0001615774-17-006346.txt : 20171108 0001615774-17-006346.hdr.sgml : 20171108 20171108160310 ACCESSION NUMBER: 0001615774-17-006346 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 63 CONFORMED PERIOD OF REPORT: 20170930 FILED AS OF DATE: 20171108 DATE AS OF CHANGE: 20171108 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: 001-34611 FILM NUMBER: 171186535 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 s108003_10q.htm 10-Q

UNITED STATES 

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

QUARTERLY REPORT PURSUANT TO SECTIONS 13 OR 15 (d) OF THE SECURITIES AND EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2017

 

Commission file number: 001-34611

 

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 208. 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 ☒   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 ☒

 

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 ☒

 

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

 

The number of shares outstanding of the registrant’s common stock, $0.001 par value, as of November 8, 2017 was 45,679,093 shares.

  

 

 

 

TABLE OF CONTENTS

 

      Page
       
PART I – FINANCIAL INFORMATION   2
       
Item 1. Financial Statements.   2
       
  Consolidated Balance Sheets as of September 30, 2017 (unaudited) and December 31, 2016   2
       
  Consolidated Statements of Operations for the three and nine months ended September 30, 2017 and 2016 (unaudited)   3
       
  Consolidated Statements of Cash Flows for the nine months ended September 30, 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.   23
       
Item 4. Controls and Procedures.   24
       
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

 

 

 

 

PART 1 – FINANCIAL INFORMATION

 

Item 1.   Financial Statements.

 

Celsius Holdings, Inc. and Subsidiaries  

Consolidated Balance Sheets

 

    September 30,
2017
(Unaudited)		     December 31,
2016 (1)		  
ASSETS                
                 
Current assets:                
Cash   $ 19,418,583     $ 11,747,138  
Accounts receivable, net     7,071,888       2,787,732  
Inventories     4,316,596       2,211,370  
Prepaid expenses and other current assets     3,068,290       937,349  
Total current assets     33,875,357       17,683,589  
                 
Property and equipment, net     49,958       33,533  
Total Assets   $ 33,925,315     $ 17,717,122  
LIABILITIES AND STOCKHOLDERS’ EQUITY                
                 
Current liabilities:                
Accounts payable and accrued expenses   $ 8,410,985     $ 1,754,207  
Accrued preferred dividends     475,742       353,666  
Deferred revenue and other current liabilities     52,988       214,612  
Total current liabilities     8,939,715       2,322,485  
                 
Long-term liabilities:                
Line of credit note payable-related party     3,500,000       4,500,000  
Total Liabilities     12,439,715       6,822,485  
                 
Stockholders’ Equity:                
Preferred Stock, $0.001 par value; 2,500,000 shares authorized, 6,380 shares issued and outstanding at September 30, 2017 and December 31, 2016     6       6  
Common stock, $0.001 par value; 75,000,000 shares authorized, 45,679,093 and 39,999,784 shares issued and outstanding at September 30, 2017 and December 31, 2016, respectively     45,679       40,000  
Additional paid-in capital     78,100,761       64,208,963  
Accumulated deficit     (56,660,846 )     (53,354,332 )
Total Stockholders’ Equity     21,485,600       10,894,637  
Total Liabilities and Stockholders’ Equity   $ 33,925,315     $ 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 September 30,		   For the nine months
ended September 30,		 
   2017   2016   2017   2016 
Revenue  $10,785,796   $6,657,700   $27,023,123   $16,508,097 
Cost of revenue   6,110,898    3,772,948    15,398,798    9,339,302 
Gross profit   4,674,898    2,884,752    11,624,325    7,168,795 
                     
Selling and marketing expenses   4,702,308    1,736,029    9,273,207    6,709,345 
General and administrative expenses   1,559,173    1,081,273    5,261,694    2,936,273 
Total operating expenses   6,261,481    2,817,302    14,534,901    9,645,618 
                     
Income (Loss) from operations   (1,586,583)   67,450    (2,910,576)   (2,476,823)
                     
Other Income (Expense):                    
Interest expense   (35,661)   (57,500)   (122,195)   (171,250)
Total Other Income (Expense)   (35,661)   (57,500)   (122,195)   (171,250)
                     
Net Income (Loss)   (1,622,244)   9,950    (3,032,771)   (2,648,073)
Preferred stock dividend   (92,250)   (102,958)   (273,743)   (276,264)
Net income (Loss) available to common stockholders  $(1,714,494)  $(93,008)  $(3,306,514)  $(2,924,337)
                     
Income (Loss) per share:                    
Basic  $(0.04)  $(0.00)  $(0.08)  $(0.08)
Diluted  $(0.04)  $(0.00)  $(0.08)  $(0.08)
Weighted average shares outstanding:                    
Basic   45,487,908    38,666,451    43,990,367    38,530,195 
Diluted   45,487,908    38,666,451    43,990,367    38,530,195 

 

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 nine months
ended		 
   September 30,
2017		   September 30,
2016		 
Cash flows from operating activities:          
Net Loss  $(3,032,771)  $(2,648,073)
Adjustments to reconcile net (loss) to net cash used in operating activities:          
Depreciation and amortization   14,292    12,346 
Stock-based compensation expense for services   327,997    — 
Stock-based option compensation expense   1,635,458    1,361,398 
Changes in operating assets and liabilities:          
Accounts receivable, net   (4,284,156)   (1,275,212)
Inventories net   (2,105,226)   216,575 
Prepaid expenses and other current assets   (2,130,941)   (271,267)
Accounts payable and accrued expenses   6,656,778    (95,427)
Accrued preferred dividends   (151,667)   (152,197)
Deferred revenue and other current liabilities   (161,624)   511,479 
Net cash provided by (used in) in operating activities   (3,231,860)   (2,340,378)
           
Cash flows from investing activities:          
Purchase of property and equipment   (30,716)   (27,535)
           
Net cash (used in) investing activities   (30,716)   (27,535)
           
Cash flows from financing activities:          
Net proceeds from issuance of common stock   9,999,948    — 
Proceeds from exercise of stock options   934,073    5,300 
Net cash provided by financing activities   10,934,021    5,300 
Net increase (decrease) increase in cash   7,671,445    (2,362,613)
Cash at beginning of the period   11,747,138    10,128,320 
Cash at end of the period  $19,418,583   $7,765,707 
Supplemental disclosures:          
Cash paid during period for:          
Interest  $137,014   $113,750 
Income Taxes  $—   $— 
Non-cash investing and financing activities:          
Accrued preferred dividends  $273,743   $276,238 
Conversion of convertible note to common stock, 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)  

September 30, 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 two subsidiaries of the Company. On February 7, 2017, the Company established Celsius Asia Holdings Limited and Celsius China Holdings Limited, two Hong Kong corporations as wholly-owned subsidiaries of the Company and on May 9, 2017, the Company established Celsius (Beijing) Beverage Limited, a China 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 unaudited 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 General Form for Registration of Securities of Form 10 as filed with the Securities and Exchange Commission (the “Commission”). The consolidated financial statements of the Company include the Company and its wholly owned subsidiaries. All material inter-company balances and transactions have been eliminated. 

 

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

 

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

September 30, 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 September 30, 2017 the Company had approximately $19.2 million in excess of the Federal Deposit Insurance Corporation limit but has incurred no losses with respect to these accounts.

 

For the nine months ended September 30, 2017 and 2016, the Company had the following 10 percent or greater concentrations of revenue with its customers:

 

    2017     2016  
A*     32.9 %     35.0 %
B     7.9 %     11.1 %
All other     59.2 %     53.9 %
Total     100.0 %     100.0 %

 

At September 30, 2017 and December 31, 2016, the Company had the following 10 percent or greater concentrations of accounts receivable with its customers:

 

    2017     2016  
A*     57.5 %     53.8 %
B     4.3 %     11.5 %
All other     38.2 %     27.0 %
Total     100.0 %     100.0 %

 

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

 

Cash Equivalents — The Company considers all highly liquid instruments with maturities of three months or less when purchased to be cash equivalents. At September 30, 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 September 30, 2017 and December 31, 2016, there was an allowance for doubtful accounts of $48,800 and $72,300, respectively.

 

6

 

 

Celsius Holdings, Inc. and Subsidiaries 

Notes to Consolidated Financial Statements (unaudited)  

September 30, 2017

 

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

 

Inventories — Inventories include only the purchase cost and are stated at the lower of cost or market. Cost is determined using the FIFO method. Inventories consist of raw materials and finished products purchased from third parties. The Company outsources its manufacturing process as a result has no work in process inventories. The Company reserves against inventory during the period in which such materials and products are no longer usable or marketable. At September 30, 2017 and December 31, 2016, the Company recorded a reserve of $115,529 and $200,805, 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. The Company did not recognize any impairment expense at September 30, 2017 and December 31, 2016.

 

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.

 

Shipping and Handling Costs— Shipping and handling costs are reported in cost of revenue in the accompanying consolidated statements of income. The Company incurred shipping and handling costs of $2.4 and $1.5 million during the nine months ended September 30, 2017 and 2016, respectively. Although our classification is consistent with many companies, our gross margin may not be comparable to many beverage companies that include shipping and handling costs in selling, general and administrative expenses.

 

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 $5.1 million and $3.4 million during the nine months ending September 30, 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 $222,300 and $66,700 during the nine months ending September 30, 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.

 

7

 

 

Celsius Holdings, Inc. and Subsidiaries  

Notes to Consolidated Financial Statements (unaudited) 

September 30, 2017

 

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

 

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

 

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

 

The Company did not have any other assets or liabilities measured at fair value at September 30, 2017 and December 31, 2016.

 

Foreign Currency Translation — Generally, foreign subsidiaries’ functional currency is the local currency of operations and the net assets of foreign operations are translated into U.S. dollars using current exchange rates. The U.S. dollar results that arise from such translation, as well as exchange gains and losses on intercompany balances of long-term investment nature, are included in General and administrative expenses. The Company incurred foreign currency translation expense of approximately $2,200 and $0 during the nine months ending September 30, 2017 and 2016, respectively.

 

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

 

8

 

 

Celsius Holdings, Inc. and Subsidiaries 

Notes to Consolidated Financial Statements (unaudited) 

September 30, 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 31 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 September 30, 2017, there were options outstanding to purchase 4.6 million shares, which exercise price averaged $1.80, Series C Preferred Stock warrants outstanding to convert to 4.6 million common shares at $0.52 price per share and Series D Preferred Stock warrants outstanding to convert to 4.7 million common shares at $0.86 price per share. There were no other dilutive common shares equivalents, including convertible notes and warrants, as no common share equivalents had an exercise price below the ending closing price of the year. The effects of dilutive instruments have been presented for the three months ended September 30, 2017 but have not been presented for the three months ended September 30, 2016 and nine months ended September 30, 2017 and 2016, as the effects would be anti-dilutive.

  

9

 

 

Celsius Holdings, Inc. and Subsidiaries 

Notes to Consolidated Financial Statements (unaudited)  

September 30, 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.

 

Recent Accounting Pronouncements

 

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

 

In August 2015, the FASB issued ASU No. 2015-15, Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements (Amendments to SEC Paragraphs Pursuant to Staff Announcement at June 18, 2015 EITF Meeting) (“ASU 2015-15”). ASU 2015-15 allows debt issuance costs related to line-of-credit agreements to be presented in the balance sheet as an asset. ASU 2015-03 and ASU 2015-15 are effective for fiscal years, and interim periods within, beginning after December 15, 2015. The Company has adopted ASU 2015-03 and ASU 2015-15 as of December 31, 2016; the adoption did not have a material impact on its consolidated financial position or results of operations.

 

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

 

10

 

 

Celsius Holdings, Inc. and Subsidiaries 

Notes to Consolidated Financial Statements (unaudited) 

September 30, 2017

 

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

 

Recent Accounting Pronouncements (continued)

 

In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606)” which supersedes previous revenue recognition guidance. ASU No. 2014-09 requires that a company recognize revenue at an amount that reflects the consideration to which the company expects to be entitled in exchange for transferring goods or services to a customer. In applying the new guidance, a company will (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the contract’s performance obligations; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. ASU No. 2014-09 was to be effective for reporting periods beginning after December 15, 2016. However, on July 9, 2015, the FASB voted to approve a one-year deferral of the effective date. This new guidance is effective for the Company beginning January 1, 2018.

 

 All new accounting pronouncements issued but not yet effective are not expected to have a material impact on our results of operations, cash flows or financial position. 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 September 30, 2017, the Company had an accumulated deficit of $54,946,000 which includes a net loss available to common stockholders of approximately $1,592,000 for the nine months ended September 30, 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 approximately $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:

 

   September 30,   December 31, 
   2017   2016 
         
Finished goods  $2,941,925   $2,142,032 
Raw Materials   1,490,200    270,142 
Less: Inventory write-down   (115,529)   (200,804)
Inventories, net  $4,316,596   $2,211,370 

 

11 

 

 

Celsius Holdings, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited) 

September 30, 2017

 

4. PREPAID EXPENSES AND OTHER CURRENT ASSETS

 

Prepaid expenses and other current assets total approximately $3,068,000 and $937,000, at September 30, 2017 and December 31, 2016, respectively, and consist mainly of prepaid consulting agreement with D3M Licensing Group, advertising, prepaid insurance, prepaid slotting fees, and deposits on purchases.

 

5. PROPERTY AND EQUIPMENT

 

Property and equipment consist of the following at:

 

   September 30,   December 31, 
   2017   2016 
         
Furniture and equipment  $322,342   $291,626 
Less: accumulated depreciation   (272,384)   (258,093)
Total  $49,958   $33,533 

 

Depreciation expense amounted to $14,292 and $12,346 during the nine months ended September 30, 2017 and 2016, respectively

 

6. ACCOUNTS PAYABLE AND ACCRUED EXPENSES

 

Accounts payable and accrued expenses consist of the following at:

 

   September 30,   December 31, 
   2017   2016 
         
Accounts payable  $5,716,824   $858,131 
Accrued expenses   2,694,161    896,076 
Total  $8,410,985   $1,754,207 

 

12 

 

 

Celsius Holdings, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited) 

September 30, 2017

 

7. DEFERRED REVENUE AND OTHER CURRENT LIABILITIES

 

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

 

   September 30,   December 31, 
   2017   2016 
         
Customer deposits  $38,106   $201,652 
State bottle bill liability   14,882    12,960 
Total  $52,988   $214,612 

 

8. LINE OF CREDIT NOTE PAYABLE - RELATED PARTIES

 

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

 

   September 30,   December 31, 
   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 and is due quarterly. 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)

September 30, 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 September 30, 2017, and December 31, 2016, $424,631 and $302,555 of dividends has been accrued, respectively. The Preferred C Shares mature on December 31, 2018 and are redeemable only in exchange for shares of Company common stock.

 

On April 16, 2015, the Company entered into an amendment to its existing Loan and Security Agreement (the “Amendment”) with CD, an affiliate of CDS Ventures and Mr. DeSantis. Pursuant to the Amendment, the outstanding principal amount of the CD Line of Credit was reduced by $4.0 million, which amount was converted into 4,000 shares of a newly-designated Series D Preferred Stock (the “Preferred D Shares”). This related party was given a conversion price of $0.86 per common share, whereas other investors purchased common shares at $0.89 in the private placement, as discussed in note 12. The difference of $0.03 per share, which resulted in $139,535, was recorded as a dividend in accordance with ASC 470-20-35, subsequent measurement for debt with conversion and other options. The Preferred D Shares are convertible into our common stock at the option of the holder thereof at a conversion price of $0.86 per share until the earlier of the January 2, 2020 due date of our line of credit with CD Financial or such earlier date as the line of credit is satisfied (the “Mandatory Redemption Date”). The conversion price is subject to adjustment in the event of stock dividends, stock splits and similar events. The Preferred D Shares accrue cumulative annual cash dividends at the rate of 5% per annum, payable quarterly in cash and have a liquidation preference of $1,000 per share. On the Mandatory Redemption Date, the Preferred D Shares automatically convert into shares of our common stock in a number determined by dividing the $1,000 per Preferred D Share liquidation preference plus any accrued but unpaid dividends, by the conversion price then in effect. The Preferred D Shares may also be redeemed by us at any time on or after December 31, 2016, at a redemption price equal to 104% of the liquidation preference. The holder of the Preferred D Shares votes on an “as converted” basis, together with holders of common stock as a single class on all matters presented to shareholders for a vote, except as required by law. As of September 30, 2017, and December 31, 2016, $51,111 and $51,111 of dividends has been accrued regarding these shares, respectively.

 

14 

 

 

Celsius Holdings, Inc. and Subsidiaries 

Notes to Consolidated Financial Statements (unaudited) 

September 30, 2017

 

10. RELATED PARTY TRANSACTIONS

 

The Company’s office is rented from a company affiliated with CD Financial, the line of credit note payable lender, 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 former director and current shareholder of the Company is also a director and shareholder in All Def Digital. As of September 30, 2017, and since inception, the Company has paid All Def Digital $440,395, for services relating to the strategic marketing and advisory services agreement. For the nine months ending September 30, 2017, services were performed by All Def Digital totaling $50,000 respectively.

 

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. Total shares issued were 94,252 at a fair value of $328,000, 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 the line of credit not payable debt valued at $3.00 per share.

 

Issuance of common stock pursuant to exercise of stock options

 

During the nine months ended September 30, 2017, the Company issued an aggregate of 1,918,395 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 $934,000 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) 

September 30, 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 1, 2017, the permitted number of available option grants increased to 5,999,968 shares. As of September 30, 2017 there were 3,488,136 shares available under the Plan.

 

Cumulatively since inception of the 2015 Stock Incentive Plan, the Company has issued options to purchase 2,622,500 common shares. For the nine months ended September 30, 2017 and 2016, the Company recognized an expense of $1,963,455 and $495,108, respectively, of non-cash compensation expense (included in General and Administrative expense in the accompanying Consolidated Statement of Operations) determined by application of a Black Scholes option pricing model with the following inputs: exercise price, dividend yields, risk-free interest rate, and expected annual volatility. As of September 30, 2017, the Company had approximately $4,195,191 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 3.1 million shares that have vested as of September 30, 2017.

 

16 

 

 

Celsius Holdings, Inc. and Subsidiaries 

Notes to Consolidated Financial Statements (unaudited) 

September 30, 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:

 

    Nine months ended September 30,  
    2017     2016  
Expected volatility     133% - 140%       368% - 390%  
Expected term     4 Years       4 Years  
Risk-free interest rate     1.33% - 1.84%       1.36% - 1.61%  
Forfeiture Rate     0.00%       0.00%  
Expected dividend yield     0.00%       0.00%  

 

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

 

A summary of the status of the Company’s outstanding stock options as of September 30, 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   Term (Yrs) 
Options                    
Balance at December 31, 2016   5,636   $1.04   $14,847    5.06 
Granted   1,170   $3.80           
Exercised   (1,985)  $0.83           
Forfeiture and cancelled   (217)  $1.77           
At September 30, 2017   4,605   $1.80   $9,444,762    5.26 
                     
Exercisable at September 30, 2017   3,066   $1.15           

 

17 

 

 

Celsius Holdings, Inc. and Subsidiaries 

Notes to Consolidated Financial Statements (unaudited) 

September 30, 2017

 

12. STOCK-BASED COMPENSATION (CONTINUED)

 

The following table summarizes information about employee stock options outstanding at September 30, 2017:

 

    Outstanding Options     Vested Options  
    Number                 Number              
    Outstanding     Weighted     Weighted     Exercisable     Weighted     Weighted  
Range of   At     Averaged     Averaged     at     Averaged     Averaged  
Exercise   September 30,     Remaining     Exercise     September 30,     Exercise     Remaining  
Price   2017 (000’s)     Life     Price     2017 (000’s)     Price     Life  
$0.20 - $0.53     1,155       3.98     $ 0.26       1,155     $ 0.26       3.98  
$0.65 - $1.80     1,063       2.86     $ 0.86       984     $ 0.84       2.74  
$1.83 - $2.84     1,229       5.04     $ 2.07       695     $ 2.10       4.77  
$3.20 - $6.20     1,150       7.07     $ 3.88       224       3.84       6.13  
$7.20 - $22.00     8       1.88     $ 10.36       8     $ 10.36       1.88  
Outstanding options     4,605       4.77     $ 1.80       3,066     $ 1.15       3.90  

 

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 nine months ended September 30, 2017 and 2016 is presented in the following table:

 

    For the nine months ended  
    September 30, 2017     September 30, 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     (16,667)       —       —       —  
Unvested at end of period     83,333     $ 3.64       —       —  

 

Unrecognized compensation expense related to outstanding restricted stock awards to employees and directors as of September 30, 2017 was $293,148 and is expected to be recognized over a weighted average period of 2.42 years.

 

18 

 

 

Celsius Holdings, Inc. and Subsidiaries 

Notes to Consolidated Financial Statements (unaudited) 

September 30, 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 September 30, 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 September 30, 2017 are as follows:

 

Future Minimum Lease Payments

 

Year ending December 31,   
2017   $ 26,427  
2018     113,461  
2019     116,720  
2020     120,078  
Total   $ 376,686  

 

14. SUBSEQUENT EVENTS

 

In October 2017, the Company issued 383 Preferred C Shares valued at $383,000 in settlement of $383,000 in accrued unpaid Preferred C dividends.

 

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.

 

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

 

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

 

Results of Operations

 

Three months ended September 30, 2017 compared to three months ended September 30, 2016

 

Revenue

 

For the three months ended September 30, 2017, revenue was approximately $10.79 million, an increase of $4.13 million or 62% from $6.66 million for same period in the prior year. The revenue increase of 62% was attributable in large part to 73% growth in international revenue, mainly from our Swedish and Asian distribution partners, and a 54% growth in domestic revenues associated with blended growth rates of 47% in retail accounts (mainly from existing accounts), 67% in health and fitness accounts and 59% in internet retailer accounts. The increase in revenue from the 2016 period to the 2017 period was primarily attributable to increases 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 September 30, 2017 and 2016: 

 

    Three months ended September 30,  
Revenue Source   2017     2016     Change  
                   
Total Revenue   $ 10,785,796     $ 6,657,700       62 %
                         
International Revenue   $ 4,866,641     $ 2,808,777       73 %
                         
Domestic Revenue   $ 5,919,155     $ 3,848,923       54 %
                         
Retail accounts   $ 3,529,790     $ 2,397,750       47 %
                         
Health & Fitness accounts   $ 1,677,376     $ 1,002,682       67 %
                         
Internet Retailer accounts   $ 711,989     $ 448,491       59 %

 

Gross profit

 

For the three months ended September 30, 2017, gross profit increased by approximately $1.79 million or 62% to $4.68 million from $2.89 million for the same period in 2016. Gross profit margins remained consistent at 43.3% for the three months ended September 30, 2017 and September 30, 2016.

 

Sales and marketing expenses

 

Sales and marketing expenses for the three months ended September 30, 2017 were approximately $4.70 million, an increase of $2.97 million or 171% from $1.74 million in the same period in 2016. The increase is due primarily to increases in marketing programs, investments in human resources and warehousing costs, particularly with respect to the launch of our products in China and Hong Kong, where we expended approximately $2.1 million during the 2017 quarter.

 

General and administrative expenses

 

General and administrative expenses for the three months ended September 30, 2017 were approximately $1.56 million, an increase of $478,000, or 44%, from $1.08 million for the three months ended September 30, 2016. The increase was primarily due to increases in option expense of $294,000, investments in human resources of $83,000, office related costs of $21,000 and research and development costs of $79,000.

 

Other expense

 

Total other expense decreased to approximately $35,700 for three months ended September 30, 2017 from $57,500 for the same period in 2016, as a result of a decrease in interest expense.

 

Net Income (Loss)

 

As a result of all of the above, for the three months ended September 30, 2017, Celsius had net loss of approximately $1.62 million, and after giving effect to preferred stock dividends of $92,250, a net loss available to common stockholders of $1.72 million or $0.04 per share based on a weighted average of 45,487,908 shares outstanding. In comparison, for the three months ended September 30, 2016 we had a net income of $9,950, and after giving effect to preferred stock dividends of $102,958, a net loss available to common stockholders of $93,000 or $0.00 per share based on a weighted average of 38,666,451 shares outstanding. 

 

21 

 

 

Nine months ended September 30, 2017 compared to nine months ended September 30, 2016

 

Revenue

 

For the nine months ended September 30, 2017, revenue was approximately $27.02 million, an increase of $10.52 million or 64% from $16.51 million in revenue for nine months ending September 30, 2016. This increase e revenue increase of 64% was attributable in large part to a 60% growth in international revenue, mainly from the Company’s Swedish and Asian distribution partners and a 66% growth in domestic revenues associated with blended growth rates of 42% in retail accounts (mainly from existing accounts, 136% in health and fitness accounts and 86% in internet retailer accounts, from the same period in 2016. The increase in revenue from the 2016 period to the 2017 period was primarily attributable to increases in sales volume, as opposed to increases in product pricing.

 

The following table sets forth the amount of revenues by category and changes therein for the nine months ended September 30, 2017 and 2016: 

 

    Nine months Ended September 30,  
Revenue Source   2017     2016     Change  
                   
Total Revenue   $ 27,023,123     $ 16,508,097       64 %
                         
International Revenue   $ 9,667,042     $ 6,050,830       60 %
                         
Domestic Revenue   $ 17,356,081     $ 10,457,267       66 %
                         
Retail accounts   $ 10,013,276     $ 7,076,139       42 %
                         
Health & Fitness accounts   $ 4,994,440     $ 2,115,221       136 %
                         
Internet Retailer accounts   $ 2,348,365     $ 1,265,907       86 %

 

Gross profit

 

For the nine months ended September 30, 2017, gross profit increased by approximately $4.46 million or 62% to $11.62 million compared to $7.17 million for 2016. Gross profit margins decreased 0.4% to 43.0% in the nine months ended September 30, 2017 from the same period in 2016. The increases in gross profit and the decrease in gross profit margins from 2016 to 2017 are primarily attributable to the increases in revenue and a reduction in the cost of raw materials, off-set by increases in promotional allowances.

 

Sales and marketing expenses

 

Sales and marketing expenses for the nine months ended September 30, 2017 were approximately $9.27 million, an increase of $2.56 million, or 38.0% from $6.71 million in the same period in 2016. The increase is due primarily to increases in marketing programs, investments in human resources and warehousing costs, particularly with respect to the launch of our products in China and Hong Kong, where we expended approximately $2.1 million during the third quarter of 2017.

 

General and administrative expenses

 

General and administrative expenses for the nine months ended September 30, 2017 were approximately $5.26 million, an increase of $2.33 million, or 79.2%, from $2.94 million for the nine months ended September 30, 2016. The increase was primarily due to increases in option expense of $834,000, human resources of $162,000, professional fees of $115,000, research and development costs of $155,000, and employment recruiter costs $100,000, as well as one-time charges of $328,000 related to issuance of restricted stock to two board members in consideration for services previously rendered, $423,000 associated with CEO retirement compensation and office related costs of $79,000, offset by savings in travel of $65,000.

 

22 

 

 

Other expense

 

Total other expense decreased to approximately $122,200 for nine months ended September 30, 2017 from $171,300 for the same period in 2016, as a result of $27,300 in savings in interest expense.

 

Net Loss

 

As a result of all of the above, for the nine months ended September 30, 2017, Celsius had a net loss of $3.03 million, and after giving effect to preferred stock dividends of $274,000, a net loss available to common stockholders of $3.31 million or $0.07 per share based on a weighted average of 43,990,367 shares outstanding. In comparison, for the nine months ended September 30, 2016 we had a net loss of $2.65 million, and after giving effect to preferred stock dividends of $276,000, a net loss available to common stockholders of $2.92 million or $0.08 per share based on a weighted average of 38,530,195 shares outstanding.

 

Liquidity and Capital Resources

 

As of September 30, 2017, and December 31, 2016, we had cash of approximately $19.4 million and $11.8 million, respectively and working capital of approximately $24.9 million and $15.4 million, respectively. Cash used in operations during the nine months ended September 30, 2017 and the year ended December 31, 2016, totaled approximately $3.23 million and $2.36 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 September 30, 2017, the principal amount outstanding under the credit facility with CD Financial was $3.5 million.

 

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

 

Off Balance Sheet Arrangements

 

As of September 30, 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.

 

23 

 

 

Item 4.    Controls and Procedures.

 

Management’s Report on Disclosure Controls and Procedures

 

Our Interim Chief Executive Officer and Chief Financial Officer, conducted an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934 (the “Exchange Act”), as amended, as of September 30, 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 Interim Chief Executive Officer and Chief Financial Officer (as our principal execute, financial and accounting officer), or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure. Based on that evaluation, our Interim Chief Executive Officer and Chief Financial Officer concluded that as of September 30, 2017, our disclosure controls and procedures were effective.

 

Our Interim 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.

 

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

 

Item 1.A.Risk Factors.

 

See “Item 1.A. Risk Factors.” in our Annual Report on 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
     
32.1   Section 906 Certification

 

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:  November 8, 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 s108003_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 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 September 30, 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 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 Chief Financial Officer, have disclosed, based on my most recent evaluation of internal control over financial reporting, to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):

 

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

 

 

 

 

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

 

Date: November 8, 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 s108003_ex32-1.htm EXHIBIT 32.1

Exhibit 32.1

 

CERTIFICATION OF CHIEF EXECUTIVE OFFICER AND CHIEF FINANCIAL OFFICER

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

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

 

In connection with the Quarterly Report of Celsius Holdings, Inc., a Nevada corporation (the “Company”) on Form 10-Q for the quarter September 30, 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 Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002, that:

 

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

 

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

     
Date: November 8, 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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Information by type of related party. It represents information about amendment loan and security agreement. Disclosure of accounting policy for basis of presentation and principles of consolidation. It represents board of Directors co chairman of company. It represents legal entity associated with the company. It represents legal entity associated with the company during the period of time. It represents legal entity associated with the company during the period of time. Information by celebrity endorsement agreements. Refers to the amount of conversion of convertible note to common shares for related-party. Preferred stock that may be exchanged into common shares or other types of securities at the owner's option. 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. 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The entire text block related to prepaid expenses and other current assets. 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. 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. Restricted stock vested. Tabular disclosure of deferred revenue and other current liabilities. It represents information about securities purchase agreement. Share based compensation arrangement by share based payment award equity instruments vested weighted average grant date fair value. Share based compensation arrangement by share based payment award equity instruments unvested weighted average grant date fair value. 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Weighted average period of unrecognized compensation expense. Amount paid for services performed. Purchase of common shares. Settlement of accrued dividends. 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Document and Entity Information - shares
 9 Months Ended
Sep. 30, 2017
Nov. 08, 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 Sep. 30, 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   45,679,093
Document Fiscal Period Focus Q3  
Document Fiscal Year Focus 2017  
XML 11 R2.htm IDEA: XBRL DOCUMENT v3.8.0.1
Consolidated Balance Sheets (Unaudited) - USD ($)
Sep. 30, 2017
Dec. 31, 2016
Current assets:    
Cash $ 19,418,583 $ 11,747,138 [1]
Accounts receivable, net 7,071,888 2,787,732 [1]
Inventories 4,316,596 2,211,370
Prepaid expenses and other current assets 3,068,290 937,349 [1]
Total current assets 33,875,357 17,683,589 [1]
Property and equipment, net 49,958 33,533 [1]
Total Assets 33,925,315 17,717,122 [1]
Current liabilities:    
Accounts payable and accrued expenses 8,410,985 1,754,207
Accrued preferred dividends 475,742 353,666 [1]
Deferred revenue and other current liabilities 52,988 214,612
Total current liabilities 8,939,715 2,322,485 [1]
Long-term liabilities:    
Line of credit note payable-related party 3,500,000 4,500,000 [1]
Total Liabilities 12,439,715 6,822,485 [1]
Stockholders' Equity:    
Preferred Stock, $0.001 par value; 2,500,000 shares authorized, 6,380 shares issued and outstanding at September 30, 2017 and December 31, 2016 6 6 [1]
Common stock, $0.001 par value; 75,000,000 shares authorized, 45,679,093 and 39,999,784 shares issued and outstanding at September 30, 2017 and December 31, 2016, respectively 45,679 40,000 [1]
Additional paid-in capital 78,100,761 64,208,963 [1]
Accumulated deficit (56,660,846) (53,354,332) [1]
Total Stockholders' Equity 21,485,600 10,894,637 [1]
Total Liabilities and Stockholders' Equity $ 33,925,315 $ 17,717,122 [1]
[1] Derived from Audited Financial Statements
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Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares
Sep. 30, 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 45,679,093 39,999,784
Common stock, outstanding 45,679,093 39,999,784
[1] Derived from Audited Financial Statements
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Consolidated Statements of Operations (Unaudited) - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2015
Sep. 30, 2017
Sep. 30, 2016
Income Statement [Abstract]        
Revenue $ 10,785,796 $ 6,657,700 $ 27,023,123 $ 16,508,097
Cost of revenue 6,110,898 3,772,948 15,398,798 9,339,302
Gross profit 4,674,898 2,884,752 11,624,325 7,168,795
Selling and marketing expenses 4,702,308 1,736,029 9,273,207 6,709,345
General and administrative expenses 1,559,173 1,081,273 5,261,694 2,936,273
Total operating expenses 6,261,481 2,817,302 14,534,901 9,645,618
Income (Loss) from operations (1,586,583) 67,450 (2,910,576) (2,476,823)
Other Income (Expense):        
Interest expense (35,661) (57,500) (122,195) (171,250)
Total Other Income (Expense) (35,661) (57,500) (122,195) (171,250)
Net Income (Loss) (1,622,244) 9,950 (3,032,771) (2,648,073)
Preferred stock dividend (92,250) (102,958) (273,743) (276,264)
Net income (Loss) available to common stockholders $ (1,714,494) $ (93,008) $ (3,306,514) $ (2,924,337)
Income (Loss) per share:        
Basic (in dollars per share) $ (0.04) $ (0.00) $ (0.08) $ (0.08)
Diluted (in dollars per share) $ (0.04) $ (0.00) $ (0.08) $ (0.08)
Weighted average shares outstanding:        
Basic (in shares) 45,487,908 38,666,451 43,990,367 38,530,195
Diluted (in shares) 45,487,908 38,666,451 43,990,367 38,530,195
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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Cash flows from operating activities:    
Net Loss $ (3,032,771) $ (2,648,073)
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Depreciation and amortization 14,292 12,346
Stock-based compensation expense for services 327,997
Stock-based option compensation expense 1,635,458 1,361,398
Changes in operating assets and liabilities:    
Accounts receivable, net (4,284,156) (1,275,212)
Inventories net (2,105,226) 216,575
Prepaid expenses and other current assets (2,130,941) (271,267)
Accounts payable and accrued expenses 6,656,778 (95,427)
Accrued preferred dividends (151,667) (152,197)
Deferred revenue and other current liabilities (161,624) 511,479
Net cash provided by (used in) in operating activities (3,231,860) (2,340,378)
Cash flows from investing activities:    
Purchase of property and equipment (30,716) (27,535)
Net cash (used in) investing activities (30,716) (27,535)
Cash flows from financing activities:    
Net proceeds from issuance of common stock 9,999,948
Proceeds from exercise of stock options 934,073 5,300
Net cash provided by financing activities 10,934,021 5,300
Net increase (decrease) in cash 7,671,445 (2,362,613)
Cash at beginning of the period 11,747,138 10,128,320
Cash at end of the period 19,418,583 7,765,707
Cash paid during period for:    
Interest 137,014 113,750
Income Taxes
Non-cash investing and financing activities:    
Accrued preferred dividends 273,743 276,238
Conversion of convertible note to common shares, related-party $ 1,000,000
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ORGANIZATION AND DESCRIPTION OF BUSINESS
 9 Months Ended
Sep. 30, 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 two subsidiaries of the Company. On February 7, 2017, the Company established Celsius Asia Holdings Limited and Celsius China Holdings Limited, two Hong Kong corporations as wholly-owned subsidiaries of the Company and on May 9, 2017, the Company established Celsius (Beijing) Beverage Limited, a China 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.
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BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 9 Months Ended
Sep. 30, 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 unaudited 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 General Form for Registration of Securities of Form 10 as filed with the Securities and Exchange Commission (the “Commission”). The consolidated financial statements of the Company include the Company and its wholly owned subsidiaries. All material inter-company balances and transactions have been eliminated. 

 

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

 

Segment Reporting —Although the Company has a number of operating divisions, separate segment data has not been presented, as they meet the criteria for aggregation as permitted by ASC Topic 280, Segment Reporting, (formerly Statement of Financial Accounting Standards (SFAS) No. 131, Disclosures About Segments of an Enterprise and Related Information.) Our chief operating decision-maker is considered to be our Chief Executive Officer (CEO). The CEO reviews financial information presented on a consolidated basis for purposes of making operating decisions and assessing financial performance. The financial information reviewed by the CEO is identical to the information presented in the accompanying consolidated statement of operations. Therefore, the Company has determined that it operates in a single operating segment. For the nine months ended September 30, 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 September 30, 2017 the Company had approximately $19.2 million in excess of the Federal Deposit Insurance Corporation limit but has incurred no losses with respect to these accounts.

 

For the nine months ended September 30, 2017 and 2016, the Company had the following 10 percent or greater concentrations of revenue with its customers:

 

    2017     2016  
A*     32.9 %     35.0 %
B     7.9 %     11.1 %
All other     59.2 %     53.9 %
Total     100.0 %     100.0 %

 

At September 30, 2017 and December 31, 2016, the Company had the following 10 percent or greater concentrations of accounts receivable with its customers:

 

    2017     2016  
A*     57.5 %     53.8 %
B     4.3 %     11.5 %
All other     38.2 %     27.0 %
Total     100.0 %     100.0 %

 

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

 

Cash Equivalents — The Company considers all highly liquid instruments with maturities of three months or less when purchased to be cash equivalents. At September 30, 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 September 30, 2017 and December 31, 2016, there was an allowance for doubtful accounts of $48,800 and $72,300, respectively.

 

Inventories — Inventories include only the purchase cost and are stated at the lower of cost or market. Cost is determined using the FIFO method. Inventories consist of raw materials and finished products purchased from third parties. The Company outsources its manufacturing process as a result has no work in process inventories. The Company reserves against inventory during the period in which such materials and products are no longer usable or marketable. At September 30, 2017 and December 31, 2016, the Company recorded a reserve of $115,529 and $200,805, 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. The Company did not recognize any impairment expense at September 30, 2017 and December 31, 2016.

 

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.

 

Shipping and Handling Costs— Shipping and handling costs are reported in cost of revenue in the accompanying consolidated statements of income. The Company incurred shipping and handling costs of $2.4 and $1.5 million during the nine months ended September 30, 2017 and 2016, respectively. Although our classification is consistent with many companies, our gross margin may not be comparable to many beverage companies that include shipping and handling costs in selling, general and administrative expenses.

 

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 $5.1 million and $3.4 million during the nine months ending September 30, 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 $222,300 and $66,700 during the nine months ending September 30, 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 other assets or liabilities measured at fair value at September 30, 2017 and December 31, 2016.

 

Foreign Currency Translation — Generally, foreign subsidiaries’ functional currency is the local currency of operations and the net assets of foreign operations are translated into U.S. dollars using current exchange rates. The U.S. dollar results that arise from such translation, as well as exchange gains and losses on intercompany balances of long-term investment nature, are included in General and administrative expenses. The Company incurred foreign currency translation expense of approximately $2,200 and $0 during the nine months ending September 30, 2017 and 2016, respectively.

 

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

 

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

 

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

 

The Company files its tax returns on a calendar year December 31 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 September 30, 2017, there were options outstanding to purchase 4.6 million shares, which exercise price averaged $1.80, Series C Preferred Stock warrants outstanding to convert to 4.6 million common shares at $0.52 price per share and Series D Preferred Stock warrants outstanding to convert to 4.7 million common shares at $0.86 price per share. There were no other dilutive common shares equivalents, including convertible notes and warrants, as no common share equivalents had an exercise price below the ending closing price of the year. The effects of dilutive instruments have been presented for the three months ended September 30, 2017 but have not been presented for the three months ended September 30, 2016 and nine months ended September 30, 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.

 

Recent Accounting Pronouncements

 

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

 

In August 2015, the FASB issued ASU No. 2015-15, Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements (Amendments to SEC Paragraphs Pursuant to Staff Announcement at June 18, 2015 EITF Meeting) (“ASU 2015-15”). ASU 2015-15 allows debt issuance costs related to line-of-credit agreements to be presented in the balance sheet as an asset. ASU 2015-03 and ASU 2015-15 are effective for fiscal years, and interim periods within, beginning after December 15, 2015. The Company has adopted ASU 2015-03 and ASU 2015-15 as of December 31, 2016; the adoption did not have a material impact on its consolidated financial position or results of operations.

 

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

 

 

In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606)” which supersedes previous revenue recognition guidance. ASU No. 2014-09 requires that a company recognize revenue at an amount that reflects the consideration to which the company expects to be entitled in exchange for transferring goods or services to a customer. In applying the new guidance, a company will (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the contract’s performance obligations; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. ASU No. 2014-09 was to be effective for reporting periods beginning after December 15, 2016. However, on July 9, 2015, the FASB voted to approve a one-year deferral of the effective date. This new guidance is effective for the Company beginning January 1, 2018.

 

 All new accounting pronouncements issued but not yet effective are not expected to have a material impact on our results of operations, cash flows or financial position. 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 September 30, 2017, the Company had an accumulated deficit of $54,946,000 which includes a net loss available to common stockholders of approximately $1,592,000 for the nine months ended September 30, 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 approximately $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 v3.8.0.1
INVENTORIES
 9 Months Ended
Sep. 30, 2017
Inventory Disclosure [Abstract]  
INVENTORIES
3. INVENTORIES

 

Inventories consist of the following at:

 

    September 30,     December 31,  
    2017     2016  
             
Finished goods   $ 2,941,925     $ 2,142,032  
Raw Materials     1,490,200       270,142  
Less: Inventory write-down     (115,529 )     (200,804 )
Inventories, net   $ 4,316,596     $ 2,211,370  
XML 18 R9.htm IDEA: XBRL DOCUMENT v3.8.0.1
PREPAID EXPENSES AND OTHER CURRENT ASSETS
 9 Months Ended
Sep. 30, 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 approximately $3,068,000 and $937,000, at September 30, 2017 and December 31, 2016, respectively, and consist mainly of prepaid consulting agreement with D3M Licensing Group, advertising, prepaid insurance, prepaid slotting fees, and deposits on purchases.
XML 19 R10.htm IDEA: XBRL DOCUMENT v3.8.0.1
PROPERTY AND EQUIPMENT
 9 Months Ended
Sep. 30, 2017
Property, Plant and Equipment [Abstract]  
PROPERTY AND EQUIPMENT
5. PROPERTY AND EQUIPMENT

 

Property and equipment consist of the following at:

 

    September 30,     December 31,  
    2017     2016  
             
Furniture and equipment   $ 322,342     $ 291,626  
Less: accumulated depreciation     (272,384 )     (258,093 )
Total   $ 49,958     $ 33,533  

 

Depreciation expense amounted to $14,292 and $12,346 during the nine months ended September 30, 2017 and 2016, respectively
XML 20 R11.htm IDEA: XBRL DOCUMENT v3.8.0.1
ACCOUNTS PAYABLE AND ACCRUED EXPENSES
 9 Months Ended
Sep. 30, 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:

 

    September 30,     December 31,  
    2017     2016  
             
Accounts payable   $ 5,716,824     $ 858,131  
Accrued expenses     2,694,161       896,076  
Total   $ 8,410,985     $ 1,754,207  
XML 21 R12.htm IDEA: XBRL DOCUMENT v3.8.0.1
DEFERRED REVENUE AND OTHER CURRENT LIABILITIES
 9 Months Ended
Sep. 30, 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:

 

    September 30,     December 31,  
    2017     2016  
             
Customer deposits   $ 38,106     $ 201,652  
State bottle bill liability     14,882       12,960  
Total   $ 52,988     $ 214,612  
XML 22 R13.htm IDEA: XBRL DOCUMENT v3.8.0.1
LINE OF CREDIT NOTE PAYABLE - RELATED PARTIES
 9 Months Ended
Sep. 30, 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:

 

    September 30,     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 and is due quarterly. 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 v3.8.0.1
PREFERRED STOCK - RELATED PARTY
 9 Months Ended
Sep. 30, 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 September 30, 2017, and December 31, 2016, $424,631 and $302,555 of dividends has been accrued, respectively. The Preferred C Shares mature on December 31, 2018 and are redeemable only in exchange for shares of Company common stock.

 

On April 16, 2015, the Company entered into an amendment to its existing Loan and Security Agreement (the “Amendment”) with CD, an affiliate of CDS Ventures and Mr. DeSantis. Pursuant to the Amendment, the outstanding principal amount of the CD Line of Credit was reduced by $4.0 million, which amount was converted into 4,000 shares of a newly-designated Series D Preferred Stock (the “Preferred D Shares”). This related party was given a conversion price of $0.86 per common share, whereas other investors purchased common shares at $0.89 in the private placement, as discussed in note 12. The difference of $0.03 per share, which resulted in $139,535, was recorded as a dividend in accordance with ASC 470-20-35, subsequent measurement for debt with conversion and other options. The Preferred D Shares are convertible into our common stock at the option of the holder thereof at a conversion price of $0.86 per share until the earlier of the January 2, 2020 due date of our line of credit with CD Financial or such earlier date as the line of credit is satisfied (the “Mandatory Redemption Date”). The conversion price is subject to adjustment in the event of stock dividends, stock splits and similar events. The Preferred D Shares accrue cumulative annual cash dividends at the rate of 5% per annum, payable quarterly in cash and have a liquidation preference of $1,000 per share. On the Mandatory Redemption Date, the Preferred D Shares automatically convert into shares of our common stock in a number determined by dividing the $1,000 per Preferred D Share liquidation preference plus any accrued but unpaid dividends, by the conversion price then in effect. The Preferred D Shares may also be redeemed by us at any time on or after December 31, 2016, at a redemption price equal to 104% of the liquidation preference. The holder of the Preferred D Shares votes on an “as converted” basis, together with holders of common stock as a single class on all matters presented to shareholders for a vote, except as required by law. As of September 30, 2017, and December 31, 2016, $51,111 and $51,111 of dividends has been accrued regarding these shares, respectively.
XML 24 R15.htm IDEA: XBRL DOCUMENT v3.8.0.1
RELATED PARTY TRANSACTIONS
 9 Months Ended
Sep. 30, 2017
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS
10. RELATED PARTY TRANSACTIONS

 

The Company’s office is rented from a company affiliated with CD Financial, the line of credit note payable lender, 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 former director and current shareholder of the Company is also a director and shareholder in All Def Digital. As of September 30, 2017, and since inception, the Company has paid All Def Digital $440,395, for services relating to the strategic marketing and advisory services agreement. For the nine months ending September 30, 2017, services were performed by All Def Digital totaling $50,000 respectively.

 

Other related party transactions are discussed in notes 8 and 9.
XML 25 R16.htm IDEA: XBRL DOCUMENT v3.8.0.1
STOCKHOLDERS' EQUITY
 9 Months Ended
Sep. 30, 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. Total shares issued were 94,252 at a fair value of $328,000, 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 the line of credit not payable debt valued at $3.00 per share.

 

Issuance of common stock pursuant to exercise of stock options

 

During the nine months ended September 30, 2017, the Company issued an aggregate of 1,918,395 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 $934,000 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 v3.8.0.1
STOCK-BASED COMPENSATION
 9 Months Ended
Sep. 30, 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 1, 2017, the permitted number of available option grants increased to 5,999,968 shares. As of September 30, 2017 there were 3,488,136 shares available under the Plan.

 

Cumulatively since inception of the 2015 Stock Incentive Plan, the Company has issued options to purchase 2,622,500 common shares. For the nine months ended September 30, 2017 and 2016, the Company recognized an expense of $1,963,455 and $495,108, respectively, of non-cash compensation expense (included in General and Administrative expense in the accompanying Consolidated Statement of Operations) determined by application of a Black Scholes option pricing model with the following inputs: exercise price, dividend yields, risk-free interest rate, and expected annual volatility. As of September 30, 2017, the Company had approximately $4,195,191 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 3.1 million shares that have vested as of September 30, 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:

 

    Nine months ended September 30,  
    2017     2016  
Expected volatility     133% - 140%       368% - 390%  
Expected term     4 Years       4 Years  
Risk-free interest rate     1.33% - 1.84%       1.36% - 1.61%  
Forfeiture Rate     0.00%       0.00%  
Expected dividend yield     0.00%       0.00%  

 

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

 

A summary of the status of the Company’s outstanding stock options as of September 30, 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     Term (Yrs)  
Options                                
Balance at December 31, 2016     5,636     $ 1.04     $ 14,847       5.06  
Granted     1,170     $ 3.80                  
Exercised     (1,985 )   $ 0.83                  
Forfeiture and cancelled     (217 )   $ 1.77                  
At September 30, 2017     4,605     $ 1.80     $ 9,444,762       5.26  
                                 
Exercisable at September 30, 2017     3,066     $ 1.15                  

 

The following table summarizes information about employee stock options outstanding at September 30, 2017:

 

    Outstanding Options     Vested Options  
    Number                 Number              
    Outstanding     Weighted     Weighted     Exercisable     Weighted     Weighted  
Range of   At     Averaged     Averaged     at     Averaged     Averaged  
Exercise   September 30,     Remaining     Exercise     September 30,     Exercise     Remaining  
Price   2017 (000’s)     Life     Price     2017 (000’s)     Price     Life  
$0.20 - $0.53     1,155       3.98     $ 0.26       1,155     $ 0.26       3.98  
$0.65 - $1.80     1,063       2.86     $ 0.86       984     $ 0.84       2.74  
$1.83 - $2.84     1,229       5.04     $ 2.07       695     $ 2.10       4.77  
$3.20 - $6.20     1,150       7.07     $ 3.88       224       3.84       6.13  
$7.20 - $22.00     8       1.88     $ 10.36       8     $ 10.36       1.88  
Outstanding options     4,605       4.77     $ 1.80       3,066     $ 1.15       3.90  

 

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 nine months ended September 30, 2017 and 2016 is presented in the following table:

 

    For the nine months ended  
    September 30, 2017     September 30, 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     (16,667)       —       —       —  
Unvested at end of period     83,333     $ 3.64       —       —  

 

Unrecognized compensation expense related to outstanding restricted stock awards to employees and directors as of September 30, 2017 was $293,148 and is expected to be recognized over a weighted average period of 2.42 years.
XML 27 R18.htm IDEA: XBRL DOCUMENT v3.8.0.1
COMMITMENTS AND CONTINGENCIES
 9 Months Ended
Sep. 30, 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 September 30, 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 September 30, 2017 are as follows:

 

Future Minimum Lease Payments

 

Year ending December 31,   
2017   $ 26,427  
2018     113,461  
2019     116,720  
2020     120,078  
Total   $ 376,686  

 
XML 28 R19.htm IDEA: XBRL DOCUMENT v3.8.0.1
SUBSEQUENT EVENTS
 9 Months Ended
Sep. 30, 2017
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS
14. SUBSEQUENT EVENTS

 

In October 2017, the Company issued 383 Preferred C Shares valued at $383,000 in settlement of $383,000 in accrued unpaid Preferred C dividends.
XML 29 R20.htm IDEA: XBRL DOCUMENT v3.8.0.1
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
 9 Months Ended
Sep. 30, 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 unaudited 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 General Form for Registration of Securities of Form 10 as filed with the Securities and Exchange Commission (the “Commission”). The consolidated financial statements of the Company include the Company and its wholly owned subsidiaries. All material inter-company balances and transactions have been eliminated. 
Significant Estimates

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

Segment Reporting —Although the Company has a number of operating divisions, separate segment data has not been presented, as they meet the criteria for aggregation as permitted by ASC Topic 280, Segment Reporting, (formerly Statement of Financial Accounting Standards (SFAS) No. 131, Disclosures About Segments of an Enterprise and Related Information.) Our chief operating decision-maker is considered to be our Chief Executive Officer (CEO). The CEO reviews financial information presented on a consolidated basis for purposes of making operating decisions and assessing financial performance. The financial information reviewed by the CEO is identical to the information presented in the accompanying consolidated statement of operations. Therefore, the Company has determined that it operates in a single operating segment. For the nine months ended September 30, 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 September 30, 2017 the Company had approximately $19.2 million in excess of the Federal Deposit Insurance Corporation limit but has incurred no losses with respect to these accounts.

 

For the nine months ended September 30, 2017 and 2016, the Company had the following 10 percent or greater concentrations of revenue with its customers:

 

    2017     2016  
A*     32.9 %     35.0 %
B     7.9 %     11.1 %
All other     59.2 %     53.9 %
Total     100.0 %     100.0 %

 

At September 30, 2017 and December 31, 2016, the Company had the following 10 percent or greater concentrations of accounts receivable with its customers:

 

    2017     2016  
A*     57.5 %     53.8 %
B     4.3 %     11.5 %
All other     38.2 %     27.0 %
Total     100.0 %     100.0 %

 

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

Cash Equivalents — The Company considers all highly liquid instruments with maturities of three months or less when purchased to be cash equivalents. At September 30, 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 September 30, 2017 and December 31, 2016, there was an allowance for doubtful accounts of $48,800 and $72,300, respectively.
Inventories

Inventories — Inventories include only the purchase cost and are stated at the lower of cost or market. Cost is determined using the FIFO method. Inventories consist of raw materials and finished products purchased from third parties. The Company outsources its manufacturing process as a result has no work in process inventories. The Company reserves against inventory during the period in which such materials and products are no longer usable or marketable. At September 30, 2017 and December 31, 2016, the Company recorded a reserve of $115,529 and $200,805, 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. The Company did not recognize any impairment expense at September 30, 2017 and December 31, 2016.
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.
Shipping and Handling Costs

Shipping and Handling Costs— Shipping and handling costs are reported in cost of revenue in the accompanying consolidated statements of income. The Company incurred shipping and handling costs of $2.4 and $1.5 million during the nine months ended September 30, 2017 and 2016, respectively. Although our classification is consistent with many companies, our gross margin may not be comparable to many beverage companies that include shipping and handling costs in selling, general and administrative expenses.
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 $5.1 million and $3.4 million during the nine months ending September 30, 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 $222,300 and $66,700 during the nine months ending September 30, 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 other assets or liabilities measured at fair value at September 30, 2017 and December 31, 2016.
Foreign Currency Translation

Foreign Currency Translation — Generally, foreign subsidiaries’ functional currency is the local currency of operations and the net assets of foreign operations are translated into U.S. dollars using current exchange rates. The U.S. dollar results that arise from such translation, as well as exchange gains and losses on intercompany balances of long-term investment nature, are included in General and administrative expenses. The Company incurred foreign currency translation expense of approximately $2,200 and $0 during the nine months ending September 30, 2017 and 2016, respectively.
Income Taxes

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

 

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

 

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

 

The Company files its tax returns on a calendar year December 31 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 September 30, 2017, there were options outstanding to purchase 4.6 million shares, which exercise price averaged $1.80, Series C Preferred Stock warrants outstanding to convert to 4.6 million common shares at $0.52 price per share and Series D Preferred Stock warrants outstanding to convert to 4.7 million common shares at $0.86 price per share. There were no other dilutive common shares equivalents, including convertible notes and warrants, as no common share equivalents had an exercise price below the ending closing price of the year. The effects of dilutive instruments have been presented for the three months ended September 30, 2017 but have not been presented for the three months ended September 30, 2016 and nine months ended September 30, 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.
Recent Accounting Pronouncements

Recent Accounting Pronouncements

 

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

 

In August 2015, the FASB issued ASU No. 2015-15, Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements (Amendments to SEC Paragraphs Pursuant to Staff Announcement at June 18, 2015 EITF Meeting) (“ASU 2015-15”). ASU 2015-15 allows debt issuance costs related to line-of-credit agreements to be presented in the balance sheet as an asset. ASU 2015-03 and ASU 2015-15 are effective for fiscal years, and interim periods within, beginning after December 15, 2015. The Company has adopted ASU 2015-03 and ASU 2015-15 as of December 31, 2016; the adoption did not have a material impact on its consolidated financial position or results of operations.

 

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

 

In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606)” which supersedes previous revenue recognition guidance. ASU No. 2014-09 requires that a company recognize revenue at an amount that reflects the consideration to which the company expects to be entitled in exchange for transferring goods or services to a customer. In applying the new guidance, a company will (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the contract’s performance obligations; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. ASU No. 2014-09 was to be effective for reporting periods beginning after December 15, 2016. However, on July 9, 2015, the FASB voted to approve a one-year deferral of the effective date. This new guidance is effective for the Company beginning January 1, 2018.

 

 All new accounting pronouncements issued but not yet effective are not expected to have a material impact on our results of operations, cash flows or financial position. 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 September 30, 2017, the Company had an accumulated deficit of $54,946,000 which includes a net loss available to common stockholders of approximately $1,592,000 for the nine months ended September 30, 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 approximately $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 v3.8.0.1
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 9 Months Ended
Sep. 30, 2017
Accounting Policies [Abstract]  
Schedule of revenue & accounts receivable with customers

For the nine months ended September 30, 2017 and 2016, the Company had the following 10 percent or greater concentrations of revenue with its customers:

 

    2017     2016  
A*     32.9 %     35.0 %
B     7.9 %     11.1 %
All other     59.2 %     53.9 %
Total     100.0 %     100.0 %

 

At September 30, 2017 and December 31, 2016, the Company had the following 10 percent or greater concentrations of accounts receivable with its customers:

 

    2017     2016  
A*     57.5 %     53.8 %
B     4.3 %     11.5 %
All other     38.2 %     27.0 %
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 v3.8.0.1
INVENTORIES (Tables)
 9 Months Ended
Sep. 30, 2017
Inventory Disclosure [Abstract]  
Schedule of inventories

Inventories consist of the following at:

 

    September 30,     December 31,  
    2017     2016  
             
Finished goods   $ 2,941,925     $ 2,142,032  
Raw Materials     1,490,200       270,142  
Less: Inventory write-down     (115,529 )     (200,804 )
Inventories, net   $ 4,316,596     $ 2,211,370  
XML 32 R23.htm IDEA: XBRL DOCUMENT v3.8.0.1
PROPERTY AND EQUIPMENT (Tables)
 9 Months Ended
Sep. 30, 2017
Property, Plant and Equipment [Abstract]  
Schedule of property and equipment

Property and equipment consist of the following at:

 

    September 30,     December 31,  
    2017     2016  
             
Furniture and equipment   $ 322,342     $ 291,626  
Less: accumulated depreciation     (272,384 )     (258,093 )
Total   $ 49,958     $ 33,533  
XML 33 R24.htm IDEA: XBRL DOCUMENT v3.8.0.1
ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Tables)
 9 Months Ended
Sep. 30, 2017
Payables and Accruals [Abstract]  
Schedule of accounts payable and accrued expenses

Accounts payable and accrued expenses consist of the following at:

 

    September 30,     December 31,  
    2017     2016  
             
Accounts payable   $ 5,716,824     $ 858,131  
Accrued expenses     2,694,161       896,076  
Total   $ 8,410,985     $ 1,754,207  
XML 34 R25.htm IDEA: XBRL DOCUMENT v3.8.0.1
DEFERRED REVENUE AND OTHER CURRENT LIABILITIES (Tables)
 9 Months Ended
Sep. 30, 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:

 

    September 30,     December 31,  
    2017     2016  
             
Customer deposits   $ 38,106     $ 201,652  
State bottle bill liability     14,882       12,960  
Total   $ 52,988     $ 214,612  
XML 35 R26.htm IDEA: XBRL DOCUMENT v3.8.0.1
LINE OF CREDIT NOTE PAYABLE - RELATED PARTIES (Tables)
 9 Months Ended
Sep. 30, 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:

 

    September 30,     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 and is due quarterly. 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 v3.8.0.1
STOCK-BASED COMPENSATION (Tables)
 9 Months Ended
Sep. 30, 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:

 

    Nine months ended September 30,  
    2017     2016  
Expected volatility     133% - 140%       368% - 390%  
Expected term     4 Years       4 Years  
Risk-free interest rate     1.33% - 1.84%       1.36% - 1.61%  
Forfeiture Rate     0.00%       0.00%  
Expected dividend yield     0.00%       0.00%  
Schedule of outstanding stock options

A summary of the status of the Company’s outstanding stock options as of September 30, 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     Term (Yrs)  
Options                                
Balance at December 31, 2016     5,636     $ 1.04     $ 14,847       5.06  
Granted     1,170     $ 3.80                  
Exercised     (1,985 )   $ 0.83                  
Forfeiture and cancelled     (217 )   $ 1.77                  
At September 30, 2017     4,605     $ 1.80     $ 9,444,762       5.26  
                                 
Exercisable at September 30, 2017     3,066     $ 1.15                  
Schedule of employee stock options outstanding

The following table summarizes information about employee stock options outstanding at September 30, 2017:

 

    Outstanding Options     Vested Options  
    Number                 Number              
    Outstanding     Weighted     Weighted     Exercisable     Weighted     Weighted  
Range of   At     Averaged     Averaged     at     Averaged     Averaged  
Exercise   September 30,     Remaining     Exercise     September 30,     Exercise     Remaining  
Price   2017 (000’s)     Life     Price     2017 (000’s)     Price     Life  
$0.20 - $0.53     1,155       3.98     $ 0.26       1,155     $ 0.26       3.98  
$0.65 - $1.80     1,063       2.86     $ 0.86       984     $ 0.84       2.74  
$1.83 - $2.84     1,229       5.04     $ 2.07       695     $ 2.10       4.77  
$3.20 - $6.20     1,150       7.07     $ 3.88       224       3.84       6.13  
$7.20 - $22.00     8       1.88     $ 10.36       8     $ 10.36       1.88  
Outstanding options     4,605       4.77     $ 1.80       3,066     $ 1.15       3.90  
Summary of restricted stock awards

A summary of the Company’s restricted stock activity for the nine months ended September 30, 2017 and 2016 is presented in the following table:

 

    For the nine months ended  
    September 30, 2017     September 30, 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     (16,667)       —       —       —  
Unvested at end of period     83,333     $ 3.64       —       —  
XML 37 R28.htm IDEA: XBRL DOCUMENT v3.8.0.1
COMMITMENTS AND CONTINGENCIES (Tables)
 9 Months Ended
Sep. 30, 2017
Commitments and Contingencies Disclosure [Abstract]  
Schedule of future annual minimum payments

Future annual minimum payments required under operating lease obligations at September 30, 2017 are as follows:

 

Future Minimum Lease Payments

 

Year ending December 31,   
2017   $ 26,427  
2018     113,461  
2019     116,720  
2020     120,078  
Total   $ 376,686  
XML 38 R29.htm IDEA: XBRL DOCUMENT v3.8.0.1
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - 10% or Greater Revenue [Member]
 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Concentration Risk [Line Items]    
Total 100.00% 100.00%
Customer A [Member]    
Concentration Risk [Line Items]    
Total [1] 32.90% 35.00%
Customer B [Member]    
Concentration Risk [Line Items]    
Total 7.90% 11.10%
All Other [Member]    
Concentration Risk [Line Items]    
Total 59.20% 53.90%
[1] Revenues and receivables from customer A are derived from a distributor located in Sweden.
XML 39 R30.htm IDEA: XBRL DOCUMENT v3.8.0.1
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 1) - 10% or Accounts Receivable [Member]
 9 Months Ended 12 Months Ended
Sep. 30, 2017
Dec. 31, 2016
Concentration Risk [Line Items]    
Total 100.00% 100.00%
Customer A [Member]    
Concentration Risk [Line Items]    
Total [1] 57.50% 53.80%
Customer B [Member]    
Concentration Risk [Line Items]    
Total 4.30% 11.50%
All Other [Member]    
Concentration Risk [Line Items]    
Total 38.20% 27.00%
[1] Revenues and receivables from customer A are derived from a distributor located in Sweden.
XML 40 R31.htm IDEA: XBRL DOCUMENT v3.8.0.1
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative)
 3 Months Ended 9 Months Ended
Sep. 30, 2017
USD ($)
$ / shares
Sep. 30, 2015
USD ($)
Sep. 30, 2017
USD ($)
Number
$ / shares
shares
Sep. 30, 2016
USD ($)
Jun. 30, 2017
$ / shares
Dec. 31, 2016
USD ($)
Amount excess of FDIC limit $ 19,200,000   $ 19,200,000      
Allowance for doubtful accounts 48,800   48,800     $ 72,300
Inventory reserve $ 115,529   115,529     200,804
Advertising expense     5,100,000 $ 3,400,000    
Research and development expense     222,300 66,700    
Shipping and handling costs     2,400,000 1,500,000    
Foreign currency translation expense     $ 2,200 0    
Number of options outstanding | shares     4,600,000      
Exercise price of awards (in dollars per share) | $ / shares $ 1.80   $ 1.80   $ 1.00  
Accumulated deficit $ (56,660,846)   $ (56,660,846)     $ (53,354,332) [1]
Net (loss) available to common stockholders $ (1,714,494) $ (93,008) (3,306,514) (2,924,337)    
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     12      
Share price (in dollars per share) | $ / shares $ 3.00   $ 3.00   $ 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 v3.8.0.1
INVENTORIES (Details) - USD ($)
Sep. 30, 2017
Dec. 31, 2016
Inventory Disclosure [Abstract]    
Finished goods $ 2,941,925 $ 2,142,032
Raw Materials 1,490,200 270,142
Less: Inventory Reserve (115,529) (200,804)
Inventories, net $ 4,316,596 $ 2,211,370
XML 42 R33.htm IDEA: XBRL DOCUMENT v3.8.0.1
PREPAID EXPENSES AND OTHER CURRENT ASSETS (Details Narrative) - USD ($)
Sep. 30, 2017
Dec. 31, 2016
D3M Licensing Group [Member] | Prepaid Consulting Agreement [Member]    
Prepaid expenses and other current assets $ 3,068,000 $ 937,000
XML 43 R34.htm IDEA: XBRL DOCUMENT v3.8.0.1
PROPERTY AND EQUIPMENT (Details) - USD ($)
Sep. 30, 2017
Dec. 31, 2016
Property, Plant and Equipment [Line Items]    
Less: accumulated depreciation $ (272,384) $ (258,093)
Total 49,958 33,533 [1]
Furniture and Equipment [Member}    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross $ 322,342 $ 291,626
[1] Derived from Audited Financial Statements
XML 44 R35.htm IDEA: XBRL DOCUMENT v3.8.0.1
PROPERTY AND EQUIPMENT (Details Narrative) - USD ($)
 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Property And Equipment Details Narrative    
Depreciation expense $ 14,292 $ 12,346
XML 45 R36.htm IDEA: XBRL DOCUMENT v3.8.0.1
ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Details) - USD ($)
Sep. 30, 2017
Dec. 31, 2016
Accounts Payable And Accrued Expenses Details    
Accounts payable $ 5,716,824 $ 858,131
Accrued expenses 2,694,161 896,076
Total $ 8,410,985 $ 1,754,207
XML 46 R37.htm IDEA: XBRL DOCUMENT v3.8.0.1
DEFERRED REVENUE AND OTHER CURRENT LIABILITIES (Details) - USD ($)
Sep. 30, 2017
Dec. 31, 2016
Deferred Revenue And Other Current Liabilities    
Customer deposits $ 38,106 $ 201,652
State bottle bill liability 14,882 12,960
Total $ 52,988 $ 214,612
XML 47 R38.htm IDEA: XBRL DOCUMENT v3.8.0.1
LINE OF CREDIT NOTE PAYABLE - RELATED PARTIES (Details) - USD ($)
 1 Months Ended
Jan. 31, 2017
Apr. 30, 2015
Jul. 31, 2010
Sep. 30, 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 v3.8.0.1
PREFERRED STOCK - RELATED PARTY (Details Narrative) - USD ($)
 1 Months Ended 9 Months Ended
Apr. 16, 2015
Aug. 26, 2013
Jan. 31, 2017
Apr. 30, 2015
Sep. 30, 2017
Jun. 30, 2017
Dec. 31, 2016
Accrued dividend         $ 475,742   $ 353,666 [1]
Share price (in dollars per share)         $ 1.80 $ 1.00  
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       $ 51,111   51,111
Preferred stock redemption date Jan. 02, 2020            
Share price (in dollars per share) $ 0.89            
Dividend payable (in dollars per share) $ 0.03            
Preferred stock redemption price, percent 104.00%            
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         $ 424,631   $ 302,555
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 v3.8.0.1
RELATED PARTY TRANSACTIONS (Details Narrative)
 9 Months Ended
Sep. 30, 2017
USD ($)
All Def Digital [Member] | Mr. Tim Leissner [Member] | Strategic Marketing and Advisory Services Agreement [Member]  
Amount paid for services rendered $ 440,395
Amount paid for services performed $ 50,000
CD Financial, LLC [Member] | Office [Member] | Carl DeSantis [Member]  
Lease expiration 2020-10
Monthly expense $ 8,809
XML 50 R41.htm IDEA: XBRL DOCUMENT v3.8.0.1
STOCKHOLDERS' EQUITY (Details Narrative)
 1 Months Ended 9 Months Ended
Jan. 31, 2017
USD ($)
$ / shares
shares
Sep. 30, 2017
USD ($)
Number
$ / shares
shares
Sep. 30, 2016
USD ($)
Jun. 30, 2017
$ / shares
Stock price (in dollars per sahre) | $ / shares   $ 1.80   $ 1.00
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   12    
Share price (in dollars per share) | $ / shares   $ 3.00   3.00
Restricted Common Stock [Member] | Celebrity Endorsement Agreements [Member]        
Number of shares issued upon services | shares 94,252      
Fair value of shares issued upon services rendered $ 328,000      
Stock price (in dollars per sahre) | $ / shares       $ 3.48
2006 Stock Incentive Plan [Member]        
Number of option shares granted | shares   1,918,395    
Value of option shares granted   $ 934,000    
CD Financial, LLC [Member] | Carl DeSantis [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      
XML 51 R42.htm IDEA: XBRL DOCUMENT v3.8.0.1
STOCK-BASED COMPENSATION (Details)
 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Expected term 4 years 4 years
Forfeiture Rate 0.00% 0.00%
Expected dividend yield 0.00% 0.00%
Minimum [Member]    
Expected volatility 133.00% 368.00%
Risk-free interest rate 1.33% 1.36%
Maximum [Member]    
Expected volatility 140.00% 390.00%
Risk-free interest rate 1.84% 1.61%
XML 52 R43.htm IDEA: XBRL DOCUMENT v3.8.0.1
STOCK-BASED COMPENSATION (Details 1)
 9 Months Ended
Sep. 30, 2017
USD ($)
$ / shares
shares
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]  
Balance at beginning | shares 5,636,000
Granted | shares 1,170,000
Exercised | shares (1,985,000)
Forfeiture and cancelled | shares (217,000)
Balance at end | shares 4,605,000
Exercisable at end | shares 3,066,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward]  
Balance at beginning | $ / shares $ 1.04
Granted | $ / shares 3.8
Exercised | $ / shares 0.83
Forfeiture and cancelled | $ / shares 1.77
Balance at end | $ / shares 1.8
Exercisable at end | $ / shares $ 1.15
Share-based Compensation Arrangement by Share-based Payment Award, Options, Intrinsic Value [Roll Forward]  
Balance at beginning | $ $ 14,847,000
Balance at end | $ $ 9,444,762
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 v3.8.0.1
STOCK-BASED COMPENSATION (Details 2)
 9 Months Ended
Sep. 30, 2017
$ / shares
shares
Outstanding Options  
Number Outstanding at September 30, 2017 | shares 4,605,000
Weighted Averaged Remaining Life 4 years 9 months 7 days
Weighted Averaged Exercise Price | $ / shares $ 1.8
Vested Options  
Number Exercisable at September 30, 2017 | shares 3,066,000
Weighted Averaged Exercise Price | $ / shares $ 1.15
Weighted Averaged Remaining Life 3 years 10 months 25 days
$0.20 - $0.53 [Member]  
Outstanding Options  
Number Outstanding at September 30, 2017 | shares 1,155,000
Weighted Averaged Remaining Life 3 years 11 months 23 days
Weighted Averaged Exercise Price | $ / shares $ 0.26
Vested Options  
Number Exercisable at September 30, 2017 | shares 1,155,000
Weighted Averaged Exercise Price | $ / shares $ 0.26
Weighted Averaged Remaining Life 3 years 11 months 23 days
$0.65 - $1.80 [Member]  
Outstanding Options  
Number Outstanding at September 30, 2017 | shares 1,063,000
Weighted Averaged Remaining Life 2 years 10 months 10 days
Weighted Averaged Exercise Price | $ / shares $ 0.86
Vested Options  
Number Exercisable at September 30, 2017 | shares 984,000
Weighted Averaged Exercise Price | $ / shares $ 0.84
Weighted Averaged Remaining Life 2 years 8 months 26 days
$1.83 - $2.84 [Member]  
Outstanding Options  
Number Outstanding at September 30, 2017 | shares 1,229,000
Weighted Averaged Remaining Life 5 years 15 days
Weighted Averaged Exercise Price | $ / shares $ 2.07
Vested Options  
Number Exercisable at September 30, 2017 | shares 695,000
Weighted Averaged Exercise Price | $ / shares $ 2.1
Weighted Averaged Remaining Life 4 years 9 months 7 days
$3.20 - $6.20 [Member]  
Outstanding Options  
Number Outstanding at September 30, 2017 | shares 1,150,000
Weighted Averaged Remaining Life 7 years 26 days
Weighted Averaged Exercise Price | $ / shares $ 3.88
Vested Options  
Number Exercisable at September 30, 2017 | shares 224,000
Weighted Averaged Exercise Price | $ / shares $ 3.84
Weighted Averaged Remaining Life 6 years 1 month 16 days
$7.20 - $22.00 [Member]  
Outstanding Options  
Number Outstanding at September 30, 2017 | shares 8,000
Weighted Averaged Remaining Life 1 year 10 months 17 days
Weighted Averaged Exercise Price | $ / shares $ 10.36
Vested Options  
Number Exercisable at September 30, 2017 | shares 8,000
Weighted Averaged Exercise Price | $ / shares $ 10.36
Weighted Averaged Remaining Life 1 year 10 months 17 days
XML 54 R45.htm IDEA: XBRL DOCUMENT v3.8.0.1
STOCK-BASED COMPENSATION (Details 3) - $ / shares
 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Number of Shares    
Unvested at beginning of period
Restricted stock granted 100,000
Restricted stock vested (16,667)
Unvested at end of period 83,333
Weighted Average Grant-Date Fair Value per Share    
Unvested at beginning of period
Restricted stock granted 3.64
Restricted stock vested
Unvested at end of period $ 3.64
XML 55 R46.htm IDEA: XBRL DOCUMENT v3.8.0.1
STOCK-BASED COMPENSATION (Details Narrative) - USD ($)
 1 Months Ended 9 Months Ended 149 Months Ended
Jan. 18, 2007
Apr. 30, 2015
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Jan. 02, 2017
Feb. 28, 2015
May 31, 2014
Dec. 31, 2013
Number of awards granted     1,170,000            
Average share price (in dollars per share)     $ 3.8            
Non-cash compensation expense     $ 1,635,458            
Unrecognized pre-tax non-cash compensation expense to non-vested option     $ 4,195,191   $ 4,195,191        
Period unrecognized pre-tax non-cash compensation expense to non-vested option     3 years            
Number of shares vested     3,100,000            
Director [Member]                  
Unrecognized compensation expense     $ 293,148   $ 293,148        
Weighted average period of unrecognized compensation expense     2 years 5 months 1 day            
Minimum [Member]                  
Vesting period     2 years            
Maximum [Member]                  
Vesting period     3 years            
General And Administrative Expense [Member]                  
Non-cash compensation expense     $ 1,963,455 $ 495,108          
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     3,488,136   3,488,136 5,999,968      
Purchase of common shares         2,622,500        
XML 56 R47.htm IDEA: XBRL DOCUMENT v3.8.0.1
COMMITMENTS AND CONTINGENCIES (Details)
Sep. 30, 2017
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
2017 $ 26,427
2018 113,461
2019 116,720
2020 120,078
Total $ 376,686
XML 57 R48.htm IDEA: XBRL DOCUMENT v3.8.0.1
COMMITMENTS AND CONTINGENCIES (Details Narrative) - CD Financial, LLC [Member] - Carl DeSantis [Member] - Office [Member]
 9 Months Ended
Sep. 30, 2017
USD ($)
Lease expiration 2020-10
Monthly expense $ 8,809
XML 58 R49.htm IDEA: XBRL DOCUMENT v3.8.0.1
SUBSEQUENT EVENTS (Details Narrative) - USD ($)
 1 Months Ended
Oct. 31, 2017
Sep. 30, 2017
Dec. 31, 2016
 [1]
Preferred stock, issued   6,380 6,380
Preferred stock, Value   $ 6 $ 6
Subsequent Event [Member] | Series C Preferred Stock [Member]      
Preferred stock, issued 383    
Preferred stock, Value $ 383,000    
Settlement of accrued dividends $ 383,000    
[1] Derived from Audited Financial Statements
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