9 METERS BIOPHARMA, INC.

2018 Q2 Form 10-Q Financial Statement

#000114420418028987 Filed on May 15, 2018

View on sec.gov

Income Statement

Concept 2018 Q2 2018 Q1 2017 Q1

Balance Sheet

Concept 2018 Q2 2018 Q1 2017 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $10.66M $12.98M $150.0K
YoY Change 26550.0% 8553.33% 275.0%
Cash & Equivalents $10.66M $12.98M $112.5K
Short-Term Investments
Other Short-Term Assets $240.0K $250.0K $420.0K
YoY Change -27.27% -40.48% 600.0%
Inventory $640.0K
Prepaid Expenses
Receivables $820.0K
Other Receivables $0.00
Total Short-Term Assets $10.91M $13.23M $2.030M
YoY Change 816.62% 551.6% 115.96%
LONG-TERM ASSETS
Property, Plant & Equipment $45.37K $51.96K
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $5.580K $5.580K $10.00K
YoY Change -44.2% -44.2% -98.84%
Total Long-Term Assets $50.95K $57.54K $2.390M
YoY Change -97.84% -97.59% -29.08%
TOTAL ASSETS
Total Short-Term Assets $10.91M $13.23M $2.030M
Total Long-Term Assets $50.95K $57.54K $2.390M
Total Assets $10.96M $13.29M $4.420M
YoY Change 208.7% 200.57% 2.55%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.348M $2.025M $670.0K
YoY Change 458.87% 202.23% -57.05%
Accrued Expenses $0.00 $5.928K $1.470M
YoY Change -100.0% -99.6% -51.64%
Deferred Revenue
YoY Change
Short-Term Debt $4.150M $3.410M $40.00K
YoY Change 992.11% 8425.0% -99.08%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $7.500M $5.439M $3.440M
YoY Change 99.3% 58.1% -69.64%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $7.500M $5.439M $3.440M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $7.500M $5.440M $3.440M
YoY Change 99.47% 58.14% -69.64%
SHAREHOLDERS EQUITY
Retained Earnings -$38.53M -$34.31M
YoY Change 7.12%
Common Stock $2.570K $2.569K
YoY Change 157.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.459M $7.846M $990.0K
YoY Change
Total Liabilities & Shareholders Equity $10.96M $13.29M $4.420M
YoY Change 208.7% 200.57% 2.55%

Cashflow Statement

Concept 2018 Q2 2018 Q1 2017 Q1

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
CY2018Q1 innt Number Of Warrants Issued
NumberOfWarrantsIssued
1400000 shares
CY2018Q1 us-gaap Fair Value Assumptions Expected Dividend Rate
FairValueAssumptionsExpectedDividendRate
0.0 pure
CY2018Q1 innt Net Proceeds From Issuance Of Common Stock After Deducting Stock Issuance Costs
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16500000 USD
CY2018Q1 us-gaap Fair Value Assumptions Expected Volatility Rate
FairValueAssumptionsExpectedVolatilityRate
0.848 pure
CY2018Q1 us-gaap Fair Value Assumptions Risk Free Interest Rate
FairValueAssumptionsRiskFreeInterestRate
0.025 pure
CY2018Q1 innt Warrant Term
WarrantTerm
P5Y
CY2018Q1 innt Adjustments To Additional Paid In Capital Warrant Issued To Placement Agents
AdjustmentsToAdditionalPaidInCapitalWarrantIssuedToPlacementAgents
913000 USD
CY2018Q1 innt Notes Payable Gross
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4800000 USD
CY2018Q1 us-gaap Debt Instrument Unamortized Discount Current
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1392134 USD
CY2018Q1 us-gaap Debt Instrument Unamortized Discount
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1800000 USD
CY2018Q1 us-gaap Payments Of Financing Costs
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20000 USD
CY2018Q1 us-gaap Debt Instrument Interest Rate Stated Percentage
DebtInstrumentInterestRateStatedPercentage
0.125 pure
CY2018Q1 us-gaap Debt Instrument Payment Terms
DebtInstrumentPaymentTerms
Upon the Maturity Date of the Note, the Company is required to pay the lender an amount representing 105% of all outstanding Principal, accrued and unpaid interest, and any unpaid late charges, if applicable.
CY2018Q1 us-gaap Debt Instrument Date Of First Required Payment1
DebtInstrumentDateOfFirstRequiredPayment1
2018-03-30
CY2018Q1 us-gaap Debt Instrument Maturity Date
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CY2016 innt Milestone Fee Free Sales Target Value
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1.54
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CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
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CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Aggregate Intrinsic Value
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CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
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CY2017 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
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CY2016Q4 us-gaap Stockholders Equity
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CY2017 innt Payment Of Stock Subscription Receivable
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CY2017 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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CY2018Q1 us-gaap Adjustments To Additional Paid In Capital Convertible Debt With Conversion Feature
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CY2018Q1 us-gaap Stock Issued During Period Value Conversion Of Convertible Securities Net Of Adjustments
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CY2018Q1 us-gaap Adjustments To Additional Paid In Capital Stock Issued Issuance Costs
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CY2018Q1 us-gaap Adjustments To Additional Paid In Capital Warrant Issued
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CY2018Q1 us-gaap Stock Issued During Period Value New Issues
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CY2018Q1 innt Stock Issued During Period Value Stock Splits
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CY2018Q1 us-gaap Adjustments To Additional Paid In Capital Stock Split
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CY2018Q1 innt Payment Of Deferred Debt Issuance Cost
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159795 USD
CY2017Q1 innt Payment Of Deferred Debt Issuance Cost
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CY2018Q1 us-gaap Employee Related Liabilities Current
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CY2017Q4 us-gaap Employee Related Liabilities Current
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CY2018Q1 us-gaap Other Accrued Liabilities Current
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CY2018Q1 innt Exchange Ratio In Connection With Merger
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CY2018Q1 us-gaap Stockholders Equity Reverse Stock Split
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CY2018Q1 us-gaap Additional Paid In Capital
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CY2018Q1 us-gaap Retained Earnings Accumulated Deficit
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-35509435 USD
CY2017Q4 us-gaap Stockholders Equity
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CY2018Q1 us-gaap Stockholders Equity
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CY2017Q4 us-gaap Liabilities And Stockholders Equity
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CY2018Q1 us-gaap Liabilities And Stockholders Equity
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CY2017Q1 us-gaap Research And Development Expense
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CY2018Q1 us-gaap Research And Development Expense
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CY2017Q1 us-gaap General And Administrative Expense
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CY2018Q1 us-gaap General And Administrative Expense
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CY2017Q4 us-gaap Assets
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CY2018Q1 us-gaap Assets
Assets
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CY2017Q4 us-gaap Accounts Payable Current
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CY2018Q1 us-gaap Accounts Payable Current
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1180225 USD
CY2018Q1 us-gaap Accrued Liabilities Current
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5928 USD
CY2017Q4 us-gaap Liabilities Current
LiabilitiesCurrent
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CY2018Q1 us-gaap Liabilities Current
LiabilitiesCurrent
5438758 USD
CY2017Q4 us-gaap Common Stock Value
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CY2018Q1 us-gaap Common Stock Value
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2569 USD
CY2017Q4 us-gaap Additional Paid In Capital
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161844 USD
CY2018Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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-16155744 USD
CY2017Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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CY2018Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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CY2017Q1 us-gaap Net Income Loss
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-3987876 USD
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-3631127 USD
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CY2017Q1 us-gaap Increase Decrease In Accounts Payable
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CY2018Q1 dei Document Type
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10-Q
CY2018Q1 us-gaap Increase Decrease In Accounts Payable
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-1612347 USD
CY2018Q1 dei Amendment Flag
AmendmentFlag
false
CY2018Q1 dei Document Period End Date
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2018-03-31
CY2017Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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CY2017Q1 us-gaap Increase Decrease In Accrued Liabilities
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CY2018Q1 dei Document Fiscal Year Focus
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2018
CY2018Q1 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-1014502 USD
CY2017Q1 us-gaap Net Cash Provided By Used In Operating Activities
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-6967491 USD
CY2017Q1 us-gaap Net Cash Provided By Used In Financing Activities
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575025 USD
CY2018Q1 us-gaap Net Cash Provided By Used In Financing Activities
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19527582 USD
CY2018Q1 dei Document Fiscal Period Focus
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Q1
CY2018Q1 dei Entity Registrant Name
EntityRegistrantName
INNOVATE BIOPHARMACEUTICALS, INC.
CY2018Q1 dei Entity Central Index Key
EntityCentralIndexKey
0001551986
CY2018Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2018Q1 dei Entity Filer Category
EntityFilerCategory
Smaller Reporting Company
CY2018Q1 dei Trading Symbol
TradingSymbol
INNT
CY2018Q2 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
25695602 shares
CY2018Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong>Use of Estimates</strong></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and disclosures made in the accompanying notes to the financial statements. Areas of the financial statements where estimates may have the most significant effect include accrued expenses, share-based compensation, deferred compensation, valuation allowance for income tax assets and management&#8217;s assessment of the Company&#8217;s ability to continue as a going concern. Changes in the facts or circumstances underlying these estimates could result in material changes and actual results could differ from these estimates.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2018Q1 us-gaap Commitments And Contingencies
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18132661 USD
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0 USD
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0 USD
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P2Y10M24D
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CY2017Q1 us-gaap Increase Decrease In Prepaid Expense
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CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
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0 pure
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
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0 pure
CY2018Q1 us-gaap Payments To Acquire Property Plant And Equipment
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CY2017Q1 us-gaap Payments To Acquire Property Plant And Equipment
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1600 USD
CY2018Q1 us-gaap Proceeds From Collection Of Longterm Loans To Related Parties
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75000 USD
CY2017Q1 us-gaap Proceeds From Collection Of Longterm Loans To Related Parties
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0 USD
CY2018Q1 us-gaap Net Cash Provided By Used In Investing Activities
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61057 USD
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-1600 USD
CY2018Q1 us-gaap Proceeds From Notes Payable
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0 USD
CY2018Q1 us-gaap Payments Of Debt Issuance Costs
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CY2017Q1 us-gaap Payments Of Debt Issuance Costs
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0 USD
CY2018Q1 innt Proceeds From Shortterm Convertible Debt
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345000 USD
CY2017Q1 innt Proceeds From Shortterm Convertible Debt
ProceedsFromShorttermConvertibleDebt
575000 USD
CY2018Q1 innt Repayments Of Shortterm Convertible Debt
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275000 USD
CY2017Q1 innt Repayments Of Shortterm Convertible Debt
RepaymentsOfShorttermConvertibleDebt
0 USD
CY2018Q1 us-gaap Payments Of Stock Issuance Costs
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1495284 USD
CY2017Q1 us-gaap Payments Of Stock Issuance Costs
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0 USD
CY2018Q1 innt Proceeds From Rececived Of Payment Of Stock Subscription Receivable
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0 USD
CY2017Q1 innt Proceeds From Rececived Of Payment Of Stock Subscription Receivable
ProceedsFromRececivedOfPaymentOfStockSubscriptionReceivable
25 USD
CY2018Q1 us-gaap Interest Paid Net
InterestPaidNet
130288 USD
CY2017Q1 us-gaap Interest Paid Net
InterestPaidNet
0 USD
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0 shares
CY2018Q1 us-gaap Stock Issued1
StockIssued1
9229336 USD
CY2017Q1 us-gaap Stock Issued1
StockIssued1
0 USD
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
296008 shares
CY2018Q1 us-gaap Liabilities Assumed1
LiabilitiesAssumed1
978674 USD
CY2017Q1 us-gaap Liabilities Assumed1
LiabilitiesAssumed1
0 USD
CY2018Q1 innt Warrants Issued To Placement Agents
WarrantsIssuedToPlacementAgents
913000 USD
CY2017Q1 innt Warrants Issued To Placement Agents
WarrantsIssuedToPlacementAgents
0 USD
CY2018Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0 shares
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
6843296 shares
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
6547288 shares
CY2018Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
12621148 USD
CY2017Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-248321 USD
CY2017Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
355563 USD
CY2016Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
360811 USD
CY2018Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
12976711 USD
CY2017Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
112490 USD

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