2023 Q4 Form 10-Q Financial Statement

#000121390023087099 Filed on November 14, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3 2022 Q4
Revenue $81.30K $124.5K $185.6K
YoY Change -56.2% -61.47% 76.71%
Cost Of Revenue $285.9K $106.9K $170.2K
YoY Change 67.99% -54.25% 118.22%
Gross Profit -$204.6K $17.56K $15.43K
YoY Change -1425.79% -80.36% -42.96%
Gross Profit Margin -251.62% 14.11% 8.31%
Selling, General & Admin $3.443M $7.214M $5.134M
YoY Change -32.94% 84.45% -77.0%
% of Gross Profit 41072.93% 33274.34%
Research & Development $4.303M $898.7K $3.081M
YoY Change 39.66% -42.78% 81.0%
% of Gross Profit 5116.85% 19969.15%
Depreciation & Amortization $132.9K $109.6K $159.0K
YoY Change -16.42% -13.52% 22.51%
% of Gross Profit 624.07% 1030.72%
Operating Expenses $7.746M $8.113M $8.215M
YoY Change -5.71% 48.0% -65.8%
Operating Profit -$7.951M -$8.095M -$8.200M
YoY Change -3.04% 50.13% -65.82%
Interest Expense -$3.079M -$1.651M $16.88K
YoY Change -18338.45% -23.77% -128.71%
% of Operating Profit
Other Income/Expense, Net -$1.651M $0.00
YoY Change -23.77%
Pretax Income -$10.98M -$9.746M -$8.183M
YoY Change 34.15% 28.96% -65.98%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$11.12M -$9.746M -$8.183M
YoY Change 35.9% 28.96% -65.98%
Net Earnings / Revenue -13678.87% -7828.91% -4409.04%
Basic Earnings Per Share -$48.77
Diluted Earnings Per Share -$15.10 -$47.95 -$1.96
COMMON SHARES
Basic Shares Outstanding 441.9K shares 7.611M shares 4.161M shares
Diluted Shares Outstanding 203.2K shares

Balance Sheet

Concept 2023 Q4 2023 Q3 2022 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $97.10K $1.651M $2.769M
YoY Change -96.49% -82.14% -64.83%
Cash & Equivalents $97.10K $1.651M $2.769M
Short-Term Investments
Other Short-Term Assets $217.4K $555.6K $496.9K
YoY Change -56.25% -19.41% 7.99%
Inventory $745.5K $858.1K $950.1K
Prepaid Expenses $217.4K $555.6K $496.9K
Receivables $408.3K $362.7K $528.0K
Other Receivables $5.445M $0.00 $0.00
Total Short-Term Assets $6.913M $3.428M $4.744M
YoY Change 45.73% -72.85% -49.63%
LONG-TERM ASSETS
Property, Plant & Equipment $4.099M $2.004M $2.319M
YoY Change 76.75% -10.89% 2.27%
Goodwill
YoY Change
Intangibles $9.444K $26.75K $107.0K
YoY Change -91.17%
Long-Term Investments $22.38M $312.3K $355.4K
YoY Change 6198.68% -21.56% -6.3%
Other Assets $11.17M $0.00
YoY Change -100.0%
Total Long-Term Assets $37.67M $4.798M $5.992M
YoY Change 528.63% -26.81% -17.32%
TOTAL ASSETS
Total Short-Term Assets $6.913M $3.428M $4.744M
Total Long-Term Assets $37.67M $4.798M $5.992M
Total Assets $44.58M $8.226M $10.74M
YoY Change 315.25% -57.11% -35.58%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $8.555M $4.224M $1.959M
YoY Change 336.81% 55.77% 24.31%
Accrued Expenses $999.9K $1.081M $1.087M
YoY Change -7.98% -3.69% -5.11%
Deferred Revenue
YoY Change
Short-Term Debt $16.03M $4.020M $0.00
YoY Change 4925.08%
Long-Term Debt Due $147.8K $147.8K $410.0K
YoY Change -63.94% -40.09% -41.47%
Total Short-Term Liabilities $25.89M $11.24M $3.644M
YoY Change 610.53% 157.1% 1.01%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Other Long-Term Liabilities $2.642M $1.204M $1.885M
YoY Change 40.13% -43.01% -31.84%
Total Long-Term Liabilities $2.642M $1.204M $1.885M
YoY Change 40.13% -43.01% -34.45%
TOTAL LIABILITIES
Total Short-Term Liabilities $25.89M $11.24M $3.644M
Total Long-Term Liabilities $2.642M $1.204M $1.885M
Total Liabilities $28.52M $12.45M $5.529M
YoY Change 415.87% 91.92% -14.72%
SHAREHOLDERS EQUITY
Retained Earnings -$127.7M -$116.6M -$95.04M
YoY Change 34.41% 34.31% 41.11%
Common Stock $1.319K $368.00 $4.307K
YoY Change -69.38% -90.14% -90.33%
Preferred Stock
YoY Change
Treasury Stock (at cost) $201.6K $201.6K $201.6K
YoY Change 0.0% 0.0% 0.0%
Treasury Stock Shares 2.017K shares
Shareholders Equity $16.06M -$4.222M $5.206M
YoY Change
Total Liabilities & Shareholders Equity $44.58M $8.226M $10.74M
YoY Change 315.25% -57.11% -35.58%

Cashflow Statement

Concept 2023 Q4 2023 Q3 2022 Q4
OPERATING ACTIVITIES
Net Income -$11.12M -$9.746M -$8.183M
YoY Change 35.9% 28.96% -65.98%
Depreciation, Depletion And Amortization $132.9K $109.6K $159.0K
YoY Change -16.42% -13.52% 22.51%
Cash From Operating Activities -$3.309M -$8.038M -$6.720M
YoY Change -50.75% 2.8% -22.68%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $4.410K $88.82K
YoY Change -100.0% -205.25% -177.19%
Acquisitions
YoY Change
Other Investing Activities $0.00 $268.5K
YoY Change -100.0% -103.21%
Cash From Investing Activities $0.00 -$4.410K $179.7K
YoY Change -100.0% -105.04% -102.12%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.755M 9.595M 64.01K
YoY Change 2641.77% -40.67% -99.67%
NET CHANGE
Cash From Operating Activities -3.309M -8.038M -6.720M
Cash From Investing Activities 0.000 -4.410K 179.7K
Cash From Financing Activities 1.755M 9.595M 64.01K
Net Change In Cash -1.554M 1.553M -6.476M
YoY Change -76.0% -81.6% -369.55%
FREE CASH FLOW
Cash From Operating Activities -$3.309M -$8.038M -$6.720M
Capital Expenditures $0.00 $4.410K $88.82K
Free Cash Flow -$3.309M -$8.042M -$6.809M
YoY Change -51.4% 2.91% -20.61%

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE 1 – ORGANIZATION AND NATURE OF BUSINESS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Company Background</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Overview</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We are a biotech innovation company with a mission of prolonging life and enhancing its quality by improving the health of the immune system. We are an innovation company developing and commercializing technologies with a focus on monitoring and modulating the immune system. Our immune reprogramming technologies are currently at the pre-clinical stage and are designed to retrain the immune system to induce tolerance with an objective of addressing rejection of transplanted organs, autoimmune diseases, and allergies. Our immune monitoring technologies are designed to provide a personalized comprehensive profile of the immune system and we plan to utilize them in our upcoming reprogramming clinical trials to monitor subjects’ immune response before, during and after drug administration.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On January 1, 2023, the Company formed Adimune, Inc., a Delaware wholly owned subsidiary.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On January 1, 2023, the Company formed Pearsanta, Inc., a Delaware wholly owned subsidiary.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On April 13, 2023, the Company formed Adivir, Inc., a Delaware wholly owned subsidiary.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Reverse Stock Split</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On September 13, 2022, the Company effectuated a 1 for 50 reverse stock split (the “2022 Reverse Split”). The Company’s stock began trading on a split-adjusted basis effective on the Nasdaq Stock Market on September 14, 2022. There was no change to the number of authorized shares of the Company’s common stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On August 17, 2023, the Company effectuated a 1 for 40 reverse stock split (the “2023 Reverse Split”). The Company’s stock began trading on a split-adjusted basis effective on the Nasdaq Stock Market on August 18, 2023. There was no change to the number of authorized shares of the Company’s common stock. All share amounts referenced in this report are adjusted to reflect the 2023 Reverse Split.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Offerings</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On August 31, 2021, the Company completed a registered direct offering (“August 2021 Offering”). In connection therewith, the Company issued 2,292 shares of common stock, at a purchase price of $4,800.00 per share, resulting in gross proceeds of approximately $11.0 million. In a concurrent private placement, the Company issued warrants to purchase up to 2,292 shares. The warrants have an exercise price of $5,060.00 per share and are exercisable for a five-year period commencing months from the date of issuance. The warrants exercise price was subsequently repriced to $3,000.00. In addition, the Company issued a warrant to the placement agent to purchase up to 115 shares of common stock at an exercise price of $6,000.00 per share.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On October 18, 2021, the Company entered into an underwriting agreement with Revere Securities LLC, relating to the public offering (the “October 2021 Offering”) of 1,417 shares of the Company’s common stock (the “Shares”) by the Company. The Shares were offered, issued, and sold at a price to the public of $3,000.00 per share under a prospectus supplement and accompanying prospectus filed with the SEC pursuant to an effective shelf registration statement filed with the SEC on Form S-3 (File No. 333-257645), which was declared effective by the SEC on July 13, 2021. The October 2021 Offering closed on October 20, 2021 for gross proceeds of $4.25 million. The Company utilized a portion of the proceeds, net of underwriting discounts of approximately $3.91 million from the October 2021 Offering to fund certain obligations of the Company.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On December 6, 2021, the Company completed a public offering for net proceeds of $16.0 million (the “December 2021 Offering”). As part of the December 2021 Offering, we issued 4,123 units consisting of shares of the Company’s common stock and warrant to purchase shares of the Company’s common stock and 4,164 prefunded warrants. The warrant issued as part of the units had an exercise price of $2,300.00 and the prefunded warrants had an exercise price of $0.04. On June 15, 2022, the Company entered an agreement with a holder of certain warrants in the December 2021 Offering. (See Note 10)</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On September 20, 2022, the Company completed a public offering for net proceeds of $17.2 million (the “September 2022 Offering”). As part of the September 2022 Offering, we issued 30,608 of shares of the Company’s common stock, pre-funded warrants to purchase 52,725 shares of common stock, and warrants to purchase 83,333 shares of the Company’s common stock. The warrants had an exercise price of $240.00 and the pre-funded warrants had an exercise price of $0.04.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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 0; text-align: justify">On April 20, 2023, the Company entered into a securities purchase agreement (the “April Purchase Agreement”) with an institutional investor, pursuant to which the Company agreed to sell to such investor pre-funded warrants (the “April Pre-Funded Warrants”) to purchase up to 39,634 shares of common stock of the Company (the “Common Stock”) at a purchase price of $48.76 per April Pre-Funded Warrant. The April Pre-Funded Warrants (and shares of common stock underlying the April Pre-Funded Warrants) were offered by the Company pursuant to its shelf registration statement on Form S-3 (File No. 333-257645), which was declared effective by the Securities and Exchange Commission on July 13, 2021. Concurrently with the sale of the April Pre-Funded Warrants, pursuant to the Purchase Agreement in a concurrent private placement, for each April Pre-Funded Warrant purchased by the investor, such investor received from the Company an unregistered warrant (the “Warrant”) to purchase two shares of Common Stock. The warrants have an exercise price of $34.40 per share, and are exercisable for a three year period. In addition, the Company issued a warrant to the placement agent to purchase up to 2,378 shares of common stock at an exercise price of $61.00 per share. The closing of the sales of these securities under the April Purchase Agreement took place on April 24, 2023. The gross proceeds from the offering were approximately $1.9 million, prior to deducting placement agent’s fees and other offering expenses payable by the Company.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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 0; text-align: justify">On August 31, 2023, the “Company entered into a securities purchase agreement (the “August Purchase Agreement”) with an institutional investor for the issuance and sale in a private placement (the “Private Placement”) of (i) pre-funded warrants (the “August Pre-Funded Warrants”) to purchase up to 1,000,000 shares of the Company’s common stock at an exercise price of $0.001 per share, and (ii) warrants (the “Common Warrants”) to purchase up to 1,000,000 shares of the Company’s Common Stock at an exercise price of $10.00 per share. The Private Placement closed on September 6, 2023. The net proceeds to the Company from the Private Placement were approximately $9 million, after deducting placement agent fees and expenses and estimated offering expenses payable by the Company. The Company intends to use the net proceeds received from the Private Placement for (i) the payment of approximately $3.1 million in outstanding obligations, (ii) the repayment of approximately $0.4 million of outstanding debt, and (iii) the balance for continuing operating expenses and working capital.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Risks and Uncertainties</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company has a limited operating history and is in the very early stages of generating revenue from intended operations. The Company’s business and operations are sensitive to general business and economic conditions in the U.S. and worldwide along with local, state, and federal governmental policy decisions. A host of factors beyond the Company’s control could cause fluctuations in these conditions. Adverse conditions may include: changes in the biotechnology regulatory environment, technological advances that render our technologies obsolete, availability of resources for clinical trials, acceptance of technologies into the medical community, and competition from larger, more well-funded companies. These adverse conditions could affect the Company’s financial condition and the results of its operations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On January 30, 2020, the World Health Organization declared the COVID-19 novel coronavirus outbreak a “Public Health Emergency of International Concern” and on March 10, 2020, declared it to be a pandemic. Actions taken around the world to help mitigate the spread of the coronavirus included restrictions on travel, and quarantines in certain areas, and forced closures for certain types of public places and businesses. The COVID-19 coronavirus and actions taken to mitigate it have had an adverse impact on the economies and financial markets of many countries, including the geographical area in which the Company operates. While it is unknown how long these conditions will last and what the financial impact will be to the Company, it is reasonably possible that future capital raising efforts and additional development of our technologies may be negatively affected.</span></p>
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ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights
2292 shares
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5060
CY2021Q3 us-gaap Warrant Exercise Price Decrease
WarrantExercisePriceDecrease
3000
CY2023Q2 us-gaap Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights
115 shares
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CommonStockSharesIssued
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3000
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ProceedsFromIssuanceInitialPublicOffering
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4123 shares
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PrefundedWarrantsShares
4164 shares
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2300
CY2021Q4 adtx Prefunded Warrants Exercise Price
PrefundedWarrantsExercisePrice
0.04
CY2022Q3 us-gaap Proceeds From Issuance Initial Public Offering
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17200000 usd
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52725 shares
CY2022Q3 us-gaap Stock Issued During Period Shares Purchase Of Assets
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CY2023Q2 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Use of Estimates</i></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of financial statements in conformity with U.S. GAAP 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 revenue and expense during the reporting period. Actual results could differ from those estimates. Significant estimates underlying the financial statements include the collectability of notes receivable, collectability and reserve on accounts receivable, the reserve on insurance billing, and the fair value of stock options and warrants.</span></p>
us-gaap Concentration Risk Credit Risk
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Concentrations of Credit Risk</i></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents and accounts receivable.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company maintains its cash accounts at financial institutions which are insured by the Federal Deposit Insurance Corporation. At times, the Company may have deposits in excess of federally insured limits.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Substantially all the Company’s accounts receivable are with companies in the healthcare industry, individuals, and the U.S. government. However, concentration of credit risk is mitigated due to the Company’s number of customers. In addition, for receivables due from U.S. government agencies, the Company does not believe the receivables represent a credit risk as these are related to healthcare programs funded by the U.S. government and payment is primarily dependent upon submitting the appropriate documentation.</span></p>
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adtx Business Loan And Security Agreement
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The total amount of interest and fees payable by the Company to the Lender under the Loan (the “July Repayment Amount”) will be (i) $322,285 and will be repaid in 13 weekly installments of $24,500 with a final payment of $3,785 in the fourteenth week. As of September 30, 2023, the note was fully paid off.
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2023-03-08
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us-gaap Broadcasters License Agreement Commitments Description
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In addition to the annual license maintenance fees outlined above, we are obligated pay Stanford royalties on Net Sales (as such term is defined in the February 2020 License Agreement) during the of the term of the agreement as follows: 4% when Net Sales are below or equal to $5 million annually or 6% when Net Sales are above $5 million annually.
CY2023Q2 adtx Asset Purchase Agreement
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24500000 usd
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10000000 usd
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1800000 usd
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0.001
us-gaap Stockholders Equity Reverse Stock Split
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On September 13, 2022, the Company effectuated a 1 for 50 reverse stock split (the “2022 Reverse Split”).
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4675 shares
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1127 shares
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CY2023Q3 us-gaap Common Stock Capital Shares Reserved For Future Issuance
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CY2023Q2 us-gaap Warrant Exercise Price Increase
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us-gaap Property Management Fee Percent Fee Description
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(i) pre-funded warrants (the “Pre-Funded Warrants”) to purchase up to 1,000,000 shares of the Company’s common stock at an exercise price of $0.001 per share, and (ii) warrants (the “Common Warrants”) to purchase up to 1,000,000 shares of the Company’s Common Stock at an exercise price of $10.00 per share.
CY2023Q3 us-gaap Class Of Warrant Or Right Outstanding
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60000 shares
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CY2022Q1 adtx Issuance Of Shares For Vested Restricted Stock Units
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CY2022Q2 adtx Issuance Of Restricted Stock Units For Compensation
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CY2022Q3 adtx Warrant Modified During Period Value
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us-gaap Payments For Tenant Improvements
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adtx Shares Issued For Debt Offering Costs
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adtx Redemption Of Series Preferred Shares To Related Party
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dei Amendment Flag
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dei Document Fiscal Period Focus
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Q3
dei Entity Central Index Key
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