$ENVB
Enveric Biosciences, Inc.

2019 Q4 Form 10-Q Financial Statement

#000114036119020187 Filed on November 08, 2019

View on sec.gov

Income Statement

Concept 2019 Q4 2019 Q3 2018 Q3
Revenue $9.060M $9.149M $10.58M
YoY Change -11.87% -13.5% -15.59%
Cost Of Revenue $7.340M $7.249M $8.230M
YoY Change -12.41% -11.92% -17.45%
Gross Profit $1.730M $1.899M $2.346M
YoY Change -9.42% -19.03% -8.37%
Gross Profit Margin 19.09% 20.76% 22.18%
Selling, General & Admin $3.130M $2.902M $2.656M
YoY Change 14.23% 9.28% -53.32%
% of Gross Profit 180.92% 152.8% 113.22%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.150M $0.00 $640.0K
YoY Change 82.54% -100.0% -21.95%
% of Gross Profit 66.47% 0.0% 27.28%
Operating Expenses $3.710M $3.464M -$3.755M
YoY Change 3.92% -192.27% -161.55%
Operating Profit -$1.980M -$1.565M $6.100M
YoY Change 19.28% -125.65% -272.33%
Interest Expense -$140.0K $252.6K $190.4K
YoY Change -6.67% 32.7% -246.46%
% of Operating Profit 3.12%
Other Income/Expense, Net $0.00 -$9.00 $75.75K
YoY Change -100.0% -100.01% -119.93%
Pretax Income -$2.120M $40.23K $5.724M
YoY Change -84.23% -99.3% -241.0%
Income Tax $400.0K -$1.067K $24.93K
% Of Pretax Income -2.65% 0.44%
Net Earnings -$2.530M $41.30K $5.699M
YoY Change -87.2% -99.28% -240.04%
Net Earnings / Revenue -27.92% 0.45% 53.89%
Basic Earnings Per Share $0.00 $0.18
Diluted Earnings Per Share -$4.016M $0.00 $0.16
COMMON SHARES
Basic Shares Outstanding 62.82M 53.78M 21.66M
Diluted Shares Outstanding 53.78M 24.18M

Balance Sheet

Concept 2019 Q4 2019 Q3 2018 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $430.0K $500.0K $2.060M
YoY Change -68.61% -75.73% 121.51%
Cash & Equivalents $431.4K $499.7K $2.064M
Short-Term Investments
Other Short-Term Assets $783.6K $579.2K $700.0K
YoY Change -4.27% -17.25% -46.97%
Inventory
Prepaid Expenses
Receivables $6.384M $7.609M $7.830M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $7.599M $8.688M $10.59M
YoY Change -24.47% -17.96% -7.27%
LONG-TERM ASSETS
Property, Plant & Equipment $83.13K $65.13K $60.00K
YoY Change 41.15% 8.55% -33.33%
Goodwill $13.73M $13.73M
YoY Change 0.0%
Intangibles $3.584M $4.133M
YoY Change -37.97%
Long-Term Investments
YoY Change
Other Assets $10.00K $40.00K $6.100M
YoY Change 0.0% -99.34% 74.79%
Total Long-Term Assets $17.41M $17.97M $35.31M
YoY Change -11.09% -49.11% -1.15%
TOTAL ASSETS
Total Short-Term Assets $7.599M $8.688M $10.59M
Total Long-Term Assets $17.41M $17.97M $35.31M
Total Assets $25.01M $26.66M $45.90M
YoY Change -15.63% -41.93% -2.63%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.696M $4.713M $4.220M
YoY Change 7.28% 11.69% 2.18%
Accrued Expenses $2.110M $1.550M $1.760M
YoY Change 24.12% -11.93% -55.44%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $4.430M $3.600M
YoY Change -100.0% 23.06% -4.51%
Long-Term Debt Due $0.00 $10.00K
YoY Change -100.0% -97.56%
Total Short-Term Liabilities $14.38M $13.41M $12.86M
YoY Change -2.08% 4.27% -59.16%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $1.250M
YoY Change -100.0% -55.83%
Other Long-Term Liabilities $170.0K $0.00 $1.690M
YoY Change -95.94% -100.0% 181.67%
Total Long-Term Liabilities $0.00 $0.00 $2.940M
YoY Change -100.0% -100.0% -14.29%
TOTAL LIABILITIES
Total Short-Term Liabilities $14.38M $13.41M $12.86M
Total Long-Term Liabilities $0.00 $0.00 $2.940M
Total Liabilities $14.38M $13.41M $15.81M
YoY Change -23.81% -15.19% -54.75%
SHAREHOLDERS EQUITY
Retained Earnings -$40.51M -$37.87M
YoY Change 17.49%
Common Stock $25.22K $628.2K
YoY Change 48.95%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $10.62M $13.25M $30.09M
YoY Change
Total Liabilities & Shareholders Equity $25.01M $26.66M $45.90M
YoY Change -15.63% -41.93% -2.63%

Cashflow Statement

Concept 2019 Q4 2019 Q3 2018 Q3
OPERATING ACTIVITIES
Net Income -$2.530M $41.30K $5.699M
YoY Change -87.2% -99.28% -240.04%
Depreciation, Depletion And Amortization $1.150M $0.00 $640.0K
YoY Change 82.54% -100.0% -21.95%
Cash From Operating Activities -$980.0K $0.00 -$1.280M
YoY Change -2.97% -100.0% 1180.0%
INVESTING ACTIVITIES
Capital Expenditures -$50.00K $0.00 $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 -$2.580M
YoY Change -100.0% -100.0% 309.52%
Cash From Investing Activities -$50.00K $0.00 -$2.580M
YoY Change -350.0% -100.0% 303.13%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -130.0K 0.000 5.000M
YoY Change -144.83% -100.0% 825.93%
NET CHANGE
Cash From Operating Activities -980.0K 0.000 -1.280M
Cash From Investing Activities -50.00K 0.000 -2.580M
Cash From Financing Activities -130.0K 0.000 5.000M
Net Change In Cash -1.160M 0.000 1.140M
YoY Change 65.71% -100.0% -670.0%
FREE CASH FLOW
Cash From Operating Activities -$980.0K $0.00 -$1.280M
Capital Expenditures -$50.00K $0.00 $0.00
Free Cash Flow -$930.0K $0.00 -$1.280M
YoY Change -100.0% 1180.0%

Facts In Submission

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dei Document Period End Date
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<div style="font-family: 'Times New Roman'; font-size: 10pt;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);"><tr><td style="width: 72pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">NOTE 2.</td><td style="width: auto; vertical-align: top;"><div style="color: rgb(0, 0, 0); font-weight: bold;">BASIS OF PRESENTATION:</div></td></tr></table><div><br /></div><div style="text-align: justify; text-indent: 36pt; color: rgb(0, 0, 0);">The accompanying unaudited condensed consolidated financial statements have been prepared by the Company in accordance with generally accepted accounting principles in the United States of America, or U.S. GAAP, and Article 10 of Regulation S-X under the Securities Exchange Act of 1934, as amended. Certain information and disclosure notes normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been omitted pursuant to those rules and regulations, although we believe that the disclosures made are adequate to ensure the information presented is not misleading.</div><div><br /></div><div style="text-align: justify; text-indent: 36pt; color: rgb(0, 0, 0);">The accompanying unaudited condensed consolidated financial statements reflect all adjustments (which were of a normal, recurring nature) that, in the opinion of management, are necessary to present fairly our financial position, results of operations and cash flows as of and for the interim periods presented. All intercompany transactions have been eliminated in the accompanying unaudited condensed consolidated financial statements.</div><div><br /></div><div style="text-align: justify; text-indent: 36pt; color: rgb(0, 0, 0);">Our comprehensive income (loss) consists of net income (loss) plus or minus any periodic currency translation adjustments.</div><div><br /></div><div style="text-align: justify; text-indent: 36pt; color: rgb(0, 0, 0);">The results for the interim periods presented are not necessarily indicative of the results expected for any future period. The following information should be read in conjunction with the audited financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2018.</div><div><br /></div><div style="text-align: justify; color: rgb(0, 0, 0); font-weight: bold;">Recent Accounting Pronouncements</div><div><br /></div><div style="font-weight: bold;">New Standards to Be Implemented</div><div><br /></div><div style="text-align: justify; text-indent: 36pt; color: rgb(0, 0, 0);">In January 2017, the FASB issued ASU No. 2017-04, simplifying the Test for Goodwill Impairment. Under this new standard, goodwill impairment would be measured as the amount by which a reporting unit's carrying value exceeds its fair value, not to exceed the carrying value of goodwill. This ASU eliminates existing guidance that requires an entity to determine goodwill impairment by calculating the implied fair value of goodwill by hypothetically assigning the fair value of a reporting unit to all of its assets and liabilities as if that reporting unit had been acquired in a business combination. This update is effective for annual periods beginning after December 15, 2019, and interim periods within those periods. Early adoption is permitted for interim or annual goodwill impairment test performed on testing dates after January 1, 2017. The company does not expect any material impact on its financial statements.</div><div><br /></div><div style="text-align: justify; color: rgb(0, 0, 0); font-weight: bold;">Standards Implemented</div><div><br /></div><div style="text-align: justify; text-indent: 36pt; color: rgb(0, 0, 0);">In February 2016, the FASB issued ASU No. 2016-02, &#8220;Leases (Topic 842)&#8221;. This new standard replaces the existing guidance on leases and requires the lessee to recognize a right-of-use asset and a lease liability for all leases with lease terms equal to or greater than twelve months. For finance leases, the lessee would recognize interest expense and amortization of the right-of-use asset, and for operating leases, the lessee would recognize total lease expense on a straight-line basis. This standard is effective for fiscal years, and interim periods within those fiscal years, beginning on or after December 15, 2018. Upon adoption, entities will be required to use a modified retrospective transition which provides for certain practical expedients. Entities are required to apply the new standard at the beginning of the earliest comparative period presented. Early adoption of this new standard is permitted. The Company has adopted this new standard during the current quarter and it does not have any material impact on its financial statements.</div></div>
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<div style="font-family: 'Times New Roman'; font-size: 10pt;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);"><tr><td style="width: 72pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">NOTE 10.</td><td style="width: auto; vertical-align: top;"><div style="color: rgb(0, 0, 0); font-weight: bold;">CONVERTIBLE NOTES:</div></td></tr></table><div><br /></div><div style="text-align: justify; text-indent: 36pt;">On March 7, 2017, we completed the sale and issuance of 8% Convertible Unsecured Promissory Notes (the &#8220;2017 Notes&#8221;) for aggregate proceeds to us of $1.25 million from four accredited investors, including one of the Company&#8217;s then-directors, Dhruwa N. Rai, and David Luci, who became a director of the Company in February 2018. The 2017 Notes were issued pursuant to Securities Purchase Agreements between the Company and each investor. The 2017 Notes bear interest at 8% per annum until maturity in March 2020, with interest being paid annually on the first, second and third anniversaries of the issuance of the 2017 Notes beginning in March 2018. From and after an event of default and for so long as the event of default is continuing, the 2017 Notes will bear default interest at the rate of 10% per annum. The 2017 Notes can be prepaid by us at any time without penalty. As of March 31, 2019, all interest payments due on the 2017 Notes have been paid in full.</div><div><br /></div><div style="text-align: justify; text-indent: 36pt;">During this first quarter of 2019 the company repaid $0.25 million towards 2017 notes.</div><div><br /></div><div style="text-align: justify; text-indent: 36pt;">The 2017 Notes are convertible into shares of our common stock at a conversion price equal to $2.80. The holders of the 2017 Notes have the right, at their option, at any time and from time to time to convert, in part or in whole, the outstanding principal amount and all accrued and unpaid interest under the 2017 Notes into shares of the Company&#8217;s common stock at the conversion price.</div><div style="text-align: justify; text-indent: 36pt;"><br /></div><div style="text-align: justify; text-indent: 36pt;">The 2017 Notes rank junior to our secured credit facility with Sterling National Bank. The 2017 Notes also include certain negative covenants including, without the investors&#8217; approval, restrictions on dividends and other restricted payments and reclassification of its stock.</div></div>
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