2023 Q3 Form 10-Q Financial Statement

#000149315223028452 Filed on August 14, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2 2022 Q2

Balance Sheet

Concept 2023 Q3 2023 Q2 2022 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $5.720M $8.521M $15.76M
YoY Change -56.97% -45.92% -40.27%
Cash & Equivalents $5.700M $8.500M $15.76M
Short-Term Investments
Other Short-Term Assets $510.0K $737.0K $1.317M
YoY Change -49.9% -44.04% 53.32%
Inventory $781.0K $823.0K $1.038M
Prepaid Expenses
Receivables $102.0K $106.0K $81.00K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $6.742M $9.810M $18.19M
YoY Change -56.47% -46.08% -35.06%
LONG-TERM ASSETS
Property, Plant & Equipment $1.101M $1.209M $1.329M
YoY Change -21.08% -9.03% -38.56%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $13.00K $13.00K $13.00K
YoY Change 0.0% 0.0% 0.0%
Total Long-Term Assets $1.749M $1.931M $1.889M
YoY Change -6.92% 2.22% -13.19%
TOTAL ASSETS
Total Short-Term Assets $6.742M $9.810M $18.19M
Total Long-Term Assets $1.749M $1.931M $1.889M
Total Assets $8.491M $11.74M $20.08M
YoY Change -51.11% -41.53% -33.49%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.470M $1.470M $2.212M
YoY Change -45.47% -33.54% 2.88%
Accrued Expenses $220.0K $243.0K $266.0K
YoY Change -11.29% -8.65% 1.92%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $2.781M $2.694M $1.757M
YoY Change 13.37% 53.33% -77.99%
Total Short-Term Liabilities $4.529M $4.451M $4.253M
YoY Change -17.16% 4.66% -59.11%
LONG-TERM LIABILITIES
Long-Term Debt $2.470M $3.198M $5.892M
YoY Change -52.96% -45.72%
Other Long-Term Liabilities $30.00K $1.135M $2.103M
YoY Change -98.51% -46.03% -4.45%
Total Long-Term Liabilities $2.470M $3.198M $5.892M
YoY Change -52.96% -45.72% 167.7%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.529M $4.451M $4.253M
Total Long-Term Liabilities $2.470M $3.198M $5.892M
Total Liabilities $10.97M $12.70M $16.11M
YoY Change -33.94% -21.14% 27.84%
SHAREHOLDERS EQUITY
Retained Earnings -$151.4M -$148.7M -$132.7M
YoY Change 9.97% 12.05%
Common Stock $0.00 $1.000K $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$2.478M -$963.0K $3.972M
YoY Change
Total Liabilities & Shareholders Equity $8.491M $11.74M $20.08M
YoY Change -51.11% -41.53% -33.49%

Cashflow Statement

Concept 2023 Q3 2023 Q2 2022 Q2

Facts In Submission

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IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-459000 usd
us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-125000 usd
us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-177000 usd
us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
-9000 usd
us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
8000 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-7373000 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-9811000 usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
88000 usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
49000 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-88000 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-49000 usd
MOTS Gross Proceeds From Private Placement Offering
GrossProceedsFromPrivatePlacementOffering
3537000 usd
us-gaap Repayments Of Debt
RepaymentsOfDebt
1325000 usd
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
121000 usd
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
3165000 usd
MOTS Equity Financing Fees
EquityFinancingFees
-393000 usd
MOTS Equity Financing Fees
EquityFinancingFees
-111000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
1940000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
3054000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-5521000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-6806000 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
14042000 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
22563000 usd
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
8521000 usd
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
15757000 usd
us-gaap Interest Paid Net
InterestPaidNet
476000 usd
us-gaap Interest Paid Net
InterestPaidNet
511000 usd
MOTS Common Stock Issued For Prepaid Board Of Directors Compensation
CommonStockIssuedForPrepaidBoardOfDirectorsCompensation
117000 usd
MOTS Purchase Of Fixed Assets In Prepaid Expenses
PurchaseOfFixedAssetsInPrepaidExpenses
4000 usd
us-gaap Fair Value Of Assets Acquired
FairValueOfAssetsAcquired
14000 usd
us-gaap Fair Value Of Assets Acquired
FairValueOfAssetsAcquired
62000 usd
MOTS Purchase Of Property And Equipment In Accounts Payable And Accrued Expenses
PurchaseOfPropertyAndEquipmentInAccountsPayableAndAccruedExpenses
12000 usd
MOTS Purchase Of Property And Equipment In Accounts Payable And Accrued Expenses
PurchaseOfPropertyAndEquipmentInAccountsPayableAndAccruedExpenses
75000 usd
MOTS Financing Fees Included In Accounts Payable And Accrued Expenses
FinancingFeesIncludedInAccountsPayableAndAccruedExpenses
93000 usd
MOTS Financing Fees Included In Accounts Payable And Accrued Expenses
FinancingFeesIncludedInAccountsPayableAndAccruedExpenses
5000 usd
MOTS Noncash Issuance Costs From Private Placement
NoncashIssuanceCostsFromPrivatePlacement
264000 usd
MOTS Rightofuse Asset Obtained In Exchange For Lease Obligation
RightofuseAssetObtainedInExchangeForLeaseObligation
35000 usd
MOTS Rightofuse Asset Obtained In Exchange For Lease Obligation
RightofuseAssetObtainedInExchangeForLeaseObligation
34000 usd
MOTS Prepaid Expenses Resulting From Rightofuse Asset Obtained
PrepaidExpensesResultingFromRightofuseAssetObtained
3000 usd
us-gaap Nature Of Operations
NatureOfOperations
<p id="xdx_80A_eus-gaap--NatureOfOperations_zju25ic0hP72" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 1 – <span id="xdx_825_zYgnCi8ndNx9">Description of Business</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Motus GI Holdings, Inc. (the “Company”) was incorporated in Delaware, U.S.A. in September 2016. The Company and its subsidiaries, Motus GI Technologies, Ltd. and Motus GI, LLC, are collectively referred to as “Motus GI” or the “Company”.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company has developed the Pure-Vu System, a medical device that has been cleared by the U.S. Food and Drug Administration (the “FDA”) to help facilitate the cleansing of a poorly prepared gastrointestinal tract during colonoscopy and to help facilitate upper gastrointestinal (“GI”) endoscopy procedures. The Pure-Vu System has received a CE Mark in the EU for use in colonoscopy. The Pure-Vu System integrates with standard and slim colonoscopes, as well as gastroscopes, to improve visualization during colonoscopy and upper GI procedures while preserving established procedural workflow and techniques. Through irrigation and evacuation of debris, the Pure-Vu System is designed to provide better-quality exams. The Company received 510(k) clearance in February 2022 from the FDA for the Pure-Vu EVS System and has commenced commercialization of this product. The Company does not expect to generate significant revenue from product sales until it further expands its commercialization efforts, which is subject to significant uncertainty.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p>
us-gaap Net Income Loss
NetIncomeLoss
-7400000 usd
MOTS Net Cash Used In Operating Activities
NetCashUsedInOperatingActivities
-7300000 usd
CY2023Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
8500000 usd
CY2023Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-148700000 usd
us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_84D_eus-gaap--UseOfEstimates_zSKxpwZV8KE" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_860_zbERwkYtCat8">Use of estimates</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of the unaudited condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2023Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
5001276 shares
CY2022Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
827101 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
5001276 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
827101 shares
MOTS Rate Of Royalty Payment
RateOfRoyaltyPayment
0.03 pure
CY2022 MOTS Rate Of Royalty Payment
RateOfRoyaltyPayment
0.03 pure
CY2023Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1209000 usd
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1325000 usd
CY2023Q2 us-gaap Depreciation And Amortization
DepreciationAndAmortization
113000 usd
us-gaap Servicing Liability At Fair Value Description Of Other Changes In Fair Value
ServicingLiabilityAtFairValueDescriptionOfOtherChangesInFairValue
The Company recalculated the fair value of the liability by applying a +/- 2% change to the input variable in the discounted cash flow model; the discount rate. A 2% decrease in the discount rate would increase the liability by $95 and a 2% increase in the discount rate would decrease the liability by $86. Such amounts are based on highly sensitive estimates and actual results could result in material change in future periods
CY2023Q2 MOTS Cost Of Revenue Impairment Of Inventory
CostOfRevenueImpairmentOfInventory
30000 usd
MOTS Cost Of Revenue Impairment Of Inventory
CostOfRevenueImpairmentOfInventory
195000 usd
CY2022Q2 MOTS Cost Of Revenue Impairment Of Inventory
CostOfRevenueImpairmentOfInventory
0 usd
MOTS Cost Of Revenue Impairment Of Inventory
CostOfRevenueImpairmentOfInventory
159000 usd
CY2023Q2 us-gaap Inventory Raw Materials
InventoryRawMaterials
553000 usd
CY2022Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
697000 usd
CY2023Q2 us-gaap Inventory Work In Process
InventoryWorkInProcess
177000 usd
CY2022Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
155000 usd
CY2023Q2 us-gaap Inventory Finished Goods
InventoryFinishedGoods
689000 usd
CY2022Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
548000 usd
CY2023Q2 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
596000 usd
CY2022Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
401000 usd
CY2023Q2 us-gaap Inventory Net
InventoryNet
823000 usd
CY2022Q4 us-gaap Inventory Net
InventoryNet
999000 usd
CY2023Q2 MOTS Inventory Current
InventoryCurrent
446000 usd
CY2022Q4 MOTS Inventory Current
InventoryCurrent
488000 usd
CY2023Q2 us-gaap Inventory Noncurrent
InventoryNoncurrent
377000 usd
CY2022Q4 us-gaap Inventory Noncurrent
InventoryNoncurrent
511000 usd
CY2023Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
3332000 usd
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
3218000 usd
CY2023Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
2123000 usd
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1893000 usd
us-gaap Depreciation And Amortization
DepreciationAndAmortization
230000 usd
CY2022Q2 us-gaap Depreciation And Amortization
DepreciationAndAmortization
129000 usd
us-gaap Depreciation And Amortization
DepreciationAndAmortization
253000 usd
CY2023Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
2000 usd
CY2022Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
23000 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
18000 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
62000 usd
CY2023Q2 us-gaap Variable Lease Cost
VariableLeaseCost
39000 usd
CY2022Q2 us-gaap Variable Lease Cost
VariableLeaseCost
30000 usd
us-gaap Variable Lease Cost
VariableLeaseCost
64000 usd
us-gaap Variable Lease Cost
VariableLeaseCost
60000 usd
CY2023Q2 us-gaap Lease Cost
LeaseCost
41000 usd
CY2022Q2 us-gaap Lease Cost
LeaseCost
53000 usd
us-gaap Lease Cost
LeaseCost
82000 usd
us-gaap Lease Cost
LeaseCost
122000 usd
CY2023Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
332000 usd
CY2022Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
428000 usd
CY2023Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
243000 usd
CY2022Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
245000 usd
CY2023Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
79000 usd
CY2022Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
178000 usd
CY2023Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
322000 usd
CY2022Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
423000 usd
CY2023Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P1Y5M8D
CY2022Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P1Y9M14D
CY2023Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0730 pure
CY2022Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0736 pure
CY2023Q2 us-gaap Direct Taxes And Licenses Costs
DirectTaxesAndLicensesCosts
60000 usd
CY2022Q2 us-gaap Direct Taxes And Licenses Costs
DirectTaxesAndLicensesCosts
60000 usd
us-gaap Direct Taxes And Licenses Costs
DirectTaxesAndLicensesCosts
109000 usd
us-gaap Direct Taxes And Licenses Costs
DirectTaxesAndLicensesCosts
107000 usd
us-gaap Interest Expense Other
InterestExpenseOther
470000 usd
us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
123000 usd
us-gaap Interest Expense
InterestExpense
593000 usd
CY2023Q2 us-gaap Interest Expense Other
InterestExpenseOther
224000 usd
CY2023Q2 us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
61000 usd
CY2023Q2 us-gaap Interest Expense
InterestExpense
285000 usd
us-gaap Manufacturing Costs
ManufacturingCosts
38000 usd
CY2023Q2 MOTS License Fees
LicenseFees
60000 usd
MOTS License Fees
LicenseFees
109000 usd
CY2022Q2 MOTS License Fees
LicenseFees
60000 usd
MOTS License Fees
LicenseFees
107000 usd
CY2023Q2 us-gaap Share Based Compensation
ShareBasedCompensation
49000 usd
CY2022Q2 us-gaap Share Based Compensation
ShareBasedCompensation
461000 usd
us-gaap Share Based Compensation
ShareBasedCompensation
271000 usd
us-gaap Share Based Compensation
ShareBasedCompensation
982000 usd
CY2023Q2 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
0.0001
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
0 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
26 shares
CY2023Q2 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
525000 shares
CY2023Q1 us-gaap Restructuring And Related Cost Description
RestructuringAndRelatedCostDescription
the Company commenced a strategic restructuring program aimed at capital preservation. In April 2023, the Company approved the implementation of additional cost cutting measures, including an executive reorganization and other cuts in clinical expenses, in connection with its ongoing efforts to reduce operating expenses. In addition, the non-management members of the Board agreed to defer their Board fees until a future date
CY2023Q2 us-gaap Payments For Restructuring
PaymentsForRestructuring
416000 usd
us-gaap Payments For Restructuring
PaymentsForRestructuring
1423000 usd
CY2023Q2 us-gaap Restructuring Charges
RestructuringCharges
94000 usd
us-gaap Payments For Restructuring
PaymentsForRestructuring
1423000 usd
CY2023Q2 MOTS Restructuring Liabilities
RestructuringLiabilities
94000 usd

Files In Submission

Name View Source Status
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mots-20230630_pre.xml Edgar Link unprocessable
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0001493152-23-028452-xbrl.zip Edgar Link pending
ex31-1.htm Edgar Link pending
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Financial_Report.xlsx Edgar Link pending
form10-q.htm Edgar Link pending
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mots-20230630.xsd Edgar Link pending
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