Reed's, Inc. Files Q1 2024 10-Q

TL;DR

Reed's Q1 10-Q is in. Check financials for the latest.

AI Summary

Reed's, Inc. filed its 10-Q for the period ending March 31, 2024. The company, operating in the bottled and canned soft drinks sector, reported its financial performance for the first quarter of 2024. Specific financial details and operational updates are provided within the filing.

Why It Matters

This filing provides investors with the latest financial performance and operational status of Reed's, Inc. for the first quarter of 2024, crucial for understanding the company's current health and future prospects.

Risk Assessment

Risk Level: medium — As a publicly traded company, Reed's, Inc. is subject to market fluctuations and business risks inherent in the beverage industry, requiring careful investor scrutiny.

Key Players & Entities

• REED'S, INC. (company) — Filer of the 10-Q
• 201 MERRITT 7 CORPORATE PARK, NORWALK, CT 06851 (location) — Business and Mail Address
• 20240331 (date) — End of reporting period
• 20240520 (date) — Filing date

FAQ

Key Financial Figures

• $1,673 — 024, the Company recorded a net loss of $1,673 and used cash in operations of $2,395.
• $2,395 — f $1,673 and used cash in operations of $2,395. In accordance with Accounting Standard

Filing Documents

• form10-q.htm (10-Q) — 1003KB
• ex10-3.htm (EX-10.3) — 83KB
• ex31.htm (EX-31) — 25KB
• ex32.htm (EX-32) — 12KB
• 0001493152-24-020661.txt ( ) — 4815KB
• reed-20240331.xsd (EX-101.SCH) — 42KB
• reed-20240331_cal.xml (EX-101.CAL) — 50KB
• reed-20240331_def.xml (EX-101.DEF) — 151KB
• reed-20240331_lab.xml (EX-101.LAB) — 318KB
• reed-20240331_pre.xml (EX-101.PRE) — 242KB
• form10-q_htm.xml (XML) — 635KB

Risk Factors" of our Annual Report on Form 10-K for the fiscal year ended December 31, 2023 ("2023 Form 10-K")

Item 1A. Risk Factors" of our Annual Report on Form 10-K for the fiscal year ended December 31, 2023 ("2023 Form 10-K") as updated by "Part II, Item 1A" of this report should be considered when evaluating our trends and future results. Investors are cautioned not to place undue reliance on any such forward-looking statements, which speak only as of the date they are made. We undertake no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise. The discussion of risks in this report is by no means all-inclusive but is designed to highlight what we believe are important factors to consider when evaluating our future performance. ii Part I – FINANCIAL INFORMATION Item 1. Financial Statements REED'S, INC, CONDENSED BALANCE SHEETS (Amounts in thousands, except share amounts) March 31, 2024 December 31, 2023 (Unaudited) ASSETS Current assets: Cash $ 314 $ 603 Accounts receivable, net of allowance of $ 258 and $ 860 , respectively 3,251 3,571 Inventory 12,017 11,300 Receivable from former related party 264 259 Prepaid expenses and other current assets 2,332 2,028 Total current assets 18,178 17,761 Property and equipment, net of accumulated depreciation of $ 1,136 and $ 1,068 , respectively 441 493 Intangible assets 631 629 Total assets $ 19,250 $ 18,883 LIABILITIES AND STOCKHOLDERS' DEFICIT Current liabilities: Accounts payable $ 8,484 $ 9,133 Accrued expenses 872 1,096 Revolving line of credit, net of capitalized financing costs of $ 161 and $ 201 , respectively 7,844 9,758 Payable to former related party 331 259 Current portion of convertible notes payable, net of debt discount of $ 509 and $ 424 , respectively 7,339 6,737 Current portion of lease liabilities 155 207 Total current liabilities 25,025 27,190 SAFE agreements 4,097 - Convertible note payable, net of debt discount of $ 45 and $ 148 , respectively, less

View Full Filing

View this 10-Q filing on SEC EDGAR