2021 Form 10-K Financial Statement

#000143774922007554 Filed on March 29, 2022

View on sec.gov

Income Statement

Concept 2021 2020 Q4 2020
Revenue $2.404M $350.0K $1.602M
YoY Change 50.06% -18.6% -4.71%
Cost Of Revenue $1.944M $260.0K $1.425M
YoY Change 36.46% -38.1% -2.38%
Gross Profit $459.4K $90.00K $177.0K
YoY Change 159.56% 800.0% -20.05%
Gross Profit Margin 19.11% 25.71% 11.05%
Selling, General & Admin $6.698M $1.310M $6.080M
YoY Change 10.16% 12.93% 10.14%
% of Gross Profit 1457.93% 1455.56% 3435.22%
Research & Development $8.392M $1.010M $3.868M
YoY Change 116.96% 29.49% 25.28%
% of Gross Profit 1826.84% 1122.22% 2185.5%
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $8.392M $2.310M $3.868M
YoY Change 116.96% 18.46% 25.28%
Operating Profit -$14.73M -$2.220M -$10.03M
YoY Change 46.9% 14.43% 8.01%
Interest Expense $51.70K $300.0K $447.0K
YoY Change -88.43% 42.86% -54.62%
% of Operating Profit
Other Income/Expense, Net $1.657M $731.7K
YoY Change 126.49%
Pretax Income -$13.12M -$1.930M -$9.246M
YoY Change 41.85% 11.56% 11.74%
Income Tax $0.00 $30.00K $31.32K
% Of Pretax Income
Net Earnings -$13.07M -$1.960M -$9.325M
YoY Change 40.16% 12.64% 12.24%
Net Earnings / Revenue -543.73% -560.0% -582.13%
Basic Earnings Per Share -$0.47
Diluted Earnings Per Share -$469.5K -$71.30K -$339.6K
COMMON SHARES
Basic Shares Outstanding 27.48M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2021 2020 Q4 2020
SHORT-TERM ASSETS
Cash & Short-Term Investments $20.26M $29.09M $29.09M
YoY Change -30.35% -14.99% -14.99%
Cash & Equivalents $15.75M $20.64M $20.64M
Short-Term Investments $4.512M $8.460M $8.460M
Other Short-Term Assets $375.8K $280.0K $280.0K
YoY Change 34.23% 180.0% 180.0%
Inventory
Prepaid Expenses
Receivables $277.8K $294.2K $290.0K
Other Receivables $94.38K $120.0K $120.0K
Total Short-Term Assets $21.01M $29.78M $29.78M
YoY Change -29.46% -16.44% -16.44%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $284.7K $280.0K $280.0K
YoY Change 1.68% -81.46% -81.46%
Other Assets $6.120K $6.225K $10.00K
YoY Change -38.8% -87.87% -80.0%
Total Long-Term Assets $290.8K $290.9K $290.0K
YoY Change 0.28% -83.96% -83.98%
TOTAL ASSETS
Total Short-Term Assets $21.01M $29.78M $29.78M
Total Long-Term Assets $290.8K $290.9K $290.0K
Total Assets $21.30M $30.07M $30.07M
YoY Change -29.17% -19.71% -19.71%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.013M
YoY Change 7.39%
Accrued Expenses $709.6K $489.8K $490.0K
YoY Change 44.81% -13.47% -14.04%
Deferred Revenue $123.0K
YoY Change 56.42%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $2.556M $1.626M $1.630M
YoY Change 56.79% 2.38% 2.52%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $352.9K
YoY Change
Total Long-Term Liabilities $352.9K $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $2.556M $1.626M $1.630M
Total Long-Term Liabilities $352.9K $0.00 $0.00
Total Liabilities $2.909M $1.626M $1.630M
YoY Change 78.45% 2.26% 2.52%
SHAREHOLDERS EQUITY
Retained Earnings -$50.68M
YoY Change 22.55%
Common Stock $39.75K
YoY Change 0.34%
Preferred Stock
YoY Change
Treasury Stock (at cost) $18.93M
YoY Change 0.0%
Treasury Stock Shares
Shareholders Equity $18.39M $28.45M $28.45M
YoY Change
Total Liabilities & Shareholders Equity $21.30M $30.07M $30.07M
YoY Change -29.17% -19.71% -19.71%

Cashflow Statement

Concept 2021 2020 Q4 2020
OPERATING ACTIVITIES
Net Income -$13.07M -$1.960M -$9.325M
YoY Change 40.16% 12.64% 12.24%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$11.28M -$1.280M -$6.574M
YoY Change 71.53% -8.57% 13.69%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $5.222M $40.00K $22.12M
YoY Change -76.39% -97.01% 186.9%
Cash From Investing Activities $5.222M $40.00K $22.12M
YoY Change -76.4% -97.01% 187.02%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $1.230M 30.00K $255.5K
YoY Change 381.49% -86.36% -53.57%
NET CHANGE
Cash From Operating Activities -$11.28M -1.280M -$6.574M
Cash From Investing Activities $5.222M 40.00K $22.12M
Cash From Financing Activities $1.230M 30.00K $255.5K
Net Change In Cash -$4.889M -1.210M $15.81M
YoY Change -130.91% -856.25% 548.83%
FREE CASH FLOW
Cash From Operating Activities -$11.28M -$1.280M -$6.574M
Capital Expenditures
Free Cash Flow
YoY Change

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:18pt;"><b><i>Use of Estimates </i></b></p> <p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"> </p> <p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">The preparation of these consolidated financial statements in accordance with GAAP requires management to make estimates and judgments that affect the reported amount of assets and liabilities and related disclosure of contingent assets and liabilities at the date of our consolidated financial statements and the reported amounts of revenues and expenses during the applicable period. Actual results <em style="font: inherit;"> may </em>differ from these estimates under different assumptions or conditions. Such differences could be material to the consolidated financial statements.</p>
CY2021 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:18pt;"><b><i>Concentrations and Credit Risk</i></b></p> <p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"> </p> <p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">The Company’s financial instruments that are potentially subject to concentrations of credit risk consist primarily of cash and cash equivalents, investment securities, and accounts receivable. At times, the Company has cash, cash equivalents, and investment securities at financial institutions exceeding the Federal Depository Insurance Company (“FDIC”) and the Securities Investor Protection Corporation (“SIPC”) insured limit on domestic currency and the Netherlands FDIC counterpart for foreign currency. The Company only deals with reputable financial institutions and has <em style="font: inherit;">not</em> experienced any losses in such accounts.</p> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;"> </p> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: justify; text-indent: 36pt;">For each of the years ended <em style="font: inherit;"> December 31, 2021 </em>and <em style="font: inherit;">2020</em>, the Company’s revenue was generated from fourteen customers. As of <em style="font: inherit;"> December 31, 2021 </em>and <em style="font: inherit;">2020</em>, the Company’s accounts receivable was from eight and nine customers, respectively. The loss of business from <em style="font: inherit;">one</em> or a combination of the Company’s customers could adversely affect its operations.</p> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;"> </p> <p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">The Company conducts operations in the Netherlands through its foreign subsidiary and generates a portion of its revenues from customers that are located outside of the United States. For the years ended <em style="font: inherit;"> December 31, 2021 </em>and <em style="font: inherit;">2020</em>, the Company had eight and seven customers outside of the United Sates (i.e. European and Asian customers) that accounted for approximately $1,716,000 or 71.3% and $796,000 or 49.7% of total revenue, respectively. As of <em style="font: inherit;"> December 31, 2021 </em>and <em style="font: inherit;">2020</em>, the Company had four and seven customers outside of the United Sates (i.e. European and Asian customers) that accounted for approximately $157,000 or 56.4% and $123,000 or 41.6% of accounts receivable, respectively.</p> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;"> </p> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: justify; text-indent: 36pt;">The Company uses several contract research organizations (“CROs”) to conduct its research projects. For the years ended <em style="font: inherit;"> December 31, 2021 </em>and <em style="font: inherit;">2020</em>, three and one CRO(s) accounted for approximately $9,061,000 or 95.1% and $4,576,000 or 91.6% of total research services we purchased, respectively. As of <em style="font: inherit;"> December 31, 2021</em>, two CROs accounted for approximately $1,312,000 or 84.8% of accounts payable. As of <em style="font: inherit;"> December 31, 2020</em>, one CRO accounted for approximately $690,000 or 68.1% of accounts payable. The loss of business from this CRO or a combination of the Company’s CROs could adversely affect its operations.</p>
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CY2021Q4 us-gaap Cash
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EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate
0 pure
CY2021 us-gaap Effective Income Tax Rate Reconciliation Other Reconciling Items Percent
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0 pure
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CY2021 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0 pure
CY2020 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0 pure
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CY2021Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards Research
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1656500 USD
CY2020Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards Research
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CY2020Q4 us-gaap Deferred Tax Liabilities Investments
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DeferredTaxAssetsGross
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CY2020Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
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CY2021Q4 dyai Deferred Tax Assets Net Of Liabilities Before Valuation Allowance
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CY2020Q4 dyai Deferred Tax Assets Net Of Liabilities Before Valuation Allowance
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CY2021Q4 us-gaap Deferred Tax Assets Liabilities Net
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CY2020Q4 us-gaap Deferred Tax Assets Liabilities Net
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OperatingLossCarryforwards
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CY2021Q4 dyai Operating Loss Carryforwards Will Be Carried Forward Indefinitely
OperatingLossCarryforwardsWillBeCarriedForwardIndefinitely
37100000 USD
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0.80 pure
CY2021Q4 us-gaap Purchase Obligation Due In Next Twelve Months
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2617601 USD
CY2021Q4 us-gaap Purchase Obligation Due In Second Year
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374689 USD
CY2021Q4 us-gaap Purchase Obligation Due In Third Year
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CY2021Q4 us-gaap Purchase Obligation
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3319331 USD
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
1.76
CY2019Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P5Y8M8D
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
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CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
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913000
CY2020 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
5.24
CY2020 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
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CY2020 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
1.89
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
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CY2020 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
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CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
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0
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
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CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
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CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
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CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
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CY2021Q4 us-gaap Treasury Stock Value
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18900000 USD
CY2020Q3 us-gaap Common Stock Par Or Stated Value Per Share
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CY2021 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
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5.11
CY2021 us-gaap Stock Issued During Period Shares Stock Options Exercised
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CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
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CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
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0
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3.04
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CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
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CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
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2.45
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CY2021Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
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2.49
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CY2021 us-gaap Allocated Share Based Compensation Expense
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CY2020 us-gaap Allocated Share Based Compensation Expense
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CY2020 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
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1.89
CY2021Q4 us-gaap Treasury Stock Common Shares
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