$ARTH
Arch Therapeutics, Inc.

2021 Q3 Form 10-Q Financial Statement

#000110465921104937 Filed on August 13, 2021

View on sec.gov

Income Statement

Concept 2021 Q3 2021 Q2 2020 Q2
Revenue $1.570K $0.00 $0.00
YoY Change
Cost Of Revenue $16.18K $0.00 $0.00
YoY Change
Gross Profit -$14.61K $0.00 $0.00
YoY Change
Gross Profit Margin -930.57%
Selling, General & Admin $1.409M $1.370M $854.6K
YoY Change 38.34% 60.35% -8.46%
% of Gross Profit
Research & Development $301.3K $297.6K $382.8K
YoY Change -6.44% -22.28% -40.06%
% of Gross Profit
Depreciation & Amortization $800.00 $799.00 $1.765K
YoY Change -45.21% -54.73% -36.05%
% of Gross Profit
Operating Expenses $1.710M $1.668M $1.237M
YoY Change 27.58% 34.79% -21.29%
Operating Profit -$1.725M -$1.668M -$1.237M
YoY Change 28.67% 34.79%
Interest Expense -$40.33K $40.19K $4.227K
YoY Change -26.5% 850.7% -98.51%
% of Operating Profit
Other Income/Expense, Net $138.0K
YoY Change
Pretax Income -$1.765M -$1.530M -$904.4K
YoY Change 26.5% 69.17% -29.85%
Income Tax
% Of Pretax Income
Net Earnings -$1.765M -$1.530M -$904.4K
YoY Change 26.5% 69.17% -29.85%
Net Earnings / Revenue -112431.85%
Basic Earnings Per Share -$0.01
Diluted Earnings Per Share -$7.444K -$6.463K -$4.802K
COMMON SHARES
Basic Shares Outstanding 236.7M
Diluted Shares Outstanding

Balance Sheet

Concept 2021 Q3 2021 Q2 2020 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.267M $3.779M $2.013M
YoY Change 136.28% 87.75% -36.74%
Cash & Equivalents $2.267M $3.779M $2.013M
Short-Term Investments
Other Short-Term Assets $307.3K $378.8K $166.3K
YoY Change 42.5% 127.77% -72.03%
Inventory $1.094M $828.2K $977.6K
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $3.668M $4.986M $3.157M
YoY Change 71.15% 57.95% -16.41%
LONG-TERM ASSETS
Property, Plant & Equipment $5.240K $6.039K $6.010K
YoY Change 15.11% 0.48% -45.06%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $3.500K $3.500K $3.500K
YoY Change 0.0% 0.0% 0.0%
Total Long-Term Assets $8.740K $9.539K $9.510K
YoY Change 8.54% 0.3% -34.19%
TOTAL ASSETS
Total Short-Term Assets $3.668M $4.986M $3.157M
Total Long-Term Assets $8.740K $9.539K $9.510K
Total Assets $3.676M $4.996M $3.166M
YoY Change 70.92% 57.78% -16.47%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $408.1K $277.2K $302.3K
YoY Change 19.31% -8.3% 134.91%
Accrued Expenses $319.5K $168.6K $185.0K
YoY Change 19.76% -8.85% 30.49%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00 $67.86K
YoY Change -100.0% -100.0%
Total Short-Term Liabilities $1.728M $1.446M $555.2K
YoY Change 174.89% 160.43% 105.26%
LONG-TERM LIABILITIES
Long-Term Debt $1.600M $1.600M $658.4K
YoY Change 132.27% 143.0%
Other Long-Term Liabilities $1.375M $1.334M $2.276M
YoY Change -40.66% -41.37% -38.35%
Total Long-Term Liabilities $2.975M $2.934M $2.934M
YoY Change -1.6% 0.0% -20.52%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.728M $1.446M $555.2K
Total Long-Term Liabilities $2.975M $2.934M $2.934M
Total Liabilities $4.702M $4.380M $3.489M
YoY Change 28.77% 25.52% -11.93%
SHAREHOLDERS EQUITY
Retained Earnings -$49.80M -$48.03M
YoY Change 14.33%
Common Stock $48.77M $48.65M
YoY Change 15.97%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$1.026M $615.6K -$323.2K
YoY Change
Total Liabilities & Shareholders Equity $3.676M $4.996M $3.166M
YoY Change 70.92% 57.78% -16.47%

Cashflow Statement

Concept 2021 Q3 2021 Q2 2020 Q2
OPERATING ACTIVITIES
Net Income -$1.765M -$1.530M -$904.4K
YoY Change 26.5% 69.17% -29.85%
Depreciation, Depletion And Amortization $800.00 $799.00 $1.765K
YoY Change -45.21% -54.73% -36.05%
Cash From Operating Activities -$1.513M -$1.782M -$1.435M
YoY Change 43.56% 24.15% -7.07%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00 $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities $0.00 $0.00 $0.00
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 0.000 1.659M
YoY Change -100.0% -40.1%
NET CHANGE
Cash From Operating Activities -1.513M -1.782M -1.435M
Cash From Investing Activities 0.000 0.000 0.000
Cash From Financing Activities 0.000 0.000 1.659M
Net Change In Cash -1.513M -1.782M 224.0K
YoY Change 43.56% -895.55% -81.73%
FREE CASH FLOW
Cash From Operating Activities -$1.513M -$1.782M -$1.435M
Capital Expenditures $0.00 $0.00 $0.00
Free Cash Flow -$1.513M -$1.782M -$1.435M
YoY Change 43.56% 24.15% -7.07%

Facts In Submission

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arth Series J Warrants Cost
SeriesJWarrantsCost
219737
us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><span style="text-decoration:underline;">Use of Estimates</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">Management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from those estimates.</p>
CY2021Q2 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0
CY2020Q3 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><span style="text-decoration:underline;">Concentration of Credit Risk</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">Financial instruments that potentially subject the Company to concentration of credit risk consist primarily of cash. The Company maintains its cash in bank deposits accounts, which, at times, may exceed federally insured limits. The Company has not experienced any losses in such accounts. The Company believes it is not exposed to any significant credit risk on cash.</p>
CY2020Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
4552
CY2021Q2 us-gaap Depreciation
Depreciation
799
CY2020Q2 us-gaap Depreciation
Depreciation
1765
CY2021Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
10000
CY2020Q3 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
39000
CY2021Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
10000
CY2020Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
39000
us-gaap Derivatives Reporting Of Derivative Activity
DerivativesReportingOfDerivativeActivity
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><span style="text-decoration:underline;">Derivative Liabilities</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-bottom:12pt;margin:0pt;">The Company accounts for its warrants and other derivative financial instruments as either equity or liabilities based upon the characteristics and provisions of each instrument, in accordance with FASB ASC Topic 815, <i style="font-style:italic;">Derivatives and Hedging</i>. Warrants classified as equity are recorded at fair value as of the date of issuance on the Company’s consolidated balance sheets and no further adjustments to their valuation are made. Warrants classified as derivative liabilities and other derivative financial instruments that require separate accounting as liabilities are recorded on the Company’s consolidated balance sheets at their fair value on the date of issuance and will be revalued on each subsequent balance sheet date until such instruments are exercised or expire, with any changes in the fair value between reporting periods recorded as other income or expense. Management estimates the fair value of these liabilities using option pricing models and assumptions that are based on the individual characteristics of the warrants or instruments on the valuation date, as well as assumptions for future financings, expected volatility, expected life, yield, and risk-free interest rate.</p>
CY2021Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
33756
CY2020Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
30481
CY2021Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment Excluding Capital Leased Assets
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipmentExcludingCapitalLeasedAssets
27717
CY2020Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment Excluding Capital Leased Assets
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipmentExcludingCapitalLeasedAssets
25929
CY2021Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
6039
us-gaap Depreciation
Depreciation
1788
us-gaap Depreciation
Depreciation
5466
CY2021Q2 us-gaap Inventory Finished Goods
InventoryFinishedGoods
249696
CY2021Q2 us-gaap Inventory Work In Process
InventoryWorkInProcess
578524
CY2020Q3 us-gaap Inventory Work In Process
InventoryWorkInProcess
967993
CY2021Q2 us-gaap Inventory Net
InventoryNet
828220
CY2020Q3 us-gaap Inventory Net
InventoryNet
967993
CY2021Q1 arth Increase Decrease In Inventory Valuation Reserves
IncreaseDecreaseInInventoryValuationReserves
139773
CY2021Q2 arth Increase Decrease In Inventory Valuation Reserves
IncreaseDecreaseInInventoryValuationReserves
828220
CY2020 arth Increase Decrease In Inventory Valuation Reserves
IncreaseDecreaseInInventoryValuationReserves
967993
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y7M6D
CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
18248346
CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
0.36
CY2020 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P2Y7M2D
CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
79330
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
2495000
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
0.15
arth Share Based Compensation Arrangement By Share Based Payment Award Options Awarded Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsAwardedAggregateIntrinsicValue
0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
213348
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
0.44
arth Share Based Compensation Arrangement By Share Based Payment Award Options Forfeited In Period Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeitedInPeriodAggregateIntrinsicValue
0
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
20529998
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
0.34
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageRemainingContractualTerm1
P2Y1M24D
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
247403
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares
17608293
arth Share Based Compensation Arrangement By Share Based Payment Award Options Vested Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedWeightedAverageExercisePrice
0.36
arth Share Based Compensation Arrangement By Share Based Payment Award Options Vested Weighted Average Remaining Contractual Term
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedWeightedAverageRemainingContractualTerm
P2Y4M17D
arth Share Based Compensation Arrangement By Share Based Payment Award Options Vested In Period Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedInPeriodAggregateIntrinsicValue
97368
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
20529998
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice
0.34
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageRemainingContractualTerm1
P2Y1M24D
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableAggregateIntrinsicValue
247403
CY2016Q3 arth Shelf Registration Statement Maximum Amount Authorized
ShelfRegistrationStatementMaximumAmountAuthorized
50000000
CY2021Q2 us-gaap Derivative Liabilities
DerivativeLiabilities
1628113
CY2021Q2 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Period Increase Decrease
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityPeriodIncreaseDecrease
0
CY2020Q2 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Period Increase Decrease
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityPeriodIncreaseDecrease
337333
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Period Increase Decrease
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityPeriodIncreaseDecrease
108944
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Period Increase Decrease
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityPeriodIncreaseDecrease
719831

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