0001493152-16-011987.txt : 20160804 0001493152-16-011987.hdr.sgml : 20160804 20160804160725 ACCESSION NUMBER: 0001493152-16-011987 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 54 CONFORMED PERIOD OF REPORT: 20160630 FILED AS OF DATE: 20160804 DATE AS OF CHANGE: 20160804 FILER: COMPANY DATA: COMPANY CONFORMED NAME: REED'S, INC. CENTRAL INDEX KEY: 0001140215 STANDARD INDUSTRIAL CLASSIFICATION: BOTTLED & CANNED SOFT DRINKS CARBONATED WATERS [2086] IRS NUMBER: 352177773 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-32501 FILM NUMBER: 161807440 BUSINESS ADDRESS: STREET 1: 13000 SOUTH SPRING STREET CITY: LOS ANGELES STATE: CA ZIP: 90061 BUSINESS PHONE: 310-217-9400 MAIL ADDRESS: STREET 1: 13000 SOUTH SPRING STREET CITY: LOS ANGELES STATE: CA ZIP: 90061 FORMER COMPANY: FORMER CONFORMED NAME: REED'S INC DATE OF NAME CHANGE: 20140512 FORMER COMPANY: FORMER CONFORMED NAME: REEDS INC DATE OF NAME CHANGE: 20020122 FORMER COMPANY: FORMER CONFORMED NAME: ORIGINAL BEVERAGE CORP / DATE OF NAME CHANGE: 20010508 10-Q 1 form10-q.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

[X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2016

[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT OF 1934

For the transition period from _______ to _______

Commission file number: 001-32501

REED’S, INC.

(Exact name of registrant as specified in its charter)

Delaware		35-2177773
(State of incorporation)		(I.R.S. Employer Identification No.)

13000 South Spring St. Los Angeles, Ca. 90061

(Address of principal executive offices) (Zip Code)

(310) 217-9400

(Registrant’s telephone number, including area code)

(Former name, former address and former fiscal year, if changed since last report)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes [X] No [ ]

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes [X] No [ ]

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

Large Accelerated filer [ ]	Accelerated filer [ ]
Non-accelerated filer [ ]	Smaller reporting company [X]

Indicate by check mark whether the issuer is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes [ ] No [X]

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: There were a total of 13,908,247 shares of Common Stock outstanding of which 833,834 were restricted as of July 29, 2016.

Special Note Regarding Forward-Looking Statements

This Quarterly Report on Form 10-Q, including “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Item 2 of Part I of this report include forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance, or achievements expressed or implied by forward-looking statements.

In some cases, you can identify forward-looking statements by terminology such as “may,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential,” “proposed,” “intended,” or “continue” or the negative of these terms or other comparable terminology. You should read statements that contain these words carefully, because they discuss our expectations about our future operating results or our future financial condition or state other “forward-looking” information. There may be events in the future that we are not able to accurately predict or control. Before you invest in our securities, you should be aware that the occurrence of any of the events described in this Quarterly Report could substantially harm our business, results of operations and financial condition, and that upon the occurrence of any of these events, the trading price of our securities could decline and you could lose all or part of your investment. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, growth rates, levels of activity, performance or achievements. We are under no duty to update any of the forward-looking statements after the date of this Quarterly Report to conform these statements to actual results.

TABLE OF CONTENTS

PART I - FINANCIAL INFORMATION

Item 1. Condensed Financial Statements	F-1

Condensed Balance Sheets - June 30, 2016 (unaudited) and December 31, 2015	F-1

Condensed Statements of Operations for the three and six month periods ended June 30, 2016 and 2015 (unaudited)	F-2

Condensed Statement of Changes in Stockholders’ Equity for the six month period ended June 30, 2016 (unaudited)	F-3

Condensed Statements of Cash Flows for the six month periods ended June 30, 2016 and 2015 (unaudited)	F-4

Notes to Condensed Financial Statements (unaudited)	F-5

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	4

Item 3. Quantitative and Qualitative Disclosures About Market Risk	14

Item 4. Controls and Procedures	14

PART II - OTHER INFORMATION

Item 1. Legal Proceedings	15

Item 1A. Risk Factors	15

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	15

Item 3. Defaults Upon Senior Securities	15

Item 4. Mine Safety Disclosures	15

Item 5. Other Information	15

Item 6. Exhibits	15

Part I – FINANCIAL INFORMATION

Item 1. Financial Statements

REED’S, INC.

CONDENSED BALANCE SHEETS

	June 30, 2016			December 31, 2015
	(Unaudited)
ASSETS
Current assets:
Cash	$	969,000		$	1,816,000
Trade accounts receivable, net of allowance for doubtful accounts and returns and discounts of $306,000 and $356,000, respectively		3,544,000			2,894,000
Inventory, net of reserve for obsolescence of $150,000 and $290,000, respectively		7,723,000			7,927,000
Prepaid inventory		576,000			47,000
Prepaid and other current assets		573,000			769,000
Total Current Assets		13,385,000			13,453,000

Property and equipment, net of accumulated depreciation of $4,574,000 and $4,216,000, respectively		6,479,000			5,369,000
Brand names		1,029,000			1,029,000
Total assets	$	20,893,000		$	19,851,000
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Accounts payable	$	5,673,000		$	7,458,000
Accrued expenses		192,000			168,000
Line of Credit, net of discount of $11,000 and $0, respectively		5,646,000			4,443,000
Current portion of long term financing obligations		175,000			160,000
Current portion of capital leases payable		142,000			153,000
Current portion of capital expansion loan		341,000			341,000
Total current liabilities		12,169,000			12,723,000
Long term financing obligation, less current portion, net of discount of $880,000 and $953,000, respectively		1,408,000			1,443,000
Capital leases payable, less current portion		499,000			490,000
Capital expansion loan, less current portion		2,849,000			1,542,000
Term loan, net of discount $114,000 and $132,000		2,886,000			2,868,000
Total Liabilities		19,811,000			19,066,000
Stockholders’ equity:
Series A Convertible Preferred stock, $10 par value, 500,000 shares authorized, 9,411 shares issued and outstanding		94,000			94,000
Common stock, $.0001 par value, 19,500,000 shares authorized, 13,908,247 and 13,160,860 shares issued and outstanding, respectively		1,000			1,000
Additional paid in capital		30,044,000			27,399,000
Accumulated deficit		(29,057,000	)		(26,709,000	)
Total stockholders’ equity		1,082,000			785,000
Total liabilities and stockholders’ equity	$	20,893,000		$	19,851,000

The accompanying notes are an integral part of these condensed financial statements

F-1

REED’S, INC.

CONDENSED STATEMENTS OF OPERATIONS

For the Three Months and Six Months Ended June 30, 2016 and 2015
(Unaudited)

	Three months ended						Six months ended
	2016			2015			2016			2015
Net Sales	$	10,992,000		$	12,178,000		$	20,996,000		$	22,850,000
Cost of goods sold		8,390,000			8,538,000			16,501,000			15,950,000
Gross profit		2,602,000			3,640,000			4,495,000			6,900,000
Operating expenses:
Delivery and handling expenses		1,064,000			1,429,000			1,913,000			2,597,000
Selling and marketing expense		954,000			1,335,000			1,995,000			2,528,000
General and administrative expense		931,000			1,369,000			2,136,000			2,338,000
Total operating expenses		2,949,000			4,133,000			6,044,000			7,463,000

Loss from operations		(347,000	)		(493,000	)		(1,549,000	)		(563,000	)
Interest expense		(416,000	)		(193,000	)		(794,000	)		(394,000	)
Net loss		(763,000	)		(686,000	)		(2,343,000	)		(957,000	)
Preferred Stock Dividends		(5,000	)		(5,000	)		(5,000	)		(5,000	)
Net loss attributable to common stockholders, basic and diluted	$	(768,000	)	$	(691,000	)	$	(2,348,000	)	$	(962,000	)
Weighted average number of shares
outstanding – basic		13,424,796			13,104,227			13,305,821			13,086,560
Loss per share – basic and diluted	$	(0.06	)	$	(0.05	)	$	(0.18	)	$	(0.07	)

The accompanying notes are an integral part of these condensed financial statements

F-2

REED’S, INC.

CONDENSED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY

For the Six Months Ended June 30, 2016
(Unaudited)

	Common Stock				Preferred Stock				Additional Paid		Accumulated			Total Stockholder’s
	Shares		Amount		Shares		Amount		In Capital		Deficit			Equity
Balance, January 1, 2016		13,160,860	$	1,000		9,411	$	94,000		27,399,000		(26,709,000	)		785,000
Common shares issued upon exercise of warrants		16,260								45,000					45,000
Common shares issued upon cashless exercise of options		7,211								-					-
Fair value vesting of options issued to employees & consultant										302,000					302,000
Common shares issued upon sale of securities		722,412								2,239,000					2,239,000
Fair value of warrants issued as debt discount										54,000					54,000
Series A Preferred Stock Dividend		1,504								5,000		(5,000	)		-
Net loss												(2,343,000	)		(2,343,000	)
Balance June 30, 2016		13,908,247	$	1,000		9,411	$	94,000	$	30,044,000	$	(29,057,000	)	$	1,082,000

The accompanying notes are an integral part of these condensed financial statements

F-3

REED’S, INC.

CONDENSED STATEMENTS OF CASH FLOWS
For the Six Months Ended June 30, 2016 and 2015
(Unaudited)

	Six Months Ended June 30,
	2016			2015
Cash flows from operating activities:
Net loss	$	(2,343,000	)	$	(957,000	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization		477,000			453,000
Fair value of stock options issued to employees & consultant		302,000			560,000
(Decrease) increase in allowance for doubtful accounts		(50,000	)		(81,000	)
Changes in assets and liabilities:
Accounts receivable		(600,000	)		(1,005,000	)
Inventory		204,000			(2,631,000	)
Prepaid Inventory		(529,000	)		(14,000	)
Prepaid expenses and other current assets		196,000			167,000
Accounts payable		(1,785,000	)		1,644,000
Accrued expenses		24,000			20,000
Net cash used in operating activities		(4,104,000	)		(1,844,000	)
Cash flows from investing activities:
Purchase of property and equipment		(78,000	)		(430,000	)
Net cash used in investing activities		(78,000	)		(430,000	)
Cash flows from financing activities:
Proceeds from sale of common stock		2,239,000			-
Proceeds from stock option and warrant exercises		45,000			31,000
Principal repayments on long term financial obligation		(76,000	)		(64,000	)
Principal repayments on capital lease obligation		(87,000	)		(63,000	)
Net draw down (repayment) on line of credit		1,214,000			1,626,000
Net cash provided by financing activities		3,335,000			1,530,000
Net decrease in cash		(847,000	)		(744,000	)
Cash at beginning of period		1,816,000			959,000
Cash at end of period	$	969,000		$	215,000
Supplemental disclosures of cash flow information:
Cash paid during the period for:
Interest		843,000			395,000
Non Cash Investing and Financing Activities
Property and equipment acquired through capital expansion loan		1,307,000			486,000
Property and equipment acquired through capital lease obligations		86,000			-
Other current assets acquired through capital expansion loan		-			250,000
Fair value of warrants granted as debt discount		54,000			-
Dividends payable in common stock		5,000			5,000

The accompanying notes are an integral part of these condensed financial statements

F-4

REED’S, INC.

NOTES TO CONDENSED FINANCIAL STATEMENTS

Six Months Ended June 30, 2016 and 2015 (Unaudited)

1. Basis of Presentation and Liquidity

The accompanying interim condensed financial statements are unaudited, but in the opinion of management of Reed’s, Inc. (the “Company”), contain all adjustments, which include normal recurring adjustments necessary to present fairly the financial position at June 30, 2016 and the results of operations and cash flows for the six months ended June 30, 2016 and 2015. The balance sheet as of December 31, 2015 is derived from the Company’s audited financial statements.

Certain information and footnote disclosures normally included in financial statements that have been prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission, although management of the Company believes that the disclosures contained in these condensed financial statements are adequate to make the information presented herein not misleading. For further information, refer to the financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K, as filed with the Securities and Exchange Commission on March 23, 2016.

The results of operations for the six months ended June 30, 2016 are not necessarily indicative of the results of operations to be expected for the full fiscal year ending December 31, 2016.

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expense during the reporting period. Actual results could differ from those estimates. Those estimates and assumptions include estimates for reserves of uncollectible accounts, inventory obsolescence, analysis of impairments of recorded intangibles, accruals for potential liabilities and assumptions made in valuing stock instruments issued for services.

Liquidity

As of June 30, 2016, we had stockholders equity of $1,082,000 and working capital of $1,216,000 compared to stockholders equity of $785,000 and working capital of $730,000 at December 31, 2015.

We believe that the Company currently has the necessary working capital to support existing operations until our line of credit and all of the long term loans become due on October 1, 2017. Consistent with past refinancing practices regarding the Line of Credit, the Company believes that it will be successful in renewing the Line of Credit for another time frame similar to what it has done in the past. There are no assurances that this refinancing will be completed. We believe our primary capital source will be positive cash flow from operations. If our sales goals do not materialize as planned, we believe that the Company can reduce its operating costs and can be managed to maintain positive cash flow from operations. Historically, we have financed our operations primarily through cash generated from operations and a line of credit from a financial institution. Additionally, we have done private sales of common stock to fund operations.

We may not generate sufficient revenues from product sales in the future to achieve profitable operations. If we are not able to achieve profitable operations at some point in the future, we eventually may have insufficient working capital to maintain our operations as we presently intend to conduct them or to fund our expansion and marketing and product development plans. In addition, our losses may increase in the future as we expand our manufacturing capabilities and fund our marketing plans and product development. These losses, among other things, have had and may continue to have an adverse effect on our working capital, total assets and stockholders’ equity. If we are unable to achieve profitability, the market value of our common stock would decline and there would be a material adverse effect on our financial condition.

If we suffer losses from operations, our working capital may be insufficient to support our ability to expand our business operations as rapidly as we would deem necessary at any time, unless we are able to obtain additional financing. There can be no assurance that we will be able to obtain such financing on acceptable terms, or at all. If adequate funds are not available or are not available on acceptable terms, we may not be able to pursue our business objectives and would be required to reduce our level of operations, including reducing infrastructure, promotions, personnel and other operating expenses. These events could adversely affect our business, results of operations and financial condition. If adequate funds are not available or if they are not available on acceptable terms, our ability to fund the growth of our operations, take advantage of opportunities, develop products or services or otherwise respond to competitive pressures could be significantly limited.

F-5

2. Significant Accounting Policies

Income (loss) per common share

Basic earnings (loss) per share is computed by dividing the net income (loss) applicable to common stockholders by the weighted average number of shares of common stock outstanding during the year. Diluted earnings per share is computed by dividing the net income applicable to common stock holders by the weighted average number of common shares outstanding plus the number of additional common shares that would have been outstanding if all dilutive potential common shares had been issued, using the treasury stock method. Potential common shares are excluded from the computation when their effect is antidilutive.

The Company had potentially dilutive securities that consisted of:

	June 30, 2016		June 30, 2015

Warrants		803,909		216,261
Series A Preferred Stock		37,644		37,644
Options		967,500		1,065,000
Total		1,809,053		1,318,905

Use of estimates

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Those estimates and assumptions include estimates for reserves of uncollectible accounts, inventory obsolescence, depreciable lives of property and equipment, analysis of impairments of recorded intangibles, accruals for potential liabilities and assumptions made in valuing stock instruments issued for services.

Recent Accounting Pronouncements

In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2014-09 (ASU 2014-09), Revenue from Contracts with Customers. ASU 2014-09 will eliminate transaction- and industry-specific revenue recognition guidance under current U.S. GAAP and replace it with a principle based approach for determining revenue recognition. On August 12, 2015, FASB delayed the required implementation to fiscal years ending after December 15, 2017 but now permitted organizations such a Reeds to adopt earlier. ASU 2014-09 will require that companies recognize revenue based on the value of transferred goods or services as they occur in the contract. The ASU also will require additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. Entities can transition to the standard either retrospectively or as a cumulative-effect adjustment as of the date of adoption. The Company is in the process of evaluating the impact of ASU 2014-09 on the Company’s financial statements and disclosures.

In August 2014, the FASB issued Accounting Standards Update No. 2014-15 (ASU 2014-15), Presentation of Financial Statements - Going Concern (Subtopic 205-10). ASU 2014-15 provides guidance as to management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures. In connection with preparing financial statements for each annual and interim reporting period, an entity’s management should evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued (or within one year after the date that the financial statements are available to be issued when applicable). Management’s evaluation should be based on relevant conditions and events that are known and reasonably knowable at the date that the financial statements are issued (or at the date that the financial statements are available to be issued when applicable). Substantial doubt about an entity’s ability to continue as a going concern exists when relevant conditions and events, considered in the aggregate, indicate that it is probable that the entity will be unable to meet its obligations as they become due within one year after the date that the financial statements are issued (or available to be issued). ASU 2014-15 is effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early application is permitted. The Company will adopt ASU 2014-15 on the Company’s financial statement presentation and disclosures after the effective date.

In February 2016, the FASB issued Accounting Standards Update (ASU) No. 2016-02, Leases. ASU 2016-02 requires a lessee to record a right of use asset and a corresponding lease liability on the balance sheet for all leases with terms longer than 12 months. ASU 2016-02 is effective for all interim and annual reporting periods beginning after December 15, 2018. Early adoption is permitted. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. The Company is in the process of evaluating the impact of ASU 2016-02 on the Company’s financial statements and disclosures.

Other recent accounting pronouncements issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public Accountants, and the Securities and Exchange Commission did not or are not believed by management to have a material impact on the Company’s present or future consolidated financial statements.

F-6

Concentrations

The Company’s cash balances on deposit with banks are guaranteed by the Federal Deposit Insurance Corporation up to $250,000. The Company may be exposed to risk for the amounts of funds held in one bank in excess of the insurance limit. In assessing the risk, the Company’s policy is to maintain cash balances with high quality financial institutions. The Company had cash balances in excess of $250,000 during the six months ended June 30, 2016.

During the six months ended June 30, 2016, the Company had one customer that accounted for 26% of sales. During the six months ended June 30, 2015, the Company had two customers that accounted for 32% and 14% of sales respectively. No other customer accounted for more than 10% of sales in either period. During the three months ended June 30, 2016 and 2015, the Company had one customer that accounted for 26% of sales in 2016, and two customers that accounted for 29% and 15% of sales in 2015, respectively. No other customers accounted for more than 10% of sales in either period.

As of June 30, 2016, the Company had accounts receivable due from one customer who comprised 23% of its total accounts receivable and as of December 31, 2015 the Company had accounts receivable due from two customers who comprised 24% and 12% of its total accounts receivable. No other customer accounted for more than 10% of accounts receivable in the periods.

During the six months ended June 30, 2016, the Company had one vendor who accounted for 27% of all purchases and in the six months ended June 30, 2015. three vendors, which accounted for 14.0%, 12.6% and 10.0% of all purchases. No other vendor accounted for more than 10% of all purchases in either period. As of June 30, 2016, the Company had one vendor, which accounted for 20% of total accounts payable and as of December 31, 2015, the Company had two vendors, which accounted for 31% and 11% of total accounts payable.

Fair Value of Financial Instruments

The Company uses various inputs in determining the fair value of its investments and measures these assets on a recurring basis. Financial assets recorded at fair value in the balance sheets are categorized by the level of objectivity associated with the inputs used to measure their fair value. Authoritative guidance provided by the FASB defines the following levels directly related to the amount of subjectivity associated with the inputs to fair valuation of these financial assets:

Level 1—Quoted prices in active markets for identical assets or liabilities.

Level 2—Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly.

Level 3—Unobservable inputs based on the Company’s assumptions.

The Company had no such assets or liabilities recorded to be valued on the basis above at June 30, 2016 or December 31, 2015.

The carrying amounts of financial assets and liabilities, such as cash and cash equivalents, accounts receivable, short-term bank loans, accounts payable, notes payable and other payables, approximate their fair values because of the short maturity of these instruments. The carrying values of capital lease obligations and long-term financing obligations approximate their fair values due to the fact that the interest rates on these obligations are based on prevailing market interest rates.

3. Inventory

Inventory is valued at the lower of cost (first-in, first-out or market) and, net of reserves, is comprised of the following as of:

	June 30, 2016		December 31, 2015
Raw Materials and packaging	$	4,172,000	$	4,364,000
Finished Goods		3,551,000		3,563,000
	$	7,723,000	$	7,927,000

4. Property and Equipment

Property and equipment are comprised of the following as of:

	June 30, 2016			December 31, 2015
Land	$	1,107,000		$	1,107,000
Building		1,875,000			1,875,000
Vehicles		600,000			500,000
Machinery and equipment		3,695,000			3,800,000
Equipment under capital leases		228,000			857,000
Office equipment		474,000			469,000
Construction in Progress		3,074,000			977,000
		11,053,000			9,585,000
Accumulated depreciation		(4,574,000	)		(4,216,000	)
	$	6,479,000		$	5,369,000

Depreciation expense for the six months ended June 30, 2016 and 2015 was $357,000 and $412,000 respectively.

F-7

5. Notes Payable

Line of Credit

	June 30, 2016			December 31, 2015

Line of credit	$	5,657,000		$	4,443,000
Valuation discount		(11,000	)		-
Net	$	5,646,000		$	4,443,000

On November 9, 2011, the Company entered into a Loan and Security Agreement with PMC Financial Services Group, LLC (PMC), which was amended and extended for two years on December 5, 2014, that provides a $6,000,000 revolving line of credit. The Amended Agreement extends and amends the Revolving Loan and Term Loan (see discussion below) and adds a new Capital Expansion Loan (the “Capex Loan”) (see discussion below). At June 30, 2016 and December 31, 2015, the aggregate amount outstanding under the line of credit was $5,657,000 and $4,443,000 respectively.

The revolving line of credit is based on 85% of accounts receivable and 60% of eligible inventory and is secured by substantially all of the Company’s assets. The interest rate on the Revolving Loan was the prime rate plus .35% (9% at June 30, 2016). However, the interest rate has been adjusted as described below in term loans. The monthly management fee is .45% of the average monthly loan balance. As of June 30, 2016, the Company had a maximum borrowing availability of $250,000 under the line of credit agreement.

On April 25, 2016, the Company agreed with PMC to amend the definition of eligible inventory to include certain glass containers in exchange for 10,000 warrants. The total value of the line did not increase and the inclusion of the glass as defined under the amendment will expire December 31, 2016. In connection with the agreement, the Company granted PMC 10,000 warrants at an exercise price of $3.90 per share with a term of five years and six months. The 10,000 warrants were valued at $15,000 using the Black Scholes Merton option pricing model and were recorded as a valuation discount. The following assumptions were made in valuing the 10,000 warrants; term of 5.5 years, volatility of 56.35%, expected dividends of 0% and discount rate of 1.50%. The warrants value of $15,000 is being amortized over the 8 months of the length of the time for the change to the eligible inventory definition. During the six months ending June 30, 2016, $4,000 of valuation discount was amortized resulting in an unamortized balance of $11,000 at June 30, 2016.

On May 13, 2016, PMC agreed to an extension of the maturity date until October 1, 2017 for the line of credit that was to mature on December 5, 2016 as part of the restructuring of all debt at PMC. See discussion of the consideration given PMC below under term loans. All other terms for the line of credit remain the same.

Term Loans

The Company has the following term loans outstanding with PMC Financial Services Corporation;

	June 30, 2016			December 31, 2015

Term Loans	$	3,000,000		$	3,000,000
Valuation discount		(114,000	)		(132,000	)
Net	$	2,886,000		$	2,868,000

In connection with the Loan and Security Agreement with PMC, the Company entered into a Term Loan. The Term Loan was $750,000, and was secured by all of the unencumbered assets of the Company. Effective December 5, 2014 the Term Loan’s outstanding principal balance was increased to $1,500,000 and the annual interest rate was revised to prime plus 5.75% (currently 9%) subject to adjustment as described below.

Effective September 1, 2015 the Company entered into an additional Term Loan with a principal balance of $1,500,000 at prime plus 11.60% (currently 14.85%) with PMC. As of June 30, 2016 and December 31, 2015, the aggregate amount under the Term Loans outstanding was $3,000,000.

The interest rate on the line of credit and Term Loans described above were modified on September 1, 2015 and are subject to adjustment as follows:

Under the new conditions, the rate charge will be calculated on a sliding scale based on the trailing 6 month EBITDA. If the EBITDA measuring point stays below $1,000,000 where it is now, the rate will rise to 12% from the current rate of 9%. If EBITDA rises to $1,500,000 then the rate will be reduced to 9%.

Notwithstanding the other borrowing terms above, if Excess Borrowing Availability under the $6 million Revolving line of credit remains more than $1,500,000 at all times during the preceding month (currently Reed’s Borrowing Availability is zero) the Interest Rate shall remain unchanged for the asset based lending that includes the Revolving working capital loan, CAPEX capital improvement loan and Term Loan A. The six month Term Loan B rates will remain the same at 14.85%.

On November 9, 2015, the Company completed a restructuring of the Term Loans with PMC. The aggregated amount of the principal for affected term loans is $3,000,000. Under the new agreement, the maturity of both loans was to be due in lump sum on April 1, 2017 under the same rates and conditions as before. In connection with the agreement, the Company granted PMC 125,000 warrants at an exercise price of $4.50 per share with a term of five years and six months. The 125,000 warrants were valued at $141,000 using the Black Scholes Merton option pricing model and were recorded as a valuation discount. The following assumptions were made in valuing the 125,000 warrants; term of 5.5 years, volatility of 56.04%, expected dividends of 0% and discount rate of 0.68%. The warrants value of $141,000 is being amortized over the remaining 16 months of the term loans..

On May 13, 2016, the Company agreed with PMC to extend the loan maturity date to October 1, 2017 for all loans outstanding at PMC under the same rates and conditions as before. In connection with the agreement, the Company granted PMC 50,000 warrants at an exercise price of $4.50 per share with a term of five years and six months. The 50,000 warrants were valued at $38,000 using the Black Scholes Merton option pricing model and were recorded as a valuation discount. The following assumptions were made in valuing the 50,000 warrants; term of 5.5 years, volatility of 54.17%, expected dividends of 0% and discount rate of 1.49%. The warrants value of $38,000 is being amortized over the 16 months until the maturity date of all loans. During the six months ended June 30, 2016, $57,000 of valuation discount was amortized resulting in an unamortized balance of $114,000 at June 30, 2016

F-8

Capital Expansion (“CAPEX”) Loan

In connection with the loan and security agreement with PMC, the Company entered into a CAPEX loan in the aggregate outstanding amount not to exceed $3,000,000. The CAPEX loan will finance new asset purchases for modernization and improvement of the beverage bottling equipment in the Los Angeles plant. Interest only on the CAPEX loan shall be paid from time to time until the end of each fiscal quarter, at which time the principal amounts of each outstanding CAPEX loan will be aggregated and repaid in 48 equal monthly installments of principal plus accrued but unpaid interest beginning July 31, 2016, or if earlier, the revolver maturity of October 1, 2017. The maximum amount that can be borrowed under the CAPEX loan was increased to $3,210,000 on May 13, 2016. The interest rate on the CAPEX loan is the prime rate plus 5.75% 7at June 30, 2016. At June 30, 2016 and December 31, 2015, the balance on the CAPEX loan balance was $3,190,000 and $1,883,000 respectively. On June 30, 2016, the loan funding closed and the Company will begin repayments in July, 2016.

In conjunction with this loan the Company has placed equipment with a cost of $341,000 at a co-packing facility to enable the co-packer to manufacture our products. Should the Company be unable to secure access to the equipment in the event of failure of the co-packer, the amount will become due and payable by the Company immediately

6. Obligations under Capital Leases

The Company leases equipment for its brewery operations with an aggregate value of $944,000 under six non-cancelable capital leases. Most of the leases are personally guaranteed by the Company’s chief executive officer. Monthly payments range from $341 to $10,441 per month, including interest, at interest rates ranging from 6.51% to 17.31% per annum. At June 30, 2016, monthly payments under these leases aggregated to $16,000. The leases expire at various dates through 2020.

Future minimum lease payments under capital leases are as follows:

Years Ending December 31,
2016	$	109,000
2017		213,000
2018		217,000
2019		169,000
2020		65,000
Total payments		773,000
Less: Amount representing interest		(132,000	)
Present value of net minimum lease payments		641,000
Less: Current portion		(142,000	)
Non-current portion	$	499,000

7. Long-term Financing Obligation

On June 15, 2009, the Company closed escrow on the sale of its two buildings and its brewery equipment and concurrently entered into a long-term lease agreement for the same property and equipment. In connection with the lease the Company has the option to repurchase the buildings and brewery equipment from 12 months after the commencement date to the end of the lease term at the greater of the fair market value or an agreed upon amount. Since the lease contains a buyback provision and other related terms, the Company determined it had continuing involvement that did not warrant the recognition of a sale; therefore, the transaction has been accounted for as a long-term financing. The proceeds from the sale, net of transaction costs, have been recorded as a financing obligation in the amount of $3,056,000. Monthly payments under the financing agreement are recorded as interest expense and a reduction in the financing obligation at an implicit rate of 9.9%. The financing obligation was personally guaranteed up to a limit of $150,000 by the principal shareholder and Chief Executive Officer, Christopher J. Reed.

In connection with the financing obligation, the Company issued an aggregate of 400,000 warrants to purchase its common stock at $1.20 per share for five years. The 400,000 warrants were valued at $752,000 and reflected as a debt discount, using the Black Scholes Merton option pricing model. The following assumptions were utilized in valuing the 400,000 warrants: strike price of $2.10 to $2.25; term of 5 years; volatility of 91.36% to 110.9%; expected dividends of 0%; and discount rate of 2.15% to 2.20%. The 400,000 warrants were recorded as valuation discount and are being amortized over 15 years, the term of the purchase option.

Effective October 1, 2014, the Company executed Amendment #1 to the Long-term Financing Obligation. In exchange for a release from the $150,000 personal guarantee by the principal shareholder and Chief Executive Office, and a release of the brewery equipment which was collateral for the lease agreement, the Company issued 200,000 warrants to purchase its common stock for $5.60 per share with a term of five years. The 200,000 warrants were valued at $584,000 using the Black Scholes Merton option pricing model and were recorded as a valuation discount. The following assumptions were made in valuing the 200,000 warrants; term of 5 years, volatility of 59.53%, expected dividends of 0% and discount rate of 1.25%. The warrants value of $584,000 is being amortized over the remaining term of the purchase option. Amortization of valuation discount was $55,000 and $41,000 during the six months ended June 30, 2016 and 2015.

Long term financing obligation is comprised of the following as of:

	June 30, 2016			December 31, 2015
Financing obligation	$	2,463,000			2,538,000
Valuation discount		(880,000	)		(935,000	)
		1,583,000			1,603,000
Less current portion		(175,000	)		(160,000	)
Long term financing obligation	$	1,408,000			1,443,000

F-9

8. Stockholders’ Equity

Common Stock

On June 2, 2016, the Company entered into a securities purchase agreement with institutional investors in a private financing transaction for the issuance and sale of 692,412 shares of the Company’s common stock and warrants to purchase 346,206 shares of common stock. The net proceeds to the Company from the offering were $2,122,000 after deducting underwriting discounts, commissions and offering expenses. The Warrants have an exercise price of $4.25 per share and a term of 5 years.

During the six months ended June 30, 2016, the Company sold 30,000 shares of its common stock to certain officers of the Company at $3.90 per share with total proceeds of $117,000.

Stock Options

Stock options granted under our equity incentive plans generally vest over 3 years from the date of grant, at 33% per year or over 4 years at 25% per year and expire 5 years from the date of grant. The following table summarizes stock option activity for the six months ended June 30, 2016:

	Shares			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Terms (Years)		Aggregate Intrinsic Value
Outstanding at January 1, 2016		980,000			4.54		3.10
Granted		2,500			2.50		5.00
Exercised		(15,000	)		2.43
Forfeited or expired		0
Outstanding at June 30, 2016		967,500			4.54		2.93		92,000
Exercisable at June 30, 2016		547,501			4.37		2.32		92,000

During the six months ended June 30, 2016, the Company granted options to purchase 2,500 shares at $2.50 for consulting services.

The aggregate intrinsic value was calculated as the difference between the closing market price, which was $2.47, and the exercise price of the Company’s stock options as of June 30, 2016. Stock-based compensation recognized on the Company’s statement of operations for the six months ended June 30, 2016 and 2015 was $302,000 and $446,000, respectively and is included in the selling and marketing and general and administrative expenses in the accompanying statements of operations. During the six months ended June 30, 2016, the Company issued 7,211 shares of the Company’s common stock upon exercise of 15,000 stock options on a cashless basis.

Stock Warrants

	Shares			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Terms (Years)		Aggregate Intrinsic Value
Outstanding at December 31, 2015		341,261			3.74		3.87
Granted		478,909			4.19		4.98
Exercised		(16,260	)		2.77
Forfeited or expired		(1	)
Outstanding at June 30, 2016		803,909			5.18		4.53		0
Exercisable at June 30, 2016		743,909			5.60		3.25		0

The intrinsic value was calculated as the difference between the closing market price, which was $2.47 and the exercise price of the Company’s warrants common stock, as of June 30, 2016. There was no intrinsic value for warrants outstanding as of June 30, 2016, based on the fair value of the Company’s common stock on June 30, 2016.

F-10

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our financial statements and the related notes appearing elsewhere in this report. This discussion and analysis may contain forward-looking statements based on assumptions about our future business.

Overview

The results for our second quarter of 2016 reflect our operations continuing to meet demand, margins improving and significant cost containment. Our Reed’s Ginger Brew and Virgils’ craft soda products gross sales grew sequentially in the second quarter over the first quarter by 3.6% and 17.1% respectively. Our other Reed’s brands grew 61.3% in gross sales during the quarter driven by our Butterscotch Beer craft soda that sequentially more than doubled versus first quarter gross sales.

Private label sales volume grew 33.0% percent sequentially or year over year driven in part by the liquidation of discontinued SKU’s. These discounts negatively impacted total gross margins by 1.9% during the second quarter.

We have included below detailed information on our products from a sales perspective that is based on year over year results with the associated cost of goods sold and production. The year over year comparison reflects the impact of the supply chain disruption last year. The information is presented in an industry standard of eight ounce serving equivalents for ease of comparison.

We continue to work on upgrading our Los Angeles plant facility with the goal of increasing its capacity. We believe that this will result in savings on transportation as well as other benefits that include quicker delivery of our products, particularly to our west coast customers. Our capital equipment outlay in the second quarter was $1,444,000 as additional line equipment was procured for installation. The Idle Plant cost increased by $10,000 over the same quarter last year while we begin installation of the new equipment.

Driven by cost containment initiatives overall expenses decreased 28.6% or $1,184,000 during the second quarter and resulted in savings in each individual category. Delivery expenses decreased 25.5%, Selling expenses decreased 28.5% and General and Administrative expenses decreased 32.0% versus the prior year second quarter. Interest expense grew 116% or $223,000 during the quarter versus the prior year second quarter and reflects the additional borrowing incurred as a direct result of the supply chain disruption.

Primarily due to gross margin improvement and expense management the operating loss realized in the second quarter decreased $146,000 versus the same quarter in the prior year. Total operating loss for the second quarter 2016 was $347,000.

Results of Operations

The following table sets forth-key statistics for the three months ended June 30, 2016 and 2015, respectively.

	Three Months Ended June 30,						Pct.
	2016			2015			Change
Gross sales, net of discounts & returns *	$	11,835,000		$	13,173,000			-10.2	%
Less: Promotional and other allowances**		843,000			995,000			-15.3	%
Net sales		10,992,000			12,178,000			-9.7	%

Cost of tangible goods sold
As a percentage of:		7,706,000			7,864,000			-2.0	%
Gross sales		65.1	%		59.7	%
Net sales		70.1	%		64.6	%
Cost of goods sold - idle capacity		684,000			674,000			1.5	%
As a percentage of net sales		6.2	%		5.5	%

Gross profit		2,602,000			3,640,000			-28.5	%
Gross profit margin as a percentage of net sales		23.7	%		29.9	%

Expenses
Delivery and handling		1,064,000			1,429,000			-25.5	%
Selling and marketing		954,000			1,335,000			-28.5	%
General and administrative		931,000			1,369,000			-32.0	%
Total operating expenses		2,949,000			4,133,000			-28.6	%

Loss from operations		(347,000	)		(493,000	)		-29.6	%
Interest Expense		(416,000	)		(193,000	)		115.5	%
Net loss	$	(763,000	)	$	(686,000	)		11.2	%

Shares outstanding		13,908,247			13,117,573			6.0	%

Net loss per share	$	(0.05	)	$	(0.05	)

* Gross sales is used internally by management as an indicator of and to monitor operating performance, including sales performance of particular products, salesperson performance, product growth or declines and overall Company performance. The use of gross sales allows evaluation of sales performance before the effect of any promotional items, which can mask certain performance issues. We therefore believe that the presentation of gross sales provides a useful measure of our operating performance. Gross sales is not a measure that is recognized under GAAP and should not be considered as an alternative to net sales, which is determined in accordance with GAAP, and should not be used alone as an indicator of operating performance in place of net sales. Additionally, gross sales may not be comparable to similarly titled measures used by other companies, as gross sales has been defined by our internal reporting practices. In addition, gross sales may not be realized in the form of cash receipts as promotional payments and allowances may be deducted from payments received from certain customers.

** Although the expenditures described in this line item are determined in accordance with GAAP and meet GAAP requirements, the disclosure thereof does not conform with GAAP presentation requirements. Additionally, our definition of promotional and other allowances may not be comparable to similar items presented by other companies. Promotional and other allowances primarily include consideration given to the Company’s distributors or retail customers including, but not limited to the following: (i) reimbursements given to the Company’s distributors for agreed portions of their promotional spend with retailers, including slotting, shelf space allowances and other fees for both new and existing products; (ii) the Company’s agreed share of fees given to distributors and/or directly to retailers for in-store marketing and promotional activities; (iii) the Company’s agreed share of slotting, shelf space allowances and other fees given directly to retailers; (iv) incentives given to the Company’s distributors and/or retailers for achieving or exceeding certain predetermined sales goals; and (v) discounted or free products. The presentation of promotional and other allowances facilitates an evaluation of their impact on the determination of net sales and the spending levels incurred or correlated with such sales. Promotional and other allowances constitute a material portion of our marketing activities. The Company’s promotional allowance programs with its numerous distributors and/or retailers are executed through separate agreements in the ordinary course of business. These agreements generally provide for one or more of the arrangements described above and are of varying durations, ranging from one week to one year.

Three months ended June 30, 2016 Compared to three months ended June 30, 2015

	Three months ended June 30
	8 Ounce Volume					8 Ounce Gross Sales Revenue
		2016	2015	Change			2016			2015		Change
Gross Sales
Reeds Beverages		474,252	547,155	-13.3	%	$	5,448,000		$	6,077,000		-10.4	%
Virgils		326,310	347,472	-6.1	%		3,944,000			4,176,000		-5.6	%
Kombucha		17,927	45,791	-60.9	%		475,000			1,201,000		-60.4	%
All Other Reeds Beverages		48,587	34,209	42.0	%		620,000			423,000		46.6	%
Private Label		86,222	64,807	33.0	%		773,000			521,000		48.4	%
Reeds Candy							550,000			585,000		-6.0	%
All Other Non-Beverages							25,000			190,000		-86.8	%
Total Gross Sales		953,298	1,039,434	-8.3	%		11,835,000			13,173,000		-10.2	%
Sales Discounts Unallocated to Specific SKU’s*							(843,000	)		(995,000	)	-15.3	%
Net Sales		953,298	1,039,434	-8.3	%	$	10,992,000		$	12,178,000		-9.7	%

Gross Sales per 8 ounce						$	12.41		$	12.67		-2.0	%
Net Sales per 8 ounce						$	11.53		$	11.72		-1.6	%

Cost of Goods Sold
Reeds Beverages		474,252	547,155	-13.3	%	$	3,567,000		$	3,962,000		-10.0	%
Virgils		326,310	347,472	-6.1	%		2,460,000			2,288,000		7.5	%
Kombucha		17,927	45,791	-60.9	%		253,000			601,000		-57.9	%
All Other Reeds Beverages		48,587	34,209	42.0	%		375,000			221,000		69.7	%
Private Label		86,222	64,807	33.0	%		527,000			367,000		43.6	%
Costs Unallocated to Specific SKU’s*							44,000			(86,000	)	151.2	%
Reeds Candy							392,000			422,000		-7.1	%
All Other Non-Beverages							88,000			89,000		-1.1	%
Cost of Goods Sold		953,298	1,039,434	-8.3	%	$	7,706,000		$	7,864,000		-2.0	%

Additional Cost of Goods Produced
Idle Plant							684,000			674,000		1.5	%
Cost of Goods produced and Sold						$	8,390,000		$	8,538,000		-1.7	%

Cost of Goods Sold per 8 ounce						$	8.08		$	7.57		6.8	%
Cost of Goods Produced Per 8 ounce						$	8.80		$	8.21		7.1	%

Gross Margin including Idle Plant							23.7	%		29.9	%	-6.2	%

* Discounts and costs incurred that do not relate to specific SKU's

Sales

Second quarter gross sales decreased in 2016 to $11,835,000 from $13,173,000 during the same three month period in 2015. On an 8-ounce serving basis, gross sales decreased $0.26 per 8 ounce serving or 2.0% year over year. Both Reed’s Ginger Brew and Virgils’ brands were down versus the prior year period as retailers slowly replaced lost shelf space with available product, however, sequential sales of both core brands were up over the first quarter. Our other Reed’s brands sales increase was led by our Butterscotch Beer craft soda. Private label growth was driven by a higher percentage of craft soda over private label Kombucha. Reed’s Kombucha continues to be a focal point of opportunity.

Second quarter net sales decreased in 2016 to $10,992,000 from $12,178,000 in the same period in 2015. On an 8 ounce serving basis, net sales decreased $0.19 per 8 ounce serving or 1.6% year over year. The main driver of the decrease was decreased spending of $152,000 or 0.9% but on a lower sales volume of 8.3%. Candy gross sales began its recovery on a year over year basis late in the quarter from the California lawsuit regarding specific sourcing locations. Candy sales were down $35,000 over the same period in 2015. However, in the second quarter, the Company began shipping all candy SKU’s again and gross sales sequentially were up 32.8% over the prior quarter.

Cost of Goods Sold and Produced

Cost of tangible goods sold consists of the costs of raw materials utilized in the manufacture of products, co-packing fees, repacking fees, in-bound freight charges, inventory adjustments and internal transfer costs. Idle capacity consists of direct production costs of our Los Angeles plant in excess of charges allocated to our finished goods in production. Plant costs include labor costs, production supplies, repairs and maintenance, and depreciation. Our charges for labor and overhead allocated to our finished goods are determined on a market cost basis, which is lower than our actual costs incurred. Plant costs in excess of production allocations are expensed in the period incurred rather than added to the cost of finished goods produced.

Second quarter cost of goods sold decreased in 2016 to $7,706,000 from $7,864,000 in the same period in 2015. On an 8 ounce serving basis, cost of goods sold increased $0.51 per 8 ounce serving or 6.8% year over year. The main driver of the increase in costs unallocated to specific SKUs is comprised activity in 2015 that was corrected in the first quarter of 2016 and higher raw material costs incurred for other Reeds’ brands.

Second quarter cost of goods produced decreased in 2016 to $8,390,000 from $8,538,000 in the same period in 2015. On an 8 ounce serving basis, cost of goods produced increased $0.59 per 8 ounce serving or 7.1% year over year. The main driver of the increase is the costs unallocated to specific SKUs in the cost of goods sold discussed earlier and plant labor costs.

Gross Margin

Second quarter gross margin declined to 23.7% from 29.9% as discounts lowered net revenue on an 8 ounce serving combined with higher costs on an 8 ounce serving that lowered margin $0.77 per 8 ounce serving or a decrease of 6.2%. The reduction was due to lower margins on discontinued private label of 1.7%, lower selling prices of core beverages of 0.5% (mix driven by less Kombucha and more craft soda), higher production costs (labor) on core beverages of 1.7% and by higher production costs (ingredients) on non-beverage related items of 0.3%.

Delivery and Handling Expenses

Delivery and handling expenses consist of delivery costs to customers and warehouse costs incurred for handling our finished goods after production. Delivery and handling costs decreased by 25.5% to $1,064,000 in the three months ended June 30, 2016 compared to $1,429,000 over the same period in 2015. The decrease is due to lower sales volume of 8.3% and rate and utilization mix reductions of 17.2%. As a percentage of net sales, the decrease to 9.7% for the three months of 2016 is comparable to historic rates.

Selling and Marketing Expenses

Selling and marketing expenses consist primarily of direct charges for staff compensation costs, advertising, sales promotion, marketing and trade shows. Selling and marketing costs decreased by 28.5% to $954,000 in the three months ended June 30, 2016 compared to $1,335,000 over the same period in 2015 or $381,000. This decrease over last year is primarily due to reductions in compensation related expenses of $173,000; $88,000 in trade shows, advertising and public relations; $106,000 in travel related expenses and $14,000 in sales operations.

General and Administrative Expenses

General and administrative expenses consist primarily of the cost of executive, administrative, and finance personnel, as well as professional fees. General and administrative costs decreased by 32% to $931,000 in the three months ended June 30, 2016 compared to $1,369,000 over the same period in 2015 or $438,000. This decrease over last year is primarily due to reductions in compensation related expenses of $326,000 (stock option), net bad debt activity of $73,000 and general and administrative operations of $12,000. These decreases were partially offset by increases in consulting and legal costs of $35,000.

Loss from Operations

The loss from operations decreased by $146,000 in the three months ended June 30, 2016 as compared to a loss of $493,000 in the same period of 2015. The loss was comprised of the decrease in net sales of $1,186,000 partially offset by lower cost of goods sold of $148,000 and lower expenses of $1,184,000 as discussed above in detail.

Interest Expense

Interest expense and bank related charges increased $223,000 to $416,000 in the three months ended June 30, 2016, compared to expenses of $193,000 in the same period of 2015. The increase is primarily due to increased borrowing on our revolving line of credit, an additional term loan, a new capital expansion loan and higher rates from new terms negotiated in 2015.

Modified EBITDA

The Company defines modified EBITDA (a non-GAAP measurement) as net loss before interest, taxes, depreciation and amortization, and non-cash expense for securities. Other companies may calculate modified EBITDA differently. Management believes that the presentation of modified EBITDA provides a measure of performance that approximates cash flow before interest expense, and is meaningful to investors.

MODIFIED EBITDA SCHEDULE

	Three Months Ended June 30,
	2016			2015
Net loss	$	(763,000	)	$	(686,000	)

Modified EBITDA adjustments:
Depreciation and amortization		219,000			240,000
Interest expense		416,000			193,000
Stock option compensation		133,000			347,000
Total EBITDA adjustments		768,000			780,000

Modified EBITDA	$	5,000		$	94,000

The $89,000 decrease in modified EBITDA for the three months resulted from the decreases in the EBITDA adjustments totaling $12,000 for the quarter ended June 30, 2016 plus the $77,000 increase in the net loss. The $21,000 decrease in depreciation and amortization was due to the raised asset base less retirements of older equipment, the increase in interest expense of $223,000 was due to the increased loan balances. Stock option compensation decrease was due to only 2,500 shares being granted in the three months ended June 30, 2016 and the non-recurrence of immediate vesting for key employees.

Results of Operations

The following table sets forth key statistics for the six months ended June 30, 2016 and 2015, respectively.

	Six Months Ended June 30,						Pct.
	2016			2015			Change
Gross sales, net of discounts & returns *	$	22,612,000		$	23,675,000			-4.5	%
Less: Promotional and other allowances**		1,617,000			1,674,000			-3.4	%
Net sales		20,996,000			22,850,000			-8.1	%

Cost of tangible goods sold
As a percentage of:		15,547,000			14,608,000			6.4	%
Gross sales		68.8	%		61.7	%
Net sales		74.0	%		63.9	%
Cost of goods sold - idle capacity		954,000			1,342,000			-28.9	%
As a percentage of net sales		4.5	%		5.9	%

Gross profit		4,495,000			6,900,000			-34.9	%
Gross profit margin as a percentage of net sales		21.4	%		30.2	%

Expenses
Delivery and handling		1,913,000			2,597,000			-26.3	%
Selling and marketing		1,995,000			2,528,000			-21.1	%
General and administrative		2,136,000			2,338,000			-8.6	%
Total operating expenses		6,044,000			7,463,000			-19.0	%

Loss from operations		(1,549,000	)		(563,000	)		175.1	%
Interest Expense		(794,000	)		(394,000	)		101.5	%
Net loss	$	(2,343,000	)	$	(957,000	)		144.8	%

Shares outstanding		13,908,247			13,117,573			6.0	%
Loss per share	$	(0.17	)	$	(0.07	)

Six months ended June 30, 2016 Compared to Six months ended June 30, 2015

Metrics

	Six months ended June 30
	8 Ounce Volume					8 Ounce Gross Sales Revenue
		2016	2015	Change			2016			2015		Change
Gross Sales
Reeds Beverages		936,140	985,794	-5.0	%	$	10,705,000		$	11,060,000		-3.2	%
Virgils		609,242	665,027	-8.4	%		7,311,000			7,945,000		-8.0	%
Kombucha		40,878	82,779	-50.6	%		1,077,000			2,164,000		-50.2	%
All Other Reeds Beverages		79,458	72,321	9.9	%		1,005,000			899,000		11.8	%
Private Label		138,029	139,431	-1.0	%		1,502,000			1,234,000		21.7	%
Reeds Candy							964,000			1,134,000		-15.0	%
All Other Non-Beverages							49,000			88,000		-44.3	%
Total ,Gross Sales		1,803,747	1,945,352	-7.3	%		22,613,000			24,524,000		-7.8	%
Sales Discounts Unallocated to Specific SKU’s*							(1,617,000	)		(1,674,000	)	-3.4	%
Net Sales		1,803,747	1,945,352	-7.3	%	$	20,996,000		$	22,850,000		-8.1	%

Gross Sales per 8 ounce						$	12.54		$	12.61		-0.6	%
Net Sales per 8 ounce						$	11.64		$	11.75		-0.9	%

Cost of Goods Sold
Reeds Beverages		936,140	985,794	-5.0	%		7,030,000		$	7,220,000		-2.6	%
Virgils		609,242	665,027	-8.4	%		4,618,000			4,367,000		5.7	%
Kombucha		40,878	82,779	-50.6	%		560,000			1,089,000		-48.6	%
All Other Reeds Beverages		79,458	72,321	9.9	%		647,000			475,000		36.2	%
Private Label		138,029	139,431	-1.0	%		1,053,000			750,000		40.4	%
Costs Unallocated to Specific SKU’s*							743,000			(233,000	)	418.9	%
Reeds Candy							710,000			763,000		-6.9	%
All Other Non-Beverages							186,000			177,000		5.1	%
Cost of Goods Sold		1,803,747	1,945,352	-7.3	%		15,547,000		$	14,608,000		6.4	%

Additional Cost of Goods Produced
Idle Plant							954,000			1,342,000		-28.9	%
Cost of Goods produced and Sold						$	16,501,000		$	15,950,000		3.5	%

Cost of Goods Sold per 8 ounce						$	8.62		$	7.51		14.8	%
Cost of Goods Produced Per 8 ounce						$	9.15		$	8.20		11.6	%

Gross Margin including Idle Plant							21.4	%		30.2	%	-8.8	%

* Discounts and costs incurred that do not relate to specific SKU's

Sales

Gross sales decreased in 2016 to $22,613,000 from $24,524,000 for the same six-month period in 2015. On an 8 ounce serving basis, gross sales decreased $0.07 per 8 ounce serving or 0.6% year over year. The main driver of the decrease was a 50.2% decrease in Reeds’ Kombucha. Sequentially or period over period, gross sales were up for ginger based products 3.2%, variety 61.3%, Virgils 17.1%, and private label 10.9%. Overall, sequential gross sales were up 9.8%

Net sales decreased in 2016 to $20,996,000 from $22,850,000 in the same six-month period in 2015. On an 8 ounce serving basis, net sales decreased $0.11 per 8 ounce serving or 0.9% year over year. The main driver of the decrease was decreased spending of $57,000 or 3.4% on a lower sales volume of 7.8%. Candy gross sales continued to be negatively impacted by the California lawsuit regarding specific resourcing locations on a year over year basis. Candy sales were down $170,000 over the same period in 2015. However in the second quarter, the Company began shipping all candy SKU’s again and gross sales sequentially were up 32.8% over the prior quarter.

Cost of Goods Sold and Produced

Cost of goods sold increased in 2016 to $15,547,000 from $14,608,000 in the same six month period in 2015. On an 8 ounce serving basis, cost of goods sold increased $1.12 per 8 ounce serving or 14.9% year over year. The main driver of an increase in costs unallocated to specific SKUs comprised primarily of inventory adjustments in the first quarter of $743,000.

Cost of goods produced increased in 2016 to $16,501,000 from $15,950,000 in the same six month period in 2015. On an 8 ounce serving basis, cost of goods sold increased $0.95 per 8 ounce serving or 11.6% year over year. The main driver of the increase is the costs unallocated to specific SKUs in the cost of goods sold discussed earlier. The increase was partially offset by an improvement in LA Plant Idle Plant costs. Idle Plant costs decreased to $942,000 from $1,342,000 over the same period in 2015.

Gross Margin

Gross margin declined to 21.4% from 30.2% in the same six-month period as discounts unallocated to specific SKU’s in sales decreased to $1,617,000 from $1,674,000 or $57,000 on a lower volume base. In addition, costs unallocated to specific SKU’s in production also increased in the first six months to $743,000 from ($233,000) or $976,000 from the same time frame in the previous year. Removing the unallocated SKU’s costs that are now allocated, the resulting margins are 24.9% and 29.2% or a decrease of 4.2% for the first six months of 2016 over the same time frame in the previous year.

The decrease in the gross margin of 4.2% is due to lower margins on discontinued private label of 1.7%, lower selling prices of core beverages of 0.5%, higher production costs on core beverages 1.7% and by lower margins on non-beverage related items of 0.3%.

Delivery and Handling Expenses

Delivery and handling expenses consist of delivery costs to customers and warehouse costs incurred for handling our finished goods after production. Delivery and handling costs decreased by 26.3% to $1,913,000 in the six months ended June 30, 2016 compared to $2,597,000 over the same period in 2015. The decrease is due to lower sales volume of 7.3% and a rate and utilization mix reductions of 2.3%. As percentage of net sales, the decrease to 9.1% for the six months of 2016 is comparable to historic rates.

Selling and Marketing Expenses

Selling and marketing expenses consist primarily of direct charges for staff compensation costs, advertising, sales promotion, marketing and trade shows. Selling and marketing costs decreased by 21.1% to $1,995,000 in the six months ended June 30, 2016 compared to $2,528,000 over the same period in 2015 or $533,000. This decrease over last year is primarily due to reductions in compensation related expenses of $164,000; $156,000 in trade shows, advertising and public relations; $102,000 in travel related expenses; $45,000 in sales operations and $33,000 in commissions.

General and Administrative Expenses

General and administrative expenses consist primarily of the cost of executive, administrative, and finance personnel, as well as professional fees. General and administrative costs decreased by 8.6% to $2,136,000 in the six months ended June 30, 2016 compared to $2,338,000 over the same period in 2015 or $202,000. This decrease over last year is primarily due to reductions in compensation related expenses of $247,000, bad debt of $88,000 and general and administrative operations of $13,000. These decreases were offset in increases in consulting and legal costs of $32,000, warrant amortization of $62,000 and legal settlement of $78,000.

Loss from Operations

The loss from operations was $1,549,000 in the six months ended June 30, 2016 as compared to a loss of $563,000 in the same period of 2015. The loss was comprised of decreases in net sales of $1,854,000, cost of goods sold increases of $939,000 that were partially offset by lower idle plant costs of $388,000 and lower expenses of $1,304,000 as discussed above in detail.

Interest Expense

Interest expense and bank related charges increased $400,000 to $794,000 in the six months ended June 30, 2016, compared to expenses of $394,000 in the same period of 2015. The increase is primarily due to increased borrowing on our revolving line of credit, an additional term loan and new capital expansion loan.

Modified EBITDA

MODIFIED EBITDA SCHEDULE

	Six Months Ended June 30,
	2016			2015
Net loss	$	(2,343,000	)	$	(957,000	)

Modified EBITDA adjustments:
Depreciation and amortization		477,000			453,000
Interest expense		794,000			394,000
Stock option compensation		302,000			560,000
Total EBITDA adjustments		1,573,000			1,407,000

Modified EBITDA	$	(770,000	)	$	450,000

The $1,220,000 decrease in modified EBITDA for the six months resulted from increases in EBITDA adjustments totaling $166,000 for the period ended June 30, 2016 plus the $1,386,000 increase in the net loss. The $24,000 increase in depreciation and amortization was due to the raised asset base, the increase in interest expense of $400,000 was due to the increased loan balances. Stock option compensation decreased due to less option grants of 2,500 in the six months ended June 30, 2016 as compared to 538,000 options granted in the six months ended June 30, 2015.

Liquidity and Capital Resources

As of June 30, 2016, we had stockholders equity of $1,082,000 and working capital of $1,216,000 compared to stockholders equity of $785,000 and working capital of $730,000 at December 31, 2015. This was a direct result from an equity transaction completed in the quarter and the extension of the loan maturity dates.

On June 2, 2016, the Company entered into a securities purchase agreement with institutional investors in a private financing transaction for the issuance and sale of 692,412 shares of the Company’s common stock and warrants to purchase 346,206 shares of common stock. The net proceeds to the Company from the offering were $2,122,000 after deducting underwriting discounts, commissions and offering expenses. Additionally, senior management purchased 30,000 shares of its common stock at $3.90 per share with total proceeds of $117,000.

Our cash and cash equivalents at June 30, 2016 decreased by $847,000 to $969,000 compared to $1,816,000 at December 31, 2015. Net cash used in operations increased by $2,260,000 to $4,104,000 over the same six months in the previous year. This was the result of an increase in payments to vendors $3,429,000. Net cash used in investing activities was $78,000 for the six months ended June 30, 2016. During the quarter, the Company successfully completed an equity transaction that raised net proceeds of $2,239,000 to provide the working capital to pay the vendors. (See Note 8)

In conjunction with the additional capital from equity sources, PMC agreed to extend the loan maturity dates for all loans to October 1, 2017 directly providing the additional working capital increase of $486,000.

We believe that the Company currently has the necessary working capital to support existing operations through the end of this year. Consistent with past refinancing practices regarding the Line of Credit, the Company believes that we will be successful in renewing the Line of Credit for another time frame similar to the past for a two year time frame. There are no assurances that this refinancing will be completed. Our primary capital source will be positive cash flow from operations. If our sales goals do not materialize as planned, we believe that the Company can reduce its operating costs and can be managed to maintain positive cash flow from operations. Historically, we have financed our operations primarily through private sales of common stock, preferred stock, convertible debt, a line of credit from a financial institution and cash generated from operations.

Critical Accounting Policies and Estimates

Our financial statements are prepared in accordance with accounting principles generally accepted in the United States of America, or GAAP. GAAP requires us to make estimates and assumptions that affect the reported amounts in our financial statements including various allowances and reserves for accounts receivable and inventories, the estimated lives of long-lived assets and trademarks and trademark licenses, as well as claims and contingencies arising out of litigation or other transactions that occur in the normal course of business. The following summarize our most significant accounting and reporting policies and practices:

Revenue Recognition. Revenue is recognized on the sale of a product when the product is shipped, which is when the risk of loss transfers to our customers, and collection of the receivable is reasonably assured. A product is not shipped without an order from the customer and credit acceptance procedures performed. The allowance for returns is regularly reviewed and adjusted by management based on historical trends of returned items. Amounts paid by customers for shipping and handling costs are included in sales. The Company reimburses its wholesalers and retailers for promotional discounts, samples and certain advertising and promotional activities used in the promotion of the Company’s products. The accounting treatment for the reimbursements for samples and discounts to wholesalers results in a reduction in the net revenue line item. Reimbursements to wholesalers and retailers for certain advertising activities are included in selling and marketing expenses.

Long-Lived Assets. Our management regularly reviews property, equipment and other long-lived assets, including identifiable amortizing intangibles, for possible impairment. This review occurs quarterly or more frequently if events or changes in circumstances indicate the carrying amount of the asset may not be recoverable. If there is indication of impairment of property and equipment or amortizable intangible assets, then management prepares an estimate of future cash flows (undiscounted and without interest charges) expected to result from the use of the asset and its eventual disposition. If these cash flows are less than the carrying amount of the asset, an impairment loss is recognized to write down the asset to its estimated fair value. The fair value is estimated at the present value of the future cash flows discounted at a rate commensurate with management’s estimates of the business risks. Quarterly, or earlier, if there is indication of impairment of identified intangible assets not subject to amortization, management compares the estimated fair value with the carrying amount of the asset. An impairment loss is recognized to write down the intangible asset to its fair value if it is less than the carrying amount. Preparation of estimated expected future cash flows is inherently subjective and is based on management’s best estimate of assumptions concerning expected future conditions. During the quarter, equipment currently in use was identified that will be retired before the end of their useful life as the LA Plant nears completion. An impairment was recognized for $261,000 which be settled upon completion of the LA Plant.

Management believes that the accounting estimate related to impairment of our long lived assets, including our trademark license and trademarks, is a “critical accounting estimate” because: (1) it is highly susceptible to change from period to period because it requires management to estimate fair value, which is based on assumptions about cash flows and discount rates; and (2) the impact that recognizing an impairment would have on the assets reported on our balance sheet, as well as net income, could be material. Management’s assumptions about cash flows and discount rates require significant judgment because actual revenues and expenses have fluctuated in the past and we expect they will continue to do so.

Recent Accounting Pronouncements

See Note 2 of the financial statements for a discussion of recent accounting pronouncements.

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

A smaller reporting company is not required to provide the information required by this Item.

Item 4. Controls and Procedures.

Evaluation of Disclosure Controls and Procedures

Under the supervision and with the participation of our management, including our Chief Executive Officer and our Interim Chief Financial Officer, we conducted an evaluation of our disclosure controls and procedures, as such term is defined under Securities and Exchange Act of 1934 Rules 13a-15(f). Based on this evaluation, our Chief Executive Officer and our Chief Financial Officer concluded that the Company’s disclosure controls and procedures were effective as of June 30, 2016.

Changes in Internal Control Over Financial Reporting

There have been no changes in the Company’s internal control over financial reporting during the three months ended June 30, 2016 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

PART II – OTHER INFORMATION

Item 1. Legal Proceedings

We are subject to various legal proceedings from time to time in the ordinary course of business, none of which are required to be disclosed under this Item 1.

Item 1A. Risk Factors

A smaller reporting company is not required to provide the information required by this Item.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

During the period covered by this report, the Company sold 30,000 shares of its restricted common stock to certain officers of the Company at $3.90 per share with total proceeds of $117,000.

The Company did not issue or sell any other unregistered equity securities during the period covered by this report that were not previously reported on a Current Report on Form 8-K.

The foregoing issuances of securities were made in reliance on Section 4(2) of the Securities Act of 1933, as amended (the “Act”) for transactions of an issuer not involving a public offering.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

Item 6. Exhibits

4.1		Form of Warrant issued to investors dated June 2, 2016 (Incorporated by reference to Exhibit 4.1 to Reed’s Inc.’s Current Report on Form 8K/A, as filed June 2, 2016)

4.2		Placement Agent Warrant issued to Maxim Group LLC dated June 2, 2016 (Incorporated by reference to Exhibit 4.2 to Reed’s Inc.’s Current Report on Form 8K/A, as filed June 2, 2016)

10.1		Placement Agent Agreement by and between Maxim Group LLC and Reed’s Inc. dated May 26, 2016 (Incorporated by reference to Exhibit 10.1 to Reed’s Inc.’s Current Report on Form 8K/A, as filed June 2, 2016)

10.2		Securities Purchase Agreement by and between Reed’s Inc. and purchasers signatory thereto dated May 26, 2016 (Incorporated by reference to Exhibit 10.2 to Reed’s Inc.’s Current Report on Form 8K/A, as filed June 2, 2016)

10.3		Registration Rights Agreement by and between Reed’s Inc. and purchasers signatory thereto dated May 26, 2016 (Incorporated by reference to Exhibit 10.3 to Reed’s Inc.’s Current Report on Form 8K/A, as filed June 2, 2016)

31.1		Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*

31.2		Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*

32.1		Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.*

32.2		Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.*

101.INS		XBRL Instance Document*
101.SCH		XBRL Taxonomy Extension Schema Document*
101.CAL		XBRL Taxonomy Extension Calculation Linkbase Document*
101.DEF		XBRL Taxonomy Extension Definition Linkbase Document*
101.LAB		XBRL Taxonomy Extension Label Linkbase Document*
101.PRE		XBRL Taxonomy Extension Presentation Linkbase Document*

*filed herewith

In accordance with SEC Release 33-8238, Exhibits 32.1 and 32.2 are being furnished and not filed.

Furnished herewith, XBRL (Extensive Business Reporting Language) information is furnished and not filed or a part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, is deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise is not subject to liability under these sections.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	Reed’s, Inc. (Registrant)

Date: August 4, 2016	/s/ Christopher J. Reed
	Christopher J. Reed
	President and Chief Executive Officer
	(Principal Executive Officer)

Date: August 4, 2016	/s/ Daniel V. Miles
	Daniel V. Miles
	Chief Financial Officer
	(Principal Financial Officer)

EX-31.1 2 ex31-1.htm

EXHIBIT 31.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER PURSUANT TO SECTION 302

OF THE SARBANES-OXLEY ACT OF 2002

I, Christopher J. Reed, certify that:

1.	I have reviewed this Quarterly Report on Form 10-Q of Reed’s, Inc.;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.	The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

	a.	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

	b.	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under my supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

	c.	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

	d.	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.	The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

	a.	All significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

	b.	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 4, 2016	/s/ Christopher J. Reed
	Christopher J. Reed
	Chief Executive Officer
	(Principal Executive Officer)

EX-31.2 3 ex31-2.htm

EXHIBIT 31.2

CERTIFICATION OF CHIEF FINANCIAL OFFICER PURSUANT TO SECTION 302

OF THE SARBANES-OXLEY ACT OF 2002

I, Daniel V. Miles, certify that:

1.	I have reviewed this Quarterly Report on Form 10-Q of Reed’s, Inc.;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.	The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

	a.	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

	b.	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under my supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

	c.	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

	d.	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.	The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

	a.	All significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

	b.	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 4, 2016	/s/ Daniel V. Miles
	Daniel V Miles
	Chief Financial Officer
	(Principal Financial Officer)

EX-32.1 4 ex32-1.htm

EXHIBIT 32.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER PURSUANT TO

18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report on Form 10-Q of Reed’s, Inc., a Delaware corporation (the “Company”) for the period ending June 30, 2016 as filed with the U.S. Securities and Exchange Commission on the date hereof (the “Report”), Christopher J. Reed, Chief Executive Officer of the Company, hereby certifies, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that, to the best of his knowledge and belief:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

	REED’S, INC.

Date: August 4, 2016	By:	/s/ Christopher J. Reed
		Christopher J. Reed
		Chief Executive Officer
		(Principal Executive Officer)

EX-32.2 5 ex32-2.htm

EXHIBIT 32.2

CERTIFICATION OF CHIEF FINANCIAL OFFICER PURSUANT TO

18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report on Form 10-Q of Reed’s, Inc., a Delaware corporation (the “Company”) for the period ending June 30, 2016 as filed with the U.S. Securities and Exchange Commission on the date hereof (the “Report”), Daniel V. Miles, Chief Financial Officer of the Company, hereby certifies, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that, to the best of his knowledge and belief:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

	REED’S, INC.

Date: August 4, 2016	By:	/s/ Daniel V. Miles
		Daniel V. Miles
		Chief Financial Officer
		(Principal Financial Officer)

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500000

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3. Inventory   Inventory is valued at the lower of cost (first-in, first-out or market) and, net of reserves, is comprised of the following as of:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center; line-height: 115%"> </td> <td style="text-align: center; line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">June 30, 2016</td> <td style="text-align: center; line-height: 115%"> </td> <td style="text-align: center; line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">December 31, 2015</td> <td style="text-align: center; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 54%; line-height: 115%">Raw Materials and packaging</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 20%; text-align: right; line-height: 115%">4,172,000</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 20%; text-align: right; line-height: 115%">4,364,000</td> <td style="width: 1%; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Finished Goods</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">3,551,000</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">3,563,000</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">7,723,000</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">7,927,000</td> <td style="line-height: 115%"> </td></tr> </table>

4. Property and Equipment   Property and equipment are comprised of the following as of:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center; line-height: 115%"> </td> <td style="text-align: center; line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">June 30, 2016</td> <td style="text-align: center; line-height: 115%"> </td> <td style="text-align: center; line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">December 31, 2015</td> <td style="text-align: center; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 54%; line-height: 115%">Land</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 20%; text-align: right; line-height: 115%">1,107,000</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 20%; text-align: right; line-height: 115%">1,107,000</td> <td style="width: 1%; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Building</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">1,875,000</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">1,875,000</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">Vehicles</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">600,000</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">500,000</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Machinery and equipment</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">3,695,000</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">3,800,000</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">Equipment under capital leases</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">228,000</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">857,000</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Office equipment</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">474,000</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">469,000</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">Construction in Progress</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">3,074,000</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">977,000</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">11,053,000</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">9,585,000</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">Accumulated depreciation</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">(4,574,000</td> <td style="line-height: 115%">)</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">(4,216,000</td> <td style="line-height: 115%">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">6,479,000</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">5,369,000</td> <td style="line-height: 115%"> </td></tr> </table>   Depreciation expense for the six months ended June 30, 2016 and 2015 was $357,000 and $412,000 respectively.

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7. Long-term Financing Obligation   On June 15, 2009, the Company closed escrow on the sale of its two buildings and its brewery equipment and concurrently entered into a long-term lease agreement for the same property and equipment. In connection with the lease the Company has the option to repurchase the buildings and brewery equipment from 12 months after the commencement date to the end of the lease term at the greater of the fair market value or an agreed upon amount. Since the lease contains a buyback provision and other related terms, the Company determined it had continuing involvement that did not warrant the recognition of a sale; therefore, the transaction has been accounted for as a long-term financing. The proceeds from the sale, net of transaction costs, have been recorded as a financing obligation in the amount of $3,056,000. Monthly payments under the financing agreement are recorded as interest expense and a reduction in the financing obligation at an implicit rate of 9.9%. The financing obligation was personally guaranteed up to a limit of $150,000 by the principal shareholder and Chief Executive Officer, Christopher J. Reed.   In connection with the financing obligation, the Company issued an aggregate of 400,000 warrants to purchase its common stock at $1.20 per share for five years. The 400,000 warrants were valued at $752,000 and reflected as a debt discount, using the Black Scholes Merton option pricing model. The following assumptions were utilized in valuing the 400,000 warrants: strike price of $2.10 to $2.25; term of 5 years; volatility of 91.36% to 110.9%; expected dividends of 0%; and discount rate of 2.15% to 2.20%. The 400,000 warrants were recorded as valuation discount and are being amortized over 15 years, the term of the purchase option.   Effective October 1, 2014, the Company executed Amendment #1 to the Long-term Financing Obligation. In exchange for a release from the $150,000 personal guarantee by the principal shareholder and Chief Executive Office, and a release of the brewery equipment which was collateral for the lease agreement, the Company issued 200,000 warrants to purchase its common stock for $5.60 per share with a term of five years. The 200,000 warrants were valued at $584,000 using the Black Scholes Merton option pricing model and were recorded as a valuation discount. The following assumptions were made in valuing the 200,000 warrants; term of 5 years, volatility of 59.53%, expected dividends of 0% and discount rate of 1.25%. The warrants value of $584,000 is being amortized over the remaining term of the purchase option. Amortization of valuation discount was $55,000 and $41,000 during the six months ended June 30, 2016 and 2015.   Long term financing obligation is comprised of the following as of:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center; line-height: 115%"> </td> <td style="text-align: center; line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">June 30, 2016</td> <td style="text-align: center; line-height: 115%"> </td> <td style="text-align: center; line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">December 31, 2015</td> <td style="text-align: center; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 54%; line-height: 115%">Financing obligation</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 20%; text-align: right; line-height: 115%">2,463,000</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 20%; text-align: right; line-height: 115%">2,538,000</td> <td style="width: 1%; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Valuation discount</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">(880,000</td> <td style="line-height: 115%">)</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">(935,000</td> <td style="line-height: 115%">)</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">1,583,000</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">1,603,000</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Less current portion</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">(175,000</td> <td style="line-height: 115%">)</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">(160,000</td> <td style="line-height: 115%">)</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">Long term financing obligation</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">1,408,000</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">1,443,000</td> <td style="line-height: 115%"> </td></tr> </table>

Long term financing obligation is comprised of the following as of:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center; line-height: 115%"> </td> <td style="text-align: center; line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">June 30, 2016</td> <td style="text-align: center; line-height: 115%"> </td> <td style="text-align: center; line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">December 31, 2015</td> <td style="text-align: center; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 54%; line-height: 115%">Financing obligation</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 20%; text-align: right; line-height: 115%">2,463,000</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 20%; text-align: right; line-height: 115%">2,538,000</td> <td style="width: 1%; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Valuation discount</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">(880,000</td> <td style="line-height: 115%">)</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">(935,000</td> <td style="line-height: 115%">)</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">1,583,000</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">1,603,000</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Less current portion</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">(175,000</td> <td style="line-height: 115%">)</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">(160,000</td> <td style="line-height: 115%">)</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">Long term financing obligation</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">1,408,000</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">1,443,000</td> <td style="line-height: 115%"> </td></tr> </table>

3056000

0.099 150000 150000 200000 400000 584000 752000 0.0125 0.0215 0.0220 P5Y P5Y

1408000

1443000

1408000

175000

160000

-160000

-175000

357000

412000

341

10441

16000

6. Obligations under Capital Leases   The Company leases equipment for its brewery operations with an aggregate value of $944,000 under six non-cancelable capital leases. Most of the leases are personally guaranteed by the Companys chief executive officer. Monthly payments range from $341 to $10,441 per month, including interest, at interest rates ranging from 6.51% to 17.31% per annum. At June 30, 2016, monthly payments under these leases aggregated to $16,000. The leases expire at various dates through 2020.   Future minimum lease payments under capital leases are as follows:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1.5pt solid; line-height: 115%">Years Ending December 31,</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 80%; padding-left: 10pt; line-height: 115%">2016</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 16%; text-align: right; line-height: 115%">109,000</td> <td style="width: 1%; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; line-height: 115%">2017</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">213,000</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt; line-height: 115%">2018</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">217,000</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; line-height: 115%">2019</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">169,000</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt; line-height: 115%">2020</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">65,000</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; line-height: 115%">Total payments</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">773,000</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt; line-height: 115%">Less: Amount representing interest</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">(132,000</td> <td style="line-height: 115%">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; line-height: 115%">Present value of net minimum lease payments</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">641,000</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt; line-height: 115%">Less: Current portion</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">(142,000</td> <td style="line-height: 115%">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; line-height: 115%">Non-current portion</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">499,000</td> <td style="line-height: 115%"> </td></tr> </table>

--12-31

969000

1816000

215000

959000

0.85 0.60

2500

2.43

P3Y1M6D

2.47

341261

803909

-16260

-1

1500000

1000000

1500000

3000000

Inventory is valued at the lower of cost (first-in, first-out or market) and, net of reserves, is comprised of the following as of:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center; line-height: 115%"> </td> <td style="text-align: center; line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">June 30, 2016</td> <td style="text-align: center; line-height: 115%"> </td> <td style="text-align: center; line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">December 31, 2015</td> <td style="text-align: center; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 54%; line-height: 115%">Raw Materials and packaging</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 20%; text-align: right; line-height: 115%">4,172,000</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 20%; text-align: right; line-height: 115%">4,364,000</td> <td style="width: 1%; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Finished Goods</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">3,551,000</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">3,563,000</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">7,723,000</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">7,927,000</td> <td style="line-height: 115%"> </td></tr> </table>

Property and equipment are comprised of the following as of:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center; line-height: 115%"> </td> <td style="text-align: center; line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">June 30, 2016</td> <td style="text-align: center; line-height: 115%"> </td> <td style="text-align: center; line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">December 31, 2015</td> <td style="text-align: center; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 54%; line-height: 115%">Land</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 20%; text-align: right; line-height: 115%">1,107,000</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 20%; text-align: right; line-height: 115%">1,107,000</td> <td style="width: 1%; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Building</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">1,875,000</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">1,875,000</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">Vehicles</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">600,000</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">500,000</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Machinery and equipment</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">3,695,000</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">3,800,000</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">Equipment under capital leases</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">228,000</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">857,000</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Office equipment</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">474,000</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">469,000</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">Construction in Progress</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">3,074,000</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">977,000</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">11,053,000</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">9,585,000</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">Accumulated depreciation</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">(4,574,000</td> <td style="line-height: 115%">)</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">(4,216,000</td> <td style="line-height: 115%">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">6,479,000</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">5,369,000</td> <td style="line-height: 115%"> </td></tr> </table>

0.0651

0.1731

2020

0.0575

3000000 3000000 48 P2Y

1500000

750000

0.0045

Future minimum lease payments under capital leases are as follows:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1.5pt solid; line-height: 115%">Years Ending December 31,</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 80%; padding-left: 10pt; line-height: 115%">2016</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 16%; text-align: right; line-height: 115%">109,000</td> <td style="width: 1%; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; line-height: 115%">2017</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">213,000</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt; line-height: 115%">2018</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">217,000</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; line-height: 115%">2019</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">169,000</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt; line-height: 115%">2020</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">65,000</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; line-height: 115%">Total payments</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">773,000</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt; line-height: 115%">Less: Amount representing interest</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">(132,000</td> <td style="line-height: 115%">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; line-height: 115%">Present value of net minimum lease payments</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">641,000</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt; line-height: 115%">Less: Current portion</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">(142,000</td> <td style="line-height: 115%">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; line-height: 115%">Non-current portion</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">499,000</td> <td style="line-height: 115%"> </td></tr> </table>

REED

250000

15000 The Company has the following term loans outstanding with PMC Financial Services Corporation;   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center; line-height: 115%"> </td> <td style="text-align: center; line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">June 30, 2016</td> <td style="text-align: center; line-height: 115%"> </td> <td style="text-align: center; line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">December 31, 2015</td> <td style="text-align: center; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 54%; line-height: 115%">Term Loans</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 20%; text-align: right; line-height: 115%">3,000,000</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 20%; text-align: right; line-height: 115%">3,000,000</td> <td style="width: 1%; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Valuation discount</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">(114,000</td> <td style="line-height: 115%">)</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">(132,000</td> <td style="line-height: 115%">)</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">Net</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">2,886,000</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">2,868,000</td> <td style="line-height: 115%"> </td></tr> </table>   341000 REED'S, INC. 10-Q

2886000

2868000

2886000

2868000

306000

356000

1082000

785000

1000

27399000

-26709000

1000

30044000

-29057000

94000

13160860

13908247

9411

141000

15000

38000

0.09

0.1485

0.0035

0.1485

0.09

0.0575

0.09

0.1160

0.12

4.50

5.60

1.20

2.47

3.90

4.50

4.25

125000

10000

50000

P5Y

P5Y6M

P5Y

P5Y6M

0.5953

0.5604

0.9136

1.109

0.5635

0.5417

0.00

0.0068

0.0150

0.0149

P16M

P8M

P16M

41000

55000

The following table summarizes stock option activity for the six months ended June 30, 2016:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center; line-height: 115%"> </td> <td style="text-align: center; line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">Shares</td> <td style="text-align: center; line-height: 115%"> </td> <td style="text-align: center; line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">Weighted- Average Exercise Price</td> <td style="text-align: center; line-height: 115%"> </td> <td style="text-align: center; line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">Weighted- Average Remaining Contractual Terms (Years)</td> <td style="text-align: center; line-height: 115%"> </td> <td style="text-align: center; line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">Aggregate Intrinsic Value</td> <td style="text-align: center; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 40%; line-height: 115%">Outstanding at January 1, 2016</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 12%; text-align: right; line-height: 115%">980,000</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 12%; text-align: right; line-height: 115%">4.54</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 12%; text-align: right; line-height: 115%">3.10</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 12%; text-align: right; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Granted</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">2,500</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">2.50</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">5.00</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">Exercised</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">(15,000</td> <td style="line-height: 115%">)</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">2.43</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Forfeited or expired</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">0</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">Outstanding at June 30, 2016</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">967,500</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">4.54</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">2.93</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">92,000</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Exercisable at June 30, 2016</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">547,501</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">4.37</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">2.32</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">92,000</td> <td style="line-height: 115%"> </td></tr> </table>

Stock Warrants   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center; line-height: 115%"> </td> <td style="text-align: center; line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">Shares</td> <td style="text-align: center; line-height: 115%"> </td> <td style="text-align: center; line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">Weighted- Average Exercise Price</td> <td style="text-align: center; line-height: 115%"> </td> <td style="text-align: center; line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">Weighted- Average Remaining Contractual Terms (Years)</td> <td style="text-align: center; line-height: 115%"> </td> <td style="text-align: center; line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">Aggregate Intrinsic Value</td> <td style="text-align: center; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 40%; line-height: 115%">Outstanding at December 31, 2015</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 12%; text-align: right; line-height: 115%">341,261</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 12%; text-align: right; line-height: 115%">3.74</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 12%; text-align: right; line-height: 115%">3.87</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 12%; text-align: right; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Granted</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">478,909</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">4.19</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">4.98</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">Exercised</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">(16,260</td> <td style="line-height: 115%">)</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">2.77</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Forfeited or expired</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">(1</td> <td style="line-height: 115%">)</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">Outstanding at June 30, 2016</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">803,909</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">5.18</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">4.53</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">0</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Exercisable at June 30, 2016</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">743,909</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">5.60</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">3.25</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">0</td> <td style="line-height: 115%"> </td></tr> </table>

967500

980000

7211

15000

7211

547501

4.54

92000

P2Y3M26D

743909 3.74 5.18 2.77 5.60 P3Y10M13D

341000

3000000

45000 45000

302000

2. Significant Accounting Policies   Income (loss) per common share   Basic earnings (loss) per share is computed by dividing the net income (loss) applicable to common stockholders by the weighted average number of shares of common stock outstanding during the year. Diluted earnings per share is computed by dividing the net income applicable to common stock holders by the weighted average number of common shares outstanding plus the number of additional common shares that would have been outstanding if all dilutive potential common shares had been issued, using the treasury stock method. Potential common shares are excluded from the computation when their effect is antidilutive.   The Company had potentially dilutive securities that consisted of:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center; line-height: 115%"> </td> <td style="text-align: center; line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">June 30, 2016</td> <td style="text-align: center; line-height: 115%"> </td> <td style="text-align: center; line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">June 30, 2015</td> <td style="text-align: center; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 54%; line-height: 115%">Warrants</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 20%; text-align: right; line-height: 115%">803,909</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 20%; text-align: right; line-height: 115%">216,261</td> <td style="width: 1%; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Series A Preferred Stock</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">37,644</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">37,644</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">Options</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">967,500</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">1,065,000</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Total</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">1,809,053</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">1,318,905</td> <td style="line-height: 115%"> </td></tr> </table>   Use of estimates   The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Those estimates and assumptions include estimates for reserves of uncollectible accounts, inventory obsolescence, depreciable lives of property and equipment, analysis of impairments of recorded intangibles, accruals for potential liabilities and assumptions made in valuing stock instruments issued for services.   Recent Accounting Pronouncements   In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2014-09 (ASU 2014-09), Revenue from Contracts with Customers. ASU 2014-09 will eliminate transaction- and industry-specific revenue recognition guidance under current U.S. GAAP and replace it with a principle based approach for determining revenue recognition. On August 12, 2015, FASB delayed the required implementation to fiscal years ending after December 15, 2017 but now permitted organizations such a Reeds to adopt earlier. ASU 2014-09 will require that companies recognize revenue based on the value of transferred goods or services as they occur in the contract. The ASU also will require additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. Entities can transition to the standard either retrospectively or as a cumulative-effect adjustment as of the date of adoption. The Company is in the process of evaluating the impact of ASU 2014-09 on the Companys financial statements and disclosures.   In August 2014, the FASB issued Accounting Standards Update No. 2014-15 (ASU 2014-15), Presentation of Financial Statements - Going Concern (Subtopic 205-10). ASU 2014-15 provides guidance as to managements responsibility to evaluate whether there is substantial doubt about an entitys ability to continue as a going concern and to provide related footnote disclosures. In connection with preparing financial statements for each annual and interim reporting period, an entitys management should evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entitys ability to continue as a going concern within one year after the date that the financial statements are issued (or within one year after the date that the financial statements are available to be issued when applicable). Managements evaluation should be based on relevant conditions and events that are known and reasonably knowable at the date that the financial statements are issued (or at the date that the financial statements are available to be issued when applicable). Substantial doubt about an entitys ability to continue as a going concern exists when relevant conditions and events, considered in the aggregate, indicate that it is probable that the entity will be unable to meet its obligations as they become due within one year after the date that the financial statements are issued (or available to be issued). ASU 2014-15 is effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early application is permitted. The Company will adopt ASU 2014-15 on the Companys financial statement presentation and disclosures after the effective date.   In February 2016, the FASB issued Accounting Standards Update (ASU) No. 2016-02, Leases. ASU 2016-02 requires a lessee to record a right of use asset and a corresponding lease liability on the balance sheet for all leases with terms longer than 12 months. ASU 2016-02 is effective for all interim and annual reporting periods beginning after December 15, 2018. Early adoption is permitted. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. The Company is in the process of evaluating the impact of ASU 2016-02 on the Companys financial statements and disclosures.   Other recent accounting pronouncements issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public Accountants, and the Securities and Exchange Commission did not or are not believed by management to have a material impact on the Companys present or future consolidated financial statements.    Concentrations   The Companys cash balances on deposit with banks are guaranteed by the Federal Deposit Insurance Corporation up to $250,000. The Company may be exposed to risk for the amounts of funds held in one bank in excess of the insurance limit. In assessing the risk, the Companys policy is to maintain cash balances with high quality financial institutions. The Company had cash balances in excess of $250,000 during the six months ended June 30, 2016.   During the six months ended June 30, 2016, the Company had one customer that accounted for 26% of sales. During the six months ended June 30, 2015, the Company had two customers that accounted for 32% and 14% of sales respectively. No other customer accounted for more than 10% of sales in either period. During the three months ended June 30, 2016 and 2015, the Company had one customer that accounted for 26% of sales in 2016, and two customers that accounted for 29% and 15% of sales in 2015, respectively. No other customers accounted for more than 10% of sales in either period.   As of June 30, 2016, the Company had accounts receivable due from one customer who comprised 23% of its total accounts receivable and as of December 31, 2015 the Company had accounts receivable due from two customers who comprised 24% and 12% of its total accounts receivable. No other customer accounted for more than 10% of accounts receivable in the periods.   During the six months ended June 30, 2016, the Company had one vendor who accounted for 27% of all purchases and in the six months ended June 30, 2015. three vendors, which accounted for 14.0%, 12.6% and 10.0% of all purchases. No other vendor accounted for more than 10% of all purchases in either period. As of June 30, 2016, the Company had one vendor, which accounted for 20% of total accounts payable and as of December 31, 2015, the Company had two vendors, which accounted for 31% and 11% of total accounts payable.   Fair Value of Financial Instruments   The Company uses various inputs in determining the fair value of its investments and measures these assets on a recurring basis. Financial assets recorded at fair value in the balance sheets are categorized by the level of objectivity associated with the inputs used to measure their fair value. Authoritative guidance provided by the FASB defines the following levels directly related to the amount of subjectivity associated with the inputs to fair valuation of these financial assets:   Level 1Quoted prices in active markets for identical assets or liabilities. Level 2Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly. Level 3Unobservable inputs based on the Companys assumptions.   The Company had no such assets or liabilities recorded to be valued on the basis above at June 30, 2016 or December 31, 2015.   The carrying amounts of financial assets and liabilities, such as cash and cash equivalents, accounts receivable, short-term bank loans, accounts payable, notes payable and other payables, approximate their fair values because of the short maturity of these instruments. The carrying values of capital lease obligations and long-term financing obligations approximate their fair values due to the fact that the interest rates on these obligations are based on prevailing market interest rates.

5. Notes Payable   Line of Credit   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center; line-height: 115%"> </td> <td style="text-align: center; line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">June 30, 2016</td> <td style="text-align: center; line-height: 115%"> </td> <td style="text-align: center; line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">December 31, 2015</td> <td style="text-align: center; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 54%; line-height: 115%">Line of credit</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 20%; text-align: right; line-height: 115%">5,657,000</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 20%; text-align: right; line-height: 115%">4,443,000</td> <td style="width: 1%; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Valuation discount</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">(11,000</td> <td style="line-height: 115%">)</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">-</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">Net</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">5,646,000</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">4,443,000</td> <td style="line-height: 115%"> </td></tr> </table>   On November 9, 2011, the Company entered into a Loan and Security Agreement with PMC Financial Services Group, LLC (PMC), which was amended and extended for two years on December 5, 2014, that provides a $6,000,000 revolving line of credit. The Amended Agreement extends and amends the Revolving Loan and Term Loan (see discussion below) and adds a new Capital Expansion Loan (the Capex Loan) (see discussion below). At June 30, 2016 and December 31, 2015, the aggregate amount outstanding under the line of credit was $5,657,000 and $4,443,000 respectively.   The revolving line of credit is based on 85% of accounts receivable and 60% of eligible inventory and is secured by substantially all of the Companys assets. The interest rate on the Revolving Loan was the prime rate plus .35% (9% at June 30, 2016). However, the interest rate has been adjusted as described below in term loans. The monthly management fee is .45% of the average monthly loan balance. As of June 30, 2016, the Company had a maximum borrowing availability of $250,000 under the line of credit agreement.   On April 25, 2016, the Company agreed with PMC to amend the definition of eligible inventory to include certain glass containers in exchange for 10,000 warrants. The total value of the line did not increase and the inclusion of the glass as defined under the amendment will expire December 31, 2016. In connection with the agreement, the Company granted PMC 10,000 warrants at an exercise price of $3.90 per share with a term of five years and six months. The 10,000 warrants were valued at $15,000 using the Black Scholes Merton option pricing model and were recorded as a valuation discount. The following assumptions were made in valuing the 10,000 warrants; term of 5.5 years, volatility of 56.35%, expected dividends of 0% and discount rate of 1.50%. The warrants value of $15,000 is being amortized over the 8 months of the length of the time for the change to the eligible inventory definition. During the six months ending June 30, 2016, $4,000 of valuation discount was amortized resulting in an unamortized balance of $11,000 at June 30, 2016.   On May 13, 2016, PMC agreed to an extension of the maturity date until October 1, 2017 for the line of credit that was to mature on December 5, 2016 as part of the restructuring of all debt at PMC. See discussion of the consideration given PMC below under term loans. All other terms for the line of credit remain the same.   Term Loans   The Company has the following term loans outstanding with PMC Financial Services Corporation;   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center; line-height: 115%"> </td> <td style="text-align: center; line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">June 30, 2016</td> <td style="text-align: center; line-height: 115%"> </td> <td style="text-align: center; line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">December 31, 2015</td> <td style="text-align: center; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 54%; line-height: 115%">Term Loans</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 20%; text-align: right; line-height: 115%">3,000,000</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 20%; text-align: right; line-height: 115%">3,000,000</td> <td style="width: 1%; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Valuation discount</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">(114,000</td> <td style="line-height: 115%">)</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">(132,000</td> <td style="line-height: 115%">)</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">Net</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">2,886,000</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">2,868,000</td> <td style="line-height: 115%"> </td></tr> </table>   In connection with the Loan and Security Agreement with PMC, the Company entered into a Term Loan. The Term Loan was $750,000, and was secured by all of the unencumbered assets of the Company. Effective December 5, 2014 the Term Loans outstanding principal balance was increased to $1,500,000 and the annual interest rate was revised to prime plus 5.75% (currently 9%) subject to adjustment as described below.   Effective September 1, 2015 the Company entered into an additional Term Loan with a principal balance of $1,500,000 at prime plus 11.60% (currently 14.85%) with PMC. As of June 30, 2016 and December 31, 2015, the aggregate amount under the Term Loans outstanding was $3,000,000.   The interest rate on the line of credit and Term Loans described above were modified on September 1, 2015 and are subject to adjustment as follows:   Under the new conditions, the rate charge will be calculated on a sliding scale based on the trailing 6 month EBITDA. If the EBITDA measuring point stays below $1,000,000 where it is now, the rate will rise to 12% from the current rate of 9%. If EBITDA rises to $1,500,000 then the rate will be reduced to 9%.   Notwithstanding the other borrowing terms above, if Excess Borrowing Availability under the $6 million Revolving line of credit remains more than $1,500,000 at all times during the preceding month (currently Reeds Borrowing Availability is zero) the Interest Rate shall remain unchanged for the asset based lending that includes the Revolving working capital loan, CAPEX capital improvement loan and Term Loan A. The six month Term Loan B rates will remain the same at 14.85%.   On November 9, 2015, the Company completed a restructuring of the Term Loans with PMC. The aggregated amount of the principal for affected term loans is $3,000,000. Under the new agreement, the maturity of both loans was to be due in lump sum on April 1, 2017 under the same rates and conditions as before. In connection with the agreement, the Company granted PMC 125,000 warrants at an exercise price of $4.50 per share with a term of five years and six months. The 125,000 warrants were valued at $141,000 using the Black Scholes Merton option pricing model and were recorded as a valuation discount. The following assumptions were made in valuing the 125,000 warrants; term of 5.5 years, volatility of 56.04%, expected dividends of 0% and discount rate of 0.68%. The warrants value of $141,000 is being amortized over the remaining 16 months of the term loans..   On May 13, 2016, the Company agreed with PMC to extend the loan maturity date to October 1, 2017 for all loans outstanding at PMC under the same rates and conditions as before. In connection with the agreement, the Company granted PMC 50,000 warrants at an exercise price of $4.50 per share with a term of five years and six months. The 50,000 warrants were valued at $38,000 using the Black Scholes Merton option pricing model and were recorded as a valuation discount. The following assumptions were made in valuing the 50,000 warrants; term of 5.5 years, volatility of 54.17%, expected dividends of 0% and discount rate of 1.49%. The warrants value of $38,000 is being amortized over the 16 months until the maturity date of all loans. During the six months ended June 30, 2016, $57,000 of valuation discount was amortized resulting in an unamortized balance of $114,000 at June 30, 2016    Capital Expansion (CAPEX) Loan   In connection with the loan and security agreement with PMC, the Company entered into a CAPEX loan in the aggregate outstanding amount not to exceed $3,000,000. The CAPEX loan will finance new asset purchases for modernization and improvement of the beverage bottling equipment in the Los Angeles plant. Interest only on the CAPEX loan shall be paid from time to time until the end of each fiscal quarter, at which time the principal amounts of each outstanding CAPEX loan will be aggregated and repaid in 48 equal monthly installments of principal plus accrued but unpaid interest beginning July 31, 2016, or if earlier, the revolver maturity of October 1, 2017. The maximum amount that can be borrowed under the CAPEX loan was increased to $3,210,000 on May 13, 2016. The interest rate on the CAPEX loan is the prime rate plus 5.75% 7at June 30, 2016. At June 30, 2016 and December 31, 2015, the balance on the CAPEX loan balance was $3,190,000 and $1,883,000 respectively. On June 30, 2016, the loan funding closed and the Company will begin repayments in July, 2016.   In conjunction with this loan the Company has placed equipment with a cost of $341,000 at a co-packing facility to enable the co-packer to manufacture our products. Should the Company be unable to secure access to the equipment in the event of failure of the co-packer, the amount will become due and payable by the Company immediately.

The Company had potentially dilutive securities that consisted of:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center; line-height: 115%"> </td> <td style="text-align: center; line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">June 30, 2016</td> <td style="text-align: center; line-height: 115%"> </td> <td style="text-align: center; line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">June 30, 2015</td> <td style="text-align: center; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 54%; line-height: 115%">Warrants</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 20%; text-align: right; line-height: 115%">803,909</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 20%; text-align: right; line-height: 115%">216,261</td> <td style="width: 1%; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Series A Preferred Stock</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">37,644</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">37,644</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">Options</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">967,500</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">1,065,000</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Total</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">1,809,053</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">1,318,905</td> <td style="line-height: 115%"> </td></tr> </table>

Term Loan’s outstanding principal balance was increased to $1,500,000 and the annual interest rate was revised to prime plus 5.75% (currently 9%) subject to adjustment as described below.

250000

3210000

2.10 2.25

944000

302000

446000

P15Y 0001140215

150000

290000

13908247 114000 132000

9411

.0001

19500000

13908247

13160860

13908247

13160860

16260

1. Basis of Presentation and Liquidity   The accompanying interim condensed financial statements are unaudited, but in the opinion of management of Reeds, Inc. (the Company), contain all adjustments, which include normal recurring adjustments necessary to present fairly the financial position at June 30, 2016 and the results of operations and cash flows for the six months ended June 30, 2016 and 2015. The balance sheet as of December 31, 2015 is derived from the Companys audited financial statements.   Certain information and footnote disclosures normally included in financial statements that have been prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission, although management of the Company believes that the disclosures contained in these condensed financial statements are adequate to make the information presented herein not misleading. For further information, refer to the financial statements and the notes thereto included in the Companys Annual Report on Form 10-K, as filed with the Securities and Exchange Commission on March 23, 2016.   The results of operations for the six months ended June 30, 2016 are not necessarily indicative of the results of operations to be expected for the full fiscal year ending December 31, 2016.   The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expense during the reporting period. Actual results could differ from those estimates. Those estimates and assumptions include estimates for reserves of uncollectible accounts, inventory obsolescence, analysis of impairments of recorded intangibles, accruals for potential liabilities and assumptions made in valuing stock instruments issued for services.   Liquidity   As of June 30, 2016, we had stockholders equity of $1,082,000 and working capital of $1,216,000 compared to stockholders equity of $785,000 and working capital of $730,000 at December 31, 2015.   We believe that the Company currently has the necessary working capital to support existing operations until our line of credit and all of the long term loans become due on October 1, 2017. Consistent with past refinancing practices regarding the Line of Credit, the Company believes that it will be successful in renewing the Line of Credit for another time frame similar to what it has done in the past. There are no assurances that this refinancing will be completed. We believe our primary capital source will be positive cash flow from operations. If our sales goals do not materialize as planned, we believe that the Company can reduce its operating costs and can be managed to maintain positive cash flow from operations. Historically, we have financed our operations primarily through cash generated from operations and a line of credit from a financial institution. Additionally, we have done private sales of common stock to fund operations.   We may not generate sufficient revenues from product sales in the future to achieve profitable operations. If we are not able to achieve profitable operations at some point in the future, we eventually may have insufficient working capital to maintain our operations as we presently intend to conduct them or to fund our expansion and marketing and product development plans. In addition, our losses may increase in the future as we expand our manufacturing capabilities and fund our marketing plans and product development. These losses, among other things, have had and may continue to have an adverse effect on our working capital, total assets and stockholders equity. If we are unable to achieve profitability, the market value of our common stock would decline and there would be a material adverse effect on our financial condition.   If we suffer losses from operations, our working capital may be insufficient to support our ability to expand our business operations as rapidly as we would deem necessary at any time, unless we are able to obtain additional financing. There can be no assurance that we will be able to obtain such financing on acceptable terms, or at all. If adequate funds are not available or are not available on acceptable terms, we may not be able to pursue our business objectives and would be required to reduce our level of operations, including reducing infrastructure, promotions, personnel and other operating expenses. These events could adversely affect our business, results of operations and financial condition. If adequate funds are not available or if they are not available on acceptable terms, our ability to fund the growth of our operations, take advantage of opportunities, develop products or services or otherwise respond to competitive pressures could be significantly limited.

250000

3551000

3563000

4172000

4364000

3190000

1883000

P3Y P4Y 0.33 0.25

P5Y

P4Y6M11D P3Y3M 10000

Income (loss) per common share   Basic earnings (loss) per share is computed by dividing the net income (loss) applicable to common stockholders by the weighted average number of shares of common stock outstanding during the year. Diluted earnings per share is computed by dividing the net income applicable to common stock holders by the weighted average number of common shares outstanding plus the number of additional common shares that would have been outstanding if all dilutive potential common shares had been issued, using the treasury stock method. Potential common shares are excluded from the computation when their effect is antidilutive.   The Company had potentially dilutive securities that consisted of:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center; line-height: 115%"> </td> <td style="text-align: center; line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">June 30, 2016</td> <td style="text-align: center; line-height: 115%"> </td> <td style="text-align: center; line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">June 30, 2015</td> <td style="text-align: center; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 54%; line-height: 115%">Warrants</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 20%; text-align: right; line-height: 115%">803,909</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 20%; text-align: right; line-height: 115%">216,261</td> <td style="width: 1%; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Series A Preferred Stock</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">37,644</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">37,644</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">Options</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">967,500</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">1,065,000</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Total</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">1,809,053</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">1,318,905</td> <td style="line-height: 115%"> </td></tr> </table>

Use of estimates   The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Those estimates and assumptions include estimates for reserves of uncollectible accounts, inventory obsolescence, depreciable lives of property and equipment, analysis of impairments of recorded intangibles, accruals for potential liabilities and assumptions made in valuing stock instruments issued for services.

Recent Accounting Pronouncements   In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2014-09 (ASU 2014-09), Revenue from Contracts with Customers. ASU 2014-09 will eliminate transaction- and industry-specific revenue recognition guidance under current U.S. GAAP and replace it with a principle based approach for determining revenue recognition. On August 12, 2015, FASB delayed the required implementation to fiscal years ending after December 15, 2017 but now permitted organizations such a Reeds to adopt earlier. ASU 2014-09 will require that companies recognize revenue based on the value of transferred goods or services as they occur in the contract. The ASU also will require additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. Entities can transition to the standard either retrospectively or as a cumulative-effect adjustment as of the date of adoption. The Company is in the process of evaluating the impact of ASU 2014-09 on the Companys financial statements and disclosures.   In August 2014, the FASB issued Accounting Standards Update No. 2014-15 (ASU 2014-15), Presentation of Financial Statements - Going Concern (Subtopic 205-10). ASU 2014-15 provides guidance as to managements responsibility to evaluate whether there is substantial doubt about an entitys ability to continue as a going concern and to provide related footnote disclosures. In connection with preparing financial statements for each annual and interim reporting period, an entitys management should evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entitys ability to continue as a going concern within one year after the date that the financial statements are issued (or within one year after the date that the financial statements are available to be issued when applicable). Managements evaluation should be based on relevant conditions and events that are known and reasonably knowable at the date that the financial statements are issued (or at the date that the financial statements are available to be issued when applicable). Substantial doubt about an entitys ability to continue as a going concern exists when relevant conditions and events, considered in the aggregate, indicate that it is probable that the entity will be unable to meet its obligations as they become due within one year after the date that the financial statements are issued (or available to be issued). ASU 2014-15 is effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early application is permitted. The Company will adopt ASU 2014-15 on the Companys financial statement presentation and disclosures after the effective date.   In February 2016, the FASB issued Accounting Standards Update (ASU) No. 2016-02, Leases. ASU 2016-02 requires a lessee to record a right of use asset and a corresponding lease liability on the balance sheet for all leases with terms longer than 12 months. ASU 2016-02 is effective for all interim and annual reporting periods beginning after December 15, 2018. Early adoption is permitted. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. The Company is in the process of evaluating the impact of ASU 2016-02 on the Companys financial statements and disclosures.   Other recent accounting pronouncements issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public Accountants, and the Securities and Exchange Commission did not or are not believed by management to have a material impact on the Companys present or future consolidated financial statements.

Concentrations   The Companys cash balances on deposit with banks are guaranteed by the Federal Deposit Insurance Corporation up to $250,000. The Company may be exposed to risk for the amounts of funds held in one bank in excess of the insurance limit. In assessing the risk, the Companys policy is to maintain cash balances with high quality financial institutions. The Company had cash balances in excess of $250,000 during the six months ended June 30, 2016.   During the six months ended June 30, 2016, the Company had one customer that accounted for 26% of sales. During the six months ended June 30, 2015, the Company had two customers that accounted for 32% and 14% of sales respectively. No other customer accounted for more than 10% of sales in either period. During the three months ended June 30, 2016 and 2015, the Company had one customer that accounted for 26% of sales in 2016, and two customers that accounted for 29% and 15% of sales in 2015, respectively. No other customers accounted for more than 10% of sales in either period.   As of June 30, 2016, the Company had accounts receivable due from one customer who comprised 23% of its total accounts receivable and as of December 31, 2015 the Company had accounts receivable due from two customers who comprised 24% and 12% of its total accounts receivable. No other customer accounted for more than 10% of accounts receivable in the periods.   During the six months ended June 30, 2016, the Company had one vendor who accounted for 27% of all purchases and in the six months ended June 30, 2015. three vendors, which accounted for 14.0%, 12.6% and 10.0% of all purchases. No other vendor accounted for more than 10% of all purchases in either period. As of June 30, 2016, the Company had one vendor, which accounted for 20% of total accounts payable and as of December 31, 2015, the Company had two vendors, which accounted for 31% and 11% of total accounts payable.

Fair Value of Financial Instruments   The Company uses various inputs in determining the fair value of its investments and measures these assets on a recurring basis. Financial assets recorded at fair value in the balance sheets are categorized by the level of objectivity associated with the inputs used to measure their fair value. Authoritative guidance provided by the FASB defines the following levels directly related to the amount of subjectivity associated with the inputs to fair valuation of these financial assets:   Level 1Quoted prices in active markets for identical assets or liabilities. Level 2Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly. Level 3Unobservable inputs based on the Companys assumptions.   The Company had no such assets or liabilities recorded to be valued on the basis above at June 30, 2016 or December 31, 2015.   The carrying amounts of financial assets and liabilities, such as cash and cash equivalents, accounts receivable, short-term bank loans, accounts payable, notes payable and other payables, approximate their fair values because of the short maturity of these instruments. The carrying values of capital lease obligations and long-term financing obligations approximate their fair values due to the fact that the interest rates on these obligations are based on prevailing market interest rates.

11000

114000

132000

478909

4000

57000

2016 1216000 730000

4574000

4216000

11053000

9585000

3074000

977000

474000

469000

228000

857000

3695000

3800000

600000 500000

1875000

1107000

2017-10-01

11000

641000

132000

773000

65000

169000

217000

213000

109000

1603000 1583000

2538000

2463000

8. Stockholders Equity   Common Stock   On June 2, 2016, the Company entered into a securities purchase agreement with institutional investors in a private financing transaction for the issuance and sale of 692,412 shares of the Companys common stock and warrants to purchase 346,206 shares of common stock. The net proceeds to the Company from the offering were $2,122,000 after deducting underwriting discounts, commissions and offering expenses. The Warrants have an exercise price of $4.25 per share and a term of 5 years.   During the six months ended June 30, 2016, the Company sold 30,000 shares of its common stock to certain officers of the Company at $3.90 per share with total proceeds of $117,000.   Stock Options   Stock options granted under our equity incentive plans generally vest over 3 years from the date of grant, at 33% per year or over 4 years at 25% per year and expire 5 years from the date of grant. The following table summarizes stock option activity for the six months ended June 30, 2016:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center; line-height: 115%"> </td> <td style="text-align: center; line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">Shares</td> <td style="text-align: center; line-height: 115%"> </td> <td style="text-align: center; line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">Weighted- Average Exercise Price</td> <td style="text-align: center; line-height: 115%"> </td> <td style="text-align: center; line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">Weighted- Average Remaining Contractual Terms (Years)</td> <td style="text-align: center; line-height: 115%"> </td> <td style="text-align: center; line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">Aggregate Intrinsic Value</td> <td style="text-align: center; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 40%; line-height: 115%">Outstanding at January 1, 2016</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 12%; text-align: right; line-height: 115%">980,000</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 12%; text-align: right; line-height: 115%">4.54</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 12%; text-align: right; line-height: 115%">3.10</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 12%; text-align: right; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Granted</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">2,500</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">2.50</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">5.00</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">Exercised</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">(15,000</td> <td style="line-height: 115%">)</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">2.43</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Forfeited or expired</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">0</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">Outstanding at June 30, 2016</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">967,500</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">4.54</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">2.93</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">92,000</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Exercisable at June 30, 2016</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">547,501</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">4.37</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">2.32</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">92,000</td> <td style="line-height: 115%"> </td></tr> </table>   During the six months ended June 30, 2016, the Company granted options to purchase 2,500 shares at $2.50 for consulting services.   The aggregate intrinsic value was calculated as the difference between the closing market price, which was $2.47, and the exercise price of the Companys stock options as of June 30, 2016. Stock-based compensation recognized on the Companys statement of operations for the six months ended June 30, 2016 and 2015 was $302,000 and $446,000, respectively and is included in the selling and marketing and general and administrative expenses in the accompanying statements of operations. During the six months ended June 30, 2016, the Company issued 7,211 shares of the Companys common stock upon exercise of 15,000 stock options on a cashless basis.   Stock Warrants   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center; line-height: 115%"> </td> <td style="text-align: center; line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">Shares</td> <td style="text-align: center; line-height: 115%"> </td> <td style="text-align: center; line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">Weighted- Average Exercise Price</td> <td style="text-align: center; line-height: 115%"> </td> <td style="text-align: center; line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">Weighted- Average Remaining Contractual Terms (Years)</td> <td style="text-align: center; line-height: 115%"> </td> <td style="text-align: center; line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">Aggregate Intrinsic Value</td> <td style="text-align: center; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 40%; line-height: 115%">Outstanding at December 31, 2015</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 12%; text-align: right; line-height: 115%">341,261</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 12%; text-align: right; line-height: 115%">3.74</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 12%; text-align: right; line-height: 115%">3.87</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 12%; text-align: right; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Granted</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">478,909</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">4.19</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">4.98</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">Exercised</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">(16,260</td> <td style="line-height: 115%">)</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">2.77</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Forfeited or expired</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">(1</td> <td style="line-height: 115%">)</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">Outstanding at June 30, 2016</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">803,909</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">5.18</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">4.53</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">0</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Exercisable at June 30, 2016</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">743,909</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">5.60</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">3.25</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">0</td> <td style="line-height: 115%"> </td></tr> </table>   The intrinsic value was calculated as the difference between the closing market price, which was $2.47 and the exercise price of the Companys warrants common stock, as of June 30, 2016. There was no intrinsic value for warrants outstanding as of June 30, 2016, based on the fair value of the Companys common stock on June 30, 2016.

722412

692412

30000

346206

2122000

P5Y

117000

3.90

2.50

P5Y P2Y11M5D 4.19 P4Y11M23D

3544000

2894000

7723000

7927000

576000

47000

573000

769000

13385000

13453000

20893000

19851000

1029000

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5673000

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20893000

19851000

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4495000

6900000

2602000

3640000

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15950000

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8538000

20996000

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6044000

7463000

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394000

416000

193000

-1549000

-563000

-347000

-493000

-0.18

-0.07

-0.06

-0.05

13305821

13086560

13424796

13104227

2239000

54000

1504 5000 -5000

-50000

-81000

-302000

-560000

477000

453000

-4104000

-1844000

24000

20000

-1785000

1644000

-196000

-167000

529000 14000

-204000

2631000

600000

1005000

-78000

-430000

78000

430000

-847000

-744000

3335000

1530000

1214000

1626000

87000

63000

76000

64000

45000

31000

2239000

843000

395000

5000 5000 54000 250000 86000 1307000 486000

Line of Credit   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center; line-height: 115%"> </td> <td style="text-align: center; line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">June 30, 2016</td> <td style="text-align: center; line-height: 115%"> </td> <td style="text-align: center; line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">December 31, 2015</td> <td style="text-align: center; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 54%; line-height: 115%">Line of credit</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 20%; text-align: right; line-height: 115%">5,657,000</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 20%; text-align: right; line-height: 115%">4,443,000</td> <td style="width: 1%; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Valuation discount</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">(11,000</td> <td style="line-height: 115%">)</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">-</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">Net</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">5,646,000</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">4,443,000</td> <td style="line-height: 115%"> </td></tr> </table>

5657000

4443000

6000000

5646000

4443000

4.37

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of $306,000 and $356,000, respectively Inventory, net of reserve for obsolescence of $150,000 and $290,000, respectively Prepaid inventory Prepaid and other current assets Total Current Assets Property and equipment, net of accumulated depreciation of $4,574,000 and $4,216,000, respectively Brand names Total assets LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable Accrued expenses Line of Credit, net of discount of $11,000 and $0, respectively Current portion of long term financing obligations Current portion of capital leases payable Current portion of capital expansion loan Total current liabilities Long term financing obligation, less current portion, net of discount of $880,000 and $953,000, respectively Capital leases payable, less current portion Capital expansion loan, less current portion Term loan, net of discount $114,000 and $132,000 Total Liabilities Stockholders' equity: Series A Convertible Preferred stock, $10 par value, 500,000 shares 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Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2016	Jul. 29, 2016
Document And Entity Information
Entity Registrant Name	REED'S, INC.
Entity Central Index Key	0001140215
Document Type	10-Q
Document Period End Date	Jun. 30, 2016
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		13,908,247
Trading Symbol	REED
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2016

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Condensed Balance Sheets - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Current assets:
Cash	$ 969,000	$ 1,816,000
Trade accounts receivable, net of allowance for doubtful accounts and returns and discounts of $306,000 and $356,000, respectively	3,544,000	2,894,000
Inventory, net of reserve for obsolescence of $150,000 and $290,000, respectively	7,723,000	7,927,000
Prepaid inventory	576,000	47,000
Prepaid and other current assets	573,000	769,000
Total Current Assets	13,385,000	13,453,000
Property and equipment, net of accumulated depreciation of $4,574,000 and $4,216,000, respectively	6,479,000	5,369,000
Brand names	1,029,000	1,029,000
Total assets	20,893,000	19,851,000
Current Liabilities:
Accounts payable	5,673,000	7,458,000
Accrued expenses	192,000	168,000
Line of Credit, net of discount of $11,000 and $0, respectively	5,646,000	4,443,000
Current portion of long term financing obligations	175,000	160,000
Current portion of capital leases payable	142,000	153,000
Current portion of capital expansion loan	341,000	341,000
Total current liabilities	12,169,000	12,723,000
Long term financing obligation, less current portion, net of discount of $880,000 and $953,000, respectively	1,408,000	1,443,000
Capital leases payable, less current portion	499,000	490,000
Capital expansion loan, less current portion	2,849,000	1,542,000
Term loan, net of discount $114,000 and $132,000	2,886,000	2,868,000
Total Liabilities	19,811,000	19,066,000
Stockholders' equity:
Series A Convertible Preferred stock, $10 par value, 500,000 shares authorized, 9,411 shares issued and outstanding	94,000	94,000
Common stock, $.0001 par value, 19,500,000 shares authorized, 13,908,247 and 13,160,860 shares issued and outstanding, respectively	1,000	1,000
Additional paid in capital	30,044,000	27,399,000
Accumulated deficit	(29,057,000)	(26,709,000)
Total stockholders' equity	1,082,000	785,000
Total liabilities and stockholders' equity	$ 20,893,000	$ 19,851,000

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Condensed Balance Sheets (Parenthetical) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
Trade accounts receivable, allowance for doubtful accounts and returns and discounts	$ 306,000	$ 356,000
Inventory, reserve for obsolescence net	150,000	290,000
Property and equipment, accumulated depreciation	4,574,000	4,216,000
Line of credit, discount	11,000
Long term financing obligation, discount	880,000	953,000
Term loan, discount	$ 114,000	$ 132,000
Series A Convertible Preferred stock, par value	$ 10	$ 10
Series A Convertible Preferred stock, shares authorized	500,000	500,000
Series A Convertible Preferred stock, shares issued	9,411	9,411
Series A Convertible Preferred stock, shares outstanding	9,411	9,411
Common stock, par value	$ .0001	$ .0001
Common stock, shares authorized	19,500,000	19,500,000
Common stock, shares issued	13,908,247	13,160,860
Common stock, shares outstanding	13,908,247	13,160,860

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Condensed Statements of Operations (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Income Statement [Abstract]
Net Sales	$ 10,992,000	$ 12,178,000	$ 20,996,000	$ 22,850,000
Cost of goods sold	8,390,000	8,538,000	16,501,000	15,950,000
Gross profit	2,602,000	3,640,000	4,495,000	6,900,000
Operating expenses:
Delivery and handling expenses	1,064,000	1,429,000	1,913,000	2,597,000
Selling and marketing expense	954,000	1,335,000	1,995,000	2,528,000
General and administrative expense	931,000	1,369,000	2,136,000	2,338,000
Total operating expenses	2,949,000	4,133,000	6,044,000	7,463,000
Loss from operations	(347,000)	(493,000)	(1,549,000)	(563,000)
Interest expense	(416,000)	(193,000)	(794,000)	(394,000)
Net loss	(763,000)	(686,000)	(2,343,000)	(957,000)
Preferred Stock Dividends	(5,000)	(5,000)	(5,000)	(5,000)
Net loss attributable to common stockholders, basic and diluted	$ (768,000)	$ (691,000)	$ (2,348,000)	$ (962,000)
Weighted average number of shares outstanding - basic	13,424,796	13,104,227	13,305,821	13,086,560
Loss per share - basic and diluted	$ (0.06)	$ (0.05)	$ (0.18)	$ (0.07)

XML 16 R5.htm IDEA: XBRL DOCUMENT

Condensed Statement of Changes in Stockholders' Equity (Unaudited) - 6 months ended Jun. 30, 2016 - USD ($)	Common Stock [Member]	Preferred Stock [Member]	Additional Paid-In Capital [Member]	Accumulated Deficit [Member]	Total
Balance at Dec. 31, 2015	$ 1,000	$ 94,000	$ 27,399,000	$ (26,709,000)	$ 785,000
Balance, Shares at Dec. 31, 2015	13,160,860	9,411
Common shares issued upon exercise of warrants			45,000		45,000
Common shares issued upon exercise of warrants, shares	16,260
Common shares issued upon cashless exercise of options
Common shares issued upon cashless exercise of options, Shares	7,211				7,211
Fair value vesting of options issued to employees & consultant			302,000		$ 302,000
Fair value of warrants issued as debt discount			54,000		54,000
Common shares issued upon sale of securities			2,239,000		2,239,000
Common shares issued upon sale of securities, shares	722,412
Series A Preferred Stock Dividend			5,000	(5,000)
Series A Preferred Stock Dividend, shares	1,504
Net loss				(2,343,000)	(2,343,000)
Balance at Jun. 30, 2016	$ 1,000	$ 94,000	$ 30,044,000	$ (29,057,000)	$ 1,082,000
Balance, Shares at Jun. 30, 2016	13,908,247	9,411

XML 17 R6.htm IDEA: XBRL DOCUMENT

Condensed Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Cash flows from operating activities:
Net loss	$ (2,343,000)	$ (957,000)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	477,000	453,000
Fair value of stock options issued to employees & consultant	302,000	560,000
(Decrease) increase in allowance for doubtful accounts	(50,000)	(81,000)
Changes in assets and liabilities:
Accounts receivable	(600,000)	(1,005,000)
Inventory	204,000	(2,631,000)
Prepaid Inventory	(529,000)	(14,000)
Prepaid expenses and other current assets	196,000	167,000
Accounts payable	(1,785,000)	1,644,000
Accrued expenses	24,000	20,000
Net cash used in operating activities	(4,104,000)	(1,844,000)
Cash flows from investing activities:
Purchase of property and equipment	(78,000)	(430,000)
Net cash used in investing activities	(78,000)	(430,000)
Cash flows from financing activities:
Proceeds from sale of common stock	2,239,000
Proceeds from stock option and warrant exercises	45,000	31,000
Principal repayments on long term financial obligation	(76,000)	(64,000)
Principal repayments on capital lease obligation	(87,000)	(63,000)
Net draw down (repayment) on line of credit	1,214,000	1,626,000
Net cash provided by financing activities	3,335,000	1,530,000
Net decrease in cash	(847,000)	(744,000)
Cash at beginning of period	1,816,000	959,000
Cash at end of period	969,000	215,000
Supplemental disclosures of cash flow information:
Interest	843,000	395,000
Non Cash Investing and Financing Activities
Property and equipment acquired through capital expansion loan	1,307,000	486,000
Property and equipment acquired through capital lease obligations	86,000
Other current assets acquired through capital expansion loan		250,000
Fair value of warrants granted as debt discount	54,000
Dividends payable in common stock	$ 5,000	$ 5,000

XML 18 R7.htm IDEA: XBRL DOCUMENT

Basis of Presentation and Liquidity

6 Months Ended

Jun. 30, 2016

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation and Liquidity

1. Basis of Presentation and Liquidity

The results of operations for the six months ended June 30, 2016 are not necessarily indicative of the results of operations to be expected for the full fiscal year ending December 31, 2016.

Liquidity

As of June 30, 2016, we had stockholders equity of $1,082,000 and working capital of $1,216,000 compared to stockholders equity of $785,000 and working capital of $730,000 at December 31, 2015.

XML 19 R8.htm IDEA: XBRL DOCUMENT

Significant Accounting Policies

6 Months Ended

Jun. 30, 2016

Accounting Policies [Abstract]

Significant Accounting Policies

2. Significant Accounting Policies

Income (loss) per common share

The Company had potentially dilutive securities that consisted of:

	June 30, 2016		June 30, 2015

Warrants		803,909		216,261
Series A Preferred Stock		37,644		37,644
Options		967,500		1,065,000
Total		1,809,053		1,318,905

Use of estimates

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Those estimates and assumptions include estimates for reserves of uncollectible accounts, inventory obsolescence, depreciable lives of property and equipment, analysis of impairments of recorded intangibles, accruals for potential liabilities and assumptions made in valuing stock instruments issued for services.

Recent Accounting Pronouncements

Concentrations

Fair Value of Financial Instruments

Level 1—Quoted prices in active markets for identical assets or liabilities.

Level 2—Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly.

Level 3—Unobservable inputs based on the Company’s assumptions.

The Company had no such assets or liabilities recorded to be valued on the basis above at June 30, 2016 or December 31, 2015.

XML 20 R9.htm IDEA: XBRL DOCUMENT

Inventory

6 Months Ended

Jun. 30, 2016

Inventory Disclosure [Abstract]

Inventory

3. Inventory

Inventory is valued at the lower of cost (first-in, first-out or market) and, net of reserves, is comprised of the following as of:

	June 30, 2016		December 31, 2015
Raw Materials and packaging	$	4,172,000	$	4,364,000
Finished Goods		3,551,000		3,563,000
	$	7,723,000	$	7,927,000

XML 21 R10.htm IDEA: XBRL DOCUMENT

Property and Equipment

6 Months Ended

Jun. 30, 2016

Property, Plant and Equipment [Abstract]

Property and Equipment

4. Property and Equipment

Property and equipment are comprised of the following as of:

	June 30, 2016			December 31, 2015
Land	$	1,107,000		$	1,107,000
Building		1,875,000			1,875,000
Vehicles		600,000			500,000
Machinery and equipment		3,695,000			3,800,000
Equipment under capital leases		228,000			857,000
Office equipment		474,000			469,000
Construction in Progress		3,074,000			977,000
		11,053,000			9,585,000
Accumulated depreciation		(4,574,000	)		(4,216,000	)
	$	6,479,000		$	5,369,000

Depreciation expense for the six months ended June 30, 2016 and 2015 was $357,000 and $412,000 respectively.

XML 22 R11.htm IDEA: XBRL DOCUMENT

Notes Payable

6 Months Ended

Jun. 30, 2016

Debt Disclosure [Abstract]

Notes Payable

5. Notes Payable

Line of Credit

	June 30, 2016			December 31, 2015

Line of credit	$	5,657,000		$	4,443,000
Valuation discount		(11,000	)		-
Net	$	5,646,000		$	4,443,000

Term Loans

The Company has the following term loans outstanding with PMC Financial Services Corporation;

	June 30, 2016			December 31, 2015

Term Loans	$	3,000,000		$	3,000,000
Valuation discount		(114,000	)		(132,000	)
Net	$	2,886,000		$	2,868,000

The interest rate on the line of credit and Term Loans described above were modified on September 1, 2015 and are subject to adjustment as follows:

Capital Expansion (“CAPEX”) Loan

XML 23 R12.htm IDEA: XBRL DOCUMENT

Obligations Under Capital Leases

6 Months Ended

Jun. 30, 2016

Leases [Abstract]

Obligations Under Capital Leases

6. Obligations under Capital Leases

Future minimum lease payments under capital leases are as follows:

Years Ending December 31,
2016	$	109,000
2017		213,000
2018		217,000
2019		169,000
2020		65,000
Total payments		773,000
Less: Amount representing interest		(132,000	)
Present value of net minimum lease payments		641,000
Less: Current portion		(142,000	)
Non-current portion	$	499,000

XML 24 R13.htm IDEA: XBRL DOCUMENT

Long Term Financing Obligation

6 Months Ended

Jun. 30, 2016

Debt Disclosure [Abstract]

Long Term Financing Obligation

7. Long-term Financing Obligation

Long term financing obligation is comprised of the following as of:

	June 30, 2016			December 31, 2015
Financing obligation	$	2,463,000			2,538,000
Valuation discount		(880,000	)		(935,000	)
		1,583,000			1,603,000
Less current portion		(175,000	)		(160,000	)
Long term financing obligation	$	1,408,000			1,443,000

XML 25 R14.htm IDEA: XBRL DOCUMENT

Stockholders' Equity

6 Months Ended

Jun. 30, 2016

Equity [Abstract]

Stockholders' Equity

8. Stockholders’ Equity

Common Stock

During the six months ended June 30, 2016, the Company sold 30,000 shares of its common stock to certain officers of the Company at $3.90 per share with total proceeds of $117,000.

Stock Options

	Shares			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Terms (Years)		Aggregate Intrinsic Value
Outstanding at January 1, 2016		980,000			4.54		3.10
Granted		2,500			2.50		5.00
Exercised		(15,000	)		2.43
Forfeited or expired		0
Outstanding at June 30, 2016		967,500			4.54		2.93		92,000
Exercisable at June 30, 2016		547,501			4.37		2.32		92,000

During the six months ended June 30, 2016, the Company granted options to purchase 2,500 shares at $2.50 for consulting services.

Stock Warrants

	Shares			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Terms (Years)		Aggregate Intrinsic Value
Outstanding at December 31, 2015		341,261			3.74		3.87
Granted		478,909			4.19		4.98
Exercised		(16,260	)		2.77
Forfeited or expired		(1	)
Outstanding at June 30, 2016		803,909			5.18		4.53		0
Exercisable at June 30, 2016		743,909			5.60		3.25		0

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section S99
-Paragraph 4
-Subparagraph (SAB Topic 4.E)
-URI http://asc.fasb.org/extlink&oid=27010918&loc=d3e74567-122707

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21484-112644

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21488-112644

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(31))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 4
-Subparagraph (SAB Topic 4.C)
-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187143-122770

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(30))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(d))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 30
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6405834&loc=d3e23285-112656

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Preferred Stock
-URI http://asc.fasb.org/extlink&oid=6521494

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644

Reference 16: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21564-112644

+ Details

XML 26 R15.htm IDEA: XBRL DOCUMENT

Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2016

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Income (Loss) per Common Share

Income (loss) per common share

The Company had potentially dilutive securities that consisted of:

	June 30, 2016		June 30, 2015

Warrants		803,909		216,261
Series A Preferred Stock		37,644		37,644
Options		967,500		1,065,000
Total		1,809,053		1,318,905

Use of Estimates

Use of estimates

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Those estimates and assumptions include estimates for reserves of uncollectible accounts, inventory obsolescence, depreciable lives of property and equipment, analysis of impairments of recorded intangibles, accruals for potential liabilities and assumptions made in valuing stock instruments issued for services.

Recent Accounting Pronouncements

Recent Accounting Pronouncements

Concentrations

Concentrations

Fair Value of Financial Instruments

Fair Value of Financial Instruments

Level 1—Quoted prices in active markets for identical assets or liabilities.

Level 2—Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly.

Level 3—Unobservable inputs based on the Company’s assumptions.

The Company had no such assets or liabilities recorded to be valued on the basis above at June 30, 2016 or December 31, 2015.

XML 27 R16.htm IDEA: XBRL DOCUMENT

Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2016

Accounting Policies [Abstract]

Schedule of Potentially Dilutive Securities

The Company had potentially dilutive securities that consisted of:

	June 30, 2016		June 30, 2015

Warrants		803,909		216,261
Series A Preferred Stock		37,644		37,644
Options		967,500		1,065,000
Total		1,809,053		1,318,905

XML 28 R17.htm IDEA: XBRL DOCUMENT

Inventory (Tables)

6 Months Ended

Jun. 30, 2016

Inventory Disclosure [Abstract]

Schedule of Inventory

Inventory is valued at the lower of cost (first-in, first-out or market) and, net of reserves, is comprised of the following as of:

	June 30, 2016		December 31, 2015
Raw Materials and packaging	$	4,172,000	$	4,364,000
Finished Goods		3,551,000		3,563,000
	$	7,723,000	$	7,927,000

XML 29 R18.htm IDEA: XBRL DOCUMENT

Property and Equipment (Tables)

6 Months Ended

Jun. 30, 2016

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment

Property and equipment are comprised of the following as of:

	June 30, 2016			December 31, 2015
Land	$	1,107,000		$	1,107,000
Building		1,875,000			1,875,000
Vehicles		600,000			500,000
Machinery and equipment		3,695,000			3,800,000
Equipment under capital leases		228,000			857,000
Office equipment		474,000			469,000
Construction in Progress		3,074,000			977,000
		11,053,000			9,585,000
Accumulated depreciation		(4,574,000	)		(4,216,000	)
	$	6,479,000		$	5,369,000

XML 30 R19.htm IDEA: XBRL DOCUMENT

Notes Payable (Tables)

6 Months Ended

Jun. 30, 2016

Notes Payable [Abstract]

Schedule of Line of Credit

Line of Credit

	June 30, 2016			December 31, 2015

Line of credit	$	5,657,000		$	4,443,000
Valuation discount		(11,000	)		-
Net	$	5,646,000		$	4,443,000

Schedule of Term Loans Outstanding

The Company has the following term loans outstanding with PMC Financial Services Corporation;

	June 30, 2016			December 31, 2015

Term Loans	$	3,000,000		$	3,000,000
Valuation discount		(114,000	)		(132,000	)
Net	$	2,886,000		$	2,868,000

XML 31 R20.htm IDEA: XBRL DOCUMENT

Obligations under Capital Leases (Tables)

6 Months Ended

Jun. 30, 2016

Leases [Abstract]

Schedule of Future Minimum Lease Payments under Capital Leases

Future minimum lease payments under capital leases are as follows:

Years Ending December 31,
2016	$	109,000
2017		213,000
2018		217,000
2019		169,000
2020		65,000
Total payments		773,000
Less: Amount representing interest		(132,000	)
Present value of net minimum lease payments		641,000
Less: Current portion		(142,000	)
Non-current portion	$	499,000

XML 32 R21.htm IDEA: XBRL DOCUMENT

Long Term Financing Obligation (Tables)

6 Months Ended

Jun. 30, 2016

Debt Disclosure [Abstract]

Schedule of Long Term Financing Obligation

Long term financing obligation is comprised of the following as of:

	June 30, 2016			December 31, 2015
Financing obligation	$	2,463,000			2,538,000
Valuation discount		(880,000	)		(935,000	)
		1,583,000			1,603,000
Less current portion		(175,000	)		(160,000	)
Long term financing obligation	$	1,408,000			1,443,000

XML 33 R22.htm IDEA: XBRL DOCUMENT

Stockholders’ Equity (Tables)

6 Months Ended

Jun. 30, 2016

Equity [Abstract]

Schedule of Stock Option Activity

The following table summarizes stock option activity for the six months ended June 30, 2016:

	Shares			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Terms (Years)		Aggregate Intrinsic Value
Outstanding at January 1, 2016		980,000			4.54		3.10
Granted		2,500			2.50		5.00
Exercised		(15,000	)		2.43
Forfeited or expired		0
Outstanding at June 30, 2016		967,500			4.54		2.93		92,000
Exercisable at June 30, 2016		547,501			4.37		2.32		92,000

Schedule of Stock Warrants Activity

Stock Warrants

	Shares			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Terms (Years)		Aggregate Intrinsic Value
Outstanding at December 31, 2015		341,261			3.74		3.87
Granted		478,909			4.19		4.98
Exercised		(16,260	)		2.77
Forfeited or expired		(1	)
Outstanding at June 30, 2016		803,909			5.18		4.53		0
Exercisable at June 30, 2016		743,909			5.60		3.25		0

- Definition

Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable.

+ References + Details

XML 34 R23.htm IDEA: XBRL DOCUMENT

Basis of Presentation and Liquidity (Details Narrative) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Stockholders equity	$ 1,082,000	$ 785,000
Working capital deficit	$ 1,216,000	$ 730,000

XML 35 R24.htm IDEA: XBRL DOCUMENT

Significant Accounting Policies (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Maximum cash deposit guaranteed by federal deposit insurance corporation	$ 250,000		$ 250,000
Cash balances in excess during period	$ 250,000		$ 250,000
Customer One [Member] \| Sales Revenue, Net [Member]
Percentage of sale accounted to customer	26.00%		26.00%
Customer One [Member] \| Accounts Receivable [Member]
Percentage of sale accounted to customer			23.00%		24.00%
Customer One [Member] \| Sales Revenue, Net [Member]
Percentage of sale accounted to customer		29.00%		32.00%
Customer Two [Member] \| Sales Revenue, Net [Member]
Percentage of sale accounted to customer		15.00%		14.00%
No Other Customer [Member] \| Sales Revenue, Net [Member] \| Maximum [Member]
Percentage of sale accounted to customer		10.00%		10.00%
No Other Customer [Member] \| Accounts Receivable [Member] \| Maximum [Member]
Percentage of sale accounted to customer					10.00%
Customer Two [Member] \| Accounts Receivable [Member]
Percentage of sale accounted to customer					12.00%
Vendor One [Member]
Percentage of sale accounted to customer			27.00%	14.00%
Vendor One [Member] \| Accounts Payable [Member]
Percentage of sale accounted to customer			20.00%		31.00%
Vendor Two [Member]
Percentage of sale accounted to customer				12.60%
Vendor Two [Member] \| Accounts Payable [Member]
Percentage of sale accounted to customer					11.00%
Vendor Three [Member]
Percentage of sale accounted to customer				10.00%
No Other Vendor [Member] \| Maximum [Member]
Percentage of sale accounted to customer			10.00%

XML 36 R25.htm IDEA: XBRL DOCUMENT

Significant Accounting Policies - Schedule of Potentially Dilutive Securities (Details) - shares	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Potentially dilutive securities	1,809,053	1,318,905
Warrants [Member]
Potentially dilutive securities	803,909	216,261
Series A Preferred Stock [Member]
Potentially dilutive securities	37,644	37,644
Options [Member]
Potentially dilutive securities	967,500	1,065,000

XML 37 R26.htm IDEA: XBRL DOCUMENT

Inventory - Schedule of Inventory (Details) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Inventory Disclosure [Abstract]
Raw Materials and Packaging	$ 4,172,000	$ 4,364,000
Finished Goods	3,551,000	3,563,000
Inventory, total	$ 7,723,000	$ 7,927,000

XML 38 R27.htm IDEA: XBRL DOCUMENT

Property and Equipment (Details Narrative) - USD ($)	6 Months Ended
Property and Equipment (Details Narrative) - USD ($)	Jun. 30, 2016	Jun. 30, 2015
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 357,000	$ 412,000

XML 39 R28.htm IDEA: XBRL DOCUMENT

Property and Equipment - Schedule of Property and Equipment (Details) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Property, Plant and Equipment [Abstract]
Land	$ 1,107,000	$ 1,107,000
Building	1,875,000	1,875,000
Vehicles	600,000	500,000
Machinery and equipment	3,695,000	3,800,000
Equipment under capital leases	228,000	857,000
Office equipment	474,000	469,000
Construction in Progress	3,074,000	977,000
Property and equipment, gross	11,053,000	9,585,000
Accumulated depreciation	(4,574,000)	(4,216,000)
Property and equipment, net	$ 6,479,000	$ 5,369,000

XML 40 R29.htm IDEA: XBRL DOCUMENT

Notes Payable (Details Narrative)							1 Months Ended	6 Months Ended
Notes Payable (Details Narrative)	May 13, 2016 USD ($) $ / shares shares	Apr. 25, 2016 USD ($) $ / shares shares	Nov. 09, 2015 USD ($) $ / shares shares	Sep. 01, 2015 USD ($)	Dec. 05, 2014 USD ($)	Nov. 09, 2011 USD ($)	Sep. 01, 2015 USD ($)	Jun. 30, 2016 USD ($) Installments $ / shares	Dec. 31, 2015 USD ($)
Line of credit current								$ 5,657,000	$ 4,443,000
Percentage of borrowing based on accounts receivable								85.00%
Percentage of borrowing based on eligible inventory								60.00%
Revolving Loan, effective interest rate								9.00%
Percentage of monthly management fee as average monthly loan balance								0.45%
Line of credit borrowing availability								$ 250,000
Valuation discount amortized during the period								4,000
Unamortized balance								11,000
Equipment loan cost								$ 341,000
Capex Loan [Member]
Loan maturity date								Oct. 01, 2017
Excess of outstanding amount								$ 3,000,000
Number of monthly installments \| Installments								48
Loan balance amount								$ 3,190,000	1,883,000
Maximum amount borrowing increased	$ 3,210,000
Term Loans [Member]
Revolving Loan, effective interest rate							14.85%
Term loan outstanding principal balance				$ 1,500,000			$ 1,500,000	$ 3,000,000	$ 3,000,000
Term Loans [Member] \| Below $1,000,000 [Member]
Revolving Loan, effective interest rate								12.00%
Term loan outstanding principal balance								$ 1,000,000
Term Loans [Member] \| Rises To $1,500,000 [Member]
Revolving Loan, effective interest rate								9.00%
Term loan outstanding principal balance								$ 1,500,000
Six Month Term Loan B [Member] \| Capex Loan [Member]
Line of credit current								$ 6,000,000
Revolving Loan, effective interest rate								14.85%
Term loan amount								$ 1,500,000
Warrants [Member]
Warrants exercise per share \| $ / shares								$ 2.47
Prime Rate [Member]
Revolving Loan, effective interest rate								0.35%
Prime Rate [Member] \| Capex Loan [Member]
Capex loan interest rate								5.75%
Prime Rate [Member] \| Term Loans [Member]
Revolving Loan, effective interest rate				11.60%
PMC Financial Services Group, LLC [Member]
Line of credit current						$ 6,000,000
Extended line of credit period						2 years
Warrants exercise per share \| $ / shares	$ 4.50
Loan maturity date	Oct. 01, 2017
Warrants granted \| shares	50,000
Warrants value	$ 38,000
Warrants term	5 years 6 months
Volatility rate	54.17%
Expected dividends	0.00%
Discount rate	1.49%
Warrants amortized period	16 months
Valuation discount amortized during the period								$ 57,000
Unamortized balance								114,000
PMC Financial Services Group, LLC [Member] \| Term Loans [Member]
Revolving Loan, effective interest rate					9.00%
Term loan amount								$ 750,000
Term loan outstanding principal balance					$ 1,500,000
Loan bears interest, description					Term Loan’s outstanding principal balance was increased to $1,500,000 and the annual interest rate was revised to prime plus 5.75% (currently 9%) subject to adjustment as described below.
Excess of outstanding amount			$ 3,000,000
Warrants granted \| shares			125,000
Warrants value			$ 141,000
Warrants term			5 years 6 months
Volatility rate			56.04%
Expected dividends			0.00%
Discount rate			0.68%
Warrants amortized period			16 months
PMC Financial Services Group, LLC [Member] \| Term Loans [Member] \| 5 Year and 6 Months [Member]
Warrants exercise per share \| $ / shares			$ 4.50
PMC Financial Services Group, LLC [Member] \| Warrants [Member]
Number of warrants issued during period \| shares		10,000
Warrants exercise per share \| $ / shares		$ 3.90
Warrants granted \| shares		10,000
Warrants value		$ 15,000
Warrants term		5 years 6 months
Volatility rate		56.35%
Expected dividends		0.00%
Discount rate		1.50%
Warrants amortized period		8 months
PMC Financial Services Group, LLC [Member] \| Prime Rate [Member] \| Term Loans [Member]
Revolving Loan, effective interest rate					5.75%

XML 41 R30.htm IDEA: XBRL DOCUMENT

Notes Payable - Schedule of Line of Credit (Details) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Notes Payable [Abstract]
Line of credit	$ 5,657,000	$ 4,443,000
Valuation discount	(11,000)
Net	$ 5,646,000	$ 4,443,000

- Definition

The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details

XML 42 R31.htm IDEA: XBRL DOCUMENT

Notes Payable - Schedule of Term Loans Outstanding (Details) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Term Loans	$ 341,000	$ 341,000
Valuation discount	(11,000)
Long term portion	2,886,000	2,868,000
PMC Financial Services Corporation [Member]
Term Loans	3,000,000	3,000,000
Valuation discount	(114,000)	(132,000)
Long term portion	$ 2,886,000	$ 2,868,000

XML 43 R32.htm IDEA: XBRL DOCUMENT

Obligations Under Capital Leases (Details Narrative)	6 Months Ended
Obligations Under Capital Leases (Details Narrative)	Jun. 30, 2016 USD ($) Units
Equipment held under capital leases	$ 944,000
Number of non-cancelable capital leases \| Units	6
Payment of lease amount	$ 16,000
Lease expire year	2020
Minimum [Member]
Payment of lease range per month	$ 341
Percentage of interest for lease amount	6.51%
Maximum [Member]
Payment of lease range per month	$ 10,441
Percentage of interest for lease amount	17.31%

XML 44 R33.htm IDEA: XBRL DOCUMENT

Obligations Under Capital Leases - Schedule of Future Minimum Lease Payments under Capital Leases (Details) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Leases [Abstract]
2016	$ 109,000
2017	213,000
2018	217,000
2019	169,000
2020	65,000
Total payments	773,000
Less: Amount representing interest	(132,000)
Present value of net minimum lease payments	641,000
Less: Current portion	(142,000)	$ (153,000)
Non-current portion	$ 499,000	$ 490,000

XML 45 R34.htm IDEA: XBRL DOCUMENT

Long Term Financing Obligation (Details Narrative) - USD ($)		6 Months Ended
	Oct. 02, 2014	Jun. 30, 2016	Jun. 30, 2015
Proceeds from sale of transaction cost		$ 3,056,000
Percentage of interest expense and reduction in the financing obligation at implicit rate		9.90%
Chief Executive Officer [Member]
Proceeds financial obligation limit guaranteed by related party	$ 150,000
Warrants [Member]
Warrants exercise per share		$ 2.47
Amortization of valuation discount		$ 55,000	$ 41,000
Warrants [Member] \| Financing Obligation [Member]
Number of warrants issued to purchase of common stock	200,000	400,000
Warrants exercise per share	$ 5.60	$ 1.20
Warrants term	5 years	5 years
Warrants issued during period value	$ 584,000	$ 752,000
Warrants expected term	5 years	5 years
Warrants volatility rate	59.53%
Warrants expected dividends	0.00%	0.00%
Warrants discount rate	1.25%
Amortization of warrant, term		15 years
Warrants [Member] \| Financing Obligation [Member] \| Minimum [Member]
Warrants strike price		$ 2.10
Warrants volatility rate		91.36%
Warrants discount rate		2.15%
Warrants [Member] \| Financing Obligation [Member] \| Maximum [Member]
Warrants strike price		$ 2.25
Warrants volatility rate		110.90%
Warrants discount rate		2.20%
Chief Executive Officer [Member]
Proceeds financial obligation limit guaranteed by related party		$ 150,000

XML 46 R35.htm IDEA: XBRL DOCUMENT

Long Term Financing Obligation - Schedule of Long Term Financing Obligation (Details) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Valuation discount	$ (880,000)	$ (953,000)
Less current portion	175,000	160,000
Long term financing obligation	1,408,000	1,443,000
Long Term Financing Obligation [Member]
Financing obligation	2,463,000	2,538,000
Valuation discount	(880,000)	(935,000)
Net obligation	1,583,000	1,603,000
Less current portion	(175,000)	(160,000)
Long term financing obligation	$ 1,408,000	$ 1,443,000

XML 47 R36.htm IDEA: XBRL DOCUMENT

Stockholders' Equity (Details Narrative) - USD ($)		6 Months Ended
Stockholders' Equity (Details Narrative) - USD ($)	Jun. 02, 2016	Jun. 30, 2016	Jun. 30, 2015
Option expire term		5 years
Stock options granted shares		2,500
Per share price consulting services		$ 2.50
Exercise price per share		$ 2.47
Stock based compensation		$ 302,000	$ 446,000
Stock options exercised		7,211
Number of option issued under cash-less exercise		15,000
Warrants [Member]
Warrant exercise price per share		$ 2.47
3 Years [Member]
Share based compensation cost amortized option vest period		3 years
Percentage of stock options granted under equity incentive plan		33.00%
4 Years [Member]
Share based compensation cost amortized option vest period		4 years
Percentage of stock options granted under equity incentive plan		25.00%
Institutional Investors [Member]
Number of shares issuance and sale of common stock during period	692,412
Number of warrants to purchase of common stock shares	346,206
Net proceeds	$ 2,122,000
Warrant exercise price per share	$ 4.25
Warrant term	5 years
Officers [Member]
Number of shares issuance and sale of common stock during period		30,000
Per share price		$ 3.90
Total proceeds		$ 117,000

XML 48 R37.htm IDEA: XBRL DOCUMENT

Stockholders' Equity - Schedule of Stock Option Activity (Details)	6 Months Ended
	Jun. 30, 2016 USD ($) $ / shares shares
Shares, Granted	2,500
Shares, Exercised	(7,211)
Options [Member]
Shares Outstanding, Beginning balance	980,000
Shares, Granted	2,500
Shares, Exercised	(15,000)
Shares, Forfeited or expired	0
Shares Outstanding, Ending balance	967,500
Shares Exercisable	547,501
Weighted-Average Exercise Price, Outstanding, Beginning \| $ / shares	$ 4.54
Weighted-Average Exercise Price, Granted \| $ / shares	2.50
Weighted-Average Exercise Price, Exercised \| $ / shares	2.43
Weighted-Average Exercise Price, Outstanding, Ending \| $ / shares	4.54
Weighted-Average Exercise Price, Exercisable, Ending \| $ / shares	$ 4.37
Weighted-Average Remaining Contractual Terms (Years), Outstanding beginning	3 years 1 month 6 days
Weighted-Average Remaining Contractual Terms (Years), Granted	5 years
Weighted-Average Remaining Contractual Terms (Years), Outstanding, ending	2 years 11 months 5 days
Weighted-Average Remaining Contractual Terms (Years), Exercisable	2 years 3 months 26 days
Aggregate Intrinsic Value, Share Outstanding, Beginning \| $
Aggregate Intrinsic Value, Share Outstanding, Ending \| $	92,000
Aggregate Intrinsic Value, Share Exercisable \| $	$ 92,000

XML 49 R38.htm IDEA: XBRL DOCUMENT

Stockholders' Equity - Schedule of Stock Warrants Activity (Details) - Warrants [Member]	6 Months Ended
	Jun. 30, 2016 USD ($) $ / shares shares
Shares Outstanding, Beginning Balance	341,261
Shares Granted	478,909
Shares Exercised	(16,260)
Shares Forfeited Or Expired	(1)
Shares Outstanding, Ending Balance	803,909
Warrants Exercisable	743,909
Weighted Average Exercise Price, Outstanding, Beginning \| $ / shares	$ 3.74
Weighted Average Exercise Price, Granted \| $ / shares	4.19
Weighted Average Exercise Price, Exercised \| $ / shares	2.77
Weighted Average Exercise Price, Outstanding, Ending \| $ / shares	5.18
Weighted Average Exercise Price, Exercisable \| $ / shares	$ 5.60
Weighted Average Remaining Contractual Terms (Years), Outstanding Beginning	3 years 10 months 13 days
Weighted Average Remaining Contractual Terms (Years), Granted	4 years 11 months 23 days
Weighted Average Remaining Contractual Terms (Years), Outstanding Ending	4 years 6 months 11 days
Weighted Average Remaining Contractual Terms (Years), Exercisable	3 years 3 months
Aggregate Intrinsic Value, Outstanding, Beginning \| $
Aggregate Intrinsic Value, Outstanding, Ending \| $	0
Aggregate Intrinsic Value, Exercisable \| $	$ 0

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