0001683168-19-003638.txt : 20191114 0001683168-19-003638.hdr.sgml : 20191114 20191114163646 ACCESSION NUMBER: 0001683168-19-003638 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 62 CONFORMED PERIOD OF REPORT: 20190930 FILED AS OF DATE: 20191114 DATE AS OF CHANGE: 20191114 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Lifeway Foods, Inc. CENTRAL INDEX KEY: 0000814586 STANDARD INDUSTRIAL CLASSIFICATION: DAIRY PRODUCTS [2020] IRS NUMBER: 363442829 STATE OF INCORPORATION: IL FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-17363 FILM NUMBER: 191221030 BUSINESS ADDRESS: STREET 1: 6431 W OAKTON CITY: MORTON GROVE STATE: IL ZIP: 60053 BUSINESS PHONE: 847-967-1010 MAIL ADDRESS: STREET 1: 6431 W OAKTON CITY: MORTON GROVE STATE: IL ZIP: 60053 FORMER COMPANY: FORMER CONFORMED NAME: LIFEWAY FOODS INC DATE OF NAME CHANGE: 19920703 10-Q 1 lifeway_10q-093019.htm FORM 10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-Q

(Mark One)

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

For the quarterly period ended: September 30, 2019

o TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from __________ to __________

Commission File Number: 000-17363

LIFEWAY FOODS, INC.

(Exact Name of Registrant as Specified in its Charter)

Illinois

36-3442829

(State or Other Jurisdiction of

Incorporation or Organization)

(I.R.S. Employer

Identification No.)

6431 West Oakton, Morton Grove, IL 60053

(Address of Principal Executive Offices, Zip Code)

(847) 967-1010

(Registrant’s Telephone Number, Including Area Code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, no par value	LWAY	Nasdaq Global Market

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 o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data file required to be submitted 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 o

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

	Large accelerated filer o	Accelerated filer o
	Non-accelerated filer o	Smaller reporting company x
	Emerging growth company o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x

Number of shares of Common Stock, no par value, outstanding as of November 5, 2019: 15,709,939

TABLE OF CONTENTS

PART I – FINANCIAL INFORMATION
Item 1.	Financial Statements.	3
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations.	20
Item 3.	Quantitative and Qualitative Disclosures About Market Risk.	26
Item 4.	Controls and Procedures.	26

PART II – OTHER INFORMATION
Item 1.	Legal Proceedings.	27
Item 1A.	Risk Factors.	27
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds.	27
Item 3.	Defaults Upon Senior Securities.	27
Item 4.	Mine Safety Disclosure.	27
Item 5.	Other Information.	27
Item 6.	Exhibits.	28
	Signatures.	29

PART I – FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS.

LIFEWAY FOODS, INC. AND SUBSIDIARIES

Consolidated Balance Sheets

(In thousands)

	September 30, 2019 (Unaudited)			December 31, 2018
Current assets
Cash and cash equivalents	$	5,512		$	2,998
Accounts receivable, net of allowance for doubtful accounts and discounts & allowances of $1,240 and $1,220 at September 30, 2019 and December 31, 2018 respectively		6,572			6,276
Inventories, net		6,758			5,817
Prepaid expenses and other current assets		1,477			1,077
Refundable income taxes		827			2,748
Total current assets		21,146			18,916

Property, plant and equipment, net		22,620			24,573
Operating lease right-of-use asset		839			–

Intangible assets
Goodwill & indefinite-lived intangibles		12,824			12,824
Other intangible assets, net		192			344
Total intangible assets		13,016			13,168

Other assets		165			150
Total assets	$	57,786		$	56,807

Current liabilities
Accounts payable	$	6,968		$	4,570
Accrued expenses		3,402			2,777
Accrued income taxes		63			106
Total current liabilities		10,433			7,453
Line of credit		4,224			5,995
Operating lease liabilities		527			–
Deferred income taxes, net		390			390
Other long-term liabilities		76			564
Total liabilities		15,650			14,402

Stockholders' equity
Preferred stock, no par value; 2,500 shares authorized; no shares issued or outstanding at September 30, 2019 and December 31, 2018, respectively		–			–
Common stock, no par value; 40,000 shares authorized; 17,274 shares issued; 15,706 and 15,814 outstanding at September 30, 2019 and December 31, 2018, respectively		6,509			6,509
Paid-in capital		2,348			2,303
Treasury stock, at cost		(12,630	)		(12,970	)
Retained earnings		45,909			46,563
Total stockholders' equity		42,136			42,405

Total liabilities and stockholders' equity	$	57,786		$	56,807

See accompanying notes to consolidated financial statements

LIFEWAY FOODS, INC. AND SUBSIDIARIES

Consolidated Statements of Operations

(Unaudited)

(In thousands, except per share data)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2019			2018			2019			2018

Net sales	$	22,729		$	24,480		$	70,497		$	80,318

Cost of goods sold		16,813			17,892			51,223			57,412
Depreciation expense		743			738			2,235			2,143
Total cost of goods sold		17,556			18,630			53,458			59,555

Gross profit		5,173			5,850			17,039			20,763

Selling expenses		2,679			3,136			8,509			10,537
General and administrative		2,710			3,150			9,100			9,851
Amortization expense		39			163			152			490
Total operating expenses		5,428			6,449			17,761			20,878

Loss from operations		(255	)		(599	)		(722	)		(115	)

Other income (expense):
Interest expense		(65	)		(82	)		(202	)		(220	)
Gain on sale of property and equipment		154			28			183			42
Other income, net		77			3			82			11
Total other income (expense)		166			(51	)		63			(167	)

Loss before provision for income taxes		(89	)		(650	)		(659	)		(282	)

Benefit for income taxes		(17	)		(136	)		(58	)		(8	)

Net loss	$	(72	)	$	(514	)	$	(601	)	$	(274	)

Loss per common share:
Basic	$	(0.00	)	$	(0.03	)	$	(0.04	)	$	(0.02	)
Diluted	$	(0.00	)	$	(0.03	)	$	(0.04	)	$	(0.02	)

Weighted average common shares:
Basic		15,740			15,872			15,761			15,886
Diluted		15,740			16,256			15,761			16,354

See accompanying notes to consolidated financial statements

LIFEWAY FOODS, INC. AND SUBSIDIARIES

Consolidated Statements of Stockholders’ Equity

(Unaudited)

(In thousands)

	Common Stock
	Issued				In treasury						Paid-In			Retained			Total
	Shares		$		Shares			$			Capital			Earnings			Equity

Balance, January 1, 2018		17,274	$	6,509		(1,266	)	$	(11,812	)	$	2,244		$	49,649		$	46,590

Issuance of common stock in connection with stock-based compensation		–		–		16			151			(54	)		–			97

Treasury stock purchased		–		–		(131	)		(1,052	)		–			–			(1,052	)

Stock-based compensation		–		–		–			–			5			–			5

Net loss		–		–		–			–			–			70			70

Balance, March 31, 2018		17,274	$	6,509		(1,381	)	$	(12,713	)	$	2,195		$	49,719		$	45,710

Issuance of common stock in connection with stock-based compensation		–		–		6			52			(17	)		–			35

Treasury stock purchased		–		–		(20	)		(116	)		–			–			(116	)

Stock-based compensation		–		–		–			–			6			–			6

Net loss		–		–		–			–			–			170			170

Balance June 30, 2018		17,274	$	6,509		(1,395	)	$	(12,777	)	$	2,184		$	49,889		$	45,805

Treasury stock purchased		–		–		(41	)		(141	)		–			–			(141	)

Stock-based compensation		–		–		–			–			27			–			27

Net loss		–		–		–			–			–			(514	)		(514	)

Balance, September 30, 2018		17,274	$	6,509		(1,436	)	$	(12,918	)	$	2,211		$	49,375		$	45,177

LIFEWAY FOODS, INC. AND SUBSIDIARIES

Consolidated Statements of Stockholders’ Equity (continued)

(Unaudited)

(In thousands)

	Common Stock
	Issued				In treasury						Paid-In			Retained			Total
	Shares		$		Shares			$			Capital			Earnings			Equity

Balance, January 1, 2019		17,274	$	6,509		(1,460	)	$	(12,970	)	$	2,303		$	46,563		$	42,405

Cumulative impact of change in accounting principles, net of tax		–		–		–			–			–			(53	)		(53	)

Issuance of common stock in connection with stock-based compensation		–		–		41			351			142			–			493

Treasury stock purchased		–		–		(82	)		(205	)		–			–			(205	)

Stock-based compensation		–		–		–			–			218			–			218

Net loss		–		–		–			–			–			(388	)		(388	)

Balance, March 31, 2019		17,274	$	6,509		(1,501	)	$	(12,824	)	$	2,663		$	46,122		$	42,470

Issuance of common stock in connection with stock-based compensation		–		–		62			527			(548	)		–			(21	)

Treasury stock purchased		–		–		(74	)		(180	)		–			–			(180	)

Stock-based compensation		–		–		–			–			115			–			115

Net loss		–		–		–			–			–			(141	)		(141	)

Balance June 30, 2019		17,274	$	6,509		(1,513	)	$	(12,477	)	$	2,230		$	45,981		$	42,243

Treasury stock purchased		–		–		(54	)		(153	)		–			–			(153	)

Stock-based compensation		–		–		–			–			118			–			118

Net loss		–		–		–			–			–			(72	)		(72	)

Balance, September 30, 2019		17,274	$	6,509		(1,567	)	$	(12,630	)	$	2,348		$	45,909		$	42,136

See accompanying notes to consolidated financial statements

LIFEWAY FOODS, INC. AND SUBSIDIARIES

Consolidated Statements of Cash Flows

(Unaudited)

(In thousands)

	Nine Months Ended September 30,
	2019			2018
Cash flows from operating activities:
Net loss	$	(601	)	$	(274	)
Adjustments to reconcile net loss to operating cash flow:
Depreciation and amortization		2,387			2,633
Bad debt expense		20			50
Reserve for inventory obsolescence		177			580
Stock-based compensation		714			827
Non-cash interest expense		17			9
Deferred revenue		(73	)		(72	)
(Gain) on sale of property and equipment		(183	)		(42	)
(Increase) decrease in operating assets:
Accounts receivable		(316	)		553
Inventories		(1,118	)		280
Refundable income taxes		1,921			(612	)
Prepaid expenses and other current assets		(399	)		(291	)
Increase (decrease) in operating liabilities:
Accounts payable		2,397			(586	)
Accrued expenses		53			(588	)
Accrued income taxes		(43	)		(121	)
Net cash provided by operating activities		4,953			2,346

Cash flows from investing activities:
Purchases of property and equipment		(610	)		(2,581	)
Proceeds from sale of property and equipment		513			90
Purchase of investments		(15	)		(500	)
Net cash used in investing activities		(112	)		(2,991	)

Cash flows from financing activities:
Purchase of treasury stock		(538	)		(1,309	)
Borrowings under revolving credit facility		–			6,050
Repayment of line of credit		(1,789	)		–
Payment of deferred financing costs		–			(69	)
Repayment of notes payable		–			(6,279	)
Net cash used in financing activities		(2,327	)		(1,607	)

Net increase (decrease) in cash and cash equivalents		2,514			(2,252	)

Cash and cash equivalents at the beginning of the period		2,998			4,978

Cash and cash equivalents at the end of the period	$	5,512		$	2,726

Supplemental cash flow information:
Cash paid for income taxes, net of (refunds)	$	(1,937	)	$	724
Cash paid for interest	$	214		$	189

Non-cash investing activities
Right-of-use assets recognized at ASU 2016-02 transition	$	944		$	–
Operating lease liability recognized at ASU 2016-02 transition	$	997		$	–
Right-of-use assets and operating lease liabilities recognized after ASU 2016-02 transition	$	280		$	–

See accompanying notes to consolidated financial statements

LIFEWAY FOODS, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

September 30, 2019 and December 31, 2018

(Unaudited)

(In thousands, except per share data)

Note 1 – Basis of Presentation

Basis of presentation

The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the U.S. (“U.S. GAAP”) for interim financial information, and do not include all of the information and disclosures required for complete, audited financial statements. In the opinion of management, these statements include all adjustments necessary for a fair presentation of the results of all interim periods reported herein. The consolidated financial statements and related notes should be read in conjunction with the consolidated financial statements and related notes included in our Annual Report on Form 10-K as of and for the year ended December 31, 2018. Results of operations for interim periods are not necessarily indicative of the results to be expected for other interim periods or the full year.

A detailed description of our significant accounting policies can be found in our Annual Report on Form 10-K for the fiscal year ended December 31, 2018.

Principles of consolidation

Our consolidated financial statements include the accounts of Lifeway Foods, Inc. and all its wholly owned subsidiaries (collectively “Lifeway” or the “Company”). All significant intercompany accounts and transactions have been eliminated.

Note 2 – Significant Accounting Policies

Use of estimates

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates made in preparing the consolidated financial statements include the reserve for promotional allowances, the valuation of goodwill and intangible assets, stock-based and incentive compensation, and deferred income taxes.

Revenue Recognition

We sell food and beverage products across select product categories to customers predominantly within the United States (see Note 12, Segments, Products and Customers). We also sell bulk cream, a byproduct of our fluid milk manufacturing process. In accordance with Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers, we recognize revenue when control over the products transfers to our customers, which generally occurs upon delivery to our customers or their common carriers. We adopted this standard at the beginning of fiscal year 2018, with no significant impact to our financial position or results of operations, using the modified retrospective method. The amount of revenue recognized reflects the consideration to which we expect to be entitled to receive in exchange for these goods or services, using the five-step method required by ASC 606.

For the Company, the contract is the approved sales order, which may also be supplemented by other agreements that formalize various terms and conditions with customers. We apply judgment in determining the customer’s ability and intention to pay, which is based on a variety of factors including the customer’s historical payment experience or, in the case of a new customer, published credit and financial information pertaining to the customer.

Performance obligations promised in a contract are identified based on the goods or services that will be transferred to the customer, which is the delivery of food products which provide immediate benefit to the customer.

We account for product shipping and handling as fulfillment activities with revenues for these activities recorded within net revenue and costs recorded within cost of goods sold. Any taxes collected on behalf of government authorities are excluded from net revenues.

Variable consideration, which typically includes volume-based rebates, known or expected pricing or revenue adjustments, such as trade discounts, allowances for non-saleable products, product returns, trade incentives and coupon redemption, is estimated utilizing the most likely amount method.

Key sales terms, such as pricing and quantities ordered, are established on a frequent basis such that most customer arrangements and related incentives have a one year or shorter duration. As such, we do not capitalize contract inception costs. We do not have any significant deferred revenue or unbilled receivables at the end of a period. We generally do not receive noncash consideration for the sale of goods, nor do we grant payment financing terms greater than one year.

Advertising and promotional costs

Lifeway expenses advertising costs as incurred. For the nine months ended September 30, 2019 and 2018 total advertising expenses were $2,650 and $3,557 respectively. For the three months ended September 30, 2019 and 2018 total advertising expenses were $786 and $972 respectively.

Recently Adopted Accounting Pronouncements

In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), which affects any entity that enters into a lease (as that term is defined in ASU 2016-02), with some specified scope exceptions. Under ASU 2016-02, companies can adopt the amended guidance using a modified retrospective transition approach, using an application date of either the beginning of the earliest comparative period presented or the beginning of the reporting period in which the companies first apply the new standard. We adopted this standard on January 1, 2019 using the application date of January 1, 2019, and elected certain practical expedients allowed under the standard. In July 2018, the FASB issued ASU No. 2018-11, Leases (842), Targeted Improvements, which provides an additional transition election to not restate comparative periods for the effects of applying the new standard. The guidance requires lessees to recognize right-of-use assets and lease liabilities in the balance sheet and disclose key information about leasing arrangements, such as information about variable lease payments and options to renew and terminate leases. The amended guidance will require both operating and finance leases to be recognized in the balance sheet. A lessee should recognize in the statement of financial position a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term.

Lifeway elected certain of the practical expedients that are permitted under the transition guidance within ASU 2016-02 and related standards. Among other things, this practical expedient allowed us to carryforward the historical lease classification, and not reassess initial direct costs for any existing leases as of January 1, 2019 or reassess whether any expired or existing contracts are or contain leases. In addition, we elected to adopt the hindsight practical expedient to determine the reasonably certain lease term for existing leases. We made an accounting policy election to continue recording leases with an initial term of 12 months or less consistent with our prior financial reporting and elect the practical expedient to combine lease and non-lease components. We have revised our relevant policies and procedures, as applicable, to meet the new accounting, reporting and disclosure requirements of Topic 842 and have updated internal controls accordingly.

The main difference between the guidance in ASU 2016-02 and prior GAAP is the recognition of right-of-use assets and lease liabilities by lessees for those leases classified as operating leases under current GAAP. Recognition of the right-of-use assets and liabilities had a material impact to our consolidated balance sheets upon adoption. However, since all our leases are operating leases under ASC 840 and we will carryforward the historical lease classification, the new standard did not have a material impact on our Consolidated Statements of Operations, Consolidated Statements of Stockholders’ Equity, or Consolidated Statements of Cash Flows. The adoption resulted in an increase of the right-of-use assets of approximately $944 and lease liabilities of $997, and an adjustment to beginning retained earnings of $53 as of January 1, 2019.

Recently Issued Accounting Pronouncements

We do not anticipate a material impact upon adoption from any accounting standards issued but not yet adopted.

Note 3 – Inventories, net

Inventories consisted of the following:

	September 30, 2019		December 31, 2018
Ingredients	$	2,293	$	1,580
Packaging		2,124		2,072
Finished goods		2,341		2,165
Total inventories	$	6,758	$	5,817

Note 4 – Property, Plant and Equipment, net

Property, plant and equipment consisted of the following:

	September 30, 2019			December 31, 2018
Land	$	1,565		$	1,747
Buildings and improvements		17,119			17,520
Machinery and equipment		29,891			29,692
Vehicles		778			937
Office equipment		851			838
Construction in process		806			546
		51,010			51,280
Less accumulated depreciation		(28,390	)		(26,707	)
Total property, plant and equipment, net	$	22,620		$	24,573

Note 5 – Goodwill and Intangible Assets

Goodwill & indefinite-lived intangible assets consisted of the following:

	September 30, 2019			December 31, 2018
Gross goodwill	$	10,368		$	10,368
Accumulated impairment losses		(1,244	)		(1,244	)
Goodwill		9,124			9,124
Brand names		3,700			3,700
Goodwill and indefinite-lived intangible assets	$	12,824		$	12,824

Finite-lived Intangible Assets

Other intangible assets, net consisted of the following:

	September 30, 2019			December 31, 2018
Recipes	$	44		$	44
Customer lists and other customer related intangibles		4,529			4,529
Customer relationship		985			985
Trade names		2,248			2,248
Formula		438			438
		8,244			8,244
Accumulated amortization		(8,052	)		(7,900	)
Other intangible assets, net	$	192		$	344

Note 6 – Accrued Expenses

Accrued expenses consisted of the following:

	September 30, 2019		December 31, 2018
Payroll and incentive compensation	$	2,285	$	1,937
Current portion of operating lease liabilities		354		–
Real estate taxes		296		398
Other		467		442
Total accrued expenses	$	3,402	$	2,777

Note 7 – Debt

Notes Payable

The two term loans were refinanced and paid in full on May 7, 2018. The term loans were subject to interest at the prime rate or at the LIBOR plus 2.5% and were collateralized by substantially all of Lifeway’s assets. See Line of Credit below.

Line of Credit

On May 7, 2018, Lifeway entered into an Amended and Restated Loan and Security Agreement (the “Revolving Credit Facility”) with its existing lender. The Revolving Credit Facility provides for a revolving line of credit up to a maximum of $10 million (the “Revolving Loan”) with an incremental facility not to exceed $5 million (the “Incremental Facility” and together with the Revolving Loan, the “Loans”). The proceeds of the Loans were used to pay off Lifeway’s existing debt with the lender under the Loan and Security Agreement, Revolving Note, and Term Note entered into on February 6, 2009, and for general working capital purposes. Upon closing, we retired all the then-outstanding term loans described above.

As of September 30, 2019, we had $4,224 net of $37 of unamortized deferred financing costs, outstanding under the Revolving Credit Facility. We had approximately $4,739 available under the Borrowing Base for future borrowings as of September 30, 2019.

All outstanding amounts under the Loans bear interest, at Lifeway’s election, at either the lender Base Rate (the greater of either the Federal Funds Rate plus 0.5%, or the Prime Rate) or the LIBOR plus 2.50%, payable monthly in arrears. Lifeway is also required to pay a quarterly unused line fee and, in conjunction with the issuance of any letters of credit, a letter of credit fee. Lifeway’s average interest rate on debt outstanding under our Revolving Credit Facility for the quarter ended September 30, 2019 was 4.86%.

The commitment under the Revolving Credit Facility matures May 7, 2021. The Revolving Credit Facility is presented as a long-term debt obligation as of September 30, 2019. The Loans and all other amounts due and owed under the Revolving Credit Facility and related documents are secured by substantially all of our assets.

Amounts available for borrowing under the Revolving Credit Facility equal the lesser of (i) the Borrowing Base (as defined below), or (ii) $10 million (plus the amount of any Incremental Facility requested by Lifeway and approved by lender), in each case, as the same is reduced by the aggregate principal amount outstanding under the Loans. “Borrowing Base” under the Revolving Credit Facility means, generally, an amount equal to our cash and cash equivalents plus our eligible accounts receivable and eligible inventory, less certain reserves, divided by 1.5.

The Revolving Credit Facility contains customary representations, warranties, and covenants on the part of Lifeway, including financial covenants requiring us to achieve a minimum EBITDA threshold for each of the fiscal quarters through December 31, 2018; maintain (a) a fixed charge coverage ratio of no less than 1.25 to 1.0, and (b) a Senior Debt to EBITDA ratio of not more than 3.00 to 1.0 at December 31, 2018 and for each of the succeeding fiscal quarters ending through the expiration date. The Revolving Credit Facility also provides for events of default, including failure to repay principal and interest when due and failure to perform or violation of the provisions or covenants of the agreement, as a result of which amounts due under the Revolving Credit Facility may be accelerated.

On April 10, 2019, effective March 31, 2019, Lifeway entered into the First Modification to the Amended and Restated Loan and Security Agreement (the “Modified Revolving Credit Facility”) with its existing lender. Under the amendment, the Modified Revolving Credit Facility provides for a revolving line of credit up to a maximum of $9 million (the “Revolving Loan”) with an incremental facility not to exceed $5 million (the “Incremental Facility” and together with the Revolving Loan, the “Loans”).

All outstanding amounts under the Loans bear interest, based on a level of the Senior Debt to EBITDA ratio, at Lifeway’s election, at either the lender Base Rate (the greater of either the Federal Funds Rate plus 0.0% to 0.5%, or the Prime Rate) or the LIBOR plus 2.25% to 3.00%, payable monthly in arrears. Lifeway is also required to pay a quarterly unused line fee and, in conjunction with the issuance of any letters of credit, a letter of credit fee.

As amended, the Modified Revolving Credit Facility contains customary representations, warranties, and covenants on the part of Lifeway, including financial covenants requiring us to achieve a minimum EBITDA threshold for each of the fiscal quarters through December 31, 2019, and maintain a fixed charge coverage ratio of no less than 1.25 to 1.00 for each of the fiscal quarters ending through the expiration date. The Modified Revolving Credit Facility also provides for events of default, including failure to repay principal and interest when due and failure to perform or violation of the provisions or covenants of the agreement, as a result of which amounts due under the Modified Revolving Credit Facility may be accelerated.

We were in compliance with the minimum EBITDA and fixed charge coverage ratio covenants at September 30, 2019.

Note 8 – Leases

Lifeway has operating leases for three retail stores for its Lifeway Kefir Shop subsidiary, certain machinery and equipment, and office space. All lease payments are fixed, not variable. Remaining lease terms for these leases range from less than 1 year to 5 years. Some of our leases include options to extend the leases for up to 5 years and have been included in our calculation of the right-of-use asset and lease liabilities. There are no residual value guarantees. We do not currently have leases which meet the finance lease classification as defined under ASC 842.

We do not record leases with an initial term of 12 months or less on the balance sheet. Expense for these short-term leases is recorded on a straight-line basis over the lease term. Total lease expense was $552 and $555 (including short term leases) for the nine months ended September 30, 2019 and 2018, respectively. Total lease expense was $187 and $180 (including short term leases) for the three months ended September 30, 2019 and 2018, respectively.

Lifeway treats contracts as a lease when the contract conveys the right to use a physically distinct asset for a period of time in exchange for consideration, we direct the use of the asset and obtain substantially all the economic benefits of the asset.

Right-of-use assets and lease liabilities are measured and recognized based on the present value of the future minimum lease payments over the lease term at the commencement date. We have elected the practical expedient to combine lease and non-lease components into a single component for all of its leases. For many of our leases such as real estate leases, we are unable to determine an implicit rate; therefore, we use our incremental borrowing rate based on the information available at the commencement date in determining the present value of future payments for those leases. We include options to extend or terminate the lease in the measurement of the right-of-use asset and lease liability when it is reasonably certain that we will exercise such options. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term.

Future maturities of lease liabilities were as follows

Year	Operating Leases
Three months ended December 31, 2019	$	144
2020		303
2021		227
2022		190
2023		71
Thereafter		7
Total lease payments		942
Less: Interest		(61	)
Present value of lease liabilities	$	881

The weighted-average remaining lease term for our operating leases was 2.8 years as of September 30, 2019. The weighted average discount rate of our operating leases was 5.38% as of September 30, 2019. Cash paid for amounts included in the measurement of lease liabilities was $437 for the nine months ended September 30, 2019. Cash paid for amounts included in the measurement of lease liabilities was $145 for the three months ended September 30, 2019.

Note 9 – Commitments and contingencies

Litigation

Lifeway is engaged in various legal actions, claims, and proceedings arising in the normal course of business, including commercial disputes, product liabilities, intellectual property matters and employment-related matters resulting from our business activities.

We record accruals for outstanding legal matters when we believe it is probable that a loss will be incurred and the amount of such loss can be reasonably estimated. We evaluate, on a periodic basis, developments in legal matters that could affect the amount of any accrual and developments that would make a loss contingency both probable and reasonably estimable. If a loss contingency is not both probable and estimable, we do not establish an accrued liability. Currently, none of our accruals for outstanding legal matters are material individually or in the aggregate to our financial position and it is management’s opinion that the ultimate resolution of these outstanding legal matters will not have a material adverse effect on our business, financial condition, results of operations, or cash flows. However, if we ultimately are required to make payments in connection with an adverse outcome, it is possible that it could have a material adverse effect on our business, financial condition, results of operations or cash flows.

Lifeway’s contingencies are subject to substantial uncertainties, including for each such contingency the following, among other factors: (i) the procedural status of the case; (ii) whether the case has or may be certified as a class action suit; (iii) the outcome of preliminary motions; (iv) the impact of discovery; (v) whether there are significant factual issues to be determined or resolved; (vi) whether the proceedings involve a large number of parties and/or parties and claims in multiple jurisdictions or jurisdictions in which the relevant laws are complex or unclear; (vii) the extent of potential damages, which are often unspecified or indeterminate; and (viii) the status of settlement discussions, if any, and the settlement posture of the parties. Consequently, Lifeway cannot predict with any reasonable certainty the timing or outcome of such contingencies, and we are unable to estimate a possible loss or range of loss.

Note 10 – Income taxes

For each interim period, Lifeway estimates the effective tax rate (“ETR”) expected to be applicable for the full year and applies that rate to income before provision for income taxes for the period. The effective tax rate for the nine months ended September 30, 2019 was 8.8% compared to 3.0% for the nine months ended September 30, 2018. The effective tax rate for the three months ended September 30, 2019 was 19.3% compared to 20.9% for the three months ended September 30, 2018. Our effective tax rate may change from period to period based on recurring and non-recurring factors including the relative mix of pre-tax earnings (or losses), the underlying income tax rates applicable to various state and local taxing jurisdictions, settlement of tax audits, the impact of non-deductible items, changes in valuation allowances, and the expiration of the statute of limitations in relation to unrecognized tax benefits. We record discrete income tax items such as enacted tax rate changes and completed tax audits in the period in which they occur.

Note 11 – Stock-based and Other Compensation

In December 2015, Lifeway stockholders approved the 2015 Omnibus Incentive Plan, which authorized the issuance of an aggregate of 3.5 million shares to satisfy awards of stock options, stock appreciation rights, unrestricted stock, restricted stock, restricted stock units, performance shares and performance units to qualifying employees. Under the Plan, the Board or its Audit and Corporate Governance Committee approves stock awards to executive officers and certain senior executives, generally in the form of restricted stock or performance shares. The number of performance shares that participants may earn depends on the extent to which the corresponding performance goals have been achieved. Stock awards generally vest over a three-year performance or service period. At September 30, 2019, 3.381 million shares remain available under the Omnibus Incentive Plan. While we plan to continue to issue awards pursuant to the Plan at least annually, we may choose to suspend the issuance of new awards in the future and may grant additional awards at any time including issuing special grants of restricted stock, restricted stock units, and stock options to attract and retain new and existing executives.

Stock Options

The following table summarizes stock option activity during the nine months ended September 30, 2019:

	Options		Weighted average exercise price		Weighted average remaining contractual life		Aggregate intrinsic value

Outstanding at December 31, 2018		41	$	10.42		7.22		–
Granted		–	$	–
Exercised		–	$	–
Forfeited		–	$	–
Outstanding at September 30, 2019		41	$	10.42		6.47	$	–
Exercisable at September 30, 2019		41	$	10.42		6.47	$	–

For the nine months ended September 30, 2019 and 2018 total pre-tax stock-based compensation expense recognized in the consolidated statements of operations was $1 and $9, respectively. For the nine months ended September 30, 2019 and 2018 tax-related benefits of $0 and $2 were also recognized. For the three months ended September 30, 2019 and 2018 total pre-tax stock-based compensation expense recognized in the consolidated statements of operations was $0 and $2, respectively. For the three months ended September 30, 2019 and 2018 tax-related benefits of $0 were also recognized. As of September 30, 2019, there is no remaining unearned compensation expense related to non-vested stock options.

Restricted Stock Awards

A Restricted Stock Award (“RSA”) represents the right to receive one share of common stock in the future. RSAs have no exercise price. The grant date fair value of the awards is equal to our closing stock price on the grant date. The following table summarizes RSA activity during the nine months ended September 30, 2019.

	RSA’s

Outstanding at December 31, 2018		25
Granted		39
Shares issued upon vesting		(12	)
Forfeited		–
Outstanding at September 30, 2019		52
Weighted average grant date fair value per share outstanding	$	3.90

We expense RSA’s over the service period. For the nine months ended September 30, 2019 and 2018 total pre-tax stock-based compensation expense recognized in the consolidated statements of operations was $82 and $29, respectively. For the nine months ended September 30, 2019 and 2018 tax-related benefits of $22 and $8, respectively, were also recognized. For the three months ended September 30, 2019 and 2018 total pre-tax stock-based compensation expense recognized in the consolidated statements of operations was $30 and $25, respectively. For the three months ended September 30, 2019 and 2018 tax-related benefits of $8 and $7, respectively, were also recognized. As of September 30, 2019, the total remaining unearned compensation related to non-vested RSA’s was $134, which is expected to be amortized over the weighted-average remaining service period of 1.35 years.

Long-Term Incentive Plan Compensation

Lifeway established long-term incentive-based compensation programs for fiscal year 2017 (the “2017 Plan”), fiscal year 2018 (the “2018 Plan”), and for fiscal year 2019 (the “2019 Plan”) for certain senior executives and key employees (the “participants”). Under both the 2017 Plan and the 2018 Plan, long-term incentive compensation is based on Lifeway’s achievement of certain sales and adjusted EBITDA performance levels versus respective targets established by the Board for each fiscal year. Under the 2019 Plan, long-term equity incentive compensation is based on Lifeway’s achievement of four strategic milestones over a three-year period from Fiscal 2019 through Fiscal 2021.

2017 Plan

Under the 2017 Plan, collectively the participants had the opportunity to earn cash and equity-based incentive compensation in amounts ranging from $0 to $11,025 depending on Lifeway’s performance levels compared to the respective targets and the participants performance compared to their individual objectives. The equity portion of the incentive compensation is payable in restricted stock that vests one-third in each of the three years from the 2017 grant dates. For the nine months ended September 30, 2019 and 2018, $234 and $551 was expensed under the 2017 Plan as stock-based compensation expense in the consolidated statements of operations, respectively. For the three months ended September 30, 2019 and 2018, $54 and $139 was expensed under the 2017 Plan as stock-based compensation expense in the consolidated statements of operations, respectively. As of September 30, 2019, the total remaining unearned compensation related to the 2017 Plan was $103, of which $54 and $49 is expected to be recognized in 2019 and 2020, respectively, subject to vesting.

2018 Plan

Under the 2018 Plan, collectively the participants had the opportunity to earn cash and equity-based incentive compensation in amounts ranging from $0 to $11,200 depending on Lifeway’s performance levels compared to the respective targets and the participants performance compared to their individual objectives. The equity portion of the incentive compensation was payable in restricted stock that vests one-third in each of the three years from the 2018 grant dates. For the nine months ended September 30, 2018, $303 was expensed under the 2018 Plan, of which $76 was recorded as cash bonus expense and $227 was recorded as stock-based compensation expense in the consolidated statements of operations. For the three months ended September 30, 2018, $157 was expensed under the 2018 Plan as stock-based compensation expense in the consolidated statements of operations. Due to the final fiscal 2018 financial results, there were no equity-based incentives awarded under the 2018 Plan.

2019 Plan

Under the 2019 Plan, collectively the participants have the opportunity to earn equity-based incentive compensation in amounts ranging from $0 to $1,776 depending on Lifeway’s performance levels compared to the respective targets. The equity-based incentive compensation is payable in restricted stock that vests 50% of unvested shares in year one, 50% of unvested shares in year two, and 100% of remaining unvested shares in year three from the 2019 grant date. For the nine months ended September 30, 2019, $103 was expensed under the 2019 Plan as stock-based compensation expense in the consolidated statements of operations. For the three months ended September 30, 2019, $35 was expensed under the 2019 Plan as stock-based compensation expense in the consolidated statements of operations.

2019 Retention Award

During Q1 2019, we awarded a special retention grant (the “2019 Retention Award”) of restricted stock to senior executives and key employees (the “participants”). The equity-based incentive compensation is payable in restricted stock that vests one-third in March 2019, one-third in March 2020 and one-third in March 2021. For the nine months ended September 30, 2019, $265 was expensed under the 2019 Retention Award as stock-based compensation expense in the consolidated statements of operations. For the three months ended September 30, 2019, $54 was expensed under the 2019 Retention Award as stock-based compensation expense in the consolidated statements of operations.

Retirement Benefits

Lifeway has a defined contribution plan which is available to substantially all full-time employees. Under the terms of the plan, we match employee contributions under a prescribed formula. For the nine months ended September 30, 2019 and 2018 total contribution expense recognized in the consolidated statements of operations was $269 and $319, respectively. For the three months ended September 30, 2019 and 2018 total contribution expense recognized in the consolidated statements of operations was $88 and $90, respectively.

Note 12 – Segments, Products and Customers

Lifeway’s primary product is drinkable kefir, a cultured dairy product. Lifeway Kefir is tart and tangy, high in protein, calcium and vitamin D. Thanks to our exclusive blend of kefir cultures, each cup of kefir contains 12 live and active cultures and 15 to 20 billion beneficial CFU (Colony Forming Units) at the time of manufacture.

We manufacture (directly or through co-packers) our products under our own brand, as well as under private labels on behalf of certain customers. Lifeway offers approximately 20 varieties of our kefir products including more than 60 flavors. In addition to our core drinkable kefir products, we offer several lines of products developed through our innovation and development efforts. These include Kefir Cups, a strained, cupped version of our kefir; and Organic Farmer Cheese Cups, a cupped version of our soft cheeses, both served in resealable 5 oz. containers. We also offer Skyr, a strained cupped Icelandic yogurt; Plantiful, a plant-based probiotic beverage made from organic and non-GMO pea protein with 10 vegan kefir cultures; a line of probiotic supplements for adults and children; and a soft serve kefir mix.

Our product categories are:

	·	Drinkable Kefir, sold in a variety of organic and non-organic sizes, flavors, and types, including low fat, non-fat, whole milk, protein, BioKefir (a 3.5 oz. kefir with additional probiotic cultures), and Kefir with Oats.

	·	European-style soft cheeses, including farmer cheese in resealable cups.

	·	Cream and other, which consists primarily of cream, a byproduct of making our kefir.

	·	ProBugs, a line of kefir products in drinkable and frozen formats, designed for children.

	·	Other Dairy, which includes Cupped Kefir and Icelandic Skyr, a line of strained kefir and yogurt products in resealable cups.

	·	Frozen Kefir, available in both bars and pint-size containers.

Lifeway has determined that it has one reportable segment based on how our chief operating decision maker manages the business and in a manner consistent with the internal reporting provided to the chief operating decision maker. The chief operating decision maker, who is responsible for allocating resources and assessing our performance, has been identified collectively as the Chief Financial Officer, the Chief Operating Officer, the Chief Executive Officer, and Chairperson of the board of directors. Substantially all of our consolidated revenues relate to the sale of cultured dairy products that we produce using the same processes and materials and are sold to consumers through a common network of distributors and retailers in the United States.

Net sales of products by category were as follows for the nine months ended September 30:

	2019			2018
		$	%			$	%
Drinkable Kefir other than ProBugs	$	54,126	77%		$	61,255	76%
Cheese		8,348	12%			8,443	11%
Cream and other		3,359	5%			4,104	5%
ProBugs Kefir		2,050	3%			2,166	3%
Other dairy		1,334	2%			3,154	4%
Frozen Kefir (a)		1,280	1%			1,196	1%
Net Sales	$	70,497	100%		$	80,318	100%

(a)	Includes Lifeway Kefir Shop sales

Net sales of products by category were as follows for the three months ended September 30:

	2019				2018
	$		%		$		%
Drinkable Kefir other than ProBugs	$	17,513		77%	$	18,877		77%
Cheese		2,791		12%		2,656		11%
Cream and other		913		4%		1,406		6%
ProBugs Kefir		590		3%		471		2%
Other dairy		432		2%		699		3%
Frozen Kefir (a)		490		2%		371		1%
Net Sales	$	22,729		100%	$	24,480		100%

(a)	Includes Lifeway Kefir Shop sales

Significant Customers – Sales are predominately to companies in the retail food industry located within the United States. Two major customers accounted for approximately 22% of net sales for the nine months ended September 30, 2019 and 2018, respectively. Two major customers accounted for approximately 21% and 20% of net sales for the three months ended September 30, 2019 and 2018, respectively.

Note 13 – Related Party Transactions

Lifeway obtains consulting services from the Chairperson of its board of directors. Fees earned are included in general and administrative expenses in the accompanying consolidated statements of operations and were $750 during each of the nine months ended September 30, 2019 and 2018. Fees earned are included in general and administrative expenses in the accompanying consolidated statements of operations and were $250 during each of the three months ended September 30, 2019 and 2018.

Lifeway is also a party to a royalty agreement with the Chairperson of its board of directors under which we pay the Chairperson a royalty based on the sale of certain Lifeway products, not to exceed $50 in any fiscal month. Royalties earned are included in selling expenses in the accompanying consolidated statements of operations and were $441 and $445 during the nine months ended September 30, 2019 and 2018, respectively. Royalties earned are included in selling expenses in the accompanying consolidated statements of operations and were $143 and $145 during the three months ended September 30, 2019 and 2018, respectively.

Note 14 – Subsequent Events

On October 22, 2019, the Company sold approximately 45.6% of one of its investments recorded under the cost method on the consolidated balance sheets. The Company recognized a $1,413 gain on sale of the investment, which will be recorded in other income (expense) on the consolidated statements of operations during the fourth quarter of 2019. Under the terms of its line of credit agreement (see Note 7), the Company made a mandatory prepayment of $1,484, equal to the net proceeds of the sale of the investment, to the line of credit during the fourth quarter.

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) in this Form 10-Q is provided as a supplement to, and should be read in conjunction with, our audited consolidated financial statements, the accompanying notes, and the MD&A included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2018 (the “Form 10-K”). Unless otherwise specified, any description of “our”, “we”, and “us” in this MD&A refer to Lifeway Foods, Inc. and our subsidiaries.

Cautionary Statement Regarding Forward-Looking Statements

In addition to historical information, this quarterly report contains “forward-looking” statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These statements may be identified by the use of words such as "anticipate," "believe," "could," "estimate," "expect," "from time to time," "future," "intend," "plan," "likely," "may," "ongoing," "realize," "should," "will," and similar terms or terminology, or the negative of such terms or other comparable terminology. Examples of forward-looking statements include, among others, statements we make regarding:

	·	Expectations of the effect on our financial condition of claims, litigation, environmental costs, contingent liabilities and governmental and regulatory investigations and proceedings;
	·	Strategy for acquisitions, customer retention, growth, product development, market position, financial results and reserves; Estimates of the amounts of sales allowances and discounts to our customers and consumers;
	·	Our belief that we will maintain compliance with our loan agreements and have sufficient liquidity to fund our business operations.

Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following:

	·	The impact of investigative and legal proceedings;
	·	Developments and changes in laws and regulations, including regulation of the dairy or food industries through legislative action and revised rules and standards applied by the Food & Drug Administration (FDA);
	·	Economic and financial conditions, including volatility in interest and exchange rates, commodity and equity prices, and the value of our assets;
	·	Changes in the price of milk and other key materials and disruptions in supply chains for these materials;
	·	Strategic actions, including acquisitions and dispositions and our success in launching new products;
	·	The impact on our competitive position if we do not maintain compliance with our loan agreements and/or sufficient liquidity to fund our business operations;
	·	Such other factors as discussed throughout Part I, Item 1 “Business”; Part I, Item 1A “Risk Factors”; and Part II, Item 7 “Management's Discussion and Analysis of Financial Condition and Results of Operations” of our Annual Report on Form 10-K for the year ended December 31, 2018 and that are described from time to time in our filings with the SEC.

These factors are not necessarily all of the important factors that could cause actual results to differ materially from those expressed in any of our forward-looking statements. Other unknown or unpredictable factors could also have material adverse effects on future results. We intend these forward-looking statements to speak only at the date made. Except as otherwise required to be disclosed in periodic reports required to be filed by public companies with the SEC pursuant to the SEC's rules, we have no duty to update these statements, and we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Results of Operations

Three Months Ended September 30, 2019 Compared to Three Months Ended September 30, 2018

	September 30,						Change
	2019			2018			$			%
Net sales	$	22,729		$	24,480		$	(1,751	)		(7.2%	)

Cost of goods sold	$	16,813		$	17,892		$	1,079
Depreciation expense		743			738			(5	)
Total cost of goods sold	$	17,556		$	18,630		$	1,074			5.8%

Gross profit	$	5,173		$	5,850		$	(677	)		(11.6%	)
Gross Profit % to net sales		22.8%			23.9%

Selling expenses	$	2,679		$	3,136		$	457			14.6%
Selling expenses % to net sales		11.8%			12.8%

General & administrative expenses	$	2,710		$	3,150		$	440			14.0%
General & administrative % to net sales		11.9%			12.9%

Amortization expense	$	39		$	163		$	124			76.1%

Total operating expenses	$	5,428		$	6,449		$	1,021			15.8%
Total operating expense % to net sales		23.9%			26.3%
Loss from operations	$	(255	)	$	(599	)	$	344			(57.4%	)
Loss from operations % to net sales		(1.1%	)		(2.4%	)

Net Sales

Net sales finished at $22,729 for the three-month period ended September 30, 2019, a decrease of $1,751 or 7.2% versus prior year. The net sales softness continued to reflect the overall lower consumption in the dairy and cultured dairy product categories. Versus prior year, the decline was primarily driven by lower volumes of our branded drinkable kefir and cupped kefir and Skyr sales, partially offset by the incremental volume of new item introductions.

Gross Profit

Gross profit as a percentage of net sales was 22.8% during the three-month period ended September 30, 2019. Gross profit percentage was 23.9% in the prior year. The decline versus the prior year was primarily due to the unfavorable impact of operating leverage that arises from lower net sales relative to fixed costs, partially offset by a reduction in variable costs. Additionally, depreciation expense increased reflecting the continued investment in manufacturing improvements.

Selling Expenses

Selling expenses decreased by $457 or 14.6% to $2,679 during the three-month period ended September 30, 2019 from $3,136 during the same period in 2018. The decrease versus prior year, primarily reflects a reduction in advertising and marketing programs with lower efficiency, and compensation savings from organizational changes made in 2018. Selling expenses as a percentage of net sales were 11.8% during the three-month period ended September 30, 2019 compared to 12.8% for the same period in 2018.

General and Administrative Expenses

General and administrative expenses decreased $440 or 14.0% to $2,710 during the three-month period ended September 30, 2019 from $3,150 during the same period in 2018. The decrease is primarily a result of lower compensation expense due to organizational changes made in 2018, lower incentive compensation, and lower professional fees, partially offset by increased legal expenses.

Provision for Income Taxes

The provision for income taxes includes federal, state and local income taxes. Benefit for income taxes was $17 during the three months ended September 30, 2019, compared to a benefit for income taxes of $136 during the same period in 2018.

Our effective income tax rate (ETR) for the three months ended September 30, 2019 was 19.3% compared to an ETR of 20.9% in the same period last year. The decrease in the effective tax rate was primarily due to the non-deductible expense amounts being a higher percentage of pre-tax income, non-deductible compensation expense related to equity incentive awards, and adjustments to state income tax receivable. The decrease in the effective tax rate was partially offset due to separate state tax rates and a change in valuation allowance.

Section 162(m) of the Internal Revenue Code (the “Code”) limits the deductibility of compensation paid to certain of our executives. Under the Tax Cuts and Jobs Act (the “Act”) amendments to Section 162(m), no tax deduction in taxable years beginning after December 31, 2017 is allowed for compensation paid to any covered employee to the extent that the total compensation for that covered employee exceeds $1,000,000 in any taxable year. Although the Act eliminated the prior tax deduction under Section 162(m) for performance-based executive compensation, it included a transition rule under which the changes to Section 162(m) will not apply to awards made to our covered employees who had the right to participate in our 2015 Omnibus Incentive Plan pursuant to written binding contracts in effect as of November 2, 2017, as long as those contracts have not subsequently been modified in any material respect. Accordingly, subject to further guidance from the Treasury Department and the Internal Revenue Service (“IRS”), we expect that performance-based compensation paid to our executives under our Omnibus Plan will remain eligible for the Section 162(m) exemption in 2019.

Income taxes are discussed in Note 10 in the Notes to the Consolidated Financial Statements.

Net (Loss) Income

We reported a net loss of $(72) or $(0.00) per basic and diluted common share for the three-month period ended September 30, 2019 compared to a net loss of $(514) or $(0.03) per basic and diluted common share in the same period in 2018.

Nine months Ended September 30, 2019 Compared to Nine months Ended September 30, 2018

	September 30,						Change
	2019			2018			$			%
Net sales	$	70,497		$	80,318		$	(9,821	)		(12.2%	)

Cost of goods sold	$	51,223		$	57,412		$	6,189
Depreciation expense		2,235			2,143			(92	)
Total cost of goods sold	$	53,458		$	59,555		$	6,097			10.2%

Gross profit	$	17,039		$	20,763		$	(3,724	)		(17.9%	)
Gross Profit % to net sales		24.2%			25.9%

Selling expenses	$	8,509		$	10,537		$	2,028			19.2%
Selling expenses % to net sales		12.1%			13.1%

General & administrative expenses	$	9,100		$	9,851		$	751			7.6%
General & administrative % to net sales		12.9%			12.3%

Amortization expense	$	152		$	490		$	338			69.0%

Total operating expenses	$	17,761		$	20,878		$	3,117			14.9%
Total operating expense % to net sales		25.2%			26.0%
Loss from operations	$	(722	)	$	(115	)	$	(607	)		527.8%
Loss from operations % to net sales		(1.0%	)		(0.1%	)

Net Sales

Net sales were $70,497 for the nine-month period ended September 30, 2019, a decrease of $9,821 or 12.2% versus prior year. The net sales softness continued to reflect the overall lower consumption in the dairy and cultured dairy product categories. Versus prior year, the decline was primarily driven by lower volumes of our branded drinkable kefir and cupped kefir and Skyr sales, partially offset by the incremental volume of new item introductions.

Gross Profit

Gross profit as a percentage of net sales decreased to 24.2% during the nine-month period ended September 30, 2019 from 25.9% during the same period in 2018. The lower gross profit percentage primarily reflects category sales softness, the unfavorable impact of operating leverage that arises from lower net sales relative to fixed costs, and increased freight costs, partially offset by a reduction in variable costs.

Selling Expenses

Selling expenses decreased by $2,028 or 19.2% to $8,509 during the nine-month period ended September 30, 2019 from $10,537 during the same period in 2018. The decreased selling expenses primarily reflect the reduction in advertising and marketing programs with lower efficiency and compensation savings from organizational changes made in 2018. Selling expenses as a percentage of net sales were 12.1% during the nine-month period ended September 30, 2019 compared to 13.1% for the same period in 2018.

General and Administrative Expenses

General and administrative expenses decreased $751 or 7.6% to $9,100 during the nine-month period ended September 30, 2019 from $9,851 during the same period in 2018. The decrease is primarily a result of lower compensation expense due to organizational changes made in 2018, lower incentive compensation, and lower professional fees, partially offset by increased legal expenses.

Provision for Income Taxes

The provision for income taxes includes federal, state and local income taxes. Benefit for income taxes was $58 during the nine months ended September 30, 2019, compared to a benefit for income taxes of $8 during the same period in 2018.

Our effective income tax rate (ETR) for the nine months ended September 30, 2019 was 8.8% compared to an ETR of 3.0% in the same period last year. The increase in the effective tax rate was primarily due to the separate state tax rates and non-deductible expense amounts being a lower percentage of pre-tax income, offset by a decrease in the rate attributable to non-deductible compensation expense related to equity incentive awards.

Section 162(m) of the Code limits the deductibility of compensation paid to certain of our executives. Under the Act’s amendments to Section 162(m), no tax deduction in taxable years beginning after December 31, 2017 is allowed for compensation paid to any covered employee to the extent that the total compensation for that covered employee exceeds $1,000,000 in any taxable year. Although the Act eliminated the prior tax deduction under Section 162(m) for performance-based executive compensation, it included a transition rule under which the changes to Section 162(m) will not apply to awards made to our covered employees who had the right to participate in our 2015 Omnibus Incentive Plan pursuant to written binding contracts in effect as of November 2, 2017, as long as those contracts have not subsequently been modified in any material respect. Accordingly, subject to further guidance from the Treasury Department and the Internal Revenue Service (“IRS”), we expect that performance-based compensation paid to our executives under our Omnibus Plan will remain eligible for the Section 162(m) exemption in 2019.

Income taxes are discussed in Note 10 in the Notes to the Consolidated Financial Statements.

Net (Loss) Income

We reported a net loss of $(601) or $(0.04) per basic and diluted common share for the nine-month period ended September 30, 2019 compared to net income of $(274) or $(0.02) per basic and diluted common share in the same period in 2018.

Liquidity and Capital Resources

We expect to meet our foreseeable liquidity and capital resource requirements through anticipated cash flows from operations; our revolving credit facility; and cash and cash equivalents. The success of our business and financing strategies will continue to provide us with the financial flexibility to take advantage of various opportunities as they arise.

Sources and Uses of Cash

Lifeway had a net increase in cash and cash equivalents of $2,514 during the nine-month period ended September 30, 2019 compared to a net decrease in cash and cash equivalents of $2,252 in the same period in 2018. The drivers of the year over year change are as follows:

Net cash provided by operating activities was $4,953 during the nine-month period ended September 30, 2019 compared to net cash provided by operating activities of $2,346 in the same period in 2018. The increase in cash provided by operating activities is primarily due to the change in working capital.

Net cash used in investing activities was $112 during the nine-month period ended September 30, 2019 compared to net cash used in investing activities of $2,991 in the same period in 2018. The lower level of net cash used in investing activities in 2019 reflects lower capital spending. Capital spending was $610 during the nine-month period ended September 30, 2019 compared to $2,581 in 2018. Our capital spending is focused in three core areas: growth, cost reduction, and facility improvements. Growth capital spending supports new product innovation and enhancements. Cost reduction spending supports manufacturing efficiency, safety and productivity. We received net proceeds of $474 related to the sale of our Skokie, IL facility during Q3 2019.

Net cash used in financing activities was $2,327 during the nine-month period ended September 30, 2019 compared to net cash used in financing activities of $1,607 in the same period in 2018. We utilized proceeds from our federal and state income tax refunds to repay $1,330 on our revolving line of credit during the first quarter of 2019. We utilized the proceeds from the sale of our Skokie, IL facility to repay $459 on our revolving line of credit during the third quarter of 2019. On November 1, 2017, Lifeway’s Board approved an increase in the aggregate amount under our previously announced 2015 stock repurchase program (the “2017 Repurchase Plan Amendment”), by adding to (i.e., exclusive of the shares previously authorized under the 2015 stock repurchase program) the authorization the lesser of $5,185 or 625 shares. We repurchased approximately 210 shares of common stock at a cost of $538 during the nine-month period ended September 30, 2019 under the 2017 Repurchase Plan Amendment. We repurchased approximately 192 shares of common stock at a cost of $1,309 during the nine-month period ended September 30, 2018 under the 2017 Repurchase Plan Amendment. We may execute transactions from time to time in the open market or by private negotiation, in accordance with all applicable securities laws and regulations. We intend to hold repurchased shares in treasury for general corporate purposes, including issuances under our 2015 Omnibus Incentive Plan. Treasury shares are accounted for using the cost method.

Revolving credit facility

As amended, the Modified Revolving Credit Facility contains customary representations, warranties, and covenants on the part of Lifeway, including financial covenants requiring us to achieve a minimum EBITDA threshold for each of the fiscal quarters through December 31, 2019, and maintain a fixed charge coverage ratio of no less than 1.25 to 1.0 each of the fiscal quarters ending through the expiration date. The Modified Revolving Credit Facility also provides for events of default, including failure to repay principal and interest when due and failure to perform or violation of the provisions or covenants of the agreement, as a result of which amounts due under the Modified Revolving Credit Facility may be accelerated. We were in compliance with the applicable covenants as of September 30, 2019

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

There have been no material changes to our market risk during the third quarter of 2019. For information regarding our exposure to certain market risk, see Part II, Item 7A, “Quantitative and Qualitative Disclosures About Market Risk”, in the 2018 Form 10-K.

ITEM 4. CONTROLS AND PROCEDURES.

(a)

Evaluation of Disclosure Controls and Procedures

Our evaluation of the effectiveness of our disclosure controls and procedures as defined in Rules 13a-15(e) and 15d-15(e) of the Exchange Act was performed under the supervision and with the participation of our senior management, including our Chief Executive Officer and Chief Financial Officer. The purpose of disclosure controls and procedures is to ensure that information required to be disclosed in the reports we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to management, including our Chief Executive Officer and Chief Financial Officer, to allow timely decisions regarding required disclosures.

As previously disclosed under “Item 9A—Controls and Procedures” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2018, we concluded that our internal control over financial reporting was not effective based on the material weakness in our controls over the review of the result of the annual step one goodwill impairment evaluation performed by the third party valuation expert that we engaged. Based on the material weakness, which we view as an integral part of our disclosure controls and procedures, our Chief Executive Officer and Chief Financial Officer have concluded that, as of the quarter ended September 30, 2019, our disclosure controls and procedures were not effective. Nevertheless, based on a number of factors, including the performance of additional procedures by management designed to ensure the reliability of our financial reporting, we believe that the consolidated financial statements in this Quarterly Report on Form 10-Q fairly present, in all material respects, our financial position, results of operations and cash flows for the periods presented in conformity with GAAP.

(b)

Changes in Internal Control over Financial Reporting

Our remediation efforts began during the nine months ended September 30, 2019. Remediation generally requires making changes to how controls are designed and implemented and then adhering to those changes for a sufficient period of time such that the effectiveness of those changes is demonstrated with an appropriate amount of consistency. We have begun to take certain remediation steps to address the material weakness referenced above and to improve our control over financial reporting. If not remediated these deficiencies could result in material misstatements to our consolidated financial statements.

In response to the material weakness described above, management is currently evaluating our policies and procedures related to the review of the analysis in goodwill impairment reports prepared by third-party valuation experts and plans to design and implement adequate internal controls and procedures to ensure that (i) goodwill impairment is properly reviewed, accounted for and disclosed, and (ii) management can more effectively evaluate analysis conducted by third-party valuation service providers that perform the step one goodwill impairment analysis. Management has adopted revised procedures related to the identification and selection of third-party valuation experts and is using that process to select a new third-party valuation expert to perform the annual goodwill impairment analysis.

There were no other changes in our internal control over financial reporting during the third quarter of 2019 that were identified in connection with management’s evaluation required by paragraph (d) of Rules 13a-15 and 15d-15 under the Exchange Act that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II – OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS.

From time to time we are engaged in litigation matters arising in the ordinary course of business. While the results of litigation and claims cannot be predicted with certainty, Lifeway believes that no such matter is reasonably likely to have a material adverse effect on our financial position or results of operations.

ITEM 1A. RISK FACTORS.

There have been no material changes to the Risk Factors disclosed in Part I, Item 1A of the 2018 Form 10-K.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.

Issuer Purchases of Equity Securities

None.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES.

None.

ITEM 4. MINE SAFETY DISCLOSURE.

Not applicable.

ITEM 5. OTHER INFORMATION.

None.

ITEM 6. EXHIBITS.

No.	Description	Form	Period Ending	Exhibit	Filing Date

31.1	Rule 13a-14(a)/15d-14(a) Certification of Julie Smolyansky	Filed Herewith

31.2	Rule 13a-14(a)/15d-14(a) Certification of Eric Hanson	Filed Herewith

32.1	Section 1350 Certification of Julie Smolyansky	Filed Herewith

32.2	Section 1350 Certification of Eric Hanson	Filed Herewith

99.1	Press release dated November 14, 2019 reporting Lifeway’s financial results for the nine months ended September 30, 2019.	Furnished Herewith

101	Interactive Data Files	Filed Herewith

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.

	LIFEWAY FOODS, INC.



Date: November 14, 2019	By:	/s/ Julie Smolyansky
		Julie Smolyansky
		Chief Executive Officer, President, and Director
		(Principal Executive Officer)



Date: November 14, 2019	By:	/s/ Eric Hanson
		Eric Hanson
		Chief Financial & Accounting Officer
		(Principal Financial and Accounting Officer)

EX-31.1 2 lifeway_ex3101.htm CERTIFICATION

EXHIBIT 31.1

SECTION 302 CERTIFICATION OF C.E.O.

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Julie Smolyansky, certify that:

1.	I have reviewed this quarterly report on Form 10-Q of Lifeway Foods, 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;

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 our 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:

(a)

All significant deficiencies and material weaknesses in the design or operation of internal control 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: November 14, 2019	By: /s/ Julie Smolyansky
	Julie Smolyansky
	Chief Executive Officer, President and Director
	(Principal Executive Officer)

EX-31.2 3 lifeway_ex3102.htm CERTIFICATION

EXHIBIT 31.2

SECTION 302 CERTIFICATION OF C.F.O.

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Eric Hanson, certify that:

1.	I have reviewed this quarterly report on Form 10-Q of Lifeway Foods, 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;

(a)

(b)

(c)

(d)

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:

(a)

(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: November 14, 2019	By: /s/ Eric Hanson
	Eric Hanson
	Chief Financial Officer
	(Principal Financial and Accounting Officer)

EX-32.1 4 lifeway_ex3201.htm CERTIFICATION

EXHIBIT 32.1

SECTION 906 CERTIFICATION OF C.E.O.

CERTIFICATION 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 Lifeway Foods, Inc. (the “Company”) for the period ended September 30, 2019 as filed with the SEC (the “Report”), the undersigned, in the capacity and on the date indicated below, hereby certifies pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to her knowledge:

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

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

Date: November 14, 2019	By: /s/ Julie Smolyansky
	Julie Smolyansky
	Chief Executive Officer, President and Director
	(Principal Executive Officer)

EX-32.2 5 lifeway_ex3202.htm CERTIFICATION

EXHIBIT 32.2

SECTION 906 CERTIFICATION OF C.F.O.

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

TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

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

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

Date: November 14, 2019	By: /s/ Eric Hanson
	Eric Hanson
	Chief Financial Officer
	(Principal Financial and Accounting Officer)

EX-99.1 6 lifeway_ex9901.htm PRESS RELEASE DATED NOVEMBER 14, 2019

EXHIBIT 99.1

Lifeway Foods, Inc. Announces Third Quarter 2019 Results

Company Hosts Pre-Recorded Earnings Call & Webcast

Provides Fourth Quarter and Full Year Net Sales Outlook

Morton Grove, IL — November 14, 2019—Lifeway Foods, Inc. (Nasdaq: LWAY) (“Lifeway” or “the Company”), the leading U.S. supplier of kefir and fermented probiotic products to support the microbiome, today reported financial results for the third quarter ended September 30, 2019.

“Our third quarter results reflect our commitment to our strategic long-term plan to meaningfully reinvigorate growth,” said Julie Smolyansky, CEO of Lifeway Foods, Inc. “While we continue to implement changes in our organizational structure to build for the future and create efficiencies, we also remain focused on increasing brand awareness, driving new product innovation and strengthening consumer loyalty. We are thrilled major retailers nationwide have chosen Plantiful to enhance their healthy consumable product offerings. We believe this increased distribution will lead to long-term sales growth in demographics previously unserved by Lifeway, and we look forward to adding new distribution in the future. In addition to Plantiful, we also have Kefir Minis that we expect to begin shipping at the end of the fourth quarter. Looking ahead to 2020 and beyond, we are committed to our strategic plan and confident about delivering improved financial results.”

Third Quarter Results

Net sales were $22.7 million for the third quarter of 2019, a decrease of 2.2% from $23.2 million in the second quarter of 2019.

Gross profit as a percentage of net sales was 22.8% for the third quarter of 2019, a decrease of 120 basis points from 24.0% for the second quarter of 2019. Gross profit percentage was 23.9% in prior year period. The decline versus the prior year was primarily due to the unfavorable impact of operating leverage that arises from lower net sales relative to fixed costs, partially offset by a reduction in variable costs. Additionally, depreciation expense increased reflecting the continued investment in manufacturing improvements.

Selling expenses decreased $0.5 million or 14.6% to $2.7 million for the third quarter of 2019 from $3.1 million during the same period in 2018. The decrease versus prior year primarily reflects a reduction in advertising and marketing programs with lower efficiency, and compensation savings from organizational changes made in 2018. Selling expenses as a percentage of net sales were 11.8% for the third quarter of 2019 compared to 12.8% for the same period in 2018.

General and administrative expenses decreased $0.4 million or 14% to $2.7 million for the third quarter of 2019 from $3.1 million during the same period in 2018. The decrease is primarily a result of lower compensation expenses due to organization changes made in 2018, lower incentive compensation, and lower professional fees, partially offset by increased legal expenses.

The effective income tax rate for the third quarter of 2019 was 19.3% compared to 20.9% in the same period last year. The decrease in the effective tax rate was primarily due to the non-deductible expense amounts being a higher percentage of pre-tax income, non-deductible compensation expense related to equity incentive awards, and adjustments to state income tax receivable. The decrease in the effective tax rate was partially offset due to separate state tax rates and a change in valuation allowance.

The Company reported a net loss of $(0.00) per diluted share for the third quarter of 2019, an increase from the net loss of $(0.01) per diluted share in the second quarter of 2019, and as compared to a net loss of $(0.5) million, or $(0.03) per diluted share, in the third quarter of 2018.

Conference Call and Webcast

A pre-recorded conference call and webcast with Julie Smolyansky discussing these results with additional comments and details will be available today at 5:00 p.m. ET. The webcast will be available over the Internet through the “Investor Relations” section of the Company’s website at https://lifewaykefir.com/webinars-reports/. An audio replay will be available through November 28, 2019. North American listeners may dial 844-512-2921 and international listeners may dial 412-317-6671. The passcode is 1137085.

About Lifeway Foods, Inc.

Lifeway Foods, Inc., which has been recognized as one of Forbes’ Best Small Companies, is America’s leading supplier of the probiotic, fermented beverage known as kefir. In addition to its line of drinkable kefir, the company also produces cupped kefir and cheese, frozen kefir, specialty cheeses, probiotic supplements and a ProBugs line for kids. Lifeway’s tart and tangy fermented dairy and non-dairy products are now sold across the United States, Mexico, Ireland and the United Kingdom. Learn how Lifeway is good for more than just you at www.lifewaykefir.com.

Forward-Looking Statements

This release (and oral statements made regarding the subjects of this release) contains “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995 regarding, among other things, future operating and financial performance, product development, market position, business strategy and objectives. These statements use words, and variations of words, such as “continue,” “build,” “future,” “increase,” “drive,” “believe,” “look,” “ahead,” “confident,” “deliver,” “outlook,” “expect,” and “predict.” Other examples of forward looking statements may include, but are not limited to, (i) statements of Company plans and objectives, including the introduction of new products, or estimates or predictions of actions by customers or suppliers, (ii) statements of future economic performance, and (III) statements of assumptions underlying other statements and statements about Lifeway or its business. You are cautioned not to rely on these forward-looking statements. These statements are based on current expectations of future events and thus are inherently subject to uncertainty. If underlying assumptions prove inaccurate or known or unknown risks or uncertainties materialize, actual results could vary materially from Lifeway’s expectations and projections. These risks, uncertainties, and other factors include: price competition; the decisions of customers or consumers; the actions of competitors; changes in the pricing of commodities; the effects of government regulation; possible delays in the introduction of new products; and customer acceptance of products and services. A further list and description of these risks, uncertainties, and other factors can be found in Lifeway’s Annual Report on Form 10-K for the fiscal year ended December 31, 2018, and the Company’s subsequent filings with the SEC. Copies of these filings are available online at https://www.sec.gov, http://lifewaykefir.com/investor-relations/, or on request from Lifeway. Information in this release is as of the dates and time periods indicated herein, and Lifeway does not undertake to update any of the information contained in these materials, except as required by law. Accordingly, YOU SHOULD NOT RELY ON THE ACCURACY OF ANY OF THE STATEMENTS OR OTHER INFORMATION CONTAINED IN ANY ARCHIVED PRESS RELEASE.

Contact:

Lifeway Foods, Inc.

Phone: 847-967-1010

Email: info@lifeway.net

LIFEWAY FOODS, INC. AND SUBSIDIARIES

Consolidated Balance Sheets

(In thousands)

	September 30, 2019 (Unaudited)			December 31, 2018
Current assets
Cash and cash equivalents	$	5,512		$	2,998
Accounts receivable, net of allowance for doubtful accounts and discounts & allowances of $1,240 and $1,220 at September 30, 2019 and December 31, 2018 respectively		6,572			6,276
Inventories, net		6,758			5,817
Prepaid expenses and other current assets		1,477			1,077
Refundable income taxes		827			2,748
Total current assets		21,146			18,916

Property, plant and equipment, net		22,620			24,573
Operating lease right-of-use asset		839			–

Intangible assets
Goodwill & indefinite-lived intangibles		12,824			12,824
Other intangible assets, net		192			344
Total intangible assets		13,016			13,168

Other assets		165			150
Total assets	$	57,786		$	56,807

Current liabilities
Accounts payable	$	6,968		$	4,570
Accrued expenses		3,402			2,777
Accrued income taxes		63			106
Total current liabilities		10,433			7,453
Line of credit		4,224			5,995
Operating lease liabilities		527			–
Deferred income taxes, net		390			390
Other long-term liabilities		76			564
Total liabilities		15,650			14,402

Stockholders' equity
Preferred stock, no par value; 2,500 shares authorized; no shares issued or outstanding at September 30, 2019 and December 31, 2018, respectively		–			–
Common stock, no par value; 40,000 shares authorized; 17,274 shares issued; 15,706 and 15,814 outstanding at September 30, 2019 and December 31, 2018, respectively		6,509			6,509
Paid-in capital		2,348			2,303
Treasury stock, at cost		(12,630	)		(12,970	)
Retained earnings		45,909			46,563
Total stockholders' equity		42,136			42,405

Total liabilities and stockholders' equity	$	57,786		$	56,807

LIFEWAY FOODS, INC. AND SUBSIDIARIES

Consolidated Statements of Operations

(Unaudited)

(In thousands, except per share data)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2019			2018			2019			2018

Net sales	$	22,729		$	24,480		$	70,497		$	80,318

Cost of goods sold		16,813			17,892			51,223			57,412
Depreciation expense		743			738			2,235			2,143
Total cost of goods sold		17,556			18,630			53,458			59,555

Gross profit		5,173			5,850			17,039			20,763

Selling expenses		2,679			3,136			8,509			10,537
General and administrative		2,710			3,150			9,100			9,851
Amortization expense		39			163			152			490
Total operating expenses		5,428			6,449			17,761			20,878

Loss from operations		(255	)		(599	)		(722	)		(115	)

Other income (expense):
Interest expense		(65	)		(82	)		(202	)		(220	)
Gain on sale of property and equipment		154			28			183			42
Other income, net		77			3			82			11
Total other income (expense)		166			(51	)		63			(167	)

Loss before provision for income taxes		(89	)		(650	)		(659	)		(282	)

Benefit for income taxes		(17	)		(136	)		(58	)		(8	)

Net loss	$	(72	)	$	(514	)	$	(601	)	$	(274	)

Loss per common share:
Basic	$	(0.00	)	$	(0.03	)	$	(0.04	)	$	(0.02	)
Diluted	$	(0.00	)	$	(0.03	)	$	(0.04	)	$	(0.02	)

Weighted average common shares:
Basic		15,740			15,872			15,761			15,886
Diluted		15,740			16,256			15,761			16,354

LIFEWAY FOODS, INC. AND SUBSIDIARIES

Consolidated Statements of Cash Flows

(Unaudited)

(In thousands)

	Nine Months Ended September 30,
	2019			2018
Cash flows from operating activities:
Net loss	$	(601	)	$	(274	)
*Adjustments to reconcile net loss to operating cash flow:*
Depreciation and amortization		2,387			2,633
Bad debt expense		20			50
Reserve for inventory obsolescence		177			580
Stock-based compensation		714			827
Non-cash interest expense		17			9
Deferred revenue		(73	)		(72	)
(Gain) on sale of property and equipment		(183	)		(42	)
*(Increase) decrease in operating assets:*
Accounts receivable		(316	)		553
Inventories		(1,118	)		280
Refundable income taxes		1,921			(612	)
Prepaid expenses and other current assets		(399	)		(291	)
*Increase (decrease) in operating liabilities:*
Accounts payable		2,397			(586	)
Accrued expenses		53			(588	)
Accrued income taxes		(43	)		(121	)
Net cash provided by operating activities		4,953			2,346

Cash flows from investing activities:
Purchases of property and equipment		(610	)		(2,581	)
Proceeds from sale of property and equipment		513			90
Purchase of investments		(15	)		(500	)
Net cash used in investing activities		(112	)		(2,991	)

Cash flows from financing activities:
Purchase of treasury stock		(538	)		(1,309	)
Borrowings under revolving credit facility		–			6,050
Repayment of line of credit		(1,789	)		–
Payment of deferred financing costs		–			(69	)
Repayment of notes payable		–			(6,279	)
Net cash used in financing activities		(2,327	)		(1,607	)

Net increase (decrease) in cash and cash equivalents		2,514			(2,252	)

Cash and cash equivalents at the beginning of the period		2,998			4,978

Cash and cash equivalents at the end of the period	$	5,512		$	2,726

Supplemental cash flow information:
Cash paid for income taxes, net of (refunds)	$	(1,937	)	$	724
Cash paid for interest	$	214		$	189

Non-cash investing activities
Right-of-use assets recognized at ASU 2016-02 transition	$	944		$	–
Operating lease liability recognized at ASU 2016-02 transition	$	997		$	–
Right-of-use assets and operating lease liabilities recognized after ASU 2016-02 transition	$	280		$	–

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Note 1 – Basis of Presentation   Basis of presentation   The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the U.S. (“U.S. GAAP”) for interim financial information, and do not include all of the information and disclosures required for complete, audited financial statements. In the opinion of management, these statements include all adjustments necessary for a fair presentation of the results of all interim periods reported herein. The consolidated financial statements and related notes should be read in conjunction with the consolidated financial statements and related notes included in our Annual Report on Form 10-K as of and for the year ended December 31, 2018. Results of operations for interim periods are not necessarily indicative of the results to be expected for other interim periods or the full year.   A detailed description of our significant accounting policies can be found in our Annual Report on Form 10-K for the fiscal year ended December 31, 2018.   Principles of consolidation   Our consolidated financial statements include the accounts of Lifeway Foods, Inc. and all its wholly owned subsidiaries (collectively “Lifeway” or the “Company”). All significant intercompany accounts and transactions have been eliminated.

Note 2 – Significant Accounting Policies   Use of estimates   The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates made in preparing the consolidated financial statements include the reserve for promotional allowances, the valuation of goodwill and intangible assets, stock-based and incentive compensation, and deferred income taxes.   Revenue Recognition   We sell food and beverage products across select product categories to customers predominantly within the United States (see Note 12, Segments, Products and Customers). We also sell bulk cream, a byproduct of our fluid milk manufacturing process. In accordance with Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers, we recognize revenue when control over the products transfers to our customers, which generally occurs upon delivery to our customers or their common carriers. We adopted this standard at the beginning of fiscal year 2018, with no significant impact to our financial position or results of operations, using the modified retrospective method. The amount of revenue recognized reflects the consideration to which we expect to be entitled to receive in exchange for these goods or services, using the five-step method required by ASC 606.   For the Company, the contract is the approved sales order, which may also be supplemented by other agreements that formalize various terms and conditions with customers. We apply judgment in determining the customer’s ability and intention to pay, which is based on a variety of factors including the customer’s historical payment experience or, in the case of a new customer, published credit and financial information pertaining to the customer.    Performance obligations promised in a contract are identified based on the goods or services that will be transferred to the customer, which is the delivery of food products which provide immediate benefit to the customer.   We account for product shipping and handling as fulfillment activities with revenues for these activities recorded within net revenue and costs recorded within cost of goods sold. Any taxes collected on behalf of government authorities are excluded from net revenues.   Variable consideration, which typically includes volume-based rebates, known or expected pricing or revenue adjustments, such as trade discounts, allowances for non-saleable products, product returns, trade incentives and coupon redemption, is estimated utilizing the most likely amount method.   Key sales terms, such as pricing and quantities ordered, are established on a frequent basis such that most customer arrangements and related incentives have a one year or shorter duration. As such, we do not capitalize contract inception costs. We do not have any significant deferred revenue or unbilled receivables at the end of a period. We generally do not receive noncash consideration for the sale of goods, nor do we grant payment financing terms greater than one year.   Advertising and promotional costs   Lifeway expenses advertising costs as incurred. For the nine months ended September 30, 2019 and 2018 total advertising expenses were $2,650 and $3,557 respectively. For the three months ended September 30, 2019 and 2018 total advertising expenses were $786 and $972 respectively.   Recently Adopted Accounting Pronouncements   In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), which affects any entity that enters into a lease (as that term is defined in ASU 2016-02), with some specified scope exceptions. Under ASU 2016-02, companies can adopt the amended guidance using a modified retrospective transition approach, using an application date of either the beginning of the earliest comparative period presented or the beginning of the reporting period in which the companies first apply the new standard. We adopted this standard on January 1, 2019 using the application date of January 1, 2019, and elected certain practical expedients allowed under the standard. In July 2018, the FASB issued ASU No. 2018-11, Leases (842), Targeted Improvements, which provides an additional transition election to not restate comparative periods for the effects of applying the new standard. The guidance requires lessees to recognize right-of-use assets and lease liabilities in the balance sheet and disclose key information about leasing arrangements, such as information about variable lease payments and options to renew and terminate leases. The amended guidance will require both operating and finance leases to be recognized in the balance sheet. A lessee should recognize in the statement of financial position a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term.   Lifeway elected certain of the practical expedients that are permitted under the transition guidance within ASU 2016-02 and related standards. Among other things, this practical expedient allowed us to carryforward the historical lease classification, and not reassess initial direct costs for any existing leases as of January 1, 2019 or reassess whether any expired or existing contracts are or contain leases. In addition, we elected to adopt the hindsight practical expedient to determine the reasonably certain lease term for existing leases. We made an accounting policy election to continue recording leases with an initial term of 12 months or less consistent with our prior financial reporting and elect the practical expedient to combine lease and non-lease components. We have revised our relevant policies and procedures, as applicable, to meet the new accounting, reporting and disclosure requirements of Topic 842 and have updated internal controls accordingly.   The main difference between the guidance in ASU 2016-02 and prior GAAP is the recognition of right-of-use assets and lease liabilities by lessees for those leases classified as operating leases under current GAAP. Recognition of the right-of-use assets and liabilities had a material impact to our consolidated balance sheets upon adoption. However, since all our leases are operating leases under ASC 840 and we will carryforward the historical lease classification, the new standard did not have a material impact on our Consolidated Statements of Operations, Consolidated Statements of Stockholders’ Equity, or Consolidated Statements of Cash Flows. The adoption resulted in an increase of the right-of-use assets of approximately $944 and lease liabilities of $997, and an adjustment to beginning retained earnings of $53 as of January 1, 2019.    Recently Issued Accounting Pronouncements   We do not anticipate a material impact upon adoption from any accounting standards issued but not yet adopted.

Note 3 – Inventories, net   Inventories consisted of the following:   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">September 30, 2019</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2018</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 66%">Ingredients</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 13%; text-align: right">2,293</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 13%; text-align: right">1,580</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Packaging</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,124</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,072</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; padding-bottom: 1pt">Finished goods</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,341</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,165</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Total inventories</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">6,758</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">5,817</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr></table>

Note 4 – Property, Plant and Equipment, net   Property, plant and equipment consisted of the following:   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">September 30, 2019</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2018</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 66%">Land</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 13%; text-align: right">1,565</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 13%; text-align: right">1,747</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Buildings and improvements</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">17,119</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">17,520</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left">Machinery and equipment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">29,891</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">29,692</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Vehicles</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">778</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">937</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left">Office equipment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">851</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">838</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Construction in process</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">806</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">546</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">51,010</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">51,280</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Less accumulated depreciation</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(28,390</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(26,707</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; padding-bottom: 2.5pt">Total property, plant and equipment, net</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">22,620</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">24,573</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr></table>

Note 5 – Goodwill and Intangible Assets   Goodwill & indefinite-lived intangible assets consisted of the following:   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">September 30, 2019</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2018</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 66%; text-align: left">Gross goodwill</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 13%; text-align: right">10,368</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 13%; text-align: right">10,368</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Accumulated impairment losses</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,244</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,244</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td>Goodwill</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,124</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,124</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Brand names</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">3,700</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">3,700</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; padding-bottom: 2.5pt">Goodwill and indefinite-lived intangible assets</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">12,824</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">12,824</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>    Finite-lived Intangible Assets   Other intangible assets, net consisted of the following:   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">September 30, 2019</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2018</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 66%">Recipes</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 13%; text-align: right">44</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 13%; text-align: right">44</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Customer lists and other customer related intangibles</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,529</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,529</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left">Customer relationship</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">985</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">985</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Trade names</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,248</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,248</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="padding-bottom: 1pt">Formula</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">438</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">438</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8,244</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8,244</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; padding-bottom: 1pt">Accumulated amortization</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(8,052</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(7,900</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Other intangible assets, net</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">192</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">344</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr></table>

Note 6 – Accrued Expenses   Accrued expenses consisted of the following:   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">September 30, 2019</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">December 31, 2018</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 66%; text-align: left">Payroll and incentive compensation</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 13%; text-align: right">2,285</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 13%; text-align: right">1,937</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Operating leases</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">354</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">–</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left">Real estate taxes</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">296</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">398</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Other</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">467</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">442</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; padding-bottom: 2.5pt">Total accrued expenses</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">3,402</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,777</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

Note 7 – Debt   Notes Payable   The two term loans were refinanced and paid in full on May 7, 2018. The term loans were subject to interest at the prime rate or at the LIBOR plus 2.5% and were collateralized by substantially all of Lifeway’s assets. See Line of Credit below.   Line of Credit   On May 7, 2018, Lifeway entered into an Amended and Restated Loan and Security Agreement (the “Revolving Credit Facility”) with its existing lender. The Revolving Credit Facility provides for a revolving line of credit up to a maximum of $10 million (the “Revolving Loan”) with an incremental facility not to exceed $5 million (the “Incremental Facility” and together with the Revolving Loan, the “Loans”). The proceeds of the Loans were used to pay off Lifeway’s existing debt with the lender under the Loan and Security Agreement, Revolving Note, and Term Note entered into on February 6, 2009, and for general working capital purposes. Upon closing, we retired all the then-outstanding term loans described above.   As of September 30, 2019, we had $4,224 net of $37 of unamortized deferred financing costs, outstanding under the Revolving Credit Facility. We had approximately $4,739 available under the Borrowing Base for future borrowings as of September 30, 2019.   All outstanding amounts under the Loans bear interest, at Lifeway’s election, at either the lender Base Rate (the greater of either the Federal Funds Rate plus 0.5%, or the Prime Rate) or the LIBOR plus 2.50%, payable monthly in arrears. Lifeway is also required to pay a quarterly unused line fee and, in conjunction with the issuance of any letters of credit, a letter of credit fee. Lifeway’s average interest rate on debt outstanding under our Revolving Credit Facility for the quarter ended September 30, 2019 was 4.86%.    The commitment under the Revolving Credit Facility matures May 7, 2021. The Revolving Credit Facility is presented as a long-term debt obligation as of September 30, 2019. The Loans and all other amounts due and owed under the Revolving Credit Facility and related documents are secured by substantially all of our assets.   Amounts available for borrowing under the Revolving Credit Facility equal the lesser of (i) the Borrowing Base (as defined below), or (ii) $10 million (plus the amount of any Incremental Facility requested by Lifeway and approved by lender), in each case, as the same is reduced by the aggregate principal amount outstanding under the Loans. “Borrowing Base” under the Revolving Credit Facility means, generally, an amount equal to our cash and cash equivalents plus our eligible accounts receivable and eligible inventory, less certain reserves, divided by 1.5.   The Revolving Credit Facility contains customary representations, warranties, and covenants on the part of Lifeway, including financial covenants requiring us to achieve a minimum EBITDA threshold for each of the fiscal quarters through December 31, 2018; maintain (a) a fixed charge coverage ratio of no less than 1.25 to 1.0, and (b) a Senior Debt to EBITDA ratio of not more than 3.00 to 1.0 at December 31, 2018 and for each of the succeeding fiscal quarters ending through the expiration date. The Revolving Credit Facility also provides for events of default, including failure to repay principal and interest when due and failure to perform or violation of the provisions or covenants of the agreement, as a result of which amounts due under the Revolving Credit Facility may be accelerated.   On April 10, 2019, effective March 31, 2019, Lifeway entered into the First Modification to the Amended and Restated Loan and Security Agreement (the “Modified Revolving Credit Facility”) with its existing lender. Under the amendment, the Modified Revolving Credit Facility provides for a revolving line of credit up to a maximum of $9 million (the “Revolving Loan”) with an incremental facility not to exceed $5 million (the “Incremental Facility” and together with the Revolving Loan, the “Loans”).   All outstanding amounts under the Loans bear interest, based on a level of the Senior Debt to EBITDA ratio, at Lifeway’s election, at either the lender Base Rate (the greater of either the Federal Funds Rate plus 0.0% to 0.5%, or the Prime Rate) or the LIBOR plus 2.25% to 3.00%, payable monthly in arrears. Lifeway is also required to pay a quarterly unused line fee and, in conjunction with the issuance of any letters of credit, a letter of credit fee.   As amended, the Modified Revolving Credit Facility contains customary representations, warranties, and covenants on the part of Lifeway, including financial covenants requiring us to achieve a minimum EBITDA threshold for each of the fiscal quarters through December 31, 2019, and maintain a fixed charge coverage ratio of no less than 1.25 to 1.00 for each of the fiscal quarters ending through the expiration date. The Modified Revolving Credit Facility also provides for events of default, including failure to repay principal and interest when due and failure to perform or violation of the provisions or covenants of the agreement, as a result of which amounts due under the Modified Revolving Credit Facility may be accelerated.   We were in compliance with the minimum EBITDA and fixed charge coverage ratio covenants at September 30, 2019.

Note 8 – Leases   Lifeway has operating leases for three retail stores for its Lifeway Kefir Shop subsidiary, certain machinery and equipment, and office space. All lease payments are fixed, not variable. Remaining lease terms for these leases range from less than 1 year to 5 years. Some of our leases include options to extend the leases for up to 5 years and have been included in our calculation of the right-of-use asset and lease liabilities. There are no residual value guarantees. We do not currently have leases which meet the finance lease classification as defined under ASC 842.   We do not record leases with an initial term of 12 months or less on the balance sheet. Expense for these short-term leases is recorded on a straight-line basis over the lease term. Total lease expense was $552 and $555 (including short term leases) for the nine months ended September 30, 2019 and 2018, respectively. Total lease expense was $187 and $180 (including short term leases) for the three months ended September 30, 2019 and 2018, respectively.   Lifeway treats contracts as a lease when the contract conveys the right to use a physically distinct asset for a period of time in exchange for consideration, we direct the use of the asset and obtain substantially all the economic benefits of the asset.    Right-of-use assets and lease liabilities are measured and recognized based on the present value of the future minimum lease payments over the lease term at the commencement date. We have elected the practical expedient to combine lease and non-lease components into a single component for all of its leases. For many of our leases such as real estate leases, we are unable to determine an implicit rate; therefore, we use our incremental borrowing rate based on the information available at the commencement date in determining the present value of future payments for those leases. We include options to extend or terminate the lease in the measurement of the right-of-use asset and lease liability when it is reasonably certain that we will exercise such options. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term.    Future maturities of lease liabilities were as follows   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 75%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-align: left">Year</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Operating Leases</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 57%; text-align: left">Three months ended December 31, 2019</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 13%; text-align: right">144</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">2020</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">303</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left">2021</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">227</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">2022</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">190</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left">2023</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">71</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; text-align: left">Thereafter</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">7</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left">Total lease payments</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">942</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; text-align: left">Less: Interest</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(61</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="padding-bottom: 2.5pt; text-align: left">Present value of lease liabilities</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">881</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>   The weighted-average remaining lease term for our operating leases was 2.8 years as of September 30, 2019. The weighted average discount rate of our operating leases was 5.38% as of September 30, 2019. Cash paid for amounts included in the measurement of lease liabilities was $437 for the nine months ended September 30, 2019. Cash paid for amounts included in the measurement of lease liabilities was $145 for the three months ended September 30, 2019.

Note 9 – Commitments and contingencies   Litigation   Lifeway is engaged in various legal actions, claims, and proceedings arising in the normal course of business, including commercial disputes, product liabilities, intellectual property matters and employment-related matters resulting from our business activities.   We record accruals for outstanding legal matters when we believe it is probable that a loss will be incurred and the amount of such loss can be reasonably estimated. We evaluate, on a periodic basis, developments in legal matters that could affect the amount of any accrual and developments that would make a loss contingency both probable and reasonably estimable. If a loss contingency is not both probable and estimable, we do not establish an accrued liability. Currently, none of our accruals for outstanding legal matters are material individually or in the aggregate to our financial position and it is management’s opinion that the ultimate resolution of these outstanding legal matters will not have a material adverse effect on our business, financial condition, results of operations, or cash flows. However, if we ultimately are required to make payments in connection with an adverse outcome, it is possible that it could have a material adverse effect on our business, financial condition, results of operations or cash flows.   Lifeway’s contingencies are subject to substantial uncertainties, including for each such contingency the following, among other factors: (i) the procedural status of the case; (ii) whether the case has or may be certified as a class action suit; (iii) the outcome of preliminary motions; (iv) the impact of discovery; (v) whether there are significant factual issues to be determined or resolved; (vi) whether the proceedings involve a large number of parties and/or parties and claims in multiple jurisdictions or jurisdictions in which the relevant laws are complex or unclear; (vii) the extent of potential damages, which are often unspecified or indeterminate; and (viii) the status of settlement discussions, if any, and the settlement posture of the parties. Consequently, Lifeway cannot predict with any reasonable certainty the timing or outcome of such contingencies, and we are unable to estimate a possible loss or range of loss.

Note 10 – Income taxes   For each interim period, Lifeway estimates the effective tax rate (“ETR”) expected to be applicable for the full year and applies that rate to income before provision for income taxes for the period. The effective tax rate for the nine months ended September 30, 2019 was 8.8% compared to 3.0% for the nine months ended September 30, 2018. The effective tax rate for the three months ended September 30, 2019 was 19.3% compared to 20.9% for the three months ended September 30, 2018. Our effective tax rate may change from period to period based on recurring and non-recurring factors including the relative mix of pre-tax earnings (or losses), the underlying income tax rates applicable to various state and local taxing jurisdictions, settlement of tax audits, the impact of non-deductible items, changes in valuation allowances, and the expiration of the statute of limitations in relation to unrecognized tax benefits. We record discrete income tax items such as enacted tax rate changes and completed tax audits in the period in which they occur.

Note 11 – Stock-based and Other Compensation   In December 2015, Lifeway stockholders approved the 2015 Omnibus Incentive Plan, which authorized the issuance of an aggregate of 3.5 million shares to satisfy awards of stock options, stock appreciation rights, unrestricted stock, restricted stock, restricted stock units, performance shares and performance units to qualifying employees. Under the Plan, the Board or its Audit and Corporate Governance Committee approves stock awards to executive officers and certain senior executives, generally in the form of restricted stock or performance shares. The number of performance shares that participants may earn depends on the extent to which the corresponding performance goals have been achieved. Stock awards generally vest over a three-year performance or service period. At September 30, 2019, 3.381 million shares remain available under the Omnibus Incentive Plan. While we plan to continue to issue awards pursuant to the Plan at least annually, we may choose to suspend the issuance of new awards in the future and may grant additional awards at any time including issuing special grants of restricted stock, restricted stock units, and stock options to attract and retain new and existing executives.   Stock Options   The following table summarizes stock option activity during the nine months ended September 30, 2019:   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Options</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Weighted average exercise price</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Weighted average remaining contractual life</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Aggregate intrinsic value</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 39%; text-align: left">Outstanding at December 31, 2018</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 11%; text-align: right">41</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">10.42</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 11%; text-align: right">7.22</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 11%; text-align: right">–</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Granted</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">–</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">–</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left">Exercised</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">–</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">–</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; text-align: left">Forfeited</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">–</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">–</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="padding-bottom: 2.5pt; text-align: left">Outstanding at September 30, 2019</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">41</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">10.42</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: right">6.47</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="padding-bottom: 2.5pt; text-align: right">–</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Exercisable at September 30, 2019</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">41</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">10.42</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6.47</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">–</td><td style="text-align: left"> </td></tr> </table>    For the nine months ended September 30, 2019 and 2018 total pre-tax stock-based compensation expense recognized in the consolidated statements of operations was $1 and $9, respectively. For the nine months ended September 30, 2019 and 2018 tax-related benefits of $0 and $2 were also recognized. For the three months ended September 30, 2019 and 2018 total pre-tax stock-based compensation expense recognized in the consolidated statements of operations was $0 and $2, respectively. For the three months ended September 30, 2019 and 2018 tax-related benefits of $0 and were also recognized. As of September 30, 2019, there is no remaining unearned compensation expense related to non-vested stock options.   Restricted Stock Awards   A Restricted Stock Award (“RSA”) represents the right to receive one share of common stock in the future. RSAs have no exercise price. The grant date fair value of the awards is equal to our closing stock price on the grant date. The following table summarizes RSA activity during the nine months ended September 30, 2019.   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 75%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">RSA’s</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 58%">Outstanding at December 31, 2018</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 13%; text-align: right">25</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Granted</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">39</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left">Shares issued upon vesting</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(12</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Forfeited</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">–</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="padding-bottom: 2.5pt">Outstanding at September 30, 2019</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">52</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Weighted average grant date fair value per share outstanding</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">3.90</td><td style="text-align: left"> </td></tr> </table>   We expense RSA’s over the service period. For the nine months ended September 30, 2019 and 2018 total pre-tax stock-based compensation expense recognized in the consolidated statements of operations was $82 and $29, respectively. For the nine months ended September 30, 2019 and 2018 tax-related benefits of $22 and $8, respectively, were also recognized. For the three months ended September 30, 2019 and 2018 total pre-tax stock-based compensation expense recognized in the consolidated statements of operations was $30 and $25, respectively. For the three months ended September 30, 2019 and 2018 tax-related benefits of $8 and $7, respectively, were also recognized. As of September 30, 2019, the total remaining unearned compensation related to non-vested RSA’s was $134, which is expected to be amortized over the weighted-average remaining service period of 1.35 years.   Long-Term Incentive Plan Compensation   Lifeway established long-term incentive-based compensation programs for fiscal year 2017 (the “2017 Plan”), fiscal year 2018 (the “2018 Plan”), and for fiscal year 2019 (the “2019 Plan”) for certain senior executives and key employees (the “participants”). Under both the 2017 Plan and the 2018 Plan, long-term incentive compensation is based on Lifeway’s achievement of certain sales and adjusted EBITDA performance levels versus respective targets established by the Board for each fiscal year. Under the 2019 Plan, long-term equity incentive compensation is based on Lifeway’s achievement of four strategic milestones over a three-year period from Fiscal 2019 through Fiscal 2021.   2017 Plan   Under the 2017 Plan, collectively the participants had the opportunity to earn cash and equity-based incentive compensation in amounts ranging from $0 to $11,025 depending on Lifeway’s performance levels compared to the respective targets and the participants performance compared to their individual objectives. The equity portion of the incentive compensation is payable in restricted stock that vests one-third in each of the three years from the 2017 grant dates. For the nine months ended September 30, 2019 and 2018, $234 and $551 was expensed under the 2017 Plan as stock-based compensation expense in the consolidated statements of operations, respectively. For the three months ended September 30, 2019 and 2018, $54 and $139 was expensed under the 2017 Plan as stock-based compensation expense in the consolidated statements of operations, respectively. As of September 30, 2019, the total remaining unearned compensation related to the 2017 Plan was $103, of which $54 and $49 is expected to be recognized in 2019 and 2020, respectively, subject to vesting.   2018 Plan   Under the 2018 Plan, collectively the participants had the opportunity to earn cash and equity-based incentive compensation in amounts ranging from $0 to $11,200 depending on Lifeway’s performance levels compared to the respective targets and the participants performance compared to their individual objectives. The equity portion of the incentive compensation was payable in restricted stock that vests one-third in each of the three years from the 2018 grant dates. For the nine months ended September 30, 2018, $303 was expensed under the 2018 Plan, of which $76 was recorded as cash bonus expense and $227 was recorded as stock-based compensation expense in the consolidated statements of operations. For the three months ended September 30, 2018, $157 was expensed under the 2018 Plan as stock-based compensation expense in the consolidated statements of operations. Due to the final fiscal 2018 financial results, there were no equity-based incentives awarded under the 2018 Plan.   2019 Plan   Under the 2019 Plan, collectively the participants have the opportunity to earn equity-based incentive compensation in amounts ranging from $0 to $1,776 depending on Lifeway’s performance levels compared to the respective targets. The equity-based incentive compensation is payable in restricted stock that vests 50% of unvested shares in year one, 50% of unvested shares in year two, and 100% of remaining unvested shares in year three from the 2019 grant date. For the nine months ended September 30, 2019, $103 was expensed under the 2019 Plan as stock-based compensation expense in the consolidated statements of operations. For the three months ended September 30, 2019, $35 was expensed under the 2019 Plan as stock-based compensation expense in the consolidated statements of operations.   2019 Retention Award   During Q1 2019, we awarded a special retention grant (the “2019 Retention Award”) of restricted stock to senior executives and key employees (the “participants”). The equity-based incentive compensation is payable in restricted stock that vests one-third in March 2019, one-third in March 2020 and one-third in March 2021. For the nine months ended September 30, 2019, $265 was expensed under the 2019 Retention Award as stock-based compensation expense in the consolidated statements of operations. For the three months ended September 30, 2019, $54 was expensed under the 2019 Retention Award as stock-based compensation expense in the consolidated statements of operations.   Retirement Benefits   Lifeway has a defined contribution plan which is available to substantially all full-time employees. Under the terms of the plan, we match employee contributions under a prescribed formula. For the nine months ended September 30, 2019 and 2018 total contribution expense recognized in the consolidated statements of operations was $269 and $319, respectively. For the three months ended September 30, 2019 and 2018 total contribution expense recognized in the consolidated statements of operations was $88 and $90, respectively.

Note 12 – Segments, Products and Customers   Lifeway’s primary product is drinkable kefir, a cultured dairy product. Lifeway Kefir is tart and tangy, high in protein, calcium and vitamin D. Thanks to our exclusive blend of kefir cultures, each cup of kefir contains 12 live and active cultures and 15 to 20 billion beneficial CFU (Colony Forming Units) at the time of manufacture.   We manufacture (directly or through co-packers) our products under our own brand, as well as under private labels on behalf of certain customers. Lifeway offers approximately 20 varieties of our kefir products including more than 60 flavors. In addition to our core drinkable kefir products, we offer several lines of products developed through our innovation and development efforts. These include Kefir Cups, a strained, cupped version of our kefir; and Organic Farmer Cheese Cups, a cupped version of our soft cheeses, both served in resealable 5 oz. containers. We also offer Skyr, a strained cupped Icelandic yogurt; Plantiful, a plant-based probiotic beverage made from organic and non-GMO pea protein with 10 vegan kefir cultures; a line of probiotic supplements for adults and children; and a soft serve kefir mix.   Our product categories are:   <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px">·</td> <td style="text-align: justify">Drinkable Kefir, sold in a variety of organic and non-organic sizes, flavors, and types, including low fat, non-fat, whole milk, protein, BioKefir (a 3.5 oz. kefir with additional probiotic cultures), and Kefir with Oats.</td></tr> <tr style="vertical-align: top"> <td> </td> <td> </td> <td style="text-align: justify"> </td></tr> <tr style="vertical-align: top"> <td> </td> <td>·</td> <td style="text-align: justify">European-style soft cheeses, including farmer cheese in resealable cups.</td></tr> <tr style="vertical-align: top"> <td> </td> <td> </td> <td style="text-align: justify"> </td></tr> <tr style="vertical-align: top"> <td> </td> <td>·</td> <td style="text-align: justify">Cream and other, which consists primarily of cream, a byproduct of making our kefir.</td></tr> <tr style="vertical-align: top"> <td> </td> <td> </td> <td style="text-align: justify"> </td></tr> <tr style="vertical-align: top"> <td> </td> <td>·</td> <td style="text-align: justify">ProBugs, a line of kefir products in drinkable and frozen formats, designed for children.</td></tr> <tr style="vertical-align: top"> <td> </td> <td> </td> <td style="text-align: justify"> </td></tr> <tr style="vertical-align: top"> <td> </td> <td>·</td> <td style="text-align: justify">Other Dairy, which includes Cupped Kefir and Icelandic Skyr, a line of strained kefir and yogurt products in resealable cups.</td></tr> <tr style="vertical-align: top"> <td> </td> <td> </td> <td style="text-align: justify"> </td></tr> <tr style="vertical-align: top"> <td> </td> <td>·</td> <td style="text-align: justify">Frozen Kefir, available in both bars and pint-size containers.</td></tr> </table>   Lifeway has determined that it has one reportable segment based on how our chief operating decision maker manages the business and in a manner consistent with the internal reporting provided to the chief operating decision maker. The chief operating decision maker, who is responsible for allocating resources and assessing our performance, has been identified collectively as the Chief Financial Officer, the Chief Operating Officer, the Chief Executive Officer, and Chairperson of the board of directors. Substantially all of our consolidated revenues relate to the sale of cultured dairy products that we produce using the same processes and materials and are sold to consumers through a common network of distributors and retailers in the United States.   Net sales of products by category were as follows for the nine months ended September 30:   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; background-color: White"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="6" style="text-align: center; border-bottom: Black 1pt solid">2019</td><td style="padding-bottom: 1pt"> </td><td colspan="7" style="border-bottom: Black 1pt solid; text-align: center">2018</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: center">$</td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td><td style="border-bottom: Black 1pt solid; text-align: center">%</td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td><td style="border-bottom: Black 1pt solid; text-align: center">$</td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td><td style="border-bottom: Black 1pt solid; text-align: center">%</td><td style="padding-bottom: 1pt; text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 40%; text-align: justify">Drinkable Kefir other than ProBugs</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">54,126</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 11%; text-align: right">77%</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">61,255</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 11%; text-align: right">76%</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Cheese</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8,348</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">12%</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8,443</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">11%</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: justify">Cream and other</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,359</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5%</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,104</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5%</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">ProBugs Kefir</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,050</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3%</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,166</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3%</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: justify">Other dairy</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,334</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2%</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,154</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4%</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">Frozen Kefir (a)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,280</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1%</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,196</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1%</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: justify; padding-bottom: 2.5pt">Net Sales</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">70,497</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">100%</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">80,318</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">100%</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>   <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 40px">(a)</td> <td style="text-align: justify">Includes Lifeway Kefir Shop sales</td></tr> </table>   Net sales of products by category were as follows for the three months ended September 30:   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; background-color: White"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td> </td> <td colspan="6" style="border-bottom: black 1pt solid; text-align: center">2019</td> <td> </td> <td> </td> <td colspan="6" style="border-bottom: black 1pt solid; text-align: center">2018</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">$</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">%</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">$</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">%</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 40%; text-align: justify">Drinkable Kefir other than ProBugs</td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 11%; text-align: right">17,513</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 11%; text-align: right">77%</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 11%; text-align: right">18,877</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 11%; text-align: right">77%</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Cheese</td> <td> </td> <td> </td> <td style="text-align: right">2,791</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">12%</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">2,656</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">11%</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: justify">Cream and other</td> <td> </td> <td> </td> <td style="text-align: right">913</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">4%</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">1,406</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">6%</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">ProBugs Kefir</td> <td> </td> <td> </td> <td style="text-align: right">590</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">3%</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">471</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">2%</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: justify">Other dairy</td> <td> </td> <td> </td> <td style="text-align: right">432</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">2%</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">699</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">3%</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Frozen Kefir (a)</td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">490</td> <td> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">2%</td> <td> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">371</td> <td> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">1%</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: justify">Net Sales</td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">22,729</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">100%</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">24,480</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">100%</td> <td> </td></tr> </table>   <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 40px">(a)</td> <td style="text-align: justify">Includes Lifeway Kefir Shop sales</td></tr> </table>   Significant Customers – Sales are predominately to companies in the retail food industry located within the United States. Two major customers accounted for approximately 22% of net sales for the nine months ended September 30, 2019 and 2018, respectively. Two major customers accounted for approximately 21% and 20% of net sales for the three months ended September 30, 2019 and 2018, respectively.

Note 13 – Related Party Transactions   Lifeway obtains consulting services from the Chairperson of its board of directors. Fees earned by the Chairperson are included in general and administrative expenses in the accompanying consolidated statements of operations and were $750 during each of the nine months ended September 30, 2019 and 2018. Fees earned by the Chairperson are included in general and administrative expenses in the accompanying consolidated statements of operations and were $250 during each of the three months ended September 30, 2019 and 2018.   Lifeway is also a party to a royalty agreement with the Chairperson of its board of directors under which we pay the Chairperson a royalty based on the sale of certain Lifeway products, not to exceed $50 in any fiscal month. Royalties earned are included in selling expenses in the accompanying consolidated statements of operations and were $441 and $445 during the nine months ended September 30, 2019 and 2018, respectively. Royalties earned are included in selling expenses in the accompanying consolidated statements of operations and were $143 and $145 during the three months ended September 30, 2019 and 2018, respectively.

Use of estimates   The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates made in preparing the consolidated financial statements include the reserve for promotional allowances, the valuation of goodwill and intangible assets, stock-based and incentive compensation, and deferred income taxes.

Revenue Recognition   We sell food and beverage products across select product categories to customers predominantly within the United States (see Note 12, Segments, Products and Customers). We also sell bulk cream, a byproduct of our fluid milk manufacturing process. In accordance with Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers, we recognize revenue when control over the products transfers to our customers, which generally occurs upon delivery to our customers or their common carriers. We adopted this standard at the beginning of fiscal year 2018, with no significant impact to our financial position or results of operations, using the modified retrospective method. The amount of revenue recognized reflects the consideration to which we expect to be entitled to receive in exchange for these goods or services, using the five-step method required by ASC 606.   For the Company, the contract is the approved sales order, which may also be supplemented by other agreements that formalize various terms and conditions with customers. We apply judgment in determining the customer’s ability and intention to pay, which is based on a variety of factors including the customer’s historical payment experience or, in the case of a new customer, published credit and financial information pertaining to the customer.    Performance obligations promised in a contract are identified based on the goods or services that will be transferred to the customer, which is the delivery of food products which provide immediate benefit to the customer.   We account for product shipping and handling as fulfillment activities with revenues for these activities recorded within net revenue and costs recorded within cost of goods sold. Any taxes collected on behalf of government authorities are excluded from net revenues.   Variable consideration, which typically includes volume-based rebates, known or expected pricing or revenue adjustments, such as trade discounts, allowances for non-saleable products, product returns, trade incentives and coupon redemption, is estimated utilizing the most likely amount method.   Key sales terms, such as pricing and quantities ordered, are established on a frequent basis such that most customer arrangements and related incentives have a one year or shorter duration. As such, we do not capitalize contract inception costs. We do not have any significant deferred revenue or unbilled receivables at the end of a period. We generally do not receive noncash consideration for the sale of goods, nor do we grant payment financing terms greater than one year.

Advertising and promotional costs   Lifeway expenses advertising costs as incurred. For the nine months ended September 30, 2019 and 2018 total advertising expenses were $2,650 and $3,557 respectively. For the three months ended September 30, 2019 and 2018 total advertising expenses were $786 and $972 respectively.

Recently Adopted Accounting Pronouncements   In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), which affects any entity that enters into a lease (as that term is defined in ASU 2016-02), with some specified scope exceptions. Under ASU 2016-02, companies can adopt the amended guidance using a modified retrospective transition approach, using an application date of either the beginning of the earliest comparative period presented or the beginning of the reporting period in which the companies first apply the new standard. We adopted this standard on January 1, 2019 using the application date of January 1, 2019, and elected certain practical expedients allowed under the standard. In July 2018, the FASB issued ASU No. 2018-11, Leases (842), Targeted Improvements, which provides an additional transition election to not restate comparative periods for the effects of applying the new standard. The guidance requires lessees to recognize right-of-use assets and lease liabilities in the balance sheet and disclose key information about leasing arrangements, such as information about variable lease payments and options to renew and terminate leases. The amended guidance will require both operating and finance leases to be recognized in the balance sheet. A lessee should recognize in the statement of financial position a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term.   Lifeway elected certain of the practical expedients that are permitted under the transition guidance within ASU 2016-02 and related standards. Among other things, this practical expedient allowed us to carryforward the historical lease classification, and not reassess initial direct costs for any existing leases as of January 1, 2019 or reassess whether any expired or existing contracts are or contain leases. In addition, we elected to adopt the hindsight practical expedient to determine the reasonably certain lease term for existing leases. We made an accounting policy election to continue recording leases with an initial term of 12 months or less consistent with our prior financial reporting and elect the practical expedient to combine lease and non-lease components. We have revised our relevant policies and procedures, as applicable, to meet the new accounting, reporting and disclosure requirements of Topic 842 and have updated internal controls accordingly.   The main difference between the guidance in ASU 2016-02 and prior GAAP is the recognition of right-of-use assets and lease liabilities by lessees for those leases classified as operating leases under current GAAP. Recognition of the right-of-use assets and liabilities had a material impact to our consolidated balance sheets upon adoption. However, since all our leases are operating leases under ASC 840 and we will carryforward the historical lease classification, the new standard did not have a material impact on our Consolidated Statements of Operations, Consolidated Statements of Stockholders’ Equity, or Consolidated Statements of Cash Flows. The adoption resulted in an increase of the right-of-use assets of approximately $944 and lease liabilities of $997, and an adjustment to beginning retained earnings of $53 as of January 1, 2019.

Recently Issued Accounting Pronouncements   We do not anticipate a material impact upon adoption from any accounting standards issued but not yet adopted.

Inventories consisted of the following:   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">September 30, 2019</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2018</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 66%">Ingredients</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 13%; text-align: right">2,293</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 13%; text-align: right">1,580</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Packaging</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,124</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,072</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; padding-bottom: 1pt">Finished goods</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,341</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,165</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Total inventories</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">6,758</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">5,817</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr></table>

Property, plant and equipment consisted of the following:   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">September 30, 2019</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2018</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 66%">Land</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 13%; text-align: right">1,565</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 13%; text-align: right">1,747</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Buildings and improvements</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">17,119</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">17,520</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left">Machinery and equipment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">29,891</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">29,692</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Vehicles</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">778</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">937</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left">Office equipment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">851</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">838</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Construction in process</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">806</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">546</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">51,010</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">51,280</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Less accumulated depreciation</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(28,390</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(26,707</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; padding-bottom: 2.5pt">Total property, plant and equipment, net</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">22,620</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">24,573</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr></table>

Goodwill & indefinite-lived intangible assets consisted of the following:   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">September 30, 2019</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2018</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 66%; text-align: left">Gross goodwill</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 13%; text-align: right">10,368</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 13%; text-align: right">10,368</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Accumulated impairment losses</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,244</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,244</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td>Goodwill</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,124</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,124</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Brand names</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">3,700</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">3,700</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; padding-bottom: 2.5pt">Goodwill and indefinite-lived intangible assets</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">12,824</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">12,824</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr></table>

Other intangible assets, net consisted of the following:   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">September 30, 2019</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2018</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 66%">Recipes</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 13%; text-align: right">44</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 13%; text-align: right">44</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Customer lists and other customer related intangibles</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,529</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,529</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left">Customer relationship</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">985</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">985</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Trade names</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,248</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,248</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="padding-bottom: 1pt">Formula</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">438</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">438</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8,244</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8,244</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; padding-bottom: 1pt">Accumulated amortization</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(8,052</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(7,900</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Other intangible assets, net</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">192</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">344</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr></table>

Accrued expenses consisted of the following:   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">September 30, 2019</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">December 31, 2018</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 66%; text-align: left">Payroll and incentive compensation</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 13%; text-align: right">2,285</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 13%; text-align: right">1,937</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Operating leases</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">354</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">–</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left">Real estate taxes</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">296</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">398</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Other</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">467</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">442</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; padding-bottom: 2.5pt">Total accrued expenses</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">3,402</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,777</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr></table>

Future maturities of lease liabilities were as follows   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 75%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-align: left">Year</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Operating Leases</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 57%; text-align: left">Three months ended December 31, 2019</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 13%; text-align: right">144</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">2020</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">303</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left">2021</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">227</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">2022</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">190</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left">2023</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">71</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; text-align: left">Thereafter</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">7</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left">Total lease payments</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">942</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; text-align: left">Less: Interest</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(61</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="padding-bottom: 2.5pt; text-align: left">Present value of lease liabilities</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">881</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr></table>

The following table summarizes stock option activity during the nine months ended September 30, 2019:   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Options</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Weighted average exercise price</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Weighted average remaining contractual life</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Aggregate intrinsic value</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 39%; text-align: left">Outstanding at December 31, 2018</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 11%; text-align: right">41</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">10.42</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 11%; text-align: right">7.22</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 11%; text-align: right">–</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Granted</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">–</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">–</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left">Exercised</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">–</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">–</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; text-align: left">Forfeited</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">–</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">–</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="padding-bottom: 2.5pt; text-align: left">Outstanding at September 30, 2019</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">41</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">10.42</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: right">6.47</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="padding-bottom: 2.5pt; text-align: right">–</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Exercisable at September 30, 2019</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">41</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">10.42</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6.47</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">–</td><td style="text-align: left"> </td></tr></table>

The following table summarizes RSA activity during the nine months ended September 30, 2019.   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 75%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">RSA’s</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 58%">Outstanding at December 31, 2018</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 13%; text-align: right">25</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Granted</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">39</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left">Shares issued upon vesting</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(12</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Forfeited</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">–</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="padding-bottom: 2.5pt">Outstanding at September 30, 2019</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">52</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Weighted average grant date fair value per share outstanding</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">3.90</td><td style="text-align: left"> </td></tr></table>

Net sales of products by category were as follows for the nine months ended September 30:   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; background-color: White"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="6" style="text-align: center; border-bottom: Black 1pt solid">2019</td><td style="padding-bottom: 1pt"> </td><td colspan="7" style="border-bottom: Black 1pt solid; text-align: center">2018</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: center">$</td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td><td style="border-bottom: Black 1pt solid; text-align: center">%</td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td><td style="border-bottom: Black 1pt solid; text-align: center">$</td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td><td style="border-bottom: Black 1pt solid; text-align: center">%</td><td style="padding-bottom: 1pt; text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 40%; text-align: justify">Drinkable Kefir other than ProBugs</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">54,126</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 11%; text-align: right">77%</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">61,255</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 11%; text-align: right">76%</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Cheese</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8,348</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">12%</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8,443</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">11%</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: justify">Cream and other</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,359</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5%</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,104</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5%</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">ProBugs Kefir</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,050</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3%</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,166</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3%</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: justify">Other dairy</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,334</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2%</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,154</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4%</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">Frozen Kefir (a)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,280</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1%</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,196</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1%</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: justify; padding-bottom: 2.5pt">Net Sales</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">70,497</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">100%</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">80,318</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">100%</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>   <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 40px">(a)</td> <td style="text-align: justify">Includes Lifeway Kefir Shop sales</td></tr> </table>   Net sales of products by category were as follows for the three months ended September 30:   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; background-color: White"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td> </td> <td colspan="6" style="border-bottom: black 1pt solid; text-align: center">2019</td> <td> </td> <td> </td> <td colspan="6" style="border-bottom: black 1pt solid; text-align: center">2018</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">$</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">%</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">$</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">%</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 40%; text-align: justify">Drinkable Kefir other than ProBugs</td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 11%; text-align: right">17,513</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 11%; text-align: right">77%</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 11%; text-align: right">18,877</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 11%; text-align: right">77%</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Cheese</td> <td> </td> <td> </td> <td style="text-align: right">2,791</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">12%</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">2,656</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">11%</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: justify">Cream and other</td> <td> </td> <td> </td> <td style="text-align: right">913</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">4%</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">1,406</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">6%</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">ProBugs Kefir</td> <td> </td> <td> </td> <td style="text-align: right">590</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">3%</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">471</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">2%</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: justify">Other dairy</td> <td> </td> <td> </td> <td style="text-align: right">432</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">2%</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">699</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">3%</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Frozen Kefir (a)</td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">490</td> <td> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">2%</td> <td> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">371</td> <td> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">1%</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: justify">Net Sales</td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">22,729</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">100%</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">24,480</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">100%</td> <td> </td></tr> </table>   <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 40px">(a)</td> <td style="text-align: justify">Includes Lifeway Kefir Shop sales</td></tr></table>

944000 0

On October 22, 2019, the Company sold approximately 45.6% of one of its investments recorded under the cost method on the consolidated balance sheets. The Company recognized a $1,413 gain on sale of the investment, which will be recorded in other income (expense) on the consolidated statements of operations during the fourth quarter of 2019. Under the terms of its line of credit agreement (see Note 7), the Company made a mandatory prepayment of $1,484, equal to the net proceeds of the sale of the investment, to the line of credit during the fourth quarter.

Includes Lifeway Kefir Shop sales

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Related party transactions (Details Narrative) link:presentationLink link:calculationLink link:definitionLink EX-101.CAL 10 lway-20190930_cal.xml XBRL CALCULATION FILE EX-101.DEF 11 lway-20190930_def.xml XBRL DEFINITION FILE EX-101.LAB 12 lway-20190930_lab.xml XBRL LABEL FILE Property, Plant and Equipment by Type [Axis] Land [Member] Buildings And improvements [Member] Machinery And Equipment [Member] Vehicles [Member] Office Equipment [Member] Construction In Progress [Member] Finite-Lived Intangible Assets by Major Class [Axis] Recipes [Member] Customer lists and other customer related intangibles [Member] Customer relationship [Member] Trade Names [Member] Formula [Member] Credit Facility [Axis] Revolving Credit Facility [Member] Award Type [Axis] Options [Member] Plan Name [Axis] 2015 Omnibus Incentive Plan [Member] 2017 Plan [Member] 2018 Plan [Member] Transaction Type [Axis] Cash Bonus [Member] Stock-Based Compensation [Member] Products and Services [Axis] Drinkable Kefir other than ProBugs[Member] Cheese [Member] Cream and other [Member] ProBugs Kefir [Member] Frozen Kefir [Member] Concentration Risk Benchmark [Axis] Sales Revenue, Net [Member] Customer [Axis] Two Customers [Member] Related Party Transaction [Axis] Consulting Fees [Member] Royalty Expense [Member] Other Dairy [Member] Restricted Stock Awards [Member] 2019 Plan [Member] 2019 Retention Award [Member] Equity Components [Axis] Common Stock In Treasury Paid-In Capital Retained Earnings Document And Entity Information Entity Registrant Name Entity Central Index Key Document Type Document Period End Date Amendment Flag Current Fiscal Year End Date Is Entity a Well-known Seasoned Issuer Is Entity a Voluntary Filer Is Entity's Reporting Status Current Entity Filer Category Entity Emerging Growth Company Entity Small Business Entity Ex Transition Period Entity Shell Company Entity Common Stock, Shares Outstanding Entity Public Float Document Fiscal Period Focus Document Fiscal Year Focus Enitity Interactive Data Current Entity Incorporation State County Code Entity File Number Statement of Financial Position [Abstract] ASSETS Current assets Cash and cash equivalents Accounts receivable, net of allowance for doubtful accounts and discounts & allowances of $1,240 and $1,220 at September 30, 2019 and December 31, 2018 respectively Inventories, net Prepaid expenses and other current assets Refundable income taxes Total current assets Property, plant and equipment, net Operating lease right-of-use asset Intangible assets Goodwill & indefinite-lived intangibles Other intangible assets, net Total intangible assets Other Assets Total assets LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Accounts payable Accrued expenses Accrued income taxes Total current liabilities Line of credit Operating lease liabilities Deferred income taxes, net Other long-term liabilities Total liabilities Stockholders' equity Preferred stock, no par value; 2,500 shares authorized; no shares issued or outstanding at September 30, 2019 and December 31, 2018, respectively Common stock, no par value; 40,000 shares authorized; 17,274 shares issued; 15,706 and 15,814 outstanding at September 30, 2019 and December 31, 2018, respectively Paid-in-capital Treasury stock, at cost Retained earnings Total stockholders' equity Total liabilities and stockholders' equity Allowance for doubtful accounts and discounts Preferred stock, no par value Preferred stock, shares authorized Preferred stock, shares issued Preferred stock, shares outstanding Common stock, no par value Common stock, shares authorized Common stock, shares issued Common stock, shares outstanding Income Statement [Abstract] Net sales Cost of goods sold Depreciation expense Total cost of goods sold Gross profit Selling expenses General and administrative Amortization expense Total operating expenses Loss from operations Other income (expense): Interest expense Gain on sale of property equipment Other income, net Total other income (expense) Loss before provision for income taxes Benefit for income taxes Net loss Loss per common share: Basic Diluted Weighted average common shares: Basic Diluted Statement [Table] Statement [Line Items] Beginning balance, shares Beginning balance, value Cumulative impact of change in accounting principles, net of tax Issuance of common stock in connection with stock-based compensation, shares Issuance of common stock in connection with stock-based compensation, value Treasury stock purchased, shares Treasury stock purchased, value Stock-based compensation Net loss Ending balance, shares Ending balance, value Statement of Cash Flows [Abstract] Cash flows from operating activities: Adjustments to reconcile net loss to operating cash flow: Depreciation and amortization Bad debt expense Reserve for inventory obsolescence Stock-based compensation Non-cash interest expense Deferred revenue (Gain) on sale of property and equipment (Increase) decrease in operating assets: Accounts receivable Inventories Refundable income taxes Prepaid expenses and other current assets Increase (decrease) in operating liabilities: Accounts payable Accrued expenses Accrued income taxes Net cash provided by operating activities Cash flows from investing activities: Purchases of property and equipment Proceeds from sale of property and equipment Purchase of investments Net cash used in investing activities Cash flows from financing activities: Purchase of treasury stock Borrowings under revolving credit facility Repayment of line of credit Payment of deferred financing costs Repayment of notes payable Net cash used in financing activities Net increase (decrease) in cash and cash equivalents Cash and cash equivalents at the beginning of the period Cash and cash equivalents at the end of the period Supplemental cash flow information: Cash paid for income taxes, net of (refunds) Cash paid for interest Non-cash investing activities: Right-of-use assets recognized at ASU 2016-02 transition Operating lease liability recognized at ASU 2016-02 transition Right-of-use assets and operating lease liabiliites recognized after ASU 2016-02 transition Organization, Consolidation and Presentation of Financial Statements [Abstract] EX-101.PRE 13 lway-20190930_pre.xml XBRL PRESENTATION FILE XML 14 R17.htm IDEA: XBRL DOCUMENT

11. Stock-based and Other Compensation

9 Months Ended

Sep. 30, 2019

Share-based Payment Arrangement [Abstract]

Stock-based and Other Compensation

Note 11 – Stock-based and Other Compensation

Stock Options

The following table summarizes stock option activity during the nine months ended September 30, 2019:

	Options		Weighted average exercise price		Weighted average remaining contractual life		Aggregate intrinsic value

Outstanding at December 31, 2018		41	$	10.42		7.22		–
Granted		–	$	–
Exercised		–	$	–
Forfeited		–	$	–
Outstanding at September 30, 2019		41	$	10.42		6.47	$	–
Exercisable at September 30, 2019		41	$	10.42		6.47	$	–

For the nine months ended September 30, 2019 and 2018 total pre-tax stock-based compensation expense recognized in the consolidated statements of operations was $1 and $9, respectively. For the nine months ended September 30, 2019 and 2018 tax-related benefits of $0 and $2 were also recognized. For the three months ended September 30, 2019 and 2018 total pre-tax stock-based compensation expense recognized in the consolidated statements of operations was $0 and $2, respectively. For the three months ended September 30, 2019 and 2018 tax-related benefits of $0 and were also recognized. As of September 30, 2019, there is no remaining unearned compensation expense related to non-vested stock options.

Restricted Stock Awards

	RSA’s

Outstanding at December 31, 2018		25
Granted		39
Shares issued upon vesting		(12	)
Forfeited		–
Outstanding at September 30, 2019		52
Weighted average grant date fair value per share outstanding	$	3.90

Long-Term Incentive Plan Compensation

2017 Plan

2018 Plan

2019 Plan

2019 Retention Award

Retirement Benefits

XML 15 R13.htm IDEA: XBRL DOCUMENT

7. Debt

9 Months Ended

Sep. 30, 2019

Debt Disclosure [Abstract]

Debt

Note 7 – Debt

Notes Payable

Line of Credit

We were in compliance with the minimum EBITDA and fixed charge coverage ratio covenants at September 30, 2019.

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3. Inventories (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Inventory Disclosure [Abstract]
Ingredients	$ 2,293	$ 1,580
Packaging	2,124	2,072
Finished goods	2,341	2,165
Total inventories	$ 6,758	$ 5,817

XML 17 R6.htm IDEA: XBRL DOCUMENT

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Cash flows from operating activities:
Net loss	$ (601)	$ (274)
Adjustments to reconcile net loss to operating cash flow:
Depreciation and amortization	2,387	2,633
Bad debt expense	20	50
Reserve for inventory obsolescence	177	580
Stock-based compensation	714	827
Non-cash interest expense	17	9
Deferred revenue	(73)	(72)
(Gain) on sale of property and equipment	(183)	(42)
(Increase) decrease in operating assets:
Accounts receivable	(316)	553
Inventories	(1,118)	280
Refundable income taxes	1,921	(612)
Prepaid expenses and other current assets	(399)	(291)
Increase (decrease) in operating liabilities:
Accounts payable	2,397	(586)
Accrued expenses	53	(588)
Accrued income taxes	(43)	(121)
Net cash provided by operating activities	4,953	2,346
Cash flows from investing activities:
Purchases of property and equipment	(610)	(2,581)
Proceeds from sale of property and equipment	513	90
Purchase of investments	(15)	(500)
Net cash used in investing activities	(112)	(2,991)
Cash flows from financing activities:
Purchase of treasury stock	(538)	(1,309)
Borrowings under revolving credit facility	0	6,050
Repayment of line of credit	(1,789)	0
Payment of deferred financing costs	0	(69)
Repayment of notes payable	0	(6,279)
Net cash used in financing activities	(2,327)	(1,607)
Net increase (decrease) in cash and cash equivalents	2,514	(2,252)
Cash and cash equivalents at the beginning of the period	2,998	4,978
Cash and cash equivalents at the end of the period	5,512	2,726
Supplemental cash flow information:
Cash paid for income taxes, net of (refunds)	(1,937)	724
Cash paid for interest	214	189
Non-cash investing activities:
Right-of-use assets recognized at ASU 2016-02 transition	944	0
Operating lease liability recognized at ASU 2016-02 transition	997	0
Right-of-use assets and operating lease liabiliites recognized after ASU 2016-02 transition	$ 280	$ 0

XML 18 R2.htm IDEA: XBRL DOCUMENT

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Current assets
Cash and cash equivalents	$ 5,512	$ 2,998
Accounts receivable, net of allowance for doubtful accounts and discounts & allowances of $1,240 and $1,220 at September 30, 2019 and December 31, 2018 respectively	6,572	6,276
Inventories, net	6,758	5,817
Prepaid expenses and other current assets	1,477	1,077
Refundable income taxes	827	2,748
Total current assets	21,146	18,916
Property, plant and equipment, net	22,620	24,573
Operating lease right-of-use asset	839	0
Intangible assets
Goodwill & indefinite-lived intangibles	12,824	12,824
Other intangible assets, net	192	344
Total intangible assets	13,016	13,168
Other Assets	165	150
Total assets	57,786	56,807
Current liabilities
Accounts payable	6,968	4,570
Accrued expenses	3,402	2,777
Accrued income taxes	63	106
Total current liabilities	10,433	7,453
Line of credit	4,224	5,995
Operating lease liabilities	527	0
Deferred income taxes, net	390	390
Other long-term liabilities	76	564
Total liabilities	15,650	14,402
Stockholders' equity
Preferred stock, no par value; 2,500 shares authorized; no shares issued or outstanding at September 30, 2019 and December 31, 2018, respectively	0	0
Common stock, no par value; 40,000 shares authorized; 17,274 shares issued; 15,706 and 15,814 outstanding at September 30, 2019 and December 31, 2018, respectively	6,509	6,509
Paid-in-capital	2,348	2,303
Treasury stock, at cost	(12,630)	(12,970)
Retained earnings	45,909	46,563
Total stockholders' equity	42,136	42,405
Total liabilities and stockholders' equity	$ 57,786	$ 56,807

XML 19 R34.htm IDEA: XBRL DOCUMENT

6. Accrued Expenses (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Payables and Accruals [Abstract]
Payroll and incentive compensation	$ 2,285	$ 1,937
Operating leases	354	0
Real estate taxes	296	398
Other	467	442
Total accrued expenses	$ 3,402	$ 2,777

XML 20 R38.htm IDEA: XBRL DOCUMENT

10. Income taxes (Details Narrative)	3 Months Ended		9 Months Ended
10. Income taxes (Details Narrative)	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Income Tax Disclosure [Abstract]
Effective tax rate	19.30%	20.90%	8.80%	3.00%

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11. Stock-based Compensation (Details - RSA Activity) - Restricted Stock Awards [Member]
shares in Thousands
9 Months Ended

Sep. 30, 2019

$ / shares

shares

RSA's outstanding, beginning balance 25

RSA's granted 39

Shares issued upon vesting (12)

RSA's forfeited 0

RSA's outstanding, ending balance 52

Weighted average grant date fair value per share | $ / shares $ 3.90

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The number of equity-based payment instruments, excluding stock (or unit) options, that were forfeited during the reporting period.
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13. Related party transactions (Details Narrative) - USD ($)
$ in Thousands
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Sep. 30, 2018

Sep. 30, 2019

Sep. 30, 2018

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Royalty Expense [Member]

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2. Summary Of Significant Accounting Policies (Details Narrative) - USD ($)
$ in Thousands
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Sep. 30, 2019

Sep. 30, 2018

Sep. 30, 2019

Sep. 30, 2018

Accounting Policies [Abstract]

Advertising expenses $ 786 $ 972 $ 2,650 $ 3,557

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Increase in lease liability $ 997

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6. Accrued Expenses (Tables)
9 Months Ended

Sep. 30, 2019

Payables and Accruals [Abstract]

Schedule Of Accrued Expenses
Accrued expenses consisted of the following:

September 30,
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December 31,

2018

Payroll and incentive compensation $ 2,285 $ 1,937

Operating leases 354 –

Real estate taxes 296 398

Other 467 442

Total accrued expenses $ 3,402 $ 2,777

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2. Summary Of Significant Accounting Policies (Policies)
9 Months Ended

Sep. 30, 2019

Accounting Policies [Abstract]

Use Of Estimates
Use of estimates

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates made in preparing the consolidated financial statements include the reserve for promotional allowances, the valuation of goodwill and intangible assets, stock-based and incentive compensation, and deferred income taxes.

Revenue Recognition
Revenue Recognition

We sell food and beverage products across select product categories to customers predominantly within the United States (see Note 12, Segments, Products and Customers). We also sell bulk cream, a byproduct of our fluid milk manufacturing process. In accordance with Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers, we recognize revenue when control over the products transfers to our customers, which generally occurs upon delivery to our customers or their common carriers. We adopted this standard at the beginning of fiscal year 2018, with no significant impact to our financial position or results of operations, using the modified retrospective method. The amount of revenue recognized reflects the consideration to which we expect to be entitled to receive in exchange for these goods or services, using the five-step method required by ASC 606.

For the Company, the contract is the approved sales order, which may also be supplemented by other agreements that formalize various terms and conditions with customers. We apply judgment in determining the customer’s ability and intention to pay, which is based on a variety of factors including the customer’s historical payment experience or, in the case of a new customer, published credit and financial information pertaining to the customer.



Performance obligations promised in a contract are identified based on the goods or services that will be transferred to the customer, which is the delivery of food products which provide immediate benefit to the customer.

We account for product shipping and handling as fulfillment activities with revenues for these activities recorded within net revenue and costs recorded within cost of goods sold. Any taxes collected on behalf of government authorities are excluded from net revenues.

Variable consideration, which typically includes volume-based rebates, known or expected pricing or revenue adjustments, such as trade discounts, allowances for non-saleable products, product returns, trade incentives and coupon redemption, is estimated utilizing the most likely amount method.

Key sales terms, such as pricing and quantities ordered, are established on a frequent basis such that most customer arrangements and related incentives have a one year or shorter duration. As such, we do not capitalize contract inception costs. We do not have any significant deferred revenue or unbilled receivables at the end of a period. We generally do not receive noncash consideration for the sale of goods, nor do we grant payment financing terms greater than one year.

Advertising and promotional costs
Advertising and promotional costs

Lifeway expenses advertising costs as incurred. For the nine months ended September 30, 2019 and 2018 total advertising expenses were $2,650 and $3,557 respectively. For the three months ended September 30, 2019 and 2018 total advertising expenses were $786 and $972 respectively.

Recently Adopted Accounting Pronouncements
Recently Adopted Accounting Pronouncements

In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), which affects any entity that enters into a lease (as that term is defined in ASU 2016-02), with some specified scope exceptions. Under ASU 2016-02, companies can adopt the amended guidance using a modified retrospective transition approach, using an application date of either the beginning of the earliest comparative period presented or the beginning of the reporting period in which the companies first apply the new standard. We adopted this standard on January 1, 2019 using the application date of January 1, 2019, and elected certain practical expedients allowed under the standard. In July 2018, the FASB issued ASU No. 2018-11, Leases (842), Targeted Improvements, which provides an additional transition election to not restate comparative periods for the effects of applying the new standard. The guidance requires lessees to recognize right-of-use assets and lease liabilities in the balance sheet and disclose key information about leasing arrangements, such as information about variable lease payments and options to renew and terminate leases. The amended guidance will require both operating and finance leases to be recognized in the balance sheet. A lessee should recognize in the statement of financial position a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term.

Lifeway elected certain of the practical expedients that are permitted under the transition guidance within ASU 2016-02 and related standards. Among other things, this practical expedient allowed us to carryforward the historical lease classification, and not reassess initial direct costs for any existing leases as of January 1, 2019 or reassess whether any expired or existing contracts are or contain leases. In addition, we elected to adopt the hindsight practical expedient to determine the reasonably certain lease term for existing leases. We made an accounting policy election to continue recording leases with an initial term of 12 months or less consistent with our prior financial reporting and elect the practical expedient to combine lease and non-lease components. We have revised our relevant policies and procedures, as applicable, to meet the new accounting, reporting and disclosure requirements of Topic 842 and have updated internal controls accordingly.

The main difference between the guidance in ASU 2016-02 and prior GAAP is the recognition of right-of-use assets and lease liabilities by lessees for those leases classified as operating leases under current GAAP. Recognition of the right-of-use assets and liabilities had a material impact to our consolidated balance sheets upon adoption. However, since all our leases are operating leases under ASC 840 and we will carryforward the historical lease classification, the new standard did not have a material impact on our Consolidated Statements of Operations, Consolidated Statements of Stockholders’ Equity, or Consolidated Statements of Cash Flows. The adoption resulted in an increase of the right-of-use assets of approximately $944 and lease liabilities of $997, and an adjustment to beginning retained earnings of $53 as of January 1, 2019.

Recently Issued Accounting Pronouncements
Recently Issued Accounting Pronouncements

We do not anticipate a material impact upon adoption from any accounting standards issued but not yet adopted.

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11. Stock-based and Other Compensation (Details Narrative) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended

Sep. 30, 2019

Sep. 30, 2018

Sep. 30, 2019

Sep. 30, 2018

Contribution expense $ 88 $ 90 $ 269 $ 319

Options [Member]

Share-based compensation 0 2 1 9

Tax benefits 0 0 0 2

Unearned compensation related to non-vested stock options 0 0

Restricted Stock Awards [Member]

Share-based compensation 30 25 82 29

Tax benefits 8 7 22 8

Unearned compensation related to non-vested stock options 134 $ 134

Weighted average period for unrecognized compensation 1 year 4 months 6 days

2019 Retention Award [Member]

Share-based compensation $ 54 $ 265

2015 Omnibus Incentive Plan [Member]

Stock authorized for issuance 3,500 3,500

Shares available for issuance 3,381 3,381

2017 Plan [Member]

Share-based compensation $ 54 139 $ 234 551

Unearned compensation related to non-vested stock options 103 103

Unearned compensation expense expected to be recognized 2019 54 54

Unearned compensation expense expected to be recognized 2020 49 49

2018 Plan [Member]

Share-based compensation 157 303

2018 Plan [Member] | Cash Bonus [Member]

Share-based compensation 76

2018 Plan [Member] | Stock-Based Compensation [Member]

Share-based compensation $ 2 $ 227

2019 Plan [Member]

Share-based compensation $ 35 $ 103

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5. Goodwill and Intangible Assets (Tables)
9 Months Ended

Sep. 30, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill & indefinite-lived intangible assets
Goodwill & indefinite-lived intangible assets consisted of the following:

September 30,
2019 December 31,
2018

Gross goodwill $ 10,368 $ 10,368

Accumulated impairment losses (1,244 ) (1,244 )

Goodwill 9,124 9,124

Brand names 3,700 3,700

Goodwill and indefinite-lived intangible assets $ 12,824 $ 12,824

Schedule of other intangible assets
Other intangible assets, net consisted of the following:

September 30,
2019 December 31,
2018

Recipes $ 44 $ 44

Customer lists and other customer related intangibles 4,529 4,529

Customer relationship 985 985

Trade names 2,248 2,248

Formula 438 438

8,244 8,244

Accumulated amortization (8,052 ) (7,900 )

Other intangible assets, net $ 192 $ 344

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14. Subsequent Events
9 Months Ended

Sep. 30, 2019

Subsequent Events [Abstract]

Subsequent Events
On October 22, 2019, the Company sold approximately 45.6% of one of its investments recorded under the cost method on the consolidated balance sheets. The Company recognized a $1,413 gain on sale of the investment, which will be recorded in other income (expense) on the consolidated statements of operations during the fourth quarter of 2019. Under the terms of its line of credit agreement (see Note 7), the Company made a mandatory prepayment of $1,484, equal to the net proceeds of the sale of the investment, to the line of credit during the fourth quarter.

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12. Segments, Products and Customers (Tables)
9 Months Ended

Sep. 30, 2019

Segment Reporting [Abstract]

Schedule of sales of products by category
Net sales of products by category were as follows for the nine months ended September 30:

2019 2018

$ % $ %

Drinkable Kefir other than ProBugs $ 54,126 77% $ 61,255 76%

Cheese 8,348 12% 8,443 11%

Cream and other 3,359 5% 4,104 5%

ProBugs Kefir 2,050 3% 2,166 3%

Other dairy 1,334 2% 3,154 4%

Frozen Kefir (a) 1,280 1% 1,196 1%

Net Sales $ 70,497 100% $ 80,318 100%

(a) Includes Lifeway Kefir Shop sales

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2019 2018

$ % $ %

Drinkable Kefir other than ProBugs $ 17,513 77% $ 18,877 77%

Cheese 2,791 12% 2,656 11%

Cream and other 913 4% 1,406 6%

ProBugs Kefir 590 3% 471 2%

Other dairy 432 2% 699 3%

Frozen Kefir (a) 490 2% 371 1%

Net Sales $ 22,729 100% $ 24,480 100%

(a) Includes Lifeway Kefir Shop sales

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10. Income taxes
9 Months Ended

Sep. 30, 2019

Income Tax Disclosure [Abstract]

Income taxes
Note 10 – Income taxes

For each interim period, Lifeway estimates the effective tax rate (“ETR”) expected to be applicable for the full year and applies that rate to income before provision for income taxes for the period. The effective tax rate for the nine months ended September 30, 2019 was 8.8% compared to 3.0% for the nine months ended September 30, 2018. The effective tax rate for the three months ended September 30, 2019 was 19.3% compared to 20.9% for the three months ended September 30, 2018. Our effective tax rate may change from period to period based on recurring and non-recurring factors including the relative mix of pre-tax earnings (or losses), the underlying income tax rates applicable to various state and local taxing jurisdictions, settlement of tax audits, the impact of non-deductible items, changes in valuation allowances, and the expiration of the statute of limitations in relation to unrecognized tax benefits. We record discrete income tax items such as enacted tax rate changes and completed tax audits in the period in which they occur.

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6. Accrued Expenses
9 Months Ended

Sep. 30, 2019

Payables and Accruals [Abstract]

Accrued Expenses
Note 6 – Accrued Expenses

Accrued expenses consisted of the following:

September 30,
2019
December 31,

2018

Payroll and incentive compensation $ 2,285 $ 1,937

Operating leases 354 –

Real estate taxes 296 398

Other 467 442

Total accrued expenses $ 3,402 $ 2,777

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11. Stock-based and Other Compensation (Details - Option Activity) - Options [Member]
$ / shares in Units, shares in Thousands, $ in Thousands
9 Months Ended

Sep. 30, 2019

USD ($)

$ / shares

shares

Options outstanding, beginning balance 41

Options granted 0

Options exercised 0

Options forfeited 0

Options outstanding, ending balance 41

Options exercisable 41

Weighted average exercise price, options outstanding, beginning balance | $ / shares $ 10.42

Weighted average exercise price, options outstanding, ending balance | $ / shares 10.42

Weighted average exercise price, options exercisable | $ / shares $ 10.42

Weighted average remaining contractural life, outstanding, beginning balance 7 years 2 months 19 days

Weighted average remaining contractural life, outstanding, ending balance 6 years 5 months 20 days

Weighted average remaining contractural life, exercisable 6 years 5 months 20 days

Aggregate intrinsic value, options outstanding | $ $ 0

Aggregate intrinsic value, options exercisable | $ $ 0

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4. Property And Equipment (Details) - USD ($)
$ in Thousands

Sep. 30, 2019

Dec. 31, 2018

Property, plant and equipment, gross $ 51,010 $ 51,280

Less accumulated depreciation (28,390) (26,707)

Property, plant and equipment, net 22,620 24,573

Land [Member]

Property, plant and equipment, gross 1,565 1,747

Buildings And improvements [Member]

Property, plant and equipment, gross 17,119 17,520

Machinery And Equipment [Member]

Property, plant and equipment, gross 29,891 29,692

Vehicles [Member]

Property, plant and equipment, gross 778 937

Office Equipment [Member]

Property, plant and equipment, gross 851 838

Construction In Progress [Member]

Property, plant and equipment, gross $ 806 $ 546

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1. Basis of presentation
9 Months Ended

Sep. 30, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of presentation
Note 1 – Basis of Presentation

Basis of presentation

The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the U.S. (“U.S. GAAP”) for interim financial information, and do not include all of the information and disclosures required for complete, audited financial statements. In the opinion of management, these statements include all adjustments necessary for a fair presentation of the results of all interim periods reported herein. The consolidated financial statements and related notes should be read in conjunction with the consolidated financial statements and related notes included in our Annual Report on Form 10-K as of and for the year ended December 31, 2018. Results of operations for interim periods are not necessarily indicative of the results to be expected for other interim periods or the full year.

A detailed description of our significant accounting policies can be found in our Annual Report on Form 10-K for the fiscal year ended December 31, 2018.

Principles of consolidation

Our consolidated financial statements include the accounts of Lifeway Foods, Inc. and all its wholly owned subsidiaries (collectively “Lifeway” or the “Company”). All significant intercompany accounts and transactions have been eliminated.

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Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($)
shares in Thousands, $ in Thousands

Sep. 30, 2019

Dec. 31, 2018

Current assets

Allowance for doubtful accounts and discounts $ 1,240 $ 1,220

Stockholders' equity

Preferred stock, no par value $ 0 $ 0

Preferred stock, shares authorized 2,500 2,500

Preferred stock, shares issued 0 0

Preferred stock, shares outstanding 0 0

Common stock, no par value $ 0 $ 0

Common stock, shares authorized 40,000 40,000

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Common stock, shares outstanding 15,706 15,814

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7. Debt (Details Narrative) - USD ($)
$ in Thousands
9 Months Ended

Sep. 30, 2019

Dec. 31, 2018

Line of credit balance $ 4,224 $ 5,995

Revolving Credit Facility [Member]

Credit facility expiration date May 07, 2021

Line of credit balance $ 4,224

Unamortized deferred financing costs 37

Line of credit remaining borrowing capacity $ 4,739

Credit line effective interest rate 4.86%

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12. Segments, Products and Customers (Details Narrative)
3 Months Ended 9 Months Ended

Sep. 30, 2019

Sep. 30, 2018

Sep. 30, 2019

Sep. 30, 2018

Sales Revenue, Net [Member] | Two Customers [Member]

Concentration percentage 21.00% 20.00% 22.00% 22.00%

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8. Leases (Tables)
9 Months Ended

Sep. 30, 2019

Leases [Abstract]

Future maturities of lease liabilities
Future maturities of lease liabilities were as follows

Year Operating Leases

Three months ended December 31, 2019 $ 144

2020 303

2021 227

2022 190

2023 71

Thereafter 7

Total lease payments 942

Less: Interest (61 )

Present value of lease liabilities $ 881

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3. Inventories (Tables)
9 Months Ended

Sep. 30, 2019

Inventory Disclosure [Abstract]

Schedule Of Inventories
Inventories consisted of the following:

September 30,
2019 December 31,
2018

Ingredients $ 2,293 $ 1,580

Packaging 2,124 2,072

Finished goods 2,341 2,165

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3. Inventories, net
9 Months Ended

Sep. 30, 2019

Inventory Disclosure [Abstract]

Inventories, net
Note 3 – Inventories, net

Inventories consisted of the following:

September 30,
2019 December 31,
2018

Ingredients $ 2,293 $ 1,580

Packaging 2,124 2,072

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5. Goodwill and Intangible Assets (Details - Finite lived) - USD ($)
$ in Thousands

Sep. 30, 2019

Dec. 31, 2018

Intangible assets, gross $ 8,244 $ 8,244

Accumulated Amortization (8,052) (7,900)

Intangible assets, net 192 344

Recipes [Member]

Intangible assets, gross 44 44

Customer lists and other customer related intangibles [Member]

Intangible assets, gross 4,529 4,529

Customer relationship [Member]

Intangible assets, gross 985 985

Trade Names [Member]

Intangible assets, gross 2,248 2,248

Formula [Member]

Intangible assets, gross $ 438 $ 438

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Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($)
shares in Thousands, $ in Thousands

Common Stock

In Treasury

Paid-In Capital

Retained Earnings

Total

Beginning balance, shares at Dec. 31, 2017 17,274 (1,266)

Beginning balance, value at Dec. 31, 2017 $ 6,509 $ (11,812) $ 2,244 $ 49,649 $ 46,590

Cumulative impact of change in accounting principles, net of tax at Dec. 31, 2017

Issuance of common stock in connection with stock-based compensation, shares 16

Issuance of common stock in connection with stock-based compensation, value $ 151 (54) 97

Treasury stock purchased, shares (131)

Treasury stock purchased, value $ (1,052) (1,052)

Stock-based compensation 5 5

Net loss 70 70

Ending balance, shares at Mar. 31, 2018 17,274 (1,381)

Ending balance, value at Mar. 31, 2018 $ 6,509 $ (12,713) 2,195 49,719 45,710

Beginning balance, shares at Dec. 31, 2017 17,274 (1,266)

Beginning balance, value at Dec. 31, 2017 $ 6,509 $ (11,812) 2,244 49,649 46,590

Cumulative impact of change in accounting principles, net of tax at Dec. 31, 2017

Net loss (274)

Ending balance, shares at Sep. 30, 2018 17,274 (1,436)

Ending balance, value at Sep. 30, 2018 $ 6,509 $ (12,918) 2,211 49,375 45,177

Beginning balance, shares at Mar. 31, 2018 17,274 (1,381)

Beginning balance, value at Mar. 31, 2018 $ 6,509 $ (12,713) 2,195 49,719 45,710

Cumulative impact of change in accounting principles, net of tax at Mar. 31, 2018

Issuance of common stock in connection with stock-based compensation, shares 6

Issuance of common stock in connection with stock-based compensation, value $ 52 (17) 35

Treasury stock purchased, shares (20)

Treasury stock purchased, value $ (116) (116)

Stock-based compensation 6 6

Net loss 170 170

Ending balance, shares at Jun. 30, 2018 17,274 (1,395)

Ending balance, value at Jun. 30, 2018 $ 6,509 $ (12,777) 2,184 49,889 45,805

Cumulative impact of change in accounting principles, net of tax at Jun. 30, 2018

Treasury stock purchased, shares (41)

Treasury stock purchased, value $ (141) (141)

Stock-based compensation 27 27

Net loss (514) (514)

Ending balance, shares at Sep. 30, 2018 17,274 (1,436)

Ending balance, value at Sep. 30, 2018 $ 6,509 $ (12,918) 2,211 49,375 45,177

Beginning balance, shares at Dec. 31, 2018 17,274 (1,460)

Beginning balance, value at Dec. 31, 2018 $ 6,509 $ (12,970) 2,303 46,563 42,405

Cumulative impact of change in accounting principles, net of tax at Dec. 31, 2018 (53) (53)

Issuance of common stock in connection with stock-based compensation, shares 41

Issuance of common stock in connection with stock-based compensation, value $ 351 142 493

Treasury stock purchased, shares (82)

Treasury stock purchased, value $ (205) (205)

Stock-based compensation 218 218

Net loss (388) (388)

Ending balance, shares at Mar. 31, 2019 17,274 (1,501)

Ending balance, value at Mar. 31, 2019 $ 6,509 $ (12,824) 2,663 46,122 42,470

Beginning balance, shares at Dec. 31, 2018 17,274 (1,460)

Beginning balance, value at Dec. 31, 2018 $ 6,509 $ (12,970) 2,303 46,563 42,405

Cumulative impact of change in accounting principles, net of tax at Dec. 31, 2018 (53) (53)

Net loss (601)

Ending balance, shares at Sep. 30, 2019 17,274 (1,567)

Ending balance, value at Sep. 30, 2019 $ 6,509 $ (12,630) 2,348 45,909 42,136

Beginning balance, shares at Mar. 31, 2019 17,274 (1,501)

Beginning balance, value at Mar. 31, 2019 $ 6,509 $ (12,824) 2,663 46,122 42,470

Cumulative impact of change in accounting principles, net of tax at Mar. 31, 2019

Issuance of common stock in connection with stock-based compensation, shares 62

Issuance of common stock in connection with stock-based compensation, value $ 527 (548) (21)

Treasury stock purchased, shares (74)

Treasury stock purchased, value $ (180) (180)

Stock-based compensation 115 115

Net loss (141) (141)

Ending balance, shares at Jun. 30, 2019 17,274 (1,513)

Ending balance, value at Jun. 30, 2019 $ 6,509 $ (12,477) 2,230 45,981 42,243

Cumulative impact of change in accounting principles, net of tax at Jun. 30, 2019

Issuance of common stock in connection with stock-based compensation, shares 3

Issuance of common stock in connection with stock-based compensation, value

Treasury stock purchased, shares (55)

Treasury stock purchased, value $ (153) (153)

Stock-based compensation 118 118

Net loss (72) (72)

Ending balance, shares at Sep. 30, 2019 17,274 (1,567)

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8. Leases (Details Narrative) - USD ($)
$ in Thousands
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Sep. 30, 2018

Sep. 30, 2019

Sep. 30, 2018

Leases [Abstract]

Lease expense $ 187 $ 180 $ 552 $ 555

Weighted average remaining lease term 2 years 9 months 18 days 2 years 9 months 18 days

Weighted average discount rate 5.38% 5.38%

Operating lease cost $ 145 $ 437

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12. Segments, Products and Customers
9 Months Ended

Sep. 30, 2019

Segment Reporting [Abstract]

Segments, Products and Customers
Note 12 – Segments, Products and Customers

Lifeway’s primary product is drinkable kefir, a cultured dairy product. Lifeway Kefir is tart and tangy, high in protein, calcium and vitamin D. Thanks to our exclusive blend of kefir cultures, each cup of kefir contains 12 live and active cultures and 15 to 20 billion beneficial CFU (Colony Forming Units) at the time of manufacture.

We manufacture (directly or through co-packers) our products under our own brand, as well as under private labels on behalf of certain customers. Lifeway offers approximately 20 varieties of our kefir products including more than 60 flavors. In addition to our core drinkable kefir products, we offer several lines of products developed through our innovation and development efforts. These include Kefir Cups, a strained, cupped version of our kefir; and Organic Farmer Cheese Cups, a cupped version of our soft cheeses, both served in resealable 5 oz. containers. We also offer Skyr, a strained cupped Icelandic yogurt; Plantiful, a plant-based probiotic beverage made from organic and non-GMO pea protein with 10 vegan kefir cultures; a line of probiotic supplements for adults and children; and a soft serve kefir mix.

Our product categories are:

· Drinkable Kefir, sold in a variety of organic and non-organic sizes, flavors, and types, including low fat, non-fat, whole milk, protein, BioKefir (a 3.5 oz. kefir with additional probiotic cultures), and Kefir with Oats.

· European-style soft cheeses, including farmer cheese in resealable cups.

· Cream and other, which consists primarily of cream, a byproduct of making our kefir.

· ProBugs, a line of kefir products in drinkable and frozen formats, designed for children.

· Other Dairy, which includes Cupped Kefir and Icelandic Skyr, a line of strained kefir and yogurt products in resealable cups.

· Frozen Kefir, available in both bars and pint-size containers.

Lifeway has determined that it has one reportable segment based on how our chief operating decision maker manages the business and in a manner consistent with the internal reporting provided to the chief operating decision maker. The chief operating decision maker, who is responsible for allocating resources and assessing our performance, has been identified collectively as the Chief Financial Officer, the Chief Operating Officer, the Chief Executive Officer, and Chairperson of the board of directors. Substantially all of our consolidated revenues relate to the sale of cultured dairy products that we produce using the same processes and materials and are sold to consumers through a common network of distributors and retailers in the United States.

Net sales of products by category were as follows for the nine months ended September 30:

2019 2018

$ % $ %

Drinkable Kefir other than ProBugs $ 54,126 77% $ 61,255 76%

Cheese 8,348 12% 8,443 11%

Cream and other 3,359 5% 4,104 5%

ProBugs Kefir 2,050 3% 2,166 3%

Other dairy 1,334 2% 3,154 4%

Frozen Kefir (a) 1,280 1% 1,196 1%

Net Sales $ 70,497 100% $ 80,318 100%

(a) Includes Lifeway Kefir Shop sales

Net sales of products by category were as follows for the three months ended September 30:

2019 2018

$ % $ %

Drinkable Kefir other than ProBugs $ 17,513 77% $ 18,877 77%

Cheese 2,791 12% 2,656 11%

Cream and other 913 4% 1,406 6%

ProBugs Kefir 590 3% 471 2%

Other dairy 432 2% 699 3%

Frozen Kefir (a) 490 2% 371 1%

Net Sales $ 22,729 100% $ 24,480 100%

(a) Includes Lifeway Kefir Shop sales

Significant Customers – Sales are predominately to companies in the retail food industry located within the United States. Two major customers accounted for approximately 22% of net sales for the nine months ended September 30, 2019 and 2018, respectively. Two major customers accounted for approximately 21% and 20% of net sales for the three months ended September 30, 2019 and 2018, respectively.

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8. Leases
9 Months Ended

Sep. 30, 2019

Leases [Abstract]

Leases
Note 8 – Leases

Lifeway has operating leases for three retail stores for its Lifeway Kefir Shop subsidiary, certain machinery and equipment, and office space. All lease payments are fixed, not variable. Remaining lease terms for these leases range from less than 1 year to 5 years. Some of our leases include options to extend the leases for up to 5 years and have been included in our calculation of the right-of-use asset and lease liabilities. There are no residual value guarantees. We do not currently have leases which meet the finance lease classification as defined under ASC 842.

We do not record leases with an initial term of 12 months or less on the balance sheet. Expense for these short-term leases is recorded on a straight-line basis over the lease term. Total lease expense was $552 and $555 (including short term leases) for the nine months ended September 30, 2019 and 2018, respectively. Total lease expense was $187 and $180 (including short term leases) for the three months ended September 30, 2019 and 2018, respectively.

Lifeway treats contracts as a lease when the contract conveys the right to use a physically distinct asset for a period of time in exchange for consideration, we direct the use of the asset and obtain substantially all the economic benefits of the asset.



Right-of-use assets and lease liabilities are measured and recognized based on the present value of the future minimum lease payments over the lease term at the commencement date. We have elected the practical expedient to combine lease and non-lease components into a single component for all of its leases. For many of our leases such as real estate leases, we are unable to determine an implicit rate; therefore, we use our incremental borrowing rate based on the information available at the commencement date in determining the present value of future payments for those leases. We include options to extend or terminate the lease in the measurement of the right-of-use asset and lease liability when it is reasonably certain that we will exercise such options. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term.



Future maturities of lease liabilities were as follows

Year Operating Leases

Three months ended December 31, 2019 $ 144

2020 303

2021 227

2022 190

2023 71

Thereafter 7

Total lease payments 942

Less: Interest (61 )

Present value of lease liabilities $ 881

The weighted-average remaining lease term for our operating leases was 2.8 years as of September 30, 2019. The weighted average discount rate of our operating leases was 5.38% as of September 30, 2019. Cash paid for amounts included in the measurement of lease liabilities was $437 for the nine months ended September 30, 2019. Cash paid for amounts included in the measurement of lease liabilities was $145 for the three months ended September 30, 2019.

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4. Property, Plant and Equipment, net
9 Months Ended

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Property, Plant and Equipment [Abstract]

Property, Plant and Equipment, net
Note 4 – Property, Plant and Equipment, net

Property, plant and equipment consisted of the following:

September 30,
2019 December 31,
2018

Land $ 1,565 $ 1,747

Buildings and improvements 17,119 17,520

Machinery and equipment 29,891 29,692

Vehicles 778 937

Office equipment 851 838

Construction in process 806 546

51,010 51,280

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5. Goodwill and Intangible Assets (Details - Indefinite assets) - USD ($)
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Sep. 30, 2019

Dec. 31, 2018

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Gross goodwill $ 10,368 $ 10,368

Accumulated impairment loss (1,244) (1,244)

Goodwill 9,124 9,124

Brand names 3,700 3,700

Goodwill & indefinite lived intangible assets $ 12,824 $ 12,824

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Consolidated Statements of Operations (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended

Sep. 30, 2019

Sep. 30, 2018

Sep. 30, 2019

Sep. 30, 2018

Income Statement [Abstract]

Net sales $ 22,729 $ 24,480 $ 70,497 $ 80,318

Cost of goods sold 16,813 17,892 51,223 57,412

Depreciation expense 743 738 2,235 2,143

Total cost of goods sold 17,556 18,630 53,458 59,555

Gross profit 5,173 5,850 17,039 20,763

Selling expenses 2,679 3,136 8,509 10,537

General and administrative 2,710 3,150 9,100 9,851

Amortization expense 39 163 152 490

Total operating expenses 5,428 6,449 17,761 20,878

Loss from operations (255) (599) (722) (115)

Other income (expense):

Interest expense (65) (82) (202) (220)

Gain on sale of property equipment 154 28 183 42

Other income, net 77 3 82 11

Total other income (expense) 166 (51) 63 (167)

Loss before provision for income taxes (89) (650) (659) (282)

Benefit for income taxes (17) (136) (58) (8)

Net loss $ (72) $ (514) $ (601) $ (274)

Loss per common share:

Basic $ (0.00) $ (0.03) $ (0.04) $ (0.02)

Diluted $ (0.00) $ (0.03) $ (0.04) $ (0.02)

Weighted average common shares:

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Diluted 15,740 16,256 15,761 16,354

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8. Leases (Details)
$ in Thousands

Sep. 30, 2019

USD ($)

Leases [Abstract]

Three months ended December 31, 2019 $ 144

2020 303

2021 227

2022 190

2023 71

Thereafter 7

Total Lease payments 942

Less: Interest (61)

Present value of lease liabilities $ 881

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2. Significant Accounting Policies
9 Months Ended

Sep. 30, 2019

Accounting Policies [Abstract]

Significant Accounting Policies
Note 2 – Significant Accounting Policies

Use of estimates

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates made in preparing the consolidated financial statements include the reserve for promotional allowances, the valuation of goodwill and intangible assets, stock-based and incentive compensation, and deferred income taxes.

Revenue Recognition

We sell food and beverage products across select product categories to customers predominantly within the United States (see Note 12, Segments, Products and Customers). We also sell bulk cream, a byproduct of our fluid milk manufacturing process. In accordance with Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers, we recognize revenue when control over the products transfers to our customers, which generally occurs upon delivery to our customers or their common carriers. We adopted this standard at the beginning of fiscal year 2018, with no significant impact to our financial position or results of operations, using the modified retrospective method. The amount of revenue recognized reflects the consideration to which we expect to be entitled to receive in exchange for these goods or services, using the five-step method required by ASC 606.

For the Company, the contract is the approved sales order, which may also be supplemented by other agreements that formalize various terms and conditions with customers. We apply judgment in determining the customer’s ability and intention to pay, which is based on a variety of factors including the customer’s historical payment experience or, in the case of a new customer, published credit and financial information pertaining to the customer.



Performance obligations promised in a contract are identified based on the goods or services that will be transferred to the customer, which is the delivery of food products which provide immediate benefit to the customer.

We account for product shipping and handling as fulfillment activities with revenues for these activities recorded within net revenue and costs recorded within cost of goods sold. Any taxes collected on behalf of government authorities are excluded from net revenues.

Variable consideration, which typically includes volume-based rebates, known or expected pricing or revenue adjustments, such as trade discounts, allowances for non-saleable products, product returns, trade incentives and coupon redemption, is estimated utilizing the most likely amount method.

Key sales terms, such as pricing and quantities ordered, are established on a frequent basis such that most customer arrangements and related incentives have a one year or shorter duration. As such, we do not capitalize contract inception costs. We do not have any significant deferred revenue or unbilled receivables at the end of a period. We generally do not receive noncash consideration for the sale of goods, nor do we grant payment financing terms greater than one year.

Advertising and promotional costs

Lifeway expenses advertising costs as incurred. For the nine months ended September 30, 2019 and 2018 total advertising expenses were $2,650 and $3,557 respectively. For the three months ended September 30, 2019 and 2018 total advertising expenses were $786 and $972 respectively.

Recently Adopted Accounting Pronouncements

In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), which affects any entity that enters into a lease (as that term is defined in ASU 2016-02), with some specified scope exceptions. Under ASU 2016-02, companies can adopt the amended guidance using a modified retrospective transition approach, using an application date of either the beginning of the earliest comparative period presented or the beginning of the reporting period in which the companies first apply the new standard. We adopted this standard on January 1, 2019 using the application date of January 1, 2019, and elected certain practical expedients allowed under the standard. In July 2018, the FASB issued ASU No. 2018-11, Leases (842), Targeted Improvements, which provides an additional transition election to not restate comparative periods for the effects of applying the new standard. The guidance requires lessees to recognize right-of-use assets and lease liabilities in the balance sheet and disclose key information about leasing arrangements, such as information about variable lease payments and options to renew and terminate leases. The amended guidance will require both operating and finance leases to be recognized in the balance sheet. A lessee should recognize in the statement of financial position a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term.

Lifeway elected certain of the practical expedients that are permitted under the transition guidance within ASU 2016-02 and related standards. Among other things, this practical expedient allowed us to carryforward the historical lease classification, and not reassess initial direct costs for any existing leases as of January 1, 2019 or reassess whether any expired or existing contracts are or contain leases. In addition, we elected to adopt the hindsight practical expedient to determine the reasonably certain lease term for existing leases. We made an accounting policy election to continue recording leases with an initial term of 12 months or less consistent with our prior financial reporting and elect the practical expedient to combine lease and non-lease components. We have revised our relevant policies and procedures, as applicable, to meet the new accounting, reporting and disclosure requirements of Topic 842 and have updated internal controls accordingly.

The main difference between the guidance in ASU 2016-02 and prior GAAP is the recognition of right-of-use assets and lease liabilities by lessees for those leases classified as operating leases under current GAAP. Recognition of the right-of-use assets and liabilities had a material impact to our consolidated balance sheets upon adoption. However, since all our leases are operating leases under ASC 840 and we will carryforward the historical lease classification, the new standard did not have a material impact on our Consolidated Statements of Operations, Consolidated Statements of Stockholders’ Equity, or Consolidated Statements of Cash Flows. The adoption resulted in an increase of the right-of-use assets of approximately $944 and lease liabilities of $997, and an adjustment to beginning retained earnings of $53 as of January 1, 2019.



Recently Issued Accounting Pronouncements

We do not anticipate a material impact upon adoption from any accounting standards issued but not yet adopted.

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9. Commitments And Contingencies
9 Months Ended

Sep. 30, 2019

Commitments and Contingencies Disclosure [Abstract]

Commitments And Contingencies
Note 9 – Commitments and contingencies

Litigation

Lifeway is engaged in various legal actions, claims, and proceedings arising in the normal course of business, including commercial disputes, product liabilities, intellectual property matters and employment-related matters resulting from our business activities.

We record accruals for outstanding legal matters when we believe it is probable that a loss will be incurred and the amount of such loss can be reasonably estimated. We evaluate, on a periodic basis, developments in legal matters that could affect the amount of any accrual and developments that would make a loss contingency both probable and reasonably estimable. If a loss contingency is not both probable and estimable, we do not establish an accrued liability. Currently, none of our accruals for outstanding legal matters are material individually or in the aggregate to our financial position and it is management’s opinion that the ultimate resolution of these outstanding legal matters will not have a material adverse effect on our business, financial condition, results of operations, or cash flows. However, if we ultimately are required to make payments in connection with an adverse outcome, it is possible that it could have a material adverse effect on our business, financial condition, results of operations or cash flows.

Lifeway’s contingencies are subject to substantial uncertainties, including for each such contingency the following, among other factors: (i) the procedural status of the case; (ii) whether the case has or may be certified as a class action suit; (iii) the outcome of preliminary motions; (iv) the impact of discovery; (v) whether there are significant factual issues to be determined or resolved; (vi) whether the proceedings involve a large number of parties and/or parties and claims in multiple jurisdictions or jurisdictions in which the relevant laws are complex or unclear; (vii) the extent of potential damages, which are often unspecified or indeterminate; and (viii) the status of settlement discussions, if any, and the settlement posture of the parties. Consequently, Lifeway cannot predict with any reasonable certainty the timing or outcome of such contingencies, and we are unable to estimate a possible loss or range of loss.

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5. Goodwill and Intangible Assets
9 Months Ended

Sep. 30, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets
Note 5 – Goodwill and Intangible Assets

Goodwill & indefinite-lived intangible assets consisted of the following:

September 30,
2019 December 31,
2018

Gross goodwill $ 10,368 $ 10,368

Accumulated impairment losses (1,244 ) (1,244 )

Goodwill 9,124 9,124

Brand names 3,700 3,700

Goodwill and indefinite-lived intangible assets $ 12,824 $ 12,824



Finite-lived Intangible Assets

Other intangible assets, net consisted of the following:

September 30,
2019 December 31,
2018

Recipes $ 44 $ 44

Customer lists and other customer related intangibles 4,529 4,529

Customer relationship 985 985

Trade names 2,248 2,248

Formula 438 438

8,244 8,244

Accumulated amortization (8,052 ) (7,900 )

Other intangible assets, net $ 192 $ 344

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13. Related Party Transactions
9 Months Ended

Sep. 30, 2019

Related Party Transactions [Abstract]

Related Party Transactions
Note 13 – Related Party Transactions

Lifeway obtains consulting services from the Chairperson of its board of directors. Fees earned by the Chairperson are included in general and administrative expenses in the accompanying consolidated statements of operations and were $750 during each of the nine months ended September 30, 2019 and 2018. Fees earned by the Chairperson are included in general and administrative expenses in the accompanying consolidated statements of operations and were $250 during each of the three months ended September 30, 2019 and 2018.

Lifeway is also a party to a royalty agreement with the Chairperson of its board of directors under which we pay the Chairperson a royalty based on the sale of certain Lifeway products, not to exceed $50 in any fiscal month. Royalties earned are included in selling expenses in the accompanying consolidated statements of operations and were $441 and $445 during the nine months ended September 30, 2019 and 2018, respectively. Royalties earned are included in selling expenses in the accompanying consolidated statements of operations and were $143 and $145 during the three months ended September 30, 2019 and 2018, respectively.

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The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.
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12. Segments, Products and Customers (Details) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended

Sep. 30, 2019

Sep. 30, 2018

Sep. 30, 2019

Sep. 30, 2018

Total sales $ 22,729 $ 24,480 $ 70,497 $ 80,318

Percentage of sales 100.00% 100.00% 100.00% 100.00%

Drinkable Kefir other than ProBugs[Member]

Total sales $ 17,513 $ 18,877 $ 54,126 $ 61,255

Percentage of sales 77.00% 77.00% 77.00% 76.00%

Cheese [Member]

Total sales $ 2,791 $ 2,656 $ 8,348 $ 8,443

Percentage of sales 12.00% 11.00% 12.00% 11.00%

Cream and other [Member]

Total sales $ 913 $ 1,406 $ 3,359 $ 4,104

Percentage of sales 4.00% 6.00% 5.00% 5.00%

ProBugs Kefir [Member]

Total sales $ 590 $ 471 $ 2,050 $ 2,166

Percentage of sales 3.00% 2.00% 3.00% 3.00%

Other Dairy [Member]

Total sales $ 432 $ 699 $ 1,334 $ 3,154

Percentage of sales 2.00% 3.00% 2.00% 4.00%

Frozen Kefir [Member]

Total sales ^[1] $ 490 $ 371 $ 1,280 $ 1,196

Percentage of sales ^[1] 2.00% 1.00% 1.00% 1.00%

[1] Includes Lifeway Kefir Shop sales

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11. Stock-based and Other Compensation (Tables)
9 Months Ended

Sep. 30, 2019

Share-based Payment Arrangement [Abstract]

Stock option activity
The following table summarizes stock option activity during the nine months ended September 30, 2019:

Options Weighted
average
exercise price Weighted
average
remaining contractual life Aggregate
intrinsic value

Outstanding at December 31, 2018 41 $ 10.42 7.22 –

Granted – $ –

Exercised – $ –

Forfeited – $ –

Outstanding at September 30, 2019 41 $ 10.42 6.47 $ –

Exercisable at September 30, 2019 41 $ 10.42 6.47 $ –

RSA activity
The following table summarizes RSA activity during the nine months ended September 30, 2019.

RSA’s

Outstanding at December 31, 2018 25

Granted 39

Shares issued upon vesting (12 )

Forfeited –

Outstanding at September 30, 2019 52

Weighted average grant date fair value per share outstanding $ 3.90

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4. Property, Plant and Equipment, net (Tables)
9 Months Ended

Sep. 30, 2019

Property, Plant and Equipment [Abstract]

Schedule of property, plant and equipment
Property, plant and equipment consisted of the following:

September 30,
2019 December 31,
2018

Land $ 1,565 $ 1,747

Buildings and improvements 17,119 17,520

Machinery and equipment 29,891 29,692

Vehicles 778 937

Office equipment 851 838

Construction in process 806 546

51,010 51,280

Less accumulated depreciation (28,390 ) (26,707 )

Total property, plant and equipment, net $ 22,620 $ 24,573

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Tabular disclosure of physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, balances by class of assets, depreciation and depletion expense and method used, including composite depreciation, and accumulated deprecation.
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11. Stock-based Compensation (Details - RSA Activity) - Restricted Stock Awards [Member] shares in Thousands	9 Months Ended
	Sep. 30, 2019 $ / shares shares
RSA's outstanding, beginning balance	25
RSA's granted	39
Shares issued upon vesting	(12)
RSA's forfeited	0
RSA's outstanding, ending balance	52
Weighted average grant date fair value per share \| $ / shares	$ 3.90

2. Summary Of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2019
Accounting Policies [Abstract]
Use Of Estimates	Use of estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates made in preparing the consolidated financial statements include the reserve for promotional allowances, the valuation of goodwill and intangible assets, stock-based and incentive compensation, and deferred income taxes.
Revenue Recognition	Revenue Recognition We sell food and beverage products across select product categories to customers predominantly within the United States (see Note 12, Segments, Products and Customers). We also sell bulk cream, a byproduct of our fluid milk manufacturing process. In accordance with Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers, we recognize revenue when control over the products transfers to our customers, which generally occurs upon delivery to our customers or their common carriers. We adopted this standard at the beginning of fiscal year 2018, with no significant impact to our financial position or results of operations, using the modified retrospective method. The amount of revenue recognized reflects the consideration to which we expect to be entitled to receive in exchange for these goods or services, using the five-step method required by ASC 606. For the Company, the contract is the approved sales order, which may also be supplemented by other agreements that formalize various terms and conditions with customers. We apply judgment in determining the customer’s ability and intention to pay, which is based on a variety of factors including the customer’s historical payment experience or, in the case of a new customer, published credit and financial information pertaining to the customer. Performance obligations promised in a contract are identified based on the goods or services that will be transferred to the customer, which is the delivery of food products which provide immediate benefit to the customer. We account for product shipping and handling as fulfillment activities with revenues for these activities recorded within net revenue and costs recorded within cost of goods sold. Any taxes collected on behalf of government authorities are excluded from net revenues. Variable consideration, which typically includes volume-based rebates, known or expected pricing or revenue adjustments, such as trade discounts, allowances for non-saleable products, product returns, trade incentives and coupon redemption, is estimated utilizing the most likely amount method. Key sales terms, such as pricing and quantities ordered, are established on a frequent basis such that most customer arrangements and related incentives have a one year or shorter duration. As such, we do not capitalize contract inception costs. We do not have any significant deferred revenue or unbilled receivables at the end of a period. We generally do not receive noncash consideration for the sale of goods, nor do we grant payment financing terms greater than one year.
Advertising and promotional costs	Advertising and promotional costs Lifeway expenses advertising costs as incurred. For the nine months ended September 30, 2019 and 2018 total advertising expenses were $2,650 and $3,557 respectively. For the three months ended September 30, 2019 and 2018 total advertising expenses were $786 and $972 respectively.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), which affects any entity that enters into a lease (as that term is defined in ASU 2016-02), with some specified scope exceptions. Under ASU 2016-02, companies can adopt the amended guidance using a modified retrospective transition approach, using an application date of either the beginning of the earliest comparative period presented or the beginning of the reporting period in which the companies first apply the new standard. We adopted this standard on January 1, 2019 using the application date of January 1, 2019, and elected certain practical expedients allowed under the standard. In July 2018, the FASB issued ASU No. 2018-11, Leases (842), Targeted Improvements, which provides an additional transition election to not restate comparative periods for the effects of applying the new standard. The guidance requires lessees to recognize right-of-use assets and lease liabilities in the balance sheet and disclose key information about leasing arrangements, such as information about variable lease payments and options to renew and terminate leases. The amended guidance will require both operating and finance leases to be recognized in the balance sheet. A lessee should recognize in the statement of financial position a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. Lifeway elected certain of the practical expedients that are permitted under the transition guidance within ASU 2016-02 and related standards. Among other things, this practical expedient allowed us to carryforward the historical lease classification, and not reassess initial direct costs for any existing leases as of January 1, 2019 or reassess whether any expired or existing contracts are or contain leases. In addition, we elected to adopt the hindsight practical expedient to determine the reasonably certain lease term for existing leases. We made an accounting policy election to continue recording leases with an initial term of 12 months or less consistent with our prior financial reporting and elect the practical expedient to combine lease and non-lease components. We have revised our relevant policies and procedures, as applicable, to meet the new accounting, reporting and disclosure requirements of Topic 842 and have updated internal controls accordingly. The main difference between the guidance in ASU 2016-02 and prior GAAP is the recognition of right-of-use assets and lease liabilities by lessees for those leases classified as operating leases under current GAAP. Recognition of the right-of-use assets and liabilities had a material impact to our consolidated balance sheets upon adoption. However, since all our leases are operating leases under ASC 840 and we will carryforward the historical lease classification, the new standard did not have a material impact on our Consolidated Statements of Operations, Consolidated Statements of Stockholders’ Equity, or Consolidated Statements of Cash Flows. The adoption resulted in an increase of the right-of-use assets of approximately $944 and lease liabilities of $997, and an adjustment to beginning retained earnings of $53 as of January 1, 2019.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements We do not anticipate a material impact upon adoption from any accounting standards issued but not yet adopted.

14. Subsequent Events	9 Months Ended
14. Subsequent Events	Sep. 30, 2019
Subsequent Events [Abstract]
Subsequent Events	On October 22, 2019, the Company sold approximately 45.6% of one of its investments recorded under the cost method on the consolidated balance sheets. The Company recognized a $1,413 gain on sale of the investment, which will be recorded in other income (expense) on the consolidated statements of operations during the fourth quarter of 2019. Under the terms of its line of credit agreement (see Note 7), the Company made a mandatory prepayment of $1,484, equal to the net proceeds of the sale of the investment, to the line of credit during the fourth quarter.

11. Stock-based and Other Compensation (Details - Option Activity) - Options [Member] $ / shares in Units, shares in Thousands, $ in Thousands	9 Months Ended
	Sep. 30, 2019 USD ($) $ / shares shares
Options outstanding, beginning balance	41
Options granted	0
Options exercised	0
Options forfeited	0
Options outstanding, ending balance	41
Options exercisable	41
Weighted average exercise price, options outstanding, beginning balance \| $ / shares	$ 10.42
Weighted average exercise price, options outstanding, ending balance \| $ / shares	10.42
Weighted average exercise price, options exercisable \| $ / shares	$ 10.42
Weighted average remaining contractural life, outstanding, beginning balance	7 years 2 months 19 days
Weighted average remaining contractural life, outstanding, ending balance	6 years 5 months 20 days
Weighted average remaining contractural life, exercisable	6 years 5 months 20 days
Aggregate intrinsic value, options outstanding \| $	$ 0
Aggregate intrinsic value, options exercisable \| $	$ 0

4. Property And Equipment (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Property, plant and equipment, gross	$ 51,010	$ 51,280
Less accumulated depreciation	(28,390)	(26,707)
Property, plant and equipment, net	22,620	24,573
Land [Member]
Property, plant and equipment, gross	1,565	1,747
Buildings And improvements [Member]
Property, plant and equipment, gross	17,119	17,520
Machinery And Equipment [Member]
Property, plant and equipment, gross	29,891	29,692
Vehicles [Member]
Property, plant and equipment, gross	778	937
Office Equipment [Member]
Property, plant and equipment, gross	851	838
Construction In Progress [Member]
Property, plant and equipment, gross	$ 806	$ 546

Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Current assets
Allowance for doubtful accounts and discounts	$ 1,240	$ 1,220
Stockholders' equity
Preferred stock, no par value	$ 0	$ 0
Preferred stock, shares authorized	2,500	2,500
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, no par value	$ 0	$ 0
Common stock, shares authorized	40,000	40,000
Common stock, shares issued	17,274	17,274
Common stock, shares outstanding	15,706	15,814

7. Debt (Details Narrative) - USD ($) $ in Thousands	9 Months Ended
7. Debt (Details Narrative) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Line of credit balance	$ 4,224	$ 5,995
Revolving Credit Facility [Member]
Credit facility expiration date	May 07, 2021
Line of credit balance	$ 4,224
Unamortized deferred financing costs	37
Line of credit remaining borrowing capacity	$ 4,739
Credit line effective interest rate	4.86%

5. Goodwill and Intangible Assets (Details - Finite lived) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Intangible assets, gross	$ 8,244	$ 8,244
Accumulated Amortization	(8,052)	(7,900)
Intangible assets, net	192	344
Recipes [Member]
Intangible assets, gross	44	44
Customer lists and other customer related intangibles [Member]
Intangible assets, gross	4,529	4,529
Customer relationship [Member]
Intangible assets, gross	985	985
Trade Names [Member]
Intangible assets, gross	2,248	2,248
Formula [Member]
Intangible assets, gross	$ 438	$ 438

Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Common Stock	In Treasury	Paid-In Capital	Retained Earnings	Total
Beginning balance, shares at Dec. 31, 2017	17,274	(1,266)
Beginning balance, value at Dec. 31, 2017	$ 6,509	$ (11,812)	$ 2,244	$ 49,649	$ 46,590
Cumulative impact of change in accounting principles, net of tax at Dec. 31, 2017
Issuance of common stock in connection with stock-based compensation, shares		16
Issuance of common stock in connection with stock-based compensation, value		$ 151	(54)		97
Treasury stock purchased, shares		(131)
Treasury stock purchased, value		$ (1,052)			(1,052)
Stock-based compensation			5		5
Net loss				70	70
Ending balance, shares at Mar. 31, 2018	17,274	(1,381)
Ending balance, value at Mar. 31, 2018	$ 6,509	$ (12,713)	2,195	49,719	45,710
Beginning balance, shares at Dec. 31, 2017	17,274	(1,266)
Beginning balance, value at Dec. 31, 2017	$ 6,509	$ (11,812)	2,244	49,649	46,590
Cumulative impact of change in accounting principles, net of tax at Dec. 31, 2017
Net loss					(274)
Ending balance, shares at Sep. 30, 2018	17,274	(1,436)
Ending balance, value at Sep. 30, 2018	$ 6,509	$ (12,918)	2,211	49,375	45,177
Beginning balance, shares at Mar. 31, 2018	17,274	(1,381)
Beginning balance, value at Mar. 31, 2018	$ 6,509	$ (12,713)	2,195	49,719	45,710
Cumulative impact of change in accounting principles, net of tax at Mar. 31, 2018
Issuance of common stock in connection with stock-based compensation, shares		6
Issuance of common stock in connection with stock-based compensation, value		$ 52	(17)		35
Treasury stock purchased, shares		(20)
Treasury stock purchased, value		$ (116)			(116)
Stock-based compensation			6		6
Net loss				170	170
Ending balance, shares at Jun. 30, 2018	17,274	(1,395)
Ending balance, value at Jun. 30, 2018	$ 6,509	$ (12,777)	2,184	49,889	45,805
Cumulative impact of change in accounting principles, net of tax at Jun. 30, 2018
Treasury stock purchased, shares		(41)
Treasury stock purchased, value		$ (141)			(141)
Stock-based compensation			27		27
Net loss				(514)	(514)
Ending balance, shares at Sep. 30, 2018	17,274	(1,436)
Ending balance, value at Sep. 30, 2018	$ 6,509	$ (12,918)	2,211	49,375	45,177
Beginning balance, shares at Dec. 31, 2018	17,274	(1,460)
Beginning balance, value at Dec. 31, 2018	$ 6,509	$ (12,970)	2,303	46,563	42,405
Cumulative impact of change in accounting principles, net of tax at Dec. 31, 2018				(53)	(53)
Issuance of common stock in connection with stock-based compensation, shares		41
Issuance of common stock in connection with stock-based compensation, value		$ 351	142		493
Treasury stock purchased, shares		(82)
Treasury stock purchased, value		$ (205)			(205)
Stock-based compensation			218		218
Net loss				(388)	(388)
Ending balance, shares at Mar. 31, 2019	17,274	(1,501)
Ending balance, value at Mar. 31, 2019	$ 6,509	$ (12,824)	2,663	46,122	42,470
Beginning balance, shares at Dec. 31, 2018	17,274	(1,460)
Beginning balance, value at Dec. 31, 2018	$ 6,509	$ (12,970)	2,303	46,563	42,405
Cumulative impact of change in accounting principles, net of tax at Dec. 31, 2018				(53)	(53)
Net loss					(601)
Ending balance, shares at Sep. 30, 2019	17,274	(1,567)
Ending balance, value at Sep. 30, 2019	$ 6,509	$ (12,630)	2,348	45,909	42,136
Beginning balance, shares at Mar. 31, 2019	17,274	(1,501)
Beginning balance, value at Mar. 31, 2019	$ 6,509	$ (12,824)	2,663	46,122	42,470
Cumulative impact of change in accounting principles, net of tax at Mar. 31, 2019
Issuance of common stock in connection with stock-based compensation, shares		62
Issuance of common stock in connection with stock-based compensation, value		$ 527	(548)		(21)
Treasury stock purchased, shares		(74)
Treasury stock purchased, value		$ (180)			(180)
Stock-based compensation			115		115
Net loss				(141)	(141)
Ending balance, shares at Jun. 30, 2019	17,274	(1,513)
Ending balance, value at Jun. 30, 2019	$ 6,509	$ (12,477)	2,230	45,981	42,243
Cumulative impact of change in accounting principles, net of tax at Jun. 30, 2019
Issuance of common stock in connection with stock-based compensation, shares		3
Issuance of common stock in connection with stock-based compensation, value
Treasury stock purchased, shares		(55)
Treasury stock purchased, value		$ (153)			(153)
Stock-based compensation			118		118
Net loss				(72)	(72)
Ending balance, shares at Sep. 30, 2019	17,274	(1,567)
Ending balance, value at Sep. 30, 2019	$ 6,509	$ (12,630)	$ 2,348	$ 45,909	$ 42,136

Document And Entity Information - shares	9 Months Ended
Document And Entity Information - shares	Sep. 30, 2019	Nov. 05, 2019
Document And Entity Information
Entity Registrant Name	Lifeway Foods, Inc.
Entity Central Index Key	0000814586
Document Type	10-Q
Document Period End Date	Sep. 30, 2019
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Is Entity's Reporting Status Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	true
Entity Ex Transition Period	false
Entity Common Stock, Shares Outstanding		15,709,939
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2019
Enitity Interactive Data Current	Yes
Entity Incorporation State County Code	IL
Entity File Number	000-17363

8. Leases (Details Narrative) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
8. Leases (Details Narrative) - USD ($) $ in Thousands	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Leases [Abstract]
Lease expense	$ 187	$ 180	$ 552	$ 555
Weighted average remaining lease term	2 years 9 months 18 days		2 years 9 months 18 days
Weighted average discount rate	5.38%		5.38%
Operating lease cost	$ 145		$ 437

5. Goodwill and Intangible Assets (Details - Indefinite assets) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Gross goodwill	$ 10,368	$ 10,368
Accumulated impairment loss	(1,244)	(1,244)
Goodwill	9,124	9,124
Brand names	3,700	3,700
Goodwill & indefinite lived intangible assets	$ 12,824	$ 12,824

8. Leases (Details) $ in Thousands	Sep. 30, 2019 USD ($)
Leases [Abstract]
Three months ended December 31, 2019	$ 144
2020	303
2021	227
2022	190
2023	71
Thereafter	7
Total Lease payments	942
Less: Interest	(61)
Present value of lease liabilities	$ 881