$CVSI
CV Sciences, Inc.

2024 Q3 Form 10-Q Financial Statement

#000095017024096390 Filed on August 13, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $3.865M $3.954M
YoY Change -5.48% -0.3%
Cost Of Revenue $2.087M $2.094M
YoY Change -7.08% -6.85%
Gross Profit $1.778M $1.860M
YoY Change -3.53% 8.27%
Gross Profit Margin 46.0% 47.04%
Selling, General & Admin $2.090M $2.415M
YoY Change -6.7% -12.44%
% of Gross Profit 117.55% 129.84%
Research & Development $29.00K $28.00K
YoY Change -27.5% -22.22%
% of Gross Profit 1.63% 1.51%
Depreciation & Amortization $76.00K
YoY Change 28.81%
% of Gross Profit 4.09%
Operating Expenses $2.119M $2.443M
YoY Change -7.06% -12.56%
Operating Profit -$341.0K -$583.0K
YoY Change -21.97% -45.82%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net -$115.0K -$1.000K
YoY Change 1050.0% -99.52%
Pretax Income -$456.0K -$584.0K
YoY Change 2.01% -54.55%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$456.0K -$584.0K
YoY Change 2.01% -54.66%
Net Earnings / Revenue -11.8% -14.77%
Basic Earnings Per Share $0.00 $0.00
Diluted Earnings Per Share $0.00 $0.00
COMMON SHARES
Basic Shares Outstanding 180.7M 163.2M
Diluted Shares Outstanding 182.3M 172.4M

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $477.0K
YoY Change -71.78%
Cash & Equivalents $979.0K $477.0K
Short-Term Investments
Other Short-Term Assets $410.0K
YoY Change -0.24%
Inventory $5.020M $5.206M
Prepaid Expenses
Receivables $422.0K $639.0K
Other Receivables $0.00
Total Short-Term Assets $6.748M $6.732M
YoY Change -20.14% -21.24%
LONG-TERM ASSETS
Property, Plant & Equipment $490.0K $666.0K
YoY Change 22.81% 45.73%
Goodwill $815.0K $729.0K
YoY Change
Intangibles $103.0K $106.0K
YoY Change -58.96% -57.77%
Long-Term Investments
YoY Change
Other Assets $154.0K $202.0K
YoY Change -55.75% -49.63%
Total Long-Term Assets $1.643M $2.154M
YoY Change 37.72% 61.83%
TOTAL ASSETS
Total Short-Term Assets $6.748M $6.732M
Total Long-Term Assets $1.643M $2.154M
Total Assets $8.391M $8.886M
YoY Change -12.98% -10.05%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.886M $2.307M
YoY Change -28.1% 6.76%
Accrued Expenses $3.422M $3.461M
YoY Change 3.35% -2.15%
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due $29.00K
YoY Change 3.57%
Total Short-Term Liabilities $6.143M $6.031M
YoY Change 1.35% 3.11%
LONG-TERM LIABILITIES
Long-Term Debt $0.00
YoY Change
Other Long-Term Liabilities $38.00K $95.00K
YoY Change -58.7% -24.0%
Total Long-Term Liabilities $38.00K $95.00K
YoY Change -58.7% -24.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.143M $6.031M
Total Long-Term Liabilities $38.00K $95.00K
Total Liabilities $6.200M $6.378M
YoY Change 0.58% 6.57%
SHAREHOLDERS EQUITY
Retained Earnings -$86.30M -$85.80M
YoY Change 3.11% 3.0%
Common Stock $18.00K $18.00K
YoY Change 20.0% 20.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.191M $2.508M
YoY Change
Total Liabilities & Shareholders Equity $8.391M $8.886M
YoY Change -12.98% -10.05%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income -$456.0K -$584.0K
YoY Change 2.01% -54.66%
Depreciation, Depletion And Amortization $76.00K
YoY Change 28.81%
Cash From Operating Activities -$57.00K
YoY Change -104.04%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$40.00K
YoY Change
Cash From Investing Activities -$40.00K
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -87.00K
YoY Change -80.0%
NET CHANGE
Cash From Operating Activities -57.00K
Cash From Investing Activities -40.00K
Cash From Financing Activities -87.00K
Net Change In Cash -184.0K
YoY Change -118.85%
FREE CASH FLOW
Cash From Operating Activities -$57.00K
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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<p style="font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Liquidity Considerations</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> - U.S. GAAP requires management to assess a company's ability to continue as a going concern for a period of one year from the financial statement issuance date and to provide related note disclosure in certain circumstances. The accompanying financial statements and notes have been prepared assuming the Company will continue as a going concern. The Company generated negative cash flows from operations of </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">$</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">0.6</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million for the six months ended June 30, 2024 and had an accumulated deficit of </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">$</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">85.8</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million as of June 30, 2024. Management anticipates that the Company will be dependent, for the near future, on additional investment capital to fund operations, growth initiatives and to continue to make and implement strategic cost reductions, including reductions in employee headcount, vendor spending, and delaying expenses related to its drug development activities. The Company intends to position itself so that it will be able to raise additional funds through the capital markets, issuance of debt, and/or securing lines of credit.</span></p><p style="font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">In July 2024, the Company received net proceeds of $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">0.9</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million under a Secured Promissory Note with Streeterville Capital, LLC, a Utah limited liability company ("Streeterville") - refer to Note 13 for more information.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The Company's financial operating results and accumulated deficit, amongst other factors, raise substantial doubt about the Company's ability to continue as a going concern. The Company will continue to pursue the actions outlined above, as well as work towards increasing revenue and operating cash flows to meet its future liquidity requirements. However, there can be no assurance that the Company will be successful in any capital-raising efforts that it may undertake, and the failure of the Company to raise additional capital could adversely affect its future operations and viability.</span></p>
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Files In Submission

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0000950170-24-096390-index-headers.html Edgar Link pending
0000950170-24-096390-index.html Edgar Link pending
0000950170-24-096390.txt Edgar Link pending
0000950170-24-096390-xbrl.zip Edgar Link pending
cvsi-20240630.htm Edgar Link pending
cvsi-20240630.xsd Edgar Link pending
cvsi-ex2_5.htm Edgar Link pending
cvsi-ex31_1.htm Edgar Link pending
cvsi-ex31_2.htm Edgar Link pending
cvsi-ex32_1.htm Edgar Link pending
cvsi-ex32_2.htm Edgar Link pending
Financial_Report.xlsx Edgar Link pending
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