2024 Q1 Form 10-K Financial Statement

#000121390024021133 Filed on March 11, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue $220.1K
YoY Change
Gross Profit -$220.1K
YoY Change
Gross Profit Margin
Selling, General & Admin $1.126M $902.1K $3.550M
YoY Change -60.91% 53.82%
% of Gross Profit
Research & Development $629.0K $361.1K $4.081M
YoY Change 581.83% -8.08% 938.88%
% of Gross Profit
Depreciation & Amortization $597.00 $1.980K $1.980K
YoY Change 214.21% 55.91% 55.91%
% of Gross Profit
Operating Expenses $1.756M $1.264M $7.633M
YoY Change -58.2% -53.22% 182.53%
Operating Profit -$1.756M -$7.633M
YoY Change -58.2%
Interest Expense $92.33K $119.8K $15.90K
YoY Change 2512.62% -102.98% -100.4%
% of Operating Profit
Other Income/Expense, Net $92.33K -$724.2K
YoY Change -90.51%
Pretax Income -$1.663M -$1.144M -$8.357M
YoY Change -82.96% 24.47%
Income Tax
% Of Pretax Income
Net Earnings -$1.663M -$1.144M -$8.357M
YoY Change -67.85% -82.96% 24.47%
Net Earnings / Revenue
Basic Earnings Per Share -$0.10 -$0.62
Diluted Earnings Per Share -$0.10 -$1.07 -$0.62
COMMON SHARES
Basic Shares Outstanding 16.01M shares 13.02M shares 13.49M shares
Diluted Shares Outstanding 16.01M shares 13.49M shares

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $6.566M $8.403M $8.403M
YoY Change 25682.45% 25682.45%
Cash & Equivalents $6.566M $8.403M
Short-Term Investments
Other Short-Term Assets $461.6K $89.67K $89.67K
YoY Change -87.1% -87.1%
Inventory
Prepaid Expenses $293.8K $89.67K
Receivables
Other Receivables
Total Short-Term Assets $7.028M $8.492M $8.492M
YoY Change 58.31% 1067.15% 1067.15%
LONG-TERM ASSETS
Property, Plant & Equipment $1.690K $2.287K $23.29K
YoY Change 105.35% 125.77% -47.77%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $3.792K $3.792K $3.790K
YoY Change 0.03% -36.66% -36.73%
Total Long-Term Assets $20.40K $27.08K $27.08K
YoY Change -52.33% -46.46% -46.45%
TOTAL ASSETS
Total Short-Term Assets $7.028M $8.492M $8.492M
Total Long-Term Assets $20.40K $27.08K $27.08K
Total Assets $7.048M $8.519M $8.519M
YoY Change 57.26% 994.77% 994.78%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $400.4K $167.3K $167.3K
YoY Change 234.85% -58.68% -58.68%
Accrued Expenses $440.8K $638.2K $621.5K
YoY Change 70.25% -26.1% -29.84%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0% -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $856.3K $826.9K $826.9K
YoY Change 113.21% -38.04% -38.04%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0% -100.0%
Other Long-Term Liabilities $0.00 $0.00
YoY Change -100.0% -100.0%
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change -100.0% -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $856.3K $826.9K $826.9K
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $856.3K $826.9K $826.9K
YoY Change 105.45% -86.94% -86.94%
SHAREHOLDERS EQUITY
Retained Earnings -$16.73M -$15.07M
YoY Change 40.77% 124.47%
Common Stock $22.93M $22.76M
YoY Change 195487.95% 277710.47%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $6.192M $7.692M $7.692M
YoY Change
Total Liabilities & Shareholders Equity $7.048M $8.519M $8.519M
YoY Change 57.26% 994.77% 994.78%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income -$1.663M -$1.144M -$8.357M
YoY Change -67.85% -82.96% 24.47%
Depreciation, Depletion And Amortization $597.00 $1.980K $1.980K
YoY Change 214.21% 55.91% 55.91%
Cash From Operating Activities -$1.836M -$3.530M -$3.530M
YoY Change 29.98% 398.68% 193.03%
INVESTING ACTIVITIES
Capital Expenditures $3.254K
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$3.250K -$3.250K
YoY Change 42.54% 42.54%
Cash From Investing Activities -$3.250K -$3.254K
YoY Change 42.54% 42.72%
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 $298.00 11.90M $11.90M
YoY Change -99.99% 1642.44% 860.24%
NET CHANGE
Cash From Operating Activities -$1.836M -3.530M -$3.530M
Cash From Investing Activities -3.250K -$3.254K
Cash From Financing Activities $298.00 11.90M $11.90M
Net Change In Cash -$1.836M 8.370M $8.370M
YoY Change -145.95% -31030.97% 25582.46%
FREE CASH FLOW
Cash From Operating Activities -$1.836M -$3.530M -$3.530M
Capital Expenditures $3.254K
Free Cash Flow -$3.534M
YoY Change

Facts In Submission

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Use of Estimates</i></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of 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 as of the date of the financial statements and the reported amounts of expenses during the reporting period. Significant estimates and assumptions made in the accompanying financial statements include but are not limited to the fair value of financial instruments, the fair value of common stock prior to our IPO, deferred tax assets and valuation allowance, income tax uncertainties, and certain accruals. The Company evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors and adjusts those estimates and assumptions when facts and circumstances change. Actual results could differ from those estimates.</span></p>
CY2023 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Concentration of Credit and Other Risks and Uncertainties</i></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial instruments, which potentially subject the Company to significant concentrations of credit risk, consist primarily of cash and cash equivalents. Cash is maintained at high credit quality financial institutions and, at times, balances may exceed federally insured limits. All interest-bearing and non-interest-bearing cash balances are insured up to $250,000 per depositor at each financial institution. Any loss incurred or a lack of access to such funds could have a significant adverse impact on the Company’s financial condition, results of operations, and cash flows.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company is subject to a number of risks common for early-stage biopharmaceutical companies including, but not limited to, dependency on the clinical and commercial success of its product candidate, ability to obtain regulatory approval of its product candidate, the need for substantial additional financing to achieve its goals, uncertainty of broad adoption of its approved products, if any, by physicians and patients, significant competition and untested manufacturing capabilities.</span></p>
CY2023 us-gaap Interest Income Deposit With Financial Institution Increase Decrease
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250000 usd
CY2023 us-gaap Number Of Operating Segments
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1 pure
CY2023 us-gaap Revenue Recognition Customer Acquisitions
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Acquisitions</i></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company evaluates acquisitions of assets and other similar transactions to assess whether or not the transaction should be accounted for as a business combination or asset acquisition by first applying a screen test to determine whether substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets. If so, the transaction is accounted for as an asset acquisition. If not, further determination is required as to whether or not the Company has acquired inputs and processes that have the ability to create outputs, which would meet the definition of a business. Significant judgment is required in the application of the screen test to determine whether an acquisition is a business combination or an acquisition of assets.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Acquisitions meeting the definition of business combinations are accounted for using the acquisition method of accounting, which requires that the purchase price be allocated to the net assets acquired at their respective fair values. In a business combination, any excess of the purchase price over the estimated fair values of the net assets acquired is recorded as goodwill.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For asset acquisitions, a cost accumulation model is used to determine the cost of an asset acquisition. Direct transaction costs are recognized as part of the cost of an asset acquisition. The Company also evaluates which elements of a transaction should be accounted for as a part of an asset acquisition and which should be accounted for separately. The cost of an asset acquisition, including transaction costs, is allocated to identifiable assets acquired and liabilities assumed based on a relative fair value basis. Goodwill is not recognized in an asset acquisition. Any difference between the cost of an asset acquisition and the fair value of the net assets acquired is allocated to the non-monetary identifiable assets based on their relative fair values. When a transaction accounted for as an asset acquisition includes an in-process research and development (“IPR&amp;D”) asset, the IPR&amp;D asset is only capitalized if it has an alternative future use other than in a particular research and development project. For an IPR&amp;D asset to have an alternative future use: (a) the Company must reasonably expect that it will use the asset acquired in an alternative manner and anticipate economic benefit from that alternative use, and (b) the Company’s use of the asset acquired is not contingent on the further development of the asset subsequent to the acquisition date (that is, the asset can be used in an alternative manner in the condition in which it existed at the acquisition date). Otherwise, amounts allocated to IPR&amp;D that have no alternative use are expensed to research and development. Asset acquisitions may include contingent consideration arrangements that encompass obligations to make future payments to sellers contingent upon the achievement of future financial targets. Contingent consideration is not recognized until all contingencies are resolved and the consideration is paid or probable of payment, at which point the consideration is allocated to the assets acquired on a relative fair value basis.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p>
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