0001615774-16-008159.txt : 20161110 0001615774-16-008159.hdr.sgml : 20161110 20161110161622 ACCESSION NUMBER: 0001615774-16-008159 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 62 CONFORMED PERIOD OF REPORT: 20160930 FILED AS OF DATE: 20161110 DATE AS OF CHANGE: 20161110 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Celsius Holdings, Inc. CENTRAL INDEX KEY: 0001341766 STANDARD INDUSTRIAL CLASSIFICATION: BOTTLED & CANNED SOFT DRINKS CARBONATED WATERS [2086] IRS NUMBER: 202745790 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-55663 FILM NUMBER: 161988241 BUSINESS ADDRESS: STREET 1: 2424 N. FEDERAL HWY STREET 2: SUITE 208 CITY: BOCA RATON STATE: FL ZIP: 33431 BUSINESS PHONE: 561-276-2239 MAIL ADDRESS: STREET 1: 2424 N. FEDERAL HWY STREET 2: SUITE 208 CITY: BOCA RATON STATE: FL ZIP: 33431 FORMER COMPANY: FORMER CONFORMED NAME: VECTOR VENTURES CORP. DATE OF NAME CHANGE: 20051018 10-Q 1 s104563_10q.htm 10-Q

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

QUARTERLY REPORT PURSUANT TO SECTIONS 13 OR 15 (d) OF THE SECURITIES AND EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2016

 

Commission file number: 000-55663

 

CELSIUS HOLDINGS, INC.

(Exact name of registrant as specified in its charter)

 

Nevada 20-2745790
(State or Other Jurisdiction of (I.R.S. Employer
Incorporation or Organization) Identification No.)

 

2424 N Federal Highway, Suite 206. Boca Raton, Florida 33431

(Address of Principal Executive Offices)

 

(561) 276-2239

(Registrant’s telephone number, including area code)

 

 

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

 

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

 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (ss.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 ¨ No x

 

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

 

Large Accelerated Filer ¨ Accelerated Filer ¨
Non-accelerated filer ¨ Smaller reporting company x

 

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

 

The number of shares outstanding of the registrant’s common stock, $0.001 par value, as of November 9, 2016 was 38,666,451 shares.

 

 

 

  

TABLE OF CONTENTS

 

      Page
       
PART I – FINANCIAL INFORMATION    2
     
Item 1. Financial Statements.   2
       
  Consolidated Balance Sheets as of September 30, 2016 (unaudited) and December 31, 2015   2
       
  Consolidated Statements of Operations for the three and nine months ended September 30, 2016 and 2015 (unaudited)   3
       
  Consolidated Statements of Cash Flows for the nine months ended  September 30, 2016 and 2015 (unaudited)   4
       
  Notes to Consolidated Financial Statements (unaudited)   5
       
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.   19
       
Item 3. Quantitative Disclosures About Market Risks.   22
       
Item 4. Controls and Procedures.   22
       
PART II - OTHER INFORMATION    24
       
Item 1. Legal Proceedings.   24
       
Item 1A. Risk Factors.   24
       
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.   24
       
Item 3. Defaults Upon Senior Securities.   24
       
Item 4. Mine Safety Disclosures.   24
       
Item 5. Other information.   24
       
Item 6. Exhibits.   24
       
SIGNATURES      24

 

 

 

  

ITEM 1 – FINANCIAL INFORMATION

 

Item 1. Financial Statements.

 

Celsius Holdings, Inc. and Subsidiaries

 

Consolidated Balance Sheets

 

   September 30,
2016
(Unaudited)		   December 31,
2015 (1)		 
ASSETS          
           
Current assets:          
Cash  $7,765,707   $10,128,320 
Accounts receivable, net   3,402,272    2,127,060 
Inventories, net   2,106,329    2,322,904 
Prepaid expenses and other current assets   937,534    666,267 
Total current assets   14,211,842    15,244,551 
           
Property and equipment, net   36,508    21,319 
Total Assets  $14,248,350   $15,265,870 
LIABILITIES AND STOCKHOLDERS’ EQUITY          
           
Current liabilities:          
Accounts payable and accrued expenses  $1,710,504   $1,805,931 
Accrued preferred dividend   314,888    190,847 
Deferred revenue and other current liabilities   536,536    25,057 
Total current liabilities   2,561,928    2,021,835 
           
Long-term liabilities:          
Line of credit note payable-related party   4,500,000    4,500,000 
Total Liabilities   7,061,928    6,521,835 
           
Stockholders’ Equity:          
Preferred Stock, $0.001 par value; 2,500,000 shares authorized, 6,380 and 6,380 shares issued and outstanding at September 30, 2016 and December 31, 2015   6    6 
Common stock, $0.001 par value; 75,000,000 shares authorized, 38,666,451 and 38,380,380 shares issued and outstanding at September 30, 2016 and December 31, 2015, respectively   38,666    38,380 
Additional paid-in capital   59,992,650    58,626,212 
Accumulated deficit   (52,844,900)   (49,920,563)
Total Stockholders’ Equity   7,186,422    8,744,035 
Total Liabilities and Stockholders’ Equity  $14,248,350   $15,265,870 

 

  (1) Derived from Audited Financial Statements

 

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

 

2 

 

  

Celsius Holdings, Inc. and Subsidiaries

 

Consolidated Statements of Operations

(Unaudited)

 

   For the three months
ended September 30,		   For the nine months
ended September 30,		 
   2016   2015   2016   2015 
Revenue  $6,657,700   $3,652,424   $16,508,097   $12,957,334 
Cost of revenue   3,772,948    2,143,676    9,339,302    7,581,897 
Gross profit   2,884,752    1,508,748    7,168,795    5,375,437 
                     
Selling and marketing expenses   1,736,029    1,644,090    6,709,345    3,686,596 
General and administrative expenses   1,081,273    616,703    2,936,273    2,508,088 
Total operating expense   2,817,302    2,260,793    9,645,618    6,194,684 
                     
Income (Loss) from operations   67,450    (752,045)   (2,476,823)   (819,247)
                     
Other Income (Expense):                    
Interest expense   (57,500)   (57,988)   (171,250)   (264,721)
Total Other Income (Expense)   (57,500)   (57,988)   (171,250)   (264,721)
                     
Net Income (Loss)   9,950    (810,033)   (2,648,073)   (1,083,968)
Preferred stock dividend   (102,958)   (85,452)   (276,264)   (193,394)
Net (Loss) available to common stockholders  $(93,008)  $(895,485)  $(2,924,337)  $(1,277,362)
                     
Income (Loss) per share:                    
Basic  $(0.00)  $(0.02)  $(0.08)  $(0.04)
Diluted  $(0.00)  $(0.02)  $(0.08)  $(0.04)
Weighted average shares outstanding:                    
Basic   38,666,451    38,380,382    38,530,195    31,421,909 
Diluted   38,666,451    38,380,382    38,530,195    31,421,909 

 

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

 

3 

 

 

Celsius Holdings, Inc. and Subsidiaries

 

Consolidated Statements of Cash Flows

(Unaudited)

 

   For the nine months
ended		 
   September 30,
2016		   September 30,
2015		 
Cash flows from operating activities:          
Net Loss  $(2,648,073)  $(1,083,968)
Adjustments to reconcile net income (loss) to net cash used in operating activities:          
Depreciation and amortization   12,346    26,521 
Stock-based compensation expense   1,361,398    1,157,959 
Changes in operating assets and liabilities:          
Accounts receivable, net   (1,275,212)   1,005,816 
Inventories net   216,575    (102,207)
Prepaid expenses and other current assets   (271,267)   (957,223)
Accounts payable and accrued expenses   (95,427)   867,115 
Accrued preferred dividends   (152,197)   (156,105)
Deferred revenue and other current liabilities   511,479    187,467 
Net cash provided by (used in) in operating activities   (2,340,378)   945,375 
           
Cash flows from investing activities:          
Purchase of property and equipment   (27,535)   (4,353)
           
Net cash (used in) investing activities   (27,535)   (4,353)
           
Cash flows from financing activities:          
Borrowing under revolving note payable, related-party   -    450,000 
Repayment on short term notes payable, related-party   -    (1,200,000)
Net proceeds from issuance of common stock   -    11,388,084 
Proceeds from exercise of stock options   5,300    - 
Payments on short term notes payable   -    (74,459)
Net cash provided by financing activities   5,300    10,563,625 
Net (decrease) increase in cash   (2,362,613)   11,504,647 
Cash at beginning of the period   10,128,320    349,072 
Cash at end of the period  $7,765,707   $11,853,719 
Supplemental disclosures:          
Cash paid during period for:          
Interest  $113,750   $206,733 
Income Taxes  $-   $- 
Non-cash investing and financing activities:          
Borrowing under short term notes payable for prepaid expense  $-   $91,099 
Accrued preferred dividends  $276,238   $156,506 
Preferred stock issuance in exchange for cancellation of revolving note payable, related-party   -    4,000,000 
Conversion of convertible note to common shares, related-party   -    1,500,000 
Conversion of accrued preferred dividend into preferred shares, related-party   -    180,000 

 

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

 

4 

 

  

Celsius Holdings, Inc. and Subsidiaries

 

Notes to Consolidated Financial Statements (unaudited)

 

September 30, 2016

 

1.ORGANIZATION AND DESCRIPTION OF BUSINESS

 

Business —Celsius Holdings, Inc. (the “Company” or “Celsius Holdings”) was incorporated under the laws of the State of Nevada on April 26, 2005. On January 24, 2007, the Company entered into a merger agreement and plan of reorganization with Elite FX, Inc., a Florida corporation. Under the terms of the Merger Agreement, Elite FX, Inc. was merged into the Company’s subsidiary, Celsius, Inc. and became a wholly-owned subsidiary of the Company on January 26, 2007. In addition, on March 28, 2007 the Company established Celsius Netshipments, Inc. a Florida corporation as a wholly-owned subsidiary of the Company.

 

Since the merger, the Company is engaged in the development, marketing, sale and distribution of “functional” calorie-burning fitness beverages under the Celsius® brand name.

 

  2. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Basis of Presentation and Principles of Consolidation – The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“US GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 8-03 of Regulation S-X. Accordingly, the consolidated financial statements do not include all of the information and footnotes required by US GAAP for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included and such adjustments are of a normal recurring nature. These consolidated financial statements should be read in conjunction with the consolidated financial statements for the year ended December 31, 2015 and notes thereto and other pertinent information contained in our General Form for Registration of Securities of Form 10 as filed with the Securities and Exchange Commission (the “Commission”). The consolidated financial statements of the Company include the Company and its wholly owned subsidiaries. All material inter-company balances and transactions have been eliminated. 

 

Significant Estimates — The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses and disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates. Significant estimates include the allowance for doubtful accounts, reserves for inventory obsolescence, the useful lives and values of property and equipment, valuation of stock based compensation, and deferred tax asset valuation allowance.

 

Segment Reporting —Although the Company has a number of operating divisions, separate segment data has not been presented, as they meet the criteria for aggregation as permitted by ASC Topic 280, Segment Reporting, (formerly Statement of Financial Accounting Standards (SFAS) No. 131, Disclosures About Segments of an Enterprise and Related Information.) Our chief operating decision-maker is considered to be our Chief Executive Officer (CEO). The CEO reviews financial information presented on a consolidated basis for purposes of making operating decisions and assessing financial performance. The financial information reviewed by the CEO is identical to the information presented in the accompanying consolidated statement of operations. Therefore, the Company has determined that it operates in a single operating segment. For the nine months ended September 30, 2016 and 2015 all material assets and revenues of the Company were in the United States except as disclosed in “Concentration of Risk” below.

 

5 

 

  

Celsius Holdings, Inc. and Subsidiaries

 

Notes to Consolidated Financial Statements (unaudited)

 

September 30, 2016

 

  2. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

 

Concentrations of Risk — Substantially all of the Company’s revenue derives from the sale of Celsius® beverages.

 

The Company uses single supplier relationships for its raw materials purchases and filling capacity, which potentially subjects the Company to a concentration of business risk. If these suppliers had operational problems or ceased making product available to the Company, operations could be adversely affected.

 

Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and accounts receivable. The Company places its cash with high-quality financial institutions. At times, balances in the Company’s cash accounts may exceed the Federal Deposit Insurance Corporation limit. At September 30, 2016 the Company had approximately $7.5 million in excess of the Federal Deposit Insurance Corporation limit but has incurred no losses with respect to these accounts.

 

For the nine months ended September 30, 2016 and 2015, the Company had the following 10 percent or greater concentrations of revenue with its customers:

 

   2016   2015 
A*   35.0%   50.5%
B   11.1%   0.1%
All other   53.9%   49.4%
Total   100.0%   100.0%

 

At September 30, 2016 and December 31, 2015, the Company had the following 10 percent or greater concentrations of accounts receivable with its customers:

 

   2016   2015 
A*   54.4%   50.0%
B   8.1%   11.8%
All other   37.5%   38.2%
Total   100.0%   100.0%

 

*Revenues and receivables from customer A are derived from a distributor located in Sweden.

 

Cash Equivalents — The Company considers all highly liquid instruments with maturities of three months or less when purchased to be cash equivalents. At September 30, 2016 and December 31, 2015, the Company did not have any investments with maturities of three months or less.

 

Accounts Receivable — Accounts receivable are reported at net realizable value. The Company establishes an allowance for doubtful accounts based upon factors pertaining to the credit risk of specific customers, historical trends, and other information. Delinquent accounts are written-off when it is determined that the amounts are uncollectible. At September 30, 2016 and December 31, 2015, there was an allowance for doubtful accounts of $79,332 and $3,500, respectively.

 

6 

 

 

  

Celsius Holdings, Inc. and Subsidiaries

 

Notes to Consolidated Financial Statements (unaudited)

 

September 30, 2016

 

2.BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

 

Inventories — Inventories include only the purchase cost and are stated at the lower of cost or market. Cost is determined using the FIFO method. Inventories consist of raw materials and finished products. The Company outsources its manufacturing process as a result has no work in process inventories. The Company reserves against inventory during the period in which such materials and products are no longer usable or marketable. At September 30, 2016 and December 31, 2015, the Company recorded a reserve of $165,539 and $329,075, respectively. The changes in reserve are included in cost of revenue. Free Samples are also recorded as cost of revenue.

 

Property and Equipment — Property and equipment are stated at cost less accumulated depreciation and amortization. Depreciation of property and equipment is calculated using the straight-line method over the estimated useful lives of the assets generally ranging from three to seven years.

 

Impairment of Long-Lived Assets — In accordance with ASC Topic 360, “Property, Plant, and Equipment” the Company reviews the carrying value of long-lived assets for impairment at least annually or whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of long-lived assets is measured by comparison of its carrying amount to the undiscounted cash flows that the asset or asset group is expected to generate. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the property, if any, exceeds its fair value.

 

Revenue Recognition — Revenue is derived from the sale of beverages. Revenue is recognized when persuasive evidence of an agreement exists, the products are delivered, sales price is fixed or determinable, and collectability is reasonably assured. Any discounts, slotting fees, sales incentives or similar arrangements with the customer are estimated at time of sale and deducted from revenue.

 

Deferred Revenue — From time to time the Company requires prepayments for deposits in advance of delivery of products and/or production runs. Such amounts are initially recorded as deferred revenue. The Company recognizes such revenue as it is earned in accordance with revenue recognition policies.

 

Advertising Costs — Advertising costs are expensed as incurred. The Company uses mainly radio, local sampling events, sponsorships, endorsements, and digital advertising. The Company incurred advertising expense of approximately $3.4 million and $1.9 million during the nine months ending September 30, 2016 and 2015, respectively.

 

Research and Development — Research and development costs are charged to general and administrative expense as incurred and consist primarily of consulting fees, raw material usage and test productions of beverages. The Company incurred these expenses of $66,700 and $57,200 during the six months ending September 30, 2016 and 2015, respectively.

 

Fair Value of Financial Instruments — The carrying values of cash and cash equivalents, accounts receivable, accounts payable, accrued expenses, and notes payable approximate fair value due to their relative short-term maturity and market interest rates.

 

7 

 

  

Celsius Holdings, Inc. and Subsidiaries

 

Notes to Consolidated Financial Statements (unaudited)

 

September 30, 2016

 

2.BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

 

Fair Value Measurements - ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Additionally, ASC 820 requires the use of valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. These inputs are prioritized below:

 

  Level 1: Observable inputs such as quoted market prices in active markets for identical assets or liabilities.
     
  Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data.
     
  Level 3: Unobservable inputs for which there is little or no market data, which require the use of the reporting entity’s own assumptions.

 

The Company did not have any assets or liabilities measured at fair value at September 30, 2016 and December 31, 2015.

 

Income Taxes — The Company accounts for income taxes pursuant to the provisions of ASC 740-10, “Accounting for Income Taxes,” which requires, among other things, an asset and liability approach to calculating deferred income taxes. The asset and liability approach requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the carrying amounts and the tax bases of assets and liabilities. A valuation allowance is provided to offset any net deferred tax assets for which management believes it is more likely than not that the net deferred asset will not be realized. The Company follows the provisions of the ASC 740 -10, Accounting for Uncertain Income Tax Positions. When tax returns are filed, it is highly certain that some positions taken would be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the position taken or the amount of the position that would be ultimately sustained. In accordance with the guidance of ASC 740-10, the benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes it is more likely than not that the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any.

 

8 

 

  

Celsius Holdings, Inc. and Subsidiaries

 

Notes to Consolidated Financial Statements (unaudited)

 

September 30, 2016

 

2.BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

 

Income Taxes (continued) —Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the more-likely-than-not recognition threshold are measured as the largest amount of tax benefit that is more than 50 percent likely of being realized upon settlement with the applicable taxing authority. The portion of the benefits associated with tax positions taken that exceeds the amount measured as described above should be reflected as a liability for uncertain tax benefits in the accompanying balance sheet along with any associated interest and penalties that would be payable to the taxing authorities upon examination. The Company believes its tax positions are all highly certain of being upheld upon examination. As such, the Company has not recorded a liability for uncertain tax benefits.

 

The Company has adopted ASC 740-10-25 Definition of Settlement, which provides guidance on how an entity should determine whether a tax position is effectively settled for the purpose of recognizing previously unrecognized tax benefits and provides that a tax position can be effectively settled upon the completion of an examination by a taxing authority without being legally extinguished. For tax positions considered effectively settled, an entity would recognize the full amount of tax benefit, even if the tax position is not considered more likely than not to be sustained based solely on the basis of its technical merits and the statute of limitations remains open.

 

The Company files its tax returns on a fiscal year September 30th tax year. The Company’s tax returns for tax years ended September 30, 2015, 2014, and 2013 remain subject to potential examination by the taxing authorities.

 

Earnings per Share — Basic earnings per share are calculated by dividing net income (loss) available to common stockholders by the weighted-average number of common shares outstanding during each period. Diluted earnings per share are computed using the weighted average number of common and dilutive common share equivalents outstanding during the period. Dilutive common share equivalents consist of shares issuable upon conversion of convertible debt, exercise of stock options and warrants (calculated using the reverse treasury stock method). As of September 30, 2016 there were options outstanding to purchase 5.6 million shares, which exercise price averaged $1.00, Series C Preferred Stock warrants outstanding to convert to 4.6 million common shares at $0.52 price per share and Series D Preferred Stock warrants outstanding to convert to 4.7 million common shares at $0.86 price per share. There were no other dilutive common shares equivalents, including convertible notes and warrants, as no common share equivalents had an exercise price below the ending closing price of the year. The effects of dilutive instruments have not been presented for the three and nine months ended September 30, 2016 and 2015, as the effects would be anti-dilutive.

 

9 

 

  

Celsius Holdings, Inc. and Subsidiaries

 

Notes to Consolidated Financial Statements (unaudited)

 

September 30, 2016

 

2.BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

 

Share-Based Payments —The Company has fully adopted the provisions of ASC Topic 718 Compensation — Stock Compensation and related interpretations for employee and non-employee stock based compensation. As such, compensation cost is measured on the date of grant at the fair value of the share-based payments. Such compensation amounts, if any, are amortized over the respective vesting periods of the grants.

 

Shipping and Handling Costs — Shipping and handling costs for freight expense on goods shipped are included in cost of sales. Freight expense on goods shipped for nine months ended September 30, 2016 and 2015 was $1,478,000 and $844,000, respectively.

 

Recent Accounting Pronouncements

 

The Company adopts all applicable, new accounting pronouncements as of the specified effective dates.

 

In September 2015, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2015-16, Simplifying the Accounting for Measurement-Period Adjustments (“ASU 2015-16”). ASU 2015-16 simplifies the accounting for adjustments made to provisional amounts recognized in a business combination by requiring the acquirer to (i) recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amount is determined, (ii) record, in the same period, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date, and (iii) present separately or disclose the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. ASU 2015-16 is effective for fiscal years, and interim periods within, beginning after December 15, 2015. Early adoption is permitted. The Company is evaluating the impact of the adoption of ASU 2015-16 on January 1, 2016 to its consolidated financial position or results of operations.

 

10 

 

  

Celsius Holdings, Inc. and Subsidiaries

 

Notes to Consolidated Financial Statements (unaudited)

 

September 30, 2016

 

2.BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

 

Recent Accounting Pronouncements (continued)

 

In August 2015, the FASB issued ASU No. 2015-15, Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements (Amendments to SEC Paragraphs Pursuant to Staff Announcement at June 18, 2015 EITF Meeting) (“ASU 2015-15”). ASU 2015-15 allows debt issuance costs related to line-of-credit agreements to be presented in the balance sheet as an asset. ASU 2015-03 and ASU 2015-15 are effective for fiscal years, and interim periods within, beginning after December 15, 2015. Early adoption is permitted. The Company has adopted ASU 2015-03 and ASU 2015-15 as of December 31, 2015; the adoption is not expected to have a material impact on its consolidated financial position or results of operations.

 

In April 2015, the FASB issued ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs (“ASU 2015-03”). ASU 2015-03 simplifies the presentation of debt issuance costs and requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability (consistent with debt discounts).

 

 All new accounting pronouncements issued but not yet effective are not expected to have a material impact on our results of operations, cash flows or financial position.

 

Liquidity — These financial statements have been prepared assuming the Company will be able to continue as a going concern. At September 30, 2016, the Company had an accumulated deficit of $52,844,900 which includes a net loss available to common stockholders of $2,924,337 for the nine months ended September 30, 2016. While these factors alone may raise doubt as to the Company’s ability to continue as a going concern, the proceeds remaining from the Company’s sale of common stock to an investor group on April 20, 2015 for a total of $11.5 million (see note 11) is deemed sufficient to alleviate substantial doubt regarding the Company’s ability to continue as a going concern.

 

3.INVENTORIES

 

Inventories consist of the following at:

 

   September 30,   December 31, 
   2016   2015 
         
Finished goods  $2,011,775   $2,309,288 
Raw Materials   260,093    342,691 
Less: Inventory Reserve   (165,539)   (329,075)
Inventories, net  $2,106,329   $2,322,904 

 

11 

 

  

Celsius Holdings, Inc. and Subsidiaries

 

Notes to Consolidated Financial Statements (unaudited)

 

September 30, 2016

 

4.PREPAID EXPENSES AND OTHER CURRENT ASSETS

 

Prepaid expenses and other current assets total $937,534 and $666,267, at September 30, 2016 and December 31, 2015, respectively, and consist mainly of prepaid consulting agreement with D3M Licensing Group, advertising, prepaid insurance, prepaid slotting fees, deposits on purchases, and customer deposits.

 

5.PROPERTY AND EQUIPMENT

 

Property and equipment consist of the following at:

 

   September 30,   December 31, 
   2016   2015 
         
Furniture and equipment  $292,030   $264,495 
Less: accumulated depreciation   (255,522)   (243,176)
Total  $36,508   $21,319 

 

Depreciation expense amounted to $12,346 and $26,521 during the nine months ended September 30, 2016 and 2015, respectively

 

6.ACCOUNTS PAYABLE AND ACCRUED EXPENSES

 

Accounts payable and accrued expenses consist of the following at:

 

   September 30,   December 31, 
   2016   2015 
         
Accounts payable  $1,054,091   $1,207,353 
Accrued expenses   656,413    598,578 
Total  $1,710,504   $1,805,931 

 

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Celsius Holdings, Inc. and Subsidiaries

 

Notes to Consolidated Financial Statements (unaudited)

 

September 30, 2016

 

7.DEFERRED REVENUE AND OTHER CURRENT LIABILITIES

 

Deferred revenue and other current liabilities consist of the following at:

 

   September 30,   December 31, 
   2016   2015 
         
Customer deposits  $526,365   $13,063 
State bottle bill liability   10,171    11,994 
Total  $536,536   $25,057 

 

8.LINE OF CREDIT NOTE PAYABLE - RELATED PARTIES

 

Line of credit note payable - related parties consists of the following as of:

 

   September 30,   December 31, 
   2016   2015 
Note Payable – line of credit          
In July 2010, the Company entered into a line of credit note payable with a related party which carries interest of five percent per annum. The Company can borrow up to $4,500,000. The Company has pledged all of its assets as security for the line of credit. The notes mature in January 2020, at which time the principal amount is due. During April 2015, the Company issued $4,000,000 of convertible series D preferred series in exchange for cancellation of $4,000,000 of this line.          
Long-term portion  $4,500,000   $4,500,000 

 

13 

 

  

Celsius Holdings, Inc. and Subsidiaries

 

Notes to Consolidated Financial Statements (unaudited)

 

September 30, 2016

 

9.PREFERRED STOCK – RELATED PARTY

 

On August 26, 2013, the Company entered into a securities purchase agreement (the “2013 Purchase Agreement”) with CDS Ventures of South Florida, LLC (“CDS”) and CD Financial, LLC (“CD”). CDS and CD are limited liability companies which are affiliates of Carl DeSantis, the Company’s principal shareholder. The Company issued 2,200 shares of its Series C Preferred Stock (the “Preferred C Shares”) in exchange for the conversion of a $550,000 short term loan from CDS and the conversion of $1,650,000 in indebtedness under the Company’s line of credit with CD (the “CD Line of Credit”). The Preferred C Shares are convertible into our common stock at the option of the holder thereof at a conversion price of $0.52 per share at any time until December 31, 2018, at which time they will automatically convert into shares of our common stock determined by dividing the liquidation preference of $1,000 per Preferred C Share by the conversion price then in effect. The conversion price is subject to adjustment in the event of stock dividends, stock splits and similar events. The Preferred C Shares accrue cumulative annual dividends at the rate of 6% per annum, payable by the issuance of additional Preferred C Shares. The holder of Preferred C Shares votes on an “as converted” basis, together with holders of common stock as a single class on all matters presented to shareholders for a vote, except as required by law. In April 2015, the Company issued 180 Preferred C Shares valued at $180,000 in settlement of $180,000 in accrued preferred C dividends. As of September 30, 2016, $263,777 of dividends has been accrued. The Preferred C Shares mature on December 31, 2018 and are redeemable only in exchange for shares of Company common stock.

 

On April 16, 2015, the Company entered into an amendment to its existing Loan and Security Agreement (the “Amendment”) with CD an affiliate of CDS Ventures and Mr. DeSantis. Pursuant to the Amendment, the outstanding principal amount of the CD Line of Credit was reduced by $4.0 million, which amount was converted into 4,000 shares of a newly-designated Series D Preferred Stock (the “Preferred D Shares”). This related party was given a conversion price of $0.86 per common share, whereas other investors purchased common shares at $0.89 in the private placement, as discussed in note 12. The difference of $0.03 per share, which resulted in $139,535, was recorded as a dividend in accordance with ASC 470-20-35, subsequent measurement for debt with conversion and other options. The Preferred D Shares are convertible into our common stock at the option of the holder thereof at a conversion price of $0.86 per share until the earlier of the January 2, 2020 due date of our line of credit with CD Financial or such earlier date as the line of credit is satisfied (the “Mandatory Redemption Date”). The conversion price is subject to adjustment in the event of stock dividends, stock splits and similar events. The Preferred D Shares accrue cumulative annual cash dividends at the rate of 5% per annum, payable quarterly in cash and have a liquidation preference of $1,000 per share. On the Mandatory Redemption Date, the Preferred D Shares automatically convert into shares of our common stock in a number determined by dividing the $1,000 per Preferred D Share liquidation preference plus any accrued but unpaid dividends, by the conversion price then in effect. The Preferred D Shares may also be redeemed by us at any time on or after December 31, 2016, at a redemption price equal to 104% of the liquidation preference. The holder of the Preferred D Shares votes on an “as converted” basis, together with holders of common stock as a single class on all matters presented to shareholders for a vote, except as required by law. As of September 30, 2016, $51,111 of dividends has been accrued regarding these shares.

 

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Celsius Holdings, Inc. and Subsidiaries

 

Notes to Consolidated Financial Statements (unaudited)

 

September 30, 2016

 

10.RELATED PARTY TRANSACTIONS

 

The Company’s office is rented from a company affiliated with CD which is controlled by Carl DeSantis, a principal shareholder (see note 13). Currently, the lease expires on October 2020 with monthly rent of $8,809. The rental fee is commensurate with other properties available in the market.

 

In April 2015, the Company entered into a strategic marketing and advisory services agreement with All Def Digital. Tim Leissner, a director and shareholder of the Company is also a director and shareholder in All Def Digital. For the nine months ending as of September 30, 2016, the Company has paid All Def Digital $152,438, for services relating to the strategic marketing and advisory services agreement.

 

Other related party transactions are discussed in notes 8 and 9.

 

11.STOCKHOLDERS’ EQUITY

 

Issuance of common stock pursuant to services performed

 

In April 2016, the Company issued a total 250,000 “restricted” shares of its common stock as compensation pursuant to celebrity endorsement agreements at a fair value of $560,000, or $2.24 per share representing the closing stock price on that date.

 

Issuance of common stock pursuant to conversion of note

 

In April 2015, the Company issued 5,000,000 unregistered common shares upon conversion of $1,500,000 of convertible notes, at contractual terms.

 

Issuance of common stock pursuant to private placement

 

In April 2015, the Company issued a total of 12,921,348 shares of common stock at $0.89 per share for gross proceeds of $11.5 million (see note 2). Expenses incurred of $111,841 were charged to additional paid in capital and the Company received net proceeds of $11,388,084.

 

Issuance of preferred stock pursuant to private placement

 

Refer to note 9 for discussion on preferred stock issuances.

 

Issuance of common stock pursuant to exercise of stock options

 

During the nine months ended September 30, 2016, the Company issued an aggregate of 36,071 shares of its common stock pursuant to the exercise of stock options granted under the Company’s 2006 Stock Incentive Plan. The Company received aggregate proceeds of $5,300 for options exercised for cash, with the balance of the options having been exercised on a “cashless” basis.

 

15 

 

  

Celsius Holdings, Inc. and Subsidiaries

 

Notes to Consolidated Financial Statements (unaudited)

 

September 30, 2016

 

12.STOCK-BASED COMPENSATION

 

The Company adopted an Incentive Stock Plan on January 18, 2007. This plan is intended to provide incentives which will attract and retain highly competent persons at all levels as employees of the Company, as well as independent contractors providing consulting or advisory services to the Company, by providing them opportunities to acquire the Company's common stock or to receive monetary payments based on the value of such shares pursuant to Awards issued. While the plan terminates 10 years after the adoption date, issued options have their own schedule of termination. During 2013 the majority of the shareholders approved to increase the total available shares in the plan from 2.5 million to 3.5 million shares of common stock. During May 2014, the majority of the shareholders approved to increase the total available shares in the plan from 3.5 million to 4.25 million shares of common stock, during February 2015, the majority of the shareholders approved to increase the total available shares in the plan from 4.25 million to 4.6 million shares of common stock and during April 2015, the majority of the shareholders approved to increase the total available shares in the plan from 4.6 million to 5.1 million shares of common stock. Until 2017, options to acquire shares of common stock may be granted at no less than fair market value on the date of grant. Upon exercise, shares of new common stock are issued by the Company.

 

The Company adopted the 2015 Stock Incentive Plan on April 30, 2015. This plan is intended to provide incentives which will attract and retain highly competent persons at all levels as employees of the Company, as well as independent contractors providing consulting or advisory services to the Company, by providing them opportunities to acquire the Company's common stock or to receive monetary payments based on the value of such shares pursuant to Awards issued. The 2015 Plan permits the grant of options and shares for up to 5,147,000 shares. In addition, there is a provision for an annual increase of 15% of the issued shares under the plan to the shares included under the plan, with the shares to be added on the first day of each calendar year, beginning on January 1, 2016. On January 1st, 2016, the permitted number of available option grants increased by 147,000.

 

Cumulatively since inception, the Company has issued options to purchase approximately 5.6 million shares at an average price of $1.00 with a fair value of approximately $1.1 million. For the nine months ended September 30, 2016 and 2015, the Company recognized an expense of $801,398 and $1,157,959, respectively, of non-cash compensation expense (included in General and Administrative expense in the accompanying Consolidated Statement of Operations) determined by application of a Black Scholes option pricing model with the following inputs: exercise price, dividend yields, risk-free interest rate, and expected annual volatility. As of September 30, 2016, the Company had approximately $2,583,593 of unrecognized pre-tax non-cash compensation expense related to non-vested option-based compensation arrangements under the Plan. The Company expects to recognize this expense based on a weighted-average period of 3 years. The Company uses straight-line amortization of compensation expense over the two to three year requisite service or vesting period of the grant. There are options to purchase approximately 4.4 million shares that have vested, of which 307,000 shares were exercised as of September 30, 2016.

 

16 

 

  

Celsius Holdings, Inc. and Subsidiaries

 

Notes to Consolidated Financial Statements (unaudited)

 

September 30, 2016

 

12.STOCK-BASED COMPENSATION (CONTINUED)

 

The Company uses the Black-Scholes option-pricing model to estimate the fair value of its stock option awards and warrant issuances. The calculation of the fair value of the awards using the Black - Scholes option-pricing model is affected by the Company’s stock price on the date of grant as well as assumptions regarding the following:

 

   Nine months ended September 30, 
   2016   2015 
Expected volatility   368% - 390%   306%
Expected term   4 Years    4 Years 
Risk-free interest rate   1.36% - 1.61%   0.91% - 1.69%
Forfeiture Rate   0.00%   0.00%
Expected dividend yield   0.00%   0.00%

 

The expected volatility was determined with reference to the historical volatility of the Company’s stock. The Company uses historical data to estimate option exercise and employee termination within the valuation model. The expected term of options granted represents the period of time that options granted are expected to be outstanding. The risk-free interest rate for periods within the contractual life of the option is based on the U.S. Treasury rate in effect at the time of grant.

 

A summary of the status of the Company’s outstanding stock options as of September 30, 2016 and changes during the period ending on that date is as follows:

 

       Weighted
Average		   Aggregate   Average 
       Exercise   Intrinsic   Remaining 
   Shares   Price   Value   Term (Yrs) 
Options                    
Balance at December 31, 2015   4,634,166   $0.81   $5,286,107    5.49 
Granted   1,317,500   $2.01           
Exercised   (40,000)  $0.42           
Forfeiture and cancelled   (140,801)  $1.47           
At September 30, 2016   5,770,865   $1.07   $5,933,912    5.26 
                     
Exercisable at September 30, 2016   4,388,296   $0.82           

 

17 

 

  

Celsius Holdings, Inc. and Subsidiaries

 

Notes to Consolidated Financial Statements (unaudited)

 

September 30, 2016

 

13.COMMITMENTS AND CONTINGENCIES

 

The Company has entered into distribution agreements with liquidated damages in case the Company cancels the distribution agreements without cause. Cause has been defined in various ways. It is management’s belief that no such agreement has created any liability as of September 30, 2016.

 

The Company entered into an office lease with a related party (see note 10) effective October 2015. The monthly rent amounts to $8,809 per month and the lease terminates in October 2020. Future annual minimum payments required under operating lease obligations at September 30, 2016 are as follows:

 

Future Minimum Lease Payments

 

Year ending December 31,    
2016  $27,629 
2017  $113,461 
2018  $116,720 
2019  $120,078 
2020  $102,455 
Total  $480,343 

 

14.SUBSEQUENT EVENTS

 

We have evaluated events and transactions that occurred subsequent to September 30, 2016 through November 10, 2016, the date these financial statements were issued, for potential recognition or disclosure in the accompanying financial statements.

 

18 

 

  

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

 

When used in this report, unless otherwise indicated, the terms “the Company,” “Celsius,” “we,” “us” and “our” refer to Celsius Holdings, Inc. and its subsidiaries.

 

Note Regarding Forward Looking Statements

 

This report contains forward-looking statements that reflect our current views about future events. We use the words “anticipate,” “assume,” “believe,” “estimate,” “expect,” “will,” “intend,” “may,” “plan,” “project,” “should,” “could,” “seek,” “designed,” “potential,” “forecast,” “target,” “objective,” “goal,” or the negatives of such terms or other similar expressions. These statements relate to future events or our future financial performance and 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 these forward-looking statements.

 

Business Overview

 

We are engaged in the development, marketing, sale and distribution of “functional” calorie-burning fitness beverages under the Celsius® brand name. According to multiple clinical studies we funded, a single serving of Celsius® burns 100 to 140 calories by increasing a consumer’s resting metabolism an average of 12% and providing sustained energy for up to a three-hour period. Our exercise focused studies show Celsius delivers additional benefits when consumed prior to exercise. The studies shows benefits such as increase in fat burn, increase in lean muscle mass and increased endurance.

 

We seek to combine nutritional science with mainstream beverages by using our proprietary thermogenic (calorie-burning) MetaPlus® formulation, while fostering the goal of healthier everyday refreshment by being as natural as possible without the artificial preservatives often found in many energy drinks and sodas. Celsius® has no artificial preservatives, aspartame or high fructose corn syrup and is very low in sodium. Celsius® uses good-for-you ingredients and supplements such as green tea (EGCG), ginger, calcium, chromium, B vitamins and vitamin C. The main Celsius line of products are sweetened with sucralose, a sugar-derived sweetener that is found in Splenda®, which makes our beverages low-calorie and suitable for consumers whose sugar intake is restricted.

 

We have undertaken significant marketing efforts aimed at building brand awareness, including a wide variety of marketing vehicles such as television, radio, digital, social media, sponsorships, and magazine advertising. We also undertake various promotions at the retail level such as coupons and other discounts in addition to in-store sampling.

 

We do not directly manufacture our beverages, but instead outsource the manufacturing process to established third-party co-packers. We do, however, provide our co-packers with flavors, ingredient blends, cans and other raw materials for our beverages purchased by us from various suppliers.

 

Results of Operations

 

Three months ended September 30, 2016 compared to three months ended September 30, 2015

 

Revenue

 

For the three months ended September 30, 2016, revenue was approximately $6.66 million, an increase of $3.01 million or 82% from $3.65 million for same period in the prior year. The revenue increase of 82% was attributable in large part to 147% growth in international revenue mainly from our Swedish distribution partner and a 53% growth in domestic revenues associated from blended growth rates of 54% in retail accounts arising mainly from expansion of convenience store distribution initiatives, 80% in health and fitness accounts and 13% growth in internet retailer accounts from the same period in 2015. The increase in revenue from the 2015 period to the 2016 period was primarily attributable to an increase in sales volume, as opposed to increases in product pricing.

 

19 

 

  

The following table sets forth the amount of revenues by category and changes therein for the three months ended September 30, 2016 and 2015:

 

   Three months ended September 30, 
Revenue Source  2016   2015   Change 
             
Total Revenue  $6,657,700   $3,652,424    82%
                
International Revenue  $2,808,777   $1,137,358    147%
                
Domestic Revenue  $3,848,923   $2,515,066    53%
                
Retail accounts  $2,397,738   $1,560,973    54%
                
Health & Fitness accounts  $1,002,682   $556,631    80%
                
Internet Retailer accounts  $448,503   $397,462    13%

 

Gross profit

 

For the three months ended September 30, 2016, gross profit increased by approximately $1.37 million or 91.2% to $2.88 million from $1.51 million for the same period in 2015. Gross profit margins improved 2.0% to 43.3% for the three months ended September 30, 2016 from the same period in 2015 for comparable reasons. The increases in gross profit and the improvement in gross profit margins from the 2015 to the 2016 periods are primarily attributable to the increases in revenue and reductions in the cost of raw materials.

 

Sales and marketing expenses

 

Sales and marketing expenses for the three months ended September 30, 2016 were approximately $1.74 million, an increase of $92,000 or 6% from $1.64 million in the same period in 2015. The increase is due primarily to increases in investments in human resources of $433,000 and warehousing offset by savings in marketing programs of $354,000.

 

General and administrative expenses

 

General and administrative expenses for the three months ended September 30, 2016 were approximately $1.08 million, an increase of $464,000, or 75%, from $617,000 for the three months ended September 30, 2015. The increase was primarily due to increases in option expense of $191,000, investments in human resources of $59,000, increases in professional fees of $180,000 and office related costs of $49,000, offset by savings in research and development costs of $11,000 and depreciation and amortization of $4,000.

 

Other expense

 

Total other expense decreased to approximately $57,500 for three months ended September 30, 2016 from $58,000 for the same period in 2015, as a result of savings in interest expense.

 

Net Income (Loss)

 

As a result of the all above, for the three months ended September 30, 2016, Celsius had net income of approximately $10,000, and after giving effect to preferred stock dividends of $102,958, a net loss available to common stockholders of $93,008 or $0.00 per share based on a weighted average of 38,666,451 shares outstanding. In comparison, for the three months ended September 30, 2015 we had a net loss of $810,033, and after giving effect to preferred stock dividends of $85,452, a net loss available to common stockholders of $895,485 or $0.02 per share based on a weighted average of 38,380,382 shares outstanding.

 

 

20 

 

  

Nine months ended September 30, 2016 compared to nine months ended September 30, 2015

 

Revenue

 

For the nine months ended September 30, 2016, revenue was approximately $16.5 million, an increase of $3.5 million or 27% from $13.0 million in revenue for nine months ending September 30, 2015. The revenue growth of 27% from 2015 to the 2016 was mainly associated with blended growth rates of 64% growth in domestic sales offset by an 8% decrease in international revenue growth. The domestic sales growth of 64% was mainly associated from blended growth rates of 76% from retail accounts, 52% in health and fitness accounts and 31% in Internet retailer accounts from the same period in 2015. The increase in revenue from 2015 to 2016 was primarily attributable to an increase in sales volume, as opposed to increases in product pricing.

 

The following table sets forth the amount of revenues by category and changes therein for the nine months ended September 30, 2016 and 2015:

 

   Nine Months Ended September 30, 
Revenue Source  2016   2015   Change 
             
Total Revenue  $16,508,097   $12,957,334    27%
                
International Revenue  $6,050,828   $6,584,214    (8)%
                
Domestic Revenue  $10,457,269   $6,373,120    64%
                
Retail accounts  $7,151,563   $4,067,693    76%
                
Health & Fitness accounts  $2,039,799   $1,338,776    52%
                
Internet Retailer accounts  $1,265,907   $966,651    31%

 

Gross profit

 

For the nine months ended September 30, 2016, gross profit increased by approximately $1.79 million or 33% to $7.17 million compared to $5.38 million for 2015. Gross profit margins improved 1.9% to 43.4% in the nine months ended September 30, 2016 from the same period in 2015. The increases in gross profit and the improvement in gross profit margins from 2015 to 2016 are primarily attributable to the increases in revenue and a reduction in the cost of raw materials.

 

Sales and marketing expenses

 

Sales and marketing expenses for the nine months ended September 30, 2016 were approximately $6.71 million, an increase of $3.02 million, or 82.0% from $3.69 million in the same period in 2015. The increase is due primarily to increases in investments in marketing programs of $1.49 million, increases in human resource investments of $1.50 million and increases in warehousing costs totaling $30,000.

 

General and administrative expenses

 

General and administrative expenses for the nine months ended September 30, 2016 were approximately $2.94 million, an increase of $427,000, or 17.0%, from $2.51 million for the nine months ended September 30, 2015. The increase was primarily due to increases in professional fees of $391,000, bad debt expense of $76,000, research and development costs of $10,000, office related costs of $73,000, human resources of $230,000, and other general administration expenses of $16,000, offset by savings in depreciation and amortization of $14,000 and stock based compensation of $357,000.

 

Other expense

 

Total other expense decreased to approximately $171,000 for nine months ended September 30, 2016 from $265,000 for the same period in 2015, as a result of $94,000 in savings in interest expense.

 

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Net Loss

 

As a result of the all above, for the nine months ended September 30, 2016, Celsius had a net loss of $2,648,073, and after giving effect to preferred stock dividends of $276,264, a net loss available to common stockholders of $2,924,337 or $0.08 per share based on a weighted average of 38,530,195 shares outstanding. In comparison, for the nine months ended September 30, 2015 we had a net loss of $1,083,968, and after giving effect to preferred stock dividends of $193,394, a net loss available to common stockholders of $1,277,362 or $0.04 per share based on a weighted average of 31,421,909 shares outstanding.

 

Liquidity and Capital Resources

 

As of September 30, 2016 and December 31, 2015, we had cash of approximately $7.8 million and $10.1 million, respectively and working capital of approximately $11.6 million and $13.2 million, respectively. Cash used in operations during the nine months ended September 30, 2016 and the year ended December 31, 2015, totaled approximately $2.4 million and $755,000, respectively, reflecting capital investments in sales and marketing programs and human resources initiatives.

 

In addition to cash flow from operations, our primary sources of working capital have been private placements of our securities and our credit facility with CD Financial, LLC (“CD Financial”), an affiliate of Carl DeSantis, a principal shareholder of the Company.

 

We originally entered into a loan and security agreement with CD Financial in July 2010, which provided us with a line of credit to fund operations. As amended in connection with an April 2015 private investment and related transactions, the loan and security agreement provides Celsius with a revolving line of credit pursuant to which Celsius can borrow up to an aggregate maximum of $4.5 million from time to time until maturity in January 2020. The credit facility requires quarterly cash payments of interest only at the rate of five percent (5%) per annum until maturity and is secured by a pledge of substantially all the Company’s assets. As of September 30, 2016, the principal amount outstanding under the credit facility with CD Financial was $4.5 million.

 

Our current operating plan for next twelve (12) months plans on a sufficient financial condition and we do not contemplate obtaining additional financing. However, if our sales volumes do not meet our projections, expenses exceed our expectations, or our plans change, we may be unable to generate enough cash flow from operations to cover our working capital requirements. In such case, we may be required to adjust our business plan, by reducing marketing and other expenses or seek additional financing. There can be no assurance that such financing, if required, will be available on commercially reasonable terms if at all.

 

Off Balance Sheet Arrangements

 

As of September 30, 2016 and December 31, 2015, we had no off-balance sheet arrangements.

 

Item 3. Quantitative Disclosures About Market Risks.

 

As a “smaller reporting company,” we are not required to provide the information required by this Item.

 

Item 4. Controls and Procedures.

 

Management’s Report on Disclosure Controls and Procedures

 

Our Chief Executive Officer and our Chief Financial Officer, conducted an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934 (the “Exchange Act”), as amended, as of September 30, 2016 to ensure that information required to be disclosed by us in the reports filed or submitted by us under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the rules and forms adopted by the Securities and Exchange Commission (the “SEC”), including to ensure that information required to be disclosed by us in the reports filed or submitted by us under the Exchange Act is accumulated and communicated to our management, including our President, as our Principal Executive Officer (our principal executive officer) and our Chief Financial Officer (our Principal Financial and Accounting Officer), or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure. Based on that evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that as of September 30, 2016, our disclosure controls and procedures were effective.

 

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Our Chief Executive Officer and Chief Financial Officer do not expect that our disclosure controls or internal controls will prevent all error and all fraud. Although our disclosure controls and procedures were designed to provide reasonable assurance of achieving their objectives and our principal executive officer has determined that our disclosure controls and procedures are effective at doing so, a control system, no matter how well conceived and operated, can provide only reasonable, not absolute assurance that the objectives of the system are met. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within the Company have been detected. These inherent limitations include the realities that judgments in decision-making can be faulty, and that breakdowns can occur because of simple error or mistake. Additionally, controls can be circumvented if there exists in an individual a desire to do so. There can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions.

 

Changes in Internal Controls Over Financial Reporting

 

There were no changes in our internal controls over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

 

23 

 

 

PART II - OTHER INFORMATION

 

Item 1. Legal Proceedings.

 

We know of no material, existing or pending legal proceedings against our company, nor are we involved as a plaintiff in any material proceeding or pending litigation. There are no proceedings in which any of our directors, officers or affiliates, or any registered or beneficial shareholder, is an adverse party or has a material interest adverse to our interest.

  

Item 1.A. Risk Factors.

 

See “Item 1.A. Risk Factors.” in Amendment No. 3 to our Registration Statement on Form 10, filed with the SEC on September 28, 2016.

 

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

 

None.

 

Item 3. Defaults Upon Senior Securities.

 

None.

 

Item 4. Mine Safety Disclosures.

 

Not applicable.

 

Item 5. Other Information.

 

None.

 

Item 6. Exhibits.

 

Exhibit No.   Description of Exhibit
     
31.1   Section 302 Certification by Chief Executive Officer
     
31.2   Section 302 Certification by Chief Financial Officer
     
32.1   Section 906 Certification by Chief Executive Officer
     
32.2   Section 906 Certification by Chief Financial Officer
     
101 INS   XBRL Instance Document
     
101 SCH   XBRL Taxonomy Extension Schema Document
     
101 CAL   XBRL Taxonomy Calculation Linkbase Document
     
101 DEF   XBRL Taxonomy Extension Definition Linkbase Document
     
101 LAB   XBRL Taxonomy Labels Linkbase Document
     
101 PRE   XBRL Taxonomy Presentation Linkbase Document
     

 

  

 

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.

 

  CELSIUS HOLDINGS, INC.
   
Dated:  November 10, 2016 By: /s/ Gerry David
    Gerry David, Chief Executive Officer
    (Principal Executive Officer)
     
Dated:  November 10, 2016 By: /s/ John Fieldly
    John Fieldly, Chief Financial Officer
    (Principal Financial and Accounting Officer)

 

24 

 

 EX-31.1 2 s104563_ex31-1.htm EXHIBIT 31.1

 

Exhibit 31.1

 

CERTIFICATION OF CHIEF EXECUTIVE OFFICER

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

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

 

I, Gerry David, Chief Executive Officer of Celsius Holdings, Inc., a Nevada corporation (the “Registrant”), certify that:

 

1.          I have reviewed this Form 10-Q for the quarter ended September 30, 2016 of the Registrant;

 

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.          I, as the Registrant’s Chief Executive Officer, together with the Registrant’s Chief Financial Officer, am 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 my supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

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

 

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

 

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

 

5.          I, as the Registrant’s Chief Executive Officer, have disclosed, based on my 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 10, 2016 CELSIUS HOLDINGS, INC.
   
  By:   /s/ Gerry David
    Gerry David, Chief Executive Officer
    (Principal Executive Officer)

  

 

 

 EX-31.2 3 s104563_ex31-2.htm EXHIBIT 31.2

 

Exhibit 31.2

 

CERTIFICATION OF CHIEF FINANCIAL OFFICER

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

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

 

I, John Fieldly, Chief Financial Officer of Celsius Holdings, Inc., a Nevada corporation (the “Registrant”), certify that:

 

1.          I have reviewed this Form 10-Q for the quarter ended September 30, 2016 of the Registrant;

 

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.          I, as the Registrant’s Chief Financial Officer, together with the Registrant’s Chief Executive Officer, am 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 my supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

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

 

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

 

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

 

5.          I, as the Registrant’s Chief Financial Officer, have disclosed, based on my 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 10, 2016 CELSIUS HOLDINGS, INC.
   
  By: /s/ John Fieldly
    John Fieldly, Chief Financial Officer
    (Principal Financial and Accounting Officer)

  

 

 

 

 EX-32.1 4 s104563_ex32-1.htm EXHIBIT 32.1

 

Exhibit 32.1

 

CERTIFICATION OF CHIEF EXECUTIVE OFFICER

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

PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

In connection with the Quarterly Report of Celsius Holdings, Inc., a Nevada corporation (the “Company”) on Form 10-Q for the quarter ended September 30, 2016, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Gerry David, the 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; and

 

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

 

Date:  November 10, 2016 CELSIUS HOLDINGS, INC.
   
  By:   /s/ Gerry David
    Gerry David, Chief Executive Officer
    (Principal Executive Officer)

 

 

 

 

 EX-32.2 5 s104563_ex32-2.htm EXHIBIT 32.2

 

Exhibit 32.2

 

CERTIFICATION OF CHIEF FINANCIAL OFFICER

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

PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

In connection with the Quarterly Report of Celsius Holdings, Inc., a Nevada corporation (the “Company”) on Form 10-Q for the quarter ended September 30, 2016, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, John Fieldly, the 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; and

 

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

 

Date:  November 10, 2016 CELSIUS HOLDINGS, INC.
   
  By:   /s/ John Fieldly
    John Fieldly, Chief Financial Officer
    (Principal Financial and Accounting Officer)

  

 

 

 

 

 

 

 

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inventories Schedule of property and equipment Schedule of accounts payable and accrued expenses Deferred Revenue And Other Current Liabilities Tables Schedule of deferred revenue and other current liabilities Schedule of line of credit note payable - related parties Schedule of black - scholes option-pricing model valuation assumption Schedule of outstanding stock options Schedule of future annual minimum payments Concentration Risk [Table] Concentration Risk [Line Items] Total Statement [Table] Statement [Line Items] Amount excess of FDIC limit Allowance for doubtful accounts Inventory reserve Useful life Advertising expense Research and development expense Freight expense Number of options outstanding Exercise price of awards (in dollars per share) Conversion price (in dollars per share) Number of preferred stock warrants outstanding Net (loss) available to common stockholders Proceeds from sale of common stock Finished goods Raw Materials Less: Inventory Reserve Inventories, net Prepaid expenses and other current assets Property, Plant and Equipment [Table] Property, Plant and Equipment [Line Items] Property, plant and equipment, gross Less: accumulated depreciation Total Property And Equipment Details Narrative Depreciation expense Accounts Payable And Accrued Expenses Details Accounts payable Accrued expenses Total Deferred Revenue And Other Current Liabilities Details Customer deposits State bottle bill liability Total Long-term portion Maximum borrowing capacity Maturity date Number of shares issued upon debt cancellation Debt cancelled amount Number of shares issued upon debt conversion Original debt conversion amount Liquidation preference (in dollars per share) Number of shares issued upon accrued dividend value of shares issued upon accrued dividend Accrued dividend Preferred stock redemption date Line of credit reduction borrowing capacity Share price (in dollars per share) Dividend payable (in dollars per share) Preferred stock redemption price, percent Lease expiration Monthly expense Amount paid for services rendered Number of shares issued upon services Fair value of shares issued upon services rendered Stock price (in dollars per sahre) Number of shares issued upon transaction Share price (in dollars per share) Stock issuance cost included in additional paid in capital Net proceeds from sale of common stock Number of option shares granted Value of option shares granted Expected volatility Expected term Risk-free interest rate Forfeiture Rate Expected dividend yield Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] Balance at beginning Granted Exercised Forfeiture and cancelled Balance at end Exercisable at end Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] Balance at beginning Granted Exercised Forfeiture and cancelled Balance at end Exercisable at end Share-based Compensation Arrangement by Share-based Payment Award, Options, Intrinsic Value [Roll Forward] Balance at beginning Balance at end Share-based Compensation Arrangement by Share-based Payment Award, Options, Average Remaining Term [Roll Forward] Balance at beginning Balance at end Plan expiration term Number of shares authorized Description of plan Number of option available for grant Number of awards granted Average share price (in dollars per share) Fair value of shares granted Non-cash compensation expense Unrecognized pre-tax non-cash compensation expense to non-vested option Period unrecognized pre-tax non-cash compensation expense to non-vested option Vesting period Number of shares exercised Number of shares vested 2016 2017 2018 2019 2020 Total Refers to the amount related to deferred revenue and other current liabilities balance as on balance sheet date. The increase (decrease) during the reporting period in current portion (due within one year or one business cycle) of preferred stock dividend. The increase (decrease) during the reporting period in current portion (due within one year or one business cycle) of deferred revenue and other current liabilities. Refers to amount related to accrued preferred dividends incurred during the period. Refers to the amount of conversion of convertible note to common shares for related-party. Refers to the amount of conversion of accrued preferred dividend into preferred shares for related-party incurred during the period. The entire text block related to prepaid expenses and other current assets. The entire text block related to deferred revenue and other current liabilities. Disclosure of accounting policy for basis of presentation and principles of consolidation. Tabular disclosure of deferred revenue and other current liabilities. Reflects the percentage that revenues in the period from one or more significant customers is to net revenues, as defined by the entity, such as total net revenues, product line revenues, segment revenues. The risk is the materially adverse effects of loss of a significant customer. Reflects the percentage that revenues in the period from one or more significant customers is to net revenues, as defined by the entity, such as total net revenues, product line revenues, segment revenues. The risk is the materially adverse effects of loss of a significant customer. Preferred stock that may be exchanged into common shares or other types of securities at the owner's option. Per share amount received by subsidiary or equity investee for each converted share of common stock. An agreement of prepaid consultancy expenses. Information relating to legal entity. Tangible personal property used to produce goods and services. It represents legal entity associated with the company. It represents the amount of debt conversion cancelled. It represents information about securities purchase agreement. It represents legal entity associated with the company during the period of time. It represents legal entity associated with the company during the period of time. It represents information about amendment loan and security agreement. Amount of reduction in borrowing capacity under the credit facility considering any current restrictions on the amount that could be borrowed. It represents preferred stock redemption price percentage. It represents strategic marketing and advisory services agreement. It represents board of Directors co chairman of company. Information by type of related party. Date which lease or group of leases is set to expire, in CCYY-MM-DD format. Information by celebrity endorsement agreements. Stock including a provision that prohibits sale or substantive sale of an equity instrument for a specified period of time or until specified performance conditions are met. It represents unregistered common shares. It represents 2006 stock incentive plan during the period. Agreed-upon price for the exchange of the underlying asset relating to the share-based payment award. A roll forward is a reconciliation of a concept from the beginning of a period to the end of a period. Weighted average remaining contractual term for option awards outstanding, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Equity-based payment arrangement where one or more employees receive shares of stock (units), stock (unit) options, or other equity instruments, or the employer incurs a liability to the employee in amounts based on the price of the employer's stock (unit). It represents 2015 stock incentive plan during the period. Assets, Current Assets Liabilities, Current Liabilities Stockholders' Equity Attributable to Parent Liabilities and Equity Gross Profit Operating Expenses Operating Income (Loss) Interest Expense, Debt Nonoperating Income (Expense) Preferred Stock Dividends and Other Adjustments Increase (Decrease) in Accounts Receivable Increase (Decrease) in Inventories Increase (Decrease) in Prepaid Expense and Other Assets Increase (Decrease) in Accounts Payable and Accrued Liabilities IncreaseDecreaseInDeferredRevenueAndOtherCurrentLiabilities Net Cash Provided by (Used in) Operating Activities, Continuing Operations Payments to Acquire Property, Plant, and Equipment Net Cash Provided by (Used in) Investing Activities, Continuing Operations Repayments of Related Party Debt Repayments of Notes Payable Net Cash Provided by (Used in) Financing Activities, Continuing Operations Cash and Cash Equivalents, Period Increase (Decrease) Cash and Cash Equivalents, at Carrying Value AccruedPreferredDividend Income Tax, Policy [Policy Text Block] Prepaid Expense and Other Assets, Current Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value Operating Leases, Future Minimum Payments Due EX-101.PRE 11 celh-20160930_pre.xml XBRL PRESENTATION FILE XML 12 R1.htm IDEA: XBRL DOCUMENT v3.5.0.2
Document and Entity Information - shares
 9 Months Ended
Sep. 30, 2016
Nov. 09, 2016
Document And Entity Information    
Entity Registrant Name Celsius Holdings, Inc.  
Entity Central Index Key 0001341766  
Document Type 10-Q  
Trading Symbol CELH  
Document Period End Date Sep. 30, 2016  
Amendment Flag false  
Current Fiscal Year End Date --12-31  
Entity a Well-known Seasoned Issuer No  
Entity a Voluntary Filer No  
Entity's Reporting Status Current Yes  
Entity Filer Category Smaller Reporting Company  
Entity Common Stock, Shares Outstanding   38,666,451
Document Fiscal Period Focus Q3  
Document Fiscal Year Focus 2016  
XML 13 R2.htm IDEA: XBRL DOCUMENT v3.5.0.2
Consolidated Balance Sheets (Unaudited) - USD ($)
Sep. 30, 2016
Dec. 31, 2015
 [1]
Current assets:    
Cash $ 7,765,707 $ 10,128,320
Accounts receivable, net 3,402,272 2,127,060
Inventories, net 2,106,329 2,322,904
Prepaid expenses and other current assets 937,534 666,267
Total current assets 14,211,842 15,244,551
Property and equipment, net 36,508 21,319
Total Assets 14,248,350 15,265,870
Current liabilities:    
Accounts payable and accrued expenses 1,710,504 1,805,931
Accrued preferred dividend 314,888 190,847
Deferred revenue and other current liabilities 536,536 25,057
Total current liabilities 2,561,928 2,021,835
Long-term liabilities:    
Line of credit note payable-related party 4,500,000 4,500,000
Total Liabilities 7,061,928 6,521,835
Stockholders' Equity:    
Preferred Stock, $0.001 par value; 2,500,000 shares authorized, 6,380 and 6,380 shares issued and outstanding at September 30, 2016 and December 31, 2015 6 6
Common stock, $0.001 par value; 75,000,000 shares authorized, 38,666,451 and 38,380,380 shares issued and outstanding at September 30, 2016 and December 31, 2015, respectively 38,666 38,380
Additional paid-in capital 59,992,650 58,626,212
Accumulated deficit (52,844,900) (49,920,563)
Total Stockholders' Equity 7,186,422 8,744,035
Total Liabilities and Stockholders' Equity $ 14,248,350 $ 15,265,870
[1] Derived from Audited Financial Statements
XML 14 R3.htm IDEA: XBRL DOCUMENT v3.5.0.2
Consolidated Balance Sheets (Parenthetical) - $ / shares
Sep. 30, 2016
Dec. 31, 2015
 [1]
Statement of Financial Position [Abstract]    
Preferred stock, par value (in dollars per share) $ 0.001 $ 0.001
Preferred stock, authorized 2,500,000 2,500,000
Preferred stock, issued 6,380 6,380
Preferred stock, outstanding 6,380 6,380
Common stock, par value (in dollars per share) $ 0.001 $ 0.001
Common stock, authorized 75,000,000 75,000,000
Common stock, issued 38,666,451 38,380,380
Common stock, outstanding 38,666,451 38,380,380
[1] Derived from Audited Financial Statements
XML 15 R4.htm IDEA: XBRL DOCUMENT v3.5.0.2
Consolidated Statements of Operations (Unaudited) - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2016
Sep. 30, 2015
Income Statement [Abstract]        
Revenue $ 6,657,700 $ 3,652,424 $ 16,508,097 $ 12,957,334
Cost of revenue 3,772,948 2,143,676 9,339,302 7,581,897
Gross profit 2,884,752 1,508,748 7,168,795 5,375,437
Selling and marketing expenses 1,736,029 1,644,090 6,709,345 3,686,596
General and administrative expenses 1,081,273 616,703 2,936,273 2,508,088
Total operating expense 2,817,302 2,260,793 9,645,618 6,194,684
Income (Loss) from operations 67,450 (752,045) (2,476,823) (819,247)
Other Income (Expense):        
Interest expense (57,500) (57,988) (171,250) (264,721)
Total Other Income (Expense) (57,500) (57,988) (171,250) (264,721)
Net Income (Loss) 9,950 (810,033) (2,648,073) (1,083,968)
Preferred stock dividend (102,958) (85,452) (276,264) (193,394)
Net (Loss) available to common stockholders $ (93,008) $ (895,485) $ (2,924,337) $ (1,277,362)
Income (Loss) per share:        
Basic (in dollars per share) $ (0.00) $ (0.02) $ (0.08) $ (0.04)
Diluted (in dollars per share) $ (0.00) $ (0.02) $ (0.08) $ (0.04)
Weighted average shares outstanding:        
Basic (in shares) 38,666,451 38,380,382 38,530,195 31,421,909
Diluted (in shares) 38,666,451 38,380,382 38,530,195 31,421,909
XML 16 R5.htm IDEA: XBRL DOCUMENT v3.5.0.2
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Cash flows from operating activities:    
Net Loss $ (2,648,073) $ (1,083,968)
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Depreciation and amortization 12,346 26,521
Stock-based compensation expense 1,361,398 1,157,959
Changes in operating assets and liabilities:    
Accounts receivable, net (1,275,212) 1,005,816
Inventories net 216,575 (102,207)
Prepaid expenses and other current assets (271,267) (957,223)
Accounts payable and accrued expenses (95,427) 867,115
Accrued preferred dividends (152,197) (156,105)
Deferred revenue and other current liabilities 511,479 187,467
Net cash provided by (used in) in operating activities (2,340,378) 945,375
Cash flows from investing activities:    
Purchase of property and equipment (27,535) (4,353)
Net cash (used in) investing activities (27,535) (4,353)
Cash flows from financing activities:    
Borrowing under revolving note payable, related-party 450,000
Repayment on short term notes payable, related-party (1,200,000)
Net proceeds from issuance of common stock 11,388,084
Proceeds from exercise of stock options 5,300
Payments on short term notes payable (74,459)
Net cash provided by financing activities 5,300 10,563,625
Net (decrease) increase in cash (2,362,613) 11,504,647
Cash at beginning of the period 10,128,320 349,072
Cash at end of the period 7,765,707 11,853,719
Cash paid during period for:    
Interest 113,750 206,733
Income Taxes
Non-cash investing and financing activities:    
Borrowing under short term notes payable for prepaid expense 91,099
Accrued preferred dividends 276,238 156,506
Preferred stock issuance in exchange for cancellation of revolving note payable, related-party 4,000,000
Conversion of convertible note to common shares, related-party 1,500,000
Conversion of accrued preferred dividend into preferred shares, related-party $ 180,000
XML 17 R6.htm IDEA: XBRL DOCUMENT v3.5.0.2
ORGANIZATION AND DESCRIPTION OF BUSINESS
 9 Months Ended
Sep. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
ORGANIZATION AND DESCRIPTION OF BUSINESS
  1. ORGANIZATION AND DESCRIPTION OF BUSINESS
 

Business —Celsius Holdings, Inc. (the “Company” or “Celsius Holdings”) was incorporated under the laws of the State of Nevada on April 26, 2005. On January 24, 2007, the Company entered into a merger agreement and plan of reorganization with Elite FX, Inc., a Florida corporation. Under the terms of the Merger Agreement, Elite FX, Inc. was merged into the Company’s subsidiary, Celsius, Inc. and became a wholly-owned subsidiary of the Company on January 26, 2007. In addition, on March 28, 2007 the Company established Celsius Netshipments, Inc. a Florida corporation as a wholly-owned subsidiary of the Company.

 

Since the merger, the Company is engaged in the development, marketing, sale and distribution of “functional” calorie-burning fitness beverages under the Celsius® brand name.
XML 18 R7.htm IDEA: XBRL DOCUMENT v3.5.0.2
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 9 Months Ended
Sep. 30, 2016
Accounting Policies [Abstract]  
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
2. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Basis of Presentation and Principles of Consolidation – The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“US GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 8-03 of Regulation S-X. Accordingly, the consolidated financial statements do not include all of the information and footnotes required by US GAAP for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included and such adjustments are of a normal recurring nature. These consolidated financial statements should be read in conjunction with the consolidated financial statements for the year ended December 31, 2015 and notes thereto and other pertinent information contained in our General Form for Registration of Securities of Form 10 as filed with the Securities and Exchange Commission (the “Commission”). The consolidated financial statements of the Company include the Company and its wholly owned subsidiaries. All material inter-company balances and transactions have been eliminated. 

 

Significant Estimates — The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses and disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates. Significant estimates include the allowance for doubtful accounts, reserves for inventory obsolescence, the useful lives and values of property and equipment, valuation of stock based compensation, and deferred tax asset valuation allowance.

 

Segment Reporting —Although the Company has a number of operating divisions, separate segment data has not been presented, as they meet the criteria for aggregation as permitted by ASC Topic 280, Segment Reporting, (formerly Statement of Financial Accounting Standards (SFAS) No. 131, Disclosures About Segments of an Enterprise and Related Information.) Our chief operating decision-maker is considered to be our Chief Executive Officer (CEO). The CEO reviews financial information presented on a consolidated basis for purposes of making operating decisions and assessing financial performance. The financial information reviewed by the CEO is identical to the information presented in the accompanying consolidated statement of operations. Therefore, the Company has determined that it operates in a single operating segment. For the nine months ended September 30, 2016 and 2015 all material assets and revenues of the Company were in the United States except as disclosed in “Concentration of Risk” below.

  

Concentrations of Risk — Substantially all of the Company’s revenue derives from the sale of Celsius® beverages.

 

The Company uses single supplier relationships for its raw materials purchases and filling capacity, which potentially subjects the Company to a concentration of business risk. If these suppliers had operational problems or ceased making product available to the Company, operations could be adversely affected.

 

Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and accounts receivable. The Company places its cash with high-quality financial institutions. At times, balances in the Company’s cash accounts may exceed the Federal Deposit Insurance Corporation limit. At September 30, 2016 the Company had approximately $7.5 million in excess of the Federal Deposit Insurance Corporation limit but has incurred no losses with respect to these accounts.

 

For the nine months ended September 30, 2016 and 2015, the Company had the following 10 percent or greater concentrations of revenue with its customers:

 

    2016     2015  
A*     35.0 %     50.5 %
B     11.1 %     0.1 %
All other     53.9 %     49.4 %
Total     100.0 %     100.0 %

 

At September 30, 2016 and December 31, 2015, the Company had the following 10 percent or greater concentrations of accounts receivable with its customers:

 

    2016     2015  
A*     54.4 %     50.0 %
B     8.1 %     11.8 %
All other     37.5 %     38.2 %
Total     100.0 %     100.0 %

 

*Revenues and receivables from customer A are derived from a distributor located in Sweden.

 

Cash Equivalents — The Company considers all highly liquid instruments with maturities of three months or less when purchased to be cash equivalents. At September 30, 2016 and December 31, 2015, the Company did not have any investments with maturities of three months or less.

 

Accounts Receivable — Accounts receivable are reported at net realizable value. The Company establishes an allowance for doubtful accounts based upon factors pertaining to the credit risk of specific customers, historical trends, and other information. Delinquent accounts are written-off when it is determined that the amounts are uncollectible. At September 30, 2016 and December 31, 2015, there was an allowance for doubtful accounts of $79,332 and $3,500, respectively.

 

Inventories — Inventories include only the purchase cost and are stated at the lower of cost or market. Cost is determined using the FIFO method. Inventories consist of raw materials and finished products. The Company outsources its manufacturing process as a result has no work in process inventories. The Company reserves against inventory during the period in which such materials and products are no longer usable or marketable. At September 30, 2016 and December 31, 2015, the Company recorded a reserve of $165,539 and $329,075, respectively. The changes in reserve are included in cost of revenue. Free Samples are also recorded as cost of revenue.

 

Property and Equipment — Property and equipment are stated at cost less accumulated depreciation and amortization. Depreciation of property and equipment is calculated using the straight-line method over the estimated useful lives of the assets generally ranging from three to seven years.

 

Impairment of Long-Lived Assets — In accordance with ASC Topic 360, “Property, Plant, and Equipment” the Company reviews the carrying value of long-lived assets for impairment at least annually or whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of long-lived assets is measured by comparison of its carrying amount to the undiscounted cash flows that the asset or asset group is expected to generate. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the property, if any, exceeds its fair value.

 

Revenue Recognition — Revenue is derived from the sale of beverages. Revenue is recognized when persuasive evidence of an agreement exists, the products are delivered, sales price is fixed or determinable, and collectability is reasonably assured. Any discounts, slotting fees, sales incentives or similar arrangements with the customer are estimated at time of sale and deducted from revenue.

 

Deferred Revenue — From time to time the Company requires prepayments for deposits in advance of delivery of products and/or production runs. Such amounts are initially recorded as deferred revenue. The Company recognizes such revenue as it is earned in accordance with revenue recognition policies.

 

Advertising Costs — Advertising costs are expensed as incurred. The Company uses mainly radio, local sampling events, sponsorships, endorsements, and digital advertising. The Company incurred advertising expense of approximately $3.4 million and $1.9 million during the nine months ending September 30, 2016 and 2015, respectively.

 

Research and Development — Research and development costs are charged to general and administrative expense as incurred and consist primarily of consulting fees, raw material usage and test productions of beverages. The Company incurred these expenses of $66,700 and $57,200 during the six months ending September 30, 2016 and 2015, respectively.

 

Fair Value of Financial Instruments — The carrying values of cash and cash equivalents, accounts receivable, accounts payable, accrued expenses, and notes payable approximate fair value due to their relative short-term maturity and market interest rates.

 

Fair Value Measurements - ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Additionally, ASC 820 requires the use of valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. These inputs are prioritized below:

 

  Level 1: Observable inputs such as quoted market prices in active markets for identical assets or liabilities.
     
  Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data.
     
  Level 3: Unobservable inputs for which there is little or no market data, which require the use of the reporting entity’s own assumptions.

 

The Company did not have any assets or liabilities measured at fair value at September 30, 2016 and December 31, 2015.

 

Income Taxes — The Company accounts for income taxes pursuant to the provisions of ASC 740-10, “Accounting for Income Taxes,” which requires, among other things, an asset and liability approach to calculating deferred income taxes. The asset and liability approach requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the carrying amounts and the tax bases of assets and liabilities. A valuation allowance is provided to offset any net deferred tax assets for which management believes it is more likely than not that the net deferred asset will not be realized. The Company follows the provisions of the ASC 740 -10, Accounting for Uncertain Income Tax Positions. When tax returns are filed, it is highly certain that some positions taken would be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the position taken or the amount of the position that would be ultimately sustained. In accordance with the guidance of ASC 740-10, the benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes it is more likely than not that the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any.

 

Income Taxes (continued) —Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the more-likely-than-not recognition threshold are measured as the largest amount of tax benefit that is more than 50 percent likely of being realized upon settlement with the applicable taxing authority. The portion of the benefits associated with tax positions taken that exceeds the amount measured as described above should be reflected as a liability for uncertain tax benefits in the accompanying balance sheet along with any associated interest and penalties that would be payable to the taxing authorities upon examination. The Company believes its tax positions are all highly certain of being upheld upon examination. As such, the Company has not recorded a liability for uncertain tax benefits.

 

The Company has adopted ASC 740-10-25 Definition of Settlement, which provides guidance on how an entity should determine whether a tax position is effectively settled for the purpose of recognizing previously unrecognized tax benefits and provides that a tax position can be effectively settled upon the completion of an examination by a taxing authority without being legally extinguished. For tax positions considered effectively settled, an entity would recognize the full amount of tax benefit, even if the tax position is not considered more likely than not to be sustained based solely on the basis of its technical merits and the statute of limitations remains open.

 

The Company files its tax returns on a fiscal year September 30th tax year. The Company’s tax returns for tax years ended September 30, 2015, 2014, and 2013 remain subject to potential examination by the taxing authorities.

 

Earnings per Share — Basic earnings per share are calculated by dividing net income (loss) available to common stockholders by the weighted-average number of common shares outstanding during each period. Diluted earnings per share are computed using the weighted average number of common and dilutive common share equivalents outstanding during the period. Dilutive common share equivalents consist of shares issuable upon conversion of convertible debt, exercise of stock options and warrants (calculated using the reverse treasury stock method). As of September 30, 2016 there were options outstanding to purchase 5.6 million shares, which exercise price averaged $1.00, Series C Preferred Stock warrants outstanding to convert to 4.6 million common shares at $0.52 price per share and Series D Preferred Stock warrants outstanding to convert to 4.7 million common shares at $0.86 price per share. There were no other dilutive common shares equivalents, including convertible notes and warrants, as no common share equivalents had an exercise price below the ending closing price of the year. The effects of dilutive instruments have not been presented for the three and nine months ended September 30, 2016 and 2015, as the effects would be anti-dilutive.

 

Share-Based Payments —The Company has fully adopted the provisions of ASC Topic 718 Compensation — Stock Compensation and related interpretations for employee and non-employee stock based compensation. As such, compensation cost is measured on the date of grant at the fair value of the share-based payments. Such compensation amounts, if any, are amortized over the respective vesting periods of the grants.

 

Shipping and Handling Costs — Shipping and handling costs for freight expense on goods shipped are included in cost of sales. Freight expense on goods shipped for nine months ended September 30, 2016 and 2015 was $1,478,000 and $844,000, respectively.

 

Recent Accounting Pronouncements

 

The Company adopts all applicable, new accounting pronouncements as of the specified effective dates.

 

In September 2015, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2015-16, Simplifying the Accounting for Measurement-Period Adjustments (“ASU 2015-16”). ASU 2015-16 simplifies the accounting for adjustments made to provisional amounts recognized in a business combination by requiring the acquirer to (i) recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amount is determined, (ii) record, in the same period, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date, and (iii) present separately or disclose the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. ASU 2015-16 is effective for fiscal years, and interim periods within, beginning after December 15, 2015. Early adoption is permitted. The Company is evaluating the impact of the adoption of ASU 2015-16 on January 1, 2016 to its consolidated financial position or results of operations.

  

Recent Accounting Pronouncements (continued)

 

In August 2015, the FASB issued ASU No. 2015-15, Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements (Amendments to SEC Paragraphs Pursuant to Staff Announcement at June 18, 2015 EITF Meeting) (“ASU 2015-15”). ASU 2015-15 allows debt issuance costs related to line-of-credit agreements to be presented in the balance sheet as an asset. ASU 2015-03 and ASU 2015-15 are effective for fiscal years, and interim periods within, beginning after December 15, 2015. Early adoption is permitted. The Company has adopted ASU 2015-03 and ASU 2015-15 as of December 31, 2015; the adoption is not expected to have a material impact on its consolidated financial position or results of operations.

 

In April 2015, the FASB issued ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs (“ASU 2015-03”). ASU 2015-03 simplifies the presentation of debt issuance costs and requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability (consistent with debt discounts).

 

 All new accounting pronouncements issued but not yet effective are not expected to have a material impact on our results of operations, cash flows or financial position.

 

Liquidity — These financial statements have been prepared assuming the Company will be able to continue as a going concern. At September 30, 2016, the Company had an accumulated deficit of $52,844,900 which includes a net loss available to common stockholders of $2,924,337 for the nine months ended September 30, 2016. While these factors alone may raise doubt as to the Company’s ability to continue as a going concern, the proceeds remaining from the Company’s sale of common stock to an investor group on April 20, 2015 for a total of $11.5 million (see note 11) is deemed sufficient to alleviate substantial doubt regarding the Company’s ability to continue as a going concern.
XML 19 R8.htm IDEA: XBRL DOCUMENT v3.5.0.2
INVENTORIES
 9 Months Ended
Sep. 30, 2016
Inventory Disclosure [Abstract]  
INVENTORIES
3. INVENTORIES

 

Inventories consist of the following at:

 

    September 30,     December 31,  
    2016     2015  
             
Finished goods   $ 2,011,775     $ 2,309,288  
Raw Materials     260,093       342,691  
Less: Inventory Reserve     (165,539 )     (329,075 )
Inventories, net   $ 2,106,329     $ 2,322,904  
XML 20 R9.htm IDEA: XBRL DOCUMENT v3.5.0.2
PREPAID EXPENSES AND OTHER CURRENT ASSETS
 9 Months Ended
Sep. 30, 2016
Prepaid Expenses And Other Current Assets  
PREPAID EXPENSES AND OTHER CURRENT ASSETS
4. PREPAID EXPENSES AND OTHER CURRENT ASSETS

 

Prepaid expenses and other current assets total $937,534 and $666,267, at September 30, 2016 and December 31, 2015, respectively, and consist mainly of prepaid consulting agreement with D3M Licensing Group, advertising, prepaid insurance, prepaid slotting fees, deposits on purchases, and customer deposits.
XML 21 R10.htm IDEA: XBRL DOCUMENT v3.5.0.2
PROPERTY AND EQUIPMENT
 9 Months Ended
Sep. 30, 2016
Property, Plant and Equipment [Abstract]  
PROPERTY AND EQUIPMENT
5. PROPERTY AND EQUIPMENT

 

Property and equipment consist of the following at:

 

    September 30,     December 31,  
    2016     2015  
             
Furniture and equipment   $ 292,030     $ 264,495  
Less: accumulated depreciation     (255,522 )     (243,176 )
Total   $ 36,508     $ 21,319  

 

Depreciation expense amounted to $12,346 and $26,521 during the nine months ended September 30, 2016 and 2015, respectively
XML 22 R11.htm IDEA: XBRL DOCUMENT v3.5.0.2
ACCOUNTS PAYABLE AND ACCRUED EXPENSES
 9 Months Ended
Sep. 30, 2016
Payables and Accruals [Abstract]  
ACCOUNTS PAYABLE AND ACCRUED EXPENSES
6. ACCOUNTS PAYABLE AND ACCRUED EXPENSES

 

Accounts payable and accrued expenses consist of the following at:

 

    September 30,     December 31,  
    2016     2015  
             
Accounts payable   $ 1,054,091     $ 1,207,353  
Accrued expenses     656,413       598,578  
Total   $ 1,710,504     $ 1,805,931
XML 23 R12.htm IDEA: XBRL DOCUMENT v3.5.0.2
DEFERRED REVENUE AND OTHER CURRENT LIABILITIES
 9 Months Ended
Sep. 30, 2016
Deferred Revenue And Other Current Liabilities  
DEFERRED REVENUE AND OTHER CURRENT LIABILITIES
7. DEFERRED REVENUE AND OTHER CURRENT LIABILITIES

 

Deferred revenue and other current liabilities consist of the following at:

 

    September 30,     December 31,  
    2016     2015  
             
Customer deposits   $ 526,365     $ 13,063  
State bottle bill liability     10,171       11,994  
Total   $ 536,536     $ 25,057  
XML 24 R13.htm IDEA: XBRL DOCUMENT v3.5.0.2
LINE OF CREDIT NOTE PAYABLE - RELATED PARTIES
 9 Months Ended
Sep. 30, 2016
Debt Disclosure [Abstract]  
LINE OF CREDIT NOTE PAYABLE - RELATED PARTIES
8. LINE OF CREDIT NOTE PAYABLE - RELATED PARTIES

 

Line of credit note payable - related parties consists of the following as of:

 

    September 30,     December 31,  
    2016     2015  
Note Payable – line of credit                
In July 2010, the Company entered into a line of credit note payable with a related party which carries interest of five percent per annum. The Company can borrow up to $4,500,000. The Company has pledged all of its assets as security for the line of credit. The notes mature in January 2020, at which time the principal amount is due. During April 2015, the Company issued $4,000,000 of convertible series D preferred series in exchange for cancellation of $4,000,000 of this line.                
Long-term portion   $ 4,500,000     $ 4,500,000
XML 25 R14.htm IDEA: XBRL DOCUMENT v3.5.0.2
PREFERRED STOCK - RELATED PARTY
 9 Months Ended
Sep. 30, 2016
Equity [Abstract]  
PREFERRED STOCK - RELATED PARTY
9. PREFERRED STOCK – RELATED PARTY

 

On August 26, 2013, the Company entered into a securities purchase agreement (the “2013 Purchase Agreement”) with CDS Ventures of South Florida, LLC (“CDS”) and CD Financial, LLC (“CD”). CDS and CD are limited liability companies which are affiliates of Carl DeSantis, the Company’s principal shareholder. The Company issued 2,200 shares of its Series C Preferred Stock (the “Preferred C Shares”) in exchange for the conversion of a $550,000 short term loan from CDS and the conversion of $1,650,000 in indebtedness under the Company’s line of credit with CD (the “CD Line of Credit”). The Preferred C Shares are convertible into our common stock at the option of the holder thereof at a conversion price of $0.52 per share at any time until December 31, 2018, at which time they will automatically convert into shares of our common stock determined by dividing the liquidation preference of $1,000 per Preferred C Share by the conversion price then in effect. The conversion price is subject to adjustment in the event of stock dividends, stock splits and similar events. The Preferred C Shares accrue cumulative annual dividends at the rate of 6% per annum, payable by the issuance of additional Preferred C Shares. The holder of Preferred C Shares votes on an “as converted” basis, together with holders of common stock as a single class on all matters presented to shareholders for a vote, except as required by law. In April 2015, the Company issued 180 Preferred C Shares valued at $180,000 in settlement of $180,000 in accrued preferred C dividends. As of September 30, 2016, $263,777 of dividends has been accrued. The Preferred C Shares mature on December 31, 2018 and are redeemable only in exchange for shares of Company common stock.

 

On April 16, 2015, the Company entered into an amendment to its existing Loan and Security Agreement (the “Amendment”) with CD an affiliate of CDS Ventures and Mr. DeSantis. Pursuant to the Amendment, the outstanding principal amount of the CD Line of Credit was reduced by $4.0 million, which amount was converted into 4,000 shares of a newly-designated Series D Preferred Stock (the “Preferred D Shares”). This related party was given a conversion price of $0.86 per common share, whereas other investors purchased common shares at $0.89 in the private placement, as discussed in note 12. The difference of $0.03 per share, which resulted in $139,535, was recorded as a dividend in accordance with ASC 470-20-35, subsequent measurement for debt with conversion and other options. The Preferred D Shares are convertible into our common stock at the option of the holder thereof at a conversion price of $0.86 per share until the earlier of the January 2, 2020 due date of our line of credit with CD Financial or such earlier date as the line of credit is satisfied (the “Mandatory Redemption Date”). The conversion price is subject to adjustment in the event of stock dividends, stock splits and similar events. The Preferred D Shares accrue cumulative annual cash dividends at the rate of 5% per annum, payable quarterly in cash and have a liquidation preference of $1,000 per share. On the Mandatory Redemption Date, the Preferred D Shares automatically convert into shares of our common stock in a number determined by dividing the $1,000 per Preferred D Share liquidation preference plus any accrued but unpaid dividends, by the conversion price then in effect. The Preferred D Shares may also be redeemed by us at any time on or after December 31, 2016, at a redemption price equal to 104% of the liquidation preference. The holder of the Preferred D Shares votes on an “as converted” basis, together with holders of common stock as a single class on all matters presented to shareholders for a vote, except as required by law. As of September 30, 2016, $51,111 of dividends has been accrued regarding these shares.
XML 26 R15.htm IDEA: XBRL DOCUMENT v3.5.0.2
RELATED PARTY TRANSACTIONS
 9 Months Ended
Sep. 30, 2016
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS
  10. RELATED PARTY TRANSACTIONS
 

The Company’s office is rented from a company affiliated with CD which is controlled by Carl DeSantis, a principal shareholder (see note 13). Currently, the lease expires on October 2020 with monthly rent of $8,809. The rental fee is commensurate with other properties available in the market.

 

In April 2015, the Company entered into a strategic marketing and advisory services agreement with All Def Digital. Tim Leissner, a director and shareholder of the Company is also a director and shareholder in All Def Digital. For the nine months ending as of September 30, 2016, the Company has paid All Def Digital $152,438, for services relating to the strategic marketing and advisory services agreement.

 

Other related party transactions are discussed in notes 8 and 9.
XML 27 R16.htm IDEA: XBRL DOCUMENT v3.5.0.2
STOCKHOLDERS' EQUITY
 9 Months Ended
Sep. 30, 2016
Equity [Abstract]  
STOCKHOLDERS' EQUITY
11. STOCKHOLDERS’ EQUITY

 

Issuance of common stock pursuant to services performed

 

In April 2016, the Company issued a total 250,000 “restricted” shares of its common stock as compensation pursuant to celebrity endorsement agreements at a fair value of $560,000, or $2.24 per share representing the closing stock price on that date.

 

Issuance of common stock pursuant to conversion of note

 

In April 2015, the Company issued 5,000,000 unregistered common shares upon conversion of $1,500,000 of convertible notes, at contractual terms.

 

Issuance of common stock pursuant to private placement

 

In April 2015, the Company issued a total of 12,921,348 shares of common stock at $0.89 per share for gross proceeds of $11.5 million (see note 2). Expenses incurred of $111,841 were charged to additional paid in capital and the Company received net proceeds of $11,388,084.

 

Issuance of preferred stock pursuant to private placement

 

Refer to note 9 for discussion on preferred stock issuances.

 

Issuance of common stock pursuant to exercise of stock options

 

During the nine months ended September 30, 2016, the Company issued an aggregate of 36,071 shares of its common stock pursuant to the exercise of stock options granted under the Company’s 2006 Stock Incentive Plan. The Company received aggregate proceeds of $5,300 for options exercised for cash, with the balance of the options having been exercised on a “cashless” basis.
XML 28 R17.htm IDEA: XBRL DOCUMENT v3.5.0.2
STOCK-BASED COMPENSATION
 9 Months Ended
Sep. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
STOCK-BASED COMPENSATION
12. STOCK-BASED COMPENSATION

 

The Company adopted an Incentive Stock Plan on January 18, 2007. This plan is intended to provide incentives which will attract and retain highly competent persons at all levels as employees of the Company, as well as independent contractors providing consulting or advisory services to the Company, by providing them opportunities to acquire the Company's common stock or to receive monetary payments based on the value of such shares pursuant to Awards issued. While the plan terminates 10 years after the adoption date, issued options have their own schedule of termination. During 2013 the majority of the shareholders approved to increase the total available shares in the plan from 2.5 million to 3.5 million shares of common stock. During May 2014, the majority of the shareholders approved to increase the total available shares in the plan from 3.5 million to 4.25 million shares of common stock, during February 2015, the majority of the shareholders approved to increase the total available shares in the plan from 4.25 million to 4.6 million shares of common stock and during April 2015, the majority of the shareholders approved to increase the total available shares in the plan from 4.6 million to 5.1 million shares of common stock. Until 2017, options to acquire shares of common stock may be granted at no less than fair market value on the date of grant. Upon exercise, shares of new common stock are issued by the Company.

 

The Company adopted the 2015 Stock Incentive Plan on April 30, 2015. This plan is intended to provide incentives which will attract and retain highly competent persons at all levels as employees of the Company, as well as independent contractors providing consulting or advisory services to the Company, by providing them opportunities to acquire the Company's common stock or to receive monetary payments based on the value of such shares pursuant to Awards issued. The 2015 Plan permits the grant of options and shares for up to 5,147,000 shares. In addition, there is a provision for an annual increase of 15% of the issued shares under the plan to the shares included under the plan, with the shares to be added on the first day of each calendar year, beginning on January 1, 2016. On January 1st, 2016, the permitted number of available option grants increased by 147,000.

 

Cumulatively since inception, the Company has issued options to purchase approximately 5.6 million shares at an average price of $1.00 with a fair value of approximately $1.1 million. For the nine months ended September 30, 2016 and 2015, the Company recognized an expense of $801,398 and $1,157,959, respectively, of non-cash compensation expense (included in General and Administrative expense in the accompanying Consolidated Statement of Operations) determined by application of a Black Scholes option pricing model with the following inputs: exercise price, dividend yields, risk-free interest rate, and expected annual volatility. As of September 30, 2016, the Company had approximately $2,583,593 of unrecognized pre-tax non-cash compensation expense related to non-vested option-based compensation arrangements under the Plan. The Company expects to recognize this expense based on a weighted-average period of 3 years. The Company uses straight-line amortization of compensation expense over the two to three year requisite service or vesting period of the grant. There are options to purchase approximately 4.4 million shares that have vested, of which 307,000 shares were exercised as of September 30, 2016.

  

The Company uses the Black-Scholes option-pricing model to estimate the fair value of its stock option awards and warrant issuances. The calculation of the fair value of the awards using the Black - Scholes option-pricing model is affected by the Company’s stock price on the date of grant as well as assumptions regarding the following:

 

    Nine months ended September 30,  
    2016     2015  
Expected volatility     368% - 390%       306%  
Expected term     4 Years       4 Years  
Risk-free interest rate     1.36% - 1.61%       0.91% - 1.69%  
Forfeiture Rate     0.00%       0.00%  
Expected dividend yield     0.00%       0.00%  

 

The expected volatility was determined with reference to the historical volatility of the Company’s stock. The Company uses historical data to estimate option exercise and employee termination within the valuation model. The expected term of options granted represents the period of time that options granted are expected to be outstanding. The risk-free interest rate for periods within the contractual life of the option is based on the U.S. Treasury rate in effect at the time of grant.

 

A summary of the status of the Company’s outstanding stock options as of September 30, 2016 and changes during the period ending on that date is as follows:

 

          Weighted
Average		     Aggregate     Average  
          Exercise     Intrinsic     Remaining  
    Shares     Price     Value     Term (Yrs)  
Options                                
Balance at December 31, 2015     4,634,166     $ 0.81     $ 5,286,107       5.49  
Granted     1,317,500     $ 2.01                  
Exercised     (40,000 )   $ 0.42                  
Forfeiture and cancelled     (140,801 )   $ 1.47                  
At September 30, 2016     5,770,865     $ 1.07     $ 5,933,912       5.26  
                                 
Exercisable at September 30, 2016     4,388,296     $ 0.82                  
XML 29 R18.htm IDEA: XBRL DOCUMENT v3.5.0.2
COMMITMENTS AND CONTINGENCIES
 9 Months Ended
Sep. 30, 2016
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES
13. COMMITMENTS AND CONTINGENCIES
 

The Company has entered into distribution agreements with liquidated damages in case the Company cancels the distribution agreements without cause. Cause has been defined in various ways. It is management’s belief that no such agreement has created any liability as of September 30, 2016.

 

The Company entered into an office lease with a related party (see note 10) effective October 2015. The monthly rent amounts to $8,809 per month and the lease terminates in October 2020. Future annual minimum payments required under operating lease obligations at September 30, 2016 are as follows:

 

Future Minimum Lease Payments

 

Year ending December 31,      
2016   $ 27,629  
2017   $ 113,461  
2018   $ 116,720  
2019   $ 120,078  
2020   $ 102,455  
Total   $ 480,343  
XML 30 R19.htm IDEA: XBRL DOCUMENT v3.5.0.2
SUBSEQUENT EVENTS
 9 Months Ended
Sep. 30, 2016
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS
14. SUBSEQUENT EVENTS

 

We have evaluated events and transactions that occurred subsequent to September 30, 2016 through November 10, 2016, the date these financial statements were issued, for potential recognition or disclosure in the accompanying financial statements.
XML 31 R20.htm IDEA: XBRL DOCUMENT v3.5.0.2
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
 9 Months Ended
Sep. 30, 2016
Accounting Policies [Abstract]  
Basis of Presentation and Principles of Consolidation

Basis of Presentation and Principles of Consolidation – The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“US GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 8-03 of Regulation S-X. Accordingly, the consolidated financial statements do not include all of the information and footnotes required by US GAAP for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included and such adjustments are of a normal recurring nature. These consolidated financial statements should be read in conjunction with the consolidated financial statements for the year ended December 31, 2015 and notes thereto and other pertinent information contained in our General Form for Registration of Securities of Form 10 as filed with the Securities and Exchange Commission (the “Commission”). The consolidated financial statements of the Company include the Company and its wholly owned subsidiaries. All material inter-company balances and transactions have been eliminated. 
Significant Estimates

Significant Estimates — The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses and disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates. Significant estimates include the allowance for doubtful accounts, reserves for inventory obsolescence, the useful lives and values of property and equipment, valuation of stock based compensation, and deferred tax asset valuation allowance.
Segment Reporting

Segment Reporting —Although the Company has a number of operating divisions, separate segment data has not been presented, as they meet the criteria for aggregation as permitted by ASC Topic 280, Segment Reporting, (formerly Statement of Financial Accounting Standards (SFAS) No. 131, Disclosures About Segments of an Enterprise and Related Information.) Our chief operating decision-maker is considered to be our Chief Executive Officer (CEO). The CEO reviews financial information presented on a consolidated basis for purposes of making operating decisions and assessing financial performance. The financial information reviewed by the CEO is identical to the information presented in the accompanying consolidated statement of operations. Therefore, the Company has determined that it operates in a single operating segment. For the nine months ended September 30, 2016 and 2015 all material assets and revenues of the Company were in the United States except as disclosed in “Concentration of Risk” below.
Concentrations of Risk

Concentrations of Risk — Substantially all of the Company’s revenue derives from the sale of Celsius® beverages.

 

The Company uses single supplier relationships for its raw materials purchases and filling capacity, which potentially subjects the Company to a concentration of business risk. If these suppliers had operational problems or ceased making product available to the Company, operations could be adversely affected.

 

Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and accounts receivable. The Company places its cash with high-quality financial institutions. At times, balances in the Company’s cash accounts may exceed the Federal Deposit Insurance Corporation limit. At September 30, 2016 the Company had approximately $7.5 million in excess of the Federal Deposit Insurance Corporation limit but has incurred no losses with respect to these accounts.

 

For the nine months ended September 30, 2016 and 2015, the Company had the following 10 percent or greater concentrations of revenue with its customers:

 

    2016     2015  
A*     35.0 %     50.5 %
B     11.1 %     0.1 %
All other     53.9 %     49.4 %
Total     100.0 %     100.0 %

 

At September 30, 2016 and December 31, 2015, the Company had the following 10 percent or greater concentrations of accounts receivable with its customers:

 

    2016     2015  
A*     54.4 %     50.0 %
B     8.1 %     11.8 %
All other     37.5 %     38.2 %
Total     100.0 %     100.0 %

 

*Revenues and receivables from customer A are derived from a distributor located in Sweden.
Cash Equivalents

Cash Equivalents — The Company considers all highly liquid instruments with maturities of three months or less when purchased to be cash equivalents. At September 30, 2016 and December 31, 2015, the Company did not have any investments with maturities of three months or less.
Accounts Receivable

Accounts Receivable — Accounts receivable are reported at net realizable value. The Company establishes an allowance for doubtful accounts based upon factors pertaining to the credit risk of specific customers, historical trends, and other information. Delinquent accounts are written-off when it is determined that the amounts are uncollectible. At September 30, 2016 and December 31, 2015, there was an allowance for doubtful accounts of $79,332 and $3,500, respectively.
Inventories

Inventories — Inventories include only the purchase cost and are stated at the lower of cost or market. Cost is determined using the FIFO method. Inventories consist of raw materials and finished products. The Company outsources its manufacturing process as a result has no work in process inventories. The Company reserves against inventory during the period in which such materials and products are no longer usable or marketable. At September 30, 2016 and December 31, 2015, the Company recorded a reserve of $165,539 and $329,075, respectively. The changes in reserve are included in cost of revenue. Free Samples are also recorded as cost of revenue.
Property and Equipment

Property and Equipment — Property and equipment are stated at cost less accumulated depreciation and amortization. Depreciation of property and equipment is calculated using the straight-line method over the estimated useful lives of the assets generally ranging from three to seven years.
Impairment of Long-Lived Assets

Impairment of Long-Lived Assets — In accordance with ASC Topic 360, “Property, Plant, and Equipment” the Company reviews the carrying value of long-lived assets for impairment at least annually or whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of long-lived assets is measured by comparison of its carrying amount to the undiscounted cash flows that the asset or asset group is expected to generate. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the property, if any, exceeds its fair value.
Revenue Recognition

Revenue Recognition — Revenue is derived from the sale of beverages. Revenue is recognized when persuasive evidence of an agreement exists, the products are delivered, sales price is fixed or determinable, and collectability is reasonably assured. Any discounts, slotting fees, sales incentives or similar arrangements with the customer are estimated at time of sale and deducted from revenue.
Deferred Revenue

Deferred Revenue — From time to time the Company requires prepayments for deposits in advance of delivery of products and/or production runs. Such amounts are initially recorded as deferred revenue. The Company recognizes such revenue as it is earned in accordance with revenue recognition policies.
Advertising Costs

Advertising Costs — Advertising costs are expensed as incurred. The Company uses mainly radio, local sampling events, sponsorships, endorsements, and digital advertising. The Company incurred advertising expense of approximately $3.4 million and $1.9 million during the nine months ending September 30, 2016 and 2015, respectively.
Research and Development

Research and Development — Research and development costs are charged to general and administrative expense as incurred and consist primarily of consulting fees, raw material usage and test productions of beverages. The Company incurred these expenses of $66,700 and $57,200 during the six months ending September 30, 2016 and 2015, respectively.
Fair Value of Financial Instruments

Fair Value of Financial Instruments — The carrying values of cash and cash equivalents, accounts receivable, accounts payable, accrued expenses, and notes payable approximate fair value due to their relative short-term maturity and market interest rates.
Fair Value Measurements

Fair Value Measurements - ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Additionally, ASC 820 requires the use of valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. These inputs are prioritized below:

 

  Level 1: Observable inputs such as quoted market prices in active markets for identical assets or liabilities.
     
  Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data.
     
  Level 3: Unobservable inputs for which there is little or no market data, which require the use of the reporting entity’s own assumptions.

 

The Company did not have any assets or liabilities measured at fair value at September 30, 2016 and December 31, 2015.
Income Taxes

Income Taxes — The Company accounts for income taxes pursuant to the provisions of ASC 740-10, “Accounting for Income Taxes,” which requires, among other things, an asset and liability approach to calculating deferred income taxes. The asset and liability approach requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the carrying amounts and the tax bases of assets and liabilities. A valuation allowance is provided to offset any net deferred tax assets for which management believes it is more likely than not that the net deferred asset will not be realized. The Company follows the provisions of the ASC 740 -10, Accounting for Uncertain Income Tax Positions. When tax returns are filed, it is highly certain that some positions taken would be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the position taken or the amount of the position that would be ultimately sustained. In accordance with the guidance of ASC 740-10, the benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes it is more likely than not that the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any.

   

Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the more-likely-than-not recognition threshold are measured as the largest amount of tax benefit that is more than 50 percent likely of being realized upon settlement with the applicable taxing authority. The portion of the benefits associated with tax positions taken that exceeds the amount measured as described above should be reflected as a liability for uncertain tax benefits in the accompanying balance sheet along with any associated interest and penalties that would be payable to the taxing authorities upon examination. The Company believes its tax positions are all highly certain of being upheld upon examination. As such, the Company has not recorded a liability for uncertain tax benefits.

 

The Company has adopted ASC 740-10-25 Definition of Settlement, which provides guidance on how an entity should determine whether a tax position is effectively settled for the purpose of recognizing previously unrecognized tax benefits and provides that a tax position can be effectively settled upon the completion of an examination by a taxing authority without being legally extinguished. For tax positions considered effectively settled, an entity would recognize the full amount of tax benefit, even if the tax position is not considered more likely than not to be sustained based solely on the basis of its technical merits and the statute of limitations remains open.

 

The Company files its tax returns on a fiscal year September 30th tax year. The Company’s tax returns for tax years ended September 30, 2015, 2014, and 2013 remain subject to potential examination by the taxing authorities.
Earnings per Share

Share-Based Payments —The Company has fully adopted the provisions of ASC Topic 718 Compensation — Stock Compensation and related interpretations for employee and non-employee stock based compensation. As such, compensation cost is measured on the date of grant at the fair value of the share-based payments. Such compensation amounts, if any, are amortized over the respective vesting periods of the grants.
Share-Based Payments

Share-Based Payments —The Company has fully adopted the provisions of ASC Topic 718 Compensation — Stock Compensation and related interpretations for employee stock based compensation. As such, compensation cost is measured on the date of grant at the fair value of the share-based payments. Such compensation amounts, if any, are amortized over the respective vesting periods of the grants. The Company accounts for non-employee stock based compensation on provisions of ASE 505-50 Equity Based Payments of Non-employees which provides for compensation at fair value at the time of issuance.
Shipping and Handling Costs

Shipping and Handling Costs — Shipping and handling costs for freight expense on goods shipped are included in cost of sales. Freight expense on goods shipped for nine months ended September 30, 2016 and 2015 was $1,478,000 and $844,000, respectively.
Recent Accounting Pronouncements

Recent Accounting Pronouncements

 

The Company adopts all applicable, new accounting pronouncements as of the specified effective dates.

 

In September 2015, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2015-16, Simplifying the Accounting for Measurement-Period Adjustments (“ASU 2015-16”). ASU 2015-16 simplifies the accounting for adjustments made to provisional amounts recognized in a business combination by requiring the acquirer to (i) recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amount is determined, (ii) record, in the same period, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date, and (iii) present separately or disclose the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. ASU 2015-16 is effective for fiscal years, and interim periods within, beginning after December 15, 2015. Early adoption is permitted. The Company is evaluating the impact of the adoption of ASU 2015-16 on January 1, 2016 to its consolidated financial position or results of operations.

 

In August 2015, the FASB issued ASU No. 2015-15, Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements (Amendments to SEC Paragraphs Pursuant to Staff Announcement at June 18, 2015 EITF Meeting) (“ASU 2015-15”). ASU 2015-15 allows debt issuance costs related to line-of-credit agreements to be presented in the balance sheet as an asset. ASU 2015-03 and ASU 2015-15 are effective for fiscal years, and interim periods within, beginning after December 15, 2015. Early adoption is permitted. The Company has adopted ASU 2015-03 and ASU 2015-15 as of December 31, 2015; the adoption is not expected to have a material impact on its consolidated financial position or results of operations.

 

In April 2015, the FASB issued ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs (“ASU 2015-03”). ASU 2015-03 simplifies the presentation of debt issuance costs and requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability (consistent with debt discounts).

 

 All new accounting pronouncements issued but not yet effective are not expected to have a material impact on our results of operations, cash flows or financial position.
Liquidity

Liquidity — These financial statements have been prepared assuming the Company will be able to continue as a going concern. At September 30, 2016, the Company had an accumulated deficit of $52,844,900 which includes a net loss available to common stockholders of $2,924,337 for the nine months ended September 30, 2016. While these factors alone may raise doubt as to the Company’s ability to continue as a going concern, the proceeds remaining from the Company’s sale of common stock to an investor group on April 20, 2015 for a total of $11.5 million (see note 11) is deemed sufficient to alleviate substantial doubt regarding the Company’s ability to continue as a going concern.
XML 32 R21.htm IDEA: XBRL DOCUMENT v3.5.0.2
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 9 Months Ended
Sep. 30, 2016
Accounting Policies [Abstract]  
Schedule of revenue & accounts receivable with customers

For the nine months ended September 30, 2016 and 2015, the Company had the following 10 percent or greater concentrations of revenue with its customers:

 

    2016     2015  
A*     35.0 %     50.5 %
B     11.1 %     0.1 %
All other     53.9 %     49.4 %
Total     100.0 %     100.0 %

 

At September 30, 2016 and December 31, 2015, the Company had the following 10 percent or greater concentrations of accounts receivable with its customers:

 

    2016     2015  
A*     54.4 %     50.0 %
B     8.1 %     11.8 %
All other     37.5 %     38.2 %
Total     100.0 %     100.0 %

 

*Revenues and receivables from customer A are derived from a distributor located in Sweden.
XML 33 R22.htm IDEA: XBRL DOCUMENT v3.5.0.2
INVENTORIES (Tables)
 9 Months Ended
Sep. 30, 2016
Inventory Disclosure [Abstract]  
Schedule of inventories

Inventories consist of the following at:

 

    September 30,     December 31,  
    2016     2015  
             
Finished goods   $ 2,011,775     $ 2,309,288  
Raw Materials     260,093       342,691  
Less: Inventory Reserve     (165,539 )     (329,075 )
Inventories, net   $ 2,106,329     $ 2,322,904  
XML 34 R23.htm IDEA: XBRL DOCUMENT v3.5.0.2
PROPERTY AND EQUIPMENT (Tables)
 9 Months Ended
Sep. 30, 2016
Property, Plant and Equipment [Abstract]  
Schedule of property and equipment

Property and equipment consist of the following at:

 

    September 30,     December 31,  
    2016     2015  
             
Furniture and equipment   $ 292,030     $ 264,495  
Less: accumulated depreciation     (255,522 )     (243,176 )
Total   $ 36,508     $ 21,319  
XML 35 R24.htm IDEA: XBRL DOCUMENT v3.5.0.2
ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Tables)
 9 Months Ended
Sep. 30, 2016
Payables and Accruals [Abstract]  
Schedule of accounts payable and accrued expenses

Accounts payable and accrued expenses consist of the following at:

 

    September 30,     December 31,  
    2016     2015  
             
Accounts payable   $ 1,054,091     $ 1,207,353  
Accrued expenses     656,413       598,578  
Total   $ 1,710,504     $ 1,805,931
XML 36 R25.htm IDEA: XBRL DOCUMENT v3.5.0.2
DEFERRED REVENUE AND OTHER CURRENT LIABILITIES (Tables)
 9 Months Ended
Sep. 30, 2016
Deferred Revenue And Other Current Liabilities  
Schedule of deferred revenue and other current liabilities

Deferred revenue and other current liabilities consist of the following at:

 

    September 30,     December 31,  
    2016     2015  
             
Customer deposits   $ 526,365     $ 13,063  
State bottle bill liability     10,171       11,994  
Total   $ 536,536     $ 25,057  
XML 37 R26.htm IDEA: XBRL DOCUMENT v3.5.0.2
LINE OF CREDIT NOTE PAYABLE - RELATED PARTIES (Tables)
 9 Months Ended
Sep. 30, 2016
Debt Disclosure [Abstract]  
Schedule of line of credit note payable - related parties

Line of credit note payable - related parties consists of the following as of:

 

    September 30,     December 31,  
    2016     2015  
Note Payable – line of credit                
In July 2010, the Company entered into a line of credit note payable with a related party which carries interest of five percent per annum. The Company can borrow up to $4,500,000. The Company has pledged all of its assets as security for the line of credit. The notes mature in January 2020, at which time the principal amount is due. During April 2015, the Company issued $4,000,000 of convertible series D preferred series in exchange for cancellation of $4,000,000 of this line.                
Long-term portion   $ 4,500,000     $ 4,500,000  
XML 38 R27.htm IDEA: XBRL DOCUMENT v3.5.0.2
STOCK-BASED COMPENSATION (Tables)
 9 Months Ended
Sep. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Schedule of black - scholes option-pricing model valuation assumption

The calculation of the fair value of the awards using the Black - Scholes option-pricing model is affected by the Company’s stock price on the date of grant as well as assumptions regarding the following:

 

    Nine months ended September 30,  
    2016     2015  
Expected volatility     368% - 390%       306%  
Expected term     4 Years       4 Years  
Risk-free interest rate     1.36% - 1.61%       0.91% - 1.69%  
Forfeiture Rate     0.00%       0.00%  
Expected dividend yield     0.00%       0.00%
Schedule of outstanding stock options

A summary of the status of the Company’s outstanding stock options as of September 30, 2016 and changes during the period ending on that date is as follows:

 

          Weighted
Average		     Aggregate     Average  
          Exercise     Intrinsic     Remaining  
    Shares     Price     Value     Term (Yrs)  
Options                                
Balance at December 31, 2015     4,634,166     $ 0.81     $ 5,286,107       5.49  
Granted     1,317,500     $ 2.01                  
Exercised     (40,000 )   $ 0.42                  
Forfeiture and cancelled     (140,801 )   $ 1.47                  
At September 30, 2016     5,770,865     $ 1.07     $ 5,933,912       5.26  
                                 
Exercisable at September 30, 2016     4,388,296     $ 0.82  
XML 39 R28.htm IDEA: XBRL DOCUMENT v3.5.0.2
COMMITMENTS AND CONTINGENCIES (Tables)
 9 Months Ended
Sep. 30, 2016
Commitments and Contingencies Disclosure [Abstract]  
Schedule of future annual minimum payments

Future annual minimum payments required under operating lease obligations at September 30, 2016 are as follows:

 

Future Minimum Lease Payments

 

Year ending December 31,      
2016   $ 27,629  
2017   $ 113,461  
2018   $ 116,720  
2019   $ 120,078  
2020   $ 102,455  
Total   $ 480,343
XML 40 R29.htm IDEA: XBRL DOCUMENT v3.5.0.2
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - 10% or Greater Revenue [Member]
 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Concentration Risk [Line Items]    
Total 100.00% 100.00%
Customer A [Member]    
Concentration Risk [Line Items]    
Total [1] 35.00% 50.50%
Customer B [Member]    
Concentration Risk [Line Items]    
Total 11.10% 0.10%
All Other [Member]    
Concentration Risk [Line Items]    
Total 53.90% 49.40%
[1] Revenues and receivables from customer A are derived from a distributor located in Sweden.
XML 41 R30.htm IDEA: XBRL DOCUMENT v3.5.0.2
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 1) - 10% or Accounts Receivable [Member]
 9 Months Ended 12 Months Ended
Sep. 30, 2016
Dec. 31, 2015
Concentration Risk [Line Items]    
Total 100.00% 100.00%
Customer A [Member]    
Concentration Risk [Line Items]    
Total [1] 54.40% 50.00%
Customer B [Member]    
Concentration Risk [Line Items]    
Total 8.10% 11.80%
All Other [Member]    
Concentration Risk [Line Items]    
Total 37.50% 38.20%
[1] Revenues and receivables from customer A are derived from a distributor located in Sweden.
XML 42 R31.htm IDEA: XBRL DOCUMENT v3.5.0.2
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)
 1 Months Ended 3 Months Ended 6 Months Ended 9 Months Ended
Apr. 20, 2015
Apr. 30, 2016
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2016
Sep. 30, 2015
Dec. 31, 2015
Amount excess of FDIC limit     $ 7,500,000   $ 7,500,000   $ 7,500,000    
Allowance for doubtful accounts     79,332   79,332   79,332   $ 3,500
Inventory reserve     $ 165,539   165,539   165,539   329,075
Advertising expense             3,400,000 $ 1,900,000  
Research and development expense         $ 66,700 $ 57,200      
Freight expense             $ 1,478,000 844,000  
Number of options outstanding             5,600,000    
Exercise price of awards (in dollars per share)     $ 1.00   $ 1.00   $ 1.00    
Accumulated deficit     $ (52,844,900)   $ (52,844,900)   $ (52,844,900)   $ (49,920,563) [1]
Net (loss) available to common stockholders     $ (93,008) $ (895,485)     (2,924,337) (1,277,362)  
Proceeds from sale of common stock             $ 11,388,084  
Private Placement [Member]                  
Proceeds from sale of common stock $ 11,500,000 $ 11,500,000              
6% Series C Preferred Stock [Member]                  
Conversion price (in dollars per share)             $ 0.52    
Number of preferred stock warrants outstanding             4,600,000    
5% Series D Preferred Stock [Member]                  
Conversion price (in dollars per share)             $ 0.86    
Number of preferred stock warrants outstanding             4,700,000    
Minimum [Member]                  
Useful life             3 years    
Maximum [Member]                  
Useful life             7 years    
[1] Derived from Audited Financial Statements
XML 43 R32.htm IDEA: XBRL DOCUMENT v3.5.0.2
INVENTORIES (Details) - USD ($)
Sep. 30, 2016
Dec. 31, 2015
Inventory Disclosure [Abstract]    
Finished goods $ 2,011,775 $ 2,309,288
Raw Materials 260,093 342,691
Less: Inventory Reserve (165,539) (329,075)
Inventories, net $ 2,106,329 $ 2,322,904 [1]
[1] Derived from Audited Financial Statements
XML 44 R33.htm IDEA: XBRL DOCUMENT v3.5.0.2
PREPAID EXPENSES AND OTHER CURRENT ASSETS (Details Narrative) - USD ($)
Sep. 30, 2016
Dec. 31, 2015
Prepaid Consulting Agreement [Member] | D3M Licensing Group [Member]    
Prepaid expenses and other current assets $ 937,534 $ 666,267
XML 45 R34.htm IDEA: XBRL DOCUMENT v3.5.0.2
PROPERTY AND EQUIPMENT (Details) - USD ($)
Sep. 30, 2016
Dec. 31, 2015
Property, Plant and Equipment [Line Items]    
Less: accumulated depreciation $ (255,522) $ (243,176)
Total 36,508 21,319 [1]
Furniture and Equipment [Member}    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross $ 292,030 $ 264,495
[1] Derived from Audited Financial Statements
XML 46 R35.htm IDEA: XBRL DOCUMENT v3.5.0.2
PROPERTY AND EQUIPMENT (Details Narrative) - USD ($)
 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Property And Equipment Details Narrative    
Depreciation expense $ 12,346 $ 26,521
XML 47 R36.htm IDEA: XBRL DOCUMENT v3.5.0.2
ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Details) - USD ($)
Sep. 30, 2016
Dec. 31, 2015
Accounts Payable And Accrued Expenses Details    
Accounts payable $ 1,054,091 $ 1,207,353
Accrued expenses 656,413 598,578
Total $ 1,710,504 $ 1,805,931 [1]
[1] Derived from Audited Financial Statements
XML 48 R37.htm IDEA: XBRL DOCUMENT v3.5.0.2
DEFERRED REVENUE AND OTHER CURRENT LIABILITIES (Details) - USD ($)
Sep. 30, 2016
Dec. 31, 2015
Deferred Revenue And Other Current Liabilities    
Customer deposits $ 526,365 $ 13,063
State bottle bill liability 10,171 11,994
Total $ 536,536 $ 25,057 [1]
[1] Derived from Audited Financial Statements
XML 49 R38.htm IDEA: XBRL DOCUMENT v3.5.0.2
LINE OF CREDIT NOTE PAYABLE - RELATED PARTIES (Details) - USD ($)
 1 Months Ended
Apr. 30, 2015
Jul. 31, 2010
Sep. 30, 2016
Dec. 31, 2015
Long-term portion     $ 4,500,000 $ 4,500,000 [1]
5% Note Payable - Line of Credit [Member] | Carl DeSantis [Member] | CD Financial, LLC [Member]        
Long-term portion     $ 4,500,000 $ 4,500,000
Maximum borrowing capacity   $ 4,500,000    
Maturity date   Jan. 02, 2020    
5% Note Payable - Line of Credit [Member] | Carl DeSantis [Member] | CD Financial, LLC [Member] | 5% Series D Preferred Stock [Member]        
Number of shares issued upon debt cancellation 4,000,000      
Debt cancelled amount $ 4,000,000      
[1] Derived from Audited Financial Statements
XML 50 R39.htm IDEA: XBRL DOCUMENT v3.5.0.2
PREFERRED STOCK - RELATED PARTY (Details Narrative) - USD ($)
 1 Months Ended 9 Months Ended
Apr. 16, 2015
Aug. 26, 2013
Apr. 30, 2015
Sep. 30, 2016
Dec. 31, 2015
 [1]
Accrued dividend       $ 314,888 $ 190,847
Share price (in dollars per share)       $ 1.00  
6% Series C Preferred Stock [Member]          
Conversion price (in dollars per share)       0.52  
5% Series D Preferred Stock [Member]          
Conversion price (in dollars per share)       $ 0.86  
Securities Purchase Agreement [Member] | Carl DeSantis [Member] | CDS Ventures of South Florida, LLC & CD Financial, LLC [Member] | 6% Series C Preferred Stock [Member]          
Number of shares issued upon debt conversion   2,200      
Conversion price (in dollars per share)   $ 0.52      
Liquidation preference (in dollars per share)   $ 1,000      
Securities Purchase Agreement [Member] | Carl DeSantis [Member] | CDS Ventures of South Florida, LLC [Member] | Short Term Loan [Member]          
Original debt conversion amount   $ 550,000      
Securities Purchase Agreement [Member] | Carl DeSantis [Member] | CDS Ventures of South Florida, LLC [Member] | 6% Series C Preferred Stock [Member]          
Number of shares issued upon accrued dividend     180    
value of shares issued upon accrued dividend     $ 180,000    
Accrued dividend       $ 263,777  
Preferred stock redemption date       Dec. 31, 2018  
Securities Purchase Agreement [Member] | Carl DeSantis [Member] | CD Financial, LLC [Member] | 5% Note Payable - Line of Credit [Member]          
Original debt conversion amount   $ 1,650,000      
Amendment Loan and Security Agreement [Member] | Carl DeSantis [Member] | CD Financial, LLC [Member] | 5% Note Payable - Line of Credit [Member]          
Line of credit reduction borrowing capacity $ 4,000,000        
Amendment Loan and Security Agreement [Member] | Carl DeSantis [Member] | CD Financial, LLC [Member] | 5% Series D Preferred Stock [Member]          
Number of shares issued upon debt conversion 4,000        
Conversion price (in dollars per share) $ 0.86        
Liquidation preference (in dollars per share) $ 1,000        
Accrued dividend $ 139,535     $ 51,111  
Preferred stock redemption date Jan. 02, 2020        
Share price (in dollars per share) $ 0.89        
Dividend payable (in dollars per share) $ 0.03        
Preferred stock redemption price, percent 104.00%        
[1] Derived from Audited Financial Statements
XML 51 R40.htm IDEA: XBRL DOCUMENT v3.5.0.2
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)
 1 Months Ended 9 Months Ended
Apr. 30, 2015
Sep. 30, 2016
CD Financial, LLC [Member] | Carl DeSantis [Member] | Office [Member]    
Lease expiration   2020-10
Monthly expense   $ 8,809
All Def Digital [Member] | Mr. Tim Leissner [Member] | Strategic Marketing and Advisory Services Agreement [Member]    
Amount paid for services rendered $ 152,438  
XML 52 R41.htm IDEA: XBRL DOCUMENT v3.5.0.2
STOCKHOLDERS' EQUITY (Details Narrative) - USD ($)
 1 Months Ended 9 Months Ended
Apr. 20, 2015
Apr. 30, 2016
Sep. 30, 2016
Sep. 30, 2015
Stock price (in dollars per sahre)     $ 1.00  
Proceeds from sale of common stock     $ 11,388,084
2006 Stock Incentive Plan [Member]        
Number of option shares granted     36,071  
Value of option shares granted     $ 5,300  
Private Placement [Member]        
Proceeds from sale of common stock $ 11,500,000 $ 11,500,000    
Number of shares issued upon transaction   12,921,348    
Share price (in dollars per share)   $ 0.89    
Stock issuance cost included in additional paid in capital   $ 111,841    
Net proceeds from sale of common stock   $ 11,388,084    
Unregistered Common Shares [Member] | Convertible Notes Payable [Member]        
Number of shares issued upon debt conversion   5,000,000    
Original debt conversion amount   $ 1,500,000    
Celebrity Endorsement Agreements [Member] | Restricted Common Stock [Member]        
Number of shares issued upon services   250,000    
Fair value of shares issued upon services rendered   $ 560,000    
Stock price (in dollars per sahre)   $ 2.24    
XML 53 R42.htm IDEA: XBRL DOCUMENT v3.5.0.2
STOCK-BASED COMPENSATION (Details)
 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Expected volatility   306.00%
Expected term 4 years 4 years
Forfeiture Rate 0.00% 0.00%
Expected dividend yield 0.00% 0.00%
Minimum [Member]    
Expected volatility 368.00%  
Risk-free interest rate 1.36% 0.91%
Maximum [Member]    
Expected volatility 390.00%  
Risk-free interest rate 1.61% 1.69%
XML 54 R43.htm IDEA: XBRL DOCUMENT v3.5.0.2
STOCK-BASED COMPENSATION (Details 1) - USD ($)
 9 Months Ended 137 Months Ended
Sep. 30, 2016
Sep. 30, 2016
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]    
Balance at beginning 4,634,166  
Granted 1,317,500 5,600,000
Exercised (40,000)  
Forfeiture and cancelled (140,801)  
Balance at end 5,770,865 5,770,865
Exercisable at end 4,388,296 4,388,296
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward]    
Balance at beginning $ 0.81  
Granted 2.01 $ 1.00
Exercised 0.42  
Forfeiture and cancelled 1.47  
Balance at end 1.07 1.07
Exercisable at end $ 0.82 $ 0.82
Share-based Compensation Arrangement by Share-based Payment Award, Options, Intrinsic Value [Roll Forward]    
Balance at beginning $ 5,286,107  
Balance at end $ 5,933,912 $ 5,933,912
Share-based Compensation Arrangement by Share-based Payment Award, Options, Average Remaining Term [Roll Forward]    
Balance at beginning 5 years 5 months 26 days  
Balance at end 5 years 3 months 4 days  
XML 55 R44.htm IDEA: XBRL DOCUMENT v3.5.0.2
STOCK-BASED COMPENSATION (Details Narrative) - USD ($)
 1 Months Ended 9 Months Ended 137 Months Ended
Jan. 18, 2007
Apr. 30, 2015
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2016
Jan. 02, 2016
Feb. 28, 2015
May 31, 2014
Dec. 31, 2013
Number of awards granted     1,317,500   5,600,000        
Average share price (in dollars per share)     $ 2.01   $ 1.00        
Fair value of shares granted         $ 1,100,000        
Unrecognized pre-tax non-cash compensation expense to non-vested option     $ 2,583,593   $ 2,583,593        
Period unrecognized pre-tax non-cash compensation expense to non-vested option     3 years            
Number of shares exercised     307,000   307,000        
Number of shares vested     4,400,000            
Minimum [Member]                  
Vesting period     2 years            
Maximum [Member]                  
Vesting period     3 years            
General And Administrative Expense [Member]                  
Non-cash compensation expense     $ 801,398 $ 1,157,959          
Stock Incentive Plan [Member]                  
Plan expiration term 10 years                
Number of shares authorized 2,500,000 5,100,000         4,600,000 4,250,000 3,500,000
Stock Incentive Plan 2015 [Member]                  
Number of shares authorized   5,147,000              
Description of plan   Provision for an annual increase of 15% of the issued shares under the plan to the shares included under the plan, with the shares to be added on the first day of each calendar year, beginning on January 1, 2016.              
Number of option available for grant           147,000      
XML 56 R45.htm IDEA: XBRL DOCUMENT v3.5.0.2
COMMITMENTS AND CONTINGENCIES (Details)
Sep. 30, 2016
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
2016 $ 27,629
2017 113,461
2018 116,720
2019 120,078
2020 102,455
Total $ 480,343
XML 57 R46.htm IDEA: XBRL DOCUMENT v3.5.0.2
COMMITMENTS AND CONTINGENCIES (Details Narrative) - CD Financial, LLC [Member] - Carl DeSantis [Member] - Office [Member]
 9 Months Ended
Sep. 30, 2016
USD ($)
Lease expiration 2020-10
Monthly expense $ 8,809
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