$DRMA
Dermata Therapeutics Inc

2023 Q1 Form 10-K Financial Statement

#000165495423001926 Filed on February 21, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.085M $822.3K $4.023M
YoY Change -8.84% -42.94% -8.51%
% of Gross Profit
Research & Development $1.193M $889.4K $5.651M
YoY Change -25.27% -20.01% 63.36%
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $2.278M $1.712M $5.651M
YoY Change 42.73% -32.95% 63.36%
Operating Profit -$2.278M -$9.674M
YoY Change -18.25% 23.13%
Interest Expense $37.54K $42.09K $63.57K
YoY Change 39.37%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$2.240M -$1.670M -$9.611M
YoY Change -19.6% -34.6% 21.62%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$2.240M -$1.670M -$9.611M
YoY Change -19.6% -34.6% 21.62%
Net Earnings / Revenue
Basic Earnings Per Share -$2.27 -$0.87
Diluted Earnings Per Share -$2.27 -$0.14 -$0.87
COMMON SHARES
Basic Shares Outstanding 12.32M shares 12.10M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $8.767M $6.241M $6.241M
YoY Change 7.03% -42.2% -42.2%
Cash & Equivalents $8.767M $6.241M
Short-Term Investments
Other Short-Term Assets $522.0K $690.6K $690.6K
YoY Change -38.81% -16.31% -16.31%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $9.295M $6.944M $6.944M
YoY Change 2.78% -40.26% -40.26%
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 -$5.00 -$2.00 $0.00
YoY Change
TOTAL ASSETS
Total Short-Term Assets $9.295M $6.944M $6.944M
Total Long-Term Assets -$5.00 -$2.00 $0.00
Total Assets $9.295M $6.944M $6.944M
YoY Change 2.78% -40.26% -40.26%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $492.9K $496.7K $496.7K
YoY Change -25.57% -3.6% -3.6%
Accrued Expenses $714.2K $425.9K $425.9K
YoY Change 34.93% -57.47% -57.47%
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 $1.207M $922.6K $922.6K
YoY Change 1.3% -39.17% -39.17%
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 $1.207M $922.6K $922.6K
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $1.207M $922.6K $922.6K
YoY Change 1.3% -39.17% -39.17%
SHAREHOLDERS EQUITY
Retained Earnings -$47.83M -$45.59M
YoY Change 26.71%
Common Stock $239.00 $1.232K
YoY Change 47.9%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $8.088M $6.022M $6.022M
YoY Change
Total Liabilities & Shareholders Equity $9.295M $6.944M $6.944M
YoY Change 2.78% -40.26% -40.26%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income -$2.240M -$1.670M -$9.611M
YoY Change -19.6% -34.6% 21.62%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$1.650M -$1.826M -$8.834M
YoY Change -36.74% 1.2% 55.17%
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 $4.276M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $4.175M 0.000 $4.277M
YoY Change -100.0% -73.21%
NET CHANGE
Cash From Operating Activities -$1.650M -1.826M -$8.834M
Cash From Investing Activities
Cash From Financing Activities $4.175M 0.000 $4.277M
Net Change In Cash $2.525M -1.826M -$4.558M
YoY Change 1.16% -144.38%
FREE CASH FLOW
Cash From Operating Activities -$1.650M -$1.826M -$8.834M
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:left;">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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CY2022 drma Subordinated Convertible Promissory Notes
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<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:left;"><strong>4. Subordinated Convertible Promissory Notes</strong></p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:left;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; TEXT-INDENT: 33.75pt; text-align:left;">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 $16,888 of amortized debt discount costs during the year ended December 31, 2021, related to the Notes.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:left;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; TEXT-INDENT: 33.75pt; text-align:left;">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:left;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; TEXT-INDENT: 33.75pt; text-align:left;">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:left;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; TEXT-INDENT: 33.75pt; text-align:left;">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:left;">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:left;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; TEXT-INDENT: 33.75pt; text-align:left;">As of December 31, 2022, and 2021, the Company had no promissory notes outstanding. </p>
CY2020Q4 us-gaap Convertible Subordinated Debt
ConvertibleSubordinatedDebt
3000000 usd
CY2020Q4 us-gaap Notes Payable
NotesPayable
1145000 usd
CY2020Q4 us-gaap Notes Payable Related Parties Classified Current
NotesPayableRelatedPartiesClassifiedCurrent
1730000 usd
CY2020Q4 us-gaap Notes Payable Related Parties Noncurrent
NotesPayableRelatedPartiesNoncurrent
125000 usd
CY2020Q4 us-gaap Subordinated Borrowing Interest Rate
SubordinatedBorrowingInterestRate
0.04 pure
CY2020Q4 us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
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CY2021Q1 drma Discount Rate For Preferred Shares
DiscountRateForPreferredShares
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CY2021Q1 us-gaap Notes Payable Related Parties Classified Current
NotesPayableRelatedPartiesClassifiedCurrent
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CY2021Q1 us-gaap Notes Payable Related Parties Noncurrent
NotesPayableRelatedPartiesNoncurrent
311000 usd
CY2022Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
83286 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
CY2021Q1 drma Class B Common Units Profits Interests Converted Due To The Conversion From An Llc To Ac Corporation
ClassBCommonUnitsProfitsInterestsConvertedDueToTheConversionFromAnLlcToACCorporation
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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
CY2022Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
900000 usd
CY2022 drma Weighted Average Remaining Contractual Term In Years
WeightedAverageRemainingContractualTermInYears
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CY2019Q2 us-gaap Preferred Units Issued
PreferredUnitsIssued
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CY2020 us-gaap Debt Conversion Converted Instrument Amount1
DebtConversionConvertedInstrumentAmount1
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CY2022 us-gaap Convertible Preferred Stock Converted To Other Securities
ConvertiblePreferredStockConvertedToOtherSecurities
1255000 usd
CY2022 us-gaap Debt Conversion Converted Instrument Amount1
DebtConversionConvertedInstrumentAmount1
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CY2022 us-gaap Dividends Preferred Stock
DividendsPreferredStock
1200000 usd
CY2022 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
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CY2021 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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CY2022 drma Income Tax Reconciliation Permanent And Other Difference
IncomeTaxReconciliationPermanentAndOtherDifference
68 usd
CY2021 drma Income Tax Reconciliation Permanent And Other Difference
IncomeTaxReconciliationPermanentAndOtherDifference
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CY2022 us-gaap Income Tax Reconciliation Nondeductible Expense Share Based Compensation Cost
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89 usd
CY2021 us-gaap Income Tax Reconciliation Nondeductible Expense Share Based Compensation Cost
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CY2022 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
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CY2021 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
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CY2022 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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CY2021 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0 usd
CY2022Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
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CY2021Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards Research
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CY2022Q4 us-gaap Deferred Tax Liabilities Deferred Expense Capitalized Research And Development Costs
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CY2021Q4 us-gaap Deferred Tax Liabilities Deferred Expense Capitalized Research And Development Costs
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CY2022Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
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CY2021Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
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274000 usd
CY2022Q4 us-gaap Deferred Tax Assets Goodwill And Intangible Assets
DeferredTaxAssetsGoodwillAndIntangibleAssets
49 usd
CY2021Q4 us-gaap Deferred Tax Assets Goodwill And Intangible Assets
DeferredTaxAssetsGoodwillAndIntangibleAssets
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CY2022Q4 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
17 usd
CY2021Q4 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
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CY2022Q4 us-gaap Deferred Tax Assets Gross
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CY2021Q4 us-gaap Deferred Tax Assets Gross
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CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
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CY2021Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
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CY2022Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
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CY2021Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
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CY2022Q4 drma Valuation Allowance
ValuationAllowance
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CY2021Q4 drma Valuation Allowance
ValuationAllowance
1600000 usd
CY2022Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards Domestic
DeferredTaxAssetsOperatingLossCarryforwardsDomestic
9200000 usd
CY2022Q4 drma Net Operating Loss Carryforwards Taxable Income Offset Limit Percentage
NetOperatingLossCarryforwardsTaxableIncomeOffsetLimitPercentage
0.80 pure
CY2021Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
41 usd
CY2020Q4 us-gaap Unrecognized Tax Benefits
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CY2022 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
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CY2021 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
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CY2022 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
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CY2021 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
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CY2022 us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
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0 usd
CY2021 us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions
0 usd
CY2022Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
557 usd
CY2021Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
41 usd

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