$CRMD
CorMedix Inc.

2023 Q3 Form 10-Q Financial Statement

#000121390023064244 Filed on August 08, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $7.803M $7.010M
YoY Change 68.61% 38.76%
% of Gross Profit
Research & Development $2.664M $4.795M
YoY Change 13.88% 49.39%
% of Gross Profit
Depreciation & Amortization $20.00K $17.43K
YoY Change -6.02% -15.26%
% of Gross Profit
Operating Expenses $10.47M $11.80M
YoY Change 50.23% 42.89%
Operating Profit -$10.47M -$11.80M
YoY Change 50.35% 43.25%
Interest Expense $13.11K $5.851K
YoY Change 49.42% 63.21%
% of Operating Profit
Other Income/Expense, Net $722.9K $531.0K
YoY Change 568.06% 962.16%
Pretax Income -$9.740M -$11.27M
YoY Change 42.11% 37.64%
Income Tax
% Of Pretax Income
Net Earnings -$9.744M -$11.27M
YoY Change 42.18% 48.24%
Net Earnings / Revenue
Basic Earnings Per Share -$0.17 -$0.25
Diluted Earnings Per Share -$0.17 -$0.25
COMMON SHARES
Basic Shares Outstanding 54.81M shares 45.38M shares
Diluted Shares Outstanding 56.55M shares 45.37M shares

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $86.59M $52.40M
YoY Change 46.76% -18.91%
Cash & Equivalents $53.31M $19.70M
Short-Term Investments $33.27M $32.70M
Other Short-Term Assets $2.470M $2.224M
YoY Change 272.2% 202.66%
Inventory
Prepaid Expenses $1.255M $1.255M
Receivables
Other Receivables
Total Short-Term Assets $89.06M $54.62M
YoY Change 49.27% -16.42%
LONG-TERM ASSETS
Property, Plant & Equipment $1.589M $1.597M
YoY Change 5.69% 10.23%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $100.0K $102.4K
YoY Change -2.26% 0.06%
Total Long-Term Assets $2.367M $2.408M
YoY Change -1.9% 0.81%
TOTAL ASSETS
Total Short-Term Assets $89.06M $54.62M
Total Long-Term Assets $2.367M $2.408M
Total Assets $91.43M $57.03M
YoY Change 47.28% -15.82%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.386M $2.901M
YoY Change 35.01% 16.2%
Accrued Expenses $5.138M $4.344M
YoY Change 62.43% 64.02%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $7.671M $7.387M
YoY Change 51.54% 40.12%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $560.0K $594.3K
YoY Change -20.34% -19.34%
Total Long-Term Liabilities $560.0K $594.3K
YoY Change -20.34% -19.34%
TOTAL LIABILITIES
Total Short-Term Liabilities $7.671M $7.387M
Total Long-Term Liabilities $560.0K $594.3K
Total Liabilities $8.227M $7.982M
YoY Change 42.71% 32.83%
SHAREHOLDERS EQUITY
Retained Earnings -$306.9M -$297.2M
YoY Change 14.9% 14.18%
Common Stock $54.81K $45.81K
YoY Change 33.02% 11.43%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $83.20M $49.05M
YoY Change
Total Liabilities & Shareholders Equity $91.43M $57.03M
YoY Change 47.28% -15.82%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income -$9.744M -$11.27M
YoY Change 42.18% 48.24%
Depreciation, Depletion And Amortization $20.00K $17.43K
YoY Change -6.02% -15.26%
Cash From Operating Activities -$8.690M -$8.572M
YoY Change 44.94% 56.94%
INVESTING ACTIVITIES
Capital Expenditures $10.00K $6.350K
YoY Change -113.09% -164.34%
Acquisitions
YoY Change
Other Investing Activities -$580.0K -$2.379M
YoY Change 1431.56% -493.75%
Cash From Investing Activities -$590.0K -$2.386M
YoY Change 416.28% -501.35%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 42.90M 5.350M
YoY Change 9710.42% -36.39%
NET CHANGE
Cash From Operating Activities -8.690M -8.572M
Cash From Investing Activities -590.0K -2.386M
Cash From Financing Activities 42.90M 5.350M
Net Change In Cash 33.62M -5.608M
YoY Change -692.69% -258.26%
FREE CASH FLOW
Cash From Operating Activities -$8.690M -$8.572M
Capital Expenditures $10.00K $6.350K
Free Cash Flow -$8.700M -$8.579M
YoY Change 46.98% 57.34%

Facts In Submission

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dei Document Quarterly Report
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dei Document Period End Date
DocumentPeriodEndDate
2023-06-30
dei Document Fiscal Year Focus
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2023
dei Document Transition Report
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dei Entity File Number
EntityFileNumber
001-34673
dei Entity Registrant Name
EntityRegistrantName
CORMEDIX INC.
dei Entity Incorporation State Country Code
EntityIncorporationStateCountryCode
DE
dei Entity Tax Identification Number
EntityTaxIdentificationNumber
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300 Connell Drive
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dei Security12b Title
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Proceeds From Issuance Of Common Stock
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crmd Payment Of Employee Withholding Taxes On Vested Restricted Stock Units
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us-gaap Proceeds From Stock Options Exercised
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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us-gaap Interest Paid Net
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us-gaap Interest Paid Net
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us-gaap Unrealized Gain Loss On Investments
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us-gaap Unrealized Gain Loss On Investments
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crmd Market Issuance Sales Agreement
MarketIssuanceSalesAgreement
18700000 usd
CY2023Q2 us-gaap Trading Securities
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us-gaap Asset Acquisition Consideration Transferred Contingent Consideration
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us-gaap Use Of Estimates
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<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Use of Estimates</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.</span></p>
CY2023Q2 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Disposal Group Including Discontinued Operations
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43374745 usd
CY2023Q2 crmd Amortized Cost
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CY2023Q2 crmd Gross Unrealized Losses
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CY2023Q2 crmd Gross Unrealized Gains
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CY2023Q2 crmd Fair Value
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CY2022Q4 crmd Amortized Cost
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CY2022Q4 crmd Gross Unrealized Losses
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CY2022Q4 crmd Gross Unrealized Gains
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CY2022Q4 crmd Fair Value
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CY2023Q2 us-gaap Cash Equivalents At Carrying Value
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2023Q2 us-gaap Accrued Professional Fees Current
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crmd Manufacturing Development Related
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CY2022 crmd Manufacturing Development Related
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1214550 usd
CY2023Q2 us-gaap Other Accrued Liabilities Current
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CY2022Q4 us-gaap Other Accrued Liabilities Current
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crmd Total Accured Expenses
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4344269 usd
CY2022 crmd Total Accured Expenses
TotalAccuredExpenses
3973941 usd
CY2020 us-gaap Reimbursement From Limited Partnership Investment
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30000 usd
crmd Cash Reimburse
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us-gaap Payments For Deposits
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CY2023Q1 crmd Aggregate Security Deposit
AggregateSecurityDeposit
50000 usd
CY2023Q1 crmd Refunded Security Deposit Received
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36000 eur
CY2023Q1 crmd Refund Process Of Security Deposit
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10000 eur
crmd Security Deposit Remaining
SecurityDepositRemaining
10000 eur
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80000 eur
us-gaap Payments To Acquire Restricted Certificates Of Deposit
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87000 usd
crmd Cost To Be Paid
CostToBePaid
46600 eur
crmd Accured Amount
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26000 eur
crmd Accured Amount
AccuredAmount
28000 usd
crmd Aggregate Deposit Amount
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CY2023Q2 crmd Security Deposit In The Process Of Being Refunded
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CY2023Q2 crmd Security Deposit In The Process Of Being Refunded
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CY2008Q4 crmd Amount Of Initial Licensing Fee
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325000 usd
CY2008Q4 crmd Shares Of Equity Of Common Stock
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7996 shares
us-gaap Stock Issued During Period Shares Period Increase Decrease
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29109 shares
CY2014 crmd Number Of Shares Released In Escrow
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7277 shares
crmd Number Of Share Held In Escrow Of Common Stock
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21832 shares
crmd Maximum Aggregate Amount Of Cash Payments Due Upon Achievement Of Milestones
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crmd Balance Of Cash Payments Due Upon Achievement Of Milestones
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crmd Balance Of Cash Payments Due Upon Achievement Of Milestones
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CY2021Q3 crmd Commission Percentage Of Gross Proceeds
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0.03 pure
CY2023Q2 crmd Issuance Of Shares
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CY2023Q2 crmd Purchase Of Common Stock
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CY2023Q2 crmd Additional Shares Of Common Stock
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1500093 shares
CY2023Q2 crmd Aggregate Shares Issued
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crmd Aggregate Shares Issued
AggregateSharesIssued
2866421 shares
CY2023Q2 crmd Net Proceeds
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5315000 usd
crmd Net Proceeds
NetProceeds
12515000 usd
CY2022Q2 crmd Aggregate Shares Issued
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2378798 shares
crmd Aggregate Shares Issued
AggregateSharesIssued
3020340 shares
CY2022Q2 crmd Net Proceeds
NetProceeds
8411000 usd
crmd Net Proceeds
NetProceeds
11415000 usd
CY2023Q2 crmd Restricted Stock Units Vested Shares
RestrictedStockUnitsVestedShares
103734 shares
CY2023Q2 us-gaap Restricted Stock Shares Issued Net Of Shares For Tax Withholdings
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37443 shares
CY2023Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
68000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
154000 usd
CY2022Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
50000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
50000 usd
us-gaap Net Amount At Risk By Product And Guarantee Weighted Average Period Remaining1
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P1Y3M18D
CY2023Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
2000000 shares
CY2023Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
181622 shares
CY2023Q2 us-gaap Preferred Stock Liquidation Preference Value
PreferredStockLiquidationPreferenceValue
21291665 usd
us-gaap Compensation Expense Excluding Cost Of Good And Service Sold
CompensationExpenseExcludingCostOfGoodAndServiceSold
7370000 usd
us-gaap Insured Financial Obligations With Credit Deterioration Remaining Weighted Average Contract Period
InsuredFinancialObligationsWithCreditDeteriorationRemainingWeightedAverageContractPeriod
P1Y7M6D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
1.0526 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0365 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
3.46
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
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0 pure
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y
us-gaap Lessor Operating Lease Description
LessorOperatingLeaseDescription
The Company entered into a seven-year operating lease agreement in March 2020 for an office space at 300 Connell Drive, Berkeley Heights, New Jersey 07922.
CY2020Q3 us-gaap Payments For Leasing Costs
PaymentsForLeasingCosts
17000 usd
CY2023Q2 crmd Rental Agreement Expense
RentalAgreementExpense
400 eur
CY2023Q2 us-gaap Operating Lease Expense
OperatingLeaseExpense
52000 usd
us-gaap Operating Lease Expense
OperatingLeaseExpense
104000 usd
CY2022Q2 us-gaap Operating Lease Expense
OperatingLeaseExpense
52000 usd
us-gaap Operating Lease Expense
OperatingLeaseExpense
104000 usd
crmd Total Operating Lease Liability
TotalOperatingLeaseLiability
737000 usd
crmd Operating Lease Liabilities Shortterm
OperatingLeaseLiabilitiesShortterm
143000 usd
CY2023Q2 crmd Operating Lease Liabilities Net Of Current Portion
OperatingLeaseLiabilitiesNetOfCurrentPortion
594000 usd
CY2022 crmd Total Operating Lease Liability
TotalOperatingLeaseLiability
803000 usd
CY2022 crmd Operating Lease Liabilities Shortterm
OperatingLeaseLiabilitiesShortterm
135000 usd
CY2022Q4 crmd Operating Lease Liabilities Net Of Current Portion
OperatingLeaseLiabilitiesNetOfCurrentPortion
668000 usd
CY2023Q2 crmd Operating Lease Right Of Use Assets
OperatingLeaseRightOfUseAssets
709000 usd
CY2022Q4 crmd Operating Lease Right Of Use Assets
OperatingLeaseRightOfUseAssets
775000 usd
CY2023Q2 crmd Operating Leases
OperatingLeases
50000 usd
CY2022Q2 crmd Operating Leases
OperatingLeases
50000 usd
crmd Operating Leases
OperatingLeases
100000 usd
crmd Operating Leases
OperatingLeases
100000 usd
CY2023Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P4Y3M18D
CY2022Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P5Y3M18D
CY2023Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.09 pure
CY2022Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.09 pure
CY2023Q2 crmd Operating Leases Future Minimum Payment Due In Rolling Year Three
OperatingLeasesFutureMinimumPaymentDueInRollingYearThree
101000 usd
CY2023Q2 crmd Operating Leases Future Minimum Payments Due In Four Year
OperatingLeasesFutureMinimumPaymentsDueInFourYear
205000 usd
CY2023Q2 crmd Operating Leases Future Minimum Payments Due In Five Year
OperatingLeasesFutureMinimumPaymentsDueInFiveYear
208000 usd
CY2023Q2 crmd Operating Leases Future Minimum Payments Due In Six Year
OperatingLeasesFutureMinimumPaymentsDueInSixYear
211000 usd
CY2023Q2 crmd Operating Leases Future Minimum Payment Due Thereafter
OperatingLeasesFutureMinimumPaymentDueThereafter
169000 usd
CY2023Q2 crmd Future Minimum Lease Payments
FutureMinimumLeasePayments
894000 usd
CY2023Q2 us-gaap Unrecorded Unconditional Purchase Obligation Imputed Interest
UnrecordedUnconditionalPurchaseObligationImputedInterest
157000 usd
CY2023Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
737000 usd
CY2022Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.19
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
39008590 shares
us-gaap Increase Decrease In Receivables
IncreaseDecreaseInReceivables
usd
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
usd
crmd Payment Of Employee Withholding Taxes On Vested Restricted Stock Units
PaymentOfEmployeeWithholdingTaxesOnVestedRestrictedStockUnits
usd
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
usd
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
dei Entity Central Index Key
EntityCentralIndexKey
0001410098

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