$EMMA
Emmaus Life Sciences, Inc.

2014 Q4 Form 10-Q Financial Statement

#000114420415009164 Filed on February 13, 2015

View on sec.gov

Income Statement

Concept 2014 Q4 2014 Q3 2013 Q4
Revenue $22.70K $20.00K $45.00K
YoY Change -49.56% -60.0% 50.0%
Cost Of Revenue $0.00 $0.00 $40.00K
YoY Change -100.0% -100.0% 33.33%
Gross Profit $20.00K $20.00K $10.00K
YoY Change 100.0% 100.0%
Gross Profit Margin 88.11% 100.0% 22.22%
Selling, General & Admin $531.5K $610.0K $613.0K
YoY Change -13.3% -21.79% 10.89%
% of Gross Profit 2657.5% 3050.0% 6130.0%
Research & Development $270.0K $310.0K $360.0K
YoY Change -25.0% -27.91% 157.14%
% of Gross Profit 1350.0% 1550.0% 3600.0%
Depreciation & Amortization $2.200K $0.00 $2.800K
YoY Change -21.43% -30.0%
% of Gross Profit 11.0% 0.0% 28.0%
Operating Expenses $801.9K $920.0K $1.009M
YoY Change -20.52% -23.97% 38.76%
Operating Profit -$779.2K -$900.0K -$963.9K
YoY Change -19.16% -25.0% 37.92%
Interest Expense -$51.40K $20.00K -$1.000K
YoY Change 5040.0% -128.57% -99.83%
% of Operating Profit
Other Income/Expense, Net -$91.30K $40.00K $1.104M
YoY Change -108.27% -100.69% -522.42%
Pretax Income -$870.5K -$840.0K $140.3K
YoY Change -720.46% -88.1% -114.61%
Income Tax $3.200K $0.00 $1.600K
% Of Pretax Income 1.14%
Net Earnings -$874.6K -$840.0K $135.1K
YoY Change -747.37% -88.12% -113.88%
Net Earnings / Revenue -3852.86% -4200.0% 300.22%
Basic Earnings Per Share -$0.01 $0.00
Diluted Earnings Per Share -$0.01 -$10.50M $0.00
COMMON SHARES
Basic Shares Outstanding 101.7M shares 101.7M shares 95.05M shares
Diluted Shares Outstanding 101.7M shares 107.8M shares

Balance Sheet

Concept 2014 Q4 2014 Q3 2013 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $450.0K $1.240M $660.0K
YoY Change -31.82% -2.36% -19.51%
Cash & Equivalents $1.241M $663.0K
Short-Term Investments
Other Short-Term Assets $30.00K $60.00K $30.00K
YoY Change 0.0% 0.0% -25.0%
Inventory
Prepaid Expenses
Receivables $10.00K $9.300K $18.40K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $480.0K $1.308M $714.1K
YoY Change -32.78% -4.09% -17.92%
LONG-TERM ASSETS
Property, Plant & Equipment $10.00K $8.700K $14.50K
YoY Change -31.03% -48.21% -27.5%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $20.00K $19.30K $21.00K
YoY Change -4.76% -10.23% 5.0%
Total Long-Term Assets $30.00K $28.00K $35.50K
YoY Change -15.49% -26.89% -11.25%
TOTAL ASSETS
Total Short-Term Assets $480.0K $1.308M $714.1K
Total Long-Term Assets $30.00K $28.00K $35.50K
Total Assets $510.0K $1.336M $749.6K
YoY Change -31.96% -4.71% -17.63%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $770.0K $868.9K $804.8K
YoY Change -4.32% -65.15% -72.72%
Accrued Expenses $340.0K $370.0K $510.0K
YoY Change -33.33% -53.16% -74.5%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $1.480M $0.00
YoY Change -100.0%
Long-Term Debt Due $3.300K $3.500K $6.700K
YoY Change -50.75% -51.39%
Total Short-Term Liabilities $1.529M $1.617M $1.578M
YoY Change -3.13% -54.54% -89.18%
LONG-TERM LIABILITIES
Long-Term Debt $1.510M $0.00 $0.00
YoY Change -100.0%
Other Long-Term Liabilities $20.00K
YoY Change
Total Long-Term Liabilities $1.531M $1.481M $4.800K
YoY Change 31785.42% 24581.67%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.529M $1.617M $1.578M
Total Long-Term Liabilities $1.531M $1.481M $4.800K
Total Liabilities $3.059M $3.098M $1.583M
YoY Change 93.27% -13.04% -89.15%
SHAREHOLDERS EQUITY
Retained Earnings -$60.09M -$59.21M -$56.42M
YoY Change 6.51% 4.71%
Common Stock $101.7K $101.7K $96.10K
YoY Change 5.83% 9.71%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$2.552M -$1.762M -$833.3K
YoY Change
Total Liabilities & Shareholders Equity $507.1K $1.336M $749.6K
YoY Change -32.35% -4.71% -17.63%

Cashflow Statement

Concept 2014 Q4 2014 Q3 2013 Q4
OPERATING ACTIVITIES
Net Income -$874.6K -$840.0K $135.1K
YoY Change -747.37% -88.12% -113.88%
Depreciation, Depletion And Amortization $2.200K $0.00 $2.800K
YoY Change -21.43% -30.0%
Cash From Operating Activities -$783.2K -$730.0K -$1.056M
YoY Change -25.85% -27.0% 90.41%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change
Cash From Investing Activities $0.00 $0.00
YoY Change -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00 $466.0K
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$1.200K 1.900M $464.3K
YoY Change -100.26% 19.5% -66.03%
NET CHANGE
Cash From Operating Activities -$783.2K -730.0K -$1.056M
Cash From Investing Activities 0.000 $0.00
Cash From Financing Activities -$1.200K 1.900M $464.3K
Net Change In Cash -$784.4K 1.170M -$591.9K
YoY Change 32.52% 98.31% -172.77%
FREE CASH FLOW
Cash From Operating Activities -$783.2K -$730.0K -$1.056M
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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CY2013Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2013Q4 us-gaap Interest Paid Net
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CY2014Q4 us-gaap Interest Paid Net
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CY2013Q4 us-gaap Income Taxes Paid
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CY2014Q4 us-gaap Income Taxes Paid
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CY2014Q4 us-gaap Nature Of Operations
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<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> </div> <table style="LINE-HEIGHT: 115%; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt" border="0" cellspacing="0" cellpadding="0"> <tr> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.3pt; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="0"> <div style="CLEAR:both;CLEAR: both"></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.5in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="48"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt"> <b><font style="FONT-SIZE: 10pt">1.</font></b></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt" align="justify"><b><font style="FONT-SIZE: 10pt">NATURE OF OPERATIONS</font></b></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><b><font style="FONT-SIZE: 10pt">Organization and Nature of Operations</font></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">CNS Response, Inc. (&#8220;CNS,&#8221; &#8220;we,&#8221; &#8220;us,&#8221; &#8220;our,&#8221; or the &#8220;Company&#8221;) was incorporated in Delaware on March 20, 1987, under the name Age Research, Inc.&#160; Prior to January 16, 2007, the Company (then called Strativation, Inc.) was a &#8220;shell company&#8221; with nominal assets and our sole business was to identify, evaluate and investigate various companies to acquire or with which to merge.&#160;&#160;On January 16, 2007, the Company entered into an Agreement and Plan of Merger (the &#8220;Merger Agreement&#8221;) with CNS Response, Inc., a California corporation formed on January 11, 2000 (&#8220;CNS California&#8221;), and CNS Merger Corporation, a California corporation and the Company&#8217;s wholly-owned subsidiary (&#8220;MergerCo&#8221;) pursuant to which the Company agreed to acquire CNS California in a merger transaction wherein MergerCo would merge with and into CNS California, with CNS California being the surviving corporation (the &#8220;Merger&#8221;). On March 7, 2007, the Merger closed, CNS California became a wholly-owned subsidiary of the Company, and on the same date the corporate name was changed from Strativation, Inc. to CNS Response, Inc.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">The Company is a cloud-based predictive analytics company that provides objective clinical decision support to mental healthcare providers for the treatment of behavioral disorders, including depression, anxiety, bipolar disorder and post-traumatic stress disorder ("PTSD"). The Company uses its proprietary neurometric platform, PEER Online, to generate Psychiatric EEG Evaluation Registry ("PEER") Reports to predict the likelihood of response by an individual to certain medications for the treatment of behavioral disorders. In April 2013, the Company commenced a reimbursed clinical trial at Walter Reed National Military Medical Center ("Walter Reed") and Fort Belvoir Community Hospital ("Fort Belvoir") (collectively, the "Walter Reed PEER Trial") using its neurometric platform to provide PEER Reports to military psychiatrists treating patients primarily for depression with various comorbidities, including PTSD and mild traumatic brain injury ("mTBI"). In April 2014, based on an interim analysis of less than 10% of the planned clinical trial enrollees, statistically significant results were achieved for ten of the twelve endpoints of the Walter Reed PEER Trial. We are awaiting further data to determine achievement of our primary endpoint. In May 2014, following the interim analysis, the Walter Reed Institutional Review Board (the "Walter Reed IRB") suspended enrollment of new patients in order to conduct an internal review. We expect to recommence enrollment of the Walter Reed PEER Trial in 2015 which will provide additional information to demonstrate the clinical and economic utility of our neurometric platform.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">The Company acquired the Neuro-Therapy Clinic, Inc. (&#8220;NTC&#8221;) on January 15, 2008, to provide behavioral health care services.&#160;&#160;NTC&#8217;s operations were discontinued effective September 30, 2012. <i>(Refer to Note 3. Discontinued Operations).</i></font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">At the Company&#8217;s 2014 annual meeting of stockholders, held on May 13, 2014 (the &#8220;2014 Annual Meeting&#8221;), the Company&#8217;s common stockholders voted to reappoint the Company&#8217;s existing board of directors (the &#8220;Board&#8221;) to serve until the next annual meeting and until any successor is elected and qualified.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><b><font style="FONT-SIZE: 10pt">Going Concern Uncertainty</font></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">The accompanying consolidated&#160;financial statements have been prepared in conformity with U.S. generally accepted accounting principles (&#8220;GAAP&#8221;), which contemplate continuation of the Company as a going concern. The Company has a limited operating history and its operations are subject to certain problems, expenses, difficulties, delays, complications, risks and uncertainties frequently encountered in the operation of a new business. These risks include the ability to obtain adequate financing on a timely basis, the failure to develop or supply technology or services to meet the demands of the marketplace, the failure to attract and retain qualified personnel, competition within the industry, government regulation and the general strength of regional and national economies.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">The Company&#8217;s continued operating losses and limited capital raise substantial doubt about its ability to continue as a going concern. The Company&#160;has limited cash resources for its operations and will need to raise additional funds to meet its&#160;obligations as they become due.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">To date, the Company has financed its cash requirements primarily from debt and equity financings.&#160;&#160;The Company will need to raise additional funds immediately to continue its operations and to raise substantial additional funds before the Company can increase demand for its PEER Online services. Until it can generate a sufficient amount of revenues to finance its cash requirements, which it may never do, the Company has to finance future cash needs primarily through public or private equity offerings, debt financings, borrowings or strategic collaborations. The Company&#8217;s liquidity and capital requirements depend on several factors, including the rate of market acceptance of its services, the future profitability of the Company, the rate of growth of the Company&#8217;s business and other factors described elsewhere in this Annual Report on Form 10-K.&#160;&#160;The Company continues to explore additional sources of capital but there is substantial doubt as to whether any financing arrangement will be available in amounts and on terms acceptable to the Company to permit it to continue operations. The accompanying audited consolidated financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.&#160;</font></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2014Q4 dei Document Type
DocumentType
10-Q
CY2014Q4 dei Amendment Flag
AmendmentFlag
false
CY2014Q4 dei Document Period End Date
DocumentPeriodEndDate
2014-12-31
CY2014Q4 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2015
CY2014Q4 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2014Q4 dei Entity Registrant Name
EntityRegistrantName
CNS RESPONSE, INC.
CY2014Q4 dei Entity Central Index Key
EntityCentralIndexKey
0000822370
CY2014Q4 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--09-30
CY2014Q4 dei Entity Filer Category
EntityFilerCategory
Smaller Reporting Company
CY2014Q4 dei Trading Symbol
TradingSymbol
CNSO
CY2014Q1 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
101667409 shares
CY2013Q4 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
135100 USD
CY2014Q4 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
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CY2013Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
95047482 shares
CY2014Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
101667409 shares
CY2013Q4 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
12800483 shares
CY2014Q4 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
CY2013Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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CY2014Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2013Q4 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
0 USD
CY2014Q4 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
21600 USD
CY2014Q4 us-gaap Derivative Loss On Derivative
DerivativeLossOnDerivative
39900 USD
CY2013Q4 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
466000 USD
CY2014Q4 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
0 USD
CY2013Q4 us-gaap Stock Issued1
StockIssued1
361600 USD
CY2014Q4 us-gaap Stock Issued1
StockIssued1
0 USD
CY2014Q4 us-gaap Adjustments To Additional Paid In Capital Warrant Issued
AdjustmentsToAdditionalPaidInCapitalWarrantIssued
21600 USD
CY2013Q4 us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
361600 USD
CY2013Q4 us-gaap Derivative Loss On Derivative
DerivativeLossOnDerivative
0 USD

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