$ECOR
electroCore, Inc.

2018 Q4 Form 10-Q Financial Statement

#000156459018029478 Filed on November 14, 2018

View on sec.gov

Income Statement

Concept 2018 Q4 2018 Q3 2017 Q3
Revenue $368.0K $151.0K $283.0K
YoY Change 57.26% -46.65%
Cost Of Revenue $190.0K $100.0K $128.3K
YoY Change -32.14% -22.07%
Gross Profit $180.0K $53.91K $154.9K
YoY Change -550.0% -65.2%
Gross Profit Margin 48.91% 35.71% 54.74%
Selling, General & Admin $12.40M $11.27M $4.260M
YoY Change 107.01% 164.59%
% of Gross Profit 6888.89% 20911.85% 2750.04%
Research & Development $3.460M $2.333M $1.880M
YoY Change 138.62% 24.11%
% of Gross Profit 1922.22% 4328.46% 1213.52%
Depreciation & Amortization $30.00K $20.66K $7.869K
YoY Change 200.0% 162.59%
% of Gross Profit 16.67% 38.33% 5.08%
Operating Expenses $15.86M $13.61M $6.143M
YoY Change 113.1% 121.49%
Operating Profit -$15.68M -$13.55M -$5.988M
YoY Change 109.5% 126.32%
Interest Expense $430.0K $360.0K $1.822M
YoY Change 437.5% -80.24%
% of Operating Profit
Other Income/Expense, Net -$80.00K $350.4K -$6.374M
YoY Change -104.79% -105.5%
Pretax Income -$15.34M -$13.20M -$12.36M
YoY Change 167.25% 6.79%
Income Tax $0.00 $2.431K
% Of Pretax Income
Net Earnings -$15.34M -$13.20M -$12.36M
YoY Change 178.31% 6.81%
Net Earnings / Revenue -4167.12% -8745.95% -4368.22%
Basic Earnings Per Share
Diluted Earnings Per Share -$524.3K -$451.1K -$434.8K
COMMON SHARES
Basic Shares Outstanding 29.45M 29.45M
Diluted Shares Outstanding

Balance Sheet

Concept 2018 Q4 2018 Q3 2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $68.56M $80.50M
YoY Change 84.44%
Cash & Equivalents $7.600M $26.26M $9.387M
Short-Term Investments $60.96M $54.20M
Other Short-Term Assets $1.900M $3.100M
YoY Change
Inventory $1.949M $1.124M
Prepaid Expenses
Receivables $267.6K $227.3K
Other Receivables $0.00 $0.00
Total Short-Term Assets $72.70M $84.96M
YoY Change 86.25%
LONG-TERM ASSETS
Property, Plant & Equipment $380.9K $405.8K
YoY Change 125.86%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $424.9K $100.0K
YoY Change 1288.37%
Total Long-Term Assets $805.8K $465.9K
YoY Change 304.42%
TOTAL ASSETS
Total Short-Term Assets $72.70M $84.96M
Total Long-Term Assets $805.8K $465.9K
Total Assets $73.50M $85.42M
YoY Change 87.35%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.699M $1.439M
YoY Change 221.15%
Accrued Expenses $4.374M $3.300M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $7.073M $4.767M
YoY Change 15.58%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $200.0K $300.0K
YoY Change
Total Long-Term Liabilities $200.0K $300.0K
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $7.073M $4.767M
Total Long-Term Liabilities $200.0K $300.0K
Total Liabilities $7.319M $5.030M
YoY Change 13.89%
SHAREHOLDERS EQUITY
Retained Earnings -$38.33M -$23.00M
YoY Change -74.94%
Common Stock $103.8M $102.7M
YoY Change 359.32%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $65.55M $79.76M
YoY Change
Total Liabilities & Shareholders Equity $73.50M $85.42M
YoY Change 87.35%

Cashflow Statement

Concept 2018 Q4 2018 Q3 2017 Q3
OPERATING ACTIVITIES
Net Income -$15.34M -$13.20M -$12.36M
YoY Change 178.31% 6.81%
Depreciation, Depletion And Amortization $30.00K $20.66K $7.869K
YoY Change 200.0% 162.59%
Cash From Operating Activities -$12.18M -$13.96M -$6.580M
YoY Change 51.68% 112.16%
INVESTING ACTIVITIES
Capital Expenditures $0.00 -$50.00K -$20.00K
YoY Change -100.0% 150.0%
Acquisitions
YoY Change
Other Investing Activities -$6.470M -$46.56M -$10.21M
YoY Change -52.98% 356.02%
Cash From Investing Activities -$6.470M -$46.61M -$10.23M
YoY Change -53.22% 355.62%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -50.00K -1.520M 17.76M
YoY Change -100.19% -108.56%
NET CHANGE
Cash From Operating Activities -12.18M -13.96M -6.580M
Cash From Investing Activities -6.470M -46.61M -10.23M
Cash From Financing Activities -50.00K -1.520M 17.76M
Net Change In Cash -18.70M -62.09M 950.0K
YoY Change -575.83% -6635.79%
FREE CASH FLOW
Cash From Operating Activities -$12.18M -$13.96M -$6.580M
Capital Expenditures $0.00 -$50.00K -$20.00K
Free Cash Flow -$12.18M -$13.91M -$6.560M
YoY Change 53.02% 112.04%

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us-gaap Increase Decrease In Accounts Receivable
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us-gaap Increase Decrease In Inventories
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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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us-gaap Increase Decrease In Prepaid Rent
IncreaseDecreaseInPrepaidRent
44389
us-gaap Increase Decrease In Prepaid Rent
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us-gaap Proceeds From Sale Of Available For Sale Securities Debt
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us-gaap Payments To Acquire Property Plant And Equipment
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us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
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CY2018Q3 ecor Number Of Non Voucher Units Were Dispensed To Patients
NumberOfNonVoucherUnitsWereDispensedToPatients
266
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-30358477
us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Basis Of Accounting
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<div> <p style="margin-bottom:0pt;margin-top:13pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Note 2.&nbsp;&nbsp;Basis of Presentation</p> <p style="margin-bottom:0pt;margin-top:4pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The accompanying unaudited consolidated financial statements were prepared in conformity with U.S. generally accepted accounting principles (&#8220;U.S. GAAP&#8221;) and with Article 10 of Regulation S-X for interim financial reporting. In compliance with those rules, certain information and footnote disclosures normally included in annual consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. These consolidated financial statements should be read in conjunction with the Company&#8217;s audited consolidated financial statements and related notes for the fiscal year ended December 31, 2017 included in the prospectus dated June 21, 2018 filed with the SEC, pursuant to Rule 424(b) under the Securities Act.&nbsp;&nbsp;In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair statement of the results of interim periods have been included.&nbsp;&nbsp;The results of operations and cash flows reported in these consolidated financial statements should not be regarded as necessarily indicative of results that may be expected for the entire fiscal year.</p></div>
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14615
ecor Contra Revenue Related To Programs
ContraRevenueRelatedToPrograms
54340
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26265572
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us-gaap Use Of Estimates
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<div> <div align="left"> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;"> <tr> <td valign="top" style="width:4.86%;white-space:nowrap"> <p style="margin-bottom:0pt;margin-top:13pt;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;">(b)</font></p></td> <td valign="top"> <p style="margin-bottom:0pt;margin-top:13pt;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-bottom:0pt;margin-top:4pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of financial statements in conformity with U.S.&#160;GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of these consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant items subject to such estimates and assumptions include the useful lives of fixed assets, allowances for doubtful accounts, valuation of inventory, warrants, stock compensation, vouchers for gammaCore, valuation of deferred taxes, and contingencies.</p></div>
dei Entity Information Date To Change Former Legal Or Registered Name
EntityInformationDateToChangeFormerLegalOrRegisteredName
2018-06-21
dei Entity Information Former Legal Or Registered Name
EntityInformationFormerLegalOrRegisteredName
Electrocore, LLC
CY2018Q3 ecor Working Capital
WorkingCapital
80200000
CY2017Q4 ecor Working Capital
WorkingCapital
32900000
ecor Number Of Specialty Pharmaceutical Distributor
NumberOfSpecialtyPharmaceuticalDistributor
1
CY2018Q3 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
0
CY2018Q3 ecor Vouchers Redeemable Term
VouchersRedeemableTerm
P31D
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NonVouchersRedeemableTerm
P31D
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80554779
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AvailableForSaleSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
42671
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44506
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CashCashEquivalentsAndShortTermInvestments
80510273
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CashAndCashEquivalentsAmortizedCost
13224280
CY2017Q4 ecor Cash And Cash Equivalents Accumulated Gross Unrealized Loss Before Tax
CashAndCashEquivalentsAccumulatedGrossUnrealizedLossBeforeTax
86
CY2017Q4 us-gaap Available For Sale Securities Amortized Cost
AvailableForSaleSecuritiesAmortizedCost
23970781
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923
CY2017Q4 us-gaap Available For Sale Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
21138
CY2017Q4 ecor Cash And Cash Equivalents And Debt Securities And Other Investments Available For Sale Amortized Cost Basis Current
CashAndCashEquivalentsAndDebtSecuritiesAndOtherInvestmentsAvailableForSaleAmortizedCostBasisCurrent
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CashAndCashEquivalentsAndDebtSecuritiesAndOtherInvestmentsAvailableForSaleAccumulatedGrossUnrealizedGainsBeforeTaxCurrent
923
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CashAndCashEquivalentsAndDebtSecuritiesAndOtherInvestmentsAvailableForSaleAccumulatedGrossUnrealizedLossBeforeTaxCurrent
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CashCashEquivalentsAndShortTermInvestments
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26263737
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0
CY2017Q3 us-gaap Fair Value Assets Level1 To Level2 Transfers Amount
FairValueAssetsLevel1ToLevel2TransfersAmount
0
CY2018Q3 us-gaap Fair Value Assets Level2 To Level1 Transfers Amount
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0
CY2017Q3 us-gaap Fair Value Assets Level2 To Level1 Transfers Amount
FairValueAssetsLevel2ToLevel1TransfersAmount
0
CY2018Q3 us-gaap Fair Value Liabilities Level1 To Level2 Transfers Amount
FairValueLiabilitiesLevel1ToLevel2TransfersAmount
0
CY2017Q3 us-gaap Fair Value Liabilities Level1 To Level2 Transfers Amount
FairValueLiabilitiesLevel1ToLevel2TransfersAmount
0
CY2018Q3 us-gaap Fair Value Liabilities Level2 To Level1 Transfers Amount
FairValueLiabilitiesLevel2ToLevel1TransfersAmount
0
CY2017Q3 us-gaap Fair Value Liabilities Level2 To Level1 Transfers Amount
FairValueLiabilitiesLevel2ToLevel1TransfersAmount
0
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Into Level3
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersIntoLevel3
0
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Into Level3
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersIntoLevel3
0
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Out Of Level3
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersOutOfLevel3
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us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Out Of Level3
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersOutOfLevel3
0
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Liability Transfers Into Level3
FairValueMeasurementWithUnobservableInputsReconciliationLiabilityTransfersIntoLevel3
0
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Liability Transfers Into Level3
FairValueMeasurementWithUnobservableInputsReconciliationLiabilityTransfersIntoLevel3
0
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Liability Transfers Out Of Level3
FairValueMeasurementWithUnobservableInputsReconciliationLiabilityTransfersOutOfLevel3
0
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Liability Transfers Out Of Level3
FairValueMeasurementWithUnobservableInputsReconciliationLiabilityTransfersOutOfLevel3
0
CY2018Q3 us-gaap Inventory Raw Materials
InventoryRawMaterials
640751
CY2017Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
116909
CY2018Q3 us-gaap Inventory Work In Process
InventoryWorkInProcess
188360
CY2017Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
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CY2018Q3 us-gaap Inventory Finished Goods
InventoryFinishedGoods
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CY2017Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
193763
CY2018Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
999377
CY2017Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
747660
CY2018Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
593537
CY2017Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
579014
CY2018Q3 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
20663
CY2017Q3 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
7869
CY2018Q3 us-gaap Accounts Payable Current
AccountsPayableCurrent
1439396
CY2017Q4 us-gaap Accounts Payable Current
AccountsPayableCurrent
840383
CY2018Q3 us-gaap Accrued Professional Fees Current
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1321591
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OtherAccruedLiabilitiesCurrent
654684
CY2017Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
103053
us-gaap Net Income Loss
NetIncomeLoss
-19366239
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
29261942
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EarningsPerShareBasicAndDiluted
-0.66
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CommonStockSharesAuthorized
500000000
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PreferredStockSharesAuthorized
10000000
CY2018Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2018Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2018Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2018Q2 ecor Number Of Classes Of Units Permitted For Issuance
NumberOfClassesOfUnitsPermittedForIssuance
4
ecor Number Of Vote Each Member Is Entitled To For Each Unit Held
NumberOfVoteEachMemberIsEntitledToForEachUnitHeld
1
CY2018Q3 us-gaap Unrecognized Tax Benefits Interest On Income Taxes Accrued
UnrecognizedTaxBenefitsInterestOnIncomeTaxesAccrued
0
CY2018Q3 us-gaap Unrecognized Tax Benefits Income Tax Penalties Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAccrued
0
CY2017 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.35
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
ecor Tax Cuts And Jobs Act Of2017 Income Tax Expense Benefit
TaxCutsAndJobsActOf2017IncomeTaxExpenseBenefit
0
CY2018Q2 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
7739092
CY2018Q2 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
12.60
ecor Share Based Compensation Arrangement By Share Based Payment Award Award Additional Vesting Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardAdditionalVestingPeriod
P3Y
ecor Share Based Compensation Expense Included In Inventory
ShareBasedCompensationExpenseIncludedInInventory
200000
ecor Share Based Compensation Promotional Expense For Free Units
ShareBasedCompensationPromotionalExpenseForFreeUnits
100000
CY2018Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
4800000
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P3Y4M24D
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.00
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum
0.5641
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum
0.6404
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0.0279
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.0291
ecor Operating Leases Expiration Description
OperatingLeasesExpirationDescription
an operating lease for additional office, product assembly and warehouse space for the period November 2018 through 2023
CY2018Q3 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
126278
us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
377295
CY2018Q3 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
11500

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