | |
During
the nine months ended September 30, 2024 and 2023, the Company recognized $268 and $351 of compensation expense relating to vested stock
options. As of September 30, 2024, the aggregate amount of unvested compensation related to stock options was approximately $105 which
will be recognized as an expense as the options vest in future periods through March 28, 2027.
As
of September 30, 2024, the outstanding and exercisable options have no intrinsic value. The aggregate intrinsic value was calculated
as the difference between the closing market price as of September 30, 2024, which was $1.39, and the exercise price of the outstanding
stock options.
10.
Stock Warrants
The
Company’s warrant activity during the nine months ended September 30, 2024, is as follows:
Schedule
of Warrant Activity
| |
Shares | | |
Weighted- Average Exercise Price | | |
Weighted- Average Remaining Contractual Terms (Years) | | |
Aggregate Intrinsic Value | |
| |
| | |
| | |
| | |
| |
Outstanding at December 31, 2023 | |
| 549,292 | | |
$ | 8.77 | | |
| 2.84 | | |
$ | - | |
Granted | |
| - | | |
| - | | |
| - | | |
| | |
Exercised | |
| - | | |
| - | | |
| - | | |
| | |
Forfeited | |
| - | | |
| - | | |
| - | | |
| | |
Outstanding at September 30, 2024 | |
| 549,292 | | |
$ | 8.77 | | |
| 2.34 | | |
$ | - | |
Exercisable at September 30, 2024 | |
| 549,292 | | |
$ | 8.77 | | |
| 2.34 | | |
$ | - | |
As
of September 30, 2024, the outstanding and exercisable warrants have no aggregate intrinsic value. The aggregate intrinsic value was
calculated as the difference between the closing market price as of September 30, 2024, which was $1.39, and the exercise price of the
Company’s warrants to purchase common stock.
11.
Transactions with California Custom Beverage, LLC, former related party
In
December 2018, the Company signed a co-packing agreement with California Custom Beverage, LLC’s (“CCB”), an entity
owned by Christopher J. Reed, a former related party, pursuant to which CCB agreed to produce certain products for the Company for agreed
fees. The co-packing agreement, as amended, includes certain provisions for product inputs, shrinkage, and quality assurance. Also beginning
in 2019, CCB agreed to pay the Company a 5% royalty through 2021 on certain private label sales made by CCB.
At
September 30, 2024 and 2023, accounts receivable due from and accounts payable due to CCB were as follows:
Schedule
of Related Parties
| |
September 30, 2024 | | |
December 31, 2023 | |
Accounts receivable, net of provision of $1,123 and $1,123 at September 30, 2024 and December 31, 2023, respectively | |
| 259 | | |
| 259 | |
Accounts payable | |
| (211 | ) | |
| (259 | ) |
Net (payable) receivable | |
| 48 | | |
| - | |
In
addition, on April 19, 2023, the Company received a letter from CCB demanding payment of various amounts, including the $452 and $452
outstanding at September 30, 2024 and December 31, 2023, respectively. The Company has determined that the probability of realizing any
loss on the demand from CCB is remote and therefore has not recorded any additional accruals related to the demand.
12.
Commitments and Contingencies
During
2023, the firm engaged an investment bank to explore financing options for the Company. We have a maximum obligation of $1.2M in fees
so far in this engagement. These fees will be recognized on a success basis and will be paid out only if a transaction is finalized.
In
2018, CCB assumed the monthly payments on our lease obligation for a Los Angeles manufacturing plant for payments through September 2024,
and our release from the obligation by the lessor, however, is dependent upon CCB’s deposit of $1,200 of security with the lessor.
As of September 30, 2024, $800 has been deposited with the lessor and Chris J. Reed has placed approximately 7,260 shares of the Company’s
common stock valued at $10 that remain in escrow with the lessor.
We
are, and from time to time, we be a party to claims and legal proceedings arising in the ordinary course of business. Our management
evaluates our exposure to these claims and proceedings individually and in the aggregate and provides for potential losses on such litigation
if the amount of the loss is estimable and the loss is probable.
We
believe that there are no material litigation matters at the current time. Although the result of such litigation matters and claims
cannot be predicted with certainty, we believe that the final outcome of such claims and proceedings will not have a material adverse
impact on our financial position, liquidity, or results of operations.
13.
Subsequent Events
On October 10, 2024, Whitebox sold and assigned its
entire interest in eight secured promissory notes (the “Notes”) (Note 6) of the Company to the Company’s majority stockholder,
D&D. The Notes contain customary affirmative and negative covenants and events of default. The Notes were secured by substantially
all of the Company’s assets, including all intellectual property.
On November 14, 2024, the Company entered into a new
secured one-year term loan with a principal amount of $10 million with Whitebox. The loan bears interest of 8% which is payable quarterly.
The term loan is secured by substantially all of the Company’s assets, including all intellectual property. The Company used part
of the proceeds to pay off and close its existing revolving line of credit (Note 5).
On November 14, 2024, in conjunction with the term
loan transaction, D&D and the Company amended the Notes. D&D released all collateral under the Notes, deferred cash payments
thereunder and extended the maturity dates of all of the Notes to 181 days after the maturity of the revolving credit facility, which
is November 14, 2025 (with the maturity dates of the notes extended to May 14, 2026).
On
October 21, 2024, the board of directors of the Company, upon recommendation from its governance committee, appointed Sam Van to serve
as a member of its board of directors. Mr. Van is an independent director designee of D&D.
On October 28, John J. Bello and Louis
Imbrogno, Jr. resigned from the board of directors (“board”) of the Company. Prior to resignation, Mr. Bello had served as
the Chairman of the board and a member of its operating committee. Mr. Imbrogno had served on the governance committee and audit committee
and as chair of the compensation committee
On October 29, Thomas W. Kosler also resigned from the board. He had served as chair of the
audit committee.
Item
2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Our
discussion and analysis is intended to help the reader understand our results of operations and financial condition and is provided as
an addition to, and should be read in connection with, our condensed financial statements and the accompanying notes. Cautionary statements
on page [ii] of this report and in “Part I, Item 1A. Risk Factors” of our 2023 Form 10-K as updated by “Part II, Item
1A” of this report, should be considered when evaluating our trends and future results.
In
addition to our GAAP results, the following discussion includes Modified EBITDA as a supplemental measure of our performance. We present
Modified EBITDA because we believe it assists investors and analysts in comparing our performance across reporting periods on a consistent
basis by excluding items that we do not believe are indicative of our core operating performance. In addition, we use Modified EBITDA
in developing our internal budgets, forecasts, and strategic plan; in analyzing the effectiveness of our business strategies in evaluating
potential acquisitions; making compensation decisions; and in communications with our board of directors concerning our financial performance.
Modified EBITDA is not a recognized measurement under GAAP and should not be considered as an alternative to net income, income from
operations or any other performance measure derived in accordance with GAAP, or as an alternative to cash flow from operating activities
as a measure of liquidity. We define Modified EBITDA as net income (loss), plus interest expense, depreciation and amortization, stock-based
compensation, changes in fair value of warrant expense, and one-time restructuring-related costs including employee severance and asset
impairment.
The
following discussion also includes the use of gross billing, a key performance indicator and metric. Gross billing represents invoiced
amounts to distributors and retailers, excluding sales adjustments. Gross billing may include deductions from MSRP or “list price”,
where applicable, and excludes promotional costs of generating such sales. Management utilizes gross billing to monitor operating performance
of products and salespersons, which performance can be masked by the effect of promotional or other allowances. Management believes that
the presentation of gross billing provides a useful measure of Reed’s operating performance.
Amounts
presented in the discussion below are in thousands, except share and per share amounts.
Results
of Operations
Overview
During
the nine months ended September 30, 2024, the Company continued to focus on strengthening its supply chain, implement gross margin enhancement initiatives,
drive efficiencies in transportation and warehouse costs and reduce operating expenses. In addition, it continues to build its innovation
pipeline with sustained growth in Reed’s Real Ginger Ale, Virgil’s Zero Sugar handcrafted sodas, Reed’s Classic and
Stormy Mule, and Reed’s Hard Ginger Ale.
The
Company remains engaged on driving sales growth, improving gross margin, and reducing freight costs. The sales growth focus is on channel
expansion, increase in store placements, new product introduction and improved sales execution. The margin enhancement initiative is
driven by packaging savings, co-packer upgrades, and better leveraged purchasing and improved efficiency. Underpinning these initiatives
is a focus on strategically reducing operating costs particularly delivery and handling expenses. In addition, the Company continues
to augment its co-packer network to drive further efficiencies and build proper levels of inventory at the appropriate location to maximize
delivery metrics.
Recent
Trends – Market Conditions
Although
the U.S. economy continued to grow throughout 2023 and into Q3 2024, the higher inflation, the actions by the Federal Reserve to address
inflation, and rising energy prices create uncertainty about the future economic environment which will continue to evolve and may impact
our business in future periods. We have experienced supply chain challenges, including increased lead times, as well as inflation of
raw materials, logistics and labor costs due to availability constraints and high demand. Although we regularly monitor companies in
our supply chain, and use alternative suppliers when necessary and available, supply chain constraints could cause a disruption in our
ability to obtain raw materials required to manufacture our products and adversely affect our operations.
During
the three months ending September 30, 2024, the Company continued to experience moderation from the elevated freight costs experienced
in 2023. The average cost of shipping and handling for the three months ended September 30, 2024, was $2.99 as compared to $2.98 in the
three months ended September 30, 2023. During the nine months ended September 30, 2024, the average cost of shipping and handling was
$2.66 per case, as compared to $3.17 per case for the nine months ended September 30, 2023. Although the Company has experienced decreases
in freight costs over the last four quarters, in the Company’s opinion there remains a volatile environment and the Company will
continue to monitor pricing and availability in transportation. Mitigation plans have been implemented to manage this risk. The Company
has been negatively impacted by supply chain challenges affecting our ability to benefit from strong demand for, and increased sales
of our product. The disruption caused by labor shortages, significant raw material cost inflation, logistics issues and increased freight
costs, and ongoing port congestion, resulted in suppressed margins. The Company has experienced moderation in inflation and anticipates
this to continue throughout 2024.
Results
of Operations – Three Months Ended September 30, 2024, as compared to Three Months Ended September 30, 2023
The
following table sets forth key statistics for the three months ended September 30, 2024 and 2023, respectively, in thousands.
| |
Three Months Ended September 30, | | |
Pct. | |
| |
2024 | | |
2023 | | |
Change | |
Gross billing (A) | |
$ | 8,901 | | |
$ | 13,219 | | |
| -33 | % |
Less: Promotional and other allowances (B) | |
| 2,149 | | |
| 1,363 | | |
| 58 | % |
Net sales | |
$ | 6,752 | | |
$ | 11,856 | | |
| -43 | % |
| |
| | | |
| | | |
| | |
Cost of goods sold | |
| 5,537 | | |
| 7,823 | | |
| -29 | % |
% of Gross billing | |
| 62 | % | |
| 59 | % | |
| | |
% of Net sales | |
| 82 | % | |
| 66 | % | |
| | |
Gross profit | |
$ | 1,215 | | |
$ | 4,033 | | |
| -70 | % |
% of Net sales | |
| 18 | % | |
| 34 | % | |
| | |
| |
| | | |
| | | |
| | |
Expenses | |
| | | |
| | | |
| | |
Delivery and handling | |
$ | 1,279 | | |
$ | 1,908 | | |
| -33 | % |
% of Net sales | |
| 19 | % | |
| 16 | % | |
| | |
Dollar per case ($) | |
$ | 2.99 | | |
$ | 2.98 | | |
| | |
Selling and marketing | |
| 1,283 | | |
| 861 | | |
| 49 | % |
% of Net sales | |
| 19 | % | |
| 7 | % | |
| | |
General and administrative | |
| 1,791 | | |
| 1,407 | | |
| 27 | % |
% of Net sales | |
| 27 | % | |
| 12 | % | |
| | |
Total operating expenses | |
| 4,353 | | |
| 4,176 | | |
| 4 | % |
| |
| | | |
| | | |
| | |
Loss from operations | |
$ | (3,138 | ) | |
$ | (143 | ) | |
| 2,094 | % |
| |
| | | |
| | | |
| | |
Interest expense and other income (expense) | |
$ | (1,012 | ) | |
$ | (1,293 | ) | |
| -22 | % |
| |
| | | |
| | | |
| | |
Net loss | |
$ | (4,150 | ) | |
$ | (1,436 | ) | |
| 189 | % |
| |
| | | |
| | | |
| | |
Loss per share – basic and diluted | |
$ | (0.82 | ) | |
$ | (0.34 | ) | |
| 138 | % |
| |
| | | |
| | | |
| | |
Weighted average shares outstanding - basic & diluted | |
| 5,066,412 | | |
| 4,169,131 | | |
| 22 | % |
(A)
We define gross billing as the total sales for the Company unadjusted for costs related to generating those sales. Management utilizes
gross billing as an indicator of and to monitor operating performance of products and salespersons before the effect of any promotional
or other allowances, which are determined in accordance with GAAP, and can mask certain performance issues. We believe that the presentation
of gross billing provides a useful measure of our operating performance. Additionally, gross billing may not be comparable to similarly
titled measures used by other companies, as gross billing has been defined by our internal reporting practices.
(B)
We define promotional and other allowances as costs deducted from gross billing which are associated with generating those sales. Management
utilizes promotional and other allowances as an indicator of and to monitor operating performance of products, salespersons, and customer
agreements. We believe that the presentation of promotional and other allowances provides a useful measure of our operating performance.
The presentation of promotional and other allowances facilitates an evaluation of their impact on the determination of net sales and
the spending levels incurred or correlated with such sales. The expenditures described in this line item are determined in accordance
with GAAP and meet GAAP requirements, the disclosure thereof does not conform to GAAP presentation requirements. Additionally, our definition
of promotional and other allowances may not be comparable to similar items presented by other companies. Promotional and other allowances
primarily include consideration given to the Company’s distributors or retail customers including, but not limited to the following:
(i) reimbursements given to the Company’s distributors for agreed portions of their promotional spend with retailers, including
slotting, shelf space allowances and other fees for both new and existing products; (ii) the Company’s agreed share of fees given
to distributors and/or directly to retailers for in-store marketing and promotional activities; (iii) the Company’s agreed share
of slotting, shelf space allowances and other fees given directly to retailers; (iv) incentives given to the Company’s distributors
and/or retailers for achieving or exceeding certain predetermined sales goals; and (v) discounted or free products. Promotional and other
allowances constitute a material portion of our marketing activities. The Company’s promotional allowance programs with its numerous
distributors and/or retailers are executed through separate agreements in the ordinary course of business. These agreements generally
provide for one or more of the arrangements described above and are of varying durations, ranging from one week to one year.
Sales,
Cost of Sales, and Gross Margins
The
following chart sets forth key statistics for the transition of the Company’s top line activity from the third quarter of 2023
through the third quarter of 2024.
| |
| |
2024 | | |
| | |
2023 | | |
| | |
Q3
Per Case | | |
| | |
Sept
YTD Per Case | | |
| |
| |
| |
Q1 | | |
Q2 | | |
Q3 | | |
YTD | | |
Q3
vs PY | | |
YTD
vs PY | | |
Q1 | | |
Q2 | | |
Q3 | | |
YTD | | |
2024 | | |
2023 | | |
vs
PY | | |
2024 | | |
2023 | | |
vs
PY | |
Cases: | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| |
Reed’s | |
| 348 | | |
| 413 | | |
| 253 | | |
| 1,014 | | |
| -37 | % | |
| -10 | % | |
| 370 | | |
| 355 | | |
| 402 | | |
| 1,127 | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| |
Virgil’s | |
| 151 | | |
| 239 | | |
| 175 | | |
| 565 | | |
| -26 | % | |
| -16 | % | |
| 241 | | |
| 197 | | |
| 238 | | |
| 676 | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| |
Total
Core | |
| 499 | | |
| 652 | | |
| 428 | | |
| 1,579 | | |
| -33 | % | |
| -12 | % | |
| 611 | | |
| 552 | | |
| 640 | | |
| 1,803 | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| |
Non
Core | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | % | |
| -100 | % | |
| 2 | | |
| - | | |
| - | | |
| 2 | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| |
Total | |
| 499 | | |
| 652 | | |
| 428 | | |
| 1,579 | | |
| -33 | % | |
| -13 | % | |
| 613 | | |
| 552 | | |
| 640 | | |
| 1,805 | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Gross
Billing: | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| |
Core | |
$ | 10,377 | | |
$ | 13,584 | | |
$ | 8,901 | | |
$ | 32,862 | | |
| -33 | % | |
| -10 | % | |
$ | 12,333 | | |
$ | 11,095 | | |
$ | 13,197 | | |
$ | 36,626 | | |
$ | 20.8 | | |
$ | 20.6 | | |
| 1 | % | |
$ | 20.8 | | |
$ | 20.3 | | |
| 2 | % |
| |
Non
Core | |
| 2 | | |
| - | | |
| - | | |
| 2 | | |
| -100 | % | |
| -99 | % | |
| 120 | | |
| 69 | | |
| 22 | | |
| 211 | | |
$ | - | | |
$ | - | | |
| - | % | |
| - | | |
| .1 | | |
| -99 | % |
| |
Total | |
$ | 10,379 | | |
$ | 13,584 | | |
$ | 8,904 | | |
$ | 32,864 | | |
| -33 | % | |
| -11 | % | |
$ | 12,453 | | |
$ | 11,164 | | |
$ | 13,219 | | |
$ | 36,837 | | |
$ | 20.8 | | |
$ | 20.7 | | |
| 1 | % | |
| 20.8 | | |
| 20.4 | | |
| 2 | % |
| |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Discounts: | |
Total | |
$ | (784 | ) | |
$ | (1,710 | ) | |
$ | (2,149 | ) | |
$ | (4,643 | ) | |
| 58 | % | |
| 22 | % | |
$ | (1,296 | ) | |
$ | (1,159 | ) | |
$ | (1,363 | ) | |
$ | (3,819 | ) | |
$ | (5.0 | ) | |
$ | (2.1 | ) | |
| 136 | % | |
$ | (2.9 | ) | |
$ | (2.1 | ) | |
| 39 | % |
| |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
COGS: | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| |
Core | |
$ | (6,182 | ) | |
$ | (8,043 | ) | |
$ | (5,537 | ) | |
$ | (19,762 | ) | |
| -29 | % | |
| -16 | % | |
$ | (8,422 | ) | |
$ | (7,408 | ) | |
$ | (7,820 | ) | |
$ | (23,650 | ) | |
$ | (12.9 | ) | |
$ | (12.2 | ) | |
| 6 | % | |
$ | (12.5 | ) | |
$ | (13.1 | ) | |
| -5 | % |
| |
Non
Core | |
| - | | |
| - | | |
| - | | |
| - | | |
| -100 | % | |
| -100 | % | |
| (87 | ) | |
| (88 | ) | |
| (3 | ) | |
| (128 | ) | |
| - | | |
| - | | |
| - | % | |
| - | | |
| .1 | | |
| -5 | % |
| |
Total | |
$ | (6,182 | ) | |
$ | (8,043 | ) | |
$ | (5,530 | ) | |
$ | (19,762 | ) | |
| -29 | % | |
| -17 | % | |
$ | (8,459 | ) | |
$ | (7,496 | ) | |
$ | (7,823 | ) | |
$ | (23,778 | ) | |
$ | (12.9 | ) | |
$ | (12.2 | ) | |
| 6 | % | |
$ | (12.5 | ) | |
$ | (13.2 | ) | |
| -5 | % |
| |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Gross
Margin: | |
| |
$ | 3,413 | | |
$ | 3,831 | | |
$ | 1,215 | | |
$ | 8,459 | | |
| -70 | % | |
| 7 | % | |
$ | 2,698 | | |
$ | 2,509 | | |
$ | 4,033 | | |
$ | 9,240 | | |
$ | 2.9 | | |
$ | 6.3 | | |
| -55 | % | |
$ | 5.4 | | |
$ | 5.1 | | |
| 5 | % |
as
% Net Sales | |
| |
| 36 | % | |
| 32 | % | |
| 18 | % | |
| 30 | % | |
| | | |
| | | |
| 24 | % | |
| 25 | % | |
| 34 | % | |
| 28 | % | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Sales,
Cost of Sales, and Gross Margins
As
part of the Company’s ongoing initiative to simplify and streamline operations, the Company has identified core products on which
to place its strategic focus. These core products consist of Reed’s and Virgil’s branded beverages. Non-core products consist
primarily of Wellness Shots, candy and slower selling discontinued Reed’s and Virgil’s SKUs.
Core
beverage volume for the three months ended September 30, 2024, represents 100% of all beverage volume.
Core
brand gross billing decreased by 33% to $8,901 compared to $13,197 during the same period last year, driven by a Reed’s volume
decrease of 37% and Virgil’s volume decrease of 26%. The result is a decrease in total gross billing of 33%, to $8,901 during the
three months ended September 30, 2023, from $13,219 in the same period last year. Prices on our core brands increased 1% to $20.79 per
case. The lower gross billings was a result of volume declines that have impacted the carbonated soft drink segment as a result of price increases
coupled with the Company’s inability to produce sufficient levels of inventory to meet current demand as a result of tighter credit
terms from suppliers.
Discounts
as a percentage of gross sales was 24% compared to 10% in the same period last year. As a result, net sales revenue decreased 43% in
the three months ended September 30, 2024, to $6,752, compared to $11,856 in the same period last year driven by lower sales and elevated
trade spend.
Cost
of Goods Sold
Cost
of goods sold decreased $2,286 during the three months ended September 30, 2024, as compared to the same period last year. As a percentage
of net sales, cost of goods sold for the three months ended September 30, 2024, was 82% as compared to 66% for the same period last year.
The decline as a percentage of net sales, was driven by elevated trade spend, partially offset by lower supply chain and input costs.
The
total cost of goods per case increased to $12.91 per case in the three months ended September 30, 2024, from $12.22 per case for the
same period last year.
Gross
Margin
Gross
margin was 18% for the three months ended September 30, 2024, compared to 34% for the same period last year.
Operating
Expenses
Delivery
and Handling Expenses
Delivery
and handling expenses consist of delivery costs to customers and warehousing costs incurred for handling our finished goods after production.
Delivery and handling expenses decreased by $629 in the three months ended September 30, 2024, to $1,279 from $1,908 in the same period
last year, driven by our efforts to mitigate inflationary costs. Delivery costs in the three months ended September 30, 2024, were 19%
of net sales and $2.99 per case, compared to 16% of net sales and $2.98 per case during the same period last year.
Selling
and Marketing Expenses
Marketing
expenses consist of direct marketing, marketing labor, and marketing support costs. Selling expenses consist of all other
selling-related expenses including personnel and contractor support. Total selling and marketing expenses were $1,283 during the
three months ended September 30, 2024, compared to $861 during the same period last year, an increase of $422. As a percentage of
net sales, selling and marketing costs was 19% during the three months ended September 30, 2024, as compared to 7% during the same
period last year. The increase was primarily driven by higher employee related costs, marketing spend, and higher service fees
related to e-commerce sales.
General
and Administrative Expenses
General
and administrative expenses consist primarily of the cost of executive, administrative, and finance personnel, as well as professional
fees. General and administrative expenses increased in the three months ended September 30, 2024 to $1,791 from $1,407, an increase
of $384 over the same period last year. As a percentage of net sales, general and administrative expenses were 27% during the three months
ended September 30, 2024, as compared to 12% during the same period last year. The increase was driven by higher professional fees, bad
debt expense, investor related costs and employee related costs.
Loss
from Operations
The
loss from operations was $3,138 for the three months ended September 30, 2024, as compared to a loss of $143 in the same period last
year driven by decreased gross profit and an increase in operating expenses discussed above.
Interest
and Other Expense
Interest
and other expense for the three months ended September 30, 2024, consisted of $1,012 of interest expense. During the same period last
year, interest and other expense consisted of $1,293 of interest expense.
Modified
EBITDA
In
addition to our GAAP results, we present Modified EBITDA as a supplemental measure of our performance. However, Modified EBITDA is not
a recognized measurement under GAAP and should not be considered as an alternative to net income, income from operations or any other
performance measure derived in accordance with GAAP, or as an alternative to cash flow from operating activities as a measure of liquidity.
We define Modified EBITDA as net income (loss), plus interest expense, tax expense, depreciation and amortization, stock-based compensation,
changes in fair value of warrant expense, change in fair value of SAFE agreements, legal and insurance settlements, non-recurring professional
fees inventory write-offs associated with exited categories and major packaging and formula changes, one-time changes in policy, impact
of changes to accounting methodology and one-time restructuring-related costs including employee severance and asset impairment.
Management
considers our core operating performance to be that which our managers can affect in any particular period through their management of
the resources that affect our underlying revenue and profit generating operations during that period. Non-GAAP adjustments to our results
prepared in accordance with GAAP are itemized below. You are encouraged to evaluate these adjustments and the reasons we consider them
appropriate for supplemental analysis. In evaluating Modified EBITDA, you should be aware that in the future we may incur expenses that
are the same as or similar to some of the adjustments in this presentation. Our presentation of Modified EBITDA should not be construed
as an inference that our future results will be unaffected by unusual or non-recurring items.
Set
forth below is a reconciliation of net loss to Modified EBITDA for the three months ended September 30, 2024 and 2023 (unaudited; in
thousands):
| |
Three Months Ended September 30 | |
| |
2024 | | |
2023 | |
Net loss | |
$ | (4,150 | ) | |
$ | (1,436 | ) |
| |
| | | |
| | |
Modified EBITDA adjustments: | |
| | | |
| | |
Depreciation and amortization | |
| 71 | | |
| 68 | |
Tax expense | |
| (8 | ) | |
| - | |
Interest expense | |
| 2,405 | | |
| 1,293 | |
Change in fair value of SAFE investments | |
| (1,393 | ) | |
| - | |
Production quality hold write-down | |
| 15 | | |
| - | |
Stock option and other noncash compensation | |
| 46 | | |
| 139 | |
Professional fees | |
| - | | |
| - | |
Severance | |
| 16 | | |
| 85 | |
Legal settlements | |
| - | | |
| 12 | |
Total EBITDA adjustments | |
$ | 1,152 | | |
$ | 1,597 | |
| |
| | | |
| | |
Modified EBITDA | |
$ | (2,998 | ) | |
$ | 161 | |
We
present Modified EBITDA because we believe it assists investors and analysts in comparing our performance across reporting periods on
a consistent basis by excluding items that we do not believe are indicative of our core operating performance. In addition, we use Modified
EBITDA in developing our internal budgets, forecasts and strategic plan; in analyzing the effectiveness of our business strategies in
evaluating potential acquisitions; making compensation decisions; and in communications with our board of directors concerning our financial
performance. Modified EBITDA has limitations as an analytical tool, which includes, among others, the following:
|
● |
Modified
EBITDA does not reflect our cash expenditures, or future requirements, for capital expenditures or contractual commitments; |
|
|
|
|
● |
Modified
EBITDA does not reflect changes in, or cash requirements for, our working capital needs; |
|
|
|
|
● |
Modified
EBITDA does not reflect future interest expense, or the cash requirements necessary to service interest or principal payments, on
our debts; and |
|
|
|
|
●
|
Although
depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in
the future, and Modified EBITDA does not reflect any cash requirements for such replacements. |
Results
of Operations – Nine months ended September 30, 2024, as compared to Nine Months Ended September 30, 2023
The
following table sets forth key statistics for the nine months ended September 30, 2024 and 2023, respectively, in thousands.
| |
Nine Months Ended September 30, | | |
Pct. | |
| |
2024 | | |
2023 | | |
Change | |
Gross billing (A) | |
$ | 32,864 | | |
$ | 36,837 | | |
| -11 | % |
Less: Promotional and other allowances (B) | |
| 4,643 | | |
| 3,819 | | |
| 22 | % |
Net sales | |
$ | 28,221 | | |
$ | 33,018 | | |
| -15 | % |
| |
| | | |
| | | |
| | |
Cost of goods sold | |
| 19,762 | | |
| 23,778 | | |
| -17 | % |
% of Gross billing | |
| 60 | % | |
| 65 | % | |
| | |
% of Net sales | |
| 70 | % | |
| 72 | % | |
| | |
Gross profit | |
$ | 8,459 | | |
$ | 9,240 | | |
| -8 | % |
% of Net sales | |
| 30 | % | |
| 28 | % | |
| | |
| |
| | | |
| | | |
| | |
Expenses | |
| | | |
| | | |
| | |
Delivery and handling | |
$ | 4,204 | | |
$ | 5,714 | | |
| -26 | % |
% of Net sales | |
| 15 | % | |
| 17 | % | |
| | |
Dollar per case ($) | |
| 2.66 | | |
| 3.17 | | |
| | |
Selling and marketing | |
| 3,473 | | |
| 3,567 | | |
| -3 | % |
% of Net sales | |
| 12 | % | |
| 11 | % | |
| | |
General and administrative | |
| 5,239 | | |
| 4,427 | | |
| 18 | % |
% of Net sales | |
| 19 | % | |
| 13 | % | |
| | |
Total operating expenses | |
| 12,916 | | |
| 13,708 | | |
| -6 | % |
| |
| | | |
| | | |
| | |
Loss from operations | |
$ | (4,457 | ) | |
$ | (4,468 | ) | |
| 0 | % |
| |
| | | |
| | | |
| | |
Interest expense and other income (expense) | |
| (4,578 | ) | |
| (4,459 | ) | |
| 3 | % |
| |
| | | |
| | | |
| | |
Net loss | |
$ | (9,035 | ) | |
$ | (8,927 | ) | |
| 1 | % |
| |
| | | |
| | | |
| | |
Loss per share – basic and diluted | |
$ | (2.02 | ) | |
$ | (2.69 | ) | |
| -25 | % |
| |
| | | |
| | | |
| | |
Weighted average shares outstanding - basic & diluted | |
| 4,483,587 | | |
| 3,322,959 | | |
| 35 | % |
|
(A) |
We
define gross billing as the total sales for the Company unadjusted for costs related to generating those sales. Management utilizes
gross billing as an indicator of and to monitor operating performance of products and salespersons before the effect of any promotional
or other allowances, which are determined in accordance with GAAP, and can mask certain performance issues. We believe that the presentation
of gross billing provides a useful measure of our operating performance. Additionally, gross billing may not be comparable to similarly
titled measures used by other companies, as gross billing have been defined by our internal reporting practices. |
|
|
|
|
(B) |
We
define promotional and other allowances as costs deducted from gross billing which are associated with generating those sales. Management
utilizes promotional and other allowances as an indicator of and to monitor operating performance of products, salespersons, and
customer agreements. We believe that the presentation of promotional and other allowances provides a useful measure of our operating
performance. The presentation of promotional and other allowances facilitates an evaluation of their impact on the determination
of net sales and the spending levels incurred or correlated with such sales. The expenditures described in this line item are determined
in accordance with GAAP and meet GAAP requirements, the disclosure thereof does not conform to GAAP presentation requirements. Additionally,
our definition of promotional and other allowances may not be comparable to similar items presented by other companies. Promotional
and other allowances primarily include consideration given to the Company’s distributors or retail customers including, but
not limited to the following: (i) reimbursements given to the Company’s distributors for agreed portions of their promotional
spend with retailers, including slotting, shelf space allowances and other fees for both new and existing products; (ii) the Company’s
agreed share of fees given to distributors and/or directly to retailers for in-store marketing and promotional activities; (iii)
the Company’s agreed share of slotting, shelf space allowances and other fees given directly to retailers; (iv) incentives
given to the Company’s distributors and/or retailers for achieving or exceeding certain predetermined sales goals; and (v)
discounted or free products. Promotional and other allowances constitute a material portion of our marketing activities. The Company’s
promotional allowance programs with its numerous distributors and/or retailers are executed through separate agreements in the ordinary
course of business. These agreements generally provide for one or more of the arrangements described above and are of varying durations,
ranging from one week to one year. |
Sales,
Cost of Sales, and Gross Margins
As
part of the Company’s ongoing initiative to simplify and streamline operations the Company has identified core products on which
to place its strategic focus. These core products consist of Reed’s and Virgil’s branded beverages. Non-core products consist
primarily of Wellness Shots, candy and slower selling discontinued Reed’s and Virgil’s SKUs.
Core
beverage volume for the nine months ended September 30, 2024, represents 100% of all beverage volume.
Core
brand gross billing decreased by 10% to $32,864 compared to $36,626 during the same period last year, driven by Reed’s volume
decline of 10% and Virgil’s volume decline of 16%. The result is a decrease in total gross billing of 11%, to $32,864 during
the nine months ended September 30, 2024, from $36,837 in the same period last year. Price on our core brands increased 1% to $20.81
per case. The lower gross billings was a result of volume declines that have impacted the carbonated soft drink segment as a result of price increases
coupled with the Company’s inability to produce sufficient levels of inventory to meet current demand as a result of tighter
credit terms from suppliers.
Discounts
as a percentage of gross sales was 14% compared to 10% in the same period last year. As a result, net sales revenue decreased 15% in
the nine months ended September 30, 2024, to $28,221, compared to $33,018 in the same period last year driven by lower sales and elevated
trade spend.
Cost
of Goods Sold
Cost
of goods sold decreased $4,016 during the nine months ended September 30, 2024, as compared to the same period last year. As a percentage
of net sales, cost of goods sold for the nine months ended September 30, 2024, was 70% as compared to 72% for the same period last year.
The decrease was driven by lower supply chain and input costs.
The
total cost of goods per case decreased to $12.52 per case in the nine months ended September 30, 2024, from $13.17 per case for the same
period last year. The cost of goods sold per case on core brands was $12.51 during the nine months ended September 30, 2024, compared
to $13.11 for the same period last year.
Gross
Margin
Gross
margin increased to 30% for the nine months ended September 30, 2024, compared to 28% for the same period last year.
Operating
Expenses
Delivery
and Handling Expenses
Delivery
and handling expenses consist of delivery costs to customers and warehousing costs incurred for handling our finished goods after production.
Delivery and handling expenses decreased by $1,510 in the nine months ended September 30, 2024, to $4,204 from $5,714 in the same period
last year, driven by our efforts to mitigate inflationary costs. Delivery costs in the nine months ended September 30, 2024, were 15%
of net sales and $2.66 per case, compared to 17% of net sales and $3.17 per case during the same period last year.
Selling
and Marketing Expenses
Marketing
expenses consist of direct marketing, marketing labor, and marketing support costs. Selling expenses consist of all other
selling-related expenses including personnel and contractor support. Total selling and marketing expenses were $3,473 during the
nine months ended September 30, 2024, compared to $3,567 during the same period last year. As a percentage of net sales, selling and
marketing expenses were 12% of net sales during the nine months ended September 30, 2024, as compared to 11% of net sales during the
same period last year. The decrease was driven by lower co-op advertising fees, employee related costs and marketing spend partially
offset by higher broker fees and e-commerce delivery costs.
General
and Administrative Expenses
General
and administrative expenses consist primarily of the cost of executive, administrative, and finance personnel, as well as professional
fees. General and administrative expenses increased in the nine months ended September 30, 2024, to $5,239 from $4,427, an increase of
$812 over the same period last year. The increase was driven by higher employee related costs, legal settlement related costs, professional
fees, and quality assurance costs spending partially offset by lower public company costs.
Loss
from Operations
The
loss from operations was $4,457 for the nine months ended September 30, 2024, as compared to a loss of $4,468 in the same period last
year driven by increased gross profit and decreased operating expenses discussed above.
Interest
and Other Expense
Interest
and other expense for the nine months ended September 30, 2024, consisted of $4,578 of interest expense. During the same period last
year, interest and other expense consisted of $4,459 of interest expense.
Modified
EBITDA
In
addition to our GAAP results, we present Modified EBITDA as a supplemental measure of our performance. However, Modified EBITDA is not
a recognized measurement under GAAP and should not be considered as an alternative to net income, income from operations or any other
performance measure derived in accordance with GAAP, or as an alternative to cash flow from operating activities as a measure of liquidity.
We define Modified EBITDA as net income (loss), plus interest expense, tax expense, depreciation and amortization, stock-based compensation,
changes in fair value of warrant expense, change in fair value of SAFE agreements, legal and insurance settlements, non-recurring professional
fees inventory write-offs associated with exited categories and major packaging and formula changes, one-time changes in policy, impact
of changes to accounting methodology and one-time restructuring-related costs including employee severance and asset impairment.
Management
considers our core operating performance to be that which our managers can affect in any particular period through their management of
the resources that affect our underlying revenue and profit generating operations during that period. Non-GAAP adjustments to our results
prepared in accordance with GAAP are itemized below. You are encouraged to evaluate these adjustments and the reasons we consider them
appropriate for supplemental analysis. In evaluating Modified EBITDA, you should be aware that in the future we may incur expenses that
are the same as or similar to some of the adjustments in this presentation. Our presentation of Modified EBITDA should not be construed
as an inference that our future results will be unaffected by unusual or non-recurring items.
Set
forth below is a reconciliation of net loss to Modified EBITDA for the nine months ended September 30, 2024 and 2023 (unaudited; in thousands):
| |
Nine Months Ended September 30, | |
| |
2024 | | |
2023 | |
Net loss | |
$ | (9,035 | ) | |
$ | (8,927 | ) |
| |
| | | |
| | |
Modified EBITDA adjustments: | |
| | | |
| | |
Depreciation and amortization | |
| 209 | | |
| 214 | |
Income taxes | |
| 67 | | |
| - | |
Interest expense | |
| 4,578 | | |
| 4,459 | |
Product quality hold write-down | |
| 44 | | |
| - | |
Stock option and other noncash compensation | |
| 268 | | |
| 354 | |
Professional fees | |
| 334 | | |
| - | |
Severance expense | |
| 42 | | |
| 177 | |
Legal settlements | |
| 170 | | |
| 12 | |
Total EBITDA adjustments | |
$ | 5,712 | | |
$ | 5,216 | |
| |
| | | |
| | |
Modified EBITDA | |
$ | (3,323 | ) | |
$ | (3,711 | ) |
We
present Modified EBITDA because we believe it assists investors and analysts in comparing our performance across reporting periods on
a consistent basis by excluding items that we do not believe are indicative of our core operating performance. In addition, we use Modified
EBITDA in developing our internal budgets, forecasts and strategic plan; in analyzing the effectiveness of our business strategies in
evaluating potential acquisitions; making compensation decisions; and in communications with our board of directors concerning our financial
performance. Modified EBITDA has limitations as an analytical tool, which includes, among others, the following:
|
● |
Modified
EBITDA does not reflect our cash expenditures, or future requirements, for capital expenditures or contractual commitments; |
|
|
|
|
● |
Modified
EBITDA does not reflect changes in, or cash requirements for, our working capital needs; |
|
● |
Modified
EBITDA does not reflect future interest expense, or the cash requirements necessary to service interest or principal payments, on
our debts; and |
|
|
|
|
●
|
Although
depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in
the future, and Modified EBITDA does not reflect any cash requirements for such replacements. |
Going
Concern
The
accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the settlement
of liabilities and commitments in the normal course of business. As reflected in the accompanying financial statements, for the nine
months ended September 30, 2024, the Company recorded a net loss of $9,035, and utilized $2,254 of cash in operations and at September
30, 2024, had a working capital deficiency of $22,923 and a stockholders’ deficit of $21,953. As of September 30, 2024, the Company
borrowed $5,390 on its line of credit and owed $21,751 on its Notes (See Note 5 and Note 6 for further detail). These factors raise substantial
doubt about the Company’s ability to continue as a going concern within one year of the date that the financial statements are
issued. The financial statements do not include any adjustments related to the recoverability and classification of recorded asset amounts
or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.
As
of September 30, 2024, we had a cash balance of $306, no availability under our line of credit and $7,529 of additional borrowing capacity
from the credit facility assuming there is availability under the terms.
On
July 26, 2024, Norman E. Snyder Jr, CEO of the Company, provided a personal guaranty for a $500 over advance on our existing line of
credit with ACS. On August 1, 2024, the Company funded $1,400 pursuant to an option exercise by Whitebox under the Option Notes.
Historically,
we have financed our operations through public and private sales of common stock, issuance of preferred and common stock, convertible
debt instruments, term loans and credit lines from financial institutions, and cash generated from operations. To alleviate these conditions,
management is currently evaluating various funding alternatives and may seek to raise additional funds through the issuance of equity,
mezzanine or debt securities, through arrangements with strategic partners or through obtaining credit from financial institutions. The
Company is continuing to discuss the restructuring of debt with existing lenders and is exploring new financing opportunities to address
the line of credit which comes due in March 2025 (see Note 5) and the portion of debt under the Notes that is due on December 15, 2024
(see Note 6). As we seek additional sources of financing, there can be no assurance that such financing would be available to us on favorable
terms or at all. Our ability to obtain additional financing in the debt and equity capital markets is subject to several factors, including
market and economic conditions, our performance and investor sentiment with respect to us and our industry.
We
have also taken decisive action to improve our margins, including fully outsourcing our manufacturing process, streamlining our product
portfolio, negotiating improved vendor contracts and restructuring our selling prices.
Notes
Payable and Existing Financing
Please
refer to Notes 5 and 6 in the accompanying condensed financial statements for a description of our existing line of credit agreement
and outstanding notes payable.
Critical
Accounting Policies and Estimates
The
preparation of the Company’s financial statements in conformity with generally accepted accounting principles in the United States
(“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities
at the date of the financial statements and the reported amounts of expenses during the reporting period. Some of those judgments can
be subjective and complex, and therefore, actual results could differ materially from those estimates under different assumptions or
conditions. Management bases its estimates on historical experience and on various assumptions that are believed to be reasonable in
relation to the financial statements taken as a whole under the circumstances, the results of which form the basis for making judgments
about the carrying values of assets and liabilities that are not readily apparent from other sources. Management regularly evaluates
the key factors and assumptions used to develop the estimates utilizing currently available information, changes in facts and circumstances,
historical experience and reasonable assumptions. After such evaluations, if deemed appropriate, those estimates are adjusted accordingly.
Actual results could differ from those estimates. Significant estimates include those related to assumptions used in estimates for reserves
of uncollectible accounts, inventory obsolescence, depreciable lives of property and equipment, analysis of impairments of recorded long-term
tangible and intangible assets, realization of deferred tax assets, accruals for potential liabilities and assumptions made in valuing
stock instruments issued for services. There were no changes to our critical accounting policies described in the condensed financial
statements included in our 2023 10-K that impacted our condensed financial statements and related notes included herein.
Recent
Accounting Pronouncements
See
Note 2 of the Notes to Condensed Financial Statements for a discussion of recent accounting pronouncements.
Item
3. Quantitative and Qualitative Disclosures About Market Risk.
A
smaller reporting company is not required to provide the information required by this Item.
Item
4. Controls and Procedures.
Evaluation
of Disclosure Controls and Procedures
Under
the supervision and with the participation of our management, including our Chief Executive Officer and our Chief Financial Officer,
we conducted an evaluation of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities
Exchange Act of 1934, as amended (the “Exchange Act”). Based on this evaluation, our Chief Executive Officer and our Chief
Financial Officer concluded that the Company’s disclosure controls and procedures were effective as of September 30, 2024, to provide
reasonable assurance that information required to be disclosed in the reports that we file or submit under the Exchange Act is recorded,
processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is
accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to
allow timely decisions regarding required disclosures.
Changes
in Internal Control Over Financial Reporting
There
have been no changes in the Company’s internal control over financial reporting during the three months ended September 30, 2024
that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.
PART
II – OTHER INFORMATION
Item
1. Legal Proceedings
We
are currently, and from time to time, may be continue to be subject to a variety of variety of litigation, claims, legal or
regulatory proceedings, inquiries and investigations from time to time in the ordinary course of business. Management evaluates, and
periodically re-evaluates, whether the final result of any of the foregoing may be expected to have a material adverse effect on our
financial condition, results of operations or cash flows. Management has determined that no disclosure is required under this Item
1.
Item
1A. Risk Factors
There
have been no material changes with respect to the risk factors disclosed in our 2023 Form 10-K.
Item
2. Unregistered Sales of Equity Securities and Use of Proceeds
None
that have not been previously disclosed in a Current Report on Form 8-K.
Item
3. Defaults Upon Senior Securities
None.
Item
4. Mine Safety Disclosures
Not
applicable.
Item
5. Other Information
Trading
Plans
During
the fiscal quarter ended September 30, 2024, none of our directors or officers (as defined in Rule 16a-1(f) under the Act) informed us
of the adoption
or termination
of a “Rule 10b5-1 trading arrangement”
or a “non-Rule 10b5-1 trading arrangement,” as those terms are defined in Item 408 of Regulation S-K.
Item
6. Exhibits
See
Exhibit Index on page. 13.
INDEX
TO EXHIBITS
ITEM
15(a)(3)
The
following is a list of the exhibits filed as part of this Form 10-Q. The documents incorporated by reference can be viewed on the SEC’s
website at http://www.sec.gov.
Exhibit
3(i) |
Certificate of Incorporation of Reeds, Inc. which is incorporated herein by reference to exhibit 3(iv) to Form 10-K filed with SEC on May 15, 2023. |
3(ii) |
Amended and Restated Bylaws of Reed’s, Inc. which is incorporated by reference to Exhibit 3.8 to Form 10-K/A filed with the SEC on April 8, 2020. |
4.1 |
Form of Option Note in favor of Wilmington Savings Fund Society, FSB dated August 1, 2024, which is incorporated by reference to Exhibit 4.1 to Form 10-Q filed with the SEC on August 13, 2024 |
10.1 |
Option Exercise and Sixth Amendment to the 10% Secured Convertible Notes by and between Reed’s, Inc. and each holder and Wilmington Savings Fund Society, FSB, holder representative and collateral agent dated August 1, 2024, which is incorporated by reference to Exhibit 10.1 to Form 10-Q filed with the SEC on August 13, 2024. |
10.2 |
Securities Purchase Agreement by and between Reed’s, Inc. and investors dated September 9, 2024, which is incorporated by reference to Exhibit 10.1 to Form 8-K filed with the SEC on September 13, 2024. |
10.3 |
Registration Rights Agreement by and between Reed’s, Inc. and investors dated September 9, 2024, which is incorporated by reference to Exhibit 10.2 to Form 8-K filed with the SEC on September 13, 2024. |
31 |
Certification of our Chief Executive Officer and our Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
32 |
Certification of our Chief Executive Officer and our Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
101 |
The
following materials from Reed’s, Inc.’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2024 formatted
in iXBRL (Inline eXtensible Business Reporting Language): (i) the Condensed Balance Sheets, (ii) the Condensed Statements of Operations,
(iii) the Condensed Statements of Changes in Stockholders (Deficit), (iv) the Condensed Statements of Cash Flows, and (v) Notes to
Condensed Financial Statements. |
104 |
The
cover page from the Reed’s, Inc. Quarterly Report on Form 10-Q for the quarter ended September 30, 2024, formatted in Inline
XBRL and contained in Exhibit 101. |
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned thereunto duly authorized.
|
Reed’s,
Inc. |
|
(Registrant) |
|
|
Date:
November 14, 2024 |
/s/
Norman E. Snyder, Jr. |
|
Norman
E. Snyder, Jr. |
|
Chief
Executive Officer |
|
(Principal
Executive Officer) |
|
|
Date:
November 14, 2024 |
/s/
Joann Tinnelly |
|
Joann
Tinnelly |
|
Chief
Financial Officer |
|
(Principal
Financial Officer) |
EXHIBIT
31
Certification
of Principal Executive Officer
I,
Norman E. Snyder, Jr., certify that:
1.
I have reviewed this Quarterly Report on Form 10-Q of Reed’s, Inc.;
2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the
period covered by this report;
3.
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this
report;
4.
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act
Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a)
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;
(b)
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;
(c)
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;
and
(d)
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s
first fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control
over financial reporting; and
5.
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial
reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing
the equivalent functions):
(a)
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are
reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information;
and
(b)
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s
internal control over financial reporting.
Date:
November 14, 2024
|
/s/
Norman E. Snyder, Jr. |
|
Name:
|
Norman
E. Snyder, Jr. |
|
Title: |
Chief
Executive Officer
(Principal
Executive Officer) |
Certification
of Principal Financial Officer
I,
Joann Tinnelly, certify that:
1.
I have reviewed this Quarterly Report on Form 10-Q of Reed’s, Inc.;
2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the
period covered by this report;
3.
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this
report;
4.
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act
Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a)
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;
(b)
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;
(c)
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;
and
(d)
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s
first fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control
over financial reporting; and
5.
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial
reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing
the equivalent functions):
(a)
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are
reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information;
and
(b)
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s
internal control over financial reporting.
Date:
November 14, 2024
|
/s/
Joann Tinnelly |
|
Name:
|
Joann
Tinnelly |
|
Title: |
Chief
Financial Officer
(Principal
Financial Officer) |
EXHIBIT
32
Certification
of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350 as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
Pursuant
to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, I, Norman E. Snyder, Jr., the Chief
Executive Officer of Reed’s, Inc. (the “Company”), hereby certify, that, to my knowledge:
1.
The Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2024 (the “Report”) of the Company
fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934; and
2.
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the Company.
Date:
November 14, 2024
|
/s/
Norman E. Snyder, Jr. |
|
Name:
|
Norman
E. Snyder, Jr. |
|
Title: |
Chief
Executive Officer
(Principal
Executive Officer) |
Certification
of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350 as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
Pursuant
to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, I, Joann Tinnelly, the Chief Financial
Officer of Reed’s, Inc. (the “Company”), hereby certify, that, to my knowledge:
1.
The Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2024 (the “Report”) of the Company
fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934; and
2.
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the Company.
Date:
November 14, 2024
|
/s/
Joann Tinnelly |
|
Name: |
Joann
Tinnelly |
|
Title: |
Chief
Financial Officer
(Principal
Financial Officer) |
v3.24.3
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v3.24.3
Condensed Balance Sheets - USD ($) $ in Thousands |
Sep. 30, 2024 |
Dec. 31, 2023 |
Current assets: |
|
|
Cash |
$ 306
|
$ 603
|
Accounts receivable, net of allowance of $577 and $860, respectively |
2,770
|
3,571
|
Inventory |
9,251
|
11,300
|
Prepaid expenses and other current assets |
1,476
|
2,028
|
Total current assets |
14,062
|
17,761
|
Property and equipment, net of accumulated depreciation of $1,277 and $1,068, respectively |
335
|
493
|
Intangible assets |
636
|
629
|
Total assets |
15,033
|
18,883
|
Current liabilities: |
|
|
Accounts payable |
8,313
|
9,133
|
Accrued expenses |
1,274
|
1,096
|
Revolving line of credit, net of capitalized financing costs of $81 and $201, respectively |
5,390
|
9,758
|
Current portion of convertible notes payable, net of debt discount of $459 and $572, respectively |
21,751
|
6,737
|
Current portion of lease liabilities |
47
|
207
|
Total current liabilities |
36,986
|
27,190
|
Convertible note payable, net of debt discount of $0 and $148, respectively, less current portion |
|
10,874
|
Total liabilities |
36,986
|
38,064
|
Stockholders’ deficit: |
|
|
Series A Convertible Preferred stock, $10 par value, 500,000 shares authorized, 9,411 shares issued and outstanding |
94
|
94
|
Common stock, $.0001 par value, 180,000,000 shares authorized; 8,187,291 and 4,187,291 shares issued and outstanding, respectively |
1
|
|
Additional paid in capital |
125,719
|
119,452
|
Accumulated deficit |
(147,767)
|
(138,727)
|
Total stockholders’ deficit |
(21,953)
|
(19,181)
|
Total liabilities and stockholders’ deficit |
15,033
|
18,883
|
Related Party [Member] |
|
|
Current assets: |
|
|
Receivable from former related party |
259
|
259
|
Current liabilities: |
|
|
Payable to former related party |
$ 211
|
$ 259
|
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v3.24.3
Condensed Balance Sheets (Parenthetical) - USD ($) $ in Thousands |
Sep. 30, 2024 |
Dec. 31, 2023 |
Statement of Financial Position [Abstract] |
|
|
Accounts receivable, net of allowance |
$ 577
|
$ 860
|
Property and equipment, accumulated depreciation |
1,277
|
1,068
|
Capitalized financing costs |
81
|
201
|
Debt discount current |
459
|
572
|
Debt discount, noncurrent |
$ 0
|
$ 148
|
Series A convertible preferred stock, par value |
$ 10
|
$ 10
|
Series A convertible preferred stock, shares authorized |
500,000
|
500,000
|
Series A convertible preferred stock, shares issued |
9,411
|
9,411
|
Series A convertible preferred stock, shares outstanding |
9,411
|
9,411
|
Common stock, par value |
$ 0.0001
|
$ 0.0001
|
Common stock, shares authorized |
180,000,000
|
180,000,000
|
Common stock, shares issued |
8,187,291
|
4,187,291
|
Common stock, shares outstanding |
8,187,291
|
4,187,291
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v3.24.3
Condensed Statements of Operations (Unaudited) - USD ($) $ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
Income Statement [Abstract] |
|
|
|
|
Net Sales |
$ 6,752
|
$ 11,856
|
$ 28,221
|
$ 33,018
|
Cost of goods sold |
5,537
|
7,823
|
19,762
|
23,778
|
Gross profit |
1,215
|
4,033
|
8,459
|
9,240
|
Operating expenses: |
|
|
|
|
Delivery and handling expense |
1,279
|
1,908
|
4,204
|
5,714
|
Selling and marketing expense |
1,283
|
861
|
3,473
|
3,567
|
General and administrative expense |
1,791
|
1,407
|
5,239
|
4,427
|
Total operating expenses |
4,353
|
4,176
|
12,916
|
13,708
|
Loss from operations |
(3,138)
|
(143)
|
(4,457)
|
(4,468)
|
Interest expense |
(2,405)
|
(1,293)
|
(4,578)
|
(4,459)
|
Change in fair value of SAFE investments |
1,393
|
|
|
|
Net loss |
(4,150)
|
(1,436)
|
(9,035)
|
(8,927)
|
Dividends on Series A Convertible Preferred Stock |
|
|
(5)
|
(5)
|
Net Loss Attributable to Common Stockholders |
$ (4,150)
|
$ (1,436)
|
$ (9,040)
|
$ (8,932)
|
Loss per share - basic |
$ (0.82)
|
$ (0.34)
|
$ (2.02)
|
$ (2.69)
|
Loss per share - diluted |
$ (0.82)
|
$ (0.34)
|
$ (2.02)
|
$ (2.69)
|
Weighted average number of shares outstanding - basic |
5,066,412
|
4,169,131
|
4,483,587
|
3,322,959
|
Weighted average number of shares outstanding - diluted |
5,066,412
|
4,169,131
|
4,483,587
|
3,322,959
|
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v3.24.3
Condensed Statements of Changes in Stockholders' Deficit (Unaudited) - USD ($) $ in Thousands |
Common Stock [Member] |
Preferred Stock [Member] |
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
Total |
Balance at Dec. 31, 2022 |
|
$ 94
|
$ 114,635
|
$ (123,199)
|
$ (8,470)
|
Balance, shares at Dec. 31, 2022 |
2,519,485
|
9,411
|
|
|
|
Fair value of vested options |
|
|
351
|
|
351
|
Common shares issued for cash, net of offering costs |
|
|
4,016
|
|
4,016
|
Common shares issued for cash, net of offering costs, shares |
1,566,732
|
|
|
|
|
Net loss |
|
|
|
(8,927)
|
(8,927)
|
Dividends on Series A Convertible Preferred Stock |
|
|
|
(5)
|
(5)
|
Fair value of vested restricted shares granted to officers |
|
|
3
|
|
3
|
Fair value of vested restricted shares granted to officers, shares |
750
|
|
|
|
|
Repurchase of common stock |
|
|
(1)
|
|
(1)
|
Repurchase of common stock, shares |
(274)
|
|
|
|
|
Common shares issued for financing costs |
|
|
273
|
|
273
|
Common shares issued for financing costs, shares |
82,438
|
|
|
|
|
Balance at Sep. 30, 2023 |
|
$ 94
|
119,277
|
(132,131)
|
(12,760)
|
Balance, shares at Sep. 30, 2023 |
4,169,131
|
9,411
|
|
|
|
Balance at Jun. 30, 2023 |
|
$ 94
|
119,138
|
(130,695)
|
(11,463)
|
Balance, shares at Jun. 30, 2023 |
4,169,131
|
9,411
|
|
|
|
Fair value of vested options |
|
|
139
|
|
139
|
Net loss |
|
|
|
(1,436)
|
(1,436)
|
Balance at Sep. 30, 2023 |
|
$ 94
|
119,277
|
(132,131)
|
(12,760)
|
Balance, shares at Sep. 30, 2023 |
4,169,131
|
9,411
|
|
|
|
Balance at Dec. 31, 2023 |
|
$ 94
|
119,452
|
(138,727)
|
(19,181)
|
Balance, shares at Dec. 31, 2023 |
4,187,291
|
9,411
|
|
|
|
Fair value of vested options |
|
|
268
|
|
268
|
Common shares issued for cash, net of offering costs |
|
|
1,903
|
|
1,903
|
Common shares issued upon conversion of SAFE agreement |
$ 1
|
|
4,096
|
|
4,097
|
Common shares issued upon conversion of SAFE agreement, shares |
2,731,205
|
|
|
|
|
Net loss |
|
|
|
(9,035)
|
(9,035)
|
Dividends on Series A Convertible Preferred Stock |
|
|
|
(5)
|
(5)
|
Balance at Sep. 30, 2024 |
$ 1
|
$ 94
|
125,719
|
(147,767)
|
(21,953)
|
Balance, shares at Sep. 30, 2024 |
8,187,291
|
9,411
|
|
|
|
Balance at Jun. 30, 2024 |
|
$ 94
|
119,674
|
(143,617)
|
(23,849)
|
Balance, shares at Jun. 30, 2024 |
4,187,291
|
9,411
|
|
|
|
Fair value of vested options |
|
|
46
|
|
46
|
Common shares issued for cash, net of offering costs |
|
|
1,903
|
|
1,903
|
Common shares issued for cash, net of offering costs, shares |
1,268,795
|
|
|
|
|
Common shares issued upon conversion of SAFE agreement |
$ 1
|
|
4,096
|
|
4,097
|
Common shares issued upon conversion of SAFE agreement, shares |
2,731,205
|
|
|
|
|
Net loss |
|
|
|
(4,150)
|
(4,150)
|
Balance at Sep. 30, 2024 |
$ 1
|
$ 94
|
$ 125,719
|
$ (147,767)
|
$ (21,953)
|
Balance, shares at Sep. 30, 2024 |
8,187,291
|
9,411
|
|
|
|
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v3.24.3
Condensed Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
Cash flows from operating activities: |
|
|
Net loss |
$ (9,035)
|
$ (8,927)
|
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
Depreciation |
88
|
112
|
Loss on disposal of property and equipment |
|
9
|
Amortization of debt discount |
568
|
958
|
Fair value of vested options |
268
|
351
|
Fair value of vested restricted shares granted to officers |
|
3
|
Product quality hold write-down |
(29)
|
|
Change in allowance for doubtful accounts |
(282)
|
262
|
Inventory write-downs |
(825)
|
(205)
|
Accrued interest |
3,141
|
2,483
|
Changes in operating assets and liabilities: |
|
|
Accounts receivable |
1,084
|
142
|
Inventory |
2,903
|
417
|
Prepaid expenses and other assets |
(449)
|
450
|
Decrease in right of use assets |
121
|
102
|
Accounts payable |
180
|
(738)
|
Accrued dividend |
|
(5)
|
Accrued expenses |
173
|
639
|
Lease liabilities |
(160)
|
(137)
|
Net cash used in operating activities |
(2,254)
|
(4,084)
|
Cash flows from investing activities: |
|
|
Trademark costs |
(7)
|
(1)
|
Purchase of property and equipment |
(51)
|
(84)
|
Sale of property and equipment |
|
68
|
Net cash used in investing activities |
(58)
|
(17)
|
Cash flows from financing activities: |
|
|
Proceeds from line of credit |
24,878
|
32,686
|
Payments on line of credit |
(29,367)
|
(34,085)
|
Proceeds from convertible note payable, net of expenses |
|
3,797
|
Payment of accrued interest on convertible note payable |
(513)
|
(268)
|
Proceeds from sale of common stock |
1,903
|
4,016
|
Proceeds from convertible notes |
1,400
|
|
Proceeds from issuance of SAFE agreement |
4,097
|
(1)
|
Payment of cash recorded as debt discount |
(335)
|
|
Amounts from former related party, net |
(48)
|
(1,573)
|
Net cash provided by financing activities |
2,015
|
4,572
|
Net decrease in cash |
(297)
|
471
|
Cash at beginning of period |
603
|
533
|
Cash at end of period |
306
|
1,004
|
Supplemental disclosures of cash flow information: |
|
|
Cash paid for interest |
238
|
548
|
Non-cash investing and financing activities: |
|
|
Dividends on Series A Convertible Preferred Stock |
5
|
$ 5
|
Reclass of prepaid expenses and accounts payable |
$ 1,000
|
|
X |
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v3.24.3
Summary of Significant Accounting Policies
|
9 Months Ended |
Sep. 30, 2024 |
Accounting Policies [Abstract] |
|
Summary of Significant Accounting Policies |
1.
Summary of Significant Accounting Policies
Basis
of Presentation
The
accompanying condensed financial statements of Reed’s, Inc. (the “Company”, “we”, “us”, or
“our”), have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S.
GAAP”) and the applicable rules and regulations of the Securities and Exchange Commission (the “SEC”) regarding interim
financial reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with
U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. We believe that the disclosures contained in these condensed
financial statements are adequate to make the information presented herein not misleading. These condensed financial statements should
be read in conjunction with the financial statements contained in the Company’s Annual Report on Form 10-K for the year ended December
31, 2023, filed with the SEC on April 1, 2024. The accompanying condensed financial statements are unaudited, but in the opinion of management,
contain all adjustments, including normal recurring adjustments, necessary to present fairly the Company’s financial position as
of September 30, 2024, and the results of its operations and its cash flows for the nine months ended September 30, 2024 and 2023. The
balance sheet as of December 31, 2023 is derived from the Company’s audited financial statements.
The
results of operations for the nine months ended September 30, 2024, are not necessarily indicative of the results of operations to be
expected for the full fiscal year ending December 31, 2024.
Going
Concern
The
accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the settlement
of liabilities and commitments in the normal course of business. As reflected in the accompanying financial statements, for the nine
months ended September 30, 2024, the Company recorded a net loss of $9,035,
and utilized $2,254
of cash in operations and at September 30, 2024,
had a working capital deficiency of $22,923
and a stockholders’ deficit of $21,953.
As of September 30, 2024, the Company borrowed $5,471
on its line of credit and owed $22,210 on its Notes (See Note 5 and Note 6 for further
detail). These factors raise substantial doubt about the Company’s ability to continue as a going concern within one year of the
date that the financial statements are issued. The financial statements do not include any adjustments related to the recoverability
and classification of recorded asset amounts or the amounts and classification of liabilities that might be necessary should the Company
be unable to continue as a going concern. The Company’s independent registered public accounting firm, in its report on the Company’s
consolidated financial statements for the year ended December 31, 2023, has also expressed substantial doubt about the Company’s ability
to continue as a going concern.
As
of September 30, 2024, we had a cash balance of $306, no availability under our line of credit and $7,529 of additional borrowing capacity
from the credit facility assuming there is availability under the terms.
Historically,
we have financed our operations through public and private sales of common stock, issuance of preferred and common stock, convertible
debt instruments, term loans and credit lines from financial institutions, and cash generated from operations. To alleviate these conditions,
management is currently evaluating various funding alternatives and may seek to raise additional funds through the issuance of equity,
mezzanine or debt securities, through arrangements with strategic partners or through obtaining credit from financial institutions. The
Company is continuing to discuss restructuring of debt with existing lenders and is exploring new financing opportunities to address
the line of credit which comes due in March 2025 (see Note 5) and the portion of the debt under the Notes which comes due on December
15, 2024 (see Note 6). As we seek additional sources of financing, there can be no assurance that such financing would be available to
us on favorable terms or at all. Our ability to obtain additional financing in the debt and equity capital markets is subject to several
factors, including market and economic conditions, our performance and investor sentiment with respect to us and our industry.
We
have also taken decisive action to improve our margins, including fully outsourcing our manufacturing process, streamlining our product
portfolio, negotiating improved vendor contracts and restructuring our selling prices.
Recent
Trends - Market Conditions
Although
the U.S. economy continued to grow throughout 2023 and into Q3 2024, the higher inflation, the actions by the Federal Reserve to address
inflation, and rising energy prices create uncertainty about the future economic environment which will continue to evolve and may impact
our business in future periods. We have experienced supply chain challenges, including increased lead times, as well as inflation of
raw materials, logistics and labor costs due to availability constraints and high demand. Although we regularly monitor companies in
our supply chain, and use alternative suppliers when necessary and available, supply chain constraints could cause a disruption in our
ability to obtain raw materials required to manufacture our products and adversely affect our operations.
During
the three months ending September 30, 2024, the Company continued to experience moderation from the elevated freight costs experienced
in 2023. The average cost of shipping and handling for the three months ended September 30, 2024, was $2.99 as compared to $2.98 in the
three months ended September 30, 2023. During the nine months ended September 30, 2024, the average cost of shipping and handling was
$2.66 per case, as compared to $3.17 per case for the nine months ended September 30, 2023. Although the Company has experienced decreases
in freight costs over the last four quarters, in the Company’s opinion there remains a volatile environment and the Company will
continue to monitor pricing and availability in transportation. Mitigation plans have been implemented to manage this risk. The Company
has been negatively impacted by supply chain challenges affecting our ability to benefit from strong demand for, and increased sales
of our product. The disruption caused by labor shortages, significant raw material cost inflation, logistics issues and increased freight
costs, and ongoing port congestion, resulted in suppressed margins. The Company has experienced moderation in inflation and anticipates
this continuing throughout 2024.
Use
of Estimates
The
preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates
and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date
of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ
from those estimates. Those estimates and assumptions include estimates for credit loss reserves for accounts receivable, assumptions
used in valuing inventories at net realizable value, impairment testing of recorded long-term tangible and intangible assets, the valuation
allowance for deferred tax assets, accruals for potential liabilities, assumptions made in valuing stock instruments issued for services,
assumptions in determining the fair value of our SAFE investments and assumptions used in the determination of the Company’s liquidity.
Revenue
Recognition
The
Company recognizes revenue in accordance with Accounting Standards Codification (ASC) 606, Revenue from Contracts with Customers
(“ASC 606”). Revenue and costs of sales are recognized when control of the products transfers to our customer, which generally
occurs upon shipment from our facilities. The Company’s performance obligations are satisfied at that time. The Company does not
have any significant contracts with customers requiring performance beyond delivery, and contracts with customers contain no incentives
or discounts that could cause revenue to be allocated or adjusted over time. Shipping and handling activities are performed before the
customer obtains control of the goods and therefore represent a fulfilment activity rather than a promised service to the customer. All
of the Company’s products are offered for sale as finished goods only, and there are no performance obligations required post-shipment
for customers to derive the expected value from them.
The
Company does not allow for returns, except for damaged products when damage occurred pre-fulfilment. Damaged product returns have historically
been insignificant. Because of this, the stand-alone nature of our products, and our assessment of performance obligations and transaction
pricing for our sales contracts, we do not currently maintain a contract asset or liability balance for obligations. We assess our contracts
and the reasonableness of our conclusions on a quarterly basis.
Loss
per Common Share
Basic
earnings (loss) per share is computed by dividing the net income (loss) applicable to common stockholders by the weighted average number
of shares of common stock outstanding during the year, excluding shares of unvested restricted common stock. Shares of restricted stock
are included in the basic weighted average number of common shares outstanding from the time they vest. Diluted earnings (loss) per share
is computed by dividing the net income applicable to common stockholders by the weighted average number of common shares outstanding
plus the number of additional common shares that would have been outstanding if all dilutive potential common shares had been issued,
using the treasury stock method. Shares of restricted stock are included in the diluted weighted average number of common shares outstanding
from the date they are granted. Potential common shares are excluded from computation when their effect is antidilutive.
For
the periods ended September 30, 2024 and 2023, the calculations of basic and diluted loss per share are the same because potential dilutive
securities would have had an anti-dilutive effect. The potentially dilutive securities consisted of the following:
Schedule
of Potentially Dilutive Securities
| |
September 30, 2024 | | |
September 30, 2023 | |
Warrants | |
| 549,292 | | |
| 549,292 | |
Options | |
| 128,309 | | |
| 145,012 | |
Convertible note payable | |
| 1,844,829 | | |
| 1,475,725 | |
Common stock equivalent of Series A Convertible Preferred stock | |
| 753 | | |
| 753 | |
Total | |
| 2,523,183 | | |
| 2,170,782 | |
Stock
Compensation Expense
The
Company periodically issues stock options and restricted stock awards to employees and non-employees in non-capital raising transactions
for services and for financing costs. The Company accounts for such grants issued and vesting based on ASC 718, Compensation-Stock
Compensation whereby the value of the award is measured on the date of grant and recognized for employees as compensation expense
on the straight-line basis over the vesting period. Recognition of compensation expenses for non-employees is in the same period and
manner as if the Company had paid cash for the services. The Company recognizes the fair value of stock-based compensation within its
Statements of Operations with classification depending on the nature of the services rendered.
The
fair value of the Company’s stock options is estimated using the Black-Scholes-Merton Option Pricing model, which uses certain
assumptions related to risk-free interest rates, expected volatility, expected life of the stock options or restricted stock, and future
dividends. Compensation expense is recorded based upon the value derived from the Black-Scholes-Merton Option Pricing model and based
on actual experience. The assumptions used in the Black-Scholes-Merton Option Pricing model could materially affect compensation expense
recorded in future periods.
Advertising
Costs
Advertising
costs are expensed as incurred and are included in selling and marketing expense. Advertising costs for the three months ended September
30, 2024, and 2023, aggregated $8 and $22, respectively. Advertising costs for the nine months ended September 30, 2024, and 2023, aggregated
$38 and $82, respectively.
Concentrations
Net
sales. During the three months ended September 30, 2024, two customers accounted for 18% and 15% of gross billing, respectively,
and during the nine months ended September 30, 2024, three customers accounted for 18%, 15%, and 11% of gross billing, respectively.
During the three months ended September 30, 2023, three customers accounted for 22%, 14%, and 12% of gross billing, respectively, and
during the nine months ended September 30, 2023, two customers accounted for 19% and 13% of gross billing, respectively. No other customers
exceeded 10% of sales in either period.
Accounts
receivable. As of September 30, 2024, the Company had accounts receivable from two customers which comprised 32% and 13% of its gross
accounts receivable, respectively. As of December 31, 2023, the Company had accounts receivable from three customers which comprised
24%, 15% and 11% of its gross accounts receivable, respectively. No other customers exceeded 10% of gross accounts receivable in either
period.
The
Company utilizes co-packers to produce 100% of its products. During the nine months ended September 30, 2024 and the year ended December
31, 2023, the Company utilized nine separate co-packers for most its production and bottling of beverage products in the United States.
The Company has long-standing relationships with two different co-packers, and a third co-packing agreement with California Custom Beverage
LLC (“CCB”), a former related party (see Note 11). Although there are other packers, a change in co-packers may cause a delay
in the production process, which could ultimately affect operating results.
Purchases
from vendors. During the nine months ended September 30, 2024, the Company’s two largest vendors accounted for approximately
11% and 10% of all purchases. During the nine months ended September 30, 2023, the Company’s largest vendor accounted for approximately
9% of all purchases. No other vendors exceeded 10% of all purchases in either period.
Accounts
payable. As of September 30, 2024, no vendor accounted for more than 10% of total accounts payable. As of December 31, 2023, two
vendors accounted for 10% and 10% of total accounts payable, respectively. No other vendors exceeded 10% of accounts payable in either
period.
Fair
Value of Financial Instruments
The
Company uses various inputs in determining the fair value of its financial assets and liabilities and measures these assets on a recurring
basis. Financial assets recorded at fair value are categorized by the level of subjectivity associated with the inputs used to measure
their fair value. ASC 820 defines the following levels of subjectivity associated with the inputs:
Level
1—Quoted prices in active markets for identical assets or liabilities.
Level
2—Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly.
Level
3—Unobservable inputs based on the Company’s assumptions.
The
carrying amounts of financial assets and liabilities, such as cash and cash equivalents, accounts receivable, short-term bank loans,
accounts payable, notes payable and other payables, approximate their fair values because of the short maturity of these instruments.
The carrying values of capital lease obligations and long-term financing obligations approximate their fair values because interest rates
on these obligations are based on prevailing market interest rates.
The
fair value of our liability under our SAFE investments were determined using level 3 inputs. (Note 8)
Reclassifications
Certain
prior year amounts have been reclassified for consistency with the current period presentation. Collection from customers amounting to
$1,217 that was previously presented as a deduction from prepaid expenses at December 31, 2023 have been reclassed as an offset against
accounts receivable. This reclassification had no effect on the reported results of operations or cash flows.
Recent
Accounting Pronouncements
In
November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosure, which
is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expense
categories that are regularly provided to the chief operating decision maker and included in each reported measure of a segment’s
profit or loss. The update also requires all annual disclosures about a reportable segment’s profit or loss and assets to be provided
in interim periods and for entities with a single reportable segment to provide all the disclosures required by ASC 280, Segment Reporting,
including the significant segment expense disclosures. This standard became effective for the Company on January 1, 2024. to The adoption
of 2023-7 did not have a material impact on the Company’s results of operations, financial position or cash flows.
Other
recent accounting pronouncements and guidance issued by the FASB, its Emerging Issues Task Force, the American Institute of Certified
Public Accountants, and the Securities and Exchange Commission did not or are not believed by management to have a material impact on
the Company’s present or future financial statements.
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v3.24.3
Inventory
|
9 Months Ended |
Sep. 30, 2024 |
Inventory Disclosure [Abstract] |
|
Inventory |
2.
Inventory
Inventory
is valued at the lower of cost (first-in, first-out) or net realizable value, net of write downs, and is comprised of the following (in
thousands):
Schedule
of Inventory
| |
September 30, 2024 | | |
December 31, 2023 | |
Raw materials and packaging | |
$ | 6,143 | | |
$ | 6,445 | |
Finished products | |
| 3,108 | | |
| 4,855 | |
Total | |
$ | 9,251 | | |
$ | 11,300 | |
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v3.24.3
Property and Equipment
|
9 Months Ended |
Sep. 30, 2024 |
Property, Plant and Equipment [Abstract] |
|
Property and Equipment |
3.
Property and Equipment
Property
and equipment are comprised of the following (in thousands):
Schedule of Property and Equipment
| |
September 30, 2024 | | |
December 31, 2023 | |
Right-of-use assets under operating leases | |
$ | 724 | | |
$ | 724 | |
Computer hardware and software | |
| 400 | | |
| 400 | |
Machinery and equipment | |
| 352 | | |
| 352 | |
Construction in progress | |
| 136 | | |
| 85 | |
Total cost | |
| 1,612 | | |
| 1,561 | |
Accumulated depreciation and amortization | |
| (1,277 | ) | |
| (1,068 | ) |
Net value | |
$ | 335 | | |
$ | 493 | |
Depreciation
expense for the nine months ended September 30, 2024 and 2023 was $88 and $112, respectively, and amortization of right-of-use assets
for the nine months ended September 30, 2024 and 2023 was $121 and $102, respectively.
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- DefinitionThe entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections.
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v3.24.3
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v3.24.3
Line of Credit
|
9 Months Ended |
Sep. 30, 2024 |
Line Of Credit |
|
Line of Credit |
5.
Line of Credit
The
Company’s credit facility consisted of the following (in thousands):
Schedule
of Amount Outstanding Under Credit Facilities
| |
September 30, 2024 | | |
December 31, 2023 | |
Line of credit – Alterna Capital Solutions | |
$ | 5,471 | | |
$ | 9,959 | |
Less: capitalized financing costs | |
| (81 | ) | |
| (201 | ) |
Total | |
$ | 5,390 | | |
$ | 9,758 | |
In
March, 2022, the Company entered into a financing agreement for a line of credit with Alterna Capital Solutions (“ACS”). The
ACS line of credit is for a term of 3 years, provides for borrowings of up to $13,000, and is secured by eligible accounts receivable
and inventory, and are subject to a collateral sharing agreement with Whitebox, another secured lender (see Note 6). An over advance
rider provides for up to $500 of additional borrowing above the collateralized base (the “Over Advance”) up to a total borrowing
of $13,500. As of September 30, 2024, there was no remaining availability under the line of credit, and $7,529 of borrowing capacity
available.
Borrowings
based on receivables bears an interest of prime plus 4.75% but not less than 8.0% (13.25% at September 30, 2024 and 13.25% at December
31, 2023). Borrowings based on inventory bears an interest of prime plus 5.25% but not less than 8.5% (13.90% at September 30, 2024 and
13.90% at December 31, 2023). The additional over advance rider bears a rate of prime plus 12.75%, but not less than 16.00% (25.00% at
September 30, 2024 and 18.00% at December 31, 2023). Additionally, the line of credit is subject to a monthly monitoring fee of $1 with
a minimum usage requirement on the credit facility. A loan balance of less than $1,500 will bear interest at a rate in line with account
receivables advances plus the monthly monitoring fee of $1.
The
Company incurred $483 of direct costs of the transaction, consisting primarily of broker, bank and legal fees. These costs have been
capitalized and are being amortized over the 3-year life of the ACS agreement. The unamortized debt discount balance was $201 at December
31, 2023. For the nine months ended September 30, 2024, amortization of debt discount was $120, and as of September 30, 2024, the remaining
unamortized debt discount balance is $81.
On
July 26, 2024, Norman E. Snyder Jr, CEO of the Company, provided a personal guaranty for $500 over advance on our existing line of credit.
The over advance was repaid by September 30, 2024.
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v3.24.3
Secured Notes Payable
|
9 Months Ended |
Sep. 30, 2024 |
Debt Disclosure [Abstract] |
|
Secured Notes Payable |
6.
Secured Notes Payable
Amounts
outstanding under the Company’s secured convertible notes payable are as follows (amounts in 000’s except share amounts):
Schedule
of Secured Convertible Notes Payable
| |
September 30, 2024 | | |
December 31, 2023 | |
Secured Convertible “Original” Notes Payable (A) | |
$ | 10,250 | | |
$ | 10,250 | |
Secured “Option” Notes Payable (B) | |
| 6,504 | | |
| 4,050 | |
Secured Convertible “Option”
Notes Payable | |
| 6,504 | | |
| 4,050 | |
| |
| | | |
| | |
Accrued interest | |
| 2,222 | | |
| 1,059 | |
Accrued interest on excess debt borrowing | |
| 3,234 | | |
| 2,824 | |
Capitalized financing costs | |
| (459 | ) | |
| (572 | ) |
Total | |
$ | 21,751 | | |
$ | 17,611 | |
Secured
Notes
|
(A) |
In
May 2022, the Company issued $11,250 of convertible notes payable (the “Original Notes”) to entities affiliated with
Whitebox Advisors, LLC (collectively, “Whitebox”). The Original Notes bear interest at 10% per annum (with 5% per annum
payable in cash and 5% per annum payable in kind (“PIK”) by adding such PIK interest to the principal amount of the notes),
are secured by substantially all of the Company’s assets (including all of its intellectual property) and are subject to a
collateral sharing agreement with Alterna Capital (ACS), the Company’s existing secured lender. The Original Notes mature the
earlier of September 30, 2025 or the scheduled maturity of any unsecured indebtedness incurred by the Company that is junior in right
of payment to Note obligations. At each of September 30, 2024 and December 31, 2023, the principal balance of the Original Notes
was $10,250.
Upon
conversion or early payment, holders of the Original Notes are entitled to receive an interest make-whole payment, as defined, equal
to the sum of the remaining scheduled payments of interest on the Original Notes that would be due at maturity, payable, at the Company’s
option, in cash or in shares of common stock. On August 1, 2022, the Original Notes were amended to add a 10% fee (“Excess
ABL Fee’) commencing with the fiscal month ending October 31, 2022 for the amount that the Company’s line of credit with
ACS exceeds (i) (x) prior to November 30, 2024, $9,500 and (y) on and after November 30, 2024, $6,500, if the Company has
not publicly announced or is not actively pursuing a proposed transaction as a result of which the Company reasonably believes that
its Common Stock will be listed on a national securities exchange) or $9,500 otherwise, minus (ii) any amounts repaid to ACS
pursuant to the Option Notes (not to exceed $500) plus (iii) the aggregate principal amount of Original Notes voluntarily converted
into Conversion Consideration (as defined therein), in each case subject to the terms of the collateral sharing agreement; provided
that the sum of the amounts in clauses (i), (ii) and (ii) above shall not exceed $10,500 minus any amounts repaid ACS as contemplated
by the Option Notes (not to exceed $500). |
The
Original Notes have an amortization feature which requires the Company to make monthly payments of principal of $200 plus accrued interest,
payable in cash or in shares of the Company’s common stock at the option of the Company, based on 90% of the average prices of
the Company’s common stock, as defined. During 2023, Whitebox waived the requirement for the Company to pay the December 2022 to
October 2023 monthly amortization payments on the Original Notes. The November 2023 amortization payment of $200 principal was paid,
and the amortization payment for December 2023 to May 2024 was waived. The amortization period resumed on June 1, 2024.
|
(B) |
At the time of issuance of
the Original Notes, the Company also granted the investors an option to purchase up to an additional $12,000 aggregate principal
amount of “Option Notes”. At December 31, 2023, the principal balance of the Option Notes was $4,050. |
|
|
On August 1, 2024, the Company
entered into an Option Exercise and Nineth Amendment (“Exercise and Amendment Agreement”) to the Notes with Whitebox. Pursuant
to the Exercise and Amendment Agreement, holders of the Original Notes exercised an option to purchase an aggregate of approximately
$6,504
Option Notes, which consisted of (i) an exchange
of $4,050 of existing notes, (ii) additional cash proceeds to the Company of $1,400,
and (iii) an additional finance cost of $1,054 The
Option Notes mature on the earlier of December 15, 2024, and ninety one days before the schedule maturity of any unsecured indebtedness
incurred by the Company that is junior in right of payment to its Note obligations. The
Option Notes bear interest in arrears on the outstanding principal amount at a rate of 11.13%
per annum, payable in cash. The Option Notes may be prepaid without premium or penalty. Unless $1,400
of the principal amount is prepaid, payment of
any Option Note on the maturity date (or due to an acceleration (whether declared or automatic)) shall be accompanied by an additional
amount (such amount, the “MOIC Deficiency Amount”), if any, sufficient to achieve a 1.13:1.00 multiple of invested capital
since August 1, 2024 (the “MOIC”) on the aggregate principal amount of the Option Notes being paid. The MOIC Deficiency Amount
shall be calculated based on (i) the sum of all fees, original issue discount, interest, premiums, principal and other payments received
in cash by the applicable holders in respect of the Option Notes since August 1, 2024 (excluding any reimbursement of out-of-pocket costs
or expenses reimbursed and any indemnification payments made to the applicable Holders in respect of the Option Notes), as the numerator,
and (ii) the aggregate principal amount of the Option Notes on August 1, 2024, as the denominator. |
Pursuant
to the Exercise and Amendment Agreement, Whitebox temporarily waived the specified events of default under the Notes and temporarily
waived any requirement that the Company conduct a repurchase of Original Notes in the event of a Make-Whole Fundamental Change (as
defined in the Original Notes), subject to the terms and conditions therein.
Waiver
of Default
On
August 1, 2024, the Whitebox waived the specified events of default under the Original Notes and Option Notes (collectively referred
to herein as the “Notes”) and temporarily waived any requirement that the Company conduct a repurchase of Original Notes
in the event of a Make-Whole Fundamental Change (as defined in the Original Notes) through December 15, 2024 (See Note 13).
Accrued
Interest
At
December 31, 2023, the balance of accrued interest was $3,883.
During the period ended September 30, 2024, the Company recorded interest of $3,141,
made up of $1,832
of interest on the Notes, and $1,309
related to the excess ABL fees and made payments of $514
towards accrued interest and $1,054 was added to the principal of the Option Notes. At September 30, 2024, the balance of accrued
interest was $5,456.
Debt
Discount
At
December 31, 2023, the unamortized debt discount was $572. During the period ended September 30, 2024, the Company incurred $335 of costs
for the aforementioned waivers. These costs have been capitalized and are being amortized over the term of the Notes or waiver period.
For the nine months ended September 30, 2024, amortization of debt discount was $448, and as of September 30, 2024, the remaining unamortized
debt discount balance is $459.
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v3.24.3
Leases Liabilities
|
9 Months Ended |
Sep. 30, 2024 |
Leases Liabilities |
|
Leases Liabilities |
7.
Leases Liabilities
During
the nine months ended September 30, 2024 and 2023, lease costs totaled $89 and $67, respectively.
As
of December 31, 2023, operating lease liabilities totaled $207. During the nine months ended September 30, 2024, the Company made payments
of $160 towards its operating lease liability. As of September 30, 2024, operating lease liabilities totaled $47.
As
of September 30, 2024, the weighted average remaining lease terms for an operating lease are 0.25
years. As of September 30, 2024, the weighted
average discount rate on the operating lease is 12.60%.
On May 10 2024, the Company entered into a new lease
with Merritt 7 Ventures LLC, for commercial office space for its corporate headquarters. The lease has an 11-year term and is expected
to commence in December 2024. Aggregate monthly base rent for the first year of the lease shall be $8,590. Base rent shall increase incrementally
on an annual basis by approximately 3.6%. Customary tax and electricity rent assessments in addition to base rent are payable. In year
one, the aggregate of these charges is $7,409 per month. Total payments over the life of the lease are expected to be $2,129.
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v3.24.3
Issuance of Common Stock
|
9 Months Ended |
Sep. 30, 2024 |
Equity [Abstract] |
|
Issuance of Common Stock |
8.
Issuance of Common Stock
During
the first quarter of 2024, the Company received $4,097
in gross proceeds from three significant stockholders of the Company, D&D Source of Life Holding LTD (“D&D”) and
Union Square Park Partners LP, and John J. Bello, the Company’s former Chairman, pursuant to Simple Agreements for Future
Equity (“SAFE”) investments. The SAFE investments were to convert into the next equity financing of Reed’s on the
same terms and conditions as investors in Reed’s next equity financing at the lesser of $1.50 per
share or the per share price in the financing. D&D was given the right to designate a second independent director nominee to the
board of directors of Reed’s and the company agreed to limit the size of its board of directors to nine (9) for so long as
D&D owns 25% or more of the equity securities of the Company. The Company initially recorded the SAFE investments as a liability
at $5,490
which was reflected on its June 30, 2024 balance sheet, and reflected a loss from change in fair value of SAFE investments of $1,393.
On
September 9, 2024, the Company entered into a Securities Purchase Agreement with various purchasers for the issuance of 4,000,000 common
shares for total consideration of $6,000. The various purchasers also held the investment in the Company’s SAFEs. As part of the
total capital raise, 2,731,205 shares of common stock valued at $4,097 upon conversion of the SAFEs , an additional 1,268,795 common
shares were issued to D&D Source of Life Holding Ltd. for consideration of $1,903.
Upon
conversion of the SAFE instruments during the three months ended September 30, 2024, the Company recorded a gain from change in fair value of SAFE investments of $1,393.
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v3.24.3
Stock-Based Compensation
|
9 Months Ended |
Sep. 30, 2024 |
Share-Based Payment Arrangement [Abstract] |
|
Stock-Based Compensation |
9.
Stock-Based Compensation
Stock
Options
The
following table summarizes stock option activity during the nine months ended September 30, 2024:
Schedule
of Stock Option Activity
| |
Shares | | |
Weighted- Average Exercise Price | | |
Weighted- Average Remaining Contractual Terms (Years) | | |
Aggregate Intrinsic Value | |
Outstanding at December 31, 2023 | |
| 143,000 | | |
$ | 45.09 | | |
| 6.75 | | |
$ | - | |
Granted | |
| - | | |
$ | - | | |
| | | |
| | |
Exercised | |
| - | | |
$ | - | | |
| | | |
| | |
Unvested forfeited | |
| (5,178 | ) | |
$ | 16,61 | | |
| | | |
| | |
Vested forfeited | |
| (9,513 | ) | |
$ | 44.98 | | |
| | | |
| | |
Outstanding at September 30, 2024 | |
| 128,309 | | |
$ | 46.18 | | |
| 5.97 | | |
$ | - | |
Exercisable at September 30, 2024 | |
| 112,447 | | |
$ | 50.06 | | |
| 5.70 | | |
$ | - | |
During
the nine months ended September 30, 2024 and 2023, the Company recognized $268 and $351 of compensation expense relating to vested stock
options. As of September 30, 2024, the aggregate amount of unvested compensation related to stock options was approximately $105 which
will be recognized as an expense as the options vest in future periods through March 28, 2027.
As
of September 30, 2024, the outstanding and exercisable options have no intrinsic value. The aggregate intrinsic value was calculated
as the difference between the closing market price as of September 30, 2024, which was $1.39, and the exercise price of the outstanding
stock options.
|
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- DefinitionThe entire disclosure for share-based payment arrangement.
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v3.24.3
Stock Warrants
|
9 Months Ended |
Sep. 30, 2024 |
Stock Warrants |
|
Stock Warrants |
10.
Stock Warrants
The
Company’s warrant activity during the nine months ended September 30, 2024, is as follows:
Schedule
of Warrant Activity
| |
Shares | | |
Weighted- Average Exercise Price | | |
Weighted- Average Remaining Contractual Terms (Years) | | |
Aggregate Intrinsic Value | |
| |
| | |
| | |
| | |
| |
Outstanding at December 31, 2023 | |
| 549,292 | | |
$ | 8.77 | | |
| 2.84 | | |
$ | - | |
Granted | |
| - | | |
| - | | |
| - | | |
| | |
Exercised | |
| - | | |
| - | | |
| - | | |
| | |
Forfeited | |
| - | | |
| - | | |
| - | | |
| | |
Outstanding at September 30, 2024 | |
| 549,292 | | |
$ | 8.77 | | |
| 2.34 | | |
$ | - | |
Exercisable at September 30, 2024 | |
| 549,292 | | |
$ | 8.77 | | |
| 2.34 | | |
$ | - | |
As
of September 30, 2024, the outstanding and exercisable warrants have no aggregate intrinsic value. The aggregate intrinsic value was
calculated as the difference between the closing market price as of September 30, 2024, which was $1.39, and the exercise price of the
Company’s warrants to purchase common stock.
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v3.24.3
Transactions with California Custom Beverage, LLC, former related party
|
9 Months Ended |
Sep. 30, 2024 |
Related Party Transactions [Abstract] |
|
Transactions with California Custom Beverage, LLC, former related party |
11.
Transactions with California Custom Beverage, LLC, former related party
In
December 2018, the Company signed a co-packing agreement with California Custom Beverage, LLC’s (“CCB”), an entity
owned by Christopher J. Reed, a former related party, pursuant to which CCB agreed to produce certain products for the Company for agreed
fees. The co-packing agreement, as amended, includes certain provisions for product inputs, shrinkage, and quality assurance. Also beginning
in 2019, CCB agreed to pay the Company a 5% royalty through 2021 on certain private label sales made by CCB.
At
September 30, 2024 and 2023, accounts receivable due from and accounts payable due to CCB were as follows:
Schedule
of Related Parties
| |
September 30, 2024 | | |
December 31, 2023 | |
Accounts receivable, net of provision of $1,123 and $1,123 at September 30, 2024 and December 31, 2023, respectively | |
| 259 | | |
| 259 | |
Accounts payable | |
| (211 | ) | |
| (259 | ) |
Net (payable) receivable | |
| 48 | | |
| - | |
In
addition, on April 19, 2023, the Company received a letter from CCB demanding payment of various amounts, including the $452 and $452
outstanding at September 30, 2024 and December 31, 2023, respectively. The Company has determined that the probability of realizing any
loss on the demand from CCB is remote and therefore has not recorded any additional accruals related to the demand.
|
X |
- DefinitionThe entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.
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v3.24.3
Commitments and Contingencies
|
9 Months Ended |
Sep. 30, 2024 |
Commitments and Contingencies Disclosure [Abstract] |
|
Commitments and Contingencies |
12.
Commitments and Contingencies
During
2023, the firm engaged an investment bank to explore financing options for the Company. We have a maximum obligation of $1.2M in fees
so far in this engagement. These fees will be recognized on a success basis and will be paid out only if a transaction is finalized.
In
2018, CCB assumed the monthly payments on our lease obligation for a Los Angeles manufacturing plant for payments through September 2024,
and our release from the obligation by the lessor, however, is dependent upon CCB’s deposit of $1,200 of security with the lessor.
As of September 30, 2024, $800 has been deposited with the lessor and Chris J. Reed has placed approximately 7,260 shares of the Company’s
common stock valued at $10 that remain in escrow with the lessor.
We
are, and from time to time, we be a party to claims and legal proceedings arising in the ordinary course of business. Our management
evaluates our exposure to these claims and proceedings individually and in the aggregate and provides for potential losses on such litigation
if the amount of the loss is estimable and the loss is probable.
We
believe that there are no material litigation matters at the current time. Although the result of such litigation matters and claims
cannot be predicted with certainty, we believe that the final outcome of such claims and proceedings will not have a material adverse
impact on our financial position, liquidity, or results of operations.
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- DefinitionThe entire disclosure for commitments and contingencies.
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v3.24.3
Subsequent Events
|
9 Months Ended |
Sep. 30, 2024 |
Subsequent Events [Abstract] |
|
Subsequent Events |
13.
Subsequent Events
On October 10, 2024, Whitebox sold and assigned its
entire interest in eight secured promissory notes (the “Notes”) (Note 6) of the Company to the Company’s majority stockholder,
D&D. The Notes contain customary affirmative and negative covenants and events of default. The Notes were secured by substantially
all of the Company’s assets, including all intellectual property.
On November 14, 2024, the Company entered into a new
secured one-year term loan with a principal amount of $10 million with Whitebox. The loan bears interest of 8% which is payable quarterly.
The term loan is secured by substantially all of the Company’s assets, including all intellectual property. The Company used part
of the proceeds to pay off and close its existing revolving line of credit (Note 5).
On November 14, 2024, in conjunction with the term
loan transaction, D&D and the Company amended the Notes. D&D released all collateral under the Notes, deferred cash payments
thereunder and extended the maturity dates of all of the Notes to 181 days after the maturity of the revolving credit facility, which
is November 14, 2025 (with the maturity dates of the notes extended to May 14, 2026).
On
October 21, 2024, the board of directors of the Company, upon recommendation from its governance committee, appointed Sam Van to serve
as a member of its board of directors. Mr. Van is an independent director designee of D&D.
On October 28, John J. Bello and Louis
Imbrogno, Jr. resigned from the board of directors (“board”) of the Company. Prior to resignation, Mr. Bello had served as
the Chairman of the board and a member of its operating committee. Mr. Imbrogno had served on the governance committee and audit committee
and as chair of the compensation committee
On October 29, Thomas W. Kosler also resigned from the board. He had served as chair of the
audit committee.
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v3.24.3
Summary of Significant Accounting Policies (Policies)
|
9 Months Ended |
Sep. 30, 2024 |
Accounting Policies [Abstract] |
|
Basis of Presentation |
Basis
of Presentation
The
accompanying condensed financial statements of Reed’s, Inc. (the “Company”, “we”, “us”, or
“our”), have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S.
GAAP”) and the applicable rules and regulations of the Securities and Exchange Commission (the “SEC”) regarding interim
financial reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with
U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. We believe that the disclosures contained in these condensed
financial statements are adequate to make the information presented herein not misleading. These condensed financial statements should
be read in conjunction with the financial statements contained in the Company’s Annual Report on Form 10-K for the year ended December
31, 2023, filed with the SEC on April 1, 2024. The accompanying condensed financial statements are unaudited, but in the opinion of management,
contain all adjustments, including normal recurring adjustments, necessary to present fairly the Company’s financial position as
of September 30, 2024, and the results of its operations and its cash flows for the nine months ended September 30, 2024 and 2023. The
balance sheet as of December 31, 2023 is derived from the Company’s audited financial statements.
The
results of operations for the nine months ended September 30, 2024, are not necessarily indicative of the results of operations to be
expected for the full fiscal year ending December 31, 2024.
|
Going Concern |
Going
Concern
The
accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the settlement
of liabilities and commitments in the normal course of business. As reflected in the accompanying financial statements, for the nine
months ended September 30, 2024, the Company recorded a net loss of $9,035,
and utilized $2,254
of cash in operations and at September 30, 2024,
had a working capital deficiency of $22,923
and a stockholders’ deficit of $21,953.
As of September 30, 2024, the Company borrowed $5,471
on its line of credit and owed $22,210 on its Notes (See Note 5 and Note 6 for further
detail). These factors raise substantial doubt about the Company’s ability to continue as a going concern within one year of the
date that the financial statements are issued. The financial statements do not include any adjustments related to the recoverability
and classification of recorded asset amounts or the amounts and classification of liabilities that might be necessary should the Company
be unable to continue as a going concern. The Company’s independent registered public accounting firm, in its report on the Company’s
consolidated financial statements for the year ended December 31, 2023, has also expressed substantial doubt about the Company’s ability
to continue as a going concern.
As
of September 30, 2024, we had a cash balance of $306, no availability under our line of credit and $7,529 of additional borrowing capacity
from the credit facility assuming there is availability under the terms.
Historically,
we have financed our operations through public and private sales of common stock, issuance of preferred and common stock, convertible
debt instruments, term loans and credit lines from financial institutions, and cash generated from operations. To alleviate these conditions,
management is currently evaluating various funding alternatives and may seek to raise additional funds through the issuance of equity,
mezzanine or debt securities, through arrangements with strategic partners or through obtaining credit from financial institutions. The
Company is continuing to discuss restructuring of debt with existing lenders and is exploring new financing opportunities to address
the line of credit which comes due in March 2025 (see Note 5) and the portion of the debt under the Notes which comes due on December
15, 2024 (see Note 6). As we seek additional sources of financing, there can be no assurance that such financing would be available to
us on favorable terms or at all. Our ability to obtain additional financing in the debt and equity capital markets is subject to several
factors, including market and economic conditions, our performance and investor sentiment with respect to us and our industry.
We
have also taken decisive action to improve our margins, including fully outsourcing our manufacturing process, streamlining our product
portfolio, negotiating improved vendor contracts and restructuring our selling prices.
|
Recent Trends - Market Conditions |
Recent
Trends - Market Conditions
Although
the U.S. economy continued to grow throughout 2023 and into Q3 2024, the higher inflation, the actions by the Federal Reserve to address
inflation, and rising energy prices create uncertainty about the future economic environment which will continue to evolve and may impact
our business in future periods. We have experienced supply chain challenges, including increased lead times, as well as inflation of
raw materials, logistics and labor costs due to availability constraints and high demand. Although we regularly monitor companies in
our supply chain, and use alternative suppliers when necessary and available, supply chain constraints could cause a disruption in our
ability to obtain raw materials required to manufacture our products and adversely affect our operations.
During
the three months ending September 30, 2024, the Company continued to experience moderation from the elevated freight costs experienced
in 2023. The average cost of shipping and handling for the three months ended September 30, 2024, was $2.99 as compared to $2.98 in the
three months ended September 30, 2023. During the nine months ended September 30, 2024, the average cost of shipping and handling was
$2.66 per case, as compared to $3.17 per case for the nine months ended September 30, 2023. Although the Company has experienced decreases
in freight costs over the last four quarters, in the Company’s opinion there remains a volatile environment and the Company will
continue to monitor pricing and availability in transportation. Mitigation plans have been implemented to manage this risk. The Company
has been negatively impacted by supply chain challenges affecting our ability to benefit from strong demand for, and increased sales
of our product. The disruption caused by labor shortages, significant raw material cost inflation, logistics issues and increased freight
costs, and ongoing port congestion, resulted in suppressed margins. The Company has experienced moderation in inflation and anticipates
this continuing throughout 2024.
|
Use of Estimates |
Use
of Estimates
The
preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates
and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date
of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ
from those estimates. Those estimates and assumptions include estimates for credit loss reserves for accounts receivable, assumptions
used in valuing inventories at net realizable value, impairment testing of recorded long-term tangible and intangible assets, the valuation
allowance for deferred tax assets, accruals for potential liabilities, assumptions made in valuing stock instruments issued for services,
assumptions in determining the fair value of our SAFE investments and assumptions used in the determination of the Company’s liquidity.
|
Revenue Recognition |
Revenue
Recognition
The
Company recognizes revenue in accordance with Accounting Standards Codification (ASC) 606, Revenue from Contracts with Customers
(“ASC 606”). Revenue and costs of sales are recognized when control of the products transfers to our customer, which generally
occurs upon shipment from our facilities. The Company’s performance obligations are satisfied at that time. The Company does not
have any significant contracts with customers requiring performance beyond delivery, and contracts with customers contain no incentives
or discounts that could cause revenue to be allocated or adjusted over time. Shipping and handling activities are performed before the
customer obtains control of the goods and therefore represent a fulfilment activity rather than a promised service to the customer. All
of the Company’s products are offered for sale as finished goods only, and there are no performance obligations required post-shipment
for customers to derive the expected value from them.
The
Company does not allow for returns, except for damaged products when damage occurred pre-fulfilment. Damaged product returns have historically
been insignificant. Because of this, the stand-alone nature of our products, and our assessment of performance obligations and transaction
pricing for our sales contracts, we do not currently maintain a contract asset or liability balance for obligations. We assess our contracts
and the reasonableness of our conclusions on a quarterly basis.
|
Loss per Common Share |
Loss
per Common Share
Basic
earnings (loss) per share is computed by dividing the net income (loss) applicable to common stockholders by the weighted average number
of shares of common stock outstanding during the year, excluding shares of unvested restricted common stock. Shares of restricted stock
are included in the basic weighted average number of common shares outstanding from the time they vest. Diluted earnings (loss) per share
is computed by dividing the net income applicable to common stockholders by the weighted average number of common shares outstanding
plus the number of additional common shares that would have been outstanding if all dilutive potential common shares had been issued,
using the treasury stock method. Shares of restricted stock are included in the diluted weighted average number of common shares outstanding
from the date they are granted. Potential common shares are excluded from computation when their effect is antidilutive.
For
the periods ended September 30, 2024 and 2023, the calculations of basic and diluted loss per share are the same because potential dilutive
securities would have had an anti-dilutive effect. The potentially dilutive securities consisted of the following:
Schedule
of Potentially Dilutive Securities
| |
September 30, 2024 | | |
September 30, 2023 | |
Warrants | |
| 549,292 | | |
| 549,292 | |
Options | |
| 128,309 | | |
| 145,012 | |
Convertible note payable | |
| 1,844,829 | | |
| 1,475,725 | |
Common stock equivalent of Series A Convertible Preferred stock | |
| 753 | | |
| 753 | |
Total | |
| 2,523,183 | | |
| 2,170,782 | |
|
Stock Compensation Expense |
Stock
Compensation Expense
The
Company periodically issues stock options and restricted stock awards to employees and non-employees in non-capital raising transactions
for services and for financing costs. The Company accounts for such grants issued and vesting based on ASC 718, Compensation-Stock
Compensation whereby the value of the award is measured on the date of grant and recognized for employees as compensation expense
on the straight-line basis over the vesting period. Recognition of compensation expenses for non-employees is in the same period and
manner as if the Company had paid cash for the services. The Company recognizes the fair value of stock-based compensation within its
Statements of Operations with classification depending on the nature of the services rendered.
The
fair value of the Company’s stock options is estimated using the Black-Scholes-Merton Option Pricing model, which uses certain
assumptions related to risk-free interest rates, expected volatility, expected life of the stock options or restricted stock, and future
dividends. Compensation expense is recorded based upon the value derived from the Black-Scholes-Merton Option Pricing model and based
on actual experience. The assumptions used in the Black-Scholes-Merton Option Pricing model could materially affect compensation expense
recorded in future periods.
|
Advertising Costs |
Advertising
Costs
Advertising
costs are expensed as incurred and are included in selling and marketing expense. Advertising costs for the three months ended September
30, 2024, and 2023, aggregated $8 and $22, respectively. Advertising costs for the nine months ended September 30, 2024, and 2023, aggregated
$38 and $82, respectively.
|
Concentrations |
Concentrations
Net
sales. During the three months ended September 30, 2024, two customers accounted for 18% and 15% of gross billing, respectively,
and during the nine months ended September 30, 2024, three customers accounted for 18%, 15%, and 11% of gross billing, respectively.
During the three months ended September 30, 2023, three customers accounted for 22%, 14%, and 12% of gross billing, respectively, and
during the nine months ended September 30, 2023, two customers accounted for 19% and 13% of gross billing, respectively. No other customers
exceeded 10% of sales in either period.
Accounts
receivable. As of September 30, 2024, the Company had accounts receivable from two customers which comprised 32% and 13% of its gross
accounts receivable, respectively. As of December 31, 2023, the Company had accounts receivable from three customers which comprised
24%, 15% and 11% of its gross accounts receivable, respectively. No other customers exceeded 10% of gross accounts receivable in either
period.
The
Company utilizes co-packers to produce 100% of its products. During the nine months ended September 30, 2024 and the year ended December
31, 2023, the Company utilized nine separate co-packers for most its production and bottling of beverage products in the United States.
The Company has long-standing relationships with two different co-packers, and a third co-packing agreement with California Custom Beverage
LLC (“CCB”), a former related party (see Note 11). Although there are other packers, a change in co-packers may cause a delay
in the production process, which could ultimately affect operating results.
Purchases
from vendors. During the nine months ended September 30, 2024, the Company’s two largest vendors accounted for approximately
11% and 10% of all purchases. During the nine months ended September 30, 2023, the Company’s largest vendor accounted for approximately
9% of all purchases. No other vendors exceeded 10% of all purchases in either period.
Accounts
payable. As of September 30, 2024, no vendor accounted for more than 10% of total accounts payable. As of December 31, 2023, two
vendors accounted for 10% and 10% of total accounts payable, respectively. No other vendors exceeded 10% of accounts payable in either
period.
|
Fair Value of Financial Instruments |
Fair
Value of Financial Instruments
The
Company uses various inputs in determining the fair value of its financial assets and liabilities and measures these assets on a recurring
basis. Financial assets recorded at fair value are categorized by the level of subjectivity associated with the inputs used to measure
their fair value. ASC 820 defines the following levels of subjectivity associated with the inputs:
Level
1—Quoted prices in active markets for identical assets or liabilities.
Level
2—Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly.
Level
3—Unobservable inputs based on the Company’s assumptions.
The
carrying amounts of financial assets and liabilities, such as cash and cash equivalents, accounts receivable, short-term bank loans,
accounts payable, notes payable and other payables, approximate their fair values because of the short maturity of these instruments.
The carrying values of capital lease obligations and long-term financing obligations approximate their fair values because interest rates
on these obligations are based on prevailing market interest rates.
The
fair value of our liability under our SAFE investments were determined using level 3 inputs. (Note 8)
|
Reclassifications |
Reclassifications
Certain
prior year amounts have been reclassified for consistency with the current period presentation. Collection from customers amounting to
$1,217 that was previously presented as a deduction from prepaid expenses at December 31, 2023 have been reclassed as an offset against
accounts receivable. This reclassification had no effect on the reported results of operations or cash flows.
|
Recent Accounting Pronouncements |
Recent
Accounting Pronouncements
In
November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosure, which
is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expense
categories that are regularly provided to the chief operating decision maker and included in each reported measure of a segment’s
profit or loss. The update also requires all annual disclosures about a reportable segment’s profit or loss and assets to be provided
in interim periods and for entities with a single reportable segment to provide all the disclosures required by ASC 280, Segment Reporting,
including the significant segment expense disclosures. This standard became effective for the Company on January 1, 2024. to The adoption
of 2023-7 did not have a material impact on the Company’s results of operations, financial position or cash flows.
Other
recent accounting pronouncements and guidance issued by the FASB, its Emerging Issues Task Force, the American Institute of Certified
Public Accountants, and the Securities and Exchange Commission did not or are not believed by management to have a material impact on
the Company’s present or future financial statements.
|
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v3.24.3
Summary of Significant Accounting Policies (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
Accounting Policies [Abstract] |
|
Schedule of Potentially Dilutive Securities |
Schedule
of Potentially Dilutive Securities
| |
September 30, 2024 | | |
September 30, 2023 | |
Warrants | |
| 549,292 | | |
| 549,292 | |
Options | |
| 128,309 | | |
| 145,012 | |
Convertible note payable | |
| 1,844,829 | | |
| 1,475,725 | |
Common stock equivalent of Series A Convertible Preferred stock | |
| 753 | | |
| 753 | |
Total | |
| 2,523,183 | | |
| 2,170,782 | |
|
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v3.24.3
Inventory (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
Inventory Disclosure [Abstract] |
|
Schedule of Inventory |
Inventory
is valued at the lower of cost (first-in, first-out) or net realizable value, net of write downs, and is comprised of the following (in
thousands):
Schedule
of Inventory
| |
September 30, 2024 | | |
December 31, 2023 | |
Raw materials and packaging | |
$ | 6,143 | | |
$ | 6,445 | |
Finished products | |
| 3,108 | | |
| 4,855 | |
Total | |
$ | 9,251 | | |
$ | 11,300 | |
|
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- DefinitionTabular disclosure of the carrying amount as of the balance sheet date of merchandise, goods, commodities, or supplies held for future sale or to be used in manufacturing, servicing or production process.
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v3.24.3
Property and Equipment (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
Property, Plant and Equipment [Abstract] |
|
Schedule of Property and Equipment |
Property
and equipment are comprised of the following (in thousands):
Schedule of Property and Equipment
| |
September 30, 2024 | | |
December 31, 2023 | |
Right-of-use assets under operating leases | |
$ | 724 | | |
$ | 724 | |
Computer hardware and software | |
| 400 | | |
| 400 | |
Machinery and equipment | |
| 352 | | |
| 352 | |
Construction in progress | |
| 136 | | |
| 85 | |
Total cost | |
| 1,612 | | |
| 1,561 | |
Accumulated depreciation and amortization | |
| (1,277 | ) | |
| (1,068 | ) |
Net value | |
$ | 335 | | |
$ | 493 | |
|
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v3.24.3
X |
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v3.24.3
Line of Credit (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
Line Of Credit |
|
Schedule of Amount Outstanding Under Credit Facilities |
The
Company’s credit facility consisted of the following (in thousands):
Schedule
of Amount Outstanding Under Credit Facilities
| |
September 30, 2024 | | |
December 31, 2023 | |
Line of credit – Alterna Capital Solutions | |
$ | 5,471 | | |
$ | 9,959 | |
Less: capitalized financing costs | |
| (81 | ) | |
| (201 | ) |
Total | |
$ | 5,390 | | |
$ | 9,758 | |
|
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v3.24.3
Secured Notes Payable (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
Debt Disclosure [Abstract] |
|
Schedule of Secured Convertible Notes Payable |
Amounts
outstanding under the Company’s secured convertible notes payable are as follows (amounts in 000’s except share amounts):
Schedule
of Secured Convertible Notes Payable
| |
September 30, 2024 | | |
December 31, 2023 | |
Secured Convertible “Original” Notes Payable (A) | |
$ | 10,250 | | |
$ | 10,250 | |
Secured “Option” Notes Payable (B) | |
| 6,504 | | |
| 4,050 | |
Secured Convertible “Option”
Notes Payable | |
| 6,504 | | |
| 4,050 | |
| |
| | | |
| | |
Accrued interest | |
| 2,222 | | |
| 1,059 | |
Accrued interest on excess debt borrowing | |
| 3,234 | | |
| 2,824 | |
Capitalized financing costs | |
| (459 | ) | |
| (572 | ) |
Total | |
$ | 21,751 | | |
$ | 17,611 | |
Secured
Notes
|
(A) |
In
May 2022, the Company issued $11,250 of convertible notes payable (the “Original Notes”) to entities affiliated with
Whitebox Advisors, LLC (collectively, “Whitebox”). The Original Notes bear interest at 10% per annum (with 5% per annum
payable in cash and 5% per annum payable in kind (“PIK”) by adding such PIK interest to the principal amount of the notes),
are secured by substantially all of the Company’s assets (including all of its intellectual property) and are subject to a
collateral sharing agreement with Alterna Capital (ACS), the Company’s existing secured lender. The Original Notes mature the
earlier of September 30, 2025 or the scheduled maturity of any unsecured indebtedness incurred by the Company that is junior in right
of payment to Note obligations. At each of September 30, 2024 and December 31, 2023, the principal balance of the Original Notes
was $10,250.
Upon
conversion or early payment, holders of the Original Notes are entitled to receive an interest make-whole payment, as defined, equal
to the sum of the remaining scheduled payments of interest on the Original Notes that would be due at maturity, payable, at the Company’s
option, in cash or in shares of common stock. On August 1, 2022, the Original Notes were amended to add a 10% fee (“Excess
ABL Fee’) commencing with the fiscal month ending October 31, 2022 for the amount that the Company’s line of credit with
ACS exceeds (i) (x) prior to November 30, 2024, $9,500 and (y) on and after November 30, 2024, $6,500, if the Company has
not publicly announced or is not actively pursuing a proposed transaction as a result of which the Company reasonably believes that
its Common Stock will be listed on a national securities exchange) or $9,500 otherwise, minus (ii) any amounts repaid to ACS
pursuant to the Option Notes (not to exceed $500) plus (iii) the aggregate principal amount of Original Notes voluntarily converted
into Conversion Consideration (as defined therein), in each case subject to the terms of the collateral sharing agreement; provided
that the sum of the amounts in clauses (i), (ii) and (ii) above shall not exceed $10,500 minus any amounts repaid ACS as contemplated
by the Option Notes (not to exceed $500). |
The
Original Notes have an amortization feature which requires the Company to make monthly payments of principal of $200 plus accrued interest,
payable in cash or in shares of the Company’s common stock at the option of the Company, based on 90% of the average prices of
the Company’s common stock, as defined. During 2023, Whitebox waived the requirement for the Company to pay the December 2022 to
October 2023 monthly amortization payments on the Original Notes. The November 2023 amortization payment of $200 principal was paid,
and the amortization payment for December 2023 to May 2024 was waived. The amortization period resumed on June 1, 2024.
|
(B) |
At the time of issuance of
the Original Notes, the Company also granted the investors an option to purchase up to an additional $12,000 aggregate principal
amount of “Option Notes”. At December 31, 2023, the principal balance of the Option Notes was $4,050. |
|
|
On August 1, 2024, the Company
entered into an Option Exercise and Nineth Amendment (“Exercise and Amendment Agreement”) to the Notes with Whitebox. Pursuant
to the Exercise and Amendment Agreement, holders of the Original Notes exercised an option to purchase an aggregate of approximately
$6,504
Option Notes, which consisted of (i) an exchange
of $4,050 of existing notes, (ii) additional cash proceeds to the Company of $1,400,
and (iii) an additional finance cost of $1,054 The
Option Notes mature on the earlier of December 15, 2024, and ninety one days before the schedule maturity of any unsecured indebtedness
incurred by the Company that is junior in right of payment to its Note obligations. The
Option Notes bear interest in arrears on the outstanding principal amount at a rate of 11.13%
per annum, payable in cash. The Option Notes may be prepaid without premium or penalty. Unless $1,400
of the principal amount is prepaid, payment of
any Option Note on the maturity date (or due to an acceleration (whether declared or automatic)) shall be accompanied by an additional
amount (such amount, the “MOIC Deficiency Amount”), if any, sufficient to achieve a 1.13:1.00 multiple of invested capital
since August 1, 2024 (the “MOIC”) on the aggregate principal amount of the Option Notes being paid. The MOIC Deficiency Amount
shall be calculated based on (i) the sum of all fees, original issue discount, interest, premiums, principal and other payments received
in cash by the applicable holders in respect of the Option Notes since August 1, 2024 (excluding any reimbursement of out-of-pocket costs
or expenses reimbursed and any indemnification payments made to the applicable Holders in respect of the Option Notes), as the numerator,
and (ii) the aggregate principal amount of the Option Notes on August 1, 2024, as the denominator. |
Pursuant
to the Exercise and Amendment Agreement, Whitebox temporarily waived the specified events of default under the Notes and temporarily
waived any requirement that the Company conduct a repurchase of Original Notes in the event of a Make-Whole Fundamental Change (as
defined in the Original Notes), subject to the terms and conditions therein.
|
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v3.24.3
Stock-Based Compensation (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
Share-Based Payment Arrangement [Abstract] |
|
Schedule of Stock Option Activity |
The
following table summarizes stock option activity during the nine months ended September 30, 2024:
Schedule
of Stock Option Activity
| |
Shares | | |
Weighted- Average Exercise Price | | |
Weighted- Average Remaining Contractual Terms (Years) | | |
Aggregate Intrinsic Value | |
Outstanding at December 31, 2023 | |
| 143,000 | | |
$ | 45.09 | | |
| 6.75 | | |
$ | - | |
Granted | |
| - | | |
$ | - | | |
| | | |
| | |
Exercised | |
| - | | |
$ | - | | |
| | | |
| | |
Unvested forfeited | |
| (5,178 | ) | |
$ | 16,61 | | |
| | | |
| | |
Vested forfeited | |
| (9,513 | ) | |
$ | 44.98 | | |
| | | |
| | |
Outstanding at September 30, 2024 | |
| 128,309 | | |
$ | 46.18 | | |
| 5.97 | | |
$ | - | |
Exercisable at September 30, 2024 | |
| 112,447 | | |
$ | 50.06 | | |
| 5.70 | | |
$ | - | |
|
X |
- DefinitionTabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value.
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v3.24.3
Stock Warrants (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
Stock Warrants |
|
Schedule of Warrant Activity |
The
Company’s warrant activity during the nine months ended September 30, 2024, is as follows:
Schedule
of Warrant Activity
| |
Shares | | |
Weighted- Average Exercise Price | | |
Weighted- Average Remaining Contractual Terms (Years) | | |
Aggregate Intrinsic Value | |
| |
| | |
| | |
| | |
| |
Outstanding at December 31, 2023 | |
| 549,292 | | |
$ | 8.77 | | |
| 2.84 | | |
$ | - | |
Granted | |
| - | | |
| - | | |
| - | | |
| | |
Exercised | |
| - | | |
| - | | |
| - | | |
| | |
Forfeited | |
| - | | |
| - | | |
| - | | |
| | |
Outstanding at September 30, 2024 | |
| 549,292 | | |
$ | 8.77 | | |
| 2.34 | | |
$ | - | |
Exercisable at September 30, 2024 | |
| 549,292 | | |
$ | 8.77 | | |
| 2.34 | | |
$ | - | |
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v3.24.3
Transactions with California Custom Beverage, LLC, former related party (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
Related Party Transactions [Abstract] |
|
Schedule of Related Parties |
At
September 30, 2024 and 2023, accounts receivable due from and accounts payable due to CCB were as follows:
Schedule
of Related Parties
| |
September 30, 2024 | | |
December 31, 2023 | |
Accounts receivable, net of provision of $1,123 and $1,123 at September 30, 2024 and December 31, 2023, respectively | |
| 259 | | |
| 259 | |
Accounts payable | |
| (211 | ) | |
| (259 | ) |
Net (payable) receivable | |
| 48 | | |
| - | |
|
X |
- DefinitionTabular disclosure of related party transactions. Examples of related party transactions include, but are not limited to, transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners and (d) affiliates.
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v3.24.3
Schedule of Potentially Dilutive Securities (Details) - shares
|
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Total |
2,523,183
|
2,170,782
|
Warrant [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Total |
549,292
|
549,292
|
Equity Option [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Total |
128,309
|
145,012
|
Convertible Notes Payable [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Total |
1,844,829
|
1,475,725
|
Common Stock Equivalent of Series A Convertible Preferred Stock [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Total |
753
|
753
|
X |
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v3.24.3
Summary of Significant Accounting Policies (Details Narrative) $ in Thousands |
3 Months Ended |
9 Months Ended |
12 Months Ended |
|
|
|
Sep. 30, 2024
USD ($)
|
Sep. 30, 2023
USD ($)
|
Sep. 30, 2024
USD ($)
|
Sep. 30, 2023
USD ($)
|
Dec. 31, 2023
USD ($)
|
Jun. 30, 2024
USD ($)
|
Jun. 30, 2023
USD ($)
|
Dec. 31, 2022
USD ($)
|
Product Information [Line Items] |
|
|
|
|
|
|
|
|
Net Income (Loss) Attributable to Parent |
$ 4,150
|
$ 1,436
|
$ 9,035
|
$ 8,927
|
|
|
|
|
Cash in operations |
|
|
2,254
|
4,084
|
|
|
|
|
Working capital deficiency |
22,923
|
|
22,923
|
|
|
|
|
|
Equity, Attributable to Parent |
21,953
|
12,760
|
21,953
|
12,760
|
$ 19,181
|
$ 23,849
|
$ 11,463
|
$ 8,470
|
Line of credit |
5,471
|
|
5,471
|
|
|
|
|
|
Convertible notes payable |
22,210
|
|
22,210
|
|
|
|
|
|
Cash |
306
|
|
306
|
|
603
|
|
|
|
Additional borrowing capacity |
7,529
|
|
7,529
|
|
|
|
|
|
Advertising costs |
$ 8
|
$ 22
|
$ 38
|
$ 82
|
|
|
|
|
Collection from customers |
|
|
|
|
$ 1,217
|
|
|
|
Customer One [Member] | Revenue Benchmark [Member] | Product Concentration Risk [Member] |
|
|
|
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
|
|
|
Concentration risk, percentage |
18.00%
|
22.00%
|
18.00%
|
19.00%
|
|
|
|
|
Customer One [Member] | Accounts Receivable [Member] | Customer Concentration Risk [Member] |
|
|
|
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
|
|
|
Concentration risk, percentage |
|
|
32.00%
|
|
24.00%
|
|
|
|
Customer Two [Member] | Revenue Benchmark [Member] | Product Concentration Risk [Member] |
|
|
|
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
|
|
|
Concentration risk, percentage |
15.00%
|
14.00%
|
15.00%
|
13.00%
|
|
|
|
|
Customer Two [Member] | Accounts Receivable [Member] | Customer Concentration Risk [Member] |
|
|
|
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
|
|
|
Concentration risk, percentage |
|
|
13.00%
|
|
15.00%
|
|
|
|
Customer Three [Member] | Revenue Benchmark [Member] | Product Concentration Risk [Member] |
|
|
|
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
|
|
|
Concentration risk, percentage |
|
12.00%
|
11.00%
|
|
|
|
|
|
Customer Three [Member] | Accounts Receivable [Member] | Customer Concentration Risk [Member] |
|
|
|
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
|
|
|
Concentration risk, percentage |
|
|
|
|
11.00%
|
|
|
|
Vendor One [Member] | Revenue Benchmark [Member] | Product Concentration Risk [Member] |
|
|
|
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
|
|
|
Concentration risk, percentage |
|
|
11.00%
|
9.00%
|
|
|
|
|
Vendor One [Member] | Accounts Payable [Member] | Customer Concentration Risk [Member] |
|
|
|
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
|
|
|
Concentration risk, percentage |
|
|
10.00%
|
|
10.00%
|
|
|
|
Vendor Two [Member] | Revenue Benchmark [Member] | Product Concentration Risk [Member] |
|
|
|
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
|
|
|
Concentration risk, percentage |
|
|
10.00%
|
|
|
|
|
|
Vendor Two [Member] | Accounts Payable [Member] | Customer Concentration Risk [Member] |
|
|
|
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
|
|
|
Concentration risk, percentage |
|
|
|
|
10.00%
|
|
|
|
Shipping and Handling [Member] |
|
|
|
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
|
|
|
Average cost |
2.99
|
2.98
|
2.66
|
3.17
|
|
|
|
|
X |
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Schedule of Property and Equipment (Details) - USD ($) $ in Thousands |
Sep. 30, 2024 |
Dec. 31, 2023 |
Property, Plant and Equipment [Line Items] |
|
|
Total cost |
$ 1,612
|
$ 1,561
|
Accumulated depreciation and amortization |
(1,277)
|
(1,068)
|
Net value |
335
|
493
|
Right of Use Assets Under Operating Leases [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Total cost |
724
|
724
|
Computer Hardware and Software [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Total cost |
400
|
400
|
Machinery and Equipment [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Total cost |
352
|
352
|
Construction in Progress [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Total cost |
$ 136
|
$ 85
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v3.24.3
Line of Credit (Details Narrative) - USD ($) $ in Thousands |
|
1 Months Ended |
9 Months Ended |
|
Jul. 26, 2024 |
Mar. 31, 2022 |
Sep. 30, 2024 |
Sep. 30, 2023 |
Dec. 31, 2023 |
Line of Credit Facility [Line Items] |
|
|
|
|
|
Borrowing capacity |
|
|
$ 7,529
|
|
|
Line of credit |
|
|
5,471
|
|
|
Amortization of debt discount |
|
|
568
|
$ 958
|
|
Norman E Snyder [Member] |
|
|
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
|
|
Over advance for line of credit |
$ 500
|
|
|
|
|
Alterna Capital Solutions [Member] |
|
|
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
|
|
Line of credit term |
|
3 years
|
|
|
|
Borrowing capacity |
|
$ 13,000
|
7,529
|
|
|
Over advance for line of credit |
|
500
|
|
|
|
Remaining line of credit |
|
|
$ 0
|
|
|
Line of credit description |
|
|
Borrowings
based on receivables bears an interest of prime plus 4.75% but not less than 8.0% (13.25% at September 30, 2024 and 13.25% at December
31, 2023). Borrowings based on inventory bears an interest of prime plus 5.25% but not less than 8.5% (13.90% at September 30, 2024 and
13.90% at December 31, 2023). The additional over advance rider bears a rate of prime plus 12.75%, but not less than 16.00% (25.00% at
September 30, 2024 and 18.00% at December 31, 2023). Additionally, the line of credit is subject to a monthly monitoring fee of $1 with
a minimum usage requirement on the credit facility
|
|
|
Line of credit |
|
|
$ 1,500
|
|
|
Monitoring fee |
|
|
1
|
|
|
Direct operating costs |
|
|
$ 483
|
|
|
Amortization of line of credit period |
|
|
3 years
|
|
|
Remaining unamortization of debt discount |
|
|
$ 81
|
|
$ 201
|
Amortization of debt discount |
|
|
$ 120
|
|
|
Whitebox Another Secured Lender [Member] |
|
|
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
|
|
Borrowing capacity |
|
$ 13,500
|
|
|
|
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v3.24.3
Schedule of Secured Convertible Notes Payable (Details) - USD ($) $ in Thousands |
Aug. 01, 2024 |
Sep. 30, 2024 |
Dec. 31, 2023 |
Notes Payable A [Member] |
|
|
|
Short-Term Debt [Line Items] |
|
|
|
Principal balance of original notes |
$ 6,504
|
$ 10,250
|
$ 10,250
|
Notes Payable B [Member] |
|
|
|
Short-Term Debt [Line Items] |
|
|
|
Principal balance of original notes |
$ 4,050
|
6,504
|
4,050
|
Debt Instrument, Maturity Date, Description |
The
Option Notes mature on the earlier of December 15, 2024, and ninety one days before the schedule maturity of any unsecured indebtedness
incurred by the Company that is junior in right of payment to its Note obligations.
|
|
|
Secured Convertible Notes Payable [Member] |
|
|
|
Short-Term Debt [Line Items] |
|
|
|
Accrued interest |
|
2,222
|
1,059
|
Accrued interest on excess debt borrowing |
|
3,234
|
2,824
|
Capitalized financing costs |
|
(459)
|
(572)
|
Total |
|
$ 21,751
|
$ 17,611
|
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v3.24.3
Schedule of Secured Convertible Notes Payable (Details) (Parenthetical) - USD ($)
|
|
|
1 Months Ended |
10 Months Ended |
12 Months Ended |
|
|
Aug. 01, 2024 |
Aug. 01, 2022 |
Nov. 30, 2023 |
May 31, 2022 |
Oct. 31, 2023 |
Dec. 31, 2024 |
Sep. 30, 2024 |
Dec. 31, 2023 |
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
Line of credit facility commitment fee percentage |
|
10.00%
|
|
|
|
|
|
|
Line of credit facility description |
|
(i) (x) prior to November 30, 2024, $9,500 and (y) on and after November 30, 2024, $6,500, if the Company has
not publicly announced or is not actively pursuing a proposed transaction as a result of which the Company reasonably believes that
its Common Stock will be listed on a national securities exchange) or $9,500 otherwise, minus (ii) any amounts repaid to ACS
pursuant to the Option Notes (not to exceed $500) plus (iii) the aggregate principal amount of Original Notes voluntarily converted
into Conversion Consideration (as defined therein), in each case subject to the terms of the collateral sharing agreement; provided
that the sum of the amounts in clauses (i), (ii) and (ii) above shall not exceed $10,500 minus any amounts repaid ACS as contemplated
by the Option Notes (not to exceed $500)
|
|
|
|
|
|
|
Aggregate principal amount |
|
|
|
|
|
|
$ 5,471,000
|
|
Notes Payable A [Member] |
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
Principal balance of original notes |
$ 6,504,000
|
|
|
|
|
|
10,250,000
|
$ 10,250,000
|
Cash proceeds |
1,400
|
|
|
|
|
|
|
|
Finance cost |
1,054,000
|
|
|
|
|
|
|
|
Convertible Notes Payable [Member] | Whitebox Advisors, LLC [Member] |
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
Principal balance of original notes |
|
|
|
|
|
|
1,054,000
|
|
Principal payment |
|
|
$ 200,000
|
|
|
|
|
|
Notes Payable B [Member] |
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
Principal balance of original notes |
$ 4,050,000
|
|
|
|
|
|
$ 6,504,000
|
$ 4,050,000
|
[custom:OutstandingPrincipalAmountRate] |
11.13%
|
|
|
|
|
|
|
|
[custom:DebtInstrumentPenaltyAmount-0] |
$ 1,400,000
|
|
|
|
|
|
|
|
Note Purchase Agreement [Member] |
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
Principal balance of original notes |
|
|
|
$ 11,250,000
|
|
|
|
|
Debt instrument, interest rate terms, description |
|
|
|
The Original Notes bear interest at 10% per annum (with 5% per annum
payable in cash and 5% per annum payable in kind (“PIK”) by adding such PIK interest to the principal amount of the notes),
are secured by substantially all of the Company’s assets (including all of its intellectual property) and are subject to a
collateral sharing agreement with Alterna Capital (ACS), the Company’s existing secured lender
|
|
|
|
|
Debt Instrument, Maturity Date |
|
|
|
Sep. 30, 2025
|
|
|
|
|
Principal payment |
|
|
|
|
$ 200,000
|
|
|
|
Weighted average interest |
|
|
|
|
90.00%
|
|
|
|
Aggregate principal amount |
|
|
|
$ 12,000,000
|
|
|
|
|
Outstanding amount |
|
|
|
|
|
$ 4,050,000
|
|
|
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v3.24.3
Secured Notes Payable (Details Narrative) - USD ($) $ in Thousands |
3 Months Ended |
9 Months Ended |
|
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
Dec. 31, 2023 |
Short-Term Debt [Line Items] |
|
|
|
|
|
Interest on convertible notes |
$ 2,405
|
$ 1,293
|
$ 4,578
|
$ 4,459
|
|
Amortization of debt discount |
|
|
568
|
$ 958
|
|
Whitebox Advisors, LLC [Member] | Convertible Notes Payable [Member] |
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
Accrued interest |
5,456
|
|
5,456
|
|
$ 3,883
|
Interest on convertible notes |
|
|
3,141
|
|
|
Interest expenses |
|
|
1,832
|
|
|
Excess of asset base loan fees |
|
|
1,309
|
|
|
Accrued interest |
514
|
|
514
|
|
|
Principal balance of original notes |
1,054
|
|
1,054
|
|
|
Unamortized debt discount amount |
459
|
|
459
|
|
$ 572
|
Incurred costs for aforementioned waivers |
$ 335
|
|
335
|
|
|
Amortization of debt discount |
|
|
$ 448
|
|
|
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v3.24.3
Leases Liabilities (Details Narrative) - USD ($) $ in Thousands |
|
9 Months Ended |
|
May 10, 2024 |
Sep. 30, 2024 |
Sep. 30, 2023 |
Dec. 31, 2023 |
Leases Liabilities |
|
|
|
|
Lease cost |
|
$ 89
|
$ 67
|
|
Operating leases liability |
|
47
|
|
$ 207
|
Payments of operating lease liability |
|
$ 160
|
|
|
Operating Lease, Weighted Average Remaining Lease Term |
|
3 months
|
|
|
Operating Lease, Weighted Average Discount Rate, Percent |
3.60%
|
12.60%
|
|
|
Operating leases liability |
$ 8,590
|
|
|
|
Payments for rent |
7,409
|
|
|
|
Operating lease payments |
$ 2,129
|
|
|
|
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v3.24.3
Issuance of Common Stock (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands |
|
3 Months Ended |
9 Months Ended |
|
Sep. 09, 2024 |
Sep. 30, 2024 |
Mar. 31, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
Jun. 30, 2024 |
Change in fair value of SAFE investments |
|
$ 1,393
|
|
|
|
|
|
Total consideration |
|
1,903
|
|
|
1,903
|
$ 4,016
|
|
Securities Purchase Agreement [Member] |
|
|
|
|
|
|
|
Number of shares issued |
4,000,000,000
|
|
|
|
|
|
|
Total consideration |
$ 6,000
|
|
|
|
|
|
|
Total capital raise, shares |
2,731,205
|
|
|
|
|
|
|
Total capital raise, value |
$ 4,097
|
|
|
|
|
|
|
Conversion of shares, value |
1,903,000
|
|
|
|
|
|
|
Securities Purchase Agreement [Member] | D&D Source of Life Holding Ltd [Member] |
|
|
|
|
|
|
|
Conversion of shares, value |
1,268,795
|
|
|
|
|
|
|
Simple Agreements For Future Equity Investments [Member] |
|
|
|
|
|
|
|
SAFE investments |
|
|
|
|
|
|
$ 5,490
|
Change in fair value of SAFE investments |
|
$ 1,393
|
|
|
$ 1,393
|
|
|
Simple Agreements For Future Equity Investments [Member] | Stockholders [Member] |
|
|
|
|
|
|
|
Proceeds from Related Party Debt |
|
|
$ 4,097
|
|
|
|
|
Share Price |
|
|
$ 1.50
|
|
|
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v3.24.3
Schedule of Stock Option Activity (Details) - USD ($)
|
9 Months Ended |
12 Months Ended |
Sep. 30, 2024 |
Dec. 31, 2023 |
Share-Based Payment Arrangement [Abstract] |
|
|
Shares Outstanding, Beginning balance |
143,000
|
|
Weighted-Average Exercise Price, Outstanding |
$ 45.09
|
|
Weighted-Average Remaining Contractual Terms (Years), Outstanding |
5 years 11 months 19 days
|
6 years 9 months
|
Aggregate Intrinsic Value, Shares Outstanding |
|
|
Shares, Granted |
|
|
Weighted-Average Exercise Price, Granted |
|
|
Shares, Exercised |
|
|
Weighted-Average Exercise Price, Exercised |
|
|
Shares, Unvested forfeited |
(5,178)
|
|
Weighted-Average Exercise Price, Unvested forfeited |
$ 16.61
|
|
Shares, Vested forfeited |
(9,513)
|
|
Weighted-Average Exercise Price, Vested forfeited |
$ 44.98
|
|
Shares Outstanding, Ending balance |
128,309
|
143,000
|
Weighted-Average Exercise Price, Outstanding |
$ 46.18
|
$ 45.09
|
Aggregate Intrinsic Value, Shares Outstanding |
|
|
Shares, Exercisable |
112,447
|
|
Weighted-Average Exercise Price, Exercisable |
$ 50.06
|
|
Weighted-Average Remaining Contractual Terms (Years), Exercisable |
5 years 8 months 12 days
|
|
Aggregate Intrinsic Value |
|
|
X |
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v3.24.3
Schedule of Warrant Activity (Details) - Warrant [Member] - USD ($)
|
9 Months Ended |
12 Months Ended |
Sep. 30, 2024 |
Dec. 31, 2023 |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
Shares outstanding, Beginning balance |
549,292
|
|
Weighted average exercise price, outstanding |
$ 8.77
|
|
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2 years 4 months 2 days
|
2 years 10 months 2 days
|
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|
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|
|
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|
|
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|
|
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|
|
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|
|
Weighted average exercise price, forfeited |
|
|
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549,292
|
549,292
|
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$ 8.77
|
$ 8.77
|
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|
|
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549,292
|
|
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|
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v3.24.3
Commitments and Contingencies (Details Narrative) - USD ($) $ in Thousands |
3 Months Ended |
9 Months Ended |
|
|
Sep. 30, 2024 |
Sep. 30, 2024 |
Sep. 30, 2023 |
Dec. 31, 2023 |
Dec. 31, 2018 |
Loss Contingencies [Line Items] |
|
|
|
|
|
Common stock value |
$ 1,903
|
$ 1,903
|
$ 4,016
|
|
|
Common Stock [Member] |
|
|
|
|
|
Loss Contingencies [Line Items] |
|
|
|
|
|
Common stock placed, shares |
1,268,795
|
|
1,566,732
|
|
|
Common stock value |
|
|
|
|
|
Chris Reed [Member] | California Custom Beverage, LLC [Member] |
|
|
|
|
|
Loss Contingencies [Line Items] |
|
|
|
|
|
Deposit of security with lessor |
$ 800
|
800
|
|
|
$ 1,200
|
Common stock value |
|
$ 10
|
|
|
|
Chris Reed [Member] | California Custom Beverage, LLC [Member] | Common Stock [Member] |
|
|
|
|
|
Loss Contingencies [Line Items] |
|
|
|
|
|
Common stock placed, shares |
|
7,260
|
|
|
|
Maximum [Member] |
|
|
|
|
|
Loss Contingencies [Line Items] |
|
|
|
|
|
Maximum obligation |
|
|
|
$ 1,200
|
|
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