$DARE
Dare Bioscience, Inc.

2020 Q2 Form 10-Q Financial Statement

#000140191420000105 Filed on August 12, 2020

View on sec.gov

Income Statement

Concept 2020 Q2 2019 Q2
Revenue $731.0K $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.580M $1.470M
YoY Change 7.48% 4.26%
% of Gross Profit
Research & Development $5.547M $2.513M
YoY Change 120.79% 13.3%
% of Gross Profit
Depreciation & Amortization $10.00K $0.00
YoY Change
% of Gross Profit
Operating Expenses $7.126M $3.982M
YoY Change 78.93% 9.87%
Operating Profit -$7.126M -$3.982M
YoY Change 78.93% 9.87%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $1.618K $30.00K
YoY Change -94.61% -29.62%
Pretax Income -$7.120M -$3.950M
YoY Change 80.25% 10.34%
Income Tax
% Of Pretax Income
Net Earnings -$7.124M -$3.952M
YoY Change 80.25% 10.34%
Net Earnings / Revenue -974.58%
Basic Earnings Per Share -$0.27
Diluted Earnings Per Share -$0.27 -$245.2K
COMMON SHARES
Basic Shares Outstanding 26.71M shares 16.68M shares
Diluted Shares Outstanding 26.71M shares

Balance Sheet

Concept 2020 Q2 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $5.350M $5.630M
YoY Change -4.97% -54.78%
Cash & Equivalents $5.347M $5.600M
Short-Term Investments
Other Short-Term Assets $2.250M $440.0K
YoY Change 411.36% 25.71%
Inventory
Prepaid Expenses $2.253M $438.0K
Receivables
Other Receivables $177.1K $493.0K
Total Short-Term Assets $7.777M $6.562M
YoY Change 18.52% -48.82%
LONG-TERM ASSETS
Property, Plant & Equipment $54.85K $7.081K
YoY Change 674.59% -10.48%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $738.7K $692.3K
YoY Change 6.7% 4.89%
Total Long-Term Assets $793.5K $699.4K
YoY Change 13.46% 5.97%
TOTAL ASSETS
Total Short-Term Assets $7.777M $6.562M
Total Long-Term Assets $793.5K $699.4K
Total Assets $8.570M $7.261M
YoY Change 18.03% -46.14%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.714M $630.0K
YoY Change 172.08% -50.39%
Accrued Expenses $1.641M $1.342M
YoY Change 22.28%
Deferred Revenue
YoY Change
Short-Term Debt $370.0K $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $6.084M $1.974M
YoY Change 208.21% 55.43%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $2.180M $203.9K
YoY Change 968.9%
Total Long-Term Liabilities $2.180M $203.9K
YoY Change 968.9%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.084M $1.974M
Total Long-Term Liabilities $2.180M $203.9K
Total Liabilities $8.259M $2.178M
YoY Change 279.23% 71.49%
SHAREHOLDERS EQUITY
Retained Earnings -$55.40M -$36.80M
YoY Change 50.54%
Common Stock $55.82M $41.94M
YoY Change 33.09%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $311.3K $5.083M
YoY Change
Total Liabilities & Shareholders Equity $8.570M $7.261M
YoY Change 18.03% -46.14%

Cashflow Statement

Concept 2020 Q2 2019 Q2
OPERATING ACTIVITIES
Net Income -$7.124M -$3.952M
YoY Change 80.25% 10.34%
Depreciation, Depletion And Amortization $10.00K $0.00
YoY Change
Cash From Operating Activities -$4.080M -$3.020M
YoY Change 35.1% 12.27%
INVESTING ACTIVITIES
Capital Expenditures -$20.00K $0.00
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change -100.0%
Cash From Investing Activities -$20.00K $0.00
YoY Change -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $5.200M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 4.390M 5.150M
YoY Change -14.76%
NET CHANGE
Cash From Operating Activities -4.080M -3.020M
Cash From Investing Activities -20.00K 0.000
Cash From Financing Activities 4.390M 5.150M
Net Change In Cash 290.0K 2.130M
YoY Change -86.38% -167.62%
FREE CASH FLOW
Cash From Operating Activities -$4.080M -$3.020M
Capital Expenditures -$20.00K $0.00
Free Cash Flow -$4.060M -$3.020M
YoY Change 34.44% 12.69%

Facts In Submission

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EffectOfExchangeRateOnCashAndCashEquivalents
-10854 USD
us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
-296 USD
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
566765 USD
us-gaap Warrant Down Round Feature Increase Decrease In Equity Amount
WarrantDownRoundFeatureIncreaseDecreaseInEquityAmount
789594 USD
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-1175320 USD
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
4780107 USD
CY2018Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
6805889 USD
CY2020Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
5346872 USD
CY2019Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
5630569 USD
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
0 USD
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
231698 USD
us-gaap Warrant Down Round Feature Increase Decrease In Equity Amount
WarrantDownRoundFeatureIncreaseDecreaseInEquityAmount
0 USD
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1 segment
CY2020Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-55400000 USD
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
10700000 USD
dare Periodof Insufficient Cashand Liquidity Requirements
PeriodofInsufficientCashandLiquidityRequirements
P12M
CY2020Q2 us-gaap Deferred Compensation Sharebased Arrangements Liability Current And Noncurrent
DeferredCompensationSharebasedArrangementsLiabilityCurrentAndNoncurrent
1674495 USD
dare Weighted Average Amortization Period
WeightedAverageAmortizationPeriod
P2Y7M6D
CY2020Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P10Y
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P10Y
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0068
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0082
CY2018Q1 dare Percentage Of Aggregate Commission
PercentageOfAggregateCommission
0.03
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
1.18
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
1.20
CY2020Q2 dare Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Forfeiture Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsForfeitureRate
0.000
dare Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Forfeiture Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsForfeitureRate
0.000
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.000
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
0.97
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
1.00
CY2020Q2 us-gaap Purchase Obligation
PurchaseObligation
15000000.0 USD
CY2020Q2 dare Saleof Stock Maximum Amount Registered
SaleofStockMaximumAmountRegistered
7500000 shares
CY2018Q1 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
3.00
CY2019Q2 us-gaap Warrant Exercise Price Decrease
WarrantExercisePriceDecrease
0.98
CY2019Q2 us-gaap Warrant Down Round Feature Increase Decrease In Equity Amount
WarrantDownRoundFeatureIncreaseDecreaseInEquityAmount
800000 USD
dare Number Of Common Stock Warrants Exercised
NumberOfCommonStockWarrantsExercised
1699000 shares
us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
1700000 USD
dare Number Of Common Stock Warrants Exercised
NumberOfCommonStockWarrantsExercised
0 shares
CY2020Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
175000 USD
CY2020Q2 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
2034643 shares
CY2018Q3 us-gaap Net Rentable Area
NetRentableArea
3169 sqft
CY2018Q3 us-gaap Lessee Operating Lease Renewal Term
LesseeOperatingLeaseRenewalTerm
P1Y
CY2018Q4 us-gaap Lessee Operating Lease Discount Rate
LesseeOperatingLeaseDiscountRate
0.07
CY2020Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
417000 USD
CY2020Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
76000 USD
CY2019Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
27000 USD
us-gaap Operating Lease Cost
OperatingLeaseCost
152000 USD
us-gaap Operating Lease Cost
OperatingLeaseCost
54000 USD
CY2020Q2 us-gaap Operating Lease Payments
OperatingLeasePayments
110000 USD
CY2019Q2 us-gaap Operating Lease Payments
OperatingLeasePayments
27000 USD
us-gaap Operating Lease Payments
OperatingLeasePayments
238000 USD
us-gaap Operating Lease Payments
OperatingLeasePayments
53000 USD
CY2020Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P1Y4M9D
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
224000 USD
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
363000 USD
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
42000 USD
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
629000 USD
CY2020Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
37000 USD
CY2020Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
592000 USD
CY2020Q2 dare Coronavirus Aid Reliefand Economic Security Act Loan Proceeds Received
CoronavirusAidReliefandEconomicSecurityActLoanProceedsReceived
367000 USD
CY2020Q2 us-gaap Debt Instrument Interest Rate Stated Percentage
DebtInstrumentInterestRateStatedPercentage
0.0100
CY2020Q2 dare Notes Payable Current Plus Accrued Interest
NotesPayableCurrentPlusAccruedInterest
368000 USD
CY2020Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
731000 USD
CY2020Q2 us-gaap Grants Receivable
GrantsReceivable
1900000 USD
CY2020Q2 us-gaap Grants Receivable
GrantsReceivable
167000 USD
CY2020Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4801269 shares
CY2019Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
5941193 shares

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