$ATNF
180 Life Sciences Corp.

2024 Q2 Form 10-Q Financial Statement

#000121390024043746 Filed on May 15, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1 2023 Q1
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue $216.0K
YoY Change
Gross Profit -$216.0K
YoY Change
Gross Profit Margin
Selling, General & Admin $1.225M $1.557M $4.009M
YoY Change -55.66% -61.17% 34.78%
% of Gross Profit
Research & Development $488.3K $170.5K $578.3K
YoY Change -38.14% -70.51% -18.16%
% of Gross Profit
Depreciation & Amortization $23.96K $23.58K $21.77K
YoY Change -16.08% 8.31% -17.72%
% of Gross Profit
Operating Expenses $1.847M $2.092M $4.804M
YoY Change -49.86% -56.44% 30.5%
Operating Profit -$1.847M -$2.092M -$4.804M
YoY Change -49.86% -56.44% 30.5%
Interest Expense $145.8K $16.45K $56.46K
YoY Change 1156.42% -70.86% -98.92%
% of Operating Profit
Other Income/Expense, Net $1.859M $1.023M $41.77K
YoY Change 66015.94% 2348.64% 138.4%
Pretax Income $11.78K -$1.070M -$4.762M
YoY Change -100.32% -77.54% -404.54%
Income Tax
% Of Pretax Income
Net Earnings $11.78K -$1.070M -$4.762M
YoY Change -100.32% -77.54% -404.54%
Net Earnings / Revenue
Basic Earnings Per Share $0.01 -$1.68 -$1.27
Diluted Earnings Per Share $0.01 -$1.68 -$1.27
COMMON SHARES
Basic Shares Outstanding 941.6K shares 852.8K shares 3.747M shares
Diluted Shares Outstanding 919.1K shares 638.3K shares 3.747M shares

Balance Sheet

Concept 2024 Q2 2024 Q1 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.146M $676.0K $2.646M
YoY Change -42.93% -74.45% -53.32%
Cash & Equivalents $1.146M $676.0K $2.646M
Short-Term Investments
Other Short-Term Assets $1.191M $1.169M $1.193M
YoY Change 42.44% -2.01% -63.72%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $2.347M $1.855M $4.196M
YoY Change -20.0% -55.8% -53.15%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles $1.564M $1.587M $1.663M
YoY Change -6.31% -4.58%
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $1.564M $1.587M $10.73M
YoY Change -85.43% -85.21% -78.85%
TOTAL ASSETS
Total Short-Term Assets $2.347M $1.855M $4.196M
Total Long-Term Assets $1.564M $1.587M $10.73M
Total Assets $3.911M $3.442M $14.92M
YoY Change -71.38% -76.94% -74.99%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.555M $1.784M $1.208M
YoY Change 205.29% 47.68% 16.27%
Accrued Expenses $559.7K $1.417M $2.821M
YoY Change -77.61% -49.78% 5.85%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due $429.0K $772.3K $842.2K
YoY Change -27.07% -8.3% -35.04%
Total Short-Term Liabilities $4.016M $4.080M $5.122M
YoY Change -6.02% -20.34% -66.03%
LONG-TERM LIABILITIES
Long-Term Debt $13.29K $16.54K $28.73K
YoY Change -49.49% -42.43% -34.12%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $13.29K $16.54K $28.73K
YoY Change -49.49% -42.43% -61.53%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.016M $4.080M $5.122M
Total Long-Term Liabilities $13.29K $16.54K $28.73K
Total Liabilities $4.329M $4.396M $7.783M
YoY Change -37.71% -43.51% -58.54%
SHAREHOLDERS EQUITY
Retained Earnings -$128.4M -$128.4M -$112.2M
YoY Change 10.83% 14.48%
Common Stock $95.00 $86.00 $375.00
YoY Change -82.14% -77.07%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$418.0K -$954.5K $7.140M
YoY Change
Total Liabilities & Shareholders Equity $3.911M $3.442M $14.92M
YoY Change -71.38% -76.94% -74.99%

Cashflow Statement

Concept 2024 Q2 2024 Q1 2023 Q1
OPERATING ACTIVITIES
Net Income $11.78K -$1.070M -$4.762M
YoY Change -100.32% -77.54% -404.54%
Depreciation, Depletion And Amortization $23.96K $23.58K $21.77K
YoY Change -16.08% 8.31% -17.72%
Cash From Operating Activities $727.2K -$1.033M -$3.870M
YoY Change -123.33% -73.3% 86.69%
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
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -264.9K -$264.4K -469.8K
YoY Change -110.76% -43.72% -8.85%
NET CHANGE
Cash From Operating Activities 727.2K -$1.033M -$3.870M
Cash From Investing Activities
Cash From Financing Activities -264.9K -$264.4K -469.8K
Net Change In Cash 462.3K -$1.300M -$4.324M
YoY Change -170.62% -69.94% 67.05%
FREE CASH FLOW
Cash From Operating Activities $727.2K -$1.033M -$3.870M
Capital Expenditures
Free Cash Flow
YoY Change

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0in 0in 0in 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE 1 - BUSINESS ORGANIZATION AND NATURE OF OPERATIONS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0in 0in 0in 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: 0in 0in 0in 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0in 0in 0in 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: 0in 0in 0in 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">180 Life Corp. (“180”, f/k/a 180 Life Sciences Corp. and CannBioRx Life Sciences Corp.) is a wholly-owned subsidiary of the Company and was incorporated in the State of Delaware on January 28, 2019. The Company is located in the United States (“U.S.”) and is a medical pharmaceutical company focused upon unmet medical needs in the areas of inflammatory diseases, fibrosis, and chronic pain by employing innovative research and, where appropriate, combination therapies, through 180’s three wholly-owned subsidiaries, 180 Therapeutics L.P. (“180 LP”), CannBioRex Pharmaceuticals Corp. (“CBR Pharma”), and Katexco Pharmaceuticals Corp. (“Katexco”). 180 LP, CBR Pharma and Katexco are together, the “180 Subsidiaries.” Katexco was incorporated on March 7, 2018 under the provisions of the British Corporation Act of British Columbia. Additionally, 180’s wholly-owned subsidiaries Katexco Callco, ULC, Katexco Purchaseco, ULC, CannBioRex Callco, ULC, and CannBioRex Purchaseco, ULC were formed in the Canadian Province of British Columbia on May 31, 2019 to facilitate the acquisition of Katexco, CBR Pharma and 180 LP. On July 1, 2021, the assets and liabilities of the Canadian companies (Katexco and CBR Pharma) were transferred to their respective subsidiaries, which are Katexco Pharmaceuticals Corp. (“Katexco U.S.”) and CannBioRex Pharma Limited (“CBR Pharma U.K.”).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0in 0in 0in 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: 0in 0in 0in 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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. We have three product development platforms:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0in 0in 0in 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><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: 0in 0in 0in 0.5in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><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”) or cannabigerol (“CBG”) analogues (“SCAs”); and</span></td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0in 0in 0in 0.75in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0in 0in 0in 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: 0in 0in 0in 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; ">Due to restrictions in the Company’s resources, the Company has slowed down research and development activities significantly in the SCA platform and the anti-TNF platform, and the Company has not made progress in the α7nAChR platform and has suspended further research and development activity in this program.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0in 0in 0in 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0in 0in 0in 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; ">The Company is currently evaluating all options to monetize its existing assets, in addition to exploring other strategic alternatives to maximize value for its stockholders. Potential strategic alternatives that may be explored or evaluated by the Company as part of this process include, but are not limited to, an acquisition, merger, reverse merger, other business combination, sale of assets, licensing or other strategic transactions involving the Company.</span></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0in 0in 0in 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Use of Estimates</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0in 0in 0in 0; text-align: justify; text-indent: 0.5in"><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, 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, derivative liabilities and R&amp;D tax credits and accruals. 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.</span></p>
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ForeignCurrencyTransactionLossBeforeTax
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WeightedAverageExchangeRate
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CY2022Q3 atnf Compensatory Damages
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CY2024Q1 atnf Amended Employment Agreements Percent
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CY2024Q1 atnf Funding Subsequents
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CY2024Q1 atnf Amended Employment Agreement Per Year
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CY2024Q1 atnf Cash Compensation Accrued
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CY2023Q3 us-gaap Sale Of Stock Number Of Shares Issued In Transaction
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35102 shares
CY2023Q3 us-gaap Sale Of Stock Price Per Share
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12.35
CY2023Q3 atnf Net Proceeds From Issuance Of Common Stock
NetProceedsFromIssuanceOfCommonStock
2700000 usd
CY2023Q3 us-gaap Additional Paid In Capital
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CY2023Q4 atnf Purchaser Agreed To Pay
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CY2023Q4 atnf Unexercised Pre Funded Warrant
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257205 shares
CY2023Q4 atnf Common Stock Warrants To Purchase
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477058 shares
CY2023Q4 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
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CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
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CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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CY2024Q1 us-gaap Stock Issued During Period Value Stock Options Exercised Net Of Tax Benefit Expense
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CY2024Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Remaining Contractual Term1
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CY2024Q1 ecd Non Rule10b51 Arr Adopted Flag
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CY2024Q1 ecd Rule10b51 Arr Adopted Flag
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CY2024Q1 ecd Non Rule10b51 Arr Trmntd Flag
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CY2024Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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CY2024Q1 us-gaap Issuance Of Stock And Warrants For Services Or Claims
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CY2024Q1 dei Entity Central Index Key
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