$CRVO
CervoMed Inc.

2016 Q4 Form 10-K Financial Statement

#000143774918006050 Filed on April 02, 2018

View on sec.gov

Income Statement

Concept 2016 Q4 2016 2015 Q4
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.020M $11.09M $1.290M
YoY Change -20.93% 340.08% -17.31%
% of Gross Profit
Research & Development $1.510M $7.252M $1.270M
YoY Change 18.9% 87.13% -16.99%
% of Gross Profit
Depreciation & Amortization $10.00K $25.34K $0.00
YoY Change 8.91% -100.0%
% of Gross Profit
Operating Expenses $2.540M $7.252M $2.570M
YoY Change -1.17% -69.56% -314.17%
Operating Profit -$18.37M
YoY Change 186.78%
Interest Expense -$30.00K $37.00K -$150.0K
YoY Change -80.0% -88.18% 1400.0%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$2.570M -$18.40M -$2.720M
YoY Change -5.51% 173.86% -65.48%
Income Tax $0.00 -$364.8K $0.00
% Of Pretax Income
Net Earnings -$2.570M -$18.04M -$2.720M
YoY Change -5.51% 168.43% -46.35%
Net Earnings / Revenue
Basic Earnings Per Share -$1.76
Diluted Earnings Per Share -$3.725M -$1.76 -$10.46M
COMMON SHARES
Basic Shares Outstanding 10.23M 18.61M
Diluted Shares Outstanding 10.23M

Balance Sheet

Concept 2016 Q4 2016 2015 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.550M $1.550M $2.000M
YoY Change -22.5% -22.5% -90.86%
Cash & Equivalents $1.553M $1.550M $1.997M
Short-Term Investments
Other Short-Term Assets $50.00K $50.00K $50.00K
YoY Change 0.0% 0.0% -97.82%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $1.604M $1.600M $2.043M
YoY Change -21.51% -21.57% -91.55%
LONG-TERM ASSETS
Property, Plant & Equipment $79.76K $80.00K $52.00K
YoY Change 53.39% 60.0% -49.18%
Goodwill $6.929M $6.900M
YoY Change 0.42% -42.77%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $232.7K $230.0K $181.5K
YoY Change 28.2% 27.78%
Total Long-Term Assets $15.88M $15.88M $233.5K
YoY Change 6701.65% 6516.67% -98.75%
TOTAL ASSETS
Total Short-Term Assets $1.604M $1.600M $2.043M
Total Long-Term Assets $15.88M $15.88M $233.5K
Total Assets $17.48M $17.48M $2.277M
YoY Change 668.01% 666.67% -94.68%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.684M $1.680M $424.7K
YoY Change 296.58% 300.0% 1.77%
Accrued Expenses $870.0K $870.0K $620.0K
YoY Change 40.32% 40.32% -67.71%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $1.880M $1.880M $420.0K
YoY Change 347.62% 347.62%
Total Short-Term Liabilities $4.438M $4.440M $1.471M
YoY Change 201.67% 202.04% -37.09%
LONG-TERM LIABILITIES
Long-Term Debt $550.0K $550.0K $820.0K
YoY Change -32.93% -32.93%
Other Long-Term Liabilities $31.92K $30.00K $28.27K
YoY Change 12.91% 0.0%
Total Long-Term Liabilities $31.92K $580.0K $28.27K
YoY Change 12.91% -31.76%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.438M $4.440M $1.471M
Total Long-Term Liabilities $31.92K $580.0K $28.27K
Total Liabilities $8.300M $8.300M $2.318M
YoY Change 258.02% 257.76% -49.75%
SHAREHOLDERS EQUITY
Retained Earnings -$60.19M -$42.15M
YoY Change 42.79% -44.01%
Common Stock $69.37M $42.11M
YoY Change 64.74% -62.88%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $9.185M $9.180M -$41.62K
YoY Change
Total Liabilities & Shareholders Equity $17.48M $17.48M $2.277M
YoY Change 668.01% 666.67% -94.68%

Cashflow Statement

Concept 2016 Q4 2016 2015 Q4
OPERATING ACTIVITIES
Net Income -$2.570M -$18.04M -$2.720M
YoY Change -5.51% 168.43% -46.35%
Depreciation, Depletion And Amortization $10.00K $25.34K $0.00
YoY Change 8.91% -100.0%
Cash From Operating Activities -$1.420M -$10.77M -$2.270M
YoY Change -37.44% 107.67% 17.62%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $2.331K -$30.00K
YoY Change -100.0% -94.21% -40.0%
Acquisitions
YoY Change
Other Investing Activities $0.00 $8.500M $0.00
YoY Change 240.0%
Cash From Investing Activities $0.00 $8.498M -$30.00K
YoY Change -100.0% 245.5% -40.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -50.00K 1.826M 2.390M
YoY Change -102.09% -23.49% 2887.5%
NET CHANGE
Cash From Operating Activities -1.420M -10.77M -2.270M
Cash From Investing Activities 0.000 8.498M -30.00K
Cash From Financing Activities -50.00K 1.826M 2.390M
Net Change In Cash -1.470M -444.3K 90.00K
YoY Change -1733.33% 30.95% -104.74%
FREE CASH FLOW
Cash From Operating Activities -$1.420M -$10.77M -$2.270M
Capital Expenditures $0.00 $2.331K -$30.00K
Free Cash Flow -$1.420M -$10.77M -$2.240M
YoY Change -36.61% 106.11% 19.15%

Facts In Submission

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<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.</div> Organization and Description of Business</div></div> <div style=" margin: 0pt; text-align: left; text-indent: 8pt; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</div> <div style=" margin: 0pt; text-align: justify; text-indent: 44pt; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">Diffusion Pharmaceuticals Inc. &#x201c;Diffusion&#x201d; or &#x201c;the Company&#x201d; is a clinical stage biotechnology company focused on extending the life expectancy of cancer patients by improving the effectiveness of current standard-of-care treatments, including radiation therapy and chemotherapy. The Company is developing its lead product candidate, transcrocetinate sodium, also known as trans sodium crocetinate (&#x201c;TSC&#x201d;), for use in the many cancer types in which tumor oxygen deprivation (&#x201c;hypoxia&#x201d;) is known to diminish the effectiveness of current treatments. TSC is designed to target the cancer<div style="display: inline; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#x2019;s hypoxic micro-environment, re-oxygenating treatment-resistant tissue and making the cancer cells more susceptible to the therapeutic effects of standard-of-care radiation therapy and chemotherapy.</div></div> <div style=" margin: 0pt; text-align: left; text-indent: 8pt; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</div> <div style=" margin: 0pt; text-align: justify; text-indent: 44pt; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">On <div style="display: inline; font-style: italic; font-style: normal; font-weight: inherit;"> December 15, 2015, </div>the Company<div style="display: inline; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#x2019;s predecessor for accounting purposes, Diffusion Pharmaceuticals LLC (&#x201c;Diffusion LLC&#x201d;) entered into a definitive merger agreement with the Company, then known as &#x201c;RestorGenex Corporation&#x201d; and traded on the over-the-counter stock exchange under the ticker symbol &#x201c;RESX.&#x201d; On <div style="display: inline; font-style: italic; font-style: normal; font-weight: inherit;"> January 8, 2016 </div>the Company completed the merger with Diffusion LLC under which a newly formed subsidiary of the Company merged with and into Diffusion LLC in an all-stock transaction, with Diffusion LLC surviving as a wholly-owned subsidiary of the Company. Subsequent to the merger, the Company was renamed &#x201c;Diffusion Pharmaceuticals Inc.&#x201d; and the Company&#x2019;s ticker symbol was changed to &#x201c;DFFN.&#x201d; On <div style="display: inline; font-style: italic; font-style: normal; font-weight: inherit;"> November 9, 2016, </div>the Company&#x2019;s common stock (&#x201c;Common Stock&#x201d;) began trading on the NASDAQ Capital Market exchange.</div></div> <div style=" margin: 0pt; text-align: left; text-indent: 8pt; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</div> <div style=" margin: 0pt; text-align: justify; text-indent: 44pt; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">The merger transaction was accounted for as a reverse acquisition under the acquisition method of accounting. Because Diffusion LLC<div style="display: inline; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#x2019;s pre-transaction owners held an <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">84.1%</div> economic and voting interest in the combined company immediately following the closing of the merger, Diffusion LLC is considered to be the acquirer of RestorGenex for accounting purposes (See Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4</div>). </div></div> <div style=" margin: 0pt; text-align: left; text-indent: 8pt; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</div> <div style=" margin: 0pt; text-align: justify; text-indent: 44pt; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">The Company<div style="display: inline; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#x2019;s members&#x2019; capital at <div style="display: inline; font-style: italic; font-style: normal; font-weight: inherit;"> January 1, 2016 </div>has been recast as common stock and additional paid in capital. On <div style="display: inline; font-style: italic; font-style: normal; font-weight: inherit;"> August 17, 2016, </div>the Company effected a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div>-for-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div> reverse split of its common stock. The accompanying consolidated financial statements and these notes give retroactive effect to this reverse stock split.</div></div> <div style=" margin: 0pt; text-align: left; text-indent: 26pt; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</div> <div style=" margin: 0pt; text-align: justify; text-indent: 44pt; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">Each outstanding unit of membership interest of Diffusion LLC (the &#x201c;Diffusion Units&#x201d;) was converted into the right to receive <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.3652658</div> shares of Common Stock (the &#x201c;Exchange Ratio&#x201d;). Additionally, the right of holders of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1.1</div> million outstanding convertible notes of Diffusion LLC to convert such notes into Diffusion Units was converted into the right to convert such notes into a number of shares of Common Stock equal to the number of Diffusion Units into which such notes would have been convertible under the original terms of the notes multiplied by the Exchange Ratio. In addition, all outstanding options to purchase Diffusion Units were assumed by the Company and the right to exercise converted into <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,495,615</div> options to purchase Common Stock on terms substantially identical to those in effect prior to the merger transaction, except for adjustments to the underlying number of shares and the exercise price based on the Exchange Ratio.</div></div>
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