$EMMA
Emmaus Life Sciences, Inc.

2020 Form 10-K Financial Statement

#000156459021022930 Filed on May 04, 2021

View on sec.gov

Income Statement

Concept 2020 2019 Q4 2019
Revenue $23.17M $22.75M $22.75M
YoY Change 1.82% 5777.55% 38.23%
Cost Of Revenue $2.248M $1.094M $1.094M
YoY Change 105.48% 386.01% 32.22%
Gross Profit $20.92M $21.66M $21.66M
YoY Change -3.41% 13269.14% 4337.21%
Gross Profit Margin 90.3% 95.19% 95.19%
Selling, General & Admin $18.54M $23.99M $23.99M
YoY Change -22.7% 849.72% 8.06%
% of Gross Profit 88.64% 110.75% 110.75%
Research & Development $2.408M $2.183M $2.183M
YoY Change 10.31% 586.91% 58.48%
% of Gross Profit 11.51% 10.08% 10.08%
Depreciation & Amortization $60.00K $19.00K $73.00K
YoY Change -17.81% -37.09% 19.67%
% of Gross Profit 0.29% 0.09% 0.34%
Operating Expenses $2.408M $26.17M $26.17M
YoY Change -90.8% 820.34% 9.41%
Operating Profit -$32.00K -$4.512M -$4.512M
YoY Change -99.29% 68.26% -46.63%
Interest Expense $5.989M -$46.31M $27.63M
YoY Change -78.32% 202127.07% 21.18%
% of Operating Profit
Other Income/Expense, Net $2.303M -$3.109M -$3.109M
YoY Change -174.08%
Pretax Income $973.0K -$54.68M -$54.68M
YoY Change -101.78% 1921.82% -24.63%
Income Tax -$381.0K $164.0K $164.0K
% Of Pretax Income -39.16%
Net Earnings $1.354M -$54.84M -$54.80M
YoY Change -102.47% 2206.71% -24.5%
Net Earnings / Revenue 5.84% -241.04% -240.86%
Basic Earnings Per Share
Diluted Earnings Per Share $27.69K -$1.298M -$1.298M
COMMON SHARES
Basic Shares Outstanding 48.90M 48.47M 42.26M
Diluted Shares Outstanding

Balance Sheet

Concept 2020 2019 Q4 2019
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.487M $29.70M $29.70M
YoY Change -91.63% 1880.13% 812.47%
Cash & Equivalents $1.769M
Short-Term Investments $0.00 $27.93M $27.93M
Other Short-Term Assets $1.485M $667.0K $1.402M
YoY Change 5.92% 62.29% 627.93%
Inventory $7.087M $7.971M $7.971M
Prepaid Expenses
Receivables $198.0K $2.150M $2.150M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $11.26M $41.22M $41.22M
YoY Change -72.69% -31.99% 1074.19%
LONG-TERM ASSETS
Property, Plant & Equipment $4.192M $151.0K $4.625M
YoY Change -9.36% -0.66% 4074.19%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $43.79M $13.33M $13.33M
YoY Change 228.64%
Other Assets $296.0K $285.0K $285.0K
YoY Change 3.86% -29.8% 951.66%
Total Long-Term Assets $48.28M $18.24M $18.24M
YoY Change 164.76% 24.34% 1011.08%
TOTAL ASSETS
Total Short-Term Assets $11.26M $41.22M $41.22M
Total Long-Term Assets $48.28M $18.24M $18.24M
Total Assets $59.54M $59.46M $59.46M
YoY Change 0.13% -21.02% 1054.08%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.023M $7.277M $7.277M
YoY Change -72.2% 109.95% 1997.72%
Accrued Expenses $6.580M $3.188M $5.212M
YoY Change 26.25% 78.2% 692.7%
Deferred Revenue
YoY Change
Short-Term Debt $934.0K $793.0K $793.0K
YoY Change 17.78%
Long-Term Debt Due $10.07M $13.76M $13.76M
YoY Change -26.83% 982685.71% 1058284.62%
Total Short-Term Liabilities $23.38M $32.83M $32.83M
YoY Change -28.77% -27.94% 2716.8%
LONG-TERM LIABILITIES
Long-Term Debt $3.372M $0.00 $0.00
YoY Change -100.0% -100.0%
Other Long-Term Liabilities $37.94M $33.75M $37.68M
YoY Change 0.68% -6.82% 34125.25%
Total Long-Term Liabilities $41.31M $37.68M $37.68M
YoY Change 9.63% -28.8% 5283.91%
TOTAL LIABILITIES
Total Short-Term Liabilities $23.38M $32.83M $32.83M
Total Long-Term Liabilities $41.31M $37.68M $37.68M
Total Liabilities $64.69M $70.51M $70.51M
YoY Change -8.25% -27.3% 6134.77%
SHAREHOLDERS EQUITY
Retained Earnings -$226.2M
YoY Change 32.02%
Common Stock $215.3M
YoY Change 43.77%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$5.158M -$11.05M -$11.05M
YoY Change
Total Liabilities & Shareholders Equity $59.54M $59.46M $59.46M
YoY Change 0.13% -21.02% 1054.08%

Cashflow Statement

Concept 2020 2019 Q4 2019
OPERATING ACTIVITIES
Net Income $1.354M -$54.84M -$54.80M
YoY Change -102.47% 2206.71% -24.5%
Depreciation, Depletion And Amortization $60.00K $19.00K $73.00K
YoY Change -17.81% -37.09% 19.67%
Cash From Operating Activities -$2.451M $555.0K -$4.523M
YoY Change -45.81% -131.86% -19.72%
INVESTING ACTIVITIES
Capital Expenditures $15.00K -$5.000K $60.00K
YoY Change -75.0% 21.95% -36.17%
Acquisitions
YoY Change
Other Investing Activities $5.485M -$4.000K -$1.424M
YoY Change -485.18% 364.45%
Cash From Investing Activities $5.470M -$9.000K -$1.484M
YoY Change -468.6% 119.51% -80.05%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $142.0K $8.589M
YoY Change -98.35% 573.65%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -2.310M 856.0K 3.884M
YoY Change -159.47% -10053.49% -169.64%
NET CHANGE
Cash From Operating Activities -2.451M 555.0K -4.523M
Cash From Investing Activities 5.470M -9.000K -1.484M
Cash From Financing Activities -2.310M 856.0K 3.884M
Net Change In Cash 718.0K 1.402M -2.136M
YoY Change -133.61% -179.89% -88.55%
FREE CASH FLOW
Cash From Operating Activities -$2.451M $555.0K -$4.523M
Capital Expenditures $15.00K -$5.000K $60.00K
Free Cash Flow -$2.466M $560.0K -$4.583M
YoY Change -46.19% -132.22% -19.99%

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CY2019 us-gaap Net Cash Provided By Used In Investing Activities
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CY2019 us-gaap Proceeds From Issuance Of Common Stock
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CY2019 us-gaap Net Cash Provided By Used In Financing Activities
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CY2020 us-gaap Nature Of Operations
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">NOTE 1—DESCRIPTION OF BUSINESS</p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:7.14%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Organization<span style="font-weight:normal;">—On July 17, 2019 Emmaus Life Sciences, Inc. (formerly, “MYnd Analytics, Inc.” and herein the “Company” or “Emmaus”) completed its merger transaction (the “Merger”) with EMI Holding, Inc., formerly known as Emmaus Life Sciences, Inc. (“EMI”) a wholly owned subsidiary of the Company merged into EMI Holding, with EMI Holding surviving the Merger as a wholly owned subsidiary. Immediately after completion of the Merger, the Company changed its name to “Emmaus Life Sciences, Inc.”</span></p> <p style="margin-bottom:12pt;margin-top:12pt;text-indent:7.14%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Merger was treated as a reverse recapitalization under the acquisition method of accounting in accordance with accounting principles generally accepted in the U.S. (“GAAP”) For accounting purposed, EMI Holding was considered to have acquired the Company. </p> <p style="margin-bottom:12pt;margin-top:0pt;text-indent:7.14%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In connection with and prior to the Merger, the Company contributed and transferred to Telemynd, Inc. (“Telemynd”), a newly formed, subsidiary of the Company, all or substantially all of the Company’s historical business, assets and liabilities and the Company’s board of directors declared a stock dividend of one share of the Telemynd common stock held by the Company for each outstanding share of Company common stock after giving effect to a 1-for-6 reverse stock of the Company’s outstanding shares of common stock. The dividend, together with the contribution and transfer of the Company’s historical business, assets, and liabilities described above, is referred to as the spin-off.</p> <p style="margin-bottom:12pt;margin-top:0pt;text-indent:7.14%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">As a result of the spin-off and the Merger, the Company’s ongoing business became EMI Holding’s business, which is that of a commercial-stage biopharmaceutical company focused on the development, marketing and sale of innovative treatments and therapies, including those in the rare and orphan disease categories. </p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:7.14%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">References herein to the “Company” or “Emmaus” means Emmaus Life Sciences, Inc. and its direct and direct subsidiaries.</p> <p style="margin-bottom:10pt;margin-top:10pt;text-indent:7.14%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> <span style="font-weight:bold;">Nature of Business</span>—The Company is a commercial-stage biopharmaceutical company engaged in the discovery, development, marketing and sales of innovative treatments and therapies, primarily for rare and orphan diseases. On July 7, 2017, the U.S. Food and Drug Administration, or FDA, approved our lead product Endari® (prescription grade L-glutamine oral powder), to reduce the severe complications of sickle cell disease (“SCD”) in adult and pediatric patients five years of age and older. <span style="color:#000000;">Endari® has received Orphan Drug designation from the FDA and Orphan Medicinal designation from the European Commission, or EC, which designations generally afford marketing exclusivity for Endari® for a <span style="-sec-ix-hidden:F_000379">seven-year</span> period in the U.S. and for a <span style="-sec-ix-hidden:F_000380">ten-year</span> period in the EU, respectively, following marketing approval. Endari® also will be entitled to an additional two years of marketing exclusivity in the EU based on Emmaus’ accepted pediatric investigation plan.</span></p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:7.14%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company commenced commercialization of Endari® in the U.S. in January 2018 in collaboration with a contract sales organization. <span style="color:#000000;">Since January 2020, the Company has relied upon our in-house commercial sales team. Endari® is reimbursable by the Centers for Medicare and Medicaid Services, and every state provides coverage for Endari® for outpatient prescriptions to all eligible Medicaid enrollees within their state Medicaid programs. Endari® is also reimbursable by many commercial payors. The Company has distribution agreements in place with the nation’s leading distributors, as well as physician group purchasing organizations and pharmacy benefits managers, making Endari® available at selected pharmacies nationwide.</span><span style="font-size:12pt;"> </span>Prior to 2018,<span style="font-size:12pt;"> </span>the Company had minimal revenues and relied upon funding from sales of equity securities and debt financings and loans, including loans from related parties to fund our business and operations.</p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:7.14%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">On July 4, 2018, the FDA acknowledged receipt of the Company’s investigational new drug application, or IND, for the treatment of diverticulosis using the same prescription-grade L-glutamine oral powder used in Endari<span style="color:#000000;">®</span>. The Company subsequently received a “Study May Proceed” letter from the FDA, and in July 2019 the Company successfully enrolled 1<sup style="font-size:85%;line-height:120%;vertical-align:top">st</sup> subject in a Pilot/Phase 1 study of the safety and efficacy of prescription-grade L-glutamine oral powder and expects to enroll 10 to 15 patients at multiple study sites. The study will evaluate the change in the number and size of colonic diverticula and assess safety.</p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:7.14%;font-family:Times New Roman;font-size:11pt;"> </p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:11pt;"> </p>
CY2020 us-gaap Net Income Loss
NetIncomeLoss
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CY2019 us-gaap Net Income Loss
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<p style="margin-top:12pt;margin-bottom:0pt;text-indent:7.14%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Estimates<span style="font-weight:normal;">—Financial statements prepared in accordance with GAAP require management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant assumptions made by management include those relating to revenue recognition on product sales, the estimated useful lives of equipment, impairment of assets, the variables used to calculate the valuation of conversion features, stock options and warrants, and estimated accruals on an ongoing basis. The Company’ base’s its estimates on historical experience and on various other assumptions that management believes to be reasonable under the circumstances. Actual results could differ from those estimates under different assumptions or conditions. To the extent there are material differences between these estimates and actuals, the Company’s financial statements will be affected.</span></p>
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38724000
CY2019Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
38208000
CY2020Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
37491000
CY2019Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
38019000
CY2020Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
1233000
CY2019Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
189000
CY2020Q4 emma Deferred Tax Liabilities Unrealized Currency Transaction Loss And Others
DeferredTaxLiabilitiesUnrealizedCurrencyTransactionLossAndOthers
347000
CY2019Q4 emma Deferred Tax Liabilities Unrealized Currency Transaction Loss And Others
DeferredTaxLiabilitiesUnrealizedCurrencyTransactionLossAndOthers
185000
CY2020Q4 us-gaap Deferred Tax Liabilities Unrealized Gains On Trading Securities
DeferredTaxLiabilitiesUnrealizedGainsOnTradingSecurities
427000
CY2020Q4 us-gaap Deferred Tax Liabilities Other
DeferredTaxLiabilitiesOther
459000
CY2019Q4 us-gaap Deferred Tax Liabilities Other
DeferredTaxLiabilitiesOther
4000
CY2020Q4 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
1233000
CY2019Q4 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
189000
CY2020 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
-500000
CY2019 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
3800000
CY2020Q4 us-gaap Tax Credit Carryforward Amount
TaxCreditCarryforwardAmount
10500000
CY2019Q4 us-gaap Tax Credit Carryforward Amount
TaxCreditCarryforwardAmount
9900000
CY2020 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2020 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
134000
CY2019 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
-11365000
CY2020 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
183000
CY2019 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
-666000
CY2020 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
-455000
CY2019 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
3411000
CY2020 us-gaap Income Tax Reconciliation Other Reconciling Items
IncomeTaxReconciliationOtherReconcilingItems
859000
CY2019 us-gaap Income Tax Reconciliation Other Reconciling Items
IncomeTaxReconciliationOtherReconcilingItems
5710000
CY2020 us-gaap Income Tax Reconciliation Tax Credits Other
IncomeTaxReconciliationTaxCreditsOther
602000
CY2019 us-gaap Income Tax Reconciliation Tax Credits Other
IncomeTaxReconciliationTaxCreditsOther
545000
CY2020 us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
-500000
CY2019 us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
3619000
CY2020 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-381000
CY2019 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
164000
CY2020 us-gaap Operating Lease Expense
OperatingLeaseExpense
1200000
CY2019 us-gaap Operating Lease Expense
OperatingLeaseExpense
926000
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
1143000
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
1166000
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
1050000
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
1059000
CY2020Q4 emma Lessee Operating Lease Liability Payments Due Year Five And Thereafter
LesseeOperatingLeaseLiabilityPaymentsDueYearFiveAndThereafter
1925000
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
6343000
CY2020Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
1730000
CY2020Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
4613000
CY2020Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
4100000
CY2019Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
4500000
CY2020Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
4600000
CY2019Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
4900000
CY2020Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P5Y6M
CY2020Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.114
CY2019Q4 emma Marketable Securities Common Stock Outstanding
MarketableSecuritiesCommonStockOutstanding
4844622
CY2019Q4 emma Percentage Of Marketable Securities Common Stock Outstanding
PercentageOfMarketableSecuritiesCommonStockOutstanding
0.085
CY2020 us-gaap Defined Contribution Plan Maximum Annual Contributions Per Employee Percent
DefinedContributionPlanMaximumAnnualContributionsPerEmployeePercent
0.90
CY2020 us-gaap Defined Contribution Plan Employer Matching Contribution Percent Of Match
DefinedContributionPlanEmployerMatchingContributionPercentOfMatch
0.50
CY2020 us-gaap Defined Benefit Plan Contributions By Employer
DefinedBenefitPlanContributionsByEmployer
71000

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