$CYDY
CytoDyn Inc.

2016 Q2 Form 10-K Financial Statement

#000119312516651305 Filed on July 19, 2016

View on sec.gov

Income Statement

Concept 2016 Q2 2016 2015 Q2
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $2.460M $7.082M $1.530M
YoY Change 60.78% 73.61% 61.05%
% of Gross Profit
Research & Development $4.020M $13.73M $8.740M
YoY Change -54.0% -9.4% 449.69%
% of Gross Profit
Depreciation & Amortization $90.00K $361.6K $90.00K
YoY Change 0.0% 0.29% 0.0%
% of Gross Profit
Operating Expenses $6.575M $21.18M $10.36M
YoY Change -36.53% 8.06% 292.42%
Operating Profit -$21.18M
YoY Change 8.06%
Interest Expense $10.00K $4.671M -$3.330M
YoY Change -100.3% 0.35% 674.42%
% of Operating Profit
Other Income/Expense, Net $78.05K -$21.45K -$320.0K
YoY Change -124.39% -95.9% -557.14%
Pretax Income -$6.500M -$25.70M -$14.00M
YoY Change -53.57% 2.45% 366.67%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$6.497M -$25.70M -$14.00M
YoY Change -53.59% 2.45% 366.67%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$53.72K -$269.3K -$223.8K
COMMON SHARES
Basic Shares Outstanding 124.5M shares 70.14M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2016 Q2 2016 2015 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $9.640M $9.642M $1.050M
YoY Change 818.1% 818.21% -78.53%
Cash & Equivalents $9.642M $1.050M
Short-Term Investments
Other Short-Term Assets $1.850M $1.853M $990.0K
YoY Change 86.87% 87.55% 76.79%
Inventory
Prepaid Expenses $141.7K $253.8K
Receivables
Other Receivables
Total Short-Term Assets $11.49M $11.49M $2.038M
YoY Change 464.05% 464.05% -62.56%
LONG-TERM ASSETS
Property, Plant & Equipment $24.55K $24.55K $24.21K
YoY Change 1.39% 1.4% 44.15%
Goodwill
YoY Change
Intangibles $2.267M $2.617M
YoY Change -13.37% -11.8%
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $2.292M $2.292M $2.641M
YoY Change -13.24% -13.24% -11.48%
TOTAL ASSETS
Total Short-Term Assets $11.49M $11.49M $2.038M
Total Long-Term Assets $2.292M $2.292M $2.641M
Total Assets $13.79M $13.79M $4.679M
YoY Change 194.62% 194.62% -44.47%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.468M $2.468M $5.016M
YoY Change -50.8% -50.8% 289.85%
Accrued Expenses $1.110M $1.113M $1.570M
YoY Change -29.3% -29.33% 2315.38%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due -$43.47K
YoY Change
Total Short-Term Liabilities $3.581M $3.581M $10.73M
YoY Change -66.61% -66.61% 395.08%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $2.640M
YoY Change -100.0% -100.0% 12.88%
Other Long-Term Liabilities $2.010M
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $4.650M
YoY Change -100.0% -100.0% 98.83%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.581M $3.581M $10.73M
Total Long-Term Liabilities $0.00 $0.00 $4.650M
Total Liabilities $3.581M $3.581M $15.37M
YoY Change -76.71% -76.71% 241.21%
SHAREHOLDERS EQUITY
Retained Earnings -$97.23M -$71.52M
YoY Change 35.94% 54.03%
Common Stock $123.3K $63.64K
YoY Change 93.79% -99.79%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $10.21M $10.21M -$10.69M
YoY Change
Total Liabilities & Shareholders Equity $13.79M $13.79M $4.679M
YoY Change 194.62% 194.62% -44.47%

Cashflow Statement

Concept 2016 Q2 2016 2015 Q2
OPERATING ACTIVITIES
Net Income -$6.497M -$25.70M -$14.00M
YoY Change -53.59% 2.45% 366.67%
Depreciation, Depletion And Amortization $90.00K $361.6K $90.00K
YoY Change 0.0% 0.29% 0.0%
Cash From Operating Activities -$5.240M -$24.81M -$4.250M
YoY Change 23.29% 106.47% 142.86%
INVESTING ACTIVITIES
Capital Expenditures -$10.00K $11.95K $0.00
YoY Change -35.71% -100.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$10.00K -$11.95K $0.00
YoY Change -35.72% -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $37.57M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 4.690M 33.41M 3.630M
YoY Change 29.2% 307.52% -584.0%
NET CHANGE
Cash From Operating Activities -5.240M -24.81M -4.250M
Cash From Investing Activities -10.00K -11.95K 0.000
Cash From Financing Activities 4.690M 33.41M 3.630M
Net Change In Cash -560.0K 8.592M -620.0K
YoY Change -9.68% -323.97% -75.3%
FREE CASH FLOW
Cash From Operating Activities -$5.240M -$24.81M -$4.250M
Capital Expenditures -$10.00K $11.95K $0.00
Free Cash Flow -$5.230M -$24.82M -$4.250M
YoY Change 23.06% 106.25% 144.25%

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CY2015 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
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CY2015 us-gaap Research And Development Expense
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1926000
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CY2015 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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CY2015 us-gaap Operating Expenses
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CY2015 cydy Rescission Expirations And Exclusions
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CY2015 cydy Stock Options And Warrants Outstanding Weighted Average Remaining Contractual Life Term
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P2Y11M9D
CY2015 cydy Stock Options And Warrants Grants In Period Weighted Average Exercise Price
StockOptionsAndWarrantsGrantsInPeriodWeightedAverageExercisePrice
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68292
CY2015 cydy Interest Expense On Conversion Inducement
InterestExpenseOnConversionInducement
1526254
CY2015 cydy Stock Options And Warrants Forfeitures And Expirations In Period Weighted Average Exercise Price
StockOptionsAndWarrantsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
1.76
CY2015 cydy Deferred Debt Issuance Costs
DeferredDebtIssuanceCosts
709000
CY2015 cydy Stock Options And Warrants Grants In Period
StockOptionsAndWarrantsGrantsInPeriod
9262038 shares
CY2015 cydy Amortization Of Deferred Offering Costs Related To Rescission Liability
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68292
CY2015 cydy Class Of Warrant Or Right Granted Intrinsic Value
ClassOfWarrantOrRightGrantedIntrinsicValue
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CY2015 cydy Effective Income Tax Rate Reconciliation Derivative Gain Loss Percent
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-0.012 pure
CY2015 cydy Stock Options And Warrants Exercised In Period
StockOptionsAndWarrantsExercisedInPeriod
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CY2015 cydy Preferred And Common Stock Subject To Rescission
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CY2015 cydy Stock Options And Warrants Forfeitures And Expirations In Period
StockOptionsAndWarrantsForfeituresAndExpirationsInPeriod
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CY2015 cydy Amortization Of Debt Issuance Costs
AmortizationOfDebtIssuanceCosts
103598
CY2016 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
63307150 shares
CY2016 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
FY
CY2016 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2016
CY2016 dei Document Type
DocumentType
10-K
CY2016 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.340 pure
CY2016 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
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-0.329 pure
CY2016 us-gaap Effective Income Tax Rate Reconciliation Tax Contingencies
EffectiveIncomeTaxRateReconciliationTaxContingencies
0.000 pure
CY2016 dei Entity Central Index Key
EntityCentralIndexKey
0001175680
CY2016 dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
No
CY2016 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-24810651
CY2016 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 2016 presentation. These reclassifications did not have any effect on total current assets, total assets, total current liabilities, total liabilities, total shareholders&#x2019; equity (deficit), net loss or earnings per share. The Company reincorporated in Delaware on August&#xA0;27, 2015, which required a reclassification to reflect par value of common and preferred stock at $0.001 as of May 31, 2016 and May&#xA0;31, 2015.</p> </div>
CY2016 dei Trading Symbol
TradingSymbol
CYDY
CY2016 dei Amendment Flag
AmendmentFlag
false
CY2016 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.00 pure
CY2016 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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95437594 shares
CY2016 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--05-31
CY2016 dei Document Period End Date
DocumentPeriodEndDate
2016-05-31
CY2016 dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
CY2016 us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
789140
CY2016 dei Entity Filer Category
EntityFilerCategory
Smaller Reporting Company
CY2016 us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b>Use of Estimates</b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt"> The preparation of the consolidated financial statements, in accordance with accounting principles generally accepted in the United States of America, &#x201C;U.S. GAAP,&#x201D; 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>
CY2016 dei Entity Registrant Name
EntityRegistrantName
CYTODYN INC.
CY2016 dei Entity Voluntary Filers
EntityVoluntaryFilers
No
CY2016 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
11949
CY2016 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-584177
CY2016 us-gaap Income Loss From Continuing Operations Per Basic And Diluted Share
IncomeLossFromContinuingOperationsPerBasicAndDilutedShare
-0.27
CY2016 us-gaap Gain Loss On Non Recourse Debt
GainLossOnNonRecourseDebt
72898
CY2016 us-gaap Gain Loss On Derivative Instruments Net Pretax
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646505
CY2016 us-gaap Stock Issued During Period Value Conversion Of Convertible Securities Net Of Adjustments
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7947842
CY2016 us-gaap Operating Income Loss
OperatingIncomeLoss
-21175511
CY2016 us-gaap Net Income Loss
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CY2016 us-gaap Interest Paid
InterestPaid
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CY2016 us-gaap Increase Decrease In Prepaid Expense
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CY2016 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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2353194
CY2016 us-gaap Investment Income Interest
InvestmentIncomeInterest
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CY2016 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Gain Loss Included In Earnings
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-646505
CY2016 us-gaap Stock Issued1
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CY2016 us-gaap Payments To Acquire Other Productive Assets
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1500000
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3915127
CY2016 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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-25703612
CY2016 us-gaap Debt Related Commitment Fees And Debt Issuance Costs
DebtRelatedCommitmentFeesAndDebtIssuanceCosts
604625
CY2016 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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CY2016 us-gaap Interest Expense
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CY2016 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
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CY2016 us-gaap Proceeds From Issuance Of Common Stock
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CY2016 us-gaap Share Based Compensation
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CY2016 us-gaap Amortization Of Debt Discount Premium
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CY2016 us-gaap Depreciation And Amortization
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CY2016 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
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CY2016 us-gaap Impairment Of Intangible Assets Finitelived
ImpairmentOfIntangibleAssetsFinitelived
0
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InterestExpenseDebt
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CY2016 us-gaap Interest Expense Related Party
InterestExpenseRelatedParty
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CY2016 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
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33414316
CY2016 us-gaap Noninterest Expense Commission Expense
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108000
CY2016 us-gaap Proceeds From Warrant Exercises
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548619
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ResearchAndDevelopmentExpense
13731426
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7000
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8591716
CY2016 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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-5412640
CY2016 us-gaap Noninterest Expense Offering Cost
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3915127
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OperatingExpenses
21175511
CY2016 cydy Estimated Future Unvested Option Forfeitures
EstimatedFutureUnvestedOptionForfeitures
0.00 pure
CY2016 cydy Stock Options And Warrants Exercised In Period Weighted Average Exercise Price
StockOptionsAndWarrantsExercisedInPeriodWeightedAverageExercisePrice
0.70
CY2016 cydy Stock Options And Warrants Outstanding Weighted Average Remaining Contractual Life Term
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P3Y2M12D
CY2016 cydy Accounts Payable Extinguished Through Settlements
AccountsPayableExtinguishedThroughSettlements
72898
CY2016 cydy Asset Purchase Agreement Aggregate Consideration Paying Period
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P10Y
CY2016 cydy Stock Options And Warrants Grants In Period Weighted Average Exercise Price
StockOptionsAndWarrantsGrantsInPeriodWeightedAverageExercisePrice
0.80
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1954108
CY2016 cydy Stock Options And Warrants Forfeitures And Expirations In Period Weighted Average Exercise Price
StockOptionsAndWarrantsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
2.01
CY2016 cydy Stock Options And Warrants Grants In Period
StockOptionsAndWarrantsGrantsInPeriod
33838536 shares
CY2016 cydy Effective Income Tax Rate Reconciliation Derivative Gain Loss Percent
EffectiveIncomeTaxRateReconciliationDerivativeGainLossPercent
0.009 pure
CY2016 cydy Stock Options And Warrants Exercised In Period
StockOptionsAndWarrantsExercisedInPeriod
1050301 shares
CY2016 cydy License Fee
LicenseFee
300000
CY2016 cydy License Fee
LicenseFee
432000
CY2016 cydy Stock Options And Warrants Outstanding Exercisable Weighted Average Remaining Contractual Term
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P3Y5M1D
CY2016 cydy Stock Options And Warrants Forfeitures And Expirations In Period
StockOptionsAndWarrantsForfeituresAndExpirationsInPeriod
490000 shares
CY2016 cydy Amortization Of Discounts And Premiums On Debt Notes Net
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329524
CY2016 cydy Amortization Of Debt Issuance Costs
AmortizationOfDebtIssuanceCosts
604625
CY2016 cydy Effective Income Tax Rate Reconciliation Loss On Debt Conversion
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-0.008 pure
CY2016 cydy Effective Income Tax Rate Reconciliation Inducement Charge
EffectiveIncomeTaxRateReconciliationInducementCharge
-0.010 pure
CY2016 cydy Effective Income Tax Rate Reconciliation Miscellaneous
EffectiveIncomeTaxRateReconciliationMiscellaneous
-0.005 pure

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