2023 Q1 Form 10-K Financial Statement

#000149315223007472 Filed on March 13, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $8.733M $10.14M $28.67M
YoY Change -10.44% 10.65% 18.98%
Cost Of Revenue $4.598M $5.256M $15.19M
YoY Change -10.72% 10.12% 19.17%
Gross Profit $4.135M $4.888M $13.49M
YoY Change -10.13% 11.22% 18.76%
Gross Profit Margin 47.35% 48.19% 47.04%
Selling, General & Admin $9.800M $10.21M $35.14M
YoY Change 27.09% 10.04% 35.99%
% of Gross Profit 237.0% 208.84% 260.49%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $22.00K $125.0K $100.0K
YoY Change -83.21% -4.58% -81.48%
% of Gross Profit 0.53% 2.56% 0.74%
Operating Expenses $14.23M $10.51M $47.26M
YoY Change 84.48% 70.11% 92.43%
Operating Profit -$5.500M -$5.620M -$18.58M
YoY Change 76.85% 215.38% 40.78%
Interest Expense $2.000K -$35.00K $195.0K
YoY Change -106.06% -60.67% -156.69%
% of Operating Profit
Other Income/Expense, Net -$1.981M $2.871M $17.97M
YoY Change -122.68% -122.91% -248.39%
Pretax Income -$7.473M -$2.784M -$608.0K
YoY Change -233.66% -80.8% -98.39%
Income Tax $5.000K $1.000K $32.00K
% Of Pretax Income
Net Earnings -$7.478M -$2.785M -$640.0K
YoY Change -234.47% -80.8% -98.3%
Net Earnings / Revenue -85.63% -27.45% -2.23%
Basic Earnings Per Share -$0.28 -$0.03
Diluted Earnings Per Share -$0.28 -$0.11 -$0.03
COMMON SHARES
Basic Shares Outstanding 26.70M shares 26.70M shares 21.14M shares
Diluted Shares Outstanding 26.70M shares 1.057M shares

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $21.10M $27.84M $27.84M
YoY Change -6.45% 12.74% 12.74%
Cash & Equivalents $13.51M $17.21M $17.21M
Short-Term Investments $7.596M $10.63M $10.63M
Other Short-Term Assets $1.586M $725.0K $725.0K
YoY Change 27.39% -85.01% -85.01%
Inventory $6.670M $7.168M $7.168M
Prepaid Expenses $439.0K
Receivables $7.866M $7.406M $7.406M
Other Receivables $3.750M $0.00 $0.00
Total Short-Term Assets $37.22M $43.14M $43.14M
YoY Change -12.48% -7.07% -7.07%
LONG-TERM ASSETS
Property, Plant & Equipment $197.0K $204.0K $1.579M
YoY Change -19.59% -23.6% 491.39%
Goodwill
YoY Change
Intangibles $2.927M $3.032M
YoY Change -12.12%
Long-Term Investments
YoY Change
Other Assets $384.0K $320.0K $320.0K
YoY Change 43.28% 19.4% 19.4%
Total Long-Term Assets $4.742M $7.744M $7.744M
YoY Change -28.92% 13.92% 13.92%
TOTAL ASSETS
Total Short-Term Assets $37.22M $43.14M $43.14M
Total Long-Term Assets $4.742M $7.744M $7.744M
Total Assets $41.97M $50.88M $50.88M
YoY Change -14.71% -4.39% -4.39%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $887.0K $1.278M $2.590M
YoY Change 55.34% 94.22% 175.53%
Accrued Expenses $11.14M $10.86M $10.99M
YoY Change 42.41% 12.53% 24.53%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $20.45M $20.89M $20.89M
YoY Change 65.47% 51.01% 51.01%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $24.00K $21.00K $6.112M
YoY Change -99.88% -99.63% -78.21%
Total Long-Term Liabilities $24.00K $21.00K $6.112M
YoY Change -99.88% -99.63% -78.21%
TOTAL LIABILITIES
Total Short-Term Liabilities $20.45M $20.89M $20.89M
Total Long-Term Liabilities $24.00K $21.00K $6.112M
Total Liabilities $25.21M $27.01M $27.01M
YoY Change -20.68% -35.52% -35.52%
SHAREHOLDERS EQUITY
Retained Earnings -$87.00M -$79.50M
YoY Change 0.79%
Common Stock $27.00K $27.00K
YoY Change 58.82%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $16.75M $23.88M $23.88M
YoY Change
Total Liabilities & Shareholders Equity $41.97M $50.88M $50.88M
YoY Change -14.71% -4.39% -4.39%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income -$7.478M -$2.785M -$640.0K
YoY Change -234.47% -80.8% -98.3%
Depreciation, Depletion And Amortization $22.00K $125.0K $100.0K
YoY Change -83.21% -4.58% -81.48%
Cash From Operating Activities -$3.700M -$8.271M -$16.20M
YoY Change 75.19% -60.6% -39.36%
INVESTING ACTIVITIES
Capital Expenditures $14.00K $1.000K $38.00K
YoY Change -380.0% -111.11% -445.45%
Acquisitions
YoY Change
Other Investing Activities -$2.085M -$5.118M
YoY Change
Cash From Investing Activities -$14.00K -$2.086M -$5.156M
YoY Change 180.0% 23077.78% 46772.73%
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 0.000 $14.02M
YoY Change -100.0% -67.54%
NET CHANGE
Cash From Operating Activities -$3.700M -8.271M -$16.20M
Cash From Investing Activities -$14.00K -2.086M -$5.156M
Cash From Financing Activities 0.000 $14.02M
Net Change In Cash -$3.703M -10.36M -$7.334M
YoY Change 74.92% -145.37% -144.54%
FREE CASH FLOW
Cash From Operating Activities -$3.700M -$8.271M -$16.20M
Capital Expenditures $14.00K $1.000K $38.00K
Free Cash Flow -$3.714M -$8.272M -$16.24M
YoY Change 76.27% -60.57% -39.19%

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EarningsPerShareBasic
-4.28
CY2022 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
21139765 shares
CY2021 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
8808233 shares
CY2020Q4 us-gaap Stockholders Equity
StockholdersEquity
5828000 usd
CY2021 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
14943000 usd
CY2021 BFRI Stock Issued During Period Value Private Placement Offering
StockIssuedDuringPeriodValuePrivatePlacementOffering
2690000 usd
CY2021 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
13238000 usd
CY2021 BFRI Stock Issued During Period Value Exercise Of Prefunded Warrants
StockIssuedDuringPeriodValueExerciseOfPrefundedWarrants
12223000 usd
CY2021 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
129000 usd
CY2021 us-gaap Net Income Loss
NetIncomeLoss
-37713000 usd
CY2021Q4 us-gaap Stockholders Equity
StockholdersEquity
11338000 usd
CY2022 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
3683000 usd
CY2022 BFRI Stock Issued During Period Value Private Placement Offering
StockIssuedDuringPeriodValuePrivatePlacementOffering
117000 usd
CY2022 BFRI Stock Issued During Period Value Exercise Of Prefunded Warrants
StockIssuedDuringPeriodValueExerciseOfPrefundedWarrants
2842000 usd
CY2022 BFRI Stock Issued During Period Value Exercise Of Pipe Warrants
StockIssuedDuringPeriodValueExerciseOfPipeWarrants
4686000 usd
CY2022 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
1852000 usd
CY2022 us-gaap Net Income Loss
NetIncomeLoss
-640000 usd
CY2022Q4 us-gaap Stockholders Equity
StockholdersEquity
23878000 usd
CY2022 us-gaap Net Income Loss
NetIncomeLoss
-640000 usd
CY2021 us-gaap Net Income Loss
NetIncomeLoss
-37713000 usd
CY2022 us-gaap Depreciation
Depreciation
101000 usd
CY2021 us-gaap Depreciation
Depreciation
122000 usd
CY2022 us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
653000 usd
CY2022 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
418000 usd
CY2021 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
418000 usd
CY2022 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
1747000 usd
CY2022 us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
-3800000 usd
CY2021 us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
-1402000 usd
CY2022 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
-16388000 usd
CY2021 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
12801000 usd
CY2022 us-gaap Share Based Compensation
ShareBasedCompensation
1852000 usd
CY2021 us-gaap Share Based Compensation
ShareBasedCompensation
129000 usd
CY2022 us-gaap Inventory Write Down
InventoryWriteDown
100000 usd
CY2021 us-gaap Inventory Write Down
InventoryWriteDown
33000 usd
CY2022 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
106000 usd
CY2021 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
44000 usd
CY2022 BFRI Noncash Interest Expense
NoncashInterestExpense
358000 usd
CY2021 BFRI Noncash Interest Expense
NoncashInterestExpense
358000 usd
CY2022 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
70000 usd
CY2021 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
612000 usd
CY2022 us-gaap Increase Decrease In Due From Other Related Parties Current
IncreaseDecreaseInDueFromOtherRelatedPartiesCurrent
-4990000 usd
CY2021 us-gaap Increase Decrease In Due From Other Related Parties Current
IncreaseDecreaseInDueFromOtherRelatedPartiesCurrent
11387000 usd
CY2022 us-gaap Increase Decrease In Prepaid Expenses Other
IncreaseDecreaseInPrepaidExpensesOther
-4154000 usd
CY2021 us-gaap Increase Decrease In Prepaid Expenses Other
IncreaseDecreaseInPrepaidExpensesOther
3809000 usd
CY2022 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
2810000 usd
CY2021 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-2592000 usd
CY2022 us-gaap Increase Decrease In Accounts Payable And Other Operating Liabilities
IncreaseDecreaseInAccountsPayableAndOtherOperatingLiabilities
912000 usd
CY2021 us-gaap Increase Decrease In Accounts Payable And Other Operating Liabilities
IncreaseDecreaseInAccountsPayableAndOtherOperatingLiabilities
-773000 usd
CY2022 us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-781000 usd
CY2022 us-gaap Increase Decrease In Other Accrued Liabilities
IncreaseDecreaseInOtherAccruedLiabilities
-3607000 usd
CY2021 us-gaap Increase Decrease In Other Accrued Liabilities
IncreaseDecreaseInOtherAccruedLiabilities
12484000 usd
CY2022 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-16199000 usd
CY2021 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-26715000 usd
CY2022 us-gaap Payments To Acquire Equity Securities Fv Ni
PaymentsToAcquireEquitySecuritiesFvNi
5118000 usd
CY2022 us-gaap Payments For Proceeds From Productive Assets
PaymentsForProceedsFromProductiveAssets
38000 usd
CY2021 us-gaap Payments For Proceeds From Productive Assets
PaymentsForProceedsFromProductiveAssets
11000 usd
CY2022 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-5156000 usd
CY2021 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-11000 usd
CY2021 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
14943000 usd
CY2022 us-gaap Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
9391000 usd
CY2021 us-gaap Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
14995000 usd
CY2022 us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
4630000 usd
CY2021 us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
13253000 usd
CY2022 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
14021000 usd
CY2021 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
43191000 usd
CY2022 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-7334000 usd
CY2021 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
16465000 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
24742000 usd
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
8277000 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
17408000 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
24742000 usd
CY2022 us-gaap Interest Paid Net
InterestPaidNet
1000 usd
CY2021 us-gaap Interest Paid Net
InterestPaidNet
2000 usd
CY2022 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
32000 usd
CY2021 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
56000 usd
CY2022 BFRI Conversion Of Warrant Liability To Equity In Connection With Exercise Of Warrants
ConversionOfWarrantLiabilityToEquityInConnectionWithExerciseOfWarrants
6840000 usd
CY2021 BFRI Conversion Of Warrant Liability To Equity In Connection With Exercise Of Warrants
ConversionOfWarrantLiabilityToEquityInConnectionWithExerciseOfWarrants
12208000 usd
CY2022 us-gaap Stock Issued1
StockIssued1
3683000 usd
CY2022 BFRI Addition Of Rightofuse Assets In Exchange For Operating Lease Liabilities
AdditionOfRightofuseAssetsInExchangeForOperatingLeaseLiabilities
234000 usd
CY2021 BFRI Issuance Costs Included In Accrued Expenses And Other Liabilities
IssuanceCostsIncludedInAccruedExpensesAndOtherLiabilities
44000 usd
CY2021 us-gaap Fair Value Of Assets Acquired
FairValueOfAssetsAcquired
8000 usd
CY2022 us-gaap Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
9400000 usd
CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
17200000 usd
CY2021Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
24500000 usd
CY2022 us-gaap Net Income Loss
NetIncomeLoss
-600000 usd
CY2021 us-gaap Net Income Loss
NetIncomeLoss
-37700000 usd
CY2022 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-16200000 usd
CY2021 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-26700000 usd
CY2022Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-79500000 usd
CY2022Q4 us-gaap Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
2500000 usd
CY2022Q4 us-gaap Asset Acquisition Contingent Consideration Liability
AssetAcquisitionContingentConsiderationLiability
2400000 usd
CY2021Q4 us-gaap Asset Acquisition Contingent Consideration Liability
AssetAcquisitionContingentConsiderationLiability
6200000 usd
CY2022 us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_846_eus-gaap--UseOfEstimates_zTsjg57U9vba" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_863_zkYC8G9J2q2h">Use of Estimates</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 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: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of the consolidated financial statements in accordance with U.S. GAAP requires the use of estimates and assumptions by management that affect the reported amounts of assets and liabilities, as well as disclosure of contingent assets and liabilities, as reported on the balance sheet date, and the reported amounts of revenues and expenses arising during the reporting period. The main areas in which assumptions, estimates and the exercising of judgment are appropriate relate to valuation allowances for receivables and inventory, valuation of contingent consideration and warrant liabilities, realization of intangible and other long-lived assets, product sales allowances and reserves, share-based payments and income taxes including deferred tax assets and liabilities. Estimates are based on historical experience and other assumptions that are considered appropriate in the circumstances. They are continuously reviewed but may vary from the actual values.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 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: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"/> </p>
CY2022Q4 BFRI Startup Cost Financing
StartupCostFinancing
7300000 usd
CY2021Q4 BFRI Startup Cost Financing
StartupCostFinancing
7300000 usd
CY2022Q4 BFRI Contract Asset
ContractAsset
-358000 usd
CY2022 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p id="xdx_84D_eus-gaap--ConcentrationRiskCreditRisk_zEZJyuVmSXEk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_86D_zoqyq0nojKy">Concentration of Credit Risk and Off-Balance Sheet Risk</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 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: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash, cash equivalents, accounts receivable and other receivables, related party. The Company maintains all of its cash and cash equivalents at a single accredited financial institution, in amounts that exceed federally insured limits. The Company has no significant off-balance sheet risk such as foreign exchange contracts, option contracts, or other foreign hedging arrangements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 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: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Concentrations of credit risk with respect to receivables, which are typically unsecured, are somewhat mitigated due to the wide variety of customers using our products. We monitor the financial performance and creditworthiness of our customers so that we can properly assess and respond to changes in their credit profile. We continue to monitor these conditions and assess their possible impact on our business.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 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: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90F_eus-gaap--ConcentrationRiskLicense_c20220101__20221231_zVGxEOwaqtak" title="Concentration risk license, descriptions">Other receivables, related party consists of a receivable due from Biofrontera AG for its 50% share of a legal settlement and related costs for which they are jointly and severally liable for the total settlement amount. The Company has a contractual right to repayment of its share of the settlement payment from Biofrontera AG under the Settlement Allocation Agreement entered into on December 9, 2021, which provided that the settlement payments would first be made by the Company and then reimbursed by Biofrontera AG for its share. Although this receivable has credit risk, it is mitigated by the Settlement Allocation Agreement as amended on March 31, 2022, which provides certain remedies to the Company, if Biofrontera AG fails to make timely reimbursements, which the Company may implement in its sole discretion, including the ability to charge interest at a rate of 6.0% per annum for each day that any reimbursement is past due and the ability to offset any overdue reimbursement amounts against payments owed to Biofrontera AG by the Company</span> (including amounts owed under the Company’s license and supply agreement for Ameluz<sup>®</sup>).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 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: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We are dependent on two suppliers, Biofrontera Pharma GmbH and Ferrer Internacional S.A., to supply drug products, including all underlying components, for our commercial efforts. These efforts could be adversely affected by a significant interruption in the supply of our finished products.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2022 us-gaap Concentration Risk License
ConcentrationRiskLicense
Other receivables, related party consists of a receivable due from Biofrontera AG for its 50% share of a legal settlement and related costs for which they are jointly and severally liable for the total settlement amount. The Company has a contractual right to repayment of its share of the settlement payment from Biofrontera AG under the Settlement Allocation Agreement entered into on December 9, 2021, which provided that the settlement payments would first be made by the Company and then reimbursed by Biofrontera AG for its share. Although this receivable has credit risk, it is mitigated by the Settlement Allocation Agreement as amended on March 31, 2022, which provides certain remedies to the Company, if Biofrontera AG fails to make timely reimbursements, which the Company may implement in its sole discretion, including the ability to charge interest at a rate of 6.0% per annum for each day that any reimbursement is past due and the ability to offset any overdue reimbursement amounts against payments owed to Biofrontera AG by the Company
CY2021Q4 BFRI Contract Asset
ContractAsset
-716000 usd
CY2022Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
1800000 usd
CY2022Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
1800000 usd
CY2022 us-gaap Debt Instrument Credit Rating
DebtInstrumentCreditRating
Based on a synthetic credit rating of Ba3 and a term of 3.33 to six years, the IBR was determined to be 6% for leased liabilities at inception and 8.5% for 2022 leased liabilities.
CY2022Q4 us-gaap Business Combination Contingent Consideration Liability
BusinessCombinationContingentConsiderationLiability
9342000 usd
CY2021Q4 us-gaap Business Combination Contingent Consideration Liability
BusinessCombinationContingentConsiderationLiability
12784000 usd
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0 pure
CY2020Q4 BFRI Revenue From Contract With Customer Allowances And Reserves
RevenueFromContractWithCustomerAllowancesAndReserves
327000 usd
CY2022 us-gaap Advertising Expense
AdvertisingExpense
100000 usd
CY2021 us-gaap Advertising Expense
AdvertisingExpense
500000 usd
CY2020Q4 us-gaap Asset Acquisition Contingent Consideration Liability
AssetAcquisitionContingentConsiderationLiability
7602000 usd
CY2021 us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
-1402000 usd
CY2021Q4 us-gaap Asset Acquisition Contingent Consideration Liability
AssetAcquisitionContingentConsiderationLiability
6200000 usd
CY2022 us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
-3800000 usd
CY2022Q4 us-gaap Asset Acquisition Contingent Consideration Liability
AssetAcquisitionContingentConsiderationLiability
2400000 usd
CY2022 us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
-3800000 usd
CY2021 us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
-1400000 usd
CY2021Q4 BFRI Fair Value Warrant Liability Purchase Warrant
FairValueWarrantLiabilityPurchaseWarrant
12854000 usd
CY2022 BFRI Fair Value Warrant Issuance Of New Derivative Liabilities
FairValueWarrantIssuanceOfNewDerivativeLiabilities
13217000 usd
CY2021 BFRI Fair Value Warrant Issuance Of New Derivative Liabilities
FairValueWarrantIssuanceOfNewDerivativeLiabilities
12261000 usd
CY2022 BFRI Fair Value Warrant Exercise Of Derivative Liabilities
FairValueWarrantExerciseOfDerivativeLiabilities
-6840000 usd
CY2021 BFRI Fair Value Warrant Exercise Of Derivative Liabilities
FairValueWarrantExerciseOfDerivativeLiabilities
-12208000 usd
CY2022 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
-16388000 usd
CY2021 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
12801000 usd
CY2022Q4 BFRI Fair Value Warrant Liability Purchase Warrant
FairValueWarrantLiabilityPurchaseWarrant
2843000 usd
CY2021Q4 BFRI Fair Value Warrant Liability Purchase Warrant
FairValueWarrantLiabilityPurchaseWarrant
12854000 usd
CY2021 BFRI Revenue From Contract With Customer Allowances And Reserves Provision Related To Current Period
RevenueFromContractWithCustomerAllowancesAndReservesProvisionRelatedToCurrentPeriod
637000 usd
CY2021 BFRI Revenue From Contract With Customer Allowances And Reserves Credit Payments Made During Period
RevenueFromContractWithCustomerAllowancesAndReservesCreditPaymentsMadeDuringPeriod
718000 usd
CY2021Q4 BFRI Revenue From Contract With Customer Allowances And Reserves
RevenueFromContractWithCustomerAllowancesAndReserves
246000 usd
CY2022 BFRI Revenue From Contract With Customer Allowances And Reserves Provision Related To Current Period
RevenueFromContractWithCustomerAllowancesAndReservesProvisionRelatedToCurrentPeriod
813000 usd
CY2022 BFRI Revenue From Contract With Customer Allowances And Reserves Credit Payments Made During Period
RevenueFromContractWithCustomerAllowancesAndReservesCreditPaymentsMadeDuringPeriod
977000 usd
CY2022Q4 BFRI Revenue From Contract With Customer Allowances And Reserves
RevenueFromContractWithCustomerAllowancesAndReserves
82000 usd
CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
100000 usd
CY2021Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
100000 usd
CY2022Q4 BFRI Legal Settlements Receivable Percentage
LegalSettlementsReceivablePercentage
0.50 pure
CY2021Q4 BFRI Receivable For Common Stock Warrants Proceeds
ReceivableForCommonStockWarrantsProceeds
3258000 usd
CY2022Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
439000 usd
CY2021Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
824000 usd
CY2022Q4 us-gaap Deposit Assets
DepositAssets
85000 usd
CY2021Q4 us-gaap Deposit Assets
DepositAssets
149000 usd
CY2022Q4 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
286000 usd
CY2021Q4 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
756000 usd
CY2022Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
810000 usd
CY2021Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
4987000 usd
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
710000 usd
CY2021Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
673000 usd
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
506000 usd
CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
406000 usd
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
204000 usd
CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
267000 usd
CY2022 us-gaap Depreciation
Depreciation
100000 usd
CY2021 us-gaap Depreciation
Depreciation
100000 usd
CY2022Q4 us-gaap Finite Lived License Agreements Gross
FiniteLivedLicenseAgreementsGross
4600000 usd
CY2021Q4 us-gaap Finite Lived License Agreements Gross
FiniteLivedLicenseAgreementsGross
4600000 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
1568000 usd
CY2021Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
1150000 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
3032000 usd
CY2021Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
3450000 usd
CY2022Q4 us-gaap Finite Lived License Agreements Gross
FiniteLivedLicenseAgreementsGross
4600000 usd
CY2022 us-gaap Finite Lived Intangible Asset Useful Life
FiniteLivedIntangibleAssetUsefulLife
P11Y
CY2021 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
400000 usd
CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
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CY2021Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
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CY2022 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
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CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
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CY2022 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
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P9Y3M7D
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
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1000 usd
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4.27
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403628000 shares
CY2021 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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403628000 shares
CY2022 us-gaap Lessee Operating Lease Option To Extend
LesseeOperatingLeaseOptionToExtend
option to extend the term of the lease for one five (5) year period
CY2022 us-gaap Debt Instrument Credit Rating
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Based on a synthetic credit rating of Ba3 and a term of 3.33 to six years, the IBR was determined to be 6% for leased liabilities at inception and 8.5% for 2022 leased liabilities.
CY2022 us-gaap Operating Lease Right Of Use Asset Amortization Expense
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653000 usd
CY2022 BFRI Interest On Lease Liabilities
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99000 usd
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781000 usd
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234000 usd
CY2022Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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P2Y6M14D
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0.0631 pure
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
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CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
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541000 usd
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
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349000 usd
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due
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CY2022Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
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109000 usd
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1346000 usd
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1346000 usd
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22500000 usd
CY2022 us-gaap Description Of Nature And Effect Of Significant Changes During Period Affecting Comparability
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The Company matches 50% of employee contributions up to a maximum of 6% of employees’ salary
CY2022 us-gaap Defined Contribution Plan Cost Recognized
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200000 usd
CY2021 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
200000 usd

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R96.htm Edgar Link pending
report.css Edgar Link pending
Show.js Edgar Link pending
form10-k_htm.xml Edgar Link completed