Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Feb. 18, 2021 | Jun. 30, 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 | FY | ||
Document Fiscal Year Focus | 2020 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 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, $0.001 par value per share | ||
Trading Symbol | FRPT | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
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 Public Float | $ 3,200,000,000 | ||
Entity Common Stock, Shares Outstanding | 40,724,185 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 67,247 | $ 9,472 |
Accounts receivable, net of allowance for doubtful accounts | 18,438 | 18,581 |
Inventories, net | 19,119 | 12,542 |
Prepaid expenses | 3,378 | 3,276 |
Other current assets | 914 | 10,453 |
Total Current Assets | 109,096 | 54,324 |
Property, plant and equipment, net | 281,073 | 165,288 |
Deposits on equipment | 3,710 | 3,601 |
Operating lease right of use assets | 7,866 | 9,154 |
Equity method investment | 27,894 | 0 |
Other assets | 4,749 | 3,759 |
Total Assets | 434,388 | 236,126 |
CURRENT LIABILITIES: | ||
Accounts payable | 16,452 | 18,668 |
Accrued expenses | 15,371 | 22,133 |
Current operating lease liabilities | 1,298 | 1,185 |
Total Current Liabilities | 33,121 | 41,986 |
Long term debt | 0 | 54,466 |
Long term operating lease liabilities | 7,098 | 8,409 |
Total Liabilities | 40,219 | 104,861 |
STOCKHOLDERS' EQUITY: | ||
Common stock — voting, $0.001 par value, 200,000,000 shares authorized, 40,732,409 issued and 40,718,240 outstanding on December 31, 2020, and 36,162,433 issued and 36,148,264 outstanding on December 31, 2019 | 41 | 36 |
Additional paid-in capital | 600,388 | 334,299 |
Accumulated deficit | (205,924) | (202,735) |
Accumulated other comprehensive income (loss) | (80) | (79) |
Treasury stock, at cost — 14,169 shares on December 31, 2020 and on December 31, 2019 | (256) | (256) |
Total Stockholders' Equity | 394,169 | 131,265 |
Total Liabilities and Stockholders' Equity | $ 434,388 | $ 236,126 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Dec. 31, 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) | 40,732,409 | 36,162,433 |
Common stock, outstanding (in shares) | 40,718,240 | 36,148,264 |
Treasury Stock, Shares, Ending Balance | 14,169 | 14,169 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
NET SALES | $ 318,790 | $ 245,862 | $ 193,237 |
COST OF GOODS SOLD | 185,880 | 131,665 | 103,247 |
GROSS PROFIT | 132,910 | 114,197 | 89,990 |
SELLING, GENERAL, AND ADMINISTRATIVE EXPENSES | 134,908 | 114,450 | 94,876 |
INCOME (LOSS) FROM OPERATIONS | (1,998) | (253) | (4,886) |
OTHER INCOME/(EXPENSES): | |||
Other Income/(Expenses), net | 87 | 5 | (102) |
Interest Expense | (1,212) | (991) | (296) |
Nonoperating Income (Expense), Total | (1,125) | (986) | (399) |
INCOME (LOSS) BEFORE INCOME TAXES | (3,123) | (1,239) | (5,284) |
INCOME TAX EXPENSE | 65 | 144 | 77 |
INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS | (3,188) | (1,383) | (5,361) |
OTHER COMPREHENSIVE INCOME (LOSS): | |||
Change in foreign currency translation | (1) | (48) | (108) |
TOTAL OTHER COMPREHENSIVE INCOME (LOSS) | (1) | (48) | (108) |
TOTAL COMPREHENSIVE INCOME (LOSS) | $ (3,189) | $ (1,430) | $ (5,469) |
NET INCOME (LOSS) PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS | |||
-BASIC (in dollars per share) | $ (0.08) | $ (0.04) | $ (0.15) |
-DILUTED (in dollars per share) | $ (0.08) | $ (0.04) | $ (0.15) |
WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING USED IN COMPUTING NET INCOME (LOSS) PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS | |||
-BASIC (in shares) | 39,757,660 | 35,950,117 | 35,329,170 |
-DILUTED (in shares) | 39,757,660 | 35,950,117 | 35,329,170 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | 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, 2017 | 35,132,548 | 0 | ||||
BALANCES at Dec. 31, 2017 | $ 35 | $ 312,783 | $ (195,991) | $ 76 | $ 0 | $ 116,903 |
Exercise of options to purchase common stock (in shares) | 349,464 | 0 | ||||
Exercise of options to purchase common stock | $ 0 | 3,325 | 0 | 0 | $ 0 | 3,325 |
Issuance of restricted stock units (in shares) | 74,583 | 0 | ||||
Issuance of restricted stock units | $ 0 | 0 | 0 | 0 | $ (256) | (256) |
Share-based compensation expense | 0 | 6,971 | 0 | 0 | 0 | 6,971 |
Foreign Currency Translation | 0 | 0 | 0 | (108) | 0 | (108) |
Net income (loss) | $ 0 | 0 | (5,361) | 0 | $ 0 | (5,361) |
BALANCES (in shares) at Dec. 31, 2018 | 35,556,595 | 14,169 | ||||
BALANCES at Dec. 31, 2018 | $ 35 | 323,080 | (201,353) | (32) | $ (256) | 121,474 |
Exercise of options to purchase common stock (in shares) | 513,540 | 0 | ||||
Exercise of options to purchase common stock | $ 1 | 4,460 | 0 | 0 | $ 0 | 4,460 |
Issuance of restricted stock units (in shares) | 92,298 | 0 | ||||
Issuance of restricted stock units | $ 0 | (1,295) | 0 | 0 | $ 0 | (1,295) |
Share-based compensation expense | 0 | 8,055 | 0 | 0 | 0 | 8,055 |
Foreign Currency Translation | 0 | 0 | 0 | (47) | 0 | (48) |
Net income (loss) | $ 0 | 0 | (1,383) | 0 | $ 0 | (1,383) |
BALANCES (in shares) at Dec. 31, 2019 | 36,162,433 | 14,169 | ||||
BALANCES at Dec. 31, 2019 | $ 36 | 334,299 | (202,735) | (79) | $ (256) | 131,265 |
Exercise of options to purchase common stock (in shares) | 478,844 | 0 | ||||
Exercise of options to purchase common stock | $ 0 | 5,441 | 0 | 0 | $ 0 | 5,441 |
Issuance of restricted stock units (in shares) | 91,133 | 0 | ||||
Issuance of restricted stock units | $ 0 | (2,568) | 0 | 0 | $ 0 | (2,568) |
Share-based compensation expense | 0 | 11,157 | 0 | 0 | 0 | 11,157 |
Foreign Currency Translation | 0 | 0 | 0 | (1) | 0 | (1) |
Net income (loss) | $ 0 | 0 | (3,188) | 0 | $ 0 | (3,188) |
Shares issued in primary offering (in shares) | 3,999,999 | 0 | ||||
Shares issued in primary offering | $ 4 | 252,058 | 0 | 0 | $ 0 | 252,062 |
BALANCES (in shares) at Dec. 31, 2020 | 40,732,409 | 14,169 | ||||
BALANCES at Dec. 31, 2020 | $ 41 | $ 600,388 | $ (205,924) | $ (80) | $ (256) | $ 394,169 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income (loss) | $ (3,188) | $ (1,383) | $ (5,361) |
Adjustments to reconcile net income (loss) to net cash flows provided by operating activities: | |||
Provision for loss/(gains) on accounts receivable | (23) | 15 | (15) |
Loss on disposal of equipment | 1,805 | 787 | 142 |
Share-based compensation | 10,925 | 7,834 | 6,808 |
Inventory obsolescence | 232 | 113 | 99 |
Depreciation and amortization | 21,125 | 15,922 | 14,068 |
Amortization of deferred financing costs and loan discount | 834 | 211 | 115 |
Changes in operating assets and liabilities: | |||
Accounts receivable | 166 | (8,019) | 410 |
Inventories | (6,808) | (3,338) | 702 |
Prepaid expenses and other current assets | 9,437 | (11,969) | 174 |
Operating lease right of use | 1,289 | 432 | 0 |
Other assets | (719) | 118 | (262) |
Accounts payable | (5,922) | 2,777 | 195 |
Accrued expenses | (6,762) | 13,082 | 1,531 |
Other lease liabilities | (1,198) | (265) | (31) |
Net cash flows from operating activities | 21,193 | 16,317 | 18,575 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Purchase of short-term investments | (20,000) | 0 | 0 |
Proceeds from maturities of short-term investments | 20,000 | 0 | 0 |
Investments in equity method investment | (27,894) | 0 | 0 |
Acquisitions of property, plant and equipment, software and deposits on equipment | (134,568) | (70,633) | (16,274) |
Net cash flows used in investing activities | (162,462) | (70,633) | (16,274) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Proceeds from common shares issued in primary offering, net of issuance cost | 252,062 | 0 | 0 |
Proceeds from exercise of options to purchase common stock | 5,441 | 4,460 | 3,325 |
Tax withholdings related to net shares settlements of restricted stock units | (2,568) | (1,295) | (256) |
Proceeds from borrowings under Credit Facilities | 20,933 | 72,291 | 6,000 |
Repayment of borrowings under Credit Facilities | (76,000) | (18,500) | (6,000) |
Financing fees paid in connection with borrowings | (824) | (723) | 0 |
Net cash flows provided by financing activities | 199,044 | 56,234 | 3,069 |
NET CHANGE IN CASH AND CASH EQUIVALENTS | 57,775 | 1,917 | 5,370 |
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | 9,472 | 7,554 | 2,184 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 67,247 | 9,472 | 7,554 |
SUPPLEMENTAL CASH FLOW INFORMATION: | |||
Taxes paid | 88 | 9 | 69 |
Interest paid | 1,061 | 522 | 184 |
NON-CASH FINANCING AND INVESTING ACTIVITIES: | |||
Property, plant and equipment purchases in accounts payable | 11,281 | 7,575 | 851 |
Non-cash acquisitions of property, plant and equipment | $ 0 | $ 1,750 | $ 0 |
Note 1 - Nature of the Business
Note 1 - Nature of the Business and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block] | 1 Nature of the Business Basis of Presentation may not may not Principles of Consolidation Segments Equity method investment not 20% may one In applying the equity investment method, the Company records the investment at cost and subsequently increases or decreases the carrying amount of the investment by our proportionate share of the net income or loss. Variable interest entities ("VIEs") - Estimates and Uncertainties Cash and Cash Equivalents three Trade Account Receivable may Restricted Stock Tax Withholdings 2020, 2019, 2018. Inventories first first Property, Plant and Equipment not two Long-Lived Assets may not not Income Taxes A valuation allowance is appropriate when management believes it is more likely than not, not December 31, 2020 2019 Treasury Stock may December 31, 2020, Share-based Compensation 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, other receivables, accounts payable and accrued expenses approximate their fair value based on the short-term maturity of these instruments. Certain assets, including the equity method investment, right-of-use assets and property and equipment are also subject to measurement at fair value on a non-recurring basis if they are deemed to be impaired as a result of an impairment review. As of December 31, 2020 1 Debt Issuance Cost first 2020, During the second 2020, "2020 December 31, 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. Revenue Recognition and Incentives not Revenue from product sales is recognized when obligations under the terms of the contract with the customer are satisfied, which occurs once control is transferred upon delivery to the customer. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring goods. The amount of consideration the Company receives and revenue the Company recognizes varies with changes in trade incentives the Company offers to its customers and their consumers. Trade incentives consists primarily of customer pricing allowances and merchandising funds, and consumer coupons are offered through various programs to customers and consumers. Estimates of trade promotion expense and coupon redemption costs are based upon programs offered, timing of those offers, estimated redemption/usage rates from historical performance, management’s experience and current economic trends. Sales taxes and other similar taxes are excluded from revenue. There were no contract assets as of December 31, 2020 2019 Information about the Company’s net sales by class of retailer is as follows: Twelve Months Ended December 31, (Dollars in thousands) 2020 2019 2018 Grocery (including Online), Mass and Club $ 272,008 $ 206,550 $ 158,506 Pet Specialty and Natural 46,782 39,312 34,731 Net Sales $ 318,790 $ 245,862 $ 193,237 Advertising first 2020 2019 2018 December 31, 2020, 2019, 2018 Shipping and Handling Costs/Freight Out third December 31, 2020, 2019 2018 Research & Development December 31, 2020, 2019 2018 |
Note 2 - Recently Issued Accoun
Note 2 - Recently Issued Accounting Standards | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Accounting Standards Update and Change in Accounting Principle [Text Block] | Note 2 Recently Adopted Standards In June 2016, No. 2016 13, 326 December 15, 2019, twelve December 31, 2020 2016 13. not Effective January 1, 2019, 842, 842 not not Standards Effective in Future Years In January 2020, No. 2020 01, 321 323 815 321, 323, 815. December 15, 2020, not We consider the applicability and impact of all Accounting Standards Updates (ASUs) issued by the Financial Accounting Standards Board (FASB). |
Note 3 - Inventories
Note 3 - Inventories | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | Note 3 Inventories are summarized as follows: December 31, December 31, 2020 2019 (Dollars in thousands) Raw Materials and Work in Process $ 9,347 $ 4,453 Packaging Components Material 1,872 1,419 Finished Goods 8,365 6,842 19,584 12,715 Reserve for Obsolete Inventory (465 ) (173 ) $ 19,119 $ 12,542 |
Note 4 - Property, Plant and Eq
Note 4 - Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | Note 4 December 31, December 31, 2020 2019 (Dollars in thousands) Refrigeration Equipment $ 107,703 $ 97,568 Machinery and Equipment 106,176 54,274 Building, Land, and Improvements 101,786 25,621 Furniture and Office Equipment 5,687 4,932 Leasehold Improvements 1,301 395 Automotive Equipment 160 309 Construction in Progress 44,497 58,587 367,310 241,687 Less: Accumulated Depreciation (86,237 ) (76,400 ) $ 281,073 $ 165,288 Depreciation and amortization expense related to property, plant and equipment totaled approximately $20.8 million, $15.6 million, and $13.8 million, for the years ended December 31, 2020, 2019 2018 2020 2019 2018 |
Note 5 - Equity Method Investme
Note 5 - Equity Method Investment | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | Note 5 On September 2, 2020, $27.9 not not 20%. not There is no equity in income (loss) of equity method investment included in our Consolidated Statement of Operation and Comprehensive Loss for the periods presented as the results were not |
Note 6 - Income Taxes
Note 6 - Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 6 A summary of income taxes as follows: Year Ended December 31, 2020 2019 2018 Current: (Dollars in thousands) Federal $ — $ — $ — State 65 144 77 International — — — $ 65 $ 144 $ 77 The provisions for income taxes do not The reconciliation of the statutory federal income tax rate to the Company’s effective tax is presented below: Year Ended December 31, 2020 2019 2018 Tax at federal statutory rate 21.0 % 21.0 % 21.0 % State taxes, net of federal 39.2 % 36.6 % (1.2 %) Permanent items 284.4 % 312.2 % (2.4 %) Other 5.6 % 5.6 % (0.1 %) State rate change 0.2 % (24 %) 15.8 % Valuation allowance (352.5 %) (362.7 %) (34.5 %) Effective tax rate (2.1 %) (11.6 %) (1.5 %) In assessing the realizability of the net deferred tax assets, the Company considers all relevant positive and negative evidence to determine whether it is more likely than not not not not December 31, 2020, 2019 2018. The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are as follows: Year Ended December 31, 2020 2019 2018 (Dollars in thousands) Net operating loss $ 60,268 $ 49,626 $ 45,831 Stock option expense 6,454 5,063 1,155 Property and equipment (11,941 ) (10,372 ) (9,688 ) Other 1,194 966 552 Less: Valuation allowance (55,975 ) (45,283 ) (37,850 ) Net deferred income tax assets $ - $ - $ - At December 31, 2020 2017 2025 2037. 2018, 2019 2020 80% may 382 not 382 December 31, 2020 2020 2039, not Entities are also required to evaluate, measure, recognize and disclose any uncertain income tax provisions taken on their income tax returns. The Company has analyzed its tax positions and has concluded that as of December 31, 2020, no 2005 not not 2020 The Company considered the impact of the disallowance of certain incentive based compensation tax deductibility under Internal Revenue Code Section 162 |
Note 7 - Accrued Expenses
Note 7 - Accrued Expenses | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block] | Note 7 2020 2019 (Dollars in thousands) Legal Contingency $ - $ 10,100 Accrued Compensation and Employee Related Costs 8,185 6,391 Accrued Chiller Cost 2,049 1,576 Accrued Customer Consideration 502 635 Accrued Freight 1,002 703 Accrued Production Expenses 705 414 Accrued Marketing 684 1,188 Accrued IT/Systems 805 - Other Accrued Expenses 1,439 1,127 $ 15,371 $ 22,133 |
Note 8 - Debt
Note 8 - Debt | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | Note 8 On April 17, 2020, 2020 May 15, 2019. 2020 The Credit Facility had a maturity date of April 17, 2025 Borrowings under the Credit Facility were secured by substantially all of the Company's and certain of its subsidiaries' assets. During the first 2020, second 2020. December 31, 2020. Net borrowings under our credit facilities totaled $54.5 million at December 31, 2019, In connection with entering into the 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 Credit Facility. As of December 31, 2020, Interest expense and fees totaled $1.2 million, $1.0 million and $0.2 million for the years ended December 31, 2020, 2019 2018 December 31, 2020 December 31, 2019, December 31, 2018. 16, February 19, 2020. |
Note 9 - Commitments and Contin
Note 9 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | Note 9 Commitments April 1, 2027. Leases: We have various noncancellable 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: December 31, 2020 2019 Weighted-average remaining lease term 5.43 6.22 Weighted-average discount rate 6.1 % 6.1 % not Costs related to lease obligations for the years ended December 31, 2020 2019 For the Twelve Months Ended December 31, 2020 2019 (Dollars in thousands) Operating lease cost $ 1,796 $ 1,606 Supplemental cash flow information and non-cash activity relating to operating leases are as follows: For the Twelve Months Ended December 31, 2020 2019 Operating cash flow information: (Dollars in thousands) Cash paid for amounts included in the measurement of lease liabilities $ 1,707 $ 1,425 Right-of-use assets obtained in exchange for lease obligations $ 18 $ 724 As of December 31, 2020 five Operating Lease Obligations December 31, 2020 (Dollars in thousands) 2021 $ 1,760 2022 1,768 2023 1,802 2024 1,511 2025 and beyond 2,786 Total lease payments $ 9,627 Less: Imputed interest (1,231 ) Present value of lease liabilities $ 8,396 Rent expense for operating leases, in accordance with the leasing standard was $0.7 million in 2018. As of December 31, 2020 five Manufacturing and Servicing Obligations December 31, 2020 (Dollars in thousands) 2021 $ 4,862 2022 3,106 2023 3,213 2024 4,783 2025 and beyond 712 Total Manufacturing and Servicing Obligations $ 16,676 Certain of the Company’s executives are covered by employment contracts requiring the Company to pay severance in the event of certain terminations. Legal Obligations: A shareholder derivative lawsuit, Meldon v. Freshpet, Inc. et al, Docket No. 2:18 10166, June 5, 2018 June 2018. April 3, 2019, August 4, 2020. In addition, we are currently involved in various claims and legal actions that arise in the ordinary course of our business, including claims resulting from employment related matters. None |
Note 10 - Equity Incentive Plan
Note 10 - Equity Incentive Plans and Equity | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | Note 10 Total compensation cost for share-based payments recognized for the years ended December 31, 2020, 2019, 2018 December 31, 2020, 2019, 2018 December 31, 2020, 2019, 2018 December 31, 2020 2019 2010 December 2010, 2010 “2010 2012, 2010 four The options granted have maximum contractual terms of 10 2010 no may 2010 At December 31, 2020, 2010 2014 November 2014, 2014 “2014 may 2014 September 2016, 2014 September 2020, 2014 may December 31, 2020 three three one 2014 At December 31, 2020 2014 NASDAQ Marketplace Rules Inducement Award December 31, 2016, first 2020, 2014 four three Service Period Stock Options — December 31, 2020 Options Shares Weighted Average Exercise Price Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding at December 31, 2019 1,359,990 $ 11.50 (Dollars in thousands) Granted 382,910 127.89 Exercised (415,499 ) 8.97 Forfeited (357 ) 11.00 Outstanding at December 31, 2020 1,327,044 $ 45.88 7.0 $ 128,778 Exercisable at December 31, 2020 874,153 $ 10.99 5.7 $ 115,520 All of the options exercisable at December 31, 2020 December 31, 2020, 2019, 2018 A summary of the nonvested service period stock options as of December 31, 2020 December 31, 2020 Number of Options Weighted-Average Grant-Date Fair Value Per Share Nonvested as of December 31, 2019 347,796 $ 8.11 Granted 382,910 64.75 Vested (277,458 ) 6.17 Forfeited (357 ) 5.61 Nonvested as of December 31, 2020 452,891 $ 57.19 As of December 31, 2020 2021, 2022, 2023 2024. Performance Based Options — December 31, 2020 Options Shares Weighted Average Exercise Price Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding at December 31, 2019 1,372,819 $ 18.31 Granted 844,508 139.02 Exercised (63,315 ) 27.34 Forfeited (35,000 ) 15.65 Outstanding at December 31, 2020 2,119,012 $ 66.19 7.8 $ 161,231 Exercisable at December 31, 2020 1,008,964 $ 11.05 5.9 $ 132,110 A summary of the nonvested performance-based options as of December 31, 2020 December 31, 2020 Number of Options Weighted-Average Grant-Date Fair Value Per Share Nonvested as of December 31, 2019 1,338,361 $ 10.89 Granted 844,508 70.83 Vested (1,037,823 ) 6.97 Forfeited (35,000 ) 7.49 Nonvested as of December 31, 2020 1,110,046 $ 60.25 As of December 31, 2020 December 31, 2020 December 31, 2021 December 31, 2024. December 31, 2020 2021, 2022, 2023 2024. As of December 31, 2020, not Service Period Restricted Stock Units — twelve December 31, 2020 Shares Weighted-Average Grant-Date Fair Value Per Unit Outstanding at December 31, 2019 240,229 $ 29.07 Granted 55,134 63.68 Issued Upon Vesting (123,744 ) 24.33 Forfeited (1,328 ) 45.32 Outstanding at December 31, 2020 170,291 $ 43.60 As of December 31, 2020 2021, 2022, 2023. Performance Based Restricted Stock Units — twelve December 31, 2020 Shares Weighted-Average Grant-Date Fair Value Per Unit Outstanding at December 31, 2019 - $ - Granted 22,894 55.54 Outstanding at December 31, 2020 22,894 $ 55.54 As of December 31, 2020, December 31, 2020 twelve December 31, 2023. December 31, 2020, 2021, 2022, 2023. Grant Date Fair Value of Options December 31, 2020, 2019, 2018 $24.24 Expected Volatility— Weighted Average Expected Term 718, Stock Compensation Risk-Free Interest Rate Expected Dividend Yield not no zero Year Ended December 31, 2020 2019 2018 Weighted average exercise price of options granted $ 135.55 $ 48.64 $ 27.60 Expected volatility 46.9% - 51.5% 47.6% - 48.5% 48.9% - 50% Average expected terms in years 5.8 - 7 6 - 6.6 6 - 6.6 Risk-free interest rate 0.3% - 1.69% 2.27% 2.62% - 2.96% Expected dividend yield 0.0% 0.0% 0.0% |
Note 11 - Earnings Per Share At
Note 11 - Earnings Per Share Attributable to Common Stockholder | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | Note 11 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. Diluted net loss per common share is the same as basic net loss per common share, due to the fact that potentially dilutive securities would have an antidilutive effect as the Company incurred a net loss for the years ended December 31, 2020, 2019 2018 In the years ended December 31, 2020, 2019, 2018 The potentially dilutive securities excluded from the determination of diluted loss per share, as their effect is antidilutive, are as follows: Twelve Months Ended December 31, 2020 2019 2018 Service Period Stock Options 1,355,590 1,500,156 2,018,050 Restricted Stock Units 190,006 235,847 213,591 Performance Stock Options 1,008,960 34,482 52,536 Total 2,554,556 1,770,485 2,284,177 |
Note 12 - Retirement Plan
Note 12 - Retirement Plan | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Compensation and Employee Benefit Plans, Other than Share-based Compensation [Text Block] | Note 12 The Company sponsors a safe harbor 401 may 2020 2019 2018 |
Note 13 - Related Party Transac
Note 13 - Related Party Transactions | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | Note 13 In September 2018, one no June 10, 2019, no 2019 2018, The Company believes that all payments made to the vendor was at market value and thus at arms-length. There were no related party transactions in 2020. |
Note 14 - Concentrations
Note 14 - Concentrations | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | Note 14 Concentration of Credit Risk may Major Customers 2020 2019 2018 one three 16% 2020 2018 no 10% 2019 10% December 31, 2020 one two December 31, 2019 one two 19%, Major Suppliers one 2020 one 2019 one 2018 The Company purchased approximately 88% of its packaging material from five 2020 three 2019 three 2018 |
Note 15 - Unaudited Quarterly R
Note 15 - Unaudited Quarterly Results | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | Note 15 Unaudited quarterly results for the years ended December 31, 2020, 2019, 2018 First Quarter Second Quarter Third Quarter Fourth Quarter (Dollars in thousands except per share data) 2020: Net sales 70,098 79,980 84,190 84,522 Income/(loss) from operations (2,886 ) 231 3,760 (3,103 ) Net Income/(loss) (3,590 ) 153 3,547 (3,298 ) Net Income/(loss) attributable to common stockholders (3,590 ) 153 3,547 (3,298 ) Basic earnings/(loss) per common share (0.10 ) 0.00 0.09 (0.08 ) Diluted earnings/(loss) per common share (0.10 ) 0.00 0.09 (0.08 ) 2019: Net sales 54,792 60,052 65,266 65,752 Income/(loss) from operations (3,317 ) (5,346 ) 3,535 4,876 Net Income/(loss) (3,422 ) (5,661 ) 3,067 4,633 Net Income/(loss) attributable to common stockholders (3,422 ) (5,661 ) 3,067 4,633 Basic earnings/(loss) per common share (0.10 ) (0.16 ) 0.09 0.13 Diluted earnings/(loss) per common share (0.10 ) (0.16 ) 0.08 0.12 2018: Net sales 43,170 47,625 50,800 51,643 Income/(loss) from operations (3,410 ) (3,410 ) 44 1,890 Net Income/(loss) (3,521 ) (3,501 ) (97 ) 1,757 Net Income/(loss) attributable to common stockholders (3,521 ) (3,501 ) (97 ) 1,757 Basic earnings/(loss) per common share (0.10 ) (0.10 ) (0.00 ) 0.05 Diluted earnings/(loss) per common share (0.10 ) (0.10 ) (0.00 ) 0.05 |
Note 16 - Subsequent Events
Note 16 - Subsequent Events | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | Note 16 On February 19, 2021, 2020 The New Loan Agreement provides for a $350 million senior secured credit facility (the "New Credit Facility"), encompassing a $300 million delayed draw term loan facility (the "Delayed Draw Facility") and a $50 million revolving loan facility (the "Revolving Loan Facility"), which replaces the Company's prior $130 million delayed draw term loan facility and $35 million revolving loan facility. The New Credit Facility will mature on February 19, 2026, August 19, 2023, August 19, 2022, 1/28 August 19, 2023, 1/28 Borrowings under the New Credit Facility will be 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 and its subsidiaries' 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. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 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 may not may not |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation |
Segment Reporting, Policy [Policy Text Block] | Segments |
Equity Method Investments [Policy Text Block] | Equity method investment not 20% may one In applying the equity investment method, the Company records the investment at cost and subsequently increases or decreases the carrying amount of the investment by our proportionate share of the net income or loss. |
Consolidation, Variable Interest Entity, Policy [Policy Text Block] | Variable interest entities ("VIEs") - |
Use of Estimates, Policy [Policy Text Block] | Estimates and Uncertainties |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents three |
Receivable [Policy Text Block] | Trade Account Receivable may |
Restricted Stock Tax Withholdings [Policy Text Block] | Restricted Stock Tax Withholdings 2020, 2019, 2018. |
Inventory, Policy [Policy Text Block] | Inventories first first |
Property, Plant and Equipment, Policy [Policy Text Block] | Property, Plant and Equipment not two |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Long-Lived Assets may not not |
Income Tax, Policy [Policy Text Block] | Income Taxes A valuation allowance is appropriate when management believes it is more likely than not, not December 31, 2020 2019 |
Treasury Stock [Policy Text Block] | Treasury Stock may December 31, 2020, |
Share-based Payment Arrangement [Policy Text Block] | Share-based Compensation |
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, other receivables, accounts payable and accrued expenses approximate their fair value based on the short-term maturity of these instruments. Certain assets, including the equity method investment, right-of-use assets and property and equipment are also subject to measurement at fair value on a non-recurring basis if they are deemed to be impaired as a result of an impairment review. As of December 31, 2020 1 |
Debt Issuance Cost [Policy Text Block] | Debt Issuance Cost first 2020, During the second 2020, "2020 December 31, 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. |
Revenue from Contract with Customer [Policy Text Block] | Revenue Recognition and Incentives not Revenue from product sales is recognized when obligations under the terms of the contract with the customer are satisfied, which occurs once control is transferred upon delivery to the customer. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring goods. The amount of consideration the Company receives and revenue the Company recognizes varies with changes in trade incentives the Company offers to its customers and their consumers. Trade incentives consists primarily of customer pricing allowances and merchandising funds, and consumer coupons are offered through various programs to customers and consumers. Estimates of trade promotion expense and coupon redemption costs are based upon programs offered, timing of those offers, estimated redemption/usage rates from historical performance, management’s experience and current economic trends. Sales taxes and other similar taxes are excluded from revenue. There were no contract assets as of December 31, 2020 2019 Information about the Company’s net sales by class of retailer is as follows: Twelve Months Ended December 31, (Dollars in thousands) 2020 2019 2018 Grocery (including Online), Mass and Club $ 272,008 $ 206,550 $ 158,506 Pet Specialty and Natural 46,782 39,312 34,731 Net Sales $ 318,790 $ 245,862 $ 193,237 |
Advertising Cost [Policy Text Block] | Advertising first 2020 2019 2018 December 31, 2020, 2019, 2018 |
Revenue Recognition, Shipping And Handling Cost [Policy Text Block] | Shipping and Handling Costs/Freight Out third December 31, 2020, 2019 2018 |
Research and Development Expense, Policy [Policy Text Block] | Research & Development December 31, 2020, 2019 2018 |
Note 1 - Nature of the Busine_2
Note 1 - Nature of the Business and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Twelve Months Ended December 31, (Dollars in thousands) 2020 2019 2018 Grocery (including Online), Mass and Club $ 272,008 $ 206,550 $ 158,506 Pet Specialty and Natural 46,782 39,312 34,731 Net Sales $ 318,790 $ 245,862 $ 193,237 |
Note 3 - Inventories (Tables)
Note 3 - Inventories (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | December 31, December 31, 2020 2019 (Dollars in thousands) Raw Materials and Work in Process $ 9,347 $ 4,453 Packaging Components Material 1,872 1,419 Finished Goods 8,365 6,842 19,584 12,715 Reserve for Obsolete Inventory (465 ) (173 ) $ 19,119 $ 12,542 |
Note 4 - Property, Plant and _2
Note 4 - Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | December 31, December 31, 2020 2019 (Dollars in thousands) Refrigeration Equipment $ 107,703 $ 97,568 Machinery and Equipment 106,176 54,274 Building, Land, and Improvements 101,786 25,621 Furniture and Office Equipment 5,687 4,932 Leasehold Improvements 1,301 395 Automotive Equipment 160 309 Construction in Progress 44,497 58,587 367,310 241,687 Less: Accumulated Depreciation (86,237 ) (76,400 ) $ 281,073 $ 165,288 |
Note 6 - Income Taxes (Tables)
Note 6 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Year Ended December 31, 2020 2019 2018 Current: (Dollars in thousands) Federal $ — $ — $ — State 65 144 77 International — — — $ 65 $ 144 $ 77 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Year Ended December 31, 2020 2019 2018 Tax at federal statutory rate 21.0 % 21.0 % 21.0 % State taxes, net of federal 39.2 % 36.6 % (1.2 %) Permanent items 284.4 % 312.2 % (2.4 %) Other 5.6 % 5.6 % (0.1 %) State rate change 0.2 % (24 %) 15.8 % Valuation allowance (352.5 %) (362.7 %) (34.5 %) Effective tax rate (2.1 %) (11.6 %) (1.5 %) |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | Year Ended December 31, 2020 2019 2018 (Dollars in thousands) Net operating loss $ 60,268 $ 49,626 $ 45,831 Stock option expense 6,454 5,063 1,155 Property and equipment (11,941 ) (10,372 ) (9,688 ) Other 1,194 966 552 Less: Valuation allowance (55,975 ) (45,283 ) (37,850 ) Net deferred income tax assets $ - $ - $ - |
Note 7 - Accrued Expenses (Tabl
Note 7 - Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | 2020 2019 (Dollars in thousands) Legal Contingency $ - $ 10,100 Accrued Compensation and Employee Related Costs 8,185 6,391 Accrued Chiller Cost 2,049 1,576 Accrued Customer Consideration 502 635 Accrued Freight 1,002 703 Accrued Production Expenses 705 414 Accrued Marketing 684 1,188 Accrued IT/Systems 805 - Other Accrued Expenses 1,439 1,127 $ 15,371 $ 22,133 |
Note 9 - Commitments and Cont_2
Note 9 - Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Lessee, Operating Lease, Disclosure [Table Text Block] | December 31, 2020 2019 Weighted-average remaining lease term 5.43 6.22 Weighted-average discount rate 6.1 % 6.1 % |
Lease, Cost [Table Text Block] | For the Twelve Months Ended December 31, 2020 2019 (Dollars in thousands) Operating lease cost $ 1,796 $ 1,606 |
Schedule of Supplemental Cash Flow Information Related To Leases [Table Text Block] | For the Twelve Months Ended December 31, 2020 2019 Operating cash flow information: (Dollars in thousands) Cash paid for amounts included in the measurement of lease liabilities $ 1,707 $ 1,425 Right-of-use assets obtained in exchange for lease obligations $ 18 $ 724 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Operating Lease Obligations December 31, 2020 (Dollars in thousands) 2021 $ 1,760 2022 1,768 2023 1,802 2024 1,511 2025 and beyond 2,786 Total lease payments $ 9,627 Less: Imputed interest (1,231 ) Present value of lease liabilities $ 8,396 |
Contractual Obligation, Fiscal Year Maturity [Table Text Block] | Manufacturing and Servicing Obligations December 31, 2020 (Dollars in thousands) 2021 $ 4,862 2022 3,106 2023 3,213 2024 4,783 2025 and beyond 712 Total Manufacturing and Servicing Obligations $ 16,676 |
Note 10 - Equity Incentive Pl_2
Note 10 - Equity Incentive Plans and Equity (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Share-based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block] | Shares Weighted-Average Grant-Date Fair Value Per Unit Outstanding at December 31, 2019 240,229 $ 29.07 Granted 55,134 63.68 Issued Upon Vesting (123,744 ) 24.33 Forfeited (1,328 ) 45.32 Outstanding at December 31, 2020 170,291 $ 43.60 Shares Weighted-Average Grant-Date Fair Value Per Unit Outstanding at December 31, 2019 - $ - Granted 22,894 55.54 Outstanding at December 31, 2020 22,894 $ 55.54 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Year Ended December 31, 2020 2019 2018 Weighted average exercise price of options granted $ 135.55 $ 48.64 $ 27.60 Expected volatility 46.9% - 51.5% 47.6% - 48.5% 48.9% - 50% Average expected terms in years 5.8 - 7 6 - 6.6 6 - 6.6 Risk-free interest rate 0.3% - 1.69% 2.27% 2.62% - 2.96% Expected dividend yield 0.0% 0.0% 0.0% |
Performance Stock Options [Member] | |
Notes Tables | |
Share-based Payment Arrangement, Performance Shares, Outstanding Activity [Table Text Block] | Options Shares Weighted Average Exercise Price Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding at December 31, 2019 1,372,819 $ 18.31 Granted 844,508 139.02 Exercised (63,315 ) 27.34 Forfeited (35,000 ) 15.65 Outstanding at December 31, 2020 2,119,012 $ 66.19 7.8 $ 161,231 Exercisable at December 31, 2020 1,008,964 $ 11.05 5.9 $ 132,110 |
Schedule of Nonvested Performance-based Units Activity [Table Text Block] | Number of Options Weighted-Average Grant-Date Fair Value Per Share Nonvested as of December 31, 2019 1,338,361 $ 10.89 Granted 844,508 70.83 Vested (1,037,823 ) 6.97 Forfeited (35,000 ) 7.49 Nonvested as of December 31, 2020 1,110,046 $ 60.25 |
Service Period Stock Options [Member] | |
Notes Tables | |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Options Shares Weighted Average Exercise Price Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding at December 31, 2019 1,359,990 $ 11.50 (Dollars in thousands) Granted 382,910 127.89 Exercised (415,499 ) 8.97 Forfeited (357 ) 11.00 Outstanding at December 31, 2020 1,327,044 $ 45.88 7.0 $ 128,778 Exercisable at December 31, 2020 874,153 $ 10.99 5.7 $ 115,520 |
Schedule of Nonvested Share Activity [Table Text Block] | Number of Options Weighted-Average Grant-Date Fair Value Per Share Nonvested as of December 31, 2019 347,796 $ 8.11 Granted 382,910 64.75 Vested (277,458 ) 6.17 Forfeited (357 ) 5.61 Nonvested as of December 31, 2020 452,891 $ 57.19 |
Note 11 - Earnings Per Share _2
Note 11 - Earnings Per Share Attributable to Common Stockholder (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Twelve Months Ended December 31, 2020 2019 2018 Service Period Stock Options 1,355,590 1,500,156 2,018,050 Restricted Stock Units 190,006 235,847 213,591 Performance Stock Options 1,008,960 34,482 52,536 Total 2,554,556 1,770,485 2,284,177 |
Note 15 - Unaudited Quarterly_2
Note 15 - Unaudited Quarterly Results (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | First Quarter Second Quarter Third Quarter Fourth Quarter (Dollars in thousands except per share data) 2020: Net sales 70,098 79,980 84,190 84,522 Income/(loss) from operations (2,886 ) 231 3,760 (3,103 ) Net Income/(loss) (3,590 ) 153 3,547 (3,298 ) Net Income/(loss) attributable to common stockholders (3,590 ) 153 3,547 (3,298 ) Basic earnings/(loss) per common share (0.10 ) 0.00 0.09 (0.08 ) Diluted earnings/(loss) per common share (0.10 ) 0.00 0.09 (0.08 ) 2019: Net sales 54,792 60,052 65,266 65,752 Income/(loss) from operations (3,317 ) (5,346 ) 3,535 4,876 Net Income/(loss) (3,422 ) (5,661 ) 3,067 4,633 Net Income/(loss) attributable to common stockholders (3,422 ) (5,661 ) 3,067 4,633 Basic earnings/(loss) per common share (0.10 ) (0.16 ) 0.09 0.13 Diluted earnings/(loss) per common share (0.10 ) (0.16 ) 0.08 0.12 2018: Net sales 43,170 47,625 50,800 51,643 Income/(loss) from operations (3,410 ) (3,410 ) 44 1,890 Net Income/(loss) (3,521 ) (3,501 ) (97 ) 1,757 Net Income/(loss) attributable to common stockholders (3,521 ) (3,501 ) (97 ) 1,757 Basic earnings/(loss) per common share (0.10 ) (0.10 ) (0.00 ) 0.05 Diluted earnings/(loss) per common share (0.10 ) (0.10 ) (0.00 ) 0.05 |
Note 1 - Nature of the Busine_3
Note 1 - Nature of the Business and Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Jun. 30, 2020 | |
Payment, Tax Withholding, Share-based Payment Arrangement | $ 2,568 | $ 1,295 | $ 256 | ||
Treasury Stock, Value, Ending Balance | 256 | 256 | |||
Contract with Customer, Asset, after Allowance for Credit Loss, Total | 0 | 0 | |||
Advertising Expense | 38,500 | 34,300 | 29,400 | ||
Prepaid Advertising | 100 | 600 | 300 | ||
Cost of Goods and Services Sold, Total | 185,880 | 131,665 | 103,247 | ||
Research and Development Expense, Total | 800 | 1,200 | 500 | ||
Shipping and Handling [Member] | |||||
Cost of Goods and Services Sold, Total | 27,200 | 19,800 | $ 15,900 | ||
Draw Term Loan [Member] | Interest Expense [Member] | |||||
Amortization of Debt Issuance Costs | $ 600 | ||||
Credit Facility [Member] | |||||
Amortization of Debt Issuance Costs | 800 | ||||
Debt Issuance Costs, Net, Total | 1,200 | ||||
Credit Facility [Member] | Other Assets [Member] | |||||
Debt Issuance Costs, Net, Total | 900 | ||||
Credit Facility [Member] | Other Current Assets [Member] | |||||
Debt Issuance Costs, Net, Total | $ 300 | ||||
Credit Facility [Member] | Draw Term Loan [Member] | |||||
Debt Issuance Costs, Net, Total | $ 100 | $ 600 | $ 600 | ||
Credit Facility [Member] | Revolving Credit Facility [Member] | |||||
Debt Issuance Costs, Net, Total | $ 800 | ||||
Furniture and Fixtures [Member] | |||||
Property, Plant and Equipment, Useful Life (Year) | 7 years | ||||
Transportation Equipment [Member] | |||||
Property, Plant and Equipment, Useful Life (Year) | 5 years | ||||
Refrigeration Equipment [Member] | |||||
Property, Plant and Equipment, Useful Life (Year) | 9 years | ||||
Machinery and Equipment [Member] | Minimum [Member] | |||||
Property, Plant and Equipment, Useful Life (Year) | 5 years | ||||
Machinery and Equipment [Member] | Maximum [Member] | |||||
Property, Plant and Equipment, Useful Life (Year) | 10 years | ||||
Building and Building Improvements [Member] | Minimum [Member] | |||||
Property, Plant and Equipment, Useful Life (Year) | 15 years | ||||
Building and Building Improvements [Member] | Maximum [Member] | |||||
Property, Plant and Equipment, Useful Life (Year) | 39 years | ||||
Restricted Stock Units (RSUs) [Member] | |||||
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation (in shares) | 32,611 | 32,096 | 14,169 | ||
Payment, Tax Withholding, Share-based Payment Arrangement | $ 2,600 | $ 1,300 | $ 300 |
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 ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Net sales | $ 84,522 | $ 84,190 | $ 79,980 | $ 70,098 | $ 65,752 | $ 65,266 | $ 60,052 | $ 54,792 | $ 51,643 | $ 50,800 | $ 47,625 | $ 43,170 | $ 318,790 | $ 245,862 | $ 193,237 |
Grocery (including Online), Mass and Club [Member] | |||||||||||||||
Net sales | 272,008 | 206,550 | 158,506 | ||||||||||||
Pet Specialty and Natural [Member] | |||||||||||||||
Net sales | $ 46,782 | $ 39,312 | $ 34,731 |
Note 3 - Inventories - Summary
Note 3 - Inventories - Summary of Inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Raw Materials and Work in Process | $ 9,347 | $ 4,453 |
Packaging Components Material | 1,872 | 1,419 |
Finished Goods | 8,365 | 6,842 |
Inventory, Gross, Total | 19,584 | 12,715 |
Reserve for Obsolete Inventory | (465) | (173) |
Inventory, Net, Total | $ 19,119 | $ 12,542 |
Note 4 - Property, Plant and _3
Note 4 - Property, Plant and Equipment (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Depreciation, Depletion and Amortization, Total | $ 20.8 | $ 15.6 | $ 13.8 |
Cost of Sales [Member] | |||
Depreciation, Depletion and Amortization, Total | $ 9.6 | $ 6.4 | $ 6.1 |
Note 4 - Property, Plant and _4
Note 4 - Property, Plant and Equipment - Summary of Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Property, plant and equipment, gross | $ 367,310 | $ 241,687 |
Less: Accumulated Depreciation | (86,237) | (76,400) |
Property, Plant and Equipment, Net, Ending Balance | 281,073 | 165,288 |
Refrigeration Equipment [Member] | ||
Property, plant and equipment, gross | 107,703 | 97,568 |
Machinery and Equipment [Member] | ||
Property, plant and equipment, gross | 106,176 | 54,274 |
Land, Buildings and Improvements [Member] | ||
Property, plant and equipment, gross | 101,786 | 25,621 |
Furniture and Office Equipment [Member] | ||
Property, plant and equipment, gross | 5,687 | 4,932 |
Leasehold Improvements [Member] | ||
Property, plant and equipment, gross | 1,301 | 395 |
Automotive Equipment [Member] | ||
Property, plant and equipment, gross | 160 | 309 |
Construction in Progress [Member] | ||
Property, plant and equipment, gross | $ 44,497 | $ 58,587 |
Note 5 - Equity Method Invest_2
Note 5 - Equity Method Investment (Details Textual) - USD ($) $ in Thousands | Sep. 02, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Payments to Acquire Equity Method Investments | $ 27,894 | $ 0 | $ 0 | |
Equity Method Investments | 27,894 | $ 0 | ||
Income (Loss) from Equity Method Investments, Total | $ 0 | |||
Privately Held Company [Member] | ||||
Equity Method Investment, Ownership Percentage | 19.00% | |||
Payments to Acquire Equity Method Investments | $ 27,900 | |||
Equity Method Investments | 26,600 | |||
Equity Method Investment, Aggregate Cost | $ 1,300 |
Note 6 - Income Taxes (Details
Note 6 - Income Taxes (Details Textual) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Unrecognized Tax Benefits, Ending Balance | $ 0 |
Income Tax Examination, Penalties and Interest Expense, Total | 0 |
Domestic Tax Authority [Member] | |
Operating Loss Carryforwards, Total | 239,800 |
Operating Loss Carryforwards, Subject to Expiration | 175,000 |
Operating Loss Carryforwards, Not Subject to Expiration | 64,400 |
State and Local Jurisdiction [Member] | |
Operating Loss Carryforwards, Subject to Expiration | 189,800 |
Operating Loss Carryforwards, Not Subject to Expiration | $ 10,000 |
Note 6 - Income Taxes - Compone
Note 6 - Income Taxes - Components of Income Tax Expense Benefit (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Federal | $ 0 | $ 0 | $ 0 |
State | 65 | 144 | 77 |
International | 0 | 0 | 0 |
Current Income Tax Expense (Benefit), Total | $ 65 | $ 144 | $ 77 |
Note 6 - Income Taxes - Effecti
Note 6 - Income Taxes - Effective Income Tax Rate Reconciliation (Details) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Tax at federal statutory rate | 21.00% | 21.00% | 21.00% |
State taxes, net of federal | 39.20% | 36.60% | (1.20%) |
Permanent items | 284.40% | 312.20% | (2.40%) |
Other | 5.60% | 5.60% | (0.10%) |
State rate change | 0.20% | (24.00%) | 15.80% |
Valuation allowance | (352.50%) | (362.70%) | (34.50%) |
Effective tax rate | (2.10%) | (11.60%) | (1.50%) |
Note 6 - Income Taxes - Deferre
Note 6 - Income Taxes - Deferred Tax Assets And Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Net operating loss | $ 60,268 | $ 49,626 | $ 45,831 |
Stock option expense | 6,454 | 5,063 | 1,155 |
Property and equipment | (11,941) | (10,372) | (9,688) |
Other | 1,194 | 966 | 552 |
Less: Valuation allowance | (55,975) | (45,283) | (37,850) |
Net deferred income tax assets | $ 0 | $ 0 | $ 0 |
Note 7 - Accrued Expenses - Sum
Note 7 - Accrued Expenses - Summary of Accrued Expenses (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Legal Contingency | $ 0 | $ 10,100 |
Accrued Compensation and Employee Related Costs | 8,185 | 6,391 |
Accrued Chiller Cost | 2,049 | 1,576 |
Accrued Customer Consideration | 502 | 635 |
Accrued Freight | 1,002 | 703 |
Accrued Production Expenses | 705 | 414 |
Accrued Marketing | 684 | 1,188 |
Accrued IT/Systems | 805 | 0 |
Other Accrued Expenses | 1,439 | 1,127 |
Accrued Liabilities, Current, Total | $ 15,371 | $ 22,133 |
Note 8 - Debt (Details Textual)
Note 8 - Debt (Details Textual) - USD ($) $ in Thousands | Apr. 17, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | May 15, 2019 |
Proceeds from Lines of Credit, Total | $ 20,933 | $ 72,291 | $ 6,000 | ||||
Repayments of Lines of Credit | 76,000 | 18,500 | 6,000 | ||||
Interest Expense, Debt, Total | 1,200 | 1,000 | 200 | ||||
Credit Facility [Member] | |||||||
Debt Agreement, Maximum Borrowing Capacity | $ 165,000 | ||||||
Long-term Debt, Total | $ 76,000 | 0 | 54,500 | ||||
Proceeds from Debt Agreement | 20,900 | ||||||
Debt Issuance Costs, Net, Total | 1,200 | ||||||
Repayments of Lines of Credit | $ 76,000 | ||||||
Amortization of Debt Issuance Costs | 800 | ||||||
Interest Payable, Current | $ 100 | 300 | $ 100 | ||||
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] | |||||||
Long-term Debt, Total | 14,000 | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 35,000 | $ 35,000 | |||||
Debt Issuance Costs, Net, Total | 800 | ||||||
Proceeds from Lines of Credit, Total | 7,000 | ||||||
Credit Facility [Member] | Draw Term Loan [Member] | |||||||
Long-term Debt, Total | $ 130,000 | 40,500 | $ 55,000 | ||||
Proceeds from Issuance of Long-term Debt, Total | 13,900 | ||||||
Debt Issuance Costs, Net, Total | $ 600 | $ 100 | $ 600 |
Note 9 - Commitments and Cont_3
Note 9 - Commitments and Contingencies (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2020 | |
Lessee, Operating Lease, Renewal Term (Year) | 5 years | |
Operating Leases, Rent Expense, Total | $ 0.7 | |
Minimum [Member] | ||
Lessee, Operating Lease, Remaining Lease Term (Year) | 2 years | |
Maximum [Member] | ||
Lessee, Operating Lease, Remaining Lease Term (Year) | 9 years |
Note 9 - Commitments and Cont_4
Note 9 - Commitments and Contingencies - Operating Leases Of Lessee Disclosure (Details) | Dec. 31, 2020 | Dec. 31, 2019 |
Weighted-average remaining lease term (Year) | 5 years 5 months 4 days | 6 years 2 months 19 days |
Weighted-average discount rate | 6.10% | 6.10% |
Note 9 - Commitments and Cont_5
Note 9 - Commitments and Contingencies - Lease Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Operating lease cost | $ 1,796 | $ 1,606 |
Note 9 - Commitments and Cont_6
Note 9 - Commitments and Contingencies - Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Cash paid for amounts included in the measurement of lease liabilities | $ 1,707 | $ 1,425 |
Right-of-use assets obtained in exchange for lease obligations | $ 18 | $ 724 |
Note 9 - Commitments and Cont_7
Note 9 - Commitments and Contingencies - Lessee Operating Lease Liability Maturity (Details) $ in Thousands | Dec. 31, 2020USD ($) |
2021 | $ 1,760 |
2022 | 1,768 |
2023 | 1,802 |
2024 | 1,511 |
2025 and beyond | 2,786 |
Total lease payments | 9,627 |
Less: Imputed interest | (1,231) |
Present value of lease liabilities | $ 8,396 |
Note 9 - Commitments and Cont_8
Note 9 - Commitments and Contingencies - Contractual Obligation Fiscal Year Maturity Schedule (Details) $ in Thousands | Dec. 31, 2020USD ($) |
2021 | $ 4,862 |
2022 | 3,106 |
2023 | 3,213 |
2024 | 4,783 |
2025 and beyond | 712 |
Total Manufacturing and Servicing Obligations | $ 16,676 |
Note 10 - Equity Incentive Pl_3
Note 10 - Equity Incentive Plans and Equity (Details Textual) - USD ($) $ / shares in Units, Pure in Thousands, $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||
Sep. 30, 2020 | Sep. 30, 2016 | Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2016 | Nov. 30, 2014 | Dec. 31, 2012 | Dec. 31, 2010 | |
Share-based Payment Arrangement, Expense | $ 10.9 | $ 7.8 | $ 6.8 | |||||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount, Total | $ 0.2 | $ 0.2 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 68.93 | $ 24.24 | $ 14.27 | |||||||
Executive Vice President [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 15,000 | |||||||||
Service Period Stock Options [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number (in shares) | 874,153 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 382,910 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 48.8 | $ 18.4 | $ 7.3 | |||||||
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ 24.7 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 64.75 | |||||||||
Service Period Stock Options [Member] | Share-based Payment Arrangement, Tranche One [Member] | ||||||||||
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ 5.9 | |||||||||
Service Period Stock Options [Member] | Share-based Payment Arrangement, Tranche Two [Member] | ||||||||||
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | 5.7 | |||||||||
Service Period Stock Options [Member] | Share-based Payment Arrangement, Tranche Three [Member] | ||||||||||
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | 4.9 | |||||||||
Service Period Stock Options [Member] | Share-based Payment Arrangement, Tranche Four [Member] | ||||||||||
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ 8.2 | |||||||||
Service Period Stock Options [Member] | Chief Executive Officer [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 4 years | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 500,000 | |||||||||
Share-based Payment Arrangement, Option [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% | 0.00% | 0.00% | |||||||
Restricted Stock Units (RSUs) [Member] | ||||||||||
Share-based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $ 4 | |||||||||
Restricted Stock Units (RSUs) [Member] | Share-based Payment Arrangement, Tranche One [Member] | ||||||||||
Share-based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | 2.6 | |||||||||
Restricted Stock Units (RSUs) [Member] | Share-based Payment Arrangement, Tranche Two [Member] | ||||||||||
Share-based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | 1.2 | |||||||||
Restricted Stock Units (RSUs) [Member] | Share-based Payment Arrangement, Tranche Three [Member] | ||||||||||
Share-based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $ 0.2 | |||||||||
Performance Stock Options [Member] | Chief Executive Officer [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 500,000 | |||||||||
Performance Stock Options With Probable Vesting Criteria [Member] | ||||||||||
Unrecognized Compensation Costs, Performance Based Awards (in shares) | 861,047 | |||||||||
Share-based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $ 44.2 | |||||||||
Performance Stock Options With Probable Vesting Criteria [Member] | Share-based Payment Arrangement, Tranche One [Member] | ||||||||||
Share-based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | 12.5 | |||||||||
Performance Stock Options With Probable Vesting Criteria [Member] | Share-based Payment Arrangement, Tranche Two [Member] | ||||||||||
Share-based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | 11.8 | |||||||||
Performance Stock Options With Probable Vesting Criteria [Member] | Share-based Payment Arrangement, Tranche Three [Member] | ||||||||||
Share-based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | 10.3 | |||||||||
Performance Stock Options With Probable Vesting Criteria [Member] | Share-based Payment Arrangement, Tranche Four [Member] | ||||||||||
Share-based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $ 9.6 | |||||||||
Performance Stock Options Deemed Not Probable To Vest [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Exercises in Period (in shares) | 248,999 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value | $ 18.2 | |||||||||
Performance Based Restricted Stock Units [Member] | ||||||||||
Unrecognized Compensation Costs, Performance Based Awards (in shares) | 22,894 | |||||||||
Share-based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $ 2.4 | |||||||||
Performance Based Restricted Stock Units [Member] | Share-based Payment Arrangement, Tranche One [Member] | ||||||||||
Share-based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | 0.8 | |||||||||
Performance Based Restricted Stock Units [Member] | Share-based Payment Arrangement, Tranche Two [Member] | ||||||||||
Share-based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | 0.8 | |||||||||
Performance Based Restricted Stock Units [Member] | Share-based Payment Arrangement, Tranche Three [Member] | ||||||||||
Share-based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $ 0.8 | |||||||||
The 2010 Stock Plan [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 2,220,280 | 2,146,320 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number (in shares) | 26,130 | |||||||||
The 2010 Stock Plan [Member] | Share-based Payment Arrangement, Option [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 10 years | |||||||||
Stock Plan 2010 [Member] | Service Period Stock Options [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) | 3,979,200 | 2,610,490 | 1,479,200 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized (in shares) | 700,000 | 2,500,000 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 4,679,200 | |||||||||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 908,433 | |||||||||
Omnibus Incentive Plan 2014 [Member] | Service Period Stock Options [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | |||||||||
Omnibus Incentive Plan 2014 [Member] | Service Period Stock Options [Member] | Share-based Payment Arrangement, Employee [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] | Share-based Payment Arrangement, Employee [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 1 year | |||||||||
Cost of Sales [Member] | ||||||||||
Share-based Payment Arrangement, Expense | $ 2.1 | $ 0.9 | $ 0.9 | |||||||
Selling, General and Administrative Expenses [Member] | ||||||||||
Share-based Payment Arrangement, Expense | $ 8.8 | $ 6.9 | $ 5.9 |
Note 10 - Equity Incentive Pl_4
Note 10 - Equity Incentive Plans and Equity - Stock Options Activity (Details) - Service Period Stock Options [Member] $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($)$ / sharesshares | |
Balance (in shares) | shares | 1,359,990 |
Balance, weighted average exercise price (in dollars per share) | $ / shares | $ 11.50 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | shares | 382,910 |
Granted, weighted average exercise price (in dollars per share) | $ / shares | $ 127.89 |
Exercised (in shares) | shares | (415,499) |
Exercised, weighted average exercise price (in dollars per share) | $ / shares | $ 8.97 |
Forfeited (in shares) | shares | (357) |
Forfeited, weighted average exercise price (in dollars per share) | $ / shares | $ 11 |
Balance (in shares) | shares | 1,327,044 |
Balance, weighted average exercise price (in dollars per share) | $ / shares | $ 45.88 |
Balance, average remaining contractual term (Year) | 7 years |
Balance, aggregate intrinsic value | $ | $ 128,778 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number (in shares) | shares | 874,153 |
Exercisable, weighted average exercise price (in dollars per share) | $ / shares | $ 10.99 |
Exercisable, average remaining contractual term (Year) | 5 years 8 months 12 days |
Exercisable, aggregate intrinsic value | $ | $ 115,520 |
Note 10 - Equity Incentive Pl_5
Note 10 - Equity Incentive Plans and Equity - Nonvested Stock Options Activity (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 68.93 | $ 24.24 | $ 14.27 |
Service Period Stock Options [Member] | |||
Balance (in shares) | 347,796 | ||
Balance, weighted average grant date fair value (in dollars per share) | $ 8.11 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 382,910 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 64.75 | ||
Vested (in shares) | (277,458) | ||
Vested, weighted average grant date fair value (in dollars per share) | $ 6.17 | ||
Forfeited (in shares) | (357) | ||
Forfeited, weighted average grant date fair value (in dollars per share) | $ 5.61 | ||
Balance (in shares) | 452,891 | 347,796 | |
Balance, weighted average grant date fair value (in dollars per share) | $ 57.19 | $ 8.11 |
Note 10 - Equity Incentive Pl_6
Note 10 - Equity Incentive Plans and Equity - Share Based Compensation Performance Shares Award Outstanding (Details) - Performance Shares [Member] $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($)$ / sharesshares | |
Balance (in shares) | shares | 1,372,819 |
Balance, weighted average exercise price (in dollars per share) | $ / shares | $ 18.31 |
Granted (in shares) | shares | 844,508 |
Granted, weighted average exercise price (in dollars per share) | $ / shares | $ 139.02 |
Exercised (in shares) | shares | (63,315) |
Exercised, weighted average exercise price (in dollars per share) | $ / shares | $ 27.34 |
Forfeited (in shares) | shares | (35,000) |
Forfeited, weighted average exercise price (in dollars per share) | $ / shares | $ 15.65 |
Balance (in shares) | shares | 2,119,012 |
Balance, weighted average exercise price (in dollars per share) | $ / shares | $ 66.19 |
Balance, average remaining contractual term (Year) | 7 years 9 months 18 days |
Balance, aggregate instrinsic value | $ | $ 161,231 |
Exercisable (in shares) | shares | 1,008,964 |
Exercisable, weighted average exercise price (in dollars per share) | $ / shares | $ 11.05 |
Exercisable, average remaining contractual term (Year) | 5 years 10 months 24 days |
Exercisable, aggregate instrinsic value | $ | $ 132,110 |
Note 10 - Equity Incentive Pl_7
Note 10 - Equity Incentive Plans and Equity - Nonvested Performance Based Units Activity (Details) - Performance Stock Options [Member] | 12 Months Ended |
Dec. 31, 2020$ / sharesshares | |
Balance (in shares) | shares | 1,338,361 |
Balance, weighted average grant date fair value (in dollars per share) | $ / shares | $ 10.89 |
Granted (in shares) | shares | 844,508 |
Granted, weighted average grant date fair value (in dollars per share) | $ / shares | $ 70.83 |
Vested (in shares) | shares | (1,037,823) |
Vested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 6.97 |
Forfeited (in shares) | shares | (35,000) |
Forfeited, weighted average grant date fair value (in dollars per share) | $ / shares | $ 7.49 |
Balance (in shares) | shares | 1,110,046 |
Balance, weighted average grant date fair value (in dollars per share) | $ / shares | $ 60.25 |
Note 10 - Equity Incentive Pl_8
Note 10 - Equity Incentive Plans and Equity - Restricted Stock Units Award Activity (Details) | 12 Months Ended |
Dec. 31, 2020$ / sharesshares | |
Restricted Stock Units (RSUs) [Member] | |
Balance (in shares) | shares | 240,229 |
Balance, weighted average grant date fair value (in dollars per share) | $ / shares | $ 29.07 |
Granted (in shares) | shares | 55,134 |
Granted, weighted average grant date fair value (in dollars per share) | $ / shares | $ 63.68 |
Vested (in shares) | shares | (123,744) |
Vested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 24.33 |
Forfeited (in shares) | shares | (1,328) |
Forfeited, weighted average grant date fair value (in dollars per share) | $ / shares | $ 45.32 |
Balance (in shares) | shares | 170,291 |
Balance, weighted average grant date fair value (in dollars per share) | $ / shares | $ 43.60 |
Performance Based Restricted Stock Units [Member] | |
Balance (in shares) | shares | 0 |
Balance, weighted average grant date fair value (in dollars per share) | $ / shares | $ 0 |
Granted (in shares) | shares | 22,894 |
Granted, weighted average grant date fair value (in dollars per share) | $ / shares | $ 55.54 |
Balance (in shares) | shares | 22,894 |
Balance, weighted average grant date fair value (in dollars per share) | $ / shares | $ 55.54 |
Note 10 - Equity Incentive Pl_9
Note 10 - Equity Incentive Plans and Equity - Schedule Of Share Based Payment Award Stock Options Valuation Assumptions (Details) - Share-based Payment Arrangement, Option [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Granted, weighted average exercise price (in dollars per share) | $ 135.55 | $ 48.64 | $ 27.60 |
Expected volatility | 46.90% | 47.60% | 48.90% |
Expected volatility | 51.50% | 48.50% | 50.00% |
Risk-free interest rate | 2.27% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% | 0.00% | 0.00% |
Minimum [Member] | |||
Average expected terms in years (Year) | 5 years 9 months 18 days | 6 years | 6 years |
Risk-free interest rate | 0.30% | 2.62% | |
Maximum [Member] | |||
Average expected terms in years (Year) | 7 years | 6 years 7 months 6 days | 6 years 7 months 6 days |
Risk-free interest rate | 1.69% | 2.96% |
Note 11 - Earnings Per Share _3
Note 11 - Earnings Per Share Attributable to Common Stockholder (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Preferred Stock Dividends and Other Adjustments, Total | $ 0 | $ 0 | $ 0 |
Note 11 - Earnings Per Share _4
Note 11 - Earnings Per Share Attributable to Common Stockholder - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Antidilutive Securities (in shares) | 2,554,556 | 1,770,485 | 2,284,177 |
Service Period Stock Options [Member] | |||
Antidilutive Securities (in shares) | 1,355,590 | 1,500,156 | 2,018,050 |
Restricted Stock Units (RSUs) [Member] | |||
Antidilutive Securities (in shares) | 190,006 | 235,847 | 213,591 |
Performance Stock Options [Member] | |||
Antidilutive Securities (in shares) | 1,008,960 | 34,482 | 52,536 |
Note 12 - Retirement Plan (Deta
Note 12 - Retirement Plan (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 1.4 | $ 1.1 | $ 0.8 |
Maximum [Member] | |||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 50.00% |
Note 13 - Related Party Trans_2
Note 13 - Related Party Transactions (Details Textual) - USD ($) $ in Thousands, shares in Millions | Jun. 10, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Ownership Interest, Shares Sold By Related Party Entity (in shares) | 3.3 | |||
Related Party Transaction, Amounts of Transaction | $ 0 | $ 1,500 | $ 700 |
Note 14 - Concentrations (Detai
Note 14 - Concentrations (Details Textual) | 12 Months Ended | ||
Dec. 31, 2020USD ($) | Dec. 31, 2019 | Dec. 31, 2018 | |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | |||
Number Of Distributors | 1 | 1 | 1 |
Number of Major Customers | 0 | 1 | 0 |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | One Distributor [Member] | |||
Concentration Risk, Percentage | 18.00% | 17.00% | 16.00% |
Customer Concentration Risk [Member] | Accounts Receivable [Member] | |||
Number Of Distributors | 1 | 1 | |
Number of Major Customers | 2 | 2 | |
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Customer One[Member] | |||
Concentration Risk, Percentage | 8.00% | 19.00% | |
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Customer Two [Member] | |||
Concentration Risk, Percentage | 23.00% | 19.00% | |
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Customer Three [Member] | |||
Concentration Risk, Percentage | 20.00% | 14.00% | |
Supplier Concentration Risk [Member] | Cost of Goods and Service, Product and Service Benchmark [Member] | Raw Materials [Member] | |||
Concentration Risk, Percentage | 23.00% | 27.00% | 17.00% |
Number of Vendors | 1 | 1 | 1 |
Supplier Concentration Risk [Member] | Cost of Goods and Service, Product and Service Benchmark [Member] | Packaging Materials [Member] | |||
Concentration Risk, Percentage | 88.00% | 80.00% | 81.00% |
Number of Vendors | 5 | 3 | 3 |
Maximum [Member] | |||
Cash, FDIC Insured Amount | $ 250,000 |
Note 15 - Unaudited Quarterly_3
Note 15 - Unaudited Quarterly Results - Schedule of Quarterly Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Net sales | $ 84,522 | $ 84,190 | $ 79,980 | $ 70,098 | $ 65,752 | $ 65,266 | $ 60,052 | $ 54,792 | $ 51,643 | $ 50,800 | $ 47,625 | $ 43,170 | $ 318,790 | $ 245,862 | $ 193,237 |
Income/(loss) from operations | (3,103) | 3,760 | 231 | (2,886) | 4,876 | 3,535 | (5,346) | (3,317) | 1,890 | 44 | (3,410) | (3,410) | (1,998) | (253) | (4,886) |
Net Income/(loss) | (3,298) | 3,547 | 153 | (3,590) | 4,633 | 3,067 | (5,661) | (3,422) | 1,757 | (97) | (3,501) | (3,521) | $ (3,188) | $ (1,383) | $ (5,361) |
Net Income/(loss) attributable to common stockholders | $ (3,298) | $ 3,547 | $ 153 | $ (3,590) | $ 4,633 | $ 3,067 | $ (5,661) | $ (3,422) | $ 1,757 | $ (97) | $ (3,501) | $ (3,521) | |||
Basic earnings/(loss) per common share (in dollars per share) | $ (0.08) | $ 0.09 | $ 0 | $ (0.10) | $ 0.13 | $ 0.09 | $ (0.16) | $ (0.10) | $ 0.05 | $ 0 | $ (0.10) | $ (0.10) | $ (0.08) | $ (0.04) | $ (0.15) |
Diluted earnings/(loss) per common share (in dollars per share) | $ (0.08) | $ 0.09 | $ 0 | $ (0.10) | $ 0.12 | $ 0.08 | $ (0.16) | $ (0.10) | $ 0.05 | $ 0 | $ (0.10) | $ (0.10) | $ (0.08) | $ (0.04) | $ (0.15) |
Note 16 - Subsequent Events (De
Note 16 - Subsequent Events (Details Textual) - Credit Facility [Member] - USD ($) $ in Thousands | Feb. 19, 2021 | Apr. 17, 2020 | Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | May 15, 2019 |
Debt Agreement, Maximum Borrowing Capacity | $ 165,000 | |||||
Long-term Debt, Total | $ 0 | $ 76,000 | $ 54,500 | |||
Base Rate [Member] | Minimum [Member] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | |||||
Base Rate [Member] | Maximum [Member] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | |||||
London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | |||||
London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | |||||
Revolving Credit Facility [Member] | ||||||
Long-term Debt, Total | 14,000 | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 35,000 | $ 35,000 | ||||
Draw Term Loan [Member] | ||||||
Long-term Debt, Total | $ 130,000 | $ 40,500 | $ 55,000 | |||
Subsequent Event [Member] | ||||||
Debt Agreement, Maximum Borrowing Capacity | $ 350,000 | |||||
Subsequent Event [Member] | Base Rate [Member] | Minimum [Member] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 0.75% | |||||
Subsequent Event [Member] | Base Rate [Member] | Maximum [Member] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 2.25% | |||||
Subsequent Event [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | |||||
Subsequent Event [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 3.25% | |||||
Subsequent Event [Member] | Revolving Credit Facility [Member] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 50,000 | |||||
Subsequent Event [Member] | Draw Term Loan [Member] | ||||||
Long-term Debt, Total | $ 300,000 |