2020 Q4 Form 10-K Financial Statement

#000119380521000411 Filed on March 25, 2021

View on sec.gov

Income Statement

Concept 2020 Q4 2020 2019 Q4
Revenue $13.96M $42.22M $12.04M
YoY Change 15.95% 43.85% 196.55%
Cost Of Revenue $19.11M $61.29M $11.69M
YoY Change 63.47% 55.15% 4.94%
Gross Profit -$5.160M -$19.07M $350.0K
YoY Change -1574.29% 87.8% -104.94%
Gross Profit Margin -36.96% -45.17% 2.91%
Selling, General & Admin $10.87M $35.05M $7.500M
YoY Change 44.93% 24.82% -20.21%
% of Gross Profit 2142.86%
Research & Development $1.010M $5.907M $460.0K
YoY Change 119.57% 152.02% -428.57%
% of Gross Profit 131.43%
Depreciation & Amortization $1.230M $3.200M $830.0K
YoY Change 48.19% 33.33% -10.75%
% of Gross Profit 237.14%
Operating Expenses $12.06M $45.84M $8.170M
YoY Change 47.61% -35.23% -13.64%
Operating Profit -$17.22M -$64.91M -$7.820M
YoY Change 120.2% 56.71% -52.75%
Interest Expense -$3.090M $11.99M -$2.550M
YoY Change 21.18% 33.27% 84.78%
% of Operating Profit
Other Income/Expense, Net -$90.00K -$10.83M -$190.0K
YoY Change -52.63% 58.04% 72.73%
Pretax Income -$19.41M -$75.75M -$10.56M
YoY Change 83.81% 56.9% -41.46%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$19.41M -$75.75M -$10.56M
YoY Change 83.81% 56.9% -41.46%
Net Earnings / Revenue -139.04% -179.41% -87.71%
Basic Earnings Per Share -$0.88
Diluted Earnings Per Share -$200.7K -$0.88 -$177.9K
COMMON SHARES
Basic Shares Outstanding 94.55M shares 86.15M
Diluted Shares Outstanding 86.15M

Balance Sheet

Concept 2020 Q4 2020 2019 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $55.90M $55.90M $26.80M
YoY Change 108.58% 108.58% 17.54%
Cash & Equivalents $55.92M $55.90M $26.75M
Short-Term Investments
Other Short-Term Assets $3.000M $3.000M $2.500M
YoY Change 20.0% 20.0% 38.89%
Inventory $81.54M $81.50M $53.06M
Prepaid Expenses
Receivables $13.24M $13.20M $3.470M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $153.7M $153.7M $85.82M
YoY Change 79.14% 79.14% 92.85%
LONG-TERM ASSETS
Property, Plant & Equipment $41.59M $45.90M $31.74M
YoY Change 31.04% 38.67% 5.45%
Goodwill $3.500M $3.530M
YoY Change -0.84%
Intangibles $2.444M $3.159M
YoY Change -22.64%
Long-Term Investments
YoY Change
Other Assets $2.100M $2.100M $2.800M
YoY Change -25.0% 50.0% -58.21%
Total Long-Term Assets $53.93M $54.00M $41.27M
YoY Change 30.68% 30.75% -7.05%
TOTAL ASSETS
Total Short-Term Assets $153.7M $153.7M $85.82M
Total Long-Term Assets $53.93M $54.00M $41.27M
Total Assets $207.7M $207.7M $127.1M
YoY Change 63.41% 63.41% 42.96%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $11.07M $11.10M $9.175M
YoY Change 20.7% 20.65% 55.5%
Accrued Expenses $8.365M $8.700M $4.481M
YoY Change 86.66% 85.11% 24.48%
Deferred Revenue $142.8K
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $19.95M $19.90M $14.03M
YoY Change 42.2% 42.14% 46.12%
LONG-TERM LIABILITIES
Long-Term Debt $93.00M $93.00M $83.20M
YoY Change 11.78% 11.78% 88.66%
Other Long-Term Liabilities $54.89K $6.500M $106.6K
YoY Change -48.5% 75.68% -99.31%
Total Long-Term Liabilities $54.89K $99.50M $106.6K
YoY Change -48.5% 14.5% -99.82%
TOTAL LIABILITIES
Total Short-Term Liabilities $19.95M $19.90M $14.03M
Total Long-Term Liabilities $54.89K $99.50M $106.6K
Total Liabilities $119.4M $119.4M $100.9M
YoY Change 18.36% 18.33% 46.02%
SHAREHOLDERS EQUITY
Retained Earnings -$340.5M -$264.7M
YoY Change 28.61%
Common Stock $10.49K $5.932K
YoY Change 76.84%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $88.25M $88.20M $26.19M
YoY Change
Total Liabilities & Shareholders Equity $207.7M $207.7M $127.1M
YoY Change 63.41% 63.41% 42.96%

Cashflow Statement

Concept 2020 Q4 2020 2019 Q4
OPERATING ACTIVITIES
Net Income -$19.41M -$75.75M -$10.56M
YoY Change 83.81% 56.9% -41.46%
Depreciation, Depletion And Amortization $1.230M $3.200M $830.0K
YoY Change 48.19% 33.33% -10.75%
Cash From Operating Activities -$32.22M -$102.0M -$19.65M
YoY Change 63.97% 33.87% 4.58%
INVESTING ACTIVITIES
Capital Expenditures -$3.600M $12.73M -$1.590M
YoY Change 126.42% 233.87% 93.9%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change
Cash From Investing Activities -$3.590M -$12.72M -$1.590M
YoY Change 125.79% 233.82% 93.9%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $131.2M
YoY Change 171.08%
Debt Paid & Issued, Net $13.95M
YoY Change -53.5%
Cash From Financing Activities 32.07M 143.9M -10.00K
YoY Change -320800.0% 79.86%
NET CHANGE
Cash From Operating Activities -32.22M -102.0M -19.65M
Cash From Investing Activities -3.590M -12.72M -1.590M
Cash From Financing Activities 32.07M 143.9M -10.00K
Net Change In Cash -3.740M 29.17M -21.25M
YoY Change -82.4% -1073674.42% 8.36%
FREE CASH FLOW
Cash From Operating Activities -$32.22M -$102.0M -$19.65M
Capital Expenditures -$3.600M $12.73M -$1.590M
Free Cash Flow -$28.62M -$114.7M -$18.06M
YoY Change 58.47% 43.4% 0.5%

Facts In Submission

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<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; TEXT-INDENT: 45px; text-align:left;">The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at 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. Significant estimates include the realizable value of accounts receivable, valuation of inventory, assumptions used in projecting future liquidity and capital requirements, assumptions used in the fair value of awards granted under the Company’s equity incentive plans and warrants issued in connection with the issuance of notes payable and the valuation allowance for the Company’s deferred tax assets.</p>
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33381806 USD
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30293288 USD
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14455665 USD
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19197918 USD
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5227263 USD
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5724956 USD
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41593090 USD
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31741317 USD
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3200000 USD
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2400000 USD
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2924550 USD
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CY2020Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
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715352 USD
CY2020Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
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715352 USD
CY2020Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
715352 USD
CY2020Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
298065 USD
CY2020Q4 us-gaap Accrued Bonuses Current
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3210884 USD
CY2019Q4 us-gaap Accrued Bonuses Current
AccruedBonusesCurrent
1899769 USD
CY2020Q4 adma Accrued Rebates
AccruedRebates
2604245 USD
CY2019Q4 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
347091 USD
CY2020Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
828120 USD
CY2019Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
549356 USD
CY2020Q4 us-gaap Liability Premium Deficiency Testing On Long Duration Contract Amount
LiabilityPremiumDeficiencyTestingOnLongDurationContractAmount
779660 USD
CY2019Q4 us-gaap Liability Premium Deficiency Testing On Long Duration Contract Amount
LiabilityPremiumDeficiencyTestingOnLongDurationContractAmount
69415 USD
CY2020Q4 us-gaap Other Accrued Liabilities Noncurrent
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207262 USD
CY2019Q4 us-gaap Other Accrued Liabilities Noncurrent
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636978 USD
CY2020Q4 us-gaap Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
8365143 USD
CY2019Q4 us-gaap Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
4481395 USD
CY2020Q4 us-gaap Notes Payable
NotesPayable
100000000 USD
CY2019Q4 us-gaap Notes Payable
NotesPayable
72500000 USD
CY2020Q4 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
-7031134 USD
CY2019Q4 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
-4208837 USD
CY2020Q4 us-gaap Long Term Notes Payable
LongTermNotesPayable
92968866 USD
CY2019Q4 us-gaap Long Term Notes Payable
LongTermNotesPayable
68291163 USD
CY2020 adma Perceptive Tranche I Note And Perceptive Tranche Ii Fees Paid
PerceptiveTrancheINoteAndPerceptiveTrancheIiFeesPaid
30000000.0 USD
CY2020Q4 adma Perceptive Tranche I Note And Perceptive Tranche Ii Fees Paid
PerceptiveTrancheINoteAndPerceptiveTrancheIiFeesPaid
7100000 USD
CY2020Q4 us-gaap Debt Instrument Interest Rate Effective Percentage
DebtInstrumentInterestRateEffectivePercentage
0.137 pure
CY2020Q4 us-gaap Subordinated Long Term Debt
SubordinatedLongTermDebt
0 USD
CY2019Q4 us-gaap Subordinated Long Term Debt
SubordinatedLongTermDebt
15000000 USD
CY2020Q4 adma Subordinated Long Term Debt Discount
SubordinatedLongTermDebtDiscount
0 USD
CY2019Q4 adma Subordinated Long Term Debt Discount
SubordinatedLongTermDebtDiscount
-91947 USD
CY2020Q4 adma Subordinated Long Term Debt Net Of Debt Discount
SubordinatedLongTermDebtNetOfDebtDiscount
0 USD
CY2019Q4 adma Subordinated Long Term Debt Net Of Debt Discount
SubordinatedLongTermDebtNetOfDebtDiscount
14908053 USD
CY2020Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
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CommonStockSharesAuthorized
150000000 shares
CY2020Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2020Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
104902888 shares
CY2019Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
59318355 shares
CY2019Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
150000000 shares
CY2020Q4 us-gaap Common Stock Shares Subscribed But Unissued
CommonStockSharesSubscribedButUnissued
30655784 shares
CY2020Q1 adma Underwritten Public Offering
UnderwrittenPublicOffering
23500000 shares
CY2020Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
82300000 USD
CY2020Q1 adma Underwritten Public Offering
UnderwrittenPublicOffering
3525000 shares
CY2020Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
12300000 USD
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NetProceedsFromTheIssuanceOfCommonStock
88700000 USD
CY2019Q2 adma Underwritten Public Offering
UnderwrittenPublicOffering
12937500 shares
CY2019Q2 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
51800000 USD
CY2019Q2 adma Net Proceeds From The Issuance Of Common Stock
NetProceedsFromTheIssuanceOfCommonStock
48400000 USD
CY2020 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
6626 shares
CY2019 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
27787 shares
CY2020Q4 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
4528160 shares
CY2020Q4 adma Weighted Average Exercise Price Of Outstanding Warrants
WeightedAverageExercisePriceOfOutstandingWarrants
2.82
CY2019Q4 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
2138160 shares
CY2019Q4 adma Weighted Average Exercise Price Of Outstanding Warrants
WeightedAverageExercisePriceOfOutstandingWarrants
3.81
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.000 pure
CY2019 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.000 pure
CY2020 us-gaap Share Based Compensation
ShareBasedCompensation
2855122 USD
CY2019 us-gaap Share Based Compensation
ShareBasedCompensation
2650777 USD
CY2020Q4 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
0 USD
CY2019Q4 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
0 USD
CY2020 adma Description Tax Benefits
DescriptionTaxBenefits
significant change in unrecognized tax benefits during the next 12 months
CY2019Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccruals
2433142 USD
CY2020Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
66989523 USD
CY2019Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
47338300 USD
CY2020Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
66989523 USD
CY2019Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
47338300 USD
CY2020 adma Credit Facility Percentage
CreditFacilityPercentage
0.10 pure
CY2020 adma Plasma Supply Agreement Term
PlasmaSupplyAgreementTerm
P10Y
CY2020 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
-15907195 USD
CY2019 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
-10138657 USD
CY2020 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
-3797393 USD
CY2019 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
-2010517 USD
CY2020 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
19535265 USD
CY2019 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
11790031 USD
CY2020 us-gaap Income Tax Reconciliation Tax Credits Research
IncomeTaxReconciliationTaxCreditsResearch
-246989 USD
CY2019 us-gaap Income Tax Reconciliation Tax Credits Research
IncomeTaxReconciliationTaxCreditsResearch
-115086 USD
CY2020 us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
416312 USD
CY2019 us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
474229 USD
CY2020 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0 USD
CY2019 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0 USD
CY2020Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards Domestic
DeferredTaxAssetsOperatingLossCarryforwardsDomestic
59114928 USD
CY2019Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards Domestic
DeferredTaxAssetsOperatingLossCarryforwardsDomestic
42496374 USD
CY2020Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards Research
DeferredTaxAssetsTaxCreditCarryforwardsResearch
921577 USD
CY2019Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards Research
DeferredTaxAssetsTaxCreditCarryforwardsResearch
630516 USD
CY2020Q4 adma Deferred Tax Assets Tax Credit Carryforwards Interest
DeferredTaxAssetsTaxCreditCarryforwardsInterest
2911508 USD
CY2019Q4 adma Deferred Tax Assets Tax Credit Carryforwards Interest
DeferredTaxAssetsTaxCreditCarryforwardsInterest
0 USD
CY2020Q4 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
1080041 USD
CY2019Q4 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
1174733 USD
CY2020Q4 us-gaap Deferred Tax Assets Deferred Income
DeferredTaxAssetsDeferredIncome
563956 USD
CY2019Q4 us-gaap Deferred Tax Assets Deferred Income
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603535 USD
CY2020Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccruals
2397513 USD
CY2020 adma Incremental Borrowing Rate
IncrementalBorrowingRate
0.13 pure
CY2020 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
700000 USD
CY2020 adma Cash Payments For Lease
CashPaymentsForLease
500000 USD
CY2019 adma Cash Payments For Lease
CashPaymentsForLease
600000 USD
CY2020Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
4700000 USD
CY2019Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
1500000 USD
CY2020 adma Weighted Average Remaining Term
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P8Y8M12D
CY2020Q4 us-gaap Operating Leases Future Minimum Payments Remainder Of Fiscal Year
OperatingLeasesFutureMinimumPaymentsRemainderOfFiscalYear
954133 USD
CY2020Q4 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
1031213 USD
CY2020Q4 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
1009159 USD
CY2020Q4 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
871532 USD
CY2020Q4 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
866475 USD
CY2020Q4 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
3168953 USD
CY2020Q4 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
7901465 USD
CY2020Q4 adma Interest Portion Of Minimum Lease Payments
InterestPortionOfMinimumLeasePayments
3201632 USD
CY2020Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
365682 USD
CY2020Q4 adma Operating Lease Liability Total
OperatingLeaseLiabilityTotal
4334151 USD
CY2020 adma Lease Description
LeaseDescription
With the exception of an advance deposit and an initial months’ rent totaling approximately $34,000, no payments were made under this lease during the year ended December 31, 2020. The initial term of the first lease is for 133 months, with monthly rental payments varying between approximately $13,000 and $17,000, including common area maintenance charges.
CY2020 adma Compensation Expense
CompensationExpense
900000 USD
CY2019 adma Compensation Expense
CompensationExpense
700000 USD
CY2019 us-gaap Interest Paid Net
InterestPaidNet
10267632 USD
CY2020 us-gaap Interest Paid Net
InterestPaidNet
8112231 USD
CY2019 adma Equipment Acquired Reflected In Accounts Payable And Accrued Liabilities
EquipmentAcquiredReflectedInAccountsPayableAndAccruedLiabilities
973958 USD
CY2020 adma Equipment Acquired Reflected In Accounts Payable And Accrued Liabilities
EquipmentAcquiredReflectedInAccountsPayableAndAccruedLiabilities
514904 USD
CY2019 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
3329374 USD
CY2020 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
1421669 USD
CY2019 adma Warrants Issued In Connection With Notes Payable
WarrantsIssuedInConnectionWithNotesPayable
3740980 USD
CY2020 adma Warrants Issued In Connection With Notes Payable
WarrantsIssuedInConnectionWithNotesPayable
3579115 USD

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