$ELAB
PMGC Holdings Inc.

2023 Q4 Form 10-Q Financial Statement

#000121390023094571 Filed on December 11, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3 2023 Q2
Revenue $698.6K $554.7M $320.0K
YoY Change 28.36% 88.24%
Cost Of Revenue $236.9K $188.5M $110.0K
YoY Change -3.04% 83.33%
Gross Profit $461.7K $366.1M $210.0K
YoY Change 54.04% 90.91%
Gross Profit Margin 66.09% 66.01% 65.63%
Selling, General & Admin $1.411M $764.6M $1.120M
YoY Change 98.31% 220.0%
% of Gross Profit 305.63% 208.83% 533.33%
Research & Development $122.5K $86.37M $130.0K
YoY Change -3.3% 225.0%
% of Gross Profit 26.53% 23.59% 61.9%
Depreciation & Amortization $2.910K -$1.260K $10.00K
YoY Change -70.9%
% of Gross Profit 0.63% 0.0% 4.76%
Operating Expenses $1.536M $1.152B $1.260M
YoY Change 62.32% 215.0%
Operating Profit -$1.074M -$785.6M -$1.050M
YoY Change 66.49% 262.07%
Interest Expense $366.5K $5.713M -$230.0K
YoY Change 784.37%
% of Operating Profit
Other Income/Expense, Net $32.19K -$785.6M
YoY Change 66.49%
Pretax Income -$1.158M -$783.1K -$1.280M
YoY Change 341.38%
Income Tax
% Of Pretax Income
Net Earnings -$1.158M -$783.0M -$1.280M
YoY Change 56.9% 341.38%
Net Earnings / Revenue -165.75% -141.18% -400.0%
Basic Earnings Per Share -$0.08 -$0.13
Diluted Earnings Per Share -$0.07 -$0.08 -$0.07
COMMON SHARES
Basic Shares Outstanding 17.33M shares 10.02M shares 9.977M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2023 Q4 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.327M $476.9K $600.0K
YoY Change
Cash & Equivalents $3.327M $476.9M $601.3K
Short-Term Investments
Other Short-Term Assets $1.061M $292.1K $340.0K
YoY Change
Inventory $495.7K $499.3M $480.0K
Prepaid Expenses
Receivables $33.09K $5.690K $30.00K
Other Receivables $3.070K $2.690K $0.00
Total Short-Term Assets $4.919M $1.277B $1.450M
YoY Change -99.68%
LONG-TERM ASSETS
Property, Plant & Equipment $259.7K $55.99M $280.0K
YoY Change -99.51%
Goodwill
YoY Change
Intangibles $0.00
YoY Change
Long-Term Investments
YoY Change
Other Assets $10.77K $10.77K $10.00K
YoY Change
Total Long-Term Assets $270.5K $306.4M $290.0K
YoY Change -99.92%
TOTAL ASSETS
Total Short-Term Assets $4.919M $1.277B $1.450M
Total Long-Term Assets $270.5K $306.4M $290.0K
Total Assets $5.190M $1.583B $1.740M
YoY Change -99.73%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $596.2K $573.1K $540.0K
YoY Change
Accrued Expenses $218.2K $273.5K $210.0K
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.297M $1.644B $1.560M
YoY Change -99.78%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $65.49K $103.3K $110.0K
YoY Change
Total Long-Term Liabilities $65.49K $103.3K $110.0K
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $1.297M $1.644B $1.560M
Total Long-Term Liabilities $65.49K $103.3K $110.0K
Total Liabilities $1.363M $1.747B $1.680M
YoY Change -99.82%
SHAREHOLDERS EQUITY
Retained Earnings -$7.024M -$5.866B
YoY Change -99.74%
Common Stock $1.733K $1.012M
YoY Change -99.82%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.827M -$163.9M $67.29M
YoY Change
Total Liabilities & Shareholders Equity $5.190M $1.583B $1.740M
YoY Change -99.73%

Cashflow Statement

Concept 2023 Q4 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income -$1.158M -$783.0M -$1.280M
YoY Change 56.9% 341.38%
Depreciation, Depletion And Amortization $2.910K -$1.260K $10.00K
YoY Change -70.9%
Cash From Operating Activities -$2.388M -$518.7K -$1.650M
YoY Change 117.1% 236.73%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $1.190K $10.00K
YoY Change -100.0% 0.0%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change
Cash From Investing Activities $0.00 -$1.190K -$10.00K
YoY Change -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 5.238M 391.1K 1.110M
YoY Change 177.13% 136.17%
NET CHANGE
Cash From Operating Activities -2.388M -518.7K -1.650M
Cash From Investing Activities 0.000 -1.190K -10.00K
Cash From Financing Activities 5.238M 391.1K 1.110M
Net Change In Cash 2.850M -128.8K -550.0K
YoY Change 274.95% 2650.0%
FREE CASH FLOW
Cash From Operating Activities -$2.388M -$518.7K -$1.650M
Capital Expenditures $0.00 $1.190K $10.00K
Free Cash Flow -$2.388M -$519.9K -$1.660M
YoY Change 111.34% 232.0%

Facts In Submission

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ELEVAI LABS INC.
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us-gaap Increase Decrease In Customer Deposits
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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.5in"><b>1.</b></td><td style="text-align: justify"><b>Organization and nature of operations</b></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Elevai Labs Inc. (“Elevai”) was incorporated under the laws of the State of Delaware on June 9, 2020. Elevai and its 100% owned subsidiary, Elevai Research Inc. (“Elevai Research”), are collectively referred to in these unaudited condensed consolidated financial statements as “the Company”.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Company is a skincare development company engaged in the design, manufacture, and marketing of skincare products in the skincare industry. The Company’s principal activities are developing and manufacturing skincare products.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="background-color: white">On November 20, 2023 Elevai Labs Inc. announced the pricing of its initial public offering. The initial public offering consisted of 1,500,000 shares of common stock at a public offering price of $4.00 per share, for total gross proceeds of $6,000,000 before deducting underwriting discounts and offering expenses. The shares of common stock were approved for listing on the Nasdaq Capital Market and commenced trading on November 21, 2023, under the ticker symbol "ELAB". The initial public offering closed on November 24, 2023.</span></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="text-decoration:underline">Use of Estimates</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The preparation of the unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company regularly evaluates estimates and assumptions related to revenue recognition, the collectability of receivables, valuation of inventory, fair value of derivative liabilities and stock options, useful lives and recoverability of long-lived assets, and deferred income tax asset valuation allowances. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgements about the carrying value of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from those estimates. Estimates and assumptions are reviewed periodically, and the effects of revisions are reflected in the consolidated financial statements in the period they are determined.</p>
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203972000 usd
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
160000 shares
CY2023Q2 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Outstanding Options Weighted Average Remaining Contractual Term2
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageRemainingContractualTerm2
P10Y
CY2023Q2 us-gaap Stock Option Exercise Price Increase
StockOptionExercisePriceIncrease
5
CY2023Q2 us-gaap Stock Issued1
StockIssued1
420521000 usd
CY2023Q2 elab Stock Option Cancelled And Reissued
StockOptionCancelledAndReissued
80000 shares
us-gaap Issuance Of Stock And Warrants For Services Or Claims
IssuanceOfStockAndWarrantsForServicesOrClaims
145516000 usd
us-gaap Issuance Of Stock And Warrants For Services Or Claims
IssuanceOfStockAndWarrantsForServicesOrClaims
46284000 usd
CY2022 elab Grant Date Fair Value Of Stock Options
GrantDateFairValueOfStockOptions
732131000 usd
CY2021Q3 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Outstanding Options Weighted Average Remaining Contractual Term2
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageRemainingContractualTerm2
P10Y
CY2021Q3 us-gaap Stock Option Exercise Price Increase
StockOptionExercisePriceIncrease
0.6
CY2021Q3 us-gaap Stock Issued1
StockIssued1
51014000 usd
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
137500 shares
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
62500 shares
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
250000 shares
CY2022Q3 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Exercisable Options Weighted Average Exercise Price1
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageExercisePrice1
1.22
elab Fair Value Granted To Each Individual And The Related Expense
FairValueGrantedToEachIndividualAndTheRelatedExpense
101832000 usd
elab Fair Value Granted To Each Individual And The Related Expense
FairValueGrantedToEachIndividualAndTheRelatedExpense
32551000 usd
elab Grant Date Fair Value Of Stock Options
GrantDateFairValueOfStockOptions
264906000 usd
CY2023Q3 us-gaap Interest Bearing Deposit Liabilities
InterestBearingDepositLiabilities
12675000 usd
CY2022Q4 us-gaap Interest Bearing Deposit Liabilities
InterestBearingDepositLiabilities
22705000 usd
us-gaap Proceeds From Maturities Repayments And Calls Of Trading Securities Heldforinvestment
ProceedsFromMaturitiesRepaymentsAndCallsOfTradingSecuritiesHeldforinvestment
2000000000 usd
us-gaap Interest Paid
InterestPaid
usd
us-gaap Litigation Settlement Amount Awarded To Other Party
LitigationSettlementAmountAwardedToOtherParty
12500 cad
us-gaap Litigation Settlement Amount Awarded To Other Party
LitigationSettlementAmountAwardedToOtherParty
9225 usd
CY2023Q3 us-gaap Due From Customer Acceptances
DueFromCustomerAcceptances
49 usd
CY2023Q3 us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
usd
us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
usd
CY2022Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.052
CY2023Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.078
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.120
CY2023Q3 us-gaap Stock Issued During Period Value Conversion Of Units
StockIssuedDuringPeriodValueConversionOfUnits
usd
us-gaap Paid In Kind Interest
PaidInKindInterest
usd
us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
usd
elab Proceeds From Obligation To Issue Shares
ProceedsFromObligationToIssueShares
usd
CY2022Q4 us-gaap Allowance For Doubtful Accounts Premiums And Other Receivables
AllowanceForDoubtfulAccountsPremiumsAndOtherReceivables
usd
CY2022Q3 us-gaap Inventory Net Of Allowances Customer Advances And Progress Billings
InventoryNetOfAllowancesCustomerAdvancesAndProgressBillings
usd
CY2023Q3 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
usd
CY2022Q4 us-gaap Warrants And Rights Outstanding Term
WarrantsAndRightsOutstandingTerm
CY2022Q4 us-gaap Due From Customer Acceptances
DueFromCustomerAcceptances
usd
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
dei Entity Central Index Key
EntityCentralIndexKey
0001840563

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