$AIFF
FIREFLY NEUROSCIENCE, INC.

2023 Q2 Form 10-Q Financial Statement

#000143774923015463 Filed on May 22, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q4
Revenue $2.025M $2.160M $2.403M
YoY Change -53.11% -27.89% -6.95%
Cost Of Revenue $1.320M $1.503M $1.610M
YoY Change -61.03% -42.61% -16.18%
Gross Profit $705.0K $656.8K $792.7K
YoY Change -24.17% 74.65% 19.89%
Gross Profit Margin 34.82% 30.41% 32.99%
Selling, General & Admin $1.654M $1.612M $3.184M
YoY Change -48.95% -40.63% 7.39%
% of Gross Profit 234.66% 245.36% 401.63%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $60.00K $54.16K $360.0K
YoY Change -82.85% -85.09% 186.93%
% of Gross Profit 8.51% 8.25% 45.42%
Operating Expenses $1.654M $1.612M $3.184M
YoY Change -48.95% -40.63% 7.39%
Operating Profit $493.1K -$954.7K -$2.391M
YoY Change -128.6% -65.57% 3.8%
Interest Expense $36.81K $35.45K -$22.05K
YoY Change 85.74% 83.49% -40.93%
% of Operating Profit 7.46%
Other Income/Expense, Net $131.00 $91.00 $3.130K
YoY Change -32.82% -100.76% -90.31%
Pretax Income $456.4K -$990.1K -$9.549M
YoY Change -126.18% -64.69% 294.46%
Income Tax $0.00 $0.00 -$99.35K
% Of Pretax Income 0.0%
Net Earnings $234.8K -$1.350M -$9.450M
YoY Change -115.39% -35.05% 600.03%
Net Earnings / Revenue 11.6% -62.49% -393.29%
Basic Earnings Per Share $0.01 -$0.07
Diluted Earnings Per Share $0.01 -$0.05 -$0.49
COMMON SHARES
Basic Shares Outstanding 19.26M 19.26M 19.17M
Diluted Shares Outstanding 19.45M

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $340.0K $814.7K $731.1K
YoY Change -41.28% -72.84% -85.17%
Cash & Equivalents $338.3K $814.7K $731.1K
Short-Term Investments
Other Short-Term Assets $530.0K $826.8K $0.00
YoY Change 77.74% 80.24% -100.0%
Inventory
Prepaid Expenses
Receivables $1.735M $1.634M $1.630M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $2.599M $3.275M $2.803M
YoY Change -41.73% -36.15% -59.22%
LONG-TERM ASSETS
Property, Plant & Equipment $79.29K $88.89K $597.4K
YoY Change -27.92% -14.18% 467.58%
Goodwill $1.125M $1.125M $1.125M
YoY Change -85.17% -85.17% -85.17%
Intangibles $1.094M $1.138M $3.000M
YoY Change -85.12% -85.22% -62.73%
Long-Term Investments $335.5K $557.1K $0.00
YoY Change
Other Assets $20.62K $79.31K $79.31K
YoY Change -73.25% 2.86% 2.86%
Total Long-Term Assets $3.648M $4.015M $5.178M
YoY Change -76.77% -75.05% -68.6%
TOTAL ASSETS
Total Short-Term Assets $2.599M $3.275M $2.803M
Total Long-Term Assets $3.648M $4.015M $5.178M
Total Assets $6.247M $7.290M $7.981M
YoY Change -69.02% -65.65% -65.84%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $839.7K $513.7K $573.8K
YoY Change -45.72% 69.9% -11.79%
Accrued Expenses $1.260M $1.188M $1.164M
YoY Change -15.09% -26.67% 26.45%
Deferred Revenue $72.00K $127.1K $182.8K
YoY Change -56.58% -15.1% -2.18%
Short-Term Debt $1.190M $1.276M $425.0K
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $3.380M $4.614M $3.888M
YoY Change -1.95% 98.68% 96.2%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $190.0K $245.7K $303.8K
YoY Change -86.17% -89.3% -86.59%
Total Long-Term Liabilities $190.0K $245.7K $303.8K
YoY Change -86.17% -89.3% -86.59%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.380M $4.614M $3.888M
Total Long-Term Liabilities $190.0K $245.7K $303.8K
Total Liabilities $3.630M $4.919M $4.251M
YoY Change -33.4% -10.91% -28.21%
SHAREHOLDERS EQUITY
Retained Earnings -$32.31M -$32.54M -$31.19M
YoY Change 90.04% 109.73% 132.13%
Common Stock $20.93K $20.93K $20.84K
YoY Change 9.95% 10.25% 10.36%
Preferred Stock
YoY Change
Treasury Stock (at cost) $965.2K
YoY Change 3.76%
Treasury Stock Shares $1.673M
Shareholders Equity $2.618M $2.371M $3.730M
YoY Change
Total Liabilities & Shareholders Equity $6.247M $7.290M $7.981M
YoY Change -69.02% -65.65% -65.84%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q4
OPERATING ACTIVITIES
Net Income $234.8K -$1.350M -$9.450M
YoY Change -115.39% -35.05% 600.03%
Depreciation, Depletion And Amortization $60.00K $54.16K $360.0K
YoY Change -82.85% -85.09% 186.93%
Cash From Operating Activities -$390.0K -$1.764M -$913.7K
YoY Change -9.39% 195.5%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00 $301.8K
YoY Change -100.0% -2296.8%
Acquisitions
YoY Change
Other Investing Activities $0.00 $936.0K
YoY Change
Cash From Investing Activities $0.00 $936.0K -$301.8K
YoY Change -8050.17% -95.86%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -90.00K $912.0K 425.0K
YoY Change 3303.21% -95.2%
NET CHANGE
Cash From Operating Activities -390.0K -$1.764M -913.7K
Cash From Investing Activities 0.000 $936.0K -301.8K
Cash From Financing Activities -90.00K $912.0K 425.0K
Net Change In Cash -480.0K $83.64K -790.6K
YoY Change -104.33% -163.31%
FREE CASH FLOW
Cash From Operating Activities -$390.0K -$1.764M -$913.7K
Capital Expenditures $0.00 $0.00 $301.8K
Free Cash Flow -$390.0K -$1.764M -$1.216M
YoY Change -9.93% 311.4%

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CY2023Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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CY2022Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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CY2023Q1 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
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CY2022Q1 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
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CY2023Q1 us-gaap Increase Decrease In Contract With Customer Liability
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CY2022Q1 us-gaap Increase Decrease In Contract With Customer Liability
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CY2023Q1 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
16672 usd
CY2022Q1 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
699898 usd
CY2023Q1 us-gaap Increase Decrease In Operating Lease Liability
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CY2022Q1 us-gaap Increase Decrease In Operating Lease Liability
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CY2023Q1 us-gaap Increase Decrease In Reserve For Commissions Expense And Taxes
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CY2022Q1 us-gaap Increase Decrease In Reserve For Commissions Expense And Taxes
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CY2023Q1 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
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CY2022Q1 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
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CY2022Q1 us-gaap Cash Provided By Used In Operating Activities Discontinued Operations
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CY2023Q1 us-gaap Net Cash Provided By Used In Operating Activities
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CY2022Q1 us-gaap Net Cash Provided By Used In Operating Activities
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CY2022Q1 us-gaap Payments To Acquire Property Plant And Equipment
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CY2022Q1 us-gaap Proceeds From Divestiture Of Businesses Net Of Cash Divested
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ProceedsFromLongTermLinesOfCredit
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CY2022Q1 us-gaap Proceeds From Long Term Lines Of Credit
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CY2022Q1 wavd Proceeds From Premium Financing Borrowing
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CY2023Q1 wavd Repayments Of Premium Financing Borrowings
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CY2022Q1 wavd Repayments Of Premium Financing Borrowings
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CY2023Q1 us-gaap Proceeds From Issuance Of Common Stock
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53453 usd
CY2022Q1 us-gaap Proceeds From Issuance Of Common Stock
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7400 usd
CY2022Q1 us-gaap Proceeds From Stock Options Exercised
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CY2023Q1 us-gaap Net Cash Provided By Used In Financing Activities
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CY2022Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
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CY2023Q1 us-gaap Interest Paid Net
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CY2022Q1 us-gaap Interest Paid Net
InterestPaidNet
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CY2023Q1 us-gaap Noncash Or Part Noncash Divestiture Amount Of Consideration Received1
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CY2022Q1 us-gaap Noncash Or Part Noncash Divestiture Amount Of Consideration Received1
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CY2022Q4 us-gaap Stockholders Equity
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CY2023Q1 us-gaap Stock Issued During Period Value New Issues
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CY2023Q1 us-gaap Stockholders Equity
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CY2021Q4 us-gaap Stockholders Equity
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CY2022Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
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CY2022Q1 us-gaap Stockholders Equity
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CY2023Q1 wavd Working Capital
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CY2023Q1 us-gaap Cash And Cash Equivalents At Carrying Value
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RetainedEarningsAccumulatedDeficit
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CY2023Q1 wavd Disposal Group Including Discontinued Operation Buyer Stock
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BusinessCombinationContingentConsiderationAssetNoncurrent
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CY2023Q1 wavd Disposal Group Including Discontinued Operation Estimated Fair Value Of Reporting Unit
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CY2023Q1 wavd Sharebased Compensation Arrangement By Sharebased Payment Award Income Previously Recognized As Stocked Based Compensation Expense
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CY2022Q1 us-gaap Intangible Assets Gross Excluding Goodwill
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CY2023Q1 us-gaap Use Of Estimates
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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b><span style="text-decoration: underline; ">Use of Estimates</span></b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;text-indent:36pt;">Preparation of condensed consolidated financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the amounts reported and disclosed in the financial statements and the accompanying notes. Actual results could differ materially from these estimates due to uncertainties. On an ongoing basis, we evaluate our estimates, including those related to the allowance for credit losses; fair values of financial instruments, intangible assets, and goodwill, including the underlying estimates of cash flows of our products and reporting unit; useful lives of intangible assets and property and equipment; the valuation of stock-based compensation, and the valuation of deferred tax assets and liabilities, among others. We base our estimates on assumptions, both historical and forward looking, that are believed to be reasonable, and the results of which form the basis for making judgments about the carrying values of assets and liabilities.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"/>
CY2023Q1 us-gaap Concentration Risk Credit Risk
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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><b><span style="text-decoration: underline; ">Concentration of Credit Risk</span></b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;text-indent:36pt;">During the <em style="font: inherit;">three</em> months ended <em style="font: inherit;"> March 31, 2023, </em>the Company’s prime contracts with U.S. government agencies represented 8.9% of revenue, subcontracts under federal procurements represented 87.7% of revenue, and <em style="font: inherit;"><span style="-sec-ix-hidden:c98721080">3.4%</span></em> of revenue came from commercial contracts. The terms of these contracts and subcontracts vary from single transactions to <em style="font: inherit;">five</em> years. Three subcontracts under federal procurements represented 31.0%, 24.0%, and 13.9% of revenue, respectively. Revenue from <span style="-sec-ix-hidden:c98721045">one</span> prime contractor under which the Company has multiple subcontracts represented 50.9% of the Company’s revenue in aggregate.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;text-indent:36pt;">During the <em style="font: inherit;">three</em> months ended <em style="font: inherit;"> March 31, 2022, </em>the Company’s prime contracts with U.S. government agencies represented 34.3% of revenue and subcontracts under federal procurements represented 65.1% of revenue. The terms of these contracts and subcontracts vary from single transactions to <em style="font: inherit;">five</em> years. One prime contract represented 27.9% of revenue, and <em style="font: inherit;">three</em> subcontracts under federal procurements represented 26.9%, 16.0%, and 11.0% of revenue, respectively. Revenue from <span style="-sec-ix-hidden:c98721056">one</span> prime contractor under which the Company has multiple subcontracts represented 37.9% of the Company’s revenue in aggregate.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;text-indent:36pt;">The Company sold <em style="font: inherit;">third</em>-party software and maintenance contracts under agreements with <span style="-sec-ix-hidden:c98721059"><span style="-sec-ix-hidden:c98721081">one</span></span> major supplier, accounting for 2.6% and 30.5% of total revenue during the <em style="font: inherit;">three</em> months ended <em style="font: inherit;"> March 31, 2023 </em>and <em style="font: inherit;">2022,</em> respectively.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;text-indent:36pt;">As of <em style="font: inherit;"> March 31, 2023, </em>the Company’s accounts receivable included receivables from <span style="-sec-ix-hidden:c98721064">three</span> subcontracts under federal procurements that represented 41.0%, 12.0%, and 12.5% of the Company’s outstanding accounts receivable, respectively. Receivables from <span style="-sec-ix-hidden:c98721070">one</span> prime contractor under which the Company has multiple subcontracts represented 61.7% of the Company’s outstanding accounts receivable in aggregate.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;text-indent:36pt;">As of <em style="font: inherit;"> March 31, 2022, </em>the Company’s accounts receivable included receivables from <span style="-sec-ix-hidden:c98721072">three</span> subcontracts under federal procurements that represented 48.2%, 19.7%, and 10.3% of the Company’s outstanding accounts receivable, respectively. Receivables from <span style="-sec-ix-hidden:c98721077">one</span> prime contractor under which the Company has multiple subcontracts represented 67.9% of the Company’s outstanding accounts receivable in aggregate.</p>
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CY2023Q1 us-gaap Allowance For Doubtful Accounts Receivable
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CY2022Q1 us-gaap Contract With Customer Liability Revenue Recognized
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CY2022Q1 wavd Deferred Costs Of Revenue Expense
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CY2022Q1 wavd Deferred Costs Of Revenue
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CY2023Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
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CY2022Q1 us-gaap Amortization Of Intangible Assets
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CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due
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CY2023Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
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35152 usd
CY2023Q1 us-gaap Operating Lease Liability
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CY2023Q1 us-gaap Operating Lease Expense
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38053 usd
CY2022Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
56414 usd
CY2023Q1 wavd Discount Rate Of Project Revenue
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0.4075 pure
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0 usd
CY2023Q1 wavd Business Combination Contingent Consideration Asset Additions Fair Value Disclosure
BusinessCombinationContingentConsiderationAssetAdditionsFairValueDisclosure
682000 usd
CY2023Q1 wavd Business Combination Contingent Consideration Asset Fair Value Disclosure
BusinessCombinationContingentConsiderationAssetFairValueDisclosure
682000 usd
CY2023Q1 us-gaap Fair Value Asset Liability Recurring Basis Still Held Unrealized Gain Loss
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CY2023Q1 us-gaap Amortization Of Intangible Assets
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CY2023Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
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CY2022Q4 us-gaap Finite Lived Intangible Assets Net
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CY2023Q1 us-gaap Amortization Of Intangible Assets
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44061 usd
CY2023Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
857722 usd
CY2022Q4 us-gaap Intangible Assets Gross Excluding Goodwill
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1181783 usd
CY2023Q1 us-gaap Amortization Of Intangible Assets
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44061 usd
CY2023Q1 us-gaap Intangible Assets Gross Excluding Goodwill
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CY2022Q1 us-gaap Amortization Of Intangible Assets
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CY2022Q1 us-gaap Amortization Of Intangible Assets
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44061 usd
CY2022Q1 us-gaap Finite Lived Intangible Assets Net
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CY2023Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
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CY2023Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
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146307 usd
CY2023Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
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CY2023Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
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CY2023Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
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CY2023Q1 wavd Finitelived Intangible Asset Expected Amortization After Year Four
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170488 usd
CY2023Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
857722 usd
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
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0
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0 pure
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0 pure
CY2023Q1 wavd Percentage Of Size Adjustment Premium Of Volatility Increased During Period
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CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
912000
CY2022Q1 wavd Sharebased Compensation Arrangement By Sharebased Payment Award Options Grants In Period Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsGrantsInPeriodGrantDateFairValue
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CY2023Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
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CY2022Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
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CY2023Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
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CY2023Q1 us-gaap Allocated Share Based Compensation Expense
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CY2022Q1 us-gaap Allocated Share Based Compensation Expense
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CY2023Q1 wavd Common Stock Purchase Agreement Text Bock
CommonStockPurchaseAgreementTextBock
<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;"><tbody><tr style="vertical-align: top;"><td style="width: 36pt;"> <p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Note <em style="font: inherit;">9.</em></b></p> </td><td style="width: auto;"> <p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Sales of Shares Under Common Stock Purchase Agreement</b></p> </td></tr> </tbody></table> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;text-indent:36pt;">On <em style="font: inherit;"> July 8, 2022, </em>we entered into a Common Stock Purchase Agreement (the “Purchase Agreement”) and a Registration Rights Agreement (the “Registration Rights Agreement”) with B. Riley Principal Capital II, LLC (“B. Riley”). Pursuant to the Purchase Agreement, subject to certain limitations and conditions, the Company has the right, but <em style="font: inherit;">not</em> the obligation, to sell to B. Riley up to $15,000,000 of shares of the Company’s common stock, par value $0.001 per share (“Common Stock”), from time to time. Sales of Common Stock to B. Riley under the Purchase Agreement, and the timing of any such sales, are solely at the Company’s option, and the Company is under <em style="font: inherit;">no</em> obligation to sell any securities to B. Riley under the Purchase Agreement. Pursuant to the Registration Rights Agreement, the Company agreed to file a registration statement with the Securities Exchange Commission (the “SEC”) to register under the Securities Act of <em style="font: inherit;">1933,</em> as amended (the “Securities Act”) the resale by B. Riley of up to 4,500,000 shares of Common Stock that the Company <em style="font: inherit;"> may </em>issue or elect, in the Company’s sole discretion, to issue and sell to B. Riley, from time to time under the Purchase Agreement.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 8pt;text-indent:36pt;">On <em style="font: inherit;"> August 11, 2022 </em>and <em style="font: inherit;"> November 10, 2022, </em>the Company issued to B. Riley 89,835 and 29,945 shares, respectively, as a commitment fee in accordance with the Purchase Agreement. The total value of the commitment fee shares was $150,000 and is included in prepaid expenses and other current assets on the unaudited consolidated condensed balance sheet as of <em style="font: inherit;"> December </em><em style="font: inherit;">31,</em> <em style="font: inherit;">2022.</em> The commitment fee represents prepaid stock issuance cost and is being amortized to additional paid in capital as shares are sold under the Purchase Agreement. During the <em style="font: inherit;">three</em> months ended <em style="font: inherit;"> March 31, 2023, </em>the Company amortized $15,822 of the commitment fee.</p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 8pt;text-indent:36pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;text-indent:36pt;">During the <em style="font: inherit;">three</em> months ended <em style="font: inherit;"> March 31, 2023, </em>the Company sold 74,286 shares of common stock to B. Riley at an average price of $0.72 per share, net of fees of approximately $0.04 per share. The net proceeds from these sales were $53,453.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%;"><tbody><tr><td style="width: 50%; border-bottom: 1px solid rgb(0, 0, 0);"><b/></td></tr> </tbody></table>
CY2023Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
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