0001615774-17-002240.txt : 20170511 0001615774-17-002240.hdr.sgml : 20170511 20170511160227 ACCESSION NUMBER: 0001615774-17-002240 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 63 CONFORMED PERIOD OF REPORT: 20170331 FILED AS OF DATE: 20170511 DATE AS OF CHANGE: 20170511 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: 17834200 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 s106122_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 MARCH 31, 2017

 

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 May 11, 2017 was 44,101,907 shares.

 

 

 

TABLE OF CONTENTS

 

      Page
       
PART I – FINANCIAL INFORMATION   2
       
Item 1. Financial Statements.   2
       
  Consolidated Balance Sheets as of March 31, 2017 (unaudited) and December 31, 2016   2
       
  Consolidated Statements of Operations for the three months ended March 31, 2017 and 2016 (unaudited)   3
       
  Consolidated Statements of Cash Flows for the three months ended March 31, 2017 and 2016 (unaudited)   4
       
  Notes to Consolidated Financial Statements (unaudited)   5
       
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.   20
       
Item 3. Quantitative Disclosures About Market Risks.   22
       
Item 4. Controls and Procedures.   23
       
PART II - OTHER INFORMATION   25
       
Item 1. Legal Proceedings.   25
       
Item 1A. Risk Factors.   25
       
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.   25
       
Item 3. Defaults Upon Senior Securities.   25
       
Item 4. Mine Safety Disclosures.   25
       
Item 5. Other Information.   25
       
Item 6. Exhibits.   25
       
SIGNATURES     26

 

 

 

 

ITEM 1 – FINANCIAL INFORMATION

 

Item 1.Financial Statements.

 

Celsius Holdings, Inc. and Subsidiaries

Consolidated Balance Sheets

 

   March 31,
2017
(Unaudited)		   December 31,
2016 (1)		 
ASSETS          
           
Current assets:          
Cash  $20,904,487   $11,747,138 
Accounts receivable, net   3,273,941    2,787,732 
Inventories, net   2,577,620    2,211,370 
Prepaid expenses and other current assets   1,805,983    937,349 
Total current assets   28,562,031    17,683,589 
           
Property and equipment, net   35,631    33,533 
Total Assets  $28,597,662   $17,717,122 
LIABILITIES AND STOCKHOLDERS’ EQUITY          
           
Current liabilities:          
Accounts payable and accrued expenses  $3,579,920   $1,754,207 
Accrued preferred dividend   392,800    353,666 
Deferred revenue and other current liabilities   394,588    214,612 
Total current liabilities   4,367,308    2,322,485 
           
Long-term liabilities:          
Line of credit note payable-related party   3,500,000    4,500,000 
Total Liabilities   7,867,308    6,822,485 
           
Stockholders’ Equity:          
Preferred Stock, $0.001 par value; 2,500,000 shares authorized, 6,380 and 6,380 shares issued and outstanding at March 31, 2017 and December 31, 2016   6    6 
Common stock, $0.001 par value; 75,000,000 shares authorized, 43,905,241 and 39,999,784 shares issued and outstanding at March 31, 2017 and December 31, 2016, respectively   43,905    40,000 
Additional paid-in capital   76,012,320    64,208,963 
Accumulated deficit   (55,325,877)   (53,354,332)
Total Stockholders’ Equity   20,730,354    10,894,637 
Total Liabilities and Stockholders’ Equity  $28,597,662   $17,717,122 

 

(1)Derived from Audited Financial Statements

 

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

 

 2 

 

 

Celsius Holdings, Inc. and Subsidiaries

Consolidated Statements of Operations

(Unaudited)

 

   For the three months 
ended March 31,		 
   2017   2016 
Revenue  $6,000,429   $3,678,606 
Cost of revenue   3,617,623    2,158,742 
Gross profit   2,382,806    1,519,864 
           
Selling and marketing expenses   2,153,087    1,788,268 
General and administrative expenses   2,062,963    875,278 
Total operating expense   4,216,050    2,663,546 
           
Income (Loss) from operations   (1,833,244)   (1,143,682)
           
Other Income (Expense):          
Interest expense   (48,056)   (56,875)
Total Other Income (Expense)   (48,056)   (56,875)
           
Net Income (Loss)   (1,881,300)   (1,200,557)
Preferred stock dividend   (90,245)   (86,652)
Net (Loss) available to common stockholders  $(1,971,545)  $(1,287,209)
           
Income (Loss) per share:          
Basic  $(0.05)  $(0.03)
Diluted  $(0.05)  $(0.03)
Weighted average shares outstanding:          
Basic   41,783,853    38,380,380 
Diluted   41,783,853    38,380,380 

 

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

 

 3 

 

 

Celsius Holdings, Inc. and Subsidiaries

Consolidated Statements of Cash Flows

(Unaudited)

 

   For the three months
ended		 
   March 31, 
2017		   March 31,
2016		 
Cash flows from operating activities:          
Net Loss  $(1,881,300)  $(1,200,557)
Adjustments to reconcile net income (loss) to net cash used in operating activities:          
Depreciation and amortization   4,234    3,394 
Stock-based compensation expense   782,314    254,715 
Changes in operating assets and liabilities:          
Accounts receivable, net   (486,209)   428,703 
Inventories net   (366,250)   (230,768)
Prepaid expenses and other current assets   (876,634)   (326,868)
Accounts payable and accrued expenses   1,825,713    72,327 
Accrued preferred dividends   (51,111)   (51,100)
Deferred revenue and other current liabilities   179,976    162,927 
Net cash provided by (used in) in operating activities   (861,267)   (887,237)
           
Cash flows from investing activities:          
Purchase of property and equipment   (6,332)   (6,408)
           
Net cash (used in) investing activities   (6,332)   (6,408)
           
Cash flows from financing activities:          
Net proceeds from issuance of common stock   9,999,948    - 
Proceeds from exercise of stock options   25,000    - 
Net cash provided by financing activities   10,024,948    - 
Net (decrease) increase in cash   9,157,349    (893,645)
Cash at beginning of the period   11,747,138    10,128,320 
Cash at end of the period  $20,904,487   $9,234,675 
Supplemental disclosures:          
Cash paid during period for:          
Interest  $48,056   $56,875 
Non-cash investing and financing activities:          
Accrued preferred dividends  $90,245   $86,652 
Conversion of convertible note to common shares, related-party  $1,000,000   $- 

 

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

 

 4 

 

 

Celsius Holdings, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

March 31, 2017

 

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, 2016 and notes thereto and other pertinent information contained in our Form 10K as filed with the Securities and Exchange Commission on March 30, 2017 (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 three months ended March 31, 2017 and 2016 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)

March 31, 2017

 

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 March 31, 2017 the Company had approximately $20.7 million in excess of the Federal Deposit Insurance Corporation limit but has incurred no losses with respect to these accounts.

 

For the three months ended March 31, 2017 and 2016, the Company had the following 10 percent or greater concentrations of revenue with its customers:

 

   2017   2016 
A*   18.1%   27.2%
B   11.0%   11.5%
C   11.0%   7.8%
D   10.6%   9.2%
All other   49.3%   44.3%
Total   100.0%   100.0%

 

At March 31, 2017 and December 31, 2016, the Company had the following 10 percent or greater concentrations of accounts receivable with its customers:

 

   2017   2016 
A*   35.3%   53.8%
B   12.5%   11.5%
C   11.2%   2.2%
D   11.0%   7.7%
All other   30.0%   34.7%
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 March 31, 2017 and December 31, 2016, the Company did not have any investments with maturities of three months or less.

 

 6 

 

 

Celsius Holdings, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

March 31, 2017

 

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

 

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 March 31, 2017 and December 31, 2016, there was an allowance for doubtful accounts of $36,800 and $72,300, respectively.

 

Inventories — Inventories include only the purchase cost and are stated at the lower of cost and realizable value. Cost is determined using the FIFO method. Inventories consist of raw materials and finished products. The Company outsources its manufacturing process and 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 March 31, 2017 and December 31, 2016, the Company recorded a reserve of $343,000 and $201,000, 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 $926,000 and $857,400 during the three months ending March 31, 2017 and 2016, 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 $70,700 and $11,900 during the three months ending March 31, 2017 and 2016, respectively.

 

 7 

 

 

Celsius Holdings, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

March 31, 2017

 

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

 

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 March 31, 2017 and December 31, 2016.

 

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)

March 31, 2017

 

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 calendar year December 31st tax year. The Company’s tax returns for tax years ended December 31, 2016, 2015, and 2014 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 March 31, 2017 there were options outstanding to purchase 6.5 million shares, which exercise price averaged $1.53, 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 as of March 31, 2017. The effects of dilutive instruments have not been presented for the three months ended March 31, 2017 and 2016, as the effects would be anti-dilutive.

 

 9 

 

 

Celsius Holdings, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

March 31, 2017

 

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. Pursuant to ASC Topic 505-50, for share based payments to consultants and other third-parties, compensation expensed is determined at the “measurement date.” The expense is recognized over the service period of the award. Until the measurement date is reached, the total amount of compensation expense remains uncertain. The Company initially records compensation expense based on the fair value of the award at the reporting date.

 

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 three months ended March 31, 2017 and 2016 was $635,200 and $408,500, respectively.

 

Recent Accounting Pronouncements

 

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

 

Management has considered all recent accounting pronouncements issued since the last audit of our consolidated financial statements. The Company’s management believes that these recent pronouncements will not have a material effect on the Company’s consolidated financial statements.

 

 10 

 

 

Celsius Holdings, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

March 31, 2017

 

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

 

Liquidity — These financial statements have been prepared assuming the Company will be able to continue as a going concern. At March 31, 2017, the Company had an accumulated deficit of $55,325,877 which includes a net loss available to common stockholders of $1,971,545 for the three months ended March 31, 2017. While these factors alone may raise doubt as to the Company’s ability to continue as a going concern, the Company’s sale of an aggregate of $10 million in capital through the sale of an aggregate of 3,333,329 shares of our common stock at a purchase price of $3.00 per share in a private offering to 13 accredited investors between January 1, 2017 and March 14, 2017 is deemed sufficient to alleviate substantial doubt regarding the Company’s ability to continue as a going concern for a period of twelve months from the issuance date of this report.

 

3.INVENTORIES

 

Inventories consist of the following at:

 

   March 31,   December 31, 
   2017   2016 
         
Finished goods  $2,309,998   $2,142,032 
Raw Materials   610,384    270,143 
Less: Inventory Reserve   (342,762)   (200,805)
Inventories, net  $2,577,620   $2,211,370 

 

 11 

 

 

Celsius Holdings, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

March 31, 2017

 

4.PREPAID EXPENSES AND OTHER CURRENT ASSETS

 

Prepaid expenses and other current assets total $1.8 million and $937,000, at March 31, 2017 and December 31, 2016, respectively, and consist mainly of a prepaid consulting agreement with D3M Licensing Group, prepaid advertising, prepaid insurance, prepaid slotting fees, deposits on purchases, and customer deposits.

 

5.PROPERTY AND EQUIPMENT

 

Property and equipment consist of the following at:

 

   March 31,   December 31, 
   2017   2016 
         
Furniture and equipment  $297,958   $291,626 
Less: accumulated depreciation   (262,327)   (258,093)
Total  $35,631   $33,533 

 

Depreciation expense amounted to $4,233 and $3,394 during the three months ended March 31, 2017 and 2016, respectively

 

6.ACCOUNTS PAYABLE AND ACCRUED EXPENSES

 

Accounts payable and accrued expenses consist of the following at:

 

   March 31,   December 31, 
   2017   2016 
         
Accounts payable  $2,493,010   $858,131 
Accrued expenses   1,086,910    896,073 
Total  $3,579,920   $1,754,207 

 

 12 

 

 

Celsius Holdings, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

March 31, 2017

 

7.DEFERRED REVENUE AND OTHER CURRENT LIABILITIES

 

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

 

   March 31,   December 31, 
   2017   2016 
         
Customer deposits  $391,128   $201,652 
State bottle bill liability   3,460    12,960 
Total  $394,588   $214,612 

 

8.LINE OF CREDIT NOTE PAYABLE - RELATED PARTIES

 

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

 

   March 31,   December 31, 
   2017   2016 
Note Payable – line of credit          
In July 2010, the Company entered into a line of credit note payable with a related party principle shareholder 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. In January 2017, the Company issued 333,333 of common stock at $3.00 per share the offering price in exchange for the cancellation of $1,000,000 of this line.          
Long-term portion  $3,500,000   $4,500,000 

 

 13 

 

 

Celsius Holdings, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

March 31, 2017

 

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 March 31, 2017, $342,800 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, 2021 due date of our line of credit with CD Financial or such earlier date as the line of credit is satisfied (the “Maturity 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 Maturity 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 Holder shall have the right, at its election, to require the Company to redeem all or any portion of the shares held by the holder in exchange for cash or common stock upon the occurrence of certain events which management believes are under the control of the Company. As of March 31, 2017, none of the contingent events have occurred and in accordance with ASC-480-10-25 “Distinguishing Liabilities from Equity” and Regulation S-X-Rule 5-02-27, the Company has classified these shares as permanent equity. 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 March 31, 2017, $50,000 of dividends has been accrued regarding these shares.

 

 14 

 

 

Celsius Holdings, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

March 31, 2017

 

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. As of March 31, 2017 and since inception, the Company has paid All Def Digital $390,395, for services relating to the strategic marketing and advisory services agreement. For the three months ending March 31, 2017 no services were performed by All Def Digital.

 

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

 

11.STOCKHOLDERS’ EQUITY

 

Issuance of common stock pursuant to services performed

 

In January 2017, the Company issued 47,126 shares of “restricted” stock to each William H. Milmoe and Thomas E. Lynch in consideration for services previously rendered to Celsius at a fair value of $164,000, or $3.48 per share representing the closing stock price on that date.

 

Issuance of common stock pursuant to private placement

 

Between January 1, 2017 and March 2017, the Company issued a total of 3,333,329 shares of common stock at $3.00 per share for net proceeds of approximately $10 million to 12 accredited investors.

 

In January 2017, the Company issued 333,333 unregistered common shares upon the conversion of $1,000,000 of debt from CD Financial valued at $3.00 per share.

 

Issuance of common stock pursuant to exercise of stock options

 

During the three months ended March 31, 2017, the Company issued an aggregate of 144,543 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 $25,000 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)

March 31, 2017

 

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, 2017, the permitted number of available option grants increased by 799,996.

 

Cumulatively since inception, the Company has issued options to purchase approximately 6.5 million shares at an average price of $1.53 with a fair value of approximately $1.1 million. For the three months ended March 31, 2017 and 2016, the Company recognized an expense of $444,164 and $228,358, 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 March 31, 2017, the Company had approximately $5,031,949 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 4.5 million shares that have vested, of which 398,725 shares were exercised as of March 31, 2017.

 

 16 

 

 

Celsius Holdings, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

March 31, 2017

 

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: 

 

   Three months ended March 31,
   2017  2016
Expected volatility  137% - 140%  309%
Expected term  4 Years  4 Years
Risk-free interest rate  1.33%  0.89%
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 March 31, 2017 and changes during the period ending on that date is as follows: 

 

       Weighted
Average		   Aggregate   Average 
       Exercise   Intrinsic   Remaining 
   Shares (000’s)   Price   Value (000’s)   Term (Yrs) 
Options                    
Balance at December 31, 2016   5,637   $1.04   $7,317    5.06 
Granted   1,047   $3.91           
Exercised   (214)  $0.35           
Forfeiture and cancelled   (23)  $0.96           
At March 31, 2017   6,447   $1.53   $12,868    5.26 
                     
Exercisable at March 31, 2017   4,459   $0.91           

 

The following table summarizes information about employee stock options outstanding at March 31, 2017:

 

   Outstanding Options   Vested Options 
   Number           Number         
   Outstanding   Weighted   Weighted   Exercisable   Weighted   Weighted 
Range of  at   Averaged   Averaged   at   Averaged   Averaged 
Exercise  March 31,   Remaining   Exercise   March 31,   Exercise   Remaining 
Price  2017 (000's)   Life   Price   2017 (000's)   Price   Life 
$0.20 - $0.53   2,152    4.93   $0.26    2,152   $0.26    4.93 
$0.65 - $1.80   1,369    3.96   $0.88    1,226   $0.86    3.75 
$1.83 - $2.84   1,848    5.42   $2.08    1,022   $2.11    4.93 
$3.20 - $6.20   1,070    7.32   $3.90    52    3.60    3.92 
$7.20 - $22.00   8    2.38   $10.36    8   $10.36    2.38 
Outstanding options   6,447    5.26   $1.53    4,460   $0.91    4.59 

 

 17 

 

 

Restricted Stock Awards

 

Restricted stock awards are awards of common stock that are subject to restrictions on transfer and to a risk of forfeiture if the holder leaves the Company before the restrictions lapse. The holder of a restricted stock award is generally entitled at all times on and after the date of issuance of the restricted shares to exercise the rights of a shareholder of the Company, including the right to vote the shares. The value of stock awards that vest over time was established by the market price on the date of its grant. A summary of the Company’s restricted stock activity for the three months ended March 31, 2017 and 2016 is presented in the following table:

 

   For the Three Months ended 
   March 31, 2017   March 31, 2016 
       Weighted       Weighted 
       Average       Average 
       Grant Date       Grant Date 
   Shares   Fair Value   Shares   Fair Value 
Unvested at beginning of period   —   $—    —    — 
Granted   100,000    3.64    —    — 
Vested   —    —    —    — 
Unvested at end of period   100,000   $6.64    —    — 

 

Unrecognized compensation expense related to outstanding restricted stock awards to employees and directors as of March 31, 2017 was $353,799 and is expected to be recognized over a weighted average period of 2.92 years.

 

 18 

 

 

Celsius Holdings, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

March 31, 2017

 

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 March 31, 2017.

 

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 March 31, 2017 are as follows:

 

Future Minimum Lease Payments

 

Year ending December 31,    
2018  $79,281 
2019  $113,461 
2020  $116,720 
2021  $120,078 
Total  $429,540 

 

14.SUBSEQUENT EVENTS

 

Between April 1, 2017 and April 17, 2017, the Company issued an aggregate of 196,666 shares of its common stock pursuant to the exercise of stock options granted under the Company’s 2006 Stock Incentive Plan. The Company recorded $116,833 for options exercised.

 

 19 

 

 

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.

 

During the first quarter of 2017, we introduced two extensions of our product line, a line of naturals, consisting of three sparkling and three non-carbonated beverages three carbonated beverages targeted at the natural channel and Celsius Heat™ a three-flavor dietary supplement line which contains the same proprietary CELSIUS® thermogenic formula, with 300 mg of caffeine and 2,000 mg of L-Citrulline added. Designed for consumers looking to optimize their training results, Celsius Heat™ is targeting athletic trainers, body builders, military personnel, and endurance athletes.

 

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 March 31, 2017 compared to three months ended March 31, 2016

 

Revenue

 

For the three months ended March 31, 2017, revenue was approximately $6.0 million, an increase of $2.32 million or 63% from $3.68 million for same period in the prior year. The revenue increase of 63% was attributable in large part to 81% growth in domestic revenues associated from blended growth rates of 47% in retail accounts arising mainly from growth in existing accounts and expansion of convenience store distribution initiatives, 88% growth in internet retailer accounts and 237% in health and fitness accounts mainly derived from growth in existing accounts and the initial launch of Celsius Heat™ into the channel from the same period in 2016. The increase in revenue from the 2016 period to the 2017 period was primarily attributable to an increase in sales volume, as opposed to increases in product pricing.

 20 

 

 

The following table sets forth the amount of revenues by category and changes therein for the three months ended March 31, 2017 and 2016:

 

   Three months ended March 31, 
Revenue Source  2017   2016   Change 
             
Total Revenue  $6,000,429   $3,678,606    63%
                
International Revenue  $1,202,905   $1,021,008    18%
                
Domestic Revenue  $4,797,524   $2,657,598    81%
                
Retail accounts  $2,821,818   $1,920,044    47%
                
Health & Fitness accounts  $1,332,132   $394,996    237%
                
Internet Retailer accounts  $643,574   $342,558    88%

 

Gross profit

 

For the three months ended March 31, 2017, gross profit increased by approximately $863,000 or 56.7% to $2.38 million from $1.52 million for the same period in 2016. Gross profit margins decreased 1.6% to 39.7% for the three months ended March 31, 2017 from the same period in 2016 for comparable reasons. The decrease in gross profit is due to a one-time charge of $235,000 associated with a write-down of old packaging and fees associated with label charges, excluding one-time charges gross profit margins increased 230 basis point to 42.0% compared to the prior year period and the improvement in gross profit margins from the 2017 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 March 31, 2017 were approximately $2.15 million, an increase of $366,000 or 20% from $1.79 million in the same period in 2016. The increase is due primarily to increases in investments in human resources of $247,000, warehousing $41,000 and increases in marketing programs of $69,000.

 

General and administrative expenses

 

General and administrative expenses for the three months ended March 31, 2017 were approximately $2.06 million, an increase of $1.19 million, or 135.7%, from $875,000 for the three months ended March 31, 2016. The increase was primarily due to increases in option expense of $200,000, investments in human resources of $82,000, increases in professional fees of $58,000, increases in research and development costs $58,000, increases in employment recruiter costs $67,000, and one-time charges related to issuance of restricted stock of $328,000 to two board members in consideration for services previously rendered and $423,000 associated with CEO retirement compensation, offset by savings in travel of $46,000.

 

Other expense

 

Total other expense decreased to approximately $48,000 for three months ended March 31, 2017 from $57,000 for the same period in 2016, as a result of savings in interest expense.

 

Net Income (Loss)

 

As a result of the above, for the three months ended March 31, 2017, Celsius had net loss of approximately $1.8 million, and after giving effect to preferred stock dividends of $90,245, a net loss available to common stockholders of $1.97 million or $0.05 per share based on a weighted average of 41,783,853 shares outstanding. In comparison, for the three months ended March 31, 2016 we had net loss of approximately $1.2 million, and after giving effect to preferred stock dividends of $86,652, a net loss available to common shareholders of $1.29 million or $0.03 per share based on a weighted average of 38,380,380 shares outstanding.

 

 21 

 

 

Liquidity and Capital Resources

 

As of March 31, 2017 and December 31, 2016, we had cash of approximately $20.9 million and $11.8 million, respectively and working capital of approximately $24.2 million and $15.4 million, respectively. Cash used in operations during the three months ended March 31, 2017 and the year ended December 31, 2016, totaled approximately $861,000 and $2.4 million, 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 March 31, 2017, the principal amount outstanding under the credit facility with CD Financial was $3.5 million.

 

Between December 30, 2016 and March 14, 2017, the Company raised an aggregate of $15.0 million in capital through the sale of an aggregate of 4,833,329 shares of our common stock at a purchase price of $3.00 per share in a private offering to 13 accredited investors. Investors in the private placement included:

 

·                     CD Financial (533,333 Shares);

 

·                     Charmnew Limited (800,000 Shares), an existing shareholder of record affiliated with Li Ka Shing, one of our principal shareholders;

 

·                     Grieg International Limited (533,333 Shares), an existing shareholder of record affiliated with Chau Hoi Shuen Solina, one of our principal shareholders; and

 

·                     Nu Horizons Investment Group, LLC (433,333 Shares), an existing shareholder of record affiliated with Tim Leissner, a former director and one of our principal shareholders; and Russell Simmons, one of our principal shareholders.

 

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 March 31, 2017 and December 31, 2016, 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.

 

 22 

 

 

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 March 31, 2017 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 March 31, 2017, our disclosure controls and procedures were effective.

 

 23 

 

 

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.

 

 24 

 

 

PART II - OTHER INFORMATION

 

Item 1.Legal Proceedings.

 

Not Applicable.

  

Item 1.A.Risk Factors.

 

See “Item 1.A. Risk Factors.” in our Form 10-K, filed with the SEC on March 30, 2017.

 

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 and Chief Financial Officer
     
32.1   Section 906 Certification by Chief Executive Officer and Chief Financial Officer

 

 25 

 

 

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:  May 11, 2017 By: /s/ John Fieldly
    John Fieldly, Interim President and Chief Executive Officer; Chief Financial Officer
    (Principal Executive, Financial and Accounting Officer)

 

 26 

 EX-31.1 2 s106122_ex31-1.htm EXHIBIT 31.1

 

Exhibit 31.1

 

CERTIFICATION OF CHIEF EXECUTIVE OFFICER AND 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, the Interim President and Chief Executive Officer and the Chief Financial Officer of Celsius Holdings, Inc., a Nevada corporation (the “Registrant”), certify that:

 

1.           I have reviewed this Quarterly Report on Form 10-Q for the quarter ended March 31, 2017 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 Interim Chief Executive Officer and the 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 Interim Chief Executive Officer and the 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: May 11, 2017 CELSIUS HOLDINGS, INC.
     
  By:   /s/ John Fieldly
    John Fieldly, Interim President and Chief Executive Officer; Chief Financial Officer
    (Principal Executive, Financial and Accounting Officer)

 

 

 

 EX-32.1 3 s106122_ex32-1.htm EXHIBIT 32.1

 

Exhibit 32.1

 

CERTIFICATION OF CHIEF EXECUTIVE OFFICER AND 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 March 31, 2017, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, John Fieldly, the Interim President and Chief Executive Officer and 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:  May 11, 2017 CELSIUS HOLDINGS, INC.
     
  By:   /s/ John Fieldly
    John Fieldly, Interim President and Chief Executive Officer; Chief Financial Officer
    (Principal Executive, Financial and Accounting Officer)

 

 

 

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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. Information relating to legal entity. It represents the amount of debt conversion cancelled. Refers to the amount related to deferred revenue and other current liabilities balance as on balance sheet date. The entire text block related to deferred revenue and other current liabilities. Tangible personal property used to produce goods and services. 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. The increase (decrease) during the reporting period in current portion (due within one year or one business cycle) of preferred stock dividend. Date which lease or group of leases is set to expire, in CCYY-MM-DD format. 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. An agreement of prepaid consultancy expenses. The entire text block related to prepaid expenses and other current assets. 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. Tabular disclosure of deferred revenue and other current liabilities. It represents information about securities purchase agreement. 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. Per share amount received by subsidiary or equity investee for each converted share of common stock. It represents 2006 stock incentive plan during the period. It represents 2015 stock incentive plan during the period. 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 strategic marketing and advisory services agreement. It represents unregistered common shares. Restricted stock vested. Share based compensation arrangement by share based payment award equity instruments unvested weighted average grant date fair value. Share based compensation arrangement by share based payment award equity instruments vested weighted average grant date fair value. 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. Information related to range of exercise price. Information related to range of exercise price. Information related to range of exercise price. Information related to range of exercise price. Information related to range of exercise price. Weighted average period of unrecognized compensation expense. Number of investors. 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 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 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 Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Outstanding Options Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Exercise Price Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Exercisable Options Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Exercise Price Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Remaining Contractual Term Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsUnvestedWeightedAverageGrantDateFairValue Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Intrinsic Value, Amount Per Share ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentVestedWeightedAverageGrantDateFairValue Operating Leases, Future Minimum Payments Due EX-101.PRE 9 celh-20170331_pre.xml XBRL PRESENTATION FILE XML 10 R1.htm IDEA: XBRL DOCUMENT v3.7.0.1
Document and Entity Information - shares
 3 Months Ended
Mar. 31, 2017
May 11, 2017
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 Mar. 31, 2017  
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   44,101,907
Document Fiscal Period Focus Q1  
Document Fiscal Year Focus 2017  
XML 11 R2.htm IDEA: XBRL DOCUMENT v3.7.0.1
Consolidated Balance Sheets (Unaudited) - USD ($)
Mar. 31, 2017
Dec. 31, 2016
Current assets:    
Cash $ 20,904,487 $ 11,747,138 [1]
Accounts receivable, net 3,273,941 2,787,732 [1]
Inventories, net 2,577,620 2,211,370
Prepaid expenses and other current assets 1,805,983 937,349 [1]
Total current assets 28,562,031 17,683,589 [1]
Property and equipment, net 35,631 33,533 [1]
Total Assets 28,597,662 17,717,122 [1]
Current liabilities:    
Accounts payable and accrued expenses 3,579,920 1,754,207
Accrued preferred dividend 392,800 353,666 [1]
Deferred revenue and other current liabilities 394,588 214,612
Total current liabilities 4,367,308 2,322,485 [1]
Long-term liabilities:    
Line of credit note payable-related party 3,500,000 4,500,000 [1]
Total Liabilities 7,867,308 6,822,485 [1]
Stockholders' Equity:    
Preferred Stock, $0.001 par value; 2,500,000 shares authorized, 6,380 and 6,380 shares issued and outstanding at March 31, 2017 and December 31, 2016 6 6 [1]
Common stock, $0.001 par value; 75,000,000 shares authorized, 43,905,241 and 39,999,784 shares issued and outstanding at March 31, 2017 and December 31, 2016, respectively 43,905 40,000 [1]
Additional paid-in capital 76,012,320 64,208,963 [1]
Accumulated deficit (55,325,877) (53,354,332) [1]
Total Stockholders' Equity 20,730,354 10,894,637 [1]
Total Liabilities and Stockholders' Equity $ 28,597,662 $ 17,717,122 [1]
[1] Derived from Audited Financial Statements
XML 12 R3.htm IDEA: XBRL DOCUMENT v3.7.0.1
Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares
Mar. 31, 2017
Dec. 31, 2016
 [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 43,905,241 39,999,784
Common stock, outstanding 43,905,241 39,999,784
[1] Derived from Audited Financial Statements
XML 13 R4.htm IDEA: XBRL DOCUMENT v3.7.0.1
Consolidated Statements of Operations (Unaudited) - USD ($)
 3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Income Statement [Abstract]    
Revenue $ 6,000,429 $ 3,678,606
Cost of revenue 3,617,623 2,158,742
Gross profit 2,382,806 1,519,864
Selling and marketing expenses 2,153,087 1,788,268
General and administrative expenses 2,062,963 875,278
Total operating expense 4,216,050 2,663,546
Income (Loss) from operations (1,833,244) (1,143,682)
Other Income (Expense):    
Interest expense (48,056) (56,875)
Total Other Income (Expense) (48,056) (56,875)
Net Income (Loss) (1,881,300) (1,200,557)
Preferred stock dividend (90,245) (86,652)
Net (Loss) available to common stockholders $ (1,971,545) $ (1,287,209)
Income (Loss) per share:    
Basic (in dollars per share) $ (0.05) $ (0.03)
Diluted (in dollars per share) $ (0.05) $ (0.03)
Weighted average shares outstanding:    
Basic (in shares) 41,783,853 38,380,380
Diluted (in shares) 41,783,853 38,380,380
XML 14 R5.htm IDEA: XBRL DOCUMENT v3.7.0.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Cash flows from operating activities:    
Net Loss $ (1,881,300) $ (1,200,557)
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Depreciation and amortization 4,234 3,394
Stock-based compensation expense 782,314 254,715
Changes in operating assets and liabilities:    
Accounts receivable, net (486,209) 428,703
Inventories net (366,250) (230,768)
Prepaid expenses and other current assets (876,634) (326,868)
Accounts payable and accrued expenses 1,825,713 72,327
Accrued preferred dividends (51,111) (51,100)
Deferred revenue and other current liabilities 179,976 162,927
Net cash provided by (used in) in operating activities (861,267) (887,237)
Cash flows from investing activities:    
Purchase of property and equipment (6,332) (6,408)
Net cash (used in) investing activities (6,332) (6,408)
Cash flows from financing activities:    
Net proceeds from issuance of common stock 9,999,948
Proceeds from exercise of stock options 25,000
Net cash provided by financing activities 10,024,948
Net (decrease) increase in cash 9,157,349 (893,645)
Cash at beginning of the period 11,747,138 10,128,320
Cash at end of the period 20,904,487 9,234,675
Cash paid during period for:    
Interest 48,056 56,875
Non-cash investing and financing activities:    
Accrued preferred dividends 90,245 86,652
Conversion of convertible note to common shares, related-party $ 1,000,000
XML 15 R6.htm IDEA: XBRL DOCUMENT v3.7.0.1
ORGANIZATION AND DESCRIPTION OF BUSINESS
 3 Months Ended
Mar. 31, 2017
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 16 R7.htm IDEA: XBRL DOCUMENT v3.7.0.1
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 3 Months Ended
Mar. 31, 2017
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, 2016 and notes thereto and other pertinent information contained in our Form 10K as filed with the Securities and Exchange Commission on March 30, 2017 (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 three months ended March 31, 2017 and 2016 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 March 31, 2017 the Company had approximately $20.7 million in excess of the Federal Deposit Insurance Corporation limit but has incurred no losses with respect to these accounts.

 

For the three months ended March 31, 2017 and 2016, the Company had the following 10 percent or greater concentrations of revenue with its customers:

 

    2017     2016  
A*     18.1 %     27.2 %
B     11.0 %     11.5 %
C     11.0 %     7.8 %
D     10.6 %     9.2 %
All other     49.3 %     44.3 %
Total     100.0 %     100.0 %

 

At March 31, 2017 and December 31, 2016, the Company had the following 10 percent or greater concentrations of accounts receivable with its customers:

 

    2017     2016  
A*     35.3 %     53.8 %
B     12.5 %     11.5 %
C     11.2 %     2.2 %
D     11.0 %     7.7 %
All other     30.0 %     34.7 %
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 March 31, 2017 and December 31, 2016, 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 March 31, 2017 and December 31, 2016, there was an allowance for doubtful accounts of $36,800 and $72,300, respectively.

 

Inventories — Inventories include only the purchase cost and are stated at the lower of cost and realizable value. Cost is determined using the FIFO method. Inventories consist of raw materials and finished products. The Company outsources its manufacturing process and 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 March 31, 2017 and December 31, 2016, the Company recorded a reserve of $343,000 and $201,000, 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 $926,000 and $857,400 during the three months ending March 31, 2017 and 2016, 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 $70,700 and $11,900 during the three months ending March 31, 2017 and 2016, 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 March 31, 2017 and December 31, 2016.

 

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 calendar year December 31st tax year. The Company’s tax returns for tax years ended December 31, 2016, 2015, and 2014 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 March 31, 2017 there were options outstanding to purchase 6.5 million shares, which exercise price averaged $1.53, 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 as of March 31, 2017. The effects of dilutive instruments have not been presented for the three months ended March 31, 2017 and 2016, 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. Pursuant to ASC Topic 505-50, for share based payments to consultants and other third-parties, compensation expensed is determined at the “measurement date.” The expense is recognized over the service period of the award. Until the measurement date is reached, the total amount of compensation expense remains uncertain. The Company initially records compensation expense based on the fair value of the award at the reporting date.

 

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 three months ended March 31, 2017 and 2016 was $635,200 and $408,500, respectively.

 

Recent Accounting Pronouncements

 

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

 

Management has considered all recent accounting pronouncements issued since the last audit of our consolidated financial statements. The Company’s management believes that these recent pronouncements will not have a material effect on the Company’s consolidated financial statements.

 

Liquidity — These financial statements have been prepared assuming the Company will be able to continue as a going concern. At March 31, 2017, the Company had an accumulated deficit of $55,325,877 which includes a net loss available to common stockholders of $1,971,545 for the three months ended March 31, 2017. While these factors alone may raise doubt as to the Company’s ability to continue as a going concern, the Company’s sale of an aggregate of $10 million in capital through the sale of an aggregate of 3,333,329 shares of our common stock at a purchase price of $3.00 per share in a private offering to 13 accredited investors between January 1, 2017 and March 14, 2017 is deemed sufficient to alleviate substantial doubt regarding the Company’s ability to continue as a going concern for a period of twelve months from the issuance date of this report.
XML 17 R8.htm IDEA: XBRL DOCUMENT v3.7.0.1
INVENTORIES
 3 Months Ended
Mar. 31, 2017
Inventory Disclosure [Abstract]  
INVENTORIES
  3. INVENTORIES

 

Inventories consist of the following at:

 

    March 31,     December 31,  
    2017     2016  
             
Finished goods   $ 2,309,998     $ 2,142,032  
Raw Materials     610,384       270,143  
Less: Inventory Reserve     (342,762 )     (200,805 )
Inventories, net   $ 2,577,620     $ 2,211,370  
XML 18 R9.htm IDEA: XBRL DOCUMENT v3.7.0.1
PREPAID EXPENSES AND OTHER CURRENT ASSETS
 3 Months Ended
Mar. 31, 2017
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 $1.8 million and $937,000, at March 31, 2017 and December 31, 2016, respectively, and consist mainly of a prepaid consulting agreement with D3M Licensing Group, prepaid advertising, prepaid insurance, prepaid slotting fees, deposits on purchases, and customer deposits.
XML 19 R10.htm IDEA: XBRL DOCUMENT v3.7.0.1
PROPERTY AND EQUIPMENT
 3 Months Ended
Mar. 31, 2017
Property, Plant and Equipment [Abstract]  
PROPERTY AND EQUIPMENT
  5. PROPERTY AND EQUIPMENT

 

Property and equipment consist of the following at:

 

    March 31,     December 31,  
    2017     2016  
             
Furniture and equipment   $ 297,958     $ 291,626  
Less: accumulated depreciation     (262,327 )     (258,093 )
Total   $ 35,631     $ 33,533  

 

Depreciation expense amounted to $4,233 and $3,394 during the three months ended March 31, 2017 and 2016, respectively.
XML 20 R11.htm IDEA: XBRL DOCUMENT v3.7.0.1
ACCOUNTS PAYABLE AND ACCRUED EXPENSES
 3 Months Ended
Mar. 31, 2017
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:

 

    March 31,     December 31,  
    2017     2016  
             
Accounts payable   $ 2,493,010     $ 858,131  
Accrued expenses     1,086,910       896,073  
Total   $ 3,579,920     $ 1,754,207  
XML 21 R12.htm IDEA: XBRL DOCUMENT v3.7.0.1
DEFERRED REVENUE AND OTHER CURRENT LIABILITIES
 3 Months Ended
Mar. 31, 2017
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:

 

    March 31,     December 31,  
    2017     2016  
             
Customer deposits   $ 391,128     $ 201,652  
State bottle bill liability     3,460       12,960  
Total   $ 394,588     $ 214,612  
XML 22 R13.htm IDEA: XBRL DOCUMENT v3.7.0.1
LINE OF CREDIT NOTE PAYABLE - RELATED PARTIES
 3 Months Ended
Mar. 31, 2017
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:

 

    March 31,     December 31,  
    2017     2016  
Note Payable – line of credit                
In July 2010, the Company entered into a line of credit note payable with a related party principle shareholder 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. In January 2017, the Company issued 333,333 of common stock at $3.00 per share the offering price in exchange for the cancellation of $1,000,000 of this line.                
Long-term portion   $ 3,500,000     $ 4,500,000  
XML 23 R14.htm IDEA: XBRL DOCUMENT v3.7.0.1
PREFERRED STOCK - RELATED PARTY
 3 Months Ended
Mar. 31, 2017
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 March 31, 2017, $342,800 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, 2021 due date of our line of credit with CD Financial or such earlier date as the line of credit is satisfied (the “Maturity 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 Maturity 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 Holder shall have the right, at its election, to require the Company to redeem all or any portion of the shares held by the holder in exchange for cash or common stock upon the occurrence of certain events which management believes are under the control of the Company. As of March 31, 2017, none of the contingent events have occurred and in accordance with ASC-480-10-25 “Distinguishing Liabilities from Equity” and Regulation S-X-Rule 5-02-27, the Company has classified these shares as permanent equity. 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 March 31, 2017, $50,000 of dividends has been accrued regarding these shares.
XML 24 R15.htm IDEA: XBRL DOCUMENT v3.7.0.1
RELATED PARTY TRANSACTIONS
 3 Months Ended
Mar. 31, 2017
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. As of March 31, 2017 and since inception, the Company has paid All Def Digital $390,395, for services relating to the strategic marketing and advisory services agreement. For the three months ending March 31, 2017 no services were performed by All Def Digital.

 

Other related party transactions are discussed in notes 8 and 9.
XML 25 R16.htm IDEA: XBRL DOCUMENT v3.7.0.1
STOCKHOLDERS' EQUITY
 3 Months Ended
Mar. 31, 2017
Equity [Abstract]  
STOCKHOLDERS' EQUITY
  11. STOCKHOLDERS’ EQUITY

 

Issuance of common stock pursuant to services performed

 

In January 2017, the Company issued 47,126 shares of “restricted” stock to each William H. Milmoe and Thomas E. Lynch in consideration for services previously rendered to Celsius at a fair value of $164,000, or $3.48 per share representing the closing stock price on that date.

 

Issuance of common stock pursuant to private placement

 

Between January 1, 2017 and March 2017, the Company issued a total of 3,333,329 shares of common stock at $3.00 per share for net proceeds of approximately $10 million to 12 accredited investors.

 

In January 2017, the Company issued 333,333 unregistered common shares upon the conversion of $1,000,000 of debt from CD Financial valued at $3.00 per share.

 

Issuance of common stock pursuant to exercise of stock options

 

During the three months ended March 31, 2017, the Company issued an aggregate of 144,543 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 $25,000 for options exercised for cash, with the balance of the options having been exercised on a “cashless” basis.
XML 26 R17.htm IDEA: XBRL DOCUMENT v3.7.0.1
STOCK-BASED COMPENSATION
 3 Months Ended
Mar. 31, 2017
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, 2017, the permitted number of available option grants increased by 799,996.

 

Cumulatively since inception, the Company has issued options to purchase approximately 6.5 million shares at an average price of $1.53 with a fair value of approximately $1.1 million. For the three months ended March 31, 2017 and 2016, the Company recognized an expense of $444,164 and $228,358, 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 March 31, 2017, the Company had approximately $5,031,949 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 4.5 million shares that have vested, of which 398,725 shares were exercised as of March 31, 2017.

 

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: 

 

    Three months ended March 31,
    2017   2016
Expected volatility   137% - 140%   309%
Expected term   4 Years   4 Years
Risk-free interest rate   1.33%   0.89%
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 March 31, 2017 and changes during the period ending on that date is as follows: 

 

          Weighted
Average		     Aggregate     Average  
          Exercise     Intrinsic     Remaining  
    Shares (000’s)     Price     Value (000’s)     Term (Yrs)  
Options                                
Balance at December 31, 2016     5,637     $ 1.04     $ 7,317       5.06  
Granted     1,047     $ 3.91                  
Exercised     (214 )   $ 0.35                  
Forfeiture and cancelled     (23 )   $ 0.96                  
At March 31, 2017     6,447     $ 1.53     $ 12,868       5.26  
                                 
Exercisable at March 31, 2017     4,459     $ 0.91                  

 

The following table summarizes information about employee stock options outstanding at March 31, 2017:

 

    Outstanding Options     Vested Options  
    Number                 Number              
    Outstanding     Weighted     Weighted     Exercisable     Weighted     Weighted  
Range of   at     Averaged     Averaged     at     Averaged     Averaged  
Exercise   March 31,     Remaining     Exercise     March 31,     Exercise     Remaining  
Price   2017 (000's)     Life     Price     2017 (000's)     Price     Life  
$0.20 - $0.53     2,152       4.93     $ 0.26       2,152     $ 0.26       4.93  
$0.65 - $1.80     1,369       3.96     $ 0.88       1,226     $ 0.86       3.75  
$1.83 - $2.84     1,848       5.42     $ 2.08       1,022     $ 2.11       4.93  
$3.20 - $6.20     1,070       7.32     $ 3.90       52       3.60       3.92  
$7.20 - $22.00     8       2.38     $ 10.36       8     $ 10.36       2.38  
Outstanding options     6,447       5.26     $ 1.53       4,460     $ 0.91       4.59  

 

Restricted Stock Awards

 

Restricted stock awards are awards of common stock that are subject to restrictions on transfer and to a risk of forfeiture if the holder leaves the Company before the restrictions lapse. The holder of a restricted stock award is generally entitled at all times on and after the date of issuance of the restricted shares to exercise the rights of a shareholder of the Company, including the right to vote the shares. The value of stock awards that vest over time was established by the market price on the date of its grant. A summary of the Company’s restricted stock activity for the three months ended March 31, 2017 and 2016 is presented in the following table:

 

    For the Three Months ended  
    March 31, 2017     March 31, 2016  
          Weighted           Weighted  
          Average           Average  
          Grant Date           Grant Date  
    Shares     Fair Value     Shares     Fair Value  
Unvested at beginning of period     —     $ —       —       —  
Granted     100,000       3.64       —       —  
Vested     —       —       —       —  
Unvested at end of period     100,000     $ 6.64       —       —  

 

Unrecognized compensation expense related to outstanding restricted stock awards to employees and directors as of March 31, 2017 was $353,799 and is expected to be recognized over a weighted average period of 2.92 years.
XML 27 R18.htm IDEA: XBRL DOCUMENT v3.7.0.1
COMMITMENTS AND CONTINGENCIES
 3 Months Ended
Mar. 31, 2017
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 March 31, 2017.

 

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 March 31, 2017 are as follows:

 

Future Minimum Lease Payments

 

Year ending December 31,      
2018   $ 79,281  
2019   $ 113,461  
2020   $ 116,720  
2021   $ 120,078  
Total   $ 429,540  
XML 28 R19.htm IDEA: XBRL DOCUMENT v3.7.0.1
SUBSEQUENT EVENTS
 3 Months Ended
Mar. 31, 2017
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS
  14. SUBSEQUENT EVENTS

 

Between April 1, 2017 and April 17, 2017, the Company issued an aggregate of 196,666 shares of its common stock pursuant to the exercise of stock options granted under the Company’s 2006 Stock Incentive Plan. The Company recorded $116,833 for options exercised.
XML 29 R20.htm IDEA: XBRL DOCUMENT v3.7.0.1
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
 3 Months Ended
Mar. 31, 2017
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, 2016 and notes thereto and other pertinent information contained in our Form 10K as filed with the Securities and Exchange Commission on March 30, 2017 (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 three months ended March 31, 2017 and 2016 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 March 31, 2017 the Company had approximately $20.7 million in excess of the Federal Deposit Insurance Corporation limit but has incurred no losses with respect to these accounts.

 

For the three months ended March 31, 2017 and 2016, the Company had the following 10 percent or greater concentrations of revenue with its customers:

 

    2017     2016  
A*     18.1 %     27.2 %
B     11.0 %     11.5 %
C     11.0 %     7.8 %
D     10.6 %     9.2 %
All other     49.3 %     44.3 %
Total     100.0 %     100.0 %

 

At March 31, 2017 and December 31, 2016, the Company had the following 10 percent or greater concentrations of accounts receivable with its customers:

 

    2017     2016  
A*     35.3 %     53.8 %
B     12.5 %     11.5 %
C     11.2 %     2.2 %
D     11.0 %     7.7 %
All other     30.0 %     34.7 %
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 March 31, 2017 and December 31, 2016, 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 March 31, 2017 and December 31, 2016, there was an allowance for doubtful accounts of $36,800 and $72,300, respectively.
Inventories

Inventories — Inventories include only the purchase cost and are stated at the lower of cost and realizable value. Cost is determined using the FIFO method. Inventories consist of raw materials and finished products. The Company outsources its manufacturing process and 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 March 31, 2017 and December 31, 2016, the Company recorded a reserve of $343,000 and $201,000, 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 $926,000 and $857,400 during the three months ending March 31, 2017 and 2016, 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 $70,700 and $11,900 during the three months ending March 31, 2017 and 2016, 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 March 31, 2017 and December 31, 2016.
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.

 

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 calendar year December 31st tax year. The Company’s tax returns for tax years ended December 31, 2016, 2015, and 2014 remain subject to potential examination by the taxing authorities.
Earnings per Share

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 March 31, 2017 there were options outstanding to purchase 6.5 million shares, which exercise price averaged $1.53, 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 as of March 31, 2017. The effects of dilutive instruments have not been presented for the three months ended March 31, 2017 and 2016, as the effects would be anti-dilutive.
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 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. Pursuant to ASC Topic 505-50, for share based payments to consultants and other third-parties, compensation expensed is determined at the “measurement date.” The expense is recognized over the service period of the award. Until the measurement date is reached, the total amount of compensation expense remains uncertain. The Company initially records compensation expense based on the fair value of the award at the reporting date.
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 three months ended March 31, 2017 and 2016 was $635,200 and $408,500, respectively.
Recent Accounting Pronouncements

Recent Accounting Pronouncements

 

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

 

Management has considered all recent accounting pronouncements issued since the last audit of our consolidated financial statements. The Company’s management believes that these recent pronouncements will not have a material effect on the Company’s consolidated financial statements.
Liquidity

Liquidity — These financial statements have been prepared assuming the Company will be able to continue as a going concern. At March 31, 2017, the Company had an accumulated deficit of $55,325,877 which includes a net loss available to common stockholders of $1,971,545 for the three months ended March 31, 2017. While these factors alone may raise doubt as to the Company’s ability to continue as a going concern, the Company’s sale of an aggregate of $10 million in capital through the sale of an aggregate of 3,333,329 shares of our common stock at a purchase price of $3.00 per share in a private offering to 13 accredited investors between January 1, 2017 and March 14, 2017 is deemed sufficient to alleviate substantial doubt regarding the Company’s ability to continue as a going concern for a period of twelve months from the issuance date of this report.
XML 30 R21.htm IDEA: XBRL DOCUMENT v3.7.0.1
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 3 Months Ended
Mar. 31, 2017
Accounting Policies [Abstract]  
Schedule of revenue & accounts receivable with customers

For the three months ended March 31, 2017 and 2016, the Company had the following 10 percent or greater concentrations of revenue with its customers:

 

    2017     2016  
A*     18.1 %     27.2 %
B     11.0 %     11.5 %
C     11.0 %     7.8 %
D     10.6 %     9.2 %
All other     49.3 %     44.3 %
Total     100.0 %     100.0 %

 

At March 31, 2017 and December 31, 2016, the Company had the following 10 percent or greater concentrations of accounts receivable with its customers:

 

    2017     2016  
A*     35.3 %     53.8 %
B     12.5 %     11.5 %
C     11.2 %     2.2 %
D     11.0 %     7.7 %
All other     30.0 %     34.7 %
Total     100.0 %     100.0 %

 

*Revenues and receivables from customer A are derived from a distributor located in Sweden.
XML 31 R22.htm IDEA: XBRL DOCUMENT v3.7.0.1
INVENTORIES (Tables)
 3 Months Ended
Mar. 31, 2017
Inventory Disclosure [Abstract]  
Schedule of inventories

Inventories consist of the following at:

 

    March 31,     December 31,  
    2017     2016  
             
Finished goods   $ 2,309,998     $ 2,142,032  
Raw Materials     610,384       270,143  
Less: Inventory Reserve     (342,762 )     (200,805 )
Inventories, net   $ 2,577,620     $ 2,211,370  
XML 32 R23.htm IDEA: XBRL DOCUMENT v3.7.0.1
PROPERTY AND EQUIPMENT (Tables)
 3 Months Ended
Mar. 31, 2017
Property, Plant and Equipment [Abstract]  
Schedule of property and equipment

Property and equipment consist of the following at:

 

    March 31,     December 31,  
    2017     2016  
             
Furniture and equipment   $ 297,958     $ 291,626  
Less: accumulated depreciation     (262,327 )     (258,093 )
Total   $ 35,631     $ 33,533  
XML 33 R24.htm IDEA: XBRL DOCUMENT v3.7.0.1
ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Tables)
 3 Months Ended
Mar. 31, 2017
Payables and Accruals [Abstract]  
Schedule of accounts payable and accrued expenses

Accounts payable and accrued expenses consist of the following at:

 

    March 31,     December 31,  
    2017     2016  
             
Accounts payable   $ 2,493,010     $ 858,131  
Accrued expenses     1,086,910       896,073  
Total   $ 3,579,920     $ 1,754,207  
XML 34 R25.htm IDEA: XBRL DOCUMENT v3.7.0.1
DEFERRED REVENUE AND OTHER CURRENT LIABILITIES (Tables)
 3 Months Ended
Mar. 31, 2017
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:

 

    March 31,     December 31,  
    2017     2016  
             
Customer deposits   $ 391,128     $ 201,652  
State bottle bill liability     3,460       12,960  
Total   $ 394,588     $ 214,612  
XML 35 R26.htm IDEA: XBRL DOCUMENT v3.7.0.1
LINE OF CREDIT NOTE PAYABLE - RELATED PARTIES (Tables)
 3 Months Ended
Mar. 31, 2017
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:

 

    March 31,     December 31,  
    2017     2016  
Note Payable – line of credit                
In July 2010, the Company entered into a line of credit note payable with a related party principle shareholder 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. In January 2017, the Company issued 333,333 of common stock at $3.00 per share the offering price in exchange for the cancellation of $1,000,000 of this line.                
Long-term portion   $ 3,500,000     $ 4,500,000  
XML 36 R27.htm IDEA: XBRL DOCUMENT v3.7.0.1
STOCK-BASED COMPENSATION (Tables)
 3 Months Ended
Mar. 31, 2017
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: 

 

    Three months ended March 31,
    2017   2016
Expected volatility   137% - 140%   309%
Expected term   4 Years   4 Years
Risk-free interest rate   1.33%   0.89%
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 March 31, 2017 and changes during the period ending on that date is as follows: 

 

          Weighted
Average		     Aggregate     Average  
          Exercise     Intrinsic     Remaining  
    Shares (000’s)     Price     Value (000’s)     Term (Yrs)  
Options                                
Balance at December 31, 2016     5,637     $ 1.04     $ 7,317       5.06  
Granted     1,047     $ 3.91                  
Exercised     (214 )   $ 0.35                  
Forfeiture and cancelled     (23 )   $ 0.96                  
At March 31, 2017     6,447     $ 1.53     $ 12,868       5.26  
                                 
Exercisable at March 31, 2017     4,459     $ 0.91                  
Schedule of employee stock options outstanding

The following table summarizes information about employee stock options outstanding at March 31, 2017:

 

    Outstanding Options     Vested Options  
    Number                 Number              
    Outstanding     Weighted     Weighted     Exercisable     Weighted     Weighted  
Range of   at     Averaged     Averaged     at     Averaged     Averaged  
Exercise   March 31,     Remaining     Exercise     March 31,     Exercise     Remaining  
Price   2017 (000's)     Life     Price     2017 (000's)     Price     Life  
$0.20 - $0.53     2,152       4.93     $ 0.26       2,152     $ 0.26       4.93  
$0.65 - $1.80     1,369       3.96     $ 0.88       1,226     $ 0.86       3.75  
$1.83 - $2.84     1,848       5.42     $ 2.08       1,022     $ 2.11       4.93  
$3.20 - $6.20     1,070       7.32     $ 3.90       52       3.60       3.92  
$7.20 - $22.00     8       2.38     $ 10.36       8     $ 10.36       2.38  
Outstanding options     6,447       5.26     $ 1.53       4,460     $ 0.91       4.59  
Summary of restricted stock awards

A summary of the Company’s restricted stock activity for the three months ended March 31, 2017 and 2016 is presented in the following table:

 

    For the Three Months ended  
    March 31, 2017     March 31, 2016  
          Weighted           Weighted  
          Average           Average  
          Grant Date           Grant Date  
    Shares     Fair Value     Shares     Fair Value  
Unvested at beginning of period     —     $ —       —       —  
Granted     100,000       3.64       —       —  
Vested     —       —       —       —  
Unvested at end of period     100,000     $ 6.64       —       —  
XML 37 R28.htm IDEA: XBRL DOCUMENT v3.7.0.1
COMMITMENTS AND CONTINGENCIES (Tables)
 3 Months Ended
Mar. 31, 2017
Commitments and Contingencies Disclosure [Abstract]  
Schedule of future annual minimum payments

Future annual minimum payments required under operating lease obligations at March 31, 2017 are as follows:

 

Future Minimum Lease Payments

 

Year ending December 31,      
2018   $ 79,281  
2019   $ 113,461  
2020   $ 116,720  
2021   $ 120,078  
Total   $ 429,540  
XML 38 R29.htm IDEA: XBRL DOCUMENT v3.7.0.1
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - 10% or Greater Revenue [Member]
 3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Concentration Risk [Line Items]    
Total 100.00% 100.00%
Customer A [Member]    
Concentration Risk [Line Items]    
Total [1] 18.10% 27.20%
Customer B [Member]    
Concentration Risk [Line Items]    
Total 11.00% 11.50%
Customer C [Member]    
Concentration Risk [Line Items]    
Total 11.00% 7.80%
Customer D [Member]    
Concentration Risk [Line Items]    
Total 10.60% 9.20%
All Other [Member]    
Concentration Risk [Line Items]    
Total 49.30% 44.30%
[1] Revenues and receivables from customer A are derived from a distributor located in Sweden.
XML 39 R30.htm IDEA: XBRL DOCUMENT v3.7.0.1
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 1) - 10% or Accounts Receivable [Member]
 3 Months Ended 12 Months Ended
Mar. 31, 2017
Dec. 31, 2016
Concentration Risk [Line Items]    
Total 100.00% 100.00%
Customer A [Member]    
Concentration Risk [Line Items]    
Total [1] 35.30% 53.80%
Customer B [Member]    
Concentration Risk [Line Items]    
Total 12.50% 11.50%
Customer C [Member]    
Concentration Risk [Line Items]    
Total 11.20% 2.20%
Customer D [Member]    
Concentration Risk [Line Items]    
Total 11.00% 7.70%
All Other [Member]    
Concentration Risk [Line Items]    
Total 30.00% 34.70%
[1] Revenues and receivables from customer A are derived from a distributor located in Sweden.
XML 40 R31.htm IDEA: XBRL DOCUMENT v3.7.0.1
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative)
 3 Months Ended
Mar. 31, 2017
USD ($)
Number
$ / shares
shares
Mar. 31, 2016
USD ($)
Dec. 31, 2016
USD ($)
Amount excess of FDIC limit $ 20,700,000    
Allowance for doubtful accounts 36,800   $ 72,300
Inventory reserve 342,762   200,805
Advertising expense 926,000 $ 857,400  
Research and development expense 70,700 11,900  
Freight expense $ 635,200 408,500  
Number of options outstanding | shares 6,500,000    
Exercise price of awards (in dollars per share) | $ / shares $ 1.53    
Accumulated deficit $ (55,325,877)   $ (53,354,332) [1]
Net (loss) available to common stockholders (1,971,545) (1,287,209)  
Proceeds from sale of common stock 9,999,948  
Private Placement [Member]      
Proceeds from sale of common stock $ 10,000,000    
Number of shares issued upon transaction | shares 3,333,329    
Number of investors | Number 13    
Share price (in dollars per share) | $ / shares $ 3.00    
5% Series D Preferred Stock [Member]      
Conversion price (in dollars per share) | $ / shares $ 0.86    
Number of preferred stock warrants outstanding | shares 4,700,000    
6% Series C Preferred Stock [Member]      
Conversion price (in dollars per share) | $ / shares $ 0.52    
Number of preferred stock warrants outstanding | shares 4,600,000    
Minimum [Member]      
Useful life 3 years    
Maximum [Member]      
Useful life 7 years    
[1] Derived from Audited Financial Statements
XML 41 R32.htm IDEA: XBRL DOCUMENT v3.7.0.1
INVENTORIES (Details) - USD ($)
Mar. 31, 2017
Dec. 31, 2016
Inventory Disclosure [Abstract]    
Finished goods $ 2,309,998 $ 2,142,032
Raw Materials 610,384 270,143
Less: Inventory Reserve (342,762) (200,805)
Inventories, net $ 2,577,620 $ 2,211,370
XML 42 R33.htm IDEA: XBRL DOCUMENT v3.7.0.1
PREPAID EXPENSES AND OTHER CURRENT ASSETS (Details Narrative) - USD ($)
Mar. 31, 2017
Dec. 31, 2016
D3M Licensing Group [Member] | Prepaid Consulting Agreement [Member]    
Prepaid expenses and other current assets $ 1,800,000 $ 937,000
XML 43 R34.htm IDEA: XBRL DOCUMENT v3.7.0.1
PROPERTY AND EQUIPMENT (Details) - USD ($)
Mar. 31, 2017
Dec. 31, 2016
Property, Plant and Equipment [Line Items]    
Less: accumulated depreciation $ (262,327) $ (258,093)
Total 35,631 33,533 [1]
Furniture and Equipment [Member}    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross $ 297,958 $ 291,626
[1] Derived from Audited Financial Statements
XML 44 R35.htm IDEA: XBRL DOCUMENT v3.7.0.1
PROPERTY AND EQUIPMENT (Details Narrative) - USD ($)
 3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Property And Equipment Details Narrative    
Depreciation expense $ 4,233 $ 3,394
XML 45 R36.htm IDEA: XBRL DOCUMENT v3.7.0.1
ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Details) - USD ($)
Mar. 31, 2017
Dec. 31, 2016
Accounts Payable And Accrued Expenses Details    
Accounts payable $ 2,493,010 $ 858,131
Accrued expenses 1,086,910 896,073
Total $ 3,579,920 $ 1,754,207
XML 46 R37.htm IDEA: XBRL DOCUMENT v3.7.0.1
DEFERRED REVENUE AND OTHER CURRENT LIABILITIES (Details) - USD ($)
Mar. 31, 2017
Dec. 31, 2016
Deferred Revenue And Other Current Liabilities    
Customer deposits $ 391,128 $ 201,652
State bottle bill liability 3,460 12,960
Total $ 394,588 $ 214,612
XML 47 R38.htm IDEA: XBRL DOCUMENT v3.7.0.1
LINE OF CREDIT NOTE PAYABLE - RELATED PARTIES (Details) - USD ($)
 1 Months Ended
Jan. 31, 2017
Apr. 30, 2015
Jul. 31, 2010
Mar. 31, 2017
Dec. 31, 2016
Long-term portion       $ 3,500,000 $ 4,500,000 [1]
Carl DeSantis [Member] | CD Financial, LLC [Member]          
Number of shares issued upon debt cancellation 333,333        
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] | Common Stock [Member]          
Number of shares issued upon debt cancellation 333,333        
Debt cancelled amount $ 1,000,000        
Offering price per share $ 3.00        
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 48 R39.htm IDEA: XBRL DOCUMENT v3.7.0.1
PREFERRED STOCK - RELATED PARTY (Details Narrative) - USD ($)
 1 Months Ended 3 Months Ended
Apr. 16, 2015
Aug. 26, 2013
Jan. 31, 2017
Apr. 30, 2015
Mar. 31, 2017
Dec. 31, 2016
 [1]
Accrued dividend         $ 392,800 $ 353,666
Share price (in dollars per share)         $ 1.53  
5% Series D Preferred Stock [Member]            
Conversion price (in dollars per share)         0.86  
6% Series C Preferred Stock [Member]            
Conversion price (in dollars per share)         $ 0.52  
CD Financial, LLC [Member] | Carl DeSantis [Member]            
Number of shares issued upon debt conversion     333,333      
Original debt conversion amount     $ 1,000,000      
Conversion price (in dollars per share)     $ 3.00      
CD Financial, LLC [Member] | Carl DeSantis [Member] | 5% Series D Preferred Stock [Member] | Amendment Loan and Security Agreement [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       $ 50,000  
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%          
CD Financial, LLC [Member] | 5% Note Payable - Line of Credit [Member] | Carl DeSantis [Member] | Amendment Loan and Security Agreement [Member]            
Line of credit reduction borrowing capacity $ 4,000,000          
CD Financial, LLC [Member] | 5% Note Payable - Line of Credit [Member] | Carl DeSantis [Member] | Securities Purchase Agreement [Member]            
Original debt conversion amount   $ 1,650,000        
CDS Ventures of South Florida, LLC [Member] | Carl DeSantis [Member] | 6% Series C Preferred Stock [Member] | Securities Purchase Agreement [Member]            
Number of shares issued upon accrued dividend       180    
Value of shares issued upon accrued dividend       $ 180,000    
Accrued dividend         $ 342,800  
Preferred stock redemption date         Dec. 31, 2018  
CDS Ventures of South Florida, LLC [Member] | Short Term Loan [Member] | Carl DeSantis [Member] | Securities Purchase Agreement [Member]            
Original debt conversion amount   $ 550,000        
CDS Ventures of South Florida, LLC & CD Financial, LLC [Member] | Carl DeSantis [Member] | 6% Series C Preferred Stock [Member] | Securities Purchase Agreement [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        
[1] Derived from Audited Financial Statements
XML 49 R40.htm IDEA: XBRL DOCUMENT v3.7.0.1
RELATED PARTY TRANSACTIONS (Details Narrative)
 3 Months Ended
Mar. 31, 2017
USD ($)
All Def Digital [Member] | Mr. Tim Leissner [Member] | Strategic Marketing and Advisory Services Agreement [Member]  
Amount paid for services rendered $ 390,395
CD Financial, LLC [Member] | Office [Member] | Carl DeSantis [Member]  
Lease expiration 2020-10
Monthly expense $ 8,809
XML 50 R41.htm IDEA: XBRL DOCUMENT v3.7.0.1
STOCKHOLDERS' EQUITY (Details Narrative)
 1 Months Ended 3 Months Ended
Jan. 31, 2017
USD ($)
$ / shares
shares
Mar. 31, 2017
USD ($)
Number
$ / shares
shares
Mar. 31, 2016
USD ($)
Stock price (in dollars per sahre) | $ / shares   $ 1.53  
Proceeds from sale of common stock   $ 9,999,948
Carl DeSantis [Member] | CD Financial, LLC [Member]      
Number of shares issued upon debt conversion | shares 333,333    
Original debt conversion amount $ 1,000,000    
Conversion price (in dollars per share) | $ / shares $ 3.00    
2006 Stock Incentive Plan [Member]      
Number of option shares granted | shares   144,543  
Value of option shares granted   $ 25,000  
Private Placement [Member]      
Proceeds from sale of common stock   $ 10,000,000  
Number of shares issued upon transaction | shares   3,333,329  
Number of investors | Number   13  
Share price (in dollars per share) | $ / shares   $ 3.00  
Celebrity Endorsement Agreements [Member] | Restricted Common Stock [Member]      
Number of shares issued upon services | shares 47,126    
Fair value of shares issued upon services rendered $ 164,000    
Stock price (in dollars per sahre) | $ / shares   $ 3.48  
XML 51 R42.htm IDEA: XBRL DOCUMENT v3.7.0.1
STOCK-BASED COMPENSATION (Details)
 3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Expected volatility   309.00%
Expected term 4 years 4 years
Risk-free interest rate 1.33% 0.89%
Forfeiture Rate 0.00% 0.00%
Expected dividend yield 0.00% 0.00%
Minimum [Member]    
Expected volatility 137.00%  
Maximum [Member]    
Expected volatility 140.00%  
XML 52 R43.htm IDEA: XBRL DOCUMENT v3.7.0.1
STOCK-BASED COMPENSATION (Details 1) - USD ($)
 3 Months Ended 143 Months Ended
Mar. 31, 2017
Mar. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]    
Balance at beginning 5,637,000  
Granted 1,047,000 6,500,000
Exercised (214,000)  
Forfeiture and cancelled (23,000)  
Balance at end 6,447,000 6,447,000
Exercisable at end 4,459,000 4,459,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward]    
Balance at beginning $ 1.04  
Granted 3.91 $ 1.53
Exercised 0.35  
Forfeiture and cancelled 0.96  
Balance at end 1.53 1.53
Exercisable at end $ 0.91 $ 0.91
Share-based Compensation Arrangement by Share-based Payment Award, Options, Intrinsic Value [Roll Forward]    
Balance at beginning $ 7,317,000  
Balance at end $ 12,868,000 $ 12,868,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Average Remaining Term [Roll Forward]    
Balance at beginning 5 years 22 days  
Balance at end 5 years 3 months 4 days  
XML 53 R44.htm IDEA: XBRL DOCUMENT v3.7.0.1
STOCK-BASED COMPENSATION (Details 2)
 3 Months Ended
Mar. 31, 2017
$ / shares
shares
Outstanding Options  
Number Outstanding at March 31, 2017 | shares 6,447,000
Weighted Averaged Remaining Life 5 years 3 months 4 days
Weighted Averaged Exercise Price | $ / shares $ 1.53
Vested Options  
Number Exercisable at March 31, 2017 | shares 4,460,000
Weighted Averaged Exercise Price | $ / shares $ 4.59
Weighted Averaged Remaining Life 4 years 7 months 2 days
$0.20 - $0.53 [Member]  
Outstanding Options  
Number Outstanding at March 31, 2017 | shares 2,152,000
Weighted Averaged Remaining Life 4 years 11 months 5 days
Weighted Averaged Exercise Price | $ / shares $ 0.26
Vested Options  
Number Exercisable at March 31, 2017 | shares 2,152,000
Weighted Averaged Exercise Price | $ / shares $ 4.93
Weighted Averaged Remaining Life 4 years 11 months 5 days
$0.65 - $1.80 [Member]  
Outstanding Options  
Number Outstanding at March 31, 2017 | shares 1,369,000
Weighted Averaged Remaining Life 3 years 11 months 16 days
Weighted Averaged Exercise Price | $ / shares $ 0.88
Vested Options  
Number Exercisable at March 31, 2017 | shares 1,226,000
Weighted Averaged Exercise Price | $ / shares $ 3.75
Weighted Averaged Remaining Life 3 years 9 months
$1.83 - $2.84 [Member]  
Outstanding Options  
Number Outstanding at March 31, 2017 | shares 1,848,000
Weighted Averaged Remaining Life 5 years 5 months 1 day
Weighted Averaged Exercise Price | $ / shares $ 2.08
Vested Options  
Number Exercisable at March 31, 2017 | shares 1,022,000
Weighted Averaged Exercise Price | $ / shares $ 4.93
Weighted Averaged Remaining Life 4 years 11 months 5 days
$3.20 - $6.20 [Member]  
Outstanding Options  
Number Outstanding at March 31, 2017 | shares 1,070,000
Weighted Averaged Remaining Life 7 years 3 months 26 days
Weighted Averaged Exercise Price | $ / shares $ 3.9
Vested Options  
Number Exercisable at March 31, 2017 | shares 52,000
Weighted Averaged Exercise Price | $ / shares $ 3.92
Weighted Averaged Remaining Life 3 years 11 months 1 day
$7.20 - $22.00 [Member]  
Outstanding Options  
Number Outstanding at March 31, 2017 | shares 8,000
Weighted Averaged Remaining Life 2 years 4 months 17 days
Weighted Averaged Exercise Price | $ / shares $ 10.36
Vested Options  
Number Exercisable at March 31, 2017 | shares 8,000
Weighted Averaged Exercise Price | $ / shares $ 2.38
Weighted Averaged Remaining Life 2 years 4 months 17 days
XML 54 R45.htm IDEA: XBRL DOCUMENT v3.7.0.1
STOCK-BASED COMPENSATION (Details 3) - $ / shares
 3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Number of Shares    
Unvested at beginning
Restricted stock granted 100,000
Restricted stock vested
Unvested at end 100,000
Weighted Average Grant-Date Fair Value per Share    
Unvested at beginning
Restricted stock granted 3.64
Restricted stock vested
Unvested at end $ 6.64
XML 55 R46.htm IDEA: XBRL DOCUMENT v3.7.0.1
STOCK-BASED COMPENSATION (Details Narrative) - USD ($)
 1 Months Ended 3 Months Ended 143 Months Ended
Jan. 18, 2007
Apr. 30, 2015
Mar. 31, 2017
Mar. 31, 2016
Mar. 31, 2017
Jan. 02, 2017
Feb. 28, 2015
May 31, 2014
Dec. 31, 2013
Number of awards granted     1,047,000   6,500,000        
Average share price (in dollars per share)     $ 3.91   $ 1.53        
Fair value of shares granted         $ 1,100,000        
Unrecognized pre-tax non-cash compensation expense to non-vested option     $ 5,031,949   $ 5,031,949        
Period unrecognized pre-tax non-cash compensation expense to non-vested option     3 years            
Number of shares exercised     398,725   398,725        
Number of shares vested     4,500,000            
Director [Member]                  
Unrecognized compensation expense     $ 353,799   $ 353,799        
Weighted average period of unrecognized compensation expense     2 years 11 months 1 day            
Maximum [Member]                  
Vesting period     3 years            
Minimum [Member]                  
Vesting period     2 years            
General And Administrative Expense [Member]                  
Non-cash compensation expense     $ 444,164 $ 228,358          
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           799,996      
XML 56 R47.htm IDEA: XBRL DOCUMENT v3.7.0.1
COMMITMENTS AND CONTINGENCIES (Details)
Mar. 31, 2017
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
2018 $ 79,281
2019 113,461
2020 116,720
2021 120,078
Total $ 429,540
XML 57 R48.htm IDEA: XBRL DOCUMENT v3.7.0.1
COMMITMENTS AND CONTINGENCIES (Details Narrative) - CD Financial, LLC [Member] - Carl DeSantis [Member] - Office [Member]
 3 Months Ended
Mar. 31, 2017
USD ($)
Lease expiration 2020-10
Monthly expense $ 8,809
XML 58 R49.htm IDEA: XBRL DOCUMENT v3.7.0.1
SUBSEQUENT EVENTS (Details Narrative) - USD ($)
 1 Months Ended 3 Months Ended 143 Months Ended
Apr. 17, 2017
Mar. 31, 2017
Mar. 31, 2017
Stock options granted   1,047,000 6,500,000
2006 Stock Incentive Plan [Member] | Subsequent Event [Member]      
Stock options granted 196,666    
Options exercised, value $ 116,833    
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