2018 Q2 Form 10-Q Financial Statement

#000114420418044691 Filed on August 14, 2018

View on sec.gov

Income Statement

Concept 2018 Q2 2017 Q2
Revenue $76.00K $92.00K
YoY Change -17.39% -64.2%
Cost Of Revenue $0.00 $0.00
YoY Change -100.0%
Gross Profit $0.00 $90.00K
YoY Change -100.0% -43.75%
Gross Profit Margin 0.0% 97.83%
Selling, General & Admin $846.0K $1.063M
YoY Change -20.41% -41.21%
% of Gross Profit 1181.11%
Research & Development $477.0K $1.020M
YoY Change -53.24% -27.3%
% of Gross Profit 1133.33%
Depreciation & Amortization $71.00K $70.00K
YoY Change 1.43% -22.22%
% of Gross Profit 77.78%
Operating Expenses $1.323M $2.083M
YoY Change -36.49% -35.13%
Operating Profit -$1.247M -$1.991M
YoY Change -37.37% -35.34%
Interest Expense $14.00K $158.0K
YoY Change -91.14% -32.19%
% of Operating Profit
Other Income/Expense, Net $0.00
YoY Change -100.0%
Pretax Income -$1.261M -$2.149M
YoY Change -41.32% -34.64%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$1.261M -$2.149M
YoY Change -41.32% -34.64%
Net Earnings / Revenue -1659.21% -2335.87%
Basic Earnings Per Share -$0.06 -$0.18
Diluted Earnings Per Share -$0.06 -$0.18
COMMON SHARES
Basic Shares Outstanding 21.10M shares 11.97M shares
Diluted Shares Outstanding 21.10M shares 11.97M shares

Balance Sheet

Concept 2018 Q2 2017 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $668.0K $1.080M
YoY Change -38.15% -84.07%
Cash & Equivalents $568.0K $1.079M
Short-Term Investments $0.00
Other Short-Term Assets $154.0K $3.060M
YoY Change -94.97% 524.49%
Inventory $0.00
Prepaid Expenses
Receivables $0.00
Other Receivables $50.00K
Total Short-Term Assets $916.0K $4.190M
YoY Change -78.14% -45.43%
LONG-TERM ASSETS
Property, Plant & Equipment $641.0K $720.0K
YoY Change -10.97% -28.71%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $1.897M $2.050M
YoY Change -7.46% -19.42%
TOTAL ASSETS
Total Short-Term Assets $916.0K $4.190M
Total Long-Term Assets $1.897M $2.050M
Total Assets $2.813M $6.240M
YoY Change -54.92% -38.96%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $662.0K $580.0K
YoY Change 14.14% 253.66%
Accrued Expenses $795.0K $720.0K
YoY Change 10.42% -10.45%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $1.505M $2.860M
YoY Change -47.38% 8.79%
Total Short-Term Liabilities $4.002M $4.500M
YoY Change -11.07% 14.13%
LONG-TERM LIABILITIES
Long-Term Debt $1.429M $1.430M
YoY Change -0.07% -65.67%
Other Long-Term Liabilities $8.000K $630.0K
YoY Change -98.73% 31.25%
Total Long-Term Liabilities $1.437M $2.060M
YoY Change -30.24% -50.54%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.002M $4.500M
Total Long-Term Liabilities $1.437M $2.060M
Total Liabilities $5.439M $6.560M
YoY Change -17.09% -23.59%
SHAREHOLDERS EQUITY
Retained Earnings -$383.1M
YoY Change
Common Stock $380.5M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$2.626M -$320.0K
YoY Change
Total Liabilities & Shareholders Equity $2.813M $6.240M
YoY Change -54.92% -38.96%

Cashflow Statement

Concept 2018 Q2 2017 Q2
OPERATING ACTIVITIES
Net Income -$1.261M -$2.149M
YoY Change -41.32% -34.64%
Depreciation, Depletion And Amortization $71.00K $70.00K
YoY Change 1.43% -22.22%
Cash From Operating Activities -$964.0K -$2.090M
YoY Change -53.88% -41.46%
INVESTING ACTIVITIES
Capital Expenditures $0.00
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change -100.0%
Cash From Investing Activities $0.00 $0.00
YoY Change -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 762.0K -670.0K
YoY Change -213.73% 8.06%
NET CHANGE
Cash From Operating Activities -964.0K -2.090M
Cash From Investing Activities 0.000 0.000
Cash From Financing Activities 762.0K -670.0K
Net Change In Cash -202.0K -2.760M
YoY Change -92.68% 13700.0%
FREE CASH FLOW
Cash From Operating Activities -$964.0K -$2.090M
Capital Expenditures $0.00
Free Cash Flow -$2.090M
YoY Change -41.29%

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us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.13
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.15
CY2018Q2 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
USD
CY2017Q4 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
USD
CY2018Q2 acur Debt Instrument Issuance Costs
DebtInstrumentIssuanceCosts
4000 USD
CY2018Q2 us-gaap Long Term Debt
LongTermDebt
2934000 USD
CY2018Q2 us-gaap Common Stock Value
CommonStockValue
210000 USD
CY2017Q4 us-gaap Common Stock Value
CommonStockValue
208000 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
0 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
103000 USD
acur Proceeds From Sale Of Inventory
ProceedsFromSaleOfInventory
0 USD
acur Proceeds From Sale Of Inventory
ProceedsFromSaleOfInventory
206000 USD
CY2018Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
0 USD
CY2017Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
0 USD
CY2018Q2 us-gaap Additional Paid In Capital Common Stock
AdditionalPaidInCapitalCommonStock
380299000 USD
CY2017Q4 us-gaap Additional Paid In Capital Common Stock
AdditionalPaidInCapitalCommonStock
380145000 USD
CY2018Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
21101000 shares
CY2017Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
11966000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
21068000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
11938000 shares
CY2018Q2 acur Cash Cash Equivalents And Refundable Deposits
CashCashEquivalentsAndRefundableDeposits
700000 USD
CY2018Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-383135000 USD
CY2017Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-380380000 USD
CY2018Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
34000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
0 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
309000 USD
acur Agreement Termination Notice Description
AgreementTerminationNoticeDescription
Egalet may terminate the Egalet Agreement for convenience on 120 days prior written notice, which termination may not occur prior to the second anniversary of Egalet&#8217;s launch of Oxaydo. Termination does not affect a party&#8217;s rights accrued prior thereto, but there are no stated payments in connection with termination other than payments of obligations previously accrued. For all terminations (but not expiration), the Egalet Agreement provides for the transition of development and marketing of Oxaydo from Egalet to us, including the conveyance by Egalet to us of the trademarks and all regulatory filings and approvals relating to Oxaydo, and for Egalet&#8217;s supply of Oxaydo for a transition period.<table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2018Q2 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
2813000 USD
CY2017Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
4604000 USD
CY2013Q4 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
10000000 USD
us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
2000 USD
us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
0 USD
CY2018Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3517000 shares
CY2017Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1576000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3517000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1576000 shares
CY2013Q4 acur Debt Default Long Term Debt Percentage
DebtDefaultLongTermDebtPercentage
0.1335 pure
acur Increase Decrease In Sales Return Liability
IncreaseDecreaseInSalesReturnLiability
0 USD
acur Increase Decrease In Sales Return Liability
IncreaseDecreaseInSalesReturnLiability
49000 USD
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
-1652000 USD
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
-1602000 USD
CY2016Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
5181000 USD
CY2017Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
3579000 USD
CY2018Q2 us-gaap Debt Instrument Fee Amount
DebtInstrumentFeeAmount
50000 USD
CY2017Q1 acur License Agreement Option Products Description
LicenseAgreementOptionProductsDescription
In addition, MainPointe has the option to add to the MainPointe Agreement certain additional products, or Option Products, containing PSE and utilizing the Impede technology for a fee of $500 thousand per product (for all product strengths). Such Option Products include the product candidate Loratadine with pseudoephedrine. If the territory has been expanded prior to the exercise of a product option, the option fee will be increased to $750 thousand per product. If the territory is expanded after the payment of the $500 thousand product option fee, a one-time $250 thousand fee will be due for each product. If a third party is interested in developing or licensing rights to an Option Product, MainPointe must exercise its option for that product or its option rights for such product will terminate.<table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
acur Debt Consulting Placement Fee
DebtConsultingPlacementFee
100000 USD
us-gaap Interest Paid Net
InterestPaidNet
78000 USD
us-gaap Interest Paid Net
InterestPaidNet
176000 USD
CY2017Q2 us-gaap Cash
Cash
1077000 USD
CY2018Q2 us-gaap Cash
Cash
568000 USD
CY2015Q1 acur Debt Instrument Cash Maintenance
DebtInstrumentCashMaintenance
2500000 USD
CY2018Q2 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0 USD
CY2017Q2 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
2000 USD
us-gaap Debt Instrument Periodic Payment
DebtInstrumentPeriodicPayment
260000 USD
CY2018Q2 us-gaap Debt Instrument Interest Rate Effective Percentage
DebtInstrumentInterestRateEffectivePercentage
0.1016 pure
CY2016Q4 us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
6000000 USD
CY2017Q3 us-gaap Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
4000000 USD
CY2017Q1 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
2500000 USD
CY2018Q2 acur Revenue From License Fee
RevenueFromLicenseFee
0 USD
CY2017Q2 acur Revenue From License Fee
RevenueFromLicenseFee
0 USD
acur Revenue From License Fee
RevenueFromLicenseFee
0 USD
acur Revenue From License Fee
RevenueFromLicenseFee
2500000 USD
CY2018Q2 us-gaap Assets
Assets
2813000 USD
CY2017Q4 us-gaap Assets
Assets
4604000 USD
CY2018Q2 acur Interest Payable Noncurrent
InterestPayableNoncurrent
8000 USD
CY2017Q4 acur Interest Payable Noncurrent
InterestPayableNoncurrent
0 USD
CY2018Q2 us-gaap Notes Payable Related Parties Classified Current
NotesPayableRelatedPartiesClassifiedCurrent
1429000 USD
CY2017Q4 us-gaap Notes Payable Related Parties Classified Current
NotesPayableRelatedPartiesClassifiedCurrent
0 USD
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
1500000 USD
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
0 USD
us-gaap Repayments Of Debt
RepaymentsOfDebt
1220000 USD
us-gaap Repayments Of Debt
RepaymentsOfDebt
1122000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
282000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-1122000 USD
CY2018Q2 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
0 USD
CY2017Q2 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
2500000 USD
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
74000 USD
CY2018Q2 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
82000 USD
CY2018Q2 us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
74000 USD
CY2017Q2 us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
0 USD
CY2017Q2 us-gaap Investment Income Nonoperating
InvestmentIncomeNonoperating
1000 USD
CY2018Q2 us-gaap Investment Income Nonoperating
InvestmentIncomeNonoperating
0 USD
us-gaap Investment Income Nonoperating
InvestmentIncomeNonoperating
2000 USD
us-gaap Investment Income Nonoperating
InvestmentIncomeNonoperating
0 USD
us-gaap Interest Expense
InterestExpense
113000 USD
us-gaap Interest Expense
InterestExpense
335000 USD
CY2018Q2 us-gaap Interest Expense
InterestExpense
14000 USD
CY2017Q2 us-gaap Interest Expense
InterestExpense
158000 USD
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P5M
CY2018Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
66000 USD
CY2017Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
129000 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
142000 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
258000 USD
CY2018Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.06
CY2017Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.18
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.13
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.15
CY2018Q2 acur Other Sale Revenues Net
OtherSaleRevenuesNet
0 USD
CY2017Q2 acur Other Sale Revenues Net
OtherSaleRevenuesNet
23000 USD
acur Other Sale Revenues Net
OtherSaleRevenuesNet
0 USD
acur Other Sale Revenues Net
OtherSaleRevenuesNet
59000 USD
CY2018Q2 acur Revenue From Royalty
RevenueFromRoyalty
76000 USD
CY2017Q2 acur Revenue From Royalty
RevenueFromRoyalty
69000 USD
acur Revenue From Royalty
RevenueFromRoyalty
274000 USD
acur Revenue From Royalty
RevenueFromRoyalty
143000 USD
CY2018Q2 acur Sale Revenue Goods Net
SaleRevenueGoodsNet
0 USD
CY2017Q2 acur Sale Revenue Goods Net
SaleRevenueGoodsNet
0 USD
acur Sale Revenue Goods Net
SaleRevenueGoodsNet
0 USD
acur Sale Revenue Goods Net
SaleRevenueGoodsNet
107000 USD
us-gaap Revenues
Revenues
274000 USD
us-gaap Revenues
Revenues
2809000 USD
CY2018Q2 us-gaap Revenues
Revenues
76000 USD
CY2017Q2 us-gaap Revenues
Revenues
92000 USD
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
103000 USD
us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
0 USD
us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
3000 USD
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
103000 USD

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