Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2020 | Jul. 31, 2020 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0001611647 | |
Entity Registrant Name | Freshpet INC | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2020 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2020 | |
Document Transition Report | false | |
Entity File Number | 001-36729 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 20-1884894 | |
Entity Address, Address Line One | 400 Plaza Drive, 1st Floor | |
Entity Address, City or Town | Secaucus | |
Entity Address, State or Province | NJ | |
Entity Address, Postal Zip Code | 07094 | |
City Area Code | 201 | |
Local Phone Number | 520-4000 | |
Title of 12(b) Security | Common Stock | |
Trading Symbol | FRPT | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 40,474,693 |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Jun. 30, 2020 | Dec. 31, 2019 | |
CURRENT ASSETS: | |||
Cash and cash equivalents | $ 107,727,885 | $ 9,471,676 | |
Short-term investments | 20,001,196 | 0 | |
Accounts receivable, net of allowance for doubtful accounts | 22,651,347 | 18,580,840 | |
Inventories, net | 18,692,994 | 12,542,269 | |
Prepaid expenses | 2,782,085 | 3,275,992 | |
Other current assets(1) | [1] | 765,463 | 10,452,990 |
Total Current Assets | 172,620,970 | 54,323,767 | |
Property, plant and equipment, net | 220,074,510 | 165,287,597 | |
Deposits on equipment | 6,134,329 | 3,600,931 | |
Operating lease right of use assets | 8,690,401 | 9,154,234 | |
Other assets | 4,340,100 | 3,759,058 | |
Total Assets | 411,860,310 | 236,125,587 | |
CURRENT LIABILITIES: | |||
Accounts payable | 9,090,164 | 18,667,729 | |
Accrued expenses(1) | [1] | 8,985,593 | 22,132,928 |
Current operating lease liabilities | 1,336,694 | 1,185,058 | |
Total Current Liabilities | 19,412,451 | 41,985,715 | |
Long term debt | 0 | 54,466,099 | |
Long term operating lease liabilities | 7,856,832 | 8,409,252 | |
Total Liabilities | 27,269,283 | 104,861,066 | |
STOCKHOLDERS' EQUITY: | |||
Common stock — voting, $0.001 par value, 200,000,000 shares authorized, 40,480,225 issued and 40,466,056 outstanding on June 30, 2020, and 36,162,433 issued and 36,148,264 outstanding on December 31, 2019 | 40,480 | 36,162 | |
Additional paid-in capital | 591,386,109 | 334,299,172 | |
Accumulated deficit | (206,172,555) | (202,735,417) | |
Accumulated other comprehensive income (loss) | (406,781) | (79,170) | |
Treasury stock, at cost — 14,169 shares on June 30, 2020 and on December 31, 2019 | (256,226) | (256,226) | |
Total Stockholders' Equity | 384,591,027 | 131,264,521 | |
Total Liabilities and Stockholders' Equity | $ 411,860,310 | $ 236,125,587 | |
[1] | See Note 10 for additional information. |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Jun. 30, 2020 | Dec. 31, 2019 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, authorized (in shares) | 200,000,000 | 200,000,000 |
Common stock, issued (in shares) | 40,480,225 | 36,162,433 |
Common stock, outstanding (in shares) | 40,466,056 | 36,148,264 |
Treasury stock, shares (in shares) | 14,169 | 14,169 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
NET SALES | $ 79,980,060 | $ 60,052,179 | $ 150,077,864 | $ 114,844,381 |
COST OF GOODS SOLD | 46,046,979 | 32,725,598 | 84,355,157 | 61,602,819 |
GROSS PROFIT | 33,933,081 | 27,326,581 | 65,722,707 | 53,241,562 |
SELLING, GENERAL, AND ADMINISTRATIVE EXPENSES | 33,702,103 | 32,672,284 | 68,378,046 | 61,904,534 |
INCOME (LOSS) FROM OPERATIONS | 230,978 | (5,345,703) | (2,655,339) | (8,662,972) |
OTHER INCOME/(EXPENSES): | ||||
Other Income/(Expenses), net | 23,586 | (20,748) | 45,104 | (3,453) |
Interest Expense | (79,869) | (275,649) | (783,703) | (378,425) |
Nonoperating Income (Expense), Total | (56,283) | (296,397) | (738,599) | (381,878) |
INCOME (LOSS) BEFORE INCOME TAXES | 174,695 | (5,642,100) | (3,393,938) | (9,044,850) |
INCOME TAX EXPENSE | 21,600 | 19,250 | 43,200 | 38,500 |
INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS | 153,095 | (5,661,350) | (3,437,138) | (9,083,350) |
OTHER COMPREHENSIVE INCOME (LOSS): | ||||
Change in foreign currency translation | (386,566) | (153,321) | (327,611) | (62,274) |
TOTAL OTHER COMPREHENSIVE (LOSS) | (386,566) | (153,321) | (327,611) | (62,274) |
TOTAL COMPREHENSIVE INCOME (LOSS) | $ (233,471) | $ (5,814,671) | $ (3,764,749) | $ (9,145,624) |
NET INCOME (LOSS) PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS | ||||
-BASIC (in dollars per share) | $ 0 | $ (0.16) | $ (0.09) | $ (0.25) |
-DILUTED (in dollars per share) | $ 0 | $ (0.16) | $ (0.09) | $ (0.25) |
WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING USED IN COMPUTING NET INCOME (LOSS) PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS | ||||
-BASIC (in shares) | 40,338,982 | 35,930,350 | 38,891,370 | 35,800,061 |
-DILUTED (in shares) | 41,509,819 | 35,930,350 | 38,891,370 | 35,800,061 |
Changes to Statements of Stockh
Changes to Statements of Stockholders' Equity (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Treasury Stock [Member] | Total |
BALANCES (in shares) at Dec. 31, 2018 | 35,556,595 | 14,169 | ||||
BALANCES at Dec. 31, 2018 | $ 35,556 | $ 323,079,437 | $ (201,352,682) | $ (31,610) | $ (256,226) | $ 121,474,475 |
Exercise of options to purchase common stock (in shares) | 248,195 | 0 | ||||
Exercise of options to purchase common stock | $ 248 | 1,791,420 | 0 | 0 | $ 0 | 1,791,668 |
Issuance of restricted stock units (in shares) | 61,532 | 0 | ||||
Issuance of restricted stock units | $ 62 | (673,836) | 0 | 0 | $ 0 | (673,774) |
Share-based compensation expense | 0 | 1,260,126 | 0 | 0 | 0 | 1,260,126 |
Foreign Currency Translation | 0 | 0 | 0 | 91,047 | 0 | 91,047 |
Net loss | $ 0 | 0 | (3,422,000) | 0 | $ 0 | (3,422,000) |
BALANCES (in shares) at Mar. 31, 2019 | 35,866,322 | 14,169 | ||||
BALANCES at Mar. 31, 2019 | $ 35,866 | 325,457,147 | (204,774,682) | 59,437 | $ (256,226) | 120,521,542 |
BALANCES (in shares) at Dec. 31, 2018 | 35,556,595 | 14,169 | ||||
BALANCES at Dec. 31, 2018 | $ 35,556 | 323,079,437 | (201,352,682) | (31,610) | $ (256,226) | 121,474,475 |
Foreign Currency Translation | (62,274) | |||||
Net loss | (9,083,350) | |||||
BALANCES (in shares) at Jun. 30, 2019 | 36,089,945 | 14,169 | ||||
BALANCES at Jun. 30, 2019 | $ 36,089 | 328,342,507 | (210,436,032) | (93,884) | $ (256,226) | 117,592,454 |
BALANCES (in shares) at Mar. 31, 2019 | 35,866,322 | 14,169 | ||||
BALANCES at Mar. 31, 2019 | $ 35,866 | 325,457,147 | (204,774,682) | 59,437 | $ (256,226) | 120,521,542 |
Exercise of options to purchase common stock (in shares) | 194,497 | 0 | ||||
Exercise of options to purchase common stock | $ 194 | 1,983,685 | 0 | 0 | $ 0 | 1,983,879 |
Issuance of restricted stock units (in shares) | 29,126 | 0 | ||||
Issuance of restricted stock units | $ 29 | (579,207) | 0 | 0 | $ 0 | (579,178) |
Share-based compensation expense | 0 | 1,480,882 | 0 | 0 | 0 | 1,480,882 |
Foreign Currency Translation | 0 | 0 | 0 | (153,321) | 0 | (153,321) |
Net loss | $ 0 | 0 | (5,661,350) | 0 | $ 0 | (5,661,350) |
BALANCES (in shares) at Jun. 30, 2019 | 36,089,945 | 14,169 | ||||
BALANCES at Jun. 30, 2019 | $ 36,089 | 328,342,507 | (210,436,032) | (93,884) | $ (256,226) | 117,592,454 |
BALANCES (in shares) at Dec. 31, 2019 | 36,162,433 | 14,169 | ||||
BALANCES at Dec. 31, 2019 | $ 36,162 | 334,299,172 | (202,735,417) | (79,170) | $ (256,226) | 131,264,521 |
Exercise of options to purchase common stock (in shares) | 44,156 | 0 | ||||
Exercise of options to purchase common stock | $ 44 | 402,512 | 0 | 0 | $ 0 | 402,556 |
Issuance of restricted stock units (in shares) | 64,823 | 0 | ||||
Issuance of restricted stock units | $ 65 | (644,664) | 0 | 0 | $ 0 | (644,599) |
Share-based compensation expense | $ 0 | 2,241,847 | 0 | 0 | $ 0 | 2,241,847 |
Shares issued in primary offering (in shares) | 3,999,999 | 0 | ||||
Shares issued in primary offering | $ 4,000 | 252,058,254 | 0 | 0 | $ 0 | 252,062,254 |
Foreign Currency Translation | 0 | 0 | 0 | 58,955 | 0 | 58,955 |
Net loss | $ 0 | 0 | (3,590,233) | 0 | $ 0 | (3,590,233) |
BALANCES (in shares) at Mar. 31, 2020 | 40,271,411 | 14,169 | ||||
BALANCES at Mar. 31, 2020 | $ 40,271 | 588,357,121 | (206,325,650) | (20,215) | $ (256,226) | 381,795,301 |
BALANCES (in shares) at Dec. 31, 2019 | 36,162,433 | 14,169 | ||||
BALANCES at Dec. 31, 2019 | $ 36,162 | 334,299,172 | (202,735,417) | (79,170) | $ (256,226) | 131,264,521 |
Foreign Currency Translation | (327,611) | |||||
Net loss | (3,437,138) | |||||
BALANCES (in shares) at Jun. 30, 2020 | 40,480,225 | 14,169 | ||||
BALANCES at Jun. 30, 2020 | $ 40,480 | 591,386,109 | (206,172,555) | (406,781) | $ (256,226) | 384,591,027 |
BALANCES (in shares) at Mar. 31, 2020 | 40,271,411 | 14,169 | ||||
BALANCES at Mar. 31, 2020 | $ 40,271 | 588,357,121 | (206,325,650) | (20,215) | $ (256,226) | 381,795,301 |
Exercise of options to purchase common stock (in shares) | 199,796 | 0 | ||||
Exercise of options to purchase common stock | $ 200 | 1,687,780 | 0 | 0 | $ 0 | 1,687,980 |
Issuance of restricted stock units (in shares) | 9,018 | 0 | ||||
Issuance of restricted stock units | $ 9 | (991,706) | 0 | 0 | $ 0 | (991,697) |
Share-based compensation expense | 0 | 2,332,915 | 0 | 0 | 0 | 2,332,915 |
Shares issued in primary offering | 0 | 0 | 0 | 0 | 0 | 0 |
Foreign Currency Translation | 0 | 0 | 0 | (386,566) | 0 | (386,566) |
Net loss | $ 0 | 0 | 153,095 | 0 | $ 0 | 153,095 |
BALANCES (in shares) at Jun. 30, 2020 | 40,480,225 | 14,169 | ||||
BALANCES at Jun. 30, 2020 | $ 40,480 | $ 591,386,109 | $ (206,172,555) | $ (406,781) | $ (256,226) | $ 384,591,027 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||
Net loss | $ 153,095 | $ (3,590,233) | $ (5,661,350) | $ (3,422,000) | $ (3,437,138) | $ (9,083,350) | |
Adjustments to reconcile net loss to net cash flows provided by operating activities: | |||||||
Provision for loss/(gains) on accounts receivable | 6,631 | (2,520) | |||||
Loss on disposal of equipment | 35,855 | 684 | |||||
Share-based compensation | 4,464,116 | 2,630,180 | |||||
Inventory obsolescence | 151,123 | 105,170 | |||||
Depreciation and amortization | 9,893,912 | 7,643,452 | |||||
Amortization of deferred financing costs and loan discount | 691,467 | 72,294 | |||||
Changes in operating assets and liabilities: | |||||||
Accounts receivable | (4,077,138) | (7,027,205) | |||||
Inventories | (6,301,848) | (4,013,770) | |||||
Prepaid expenses and other current assets | 10,181,434 | (177,392) | |||||
Operating lease right of use | 463,833 | (177,249) | |||||
Other assets | (211,754) | (44,498) | |||||
Accounts payable | (3,430,173) | (158,556) | |||||
Accrued expenses | (13,147,335) | (31,969) | |||||
Other lease liabilities | (400,784) | 229,194 | |||||
Other current liabilities | 0 | 200,000 | |||||
Net cash flows used in operating activities | (5,117,799) | (9,835,535) | |||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||
Purchase of short-term investments | (20,001,196) | 0 | |||||
Acquisitions of property, plant and equipment, software and deposits on equipment | (73,250,757) | (22,888,753) | |||||
Net cash flows used in investing activities | (93,251,953) | (22,888,753) | |||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||
Proceeds from common shares issued in primary offering, net of issuance cost | 252,062,253 | 0 | |||||
Proceeds from exercise of options to purchase common stock | 2,090,536 | 3,775,548 | |||||
Tax withholdings related to net shares settlements of restricted stock units | (1,636,296) | (1,252,953) | |||||
Proceeds from borrowings under Credit Facilities | 20,933,000 | 35,307,000 | |||||
Repayment of borrowings under Credit Facilities | (76,000,000) | (7,500,000) | |||||
Financing fees paid in connection with borrowings | (823,532) | (406,859) | |||||
Net cash flows provided by financing activities | 196,625,961 | 29,922,736 | |||||
NET CHANGE IN CASH AND CASH EQUIVALENTS | 98,256,209 | (2,801,552) | |||||
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | $ 9,471,676 | $ 7,554,388 | 9,471,676 | 7,554,388 | $ 7,554,388 | ||
CASH AND CASH EQUIVALENTS, END OF PERIOD | $ 107,727,885 | $ 4,752,836 | 107,727,885 | 4,752,836 | $ 9,471,676 | ||
SUPPLEMENTAL CASH FLOW INFORMATION: | |||||||
Interest paid | 789,417 | 165,844 | |||||
NON-CASH FINANCING AND INVESTING ACTIVITIES: | |||||||
Property, plant and equipment purchases in accounts payable | $ 1,427,123 | $ 7,662,437 |
Note 1 - Nature of the Business
Note 1 - Nature of the Business and Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Business Description and Accounting Policies [Text Block] | Note 1 Nature of the Business Basis of Presentation June 30, 2020 three six June 30, 2020 2019 six June 30, 2020 2019 three six June 30, 2020 not December 31, 2020 may not These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes in Item 8 10 December 31, 2019 Estimates and Uncertainties Fair Value of Financial Instruments 1 3 The three • Level 1 1 • Level 2 1 not 2 • Level 3 3 one The carrying amounts reported in the balance sheets for cash and cash equivalents, short-term investments, other receivables, accounts payable and accrued expenses approximate their fair value based on the short-term maturity of these instruments. As of June 30, 2020 1 Short-Term Investments three one Trade accounts receivable may Restricted Stock Tax Withholdings three six June 30, 2020, three six June 30, 2019 not Debt Issuance Cost first 2020, During the second 2020, June 30, 2020 The Company amortizes debt issuance costs categorized as assets on a straight-line basis over the term of the loan and amortizes the debt issuance costs that are categorized net of debt using the effective interest method, over the term of the loan. Net Sales Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 Grocery (including Online), Mass and Club $ 68,284,447 $ 49,920,536 $ 129,103,297 $ 95,628,433 Pet Specialty and Natural 11,695,613 10,131,643 20,974,567 19,215,948 Net Sales $ 79,980,060 $ 60,052,179 $ 150,077,864 $ 114,844,381 Recently Issued Accounting Standards In June 2016, No. 2016 13, Credit Losses (Topic 326 Measurement of Credit Losses on Financial Instruments. December 15, 2019, three six June 30, 2020 2016 13. not |
Note 2 - Inventories
Note 2 - Inventories | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | Note 2 June 30, December 31, 2020 2019 Raw Materials and Work in Process $ 6,855,331 $ 4,453,498 Packaging Components Material 1,845,295 1,419,155 Finished Goods 10,251,820 6,842,359 18,952,446 12,715,012 Reserve for Obsolete Inventory (259,452 ) (172,743 ) $ 18,692,994 $ 12,542,269 |
Note 3 - Property, Plant and Eq
Note 3 - Property, Plant and Equipment | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | Note 3 June 30, December 31, 2020 2019 Refrigeration Equipment $ 106,012,579 $ 97,568,137 Machinery and Equipment 69,543,548 54,274,118 Building, Land, and Improvements 27,255,091 25,621,495 Furniture and Office Equipment 4,946,145 4,931,703 Leasehold Improvements 748,060 395,241 Automotive Equipment 164,430 309,137 Construction in Progress 96,170,302 58,587,375 304,840,155 241,687,206 Less: Accumulated Depreciation (84,765,645 ) (76,399,609 ) $ 220,074,510 $ 165,287,597 Depreciation expense related to property, plant and equipment totaled $5,365,720 and $9,738,511 for the three six June 30, 2020, three six June 30, 2020, Depreciation expense related to property, plant and equipment totaled $3,843,199 and $7,486,692 for the six June 30, 2019 six June 30, 2019 |
Note 4 - Accrued Expenses
Note 4 - Accrued Expenses | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block] | Note 4 June 30, December 31, 2020 2019 Legal Contingency (1) - 10,100,000 Accrued Compensation and Employee Related Costs 3,508,091 6,390,692 Accrued Chiller Cost 1,721,401 1,576,214 Accrued Customer Consideration 650,685 635,399 Accrued Freight 828,728 702,673 Accrued Production Expenses 880,974 413,550 Accrued Marketing 865,584 1,187,885 Other Accrued Expenses 530,129 1,126,515 $ 8,985,593 $ 22,132,928 ( 1 See Note 10 |
Note 5 - Debt
Note 5 - Debt | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | Note 5 On April 17, 2020, May 15, 2019. The New Credit Facility matures on April 17, 2025 no October 17, 2022, December 31, 2022, 1/28th April 17, 2025. Borrowings under the New Credit Facility are secured by substantially all of the Company's and certain of its subsidiaries' assets. The New Loan Agreement requires compliance with various covenants customary for agreements of this type, including financial covenants and negative covenants that limit, among other things, the Company's ability to incur additional debt, create or incur liens, engage in mergers or consolidations, sell, transfer or otherwise dispose of assets, make voluntary prepayments to subordinated debt, permit a change of control, pay dividends or distributions, make investments, and enter into certain transactions with affiliates. The New Loan Agreement also includes events of default customary for agreements of this type. During the six June 30, 2020, June 30, 2020. Net borrowings under the Credit Facilities totaled $54.5 million at December 31, 2019 In connection with entering into the New Credit Facility, the Company incurred $0.8 million of debt issuance cost which is capitalized on the balance sheet and amortized over the life of the New Credit Facility. As of June 30, 2020 |
Note 6 - Leases
Note 6 - Leases | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | Note 6– We have various noncancelable lease agreements for office and warehouse space, as well as office equipment, with original remaining lease terms of two nine five not not not Weighted-average remaining lease term (in years) and discount rate related to operating leases were as follows: Weighted-average remaining lease term 5.68 Weighted-average discount rate 6.06 % As most of our leases do not Maturities of lease liabilities under noncancelable operating leases as of June 30, 2020 June 30, 2020 2020 (a) 915,072 2021 1,863,254 2022 1,811,907 2023 1,802,007 2024 1,511,214 2025 and beyond 2,786,004 Total lease payments 10,689,458 Less: Imputed interest (1,495,932 ) Present value of lease liabilities $ 9,193,526 (a) Excluding the six June 30, 2020 A summary of rent expense for the three six June 30, 2020 2019 For the Three Months Ended For the Six Months Ended June 30, June 30, 2020 2019 2020 2019 Operating lease cost $ 458,838 $ 444,333 $ 910,993 $ 701,215 Supplemental cash flow information and non-cash activity relating to operating leases are as follows: For the Three Months Ended For the Six Months Ended June 30, June 30, 2020 2019 2020 2019 Operating cash flow information: Cash paid for amounts included in the measurement of lease liabilities $ 445,310 $ 380,046 $ 849,458 $ 626,781 |
Note 7 - Equity Incentive Plans
Note 7 - Equity Incentive Plans | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | Note 7 Total compensation cost for share-based payments recognized for the six June 30, 2020 2019 2010 two four June 30, 2020 2010 2010 2014 November 2014, 2014 “2014 2014 may may June 30, 2020 three one 2014 At June 30, 2020 2014 NASDAQ Marketplace Rules Inducement Award 2016 six June 30, 2020 2014 June 30, 2020 four three Service Period Stock Options The following table includes activity related to outstanding service period stock options during the six June 30, 2020 Service Period Stock Options Shares Weighted Average Exercise Price Outstanding at December 31, 2019 1,359,990 $ 11.50 Granted 54,782 62.84 Exercised (240,265 ) 8.45 Forfeited (357 ) 11.00 Outstanding at June 30, 2020 1,174,150 $ 14.52 Performance-Vested Stock Options The following table includes activity related to outstanding performance-vested stock options during the six June 30, 2020 Performance Based Options Shares Weighted Average Exercise Price Outstanding at December 31, 2019 1,372,819 $ 18.31 Granted 19,317 63.87 Exercised (3,687 ) 16.45 Outstanding at June 30, 2020 1,388,449 $ 18.95 As of June 30, 2020 six June 30, 2020 Restricted Stock Units The following table includes activity related to outstanding restricted stock units during the six June 30, 2020 Restricted Stock Units Shares Weighted-Average Grant-Date Fair Value Per Unit Outstanding at December 31, 2019 240,229 $ 29.07 Granted 53,041 63.77 Issued upon vesting (97,620 ) 24.51 Forfeited (420 ) 27.00 Outstanding at June 30, 2020 195,230 $ 40.78 |
Note 8 - Earnings Per Share Att
Note 8 - Earnings Per Share Attributable to Common Shareholder | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | Note 8 Basic net earnings (loss) per share of common stock is calculated by dividing net income (loss) attributable to common stockholders by the weighted-average number of shares of common stock outstanding for the period. Diluted net earnings (loss) per share of common stock is computed by giving effect to all potentially dilutive securities. The following table includes adjustments between net income and net income attributable to common stockholders for the three June 30, 2020. Three Months Ended June 30, 2020 Net Income (Loss) Attributable to Common Stockholders $ 153,095 Weighted Average Common Shares Outstanding, Basic 40,338,982 Dilutive Effect of Share-Based Awards: Service Period Stock Options 1,032,095 Restricted Stock Units 113,617 Performance 25,125 Weighted Average Common Shares Outstanding, Diluted 41,509,819 Basic Earnings per Share $ 0.00 Diluted Earnings per Share $ 0.00 The potentially dilutive securities are as follows: Three Months Ended Six Months Ended June 30, June 30, 2019 2020 2019 Service Period Stock Options 1,519,431 1,325,836 1,602,279 Restricted Stock Units 230,057 220,320 239,602 Performance Stock Options 24,246 30,793 24,246 Total 1,773,734 1,576,949 1,866,127 For the six June 30, 2020 three six June 30, 2019 |
Note 9 - Concentrations
Note 9 - Concentrations | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | Note 9 Concentration of Credit Risk may |
Note 10 - Commitments and Conti
Note 10 - Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | Note 10 A securities lawsuit, Curran v. Freshpet, Inc. et al, Docket No. 2:16 02263, April 21, 2016 October 3, 2019, March 11, 2020 30 June 30, 2020 no 30 April 10, 2020. A shareholder derivative lawsuit, Meldon v. Freshpet, Inc. et al, Docket No. 2:18 10166, June 5, 2018 June 2018. April 3, 2019, June 30, 2020 |
Note 11 - Subsequent Events
Note 11 - Subsequent Events | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | Note 11 The Company evaluates events that have occurred after the balance sheet date but before the financial statements are issued for recognitions or disclosures. The Company did not |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2020 | |
Accounting Policies [Abstract] | |
Nature of the Business [Policy Text Block] | Nature of the Business |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation June 30, 2020 three six June 30, 2020 2019 six June 30, 2020 2019 three six June 30, 2020 not December 31, 2020 may not These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes in Item 8 10 December 31, 2019 |
Use of Estimates, Policy [Policy Text Block] | Estimates and Uncertainties |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments 1 3 The three • Level 1 1 • Level 2 1 not 2 • Level 3 3 one The carrying amounts reported in the balance sheets for cash and cash equivalents, short-term investments, other receivables, accounts payable and accrued expenses approximate their fair value based on the short-term maturity of these instruments. As of June 30, 2020 1 Short-Term Investments three one Trade accounts receivable may Restricted Stock Tax Withholdings three six June 30, 2020, three six June 30, 2019 not Debt Issuance Cost first 2020, During the second 2020, June 30, 2020 The Company amortizes debt issuance costs categorized as assets on a straight-line basis over the term of the loan and amortizes the debt issuance costs that are categorized net of debt using the effective interest method, over the term of the loan. Net Sales Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 Grocery (including Online), Mass and Club $ 68,284,447 $ 49,920,536 $ 129,103,297 $ 95,628,433 Pet Specialty and Natural 11,695,613 10,131,643 20,974,567 19,215,948 Net Sales $ 79,980,060 $ 60,052,179 $ 150,077,864 $ 114,844,381 |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Issued Accounting Standards In June 2016, No. 2016 13, Credit Losses (Topic 326 Measurement of Credit Losses on Financial Instruments. December 15, 2019, three six June 30, 2020 2016 13. not |
Note 1 - Nature of the Busine_2
Note 1 - Nature of the Business and Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 Grocery (including Online), Mass and Club $ 68,284,447 $ 49,920,536 $ 129,103,297 $ 95,628,433 Pet Specialty and Natural 11,695,613 10,131,643 20,974,567 19,215,948 Net Sales $ 79,980,060 $ 60,052,179 $ 150,077,864 $ 114,844,381 |
Note 2 - Inventories (Tables)
Note 2 - Inventories (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | June 30, December 31, 2020 2019 Raw Materials and Work in Process $ 6,855,331 $ 4,453,498 Packaging Components Material 1,845,295 1,419,155 Finished Goods 10,251,820 6,842,359 18,952,446 12,715,012 Reserve for Obsolete Inventory (259,452 ) (172,743 ) $ 18,692,994 $ 12,542,269 |
Note 3 - Property, Plant and _2
Note 3 - Property, Plant and Equipment (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | June 30, December 31, 2020 2019 Refrigeration Equipment $ 106,012,579 $ 97,568,137 Machinery and Equipment 69,543,548 54,274,118 Building, Land, and Improvements 27,255,091 25,621,495 Furniture and Office Equipment 4,946,145 4,931,703 Leasehold Improvements 748,060 395,241 Automotive Equipment 164,430 309,137 Construction in Progress 96,170,302 58,587,375 304,840,155 241,687,206 Less: Accumulated Depreciation (84,765,645 ) (76,399,609 ) $ 220,074,510 $ 165,287,597 |
Note 4 - Accrued Expenses (Tabl
Note 4 - Accrued Expenses (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | June 30, December 31, 2020 2019 Legal Contingency (1) - 10,100,000 Accrued Compensation and Employee Related Costs 3,508,091 6,390,692 Accrued Chiller Cost 1,721,401 1,576,214 Accrued Customer Consideration 650,685 635,399 Accrued Freight 828,728 702,673 Accrued Production Expenses 880,974 413,550 Accrued Marketing 865,584 1,187,885 Other Accrued Expenses 530,129 1,126,515 $ 8,985,593 $ 22,132,928 |
Note 6 - Leases (Tables)
Note 6 - Leases (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Weighted-average remaining lease term 5.68 Weighted-average discount rate 6.06 % For the Three Months Ended For the Six Months Ended June 30, June 30, 2020 2019 2020 2019 Operating lease cost $ 458,838 $ 444,333 $ 910,993 $ 701,215 For the Three Months Ended For the Six Months Ended June 30, June 30, 2020 2019 2020 2019 Operating cash flow information: Cash paid for amounts included in the measurement of lease liabilities $ 445,310 $ 380,046 $ 849,458 $ 626,781 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | June 30, 2020 2020 (a) 915,072 2021 1,863,254 2022 1,811,907 2023 1,802,007 2024 1,511,214 2025 and beyond 2,786,004 Total lease payments 10,689,458 Less: Imputed interest (1,495,932 ) Present value of lease liabilities $ 9,193,526 |
Note 7 - Equity Incentive Pla_2
Note 7 - Equity Incentive Plans (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Service Period Stock Options Shares Weighted Average Exercise Price Outstanding at December 31, 2019 1,359,990 $ 11.50 Granted 54,782 62.84 Exercised (240,265 ) 8.45 Forfeited (357 ) 11.00 Outstanding at June 30, 2020 1,174,150 $ 14.52 Performance Based Options Shares Weighted Average Exercise Price Outstanding at December 31, 2019 1,372,819 $ 18.31 Granted 19,317 63.87 Exercised (3,687 ) 16.45 Outstanding at June 30, 2020 1,388,449 $ 18.95 |
Share-based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block] | Restricted Stock Units Shares Weighted-Average Grant-Date Fair Value Per Unit Outstanding at December 31, 2019 240,229 $ 29.07 Granted 53,041 63.77 Issued upon vesting (97,620 ) 24.51 Forfeited (420 ) 27.00 Outstanding at June 30, 2020 195,230 $ 40.78 |
Note 8 - Earnings Per Share A_2
Note 8 - Earnings Per Share Attributable to Common Shareholder (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended June 30, 2020 Net Income (Loss) Attributable to Common Stockholders $ 153,095 Weighted Average Common Shares Outstanding, Basic 40,338,982 Dilutive Effect of Share-Based Awards: Service Period Stock Options 1,032,095 Restricted Stock Units 113,617 Performance 25,125 Weighted Average Common Shares Outstanding, Diluted 41,509,819 Basic Earnings per Share $ 0.00 Diluted Earnings per Share $ 0.00 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, 2019 2020 2019 Service Period Stock Options 1,519,431 1,325,836 1,602,279 Restricted Stock Units 230,057 220,320 239,602 Performance Stock Options 24,246 30,793 24,246 Total 1,773,734 1,576,949 1,866,127 |
Note 1 - Nature of the Busine_3
Note 1 - Nature of the Business and Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation (in shares) | 87,543 | 13,383 | 97,620 | 31,734 |
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation | $ 1 | $ 0.6 | $ 1.6 | $ 1.3 |
Amortization of Debt Issuance Costs | 0.8 | |||
Fees Associated with Debt Modification | 0.8 | |||
Other Noncurrent Assets [Member] | ||||
Debt Issuance Costs, Net, Total | 1.1 | 1.1 | ||
Other Current Assets [Member] | ||||
Debt Issuance Costs, Net, Total | 0.3 | 0.3 | ||
Draw Term Loan [Member] | ||||
Amortization of Debt Issuance Costs | $ 0.6 | |||
Payments of Debt Restructuring Costs | $ 0.6 |
Note 1 - Nature of the Busine_4
Note 1 - Nature of the Business and Summary of Significant Accounting Policies - Net Sales by Class of Retailer (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Net Sales | $ 79,980,060 | $ 60,052,179 | $ 150,077,864 | $ 114,844,381 |
Grocery (including Online), Mass and Club [Member] | ||||
Net Sales | 68,284,447 | 49,920,536 | 129,103,297 | 95,628,433 |
Pet Specialty and Natural [Member] | ||||
Net Sales | $ 11,695,613 | $ 10,131,643 | $ 20,974,567 | $ 19,215,948 |
Note 2 - Inventories - Summary
Note 2 - Inventories - Summary of Inventories (Details) - USD ($) | Jun. 30, 2020 | Dec. 31, 2019 |
Raw Materials and Work in Process | $ 6,855,331 | $ 4,453,498 |
Packaging Components Material | 1,845,295 | 1,419,155 |
Finished Goods | 10,251,820 | 6,842,359 |
Inventory, Gross, Total | 18,952,446 | 12,715,012 |
Reserve for Obsolete Inventory | (259,452) | (172,743) |
Inventory, Net, Total | $ 18,692,994 | $ 12,542,269 |
Note 3 - Property, Plant and _3
Note 3 - Property, Plant and Equipment (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Depreciation, Total | $ 5,365,720 | $ 3,843,199 | $ 9,738,511 | $ 7,486,692 |
Selling, General and Administrative Expenses [Member] | ||||
Depreciation, Total | $ 2,550,041 | $ 1,588,692 | $ 4,293,698 | $ 3,154,780 |
Note 3 - Property, Plant and _4
Note 3 - Property, Plant and Equipment - Summary of Property, Plant and Equipment (Details) - USD ($) | Jun. 30, 2020 | Dec. 31, 2019 |
Property, plant and equipment, gross | $ 304,840,155 | $ 241,687,206 |
Less: Accumulated Depreciation | (84,765,645) | (76,399,609) |
Property, Plant and Equipment, Net, Ending Balance | 220,074,510 | 165,287,597 |
Refrigeration Equipment [Member] | ||
Property, plant and equipment, gross | 106,012,579 | 97,568,137 |
Machinery and Equipment [Member] | ||
Property, plant and equipment, gross | 69,543,548 | 54,274,118 |
Land, Buildings and Improvements [Member] | ||
Property, plant and equipment, gross | 27,255,091 | 25,621,495 |
Furniture and Office Equipment [Member] | ||
Property, plant and equipment, gross | 4,946,145 | 4,931,703 |
Leasehold Improvements [Member] | ||
Property, plant and equipment, gross | 748,060 | 395,241 |
Automotive Equipment [Member] | ||
Property, plant and equipment, gross | 164,430 | 309,137 |
Construction in Progress [Member] | ||
Property, plant and equipment, gross | $ 96,170,302 | $ 58,587,375 |
Note 4 - Accrued Expenses - Sum
Note 4 - Accrued Expenses - Summary of Accrued Expenses (Details) - USD ($) | Jun. 30, 2020 | Dec. 31, 2019 | |
Legal Contingency (1) | [1] | $ 0 | $ 10,100,000 |
Accrued Compensation and Employee Related Costs | 3,508,091 | 6,390,692 | |
Accrued Chiller Cost | 1,721,401 | 1,576,214 | |
Accrued Customer Consideration | 650,685 | 635,399 | |
Accrued Freight | 828,728 | 702,673 | |
Accrued Production Expenses | 880,974 | 413,550 | |
Accrued Marketing | 865,584 | 1,187,885 | |
Other Accrued Expenses | 530,129 | 1,126,515 | |
Accrued Liabilities, Current, Total | [1] | $ 8,985,593 | $ 22,132,928 |
[1] | See Note 10 for additional information. |
Note 5 - Debt (Details Textual)
Note 5 - Debt (Details Textual) - USD ($) | Apr. 17, 2020 | Jun. 30, 2020 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | May 15, 2019 |
Proceeds from Lines of Credit, Total | $ 20,933,000 | $ 35,307,000 | ||||
Repayments of Lines of Credit | 76,000,000 | $ 7,500,000 | ||||
Amortization of Debt Issuance Costs | 800,000 | |||||
Unamortized Debt Issuance Expense | $ 1,400,000 | 1,400,000 | ||||
Credit Facility [Member] | ||||||
Debt Agreement, Maximum Borrowing Capacity | $ 165,000,000 | |||||
Long-term Debt, Total | 0 | 0 | ||||
Proceeds from Debt Agreement | 20,900,000 | $ 54,500,000 | ||||
Repayments of Lines of Credit | 76,000,000 | |||||
Credit Facility [Member] | Base Rate [Member] | Minimum [Member] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | |||||
Credit Facility [Member] | Base Rate [Member] | Maximum [Member] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | |||||
Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | |||||
Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | |||||
Credit Facility [Member] | Revolving Credit Facility [Member] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 35,000,000 | $ 35,000,000 | ||||
Proceeds from Lines of Credit, Total | 7,000,000 | 14,000,000 | ||||
Credit Facility [Member] | Draw Term Loan [Member] | ||||||
Long-term Debt, Total | $ 130,000,000 | $ 55,000,000 | ||||
Proceeds from Issuance of Long-term Debt, Total | 13,900,000 | 40,500,000 | ||||
Debt Issuance Costs, Net, Total | $ 100,000 | $ 100,000 | $ 600,000 |
Note 6 - Leases (Details Textua
Note 6 - Leases (Details Textual) | Jun. 30, 2020 |
Lessee, Operating Lease, Renewal Term (Year) | 5 years |
Minimum [Member] | |
Lessee, Operating Lease, Remaining Lease Term (Year) | 2 years |
Maximum [Member] | |
Lessee, Operating Lease, Remaining Lease Term (Year) | 9 years |
Note 6 - Leases - Lease Cost (D
Note 6 - Leases - Lease Cost (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Weighted-average remaining lease term (Year) | 5 years 8 months 4 days | 5 years 8 months 4 days | ||
Weighted-average discount rate | 6.06% | 6.06% | ||
Operating lease cost | $ 458,838 | $ 444,333 | $ 910,993 | $ 701,215 |
Cash paid for amounts included in the measurement of lease liabilities | $ 445,310 | $ 380,046 | $ 849,458 | $ 626,781 |
Note 6 - Leases - Maturities of
Note 6 - Leases - Maturities of Lease Liabilities (Details) | Jun. 30, 2020USD ($) | |
2020 (a) | $ 915,072 | [1] |
2021 | 1,863,254 | |
2022 | 1,811,907 | |
2023 | 1,802,007 | |
2024 | 1,511,214 | |
2025 and beyond | 2,786,004 | |
Total lease payments | 10,689,458 | |
Less: Imputed interest | (1,495,932) | |
Present value of lease liabilities | $ 9,193,526 | |
[1] | Excluding the six months ended June 30, 2020. |
Note 7 - Equity Incentive Pla_3
Note 7 - Equity Incentive Plans (Details Textual) - USD ($) | 1 Months Ended | 6 Months Ended | |
Nov. 30, 2014 | Jun. 30, 2020 | Jun. 30, 2019 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount, Total | $ 4,574,762 | $ 2,741,009 | |
NASDAQ Marketplace Rules Inducement Award [Member] | Chief Executive Officer [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 4 years | ||
NASDAQ Marketplace Rules Inducement Award [Member] | Executive Vice President of Finance [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | ||
Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number (in shares) | 1,322,678 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 19.16 | ||
Stock Plan 2010 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 0 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number (in shares) | 112,085 | ||
Stock Plan 2010 [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 2 years | ||
Stock Plan 2010 [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 4 years | ||
Omnibus Incentive Plan 2014 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 2,645,744 | 1,351,141 | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 3,979,200 | ||
Omnibus Incentive Plan 2014 [Member] | Restricted Stock Units (RSUs) [Member] | Employees [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | ||
Omnibus Incentive Plan 2014 [Member] | Restricted Stock Units (RSUs) [Member] | Non-employees [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 1 year |
Note 7 - Equity Incentive Pla_4
Note 7 - Equity Incentive Plans - Options Activity (Details) | 6 Months Ended |
Jun. 30, 2020$ / sharesshares | |
Service Period Stock Options [Member] | |
Outstanding at December 31, 2019 (in shares) | shares | 1,359,990 |
Outstanding at December 31, 2019, weighted average exercise price (in dollars per share) | $ / shares | $ 11.50 |
Granted (in shares) | shares | 54,782 |
Granted, weighted average exercise price (in dollars per share) | $ / shares | $ 62.84 |
Exercised (in shares) | shares | (240,265) |
Exercised, weighted average exercise price (in dollars per share) | $ / shares | $ 8.45 |
Forfeited (in shares) | shares | (357) |
Forfeited, weighted average exercise price (in dollars per share) | $ / shares | $ 11 |
Outstanding at June 30, 2020 (in shares) | shares | 1,174,150 |
Outstanding at June 30, 2020, weighted average exercise price (in dollars per share) | $ / shares | $ 14.52 |
Performance Shares [Member] | |
Outstanding at December 31, 2019 (in shares) | shares | 1,372,819 |
Outstanding at December 31, 2019, weighted average exercise price (in dollars per share) | $ / shares | $ 18.31 |
Granted (in shares) | shares | 19,317 |
Granted, weighted average exercise price (in dollars per share) | $ / shares | $ 63.87 |
Exercised (in shares) | shares | (3,687) |
Exercised, weighted average exercise price (in dollars per share) | $ / shares | $ 16.45 |
Outstanding at June 30, 2020 (in shares) | shares | 1,388,449 |
Outstanding at June 30, 2020, weighted average exercise price (in dollars per share) | $ / shares | $ 18.95 |
Note 7 - Equity Incentive Pla_5
Note 7 - Equity Incentive Plans - Restricted Stock Units Activity (Details) - Restricted Stock Units (RSUs) [Member] | 6 Months Ended |
Jun. 30, 2020$ / sharesshares | |
Outstanding at December 31, 2019 (in shares) | shares | 240,229 |
Outstanding at December 31, 2019, weighted average grant date fair value (in dollars per share) | $ / shares | $ 29.07 |
Granted (in shares) | shares | 53,041 |
Granted, weighted average grant date fair value (in dollars per share) | $ / shares | $ 63.77 |
Issued upon vesting (in shares) | shares | (97,620) |
Issued upon vesting, weighted average grant date fair value (in dollars per share) | $ / shares | $ 24.51 |
Forfeited (in shares) | shares | (420) |
Forfeited, weighted average grant date fair value (in dollars per share) | $ / shares | $ 27 |
Outstanding at June 30, 2020 (in shares) | shares | 195,230 |
Outstanding at June 30, 2020, weighted average grant date fair value (in dollars per share) | $ / shares | $ 40.78 |
Note 8 - Earnings Per Share A_3
Note 8 - Earnings Per Share Attributable to Common Shareholder - Schedule of Earnings Per Share (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Net Income (Loss) Attributable to Common Stockholders | $ 153,095 | |||
Weighted Average Common Shares Outstanding, Basic (in shares) | 40,338,982 | 35,930,350 | 38,891,370 | 35,800,061 |
Dilutive Effect of Share-Based Awards: | ||||
Weighted Average Common Shares Outstanding, Diluted (in shares) | 41,509,819 | 35,930,350 | 38,891,370 | 35,800,061 |
Basic Earnings per Share (in dollars per share) | $ 0 | $ (0.16) | $ (0.09) | $ (0.25) |
Diluted Earnings per Share (in dollars per share) | $ 0 | $ (0.16) | $ (0.09) | $ (0.25) |
Service Period Stock Options [Member] | ||||
Dilutive Effect of Share-Based Awards: | ||||
Effect of Share-Based Awards (in shares) | 1,032,095 | |||
Restricted Stock Units (RSUs) [Member] | ||||
Dilutive Effect of Share-Based Awards: | ||||
Effect of Share-Based Awards (in shares) | 113,617 | |||
Performance Shares [Member] | ||||
Dilutive Effect of Share-Based Awards: | ||||
Effect of Share-Based Awards (in shares) | 25,125 |
Note 8 - Earnings Per Share A_4
Note 8 - Earnings Per Share Attributable to Common Shareholder - Potentially Dilutive Securities (Details) - shares | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Potentially dilutive securities (in shares) | 1,773,734 | 1,576,949 | 1,866,127 |
Service Period Stock Options [Member] | |||
Potentially dilutive securities (in shares) | 1,519,431 | 1,325,836 | 1,602,279 |
Restricted Stock Units (RSUs) [Member] | |||
Potentially dilutive securities (in shares) | 230,057 | 220,320 | 239,602 |
Performance Shares [Member] | |||
Potentially dilutive securities (in shares) | 24,246 | 30,793 | 24,246 |
Note 9 - Concentrations (Detail
Note 9 - Concentrations (Details Textual) | Jun. 30, 2020USD ($) |
Cash, FDIC Insured Amount | $ 250,000 |
Note 10 - Commitments and Con_2
Note 10 - Commitments and Contingencies (Details Textual) - USD ($) | Jun. 30, 2020 | Dec. 31, 2019 | |
Accrued Legal Contingencies, Current | [1] | $ 0 | $ 10,100,000 |
Curran v. Freshpet, Inc. [Member] | |||
Accrued Legal Contingencies, Current | 10,100,000 | ||
Meldon v. Freshpet, Inc. [Member] | |||
Accrued Legal Contingencies, Current | 200,000 | ||
Meldon v. Freshpet, Inc. [Member] | Other Current Assets [Member] | |||
Loss Contingency, Receivable, Ending Balance | $ 200,000 | ||
[1] | See Note 10 for additional information. |