2024 Q1 Form 10-K Financial Statement

#000121390024022235 Filed on March 13, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $1.205K $2.170K $152.4K
YoY Change -99.06% -99.63% -84.28%
Cost Of Revenue $277.00 $139.2K $302.0K
YoY Change -99.54% -47.55% 5.45%
Gross Profit $928.00 -$137.0K -$149.6K
YoY Change -98.64% -142.35% -121.89%
Gross Profit Margin 77.01% -6315.21% -98.15%
Selling, General & Admin $831.3K $1.752M $5.368M
YoY Change -34.69% -10.63% -11.52%
% of Gross Profit 89575.11%
Research & Development $69.07K $72.19K $1.063M
YoY Change -79.38% -95.17% -60.54%
% of Gross Profit 7442.46%
Depreciation & Amortization $1.286K $7.580K $28.53K
YoY Change -80.19% 17.7% 19.88%
% of Gross Profit 138.58%
Operating Expenses $3.445M $1.825M $8.067M
YoY Change 74.52% -47.21% -48.94%
Operating Profit -$3.444M -$1.962M -$8.217M
YoY Change 80.7% -37.39% -45.64%
Interest Expense $684.7K -$1.209M $2.493M
YoY Change 1108.34% 237.09% 748.17%
% of Operating Profit
Other Income/Expense, Net -$536.6K $16.56K -$2.438M
YoY Change -6093.18% -74.07% 509.16%
Pretax Income -$3.981M -$3.154M -$10.65M
YoY Change 109.83% -10.84% -31.33%
Income Tax $175.3K $256.0K
% Of Pretax Income
Net Earnings -$3.933M -$3.111M -$10.52M
YoY Change 115.66% -36.04% -35.97%
Net Earnings / Revenue -326388.05% -143360.83% -6898.68%
Basic Earnings Per Share -$0.40 -$2.43
Diluted Earnings Per Share -$0.40 -$0.47 -$2.43
COMMON SHARES
Basic Shares Outstanding 10.56M shares 7.232M shares 4.336M shares
Diluted Shares Outstanding 9.736M shares 4.336M shares

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $106.4K $139.5K $139.5K
YoY Change -91.23% -13.4% -13.4%
Cash & Equivalents $30.49K $60.16K $60.16K
Short-Term Investments $75.92K $79.31K $79.31K
Other Short-Term Assets $788.1K $757.7K $757.7K
YoY Change -21.56% -47.99% -47.99%
Inventory
Prepaid Expenses
Receivables $1.530K $1.530K $11.99K
Other Receivables $887.9K $747.6K $747.6K
Total Short-Term Assets $1.794M $1.657M $1.657M
YoY Change -48.44% -44.54% -44.54%
LONG-TERM ASSETS
Property, Plant & Equipment $7.949M $7.969M $8.779M
YoY Change 1290.74% 1288.43% 405.93%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $2.475M $2.528M $2.528M
YoY Change 191.17% 200.18% 200.18%
Other Assets $1.411M $1.416M $1.416M
YoY Change -59.56% -67.0% -67.0%
Total Long-Term Assets $12.67M $12.84M $12.84M
YoY Change 74.59% 86.89% 86.89%
TOTAL ASSETS
Total Short-Term Assets $1.794M $1.657M $1.657M
Total Long-Term Assets $12.67M $12.84M $12.84M
Total Assets $14.46M $14.49M $14.49M
YoY Change 34.7% 47.05% 47.05%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $3.513M $3.696M $4.098M
YoY Change 27.13% 27.04% 24.99%
Deferred Revenue $79.50K $79.50K
YoY Change 623.71%
Short-Term Debt $860.8K $899.3K $899.3K
YoY Change -4.57% -52.51% -52.51%
Long-Term Debt Due $842.6K $569.5K $569.5K
YoY Change
Total Short-Term Liabilities $6.634M $5.932M $5.932M
YoY Change 30.71% 1.94% 1.94%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Other Long-Term Liabilities $339.8K $429.1K $429.1K
YoY Change -52.73% -46.34% -46.34%
Total Long-Term Liabilities $339.8K $429.1K $429.1K
YoY Change -91.34% -46.34% -46.34%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.634M $5.932M $5.932M
Total Long-Term Liabilities $339.8K $429.1K $429.1K
Total Liabilities $6.973M $6.362M $6.105M
YoY Change -22.52% -3.89% -9.65%
SHAREHOLDERS EQUITY
Retained Earnings -$69.35M -$65.42M
YoY Change 22.26% 19.15%
Common Stock $10.70K $7.940K
YoY Change -67.66% -75.83%
Preferred Stock
YoY Change
Treasury Stock (at cost) $8.902M $8.902M
YoY Change -2.17% -2.18%
Treasury Stock Shares
Shareholders Equity $7.792M $8.388M $8.388M
YoY Change
Total Liabilities & Shareholders Equity $14.46M $14.49M $14.49M
YoY Change 34.7% 47.05% 47.05%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income -$3.933M -$3.111M -$10.52M
YoY Change 115.66% -36.04% -35.97%
Depreciation, Depletion And Amortization $1.286K $7.580K $28.53K
YoY Change -80.19% 17.7% 19.88%
Cash From Operating Activities -$473.2K -$479.5K -$4.236M
YoY Change -68.41% 3.99% -42.75%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $21.20K
YoY Change -100.0% -82.29%
Acquisitions
YoY Change
Other Investing Activities $154.2K -$339.0K
YoY Change -285.3% -78.84%
Cash From Investing Activities $154.2K -$360.2K
YoY Change -285.12% -79.08%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $1.050M
YoY Change -71.34%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $676.2K 87.42K $3.919M
YoY Change -69.36% -134.49% -2.37%
NET CHANGE
Cash From Operating Activities -$473.2K -479.5K -$4.236M
Cash From Investing Activities 154.2K -$360.2K
Cash From Financing Activities $676.2K 87.42K $3.919M
Net Change In Cash -$57.78K -237.9K -$674.9K
YoY Change -114.44% -70.19% -86.95%
FREE CASH FLOW
Cash From Operating Activities -$473.2K -$479.5K -$4.236M
Capital Expenditures $0.00 $21.20K
Free Cash Flow -$479.5K -$4.257M
YoY Change 3.97% -43.38%

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Reclassifications of Prior Year Presentation</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Certain prior year unaudited consolidated balance sheet and unaudited consolidated cash flow statement amounts have been reclassified for consistency with the current year presentation. These reclassifications had no effect on the reported results of operations.</p>
CY2023 us-gaap Fiscal Period
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="text-decoration:underline">Fiscal Year</span> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company changed its fiscal year from the period beginning on October 1st and ending on September 30th to the period beginning on January 1st and ending on December 31st, beginning January 1, 2018. </p>
CY2023 us-gaap Use Of Estimates
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CY2023Q3 us-gaap Stockholders Equity Reverse Stock Split
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On July 25, 2023, the Company filed a Certificate of Amendment to its Articles of Incorporation authorizing a 1-for-10 reverse stock split of the issued and outstanding shares of its common stock.
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The Company may convert the Note at any time into shares of Rgene’s common stock at either (i) a fixed conversion price equal to $1.00 per share or (ii) 20% discount of the stock price of the then most recent offering, whichever is lower; the conversion price is subject to adjustment as set forth in the Note.
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<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The ownership percentages of each investee are listed as follows:</span><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Ownership percentage</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: center">Accounting</td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; border-bottom: Black 1.5pt solid">Name of related party</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">treatments</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Braingenesis Biotechnology Co., Ltd.</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">0.17</td><td style="width: 1%; text-align: left">%</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">0.17</td><td style="width: 1%; text-align: left">%</td><td style="width: 1%"> </td> <td style="width: 11%; text-align: center">Cost Method</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Genepharm Biotech Corporation</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.67</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.67</td><td style="text-align: left">%</td><td> </td> <td style="text-align: center">Cost Method</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">BioHopeKing Corporation</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5.90</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5.90</td><td style="text-align: left">%</td><td> </td> <td style="text-align: center">Cost Method</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">BioFirst Corporation</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">18.68</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">15.51</td><td style="text-align: left">%</td><td> </td> <td style="text-align: center">Equity Method</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Rgene Corporation</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">26.65</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">26.65</td><td style="text-align: left">%</td><td> </td> <td style="text-align: center">Equity Method</td></tr> </table>
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CY2023 abvc Description Of Conversion Price
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The Company may convert the Note at any time into shares of Rgene’s common stock at either (i) a fixed conversion price equal to $1.00 per share or (ii) 20% discount of the stock price of the then most recent offering, whichever is lower; the conversion price is subject to adjustment as set forth in the Note. The Note includes standard events of default, as well as a cross-default provision pursuant to which a breach of the Service Agreement will trigger an event of default under the convertible note if not cured after 5 business days of written notice regarding the breach is provided.
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CY2022Q4 us-gaap Other Liabilities Current
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