2023 Q1 Form 10-K Financial Statement

#000155837023005081 Filed on March 30, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.303M $1.123M $4.736M
YoY Change 3.33% -7.11% 4.48%
% of Gross Profit
Research & Development $3.989M $2.863M $9.165M
YoY Change 90.13% -1.55% 55.08%
% of Gross Profit
Depreciation & Amortization $22.00K $23.00K $100.0K
YoY Change 0.0% 15.0% 0.0%
% of Gross Profit
Operating Expenses $5.292M $3.986M $13.90M
YoY Change 57.55% -3.18% 33.11%
Operating Profit -$5.292M -$13.90M
YoY Change 57.55% 33.11%
Interest Expense $19.00K $20.00K $33.00K
YoY Change 1900.0% 1000.0%
% of Operating Profit
Other Income/Expense, Net $19.00K $33.00K
YoY Change 1000.0%
Pretax Income -$5.273M -$3.966M -$13.87M
YoY Change 56.98% -3.64% 32.84%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$5.273M -$3.966M -$13.90M
YoY Change 56.98% -3.64% 33.65%
Net Earnings / Revenue
Basic Earnings Per Share -$0.66 -$1.91
Diluted Earnings Per Share -$0.66 -$0.52 -$1.91
COMMON SHARES
Basic Shares Outstanding 7.960M 7.960M 7.276M
Diluted Shares Outstanding 7.960M 7.276M

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $6.731M $10.38M $10.38M
YoY Change -68.32% -56.32% -56.32%
Cash & Equivalents $6.731M $10.38M
Short-Term Investments
Other Short-Term Assets $1.664M $1.644M $5.231M
YoY Change 18.01% -10.8% 121.09%
Inventory
Prepaid Expenses $2.396M $3.587M
Receivables
Other Receivables
Total Short-Term Assets $10.79M $15.62M $15.62M
YoY Change -54.29% -40.26% -40.26%
LONG-TERM ASSETS
Property, Plant & Equipment $136.0K $158.0K $356.0K
YoY Change -33.0% -29.78% -16.82%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $311.0K $356.0K $356.0K
YoY Change -33.55% -16.82% -16.82%
TOTAL ASSETS
Total Short-Term Assets $10.79M $15.62M $15.62M
Total Long-Term Assets $311.0K $356.0K $356.0K
Total Assets $11.10M $15.97M $15.97M
YoY Change -53.89% -39.89% -39.89%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $827.0K $667.0K -$33.00K
YoY Change 106.75% 567.0% -650.0%
Accrued Expenses $973.0K $900.0K $1.017M
YoY Change -11.55% 12.5% 19.37%
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 $1.910M $1.684M $1.684M
YoY Change 21.81% 75.78% 75.78%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $85.00K $113.0K $113.0K
YoY Change -56.41% -26.14% -26.14%
Total Long-Term Liabilities $85.00K $113.0K $113.0K
YoY Change -56.41% -26.14% -26.14%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.910M $1.684M $1.684M
Total Long-Term Liabilities $85.00K $113.0K $113.0K
Total Liabilities $1.995M $1.797M $1.797M
YoY Change 13.16% 61.75% 61.75%
SHAREHOLDERS EQUITY
Retained Earnings -$96.80M -$91.50M
YoY Change 19.48% 17.82%
Common Stock $8.000K $8.000K
YoY Change 14.29% 14.29%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $9.107M $14.17M $14.17M
YoY Change
Total Liabilities & Shareholders Equity $11.10M $15.97M $15.97M
YoY Change -53.89% -39.89% -39.89%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income -$5.273M -$3.966M -$13.90M
YoY Change 56.98% -3.64% 33.65%
Depreciation, Depletion And Amortization $22.00K $23.00K $100.0K
YoY Change 0.0% 15.0% 0.0%
Cash From Operating Activities -$3.653M -$5.000M -$15.10M
YoY Change 44.62% 78.51% 52.29%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $21.00K
YoY Change -100.0% -70.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities $0.00 -$21.00K
YoY Change -100.0% -70.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $1.734M
YoY Change -89.06%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.734M 1.734M
YoY Change -57900.0% -91.33%
NET CHANGE
Cash From Operating Activities -3.653M -5.000M -15.10M
Cash From Investing Activities 0.000 -21.00K
Cash From Financing Activities 1.734M 1.734M
Net Change In Cash -3.653M -3.266M -13.39M
YoY Change 44.62% 15.53% -233.65%
FREE CASH FLOW
Cash From Operating Activities -$3.653M -$5.000M -$15.10M
Capital Expenditures $0.00 $21.00K
Free Cash Flow -$5.000M -$15.12M
YoY Change 79.99% 51.44%

Facts In Submission

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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><span style="font-style:italic;font-weight:bold;">Concentration of Credit Risk — </span>Financial instruments that potentially subject the Company to a significant concentration of credit risk consist of cash. The Company maintains its cash balances with one major commercial bank, JPMorgan Chase Bank. The balances are insured by the Federal Deposit Insurance Corporation (the “FDIC”) up to $250,000. As a result, as of December 31, 2022, approximately $10.1 million of its cash balance was not covered by the FDIC. As of December 31, 2021, the Company had approximately $23.8 million in cash on-hand, of which approximately $23.5 million was not covered by the FDIC. To date, the Company has not incurred any losses on its cash balances.</p>
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><span style="font-style:italic;font-weight:bold;">Use of Estimates —</span> The preparation of consolidated financial statements in conformity with generally accepted accounting principles in the United States (“U.S.”) requires management to make estimates and assumptions that affect the amounts reported in the Company’s consolidated financial statements and accompanying notes. On an ongoing basis, the Company evaluates its estimates and judgments, which are based on historical and anticipated results and trends as well as on various other assumptions that the Company believes to be reasonable under the circumstances. By their nature, estimates are subject to an inherent degree of uncertainty and, as such, actual results may differ from the Company’s estimates. These estimates include accrued clinical trial costs, stock-based compensation expense, valuation of warrants and valuation of deferred tax assets.</p>
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