$DRMA
Dermata Therapeutics, Inc.

2022 Q3 Form 10-Q Financial Statement

#000165495422011375 Filed on August 15, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022 Q1
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $892.8K $1.118M $1.190M
YoY Change -2.16% 141.59% -24.72%
% of Gross Profit
Research & Development $1.553M $1.613M $1.596M
YoY Change 94.22% 85.95% 134.48%
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $1.553M $1.613M $1.596M
YoY Change 94.22% 85.95% 134.48%
Operating Profit -$2.446M -$2.731M -$2.786M
YoY Change 42.86% 105.31% 23.18%
Interest Expense $21.49K $0.00 $0.00
YoY Change 3201.08% -100.0% -100.0%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$2.425M -$2.731M -$2.786M
YoY Change 41.55% 105.03% 20.88%
Income Tax
% Of Pretax Income
Net Earnings -$2.425M -$2.731M -$2.786M
YoY Change 41.55% 105.03% 20.88%
Net Earnings / Revenue
Basic Earnings Per Share -$3.16 -$3.90 -$0.33
Diluted Earnings Per Share -$197.5K -$243.9K -$333.6K
COMMON SHARES
Basic Shares Outstanding 10.10M shares 9.227M shares 8.352M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2022 Q3 2022 Q2 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $8.067M $10.63M $8.191M
YoY Change -35.99% 2387.8% 515.67%
Cash & Equivalents $8.067M $10.63M $8.191M
Short-Term Investments
Other Short-Term Assets $895.2K $398.5K $853.1K
YoY Change -17.3% -43.84% 165.93%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $8.975M $11.03M $9.044M
YoY Change -34.42% 869.9% 447.73%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets -$1.00 -$2.00 $0.00
YoY Change
TOTAL ASSETS
Total Short-Term Assets $8.975M $11.03M $9.044M
Total Long-Term Assets -$1.00 -$2.00 $0.00
Total Assets $8.975M $11.03M $9.044M
YoY Change -34.42% 869.9% 447.73%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $483.7K $608.8K $662.2K
YoY Change -37.17% -30.92% 35.68%
Accrued Expenses $1.021M $757.7K $529.3K
YoY Change 139.93% 29.18% 91.54%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0% -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.504M $1.366M $1.192M
YoY Change 25.86% -16.81% 26.87%
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 $1.504M $1.366M $1.192M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $1.504M $1.366M $1.192M
YoY Change 25.86% -16.81% 26.87%
SHAREHOLDERS EQUITY
Retained Earnings -$43.92M -$41.50M
YoY Change 31.39% 30.84%
Common Stock $1.210K $1.010K
YoY Change 45.26% 428.8%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $7.471M $9.660M $7.853M
YoY Change
Total Liabilities & Shareholders Equity $8.975M $11.03M $9.044M
YoY Change -34.42% 869.9% 447.73%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022 Q1
OPERATING ACTIVITIES
Net Income -$2.425M -$2.731M -$2.786M
YoY Change 41.55% 105.03% 20.88%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$2.561M -$1.840M -$2.608M
YoY Change 15.89% 103.66% 235.97%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 200.0 4.276M $0.00
YoY Change -100.0% -100.0%
NET CHANGE
Cash From Operating Activities -2.561M -1.840M -2.608M
Cash From Investing Activities
Cash From Financing Activities 200.0 4.276M $0.00
Net Change In Cash -2.561M 2.437M $0.00
YoY Change -121.03% -369.81% -100.0%
FREE CASH FLOW
Cash From Operating Activities -$2.561M -$1.840M -$2.608M
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; TEXT-INDENT: 33.75pt; text-align:justify;">The Company’s financial statements are prepared in accordance with GAAP. The preparation of the Company’s financial statements requires management to make estimates and assumptions that impact the reported amounts of assets, liabilities, and expenses and disclosure of contingent assets and liabilities in the financial statements and accompanying notes. On an ongoing basis, management evaluates these estimates and judgments, including those related to accrued research and development expenses, stock-based compensation, and the estimated fair values of equity instruments. Management evaluates its estimates on an ongoing basis. The Company bases its estimates on various assumptions that it believes are reasonable under the circumstances. Actual results may differ from these estimates under different assumptions or conditions.</p>
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drma Subordinated Convertible Promissory Notes
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<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>4. Subordinated Convertible Promissory Notes</strong></p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; TEXT-INDENT: 33.75pt; text-align:justify;">In July and October 2020, the Company issued an aggregate of $3,000,000 of subordinated convertible promissory notes (the “Notes”). Notes in the amount of $1,145,000 were issued to existing investors who are also related parties (See Note 11 - Related Parties), $1,730,000 were issued to existing investors who are not related parties and notes in the amount of $125,000 were issued to new investors. The Notes bore interest at 4% per annum and were to mature on July 17, 2021. The Notes were subordinated to the Company’s long-term debt and were convertible into a qualified Series A financing of at least $10 million at a 20% discount to the lowest price per unit paid by investors for that financing. Under authoritative accounting guidance, this contingent beneficial conversion feature was to be measured and recognized when the contingency is resolved. The Notes were recorded upon issuance net of debt discount costs of $28,301. The Company recognized $13,970 of amortized debt discount costs during the six months ended June 30, 2021. </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; TEXT-INDENT: 33.75pt; text-align:justify;">On January 27, 2021, the Company amended the terms of the Notes to increase the maximum amount of convertible promissory notes to be issued from $3,000,000 to $5,000,000, to allow for the conversion of the convertible promissory notes into shares of common stock upon a Qualified Initial Public Offering with aggregate gross proceeds to the Company of at least $10,000,000 at a 20% discount to the lowest price per share paid by investors for that financing and to extend the maturity date to December 31, 2021. In connection with this amendment, Notes in the amount of $1,255,000 were issued to existing investors who are also related parties (See Note 11 - Related Parties) and $311,000 were issued to existing investors who are not related parties.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; TEXT-INDENT: 33.75pt; text-align:justify;">In March 2021, the Company further amended the terms of the Notes to allow for the conversion of the Notes into Series 1d Preferred Units at the same price as purchasers of Series 1d Preferred Units. As of March 15, 2021, $4,391,000 of the Notes, along with related interest of $73,801, were converted to 5,379,247 Series 1d Preferred Units. Since the Notes did not convert at a discount, there was no beneficial conversion feature.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; TEXT-INDENT: 33.75pt; text-align:justify;">The Company considers the above modification of the Notes in March 2021 to be a substantial modification requiring extinguishment accounting under Accounting Standards Codification (“ASC”) 470-50-40-10. Based upon an independent valuation of the reacquisition price of the Notes, the difference between the reacquisition price and the net carrying amount of the Notes immediately prior to the modification is not material to the financial statements.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; TEXT-INDENT: 33.75pt; text-align:justify;">In connection with the Company’s IPO in August 2021, the outstanding principal of the Notes and accrued interest totaling $180,434 converted into 32,219 shares of common stock. Upon this conversion, since the conversion contained a 20% discount, the Company measured the beneficial conversion feature and determined that it was not material to the financial statements.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; TEXT-INDENT: 33.75pt; text-align:justify;">As of December 31, 2021, and June 30, 2022, the Company had no promissory notes outstanding. </p>
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8
CY2022Q2 us-gaap Debt Instrument Convertible Conversion Price1
DebtInstrumentConvertibleConversionPrice1
0.80
CY2021Q2 drma Common Stock Shares Available For Issuances
CommonStockSharesAvailableForIssuances
593340 shares
CY2021Q3 drma Common Stock Shares Available For Issuances
CommonStockSharesAvailableForIssuances
1648213 shares
CY2022Q2 drma Evergreen Provision Resulted In Increase
EvergreenProvisionResultedInIncrease
83286 shares
CY2022Q2 drma Increasing Shares Authorized For Issuance
IncreasingSharesAuthorizedForIssuance
1731499 shares
CY2021Q3 drma Difference In Share Description
DifferenceInShareDescription
The Company compared the fair value of the Series 1d Preferred Stock, as amended, to its carrying value and recorded the resulting difference of approximately $2.3 million as a deemed dividend for the Series 1d preferred shareholders
CY2021Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
90000000 shares
CY2021Q3 drma Warrants Exercise Price
WarrantsExercisePrice
7.00
drma Warrants Expire Date
WarrantsExpireDate
August 17, 2026
CY2022Q2 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
83286 shares
CY2021Q1 drma Class B Common Units Profits Interests Converted Due To The Conversion From An Llc To Ac Corporation
ClassBCommonUnitsProfitsInterestsConvertedDueToTheConversionFromAnLlcToACCorporation
277448 shares
CY2021Q1 drma Class B Common Units Profits Interests Converted Into Options
ClassBCommonUnitsProfitsInterestsConvertedIntoOptions
277448 shares
CY2021Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1339993 usd
drma Stock Based Compensation Expense
StockBasedCompensationExpense
849564 usd
CY2021 drma Stock Based Compensation Expense
StockBasedCompensationExpense
400000 usd
CY2022Q2 drma Total Stock Based Compersation
TotalStockBasedCompersation
261572 usd
CY2021Q2 drma Total Stock Based Compersation
TotalStockBasedCompersation
113987 usd
CY2022Q2 drma Unrecognized Stock Based Compensation Expense
UnrecognizedStockBasedCompensationExpense
1300000 usd
drma Weighted Average Remaining Contractual Term In Years
WeightedAverageRemainingContractualTermInYears
P2Y7M6D
CY2021Q2 us-gaap Preferred Units Issued
PreferredUnitsIssued
5221156 shares
drma Additional Research And Development Expense
AdditionalResearchAndDevelopmentExpense
500000 usd
CY2020Q4 us-gaap Debt Conversion Converted Instrument Amount1
DebtConversionConvertedInstrumentAmount1
1145000 usd
CY2020Q1 us-gaap Convertible Preferred Stock Converted To Other Securities
ConvertiblePreferredStockConvertedToOtherSecurities
1255000 usd
CY2020 us-gaap Dividends Preferred Stock
DividendsPreferredStock
2300000 usd
CY2021 us-gaap Dividends Preferred Stock
DividendsPreferredStock
1200000 usd
drma Weighted Average Basic And Diluted Common Units Shares
WeightedAverageBasicAndDilutedCommonUnitsShares
9781510 shares
drma Weighted Average Basic And Diluted Common Units Shares
WeightedAverageBasicAndDilutedCommonUnitsShares
1911009 shares
us-gaap Net Income Loss
NetIncomeLoss
-3636700 usd
us-gaap Share Based Compensation
ShareBasedCompensation
474452 usd
us-gaap Share Based Compensation
ShareBasedCompensation
1274036 usd
us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
0 usd
us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
13970 usd
us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
426591 usd
us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
-634609 usd
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
93566 usd
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
777030 usd
us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
526840 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-1679433 usd

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