0001019687-12-004044.txt : 20121114 0001019687-12-004044.hdr.sgml : 20121114 20121114142344 ACCESSION NUMBER: 0001019687-12-004044 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 11 CONFORMED PERIOD OF REPORT: 20120930 FILED AS OF DATE: 20121114 DATE AS OF CHANGE: 20121114 FILER: COMPANY DATA: COMPANY CONFORMED NAME: REEDS INC CENTRAL INDEX KEY: 0001140215 STANDARD INDUSTRIAL CLASSIFICATION: BOTTLED & CANNED SOFT DRINKS CARBONATED WATERS [2086] IRS NUMBER: 352177773 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-32501 FILM NUMBER: 121203310 BUSINESS ADDRESS: STREET 1: 13000 SOUTH SPRING STREET CITY: LOS ANGELES STATE: CA ZIP: 90061 BUSINESS PHONE: 310-217-9400 MAIL ADDRESS: STREET 1: 13000 SOUTH SPRING STREET CITY: LOS ANGELES STATE: CA ZIP: 90061 FORMER COMPANY: FORMER CONFORMED NAME: ORIGINAL BEVERAGE CORP / DATE OF NAME CHANGE: 20010508 10-Q 1 reeds_10q-093012.htm QUARTERLY REPORT 09/30/12

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

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

For the quarterly period ended September 30, 2012

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

For the transition period from ___________ to ___________

Commission file number

Commission file number: 001-32501

REED'S INC.

(Exact name of registrant as specified in its charter)

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

13000 South Spring St. Los Angeles, Ca. 90061

(Address of principal executive offices) (Zip Code)

(310) 217-9400

(Registrant's telephone number, including area code)

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

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

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

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

Large Accelerated filer £		Accelerated filer £
Non-accelerated filer £		Smaller reporting company S

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

Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date: There were a total of 11,982,845 shares of Common Stock outstanding as of November 6, 2012.

Special Note Regarding Forward-Looking Statements

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

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

TABLE OF CONTENTS

	Page

PART I – FINANCIAL INFORMATION	4

Item 1. Condensed Financial Statements	4

Condensed Balance Sheets - September 30, 2012 (unaudited) and December 31, 2011	4

Condensed Statements of Operations for the three and nine month periods ended September 30, 2012 and 2011 (unaudited)	5

Condensed Statement of Changes in Stockholders’ Equity for the nine month period ended September 30, 2012 (unaudited)	6

Condensed Statements of Cash Flows for the nine month periods ended September 30, 2012 and 2011 (unaudited)	7

Notes to Condensed Financial Statements (unaudited)	8

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations	15

Item 3. Quantitative and Qualitative Disclosures About Market Risk	21

Item 4. Controls and Procedures	21

PART II – OTHER INFORMATION

Item 1. Legal Proceedings	22

Item 1A. Risk Factors	22

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	22

Item 3. Defaults Upon Senior Securities	22

Item 4. Mine Safety Disclosures	22

Item 5. Other Information	22

Item 6. Exhibits	23

Part I – FINANCIAL INFORMATION

Item 1. Financial Statements

REED’S, INC.

CONDENSED BALANCE SHEETS

	September 30, 2012			December 31, 2011
	(unaudited)
ASSETS
Current assets:
Cash	$	1,429,000		$	713,000
Inventory		5,963,000			6,099,000
Trade accounts receivable, net of allowance for doubtful accounts and returns and discounts of $200,000 and $135,000, respectively		2,899,000			1,626,000
Prepaid inventory		314,000			168,000
Prepaid and other current assets		159,000			123,000
Total Current Assets		10,764,000			8,729,000

Property and equipment, net of accumulated depreciation of $2,199,000 and $1,739,000, respectively		3,385,000			3,512,000
Brand names		1,029,000			1,029,000
Deferred financing fees, net of amortization of $78,000 and $50,000, respectively		32,000			85,000
Total assets	$	15,210,000		$	13,355,000

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Accounts payable	$	3,354,000		$	2,310,000
Accrued expenses		204,000			196,000
Dividends payable		71,000			83,000
Recycling fees payable		21,000			111,000
Line of credit		3,574,000			3,095,000
Current portion of long term financing obligation		85,000			71,000
Current portion of capital leases payable		64,000			56,000
Current portion of term loan		170,000			152,000
Total current liabilities		7,543,000			6,074,000

Long term financing obligation, less current portion, net of discount of $589,000 and $626,000, respectively		2,219,000			2,247,000
Capital leases payable, less current portion		104,000			153,000
Term loan, less current portion		445,000			576,000
Total Liabilities		10,311,000			9,050,000

Commitments and Contingencies

Stockholders’ equity:
Series A Convertible Preferred stock, $10 par value, 500,000 shares authorized, 25,411 and 46,621 shares issued and outstanding, respectively		254,000			466,000
Series B Convertible Preferred stock, $10 par value, 500,000 shares authorized, 48,985 and 80,415 shares issued and outstanding, respectively		490,000			804,000
Common stock, $.0001 par value, 19,500,000 shares authorized, 11,821,319 and 10,885,833 shares issued and outstanding, respectively		1,000			1,000
Additional paid in capital		23,741,000			22,924,000
Accumulated deficit		(19,587,000	)		(19,890,000	)
Total stockholders’ equity		4,899,000			4,305,000
Total liabilities and stockholders’ equity	$	15,210,000		$	13,355,000

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

REED’S, INC.

CONDENSED STATEMENTS OF OPERATIONS

For the Three and Nine Months Ended September 30, 2012 and 2011

(Unaudited)

	Three months ended September 30,						Nine months ended September 30,
	2012			2011			2012			2011
Sales	$	7,888,000		$	6,400,000		$	22,258,000		$	17,731,000
Cost of tangible goods sold		4,810,000			3,970,000			13,691,000			11,053,000
Cost of goods sold – idle capacity		621,000			405,000			1,428,000			1,300,000

Gross profit		2,457,000			2,025,000			7,139,000			5,378,000

Operating expenses:
Delivery and handling expenses		763,000			587,000			1,827,000			1,519,000
Selling and marketing expense		818,000			570,000			2,239,000			1,751,000
General and administrative expense		693,000			867,000			2,238,000			2,198,000
Total operating expenses		2,274,000			2,024,000			6,304,000			5,468,000

Income (loss) from operations		183,000			1,000			835,000			(90,000	)

Interest expense		(161,000	)		(175,000	)		(493,000	)		(504,000	)

Net income (loss)		22,000			(174,000	)		342,000			(594,000	)

Preferred stock dividends		(8,000	)		(11,000	)		(39,000	)		(55,000	)
Net income (loss) attributable to common stockholders	$	14,000		$	(185,000	)	$	303,000		$	(649,000	)

Income (loss) per share available to common stockholders, basic		–		$	(0.02	)	$	0.03		$	(0.06	)
Weighted average number of shares outstanding - basic		11,501,152			10,835,858			11,155,860			10,758,529
Income (loss) per share available to common stockholders, diluted		–		$	(0.02	)	$	0.03		$	(0.06	)
Weighted average number of shares outstanding - diluted		12,288,503			10,835,858			11,706,186			10,758,529

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

REED’S, INC.

CONDENSED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY

For the Nine Months Ended September 30, 2012

(unaudited)

	Common Stock				Series A Preferred Stock						Series B Preferred Stock						Additional Paid-In		Accumulated			Total Stockholders'
	Shares		Amount		Shares			Amount			Shares			Amount			Capital		Deficit			Equity
Balance, December 31, 2011		10,885,833	$	1,000		46,621		$	466,000			80,415		$	804,000		$	22,924,000	$	(19,890,000	)	$	4,305,000
Fair Value of common stock issued for services		14,965		–		–			–			–			–			23,000		–			23,000
Proceeds from exercise of stock options		206,484		–		–			–			–			–			30,000		–			30,000
Proceeds from exercise of warrants		380,327		–		–			–			–			–			105,000		–			105,000
Common stock issued upon conversion of Series A preferred stock		84,840		–		(21,210	)		(212,000	)		–			–			212,000		–			–
Common stock issued upon conversion of Series B preferred stock		220,010		–		–			–			(31,430	)		(314,000	)		314,000		–			–
Fair value vesting of options issued to employees		–		–		–			–			–			–			81,000		–			81,000
Common stock paid for Series A preferred stock dividend		4,760		–		–			–			–			–			16,000		(16,000	)		–
Series B preferred stock dividend		–		–		–			–			–			–			–		(23,000	)		(23,000	)
Common stock paid for Series B preferred stock dividend		24,100		–		–			–			–			–			36,000		–			36,000
Net income		–		–		–			–			–			–			–		342,000			342,000
Balance, September 30, 2012		11,821,319	$	1,000		25,411		$	254,000			48,985		$	490,000		$	23,741,000	$	(19,587,000	)	$	4,899,000

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

REED’S, INC.

CONDENSED STATEMENTS OF CASH FLOWS

For the Nine Months Ended September 30, 2012 and 2011

(Unaudited)

	Nine Months Ended September 30,
	2012			2011
Cash flows from operating activities:
Net income (loss)	$	342,000		$	(594,000	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization		556,000			472,000
Fair value of stock options issued to employees		81,000			147,000
Fair value of warrants issued for services		–			42,000
Fair value of common stock issued for services and bonus		23,000			107,000
Increase in allowance for doubtful accounts		65,000			30,000
Changes in assets and liabilities:
Accounts receivable		(1,338,000	)		(899,000	)
Inventory		136,000			(1,566,000	)
Prepaid expenses and inventory and other current assets		(182,000	)		(253,000	)
Accounts payable		1,044,000			1,156,000
Accrued expenses		9,000			15,000
Recycling fees payable		(90,000	)		(178,000	)
Net cash provided by (used in) operating activities		646,000			(1,521,000	)
Cash flows from investing activities:
Purchase of property and equipment		(334,000	)		(297,000	)
Net cash used in investing activities		(334,000	)		(297,000	)
Cash flows from financing activities:
Proceeds from issuance of common stock, net of offering costs		–			672,000
Proceeds from stock option and warrant exercises		135,000			25,000
Principal repayments on long term financing obligation		(52,000	)		(39,000	)
Principal repayments on capital lease obligation		(41,000	)		(30,000	)
Payment of deferred finance fees		(4,000	)		(20,000	)
Principal repayments on notes payable		(113,000	)		(71,000	)
Net (repayment) borrowing on line of credit		479,000			751,000
Net cash (used) provided by financing activities		404,000			1,288,000
Net increase in cash		716,000			(530,000	)
Cash at beginning of period		713,000			1,084,000
Cash at end of period	$	1,429,000		$	554,000

Supplemental disclosures of cash flow information:
Cash paid during the period for:
Interest	$	493,000		$	449,000
Non cash investing and financing activities:
Series A Preferred stock converted to common stock	$	212,000			–
Series B Preferred stock converted to common stock	$	314,000		$	54,000
Dividends payable in common stock	$	52,000		$	55,000
Common stock issued in settlement of Series A and B preferred stock dividend	$	39,000		$	3,000
Property and equipment acquired through capital lease	$	–		$	67,000
Common stock issued for deferred finance fees	$	–		$	15,000

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

REED’S, INC.

NOTES TO CONDENSED FINANCIAL STATEMENTS

Three and Nine Months Ended September 30, 2012 and 2011 (UNAUDITED)

1. Basis of Presentation

The accompanying interim condensed financial statements are unaudited, but in the opinion of management of Reeds, Inc. (the "Company"), contain all adjustments, which include normal recurring adjustments necessary to present fairly the financial position at September 30, 2012 and the results of operations and cash flows for the nine months ended September 30, 2012 and 2011. The balance sheet as of December 31, 2011 is derived from the Company’s audited financial statements.

Certain information and footnote disclosures normally included in financial statements that have been prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission, although management of the Company believes that the disclosures contained in these condensed financial statements are adequate to make the information presented herein not misleading. For further information, refer to the financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K, as filed with the Securities and Exchange Commission on March 22, 2012.

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

The results of operations for the nine months ended September 30, 2012 are not necessarily indicative of the results of operations to be expected for the full fiscal year ending December 31, 2012.

Income (Loss) per Common Share

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

For the three and nine months ended September 30, 2012 the calculations of diluted earnings per share included stock options and warrants, calculated under the treasury method, and excluded preferred stock since the effect was antidilutive. For the three and nine months ended September 30, 2011 the calculations of basic and diluted loss per share are the same. The calculation of weighted average shares outstanding – diluted is as follows:

	Three months ended					Nine months ended
	September 30,					September 30,
	2012		2011			2012		2011
Net income (loss) attributable to common stockholders	$	14,000	$	(185,000	)	$	303,000	$	(649,000	)

Denominator:
Weighted average shares outstanding - basic		11,501,152		10,835,858			11,155,860		10,758,529
Effect of dilutive instruments:
Warrants and options		787,351		–			550,326		–
Weighted average shares outstanding-diluted		12,288,503		10,835,858			11,706,186		10,758,529

At September 30, 2012, the Company had potentially dilutive securities that consisted of:

	September 30,		September 30,
	2012		2011
Warrants		361,916		2,394,370
Options		778,667		895,000
Series A Preferred Stock		101,644		186,484
Series B Preferred Stock		342,895		562,905
Total		1,585,122		4,038,759

Recent Accounting Pronouncements

In May 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (ASU) No. 2011-04, “Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs”. ASU No. 2011-4 does not require additional fair value measurements and is not intended to establish valuation standards or affect valuation practices outside of financial reporting. The ASU is effective for interim and annual periods beginning after December 15, 2011. The Company adopted ASU No. 2011-04 effective January 1, 2012 and it did not affect the Company’s results of operations, financial condition or liquidity.

In June 2011, the FASB issued ASU No. 2011-05, “Presentation of Comprehensive Income”. The ASU eliminates the option to present the components of other comprehensive income as part of the statement of changes in shareholders’ equity, and instead requires consecutive presentation of the statement of net income and other comprehensive income either in a continuous statement of comprehensive income or in two separate but consecutive statements. ASU No. 2011-5 is effective for interim and annual periods beginning after December 15, 2011. The Company adopted ASU 2011-05 effective January 1, 2012 and it did not affect the Company’s results of operations, financial condition or liquidity.

In September 2011, the FASB issued ASU 2011-08, “Testing Goodwill for Impairment”, an update to existing guidance on the assessment of goodwill impairment. This update simplifies the assessment of goodwill for impairment by allowing companies to consider qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount before performing the two step impairment review process. It also amends the examples of events or circumstances that would be considered in a goodwill impairment evaluation. The amendments are effective for annual and interim goodwill impairment tests performed for fiscal years beginning after December 15, 2011. The Company adopted ASU 2011-08 effective January 1, 2012. We do not believe that the adoption of this new accounting guidance will have a significant effect on our goodwill impairment assessments in the future.

In December 2011, the FASB issued ASU No. 2011-11, “Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities.” This ASU requires an entity to disclose information about offsetting and related arrangements to enable users of its financial statements to understand the effect of those arrangements on its financial position. ASU No. 2011-11 will be applied retrospectively and is effective for annual and interim reporting periods beginning on or after January 1, 2013. The Company does not expect adoption of this standard to have a material impact on its results of operations, financial condition, or liquidity.

Other recent accounting pronouncements issued by the FASB (including its Emerging Issues Task Force), the AICPA, and the Securities Exchange Commission (the "SEC") did not or are not believed by management to have a material impact on the Company's present or future financial statements.

Concentrations

The Company’s cash balances on deposit with banks are guaranteed by the Federal Deposit Insurance Corporation up to $250,000. The Company may be exposed to risk for the amounts of funds held in one bank in excess of the insurance limit. In assessing the risk, the Company’s policy is to maintain cash balances with high quality financial institutions. The Company had cash balances in excess of the guarantee during the three and nine months ended September 30, 2012.

During the three months ended September 30, 2012 and 2011, the Company had two customers, which accounted for approximately 30% and 11% of sales in 2012, and 28% and 12% of sales in 2011, respectively. During the nine months ended September 30, 2012 and 2011, the Company had two customers, which accounted for approximately 31% and 11% of sales in 2012, and 29% and 12% of sales in 2011, respectively. No other customers accounted for more than 10% of sales in either year. As of September 30, 2012, the Company had accounts receivable due from a customer who comprised $1,033,000 (33%) of its total accounts receivable and as of December 31, 2011 the Company had accounts receivable due from two customers who comprised $475,000 (27%), and $264,000 (15%), respectively, of its total accounts receivable.

Advertising

Advertising costs are expensed as incurred. For the three months ended September 30, 2012 and 2011, advertising costs were $48,000 and $2,000, respectively, and for the nine months ended September 30, 2012 and 2011, advertising costs were $73,000 and $24,000, respectively

Fair Value of Financial Instruments

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

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

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

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

The Company had no such assets or liabilities recorded to be valued on the basis above at September 30, 2012 or December 31, 2011.

2. Inventory

Inventory consists of the following as of:

	September 30, 2012		December 31, 2011
	(unaudited)
Raw Materials and packaging	$	3,817,000	$	3,538,000
Finished Goods		2,146,000		2,561,000
	$	5,963,000	$	6,099,000

3. Property and Equipment

Property and equipment are comprised of the following as of:

	September 30, 2012			December 31, 2011
	(unaudited)
Land	$	1,108,000		$	1,108,000
Building		1,737,000			1,708,000
Vehicles		320,000			320,000
Machinery and equipment		1,996,000			1,702,000
Office equipment		423,000			413,000
		5,584,000			5,251,000
Accumulated depreciation		(2,199,000	)		(1,739,000	)
	$	3,385,000		$	3,512,000

Machinery and equipment at September 30, 2012 and December 31, 2011 includes equipment held under capital leases of $294,000. Accumulated depreciation on equipment held under capital leases was $138,000 and $104,000 at September 30, 2012 and December 31, 2011, respectively.

4. Line of Credit

On May 11, 2012, the Company’s revolving line of credit was increased from $3,000,000 to $4,000,000. At September 30, 2012 and December 31, 2011, the aggregate amount outstanding under the line of credit was $3,574,000 and $3,095,000 respectively, and the Company had approximately $332,000 of availability on this line of credit at September 30, 2012. The interest rate on the revolving line of credit is at the prime rate plus 3.75% (7% at September 30, 2012) The line of credit is based on 85% of eligible accounts receivable and 50% of eligible inventory. The line of credit expires on November 7, 2013 and is secured by substantially all of the Company’s assets.

5. Term Loan

	September 30, 2012			December 31, 2011
	(unaudited)
Term loan	$	615,000		$	728,000
Less current portion		(170,000	)		(152,000	)
Long term debt	$	445,000		$	576,000

The term loan bears interest at the prime rate plus 11.6%, which shall not be below 14.85%, is secured by all of the unencumbered assets of the Company, and is to be repaid in 48 equal installments of principal and interest of $21,000.

6. Long-term Financing Obligation

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

In connection with the financing obligation, the Company issued an aggregate of 400,000 warrants to purchase its common stock at $1.20 per share for five years. The 400,000 warrants were valued at $752,000 and reflected as a debt discount, using the Black Scholes option pricing model. The following assumptions were utilized in valuing the 400,000 warrants: strike price of $2.10 to $2.25; term of 5 years; volatility of 91.36% to 110.9%; expected dividends 0%; and discount rate of 2.15% to 2.20%. The 400,000 warrants were recorded as valuation discount and are being amortized over 15 years, the term of the purchase option. Amortization of valuation discount during the nine months ended September 30, 2012 and 2011 was $38,000 and $38,000, respectively.

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

	September 30, 2012			December 31, 2011
	(unaudited)
Financing obligation	$	2,893,000		$	2,944,000
Valuation discount		(589,000	)		(626,000	)
		2,304,000			2,318,000
Less current portion		(85,000	)		(71,000	)
Long term financing obligation	$	2,219,000		$	2,247,000

7. Stockholders’ Equity

Preferred Stock

Dividends on the Series A Preferred stock in the amount of $16,000 were paid on July 24, 2012 by issuing 4,760 shares of common stock. During the nine months ended September 30, 2012, 21,210 shares of Series A Convertible Preferred Stock were converted into 84,840 shares of common stock, in accordance with the original certificate of designation

Dividends accrue quarterly on the Series B Convertible Preferred shares outstanding at the end of the quarter. During the nine months ended September 30, 2012, the Company accrued dividends of $23,000. Dividends have been paid in common stock at the time of conversion of the Series B Convertible Preferred Stock into common stock. During the nine months ended September 30, 2012, 31,430 shares of Series B Convertible Preferred Stock were converted into 220,010 shares of common stock, in accordance with the original certificate of designation, and $36,000 of accrued dividends were paid on conversion, through the issuance of 24,100 shares of common stock.

Common Stock

During the nine months ended September 30, 2012, the Company issued 14,965 shares of common stock for services at prices ranging from $1.13 to $2.17 per share with a value of $23,000 for services rendered.

8. Stock Based Compensation

Stock Options

During the nine months ended September 30, 2012, the Company issued 10,000 incentive stock options at the market price of $1.85 per share. Total stock-based compensation recognized on the Company’s statement of operations for the three and nine months ended September 30, 2012 was $26,000 and $81,000, respectively, as compared to 2011 expense of $44,000 and $147,000, respectively. As of September 30, 2012, the aggregate value of unvested options was $127,000, which will vest over an average period of two or three years. There were 241,667 stock options exercised in the nine months ended September 30, 2012 at exercise prices between $0.75 and $2.43. The Company received $30,000 for 40,000 of such exercises and allowed cash-less exercise of 201,667 of such options and issued 166,484 shares of common stock.

Stock options granted under our equity incentive plans generally vest over 2 to 3 years from the date of grant, 1/2 and 1/3 per year, respectively; and expire 5 years from the date of grant. The following table summarizes stock option activity for the nine months ended September 30, 2012:

	Shares			Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Terms (Years)		Aggregate Intrinsic Value
Outstanding at December 31, 2011		1,172,000		$	1.55
Granted		10,000		$	1.85
Exercised		(241,667	)	$	0.95
Forfeited or expired		(161,666	)	$	3.81
Outstanding at September 30, 2012		778,667		$	1.26		3.9	$	3,821,000
Exercisable at September 30, 2012		441,999		$	1.14		4.0	$	2,222,000

The aggregate intrinsic value was calculated as the difference between the market price and the exercise price of the Company’s common stock, which was $6.17 as of September 30, 2012.

The following table summarizes information about stock options at September 30, 2012:

	Options Outstanding at September 30, 2012					Options Exercisable at September 30, 2012
Range of Exercise Price	Number of Shares Outstanding		Weighted Average Remaining Contractual Life (years)	Weighted Average Exercise Price		Number of Shares Exercisable		Weighted Average Exercise Price

$0.01 - $1.99		643,667	4.1	$	1.09		390,333	$	1.02
$2.00 - $4.99		135,000	3.2	$	2.09		51,666	$	2.06
$5.00 - $6.99		–	–		–		–		–
$7.00 - $8.50		–	–		–		–		–
		778,667					441,999

Stock Warrants

During the nine months ended September 30, 2012, 529,959 warrants were exercised at prices from $1.20 to $3.08. The Company received $105,000 in cash and issued 380,327 shares of common stock. During the same nine month period, 1,114,995 warrants expired bearing exercise prices of $1.35 and $7.50. The following table summarizes stock warrant activity for the nine months ended September 30, 2012:

	Shares			Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Terms (Years)		Aggregate Intrinsic Value
Outstanding at December 31, 2011		2,006,870		$	4.32
Granted		–			–
Exercised		(529,959	)	$	1.54
Forfeited or expired		(1,114,995	)	$	6.26
Outstanding at September 30, 2012		361,916		$	2.41		2.9	$	1,359,000
Exercisable at September 30, 2012		361,916		$	2.41		2.9	$	1,359,000

The intrinsic value was calculated as the difference between the market price and the exercise price of the Company’s common stock, which was $6.17 as of September 30, 2012.

9. Income Taxes

For the three and nine months ended September 30, 2012, net income was $22,000 and $342,000, respectively, and our provision for income taxes was zero. We made no provision for income taxes due to our utilization of federal net operating loss carryforwards to offset both regular taxable income and alternative minimum taxable income. For the three and nine months ended September 30, 2011, net loss was ($174,000) and ($594,000), respectively and no income tax provision was recorded.

In accordance with Accounting Standards Codification (“ASC”) 740-10, Income Taxes, the Company evaluates its deferred tax assets to determine if a valuation allowance is required based on the consideration of all available evidence using a “more likely than not” standard, with significant weight being given to evidence that can be objectively verified. This assessment considers, among other matters, the nature, frequency and severity of current and cumulative losses, forecasts of future profitability; the length of statutory carryover periods for operating losses and tax credit carryovers; and available tax planning alternatives. Our deferred tax assets are composed primarily of U.S. federal net operating loss carryforwards. Based on available objective evidence, management believes it is more likely than not that these deferred tax assets are not recognizable and will not be recognizable until its determined that we have sufficient taxable income. Under ASC 740-10, we may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. ASC 740-10 also provides guidance on de-recognition, classification, interest and penalties on income taxes, accounting in interim periods, and disclosures. As of September 30, 2012 or 2011, the Company does not have a liability for unrecognized tax uncertainties.

The following table reconciles the U.S. statutory rates to the Company's effective tax rate for the:

	Three months ended September 30 (unaudited)				Nine months ended September 30 (unaudited)
	2012		2011		2012		2011
U.S. statutory rate		34%		(34)%		34%		(34)%
State tax net of federal benefit		5%		(5)%		5%		(5)%
Benefit of net operating loss carryforward		(39)%		–		(39)%		–
Valuation allowance		–		39%		–		39%
Effective tax rate		-%		-%		-%		-%

10. Subsequent Events

During the period October 1, 2012 and November 6, 2012, options for the purchase of 156,667 shares of common stock were exercised at prices between $0.75 and $1.34 per share, and 131,936 shares of common stock were issued in cash-less exercise transactions. During the same period, 14,422 shares of common stock were issued in exercise of the same quantity of warrants at prices of $1.79 per share and $3.075 per share.

During the period October 1, 2012 and November 6, 2012, 1,908 shares of Series B preferred stock were converted into 15,168 shares of common stock, which includes dividends paid of $3,000.

On October 17, 2012, the Loan and Security Agreement with PMC Financial Services Group was amended to allow additional borrowing of up to $250,000 secured by additional plant equipment purchases. The equipment loan bears interest at the prime rate plus 11.6%, which shall not be below 14.85%, and is secured by the equipment purchased. The Company purchased $48,000 of equipment under this loan facility.

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

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

Overview

Our third quarter results reflect our continued sales growth in all products and regions. We have begun the rollout of our new kombucha line, which we feel will become a significant component of our 2013 revenues. Our kombucha rollout has included promotional discounts and, more importantly, higher plant production costs as we refine our methods of producing this high quality product. Such discounts and costs will continue in the fourth quarter 2012, however, we believe that the kombucha product line will ultimately produce higher margins than our other branded products in 2013. We consider this investment to be economical when compared to the costs that another company would incur to either acquire or develop a similar product.

Overall, we are investing in promotions at a higher rate than last year and we feel that this has helped lift our sales volumes without margin erosion. Our promotions have generally been at the grocer level, along with incentives for our dealers to favor our products in their sales efforts.

We are currently into our “busy season” with our private label production and sales, and we have several new significant private label products about to roll-out. Our Los Angeles plant capacity is increasing dramatically as we continue to add key equipment and implement new processes.

We believe that our fourth quarter will show favorable trends in all areas of our business and that our fiscal 2012 year will prove to be a turning point for the Company, as we focus on profitable operations along with investments in revenue enhancement activities that will accelerate our growth at the same time.

Results of Operations

Three months ended September 30, 2012 Compared to Three months ended September 30, 2011

Sales

Sales of $7,888,000 for the three months ended September 30, 2012 represented an increase of 23% from $6,400,000 in the prior year same period. Sales growth was driven primarily by continued increases in sales volume in our branded products as we expand our distribution networks. We have been steadily adding distributors and expanding our product offerings to existing customers. Increases in private label sales also contributed to our overall sales increases, with private label revenues contributing approximately 15% of overall sales in the quarter ended September 30, 2012, as compared to approximately 9% in 2011.

Cost of Tangible Goods Sold

Cost of tangible goods sold consists of the costs of raw materials utilized in the manufacture of products, co-packing fees, repacking fees, in-bound freight charges, as well as certain internal transfer costs. Our costs of tangible goods sold of $4,810,000 for the three months ended September 30, 2012 represents a slight decrease in per unit costs, as compared to the 2011 same period. We have reduced certain copack related fees and have negotiated decreases in certain raw ingredients pricing, resulting in an overall decrease in our per-unit costs of our core 12-ounce beverages of approximately 1% in 2012, as compared to 2011.

Cost of Goods Sold – Idle Capacity

Cost of goods sold – idle capacity consists of direct production costs of our Los Angeles plant in excess of charges allocated to our finished goods in production. Plant costs include labor costs, production supplies, repairs and maintenance, and inventory write-off. Our charges for labor and overhead allocated to our finished goods are determined on a market cost basis, which is lower than our actual costs incurred. Plant costs in excess of production allocations are expensed in the period incurred rather than added to the cost of finished goods produced. Idle capacity expenses increased to $621,000 in the three months ended September 30, 2012, from $405,000 in 2011. The increase is primarily due to unabsorbed startup costs relating to our kombucha roll-out production in our Los Angeles plant. As we refine our production methods, we feel that these costs will reduce in the future. Our Los Angeles plant production has increased by over 20% in the third quarter, as compared to 2011.

Gross Profit

Our gross profit of $2,457,000 in the three months ended September 30, 2012 represents an increase of $432,000, or 21% from 2011. As a percentage of sales, our gross profit decreased to 31% in 2012 as compared to 32% in 2011. The decrease is primarily due to the negative impact of our plant idle capacity on our gross profit percentage, mitigated by lower costs of tangible goods sold and sales volume increases.

Delivery and Handling Expenses

Delivery and handling expenses consist of delivery costs to customers and warehouse costs incurred for handling our finished goods after production. Delivery costs increased by 30% in the three months ended September 30, 2012 to $763,000 from $587,000 in 2011. The increase is generally consistent with our increase in sales volume, along with higher shipping costs for cold storage products sold in 2012, namely kombucha.

Selling and marketing expenses

Selling and marketing expenses consist primarily of direct charges for staff compensation costs, advertising, sales promotion, marketing and trade shows. Selling and marketing costs increased overall to $818,000 in the three months ended September 30, 2012 from $570,000 in 2011. The $248,000 increase is primarily due to increased trade show and advertising costs of $145,000, increased compensation and travel costs of $119,000; offset by a decrease in delivery and facilities related costs of $27,000. We have provided new promotional incentives to several of our distributors and have experienced positive results. We are increasing our sales staff in a conservative manner as our sales territories continue to grow.

General and Administrative Expenses

General and administrative expenses consist primarily of the cost of executive, administrative, and finance personnel, as well as professional fees. General and administrative expenses decreased to $693,000 during the three months ended September 30, 2012 from $867,000 in the same period of 2011. In the 2011 third quarter, we incurred legal costs of approximately $200,000 that did not recur in the 2012 third quarter. Compensation costs decreased in the 2012 three month period by $58,000. Professional and consulting costs increased by $29,000 in the 2012 third quarter, facilities costs increased by $45,000, and depreciation costs increased by $9,000.

We believe that our existing executive and administrative staffing levels are sufficient to allow for moderate growth without the need to add personnel and related costs for the foreseeable future.

Income/Loss from Operations

Our income from operations of $183,000 in the three months ended September 30, 2012 represents an improvement of $182,000 from the income of $1,000 in the same period of 2011.

Interest Expense

Interest expense decreased to $161,000 in the three months ended September 30, 2012, compared to interest expense of $175,000 in the same period of 2011. The decrease is primarily due to a lower rate of interest charged on our revolving line of credit than in 2011.

Modified EBITDA

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

MODIFIED EBITDA SCHEDULE

	Three Months Ended September 30,
	2012		2011
Net income (loss)	$	22,000	$	(174,000	)

Modified EBITDA adjustments:
Depreciation and amortization		184,000		164,000
Interest expense		161,000		175,000
Stock option compensation		26,000		59,000
Other stock compensation for services		2,000		45,000
Total EBITDA adjustments		373,000		443,000

Modified EBITDA income from operations	$	395,000	$	269,000

Nine months ended September 30, 2012 Compared to Nine months ended September 30, 2011

Sales

Sales of $22,258,000 for the nine months ended September 30, 2012 represented an increase of 26% from $17,731,000 in the prior year same period. Sales growth was driven primarily by continued increases in sales volume in our branded products as we expand our distribution networks. We have been steadily adding distributors and expanding our product offerings to existing customers. Increases in private label sales also contributed to our overall sales increases, with private label revenues contributing approximately 14% of overall sales in the quarter ended September 30, 2012, as compared to approximately 9% in 2011.

Cost of Tangible Goods Sold

Cost of Goods Sold – Idle Capacity

Cost of goods sold – idle capacity consists of direct production costs of our Los Angeles plant in excess of charges allocated to our finished goods in production. Plant costs include labor costs, production supplies, repairs and maintenance, and inventory write-off. Our charges for labor and overhead allocated to our finished goods are determined on a market cost basis, which is lower than our actual costs incurred. Plant costs in excess of production allocations are expensed in the period incurred rather than added to the cost of finished goods produced. Idle capacity expenses increased to $1,428,000 in the nine months ended September 30, 2012, from $1,300,000 in 2011. The increase is primarily due to unabsorbed startup costs relating to our kombucha roll-out production during the quarter ended September 30, 2012 in our Los Angeles plant. As we refine our production methods, we feel that these costs will reduce in the future.

Gross Profit

Our gross profit of $7,139,000 in the nine months ended September 30, 2012 represents an increase of 33% from 2011. As a percentage of sales, our gross profit increased to 32% in 2012 as compared to 30% in 2011. The improved gross profit percentage is primarily due to lower costs of goods sold, as described above, along with selected price increases. Additionally, the negative impact of our plant idle capacity on our gross profit percentage is lower as our sales volume increases.

Delivery and Handling Expenses

Delivery and handling expenses consist of delivery costs to customers and warehouse costs incurred for handling our finished goods after production. Delivery costs increased by 20% in the nine months ended September 30, 2012 to $1,827,000 from $1,519,000 in 2011. The increase is generally consistent with our increase in sales volume.

Selling and marketing expenses

General and Administrative Expenses

General and administrative expenses consist primarily of the cost of executive, administrative, and finance personnel, as well as professional fees. General and administrative expenses increased to $2,238,000 during the nine months ended September 30, 2012 from $2,198,000 in the same period of 2011. In the 2011 nine month period, we incurred legal costs of approximately $245,000 that did not recur in the 2012 period. Compensation costs decreased in the 2012 nine month period by $118,000. Professional and consulting costs increased by $116,000 in the 2012 nine month period, facilities costs increased by $116,000, and depreciation costs increased by $45,000.

We believe that our existing executive and administrative staffing levels are sufficient to allow for moderate growth without the need to add personnel and related costs for the foreseeable future.

Income/Loss from Operations

Our income from operations of $835,000 in the nine months ended September 30, 2012 represents an improvement of $925,000 from the loss of $90,000 in the same period of 2011.

Interest Expense

Interest expense decreased to $493,000 in the nine months ended September 30, 2012, compared to interest expense of $504,000 in the same period of 2011. The decrease is primarily due to lower rate of interest charged on our revolving line of credit in 2012 than in 2011, partially offset by interest charged on higher borrowings in 2012 than in 2011.

Modified EBITDA

MODIFIED EBITDA SCHEDULE

	Nine Months Ended September 30,
	2012		2011
Net income (loss)	$	342,000	$	(594,000	)

Modified EBITDA adjustments:
Depreciation and amortization		556,000		472,000
Interest expense		493,000		504,000
Stock option compensation		81,000		189,000
Other stock compensation for services		23,000		123,000
Total EBITDA adjustments		1,153,000		1,288,000

Modified EBITDA income from operations	$	1,495,000	$	694,000

Liquidity and Capital Resources

As of September 30, 2012, we had stockholders equity of $4,899,000 and we had working capital of $3,221,000, compared to stockholders equity of $4,305,000 and working capital of $2,655,000 at December 31, 2011. Cash and cash equivalents were $1,429,000 as of September 30, 2012, as compared to $713,000 at December 31, 2011.

Our increase in cash and cash equivalents to $1,429,000 at September 30, 2012 was primarily a result of profitable operations and decreases in inventory. During the nine months ended September 30, 2012, we invested $334,000 in plant improvements. We are upgrading the facilities as well as adding new equipment to our production line that will increase our flexibility in product offerings and increase our plant performance. We also received $135,000 from the exercise of stock options and warrants.

Our Loan and Security Agreement with PMC Financial Services Group, LLC provides a $4 million revolving line of credit and a $750,000 term loan. The revolving line of credit is based on 85% of eligible accounts receivable and 50% of eligible inventory. The interest rate on the revolving line of credit is at the prime rate plus 3.75% (7% at September 30, 2012). The term loan is for $750,000 and bears interest at the prime rate plus 11.6%, which shall not be below 14.85%, is secured by all of the unencumbered assets of the Company, and is to be repaid in 48 equal installments of principal and interest of $21,000. We feel that this loan facility is adequate for our current business plans.

We believe that the Company currently has the necessary working capital to support existing operations through 2012. Our primary capital source will be cash flow from operations. If our sales goals do not materialize as planned, we believe that the Company can become leaner and our costs can be managed to produce profitable operations. Historically, we have financed our operations primarily through private sales of common stock, preferred stock, convertible debt, a line of credit from a financial institution, and cash generated from operations.

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

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

Critical Accounting Policies and Estimates

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

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

Cost of Tangible Goods Sold - Cost of tangible goods sold consists of the costs of raw materials utilized in the manufacture of products, co-packing fees, repacking fees, in-bound freight charges, as well as certain internal transfer costs. Raw materials account for the largest portion of the cost of sales. Raw materials include cans, bottles, other containers, ingredients and packaging materials.

Cost of goods sold – Idle Capacity - Cost of goods sold – idle capacity consists of direct production costs in excess of charges allocated to finished goods. Our charges for labor and overhead allocated to our finished goods are determined on a cost basis. Plant costs include labor costs, production supplies, repairs and maintenance, and inventory write-off. Plant costs in excess of production allocations are expensed in the period incurred.

Long-Lived Assets. Our management regularly reviews property, equipment and other long-lived assets, including identifiable amortizing intangibles, for possible impairment. This review occurs quarterly or more frequently if events or changes in circumstances indicate the carrying amount of the asset may not be recoverable. If there is indication of impairment of property and equipment or amortizable intangible assets, then management prepares an estimate of future cash flows (undiscounted and without interest charges) expected to result from the use of the asset and its eventual disposition. If these cash flows are less than the carrying amount of the asset, an impairment loss is recognized to write down the asset to its estimated fair value. The fair value is estimated at the present value of the future cash flows discounted at a rate commensurate with management’s estimates of the business risks. Quarterly, or earlier, if there is indication of impairment of identified intangible assets not subject to amortization, management compares the estimated fair value with the carrying amount of the asset. An impairment loss is recognized to write down the intangible asset to its fair value if it is less than the carrying amount. Preparation of estimated expected future cash flows is inherently subjective and is based on management’s best estimate of assumptions concerning expected future conditions. No impairments were identified during the three months ended September 30, 2012.

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

In estimating future revenues, we use internal budgets. Internal budgets are developed based on recent revenue data for existing product lines and planned timing of future introductions of new products and their impact on our future cash flows.

Accounts Receivable. We evaluate the collectability of our trade accounts receivable based on a number of factors. In circumstances where we become aware of a specific customer’s inability to meet its financial obligations to us, a specific reserve for bad debts is estimated and recorded which reduces the recognized receivable to the estimated amount our management believes will ultimately be collected. In addition to specific customer identification of potential bad debts, bad debt charges are recorded based on our historical losses and an overall assessment of past due trade accounts receivable outstanding.

Inventories. Inventories are stated at the lower of cost to purchase and/or manufacture the inventory or the current estimated market value of the inventory. We regularly review our inventory quantities on hand and record a provision for excess and obsolete inventory based primarily on our estimated forecast of product demand and/or our ability to sell the product(s) concerned and production requirements. Demand for our products can fluctuate significantly. Factors that could affect demand for our products include unanticipated changes in consumer preferences, general market conditions or other factors, which may result in cancellations of advance orders or a reduction in the rate of reorders placed by customers. Additionally, our management’s estimates of future product demand may be inaccurate, which could result in an understated or overstated provision required for excess and obsolete inventory.

Stock-Based Compensation. We periodically issue stock options and warrants to employees and non-employees in non-capital raising transactions for services and for financing costs. The Company accounts for stock option and warrant grants issued and vesting to employees based on FASB ASC Topic 718 “Compensation – Stock Compensation”, whereas the award is measured at its fair value at the date of grant and is amortized ratably over the vesting period. We account for stock option and warrant grants issued and vesting to non-employees in accordance with FASB ASC Topic 505 “Equity” whereby the fair value of the stock compensation is based on the measurement date as determined at either (a) the date at which a performance commitment is reached, or (b) at the date at which the necessary performance to earn the equity instrument is complete.

We estimate the fair value of stock options using the Black-Scholes option-pricing model, which was developed for use in estimating the fair value of options that have no vesting restrictions and are fully transferable. This model requires the input of subjective assumptions, including the expected price volatility of the underlying stock and the expected life of stock options. Projected data related to the expected volatility of stock options is based on the historical volatility of the trading prices of the Company’s common stock and the expected life of stock options is based upon the average term and vesting schedules of the options. Changes in these subjective assumptions can materially affect the fair value of the estimate, and therefore the existing valuation models do not provide a precise measure of the fair value of our employee stock options.

We believe there have been no significant changes, during the three month period ended September 30, 2012, to the items disclosed as critical accounting policies and estimates in Management's Discussion and Analysis of Financial Condition and Results of Operations in the Company’s Annual Report on Form 10-K for the year ended December 31, 2011.

Recent Accounting Pronouncements

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

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

Item 4. Controls and Procedures.

Evaluation of Disclosure Controls and Procedures

Under the supervision and with the participation of our management, including our Chief Executive Officer and our Chief Financial Officer, we conducted an evaluation of our disclosure controls and procedures, as such term is defined under Securities and Exchange Act of 1934 Rules 13a-15(f). Based on this evaluation, our Chief Executive Officer and our Chief Financial Officer concluded that the Company’s disclosure controls and procedures were effective as of September 30, 2012.

Changes in Internal Control Over Financial Reporting

There have been no changes in the Company’s internal control over financial reporting during the three months ended September 30, 2012 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

PART II – OTHER INFORMATION

Item 1. Legal Proceedings

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

Item 1A. Risk Factors

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

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

During the three months ended September 30, 2012, the Company issued 1,082 shares of common stock for services at a price of $2.17 with a value of $2,000. Such issuances are exempt from registration under Section 4(2) of the Securities Act of 1933, as amended, on the basis of each recipient’s pre-existing relationship with the Company and the fact that no public offering was involved.

Item 3. Defaults Upon Senior Securities

None

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

On October 17, 2012, the Loan and Security Agreement with PMC Financial Services Group was amended to allow additional borrowing of up to $250,000 secured by additional plant equipment purchases.

Item 6. Exhibits

Exhibit No.	Description
31.1	Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2	Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1	Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2	Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS	XBRL Instance Document
101.SCH	XBRL Schema Document
101.CAL	XBRL Calculation Linkbase Document
101.DEF	XBRL Definition Linkbase Document
101.LAB	XBRL Label Linkbase Document
101.PRE	XBRL Presentation Linkbase Document

_________

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

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

SIGNATURES

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

	Reed’s, Inc. (Registrant)
Date: November 14, 2012	/s/ Christopher J. Reed
	Christopher J. Reed
	President and Chief Executive Officer
	(Principal Executive Officer)

Date: November 14, 2012	/s/ James Linesch
	James Linesch Chief Financial Officer (Principal Financial Officer)

EX-31.1 2 reeds_10q-ex3101.htm CERTIFICATION

EXHIBIT 31.1

CERTIFICATION

I, Christopher J. Reed, certify that:

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

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

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

4. The registrant’s other certifying officer(s) 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.

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

a) All significant deficiencies and material weaknesses in the design or operation of internal 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, 2012

By:

/s/ Christopher J. Reed

Christopher J. Reed

Chief Executive Officer

(Principal Executive Officer)

EX-31.2 3 reeds_10q-ex3102.htm CERTIFICATION

EXHIBIT 31.2

CERTIFICATION

I, James Linesch, certify that:

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

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, 2012

By:

/s/ James Linesch

James Linesch

Chief Financial Officer

(Principal Financial Officer)

EX-32.1 4 reeds_10q-ex3201.htm CERTIFICATION

EXHIBIT 32.1

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 of Reed’s, Inc. (the “Company”) on Form 10-Q for the period ending September 30, 2012 as filed with the U.S. Securities and Exchange Commission on the date hereof (the "Report"), I, Christopher J. Reed, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

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

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

Dated: November 14, 2012

/s/ Christopher J. Reed

Christopher J. Reed

Chief Executive Officer

(Principal Executive Officer)

EX-32.2 5 reeds_10q-ex3202.htm CERTIFICATION

EXHIBIT 32.2

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 of Reed’s, Inc. (the "Company") on Form 10-Q for the period ending September 30, 2012 as filed with the U.S. Securities and Exchange Commission on the date hereof (the "Report"), I, James Linesch, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

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

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

Dated: November 14, 2012

/s/ James Linesch

James Linesch

Chief Financial Officer

(Principal Financial Officer)

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The accompanying interim condensed financial statements are unaudited, but in the opinion of management of Reeds, Inc. (the "Company"), contain all adjustments, which include normal recurring adjustments necessary to present fairly the financial position at September 30, 2012 and the results of operations and cash flows for the nine months ended September 30, 2012 and 2011. The balance sheet as of December 31, 2011 is derived from the Companys audited financial statements.   Certain information and footnote disclosures normally included in financial statements that have been prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission, although management of the Company believes that the disclosures contained in these condensed financial statements are adequate to make the information presented herein not misleading. For further information, refer to the financial statements and the notes thereto included in the Companys Annual Report on Form 10-K, as filed with the Securities and Exchange Commission on March 22, 2012.   The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expense during the reporting period. Actual results could differ from those estimates. Those estimates and assumptions include estimates for reserves of uncollectible accounts, inventory obsolescence, analysis of impairments of recorded intangibles, accruals for potential liabilities and assumptions made in valuing stock instruments issued for services.   The results of operations for the nine months ended September 30, 2012 are not necessarily indicative of the results of operations to be expected for the full fiscal year ending December 31, 2012.   Income (Loss) per Common Share   Basic earnings (loss) per share is computed by dividing the net income (loss) applicable to common stock holders by the weighted average number of shares of common stock outstanding during the year. Diluted earnings per share is computed by dividing the net income applicable to common stock holders by the weighted average number of common shares outstanding plus the number of additional common shares that would have been outstanding if all dilutive potential common shares had been issued, using the treasury stock method. Potential common shares are excluded from the computation when their effect is antidilutive.   For the three and nine months ended September 30, 2012 the calculations of diluted earnings per share included stock options and warrants, calculated under the treasury method, and excluded preferred stock since the effect was antidilutive. For the three and nine months ended September 30, 2011 the calculations of basic and diluted loss per share are the same. The calculation of weighted average shares outstanding diluted is as follows:   <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="6" style="text-align: center">Three months ended</td> <td> </td> <td> </td> <td colspan="6" style="text-align: center"> Nine months ended</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="6" style="border-bottom: black 1pt solid; text-align: center">September 30,</td> <td> </td> <td> </td> <td colspan="6" style="border-bottom: black 1pt solid; text-align: center">September 30,</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">2012</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">2011</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">2012</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">2011</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td style="width: 32%; padding-left: 10pt; text-indent: -10pt">Net income (loss) attributable to common stockholders</td> <td style="width: 2%"> </td> <td style="width: 1%; border-bottom: black 1pt solid">$</td> <td style="width: 13%; border-bottom: black 1pt solid; text-align: right">14,000</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%; border-bottom: black 1pt solid">$</td> <td style="width: 13%; border-bottom: black 1pt solid; text-align: right">(185,000</td> <td style="width: 1%">)</td> <td style="width: 2%"> </td> <td style="width: 1%; border-bottom: black 1pt solid">$</td> <td style="width: 13%; border-bottom: black 1pt solid; text-align: right">303,000</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%; border-bottom: black 1pt solid">$</td> <td style="width: 13%; border-bottom: black 1pt solid; text-align: right">(649,000</td> <td style="width: 1%">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td>Denominator:</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; text-indent: -10pt">Weighted average shares outstanding - basic</td> <td> </td> <td> </td> <td style="text-align: right">11,501,152</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">10,835,858</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">11,155,860</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">10,758,529</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td style="padding-left: 10pt; text-indent: -10pt">Effect of dilutive instruments:</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Warrants and options</td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">787,351</td> <td> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"></td> <td> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">550,326</td> <td> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td style="padding-left: 10pt; text-indent: -10pt">Weighted average shares outstanding-diluted</td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">12,288,503</td> <td> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">10,835,858</td> <td> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">11,706,186</td> <td> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">10,758,529</td> <td> </td></tr> </table>     At September 30, 2012, the Company had potentially dilutive securities that consisted of:   <table align="center" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td> </td> <td colspan="2" style="text-align: center">September 30,</td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center">September 30,</td> <td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">2012</td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">2011</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td style="width: 48%">Warrants</td> <td style="width: 3%"> </td> <td style="width: 1%"> </td> <td style="width: 21%; text-align: right">361,916</td> <td style="width: 1%"> </td> <td style="width: 3%"> </td> <td style="width: 1%"> </td> <td style="width: 21%; text-align: right">2,394,370</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Options</td> <td> </td> <td> </td> <td style="text-align: right">778,667</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">895,000</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td>Series A Preferred Stock</td> <td> </td> <td> </td> <td style="text-align: right">101,644</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">186,484</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Series B Preferred Stock</td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">342,895</td> <td> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">562,905</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td>Total</td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">1,585,122</td> <td> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">4,038,759</td> <td> </td></tr> </table>    Recent Accounting Pronouncements   In May 2011, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2011-04, Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs. ASU No. 2011-4 does not require additional fair value measurements and is not intended to establish valuation standards or affect valuation practices outside of financial reporting. The ASU is effective for interim and annual periods beginning after December 15, 2011. The Company adopted ASU No. 2011-04 effective January 1, 2012 and it did not affect the Companys results of operations, financial condition or liquidity.   In June 2011, the FASB issued ASU No. 2011-05, Presentation of Comprehensive Income. The ASU eliminates the option to present the components of other comprehensive income as part of the statement of changes in shareholders equity, and instead requires consecutive presentation of the statement of net income and other comprehensive income either in a continuous statement of comprehensive income or in two separate but consecutive statements. ASU No. 2011-5 is effective for interim and annual periods beginning after December 15, 2011. The Company adopted ASU 2011-05 effective January 1, 2012 and it did not affect the Companys results of operations, financial condition or liquidity.   In September 2011, the FASB issued ASU 2011-08, Testing Goodwill for Impairment, an update to existing guidance on the assessment of goodwill impairment. This update simplifies the assessment of goodwill for impairment by allowing companies to consider qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount before performing the two step impairment review process. It also amends the examples of events or circumstances that would be considered in a goodwill impairment evaluation. The amendments are effective for annual and interim goodwill impairment tests performed for fiscal years beginning after December 15, 2011. The Company adopted ASU 2011-08 effective January 1, 2012. We do not believe that the adoption of this new accounting guidance will have a significant effect on our goodwill impairment assessments in the future.   In December 2011, the FASB issued ASU No. 2011-11, Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities. This ASU requires an entity to disclose information about offsetting and related arrangements to enable users of its financial statements to understand the effect of those arrangements on its financial position. ASU No. 2011-11 will be applied retrospectively and is effective for annual and interim reporting periods beginning on or after January 1, 2013. The Company does not expect adoption of this standard to have a material impact on its results of operations, financial condition, or liquidity.   Other recent accounting pronouncements issued by the FASB (including its Emerging Issues Task Force), the AICPA, and the Securities Exchange Commission (the "SEC") did not or are not believed by management to have a material impact on the Company's present or future financial statements.   Concentrations   The Companys cash balances on deposit with banks are guaranteed by the Federal Deposit Insurance Corporation up to $250,000. The Company may be exposed to risk for the amounts of funds held in one bank in excess of the insurance limit. In assessing the risk, the Companys policy is to maintain cash balances with high quality financial institutions. The Company had cash balances in excess of the guarantee during the three and nine months ended September 30, 2012.   During the three months ended September 30, 2012 and 2011, the Company had two customers, which accounted for approximately 30% and 11% of sales in 2012, and 28% and 12% of sales in 2011, respectively. During the nine months ended September 30, 2012 and 2011, the Company had two customers, which accounted for approximately 31% and 11% of sales in 2012, and 29% and 12% of sales in 2011, respectively. No other customers accounted for more than 10% of sales in either year. As of September 30, 2012, the Company had accounts receivable due from a customer who comprised $1,033,000 (33%) of its total accounts receivable and as of December 31, 2011 the Company had accounts receivable due from two customers who comprised $475,000 (27%), and $264,000 (15%), respectively, of its total accounts receivable.   Advertising   Advertising costs are expensed as incurred. For the three months ended September 30, 2012 and 2011, advertising costs were $48,000 and $2,000, respectively, and for the nine months ended September 30, 2012 and 2011, advertising costs were $73,000 and $24,000, respectively   Fair Value of Financial Instruments   The Company uses various inputs in determining the fair value of its investments and measures these assets on a recurring basis. Financial assets recorded at fair value in the balance sheets are categorized by the level of objectivity associated with the inputs used to measure their fair value. Authoritative guidance provided by the FASB defines the following levels directly related to the amount of subjectivity associated with the inputs to fair valuation of these financial assets:   Level 1Quoted prices in active markets for identical assets or liabilities. Level 2Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly. Level 3Unobservable inputs based on the Company's assumptions.   The Company had no such assets or liabilities recorded to be valued on the basis above at September 30, 2012 or December 31, 2011.

Inventory consists of the following as of:   <table align="center" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">September 30, 2012</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">December 31, 2011</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td> </td> <td colspan="2" style="text-align: center">(unaudited)</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td style="width: 48%">Raw Materials and packaging</td> <td style="width: 3%"> </td> <td style="width: 1%">$</td> <td style="width: 21%; text-align: right">3,817,000</td> <td style="width: 1%"> </td> <td style="width: 3%"> </td> <td style="width: 1%">$</td> <td style="width: 21%; text-align: right">3,538,000</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Finished Goods</td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">2,146,000</td> <td> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">2,561,000</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">5,963,000</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">6,099,000</td> <td> </td></tr> </table>

Property and equipment are comprised of the following as of:   <table align="center" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">September 30, 2012</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">December 31, 2011</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td> </td> <td colspan="2" style="text-align: center">(unaudited)</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td style="width: 48%">Land</td> <td style="width: 3%"> </td> <td style="width: 1%">$</td> <td style="width: 21%; text-align: right">1,108,000</td> <td style="width: 1%"> </td> <td style="width: 3%"> </td> <td style="width: 1%">$</td> <td style="width: 21%; text-align: right">1,108,000</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Building</td> <td> </td> <td> </td> <td style="text-align: right">1,737,000</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">1,708,000</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td>Vehicles</td> <td> </td> <td> </td> <td style="text-align: right">320,000</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">320,000</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Machinery and equipment</td> <td> </td> <td> </td> <td style="text-align: right">1,996,000</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">1,702,000</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td>Office equipment</td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">423,000</td> <td> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">413,000</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td> </td> <td> </td> <td style="text-align: right">5,584,000</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">5,251,000</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td>Accumulated depreciation</td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(2,199,000</td> <td>)</td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(1,739,000</td> <td>)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">3,385,000</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">3,512,000</td> <td> </td></tr> </table>   Machinery and equipment at September 30, 2012 and December 31, 2011 includes equipment held under capital leases of $294,000. Accumulated depreciation on equipment held under capital leases was $138,000 and $104,000 at September 30, 2012 and December 31, 2011, respectively.

On May 11, 2012, the Companys revolving line of credit was increased from $3,000,000 to $4,000,000. At September 30, 2012 and December 31, 2011, the aggregate amount outstanding under the line of credit was $3,574,000 and $3,095,000 respectively, and the Company had approximately $332,000 of availability on this line of credit at September 30, 2012. The interest rate on the revolving line of credit is at the prime rate plus 3.75% (7% at September 30, 2012) The line of credit is based on 85% of eligible accounts receivable and 50% of eligible inventory. The line of credit expires on November 7, 2013 and is secured by substantially all of the Companys assets. <table align="center" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1pt solid">September 30, 2012</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1pt solid">December 31, 2011</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td> </td> <td colspan="2" style="text-align: center">(unaudited)</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td style="width: 48%">Term loan</td> <td style="width: 3%"> </td> <td style="width: 1%">$</td> <td style="width: 21%; text-align: right">615,000</td> <td style="width: 1%"> </td> <td style="width: 3%"> </td> <td style="width: 1%">$</td> <td style="width: 21%; text-align: right">728,000</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-indent: 10pt">Less current portion</td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(170,000</td> <td>)</td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(152,000</td> <td>)</td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td>Long term debt</td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">445,000</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">576,000</td> <td> </td></tr> </table>   The term loan bears interest at the prime rate plus 11.6%, which shall not be below 14.85%, is secured by all of the unencumbered assets of the Company, and is to be repaid in 48 equal installments of principal and interest of $21,000. In 2009 the Company sold two buildings and its brewery equipment and concurrently entered into a long-term lease agreement for the same property and equipment. In connection with the lease the Company has the option to repurchase the buildings and brewery equipment from 12 months after the commencement date to the end of the lease term at the greater of the fair market value or an agreed upon amount. Since the lease contains a buyback provision and other related terms, the Company determined it had continuing involvement that did not warrant the recognition of a sale; therefore, the transaction has been accounted for as a long-term financing. The proceeds from the sale, net of transaction costs, have been recorded as a financing obligation in the amount of $3,056,000. Monthly payments under the financing agreement are recorded as interest expense and a reduction in the financing obligation at an implicit rate of 9.9%. The financing obligation is personally guaranteed up to a limit of $150,000 by the principal shareholder and Chief Executive Officer.   In connection with the financing obligation, the Company issued an aggregate of 400,000 warrants to purchase its common stock at $1.20 per share for five years. The 400,000 warrants were valued at $752,000 and reflected as a debt discount, using the Black Scholes option pricing model. The following assumptions were utilized in valuing the 400,000 warrants: strike price of $2.10 to $2.25; term of 5 years; volatility of 91.36% to 110.9%; expected dividends 0%; and discount rate of 2.15% to 2.20%. The 400,000 warrants were recorded as valuation discount and are being amortized over 15 years, the term of the purchase option. Amortization of valuation discount during the nine months ended September 30, 2012 and 2011 was $38,000 and $38,000, respectively.   Long term financing obligation is comprised of the following as of:   <table align="center" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">September 30, 2012</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">December 31, 2011</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="text-align: center">(unaudited)</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td style="width: 48%">Financing obligation</td> <td style="width: 3%"> </td> <td style="width: 1%">$</td> <td style="width: 21%; text-align: right">2,893,000</td> <td style="width: 1%"> </td> <td style="width: 3%"> </td> <td style="width: 1%">$</td> <td style="width: 21%; text-align: right">2,944,000</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Valuation discount</td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(589,000</td> <td>)</td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(626,000</td> <td>)</td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td> </td> <td> </td> <td> </td> <td style="text-align: right">2,304,000</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">2,318,000</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Less current portion</td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(85,000</td> <td>)</td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(71,000</td> <td>)</td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td>Long term financing obligation</td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">2,219,000</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">2,247,000</td> <td> </td></tr> </table>

Preferred Stock   Dividends on the Series A Preferred stock in the amount of $16,000 were paid on July 24, 2012 by issuing 4,760 shares of common stock. During the nine months ended September 30, 2012, 21,210 shares of Series A Convertible Preferred Stock were converted into 84,840 shares of common stock, in accordance with the original certificate of designation   Dividends accrue quarterly on the Series B Convertible Preferred shares outstanding at the end of the quarter. During the nine months ended September 30, 2012, the Company accrued dividends of $23,000. Dividends have been paid in common stock at the time of conversion of the Series B Convertible Preferred Stock into common stock. During the nine months ended September 30, 2012, 31,430 shares of Series B Convertible Preferred Stock were converted into 220,010 shares of common stock, in accordance with the original certificate of designation, and $36,000 of accrued dividends were paid on conversion, through the issuance of 24,100 shares of common stock.   Common Stock   During the nine months ended September 30, 2012, the Company issued 14,965 shares of common stock for services at prices ranging from $1.13 to $2.17 per share with a value of $23,000 for services rendered.

Stock Options   During the nine months ended September 30, 2012, the Company issued 10,000 incentive stock options at the market price of $1.85 per share. Total stock-based compensation recognized on the Companys statement of operations for the three and nine months ended September 30, 2012 was $26,000 and $81,000, respectively, as compared to 2011 expense of $44,000 and $147,000, respectively. As of September 30, 2012, the aggregate value of unvested options was $127,000, which will vest over an average period of two or three years. There were 241,667 stock options exercised in the nine months ended September 30, 2012 at exercise prices between $0.75 and $2.43. The Company received $30,000 for 40,000 of such exercises and allowed cash-less exercise of 201,667 of such options and issued 166,484 shares of common stock.   Stock options granted under our equity incentive plans generally vest over 2 to 3 years from the date of grant, 1/2 and 1/3 per year, respectively; and expire 5 years from the date of grant. The following table summarizes stock option activity for the nine months ended September 30, 2012:   <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1pt; text-align: justify"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Shares</td> <td style="padding-bottom: 1pt; text-align: center"> </td> <td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1pt solid">Weighted-Average Exercise Price</td> <td style="padding-bottom: 1pt; text-align: center"> </td> <td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1pt solid">Weighted-Average Remaining Contractual Terms (Years)</td> <td style="padding-bottom: 1pt; text-align: center"> </td> <td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1pt solid">Aggregate Intrinsic Value</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td style="width: 32%; text-align: justify">Outstanding at December 31, 2011</td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 13%; text-align: right">1,172,000</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 13%; text-align: right">1.55</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 13%; text-align: right"> </td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 13%; text-align: right"> </td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">Granted</td> <td> </td> <td> </td> <td style="text-align: right">10,000</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">1.85</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td style="text-align: justify">Exercised</td> <td> </td> <td> </td> <td style="text-align: right">(241,667</td> <td>)</td> <td> </td> <td>$</td> <td style="text-align: right">0.95</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1pt; text-align: justify">Forfeited or expired</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(161,666</td> <td style="padding-bottom: 1pt">)</td> <td style="padding-bottom: 1pt"> </td> <td>$</td> <td style="text-align: right">3.81</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td> </td> <td style="text-align: right"> </td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td> </td> <td style="text-align: right"> </td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td style="padding-bottom: 2.5pt; text-align: justify">Outstanding at September 30, 2012</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">778,667</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td>$</td> <td style="text-align: right">1.26</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td> </td> <td style="text-align: center">3.9</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td>$</td> <td style="text-align: right">3,821,000</td> <td style="padding-bottom: 2.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt; text-align: justify">Exercisable at September 30, 2012</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">441,999</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td>$</td> <td style="text-align: right">1.14</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td> </td> <td style="text-align: center">4.0</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td>$</td> <td style="text-align: right">2,222,000</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>   The aggregate intrinsic value was calculated as the difference between the market price and the exercise price of the Companys common stock, which was $6.17 as of September 30, 2012.   The following table summarizes information about stock options at September 30, 2012:   <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td colspan="2" style="text-align: right"> </td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="10" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center">Options Outstanding at September 30, 2012</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="6" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center">Options Exercisable at September 30, 2012</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center">Range of Exercise Price</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center">Number of Shares Outstanding</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: black 1pt solid">Weighted Average Remaining Contractual Life (years)</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center">Weighted Average Exercise Price</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: black 1pt solid">Number of Shares Exercisable</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: black 1pt solid">Weighted Average Exercise Price</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td colspan="2" style="text-align: right"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td colspan="2" style="text-align: center">$0.01 - $1.99</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">643,667</td> <td> </td> <td> </td> <td colspan="2" style="text-align: center">4.1</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">1.09</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">390,333</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">1.02</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td colspan="2" style="text-align: center">$2.00 - $4.99</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">135,000</td> <td> </td> <td> </td> <td colspan="2" style="text-align: center">3.2</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">2.09</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">51,666</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">2.06</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td colspan="2" style="text-align: center">$5.00 - $6.99</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"></td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td colspan="2" style="text-align: center">$7.00 - $8.50</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"></td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="text-align: center"></td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td> </td> <td style="text-align: right"></td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"></td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td> </td> <td style="text-align: right"></td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td> </td> <td style="text-align: right"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">778,667</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td> </td> <td style="text-align: right"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td> </td> <td style="text-align: right"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">441,999</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td> </td> <td style="text-align: right"> </td> <td style="padding-bottom: 2.5pt"> </td></tr> <tr> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> </table>   Stock Warrants   During the nine months ended September 30, 2012, 529,959 warrants were exercised at prices from $1.20 to $3.08. The Company received $105,000 in cash and issued 380,327 shares of common stock. During the same nine month period, 1,114,995 warrants expired bearing exercise prices of $1.35 and $7.50. The following table summarizes stock warrant activity for the nine months ended September 30, 2012:   <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1pt; text-align: justify"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Shares</td> <td style="padding-bottom: 1pt; text-align: center"> </td> <td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1pt solid">Weighted-Average Exercise Price</td> <td style="padding-bottom: 1pt; text-align: center"> </td> <td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1pt solid">Weighted-Average Remaining Contractual Terms (Years)</td> <td style="padding-bottom: 1pt; text-align: center"> </td> <td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1pt solid">Aggregate Intrinsic Value</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 32%; text-align: justify">Outstanding at December 31, 2011</td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 13%; text-align: right">2,006,870</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 13%; text-align: right">4.32</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 13%; text-align: right"> </td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 13%; text-align: right"> </td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td style="text-align: justify">Granted</td> <td> </td> <td> </td> <td style="text-align: right"></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">Exercised</td> <td> </td> <td> </td> <td style="text-align: right">(529,959</td> <td>)</td> <td> </td> <td>$</td> <td style="text-align: right">1.54</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td style="padding-bottom: 1pt; text-align: justify">Forfeited or expired</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(1,114,995</td> <td style="padding-bottom: 1pt">)</td> <td style="padding-bottom: 1pt"> </td> <td>$</td> <td style="text-align: right">6.26</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td> </td> <td style="text-align: right"> </td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td> </td> <td style="text-align: right"> </td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt; text-align: justify">Outstanding at September 30, 2012</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">361,916</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td>$</td> <td style="text-align: right">2.41</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td> </td> <td style="text-align: right">2.9</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td>$</td> <td style="text-align: right">1,359,000</td> <td style="padding-bottom: 2.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td style="padding-bottom: 2.5pt; text-align: justify">Exercisable at September 30, 2012</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">361,916</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td>$</td> <td style="text-align: right">2.41</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td> </td> <td style="text-align: right">2.9</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td>$</td> <td style="text-align: right">1,359,000</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>   The intrinsic value was calculated as the difference between the market price and the exercise price of the Companys common stock, which was $6.17 as of September 30, 2012.

For the three and nine months ended September 30, 2012, net income was $22,000 and $342,000, respectively, and our provision for income taxes was zero. We made no provision for income taxes due to our utilization of federal net operating loss carryforwards to offset both regular taxable income and alternative minimum taxable income. For the three and nine months ended September 30, 2011, net loss was ($174,000) and ($594,000), respectively and no income tax provision was recorded.   In accordance with Accounting Standards Codification (ASC) 740-10, Income Taxes, the Company evaluates its deferred tax assets to determine if a valuation allowance is required based on the consideration of all available evidence using a more likely than not standard, with significant weight being given to evidence that can be objectively verified. This assessment considers, among other matters, the nature, frequency and severity of current and cumulative losses, forecasts of future profitability; the length of statutory carryover periods for operating losses and tax credit carryovers; and available tax planning alternatives. Our deferred tax assets are composed primarily of U.S. federal net operating loss carryforwards. Based on available objective evidence, management believes it is more likely than not that these deferred tax assets are not recognizable and will not be recognizable until its determined that we have sufficient taxable income. Under ASC 740-10, we may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. ASC 740-10 also provides guidance on de-recognition, classification, interest and penalties on income taxes, accounting in interim periods, and disclosures. As of September 30, 2012 or 2011, the Company does not have a liability for unrecognized tax uncertainties.   The following table reconciles the U.S. statutory rates to the Company's effective tax rate for the:   <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="6" style="border-bottom: black 1pt solid; text-align: center">Three months ended September 30 (unaudited)</td> <td> </td> <td> </td> <td colspan="6" style="border-bottom: black 1pt solid; text-align: center">Nine months ended September 30 (unaudited)</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">2012</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">2011</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">2012</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">2011</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td style="width: 32%; padding-left: 10pt; text-indent: -10pt">U.S. statutory rate</td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 13%; text-align: right">34%</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 13%; text-align: right">(34)%</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 13%; text-align: right">34%</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 13%; text-align: right">(34)%</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; text-indent: -10pt">State tax net of federal benefit</td> <td> </td> <td> </td> <td style="text-align: right">5%</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">(5)%</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">5%</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">(5)%</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td style="padding-left: 10pt; text-indent: -10pt">Benefit of net operating loss carryforward</td> <td> </td> <td> </td> <td style="text-align: right">(39)%</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">(39)%</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; text-indent: -10pt">Valuation allowance</td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"></td> <td> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">39%</td> <td> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"></td> <td> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">39%</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td style="padding-left: 10pt; text-indent: -10pt">Effective tax rate</td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">-%</td> <td> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">-%</td> <td> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">-%</td> <td> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">-%</td> <td> </td></tr> </table>

During the period October 1, 2012 and November 6, 2012, options for the purchase of 156,667 shares of common stock were exercised at prices between $0.75 and $1.34 per share, and 131,936 shares of common stock were issued in cash-less exercise transactions. During the same period, 14,422 shares of common stock were issued in exercise of the same quantity of warrants at prices of $1.79 per share and $3.075 per share.   During the period October 1, 2012 and November 6, 2012, 1,908 shares of Series B preferred stock were converted into 15,168 shares of common stock, which includes dividends paid of $3,000.   On October 17, 2012, the Loan and Security Agreement with PMC Financial Services Group was amended to allow additional borrowing of up to $250,000 secured by additional plant equipment purchases. The equipment loan bears interest at the prime rate plus 11.6%, which shall not be below 14.85%, and is secured by the equipment purchased. The Company purchased $48,000 of equipment under this loan facility.

10885833

11821319

46621

25411

80415

48985

4899000

4305000

1000

466000

254000

804000

490000

22924000

23741000

-19890000

-19587000

14965

23000

84840 -21210 212000 -212000

220010

-31430

314000

-314000

380327 105000

81000

-23000

24100

36000

206484 30000 4760 -16000 16000

200000

135000

2199000

1739000

78000

50000

589000

626000

500000

25411

46621

48985

80415

25411

46621

48985

80415

19500000

.0001

2.17

1.13

11821319

10885833

11821319

10885833

Basic earnings (loss) per share is computed by dividing the net income (loss) applicable to common stock holders by the weighted average number of shares of common stock outstanding during the year. Diluted earnings per share is computed by dividing the net income applicable to common stock holders by the weighted average number of common shares outstanding plus the number of additional common shares that would have been outstanding if all dilutive potential common shares had been issued, using the treasury stock method. Potential common shares are excluded from the computation when their effect is antidilutive.   For the three and nine months ended September 30, 2012 the calculations of diluted earnings per share included stock options and warrants, calculated under the treasury method, and excluded preferred stock since the effect was antidilutive. For the three and nine months ended September 30, 2011 the calculations of basic and diluted loss per share are the same. The calculation of weighted average shares outstanding diluted is as follows:   <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="6" style="text-align: center">Three months ended</td> <td> </td> <td> </td> <td colspan="6" style="text-align: center">Nine months ended</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="6" style="border-bottom: black 1pt solid; text-align: center">September 30,</td> <td> </td> <td> </td> <td colspan="6" style="border-bottom: black 1pt solid; text-align: center">September 30,</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">2012</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">2011</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">2012</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">2011</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td style="width: 32%; padding-left: 10pt; text-indent: -10pt">Net income (loss) attributable to common stockholders</td> <td style="width: 2%"> </td> <td style="width: 1%; border-bottom: black 1pt solid">$</td> <td style="width: 13%; border-bottom: black 1pt solid; text-align: right">14,000</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%; border-bottom: black 1pt solid">$</td> <td style="width: 13%; border-bottom: black 1pt solid; text-align: right">(185,000</td> <td style="width: 1%">)</td> <td style="width: 2%"> </td> <td style="width: 1%; border-bottom: black 1pt solid">$</td> <td style="width: 13%; border-bottom: black 1pt solid; text-align: right">303,000</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%; border-bottom: black 1pt solid">$</td> <td style="width: 13%; border-bottom: black 1pt solid; text-align: right">(649,000</td> <td style="width: 1%">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td>Denominator:</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; text-indent: -10pt">Weighted average shares outstanding - basic</td> <td> </td> <td> </td> <td style="text-align: right">11,501,152</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">10,835,858</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">11,155,860</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">10,758,529</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td style="padding-left: 10pt; text-indent: -10pt">Effect of dilutive instruments:</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Warrants and options</td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">787,351</td> <td> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"></td> <td> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">550,326</td> <td> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td style="padding-left: 10pt; text-indent: -10pt">Weighted average shares outstanding-diluted</td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">12,288,503</td> <td> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">10,835,858</td> <td> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">11,706,186</td> <td> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">10,758,529</td> <td> </td></tr> </table>   <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr> <td style="width: 100%; text-align: center"> </td></tr> <tr> <td style="text-align: center"> </td></tr> </table>    At September 30, 2012, the Company had potentially dilutive securities that consisted of:   <table align="center" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td> </td> <td colspan="2" style="text-align: center">September 30,</td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center">September 30,</td> <td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">2012</td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">2011</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td style="width: 48%">Warrants</td> <td style="width: 3%"> </td> <td style="width: 1%"> </td> <td style="width: 21%; text-align: right">361,916</td> <td style="width: 1%"> </td> <td style="width: 3%"> </td> <td style="width: 1%"> </td> <td style="width: 21%; text-align: right">2,394,370</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Options</td> <td> </td> <td> </td> <td style="text-align: right">778,667</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">895,000</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td>Series A Preferred Stock</td> <td> </td> <td> </td> <td style="text-align: right">101,644</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">186,484</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Series B Preferred Stock</td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">342,895</td> <td> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">562,905</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td>Total</td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">1,585,122</td> <td> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">4,038,759</td> <td> </td></tr> </table>

In May 2011, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2011-04, Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs. ASU No. 2011-4 does not require additional fair value measurements and is not intended to establish valuation standards or affect valuation practices outside of financial reporting. The ASU is effective for interim and annual periods beginning after December 15, 2011. The Company adopted ASU No. 2011-04 effective January 1, 2012 and it did not affect the Companys results of operations, financial condition or liquidity.   In June 2011, the FASB issued ASU No. 2011-05, Presentation of Comprehensive Income. The ASU eliminates the option to present the components of other comprehensive income as part of the statement of changes in shareholders equity, and instead requires consecutive presentation of the statement of net income and other comprehensive income either in a continuous statement of comprehensive income or in two separate but consecutive statements. ASU No. 2011-5 is effective for interim and annual periods beginning after December 15, 2011. The Company adopted ASU 2011-05 effective January 1, 2012 and it did not affect the Companys results of operations, financial condition or liquidity.   In September 2011, the FASB issued ASU 2011-08, Testing Goodwill for Impairment, an update to existing guidance on the assessment of goodwill impairment. This update simplifies the assessment of goodwill for impairment by allowing companies to consider qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount before performing the two step impairment review process. It also amends the examples of events or circumstances that would be considered in a goodwill impairment evaluation. The amendments are effective for annual and interim goodwill impairment tests performed for fiscal years beginning after December 15, 2011. The Company adopted ASU 2011-08 effective January 1, 2012. We do not believe that the adoption of this new accounting guidance will have a significant effect on our goodwill impairment assessments in the future.   In December 2011, the FASB issued ASU No. 2011-11, Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities. This ASU requires an entity to disclose information about offsetting and related arrangements to enable users of its financial statements to understand the effect of those arrangements on its financial position. ASU No. 2011-11 will be applied retrospectively and is effective for annual and interim reporting periods beginning on or after January 1, 2013. The Company does not expect adoption of this standard to have a material impact on its results of operations, financial condition, or liquidity.   Other recent accounting pronouncements issued by the FASB (including its Emerging Issues Task Force), the AICPA, and the Securities Exchange Commission (the "SEC") did not or are not believed by management to have a material impact on the Company's present or future financial statements.

The Companys cash balances on deposit with banks are guaranteed by the Federal Deposit Insurance Corporation up to $250,000. The Company may be exposed to risk for the amounts of funds held in one bank in excess of the insurance limit. In assessing the risk, the Companys policy is to maintain cash balances with high quality financial institutions. The Company had cash balances in excess of the guarantee during the three and nine months ended September 30, 2012.   During the three months ended September 30, 2012 and 2011, the Company had two customers, which accounted for approximately 30% and 11% of sales in 2012, and 28% and 12% of sales in 2011, respectively. During the nine months ended September 30, 2012 and 2011, the Company had two customers, which accounted for approximately 31% and 11% of sales in 2012, and 29% and 12% of sales in 2011, respectively. No other customers accounted for more than 10% of sales in either year. As of September 30, 2012, the Company had accounts receivable due from a customer who comprised $1,033,000 (33%) of its total accounts receivable and as of December 31, 2011 the Company had accounts receivable due from two customers who comprised $475,000 (27%), and $264,000 (15%), respectively, of its total accounts receivable.

Advertising costs are expensed as incurred. For the three months ended September 30, 2012 and 2011, advertising costs were $48,000 and $2,000, respectively, and for the nine months ended September 30, 2012 and 2011, advertising costs were $73,000 and $24,000, respectively

The Company uses various inputs in determining the fair value of its investments and measures these assets on a recurring basis. Financial assets recorded at fair value in the balance sheets are categorized by the level of objectivity associated with the inputs used to measure their fair value. Authoritative guidance provided by the FASB defines the following levels directly related to the amount of subjectivity associated with the inputs to fair valuation of these financial assets:   Level 1Quoted prices in active markets for identical assets or liabilities. Level 2Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly. Level 3Unobservable inputs based on the Company's assumptions.   The Company had no such assets or liabilities recorded to be valued on the basis above at September 30, 2012 or December 31, 2011.

For the three and nine months ended September 30, 2012 the calculations of diluted earnings per share included stock options and warrants, calculated under the treasury method, and excluded preferred stock since the effect was antidilutive. For the three and nine months ended September 30, 2011 the calculations of basic and diluted loss per share are the same. The calculation of weighted average shares outstanding diluted is as follows:   <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="6" style="text-align: center">Three months ended</td> <td> </td> <td> </td> <td colspan="6" style="text-align: center">Nine months ended</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="6" style="border-bottom: black 1pt solid; text-align: center">September 30,</td> <td> </td> <td> </td> <td colspan="6" style="border-bottom: black 1pt solid; text-align: center">September 30,</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">2012</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">2011</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">2012</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">2011</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td style="width: 32%; padding-left: 10pt; text-indent: -10pt">Net income (loss) attributable to common stockholders</td> <td style="width: 2%"> </td> <td style="width: 1%; border-bottom: black 1pt solid">$</td> <td style="width: 13%; border-bottom: black 1pt solid; text-align: right">14,000</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%; border-bottom: black 1pt solid">$</td> <td style="width: 13%; border-bottom: black 1pt solid; text-align: right">(185,000</td> <td style="width: 1%">)</td> <td style="width: 2%"> </td> <td style="width: 1%; border-bottom: black 1pt solid">$</td> <td style="width: 13%; border-bottom: black 1pt solid; text-align: right">303,000</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%; border-bottom: black 1pt solid">$</td> <td style="width: 13%; border-bottom: black 1pt solid; text-align: right">(649,000</td> <td style="width: 1%">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td>Denominator:</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; text-indent: -10pt">Weighted average shares outstanding - basic</td> <td> </td> <td> </td> <td style="text-align: right">11,501,152</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">10,835,858</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">11,155,860</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">10,758,529</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td style="padding-left: 10pt; text-indent: -10pt">Effect of dilutive instruments:</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Warrants and options</td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">787,351</td> <td> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"></td> <td> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">550,326</td> <td> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td style="padding-left: 10pt; text-indent: -10pt">Weighted average shares outstanding-diluted</td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">12,288,503</td> <td> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">10,835,858</td> <td> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">11,706,186</td> <td> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">10,758,529</td> <td> </td></tr> </table>

At September 30, 2012, the Company had potentially dilutive securities that consisted of:   <table align="center" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td> </td> <td colspan="2" style="text-align: center">September 30,</td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center">September 30,</td> <td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">2012</td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">2011</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td style="width: 48%">Warrants</td> <td style="width: 3%"> </td> <td style="width: 1%"> </td> <td style="width: 21%; text-align: right">361,916</td> <td style="width: 1%"> </td> <td style="width: 3%"> </td> <td style="width: 1%"> </td> <td style="width: 21%; text-align: right">2,394,370</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Options</td> <td> </td> <td> </td> <td style="text-align: right">778,667</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">895,000</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td>Series A Preferred Stock</td> <td> </td> <td> </td> <td style="text-align: right">101,644</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">186,484</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Series B Preferred Stock</td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">342,895</td> <td> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">562,905</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td>Total</td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">1,585,122</td> <td> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">4,038,759</td> <td> </td></tr> </table>

Inventory consists of the following as of:   <table align="center" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">September 30, 2012</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">December 31, 2011</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td> </td> <td colspan="2" style="text-align: center">(unaudited)</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td style="width: 48%">Raw Materials and packaging</td> <td style="width: 3%"> </td> <td style="width: 1%">$</td> <td style="width: 21%; text-align: right">3,817,000</td> <td style="width: 1%"> </td> <td style="width: 3%"> </td> <td style="width: 1%">$</td> <td style="width: 21%; text-align: right">3,538,000</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Finished Goods</td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">2,146,000</td> <td> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">2,561,000</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">5,963,000</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">6,099,000</td> <td> </td></tr> </table>

<table align="center" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1pt solid">September 30, 2012</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1pt solid">December 31, 2011</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td> </td> <td colspan="2" style="text-align: center">(unaudited)</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td style="width: 48%">Term loan</td> <td style="width: 3%"> </td> <td style="width: 1%">$</td> <td style="width: 21%; text-align: right">615,000</td> <td style="width: 1%"> </td> <td style="width: 3%"> </td> <td style="width: 1%">$</td> <td style="width: 21%; text-align: right">728,000</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-indent: 10pt">Less current portion</td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(170,000</td> <td>)</td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(152,000</td> <td>)</td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td>Long term debt</td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">445,000</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">576,000</td> <td> </td></tr> </table>

Long term financing obligation is comprised of the following as of:   <table align="center" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">September 30, 2012</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">December 31, 2011</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="text-align: center">(unaudited)</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td style="width: 48%">Financing obligation</td> <td style="width: 3%"> </td> <td style="width: 1%">$</td> <td style="width: 21%; text-align: right">2,893,000</td> <td style="width: 1%"> </td> <td style="width: 3%"> </td> <td style="width: 1%">$</td> <td style="width: 21%; text-align: right">2,944,000</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Valuation discount</td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(589,000</td> <td>)</td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(626,000</td> <td>)</td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td> </td> <td> </td> <td> </td> <td style="text-align: right">2,304,000</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">2,318,000</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Less current portion</td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(85,000</td> <td>)</td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(71,000</td> <td>)</td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td>Long term financing obligation</td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">2,219,000</td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">2,247,000</td> <td> </td></tr> </table>

Stock options granted under our equity incentive plans generally vest over 2 to 3 years from the date of grant, 1/2 and 1/3 per year, respectively; and expire 5 years from the date of grant. The following table summarizes stock option activity for the nine months ended September 30, 2012:   <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1pt; text-align: justify"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Shares</td> <td style="padding-bottom: 1pt; text-align: center"> </td> <td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1pt solid">Weighted-Average Exercise Price</td> <td style="padding-bottom: 1pt; text-align: center"> </td> <td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1pt solid">Weighted-Average Remaining Contractual Terms (Years)</td> <td style="padding-bottom: 1pt; text-align: center"> </td> <td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1pt solid">Aggregate Intrinsic Value</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td style="width: 32%; text-align: justify">Outstanding at December 31, 2011</td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 13%; text-align: right">1,172,000</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 13%; text-align: right">1.55</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 13%; text-align: right"> </td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 13%; text-align: right"> </td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">Granted</td> <td> </td> <td> </td> <td style="text-align: right">10,000</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">1.85</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td style="text-align: justify">Exercised</td> <td> </td> <td> </td> <td style="text-align: right">(241,667</td> <td>)</td> <td> </td> <td>$</td> <td style="text-align: right">0.95</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1pt; text-align: justify">Forfeited or expired</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(161,666</td> <td style="padding-bottom: 1pt">)</td> <td style="padding-bottom: 1pt"> </td> <td>$</td> <td style="text-align: right">3.81</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td> </td> <td style="text-align: right"> </td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td> </td> <td style="text-align: right"> </td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td style="padding-bottom: 2.5pt; text-align: justify">Outstanding at September 30, 2012</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">778,667</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td>$</td> <td style="text-align: right">1.26</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td> </td> <td style="text-align: center">3.9</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td>$</td> <td style="text-align: right">3,821,000</td> <td style="padding-bottom: 2.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt; text-align: justify">Exercisable at September 30, 2012</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">441,999</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td>$</td> <td style="text-align: right">1.14</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td> </td> <td style="text-align: center">4.0</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td>$</td> <td style="text-align: right">2,222,000</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>

The following table summarizes information about stock options at September 30, 2012:   <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td colspan="2" style="text-align: right"> </td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="10" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center">Options Outstanding at September 30, 2012</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="6" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center">Options Exercisable at September 30, 2012</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center">Range of Exercise Price</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center">Number of Shares Outstanding</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: black 1pt solid">Weighted Average Remaining Contractual Life (years)</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center">Weighted Average Exercise Price</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: black 1pt solid">Number of Shares Exercisable</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: black 1pt solid">Weighted Average Exercise Price</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td colspan="2" style="text-align: right"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td colspan="2" style="text-align: center">$0.01 - $1.99</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">643,667</td> <td> </td> <td> </td> <td colspan="2" style="text-align: center">4.1</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">1.09</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">390,333</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">1.02</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td colspan="2" style="text-align: center">$2.00 - $4.99</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">135,000</td> <td> </td> <td> </td> <td colspan="2" style="text-align: center">3.2</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">2.09</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">51,666</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">2.06</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td colspan="2" style="text-align: center">$5.00 - $6.99</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"></td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td colspan="2" style="text-align: center">$7.00 - $8.50</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"></td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="text-align: center"></td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td> </td> <td style="text-align: right"></td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"></td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td> </td> <td style="text-align: right"></td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td style="width: 1%"> </td> <td style="width: 13%; text-align: right"> </td> <td style="width: 1%; padding-bottom: 2.5pt"> </td> <td style="width: 1%; padding-bottom: 2.5pt"> </td> <td style="width: 1%; border-bottom: black 2.25pt double"> </td> <td style="width: 14%; border-bottom: black 2.25pt double; text-align: right">778,667</td> <td style="width: 1%; padding-bottom: 2.5pt"> </td> <td style="width: 1%; padding-bottom: 2.5pt"> </td> <td style="width: 1%"> </td> <td style="width: 14%; text-align: right"> </td> <td style="width: 1%; padding-bottom: 2.5pt"> </td> <td style="width: 1%; padding-bottom: 2.5pt"> </td> <td style="width: 1%"> </td> <td style="width: 14%; text-align: right"> </td> <td style="width: 1%; padding-bottom: 2.5pt"> </td> <td style="width: 1%; padding-bottom: 2.5pt"> </td> <td style="width: 1%; border-bottom: black 2.25pt double"> </td> <td style="width: 14%; border-bottom: black 2.25pt double; text-align: right">441,999</td> <td style="width: 1%; padding-bottom: 2.5pt"> </td> <td style="width: 1%; padding-bottom: 2.5pt"> </td> <td style="width: 1%"> </td> <td style="width: 14%; text-align: right"> </td> <td style="width: 1%; padding-bottom: 2.5pt"> </td></tr> </table>

During the nine months ended September 30, 2012, 529,959 warrants were exercised at prices from $1.20 to $3.08. The Company received $105,000 in cash and issued 380,327 shares of common stock. During the same nine month period, 1,114,995 warrants expired bearing exercise prices of $1.35 and $7.50. The following table summarizes stock warrant activity for the nine months ended September 30, 2012:   <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1pt; text-align: justify"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Shares</td> <td style="padding-bottom: 1pt; text-align: center"> </td> <td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1pt solid">Weighted-Average Exercise Price</td> <td style="padding-bottom: 1pt; text-align: center"> </td> <td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1pt solid">Weighted-Average Remaining Contractual Terms (Years)</td> <td style="padding-bottom: 1pt; text-align: center"> </td> <td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1pt solid">Aggregate Intrinsic Value</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 32%; text-align: justify">Outstanding at December 31, 2011</td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 13%; text-align: right">2,006,870</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 13%; text-align: right">4.32</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 13%; text-align: right"> </td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 13%; text-align: right"> </td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td style="text-align: justify">Granted</td> <td> </td> <td> </td> <td style="text-align: right"></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">Exercised</td> <td> </td> <td> </td> <td style="text-align: right">(529,959</td> <td>)</td> <td> </td> <td>$</td> <td style="text-align: right">1.54</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td style="padding-bottom: 1pt; text-align: justify">Forfeited or expired</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(1,114,995</td> <td style="padding-bottom: 1pt">)</td> <td style="padding-bottom: 1pt"> </td> <td>$</td> <td style="text-align: right">6.26</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td> </td> <td style="text-align: right"> </td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td> </td> <td style="text-align: right"> </td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt; text-align: justify">Outstanding at September 30, 2012</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">361,916</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td>$</td> <td style="text-align: right">2.41</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td> </td> <td style="text-align: right">2.9</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td>$</td> <td style="text-align: right">1,359,000</td> <td style="padding-bottom: 2.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td style="padding-bottom: 2.5pt; text-align: justify">Exercisable at September 30, 2012</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">361,916</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td>$</td> <td style="text-align: right">2.41</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td> </td> <td style="text-align: right">2.9</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td>$</td> <td style="text-align: right">1,359,000</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>

The following table reconciles the U.S. statutory rates to the Company's effective tax rate for the:   <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="6" style="border-bottom: black 1pt solid; text-align: center">Three months ended September 30 (unaudited)</td> <td> </td> <td> </td> <td colspan="6" style="border-bottom: black 1pt solid; text-align: center">Nine months ended September 30 (unaudited)</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">2012</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">2011</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">2012</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">2011</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td style="width: 32%; padding-left: 10pt; text-indent: -10pt">U.S. statutory rate</td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 13%; text-align: right">34%</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 13%; text-align: right">(34)%</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 13%; text-align: right">34%</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 13%; text-align: right">(34)%</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; text-indent: -10pt">State tax net of federal benefit</td> <td> </td> <td> </td> <td style="text-align: right">5%</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">(5)%</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">5%</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">(5)%</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td style="padding-left: 10pt; text-indent: -10pt">Benefit of net operating loss carryforward</td> <td> </td> <td> </td> <td style="text-align: right">(39)%</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">(39)%</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; text-indent: -10pt">Valuation allowance</td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"></td> <td> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">39%</td> <td> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"></td> <td> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">39%</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td style="padding-left: 10pt; text-indent: -10pt">Effective tax rate</td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">-%</td> <td> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">-%</td> <td> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">-%</td> <td> </td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">-%</td> <td> </td></tr> </table>

1585122 4038759 101644 342895 361916 2394370 778667 895000 186484 562905

1033000

475000

264000

0.33 .27 .15

5963000

6099000

2146000

2561000

3817000

3538000

-2199000

-1739000

5584000

5251000

423000

413000

1996000

1702000

320000 320000

1737000

1708000

1108000

294000

138000

104000

3574000

3095000

332000

.0375

.07

The line of credit is based on 85% of eligible accounts receivable and 50% of eligible inventory 2013-09-07

615000

728000

38000 38000 23000 36000 16000 84840 220010 14965 24100 4760 23000

-161666

-1114995

-241667

10000

778667

1172000

361916

2006870

1.26

1.55

2.41

4.32

361916

1.14

2.41

P4Y

P3Y10M24D

2222000

1359000

3821000

1359000

1.02

2.06

441999

390333

51666

1.09

2.09

P4Y1M6D P3Y2M12D P0Y P0Y

778667

643667

135000

1.99 4.99 6.99 8.5 0.01 2 5 7 -529959

3.81

6.26

0.95

1.54

.75

1.20

2.43

1.85

P2Y10M3D P2Y10M3D

-0.00

0.39

-0.39 -0.39

0.05

-0.05

0.05

-0.05

0.34

-0.34

0.34

-0.34

10000

1.85

81000

147000

26000

44000

127000

241667

30000

105000

40000

380327

166484

6.17 529959

1114995

7.50

1.35

342000 -594000 22000 -174000

73000

24000

48000

2000

250000

201667

0.30

0.12

.28

0.31

0.11

0.29

0.12

-170000 -152000

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Entity Filer Category Entity Public Float Entity Common Stock, Shares Outstanding Document Fiscal Period Focus Document Fiscal Year Focus Statement [Table] Statement [Line Items] Class of Stock [Axis] ASSETS Current assets: Cash Inventory Trade accounts receivable, net of allowance for doubtful accounts and returns and discounts of $200,000 and $135,000, respectively Prepaid inventory Prepaid and other current assets Total Current Assets Property and equipment, net of accumulated depreciation of $2,199,000 and $1,739,000, respectively Brand names Deferred financing fees, net of amortization of $78,000 and $50,000, respectively Total assets LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable Accrued expenses Dividends payable Recycling fees payable Line of credit Current portion of long term financing obligation Current portion of capital leases payable Current portion of term loan Total current liabilities Long term financing obligation, less current portion, net of discount of $589,000 and $626,000, respectively Capital leases payable, less current portion Term loan, less current portion Total Liabilities Commitments and contingencies Stockholders' equity: Preferred stock Common stock, $.0001 par value, 19,500,000 shares authorized, 11,207,769 and 10,885,833 shares issued and outstanding, respectively Additional paid in capital Accumulated deficit Total stockholders' equity Total liabilities and stockholders' equity Allowance for Doubtful Accounts and returns and discounts (in Dollars) Accumulated Depreciation (in Dollars) Accumulated Amortization, deferred financing fees (in Dollars) Discount, long term financing obligation (in Dollars) Preferred stock shares authorized Preferred stock shares issued Preferred stock shares outstanding Preferred stock par value Common stock par value Common stock, shares authorized Common stock, shares issued Common stock, shares outstanding CONDENSED STATEMENTS OF OPERATIONS [Abstract] Sales Cost of tangible goods sold Cost of goods sold - 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8. Stock Based Compensation (Details Narrative) (USD $)	3 Months Ended		9 Months Ended
8. Stock Based Compensation (Details Narrative) (USD $)	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011
Incentive stock options, issued			$ 10,000
Incentive stock options at the market price			$ 1.85
Stock-based compensation expense recognized	26,000	44,000	81,000	147,000
Aggregate value of unvested options	127,000		127,000
Number of stock options exercised			241,667
Common stock, shares issued			166,484
Common Stock, Exercise price one			$ 0.95
Aggregate intrinsic value	$ 6.17		$ 6.17
Warrants exercise price			$ 0.95
Cash Received			30,000
Common stock, shares issued			40,000
Cash less exercise of options			201,667
Minimum
Common Stock, Exercise price one			$ 0.75
Warrants exercise price			$ 0.75
Maximum
Common Stock, Exercise price one			$ 2.43
Warrants exercise price			$ 2.43
Warrant
Common Stock, Exercise price one			$ 1.54
Warrants exercised 1			529,959
Warrants exercise price			$ 1.54
Cash Received			$ 105,000
Common stock, shares issued			380,327
Warrants expired			1,114,995
Warrant \| Minimum
Exercise price of warrant expired			$ 7.50
Warrant \| Maximum
Common Stock, Exercise price one			$ 1.20
Warrants exercise price			$ 1.20
Exercise price of warrant expired			$ 1.35

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6. Long-term Financing Obligation (Details) (USD $)

Sep. 30, 2012

Dec. 31, 2011

Long-Term Financing Obligation Details

Financing obligation $ 2,893,000 $ 2,944,000

Valuation discount 589,000 626,000

Financing obligation, net of discount 2,304,000 2,318,000

Less current portion (85,000) (71,000)

Long term financing obligation $ 2,219,000 $ 2,247,000

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The amount of debt discount (net of debt premium) that was originally recognized at the issuance of the instrument that has yet to be amortized.

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1. Basis of Presentation (Details) (USD $)
3 Months Ended 9 Months Ended

Sep. 30, 2012

Sep. 30, 2011

Sep. 30, 2012

Sep. 30, 2011

Calculation of weighted average shares outstanding diluted

Net income (loss) attributable to common stockholders $ 14,000 $ (185,000) $ 303,000 $ (649,000)

Denominator

Weighted average shares outstanding - basic 11,501,152 10,835,858 11,155,860 10,758,529

Effect of dilutive instruments

Warrants and options 787,351 550,326

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8. Stock Based Compensation (Details1) (USD $)

Sep. 30, 2012

Number of Shares Outstanding 778,667

Number of Shares Exercisable 441,999

$0.01-$1.99

Range of Exercise Price Lower 0.01

Range of Exercise Price Upper 1.99

Number of Shares Outstanding 643,667

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Weighted Average Exercise Price 1.09

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3. Property and Equipment
9 Months Ended

Sep. 30, 2012

Property, Plant and Equipment [Abstract]

3. Property and Equipment
Property and equipment are comprised of the following as of:

September 30,
2012 December 31,
2011

(unaudited)

Land $ 1,108,000 $ 1,108,000

Building 1,737,000 1,708,000

Vehicles 320,000 320,000

Machinery and equipment 1,996,000 1,702,000

Office equipment 423,000 413,000

5,584,000 5,251,000

Accumulated depreciation (2,199,000 ) (1,739,000 )

$ 3,385,000 $ 3,512,000

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3. Property and Equipment - Property and equipment table (Details) (USD $)

Sep. 30, 2012

Dec. 31, 2011

Notes to Financial Statements

Land $ 1,108,000 $ 1,108,000

Building 1,737,000 1,708,000

Vehicles 320,000 320,000

Machinery and equipment 1,996,000 1,702,000

Office equipment 423,000 413,000

Total property and equipment 5,584,000 5,251,000

Accumulated depreciation (2,199,000) (1,739,000)

Property, plant and equipment, net $ 3,385,000 $ 3,512,000

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2. Inventory (Details) (USD $)

Sep. 30, 2012

Dec. 31, 2011

Summary of inventory

Raw Materials and packaging $ 3,817,000 $ 3,538,000

Finished Goods 2,146,000 2,561,000

Inventory, total $ 5,963,000 $ 6,099,000

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3. Property and Equipment (Details Narrative) (USD $)

Sep. 30, 2012

Dec. 31, 2011

Notes to Financial Statements

Equipment held under capital leases $ 294,000 $ 294,000

Accumulated depreciation for assets held under capital lease $ 138,000 $ 104,000

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4. Line of Credit (Details Narrative) (Revolving Credit Facility, USD $)

Sep. 30, 2012

Dec. 31, 2011

Revolving Credit Facility

Amount outstanding under line of credit facility $ 3,574,000 $ 3,095,000

Availability on line of credit facility $ 332,000

Interest rate on the revolving line of credit .0375

Interest rate on the revolving line of credit 7.00%

Line of credit facility basis The line of credit is based on 85% of eligible accounts receivable and 50% of eligible inventory

Line of credit facility expiry date 2013-09-07

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2. Inventory
9 Months Ended

Sep. 30, 2012

Inventory Disclosure [Abstract]

Note 2. Inventory
Inventory consists of the following as of:

September 30,
2012 December 31,
2011

(unaudited)

Raw Materials and packaging $ 3,817,000 $ 3,538,000

Finished Goods 2,146,000 2,561,000

$ 5,963,000 $ 6,099,000

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5. Term Loan (Details) (USD $)

Sep. 30, 2012

Dec. 31, 2011

Summary of term loan

Term loan $ 615,000 $ 728,000

Less current portion (170,000) (152,000)

Long term debt $ 445,000 $ 576,000

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9. Income Tax (Details)
3 Months Ended 9 Months Ended

Sep. 30, 2012

Sep. 30, 2011

Sep. 30, 2012

Sep. 30, 2011

Income Tax Details

U.S. statutory rate 34.00% (34.00%) 34.00% (34.00%)

State tax net of federal benefit 5.00% (5.00%) 5.00% (5.00%)

Benefit of net operating loss carryforward (39.00%) (39.00%)

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CONDENSED BALANCE SHEETS (USD $)

Sep. 30, 2012

Dec. 31, 2011

ASSETS

Cash $ 1,429,000 $ 713,000

Inventory 5,963,000 6,099,000

Trade accounts receivable, net of allowance for doubtful accounts and returns and discounts of $200,000 and $135,000, respectively 2,899,000 1,626,000

Prepaid inventory 314,000 168,000

Prepaid and other current assets 159,000 123,000

Total Current Assets 10,764,000 8,729,000

Property and equipment, net of accumulated depreciation of $2,199,000 and $1,739,000, respectively 3,385,000 3,512,000

Brand names 1,029,000 1,029,000

Deferred financing fees, net of amortization of $78,000 and $50,000, respectively 32,000 85,000

Total assets 15,210,000 13,355,000

LIABILITIES AND STOCKHOLDERS' EQUITY

Accounts payable 3,354,000 2,310,000

Accrued expenses 204,000 196,000

Dividends payable 71,000 83,000

Recycling fees payable 21,000 111,000

Line of credit 3,574,000 3,095,000

Current portion of long term financing obligation 85,000 71,000

Current portion of capital leases payable 64,000 56,000

Current portion of term loan 170,000 152,000

Total current liabilities 7,543,000 6,074,000

Long term financing obligation, less current portion, net of discount of $589,000 and $626,000, respectively 2,219,000 2,247,000

Capital leases payable, less current portion 104,000 153,000

Term loan, less current portion 445,000 576,000

Total Liabilities 10,311,000 9,050,000

Stockholders' equity:

Common stock, $.0001 par value, 19,500,000 shares authorized, 11,207,769 and 10,885,833 shares issued and outstanding, respectively 1,000 1,000

Additional paid in capital 23,741,000 22,924,000

Accumulated deficit (19,587,000) (19,890,000)

Total stockholders' equity 4,899,000 4,305,000

Total liabilities and stockholders' equity 15,210,000 13,355,000

Series A Preferred Stock

Stockholders' equity:

Preferred stock 254,000 466,000

Series B Preferred Stock

Stockholders' equity:

Preferred stock $ 490,000 $ 804,000

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CONDENSED STATEMENTS OF CASH FLOWS (USD $)
9 Months Ended

Sep. 30, 2012

Sep. 30, 2011

Cash flows from operating activities:

Net income (loss) $ 342,000 $ (594,000)

Adjustments to reconcile net loss to net cash used in operating activities:

Depreciation and amortization 556,000 472,000

Fair value of stock options issued to employees 81,000 147,000

Fair value of warrants issued for services 42,000

Fair value of common stock issued for services and bonus 23,000 107,000

Increase in allowance for doubtful accounts 65,000 30,000

Changes in assets and liabilities:

Accounts receivable (1,338,000) (899,000)

Inventory 136,000 (1,566,000)

Prepaid inventory and prepaid other current assets (182,000) (253,000)

Accounts payable 1,044,000 1,156,000

Accrued expenses 9,000 15,000

Recycling fees payable (90,000) (178,000)

Net cash provided by (used in) operating activities 646,000 (1,521,000)

Cash flows from investing activities:

Purchase of property and equipment (334,000) (297,000)

Net cash used in investing activities (334,000) (297,000)

Cash flows from financing activities:

Proceeds from issuance of common stock, net of offering costs 672,000

Proceeds from stock option and warrant exercises 135,000 25,000

Principal repayments on long term financing obligation (52,000) (39,000)

Principal repayments on capital lease obligation (41,000) (30,000)

Payment of deferred finance fees (4,000) (20,000)

Principal repayments on notes payable (113,000) (71,000)

Net (repayment) borrowing on line of credit 479,000 751,000

Net cash (used in) provided by financing activities 404,000 1,288,000

Net decrease in cash 716,000 (530,000)

Cash at beginning of period 713,000

Cash at end of period 1,429,000 554,000

Cash paid during the period for:

Interest 493,000 449,000

Non cash investing and financing activities:

Series A Preferred stock converted to common stock 212,000

Series B Preferred stock converted to common stock 314,000 54,000

Dividends payable in common stock 52,000 55,000

Common stock issued in settlement of Series A and B preferred stock dividend 39,000 3,000

Property and equipment acquired through capital lease 67,000

Common stock issued for deferred finance fees $ 15,000

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7. Stockholders' Equity (Details Narrative 1) (USD $)
9 Months Ended

Sep. 30, 2012

Dec. 31, 2011

Common stock, issued 14,965

Common stock price per share $ 0.0001 $ 0.0001

Common stock, value $ 23,000

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Common stock price per share $ 1.13

Maximum

Common stock price per share $ 2.17

Series A Preferred Stock

Common stock shares converted from preferred shares 84,840

Common stock, issued 4,760

Common stock, value 16,000

Series B Preferred Stock

Preferred stock Dividends accrued 23,000

Common stock shares converted from preferred shares 220,010

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9 Months Ended

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2012 December 31,
2011

(unaudited)

Financing obligation $ 2,893,000 $ 2,944,000

Valuation discount (589,000 ) (626,000 )

2,304,000 2,318,000

Less current portion (85,000 ) (71,000 )

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8. Stock Based Compensation (Details) (USD $)
9 Months Ended

Sep. 30, 2012

Dec. 31, 2011

Stock Options

Shares outstanding 1,172,000

Shares granted 10,000

Shares exercised (241,667)

Shares forfeited or expired (161,666)

Share outstanding 778,667

Weighted Average Exercise Price

Weighted average exercise price of share outstanding $ 1.55

Weighted average exercise price of share granted $ 1.85

Weighted average exercise price of share exercised $ 0.95

Weighted average exercise price of share forfeited or expired $ 3.81

Weighted average exercise price of share outstanding $ 1.26

Weighted average exercise price of share exercisable $ 1.14

Weighted Average Remaining Contractual Terms

Weighted average remaining contractual terms of share outstanding 3 years 10 months 24 days

Weighted average remaining contractual terms of share exercisable 4 years

Aggregate Intrinsic Value

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Aggregate intrinsic value of share exercisable $ 2,222,000

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9. Income Taxes (Tables)
9 Months Ended

Sep. 30, 2012

Income Taxes Tables

Income Taxes
The following table reconciles the U.S. statutory rates to the Company's effective tax rate for the:

Three months ended
September 30
(unaudited) Nine months ended
September 30
(unaudited)

2012 2011 2012 2011

U.S. statutory rate 34% (34)% 34% (34)%

State tax net of federal benefit 5% (5)% 5% (5)%

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1. Basis of Presentation
9 Months Ended

Sep. 30, 2012

Accounting Policies [Abstract]

Note 1. Basis of Presentation
The accompanying interim condensed financial statements are unaudited, but in the opinion of management of Reeds, Inc. (the "Company"), contain all adjustments, which include normal recurring adjustments necessary to present fairly the financial position at September 30, 2012 and the results of operations and cash flows for the nine months ended September 30, 2012 and 2011. The balance sheet as of December 31, 2011 is derived from the Company’s audited financial statements.

Certain information and footnote disclosures normally included in financial statements that have been prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission, although management of the Company believes that the disclosures contained in these condensed financial statements are adequate to make the information presented herein not misleading. For further information, refer to the financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K, as filed with the Securities and Exchange Commission on March 22, 2012.

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

The results of operations for the nine months ended September 30, 2012 are not necessarily indicative of the results of operations to be expected for the full fiscal year ending December 31, 2012.

Income (Loss) per Common Share

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

For the three and nine months ended September 30, 2012 the calculations of diluted earnings per share included stock options and warrants, calculated under the treasury method, and excluded preferred stock since the effect was antidilutive. For the three and nine months ended September 30, 2011 the calculations of basic and diluted loss per share are the same. The calculation of weighted average shares outstanding – diluted is as follows:

Three months ended Nine months ended

September 30, September 30,

2012 2011 2012 2011

Net income (loss) attributable to common stockholders $ 14,000 $ (185,000 ) $ 303,000 $ (649,000 )

Denominator:

Weighted average shares outstanding - basic 11,501,152 10,835,858 11,155,860 10,758,529

Effect of dilutive instruments:

Warrants and options 787,351 – 550,326 –

Weighted average shares outstanding-diluted 12,288,503 10,835,858 11,706,186 10,758,529

At September 30, 2012, the Company had potentially dilutive securities that consisted of:

September 30, September 30,

2012 2011

Warrants 361,916 2,394,370

Options 778,667 895,000

Series A Preferred Stock 101,644 186,484

Series B Preferred Stock 342,895 562,905

Total 1,585,122 4,038,759



Recent Accounting Pronouncements

In May 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (ASU) No. 2011-04, “Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs”. ASU No. 2011-4 does not require additional fair value measurements and is not intended to establish valuation standards or affect valuation practices outside of financial reporting. The ASU is effective for interim and annual periods beginning after December 15, 2011. The Company adopted ASU No. 2011-04 effective January 1, 2012 and it did not affect the Company’s results of operations, financial condition or liquidity.

In June 2011, the FASB issued ASU No. 2011-05, “Presentation of Comprehensive Income”. The ASU eliminates the option to present the components of other comprehensive income as part of the statement of changes in shareholders’ equity, and instead requires consecutive presentation of the statement of net income and other comprehensive income either in a continuous statement of comprehensive income or in two separate but consecutive statements. ASU No. 2011-5 is effective for interim and annual periods beginning after December 15, 2011. The Company adopted ASU 2011-05 effective January 1, 2012 and it did not affect the Company’s results of operations, financial condition or liquidity.

In September 2011, the FASB issued ASU 2011-08, “Testing Goodwill for Impairment”, an update to existing guidance on the assessment of goodwill impairment. This update simplifies the assessment of goodwill for impairment by allowing companies to consider qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount before performing the two step impairment review process. It also amends the examples of events or circumstances that would be considered in a goodwill impairment evaluation. The amendments are effective for annual and interim goodwill impairment tests performed for fiscal years beginning after December 15, 2011. The Company adopted ASU 2011-08 effective January 1, 2012. We do not believe that the adoption of this new accounting guidance will have a significant effect on our goodwill impairment assessments in the future.

In December 2011, the FASB issued ASU No. 2011-11, “Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities.” This ASU requires an entity to disclose information about offsetting and related arrangements to enable users of its financial statements to understand the effect of those arrangements on its financial position. ASU No. 2011-11 will be applied retrospectively and is effective for annual and interim reporting periods beginning on or after January 1, 2013. The Company does not expect adoption of this standard to have a material impact on its results of operations, financial condition, or liquidity.

Other recent accounting pronouncements issued by the FASB (including its Emerging Issues Task Force), the AICPA, and the Securities Exchange Commission (the "SEC") did not or are not believed by management to have a material impact on the Company's present or future financial statements.

Concentrations

The Company’s cash balances on deposit with banks are guaranteed by the Federal Deposit Insurance Corporation up to $250,000. The Company may be exposed to risk for the amounts of funds held in one bank in excess of the insurance limit. In assessing the risk, the Company’s policy is to maintain cash balances with high quality financial institutions. The Company had cash balances in excess of the guarantee during the three and nine months ended September 30, 2012.

During the three months ended September 30, 2012 and 2011, the Company had two customers, which accounted for approximately 30% and 11% of sales in 2012, and 28% and 12% of sales in 2011, respectively. During the nine months ended September 30, 2012 and 2011, the Company had two customers, which accounted for approximately 31% and 11% of sales in 2012, and 29% and 12% of sales in 2011, respectively. No other customers accounted for more than 10% of sales in either year. As of September 30, 2012, the Company had accounts receivable due from a customer who comprised $1,033,000 (33%) of its total accounts receivable and as of December 31, 2011 the Company had accounts receivable due from two customers who comprised $475,000 (27%), and $264,000 (15%), respectively, of its total accounts receivable.

Advertising

Advertising costs are expensed as incurred. For the three months ended September 30, 2012 and 2011, advertising costs were $48,000 and $2,000, respectively, and for the nine months ended September 30, 2012 and 2011, advertising costs were $73,000 and $24,000, respectively

Fair Value of Financial Instruments

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

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

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

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

The Company had no such assets or liabilities recorded to be valued on the basis above at September 30, 2012 or December 31, 2011.

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CONDENSED BALANCE SHEETS (Parenthetical) (USD $)

Sep. 30, 2012

Dec. 31, 2011

Allowance for Doubtful Accounts and returns and discounts (in Dollars) $ 200,000 $ 135,000

Accumulated Depreciation (in Dollars) 2,199,000 1,739,000

Accumulated Amortization, deferred financing fees (in Dollars) 78,000 50,000

Discount, long term financing obligation (in Dollars) $ 589,000 $ 626,000

Preferred stock par value $ 10 $ 10

Common stock par value $ 0.0001 $ 0.0001

Common stock, shares authorized 19,500,000 19,500,000

Common stock, shares issued 11,821,319 10,885,833

Common stock, shares outstanding 11,821,319 10,885,833

Series A Preferred Stock

Preferred stock shares authorized 500,000 500,000

Preferred stock shares issued 25,411 46,621

Preferred stock shares outstanding 25,411 46,621

Series B Preferred Stock

Preferred stock shares authorized 500,000 500,000

Preferred stock shares issued 48,985 80,415

Preferred stock shares outstanding 48,985 80,415

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XML 36 R17.htm IDEA: XBRL DOCUMENT v2.4.0.6

1. Basis of Presentation (Policies)
9 Months Ended

Sep. 30, 2012

Basis Of Presentation Policies

Basis of Presentation
The accompanying interim condensed financial statements are unaudited, but in the opinion of management of Reeds, Inc. (the "Company"), contain all adjustments, which include normal recurring adjustments necessary to present fairly the financial position at September 30, 2012 and the results of operations and cash flows for the nine months ended September 30, 2012 and 2011. The balance sheet as of December 31, 2011 is derived from the Company’s audited financial statements.

Certain information and footnote disclosures normally included in financial statements that have been prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission, although management of the Company believes that the disclosures contained in these condensed financial statements are adequate to make the information presented herein not misleading. For further information, refer to the financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K, as filed with the Securities and Exchange Commission on March 22, 2012.

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

The results of operations for the nine months ended September 30, 2012 are not necessarily indicative of the results of operations to be expected for the full fiscal year ending December 31, 2012.

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

For the three and nine months ended September 30, 2012 the calculations of diluted earnings per share included stock options and warrants, calculated under the treasury method, and excluded preferred stock since the effect was antidilutive. For the three and nine months ended September 30, 2011 the calculations of basic and diluted loss per share are the same. The calculation of weighted average shares outstanding – diluted is as follows:

Three months ended Nine months ended

September 30, September 30,

2012 2011 2012 2011

Net income (loss) attributable to common stockholders $ 14,000 $ (185,000 ) $ 303,000 $ (649,000 )

Denominator:

Weighted average shares outstanding - basic 11,501,152 10,835,858 11,155,860 10,758,529

Effect of dilutive instruments:

Warrants and options 787,351 – 550,326 –

Weighted average shares outstanding-diluted 12,288,503 10,835,858 11,706,186 10,758,529



At September 30, 2012, the Company had potentially dilutive securities that consisted of:

September 30, September 30,

2012 2011

Warrants 361,916 2,394,370

Options 778,667 895,000

Series A Preferred Stock 101,644 186,484

Series B Preferred Stock 342,895 562,905

Total 1,585,122 4,038,759



Recent Accounting Pronouncements
In May 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (ASU) No. 2011-04, “Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs”. ASU No. 2011-4 does not require additional fair value measurements and is not intended to establish valuation standards or affect valuation practices outside of financial reporting. The ASU is effective for interim and annual periods beginning after December 15, 2011. The Company adopted ASU No. 2011-04 effective January 1, 2012 and it did not affect the Company’s results of operations, financial condition or liquidity.

In June 2011, the FASB issued ASU No. 2011-05, “Presentation of Comprehensive Income”. The ASU eliminates the option to present the components of other comprehensive income as part of the statement of changes in shareholders’ equity, and instead requires consecutive presentation of the statement of net income and other comprehensive income either in a continuous statement of comprehensive income or in two separate but consecutive statements. ASU No. 2011-5 is effective for interim and annual periods beginning after December 15, 2011. The Company adopted ASU 2011-05 effective January 1, 2012 and it did not affect the Company’s results of operations, financial condition or liquidity.

In September 2011, the FASB issued ASU 2011-08, “Testing Goodwill for Impairment”, an update to existing guidance on the assessment of goodwill impairment. This update simplifies the assessment of goodwill for impairment by allowing companies to consider qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount before performing the two step impairment review process. It also amends the examples of events or circumstances that would be considered in a goodwill impairment evaluation. The amendments are effective for annual and interim goodwill impairment tests performed for fiscal years beginning after December 15, 2011. The Company adopted ASU 2011-08 effective January 1, 2012. We do not believe that the adoption of this new accounting guidance will have a significant effect on our goodwill impairment assessments in the future.

In December 2011, the FASB issued ASU No. 2011-11, “Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities.” This ASU requires an entity to disclose information about offsetting and related arrangements to enable users of its financial statements to understand the effect of those arrangements on its financial position. ASU No. 2011-11 will be applied retrospectively and is effective for annual and interim reporting periods beginning on or after January 1, 2013. The Company does not expect adoption of this standard to have a material impact on its results of operations, financial condition, or liquidity.

Other recent accounting pronouncements issued by the FASB (including its Emerging Issues Task Force), the AICPA, and the Securities Exchange Commission (the "SEC") did not or are not believed by management to have a material impact on the Company's present or future financial statements.

Concentrations

The Company’s cash balances on deposit with banks are guaranteed by the Federal Deposit Insurance Corporation up to $250,000. The Company may be exposed to risk for the amounts of funds held in one bank in excess of the insurance limit. In assessing the risk, the Company’s policy is to maintain cash balances with high quality financial institutions. The Company had cash balances in excess of the guarantee during the three and nine months ended September 30, 2012.

During the three months ended September 30, 2012 and 2011, the Company had two customers, which accounted for approximately 30% and 11% of sales in 2012, and 28% and 12% of sales in 2011, respectively. During the nine months ended September 30, 2012 and 2011, the Company had two customers, which accounted for approximately 31% and 11% of sales in 2012, and 29% and 12% of sales in 2011, respectively. No other customers accounted for more than 10% of sales in either year. As of September 30, 2012, the Company had accounts receivable due from a customer who comprised $1,033,000 (33%) of its total accounts receivable and as of December 31, 2011 the Company had accounts receivable due from two customers who comprised $475,000 (27%), and $264,000 (15%), respectively, of its total accounts receivable.

Advertising
Advertising costs are expensed as incurred. For the three months ended September 30, 2012 and 2011, advertising costs were $48,000 and $2,000, respectively, and for the nine months ended September 30, 2012 and 2011, advertising costs were $73,000 and $24,000, respectively

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

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

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

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

The Company had no such assets or liabilities recorded to be valued on the basis above at September 30, 2012 or December 31, 2011.

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Document And Entity Information
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Nov. 06, 2012

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1. Basis of Presentation (Tables)
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Basis Of Presentation Tables

Income (Loss) per Common Share
For the three and nine months ended September 30, 2012 the calculations of diluted earnings per share included stock options and warrants, calculated under the treasury method, and excluded preferred stock since the effect was antidilutive. For the three and nine months ended September 30, 2011 the calculations of basic and diluted loss per share are the same. The calculation of weighted average shares outstanding – diluted is as follows:

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Potentially dilutive securities
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September 30, September 30,

2012 2011

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Options 778,667 895,000

Series A Preferred Stock 101,644 186,484

Series B Preferred Stock 342,895 562,905

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CONDENSED STATEMENTS OF OPERATIONS (USD $)
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Sep. 30, 2011

Sep. 30, 2012

Sep. 30, 2011

CONDENSED STATEMENTS OF OPERATIONS [Abstract]

Sales $ 7,888,000 $ 6,400,000 $ 22,258,000 $ 17,731,000

Cost of tangible goods sold 4,810,000 3,970,000 13,691,000 11,053,000

Cost of goods sold - idle capacity 621,000 405,000 1,428,000 1,300,000

Gross profit 2,457,000 2,025,000 7,139,000 5,378,000

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Delivery and handling expenses 763,000 587,000 1,827,000 1,519,000

Selling and marketing expense 818,000 570,000 2,239,000 1,751,000

General and administrative expense 693,000 867,000 2,238,000 2,198,000

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Income (loss) from operations 183,000 1,000 835,000 (90,000)

Interest expense (161,000) (175,000) (493,000) (504,000)

Net income (loss) 22,000 (174,000) 342,000 (594,000)

Preferred stock dividend (8,000) (11,000) (39,000) (55,000)

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6. Long-term Financing Obligation
9 Months Ended

Sep. 30, 2012

Long-Term Financing Obligation

Note 6. Long-term Financing Obligation
In 2009 the Company sold two buildings and its brewery equipment and concurrently entered into a long-term lease agreement for the same property and equipment. In connection with the lease the Company has the option to repurchase the buildings and brewery equipment from 12 months after the commencement date to the end of the lease term at the greater of the fair market value or an agreed upon amount. Since the lease contains a buyback provision and other related terms, the Company determined it had continuing involvement that did not warrant the recognition of a sale; therefore, the transaction has been accounted for as a long-term financing. The proceeds from the sale, net of transaction costs, have been recorded as a financing obligation in the amount of $3,056,000. Monthly payments under the financing agreement are recorded as interest expense and a reduction in the financing obligation at an implicit rate of 9.9%. The financing obligation is personally guaranteed up to a limit of $150,000 by the principal shareholder and Chief Executive Officer.

In connection with the financing obligation, the Company issued an aggregate of 400,000 warrants to purchase its common stock at $1.20 per share for five years. The 400,000 warrants were valued at $752,000 and reflected as a debt discount, using the Black Scholes option pricing model. The following assumptions were utilized in valuing the 400,000 warrants: strike price of $2.10 to $2.25; term of 5 years; volatility of 91.36% to 110.9%; expected dividends 0%; and discount rate of 2.15% to 2.20%. The 400,000 warrants were recorded as valuation discount and are being amortized over 15 years, the term of the purchase option. Amortization of valuation discount during the nine months ended September 30, 2012 and 2011 was $38,000 and $38,000, respectively.

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

September 30,
2012 December 31,
2011

(unaudited)

Financing obligation $ 2,893,000 $ 2,944,000

Valuation discount (589,000 ) (626,000 )

2,304,000 2,318,000

Less current portion (85,000 ) (71,000 )

Long term financing obligation $ 2,219,000 $ 2,247,000

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5. Term Loan
9 Months Ended

Sep. 30, 2012

Term Loan

Note 5. Term Loan

September 30,

2012

December 31,

2011

(unaudited)

Term loan $ 615,000 $ 728,000

Less current portion (170,000 ) (152,000 )

Long term debt $ 445,000 $ 576,000

The term loan bears interest at the prime rate plus 11.6%, which shall not be below 14.85%, is secured by all of the unencumbered assets of the Company, and is to be repaid in 48 equal installments of principal and interest of $21,000.

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8. Stock Based Compensation (Tables)
9 Months Ended

Sep. 30, 2012

Stock Based Compensation Tables

Stock option activity
Stock options granted under our equity incentive plans generally vest over 2 to 3 years from the date of grant, 1/2 and 1/3 per year, respectively; and expire 5 years from the date of grant. The following table summarizes stock option activity for the nine months ended September 30, 2012:

Shares
Weighted-Average

Exercise Price

Weighted-Average

Remaining

Contractual

Terms (Years)

Aggregate

Intrinsic

Value

Outstanding at December 31, 2011 1,172,000 $ 1.55

Granted 10,000 $ 1.85

Exercised (241,667 ) $ 0.95

Forfeited or expired (161,666 ) $ 3.81

Outstanding at September 30, 2012 778,667 $ 1.26 3.9 $ 3,821,000

Exercisable at September 30, 2012 441,999 $ 1.14 4.0 $ 2,222,000

Information about stock options
The following table summarizes information about stock options at September 30, 2012:

Options Outstanding at
September 30, 2012 Options Exercisable at
September 30, 2012

Range of
Exercise Price Number of Shares
Outstanding
Weighted Average

Remaining

Contractual Life
(years)
Weighted Average
Exercise Price
Number of Shares

Exercisable

Weighted Average

Exercise Price

$0.01 - $1.99 643,667 4.1 $ 1.09 390,333 $ 1.02

$2.00 - $4.99 135,000 3.2 $ 2.09 51,666 $ 2.06

$5.00 - $6.99 – – – – –

$7.00 - $8.50 – – – – –

778,667 441,999

Stock Warrants
During the nine months ended September 30, 2012, 529,959 warrants were exercised at prices from $1.20 to $3.08. The Company received $105,000 in cash and issued 380,327 shares of common stock. During the same nine month period, 1,114,995 warrants expired bearing exercise prices of $1.35 and $7.50. The following table summarizes stock warrant activity for the nine months ended September 30, 2012:

Shares
Weighted-Average

Exercise Price

Weighted-Average

Remaining

Contractual

Terms (Years)

Aggregate

Intrinsic

Value

Outstanding at December 31, 2011 2,006,870 $ 4.32

Granted – –

Exercised (529,959 ) $ 1.54

Forfeited or expired (1,114,995 ) $ 6.26

Outstanding at September 30, 2012 361,916 $ 2.41 2.9 $ 1,359,000

Exercisable at September 30, 2012 361,916 $ 2.41 2.9 $ 1,359,000

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2. Inventory (Tables)
9 Months Ended

Sep. 30, 2012

Inventory Tables

Inventory
Inventory consists of the following as of:

September 30,
2012 December 31,
2011

(unaudited)

Raw Materials and packaging $ 3,817,000 $ 3,538,000

Finished Goods 2,146,000 2,561,000

$ 5,963,000 $ 6,099,000

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9. Income Taxes
9 Months Ended

Sep. 30, 2012

Income Tax Disclosure [Abstract]

Note 9. Income Taxes
For the three and nine months ended September 30, 2012, net income was $22,000 and $342,000, respectively, and our provision for income taxes was zero. We made no provision for income taxes due to our utilization of federal net operating loss carryforwards to offset both regular taxable income and alternative minimum taxable income. For the three and nine months ended September 30, 2011, net loss was ($174,000) and ($594,000), respectively and no income tax provision was recorded.

In accordance with Accounting Standards Codification (“ASC”) 740-10, Income Taxes, the Company evaluates its deferred tax assets to determine if a valuation allowance is required based on the consideration of all available evidence using a “more likely than not” standard, with significant weight being given to evidence that can be objectively verified. This assessment considers, among other matters, the nature, frequency and severity of current and cumulative losses, forecasts of future profitability; the length of statutory carryover periods for operating losses and tax credit carryovers; and available tax planning alternatives. Our deferred tax assets are composed primarily of U.S. federal net operating loss carryforwards. Based on available objective evidence, management believes it is more likely than not that these deferred tax assets are not recognizable and will not be recognizable until its determined that we have sufficient taxable income. Under ASC 740-10, we may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. ASC 740-10 also provides guidance on de-recognition, classification, interest and penalties on income taxes, accounting in interim periods, and disclosures. As of September 30, 2012 or 2011, the Company does not have a liability for unrecognized tax uncertainties.

The following table reconciles the U.S. statutory rates to the Company's effective tax rate for the:

Three months ended
September 30
(unaudited) Nine months ended
September 30
(unaudited)

2012 2011 2012 2011

U.S. statutory rate 34% (34)% 34% (34)%

State tax net of federal benefit 5% (5)% 5% (5)%

Benefit of net operating loss carryforward (39)% – (39)% –

Valuation allowance – 39% – 39%

Effective tax rate -% -% -% -%

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-Number 109

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7. Stockholders' Equity
9 Months Ended

Sep. 30, 2012

Equity [Abstract]

Note 7. Stockholders' Equity
Preferred Stock

Dividends on the Series A Preferred stock in the amount of $16,000 were paid on July 24, 2012 by issuing 4,760 shares of common stock. During the nine months ended September 30, 2012, 21,210 shares of Series A Convertible Preferred Stock were converted into 84,840 shares of common stock, in accordance with the original certificate of designation

Dividends accrue quarterly on the Series B Convertible Preferred shares outstanding at the end of the quarter. During the nine months ended September 30, 2012, the Company accrued dividends of $23,000. Dividends have been paid in common stock at the time of conversion of the Series B Convertible Preferred Stock into common stock. During the nine months ended September 30, 2012, 31,430 shares of Series B Convertible Preferred Stock were converted into 220,010 shares of common stock, in accordance with the original certificate of designation, and $36,000 of accrued dividends were paid on conversion, through the issuance of 24,100 shares of common stock.

Common Stock

During the nine months ended September 30, 2012, the Company issued 14,965 shares of common stock for services at prices ranging from $1.13 to $2.17 per share with a value of $23,000 for services rendered.

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-Name Regulation S-X (SX)

-Number 210

-Section 04

-Article 3

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-Name Accounting Standards Codification

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-Number Topic 4

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8. Stock Based Compensation
9 Months Ended

Sep. 30, 2012

Stock Based Compensation

Note 8. Stock Based Compensation
Stock Options

During the nine months ended September 30, 2012, the Company issued 10,000 incentive stock options at the market price of $1.85 per share. Total stock-based compensation recognized on the Company’s statement of operations for the three and nine months ended September 30, 2012 was $26,000 and $81,000, respectively, as compared to 2011 expense of $44,000 and $147,000, respectively. As of September 30, 2012, the aggregate value of unvested options was $127,000, which will vest over an average period of two or three years. There were 241,667 stock options exercised in the nine months ended September 30, 2012 at exercise prices between $0.75 and $2.43. The Company received $30,000 for 40,000 of such exercises and allowed cash-less exercise of 201,667 of such options and issued 166,484 shares of common stock.

Stock options granted under our equity incentive plans generally vest over 2 to 3 years from the date of grant, 1/2 and 1/3 per year, respectively; and expire 5 years from the date of grant. The following table summarizes stock option activity for the nine months ended September 30, 2012:

Shares
Weighted-Average

Exercise Price

Weighted-Average

Remaining

Contractual

Terms (Years)

Aggregate

Intrinsic

Value

Outstanding at December 31, 2011 1,172,000 $ 1.55

Granted 10,000 $ 1.85

Exercised (241,667 ) $ 0.95

Forfeited or expired (161,666 ) $ 3.81

Outstanding at September 30, 2012 778,667 $ 1.26 3.9 $ 3,821,000

Exercisable at September 30, 2012 441,999 $ 1.14 4.0 $ 2,222,000

The aggregate intrinsic value was calculated as the difference between the market price and the exercise price of the Company’s common stock, which was $6.17 as of September 30, 2012.

The following table summarizes information about stock options at September 30, 2012:

Options Outstanding at
September 30, 2012 Options Exercisable at
September 30, 2012

Range of
Exercise Price Number of Shares
Outstanding
Weighted Average

Remaining

Contractual Life
(years)
Weighted Average
Exercise Price
Number of Shares

Exercisable

Weighted Average

Exercise Price

$0.01 - $1.99 643,667 4.1 $ 1.09 390,333 $ 1.02

$2.00 - $4.99 135,000 3.2 $ 2.09 51,666 $ 2.06

$5.00 - $6.99 – – – – –

$7.00 - $8.50 – – – – –

778,667 441,999

Stock Warrants

During the nine months ended September 30, 2012, 529,959 warrants were exercised at prices from $1.20 to $3.08. The Company received $105,000 in cash and issued 380,327 shares of common stock. During the same nine month period, 1,114,995 warrants expired bearing exercise prices of $1.35 and $7.50. The following table summarizes stock warrant activity for the nine months ended September 30, 2012:

Shares
Weighted-Average

Exercise Price

Weighted-Average

Remaining

Contractual

Terms (Years)

Aggregate

Intrinsic

Value

Outstanding at December 31, 2011 2,006,870 $ 4.32

Granted – –

Exercised (529,959 ) $ 1.54

Forfeited or expired (1,114,995 ) $ 6.26

Outstanding at September 30, 2012 361,916 $ 2.41 2.9 $ 1,359,000

Exercisable at September 30, 2012 361,916 $ 2.41 2.9 $ 1,359,000

The intrinsic value was calculated as the difference between the market price and the exercise price of the Company’s common stock, which was $6.17 as of September 30, 2012.

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10. Subsequent Events
9 Months Ended

Sep. 30, 2012

Subsequent Events [Abstract]

Note 10. Subsequent Events
During the period October 1, 2012 and November 6, 2012, options for the purchase of 156,667 shares of common stock were exercised at prices between $0.75 and $1.34 per share, and 131,936 shares of common stock were issued in cash-less exercise transactions. During the same period, 14,422 shares of common stock were issued in exercise of the same quantity of warrants at prices of $1.79 per share and $3.075 per share.

During the period October 1, 2012 and November 6, 2012, 1,908 shares of Series B preferred stock were converted into 15,168 shares of common stock, which includes dividends paid of $3,000.

On October 17, 2012, the Loan and Security Agreement with PMC Financial Services Group was amended to allow additional borrowing of up to $250,000 secured by additional plant equipment purchases. The equipment loan bears interest at the prime rate plus 11.6%, which shall not be below 14.85%, and is secured by the equipment purchased. The Company purchased $48,000 of equipment under this loan facility.

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6. Long-term Financing Obligation (Details Narrative) (USD $)
9 Months Ended

Sep. 30, 2012

Sep. 30, 2011

Long-Term Financing Obligation Details Narrative

Amortization of valuation discount $ 38,000 $ 38,000

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5. Term Loan (Tables)
9 Months Ended

Sep. 30, 2012

Term Loan Tables

Term Loan

September 30,

2012

December 31,

2011

(unaudited)

Term loan $ 615,000 $ 728,000

Less current portion (170,000 ) (152,000 )

Long term debt $ 445,000 $ 576,000

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1. Basis of Presentation (Details1)

Sep. 30, 2012

Dec. 31, 2011

Sep. 30, 2012

Warrant

Sep. 30, 2012

Stock Option

Sep. 30, 2011

Stock Option

Sep. 30, 2012

Series A Preferred Stock

Sep. 30, 2011

Series A Preferred Stock

Sep. 30, 2012

Series B Preferred Stock

Sep. 30, 2011

Series B Preferred Stock

Sep. 30, 2011

Warrant

Summary of potentially dilutive securities

Potentially dilutive securities 1,585,122 4,038,759 361,916 778,667 895,000 101,644 186,484 342,895 562,905 2,394,370

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9. Income Taxes (Details Narrative) (USD $)
3 Months Ended 9 Months Ended

Sep. 30, 2012

Sep. 30, 2011

Sep. 30, 2012

Sep. 30, 2011

Income Taxes Details Narrative

Net income (loss) $ 22,000 $ (174,000) $ 342,000 $ (594,000)

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CONDENSED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (USD $)

Common Stock

Series A Preferred Stock

Series B Preferred Stock

Additional Paid-In Capital

Accumulated Deficit

Total

Beginning Balance, Amount at Dec. 31, 2011 $ 1,000 $ 466,000 $ 804,000 $ 22,924,000 $ (19,890,000) $ 4,305,000

Beginning Balance, Shares at Dec. 31, 2011 10,885,833 46,621 80,415

Fair Value of common stock issued for services, Amount 23,000

Fair Value of common stock issued for services, Shares 14,965

Proceeds from exercise of stock options, Amount 30,000

Proceeds from exercise of stock options, Shares 206,484

Common stock issued upon conversion of Series A preferred stock, Amount (212,000) 212,000

Common stock issued upon conversion of Series A preferred stock, Shares 84,840 (21,210)

Common stock issued upon conversion of Series B preferred stock, Amount (314,000) 314,000

Common stock issued upon conversion of Series B preferred stock, Shares 220,010 (31,430)

Proceeds from exercise of warrants, Amount 105,000

Proceeds from exercise of warrants, Shares 380,327

Fair value vesting of options issued to employees 81,000

Common stock paid for Series A preferred stock dividend, Amount 16,000 (16,000)

Common stock paid for Series A preferred stock dividend, Shares 4,760

Series B preferred stock dividend (23,000)

Common stock paid for Series B preferred stock dividend, Amount 36,000

Common stock paid for Series B preferred stock dividend, Shares 24,100

Net loss 342,000 342,000

Ending Balance, Amount at Sep. 30, 2012 $ 1,000 $ 254,000 $ 490,000 $ 23,741,000 $ (19,587,000) $ 4,899,000

Ending Balance, Shares at Sep. 30, 2012 11,821,319 25,411 48,985

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4. Line of Credit
9 Months Ended

Sep. 30, 2012

Line Of Credit

Note 4. Line of Credit
On May 11, 2012, the Company’s revolving line of credit was increased from $3,000,000 to $4,000,000. At September 30, 2012 and December 31, 2011, the aggregate amount outstanding under the line of credit was $3,574,000 and $3,095,000 respectively, and the Company had approximately $332,000 of availability on this line of credit at September 30, 2012. The interest rate on the revolving line of credit is at the prime rate plus 3.75% (7% at September 30, 2012) The line of credit is based on 85% of eligible accounts receivable and 50% of eligible inventory. The line of credit expires on November 7, 2013 and is secured by substantially all of the Company’s assets.

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1. Basis of Presentation (Details Narrative) (USD $)
3 Months Ended 9 Months Ended

Sep. 30, 2012

Sep. 30, 2011

Sep. 30, 2012

Sep. 30, 2011

Dec. 31, 2011

Advertising costs $ 48,000 2,000 $ 73,000 24,000

Cash deposit guaranteed by the Federal Deposit Insurance Corporation 250,000 250,000

Customer One

Percentage of sale accounted to customer 30.00% 28.00% 31.00% 29.00%

Acccount recievables from customer 1,033,000 1,033,000 475,000

Percentage of receivables from customer to net receivables 33.00% 33.00% 27.00%

Customer Two

Percentage of sale accounted to customer 12.00% 1100.00% 11.00% 12.00%

Acccount recievables from customer $ 264,000

Percentage of receivables from customer to net receivables 15.00%

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8. Shares outstanding (Details2) (USD $)
9 Months Ended

Sep. 30, 2012

Dec. 31, 2011

Shares outstanding Beginning 778,667 1,172,000

Shares granted 10,000

Shares forfeited or expired (161,666)

Shares outstanding Ending 778,667 1,172,000

Weighted average exercise price of share outstanding Beginning $ 1.26 $ 1.55

Weighted average exercise price of share granted $ 1.85

Weighted average exercise price of share exercised $ 0.95

Weighted average exercise price of share forfeited or expired $ 3.81

Weighted average exercise price of share outstanding Ending $ 1.26 $ 1.55

Weighted average exercise price of share exercisable $ 1.14

Aggregate intrinsic value of share outstanding $ 3,821,000

Aggregate intrinsic value of share exercisable 2,222,000

Warrant

Shares outstanding Beginning 361,916 2,006,870

Shares granted

Shares exercised (529,959)

Shares forfeited or expired (1,114,995)

Shares outstanding Ending 361,916 2,006,870

Shares exercisable 361,916

Weighted average exercise price of share outstanding Beginning $ 2.41 $ 4.32

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Weighted average exercise price of share exercised $ 1.54

Weighted average exercise price of share forfeited or expired $ 6.26

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Weighted average exercise price of share exercisable $ 2.41

Weighted average remaining contractual terms of share outstanding 2 years 10 months 3 days

Weighted average remaining contractual terms of share exercisable 2 years 10 months 3 days

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Aggregate intrinsic value of share exercisable $ 1,359,000

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3. Property and Equipment (Tables)
9 Months Ended

Sep. 30, 2012

Property, Plant and Equipment [Abstract]

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2011

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Land $ 1,108,000 $ 1,108,000

Building 1,737,000 1,708,000

Vehicles 320,000 320,000

Machinery and equipment 1,996,000 1,702,000

Office equipment 423,000 413,000

5,584,000 5,251,000

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-Number 12

-Paragraph 5

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 360

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6391035&loc=d3e2868-110229

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.13)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

+ Details

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Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

6. Long-term Financing Obligation (Details) (USD $)	Sep. 30, 2012	Dec. 31, 2011
Long-Term Financing Obligation Details
Financing obligation	$ 2,893,000	$ 2,944,000
Valuation discount	589,000	626,000
Financing obligation, net of discount	2,304,000	2,318,000
Less current portion	(85,000)	(71,000)
Long term financing obligation	$ 2,219,000	$ 2,247,000

1. Basis of Presentation (Details) (USD $)	3 Months Ended		9 Months Ended
1. Basis of Presentation (Details) (USD $)	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011
Calculation of weighted average shares outstanding diluted
Net income (loss) attributable to common stockholders	$ 14,000	$ (185,000)	$ 303,000	$ (649,000)
Denominator
Weighted average shares outstanding - basic	11,501,152	10,835,858	11,155,860	10,758,529
Effect of dilutive instruments
Warrants and options	787,351		550,326
Weighted average shares outstanding-diluted	12,288,503	10,835,858	11,706,186	10,758,529

8. Stock Based Compensation (Details1) (USD $)	Sep. 30, 2012
Number of Shares Outstanding	778,667
Number of Shares Exercisable	441,999
$0.01-$1.99
Range of Exercise Price Lower	0.01
Range of Exercise Price Upper	1.99
Number of Shares Outstanding	643,667
Weighted Average Remaining Contractual Life (years)	4 years 1 month 6 days
Weighted Average Exercise Price	1.09
Number of Shares Exercisable	390,333
Weighted Average Exercise Price	1.02
$2.00-$4.99
Range of Exercise Price Lower	2
Range of Exercise Price Upper	4.99
Number of Shares Outstanding	135,000
Weighted Average Remaining Contractual Life (years)	3 years 2 months 12 days
Weighted Average Exercise Price	2.09
Number of Shares Exercisable	51,666
Weighted Average Exercise Price	2.06
$5.00-$6.99
Range of Exercise Price Lower	5
Range of Exercise Price Upper	6.99
Number of Shares Outstanding
Weighted Average Remaining Contractual Life (years)	0 years
Weighted Average Exercise Price
Number of Shares Exercisable
Weighted Average Exercise Price
$7.00-$8.50
Range of Exercise Price Lower	7
Range of Exercise Price Upper	8.5
Number of Shares Outstanding
Weighted Average Remaining Contractual Life (years)	0 years
Weighted Average Exercise Price
Number of Shares Exercisable
Weighted Average Exercise Price

3. Property and Equipment - Property and equipment table (Details) (USD $)	Sep. 30, 2012	Dec. 31, 2011
Notes to Financial Statements
Land	$ 1,108,000	$ 1,108,000
Building	1,737,000	1,708,000
Vehicles	320,000	320,000
Machinery and equipment	1,996,000	1,702,000
Office equipment	423,000	413,000
Total property and equipment	5,584,000	5,251,000
Accumulated depreciation	(2,199,000)	(1,739,000)
Property, plant and equipment, net	$ 3,385,000	$ 3,512,000

2. Inventory (Details) (USD $)	Sep. 30, 2012	Dec. 31, 2011
Summary of inventory
Raw Materials and packaging	$ 3,817,000	$ 3,538,000
Finished Goods	2,146,000	2,561,000
Inventory, total	$ 5,963,000	$ 6,099,000

3. Property and Equipment (Details Narrative) (USD $)	Sep. 30, 2012	Dec. 31, 2011
Notes to Financial Statements
Equipment held under capital leases	$ 294,000	$ 294,000
Accumulated depreciation for assets held under capital lease	$ 138,000	$ 104,000

4. Line of Credit (Details Narrative) (Revolving Credit Facility, USD $)	Sep. 30, 2012	Dec. 31, 2011
Revolving Credit Facility
Amount outstanding under line of credit facility	$ 3,574,000	$ 3,095,000
Availability on line of credit facility	$ 332,000
Interest rate on the revolving line of credit	.0375
Interest rate on the revolving line of credit	7.00%
Line of credit facility basis	The line of credit is based on 85% of eligible accounts receivable and 50% of eligible inventory
Line of credit facility expiry date	2013-09-07

5. Term Loan (Details) (USD $)	Sep. 30, 2012	Dec. 31, 2011
Summary of term loan
Term loan	$ 615,000	$ 728,000
Less current portion	(170,000)	(152,000)
Long term debt	$ 445,000	$ 576,000

9. Income Tax (Details)	3 Months Ended		9 Months Ended
9. Income Tax (Details)	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011
Income Tax Details
U.S. statutory rate	34.00%	(34.00%)	34.00%	(34.00%)
State tax net of federal benefit	5.00%	(5.00%)	5.00%	(5.00%)
Benefit of net operating loss carryforward	(39.00%)		(39.00%)
Valuation allowance		39.00%		39.00%
Effective tax rate	0.00%	0.00%	0.00%	0.00%

CONDENSED BALANCE SHEETS (USD $)	Sep. 30, 2012	Dec. 31, 2011
ASSETS
Cash	$ 1,429,000	$ 713,000
Inventory	5,963,000	6,099,000
Trade accounts receivable, net of allowance for doubtful accounts and returns and discounts of $200,000 and $135,000, respectively	2,899,000	1,626,000
Prepaid inventory	314,000	168,000
Prepaid and other current assets	159,000	123,000
Total Current Assets	10,764,000	8,729,000
Property and equipment, net of accumulated depreciation of $2,199,000 and $1,739,000, respectively	3,385,000	3,512,000
Brand names	1,029,000	1,029,000
Deferred financing fees, net of amortization of $78,000 and $50,000, respectively	32,000	85,000
Total assets	15,210,000	13,355,000
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable	3,354,000	2,310,000
Accrued expenses	204,000	196,000
Dividends payable	71,000	83,000
Recycling fees payable	21,000	111,000
Line of credit	3,574,000	3,095,000
Current portion of long term financing obligation	85,000	71,000
Current portion of capital leases payable	64,000	56,000
Current portion of term loan	170,000	152,000
Total current liabilities	7,543,000	6,074,000
Long term financing obligation, less current portion, net of discount of $589,000 and $626,000, respectively	2,219,000	2,247,000
Capital leases payable, less current portion	104,000	153,000
Term loan, less current portion	445,000	576,000
Total Liabilities	10,311,000	9,050,000
Stockholders' equity:
Common stock, $.0001 par value, 19,500,000 shares authorized, 11,207,769 and 10,885,833 shares issued and outstanding, respectively	1,000	1,000
Additional paid in capital	23,741,000	22,924,000
Accumulated deficit	(19,587,000)	(19,890,000)
Total stockholders' equity	4,899,000	4,305,000
Total liabilities and stockholders' equity	15,210,000	13,355,000
Series A Preferred Stock
Stockholders' equity:
Preferred stock	254,000	466,000
Series B Preferred Stock
Stockholders' equity:
Preferred stock	$ 490,000	$ 804,000

CONDENSED STATEMENTS OF CASH FLOWS (USD $)	9 Months Ended
CONDENSED STATEMENTS OF CASH FLOWS (USD $)	Sep. 30, 2012	Sep. 30, 2011
Cash flows from operating activities:
Net income (loss)	$ 342,000	$ (594,000)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	556,000	472,000
Fair value of stock options issued to employees	81,000	147,000
Fair value of warrants issued for services		42,000
Fair value of common stock issued for services and bonus	23,000	107,000
Increase in allowance for doubtful accounts	65,000	30,000
Changes in assets and liabilities:
Accounts receivable	(1,338,000)	(899,000)
Inventory	136,000	(1,566,000)
Prepaid inventory and prepaid other current assets	(182,000)	(253,000)
Accounts payable	1,044,000	1,156,000
Accrued expenses	9,000	15,000
Recycling fees payable	(90,000)	(178,000)
Net cash provided by (used in) operating activities	646,000	(1,521,000)
Cash flows from investing activities:
Purchase of property and equipment	(334,000)	(297,000)
Net cash used in investing activities	(334,000)	(297,000)
Cash flows from financing activities:
Proceeds from issuance of common stock, net of offering costs		672,000
Proceeds from stock option and warrant exercises	135,000	25,000
Principal repayments on long term financing obligation	(52,000)	(39,000)
Principal repayments on capital lease obligation	(41,000)	(30,000)
Payment of deferred finance fees	(4,000)	(20,000)
Principal repayments on notes payable	(113,000)	(71,000)
Net (repayment) borrowing on line of credit	479,000	751,000
Net cash (used in) provided by financing activities	404,000	1,288,000
Net decrease in cash	716,000	(530,000)
Cash at beginning of period	713,000
Cash at end of period	1,429,000	554,000
Cash paid during the period for:
Interest	493,000	449,000
Non cash investing and financing activities:
Series A Preferred stock converted to common stock	212,000
Series B Preferred stock converted to common stock	314,000	54,000
Dividends payable in common stock	52,000	55,000
Common stock issued in settlement of Series A and B preferred stock dividend	39,000	3,000
Property and equipment acquired through capital lease		67,000
Common stock issued for deferred finance fees		$ 15,000

7. Stockholders' Equity (Details Narrative 1) (USD $)	9 Months Ended
7. Stockholders' Equity (Details Narrative 1) (USD $)	Sep. 30, 2012	Dec. 31, 2011
Common stock, issued	14,965
Common stock price per share	$ 0.0001	$ 0.0001
Common stock, value	$ 23,000
Minimum
Common stock price per share	$ 1.13
Maximum
Common stock price per share	$ 2.17
Series A Preferred Stock
Common stock shares converted from preferred shares	84,840
Common stock, issued	4,760
Common stock, value	16,000
Series B Preferred Stock
Preferred stock Dividends accrued	23,000
Common stock shares converted from preferred shares	220,010
Common stock, issued	24,100
Common stock, value	$ 36,000

8. Stock Based Compensation (Details) (USD $)	9 Months Ended
8. Stock Based Compensation (Details) (USD $)	Sep. 30, 2012	Dec. 31, 2011
Stock Options
Shares outstanding	1,172,000
Shares granted	10,000
Shares exercised	(241,667)
Shares forfeited or expired	(161,666)
Share outstanding	778,667
Weighted Average Exercise Price
Weighted average exercise price of share outstanding	$ 1.55
Weighted average exercise price of share granted	$ 1.85
Weighted average exercise price of share exercised	$ 0.95
Weighted average exercise price of share forfeited or expired	$ 3.81
Weighted average exercise price of share outstanding	$ 1.26
Weighted average exercise price of share exercisable		$ 1.14
Weighted Average Remaining Contractual Terms
Weighted average remaining contractual terms of share outstanding	3 years 10 months 24 days
Weighted average remaining contractual terms of share exercisable	4 years
Aggregate Intrinsic Value
Aggregate intrinsic value of share outstanding	$ 3,821,000
Aggregate intrinsic value of share exercisable	$ 2,222,000

CONDENSED BALANCE SHEETS (Parenthetical) (USD $)	Sep. 30, 2012	Dec. 31, 2011
Allowance for Doubtful Accounts and returns and discounts (in Dollars)	$ 200,000	$ 135,000
Accumulated Depreciation (in Dollars)	2,199,000	1,739,000
Accumulated Amortization, deferred financing fees (in Dollars)	78,000	50,000
Discount, long term financing obligation (in Dollars)	$ 589,000	$ 626,000
Preferred stock par value	$ 10	$ 10
Common stock par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	19,500,000	19,500,000
Common stock, shares issued	11,821,319	10,885,833
Common stock, shares outstanding	11,821,319	10,885,833
Series A Preferred Stock
Preferred stock shares authorized	500,000	500,000
Preferred stock shares issued	25,411	46,621
Preferred stock shares outstanding	25,411	46,621
Series B Preferred Stock
Preferred stock shares authorized	500,000	500,000
Preferred stock shares issued	48,985	80,415
Preferred stock shares outstanding	48,985	80,415

Document And Entity Information	9 Months Ended
Document And Entity Information	Sep. 30, 2012	Nov. 06, 2012
Document And Entity Information
Entity Registrant Name	REEDS INC
Entity Central Index Key	0001140215
Document Type	10-Q
Document Period End Date	Sep. 30, 2012
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Is Entity a Well-known Seasoned Issuer?	No
Is Entity a Voluntary Filer?	No
Is Entity's Reporting Status Current?	Yes
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		11,982,845
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2012

CONDENSED STATEMENTS OF OPERATIONS (USD $)	3 Months Ended		9 Months Ended
CONDENSED STATEMENTS OF OPERATIONS (USD $)	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011
CONDENSED STATEMENTS OF OPERATIONS [Abstract]
Sales	$ 7,888,000	$ 6,400,000	$ 22,258,000	$ 17,731,000
Cost of tangible goods sold	4,810,000	3,970,000	13,691,000	11,053,000
Cost of goods sold - idle capacity	621,000	405,000	1,428,000	1,300,000
Gross profit	2,457,000	2,025,000	7,139,000	5,378,000
Operating expenses:
Delivery and handling expenses	763,000	587,000	1,827,000	1,519,000
Selling and marketing expense	818,000	570,000	2,239,000	1,751,000
General and administrative expense	693,000	867,000	2,238,000	2,198,000
Total operating expenses	2,274,000	2,024,000	6,304,000	5,468,000
Income (loss) from operations	183,000	1,000	835,000	(90,000)
Interest expense	(161,000)	(175,000)	(493,000)	(504,000)
Net income (loss)	22,000	(174,000)	342,000	(594,000)
Preferred stock dividend	(8,000)	(11,000)	(39,000)	(55,000)
Net income (loss) attributable to common stockholders	$ 14,000	$ (185,000)	$ 303,000	$ (649,000)
Income (loss) per share available to common stockholders, basic		$ (0.02)	$ 0.03	$ (0.06)
Weighted average number of shares outstanding - basic	11,501,152	10,835,858	11,155,860	10,758,529
Income (loss) per share available to common stockholders, diluted		$ (0.02)	$ 0.03	$ (0.06)
Weighted average number of shares outstanding - diluted	12,288,503	10,835,858	11,706,186	10,758,529

1. Basis of Presentation (Details1)	Sep. 30, 2012	Dec. 31, 2011	Sep. 30, 2012 Warrant	Sep. 30, 2012 Stock Option	Sep. 30, 2011 Stock Option	Sep. 30, 2012 Series A Preferred Stock	Sep. 30, 2011 Series A Preferred Stock	Sep. 30, 2012 Series B Preferred Stock	Sep. 30, 2011 Series B Preferred Stock	Sep. 30, 2011 Warrant
Summary of potentially dilutive securities
Potentially dilutive securities	1,585,122	4,038,759	361,916	778,667	895,000	101,644	186,484	342,895	562,905	2,394,370

9. Income Taxes (Details Narrative) (USD $)	3 Months Ended		9 Months Ended
9. Income Taxes (Details Narrative) (USD $)	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011
Income Taxes Details Narrative
Net income (loss)	$ 22,000	$ (174,000)	$ 342,000	$ (594,000)

CONDENSED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (USD $)	Common Stock	Series A Preferred Stock	Series B Preferred Stock	Additional Paid-In Capital	Accumulated Deficit	Total
Beginning Balance, Amount at Dec. 31, 2011	$ 1,000	$ 466,000	$ 804,000	$ 22,924,000	$ (19,890,000)	$ 4,305,000
Beginning Balance, Shares at Dec. 31, 2011	10,885,833	46,621	80,415
Fair Value of common stock issued for services, Amount				23,000
Fair Value of common stock issued for services, Shares	14,965
Proceeds from exercise of stock options, Amount				30,000
Proceeds from exercise of stock options, Shares	206,484
Common stock issued upon conversion of Series A preferred stock, Amount		(212,000)		212,000
Common stock issued upon conversion of Series A preferred stock, Shares	84,840	(21,210)
Common stock issued upon conversion of Series B preferred stock, Amount			(314,000)	314,000
Common stock issued upon conversion of Series B preferred stock, Shares	220,010		(31,430)
Proceeds from exercise of warrants, Amount				105,000
Proceeds from exercise of warrants, Shares	380,327
Fair value vesting of options issued to employees				81,000
Common stock paid for Series A preferred stock dividend, Amount				16,000	(16,000)
Common stock paid for Series A preferred stock dividend, Shares	4,760
Series B preferred stock dividend					(23,000)
Common stock paid for Series B preferred stock dividend, Amount				36,000
Common stock paid for Series B preferred stock dividend, Shares	24,100
Net loss					342,000	342,000
Ending Balance, Amount at Sep. 30, 2012	$ 1,000	$ 254,000	$ 490,000	$ 23,741,000	$ (19,587,000)	$ 4,899,000
Ending Balance, Shares at Sep. 30, 2012	11,821,319	25,411	48,985

4. Line of Credit	9 Months Ended
4. Line of Credit	Sep. 30, 2012
Line Of Credit
Note 4. Line of Credit	On May 11, 2012, the Company’s revolving line of credit was increased from $3,000,000 to $4,000,000. At September 30, 2012 and December 31, 2011, the aggregate amount outstanding under the line of credit was $3,574,000 and $3,095,000 respectively, and the Company had approximately $332,000 of availability on this line of credit at September 30, 2012. The interest rate on the revolving line of credit is at the prime rate plus 3.75% (7% at September 30, 2012) The line of credit is based on 85% of eligible accounts receivable and 50% of eligible inventory. The line of credit expires on November 7, 2013 and is secured by substantially all of the Company’s assets.

1. Basis of Presentation (Details Narrative) (USD $)	3 Months Ended		9 Months Ended
1. Basis of Presentation (Details Narrative) (USD $)	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011	Dec. 31, 2011
Advertising costs	$ 48,000	2,000	$ 73,000	24,000
Cash deposit guaranteed by the Federal Deposit Insurance Corporation	250,000		250,000
Customer One
Percentage of sale accounted to customer	30.00%	28.00%	31.00%	29.00%
Acccount recievables from customer	1,033,000		1,033,000		475,000
Percentage of receivables from customer to net receivables	33.00%		33.00%		27.00%
Customer Two
Percentage of sale accounted to customer	12.00%	1100.00%	11.00%	12.00%
Acccount recievables from customer					$ 264,000
Percentage of receivables from customer to net receivables					15.00%

8. Shares outstanding (Details2) (USD $)	9 Months Ended
8. Shares outstanding (Details2) (USD $)	Sep. 30, 2012	Dec. 31, 2011
Shares outstanding Beginning	778,667	1,172,000
Shares granted	10,000
Shares forfeited or expired	(161,666)
Shares outstanding Ending	778,667	1,172,000
Weighted average exercise price of share outstanding Beginning	$ 1.26	$ 1.55
Weighted average exercise price of share granted	$ 1.85
Weighted average exercise price of share exercised	$ 0.95
Weighted average exercise price of share forfeited or expired	$ 3.81
Weighted average exercise price of share outstanding Ending	$ 1.26	$ 1.55
Weighted average exercise price of share exercisable		$ 1.14
Aggregate intrinsic value of share outstanding	$ 3,821,000
Aggregate intrinsic value of share exercisable	2,222,000
Warrant
Shares outstanding Beginning	361,916	2,006,870
Shares granted
Shares exercised	(529,959)
Shares forfeited or expired	(1,114,995)
Shares outstanding Ending	361,916	2,006,870
Shares exercisable	361,916
Weighted average exercise price of share outstanding Beginning	$ 2.41	$ 4.32
Weighted average exercise price of share granted
Weighted average exercise price of share exercised	$ 1.54
Weighted average exercise price of share forfeited or expired	$ 6.26
Weighted average exercise price of share outstanding Ending	$ 2.41	$ 4.32
Weighted average exercise price of share exercisable	$ 2.41
Weighted average remaining contractual terms of share outstanding	2 years 10 months 3 days
Weighted average remaining contractual terms of share exercisable	2 years 10 months 3 days
Aggregate intrinsic value of share outstanding	1,359,000
Aggregate intrinsic value of share exercisable	$ 1,359,000