$DMTKQ
DermTech Inc

2018 Q2 Form 10-K Financial Statement

#000114420418036605 Filed on June 29, 2018

View on sec.gov

Income Statement

Concept 2018 Q2 2018 Q1 2018
Revenue $0.00 $0.00 $2.442M
YoY Change
Cost Of Revenue $2.627M
YoY Change
Gross Profit -$185.0K
YoY Change
Gross Profit Margin -7.58%
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $76.00K
YoY Change
% of Gross Profit
Operating Expenses $158.2K $81.75K $306.2K
YoY Change 602.2% 510305.0%
Operating Profit -$158.2K -$8.560M
YoY Change 602.2% 14266566.67%
Interest Expense $600.0K $470.0K -$1.093M
YoY Change -6100.0% -194.22%
% of Operating Profit
Other Income/Expense, Net -$1.444M
YoY Change
Pretax Income $440.0K $390.0K $940.0K
YoY Change -1566.67% 9.3%
Income Tax $0.00
% Of Pretax Income 0.0%
Net Earnings -$2.253M -$2.281M -$10.00M
YoY Change 7003.67% 16673233.33%
Net Earnings / Revenue -409.66%
Basic Earnings Per Share
Diluted Earnings Per Share $86.27K $76.77K $182.9K
COMMON SHARES
Basic Shares Outstanding 18.53M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2018 Q2 2018 Q1 2018
SHORT-TERM ASSETS
Cash & Short-Term Investments $400.0K $400.0K $0.00
YoY Change -42.86% -100.0%
Cash & Equivalents $385.6K $449.9K
Short-Term Investments
Other Short-Term Assets $100.0K $100.0K $100.0K
YoY Change 0.0% 0.0%
Inventory
Prepaid Expenses $67.50K $93.50K
Receivables
Other Receivables
Total Short-Term Assets $453.1K $543.4K $100.0K
YoY Change -43.37% 2073.78% -80.0%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $147.0M $146.4M $12.40M
YoY Change 1.24% -91.53%
Other Assets $0.00
YoY Change
Total Long-Term Assets $147.0M $146.4M $12.30M
YoY Change 1.21% 86119.17% -91.6%
TOTAL ASSETS
Total Short-Term Assets $453.1K $543.4K $100.0K
Total Long-Term Assets $147.0M $146.4M $12.30M
Total Assets $147.4M $146.9M $12.40M
YoY Change 0.96% 75329.85% -91.56%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $100.0K $0.00 $1.500M
YoY Change 0.0%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $109.7K $41.95K $6.600M
YoY Change 9.74% -75.69% 29.41%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $109.7K $41.95K $6.600M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $5.141M $5.073M $6.600M
YoY Change 0.8% 2840.39% 29.41%
SHAREHOLDERS EQUITY
Retained Earnings $1.297M $853.6K
YoY Change -30662.62%
Common Stock $3.703M $4.146M
YoY Change 16485.55%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$326.0K $1.459M $5.900M
YoY Change
Total Liabilities & Shareholders Equity $147.4M $146.9M $12.40M
YoY Change 0.96% 75329.85% -91.56%

Cashflow Statement

Concept 2018 Q2 2018 Q1 2018
OPERATING ACTIVITIES
Net Income -$2.253M -$2.281M -$10.00M
YoY Change 7003.67% 16673233.33%
Depreciation, Depletion And Amortization $76.00K
YoY Change
Cash From Operating Activities -$64.38K -$100.0K -$7.605M
YoY Change -10.13% -346727.16%
INVESTING ACTIVITIES
Capital Expenditures $12.00K
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $136.9M
YoY Change -100.0% -194.3%
Cash From Investing Activities $0.00 $0.00 -$12.00K
YoY Change -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 0.000 11.13M
YoY Change -100.0% 174731.11%
NET CHANGE
Cash From Operating Activities -64.38K -100.0K -7.605M
Cash From Investing Activities $0.00 0.000 -12.00K
Cash From Financing Activities 0.000 0.000 11.13M
Net Change In Cash -64.38K -100.0K 3.511M
YoY Change -108.94% 40921.15%
FREE CASH FLOW
Cash From Operating Activities -$64.38K -$100.0K -$7.605M
Capital Expenditures $12.00K
Free Cash Flow -$7.617M
YoY Change

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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CY2018 dei Entity Filer Category
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CY2018 dei Trading Symbol
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CY2018 us-gaap Increase Decrease In Prepaid Expense
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CY2018 cnacu Change In Value Of Ordinary Shares Subject To Possible Redemption
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CY2017Q1 us-gaap Temporary Equity Shares Outstanding
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CY2018 us-gaap Related Party Transaction Terms And Manner Of Settlement
RelatedPartyTransactionTermsAndMannerOfSettlement
Cowen Investments has agreed not to transfer, assign or sell any of the Cowen Shares (except to certain permitted transferees) until, with respect to 50% of the Cowen Shares, the earlier of (i) one year after the date of the consummation of a Business Combination, or (ii) the date on which the closing price of the Company’s ordinary shares equals or exceeds $12.50 per share for any 20 trading days within any 30- trading day period commencing after a Business Combination, and with respect to the remaining 50% of the Cowen Shares, upon one year after the date of the consummation of a Business Combination, or earlier, in each case, if, subsequent to a Business Combination, the Company consummates a subsequent liquidation, merger, stock exchange or other similar transaction which results in all of the Company’s shareholders having the right to exchange their ordinary shares for cash, securities or other property. In addition, Cowen Investments has agreed (i) to waive its redemption rights with respect to such shares in connection with the completion of a Business Combination and (ii) to waive its rights to liquidating distributions from the Trust Account with respect to such shares if the Company fails to complete a Business Combination within the Combination Period.
CY2018Q1 cnacu Warrant Redemption Price Per Warrant
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CY2017Q2 cnacu Dissolution Expenses
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CY2017Q2 cnacu Deferred Fees Related To Third Parties Description
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CY2017Q2 cnacu Business Combination Acquisition Description
BusinessCombinationAcquisitionDescription
The Company will proceed with a Business Combination if the Company has net tangible assets of at least $5,000,001 upon such consummation of a Business Combination and, if the Company seeks shareholder approval, a majority of the outstanding shares voted are voted in favor of the Business Combination. Notwithstanding the foregoing, a public shareholder, together with any affiliate of such shareholder or any other person with whom such shareholder is acting in concert or as a “group” (as defined under Section 13 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), will be restricted from seeking redemption rights with respect to 20% or more of the ordinary shares sold in the Initial Public Offering without the Company’s prior written consent
CY2017Q2 us-gaap Conversion Of Stock Description
ConversionOfStockDescription
Each Unit consists of one Public Share, one right (“Public Right”) and one redeemable warrant (“Public Warrant”). Each Public Right will convert into one-tenth (1/10) of one ordinary share (see Note 7). Each Public Warrant entitles the holder to purchase one-half (½) of one ordinary share at an exercise price of $11.50 per whole share (see Note 7).
CY2018 us-gaap Use Of Estimates
UseOfEstimates
<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="left"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="left"><strong>Use of estimates</strong></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="left">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="left">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and 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.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="left">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="left">Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from our estimates.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2018 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"><strong>Concentration of credit risk</strong></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="left"> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="left">Financial instruments that potentially subject the Company to concentration of credit risk consist of cash accounts in a financial institution which, at times may exceed the Federal depository insurance coverage of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">250,000</font>. The Company had not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts.</div> </div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2018 us-gaap Dilutive Securities
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CY2017Q3 us-gaap Net Income Loss
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CY2018Q1 us-gaap Net Income Loss
NetIncomeLoss
389965 USD
CY2017Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.01
CY2017Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.02
CY2017Q4 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.01
CY2018Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.01
CY2016Q2 us-gaap Operating Expenses
OperatingExpenses
30 USD
CY2016Q3 us-gaap Operating Expenses
OperatingExpenses
30 USD
CY2016Q4 us-gaap Operating Expenses
OperatingExpenses
0 USD
CY2017Q1 us-gaap Operating Expenses
OperatingExpenses
0 USD
CY2016Q2 us-gaap Net Income Loss
NetIncomeLoss
-30 USD
CY2016Q3 us-gaap Net Income Loss
NetIncomeLoss
-30 USD
CY2016Q4 us-gaap Net Income Loss
NetIncomeLoss
0 USD
CY2017Q1 us-gaap Net Income Loss
NetIncomeLoss
0 USD
CY2016Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.00
CY2016Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.00
CY2016Q4 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
0
CY2017Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
0
us-gaap Operating Expenses
OperatingExpenses
2733 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
-2733 USD
us-gaap Investment Income Interest
InvestmentIncomeInterest
0 USD
us-gaap Unrealized Gain Loss On Securities
UnrealizedGainLossOnSecurities
0 USD
us-gaap Net Income Loss
NetIncomeLoss
-2733 USD
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
3750000 shares
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.00
CY2015Q3 us-gaap Stockholders Equity
StockholdersEquity
0 USD
CY2016Q1 us-gaap Stockholders Equity
StockholdersEquity
22267 USD
us-gaap Stock Issued During Period Value Other
StockIssuedDuringPeriodValueOther
25000 USD
us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
0 USD
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
2244 USD
us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
0 USD
us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
0 USD
us-gaap Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
0 USD
CY2018 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
0 USD
CY2017 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
0 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
25000 USD
us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
125918 USD
us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
0 USD
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
133988 USD
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
16441 USD
CY2015Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
0 USD
cnacu Offering Cost Charge To Additional Capital
OfferingCostChargeToAdditionalCapital
0 USD
cnacu Deferred Underwriting Fee Payable
DeferredUnderwritingFeePayable
0 USD
cnacu Classification Of Ordinary Shares Subject To Possible Redemption
ClassificationOfOrdinarySharesSubjectToPossibleRedemption
0 USD
cnacu Change In Value Of Ordinary Shares Subject To Possible Redemption
ChangeInValueOfOrdinarySharesSubjectToPossibleRedemption
0 USD
us-gaap Dilutive Securities
DilutiveSecurities
0 USD
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-2733 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-489 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
0 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
16930 USD

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