$ATNF
180 Life Sciences Corp.

2024 Q3 Form 10-Q Financial Statement

#000121390024067741 Filed on August 12, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $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 $576.4K $1.225M
YoY Change -76.28% -55.66%
% of Gross Profit
Research & Development $251.6K $488.3K
YoY Change -74.12% -38.14%
% of Gross Profit
Depreciation & Amortization $13.85K $23.96K
YoY Change -53.83% -16.08%
% of Gross Profit
Operating Expenses $979.1K $1.847M
YoY Change -72.33% -49.86%
Operating Profit -$979.1K -$1.847M
YoY Change -72.33% -49.86%
Interest Expense $23.65K $145.8K
YoY Change 103.28% 1156.42%
% of Operating Profit
Other Income/Expense, Net $142.4K $1.859M
YoY Change -101.57% 66015.94%
Pretax Income -$836.7K $11.78K
YoY Change -93.37% -100.32%
Income Tax
% Of Pretax Income
Net Earnings -$836.7K $11.78K
YoY Change -91.85% -100.32%
Net Earnings / Revenue
Basic Earnings Per Share -$0.85 $0.01
Diluted Earnings Per Share -$0.85 $0.01
COMMON SHARES
Basic Shares Outstanding 969.6K shares 941.6K shares
Diluted Shares Outstanding 980.6K shares 919.1K shares

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $194.9K $1.146M
YoY Change -92.78% -42.93%
Cash & Equivalents $194.9K $1.146M
Short-Term Investments
Other Short-Term Assets $986.1K $1.191M
YoY Change 64.35% 42.44%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $1.225M $2.347M
YoY Change -63.65% -20.0%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles $9.244M $1.564M
YoY Change 482.44% -6.31%
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $9.244M $1.564M
YoY Change 482.44% -85.43%
TOTAL ASSETS
Total Short-Term Assets $1.225M $2.347M
Total Long-Term Assets $9.244M $1.564M
Total Assets $10.47M $3.911M
YoY Change 111.17% -71.38%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.091M $2.555M
YoY Change 22.04% 205.29%
Accrued Expenses $466.3K $559.7K
YoY Change -80.37% -77.61%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $473.1K $429.0K
YoY Change 57.71% -27.07%
Total Short-Term Liabilities $6.384M $4.016M
YoY Change 32.81% -6.02%
LONG-TERM LIABILITIES
Long-Term Debt $10.57K $13.29K
YoY Change -49.49%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $10.57K $13.29K
YoY Change -49.49%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.384M $4.016M
Total Long-Term Liabilities $10.57K $13.29K
Total Liabilities $6.736M $4.329M
YoY Change 31.89% -37.71%
SHAREHOLDERS EQUITY
Retained Earnings -$129.2M -$128.4M
YoY Change 2.48% 10.83%
Common Stock $103.00 $95.00
YoY Change -84.72% -82.14%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.734M -$418.0K
YoY Change
Total Liabilities & Shareholders Equity $10.47M $3.911M
YoY Change 111.17% -71.38%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income -$836.7K $11.78K
YoY Change -91.85% -100.32%
Depreciation, Depletion And Amortization $13.85K $23.96K
YoY Change -53.83% -16.08%
Cash From Operating Activities -$223.7K $727.2K
YoY Change -87.36% -123.33%
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 -476.1K -264.9K
YoY Change -119.43% -110.76%
NET CHANGE
Cash From Operating Activities -223.7K 727.2K
Cash From Investing Activities
Cash From Financing Activities -476.1K -264.9K
Net Change In Cash -699.7K 462.3K
YoY Change -202.9% -170.62%
FREE CASH FLOW
Cash From Operating Activities -$223.7K $727.2K
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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180 LIFE SCIENCES CORP
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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"> </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.</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">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 and CBR Pharma was incorporated on March 8, 2018, under the provisions of the British Corporation Act of British Columbia. 180 LP was formed as a limited partnership on September 6, 2013, in Delaware. 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.”).</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. 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; 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: 0pt 0 0pt 0.5in; text-indent: -0.25in"> </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: 0pt 0 0pt 0.75in; text-indent: -0.25in"> </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: 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">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. The Company has not made progress on the α7nAChR platform and has suspended further research and development activity in this program.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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.</p>
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