Company: JSDA
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001641172-25-011093
Chunk: 13

Company: JONES SODA CO.
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 8
Chunk 13
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 $4,999 

Net
sales generated in the United States accounted for 84% and 79% of total revenue during the three months ended March 31, 2025 and 2024
, respectively.

Loss from Operations by Geographic Location: The breakdown of the Company’s income (loss) from operations by geographic location
is as follows:

    (in
    thousands)
     
    March
    31, 2025

    March
    31, 2024

    Segment
    Results –Loss from operations

    United
    States
     
    $
    (861)

    $
    (1,618)

    Canada

    180

    473  

    Total
     
    $
    (681)

    $
    (1,145)

Long-Lived
Assets: All of the Company’s long-lived assets are located in the United States.

    10.
    Commitments
    and Contingencies

Commitments

As
of March 31, 2025, we continue to have commitments to various suppliers of raw materials. Purchase obligations under these commitments
are expected to total $2.2 million.

Legal
proceedings  

We
are or may be involved from time to time in various claims and legal actions arising in the ordinary course of business, including proceedings
involving employee claims, contract disputes, product liability, other general liability claims and government and regulatory actions,
as well as trademark, copyright, and related claims and legal actions. In the opinion of our management, the ultimate disposition of
these matters will not have a material adverse effect on our consolidated financial position, results of operations or liquidity.

    11.
    Subsequent
    Events

On
May 2, 2025, the Company entered into a Promissory Note (the “Note”) with the Chairman   of the Board of the Company
(the “Lender”) for a principal amount of $450,000. The Note carries a fixed interest rate of 12% per annum and is payable
in monthly arrears. The principal, together with accrued interest, is due and payable in full by October 10, 2025.

In
addition to the principal and interest payments, the Company is required to pay a loan origination fee of $22,000, which is due on the
date of maturity. The Note permits the Company to make prepayments without penalty, provided there is no default in