$ECOR
electroCore, Inc.

2019 Q3 Form 10-Q Financial Statement

#000156459019043408 Filed on November 14, 2019

View on sec.gov

Income Statement

Concept 2019 Q3 2018 Q4 2018 Q3
Revenue $683.0K $368.0K $151.0K
YoY Change 352.4% 57.26% -46.65%
Cost Of Revenue $353.9K $190.0K $100.0K
YoY Change 253.94% -32.14% -22.07%
Gross Profit $329.1K $180.0K $53.91K
YoY Change 510.43% -550.0% -65.2%
Gross Profit Margin 48.18% 48.91% 35.71%
Selling, General & Admin $8.143M $12.40M $11.27M
YoY Change -27.76% 107.01% 164.59%
% of Gross Profit 2474.78% 6888.89% 20911.85%
Research & Development $2.275M $3.460M $2.333M
YoY Change -2.5% 138.62% 24.11%
% of Gross Profit 691.33% 1922.22% 4328.46%
Depreciation & Amortization $27.37K $30.00K $20.66K
YoY Change 32.44% 200.0% 162.59%
% of Gross Profit 8.32% 16.67% 38.33%
Operating Expenses $11.22M $15.86M $13.61M
YoY Change -17.52% 113.1% 121.49%
Operating Profit -$10.89M -$15.68M -$13.55M
YoY Change -19.61% 109.5% 126.32%
Interest Expense $210.0K $430.0K $360.0K
YoY Change -41.67% 437.5% -80.24%
% of Operating Profit
Other Income/Expense, Net $206.1K -$80.00K $350.4K
YoY Change -41.19% -104.79% -105.5%
Pretax Income -$10.69M -$15.34M -$13.20M
YoY Change -19.04% 167.25% 6.79%
Income Tax $0.00 $2.431K
% Of Pretax Income
Net Earnings -$10.69M -$15.34M -$13.20M
YoY Change -19.06% 178.31% 6.81%
Net Earnings / Revenue -1564.84% -4167.12% -8745.95%
Basic Earnings Per Share
Diluted Earnings Per Share -$364.2K -$524.3K -$451.1K
COMMON SHARES
Basic Shares Outstanding 29.45M 29.45M
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q3 2018 Q4 2018 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $33.50M $68.56M $80.50M
YoY Change -58.39% 84.44%
Cash & Equivalents $6.549M $7.600M $26.26M
Short-Term Investments $26.90M $60.96M $54.20M
Other Short-Term Assets $1.600M $1.900M $3.100M
YoY Change -48.39%
Inventory $3.100M $1.949M $1.124M
Prepaid Expenses
Receivables $800.0K $267.6K $227.3K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $39.00M $72.70M $84.96M
YoY Change -54.1% 86.25%
LONG-TERM ASSETS
Property, Plant & Equipment $1.900M $380.9K $405.8K
YoY Change 368.16% 125.86%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.207M $424.9K $100.0K
YoY Change 1106.51% 1288.37%
Total Long-Term Assets $5.090M $805.8K $465.9K
YoY Change 992.52% 304.42%
TOTAL ASSETS
Total Short-Term Assets $39.00M $72.70M $84.96M
Total Long-Term Assets $5.090M $805.8K $465.9K
Total Assets $44.09M $73.50M $85.42M
YoY Change -48.39% 87.35%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.630M $2.699M $1.439M
YoY Change 291.16% 221.15%
Accrued Expenses $3.717M $4.374M $3.300M
YoY Change 12.64%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $500.0K
YoY Change
Total Short-Term Liabilities $10.25M $7.073M $4.767M
YoY Change 114.93% 15.58%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.600M $200.0K $300.0K
YoY Change 433.33%
Total Long-Term Liabilities $1.600M $200.0K $300.0K
YoY Change 433.33%
TOTAL LIABILITIES
Total Short-Term Liabilities $10.25M $7.073M $4.767M
Total Long-Term Liabilities $1.600M $200.0K $300.0K
Total Liabilities $11.80M $7.319M $5.030M
YoY Change 134.53% 13.89%
SHAREHOLDERS EQUITY
Retained Earnings -$74.98M -$38.33M -$23.00M
YoY Change 226.07% -74.94%
Common Stock $106.5M $103.8M $102.7M
YoY Change 3.7% 359.32%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $31.66M $65.55M $79.76M
YoY Change
Total Liabilities & Shareholders Equity $44.09M $73.50M $85.42M
YoY Change -48.39% 87.35%

Cashflow Statement

Concept 2019 Q3 2018 Q4 2018 Q3
OPERATING ACTIVITIES
Net Income -$10.69M -$15.34M -$13.20M
YoY Change -19.06% 178.31% 6.81%
Depreciation, Depletion And Amortization $27.37K $30.00K $20.66K
YoY Change 32.44% 200.0% 162.59%
Cash From Operating Activities -$8.230M -$12.18M -$13.96M
YoY Change -41.05% 51.68% 112.16%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00 -$50.00K
YoY Change -100.0% -100.0% 150.0%
Acquisitions
YoY Change
Other Investing Activities $5.570M -$6.470M -$46.56M
YoY Change -111.96% -52.98% 356.02%
Cash From Investing Activities $5.580M -$6.470M -$46.61M
YoY Change -111.97% -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 460.0K -50.00K -1.520M
YoY Change -130.26% -100.19% -108.56%
NET CHANGE
Cash From Operating Activities -8.230M -12.18M -13.96M
Cash From Investing Activities 5.580M -6.470M -46.61M
Cash From Financing Activities 460.0K -50.00K -1.520M
Net Change In Cash -2.190M -18.70M -62.09M
YoY Change -96.47% -575.83% -6635.79%
FREE CASH FLOW
Cash From Operating Activities -$8.230M -$12.18M -$13.96M
Capital Expenditures $0.00 $0.00 -$50.00K
Free Cash Flow -$8.230M -$12.18M -$13.91M
YoY Change -40.83% 53.02% 112.04%

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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> <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;">In previous quarters of 2019, certain severance related costs were classified as selling, general and administrative expense. These amounts have been reclassified as restructuring and other severance related costs for the nine months ended September 30, 2019. In addition, in previous quarters of 2019, certain stock related items have been reclassed from stock based compensation into separate lines on the consolidated statements of stockholders&#8217; equity.</p>
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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>
us-gaap Depreciation
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us-gaap Depreciation
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dei Entity Information Date To Change Former Legal Or Registered Name
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2019-01-01
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0.0975
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CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due
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12 months or less
us-gaap Lessee Operating Lease Option To Extend
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CY2019Q3 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
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P5Y10M24D
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232270
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CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
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145103
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737324
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3696796
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AmortizationOfDeferredCosts
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CY2019Q3 ecor Amortization Of Deferred Costs
AmortizationOfDeferredCosts
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AmortizationOfDeferredCosts
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OtherAccruedLiabilitiesCurrent
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us-gaap Net Income Loss
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us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
29261942
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
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CommonStockSharesAuthorized
500000000
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0
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4
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1
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
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CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum
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0.7897
CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum
1.0379
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
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CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
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0.000
CY2019Q3 us-gaap Allocated Share Based Compensation Expense
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us-gaap Allocated Share Based Compensation Expense
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CY2019Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
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us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
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100000

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