$CYDY
CytoDyn Inc.

2015 Q1 Form 10-Q Financial Statement

#000119312515124757 Filed on April 10, 2015

View on sec.gov

Income Statement

Concept 2015 Q1 2014 Q2 2014 Q1
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $940.0K $950.0K $1.130M
YoY Change -16.81% -28.57% -28.93%
% of Gross Profit
Research & Development $2.264M $1.590M $1.656M
YoY Change 36.73% 329.73% 4862.28%
% of Gross Profit
Depreciation & Amortization $90.00K $90.00K $80.00K
YoY Change 12.5% -59.09%
% of Gross Profit
Operating Expenses $3.292M $2.640M $2.876M
YoY Change 14.5% 38.22% 77.2%
Operating Profit -$3.292M -$2.876M
YoY Change 14.5% 77.2%
Interest Expense $691.1K -$430.0K $499.3K
YoY Change 38.42% -54.26% -147.1%
% of Operating Profit
Other Income/Expense, Net -$140.0K $70.00K $100.0K
YoY Change -240.0% -81.08% -68.75%
Pretax Income -$2.722M -$3.000M -$3.274M
YoY Change -16.88% 20.48% 38.8%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$2.722M -$3.000M -$3.274M
YoY Change -16.88% 20.48% 38.8%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$46.13K -$53.34K -$58.95K
COMMON SHARES
Basic Shares Outstanding 63.44M shares 55.75M shares 55.57M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2015 Q1 2014 Q2 2014 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.670M $4.890M $7.400M
YoY Change -77.43% 715.0% 1704.88%
Cash & Equivalents $1.670M $4.886M $7.395M
Short-Term Investments
Other Short-Term Assets $270.0K $560.0K $560.0K
YoY Change -51.79% 133.33% 5.66%
Inventory
Prepaid Expenses $231.2K $488.8K $487.8K
Receivables
Other Receivables
Total Short-Term Assets $1.945M $5.443M $7.951M
YoY Change -75.54% 547.65% 745.18%
LONG-TERM ASSETS
Property, Plant & Equipment $25.15K $16.80K $10.03K
YoY Change 150.77%
Goodwill
YoY Change
Intangibles $2.705M $2.967M $3.055M
YoY Change -11.46% -10.55%
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $2.730M $2.984M $3.065M
YoY Change -10.93% -10.04% -13.4%
TOTAL ASSETS
Total Short-Term Assets $1.945M $5.443M $7.951M
Total Long-Term Assets $2.730M $2.984M $3.065M
Total Assets $4.675M $8.427M $11.02M
YoY Change -57.56% 102.69% 145.92%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.213M $1.287M $738.1K
YoY Change 199.82% 15.79% -17.97%
Accrued Expenses $127.5K $65.00K $50.47K
YoY Change 152.62% -79.81% -66.1%
Deferred Revenue
YoY Change
Short-Term Debt $1.090M $0.00 $250.0K
YoY Change 336.0% -100.0%
Long-Term Debt Due $2.460M $248.4K
YoY Change 890.25%
Total Short-Term Liabilities $6.589M $2.166M $2.268M
YoY Change 190.55% -32.9% -42.3%
LONG-TERM LIABILITIES
Long-Term Debt $1.230M $2.339M $1.983M
YoY Change -37.97% 102.83% 191.59%
Other Long-Term Liabilities $560.0K
YoY Change
Total Long-Term Liabilities $1.790M $2.339M $1.983M
YoY Change -9.72% 102.83% 191.59%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.589M $2.166M $2.268M
Total Long-Term Liabilities $1.790M $2.339M $1.983M
Total Liabilities $8.373M $4.505M $4.251M
YoY Change 96.98% 2.82% -7.73%
SHAREHOLDERS EQUITY
Retained Earnings -$57.52M -$46.43M
YoY Change 36.56%
Common Stock $32.59M $30.37M $30.43M
YoY Change 7.09% 88.1% 85.29%
Preferred Stock
YoY Change
Treasury Stock (at cost) $100.0K
YoY Change 0.0%
Treasury Stock Shares 200.0K shares
Shareholders Equity -$3.699M $3.922M $6.765M
YoY Change
Total Liabilities & Shareholders Equity $4.675M $8.427M $11.02M
YoY Change -57.56% 102.69% 145.92%

Cashflow Statement

Concept 2015 Q1 2014 Q2 2014 Q1
OPERATING ACTIVITIES
Net Income -$2.722M -$3.000M -$3.274M
YoY Change -16.88% 20.48% 38.8%
Depreciation, Depletion And Amortization $90.00K $90.00K $80.00K
YoY Change 12.5% -59.09%
Cash From Operating Activities -$2.500M -$1.750M -$2.740M
YoY Change -8.76% 76.77% 122.76%
INVESTING ACTIVITIES
Capital Expenditures $0.00 -$10.00K $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities $0.00 -$10.00K $0.00
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 1.790M -750.0K 0.000
YoY Change -163.56% -100.0%
NET CHANGE
Cash From Operating Activities -2.500M -1.750M -2.740M
Cash From Investing Activities 0.000 -10.00K 0.000
Cash From Financing Activities 1.790M -750.0K 0.000
Net Change In Cash -710.0K -2.510M -2.740M
YoY Change -74.09% -1421.05% 171.29%
FREE CASH FLOW
Cash From Operating Activities -$2.500M -$1.750M -$2.740M
Capital Expenditures $0.00 -$10.00K $0.00
Free Cash Flow -$2.500M -$1.740M -$2.740M
YoY Change -8.76% 75.76% 122.76%

Facts In Submission

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1200000
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
2255448
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-552122
us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
50000
us-gaap Share Based Compensation
ShareBasedCompensation
784337
cydy Preferred And Common Stock Subject To Rescission
PreferredAndCommonStockSubjectToRescission
158500
cydy Amortization Of Deferred Offering Costs Related To Rescission Liability
AmortizationOfDeferredOfferingCostsRelatedToRescissionLiability
28638
cydy Accounts Payable Extinguished Through Settlements
AccountsPayableExtinguishedThroughSettlements
76181
cydy Original Issue Discount And Intrinsic Value Of Beneficial Conversion Feature Related To Debt
OriginalIssueDiscountAndIntrinsicValueOfBeneficialConversionFeatureRelatedToDebt
1200000
us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
IncrementalCommonSharesAttributableToConversionOfDebtSecurities
7628333 shares
dei Document Type
DocumentType
10-Q
dei Entity Registrant Name
EntityRegistrantName
CYTODYN INC
dei Trading Symbol
TradingSymbol
CYDY
us-gaap Debt Instrument Maturity Date Range Start1
DebtInstrumentMaturityDateRangeStart1
2015-10-01
us-gaap Fair Value Inputs Probability Of Default
FairValueInputsProbabilityOfDefault
0.0500 pure
us-gaap Income Loss From Continuing Operations Per Basic And Diluted Share
IncomeLossFromContinuingOperationsPerBasicAndDilutedShare
-0.19
dei Entity Filer Category
EntityFilerCategory
Smaller Reporting Company
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-7766115
us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> <b>Use of Estimates</b></p> <p style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> The preparation of the consolidated financial statements, in accordance with U.S. GAAP, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of consolidated financial statements and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates.</p> </div>
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
56985042 shares
dei Document Period End Date
DocumentPeriodEndDate
2015-02-28
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--05-31
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2015
us-gaap Fair Value Inputs Offered Quotes
FairValueInputsOfferedQuotes
0.84
dei Entity Central Index Key
EntityCentralIndexKey
0001175680
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
23055950 shares
us-gaap Debt Instrument Maturity Date Range End1
DebtInstrumentMaturityDateRangeEnd1
2015-12-31
us-gaap Preferred Stock Dividend Rate Per Dollar Amount
PreferredStockDividendRatePerDollarAmount
0.25
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b>Reclassifications</b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt"> Certain prior year amounts shown in the accompanying consolidated financial statements have been reclassified to conform to the 2015 presentation. These reclassifications did not have any effect on total current assets, total assets, total current liabilities, total liabilities, total shareholders&#x2019; (deficit)/equity or net loss.</p> </div>
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Gain Loss Included In Earnings
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInEarnings
-455970
us-gaap Debt Conversion Converted Instrument Amount1
DebtConversionConvertedInstrumentAmount1
1175000
us-gaap Operating Income Loss
OperatingIncomeLoss
-9238715
us-gaap Income Taxes Paid
IncomeTaxesPaid
2198
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-11085087
us-gaap Debt Instrument Convertible Beneficial Conversion Feature
DebtInstrumentConvertibleBeneficialConversionFeature
1170264
us-gaap Gain Loss On Derivative Instruments Net Pretax
GainLossOnDerivativeInstrumentsNetPretax
455970
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
16053
us-gaap Net Income Loss
NetIncomeLoss
-11085087
us-gaap Investment Income Interest
InvestmentIncomeInterest
2026
us-gaap Interest Paid
InterestPaid
170934
us-gaap Stock Issued1
StockIssued1
729
us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
-257575
us-gaap Interest Expense
InterestExpense
2304368
us-gaap Interest Expense Related Party
InterestExpenseRelatedParty
203711
us-gaap Operating Expenses
OperatingExpenses
9238715
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
6414531
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
1299000
us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
1298825
us-gaap Interest Expense Debt
InterestExpenseDebt
246204
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-3215732
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
us-gaap Depreciation And Amortization
DepreciationAndAmortization
270197
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
4566436
us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
1298825
us-gaap Induced Conversion Of Convertible Debt Expense
InducedConversionOfConvertibleDebtExpense
555628
us-gaap Legal Fees
LegalFees
478466
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-16053
us-gaap Impairment Of Intangible Assets Finitelived
ImpairmentOfIntangibleAssetsFinitelived
0
us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
3500000
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
2075521
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
738224
us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
1066436
us-gaap Severance Costs1
SeveranceCosts1
125000
us-gaap Share Based Compensation
ShareBasedCompensation
450782
cydy Constructive Dividend To Preferred Stock Holders
ConstructiveDividendToPreferredStockHolders
6000000
cydy Preferred And Common Stock Subject To Rescission
PreferredAndCommonStockSubjectToRescission
25000
cydy Class Of Warrant Or Right Term
ClassOfWarrantOrRightTerm
P5Y
cydy Number Of Patent License Agreement
NumberOfPatentLicenseAgreement
3 Patent
cydy Asset Purchase Agreement Aggregate Consideration Paying Period
AssetPurchaseAgreementAggregateConsiderationPayingPeriod
P10Y
cydy Estimated Future Unvested Option Forfeitures
EstimatedFutureUnvestedOptionForfeitures
0.00 pure
cydy Fair Value Assumptions Risk Adjusted Rate
FairValueAssumptionsRiskAdjustedRate
0.0280 pure
cydy Stock Options And Warrants Grants In Period
StockOptionsAndWarrantsGrantsInPeriod
1208973 shares
cydy Stock Options And Warrants Exercised In Period
StockOptionsAndWarrantsExercisedInPeriod
1938974 shares
cydy Stock Options And Warrants Forfeitures And Expirations In Period
StockOptionsAndWarrantsForfeituresAndExpirationsInPeriod
7020410 shares
cydy Stock Options And Warrants Grants In Period Weighted Average Exercise Price
StockOptionsAndWarrantsGrantsInPeriodWeightedAverageExercisePrice
0.67
cydy Stock Options And Warrants Exercised In Period Weighted Average Exercise Price
StockOptionsAndWarrantsExercisedInPeriodWeightedAverageExercisePrice
0.55
cydy Stock Options And Warrants Forfeitures And Expirations In Period Weighted Average Exercise Price
StockOptionsAndWarrantsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
1.76
cydy Stock Options And Warrants Outstanding Weighted Average Remaining Contractual Life In Years
StockOptionsAndWarrantsOutstandingWeightedAverageRemainingContractualLifeInYears
P3Y8M23D
cydy Stock Options And Warrants Outstanding Exercisable Weighted Average Remaining Contractual Life In Years
StockOptionsAndWarrantsOutstandingExercisableWeightedAverageRemainingContractualLifeInYears
P3Y8M19D
CY2015Q1 us-gaap Interest Expense Debt
InterestExpenseDebt
91293
CY2015Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
cydy Fair Value Assumptions Adjusted Conversion Price
FairValueAssumptionsAdjustedConversionPrice
1.0000
CY2014 us-gaap Repayments Of Convertible Debt
RepaymentsOfConvertibleDebt
500000
CY2014 us-gaap Debt Conversion Converted Instrument Amount1
DebtConversionConvertedInstrumentAmount1
2450000
CY2014 cydy Stock Options And Warrants Outstanding Weighted Average Remaining Contractual Life In Years
StockOptionsAndWarrantsOutstandingWeightedAverageRemainingContractualLifeInYears
P3Y3M15D
CY2014Q1 us-gaap Income Loss From Continuing Operations Per Basic And Diluted Share
IncomeLossFromContinuingOperationsPerBasicAndDilutedShare
-0.06
CY2014Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
55472263 shares
CY2014Q1 us-gaap Gain Loss On Non Recourse Debt
GainLossOnNonRecourseDebt
97253
CY2014Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-2875567
CY2014Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-3274397
CY2014Q1 us-gaap Net Income Loss
NetIncomeLoss
-3274397
CY2014Q1 us-gaap Investment Income Interest
InvestmentIncomeInterest
3197
CY2014Q1 us-gaap Interest Expense
InterestExpense
499280
CY2014Q1 us-gaap Operating Expenses
OperatingExpenses
2875567
CY2014Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1655914
CY2014Q1 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
402000
CY2014Q1 us-gaap Debt Related Commitment Fees And Debt Issuance Costs
DebtRelatedCommitmentFeesAndDebtIssuanceCosts
3332
CY2014Q1 us-gaap Interest Expense Debt
InterestExpenseDebt
93481
CY2014Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2014Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
88072
CY2014Q1 us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
402467
CY2014Q1 us-gaap Legal Fees
LegalFees
215611
CY2014Q1 us-gaap Impairment Of Intangible Assets Finitelived
ImpairmentOfIntangibleAssetsFinitelived
0
CY2014Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
915970
CY2015Q1 us-gaap Income Loss From Continuing Operations Per Basic And Diluted Share
IncomeLossFromContinuingOperationsPerBasicAndDilutedShare
-0.05
CY2015Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
58961254 shares
CY2015Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-3292451
CY2015Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-2721653
CY2015Q1 us-gaap Gain Loss On Derivative Instruments Net Pretax
GainLossOnDerivativeInstrumentsNetPretax
1261545
CY2015Q1 us-gaap Net Income Loss
NetIncomeLoss
-2721653
CY2015Q1 us-gaap Investment Income Interest
InvestmentIncomeInterest
338
CY2015Q1 us-gaap Interest Expense
InterestExpense
691085
CY2015Q1 us-gaap Interest Expense Related Party
InterestExpenseRelatedParty
143012
CY2015Q1 us-gaap Operating Expenses
OperatingExpenses
3292451
CY2015Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
2264064
CY2015Q1 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
254000
CY2015Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
90157
CY2015Q1 us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
254485
CY2015Q1 us-gaap Induced Conversion Of Convertible Debt Expense
InducedConversionOfConvertibleDebtExpense
202295
CY2015Q1 us-gaap Legal Fees
LegalFees
187582
CY2015Q1 us-gaap Impairment Of Intangible Assets Finitelived
ImpairmentOfIntangibleAssetsFinitelived
0
CY2015Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
750648

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