2022 Q4 Form 10-Q Financial Statement

#000095017022024724 Filed on November 14, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3 2021 Q3
Revenue $10.39M $0.00 $0.00
YoY Change -100.0%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $3.426M $3.625M $2.590M
YoY Change 27.6% 39.96% 26.96%
% of Gross Profit
Research & Development $14.91M $9.867M $5.138M
YoY Change 150.38% 92.04% 11.31%
% of Gross Profit
Depreciation & Amortization $39.00K $49.00K $123.0K
YoY Change -63.89% -60.16% -5.38%
% of Gross Profit
Operating Expenses $18.34M $13.49M $7.728M
YoY Change 112.22% 74.59% 16.04%
Operating Profit -$13.49M -$7.728M
YoY Change 74.59% 18.67%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $427.0K $247.0K $59.00K
YoY Change 440.51% 318.64% -167.05%
Pretax Income -$7.523M -$13.25M -$7.669M
YoY Change -12.12% 72.71% 16.2%
Income Tax
% Of Pretax Income
Net Earnings -$7.521M -$13.20M -$7.669M
YoY Change -12.13% 72.12% 16.21%
Net Earnings / Revenue -72.41%
Basic Earnings Per Share -$0.46 -$0.42
Diluted Earnings Per Share -$0.26 -$0.46 -$422.2K
COMMON SHARES
Basic Shares Outstanding 29.01M 28.63M 18.16M
Diluted Shares Outstanding 28.66M 18.16M

Balance Sheet

Concept 2022 Q4 2022 Q3 2021 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $66.15M $77.37M $116.4M
YoY Change -38.7% -33.5% 222.31%
Cash & Equivalents $9.981M $18.36M $59.74M
Short-Term Investments $56.17M $59.02M $56.61M
Other Short-Term Assets $2.950M $6.386M $5.089M
YoY Change -43.52% 25.49% 182.72%
Inventory
Prepaid Expenses $2.950M $6.386M
Receivables
Other Receivables $11.78M $873.0K
Total Short-Term Assets $80.87M $84.63M $121.6M
YoY Change -28.79% -30.38% 218.25%
LONG-TERM ASSETS
Property, Plant & Equipment $3.059M $1.275M $2.186M
YoY Change 463.35% -41.67% -33.76%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $193.0K $169.0K $158.0K
YoY Change 22.15% 6.96% 58.0%
Total Long-Term Assets $14.92M $11.42M $2.344M
YoY Change 657.88% 387.29% -31.06%
TOTAL ASSETS
Total Short-Term Assets $80.87M $84.63M $121.6M
Total Long-Term Assets $14.92M $11.42M $2.344M
Total Assets $95.79M $96.06M $123.9M
YoY Change -17.09% -22.48% 197.88%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.106M $3.129M $900.0K
YoY Change 201.26% 247.67% -35.71%
Accrued Expenses $9.862M $7.269M $4.920M
YoY Change 146.43% 47.74% 36.67%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $264.0K $158.0K
YoY Change
Total Short-Term Liabilities $13.86M $11.21M $5.820M
YoY Change 130.53% 92.66% -27.25%
LONG-TERM LIABILITIES
Long-Term Debt $1.007M $618.0K $0.00
YoY Change
Other Long-Term Liabilities $9.633M $7.218M $657.0K
YoY Change 2320.35% 998.63% -58.94%
Total Long-Term Liabilities $10.64M $7.836M $657.0K
YoY Change 2573.37% 1092.69% -58.94%
TOTAL LIABILITIES
Total Short-Term Liabilities $13.86M $11.21M $5.820M
Total Long-Term Liabilities $10.64M $7.836M $657.0K
Total Liabilities $24.32M $18.87M $6.304M
YoY Change 290.03% 199.35% -33.64%
SHAREHOLDERS EQUITY
Retained Earnings -$417.6M -$410.1M -$363.7M
YoY Change 12.17% 12.76%
Common Stock $29.00K $29.00K
YoY Change 3.57%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $71.46M $77.18M $117.6M
YoY Change
Total Liabilities & Shareholders Equity $95.79M $96.06M $123.9M
YoY Change -17.09% -22.48% 197.88%

Cashflow Statement

Concept 2022 Q4 2022 Q3 2021 Q3
OPERATING ACTIVITIES
Net Income -$7.521M -$13.20M -$7.669M
YoY Change -12.13% 72.12% 16.21%
Depreciation, Depletion And Amortization $39.00K $49.00K $123.0K
YoY Change -63.89% -60.16% -5.38%
Cash From Operating Activities -$10.37M -$12.28M -$11.47M
YoY Change 28.23% 7.07% 106.67%
INVESTING ACTIVITIES
Capital Expenditures $1.119M -$426.0K -$61.00K
YoY Change -6316.67% 598.36% 510.0%
Acquisitions
YoY Change
Other Investing Activities $3.118M $21.08M -$14.79M
YoY Change -106.32% -242.51% -945.03%
Cash From Investing Activities $1.999M $20.65M -$14.85M
YoY Change -104.05% -239.06% -953.39%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 918.0K 3.013M 83.87M
YoY Change 3178.57% -96.41% 25314.85%
NET CHANGE
Cash From Operating Activities -10.37M -12.28M -11.47M
Cash From Investing Activities 1.999M 20.65M -14.85M
Cash From Financing Activities 918.0K 3.013M 83.87M
Net Change In Cash -7.452M 11.38M 57.55M
YoY Change -87.02% -80.22% -1753.74%
FREE CASH FLOW
Cash From Operating Activities -$10.37M -$12.28M -$11.47M
Capital Expenditures $1.119M -$426.0K -$61.00K
Free Cash Flow -$11.49M -$11.85M -$11.41M
YoY Change 42.39% 3.91% 105.94%

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<p style="text-indent:0.0%;font-size:10.0pt;margin-top:12.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:6.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Use of Estimates</span></p><p style="text-indent:5.0%;font-size:10.0pt;margin-top:6.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Our unaudited condensed consolidated financial statements are prepared in accordance with U.S. GAAP. The preparation of our unaudited condensed consolidated financial statements requires us to make estimates and assumptions that impact the reported amounts of assets, liabilities and expenses and the disclosure for these items in our unaudited condensed consolidated financial statements and accompanying notes. The most significant estimates in our unaudited condensed consolidated financial statements relate to clinical trial and research and development expenses. Although these estimates are based on our knowledge of current events and actions we may undertake in the future, actual results may ultimately differ materially from these estimates and assumptions.</span></p>
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