$ATNF
180 Life Sciences Corp.

2023 Q3 Form 10-Q Financial Statement

#000121390023067849 Filed on August 15, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2 2022 Q2
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $2.430M $2.762M $4.018M
YoY Change -28.92% -31.26% 33.11%
% of Gross Profit
Research & Development $972.1K $789.4K $503.7K
YoY Change 66.69% 56.73% -49.35%
% of Gross Profit
Depreciation & Amortization $30.00K $28.55K $36.96K
YoY Change 275.94% -22.75% 25.2%
% of Gross Profit
Operating Expenses $3.538M $3.683M $4.522M
YoY Change -12.75% -18.55% 12.68%
Operating Profit -$3.538M -$3.683M -$4.522M
YoY Change -12.75% -18.55%
Interest Expense $11.63K $11.61K $7.479M
YoY Change 58.33% -99.84% -138.99%
% of Operating Profit
Other Income/Expense, Net -$9.073M $2.811K -$17.52K
YoY Change -47.95% -116.04%
Pretax Income -$12.61M -$3.680M $2.939M
YoY Change -41.31% -225.21% -112.53%
Income Tax -$2.345M $0.00
% Of Pretax Income 0.0%
Net Earnings -$10.27M -$3.680M $2.939M
YoY Change -52.22% -225.21% -112.53%
Net Earnings / Revenue
Basic Earnings Per Share -$1.29 -$0.70 $1.72
Diluted Earnings Per Share -$1.29 -$0.70 $86.16K
COMMON SHARES
Basic Shares Outstanding 5.318M shares 5.318M shares 1.706M shares
Diluted Shares Outstanding 7.952M shares 5.231M shares 1.706M shares

Balance Sheet

Concept 2023 Q3 2023 Q2 2022 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.700M $2.009M $1.625M
YoY Change -24.76% 23.59% -11.46%
Cash & Equivalents $2.663M $2.009M $1.625M
Short-Term Investments
Other Short-Term Assets $600.0K $836.3K $2.504M
YoY Change -98.87% -66.6% 13.29%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $3.371M $2.934M $4.647M
YoY Change -48.26% -36.86% 14.86%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles $1.587M $1.669M
YoY Change 1.43%
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $1.587M $10.73M $48.71M
YoY Change -94.3% -77.97% -6.72%
TOTAL ASSETS
Total Short-Term Assets $3.371M $2.934M $4.647M
Total Long-Term Assets $1.587M $10.73M $48.71M
Total Assets $4.958M $13.67M $53.36M
YoY Change -85.56% -74.39% -5.17%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.713M $837.0K $1.591M
YoY Change 68.74% -47.38% -37.37%
Accrued Expenses $2.376M $2.500M $1.983M
YoY Change 13.56% 26.03% -10.26%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $85.40K
YoY Change -100.0% -100.0% -92.17%
Long-Term Debt Due $300.0K $588.2K $803.9K
YoY Change -6.74% -26.83% 88.69%
Total Short-Term Liabilities $4.807M $4.273M $6.966M
YoY Change 1.73% -38.66% -86.01%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $26.31K $37.34K
YoY Change -100.0% -29.54% -46.67%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $26.31K $37.34K
YoY Change -100.0% -29.54% -46.67%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.807M $4.273M $6.966M
Total Long-Term Liabilities $0.00 $26.31K $37.34K
Total Liabilities $5.107M $6.951M $10.57M
YoY Change -38.17% -34.21% -80.27%
SHAREHOLDERS EQUITY
Retained Earnings -$126.1M -$115.9M
YoY Change 47.22%
Common Stock $674.00 $532.00
YoY Change -82.82%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$149.3K $6.716M $42.79M
YoY Change
Total Liabilities & Shareholders Equity $4.958M $13.67M $53.36M
YoY Change -85.56% -74.39% -5.17%

Cashflow Statement

Concept 2023 Q3 2023 Q2 2022 Q2
OPERATING ACTIVITIES
Net Income -$10.27M -$3.680M $2.939M
YoY Change -52.22% -225.21% -112.53%
Depreciation, Depletion And Amortization $30.00K $28.55K $36.96K
YoY Change 275.94% -22.75% 25.2%
Cash From Operating Activities -$1.770M -$3.117M -$3.532M
YoY Change -50.78% -11.74% -11.96%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 2.450M 2.462M -494.3K
YoY Change -55.35% -598.09% 116.31%
NET CHANGE
Cash From Operating Activities -1.770M -3.117M -3.532M
Cash From Investing Activities
Cash From Financing Activities 2.450M 2.462M -494.3K
Net Change In Cash 680.0K -654.6K -4.026M
YoY Change -64.05% -83.74% -5.04%
FREE CASH FLOW
Cash From Operating Activities -$1.770M -$3.117M -$3.532M
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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us-gaap Interest Paid Net
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>NOTE 1 - BUSINESS ORGANIZATION AND NATURE OF OPERATIONS</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">180 Life Sciences Corp., formerly known as KBL Merger Corp. IV (“180LS”, or together with its subsidiaries, the “Company”), was a blank check company organized under the laws of the State of Delaware on September 7, 2016. The Company was formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. On November 6, 2020, a business combination was consummated following a special meeting of stockholders, where the stockholders of the Company considered and approved, among other matters, a proposal to adopt a Business Combination Agreement. Pursuant to the Business Combination Agreement, KBL Merger Sub, Inc. merged with 180 Life Corp. (f/k/a 180 Life Sciences Corp.) (“<span style="text-decoration:underline">180</span>”), with 180 continuing as the surviving entity and becoming a wholly-owned subsidiary of the Company (the “Business Combination”). References to “KBL” refer to the Company prior to the November 6, 2020 Business Combination.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company is a clinical stage biotechnology company focused on the development of therapeutics for unmet medical needs in chronic pain, inflammation, fibrosis and other inflammatory diseases, where anti-TNF therapy will provide a clear benefit to patients, by employing innovative research, and, where appropriate, combination therapy. We have three product development platforms:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.5in"> </td> <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">fibrosis and anti-tumor necrosis factor (“TNF”);</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.5in"> </td> <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">drugs which are derivatives of cannabidiol (“CBD”); and</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.5in"> </td> <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">alpha 7 nicotinic acetylcholine receptor (“α7nAChR”).</span></td></tr> </table>
CY2023Q2 atnf Accumulated Deficit
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Use of Estimates</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates, judgments, and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, together with amounts disclosed in the related notes to the condensed consolidated financial statements. The Company’s significant estimates and assumptions used in these condensed consolidated financial statements include, but are not limited to, the fair value of financial instruments warrants, options and equity shares, the valuation of stock-based compensation, and the estimates and assumptions related to impairment analysis of in-process research and development assets.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Certain of the Company’s estimates could be affected by external conditions, including those unique to the Company and general economic conditions. It is reasonably possible that these external factors could have an effect on the Company’s estimates and may cause actual results to differ from those estimates.</p>
us-gaap Foreign Currency Translation Adjustment Description
ForeignCurrencyTranslationAdjustmentDescription
The functional currency of certain subsidiaries was the British Pound (“GBP”) (1.2680 and 1.2098 GBP to 1 US dollar, each as of June 30, 2023 and December 31, 2022, respectively) for balance sheet accounts, while expense accounts are translated at the weighted average exchange rate for the period (1.2520 and 1.2571 GBP to 1 US dollar for each of the three months ended June 30, 2023 and 2022, respectively, and 1.2335 and 1.2995 GBP to 1 US dollar each for the six months ended June 30, 2023 and 2022, respectively). Equity accounts are translated at historical exchange rates. The resulting translation adjustments are recognized in stockholders’ equity as a component of accumulated other comprehensive (loss) income.
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us-gaap Foreign Currency Transaction Gain Loss Before Tax
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us-gaap Profit Loss
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Earnings Per Share Basic
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us-gaap Earnings Per Share Basic
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us-gaap Earnings Per Share Diluted
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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us-gaap Debt Instrument Convertible Conversion Ratio1
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us-gaap Increase Decrease In Fair Value Of Price Risk Fair Value Hedging Instruments1
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atnf Warrant Purchase Share
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atnf Outstanding Warrants Percentage
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atnf Adjustments Amount
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us-gaap Litigation Settlement Expense
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us-gaap Treasury Stock Acquired Purchase Price Significantly In Excess Of Current Market Price
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To assess for the change in relative fair value, the Company performed a Black Scholes Option Model calculation to quantify the fair value of the common warrants under their original terms as of the modification date using the following assumptions: a share price of $1.43, exercise prices of $21.20 and $3.50 for the July 2022 common warrants and December 2022 common warrants, respectively, an expected term of 4.8 and 5.2 years, respectively, volatility of 106%, a dividend rate of 0% and a discount rate of 3.36. The Company then performed a Black Scholes Option Model calculation to quantify the fair value of the common warrants with their new modified terms as of the modification date using the following assumptions: a share price of $1.43, an exercise price of $1.78 for both the July 2022 common warrants and December 2022 common warrants, an expected term of 5.5 years, volatility of 106%, a dividend rate of 0% and a discount rate of 3.36. The aggregate difference of approximately $0.8 million between the two calculated amounts was recorded as an equity issuance cost within equity during the period to account for the change in relative fair value.
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us-gaap Restricted Stock Value Shares Issued Net Of Tax Withholdings
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Weighted Average Grant Date Fair Value
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
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ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
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us-gaap Allocated Share Based Compensation Expense Net Of Tax
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us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Outstanding Options Weighted Average Remaining Contractual Term2
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
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CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
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atnf Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Outstanding Option Weighted Average Remaining Contractual Term2
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P8Y
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CY2023Q2 atnf Weighted Average Exercise Price Exercisable Ending
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atnf Weighted Average Remaining Term1 Exercisable Ending
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us-gaap Restricted Stock Shares Issued Net Of Shares For Tax Withholdings
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us-gaap Other Research And Development Expense
OtherResearchAndDevelopmentExpense
226181 usd
CY2023Q2 atnf Accrued Expenses Related Parties
AccruedExpensesRelatedParties
287420 usd
CY2022Q4 atnf Accrued Expenses Related Parties
AccruedExpensesRelatedParties
188159 usd
CY2023Q2 atnf Research And Development Expenses Related Parties
ResearchAndDevelopmentExpensesRelatedParties
131463 usd
CY2022Q2 atnf Research And Development Expenses Related Parties
ResearchAndDevelopmentExpensesRelatedParties
57336 usd
atnf Research And Development Expenses Related Parties
ResearchAndDevelopmentExpensesRelatedParties
348147 usd
atnf Research And Development Expenses Related Parties
ResearchAndDevelopmentExpensesRelatedParties
105054 usd
CY2023Q2 us-gaap Other General And Administrative Expense
OtherGeneralAndAdministrativeExpense
0 usd
CY2022Q2 us-gaap Other General And Administrative Expense
OtherGeneralAndAdministrativeExpense
0 usd
us-gaap Other General And Administrative Expense
OtherGeneralAndAdministrativeExpense
0 usd
us-gaap Other General And Administrative Expense
OtherGeneralAndAdministrativeExpense
5261 usd
atnf Stockholder
Stockholder
0.05 pure
CY2022Q2 us-gaap Related Party Tax Expense Due From Affiliates Deferred
RelatedPartyTaxExpenseDueFromAffiliatesDeferred
1531 usd
us-gaap Related Party Tax Expense Due From Affiliates Deferred
RelatedPartyTaxExpenseDueFromAffiliatesDeferred
3031 usd
atnf Stockholder Interest
StockholderInterest
0.05 pure
CY2022Q4 atnf Accounts Payable Related Parties
AccountsPayableRelatedParties
usd
CY2023Q2 atnf Change In Fair Value Of Accrued Issuable Equity
ChangeInFairValueOfAccruedIssuableEquity
usd
atnf Change In Fair Value Of Accrued Issuable Equity
ChangeInFairValueOfAccruedIssuableEquity
usd
CY2023Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
usd
CY2022Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
usd
us-gaap Issuance Of Stock And Warrants For Services Or Claims
IssuanceOfStockAndWarrantsForServicesOrClaims
usd
atnf Increase Decrease In Accounts Payable Related Party
IncreaseDecreaseInAccountsPayableRelatedParty
usd
us-gaap Proceeds From Issuance Of Warrants
ProceedsFromIssuanceOfWarrants
usd
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageRemainingContractualTerm1
CY2022Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Equity Instruments Other Than Options Aggregate Intrinsic Value Outstanding
SharebasedCompensationArrangementBySharebasedPaymentAwardEquityInstrumentsOtherThanOptionsAggregateIntrinsicValueOutstanding
usd
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
atnf Weighted Average Remaining Term1 Granted
WeightedAverageRemainingTerm1Granted
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Equity Instruments Other Than Options Aggregate Intrinsic Value Vested
SharebasedCompensationArrangementBySharebasedPaymentAwardEquityInstrumentsOtherThanOptionsAggregateIntrinsicValueVested
usd
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
atnf Weighted Average Remaining Term1 Exercised
WeightedAverageRemainingTerm1Exercised
atnf Sharebased Compensation Arrangement By Sharebased Payment Award Equity Instruments Other Than Options Aggregate Intrinsic Value Exercised
SharebasedCompensationArrangementBySharebasedPaymentAwardEquityInstrumentsOtherThanOptionsAggregateIntrinsicValueExercised
usd
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
atnf Weighted Average Remaining Term1 Expired
WeightedAverageRemainingTerm1Expired
atnf Sharebased Compensation Arrangement By Sharebased Payment Award Equity Instruments Other Than Options Aggregate Intrinsic Value Expired
SharebasedCompensationArrangementBySharebasedPaymentAwardEquityInstrumentsOtherThanOptionsAggregateIntrinsicValueExpired
usd
CY2023Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Equity Instruments Other Than Options Aggregate Intrinsic Value Outstanding
SharebasedCompensationArrangementBySharebasedPaymentAwardEquityInstrumentsOtherThanOptionsAggregateIntrinsicValueOutstanding
usd
CY2023Q2 atnf Intrinsic Value Exercisable Ending
IntrinsicValueExercisableEnding
usd
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
dei Entity Central Index Key
EntityCentralIndexKey
0001690080

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0001213900-23-067849.txt Edgar Link pending
0001213900-23-067849-xbrl.zip Edgar Link pending
atnf-20230630.xsd Edgar Link pending
f10q0623ex31-1_180lifescien.htm Edgar Link pending
f10q0623ex31-2_180lifescien.htm Edgar Link pending
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