$DMTKQ
DermTech Inc

2020 Q1 Form 10-K Financial Statement

#000156459020009838 Filed on March 11, 2020

View on sec.gov

Income Statement

Concept 2020 Q1 2019 2018 Q4
Revenue $1.557M $3.364M $0.00
YoY Change 161.24% 37.76%
Cost Of Revenue $1.203M $3.304M
YoY Change 25.77%
Gross Profit $354.0K $60.00K
YoY Change -132.43%
Gross Profit Margin 22.74% 1.78%
Selling, General & Admin $6.458M $15.17M
YoY Change
% of Gross Profit 1824.29% 25280.0%
Research & Development $897.0K $2.497M
YoY Change 56.82%
% of Gross Profit 253.39% 4161.67%
Depreciation & Amortization $60.00K $100.0K
YoY Change 215.79% 31.58%
% of Gross Profit 16.95% 166.67%
Operating Expenses $7.355M $17.67M $331.3K
YoY Change 1185.84% 5668.3% 240.38%
Operating Profit -$7.001M -$17.61M -$331.3K
YoY Change 105.67% 240.38%
Interest Expense -$2.657M $830.0K
YoY Change 143.09% 137.14%
% of Operating Profit
Other Income/Expense, Net $104.0K -$2.525M
YoY Change -104.83% 74.86%
Pretax Income -$6.900M -$19.69M $500.0K
YoY Change -2194.68% 100.0%
Income Tax
% Of Pretax Income
Net Earnings -$6.897M -$20.13M $503.6K
YoY Change 33.77% 101.22% 100.06%
Net Earnings / Revenue -442.97% -598.39%
Basic Earnings Per Share
Diluted Earnings Per Share -$526.7K -$2.809M $96.90K
COMMON SHARES
Basic Shares Outstanding 14.84M 18.53M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q1 2019 2018 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $67.90M $15.40M $0.00
YoY Change -100.0%
Cash & Equivalents $67.92M $15.40M $4.753M
Short-Term Investments
Other Short-Term Assets $127.0K $1.000M $5.000K
YoY Change 27.0% 900.0% -95.0%
Inventory $100.0K $0.00 $40.00K
Prepaid Expenses $41.18K
Receivables $1.200M $700.0K $580.0K
Other Receivables $0.00 $0.00
Total Short-Term Assets $70.10M $17.20M $5.399M
YoY Change 85655.53% 17100.0% 799.83%
LONG-TERM ASSETS
Property, Plant & Equipment $1.700M $1.000M $215.0K
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $148.5M
YoY Change 1.78%
Other Assets $200.0K $100.0K
YoY Change
Total Long-Term Assets $1.900M $1.000M $143.2M
YoY Change -84.63% -91.87% -1.88%
TOTAL ASSETS
Total Short-Term Assets $70.10M $17.20M $5.399M
Total Long-Term Assets $1.900M $1.000M $143.2M
Total Assets $72.00M $18.20M $148.5M
YoY Change 478.79% 46.77% 1.4%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.600M $1.600M $700.0K
YoY Change 6.67% 6.67%
Accrued Expenses $1.300M $1.400M
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 $5.300M $5.700M $748.8K
YoY Change 240.12% -13.64% -85.32%
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
TOTAL LIABILITIES
Total Short-Term Liabilities $5.300M $5.700M $748.8K
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $5.861M $5.700M $11.02M
YoY Change -11.06% -13.64% 116.06%
SHAREHOLDERS EQUITY
Retained Earnings -$98.45M -$71.38M
YoY Change -5575.25%
Common Stock $164.6M $3.197M
YoY Change 5039.21%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $66.11M $12.50M -$5.355M
YoY Change
Total Liabilities & Shareholders Equity $72.00M $18.20M $5.664M
YoY Change 478.79% 46.77% -96.13%

Cashflow Statement

Concept 2020 Q1 2019 2018 Q4
OPERATING ACTIVITIES
Net Income -$6.897M -$20.13M $503.6K
YoY Change 33.77% 101.22% 100.06%
Depreciation, Depletion And Amortization $60.00K $100.0K
YoY Change 215.79% 31.58%
Cash From Operating Activities -$7.397M -$17.79M -$210.0K
YoY Change 73870.0% 133.94% 320.0%
INVESTING ACTIVITIES
Capital Expenditures $175.0K $210.0K
YoY Change 1650.0%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change
Cash From Investing Activities -$175.0K -$210.0K $0.00
YoY Change -100.13% 1650.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $19.80M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 60.12M 28.62M 30.00K
YoY Change -143.91% 157.21%
NET CHANGE
Cash From Operating Activities -7.397M -17.79M -210.0K
Cash From Investing Activities -175.0K -210.0K 0.000
Cash From Financing Activities 60.12M 28.62M 30.00K
Net Change In Cash 52.55M 10.62M -180.0K
YoY Change -2037.61% 202.51% 260.0%
FREE CASH FLOW
Cash From Operating Activities -$7.397M -$17.79M -$210.0K
Capital Expenditures $175.0K $210.0K
Free Cash Flow -$7.572M -$18.00M
YoY Change 136.33%

Facts In Submission

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<div align="left"> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;"> <tr> <td valign="top" style="width:4.54%;white-space:nowrap"> <p style="margin-top:18pt;margin-bottom:0pt;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;"><font style="font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">(c)</font></p></td> <td valign="top"> <p style="margin-top:18pt;margin-bottom:0pt;font-weight:bold;font-style:italic;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">Use of Estimates </p></td></tr></table></div> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of consolidated financial statements in conformity with U.S.&#160;GAAP requires that management 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 consolidated financial statements and the amounts of revenues and expenses reported during the period. On an ongoing basis, management evaluates these estimates and judgments, including those related to assay revenue, stock-based compensation, accounts receivable and the realization of deferred tax assets. Actual results may differ from those estimates. </p>
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CY2019Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
400000
CY2019 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y25D
CY2019Q4 dmtk Fair Value Other Assets Measured On Recurring Basis
FairValueOtherAssetsMeasuredOnRecurringBasis
0
CY2019Q4 us-gaap Fair Value Liabilities Measured On Recurring Basis Obligations
FairValueLiabilitiesMeasuredOnRecurringBasisObligations
0
CY2019 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Gain Loss Included In Earnings
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInEarnings
-400000
CY2019 us-gaap Fair Value Recurring Basis Unobservable Input Reconciliation Liability Gain Loss Statement Of Income Extensible List
FairValueRecurringBasisUnobservableInputReconciliationLiabilityGainLossStatementOfIncomeExtensibleList
us-gaap:OtherNonoperatingIncomeExpense
CY2019Q4 us-gaap Prepaid Insurance
PrepaidInsurance
951000
CY2018Q4 us-gaap Prepaid Insurance
PrepaidInsurance
2000
CY2019Q4 dmtk Prepaid Trade Shows Current
PrepaidTradeShowsCurrent
85000
CY2018Q4 dmtk Prepaid Trade Shows Current
PrepaidTradeShowsCurrent
19000
CY2019Q4 us-gaap Other Assets Current
OtherAssetsCurrent
25000
CY2018Q4 us-gaap Other Assets Current
OtherAssetsCurrent
5000
CY2019Q4 us-gaap Machinery And Equipment Gross
MachineryAndEquipmentGross
1135000
CY2018Q4 us-gaap Machinery And Equipment Gross
MachineryAndEquipmentGross
314000
CY2019Q4 dmtk Computer Equipment Gross
ComputerEquipmentGross
15000
CY2018Q4 dmtk Computer Equipment Gross
ComputerEquipmentGross
3000
CY2019Q4 us-gaap Furniture And Fixtures Gross
FurnitureAndFixturesGross
34000
CY2018Q4 us-gaap Furniture And Fixtures Gross
FurnitureAndFixturesGross
34000
CY2019Q4 us-gaap Leasehold Improvements Gross
LeaseholdImprovementsGross
32000
CY2018Q4 us-gaap Leasehold Improvements Gross
LeaseholdImprovementsGross
14000
CY2019Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
1216000
CY2018Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
365000
CY2019Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
239000
CY2018Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
150000
CY2019Q4 dmtk Accrued Consulting Services Current
AccruedConsultingServicesCurrent
37000
CY2018Q4 dmtk Accrued Consulting Services Current
AccruedConsultingServicesCurrent
23000
CY2018Q4 us-gaap Interest Payable Current
InterestPayableCurrent
164000
CY2019Q4 dmtk Accrued Printing Fees Current
AccruedPrintingFeesCurrent
55000
CY2019Q4 us-gaap Deferred Rent Credit
DeferredRentCredit
88000
CY2018Q4 us-gaap Deferred Rent Credit
DeferredRentCredit
85000
CY2019Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
38000
CY2018Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
14000
CY2019Q4 us-gaap Accrued Vacation Current
AccruedVacationCurrent
309000
CY2018Q4 us-gaap Accrued Vacation Current
AccruedVacationCurrent
234000
CY2019Q4 dmtk Accrued Bonus And Deferred Compensation Current
AccruedBonusAndDeferredCompensationCurrent
465000
CY2018Q4 dmtk Accrued Bonus And Deferred Compensation Current
AccruedBonusAndDeferredCompensationCurrent
246000
CY2019Q4 dmtk Accrued Severance Current
AccruedSeveranceCurrent
368000
CY2019Q3 us-gaap Debt Conversion Converted Instrument Shares Issued1
DebtConversionConvertedInstrumentSharesIssued1
2267042
CY2019Q3 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
900000
CY2019Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000
CY2019Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2019 dmtk Business Combination Number Of Shares Issued For Each Share Of Common Stock
BusinessCombinationNumberOfSharesIssuedForEachShareOfCommonStock
1.16
CY2017 dmtk Common Stock Warrants Issued
CommonStockWarrantsIssued
102740
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Accelerated Compensation Cost
ShareBasedCompensationArrangementByShareBasedPaymentAwardAcceleratedCompensationCost
400000
CY2019Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
4787000
CY2018Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
6601000
CY2019 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2018 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2019 dmtk Effective Income Tax Rate Reconciliation Permanent Items
EffectiveIncomeTaxRateReconciliationPermanentItems
-0.008
CY2018 dmtk Effective Income Tax Rate Reconciliation Permanent Items
EffectiveIncomeTaxRateReconciliationPermanentItems
-0.012
CY2019 us-gaap Effective Income Tax Rate Reconciliation Tax Credits
EffectiveIncomeTaxRateReconciliationTaxCredits
0.002
CY2018 us-gaap Effective Income Tax Rate Reconciliation Tax Credits
EffectiveIncomeTaxRateReconciliationTaxCredits
0.007
CY2019 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.204
CY2018 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.205
CY2019 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.00
CY2018 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.00
CY2019Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
20336000
CY2018Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
15431000
CY2019Q4 us-gaap Deferred Tax Assets In Process Research And Development
DeferredTaxAssetsInProcessResearchAndDevelopment
1400000
CY2018Q4 us-gaap Deferred Tax Assets In Process Research And Development
DeferredTaxAssetsInProcessResearchAndDevelopment
1473000
CY2019Q4 dmtk Deferred Tax Assets Depreciation And Amortization
DeferredTaxAssetsDepreciationAndAmortization
33000
CY2018Q4 dmtk Deferred Tax Assets Depreciation And Amortization
DeferredTaxAssetsDepreciationAndAmortization
112000
CY2019Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost
119000
CY2018Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost
114000
CY2019Q4 us-gaap Deferred Tax Assets Derivative Instruments
DeferredTaxAssetsDerivativeInstruments
0
CY2018Q4 us-gaap Deferred Tax Assets Derivative Instruments
DeferredTaxAssetsDerivativeInstruments
735000
CY2019Q4 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
194000
CY2018Q4 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
86000
CY2019Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
22082000
CY2018Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
17951000
CY2019Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
22082000
CY2018Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
17523000
CY2019Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
0
CY2018Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
428000
CY2019Q4 us-gaap Deferred Tax Liabilities Other
DeferredTaxLiabilitiesOther
0
CY2018Q4 us-gaap Deferred Tax Liabilities Other
DeferredTaxLiabilitiesOther
428000
CY2019Q4 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
0
CY2018Q4 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
0
CY2019 us-gaap Description Of Lessee Leasing Arrangements Operating Leases
DescriptionOfLesseeLeasingArrangementsOperatingLeases
In January 2013, DermTech Operations entered into a non-cancelable lease agreement for its operating facilities. In January 2014, DermTech Operations signed an amendment to the lease to extend the term through January 2017. In November 2016, DermTech Operations signed a second amendment to the lease to extend the term through March 2022. In August 2019, DermTech Operations signed a third amendment to the lease to add additional space, and in September 2019, the Company signed a fourth amendment to the lease to add additional space. In connection with the Business Combination, the Company assumed all obligations under the lease, as amended, from DermTech Operations.
CY2019 dmtk Real Estate Rent And Common Area Maintenance Expense
RealEstateRentAndCommonAreaMaintenanceExpense
700000
CY2018 dmtk Real Estate Rent And Common Area Maintenance Expense
RealEstateRentAndCommonAreaMaintenanceExpense
600000
CY2019Q4 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
683000
CY2019Q4 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
703000
CY2019Q4 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
180000
CY2019Q4 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
1566000
CY2019 us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
0
CY2018 us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
0

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