2022 Q4 Form 10-Q Financial Statement

#000143774922026889 Filed on November 10, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3 2021 Q3
Revenue $743.7K $879.6K $692.9K
YoY Change 137.39% 26.94% 66.43%
Cost Of Revenue $704.5K $602.8K $392.5K
YoY Change 112.43% 53.57% 47.06%
Gross Profit $39.24K $276.8K $300.4K
YoY Change -313.96% -7.87% 101.02%
Gross Profit Margin 5.28% 31.46% 43.35%
Selling, General & Admin $1.668M $1.383M $1.693M
YoY Change -2.04% -18.28% 3.22%
% of Gross Profit 4251.63% 499.88% 563.56%
Research & Development $584.1K $743.6K $1.902M
YoY Change -76.38% -60.9% 92.84%
% of Gross Profit 1488.58% 268.68% 633.04%
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $2.252M $743.6K $1.902M
YoY Change -46.07% -60.9% 92.84%
Operating Profit -$2.213M -$1.863M -$3.324M
YoY Change -47.24% -43.94% 29.02%
Interest Expense $316.8K $54.30K $3.202K
YoY Change -80.03% 1595.82% -95.83%
% of Operating Profit
Other Income/Expense, Net -$250.0K $54.30K $1.609M
YoY Change -84.43% -96.62% 1994.46%
Pretax Income -$2.146M -$1.809M -$1.715M
YoY Change -49.06% 5.47% -31.39%
Income Tax
% Of Pretax Income
Net Earnings -$2.146M -$1.809M -$1.715M
YoY Change -49.06% 5.47% -31.38%
Net Earnings / Revenue -288.6% -205.68% -247.54%
Basic Earnings Per Share -$0.06 -$0.06
Diluted Earnings Per Share -$0.08 -$63.72K -$61.09K
COMMON SHARES
Basic Shares Outstanding 28.56M 28.42M 28.08M
Diluted Shares Outstanding

Balance Sheet

Concept 2022 Q4 2022 Q3 2021 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $12.64M $14.20M $22.75M
YoY Change -37.6% -37.57% -25.2%
Cash & Equivalents $5.794M $6.739M $13.66M
Short-Term Investments $6.847M $7.462M $9.087M
Other Short-Term Assets $392.2K $448.2K $570.0K
YoY Change 4.37% -21.36% 35.71%
Inventory
Prepaid Expenses
Receivables $330.0K $235.4K $179.6K
Other Receivables $58.29K $43.87K $74.80K
Total Short-Term Assets $13.42M $14.93M $23.57M
YoY Change -36.11% -36.67% -25.73%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $284.7K $284.7K $284.7K
YoY Change 0.0% 0.0%
Other Assets $6.045K $6.003K $6.143K
YoY Change -1.18% -2.28% 10.53%
Total Long-Term Assets $290.8K $290.7K $290.9K
YoY Change -0.02% -0.05% 5133.03%
TOTAL ASSETS
Total Short-Term Assets $13.42M $14.93M $23.57M
Total Long-Term Assets $290.8K $290.7K $290.9K
Total Assets $13.71M $15.22M $23.86M
YoY Change -35.62% -36.22% -24.83%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.276M $777.2K $957.8K
YoY Change -17.55% -18.85% -1.94%
Accrued Expenses $955.1K $987.9K $842.5K
YoY Change 34.6% 17.26% 35.74%
Deferred Revenue $40.74K $445.0K $162.7K
YoY Change -73.04% 173.57% 5.74%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $2.449M $2.387M $1.963M
YoY Change -4.19% 21.59% 12.09%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $176.5K $220.6K
YoY Change -50.0%
Total Long-Term Liabilities $176.5K $220.6K $0.00
YoY Change -50.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.449M $2.387M $1.963M
Total Long-Term Liabilities $176.5K $220.6K $0.00
Total Liabilities $2.625M $2.607M $1.963M
YoY Change -9.75% 32.82% 12.17%
SHAREHOLDERS EQUITY
Retained Earnings -$73.48M -$71.34M -$59.53M
YoY Change 15.27% 19.83% 22.2%
Common Stock $40.82K $40.72K $40.33K
YoY Change 0.83% 0.95% 1.5%
Preferred Stock
YoY Change
Treasury Stock (at cost) $18.90M $18.93M $18.90M
YoY Change -0.16% 0.16% 0.0%
Treasury Stock Shares
Shareholders Equity $11.09M $12.61M $21.90M
YoY Change
Total Liabilities & Shareholders Equity $13.71M $15.22M $23.86M
YoY Change -35.62% -36.22% -24.83%

Cashflow Statement

Concept 2022 Q4 2022 Q3 2021 Q3
OPERATING ACTIVITIES
Net Income -$2.146M -$1.809M -$1.715M
YoY Change -49.06% 5.47% -31.38%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$1.682M -$1.776M -$4.334M
YoY Change -36.18% -59.02% 211.81%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $617.9K -$1.310M $4.006M
YoY Change -86.27% -132.7% -65.02%
Cash From Investing Activities $617.9K -$1.310M $4.006M
YoY Change -86.27% -132.7% -65.02%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 141.5K 359.7K -590.0
YoY Change -42.13% -61072.88%
NET CHANGE
Cash From Operating Activities -1.682M -1.776M -4.334M
Cash From Investing Activities 617.9K -1.310M 4.006M
Cash From Financing Activities 141.5K 359.7K -590.0
Net Change In Cash -922.4K -2.726M -329.2K
YoY Change -143.73% 728.29% -103.27%
FREE CASH FLOW
Cash From Operating Activities -$1.682M -$1.776M -$4.334M
Capital Expenditures
Free Cash Flow
YoY Change

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;text-indent:18pt;"><b><i>Use of Estimates</i></b></p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;text-indent:18pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;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>
us-gaap Concentration Risk Credit Risk
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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;text-indent:18pt;"><b><i>Concentrations and Credit Risk</i></b></p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;text-indent:18pt;"> </p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 36pt; text-align: justify;">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:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;text-indent:36pt;"> </p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 36pt; text-align: justify;">For each of the <em style="font: inherit;">three</em> months ended <em style="font: inherit;"> September 30, 2022 </em>and <em style="font: inherit;">2021</em>, the Company's revenue was generated from eight customers. For each of the <em style="font: inherit;">nine</em> months ended <em style="font: inherit;"> September 30, 2022 </em>and <em style="font: inherit;">2021</em>, the Company’s revenue was generate<span style="background-color:#ffffff;">d from thirteen customers. As of </span><em style="font: inherit;"> September 30, 2022</em><span style="background-color:#ffffff;"> and </span><em style="font: inherit;"> December 31, 2021</em><span style="background-color:#ffffff;">, the Company’s accounts receivable was from four</span><span style="background-color:#ffffff;"> and eight 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.</span></p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 36pt; text-align: justify;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;text-indent:36pt;"><span style="background-color:#ffffff;">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 <em style="font: inherit;">three</em> months ended </span><em style="font: inherit;"> September 30, 2022 </em>and <em style="font: inherit;">2021</em><span style="background-color:#ffffff;">, the Company had </span>four<span style="background-color:#ffffff;"> and </span>five<span style="background-color:#ffffff;"> customers outside of the United States (i.e., European and Asian customers) that accounted for approximately </span>$133,000<span style="background-color:#ffffff;"> or </span>16.0%<span style="background-color:#ffffff;"> and </span>$478,000<span style="background-color:#ffffff;"> or </span>69.1%<span style="background-color:#ffffff;"> of the revenue, respectively. For the </span><em style="font: inherit;">nine</em><span style="background-color:#ffffff;"> months ended </span><em style="font: inherit;"> September 30, 2022 </em>and <em style="font: inherit;">2021</em><span style="background-color:#ffffff;">, the Company had </span>six<span style="background-color:#ffffff;"> and </span>seven<span style="background-color:#ffffff;"> customers outside of the United States that accounted for approximately </span>$509,000<span style="background-color:#ffffff;"> or </span>25.6%<span style="background-color:#ffffff;"> and </span>$1,599,000<span style="background-color:#ffffff;"> or </span>76.5%<span style="background-color:#ffffff;"> of the revenue, respectively. </span></p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;text-indent:36pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;text-indent:36pt;"><span style="background-color:#ffffff;">As of </span><em style="font: inherit;"> September 30, 2022</em><span style="background-color:#ffffff;">, the Company had </span>two<span style="background-color:#ffffff;"> customers outside of the United States (i.e., European and Asian customers) that accounted for approximately </span>$43,000<span style="background-color:#ffffff;"> or </span>17.8%<span style="background-color:#ffffff;"> of accounts receivable. As of </span><em style="font: inherit;"> December 31, 2021</em><span style="background-color:#ffffff;">, the Company had four customers outside of the United States that accounted for approximately </span>$157,000<span style="background-color:#ffffff;"> or </span>56.4%<span style="background-color:#ffffff;"> of accounts receivable.</span></p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;text-indent:36pt;"> </p> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-indent: 36pt; text-align: justify;"><span style="background-color:#ffffff;">The Company uses several contract research organizations (“CROs”) to conduct its research projects. For the <em style="font: inherit;">three</em> months ended </span><em style="font: inherit;"> September 30, 2022 </em>and <em style="font: inherit;">2021</em><span style="background-color:#ffffff;">, </span>three<span style="background-color:#ffffff;"> and two </span><span style="background-color:#ffffff;">CROs accounted for approximately </span>$1,352,000<span style="background-color:#ffffff;"> or </span>99.5%<span style="background-color:#ffffff;"> and </span>$1,982,000<span style="background-color:#ffffff;"> or </span>97.2%<span style="background-color:#ffffff;"> of total research services we purchased, respectively. For the <em style="font: inherit;">nine</em> months ended </span><em style="font: inherit;"> September 30, 2022 </em>and <em style="font: inherit;">2021</em><span style="background-color:#ffffff;">, </span>three<span style="background-color:#ffffff;"> </span><span style="background-color:#ffffff;">CROs accounted for approximately $4,146,000 </span><span style="background-color:#ffffff;">or 97.4% </span><span style="background-color:#ffffff;">and </span>$6,621,000<span style="background-color:#ffffff;"> or </span>96.9%<span style="background-color:#ffffff;"> of total research services we purchased, respectively. As of </span><em style="font: inherit;"> September 30, 2022</em><span style="background-color:#ffffff;"> and </span><em style="font: inherit;"> December 31, 2021</em><span style="background-color:#ffffff;">, three and two CROs accounted for approximately $714,000 </span><span style="background-color:#ffffff;">or 91.9% </span><span style="background-color:#ffffff;">and $1,312,000 or 84.8% of the accounts payable, respectively. The loss of <em style="font: inherit;">one</em> CRO or a combination of the Company’s CROs could adversely affect its operations.</span></p>
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CY2021Q4 us-gaap Other Prepaid Expense Current
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CY2022Q3 dyai Prepaid Research And Development Expenses
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CY2021Q3 dyai Research And Development Expense Including Related Party
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CY2022Q3 dyai Research And Development Expense Outside Contracted Services
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CY2021Q3 dyai Research And Development Expense Outside Contracted Services
ResearchAndDevelopmentExpenseOutsideContractedServices
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dyai Research And Development Expense Outside Contracted Services
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3302911000 usd
dyai Research And Development Expense Outside Contracted Services
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CY2022Q3 dyai Research And Development Expense Personnel Related Costs
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dyai Research And Development Expense Including Related Party
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CY2021Q4 dyai Cash Cash Equivalents And Investments Fair Value
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CY2021Q4 us-gaap Held To Maturity Securities Accumulated Unrecognized Holding Loss
HeldToMaturitySecuritiesAccumulatedUnrecognizedHoldingLoss
2495 usd
CY2021Q4 us-gaap Investments And Cash
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2021Q4 dyai Upfront Payment Payable
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500000 usd
CY2021Q4 dyai Number Of Performance Obligations
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CY2017Q2 dyai Collaborative Arrangement Payment For Research And Development Agreement
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1100000 usd
CY2022Q3 us-gaap Deferred Tax Assets Liabilities Net
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CY2022Q3 us-gaap Investments And Cash
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CY2021Q4 us-gaap Cash
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CY2022Q3 us-gaap Cash
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CY2022Q3 dyai Cash Cash Equivalents And Investments Fair Value
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CY2022Q3 us-gaap Held To Maturity Securities Accumulated Unrecognized Holding Loss
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CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
5281097
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
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3.27
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
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CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
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3876280
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
2.85
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
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us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
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CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
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1324400 usd
CY2020Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001

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