Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2021 | Aug. 10, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Jun. 30, 2021 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2021 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 001-32501 | |
Entity Registrant Name | REED’S, INC. | |
Entity Central Index Key | 0001140215 | |
Entity Tax Identification Number | 35-2177773 | |
Entity Incorporation, State or Country Code | DE | |
Entity Address, Address Line One | 201 Merritt 7 | |
Entity Address, City or Town | Norwalk | |
Entity Address, State or Province | CT | |
Entity Address, Postal Zip Code | 06851 | |
City Area Code | (800) | |
Local Phone Number | 997-3337 | |
Title of 12(b) Security | Common Stock | |
Trading Symbol | REED | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 93,667,855 |
Condensed Balance Sheets
Condensed Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash | $ 654 | $ 595 |
Accounts receivable, net of allowance of $152 and $234, respectively | 4,543 | 4,718 |
Receivable from related party | 740 | 682 |
Inventory, net of reserve of $164 and $194, respectively | 13,701 | 11,119 |
Prepaid expenses and other current assets | 1,987 | 1,341 |
Total current assets | 21,625 | 18,455 |
Property and equipment, net of accumulated depreciation of $435 and $361, respectively | 886 | 920 |
Equipment held for sale, net of impairment reserves of $96 and $96, respectively | 67 | 67 |
Intangible assets | 621 | 615 |
Total assets | 23,199 | 20,057 |
Current liabilities: | ||
Accounts payable | 6,545 | 6,746 |
Payable to related party | 799 | 557 |
Accrued expenses | 723 | 895 |
Revolving line of credit | 2,939 | |
Current portion of note payable | 599 | |
Current portion of leases liabilities | 149 | 130 |
Total current liabilities | 11,155 | 8,927 |
Leases liabilities, less current portion | 478 | 555 |
Note payable, less current portion | 171 | |
Total liabilities | 11,633 | 9,653 |
Stockholders’ equity: | ||
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, 120,000,000 shares authorized, 93,601,380 and 86,317,096 shares issued and outstanding, respectively | 9 | 9 |
Additional paid in capital | 105,847 | 97,031 |
Accumulated deficit | (94,384) | (86,730) |
Total stockholders’ equity | 11,566 | 10,404 |
Total liabilities and stockholders’ equity | $ 23,199 | $ 20,057 |
Condensed Balance Sheets (Paren
Condensed Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Accounts receivable, net of allowance | $ 152 | $ 234 |
Inventory Valuation Reserves | 164 | 194 |
Property and equipment, accumulated depreciation | 435 | 361 |
Equipment, impairment reserves | $ 96 | $ 96 |
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 | 120,000,000 | 120,000,000 |
Common stock, shares issued | 93,601,380 | 86,317,096 |
Common stock, shares outstanding | 93,601,380 | 86,317,096 |
Condensed Statements of Operati
Condensed Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Income Statement [Abstract] | ||||
Net Sales | $ 11,270 | $ 10,853 | $ 23,416 | $ 20,376 |
Cost of goods sold | 8,001 | 7,865 | 16,294 | 14,518 |
Gross profit | 3,269 | 2,988 | 7,122 | 5,858 |
Operating expenses: | ||||
Delivery and handling expense | 2,508 | 1,480 | 5,795 | 2,743 |
Selling and marketing expense | 2,634 | 1,585 | 4,849 | 3,510 |
General and administrative expense | 1,836 | 1,357 | 4,439 | 3,289 |
Total operating expenses | 6,978 | 4,422 | 15,083 | 9,542 |
Loss from operations | (3,709) | (1,434) | (7,961) | (3,684) |
Interest expense | (202) | (303) | (458) | (639) |
Gain on extinguishment of PPP note payable | 770 | 770 | ||
Change in fair value of warrant liability | (13) | (7) | ||
Net loss | (3,141) | (1,750) | (7,649) | (4,330) |
Dividends on Series A Convertible Preferred Stock | (5) | (5) | (5) | (5) |
Net Loss Attributable to Common Stockholders | $ (3,146) | $ (1,755) | $ (7,654) | $ (4,335) |
Loss per share – basic and diluted | $ (0.03) | $ (0.03) | $ (0.09) | $ (0.08) |
Weighted average number of shares outstanding – basic and diluted | 90,801,842 | 59,514,620 | 88,751,896 | 53,554,913 |
Condensed Statements of Changes
Condensed Statements of Changes in Stockholders' Equity (Deficit) (Unaudited) - USD ($) $ in Thousands | Common Stock [Member] | Preferred Stock [Member] | Common Stock Issuable [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Beginning balance, value at Dec. 31, 2019 | $ 5 | $ 94 | $ 77,596 | $ (76,548) | $ 1,147 | |
Balance shares at Dec. 31, 2019 | 47,595,206 | 9,411 | ||||
Fair value of vested options | 459 | 459 | ||||
Dividends on Series A Convertible Preferred Stock | (5) | (5) | ||||
Fair value of vested restricted shares granted to an officer for services | $ 285 | 285 | ||||
Fair value of vested restricted shares granted to a former officer for services, shares | 350,000 | |||||
Common shares issued pursuant to the rights offering, net of offering costs | $ 1 | 5,309 | 5,310 | |||
Common shares issued pursuant to the rights offering, net of offering costs, shares | 15,333,334 | |||||
Net Loss | (4,330) | (4,330) | ||||
Ending balance, value at Jun. 30, 2020 | $ 6 | $ 94 | $ 285 | 83,364 | (80,883) | 2,866 |
Balance shares at Jun. 30, 2020 | 62,928,540 | 9,411 | 350,000 | |||
Beginning balance, value at Mar. 31, 2020 | $ 5 | $ 94 | $ 285 | 78,091 | (79,128) | (653) |
Balance shares at Mar. 31, 2020 | 47,595,206 | 9,411 | 350,000 | |||
Fair value of vested options | (36) | (36) | ||||
Dividends on Series A Convertible Preferred Stock | (5) | (5) | ||||
Common shares issued pursuant to the rights offering, net of offering costs | $ 1 | 5,309 | 5,310 | |||
Common shares issued pursuant to the rights offering, net of offering costs, shares | 15,333,334 | |||||
Net Loss | (1,750) | (1,750) | ||||
Ending balance, value at Jun. 30, 2020 | $ 6 | $ 94 | $ 285 | 83,364 | (80,883) | 2,866 |
Balance shares at Jun. 30, 2020 | 62,928,540 | 9,411 | 350,000 | |||
Beginning balance, value at Dec. 31, 2020 | $ 9 | $ 94 | 97,031 | (86,730) | 10,404 | |
Balance shares at Dec. 31, 2020 | 86,317,096 | 9,411 | ||||
Fair value of vested options | 828 | 828 | ||||
Fair value of vested restricted shares granted to an officer for services | 169 | 169 | ||||
Fair value of vested restricted shares granted to a former officer for services, shares | 159,777 | |||||
Issuance of shares for dividends on Series A Convertible Preferred Stock | (5) | (5) | ||||
Repurchase of common stock | (15) | (15) | ||||
Repurchase of shares, shares | (13,493) | |||||
Common shares issued on exercise of options | 29 | $ 29 | ||||
Common shares issued on exercise of options, shares | 58,000 | 58,000 | ||||
Common shares issued for financing costs | 472 | $ 472 | ||||
Common shares issued for financing costs, shares | 400,000,000 | |||||
Common shares issued pursuant to the rights offering, net of offering costs | 7,333 | 7,333 | ||||
Common shares issued pursuant to the rights offering, net of offering costs, shares | 6,680,000 | |||||
Net Loss | (7,649) | (7,649) | ||||
Ending balance, value at Jun. 30, 2021 | $ 9 | $ 94 | 105,847 | (94,384) | 11,566 | |
Balance shares at Jun. 30, 2021 | 93,601,380 | 9,411 | ||||
Beginning balance, value at Mar. 31, 2021 | $ 9 | $ 94 | 97,904 | (91,237) | 6,770 | |
Balance shares at Mar. 31, 2021 | 86,807,905 | 9,411 | ||||
Fair value of vested options | 528 | 528 | ||||
Fair value of vested restricted shares granted to an officer for services | 71 | 71 | ||||
Fair value of vested restricted shares granted to a former officer for services, shares | 74,968 | |||||
Issuance of shares for dividends on Series A Convertible Preferred Stock | (5) | (5) | ||||
Repurchase of common stock | (15) | (15) | ||||
Repurchase of shares, shares | (13,493) | |||||
Common shares issued on exercise of options | 26 | 26 | ||||
Common shares issued on exercise of options, shares | 52,000 | |||||
Common shares issued pursuant to the rights offering, net of offering costs | 7,333 | 7,333 | ||||
Common shares issued pursuant to the rights offering, net of offering costs, shares | 6,680,000 | |||||
Net Loss | (3,141) | (3,141) | ||||
Ending balance, value at Jun. 30, 2021 | $ 9 | $ 94 | $ 105,847 | $ (94,384) | $ 11,566 | |
Balance shares at Jun. 30, 2021 | 93,601,380 | 9,411 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Cash flows from operating activities: | ||
Net loss | $ (7,649) | $ (4,330) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation | 69 | 24 |
Gain on termination of leases | (2) | (6) |
Gain on forgiveness of debt | (770) | |
Amortization of debt discount | 162 | 193 |
Amortization of prepaid financing costs | 147 | |
Amortization of right of use assets | 48 | 62 |
Fair value of vested options | (828) | (459) |
Fair value of vested restricted shares granted to officers | (169) | (285) |
Common stock issued for services | ||
Decrease in allowance for doubtful accounts | (83) | (116) |
Decrease (increase) in inventory reserve | (30) | (209) |
Change in fair value of warrant liability | 7 | |
Accrual of interest on convertible note to a related party | 288 | |
Lease liability | (43) | (13) |
Changes in operating assets and liabilities: | ||
Accounts receivable | (258) | 3,080 |
Inventory | 2,552 | (2,306) |
Prepaid expenses and other assets | 483 | 393 |
Accounts payable | (200) | (410) |
Accrued expenses | (178) | (95) |
Net cash used in operating activities | (10,309) | (5,028) |
Cash flows from investing activities: | ||
Trademark costs | (6) | (14) |
Proceeds from sale of property and equipment | ||
Purchase of property and equipment | (95) | (102) |
Net cash used in investing activities | (101) | (116) |
Cash flows from financing activities: | ||
Borrowings on line of credit | 33,798 | 21,780 |
Repayments of line of credit | (30,859) | (22,512) |
Proceeds from note payable | 770 | |
Repayment of amounts due to/from officers | 184 | |
Principal repayments on capital lease obligation | (2) | (5) |
Proceeds from exercise of stock options | 29 | |
Repurchase of common stock | (15) | |
Proceeds from sale of common stock | 7,334 | 5,310 |
Net cash provided by financing activities | 10,469 | 5,343 |
Net increase in cash | 59 | 199 |
Cash at beginning of period | 595 | 913 |
Cash at end of period | 654 | 1,112 |
Supplemental disclosures of cash flow information: | ||
Cash paid for interest | 149 | 157 |
Non Cash Investing and Financing Activities | ||
Dividends on Series A Convertible Preferred Stock | $ 5 | $ 5 |
Basis of Presentation and Liqui
Basis of Presentation and Liquidity | 6 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation and Liquidity | 1. Basis of Presentation and Liquidity The accompanying interim condensed financial statements of Reed’s, Inc. (the “Company”, “we”, “us”, or “our”), are unaudited, but in the opinion of management contain all adjustments, including normal recurring adjustments, necessary to present fairly our financial position at June 30, 2021 and the results of operations and cash flows for the three and six months ended June 30, 2021 and 2020. The balance sheet as of December 31, 2020 is derived from the Company’s audited financial statements. Certain information and footnote disclosures normally included in financial statements that have been prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission regarding interim financial reporting. We believe that the disclosures contained in these condensed financial statements are adequate to make the information presented herein not misleading. For further information, refer to the financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020, as filed with the Securities and Exchange Commission on March 30, 2021. The results of operations for the six months ended June 30, 2021 are not necessarily indicative of the results of operations to be expected for the full fiscal year ending December 31, 2021. COVID-19 Considerations During the period ended June 30, 2021, the COVID-19 pandemic has impacted our operating results and the Company anticipates a continued impact for the balance of the year. In addition, the pandemic may cause reduced demand for our products if, for example, the pandemic results in a recessionary economic environment which negatively effects the consumers who purchase our products. Based on the recent increase in demand for our products, we believe that over the long term, there will continue to be strong demand for our products. Through June 30, 2021, the Company has experienced higher transportation expenses as the capacity in the freight market has not kept up with demand. The Company believes that costs will continue to increase throughout the year. In addition, the Company experienced increases in the pricing of several of its raw materials and delays in procuring several of these items. However, mitigation plans are being implemented to manage this risk. Our ability to operate without significant incremental negative operational impact from the COVID-19 pandemic will in part depend on our ability to protect our employees and our supply chain. The Company has endeavored to follow the recommended actions of government and health authorities to protect our employees. Since the inception of the COVID-19 pandemic and through June 30, 2021, we maintained the consistency of our operations during the onset of the COVID-19 pandemic. We will continue to innovate in managing our business, coordinating with our employees and suppliers to do our part in the infection prevention and remain flexible in responding to our customers and suppliers. However, the uncertainty resulting from the pandemic could result in an unforeseen disruption to our workforce and supply chain (for example an inability of a key supplier or transportation supplier to source and transport materials) that could negatively impact our operations. Net sales for the six month period ended June 30, 2021 were up 15% from the prior year period. Through June 30, 2021, we continue to generate cash flows to meet our short-term liquidity needs, and we expect to maintain access to the capital markets. We have also not observed any material impairments of our assets or a significant change in the fair value of our assets due to the COVID-19 pandemic. Liquidity The accompanying financial statements have been prepared under the assumption that the Company will continue as a going concern. Such assumption contemplates the realization of assets and satisfaction of liabilities in the normal course of business. For the six months ended June 30, 2021, the Company recorded a net loss of $ 7,649 10,309 654 4,343 11,566 10,470 595 5,166 10,404 9,528 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. We have 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. |
Significant Accounting Policies
Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | 2. Significant Accounting Policies 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 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 compensation expense. Revenue Recognition The Company recognizes revenue in accordance with Accounting Standards Codification (ASC) 606, Revenue from Contracts with Customers 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. 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. 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 the 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 period. 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. Potential common shares are excluded from the computation when their effect is antidilutive. For the periods ended June 30, 2021 and 2020, 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 June 30, 2021 June 30, 2020 Convertible note to a related party - 2,266,667 Warrants 3,088,479 6,413,782 Common stock equivalent of Series A Convertible Preferred stock 37,644 37,644 Common stock issuable - 350,000 Unvested restricted common stock 234,114 150,000 Options 12,173,607 4,777,907 Total 15,533,844 13,996,000 The Series A Convertible Preferred Stock is convertible into Common shares at the rate of 1:4. 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 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 June 30, 2021 and 2020, aggregated $ 353 303 702 606 Concentrations Sales. During the three months ended June 30, 2021, two customers accounted for 19 % and 12 % of gross billing, respectively, and during the six months ended June 30, 2021, two customers accounted for 20 % and 12 % of gross billing, respectively. During the three months ended June 30, 2020, two customers accounted for 26 % and 13 % of gross billing, respectively, and during the six months ended June 30, 2020, two customers accounted for 25 % and 14 % of gross billing, respectively. No other customers exceeded 10 % of sales in either period. Accounts receivable. 12 23 10 Purchases from vendors. 13 12 13 12 10 11 10 Accounts payable. 13 11 10 10 12 10 10 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. Recent Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments In August 2020, the FASB issued ASU No. 2020-06 (“ASU 2020-06”) “Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40).” ASU 2020-06 reduces the number of accounting models for convertible debt instruments by eliminating the cash conversion and beneficial conversion models. The diluted net income per share calculation for convertible instruments will require the Company to use the if-converted method. For contracts in an entity’s own equity, the type of contracts primarily affected by this update are freestanding and embedded features that are accounted for as derivatives under the current guidance due to a failure to meet the settlement conditions of the derivative scope exception. This update simplifies the related settlement assessment by removing the requirements to (i) consider whether the contract would be settled in registered shares, (ii) consider whether collateral is required to be posted, and (iii) assess shareholder rights. ASU 2020-06 is effective January 1, 2024, for the Company and the provisions of this update can be adopted using either the modified retrospective method or a fully retrospective method. Early adoption is permitted, but no earlier than January 1, 2021, including interim periods within that year. Effective January 1, 2021, the Company early adopted ASU 2020-06 and that adoption did not have an impact on our financial statements and related disclosures. Other recent accounting pronouncements 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. |
Inventory
Inventory | 6 Months Ended |
Jun. 30, 2021 | |
Inventory Disclosure [Abstract] | |
Inventory | 3. Inventory Inventory is valued at the lower of cost (first-in, first-out) or net realizable value, and net of reserves is comprised of the following (in thousands): Schedule of Inventory June 30, 2021 December 31, 2020 Raw materials and packaging $ 9,038 $ 6,793 Finished products 4,663 4,326 Total $ 13,701 $ 11,119 The Company has recorded a reserve for slow moving and potentially obsolete inventory. The reserve at June 30, 2021, and December 31, 2020, was $ 164 194 |
Property and Equipment
Property and Equipment | 6 Months Ended |
Jun. 30, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | 4. Property and Equipment Property and equipment is comprised of the following (in thousands): Schedule of Property and Equipment June 30, 2021 December 31, 2020 Right-of-use assets under operating leases $ 724 $ 724 Right-of-use assets under finance leases - 54 Computer hardware and software 400 400 Machinery and equipment 197 103 Total cost 1,321 1,281 Accumulated depreciation and amortization (435 ) (361 ) Net book value $ 886 $ 920 Depreciation expense for the six months ended June 30, 2021 and 2020 was $ 48 24 69 62 48 38 13 Equipment held for sale consists of the following (in thousands): Schedule of Equipment Held for Sale June 30, 2021 December 31, 2020 Equipment held for sale $ 163 $ 163 Reserve (96 ) (96 ) Net book value $ 67 $ 67 The balance as of June 30, 2021, and December 31, 2020, consists of residual manufacturing equipment, at estimated net realizable value, which management anticipates selling during 2021. |
Intangible Assets
Intangible Assets | 6 Months Ended |
Jun. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | 5. Intangible Assets Intangible assets are comprised of brand names acquired, specifically Virgil’s, and costs related to trademarks. They have been assigned an indefinite life, as we currently anticipate that they will contribute cash flows to the Company perpetually. These indefinite-lived intangible assets are not amortized but are assessed for impairment annually and evaluated annually to determine whether the indefinite useful life remains appropriate. We first assess qualitative factors to determine whether it is more likely than not that the asset is impaired. If further testing is necessary, we compare the estimated fair value of our asset with its book value. If the carrying amount of the asset exceeds its fair value, as determined by the discounted cash flows expected to be generated by the asset, an impairment loss is recognized in an amount equal to that excess. Based on management’s assessment, there were no During the six months ended June 30, 2021, the Company capitalized costs of $ 6 Intangible assets consist of the following (in thousands): Summary of Intangible Assets June 30, 2021 December 31, 2020 Brand names $ 576 $ 576 Trademarks 45 39 Total $ 621 $ 615 |
Line of Credit
Line of Credit | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Line of Credit | 6. Line of Credit Amounts outstanding under the Company’s credit facilities are as follows (in thousands): Schedule of Amount Outstanding Under Credit Facilities June 30, 2021 December 31, 2020 Line of credit $ 2,939 $ - On October 4, 2018, the Company entered into a financing agreement with Rosenthal & Rosenthal, Inc. (“Rosenthal”). The financing agreement provides a maximum borrowing capacity of $ 13,000 . Borrowings are based on a formula of eligible accounts receivable and inventories (the “permitted borrowings”) plus advances (an “over-advance” of up to $ 4,000 ) in excess of permitted borrowings. At June 30, 2021, the unused borrowing capacity under the financing agreement was $ 4,343. The line of credit automatically renews each year until terminated. The line of credit matured on March 30, 2021, and was automatically renewed to mature on March 30, 2022. Borrowings under the Rosenthal financing agreement bear interest at the greater of prime or 4.75 2.0 3.5 4 The line of credit is secured by substantially all of the assets, excluding intellectual property, of the Company. The over-advance is secured by all of Reed’s intellectual property collateral. Additionally, any over-advance was guaranteed by an irrevocable stand-by letter of credit in the amount of $ 1,500 , issued by Daniel J. Doherty III and the Daniel J. Doherty, III 2002 Family Trust, affiliates of Raptor/Harbor Reeds SPV LLC (“Raptor”). On March 11, 2021, the Company entered into an amendment to the financing agreement, releasing that irrevocable standby letter of credit of $1,500 by Raptor with a $2,000 pledge of securities to Rosenthal by John J. Bello and Nancy E. Bello, as Co-Trustees of The John and Nancy Bello Revocable Living Trust. John J. Bello, current Chairman and former Interim Chief Executive Officer of Reed’s, is a related party. He is also a greater than 5 400,000 472 147 The financing agreement with Rosenthal includes customary restrictions that limit our ability to engage in certain types of transactions, including our ability to utilize tangible and intangible assets as collateral for other indebtedness. Additionally, the agreement contains a financial covenant that requires us to meet certain minimum working capital and tangible net worth thresholds as of the end of each quarter. We were in compliance with the terms of our agreement with Rosenthal as of June 30, 2021. The Company annually incurs an additional $ 130 1 13,000 162 162 193 no |
Note Payable
Note Payable | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Note Payable | 7. Note Payable On April 20, 2020, the Company was granted a loan (the “PPP loan”) from City National Bank in the aggregate amount of $ 770 770 599 770 no |
Leases Liabilities
Leases Liabilities | 6 Months Ended |
Jun. 30, 2021 | |
Leases [Abstract] | |
Leases Liabilities | 8. Leases Liabilities The Company accounts for leases under ASC 842, Leases ASC 842 requires recognition in the statement of operations of a single lease cost, calculated so that the cost of the lease is allocated over the lease term, generally on a straight-line basis. During the six months ended June 30, 2021, the Company reflected amortization of right of use asset of $ 48 724 In accordance with ASC 842, the right-of-use assets are being amortized over the life of the underlying leases. As of December 31, 2020, lease liabilities totalled $ 685 16 669 13 2 43 627 As of June 30, 2021, the weighted average remaining lease terms for operating leases are 3.51 12.6 |
Common Stock
Common Stock | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
Common Stock | 9. Common Stock Common stock issuance On May 5, 2021, the Company entered into a placement agency agreement with Roth Capital Partners, LLC (the “Placement Agent”) and a securities purchase agreement with a certain purchaser for the purchase of shares of the Company’s common stock, par value $ 0.0001 6,680,000 1.18 7,333 The Placement Agent was paid a total cash fee at the closing of the Offering equal to 6.5% of the gross cash proceeds received by the Company from the sale of the shares of common stock in the offering. Common stock repurchases During the six months ended June 30, 2021, the Company repurchased 13,943 shares of common stock from an officer for $ 15 based on the market value of share on the date repurchased. The Company retired the shares. |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Compensation | 9. Stock-Based Compensation Restricted common stock The following table summarizes restricted stock activity during the six months ended June 30, 2021: Summary of Non-vested Restricted Stock Activity Unvested Issuable Fair Value Weighted Balance, December 31, 2020 150,000 - $ 92 0.89 Granted 245,900 - 226 0.92 Vested (159,777 ) 159,777 - - Forfeited (2,009 ) 0.89 Issued - (159,777 ) (171 ) - Balance, June 30, 2021 234,114 - $ 147 $ 0.89 On January 26, 2021, the board of directors of Reed’s, pursuant to a joint recommendation from its governance and compensation committees, set the cash compensation of its non-employee directors at $ 50,000 245,900 61,475 122,950 226 0.92 The total fair value of vested restricted common stock vesting during the six months ended June 30, 2021 and 2020 was $ 169 285 147 Stock options The following table summarizes stock option activity during the six months ended June 30, 2021: Schedule of Stock Option Activity Shares Weighted- Weighted- Aggregate Outstanding at December 31, 2020 9,417,898 $ 1.19 6.09 $ 78 Granted 3,288,700 $ 1.06 Exercised (58,000 ) $ 0.50 Unvested forfeited (419,647 ) $ 1.74 Vested forfeited (55,344 ) $ 2.67 Outstanding at June 30, 2021 12,173,607 $ 1.13 8.56 $ 1,012 Exercisable at June 30, 2021 3,122,079 $ 1.33 6.65 $ 510 During the six months ended June 30, 2021, the Company received proceeds of $ 29 58,000 During the six months ended June 30, 2021, the Company approved options exercisable into 3,288,700 shares to be issued pursuant to Reed’s 2020 Equity Incentive Plan. 3,288,700 options were issued to employees, 1,644,350 options vesting annually over a four-year vesting period, and 1,644,350 options that will vest based on performance criteria to be established by the board of directors. The stock options are exercisable at prices ranging from $ 0.98 1.18 ten years 2,345 1.06 six years 79 0 0.98 During the six months ended June 30, 2021 and 2020, the Company recognized $ 828 and $ 459 of compensation expense relating to vested stock options. As of June 30, 2021, the aggregate amount of unvested compensation related to stock options was approximately $ 4,700 which will be recognized as an expense as the options vest in future periods through March 28, 2025. As of June 30, 2021, the outstanding and exercisable options have an intrinsic value of $ 1,012 510 1.02 |
Stock Warrants
Stock Warrants | 6 Months Ended |
Jun. 30, 2021 | |
Stock Warrants | |
Stock Warrants | 10. Stock Warrants As of June 30, 2021, the Company has issued warrants to purchase an aggregate of 3,362,241 shares of common stock. The Company’s warrant activity during the six months ended June 30, 2021 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, 2020 3,362,241 $ 1.56 2.49 $ - Exercised - - Forfeited (273,762 ) $ 4.04 Outstanding at June 30, 2021 3,088,479 $ 1.35 2.17 $ 376 Exercisable at June 30, 2021 3,088,479 $ 1.35 2.17 $ 376 There were no 376 1.02 |
Related Party Activities
Related Party Activities | 6 Months Ended |
Jun. 30, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Activities | 11. Related Party Activities On December 31, 2018, the Company completed the sale of its Los Angeles manufacturing plant to California Custom Beverage, LLC (“CCB”), an entity owned by Christopher J. Reed, a related party, and CCB assumed the monthly payments on our lease obligation for the Los Angeles manufacturing plant. Our release from the obligation by the lessor, however, is dependent upon CCB’s deposit of $ 1,200 800 363,000 370 Beginning in 2019, we are to receive a 5 5 3 5 At December 31, 2020, the Company had an aggregate receivable balance from CCB of $ 682 3 55 740 Any over-advance on the Company’s line of credit with Rosenthal was guaranteed by an irrevocable stand-by letter of credit in the amount of $ 1,500 On March 11, 2021, the Company entered into an amendment to the financing agreement, releasing that irrevocable standby letter of credit of $1,500 by Raptor with a $2,000 pledge of securities to Rosenthal by John J. Bello and Nancy E. Bello, as Co-Trustees of The John and Nancy Bello Revocable Living Trust. John J. Bello, current Chairman and former Interim Chief Executive Officer of Reed’s, is a related party. He is also a greater than 5% 400,000 At June 30, 2021 and December 31, 2020, the Company had accounts payable due to CCB of $ 799 577 Lindsay Martin, daughter of a director of the Company, is employed as Vice President of Marketing. Ms. Martin was paid approximately $ 133 87 |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | 13. Subsequent Events Subsequent to June 30, 2021, the Company issued 5,000 61,475 |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
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 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 compensation expense. |
Revenue Recognition | Revenue Recognition The Company recognizes revenue in accordance with Accounting Standards Codification (ASC) 606, Revenue from Contracts with Customers 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. 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. 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 the 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 period. 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. Potential common shares are excluded from the computation when their effect is antidilutive. For the periods ended June 30, 2021 and 2020, 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 June 30, 2021 June 30, 2020 Convertible note to a related party - 2,266,667 Warrants 3,088,479 6,413,782 Common stock equivalent of Series A Convertible Preferred stock 37,644 37,644 Common stock issuable - 350,000 Unvested restricted common stock 234,114 150,000 Options 12,173,607 4,777,907 Total 15,533,844 13,996,000 The Series A Convertible Preferred Stock is convertible into Common shares at the rate of 1:4. |
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 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 June 30, 2021 and 2020, aggregated $ 353 303 702 606 |
Concentrations | Concentrations Sales. During the three months ended June 30, 2021, two customers accounted for 19 % and 12 % of gross billing, respectively, and during the six months ended June 30, 2021, two customers accounted for 20 % and 12 % of gross billing, respectively. During the three months ended June 30, 2020, two customers accounted for 26 % and 13 % of gross billing, respectively, and during the six months ended June 30, 2020, two customers accounted for 25 % and 14 % of gross billing, respectively. No other customers exceeded 10 % of sales in either period. Accounts receivable. 12 23 10 Purchases from vendors. 13 12 13 12 10 11 10 Accounts payable. 13 11 10 10 12 10 10 |
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. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments In August 2020, the FASB issued ASU No. 2020-06 (“ASU 2020-06”) “Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40).” ASU 2020-06 reduces the number of accounting models for convertible debt instruments by eliminating the cash conversion and beneficial conversion models. The diluted net income per share calculation for convertible instruments will require the Company to use the if-converted method. For contracts in an entity’s own equity, the type of contracts primarily affected by this update are freestanding and embedded features that are accounted for as derivatives under the current guidance due to a failure to meet the settlement conditions of the derivative scope exception. This update simplifies the related settlement assessment by removing the requirements to (i) consider whether the contract would be settled in registered shares, (ii) consider whether collateral is required to be posted, and (iii) assess shareholder rights. ASU 2020-06 is effective January 1, 2024, for the Company and the provisions of this update can be adopted using either the modified retrospective method or a fully retrospective method. Early adoption is permitted, but no earlier than January 1, 2021, including interim periods within that year. Effective January 1, 2021, the Company early adopted ASU 2020-06 and that adoption did not have an impact on our financial statements and related disclosures. Other recent accounting pronouncements 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. |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Schedule of Potentially Dilutive Securities | For the periods ended June 30, 2021 and 2020, 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 June 30, 2021 June 30, 2020 Convertible note to a related party - 2,266,667 Warrants 3,088,479 6,413,782 Common stock equivalent of Series A Convertible Preferred stock 37,644 37,644 Common stock issuable - 350,000 Unvested restricted common stock 234,114 150,000 Options 12,173,607 4,777,907 Total 15,533,844 13,996,000 |
Inventory (Tables)
Inventory (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory | Inventory is valued at the lower of cost (first-in, first-out) or net realizable value, and net of reserves is comprised of the following (in thousands): Schedule of Inventory June 30, 2021 December 31, 2020 Raw materials and packaging $ 9,038 $ 6,793 Finished products 4,663 4,326 Total $ 13,701 $ 11,119 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment | Property and equipment is comprised of the following (in thousands): Schedule of Property and Equipment June 30, 2021 December 31, 2020 Right-of-use assets under operating leases $ 724 $ 724 Right-of-use assets under finance leases - 54 Computer hardware and software 400 400 Machinery and equipment 197 103 Total cost 1,321 1,281 Accumulated depreciation and amortization (435 ) (361 ) Net book value $ 886 $ 920 |
Schedule of Equipment Held for Sale | Equipment held for sale consists of the following (in thousands): Schedule of Equipment Held for Sale June 30, 2021 December 31, 2020 Equipment held for sale $ 163 $ 163 Reserve (96 ) (96 ) Net book value $ 67 $ 67 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Intangible Assets | Intangible assets consist of the following (in thousands): Summary of Intangible Assets June 30, 2021 December 31, 2020 Brand names $ 576 $ 576 Trademarks 45 39 Total $ 621 $ 615 |
Line of Credit (Tables)
Line of Credit (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Amount Outstanding Under Credit Facilities | Amounts outstanding under the Company’s credit facilities are as follows (in thousands): Schedule of Amount Outstanding Under Credit Facilities June 30, 2021 December 31, 2020 Line of credit $ 2,939 $ - |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Summary of Non-vested Restricted Stock Activity | The following table summarizes restricted stock activity during the six months ended June 30, 2021: Summary of Non-vested Restricted Stock Activity Unvested Issuable Fair Value Weighted Balance, December 31, 2020 150,000 - $ 92 0.89 Granted 245,900 - 226 0.92 Vested (159,777 ) 159,777 - - Forfeited (2,009 ) 0.89 Issued - (159,777 ) (171 ) - Balance, June 30, 2021 234,114 - $ 147 $ 0.89 |
Schedule of Stock Option Activity | The following table summarizes stock option activity during the six months ended June 30, 2021: Schedule of Stock Option Activity Shares Weighted- Weighted- Aggregate Outstanding at December 31, 2020 9,417,898 $ 1.19 6.09 $ 78 Granted 3,288,700 $ 1.06 Exercised (58,000 ) $ 0.50 Unvested forfeited (419,647 ) $ 1.74 Vested forfeited (55,344 ) $ 2.67 Outstanding at June 30, 2021 12,173,607 $ 1.13 8.56 $ 1,012 Exercisable at June 30, 2021 3,122,079 $ 1.33 6.65 $ 510 |
Stock Warrants (Tables)
Stock Warrants (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Stock Warrants | |
Schedule of Warrant Activity | Schedule of Warrant Activity Shares Weighted- Average Exercise Price Weighted- Average Remaining Contractual Terms (Years) Aggregate Intrinsic Value Outstanding at December 31, 2020 3,362,241 $ 1.56 2.49 $ - Exercised - - Forfeited (273,762 ) $ 4.04 Outstanding at June 30, 2021 3,088,479 $ 1.35 2.17 $ 376 Exercisable at June 30, 2021 3,088,479 $ 1.35 2.17 $ 376 |
Basis of Presentation and Liq_2
Basis of Presentation and Liquidity (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||
Net loss | $ 3,141 | $ 1,750 | $ 7,649 | $ 4,330 | ||||
Net Cash Provided by (Used in) Operating Activities | 10,309 | 5,028 | ||||||
Cash | 654 | 654 | $ 595 | |||||
Borrowing capacity | 4,343 | 4,343 | 5,166 | |||||
Stockholders' Equity | 11,566 | $ 2,866 | 11,566 | $ 2,866 | $ 6,770 | 10,404 | $ (653) | $ 1,147 |
Working capital | $ 10,470 | $ 10,470 | $ 9,528 |
Schedule of Potentially Dilutiv
Schedule of Potentially Dilutive Securities (Details) - shares shares in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 15,533,844 | 13,996,000 |
Convertible Note to a Related Party [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 2,266,667 | |
Warrant [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 3,088,479 | 6,413,782 |
Common Stock Equivalent of Series A Convertible Preferred Stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 37,644 | 37,644 |
Common Stock Issuable [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 350,000 | |
Unvested Restricted Common Stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 234,114 | 150,000 |
Equity Option [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 12,173,607 | 4,777,907 |
Significant Accounting Polici_4
Significant Accounting Policies (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Product Information [Line Items] | |||||
Advertising costs | $ 353 | $ 303 | $ 702 | $ 606 | |
Customer One [Member] | Revenue Benchmark [Member] | Customer Concentration Risk [Member] | |||||
Product Information [Line Items] | |||||
Concentration Risk, Percentage | 19.00% | 26.00% | 20.00% | 25.00% | |
Customer One [Member] | Accounts Receivable [Member] | Customer Concentration Risk [Member] | |||||
Product Information [Line Items] | |||||
Concentration Risk, Percentage | 12.00% | 23.00% | |||
Customer Two [Member] | Revenue Benchmark [Member] | Customer Concentration Risk [Member] | |||||
Product Information [Line Items] | |||||
Concentration Risk, Percentage | 12.00% | 13.00% | 12.00% | 14.00% | |
No Customer [Member] | Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Maximum [Member] | |||||
Product Information [Line Items] | |||||
Concentration Risk, Percentage | 10.00% | ||||
No Customer [Member] | Accounts Receivable [Member] | Customer Concentration Risk [Member] | Maximum [Member] | |||||
Product Information [Line Items] | |||||
Concentration Risk, Percentage | 10.00% | ||||
Vendor One [Member] | Cost of Goods and Service Benchmark [Member] | Supplier Concentration Risk [Member] | |||||
Product Information [Line Items] | |||||
Concentration Risk, Percentage | 13.00% | 10.00% | 13.00% | 11.00% | |
Vendor One [Member] | Accounts Payable [Member] | Supplier Concentration Risk [Member] | |||||
Product Information [Line Items] | |||||
Concentration Risk, Percentage | 13.00% | 12.00% | |||
Vendor Two [Member] | Cost of Goods and Service Benchmark [Member] | Supplier Concentration Risk [Member] | |||||
Product Information [Line Items] | |||||
Concentration Risk, Percentage | 12.00% | 12.00% | |||
Vendor Two [Member] | Accounts Payable [Member] | Supplier Concentration Risk [Member] | |||||
Product Information [Line Items] | |||||
Concentration Risk, Percentage | 11.00% | 10.00% | |||
No Vendor [Member] | Cost of Goods and Service Benchmark [Member] | Supplier Concentration Risk [Member] | |||||
Product Information [Line Items] | |||||
Concentration Risk, Percentage | 10.00% | ||||
Vendor Two [Member] | Accounts Payable [Member] | Supplier Concentration Risk [Member] | |||||
Product Information [Line Items] | |||||
Concentration Risk, Percentage | 10.00% | ||||
Vendor Four [Member] | Accounts Payable [Member] | Supplier Concentration Risk [Member] | |||||
Product Information [Line Items] | |||||
Concentration Risk, Percentage | 10.00% |
Schedule of Inventory (Details)
Schedule of Inventory (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Inventory Disclosure [Abstract] | ||
Raw materials and packaging | $ 9,038 | $ 6,793 |
Finished products | 4,663 | 4,326 |
Total | $ 13,701 | $ 11,119 |
Inventory (Details Narrative)
Inventory (Details Narrative) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Inventory Disclosure [Abstract] | ||
Inventory Valuation Reserves | $ 164 | $ 194 |
Schedule of Property and Equipm
Schedule of Property and Equipment (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment [Line Items] | ||
Total cost | $ 1,321 | $ 1,281 |
Accumulated depreciation and amortization | (435) | (361) |
Net book value | 886 | 920 |
Right-of-use Assets Under Operating Leases [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total cost | 724 | 724 |
Right-of-use Assets Under Finance Leases [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total cost | 54 | |
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 | $ 197 | $ 103 |
Schedule of Equipment Held for
Schedule of Equipment Held for Sale (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment [Abstract] | ||
Equipment held for sale | $ 163 | $ 163 |
Reserve | (96) | (96) |
Net book value | $ 67 | $ 67 |
Property and Equipment (Details
Property and Equipment (Details Narrative) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Property, Plant and Equipment [Line Items] | ||
Depreciation | $ 48 | $ 24 |
Amortization of right-of-use assets | 69 | $ 62 |
Right-of-use Assets Under Finance Leases [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Net book value of disposed right-of-use assets under finance leases | 48 | |
Accumulated amortization | 38 | |
Amount terminated related to finance leases | $ 13 |
Summary of Intangible Assets (D
Summary of Intangible Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Brand names | $ 576 | $ 576 |
Trademarks | 45 | 39 |
Total | $ 621 | $ 615 |
Intangible Assets (Details Narr
Intangible Assets (Details Narrative) $ in Thousands | 6 Months Ended |
Jun. 30, 2021USD ($) | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Impairment of intangible assets | $ 0 |
Intangible asset capitalized cost | $ 6 |
Schedule of Amount Outstanding
Schedule of Amount Outstanding Under Credit Facilities (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Debt Disclosure [Abstract] | ||
Line of credit | $ 2,939 |
Line of Credit (Details Narrati
Line of Credit (Details Narrative) - USD ($) $ in Thousands | Mar. 11, 2021 | Oct. 04, 2018 | Jun. 30, 2021 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||||||
Line of credit description | On March 11, 2021, the Company entered into an amendment to the financing agreement, releasing that irrevocable standby letter of credit of $1,500 by Raptor with a $2,000 pledge of securities to Rosenthal by John J. Bello and Nancy E. Bello, as Co-Trustees of The John and Nancy Bello Revocable Living Trust. | On March 11, 2021, the Company entered into an amendment to the financing agreement, releasing that irrevocable standby letter of credit of $1,500 by Raptor with a $2,000 pledge of securities to Rosenthal by John J. Bello and Nancy E. Bello, as Co-Trustees of The John and Nancy Bello Revocable Living Trust. | ||||
Shares issued restricted stock, value | $ 71 | $ 169 | $ 285 | |||
Amortization of prepaid financing costs | 147 | |||||
Annual fees | $ 130 | $ 130 | ||||
Percentage of fees on borrowing capacity | 1.00% | 1.00% | ||||
Line of credit | $ 13,000 | $ 13,000 | ||||
Unamortized debt discount | 0 | 0 | ||||
Amortization of debt discount | 162 | $ 193 | ||||
Prepaid Expenses and Other Current Assets [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Unamortized debt discount | $ 162 | |||||
Daniel J Doherty [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Letter of credit. | $ 1,500 | $ 1,500 | $ 1,500 | |||
John J. Bello [Member] | Beneficial Owner [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Equity ownership percentage | 5.00% | 5.00% | ||||
Shares issued restricted stock | 400,000 | |||||
Shares issued restricted stock, value | $ 472 | |||||
Financing Agreement [Member] | Rosenthal and Rosenthal, Inc. [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | 13,000 | |||||
Excess of permitted borrowing amount | $ 4,000 | |||||
Line of credit, interest rate | 4.75% | |||||
Minimum monthly fees | $ 4 | |||||
Financing Agreement [Member] | Rosenthal and Rosenthal, Inc. [Member] | Minimum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit, interest rate | 2.00% | |||||
Financing Agreement [Member] | Rosenthal and Rosenthal, Inc. [Member] | Maximum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit, interest rate | 3.50% |
Note Payable (Details Narrative
Note Payable (Details Narrative) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | Apr. 20, 2020 |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | |||
Note payable | $ 0 | $ 770 | |
Note payable, current | $ 599 | ||
Loan forgiveness gain on debt | $ 770 | ||
Paycheck Protection Program [Member] | City National Bank [Member] | |||
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | |||
Aggregate amount | $ 770 |
Leases Liabilities (Details Nar
Leases Liabilities (Details Narrative) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Leases [Abstract] | |||
Operating Lease, Right-of-Use Asset, Amortization Expense | $ 48 | $ 62 | |
Operating lease, right-of-use asset | 724 | ||
Lease liabilities | 627 | $ 685 | |
Finance leases liability | 16 | ||
Operating leases liability | $ 669 | ||
Finance lease terminated | 13 | ||
Payments of finance lease liability | 2 | ||
Payments of operating lease liability | $ 43 | $ 13 | |
Weighted average remaining lease term for operating lease | 3 years 6 months 3 days | ||
Weighted average discount rate for operating lease | 12.60% |
Common Stock (Details Narrative
Common Stock (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands | May 07, 2021 | May 05, 2021 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Common stock, par value | $ 0.0001 | $ 0.0001 | |||
Number of shares sold | 6,680,000 | ||||
Sale of stock price per share | $ 1.18 | ||||
Proceeds from issuance of common stock | $ 7,333 | $ 7,334 | $ 5,310 | ||
Description on sale of stock | The Placement Agent was paid a total cash fee at the closing of the Offering equal to 6.5% of the gross cash proceeds received by the Company from the sale of the shares of common stock in the offering. | ||||
Common Stock Shares Repurchases | 13,943 | ||||
Common Stock Value Repurchases | $ 15 | ||||
Securities Purchase Agreement [Member] | |||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Common stock, par value | $ 0.0001 |
Summary of Non-vested Restricte
Summary of Non-vested Restricted Stock Activity (Details) - Restricted Stock [Member] $ / shares in Units, $ in Thousands | 6 Months Ended |
Jun. 30, 2021USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unvested Shares, beginning balance | 150,000 |
Issuable Shares, beginning balance | |
Fair Value Unvested, beginning balance | $ | $ 92 |
Weighted Average Grant Date Fair Value, Unvested, beginning balance | $ / shares | $ 0.89 |
Unvested Shares, Granted | 245,900 |
Issuable Shares, Granted | |
Fair Value, Granted | $ | $ 226 |
Weighted Average Grant Date Fair Value, Granted | $ / shares | $ 0.92 |
Unvested Shares, Vested | (159,777) |
Issuable Shares, Vested | 159,777 |
Fair Value, Vested | $ | |
Weighted Average Grant Date Fair Value, Vested | $ / shares | |
Unvested Shares, Forfeited | (2,009) |
Weighted Average Grant Date Fair Value, Forfeited | $ / shares | $ 0.89 |
Unvested Shares, Issued | |
Issuable Shares, Issued | (159,777) |
Fair Value, Issued | $ | $ (171) |
Weighted Average Grant Date Fair Value, Issued | $ / shares | |
Unvested Shares, ending balance | 234,114 |
Issuable Shares, ending balance | |
Fair Value, Unvested, ending balance | $ | $ 147 |
Weighted Average Grant Date Fair Value, Unvested, ending balance | $ / shares | $ 0.89 |
Schedule of Stock Option Activi
Schedule of Stock Option Activity (Details) $ / shares in Units, $ in Thousands | 6 Months Ended |
Jun. 30, 2021USD ($)$ / sharesshares | |
Summary of Investment Holdings [Line Items] | |
Shares, Exercised | (58,000) |
Equity Option [Member] | |
Summary of Investment Holdings [Line Items] | |
Shares Outstanding, Beginning balance | 9,417,898 |
Weighted-Average Exercise Price, Outstanding, Beginning | $ / shares | $ 1.19 |
Weighted-Average Remaining Contractual Terms (Years), Outstanding Beginning | 6 years 1 month 2 days |
Aggregate Intrinsic Value, Shares Outstanding, Begining | $ | $ 78 |
Shares, Granted | 3,288,700 |
Weighted-Average Exercise Price, Granted | $ / shares | $ 1.06 |
Shares, Exercised | (58,000) |
Weighted-Average Exercise Price, Exercised | $ / shares | $ 0.50 |
Shares, Unvested forfeited or expired | (419,647) |
Weighted-Average Exercise Price, Unvested forfeited or expired | $ / shares | $ 1.74 |
Shares, Vested forfeited or expired | (55,344) |
Weighted-Average Exercise Price, Vested forfeited or expired | $ / shares | $ 2.67 |
Shares Outstanding, Ending Balance | 12,173,607 |
Weighted-Average Exercise Price, Outstanding, Ending | $ / shares | $ 1.13 |
Weighted-Average Remaining Contractual Terms (Years), Outstanding Ending | 8 years 6 months 21 days |
Aggregate Intrinsic Value, Shares Outstanding, Ending | $ | $ 1,012 |
Shares Exercisable | 3,122,079 |
Weighted-Average Exercise Price, Exercisable Ending Balance | $ / shares | $ 1.33 |
Weighted-Average Remaining Contractual Terms (Years), Exercisable Ending Balance | 6 years 7 months 24 days |
Aggregate Intrinsic Value, Shares Exercisable Ending Balance | $ | $ 510 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands | Jan. 26, 2021 | Jun. 30, 2021 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares issued restricted stock, value | $ 71 | $ 169 | $ 285 | ||
Proceeds from stock option exercised | $ 29 | ||||
Exercise of options, shares | 58,000 | ||||
2020 Incentive Compensation Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of options to be issued | 3,288,700 | ||||
Expected term | 6 years | ||||
Dividend rate | 0.00% | ||||
Risk-free interest rate | 0.98% | ||||
2020 Incentive Compensation Plan [Member] | Minimum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Weighted average volatility | 79.00% | ||||
2017 Incentive Compensation Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock price | $ 1.06 | $ 1.06 | |||
Stock options expiration period | 10 years | ||||
Fair value of options granted | $ 2,345 | ||||
2017 Incentive Compensation Plan [Member] | Minimum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock price | 0.98 | $ 0.98 | |||
2017 Incentive Compensation Plan [Member] | Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock price | $ 1.18 | $ 1.18 | |||
Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares vested | 159,777 | ||||
Stock Issued During Period, Value, Restricted Stock Award, Gross | $ 169 | $ 285 | |||
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ 147 | $ 147 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | |||||
Share-based Payment Arrangement, Option [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | 4,700 | $ 4,700 | |||
Number of options vested | 1,644,350 | ||||
Vesting period description | P4Y | ||||
Number of options vested. | 1,644,350 | ||||
Share-based Payment Arrangement, Expense | $ 828 | $ 459 | |||
Outstanding options, intrinsic value | 1,012 | 1,012 | |||
Exercisable, intrinsic value | $ 510 | $ 510 | |||
Exercise price, outstanding stock options | $ 1.02 | ||||
Non Employee Directors [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Cash compensation | $ 50,000 | ||||
Non Employee Directors [Member] | Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares awarded | 245,900 | ||||
Shares issued restricted stock, value | $ 226 | ||||
Exercise price fair value | $ 0.92 | ||||
Non Employee Directors [Member] | Restricted Stock [Member] | February 1, 2021 and May 1, 2021 [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares vested | 61,475 | ||||
Non Employee Directors [Member] | Restricted Stock [Member] | August 1, 2021, and November 1, 2021 [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares expect to vest | 122,950 | ||||
Employees [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 3,288,700 |
Schedule of Warrant Activity (D
Schedule of Warrant Activity (Details) - Warrant [Member] $ / shares in Units, $ in Thousands | 6 Months Ended |
Jun. 30, 2021USD ($)$ / sharesshares | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Shares Outstanding, Beginning Balance | shares | 3,362,241 |
Weighted-Average Exercise Price, Outstanding Beginning Balance | $ / shares | $ 1.56 |
Weighted-Average Remaining Contractual Terms (Years), Outstanding Beginning Balance | 2 years 5 months 26 days |
Aggregate Intrinsic Value Shares Outstanding Beginning | $ | |
Shares, Exercised | shares | |
Weighted-Average Exercise Price, Exercised | $ / shares | |
Shares, Forfeited or expired | shares | (273,762) |
Weighted-Average Exercise Price, Forfeited or expired | $ / shares | $ 4.04 |
Shares Outstanding, Ending Balance | shares | 3,088,479 |
Weighted-Average Exercise Price, Outstanding Ending Balance | $ / shares | $ 1.35 |
Weighted-Average Remaining Contractual Terms (Years), Outstanding Ending Balance | 2 years 2 months 1 day |
Aggregate Intrinsic Value Shares Outstanding Ending | $ | $ 376 |
Shares Exercisable, Ending Balance | shares | 3,088,479 |
Weighted-Average Exercise Price, Exercisable Ending Balance | $ / shares | $ 1.35 |
Weighted-Average Remaining Contractual Terms (Years), Exercisable Ending Balance | 2 years 2 months 1 day |
Aggregate Intrinsic Value Shares Exercisable | $ | $ 376 |
Stock Warrants (Details Narrati
Stock Warrants (Details Narrative) $ / shares in Units, $ in Thousands | Jun. 30, 2021USD ($)$ / shares |
Warrant [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Number of warrants outstanding, intrinsic value | $ 0 |
Aggregate intrinsic value | $ 376 |
Stock Warrants [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Stock price | $ / shares | $ 1.02 |
Related Party Activities (Detai
Related Party Activities (Details Narrative) - USD ($) $ in Thousands | Mar. 11, 2021 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Oct. 04, 2018 |
Related Party Transaction [Line Items] | |||||||||
Value of common stock placed | $ 7,333 | $ 5,310 | $ 7,333 | $ 5,310 | |||||
Line of credit description | On March 11, 2021, the Company entered into an amendment to the financing agreement, releasing that irrevocable standby letter of credit of $1,500 by Raptor with a $2,000 pledge of securities to Rosenthal by John J. Bello and Nancy E. Bello, as Co-Trustees of The John and Nancy Bello Revocable Living Trust. | On March 11, 2021, the Company entered into an amendment to the financing agreement, releasing that irrevocable standby letter of credit of $1,500 by Raptor with a $2,000 pledge of securities to Rosenthal by John J. Bello and Nancy E. Bello, as Co-Trustees of The John and Nancy Bello Revocable Living Trust. | |||||||
Royalty [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Royalty revenue | $ 3 | 5 | |||||||
Chris Reed [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Deposit of security with lessor | 800 | $ 800 | |||||||
Number of common stock value placed | 363,000 | ||||||||
Value of common stock placed | $ 370 | ||||||||
Receivable from related party | 740 | 740 | |||||||
Daniel J Doherty [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Letter of credit. | $ 1,500 | $ 1,500 | $ 1,500 | ||||||
John J. Bello [Member] | Beneficial Owner [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Equity ownership percentage | 5.00% | 5.00% | |||||||
Shares issued restricted stock | 400,000 | ||||||||
Lindsay Martin [Member] | Vice President [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Amount paid for service | $ 133 | $ 87 | |||||||
California Custom Beverage, LLC [Member] | Chris Reed [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Deposit of security with lessor | $ 1,200 | ||||||||
Royalty percentage | 5.00% | ||||||||
Referral fee percentage | 5.00% | ||||||||
Receivable from related party | $ 682 | ||||||||
Royalty revenue receivable | $ 3 | 3 | |||||||
Inventory advances | 55 | ||||||||
Accounts payable due to related parties | $ 799 | $ 799 | $ 577 |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) - shares | 1 Months Ended | 6 Months Ended |
Aug. 11, 2021 | Jun. 30, 2021 | |
Subsequent Event [Line Items] | ||
Stock issued during period stock options exercised | 58,000 | |
Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Stock issued during period stock options exercised | 5,000 | |
Subsequent Event [Member] | Director [Member] | ||
Subsequent Event [Line Items] | ||
Stock issued during period stock options exercised | 61,475 |