$ECOR
electroCore, Inc.

2019 Q2 Form 10-Q Financial Statement

#000156459019032167 Filed on August 14, 2019

View on sec.gov

Income Statement

Concept 2019 Q2 2018 Q2 2017 Q4
Revenue $622.7K $393.2K $234.0K
YoY Change 58.37% 122.16%
Cost Of Revenue $254.4K $240.5K $280.0K
YoY Change 5.8% 520.63%
Gross Profit $368.3K $152.7K -$40.00K
YoY Change 141.13% 10.84%
Gross Profit Margin 59.14% 38.84% -17.09%
Selling, General & Admin $9.388M $12.01M $5.990M
YoY Change -21.81% 150.15%
% of Gross Profit 2548.97% 7861.31%
Research & Development $2.510M $4.367M $1.450M
YoY Change -42.51% 57.57%
% of Gross Profit 681.62% 2859.19%
Depreciation & Amortization $25.52K $10.67K $10.00K
YoY Change 139.24% 31.74%
% of Gross Profit 6.93% 6.98%
Operating Expenses $11.90M $16.37M $7.441M
YoY Change -27.33% 116.33%
Operating Profit -$12.38M -$16.22M -$7.485M
YoY Change -23.68% 118.3%
Interest Expense $280.0K $120.0K $80.00K
YoY Change 133.33% -96.51%
% of Operating Profit
Other Income/Expense, Net $279.3K -$1.561M $1.670M
YoY Change -117.9% -62.33%
Pretax Income -$12.10M -$17.78M -$5.740M
YoY Change -31.95% 53.69%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$12.10M -$6.162M -$5.510M
YoY Change 96.36% -46.73%
Net Earnings / Revenue -1943.1% -1567.11% -2354.7%
Basic Earnings Per Share
Diluted Earnings Per Share -$407.5K -$607.7K -$193.8K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q2 2018 Q2 2017 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $41.13M $95.80M $37.17M
YoY Change -57.06%
Cash & Equivalents $8.732M $88.36M $13.22M
Short-Term Investments $32.40M $7.500M $23.95M
Other Short-Term Assets $500.0K $2.900M
YoY Change -82.76%
Inventory $4.999M $751.9K $327.8K
Prepaid Expenses
Receivables $501.0K $298.2K $103.2K
Other Receivables $0.00 $0.00
Total Short-Term Assets $47.17M $99.73M $39.03M
YoY Change -52.7%
LONG-TERM ASSETS
Property, Plant & Equipment $399.4K $377.4K $168.6K
YoY Change 5.85%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.310M $0.00 $30.60K
YoY Change
Total Long-Term Assets $3.376M $408.0K $199.3K
YoY Change 727.42%
TOTAL ASSETS
Total Short-Term Assets $47.17M $99.73M $39.03M
Total Long-Term Assets $3.376M $408.0K $199.3K
Total Assets $50.55M $100.1M $39.23M
YoY Change -49.52%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.269M $1.687M $840.4K
YoY Change 34.53%
Accrued Expenses $4.461M $5.200M
YoY Change -14.21%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $7.114M $6.914M $6.119M
YoY Change 2.89%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.700M $300.0K
YoY Change 466.67%
Total Long-Term Liabilities $1.700M $300.0K
YoY Change 466.67%
TOTAL LIABILITIES
Total Short-Term Liabilities $7.114M $6.914M $6.119M
Total Long-Term Liabilities $1.700M $300.0K
Total Liabilities $8.793M $7.193M $6.426M
YoY Change 22.25%
SHAREHOLDERS EQUITY
Retained Earnings -$64.29M -$9.791M -$152.9M
YoY Change 556.63%
Common Stock $105.3M $102.0M $22.60M
YoY Change 3.18%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $41.12M $92.30M -$90.07M
YoY Change
Total Liabilities & Shareholders Equity $50.55M $100.1M $39.23M
YoY Change -49.52%

Cashflow Statement

Concept 2019 Q2 2018 Q2 2017 Q4
OPERATING ACTIVITIES
Net Income -$12.10M -$6.162M -$5.510M
YoY Change 96.36% -46.73%
Depreciation, Depletion And Amortization $25.52K $10.67K $10.00K
YoY Change 139.24% 31.74%
Cash From Operating Activities -$11.32M -$11.29M -$8.030M
YoY Change 0.27% 74.77%
INVESTING ACTIVITIES
Capital Expenditures -$30.00K -$80.00K -$70.00K
YoY Change -62.5% 60.0%
Acquisitions
YoY Change
Other Investing Activities $13.19M $17.72M -$13.76M
YoY Change -25.56%
Cash From Investing Activities $13.15M $17.64M -$13.83M
YoY Change -25.45% -35380.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 80.43M 25.79M
YoY Change -100.0% 444.55%
NET CHANGE
Cash From Operating Activities -11.32M -11.29M -8.030M
Cash From Investing Activities 13.15M 17.64M -13.83M
Cash From Financing Activities 0.000 80.43M 25.79M
Net Change In Cash 1.830M 86.78M 3.930M
YoY Change -97.89% 950.61%
FREE CASH FLOW
Cash From Operating Activities -$11.32M -$11.29M -$8.030M
Capital Expenditures -$30.00K -$80.00K -$70.00K
Free Cash Flow -$11.29M -$11.21M -$7.960M
YoY Change 0.71% 74.88%

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ecor Prepaid Lease Payments Included In Right Of Use Assets
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ecor Capitalized Cloud Computing Arrangement Costs Included In Accounts Payable And Accrued Expenses
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us-gaap Basis Of Accounting
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<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;"><a name="NOTE_2_BASIS_PRESENTATION"></a><a name="NOTE_2_BASIS_PRESENTATION"></a>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, 2018 included in the Annual Report on Form 10-K filed with the SEC.&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>
us-gaap Use Of Estimates
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<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, and sales returns; valuation of inventory, stock compensation, and contingencies.</p>
ecor Recent Accounting Pronouncements Not Yet Adopted
RecentAccountingPronouncementsNotYetAdopted
<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;">(d)</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;">Recent Accounting Pronouncements Not Yet Adopted</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 Company reviewed all recently issued accounting pronouncements and concluded that they were either not applicable or not expected to have a material impact on the financial statements.</p>
CY2019Q2 ecor Working Capital
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dei Entity Information Date To Change Former Legal Or Registered Name
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2018-06-21
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Electrocore, LLC
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2019-01-01
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12 months or less
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LesseeOperatingLeaseDiscountRate
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us-gaap Lessee Operating Lease Option To Extend
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213631
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P5Y10M25D
us-gaap Other Noncash Expense
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290205
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
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712076
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
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690358
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
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337254
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Five
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142892
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
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822304
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due
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2995089
CY2019Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
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932002
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496055
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3696796
CY2018Q4 us-gaap Lessee Operating Lease Liability Payments Due
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CY2019Q2 us-gaap Research And Development Arrangement Contract To Perform For Others Costs Incurred Gross
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ResearchAndDevelopmentArrangementContractToPerformForOthersCostsIncurredGross
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932436
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WeightedAverageNumberOfShareOutstandingBasicAndDiluted
29261942
CY2018Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.21
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CommonStockParOrStatedValuePerShare
0.001
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0.001
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4
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1
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2772209
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14.89
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6.43
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
13.63
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
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11.22
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P8Y10M24D
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0.0187
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
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0.0241
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0.0260
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0.8488
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0.7897
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
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0.9977
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
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0.9977
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
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0.000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.000
CY2019Q2 us-gaap Allocated Share Based Compensation Expense
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us-gaap Allocated Share Based Compensation Expense
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CY2019Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
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9700000
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P3Y9M18D

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