$DARE
Dare Bioscience, Inc.

2017 Q3 Form 10-Q Financial Statement

#000156459017023408 Filed on November 13, 2017

View on sec.gov

Income Statement

Concept 2017 Q3 2016 Q4 2016 Q3
Revenue $0.00 $766.0K $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.050M $190.0K $10.00K
YoY Change 10400.0% -93.38% -99.66%
% of Gross Profit
Research & Development $280.8K $3.184M $7.089M
YoY Change -96.04% -55.51% -0.04%
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $1.333M $5.274M $5.963K
YoY Change 22261.58% -47.41% -99.94%
Operating Profit -$1.333M -$5.963K
YoY Change 22261.58%
Interest Expense -$300.0K $457.0K $521.0K
YoY Change -157.58% -33.67% 2.36%
% of Operating Profit
Other Income/Expense, Net -$437.0K -$496.0K
YoY Change -36.39% -1.78%
Pretax Income -$1.630M -$200.0K -$20.00K
YoY Change 8050.0% -98.13% -99.81%
Income Tax
% Of Pretax Income
Net Earnings -$1.630M -$4.945M -$9.959M
YoY Change -83.64% -53.85% -5.61%
Net Earnings / Revenue -645.56%
Basic Earnings Per Share
Diluted Earnings Per Share -$326.7K -$227.3K -$24.39K
COMMON SHARES
Basic Shares Outstanding 4.986M 27.44M 820.0K
Diluted Shares Outstanding 5.638M 830.5K

Balance Sheet

Concept 2017 Q3 2016 Q4 2016 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $8.530M $40.00K $38.06M
YoY Change -77.59% -99.95% -50.97%
Cash & Equivalents $8.530M $44.61K $14.07K
Short-Term Investments
Other Short-Term Assets $1.140M
YoY Change
Inventory
Prepaid Expenses
Receivables $823.0K $1.150M
Other Receivables $710.7K $0.00
Total Short-Term Assets $10.38M $36.79M $39.20M
YoY Change -73.52% -52.41% -50.47%
LONG-TERM ASSETS
Property, Plant & Equipment $668.0K $700.0K
YoY Change 15.97% 100.0%
Goodwill $12.68M
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.800K $12.68K $230.0K
YoY Change -98.78% -96.35% -62.3%
Total Long-Term Assets $12.89M $898.0K $930.0K
YoY Change 1285.66% -2.71% -4.12%
TOTAL ASSETS
Total Short-Term Assets $10.38M $36.79M $39.20M
Total Long-Term Assets $12.89M $898.0K $930.0K
Total Assets $23.27M $37.69M $40.13M
YoY Change -42.02% -51.82% -49.91%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $840.0K $1.446M $1.780M
YoY Change -52.81% -35.04% -17.59%
Accrued Expenses $0.00 $4.611M $5.920M
YoY Change -100.0% -28.61% 34.55%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $700.0K $0.00
YoY Change
Long-Term Debt Due $8.190M
YoY Change 103.23%
Total Short-Term Liabilities $839.4K $755.2K $15.89M
YoY Change -94.72% -95.38% 49.76%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $6.550M
YoY Change -100.0% -100.0% -37.8%
Other Long-Term Liabilities $0.00 $1.206M $1.080M
YoY Change -100.0% 154.97% 217.65%
Total Long-Term Liabilities $0.00 $7.638M $7.630M
YoY Change -100.0% -41.89% -29.81%
TOTAL LIABILITIES
Total Short-Term Liabilities $839.4K $755.2K $15.89M
Total Long-Term Liabilities $0.00 $7.638M $7.630M
Total Liabilities $839.5K $755.2K $23.51M
YoY Change -96.43% -97.44% 9.5%
SHAREHOLDERS EQUITY
Retained Earnings -$3.100M -$727.8K
YoY Change -99.55%
Common Stock $25.54M $17.21K
YoY Change -99.99%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $22.43M -$710.6K $16.62M
YoY Change
Total Liabilities & Shareholders Equity $23.27M $44.61K $40.13M
YoY Change -42.02% -99.94% -49.91%

Cashflow Statement

Concept 2017 Q3 2016 Q4 2016 Q3
OPERATING ACTIVITIES
Net Income -$1.630M -$4.945M -$9.959M
YoY Change -83.64% -53.85% -5.61%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$1.420M -$160.0K $24.29M
YoY Change -105.85% -98.05% -404.77%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $9.920M $0.00
YoY Change -100.0%
Cash From Investing Activities $9.920M $0.00
YoY Change -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 200.0K 3.860M
YoY Change -100.0% -96.97% 2473.33%
NET CHANGE
Cash From Operating Activities -1.420M -160.0K 24.29M
Cash From Investing Activities 9.920M 0.000
Cash From Financing Activities 0.000 200.0K 3.860M
Net Change In Cash 8.500M 40.00K 28.15M
YoY Change -69.8% -102.33% -458.6%
FREE CASH FLOW
Cash From Operating Activities -$1.420M -$160.0K $24.29M
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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us-gaap Research And Development Expense
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Share Based Compensation
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us-gaap Share Based Compensation
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us-gaap Paid In Kind Interest
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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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us-gaap Use Of Estimates
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<div> <p style="text-align:justify;margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Use of Estimates</p> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of financial statements 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 the financial statements, and the reported amounts of revenues and expenses during the reporting period. Significant estimates include the fair value of stock-based compensation, goodwill impairment and purchase accounting. Actual results could differ from those estimates and could materially affect the reported amounts of assets, liabilities and future operating results.</p></div>
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div> <p style="text-align:justify;margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Concentration of Credit Risk</p> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;text-indent:0%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Financial instruments, which potentially subject the Company to concentrations of credit risk, consist principally of cash and cash equivalents. The Company places its cash and cash equivalents with a limited number of high quality financial institutions and at times may exceed the amount of insurance provided on such deposits. The Company has not experienced any loss on deposits of cash and cash equivalents.</p></div>
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P10Y
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CY2017Q3 dare Liability For Uncertain Tax Positions
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us-gaap Income Tax Expense Benefit
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CY2017Q3 us-gaap Unrecognized Tax Benefits
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dare Stock Purchase Transaction Completion Date
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dare Stock Option Modification Approval Date
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
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0.024
CY2017Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
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1.27
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum
0.67
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum
1.27
CY2017Q3 dare Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Forfeiture Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsForfeitureRate
0.236
dare Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Forfeiture Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsForfeitureRateMinimum
0.0186
dare Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Forfeiture Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsForfeitureRateMaximum
0.299
CY2017Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
6.30
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
4.49
dare Number Of Common Stock Warrants Exercised
NumberOfCommonStockWarrantsExercised
0
CY2017Q3 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
30502
CY2017Q1 dare Period Of Notice At Time Termination Of Contract
PeriodOfNoticeAtTimeTerminationOfContract
P30D
dare Operating Lease Agreement Effective Date
OperatingLeaseAgreementEffectiveDate
2017-01-01
CY2017Q3 dare Sublease Agreement Monthly Fee
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5651
CY2017Q3 dare Percentage Of Increase In Monthly Fee
PercentageOfIncreaseInMonthlyFee
0.03
CY2017Q3 dare Sub Lease Agreement Effective Date
SubLeaseAgreementEffectiveDate
2017-08-01
CY2017Q3 dare Sub Lease Expiration Date
SubLeaseExpirationDate
2019-06-30
CY2017Q3 dare Period Of Notice At Time Termination Of Sub Lease Contract
PeriodOfNoticeAtTimeTerminationOfSubLeaseContract
P30D
dare Employment Agreements Description
EmploymentAgreementsDescription
Certain executive officers are entitled to payments if they are terminated without cause or as a result of a change in control of the Company. Upon termination without cause, and not as a result of death or disability, each officer is entitled to receive a payment of an amount equal to six to twelve months of base salary and to receive continuing health benefits coverage for periods ranging between six to twelve months following the termination of employment or until such officer is covered under a separate plan from another employer. Upon termination other than for cause or for good reason within three months prior or twelve months following a change in control of the Company, each officer will be entitled to receive a payment of an amount equal to nine to eighteen months of base salary and target bonus and to receive continuing health benefits coverage for periods ranging between nine to eighteen months following the termination of employment. In addition, upon a change in control of the Company, each officer’s outstanding unvested options shall fully vest and accelerate subject to the conditions outlined in such officer’s employment agreement.

Files In Submission

Name View Source Status
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0001564590-17-023408-index.html Edgar Link pending
0001564590-17-023408.txt Edgar Link pending
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